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Hours after getting fired by US President Donald Trump, Federal Reserve Governor Lisa Cook said that the President has no authority to fire her from the central bank, and she will not resign.Cook's remarks come after receiving a letter by Trump earlier saying he was removing her from the Fed effective immediately."President Trump purported to fire me 'for cause' when no cause exists under the law, and he has no authority to do so," Cook said in a statement. "I will not resign. I will continue to carry out my duties to help the American economy as I have been doing since 2022."Trump cited accusations made last week by Bill Pulte, his appointee to the housing finance regulator, who claimed that Cook improperly listed two primary residences in 2021 to secure lower mortgage rates. Cook has retained prominent attorney Abbe Lowell, who said Trump’s “reflex to bully is flawed and his demands lack any proper process, basis or legal authority.” The unprecedented move is expected to trigger a legal battle that could go up to the Supreme Court. Legal experts noted that Fed governors, unlike cabinet officials, cannot be removed at will by the president. They serve 14-year terms and can only be dismissed “for cause,” usually for misconduct in office, a process that requires due proceedings. Cook, appointed by President Joe Biden in 2022 as the first Black woman governor of the Fed, was narrowly confirmed in the Senate with Vice President Kamala Harris breaking a 50-50 tie. Trump’s decision has raised concerns over the independence of the US central bank, long considered vital for its ability to take politically unpopular decisions such as raising interest rates to curb inflation. Markets reacted with caution on Monday night, with stock futures and the dollar slipping slightly. Senator Elizabeth Warren called the attempt illegal and “an authoritarian power grab that blatantly violates the Federal Reserve Act.” If successful, the move would give Trump’s appointees a majority on the Fed board, potentially shifting monetary policy in favor of lower borrowing costs.(With inputs from AP)

Vikran Engineering has opened its Rs 772 crore IPO for subscription. The book-building issue, which comprises a fresh issue of Rs 721 crore and an offer for sale of Rs 51 crore, will close on August 29. Ahead of the issue opening, the GMP is around 21% over the issue price.The company’s shares are proposed to list on both BSE and NSE, with allotment expected on September 1 and tentative listing on September 3.Vikran Engineering raised Rs 232 crore from anchor investors ahead of the IPO. The company had earlier secured backing from The Wealth Company (via India Inflection Opportunity Fund) and investors Ashish Kacholia and Mukul Aggarwal through a pre-IPO placement.Vikran Engineering IPO price bandAt the upper end of the price band (Rs 97), the issue is valued at 22x FY25 earnings and 4x book value, which analysts consider fairly priced compared with listed peers trading at much higher multiples.About the CompanyIncorporated in 2008 and headquartered in Thane, Vikran Engineering is a fast-growing EPC (Engineering, Procurement and Construction) player. It provides turnkey solutions across power transmission and distribution, water infrastructure, railway electrification, metro projects, and renewable energy.The company follows an asset-light model, leasing most of its equipment instead of owning heavy assets, which ensures better scalability and financial flexibility. With operations spanning 22 states and more than 190 project sites, Vikran Engineering has developed strong execution capabilities.Financial PerformanceThe company has delivered strong growth in recent years. Revenue rose from Rs 524 crore in FY23 to Rs 916 crore in FY25, a CAGR of 32%. Profit after tax grew at a 35% CAGR over the same period, from Rs 43 crore in FY23 to Rs 78 crore in FY25.For FY25, it reported revenue of Rs 1,354.7 crore and PAT of Rs 77.8 crore. EBITDA stood at Rs 160.2 crore with margins of 11.8%.Should You Subscribe?Both Reliance Securities and Canara Bank Securities recommend subscribing to the issue. Reliance Securities highlighted Vikran Engineering’s strong execution track record, alignment with government infrastructure push, and asset-light business model that enhances efficiency and scalability.Canara Bank noted rapid growth in order execution, and experienced promoters. However, it flagged risks such as stretched working capital cycles and a recent ban from railway electrification projects by the Railways’ vigilance wing, which could weigh on order flows.Objects of the IPOThe company plans to utilise the proceeds mainly for funding working capital requirements (Rs 541 crore) and for general corporate purposes.

Wall Street stocks ended lower on Monday as investors parsed the outlook for U.S. interest rates and looked ahead to AI chipmaker Nvidia's quarterly earnings this week while digesting a rally on Friday that lifted the Dow Jones Industrial Average to a record high close. On Friday, stocks jumped after U.S. Federal Reserve Chair Jerome Powell hinted at the Jackson Hole Symposium that an interest-rate cut could be considered at the central bank's September meeting, citing recent labor market weakness. "The market has a Jackson Hole hangover," said Jake Dollarhide, CEO of Longbow Asset Management in Tulsa, Oklahoma. "Investors are taking a little bit of a breather." The Personal Consumption Expenditures Price Index - the Fed's preferred inflation gauge - is due to be released on Friday, while official nonfarm payrolls data is expected next week. The reports will be crucial, especially after Powell said a rate cut was not certain. "The focus right now is the labor market," said Brian Klimke, investment director at Cetera Investment Management. "We have the job market that's rolling over a little bit and the economy is weakening, so the Fed needs to act sooner than later and they're seeing it too." Nvidia climbed 1% ahead of its quarterly report on Wednesday, which will be one of Wall Street's most closely watched events of the week and a crucial test of the scorching AI trade. With Nvidia making up about 8% of the S&P 500, results of the world's most valuable company affect vast numbers of Americans who use index investment funds to save for retirement. "This is an incredibly important event from a market participant standpoint," said Michael Green, portfolio manager at Simplify Asset Management. Powell's comments on Friday nudged major brokerages to revise their expectations, with Barclays, BNP Paribas and Deutsche Bank currently seeing a 25-basis-point reduction in borrowing costs next month. Traders now see an 84% chance of a Fed rate cut in September, according to CME Group's FedWatch tool. Remarks from policymakers John Williams and Lorie Logan later in the day will be scrutinized to see if they share Powell's policy outlook. The S&P 500 declined 0.43% to end the session at 6,439.32 points. The Nasdaq declined 0.22% to 21,449.29 points, while the Dow Jones Industrial Average declined 0.77% to 45,282.47 points. Nine of the 11 S&P 500 sector indexes dropped, led lower by consumer staples, down 1.62%, followed by a 1.44% loss in health care. Friday's optimism helped the blue-chip Dow close at a record high for the first time since December 2024, and the benchmark S&P 500 logged its strongest one-day gain since May. On Monday, Jefferies became the latest brokerage to raise its year-end target for the S&P 500. Beverage company Keurig Dr Pepper tumbled 11.5% after saying it would buy JDE Peet's for $18.4 billion in cash. Furniture retailers RH and Wayfair each declined more than 5% after U.S. President Donald Trump said on Friday his administration would investigate furniture import tariffs. Intel fell 1% after Trump said the U.S. government was taking a stake in the chipmaker. He also said he would make other deals similar to the one with Intel. Volume on U.S. exchanges was relatively light, with 14.2 billion shares traded, compared to an average of 17.1 billion shares over the previous 20 sessions. Declining stocks outnumbered rising ones within the S&P 500 by a 4.0-to-one ratio. The S&P 500 posted 17 new highs and no new lows; the Nasdaq recorded 125 new highs and 39 new lows.

Residents of Delhi and the National Capital Region (NCR) were greeted by cloudy skies and gentle showers on Tuesday morning. The Indian Meteorological Department (IMD) has forecast more cloudy weather throughout the day, with a yellow alert issued for Gurugram and Faridabad.The rain also had an impact on air travel, prompting Indigo Airlines to advise passengers to check their flight status before heading to the airport. “It is a rainy start in Delhi, with gentle showers expected through the day. Roads may be slower than usual, so if you are flying, do set out early. Our airport teams are on standby to assist,” the airline said.Monday’s Weather RecapOn Monday, the IMD had predicted very light rainfall over parts of northwest, central, and east Delhi over the following two hours. The city recorded 13 mm of rain in the 24 hours ending at 8:30 am on Monday. Showers were reported in areas including Kartavya Path, ITO, Lajpat Nagar, Malviya Nagar, Chirag Delhi, and Kalkaji.The rainfall kept the mercury in check, with the maximum temperature settling at 28.6°C and the minimum at 23.9°C. However, humidity remained high at 94 per cent at 5:30 am, resulting in sultry conditions despite the rain.Meanwhile, Delhi’s air quality stayed in the “satisfactory” range, with an Air Quality Index (AQI) of 62, according to the Central Pollution Control Board (CPCB). For context, an AQI between 0 and 50 is considered “good”, 51–100 “satisfactory”, 101–200 “moderate”, 201–300 “poor”, 301–400 “very poor”, and 401–500 “severe”.Monsoon Mood ContinuesThe capital has experienced fluctuating temperatures, intermittent rainfall, and overcast skies over the past few days, reflecting typical monsoon behaviour. For Tuesday, the IMD has forecast thunderstorms accompanied by rain, with temperatures expected to hover between 31°C and 22°C.As Delhiites navigate the soggy streets and slowing traffic, the showers bring both a breath of fresh air and a gentle reminder of the monsoon season’s characteristic mood swings.Inputs from agencies