THOUGHT OF THE DAY

“The secret of success in life is for a man to be ready for hisopportunity when it comes…”

ECONOMIC UPDATES

India is unlikely to ratify the World Trade Organization (WTO)'s tradefacilitation agreement (TFA), even as it has decided to seek a permanentsolution on the food stockholding issue at the coming 10th ministerialmeeting in Nairobi, Kenya, in December.

The Reserve Bank of India (RBI) might announce liquidity tightening stepslike longer tenure term reverse repos as the central bank had alwayswanted call money rates to hug the repo rate, while in recent times oncertain occasions it has fallen much below the repo rate.

SEBI/CORPORATE UPDATES

Securities and Exchange Board of India (SEBI) has cancelled Sahara AssetManagement Company's mutual fund license. As per reports, the marketregulator has directed Sahara AMC not to take any new subscription fromthe investors including existing investors in systematic investment plans.Ithas also asked them not to levy any penalties on the investors for notdepositing the installments.

Vide Notification No. 16/2015-20 dated July 28, 2015 Issued by Ministryof Commerce & Industry, notified amendment in export policy of sawntimber-addition of ports for export to Nepal.

Honeywell has signed a definitive agreement to acquire the Elster Divisionof Melrose Industries plc, a leading provider of thermal gas solutions forcommercial, industrial and residential heating systems and gas, water andelectricity meters, including smart meters and software and data analyticssolutions for approximately$5.1 billion.

RBI/TAX LAW UPDATES

Vide RBI Press Release: 2015-2016/231 dated July 27, 2015 Reserve Bankof India introduces Straight Through Processing (STP) in fixed rate LAFRepo, fixed rate LAF Reverse Repo and MSF operations.

Vide Notification No. 34/2015-Customs (ADD) dated July 28, 2015 seeksto levy definitive anti-dumping duty on imports of Compact FluorescentLamps (CFL), originating in or exported from the People s Republic ofChina for a period of five years.

MARKET UPDATES

SENSEX27,507.62 48.05

CNX NIFTY8,352.70 15.70

DOLLAR/ RUPEE63.88 -0.03

MCX SILVER33,879.00 114.00

MCX GOLD24,793.00 41.00

MCX CRUDE OIL3,068.00 -15.00

Dow Jones Industrialaverage17,630.27 189.68

Nasdaq Composite5,089.21 49.43

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