:50 pm FII viiew: UBS downgraded India’s GDP forecast for FY16 and FY17. Discussing the underlying reasons for the cut, Edward Teather, Senior Economist-ASEAN & India at UBS Investment Bank pointed at longer-than-expected time to reap benefits of low oil price, weak agriculture and poor pick up in manufacture.
The chairman and chief executive of Steel Partners LLC, approached ULA President Tory Bruno and senior Lockheed and Boeing executives about the bid in early August, the sources said. 1:15 pm Details: The Cabinet approved of the telecom spectrum trading norms, allowing telcos to buy or sell airwaves from each other. The telecom companies will now be able to trade un-utilised spectrum thereby consolidating the sector.
Don’t miss: Expect India to deliver 15-18% returns in 3-4 yrs, says JPMorgan The market surges ahead. The Sensex is up 483.16 points or 1.9 percent at 25801.03 and the Nifty is up 150.95 points or 1.9 percent at 7839.20. About 1861 shares have advanced, 582 shares declined, and 83 shares are unchanged. Vedanta, Hindalco, Tata Steel, NTPC and Tata Motors are top gainers in the Sensex. Telecom stocks like Bharti Airtel, Idea and Reliance Communications are up as the government has approved spectrum trading norms. At a time when volatility-hit street is hinting at jettisoning equities in favour of fixed income, JP Morgan believes equities will beat all other asset classes in 3-5 years. .