21:44 Rajya Sabha polls: MLAs obliged to vote for party, Ahmed Patel tells Gujarat High Court
Congress leader Ahmed Patel told the Gujarat High Court today that there was no merit in a plea challenging his election to the Rajya Sabha as MLAs are supposed to vote for their party candidates according to a Supreme Court judgement.
After the EC invalidated the votes of Congress rebels Raghavjee Patel and Bholabhai Gohel for showing their ballot papers to the BJP's polling agent in the presence of BJP president Amit Shah, Patel was declared the winner along with Shah and Union minister Smriti Irani in the Rajya Sabha polls held in August last year.
BJP leader Balwantsinh Rajput, who lost to Patel in the Rajya Sabha elections, had filed an election petition, challenging the decision of the Election Commission to invalidate two votes as demanded by the Congress. (PTI)
21:30 IPL update: Play has been interrupted by rain in Jaipur: Rajasthan Royals 153/5 in 17.5 overs vs Delhi Daredevils.
Ajinkya Rahane 45 (40) c Chris Morris b Shahbaz Nadeem
Sanju Samson 37 (22) b Shahbaz Nadeem
Shahbaz Nadeem 2-34 (4 overs) Follow the live updates and browse full scorecard here.
21:22 11 crore people benefited from Mudra scheme: PM Modi
Prime Minister Narendra Modi today said around 11 crore people have been benefited from the government's flagship Mudra scheme.
Modi said this while interacting with over 100 beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY), from across the country, at his residence here, said a statement.
The PMMY is a scheme launched by the prime minister on April 8, 2015, for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under the PMMY. These loans are given by commercial banks, regional rural banks, small finance banks, cooperative banks, micro finance institutions and non-banking financial companies.
As per the statement, Modi appreciated the efforts of the entrepreneurs who have made good use of the Mudra loans.
He said that 11 crore people have so far been benefited from the scheme. (PTI)
21:05 Mark Zuckerberg says his own personal data was shared with Cambridge Analytica
Facebook CEO Mark Zuckerberg has told United States lawmakers that his own personal data was included in that of 87 million or so Facebook users that was improperly shared with political consultancy Cambridge Analytica.
20:52 Food in mess/canteen of educational institution to attract 5% GST
Food and drinks in a mess or canteen of an educational institution would attract 5 per cent GST, the finance ministry said today.
However, if schools up to higher secondary level supply food directly to students, then the same are exempt from the Goods and Services Tax (GST), it added.
"With a view to removing any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5 per cent without Input Tax Credit (ITC).
The GST, which subsumes over a dozen local taxes, was rolled out from July 1. Under the new indirect tax regime, various goods and services have been placed in four tier tax bracket of 5, 12, 18 and 28 percent. (PTI)
20:23 RBI imposes Rs 3 crore penalty on IDBI Bank for violation of asset classification norms
The Reserve Bank of India has imposed a penalty of Rs 3 crore on IDBI Bank for failing to comply with norms related to reporting of bad loans.
"The Reserve Bank of India (RBI) has imposed, through an order dated April 09, 2018, a monetary penalty of Rs 30 million on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms."
For FY16, IDBI Bank had reported divergence of Rs 6,816.60 crore in classification of non-performing asset (NPA) compared to RBI's assessment. It also under-reported provisions towards such bad loans to the tune of Rs 2,061 crore.
19:59 Walmart a better bet for Flipkart than Amazon: Report
As the race between US giants Walmart and Amazon over acquiring stake in Flipkart is set to heat up, reports suggest the Sam Walton-founded company stands a better chance at scooping up the Indian e-commerce leader.
Flipkart is believed to be inclined toward selling a controlling stake to Walmart instead of Amazon, Bloomberg cited sources as saying.
Moneycontrol could not independently verify the report.
It further claimed that both the American firms had valued the Indian company at USD 20 billion.
19:18 Hello! Orkut founder announces new platform's entry into Indian market
A new social networking platform 'hello', set up by the founder of the once-popular Orkut, has announced its entry into the Indian market amid the controversy surrounding user data breach at Facebook.
hello has been set up by Orkut Buyukkokten, who was the founder of Orkut that once was a leading social networking site in India and Brazil. Interestingly, Orkut shut down its services in 2014, having lost its sheen to rivals like Facebook.
"If you look at social media today, it has isolated people instead of bringing them closer. It has become more about broadcasting than sharing. We need a fresh start. Hello is built around interest-based communities where users with same interests can connect, leading to true connections," Buyukkokten said. (PTI)
19:02 Atrocities against minorities, Dalits increasing: Manmohan Singh
Former Prime Minister Manmohan Singh today said atrocities against minorities and Dalits were increasing in the country and such incidents, if unchecked, could harm democracy and called for rejection of "divisive policies and politics".
Delivering the first S B Rangnekar Memorial lecture at the Panjab University, his alma mater, here, Singh also said a "dangerous and false binary" of choosing between freedom and development was surfacing in the country's political discourse and that it must be rejected.
He expressed concern over the alleged attempts being made to divide people. 18:36 Delhi-San Francisco service to give Air India Rs 90 crore a month
Disinvestment-bound Air India is hoping to garner a revenue of over Rs 90 crore a month from the lucrative New Delhi-San Francisco sector, in which it operates nine flights a week. The national carrier added three flights on the route on March 25, taking the total number of non-stop services to nine a week. The revenue from the sector was about Rs 60-65 crore per month and it went up to Rs 71 crore in December last year. (PTI) 18:18 Cambridge Analytica denies using data of Indians, govt to seek clarification
UK-based Cambridge Analytica is learnt to have denied using data of Facebook users in India even as the social media giant has admitted that 5.62 lakh people in the country were potentially affected by the data breach, according to official sources.
After contradictory replies from the two companies on potential data breach of Indian users, the government now plans to seek additional clarification from them, the sources said. The government had sought a reply from Cambridge Analytica (CA) over data breach charges by April 7. The UK-based firm had sought additional time and is believed to have submitted its reply recently. (PTI)
17:58 Vodafone rolls out VoLTE services in Punjab
Telecom operator Vodafone India on Wednesday announced the roll-out of its Voice over LTE (VoLTE) services in Punjab.
"Vodafone is the first GSM service provider in Punjab circle enabling customers to make calls using VoLTE," Arvind Nevatia, Business Head Punjab, Himachal Pradesh and Jammu and Kashmir, Vodafone India, said.
"Vodafone SuperNetTM 4G customers can access Vodafone VoLTE for no additional charges and all calls will be billed as per existing plan or pack benefits, thus experiencing the best from Vodafone's data-strong network," he told reporters. (PTI)
16:32 Walmart favoured over Amazon to buy Flipkart, says report
Walmart looks likely to take the next round in the battle for India’s retail market over rival Amazon.com, reports Bloomberg. Flipkart Online Services Pvt is leaning toward selling a controlling stake to Walmart, rather than Amazon, because of the greater certainty in such a deal, sources said. Both US companies are bidding for a controlling stake in Flipkart at a valuation of about $20 billion, sources added.
16:24 Ashok Leyland gung-ho about defence biz Hinduja Group flagship Ashok Leyland was ‘gung ho’ about its defence business and would focus only on mobility of defence products, reports PTI. The city-based heavy commercial vehicle maker has showcased six advanced products and technology solutions at the DefExpo.
16:23 Nabard to expand its long-term lending to Rs 80,000cr in FY19
Development finance institution Nabard said it aims to increase its long-term on-lending or refinance portfolio to about Rs 80,000 crore in the current fiscal as part of its effort to improve the rural economy. The institution's on-lending in FY18 was Rs 65,000 crore, reports PTI.
16:09 No immediate plan to give production-linked subsidy to sugar sector: Govt
The Food Ministry has no immediate plans to give subsidy to sugarcane growers for bailing out cash-starved sugar mills, and it asked factories to export 2 million tonnes sweetener, even at loss, to liquidate surplus stock and improve domestic prices, reports PTI.
16:06 Sensex ends higher for 5th day in volatile trade
Rising for the fifth straight session, market benchmark Sensex gained 60 points to end at 33,940 in see-saw trade today, led by gains in metal, IT and consumer durables counters amid mixed Asian cues.
16:02 Cyient in JV with BlueBird Aero Cyient said it entered into a joint venture with Israel-based BluBird Aero Systems to offer field-proven UAV systems to Indian defence, paramilitary, security, and police forces.
15:55 Rajinikanth slams 'attack' on cops during anti-IPL stir
Tamil 'Superstar' Rajinikanth condemned the alleged attack on three policemen during the anti-IPL protests over the Cauvery issue. In a tweet, the 67-year-old actor said, "The worst form of violence is the assault on uniformed personnel."
15:53 Drug overdose: Indrani Mukerjea discharged from hospital
Former media executive Indrani Mukerjea, arrested for the alleged killing of her daughter Sheena Bora, was discharged today from JJ Hospital and was taken back to the Byculla prison, reports PTI.
15:52 All six home IPL matches of the Chennai Super Kings has been shifted out of Chennai after Cauvery protests.
15:35 ED questions Satyendar Jain in PMLA case again
The Enforcement Directorate (ED) questioned Delhi Health and Power Minister Satyendar Jain for the second time in connection with a money laundering case registered against him and others, reports PTI.
15:33 Deepak Bajpai appointed AAP's in-charge for Rajasthan Assembly polls
The AAP has appointed its senior leader Deepak Bajpai as the party's in-charge for the Rajasthan Assembly elections replacing Kumar Vishwas, saying the latter was not able to ‘devote’ time in the state, reports PTI. Elections in Rajasthan are due later this year.
15:31 Don't cremate body of Unnao gangrape victim's father, if not done already: HC
The Allahabad High Court ordered that the body of the Unnao gangrape victim's father should not be cremated, if already not done so, reports PTI. The man had died on Monday in custody after his 18-year-old daughter had accused a BJP MLA, his brother and his aides of raping her.
15:30 FDI in tobacco: DIPP meets stakeholders
Farmer associations and industry shared mixed views in a meeting called by the Commerce and Industry Ministry on issues related to foreign direct investment (FDI) in the tobacco sector, reports PTI.
15:26 ITC aims 10-12% mkt share in packed juice segment by FY20 ITC is eyeing 10-12% market share in the packed juices and fruit beverages segment by next year as the company bets on its 'not from concentrate' range of juices, reports PTI. The FMCG major said it would continue to add more flavours in B Natural's portfolio and plans to add 4-5 new variants in next few months. Besides, it is also looking to tap the export market.
15:18 Mahindra Defence Systems ties up with Japanese firm for amphibious aircraft Mahindra Defence Systems, part of the Mahindra Group, inked a pact with ShinMaywa Industries, Japan, for manufacturing and assembling of amphibious aircraft ShinMaywa US-2 in India.
15:01 Govt asks PSUs not to increase fuel prices, cos stare at Re 1/litre loss
The government has asked state-run oil retailers not to increase retail diesel and petrol prices and absorb a part of the losses due to the recent recovery in global crude oil, sources told Bloomberg. Companies including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation will have bear a loss of up to Re 1 per litre on sale of diesel and petrol, sources said. A cut in excise duty on fuel prices is unlikely due to sluggish revenue collections on the back of a botched rollout of the Goods and Services Tax, they added.
14:50 Market consolidates after 4-day gain, Europe dips
The market continues to consolidate after four-day rally, as investors await corporate earnings which will start later in the week and macro data due tomorrow. PSU Bank is the biggest loser among sectoral indices, falling 2% while IT and Metal indices continue to trade higher by a percent each. Oil retailers are the biggest losers among Nifty50 stocks, falling 7%.
14:47 Production in Germany’s engineering sector rose by a stronger-than-expected 3.9% to EUR223 billion in 2017, and will likely grow by at least 3% this year, the president of the VDMA industry group told Reuters.
14:44 Encouraged by Xi's remarks, but want ‘concrete actions’: US
US President Donald Trump welcomed his Chinese counterpart Xi Jinping's pledge to open up the world's second largest economy, even as the White House ruled out reversing the 25% import tariffs worth $50 billion on Chinese products, saying America wants ‘concrete actions’ from Beijing, reports PTI.
14:37 Mark Zuckerberg defends certain type of censorship on Facebook
Facebook founder and CEO Mark Zuckerberg defended certain kind of censorship to remove terrorist propaganda after a US lawmaker expressed concern over the social media giant's "pervasive pattern of bias and political censorship," reports PTI.
14:34 Digital transformation to add $154bn to India's GDP by 2021: Microsoft
Digital transformation in the country is expected to contribute about $154 billion to India's GDP by 2021, tech giant Microsoft said.
14:28 ICRA downgrades credit ratings of Fortis Healthcare, subsidiaries
Ratings agency ICRA has downgraded Fortis Healthcare and its subsidiaries Escorts Heart Institute and Research Centre, Fortis Hospitals and Hiranandani Healthcare, citing stretched liquidity position of the company which led to delay in servicing of a loan, reports PTI.
13:59 Honda India keen to become an export base for global markets post 2020
Honda Motorcycle and Scooter India, the country’s second largest two-wheeler maker, has sent a proposal to its headquarters in Japan seeking to transform itself into an export hub which will supply to all markets, including the US and Europe. Moneycontrol News’ Swaraj Baggonkar said the proposal lists investments for setting up new plants, production capacity and absorption of next generation technology.
13:49 Sensex, Nifty trade steady; banks fall
The market continues to trade steady, with the Nifty trading well above 10,400 and the Sensex close to 34,000 levels. Financial stocks are witnessing a correction after Tuesday’s upmove, while metals and IT stocks surge. Their sectoral indices are up over a percent. Sun Pharma, Vedanta, Hindustan Unilever and HCL Tech are the top gainers, while HPCL, BPCL and Adani Ports have lost the most.
13:45 In breaking news, the Supreme Court has asked the Amrapali Group to submit a project-wise report on the amount required for completing each of them. The apex court has also asked the company to submit a proposal for shifting buyers from projects that are in a nascent stage. It has scheduled the next date for hearing the case on April 17.
13:29 VA Tech WABAG bags orders worth Rs 520cr
Water treatment firm VA Tech WABAG said it has bagged orders worth Rs 520 crore from different clients.
13:27 Tata Group unlikely to bid for Air India as terms too onerous, says report
Tata Group, widely seen as a potential suitor for Air India, is unlikely to consider a bid for the state-run carrier as the government's terms are just too onerous, sources told Reuters.
EXCLUSIVE: Govt may soon finalise norms to allow foreign university campuses in India
The government is in the process of finalising regulations that may soon be released for public comments for foreign universities to set up campuses in India, reports Moneycontrol News’ M Saraswathy. At present, laws do not allow international educational institutions to set up India campuses without tying up with local players. Despite the UPA government’s attempts, it failed to get the same tabled in Parliament. The government now is likely to release a draft on foreign universities entering India in the next 3-4 weeks.
13:14 Elon Musk calls out Goldman Sachs after -ve report on Tesla: 'Place your bets'
Tesla chief executive Elon Musk is calling out Goldman Sachs after the bank encouraged investors to sell the carmaker's stock, reports CNBC. "Place your bets," Musk quipped on Twitter, appearing to challenge would-be sellers to exit at their own risk. The CEO's response comes shortly after Goldman analysts advised clients to ditch the stock, worried that Tesla won't be able to meet its Model 3 production goals by the end of June.
13:07 ICICI, Axis Bank crises revives focus on pvt sector boards’ judgment, independence
The recent developments at Axis Bank and ICICI Bank have once again renewed the debate on corporate governance standards and the independence of boards. Till about a year back, the widely held view was that private sector banks were doing a much better job of maintaining asset quality. That halo faded after the Reserve Bank of India started pointing out discrepancies in the quantum of bad loans as disclosed by the banks and RBI’s assessment of the situation. Banking experts told Moneycontrol News’ Beena Parmar that the boards of these banks continued to reward the top bosses with handsome bonuses and increments despite mediocre financial performance and the under reporting of loans.
12:40 Google appeals against Rs 136cr CCI ruling
Google has filed an appeal against the Competition Commission's ruling which imposed Rs 136 crore fine on the Internet major for unfair business practices in the Indian market for online search, reports PTI.
12:37 Data leak: Ravi Shankar Prasad seeks Rahul's apology
IT Minister Ravi Shankar Prasad sought an apology from Congress president Rahul Gandhi for allegedly using Cambridge Analytica data to swing poll results and said ‘probity’ demands that he should promise not to manipulate voters in the future, reports PTI.
12:33 Ankur Mittal bags bronze as shooters continue good run Ankur Mittal added to the Indian shooting contingent's medal rush by winning a bronze in the men's double trap event of the 21st Commonwealth Games in Brisbane, reports PTI.
11:57 Morgan Stanley cuts Dec-end targets for 7 Asian indices
Anyone savoring this week’s equity rally in Asia should just cash out right away. That’s according to strategists at Morgan Stanley, who slashed year-end targets for seven benchmarks in the region, including their largest downgrade for Japan in almost two years. The first cut to the MSCI Emerging Markets Index since early 2016 implies no further gains for the gauge this year, while stocks in China, Hong Kong and Japan are also unlikely to return anywhere near their January peaks, the strategists wrote in a note dated Tuesday. It predicts the MSCI China Index will barely budge from Tuesday’s close by the end of 2018, and it is targeting a 4,200 finish for the CSI 300 Index.
11:52 Shreyasi claims gold to swell India's medals tally Shreyasi Singh held her nerve and produced some excellent shooting to win the women's double trap gold medal in the 21st Commonwealth Games, reports PTI.
11:50 Market mildly lower amid mixed Asia trade
The market is mildly lower amid mixed Asian cues, as investors look for corporate earnings that will start later in the week, macro data due tomorrow and crude oil prices that hit a four-year high. PSU Bank is the biggest loser among sectoral indices, falling 2% while IT and Metal indices gain a percent each.
11:48 IMF's Lagarde urges governments to 'steer clear of protectionism'
International Monetary Fund chief Christine Lagarde issued a stern warning to governments to avoid undermining global growth with protectionist trade policies, reports AFP. In a less than thinly-veiled warning to US President Donald Trump, who has locked horns with China on trade, she said governments "need to steer clear of protectionism in all its forms."
11:40 Saudi Aramco to buy 50% stake in $44bn oil refinery in Maharashtra
Saudi Aramco, the world's largest oil producer, will buy 50% stake in the mega $44-billion oil refinery in Maharashtra, reports PTI.
11:32 Deutsche Bank bets big on property developers
Property developers are among the worst-performing industry group in India’s equity market this year, but Deutsche Bank said it is time to bet on the big players. There are early signs of recovery in the commercial and residential segments as the after-effects of policy measures that hurt demand are fading, Bijay Kumar, an analyst at Deutsche Equities India Pvt, wrote in an April 9 note. It advises buying Godrej Properties and Oberoi Realty, while recommending investors hold DLF.
11:08 DefExpo: Military cos showcase latest weapons and platforms
India's mega defence exhibition - the DefExpo - began in Thiruvidanthai in Tamil Nadu with participation of major global and domestic military firms, reports PTI. The NDA government is trying to project the 10th edition of the event as first serious attempt to transform India - the largest importer of military platforms and weapons - into a hub of military manufacturing.
10:42 Perfect time for Kotak Mahindra Bank to bid for Axis, says Nomura Shikha Sharma’s move to shorten her tenure as Axis Bank CEO has created a leadership vacuum at the private-sector lender, providing Asia’s richest banker Uday Kotak with the opportunity to make a bid for the bank, Japanese brokerage Nomura said in a report. Kotak has the best opportunity to acquire Axis Bank now that Sharma has less than nine months left in her corner-office role, with the Reserve Bank continuing to mount pressure on the Axis board, and an industry-wide initiative underway to clean up asset quality, Nomura analysts Adarsh Parasrampuria and Amit Nanavati said in the report.
10:39 Moody's sees limited impact of US tariffs on Chinese exports, economy
Moody’s Investors Service said the direct impact of the proposed US tariffs on China’s exports and economy will be limited but the ‘knock-on effects’ are expected to be wider, reports Reuters. It expects the US and China will prevent a ‘significant escalation’ in their trade dispute going by the negative impact the restrictions will have on both economies.
10:27 Mary Kom in final, Solanki in semis as boxers continue onward march at CWG
The indomitable MC Mary Kom stormed into the finals of the 48 kg category to remain well on course to claim India's first Commonwealth Games gold in women's boxing, reports PTI. However, another Indian veteran L Sarita Devi failed to secure a medal in the 60kg category after going down to Australia's Anja Stridsman. Among the men, debutant Gaurav Solanki made the semi-finals in the 52kg category to be assured of a medal.
10:20 Sensex erases early gains, falls over 100 points
The BSE Sensex turned choppy and fell over 100 points, led by losses on banking, oil & gas, finance and auto counters, amid mixed Asian cues. Concerns over Brent crude prices, that again went past $70 a barrel, weighed on global equities. Stocks of oil marketing companies such as HPCL, BPCL and IOC reeled under pressure and fell up to 1.07%. Banking stocks, led by private lenders, succumbed to profit-booking after recent gains. Major Sensex losers were SBI, Adani Ports, ICICI Bank, Axis Bank, Yes Bank, Asian Paints, falling up to 2%. ONGC, Sun Pharma, TCS, Infosys, Reliance Industries, were among the top gainers, rising up to 2.58%.
09:48 Govt prepared to give Saudi Aramco 50% stake in RRPL, says report
The Centre is set to grant Saudi Aramco a 50% stake in Ratnagiri Refinery & Petrochemicals, a joint-venture between Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation. A deal could be announced as early as Wednesday during Saudi oil minister Khalid Al-Falih’s visit to New Delhi to attend the International Energy Forum, sources told Reuters.
09:43 Binani's plea at SC will set a precedent on IBC proceedings
Friday's hearing of the Binani Industries' plea at the Supreme Court will set a precedent in more ways than two, reports Moneycontrol News’ Prince Mathews Thomas. The company had approached the apex court invoking its right to redeem the pledge of its assets in its stressed subsidiary Binani Cements. If agreed to, this will also help the company terminate the auction of Binani Cements at the National Company Law Tribunal But not everyone agrees, including Dalmia Bharat, which along with UltraTech is in the race for Dalmia Cements. According to Dalmia, any agreement outside the court will be against the spirit of Insolvency & Bankruptcy Code.
09:34 Facebook wants to ensure protection of integrity of elections: Mark Zuckerberg
Facebook founder Mark Zuckerberg during his congressional hearing said he wants to ensure protection of integrity of elections, mentioning that he knows the importance of the upcoming polls in countries, including India, Hungary and Brazil, reports PTI.
09:32 White House says Trump can fire Mueller
The White House says President Donald Trump thinks he can fire special counsel Robert Mueller, but isn't taking that step now, reports AP. That's according to press secretary Sarah Huckabee Sanders, who said that Trump ‘certainly believes that he has the power’ to fire Mueller.
09:25 CWG 2018: Mitharval wins his 2nd bronze, earns podium in 50m pistol
Indian shooter Om Prakash Mitharval settled for the bronze medal in the men's 50m pistol event at the Commonwealth Games. He had won a bronze medal in the 10m air pistol event two days ago. For more updates from the Commonwealth Games, click here...
09:20 EPFO says pension can't be denied for want of Aadhaar
The Employee Provident Fund Organisation (EPFO) has asked banks not to deny monthly pension to people for want of Aadhaar and said that alternate means for identification should be used if needed, reports PTI.
09:17 Scam-hit PNB refused CVC's advice against its corrupt staff
Scam-hit Punjab National Bank is among some government organisations which ignored the Central Vigilance Commission (CVC) advice to act against its allegedly corrupt staff. The non-compliance of the advice has been mentioned in the CVC's annual report for 2017 tabled in Parliament recently.
09:12 Now, Jet Airways opts out of Air India disinvestment process
Jet Airways said it would not be participating in the Air India disinvestment process, becoming the second domestic airline after IndiGo to make such a decision in less than a week, reports PTI.
09:09 Dalmia Bharat group seeks RBI intervention in Binani Cement settlement Dalmia Bharat Group firm Rajputana Properties sought the Reserve Bank's intervention to ensure lenders to Binani Cements follow the IBC process and honour its Rs 6,350 crore winning bid to acquire the debt-ridden firm, reports PTI.
08:56 India to grow 7.3% in FY19, 7.6% in next, says ADB
Asian Development Bank expects India's economic growth to rebound to 7.3% in FY19 and further to 7.6% in FY20 with increased productivity post GST and investment revival due to banking reform, reports PTI. The ADB's growth projection of 7.3% this fiscal is in line with that of rating agency Fitch, but a tad lower than RBI's forecast of 7.4%.
08:48 FinMin mulls making GSTN 100% state-run entity, GST Council to take final call
The government is looking at the possibility of converting GST Network, the company that handles IT infrastructure for the Goods and Services Tax regime, into a state-owned company with a majority or 100% stake, reports PTI. A final call on the same would be taken by the GST Council in its next meeting, a source said. Currently, five private financial institutions - HDFC, HDFC Bank, ICICI Bank, NSE Strategic Investment Co and LIC Housing Finance - hold 51% stake in GSTN, which was incorporated on March 28, 2013.
08:45 Bhushan Steel RP rejects employees' claim over Tata Steel eligibility
The resolution professionals (RP) of Bhushan Steel rejected arguments of employees of the debt ridden firm before the National Company Law Tribunal that Tata Steel, which has been selected as highest bidder, was not eligible to bid under the provisions of the Insolvency & Bankruptcy Code.
08:41 Parliament panel discusses NPA issue with RBI Guv, bankers
A Parliamentary panel on Tuesday met RBI Governor Urjit Patel, top public sector bankers and government officials to discuss about mounting bad loans and ways to resolve the problem. According to sources, bankers told the panel that the 'one-day' default provision for NPA classification as per the latest RBI circular was too harsh and that it should be made more practical.
08:35 Japan's Feb machinery orders beat expectations, wholesale prices slow
Japan’s core machinery orders rose unexpectedly to 2.1 in February for a second consecutive month thanks to increased orders from manufacturers, a positive sign of corporate investment supporting economic growth, reports Reuters.
08:12 Federal Reserve proposes new capital rules for Wall Street
The Federal Reserve proposed new rules that could allow some large banks to reduce the amount of capital they must hold as a cushion against a future economic shock, reports Reuters. The proposal may clear the way for some large banks to reduce their capital levels in the future but the largest firms on Wall Street are not likely to get such relief, the Fed said. The proposal is also expected to reduce bank paperwork and also make it easier for regulators to monitor the health of banks.
08:06 China March consumer inflation slows to 2.1% YoY
China’s annual consumer inflation slowed to 2.1% in March, weakening from a 2.9% gain in February, reports Reuters. The producer price index (PPI) rose 3.1% from a year earlier, cooling to a 17-month low, also easing from the previous month’s rise of 3.7%.
07:52 Mark Zuckerberg resists effort by US senators to commit him to regulation
Facebook Chief Executive Mark Zuckerberg navigated through the first of two US congressional hearings without making any further promises to support new legislation or change how the social network does business, reports Reuters. During nearly five hours of questioning by 44 US senators, Zuckerberg repeated apologies he previously made for a range of problems that have beset Facebook, from a lack of data protection to Russian agents using Facebook to influence US elections. But the 33-year-old internet mogul managed to deflect any specific promises to support any congressional regulation of its network and other US internet companies.
07:43 Manipal-TPG sweetens bid to buy Fortis Healthcare, to pacify latter's shareholders Manipal Hospital Enterprises Pvt has submitted a revised offer to buy Fortis Healthcare after consulting with the latter’s shareholders who expressed their dissatisfaction with the earlier offer, reports Moneycontrol News’ Viswanath Pilla. As part of the revised offer, Fortis’ hospital business is valued at equity valuation of Rs 6,061 crore (Rs 116 per share) which represents an upward revision of around 21% on the equity valuation of the previous offer of Rs 5,003 crore (Rs 96.5 per share). In addition, existing Fortis shareholders will now hold 50% stake in Manipal Hospital post demerger of Fortis Healthcare’s hospital business. Earlier, Fortis shareholders were being offered 41.4% stake in the merged entity.
07:31 Lenders reject Uttam Galva's offer to pay 51% debt
Lenders of Uttam Galva Steels have turned down an offer from the company to pay 51% of its outstanding debt, citing an ongoing forensic audit, and expressed unwillingness to take a large haircut, reports Moneycontrol News Beena Parmar & Prince Mathews Thomas. At a hearing at the Mumbai bench of the National Company Law Tribunal on Tuesday, the company's lenders, led by State Bank of India, have also indicated that Uttam Galva will need to pay the entire loan amount of Rs 5,654 crore.
07:07 Singapore Exchange to list Indian equity derivative products in June
The Singapore Exchange said it would list Indian equity derivative products in June, nearly two months after India’s three main bourses announced they would stop licensing their indexes to overseas exchanges, reports Reuters. The exchange said it is continuing to evaluate a joint trading and clearing model in Gujarat International Finance Tech city between the NSE and SGX.
Rajya Sabha polls: MLAs obliged to vote for party, Ahmed Patel tells Gujarat High Court
Congress leader Ahmed Patel told the Gujarat High Court today that there was no merit in a plea challenging his election to the Rajya Sabha as MLAs are supposed to vote for their party candidates according to a Supreme Court judgement.
After the EC invalidated the votes of Congress rebels Raghavjee Patel and Bholabhai Gohel for showing their ballot papers to the BJP's polling agent in the presence of BJP president Amit Shah, Patel was declared the winner along with Shah and Union minister Smriti Irani in the Rajya Sabha polls held in August last year.
BJP leader Balwantsinh Rajput, who lost to Patel in the Rajya Sabha elections, had filed an election petition, challenging the decision of the Election Commission to invalidate two votes as demanded by the Congress. (PTI)
IPL update
Play has been interrupted by rain in Jaipur: Rajasthan Royals 153/5 in 17.5 overs vs Delhi Daredevils.
Ajinkya Rahane 45 (40)c Chris Morris b Shahbaz Nadeem
Sanju Samson 37 (22)b Shahbaz Nadeem
Shahbaz Nadeem 2-34 (4 overs)
Follow the live updates and browsefull scorecard here.
11 crore people benefited from Mudra scheme: PM Modi
Prime Minister Narendra Modi today said around 11 crore people have been benefited from the government's flagship Mudra scheme.
Modi said this while interacting with over 100 beneficiaries of the Pradhan Mantri Mudra Yojana (PMMY), from across the country, at his residence here, said a statement.
The PMMY is a scheme launched by the prime minister on April 8, 2015, for providing loans up to Rs 10 lakh to the non-corporate, non-farm small/micro enterprises. These loans are classified as MUDRA loans under the PMMY. These loans are given by commercial banks, regional rural banks, small finance banks, cooperative banks, micro finance institutions and non-banking financial companies.
As per the statement, Modi appreciated the efforts of the entrepreneurs who have made good use of the Mudra loans.
He said that 11 crore people have so far been benefited from the scheme. (PTI)
Mark Zuckerberg says his own personal data was shared with Cambridge Analytica
Facebook CEO Mark Zuckerberg has told United States lawmakers that his own personal data was included in that of 87 million or so Facebook users that was improperly shared with political consultancy Cambridge Analytica.
Food in mess/canteen of educational institution to attract 5% GST
Food and drinks in a mess or canteen of an educational institution would attract 5 per cent GST, the finance ministry said today.
However, if schools up to higher secondary level supply food directly to students, then the same are exempt from the Goods and Services Tax (GST), it added.
"With a view to removing any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5 per cent without Input Tax Credit (ITC).
The GST, which subsumes over a dozen local taxes, was rolled out from July 1. Under the new indirect tax regime, various goods and services have been placed in four tier tax bracket of 5, 12, 18 and 28 percent. (PTI)
RBI imposes Rs 3 crore penalty on IDBI Bank for violation of asset classification norms
The Reserve Bank of India has imposed a penalty of Rs 3 crore onIDBI Bankfor failing to comply with norms related to reporting of bad loans.
"The Reserve Bank of India (RBI) has imposed, through an order dated April 09, 2018, a monetary penalty of Rs 30 million on IDBI Bank Limited (the bank) for non-compliance with the directions issued by RBI on Income Recognition and Asset Classification (IRAC) norms."
For FY16, IDBI Bank had reported divergence of Rs 6,816.60 crore in classification ofnon-performing asset (NPA)compared toRBI's assessment. It also under-reported provisions towards such bad loans to the tune of Rs2,061 crore.
Walmart a better bet for Flipkart than Amazon: Report
As the race between US giants Walmart and Amazon over acquiring stake in Flipkart is set to heat up, reports suggest the Sam Walton-founded company stands a better chance at scooping up the Indian e-commerce leader.
Flipkart is believed to be inclined toward selling a controlling stake to Walmart instead of Amazon,Bloomberg cited sources as saying.
Moneycontrol could not independently verify the report.
It further claimed that both the American firms had valued the Indian company at USD 20 billion.
Hello! Orkut founder announces new platform's entry into Indian market
A new social networking platform 'hello', set up by the founder of the once-popular Orkut, has announced its entry into the Indian market amid the controversy surrounding user data breach at Facebook.
hello has been set up by Orkut Buyukkokten, who was the founder of Orkut that once was a leading social networking site in India and Brazil. Interestingly, Orkut shut down its services in 2014, having lost its sheen to rivals like Facebook.
"If you look at social media today, it has isolated people instead of bringing them closer. It has become more about broadcasting than sharing. We need a fresh start. Hello is built around interest-based communities where users with same interests can connect, leading to true connections," Buyukkokten said. (PTI)
Atrocities against minorities, Dalits increasing: Manmohan Singh
Former Prime Minister Manmohan Singh today said atrocities against minorities and Dalits were increasing in the country and such incidents, if unchecked, could harm democracy and called for rejection of "divisive policies and politics".
Delivering the first S B Rangnekar Memorial lecture at the Panjab University, his alma mater, here, Singh also said a "dangerous and false binary" of choosing between freedom and development was surfacing in the country's political discourse and that it must be rejected.
He expressed concern over the alleged attempts being made to divide people.
Delhi-San Francisco service to give Air India Rs 90 crore a month
Disinvestment-bound Air India is hoping to garner a revenue of over Rs 90 crore a month from the lucrative New Delhi-San Francisco sector, in which it operates nine flights a week. The national carrier added three flights on the route on March 25, taking the total number of non-stop services to nine a week. The revenue from the sector was about Rs 60-65 crore per month and it went up to Rs 71 crore in December last year. (PTI)
Cambridge Analytica denies using data of
Indians, govt to seek clarificationUK-based Cambridge Analytica is learnt to have denied using data of Facebook users in India even as the social media giant has admitted that 5.62 lakh people in the country were potentially affected by the data breach, according to official sources.
After contradictory replies from the two companies on potential data breach of Indian users, the government now plans to seek additional clarification from them, the sources said. The government had sought a reply from Cambridge Analytica (CA) over data breach charges by April 7. The UK-based firm had sought additional time and is believed to have submitted its reply recently. (PTI)
Vodafone rolls out VoLTE services in Punjab
Telecom operator Vodafone India on Wednesday announced the roll-out of its Voice over LTE (VoLTE) services in Punjab.
"Vodafone is the first GSM service provider in Punjab circle enabling customers to make calls using VoLTE," Arvind Nevatia, Business Head Punjab, Himachal Pradesh and Jammu and Kashmir, Vodafone India, said.
"Vodafone SuperNetTM 4G customers can access Vodafone VoLTE for no additional charges and all calls will be billed as per existing plan or pack benefits, thus experiencing the best from Vodafone's data-strong network," he told reporters. (PTI)
Uber unveils new app for drivers
Cab aggregator Uber has launched a new app for its drivers globally based on inputs received from these partners, including those from India. The new app in India is currently available to select driver partners in Kochi and courier partners in Chennai and will be rolled out in a phased manner across the country over the coming months, Uber said in a statement.
The new app includes a real-time earnings tracker that allows drivers to know how much they earned on their last tripand track progress toward their goals. A status bar provides real-time updates on market conditions around them and opportunities for more trips nearby. (PTI)
Walmart favoured over Amazon to buy Flipkart, says report
Walmart looks likely to take the next round in the battle for India’s retail market over rival Amazon.com, reports Bloomberg. Flipkart Online Services Pvt is leaning toward selling a controlling stake to Walmart, rather than Amazon, because of the greater certainty in such a deal, sources said. Both US companies are bidding for a controlling stake in Flipkart at a valuation of about $20 billion, sources added.
Ashok Leyland gung-ho about defence biz
Hinduja Group flagship Ashok Leyland was ‘gung ho’ about its defence business and would focus only on mobility of defence products, reports PTI. The city-based heavy commercial vehicle maker has showcased six advanced products and technology solutions at the DefExpo.
Nabard to expand its long-term lending to Rs 80,000cr in FY19
Development finance institution Nabard said it aims to increase its long-term on-lending or refinance portfolio to about Rs 80,000 crore in the current fiscal as part of its effort to improve the rural economy. The institution's on-lending in FY18 was Rs 65,000 crore, reports PTI.
No immediate plan to give production-linked subsidy to sugar sector: Govt
The Food Ministry has no immediate plans to give subsidy to sugarcane growers for bailing out cash-starved sugar mills, and it asked factories to export 2 million tonnes sweetener, even at loss, to liquidate surplus stock and improve domestic prices, reports PTI.
Sensex ends higher for 5th day in volatile trade
Rising for the fifth straight session, market benchmark Sensex gained 60 points to end at 33,940 in see-saw trade today, led by gains in metal, IT and consumer durables counters amid mixed Asian cues.
Cyient in JV with BlueBird Aero
Cyient said it entered into a joint venture with Israel-based BluBird Aero Systems to offer field-proven UAV systems to Indian defence, paramilitary, security, and police forces.
Rajinikanth slams 'attack' on cops during anti-IPL stir
Tamil 'Superstar' Rajinikanth condemned the alleged attack on three policemen during the anti-IPL protests over the Cauvery issue. In a tweet, the 67-year-old actor said, "The worst form of violence is the assault on uniformed personnel."
Drug overdose: Indrani Mukerjea discharged from hospital
Former media executive Indrani Mukerjea, arrested for the alleged killing of her daughter Sheena Bora, was discharged today from JJ Hospital and was taken back to the Byculla prison, reports PTI.
All six home IPL matches of the Chennai Super Kings has been shifted out of Chennai after Cauvery protests.
ED questions Satyendar Jain in PMLA case again
The Enforcement Directorate (ED) questioned Delhi Health and Power Minister Satyendar Jain for the second time in connection with a money laundering case registered against him and others, reports PTI.
Deepak Bajpai appointed AAP's in-charge for Rajasthan Assembly polls
The AAP has appointed its senior leader Deepak Bajpai as the party's in-charge for the Rajasthan Assembly elections replacing Kumar Vishwas, saying the latter was not able to ‘devote’ time in the state, reports PTI. Elections in Rajasthan are due later this year.
Don't cremate body of Unnao gangrape victim's father, if not done already: HC
The Allahabad High Court ordered that the body of the Unnao gangrape victim's father should not be cremated, if already not done so, reports PTI. The man had died on Monday in custody after his 18-year-old daughter had accused a BJP MLA, his brother and his aides of raping her.
FDI in tobacco: DIPP meets stakeholders
Farmer associations and industry shared mixed views in a meeting called by the Commerce and Industry Ministry on issues related to foreign direct investment (FDI) in the tobacco sector, reports PTI.
ITC aims 10-12% mkt share in packed juice segment by FY20
ITC is eyeing 10-12% market share in the packed juices and fruit beverages segment by next year as the company bets on its 'not from concentrate' range of juices, reports PTI. The FMCG major said it would continue to add more flavours in B Natural's portfolio and plans to add 4-5 new variants in next few months. Besides, it is also looking to tap the export market.
Mahindra Defence Systems ties up with Japanese firm for amphibious aircraft
Mahindra Defence Systems, part of the Mahindra Group, inked a pact with ShinMaywa Industries, Japan, for manufacturing and assembling of amphibious aircraft ShinMaywa US-2 in India.
Govt asks PSUs not to increase fuel prices, cos stare at Re 1/litre loss
The government has asked state-run oil retailers not to increase retail diesel and petrol prices and absorb a part of the losses due to the recent recovery in global crude oil, sources told Bloomberg. Companies including Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation will have bear a loss of up to Re 1 per litre on sale of diesel and petrol, sources said. A cut in excise duty on fuel prices is unlikely due to sluggish revenue collections on the back of a botched rollout of the Goods and Services Tax, they added.
Market consolidates after 4-day gain, Europe dips
The market continues to consolidate after four-day rally, as investors await corporate earnings which will start later in the week and macro data due tomorrow.PSU Bank is the biggest loser among sectoral indices, falling 2% while IT and Metal indices continue to trade higher by a percent each.Oil retailers are the biggest losers among Nifty50 stocks, falling 7%.
Production in Germany’s engineering sector rose by a stronger-than-expected 3.9% to EUR223 billion in 2017, and will likely grow by at least 3% this year, the president of the VDMA industry group told Reuters.
Encouraged by Xi's remarks, but want ‘concrete actions’: US
US President Donald Trump welcomed his Chinese counterpart Xi Jinping's pledge to open up the world's second largest economy, even as the White House ruled out reversing the 25% import tariffs worth $50 billion on Chinese products, saying America wants ‘concrete actions’ from Beijing, reports PTI.
Mark Zuckerberg defends certain type of censorship on Facebook
Facebook founder and CEO Mark Zuckerberg defended certain kind of censorship to remove terrorist propaganda after a US lawmaker expressed concern over the social media giant's "pervasive pattern of bias and political censorship," reports PTI.
Digital transformation to add $154bn to India's GDP by 2021: Microsoft
Digital transformation in the country is expected to contribute about $154 billion to India's GDP by 2021, tech giant Microsoft said.
ICRA downgrades credit ratings of Fortis Healthcare, subsidiaries
Ratings agency ICRA has downgraded Fortis Healthcare and its subsidiaries Escorts Heart Institute and Research Centre, Fortis Hospitals and Hiranandani Healthcare, citing stretched liquidity position of the company which led to delay in servicing of a loan, reports PTI.
Honda India keen to become an export base for global markets post 2020
Honda Motorcycle and Scooter India, the country’s second largest two-wheeler maker, has sent a proposal to its headquarters in Japan seeking to transform itself into an export hub which will supply to all markets, including the US and Europe. Moneycontrol News’ Swaraj Baggonkar said the proposal lists investments for setting up new plants, production capacity and absorption of next generation technology.
Sensex, Nifty trade steady; banks fall
The market continues to trade steady, with the Nifty trading well above 10,400 and the Sensex close to 34,000 levels. Financial stocks are witnessing a correction after Tuesday’s upmove, while metals and IT stocks surge. Their sectoral indices are up over a percent. Sun Pharma, Vedanta, Hindustan Unilever and HCL Tech are the top gainers, while HPCL, BPCL and Adani Ports have lost the most.
In breaking news, the Supreme Court has asked the Amrapali Group to submit a project-wise report on the amount required for completing each of them. The apex court has also asked the company to submit a proposal for shifting buyers from projects that are in a nascent stage. It has scheduled the next date for hearing the case on April 17.
VA Tech WABAG bags orders worth Rs 520cr
Water treatment firm VA Tech WABAG said it has bagged orders worth Rs 520 crore from different clients.
Tata Group unlikely to bid for Air India as terms too onerous, says report
Tata Group, widely seen as a potential suitor for Air India, is unlikely to consider a bid for the state-run carrier as the government's terms are just too onerous, sources told Reuters.
EXCLUSIVE: Govt may soon finalise norms to allow foreign university campuses in India
The government is in the process of finalising regulations that may soon be released for public comments for foreign universities to set up campuses in India, reports Moneycontrol News’ M Saraswathy. At present, laws do not allow international educational institutions to set up India campuses without tying up with local players. Despite the UPA government’s attempts, it failed to get the same tabled in Parliament. The government now is likely to release a draft on foreign universities entering India in the next 3-4 weeks.
Elon Musk calls out Goldman Sachs after -ve report on Tesla: 'Place your bets'
Tesla chief executive Elon Musk is calling out Goldman Sachs after the bank encouraged investors to sell the carmaker's stock, reports CNBC. "Place your bets," Musk quipped on Twitter, appearing to challenge would-be sellers to exit at their own risk. The CEO's response comes shortly after Goldman analysts advised clients to ditch the stock, worried that Tesla won't be able to meet its Model 3 production goals by the end of June.
ICICI, Axis Bank crises revives focus on pvt sector boards’ judgment, independence
The recent developments at Axis Bank andICICIBank have once again renewed the debate on corporate governance standards and the independence of boards. Till about a year back, the widely held view was that private sector banks were doing a much better job of maintaining asset quality. That halo faded after the Reserve Bank of India started pointing out discrepancies in the quantum of bad loans as disclosed by the banks and RBI’s assessment of the situation. Banking experts toldMoneycontrolNews’BeenaParmarthat the boards of these banks continued to reward the top bosses with handsome bonuses and increments despite mediocre financial performance and the under reporting of loans.
Google appeals against Rs 136cr CCI ruling
Google has filed an appeal against the Competition Commission's ruling which imposed Rs 136 crore fine on the Internet major for unfair business practices in the Indian market for online search, reports PTI.
Data leak: Ravi Shankar Prasad seeks Rahul's apology
IT Minister Ravi Shankar Prasad sought an apology from Congress president Rahul Gandhi for allegedly using Cambridge Analytica data to swing poll results and said ‘probity’ demands that he should promise not to manipulate voters in the future, reports PTI.
Ankur Mittal bags bronze as shooters continue good run
Ankur Mittal added to the Indian shooting contingent's medal rush by winning a bronze in the men's double trap event of the 21st Commonwealth Games in Brisbane, reports PTI.
Morgan Stanley cuts Dec-end targets for 7 Asian indices
Anyone savoring this week’s equity rally in Asia should just cash out right away. That’s according to strategists at Morgan Stanley, who slashed year-end targets for seven benchmarks in the region, including their largest downgrade for Japan in almost two years. The first cut to the MSCI Emerging Markets Index since early 2016 implies no further gains for the gauge this year, while stocks in China, Hong Kong and Japan are also unlikely to return anywhere near their January peaks, the strategists wrote in a note dated Tuesday. It predicts the MSCI China Index will barely budge from Tuesday’s close by the end of 2018, and it is targeting a 4,200 finish for the CSI 300 Index.
Shreyasi claims gold to swell India's medals tally
Shreyasi Singh held her nerve and produced some excellent shooting to win the women's double trap gold medal in the 21st Commonwealth Games, reports PTI.
Market mildly lower amid mixed Asia trade
The market is mildly lower amid mixed Asian cues, as investors look for corporate earnings that will start later in the week, macro data due tomorrow and crude oil prices that hit a four-year high. PSU Bank is the biggest loser among sectoral indices, falling 2% while IT and Metal indices gain a percent each.
