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Oct 11, 2017 10:14 PM IST IST | Source: Moneycontrol.com

News Live: Govt extends 7th CPC benefits to teachers of central, state varsities

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. 

  • Oct 11, 02:06 PM (IST)

    Top Headlines

    1. HDFC to raise Rs 2,500-crore via bonds on private placement basis

    2. Rupee rises 14 paise to 65.14 ahead of macro data

    3. Govt extends 7th Pay panel benefits to teachers of central, state varsities

    4. Ola raises $1.1bn in Tencent, SoftBank-led round, seeks another $1bn, reports Reuters

    5. PMEAC next meet in November, to work on monetary policy and fiscal framework, reports CNBC-TV18

    6. Sex with minor wives amounts to rape, rules SC

    7. SBI report says India may delay implementation of Basel III norms

  • Oct 11, 09:32 PM (IST)

    India soccer team beats Macau 4-1 to qualify for the 2019 Asian Cup. India has topped Group A of the Third Round of 2019 AFC Asian Cup qualifiers.

  • Oct 11, 09:26 PM (IST)

    Two Garud Commandos of the Indian Air Force (IAF) and two Lashkar-e-Taiba militants were killed on Wednesday in an encounter in Jammu and Kashmir's Bandipora district, an army official said.

    Security forces launched a cordon and search operation in Hajin area of Bandipora district early Wednesday following information about the presence of militants in the area, he said.

  • Oct 11, 09:20 PM (IST)
  • Oct 11, 09:00 PM (IST)

    Pakistan today recommended former chief justice Tassaduq Hussain Jillani as an ad-hoc judge to the International Court of Justice to hear the case of Indian national Kulbhushan Jadhav who has been sentenced to death by a Pakistani military court for "subversive activities".

    Currently, there is no judge of the court that has Pakistani nationality; whereas Justice Bhandari from India sits as a judge of the court.

  • Oct 11, 08:44 PM (IST)

    The government extended the benefits of the Seventh Pay Commission for the teaching faculty of central and state universities and aided colleges on Wednesday.

    He said the move will benefit 7.58 lakh professors, assistant professors and others, HRD minister Prakash Javadekar told reporters after a cabinet meeting, where the decision was taken.

    He said the hike would be anywhere between Rs 10,000 and Rs 50,000.

  • Oct 11, 08:35 PM (IST)

    Petrol pump dealers on Wednesday called off their proposed day-long strike on Friday after state-owned oil firms warned them of strict action, including cancelling their contracts.

    Various associations of petrol pump dealers had called the 24-hour strike against new Marketing Discipline Guidelines which impose stringent penalties for short-selling, operating automated pumps in manual mode without authorization, the non- provision of clean toilets and not paying minimum wages to employees, according to PTI.

  • Oct 11, 08:25 PM (IST)

    More than 45.99 lakh businesses have filed the final GST returns for July and more than 33 crore invoices have been processed on the GSTN portal. GST Network (GSTN) said in a statement that as many as 45,99,113 taxpayers have filed their sales return or GSTR-1 for July till yesterday -- the last date for filing the return form.

    This is lower than 54.78 lakh initial returns for July filed in GSTR-3B form.For August, 47.12 lakh businesses had filed GSTR-3B till yesterday, according to PTI.

  • Oct 11, 07:58 PM (IST)

    Tata Consultancy Services, the country's largest software services provider, will announce its July-September quarter earnings on October 12 after market hours.

    Profit after tax for the quarter is expected to increase 4 percent sequentially to Rs 6,183 crore and revenue may grow 2.6 percent to Rs 30,356 crore, according to an average of estimates of analysts polled by CNBC-TV18.Revenues in dollar terms are likely to register a 3 percent at USD 4,731 million in the quarter ended September 2017, compared with USD 4,591 million in the previous quarter.

    Here's what to expect

  • Oct 11, 07:50 PM (IST)

    A special CBI court today issued non-bailable warrants (NBWs) against three European middlemen in connection with the AgustaWestland VVIP choppers deal and served a summons on the other accused including former IAF chief SP Tyagi according to a PTI report.

    The middlemen are Carlo F Gerosa, Christian Michel and Guido Haschke.

  • Oct 11, 07:07 PM (IST)

    The global economic recovery has strengthened financial stability but easy monetary and financial conditions against a backdrop of sluggish inflation is elevating medium-term risks, the International Monetary Fund (IMF) said on Wednesday, reports Reuters.

    The IMF, whose autumn meetings with the World Bank get underway in Washington later this week, also noted risks are rotating from banks, which have fortified their balance sheets, to financial markets as credit spreads compress, volatility declines and asset prices rise.

  • Oct 11, 07:03 PM (IST)

    A Mumbai sessions court today granted bail to Sameer Kulkarni, arrested for his alleged involvement in the September 2008 Malegaon blast case, reports PTI.

    The court granted Kulkarni bail on a bond of Rs 50,000 on the grounds of parity, as several other accused in the case including Lt Col Prasad Purohit, Sadhvi Pragya Singh Thakur and retired Army Major Ramesh Upadhyay, have already been given bail.

    Six persons were killed and nearly 100 injured when a bomb strapped to a motorcycle exploded in Malegaon town of Nashik district on September 29, 2008.

  • Oct 11, 06:55 PM (IST)

    The country's largest mortgage lender HDFC Ltd will raise Rs 2,500 crore by issuing bonds on private placement basis to augment its housing finance business.

    The security '7.40 percent HDFC, 17 November 2020' are secured redeemable non-convertible debentures.

    Read full story here.

  • Oct 11, 06:51 PM (IST)

    New diesel vehicles are set to pinch a lot more once the next generation emission norms are implemented in 2020 even as carmakers scramble to make petrol vehicles equally fuel-efficient.

    Vehicle manufacturers state that the technology required to reduce nitrogen oxide (NOx) and particulate matter (PM) in diesel emissions will be very expensive to use and will further increase the pricing gap between diesel and petrol vehicles.

    “The most challenging part under BS-VI will be making diesel technology affordable. Carmakers will have to invest keeping in mind the affordability levels of the consumer and return on investment,” said a top executive from Maruti Suzuki, the country’s largest car maker speaking to Moneycontrol.

    Read full story here.

  • Oct 11, 05:40 PM (IST)

    The US dollar ended cheaper against the rupee at 65.14/15 per dollar and the pound sterling also finished lower at Rs 85.91/93 at the close of the Interbank Foreign Exchange (forex) market today.

  • Oct 11, 05:35 PM (IST)

    Watch our show Markets@Moneycontrol for a wrap of markets action today

  • Oct 11, 05:34 PM (IST)

  • Oct 11, 04:53 PM (IST)

    The special ‘Muhurat Trading’ session, held every year on the day of Diwali, will take place on October 19 this year.

    The exchange said that the trade would begin at 6:30 pm, which will be preceded by a pre-opening session at 6:15 pm and the trade would last for one hour. Apart from the auspicious trade, the exchange will also hold a Lakshmi Poojan ceremony at 3:00 pm and felicitate top volume performers on this day at 4:30 pm.

  • Oct 11, 04:46 PM (IST)

    Petrol pump dealers call off their strike scheduled for October 13: ANI

  • Oct 11, 03:46 PM (IST)

    India's free trade pacts with copper producing nations have posed a threat to the domestic industry, state-owned Hindustan Copper (HCL) has said, asking the industry to be innovative to meet future challenges, reports PTI. "Import of finished copper is increasing over the years. Free trade agreements with copper-producing countries have posed a challenge to the Indian copper industry," Hindustan Copper (HCL) said in Annual Report 2016-17.

  • Oct 11, 03:45 PM (IST)

    Godrej Appliances is targeting about 20% growth in topline in the current fiscal to Rs 4,000 crore from Rs 3,300 crore in FY17, reports PTI. According to Kamal Nandi, Executive Vice President and Business Head, Godrej Appliances, the home appliances industry was hit by demonetisation during the third quarter of the last calendar year and this year the growth would be in the range of 10-12%.

  • Oct 11, 03:43 PM (IST)

    The Bombay High Court refused to vacate its stay restraining the Maharashtra government from granting permission for bullock cart races, observing bulls were not anatomically designed to participate in races and would be subjected to cruelty if used as a performing animal, reports PTI. Drawing from the Supreme Court's 2014 order on Jallikattu, a bench of Chief Justice Manjula Chellur and Justice NM Jamdar said since bulls were not anatomically designed to be used as performing animals, making them participate in a race will "inherently" amount to "cruelty." The bench dismissed the state's submission that it had amended the Prevention of Cruelty to Animals (Maharashtra Amendment) Act 2017 to ensure that bulls participating in such races are not subjected to any physical pain or cruelty.

  • Oct 11, 03:18 PM (IST)

    The Kerala government has ordered a vigilance probe against former chief minister Oommen Chandy in connection with the multi-crore solar scam, reports PTI. A decision in this regard was taken on the basis of the findings of the Justice G Sivarajan Commission, which had probed the scam and had last month submitted its report to the government, Chief Minister Pinarayi Vijayan said.

    The report will be placed before the state assembly within six months, Vijayan said after a cabinet meeting. Chandy directly and through four of his former office staff Jikkumon Joseph, Tenny Joppen, Salim Raj and Kuruvilla had allegedly taken bribe from Saritha S Nair, who had floated a solar company, and on that basis a case will be registered under the Prevention of Corruption Act, Vijayan said.

  • Oct 11, 03:11 PM (IST)

    Suspected members of the Raj Thackeray-led MNS attacked non-Maharashtrian factory workers, reports PTI. The regional party has been demanding preference for local youth in jobs at units in the Maharashtra Industrial Development Corporation (MIDC) area at Kupwad. Police have arrested seven persons in connection with the attack which took place here in Western Maharashtra on Tuesday evening.

  • Oct 11, 03:09 PM (IST)

    Mahindra & Mahindra (M&M) is looking at various cost reduction measures, including lowering driving range of its electric car e-Verito, in order to be price competitive to supply electric cars to EESL, reports PTI. M&M coupled with Tata Motors are the only two companies selected by state-owned Energy Efficiency Services (EESL) to supply 500 electric cars in the first phase.

  • Oct 11, 03:06 PM (IST)

    The Customs Department has been asked to keep a hawk-eyed vigil on the illegal import of firecrackers from abroad, particularly from China, reports PTI. The Central Board of Excise and Customs' (CBEC) recent order to chiefs of customs zones across the country comes ahead of Diwali on October 19.

  • Oct 11, 03:01 PM (IST)

    India could slightly delay the implementation of global risk norms Basel III as the banking sector is already under stress due to demonetisation and the GST roll out, a SBI report said. PTI reports that an extended timeline to meet the capital needs under the norms would provide the necessary breather to banks to lend more while they grapple with several issues. "We believe that Indian banking sector needs some time to assimilate the impact of past three structural changes (demonetisation, GST implementation and RERA) before facing the new ones," said the SBI Ecowrap in the report - 'Timing Future Reforms in India'.

  • Oct 11, 02:58 PM (IST)

    India has reduced the goods and service tax (GST) on bunker fuel oil, known as bunker fuel, to 5% for all vessels, which should help the country’s fuel sellers compete with other lower-tax ports in Asia, reports Reuters. India’s nationwide GST taxed bunker fuel sales at 18% when it was implemented on July 1. 

  • Oct 11, 02:53 PM (IST)

    The cheque books of State Bank of India’s (SBI) former associate banks will be valid till December 31 after the earlier deadline of September 30 was extended, reports Moneycontrol’s Beena Parmar. The country's largest lender, in a tweet on Wednesday, said: “The validity of cheques of former Associate Banks has been extended till December 31, 2017, by the RBI. Please apply for new SBI cheque book before 31st December, to avoid any inconvenience.” Customers can apply for the new SBI cheque books at their home branches, all SBI ATMs or through Internet banking and Mobile Banking.

  • Oct 11, 02:44 PM (IST)

    The first meeting of the newly constituted Economic Advisory Council to the Prime Minister has just ended, reports CNBC-TV18. Bibek Debroy, Chairman, PMEAC, said the body will work on monetary policy and fiscal framework. It has picked 10 issues to initially work upon. The body, which was reconstituted by Prime Minister Narendra Modi after being dismantled in 2014, will meet next in November. Putting to rest talks of a fiscal stimulus, the council stated that the Centre must not move away from the path of fiscal consolidation.

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