News highlights of the day: Indian digital payments to reach $1 trillion by 2023, says Credit Suisse

Vice President M Venkaiah Naidu today hit out at those suggesting dialogue with Pakistan, saying talks with countries who train guns at India are not possible.

His remarks came days after Jammu and Kashmir Chief Minister Mehbooba Mufti had suggested that talks with Pakistan are necessary to end bloodshed in the state.

"It is baffling that some educated leaders are suggesting that we have to engage in a dialogue with one of our neighbours who is by all accounts fomenting trouble and encouraging cross-border terrorism...we can’t have talks with countries that have trained their guns at us," Naidu said without naming Pakistan. (PTI)

21:06 Indian digital payments to reach $1 trillion by 2023: Credit Suisse

Entry of global players into India's digital payment space is expected to grow the segment by about five-fold to USD 1 trillion by 2023, investment banking firm Credit Suisse said in a report.

"Digital payments (in India) currently aggregate less than USD 200 billion, of which mobile is still at just USD 10 billion in financial year (FY) 2018 E (estimated) . We estimate that the total digital payment market in India will grow to USD 1 trillion by FY23E led by the growth in mobile payments," the report said. (PTI)

20:46 Pakistan fully prepared for India's aggression: Pakistan's Foreign Office

Pakistan on Thursday said that it was fully prepared to defend itself in case of any "aggression" by India and asked New Delhi to stop blaming it without any concrete evidence.

Foreign Office spokesman Dr Mohammad Faisal made the comment while addressing a media briefing.

“If India is bent upon aggression, Pakistan is fully capable of defending itself. The Pakistani nation should not be taken for granted by anyone. If India wants peace then it should refrain from aggressive rhetoric with the sole objective of securing electoral wins,” he said. (PTI)

20:22 Bhushan Steel, Bhushan Power resolution professionals to meet creditors tomorrow

Resolution professionals of Bhushan Steel Ltd and Bhushan Power and Steel Ltd (BPSL) are likely to meet creditors of the bankrupt firms tomorrow, according to a source.

The resolution professionals and the respective Committee of Creditors of the debt-laden firms will evaluate the bids and review the resolution plans submitted by the bidders, the source added.

According to reports, Indian-origin businessman Sanjeev Gupta-led Liberty House is considering bidding for assets of both the firms.

After this, there will be a final meeting in the second half of next week where a decision is expected to be taken, the source added. (PTI)

20:03 Vijay Shekhar Sharma, founder of Paytm has told CNBC-TV18, "NPCI asked me to hold back the launch of Paytm UPI so that Google Tez could launch ahead of us to capitalise on the Diwali sale traffic. I am seeing a pattern and therefore speaking up now".

"We are opening our banking system to the biggest possible fraud. I am surprised this is being allowed to happen in our country," he said.

"Why is NPCI giving special preferences to some western companies?," he added.

Sharma has added that, "The rulebook is being modified for certain players. NPCI issued a circular to do away with login and password. WhatsApp has capitalised on this".

19:57 Exports up 9% in January; trade deficit widens to over 3-year high

India's exports grew by 9 percent to USD 24.38 billion in January, helped by a healthy growth in shipments of chemicals, engineering goods and petroleum products, even as the trade deficit widened to an over three-year high.

The trade gap soared to USD 16.3 billion in January on account of a 26.1 percent increase in imports to USD 40.68 billion due to increased inbound shipments of crude oil, as per data released by the commerce ministry. (PTI)

19:49 The Enforcement Directorate has raided 17 locations in cities including Delhi, Mumbai, Hyderabad, Jaipur. Valuation of tangible and intangible assets seized to increase further, according to a report by CNBC-TV18.

It has also seizes diamonds, jewellery and gold worth Rs 5,100 crore during searches in the Nirav Modi case, the report adds.

19:34 United States President Donald Trump is expected make an address in two hours.

18:48 Yes Bank says it will consider a proposal to raise funds via debt securities or on a private placement basis on February 20, it has the necessary approvals to borrow or raise funds upto Rs 20,000 cr in one or more tranches

18:37 Army launches inquiry against Lt Colonel in MP for suspected leak of classified info

The Army has launched a preliminary inquiry against a Lieutenant Colonel of the Army's Central Command here for suspected leak of classified information, an official said on Thursday.

"His gadgets have been sent for forensic tests. However, the Army officer (of Electronic and Mechanical Engineers Corps) has neither been picked up nor detained so far," defence PRO of Lucknow-headquartered Central Command, Gargi Malik Sinha told PTI.

18:32 Phone frauds using debit & credit cards, e-wallets increasing, says MHA

Phone frauds, especially by using debit and credit cards and e-wallets, besides fraudulent transfers of funds, are on the rise and have become a matter of concern, the home ministry has said and asked all states to take immediate action to check such crimes.

The ministry has also designated the Intelligence Bureau as the nodal agency for coordination with state governments for facilitating investigation into all such cases.

18:17 One person has died after an under-construction building collapsed in Sarjapur area of Bengaluru, reports NDTV. Efforts are on to rescue nine others who are believed to be still trapped.

17:42 Iran President Hassan Rouhani arrives in Hyderabad

Iran President Hassan Rouhani arrived in Hyderabad today on a three-day India visit during which the two countries will discuss regional and international issues of mutual interest.

Union Minister of State for Power R K Singh and Telangana and Andhra Pradesh Governor ESL Narasimhan received him at the Begumpet airport.

"He is scheduled to address Muslim intellectuals, scholars and clerics in the city at 6.30 pm today," an official said.

17:34 SEBI slaps Rs 50 lakh fine on S Kumars Nationwide's 9 promoters

SEBI on Thursday imposed a total penalty of Rs 50 lakh on nine promoter entities of textile firm S Kumars Nationwide for disclosure lapses.

According to SEBI, the nine promoter entities are Nitin S Kasliwal, Jyoti N Kasliwal, Anjaneya Holdings, N Essence Holdings, Sansar Exim, Tulja Enterprises, Chamundeshwari Merchantile, Verve Properties & Investment and Ingenious Finance & Investment.

During the inspection of the shareholding of S Kumars, Sebi observed that the nine entities had "failed to make disclosures regarding creation/ invocation/ release of certain pledge transactions and off market sale/ purchase of shares" of the company.

16:59 INX media PMLA case: Karti Chidambaram appears before ED
Karti Chidambaram, son of senior Congress leader P Chidambaram, appeared before the Enforcement Directorate for the second time in connection with the INX Media money laundering case, sources told PTI. They said Karti Chidambaram deposed before the investigating officer (IO) of the case as per the scheduled summons for today.

This was the second time he appeared before the ED in this case after he was first grilled by the agency on January 18. The central probe agency had earlier summoned Karti Chidambaram on February 2 after which he informed them that he would be unable to depose as he had an interlocutory application pending in the Supreme Court in this case.

16:55 India's defence budget breaks into world's top 5, says UK think-tank
India's defence budget broke into the world's top five, beating the UK for the first time, a new report by a London-based global think-tank has said, signalling a key shift in the military balance between the two countries, reports PTI. India overtook the UK as the fifth-largest defence spender in the world in 2017 at $52.5 billion, up from $51.1 billion in 2016, according to the 'Military Balance 2018' report by the International Institute for Strategic Studies (IISS).

In contrast, the UK's defence budget fell from $52.5 billion in 2016 to $50.7 billion last year. "This represents a key shift in the military balance between India and the UK, with India allocating more capabilities to develop its regional resources than the UK in a global context," said IISS Senior Fellow for South Asia, Rahul Roy-Chaudhury.

The report notes that while India continues to modernise its military capabilities, China – with the world's second-largest defence budget after the US – remains far ahead with three times India's defence budget at $150.5 billion. China's real defence spending increased by nearly 25 per cent in 2016-17, whereas India's rose by just 2.4%.

16:22 Govt to bring major changes in Drug Pricing Control Order
The government will bring in major changes in the Drug Pricing Control Order (DPCO) and come out with a new pharma policy to implement "Namocare" across the country, Union Minister Ananth Kumar told PTI. Addressing the inaugural session of the India Pharma and Medical Device conclave here, the chemicals and fertilisers minister also reiterated the need for a separate Ministry for Pharma and Medical Devices.

"We will have major reforms in DPCO, that I am going to assure. We need to have reforms in DPCO. We need to come out with a new pharma policy," Kumar said. To implement new pharma policy if there is no new DPCO, "I don't think how can we implement Namocare of such gigantic proportions," he added.

16:16 Fresh trouble for telecos as Trai mulls stiff fine for call drops, says sources
Telecom regulator Trai is considering stiff penalties on operators for call drops, a menace that has acquired significant proportions in metros, reports Moneycontrol News’ Dhirendra Tripathi. The penalty will be for call drops in the last concluded quarter, the first time new rules, which became effective October 1, will apply.

The regulator is currently in the process of completing an evaluation exercise, sources said according to an official familiar with the development, who declined to quantify the likely penalties but added: “This would most likely be a heavy one. The situation seems to have gone from bad to worse.” Trai Chairman RS Sharma said action would be taken as needed.

15:41 Zee Learn to acquire 44% stake in MT Educare
Education company Zee Learn has signed an agreement to invest Rs 200 crore for acquisition of 44.53% stake in MT Educare through preferential allotment of equity shares. The company will make an open offer as required for execution of the pact, reports PTI.

"The execution of definitive agreements has triggered the requirement to make an open offer and the regulations therewith will be complied," Zee Learn said in a statement. The transaction is subject to fulfilment of customary closing conditions and regulatory approvals.

"The acquisition of MT Educare is aligned with our strategy to increase our footprint across segments in the education sector and consolidate our offerings through the digital route," Zee Learn CEO Debshankar Mukhopadhyay said. Post acquisition, Zee Learn's education offerings on a consolidated basis would reach around 3.50 lakh students, making it one of the biggest education companies globally in terms of number of students served, he added.

15:29 PNB vows to book culprits of $1.77bn fraud, protect bank's interests
State-run lender Punjab National Bank has put in place a plan to book the culprits of a $1.77 billion fraud and protect the financial interests of the bank, its Chief Executive Officer said. Sunil Mehta has confirmed Nirav Modi's email on repayment plan. He said the fraud dates back to 2011. 4 After the fraud was detected, he said the bank internally audited other bank branches and found no other wrongdoing. He added that some of the PNB staffers involved in the fraud have been suspended and named in the FIR.

PNB, India’s second-largest state-run lender with assets of $120 billion, disclosed the fraud in a regulatory filing on Wednesday, saying it had referred the matter to law enforcement agencies. Mehta said the bank has informed the markets regulator about the fraud and the bank has the capability to resolve the problem.

15:17 BSE extends window to submit Aadhaar for new MF investors
To ensure compliance with anti-money laundering rules, leading stock exchange BSE today extended the deadline for new mutual fund investors to submit PAN and Aadhaar till April 1, 2018, failing which their folios would be closed. "The effective date for mandatory submission of PAN and Aadhaar number with requisite documents at the time of opening new folio or account, will now be April 1, 2018 instead of February 15, 2018.

"Accordingly, no new folio account will be opened without the said documents effective April 1, 2018," BSE said in a statement. For new mutual fund accounts opened from February 15, investors were required to submit PAN and Aadhaar at the time of opening of such folios. In case of the existing mutual fund (MF) folios and for accounts opened thereafter up to February 14, investors need to submit such information by March-end this year.

14:42 Trump's military parade could cost up to $30m
The military parade that President Donald Trump wants to stage, likely in Washington, would cost US taxpayers up to $30 million, the White House budget chief said in remarks on the administration’s fiscal 2019 spending plan, reports Reuters. Mick Mulvaney, who in a congressional hearing continued a broad defence of the $4.4-trillion plan he began earlier this week, was asked about the parade, which Trump’s spending plan does not break out as a specific item.

“The estimates I’ve seen, they’re very preliminary, is between $10 million and $30 million, depending upon the length,” said Mulvaney, director of the US Office of Management and Budget (OMB). “Obviously an hour parade is different from a five-hour parade in terms of the cost and the equipment and those types of things.”

According to media reports, Trump came up with the idea of showing off U.S. military might after a 2017 trip to France when he and French President Emmanuel Macron reviewed that country’s defence forces marching down the Avenue des Champs-Elysees in Paris. Trump ordered the Defence Department to look into a comparable display of military might that he could review.

14:35 Asian stocks advance following sharp US gains; yen firms
Asian stocks closed higher on Thursday, taking cues from the rally on Wall Street, while the dollar slipped, reports CNBC. The Nikkei 225 rose 1.47%, or 310.81 points, to close at 21,464.98. Most sectors were in positive territory despite the firmer yen, with technology and financials recording substantial gains.

The benchmark had come under pressure in the last session after the dollar fell to 15-month lows against the yen during Asian trading hours on Wednesday. On the data front, Japan's December core machinery orders fell 11.9%, Reuters said — a larger decline than the 2.3 % median fall projected.

14:29 China reports first human case of H7N4 bird flu
China has reported the first human case of the H7N4 strain of bird flu in a woman in an eastern coastal province, though she has since recovered, reports Reuters. The winter is traditionally the high season for bird flu infections.

In a statement late on Wednesday, the Hong Kong government’s Centre for Health Protection said it had informed of the case by mainland China’s health ministry, the National Health and Family Planning Commission. According to the commission, this was the first case of human infection with the H7N4 strain in the world, the Hong Kong government said.

14:27 European shares build on recovery rally, Airbus shines
A recovery rally in European stocks gathered pace for a second day on Thursday after investors brushed off a spike in US inflation, turning their focus back to strong company earnings from heavy hitters including Europe’s largest aerospace firm, Airbus, reports Reuters. The pan-European STOXX 600 was up 0.5% by 01:54 pm, hitting its highest level in a week. The main European stock index was still down 6.5% from its 2 1/2-year peak hit as recently as January 23.

14:11 Modi govt’s duty hike may raise red flags at WTO
Less than a month after he declared to the World Economic Forum that India was open for business, Prime Minister Narendra Modi has raised import duties to their highest in three decades, setting the stage for a protracted trade war, reports Bloomberg.

As he prepares to seek re-election next year, Modi has been ensnared by a global wave of protectionism that could threaten the foreign direct investments India needs to achieve double-digit growth. He has made it more expensive to import parts for automobiles, cameras, televisions, electricity meters and smartphones, risking trade disputes from allies like the US and Germany to rivals like China.

"India has taken a dramatic protectionist turn," Richard Rossow, an Indian policy expert at the Washington-based Center for Strategic and International Studies, said. "The scale of India’s protectionist leap is surprising and likely to elicit a strong response from the United States and other major trading partners."

Less than a month after he declared to the World Economic Forum that India was open for business, Prime Minister Narendra Modi has raised import duties to their highest in three decades, setting the stage for a protracted trade war, reports Bloomberg.

As he prepares to seek re-election next year, Modi has been ensnared by a global wave of protectionism that could threaten the foreign direct investments India needs to achieve double-digit growth. He has made it more expensive to import parts for automobiles, cameras, televisions, electricity meters and smartphones, risking trade disputes from allies like the US and Germany to rivals like China.

"India has taken a dramatic protectionist turn," Richard Rossow, an Indian policy expert at the Washington-based Center for Strategic and International Studies, said. "The scale of India’s protectionist leap is surprising and likely to elicit a strong response from the United States and other major trading partners."

13:32 Aster DM Healthcare Rs 980cr IPO subscribed 60% so far on final day
Healthcare services provider Aster DM Healthcare’s initial public offering has been subscribed 60 percent on the final day so far, as per data available on the NSE website. The IPO, which aims to raise Rs 980 crore, has received bids for 3.73 crore equity shares on Thursday against issue size of 2.16 crore shares, excluding anchor investors' portion.

13:18 KP Sharma Oli becomes Nepal PM for second time
CPN-UML chairperson KP Sharma Oli became Nepal's Prime Minister for the second time, over two months after his Left alliance routed the ruling Nepali Congress in the country's historic parliamentary and local polls, reports PTI. President Bidhya Devi Bhandari appointed 65-year-old Oli as the country's 41st prime minister.

Oli, who is known for his pro-China stance, had served as the country's prime minister from October 11, 2015 to August 3, 2016. Oli's PM candidacy was supported by the UCPN-Maoists, Rastriya Prajatantra Party Nepal, and Madhesi Rights Forum-Democratic along with 13 other small parties.

13:13 Iranian Prez to arrive in Hyderabad on 3day visit
Iranian President Hassan Rouhani will arrive today evening as part of his three-day India visit during which the two countries will discuss regional and international issues of mutual interest, reports PTI.  The External Affairs Ministry had said earlier that during the visit of the president of Iran, both sides would review the progress achieved in bilateral relations and also exchange views on regional and international issues of mutual interest.

"He is scheduled to address Muslim intellectuals, scholars and clerics at 6.30 pm," an official source said. During his two-day visit to the city, the Iranian president will be accompanied by 21 delegates.  He will also interact with the Iranians settled in Hyderabad, the source said.

Rouhani will address a congregation at the historic Mecca Masjid in Hyderabad after offering Friday prayers, the source said, adding that religious scholars from different schools of thought will also participate in the session. He is also scheduled to visit the Salar Jung Museum on Friday.

The president of Iran is also expected to visit historic sites here, including the Qutub Shahi tombs at Golconda, the source said.  This is the second time Rouhani will be visiting Hyderabad, but it is his first visit after assuming charge as the president. He will leave for New Delhi on Friday, the source added.

13:05 WPI inflation eases to 2.84% in January
Inflation based on wholesale prices eased to a six-month low of 2.84% in January on cheaper food articles even as vegetable prices continued to rule high. Calculated on the basis of Wholesale Price Index (WPI), the inflation was 3.58% in December 2017 and 4.26% in January 2017. WPI inflation at 2.84% in January is the lowest in six months. The previous low level was recorded in July at 1.88%.

According to the government data released, inflation on food articles slowed to 3% in January, from 4.72% in December 2017. Inflation in vegetables witnessed some softening with annual inflation at 40.77% in January as against 56.46% in the previous month.

Kitchen staple onion witnessed a whopping 193.89% price rise in January. Pulses witnessed deflation at 30.43%, and the same for wheat and cereals was 6.94% and 1.98%, respectively. Prices of protein rich items eggs, meat and fish cooled by 0.37% while that of fruits rose 8.49% in January. In the fuel and power segment, wholesale inflation rose to 4.08% in January, while it was 2.78% for manufactured items.

12:17 Warren Buffett's love affair with IBM ends; Apple, Teva gain
Warren Buffett is just about done with International Business Machines Corp, reports Bloomberg. His conglomerate, Berkshire Hathaway, reported that it cut its stake in Big Blue by 94% during the fourth quarter, essentially drawing to a close a rare blemish on his investing record.

The move was disclosed in a regulatory filing on Wednesday that also showed Omaha, Nebraska-based Berkshire increased its investment in Apple, now valued at nearly $28 billion. And it initiated a new holding in Teva Pharmaceutical Industries, worth about $365 million, in the final three months of last year. IBM was always a curiosity for Buffett followers. He’d spent years telling them that technology companies were outside his area of expertise then plowed more than $10 billion into the company in 2011.

Back then, Buffett’s investment was a huge vote of confidence for the aging computer-services firm and its leadership. But things soon went south. IBM struggled with declining sales, forcing Buffett to defend the pick. For awhile, he even added some to his holdings. Last year, however, he had enough. Just before Berkshire’s annual meeting in May, he acknowledged that his valuation had been flawed and that he’d begun to cut back on the investment.

11:26 ED raids offices of Nirav Modi, PNB, Gitanjali Gems
The Enforcement Directorate is currently conducting raids at the residence and offices of Nirav Modi and PNB, reports Moneycontrol's Tarun Sharma. The ED had earlier registered money laundering case against Nirav Modi and others in connection with the scam. Proceedings have begun against officials named in the FIR. To track this developing story, click here...

11:20 Will challenge govt's illegal' action in court, says Hafiz Saeed
Mumbai attack mastermind Hafiz Saeed has said he will challenge the government's "illegal" action in the court of law after Pakistan launched a crackdown on seminaries and health facilities run by him, reports PTI. Under pressure to act against banned groups, Pakistan took control of a seminary and four dispensaries run by Saeed-linked Jamaat-ud-Dawa (JuD) and Falah-i-Insaniat Foundation (FIF).

"After detaining me for 10 months without any legal ground, the government has now issued a notification regarding taking over our schools, dispensaries, ambulances and other assets. It will hamper our relief operations in Punjab, Balochistan, Sindh, Azad Kashmir and northern areas," Saeed said after the government's action.

According to the interior ministry notification, a copy of which available with PTI, "the federal government is pleased to direct that requisite actions with regard to freezing and taking over of assets (movable, immovable and human resource) associated with JuD and FIF shall be taken in pursuance of Ordinance No II of 2018." The notification issuance date is February 10.

10:56 Bharti to explore listing of Africa biz in int’l exchange
The board of Bharti Airtel's Netherlands based unit, BAIN BV, which controls Africa operations, has approved listing of its shares on a global stock exchange. "The Board of Directors of BAIN BV on February 12 has authorised its management to initiate non-binding exploratory discussion with various banks/intermediaries to explore possibility/feasibility of listing of its shares on an internationally recognised stock exchange," Bharti Airtel said in a regulatory filing.

The discussions are of exploratory nature and there is no certainty on the outcome of these discussions, it said. Bharti Airtel operates in 14 African countries and all the operations are managed by Bharti Airtel International (Netherlands) BV (BAIN). The company offers  3G services, Airtel Money across all the 14 countries and 4G services in four countries of Africa. As on December 31, 2017, the company reported to have 84.13 million customers in Africa.

10:39 Grasim gets nod for Rs 3,523cr VSF brownfield expansion
Aditya Birla Group firm Grasim Industries has received board approval for a Rs 3,523-crore viscose staple fibre (VSF) brownfield expansion plan to meet growing demand, reports PTI. The proposed project is expected to be commissioned by financial year 2021.

"The company has a total capex plan of Rs 6,440 crore for expansion over the next two years. The board has approved VSF brown field expansion plan at Vilayat in Gujarat at an estimated cost of Rs 3,523 crore," Dilip Gaur, Managing Director, Grasim Industries, said.

10:08 Tata Power to raise Rs 3,500cr via NCDs
The board of Tata Power has given its nod to raise funds up to Rs 3,500 crore through non-convertible debentures (NCDs), reports PTI. "In a meeting on Wednesday, the Board has approved issuance in one or more tranches, of non-cumulative, redeemable, taxable, listed, rated securities in the form of NCDs up to an aggregate amount not exceeding Rs 3,500 crore on private placement basis to eligible investors permitted to invest in the NCDs under applicable laws," the company said in a BSE filing.

10:01 Core banking use soars 400% in 2017 on digital agents
Transactions via core banking services have seen a 400% spike in 2017 on increasing use of agent points for financial transactions along with government-to-people facilitation services, a study by financial inclusion consulting firm MicroSave states.

"This has translated to higher monthly median revenue and profit, which doubled from their 2015 levels - from $40 to $93 and $16 to $31,respectively," a study by financial inclusion consulting firm MicroSave in partnership with Bill & Melinda Gates Foundation said.

Almost two-thirds of the agents conduct interoperable transactions, finds the report. While about 70% of interoperable agents offer cash-in services, about 60% offer cash-out and remittances for other banks, it said.

09:56 Auto Expo comes to an end, sees 22 new launches, over 6 lakh visitors
The 14th edition of biennial Auto Expo came to an end today recording a total of over 6 lakh visitors over a period of six days that saw 22 new launches, 81 product unveilings and 18 concept showcase. Jointly organised by Automotive Component Manufacturers Association of India (ACMA), Confederation of Indian Industry (CII) and Society of Indian Automobile Manufacturers (SIAM), the 2018 edition of the expo witnessed over 500 product displays from 119 exhibitors.

This year, electric vehicles (EVs), hybrids and eco-friendly technology took centre stage at the expo with Maruti Suzuki, Tata Motors, Mahindra and new entrant Kia Motors along with luxury vehicle makers Mercedes-Benz and BMW displaying their future products. There were 14 new brand launches that included Kia Motors India, India Kawasaki Motors and Cleveland CycleWerks.

09:32 Tata Steel top bidder for Bhushan Power, beats JSW with Rs 170bn offer, says report
Tata Steel is emerging as the highest bidder for Bhushan Power & Steel. The company has offered to pay Rs 170 billion upfront to financial creditors against JSW’s Rs 110 billion, sources told the Business Standard. The finals bids were placed on February 9 and sent to the legal team for scrutiny. SBI caps will now evaluate the bids.

Around 13 companies had submitted expressions of interest. Some did not qualify and only five were provided access to the virtual data room. The liquidation value of Bhushan Power was estimated to be around Rs 90 billion and the fair value around Rs 250 billion.

09:24 UK court allows three-fold increase in Mallya’s weekly allowance
Embattled Liquor baron Vijay Mallya, wanted in India on charges of fraud and money laundering, will get over 18,000 pounds as weekly allowance, a three-fold increase following a recent UK High Court order, reports PTI. Mallya's lawyers had applied to the court for additional living expenses as part of an estimated $1.5-billion worldwide freezing order against the 62-year-old businessman last year.

In an order dated January 30, Justice Robin Knowles permitted the increase in Mallya’s "ordinary living expenses allowance" to a maximum of 18,325.31 pounds a week. The allowance is believed to be a considerable boost on an estimated 5,000 pounds a week figure initially permitted by the court following a judgment of the Debt Recovery Tribunal (DRT) in Karnataka last year.

09:18 Jet Airways net slumps 37% YoY to Rs 186cr on rising fuel cost
Higher fuel prices has crimped the bottomline of Jet Airways, pulling down its Q3 net profit by 37% YoY to Rs 186 crore. Though at a much lower print, this is the 11^th straight profitable quarter for the second largest airline by revenue, which for the reporting quarter rose 10.2% at Rs 6,412 crore from Rs 5,817 crore, as its load factor increased 13.4% to 7.7 million passengers.1

Rising crude prices saw the airline's fuel cost increasing by 20% during the quarter, thereby increasing its overall operational cost. In the three months to December, its total expenses jumped to Rs 6,184.09 crore from Rs 5,635.43 crore a year ago. Revenue from passengers rose 11.7% to Rs 5,541 crore, while the same from cargo rose 39.3% to Rs 510 crore.

09:08 Allahabad Bank posts Q3 net loss at Rs 1,264cr
State-owned Allahabad Bank has reported a net loss of Rs 1,263.79 crore in the third quarter ended December on rising bad loans. The company announced its result post market hours on Wednesday. The bank had registered a net profit of Rs 75.26 crore in October-December period of the previous fiscal.

Sequentially also, there was a net profit of Rs 70.20 crore during the second quarter ended September of this fiscal. Asset quality of the lender remained in a bad situation as gross non-performing assets (NPAs) or bad loans rose to 14.38% of the gross advances by the end of third quarter, against 12.51% in same period a year ago. Net NPAs came in at 8.97% as against 8.65%.

09:05 Sun Pharma Q3 net slumps 75% to Rs 365 cr, hit by US tax rate adjustmentSun Pharmaceutical Industries reported a 75.17% decline in its Q3 FY18 consolidated net profit at Rs 365.39 crore, impacted by a one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. The company announced its result post market hours on Wednesday. The drug major had posted a net profit of Rs 1,471.82 crore in the October-December period of 2016-17. Total revenue from operations stood at Rs 6,653.23 crore during the quarter under review versus Rs 7,925.11 crore YoY.

08:34 Bhushan Steel Q3 net loss widens to Rs 1,607cr
Debt-laden Bhushan Steel reported widening of its net loss to Rs 1,607 crore for the quarter ended December 2017. The bankrupt firm, which is undergoing insolvency proceedings, had posted a net loss of Rs 743 crore in the same quarter a year ago.

The company's revenue from operations during October-December quarter of 2017-18 stood at Rs 4,407.71 crore as against Rs 4,094.73 crore in the same period a year ago, Bhushan Steel said in a BSE filing. During the period under review, its total expenses also rose to Rs 5,844.28 crore from Rs 4,937.31 crore.

08:26 17 dead in Florida school shooting, suspect in custody
At least 17 people, including students, were killed after a former student opened fire at a Florida high school, law enforcement officials said, reports PTI. The shooting suspect, identified as Nicolas Cruz, has been taken into custody. The FBI is assisting local officials in the investigation.

"Nicolas Cruz was the killer. He is in custody. We already began to dissect his websites and social media that he was on ... some of the things that come to mind are very, very disturbing," Broward County Sheriff Scott Israel said. Cruz, 19, was a former student of Marjory Stoneman Douglas High School in Parkland, Florida, where the shooting took place.

Israel said Cruz got expelled from the school for disciplinary reasons. The suspect had countless magazines, he added. "At this point, we believe he had one AR-15 rifle. I don't know if he had a second one," the sheriff said in response to a question. The suspect was treated and released to the police.

Of the 17 dead, 12 were inside the building, two were shot dead just outside the building, one was on a street outside the school, and two people lost their lives at a hospital. Israel, however, could not confirm the number of victim students. The school has quite a number of Indian-American students and at least one student from the community was injured in the incident.

07:58 Zuma quits as President of South Africa
Jacob Zuma resigned as President of South Africa, heeding orders by the ruling African National Congress (ANC) to bring an end to his nine scandal-plagued years in power, reports Reuters. In a 30-minute farewell address to the nation, 75-year-old Zuma said he disagreed with the way the ANC had shoved him towards an early exit after the election of Cyril Ramaphosa as party president in December, but would accept its orders.

“I have therefore come to the decision to resign as president of the republic with immediate effect,” Zuma said. “Even though I disagree with the decision of the leadership of my organisation, I have always been a disciplined member of the ANC,” he said. The ruling party had said it would vote him out on Thursday. “No life should be lost in my name. And also the ANC should not be divided in my name,” Zuma said.