1) Coal field allocation under scanner; a new scam on anvil?
The government has come under intense fire after a newspaper cited a draft report by the Comptroller and Auditor General (CAG) as saying that coal field allotments to private companies cost the exchequer at least Rs 10.7 trillion.
Later in the day, the Prime Minister’s Office released a note , quoting a CAG letter that called the news “exceedingly misleading”. Here is your 10-point cheat sheet to this story.
2) Markets tank; Sensex plunges 400 points
The BSE Sensex buckled under broad based selling pressure, plunging 405 points or 2.3 per cent to end at 17,196. The broader Nifty index declined 136.50 points or 2.54 per cent to close at 5,228. A mix of domestic and global factors hurt sentiments. (Read More)
JSPL (-7.2 per cent) was the top Nifty loser while other steel and power companies also came under selling pressure. Here are reasons why share prices fell
3) China manufacturing disappoints; world markets down
China's manufacturing sector activity shrank in March for a fifth successive month from February's four month high, with the overall rate of contraction accelerating and new orders sinking to a four-month low of 48.1 on the HSBC flash purchasing managers (PMI) index on Thursday. (Read More)
This flagged off concerns in the European markets, which slipped on Thursday, keeping the MSCI benchmark world equity index below recent 8-month highs. The dollar too was weaker against the yen as the data renewed concerns about global growth. (Read More)
4) Oil falls $1 a barrel, headed for biggest drop in 10 weeks
Brent crude oil dropped more than $1 to $123.12 a barrel on Thursday, after weak Chinese and European manufacturing data sparked fears that slowing growth could dent global energy demand. It was down around 2.1 for the week, on track for its biggest fall in 10 weeks. (Read More)
5) NBCC IPO, the last govt listing for the fiscal year, opens today
The Initial Public Offer of state-run National Buildings Construction Corporation (NBCC), which is looking to raise about Rs 120 crore, opened on Thursday for subscription. NBCC is offering 1.2 crore equity shares with a face value of Rs 10 each in a price band of Rs 90-106. This is the last public issue by the government in the current fiscal. Here are ten things to know before investing in the IPO.
6) Gold loan lenders crash on the stock market
Shares of Manappuram Finance and Muthoot Finance crashed Wednesday after a Reserve Bank of India directive capped the loan-to-value (LTV) ratio at 60 per cent. Here are five reasons why they crashed
7) New Rail Minister rolls back fare hikes
Newly-minted Railway Minister Mukul Roy on Thursday announced a rollback of some of the passenger fare hikes his ousted predecessor Dinesh Trivedi had proposed only a week ago. The rollback of most of the fares is expected to create a Rs 4,000 crore gap in funding for the Railways. (Read More)
8) Govt pushes oil refiners to cut Iran imports
India, publicly disdainful of sanctions to pressure Iran, has been left off a list of nations, which have been given a US waiver from the measures; but is privately pushing its refiners for substantial cuts in imports from that country.
However, sources say, India is privately demanding a 15 per cent cut in imports from state-run refiners so that it could qualify for such an exemption. (Read More)
9) India’s sovereign rating in danger of downgrade
10) McDonald’s CEO Jim Skinner retires
After giving consumers a healthier menu and shareholders supersized returns, McDonald's Corp Chief Executive Jim Skinner, who took the top post at the world's biggest hamburger chain following the abrupt departures of two CEOs, is retiring after more than seven years. (Read More)