A look at the headlines in the sector:
- India GDP growth will slow down to 7% this year, says World Bank: The International Monetary Fund has also reduced the GDP growth forecast to 6.7% for 2017-’18.
- Economic Advisory Council says it will work on growth and job creation: Chairman Bibek Debroy said they also had a consensus on the reasons behind the economic slowdown in India, though he refused to name them.
- Uttarakhand becomes fourth state to reduce Value Added Tax on petrol and diesel: The government has decided to cut both the cess and VAT on fuel by 2%.
- Sensex, Nifty end lower ahead of earnings season: Earlier in the day, the two indices had breached the 32,000 and 10,050 mark, respectively.
- Ola raises $1.1 billion in funds from China’s Tencent Holdings, eyes another $1 billion: The ride-hailing company said it will improve the supply of cabs and technology with the money.
- Stressed assets of Indian banks at all-time high of Rs 9.5 lakh crore at June-end, says Reuters: The growth in bad loans, however, slowed to 4.5% in January-June, compared with 5.8% in the preceding six months, RBI data showed.
- Two arrested for duping e-commerce giant Amazon of 166 phones and Rs 52 lakh: Shivam Chopra had ordered expensive cellphones on the website and then claimed refunds alleging he had received empty boxes.
- Traders seek relaxation of SC order banning sale of firecrackers in Delhi this Diwali: The traders said that the judgement would cause them heavy losses as they had already got fireworks to sell during the season.