News Highlights: RBI launches ombudsman scheme to address complaints against NBFCs

12 more bank accounts of the Rotomac group have been attached in addition to the 14 bank accounts attached earlier, according to IT sources, reports ANI.

21:37 WhatsApp leak case: SEBI asks HDFC Bank to strengthen systems

SEBI has asked HDFC Bank to strengthen its processes/systems/controls to ensure that instances of leakage of unpublished price sensitive information do not recur in future.

The market regulator has also asked the bank to conduct an internal inquiry into the leak.

Media reports had earlier showed that at least 12 cases of prescient messages about major Indian companies' earnings were posted in private WhatsApp groups.

21:04 Highlights of PM Modi’s speech at the 4th Global Business Summit in Delhi

- "While the previous govt connected only 59 panchayats through optical fibre, our govt in just 3 years connected more than 1,10,000 village panchayats through optical fibre."

- "You are aware of the earlier banking system & how an environment of crony capitalism was entrenched in the system. More than 2,000 insolvency professionals & 62 insolvency entities are engaged in solving this. Our govt in 3 months has been able to solve more than 2,700 cases."

20:32 PM Narendra Modi at the 4th Global Business Summit in Delhi

You will remember 4 years ago, when India was talked about, it was counted in 'Fragile 5'. Today India's USD 5 trillion economy aim, & not Fragile 5, is talked about, said PM Narendra Modi.

20:28 RBI introduces Ombudsman Scheme to address complaints against NBFCs

New NBFC Ombudsman Scheme stage one: Deposit-Taking NBFCs to be covered.

Stage two: All NBFCs with asset size of over Rs 100 cr to be covered.

19:44 Voting to be held on March 12 for elections to 58 Rajya Sabha seats from 16 states. Last date of filing nominations is March 12, reports ANI.

EC to hold biennial elections to council of states to fill the seats of members retiring in April-May 2018 & a by-election to the council of states from the state of Kerala. The term of office of 58 members of Rajya Sabha elected from 16 States due to expire on their retirement.

19:14 India keen to share tech expertise with nations: DoT Secy

India is keen to become an end-to-end partner to countries that are looking to empower citizens through low-cost communication solutions and digital infrastructure, Telecom Secretary Aruna Sundararajan said today.

Sundararajan said that while deployment of physical infrastructure takes longer at times, the digital infrastructure can help overcome such deficits.

18:38 Bonds rebound, call rates turn lower

Government bonds (G-Secs) rebounded following renewed demand from corporates and banks, while, the overnight call money rates turned lower due to lack of demand from borrowing banks amid comfortable liquidity in the banking sytem.

The 7.17 per cent government security maturing in 2028 went-up to Rs 96.5875 from Rs 96.06, while, its yield moved down to 7.67 per cent from 7.75 per cent.

18:02 Forex reserves up by USD 1.96 bn to USD 421.720 bn

The foreign exchange reserves rose by USD 1.960 billion to USD 421.720 billion in the week to January 16, due to increase in foreign currency assets, the Reserve Bank said today.

In the previous week, the reserves had declined by USD 2.154 billion to USD 419.760 billion.

17:46 Congress expels former Maharashtra minister Satish Chaturvedi

The Maharashtra unit of Congress has expelled senior leader and former state minister Satish Chaturvedi from the party for "promoting" rebel candidates during the last year's Nagpur Municipal Corporation elections.

The Maharashtra Pradesh Congress Committee (MPCC), in a letter to Chaturvedi yesterday, said it had received complaints alleging that he supported rebel Congress leaders to defeat the party's official candidates in the civic polls.

17:38 SPARC gets I-T dept demand notice for Rs 27.30 cr

Sun Pharma Advanced Research Company (SPARC) today said it has received a demand notice notice from the income tax department for payment of Rs 27.30 crore for the assessment year 2014-15.

The company is in "receipt of a 'Demand Notice' under section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of Rs 27.30 crore for the assessment year 2014-15," SPARC said in a filing to BSE.

16:59 Foreign trade propels fourth-quarter German growth, outlook rosy
Foreign trade drove a 0.6% expansion in Europe’s largest economy between October and December, German data showed on Friday, and the momentum from the fourth quarter is widely expected to carry over into the start of 2018, reports Reuters.

The Federal Statistics Office said exports, which have traditionally propelled the German economy, climbed by 2.7% on the quarter and imports rose by 2% so net trade contributed 0.5 percentage points to growth. But private consumption, which has been a key pillar of support in recent years, was stagnant - as was gross capital investment. Neither made any contribution to growth. Government spending increased, adding 0.1 percentage points to growth.

16:41 Trump to announce new sanctions against North Korea
The United States is due to announce its largest package of sanctions yet against North Korea to further pressure Pyongyang over its nuclear and missile programme, as South Korea readies itself for more talks with the North’s officials, reports Reuters. Tougher sanctions may jeopardise the latest detente between the two Koreas amid their preparations to create conditions appropriate to hold a summit between North Korean leader Kim Jong Un and South Korean President Moon Jae-in. A senior U.S. administration official called the new penalties “the largest package of new sanctions against the North Korea regime,” without giving details.

16:38 Rajinikanth praises Kamal Haasan, calls him 'efficient'
Tamil superstar Rajinikanth praised his contemporary and Makkal Neethi Mayyam (MNM) founder Kamal Haasan, saying the "efficient" star would earn people's confidence, reports PTI. Responding to Haasan launching his political party MNM at Madurai on Wednesday, Rajinikanth, who is also set to take the political plunge, said though he and Haasan would be taking different paths, their destination would be only public welfare.

"Though, all (of us) tread different paths, what matters is public welfare," he said. Asked about his opinion on the MNM, Rajinikanth said Haasan was an "efficient" person. "Kamal is efficient. He will earn people's confidence," he said.

16:36 MCA may move NCLT to attach properties of Mehul Choksi, Nirav Modi
The Ministry of Corporate Affairs (MCA) may move the National Company Law Tribunal to attach properties of Mehul Choksi and Nirav Modi, reports Moneycontrol News’ Tarun Sharma. Properties belonging to Modi's wife Ami Modi, and brother Neeshal Modi have also been included. Also, assets of 104 companies - units of Choksi and Modi - may also be attached.

The MCA had recently shared the list of related companies with Enforcement Directorate, after identifying the properties. The list has been prepared on the basis of these four individuals holding positions of directors at any point of time, an official said. These companies have fewer assets as compared to the loans they have taken from banks. Most of these companies deal in diamond, finance and real estate sectors.

15:29 SC dismisses IndiGo's plea against order to shift from T1 to T2 of IGI
The Supreme Court dismissed a plea of no-frill carrier IndiGo challenging a Delhi High Court order to shift its operations from Terminal-1 (T1) of the IGI Airport here to Terminal 2. A bench of Chief Justice Dipak Misra and Justice DY Chandrachud directed the IndiGo Airline to shift its operations partially to T2 in 25 days.

The budget carrier had on February 19 approached the apex court against the February 13 order of the division bench of the High Court. The larger bench of the High Court had upheld the decision of a single judge order observing that the decision of Delhi International Airport's (DIAL) to partially shift IndiGo's operations from T1 to T2 cannot be said to be unreasonable only because it may operate harshly against that airline.

The High Court had turned down the suggestion of IndiGo that T1 be dedicated exclusively for its use and low-cost carrier SpiceJet be asked to move its entire operations to T2. The bench had said this suggestion had sprung from IndiGo's own commercial considerations and was not made in the larger public good.

It had said SpiceJet was as much a business rival of IndiGo as GoAir was a competitor of these two private carriers. IndiGo may be on top of the heap if the volume of passenger traffic is seen, but this would not entitle it to claim monopoly over T-1 to the exclusion of the rest, it had added.

15:22 AAP vs Chief Secy: Police team at CM's residence
A Delhi Police team was sent to Chief Minister Arvind Kejriwal's residence in the Civil Lines area for collecting evidence related to an alleged assault on Chief Secretary Anshu Prakash by AAP MLAs. "A police team has been sent to the chief minister's residence for collecting all evidence, including CCTV footage, in connection with the alleged assault on the Delhi Chief Secretary," Additional DCP, North Delhi, Harinder Singh told PTI.

According to Delhi government spokesperson Arunodya Prakash, 60-70 policemen entered the chief minister's office. "CM house taken over by police. Huge number of police force enters CM house without any intimation. Police Raj kills democracy in Delhi. Police spread all over inside CM house. If this what they can to do an elected CM, think what they can with poor people!!!" Prakash wrote on Twitter.

15:19 Modi, Trudeau discuss terrorism, trade ties
Prime Minister Narendra Modi and his Canadian counterpart Justin Trudeau held extensive talks on key issues of counter-terrorism and extremism as well as ways to boost trade ties, after which the two sides inked six pacts, including on energy cooperation, reports PTI.

After their nearly two-hour long meeting, Modi said they discussed the entire gamut of the bilateral partnership. Asserting that it is important that the two countries work together to fight terrorism, Modi said there should be no place for those who misuse religion for political goals.

The prime minister also made it clear that those who challenge India's sovereignty and unity will not be tolerated. Modi's remarks come amidst criticism of the Trudeau government's soft approach towards the Khalistan issue.

15:10 Sembcorp Industries’ energy arm files Rs 4K cr IPO
Sembcorp Energy India, an independent power producer, filed its draft papers with capital markets regulator Sebi to float an initial public offering (IPO). The company, which has thermal and renewable power assets in India, is promoted by the Singapore Exchange-listed Sembcorp Industries.

The IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 146,774,194 equity scrips by the existing shareholders, draft papers filed with Securities and Exchange Board of India (Sebi) showed. This includes sale of 128,941,129 shares by Sembcorp Utilities and up to 17,833,065 equity scrips Gayatri Energy Ventures.

Proceeds from the issue will be utilised towards repayment of certain indebtedness, and for other general corporate purposes, the company said. Sembcorp Energy identifies, develop and operate power generation assets across the thermal and renewable power sectors in India.

15:01 Stock exchanges cut ties to foreign bourses after govt nod, say sources
The government fully endorses a dramatic move by domestic exchanges to cut off data to global bourses, sources told Reuters, seeing it as vital to lure foreign investments into the country from Singapore and other financial centres. It was only after receiving the endorsement that India’s three private stock exchanges - National Stock Exchange, BSE and MSEI - proceeded with the joint announcement on February 10 to stop providing data to foreign rivals, said two senior officials at the bourses.

A senior finance ministry official said New Delhi had held “wide consultations” on whether to support the exchanges’ actions, and concluded it was needed to allow a new international finance centre being set up in India “to compete with Singapore and Dubai.” “We have to balance the needs for domestic interests and our image in the global market,” said the official. The move by the exchanges, blasted by index provider MSCI as protectionist, reflects long-held wariness by officials about the trading of Indian derivative products overseas, outside the ambit of domestic regulators.

14:53 Nirav Modi & Mehul Choksi's web of LLP firms under scanner
The Enforcement Directorate, Central Bureau of Investigation and the Income Tax department have started a probe in a string of LLP firms created by billionaire diamond merchant Nirav Modi and his uncle Mehul Choksi in the Rs 11,400 crore Punjab National Bank (PNB) fraud case, reports Moneycontrol News’ Gaurav Choudhury.

The agencies are investigating whether or not the web of these Limited Liability Partnership (LLP) firms that Modi and Choksi used to run over the last two decades were used to funnel black money.

Moneycontrol accessed the list of these companies and found that in many of these companies both Modi and Choksi have exited as directors/partners over the last few years. In a few cases, they have exited as late as 2016, in one case in November 2017.

14:42 USFDA issues 3 observations to Sun Pharma's Halol unit
The US Food and Drug Administration has issued Form 483 with three observations to Sun Pharmaceutical Industries’ Halol unit. The US drug regulator has asked the company to submit its response to the observations within 15 days. The issue assumes significance as the Halol unit accounts for 20% of the US sales of Sun Pharma.

14:11 NSE warns MSCI to stay out of SGX dispute
The National Stock Exchange (NSE), which cut its ties with the Singapore Exchange in an effort to rein in offshore derivatives, warned index compilers MSCI about involving themselves in the dispute, reports Bloomberg. Vikram Limaye, Chief Executive Officer of the NSE, said his company’s relationship with MSCI depends on the New York-based firm telling its clients to not use its data for futures and options contracts based on Indian stocks.

His comments come after the NSE and two other bourses said they would end licensing and market data agreements with foreign exchanges, a move that shocked investors and threatens India’s international financial standing. MSCI said last week the termination was an anti-competitive step and warned that the nation’s market classification could change as a result.

“We will continue to provide all prices and data to MSCI for indexes, provided that data is not used for trading Indian offshore derivatives,’’ Limaye said. “We have had four conversations with MSCI and have explained our position.” The move to end offshore ties is the latest attempt by India to discourage overseas trading of products linked to its markets, as it promotes a tax-free trading zone in Gujarat.

13:55 China seizes control of Anbang Insurance as chairman prosecuted
The Chinese government seized control of Anbang Insurance Group Co and said its chairman had been prosecuted, a dramatic move that highlights Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk, reports Reuters. Anbang had violated laws and regulations which “may seriously endanger the solvency of the company”, the China Insurance Regulatory Commission (CIRC) said in a statement announcing the seizure.

The CIRC also said Anbang’s chairman and key shareholder, Wu Xiaohui, had been prosecuted for economic crimes. Wu was arrested in June as troubles mounted for one of China’s most aggressive buyers of overseas assets. The Shanghai prosecutors office said in a statement that Wu had recently been charged with fundraising fraud and abuse of his position, and that his case had been forwarded to the city’s intermediate court for prosecution.

13:48 ICAI begins probe into PNB fraud case
The Institute of Chartered Accountants of India (ICAI), a state-controlled regulator for the sector, has said it is probing whether auditors played a role in perpetrating the alleged $1.77 billion fraud that Punjab National Bank unearthed last week, reports Reuters. The ICAI has asked the Securities and Exchange Board of India, Punjab National Bank (PNB) and investigating agencies to share their findings about the alleged fraud, including anything related to the involvement of any chartered accountants.

13:38 US tells India to cut tariffs as trade friction heats up
US businesses and diplomats are pressing India to cut tariffs, industry and government sources told Reuters, after New Delhi’s move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade. Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple is concerned its iPhones have become even more expensive in the price-conscious $10 billion smartphone market.

The US Congress has been pushing over the past year for greater pressure on India to dismantle economic barriers, and now House Republicans have raised the issue of the new round of duties with New Delhi. “We conveyed our concerns to the Indian government last week to raising tariffs above WTO rates – especially as it relates to information technology,” a Republican aide in Washington said.

13:08 Blackstone may buy 49% in Indiabulls’ office rental biz for $600m, says report
Blackstone Group, the world’s largest private equity firm, is set to buy a 49% stake in the office rental business of Indiabulls Real Estate in a $600-650 million deal, valuing the entire portfolio at around $1.2 billion, sources told The Economic Times. Talks are said to be in the final stages.

The transaction will include landmarks in Mumbai’s Lower Parel such as One Indiabulls Centre and Indiabulls Finance Centre besides the One 09 building in Gurgaon and One Indiabulls Park in Chennai, part of a trend of overseas investors picking up select commercial properties in India.

12:57 Coca-Cola to launch state-specific fruit beverages
Beverages major Coca-Cola, as part of diversifying the product portfolio in the country, would look to launch variants in the fruit beverages category that would be specific to each state, a top official has said.

The company which has been retailing global brands like Coke, Sprite, Fanta also engaged in retailing brands Thums Up, which it acquired in the domestic  market.

The Coca-Cola Company, India and Southwest Asia, President, T Krishnakumar said they were planning to launch lot of variants in terms of "fruit beverages" as part of an initiative to get products "more relevant to India".

"In fact, we are going to launch lot of local products. Like mango, we have Maaza. During this year, we are planning to launch mango of every State," he told reporters late last night.

12:50 WhatsApp now allows users to add a 'Group Description' on its beta version; here are the key points
Facebook-owned WhatsApp has been constantly pushing out new updates with interesting features to enhance the experience of users. In the latest update, the messenger is set to allow users to add a description to their groups that include brief details about the purpose of creating a particular group.

The option to add a description is currently available for users through a beta testing programme (version 2.18.61) of WhatsApp on Android. WhatsApp's beta program can be joined through Google Play Store, and the latest features in testing will be available for them. The Windows beta version 2.18.28 is also reportedly reflecting the new option.

The group description will be visible to participants of the group and people invited to the group. As the new facility may be soon available for regular users as well let's take a look at some key points: Read the full report here.

12:41 Top 5 sectors which are looking attractive post 2,000-point drop in Sensex from highs
Global and domestic equity markets have undergone a sharp correction since early February, erasing almost all gains generated in the previous month. The correction has been largely on account of increasing concerns around rising bond yields and inflation.
The S&P BSE Sensex has fallen 2600 points from its record high of 36,443 recorded earlier in the month of January to 33,819 which was the closing level on 22 February.
In-line with the global trend, the domestic equity markets have also fallen significantly, reflecting a partial retracement of the sharp increase in stock prices and multiples over the past 12 months. Read the full report here.

12:35 Aircel employees seeking new jobs after being warned to brace for 'difficult times ahead'
After Aircel's management told its employees to brace for 'more difficult times ahead', the 5,000 odd-employees are staring at a job market already clogged with former employees of loss-making telcos, according to a report in The Economic Times.

As per the report, many employees want to leave the sector as soon as possible, especially after the warning letter was sent to them by their CEO. The telcos are currently grappling with losses and in order to cover the costs, they are either shutting down their business or going ahead with a merger.

Headhunters have already received several CVs from Aircel employees and are expecting it to shoot up post the management's warning letter.

12:31 PNB fraud case update:
Government may ask bank to pay liabilities
RBI is likely to set April 30 as the deadline for banks to link core operations and SWIFT, news agencies have reported. In addition to this, the government may also ask PNB to pay for the liabilities caused by the fraud case. It is believed that the government will ask PNB and its peers to determine the liability of the fraud and review their foreign accounts. Allahabad Bank has sent memos to all their branches to link the bank's core operations to SWIFT.

12:29 Sunanda Pushkar death: SC notice to Delhi Police on Swamy's plea for SIT probe
The Supreme Court today sought the response of the Delhi Police on a plea filed by BJP leader Subramanian Swamy seeking an SIT probe into the death of Congress MP Shashi Tharoor's wife Sunanda Pushkar.

A bench of Justices Arun Mishra and A M Khanwilkar issued a notice to the police on Swamy's plea, leaving open the question of maintainability of the petition. "Keeping the question of maintainability open, let a notice be issued," the bench said.

The court was hearing Swamy's appeal against the Delhi High Court's October 26 verdict dismissing his plea for a probe into Pushkar's death by a court-monitored Special Investigation Team (SIT).

Pushkar was found dead under mysterious circumstances in a suite of a five-star hotel in Delhi on the night of January 17, 2014.
The high court had last year rejected Swamy's plea for a court-monitored SIT probe into Pushkar's death and termed his public interest litigation (PIL) a "textbook example of a political interest litigation".

12:19 US tells India to cut tariffs as trade friction heats up
US businesses and diplomats are pressing India to cut tariffs, industry and government sources say, after New Delhi's move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade.

Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple Inc is concerned its iPhones have become even more expensive in the price-conscious USD 10 billion smartphone market.

India and the United States have built close political ties and Prime Minister Narendra Modi was in Washington last summer, bear-hugging President Donald Trump in his personalised style of diplomacy. But trade friction is casting a shadow.

12:12 Aurobindo Pharma may buy Apotex’s European biz for $100m, says report
Aurobindo Pharma has expressed early stage interest in the European business of the $1.7-billion privately held Canadian drugmaker Apotex, reports The Economic Times. Known for its high-profile litigations in the US against MNC pharma players, Apotex has put on the block its European operations as part of a wider consolidation effort, sources said. The deal may be valued at around $100 million and fits in with Aurobindo’s strategic road map of upping its presence in eastern Europe through bolt-on acquisitions, sources said.

11:44 PNB fraud: ED freezes deposits, shares worth Rs 44cr of Nirav Modi group
The Enforcement Directorate has frozen bank deposits and shares worth about Rs 44 crore of the Nirav Modi group, and seized a huge collection of imported watches from locations linked to the billionaire diamantaire, reports PTI. Officials said they have put freeze orders on bank accounts containing Rs 30 crore and shares worth Rs 13.86 crore of the group under the Prevention of Money Laundering Act (PMLA).

11:36 L&T construction arm bags orders worth Rs 1,266cr
Larsen & Toubro (L&T) said its construction arm has won orders worth Rs 1,266 crore across business segments. The company said its buildings and factories business has bagged orders worth Rs 928 crore. "An order has been bagged from a reputed government client to construct 284 residential towers...under the Prime Minister Awas Yojana Scheme in various locations of Krishna District of Andhra Pradesh," the engineering and construction major said in a BSE filing.

Meanwhile, its power transmission and distribution business and transportation infrastructure business secured an order from the Mumbai Metro Rail Corporation (MMRC) worth Rs 338 crore. The order bagged by L&T's power transmission and distribution business will be jointly executed with its transportation infrastructure business.

11:31 Noida-based water storage products maker Vectus plans Rs 500cr IPO
Vectus Industries, a Noida-based manufacturer of water storage products, is exploring a Rs 500-crore initial public offering and is currently in talks with merchant banks to help it list on the exchanges, officials from two different investment banks told Moneycontrol News’ Dhirendra Tripathi.

Private equity firm Creador has around 20% stake in the company and is expected to at least partially monetise it, one of the officials said. “The company is eyeing a valuation of around Rs 2,500 crore. The merchant banker is yet to be selected. Most of the issue will comprise fresh shares with the PE encashing some of its stake,” the second official said.

According to the information available on the company’s website, the more than two-decade-old company has 15 manufacturing plants in India and a manufacturing facility in Kenya. It makes water storage tanks like loft and moulded tanks as well as underground tanks. It also makes plumbing, column pipes, water piping systems and garbage bins for public use. The company markets its products under Ganga, Gangotri, Maxima, Waterwell and Vectus brands.

11:23 Trump admin makes H-1B visa approval tough, Indian firms to be impacted
The Trump administration has announced a new policy that makes very tough the procedure of issuing H-1B visas to those to be employed at one or more third-party worksites, a move that will hugely impact Indian IT companies and their employees, reports Moneycontrol News’ Neha Alawadhi.

Under the new policy, the company would have to go an extra length to prove that its H-1B employee at a third-party worksite has specific and non-qualifying speculative assignments in speciality occupation. The H-1B programme offers temporary US visas that allow companies to hire highly skilled foreign professionals working in areas with shortages of qualified American workers.

The new move announced on Thursday through a seven-page policy empowers the US Citizenship and Immigration Services (USCIS) to issue H-1B visas to an employee only for the period for which he/she has work at a third-party worksite. As such the issuing of H-1B visas could be of less than three years. This would reverse the tradition of issuing the H-1B visas for three years at a time.

10:42 Fortis promoter holding shrinks to 3% from 34% in two months
Promoter holding in Fortis Healthcare has fallen to an all-time low of 3% from about 8.6% just three weeks ago and 34.4% at the end of December 2017. This is thanks to the invocation of pledged shares by financiers like Axis Bank, ECL Finance, IDBI Trusteeship and Indiabulls Housing Finance. Disclosures on BSE showed that after financiers invoked the pledged shares earlier this week, acquiring nearly 1.5 crore Fortis shares, the promoters now hold just about 1.6 crore shares, valued at about Rs 226 crore.

10:38 The government extends date for Reserve Bank of India (RBI) Deputy Governor post application to March 14, reports CNN-News18.

10:33 BlackRock puts gunmakers on notice after Florida school shooting
The world’s largest asset manager put US gunmakers on notice saying that it is no longer business as usual in the wake of a shooting that killed 17 at a Florida high school, reports Reuters. BlackRock said it will speak with weapons manufacturers and distributors “to understand their response” to the second-deadliest shooting at a public school in US history, putting pressure on companies such as Sturm Ruger & Company and American Outdoor Brands Corp. BlackRock is the largest shareholder in both gunmakers and has more than $6 trillion in assets under management. It stopped short of saying it would divest its funds of gun companies, however.

10:26 Federal Bank acquires 26% stake in Equirus Capital, stock up 5%
Shares of Federal Bank are up close to 5% after the private sector lender made its foray into investment banking by acquiring a minority 26% stake in Equirus Capital, a boutique investment bank.

Ganesh Sankaran, Executive Director, Federal Bank, said with a shift in client preferences, the bank's foray into investment banking will help it participate in opportunities and instruments beyond traditional banking products.

“It would widen the product offerings to a spectrum of wholesale clients by offering comprehensive financial solutions for debt and equity capital markets, structured finance, capital market products and advisory,” the bank said in a release.

10:04 ED hopes to recover Rs 3,000-4,000cr by attaching properties of Nirav Modi, Mehul Choksi
The Enforcement Directorate (ED) hopes to recover Rs 3,000-4,000 crore from properties of Nirav Modi and Mehul Choksi, sources told Moneycontrol News’ Tarun Sharma. This is in addition to the diamonds and precious stones seized by ED, valued at Rs 5,816 crore by Gitanjali Gems.

As per the assessment of income tax paid, ED believes Choksi and Modi collectively own properties worth up to Rs 4,000 crore. The ED has sent all seized diamonds to a laboratory for assessing their value. Along with that, ED has sought a report from the Income Tax Department detailing Nirav Modi’s properties.

A source in the I-T Department said: “In our assessment, we have found more than 20 properties in Mumbai, Surat, Pune and Nashik which are valued not more than Rs 1,500 crore including one solar plant in Nashik. This solar plant also used to have some tax benefit.” As per sources, Nirav Modi owns 25 real estate properties across Surat, Nasik, Mumbai and Pune. While Choksi owns four SEZs and two malls across India, and six flats in Mumbai worth over Rs 2,500 crore.

09:59 Macquarie, Brookfield in race for 1,700km of road projects
The National Highways Authority of India (NHAI) has received four bids for the first bundle of nine projects to be monetised under the toll-operate-transfer model, a top official said. The NHAI is planning to auction toll collection for about 1,700 km highways under its toll-operate-transfer (TOT) model, aimed at monetising public-funded roads.

"... Four bids (have been) received for the first ToT bundle...We hope to select the most competitive bidder within next 10-12 days," NHAI's Member (Finance) Rohit Kumar Singh said. Singh said the four bidders are Macquarie, Brookfield, Roads-NIIF (National Infrastructure Investment Fund) and IRB.

09:51 Sensex, Nifty start March series on a strong note
The market has started the March series on a positive note, tracking firm global cues. The Sensex started off around 100 points higher and is currently trading around that level. The Nifty has reclaimed the 10,400-mark. All sectoral indices are trading in the green, with Nifty pharma emerging as the top gainer. Midcaps, too, have seen a strong opening, up around half a percent.

After taking a beating in the past few sessions, state run banks have seen some strong moves. The Nifty PSU bank index is up over a percent.

Shares of Sun Pharma are up over 3% as its Halol inspection is likely to end today. The stock is the top gainer on the Sensex. Federal Bank is up around 4% after it acquired 26% stake in Equirus Capital.

09:44 PNB appoints PwC to probe Rs 11,400 crore fraud, says reportPunjab National Bank has appointed auditor PwC to conduct an investigation into the alleged Rs 11,400-crore fraud involving jewellers Nirav Modi, Mehul Choksi and their companies, sources told The Economic Times. PwC has been asked to gather evidence that can be used against Modi and his associates in court, sources said.

In the 15-point “scope of work” document issued by PNB on February 17 and finalised on February 21, the bank instructed PwC to identify how the letter of undertaking (LoU) mechanism was misused by Modi, track the money and check on the end use of the funds raised.

It has also been asked to quantify PNB’s losses due to the alleged scam. The auditor will also seek to trace the assets of Modi and others involved that were not disclosed in company balance sheets and could be seized for recovery of dues.

09:36 PNB transfers 1,415 employees post scam
Punjab National Bank (PNB) has transferred 1,415 employees after the scam involving Rs 11,400 crore, using fake letters of undertakings (LoUs) to diamond jeweller Nirav Modi and associates, surfaced earlier this month. "...the Bank has transferred 257 sub staff, 437 clerks and 721 officers (total 1,415 employees) since February 19, 2018, as per prevailing Rotational Transfer Policy of the Bank," PNB said in a statement. It however denied reports that the bank has transferred close to 18,000 employees saying it is "factually incorrect".

09:33 Nirav Modi fails to keep ED date, agency issues fresh summons
Fresh summons was issued against diamantaire Nirav Modi, after he failed to appear and depose before the Enforcement Directorate (ED), sources told PTI. They added that Modi had replied to the ED's investigating officer (IO), who is probing the role of the diamond merchant and his uncle Mehul Choksi, the promoter of Gitanjali Gems, in the Rs 11,400-crore alleged fraud at the Punjab National Bank (PNB), and cited the temporary suspension of his passport and pending business issues as reasons for his non-appearance.

Modi was summoned by the ED under the Prevention of Money Laundering Act (PMLA). Sources said he had now been asked to join the investigation and appear before the central probe agency in Mumbai on February 26. Modi, it is understood, had sent an e-mail to the ED, stating that while his passport was temporarily suspended, he was also dealing with the recent developments and investigations, pertaining to the alleged bank fraud, against his businesses in the country and hence, he was unable to depose before the agency.

09:28 Rotomac owner Vikram Kothari arrested by CBI
The Central Bureau of Investigation arrested Rotomac owner Vikram Kothari and his son Rahul, both directors in the company, for alleged default on loan repayments to the tune of Rs 3,695 crore, officials told PTI. Kothari, who was called at the agency headquarters in New Delhi for questioning, and Rahul were not co-operating in the investigation that led to their arrest, they said.

09:11 JSW offers highest bid at Rs 9,914cr for Jaypee Infratech, says report
The JSW Group has emerged as the highest bidder for Jaypee Infratech, offering Rs 9,914 crore to banks amid claims from home buyers that they should be considered on a par with financial lenders in the resolution plan for the debt-laden company, reports The Economic Times.

Two senior officials aware of the bids said Jaypee Infratech, which is currently facing insolvency proceedings, got a total of six offers. Interested buyers are the JSW Group, the Adani Group, Jieyang Zhonguci a real estate firm from China, Deutsche Bank, Sudhir Walia-promoted Suraksha ARC and Jaypee Infratech’s parent company Jaiprakash Associates.

08:55 Uber sees driverless cars hitting the road in 1yr
World's largest ride hailing company Uber said its driverless car may be on roads in less than a year as it works with leading automobile manufacturers on technology for self-driving vehicles. Uber is also betting big on India, which it says could be its leading tech centre in 10 years.

On his maiden visit to India, Uber Technologies CEO Dara Khosrowshahi said the company is collaborating with Japan's Toyota Motor Corp on autonomous technology. "In less than a year, autonomous vehicles will be on the road in our network," he said. "Much sooner than you would expect."

Khosrowshahi said he wants to make a big bet in India on technology. "I want to make a big bet in India. The talent pool here is extraordinary. The work ethic here is terrific. I think people are hungry to succeed. I love the entrepreneurial energy in India. So, I want India to be our second tech centre. San Francisco is the headquarters but India is going to be a very big tech centre, and who knows maybe 10 years from now India will be our first tech centre, we will see," he said.

08:48 Trump not satisfied with Pak’s progress on terror fight: White House
US President Donald Trump is "not satisfied" with the progress made by Pakistan in its fight against terrorism, the White House said, reports PTI. The White House also said that for the first time, the US is holding Pakistan accountable for its actions. White House Deputy Press Secretary Raj Shah said, "We've seen modest progress in terms of Pakistan's actual acknowledgement of these concerns, but the President is not satisfied with progress when it comes to Pakistan."

08:35 Congress won't declare CM face for Rajasthan polls
The Congress will not declare its chief ministerial face ahead of the Rajasthan Assembly polls, party general secretary in-charge for the state Avinash Pande said, stressing that it has been the party's "tradition", reports PTI. He said the party's Rajasthan leaders will put on a united performance to ensure victory "as they did" during the recently-held bypolls in Ajmer and Alwar parliamentary seats and Mandalgarh assembly segment in the state.

07:50 Kylie Jenner just wiped $1.7bn off Snap’s market cap
Shares of Snap are on track for their worst week since November 2017, plunging as much as 8% on Thursday after reality TV star Kylie Jenner tweeted that she no longer uses the Snapchat app following its redesign, reports CNBC. Jenner's tweet comes on the heels of a downgrade from Citigroup earlier this week. Citi singled out the backlash against Snapchat's redesign as the main reason they downgraded the stock to a sell rating.

07:45 Steve Jobs' pre-Apple job application could fetch $50,000 at auction
A job application filled out by Steve Jobs more than four decades ago that reflects the Apple founder’s aspirations to work in technology and design will go up for auction next month, reports Reuters. With an estimated value of about $50,000, the one-page application from 1973, complete with spelling and punctuation errors, lists his name as “Steven jobs” and address as “reed college,” the Oregon college he attended briefly, Boston auction house RR Auction said. Under a section titled “Special Abilities,” Jobs wrote “tech or design engineer. digital.—from Bay near Hewitt-Packard,” a reference to pioneering California technology company Hewlett-Packard.

07:23 Nearly 50% hedge-fund investors think the stock market has peaked
About half of investors in hedge funds think equities peaked as of the end of last year, according to a new survey out on Thursday, reports CNBC. As a result, they're turning back to hedge funds to manage the coming volatility. The largest share of investors in five years plans to increase exposure to hedge funds in 2018, according to the report by data firm Preqin. Almost half are planning to maintain these allocations over the next year, which Preqin said is due to damped sentiment towards stocks.

Forty-five percent of investors believe stock markets are at a peak as of the end of 2017, and 5% think they are in a "recessional phase," according to the Preqin report. The feeling that a long bullish phase is ending has been backed by rising volatility in recent weeks. In response to the equity environment, the report said 37% of investors plan to take a more defensive stance with their portfolios, while only 10% plan to position themselves more aggressively. Only 14% of investors plan to increase their exposure to equity strategy hedge funds.