News highlights of the day: Congress says Modi govt clutching at straws to reclaim lost credibility

The highest-level Chinese envoy to North Korea in two years arrived in the country's capital on Friday to try to improve relations that have soured over Beijing's tightening of sanctions and expressions of support for US President Donald Trump's calls for more pressure on the North to abandon its nuclear weapons programme.

Song Tao's official mission is to brief North Korean officials on the outcome of China's ruling Communist Party congress held last month.

He is visiting as President Xi Jinping's special envoy, according to Chinese and North Korean state media, but no other details about his itinerary or whether he will meet with North Korean leader Kim Jong Un have been announced.

19:59 Volkswagen to spend over $40 billion on electric and self-driving cars

Volkswagen’s leaders on Friday approved a five-year spending plan that aims to further the German automaker’s goal of transforming itself into a leading force in electric cars.

Europe’s largest carmaker by unit sales will spend more than 34 billion euros (USD 40 billion) on electric cars, autonomous driving and new mobility services by the end of 2022, it said on Friday following a supervisory board meeting.

Total group investments by 2022 will total about 72 billion euros, the group said, confirming an earlier Reuters story.
19:55 Zimbabwe President Robert Mugabe makes defiant appearance after army takeover

Zimbabwean President Robert Mugabe attended a university graduation ceremony on Friday, making a defiant first public appearance since the military takeover that appeared to signal the end of his 37-year reign.

Mugabe, 93, had been confined to house arrest after the military took over the country.

But on Friday, he walked into the ceremony venue in Harare dressed in a blue academic gown and tasselled hat, before listening to speeches with his eyes closed and applauding occasionally, an AFP correspondent reported.

The generals took over late on Tuesday after vice president Emmerson Mnangagwa was abruptly sacked and Mugabe's wife Grace emerged in prime position to succeed her increasingly frail husband.

19:22 I-T dept seizes Rs 11 crore from entities in NSE co-location case

The income-tax department on Friday seized about Rs 11 crore cash as part of its searches in the tax evasion probe against a broker and others said to be involved in the high-profile co-location case.

They said the cash, hidden in various wooden cavities of furniture and other items, was recovered and seized from the Delhi premises of a broker identified as Sanjay Gupta.

Gupta did not reply to queries sent by PTI.

His phone, as well as that of his family members, were switched off. A major chunk of Rs 11 crore seizure from three locations in Delhi was from the place of Gupta's business partner. Nearly Rs 10 crore was found in a cavity beneath a staircase at one of the premises that were searched, officials said.
19:22 Domestic air passenger traffic breaches 10-million mark in October

For the first time, air travel volume breached the 10-million mark in October clipping at a healthy 20.52 percent over the same period a year ago.

For the reporting month, the carriers flew as much as 10.45 million passengers. The combined passenger traffic of all airlines was 8.67 million in October 2016, according to the data released by the regulator DGCA on Friday.

During the month, all major airlines barring the disinvestment-bound national carrier Air India logged a healthy passenger load factor at above 80 percent owing to the onset of festive season, as per the DGCA passenger data for October. The PLF is a measure of how full the plane flies.

19:04 Anti-malaria drug may also fight Zika virus: study

A drug used to prevent and treat malaria may also be effective against Zika virus, a study has found.

The medication, called chloroquine, has a long history of safe use during pregnancy, and is relatively inexpensive, according to the study published in the journal Scientific Reports.

Zika virus remains a major global health risk. In most adults, Zika causes mild flu-like symptoms.

However in pregnant women, the virus can cause serious birth defects in babies - including microcephaly - a neurological condition in which newborns have unusually small heads and fail to develop properly.

19:02 Reliance Ind Proposes To Make Offer For Issue Of NCD On Private Placement Basis Worth Up To Rs 2500 Cr #BizNews , tweets CNBC-TV 18

18:59 Padmavati row: Shashi Tharoor flips stance, says Rajput sentiments must be respected

Congress leader Shashi Tharoor, who had previously lashed out against the protests taking place across the country against Padmavati, now seems to have softened his stance.

Previously, the Congress MP from Kerala had condemned the action of Rajput “maharajas” who are on the roads protesting against the launch of the film on grounds of it distorting history and also for claiming that it is an insult to their honour.

18:54 DATA STORY: India ailing from an 81% shortfall of specialists at community health centres

India's community health centres (CHCs) have an 81 percent shortfall of specialised medical care as compared to the required specialist manpower.

The Rural Health Statistics 2016 report states that as compared to the requirement for existing 5,510 CHCs, there is a shortfall of 84 percent of surgeons, 76.7 percent of obstetricians and gynaecologists, 83.2 percent of physicians and 80.1 percent of paediatricians.

18:32  63 % respondents wa a stronger military presence in Jammu & Kashmir: Survey

More than 60 percent respondents of a survey believe that the Centre should use more military force in Jammu and Kashmir, American fact-tank Pew Research Centre said today.

The state has been on the edge since the killing of Hizbul Mujahideen militant Burhan Wani by security forces in July last year. It has witnessed widespread clashes between the security forces and civilians since then.

According to the survey conducted by the Pew Research Centre, while 63 percent of the respondents were in favour of using more military force in Jammu and Kashmir, 64 percent had a "very unfavourable" view of Pakistan, which was nine percent higher compared to the previous year.

17:27 Catch today's news in our latest installment of "news in pictures"

17:22 Second day's play has been called off due to rain with India on 74/5 against Sri Lanka in first Test #INDvSL, tweets PTI.

17:19 Microsoft founder Bill Gates meets Yogi Adityanath, discusses sanitation issues

Microsoft founder Bill Gates met Uttar Pradesh CM Yogi Adityanath on Friday where the two discussed sanitation-related issues, including spreading awareness on vector-borne diseases, drinking water availability and cleanliness campaigns.

Giving the details of the 45-minute meeting, Chief Secretary, Information and Tourism Avanish Awasthi said, “Discussions were held on the complete eradication of Filariasis. Bill Gates told us that he is already monitoring vector-borne diseases with Indian Council of Medical Research. He added that he will help in setting up a regional vector disease centre at BRD Medical College.”

17:15 JAL seeks staff contributions to raise Rs 2000 crore to refund homebuyers

In its latest attempt to raise the Rs 2,000 crore that its real estate arm Jaypee Infratech owes homebuyers, Jaiprakash Associates Limited (JAL) is passing the hat around its employees. Chairman Manoj Gaur has written to staff beseeching them for financial help.

Gaur’s letter, a copy of which has been seen by Moneycontrol, says: “The company is trying to prove its trustworthiness and bonafide in the Supreme Court but at this time the company seeks your help to come out of the crisis it currently faces.”

“You have always stood by the company’s side whenever it faced a crisis whether it a was fire in a hotel or at the time of 2013 devastation caused by floods in Vishnuprayag. This time too when the company faces a crisis, it seeks your help to come out of it,” he says in the letter.

17:07 Centre to rate Highways & Toll plazas for improved performance

In a bid to improve the regulatory framework for infrastructure development, union ministry of road transport and highways (MoRTH) will soon come up with rating plans for highways, toll plazas, construction agencies and various consultants engaged with the ministry.

“We are constantly trying to improve the regulatory framework… One part of which is to start grading,” a highly placed source from the ministry told Moneycontrol.

Early this month MoRTH appointed Quality Council of India (QCI), an autonomous society set up to ensure quality standard, as its “implementation agency” to review and rate highway developers to pave way for “suitable” infrastructure companies to “engage” with the government.

17:04 Iraq forces retake last town in the country held by IS: Iraqi army

Iraqi forces said they retook the last town in the country still held by the Islamic State group near the border with Syria today in a lightning offensive.

Government troops and paramilitary units "liberated the whole of Rawa and raised the Iraqi flag on all of its official buildings," General Abdelamir Yarallah of the Joint Operations Command said in a statement.

More than 3 million people displaced by Islamic State-related violence in the last three years have still not returned home. A rift between the central government in Baghdad and the Kurds following a September referendum on independence has created a fresh wave of displacement.

Islamic State’s self-declared caliphate effectively collapsed in July when U.S.-backed Iraqi forces re-took Mosul, the group’s de facto capital in Iraq, after a gruelling nine-month battle which reduced much of it to rubble.

16:24 HDFC Standard Life closes at a 19% premium at Rs 344.60 per share
It was a good start to the HDFC Standard Life Insurance Company on the bourses as the stock price closed with a whopping 19% premium on the National Stock Exchange. It settled at Rs 344.60 per share against its issue price of Rs 290 per share after hitting an intraday high of Rs 369 per share and low of Rs 307 per share. The share price rallied as much as 27.24% intraday while it opened with 8% percent premium on the NSE.

On the BSE, HDFC Life shares closed at Rs 344.25, up 18.71% over issue. This is the third life insurance company getting listed on the exchanges after ICICI Prudential Life and SBI Life. The public issue of the subsidiary of housing finance major HDFC was oversubscribed 4.9 times during November 7-9, 2017. The price band for the issue was Rs 275-290 per share.

16:21 Sebi norms for insolvency resolution professionals soon
The markets watchdog Sebi is working on the guidelines for insolvency resolution professionals under the capital market norms so the recently introduced Bankruptcy & Insolvency Code is implemented better, reports PTI. The market watchdog is jointly working with the Insolvency & Bankruptcy Board to address the issue and the new guidelines will be issued this year itself, Sebi chairman Ajay Tyagi said. He noted that the Sebi has already relaxed the norms related to issue of capital and disclosure requirements as well as regulations on substantial acquisition of shares and takeovers to align with the new Bankruptcy & Insolvency Code.

"There are various other issues which have come to our notice in terms of resolution professionals being in-charge of a company for 180 days at least, when resolution plan is underway," Tyagi said. "What would be the obligations on the resolution professionals under the listing regulations or what are the other requirements. They need to be jointly worked out with the Bankruptcy Code Board of India and provisions made on that," he added.

16:17 Congress says Modi govt clutching at straws to reclaim lost credibility
The Congress accused the Modi government of "clutching at straws" to reclaim the lost credibility, and said it and rating agency Moody's have failed to gauge the mood of the nation, reports PTI. Congress communications in-charge Randeep Surjewala also sought to downplay Moody's rating upgrade of India, saying the same agency had miscalculated US subprime mortgages before the economic meltdown.

"After destroying India's economy, the Modi government is clutching at straws to claim lost credibility," he said on Twitter. "Modiji and Moody's 'jodi' (duo) have failed to gauge the mood of the nation," he said, adding that hunger deaths, agri distress, job losses, lowest credit ratings, rising prices, plunging exports, flawed GST, demonetisation disaster, stagnant growth are the real indices to measure it.

Taking a dig at Finance Minister Arun Jaitley, Surjewala said, "Mr Jaitley, do remember that Moody’s, S&P and other rating agencies defaulted in rating American sub-prime mortgages...before the economic meltdown." "Lesson is stop acting and get your act together. Shun arrogance and listen to the trade and industry," he told the finance minister.

16:11 Allahabad Bank to sell Rs 101cr Khaitan Electricals debt
Allahabad Bank has decided to put on sale bad loans worth Rs 101 crore of Khaitan Electricals, the consumer durables maker battling declining revenues in recent quarters. An senior official of the state-owned bank told PTI that Khaitan Electricals' NPA is one of the 61 such accounts that have been identified for sale during the December quarter. The bank has scheduled e-auction for the sale of the loan on December 4.

15:40 Ericsson demonstrates 5G technology live in India, says report
Aiming to bring the latest innovations and creating a 5G ecosystem in India, global communications technology leader Ericsson showcased the first-ever live 5G end-to-end demonstration in the country, reports PTI. The demonstration using Ericsson’s 5G test bed and 5G New Radio (NR) delivered a throughput of 5.7 Gbps and ultra-low latency of 3 millisecond. According to a latest Ericsson study, 5G technology will enable a $27.3 billion revenue potential for the Indian telecom operators by 2026.

The demonstration also featured 5G use cases and live demonstration of essential technologies on the road to 5G like Gigabit LTE (1 GBPS download speeds) with License Assisted Access (LAA) technology. The LAA live demo highlighted how this technology can leverage wireless network resources using higher frequency bands on a small cell architecture. Other technology innovations presented in the showcase included advancements in Radio Network Evolution, 5G Ready Transport and Network Slicing. Ericsson’s new 5G platform comprises the 5G core, radio and transport portfolios, with digital support systems, transformation services and security.

15:27 Nirmala Sitharaman says allegations relating to Rafale deal shameful
Defence Minister Nirmala Sitharaman said allegations relating to Rafale deal was shameful as deal was finalised following a transparent procedure, reports PTI She stated that the final agreement for 36 Rafale jets was signed after approval of Cabinet Committee on Security (CCS). Hitting out at the erstwhile United Progressive Alliance (UPA), she said the previous government sat over the proposed procurement of Rafale jets for 10 years.

15:22 ED issues fresh summons to Tejashwi, Rabri
The ED has issued fresh summons to RJD chief Lalu Prasad Yadav's wife Rabri Devi and his son Tejashwi Yadav in connection with its money laundering probe into the railway hotels allotment corruption case of the UPA-I tenure, official sources told PTI. They said that while Tejashwi has been summoned for questioning on November 20, his mother Rabri, a former Bihar chief minister, has been called on November 24.

While Tejashwi, a former Bihar Deputy Chief Minister, was grilled last in this case on November 13 for the second time, Rabri had skipped six such Enforcement Directorate summonses in the past. The sources said that the two were required to be questioned at length in the case and hence the fresh dates summoning them was issued.

15:15 The Madras High Court has granted interim stay on petitions filed by former Union minister P Chidambaram and his family seeking quashing of a notice issued under the Income Tax Act for reopening of the assessment for the year 2010-11, reports PTI. Chidamraram, his wife Nalini, son Karti and daughter-in-law Srinidhi had filed four pleas for quashing of the notice from the IT department

15:13 Tesla unveils its all-electric semi truck
After revolutionising electric cars, Tesla is tackling a new frontier in "green" transportation with the introduction a futuristic all-electric semi truck, reports AFP. "We designed the Tesla truck to be like a bullet," said Tesla co-founder and CEO, Elon Musk. The billionaire South African-born inventor unveiled the new vehicle on Thursday at an event in Hawthorne, California, site of the auto-maker's design bureau and the headquarters of SpaceX, the aerospace company he also founded.

Its sleek, aerodynamic profile, in sombre matte or metallic colours, will make it a standout on the road. But the company is touting performance that it says will make the Tesla Semi quicker and more economical than today's diesel-powered trucks. It has four independent electric motors, one for each of its wheels, a transmission that requires no shifting of gears, and a regenerative braking system that "gives it basically infinite brake life," Musk said.

15:04 Zimbabwe military says progress in talks for Mugabe's exit
Zimbabwe's military said it was making "significant progress" in talks with President Robert Mugabe for his departure while it pursues and arrests some allies of the leader and his wife, reports AP. Talks with Mugabe continued, the military said in a statement reported by the state-run Herald newspaper and Zimbabwe Broadcasting Corporation.

Zimbabwe's military is "currently engaging with the Commander-in-Chief President Robert Mugabe on the way forward and will advise the nation of the outcome as soon as possible," the statement said. "Significant progress has been made in their operation to weed out criminals around President Mugabe," it said, adding that the military had already arrested some although others remained at large. Those sought had been "committing crimes that were causing social and economic suffering in Zimbabwe."

The military is seeking Cabinet ministers and other top officials who had been associates of first lady Grace Mugabe, part of a clique dubbed the G40 because many were in their 40s and 50s. They are of a different generation from the one that fought for independence from white minority rule. Army troops and armoured vehicles continued to patrol the capital, Harare, as Zimbabweans went about their daily business.

15:00 Nanny-ism carried to an extreme: Shashi Tharoor on demonetisation
Hitting out at the Centre over demonetisation, Congress MP Shashi Tharoor has said that telling the people that they cannot have access to the money in their accounts was "nanny-ism carried to an extreme." The former Union minister also criticised the BJP-led government over the way GST was rolled out, although, he said, the concept of one nation one tax was "a great idea." "Demonetisation was an exercise in telling people what notes they could hold... The government telling us that you cannot have access to your own money in your account was nanny-ism carried to an extreme," Tharoor said.

14:58 Japan's Abe vows to bolster defence amid North Korea threat
Japanese Prime Minister Shinzo Abe pledged to bolster his country's defences, calling the threat from North Korea the gravest security concern Japan has faced since World War II, reports AP. Outlining his priorities in a policy speech to parliament, Abe described North Korea's sixth nuclear test earlier this year and two missile launches that flew over Japan as a national crisis. He promised concrete action to respond to what he called "escalating provocations" by North Korea. "We will strengthen Japanese defence power, including missile defence capabilities, in order to protect the people's lives and peace," he said.

14:47 ECB says continued bond buys key to pushing out rate hike
The European Central Bank’s decision to extend its bond-buying program until September 2018 was key in pushing market expectations for the first rate hike further into the future, ECB President Mario Draghi told Reuters. “Asset purchases matter also for the signals they entail about the path of future policy rates: the so-called ‘signaling effect’,” Draghi said. “The signalling effect of asset purchases has therefore naturally increased in prominence relative to the duration effect.”

14:43 Akzo Nobel seeks shareholders' nod for chemical biz sale
Paints and coatings firm Akzo Nobel India has sought shareholders' approval to sell its specialty chemical business as a 'going concern' to an affiliate of the Akzo Nobel Group for Rs 320 crore. "The specialty chemicals business of Akzo Nobel India is closely integrated with the global specialty chemicals business of Akzo Nobel," the company said in a regulatory filing.

It further said: "Given this interdependency, the board believes it will be in the best interest of the shareholders, concerned employees and customers that the India specialty chemical business is also divested to the said specialty chemical global entity or its affiliate."

The business includes the Mahad manufacturing facility for polymer chemistry range of products, the company said, adding that the business also consists of a trading portfolio in polymer and surface chemistry products sourced from other units of Akzo Nobel. Close to 80 employees working with the business will be shifted.

Akzo Nobel NV had in April announced its intention to separate its specialty chemical business from its paints and coatings porfolio to create two focused and separate businesses. On November 7, Akzo Nobel said the transaction is likely to be completed by March 31, 2018, after requisite approvals.

14:36 Offshore India funds register inflow of $573m in Oct
India-focussed offshore funds received a net inflow of $573 million in October, taking the total to nearly $5 billion in 2017, indicating that the country remains an attractive destination for overseas investors, reports PTI. In comparison, these funds had registered an infusion of $256 million in October last year, according to a report by Morningstar. Offshore India fund - not domiciled in India – receives flow from overseas investors and in turn, invests the money in Indian markets.

India-focussed offshore funds and Exchange Traded Funds (ETFs) are a subset of the overall foreign portfolio investor (FPI) flows. According to the report, India-focussed offshore funds have seen an investment of $573 million last month, while those of ETFs witnessed a pullout of $31 million, translating into a total of $542 million. Flows into offshore funds are generally considered to be long-term in nature, whereas flows into ETFs indicate predominantly short-term money.

14:28 Aircel delays debt repayments: CARE
Telecom operator Aircel has delayed payment of interest on its debt obligations, ratings agency CARE said and downgraded its rating on the company’s bank facilities to default. Aircel, the sixth-ranked mobile carrier in the country by subscribers, has delayed payment of interest on its debt obligations on account of its “weak liquidity position,” CARE said in a November 16 note.

Aircel, 74% owned by Malaysia’s Maxis Communications, had plans to combine operations with rival carrier Reliance Communications’ (RCom) wireless unit. That deal fell apart last month. RCom has won a reprieve from its creditor banks on its debt repayment obligations until December 2018 under a restructuring plan, having delayed servicing the loans. Aircel has long-term bank loans of Rs 174.79 billion ($2.7 billion), CARE said.

14:24 European shares weighed down by disappointing updates, downgrades
European shares steadied on Friday with disappointing company updates and broker downgrades weighing on the broader market, while pay-TV firm Sky rose on speculation of takeover interest. Weakness among industrial stocks weighed on the STOXX 600 index, which was flat at 385 points following a strong rebound in the previous session. The pan-European benchmark index is down around 0.9% so far this week, set for its second weekly loss in a row, as investors have been locking in profits following a strong year.

14:20 US Congress passes $700bn defence bill
The US Congress passed a nearly $700 billion defence budget for 2018 which imposes tougher conditions on Pakistan for military and security assistance while seeking advancement in military cooperation with major defence partner India, reports PTI. The 2018 National Defence Authorisation Act (NDAA) sailed through both the chambers of the Congress House of Representatives and the Senate by a voice vote. It now heads to the White House for President Donald Trump to sign it into law, which he is expected to do before the Thanksgiving holidays.

14:06 BJP releases first list of 70 candidates for Gujarat polls
The BJP released its first list of candidates for the Gujarat elections, to be held in two phases on December 9 and 14. The list comprises 70 candidates for elections to the 182-member Gujarat Assembly. The party has named Chief Minister Vijaybhai Rupani as its candidate from Rajkot West. Deputy Chief Minister Nitinbhai Patel will contest from Mahesana and state party president Jitubhai Vaghani from Bhavnagar West.

The names were finalised by BJP's Central Election Committee, which met on Wednesday. The meeting, chaired by BJP president Amit Shah, was attended by Prime Minister Narendra Modi, Home Minister Rajnath Singh and Minister of External Affairs Sushma Swaraj among others, party leaders said.

14:01 Lexus unveils NX 300h, commercial launch in January
Toyota-owned luxury brand Lexus unveiled its fourth model in India, the NX 300h, a compact hybrid SUV, priced around Rs 60 lakh. This will be the third sports utility vehicle by Lexus but also the smallest of the lot. It will compete for space against Mercedes-Benz GLC, BMW X3 and Audi Q5 though none on the German cars come in hybrid versions. The NX 300h will be available only in the hybrid version as of now.

Its commercial launch will take place in January which is when Lexus will announce the price and commence deliveries. Bookings, however, has already begun of the NX 300h. The car will be powered by 2.5 litre, four cylinder engine which can generate peak power of 194bhp and a top speed of 180kmph. The company claims that the NX 300h runs 100 km from 8.5 litres of fuel in city driving conditions.

13:33 Moody's ups ratings of four Indian financial institutions
Moody's Investors Service upped the long-term ratings of four Indian financial institutions including State Bank of India (SBI) and HDFC Bank by a notch to Baa2 following the upgrade of the country’s sovereign rating to the same level. The four institutions with revised rating are Export-Import Bank of India (EXIM India), HDFC Bank, Indian Railway Finance Corporation (IRFC) and SBI, Moody's said in a statement.

In the case of HDFC Bank, the rating agency has also upgraded the bank's baseline credit assessment (BCA) and adjusted it to Baa2 from Baa3, it said. Moody's has assigned a stable outlook to SBI's Dubai International Financial Centre (DIFC) branch. The US-based agency today upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising levels of debt.

13:27 The National Green Tribunal said it will impose exemplary costs on states neighbouring Delhi-National Capital Region (NCR) if they fail to submit action plan on pollution, reports PTI. It has asked the Delhi government to enact a policy to close schools in Delhi whenever pollution levels are high. The tribunal has also directed the Delhi government to ensure that only CNG vehicles get a sticker for exemption during the odd-even scheme.

13:00 Encouraging to see international recognition. This firms up our resolve to continue upon the path we have embarked upon: FM Jaitley

13:00 A series of steps such as demonetisation are now taking Indian economy to a larger formalization of economy and digitisation. This is something being universally acknowledged: FM Jaitley

12:53 Moody’s has announced the upgrade of India’s local and foreign currency and the rating has improved from positive to stable. The upgrade came after 13 years and we welcome this upgrade. It is a belated recognition of all the positive steps which had been taken by the country in the last few years that have contributed to the strengthening of the economy, says FM Jaitley.

12:14 USFDA gives final approval to Cipla's anti-asthma product
Drug major Cipla has received final approval from the US health regulator for a suspension product used for treatment of asthma. In a BSE filing today, Cipla said "it has received final approval for its abbreviated new drug application (ANDA) for Budesonide Inhalation Suspension, 0.25mg/2mL, 0.5mg/2mL, and 1mg/2mL from the United States Food and Drug Administration (USFDA)". The approved product is a generic version of Astrazeneca's Pulmicort Respules, it added. Pulmicort Respules are indicated for maintenance treatment of asthma and as prophylactic therapy in children of 12 months to 8 years. Citing IMS Health data, Cipla said Pulmicort Respules and generic equivalents had US sales of approximately $825 million for the 12 months to September 2017.

12:03 Moody’s upgrade a fitting reply to govt’s critics; Bull market has just begun: Rakesh Jhunjhunwala
Ace investor, Rakesh Jhunjhunwala, Partner, Rare Enterprises said the ratings upgrade by Moody’s earlier on Friday did not come as a surprise for him but, it could be for those who were criticising efforts made by the Modi government to revive the economy. “I see the economy growing by 7.5-8% by next year. Most importantly, it is a recognition of the fact that however disruptive in the short term the measures were, all the actions which the government took were correct, bold and required,” he said.

He feels it will also lead to faster economic growth in times to come. “This upgrade is also in recognition by the Moody’s that there is not going to be some big havoc on the fiscal side, and the direction which the government is undertaking is going to lead to higher economic growth, and it is also a befitting reply to critics of Modi government,” said Jhunjhunwala.

Coming to the impact on markets and India Inc, Jhunjhunwala said the mother of all bull markets has just begun and investors have nothing to worry about. “Financials will be the biggest beneficiary including private, public sector banks from Moody’s upgrade. The biggest advantage to India Inc from the Moody’s upgrade is that it will allow India to borrow funds at a lower rate. Lot of funds which have a mandate to invest in countries with a specific rating can now invest in India.”

11:41 United Spirits seeks to recover Rs 1.8k cr from United Breweries, says report
In an arbitration case fought between Diageo owned United Spirits (USL) and United Breweries Holdings (UBHL), the former had claimed a recovery of around Rs 1,800 crore including interest from Vijay Mallya’s holding company after it defaulted between 2010 and 2013, sources told The Economic Times. The ongoing arbitration in Bengaluru, which was to be concluded in few months, has now been extended by six months. The two companies went for arbitration as loan agreement said a default of the loan can be settled through an arbitration. USL has loaned around Rs 1,350 crore to various companies of Mallya which was primarily used to fund the defunct Kingfisher Airline.

11:25 Sebi to investigate possible leak of company earnings
The Securities and Exchange Board of India (Sebi) will investigate possible leaks of company earnings in social media chatrooms, its chief Ajay Tyagi said on Friday. A Reuters investigation documented at least 12 cases of prescient messages about major Indian companies being posted in private WhatsApp groups. “We will certainly investigate the issue. It is a work in progress,” Tyagi, Chairman of Sebi, said when asked what action the regulator was considering.

11:13 RBI likely to list 50 more bad loan accounts
The Reserve Bank of India (RBI) may come out with a list of 50 more bad loan accounts, including the accounts which are close to being termed as stressed accounts, reports the Economic Times. The central bank is likely to set March 31, next year, as the deadline for the banks to resolve the issue or go ahead with bankruptcy proceedings against the borrowers, a finance ministry official said. The new list will be clubbed with the earlier identified bad loan accounts, including the ones where bankruptcy procedures are in the process.

The additional list is believed to have come up while the authorities were discussing the recapitalisation of public sector undertaking (PSUs) banks. The recap plan will bloat the capital requirement of the lenders beyond what has been estimated, the official said. However, the lenders which classify the loan accounts as non-performing assets (NPAs) said it will reduce their profitability because they will be required to keep aside funds for these accounts.

10:59 Coal India may increase prices to meet rise in wage costs, says report
Coal India is considering raising prices to meet the cost of the 20% wage hike, reports The Economic Times. It last raised prices by 10% in May last year. “Unless coal prices are hiked it would be very difficult to attain a decent profit this fiscal,” a senior company executive said. He said the wage bill puts an additional burden Rs 5,800 crore annually, and another Rs 9,500 crore needs to be spent on expansion.

“Although Coal India is free to raise prices on its own, hiking them leads to rising power generation costs,” the executive said. “It also has inflationary implications on the economy since it meets more than 50% of the energy supplies. A decision to raise prices always faces resistance from various quarters and we raise prices only when we do not have any other options left.”

10:37 Bain-Piramal, Aion Capital among 4 in race to buy 58% stake in GTL Infra, says report
Lenders to GTL Infrastructure have received bids from four players for buying up to 58% stake in the telecom tower company, sources told The Economic Times. The four bidders include Bain-Piramal joint venture asset reconstruction firm, Aion Capital, a foreign telecom company, and a lesser-known investment firm —Beam Investments. There are 16 lenders to GTL Infra — including State Bank of India, IDBI Bank, United Bank of India and Dena Bank — and they are expecting Rs 10,000 crore from the stake sale, sources said.

10:28 PVR to acquire minority stake in US-based theatre firm iPic, says report
PVR, the country’s largest film exhibition company, is set to invest $4 million to pick up a minority stake in American luxury restaurant-and-theatre company iPic -Gold Class Entertainment, a company insider told The Economic Times. iPic owns and operates 16 luxury theatres with 121 screens across 10 states in the US and as part of its future plans, sees potential for at least 200 such premium formats. The company is also in the process of listing its shares on US stock exchanges. PVR is viewing this as an R&D investment and believes that some of the relevant learning from this unique investment opportunity can be replicated in context of Indian market.

10:08 HDFC Standard Life Insurance Company debuts at Rs 313 per share, a premium of 8% over its issue price of Rs 290 per share. The Rs 8,695-crore initial public offering, which was open for subscription on November 7-9, was subscribed 4.89 times at a price band of Rs 275-290 per share.

09:33 Reliance Industries set to raise $1.8bn to reduce dependence on high-cost debtReliance Industries (RIL) is set to raise up to $1.8 billion through a combination of offshore bonds and syndicated loans to reduce its high-cost debt, reports The Economic Times. The company would pare borrowing costs with a new series of overseas papers that would be of 10-year maturity, unlike the perpetual bonds it had sold five years ago, sources said.

RIL is raising $800 million through a dollar-bond issue, and another $1billion through syndicated commercial loans from a group of international lenders at a cost lower than that for the existing loans. The issuance is part of a massive debt refinancing exercise by the Mukesh Ambani-owned company, and would cover a perpetual bond sale of 2013.

09:14 IRPs initiate fresh forensic audit of Essar Steel, Bhushan Steel accounts, says report
Insolvency professionals of Essar Steel and Bhushan Steel have initiated fresh forensic audits of these companies’ accounts following the recent changes in rules introduced by the bankruptcy regulator, sources told Mint. The purpose of the audit is to ascertain if there was any preferential treatment given by promoters to related parties or any non-related parties during the two years preceding the commencement of insolvency proceedings, and if there were any undervalued or fraudulent or extortionate credit transactions.

These audits will also check for any related-party transactions within group companies. In both cases, promoters have decided to submit their resolution plans to buy back their companies. Alvarez & Marsal’s Satish Kumar Gupta, is the interim resolution professional (IRP) for Essar Steel while Deloitte Touche Tohmatsu India’s Vijaykumar V Iyer, is in charge of operations at Bhushan Steel.

This is the second instance of a forensic audit being ordered on the books of accounts of both these companies. Lenders led by State Bank of India (SBI) had also called for a forensic audit in Essar Steel as part of the resolution process but the audit never took off, sources said. In the case of Bhushan Steel, lenders had asked Deloitte to complete the forensic audit three years ago.

09:05 Retail investors betting big on algorithmic trading, says report
As the market boom is pulling retail investors into equities, one class among them is venturing into areas like algo trading, reports Mint. Over the past fourth months, firms such as 5Paisa, a unit of IIFL, Zerodha, Master Trust, SMC Global Securities and Upstox (formerly RKSV Securities) too have started offering algo trading facilities for retail clients. Retail investors are entering this spaces even as India’s financial regulators are struggling to frame norms for automated trading in order to create a level-playing field in the market between regular traders and sophisticated algorithm-based high frequency trading (HFT) users.

Algo trading is essentially using computer programmes that follow a defined set of rules based on timing, price, quantity, etc, to execute trades automatically. HFT, a subset of algorithmic trading, where trading firms primarily compete on speed to profit from arbitrage opportunities, now accounts for at least 40% of trades in the equity cash segment, according to data. However, it is mostly restricted to institutions.

08:59 Arun Jaitley hints future fiscal deficit targets may be recalibrated
Finance Minister Arun Jaitley hinted that while there was no immediate threat of missing the fiscal deficit target for FY18, future targets may be recalibrated. “No pause (on fiscal consolidation) but challenges arising from structural reforms...could change the glide path,” Jaitley said. The government has set a fiscal deficit target of 3.2% of GDP for FY18 and 3% for the next fiscal. A high-level committee on fiscal discipline headed by former revenue secretary NK Singh has recommended a glide path to bring down the fiscal deficit and debt-to-GDP ratio to 2.5% and 38.7%, respectively, by FY23 from 3.5% and 49.4% in FY17.

Here is the FULL TEXT: Moody's upgrades India's government bond rating to Baa2 from Baa3; changes outlook to stable from positive

08:34 Cabinet approves setting up of anti-profiteering body under GST
The Cabinet on Thursday approved setting up of National Anti-Profiteering Authority (NAA) under the Goods & Services Tax (GST), a move that will ensure that businesses pass on the benefit of the recent tax rate cuts to the consumers. "This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices," the government said in a statement.

08:29 Morgan Stanley chief says bitcoin 'doesn't quite deserve the attention it's getting'
Bitcoin is getting more attention than it deserves, but the phenomenon is not going away overnight, according to Morgan Stanley Chairman and CEO James Gorman, reports CNBC. Gorman said bitcoin isn't even close to a safe investment, and would-be cryptocurrency owners shouldn't expect otherwise. "Something that goes up 700% in a year — it's by definition speculative," he said. "So anybody who thinks they're buying something that it's a stable investment is deluding themselves."

"It might go up another 700%, but it could easily not," Gorman added. Gorman's stance on bitcoin appeared slightly less negative than some of his peers on Wall Street. For example, JPMorgan Chase CEO Jamie Dimon predicted if "you're stupid enough to buy [bitcoin], you'll pay the price for it one day." Meanwhile, BlackRock CEO Larry Fink called the cryptocurrency "an index of money laundering."

08:24 Norway's $1 trillion wealth fund proposes to drop oil, gas stocks from index
Norway's trillion-dollar sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters, sending energy stocks lower. If adopted by parliament, the fund would over time divest billions of dollars from oil and gas stocks, which now represent 6% — or around $37 billion — of the fund's benchmark equity index. The aim is to make the Norwegian government's wealth less vulnerable to a permanent drop in oil prices.

08:17 Goldman Sachs head calls for a second Brexit referendum
Lloyd Blankfein, the head of Goldman Sachs, has come out in favour of a second vote on Britain's membership of the European Union, reports CNBC. In a tweet Thursday afternoon, Blankfein, an American, said that in the UK many chief executives were wanting a confirmation vote. The Goldman boss said: "So much at stake, why not sure make consensus still there?"

It isn't the first time that Blankfein has caused a stir over Brexit. In October the Goldman chief hinted that London would lose out to the German city of Frankfurt as a financial centre. In the tweet, Blankfein said: "Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I'll be spending a lot more time there." Just in case anyone missed the point, Blankfein ended the tweet with "#Brexit".

08:06 Fate of Zimbabwe's Mugabe hangs in the balance amid coup confusion
Zimbabwean President Robert Mugabe’s fate hung in the balance on Friday as he apparently resisted efforts to step down in the wake of an audacious seizure of power by the army, until this week a key pillar of his 37-year-rule, reports Reuters. The unfolding drama in the capital Harare was thrown into confusion when a smiling Mugabe was pictured shaking hands with Zimbabwe’s military chief, the man behind the coup, raising questions about whether or not the end of an era was nigh. Mugabe unexpectedly drove on Thursday from his lavish “Blue Roof” compound, where he had been confined, to State House, where official media pictured him meeting military boss Constantino Chiwenga and South African mediators.

07:47 Siemens to cut 6,900 jobs to tackle flailing turbines business
Siemens will cut about 6,900 jobs, or close to 2% of its global workforce, mainly at its power and gas division, which has been hit by the rapid growth of renewables, reports Reuters. Most of the cuts, about 6,100, will be made before 2020 at Siemens’s Power and Gas division, which once thrived on supplying large gas turbines for electricity generation but has been overtaken by the global surge in solar and wind capacity.

07:41 Tax overhaul drama moves to US Senate as House approves its bill
Congressional Republicans took an important step on Thursday toward the biggest US tax-code overhaul since the 1980s as the House of Representatives approved a broad package of tax cuts sought by senior lawmakers and President Donald Trump, reports Reuters. The House vote shifted the tax debate to the US Senate, where that chamber’s own plan was being debated into Thursday evening. That measure has already encountered resistance from some within the Republicans ranks. No decisive Senate action is expected until after next week’s Thanksgiving holiday. Four Republican senators - enough to derail the legislation - have been talking privately about opposing the bill because it would balloon the federal deficit, according to a Time magazine report.

07:39 US weekly jobless claims unexpectedly rise
The number of Americans filing for unemployment benefits unexpectedly rose last week in part as a backlog of applications from Puerto Rico continued to be processed, but the underlying trend pointed to tightening labour market conditions, reports CNBC. Initial claims for state unemployment benefits increased 10,000 to a seasonally adjusted 249,000 for the week ended November 11, the Labour Department said on Thursday. It was the second straight weekly increase. The claims backlog in Puerto Rico is being cleared as some of the infrastructure damaged by hurricanes Irma and Maria is restored. Data for the prior week was unrevised.

07:27 US industrial output surges as hurricane-related disruptions fade
US industrial production recorded its biggest increase in six months in October as the drag from hurricane-related disruptions unwound, but the underlying growth trend in output at the nation’s factories, mines and utility plants remained moderate, reports Reuters. The increase in industrial production was the largest since April and followed a 0.4% gain in September. Production was also buoyed by a 2% jump in output at utility plants.

07:24 Images suggest North Korea aggressively working on a ballistic missile submarine
Satellite images taken this month of a North Korean naval shipyard indicate Pyongyang is pursuing an “aggressive schedule” to build its first operational ballistic missile submarine, reports Reuters. Washington-based 38 North, a North Korea monitoring project, cited images taken on November 5 showing activity at North Korea’s Sinpo South Shipyard.

“The presence of what appear to be sections of a submarine’s pressure hull in the yards suggests construction of a new submarine, possibly the SINPO-C ballistic missile submarine - the follow-on to the current SINPO-class experimental ballistic missile submarine,” 38 North said in a report. The report said that throughout 2017 there had been continued movement of parts and components into and out of two parts yards adjacent to the constructions halls in the center of the shipyard.

It said the November 5 images showed two large circular objects that could be sections of a submarine’s pressure hull. It said these appeared larger than those for North Korea’s ROMEO-class attack submarine. Images of a test stand indicated continued testing of a mechanism for ejection launch of missiles from a submarine. However, the report said no activity could be seen suggesting preparations for a new test of a submarine-launched missile.

07:00 Moody's upgrades India's sovereign rating to Baa2
Rating agency Moody’s Investor Services said that it is lifting India’s sovereign rating to Baa2 from Baa3. It upgraded the Government of India's local and foreign currency issuer ratings to Baa2 from Baa3 and changed the outlook on the rating to stable from positive. Moody’s said the decision to upgrade the rating was underpinned by the expectation that continued progress on economic and institutional reforms will, over time, enhance India’s high growth potential.