21:56 That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
21:45 PSBs' bad loans write-off reaches Rs 53,625 crore till September-end
Public sector banks (PSBs) have written off loans worth Rs 53,625 crore in the six months to September this financial year, Parliament was informed today. (PTI)
21:08 Production of Rs 10 coins halted temporarily on adequate stocks: Govt
Production of Rs 10 coins has been halted temporarily due to adequate stocks, the government informed the Lok Sabha.
There is no plan to stop production of coins, Finance Minister Arun Jaitley said in a written reply dated February 2 and made available today. (PTI)
20:49 Ceasefire violation in Rajouri, Jammu & Kashmir. Heavy shelling in Tarkundi area of Manjakote.
20:12 Why should I quit BJP, let the party throw me out: Yashwant Sinha
Dissenting BJP leader Yashwant Sinha said today he has no intention of quitting the BJP, which can throw him out if it so wants.
Sinha said he had been trying for an audience with Prime Minister Narendra Modi and had sent numerous letters to him, but failed to elicit a response, something that prompted him to float a political action group called 'Rashtra Manch'.
He said one of the tasks before the Manch was to ensure that the NDA government's policies are aligned with the BJP's election manifesto. (PTI)
19:11 Maldives crisis update: India has reacted to the ensuing situation in the Maldives
India's Ministry of External Affairs (MEA) has said in a press release, "We are disturbed by the declaration of a State of Emergency in the Maldives following the refusal of the Government to abide by the unanimous ruling of the full bench of the Supreme Court on 1 February, and also by the suspension of Constitutional rights of the people of Maldives."
"The arrest of the Supreme Court Chief Justice and political figures are also reasons for concern," it added.
MEA has said that the Indian government is monitoring the situation carefully.
18:49 ICICI Securities gets SEBI's go-ahead for IPO
ICICI Securities, a subsidiary of private sector lender ICICI Bank, has received markets regulator SEBI's go-ahead to raise an estimated Rs 3,000-4,000 crore through an initial public offering.
The company had filed its draft papers with Securities and Exchange Board of India (SEBI) in December and received 'observations' from the regulator on February 2, as per the latest update with the markets watchdog. (PTI)
18:25 Nod to fencing in 'feasible' stretches along Pak, Bangladesh borders: Kiren Rijiju
The government has approved barbed wire fencing in all "feasible stretches" along the borders with Pakistan and Bangladesh, the Lok Sabha was informed today.
In addition, a stretch of 10 km has also been approved for a barbed wire fence along the border with Myanmar, Union Minister of State for Home Kiren Rijiju said in response to a written question. (PTI)
18:08 Formula soon to give special package to Andhra: FM Jaitley
A formula will soon be worked out to release funds under a special package to Andhra Pradesh, Finance Minister Arun Jaitley said today, allaying the fears of parliamentarians from the state.
He made the statements in both Houses of Parliament where MPs belonging to the TDP, YSR Congress and the Congress have been protesting for the past two days over "non-implementation" of the Andhra Pradesh Reorganisation Act, demanding a financial package for the state from which Telangana was carved out and asking the government to "honour its commitments" at the time of bifurcation. (PTI)
17:50 Congress dares PM Modi to dismiss Karnataka govt on corruption charge
The Congress dared Prime Minister Narendra Modi to either dismiss the party's government in Karnataka and register cases against the corrupt, or tender an unconditional apology for his charges against it.
The party was reacting to Modi's attack on the Siddaramaiah government at a public rally here on Sunday. (PTI)
17:36 Israel to give 750,000 Euros to AI for launching Delhi-Tel Aviv flight
Air India will get a one-time grant of 750,000 Euros from Israel for launching direct flights between New Delhi and Tel Aviv, which is likely to be launched next month, a senior Israeli official said today.
"The Ministry of Tourism will approve a grant to Air India in response to their request and according to the conditions of the directive, which includes a grant of 250,000 Euro per weekly flight, up to a total of three weekly flights," Lydia Weitzman, a spokesperson for the Ministry of Tourism, told PTI.
17:10 Commerce Ministry launches tools to rank states, union territories on startup ecosystem
The commerce and industry ministry today launched tools to rank states and union territories on the basis of measures taken by them to promote budding entrepreneurs.
The tools, the state and union territory startup ranking framework, compendium of good practices for promoting startups in India and the Startup India Kit, would help promote the start-up drive, the ministry said. (PTI)
16:58 Food adulteration in India at 23%, doubled between 2016-17 and 2011-12: FSSAI Annual Report
Food adulteration rate in India almost doubled over the last 5 years, according to the FSSAI Annual Report. Adulteration rate in India was at 23 percent in 2016-17 as compared to 13 percent in 2011-12.
Highest adulteration of food was found in the states of Punjab, Uttar Pradesh, Kerala and Chhattisgarh. 55 percent of the food samples tested in the state of Punjab were adulterated in 2016-17. Chhattisgarh and UP had the highest adulteration rates in 2011-12, CNBC-TV18 has reported.
16:45 Maldives crisis update: President Yameen says judges were plotting his ouster
Maldives President Abdulla Yameen has said that judges were plotting to overthrow him, according to news agency AFP.
He also said that the emergency decree is to investigate "this plot, this coup" behind the Supreme Court ruling, AP has reported.
16:32 Tata Chemicals Q3 profit soars 3-fold to Rs 759 cr
Tata Chemicals posted a nearly three-fold jump in consolidated net profit at Rs 759.07 crore during the third quarter of this fiscal on gains from its north American business. Net profit had stood at Rs 263.63 crore in the same period of corresponding year, the company said in a BSE filing.
Total income increased marginally to Rs 2,591.07 crore in the October-December period of 2017-18 fiscal from Rs 2,524.44 crore in the year-ago period. Expenses remained slightly higher at Rs 2,229.31 crore as against Rs 2,207.53 crore in the said period.
16:19 Govt approves 14,460 bunkers for civilians hit by Pak firing
Amid the continuing firing from Pakistan, the government has approved construction of 14,460 bunkers for the protection of the people living in forward areas, reports PTI. Union Minister of State for Home Hansraj Ahir said the Home Ministry recently approved a proposal for construction of 14,460 bunkers to mitigate the hardships of the people living along the International Border and the Line of Control due to cross-border firing.
"These include 1,431 large community bunkers and 13,029 individual bunkers in the districts of Samba, Jammu, Kathua, Poonch and Rajouri. The project is being implemented by the Jammu & Kashmir government," he told the Lok Sabha while replying to a written question.
16:17 Online recruitment activity rises 12% in Jan: Monster Employment Index India
Online recruitment activity registered a 12% YoY growth in January, led by production and manufacturing sectors as also the outlook for next few months looks positive, reports PTI. The Monster Employment Index India for January stood at 284, up 12% compared to the same month last year, while on a MoM basis there was a 2% fall.
"It is interesting to note that production and manufacturing sector is on the revival mode, a much-needed impetus in order to create more jobs and solidify the backbone of our economy," said Sanjay Modi, Managing Director, Monster.com, APAC & Middle-East. Modi further noted that online recruitment activity in banking/financial services and insurance sectors registered a surge in January.
16:11 Sensex extends losses, sinks 561 pts
Markets extended their losses for the sixth successive session, with the benchmark Sensex falling by another 561 points to close at a one-month low of 34,195.94 amid a meltdown in the world markets. Investors were also anxious ahead of the RBI policy meet outcome, while the post-Budget sell-off continued.
The start was distinctly weak as the markets went into a free-fall. The Sensex crashed by about 1,275 points to sink below the key 34,000-mark while the NSE Nifty plunged 390 points within minutes of opening. After a gap down opening at 33,753.78, the BSE Sensex continued its slide to hit a low of 33,482.81 as selling gathered momentum in tandem with weak global leads.
However, value-buying emerged at several counters during the late trading session. The benchmark finally ended at 34,195.94, down 561.22 points, or 1.61%. This is its weakest closing since January 5 when the gauge had settled at 34,153.85. The 50-share NSE Nifty too closed down 168.30 points, or 1.58%, at 10,498.25 - a level last seen on January 3 when it closed at 10,443.20.
15:56 Berger Paints Q3 net profit up 19% YoY at Rs 130cr
Kolkata-based Berger Paints reported a 18.8% increase in its consolidated net profit at Rs 130.39 crore for the quarter ended December 2017. The company had posted a net profit of Rs 109.12 crore during the corresponding quarter of the previous fiscal, Berger Paints said in a regulatory filing. Total revenue from operations during the quarter under review stood at Rs 1,338.63 crore. It was Rs 1,296.56 crore in the year-ago period.
15:53 Lupin Q3 net profit dips 65% YoY to Rs 222cr
Drug firm Lupin reported a 64.97% fall in consolidated net profit at Rs 221.73 crore for the quarter ended December 31, mainly on account of dip in US sales. The company had posted a net profit of Rs 633.11 crore for the corresponding period of the previous fiscal, Lupin said in a filing to BSE. Consolidated income from operations also declined to Rs 3,900.36 crore for the quarter under review as against Rs 4,404.94 crore for the same period a year ago.
15:46 Govt says 111 killed in 822 communal incidents in 2017
As many as 111 people were killed and 2,384 others were injured in 822 communal incidents in the country in 2017, the Lok Sabha was informed today. Union Minister of State for Home Hansraj Ahir said the highest number of communal incidents in 2017 were reported in Uttar Pradesh where 44 people were killed and 542 others were injured in 195 communal incidents.
15:39 UIDAI cautions against using plastic, laminated Aadhaar cards
The UIDAI cautioned the public against going for plastic or laminated Aadhaar smart cards saying their unauthorised printing could render the QR code dysfunctional or even expose personal data without an individual's informed consent.
The Unique Identification Authority of India (UIDAI) asserted that the Aadhaar letter, its cutaway portion, downloaded versions of Aadhaar on ordinary paper or mAadhaar are "perfectly valid". Moreover, unauthorised printing of Aadhaar smart cards could cost between Rs 50-300, or even more, a payment that is completely unnecessary, it said.
15:32 Bank of Japan rules out near-term rate hike
Japanese policymakers pledged to maintain massive monetary support and sought to dispel concerns that a global equities rout could hurt a strengthening recovery, stressing the country’s economic fundamentals remained strong, reports Reuters. But they held off on warning markets against pushing up the yen too much, as investors started to buy into the Japanese currency which is considered a safe bet during times of market ructions.
Tokyo’s circumspection suggested it was wary of stirring tension with Washington over currency and trade issues, leaving it with little room to manoeuvre as it worries that an unwelcome spike in the yen could dent its exports. Bank of Japan Governor Haruhiko Kuroda ruled out the possibility of raising interest rates any time soon, telling parliament that it was “inappropriate” to do so with inflation still distant from the bank’s 2% target.
15:28 Siemens Q3 net up 18.6% YoY at Rs 190.5cr Siemens posted a 18.6% jump in its net profit to Rs 190.5 crore in quarter ended December 2017, compared with year ago period. The company's net profit was Rs 160.7 crore in the quarter ended on December 2016, Siemens said in a BSE filing today.
According to the statement, for the first quarter of financial year 2018 ended December 2017, Siemens registered a revenue of Rs 2,363 crore, which is a 5.8% increase in revenue (excluding the impact of transition from excise duty to GST) over the same quarter in the preceding year. New orders for the period stood at Rs 3,257 crore, up 2.1%.
15:22 2017 saw 126 local youths joining militancy, says J&K’s Mehbooba Mufti
The number of local youths joining militancy in Kashmir Valley went up to 126 in 2017, a sharp increase from 88 the year before, Jammu & Kashmir Chief Minister Mehbooba Mufti informed the state assembly. Data for the number of youths recruited is available from 2010. "As many as 66 youths joined militancy in 2015, 88 in 2016 and 126 in 2017," the Chief Minister said while replying to a written question by National Conference leader Ali Mohammed Sagar.
15:15 Sebi asks MFs to disclose total expense charge on a daily basis
Pushing for uniformity in disclosures, Sebi has asked mutual fund houses to prominently disclose on a daily basis the total expenses charged to customers for all schemes under a separate head on their websites. The markets regulator also asked them to communicate to investors any change in the base Total Expense Ratio (TER) of the scheme through email or SMS at least three working days prior to effecting such change.
The TER is a percentage of a scheme's corpus that a mutual fund house charges towards expenses including administrative and management. The move comes after Sebi observed that there are frequent changes carried out in total expense ratio and such changes are not prominently disclosed to investors.
15:14 Govt sees no scope for further excise duty cuts on petrol, diesel for now, sources say
India has no immediate plan to further cut factory gate tax on petrol and diesel due to its tight fiscal situation, a Finance Ministry source told Reuters. India had cut factory gate tax on the two fuels by Rs 2 a litre each last week while presenting the Union budget, but it did not result in lower retail prices as new taxes were added.
15:07 Rising yields may be discussed when govt, RBI meet for debt sale talks
The Finance Ministry will raise its concerns about the sharp rise in bond yields when it holds a meeting with the central bank to discuss government borrowing plans, sources told Reuters. A persistent rise in bond yields has raised worries among senior government officials about a potential increase in overall interest rates in the economy.
“The fundamentals of the market do not command such high yields,” sources said. “The rise in yields will eventually push up interest rates in general in the economy.” The meeting, the first in a series of debt management talks with the Reserve Bank of India scheduled over the next one month, will discuss the timing, tenure and tools of government financing over the next financial year, sources said.
The government will also raise the possibility of the RBI buying bonds via open market operations (OMOs) to keep yields lower and infuse liquidity, sources said, though the final decision on whether it does so rests with the central bank. Sources said the government would not seek to borrow the amounts that would have been raised at a cancelled bond auction last week as it was comfortable with its cash position.
14:54 SBI board meet on Feb 9 to consider raising Rs 8,800cr via pref issue
Country's largest lender State Bank of India said its Board will meet later this week to consider a proposal to raise Rs 8,800 crore from the government. The bank said its Board will also consider implementation of reforms agenda for responsive and responsible public sectors banks (PSBs) of the government.
"The Central Board of the Bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of government of India to the tune of Rs 8,800 crore," State Bank of India (SBI) said in a BSE filing.
14:35 India-UAE to ink 12 pacts during PM Modi's visit
As many as 12 agreements will be signed during Prime Minister Narendra Modi's visit to the UAE later this week as India and the oil-rich Gulf nation look to intensify economic co-operation, reports PTI. The agreements will include areas like finance and skills development.
Modi will start his visit to three West Asian countries - Palestine, the UAE and Oman - on Friday with focus on co-operation in key areas of defence, security and counter-terrorism. "PM Modi is visiting the UAE on 10 February. There would be a state visit and during that visit 12 agreements will be signed between our countries," UAE Ambassador to India Ahmed Al Banna said.
14:29 China conducts successful missile defence test
China announced that it has successfully carried out a mid-course ground-based missile interception test within its own territory, on a day when India test fired its short-range nuclear-capable Agni-1 missile, reports PTI. The test of interception technology was conducted on Monday within China's territory and achieved "preset goal", the Ministry of National Defence said.
14:23 TDP, YSRCP demand special package for Andhra Pradesh in Lok Sabha
The Lok Sabha saw lawmakers of the Telegu Desam party and the YSR Congress, both arch-rivals in Andhra Pradesh, coming together to demand concessions for their state, reports PTI. Vociferous protests by members of NDA ally Telugu Desam Party forced brief adjournment of Lok Sabha proceedings as they demanded special package for Andhra Pradesh.
The NDA ally is unhappy and critical of the budget, which they claimed, has no provisions for their state. The TDP MPs were in the Well with a series of demands ranging from implementation of the Andhra Pradesh Reorganisation Act to "keeping up with promise" made by the BJP.
14:17 Apollo Tyres Q3 net profit down 17% YoY to Rs 245cr Apollo Tyres reported a 17% decline in consolidated net profit at Rs 245.29 crore for the quarter ended December 31, 2017. The company had posted a net profit of Rs 295.69 crore during the October-December period of previous fiscal, Apollo Tyres said in a regulatory filing. Total revenue during the quarter under review stood at Rs 4,096.44 crore. It was Rs 3,740.77 crore in the corresponding period of previous fiscal.
14:13 The Ramco Cements Q3 net profit down 19% YoY at Rs 123cr The Ramco Cements reported a 19.18% decline in net profit to Rs 122.74 crore for the quarter ended December 2017. The company had posted a net profit of Rs 151.88 crore during the same period previous fiscal, Ramco Cements said in a regulatory filing. Total revenue during the quarter under review stood at Rs 1,061.52 crore against Rs 1,113.14 crore in the year-ago period.
14:02 Govt expects every citizen to have home by 2022: Hardeep Singh Puri
The Pradhan Mantri Awas Yojana is a "roaring success" and the government's aim of housing for all by 2022 will be achieved, Urban Development Minister Hardeep Singh Puri said, rejecting in the Lok Sabha a Congress member's claim of the scheme being a failure. He also said that title of houses built under the scheme will be in the name of a woman in the family as part of efforts to boost woman empowerment.
"We expect every citizen to have a home by 2022," he said while answering supplementaries during the Question Hour. Based on feedback from states, the figure for the shortfall of houses in the urban area has been revised down to 11 million by his ministry from earlier 18 million, he said, adding that over 37.45 lakh houses have been sanctioned.
13:51 Govt consolidated direct tax reforms; net widens to 8 cr: CBDT
A large number of taxpayers have been brought into the net taking the total base to 8 crore, CBDT Chairman Sushil Chandra said, underlining that the government has consolidated direct tax reforms. He said that no I-T official can pick up a case on his discretion and only 0.5% of all cases are picked up for scrutiny by the Income Tax Department.
He said the tax department started e-assessment of income tax forms in September 2017 and 60,000 cases have been completed through e-assessment so far. Out of 15 lakh companies registered with MCA, only 7 lakh are filing tax return forms, Chandra said.
13:35 Market Crash: 5 essentials while reviewing your equity and mutual fund portfolio
The global market meltdown has not spared Indian stocks. Markets are volatile and the falling prices are taking your portfolios comprising stocks and equity funds down. “This is the time to keep calm and avoid overreacting to the volatility in the markets,” says Renu Pothen, Head of Research at Fundsupermart.com. Avoid ‘trying to catch the falling knife’ with all your money in one go. And do not go to another extreme too. Do not sell off all your portfolio.
Here are five things you must keep in mind while reviewing your portfolio to align it to your financial goals:
Check what you have in your portfolio:
This may sound absurd. But keep aside the seasoned investors, most investors do lose track of their portfolios, especially when the market is in a bull run. The unprecedented run in the small and mid-cap stocks have made many buy stocks on tips. When the going is good and the portfolio value is going up, no one really cares. But when the slide begins, stocks with good fundamentals pull the portfolio down. You can’t afford to sit on them. Read the full report here.
13:28 Siddaramaiah govt adopting Kerala, WB models to target workers: Karnataka BJP
The Karnataka BJP has alleged that the Siddaramaiah-led government in the state was adopting the West Bengal and Kerala models for targeting its workers and "committing political murders".
The Karnataka BJP Digital Communications Team made the accusation in a statement yesterday on social media site Facebook.
"Never in Karnataka history had people witnessed political murders in large numbers. Karnataka, under Siddaramaiah, is following West Bengal and Kerala models for committing political murders," it said.
13:23 Time to go shopping! Top 10 stocks which could give up to 40% return in 1 year
The S&P BSE Sensex lost more than 1,000 points in trade on Tuesday weighed by a global sell-off in equities. The Sensex has officially wiped out gains made so far in the year 2018.
The S&P BSE Sensex closed at 33,812 on January 1 and the intraday drop on Tuesday was 33,483 which officially signals a negative return so far in the year compared to 28 percent rally seen in the year 2017.
The Nifty50 slipped below its crucial 100-DEMA placed near 10,400 levels. But, this is something which was long overdue, argue experts. The valuations were stretched not just at the index level but in individual stocks as well.
Investors should use these dips to buy into quality stocks and especially low PE stocks which could act as a shield against market volatility. Considering the fact that the fall is driven by global factors, investors should stay long in Indian markets. Read the full report here.
13:14 PNB Q3 misses estimates, profit rises 11%; loan growth at 17%, asset quality improves Punjab National Bank's third quarter (October-December) earnings missed analyst expectations on Tuesday, but asset quality improved sequentially.
Profit growth of 11 percent at Rs 230.11 crore and net interest income growth of 7 percent at Rs 3,989 crore year-on-year were below CNBC-TV18 poll of Rs 558.1 crore and Rs 4,122.9 crore, respectively.
The public sector lender has reported loan growth at 17 percent compared to year-ago.
13:09 Jaypee homebuyers seek moratorium on their home loans from banks
Homebuyers who had invested in embattled real estate group Jaypee have sought a moratorium on their existing home loans and have written to the banks asking that EMIs should not be deducted till such time that a resolution was hammered out on the delivery of flats, reports Moneycontrol News' Vandana Ramnani and Beena Parmar.
The banks, however, have said that they require the approval of National Housing Bank (NHB) before agreeing to it, lest the loans are classified as non-performing assets.
“…till the commencement of insolvency proceedings, there has not been a single default and all of us have serviced the loan regularly. We are all law-abiding citizens who have no intention of committing any default with regard to the home loan. However, in the peculiar facts and circumstances, it is only appropriate that there is a moratorium on the EMIs till the time there is any clarity on the entire issue and no penal interest is levied on the unpaid EMIs. Since matter is pending before the Honourable Supreme Court as well as before the NCLT, we are hopeful of an early resolution,” homebuyers, who had invested in Jaypee Infratech Ltd and Jaypee Associates, have written in a letter to banks.
13:00 ECB warns of inflation headwinds from euro volatility
The European Central Bank is increasingly confident that inflation will rise on the back of rapid economic growth but currency market volatility is a potential obstacle, ECB President Mario Draghi said. “While our confidence that inflation will converge towards our aim of below, but close to, 2% has strengthened, we cannot yet declare victory on this front,” Draghi told Reuters.
“New headwinds have arisen from the recent volatility in the exchange rate, whose implications for the medium-term outlook for price stability require close monitoring,” Draghi said in a speech that hardened up the bank’s latest policy message, as he inserted “close” before “monitoring”.
12:50 We are not garbage collectors, SC tells Centre
The Supreme Court came down heavily on the Centre for filing an 845-page affidavit containing incomplete information about solid waste management across the country and said the apex court is not a "garbage collector", reports PTI.
The top court declined to take the affidavit on record and said the government cannot dump "junk" before it. "What are you trying to do? Are you trying to impress us? We are not impressed. You are trying to dump everything on us. We are not going to accept it," a bench comprising Justices Madan B Lokur and Deepak Gupta said.
12:47 White House says respects Lindsey's decision to withdraw from Fed consideration
The White House said on Monday it respected Larry Lindsey’s decision to withdraw from consideration as vice chair of the Federal Reserve Board, reports Reuters. “We respect Dr Lindsey’s decision to withdraw his name from consideration at this time. As one of the nation’s leading economic policy experts, Dr. Lindsey has been a valuable resource to the Administration. We wish him the best in his future endeavours,” said deputy White House press secretary Lindsay Walters.
12:44 ECB increases buying of company debt despite criticism
The European Central Bank raised its purchases of company debt in January while slashing its buying of government bonds, ECB data showed on Monday, in a sign that the focus of its huge stimulus program may be shifting. Aimed at lowering borrowing costs for companies, the ECB’s purchases of corporate bonds have been criticised by some European lawmakers for being too risky.
12:34 Banks in Britain and US ban Bitcoin buying with credit cards
Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other “cryptocurrencies”, fearing a plunge in their value will leave customers unable to repay their debts, reports Reuters. Lloyds Banking Group, which issues just over a quarter of all credit cards in Britain, and Virgin Money said they would ban credit card customers from buying cryptocurrencies, following the lead of US banking giants JP Morgan Chase & Co and Citigroup. The move is aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said.
12:27 Militants have opened fire on cops near SMHS hospital in Srinagar, police officials told PTI. One policeman has died while another is injured in the firing. A Pakistani militant being taken for treatment has escaped during the attack.
12:22 Bhushan Steel bids to open today; JSW Steel, Tata Steel, Bhushan employees in fray
Bids for troubled steelmaker Bhushan Steel will open today, marking the next round in the race that includes JSW Steel and Tata Steel. Employees of Bhushan Steel have also put in a bid and are reportedly backed by a private fund. The bids, which were submitted on February 3, will be opened in Deloitte's Gurgaon office. Deloitte's Vijaykumar V Iyer is the IRP (insolvency resolution professional) for Bhushan Steel, reports Moneycontrol News’ Prince Mathews Thomas.
12:12 Govt likely to continue sugar exports in 2018-2019 season
India is likely to continue exporting sugar in the 2018-2019 season, Abinash Verma, Director General of the Indian Sugar Mills Association, said. “The exportable quantity will be best understood around July 2018,” Verma said at the Dubai Sugar Conference. The Indian sugar industry will likely export 1MT in the 2017-2018 marketing year, he said.
11:54 Exiled former Maldivian president Mohamed Nasheed urged India to "act swiftly" to help in resolving the ongoing political crisis in the island nation that escalated after President Abdulla Yameen declared a state of emergency and troops arrested the top judge, reports PTI.
11:48 Fitch says task to strengthen public finances left to next govt
The deferral of fiscal consolidation roadmap has left the task of strengthening weak public finances to the next government after the 2019 general elections, Fitch Ratings said. The government has revised its 2018-19 fiscal deficit projections to 3.3% of GDP and for current fiscal to 3.5% of GDP, compared with original targets of 3% and 3.2%, respectively.
The postponement of consolidation in part reflects policies to support the economy, which was held back last year by weak investment and disruptions from demonetisation and the introduction of the Goods and Services Tax (GST), Fitch said. "The Indian government's budget has pushed back fiscal consolidation, leaving much of the task of addressing the country's relatively weak public finances to the next administration," Fitch Ratings said in a statement.
11:39 India successfully test-fires nuclear capable Agni-1
India successfully test-fired its short-range nuclear capable ballistic missile Agni-1 with a strike range of over 700 km from a test range off the Odisha coast, defence sources told PTI. The indigenously developed surface-to-surface missile was launched as a part of a periodic training activity by the Strategic Forces Command (SFC) of the Army to consolidate operational readiness, they said. The state-of-the-art missile was launched around 8.30 am from a mobile launcher at Pad 4 of the Integrated Test Range (ITR) at the Dr Abdul Kalam Island, formerly known as Wheeler Island, sources said.
11:34 Tata Motors cracks over 5% post weak Q3 JLR performance
Shares of Tata Motors are down over 5% post a disappointing set of Jaguar-Land Rover earnings and weak equity market conditions, though standalone performance was strong. Analysts retained their ratings but slashed earnings estimates. The stock touched its 52-week low of Rs 357 in opening trade.
Consolidated profit growth of nearly 11-fold YoY at Rs 1,215 crore for December quarter was much below CNBC-TV18 poll of Rs 3,040 crore. The multi-fold growth was due to low base in year-ago quarter, but sequentially the bottomline declined 51%.
Consolidated revenue from operations grew 16% YoY to Rs 74,156 crore in Q3. JLR operating profit margin expanded 160 basis points at 10.9% YoY, far lower than CNBC-TV18 poll of 12.1%.
11:30 Market plunge washes away Rs 4.95 lakh cr in investor wealth
Investors lost around Rs 4.95 lakh crore amid sell-off in the broader market where the benchmark BSE Sensex tumbled 1,275 points or 3.6% in opening trade. The BSE Sensex cracked below the 34,000-mark due to across-the-board losses after investor sentiment was hit by a sell-off in world markets. Following the downfall, the total market capitalisation of BSE listed companies eroded by Rs 4,94,766 crore to Rs 1,43,00,981 crore.
11:27 Lok Sabha has been adjourned briefly following protest by members of BJP ally TDP and YSR Congress seeking special facilities for Andhra Pradesh. Rajya Sabha too has been adjourned till 2 pm as TMC and other opposition members tried to raise issues.
11:22 Bitcoin drops below $6,200 for the first time in three months
Bitcoin plunged 20% to a three-month low, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling, reports AFP. The virtual currency fell to $6,190 for the first time since mid-November and represents the latest hammering for a unit that saw a stratospheric 26-fold rise last year.
11:09 WGC pegs India's 2018 gold demand below 10yr avg at 800 tonne
Gold demand in India is likely to remain below its 10-year average for a third year in 2018 as higher taxes and new transparency rules on purchases may cap last year’s rebound in buying, the World Gold Council (WGC) said. Gold consumption in 2018 will likely be between 700 and 800 tonne versus 727 tonne last year, Somasundaram PR, the Managing Director of WGC’s Indian operations, told Reuters. Indian demand averaged 840 tonne over the last 10 years. Gold demand will lag because of the higher Goods and Services Tax (GST) on bullion purchases imposed in 2017 and measures to track gold purchases, he said.
10:58 Rs 51,600cr released to states under MGNREGA in FY18: Govt
The Centre has released more than Rs 51,600 crore to states under rural employment guarantee scheme MGNREGA till January 31 for financial year 2017-18, Rajya Sabha was informed on Monday. In written reply to a question, Minister of State for Rural Development Ram Kripal Yadav said the release of funds to states for the implementation of various projects under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was a continuous process. In reply to another question, he informed the house that a sum of Rs 75.89 crore has been paid as compensation towards delay in the payment of wages under MGNREGA, so far.
10:51 KVIC demands Rs 525cr compensation from Fabindia for selling 'fake' Khadi
After a series of legal notices to popular retail chain Fabindia, the Khadi and Village Industries Commission (KVIC), has fired a new salvo. This time it is demanding a compensation of Rs 525 crore, reports Moneycontrol News’ Tasmayee Laha Roy. The legal notice was issued to FabIndia Overseas Pvt on January 29 by law firm Kochhar & Company.
KVIC has categorically asked Fabindia to pay “monetary damages for the loss of profit earned by them by using the trademark ‘KHADI’ and the Khadi Mark, which is qualified at 25% of the average annual profits booked by them before the Income Tax authorities in the preceding three years.
10:39 BofA-ML sees GDP growth slipping to 7% in H2 FY19 from 7.5% in H1
The economy will growth 7.5% in the first half on a lower base, but will slip down to 7% in the second half of the next fiscal, says a foreign brokerage. Even with the jump, it will continue to trend 1 percentage point lower than the potential growth of the economy, analysts at the Bank of America-Merrill Lynch said in a report.
"Although growth will pick up to 7.5% in the April-September quarters, on base effects of note-ban/GST in FY18, it should slip to 7% in second half of FY19. Even so, we point out that growth will still be 1 percentage point below our estimated 7% potential in the old GDP series," it added. The government is expecting growth to rise to 7-7.5% in the next fiscal.
10:23 Maldives' top judge arrested as state of emergency declared
The Maldives' top judge was arrested as security forces stormed the Supreme Court at dawn, in a deepening confrontation with President Abdulla Yameen who has declared a state of emergency in the troubled honeymoon islands, reports AFP. The detention of Chief Justice Abdulla Saeed and another Supreme Court judge raised the stakes in a dramatic clash after Yameen refused to comply with an order to release nine political dissidents.
Police said both men were under investigation for corruption and that the court's top administrator had also been detained. Yameen has presided over an escalating crackdown on dissent that has battered the image of the upmarket holiday paradise, and left almost all the political opposition jailed since he came to power in 2013.
On Monday he even ordered the arrest of his estranged half-brother and former president Maumoon Abdul Gayoom, who had sided with the main opposition.
10:06 Rupee drops 29 paise against dollar at 64.36
The rupee dropped 29 paise to trade at 64.36 against the dollar on frenetic dollar demand from importers and banks. Dealers said early losses in domestic equity markets and fresh foreign fund outflows weighed on the rupee. Yesterday, the rupee had ended with a mere fall of one paisa at Rs 64.07 against the American currency.
09:45 Pirates free oil tanker with 22 Indian crew in Gulf of Guinea
Pirates freed a ship carrying 22 Indian crew and 13,500 tonne of gasoline on Tuesday, Hong Kong-based Anglo-Eastern, which was managing the ship, said in a statement. “All crew members are reported to be safe and well and the cargo remains on board,” the company said.
The Marine Express tanker was missing in the Gulf of Guinea after contact was lost in Benin on Friday. The Gulf of Guinea has become an increasing target for pirates who steal cargo and demand ransoms, even as piracy incidents fall worldwide, experts told Reuters.
Ships in the area were the target of a series of piracy-related incidents last year, according to a January report by the International Maritime Bureau (IMB), which highlighted the waters off West Africa as an area of growing concern.
09:39 Stock exchanges may call for early margin if sell-off intensifies
Stock exchanges may call for early margin funds if the sell-off in the market intensifies, sources told Moneycontrol News Tarun Sharma. Stock exchanges collect a margin on outstanding positions as a risk management measure. The amount varies depending on the risk perception of the exchange on a particular stock/derivative or on the market as a whole. The stocks which have a history of sharp moves on either side are subject to higher margins compared to those which are comparatively steadier.
Ahead of the Budget, the stock exchanges had raised margin requirements by 18-20% on futures and options contracts. This was done to curb excess leveraged positions in the market. Today exchanges may call for early margins from large brokers who have huge outstanding positions in the market.
An exchange official said: “We have been collecting adequate margins and so there is no fear of default by any broker. However, we may call early margin if we will see any major fall in the market”. Brokers normally have to deposit margin money with the exchanges at 12 noon. In case the exchanges feel the market condition could worsen, they may call for margin funds ahead earlier than that.
09:27 Merchant tanker with 22 Indians on board released, company says it faced pirate attack, reports The Indian Express.
09:26 Trade, investment, energy security to be key features during PM's three-nation tour
Ramping up co-operation in trade, investment and energy security will be the crucial areas of discussion when Prime Minister Narendra Modi will visit Palestine, the UAE and Oman from Friday, reports PTI. During his visit to the United Arab Emirates (UAE) and Oman, Modi will meet the CEOs of various companies in the Gulf region, Mridul Kumar, Joint Secretary (Gulf) in the Ministry of External Affairs, said.
India is the Guest of Honour country at the sixth World Government Summit to be held in Dubai. Modi will be addressing the summit with a focus on technology for development. This, Kumar said, would also provide a platform to the prime minister to engage with the world community. Modi's three-nation visit will conclude on February 12.
On February 10, he will reach Palestine, where he will hold talks with Palestinian President Mahmoud Abbas. He will also visit the Yasser Arafat Museum and lay a wreath there. Five-six MoUs are expected to be signed during the prime minister's visit to Ramallah.
On February 10 itself, Modi will arrive in the UAE and address the sixth World Government Summit in Dubai. This will be Modi's second visit to the UAE. He had first visited the country as prime minister in August, 2015. Modi will also hold talks with the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed.
09:10 RIL, BP venture to start LNG imports soon
BP and Reliance Industries are likely to soon start joint import of LNG into India as they look to step up marketing of natural gas to meet demand of the growing economy, a top official told PTI. India Gas Solutions Pvt - the 50:50 joint venture of BP and RIL - has already started efforts to gauge appetite of Indian consumers for imported liquefied natural gas (LNG), its newly appoint CEO Vinod Tahiliani said.
The exercise is in parallel to the firm's effort to solicit interest in 12 million standard cubic meters per day of gas that RIL-BP plan to produce from R-Series fields in KG-D6 block by 2020, he said. "We are marketing it (LNG) alongside R-Series gas," he said. "Ultimately, customer wants reliable and competitively priced supplies." IGS was formed in 2011 when BP bought 30% stake in RIL's gas producing KG-D6 and 20 other blocks for $7.2 billion.
08:57 Tata Motors net income up at Rs 1,215cr, JLR drags Tata Motors reported a tepid set of numbers post market hours on Monday, with a net income of Rs 1,215 crore. Poor show by its cash-cow JLR due to the Brexit jitters and the diesel uncertainties across the continent, negated the strong performance by its domestic unit. Purely from a percentage perspective, net income of Rs 1,215 crore for the three months to December is an 11-fold spike from the year-ago when it has booked only Rs 111.6 crore net due to massive losses at the domestic unit.
Consolidated income rose 16.1% to Rs 74,156 crore, the company said in a statement. On a standalone basis, Tata Motors India returned to the black with a net of Rs 183.65 crore on a revenue of Rs 16,102 crore, up 59%. Against this, it had net loss of Rs 1,052.13 crore in the year-ago period and a net loss of Rs 295.30 crore in September quarter.
Its cash-cow, the British marquee JLR, numbers printed lower with a pre-tax profit of GBP192 million, down from GBP255 million pounds a year ago, which had included an $85 million insurance recovery. Revenue rose 4.3% to GBP 6.3 billion. Had it not for this one-time gain, the bottomline would have been much lower.
08:41 Jerome Powell sworn in as 16th chairman of Federal Reserve
Jerome Powell was sworn in on Monday as the 16th chairman of the Federal Reserve in a brief ceremony in the Fed's board room, reports AP. In a video message, Powell pledged to support continued economic growth and a healthy job market while remaining "vigilant" to any emerging economic risks.
Powell took the oath of office one day after his 65th birthday from Randal Quarles, the Fed's vice chairman for supervision, in a ceremony that was attended by Fed staff and Fed board member Lael Brainard. Powell succeeds Janet Yellen, the first woman to lead the nation's central bank in its 100-year history.
In his video message, Powell did not mention the current turbulence in financial markets, which sent stocks plunging on Friday. But he said he and the other Fed officials will "remain vigilant and we are prepared to respond to evolving risks."
08:30 German union accepts ThyssenKrupp-Tata guarantees
German workers approved their union's results in talks with India's Tata Steel and ThyssenKrupp's steel division ahead of a planned merger - but the vote does not remove all obstacles to the tie-up, reports AFP. Some 92.2% of IG Metall members polled agreed to executives' guarantee not to slash jobs or close major sites until at least September 2026 if the fusion succeeds, the union said in a statement.
"We managed to clear up important points in favour of the employees," said Detlef Wetzel, who sits on ThyssenKrupp Steel's supervisory board as a worker representative. Nevertheless, workers' acceptance of the guarantees does not mean the deal can immediately go ahead.
08:20 Tata Motors net income up at Rs 1,215cr, JLR drags Tata Motors reported a tepid set of numbers post market hours on Monday, with a net income of Rs 1,215 crore. Poor show by its cash-cow JLR due to the Brexit jitters and the diesel uncertainties across the continent, negated the strong performance by its domestic unit. Purely from a percentage perspective, net income of Rs 1,215 crore for the three months to December is an 11-fold spike from the year-ago when it has booked only Rs 111.6 crore net due to massive losses at the domestic unit.
Consolidated income rose 16.1% to Rs 74,156 crore, the company said in a statement. On a standalone basis, Tata Motors India returned to the black with a net of Rs 183.65 crore on a revenue of Rs 16,102 crore, up 59%. Against this, it had net loss of Rs 1,052.13 crore in the year-ago period and a net loss of Rs 295.30 crore in September quarter.
Its cash-cow, the British marquee JLR, numbers printed lower with a pre-tax profit of GBP192 million, down from GBP255 million pounds a year ago, which had included an $85 million insurance recovery. Revenue rose 4.3% to GBP 6.3 billion. Had it not for this one-time gain, the bottomline would have been much lower.
08:13 After Dow plunges, White House says it's focused on 'long-term economic fundamentals'
The White House said it is worried about the US stock market sell-off. "We're always concerned when the market loses any value, but we're also confident in the economy's fundamentals," an official told CNBC. After Monday's market close, the White House said that President Donald Trump is focused on the country's "long-term economic fundamentals, which remain exceptionally strong."
Earlier in the afternoon, White House spokesman Raj Shah said "markets do fluctuate. Short-term we all know that." Shah added the "fundamentals of the economy are strong," referencing evidence of wage growth and unemployment numbers at their lowest in nearly two decades.
07:43 Govt to bar cryptocurrencies from its payments system
India is planning steps to ensure cryptocurrencies are illegal within its payments system, while at the same time appointing a regulator to oversee unregulated exchanges that trade in “crypto assets,” a finance ministry official said on Monday. A panel set by the government to look into issues relating to cryptocurrencies is expected to submit its report in the current fiscal year, ending on March 31, SC Garg, Economic Affairs Secretary, told CNBC TV18.
“The government will take steps to make it illegal as a payment system,” he said, adding the trading of “crypto assets” at the unregulated exchanges would be regulated. “We hope now within this financial year the committee will finalise its recommendations…certainly there will be a regulator,” Garg said.
07:36 Bitcoin extends slide, falls below $7,000
Digital currency bitcoin fell more than 15% on Monday to a nearly three-month low amid a slew of concerns ranging from a global regulatory clampdown to a ban on using credit cards to buy bitcoin by British and US banks, reports Reuters. On the Luxembourg-based Bitstamp exchange, bitcoin fell as low as $6,853.53 in early afternoon trading in New York. That marked a fall of more than half from a peak of almost $20,000 hit in December.
Bitcoin has fallen in six of the last eight trading session. The currency, which surged more than 1,300% last year, has lost about half its value so far in 2018, as more governments and banks signal their intention for a regulatory crackdown. Last week bitcoin suffered its worst weekly performance since 2013.
07:34 The SGX Nifty is currently trading at 10,370, down 3.04% or 325.50 points.
07:15 Hong Kong's Hang Seng Index falls 3.2% — more than 1,000 points — as sell-off continues into Asia
Asian indexes tumbled early on Tuesday, mirroring massive losses seen stateside in the last session when the Dow fell more than 1,100 points and the S&P saw its worst day in six years, reports CNBC. Japan's Nikkei 225 was down 4.95% as stocks across sectors pulled back. Automakers, financials and technology names were lower in the morning, with Toyota down 3.77%.
Across the Korean Strait, the Kospi declined 2.26%. Blue chip technology names were lower, with Samsung Electronics and SK Hynix down 1.63% and 1.85% early in the session. Among automakers, Hyundai Motor traded briefly in positive territory, but later slipped 0.63%.
The Hang Seng Index was down 3.15% in early trade. On the mainland, the Shanghai composite slid 1.52% and the Shenzhen composite lost 1.78%.
06:58 Dow, S&P 500 slumps over 4% each
US stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4%, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year, reports Reuters.
The declines for the benchmark S&P 500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the United States’ credit rating and the euro zone debt crisis.
With Monday’s declines, the S&P 500 erased its gains for 2018 and is now down 0.9% in 2018. The Dow is down 1.5% for the year. The Dow Jones Industrial Average fell 1,175.21 points, or 4.6%, to 24,345.75, the S&P 500 lost 113.19 points, or 4.1%, to 2,648.94 and the Nasdaq Composite dropped 273.42 points, or 3.78%, to 6,967.53. At one point, the Dow fell 6.3% or 1,597 points, the biggest one-day points loss ever.
On Monday, the S&P 500 ended 7.8% down from its record high on January 26, with the Dow down 8.5% over that time. The declines come after the Dow and S&P posted their biggest weekly percentage drops since January 2016 last week, and the Nasdaq posted its biggest weekly drop since February 2016.
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PSBs' bad loans write-off reaches Rs 53,625 crore till September-end
Public sector banks (PSBs) have written off loans worth Rs 53,625 crore in the six months to September this financial year, Parliament was informed today. (PTI)
Production of Rs 10 coins halted temporarily on adequate stocks: Govt
Production of Rs 10 coins has been halted temporarily due to adequate stocks, the government informed the Lok Sabha.
There is no plan to stop production of coins, Finance Minister Arun Jaitley said in a written reply dated February 2 and made available today. (PTI)
Ceasefire violation in Rajouri, Jammu & Kashmir. Heavy shelling in Tarkundi area of Manjakote.
Why should I quit BJP, let the party throw me out: Yashwant Sinha
Dissenting BJP leader Yashwant Sinha said today he has no intention of quitting the BJP, which can throw him out if it so wants.
Sinha said he had been trying for an audience with Prime Minister Narendra Modi and had sent numerous letters to him, but failed to elicit a response, something that prompted him to float a political action group called 'Rashtra Manch'.
He said one of the tasks before the Manch was to ensure that the NDA government's policies are aligned with the BJP's election manifesto.(PTI)
Formula soon to give special package to Andhra: FM Jaitley
A formula will soon be worked out to release funds under a special package to Andhra Pradesh, Finance Minister Arun Jaitley said today, allaying the fears of parliamentarians from the state.
He made the statements in both Houses of Parliament where MPs belonging to the TDP, YSR Congress and the Congress have been protesting for the past two days over "non-implementation" of the Andhra Pradesh Reorganisation Act, demanding a financial package for the state from which Telangana was carved out and asking the government to "honour its commitments" at the time of bifurcation. (PTI)
Maldives crisis update: India has reacted to the ensuing situation in the Maldives
India's Ministry of External Affairs (MEA) has said in a press release, "We are disturbed by the declaration of a State of Emergency in the Maldives following the refusal of the Government to abide by the unanimous ruling of the full bench of the Supreme Court on 1 February, and also by the suspension of Constitutional rights of the people of Maldives."
"The arrest of the Supreme Court Chief Justice and political figures are also reasons for concern," it added.
MEA has said that the Indian government is monitoring the situation carefully.
ICICI Securities gets SEBI's go-ahead for IPO
ICICI Securities, a subsidiary of private sector lender ICICI Bank, has received markets regulator SEBI's go-ahead to raise an estimated Rs 3,000-4,000 crore through an initial public offering.
The company had filed its draft papers with Securities and Exchange Board of India (SEBI) in December and received 'observations' from the regulator on February 2, as per the latest update with the markets watchdog. (PTI)
Nod to fencing in 'feasible' stretches along Pak, Bangladesh borders: Kiren Rijiju
The government has approved barbed wire fencing in all "feasible stretches" along the borders with Pakistan and Bangladesh, the Lok Sabha was informed today.
In addition, a stretch of 10 km has also been approved for a barbed wire fence along the border with Myanmar, Union Minister of State for Home Kiren Rijiju said in response to a written question.(PTI)
Congress dares PM Modi to dismiss Karnataka govt on corruption charge
The Congress dared Prime Minister Narendra Modi to either dismiss the party's government in Karnataka and register cases against the corrupt, or tender an unconditional apology for his charges against it.
The party was reacting to Modi's attack on the Siddaramaiah government at a public rally here on Sunday. (PTI)
Israel to give 750,000 Euros to AI for launching Delhi-Tel Aviv flight
Air India will get a one-time grant of 750,000 Euros from Israel for launching direct flights between New Delhi and Tel Aviv, which is likely to be launched next month, a senior Israeli official said today.
"The Ministry of Tourism will approve a grant to Air India in response to their request and according to the conditions of the directive, which includes a grant of 250,000 Euro per weekly flight, up to a total of three weekly flights," Lydia Weitzman, a spokesperson for the Ministry of Tourism, told PTI.
Commerce Ministry launches tools to rank states, union territories on startup ecosystem
The commerce and industry ministry today launched tools to rank states and union territories on the basis of measures taken by them to promote budding entrepreneurs.
The tools, the state and union territory startup ranking framework, compendium of good practices for promoting startups in India and the Startup India Kit, would help promote the start-up drive, the ministry said. (PTI)
Food adulteration in India at 23%, doubled between 2016-17 and 2011-12: FSSAI Annual Report
Food adulteration rate in India almost doubled over the last 5 years, according to the FSSAI Annual Report. Adulteration rate in India was at 23 percent in 2016-17 as compared to 13 percent in 2011-12.
Highest adulteration of food was found in the states of Punjab, Uttar Pradesh, Kerala and Chhattisgarh. 55 percent of the food samples tested in the state of Punjab were adulterated in 2016-17. Chhattisgarh and UP had the highest adulteration rates in 2011-12, CNBC-TV18 has reported.
Maldives crisis update: President Yameen says judges were plotting his ouster
Maldives President Abdulla Yameen has said that judges were plotting to overthrow him, according to news agency AFP.
He also said that the emergency decree is to investigate "this plot, this coup" behind the Supreme Court ruling, AP has reported.
Tata Chemicals Q3 profit soars 3-fold to Rs 759 cr
Tata Chemicals posted a nearly three-fold jump in consolidated net profit at Rs 759.07 crore during the third quarter of this fiscal on gains from its north American business. Net profit had stood at Rs 263.63 crore in the same period of corresponding year, the company said in a BSE filing.
Total income increased marginally to Rs 2,591.07 crore in the October-December period of 2017-18 fiscal from Rs 2,524.44 crore in the year-ago period. Expenses remained slightly higher at Rs 2,229.31 crore as against Rs 2,207.53 crore in the said period.
Govt approves 14,460 bunkers for civilians hit by Pak firing
Amid the continuing firing from Pakistan, the government has approved construction of 14,460 bunkers for the protection of the people living in forward areas, reports PTI. Union Minister of State for Home Hansraj Ahir said the Home Ministry recently approved a proposal for construction of 14,460 bunkers to mitigate the hardships of the people living along the International Border and the Line of Control due to cross-border firing.
"These include 1,431 large community bunkers and 13,029 individual bunkers in the districts of Samba, Jammu, Kathua, Poonch and Rajouri. The project is being implemented by the Jammu & Kashmir government," he told the Lok Sabha while replying to a written question.
Online recruitment activity rises 12% in Jan: Monster Employment Index India
Online recruitment activity registered a 12% YoY growth in January, led by production and manufacturing sectors as also the outlook for next few months looks positive, reports PTI. The Monster Employment Index India for January stood at 284, up 12% compared to the same month last year, while on a MoM basis there was a 2% fall.
"It is interesting to note that production and manufacturing sector is on the revival mode, a much-needed impetus in order to create more jobs and solidify the backbone of our economy," said Sanjay Modi, Managing Director, Monster.com, APAC & Middle-East. Modi further noted that online recruitment activity in banking/financial services and insurance sectors registered a surge in January.
Sensex extends losses, sinks 561 pts
Markets extended their losses for the sixth successive session, with the benchmark Sensex falling by another 561 points to close at a one-month low of 34,195.94 amid a meltdown in the world markets. Investors were also anxious ahead of the RBI policy meet outcome, while the post-Budget sell-off continued.
The start was distinctly weak as the markets went into a free-fall. The Sensex crashed by about 1,275 points to sink below the key 34,000-mark while the NSE Nifty plunged 390 points within minutes of opening. After a gap down opening at 33,753.78, the BSE Sensex continued its slide to hit a low of 33,482.81 as selling gathered momentum in tandem with weak global leads.
However, value-buying emerged at several counters during the late trading session. The benchmark finally ended at 34,195.94, down 561.22 points, or 1.61%. This is its weakest closing since January 5 when the gauge had settled at 34,153.85. The 50-share NSE Nifty too closed down 168.30 points, or 1.58%, at 10,498.25 - a level last seen on January 3 when it closed at 10,443.20.
Berger Paints Q3 net profit up 19% YoY at Rs 130cr
Kolkata-based Berger Paints reported a 18.8% increase in its consolidated net profit at Rs 130.39 crore for the quarter ended December 2017. The company had posted a net profit of Rs 109.12 crore during the corresponding quarter of the previous fiscal, Berger Paints said in a regulatory filing. Total revenue from operations during the quarter under review stood at Rs 1,338.63 crore. It was Rs 1,296.56 crore in the year-ago period.
Lupin Q3 net profit dips 65% YoY to Rs 222cr
Drug firm Lupin reported a 64.97% fall in consolidated net profit at Rs 221.73 crore for the quarter ended December 31, mainly on account of dip in US sales. The company had posted a net profit of Rs 633.11 crore for the corresponding period of the previous fiscal, Lupin said in a filing to BSE. Consolidated income from operations also declined to Rs 3,900.36 crore for the quarter under review as against Rs 4,404.94 crore for the same period a year ago.
Govt says 111 killed in 822 communal incidents in 2017
As many as 111 people were killed and 2,384 others were injured in 822 communal incidents in the country in 2017, the Lok Sabha was informed today. Union Minister of State for Home Hansraj Ahir said the highest number of communal incidents in 2017 were reported in Uttar Pradesh where 44 people were killed and 542 others were injured in 195 communal incidents.
UIDAI cautions against using plastic, laminated Aadhaar cards
The UIDAI cautioned the public against going for plastic or laminated Aadhaar smart cards saying their unauthorised printing could render the QR code dysfunctional or even expose personal data without an individual's informed consent.
The Unique Identification Authority of India (UIDAI) asserted that the Aadhaar letter, its cutaway portion, downloaded versions of Aadhaar on ordinary paper or mAadhaar are "perfectly valid". Moreover, unauthorised printing of Aadhaar smart cards could cost between Rs 50-300, or even more, a payment that is completely unnecessary, it said.
Bank of Japan rules out near-term rate hike
Japanese policymakers pledged to maintain massive monetary support and sought to dispel concerns that a global equities rout could hurt a strengthening recovery, stressing the country’s economic fundamentals remained strong, reports Reuters. But they held off on warning markets against pushing up the yen too much, as investors started to buy into the Japanese currency which is considered a safe bet during times of market ructions.
Tokyo’s circumspection suggested it was wary of stirring tension with Washington over currency and trade issues, leaving it with little room to manoeuvre as it worries that an unwelcome spike in the yen could dent its exports. Bank of Japan Governor Haruhiko Kuroda ruled out the possibility of raising interest rates any time soon, telling parliament that it was “inappropriate” to do so with inflation still distant from the bank’s 2% target.
Siemens Q3 net up 18.6% YoY at Rs 190.5cr
Siemens posted a 18.6% jump in its net profit to Rs 190.5 crore in quarter ended December 2017, compared with year ago period. The company's net profit was Rs 160.7 crore in the quarter ended on December 2016, Siemens said in a BSE filing today.
According to the statement, for the first quarter of financial year 2018 ended December 2017, Siemens registered a revenue of Rs 2,363 crore, which is a 5.8% increase in revenue (excluding the impact of transition from excise duty to GST) over the same quarter in the preceding year. New orders for the period stood at Rs 3,257 crore, up 2.1%.
2017 saw 126 local youths joining militancy, says J&K’s Mehbooba Mufti
The number of local youths joining militancy in Kashmir Valley went up to 126 in 2017, a sharp increase from 88 the year before, Jammu & Kashmir Chief Minister Mehbooba Mufti informed the state assembly. Data for the number of youths recruited is available from 2010. "As many as 66 youths joined militancy in 2015, 88 in 2016 and 126 in 2017," the Chief Minister said while replying to a written question by National Conference leader Ali Mohammed Sagar.
Sebi asks MFs to disclose total expense charge on a daily basis
Pushing for uniformity in disclosures, Sebi has asked mutual fund houses to prominently disclose on a daily basis the total expenses charged to customers for all schemes under a separate head on their websites. The markets regulator also asked them to communicate to investors any change in the base Total Expense Ratio (TER) of the scheme through email or SMS at least three working days prior to effecting such change.
The TER is a percentage of a scheme's corpus that a mutual fund house charges towards expenses including administrative and management. The move comes after Sebi observed that there are frequent changes carried out in total expense ratio and such changes are not prominently disclosed to investors.
Govt sees no scope for further excise duty cuts on petrol, diesel for now, sources say
India has no immediate plan to further cut factory gate tax on petrol and diesel due to its tight fiscal situation, a Finance Ministry source told Reuters. India had cut factory gate tax on the two fuels by Rs 2 a litre each last week while presenting the Union budget, but it did not result in lower retail prices as new taxes were added.
Rising yields may be discussed when govt, RBI meet for debt sale talks
The Finance Ministry will raise its concerns about the sharp rise in bond yields when it holds a meeting with the central bank to discuss government borrowing plans, sources told Reuters. A persistent rise in bond yields has raised worries among senior government officials about a potential increase in overall interest rates in the economy.
“The fundamentals of the market do not command such high yields,” sources said. “The rise in yields will eventually push up interest rates in general in the economy.” The meeting, the first in a series of debt management talks with the Reserve Bank of India scheduled over the next one month, will discuss the timing, tenure and tools of government financing over the next financial year, sources said.
The government will also raise the possibility of the RBI buying bonds via open market operations (OMOs) to keep yields lower and infuse liquidity, sources said, though the final decision on whether it does so rests with the central bank. Sources said the government would not seek to borrow the amounts that would have been raised at a cancelled bond auction last week as it was comfortable with its cash position.
SBI board meet on Feb 9 to consider raising Rs 8,800cr via pref issue
Country's largest lender State Bank of India said its Board will meet later this week to consider a proposal to raise Rs 8,800 crore from the government. The bank said its Board will also consider implementation of reforms agenda for responsive and responsible public sectors banks (PSBs) of the government.
"The Central Board of the Bank at its meeting scheduled for February 9 will consider the proposal of raising equity capital by way of preferential allotment of equity shares of government of India to the tune of Rs 8,800 crore," State Bank of India (SBI) said in a BSE filing.
India-UAE to ink 12 pacts during PM Modi's visit
As many as 12 agreements will be signed during Prime Minister Narendra Modi's visit to the UAE later this week as India and the oil-rich Gulf nation look to intensify economic co-operation, reports PTI. The agreements will include areas like finance and skills development.
Modi will start his visit to three West Asian countries - Palestine, the UAE and Oman - on Friday with focus on co-operation in key areas of defence, security and counter-terrorism. "PM Modi is visiting the UAE on 10 February. There would be a state visit and during that visit 12 agreements will be signed between our countries," UAE Ambassador to India Ahmed Al Banna said.
China conducts successful missile defence test
China announced that it has successfully carried out a mid-course ground-based missile interception test within its own territory, on a day when India test fired its short-range nuclear-capable Agni-1 missile, reports PTI. The test of interception technology was conducted on Monday within China's territory and achieved "preset goal",the Ministry of National Defence said.
TDP, YSRCP demand special package for Andhra Pradesh in Lok Sabha
The Lok Sabha saw lawmakers of the Telegu Desam party and the YSR Congress, both arch-rivals in Andhra Pradesh, coming together to demand concessions for their state, reports PTI. Vociferous protests by members of NDA ally Telugu Desam Party forced brief adjournment of Lok Sabha proceedings as they demanded special package for Andhra Pradesh.
The NDA ally is unhappy and critical of the budget, which they claimed, has no provisions for their state. The TDP MPs were in the Well with a series of demands ranging from implementation of the Andhra Pradesh Reorganisation Act to "keeping up with promise" made by the BJP.
Apollo Tyres Q3 net profit down 17% YoY to Rs 245cr
Apollo Tyres reported a 17% decline in consolidated net profit at Rs 245.29 crore for the quarter ended December 31, 2017. The company had posted a net profit of Rs 295.69 crore during the October-December period of previous fiscal, Apollo Tyres said in a regulatory filing. Total revenue during the quarter under review stood at Rs 4,096.44 crore. It was Rs 3,740.77 crore in the corresponding period of previous fiscal.
The Ramco Cements Q3 net profit down 19% YoY at Rs 123cr
The Ramco Cements reported a 19.18% decline in net profit to Rs 122.74 crore for the quarter ended December 2017. The company had posted a net profit of Rs 151.88 crore during the same period previous fiscal, Ramco Cements said in a regulatory filing. Total revenue during the quarter under review stood at Rs 1,061.52 crore against Rs 1,113.14 crore in the year-ago period.
Govt expects every citizen to have home by 2022: Hardeep Singh Puri
The Pradhan Mantri Awas Yojana is a "roaring success" and the government's aim of housing for all by 2022 will be achieved, Urban Development Minister Hardeep Singh Puri said, rejecting in the Lok Sabha a Congress member's claim of the scheme being a failure. He also said that title of houses built under the scheme will be in the name of a woman in the family as part of efforts to boost woman empowerment.
"We expect every citizen to have a home by 2022," he said while answering supplementaries during the Question Hour. Based on feedback from states, the figure for the shortfall of houses in the urban area has been revised down to 11 million by his ministry from earlier 18 million, he said, adding that over 37.45 lakh houses have been sanctioned.
Govt consolidated direct tax reforms; net widens to 8 cr: CBDT
A large number of taxpayers have been brought into the net taking the total base to 8 crore, CBDT Chairman Sushil Chandra said, underlining that the government has consolidated direct tax reforms. He said that no I-T official can pick up a case on his discretion and only 0.5% of all cases are picked up for scrutiny by the Income Tax Department.
He said the tax department started e-assessment of income tax forms in September 2017 and 60,000 cases have been completed through e-assessment so far. Out of 15 lakh companies registered with MCA, only 7 lakh are filing tax return forms, Chandra said.
Siddaramaiah govt adopting Kerala, WB models to target workers: Karnataka BJP
The Karnataka BJP has alleged that the Siddaramaiah-led government in the state was adopting the West Bengal and Kerala models for targeting its workers and "committing political murders".
The Karnataka BJP Digital Communications Team made the accusation in a statement yesterday on social media site Facebook.
"Never in Karnataka history had people witnessed political murders in large numbers. Karnataka, under Siddaramaiah, is following West Bengal and Kerala models for committing political murders," it said.
Time to go shopping! Top 10 stocks which could give up to 40% return in 1 year
The S&P BSE Sensex lost more than 1,000 points in trade on Tuesday weighed by a global sell-off in equities. The Sensex has officially wiped out gains made so far in the year 2018.
The S&P BSE Sensex closed at 33,812 on January 1 and the intraday drop on Tuesday was 33,483 which officially signals a negative return so far in the year compared to 28 percent rally seen in the year 2017.
The Nifty50 slipped below its crucial 100-DEMA placed near 10,400 levels. But, this is something which was long overdue, argue experts. The valuations were stretched not just at the index level but in individual stocks as well.
Investors should use these dips to buy into quality stocks and especially low PE stocks which could act as a shield against market volatility. Considering the fact that the fall is driven by global factors, investors should stay long in Indian markets.
ECB warns of inflation headwinds from euro volatility
The European Central Bank is increasingly confident that inflation will rise on the back of rapid economic growth but currency market volatility is a potential obstacle, ECB President Mario Draghi said. “While our confidence that inflation will converge towards our aim of below, but close to, 2% has strengthened, we cannot yet declare victory on this front,” Draghi told Reuters.
“New headwinds have arisen from the recent volatility in the exchange rate, whose implications for the medium-term outlook for price stability require close monitoring,” Draghi said in a speech that hardened up the bank’s latest policy message, as he inserted “close” before “monitoring”.
We are not garbage collectors, SC tells Centre
The Supreme Court came down heavily on the Centre for filing an 845-page affidavit containing incomplete information about solid waste management across the country and said the apex court is not a "garbage collector", reports PTI.
The top court declined to take the affidavit on record and said the government cannot dump "junk" before it. "What are you trying to do? Are you trying to impress us? We are not impressed. You are trying to dump everything on us. We are not going to accept it," a bench comprising Justices Madan B Lokur and Deepak Gupta said.
White House says respects Lindsey's decision to withdraw from Fed consideration
The White House said on Monday it respected Larry Lindsey’s decision to withdraw from consideration as vice chair of the Federal Reserve Board, reports Reuters. “We respect Dr Lindsey’s decision to withdraw his name from consideration at this time. As one of the nation’s leading economic policy experts, Dr. Lindsey has been a valuable resource to the Administration. We wish him the best in his future endeavours,” said deputy White House press secretary Lindsay Walters.
ECB increases buying of company debt despite criticism
The European Central Bank raised its purchases of company debt in January while slashing its buying of government bonds, ECB data showed on Monday, in a sign that the focus of its huge stimulus program may be shifting. Aimed at lowering borrowing costs for companies, the ECB’s purchases of corporate bonds have been criticised by some European lawmakers for being too risky.
Banks in Britain and US ban Bitcoin buying with credit cards
Banks in Britain and the United States have banned the use of credit cards to buy Bitcoin and other “cryptocurrencies”, fearing a plunge in their value will leave customers unable to repay their debts, reports Reuters. Lloyds Banking Group, which issues just over a quarter of all credit cards in Britain, and Virgin Money said they would ban credit card customers from buying cryptocurrencies, following the lead of US banking giants JP Morgan Chase & Co and Citigroup. The move is aimed at protecting customers from running up huge debts from buying virtual currencies on credit, if their values were to plummet, a Lloyds spokeswoman said.
Militants have opened fire on cops near SMHS hospital in Srinagar, police officials told PTI. One policeman has died while another is injured in the firing. A Pakistani militant being taken for treatment has escaped during the attack.
Bhushan Steel bids to open today; JSW Steel, Tata Steel, Bhushan employees in fray
Bids for troubled steelmaker Bhushan Steel will open today, marking the next round in the race that includes JSW Steel and Tata Steel. Employees of Bhushan Steel have also put in a bid and are reportedly backed by a private fund. The bids, which were submitted on February 3, will be opened in Deloitte's Gurgaon office. Deloitte's Vijaykumar V Iyer is the IRP (insolvency resolution professional) for Bhushan Steel, reports Moneycontrol News’ Prince Mathews Thomas.
Govt likely to continue sugar exports in 2018-2019 season
India is likely to continue exporting sugar in the 2018-2019 season, Abinash Verma, Director General of the Indian Sugar Mills Association, said. “The exportable quantity will be best understood around July 2018,” Verma said at the Dubai Sugar Conference. The Indian sugar industry will likely export 1MT in the 2017-2018 marketing year, he said.
Exiled former Maldivian president Mohamed Nasheed urged India to "act swiftly" to help in resolving the ongoing political crisis in the island nation that escalated after President Abdulla Yameen declared a state of emergency and troops arrested the top judge, reports PTI.
Fitch says task to strengthen public finances left to next govt
The deferral of fiscal consolidation roadmap has left the task of strengthening weak public finances to the next government after the 2019 general elections, Fitch Ratings said. The government has revised its 2018-19 fiscal deficit projections to 3.3% of GDP and for current fiscal to 3.5% of GDP, compared with original targets of 3% and 3.2%, respectively.
The postponement of consolidation in part reflects policies to support the economy, which was held back last year by weak investment and disruptions from demonetisation and the introduction of the Goods and Services Tax (GST), Fitch said. "The Indian government's budget has pushed back fiscal consolidation, leaving much of the task of addressing the country's relatively weak public finances to the next administration," Fitch Ratings said in a statement.
