News Live: Don't have luxury of being former FM-turned-columnist, says Jaitley

21:41 BJP leader Subramanian Swamy on Thursday expressed concern on the "non-tabling in Parliament" of the CAG Aircel-Maxis report and asked the new Comptroller and Auditor General, Rajiv Mehrishi, for its re-examination by a special team.

In a letter to Mehrishi under the heading "Non tabling of the Aircel-Maxis report of CAG in Parliament", Swamy claimed the report had been pending in his office for three years.

Swamy also called for re-examining audit reports on Rajya Sabha TV expenses and defence and telecom audits.

20:48 In an exclusive interview to CNBC-TV18, the former finance minister Yashwant Sinha said that there is decline taking place in the country's gross domestic product (GDP) quarter after quarter.

"Because of inaction on many fronts and because of disruptions caused by two structural reforms (demonetisation and GST), the sector after sector of the economy is in distress," Sinha said.

20:21 Jaitley signed off by saying that the title of Bibek Debroy's book should have been "India@70, Modi@3.5 and job applicant@80". Debroy's book is titled, 'India@70 Modi@3.5'.

20:17 Taking a dig at former finance ministers Yashwant Sinha and P Chidambaram, Jaitley said that he doesn't have "the luxury to be a former finance minister who has turned columnist".

Earlier this week, Sinha had said that for nearly six quarters, the growth rate of economy has been going down.

Jaitley further said that it is very easy to speak about people and bypassing the main issues.

20:11 This government is not afraid to take tough decisions unlike the previous governments. Jaitley said that his biggest criticism on GST was the quick implementation of it.

This government has ended policy paralysis of the Congress government, he added.

19:56 Speaking about the government’s fight against black money, Jaitley said that business of shell companies have crippled. The government will take strong action under the benami laws.

The government had also given people an opportunity to come clean about their accounts held abroad. The Centre has also renegotiated all 3 DTAAs to get rid of roundtripping of funds.

Jaitley further said that the government is working to clean up political funding in the country.

19:38 There is a unique divergence emerging in India, which was not there previously, Finance minister Arun Jaitley said today at the Bibek Debroy book launch event. He added that ideological polarisation will always take place in an economy.

High and inclusive growth has always been the goal for the current government, Jaitley said.

The current government has brought down the current account deficit, fiscal deficit and inflation. There are no hidden deficits in the Budget, he added.

The regime requiring multiple nods and lengthy permissions process for work has ended.

19:28 The National Stock Exchange is unlikely to go for a listing before the second half of 2018, the bourse's new chief executive told Reuters.

The exchange had originally planned to go public this year, in what could be one of India's biggest ever IPOs.

Vikram Limaye, who took the helm in July after heading infrastructure lender IDFC, said the delayed time frame was dictated by the need to address a regulatory probe into whether NSE employees had provided unfair trading access to select brokers.

19:18 The economy is likely to see mild recovery after bottoming out in July, Niti Aayog's vice chairman Rajiv Kumar said. Manufacturing and services index as well as commercial vehicle sales have seen improvement in July.

The government's fiscal stimulus will help in this recovery, he said adding that the disconnect between domestic and foreign investors must be bridged.

Kumar further said that the government's demonetisation and the Goods & Services Tax (GST) will make the economy cleaner.

18:54 ICICI Bank on Thursday launched a mortgage product assuring borrowers a 1 percent cashback on their monthly instalment payment.

The bank has launched two more schemes - a 20 percent cash back for spends by its debit and credit card customers up to a maximum of Rs 10,000, and a 20 percent step-up repayment - which can be availed of alongside, executive director Anup Bagchi said.

18:09 HMD Global, the marketer for Nokia phones, is rolling out a new version of Nokia's classic phone Nokia 3310 with a 3G connection in global markets.

Apart from the 3G connection, the user interface for the 3310 has been tweaked, the UI has been improved, enabling users to change the colour and the position of the icons.

The phone will be available in global markets from October 16 onwards. The Indian release is likely to be announced soon.

18:02 Lenders to Lavasa Corporation Limited, unit of Hindustan Construction Company (HCC) group, have invoked the strategic debt restructuring (SDR) plan to resolve the stressed assets of the firm.

Additionally, SDR has also been invoked on Lavasa’s two wholly owned subsidiaries – Warasgaon Assets Maintenance Limited and Warasgaon Power Supply Limited, HCC informed in a stock exchange filing.

The total debt of the company to be restructured is tentatively at about Rs 3,000 crore.

17:58 The total investment limit for Foreign Portfolio Investors (FPI) in Government Securities for the October to December quarter has been increased by Rs 14,200 crore to Rs 2,89,300 crore, the Reserve Bank of India said on Thursday.

The existing limit stands at Rs 2,75,100 crore.

Effective from October 3, the limits for investment by FPIs for the quarter October-December 2017 is increased by Rs 80 billion (Rs 8000 crore) in Central Government Securities and Rs 62 billion (Rs 6,200 crore) in State Development Loans, the central bank said in a notification.

17:38 Finance Minister Arun Jaitley today also reviewed state of capital expenditure and status of dividend distribution of central public sector units with concerned sector ministers and departments.

The finance minister stressed that central public sector enterprises (CPSEs) should not only complete their budgeted capital expenditure but also look to push expenditure aggressively.

Oil, steel and powers PSUs are likely to spend extra in the current fiscal.

On the issue of bank recapitalisation, Garg said that recapitalisation bonds is one of the options to raise money.

The ministry is also in discussion with the Reserve Bank of India for extra dividend.

17:18 The government is sticking to its FY18 gross borrowing target of Rs 2.08 lakh crore for the second half. In the first half, government borrowings stood at Rs 3.72 lakh crore.

The FY18 target for borrowing is Rs 5.80 lakh crore.

Extra borrowing may be needed if the expenditure increases, the Economic Affairs secretary Subhash Chandra Garg said. Additional borrowings will be assessed after December and the government expects to complete major borrowing in first three months.

Garg further said that there is no change in fiscal buyback target and that the government is confident of meeting its FY18 fiscal target as of now.

17:05 General Electric's plan to build a diesel locomotive factory in eastern India is proceeding as planned, Railways Minister Piyush Goyal said on Thursday, aiming to allay the US firm's concerns that India was unilaterally making changes to the contract.

Goyal's comments came after GE said this week that the Indian government could incur costs and its 'Make in India' initiative would be undermined if the railway ministry went ahead with changes to the scope of a joint venture of GE and the state-controlled network.

Read more: Locomotive deal: Why India should call GE’s bluff despite some loss of face

17:02 Watch the video below to know how the market performed today

16:56 Public sector Bank of Baroda today cut the base rate by 0.35 percent to 9.15 percent with effect from October 1.

16:51 Accenture today reported a 7.5 percent rise in revenue in the last quarter. Net income, however, fell to USD 974.1 million in the fourth quarter ending August 31.

The company's net revenue rose to USD 9.64 billion from USD 8.97 billion.

16:42 A district court in Goa today framed charges of rape and wrongful confinement against Tarun Tejpal, the founder of Tehelka magazine, in connection with an alleged rape case filed against him in 2013.

The trial in the case is set to begin on November 21.

15:56 Vishwas Gupta, the former husband of Dera Sacha Sauda chief's "adopted" daughter Honeypreet Insan, filed a complaint here alleging threat to his life, reports PTI. In his complaint, Gupta alleged that an unidentified person threatened to kill him, the SHO at the Karnal City Police Station, Inspector Rajbir Singh, said. "Gupta filed a complaint with the Sector 4 police post here and alleged that an unknown caller threatened to eliminate him. We are examining the complaint," Singh said, adding that he has been provided security. Gupta married Honeypreet in 1999 and filed for a divorce in 2011.

15:54 Public sector Bank of Baroda has cut its base rate by 0.35% to 9.15% with effect from October 1. The benchmark prime lending rate (BPLR), the method which charges interest on credit worthiness of customers, has also been cut to 13.45% per annum from next month. The BPLR is 13.80% per annum at present.

15:53 In what is being seen as a reconciliatory move, Samajwadi Party chief Akhilesh Yadav met his father, Mulayam Singh Yadav, with whom he has been fighting a bitter battle, and invited him to a party meet to be held next week, reports PTI. The SP chief went to his father's residence to invite him to the October 5 national executive meeting, party MLC Sunil Singh Yadav said. Though he did not elaborate on what transpired at the meeting -- believed to be the first between the two in many months -- it was being seen in the party as a reconciliatory effort by Akhilesh ahead of the crucial national conference.

15:48 Indian Energy Exchange’s (IEX’s) initial public offering will be open for subscription from October 9-11, according to a draft red herring prospectus (DRHP) dated September 26. The IPO will see a sale of 6,065,009 equity shares by existing shareholders including Tata Power Co, Aditya Birla Group’s private equity arm , Madison India Capital and Multiples Alternate Asset Management. Established in 2008, IEX is India’s first power exchange providing automated trading platform for electricity (for physical delivery) and renewable energy certificates.

15:45 The number of millionaires in the world rose by nearly 8% last year to an all-time high of around 16.5 million people, with record total wealth of USD 63.5 trillion, reports Reuters. The wealth of high net worth individuals (HNWI) -- which Capgemini defines as those with investable assets of USD 1 million or more, excluding the primary residence, collectibles and consumables -- rose 8.2% on the year in 2016 and is on track to surpass $100 trillion by 2025. Some 1.15 million people became millionaires last year, the report said.

15:20 State-owned Oil and Natural Gas Corporation (ONGC) may sell some of its stake in Indian Oil Corporation (IOC) and gas utility GAIL India to part fund its over Rs 32,000 crore acquisition of refiner Hindustan Petroleum Corporation (HPCL), reports PTI. ONGC holds 13.77% stake in India's biggest refiner IOC, which at today's market price is worth about Rs 26,600 crore. It holds another 4.87% stake in GAIL India, worth Rs 1,637 crore.

"We have several options to fund the acquisition of government's 51.11% stake in HPCL. On a standalone basis we are debt free and so we can borrow from the market. Also, we have certain investments (in other oil companies) which can be sold," Chairman DK Sarraf said. The company's shareholders on Wednesday allowed it to raise up to Rs 25,000 crore debt, he said, adding that the company had about Rs 10,000 crore of cash in hand.

15:12 Eurozone economic sentiment improved more-than-expected in September, reaching levels last seen in July 2007, with optimism rising in all sectors except financial services, data from the European Commission showed on Thursday. Sentiment in the 19 countries sharing the euro rose to 113 in September from 111.9 in August, reports Reuters.

Sentiment in industry rose sharply to 6.6 this month from 5 in August and optimism in the services sector, which produces more than two thirds of the eurozone’s gross domestic product improved to 15.3 from 15.1. Consumers became more optimistic too, with the indicator rising to -1.2 from -1.5, high above the long-term average of -12.5, and sentiment in retail trade jumped to 3.0 from 1.6. Only in the financial services sector the mood worsened to 18.8 from 25.6 in August.

15:06 The Goa bench of the Bombay High Court has refused to stay charges against former Editor-In-Chief of Tehelka magazine Tarun Tejpal in a rape case, reports CNN-News18. The court has charged Tejpal with rape, sexual harassment and wrongful restraint. Trial against Tejpal will commence from October 21. The former editor-in-chief is accused of sexually assaulting a female colleague inside a lift at Hotel Grand Hyatt on the night of November 7, 2013.

14:46 Increasing urbanisation and transformation of the real estate sector from a largely fragmented to an organised one, thanks largely due to regulatory reforms such as RERA and GST, is expected to increase the annual real estate supply in India from about 3.6 billion sq ft in 2013 to about 8.2 billion sq ft in 2025. This will also impact the growth of jobs that is likely to see a spurt of over 80% by 2025, says a CREDAI–CBRE report titled Assessing the Economic Impact of India’s Real Estate.

14:39 Defence Minister Nirmala Sitharaman is scheduled to visit Srinagar on September 29 and Siachen on September 30 to take stock of the security situation in Jammu & Kashmir, news agency ANI reports. During her visit, she is expected to meet senior commanders as well. This will be Sitharaman’s first visit to the state after she took charge of the ministry earlier this month.

14:33 After journalist Gauri Lankesh, a critic of right-wing Hindutva politics and BJP was shot dead in Bangalore on September 5, a string of scribes from various media organisations have reportedly received death threats in India. A number of journalists working in Delhi and Noida have received death threats via WhatsApp, reports Scroll.in. These messages, which are nearly identical, warn journalists that they will "not be spared” and will “be removed” if they are critical of Narendra Modi, BJP or the RSS.

14:06 In the two weeks before Prime Minister Shinzo Abe called a snap election, foreign investors using the futures market -- which are often hedge funds -- suddenly turned hugely positive on Japanese shares, reports Bloomberg. Foreigners bought a net 2.1 trillion yen (USD 19 billion) of Japanese stock futures from September 11 to 22, according to data released by Osaka Exchange on Thursday and last week. That came after they sold more than USD 7 billion in cash equities this year through mid-September.

Some of the buying preceded even local media suggestions that an election would be called. But it came as Abe’s Cabinet approval rating jumped on his response to North Korea firing missiles over the country. Abe has previously called a snap election when his ratings were high, and Japanese stocks tend to climb in the run-up to such votes.

13:59 Domestic broadband gearmaker Sterlite Tech is in talks with a leading Internet service provider to deploy 5G ready optical fibre cable in Mumbai, its CEO Anand Agarwal said.

13:47 MAS Financial Services has fixed a price band of Rs 456-459 per share for its initial share sale offering, through which it is estimated to raise Rs 460 crore. The initial public offer (IPO) will be open to public subscription during October 6-8, the company said in a statement. The company is a Gujarat-headquartered non-banking financial company (NBFC) with more than two decades of business operations and presence across six states and the NCT of Delhi. The public issue comprises fresh issue of shares worth up to Rs 233 crore and an offer for sale of up to Rs 227 crore by existing shareholders.

13:43 Independent Jammu & Kashmir MLA Sheikh Abdul Rashid, popularly known as Rashid Engineer, has been summoned by the NIA for questioning in a case related to the funding of terror activities in the Valley, reports PTI. Rashid, who has been called for questioning on October 3, is the first mainstream politician to be summoned by the National Investigation Agency in the case. His name had cropped up during the interrogation of businessman Zahoor Watal, who was arrested by the NIA for allegedly supplying money to terror groups and separatists in the Valley.

13:38 The day after he ignited a political firestorm with his column criticising the government's economic policy, BJP's Yashwant Sinha went a step further by clearly absolving the earlier Congress-led UPA government for a slowdown in growth, reports CNN-News18. "The economy is in decline. We can't blame the previous government, we had plenty of time and chances," he stated, adding: "After the demonetisation shocker, GST was another one. What was the need to hurry? They could have launched it in October."

13:28 The Income Tax Department has been tasked to add 1.25 crore new return filers in the current financial year as part of the government's plan to widen the tax base in the country, reports PTI. The Central Board of Direct Taxes (CBDT), that makes policy decisions for the I-T department, has directed the taxman to undertake "focused efforts to significantly increase the tax base by 1.25 crore in the current fiscal." The Hyderabad and the Pune regions of the department have been given the highest targets to add 12.8 lakh and 11.8 lakh new filers respectively.

13:24 Haryana Police has increased security of police officials appearing as witnesses in the Sirsa based Dera Sacha Sauda chief Gurmeet Ram Rahim 2002 rape case, reports CNN-News18. Police officials have been provided with commando cover to those directly involved in the case. Jagdeep Singh, the CBI Special Court Judge who convicted Ram Rahim, too has been provided security. The Haryana Police have alerted CBI officials involved in the enquiry to remain vigilant. Earlier today, the 'Qurbani League' of Dera Sacha Sauda has reportedly issued a threat letter to kill journalists, Haryana police officers and former Dera followers who have spoken against its chief Ram Rahim.

13:11 Dr Reddy's Laboratories  has received an establishment inspection report (EIR) from the US health regulator for a unit at its Srikakulam formulations facility in Andhra Pradesh. "With regard to the audit of the company's formulation Srikakulam Plant (SEZ) Unit I, Andhra Pradesh...the company have received an EIR from the US Food and Drug Administration for the above-referred facility," Dr Reddy's said in a regulatory filing.

13:05 Farmers are looking at a dull Diwali as the prices for most Kharif crops are ruling below their minimum support price across markets, reports The Hindu Business Line. Poor demand, higher stock and an aftermath of demonetisation are a few factors weighing on the prices of crops such as green gram, black gram, groundnut and soyabean. Most farmers have been forced to sell their produce at a lower prices as they have to pay off their debts and want to minimise losses.

13:01 Former Sri Lanka Captain Kumar Sangakkara said he is retiring from first-class cricket at the perfect time after a remarkable English county championship season with Surrey, reports Reuters. The 39-year-old left-handed batsman made an unbeaten 35 in his final first-class innings against Lancashire to finish the campaign with eight centuries and 1,491 runs at an average of 106.50. Sangakkara, who quit test cricket in 2015, is fifth in the list of all-time run scorers. He will continue to play in international Twenty20 competitions next year.

12:57 A trainee aircraft belonging to the Indian Air Force (IAF) has crashed near Hyderabad, all three people on board are safe, reports CNN-News18. The plane crashed near Medchal after taking off from Hakimpet Airport.

12:43 Toshiba Corp has signed a deal to sell its chip unit to a consortium led by Bain Capital for 2 trillion yen (USD18 billion), overcoming a key hurdle as it scrambles for funds to stave off a potential delisting, reports Reuters. Toshiba’s board agreed last week to sell the unit, the world’s second biggest producer of NAND chips, to the Bain group. However, the signing was delayed because consortium member Apple demanded new terms on chip supply in return for funding, sources familiar with the matter have said.

11:48 Honeypreet Insan is tired of running from the police and wants to surrender but on her own terms, reports CNN-News18. Insan is an Indian actress and the adopted daughter of Dera Sacha Sauda chief Gurmeet Ram Rahim Singh. Sources told the channel that her health is getting worse, is in depression and has turned physically weak.

11:41 An inquiry commission, set up by the Tamil Nadu government to probe former chief minister J Jayalalithaa's death, will look into the circumstances leading to her hospitalisation last year and subsequent treatment, reports PTI. The commission shall submit its report in three months.

11:37 BJP MP Shatrughan Sinha came out in support of party colleague Yashwant Sinha over his criticism of the state of economy, saying he was a true statesman and had shown the government the mirror. The Bihar MP, who has been at variance with the BJP’s stand on a host of issues, also targeted his party leaders for dismissing the former finance minister’s views, saying it would be “childish” to do so as they were “entirely in the party’s and national interest”.

Describing Yashwant as an elder brother, he said the BJP veteran must be appreciated and applauded for coming out with these views. In his tweets, Shatrughan also praised Arun Shourie, who was Yashwant’s colleague in the Atal Bihari Vajpayee Cabinet and now a strong critic of the Modi government’s policies. “Yashwant Sinha and Arun Shourie are extremely learned and experienced intellectuals. Neither has any expectation or interest in being given a post (or ministership), especially with the next elections less than 2 years away,” he tweeted.

11:23 The Shiv Sena challenged its ally Bharatiya Janata Party to "prove Yashwant Sinha wrong" for his stinging comments on the state of the Indian economy on Wednesday, reports CNN-News18. When economists like (former PM) Manmohan Singh and (ex-Finance Minister) P Chidambaram were saying this, they were sought to be dismissed as "crazy", and when the Sena and others questioned the government policies, they were dubbed as "traitors", the party said in scathing edits in Saamana and Dopahar Ka Saamana. "Their false notions have been demolished by none other than a highly experienced former BJP Finance Minister, (Yashwant) Sinha. He has made many statements, now you give evidences and prove him wrong," the edit said, throwing a gauntlet at the BJP.

11:06 Delhi Chief Minister Arvind Kejriwal termed the proposed Metro fare hike as "anti-people" and directed Transport Minister Kailash Gahlot to prevent its implementation within a week, reports PTI. Metro rides are set to get more expensive from October as the fares are scheduled to increase for a second time this year. From next month, fares will go up by a maximum of Rs 10.

11:04 Every year, as much as 1.3 billion tonne of food — about a third of all food produced for human consumption — is lost or wasted around the globe, according to estimates put out by the Food and Agriculture Organisation. This wastage also leads to unnecessary squandering of resources, including water, land, energy, labour and capital, as also the needless production of greenhouse gas emissions.

10:46 Former RBI governor Yaga Venugopal Reddy said coalition governments in India have produced better economic growth rates in the last three decades than a strong majority government, reports PTI. "Interestingly, the highest growth in India from 1990 to 2014 was really during coalition governments...So, in a way it's consensus based...in Indian situation, a coalition probably produces better economic results than a strong government,” Reddy said.

10:22 Japanese car maker Nissan has launched its pre-owned car business in India as part of its efforts to tap the fast-growing segment in the country, reports PTI. Nissan Intelligent Choice is designed for customers looking for quality tested and certified pre-owned cars with optimum value.

10:17 The battle against bad loans shows no signs of abating, with another state-run bank now offloading its exposure in the beleaguered Essar Steel, reports CNBC-TV18. Indian Overseas Bank has offloaded its exposure in Essar Steel to Edelweiss Asset Reconstruction Company for Rs 1,900 crore. Sources said Edelweiss ARC is likely believed to have bought IOB’s stake at a 50% discount to its book value.

10:09 China said gave a “cushioning” or buffer period for implementation of the ban on coal and seafood imports from North Korea, reports Reuters.

09:50 The Central Bureau of Investigation (CBI) is compiling a list of properties of underworld don-turned-global terrorist Dawood Ibrahim, reports The Indian Express. The investigation agency is in talks with the Department of Revenue under the Finance Ministry and the Enforcement Directorate.

For more, click here.

09:45 Minister of State for Civil Aviation Jayant Sinha said some "sweeping conclusions" were drawn from a "narrow set of facts", missing the "structural reforms" transforming the economy, reports PTI. His remarks came a day after his father Yashwant Sinha lambasted the NDA government for “economic mess” and questioned the current methodology to calculate the GDP.

09:37 The Nifty has breached 9700 levels. It is currently trading at the lowest level since August 2011.

09:31 The Punjab Agricultural University has teamed up with its counterparts in Telangana and Maharashtra, and also the psychology department of the Punjabi University at Patiala, to create a “stress index” (SI) for farmers and prepare a training module for village-level volunteers to counsel those on the verge of committing suicide, reports The Indian Express.

09:30 The Enforcement Directorate has received replies from actor Amitabh Bachchan and his family members to notices issued to them in connection with its probe in the Panama Papers case and they could be summoned soon, reports PTI. Officials in the anti-money laundering agency said they had issued notices to the Bachchan family some time back asking them to explain their foreign remittances since 2004 under the Liberalised Remittance Scheme (LRS) of the RBI.

09:23 Apparently seeking to showcase the Congress’ soft Hindutva, Rahul Gandhi offered prayers at four temples in Gujarat before wrapping up his three-day visit to the poll-bound state, a move his party said was aimed at countering the hardline Hindutva of the BJP and RSS, reports PTI. However, the ruling BJP took a dig at Gandhi, saying the Congress vice president was visiting temples as his party has failed to win elections in the state for long time.

09:09 Playboy Enterprises said its founder Hugh Hefner has died a natural death. Hefner, 91, peacefully passed away at his home.

09:05 Japan’s credit rating could be in the cross hairs after Prime Minister Shinzo Abe indicated the nation may abandon its goal of covering key expenditures through taxes, reports Bloomberg. The cost of insuring Japan’s government debt against default rose to a 15-month high on Tuesday, with policy uncertainty adding to concerns about tensions with North Korea. Japanese government bonds extended declines on Wednesday after S&P Global Ratings said it expects “material” fiscal deficits to continue through 2020. S&P’s ratings assume fiscal improvements will be gradual over the next few years, sovereign analyst Craig Michaels said.

08:52 Which stocks and sectors are on the wish-list of foreign and domestic brokerages today, click here to find out

08:46 To read about all the stocks that will be in news today, click here

08:42 South Korea expects North Korea to engage in more provocative action next month to coincide with the anniversary of the founding of its communist party and China’s all-important Communist Party Congress, reports Reuters. In a meeting with President Moon Jae-in on Thursday, National Security Adviser Chung Eui-yong said he expected Pyongyang to act around October 10 and 18, but gave no details. “(Chung’s report) also said there are worries over military conflict being sparked by accidental incidents,” said Park Wan-ju, lawmaker and head spokesman of the ruling Democratic Party.

08:29 Morgan Stanley's Mike Wilson currently has one of the loftiest stock market targets on Wall Street, but he also sees a possible bear market on the horizon, reports CNBC. Wilson, Morgan's Chief Equity Strategist, said he expects the S&P 500 to reach 2,700 in the first part of next year, if things unfold as he forecasts. He doesn't see a big sell off until after his target is reached, but once that happens it could mean a 20% decline.

08:21 The trend of falling premiums on Asian bonds amid abundant liquidity may not last for long, as global monetary stimulus will inevitably fade, reports Bloomberg. “A significant correction in prices of assets such as bonds, equity, and real property, is likely,” S&P Global Ratings said in a note dated September 26. “Abundant liquidity and steady yields have desensitised markets to tail risks, which could shock markets if they were to occur.”

08:12 They met, they greeted each other as if they were long-lost friends, they smiled for the cameras. Were these the chairmen of two companies engaged in a no-holds barred fight over the last year? On stage together for the first India Mobile Congress, Mukesh Ambani, Chairman of Reliance Industries-owned Reliance Jio and Sunil Mittal, Chairman of Bharti Airtel, temporarily dropped their adversarial stance for a rare show of camaraderie calling each other “friends” and vowing to collaborate and promote technologies such as artificial intelligence, robotics, Internet of Things, cloud computing, technologies which Ambani called “enablers of a new wave of wealth and employment for all”, reports Mint.

07:59 Militants on Thursday stormed the home of a Kashmiri BSF constable on vacation, shooting him dead and inflicting gunshot wounds on four of his family members in Hajjan in north Kashmir, reports PTI. Rameez Parrey (30) belonged to the 73rd battalion of the BSF. The militants, after forcing their way into the house in Parrey Mohalla, fired indiscriminately at the family. The jawan died on the spot. Four of his family members --his father, two brothers and an aunt -- suffered gunshot wounds, police said.

07:51 India plans to offer stakes of up to 60% in oil and gas fields owned by state energy companies that are already in production to private firms, reports Reuters, a move that would hit revenues of state explorers. The government is making the decision after failing to draw investment from global oil majors in new fields. The plan is meant to boost India’s domestic oil and gas output and help meet Prime Minister Narendra Modi’s target to reduce oil imports by 10% by 2022. The sales plan would affect so-called “nomination blocks” or fields handed to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India. The fields are both onshore and offshore.

07:46 Yashwant Sinha, a veteran of the BJP and former Finance Minister, has launched a scathing attack on the government's handling of the economy in light of the recent slowdown in the country's GDP growth. In an editorial piece in The Indian Express, Sinha says the economy is in a mess and he needs to speak up.

Meanwhile, senior political leaders have reacted to Yashwant Sinha's criticism. Former Finance Minister P Chidambaram lauded Sinha for speaking out his concerns. Meanwhile, in an exclusive interview to CNBC-TV18, Subramanian Swamy agreed with Sinha about the hurried GST roll out. Transport Minister Nitin Gadkari has defended the government and said that the fall in GDP is a temporary phenomenon.

07:36 US President Donald Trump criticized Facebook as “anti-Trump” and questioned its role during the 2016 presidential campaign, amid probes into alleged Russian interference in the election and possible collusion by Trump’s associates, reports Reuters. CEO Mark Zuckerberg defended his company’s role in US elections and rejected assertions in a tweet from Trump that the social network was against him. In a Facebook post on Wednesday, Zuckerberg said both Trump and liberals were upset about ideas and content on Facebook during the campaign.

07:34 Bank of England Chief Economist Andy Haldane said he saw encouraging signs of pay growth and any increase in interest rates should be seen as a “good news story” for Britain’s economy, Sky News reports. Haldane said he was among of the majority of BoE rate-setters who, at their meeting this month, felt that Britain’s first interest rate hike in a decade might be needed in the coming months.

07:32 British car production fell again in August, reflecting the impact of uncertainties about Brexit on Europe’s second-largest car market, reports Reuters. Overall production fell in August by an annual 5.3% to 103,232 units, hit by weaker demand at home and abroad, the Society of Motor Manufacturers and Traders (SMMT) said. In the first eight months of the year, output was down nearly 2% at 1.106 million units, mostly due to weaker sales in the British market.

07:30 British retail sales growth unexpectedly surged to a two-year high in early September, boosting the chances of a pick-up in the pace of economic growth and a Bank of England interest rate rise in November, reports Reuters. The Confederation of British Industry’s retail sales balance jumped to +42 from -10 in August, the highest in two years.

07:28 Oil prices fell on Thursday, with US crude giving up some of the previous session’s gains that were driven by a surprise fall in inventories, while Brent moved further away from the recent 26-month highs. Heightened expectations that the US Federal Reserve will raise interest rates again this year drove gold to a one-month low, extending losses after the biggest one-day loss in almost two years during the previous session.

07:26 Asian shares were firm on Thursday while US bond yields and the dollar held sizable gains made the previous day after President Donald Trump proposed the biggest US tax overhaul in three decades. Japan's Nikkei rose 0.5% while MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade. The SGX Nifty indicates a subdued start for the expiry session today.

07:21 US stocks rose on Wednesday as gains in financial shares were powered by growing expectations for a December interest rate hike and on hopes President Donald Trump’s administration may be making progress on a tax plan. New orders for US-made capital goods increased more than expected in August and shipments maintained their upward trend, pointing to underlying strength in the economy.

The Russell 2000 index of small-cap stocks rose 1.92% and notched its best day since early March. Small-cap names are likely to be the biggest beneficiaries of a tax cut. The Dow Jones Industrial Average rose 56.39 points, or 0.25%, to 22,340.71, the S&P 500 gained 10.2 points, or 0.41%, to 2,507.04 and the Nasdaq Composite added 73.10 points, or 1.15%, to 6,453.26.

07:14 President Donald Trump proposed on Wednesday the biggest US tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favours business and the rich and could add trillions of dollars to the deficit, reports Reuters. Trump said his tax plan was aimed at helping working people, creating jobs and making the tax code simpler and fairer.

But it faces an uphill battle in the US Congress with Trump’s own Republican Party divided over it and Democrats hostile. The plan would lower corporate and small-business income tax rates, reduce the top income tax rate for high-earning American individuals and scrap some popular tax breaks, including one that benefits people in high-tax states dominated by Democrats.

07:01 Morgan Stanley expects the benchmark Sensex to cross the 1 lakh-mark by 2028, making it one of the the top five equity markets in the world with a market capitalisation of USD 6.1 trillion, reports The Economic Times. "India's stock market could be among the world's best performers in the next 10 years, leading to India's market cap rising from USD 2 trillion to USD 6 trillion. We see the Sensex crossing the 100,000 mark, albeit the bulk of the returns are likely to be front ended in the coming five years," Morgan Stanley said.

The firm also expects India to become the world's third largest economy in the world with a GDP of USD 6 trillion, helped by digitisation. The firm said that digitisation will provide a boost of 50-75 bps to GDP growth. It expects India's real and nominal GDP growth to compound annually by 7.1% and 11.2%, respectively, over the next 10 years.

06:39 Good Morning Moneycontrol users. This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.