A look at the headlines in the sector right now:

  1. After Friday’s two-year high, Indian rupee weakens to 63.75 against US dollar: The greenback pulled ahead because of strong jobs growth data in July.
  2. Public sector banks wrote off over Rs 80,000 crore in bad loans in 2016-17, says report: This is 41% higher than the banks’ non-performing assets for the previous year.
  3. Cognizant says 400 of its top-level executives have accepted its voluntary separation package: The company had offered some of its senior staff up to nine months of salary.
  4. GST Council lowers tax rates on textile jobs, tractor parts: It also approved the E-way Bill to make the registration of all goods worth over Rs 50,000 before their transport for sale ‘technology-driven’.
  5. Hong Kong’s beaches closed after palm oil spill leaves foul-smelling congealed lumps on its shores: Residents said they had never seen anything like it before
  6. Amazon.com pulls the plug on toilet paper with Donald Trump’s tweets printed on it: ‘Donald Trump Classic Tweets Toilet Paper’ had 140-character messages from before he was elected president.
  7. GST Council recommends raising maximum cess on motor vehicles from 15% to 25%: The Finance Ministry said the panel also suggested bringing in legislative amendments to increase this levy.