Suicide squads attacked security forces in two separate incursions in Jammu and Kashmir. The attack on Tuesday resulted in the death of seven security personnel. Six terrorists were killed. The attack happened in Nagrota and Samba, both close to Jammu. The ratio of terrorists killed for every security personnel dead this year is 1.99. This is the second lowest figure since 1994 in Jammu and Kashmir. It was 1.64 in 2013. The decline happens even as the all-India ratio has risen. At 2.98, the ratio is at its highest since 2009, shows data from South Asia Terrorism Portal.

2. Fiscal deficit hits 79.3% of target

India’s fiscal deficit reached 79.3% of its budget target for the current financial year, showed data released on Wednesday. Fiscal deficit is the excess of the government’s expenditure over its revenues. The latest data is for the seven months ending October. The figure for the corresponding period last year was 74%. The total fiscal deficit for the period is Rs4.24 trillion. Tax revenues came in at Rs5.3 trillion. Non-tax revenue worth Rs1.68 trillion, including spectrum auctions, helped buoy the numbers.

3. Fitch flags corporate debt in India

Ratings agency Fitch during the week called attention to 85 companies in poor condition with Rs4 trillion of debt. The firms’ ability to service their debt is limited, according to the report released on Tuesday. It said that the companies are sitting on massive debts with a significant proportion of their assets also being non-productive. There are another 26 firms that are also on the verge of going the same way, it said. Any further deterioration could further aggravate the stress in the banking system.

4. Demonetization at halfway mark

The demonetization drive that began in November hit its halfway mark during the week. Mint reported on Wednesday that Rs8.44 trillion had been deposited or exchanged at banks as of 27 November. There were an estimated Rs16 trillion of old notes in circulation. Media reports said on Thursday that notes worth Rs11 trillion had been deposited. People have time till 31 December to deposit notes. The move to withdraw old Rs500 and Rs1,000 notes was announced on 8 November.

5. Bank Nifty rollovers at lowest since 2015

Market participants preferred to liquidate rather than rollover their November positions for Bank Nifty in the derivative segment. Rollover refers to the carrying over of a position after a derivative contract expires. It essentially refers to whether or not market participants are continuing to hold on to their bets on which direction banking stocks will move. A decline in rollover means that fewer participants preferred to take a call on direction. An analysis by Mint on Tuesday said that Bank Nifty rollovers were the lowest since July 2015. This is said to be because of demonetization jitters, besides global worries.

6. Opec members agree to cut output

The Organisation of Petroleum Exporting Countries came to a consensus on cutting oil production on Wednesday. The deal includes coordinated action on prices with Russia. Oil prices surged subsequently since the market had not anticipated such a deal. Opec’s leading producer, Saudi Arabia, agreed to a big cut, and did not press with its demand that arch-rival Iran also act similarly. Another meeting will be held on 25 May to monitor the deal. Meanwhile, non-Opec countries will also hold a meeting with Opec on 9 December.

7. Tata Power surprises with results

Tata Power reported better than expected results on Tuesday after market hours. The stock registered gains on Wednesday. It was up 2.4% following the results. The better results came on the back of low finance costs, higher coal prices and dividend income. The coal unit sold 14% more coal as prices rose. The company reported a profit of Rs336 crore for the three months ending September. It had reported a loss of Rs96 crore in the same period last year.

8. Flipkart valuation marked down again

India’s most valuable Internet firm saw a decline in its valuation. A Morgan Stanley mutual fund scheme marked down the value of its Flipkart holdings to $5.54 billion on Tuesday. Investors valued the firm at $9.39 billion in March. Flipkart was worth more than $15 billion when it raised $700 million in funding in July 2015. Its value has dropped by nearly two-thirds since then. Flipkart has been looking to raise additional capital, and the markdown could well affect these plans.

9. Indian manufacturing sees slowdown

India’s manufacturing sector grew at a slower pace in November. The Nikkei India Manufacturing Purchasing Managers Index came in at 52.3, according to data released on Thursday. It was at 54.4 in October. Consumer goods producers were impacted on the account of demonetization. The index signals expansion in the manufacturing sector if the value is above 50. Values below 50 show contraction. The index still signals expansion, though the decline is among the sharpest in recent times. A slowdown in demand because of the currency crunch could affect growth in the days ahead.

10. India takes 2-0 lead vs England

India beat England in the ongoing Test series during the week. Tuesday’s eight-wicket victory makes it impossible for the team led by Virat Kohli to lose the five-match series. It has won two matches and drawn a third. England can hope to level the series at best. Interestingly, the move marks a reversal in trend between the two countries. India has traditionally done poorly in Tests in England. England, on the other hand, has won a greater proportion of its matches on Indian soil.

Graphics by Prajakta Patil/Mint

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