1. IIP Growth in July Gives Some Cheer Amid SlowdownIndia’s factory output rose in July amid mounting economic gloom, but the unexpected gain may not indicate a sustained recovery is in sight, likely prompting the central bank to press ahead with its fifth straight rate cut next month as August inflation remained within its comfort level.Data released by the statistics ministry on Thursday, 12 September, showed the index of industrial production (IIP) grew 4.3 percent in July from a downward-revised 1.2 percent a month ago, while retail inflation quickened to 3.21 percent in August from 3.15 percent in the previous month.(Source: Livemint)2. Maruti, Suppliers Gear up for Prolonged PainMaruti Suzuki India Ltd has hired consulting firms KPMG and PricewaterhouseCoopers (PwC) to advise its suppliers on how to efficiently run their operations and survive the current turbulence in India’s passenger vehicle market, said two people aware of the development.The step indicates that the Suzuki Motor Corp. unit is preparing for a prolonged slump in domestic demand, despite a raft of measures implemented by the Union government to boost car sales.(Source: Livemint)Auto Slowdown Because Millennials Prefer Ola, Uber? Data Disagrees3. Altico Misses Interest Payment, Underlining Stress in Realty MarketAltico Capital India Ltd, a lender to real estate companies, said it has defaulted on interest payments worth Rs 19.9 crore due to Mashreq Bank of Dubai, highlighting the rising stress in India’s cash-starved property market.The interest payment default occurred on a principal of Rs 340 crore, Altico said in a stock exchange filing on Thursday. This, the company added, may lead to further defaults down the line. The company has a total outstanding debt of Rs 4,361.55 crore.(Source: Livemint)4. SBI Launches OFS to Sell Stake in Life Insurance BizState Bank of India (SBI), India’s largest lender, on Thursday launched a two-day offer for sale (OFS) to sell a 4.5 percent stake in SBI Life Insurance Co. Ltd.Stock exchange filings show, SBI is looking to sell up to 3.5 percent through the OFS, with an option to sell an additional 1 percent.SBI Life started as a joint venture between the public sector lender and France’s BNP Paribas Cardif.(Source: Livemint)‘Data Is Not the New Oil’: Facebook Counters Mukesh Ambani5. States Rule Out GST Rate Cut on Automobiles Amid Grim Revenue SituationKey states have expressed reservations on a cut in the goods and services tax (GST) rate for the auto sector because of the grim revenue situation, after the fitment panel refrained from recommending any such reduction.Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on 20 September for a rate cut from 28 percent to 18 percent.However, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the slowdown in the auto sector is not because of the GST rate but structural issues in the economy.(Source: Business Standard)6. Scheme for Easier Export Credit to Be Announced Soon: Piyush GoyalA scheme to augment the availability of export credit — at affordable terms and in sufficient volume — will soon be unveiled, said Commerce and Industry Minister Piyush Goyal. This scheme will include forex credit.The scheme, which aims to ease availability of export credit especially for small businesses, will likely lead to rates dropping to the sub-4 percent category, said Goyal.He also warned against getting bogged down in numbers that may demotivate exporters. He said there is needless speculation on the government’s target of growing the economy to the 5-trillion dollar level.(Source: Business Standard)‘Economy Going From Bad to Worse,’ Says Manmohan Singh7. Layoffs by Zomato Erase $360 Million From Info Edge's Market ValueInfo Edge India Ltd. saw its market value erode by about Rs 26 billion (360 million dollar) after a news report said, a food-delivery unicorn the job-posting website is invested in, fired more than 500 employees.Zomato Media Pvt., in which Info Edge holds a 26.38 percent stake, laid off 541 people on 7 September, the Business Standard newspaper reported on Sunday. Info Edge shares, which rose 1 percent on 9 September, have since fallen 10 percent as investors saw the layoffs as a sign the slowdown in consumption is spreading.(Source: Business Standard)8. Bank Credit Growth Slumps to 10.24%, Deposits at 9.73%, Shows RBI DataBank credit and deposits growth slowed to 10.24 percent and 9.73 percent to Rs 96.80 trillion and Rs 127.80 trillion, respectively, in the fortnight to 30 August, show the latest RBI data.In the year-ago fortnight, advances were at Rs 87.80 trillion while deposits stood at Rs 116.46 trillion .In the previous fortnight to 16 August, advances grew 11.64 percent to Rs 96.82 trillion and deposits by 10.15 percent to Rs 126.80 trillion .(Source: Business Standard)9. Air India Assets Holdings to Raise Rs. 22,000 Crore Through BondsAir India Assets Holdings Ltd (AIAHL) will issue bonds worth Rs. 22,000 crore in the coming weeks, with the first tranche worth Rs. 7,000 crore set to hit the market on 16 September, according to a senior official.AIAHL – a special purpose vehicle of national carrier Air India – is planning to raise the amount by issuing bonds with different tenures.As part of efforts to clean up the balance sheet of Air India, which has a debt burden of more than Rs 58,000 crore, little over half of the amount is to be repaid by way of proceeds from the issuance of bonds by AIAHL.(Source: NDTV) We'll get through this! Meanwhile, here's all you need to know about the Coronavirus outbreak to keep yourself safe, informed, and updated. The Quint is now available on Telegram & WhatsApp too, Click here to join.