1. Indian GDP falters
The Indian economy grew at 5.7% in the June quarter. This was slower than the 6.1% recorded in the previous quarter, showed numbers released on Thursday. The goods and services tax as well as the destocking that accompanied it is said to have weighed on the manufacturing segment in particular. Trade and hotel transportation showed signs of revival, with a rise in growth to 11.1%.
2. Core sector growth slows
The growth in eight core sectors came in at 2.4% in July. The data released on Thursday showed a contraction on account of a fall in the output of refinery products, fertilizer, cement and crude oil. Refinery products showed a 2.7% fall. The eight sectors had grown 3.1% in July the previous year.
3. Government offloads NTPC stake
The government successfully completed an offer for sale in NTPC Ltd during the week. The two-day issue ended on Wednesday. The company has provided a steady return of 20% over the last three years. However, this is lower than the 32% that the BSE 500 index has returned. A Mint analysis pointed out that the company’s ability to meet capacity addition targets and turning these into revenue generating projects will determine future returns from the company.
4. DLF announces GIC deal
Real estate major DLF Ltd announced a deal with Singapore sovereign wealth fund GIC, which is set to reduce its debt significantly. The deal will net the company over Rs10,000 crore after taxes, according to a statement which was made public on 27 August. The company has been struggling with debt. However, a pick-up in real estate will be needed before investors can bet on a complete turnaround in fortunes.
5. VC deals pick up
Venture capital deals picked up this year. There have been deals worth $47 billion in the June quarter, according to a report released on Wednesday. Asia contributed the most to deal value. It accounted for 47% of deal value so far this year, according to research firm Preqin, which released the report.
6. Mumbai rained in
Streets turned into rivers on Tuesday in Mumbai as rains hit life in the financial capital. The rainfall was greater than any seen in over a decade for the month of August. Trains too had stopped working as water levels rose. Twenty people lost their lives because of the floods.
7. 98.96% of demonetized notes returned
The Reserve Bank of India released its annual report on Wednesday. It said that the public returned 98.96% of the Rs500 and Rs1,000 notes which the government invalidated in November 2016. It received Rs15.28 trillion in notes. This is nearly all of the Rs15.44 trillion worth of these notes that were in circulation when demonetisation was announced.
8. M.S. Dhoni enters 300 club
M.S. Dhoni scored an unbeaten 49 in his 300th One-Day International on Thursday. The cricket match against Sri Lanka marked Dhoni’s entry into a club of only 20 cricketers who have appeared 300 times for their respective teams in the 50-over format of the game. He is only the second wicket-keeper to make it to the mark, after Sri Lanka’s Kumara Sangakkara.
9. SUV prices to rise
Medium-to-large cars and sport utility vehicles (SUV) will now see an increase in cess. The union cabinet approved an ordinance increasing the goods and services tax (GST) cess on the vehicles from 15% to 25%. The decision was taken on Wednesday. Car makers had cut prices because GST had reduced the taxes that had to be paid on such vehicles earlier.
10. By elections confirm status quo
By elections in four seat assemblies ushered wins for incumbents. The Bharatiya Janata Party (BJP) won two seats in Goa, the Aam Aadmi Party (AAP) won in Delhi and the Telugu Desam Party (TDP) won one in Andhra Pradesh. The results were announced on Monday. Elections were held on 23 August.
Graphics by Prajakta Patil
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