After Tax Cuts, These 3 Steps Are Imperative for Strong, Sustained Growth
Last week, when the government announced large cuts in corporate taxes, I mentioned that this was just one step in creating super-growth; a lot more needs to be done. What are these steps? Learning from examples of economic success around the world, we need these three steps, simultaneously, to achieve balanced and equitable growth. 
 
These are: incentives and competition for the...
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  • Nifty, Sensex May Trend Higher – Thursday closing report
    We had mentioned in Wednesday’s closing report that Nifty, Sensex were indecisive. The major indices went up today after a correction yesterday. On the NSE, there were 977 advances, 782 declines and 368 unchanged. The trends of the Indian stock markets in the course of Thursday’s trading are given in the table below:
     
     
    The NCLAT issued a notice to the Gujarat Urja Vikas Nigam after the cash-strapped IL&FS approached the appellate tribunal seeking the release of around Rs145 crore held by the power distribution company. IL&FS had earlier approached the Gujarat Energy Regulatory Commission on the matter but was not given any relief. IL&FS told the NCLAT bench that the Gujarat distribution company has withheld payment to five IL&FS wind energy companies.
     
    SpiceJet will launch 46 new non-stop flights on its domestic network next month. According to the airline, the new flights will begin in phases starting October 27.
     
    Besides, the airline said with the addition of new flights, passengers from cities such as Rajkot, Aurangabad, Jodhpur, Varanasi, Shirdi, Vijayawada, and Vishakhapatnam among others will be able to "easily travel to a host of other cities both on SpiceJet''s domestic as well as international network".
     
    Axis Bank said its qualified institutions placement has attracted good response from the global and domestic investor community and has been oversubscribed, with the aggregate final transaction size being Rs12,500 crore. The QIP was approved by the bank shareholders through a postal ballot on August 21, 2019.
     
    Muthoot Finance will raise Rs1,000 crore through non-convertible debentures for the purpose of lending. This is Muthoot's 21st public issue series of secured redeemable NCDs. The offer has a base issue size of Rs100 crore with an option to retain oversubscription up to Rs900 crore. The issue opens on September 27, 2019, and closes on October 25, 2019
     
    Dilip Buildcon has emerged as L-1 bidder for a new over burden removal contract mining work for Nigahi Project in Madhya Pradesh valued at Rs2,122.73 crores by the Northern Coalfield, a subsidiary of Coal India. 
     
    In conformity with the RBI guidelines on external benchmark based lending, Indian Bank has decided to link all new floating rate loans to personal or retail segment and new floating rate loans to micro & small enterprises (MSE), to RBI’s policy repo rate with effect from 1 October 2019.
     
    GlaxoSmithKline Pharmaceuticals has been contacted by regulatory authorities regarding the detection of genotoxic nitrosamine NOMA in ranitidine products.
     
    Based on the information received and correspondence with regulatory authorities, GSK made the decision to suspend the release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations.
     
    The top gainers and top losers of the major indices are given in the table below:

     
    The closing values of the major Asian indices are given in the table below:
     
     
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    Nifty, Sensex Indecisive – Wednesday closing report
    We had mentioned in Tuesday’s closing report that Nifty, Sensex had paused for a break. The major indices suffered a correction. On the NSE, there were 515 advances, 1,269 declines and 346 unchanged. The trends of the Indian stock markets in the course of Wednesday’s trading are given in the table below:
     
     
    The Central government has proposed to set up a dispute resolution mechanism in the renewable energy sector to cater to the growing cases of disputes between stakeholders in the solar and wind sectors that has seen rapid expansion in the last five years. 
     
    The Ministry of New and Renewable Energy (MNRE) has issued guidelines for establishing a dispute resolution mechanism (DRM) for projects being implemented by government agencies Solar Energy Corporation of India (SECI) and NTPC. All disputes emanating from contracts or from decisions taken by SECI or NTPC will have to be addressed to the DRC secretary.
     
    Care Ratings Limited has revised the rating of Capital Trust Ltd from Care BBB+ to Care BBB for the various borrowings and NCDs.
     
    The board of Greaves Cotton had recommended the re-appointment of Nagesh Basavanhalli as Managing Director and CEO for a further period of five years. The said re-appointment and his terms of employment are subject to the approval of the shareholders.
     
    Southern Petrochemicals Industries Corporation plants have been shut down in the forenoon on September 24, 2019 due to urgent need to replace a critical equipment (Urea Reactor) and to attend to essential shut down and maintenance jobs. The duration of shutdown is expected to be 30 days.
     
    Maruti Suzuki India has reduced the price of select models by Rs5,000/- (on ex-showroom price). These popular models include all variants of: Alto 800, Alto K10, Swift Diesel, Celerio, Baleno Diesel, Ignis, Dzire Diesel, Tour S Diesel, Vitara Brezza and S-Cross. The new prices will be applicable from 25th September 2019, across the country.
     
    SEBI has prohibited Morepen Laboratories from accessing the securities market and restraining from buying, selling or otherwise dealing in the securities, either directly or indirectly or in any other manner whatsoever, for a period of one year. The company is seeking advice for pursuing suitable remedies including filing of appeal before the appropriate forum.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
     
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