Globe Capital Research Report

The markets regulator has proposed guidelines for credit rating agencies to provide detailed reasons for their actions, particularly in cases of default and upgrades of default ratings. The Securities and Exchange Board of India, in a consultation paper on Thursday, suggested removing "technical default" from policies as it can send negative market signals and trigger covenants. Rating agencies have highlighted operational issues such as force majeure events or bank strikes that they believe should be taken into account in their policies. The proposed guidelines aim to address situations such as force majeure events, incorrect investor accounts or government freezes, as well as significant changes in a company's credit risk profile.

Oil prices ease on concerns over weak China demand, Mideast ceasefire talks  

Bullions counter may remain on weaker path as yellow metal prices fell nearly 1% on Thursday, as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.

India is working on simplifying the country’s sales tax regime by introducing three slabs instead of the existing four rates, a top tax official said. “Too many rates in goods and services tax are leading to classification disputes and that needs to be resolved,” Sanjay Agarwal, chairman of the Central Board of Indirect Taxes and Customs said in an interview Wednesday. Agarwal said GST compliance has improved since the tax was introduced in July 2017 and revenue growth has stabilized. That gives the government room to review the rates to simplify the system, he said. Revenue from GST has been steadily rising over the years and increased 11.7% in the fiscal year through March 2024. The collections rose to 1.74 trillion rupees in June.

BULLION – Gold prices flat as investors focus on US economic data  

Bullions counter may witness some bounce back as investors are awaiting U.S. economic data that could influence the Federal Reserve's rate-cut timeline. Gold and silver fell sharply in domestic market after sharp reduction of basic import duty to 6% from 10%. This is to bring it in line with CEPA rates for IIBX.