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Dec 07, 2017 10:01 PM IST | Source:

News Highlights of the Day: Cong suspends Mani Shankar Aiyar after 'neech' remark about PM Modi

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.

  • Dec 07, 09:27 PM (IST)

    Congress suspends Mani Shankar Aiyar over ‘neech’ remark

    Senior Congress leader Mani Shankar Aiyar was suspended by his party on Thursday after kicking up a row when he called Prime Minister Narendra Modi a "neech" (vile man).
    The comments drew a sharp reaction from the prime minister who dubbed it as an "insult" to Gujarat and a reflection of "Mughal mentality."
    Congress Vice-President Rahul Gandhi too disapproved of Aiyar's remarks and said both he and the party expected the senior leader to apologise.
    "He (Modi) is 'neech kism ka aadmi' (a vile man) who has no 'sabhyata' (civility)," Aiyar, who has often courted controversy with his off-the-cuff remarks said, attacking Modi after the latter accused the Congress of seeking votes in BR Ambedkar's name but trying to erase his contribution to building India.

  • Dec 07, 03:34 PM (IST)

    Top Headlines:

    1. Centre willing to extend deadline for mandatory linking of Aadhaar to March 31, 2018

    2. Indian start-ups form lobby group, seek favourable regulations vs global giants, reports CNBC

    3. China criticises India for crashed drone near border, reports Reuters

    4. IMF lists three important 'tensions' to China's financial system, reports CNBC

    5. North Korea says US threats make war unavoidable on Korean peninsula, reports KCNA

    6. Trump recognises Jerusalem as Israel's capital, defying allies, foes, reports Reuters

  • Dec 07, 10:00 PM (IST)

    That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • Dec 07, 09:52 PM (IST)

    No law provides change of woman's religion after marriage: SC

    The Supreme Court today said the law does not sanction the concept of a woman's religion getting merged with her husband's faith after an inter- religion marriage.

    A five-judge Constitution Bench headed by Chief Justice Dipak Misra was dealing a legal question whether a Parsi woman loses her religious identity if she marries a man from a different religion.

  • Dec 07, 09:17 PM (IST)
  • Dec 07, 09:12 PM (IST)
  • Dec 07, 09:06 PM (IST)

    Vijay Mallya's defence brings in banking expert at trial

    Vijay Mallya's defence on Thursday brought in a banking expert at his extradition trial as a witness to analyse the documents used by the liquor baron to seek loans from Indian banks for his then-struggling Kingfisher Airlines and emphasise that he had no intention to act "fraudulently".

    Paul Rex was deposed on day three of the ongoing trial at Westminster Magistrates' Court in London to determine whether the 61-year-old businessman can be forced to return to India to face charges of fraud and money laundering allegedly amounting to around Rs 9,000 crores.

  • Dec 07, 08:55 PM (IST)

    General Electric to cut 12,000 jobs in power business revamp

    General Electric Co announced on Thursday it was axing 12,000 jobs at its global power business as the struggling industrial conglomerate responds to dwindling demand for fossil fuel power plants.

    The US company launched the cuts to save USD 1 billion in 2018, saying it expected current difficulties in the sector to continue.

  • Dec 07, 08:43 PM (IST)
  • Dec 07, 08:41 PM (IST)

    Indian hospital operator Shalby's $79 million IPO subscribed nearly 3 times

    Indian hospital operator Shalby Ltd's initial public offering to raise 5.1 billion rupees (USD 79 million) was subscribed 2.8 times on the last day of the sale on Thursday.

    Institutional investors bid for 4.5 times the number of shares reserved for them, while the retail portion was subscribed 2.93 times, data as of 6:00 PM (1230 GMT) showed.

  • Dec 07, 08:23 PM (IST)

    Ex-Volkswagen executive gets 7 years in jail for 'dieselgate' emissions scandal

    A US court has sentenced former Volkswagen executive Oliver Schmidt to seven years in prison for his role in the German automaker's "dieselgate" emissions cheating scandal.

    Schmidt, who led Volkswagen's US regulatory compliance office from 2012 to March 2015, was also ordered by a federal judge in Detroit to pay a USD 400,000 fine.

    He had pleaded guilty in August to charges he conspired to commit fraud and violate the US Clean Air Act.

  • Dec 07, 08:08 PM (IST)

    Future Supply Chain IPO subscribed 72% on Day 2
    The initial public offer of Future Supply Chain Solutions, the logistics arm of the Future Group, was subscribed 72 per cent at the end of the second day of bidding today.

    The public issue, which targets to garner Rs 650 crore, received bids for over 49.62 lakh shares against the issue size of more than 68.49 lakh scrips, a subscription of 72 per cent, data available with the National Stock Exchange (NSE) showed.

  • Dec 07, 08:05 PM (IST)

    Trade setup for Friday: Top 10 things you should know before Opening Bell

    Trade setup for Friday: Top 10 things you should know before Opening Bell

    Traders can ride the rally as long as Nifty holds above 10,000-10030 levels on closing basis with a stop below 10,033 levels. Following the breakout, the index moved above its crucial resistance level placed at 100-DMA, and 5-DEMA.

  • Dec 07, 07:59 PM (IST)

    Love could finally conquer hate as Padmavati may release just before Valentine's Day

    Love could finally conquer hate as Padmavati may release just before Valentine's Day

    Padmavati could hit theatres on February 9 after a schedule sent out by distributors to overseas chains like US/Canada mentioned this date for the film's release, according to a Box Office India report.

  • Dec 07, 07:54 PM (IST)

    Jet Airways reports 91% fall in net profit for September quarter as margins shrink
    Despite registering a 3 percent rise in overall revenues, the country’s second largest airline Jet Airways today reported a 91 percent year-on-year drop in its net profit for the September quarter. 
    The main reason behind the fall in profit was a drop of over 700 basis points in the company’s operating profit margin for the quarter under review. Operating profit in absolute terms came in at Rs 261.51 crore, 59 percent lower than in the same quarter last year.

  • Dec 07, 07:41 PM (IST)
  • Dec 07, 07:39 PM (IST)

  • Dec 07, 07:29 PM (IST)

    Railways record 5% jump in freight, passenger traffic in last 8 months

    The Indian Railways has registered a rise in both its freight and passenger business during April-November as compared to the same period last year, according to a data with the national transporter.

    The freight traffic, which essentially serves the revenue of the railways, recorded an almost 5 percent jump in loading during April 1-November 30, 2017, as compared to 2016.

  • Dec 07, 07:07 PM (IST)

    Guj polls: BJP candidate sparks row, says 'need to reduce' Muslim population
    BJP contestant from Dabhoi Assembly seat in Gujarat, Shailesh Sotta today courted controversy by allegedly saying that the population of "topi and dadhiwalas",
    an apparent reference to Muslims, should be "reduced".

    He also said that he came to Dabhoi to "instill fear" and that if sporadic communal clashes were not stopped a "befitting reply" would be given.

  • Dec 07, 06:51 PM (IST)

    Alibaba may pump in up to USD 300 million in BigBasket
    Alibaba will pump in up to USD 300 million in online grocery player, BigBasket, according to industry sources.

    The deal, which is expected to be announced in the next few weeks, will give BigBasket more muscle to compete against rivals like Grofers and e-tailing giant Amazon, they said.

  • Dec 07, 06:45 PM (IST)

    GAIL India awards job orders under key pipeline project
    State-owned gas utility GAIL India today said it has awarded job contracts for laying a 520-km stretch in Bihar, Jharkhand and West Bengal under the Pradhan Mantri Urja Ganga gas pipeline project.

    With these awards, major contracts for phase-II of the Jagdishpur-Haldia and Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project have been finalised.

  • Dec 07, 06:44 PM (IST)

    Tata Motors, IIT Varanasi tie up to launch education, research programs
    The country's third largest car maker Tata Motors has partnered with IIT Varanasi to launch innovative programs in education and research,aimed at bridging the gap between academic excellence and business know-how.

    As a first step of this technological collaboration, the two entities will work in areas of mutual interest, with an aim to cater to the future engineering needs of the industry and academia, as per a release issued today.

  • Dec 07, 06:41 PM (IST)

    Ten percent rise in Congress candidates with serious criminal charges
    An analysis of the affidavits of candidates in fray for both phases of the Gujarat Assembly polls has revealed that 38 Congress candidates face serious criminal charges.

    This, the analysis shows, is a 10 per cent rise in candidates with serious criminal charges when compared to the party's candidates for the 2012 assembly polls.

  • Dec 07, 06:35 PM (IST)

    ArcelorMittal's $1 billion India joint venture to get green light next week: Sources

    State-owned Steel Authority of India Ltd (SAIL) is set to approve a long-proposed $1 billion joint venture with ArcelorMittal at its board meeting next week, three sources with direct knowledge of the matter told Reuters.

    The decision to approve the deal was reached after talks between ArcelorMittal's billionaire Chairman Lakshmi Mittal, India's Steel Secretary Aruna Sharma and SAIL Chairman P.K. Singh at a meeting last week in New Delhi.

    The much-delayed collaboration to make automotive-grade steel is nearing realisation after legal teams from SAIL and ArcelorMittal finalised a joint term-sheet in talks mediated by a government think-tank in the past two weeks, the sources said.

  • Dec 07, 05:50 PM (IST)

    Centre plans border protection grid to check influx of Rohingyas, B'deshis
    A border protection grid on the lines of Unified Command set up in insurgency-hit states will soon come up in five eastern states sharing borders with Bangladesh to check illegal immigrants including Rohingyas.

    At a meeting of chief ministers and home ministers of West Bengal, Assam, Mizoram, Meghalaya and Tripura here, Union Home Minister Rajnath Singh today said the concept of the grid has been planned as a multi-pronged and foolproof mechanism to secure the 4,036-km-long Indo-Bangla border.

  • Dec 07, 05:48 PM (IST)

    Kannada outfit stages stir against Sunny Leone's show in city
    A pro-Kannada organisation took out a march here today, in protest against Bollywood actress Sunny Leone's scheduled visit to the city on December 31 for a New Year's Eve show, saying it would be an "assault" on the city's culture.

    The Karnataka Rakshana Vedike (KRV) also staged a demonstration and burnt the pictures of Leone, demanding the cancellation of her programme.

  • Dec 07, 05:43 PM (IST)

    UK says Jallianwala Bagh massacre 'deeply shameful', avoids apology
    The UK has sidestepped London mayor Sadiq Khan's call for an official apology on the 1919 Jallianwala Bagh massacre, saying the government has "rightly condemned" the "deeply shameful act" in British history in the past.

    The UK Foreign Office statement comes after Khan during his visit to Amritsar yesterday said the British government should apologise for the mass killing.

  • Dec 07, 05:39 PM (IST)

    Air pollution from traffic puts unborn babies at health risk
    Pregnant women exposed to air pollution from road traffic are more likely to give birth to babies that are underweight or smaller than they should be, a study conducted in the UK warns.

    However, when it comes to traffic-related noise, the study of more than half a million infants, published in The BMJ, found no conclusive effect on babies' health.

  • Dec 07, 05:38 PM (IST)

    Union Minister Hegde booked for remarks against Karnataka CM
    A case has been registered against Union Minister Ananthkumar Hegde for allegedly using derogatory words against Chief Minister Siddaramaiah in a speech at Kittur in Belagavi district recently, police said today.

    The case was registered by Mysuru police on the direction of a court based on a complaint by Mysuru district Congress president B J Vijay Kumar, a senior police official said.

  • Dec 07, 05:36 PM (IST)

    Patnaik bats for pension disbursement in cash
    Odisha Chief Minister Naveen Patnaik today urged the Centre to release funds under National Social Assistance Programme (NSAP) without imposing any conditions.

    The CM's missive to Prime Minister Narendra Modi came in the wake of a letter received by the state government from the Ministry of Rural Development over disbursement of pension, under the NSAP scheme, through Direct Benefit Transfer (DBT) platform.

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