A look at the headlines in the sector right now:
- GST rollout pushed to July 1, a ‘more realistic’ deadline than April 1: All ministers besides the West Bengal representative agreed that states will assess 90% of all turnovers of Rs 1.5 crore or less, Arun Jaitley said.
- IMF lowers India’s growth forecast for 2016-’17 to 6.6% from 7.6%: The estimate for 2017-’18 was also reduced to 7.2% owing to the ‘temporary negative consumption shock’ caused by the note ban, its latest report said.
- India is sixth most promising market in the world, down by one position, says PwC survey: But the country still stands out for its robust growth and fiscal reforms, according to PricewaterhouseCoopers.
- Sensex, Nifty end marginally lower, Reliance Industries shares drop 3.37%: Global markets were affected by anticipation over British Prime Minister Theresa May’s Brexit speech scheduled for later in the day.
- Flipkart invests Rs 13.6 crore in parenting social networking platform Tinystep: The Bengaluru-based startup will utilise the money to increase its product range and improve services to provide customers with a better experience.
- Microsoft patent reveals foldable phone that turns into a tablet: There have been rumors that the tech major is looking to bring a Surface Phone to the market this year.
- Alibaba launches ’anti-counterfeiting alliance’ with Louis Vuitton, Samsung and others: The companies aim to share data on fake goods with its most high-profile brands, which will help the Chinese e-commerce website determine fraudulent listings on its marketplace Taobao.