Top 10@10: Trump’s new dig at India, FM on tariffs and China, floods ravage North India and more
On the markets front, equities ended flat but secured weekly gains as midcaps extended their strong run. The rupee, however, closed at a fresh record low of 88.27 against the dollar amid persistent foreign fund outflows. In corporate news, SoftBank pared its stake in Ola Electric to 15.68% after selling nearly 95 million shares, while tech giants including Meta and Apple pledged billions in US investments at Trump’s high-profile AI dinner.
Beyond business, the Yamuna’s water level in Delhi remains above the danger mark, while in West Asia, Israel says it now controls 40% of Gaza City as fighting intensifies.
Here are the day’s top stories.
Exclusive | No capex cut or fiscal slippage due to GST reform: FM Sitharaman
(Photo: X/@FinMinIndia)
Finance Minister Nirmala Sitharaman has ruled out any cut in capital expenditure or deviation from the government’s fiscal roadmap due to the GST 2.0 reforms. Speaking exclusively to CNBC-TV18, she made it clear that the government will stick to its capex plans and the new tax regime will not come at the cost of fiscal discipline.
“At this moment, I can say with confidence, capital expenditure of the government will not come down. It will be completed, as stated in the budgetary planning time, the budget estimate time, and so with the fiscal deficit. And this is the last point of my gliding path, I will adhere to it,” she said.
Exclusive: Package in works to aid exporters hit by US tariffs, says FM Sitharaman
In an exclusive interview with Network18 Group Editor Rahul Joshi, Finance Minister Nirmala Sitharaman said the government is finalising a package to support Indian exporters hit by the latest round of punitive US tariffs, imposed by President Donald Trump with effect from 27 August.
The new measures include a 25% reciprocal tariff on Indian goods and an additional 25% levy on India’s purchases of Russian oil, effectively raising duties on Indian exports to 50%.
Trump says US has ‘lost India to China’ after SCO meet in post-50% tariff era
US President Donald Trump has said America has “lost” both India and Russia to China, in a pointed post that lands amid a sharp downturn in relations with New Delhi.
“Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!” Trump wrote on his social media platform Truth Social, posting an image of Prime Minister Narendra Modi alongside Russian President Vladimir Putin and Chinese President Xi Jinping.
Exclusive | FM Sitharaman calls for real talks on trade, market access with China
Finance Minister Nirmala Sitharaman called for “true engagement” with China, stating that more work needs to be done to advance trade and open market access for India, even as bilateral ties between the two Asian giants have seen a marked improvement in the last one year.
“There’s just a lot of work to be done in this area, there’s no hiding it,” the minister said in an exclusive interview with Network 18 Group Editor Rahul Joshi on Friday, September 5.
Sensex, Nifty end flat; recover over 1% this week as midcaps outperform
The stock market ended flat on Friday after a rangebound session, but posted weekly gains as strength in autos and metals offset weakness in information technology stocks.
The NSE Nifty 50 closed up 7 points at 24,741, holding above the 24,700 mark, while the BSE Sensex slipped 7 points to end at 80,712. The Nifty Bank index rose 39 points to 54,115 and the broader midcap index gained 116 points to 57,075, extending its recent outperformance.
Rupee hits fresh low, closes 15 paise down at 88.27 against US dollar
At previous close, the Sensex was up 213.45 points (0.26 percent) at 81,857.84, and the Nifty was up 69.90 points (0.28 percent) at 25,050.55
The rupee declined 15 paise to close at an all-time low of ₹88.27 (provisional) against the US dollar on Friday amid sustained outflow of foreign funds and fear of additional US tariffs against India. A weak greenback and falling crude oil prices failed to prevent the fall in the local unit, forex traders said.
SoftBank trims stake in Ola Electric to 15.68% after selling 94.9 million shares
FILE – The logo of SoftBank Corp. is seen at its shop in Tokyo, Thursday, April 21, 2022. (AP Photo/Shuji Kajiyama)
Japan’s SoftBank Group has pared its stake in electric scooter maker Ola Electric Mobility Ltd, cutting its shareholding to 15.68% from 17.83%, according to a regulatory filing with the BSE and NSE on Thursday (September 4).
The Japanese investor sold 94.9 million equity shares, or about 2.15% of the company’s paid-up capital, through open market transactions between July 15 and September 2, 2025. The sale, executed by its investment arm SVF II Ostrich (DE) LLC, crossed the 2% disclosure threshold under SEBI’s takeover regulations.
Big tech firms pledge billions in US investments at Trump’s AI dinner
Meta Platforms Inc.’s Mark Zuckerberg and Apple Inc.’s Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley.
In his opening remarks, Trump addressed a key concern of tech companies: ensuring there’s enough energy to meet surging power demands from the data centers behind the AI boom.
Also Read: Trump says ‘fairly substantial’ chips tariffs coming ‘shortly’
Yamuna water level in Delhi still above danger mark, several areas heavily waterlogged
The water level in the Yamuna River at Delhi’s Old Railway Bridge was recorded at 207.33 metres at 7 am on Friday (September 5), slightly lower than Thursday’s seasonal peak of 207.48 metres. Earlier, at 6 am, the level stood at 207.35 metres, according to official data.
Officials told PTI said the water is expected to recede further through the day, offering some relief to flood-affected areas.
Israeli military says it now controls 40% of Gaza city
An Israeli military spokesperson has said they now control 40% of Gaza City, with plans to expand operations in the days to come. 52 Palestinian lives have been lost as Israeli forces continue their offensive in Gaza.
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