News LIVE: BJP President Amit Shah urges an end to communism in India

Ahead of the annual meeting of the International Monetary Fund and the World Bank, a report issued by the global lender said that remittances, which include flows to high-income countries, are projected to grow by 3.9 per cent to USD 596 billion.

21:34 BSE has said it will extend the trading session for gold exchange-traded funds (ETF) and Sovereign Gold Bond on October 17 till 7pm on the occasion of Dhanteras, a festival celebrated two days before Diwali.

Besides, the exchange will conduct muhurat trading session on account of Diwali Laxmi Pujan on October 19 from 6.30pm to 7.30pm, the BSE said in a notice.

21:10 We have more details about that hack attack. UIDAI and BSE are among 6,000 Indian organisations reportedly affected by a data breach. Find out more here.

20:50 BJP President Amit Shah on Tuesday appealed for an end to communism in India, stating that political killings are common in Kerala, West Bengal and Tripura — all states led by Left parties.

"I want to appeal to all the citizens of the nation, not just the citizens of Kerala, to raise their voice against the political violence that is happening in Kerala, West Bengal and Tripura," Shah said in an interview to News18.

Shah kicked off a 15-day march against political violence in Kerala on Tuesday in which hundreds of BJP leaders and workers participated. The 'Janraksha Yatra' (March for Protection of People) that began from Payyanur will pass through several parts of Kerala before concluding in state capital Thiruvananthapuram on October 17.

20:32 For the full story on the excise duty cut, go here.

20:15 Prices of petrol and diesel will be reduced by the amount of duty cut with effect from Wednesday.

20:09 Meanwhile, there are a reports that a hacker has put up for sale the information of more than 6,000 Indian companies. We'll bring you more information on that shortly.

20:05 FICCI President Pankaj Patel says the excise duty cut will actually help control inflation and is a signal for RBI to cut rates.

19:59 Following the increase in the international prices of petrol and diesel during the last few weeks, the Retail Selling Prices (RSP) of petrol and diesel at Delhi have risen to Rs 70.83/litre and Rs 59.07/litre respectively as of Monday.

The government said this rise in the prices is also reflected in WPI inflation, which has increased to 3.24 percent for August, as compared to 1.88 percent for July, thus prompting it to act "swiftly".

19:50 Taneja says he hopes that state governments will take a cue and reduce state levies where they can.

19:47 Narendra Taneja of the BJP's Energy Cell says the excise duty cut is an early Diwali gift for consumers.

19:45 Former Oil Secretary Saurabh Chandra says the government will have to depend on tax collections, non-tax realisations to make up the shortfall.

19:41 Sarraf says he doesn't believe the spurt in crude prices will persist.

19:39 DK Sarraf, former ONGC Chairman and Managing Director, says the excise cut is negative for government revenues but positive for consumers. "The government should have waited for some more time," he says.

19:36 The cut in excise duty on petrol and diesel will help cushion Indian consumers from the sharp rise in global crude oil prices. Crude prices have jumped more than 10 percent in the last one month and is currently hovering around USD 59 to a barrel.

Pump gate prices of petrol and diesel, which are revised daily in India, are linked to international crude price movements. A cut in excise duty would proportionately reduce oil companies’ tax outgo, helping to keep retail prices from rising for retail consumers.

19:30 The government says the revenue loss on account of these reductions in excise duty is about Rs 26,000 crore for the full year and Rs 13,000 crore for the remainder for the current financial year.

19:28 The Ministry of Finance says this decision has been taken by the government to protect the interest of the common man.

19:26 RS Sharma, former Chairman of ONGC, tells CNBC-TV18 that oil marketing companies will benefit from this decision.

19:24 The excise cut has been done to cushion the impact of rising international prices of crude petroleum oil & petrol and diesel on their retail sale prices, says the finance ministry.

19:21 The government has reduced basic excise duty on petrol and diesel, both branded and unbranded, by Rs 2 per litre with effect from Wednesday.

19:11 AIADMK's Sasikala has been denied parole. Currently in a Bengaluru jail after being convicted in a disproportionate assets case, she had sought parole in order to visit her ailing husband.

19:10 For the full lowdown on what happened with regard to Vijay Mallya today, read the full story. Meanwhile, we move on to our regular news coverage in this blog.

18:59 The extradition process from the UK involves a number of steps, including a decision by the judge whether to issue a warrant of arrest. In case of a warrant, the person is arrested and brought before the court for preliminary hearing followed by an extradition hearing before a final decision is taken by the secretary of state.

18:50 India’s bid to bring back liquor baron Vijay Mallya from the United Kingdom is built around irregularities in the Rs 950 crore IDBI Bank loan to Kingfisher Airlines (KFA) and evidence about alleged illegal overseas fund funnelling of more than Rs 3,200 crore. Find out more here.

18:35 A lawyer for the Enforcement Directorate says the agency has evidence of dual criminality against Mallya.

18:30 Mallya has repeatedly refused to appear before courts and investigators in India since he secretly fled to Britain last March, after defaulting on loan payments to state-owned banks and allegedly misusing the funds by rerouting them to tax havens.

18:20 Here's a timeline of everything that has happened in the Vijay Mallya case so far.

18:12 The final hearing in Mallya's extradition case is scheduled for December.

18:05 The two agencies are now planning to file chargesheets and present it as evidence in the Westminster Magistrates' Court to expedite his extradition.

18:00 The CBI and ED had recently uncovered that Mallya had diverted a major chunk of Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI, to several countries including US, UK, France and Ireland.

17:55 The ED lawyer says that the agency submitted fresh evidence in the IDBI Bank loan case.

17:52 A lawyer for the Enforcement Directorate tells News18 that the bail to Mallya is 'procedural'.

17:46 Mallya has now been granted bail by the London court after providing surety and a bail bond.

17:44 More charges are expected to be added against Mallya today. Sources are telling News-18 that Mallya is likely to be granted bail.

17:41 Sudhanshu Mittal of the BJP says the law has caught up with Vijay Mallya and the government has pursued this case. “He has to face law of India,” Mittal says.

17:34 The Enforcement Directorate reportedly told the London court that Mallya diverted loan money to tax havens.

17:31 News18 reports that today's arrest took place after the Enforcement Directorate filed a fresh affidavit in a London court.

17:27 Mallya was also arrested by the London police in April this year but was granted bail the same day. India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8.

17:22 Mallya went to Britain in March 2016 after being pursued in courts by banks seeking to recover about Rs 9,000 crore owed by his Kingfisher Airlines.

17:19 Vijay Mallya has been arrested in London on money laundering charges, reports DD News.

#BREAKINGNEWS : #VijayMallya arrested in London in Money Laundering case pic.twitter.com/WC4KfsVKWs

— Doordarshan News (@DDNewsLive) October 3, 2017

17:15 Coal output up 15.3 percent vs 0.7 percent rise (MoM), crude oil output down 1.6 percent vs 0.5 percent decline (MoM).

17:05 The growth of eight core sectors has risen to 4.9 percent in August from 2.4 percent in July.

16:40 Watch our evening market show to know what moved the markets today.

16:19 Watch this video to know more about gravitational waves, the discovery of which has earned three US scientists the Nobel prize for physics.

16:09 Scientists Rainer Weiss, Barry Barish and Kip Thorne won the 2017 Nobel Prize for Physics for decisive contributions in the observation of gravitational waves, the award-giving body said on Tuesday.
“This is something completely new and different, opening up unseen worlds,” the Royal Swedish Academy of Sciences said in a statement on awarding the 9 million Swedish crown ($1.1 million) prize.

16:03 After being on the run for over a month, Honeypreet Insan, adopted daughter of the jailed Dera Sacha Sauda chief, was arrested by the Haryana Police from Zirakpur-Patiala road in Punjab in connection with the violence that followed the sect head's conviction. Priyanka Taneja alias Honeypreet was arrested from Zirakpur-Patiala road, Haryana Police DGP BS Sandhu said.

Honeypreet tops the list of 43 people 'wanted' by the Haryana Police in connection with the incidents of violence that left 41 people dead and several injured following Gurmeet Ram Rahim's conviction in rape case. Talking to mediapersons at Panchkula, Police Commissioner AS Chawla said, "She has been taken into custody by SIT in-charge (Mukesh Kumar) from Zirakpur-Patiala road in Punjab. She is being brought to Panchkula for questioning in connection with the incidents of violence". Chawla stated that Honeypreet will be presented in court on Wednesday.

15:38 Piramal Realty on Tuesday said it has agreed to buy a 3.2 acre land from Mumbai-based real estate developer Nirmal Lifestyle for Rs 153 crore, reports Mint. The land is located, adjacent to Piramal Revanta—a residential project currently being developed by Piramal Realty at Mulund. Spread across 12 acres, Piramal Revanta is being built at an investment of Rs 1,800 crore.

15:17 Indian banks may have to take a haircut of Rs 6,000 crore on Reliance Communications’ debt, reports CNBC-TV18. Foreign lenders too may have to take a Rs 6,000 crore haircut. Sources said banks may have to take over 26% of the company’s debt as equity, which at the current price, would account for about Rs 1,200 crore of debt.

A telecom tower deal may exhaust Rs 5,000 crore of RComm's debt. Sale of the mobility business could take away Rs 8,500 crore, while development of Dhirubhai Ambani Knowledge City (DAKC) land via a special purpose vehicle (SPV) can assume Rs 4,000 crore of debt. Its remaining businesses - date centre and undersea cable – is expected to assume Rs 10,000 crore.

14:55 Honeypreet Insan has surrendered to Punjab Police, reports CNN-News18. The Haryana Police has taken custody of Honeypreet from the Punjab police.

14:47 European shares hovered around three-month highs on Tuesday as a sell-off in Spanish stocks eased and financials gained following another record-breaking session on Wall Street, reports Reuters. The pan-European STOXX 600 index was flat, while Spain's blue chip index added 0.1% as Madrid and Catalonia appeared to carefully weigh their next steps following Sunday's independence referendum, which the central government has declared illegal.

14:34 UK construction unexpectedly shrank for the first time in more than a year in September as Brexit weighed on investment in commercial building, reports Bloomberg. IHS Markit’s Purchasing Managers’ Index fell to 48.1, the lowest since the aftermath of the EU referendum in 2016 and far weaker than economists had forecast.

14:33 High-income shoppers will fuel holiday spending in the US this year, even as less affluent consumers keep their purse strings tight, reports Bloomberg. That’s the finding of a survey released Tuesday by PricewaterhouseCoopers. The firm expects Americans overall to increase spending by 6% this season, but those with household incomes under USD 60,000 will cut their outlays for both gifts and entertainment as they deal with stagnant wages.

14:31 Appliance maker Amber Enterprises has filed preliminary papers with Sebi to raise Rs 555 crore through an initial share-sale offering, according to draft prospectus filed with the markets regulator. The IPO comprises fresh issue of equity shares worth Rs 450 crore and sale of scrips to the tune of Rs 105 crore by promoters Jasbir Singh and Daljit Singh.

The company plans to use the proceeds for repayment and advance payment of certain loans and for other general corporate purposes. Edelweiss Financial Services, IDFC Bank, SBI Capital Markets and BNP Paribas will manage the company's initial public offer (IPO). The Gurugram-based Amber Enterprises manufactures air conditioners.

14:29 TVS Motor Company reported a 23% YoY increase in total sales at 3,59,850 units in September. The Chennai-based company had sold 2,93,257 units in September 2016. Total two-wheeler sales during the month increased 22% to 3,50,854 units. Exports during the month were at 50,971 units as against 38,164 in September 2016, a rise of 34%.

14:26 Pakistan’s ruling party on Tuesday re-elected ousted premier Nawaz Sharif as its leader, saying he was “back with full force”, a day after using its parliamentary majority to amend a law to allow him to re-take the job, reports Reuters.

14:19 German luxury carmaker Mercedes-Benz has expanded its C-class portfolio with the launch of Edition C sedan, with price starting at Rs 42.54 lakh (ex-showroom). The C 200 Avantgarde Edition C is priced at Rs 42.54 lakh, C 220 d Avantgarde at Rs 43.54 lakh and C 250 d Avantgarde Edition C at Rs 46.87 lakh.

13:53 IDFC and Shriram Group are still working on a new deal structure, reports CNBC-TV18. The proposed deal earlier involved the merger of Shriram City Union with IDFC Bank, while Shriram Transport Finance was to become a subsidiary of IDFC and likely de-listed, with the insurance businesses of Shriram Group becoming subsidiaries of IDFC.

Sources now say that Ajay Piramal, Chairman, Piramal Enterprises, will not hold more than 5% stake in IDFC Bank and that Shriram Transport Finance will continue to remain an independent entity.

The deal is yet to be finalised even as the 90-day deadline approaches. Sources suggest the exclusivity period for the merger talks is likely to be extended by 6-8 weeks to complete the deal.

13:37 BJP President Amit Shah trained his guns on the Left saying that political killings are common in both Kerala and Tripura, both Left front rules states, reports CNN-News18. “Whenever the Left Front comes to power the cycle of violence begins in Kerala. Over 120 BJP and RSS workers have been killed and Kerala. Over 80 of them have been killed in Chief Minister Pinarayi Vijayan’s constituency. He needs to answer to the public,” Shah said. He also questioned human rights organisations for not talking about and protesting against the political killings in Kerala.

13:34 Exports from special economic zones (SEZs) paced up 15.4% YoY to Rs 1.35 lakh crore during the first quarter this fiscal, Commerce Ministry data shows. Exports grew about 12% to Rs 5.24 lakh crore in FY17 as against Rs 4.67 lakh crore in the previous fiscal.

13:30 Auto major Mahindra & Mahindra reported a 16% YoY increase in total sales at 53,663 units in September. The company sold 46,130 units in the same month last year. In the domestic market, sales were up 19% at 50,456 units last month compared to 42,545 in September 2016. Exports declined 11% to 3,207 units in September against 3,585 in the year-ago month.

13:27 Hinduja Group flagship Ashok Leyland has reported a 27.53% jump in total sales at 15,370 units in September. The company had sold 12,052 units in the same month last year. Sales of medium and heavy commercial vehicles grew 31.77% to 11,804 units as against 8,958 in the year-ago month. Light commercial vehicle sales grew by 15.26% to 3,566 units compared to 3,094 in September last year.

13:24 Apollo Tyres stated it has no intention of making any attempt of acquiring Kumho Tyres, reports CNBC-TV18. The stock is trading 2% lower, closer to the lows of the day.

13:20 The Supreme Court has sought responses from the Centre and the Election Commission of India on a PIL challenging the recent amendments made to the law related to political funding, reports PTI. A bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and D Y Chandrachud issued the notice on a plea filed by NGO Association for Democratic Reforms (ADR). Lawyer Prashant Bhushan, appearing for the NGO, said the amendment has removed the cap that barred corporates from donating more than 7.5% of their average net profit to a political party.

13:16 Bahujan Samaj Party leader Rajesh Yadav was shot dead near the Tarachand hostel of Allahabad University on Monday, reports PTI. Soon after, BSP supporters went on a rampage on Tuesday and burnt public vehicles, protesting against the state police.

13:04 Mahindra & Mahindra (M&M) has forayed into construction equipment business by launching its first motor grader. The Mumbai-based company today rolled out its first motor grader - Mahindra RoadMaster G75 - under the business vertical. The motor grader is priced at Rs 34.99 lakh and is around one-third the cost of similar such equipment being sold by other companies.

12:52 Data released by the Controller General of Accounts (CGA) shows that even with the early passage of the Budget by Parliament, the government spent only 35.5% of Rs 3.1 trillion capital expenditure earmarked for 2017-18 during the first five months of the year (April-August), against 37% during the same period a year ago, reports Mint. The major departments where capital expenditure is less than last year’s level are telecommunications (3% in FY18 versus 34% in FY17), railways (21% versus 32%), space (34% versus 38%) and urban development (36% versus 71%).

12:47 Digital money Monaco gained as much as 695% in value since May 17, when its issuing company tweeted that it would offer a Visa-branded payment card, reports Bloomberg. Monaco didn't have a deal with Visa. Later that month, Monaco put out a press release describing the benefits of its Visa-branded card. Again, no agreement with Visa. Monaco is, however, working with a Visa-licensed issuer, Wirecard AG. As far as Visa goes, Monaco is being vetted through the credit-card issuer's review process.

11:45 Mahindra & Mahindra may still be eligible to participate in Energy Efficiency Services’ (EESL) e-car tender, reports CNBC-TV18. Sources said EESL may reach out to the company to re-participate in bids, adding that the automaker may still be eligible to bid for at least 30% of the total e-car tender.

11:35 An attempt by NCP MLA Jitendra Awhad and his supporters to stage a rail roko (rail block) at the suburban Kalwa station in neighbouring Thane district during peak office hours on Tuesday morning was foiled by the railway security personnel, reports PTI. Awhad had given a call for agitation, which he dubbed as the 'mother of all protests', at Kalwa station to protest against the "casual approach" of railway authorities towards the safety of suburban commuters after the stampede on the foot overbridge of Elphinstone Road station on Friday which killed 23 passengers.

11:33 The Central Bureau of Investigation (CBI) asked RJD leader Lalu Prasad Yadav and his son Tejashwi Yadav to appear before it for questioning on October 5 and 6 in an alleged corruption case after both leaders expressed their inability to appear on given dates, reports PTI. The CBI wants to question the former railways minister Lalu Prasad Yadav for a contract given for the maintenance of two IRCTC hotels in 2006.

Tejashwi is also made an accused in the CBI FIR pertaining to alleged corruption in the deal. It is alleged that Yadav as Railway Minister handed over maintenance of two Railway hotels BNR Ranchi and Puri to Sujata Hotel (a company owned by Vinay and Vijay Kochhar) after receiving a bribe in the form of prime land of three acres through a benami company.

11:27 The Supreme Court has ruled in the Kerala love jihad case. Questioning the high court’s decision nullifying marriage of a Hindu woman who converted to Islam, the apex court said prime facie the marriage cannot be nullified. It stated that the father can't have control over a 25-year old adult. The court will hear the matter in detail on October 9.

11:22 Tokyo Governor Yuriko Koike, whose new party is challenging Japanese Prime Minister Shinzo Abe’s ruling bloc in the October 22 national election, said she would “100%” not run in the poll, the latest twist in a drama giving voters whiplash, reports Reuters. Speculation has persisted that Koike, a former LDP member and defence minister, would resign to run for a seat in parliament needed to make a bid for the premiership.

11:21 Indian manufacturing activity expanded for a second consecutive month in September although firms struggled to sustain demand, with the price of goods barely increasing, reports Reuters. The Nikkei/Markit Manufacturing Purchasing Managers’ Index, compiled by IHS Markit, held steady at August’s 51.2 last month, its second month above the 50 mark that separates growth from contraction.

11:09 State Bank of India (SBI) has cut one-year retail term deposit rates by 25bps to 6.5%.

10:58 Taj Mahal, one of the World's Seven Wonders, has found no mention in a Uttar Pradesh government's tourism booklet on key attractions in the state, reports CNN-News18. The 32-page glossy booklet titled 'Uttar Pradesh Paryatan-Apaar Sambhavanaayein' (UP Tourism-Unlimited Possibilities), which has the iconic Ganga Aarti of Varanasi as its cover image, has been printed to promote the tourist spots in Uttar Pradesh, but surprisingly the most prominent and popular one is missing. The embarrassment led the UP government to go defensive with Tourism Minister Rita Bahuguna Joshi saying that the Taj Mahal was a part of UP's cultural heritage and a key priority for the state government.

10:47 The Karnataka government plans to bring a legal framework to protect its 100% reservation policy for Kannadigas in blue-collar jobs, reports The Times of India. This move comes after the government was legally challenged over its pro-Kannada stance.

With the law department vetoing 100% reservation for C and D group (blue-collar) employees in private sector earlier this month, the issue has now landed in front of the advocate general (AG) for consideration. The department had cited that the 100% reservation policy in private sector would create legal challenges by curtailing the fundamental rights guaranteed in the Constitution by violating article 14 (right to equality) and article 16 (right of equal opportunity).

10:43 The Centre has begun a slew of measures to boost medium and small scale industries, exports and the textile sector, reports The Economic Times. During its September 27 Cabinet meeting, the government had discussed proposals related to providing stimulus to medium and small-scale industries, exports and the textile sector which have not performed to their optimum strength in last few quarters.

10:36 The number of new internet and technology start-ups launched in the first nine months of this year has slumped to 800 from more than 6,000 in all of last year, as start-up closures, the struggles of large internet companies and a slowdown in the growth of the e-commerce market took their toll on entrepreneurial activity, reports Mint. Data from Tracxn, a start-up tracker, shows that the number of new start-ups has now dropped steeply for two years in a row.

10:19 Honeypreet Insan, who was absconding, has claimed she and Dera Sacha Sauda Chief Ram Rahim Singh are innocents, reports CNN-News18. Rejecting that she and Ram Rahim had an illicit relationship, Honeypreet appealed to people to think twice before maligning a father-daughter relationship. She said she has met an advocate in Delhi and claimed she will go to Punjab and Haryana High Court in Chandigarh to follow the legal process. Reacting to the reports that she had fled the country, Honeypreet said she did not go to Nepal.

10:12 The Reliance Communications stock tumbled 7.8% after the company scrapped a proposed merger of its wireless arm with rival Aircel, raising doubts about a debt-reduction plan. The company on Sunday said it is reassessing debt repayment options after calling off the merger deal, citing regulatory delays and legal uncertainties.

10:03 SBI Life Insurance debuts at Rs 733 per share, up 5% from its listing price of Rs 700 per share.

09:50 North Korea on Tuesday threatened Japan with nuclear destructions in response to Tokyo’s attempts to convince the international community to reject dialogue in favour of applying more pressure on Pyongyang, reports IANS. In an article released by Korean Central News Agency (KCNA), Pyongyang responded to Japanese Prime Minister Shinzo Abe’s speech at the UN General Assembly last month, in which he called for “pressure, not dialogue” to force North Korea to abandon its nuclear ambitions.

Kim Jong-un’s regime accused Abe of “using the ‘theory of crisis on the Korean peninsula'” for political purposes, and in particular to “facilitate Japan’s militarisation and at the same time strengthen inside unity and save the present rulers driven into a tight corner with corruption and irregularities”. The article added that Abe had already shown his “sinister political goal” with measures such as increasing defence costs and calling snap elections. “Japan’s rackets inciting the tension of the Korean peninsula is a suicidal deed that will bring nuclear clouds to the Japanese archipelago.

09:39 Dera Sacha Sauda Gurmeet Ram Rahim's adopted daughter Honeypreet Insan is likely to surrender on Tuesday or Wednesday before the Panchkula Court, reports CNN-News18. The former actress said she will surrender after taking legal advice. 

09:30 The Tata Motors stock is trading up close to 5% on robust September auto sale numbers. The company reported an exponential rise in its domestic sales for September on the back of growing festive demand and introduction of new products. September domestic passenger and commercial vehicle sales rose 25% to 53,965 units. However, exports declined 27% to 3,887 units.

09:24 About 30.1 lakh shares of Indiabulls Ventures traded in two blocks on the bourses at Rs 259.55 per share.

09:23 About 2.7 lakh shares of Zee Entertainment traded in two blocks on the NSE at Rs 522 per share.

09:19 The two-day rate setting meeting of RBI’s Monetary Policy Committee will start today. This will be the fourth bimonthly monetary policy meeting of the FY18. With inflation firming up and rupee coming under pressure, many economists feel that central bank will vote to keep the repo rate unchanged at 6%.

09:11 Greenko, backed by Singapore's GIC and Abu Dhabi Investment Authority, has sought to acquire Anil Ambani-led Reliance Infrastructure's flagship Mumbai electricity business for an enterprise value of Rs 13,000-14,000 crore, reports The Economic Times.

09:08 Every day, South Korea's Unification Ministry sends officials to the border village of Panmunjom to call North Korea at 9 am and 4 pm For more than 18 months, the North hasn't picked up. As North Korea steps up its nuclear weapons tests and threats, the Unification Ministry, dedicated to improving relations with the North and eventual peaceful reunification, faces an almost existential crisis, reports AP.

09:03 Which stocks and sectors are on the wish-list of foreign and domestic brokerages today, click here to find out

08:29 SBI Life Insurance will make its stock market debut today after raising Rs 8,400 crore in its initial public offering. The company is a joint venture between SBI and BNP Paribas Cardif (BNPPC). Its initial public offer was oversubscribed 3.58 times between September 20 and September 22. Experts see the issue listing at a premium of Rs 20-30.

08:24 Automakers drove in robust sales in September led by festive season and new offerings. Tata Motors sales rose 25% while Maruti posted a 10% growth. Royal Enfield continued its strong run.

08:21 Dr Reddy's Laboratories will be in focus today as the company has launched a generic version of Renvela in the US.

08:19 Markets regulator Sebi has put off implementation of its directive "until further notice" that required listed firms to inform exchanges if they default on loan payments to banks and financial institutions, reports PTI. In a circular, the Securities and Exchange Board of India (said it has decided to defer implementation of its earlier directive "until further notice". Last month, the regulator had directed listed companies to disclose from October 1 any payment defaults to banks and financial institutions within one working day of such a miss.

08:14 In a relief for Indian IT bellwether Tata Consultancy Services, a US court has more than halved the compensatory and punitive damages to USD 420 million imposed on company in a lawsuit filed by Epic Systems.

08:10 Anil Ambani-led Reliance Communications has called off its much anticipated merger with Aircel. RComm cited regulatory delays and opposition from creditors for the deal falling through and said that they were looking at alternative ways to reduce its debt, including sale of real estate assets and "optimisation of spectrum".

08:07 Spanish Prime Minister Mariano Rajoy may be forced to play his constitutional trump card to attempt to restore order in Catalonia. On Sunday, violence erupted between activists and Spanish police, who were seeking to shut down the region's independence referendum that had been deemed illegal by the nation's constitutional court. Rajoy has now met the leader of opposition socialist party to figure out the next step in the Catalonian crisis.

08:02 Today in history
1957 - Republican Party of India established.
1993 - Two US Special Forces helicopters are shot down during an ambush in Mogadishu, Somalia. 17 US peacekeepers are killed.
1995 - OJ Simpson is acquitted of the murders of his estranged wife, Nicole Brown Simpson, and her friend, Ronald Goldman.1997 - Financial and operational autonomy given to 97 profit-making public sector enterprises (mini-ratnas) other than the navaratnas.

07:57 Japanese companies’ inflation expectations eased slightly in September from three months ago in a worrying sign the economy continues to struggle with a deflationary mindset, reports Reuters. Companies surveyed by the Bank of Japan expect consumer prices to rise 0.7% a year from now, lower than their projection for a 0.8% increase three months ago. Firms also expect consumer prices to rise an annual 1.1% three years from now, unchanged from the previous survey.

07:55 Is China's real reasons for enforcing North Korea sanctions aimed at US President Donald Trump and its Party Congress? CNBC reports that China's measures against North Korea may just be a temporary move for its own gain. China is looking to improve relations with the US as well as ensure stability ahead of a key meeting of Communist Party officials, experts said.

07:49 Las Vegas massacre: Scenes from the deadliest mass shooting in modern US history

07:42 India’s ride-hailing company Ola on Monday secured USD 2 billion in new funding from a group of investors, including SoftBank Group Corp and Tencent Holdings, reports Bloomberg. The funding round isn’t finished yet and the amount could change. The funding is also backed by venture capital fund jointly run by Indian industrialist Ratan Tata, the University of California's investment arm and US institutional investors.

07:36 Banks operating in Britain must find a net GBP 4 billion (USD 5.3 billion) by 2022 to comply with rules aimed at shielding taxpayers if lenders go bust, the Bank of England said on Monday. Ten years after the financial crisis that cost British taxpayers billions of pounds to rescue banks like Royal Bank of Scotland and Lloyds, the BoE said its was putting the finishing touches to a system for dealing with failing banks. This would ensure that even large banks can be wound down and would be no longer “too big to fail” and hold taxpayers to ransom. BoE Deputy Governor Jon Cunliffe said the BoE does not run a “zero failure regime”.

07:30 Factories across the euro zone enjoyed their most productive month since early 2011 in September, and the momentum looks set to continue into October as new order growth accelerated, reports Reuters. That increase in demand and activity came despite firms raising prices at the fastest rate in five months, in welcome news for policymakers at the European Central Bank, which look set to announce a reduction of its asset-buying programme soon. IHS Markit’s final manufacturing Purchasing Managers’ Index climbed to 58.1 from August’s 57.4, just missing a flash estimate of 58.2 but its highest level since February 2011.

07:28 British manufacturing growth cooled last month as cost pressures lurched higher, according to a survey that could put the Bank of England a step closer to raising interest rates, despite a murky outlook ahead of Brexit, reports Reuters. Monday’s IHS Markit/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) fell to 55.9 from a downwardly revised 56.7 in August. By contrast, euro zone factories had their best month since early 2011.

07:27 A measure of US manufacturing activity surged to a near 13-1/2-year high in September, reports Reuters. Disruptions to the supply chains caused by Hurricanes Harvey and Irma resulted in factories taking longer to deliver goods and boosted raw material prices. The Institute for Supply Management index rose to 60.8 in September from 58.8 in August. US construction spending also rebounded in August after two straight months of declines, boosted by increases in both private and public outlays.

07:24 Crude oil prices extended losses, as optimism surrounding an apparent re-balancing of the market began to fade following news of an increase in Iraqi production and a rise in US oil rig counts. Gold fell to its lowest since mid-August on Monday as rising US treasury yields pushed the dollar higher, while concerns over violence during Catalonia's independence vote at the weekend weighed on the euro.

07:22 US stocks started the fourth quarter on a strong note, with all three major indexes closing at record highs on Monday after data underscored strength in the economy. The small-cap Russell 2000 posted another record high close. The Dow Jones Industrial Average rose 152.51 points, or 0.68%, to 22,557.6, the S&P 500 gained 9.76 points, or 0.39%, to 2,529.12 and the Nasdaq Composite added 20.76 points, or 0.32%, to 6,516.72.

07:17 Asian shares tiptoed lower on Tuesday, pressured by weaker oil prices but supported by records on Wall Street and upbeat economic data that lifted US Treasury yields and the dollar. Japan's Nikkei stock index added 0.3%, getting a tailwind from a weaker yen. Australian shares slipped 0.4% ahead of the Reserve Bank of Australia’s (RBA) policy decision. China and South Korean markets are shut for trade today due to public holidays. SGX Nifty is trading 18 points higher.

07:09 A retiree armed with multiple assault rifles strafed an outdoor country music festival in Las Vegas from a high-rise hotel window on Sunday, slaughtering at least 59 people in the deadliest mass shooting in modern US history before killing himself, reports Reuters.

The barrage of gunfire from the 32nd-floor of the Mandalay Bay hotel into a crowd of 22,000 people came in extended bursts that lasted several minutes, as throngs of terrified music fans desperately cowered on the open ground, hemmed in by fellow concertgoers, while others at the edge tried to flee.

More than 525 people were injured - some by gunfire or shrapnel, some trampled - in the pandemonium adjacent to the Las Vegas Strip as police scrambled to locate the assailant. The Islamic State militant group claimed responsibility for the massacre, but US officials said there was no evidence of that.

07:03 The White House on Monday ruled out talks with North Korea except to discuss the fate of Americans held there, again appearing to rebuke Secretary of State Rex Tillerson who said Washington was directly communicating with Pyongyang on its nuclear and missile programs, reports Reuters.

“We’ve been clear that now is not the time to talk,” White House spokeswoman Sarah Sanders told reporters, reiterating a tweet from President Donald Trump at the weekend that was seen as undercutting Tillerson. “The only conversations that have taken place were that ... would be on bringing back Americans who have been detained,” Sanders said. “Beyond that, there will be no conversations with North Korea at this time.”

06:51 Good Morning Moneycontrol users. This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.