- [Non-fin] Violence erupts in Southern India over Cauvery water dispute.:
The Supreme Court ruled on Monday that Karnataka would have to release
12,000 cubic feet of water, to Tamil Nadu every day until Sept. 20 from the Cauvery River, which originates in Karnataka and flows downstream to Tamil Nadu. Lack of a centralized policy to allocate scarce resources like water, especially in regions where agriculture is heavily rain dependent has been cited as a reason for frequent clashes on the issue
- Tejas Network seeks to raise 8bn rupees from IPO: Axis Capital, Citibank, Edelweiss and Nomura as bookrunners. IPO expected in Jan-Feb. Tejas Networks is a computer networking and telecommunication equipment manufacturing company.
- Reliance Capital spins off commercial finance business: The shareholders of Reliance Capital have approved the transfer of its commercial finance division – Reliance Commercial Finance (RCF) – into a separate wholly owned subsidiary
- CPI falls sharply to 5.05% : Rate beat estimates of 5.2% for the month. July ’16 rate stood at 6.07%. The sharp fall in CPI has revived hopes of a rate cut by the new Governor Urjit Patel later this month. Industrial production(IIP) fell by 2.4% compared to a 1.4% rise in the previous month.
The Index of Industrial Production (IIP) is an index for India which details out the growth of various sectors in an economy such as mining, electricity and manufacturing. The all India IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period with respect to that in a chosen base period. It is compiled and published monthly by the Central Statistical Organisation. Electricity , steel, refinery products, crude oil, coal, cement, natural gas and fertilisers constitute 38% of the index.