22:05 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.
22:00 Over 25 flights cancelled, 150 delayed at Delhi airport due to dense fog
Over 25 flights were cancelled and more than 150 delayed at the Indira Gandhi International airport here as operations came to a halt for over an hour due to dense fog.
No flights could either land in or take-off from the Delhi airport between 7:30 am and 9 am as visibility dropped below the minimum requirement, according to airport sources.
Nearly 21 flights were diverted to nearby airports, they said.
21:43 World wants to hear directly from horse's mouth: PM Modi on Davos
Prime Minister Narendra Modi today said the world wants to hear "directly from the horse's mouth" about India's policies and growth potential and he will feel proud to tell the success story of 125 crore Indians in Davos.
Days before his first visit to Davos for the World Economic Forum (WEF) annual meeting, Modi told Zee News in an interview that India has made a mark globally and there is a need to reap the benefits.
Stating that India's economy is growing rapidly and it has been recognised by the world, including all rating agencies, Modi said Davos is a "good opportunity" for the country as it is a big market with the strength of demographic dividend.
21:37 Govt launches liveability index to rate 116 Indian cities, ranking expected by June
The government on Friday launched the Liveability index to rate 116 Indian cities. The tool seeks to measure the quality of life in 99 smart cities, capital cities and those with a population of over one million.
The ministry of housing and urban affairs (MoHUA) through an international bidding process under World Bank-funded CBUD programme has selected IPSOS Research Private Limited in alliance with Athena Infonomics India Private Limited and Economist Group Limited for assessing the liveability indices in 116 cities, union minister for housing and urban affairs Hardeep S Puri said on Friday.
21:28 Punjab CM for steps to ensure open defecation free state by March 31
Punjab Chief Minister Amarinder Singh directed the water supply and sanitation department today to ensure accomplishment of the government's goal to make rural parts Open Defecation Free (ODF) by March 31 this year.
He ordered the department to take steps to ensure clean drinking water for all, besides 24x7 water supply in 100 more villages annually, officials said.
With 13 districts having already achieved the goal, the government was on way to positively achieve the target of declaring rural Punjab ODF by March 31, Amarinder Singh said here while chairing a meeting to review the ongoing schemes.
21:19 Kotak Bank awaits pricing cues and resolutions under IBC to start buying stressed assets Kotak Mahindra Bank is waiting for more cues on pricing and resolution of bad loans under the Insolvency and Bankruptcy Code in order to aggressively invest in the distressed assets.
Dipak Gupta, joint managing director of the bank, said, “We have not bought very large amount of stressed assets. Out of 14 lakh crore (stressed assets), only 2.5 lakh crore are out in the first list (of the Reserve Bank of India). It is still evolving and will see how it goes, lot of laws are changing, getting modified, it has to stabilise, the pricing has to be appropriate. We are yet to see any closures…so, too early to say if pricing is appropriate but we are watching it closely.”
21:12 Taking passport services to doorsteps of citizens our aim, says Sushma Swaraj
External Affairs Minister Sushma Swaraj today said that the Government was continuously working towards taking passport services virtually to the doorsteps of
citizens residing even in remote villages.
Declaring open a Post Office Passport service Kendra (POPSK) in the country here, she said her Ministry was adopting a citizen-centric approach for passport services.
"We are committed to simplifying the entire process of passport services with a view to processing all applications in a speedy and transparent manner and have taken a series of reforms," she said.
Part of this simplification process was the recent decision to do away with printing of the last page in passports, she said.
"The government is continuously working towards taking passport services virtually to the doorsteps of citizens residing even in remote villages," she said.
21:05 JUST IN | Former Gujarat Chief Minister Anandiben Patel appointed as the governor of Madhya Pradesh.
21:02 New year, new clothes! India Post to get a chic khadi makeover
While a postman or a postwoman delivering mail is not a very common sight these days, those who are still doing the rounds every day will now do so in chic outfits.
The inspiration, of course, came from our very own Prime Minister Narendra Modi. The elegantly dressed Modi has been appealing for more and more people to adopt khadi since he first took office and he has now found takers in the postal department.
The new khadi uniforms will be designed by professionals from the National Institute of Fashion Technology (NIFT). Each of the 62,000 postmen and postwomen will be given two sets of their new outfits, along with sweaters for winter months.
20:51 Tata Trusts' MD moves HC against quashing of summons to Mistry
Tata Trusts' Managing Trustee R Venkatramanan today moved the Bombay High Court against a sessions court order quashing summons issued to ousted Tata Group chairman Cyrus Mistry in connection with a defamation complaint filed by Venkatramanan.
A Mumbai sessions court, on December 26, had quashed the summons issued to Mistry and others in the Rs 500-crore defamation case.
A metropolitan magistrate's court had issued the summons in July 2017, directing Mistry and others to appear.
20:50 Sheena Bora case: Bombay HC rejects Peter's plea for police diary
The Bombay High Court today rejected a petition filed by former media baron Peter Mukerjea, an accused in the Sheena Bora murder case, seeking a case diary from the suburban Khar police.
Justice Anuja Prabhudessai held that there is no law which gives the accused person the right to access the police case diary (where details of probe are recorded daily) on mere suspicion that it might contain some contradictory material.
Mukerjea had demanded access to the personal diary maintained by sub-inspector Ganesh Dalvi, a prosecution witness who was part of the team that arrested prime accused Indrani Mukerjea's driver, Shyamvar Rai.
20:42 Delhi HC asks EC to examine lacunae in law on political funding
The Delhi High Court today asked the Election Commission to examine the grievances raised in a plea, claiming the presence of lacunae in the law dealing with
techniques adopted by political parties to raise funds.
A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar asked the poll panel to address the petitioner's grievances and take a view thereafter.
It disposed the PIL by Congress MLA, Anumula Revanth Reddy, seeking direction to the Election Commission to address the law on political funding.
20:34 German court convicts man who sold weapon to Munich shooter
A German man who admitted selling the weapon a teenage gunman used to killed nine people has been sentenced to seven years in prison, a court spokeswoman said on Friday.
David Ali Sonboly, 18, killed nine people in Munich in 2016 before shooting himself dead. Another 27 people were injured. Police concluded the German-born Sonboly was a lone gunman obsessed with mass killings and was not inspired by Islamist militancy.
20:18 Government to allot 11 mines to Coal India Ltd, says Piyush Goyal
The government today said it has decided to allot 11 mines to Coal India Ltd (CIL) which will add about 225 million tonnes (MT) to the state-owned firm's annual production capacity by 2022.
CIL has a target to produce 1 billion tonne coal by March 2020, up from around 600 MT projected in the current fiscal. "The government has decided to allot 11 coal mines to Coal India," Coal Minister Piyush Goyal told reporters here.
Of the 11 mines, five are de-allocated blocks and six are fresh mines, he said. The company had requested the government to allot it additional coal mines to make all its subsidiaries 100 MT capacity units.
20:08 US oil output is booming and seen outpacing Saudi Arabia, Russia
US oil production is booming and is forecast to top that of heavyweight Saudi Arabia and rival Russia this year, a global energy agency said today.
The International Energy Agency said in its monthly market report that US oil production, which has already risen to its highest level in nearly 50 years, will push past 10 million barrels a day in 2018 as higher prices entice more producers to start pumping.
"This year promises to be a record-setting one for the US," it said.
20:03 Bharti Airtel transfers 25% stake in DTH arm to Nettle Infra
Bharti Airtel will transfer its 25 percent stake in DTH arm Bharti Telemedia to wholly owned subsidiary Nettle Infrastructure Investments, as per a regulatory filing.
"...we wish to inform you that the Board in its meeting held on January 18, 2018 has approved the transfer of 25 percent equity shares of Bharti Telemedia Limited (Subsidiary Company) to its wholly owned subsidiary; Nettle Infrastructure Investments Limited," Bharti Airtel said in a BSE filing.
The date of transaction of the sale is yet to be decided by the company.
19:55 NDRF trains over 55 lakh people for emergencies
The NDRF has trained over 55 lakh people across the country in order to better prepare the population against man-made or natural emergencies and build better preparedness against disasters.
The force had rescued 4,000 human lives in several operations in 2017, National Disaster Response Force (NDRF) Director General (DG) Sanjay Kumar said on the occasion of the forces' 13th Raising Day today.
"We have started familiarization exercises, school safety programmes and mock exercises in which over 55.5 lakh people have sensitized by the force till now," he said.
19:49 Fire at skyscraper in Thane
Fire broke out at a 26-storey building in Naupada area here today afternoon.
Ten fire engines were pressed into service to douse the flames, fire brigade sources said. There were no casualties. Damage to the building was
yet to be assessed. The fire started between the third and fourth floors around 1.30 pm, and spread rapidly.
Regional Disaster Management Cell chief Santosh Kadam said some 150 people inside the building were shifted out.
Inspector Sanjay Dhumal of Naupda police station rescued some of the stranded people by climbing up a scaffolding put up for painting work.
19:46 JUST IN | Ceasefire violation by Pakistan in Mendhar sector of Poonch, one civilian dead, reports ANI.
19:40 NHAI toll plazas to have Highway Nest, food & beverage kiosks
Toll plazas run by NHAI will soon have kiosks selling drinking water, tea/coffee, and packaged food for the convenience of highways users, the government
today said.
"Termed as Highway Nest, these kiosks are under construction on both up-side and down-side at all 372 NHAI run toll plazas," Ministry of Road Transport and Highways said in a statement.
These kiosks are being built on 10mx20m paved platforms about 200-250 metres from the toll plaza, it said, adding that toilet facilities including that for the physically challenged are also available at these sites.
19:35 Govt may ask auto makers to launch BS 6 cars that run on BS 4 fuel
The government may nudge automotive companies to make Bharat Stage VI (BS-6) certified cars capable of running on BS-4 fuels. Such a policy could result in huge savings for oil marketing companies (OMCs) which are preparing for pan-India BS-6 fuel roll out.
Mercedes-Benz on Friday unveiled a BS-6 certified car which can run on BS-4 fuel.
“I am really happy that Mercedes-Benz has achieved this,” Union Minister Nitin Gadkari said on the sidelines of the launch event in Mumbai.
“I will report this certificate to petroleum minister that without changing the fuel if Mercedes can get success then why is this not possible for other automobile manufacturers”, he said.
19:30 Satyam case: SAT refuses to stay Sebi ban on Price Waterhouse
The Securities Appellate Tribunal today refused to grant a stay on the two-year SEBI ban imposed on Price Waterhouse (PW) and its network entities from taking up new audit work for listed companies.
On January 10, the markets watchdog SEBI passed an order against the audit major for its alleged complicity in the multi-crore Satyam Computer Services scam.
Posting the matter for further hearing on February 13, SAT however clarified that PW and its networking entities can continue serving its existing clients.
19:25 10-year securities to be sold to public to raise Rs 100 Cr Puducherry government today announced sale of ten-year securities in the form of stock to the public by auction for an aggregate amount of Rs 100 crore.
A release from Puducherry Finance Secretary V Candavelou said the auction would be conducted by Reserve Bank of India (RBI) at Fort Mumbai on January 23.
The release said that the securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter. Auction would be conducted by RBI Mumbai Office (Fort) on January 23.
19:23 Angadia case: ED, Income Tax and Customs departments to further probe matter
The team of Goods and Services Tax (GST) and Central Excise departments has now transferred the case against angadias to the the Enforcement Directorate, Income Tax and Customs Department for further probe.
Earlier, a team of officials from the GST and Central Excise departments had conducted raids on several ‘angadia’ operators in Mumbai in a major crackdown on jewellers and traders evading taxes.
Angadias are informal courier and bank services used by diamond and jewellery traders for tax evasion. They act in utmost secrecy as a conduit for transferring diamonds, gems, jewellery and cash, mainly between traders and jewellers.
19:17 Paytm adds option to apply for physical debit card to iOS app
Paytm may have disappointed the section of its customer base that uses iPhones when it launched BHIM UPI transactions on its Android application a couple of months ago but not on its iOS application.
But all that changed on Thursday when the payments company launched an update for its iOS app, which included BHIM UPI transactions and an option to apply for physical debit cards if one is a Paytm Payments Bank customer.
19:02 Modi’s adopted village in Varanasi under darkness as thieves steal solar streetlights’ batteries
Batteries of about 80 solar streetlights out of the 135 installed in Jayapur village of Varanasi have been stolen by thieves that has left the village stare into darkness. The village was adopted by Prime Minister Narendra Modi in November 2014 and the streetlights were installed in the first half of 2015.
As per a report by the Hindustan Times, which quoted the village head Srinarayan Patel, “About a year ago, the batteries of 50 streetlights in the village were stolen. I lodged a written complaint at the police outpost of the village and also informed the Rohania police about the theft.”
Before the police could act, batteries of 30 more streetlights were stolen. Patel said that the police did not act even after they were informed about the incident again.
18:51 Union budget to prioritize agriculture, infra investments, says Nitin Gadkari
18:46 Aadhaar seeding to eliminate multiple PF accounts: Additional Central PF Commissioner Sinha
The Employees Provident Fund Organisation (EPFO) today said it will be able to eliminate multiple account numbers of an individual once the process of seeding Aadhaar is complete.
"Aadhaar seeding and bank account linking will help do away with multiple provident fund accounts, once merger of accounts happens with the help of Aadhaar seeding," Additional Central PF Commissioner S B Sinha told PTI.
18:40 Nokia teases tech world, says expect Mobile World Congress 2018 to be 'awesome'
Last year, HMD Global, the Chinese promoters of Nokia arrived with a bang in the Mobile World Congress in Barcelona announcing the re-launch of nostalgic Nokia 3310. The company is ready to make another splash this year going by how it is teasing the technology world.
HMD Global Chief Product Officer Juho Sarvikas on Thursday tweeted teasing his followers about the possible launches by the company. "Sorry for radio silence. Been super busy planning #MWC2018. Please expect it to be awesome [sic]," he said.
18:36 Higher tax on cigarettes keeps industry under pressure: ITC
ITC today said it has to bear an incremental tax burden of over 20 percent due to the combined impact of increase in excise duty in budget 2017 and revision in GST compensation cess on cigarettes.
The cumulative growth in tax incidence on cigarettes, after cognising for the latest increase in cess rates, stands at 202 percent in last six years, ITC said in its earnings release.
"The combined impact of increase in excise duty announced by the Union Budget 2017 and the revision in GST compensation cess resulted in an incremental tax burden of over 20 percent on the company," it added.
18:31 RIL Q3 profit, petchem EBITDA up 16%; GRM meets estimates; Jio clocks net income at Rs 504 cr
Oil-retail-to-telecom major Reliance Industries has reported consolidated profit growth of 16.2 percent at Rs 9,423 crore. Reliance Jio posted Q3 profit at Rs 504 crore and EBITDA grew by 82 percent to Rs 2,628 crore QoQ. Gross refining margin came in at USD 11.6 a barrel was in line with CNBC-TV18 poll of USD 11.6 a barrel.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
18:29 Mauritius largest source of FDI in India, says RBI
Mauritius was the largest source of foreign investment in India, followed by the US and the UK, according to a census by the Reserve Bank.
Singapore and Japan were the next two sources of foreign direct investment (FDI), said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI today.
Of the 18,667 companies that participated in the census, 17,020 had FDI/overseas direct investment in their balance sheets in March 2017, it said.
18:24 Pipeline strong, HCL Tech to continue selective play in India market
HCL Technologies said that its December quarter saw the highest number of bookings since the past 12 quarters, even as the country’s fourth largest IT services company said it would continue to have a selective play in the domestic market.
“We don’t call out the TCV (total contract value of deals), we generally bake that into the next year guidance… but bookings have been the highest this quarter since the last 12 quarters,” said chief executive C Vijayakumar.
18:17 SEBI to accept only online filing of records from April 1
Online filing of records related to offer documents, schemes of arrangement, takeovers and buybacks need to be submitted only online to SEBI from April 1, the markets regulator said today.
In a circular, SEBI noted that the simultaneous filing of documents - physical and online- should start from February 1 and continue till March 31, 2018.
Thereafter, from April 1, 2018 physical filing of documents should be discontinued and only online filing will be accepted, the Securities and Exchange Board of India (SEBI) said.
18:14 JUST IN | Delhi High Court has refused to grant an interim relief to Aam Aadmi Party MLAs in Office of Profit case, reports ANI.
18:06 India sends tax notices to cryptocurrency investors as trading hits $3.5 billion
India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said.
Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.
18:00 Government announces list of 9 new Smart Cities
The Union Housing and Urban Affairs Minister Hardeep Singh Puri today announced the names of none new Smart Cities. These cities will receive funding under the Smart Cities Mission taking the total number of cities identified to 99.
The winning cities are Silvassa (Dadra and Nagar Haveli), Erode (Tamil Nadu), Bihar Sharif (Bihar), Itanagar (Arunachal Pradesh), Kavaratti (Lakshadweep), Diu (Daman and Diu) and Moradabad, Bareilly and Saharanpur (Uttar Pradesh).
17:53 Zipping down Agra-Lucknow Expressway to cost from midnight onwards
Zipping down the swanky six-lane Agra-Lucknow Expressway will come at a price from mid-night today as vehicles using the route will have to pay toll tax.
The Yogi Adityanath government has fixed toll rates for vehicles using the 302 kilometre long expressway, which even boasts of a 3.3 km airstrip that defence aircraft can use as a runway during emergency.
The toll will vary from vehicle to vehicle and will be applicable on vehicles travelling from both sides, a state government spokesperson said today.
"The rates have been fixed at Rs 570 for car, jeep, van or light motor vehicles; Rs 905 for light commercial vehicle or mini bus; Rs 1,815 for bus and truck; Rs 2,785 for heavy construction work machine and multi-axle vehicle (3 to 6) and Rs 3,575 for over-sized vehicle (7 and above axles)," he said.
17:43 CBI has registered a case against former Chief Maintenance Engineer, Noida Authority (UP) and others for awarding several contracts worth Rs 116.39 cr (approximately) to 5 firms in gross violation of tender norms & procedures. Searches being conducted at 8 places including Delhi, Noida and Ranchi, reports ANI.
17:37 Technical View: Nifty forms a strong bullish candle; here’s how to trade next week
The Nifty50 which started the day on a muted note rose to fresh record highs towards the end of the trading session on Friday and made a strong bull candle on the daily candlestick charts. The candle engulfed the profit booking seen in the previous session.
The index rose as much as 213 points or nearly 2 percent for the week ended January 19. The index which looked as if was losing steam bounced back sharply negating the effects of a bearish candle formed in the previous trading session.
17:30 Kenya eyes 12-15% growth in footfalls from India in 2018
Kenya is eyeing 12-15 per cent growth in tourist arrivals from India this year. It also plans to promote meetings, incentives,
conferences and events (MICE) and adventure segments to increase its traveler base.
Well known for its safaris, Kenya now wants to expand beyond this to cater to different tastes and age groups, Kenya Tourism Board (KTB) CEO Betty Addero Radier told PTI.
She said, Kenya is mainly considered as a leisure destination among Indian travelers, however, KTB is working on changing its positioning and expanding it to include MICE, adventure, weddings and honeymoon.
Adventure tourism is one of the segments, which is rapidly picking up in India and for Kenya, it is going to be a major growth driver, she added.
Chennai Super Kings ropes in Lakshmipathy Balaji as bowling coach
Chennai Super Kings (CSK) will head into the forthcoming season of Indian Premier League (IPL) with the coaching staff to be headed by Stephen Fleming while former India cricketer Lakshmipathy Balaji has been roped in as the bowling coach.
The team, which is keen to get back its core team, has already retained Mahendra Singh Dhoni as captain, Suresh Raina and Ravindra Jadeja.
17:23 Neerja Bhanot killing case update: FBI releases age-progressed images of 4 wanted hijack suspects
Over 31 years after the hijacking of a Pan Am plane in Pakistan, the FBI has released new age-progressed images of four wanted suspects in the deadly incident that left 20 people, including Indian flight attendant Neerja Bhanot, dead.
Chandigarh-born Bhanot was the senior flight purser on Pan Am Flight 73 hijacked in Karachi in 1986. She was killed while helping passengers to escape through emergency exits when hijackers opened fire and set off explosives during the 16-hour ordeal.
17:16 Wipro Q3 profit down 12% at Rs 1,930.1 cr; sees Q4 IT services revenue growth at 1-3%
IT services major, Wipro, posted December quarter earnings that missed Street estimates on Friday.
The company’s IT services earnings before interest and taxes (EBIT) was reported at Rs 1,959 crore, against Rs 2,278 crore, a drop of 14 percent year on year.
The company reported profit at Rs 1,930.1 crore, down 12 percent.
The rupee revenue for the segment came in at Rs 13,235 crore against Rs 13,169 crore, a marginal rise of 0.5 percent.
17:08 TRAI recommends allowing mobile services during air travel
Telecom regulator TRAI today recommended allowing mobile telephony and Internet services for passengers during air travel in the country through both satellite and terrestrial network.
"The authority recommends that both, Internet and Mobile Communication on Aircraft (MCA) service should be permitted as In-Flight Connectivity (IFC) in the Indian airspace," TRAI said in its recommendations on 'In-Flight Connectivity' (IFC).
The Department of Telecom had sought views of the Telecom Regulatory Authority of India (TRAI) on August 10, 2017, over proposal to introduce voice, data and video services over Indian airspace for domestic, international and overflying flights in Indian air space.
TRAI said that for mobile services, there should be flexibility to IFC service providers in terms of use of technology and frequencies inside the aircraft cabin that should be consistent with international standards, provided no harmful interference is caused.
17:02 Centre has approved 2018 as Year Of Millets: Sadananda Gowda
The Centre has approved 2018 as the 'Year of Millets' to boost the sunrise agriculture industry and production of the cereal, Union Minister Sadananda Gowda today said.
"The central government has approved 2018 as year of millets to encourage its production and boost this sunrise agri industry. We did it on Karnataka Agriculture Minister Krishne Byre Gowda's request," he said addressing organics and millets 2018 international trade fair here.
Speaking on the occasion, Krishne Byre Gowda said the government hopes to bring about a change in dietary habits and
promote a more sustainable future.
16:47 S&P assigns BBB- to Power Grid's medium-term notes programme
S&P Global Ratings today assigned long-term issue rating of BBB- to state-run Power Grid Corporation of India's proposed USD 1 billion senior unsecured medium-term notes programme.
The rating is subject to the agency's review of the final issuance documentation, S&P said in a statement.
"The rating on Power Grid reflects the company's supportive regulatory framework, near monopoly in interstate transmission, and stable margins and cash flows. Power Grid's large capital spending plans and exposure to the weak credit profiles of state electricity boards offset these strengths," it said.
The stable outlook on Power Grid, it said, reflects S&P's expectation that the company will manage its growth and project execution risks such that it maintains its ratio of funds from operations to debt at about nine per cent over the next 12-18 months.
16:41 US to overtake Saudi as crude oil producer: IEA
The United States are set to overtake Saudi Arabia as the world's number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said today.
"This year promises to be a record-setting one for the US," the IEA wrote in its monthly market report.
Crude production of 9.9 million barrels per day (bpd) in the US was now at the highest level in nearly 50 years,"putting it neck-and-neck with Saudi Arabia, the world's second largest crude producer after Russia," the IEA said.
"Relentless growth should see the US hit historic highs above 10 million bpd, overtaking Saudi Arabia and rivalling Russia during the course of 2018 -- provided OPEC/non-OPEC restraints remain in place," it said.
16:28 BSE to launch paperless e-mandate facility on MF platform
Leading stock exchange BSE today said it will introduce e-mandate facility on its mutual fund distribution platform from tomorrow, a move that will help in significantly reducing SIP registration cycle.
"This (e-mandate) is completely paperless framework that will reduce the time taken for mandate approval to 3 days from 10 to 35 days taken for paper based mandate approval," BSE said in a statement.
Currently, mutual fund distributors register paper-based mandates for their investors, which is time consuming, as it involves obtaining signature of an investor on the form and submission of physical form at service centre for processing.
"This is a significant development. We are confident that BSE StAR MF has the potential to completely change the distribution framework of mutual fund industry by reducing the cost and increasing the predictability of processes," BSE Managing Director and CEO Ashishkumar Chauhan said.
16:23 NSE seeks to delay Feb 5 rollout of SGX stock futures, says report
The National Stock Exchange of India is asking Singapore Exchange to delay the planned introduction of single-stock futures that would track some of the subcontinent’s largest companies, sources told Bloomberg. NSE’s request comes as domestic stock-derivatives volume has slipped, sources said.
While SGX has informed some of its clients of a possible February 5 launch, subject to regulatory approval, NSE is seeking the delay to buy it time as it attempts to arrest the slide back home, sources said. India’s budget on February 1 may offer some incentives for exchanges and foreign investors, sources said.
SGX and NSE have a licensing agreement that allows futures and options based on the benchmark NSE Nifty 50 Index to trade in Singapore, though existing products track indexes and sectors and not individual shares.
16:07 Irda says reinsurance regulations to be out by Feb-end
The final reinsurance regulations are due by the end of February, Insurance Regulatory and Development Authority of India (Irda) Chairman TS Vijayan said. The regulations will define the business in India and the order of preference, he added. When asked about what regulations are expected, he said life insurance product regulations are in the pipeline but will take some more time.
16:02 IDFC Bank Q3 profit falls 24% to Rs 146cr, asset quality deteriorates
Private sector lender IDFC Bank said its profit for the quarter ended December 2017 declined 23.6% to Rs 146.1 crore, compared to Rs 191.3 crore in the year-ago period. Profitability was hit by lower net interest income, other income and operating income; but was largely supported lower provisions.
Net interest income, the difference between interest earned and interest expended, fell 5% to Rs 495 crore compared to Rs 521 crore in year-ago. Asset quality worsened during the quarter. Gross non-performing assets (NPAs) as a percentage of gross advances were sharply higher at 5.62% against 3.92% in the previous quarter and net NPA was also higher at 3.52% in Q3 against 1.61% in Q2FY18.
In absolute terms, gross NPAs came at Rs 2,776.6 crore in Q3 FY18 were much higher compared to Rs 2,001.5 crore reported in previous quarter. Net NPAs for the quarter at Rs 1,206.3 crore were also higher compared to Rs 805 crore in the September quarter. Provisions and contingencies fell sharply to Rs 108.6 crore for the quarter ended December 2017, from Rs 231.7 crore in the year-ago period. The bank had reversed its provisions of Rs 100.37 crore in September quarter.
15:54 Amber Enterprises IPO subscribed 109 times so far on last day
The initial public offering of Amber Enterprises, the manufacturer of air-conditioners, was subscribed 109.29 times so far on the last day of bidding today. The IPO to raise Rs 600 crore received bids for 53,85,29,077 shares against the total issue size of 49,27,351 shares, data available with the NSE till 3:15 pm showed.
15:49 Sensex zooms 251.29 points to close at a new peak of 35,511.58. Nifty rises 77.70 points to record 10,894.70.
15:43 Kotak Mahindra Bank Q3 profit up 20% YoY
Indian private sector lender Kotak Mahindra Bank posted a nearly 20% increase in third-quarter profit on Friday, helped by higher interest and fee income and as bad loans dropped. Net profit rose to Rs 10.53 billion in the quarter ended December 31, from Rs 8.80 billion a year earlier, the country's fourth-largest private bank by assets said in a statement.
15:35 A BSF jawan was killed in unprovoked firing from Pakistan in Samba sector of Jammu & Kashmir, officials said.
15:31 Infrastructure in Doklam aimed at improving lives of troops: China
China justified its massive construction activities in the Doklam area, describing it as legitimate and aimed at improving the lives of its troops and the people living on its own territory, reports PTI. China's reaction came amid reports that it was building a huge military complex close to the site of the Doklam standoff with India.
Asked about reports citing satellite imagery of a Chinese military complex in the area, Chinese Foreign Ministry spokesman Lu Kang said: "China's position on the Donglong (Doklam) area is quite clear. Donglong always belonged to China and always under China's effective jurisdiction. There is no dispute in this regard," he said asserting Chinese sovereignty over the area which is also claimed by Bhutan.
He said China is building infrastructure for its troops and the people living in the area. "In order to patrol the border and improve the production and lives of border troops and residents, China has constructed infrastructure including roads in the Donglong (Doklam) area," Lu said.
15:13 Bitcoin could be here for 100 years but it's more likely to 'totally collapse,' Nobel laureate says
Bitcoin will likely "totally collapse," Nobel Prize-winning economist Robert Shiller has told CNBC, adding that it reminds him of "tulip mania" centuries ago in the Netherlands. The Yale University professor said there are "bubbles everywhere," not just in bitcoin, and added that he "doesn't know what to make of bitcoin ultimately."
"It has no value at all unless there is some common consensus that it has value. Other things like gold would at least have some value if people didn't see it as an investment," Shiller said. "It reminds me of the Tulip mania in Holland in the 1640s, and so the question is did that collapse? We still pay for tulips even now and sometimes they get expensive. (Bitcoin) might totally collapse and be forgotten and I think that's a good likely outcome but it could linger on for a good long time, it could be here in 100 years."
14:25 The Election Commission has recommended disqualification of 20 Delhi Assembly MLAs of Aam Aadmi Party (AAP) in office-of-profit case.
14:20 Honda recalls 22,834 cars across various models in India
Japanese auto major Honda is recalling 22,834 units of Accord, City and Jazz models in India as part of a global exercise to rectify faulty airbags, reports PTI. The latest exercise takes the overall number of recalled vehicles, equipped with airbags manufactured by Takata, by the company to 3.13 lakh units in India.
The company, which is present in India through a wholly-owned arm Honda Cars India Ltd (HCIL), announced that the latest recall will impact models which were manufactured in 2013. According to the company, the recall will affect 510 units of the premium sedan Accord, 22,084 units of City, and 240 units of Jazz.
14:14 ITC Q3 profit rises 17% YoY to Rs 30.90bn ITC, India’s biggest cigarette maker, posted a 16.8% rise in its third-quarter profit on Friday, helped by a one-time gain. The company, which also makes consumer goods ranging from biscuits to skincare products, said its profit rose to Rs 30.90 billion in the quarter ended December 31, from Rs 26.47 billion a year ago. The company reported a gain of Rs 4.13 billion on account of entry tax in the state of Tamil Nadu that was written back in the quarter.
14:00 Strategic investors can invest up to 25% in REITs/InvITs: Sebi
To make REITs and InvITs more attractive, markets regulator Sebi has allowed strategic investors like registered NBFCs and international multilateral financial institutions to invest up to 25% of the total offer size of such trusts. "The strategic investor(s) shall, either jointly or severally, invest not less than 5% and not more than 25% of the total offer size," Securities and Exchange Board of India (Sebi) said in a circular.
The units subscribed by strategic investors, pursuant to the unit subscription agreement, will be locked-in for 180 days from the date of listing in the public issue. Further, Sebi has put in place operational modalities required for the participation by the strategic investors in (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts).
13:57 Swiss Prez to discuss trade pacts with Modi in Davos
Negotiations on a bilateral investment protection pact will figure prominently during Prime Minister Narendra Modi's meeting with Switzerland's President Alain Berset in Davos next week, the Swiss government has said.
The two leaders will also discuss, among other trade and business matter, the envisaged free trade agreement between India and the European Free Trade Association (EFTA), of which Switzerland is a member, reports PTI.
The Swiss government statement on topics for the meeting of the two leaders did not mention black money, an issue which has been central to most of the high-level deliberations between the two countries.
13:21 India's proposed investment treaty terms leave foreign partners cold
Having cancelled investment treaties with about 50 foreign governments last year, India is struggling to convince some to accept new terms that make it harder to seek international arbitration for disputes, sources told Reuters. From New Delhi’s perspective those treaties, mainly struck in the 1990s when it was desperate for foreign capital, left it too exposed to potential claims awarded by international arbitrators.
To reduce that exposure, India has drafted a new model agreement that legal advisors say is similar to those used by other big emerging market economies like Brazil and Indonesia, but some of its foreign partners are baulking at the more restrictive approach. “India is getting nowhere with the negotiations,” sources said.
Negotiators from countries including Australia, Iran and the European Union have told the Indian side that investors are waiting to come in but the new treaty terms give too little protection, the source said. Foremost among their concerns are a requirement for investors to fight any case in the Indian courts for at least five years before going for international arbitration, and other provisions narrowing the scope for companies to make claims, the source said.
The new model treaty also has no provision for investors to bring claims against India for any tax-related matters and for disputes arising due to actions taken by local governments.
13:09 HDFC Bank Q3 net rises 20.1% to Rs 4,642.6cr
Private lender HDFC Bank reported a 20.1% growth in net profit to Rs 4,642.6 crore for the third quarter of the current fiscal. The private sector bank had posted a net profit of Rs 3,865.33 crore in the October-December quarter of last fiscal.
Total income rose to Rs 24,450.44 crore during the December quarter, up 17.84% from Rs 20,748.27 crore in the year-ago period. Net interest income grew by 24.1% to Rs 10,314.3 crore during the quarter under review from Rs 8,309.1 crore reported in the corresponding quarter a year ago.
HDFC Bank's net interest margin stood at 4.3% for the quarter. The net non-performing assets (NPAs) as a percentage of total loans rose marginally to 0.44% at the end of December, from 0.32% in the same period last year.
HDFC Bank's provisions (other than tax) and contingencies increased to Rs 1,351.44 crore as against Rs 715.78 crore reported in the corresponding period a year ago.
13:02 Dilip Buildcon bags Rs 360cr road project from Ircon
Infrastructure firm Dilip Buildcon (DBL) has bagged a road project worth Rs 360.58 crore in Karnataka from Ircon International. "The company has received letter of award from Ircon International for an engineering, procurement and construction (EPC) road project in Karnataka," it said in a BSE filing. The project is for six laning of Davanagere-Haveri sector of NH-48.
12:47 Tata Steel raises $1.3bn via bonds in international markets Tata Steel has raised $1.3 billion (approx Rs 8,282 crore) through issuance of unsecured bonds in international markets. "The issue comprises $300 million 4.45% unsecured bonds due on July 24, 2023 and $1 billion 5.45% unsecured bonds due on January 24, 2028 by Abja Investment Co, a wholly-owned subsidiary of Tata Steel incorporated in Singapore," Tata Steel said a regulatory filing.
Tata Steel ED and CFO Koushik Chatterjee said proceeds of the bonds will be "used to refinance the offshore obligations of the Group, which will help de-risk the balance sheet, enhance financial flexibility, diversify the investor base and improve the overall debt maturity profile". The bonds are rated 'BB-' by S&P and will be listed on the Singapore Exchange (SGX).
12:41 SAT refuses to lift Sebi ban on Price Waterhouse
The Securities Appellate Tribunal (SAT) said Price Waterhouse can continue to service existing clients whose financial year started on January 1, 2018, but it refused to grant a stay on a two-year audit ban ordered by the market regulator.
The markets regulator, Securities and Exchange Board of India, last week barred Price Waterhouse from auditing listed companies in the country for two years, after a probe into a nearly decade-old accounting fraud case in a software services company that became India’s biggest corporate scandal. It had however allowed Price Waterhouse to continue auditing books for the current fiscal year ending in March.
12:10 Donald Trump frustrated with media coverage of Kelly's interview: White House
US President Donald Trump is "frustrated" with the media coverage of an interview given by his Chief of Staff John Kelly on issues like border wall, the White House has said.
Trump told lawmakers and a news channel that his campaign promise to build a wall along the Mexican border was "not fully informed" and his view on immigration was "evolving", The Wall Street Journal reported.
The White House denied such an impression and said that Trump has full confidence in Kelly.
11:34 ED likely to sell a chunk of Vijay Mallya's unpledged shares in United Breweries
The Enforcement Directorate (ED) is planning to sell a major part of Vijay Mallya's unpledged shares in United Breweries to raise more than Rs 4,000 crore, which is almost half of what the liquid baron owed to lenders, reports The Economic Times. An official told the paper that the ED has got hold of 4 crore unpledged shares, which constitutes to around 15.2% stake, owned by Mallya.
The shares have been transferred to the ED by the Stock Holding Corporation of India under the Prevention of Money Laundering Act (PMLA), sources said. The remaining 27 lakh crore shares will soon be transferred. The shares will be sold under Section 9 of the PMLA. The Act points that after an order of confiscation, all the rights and titles in such assets stay with the Centre. The estimated amount by the sale of his shares is Rs 4,327 crore. The estimate comes about by Thursday's closing price which stood at Rs 1,081.85.
11:22 SC rejects plea to cancel CBFC certificate to Padmaavat
The Supreme Court rejected a plea seeking urgent hearing on a fresh PIL that sought cancellation of Censor Board's certificate granted to controversial Bollywood movie 'Padmaavat', reports PTI. A bench comprising Chief Justice Dipak Misra and Justice AM Khanwilkar and DY Chandrachud also trashed the submission that the screening of the movie may cause serious threat to life, property and law and order.
"Maintaining law and order is not our job. That is the job of the state. Prayer rejected," the bench said while refusing to accord urgent hearing on the fresh plea filed by lawyer ML Sharma. The lawyer has sought cancellation of the U/A certificate granted by the Central Board of Film Certification (CBFC) to Deepika Padukone-starrer 'Padmaavat' on various grounds including the provisions of the Cinematograph Act.
11:15 Subscribers can withdraw up to 25% after 3 years in NPS
The Pension Fund Regulatory and Development Authority (PFRDA) has relaxed norms for partial withdrawals for subscribers of National Pension Scheme (NPS), reports Business Standard. The pension regulator has allowed NPS subscribers who have contributed for three years to withdraw up to 25% of the corpus subject to certain conditions.
Earlier NPS subscribers were allowed to withdraw from the corpus only after completion of 10 years. Withdrawals are allowed for higher education and marriage of children, including a legally adopted child, purchase or construction of a residential house or flat, and treatment of various specified illnesses like cancer, kidney failure, stroke, major organ transplant among other illness.
11:12 IS recruit from Kannur killed in Syria
An Islamic State (IS) recruit from the district has been killed in Syria, police said. Confirming the death of Abdul Manaf (30), a native of Valapattinam in the district in November last year, a senior police official said the news was received by his relatives on January 17 from his friend, who is also in Syria, through Telegram messenger app. "The news about the death of Abdul Manaf in a fight in November, 2017 in Syria is correct. It was sent by his friend Kayyum, who is also fighting for the IS in Syria", Deputy Superintendent of Police PP Sadanandan said.
11:01 Former Delhi CM Sheila Dikshit pens autobiography
Former Delhi Chief Minister Sheila Dikshit is coming out with her autobiography, "Citizen Delhi: My Times, My Life", publishers Bloomsbury India announced on Thursday. The memoir which will be unveiled on January 27 at the 11th edition of the Jaipur Literature Festival, will take readers through the "lifelong journey of the only female politician in India to be part of a select, overwhelmingly male, band", reports PTI.
"When I look back, I see an Indian woman, with what many may call a modern attitude even today, choosing to take the important decisions of her life and be accountable for them," Dikshit said. The memoir documents how a girl who loved cycling along the tree-lined avenues of a brand new Lutyens' Delhi, five decades later, went on to govern, and transform, Delhi as its chief minister - not once, but thrice consecutively – from 1998 to 2013.
10:47 Fed's Williams under consideration for No 2 Fed post, says report
San Francisco Federal Reserve Bank President John Williams is under consideration by the White House for the post of vice chair of the Fed Board in Washington, The Wall Street Journal reported. The journal said it was unclear whether Williams is a front runner. Williams would serve under Jerome Powell, a Fed governor who is to become the Fed chair early next month, succeeding Janet Yellen.
Williams, who holds a doctorate in economics and whose research on monetary policy and interest rates has been influential both inside and outside the US central bank, would be part of the trio of policymakers at the centre of US rate-setting that traditionally includes the Fed chair, the vice chair and the chief of the New York Fed. The Fed Board’s former No 2, Stanley Fischer, who was also a highly regarded economist and central banker, retired late last year.
10:26 Delay in Bhushan Steel sale; billionaire Sanjeev Gupta's Liberty House joins the fray
Even as submission of bids for the troubled steelmaker Bhushan Steel has been delayed by a week, a new player has emerged in the form of NRI industrialist Sanjeev Gupta. His UK-based Liberty House have emerged as a new entrant in the race, reports Moneycontrol News’ Prince Mathews Thomas.
While January 18 was earlier the last day for bids to be submitted, now it has been extended to January 25, sources said. “We got a notice on Wednesday informing us of the change in dates,” an official from one of the companies expected to put in a bid said.
10:08 Non-life insurers to see double-digit growth till 2022: Moody's
The non-life insurance industry is expected to register double-digit growth for the next three-to-four years, a Moody's analyst has said. In an interaction with Moneycontrol, Mohammed Ali Londe, Assistant Vice President-Analyst, EMEA Insurance, Moody's said that the sector will benefit from the liberalisation of reinsurance regulations as well as risk-based capital (RBC) regime. "With more reinsurance capacity coming from abroad, this will bring in more product offerings as well as sophistication to the market. This will enable Indian companies to also diversify into other product areas," he said.
10:02 AAP to contest all elections in Maha from now on
Brigadier (retd) Sudhir Sawant, who recently joined the Aam Aadmi Party (AAP), on Thursday said the party's Maharashtra unit would contest all elections barring gram panchayat polls, reports PTI. "From now on, AAP Maharashtra will contest all elections be it for the Parliament, Assembly, local body, municipal corporations or nagar panchayats. We have decided to fight every election except the ones for gram panchyats," Sawant said.
09:57 Court orders issuance of arrest warrant to Mallya in Kingfisher case
A court on Thursday directed issuance of an arrest warrant against defaulter businessman Vijay Mallya and 18 others in the Kingfisher Airlines case, on a complaint filed by the Serious Fraud Investigation Office (SFIO), reports PTI. The probe agency, which comes under the Corporate Affairs Ministry, has come across various violations of companies law in the case related to Kingfisher Airlines, which was grounded in 2012.
A Special Court, constituted under the Companies Act, in Bengaluru has directed issuance of arrest warrants against Mallya and 18 others, according to a court document. Mallya, who has been based in the UK for a long time, is wanted in India for Kingfisher Airlines' default on loans worth nearly Rs 9,000 crore and some other matters.
09:50 India to be a $5 trillion economy by 2025: Paytm chief
The Indian economy is set to double to $5 trillion in the next 7-8 years as booming consumption of digital services would support addition of about $2.5 trillion to the country's wealth, Paytm founder Vijay Shekhar Sharma said. "It took 70 years for India to become $2.5 trillion economy, and now the same amount of growth will take just next 7 years," Sharma told PTI.
09:44 Telcos can't give excuses for rise in call drops, DoT Secy
In a stern message to telecom operators, the Department of Telecom (DoT) said the industry can't give excuses like problems in installing mobile towers for rise in call drops and asked them to get their act together to tackle the issue. Telecom Secretary Aruna Sundararajan told PTI in an interview that the Department of Telecom (DoT) will meet the industry on the call drop issue as soon as Trai's assessment report comes out on quality of mobile services, benchmarked to the new call drop parameters.
09:21 SoftBank is now Uber's largest shareholder as deal closes
A group of investors led by SoftBank Group Corp closed a deal with Uber Technologies, making SoftBank the largest stakeholder in the ride-services firm and providing a much-needed boost to controversy-ridden Uber, reports Reuters. The deal includes a large purchase of shares from existing Uber investors and employees at a discounted valuation for the company of $48 billion, a 30% drop from Uber’s most recent valuation of $68 billion.
The investor group, which is co-led by SoftBank and Dragoneer Investment Group and includes Sequoia Capital, has also completed a $1.25 billion investment of fresh cash at the other, higher valuation, the spokesman said. In all, the investors will take a stake of about a 17.5% in Uber, with SoftBank keeping 15%, becoming the company’s largest shareholder. The investment triggers a number of governance changes at Uber, including the addition of new board members, which take effect immediately.
09:05 HCL Tech Q3 profit falls 6%; maintains FY18 constant currency revenue, EBIT guidance HCL Technologies said its profit for the October-December quarter gained 0.3% to Rs 2,194 crore compared to Rs 2,207 crore in previous quarter. Revenue during the quarter increased 3% sequentially to Rs 12,809 crore and dollar revenue rose 3.1% to $1,988 million, it added.
The software services provider has maintained its guidance for full year constant currency revenue at 10.5-12.5% and operating margin (EBIT) at 19.5-20.5%. HCL Tech said the board of directors has declared an interim dividend of Rs 2 per share for the financial year 2017-18. The record date of January 30, 2018 fixed for the payment of the interim dividend and the payment date of interim dividend will be February 5.
08:54 Bharti Airtel Q3 net profit tanks 39% YoY to Rs 306 crore
India's largest telecom operator Bharti Airtel reported an over 39% fall in its consolidated net profit for the third quarter ended December 31, 2017 to about Rs 306 crore. The company's net profit stood at Rs 504 crore in the same period previous fiscal. The company saw its overall revenue decline 13% to Rs 20,319 crore. Its revenue was pegged at Rs 23,336 crore in the corresponding period of the last financial year.
08:45 Wipro Q3 dollar revenue seen up 1%; net profit to remain flat Wipro, which is scheduled to report its results for the quarter ended December 2017, might report a 1% rise in dollar revenue to $2.03 billion, compared to $2.01 billion reported in the previous quarter.
Rupee revenue is likely to climb by 2.9% for the quarter ended December 2017 to Rs 13,553 crore, aided by acquisitions compared to Rs 13,169 crore reported in the previous quarter, according to CNBC-TV18 estimates.
Earnings before interest and tax is likely to fall slightly to 17.1% in Q3 compared to 17.3% reported in the previous quarter.
08:39 Kotak Mahindra Bank Q3 profit may rise 21% YoY, low cost deposit flow could be strong
Private sector lender Kotak Mahindra Bank's third quarter (October-December) standalone profit is seen rising 21% to Rs 1,064.2 crore, compared to Rs 879.8 crore in the year-ago period.
The Street is anticipating highest NII growth rate in last few quarters. Net interest income is expected to increase 19.4 percent to Rs 2,448.2 crore for quarter ended December 2017, compared to Rs 2,050.3 crore in same quarter last year, according to average of estimates of analysts polled by CNBC-TV18.
08:35 HDFC Bank Q3 profit seen up 20%, NII growth may be highest in last few quarters
Country's second largest private sector lender HDFC Bank is expected to report a 20% growth in profit at Rs 4,626.3 crore for the October-December quarter, compared to Rs 3,865.3 crore in the year-ago period.
The Street is anticipating the highest NII growth in last few quarters. According to average of estimates of analysts polled by CNBC-TV18, net interest income is seen rising 23% to Rs 10,226.6 crore from Rs 8,309.1 crore YoY.
08:26 ITC Q3 net profit seen at Rs 2,843cr; 4 factors to keep an eye out for
Diversified conglomerate ITC, which is scheduled to report results for the quarter ended December 31, could see a 7.5% rise in net profits to Rs 2,843 crore, compared to Rs 2,646.70 crore reported in the corresponding quarter last fiscal.
Analysts polled by CNBC-TV18 expect some weakness to continue for the salt-to-hotels conglomerate. The sentiment is largely weighed down by regulatory changes, particularly on the GST front, which have hurt cigarette volumes.
The revenues (excise adjusted) are likely to grow by 9.1 percent on a year-on-year (YoY) basis to Rs 10,086 crore for the quarter ended December, compared to Rs 9,248 crore reported in the corresponding quarter of last fiscal, the poll revealed.
08:11 HCL Tech Q3 dollar revenue seen up 2.6%, FY18 guidance could be maintained HCL Technologies' third quarter profit is seen falling 2.4% sequentially to Rs 2,135 crore compared to Rs 2,188 crore in the previous quarter, but topline is expected to be better. Revenue in rupee terms during the quarter could grow 2.8% to Rs 12,788 crore and topline in dollar terms is expected to increase 2.6% to $1,978 million compared to previous quarter, with constant currency growth at 2.5%, according to average of estimates of analysts polled by CNBC-TV18.
08:08 RIL Q3 standalone profit to climb 3% QoQ, GRMs seen around $12/bbl
Reliance Industries is expected to report a 3% QoQ rise in its standalone net profit at Rs 8,539 crore for the quarter ended December. A CNBC-TV18 analyst poll sees revenues growing 15% to Rs 78,913 crore for the quarter ended December 2017, compared to Rs 68,532 crore reported in the previous quarter. Analysts expect RIL’s gross refining margins (GRMs) to come in around $11.6 per barrel compared to $12 per barrel reported in the previous quarter.
07:55 GST Council cuts rates on 82 items, introduces tax evasion steps, gears up for simple return filing
At its meeting on Thursday, the GST Council revised rates of 29 goods and 53 services and introduced ‘anti-evasion measures’ to take care of faltering indirect tax revenue. While there was an extensive discussion to simplify the return filing process, a final decision will be taken at its next meeting. The decision on inclusion of real estate in GST has also been deferred.
Rates of goods such as bio-diesel, packaged drinking water, drip, irrigation system, bio-pesticides, among others have been brought down to 12% from 18%. Diamonds and precious stones will now attract 0.25% GST instead of 3%, while vibhuti and de-oiled brown rice will attract nil tax. Similarly, rates of 53 categories of services will now attract lower tax. However, out of these, Finance Ministry has also made clarification on certain services. While the change in rates will be applicable from January 25, the rationalisation exercise will have an impact of Rs 1,000-1,200 crore annually.
07:43 HSBC to pay $101m to settle US probe into currency rigging
HSBC Holdings agreed to pay $101.5 million to settle a US criminal probe into the rigging of currency transactions, which has already led the conviction of one of its former bankers, reports Reuters. The payment includes a $63.1 million fine plus $38.4 million in restitution to a corporate client, according to a deferred prosecution agreement filed on Thursday with the US District Court in Brooklyn, New York.
07:37 Possible money laundering alleged in sales of Trump properties, says US Rep Schiff
Testimony to the US Congress by the head of a research firm indicates that the Trump Organisation’s sales of properties to Russian nationals may have involved money-laundering, the top Democrat on the House Intelligence Committee told Reuters. Representative Adam Schiff made his comments after the committee released the transcript of a November 14 closed-door interview with Glenn Simpson, a founder of Fusion GPS.
“Those transcripts reveal serious allegations that the Trump Organisation may have engaged in money laundering with Russian nationals,” Schiff said. The House of Representatives panel is conducting one of the three congressional investigations into possible collusion between US President Donald Trump’s 2016 campaign and Russia.
07:23 USFDA plans more restrictive policy for bulk drug compounding
The head of the US Food and Drug Administration (USFDA) said it is preparing a new, more restrictive policy targeting what drugs compounding pharmacies can produce that do not go through the agency’s approval process, reports Reuters. FDA Commissioner Scott Gottlieb said the agency in March will issue draft guidance with new criteria for determining what substances can be used to produce drugs in bulk for hospitals and doctors’ offices without individual patient prescriptions.
07:19 Wall Street pauses rally as utilities, industrials fall
Wall Street fell on Thursday as losses in industrials and interest-rate sensitive sectors offset marginal gains in tech stocks. The Dow Jones Industrial Average fell 97.84 points, or 0.37%, to 26,017.81, the S&P 500 lost 4.53 points, or 0.16%, to 2,798.03 and the Nasdaq Composite dropped 2.23 points, or 0.03%, to 7,296.05.
6:53 US House passes short-term spending bill to avoid govt shutdown
Legislation to avoid a US government shutdown at midnight on Friday advanced in Congress, as the House of Representatives on Thursday night approved an extension of federal funds through February 16, although the bill faced uncertain prospects in the Senate, reports Reuters. On a mostly partisan vote of 230-197, the Republican-controlled House approved the stopgap funds, sending the bill to the Senate for consideration before the looming deadline and as President Donald Trump pushed hard for a measure he can sign.
But a mix of Democratic and Republican senators who oppose the House bill for varying reasons left the measure in a precarious spot. House passage came only after conservatives secured a promise from House Speaker Paul Ryan that he would soon advance some type of legislation to bolster US military readiness, said Republican Representative Mark Meadows. Besides a long fight over military versus non-military funding, Republicans and Democrats were battling over a measure to protect from deportation young immigrants known as “Dreamers” brought to the country illegally as children.
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Over 25 flights cancelled, 150 delayed at Delhi airport due to dense fog
Over 25 flights were cancelled and more than 150 delayed at the Indira Gandhi International airport here as operations came to a halt for over an hour due to dense fog.
No flights could either land in or take-off from the Delhi airport between 7:30 am and 9 am as visibility dropped below the minimum requirement, according to airport sources.
Nearly 21 flights were diverted to nearby airports, they said.
World wants to hear directly from horse's mouth: PM Modi on Davos
Prime Minister Narendra Modi today said the world wants to hear "directly from the horse's mouth" about India's policies and growth potential and he will feel proud to tell the success story of 125 crore Indians inDavos.
Days before his first visit to Davos for the World Economic Forum (WEF) annual meeting, Modi told Zee News in an interview that India has made a mark globally and there is a need to reap the benefits.
Stating that India's economy is growing rapidly and it has been recognised by the world, including all rating agencies, Modi said Davos is a "good opportunity" for the country as it is a big market with the strength of demographic dividend.
Govt launches liveability index to rate 116 Indian cities, ranking expected by June
The government on Friday launched the Liveability index to rate 116 Indian cities. The tool seeks to measure the quality of life in 99 smart cities, capital cities and those with a population of over one million.
The ministry of housing and urban affairs (MoHUA) through an international bidding process under World Bank-funded CBUD programme has selected IPSOS Research Private Limited in alliance with Athena Infonomics India Private Limited and Economist Group Limited for assessing the liveability indices in 116 cities, union minister for housing and urban affairs Hardeep S Puri said on Friday.
Punjab CM for steps to ensure open defecation free state by March 31
Punjab Chief Minister Amarinder Singh directed the water supply and sanitation department today to ensure accomplishment of the government's goal to make rural parts Open Defecation Free (ODF) by March 31 this year.
He ordered the department to take steps to ensure clean drinking water for all, besides 24x7 water supply in 100 more villages annually, officials said.
With 13 districts having already achieved the goal, the government was on way to positively achieve the target of declaring rural Punjab ODF by March 31, Amarinder Singh said here while chairing a meeting to review the ongoing schemes.
Kotak Bank awaits pricing cues and resolutions under IBC to start buying stressed assets
Kotak Mahindra Bank is waiting for more cues on pricing and resolution of bad loans under the Insolvency and Bankruptcy Code in order to aggressively invest in the distressed assets.
Dipak Gupta, joint managing director of the bank, said, “We have not bought very large amount of stressed assets. Out of 14 lakh crore (stressed assets), only 2.5 lakh crore are out in the first list (of the Reserve Bank of India). It is still evolving and will see how it goes, lot of laws are changing, getting modified, it has to stabilise, the pricing has to be appropriate. We are yet to see any closures…so, too early to say if pricing is appropriate but we are watching it closely.”
Taking passport services to doorsteps of citizens our aim, says Sushma Swaraj
External Affairs Minister Sushma Swaraj today said that the Government was continuously working towards taking passport services virtually to the doorsteps of
citizens residing even in remote villages.
Declaring open a Post Office Passport service Kendra (POPSK) in the country here, she said her Ministry was adopting a citizen-centric approach for passport services.
"We are committed to simplifying the entire process of passport services with a view to processing all applications in a speedy and transparent manner and have taken a series of reforms," she said.
Part of this simplification process was the recent decision to do away with printing of the last page in passports, she said.
"The government is continuously working towards taking passport services virtually to the doorsteps of citizens residing even in remote villages," she said.
JUST IN
| Former Gujarat Chief Minister Anandiben Patel appointed asthe governor of Madhya Pradesh.
Tata Trusts' MD moves HC against quashing of summons to Mistry
Tata Trusts' Managing Trustee R Venkatramanan today moved the Bombay High Court against a sessions court order quashing summons issued to ousted Tata Group chairman Cyrus Mistry in connection with a defamation complaint filed by Venkatramanan.
A Mumbai sessions court, on December 26, had quashed the summons issued to Mistry and others in the Rs 500-crore defamation case.
A metropolitan magistrate's court had issued the summons in July 2017, directing Mistry and others to appear.
Sheena Bora case: Bombay HC rejects Peter's plea for police diary
The Bombay High Court today rejected a petition filed by former media baron PeterMukerjea, an accused in the Sheena Bora murder case, seeking a case diary from the suburban Khar police.
Justice Anuja Prabhudessai held that there is no law which gives the accused person the right to access the police case diary (where details of probe are recorded daily) on mere suspicion that it might contain some contradictory material.
Mukerjea had demanded access to the personal diary maintained by sub-inspector Ganesh Dalvi, a prosecution witness who was part of the team that arrested prime accusedIndrani Mukerjea's driver, Shyamvar Rai.
Delhi HC asks EC to examine lacunae in law on political funding
The Delhi High Court today asked the Election Commission to examine the grievances raised in a plea, claiming the presence of lacunae in the law dealing with
techniques adopted by political parties to raise funds.
A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar asked the poll panel to address the petitioner's grievances and take a view thereafter.
It disposed the PIL by Congress MLA, Anumula Revanth Reddy, seeking direction to the Election Commission to address the law on political funding.
German court convicts man who sold weapon to Munich shooter
A German man who admitted selling the weapon a teenage gunman used to killed nine people has been sentenced to seven years in prison, a court spokeswoman said on Friday.
David Ali Sonboly, 18, killed nine people in Munich in 2016 before shooting himself dead. Another 27 people were injured. Police concluded the German-born Sonboly was a lone gunman obsessed with mass killings and was not inspired by Islamist militancy.
Government to allot 11 mines to Coal India Ltd, says Piyush Goyal
The government today said it has decided to allot 11 mines to Coal India Ltd (CIL) which will add about 225 million tonnes (MT) to the state-owned firm's annual production capacity by 2022.
CIL has a target to produce 1 billion tonne coal by March 2020, up from around 600 MT projected in the current fiscal. "The government has decided to allot 11 coal mines to Coal India," Coal Minister Piyush Goyal told reporters here.
Of the 11 mines, five are de-allocated blocks and six are fresh mines, he said. The company had requested the government to allot it additional coal mines to make all its subsidiaries 100 MT capacity units.
US oil output is booming and seen outpacing Saudi Arabia, Russia
US oil production is booming and is forecast to top that of heavyweight Saudi Arabia and rival Russia this year, a global energy agency said today.
The International Energy Agency said in its monthly market report that US oil production, which has already risen to its highest level in nearly 50 years, will push past 10 million barrels a day in 2018 as higher prices entice more producers to start pumping.
"This year promises to be a record-setting one for the US," it said.
Bharti Airtel transfers 25% stake in DTH arm to Nettle Infra
Bharti Airtel will transfer its 25 percent stake in DTH arm Bharti Telemedia to wholly owned subsidiary Nettle Infrastructure Investments, as per a regulatory filing.
"...we wish to inform you that the Board in its meeting held on January 18, 2018 has approved the transfer of 25 percent equity shares of Bharti Telemedia Limited (Subsidiary Company) to its wholly owned subsidiary; Nettle Infrastructure Investments Limited," Bharti Airtel said in a BSE filing.
The date of transaction of the sale is yet to be decided by the company.
NDRF trains over 55 lakh people for emergencies
The NDRF has trained over 55 lakh people across the country in order to better prepare the population against man-made or natural emergencies and build better preparedness against disasters.
The force had rescued 4,000 human lives in several operations in 2017, National Disaster Response Force (NDRF) Director General (DG) Sanjay Kumar said on the occasion of the forces' 13th Raising Day today.
"We have started familiarization exercises, school safetyprogrammes and mock exercises in which over 55.5 lakh people have sensitized by the force till now," he said.
Fire at skyscraper in Thane
Fire broke out at a 26-storey building in Naupada area here today afternoon.
Ten fire engines were pressed into service to douse the flames, fire brigade sources said. There were no casualties. Damage to the building was
yet to be assessed. The fire started between the third and fourth floors around 1.30 pm, and spread rapidly.
Regional Disaster Management Cell chief Santosh Kadam said some 150 people inside the building were shifted out.
Inspector Sanjay Dhumal of Naupda police station rescued some of the stranded people by climbing up a scaffolding put up for painting work.
JUST IN
|Ceasefire violation by Pakistan in Mendhar sector of Poonch, one civilian dead, reports ANI.
NHAI toll plazas to have Highway Nest, food & beverage kiosks
Toll plazas run by NHAI will soon have kiosks selling drinking water, tea/coffee, and packaged food for the convenience of highways users, the government
today said.
"Termed as Highway Nest, these kiosks are under construction on both up-side and down-side at all 372 NHAI run toll plazas," Ministry of Road Transport and Highways said in a statement.
These kiosks are being built on 10mx20m paved platforms about 200-250 metres from the toll plaza, it said, adding that toilet facilities including that for the physically challenged are also available at these sites.
Satyam case: SAT refuses to stay Sebi ban on Price Waterhouse
The Securities Appellate Tribunal today refused to grant a stay on the two-year SEBIban imposed on Price Waterhouse (PW) and its network entities from taking up new audit work for listed companies.
On January 10, the markets watchdog SEBIpassed an order against the audit major for its alleged complicity in the multi-crore Satyam Computer Services scam.
Posting the matter for further hearing on February 13, SAT however clarified that PW and its networking entities can continue serving its existing clients.
10-year securities to be sold to public to raise Rs 100 Cr
Puducherry government today announced sale of ten-year securities in the form of stock to the public by auction for an aggregate amount of Rs 100 crore.
A release from Puducherry Finance Secretary V Candavelou said the auction would be conducted by Reserve Bank of India (RBI) at Fort Mumbai on January 23.
The release said that the securities would be issued for a minimum nominal amount of Rs 10,000 and in multiples of Rs 10,000 thereafter.Auction would be conducted by RBI Mumbai Office (Fort) on January 23.
Paytm adds option to apply for physical debit card to iOS app
Paytm may have disappointed the section of its customer base that uses iPhones when it launched BHIM UPI transactions on its Android application a couple of months ago but not on its iOS application.
But all that changed on Thursday when the payments company launched an update for its iOS app, which included BHIM UPI transactions and an option to apply for physical debit cards if one is a Paytm Payments Bank customer.
Modi’s adopted village in Varanasi under darkness as thieves steal solar streetlights’ batteries
Batteries of about 80 solar streetlights out of the 135 installed in Jayapur village of Varanasi have been stolen by thieves that has left the village stare into darkness. The village was adopted by Prime Minister Narendra Modi in November 2014 and the streetlights were installed in the first half of 2015.
As per a report by the Hindustan Times, which quoted the village head Srinarayan Patel, “About a year ago, the batteries of 50 streetlights in the village were stolen. I lodged a written complaint at the police outpost of the village and also informed the Rohania police about the theft.”
Before the police could act, batteries of 30 more streetlights were stolen. Patel said that the police did not act even after they were informed about the incident again.
Mercedes-Benz becomes first to launch BS-VI, locally made car
German auto major Mercedes-Benz on Friday unveiled a BS-VI-compliant S Class produced at its Pune facility, more than two years ahead of the government deadline of April 2020 for switching to new emission norms.
Along with the unveiling of the new car, the company also received the certificate of compliance to the CMVR (Central motor vehicles rule) from the Automotive Research Association of India (ARAI) at a event attended by Union transport minister Nitin Gadkari.
Union budget to prioritize agriculture, infra investments, says Nitin Gadkari
Union minister Nitin Gadkari today said forthcoming budget will see priorities in agriculture andinfrastructure investment as country targets to achieve double
digit growth in due course.
"After demonetisation and GST, the situation is really changing. Our direct tax collection for this year has gone up by 18 percent compared to last year, and the
government borrowings have come down by Rs 30,000 crore as anticipated, keeping out fiscal deficit under control,"Gadkari said at an event 'Countdown to Union Budget' here.
"The growth figure for last quarter has again gone up over 7 percent and our target is double digit, which may take some time. But the way in which the economy is moving I am confident that in due course of time, we will achieve this," he added.
Aadhaar seeding to eliminate multiple PF accounts: Additional Central PF Commissioner Sinha
The Employees Provident Fund Organisation (EPFO) today said it will be able to eliminate multiple account numbers of an individual once the process of seeding Aadhaar is complete.
"Aadhaar seeding and bank account linking will help do away with multiple provident fund accounts, once merger of accounts happens with the help of Aadhaar seeding," Additional Central PF Commissioner S B Sinha told PTI.
Nokia teases tech world, says expect Mobile World Congress 2018 to be 'awesome'
Last year, HMD Global, the Chinese promoters of Nokia arrived with a bang in the Mobile World Congress in Barcelona announcing the re-launch of nostalgic Nokia 3310. The company is ready to make another splash this year going by how it is teasing the technology world.
HMD Global Chief Product Officer Juho Sarvikas on Thursday tweeted teasing his followers about the possible launches by the company. "Sorry for radio silence. Been super busy planning #MWC2018. Please expect it to be awesome [sic]," he said.
RIL Q3 profit, petchem EBITDA up 16%; GRM meets estimates; Jio clocks net income at Rs 504 cr
Oil-retail-to-telecom major Reliance Industries has reported consolidated profit growth of 16.2 percent at Rs 9,423 crore. Reliance Jio posted Q3 profit at Rs 504 crore and EBITDA grew by 82 percent to Rs 2,628 crore QoQ. Gross refining margin came in at USD 11.6 a barrel was in line with CNBC-TV18 poll of USD 11.6 a barrel.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Mauritius largest source of FDI in India, says RBI
Mauritius was the largest source of foreign investment in India, followed by the US and the UK, according to a census by the Reserve Bank.
Singapore and Japan were the next two sources of foreign direct investment (FDI), said the Census on Foreign Liabilities and Assets of Indian Direct Investment Companies 2016-17, released by RBI today.
Of the 18,667 companies that participated in the census, 17,020 had FDI/overseas direct investment in their balance sheets in March 2017, it said.
SEBI to accept only online filing of records from April 1
Online filing of records related to offer documents, schemes of arrangement, takeovers and buybacks need to be submitted only online to SEBIfrom April 1, the markets regulator said today.
In a circular, SEBInoted that the simultaneous filing of documents - physical and online- should start from February 1 and continue till March 31, 2018.
Thereafter, from April 1, 2018 physical filing of documents should be discontinued and only online filing will be accepted, the Securities and Exchange Board of India (SEBI) said.
JUST IN
|Delhi High Court has refusedto grant an interim relief to Aam Aadmi Party MLAs in Office of Profit case, reports ANI.
India sends tax notices to cryptocurrency investors as trading hits $3.5 billion
India has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, the income tax department said.
Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.
Government announces list of 9 new Smart Cities
The Union Housing and Urban Affairs MinisterHardeepSingh Puri today announced the names of none new Smart Cities. These cities will receive funding under the Smart Cities Mission taking the total number of cities identified to 99.
The winning cities areSilvassa(DadraandNagarHaveli), Erode (TamilNadu), Bihar Sharif (Bihar),Itanagar(ArunachalPradesh),Kavaratti(Lakshadweep), Diu (Daman and Diu) and Moradabad, Bareilly and Saharanpur (UttarPradesh).
Government announces list of 9 new Smart Cities
The Union Housing and Urban Affairs MinisterHardeepSingh Puri today announced the names of none new Smart Cities. These cities will receive funding under the Smart Cities Mission taking the total number of cities identified to 99.
The winning cities areSilvassa(DadraandNagarHaveli), Erode (TamilNadu), Bihar Sharif (Bihar),Itanagar(ArunachalPradesh),Kavaratti(Lakshadweep), Diu (Daman and Diu) and Moradabad, Bareilly and Saharanpur (UttarPradesh).
Zipping down Agra-Lucknow Expressway to cost from midnight onwards
Zipping down the swanky six-lane Agra-Lucknow Expressway will come at a price from mid-night today as vehicles using the route will have to pay toll tax.
The Yogi Adityanath government has fixed toll rates for vehicles using the 302 kilometre long expressway, which even boasts of a 3.3 km airstrip that defence aircraft can use as a runway during emergency.
The toll will vary from vehicle to vehicle and will be applicable on vehicles travelling from both sides, a state government spokesperson said today.
"The rates have been fixed at Rs 570 for car, jeep, van or light motor vehicles; Rs 905 for light commercial vehicle or mini bus; Rs 1,815 for bus and truck; Rs 2,785 for heavy construction work machine and multi-axle vehicle (3 to 6) and Rs 3,575 for over-sized vehicle (7 and above axles)," he said.
CBI has registered a case against former Chief Maintenance Engineer, Noida Authority (UP) and others for awarding several contracts worth Rs 116.39 cr (approximately) to 5 firms in gross violation of tender norms & procedures. Searches being conducted at 8 places including Delhi, Noida and Ranchi, reports ANI.
Kenya eyes 12-15% growth in footfalls from India in 2018
Kenya is eyeing 12-15 per cent growth in tourist arrivals from India this year. It also plans to promote meetings, incentives,
conferences and events (MICE) and adventure segments to increase its traveler base.
Well known for its safaris, Kenya now wants to expand beyond this to cater to different tastes and age groups, Kenya Tourism Board (KTB) CEO Betty Addero Radier told PTI.
She said, Kenya is mainly considered as a leisure destination among Indian travelers, however, KTB is working on changing its positioning and expanding it to include MICE, adventure, weddings and honeymoon.
Adventure tourism is one of the segments, which is rapidly picking up in India and for Kenya, it is going to be a major growth driver, she added.
Chennai Super Kings ropes in Lakshmipathy Balaji as bowling coach
Chennai Super Kings (CSK) will head into the forthcoming season of Indian Premier League (IPL) with the coaching staff to be headed by Stephen Fleming while former India cricketer Lakshmipathy Balaji has been roped in as the bowling coach.
The team, which is keen to get back its core team, has already retained Mahendra Singh Dhoni as captain, Suresh Raina and Ravindra Jadeja.
Neerja Bhanot killing case update
: FBI releases age-progressed images of 4 wanted hijack suspects
Over 31 years after the hijacking of a Pan Am plane in Pakistan, the FBI has released new age-progressed images of four wanted suspects in the deadly incident that left 20 people, including Indian flight attendant Neerja Bhanot, dead.
Chandigarh-born Bhanot was the senior flight purser on Pan Am Flight 73 hijacked in Karachi in 1986. She was killed while helping passengers to escape through emergency exits when hijackers opened fire and set off explosives during the 16-hour ordeal.
Wipro Q3 profit down 12% at Rs 1,930.1 cr; sees Q4 IT services revenue growth at 1-3%
IT services major, Wipro, posted December quarter earnings that missed Street estimates on Friday.
The company’s IT services earnings before interest and taxes (EBIT) was reported at Rs 1,959 crore, against Rs 2,278 crore, a drop of 14 percent year on year.
The company reported profit at Rs 1,930.1 crore, down 12 percent.
The rupee revenue for the segment came in at Rs 13,235 crore against Rs 13,169 crore, a marginal rise of 0.5 percent.
TRAI recommends allowing mobile services during air travel
Telecom regulator TRAItoday recommended allowing mobile telephony and Internet services for passengers during air travel in the country through both satellite and terrestrial network.
"The authority recommends that both, Internet and Mobile Communication on Aircraft (MCA) service should be permitted as In-Flight Connectivity (IFC) in the Indian airspace," TRAIsaid in its recommendations on 'In-Flight Connectivity' (IFC).
The Department of Telecom had sought views of the Telecom Regulatory Authority of India (TRAI) on August 10, 2017, over proposal to introduce voice, data and video services over Indian airspace for domestic, international and overflying flights in Indian air space.
TRAIsaid that for mobile services, there should be flexibility to IFC service providers in terms of use of technology and frequencies inside the aircraft cabin that should be consistent with international standards, provided no harmful interference is caused.
Centre has approved 2018 as Year Of Millets: Sadananda Gowda
The Centre has approved 2018 as the 'Year of Millets' to boost the sunrise agricultureindustry and production of the cereal, Union Minister Sadananda Gowda today said.
"The central government has approved 2018 as year of millets to encourage its production and boost this sunrise agri industry. We did it on Karnataka Agriculture Minister Krishne Byre Gowda's request," he said addressing organics and millets 2018 international trade fair here.
Speaking on the occasion, Krishne Byre Gowda said the government hopes to bring about a change in dietary habits and
promote a more sustainable future.
S&P assigns BBB- to Power Grid's medium-term notes programme
S&P Global Ratings today assigned long-term issue rating of BBB- to state-run Power Grid Corporation of India's proposed USD 1 billion senior unsecured medium-term notes programme.
The rating is subject to the agency's review of the final issuance documentation, S&P said in a statement.
"The rating on Power Grid reflects the company's supportive regulatory framework, near monopoly in interstate transmission, and stable margins and cash flows. Power Grid's large capital spending plans and exposure to the weak credit profiles of state electricity boards offset these strengths," it said.
The stable outlook on Power Grid, it said, reflects S&P's expectation that the company will manage its growth and project execution risks such that it maintains its ratio of funds from operations to debt at about nine per cent over the next 12-18 months.
US to overtake Saudi as crude oil producer: IEA
The United States are set to overtake Saudi Arabia as the world's number two oil producer this year, as shale companies, attracted by rising prices, ramp up drilling, the International Energy Agency said today.
"This year promises to be a record-setting one for the US," the IEA wrote in its monthly market report.
Crude production of 9.9 million barrels per day (bpd) in the US was now at the highest level in nearly 50 years,"putting it neck-and-neck with Saudi Arabia, the world's second largest crude producer after Russia," the IEA said.
"Relentless growth should see the US hit historic highs above 10 million bpd, overtaking Saudi Arabia and rivalling Russia during the course of 2018 -- provided OPEC/non-OPEC restraints remain in place," it said.