IMF cuts India’s FY20 growth forecast by 30 bps to 7%

• 'The downward revision of 0.3 percentage point for both years reflects a weaker-than-expected outlook for domestic demand,' says IMF
• IMF cuts global growth to 3.2% in 2019, 3.5% in 2020; says India will grow 7.2% in FY21

Saudi Aramco's talks to buy minority stake in RIL's refining assets stall

• Aramco is concerned about Reliance’s proposal to shift some debt of the wider group to its refinery business ahead of the transaction
• Reliance’s debt increased 20% over the past year as it spent $36 billion to disrupt India’s wireless market with cheap data and free calls

L&T Q1 net profit rises 21% to ₹1,473 crore on overall strong growth

• Consolidated gross revenue for the quarter rose 9.74% to ₹29,636 crore
• However, the net profit was lower than the Bloomberg estimates of ₹1,560 crore

Anand Piramal invests an undisclosed amount in Snapdeal

• This investment also marks a new investment into Snapdeal after its last cash infusion in 2017 by existing investor Nexus Venture Partner
• 'Since 2017, Snapdeal’s revenues have grown rapidly with profitable unit economics,' said Piramal

Boris Johnson wins race to be next British Prime Minister

• Johnson defeated his rival Foreign Secretary Jeremy Hunt by a landslide in a ballot of the Conservative Party’s roughly 160,000 members
• The incoming PM has just 100 days to negotiate a new divorce deal with the European Union before the UK is due to leave the bloc at the end of October

HUL Q1 net profit up 15% at ₹1,755 crore

• Net profit for the quarter stood at ₹1,755 crore, up 14.86% from ₹1,528 crore a year ago
• In the June quarter, growth was driven by its homecare portfolio which grew 10% on a comparable basis

Diplomatic furore erupts in India over Donald Trump's Kashmir mediation remarks

• If Trump's claim that Modi had asked him to mediate on Kashmir issue is true, then Modi betrayed interests of the country, said Congress leader Rahul Gandhi
• With these remarks, Trump appeared to have reversed decades of US policy endorsed by a succession of Republican and Democratic administrations

Viral Acharya and the art of crowd management

• The outgoing deputy governor of RBI in his last published speech highlighted yet again the problem of crowding out by govt’s rising market borrowings
• The threat from rising fiscal deficit has been well argued by several policy watchers and even some policymakers

SC cancels RERA registration of Amrapali group, orders ED to register case

• The apex court also directed ED to register a money laundering case against the Amrapali group and its directors
• Homebuyers had filed petition for the possession of approximately 42,000 flats of the Amrapali group

Companies seek clarity on buyback tax from finance ministry

• Some companies have sought clarity on the applicability of the buyback tax on their offerings, which had been announced before the Budget proposal
• In the past three years, publicly traded firms bought back shares worth ₹1.43 trillion

NCLT to hear Jet Airways case on 8 August

• The tribunal asked the court-appointed IRP for Jet Airways to discuss employee’s salary concerns with the Committee of Creditors
• Employee associations of Jet Airways had earlier through their lawyers sought the court’s permission to release a month’s salary

The rocket science behind the bullock cart in India’s space story

• APPLE was India’s first geostationary experimental communication Satellite Project during 1977-83
• The pioneering mission was facing setbacks on various fronts

India captain Virat Kohli remains number one ranked batsman in Test cricket

• In the Test team rankings, India remained in top position followed by New Zealand (2) and South Africa (3) with England (4) and Australia (5)
• Virat Kohli is on 922 points with New Zealand skipper Kane Williamson (913) just behind him and Cheteshwar Pujara (881) third in the rankings

Consumer confidence recovers marginally in July: Survey

• The India Primary Consumer Sentiment Index has shown recovery in July 2019, and has moved up by 0.6 points
• The recovery comes as the consumer confidence for the month of June fell by 2.9% as the high cost of living and general gloom around state of economy weighed heavy on Indian households

Trump wants to mediate on Kashmir issue, PM Modi did not ask US Prez, says India

• 'No such request has been made by PM Narendra Modi to US President,' said Indian foreign ministry spokesperson Raveesh Kumar
• 'I honestly don't think Trump has the slightest idea of what he's talking about,' said Shashi Tharoor

IndiGo founders said to ready compromise deal

• Independent directors may vet every related party transaction under new accord
• The AoA of InterGlobe will be amended to expand the board to 10 directors from six

Monsoon may gain strength over Central India Wednesday onwards, says IMD

• At present, the major rainfall activity has been mainly confined to south peninsular India and northeast India
• Part of Haryana, Chandigarh, Delhi and West UP are also likely to witness significant increase in the rainfall activity

Panel favours cryptocurrency ban in India

• It has suggested that the government establish a standing committee to revisit the issues addressed in the report
• Implementing the ban may not be easy, though

Small eateries log on to food delivery apps, discover new customer base

• In small cities, the apps are helping outlets expand their business and in metros, iconic joints are getting new customers
• India’s food services market is pegged at ₹4.2 tn, 65% of which comprises unorganized and unlicensed joints

‘Value investing hasn’t worked in past 8-9 years, but then cycles change’

Value investing focuses on the price at which a stock is bought; growth focuses more on returns and cash flows, says Vetri Subramaniam, group president and head of equity, UTI Asset Management

SoftBank fund says in no hurry to exit firms in India portfolio

• SoftBank Vision Fund has no immediate plans for IPOs in India, says managing partner Munish Varma
• SoftBank, led by Masayoshi Son, recently said it plans to invest $2-4 billion in India

Supreme Court cancels registration, lease of Amrapali group

• The court directed ED to investigate the alleged money laundering by Amrapali CMD Anil Sharma and other directors of the group
• The apex court also directed Noida and Greater Noida to handover a completion certificate to the flat buyers who are already residing in various projects

Gold rallies as global, local factors align in its favour

• Gold prices in India too soared to over ₹36,000/10gms recently, touching its life-time high
• With equity valuations remaining expensive, gold seems to be regaining its safe haven status

Mid-cap mayhem: Long road to recovery

• Mid- and small-cap stocks have gone through a free fall. To make matters worse, large-caps are now in trouble
• The large-cap-based BSE Sensex has been masking the pain. The bellwether gained 12% since Jan 2018, but within the large-cap universe, only a handful are driving the surge

Draft Act has little room for owner-tenant fights

• Draft Model Tenancy Act tries to balance the rights and interests of owners, tenants
• The draft Act proposes to cap security deposit to a maximum of two months’ of rent for residential houses

How travel loans help open up new horizons

People across age groups are using different payment options to see the world and gain new experiences, without hurting their savings

Vistara to launch new flights. Check routes, fares here

• The tickets can be booked through all channels
• Vistara is a joint venture between Tata Sons Ltd and Singapore Airlines Ltd (SIA)

Air India plans to bring all 17 grounded aircraft back into operation by Oct-end

• Air India plans to use these aircraft on the new routes where it will start flying soon
• These eight aircraft include four from A320 family, one B747, one B777 and two B787s

Piramal’s real estate fund seeks extension

• Launched in 2013, the fund has a tenure of six years which is extendable by another two years
• The group firm said cash flow in a residential project in Pune was hit due to liquidity issues and inability to carry out sales and development activities

Move over Elon Musk. Satya Nadella-Microsoft to invest $1 billion in OpenAI

• OpenAI will use Microsoft’s Azure cloud services to train and run the group’s AI software
• Microsoft CEO Satya Nadella said the goal is to 'democratise AI – while always keeping AI safety front and center'

Double-decker buses running on alternative fuel to be reality soon

• The proposed double-decker bus will have economy and executive class seats
• These buses will run on alternative fuel or electricity, which will save cost and make ticket prices cheaper

Security forces kill top Naxal commander in Chhattisgarh

• Madkam Hidma had allegedly masterminded the 2017 attack in the district that killed 25 CRPF personnel
• With the Naxals operating under a new chief commander, officials said the cadres will now focus on inflicting greater casualty/damage on security forces

RTI stands at the brink of extinction: Sonia Gandhi

• Her strong remarks come a day after the Lok Sabha passed the Right to Information (Amendment) Bill, 2019
• The bill seeks to empower the central government on deciding the terms of chief information commissioners and information commissioners

Paytm customers to get instant digital loan as company partners Clix Finance

• Clix Finance to offer instant digital loans to customers and merchants on Paytm
• Clix and Paytm will introduce several new products to further enhance customer experience

Karnataka floor test may be concluded today

• The situation threatening to escalate into a full blown constitutional crisis in Karnataka
• Proceedings began on a fiery note on Tuesday, with only a handful of legislators from the coalition being present when the session began

Dubai's real estate slump catches up with the city's finance hub

• Dubai’s financial district has also been impacted as global banks retreat to their home markets
• Dubai's real-estate market has been hit by a slump brought on by oversupply and slower economic growth

IndiGo announces new routes, offers flight tickets from ₹1,999

• Jodhpur will be IndiGo's 56th destination
• IndiGo will also start daily non-stop flights on Mumbai-Singapore route and Mumbai-Bangkok route from 22 August

Kanwar Yatra app for pilgrims in Meerut

• Kanwar Yatra app provides all information about the routes, temples, hospitals, police and camps in Meerut zone
• The app can be downloaded from Google play store

Streaming sites a haven for niche films while blockbusters take to TV

• Video streaming services have become a haven for experimental films that are unlikely to find theatrical draw
• Impressions, a term used by the viewership measurement agency BARC, refer to the number of individuals in thousands of a target audience who viewed an event, averaged across minutes

Gold prices fall sharply after touching record high, silver follows suit

• Profit-taking weighed on gold prices
• Gold and prices have risen sharply this year

Delhi Metro Magenta Line hit by snag near IGI Airport's Terminal 1 station

• The Magenta Line connects Janakpuri West station in Delhi to Botanical Garden in Noida
• DMRC also tweeted about the delay to caution passengers

No new changes in online ITR forms, says CBDT

• Online ITR forms were changed and updated on 1 April itself, while utility forms meant for partial online filing were updated with the changes in May
• Updating of utility does not hamper filing of ITR as taxpayers can use utility available at any given point, said CBDT

HDFC Bank revises fixed deposit (FD) rates. Check out the latest rates here

• HDFC Bank has revised its fixed deposit interest rates effective 22 July
• The bank is offering an additional 50 basis points in interest rates to senior citizens on fixed deposits

Apex court stays NCLAT verdict in Essar Steel insolvency case

• The top court put on hold the sale of Essar Steel and said the NCLAT order should not be given effect to as of now
• The court said it would resolve issues arising from the Essar verdict expeditiously and fix an early date for hearing the case

IEA promises to use emergency stocks to cover supply disruptions

• IEA is closely monitoring the Strait of Hormuz situation
• This comes in the backdrop of India, the world's third-largest oil importer trying to buffer its consumers from any spike in global prices

PF withdrawal is tax-exempt once you complete 5 years of continuous service

• There should not be any gap in contribution to PF to avail of the continuous service clause
• If an employee finds another job and the total PF balance is transferred to the new PF account, the PF is considered to be continuous service

Greenko raises $950 million through Asia’ largest green bond

• The bond raise followed after two sovereign wealth funds agreed to pump in additional $329 million in Greenko
• Greenko’s bond issuance comes at a time when India’s emerging green economy will require additional investments of around $80 billion till 2022

TVS Motors braves slowdown in Q1, but uncertainty in sales loom ahead

• TVS Motor’s 7.2% year-on-year growth in Q1FY20 net sales to ₹4,468.6 crore is impressive
• While the management is confident of some revival in the festive season, it is also said that the second half FY20 would be less impressive than the year-ago period

Will changing dynamics crimp Amara Raja’s earnings growth?

• There are also challenges in the near term, with a price war on in the replacement market for auto batteries
• Exide and Amara Raja will have to fight for a larger share of the replacement market, when the original equipment segment is dull

Future of payment banks uncertain, says SBI report

• Payments bank face a blanket ban on any type of lending
• The payments bank model was conceptualised by RBI

Buffett’s lunch with crypto investor, who paid $4.5 million, postponed

• Justin Sun bid a record $4.57 million this year to win the chance to dine with Buffett
• Sun, who launched Tronix in 2017, said in June that he was hoping to educate Buffett on the benefits of crypto and the underlying technology, blockchain

Weak kharif season ups earnings challenges for agrochemical companies

• Insufficient rainfall in several parts of the country has delayed sowing, which was down 6.8% as of last week, as compared to this time last year
• A monsoon failure can accentuate earnings challenges for agricultural input providers, notably Rallis India and Dhanuka Agritech

CureFit aims at tenfold increase in revenue to $1 billion in next 3 years

• Health and fitness startup plans to make an initial public offering after it achieves the revenue milestone
• CureFit aims to have a total of 25 million customers in the next 3 years on the back of its global expansion

Lack of 5G spectrum for commercial use may push up auction prices

• Of 300MHz, Isro and defence department have sought 100 and 25MHz, respectively
• In India, the only band identified for 5G spectrum is under the 3.3-3.6GHz band, which has 300MHz of airwaves available

Government  to proceed with caution on policy to improve audit quality

• MCA will examine problems in corporate governance before imposing fresh restrictions on audit practice
• Improving audit quality is part of a larger plan to improve corporate governance