Newsmakers: PM Modi cuts red tape in infra, ICICI Bank earnings and more

At 68% in H1, fiscal deficit hits govt's budget plans
Country's fiscal deficit has reached 68 per cent of its full-year target at the halfway stage, revealing strains to Finance Minister Arun Jaitley 's budget as revenues from asset sales again fall short. The April-September fiscal deficit totalled Rs 3.79 trillion, or 68.1 per cent of the full-year target, data released by the Controller General of Accounts showed on October 30, 2015.

ICICI Bank reports 12% rise in Q2 net profit
ICICI Bank Ltd, country's top private sector lender by assets, reported a 12 per cent increase in quarterly profit due to faster retail loans growth. Net profit rose to Rs 3030 crore ($465 million)for its fiscal second quarter to September 30 from Rs 2,709 crore reported a year earlier, ICICI, which is also listed in New York, said in a statement.

Once a month, PM steps in to revive stalled projects
Prime Minister Narendra Modi is personally taking on India's notorious red tape to clear tens of billions of dollars worth of stalled public projects, hoping that his hands-on intervention can bend a vast, dysfunctional bureaucracy. Once a month, Modi holds a meeting with top state and federal bureaucrats to check why projects have not got off the ground. Since March this year, his intervention has helped revive nearly $60 billion in federal and state projects, according to government data through September seen by Reuters.

Rakesh Jhunjhunwala buys 1.05% in Jet Airways; shares up 11%
Ace investor Rakesh Jhunjhunwala on October 30, 2015 picked up 1.05% stake in Jet Airways for Rs 50.52 crore through an open market transaction. According to the bulk deals data available with NSE, Jhunjhunwala's RARE Enterprises acquired 11,95,000 shares or 1.05 per cent stake in the private airline. The shares were bought at an average price of Rs 422.76, valuing the transaction at Rs 50.52 crore.

Sensex ends week 814 pts down; Nifty below 8,100
Extending losses for the fifth consecutive session, the domestic markets posted their worst weekly performance in two months, on the first day of November series futures and options (F&O) contracts, as disappointing results from ITC and Larsen & Toubro raised concerns about the health of the corporate sector. The S&P BSE Sensex tanked 814 points down this week and ended the day 181 points lower to 26,656.83, while broader CNX Nifty slipped below its crucial level of 8,100 to end at 8,065.80, down 45.95 points.