News Live: Backward classes comprise 44.16% of central govt workforce

21:44 UK scientists unable to prove nerve agent was Russian-made: reports
The head of the British military facility analysing the Novichok nerve agent used to poison Russian spy Sergei Skripal and his daughter said today it has "not verified the precise source" of the substance."We have not identified the precise source, but we have provided the scientific info to government who have then used a number of other sources to piece together the conclusions," Gary Aitkenhead, chief executive of the Porton Down defence laboratory, told Britain's Sky News.

21:24 Backward classes comprise 44.16% of central govt workforce
Backward classes comprise 44.16 percent of the central government workforce, the Lok Sabha was informed today. In a written reply, Minister of State for Social Justice and Empowerment Ramdas Athawale said that while there is 17.55 percent representation of the Schedule Castes in central govermment jobs, Scheduled Tribes account for 8.37 percent of such jobs and other backward classes (OBCs) comprise of 18.24 percent of the entire workforce.Athawale said that the data was based on the Department of Personnel and Training's annual report 2016-2017.

21:17 China to launch two satellites for Pakistan in June
China will launch two remote sensing satellites for Pakistan in June, the China Academy of Launch Vehicle Technology (CALVT) said today.It will be the first international commercial launch for a Long March-2C rocket after it carried Motorola's Iridium satellites into orbit in 1999.The rocket will also carry the China-France Oceanography Satellite into space in September this year, state-run Xinhua news agency reported quoting CALVT.

20:58 Minors can't opt out of Aadhaar after attaining majority: UIDAI to SCMinors, whose Aadhaar card has already been generated, cannot opt out of the Aadhaar scheme after attaining majority, the Unique Identification Authority of India (UIDAI) today told the Supreme Court. Attorney General K K Venugopal was referring to the written replies of UIDAI CEO Ajay Bhushan Pandey to the queries posed by the petitioners, opposed to the Aadhaar scheme and its enabling 2016 law, before a five-judge Constitution bench headed by Chief Justice Dipak Misra.

20:18 Press bodies slam I&B ministry's contentious guidelines as attempt to 'restrain media'
Representatives from the Press Club Of India, Press Association, Indian Journalists Union (IJU), National Union of Journalists (NUJ), Indian Women's Press Corps, held a joint meeting here under the aegis of the Press Club over the government's move, which they described as "deeply worrying".A statement by the Editors Guild of India was also read out during the meet, which strongly condemned the "arbitrary manner contemplated by the Union Information and Broadcasting  (I&B) Ministry ostensibly to penalise any journalist or media organisation publishing fake news".

20:13 Article 370 not a temporary provision, says SC
The Supreme Court today said that Article 370 of the Constitution which gives special status to Jammu and Kashmir is not a temporary provision.The apex court said that in its earlier verdict of 2017 in the SARFESI case, it has been already held that Article 370 was "not a temporary provision"."The issue concerned is covered by the judgement of this court in the 2017 SARFAESI matter, where we have held that despite the headnote of Article 370, it is not a temporary provision," a bench of justices A K Goel and R F Nariman said.

20:10 Binani Cement lenders to meet on April 4, consider out-of-court settlement
The lenders' committee of Binani Cement Ltd is slated to meet tomorrow to explore the possibility of an out-of-court settlement, in line with the observations made by the NCLT Kolkata bench. A meeting of the Committee of Creditors has been called on April 4 to consider the NCLT order, CoC sources said. A panel of two-member judges had extended the deadline for the CoC of bankrupt Binani Cement till April 9, to consider a proposal mooted by the Binani promoters for an out-of-court settlement and end NCLT proceedings

19:35  Cauvery: CM joins issue with DMK on its resignation demand
Top AIADMK leader and Tamil Nadu Chief Minister K Palaniswami today ended his party's day long fast here to condemn the Centre for not setting up Cauvery Management Board (CMB), the Chief Minister made a point by point rebuttal to the charges by DMK working president M K Stalin's earlier in the day.Stalin had demanded the resignation of Palaniswami and his Cabinet, alleging that the ruling regime enacted dramas and failed to deliver on the Cauvery issue

18:39 ICICI Bank to NSE: No material lapse found in Videocon Group controversy 

ICICI Bank on Tuesday told the National Stock Exchange that it had found nothing material to indicate a lapse in the process of giving loans to Videocon Group.

The bank was responding to two queries raised by the exchange.

The largest private lender in the country has been mired in controversy after it was revealed that it lent Rs 3,250 crore to Videocon Group, whose promoter Venugopal Dhoot is reported to have links with Deepak Kochhar, the husband of the bank's CEO Chanda Kochhar.

Read the full story here.

18:34 Editors Guild of India condemns govt notification penalising journalists for publishing 'fake' news 

The Editors Guild of India condemned the Information&Broadcasting ministry's order to cancel the accreditation of journalists publishing "fake" news.

"Editors Guild of India strongly condemns arbitrary manner contemplated by I &B Ministry ostensibly to penalise any journalist or media organisation publishing fake news. It would have opened door for frivolous complaints to harass journalists and organisations to fall in line," the organisation said in a statement. (ANI)

17:59 Jaguar Land Rover reports 83% jump in India sales in FY18 

Jaguar Land Rover (JLR) on Tuesday reported a growth of 83 percent in its India sales as new launches and continued expansion in retail reach has helped the Tata Motors-owned company to further strengthen its position in the country.

The two brands, which together form the fourth largest luxury brand in the country, sold 4,609 units in FY18, as against 2,518 units sold in FY17.

JLR has a range of 11 products in India, which are sold across 27 authorised outlets. Last year alone, the company launched as many as 10 new products, variants and upgrades.

17:48 Pakistan political group an 'alias' for militants on terrorist list, says US

The United States has placed a Pakistani political group called the Milli Muslim League (MML) on its list of foreign terrorist organisations, saying it was merely an alias for a militant group blamed for a bloody 2008 attack in India.

The Milli Muslim League is controlled by Islamist leader Hafiz Saeed, who has a $10 million U.S. bounty on his head. The group shot to prominence after fielding a candidate in a September 2017 by-election to fill a seat vacated by deposed prime minister Nawaz Sharif. (Reuters)

17:31 Cabinet nod for Scrappage Policy soon; proposal to cap commercial vehicles' age at 20 years

Union ministry of road transport is ready with a draft of voluntary vehicle modernisation programme (VVMP) or scrappage policy, the note for which could go for Cabinet approval by April end or early May.

Sources told Moneycontrol that the ministry was circulating draft of cabinet note among related ministries and could send the note for cabinet approval by May.

The scrappage policy, tabled in 2016, proposes to phase out commercial vehicles that are two decades old and do not comply with current Bharat Stage emission norms.

Read the full story here. 

17:25 Amazon Business launches B2B Global Selling for Indian exporters 

Amazon Business today announced expansion of its global selling programme by launching B2B selling for Indian exporters.

"Through this launch, B2B sellers, manufacturers and exporters will be able to reach thousands of business customers across Amazon's international marketplaces," Amazon VP B2B Marketplace Business Peeyush Nahar told reporters. (PTI)

17:12 Income Tax Dept suspects shares of NuPower were hugely inflated 

The I-T Department suspects that NuPower shares were treated at a high premium.
The department has asked NuPower if the company created an interest free fund, and whether it availed any consideration for quid pro quo.

17:05 Murdoch's Fox could sell Sky News to Disney to appease UK regulator 

Rupert Murdoch has stepped up the pressure on Britain to approve his $14.5 billion (10.31 billion pounds) bid for Sky by offering to sell or legally separate Sky News, seeking to allay concerns about the 87-year-old mogul's political influence.

Fox agreed in December 2016 to buy the 61 percent of European pay-TV group Sky it does not already own, but the deal has been repeatedly delayed by the UK government and regulators. (Reuters)

16:54 Nawaz Sharif exempted from appearing before court

Former Pakistani Prime Minister Nawaz Sharif and his daughter Maryam on Tuesday were granted an exemption from appearing before the court in the corruption hearing against them, as their flight could not take off from Lahore due to harsh weather. (ANI)

16:48 Income Tax Dept issues notice to NuPower Renewables: Sources

The Income Tax (I-T) Department has issued a notice to NuPower Renewables, a company run by Deepak Kochhar, sources told CNBC-TV18.

The notice has been served under Section 131 of the I-T Act, which gives certain tax officials authority to inspect a company's books and premises.

16:27 Centrum Group sells forex biz to Ebix for Rs 1,200cr
Diversified financial services player Centrum Group has decided to exit the forex business under brand name Centrum Direct by selling it to Atlanta-based Ebix for around Rs 1,200 crore. As part of the deal, the entire Centrum Direct team and assets will be transferred to Ebix and will become a part of EbixCash, an end-to-end financial exchange, the Jaspal Bindra-led company said in a statement.

16:21 Database has minimal info on Aadhaar holders; no financial, health details: UIDAI
The UIDAI said it does not have information about bank accounts, health records, or financial and property details of Aadhaar holders, and ‘will never have’ such details in its database, reports PTI.

16:18 Air cargo volumes to grow by 60%, infra still a concern: Icra
Air cargo volumes are expected to grow 60% over the next five years, but the infrastructure bottlenecks are a major constraint which can impede the sector's ability, rating agency Icra said in a report. It also called for an increase in the cargo handling capacity by nearly 50% to support demand.

16:10 Royal Enfield lines up Rs 800cr capex for FY19
Niche bike maker Royal Enfield said it has earmarked Rs 800 crore capex for the current fiscal for various activities, including the construction of second phase of its Vallam Vadagal plant near Chennai, reports PTI. The company, which is part of Eicher Motors, has also decided to set up wholly-owned subsidiaries in Indonesia and Thailand in the current fiscal.

16:02 Sensex ends 100 points higher, Nifty above 10,200
After trading the day largely rangebound, intense buying in the last hour pushed up benchmark indices. The Sensex ended the day over 100 points higher, while the Nifty managed to close above 10,200. ICICI Bank is the top gainer on both indices. M&M and Indiabulls Housing gained the most, while Wipro, ONGC and Tech Mahindra lagged.

15:59 RBI failed to conduct proper auditing, says CVC on PNB fraud
Apportioning blame to the Reserve Bank of India (RBI) over the PNB loan fraud, Central Vigilance Commissioner KV Chowdary said there had been ‘no apparent audit’ by the central bank during the period of the scam, reports PTI. Chowdary stressed the need to put into place a more robust auditing system.

15:52 SC declines to keep in abeyance its March 20 SC/ST verdict
The Supreme Court has declined to keep in abeyance its March 20 SC/ST verdict but said it will consider in detail the Centre's review petition, reports PTI. It reassured protestors, saying the court has not diluted any provision of the SC/ST Act and only safeguarded interest of innocents from being arrested. “People who are agitating have not read the verdict properly and have been misled by vested interests. Provisions of SC/ST Act cannot be used to terrorise the innocents.” It has listed the Centre's review petition after 10 days for detailed hearing.

15:23 ED grills Delhi min Satyendar Jain in money laundering case
The Enforcement Directorate questioned Delhi Health and Power Minister Satyendar Jain in connection with a money laundering case registered against him and others, reports PTI. Officials said Jain was summoned under the Prevention of Money Laundering Act (PMLA) and his statement will be recorded by the investigating officer of the case.

15:13 India can do a Silicon Valley in 5 years, innovation ecosystem needs a boost: World Bank
India has the potential to innovate on the lines of Silicon Valley but it needs to do more for expanding the innovation ecosystem as it aspires to become a middle income country, World Bank India head Junaid Kamal Ahmad said.

15:12 47,338 cases of crime against SC/ST registered in 2016: Govt
As many as 47,338 cases of crime against Scheduled Castes and Scheduled Tribes were registered across the country in 2016, Union Minister of State for Home Hansraj Gangaram Ahir told the Lok Sabha. As per the information provided by the National Crime Records Bureau (NCRB), a total of 40,774 cases were registered under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act and other sections of law over alleged crimes against SCs and STs in 2016. Of these, charge-sheets were filed in 78.3% cases, and the conviction rate was 25.8%.

Exclusive: Volkswagen India to launch Hyundai Creta rival
German automotive giant Volkswagen is readying a strong comeback in the country complete with a fresh round of investments, a renewed product line up and a high degree of local manufacturing, reports Moneycontrol News Swaraj Baggonkar. The company will be developing a compact SUV, possibly a hatchback and engines. The entire project entails an investment of over Rs 8,000 crore which will be spread over the next few years.

14:43 VHP dubs govt's release on fake news 'undeclared emergency'
The Vishwa Hindu Parishad (VHP) condemned the Centre's move to amend the guidelines for accreditation of journalists in case of fake news, saying that the step amounted to an ‘undeclared emergency’, reports PTI.

14:22 Lok Sabha proceedings disrupted for 19th straight day
Lok Sabha proceedings were disrupted for the 19th consecutive day today due to protests by AIADMK members seeking early constitution of the Cauvery water management board.

14:17 'Pharma may see recovery with FY19 profit set to jump 20-22%'
Rating agency Crisil said the domestic pharmaceutical sector is set for a sharp turnaround in FY19 with a 20-22% growth in operating profit - the fastest pace since 2014, while revenue may grow at 9-11%.

14:13 Profiteering notice to Jubilant FoodWorks on Dominos pizza pricing
The Directorate General of Safeguards (DGS) has slapped a profiteering notice on Jubilant FoodWorks for allegedly not passing on GST rate cut benefit to consumers at its Dominos Pizza outlets, reports PTI.

14:09 Bank of Japan is discussing stimulus exit options, says Governor
The Bank of Japan is talking about how to eventually exit from its massive monetary stimulus program but it’s still too early to reveal details, Governor Haruhiko Kuroda told parliament. “Internally we’re conducting various discussions,” at the staff level, Kuroda said. How the BoJ normalises policy will depend on what’s happening with prices, the economy and markets at that time, he added. (Bloomberg)

14:01 Nearly 2,200 entities default in paying fine to Sebi
Nearly 2,200 entities failed to pay penalties imposed on them by market regulator Sebi for various violations till last December, reports PTI. The defaulters include individuals as well as companies which failed to pay penalties levied on them by Sebi for various offences related to the securities market. Some of these cases are nearly two decades old.

13:49 Market trades in a narrow range; Europe lower
The market continues to trade in a tight range. Reliance Industries, Kotak Mahindra Bank, IOC and ICICI Bank are the top contributors on both indices, while profit booking is seen in HDFC twins. Midcaps have continued to outperform benchmarks.

European equities are trading lower after a sharp sell-off on Wall Street. Technology stocks were down about 1.3%. Experts fear there will be new and tougher rules on the sector post the Facebook scandal and developments around President Trump's tweets on Amazon.

13:41 TAFE acquires Serbian tractor maker IMT
Tractors and Farm Equipment (TAFE) said it has acquired Serbian tractor and agriculture equipment brand IMT - Industrija Masina i Traktora. The size of the deal was however not disclosed.

13:37 Ola acquires Ridlr
Cab aggregator Ola said it has acquired Ridlr, an end-to-end public transport ticketing and commuting app. The size of the deal was however not disclosed.

13:31 Binani Cement sale: NCLAT allows parties to settle dispute
The National Company Law Appellate Tribunal (NCLAT) allowed parties in dispute over selling of debt-ridden Binani Cement to amicably settle the dispute, reports PTI.

13:25 Govt not diluting the SC/ST Act: Rajnath Singh
Asserting that the government is sensitive to the concerns of the backward communities, Home Minister Rajnath Singh told the Lok Sabha it was not responsible for the dilution of the SC/ST (Prevention of Atrocities) Act.

12:59 No re-examination for CBSE Class 10: HRD Ministry
The Human Resource and Development Ministry confirms that CBSE won't conduct retest of Class 10 mathematics paper.

12:37 PMO asks I&B Ministry to withdraw release on fake news
The Prime Minister’s Office has advised the Information & Broadcasting Ministry to withdraw its press release on fake news. It said any decision on fake news should be taken by bodies like the Press Council of India and News Broadcasters Association.

12:36 Fraud rap for cryptocurrency promoted by DJ Khaled, Mayweather
The US Securities and Exchange Commission has laid charges over a fraudulent cryptocurrency fundraiser that boxer Floyd Mayweather and rapper DJ Khaled touted on social media. Neither celebrity is accused in the scheme which the SEC said raised more than $32 million from thousands of investors, reports AFP.

12:29 Facebook needs 'a few years' to fix problems: Mark Zuckerberg
Facebook will likely need ‘a few years’ to fix the problems uncovered by the revelations on the hijacking of private user data, Chief Executive Mark Zuckerberg said. Speaking to the news site Vox, Zuckerberg maintained that one of Facebook's problems was that it was ‘idealistic,’ focusing on the positive aspects of connecting people and that "we didn't spend enough time investing in, or thinking through, some of the downside uses of the tools."

12:14 'Indian companies dramatically reduce H-1B visa filing'
Indian IT companies have dramatically reduced their H-1B visa filings and foreign nationals are exhibiting reluctance to make the jump to a US company due to the Trump administration's hard-line anti-immigration stance, reports Silicon Valley newspaper San Francisco Chronicle.

12:07 JMC Projects bags orders worth Rs 942cr
Civil engineering and EPC firm JMC Projects (India) said it had secured road projects worth Rs 942 crore from National Highways Authority of India. The order is for four-laning of Madurai-Chettikulam section of NH 785 in Tamil Nadu on EPC basis for Rs 486 crore. It has also received two orders for construction of flyovers on NH 53 in Maharashtra for Rs 456 crore. JMC Projects is an arm of Kalpataru Power Transmission.

12:02 Change ridiculous immigration laws: Trump to Congress
US President Donald Trump attacked Congress for not passing tough immigration laws and described the present system of prosecution and deportation of illegal immigrants as ‘a whole big wasted procedure’, reports PTI. In a series of tweets, he said US laws do not easily allow the government to send those crossing the southern border back where they came from.

12:01 Sensex trades lower, Nifty below 10,200
The market is currently off the day’s high points and is trading in the red. The Nifty has breached the 10,200-mark. Some correction is seen in IT names, with the Nifty IT index falling over a percent, while other sectoral indices are largely trading higher. PSU banks are trading strong, with gains of over a percent. HPCL, Indiabulls Housing, Yes Bank and IndusInd Bank have gained the most, while Wipro, Adani Ports, and Tech Mahindra are the top losers.

11:48 American Tower Corporation has completed its Rs 3,800 crore deal to purchase the mobile towers of Vodafone India.

11:47 Rajya Sabha adjourned for the day following opposition uproar after several new members take oath.

11:42 UK MHRA completes inspection of Lupin's Goa plant
Lupin said the UK health regulator has completed inspection of its Goa facility without making any critical observations.

11:32 The Delhi High Court has disposed of the defamation suit filed by Arun Jaitley against Arvind Kejriwal for remarks made by AAP leaders' former lawyer Ram Jethmalani. The court closed the defamation suit after Delhi Chief Minister Arvind Kejriwal tendered an apology and Union Finance Minister Arun Jaitley accepted it.

11:24 The Supreme Court will hear the Centre's plea seeking to review the March 20 verdict putting safeguards on arrest under the stringent SC/ST Act at 2 pm today. The apex court agreed to hear the review petition after Attorney General KK Venugopal referred to large scale violence and loss of lives and property during Monday’s Bharat Bandh. A bench headed by Chief Justice Dipak Misra agreed to constitute the original bench of Justices AK Goel and UU Lalit at 2 pm to hear the review plea. The AG said it is an emergency situation as large scale violence has taken place and sought urgent hearing of the review petition today itself.

11:16 The Supreme Court has agreed to hear on April 9 the Centre's plea for clarification on the Cauvery water dispute verdict, reports PTI. The Centre in its plea has referred to divergent views of concerned states on setting up of the Cauvery management scheme.

11:08 US blasts 'unfair' Chinese tariffs on 128 products
The United States has blasted as ‘unfair’ Chinese tariffs imposed on 128 US imports worth $3 billion, including fruit and pork, in the latest tit-for-tat over US duties on steel and aluminium, reports AFP.

11:02 MiG 17 chopper crashes near Kedarnath
A MiG 17 helicopter of the Indian Air Force crashed near Kedarnath at 8:10 am, reports PTI. All persons on board are safe, officials said.

10:58 Lacklustre demand drags Indian March factory growth to 5-month low: PMI
Activity in India’s manufacturing sector expanded at its weakest pace in five months in March as order and production growth slowed, discouraging firms from hiring. The Nikkei Manufacturing Purchasing Managers’ Index fell to 51 last month from February’s 52.1.

10:11 Formula 1-inspired electric cars are coming to India
Tycoon Sanjeev Gupta could start building Formula 1-inspired electric vehicles in India and Australia early next decade, adding automobiles to a roster of global businesses that span steel-making to banking, reports Bloomberg. Gupta’s GFG Alliance, which aims to model the budget, lightweight city cars on a design developed by former McLaren Racing and Brabham technical director Gordon Murray, will build EV plants as part of his worldwide push into the auto supply chain.

10:06 RBI drops Axis Bank from list of bullion importers
The Reserve Bank has dropped Axis Bank from a list of banks it has cleared to import gold and silver in FY19. It was unclear why Axis, one of India’s leading importers of bullion, did not feature in the list that was released late on Monday, reports Reuters. Bank of Baroda, HDFC Bank and Bank of Nova Scotia were among the 16 banks allowed to import bullion. Two other small banks Karur Vyasa and South Indian Bank, were also dropped from the RBI list.

10:02 Facebook CEO defends advertising-supported business model
Facebook CEO Mark Zuckerberg said that an advertising-supported business model is the only way that the service can survive because not everyone would be able to pay for Facebook if it charged a fee, reports AP. His defence comes after Apple CEO Tim Cook said his company wouldn't be in Facebook's situation because Apple doesn't sell ads based on customer data the way Facebook does.

09:58 Sensex, Nifty continue to trade flat despite weak global cues
Shrugging off global weakness, the market began the day on a flat note, with the Nifty holding on to the 10,200-mark. The Street is looking past the global selloff on the back of a rally in banks as well as robust GST collections. The government mopped-up Rs 89,260 crore in February via GST collections.

Almost all sectoral indices are trading in the green, led by Nifty PSU bank, auto and Bank Nifty. There are some cuts visible in the metals space, with the frontline index down around a percent. Midcaps, meanwhile, are trading one-third of a percent higher.

Among stocks, State Bank of India, Yes Bank and HPCL are the top gainers, while Wipro and Adani Ports have lost the most. Shares of VST Tillers Tractors added 5.5% in early trade on the back of strong growth in March sales figures.

09:40 4 PSUs file IPO papers with Sebi
Four state-owned firms, including Mazagon Dock Shipbuilders and Rail Vikas Nigam, have filed draft papers with markets regulator Sebi to float initial public offerings. Railway infrastructure firm Ircon International and warship maker Garden Reach Shipbuilders and Engineers are the other two firms which have filed IPO papers, reports PTI.

09:38 Govt levies 10% import duty on key smartphone components
The government has imposed a 10% duty on import of key smartphone components like camera module and printed circuit board assembly, with a view to boost domestic manufacturing, reports PTI.

09:37 RP submits Vedanta offer for Electrosteel to NCLT
The Resolution Professional (RP) has submitted Vedanta’s offer for bankrupt Electrosteel Steels before the Kolkata bench of National Company Law Tribunal (NCLT) for approval, reports PTI. Vedanta's offer is pegged around Rs 4,500-5,000 crore.

09:33 RBI allows banks to spread treasury losses over 4 quarters
With a view to help banks spread losses incurred on bond yield movements, Reserve Bank of India has allowed banks to spread the provisioning they need to make for these losses over a maximum of four quarters. But banks will have to create an Investment Fluctuation Reserve to protect against an uptick in yields in the future.

09:28 Here’s what Warren Buffett says to do when the market tanks
Worries of a trade war and rising social unrest in the country has left many investors worried and wondering what to do. During times of stress and uncertainty, Oracle of Omaha Warren Buffett recommends keeping a level head and that buy-and-hold is still the best strategy, reports CNBC.

09:17 It hurt when country looked at Tata Motors as a failing co: Ratan Tata
Tata group Chairman Emeritus Rata Tata asked employees of Tata Motors to plan on becoming leaders again, saying it hurt him when the auto maker lost market share in the last four-to-five years and the country looked at it as a 'failing company', reports PTI.

09:13 Prices of 869 formulations to rise 3.44%: NPPA
The National Pharmaceutical Pricing Authority (NPPA) said prices of 869 formulations, including antibiotics, cancer and cardiovascular disease treatment drugs and two types of coronary stents, have gone up by 3.44%, reports PTI.

08:55 Core sector growth up 5.3% in Feb as cement, refinery output pick up
Eight infrastructure sectors grew by 5.3% in February, helped by a robust performance in refinery products, fertiliser and cement segments. This compares to a growth of 0.6% in February 2017 and 6.1% in January this year.

08:51 Direct tax mop up at Rs 9.95 lakh cr in FY18, misses revised estimates
Income tax collections during the FY18 has exceeded the Budget target at Rs 9.95 lakh crore, helped by addition of one crore new assessees who have started filing income tax returns, reports PTI. However, the government has missed its ambitious target of Rs 10.05 lakh crore as per the revised estimates set in the Budget for 2018-19.

08:42 Essar Steel auction: ArcelorMittal puts in bid, along with Japan's NSSMC in second round
ArcelorMittal has joined hands with Nippon Steel & Sumitomo Metal Corporation (NSSMC) and announced a joint bid for Essar Steel in the second round of bidding. Apart from the ArcelorMittal-NSSMC combine, Numetal and Vedanta Resources have also placed their bids, sources said.

08:37 Tatas to pay Rs 35,200cr cash for Bhushan Steel, to convert remaining debt to equityTata Steel has offered Rs 35,200 crore in cash and conversion of the remaining debt of about Rs 27,000 crore into equity to take over Bhushan Steel, the counsel for the Committee of Creditors (CoC) informed the National Company Law Tribunal. The creditors would get 12.27% equity in Bhushan Steel, said senior advocate Ravi Kadam to the Principal bench of NCLT.

08:31 Govt rules out excise duty cut to cushion fuel prices
The government ruled out any immediate reduction in excise duty to cushion relentless rise in international oil prices that have sent retail diesel rates in India to record high and petrol to a four-year high, reports PTI.

08:27 Ex-ICICI Bank chief defends Chanda Kochhar, says Rs 3,250cr was total exposure to Videocon
Former Chairman ICICI Bank N Vaghul defended the bank's current Chief Executive Officer and Chairman, and clarified that no new loans have been issued to Videocon Group since 2012. In an interview with CNBC-TV18, Vaghul defended ICICI Bank CEO Chanda Kochhar, saying that he “can’t imagine she would be party to a transaction that would have a shadow of doubt."

08:12 US Postal Service losing a 'fortune' due to Amazon: Trump
President Donald Trump hit out at Amazon again, alleging that the US Postal Service is losing a ‘fortune’ due to the online retail giant, reports PTI.

08:03 US designates Hafiz Saeed's MML as terrorist outfit
In a major move ahead of the general elections in Pakistan, the US designated Milli Muslim League (MML), the political front of Hafiz Saeed-led Jamaat-ud Dawa, as a foreign terrorist organisation, reports PTI. In a simultaneous move, seven members of MML central leadership body have been designated as foreign terrorist. The US also added Tehreek-e-Azadi-e-Kashmir (TAJK) to the list of terrorist groups. TAJK is said to be a front of the Lashkar-e-Taiba (LeT).

07:56 Paytm Mall gets Rs 2,900cr from SoftBank, Alibaba
Paytm Mall has raised close to Rs 2,900 crore from SoftBank Investment Holdings and Alibaba.com Singapore E-commerce, a move that will give the online shopping venture of Paytm more financial muscle to take on giants like Flipkart and Amazon. The deal values Paytm Mall at $2 billion.

07:53 Journalist accreditation could be permanently cancelled for fake news: Govt
The government said the accreditation of a journalist could be permanently cancelled if the scribe is found generating or propagating fake news, reports PTI. As per the amended guidelines for the accreditation of journalists, if the publication or telecast of fake news is confirmed, the accreditation of that journalist would be suspended for a period of six months in the first violation and for one year in case of a second violation. In case of a third violation, his or her accreditation would be cancelled permanently, the Information and Broadcasting Ministry said.

07:40 Asia trades lower after Wall Street sinks on tech, trade worries
Asian shares slid in early Tuesday trade, with Japan leading losses in the region after markets stateside came under pressure from the drop in tech stocks and trade-related worries, reports CNBC. Japan's Nikkei 225 fell 1.41% amid broad-based losses. Over in South Korea, the Kospi slid 0.82%. The SGX Nifty is trading mildly lower at 10,203.

07:38 Dow ends down 459 points, after dropping 758 points intra-day
The Dow fell as much as 758.59 points and hit a new low for the year on Monday, falling below the low touched during the slide in February, reports CNBC. Amazon fell after Donald Trump tweeted on Saturday that Amazon was scamming the US Postal Service.

Traders also fretted over the possibility that a trade war may be brewing after China announced overnight it had implemented tariffs on 128 types of US imports. Adding to those trade worries, Trump linked his proposal to build a border wall between the US and Mexico to ongoing NAFTA negotiations between the two countries.

The Dow Jones Industrial Average plunged 458.92 points to close at 23,644.19. The S&P 500 dropped 2.2% to 2,581.88 and re-entered correction territory. The Nasdaq Composite dropped 2.7% to 6,870.12 as Amazon declined 5.2%.

07:19 Winnie Mandela, tainted anti-apartheid figurehead, dies at 81
Winnie Madikizela-Mandela, who emerged as a combative anti-apartheid campaigner during her husband Nelson Mandela’s decades in jail but whose reputation was later tarnished by allegations of violence, died on Monday at the age of 81, reports Reuters.