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Dec 06, 2017 09:35 PM IST | Source:

News highlights of the day: Flipkart terms rumours of CEO's exit as baseless & 'malicious'

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 06, 07:54 PM (IST)

    Flipkart terms rumours of CEO's exit as baseless & 'malicious'

    Bangalore based online marketplace Flipkart has termed rumours of its CEO Kalyan Krishnamurthy quitting as malicious and baseless.

    “The rumours are false, malicious and baseless. Kalyan continues to be the CEO of Flipkart,” a Flipkart spokesperson told Economic Times in this report.

    Flipkart brought in Krishnamurthy as its CEO in January 2017 after replacing co-founder Binny Bansal, who held the position almost for a year. Earlier, co-founder Sachin Bansal was the CEO of the company.

  • Dec 06, 05:23 PM (IST)

    Top Headlines:

    # RBI maintains status quo, keeps key rates unchanged 

    # Global cues drag Sensex 206 points

    # RBI rationalises Merchant Discount Rate for debit cards

    # Plot to kill UK Prime Minister Theresa May foiled

    # Bitcoin crosses the $13,000 mark, rallies over 1,000 points in a day

    #. Bombay HC upholds validity of RERA, provides some respite to builders

    # Babri Masjid was demolished on this day 25 years ago

    # Kotla Test match ends in draw, India win series 1-0

  • Dec 06, 09:34 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 06, 09:31 PM (IST)
  • Dec 06, 09:30 PM (IST)

    Bond yields not seen rising much despite RBI revising inflation forecast

    Yields of government bonds are unlikely to rise much in the short term, despite the Reserve Bank of India (RBI) keeping its policy rate unchanged and revising its inflation forecast upward, as the bond market is now likely to look for pointers from the country's fiscal policy, dealers said.

    The Indian rupee, on the other hand, took a bit of a hit because of the revision in the central bank's inflation forecast, and increased demand for the dollar from importers dragged it down further.

    The local currency on Wednesday depreciated 0.2 percent against the dollar after the RBI kept its key policy repo rate unchanged at 6 percent.

  • Dec 06, 09:28 PM (IST)
  • Dec 06, 09:24 PM (IST)
  • Dec 06, 09:24 PM (IST)

    RBI produces a no-action policy to end 2017, but what does 2018 hold in store?

    The Reserve Bank’s and the Monetary Policy Committee’s decision to do nothing at all to interest rates was widely anticipated and need no defence. The second quarter GDP growth at 6.3 percent was higher than the first quarter’s growth of 5.7 percent; consumer inflation at 3.58 percent in November was the highest in five months and is all set to rise beyond 4 percent this month and to 4.7 percent by March.

    For an MPC targeting a 4 percent inflation on a sustained basis, a pause on rate cuts was a logical decision. Any clarity on the government’s borrowing programme for this year or the next will emerge only by the next policy. In that sense, this policy was more of the holding-fort kind.

    There were no other surprises either. Liquidity in the banking system is expected to come to neutral (which means on some days RBI absorbs; on some days it lends) only by mid-2018. That too is in line with what veteran bond markets had calculated. Understandably, bond yields hardly moved.

  • Dec 06, 09:15 PM (IST)

    US FDA eases throttle on generics with highest-ever approvals in a single month

    US FDA eases throttle on generics with highest-ever approvals in a single month

    The record push in terms of approvals is part of US FDA efforts to lower prescription drug costs, an election promise of US President Donald Trump.

  • Dec 06, 09:14 PM (IST)

    Never represented Sunni Waqf Board in Supreme Court: Kapil Sibal

    On the 25th anniversary of the demolition of the Babri Masjid — a seismic event in India's history — the matter is back in focus after the Supreme Court refused senior lawyer Kapil Sibal's plea to defer the hearing in the case.

    On Tuesday, Kapil Sibal requested the court to hear the Ram Janmabhoomi-Babri Masjid title dispute case after 2019 General Elections.

    Following which, Prime Minister Narendra Modi on Wednesday trained his guns at Kapil Sibal and the Congress and blamed Sibal for politicising the issue.

  • Dec 06, 09:10 PM (IST)

    PM Narendra Modi criticizes Kapil Sibal over Ayodhya case deferment plea

    Prime Minister Narendra Modi on Wednesday criticized senior Congress leader and lawyer Kapil Sibal for seeking deferment of hearing of the Ram Janmabhoomi-Babri Masjid title dispute till the 2019 general elections and wondered if such an issue should be kept unresolved for political gains and losses.

    On the campaign trail in Gujarat, Modi recalled how his government decided to oppose 'triple talaq' in the Supreme Court risking a possible backlash in the Uttar Pradesh Assembly elections.

  • Dec 06, 09:06 PM (IST)
  • Dec 06, 08:59 PM (IST)
  • Dec 06, 08:48 PM (IST)

    Infosys submits settlement application with SEBI over Rajiv Bansal's severance pay

    IT major Infosys on Wednesday said it has submitted a settlement application to the Securities and Exchange Board of India (SEBI) with regard to issues surrounding the severance package of its former Chief Financial Officer.

    "The settlement application pertains to matters relating to severance agreement entered into with the former CFO in October 2015," Infosys said in a filing to the stock exchange. 

  • Dec 06, 08:36 PM (IST)

    Recapitalisation to eradicate boom-and-bust lending cycles in PSBs: RBI Chief

    Reserve Bank Governor Urjit Patel said the planned Rs 2.11-trillion fund infusion for state-run banks is not only a recapitalisation package but to ensure that the seeds of the boom-and-bust-lending cycle are not sown in future.

    In October, the government had announced a Rs 2.11- trillion capital infusion into the NPA-hit public sector banks over the next two years. Of this, Rs 1.35 trillion will be through recapitalisation bonds a small portion of which will also come from capital markets, and the remainder Rs 76,000 crore will come from the budgetary support.

  • Dec 06, 08:27 PM (IST)

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

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

    Both MACD as well as Supertrend indicators are in 'sell' mode and if Nifty breaks below 10,030 then decline towards 9,850 is possible, suggest experts.

  • Dec 06, 08:25 PM (IST)

    Sikkim set to become fully literate in 2018, says CM Pawan Kumar Chamling

    Sikkim Chief Minister Pawan Kumar Chamling, who on Wednesday conferred Doctorate of Literature (Honoris Causa) by the private Shri Ramasamy Memorial (SRM) University, on Wednesday said the state is set to become a fully literate by 2018.

    Chamling said that his government has given utmost priority to the education since assuming power in 1994 in order to safeguard the future of the young generation.

    "It is because of our sustained efforts for more than two decades that Sikkim is set to become a fully literate state by 2018," he said at the first convocation of the university in Sikkim where Governor Shriniwas Patil conferred the D.Litt on Chamling.

  • Dec 06, 08:13 PM (IST)

    Delhi smog: Air quality improves to 'poor' from 'very poor'

    Delhi's air quality on Wednesday improved to 'poor' from 'very poor', even as a toxic haze continued to envelop parts of the national capital with nitrogen dioxide (NO2) and other pollutants.

    The city's average Air Quality Index (AQI) was 282 on a scale of 500, classified as 'poor', marking an improvement from yesterday's 378, which fell under the 'very poor' category.

  • Dec 06, 08:04 PM (IST)

    Future Supply Chain IPO subscribed 32% on Day 1

    The initial public offer of Future Supply Chain Solutions, the logistics arm of the Future Group, was subscribed 32 percent on the first day of the bidding on Wednesday.

    The public issue, which targets to garner Rs 650 crore, received bids for 21.66 lakh shares against the issue size of over 68.49 lakh scrips, a subscription of 32 percent, latest update with the National Stock Exchange (NSE) showed.

  • Dec 06, 07:44 PM (IST)

    Iran ‘will not tolerate’ Trump Jerusalem ‘violation’, says Hassan Rouhani 

    Iranian President Hassan Rouhani blasted his US counterpart Donald Trump’s plan to recognise Jerusalem as the Israeli capital on Wednesday, saying it would not be tolerated.

    Iran “will not tolerate a violation of Islamic sanctities,” he said in a speech to officials in Tehran. “Muslims must stand united against this major plot.

  • Dec 06, 07:35 PM (IST)

    SEBI to auction 12 properties of Ramel Industries

    Regulator SEBI will auction 12 properties of Ramel Industries in January for a total reserve price of over Rs 16 crore in order to recover money raised by the company from the public through illicit schemes.

    As part of the recovery proceeding, SEBI on January 5 will e-auction immovable properties of Ramel Industries and its promoters or directors, the regulator said in a notice on Wednesday.

  • Dec 06, 07:24 PM (IST)

    Foreign Trade Policy hits the right notes by playing to the exporters' gallery

    Foreign Trade Policy hits the right notes by playing to the exporters' gallery

    The good part about the policy is that it has laid a long-term roadmap and has focused on clearing the hurdles in the way.

  • Dec 06, 07:07 PM (IST)

    Xiaomi to focus on offline sales to boost India business

    Chinese smartphone maker Xiaomi on Wednesday said it is drawing plans to boost its offline sales in India, a key market for the company.

    Currently, online sales account for 80 per cent of the company's mobile phone business.

    "At present, about 80 per cent of our business is from online sales of mobile phones, but now we want to increase penetration in the offline market to increase our business," Xiaomi India Head (Online Sales) Raghu Reddy told reporters.

    He said Xiaomi a will ramp up the number of exclusive stores and other retail sale centres in different cities of the country in the coming days.

  • Dec 06, 06:41 PM (IST)

    TIME magazine names ‘Silence Breakers’ as Person of the Year

    Time magazine named Wednesday “The Silence Breakers” who revealed the pervasiveness of sexual harassment and assault across various industries that triggered a national reckoning in the United States as Person of the Year.

    “The Silence Breakers” designates a broad range of people, mostly women, from this year’s first public accusers of disgraced Hollywood mogul Harvey Weinstein to those who shared their stories of abuse using the hashtag #MeToo and its foreign language equivalents.

    President Donald Trump was runner-up of the prestigious ranking, ahead of his Chinese counterpart Xi Jinping.

  • Dec 06, 06:29 PM (IST)

    Some reactions to the MPC policy review: 

    Chanda Kochhar, MD and CEO, ICICI Bank

    The RBI’s decision to keep the policy rate unchanged today is in line with expectations. It has displayed prudence in highlighting adverse risks to the inflation trajectory. It has also taken cognizance of further improvement in growth prospects on account of various structural reforms implemented by the Government including bank recapitalisation. It is heartening to note that the RBI has also communicated greater clarity on the liquidity framework indicating that it is ready to deploy both short term and durable tools to absorb or inject liquidity as the need arises.

  • Dec 06, 06:01 PM (IST)

    RBI rationalises Merchant Discount Rate for debit cards

    The Reserve Bank of India has rationalised Merchant Discount Rate (MDR) for debit cards with certain criteria, to be effective from January 1, 2018. Merchants will be categorised on the basis of turnover. 

  • Dec 06, 06:01 PM (IST)
  • Dec 06, 05:29 PM (IST)

    India Inc raises Rs 44,000 cr via QIP in Apr-Oct

    Indian firms mobilised nearly Rs 44,000 crore by issuing shares to institutional investors during the April-October period of the current fiscal, over 10-fold rise from the year-ago period.

    In comparison, they had mopped-up Rs 4,318 crore in the first seven month of the 2016-17 fiscal.

    As per the latest data available with the Securities and Exchange Board of India, the capital garnered by the listed companies through the Qualified Institutional Placement (QIP) route stood at Rs 43,934 crore in the first seven months of 2017-18.

    It was also more than five times the total amount raised in the entire 2016-17 -- Rs 8,464 crore.

  • Dec 06, 04:54 PM (IST)

    Tata Motors rolls out first electric-Tigor for EESL

    Homegrown auto major Tata Motors on Wednesday rolled out the first batch of the electric variant of its compact sedan Tigor from its Sanand facility in Gujarat.

    The first batch of e-Tigors are being produced for the Energy Efficiency Services (EESL), which had placed an order for 10,000 electric sedans in October, and are part of the first 350 orders that the company had won in the first phase.

    The first batch was flagged off in the presence of Tata group chairman N Chandrasekaran, group patriarch Ratan Tata, and Tata Motors managing director and chief executive Guenter Butschek.

    "As we work together to build the future of e-mobility, I am confident that our customers will respond very favourably to this electric model," Chandrasekaran, who flagged off the first batch of the vehicles, said.

  • Dec 06, 04:30 PM (IST)

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