News highlights of the day: GST collection will rise as more anti-evasion steps kick-in, says FM Jaitley

Uber will pay Waymo a 0.34 percent equity stake, after days of courtroom theatrics, according to a report by CNBC.

Waymo, the self-driving car unit of Google, Alphabet had accused Uber of using at least one of its trade secrets in its self-driving cars. Google's unit had said that when Uber acquired a start-up from a star Google engineer, Anthony Levandowski, Levandowski had brought around 14,000 Google files with him. Uber had argued that its self-driving sensor designs are unique.

21:09 BJP will return to power in Rajasthan: Vasundhara Raje in assembly

Chief Minister Vasundhara Raje today exuded confidence that upcoming Rajasthan assembly elections will be unaffected by the results of recently held bypolls on two Lok Sabha and one assembly constituency in the state where the party lost to opposition Congress.

In her reply to debate on the Motion of Thanks to the Governor's address, Raje said that the Opposition has only one work to criticise the government on every single issue. (PTI)

20:38 BS Yeddyurappa calls Rahul Gandhi "Election Hindu"

As Rahul Gandhi kick-starts his campaign for the coming assembly polls in Karnataka tomorrow, state BJP President BS Yeddyurappa has welcomed the Congress President by calling him an "Election Hindu".

He also claimed that the Congress President would fulfil BJP's dream of a "Congress Mukt Karnataka". (PTI)

20:12 Sahara investors case: SEBI has refunded Rs 91.52 crore, says government

SEBI has so far refunded Rs 91.52 crore to investors, who had invested in Sahara Group companies, Parliament was informed today.

This included Rs 50.08 crore as Principal amount and Rs 41.44 crore as interest, Minister of State for Finance Pon Radhakrishnan said in a written to the Lok Sabha.

The markets regulator has been making refund to investors of optionally fully convertible debentures (OFCDs) in two unlisted entities — Sahara India Real Estate Corporation and Sahara Housing Investment Corporation — who are lodging their claims after the verification. (PTI)

19:36 Speaking in the Rajya Sabha, Finance Minister Arun Jaitley said that 'GST collection will increase as we take more anti-evasion steps this year'.

FM Jaitley also said that 'India is a bright spot in the global economy now'.

'Revenue Deficit in last three years of the UPA was at 4.9%, 3.7% and 3.2%. Revenue Deficit has been at 2.9% 2.5% and 2.1% during the past three years of NDS government,' he added.

19:21 FM Jaitley speaks about Andhra Pradesh funding in Rajya Sabha

Speaking in the Rajya Sabha about the funding for the state of Andhra Pradesh, Finance Minister Arun Jaitley said that funding to all projects and commitments in the state will be done.

'There are some issues in Andhra Pradesh where work is in process. Special assistance was to be given to Andhra Pradesh for five years,' he said adding that AP 'has suggested an alternative method on special assistance'.

Attacking Congress, FM Jaitley has said that 'UPA was never able to spend the money allocated to MGNREGA'.

19:04 Mahesh Murthy, the CEO of Pinstorm has been arrested by Mumbai Police

A case of sexual harassment had been registered by the Mumbai Police against angel investor and Seedfund co-founder Mahesh Murthy following intervention of National Commission of Women (NCW) which received complaints against him.

The case was registered under sections 354 (D), 509 of IPC and under section 67 of Indian IT Act at Khar Police Station.

A complaint was earlier filed by a woman in Delhi against Murthy, following which Maharashtra Police on December 29, 2017, has registered a case against the Seedfund co-founder.

18:51 Supreme Court paves way for appointments in all 19 tribunals in country

The Supreme Court today paved the way for appointment of chairpersons, judicial and others members of all 19 tribunals including CAT and NGT that were stalled due to pendency of pleas challenging the 2017 Finance Act and the rules governing the panels, according to PTI.

18:30 Aadhaar to be address, age proof for driving licence: Government

The draft notification to amend rules for driving licences proposes Aadhaar as one of the documents that can be submitted as address and age proof, the government said today.

It said the draft notification to amend the form of application for licence to drive a motor vehicle and the form of driving licence, as prescribed in the Central Motor Vehicles Rules, 1989, has been submitted to the law ministry for legal vetting, according to PTI.

18:24 Prime Minister Narendra Modi has arrived in Jordan's capital Amman.

18:12 India can play a role in Middle East peace process: Palestine President Abbas

Ahead of Prime Minister Narendra Modi's historic Palestine visit, President Mahmoud Abbas said he will discuss with him India's role in the Middle East peace process and the creation of a multilateral forum of negotiations to strike a final deal with Israel.

Modi, the first Indian Prime Minister to visit Palestine, is reaching Ramallah tomorrow amid heightened tensions in the region after US President Donald Trump recognised Jerusalem as the capital of Israel. (PTI)

17:47 Rahul Gandhi leads opposition delegation, meets President Kovind over Judge BH Loya death case

Congress President Rahul Gandhi and members of the opposition met President Ram Nath Kovind a short while ago over Judge BH Loya death case.

Speaking to the media, Rahul Gandhi said, "Many MPs from both Lok Sabha and Rajya Sabha felt discomfort over it and also feel that the matter should be probed and a SIT should be formed".

"A judge died under suspicious circumstances. It will be an ode to him and his family that the investigation takes place properly," Gandhi said.

"114 MPs from 15 parties signed the memorandum. His (Judge Loya's) death is suspicious and there have been two other suspicious deaths. The President gave positive response," he added.

17:32 The provisional figures of Direct Tax collections up to January, 2018 shows net collections are at Rs 6.95 lakh crore which is 19.3 percent higher than the net collections for the same period of last year, according to news agency ANI.

17:27 India Cements Oct-Dec net profit declines 56 pc to Rs 15.24 crore

India Cements today reported 56.87 percent decline in its standalone net profit to Rs 15.24 crore for the quarter ended December 2017.

It had reported a net profit of Rs 35.34 crore in the October-December quarter a year ago, India Cements informed BSE.

17:13 Preparations for upcoming Commonwealth Games, Asian Games and Olympics are absolutely on track and whatever help sportspersons need, whether it is sports science backup or travel to other countries will be provided: Union Minister for Youth Affairs and Sports, Rajyavardhan Rathore has said, according to news agency ANI.

16:54 Donald Trump's immigration framework to end green card backlog: White House

US President Donald Trump's immigration framework will end the diversity lottery visa to help reduce green card backlog of high-skilled workers, the White House said today amid growing demands by Indian H-1B visa holders to remove the per country-limit on its allotment.

Indian-Americans, most of whom are highly skilled and come to the US mainly on H-1B work visas are the worst sufferers of the current immigration system which imposes a seven per cent per country quota on allotment of green cards or permanent legal residency, according to PTI.

16:40 Vodafone CEO Vittorio Colao has said that Idea merger will be completed in the first half of this year, according to CNBC-TV18.

16:20 United States' House of Representatives has passed the spending bill, ending government shutdown.

16:11 Tata Steel Q3 profit grows 5-fold to Rs 1,136 crore on strong operational performance

Tata Steel has reported strong set of earnings for December quarter on Friday as consolidated profit showed nearly 5-fold increase at Rs 1,136 crore, driven by strong India operational performance.

Profit for the quarter ended December 2016 stood at Rs 232 crore.

16:09 BSE Sensex slumped over 407 points to end at one-month low of 34,005.76 while Nifty ended below 10,500 mark due.

16:07 Budget 2018: Rs 9,000 crore allotted to Northern Railway

The Northern Railway has been allocated Rs 9,000 crore in the railway budget 2018-2019 to modernise its entire signalling system by embracing the world's most advanced technology, officials said today.

For the year 2018-2019, the outlay is Rs 565 crore. Additional funds will be released each year according to the requirement, according to PTI.

15:55 Judge BH Loya death case | Hearing will continue on February 12 in Supreme Court as arguments were inconclusive today.

15:43 HPCL Q3 profit rises 12% YoY to Rs 1,950cr, GRM at $9.06/bbl
State-run oil retailer Hindustan Petroleum Corporation's (HPCL) third quarter (October-December) earnings surpassed analyst expectations on Friday, with profit rising 12.4% sequentially to Rs 1,949.69 crore. A CNBC-TV18 poll estimated the bottomline at Rs 1,511 crore for the quarter.

Revenue from operations grew 20.9% quarter-on-quarter to Rs 57,474 crore for quarter ended December 2017. The gross refining margin for the oil marketing company stood at $9.06 per barrel, which was far ahead of CNBC-TV18 poll of $8 per barrel.

EBITDA growth of 8.7% QoQ at Rs 3,158.6 crore in Q3 was ahead of analyst expectations of Rs 2,723.5 crore. Margin contracted 60 basis points sequentially to 5.5% for December quarter, but was still ahead of CNBC-TV18 poll of 4.6%. HPCL has announced an interim dividend of Rs 14.50 per share.

State-run oil retailer Hindustan Petroleum Corporation's (HPCL) third quarter (October-December) earnings surpassed analyst expectations on Friday, with profit rising 12.4% sequentially to Rs 1,949.69 crore. A CNBC-TV18 poll estimated the bottomline at Rs 1,511 crore for the quarter.

Revenue from operations grew 20.9% quarter-on-quarter to Rs 57,474 crore for quarter ended December 2017. The gross refining margin for the oil marketing company stood at $9.06 per barrel, which was far ahead of CNBC-TV18 poll of $8 per barrel.

EBITDA growth of 8.7% QoQ at Rs 3,158.6 crore in Q3 was ahead of analyst expectations of Rs 2,723.5 crore. Margin contracted 60 basis points sequentially to 5.5% for December quarter, but was still ahead of CNBC-TV18 poll of 4.6%. HPCL has announced an interim dividend of Rs 14.50 per share.

State-run oil retailer Hindustan Petroleum Corporation's (HPCL) third quarter (October-December) earnings surpassed analyst expectations on Friday, with profit rising 12.4% sequentially to Rs 1,949.69 crore. A CNBC-TV18 poll estimated the bottomline at Rs 1,511 crore for the quarter.

Revenue from operations grew 20.9% quarter-on-quarter to Rs 57,474 crore for quarter ended December 2017. The gross refining margin for the oil marketing company stood at $9.06 per barrel, which was far ahead of CNBC-TV18 poll of $8 per barrel.

EBITDA growth of 8.7% QoQ at Rs 3,158.6 crore in Q3 was ahead of analyst expectations of Rs 2,723.5 crore. Margin contracted 60 basis points sequentially to 5.5% for December quarter, but was still ahead of CNBC-TV18 poll of 4.6%. HPCL has announced an interim dividend of Rs 14.50 per share.

15:16 Yamaha launches new YZF-R3 priced at Rs 3.48 lakh
India Yamaha Motor (IYM) launched sports bike, YZF-R3 priced at Rs 3.48 lakh (ex-showroom Delhi). The new YZF-R3, which is enabled with dual channel Anti-lock Braking System (ABS) technology, will be available at select authorised Yamaha dealerships.

15:01 Fortis arm gave Rs 473cr loan to promoter group cos
Fortis Healthcare said its wholly-owned arm Fortis Hospitals had deployed funds to the tune of Rs 473 crore as secured short-term investments to group firms of its promoters, billionaire Singh brothers. Responding to a report by Bloomberg, which said "Singh brothers took at least Rs 5 billion ($78 million) out of the publicly-traded hospital company they control without board approval about a year ago", Fortis Healthcare said the loans are adequately secured and repayment has since commenced as per agreed payment schedule.

The company said with the investee entities becoming a part of the promoter group led by Malvinder Mohan Singh and Shivinder Mohan Singh, as of quarter ended December 31, 2017, the same loans have been recognised as related party transactions expected to be repaid to it by end of first quarter of FY19. "Fortis Hospitals, (FHsL) a wholly-owned subsidiary of Fortis Healthcare, has deployed funds in secured short-term investments with companies in normal course of treasury operations," the company said in a statement.

14:36 China ends 25-year wait as yuan oil futures set to start trading
After a wait of about a quarter of a century, the world’s biggest oil buyer is finally getting its own crude-futures contract, reports Bloomberg. In a challenge to the world’s dollar-denominated oil benchmarks Brent and West Texas Intermediate, China will list local-currency crude futures in Shanghai on March 26, according to the nation’s securities regulator.

The start of trading, open to foreigners, will mark the end of years of delays and setbacks since China’s first attempt at a domestic contract in 1993. If the futures are embraced by overseas investors and become a benchmark for global oil transactions, China’s hoping the yuan could threaten the dominance of the greenback in international trade.

But skeptics say that will never happen as long as the currency is controlled by the central government, and while international traders may agree to settle contracts converted into yuan, they’ll continue to price the oil in dollars. China’s trying where others, including Russia, have stumbled. But while international investors may prove circumspect, there’s little doubt the Chinese will embrace their own oil futures enthusiastically.

14:24 Bikaner land scam case: ED raids alleged Vadra associate
The Enforcement Directorate (ED) searched the Faridabad premises of a person allegedly linked to Robert Vadra in connection with its money laundering probe in a land scam case in Bikaner, officials told PTI. ED sleuths began searching Mahesh Nagar's premises in Faridabad, bordering the national capital, from early morning, the officials said.

Nagar is said to be associated with Ms Skylight Hospitality Pvt, a firm with alleged links to Congress president Rahul Gandhi's brother-in-law Vadra. In December last year, the agency had arrested Ashok Kumar, a close associate of Nagar, and another person, Jaiprakash Bagarwa.

14:15 Lok Sabha adjourns for recess, to meet again on March 5
The Lok Sabha adjourned for nearly a month-long recess amid unrelenting protests by Andhra  Pradesh members demanding more central assistance for the state, reports PTI. Members from the ruling NDA ally TDP and YSR Congress went on with their protests during Zero Hour. The proceedings were first adjourned soon after meeting for the day for Question Hour.

After papers listed for the day were laid, Speaker Sumitra Mahajan adjourned the House, which would now meet again on March 5. It also marks the end of the first half of the Budget session in the Lok Sabha.

Around 15 members from both TDP and YSR Congress were in the Well displaying placards and shouting slogans. Those from the Congress were on their feet demanding response from the government on Rafale fighter aircraft deal and were also holding placards.

14:12 Fortis Healthcare shares soar 24.5% on merger buzz
Shares of Fortis Healthcare jumped 24.5% amid reports that Manipal hospital, backed by TPG, is in advanced talks to merge the company with itself. The stock erased its early losses and soared 24.54% to Rs 157.05 on BSE during the afternoon trade. At NSE, shares of the company zoomed 24.31% to Rs 156.70.

BSE has sought clarification from Fortis Healthcare with reference to reports that Manipal hospital is in advanced talks to merge Fortis Health with itself. Fortis Healthcare promoters Malvinder Mohan Singh and Shivinder Mohan Singh have resigned as directors from the company's board following the Delhi High Court order upholding the Rs 3,500 crore arbitral award in favour of Daiichi Sankyo.

The Singh brothers have jointly tendered their resignation to the Board of Fortis Healthcare, which will discuss it in the meeting on February 13, the company said in a filing to the BSE on Thursday. According to media reports, Deloitte has refused tocertify Fortis Q2 results as Singh brothers have said to have taken out $78 million from the firm. BSE has sought clarification from Fortis Healthcare in this regard.

14:09 BMS to go on nationwide agitation against on February 20
RSS-affiliate Bharatiya Mazdoor Sangh has given a call for a nationwide agitation on February 20 to protest against “anti-labour policies” and is rethinking to attend Indian Labour Conference (ILC) later this month, reports PTI. The Kendriya Karya Samithi (national executive committee or KKS) meeting of BMS held at Ambaji in Gujarat on February 8 has called for "nationwide agitation against the central government's anti-labour policies", BMS General Secretary Virjesh Upadhyay said in a statement today.

14:02 I-T Dept asks DeMo depositors, all cos should file ITRs by Mar 31
The Income Tax Department urged those who deposited "large amounts of cash" post demonetisation and all companies to file their returns by March 31, failing which they may face penalty and prosecution, reports PTI. It also cautioned eligible trusts, political parties and associations to file their income tax returns by this final deadline and "come clean".

The department, in public advertisements issued in leading dailies, said it was the final call for filing of belated or revised ITRs for assessment years 2016-17 and 2017-18. It underlined that there was still time for these categories of taxpayers and that they should avoid last minute rush and file the ITRs well before the deadline.

13:40 Senate approves budget deal, too late to avert shutdown
The US Senate approved a budget deal including a stopgap government funding bill early on Friday, but it was too late to prevent a federal shutdown that was already underway in an embarrassing setback for the Republican-controlled Congress, reports Reuters. The shutdown, which technically started at midnight, was the second this year under Republican President Donald Trump, who played little role in attempts by party leaders earlier this week to head it off and end months of fiscal squabbling.

The US Office of Personnel Management advised millions of federal employees shortly after midnight to check with their agencies about whether they should report to work on Friday. The Senate’s approval of the budget and stopgap funding package meant it will go next to the House of Representatives, where lawmakers were divided along party lines and passage was uncertain. House Republican leaders on Thursday had offered assurances that the package would be approved, but so did Senate leaders and the critical midnight deadline, when current government funding authority expired, was still missed.

13:33 BofA-ML Bull & Bear indicator still says 'sell'
Bank of America Merrill-Lynch’s barometer of market sentiment remained in ‘sell’ territory on Friday, after a week of market turmoil which has left US equities down more than 10% from their peaks and in so-called ‘correction’ territory, reports Reuters.

BoA-ML’s ‘Bull & Bear’ signal fell to 8.5 from 8.6 last week but that, according to its strategists, remains in “excess bullish” territory and still signals a “sell”. The indicator had jumped from 7.9 to 8.6 on January 30, driven up by record inflows to equities and bullish hedge fund risk appetite.

12:43 Jim Rogers says next bear market will be worst in his life
Jim Rogers, 75, says the next bear market in stocks will be more catastrophic than any other market downturn that he’s lived through, reports Bloomberg. The  veteran investor says that’s because even more debt has accumulated in the global economy since the financial crisis, especially in the US. While Rogers isn’t saying that stocks are poised to enter bear territory now - or making any claim to know when they will - he says he’s not surprised that US equities resumed their sell-off on Thursday and he expects the rout to continue.

“When we have a bear market again, and we are going to have a bear market again, it will be the worst in our lifetime,” Rogers, the chairman of Rogers Holdings, said. “Debt is everywhere, and it’s much, much higher now.” Rogers has seen severe bear markets before. Even this century, the Dow plunged more than 50% during the financial crisis, from a peak in October 2007 through a low in March 2009. It sank 38% from its high during the IT bubble in 2000 through a low in 2002.

12:20 Canara Bank to raise up to Rs 1,000cr via, QIP, rights issue
Public sector Canara Bank said it will raise up to Rs 1,000 crore by issuing shares through various means including QIP, rights issue or follow on public offer. "The board of the bank has decided to raise additional equity share capital up to Rs 1,000 crore through qualified institutional placement (QIP)/rights issue/preferential allotment/follow on public offer/employee stock purchase scheme or any other mode approved by RBI or government," it said in a regulatory filing.

12:12 M&M sells 22% stake in JV Mahindra Sanyo for Rs 146.32cr
Mahindra & Mahindra said it will sell 22% of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co for Rs 146.32 crore. "The company has today agreed to sell 26,36,401 equity shares of Rs 10 each held by the company in Mahindra Sanyo Special Steel Pvt (MSSSPL), aggregating 22% of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co, for a consideration of Rs 146.32 crore," Mahindra & Mahindra (M&M) said in a BSE filing.

MSSSPL is a joint venture (JV) between M&M (51%) India, Sanyo Special Steel Co (29%) Japan and Mitsui & Co (20%) Japan. "Following the sale, company's shareholding in MSSSPL would come down to 29% from 51% of its share capital, and MSSSPL will cease to be a subsidiary of the company," M&M added.

The transaction is expected to be completed by March 31 depending upon receipt of requisite approvals. Turnover of MSSSPL for the year ended March, 2017 was Rs 918 crore.

11:52 Singh brothers – Malvinder and Shivinder have taken $78m out of Fortis Healthcare, reports CNBC-TV18.

11:34 WhatsApp to test user-to-user pay in India
WhatsApp has begun testing a new payments feature in India that will allow people to send money to other WhatsApp users, excluding merchant accounts, reports Techcrunch.com. The feature is currently in beta, according to sources familiar with the company’s plans, but hasn’t been publicly announced because it’s not widely available at this time.

The company has been working on support for a payments feature for some time, which would take advantage of UPI (Unified Payments Interface) and include support by a number of Indian banks, including State Bank of India, ICICI Bank, HDFC Bank, and Axis Bank. Beta testers have now found that this functionality is live, with a large list of supported banks displayed in the WhatsApp user interface.

11:22 JSW Steel and Tata Steel again in a tight race, this time for Bhushan Power & Steel
After squaring off for the auction of Bhushan Steel, JSW Steel and Tata Steel now face each other for yet another asset from the Delhi-based Singhal family. This time it is Bhushan Power & Steel, reports Moneycontrol News’ Prince Mathews Thomas. Both JSW Steel and Tata Steel submitted their bids for Bhushan Power & Steel to Insolvency Resolution Professional (IRP) Mahender Khandelwal at 2 pm on Thursday in Gurgaon.

Though Anil Agarwal's Vedanta, AION Capital and an investor from West Asia had expressed interest, none of them eventually put in a bid. ArcelorMittal too had done due diligence on Bhushan Steel & Power but had pulled off from the race in the early round.

10:53 US govt officially shuts down as Cong fails to pass spending bill in time
US government funding lapsed Friday as Congress' efforts to pass a spending bill fizzled out in the Senate for the second time in less than a month, reports CNBC. Despite bipartisan support for a massive budget agreement, Congress failed to approve a funding plan before the midnight Thursday deadline. It is just the latest example of gridlock on Capitol Hill during the current GOP-controlled Congress.

In this case, Senator Rand Paul, blocked repeated moves to vote on the measure over concerns about massive spending increases contained in the budget deal. Paul called the spending reckless and pushed for a vote on an amendment to reinstate budget caps, which Senate leadership did not allow. The Senate recessed until early Friday and funding expired at the end of Thursday, leaving the government partially shut down. Some government agencies will run out of money and have to furlough workers.

Hundreds of thousands of federal workers would not go into work Friday if a shutdown lasts through the start of business. Others would work without getting paid at first. A government shutdown is only partial — functions like the postal service and Social Security checks would continue.

10:37 A US shutdown is ensured as Senate won't meet again until after midnight
Another US government shutdown is imminent as the Senate recesses until early Friday morning without passing a major budget agreement, reports CNBC. Bipartisan Senate leaders pushed for quick passage of the deal on Thursday before the midnight deadline. But Senator Rand Paul, repeatedly blocked efforts to move forward with the measure, arguing that it would recklessly increase spending.

Earlier, the Trump administration instructed federal agencies to get ready for a possible government shutdown. An Office of Management and Budget official said the office was preparing for funding to lapse. The Trump administration supports the massive bipartisan budget deal working its way through Congress and wants lawmakers to pass it, the official said.

Some government agencies will run out of money and have to furlough workers if Congress lets funding lapse. A shutdown would be the second in less than a month. Hundreds of thousands of workers would not go into work on Friday if a shutdown takes place through the start of the day. Others would have to work without getting paid at first. A government shutdown is only partial — functions like the postal service and Social Security checks would continue.

10:25 firms submit EoIs to complete Jaypee Infratech projects: Srcs
The National Company Law Tribunal (NCLT) appointed resolution professional Anuj Jain has so far received around five bids from companies willing to pump in at least Rs 2,000 crore to complete the projects floated by Jaypee Infratech that involves nearly 32,000 apartments, plots and villas.

IDBI Bank in August last year moved the NCLT to commence proceedings against Jaypee Infratech under the Insolvency and Bankruptcy Code. Among the companies that have submitted their expression of interest (EoI) include high profile companies such as Adani Group, Sajjan Jindal’s JSW Group, Lodha, Suraksha and Cube, sources said.

Cube Highways is a joint venture of private equity firm I Squared Capital and International Finance Corp (IFC), the private investment arm of the World Bank. Mumbai-based Suraksha Group provides an integrated security services to various establishments, offices, such as industry houses, factories, industrial estates, housing societies, bungalows etc, within the country.

10:00 China plans sea-based anti-missile shields for Indian Ocean
China is developing a sea-based anti-missile systems and plans to deploy them in the Asia-Pacific and Indian Ocean, military experts told the South China Morning Post. Testing of the anti-ballistic missile system that could shield China from a ballistic missile attack is part of efforts to catch up with the top nuclear nations with anti-missile technology, the United States and Russia. China previously carried out tests of the system in 2010 and 2013.

Beijing is also working on a sea-based system for the Asia-Pacific region to breach the cold war era line of containment, according to observers. The "first island chain" is a series of archipelagos lying between China and the world's largest ocean that Beijing says has been used by the United States as a natural barrier to contain it since the cold war.

09:56 Trump, Modi discuss situation in Maldives over phone call
US President Donald Trump and Prime Minister Narendra Modi have expressed concern about the political situation in Maldives over a phone call, as they also discussed the situation in Afghanistan and enhancing security in Indo-Pacific region, the White House said. "Both leaders expressed concern about the political crisis in Maldives and the importance of respect for democratic institutions and rule of law," the White House said.

09:54 Bank of England warns of early interest rate rises
The Bank of England froze its key interest rate at 0.5% but cautioned that it could rise more quickly than expected to help bring down inflation, reports AFP. The BoE also ramped up its outlook for the British economy, despite persistent uncertainty surrounding Brexit.

The central bank's nine-strong monetary policy committee "voted unanimously to maintain bank rate at 0.5%", it said in a statement, but warned that borrowing costs could rise sooner than expected "in order to return inflation suitably to target". "Monetary Policy would need to be tightened somewhat earlier and by a somewhat greater degree over the forecast period than anticipated," it added.

09:13 SBI board meet today to consider raising Rs 8,800cr via pref issue
Country's largest lender State Bank of India said its board will meet today to consider a proposal to raise Rs 8,800 crore from the government. The bank said its board will also consider implementation of reforms agenda for responsive and responsible public sectors banks (PSBs) of the government.

"The central board of the bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of government of India to the tune of Rs 8,800 crore," State Bank of India (SBI) said in a BSE filing.

08:59 Muthoot Finance Q3 net profit jumps 59% YoY to Rs 464 cr
Muthoot Finance post market hours on Thursday reported a 59% jump in its consolidated net profit to Rs 464 crore for the third quarter ended December 31, the highest ever quarterly gains on increased demand for loans. The company had made a net profit of Rs 291 crore during the corresponding quarter of 2016-17.

Total income grew by 16% to Rs 1,567 crore during the quarter, as against Rs 1,346 crore in the same period last fiscal, the company said in a statement. The loan asset size of Muthoot Finance stood at Rs 28,265 crore at the end of December quarter.

08:43 Reliance Capital Q3 net profit up 50% YoY to Rs 315cr
Reliance Capital reported a 50% rise in its net profit to Rs 315 crore in the third quarter ended December 31 post market hours on Thursday. Net profit was Rs 209 crore in the same period of previous fiscal. Total income grew by 20% to Rs 4,771 crore in the December quarter of 2017-18 as against Rs 3,964 crore in the same quarter last fiscal, the company said in a statement.

Anil Ambani owned Reliance Capital said it witnessed strong improvement in profitability across all business verticals during the quarter. Total assets of the company increased by 18% to Rs 92,109 crore as on December 31, 2017.

08:24 Glenmark Pharma Q3 net dips 78% YoY to Rs 104.7cr
Glenmark Pharmaceuticals said its net profit dropped 78% to Rs 104.7 crore for the quarter ended December on sharp decline of US sales, despite growth in domestic formulations as well as other geographies. The company declared its result post market hours on Thursday. The company reported a net profit of Rs 477.10 crore for the previous corresponding quarter. Glenmark's consolidated revenue also declined by 13.07% at Rs 2,203.66 crore for the third quarter ended December 31, as against Rs 2,535 crore.

08:14 Petronet LNG Q3 net profit surges 33% YoY to Rs 529crPetronet LNG, India's biggest liquefied natural gas importer, reported its highest ever quarterly profit in the three months to December 31 as it processed record gas volumes. The company reported its Q3 results post market hours on Thursday. Net profit of Rs 529 crore in October-December period was 33% higher than Rs 397 crore in the same quarter a year ago.

07:54 Here’s what Warren Buffett says to do when the market tanks
During times of stress and uncertainty, Oracle of Omaha Warren Buffett recommends keeping a level head. In response to wild market fluctuations back in 2016, he told CNBC that buy-and-hold is still the best strategy. "Don't watch the market closely," he advised those worried about their retirement savings at the time.

"If they're trying to buy and sell stocks, and worry when they go down a little bit…and think they should maybe sell them when they go up, they're not going to have very good results." Most analysts still consider this drop to be a normal correction, as opposed to a sign of an incipient bear market.

07:35 The cause of this brutal market sell-off was a piece of good news
The moment the walls started coming off for the market happened about 7pm last Friday, reports CNBC. That was when the Labour Department reported that average hourly earnings had increased more-than-expected in January, to a pace that now stood at 2.9% over the past year.

While that may have been a good-news moment for workers who had suffered through a decade of nearly flat paychecks, the market didn't take it well. Investors instead found themselves confronted by their worst fears, namely that wage pressures were building that in turn would stoke wider inflation through the economy.

The practical implications would be that the Federal Reserve would have to hike interest rates faster than the market had been anticipating. Given that the stock gains over the past nearly nine years have been fed by low rates, the signal was foreboding.

Then the financial markets went to work. Stock market futures Friday immediately declined, and the equity markets have been on a rough-and-tumble ride since. Even though government bond yields remained fairly contained, the damage to the stock market has been substantial. Moreover, treating good news as bad news is an ugly harbinger, another classic sign of a late-stage bull market that chills trading floors.

07:18 The SGX Nifty is trading at 10,360, down 201 points or 1.9%.

07:14 Asian stocks slide after US markets sharply sell-off; Nikkei loses about 3%
Asian shares took a tumble early on Friday, taking cues from US indexes which extended sharp losses in the last session, reports CNBC. Japan's Nikkei 225 fell 2.95% in early trade, with losses seen in most sectors. Automakers, financials, manufacturers and technology stocks traded firmly in negative territory. The Nikkei 225 is in correction territory, having declined around 12% from its 52-week high. Across the Korean Strait, the Kospi lost 2.16%, with most sectors trading in negative territory.

07:09 Wall Street plummets; S&P, Dow confirm correction
US stocks plunged around 4% on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course, reports Reuters. The bottom of this recent slide remained elusive for investors, who have been whipsawed this week by huge swings that have shaken a market that had only climbed steadily for months.

With Thursday’s drops, the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10% from January 26 record highs. The S&P 500 slumped 3.8% on Thursday, while the Dow dropped 4.2% as losses accelerated late in the trading day.

The S&P 500 last confirmed a correction in January 2016, when it fell 13.3% amid concerns about a slump in oil prices. The S&P closed below the intraday low it had hit on Tuesday, a key level traders had been watching.

The Dow Jones Industrial Average fell 1,032.89 points, or 4.15%, to 23,860.46, the S&P 500 lost 100.66 points, or 3.75%, to 2,581 and the Nasdaq Composite dropped 274.83 points, or 3.9%, to 6,777.16. All 11 major S&P sectors finished lower, with financials and technology the worst-performing groups. All 30 components of the blue-chip Dow finished negative.