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News as-it-happened: Parliamentary panel quizzes FinMin officials on note ban impact

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Nov 09, 02:21 PM (IST)

    Top Headlines:

    1. State Bank of India to open branches in Nepal, Vietnam, reports Reuters

    2. Delhi government to implement odd-even scheme for vehicles from November 13-17

    3. Relief for PE, pension funds from multiple taxation, says report

    4. IRDAI mulls allowing PE firms to promote insurers

    5. Bonus issues may land foreign portfolio investors in a tax tangle, reports Business Standard

    6. Venezuela's PDVSA misses debt payments, used Russian bank to pay ONGC, reports Reuters

    7. Tata Motors posts 3-fold rise in Q2 profit, JLR operating margin beats estimates

    8. Sebi imposes penalties on Vijay Rupani's HUF, 21 others for 'manipulative trading', reports Business Standard

    9. CNN-News18 says Income Tax raids on AIADMK mouthpiece Jaya TV on reports of tax evasion

  • Nov 09, 09:21 PM (IST)

    British PM replaces Priti Patel with pro-Brexit MP in Cabinet, reports PTI 

    British Prime Minister Theresa May today replaced Priti Patel with Penny Mordaunt as the UK's new international development minister, a day after the Indian-origin MP resigned over her unauthorised secret meetings with Israeli politicians while on a holiday in the Jewish country.

    May was under pressure from Eurosceptic MPs to ensure that Patel is replaced by a pro-Brexit MP like her predecessor to maintain a balance within the UK Cabinet.   Mordaunt, 44, is a pro-Brexit Conservative party MP for Portsmouth North who has held a number of junior ministerial posts, including the post of disability minister in the department for work and pensions from where she has now been promoted.   Mordaunt lists India among her countries of interest, having worked with the charity 'Diabetes UK' in India.

  • Nov 09, 09:09 PM (IST)

    Uber to suspend surge pricing in Delhi during odd-even scheme, reports PTI

    Taxi-hailing firm Uber today said it will not levy dynamic or surge pricing during the odd-even car rule implementation in Delhi next week.

    “This is a moment of crisis and public health emergency in Delhi NCR. Uber is committed to fully supporting the odd- even scheme.

    “As a first step, we have decided to suspend dynamic pricing during the odd-even days. Additionally, rides to and from metro stations will also ply on reduced fares,” Uber India General Manager, North and Delhi NCR, Prabhjeet Singh said in a statement.

    The odd-even car rationing scheme will be rolled out in Delhi for five days from November 13 as part of a graded response plan to tackle the alarming level of pollution in the city.

  • Nov 09, 09:08 PM (IST)

    Chennai getting UNESCO recognition a moment of pride: TN Guv 

    Tamil Nadu Governor Banwarilal Purohit today said it was a moment of pride and honour for the city, which was included in the Creative Cities Network by the UNESCO.

    Chennai has been included in the list of UNESCO's Creative Cities Network for its rich musical tradition.

    Prime Minister Narendra Modi yesterday hailed the inclusion of the Tamil Nadu capital which is steeped in multi-layered history.

  • Nov 09, 08:51 PM (IST)

    Gadkari asks NHAI to put in abeyance scrapping of road projects

    The National Highways Authority of India (NHAI) has been asked to put in abeyance scrapping of 20 highway projects till completion of the review process, Union minister Nitin Gadkari said today.

    The NHAI has also been asked to debar any defaulting developer only after completion of any pending legal proceedings or arbitration, Road Transport, Highways, Shipping, Water Resources, River Development and Ganga Rejuvenation Minister Gadkari told PTI after chairing a high-level review meeting on the issue here.

    "I have directed the NHAI to review these cases and undertake detailed examination of each case on its own merits, examine the same from legal sustainability, if required," the minister said.

  • Nov 09, 08:36 PM (IST)

    HDFC Life IPO subscribed 4.89 times, reports PTI

    HDFC Standard Life Insurance Company’s initial public offer (IPO) was subscribed 4.89 times on the closing day of bidding today.

    The Rs 8,695-crore IPO, received bids for 1,07,50,87,700 shares against the total issue size of 21,97,59,218 shares, according to NSE data till 1915 hrs.

    The category reserved for qualified institutional buyers (QIBs) was subscribed 16.60 times, non institutional investors 2.29 times and retail investors 91 per cent, merchant banking sources said.

    The IPO received 11.37 lakh applications, they added.

    Till yesterday, the IPO was subscribed 1.17 times.

  • Nov 09, 08:30 PM (IST)

     Jharkhand govt sets deadline for eradicating malnutrition, reports PTI

    Jharkhand Chief Minister Raghubar Das today said his government has prepared an action plan to eradicate malnutrition from the state by 2022.

    The government will seek assistance from social organisations and corporate houses to achieve this target, the CM said at a UNICEF programme here.

    “We have to reduce mother and infant mortality rates by 2022,” Das asserted, adding that tribal and Dalit areas are the worst-affected.

    The CM said his government would spend funds from this programme from the Corporate Social Responsibility Council, set up in 2015 to address the pressing issues in the state.

  • Nov 09, 08:11 PM (IST)

    Eurozone to grow fastest in decade in 2017, to slow slightly in 2018, 2019: Reuters

     The euro zone economy will grow at its fastest pace in a decade this year, the European Commission forecast on Thursday sharply increasing its projections from earlier this year, but the expansion will slow somewhat next year and in 2019.

    In its regular forecasts for all European Union economies, the Commission said the economy of the 19 countries sharing the euro would grow 2.2 percent this year, up from 1.8 percent in 2016. In May the Commission forecast 2017 growth at 1.7 percent.

    “The European economy has performed significantly better than expected this year, propelled by resilient private consumption, stronger growth around the world, and falling unemployment,” the Commission said in a statement.

  • Nov 09, 07:49 PM (IST)


    Japanese automaker Nissan Motor today said the company had rolled out its 1,00,000th car under its Datsun brand from the Oragadam facility near Chennai.
     
    A red colour hatch back, "redi-GO" equipped with one-litre engine, marking the occasion was rolled out of the assembly line at the company's joint venture factory with Renault at Oragadam situated about 45 kms here.
     

  • Nov 09, 07:45 PM (IST)

    Trent Q2 net profit up 37 % at Rs 29 crore

    Tata group retail firm Trent Limited today reported an increase of 37.05 percent in its standalone net profit at Rs 29 crore for the September quarter of the current fiscal.

    The company had posted a standalone net profit of Rs 21.16 crore in the July-September quarter of the last fiscal, the company said in a BSE filing.

  • Nov 09, 07:39 PM (IST)


    Centre in talks with TN govt for second airport in Chennai

    The Centre is in talks with the Tamil Nadu government for a second airport in Chennai required by 2030-2035, Airports Authority of India (AAI) Chairman
    Guruprasad Mohapatra said today. Civil Aviation Secretary R N Choubey and AAI officials have held two meeting with the Tamil Nadu government in the last three months to discuss the matter.

  • Nov 09, 07:31 PM (IST)

    Magma Fincorp Q2 net profit rises 8.5 % to Rs 49 crore

    Asset financing company Magma Fincorp Limited today posted an 8.5 percent quarter-on-quarter rise in net profit to Rs 49 crore in July-September.


    The company's net interest margin stood at a "healthy" 8.4 percent in the three months ended September on the back of third consecutive quarter reduction in absolute net NPAs, and in cost of borrowings, a Magma Fincorp release said.


    The firm made non-performing assets (NPA) provision of Rs 75 crore.
     

  • Nov 09, 07:28 PM (IST)

    Capacite Infraprojects Q2 net profit up 80 % at Rs 17 crore

    Capacite Infraprojects Limited today posted an 80 percent rise in standalone net profit at Rs 17.5 crore for the September quarter of the current fiscal.


    The company had posted a standalone net profit of Rs 9.7 crore in the corresponding quarter of the previous fiscal, Capacite Infraprojects said in a BSE filing.


    The standalone total income during July September quarter increased to Rs 324.6 crore, from Rs 220 crore in the year-ago period.

  • Nov 09, 06:58 PM (IST)

    Close 74% voting recorded till now in the state of Himachal Pradesh, though the number is likely to go up, according to the Election Commission of India

    74% voting recorded till now in #HimachalPradesh, likely to go up: Election Commission of India pic.twitter.com/SxUCu0R245

    — ANI (@ANI) November 9, 2017

  • Nov 09, 06:56 PM (IST)

  • Nov 09, 06:54 PM (IST)

    Lockheed to work with U.S. in bid to sell F-35s to Germany: CEO, reports Reuters
     

    Lockheed Martin Corp (LMT.N) will work with the U.S. government as it talks to Germany about a replacement for its Tornado fighter jets, its chief executive said on Thursday, adding she believed Lockheed’s F-35 would be the “best choice” for Berlin.

    Germany is kicking off the process of replacing its 85 Tornado jets, which will go out of service around 2030. The program could be worth billions of euros in coming years.

  • Nov 09, 06:51 PM (IST)

    HDFC Standard Life IPO subscribed 4.88 times

    The initial public offer of HDFC Standard Life Insurance Company was subscribed 4.88 times so far on the last day of bidding today.

    The IPO, estimated to raise Rs 8,695 crore, received bids for 1,07,23,34,400 shares against the total issue size of 21,97,59,218 shares, NSE data till 1815 hrs showed.​

    Till yesterday, the IPO was subscribed 1.17 times. HDFC Standard Life Insurance Company on Monday raised Rs 2,322 crore from anchor investor
     

  • Nov 09, 06:47 PM (IST)

    A look at the Mumbai Ranji Trophy Team statistics :

     A look at the Mumbai Ranji Trophy Team statistics :
  • Nov 09, 06:44 PM (IST)

    India to see 10% salary increase in 2018: Report

    Salaries are projected to increase by 10 percent in India in 2018, the highest in the Asia Pacific region, according to a report.
    The highest projected salary rise is seen in the energy, FMCG and retail sectors.

    "Salaries in India are projected to rise 10 percent in 2018, same as the actual increase in 2017,"

    according to the 'Q3 2017 Salary Budget Planning Report' released by global advisory, broking and solutions company Willis Towers Watson.

  • Nov 09, 06:29 PM (IST)

    Sri Lanka says it will investigate alleged torture of Tamils

     Sri Lanka says it will investigate allegations by more than 50 ethnic Tamils that they were abducted and tortured by police or army soldiers long after the end of the island nation’s civil war.

    An Associated Press investigation published Wednesday offered detailed testimony from 20 of the men, along with photographs of injuries they said were sustained when they were raped, branded or beaten repeatedly in custody. All spoke on condition of anonymity for fear of reprisals against relatives or friends in the Tamil minority who remain in Sri Lanka.

    Dozens of medical and psychological evaluations reviewed by the AP concluded their claims were credible.

    The men, now seeking political asylum in Europe, said their captors accused them of working to revive the separatist Liberation Tigers of Tamil Eelam, which battled Sri Lankan government forces for decades until their defeat in 2009. The Sri Lankan government has said repeatedly, however, that the rebel group is no longer a threat.

  • Nov 09, 06:18 PM (IST)

    HPCL Q2 net profit soars 147 % to Rs 1,735 crore

    State-owned Hindustan Petroleum Corporation Limited (HPCL) today reported a 147 percent jump in its second-quarter net profit on account of higher refinery margins and inventory gains.

    Net profit in July-September at Rs 1,735 crore was 147 percent higher than Rs 701 crore in the same period a year ago, HPCL Chairman and Managing Director Mukesh K Surana told reporters here.

    The company earned USD 7.61 on turning every barrel of crude oil into fuel in the quarter as compared to USD 3.23 per barrel gross refining margin in the same period a year ago.

  • Nov 09, 05:49 PM (IST)

    IT expertise at banks' board level a must, says RBI ED

    With cyber threat emerging as a major risk for the financial sector, the Reserve Bank today said banks need to have a board with IT expertise to ensure speedy implementation of measures to address this challenge.

    Banks need to have a broader organisational framework to prepare for cyber security threats.

    "With banking becoming more technology driven, IT expertise at the board level has become a necessity," Reserve Bank's Executive Director Meena Hemchandra said at a CII organised cybersecurity summit here.

    She said a board level mandate is crucial for the speed with which a bank or a financial institution revs up its cybersecurity measures.

  • Nov 09, 05:44 PM (IST)

    Parliamentary Panel Quizzes Finance Ministry Officials On Note Ban Impact

    A parliamentary panel today sought to know from finance ministry officials if the objectives of note ban could have been achieved by other means, and also decided to call representatives of union ministries and states to assess the impact of demonetisation, sources said.

    The Parliamentary Standing Committee on Finance, headed by former minister and senior Congress leader M Veerappa Moily, has been looking into the note ban and its impact on the economy.

    Economic Affairs Secretary Subhash Chandra Garg, Financial Services Secretary Rajiv Kumar and CBDT Chairman Sushil Chandra today apprised the committee on various aspects of the note ban, sources said.

  • Nov 09, 05:42 PM (IST)

    Ford launches new EcoSport priced between Rs 7.31-10.99 lakh

    Ford India today launched a new , upgraded version of popular compact SUV EcoSport priced between Rs 7.31 lakh and Rs 10.99 lakh.

    The new version of the EcoSport is available in both petrol and diesel engine options.

    The petrol variant comes with a brand new 1.5 litre engine delivering fuel economy of 17kmpl and it is priced between Rs 7.31 lakh and Rs 10.99 lakh.

    The diesel option continues to have the same engine as the previous model and comes at a price range of Rs 8.01 lakh and Rs 10.67 lakh. It has a mileage of 23kmpl.

  • Nov 09, 05:38 PM (IST)

    Qualcomm signs USD 12 billion in China deals amid Trump visit

    Qualcomm Incoroparted has signed USD 12 billion worth of deals with three Chinese mobile handset makers on the sidelines of a state visit to Beijing by U.S. President Donald Trump.

    Qualcomm signed three non-binding memorandum of understanding (MOUs) at the capital’s Great Hall of the People to sell components over three years to phone makers Xiaomi, OPPO and Vivo, the firm said on Thursday.

    The agreement was part of an over USD 250 billion package of deals unveiled between U.S. and Chinese firms during Trump’s first state visit to China.Trump has long railed against China’s massive trade surplus with the United States.

    Qualcomm, which earns more than half of its revenues in China, became the takeover target of rival chipmaker Broadcom Limited earlier this week. It is also facing a legal battle with Apple Incorporated over patent fees it charges.

  • Nov 09, 05:24 PM (IST)


    Jindal Stainless (Hisar) Q2 PAT rises 73% to Rs 92 crore

    Jindal Stainless (Hisar) Limited today posted a 73 percent jump in its profit after tax (PAT) at Rs 92 crore for the quarter ended September 30.

    The company had clocked Rs 53 crore profit after tax for the same quarter in the previous year, it said in a BSE filing.During the July-September quarter, total income of the company rose to Rs 2,375.57 crore from Rs 1,717.80 crore in the year-ago period.
     

  • Nov 09, 05:19 PM (IST)

    Transport Minister Kailash Gahlot said that they will intimate cab aggregators to suspend surge pricing till tomorrow.Follow the latest on the Delhi Smog situation here.

    We are calling a meeting of cabs & taxis tomorrow and we will ensure that there will be no surge pricing this time: Kailash Gehlot, Delhi Transport Minister pic.twitter.com/IDAbPqiqzI

    — ANI (@ANI) November 9, 2017

  • Nov 09, 05:17 PM (IST)

    The reason why most startups fail isn't lack of funds, but a lack of market need for the product or service. Read more here.

  • Nov 09, 04:54 PM (IST)

    Watch | Markets@Moneycontrol: Respite for bulls after two days of heavy selling. Catch up with the latest buzz around the markets here.

  • Nov 09, 04:48 PM (IST)

    India to soon make an extradition request for  Zakir Naik to Malaysia ,states the Ministry of External Affairs, according to an  All India Radio (AIR) tweet.

     

    India to soon make extradition request for #ZakirNaik to Malaysia: @MEAIndia

    — All India Radio News (@airnewsalerts) November 9, 2017

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