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Foreign investors pull out Rs 5,920 cr in August despite surcharge rollback. Foreign investors pulled out a net amount of Rs 5,920 crore from the Indian capital markets in August even as the government rolled back enhanced surcharge on FPIs last week.

Foreign investors pull out Rs 5,920 cr in August despite surcharge rollback

The withdrawal from the capital markets (both equity and debt) in August is "contrary to the expectation" since the Centre last week announced revocation of enhanced super-rich tax on foreign and domestic equity investors imposed in the Budget, said Himanshu Srivastava, senior analyst manager research at Morningstar. According to the latest depositories data, foreign portfolio investors (FPIs) withdrew a net amount of Rs 17,592.28 crore from equities and pumped in a net sum of Rs 11,672.26 crore in the debt segment, translating into a total net outflow of Rs 5,920.02 crore during August 1 - 30. In July, overseas investors had pulled out a net amount of Rs 2,985.88 crore from the capital markets. Maruti reports 33% drop in August sales at 1,06,413 units; exports down 11%

The country's largest carmaker Maruti Suzuki India on Sunday reported a 32.7 per cent decline in sales at 1,06,413 units in August.

Maruti reports 33% drop in August sales at 1,06,413 units; exports down 11%

The company had sold 1,58,189 units in August last year, Maruti Suzuki India (MSI) said in a statement. Domestic sales declined by 34.3 per cent at 97,061 units last month as against 1,47,700 units in August 2018, it added. Sales of mini cars comprising Alto and WagonR stood at 10,123 units as compared to 35,895 units in the same month last year, down 71.8 per cent. Sales of compact segment, including models such as Swift, Celerio, Ignis, Baleno and Dzire, fell 23.9 per cent at 54,274 units as against 71,364 cars in August last year. Mid-sized sedan Ciaz sold 1,596 units as compared to 7,002 units earlier. However, sales of utility vehicles, including Vitara Brezza, S-Cross and Ertiga, rose 3.1 per cent at 18,522 units as compared to 17,971 in the year-ago month, MSI said. 'All-round mismanagement' by govt slowed down economy, says Manmohan Singh.

Former prime minister Manmohan Singh on Sunday said the state of the economy was "deeply worrying" and that "all-round mismanagement" by the Modi government has resulted in this slowdown.

'All-round mismanagement' by govt slowed down economy, says Manmohan Singh

In a statement, he said the last quarter GDP growth rate of 5 per cent signals that "we are in midst of a prolonged slowdown". The Congress leader said India has the potential to grow at a much faster rate. "India cannot afford to continue down this path. Therefore, I urge the government to put aside vendetta politics, and reach out to all sane voices and thinking minds, to steer our economy out of this man-made crisis," he said. Multiple shootings in Texas leave 5 dead, 21 injured; gunman killed. At least five persons were killed and 21 injured in US state of Texas after possibly two shooters, who hijacked a mail truck, allegedly opened fire on random people on Saturday, police said.

Multiple shootings in Texas leave 5 dead, 21 injured; gunman killed

The incident happened in the area of Odessa and nearby Midland and police said at least one active shooter was shot dead near the Cinergy movie theatre. The shooter was in his 30s, police said. There are at least five deceased and 21 injured in the shooting, an official of the Odessa Police Department said at a press conference. In a Facebook post, the Midland Police Department said: "There is no active shooter at this time. Restrictions on movement of people lifted in most parts of Kashmir.

Restrictions were lifted from most parts of Kashmir on Saturday, a day after strict curbs on the movement of people were imposed in view of Friday congregational prayers, officials said.

Restrictions on movement of people lifted in most parts of Kashmir

Restrictions have been lifted from most areas of the valley on Saturday morning, the officials said. They said barricades have been removed from the roads in most areas of the city and elsewhere in the valley to allow the movement of people. However, deployment of security forces continued on the ground to maintain law and order, the officials said. Strict restrictions on the movement of people were imposed across the valley on Friday in view of apprehensions of law and order problems after congregational prayers. Trump can just cut off China's easy access to US dollars to win trade war. If the trade war's objective is to even the playing field for American firms, President Donald Trump isn't going about it the right way.

Trump can just cut off China's easy access to US dollars to win trade war

China’s easy access to US dollars over the past decade has fueled asset bubbles, driven an overseas debt binge and laid the groundwork for its low-cost, export-driven economy. Only cutting off the supply of cheap money will reverse this. So while Trump is pressuring Federal Reserve Chairman Jerome Powell to cut interest rates – questioning the central bank chief's patriotism and calling him "a bigger enemy than Xi Jinping" – the way to wring equitable behavior out of China is for the Fed to hold the line.

Fundamentally, money will go where it can find yield. Changes in I-T rules kick in today; to help govt track taxpayers' income. The government will get more access to taxpayers’ income information from Sunday when a slew of Budget announcements such as a new levy on cash withdrawal and interchangeability of Aadhaar number and PAN comes into effect.

Changes in I-T rules kick in today; to help govt track taxpayers' income

Most of these changes, such as widening the scope of deduction at source, will help the government track income of assessees. An amnesty scheme to clear pending service tax and service duty, from before the introduction of the goods and services tax (GST), will also open for four months. The Budget presented on July 1 introduced a levy of 2 per cent at source on cash withdrawals of Rs 1 crore and more. The new Section 194N has been introduced in the Income-Tax Act. Also, 180 million, or half of all PAN cards, may be rendered invalid, so their owners will need to link their PAN to Aadhaar, or cite their Aadhaar number for purposes where PAN was required earlier. Till now, this was exempted from tax if the annual premium did not exceed 10 per cent of the sum assured. After Thapar, fraud-hit CG Power sacks CFO Venkatesh for alleged misconduct. After removing founder Gautam Thapar as chairman of the company, the board of fraud-hit CG Power and Industrial Solutions has sacked the firm's CFO V R Venkatesh over alleged "misconduct" and breach of trust.

After Thapar, fraud-hit CG Power sacks CFO Venkatesh for alleged misconduct

The board of the company at its meeting on Friday "terminated the employment of V R Venkatesh as the Chief Financial Officer of the company, for cause, with immediate effect," CG Power said in a regulatory filing. "The termination of the employment of Venkatesh is due to the grave nature of the misconduct and breach of trust on his part and having knowingly undertaken actions which were detrimental to the interests of the company and its stakeholders," it said. Venkatesh could not be contacted for comments.

Company CEO and Managing Director K N Neelkant, who was sent on leave on May 10 by the board to enable proper investigation into financial irregularities, continues in his role for now. "The reports following the Board meeting of August 19, 2019 are disheartening. Last-minute travellers help railways earn Rs 25,000 cr in last 4 years: RTI. Last-minute travellers have helped railways earn a whopping Rs 25,392 crore in the last four years, an RTI has found.

Last-minute travellers help railways earn Rs 25,000 cr in last 4 years: RTI

The national transporter earned Rs 21,530 crore from Tatkal quota tickets and an additional Rs 3,862 crore from Tatkal Premium tickets between 2016 and 2019, with a massive 62 per cent increase in revenue from the latter during this period. Tatkal booking was introduced in 1997 in select trains with an objective of providing accommodation for last-minute travellers and was extended across the country in 2004.

Tatkal ticket charges have been fixed as a percentage of fare at the rate of 10 per cent of basic fare for second class and 30 per cent of basic fare for all other classes subject to minimum and maximum. Under the premium version, which was introduced in 2014 in select trains, 50 per cent of tatkal quota tickets are sold using the dynamic fare system. In 2016-2017, the revenue from such tickets touched Rs 6,672 crore, going up to Rs 6,915 crore the following year. Crash-&-burn: Aug auto sales may plunge; 30% fall seen (IANS Poll)

The slowdown nightmare for the automobile industry is expected to continue for August as analysts estimate an overall sales downfall of up to 30 per cent.

Crash-&-burn: Aug auto sales may plunge; 30% fall seen (IANS Poll)

In a survey conducted by IANS, industry experts were quick to point out that August will be far worse in sales than July, especially due to havoc caused by Monsoon rains across India. They estimated that sector might face an overall sales downfall of up to 30 per cent on a year-on-year basis, with passenger vehicle segment being the worst hit. Interestingly, this year August came just ahead of the festive season and before the slew of growth inducing measures announced by the government.

"The turnaround in the industry is months away since any of the measures recently taken to deal with the sales slowdown or to prop-up consumer sentiment will take time to bring a turnaround," Grant Thornton India LLP Partner, Sridhar V. told IANS. A seven-decade timeline of events leading to release of NRC final list. Following is the timeline of the immigration issue in Assam since Independence to the publication of the final National Register of Citizens (NRC) on Saturday. 1950: Immigrants (Expulsion from Assam) Act comes into force following influx of refugees from then East Pakistan to Assam after partition. 1951: First Census of Independent India conducted.

Based on Census, first NRC compiled. Pak national carrier PIA lays off nearly 1,000 'redundant staff' Pakistan International Airlines has laid off nearly 1,000 "redundant staff" and has taken other measures to reduce the operational cost and increase revenues of the cash-strapped national carrier, a media report said on Saturday. The development was confirmed by Pakistan International Airlines (PIA) president and Chief Executive Air Marshal Arshad Malik during a meeting with Adviser to the Prime Minister on Finance Abdul Hafeez Sheikh on Friday. Malik apprised Sheikh on various activities and initiatives undertaken by the PIA to reduce its operational cost and increase revenues through better management and effective utilisation of available financial and human resources, the Dawn newspaper reported. Sheikh asked the PIA to pursue independent, sustainable business plan and said the government wanted the national flag carrier to effectively utilise its assets, improve revenue streams and ensure efficiency and financial discipline, it said.

DGCA suspends SpiceJet pilot for mishearing ATC causing runway incursion. Aviation regulator DGCA on Saturday suspended a first officer of SpiceJet for three months for mishearing an Air Traffic Control clearance, due to which he gave incorrect direction to the pilot-in-command (PIC), causing runway incursion at Mumbai airport, said a source. "DGCA probe found that Atul Yadav, who was first officer on Surat-Mumbai flight on July 5, told the PIC that their plane was cleared by ATC to cross runway 14. The truth is the clearance was given to the IndiGo plane that was ahead of his plane," the source told PTI. The SpiceJet plane had the call sign SEJ2763. When the regulator issued a show-cause notice to Yadav on August 19, he responded by admitting his mistake and stating the incursion happened on July 5 because another plane with a similar call sign which was ahead of their plane had received the ATC clearance to cross runway 14, the source said.

The aircraft ahead of the SpiceJet plane was of IndiGo and it had a call sign IGO063, the source said. At least 13 feared killed, 58 injured in Maharashtra factory explosion. Delhi Police urges court to prosecute Tharoor for murder of Sunanda Pushkar. Delhi Police on Saturday urged a city court to prosecute Congress MP Shashi Tharoor for abetment to suicide or "in alternative" on murder charge in the case of death of his wife Sunanda Pushkar in 2014. "Please frame sections 498-A(husband or his relative subjecting a woman to cruelty), 306 (abetment of suicide) or in alternative 302 (murder) IPC against the accused (Tharoor)," the probe agency told special judge Ajay Kumar Kuhar.

Senior public prosecutor Atul Srivastava made the submissions during arguments on framing of charges in the case. The former Union minister, who is currently on bail in the case, was charged by Delhi Police under Sections 498-A and 306 of the Indian Penal Code. Reading out a statement of the couple's domestics help, who is one of the witnesses in the case, the prosecutor said that the couple had fight over a girl named 'Katy' and some Blackberry messages. The witness had told police that one year prior to the demise, the couple used to fight a lot. Pay more for IRCTC tickets from Sep 1: Check service charges on AC, non-AC. E-tickets bought through IRCTC will get costlier as the Indian Railways has decided to restore service charges from September 1, according to an order.

The IRCTC will levy a service charge of Rs 15 per ticket for non-AC classes and Rs 30 for AC classes, including first class, according to the August 30 order issued by IRCTC. Goods and Services Tax (GST) will be applicable separately. The service charges were withdrawn three years ago to promote digital payments, a pet project of the Narendra Modi-led BJP government. IRCTC used to levy a service charge of Rs 20 on every non-AC e-ticket and Rs 40 for every AC ticket before it was withdrawn. Earlier this month, the Railway Board had given its approval to the Indian Railway Catering and Tourism Corporation (IRCTC) to restore the mechanism of charging service charge from passengers booking online tickets. FDI reforms in single-brand retail a win-win for global firms: Deloitte. PNB to hold board meeting soon to consider merger with OBC, United Bank.

1.9 million left out of Assam's final NRC list, police on high alert. GDP slump signals significant slide in investment, consumer demand: Ficci. OMCs warn Air India of stopping supply at 2 more airports over unpaid bills. Bank employees stage protest against govt's decision to merge PSBs. Members of the All India Bank Employees' Association on Saturday staged a protest in Delhi against the Centre's decision to merge 10 public sector banks into four entities. CreditAccess Grameen surges 12% in range-bound market, nears all-time high. NTPC slips 6% after it incorporates subsidiary to take up coal mining.

Ind vs WI 2nd test Day 2: Virat, Mayank stand tall as India post 264-5. Captain Virat Kohli's fighting 76 and opener Mayank Agarwal's half century helped India reach 264 for 5 on Day 1 to take a slight edge over the West Indies in their World Test Championships second match here. Put into bat on a tricky Sabina Park pitch, India were reduced to 46 for 2 in the opening session but Kohli and Agarwal (55) work hard to rebuild the innings with a 69-run stand for the third wicket. Kohli then had another 49-run partnership with first Test centurion Ajinkya Rahane (24) from 19 overs for the fourth wicket as India picked up the scoring rate in the second session which saw 85 runs being added from 29 overs. Asia needs to manage its megacities better rather than build new ones. ICRA slides 5% after it terminates MD and Group CEO Naresh Takkar.

Customs department seizes 23% more illegal consignments of gold in Q1. Sebi letter ends MFs' hopes of joining DHFL resolution process. Nifty ends August with negative returns of 0.9%, falls 7.5% in 3 months. Merger of PSBs: Move to improve efficiency, bargaining power, says industry. GDP data confirms demand slowdown; consumption expenditure at 17-qtr low. Assam on alert ahead of publication of NRC; CM asks people not to panic. P K Sinha: A soft-spoken man, listener who cannot be 'accused of passion' Govt moves to reform bank boards: The six new rules you should know.

INX media case: CBI court extends Chidambaram's custody till September 2. Govt remains committed to its fiscal glide path, says CEA Subramanian. Low manufacturing with little support from govt spend pulled economy down. NHAI at a crossroads on debt servicing; 'concerned' PMO raises red flags. GDP shocker: At 5%, Indian economy grows slowest in over six years. GDP numbers raise some serious questions about the state of the economy. PSB merger on expected lines; buy stocks for the long-term: Analysts.

PSB merger on expected lines; buy stocks for the long-term: Analysts. Fiscal deficit crosses 77% of budgeted target in first 4 months of FY20. Nripendra Misra quits PMO, PK Mishra likely to be Modi's new Principal Secy. FM unveils merger of 10 govt banks to revive economic growth from 5-yr low. India's GDP growth hits 6-year low, more stimulus expected. Stimulus package not enough to stop auto sector decline: Fitch Solutions. F&O Expiry: Sensex slips 383 pts, Nifty below 11,000; financials decline. Jobs in exchange for consumers: India offers sensible bargain to the world. An Indian factory's ambitious aim to make iPhones outside China. Bank frauds rise 15% in 2018-19, amount pegged at Rs 71,543 cr: RBI.

RBI has Rs 1.96 trillion as contingency fund after record payout to Govt. Slowdown cyclical, but deep reforms needed, says RBI in its annual report. More than 30 global brands may go online soon in India after FDI reforms. Utilising RBI's revaluation balances a moral hazard: Bimal Jalan panel. OMCs bounce back to sweet spot as crude oil prices slip, GRMs improve. Coffee Day gets Registrar of Companies approval to extend AGM by 45 days. As animal spirits sag, FM's announcements may fall short of spurring growth. SC refers all petitions on Article 370 to 5-judge Constitution Bench. Toyota, Suzuki to acquire stake in each other, strengthen alliance. India set to outlaw six single-use plastic products on October 2: Report. Vodafone Idea gets shareholders' nod to raise share capital to Rs 50,000 cr. Cabinet approves Rs 6,268 crore export subsidy for 6 mn tonnes of sugar. Govt okays 100% FDI in contract mfg, eases rules for single brand retail.

Indian economy to grow at slowest pace in 5 years in June quarter: Poll. Best of BS Opinion: Job crisis in rural India and need for peace in Kashmir. PM clueless on how to solve 'self-created economic disaster': Rahul Gandhi. Bonhomie at Biarritz: Modi charms Trump but can he keep him on India's side. SC says Chidambaram can't be arrested in INX Media case till Wednesday. Pakistan fiscal deficit rises to highest level in 28 yrs, risks IMF bailout. Imran Khan considering closing Pakistan airspace to India: Minister. Jet Airways crisis: Lenders extend expression of interest deadline again. Hope Gangwal's action speak louder than words: Rahul Bhatia at IndiGo AGM. RBI transfer: FM sizzles over Rahul's 'band aid for gunshot wound' barb.

Facing slowdown, and inventory glut, Maruti cuts 3,000 contract jobs. Goldman Sachs sees more pain in store for the Indian economy. Improved market access for domestic retail investors with Aadhaar-based kYC. PACL Case: Sebi panel invites expression of interest for 28,974 properties. Don't blame FPI sell-off alone, slowdown weighing on markets: Sebi chief. Unsure of economic revival, says Chris Wood; cuts India exposure. Palm oil hits fresh 6-month high on lower output forecast. Sitharaman's sops for NBFCs may perk up lending, ease liquidity stress. Intensifying US-China trade war pushes gold futures to record high.

Garlic prices soar 55% ahead of winter demand due to supply crunch. Assets under gold ETFs jump to Rs 5,000 cr amid fears of economic headwinds. PM Modi urges NRIs to invest in J&K, says India has political stability. Smartphone firms storm smart TV market, thanks to low data tariffs. Govt to offer six oil & gas blocks in unexplored Vindhyan, Bengal basins. How trade war between US and China could be fueling Amazon fires. Hong Kong police arrest 29 after overnight clashes, more protests planned. 195 firms owe Rs 13 trillion to lenders, borrowings exceed market-cap. Seven of top-10 firms lose Rs 86,878 cr in m-cap; ITC takes biggest knock. Arun Jaitley: The 'technically first' satyagrahi against Emergency. Arun Jaitley: The 'technically first' satyagrahi against Emergency. Remembering Arun Jaitley and the mark he left on the Indian economy. Naresh Goyal created tax evading schemes to siphon off funds abroad: ED.

Ordnance Factory workers end strike, MoD to review 'corporatisation' You tax our wine, we'll hit back, says EU's Tusk on new US tariffs. Opposition delegation led by Rahul Gandhi sent back to Delhi from Srinagar.