• India’s economy is on track for its slowest growth since 2009, weighed down by a shadow banking crisis, weak investment and a slump in spending. Gross domestic product will grow 5 per cent in the year through March 2020, the Statistics Ministry said in a statement. Manufacturing is expected to grow at 2 per, the lowest since at least FY06.
• The Supreme Court revived the revenue department’s bid to investigate billionaire Gautam Adani’s companies, which the agency claims got undue tax benefits by overvaluing coal imports. A three-judge bench put on hold a lower court’s ruling, effectively allowing the revenue department to seek information on the case from overseas.
• The government relaxed the qualification criteria and regulations for mining and selling coal in the country, allowing foreign players and non-coal companies in the sector. So far, only companies involved in the power, metals and mining industry could participate in bidding for coal blocks.
• Indian flights will take 20 to 40 minutes longer to reach Europe and the US as they avoid Iran’s airspace. India’s aviation regulator has asked airlines to take precautions in the airspace over Iran, Iraq, Gulf of Oman and waters of the Persian Gulf. The external affairs ministry has asked Indian citizens to avoid travelling to Iraq.
• Carlos Ghosn, speaking publicly for the first time since his dramatic escape from Japanese justice, said he had been treated "brutally" by Tokyo prosecutors and was the victim of an inside job to oust him from the helm of automaker Nissan. Japan rejected his allegations.
• Cyrus Mistry said he will protect the Shapoorji Pallonji (SP) Group’s rights as a minority shareholder in the business conglomerate but he is not interested in returning as its chairman. The SP Group owns 18.5 per cent in Tata Sons and is fighting the Tata Sons, the holding company of Tata Group, since Mistry was ousted as chairman in October 2016.
• A group of ministers (GoM) finalised the sale of the entire government stake in state-owned Air India. The GoM also approved in-principle hiving off around Rs 20,000 crore of additional debt and liabilities to a special purpose vehicle, pitching the tottering carrier attractive to prospective buyers.

Disclaimer: This information is from a third party—Business Standard—offered through a tie-up to Kotak Securities customers for free for life. The third party content is not created or endorsed by any business offering products or services through it. The provision of this third party content is for general informational purposes only and does not constitute a research call, recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Also, the views and opinions stated in the content belong to Business Standard. Kotak Securities does not uphold nor promote any of the views. These reports do not, in any way, qualify as a Kotak Securities research report.