Monday, 21 November 2016

Sensex sinks 300 pts, Midcap plunges 2%; IT stocks outperform


Ratings agency Moody's has maintained its stable rating on India in its recent report and expects to see strongest profit growth among corporates in India in the Asia Pacific region. The firm sees sustained economic growth, commissioning of additional production capacity and higher commodity prices that will boost corporate earnings in India. On the recent developments in India with regards to demonetisation, Marie Diron of Moody's Investors Services told CNBC-TV18 that this move is a part of the reform steps undertaken by the government and will prove to be positive for the economy and budget in the medium term. She said that the government may have to cut its fiscal spending but see it meeting its fiscal deficit target of 3.5 percent.

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