A look at the headlines in the sector right now:

  1. Shares of Welspun India drop 20% after Target Corp terminates ties with the textile manufacturer: The US company said it found out last month that Welspun substituted Egyptian cotton in about 7.5 lakh bedsheets and pillow covers with non-Egyptian ones.
  2. Sensex, Nifty close lower on first trading day after Urjit Patel named next RBI governor: Traders and analysts expect Patel to keep interest rates on hold during the central bank’s next policy review in October.
  3. India's rating outlook is positive on strong growth potential, says Moody’s: However, the agency said bad loans in the banking sector continue to be a source of risk for India’s credit forecast.
  4. The Finance Ministry may advance Union Budget by a month, reports PTI: The government is considering doing away with the distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure.
  5. Sachin Bansal reveals he was replaced because of poor performance, defends deliver-or-go culture: The Flipkart co-founder's announcement reportedly pacified employees who were miffed about the recent layoffs.
  6. Accessing torrent websites now comes with a warning: Three years in jail and a fine up to Rs 3 lakh: A number of Internet Service Providers have been showing a notice as a cautionary message against 'viewing, dowloading, exhibiting' content under a blocked URL.
  7. Facebook launches Lifestage, a video-sharing app exclusively for teenagers: Available for iPhones, it takes visuals from various facets of users' lives, and compiles them into a video biography.