News Live: NHAI bars L&T, HCC, Essel Infra from bidding on road ministry projects

1. NHAI bars L&T, HCC, Essel Infra from bidding on road ministry projects
2. Tough times ahead for telecom employees as up to 30,000 face axe, reports The Economic Times
3. Torrent Pharma acquires Unichem Labs' branded formulation businesses in India, Nepal for Rs 3,600 crore.
4. Credit Suisse says banks are staying away from bitcoin 'bubble' due to money laundering fears, reports Reuters
5. Hindalco Q2 profit falls 11% YoY due to one-time loss, but EBITDA beats estimates
6. Barclays raises concerns over three kinds of debt in China, reports CNBC
7. Abu Dhabi’s National Marine Dredging Company keen to buy Dredging Corp, reports Hindu Business Line
8. Max Life in talks with Lakshmi Vilas Bank to raise stake up to 10%, deal may cost Rs 150cr, reports The Economic Times
9.Congress party (TMC) leader Mukul Roy has officially joined the Bharatiya Janata Pary (BJP)
10. Yashwant Sinha to campaign against BJP in Gujarat, reports The Business Standard

21:54 Finmin likely to hold meeting with bankers on Nov 11-12, reports PTI

The finance ministry is likely to hold a meeting with top management of public sector banks on November 11 and 12 to discuss various issues, including bad loans and recapitalisation, sources said.

The meeting assumes significance in the light of the recent government announcement of fund infusion in the public sector banks over a period of two years.

Last month, the government had announced a Rs 2.11 lakh crore bank recapitalisation plan, of which Rs 76,000 crore will come through budgetary support and bank stake sales, and Rs 1.35 lakh crore as bonds.

21:36 New India IPO over-subscribed 1.19 times

The initial public offer (IPO) of New India Assurance Company (NIA) was over-subscribed 1.19 times on the closing day of bidding today.

The Rs 9,600-crore IPO, received bids for 14,33,33,730 shares against the total issue size of 12,00,00,000 shares, NSE data till 1945 hrs showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 2.34 times, non-institutional investors 12 percent and retail investors 11 percent, merchant banking sources said.

21:33 Khadim India IPO subscribed 45% on Day 2

Footwear retailer Khadim India’s initial public offer was subscribed 45 per cent on the second day of the bidding today.

The IPO, which aims to raise Rs 543 crore, received bids for 22,90,040 shares against the total issue size of 50,73,006 shares, the NSE data showed. The category reserved for qualified institutional buyers (QIBs) was subscribed 9 per cent, non institutional investors 3 per cent and retail investors 84 per cent. Till yesterday, the IPO was subscribed 14 per cent.

21:26 BMW recalls 1.4M vehicles due to risk of under-hood fires, reports PTI

BMW is recalling more than 1.4 million cars and SUVs in two US recalls due to the risk of fires under the hood.

The biggest recall includes over 740,000 328i, 328xi, 328i xDrive, 525i, 525xi, 528i, 528xi, 530i, 530xi, X3 3.0si, X3 xDrive30i, X5 xDrive30i, Z4 3.0i, Z4 3.0si and Z4 sDrive30i vehicles from 2007-2011. Also included is the 2008-2011 128i.

Documents posted today by the U.S. National Highway Traffic Safety Administration show that a heater for the positive crankcase ventilation valve can overheat and cause the valve to melt, increasing the risk of a fire even when the vehicle is not in use. No injuries have been reported. Dealers will replace the heater.

21:13 Moody's revises RIL credit outlook to stable; affirms ratings

Global ratings agency Moody's Investors Service has revised upwards its credit outlook on Reliance Industries (RIL) to stable and affirmed its Baa2 ratings on the energy conglomerate's long-term issuer debt.

But the agency has warned of higher borrowings by the country's richest and the most profitable company over the next 18 months to pay back its creditors for the large capex it had incurred on telecom and refining & petchem expansion.

"Such payments along with additional capex towards telecom services will constrain any reduction in net borrowings until fiscal 2019," it warned.

(Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)

21:05 Govt fixes Sovereign Gold Bond rate at Rs 2,934/gram, reports PTI

The price of the new series of Sovereign Gold Bonds (SGBs), opening for purchase on Monday, has been fixed at Rs 2,934 per gram, the government said today.

The government, in consultation with the Reserve Bank, has decided to offer a discount of Rs 50 per gram to investors applying online and making payments digitally.

“For the next subscription period November 7-9, 2017, the issue price shall be Rs 2,934 per gram with settlement on November 16, 2017,” the finance ministry said in a statement.

20:49 JUST IN| Here's what an official from NHAI has to say about the latest buzz

An official from NHAI that Moneycontrol spoke with confirmed that few companies have been "asked not to bid" for projects on "technical grounds". The way forward, however, has not been decided. It's not a final decision.

20:43 US job growth accelerates, jobless rate falls to 4.1%, reports Reuters

US job growth accelerated in October after hurricane-related disruptions hurt employment in September, but there were signs that labor market momentum was slowing as annual wage gains sharply retreated.

Nonfarm payrolls increased by 261,000 jobs last month as 106,000 leisure and hospitality workers returned to work, the Labor Department said in its closely watched employment report on Friday. That was the largest gain since July 2016, but was below economists' expectations for an increase of 310,000 jobs.

Read the full story here.

20:30 NHAI BUZZ | Former Transport Secy tells CNBC-TV18 that it can be a case of getting the firms to rework timelines

19:51 NHAI Notice, accessed by CNBC-TV18, says the following -
#L&T is barred from bidding PPPs till March 28, 2019, and the NHAI has terminated its 6-lane project in Maharashtra.

#Essel Infra is barred from bidding PPPs till July 21, 2019. The firm is barred from bidding for EPC Projects till July 21, 2018, and the highway authority has terminated its 6-lane project in Maharashtra.

#MBL Infra is barred from bidding for PPPs till January,8,2020. The firm is barred from bidding for EPC Projects till January 8, 2019. NHAI has terminated their 6-lane project in Tamil Nadu.

#HCC is barred from bidding for PPPs till March 30, 2020. It is barred from bidding for EPC projects till March 30, 2019. NHAI has terminated the firm's 4-lane project in West Bengal.

19:44 L&T STATEMENT
An official spokesperson from L&T told Moneycontrol, “ L&T IDPL , a subsidiary of L&T , terminated a Concession for the Pimpalgaon Nashik Gonde Project due to Force Majeure events arising from Law & Order issues as per provisions of the Concession Agreement, after completing the Project.
In our opinion the termination cannot be treated as a Concessionaire event of Default.
The matter is sub-judice as it is under Arbitration / Conciliation.
As per NHAI directions, the matter has been represented and a decision is awaited from them shortly."

19:26 The National Highways Authority of India (NHAI) has terminated 20 contracts on account of default in executing highway and toll projects, reports CNBC-TV18. It has barred L&T, Hindustan Construction Company, Essel Infra Projects, MBL Infra from bidding for NHAI and road ministry projects. The companies have been given till November 6 to make representations.

19:15 Beaches, backwaters, excellent hospitality and thriving tourism industry have long been the hallmarks of Goa and Kerala. The two states on India's western periphery can now boast of another virtue -- women's safety. Women in Goa and Kerala are safest while those in Bihar and Uttar Pradesh are most vulnerable, a new report states.

On a metric termed Gender Vulnerability Index (GVI), Goa ranks as the safest region for women in India, followed by Kerala. The former leads with healthy 0.656, while the southern state takes the second spot with 0.634 on the index structured by NGO Plan India and released by Women and Child Development Ministry.

The index ranks states on four key parameters -- education, poverty, protection and health.

Read our data story for the day here.

17:48 Mukul Roy joins the Bharatiya Janata Party (BJP) today.

On September 17, Mukul Roy was removed from the position of the national vice-president of the Trinamool Congress party when the party restructured its internal committee. Earlier, he was also removed from the parliamentary standing committee on transport, tourism and culture.

Media reports of a strained relationship between Mukul Roy and the party were doing the rounds as he was reported to have contacts with central BJP leaders. Roy, who was considered second in chief after Mamata Banerjee in the party was stripped of all vital posts in the last few months.

17:12 Ahmedabad-based Torrent Pharma also announced its September quarter results on Friday. The net profit came in at RS 204 crore, down by about 1 percent against RS 207 crore year on year. The revenue was unchanged at Rs 1,429 crore year on year. At the operating level, the EBITDA was reported at Rs 329 crore against Rs 330 crore year on year, while the operating margin was reported at 23.02 percent against 23.09 percent during the same period last year.

On the other hand, Unichem Labs too reported its quarterly results and the net profit came in at Rs 45.8 crore against Rs 20.5 crore year on year. The revenue, in this case, was higher by 18 percent at Rs 428.1 crore against RS 364.2 crore year on year. The EBITDA was 82.8 percent higher at Rs 72.3 crore against RS 39.6 crore, while the margin was reported at 16.9 percent against 10.9 percent.

17:11  Markets close at fresh highs, watch ourshow Markets@Moneycontrol for more.

17:07 Torrent Pharma acquires Unichem Labs' branded formulation businesses in India, Nepal for Rs 3,600 crore.

Currently, Unichem Lab is ranked 25th in the domestic market. The company's operations are 57 percent of its sales and within the domestic business, chronic care business comprises 59 percent of the sales.

The company's international operations contributes to 43 percent to total sales

16:31 The State Bank of India (SBI) is expecting to get a substantial chunk of the government's latest announcement to recapitalise all the public sector banks amounting to Rs 2.11 lakh crore.

A senior official stated that although the bank was sufficiently capitalised, the additional capital which would flow in due to the recapitalisation would help the bank in dealing in stressed assets as well as to fund future credit growth which was expected to pick up from 2018-19.

15:49 Royal Orchid Hotels in pact with UK's Bespoke Hotels
Royal Orchid Hotels has signed an agreement with the UK's hospitality group Bespoke Hotels in India to enhance each other's brand presence in their respective markets. Under the agreement, Royal Orchid will now offer its guests hundreds of hotel options across multiple global markets and Bespoke will promote the Indian hospitality firm to its guests.

Bespoke Hotels currently manages over 200 properties worldwide with over 50 represented hotels in India. Founded in 2000 by Haydn Fentum and Robin Sheppard, Bespoke has over 9,500 rooms, 8,000 employees and 815 million pounds of assets. Royal Orchid Hotels has a range of luxury and five-star properties in the popular regions of Bengaluru, Jaipur, Mumbai and Goa.

15:46 Godrej Properties Q2 profit soars 91% to Rs 44cr
Realty firm Godrej Properties reported a 91% jump in its consolidated net profit at Rs 44 crore for the quarter to September. Net profit stood at Rs 23 crore in the year-ago period. Total income increased to Rs 536.08 crore in the second quarter of this fiscal, from Rs 359.04 crore in the same period of the previous year. Godrej Properties is the real estate arm of the Godrej Group. The Mumbai-based firm is developing 147 million sq ft in 12 cities.

15:42 Catalonia unemployment jumps as political crisis drags on
Registered unemployment rose sharply in Catalonia in October, data showed on Friday, with more people signing on as jobless in the region than anywhere else in Spain as companies fled in the midst of the country’s worst political crisis in decades, reports Reuters. Almost 2,000 companies based in Catalonia moved their legal headquarters out of the region in October after an independence vote banned by Madrid that led to the central government sacking regional authorities and taking control.

The number of people in Spain registering as jobless rose for the third straight month by 1.67% in October from a month earlier, or by 56,844 people, leaving 3.47 million people out of work, data from the Labour Ministry showed. Of that, Catalonia saw unemployment rise by 3.67%, or 14,698 people, the largest loss of jobs amongst all the regions and compared to a just 0.08% rise in jobless in the region of Madrid.

October often sees a continuation of rising unemployment after the summer tourist sector lays off temporary workers in hotels and restaurants. Registered jobless rose strongest in the service sector, with a 2.2% monthly rise, or by 50,885 people, followed by agriculture, marking the end of summer harvests, up 5.83%, or 9,194 people. In Spain, the number of people paying in to the social security system as workers in Spain rose by 94,368 people, to 18.43 million people, the ministry said.

15:38 UK services sector grows at fastest rate in six months
Britain’s services sector enjoyed a sharp pick-up in growth last month but companies were nervous about Brexit, a closely watched survey showed on Friday, a day after the Bank of England raised interest rates for the first time in a decade, reports Reuters. The IHS Markit/CIPS services Purchasing Managers’ Index (PMI) jumped to 55.6 in October from 53.6 in September, its highest level since April and its biggest one-month rise since August 2016. The services survey follows relatively upbeat PMI readings for the smaller manufacturing and construction sectors in October, and taken together they suggest the economy is growing at a quarterly rate of 0.5%, IHS Markit said.

15:34 Reliance Nippon AMC to make stock market debut on Monday
Reliance Nippon Life Asset Management (RNAM), which successfully concluded its initial public offer last week, will make its stock market debut on Monday. The company's IPO was oversubscribed 81.54 times during October 25-27, data available with the NSE showed. The Rs 1,540-crore offering saw healthy demand in all three investor categories. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 118.40 times, non-institutional investors 209.44 times and retail investors 5.65 times, as per NSE data.

The IPO was oversubscribed 81.54 times at the close of the bidding, with bids for 3,493 million shares, worth Rs 88,022.67 crore. The company, which would be the first mutual fund listing on Indian stock exchanges, had fixed the price band at Rs 247-252 per share. This was also the first IPO from the Reliance group after Reliance Power in 2008. Promoters Reliance Capital and Nippon Life collectively sold 36.72 million shares. Reliance Capital and Japan's Nippon Life sold shares worth up to Rs 283 crore and Rs 642 crore, respectively in the IPO.

The company is the country's third-largest AMC in terms of assets and has a 11.4% market share. At the end of August, Reliance Nippon AMC managed assets worth Rs 3.84 lakh crore across mutual funds (Rs 2.3 lakh crore), managed accounts (Rs 1.53 lakh crore) and offshore funds and advisory mandates (Rs 2,223 crore).

15:24 Amtek Auto hits 20% upper circuit after Bharat Forge enters race to acquire co
Investors queued up to buy shares of Amtek Auto after multi-national company Bharat Forge said it joining the race to acquire the debt-laden company. The stock was locked at the 20% upper circuit at Rs 29.70 per share. There were pending buy orders of 1,118,759 shares, with no sellers available in the counter. Amtek Group companies - Castex Technologies and Metalyst Forgings - were also locked at the 10% and 20% upper circuit, respectively. In a declaration to the exchanges, Bharat Forge said it has participated in the process of acquiring Amtek Auto along with other potential bidders. Meanwhile, Bharat Forge share price are up close to 1.5% but off the day's high Rs 722.

15:18 Metro Cash & Carry, Uber enter into alliance
Metro Cash & Carry and global ride-sharing company Uber announced an alliance to offer driver partners a membership with the wholesale chain, reports PTI. Starting from Bengaluru, this alliance will soon be extended pan-India to all Metro and Uber driver partners, a joint statement said. This membership will include special offers and discounts that will be made exclusively available to all Uber driver partners. Also, existing customers of Metro will benefit by this alliance with special offers and promos from Uber exclusively for Metro.

15:03 One-time loss drags Tata Power Q2 profit by 44% to Rs 268.5cr
Power distributor, Tata Power reported a 43.6% YoY fall in its September quarter net profit to Rs 268.5 crore. The bottomline was weighed down by a one-time loss of Rs 148 crore. Revenues grew 6% YoY at Rs 7,657 crore as against Rs 7,213 crore. EBITDA grew by 27.3% at Rs 1,850 crore versus Rs 1,453 crore YoY. Meanwhile, operating profit came in at 24.2% against 20.1%. The Board also approved issuance of NCDs up to Rs 3,500 crore for a tenure not exceeding 15 years on a private placement basis.

14:56 European shares crept higher in early deals on Friday as earnings weighed on shares in French bank Societe Generale and Dutch telecoms firms Altice, though gains for tech stocks and carmakers limited losses. The pan-European STOXX 600 index was up 0.1%, set for its second week of gains in a row, while euro zone blue chips were down 0.1%. Britain's FTSE 100 built on the previous session's gains following the Bank of England's first rate hike in more than a decade, up 0.3%.

14:48 Govt may make gold jewellery hallmarking mandatory by Jan
The government is planning to make hallmarking along with carat count mandatory for the gold jewellery sold in the country, Food and Consumers Affairs Minister Ram Vilas Paswan told PTI. "At present people don't get to know quality of gold jewellery that they buy. We are planning to make hallmark for gold jewellery mandatory. It should be done by January," Paswan said at an event organised by Bureau of Indian Standards (BIS). He said BIS mark is used on some jewellery but that does not sufficiently convey quality of jewellery to consumers. Under the proposed rules hallmark will also mention the carat of gold used the jewellery, Paswan said. "It will be done for jewellery in three categories – 14 carat, 18 carat and 22 carat," he said.

14:45 Kotak panel suggestions may result in 'tick-box' approach, says proxy advisor InGovern
The Sebi panel's many suggestions on corporate governance are prescriptive in nature presenting a risk that companies might undertake a 'tick-box' approach for compliance, proxy advisor InGovern said. The high-level committee, headed by eminent banker Uday Kotak, has recommended major overhaul of corporate governance norms for listed companies and the report has been put up for public consultation. The proxy firm believes that listed companies may not adopt the spirit.

To avoid this, it suggested that the recommendations should be categorised into two codes - Code of Acceptable Governance and Code of Desirable Governance - which would put the responsibility on the companies themselves as to what Code they desire to adopt. "The companies' choice will also send a clear message to the investors based on which they can make informed investment decisions," InGovern Research Services said in a report.

14:42 Hindalco Q2 profit falls 11% YoY due to one-time loss, but EBITDA beats estimates
Aluminium major Hindalco Industries' second quarter profit missed analyst expectations on Friday, falling 10.7% YoY due to one-time loss but operational numbers beat estimates led by Novelis earnings. Standalone net profit declined to Rs 393 crore from Rs 439.7 crore in same quarter last fiscal. Revenue from operations in Q2 increased 14.4% to Rs 10,308 crore as compared with Rs 9,012 crore in corresponding period. The company has reported a one-time loss of Rs 105.5 crore for the quarter, against a gain of Rs 85 crore in quarter ended September 2016. EBITDA jumped 20.2% YoY to Rs 1,390 crore and margin expanded by 70 basis points to 13.5% compared with year-ago.

14:36 WhatsApp worldwide servers down, say reports
There was panic across the globe after WhatsApp servers went down in many nations, media reports suggest. People were unable to send messages to one another as the service continued to say ‘connecting’ with the wheel of death showing for most people. Immediately after checking with their friends to see if WhatsApp was out of action people went straight to Twitter to confirm whether it was true or not. Users in India, Singapore, Mozambique, Vietnam, and Iraq are reporting that they could not access the service. WhatsApp’s official Twitter channels have not said anything about the outage yet – in fact the WhatsApp Status account hasn’t tweeted since February 2014 while the main WhatsApp Twitter account hasn’t been updated since August 2016.

14:27 Infosys deploys more people in states to ease GSTN load
Facing criticism over glitches in the software it developed for the GST Network, Infosys has deployed more IT experts and engineers in states to steady the Goods & Services Tax return filing portal, a government official said. Infosys, which had won the Rs 1,380 crore deal in 2015 for developing and running GST's back-end, has stepped up efforts to remove outages the system faced during peak tax and return filing period, he said. "Infosys has started deploying more engineers and IT experts for the GSTN project. They are being sent to major states to address issues and help states better understand the system," the official said.

14:24 Now, EPFO coverage for Indians working abroad too
Indians working abroad can now exempt themselves from their host country's social security scheme and get covered by retirement fund body EPFO, Central Provident Fund Commissioner (CPFC) VP Joy said. An online facility to avail the benefit has been made functional, he said. The scheme allows Indian employees the option of not being part of their host country's social security scheme and saves employers from double social security contributions.

The Employees' Provident Fund Organisationhas entered into an agreement with 18 countries. "We have made the whole process employee friendly. Employees going abroad to work can get a certificate of coverage (CoC). They can apply for the CoC online and can get it too," he said. "The scheme is of great help for Indian workers going overseas for a limited period of time. The biggest benefit they get from opting for the CoC is that their money is not blocked for a long time in the host country," he said, explaining the benefits of the scheme.

13:47 Yashwant Sinha to campaign against BJP in Gujarat
As part of the Lokshahi Bachao Abhiyan, or the campaign to save democracy, Bharatiya Janata Party (BJP) leader Yashwant Sinha will address public meetings in Gujarat in mid-November. The campaign is led by former Gujarat Chief Minister Suresh Mehta. Gujarat is scheduled to vote on December 9 and 14. Mehta has invited the BJP veteran to speak on November 14, 15 and 16. The meetings will be held in Ahmedabad, Rajkot, and Surat.

Speaking to Business Standard, Mehta said Sinha had confirmed his attendance. Sinha could not be contacted as he was travelling abroad. He is likely to speak on economic issues, particularly the impact of the goods and services tax, and demonetisation. Reports from Gujarat said the campaign is supported by the Congress, but Mehta said it was a conglomeration of civil society groups, trade unions, environmental activists, Gandhians, and eminent citizens.

13:12 Hindalco arm Novelis posts net income of $307m in Q2
Novelis, a wholly-owned subsidiary of Hindalco Industries, has reported a net income of $307 million for the second quarter ended September 30, 2017, reports PTI. "Novelis reported a net income of $307 million for the second quarter of FY18, compared to a net loss of $89 million in the prior-year period," Hindalco said. Excluding tax-affected special items in both years, the company reported a net income of $78 million in the second quarter, up from $60 million reported in the same period last year.

The YoY improvement in adjusted EBITDA is mainly on account of higher shipments, favourable metal costs and operational efficiencies. Driven by higher average aluminium prices and higher total shipments, the company's net sales increased 18% to $2.8 billion for the quarter under review.

13:09 Tata Comm betting big on IoT, to spend $100m in 2-3 years
Tata Communications is set to invest about $100 million in the the Internet of Things (IoT), a digital space the company is betting big on in the next few years, reports PTI. IoT is a serious business and will become a significant revenue line for the firm going forward, Tata Communications Senior Vice-President and Head, Internet of Things, VS Shridhar said. He, however, did not disclose projected revenue numbers. The Mumbai-based company has already rolled out its dedicated IoT network in 38 cites across the country, along with a platform to manage the services that supports very low power consumption, he said.

13:00 Aadhaar-verified passengers can now book 12 railway tickets a month online
Indian Railways has increased the monthly cap on tickets booked on the ICRTC portal from six to 12 for Aadhaar-verified passengers, officials told PTI. The move, which came into effect on October 26, is believed to be an  innovative way for the railways to encourage passengers to link their Aadhar numbers to their online booking accounts on IRCTC. Company officials said passengers can continue to book up to six tickets a month without validating their Aadhaar cards.

If the number goes beyond six, the Aadhaar number of the user and one of the passengers should be updated in the IRCTC portal, an official explained. Users on the IRCTC portal have to click on Aadhaar KYC under the 'my profile' category and update their Aadhaar number. A one-time password (OTP) will be sent to the mobile number linked to Aadhaar and should be entered for verification. In addition, the Aadhaar number of any one of the accompanying passengers should also be updated under the ‘master list’. This will be validated through an OTP.

12:53 Punjab National Bank Q2 profit beats estimates, rises 2% to Rs 561cr
Public sector lender Punjab National Bank has reported better-than-expected growth of 2% YoY for the quarter-ended September 2017. Even its asset quality improved YoY. Profit for the quarter increased to Rs 560.6 crore, against Rs 549 crore in same quarter last fiscal. Gross non-performing assets (NPAs) as a percentage of gross advances were lower at 13.31% compared with 13.66% in the previous quarter and net NPAs declined to 8.4% from 8.67% on a sequential basis.

12:48 Abu Dhabi co keen to buy Dredging Corp, stock down 3.5%
Abu Dhabi’s National Marine Dredging Company (NMDC) is keen to buy state-owned Dredging Corporation of India (DCI), the country’s biggest dredging contractor, as it looks to create a global giant to take on Dutch and Belgian majors, which dominate the market, reports The Hindu Business Line. The move comes after the Cabinet on Wednesday approved a proposal to privatise DCI by selling the government’s 73.47% stake in the Mumbai-listed and Visakhapatnam-based firm.

“DCI would be a most suitable and best fit for us,” says Mahesh Zagade, Director at National Marine and Infrastructure India Pvt, the Indian unit of the Abu Dhabi stock exchange-listed company in which the Abu Dhabi government has a 32% stake. “We are weighing plans to submit a bid,” he added. NMDC has a fleet of 18 cutter suction dredgers (CSD’s are used to deepen the channel of ports and harbours), one new trailing suction hopper dredger (TSHDs: used to maintain the channel) and over 100 floating craft to assist in dredging and construction. DCI has 12 TSHDs, three CSDs and a few craft.

The stock is currently trading close to 3.5% down at Rs 713.70.

12:32 South Korea: Will act to stabilise markets if North Korea risks resurface
South Korea’s finance minister pledged on Friday to take policy measures to stabilise the financial market should risks related to North Korea arise, reports Reuters. “Should North Korea risks resurface and financial market volatilities widen, swift and stern responses will be made,” Kim Dong-yeon said at a meeting with other ministers in Seoul. Kim said that while the benchmark KOSPI was breaking record highs on robust foreign buying, uncertainties related to monetary policies of the European Central Bank persist in the financial market.

12:29 HCC shares slide 4% post Q2 earnings disappointment
Hindustan Construction Company (HCC) shares slide nearly 4% on disappointing second quarter earnings. This despite the company bagging a Pune Metro Rail project. HCC, as a lead partner in the joint venture with AL FARA'A, has received Rs 497.09 crore contract from the Maharashtra Metro Rail Corporation for Pune Metro Rail Project. The company's share in the joint venture is 51% (Rs 253.5 crore). The project is to be completed in 110 weeks. For the quarter-ended September 2017, the company’s net profit fell a sharp 50% YoY at Rs 11.6 crore, dented by weak operational performance. Revenue during the quarter grew 6.5% YoY to Rs 970 crore.

12:20 Easier to do business in India than ever before: PM
Prime Minister Narendra Modi asserted that it is now easier to do business in India than ever before after the country leaped 30 places to break into top 100 nations worldwide, reports PTI. The jump to 100th rank on this year's World Bank Ease of Doing Business index, from last year's 130, is the biggest by any country this year, he said.

The prime minister invited global companies to come and invest in the food process industry in India, saying it offers immense opportunity. He made a point that more investment is required in contract farming, raw material sourcing and creating agricultural linkages. There are opportunities in post-harvest management, Modi said, adding that there is immense potential for value addition in areas such as organic food. He also spoke of the government targeting doubling of farmers' income in five years.

12:14 NTPC boiler blast: Death toll rises to 32, co says unit manufactured by BHEL
NTPC said the death toll in the Unchahar plant incident has risen to 32. The panel probing the mishap will submit its report in a month, the management said, adding that the blast-hit unit was manufactured by BHEL. The company said it didn’t commission Unchahar Unit 6 in a hurry. In fact, it stated, Commissioning of the project was delayed by at least three months.

12:08 Bharat Forge hits record high on improvement in North America class 8 truck orders
Bharat Forge shares touched a fresh record high of Rs 722, rising 3.75% intraday on Friday, following a sharp improvement in North American class 8 truck orders. The same has continued for the fifth consecutive month in September. At 12:06, the stock was quoting at Rs 709.75, up 2.1%. Preliminary North American Class 8 net orders for October stood at 35,700 units, continuing a MoM increase of 62% versus September and 167% above a year ago. Orders are set to rise due to strong freight demand and jump in the US economy.

11:59 SC refuses to extend relief on deposit of demonetised notes
The Supreme Court has disposed of 14 individual petitions seeking nod to deposit demonetised currency and asks petitioners to file plea before the Constitution bench, reports PTI. Besides examining the Centre's decision on demonetisation, the Constitution bench would also deal with individual pleas seeking to deposit demonetised notes. Meanwhile, the government has said it will not prosecute those holding old currency notes for now.

11:52 Shares of Berger Paints is trading 3% lower after the company reported a 24.6% decline in consolidated net profit to Rs 111.34 crore for the quarter-ended September 2017 as against Rs 138.78 crore in the same period last year. Revenue for the quarter under review was Rs 1,281.71 crore as compared to Rs 1,151.60 crore YoY in the same period last year, the company said in a statement.

11:26 Piramal Group in race to buy stakes in Binani Cement, Electrosteel Steels
The cash-rich Piramal Group is in the race to buy controlling stakes in Binani Cement and Electrosteel Steels after their lenders asked India’s top conglomerates to bid for distressed assets that have been referred to the National Company Law Tribunal (NCLT) following default on bank loans, reports The Business Standard. The distressed asset fund of the Piramal Group would make the bids and had sought data from the lenders on the two companies, sources said.

The NCLT had, in July, admitted a petition against unlisted Binani Cement for insolvency proceedings after the company defaulted on a Rs 97-crore loan to Bank of Baroda. Binani Cement owed Rs 3,700 crore as of March 2016 to Indian lenders led by Edelweiss Asset Reconstruction Company. With debts of Rs 10,288 crore, Electrosteel Steels is among the 12 companies identified by the Reserve Bank of India for continuous default. Six companies — Srei Infrastructure, Tata Steel, Mesco Steel, Edelweiss, Avalokiteshvar Valinv and Electrosteel Castings —  formally expressed an interest in the firm last week.

11:11 Hershey to invest $50m in India over five years
US-based chocolate and confectionery firm Hershey said it would be investing $50 million in India over the next five years to scale up its operations here, reports PTI. "We anticipate an investment of about $50 million during the next five years as we focus on growing and expanding our presence in India. India is one of our key International focus markets and we are investing to build this important business," Hershey India Chairman and Managing Director Praveen Jakate said.

The Hershey Company, the world's fourth-largest confectioner maker, had entered India through a joint venture with Godrej Group in 2008, but dissolved it four years later, buying out the entire stake. India is among the four key markets for the company globally outside North America. Hershey India's product portfolio includes brands like Hershey's Syrups, Hershey's Milk Booster, Hershey's Spreads, Hershey's Milk Shakes, Sofit, Jolly Rancher, Brookside Chocolates, Jumpin, Nutrine and Smart Cook.

10:50 Torrent Pharma set to buy Unichem Labs’ domestic ops for Rs 3,500cr today
Torrent Pharmaceuticals is set to acquire the domestic formulations business of Unichem Laboratories in a deal estimated at about Rs 3,500 crore, reports The Times of India. A formal announcement on the slump sale of Unichem's division to Torrent is expected in the next few days, or as early as on Friday, sources said. The deal-making would help the Sudhir Mehta-spearheaded Torrent to strengthen its footprint in the domestic market, especially in the cardiac, neuro and gastro-intestinal segments where Unichem has a significant presence.

Global giant Abbott and domestic rivals Lupin and Dr Reddy's Laboratories had evaluated buying the Unichem business before Torrent closed in. The impending transaction is one of the significant consolidation moves in the domestic pharma industry after Sun Pharmaceutical Industries' acquisition of Ranbaxy Laboratories from Japan's Daiichi Sankyo for $3.2 billion in an all-stock deal in 2015. Torrent, which is ranked 15th in the local market, had purchased Elder Pharmaceuticals' India business for Rs 2,000 crore four years ago.

10:34 Max Life in talks with Lakshmi Vilas Bank to raise stake up to 10%, deal may cost Rs 150cr
Three months after an aborted attempt to merge with HDFC Life, Analjit Singh-controlled Max Life Insurance has entered into formal negotiations with South India-based Lakshmi Vilas Bank (LVB) to increase its stake in the mid-sized lender to up to 10%, reports The Economic Times. “Max already has a significant exposure in the bank. The new investment will be more of a strategic one. This will make Max the single-largest shareholder,” sources said. The promoters only hold 9.03% in the widely held bank, with public shareholders — including foreign portfolio investors and financial institutions — holding the remaining 90.97%. At current valuation, the deal should cost Max around Rs 150 crore. However, preferential allotments typically happen at a premium.

10:27 Telecom sector may see 30,000 job cuts by Oct'18
Job losses arising out of consolidation in the telecom sector are likely to extend over the next year, with a range of positions across categories likely to be affected, placement firms told The Economic Times. However, the prospects for those laid off are not entirely bleak: alternative jobs are available, although candidates may have to upgrade their skills and settle for lower salaries.

As Reliance Communications shuts the bulk of its wireless business and the Tata Group sells its mobile business to Bharti Airtel, the axe will fall on an average of 20,000 to 30,000 jobs over the next 12 months, according to estimates by the heads of firms including TeamLease Services, Manpower Group Services, ABC Consultants, Randstad India and Korn Ferry. Those working in infrastructure and networking engineering, sales and distribution, telecom engineering, HR and finance, call centre and other support functions will be in trouble, experts said.

10:15 Shares of Power Grid Corporation of India (PGCIL) are down close to 2% despite the state-run entity net profit rising 14.37% YoY to Rs 2,141.04 crore on a 15.62% growth in total income to Rs 7,492.52 crore in Q2 FY18.

10:13 Shares of Andhra Bank are down 5% after the public sector lender suffered a Rs 385 crore loss for the quarter ended September 30 due to higher provisioning for bad loans. The bank reported a Rs 51 crore net profit during the same quarter in FY17.

10:11 Glenmark Pharmaceuticals stock is down close to 2.5% after the drug firm reported a 4.23% dip in its consolidated net profit to Rs 214.12 crore for the second quarter ended September 30, 2017. The company had posted a net profit of Rs 223.58 crore for the corresponding period of the previous fiscal.

10:09 The Shriram City Union Finance stock is down close to 3% after the company posted a decline of 3% in its net profit at Rs 198.30 crore for the second quarter-ended September of this fiscal. The company's net profit stood at Rs 204.49 crore in the July-September quarter of the previous fiscal.

10:03 Six major IT companies reduce employee strength by over 4,000
The $156-billion Indian IT industry, often called the biggest job creator in the organised sector, is seeing a tectonic shift in recruitment, reports The Times of India. For the first six months of the fiscal, Cognizant, Infosys, Wipro and Tech Mahindra have all seen their employee strength actually decline — quite sharply in Cognizant's case (by over 5,000). TCS and HCL Technologies are the only exceptions among India's top six IT companies, but even TCS' addition is a fraction of what it did in the first six months of the previous fiscal. The headcount of all of the six companies put together dropped by 4,157 in the first six months of this fiscal, compared to an increase of almost 60,000 in the same period last year.

09:56 Rupee spurts 8 paise against dollar
The rupee was up 8 paise at 64.53 against the dollar in opening trade today, helped by stronger domestic equities. Apart from selling of the American currency by exporters, forex dealers told PTI, foreign capital inflows and the dollar losing muscle against other currencies overseas kept the rupee in good stead. On Thursday, the rupee had surrendered early gains and ended marginally lower by 2 paise at 64.61 against the American currency in a quiet session.

09:55 New York attacker was 'soldier' of IS, Islamic State says
The attacker who killed eight people in a truck rampage in New York was a "soldier" of the Islamic State group, the jihadists said, according to a US-based monitoring group. "One of the soldiers of the Islamic State attacked a number of crusaders on a street in New York City," said an article in the latest issue of the group's al-Naba weekly newspaper, according to the SITE Intelligence Group.

09:45 Natco Pharma gets board nod to raise Rs 1,500 crore
Natco Pharma’s board has green lighted raising Rs 1,500 crore through sale of shares to investors in coming months. "Raising funds through further issue of shares or convertible securities of any nature through one or more modes, including but not limited to a further public and private offerings, rights issue, qualified institutional placement, issue of American Depository Receipts or Global Depository Receipts etc, subject to such approvals as may be required up to an amount not exceeding Rs 15,000 million," the company said. It is holding an extraordinary general meeting of its shareholders on November 29 to ratify the fund raising proposal. Natco didn't specify what it intends to do with fresh capital but hinted it plans to use the proceeds to expand in domestic formulation business and other "interesting things".

09:30 Lupin gains 1% on USFDA approval to launch tablets in US market
Shares of Lupin gained 1% on launch of Doxycycline tablets in the US market. The company has launched Doxycycline Hyclate tablets USP, 75 mg and 150 mg in the US market after receiving approval from United States Food and Drug Administration (USFDA). Lupin’s Doxycycline Hyclate Tablets USP, 75 mg and 150 mg are the AB rated generic equivalent of Aqua Pharmaceuticals’ Acticlate Tablets, 75 mg and 150 mg. They are indicated in the treatment of infections caused by various microorganisms and as an adjunctive therapy in severe acne.

09:03 Hindalco Q2 profit seen 9% higher at Rs 477cr
Hindalco is likely to report a 9% increase in its September quarter profit at Rs 477 crore, a poll of analysts by CNBC-TV18 said. The company had reported profit at Rs 439 crore in the previous year. Net sales are likely to be higher by 9% at Rs 10,409 crore as against Rs 9,562 crore. At an operating level, operating income is seen higher by 16% at Rs 1,645 crore as compared to Rs 1,157 crore, while margin could be higher at 12.9% against 12.1% YoY.

08:56 India slips 21 slots on WEF Gender Gap index
India slipped 21 places on the World Economic Forum's Global Gender Gap index to a lowly 108, behind neighbours China and Bangladesh, primarily due to less participation of women in the economy and low wages, reports PTI. Moreover, India's latest ranking is 10 notches lower than its reading in 2006 when the WEF started measuring the gender gap. According to the WEF Global Gender Gap Report 2017, India has closed 67% of its gender gap, less than many of its international peers, and some of its neighbours like Bangladesh ranked 47th while China was placed at 100th. Globally also, this year's story is a bleak one. For the first time since the WEF began measuring the gap across four pillars -- health, education, the workplace and political representation -- the global gap has actually widened.

08:54 Coal India misses October output target by 3.3MT
Coal India posted an output of 46.14MT in October, falling short of its 49.47MT target despite being 6% higher on the year. April-October production rose 1.6% on the year to 278.01MT compared with a target of 292.77MT. October offtake was up 12% YoY and on target at 48.28MT.

08:49 Tata Power Q2 profit seen up 26% YoY at Rs 544cr
Tata Power is likely to post a strong 26% YoY growth in Q2 FY18 profit at Rs 544 crore, a poll of analysts conducted by CNBC-TV18 has revealed. Revenue could be up 3% at Rs 7,409 crore as against Rs 7,209 crore posted during the same period last year. At an operational level, EBITDA may rise 11% at Rs 1,624 crore against Rs 1,462 crore. Operating margin could be higher at 21.9% against 20.3% YoY. For the quarter, analysts are expecting generation volumes to remain sluggish while realisations are expected to remain flattish. Growth could be led by higher income from renewables, Strategic Engineering Division and Mumbai circle.

08:45 PFC Q2 net may fall 5% YoY, loan growth seen in double-digits
State-run Power Finance Corporation's second quarter profit is seen falling 5.3% YoY to Rs 1,774 crore, against Rs 1,873 crore in the year-ago quarter. Net interest income may increase 1.7% to Rs 2,915.1 crore, compared with Rs 2,867 crore in same period last fiscal, according to average of estimates of analysts polled by CNBC-TV18. Analysts expect pressure on earnings - both net interest income and profit.

08:40 Punjab National Bank Q2 profit seen down 33% YoY, slippages could fall below Rs 6,000cr
Public sector lender Punjab National Bank's Q2 FY18 profit is likely to decline 33.3% YoY to Rs 366 crore for quarter-ended September 2017. Profit in year-ago quarter stood at Rs 549 crore. Net interest income, the difference between interest earned and interest expended, may grow by 0.9% to Rs 3,913.2 crore as compared with Rs 3,880 crore in same quarter last fiscal, according to average of estimates of analysts polled by CNBC-TV18. Analysts see slippages coming in below Rs 6,000 crore, loan growth in double-digits and net interest margin and gross non-performing assets improving.

08:37 Titan Company may post 20% growth in Q2 profit, jewellery sales seen growing 19% YoYJewellery-to-watch maker Titan Company is expected to report profit growth of 20% for the quarter-ended September 2017. Profit is likely to come in at Rs 217.1 crore for the quarter, against Rs 180.8 crore in same quarter last fiscal, according to average of estimates of analysts polled by CNBC-TV18. Revenue during the quarter is seen rising 16% to Rs 3,090 crore compared with Rs 2,659 crore a year-ago. EBIDTA may grow 15% to Rs 316.5 crore, but margin may contract 20 basis points to 10.2% YoY. Jewellery sales may grow by 17-19%.

08:33 Unilever to buy tea brand Tazo from Starbucks for $384m
Unilever said on Thursday it would buy the speciality tea brand Tazo from Starbucks in a deal valued at $384 million, reports Reuters. This acquisition is the latest in a string of deals by the Anglo-Dutch consumer giant to add smaller, healthier brands to expand its portfolio in a fast-growing speciality tea segment.

08:26 Vedanta Q2 net profit climbs 43% to Rs 2,036 crore
Metals and mining conglomerate Vedanta's consolidated net profit jumped 43% to Rs 2,036 crore for the July-September quarter, helped by strong commodity prices and higher zinc and copper output. The company had posted a consolidated net profit (after taxes, non-controlling interests and share in profit of jointly controlled entities and associates but before exceptional items) of Rs 1,424 crore in the same quarter last year. Total income during the quarter increased to Rs 22,466 crore, over Rs 18,154 crore in the year-ago period. Revenue in the second quarter was higher 37% YoY on higher volume at Copper India, Zinc India, Zinc International, ramp-up at aluminium business and higher commodity prices partially offset by currency appreciation and lower oil and gas volumes.

08:19 Venezuela to restructure foreign debt, default looms as possibility
Venezuela on Thursday announced plans to restructure its burgeoning foreign debt, a move that may lead to a default by the cash-strapped OPEC nation whose collapsing socialist economy has left its population struggling to find food and medicine, reports Reuters. President Nicolas Maduro vowed to make a $1.1 billion payment on a bond maturing on Thursday, but also created a commission to study “restructuring of all future payments” in order to meet the needs of citizens.

08:18 China's services sector sees modest growth in October
Activity picked up slightly in China’s services sector in October but growth remained modest and much weaker than historical trends, reports Reuters. The findings, along with other private and official business readings earlier in the week, are likely to reinforce views that the world’s second-largest economy saw a more subdued start to the fourth quarter after racing ahead earlier in the year. The Caixin/Markit services Purchasing Managers’ Index (PMI) rose to 51.2 in October, up slightly from September’s 21-month low but suggesting only a subdued expansion in activity and new orders. An official gauge of the non-manufacturing sector had on Tuesday showed slower but still relatively solid growth in October.

08:15 Credit Suisse says banks are staying away from bitcoin 'bubble' due to money laundering fears
Banks have "little or no appetite" to get involved with bitcoin and cryptocurrencies due to fears of a bubble and illicit activity associated with it, the chief executive of Credit Suisse told Reuters. "Most banks in the current state of regulation have little or no appetite to get involved in a currency which has such anti-money laundering challenges," Tidjane Thiam told Reuters. The banking executive's comments came as the digital currency surpassed $7,000 for the first time. Thiam added that investors were only buying into the digital asset "to make money," and described it as "the very definition of speculation and the very definition of a bubble."

08:04 Gold prices pared gains after touching a two-week high on Thursday, after Republicans in the US House of Representatives unveiled legislation to overhaul the US tax system. The yellow metal rose above its 100-day moving average at $1,275.62 but indicators suggested prices would fall, analysts told Reuters.

08:02 Oil markets firmed on Friday, supported by confident sentiment as OPEC-lead supply cuts help tighten the market, but analysts cautioned that the cuts would need to be extended to counter rising US output.

08:00 Spanish judge orders custody for Catalan leaders pending trial
A Spanish judge ordered nine Catalan secessionist leaders to be held in custody on Thursday pending a potential trial over the region’s independence push, reports Reuters.

07:59 Germany’s unemployment total fell slightly more than expected in October, reflecting the strength of a labour market that continues to generate new jobs and support a consumption-led upswing in Europe’s largest economy. Data published by the Federal Labour Office showed the seasonally adjusted jobless total fell by 11,000 to 2.495 million, a bigger drop than the 10,000 forecast in a Reuters poll. The unemployment rate remained at 5.6%, the lowest level since reunification in 1990.

07:57 Bank of England takes slow lane after first rate hike since 2007
The Bank of England raised interest rates for the first time in more than 10 years on Thursday but said it expected only “very gradual” further increases as Britain prepares to leave the European Union, sending sterling down sharply, reports Reuters. The BoE’s nine rate-setters voted 7-2 to increase the Bank Rate to 0.5% from 0.25%, reversing an emergency cut made in August 2016 after the Brexit vote. It was the first BoE hike since 2007, before the global financial crisis tipped Britain into a deep recession. However, investors focussed on the BoE’s wariness about its next moves, pushing down sterling by its most in five months against a basket of other major currencies.

07:55 Declines in health and tech stocks weighed on European shares on Thursday. The pan-European STOXX 600 index trended lower through the day after opening near two-year highs, ending the session down 0.5%. Britain's FTSE 100 index bucked the trend, closing 0.9% higher as sterling dropped after the Bank of England raised rates for the first time in more than a decade. However, the French CAC and German DAX slipped in trade.

07:51 Twitter says Trump's account 'inadvertently deactivated' by employee
US President Donald Trump’s @realdonaldtrump Twitter account was “inadvertently deactivated” due to human error by a Twitter employee on Thursday and was down for 11 minutes before it was restored, the social media company said. “Earlier today @realdonaldtrump’s account was inadvertently deactivated due to human error by a Twitter employee,” the company said in a tweet. “We are continuing to investigate and are taking steps to prevent this from happening again,” it added. Trump has made extensive use of messages on Twitter to attack his opponents and promote his policies both during the 2016 presidential campaign and since taking office in January, reports Reuters. He has 41.7 million followers on Twitter.

07:47 Republicans unveil tax cut bill
US House of Representatives Republicans unveiled long-delayed legislation on Thursday to deliver deep tax cuts that President Donald Trump has promised, setting off a frantic race in Congress to give him his first major legislative victory, reports Reuters. The 429-page bill, representing what would be the largest overhaul of the US tax system since the 1980s, called for slashing the corporate tax rate to 20% from 35%, cutting tax rates on individuals and families and ending certain tax breaks for companies and individuals.

07:44 Trump picks Jerome Powell to succeed Yellen as Fed chair
President Donald Trump on Thursday tapped Federal Reserve Governor Jerome Powell to become head of the US central bank, promoting a soft-spoken centrist to replace Janet Yellen when her term expires in February, reports Reuters. Powell, a Fed governor since 2012, emerged as Trump’s choice from a slate of possible nominees that included Yellen as well as others who would have represented a sharp change in monetary policy.

07:37 Wall Street’s Dow industrials climbed to a record high on Thursday while losses in Facebook kept the S&P 500 and the Nasdaq in check as investors assessed the long-awaited tax cut plan unveiled by US President Donald Trump’s fellow Republicans. The Dow Jones Industrial Average rose 81.25 points, or 0.35%, to 23,516.26, the S&P 500 gained 0.49 points, or 0.02%, to 2,579.85 and the Nasdaq Composite dropped 1.59 points, or 0.02%, to 6,714.94.

07:30 Barclays raises concerns over three kinds of debt in China
Despite concerns about household debt in China, the biggest problems still come from the corporates, state-owned enterprises and local governments, a Barclays economist said. "In terms of financial deleveraging, the PBOC (People's Bank of China) and the financial regulators have done quite a lot of work in the past year. We have seen a slowdown in shadow financing activities and in interbank business and all these mean the risks in the financial systems have reduced compared with a year ago," said Jian Chang, Chief China Economist at Barclays.

"But in terms of economic deleveraging, there is still a long way to go. Particularly, the debt level over GDP remains quite high," Chang told CNBC. State-owned companies', private firms' and local governments' debt remain the biggest problems in China, said Chang. That remains the case despite corporate leverage having stabilised somewhat. Still, "significant work needs to be done," she added.

07:25 US cuts off Chinese bank over North Korea ties
The United States excluded China's Bank of Dandong from its financial system on Thursday, alleging that it has helped North Korea evade financial sanctions to launder funds, reports AFP. Washington had alerted other businesses in June that it planned to take the action, but it finally went into effect just as US President Donald Trump was to set off on an Asian tour.

07:23 Trump's underlying message on North Korea is the 'right' one, former UN head says
President Donald Trump's rhetoric on North Korean nuclear aggression has been widely criticised for being too inflammatory, but former United Nations Secretary-General Ban Ki-moon said he believes the Republican's underlying message is inherently the right one. “I know there are some different interpretations on what President Trump has been saying, but his underlying message has been clear: While he's ready to engage in dialogue, such North Korean behaviour will never be tolerated," Ban told CNBC. The president has "shown a strong message of deterrence ... It is the right message," he said.

07:21 World 'running out of time' on North Korea, Trump to tell Asia: White House
US President Donald Trump will tell leaders on a five-nation Asia tour the world is “running out of time” on North Korea’s nuclear crisis and that he will give his strategy to isolate Pyongyang a few months before making adjustments, reports Reuters. Trump leaves on Friday for Hawaii, the first stop en route to Asia where he will visit Japan, South Korea, China, Vietnam and the Philippines. It will be the longest Asia tour by an American president in more than 25 years. His goal will be to increase international support for an effort to deprive North Korea of resources as leverage to coerce it to give up nuclear weapons. “The president recognises that we’re running out of time (to deal with North Korea) and will ask all nations to do more,” White House national security adviser HR McMaster said.

07:13 US, South Korea, Japan conduct second air bombing drill near Korean peninsula
Two Guam-based US B-1B bombers, accompanied by fighter jets from South Korea and Japan, carried out an exercise in the vicinity of the Korean peninsula on November 2, Korean-time, reports Reuters. “The bilateral continuous bomber presence (CBP) mission was planned in advance ... and was not in response to any current event,” the Air Force said in a statement.

07:09 Asian share markets edged higher on Friday as investors gave a guarded reception to Republican plans for massive US tax cuts, while welcoming the appointment of a centrist at the helm of the Federal Reserve. Australia's main index firmed 0.5%, while South Korea added 0.3%. The SGX Nifty is indicating a flat opening.