News Live: Godrej Agrovet IPO draws heavy demand, oversubscribed 95 times

By Roel Almeida

Oct 06, 01:20 PM (IST)

Top Headlines:

1. The GST Council announces steps to ease compliance burden on small businesses

2. Anti-nuclear campaign ICAN wins 2017 Nobel Peace Prize

3. Aadhaar now mandatory for post office deposits, PPF, and National Savings Certificate

4. Devalue rupee or provide stimulus: India faces difficult choices in bid to boost growth

5. Despite cut, Moody’s says fuel rate 2.5 times of Singapore benchmark

6. AIADMK leader VK Sasikala gets five-day parole to meet ailing husband

7. 5,800 shell cos under govt glare over deposits post note ban

Oct 06, 09:14 PM (IST)

Falling for the second session, the rupee today depreciated by another 24 paise to end at 65.38 against the US dollar on persistent demand for the American currency from importers and banks.

Resurgent dollar overseas alongside continued capital outflows predominantly weighed on the local forex market, though a spectacular recovery rally in equity markets largely restricted the intensity of downtrend.

Oct 06, 07:53 PM (IST)

Finance Minister Arun Jaitley is addressing the media after the 22nd GST Council meet today. For more, click here.

Oct 06, 06:40 PM (IST)

SEBI has defined companies as per market cap. First 100 companies in terms of full market capitalisation to be categorised as Large Cap. Mid Cap: 101st-250th company in terms of full market capitalisation. Small Cap: 251st company onwards in terms of full market capitalisation

Oct 06, 06:27 PM (IST)

SEBI rolls out Mutual Funds reforms, sets 5 broad categories for MF Schemes - Equity schemes, debt schemes, Hybrid schemes, solution oriented schemes, and other schemes

Oct 06, 06:14 PM (IST)

The Prime Minister, Shri Narendra Modi, will be visiting Gujarat on 7th and 8th October, 2017. 

On the morning of 7th October, the Prime Minister will visit the Dwarkadheesh Temple. At Dwarka, he will lay the Foundation Stones of a bridge between Okha and Beyt Dwarka; and other road development projects. He will address a public meeting. 

From Dwarka, the Prime Minister will arrive in Chotila, in Surendranagar district. He will lay the Foundation Stones for a greenfield airport at Rajkot; six-laning of Ahmedabad-Rajkot National Highway; and four-laning of Rajkot-Morbi State Highway. He will also dedicate a fully automatic milk processing and packaging plant; and a drinking water distribution pipeline for Joravarnagar and Ratanpur area of Surendranagar. He will address a public meeting. 

Oct 06, 04:53 PM (IST)

Shoppers Stop exits from the Duty Free Airport retail business, reports CNBC-TV18

Oct 06, 04:45 PM (IST)

Railways Minister Piyush Goyal tears into Kotak Panel's Corporate Governance report. He tells CNBC-TV18 that the report is completely off the mark and disagrees with the panel on the issue that only people with specialised knowledge must join listed companies' boards. Goyal is of the view that diversity of opinion must be encouraged. He also disagrees with point that company boards should decide oindependent directors as boards could induct 'Yes Men', which would not be desirable.

Oct 06, 04:16 PM (IST)

India and the European Union today agreed to strengthen ties in key areas of trade and security after their 14th summit, during which Prime Minister Narendra Modi and the top EU leadership deliberated extensively on bilateral, regional and international issues.

Oct 06, 03:59 PM (IST)

Oct 06, 03:48 PM (IST)

Drug firm Granules India said it has received Establishment Inspection Report (EIR) from the US health regulator for the OmniChem facility at Vizag, Andhra Pradesh. OmniChem facility is operated by 50:50 joint venture of Granules India and Ajinimoto OmniChem NV. The United States Food and Drug Administration (USFDA) has issued EIR for the company's OmniChem facility.

Oct 06, 03:34 PM (IST)

Godrej Agrovet IPO which opened on Wednesday for subscription got oversubscribed 59 times on the final day with 2 hours of bidding is still left. Its public offer is expected to raise up to Rs 1,157.31 crore at the upper end of the price band was subscribed 60.24 times as at 3 pm. The portion set aside for QIBs (qualified institutional buyers) was subscribed 98.12 times, the shares allocated to non-institutional investors got subscribed 141.95 times while the quantum reserved for retail investors was subscribed 6.25 times. The bids received for employee category stood at 0.70 times, as per the latest stock exchange data.

Oct 06, 03:29 PM (IST)

A cut of up to Rs 2.5 per litre in petrol and diesel prices notwithstanding, auto fuel rates in India are about twice the Singapore benchmark with taxes accounting for nearly half the current rates, Moody's Investors Service said. The government this week cut excise duty by Rs 2 per litre as part of efforts to reduce the prices of petrol and diesel. Petrol in Delhi now costs Rs 68.38 a litre, down from Rs 70.88. A litre of diesel now comes for Rs 56.89 as against Rs 59.14 previously. "The retail selling prices of petrol and diesel in India even after the reduction is approximately 2.5 and 2 times that of Singapore benchmark prices respectively. As much as 42-50% of the retail selling prices will continue to go to the government as taxes," it said.

Oct 06, 03:26 PM (IST)

Hyundai Motor India launched its premium SUV Tucson with 4-wheel drive (4WD) system priced at Rs 25.19 lakh (ex-showroom Delhi). The company has introduced 4WD system only in the top-end diesel variant of the model.

Oct 06, 03:06 PM (IST)

The Supreme Court refused to stay hearing over the AIADMK symbol row in the Election Commission of India, reports CNN-News18. Rebel AIADMK leader TTV Dinakaran had moved the Supreme Court seeking a stay and more time to file affidavits in the row. The court refused any respite to Dinakaran and asked the ECI to resume hearing in the case starting 4 PM on Friday. The Supreme Court also extended the deadline to dispose of the case till November 10. The Madras High Court had asked the ECI to decide on who gets the AIADMK's two-leaves symbol before the end of October.

Oct 06, 02:51 PM (IST)

Congress Vice President Rahul Gandhi took a swipe at Prime Minister Narendra Modi and asked him to explain reports of road construction activity by China in Doklam if he was done "thumping" his chest, reports PTI. Gandhi's comment comes a day after sources said China maintained a sizeable presence of troops near the site of the Doklam standoff with India and had started widening a road, around 12 km from the area of conflict.

Oct 06, 02:42 PM (IST)

The chair of the Norwegian Nobel Committee, Berit Reiss-Andersen, said the award had been made in recognition of the group’s work “to draw attention to the catastrophic humanitarian consequences of any use of nuclear weapons and for its ground-breaking efforts to achieve a treaty-based prohibition of such weapons”.

Oct 06, 02:41 PM (IST)

The Nobel Committee’s statement: “We emphasise that the next steps towards attaining a world free of nuclear weapons must involve the nuclear-armed states. The 2017 Peace Prize calls upon nuclear-armed states to initiate negotiations to gradual elimination of the world’s 15,000 nuclear weapons. ICAN has in the past year given the efforts to achieve a world without nuclear weapons a new direction and new vigour.”

Oct 06, 02:39 PM (IST)

The 2017 Nobel Peace Prize has been awarded to the International Campaign to Abolish Nuclear Weapons. ICAN is a coalition of non-governmental organisations from around 100 different countries around the globe. It has been the leading civil society actor in the effort to achieve a prohibition of nuclear weapons under international law.

Oct 06, 02:34 PM (IST)

Oct 06, 02:21 PM (IST)

Tata Motors-owned Jaguar-Land Rover (JLR) reported 6.6% increase in retail sales at 65,097 units in September as compared with the same month last year. The company said sales during the month grew on the back of continued solid sales of the F-PACE as well as the introduction of the Range Rover Velar, Jaguar XF Sportbrake and long wheel base Jaguar XFL in China. Retail sales were also up year-on-year in markets such as China and North America. However, the UK market witnessed a decline in sales, JLR said in a statement.

Oct 06, 02:14 PM (IST)

With the widening alcohol prohibition threatening to impact the country's tourism industry, NITI Aayog CEO Amitabh Kant said it is not the states' business to decide what a tourist should eat and drink, reports PTI. "Indian states can't get into what a tourist want to eat and drink. Just not possible...what he wants to eat and drink is his individual business and not the states' business," he said. At least four states -- Madhya Pradesh, Chhattisgarh, Kerala and Daman -- have announced plans to bar liquor sales, adding to the list that includes Gujarat, Bihar, Nagaland and Manipur which are already dry.

Oct 06, 02:12 PM (IST)

Geopolitical signals maybe worrying, but Global Equities are largely blind to them

Oct 06, 02:07 PM (IST)

Japan’s economy likely posted its equal second-best stretch of uninterrupted post-war growth, a government index for August showed on Friday, a nod to strong global demand and premier Shinzo Abe’s aggressive stimulus measures, reports Reuters. The latest reading comes as Abe heads to a general election later this month and puts his “Abenomics” policies in the spotlight.

However, despite the strong headline number, analysts say the benefits of growth have failed to reach broader sectors of the economy with generally anemic wages leaving households behind. The index of coincident economic indicators rose a preliminary 1.9 points to 117.6 in August from the previous month, the level seen in March 2014, the Cabinet Office said. This would mark 57 straight months of growth, matching the second-best stretch of expansion since World War II, seen between 1965 to 1970.

Oct 06, 01:57 PM (IST)

An earthquake measuring 6.3 struck off the eastern coast of Japan on Friday, the US Geological Survey said. There were no immediate reports of casualties or damage. The quake struck 300 km east of Iwaki, Honshu, at a depth of 77.8 km, USGS said.

Oct 06, 01:50 PM (IST)

Mahindra & Mahindra Financial Services’ (Mahindra Finance) board has approved raising up to Rs 2,250 crore through issuance of shares or convertible securities.

Oct 06, 01:48 PM (IST)

The Bombay High Court castigated "so-called activists" for approaching it on the issue of safety of commuters only after the Elphinstone Road station stampede and asked why they woke up to the "serious and sensitive" issue only after the death of so many people, reports PTI. On September 29, a stampede on the stairwell of a narrow foot over bridge (FOB) at the station left 23 dead and over 30 injured.

Soon after the mishap, four public interest litigations (PILs) were filed in the high court seeking directions to the railways to take measures to ensure that such an incident is not repeated at any other railway station. The HC noted that only after so many people died that the activists realised and came up with petitions.

Oct 06, 01:42 PM (IST)

Intensifying its crackdown on black money, the government said it has collated information about 5,800 shell companies whose near zero-balance accounts saw nearly Rs 4,574 crore of deposits post note ban and Rs 4,552 crore withdrawal thereafter, reports PTI. "Vital information has been received from 13 banks regarding the bank account operations and post-demonetisation transactions of some of the 2,09,032 suspicious companies that had been struck off the Register of Companies earlier this year," the government said in a statement today.

Oct 06, 01:39 PM (IST)

The Supreme Court asked the Centre to respond to a plea challenging the legal provision that a death row convict would be hanged to death, reports PTI. The plea said that Article 21 (Right to Life) of the Constitution also includes the right of a condemned prisoner to have a dignified mode of execution so that death becomes less painful.

A bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud issued notice to the Centre and sought its response in three weeks on the PIL which referred to the 187th Report of the Law Commission against the present mode of execution. Lawyer Rishi Malhotra, who filed the PIL in his personal capacity, has also referred to various apex court judgements in which the practise of hanging a death row convict has been assailed.

Oct 06, 01:15 PM (IST)

The country's Aadhaar push has intensified further with the government making mandatory biometric identification Aadhaar for all post office deposits, Public Provident Fund  (PPF), the National Savings Certificate scheme and Kisan Vikas Patra. Exisiting depositors have been given time till December 31, 2017 to provide the 12-digit Aadhaar number. The Finance Ministry issued the directive in four separate gazette notifications, reports PTI.

Oct 06, 01:07 PM (IST)

AIADMK leader VK Sasikala has been granted a five-day parole to visit his ailing husband M Natarajan. The 74-year-old had underwent a dual organ transplant in Chennai on Tuesday. Sasikala had sought a 15-day parole. TTV Dinakaran, her nephew, had arrived at Bengaluru Central Jail for the parole hearing. The Tamil Nadu police issued NOC to the Karnataka government for Sasikala's parole. 

Oct 06, 12:34 PM (IST)

Oct 06, 12:31 PM (IST)

Oct 06, 12:31 PM (IST)

The Norwegian Nobel Committee will announce the winner of the 2017 Nobel Peace Prize in Oslo on Friday. The committee, which is appointed by the Norwegian parliament, will select the winner from a pool of 318 known and reported candidates.

Oct 06, 12:24 PM (IST)

Devalue rupee or provide stimulus: India faces difficult choices in bid to boost growth. Ajay Bodke of Prabhudas Lilladher delves deeper

Oct 06, 12:14 PM (IST)

German industrial orders bounced back in August, rising more than expected on strong foreign demand, data showed on Friday, suggesting that factories will contribute to overall growth in Europe’s largest economy in coming months, reports Reuters. Factories registered a 3.6% increase in orders after contracts for ‘Made in Germany’ goods fell by an upwardly revised 0.4% in July, data from the Economy Ministry showed. The reading for August was the strongest monthly increase since December. 

Oct 06, 12:06 PM (IST)

The National Company Law Tribunal dismissed the plea of ousted Tata Sons Chairman Cyrus Mistry seeking transfer of his case challenging the ouster to the New Delhi bench from Mumbai, reports PTI. The principal bench of the NCLT headed by Chairman Justice MM Kumar also imposed a cost of Rs 10 lakh on Mistry's two investment firms, which would be shared by both. 

Oct 06, 12:04 PM (IST)

The Supreme Court put some searching questions on a plea seeking reopening of the investigation into the assassination of Mahatma Gandhi, reports PTI. After a brief hearing, a bench comprising Justices SA Bobde and L Nageswara Rao appointed senior advocate and former additional solicitor general Amrender Sharan as amicus curiae to assist the court in the matter.

Oct 06, 11:44 AM (IST)

Oct 06, 11:43 AM (IST)

Pakistan's Foreign Minister Khawaja Asif warned India against carrying out surgical strike or targeting its nuclear installations, saying if that happens nobody should expect restraint from his country, reports PTI. Referring to the statement of India's Air Chief Marshal BS Dhanoa that the Indian armed forces are ready for a full spectrum operation, Asif said Pakistan wants to live in peace and harmony with its neighbours. But if India carries out any surgical strike in Pakistan or strikes at its nuclear installations "nobody should expect restraint from us", he warned.

Oct 06, 11:40 AM (IST)

Five Dera Sacha Sauda supporters in police custody have claimed that Gurmeet Ram Rahim Singh's 'adopted' daughter Honeypreet Insan had masterminded and funded the August 25 violence in Panchkula, reports CNN-News18. In their statement, the supporters said that Honeypreet provided funding to the sect's supporters in Panchkula and sanctioned Rs 1.25 crore ahead of verdict day. She chaired the meeting on August 17 in Sirsa to plan the violence.

Oct 06, 11:26 AM (IST)

Oct 06, 11:23 AM (IST)

Former General Secretary of AIADMK VK Sasikala may get parole at 12 noon, reports CNN-News18. She is likely to stay at 181 Habibullah Road T Nagar, Chennai when she is released on parole. Disputed AIADMK Deputy General TTV Dhinakaran decided to apply for 15 days parole to Sasikala after consulting with her brother Dhivakaran last week. The reason given was that Sasikala's husband M Natarajan was in a critical condition admitted to Global Hospital in Chennai. The given reason does allow jail authorities to grant parole to Sasikala as she was not convicted for hard crimes like murder.

Oct 06, 11:03 AM (IST)

Saudi King Salman bin Abdulaziz brought 1,500 people, a golden escalator and his own carpets on his historic, four-day state visit to Russia, reports Bloomberg. The 81-year-old leader of the Gulf kingdom exited his plane late Wednesday and stepped out onto the special escalator he travels with. But something went wrong: It malfunctioned halfway down, and he had to walk the rest of the way. A cavalcade of cars sped the monarch to the center of the city, flanked by Russian police escorts.

A Saudi plane is traveling daily between Riyadh and Moscow to transport supplies, with 800 kg of food has been brought in. Members of the royal entourage also replaced some of the hotel staff with their own personnel, who know exactly how they like their coffee made. King Salman, who’s staying at the Four Seasons, also came with his own furniture. The Saudi government booked two entire luxury hotels for the visit: the Ritz Carlton and the Four Seasons. 

Oct 06, 10:51 AM (IST)

Billionaire Adi Godrej sees India's economic growth rate, which has seen a dismal run, turning around much sooner than most expect, reports CNBC. "I expect that GDP growth rate will catch up in the July-September quarter, and it will be very good in the second half of the year," said Adi Godrej, the chairman of consumer goods conglomerate Godrej Group and reported possessor of a $2.8 billion net-worth.

Oct 06, 10:35 AM (IST)

An Indian Air Force MI17 V5 chopper with seven on board has crashed in Tawang, Arunachal Pradesh, reports CNN-News18. The crash occurred at 6:30am today and resulted in the death of all personnel on board.

Oct 06, 10:29 AM (IST)

How did Xi Jinping go from being a provincial politician to China's paramount leader in such a short period of time? Bloomberg looks at the life of China's 7th President and his campaign against dissent. 

Oct 06, 10:08 AM (IST)

A group of HSBC Holdings currency traders in London and New York feverishly jumped ahead of a $3.5 billion client order after they were tipped off using the code words "my watch is off," a US prosecutor told a federal judge. The buying frenzy was launched after Mark Johnson, HSBC’s former global head of foreign exchange who the bank chose to lead the transaction, alerted the traders via phone call that was recorded, reports Bloomberg. Johnson is on trial for fraud.

Oct 06, 09:45 AM (IST)

Prime Minister Narendra Modi is running out of time to turn around India’s $2.3 trillion economy before impending elections, leaving the party reliant on "good marketing" to win over voters, a former Indian finance minister and member of the ruling party told Bloomberg. India’s cash ban and the "poorly planned" implementation of a national sales tax have slowed growth, hurt job creation and will threaten Modi’s administration in upcoming state and federal polls, Yashwant Sinha, finance minister under former Bharatiya Janata Party Prime Minister Atal Bihari Vajpayee, said.

With both businesses and farmers suffering, Modi will face voters who are angry about the lack of job growth, Sinha said in his home just outside New Delhi, noting the prime minister will "have to take the entire blame" himself. "We will be judged by the promises we made," he said. "They’re backslapping each other and convincing the people that everything is hunky-dory. But let’s see what the people think."

Oct 06, 09:31 AM (IST)