The business wrap: India's GDP growth slows to 7.1% for quarter ending June, and 7 other top stories
Sensex and Nifty ended higher for the third straight day, led by banking and capital goods stocks, and Goa became the 15th state to ratify the GST Bill.
A look at the headlines in the sector right now:
- Indian economy recorded 7.1% GDP growth in April-June, down from 7.9% in first quarter: Economists had predicted 7.6% growth for the quarter.
- RBL Bank stock rises 36% on debut as Sensex, Nifty end higher for third straight day of trading: Banking and capital goods stocks led the trading session’s gains, with UltraTech Cement and Kotak Mahindra Bank among the best performers.
- President Pranab Mukherjee to notify GST council as Goa becomes 15th state to ratify Bill: The Assembly gave its consent for the legislation unanimously, and Chief Minister Laxmikant Parsekar said the new tax regime won't have negative impacts.
- Zee announces sale of TEN Sports network to Sony Pictures in $385-million deal: However, the acquisition will be completed only after approval from the regulatory body.
- Cabinet approves 'radical' changes in FDI policy, 100% foreign investment in a number of sectors: The policy amendments are part of efforts to improve ease of doing business, which will in turn boost investment inflow, growth and employment opportunities.
- E-carts, e-rickshaws no longer need permits, but states can restrict their movement in traffic: The Ministry of Road Transport and Highways issued a notice that said specific sections of the Motor Vehicles Act will not apply to these means of transport.
- It is acceptable for companies to appoint qualified female relatives on their boards, says SBI chief: Arundathi Bhattacharya commented on firms that have been appointing family members to comply with an SEBI directive to have at least one woman board member.
- India clinches deal to launch 68 overseas satellites: ISRO's commercial arm Antrix Corporation will release the spacecrafts from various countries, including 12 from the US.