News highlights of the day: ArcelorMittal, Numetal bids for Essar Steel recommended for rejection

The Reserve Bank of India (RBI) has stated that it had confidentially cautioned banks on the misuse of SWIFT on atleast 3 occasions since August 2016 .It further said that it will form a panel to look into high divergence in asset classification and the rising number of  frauds in the country. A committee to be chaired by Y H Malegam, a former member of  the RBI's Central Board of Directors will also be put in place to look into the issue.

19:49 Government allows private firms to mine coal for commercial use

In the biggest coal sector reform in over four decades, the government allowed the private sector to mine coal and sell it for commercial use, ending state-owned CIL's monopoly in a bid to cut imports by raising domestic output.

The Cabinet Committee on Economic Affairs (CCEA) approved the auctioning of coal mines to any firm bidding the highest per tonne price, Minister for Coal and Railways Piyush Goyal said briefing the media.

At present, private sector firms are only allowed to mine coal for use in their cement, steel, power and aluminium plants. Coal India Ltd (CIL) is the sole commercial miner with 80 percent market share.

19:21 ArcelorMittal, Numetal bids for Essar Steel recommended for rejection

Bids by ArcelorMittal and a consortium led by Russia's VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources privy to the development said.

They said legal and financial consultants, advising the interim resolution professional overseeing sale of Essar Steel, have recommended rejection of ArcelorMittal's bid on the grounds that it held stake in Uttam Galva Steel Ltd - a delinquent borrower.

The bid by VTB-led special purpose investment vehicle, Numetal has been proposed to be considered ineligible due to it being 25 percent owned by Rewant Ruia, the son of Essar Steel founder Ravi Ruia.

The interim resolution professional is yet to take a call on the disqualification of the two firms, which were the only entities to have put in bids last week.

18:49 Rupee ends at 3-month low against US dollar as FIIs continue selling Indian equities

The Indian rupee on Tuesday closed at a three-month low of 64.79 against the US dollar, as foreign investors continued to sell Indian equities amid concerns surrounding the Punjab National Bank fraud and a disappointing Union Budget.

Dealers said that a majority of the sellers in the interbank foreign exchange market today were custodian banks who were likely selling on behalf of their foreign investor clientele. Foreign investors have been cutting back on their positions in the Indian market over the last couple of weeks.

The home currency hit an intraday low of 64.86 against the dollar, before closing at 64.79, 0.90 percent lower than its previous closing price.

The rupee was also impacted by negative movements in other Asian currencies like the South Korean won, China offshore, Indonesian rupiah and Singaporean dollar. The dollar was trading strong against most emerging market currencies as rising crude oil prices weighed on them.

18:06 PM Modi snubbing Canadian PM Trudeau? Government denies allegations

The government has attracted criticism from citizens and political leaders over the treatment given to Canadian Prime Minister Justin Trudeau, who is on a 7-day visit to India along with his family.

With PM Narendra Modi's customary welcome tweet missing and Trudeau not being accompanied by him in Ahmedabad, it has made the government seem like poor hosts. Many Trudeau detractors from Canada have claimed that Modi not receiving him at the airport is also an issue.

However, the Centre has responded by stating that it is not snubbing Trudeau and his family. Sources quoted in a Times of India report said that going to the airport was a departure from protocol and a special gesture that is saved for a few select leaders. Being received by a minister of state is in keeping with the protocol. “Really don’t understand the point here as the PM didn’t receive Chinese President Xi Jinping at the airport.”

17:57 PM Modi addresses the National conference of Agriculture

The Prime Minister Narendra Modi addresses the rural agrarian crisis at the National conference of Agriculture. He mentions that the Government has focused on improving the crop rates, storage between farm to market, among others.

He also mentioned the soil card, which has helped in improving the productivity of the soil. Modi also mentioned the need for an ecosystem needed to avail the benefits with the soil certificate as well as incentives to further research in soil testing.

Modi further stated that the government expects atleast half the crop output to be grown under the benefits of the Pradhan Mantri Fasal Bima Yojana.

Watch the live link here.

ANI tweeted stated that uit is because of the skills of our farmers that produce of pulses increased from 17 million tonnes to 25 million tonnes, in the last one year.

17:20 MoU for Rs 217 cr aerospace, defence facilitation centre inked at Magnetic Maharashtra Summit

A Memorandum of Understanding for setting up a Rs 217 crore common facilitation centre for aerospace and defence sector was signed at the 'Magnetic Maharashtra' global investors summit here.

The MoU was signed by Maharashtra's Development Commissioner (Industries) Dr Harshadeep Kamble, Lt. Gen. Ravindra Thodge (retd) of Vidarbha Defence Industrial Hub Pvt. Ltd and Sushil Kumar of Tata Technologies Limited at the event yesterday, an official said.

Chief Minister Devendra Fadnavis was present at the MoU signing ceremony, the official told PTI.

The MoU will facilitate the development of aerospace and defence sector in Maharashtra in a time-bound manner by setting up 'Nirman', a 'not for profit' Common Facilitation Centre for Aerospace and Defence.

16:58 Virat Kohli becomes 1st batsman in 27 years to scale peak 900 in ODIs

India skipper Virat Kohli has made it a habit to break records and the latest one is special. Kohli has received the highest batting ratings for ODIs in the latest rankings revealed by the ICC and he sits on the top with 909 points — the highest for any player in the last 27 years.

He's just the second player after AB de Villiers to have over 900 points in Tests and ODIs at the same time.

Interestingly, Kohli is the only batsman to find a place in the Top 3 slots across all formats. While he sits on the top position in ODIs, he is second in the Test rankings behind Australia’s Steve Smith (947) with 912 points. In T20Is, Kohli is third behind Babar Azam (786) and Aaron Finch (784) with 776 points.

16:19 World's tallest wooden skyscraper planned in Tokyo
A Japanese company is planning to build the world's tallest wooden skyscraper with 90% of the building made of wood, reports CNBC. Sumitomo Forestry says its wooden high-rise — dubbed the W350 — will be 350 meters tall and the planned structure will be a hybrid of mostly wood and steel. The 70-storey building, expected to be built in Tokyo, will comprise of stores, offices, hotels and private homes, the company noted in plans released earlier in February.

Sumitomo Forestry, which notes on its website that "happiness grows from trees," said it aimed to create environmentally-friendly, timber-utilizing cities which "become forests through increased use of wooden architecture for high-rise buildings." Building with wood is still not cheap, however. Using 185,000 cubic meters of timber, the building is expected to cost around 600 billion yen ($5.6 billion) which is twice the amount of a conventional high-rise building constructed with current technology.

However, the company believed that those costs would come down as timber became a more-frequently used material: "Going forward, the economic feasibility of the project will be enhanced by reducing costs through technological development." Currently the tallest wooden building is 18-storeys high and serves as accommodation for students at the University of British Colombia.

16:15 Millennials may drive e-tailing growth at 30% till 2021: Deloitte
The online retail market will see over 30% year-on-year growth per annum till 2021, driven by the millennials, reports PTI. Since 2010, the share of online retail in total retail market has grown at a rapid pace to reach 3% in 2015, Deloitte noted in a report. "It is further expected to grow at a compounded rate of above 30% from 2016 to 2021, driven by the shift of millennials and younger population from traditional retail to online channels," it said.

16:03 Pakistan government has refused to provide details of its decision to send over 1,000 soldiers to its close-ally Saudi Arabia for deployment, prompting Senate Chairman Raza Rabbani to threaten Defence Minister Khurram Dastagir with "contempt of parliament proceedings", reports PTI.

16:02 Char Dham project: Cabinet nod to Rs 1,384cr tunnel in Uttarakhand
The government approved a Rs 1,384 crore tunnel project in Uttarakhand as part of 'Char Dham' project to connect Kedarnath, Badrinath, Yamunotri and Gangotri. The tunnel will reduce the travel distance from Dharasu to Yamunotri by about 20 km and travel time by about an hour.

The decision was taken at a CCEA (Cabinet Committee on Economic Affairs) meeting chaired by Prime Minister Narendra Modi in New Delhi today. "The CCEA...has given approval to the construction of 4.5 km long two-lane bi-directional Silkyara Bend-Barkot Tunnel with escape passage including approaches on Dharasu-Yamunotri section between Chainage 25.4 km and Chainage 51 km in Uttarakhand," the Road, Transport and Highways Ministry said in a statement.

The tunnel, expected to be completed in four years, will provide all weather connectivity to Yamunotri, encouraging regional socio-economic development, trade and tourism in the country, it said. "The civil construction cost of the project is estimated at Rs 1,119.69 crore, while the total project cost is Rs 1,383.78 crore, which is inclusive of the cost towards Land Acquisition & Rehabilitation and other pre-construction activities as well as maintenance and operation cost of tunnel for four years," the statement said.

15:52 Ambuja Cements Q4 CY17 net jumps 89% YoY to Rs 338cr
Ambuja Cements' Q4 CY17 earnings beat analyst expectations on Tuesday. Standalone net profit grew 88.8% YoY at Rs 338 crore far ahead of CNBC-TV18 analyst poll estimates of Rs 251 crore. Profit in the year-ago quarter stood at Rs 179 crore.

The cement maker said standalone revenue from operations increased 21.9% YoY to Rs 2,712.6 crore in Q4, compared to Rs 2,224.5 crore in the same quarter last year. Sale volumes showed a 17.4% growth at 5.87 million tonne for quarter ended December 2017, up from 5 MT in the year-ago period.

EBITDA growth of 61.5% YoY at Rs 540.6 crore and margin expansion of 480 basis points at 19.9% in Q4 were also far ahead of CNBC-TV18 analyst poll estimates of Rs 394 crore and 15.2%, respectively. Tax expenses during the quarter increased to Rs 85.9 crore from Rs 26.2 crore in the same quarter last year.

15:24 Cabinet approves extra-budgetary support for urban housing scheme
The Cabinet approved extra-budgetary support for government's flagship housing scheme Pradhan Mantri Awas Yojana (Urban), an official source said. Under the PMAY(U), the Housing and Urban Affairs Ministry targets construction of about 1.2 crore houses for the urban poor.

The scheme got allocation at Rs 6,505 crore for Budget 2018-19 as compared to Rs 6,042.81 crore in 2017-18. However, additional budgetary resources of Rs 25,000 crore was also proposed for the scheme to be raised outside the general budget. In urban areas, the assistance has been sanctioned for construction of over 39 lakh houses so far.

14:51 Govt clears opening coal mining to pvt firms
The government approved opening up of coal mining to the private sector for commercial use, a major reform in the sector since its nationalisation in 1973, reports PTI. Announcing the decision taken by CCEA, Coal and Railways Minister Piyush Goyal said the reform is expected to bring efficiency in the coal sector by moving from an era of monopoly to competition.

"It will increase competitiveness and allow the best possible technology into the sector. The higher investment will create direct and indirect employment in coal bearing areas, especially in the mining sector and will have an impact on economic development of these regions," he said. While coal mines were till now auctioned for captive power generation, they will now be sold in an e-auction to private domestic and global miners.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, Goyal said has approved the methodology for auction of coal mines/blocks for sale of coal under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957. 'The opening up of commercial coal mining for private sector is the most ambitious coal sector reform since the nationalisation of this sector in 1973," the minister said.

14:45 Delhi HC asks cops to probe allegations against Mehul Choksi
The Delhi High Court directed the police to investigate cheating allegations levelled against Gitanjali Gems promoter Mehul Choksi in an FIR lodged in 2016 by the owner of one of its retail franchise, reports PTI. A bench of Justice Mukta Gupta asked the police to file a report on the matter while noting that the probe was on a standstill as the complainant and the accused were trying to negotiate a settlement. The bench, however, said that the interim protection from any coercive action granted to Choksi in April last year will continue.

The FIR was lodged on the orders of a magisterial court here on a complaint by B.Tech graduate Vaibhav Khuraniya alleging that his company RM Green Solutions had purchased a retail franchise of Gitanjali Jewellers from Choksi on an assurance of high returns. The FIR, lodged in Amar Colony police station in south Delhi, alleged that Khuraniya and his colleague Deepak Bansal had set up RM Green Solutions and got into an agreement with Gitanjali Gems and Choksi who had assured them of stocks worth Rs 3 crore in the form of diamond jewellery and other gifts on a security deposit of Rs 1.5 crore.

The FIR had also alleged that on the day of opening of the retail franchise store in Rajouri Garden in West Delhi in October 2013, the fraud came to light as they received third-grade diamonds and other items, the worth of which was around Rs 50-70 lakh. The district court had on June 2, 2016 ordered registration of an FIR against Choksi, which was lodged on July 12, 2016.

14:27 Delhi Chief Secy allegedly manhandled by AAP MLAs, CMO rubbishes claim
Delhi Chief Secretary Anshu Prakash was allegedly manhandled by a few AAP MLAs at Chief Minister Arvind Kejriwal's residence, an official said, even as the chief minister's office dismissed the accusation as "bizarre and baseless", reports PTI. The incident took place last night, a top official said.

Prakash was called by Kejriwal regarding the issue of advertisements, which were not being released, the official said. However, the Aam Aadmi Party claimed he had been called for a discussion on rations. "There was a heated exchange at the meeting last night. During the argument, two-three AAP MLAs manhandled him... the CS's spectacles also got broken," alleged a senior IAS official.

14:20 Iran teams find wreckage of plane in Zagros mountains
Iranian rescue teams found the wreckage today of a plane that went missing in the Zagros mountains two days earlier, a Revolutionary Guards spokesman told state media. "The Revolutionary Guards helicopters this morning found the wreckage of the plane on Dena mountain," spokesman Ramezan Sharif told state broadcaster IRIB. (AFP)

14:05 Rotomac bank fraud: I-T Dept attaches 11 bank accounts
After the Central Bureau of Investigation and Enforcement Directorate, the Income Tax Department has stepped up action against the Rotomac group and its promoters, attaching 11 bank accounts in connection with an alleged tax evasion probe against them, officials said.The accounts in various bank branches in Uttar Pradesh were attached on Monday night, reports PTI.

The provisional attachment action has been carried out to "recover outstanding tax demands", understood to be about Rs 85 crore, officials said. Three bank accounts of the group were attached in January last year by the department, they said. The Kanpur-based group is being probed by the CBI and ED in connection with an alleged bank loan fraud of Rs 3,695 crore, given by a consortium of seven banks.

13:56 IT industry to see flat growth in FY19 too, says Nasscom
For the second year in a row, software industry lobby Nasscom projected a flat growth revenue scenario for the industry in FY19, clipping at 7-9% over FY18. "We estimate a 7-9% growth in IT and IT-enabled services for FY19. Domestic revenue may grow at slightly higher pitch of 10-12%, while exports, the mainstay may lag in FY19," R Chandrashekhar, Nasscom President said at its annual India Leadership Forum.

He said the industry may close the current fiscal year with a lower-than-projected 7.8% growth, and may touch $167 billion in revenue size during the year in terms of exports and 10% in domestic revenue. According to Chandrashekhar, the industry may hire 100,000 new hands in FY19, which again is 50% lower than what it had projected for this year.

13:21 Morgan Stanley says stock slide was just appetiser for real deal
The US stock market only had a taste of the potential damage from higher bond yields earlier this year, with the biggest test yet to come, according to Morgan Stanley. “Appetizer, not the main course,” is how the bank’s strategists led by London-based Andrew Sheets described the correction of late January to early February. Although higher bond yields proved tough for equity investors to digest, the key metric of inflation-adjusted yields didn’t break out of their range for the past five years, they said in a note. (Bloomberg)

13:01 Maharashtra govt plans to set up own CERT to strengthen cybersecurity in state
Maharashtra government may come up with a system to strengthen cyber security in the state as early as six months. The Devendra Fadnavis-led government is planning to set up its own Computer Emergency Response Team (CERT) to deal with cyber security cases and cyber crime investigation, according to a Hindustan Shree Renuka Sugars report.

At present, CERT-In is the only national nodal agency to deal computer security incidents across the nation. In March 2015, CM Fadnavis announced CERT-Maharashtra project. The state is now planning to execute it in the next six months. Once comes into existence, the team will help prevent cyber-attacks on corporates and government infrastructure as well as to lessen their effects. It will also investigate cases of cybercrimes and help bring culprits to book.

Along with it, the state government is also reportedly planning to set up a data analytics centre, which will analyse cyber threats in real time and establish intelligence sharing platform. The cost of project is estimated to be Rs 1,000 crore.

12:51 Startup & Entrepreneurship conclave in Assam on February 22
A startup and entrepreneurship conclave aimed at creating an an ecosystem for entrepreneurship in the Northeast will begin here on February 22, organisers of the event said.

The conclave will bring young minds of the region face to face with some of the country's finest mentors, angel investors, venture capitalists and start-up fund organisers, Rongali Start Up and Entrepreneurship Conclave organiser Shyamkanu Mahanta said yesterday.

Around 400 young entrepreneurs from Assam and other states of the North East were likely to attend the conclave, to be inaugurated by DoNER Secretary Naveen Verma.

12:49 ISRO's Chandrayaan-2 mission to cost lesser than Hollywood movie Interstellar - here's how they make it cost-effective
Chandrayaan-2, the lunar mission under which the Indian Space Research Organisation (ISRO), will for the first time attempt to land a rover on the moon's south pole, costs lesser than a Hollywood sci-fi movie ‘Interstellar’.

ISRO's Chandrayaan-2 mission's cost is Rs 800 crore, which is lesser than the budget of Christopher Nolan’s 2014 release whose production cost was around Rs 1,062 crore ($165 million). However, it is not the first time that ISRO has achieved this feat.

​ISRO’s earlier mission, Mangalyaan, was also cheaper than another Hollywood space movie 'Gravity'. The mission cost that was launched in 2013 cost Rs 470 crore whereas the George Clooney-starrer movie’s budget was Rs 644 crore ($100 million). Read the full report here. 

12:43 Your haste to recover dues has destroyed my brand, Nirav Modi tells PNB: Full text of the letter
Nirav Modi, the jeweller at the centre of the Rs 11,400 crore PNB fraud case, has made startling claims and blamed the bank for ‘destroying’ his brand and his business. In a letter to Punjab National Bank, Modi wrote: “In the anxiety to recover your dues immediately, despite my offer, your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts. Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted.”

Moneycontrol was made aware of the contents of the letter through sources close to Modi. Here’s the full text of the letter as shared to us by the sources.
Dear Sir/Madam,

1. I refer to the extended discussions between us, and between my representatives and your officers. I also refer to my emails dated 13th and 15th February 2018. Read the full letter here.

12:35 Uber CEO Dara Khosrowshahi sees commercialisation of flying taxis in 5-10 years
Uber Technologies Inc Chief Executive Officer Dara Khosrowshahi said on Tuesday he can see commercialisation of the Uber Air flying taxi service happening within five to 10 years.

The US ride-hailing app maker has said it expects flying vehicles to eventually become an affordable method of mass transportation.

Khosrowshahi was speaking at an investor forum in Tokyo on his first visit to Asia as Uber CEO.

12:27 Nasscom meets FY18 IT sector growth guidance at 7-8%
The National Association of Software and Services Companies (Nasscom) has met its FY18 IT sector growth guidance at 7-8%. Digital revenue for FY18 is up 30% YoY at $22-25bn, the industry body said. “We see software and services revenue crossing $150bn in FY18.”

Going forward, Nasscom sees artificial intelligence and blockchain as fastest growing technologies. It expects double-digit growth for new age digital in FY19 and hiring to remain similar to FY18 levels.

12:09 No direct exposure to PNB scam, says IndusInd Bank
Private sector lender IndusInd Bank said it has no direct or indirect exposures to firms floated by scam-tainted Nirav Modi. The bank, one of the most active lenders in the gems and jewellery sector, however has a "small" exposure to Gitanjali Gems, promoted by Modi's uncle Mehul Choksi which is also an accused in the Rs 11,400-crore fraud.

"IndusInd Bank has no direct credit exposures to Nirav Modi nor any indirect credit exposures on the basis of the letters of undertaking (LOUs) issued by Punjab National Bank (PNB)," the lender said in a statement. "As regards Gitanjali Gems, the bank has a small, two-digit exposure, not linked to any LOUs," it added without revealing the amount.

12:01 India test fires medium range nuclear capable Agni-II missile
India has test-fired its medium range nuclear capable Agni-II missile with a strike range of 2,000 km from Abdul Kalam Island off Odisha coast, reports PTI. The trial of the surface-to-surface missile was conducted from a mobile launcher at the Launch Complex-4 of the Integrated Test Range (ITR) at around 8.38 am, sources said.

The Intermediate Range Ballistic Missile (IRBM) has already been inducted into the services and today's test was carried out by the Army's Strategic Forces Command (SFC) with logistic support provided by the Defence Research and Development Organisation (DRDO), they said. The 20-mt-long Agni-II ballistic missile has a launch weight of 17 tonne and can carry a payload of 1,000 kg over a distance of 2,000 km.

11:55 Moody's places PNB under review for downgrade
Rating agency Moody's has placed Punjab National Bank's rating under review for downgrade Impact of the fraudulent transactions is likely to be key driver for the downgrade rating review. The move comes close on the heels of Fitch putting the company’s viability rating on Rating Watch Negative.

11:54 South Korea to announce joint military drill plan with US before April
South Korea and the United States will announce plans before April for a postponed joint military drill, South Korea’s defence minister told Reuters. Seoul and Washington had agreed to postpone the regular joint military exercise until after the Winter Olympics and Paralympics being hosted in South Korea, which ended on March 18.

After the decision to delay the joint exercise, North Korea agreed to hold the first official talks with South Korea in more than two years and send athletes to the Winter Games, easing a standoff over Pyongyang’s nuclear and missile programmes. Asked when the two countries will hold the postponed drill, Song Young-moo told parliament he and his US counterpart, Jim Mattis, would make an announcement between March 18 and the start of April.

“The exercise was postponed according to the spirit of the Olympics,” Song said. “We have agreed to uphold the basis until after the Paralympics...and not to confirm nor deny anything regarding what we would do after that until we announce it”. Song added inter-Korean talks had not come about as a direct result of the postponed drill.

11:26 BoE says Bitcoin has "pretty much failed" as a currency
Bitcoin has failed as a currency measured by standard benchmarks, and is neither a store of value nor a useful way to buy things, Bank of England Governor Mark Carney said on Monday. “It has pretty much failed thus far on ...the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,” Carney told students at London’s Regent’s University. But the crypto-currency’s underlying technology may still prove useful as a way to verify financial transactions in a decentralised way, he added in response to a question.

10:52 The Supreme Court will hear a public interest litigation (PIL) on Friday seeking deportation of Nirav Modi in two months in the Punjab National Bank fraud case. The plea also wants action against the top management of PNB and RBI officials. For more updates, click here

10:44 Nirav Modi's lawyer Vijay Aggarwal said the fraud case against the diamantaire will collapse like the 2G and Bofors cases. He said the investigating agencies will not be able to prove the charges in the court of law. For more updates, click here

10:20 Sensex recovers 157 points, Nifty above 10,400-mark
Stocks staged a comeback in early trade with the BSE Sensex gaining over 157 points and the Nifty recapturing the 10,400-level on buying by investors in metal, capital goods, teck and IT stocks amid a mixed trend at other Asian Markets.

The 30-share Sensex recovered by 157.24 points, or 0.46%, to 33,931.90 in opening trade. The index had lost 522.81 points in the previous two sessions. Sectoral indices led by metal, capital goods, Teck and IT were trading in the green with gains of up to 0.75%. The broad-based NSE Nifty went up by 23.95 points, or 0.23%, to 10,402.35.

Tata Steel rose up to 1.5% in early trade after reports suggest the steel maker was leading bidder for debt-ridden Bhushan Steel. IT stocks TCS, and Infosys also advanced up to 1.7% on a weaker rupee. Banking stocks ICICI Bank, Axis Bank and Yes Bank gained on value buying after recent losses. Bharti Airtel, HDFC Ltd, L&T, M&M and ONGC also rose up to 1.4%. However, Punjab National Bank, embroiled in the Rs 11,400 crore scam, remained weak and shed another 3.31% while Gitanjai Gems lost 9.91%.

10:07 BlackRock turns lot more bullish on US stocks post tax cuts
BlackRock strategists have turned increasingly bullish on US stocks, raising them to overweight because fiscal stimulus is "supercharging US earnings growth expectations." Kate Moore, BlackRock's chief equity strategist, said the firm thinks "the fundamental story is the best it's been, which is surprising given how far we are into this cycle."

Even though the market has retraced much of its February losses, BlackRock's team believe the impact of tax law changes and company spending plans are still underappreciated by investors, reports CNBC. They expect earnings growth and dividends to fuel returns, in a market that already has historically high valuations.

10:01 Ready to bring no-trust motion against Centre as last resort: AP CM
Andhra Pradesh Chief Minister N Chandrababu Naidu said he was ready to move a no-confidence motion against the Narendra Modi government with the support of other parties to get "justice" for the southern state, reports PTI. However, he said such a move will be the "last resort".

09:49 Fortis Healthcare promoter holding falls to 8.85%
Promoter and promoter group holdings in Fortis Healthcare have come down to 8.85% from 34.43% following invocation of pledged shares. In a regulatory filing, Fortis Healthcare said nearly 13.27 crore pledged shares of the company, accounting for 25.58% stake in the company, have been invoked on February 15 and 16, 2018.

09:41 SFIO to investigate 110 companies, 10 LLPs in PNB scam
The government on Monday ordered the SFIO to probe around 110 companies and 10 limited liability partnerships related to diamantaire Nirav Modi and his business associate Mehul Choksi in the Rs 11,400 crore Punjab National Bank fraud, sources told PTI. The two businessmen are the key suspects in one of the biggest scams in the banking industry, and multiple investigation agencies are probing the case.

The Corporate Affairs Ministry has ordered the SFIO to investigate around 110 companies, including some listed ones, and about 10 LLPs linked to Modi and Choksi, sources said. The Serious Fraud Investigation Office (SFIO), which comes under the ministry, mainly probes white collar crimes, and also has powers to arrest.

09:34 US bonds enter rising rates cycle for 1st time since 1940s, which could be 'worrisome'
Bid farewell to the bond market bull run, because the markets are entering a phase not seen in 72 years: A rising rates cycle. "The 36-year falling rates cycle, in our opinion, is over," Louise Yamada, Managing Director of Louise Yamada Technical Research Advisors, told CNBC. Since hitting an all-time of 15.84% in September 1981, the yield on the US 10-year has been steadily declining. Yields hit lows of 1.36% in July 2016. Since then, however, it appears the downtrend has broken, says Yamada.

The next test for yields will be the 3% level. At that point, it will have been confirmed technically that the yields have hit a floor, and that a new rising rate cycle is in place, says Yamada. "We're looking for 3% to be crossed and that will, from a long-term perspective, define the initiation of a new rising rate cycle which we haven't seen since 1946," said Yamada.

Interest rate cycles are long, typically stretching 22 to 37 years. This new rate cycle could last at least two decades, introducing a whole new class of investors to rising rates. A move up to 3% looks likely as soon as this quarter, says Yamada, especially as expectations rise that the Federal Reserve will be aggressive about containing inflation.

09:20 Raids just a smoke-screen, 'Maun' Modi must answer: Cong on bank fraud
The Congress sharpened its attack on Prime Minister Narendra Modi, dubbing him "Maun Modi" (silent Modi) for his "continued silence" on issues critical to the country, and alleged that raids by agencies in the bank scam are a mere "eyewash" to befool the public, reports PTI.

Leading the attack was Congress President Rahul Gandhi, who fired yet another salvo at the prime minister over his "silence" on the multi-crore PNB bank fraud, asking where the "country's watchman" was when jeweller Nirav Modi fled the country like liquor baron Vijay Mallya. Gandhi took the swipe at the prime minister for his refrain during poll rallies that he would act as a watchman for the country, and cited his "na khaoonga, na khaane doonga" (will neither do nor allow anyone to do corruption) statement.

The Congress chief said the entire country was keen to know the "secret behind his silence" and alleged that it screams out loudly where his loyalties were. "First Lalit (Modi) and then (Vijay) Mallya, now Nirav (Modi) also fled the country. Where is the country's watchman who claimed 'Na khaoonga, na khaane doonga'?

09:04 CBI, ED probe Rs 3,695cr scam involving Rotomac promoters
Rotomac pen promoter Vikram Kothari faced heat of central agencies after the CBI as well as the ED registered separate cases against him and his company for allegedly swindling of Rs 3,695 crore from seven banks from 2008, reports PTI. The CBI registered a case after receiving a complaint from Bank of Baroda against Kanpur-based Rotomac Global Pvt, its director Vikram Kothari, his wife Sadhana Kothari, and son Rahul Kothari and unidentified bank officials.

Initially, the alleged scam was estimated to be of Rs 800 crore but after the CBI started to probe into the accounts of the company, it found that the company had allegedly taken loans from Bank of India, Bank of Maharashtra, Indian Overseas Bank, Union Bank of India, Allahabad Bank and Oriental Bank of Commerce.

The CBI alleged that the accused had cheated a consortium of seven bank by siphoning off bank loans to the tune Rs 2,919 crore. The total outstanding amount along with interest and liabilities for the company were pegged at Rs 3,695 crore, the CBI alleged. According to CBI officials, the company allegedly used two modus operandi for siphoning off the loans secured from consortium of banks from 2008 onwards.

Credit sanctioned and loan disbursed to the company was utilised for the purposes, other than executing export orders. The CBI alleged that the credit sanctioned for a particular export order was diverted to a different offshore company and later the money was remitted back into the Kanpur-based company without executing an export order. In other cases, money disbursed by the banks for procurement of goods for export was not utilised and no export order was executed ever.

08:38 CBI refuses to disclose cost of bringing Vijay Mallya, Lalit Modi back
The Central Bureau of Investigation (CBI) has refused to share details of expenses incurred to bring back to India fugitive businessmen Lalit Modi and Vijay Mallya, claiming immunity from disclosures under the RTI Act, reports PTI. Pune-based activist Vihar Dhurve had approached the agency seeking details of expenses incurred by the government to bring back Mallya, wanted in India on charges of Rs 9,000-crore fraud and Modi, who is facing a money laundering probe.

The RTI application was forwarded to the CBI by the Finance Ministry. The agency transferred it to the Special Investigation Team looking after these cases. In its response to the RTI plea, the CBI said it is exempt from making any disclosures under the RTI Act through a government notification of 2011.

08:25 PNB earned commission on buyers' credit, says Nirav Modi
In a fresh twist in the Rs 11,400-crore fraud at Punjab National Bank, Nirav Modi has written a second letter to PNB and other banks claiming PNB had earned commission on the buyers' credit given to his three firms, reports Moneycontrol News’ Tarun Sharma and Beena Parmar. The contents of the letter by a source close to Nirav Modi. If true, this could mean that PNB management would have been aware that Letters of Undertakings were being issued to Modi and his group firms.

07:57 CBI arrests 3 more PNB officials in Rs 11,384cr scam
The Central Bureau of Investigation (CBI) on Monday arrested three more Punjab National Bank (PNB) officials after intense grilling during the day in connection with Rs 11,384 crore scam involving billionaire jewellery merchants Nirav Modi and Mehul Choksi, officials said. The agency also started searches late on Monday evening at group offices of Nirav Modi at Peninsula Business Park in lower Parel, Mumbai.

The total number of arrests by the CBI has risen to six - four PNB officials, a retired employee of the bank, and an authorsied signatory of Nirav Modi's company - after Monday's development. Manoj Kharat, a Single Window Operator at PNB, and the retired employee Gokulnath Shetty were arrested earlier.

Bechhu Tiwari, the then chief manager in the Forex department; Yashwant Joshi, Scale II Manager in the Forex department; and Praful Sawant, Scale-I officer handling the exports section were arrested by the agency on Monday evening, officials said. The agency has started searches at their residences located in Navi Mumbai, Andheri and Dombivli, they said.

Tiwari was responsible for supervising Shetty, believed to be main accused along with Modi and Choksi. He had to ensure the entry of authorised SWIFT messages. The agency has alleged that he had "full knowledge" of the activities of Shetty, officials said.

Joshi is also a senior officer in the vertical in which Shetty was working. He had to ensure daily reports of SWIFT and the Core Banking Solution System of the bank, but despite knowing Shetty's activities, he took no action, officials said. Sawant is a Scale-I officer in the export section and is responsible for checking daily SWIFT messages and report. They were being questioned by the agency since Monday morning, officials said.

07:46 Donald Trump Jr to hold business meetings in Delhi, Mumbai
US President's son Donald Trump Jr, who is in India on a business trip, will hold a closed-door meeting with top industrialists in New Delhi today. The luncheon meeting at Birla House will be hosted by Congress leader Milind Deora and business leaders Deepak Parekh and Shobhana Bhartiya, sources said.

Donald Trump Jr will attend another high-profile closed-door business event in Mumbai, which will be hosted by the Bombay Club. While only 20 top business leaders have been invited, sources confirmed that Sunil Bharti Mittal will be in attendance. Rest of the names on the list are protected due to security reasons. Also, no political leaders from Delhi are on the list.

07:42 PNB closed all options to recover dues by going public, says Nirav Modi
Throwing up his hands, beleaguered businessman Nirav Modi, the alleged kingpin of the largest banking scam in the country's history, has said Punjab National Bank's “overzealousness” shut the doors on his ability to clear the dues, reports PTI. He also said the dues were much less than what the bank has claimed, and that his relatives booked in the cases filed by the central agencies had nothing to do with the operations of the firms under their scanner.

In a letter Modi wrote on February 15/16 to the PNB management, he pegged the money his companies owe to the bank under Rs 5,000 crore. "The erroneously cited liability resulted in a media frenzy which led to immediate search and seizure of operations, and which in turn resulted in Firestar International and Firestar Diamond International effectively ceasing to be going-concerns. This thereby jeopardised our ability to discharge the dues of the group to the banks," Modi, who left the country along with his family in the first week of January, before the alleged scam became public, wrote in the letter.

"In the anxiety to recover your dues immediately, despite my offer (on February 13, a day before the public announcement, and on 15) your actions have destroyed my brand and the business and have now restricted your ability to recover all the dues leaving a trail of unpaid debts," he said. The letter also refers to the extended discussions between him, and between his representatives and the bank officers, besides his emails of February 13 and 15, 2018.

07:33 Ambuja Cements to reports Q4 CY17 earnings todayAmbuja Cements will be reporting it Q4 CY17 earnings today. A CNBC-TV18 poll sees sales volumes rising 18% and profit surging 43% year-on-year.

07:13 Castlelake may buy Brazil mill from Shree Renuka
US-based private equity firm Castlelake is in talks to take over a sugar and ethanol plant in Brazil owned by Shree Renuka Sugars, sources told Reuters. Representatives from Castlelake held meetings with suppliers of the Revati mill, located in the municipality of Brejo Alegre, western Sao Paulo state, as they try to secure cane supplies before they can present a formal proposal to buy the plant, sources said.

Shree Renuka’s Brazilian unit filed for bankruptcy protection for its mills in Brazil in 2015. It tried to sell two of its plants in judicial auctions last years, but in both cases Brazil’s development bank BNDES, who is a large Renuka creditor, obtained injunctions blocking the auctions. Castlelake and Shree Renuka did not immediately return requests for comments.

The Revati mill is a relatively new, large installation with capacity to process four million tonne of cane per year. Sources said the private equity group is set to present a formal proposal in March, if it manages to secure agreements with cane suppliers in the region. Sources also said Castlelake is negotiating with Shree Renuka for the company to stop operations on its second plant in the region, called Madhu, as a way for the Revati mill to have more cane supplies, being able to operate at higher capacity.

Sources said there is disagreement over this aspect. Castlelake would like Renuka to transfer all cane supplying contracts for a period of three years, but the Indian firm would agree to a shorter period, of two years. There are no guarantees that a deal would not be affected by other court hurdles, since Renuka holds around 3 billion reais ($928.53 million) in debt.