US markets end higher; Asian equities subdued

US stocks closed higher on Thursday, the last trading day of the month, as Wall Street ended August on a high note. Investors also digested a broad swath of economic data ahead of a key employment report.

Asian markets were subdued in early Friday trade as investors awaited the release of manufacturing activity data from China. Traders also digested the slide in the dollar on the back of US data releases overnight.

India GDP growth slumps to 5.7% in Q1, hit by GST implementation

India’s economic growth decelerated to 5.7% in the June quarter of financial year 2017-18 against 6.1% in the preceding quarter on the back of de-stocking activities undertaken by the manufacturers ahead of the implementation of goods and services tax (GST) and the lingering effect of demonetisation. Read more

Fewer GST slabs possible in the future: Arun Jaitley

Finance minister Arun Jaitley has indicated that the number of tax slabs under GST regime could be reduced once the new indirect tax system that was launched on 1 July settles down.

India’s infrastructure output growth accelerated to 2.4% in July

India’s annual infrastructure output growth accelerated to 2.4% in July, driven up mainly by higher electricity and steel production, government data showed.

India’s fiscal deficit reaches 92.4% of full-year target in July

India reported a fiscal deficit of Rs5.05 trillion ($79.01 billion) for April-July or 92.4% of the budgeted target for the current fiscal year that ends in March 2018.

Bharat Road Network to launch Rs600 crore IPO on 6 September

Bharat Road Network Ltd, a road and highways company, will launch its initial public offering (IPO) on 6 September. The IPO will see SREI Infrastructure Finance Ltd-promoted Bharat Road Network sell up to 29.3 million shares in a fresh issue of shares. Read more

PNB cuts MCLR, base rate by up to 25 basis points

Punjab National Bank has cut marginal cost based lending rates by up to 0.25% for select maturities, effective Friday. The state-owned lender has also slashed its base rate by 0.20% to 9.15%.

Supreme Court refuses permission to Singh brothers to sell Fortis shares

The Supreme Court refused to give the Singh brothers (Malvinder and Shivinder, the original promoters of Ranbaxy and Fortis) permission to sell Fortis shares. It also refused permission to banks with whom the Singhs have pledged Fortis shares to do the same.

Source:livemint.com