India’s credit ratings outlook was cut to negative by Moody’s Investors Service, the first step toward a downgrade, as concerns mount the economic slowdown will be prolonged and debt will rise.

Moody’s projects a budget deficit of 3.7% of gross domestic product in the year through March 2020, a breach of the government’s target of 3.3%, as slower growth and a surprise corporate-tax cut curbs revenue. The foreign currency rating was retained at Baa2, the second-lowest investment grade score.

Demonetising the country’s highest-valued note is among the many suggestions made by former Finance Secretary Subhash Chandra Garg in a note to the government on Thursday. The 72-page note also talks about how the government needs to have an active policy of de-nationalising public sector undertakings (PSUs) and promoting privatisation, manage its own debt instead of falling back on RBI, and discontinue off-Budget borrowing, besides demonetising Rs 2,000 notes.

Bajaj Finserv, India’s second-most valuable non-banking finance company (NBFC), has intensified competition in the already cut-throat broking space. Its fully-owned subsidiary Bajaj Financial Securities (BFSL) has joined the zero-brokerage bandwagon for an annual subscription fee of Rs 500.

Apart from zero brokerage, the brokerage is offering multi-platform trading, call and trade facility and leverage of up to 20 times.

Chief Justice of India (CJI) Ranjan Gogoi is likely to meet Uttar Pradesh Chief Secretary, Director General of Police and other senior police officials today over preparedness ahead of probable Ayodhya verdict.

The verdict in the Ram Janmabhoomi-Babri Masjid land dispute case is expected to come by November 17, before the retirement of Ranjan Gogoi as CJI.

Real estate major DLF reported a 19.8 per cent year-on-year drop in consolidated operating revenue for the July-September quarter, to Rs 1,716 crore. Expenses towards cost of land, plots, constructed properties and developmental rights dropped 28 per cent, to Rs 885 crore.

During the quarter, it utilised Rs 1,036 crore (of the Rs 2,250 crore it had got against exercise of warrants in June) towards repayment of bank loans. And, another Rs 149.5 crore for working capital requirement, including loans to subsidiaries.

PNB Housing Finance on Thursday said that LIC has invested Rs 2,500 crore in the company by subscribing to its secured redeemable non-convertible debentures (NCDs).

This issuance is through private placement basis with a door-to-door tenure of 10 years, and the proceeds will be utilised by the company for its normal course of business operations, the company said.

Shares of Jindal Steel & Power (JSPL) hit an over four-month high of Rs 150, up 11 per cent on the BSE on Thursday on expectation of raw material benefits led by lower coking coal costs to offset the decline in steel prices in the near term.

The stock of the steel company was trading at its highest level since June 27, 2019. It has rallied 60 per cent in the past one month.

Top Indian airline IndiGo said on Thursday it signed a one-way codeshare agreement with Qatar Airways, letting the Middle Eastern airline get more access to the fast-growing Indian market.

The agreement will enable Qatar Airways to place its code on IndiGo flights between Doha and Delhi, Mumbai and Hyderabad, the companies said.

On Wednesday, a Panchkula Court granted bail to Honeypreet Insan, jailed Dera Chief Ram Rahim’s close aide and adopted daughter, who was accused of inciting violence in Panchkula in 2017. Earlier this month, the court had dropped the sedition charges against her and 35 other Dera members. Hoenypreet had then moved her bail plea on Wednesday morning and was granted bail.

Shares of MSTC zoomed 20 per cent to Rs 148 on the BSE on Thursday after the construction & engineering giant Larsen & Toubro (L&T) appointed the company as its selling agent.

The stock of the state-owned e-commerce firm was trading at its highest level since listing on March 29, 2019. In the past nine trading days, it soared 56 per cent, as compared to a four per cent rise in the S&P BSE Sensex. The stock has more than doubled from its recent low price of Rs 70, touched on August 14 in the intra-day deal.

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