The Sensex and Nifty on Wednesday traded on a flat note awaiting a stimulus package from the Union government

The Sensex opened slightly lower at 37,298.73 from its Tuesday's close of 37,328.01.

The Sensex traded 59.02 points higher at 37,387.03 while the Nifty was up 13.75 points at 11,030.75.

Yes, Bank was trading 3.09 per cent lower during the early trade after the latest worry originating from a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution.

Yes, Bank holds 12.8 per cent stake in CG Power, which hit the lower circuit for the second straight day on Wednesday.

Besides, the rupee continues to trade with weakness against the US dollar. The rupee closed at over six-month low against the US dollar at 71.71 on Tuesday.

Foreign Institutional Investors bought stocks worth Rs 373.23 crore on Tuesday while Domestic Institutional Investors purchased scrips worth Rs 296.41 crore.

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It has touched a 52-week low of Rs 49

Shares of Mangalore Refinery and Petrochemicals (MRPL) declined 3 percent intraday on August 20 after the company closed its Phase-III process units of the refinery due to intensified monsoon.

It has touched its 52-week low of Rs 49.

The company in its press release said that the refinery has been affected by a minor landslide as an aftermath of the intensified monsoon in Dakshina Kannada District, hence as a precautionary measure, we have structured shutdown of the Phase-III process units of the refinery to access the condition of the facilities in the vicinity and for immediate stabilisation.

Mangalore Refinery and Petrochemicals were quoting at Rs 49.25, down Rs 1.50, or 2.96 percent on the BSE.

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Shares of Tata Motors kicked off August 20 session on a bumpy track as the stock declined over 1 percent but rebounded soon to trade with a gain of about half-a-per cent.

The stock swung between gains and losses a day after CARE Ratings downgraded its long-term credit rating, in the light of the weak financial performance of its British subsidiary Jaguar Land Rover Automotive PLC (JLR).

CARE Ratings downgraded the rating on the long-term bank facilities of Tata Motors to 'AA-/Negative' from 'AA/Stable' but reaffirmed rating on short term bank facility and commercial paper at 'A1+'.

In a similar move last week, CRISIL downgraded the rating on the long-term bank facilities of Tata Motors to 'AA-/Negative' from 'AA/Negative' but reaffirmed rating on short term bank facility, commercial paper and short-term debt at 'A1+'.

Hit by the weakness in the global economy amid the US-China trade war and Brexit woes, JLR's sales have been deteriorating of late. Its wholesale volumes declined about 10.8 percent in fiscal 2019 over the previous fiscal and were about 10 percent lower year-on-year in Q1.

Reduction in volumes has been largely driven by a slowdown in China, ongoing uncertainties around diesel vehicles in Europe, and weaker volumes in overseas markets.

Given the high operating leverage in this business, declining volumes have impacted profitability, reflected in operating margins of 8.2 percent in FY19 and 4.2 percent in Q1 FY20, down from 10.8 percent in FY18 and 6.2 percent in Q1 FY19.

Shares of Tata Motors traded at Rs 121.35, up to Rs 0.60 or 0.50 percent on BSE around 0945 hours.

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Indian shares were volatile on Tuesday after gains in IT stocks were largely offset by declines in financial stocks, as cautious investors awaited more details on reports of a corporate tax rate cut by the government before making fresh bets 

The broader NSE Nifty gave up early gains to fall 0.32% to 11,017.70 by 0430 GMT, while the benchmark BSE Sensex was down 0.19% at 37,335.38.

Meanwhile, broader Asian shares climbed higher, reflecting gains seen in U.S. stocks on Monday, as hopes of more stimulus measures from China and Germany eased jitters of an impending global recession.

In India, investors awaited more details on some media reports suggesting that a task force set up to overhaul the 58-year old Income Tax Act recommended an across-the-board 25% tax rate for both local and foreign companies.

"We've not seen concrete steps by the government yet about (corporate tax) rate cut and other reforms, but some fears of a recession have faded," said Anand James, chief market strategist at Geojit Financial Services.

"It is safe to say that there might be a small shift in sentiment."

The Nifty PSU bank index, tracking state-owned banks, shed 1.5%, with State Bank of India falling about 1.08%.

Shares of Vodafone Idea Ltd fell as much as 6.67%. On Monday, the telecom operator said Ravinder Takkar would replace Balesh Sharma as its chief executive officer.

Indian markets have been facing rough winds in the recent months, with the NSE index falling about 8% since a record high in June, amid slowing economic growth, a massive slowdown in the automobile industry and poorly received budget proposals.

"Until we get clarity on what is happening with global and local growth, markets will have some sort of downward bias," said Sunil Sharma, chief investment officer, Sanctum Wealth Management in Mumbai.

Meanwhile, IT stocks were trading in positive territory with the Nifty IT index rising up as much as 1.78%. IT services provider Infosys Ltd was the top gainer on the NSE Nifty, rising as much as 2.3%, while shares of industry peer Wipro Ltd gained as much as 1.25%.

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shares of Info Edge (India) Ltd, which runs internet portals Naukri.com and 99acres.com among others, have been on a tear, zooming 47%, thanks largely to the increase in valuations of its investments in Zomato.com and Policybazaar.com. The food delivery business has been successful in raising funds from marquee investors at higher valuations. Its insurance arm has been fairly successful in this regard as well

This rubbed off positively on the Info Edge stock. Note that the rally in its shares comes at a time when the markets have corrected by nearly 10% in the past year. But as valuations have been tipping too high, analysts have started to downgrade the stock.

“Info Edge’s market leadership positions in the recruitment and real estate segments, as well as investments in Zomato and Policybazaar make it well-positioned in the classifieds space. Current valuations, however, more than capture these positives," said analysts at Kotak Institutional Equities. The brokerage house downgraded the stock to “sell" lately.

Meanwhile, the company’s stand-alone numbers are showing an encouraging trend in the recruitment business, though its investments in other ventures are still losing money. Billings on its flagship jobs portal Naukri.com remained robust and continued to lead the revenues.

Overall, revenues grew at 20.5% on a stand-alone basis in the first quarter as compared to last year, much in line with what analysts were estimating.

Recruitment revenues grew 19.2% year-on-year through Naukri.com. Those at realty site 99acres.com grew at a faster clip at about 34.6% year-on-year, but that’s because the base is smaller. Other segments contributed about 10% of revenue growth.

As pointed out earlier in this column, Info Edge is a bit off an oddball in the internet space. Its mainstay businesses have fairly steady profits and cash flows. Of course, the story is different when it comes to its investments such as Zomato. But even their valuations have risen as a result of investor interest. With valuations now seeming full and downgrades beginning, it remains to be seen whether returns will continue to impress.

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The key positive highlight of UltraTech Cement Ltd’s June quarter earnings is the sharp improvement in operating margin. Cast your eyes on the chart alongside. Ebitda margin surged 26%, exceeding analysts’ estimate of 23-24%

Ebitda is earnings before interest, tax, depreciation and amortization, and is a key measure of profitability.

This improvement in margin was primarily driven by higher price realizations. “Cement realisation/tonne witnessed sharp uptick by 13.5% YoY and 12% QoQ at ₹5,037 (which seems to be the highest compared to peers reported so far)," said analysts from Reliance Securities Ltd. Softening input costs also supported operating performance.

Unfortunately, the margin performance wasn’t enough for investors to shift focus from the company’s weak volume growth. Cement sales volume increased by merely 2% year-on-year to 17.86 million tonnes (mt), much lower than the anticipated 18.5 mt.

In its investor presentation, UltraTech Cement indicated that the cement industry’s volumes declined by 3-4% during the June quarter. At the same time, the industry’s capacity utilization was at 67%, suggesting demand was rather tepid.

In a post-earnings conference call with analysts, the management said that cement demand was impacted by general election code of conduct, but is likely to improve in the second half of the year. The company foresees 6% growth in cement demand for the industry in the fiscal year 2020.

As far as prices are concerned, the management said the June exit price was 3% lower than the average price seen earlier in the month and the demand-supply dynamics would play on prices, hereon. The benefits of the decline in the price of petroleum coke, a key input, will be seen in the quarters ahead, it added.

Going ahead, UltraTech Cement’s focus remains on deleveraging and consolidation of sister firm Century Textiles’ cement assets.

Meanwhile, improved performance of the acquired assets from Binani Cement Ltd and Jaiprakash Associates Ltd (Jaypee Cement), besides sequential reduction in debt were some other positives. But the sour point for the market remained poor volume growth.

Reacting to its earnings, the UltraTech Cement stock swung from the green to red, closing over 2% lower to ₹4,233.15 on Thursday. Nonetheless, it was the second-most expensive pan-India-focused cement stock after Shree Cement Ltd, trading at a one-year forward EV/Ebitda of 15 times. EV stands for enterprise value.

To be sure, analysts have cautioned of some more downside in the UltraTech Cement stock given that September is a seasonally weak quarter for the sector.

The lull in demand, especially from the housing sector, continues to weigh on cement prices. This does not bode well. Cement prices across the country corrected further in July and are likely to remain on a weak footing, at least for now.

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Adopting a resolution on the corporate governance issues arisen between the co-promoters of budget carrier IndiGo will convey a false impression, IndiGo Co-founder and Director Rakesh Gangwal said on Tuesday

In a letter addressed to the airline Board, Gangwal said that he will not vote for a special resolution for "Alteration in Articles of Association of the Company" unless the Rahul Bhatia-controlled InterGlobe Enterprises (IGE) is prevented from getting more powers.

Gangwal said: "I recognize the timing constraints and the need to call an AGM. However, many emails were exchanged after our Board meeting of July 20, 2019, and based on serious unresolved issues, I again reiterate that I am no longer in a position to vote affirmatively on the special resolution for 'Alteration in Articles of Association of the Company'...

"...unless, as discussed in numerous emails, a complementary Board resolution is passed to prevent IGE Group from getting even more rights and abilities than they have today and the new RPT (related party transactions) policy is adopted, language for which has already been agreed."

Gangwal also said that the AGM notice, along with the "unnamed sources"-planted "press reports that the Chairman has brokered peace and matters have been resolved, leaves a misleading and false impression that issues on RPTs and changes to the Articles have the support of both promoter groups".

Besides, he said that the full Board, including the Chairman, agreed on a package deal for RPTs and on the size of the Board, both of which would be finalised at the same time.

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North America Class 8 truck orders fell 81 percent year-on-year to 9,800 units in July and the month-on-month decline was 25 percent

Shares of auto ancillary and defence company Bharat Forge fell 5 percent intraday to hit 3-year low on August 6. North America truck orders declined sharply compared to the previous month. Bank of America Merrill Lynch also downgraded the stock and slashed price target, citing slow exports.

The stock lost nearly 40 percent of its value in the last one year to Rs 398.40, the lowest level since August 3, 2016. It was quoting at Rs 409.00, down Rs 10.10, or 2.41 percent on the BSE while Ramkrishna Forgings was down 6 percent at Rs 431, at 1132 hours IST.

North America Class 8 truck orders fell 81 percent year-on-year to 9,800 units in July and the month-on-month decline was 25 percent.

The truck orders in July 2018 stood at 52,122 units and 13,000 units in June 2019.

Bharat Forge receives 12 percent of revenues from North American truck sales.

In addition, Bank of America Merrill Lynch downgraded the stock to neutral from buying and cut price target to Rs 450 from Rs 540 earlier as slowing export momentum is a risk to near-term earnings.

"Outlook for exports across Class 8 trucks & industrial forgings has weakened," said the brokerage which expects standalone profit margin to shrink by 120 bps on a 2-year basis and sees significant room for growth from defence vertical & passenger vehicle exports.

While having a neutral rating on Bharat Forge with a target price at Rs 439 per share, Japanese brokerage Nomura said monthly truck production should come down given low order inflows.

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Indian equity markets have no friend left either domestic or foreign. Domestic investors are miffed about the tax rules, while foreign investors are worried that the latest move on Article 370 will stoke tensions with neighbouring countries. The ongoing trade war between the US and China is making things worse

On Monday, the Nifty index declined 134.75 points, or 1.23%, in a sea of red that enveloped most emerging markets (EMs). Indian markets have been underperforming the MSCI EM Index so far in 2019 (see chart).

The scrapping of Article 370 notwithstanding, escalating US-China trade tensions have been bogging down markets. “There is no earnings growth. A lack of stimulus and a lack of direction is a dangerous combination," says veteran market expert Ajay Bagga. “After today, we are expecting some reforms as the focus comes back on the economy."

The more pressing problem has been a lack of earnings, as is evident from the disappointing first-quarter results. Barring some consumer goods companies, earnings growth has been poor. Banks, which were supposed to lift earnings, haven’t been able to help.

Besides, markets across geographies are under stress because of the escalating tensions between China and the US, and the slowing growth rate in emerging market economies. “This is leading to derating of the market. We have lowered the Nifty’s earnings by about 7-8% because of an overall slowdown in the economy and corporate earnings," Naveen Kulkarni, head of research at Reliance Securities Ltd, said over the phone.

Analysts at Morgan Stanley India Co. Pvt. Ltd noted that the global trade war will lower international growth. “If the US lifts tariffs on all imports from China to 25% for four-six months and China takes countermeasures, we believe we will enter a recession in 3 quarters," said analysts at the firm in a note to clients.

The trade war has already hit the exchange rate. The rupee breached the 70-mark against the dollar, and there is a real danger that it could slip further. The risk perception of rupee assets has undergone a change every time geopolitical risks associated with the country’s neighbours have resurfaced.

That said, the currency’s biggest problems arose because of the Chinese yuan, which dropped past a key level against the dollar. A weaker Chinese currency could hit the competitiveness of Indian goods in international trade. Analysts believe that if these escalations persist, both in the global markets and the domestic geopolitical space, the rupee could weaken beyond 71 to a dollar.

Indian markets are at the receiving end of a barrage of negative news and a positive counter to tip the scales is crucial. Global developments will weigh on sentiments, but what the market needs is a revival in earnings of companies. Some relief is expected from the Reserve Bank of India in the form of a rate cut on Wednesday. A stimulus from the government would not hurt.

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The past few months have been a roller-coaster ride for Indian equity investors. A combination of unfavourable domestic and global cues continue to dampen sentiment on Dalal Street. In this week as well, key Indian benchmark indices the Nifty and the Sensex lost more than 2% percent each

Consequently, the valuation of Indian equities has come-off from its recent peak following the ongoing market correction. Currently, the MSCI India index is trading at a one-year forward price-to-earnings (PE) multiple of 17 times moderating from the high of 19 times.

Another valuation parameter, the bond equity earnings yield ratio (BEER) paints a similar picture. An analysis by domestic brokerage house Antique Stock Broking Ltd showed that at 1.1 times, BEER for the Nifty50 has slipped to similar levels seen during demonetisation and taper tantrum of 2012-13.

This ratio compares the 10-year treasury bond yield to the earning yield of the stocks or stock index – in this case, the Nifty. Earning yield is the reverse of the PE ratio. Theoretically, if the reading is at 1, it means that both equity and bond markets are fairly valued. A reading greater than 1 would mean that the equity market is overvalued, while below 1 means that the equity market is undervalued.

However, as the alongside chart shows, although the ratio is a little above 1, the reading has been heading southward. At 1.1 times BEER is much lower than its historical average of 1.5 times.

As per the broking firm, since the Reserve Bank of India (RBI), akin to global central banks, is expected to further cut interest rates to boost economic recovery, valuations of Indian equities are unlikely to see a further de-rating.

“We believe there is a strong possibility of another 50 basis points repo rate cut by RBI given benign inflation, weak economic growth, fiscal consolidation and unchanged overall government borrowing along with an option of borrowing overseas through the foreign sovereign bond. In the backdrop of easing risk free rate, we do not foresee further de-rating in Indian equities," it said in a report on 29 July. One basis point is one-hundredth of a percentage point.

That said, it cautions of some risks to valuations emerging from corporate earnings downgrade.

Meanwhile, the report further added that sectors which are looking attractive from BEER perspective are auto, pharmaceuticals, energy and capital goods. Also, large caps are looking more attractive as compared to mid-caps

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Bharti Airtel Ltd’s June quarter results will bring relief to investors, especially after the shocking results of Vodafone Idea Ltd. Revenue at Airtel’s mainstay India wireless business grew for the second consecutive quarter. They are up 2.2% from the March quarter, on the back of a 4.3% sequential expansion in the March quarter

In comparison, revenues at Vodafone Idea had fallen 4.3% and resulted in a 22% drop in operating profit on a like-to-like basis. In Airtel’s case, operating profit or Ebitda dropped only by 1.8%. Ebitda stands for earnings before interest, tax, depreciation and amortization.

Drill down further and it becomes clear why Airtel has handled the onslaught of Reliance Jio Infocomm Ltd much better. To start with, the fall in its subscriber base is far lower than Vodafone Ideas.

Importantly, the expansion in mobile broadband towers is better at Airtel, where they rose 2.6% to 177,141 towers. Vodafone Idea saw a mere rise of 1.1% to 157,278 towers.

Note that Vodafone Idea’s revenue is ahead of Airtel’s, even while it's broadband coverage is lower. It isn’t surprising then that Airtel’s total data customer base grew 4.3% last quarter, while Vodafone Idea’s data users fell 2%.

Data usage per customer has seen notable improvement— up 8% vis-à-vis 4.9% in March quarter. As a consequence, the improvement in realization, also known as average revenue per user, is also better at Airtel.

Now that Airtel has reported a steady performance for its India wireless business, it is evident that Vodafone Idea’s underperformance can be explained by company-specific issues. The mega-merger and the time taken to integrate teams and networks have weighed on the latter’s performance.

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Tech Mahindra Ltd’s shares had underperformed the market after its revenue growth fell sharply in the March quarter. Profit margins narrowed at a higher-than-expected pace as well, raising concerns about its earnings. The June quarter results, released after market hours on Tuesday, provide no major reason to alter the stock’s trajectory

Dollar revenues grew just 1.9% year-on-year and fell 1.6% compared to the March quarter. “In the current quarter, the company faces seasonality, however, even after factoring the seasonality, Tech Mahindra’s revenues were below our expectation," ICICI Direct Research said in a note. 

Worse still, the fall in profitability was far higher than Street expectations. Ebit (earnings before interest and tax) margins contracted 1.5 percentage points from a year ago. 

As a consequence, operating earnings (Ebit) in dollar terms dropped 9% from a year ago. Sequentially, they are down as much as 26%. “Margins are way below estimates leaving room for earnings-per-share cuts," an analyst said in a note to his clients. 

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The company reported a 17 percent year-on-year growth in June quarter profit at Rs 329.1 crore from Rs 281.5 crore in same period last fiscal.

Share price of Canara Bank shed 4 percent intraday on July 25 as research house Morgan Stanley remained underweight on stock with a target of Rs 220 per share.

The company reported weaker PPoP and asset quality in Q1FY20, while company's Q1FY20 PAT is Rs 300 crore against estimate of Rs 600 crore, said Morgan Stanley.

Lower margins and sequential rise in slippages are the key negatives, while higher fees and lower than expected other operating expenses are the key positives.

The company reported a 17 percent year-on-year growth in June quarter profit at Rs 329.1 crore from Rs 281.5 crore in same period last fiscal.

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ICICI Direct also said Infratel's reported revenues (without the impact of IndAS 116) at Rs 3,629.7 crore were better than its estimate of Rs 3,558.3 crore

Shares of Bharti Infratel rallied nearly 6 percent intraday on July 25 as Morgan Stanley retained positive stance on the stock after strong Q1 show.

While having an overweight call on the stock with a target price at Rs 323 (implying a 22 percent potential upside from current levels), the global brokerage house said revenue in Q1FY20 was in-line with its estimates.

The investment firm further said tenancy movement was positive this quarter with fewer tenancy deletions.

ICICI Direct also said Infratel's reported revenues (without the impact of IndAS 116) at Rs 3,629.7 crore were better than its estimate of Rs 3,558.3 crore.

The outperformance was on account of core rental revenues that came in at Rs 2,182 crore, up 3.5 percent YoY against its expectation of Rs 2,065 crore.

The company reported a net increase of 523 co-locations on consolidated basis against brokerage's expectations of net loss of 1,750 tenancies. The addition of tenancy happened after six quarters which was anyway positive development.

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The share touched its 52-week high Rs 99.90 and 52-week low Rs 58.65 on 01 April, 2019 and 01 October, 2018, respectively.

Share price of Punjab National Bank (PNB) rose 2.2 percent intraday July 26 as company approved to raise capital worth Rs 5000 crore.

A meeting of the board of directors granted approval for raising equity capital amounting up to Rs 5000 crore in one or more tranches through qualified institutional placements (QIP)/ follow-on public offer(FPO)/rights issue.

At 09:56 hrs Punjab National Bank was quoting at Rs 67.20, up Rs 1.15, or 1.74 percent on the BSE.

The share touched its 52-week high Rs 99.90 and 52-week low Rs 58.65 on 01 April, 2019 and 01 October, 2018, respectively.

Currently, it is trading 32.68 percent below its 52-week high and 14.66 percent above its 52-week low.

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The gross spend on research and development rose 78 percent YoY to Rs 79 crore.

Shares of Biocon gained nearly 6% in the early trade on July 26 after company reported robust numbers for the quarter ended June 2019 (Q1FY20).

The company reported an 86 percent year-on-year (YoY) jump in net profit at Rs 223 crore for the quarter ended June led by growth of biosimilars and small molecules businesses.

The company reported a net profit of Rs 120 crore in the year-ago period.

Total revenue for the quarter grew 25 percent to Rs 1,466 crore in the April-June period, Biocon said in a statement.

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A trader might try to do a swing trading to capitalise on either direction but investors should refrain from such stocks unless monthly reversal confirmations are witnessed.

It is very difficult to time the market as there is a high likelihood to lose out from a winning position. To understand the crucial turning junctures it is best to apply Elliott wave for price projection and the time the turn using time cycles.

In the below chart, we have shown the application of Time cycles along with wave theory and how it can help by identifying important turning areas:

The best part is wave counts completion and the cycle coincided together. Prices also came close towards the lower end of the downward sloping channel and bounced back higher.

This, in turn, suggests that the panic low made in India Bulls Housing Finance might remain protected for weeks and the stock might start seeing positive traction.

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PhillipCapital cut its FY20-21 EPS estimates by 13-16 percent to account for subdued demand.

Titan Company shares fell 0.7 percent intraday on July 17 after global brokerage PhillipCapital downgraded the stock, citing weak jewellery demand in near term.

The stock fell 16 percent in last 15 sessions. It was quoting at Rs 1,109.75, down Rs 5.15, or 0.46 percent on the BSE at 1235 hours IST.

The investment firm downgraded its rating on Titan Company to neutral from buy and also slashed price target to Rs 1,165 from Rs 1,200 earlier, citing weak jewellery demand in near term.

"We expect near-term jewellery demand to remain weak due to spike in gold prices, poor macroeconomic environment and hike in custom duty," the brokerage said.

September quarter will be the worst quarter for the entire jewellery industry, it added.

Hence PhillipCapital cut its FY20-21 EPS estimates by 13-16 percent to account for subdued demand.

Titan Company will announce its unaudited financial results for the quarter ended June 2019 on August 6.

Last week, the jewellery maker said its revenue in June quarter grew a muted 13 percent as a sharp increase in gold prices dented consumer demand significantly. Jewellery business contributed 82 percent to total revenue in FY19. Gold price increased by 10 percent during June quarter.

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NLC India | BHEL | Container Corporation | Manpasand Beverages | Autoline Industries and TCS are stocks which are in the news today.

Here are stocks that are in the news today:

Results on July 10: GTPL Hathway, Himachal Futuristic Communications

TCS Q1: Profit grows 0.1 percent to Rs 8,131 crore versus Rs 8,126 crore, revenue increases 0.4 percent to Rs 38,172 crore versus Rs 38,010 crore; dollar revenue rises 1.6 percent to $5,485 million versus $5,397 million QoQ.

Manpasand Beverages: Mehra Goel & Co resigned as statutory auditors due to probe into company by GST authorities.

KRBL: ICRA revised rating on company's banking limits on long term scale to AA- from AA (Stable).

InterGlobe Aviation: Rakesh Gangwal (one of the promoters of company with total holding of 23.1 percent) wrote letter to SEBI seeking its intervention on his alleged grievances. SEBI asked company to gives its response to Rakesh Gangwal's letter by July 19.

SBI: Bank has reduced its MCLR by 5 bps across all tenors with 1 year MCLR coming down from 8.45 percent per annum to 8.40 percent.

Anik Industries: CARE revised rating on company's long term bank facilities to C (issuer not cooperating) from B+/Stable (issuer not cooperating), on account of deterioration in its liquidity due to cash loss reported in FY19 and almost full utilisation of working capital limits.

Garware Synthetics: Ramesh Chandorkar resigned as director of the company.

Nava Bharat Ventures: CRISIL has reaffirmed credit ratings for bank loan facilities of the company at A with stable outlook.

BHEL: An agreement has been signed between company and Container Corporation of India to form Joint Working Group to establish rail based logistics terminal at Haridwar.

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Officials in Islamabad are believed to have informed the Pakistan embassy that Prime Minister Khan desires to stay at the ambassador's official residence in Washington during his three-day visit to the US starting from July 21, Dawn newspaper reported.

Prime Minister Imran Khan wants to stay at the Pakistani envoy's official residence in Washington instead of an expensive hotel during his visit to the US to reduce the cost of the trip, a media report has said, amidst an austerity drive by the government to solve the cash-strapped nation's financial woes. Prime Minister Khan, after assuming office last year, launched several austerity measures.

Officials in Islamabad are believed to have informed the Pakistan embassy that Prime Minister Khan desires to stay at the ambassador's official residence in Washington during his three-day visit to the US starting from July 21, Dawn newspaper reported.

The International Monetary Fund's executive board last week approved a three-year USD 6 billion bailout plan to resuscitate Pakistan's ailing economy.

But the IMF has attached some tough terms for the bailout, indicating that the government needs to take strict austerity measures.

While staying at the ambassador's residence can considerably reduce the cost of the visit, Dawn report said that neither the United States secret service nor the city administration appears “very receptive” to the idea, the paper said.

The US secret service takes over the security of a visiting dignitary as soon as he or she lands in the US while the city administration has to ensure that the visit does not disrupt Washington's traffic.

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