Roundup: S&P -0.55%, Dow -0.43%. Nasdaq -0.35%. Gold $1,605.10. London -0.49%. Germany -0.40%. France -0.48%.
The only place where India will be affected by the goings-on in Cyprus is due to a 20-year old tax treaty where withholding tax – tax deducted by Indian authorities before remitting the interest amount – for investors using Cyprus as a base is as low as 10%, compared with 40% for others. (ET)
The government is quickly pushing ahead a blockbuster share sale of Rs 20,000 crore by offloading 10% equity in Coal India. The government’s stake in Coal India will fall from 90% to 80% after the sale. (ET) [stockquote]COALINDIA[/stockquote]
Will Cobra-bite actually sting? Goldman Sachs thinks “these developments, if they were to be true, could potentially lead to slower growth across private banks’ deposits and businesses as RBI may then direct banks to focus on improving risk management rather than expanding.” The RBI has already widened the probe to include wealth management and sale of gold coins of all banks. (ET, ET) [stockquote]ICICIBANK[/stockquote] [stockquote]AXISBANK[/stockquote] [stockquote]HDFCBANK[/stockquote]
Commodity bulls beware. Nomura thinks that the Chinese economy is exhibiting the same worrying symptoms that triggered the 2008 financial crisis. (CNBC)
Wow! This was quick: The Indian government has cleared 63 proposals for FDI in single brand retail since the measure was allowed last year. (TOI)