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News Live: Pakistan allows Kulbhushan Jadhav to meet wife

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Nov 10, 09:51 PM (IST)

    Pakistan allows Kulbhushan Jadhav to meet wife

    Pakistan today said it will allow convicted Indian death row prisoner Kulbhushan Jadhav to meet his wife, months after India had requested Islamabad to grant a visa to his mother on humanitarian grounds.

    "The Government of Pakistan has decided to arrange a meeting of Commander Kulbhushan Jhadav with his wife, in Pakistan, purely on humanitarian grounds," Foreign Office spokesperson Mohammad Faisal said in a statement.

  • Nov 10, 06:45 PM (IST)

    India's factory output slows to 3.8% in September

    India’s industrial output slowed to 3.8 percent in September from the month ago when factory output grew at 4.3 percent.

    Factory output measured by the index of industrial production (IIP) is the closest approximation for measuring economic activity in the country’s business landscape.

    Manufacturing sector, which accounts for more than three-fourths of the entire index, grew 3.4 percent in September, compared with 3.1 percent growth in August, and 0.9 percent in September 2016, government data showed.

  • Nov 10, 03:26 PM (IST)

    Top Headlines:

    1. GST rate on mass consumption items cut to 18%

    2. Google, Just Dial in deal talks, reports Business Standard. Just Dial denies report

    3. SBI Q2 profit dips 38% YoY on higher provisions, slippages at Rs 9,026cr

    4. Pakistan allows Kulbhushan Jadhav to meet wife

    5. Reworked Petronet LNG gas contracts may save govt Rs 12,000cr, co eyes stake in Qatari LNG projects

    6. NPS equity cap for govt staff may be raised to 50%, reports Business Standard

    7. JSW-Jaypee Associates tie-up, bid for Jaypee Infratech, reports Times of India

    8. Central govt employees can now take advance up to Rs 25 lakh for new home

    9. Rajinikanth may announce political entry on December 12, reports CNN-News18

    10. Flipkart may launch smartphone under the Billion brand

  • Nov 10, 10:27 PM (IST)

    That's the end of the Liveblog ! Thanks for tuning in and goodnight !

  • Nov 10, 09:10 PM (IST)

    HSIL Q2 net down 20 pc at Rs 23 cr; demerges 3 biz
     
    Sanitaryware player HSIL today reported a 19.73 percent decline in its net profit at Rs
    23.50 crore for the September quarter.

    The company had posted a net profit at Rs 28.54 crore during the same period previous fiscal, Hindustan Sanitaryware and Industry (HSIL), which sells products under the Hindware
    brand, said in a regulatory filing.

    Besides, the company announced demerger of its consumer products distribution and marketing business into new entity Somany Home Innovation Ltd (SHIL). It also demerged its furniture and home decor retail business into SHIL as also the distribution and marketing business relating to building product into another new entity Brilloca Ltd which is wholly-owned subsidiary of SHIL.
     

  • Nov 10, 09:02 PM (IST)

    Nestle India Q3 net grows 23% to Rs 343 crore


    FMCG major Nestle India today reported a 23.26 percent increase in its net profit at Rs343.17 crore for the September quarter, driven by higher
    income and volume-led momentum.

    The company, which follows the January-December fiscal, had posted a net profit of Rs 278.41 crore during the same period in the previous fiscal, Nestle India said in a stock exchange filing.Total sales during the quarter under review stood at Rs 2,500.67 crore. It was Rs 2,412.91 crore in July-September of 2016-17.
     

  • Nov 10, 09:00 PM (IST)

    NHAI Board to have NITI CEO as a part-time member


    In a bid to facilitate smooth implementation of the ambitious Bharatmala project, the government has reconstituted the board of NHAI by inducting NITI Aayog CEO as a part time member, an official said.

    The decision comes barely a month after the government approved a mega plan to build 83,677 km of highways over the next five years at a cost of about Rs 7 lakh crore which includes the Bharatmala, one of the biggest highway projects.

  • Nov 10, 08:50 PM (IST)

    BSNL, Fibre Home partner for manufacturing telecom gear


    State-run telecom company BSNL today announced collaboration with Chinese firm Fibre Home to manufacture telecom equipment in the country.

    "Today state-owned telecom giant Bharat Sanchar Nigam Limited (BSNL) has signed a memorandum of understanding with
    Fibre Home Pvt Ltd to jointly start manufacturing telecom equipment and optical fibre cable in BSNL factories," the public sector telecom company said in a statement.
     

    BSNL has seven telecom factories with a workforce of around 1,600. At present these factories are manufacturing several customer-end equipment and testing tools for the internal consumption of BSNL.
     

  • Nov 10, 08:32 PM (IST)

    Tata Motors shares down 4%; mcap dips by Rs 5,095 crore


    Shares of Tata Motors today fell by 4 per cent even as the automaker reported a three-fold spike in net profit for the September quarter.

    The stock lost 4.01 percent to settle at Rs 422.65 on BSE. During the day, it went down by 4.57 percent to Rs 420.15.

    The scrip was the worst hit among the 30 Sensex components. At NSE, shares of the company dipped 3.99 percent to
    close at Rs 422.55.

    The company's market valuation also declined by Rs 5,095.22 crore to Rs 1,22,033.78 crore.

  • Nov 10, 08:03 PM (IST)

    UNESCO names Audrey Azoulay as head 


    UNESCO member states today overwhelmingly approved the nomination of France's former culture minister Audrey Azoulay to head the embattled cultural
    agency.

    They confirmed the nomination by the agency's board last month of Azoulay, 45, who becomes UNESCO's second woman director general.

    "The unity you have shown in this vote is a good omen for the coming period, in which we need to stand shoulder to shoulder," Azoulay told the members after garnering 131 votes with only 19 opposed.
     

      UNESCO names Audrey Azoulay as head   

  
UNESCO member states today overwhelmingly approved the nomination of France's former culture minister Audrey Azoulay to head the embattled cultural 
agency. 

 They confirmed the nomination by the agency's board last month of Azoulay, 45, who becomes UNESCO's second woman director general. 

 "The unity you have shown in this vote is a good omen for the coming period, in which we need to stand shoulder to shoulder," Azoulay told the members after garnering 131 votes with only 19 opposed. 
 
  • Nov 10, 07:50 PM (IST)

    India's factory output slows to 3.8% in September

    India’s industrial output slowed to 3.8 percent in September from the month ago when factory output grew at 4.3 percent.

    Factory output measured by the index of industrial production (IIP) is the closest approximation for measuring economic activity in the country’s business landscape.

    The manufacturing sector, which accounts for more than three-fourths of the entire index, grew 3.4 percent in September, compared with 3.1 percent growth in August, and 0.9 percent in September 2016, government data showed.

  • Nov 10, 07:46 PM (IST)

    Cochin Shipyard Q2 net dips 8 % to Rs 100 crore


    Cochin Shipyard Ltd (CSL), the largest shipbuilding and repair facility in India, today
    reported an 8 percent dip in net profit at Rs 100.21 crore for the quarter ended September 30, 2017.

    The state-run company had reported a net profit of Rs 109.02 crore for the corresponding quarter of the previous
    fiscal, it said in a filing to the BSE. Total income during the quarter rose to Rs 648.40 crore as against Rs 586.08 crore in the year-ago quarter.

    Earnings per share (EPS) for Q2 FY18 stood at Rs 7.93.
     

  • Nov 10, 07:44 PM (IST)

    Reversing its two-session rise, the rupee today took a steep plunge of 22 paise to end at a fresh one-month low of 65.16 against the US dollar due to frantic demand for the American unit from importers and corporates.

    This is the lowest closing for the home currency since October 10.

    Imminent higher interest rate environment arising out of the US Federal Reserve's hawkish tone along with rapidly surging crude oil prices worldwide largely kept forex market undertone more nervous.

  • Nov 10, 07:42 PM (IST)

    GST updates: Hotels with tarriffs over Rs 7,500 per night,won't fall under the 5 percent bracket. Get more updates here.

  • Nov 10, 06:34 PM (IST)

    UK industrial output rises in Sept at fastest pace this year, trade gap improves 

    British industrial output increased in September at the fastest pace this year and the goods trade deficit improved, mostly upbeat official data showed on Friday.

    Despite also showing a sharp downturn in construction, the figures as a whole are likely to hearten Bank of England officials who last week voted to raise interest rates for the first time in more than 10 years.

    The Office for National Statistics said the data for September did not imply any change to its preliminary estimate that Britain’s economy grew by 0.4 percent in the third quarter, picking up a bit of speed from earlier in 2017 but still slower than growth in the eurozone.

    The ONS said industrial and manufacturing output shot up by a monthly 0.7 percent in September, the fastest growth for each sector since December last year and above all forecasts in a Reuters poll of economists.

  • Nov 10, 06:11 PM (IST)

    ArcelorMittal posts marginal rise in Q3 profit at USD 1.92 billion

    The world's largest steelmaker ArcelorMittal today posted a marginal 1.4 percent rise in operating profit at USD 1.92 billion for the third quarter to September on the back of higher sales.

    The firm, led by billionaire Lakshmi Mittal, had posted operating profit of USD 1.89 billion in the year-ago period, it said in a statement.

    The steelmaker follows January-December as its accounting cycle. Sales of the Luxembourg-based company rose 21.4 percent to USD 17.63 billion in July-September, from USD 14.52 billion in the same period last year.

    The company's registered a "net debt of USD 12 billion as of September 30, 2017, as compared to USD 11.9 billion as of June 30, 2017, primarily due to a negative foreign exchange impact".

    ArcelorMittal Chairman and CEO Lakshmi Mittal said the favourable market conditions have supported another solid quarterly performance, with Ebitda (Earnings before interest, tax, depreciation and amortisation) for the first nine months considerably improving year-on-year.
     

  • Nov 10, 05:49 PM (IST)

    Supreme Court refuses to stay release of 'Padmavati', Allahabad High Court

    The Supreme Court today refused to stay the release of Deepika Padukone starrer 'Padmavati' over which the Allahabad High Court also declined to entertain a plea seeking a ban of the Bollywood film.

    The Sanjay Leela Bhansali-directed period drama, which also starred Ranveer Singh and Shahid Kapoor, in lead roles is due to be released on December 1.
       
    The court verdicts come as a big boost to Bhansali in the aftermath of a mob attack in Jaipur and a vandalism incident in Kolhapur during the shooting of the film.
     

  • Nov 10, 04:58 PM (IST)

    Axis Bank Board on Friday approved stake sale to Bain Capital and other investors in its bid to raise capital by issue of equity-linked securities on a preferential basis.

  • Nov 10, 04:16 PM (IST)

    Miner Vedanta's first-half profit jumps 37 percent on higher output, prices

    Diversified miner Vedanta Resources’ said its half-year profit rose 37.4 percent, helped by higher commodity prices and production.

    Vedanta said on Friday that earnings before interest, tax, depreciation and amortization rose to USD1.69 billion in the six months ended Sept. 30, from USD 1.23 billion, a year ago.

    The company, which mines zinc in India, South Africa and Namibia, reported a near 80 percent jump in operating profit from its zinc business, helped by a 42.1 percent jump in total zinc content mined in India. Zinc prices rose on average by more than 33 percent in the six months to Sept. 30.

  • Nov 10, 04:06 PM (IST)

    Yashwant Sinha says my son deserves to be investigated, so does Jay Shah

    Yashwant Sinha delivered a fresh instalment of biting criticism of the government, describing the new national sales tax or GST as "a total mess" which cannot be solved by "tinkering", reports NDTV. Sinha, a senior BJP leader and former Finance Minister, also said his son, union minister, Jayant Sinha should be among the politicians investigated after being named in the Paradise Papers - as long as BJP chief Amit Shah's son, Jay Shah, is also investigated for allegations of benefiting from crony capitalism.

    On Monday, Jayant Sinha, who in the past has disagreed with his father's poor assessment of the government that he is a part of, was named in the Paradise Papers, which leak the offshore investments of prominent and wealthy politicians and corporates across the globe. Sinha, 54, a former venture capitalist, has said that the transactions he is linked to were not personal but related to the Omidyar Network, a company that he worked for; he said all the transactions were legal and legitimate.

    His father said, "My request to government is to probe the politicians whose names have come in the Paradise Papers and it should be time-bound, within 15 days to one month." However, he said, the government also owes an independent assessment of the claims that Jay Shah, the entrepreneur son of the BJP chief, saw a spike in his firm's revenues after the BJP came to power and benefited from his father's office. Jay Shah has filed a Rs 100-crore defamation suit in response.

    "My question is when an inquiry against Jayant Sinha, then why not Jay Shah - there you say file a case in court. So a probe should be against everyone," said the former Finance Minister, referring to the BJP stating that those accusing Jay Shah of corruption should approach a court with evidence, if they have any.

  • Nov 10, 04:03 PM (IST)

    M&M Q2 profit beats estimates at Rs 1,411cr; approves 1:1 bonus issue

    Car and utility vehicles manufacturer Mahindra & Mahindra posted a better-than-expected performance for the September quarter, with profit rising over 22%. The company posted a profit of Rs 1,411 crore against Rs 1,156.7 crore posted during the same quarter last year. A poll of analysts by CNBC-TV18 had seen this figure around Rs 1,228 crore. Revenues were higher by 19.4% at Rs 12,018 crore versus Rs 10,065 crore YoY. At an operational level, EBITDA soared 35.1% at Rs 1,923.4 crore as against Rs 1,423.6 crore last year, while the operating margin came in at 16%, higher than last year’s 14.1%. The company’s board also approved a bonus issue in a 1:1 ratio. 

  • Nov 10, 03:49 PM (IST)
  • Nov 10, 03:49 PM (IST)
  • Nov 10, 03:48 PM (IST)
  • Nov 10, 03:41 PM (IST)

    Gold eased on Friday on a firmer dollar but uncertainty over US tax reforms helped prices stay close to a three-week high touched in the previous session. Bullion was on track for its first weekly gain in about a month.

     Gold eased on Friday on a firmer dollar but uncertainty over US tax reforms helped prices stay close to a three-week high touched in the previous session. Bullion was on track for its first weekly gain in about a month.
  • Nov 10, 03:37 PM (IST)

    Trump says Asia held hostage by North Korea's 'twisted fantasies'

    US President Donald Trump said the Asia-Pacific region was being held hostage by the "twisted fantasies" of North Korean leader Kim Jong-Un, as he called on countries to stand united against Pyongyang, reports AFP. Trump has embarked on a tour of Asia this week trying to rally regional support for curbing North Korea's nuclear weapons programme, warning that time is running out over the crisis.

    "The future of this region and its beautiful people must not be held hostage to a dictator's twisted fantasies of violent conquest and nuclear blackmail," he said. The region, he added, must "stand united in declaring that every single step the North Korean regime takes toward more weapons is a step it takes into greater and greater danger". (PIcture courtesy: PTI)

      Trump says Asia held hostage by North Korea's 'twisted fantasies'  

 US President Donald Trump said the Asia-Pacific region was being held hostage by the "twisted fantasies" of North Korean leader Kim Jong-Un, as he called on countries to stand united against Pyongyang, reports AFP. Trump has embarked on a tour of Asia this week trying to rally regional support for curbing North Korea's nuclear weapons programme, warning that time is running out over the crisis. 

 "The future of this region and its beautiful people must not be held hostage to a dictator's twisted fantasies of violent conquest and nuclear blackmail," he said. The region, he added, must "stand united in declaring that every single step the North Korean regime takes toward more weapons is a step it takes into greater and greater danger". ( PIcture courtesy: PTI )
  • Nov 10, 03:32 PM (IST)

    Alkem Labs Q2 net up 14% at Rs 327.44cr

    Drug firm Alkem Laboratories reported a 13.63% rise in consolidated net profit at Rs 327.44 crore for the quarter ended September 30 on account of robust sales. The company had posted a net profit of Rs 288.15 crore for the corresponding period of the previous fiscal. Consolidated total income stood at Rs 1,888.95 crore for the quarter under consideration as against Rs 1,672.27 crore for the same period year ago.

  • Nov 10, 03:29 PM (IST)

    Bosch posts Q2 net at Rs 353.34cr

    Auto components major Bosch reported a standalone net profit of Rs 353.34 crore for the second quarter ended September 30. The company had posted a standalone net profit of Rs 703.74 crore in the same period last fiscal. The company said in the year-ago period it had recorded a profit before tax of Rs 365.26 crore from the sale of its starter motors and generators business.

    Revenue from operations during Q2 was at Rs 2,811.85 crore. It was Rs 2,837.96 crore in the year-ago period. The figures are not comparable due to GST implementation in July, it added. In the second quarter the automotives business had revenue of Rs 2,420.51 crore as against Rs 2,453 crore in the year-ago period. Revenue from other business segment was at Rs 397.97 crore as compared to Rs 386.97 crore in the year-ago quarter.

  • Nov 10, 03:25 PM (IST)

    MRF Q2 profit down 22% YoY to Rs 300cr

    Tyre manufacturer MRF reported a 22.15% decline in standalone net profit at Rs 299.92 crore for the quarter ending September on account of lower income and higher expenses. The company had posted a net profit of Rs 385.29 crore during the same period previous fiscal. Total income during the quarter under review stood at Rs 3,660.22 crore as against Rs 3,736.70 crore in the July-September quarter of 2016-17. Expenses rose to Rs 3,219.30 crore compared to Rs 3,170.99 crore in the year ago period. 

  • Nov 10, 03:14 PM (IST)

    Bank of India Q2 profit rises 41% YoY at Rs 179cr

    State-owned Bank of India (BoI) reported a 41.1% increase in net profit at Rs 179.07 crore for the quarter ending September following a decline in bad loans. The bank had a net profit of Rs 126.84 crore in July-September, 2016-17. Total income rose to Rs 11,600.47 crore in the July-September quarter of 2017-18 whereas the figure was Rs 11,469.11 crore for the same quarter of previous fiscal.

    Asset quality improved as gross NPAs declined marginally to 12.62% of gross advances at the end of September 2017, from 13.45% a year earlier. Net NPAs improved to 6.47% of net advances, down from 7.56% a year ago. In absolute terms, gross NPAs stood at Rs 49,306.90 crore as on September 2017, from the earlier Rs 52,261.95 crore. Following reduction in NPAs, provisioning for bad loans declined to Rs 1,866.52 crore , as against Rs 2,189.65 crore in the same period last year.

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