News highlights of the day: Firms will now be able to pay PF dues, update ownership details online

21:32 Blue Dart Express Q3 net profit jumps 62% to Rs 45.4 crore

Blue Dart Express Ltd today reported a 62 per cent rise in standalone net profit to Rs 45.4 crore for the third quarter ended December 31.

The company had posted Rs 28 crore net profit in the year-ago period, Blue Dart Express said in a filing to BSE.

However, the company's total income in the quarter under review declined to Rs 710.3 crore, from Rs 726.5 crore in the corresponding period previous fiscal

20:54 EPFO: Firms can pay dues, update ownership details online

Taking another step towards going paperless, retirement fund body EPFO today said it has launched facilities for employers to pay dues and update ownership details online.

Employees' Provident Fund Organisation (EPFO) has provided facility of online submission of Form 5A (Return of Ownership), it said in a statement.

EPFO added it has discontinued the physical submission of the form.

19:52 Earlier this month, the Ministry of External Affairs announced that they will be printing orange passports for those holding the ECR (Emigration Check Required) status. The MEA had also announced to do away with printing the last page of the passport. However, according to reports, the MEA has said that they will continue with the practice of printing the last page and not issue orange passports.

19:32 AB De Villiers ruled out of the first three ODIs due to a finger injury, reports ANI

18:47 Judges of High Court and Supreme Court get a near 200% salary hike. Govt. notifies new law on salary hike, reports News18

18:35 Never said 'Hey Ram' weren't Bapu's last words: Gandhi's PA Kalyanam

Over a decade after he shocked the country claiming Mahatma Gandhi did not utter the words 'Hey Ram' when he was assassinated 70 years ago, Bapu's nonagenarian personal attendant today said he was misquoted earlier.

Venkita Kalyanam, who was the Mahatma's personal secretary between 1943 and 1948, told PTI: "I never said Gandhiji did not say 'Hey Ram' at all. What I had said was I did not hear him saying 'Hey Ram'."

The 96-year-old, who claims to be a witness to the horrific event on January 30, 1948, said he "could not hear anything due to the commotion after the incident".

"Everybody was shouting when the Mahatma was shot. I could not hear anything in the din. He may have uttered 'Hey Ram'. I do not know," Kalyanam said.

18:21'India 6th wealthiest country' with total wealth of $8,230 billion

India has been ranked sixth in the list of wealthiest countries with total wealth of USD 8,230 billion, while the United States topped the chart, says a report. According to a report by New World Wealth, the United States is the wealthiest country in the world as the total wealth held in 2017 amounted to USD 64,584 billion, followed by China at the second place with USD 24,803 billion and Japan with USD 19,522 billion at third. Total wealth, refers to the private wealth held by all the individuals living in each country/city. It includes all their assets (property, cash, equities, business interests) less any liabilities. The report, however, excludes government funds from its figures.

17:34 Idea Cellular lines up cashback offers on Karbonn phones

Amid a raging price war among telecom operators, Idea Cellulartoday lined up for its customers fresh cashback offers on various smartphones and feature phones from Karbonn.

The cashbacks range from Rs 1,000-2,000 depending on the handset, and will be available from February 1.

A cashback offer of Rs 1,500 on Karbonn Smartphones (A41 Power, A9 Indian) and Rs 2,000 (on Yuva 2) will "considerably bring down the cost of ownership of 4G devices for Idea customers", an Idea statement said.

17:02 Jet Airways ex-CEO Wolfgang Prock-Schauer may join IndiGo as COO
Sources Say Former Jet Airways CEO Wolfgang Prock-Schauer To Join IndiGo As COO After GoAir Refused His Extension As CEO. He Had Served As CEO Of Jet Airways From 2003 To 2009, reports CNBC-TV18

16:42 Videocon Industries to challenge NCLT proceedings against it in Bombay HC

Videocon Industries has filed a writ petition in Bombay High Court seeking stay on NCLT proceedings initiated against it by Reserve Bank of India (RBI) under Insolvency and Bankruptcy Code (IBC), sources told CNBC-TV18.

Videocon Industries is the second company after Jayaswal Neco to challenge RBI's decision to send the company into the NCLT. Videocon argued that it had offered a recast proposal to bankers to repay part of Rs 43,000 crore debt. Sources, say the company had proposed to raise Rs 10,000 crore by sale of its land assets in Chennai, Bangalore, Kolkata and Mumbai and raise another Rs 4,000 crore every year to pare off the debt.

15:39 SBI Life Insurance Q3 net profit rises 21% YoY to Rs 230cr
SBI Life Insurance Company reported a 21% rise in its net profit at Rs 230.28 crore for the third quarter ended December 2017 on healthy premium income. The company had registered a net profit of Rs 190.43 crore in the corresponding quarter of previous fiscal 2016-17.

Total income of the life insurer increased to Rs 9,720 crore during the quarter against Rs 6,060 crore in the same period of the previous fiscal, SBI Life said in a regulatory filing. The net premium income of the company grew nearly 30% to Rs 6,780 crore in the October-December quarter of 2017-18, from Rs 5,240 crore earned in the same period of 2016-17.

SBI Life said the increase in net premium income was primarily due to increase in retail new business premium and also due to increase in renewal premium from retail business.

15:32 Govt plans to abolish posts vacant for 5 years
The government is planning to abolish all posts which have been vacant for more than five years, and has directed all ministries and department to submit a comprehensive report on the matter, reports PTI. In an office memorandum, the Finance Ministry said it had asked all ministries and departments to submit an action-taken report regarding abolition of posts vacant for more than five years.

15:00 IOC Q3 standalone profit doubles to Rs 7,883cr; approves 1:1 bonus
Oil marketing company Indian Oil Corporation's third quarter earnings beat analyst expectations on Monday as standalone profit during the quarter more than doubled to Rs 7,883 crore, from Rs 3,696.3 crore in previous quarter. Revenue from operations grew 22.2% to Rs 1.1 lakh crore in Q3, compared to Rs 90,567 crore in September quarter, the company said in its filing. IOC said its board of directors has approved bonus share issue in the proportion of one share for every one share held and also announced interim dividend of Rs 19 per share.

14:45 Uday Kotak says gold only alternative currency to have worked
A firm believer in formal banking systems, eminent banker Uday Kotak feels gold is the only alternative currency that has worked ever without any state support and sees no regulatory backing in immediate future for numerous crypto currencies that have cropped up, reports PTI.

The most famous among all, bitcoin has been seeing a huge traction lately even as its prices have been extremely volatile, surging to close to $20,000 per unit a few weeks ago but only to fall below $10,000 soon after.

Kotak, who has overseen one of the biggest success story of a new age bank as head of Kotak Mahindra Bank, also said that real estate market is unlikely to recover anytime soon as the money has moved out of land to financial assets.

14:18 BJP MP Chintaman Wanaga passes away, Budget presentation unlikely to be affected
Senior BJP MP from Maharashtra Chintaman Wanaga passed away in News Delhi today, said doctors at Ram Manohar Lohia hospital. He was 67. The presentation of the Union Budget on February 1 is unlikely to be affected by Wanaga's death, sources in the Parliamentary Affairs Ministry told PTI. An obituary reference would be read out by the speaker on February 1 when the House meets. There are no sittings of Parliament today and tomorrow.

14:15 Saudi closes hotel detention centre as corruption purge winds down
Saudi Arabian authorities have released all remaining detainees from Riyadh’s opulent Ritz-Carlton Hotel, which had been used as an interrogation centre in a crackdown on corruption, a Saudi official said. The news signalled that the three-month-old purge, in which dozens of top officials and businessmen were detained by investigators who said they aimed to seize some $100 billion of illicit assets, was drawing to a close. “There are no longer any detainees left at the Ritz-Carlton,” the official told Reuters.

14:11 Two killed after being hit by luggage door of bus
In a freak mishap, two persons were killed and another injured, after they were hit by a luggage door of a state-run 'Shivneri' AC bus, which opened automatically in Khadaki near Pune, police said. The mishap occurred on January 28, when the trio was standing near a bus stop on the old Mumbai-Pune highway, a senior police official told PTI.

14:01 Murshidabad bus accident: Five more bodies found, toll 41
The toll in the bus accident in Murshidabad district rose to 41 this morning after five more bodies were fished out during a search operation, reports PTI. Some of these bodies were found stuck on the waterbed and the others were floating, a senior official of the state administration said.

The passenger bus had rammed into the railing of a bridge and plunged into Gogra canal at Balirghat area of the district around 6 am on Monday. The search operation that was called off last night due to poor visibility resumed at 7 this morning, the official said.

13:57 TVS Motor Q3 net profit up 16% YoY at Rs 154cr
Chennai-based TVS Motor Co reported a 16.34% increase in standalone net profit at Rs 154.25 crore for the third quarter ended December 31, riding on robust sales growth. The company had posted a standalone net profit of Rs 132.67 crore in the year-ago quarter, TVS Motor said in a BSE filing.

Revenue from operations was at Rs 3,684.95 crore during the quarter under review. In the same quarter of the previous fiscal, the figure stood at Rs 3,239.55 crore. The company said its revenue from operations for the third quarter is net of GST but in the comparable period previous year, it was inclusive of excise duty. Hence the two figures are not comparable.

13:51 US releases 'Putin list' of Russians eligible for sanctions: Treasury
The US Treasury has released a long awaited list of Russian officials and business leaders eligible for sanctions under a law designed to punish Moscow for its alleged meddling in the election that brought Donald Trump to power, reports AFP. The list published shortly after midnight on Monday features the names of most of the senior members in President Vladimir Putin's administration -- 114 politicians altogether -- and 96 business people the US considers close to Putin and each worth at least $1 billion.

13:43 Hero MotoCorp unveils new 200cc bike
Country's largest two-wheeler maker Hero MotoCorp unveiled an all-new model – Xtreme 200R - as part of its plans to strengthen presence in the premium segment. The new product powered by a 200cc air-cooled engine will hit markets across the country in April this year.

13:31 Railways' sends gangmen, trackmen for first foreign pleasure trip
Indian Railways' first non-working foreign tour is under way - not for senior officers but for gangmen, trackmen and other non-gazetted employees, reports PTI. In a first for the national transporter, 100 non-gazetted workers of South Central Railway flew to Singapore and Malaysia for a six-day vacation on January 28, said a statement. While 25% expenditure of the tour is being borne by the employees, 75% is from the Staff Benefit Fund (SBF), M. Umashankar Kumar, SCR chief public relations officer, said in a statement.

13:23 Kabul hotel attacker trained by Pak's ISI: Afghan envoy
Pakistan's spy agency ISI trained a terrorist involved in the attack on Kabul's iconic Intercontinental Hotel in which over 20 people were killed, a top Afghanistan envoy has alleged, reports PTI. Afghanistan's Permanent Representative to the United Nations, Mahmoud Saikal, made the serious allegation against the Inter-Services Intelligence (ISI) in a tweet.

"Abdul Qahar, father of one of the terrorists involved in last week attack on #Kabul Intercontinental Hotel, concedes his son was trained in Chaman of #Balochistan Province of #Pakistan by the Inter-Services Intelligence of Pakistan. Qahar is currently in custody of Afghan authorities," Saikal tweeted. On January 20, Taliban men armed with Kalashnikovs and suicide vests attacked the landmark Intercontinental Hotel and killed around 25 people, going from room to room searching for foreigners during the more than 12-hour ordeal.

13:15 Indian gold demand wanes as jewellers expect import tax cut in Budget
Gold prices in India, the world’s second-biggest user of the precious metal, were at discounts as jewellers were postponing purchases on the expectation that the government will announce an import tax cut in its annual Budget on Thursday, reports Reuters. The lower import tax could boost India’s gold demand and support global prices that are currently trading near their highest in 17 months.

The bullion industry has been urging a tax reduction to combat smuggling, which has increased since India raised the import duty to 10% in August 2013 to narrow its current account deficit. “We are expecting a 2-4% reduction in the import duty,” Saurabh Gadgil, the Vice-President of the Indian Bullion Jewellers Association (IBJA), said.

13:02 Kia Motors to showcase SUV SP Concept at Auto Expo
South Korean auto maker Kia Motors said it will showcase SP Concept at the upcoming Auto Expo in line with its plans to introduce a new SUV in India, reports PTI. The company, which plans to start rolling out vehicles in India by second half of 2019, said the SP Concept will be among 16 products from its global portfolio to be displayed at the expo to be held from February 9-14.

12:57 NCDRC rejects complaint against Jet Air, blames passenger
The apex consumer commission has rejected a man's plea seeking compensation from Jet Airways for missing his Delhi-Jaipur flight, saying he has to blame only himself for not being able to board it as the gates had been closed, reports PTI. The National Consumer Disputes Redressal Commission (NCDRC) dismissed the plea of Jaipur resident Sheel Ratanam against the Rajasthan state commission order declining his plea for a Rs 25 lakh compensation from the airline for not allowing him to board his connecting flight. The commission said there was no deficiency on part of the airline and the passenger had taken a calculated risk by booking tickets for two flights with a time gap of just 35 minutes between landing and take-off.

12:49 Tests link Syrian government stockpile to largest sarin attack, say sources
The Syrian government’s chemical weapons stockpile has been linked for the first time by laboratory tests to the largest sarin nerve agent attack of the civil war, diplomats and scientists told Reuters, supporting Western claims that government forces under President Bashar al-Assad were behind the atrocity. Laboratories working for the Organisation for the Prohibition of Chemical Weapons compared samples taken by a UN mission in the Damascus suburb of Ghouta after the August 21, 2013 attack, when hundreds of civilians died of sarin gas poisoning, to chemicals handed over by Damascus for destruction in 2014.

12:40 LIC funds govt divestment drive, invests Rs 60K cr
Life Insurance Corporation of India has invested almost Rs 60,000 crore in disinvestment opportunities offered by the government till date, reports Moneycontrol News’ M Saraswathy. It has also booked Rs 20,000 crore as profit from the equity market. “Compared to last year, when we had booked around Rs 19,000 crore as profit from the equity market. This year, driven by the buoyancy in the markets, we have crossed Rs 20,000 crore,” a senior official from LIC said. Till the end of the third quarter, LIC had invested Rs 3 lakh crore in equity and debt. Of this, Rs 2 lakh crore was invested in government securities and about Rs 40,000 crore in equity markets. The rest was used to fund the various disinvestment offers of the government.

12:27 HC asks EC to state facts behind AAP MLAs' disqualification
The Delhi High Court asked the Election Commission (EC) to state the factual aspects behind its decision to disqualify the 20 AAP MLAs for holding office of profit by filing an affidavit, reports PTI. A bench of Justices Sanjiv Khanna and Chander Shekhar asked the poll panel to file the affidavit after the EC said it wanted to respond to some of the allegations made in the MLAs' pleas challenging their disqualification from the Delhi Assembly.

12:14 Maharashtra govt machinery responsible for farmer's death: Shiv Sena
The Shiv Sena on Tuesday held the Maharashtra government machinery responsible for the death of an elderly farmer, who consumed poison over inadequate compensation for his land, and said ministers and officials concerned should be booked for culpable homicide.

Taunting the Devendra Fadnavis-led dispensation, the BJP's warring ally said problems like food, clothing and shelter are not solved merely by giving speeches.

Dharma Patil, 84, died at a government hospital on January 28, six days after he consumed poison at Mantralaya, the state secretariat, here on January 22. The farmer was protesting inadequate compensation for a plot of land acquired by the government for a project.

12:03 Supreme Court's five-judge Constitution bench has started hearing arguments in connection with the constitutional validity of Aadhaar (ANI)

11:52 Pentagon blocks release of key data on Afghan war: Watchdog
The Pentagon has restricted the release of critical information on the progress being made in the war in Afghanistan, a move that will limit transparency, the US government's top watchdog on Afghanistan said on Monday.

For years, the Special Inspector General for Afghanistan Reconstruction, or SIGAR, has published a quarterly report that includes unclassified data on the amount of territory controlled or influenced by the Taliban and the government.

11:45 JUST IN: SBI hikes Bulk Deposit Rates by 50-140 bps effective today

11:36 Four people safely rescued out which one person was admitted to hospital in unconscious condition after part of a slab collapsed at Old Mhada Society in Andheri-West at 1030 am today. (ANI)

11:26 USL may have to cut prices as no buyers line-up for Mallya’s villas, says report
United Spirits, controlled by the world's largest spirits maker Diageo, is caught in a bind as it can't find suitors for the marquee properties of its former Indian partner Vijay Mallya which had been put on the block despite clear title deeds, sources told The Economic Times. "Concerns over titles and misfortunes associated with these grand properties owned by the beleaguered liquor baron have kept buyers at bay,'' sources said. "The USL board may have to meet on the issue and consider lowering the prices to attract buyers.''

11:17 Trump rules out talks with Taliban after string of attacks
US President Donald Trump has ruled out talks with the Taliban and vowed to "finish" them following a wave of deadly attacks in Afghanistan, reports PTI. Meeting a delegation of UN Security Council ambassadors at the White House on Monday, he said, "We do not want to talk with the Taliban. There may be a time, but it's going to be a long time."

The luncheon meeting with the members of the UNSC was taking place in the backdrop of two deadly terrorist attacks by the Taliban in Kabul recently, including the use of an ambulance by a suicide bomber that killed more than 100 people. "They are killing people left and right. Innocent people are being killed left and right, bombing in the middle of children, in the middle of families, bombing, killing all over Afghanistan,” Trump said.

10:53 North Korea is scaling back its annual winter military exercises
North Korea's apparent decision to downsize its annual winter military exercises is seen partly as a public relations "ploy" by the nuclear-armed dictatorship given the approaching Olympic Games in South Korea. The Wall Street Journal reported on Monday that North Korea's military forces "scaled back their annual winter military exercises this year," citing US officials crediting pressure from ongoing sanctions. In previous years, the North Koreans have conducted artillery and submarine drills as part of the exercises.

10:39 Why Apple sells just 2.5% of India's smartphones
Ten years after Apple began selling iPhones in India, perhaps the last great growth market for the iconic handset, the company is inching toward opening stores in the nation. Setting up shop at busy malls in megacities could help with marketing, but it's unlikely to be enough for the company to make inroads in the world's second-largest smartphone market, reports CNBC.

The US tech giant has regularly reiterated its commitment to India, but there are two pressing issues that analysts and users say continue to cripple the reach of iPhones in the nation: The company's phones are too expensive for many Indian consumers, and Apple's core services such as Apple Maps and Siri don't work well locally.

10:11 New cryptocurrency rules just came into effect in South Korea
South Korean regulatory plans to tackle cryptocurrency speculation spooked investors earlier this month. But as the new rules take effect on Tuesday, participants in the market are sounding a positive note.

South Korea's Foreign Securities Commission on Tuesday confirmed to CNBC that new measures outlined by the body earlier this month had been implemented, but a spokesperson said in an email that it was still too early to discuss any effects of those rules.

In a document published on January 23, the regulator said it would only allow trade in cryptocurrencies from real-name bank accounts beginning January 30. Those rules enabled banks to comply with their KYC AML (know your customer, anti-money laundering) obligations, the document said.

10:01 Shares of market debutant, Amber Enterprises, listed at Rs 1,175, a gain of 37% to the issue price of Rs 859 on the National Stock Exchange.

09:50 Govt withdraws takeover plea of Unitech from NCLT, says sources
The government has withdrawn the takeover plea of Unitech from the National Company Law Tribunal (NCLT), reports CNBC-TV18, quoting sources. It will no longer pursue Unitech takeover bid in NCLT.

09:41 With Roman law doctrine, India moves to stub out tobacco industry rights
The Indian government is pushing the Supreme Court to apply a rarely used doctrine that would strip the $11 billion tobacco industry’s legal right to trade, an effort aimed at deterring tobacco companies from challenging tough new regulations. New Delhi has for the first time asked the top court to classify tobacco as “res extra commercium”, a Latin phrase meaning “outside commerce,” according to a Reuters review of previously unreported court filing by the Health Ministry on January 8. If applied, the doctrine - which harkens back to Roman law - would have far reaching implications: in denying an industry’s legal standing to trade, it gives authorities more leeway to impose restrictions.

09:16 Leaked report: UK economy will be worse off after BrexitA forecast prepared for the British government reportedly says the economy will be worse off after the country leaves the European Union whatever trade deal is struck with the bloc.

The leaked assessment published yesterday by news website BuzzFeed says if Britain reaches a free trade deal with the EU, growth will be 5% lower than current forecasts over 15 years.

09:01 Facebook to promote local news in latest update
Facebook Chief Executive Mark Zuckerberg said the social media website would focus on promoting local news in its latest update, reports Reuters. “Starting today, we’re going to show more stories from news sources in your local town or city,” Zuckerberg said in a Facebook post. “If you follow a local publisher or if someone shares a local story, it may show up higher in News Feed.” The update will be first rolled out in the United States and expanded to more countries later this year, Zuckerberg said.

08:55 Tata Motors to showcase 6 electric vehicles at Auto Expo
Homegrown auto major Tata Motors will showcase an extended range of six electric vehicles, in personal and mass mobility segments in the upcoming Auto Expo, reports PTI. The company has already announced that it will present 26 smart mobility solutions across its passenger and commercial vehicles at the expo to be held from February 9-14. These six electric vehicles will be among those exhibits.

08:48 Sterlite Power buys out StanC PE stake in transmission biz for Rs 1,010cr
The Anil Agrawal-run Vendanta Group company Sterlite Power has bought out Standard Chartered Private Equity's 28.4% stake in its transmission infrastructure business for Rs 1,010 crore, taking full control of the company, reports PTI. The British lender's private equity arm, which had invested Rs 500 crore for the stake in 2014, exits the investment with gains of over 100% in the short span. When they made investment, this was the first foreign PE investment in the country's power transmission sector.

08:45 Mistry alleges Tata did nothing to better corporate governance
Ousted Tata Sons chairman Cyrus Mistry on Monday alleged that group patriarch Ratan Tata and others had recognised the need for an effective governance framework at Tata Sons but did nothing about it, reports PTI. Appearing before the National Company Law Tribunal (NCLT), Mistry's counsel Aryama Sundram said everyone refrained from actually working on the governance framework, which led to Mistry creating a document on his own.

Sundram alleged that at the October 24, 2016 board meeting, instead of discussing the listed agenda, the only item that the board took up was the issue of sacking Mistry. He argued that till date, there is nothing to show that this vital aspect of governance at the Tata Group has been addressed.

08:38 Sebi weighs tighter norms to protect market liquidity, says report
Market regulator Sebi is weighing options to direct stock exchanges to either stop offering securities-related data feed services to entities trading on bourses abroad, such as the Singapore Stock Exchange (SGX), or levy high additional fees on the traders, reports Mint. Sources aware of the ongoing discussions between the Securities and Exchange Board of India (Sebi) and stock exchanges said the markets regulator was doing this in an effort to prevent the country’s derivatives business from migrating offshore.

About 40% of Nifty futures turnover and as much as 70% of the open interest is on the SGX platform and the remaining share is with the National Stock Exchange of India (NSE). Sebi’s move assumes significance in the backdrop of a recent announcement by SGX of its proposal to launch single stock futures benchmarked to Nifty 50 companies.

08:28 Foreign player keen on buying 49% stake in AI: MCA Secy
A foreign player has formally written to the government expressing its interest in buying 49% stake in Air India, a senior official in the Ministry of Civil Aviation told PTI. The expression of interest from a private entity came weeks after the Union Cabinet allowed foreign investments, including from foreign airlines, up to 49% in Air India.

However, the substantial ownership and effective control of the airline will have to be vested in an Indian national. "A foreign entity has submitted an unsolicited expression of interest for 49% stake in Air India," Secretary, Ministry of Civil Aviation said. The official, however, did not comment on whether the entity was a foreign airline.

08:18 Trump administration declines to apply new Russia sanctions for now
The Trump administration said it would not immediately impose additional sanctions on Russia under a new law designed to punish Moscow’s alleged meddling in the 2016 US election, insisting the measure was already hitting Russian companies, reports Reuters.

“Today, we have informed Congress that this legislation and its implementation are deterring Russian defence sales,” State Department spokeswoman Heather Nauert said in a statement. “Since the enactment of the ... legislation, we estimate that foreign governments have abandoned planned or announced purchases of several billion dollars in Russian defence acquisitions.”

The administration faced a deadline on Monday to impose sanctions on anyone determined to conduct significant business with Russian defence and intelligence sectors, already sanctioned for their alleged role in the election. But citing long time frames associated with major defence deals, Nauert said it was too soon to tell how effective the law had been, so it was better to wait to impose those sanctions.

08:05 Margin expansion boosts Tech Mahindra net by 10.2% YoY at Rs 943cr
The fifth biggest software exporter Tech Mahindra reported a 10.17% year-on-year increase in December quarter net at Rs 943 crore, helped by a margin expansion. The company declared its result post market hours on Monday. The Mahindra group company's revenues grew 2.9% to Rs 7,776 crore for the reporting quarter year-on-year and 2.2% over the preceding quarter. Profit growth was largely helped by a widening of the margin to 16.3% from 15.7% in the year-ago period and 14.5% in the preceding quarter.

07:58 Govt unlikely to introduce Inheritance Tax
The government is unlikely to re-introduce Inheritance Tax in Budget 2018 as it feels the climate is not conducive, sources told CNBC-TV18. It wants to weigh in on the socio-economic factors before arriving at a decision. Earlier there was a buzz that the government could levy a tax on the value of assets passed on to legal heirs through inheritance. The tax which would have applied only to families with a certain net worth, could have ranged between 5% and 10%.

07:36 'Acche Din' here, except for 'minor hiccups', says Rahul Gandhi on Eco Survey
Congress President Rahul Gandhi took a swipe at the Modi government after the Economic Survey was released, saying 'Acche Din' are here, except for "minor hiccups" such as a decrease in the growth of GDP, agriculture and job creation, reports PTI. Reacting to the survey, former Finance Minister and senior Congress leader P Chidambaram hit out at the government over the "depressing" report and predicted a growth rate of 6-6.5% for 2017-18. Chidambaram said though the survey says growth rate for 2017-18 will be 6.75%, implying a second half growth rate of 7.5%, it offers little evidence in support of this claim.

07:15 Asia stocks off record highs as Wall Street flags, higher yields support dollar
Asian stocks retreated from record peaks on Tuesday after a selloff in Apple shares knocked Wall Street, while the dollar found support as US bond yields climbed to near four-year highs, reports Reuters. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3% after rising to a record high the previous day. Australian stocks shed 0.65%, South Korea's KOSPI lost 0.3% and Japan's Nikkei dropped 0.5%.

07:04 Dow, S&P 500 suffer worst one-day fall in five months
Wall Street pulled back from record highs on Monday, with the Dow and the S&P 500 indexes marking their biggest one-day percentage declines in about five months, weighed down by a slide in Apple shares, reports Reuters. Benchmark US 10-year Treasury note yields hit their highest since 2014 due to economic strength, which added to pressure on defensive sectors such as utilities, real estate and telecoms.

The Dow Jones Industrial Average fell 177.23 points, or 0.67%, to 26,439.48, the S&P 500 lost 19.34 points, or 0.67%, to 2,853.53 and the Nasdaq Composite dropped 39.27 points, or 0.52%, to 7,466.51. The Dow and S&P 500 had their biggest daily percentage declines since September 5. The S&P 500 still is up 6.7% since the end of 2017.