With this we conclude our Live Blog. Thanks for tuning in.
21:57 Rahul meets Macron, Rafale deal not discussed
Congress President Rahul Gandhi met French President Emmanuel Macron on Sunday and discussed with him issues that affect liberal democracies including fake news.
The Congress chief, however, did not raise the Rafale fighter jet deal with Macron, party sources said.
The Congress has been attacking the BJP government on the defence deal, accusing Prime Minister Narendra Modi of causing loss to the state exchequer by buying the fighter jets at inflated rate.
"Yesterday, I met with French President @EmmanuelMacron. We discussed a range of issues common to our liberal democracies, including fake news.
21:09 PNB scam: IMF official calls for governance reforms at PSBs
The International Monetary Fund has said banking reforms like insolvency code and recapitalisation will be ineffective unless governance standards are improved.
"Reforms like the IBC Code, bank recapitalisation have taken place. However, for a lasting impact, these efforts are not enough and should be accompanied by governance reforms particularly for public sector banks," the multilateral body's deputy managing director Tao Zhang said at an event at the NSE here this evening.
There is a need to look at the "deeper issue" of governance at the banks, he told reporters later.
Without naming the Punjab National Bank, he said the scam has "revealed the necessities and urgencies to improve the internal controls", which is crucial not only for improving banks but also "financial stability".
20:33 Sunanda Pushkar was ‘murdered’, claims report
An unverified report has claimed that former Union Minister Shashi Tharoor’s wife, Sunanda Pushkar was murdered. The report, citied by DNA, suggests that investigators were aware that the socialite was murdered.
According to the newspaper, the initial official report by the Sub Divisional Magistrate (SDM) at Vasant Vihar said who inspected the scene of crime stated that Pushkar, whose body was found in 2014 in her suite in Delhi’s Hotel Leela Palace, did not commit suicide.
It further said that the Sub Divisional Magistrate had ordered the Station House Officer of Sarojini Nagar to investigate the case as murder.
20:15 UN investigator: Human rights must be part of any talks with North Korea
Any progress in the nuclear and security dialogue with North Korea at upcoming summits must be accompanied by discussions on human rights violations, including political prison camps, the U.N. investigator on the isolated country said on Monday.
U.S. President Donald Trump has agreed to meet with North Korean leader Kim Jong Un by the end of May to discuss the future of nuclear weapons programme. The two Koreas will hold a summit by the end of April, at the "truce village" of Panmunjom on their border.
"Today, we witness what appears to be a potential for rapid progress on the political and security front, with communication channels steadily building up between the two Koreas as well as the United States of America, and historical summits plans for the future," Tomas Ojea Quintana, U.N. special rapporteur on human rights in the Democratic People's Republic of Korea (DPRK), told the world body's Human Rights Council.
19:46 HC grants bail to AAP MLA Amanatullah Khan in assault case
AAP MLA Amanatullah Khan, who was under judicial custody in the Chief Secretary Anshu Prakash assault case, was today granted bail by the Delhi High Court with conditions.
Justice Mukta Gupta directed Khan to furnish a personal bond of Rs 50,000 and two sureties of the like amount.
With regard to its earlier suggestion to Delhi Government to videograph the meetings between legislators and bureaucrats, the court said it never intended to encroach into legislative domain and it was "just a request so that no unforeseen incident takes place".
The High Court clarified that in case the complainant (Chief Secretary) and other witnesses were harassed, it would be for them to show that the harassment and intimidation was in retaliation of the FIR lodged against the Khan.
19:17 PM, president to get their own planes by early 2020
India's first set of brand new planes for the prime minister, president and vice-president will be customised and be ready for use by early 2020, senior government officials said.
Two Boeing 777-300 ERs, bought by Air India recently, will be retrofitted to have VIP enclosures, a press conference room and a patient transport unit for medical emergencies.
The aircraft will also be equipped with Wi-Fi on board and have anti-missile protection, a senior official said.
A Boeing 777 unlike the older Boeing 747, which were borrowed from Air India as and when a VVIP visited overseas, can fly non-stop to the US, thereby dispensing with the need to halt for refuelling.
18: 59 Govt will take action on Chidambaram for relaxing gold import norms
Stepping up the heat on former finance minister P Chidambaram, the government today said it will take action against the persons who relaxed gold import norms for private trading houses during the dying days of the UPA regime resulting in a windfall of Rs 4,500 crore to 13 such entities in just six months.
The ruling BJP had earlier this month accused Chidambaram of aiding jewellers Mehul Choksi and Nirav Modi -- main accused in the country's biggest bank fraud case -- through an 80:20 gold import scheme.
Without naming any of the jewellers who may have benefited from the scheme, the government said in a statement that it had taken the "bold" step to scrap the scheme within months of coming to power to end all discrimination in the favour of private gold importers.
18:45 Kathmandu plane crash toll climbs to 50, 9 passengers missing
Around 50 people died after the US-Bangla Airlines plane they were travelling in crashed while landing at the international airport in Kathmandu, Nepal on Monday afternoon.
There were 71 people on board the plane arriving from Dhaka when it clipped the fence at the airport and burst into flames, said Raj Kumar Chettri, general manager of the hill-ringed airport.
Those aboard included 33 Nepali passengers, 32 Bangladeshis, one passenger from China and one from the Maldives.
"We have recovered 50 dead bodies so far," said army spokesman Gokul Bhandari. Although several people had been rescued from the wreckage of the Bombardier Q400 series aircraft, nine people were still unaccounted for, he added.
18:21 Infosys to voluntarily delist from Euronext Paris and Euronext London exchanges
Infosys has said that it will voluntarily delist from Euronext Paris and Euronext London exchanges.
The company has said that the primary reason for seeking delisting is low average daily trading volume.
Infosys has said that the average daily trading volume at these exchanges are significantly lower than the New York Stock Exchange (NYSE), CNBC TV18 has reported.
The company has also said that it would continue to be listed on the NYSE.
18:04 Tata Sons to sell 1.48% stake in TCS to raise USD 1.2 billion
Tata Sons are likely to sell up to 1.48 percent stake in Tata Consultancy Services (TCS) through a block trades to raise USD 1.2 billion, CNBC TV18 has reported citing sources.
Sources have said that the price range will be at 4.17 percent–5.90 percent discount to today's close of Rs 3,052.15 per share.
The report states that Tata Sons will be selling TCS shares at Rs 2,872–2,925 per share and that Citi and Standard Chartered will be advisors for the TCS block deal.
Tata Sons will be selling shares in TCS to meeting group investment requirements.
As on December 31, 2017, Tata Sons held 73.52 percent in TCS.
17:46 EU hits out at trade 'bullies' as Trump row deepens
The EU's top trade official today said Europe would stand up to intimidation by protectionists, as a row with US President Donald Trump over controversial steel and aluminium tariffs heated up.
"In some places trade has been to blame for the pains of globalisation or they used it as a scapegoat or they think we can live behind walls and borders," European Trade Commissioner Cecilia Malmstroem said at a conference in Brussels.
17:35 January IIP at 7.5 percent vs 7.1 percent in December.
17:33 February CPI inflation at 4.44 percent.
17:31 Sources say GST being evaded via black marketing, undervaluing imports
Less than nine months into the GST regime, revenue authorities have detected rampant tax evasion through black market and under-valuing of imports.
Big data analytics by the authorities has revealed that although importers are paying GST, they are supplying the goods without bill, sources told PTI.
17:29 Rise in home sales, dip in QTS indicate market recovery: ICRA
In what can be seen as a possible recovery in the housing market, sales improved by 29.3 percent year-on-year during the April to December period last year, while the time taken to clear the inventory went down to 12 quarters, according to an ICRA report.
Real estate companies sold 17.26 million sq ft during the nine months, against 13.35 million sq ft in the year-ago period, according to rating agency, which considered a sample size of 11 listed entities.
17:19 No data maintained of fake education boards: HRD Ministry
The HRD Ministry today said it does not maintain any data of fake education boards found functioning in the country.
The minister of State for HRD, Upendra Kushwaha, said in a written response to a question in Lok Sabha that "some instances of functioning of fake education boards have come to the notice of the Ministry".
17:05 DGCA grounds Airbus A320neos of IndiGo and GoAir
The DGCA has grounded few Airbus A320neos. DGCA has grounded eight A320neos belonging to IndiGo and three of GoAir, fitted with Pratt & Whitney engines. DGCA has asks both airlines to ground planes till further notice, according to a report by CNBC TV18.
DGCA has said that the planes have been grounded in light of 'occurrences of aborted take-off and in flight shutdown' on A320neo's powered by Pratt & Whitney engines.
The civil aviation authority has said that no concrete proposal has been given by Pratt & Whitney yet on when the engine woes will be resolved.
17:01 Senior Samajwadi Party (SP) leader Naresh Agrawal has joined the Bharatiya Janata Party (BJP) in presence of Union Minister Piyush Goyal at the BJP headquarters in Delhi.
16:53 Vodafone likely to launch VoLTE in Tamil Nadu this year
Telecom service provider Vodafone today indicated of launching the Voice over LTE (VoLTE) service in Tamil Nadu during this year, according to a top official.
Asked whether roll out of VoLTE service would happen this year, Vodafone, Tamil Nadu, Business-Head, S Murali said, "(we) should be (launching it)".
"You will get to know (once we launch VoLTE service). We have launched it (VoLTE service) in many parts of the country", he said declining to elaborate.
Some of the cities Vodafone offers VoLTE services include Mumbai, Gujarat, Delhi, Karnataka and Kolkata. (PTI)
16:40 Kathmandu plane crash update: The Associated Press has reported Nepal police official as saying that at least 38 have been killed and 23 have been injured in the plane crash in Kathmandu. The police added that 10 people are still unaccounted for.
16:36 Jammu and Kashmir Finance Minister Haseeb Drabu has been removed from the state’s Cabinet for remark that Kashmir is not a political issue, CNBC TV18 has reported.
16:19 Bill on chit funds sector introduced in Lok Sabha
A Bill to streamline and strengthen the chit fund sector was introduced in the Lok Sabha today which mandates video conferencing while the opening of bids and seeks to hike commission of foremen from 5 percent to 7 percent.
The Chit Funds (Amendment) Bill, 2018 is based on the recommendations of the Parliamentary Standing Committee on Finance and the Advisory Groups on Chit Funds set up by the central government.
The Amendment Bill provides for allowing the mandatory presence of two subscribers, as required either in person or through video conferencing duly recorded by the foreman, while the bids are being opened. (PTI)
16:05 Parliament proceedings disrupted by protests, economic offenders bill introduced amid din
The proceedings in both Houses of Parliament were stalled for the sixth day today with no let-up in protests by opposition parties and NDA ally TDP over various issues including the banking scam, special status to Andhra Pradesh and the Cauvery water dispute.
The Aam Aadmi Party too joined the protests in Rajya Sabha, demanding an end to the sealing drive in Delhi.
Amid the din in Lok Sabha, Minister of State for Finance Shiv Pratap Shukla introduced The Fugitive Economic Offenders Bill 2018 that seeks to confiscate all assets of absconding fraudsters and loan defaulters for recovering dues from them. (PTI)
15:46 The Sensex spurts 610.80 points to close at 33,917.94, logging its biggest single-day gain since March 2016. The Nifty rose 194.55 points to 10,421.40.
15:42 Parliament proceedings disrupted by protests, Economic Offenders Bill introduced amid din
The proceedings in both Houses of Parliament were stalled for the sixth day today with no let up in protests by opposition parties and NDA ally TDP over various issues including the banking scam, special status to Andhra Pradesh and the Cauvery water dispute, reports PTI. The Aam Aadmi Party too joined the protests in Rajya Sabha, demanding an end to the sealing drive in Delhi.
Amid the din in Lok Sabha, Minister of State for Finance Shiv Pratap Shukla introduced The Fugitive Economic Offenders Bill 2018, that seeks to confiscate all assets of absconding fraudsters and loan defaulters for recovering dues from them. The Minister also introduced the The Chit Funds (Amendment) Bill 2018.
15:27 Syria war has killed more than 350,000 in 7 years: monitor
Seven years of conflict in Syria have left 353,395 people dead since March 15, 2011, according to an updated overall death toll released today by the Syrian Observatory for Human Rights. (AFP)
15:23 Airtel to raise Rs 16,500 cr for refinancing debt, spectrum payment
Telecom major Bharti Airtel received approval from the board to raise up to Rs 16,500 crore for refinancing debt and paying for spectrum liabilities. The board approved "issuance of non-convertible debentures (NCDs) of up to Rs 10,000 crore on a private placement basis" and "issuance of foreign currency bonds up to a limit of $1 billion or equivalent in one or more tranches", Airtel said in a regulatory filing.
15:18 Japan's Coincheck to start repaying customers after digital money heist
Japanese cryptocurrency exchange Coincheck, reeling from government reprimands over lax standards after $530 million dollar theft of digital money, said it would from Monday start repaying customers affected by the heist, reports Reuters. Coincheck also plans to lift curbs from Monday on the trading and withdrawal of some cryptocurrencies, including bitcoin, that it had imposed as it investigated the late-January heist.
15:09 L&T JV bags Rs 442cr order for supply of forgings for nuclear steam generators
Larsen & Toubro (L&T) said its joint venture with Nuclear Power Corporation of India (NPCIL), had received Rs 442 crore order for supply of forgings for nuclear steam generators. These forgings will be used in the manufacturing of the critical equipment for six new indigenous pressurised heavy water reactors, it said in a regulatory filing.
15:04 A Bangladeshi passenger plane with 78 on board has crashed in Kathmandu after becoming unstable while descending. Several casualties are feared. In news just in, 17 passengers have been rescued.
15:00 Govt tables Fugitive Economic Offenders Bill to impound, sell assets of absconding fraudsters
The government tabled a bill that seeks to confiscate all the assets of absconding fraudsters and loan defaulters for recovering dues from them, reports PTI. The Fugitive Economic Offenders Bill 2018 aims to impound and sell assets of fugitives such as Nirav Modi, who is alleged to be behind the nearly Rs 12,700 crore fraud at Punjab National Bank.
The law will apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country. The Bill tabled in the Lok Sabha provides for "measures to deter fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian courts, to preserve the sanctity of the rule of law in India and for matters connected therewith or incidental thereto".
14:55 Meena, Yadav, Saini are BJP candidates for RS polls from Rajasthan
Tribal leader and MLA Kirori Meena, sitting Rajya Sabha MP Bhupendra Yadav and veteran party leader Madan Lal Saini filed nominations as the BJP candidates for the biennial Rajya Sabha elections from Rajasthan, reports PTI. Meena, who had separated from the BJP in 2008 , re-joined the party on Sunday along with his two National People’s Party (NPP) MLAs. He, as the state president of NPP, which he had joined in 2013, also merged his party with the BJP.
14:50 Accept demands of farmers and tribals: Rahul to PM, Fadnavis
Congress President Rahul Gandhi urged Prime Minister Narendra Modi and Maharashtra Chief Minister Devendra Fadnavis to shed their egos and accept the ‘just demands’ of the thousands of farmers and tribals protesting in Mumbai. The mammoth farmers march to Mumbai is a ‘stunning example of people's power’, Gandhi said on Twitter.
Breaking News: A Bangladeshi passenger plane has crashed in Kathmandu after becoming unstable while descending. Several casualties are feared.
14:39 INX Media case: Karti Chidambaram sent to jail till March 24
A Delhi court sent Karti Chidambaram to judicial custody till March 24 in the INX Media corruption case, while dismissing his plea for early hearing of his bail application, reports PTI. Special judge Sunil Rana pronounced the order after the CBI said that he was not required for custodial interrogation.
On his plea seeking separate cell and protection in Tihar Jail, the court said the jail manual would be followed. It also said that his bail plea would be heard on March 15 as scheduled. The court denied Karti's request for home food in the jail.
14:38 Raise coal supply to power plants: Goyal to Railways
As power plants face coal shortages, Coal Minister Piyush Goyal has asked Railways to increase coal loading up to 500 rakes per day to meet power demand in summer, sources told PTI. "It was noted that more than 50 power plants had coal stocks less than the stipulated level," sources said. It was decided that coal loading would be stepped up to 500 rakes per day from present 464 rakes per day to ensure power supplies are not impacted due to fuel shortage at the plants, sources added.
14:23 Coal scam: Court pulls up CBI for not providing documents to accused
A special court pulled up the Central Bureau of Investigation for not supplying documents to the accused in a coal scam case, involving industrialist Naveen Jindal, as directed by it in its last order, reports PTI. "Comply with the direction of the court. Adjourned for scrutiny of documents on April 10,” the judge said.
The court had on January 15 directed the CBI to hand over some documents filed, along with the charge sheet, to industrialist Naveen Jindal and others. The court was hearing a matter pertaining to the allocation of Urtan North coal block in Madhya Pradesh where the offences of ‘cheating’ and ‘criminal conspiracy’ were ‘prima facie’ made out against the accused.
Besides Jindal, the other accused in the case include Jindal Steel and Power's former Director Sushil Maroo, former Deputy Managing Director Anand Goyal and CEO Vikrant Gujral. Jindal is named as accused, along with former Minister of State for Coal Dasari Narayan Rao and former Jharkhand Chief Minister Madhu Koda, in another case pertaining to alleged irregularities in allocation of Amarkonda Murgadangal coal block in Jharkhand.
14:20 Karti Chidambaram seeks separate cell in Tihar, urges court to hear his bail plea today
A trial court will pronounce its order on the Central Bureau of Investigation's plea to send Karti Chidambaram to judicial custody in the INX Media corruption case later today, reports PTI. The court will also pass an order on Karti's plea seeking a separate cell in Tihar Jail and urgent hearing of his bail plea today itself.
14:08 SC directs CBI, ED to complete 2G probe in six months
The Supreme Court directed investigating agencies the Central Bureau of Investigation and Enforcement Directorate to complete their probe into the 2G spectrum allocation cases and other related matters in six months, reports PTI. A bench of Justices Arun Misra and Naveen Sinha directed the Centre to file a status report on investigation into the 2G spectrum scam and related cases arising out of it, including the Aircel-Maxis deal, in two weeks. The bench observed that the investigation has been going on for long time and people of this country cannot be kept in dark in the sensitive matter like this.
14:03 Cryptocurrency scammers run off with over $2m after ditching investors
Scammers appear to have made off with more than $2 million in cryptocurrency after carrying out an apparent fake initial coin offering (ICO), and the individuals linked to the incident may be connected to another recent theft, CNBC has learned. A bad actor or actors used a fake LinkedIn profile and copied pictures from another user's Instagram to create a false persona — and successfully drew more than 1,000 investors into the ICO project, which was called Giza.
13:41 Market extends gains, Nifty reclaims 10,350
Benchmark indices extended gains, with the Sensex rising 400 points, backed by FMCG, technology, private banks and auto stocks. Better-than-expected US jobs data is fuelling the rally in global markets. The Nifty reclaims the 10,350 level. The PSU Bank index continues to underperform, falling 2.5% after a fraud worth Rs 5,000 crore was unearthed in Andhra Bank.
13:37 SC to auction Unitech properties to refund homebuyers
Supreme Court said it will auction the unencumbered properties of Unitech to refund homebuyers. The court has asked Unitech to submit the complete list within a fortnight. The next date for hearing has been set as March 26.
13:08 Crypto exch Binance offers a $250,000 bounty for hacker tip-offs Binance, founded by Zhao Changpeng, is offering the equivalent of $250,000 (paid in cryptocurrency) for information that leads to the arrest of hackers who targeted the venue last week, it said in a statement. The exchange has set aside $10 million for future bounties and is encouraging other platforms to do the same, it added.
Excl: I-T Dept uncovers Rs 5,200cr fake diamond receipts; Mehul Choksi, Nirav Modi may be party to scam
The Income Tax department has busted an about Rs 5,200-crore scam of fake receipts, which were used to inflate books and avail loans, reports Moneycontrol News’ Tarun Sharma. Sources said Mehul Choksi and Nirav Modi - who are at the centre of the Punjab National Bank fraud - also used these fake receipts to show fictitious revenue turnover in their books. A senior I-T official said, “There are some businesses that issue sales and purchase invoices, and charge 1% of the total value as commission. These invoices are used to inflate revenue in the books. These invoices are used to draw pre and post shipment credit from banks.”
12:54 Passenger vehicle sales rise 7.77% in Feb, car sales up 3.7%
Domestic passenger vehicle sales rose 7.77% to 2,75,329 units in February from 2,55,470 units in February 2017. Domestic car sales were up 3.7% to 1,79,122 units as against 1,72,737 units in February 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Motorcycle sales last month rose 26.48% to 10,53,230 units as against 8,32,695 units a year earlier. Total two-wheeler sales in February rose 23.77% to 16,85,814 units compared with 13,62,043 units in the year-ago month.
Sales of commercial vehicles were up 31.13% YoY to 87,777 units in February, SIAM said. Vehicle sales across categories registered a rise of 22.77% to 21,11,383 units from 17,19,806 units in February 2017, it added.
12:48 Eicher Motors closes down JV with US-based Polaris Eicher Motors said the board of Eicher Polaris Pvt (EPPL) has passed a resolution to close operations of the JV firm with immediate effect. EEPL, an equal joint venture between Eicher Motors and US-based Polaris Industries, was incorporated in October 2012.
12:43 Suzlon bags 75 MW order through MSEDCL bid
Wind turbine maker Suzlon said it has bagged an order for development of 75 MW wind energy project from an independent power producer through Maharashtra State Electricity Distribution Company (MSEDCL) bid. The company will install around 36 units of S111-140m wind turbine generators (WTGs) with rated capacity of 2.1 MW each. It will execute the entire project on a turnkey basis and will also provide comprehensive operation and maintenance services for the complete project lifecycle.
11:56 Kim Jong Un wants a peace treaty from Trump, says report
Kim Jong Un wants to sign a peace treaty after meeting with US President Donald Trump, reviving a long-held goal of the North Korean regime. Kim is likely to raise the possibility of a peace treaty, along with establishing diplomatic relations and nuclear disarmament, during a meeting with the US leader, the Dong-A Ilbo newspaper said.
11:49 Frontliners trade strong but midcaps lose shine
Benchmark indices continue to trade strong, following positive cues from Asia and Wall Street on strong US jobs data. The Sensex is up around 300 points and the Nifty is holding on to 10,300 levels. PSU banks have extended their losses, with the Nifty PSU Bank index down over 2%.
11:46 UK officials told that Aramco IPO unlikely until 2019
British officials have been informed by their Saudi counterparts that oil giant Saudi Aramco’s initial public offering is likely to be delayed until 2019, the Financial Times reported.
Exclusive: Bike cos offer cheaper mini clones of superbikes
Desperate to make a mark in India, bike manufacturers such as Yamaha, Aprilia, KTM, BMW and Suzuki are launching bikes that look like their famous superbike brands, but with one-tenth the engine size, reports Moneycontrol News’ Swaraj Baggonkar.
These bikes, which typically have a 150cc engine, are designed and styled on the lines of one of the big engine superbikes. While the price of these superbikes fall in the range of Rs 15 lakh and above, making them the most expensive and desired models globally, their 150cc sibling costs one-tenth the price at under Rs 1.5 lakh.
“Instead of going in for developing yet another 100cc bike from scratch these international bike makers rely on their international range which have been iconic brands for brand building and for volumes. It easier and cost effective than investing in an all new bike”, said a Bengaluru based auto analyst.
11:35 9 members of trekking expedition killed in Tamil Nadu forest fire
Nine people, who were part of a trekking expedition, have been killed in a forest fire in the Western Ghats, the Tamil Nadu government said. "Nine persons are dead, while 17 of the rescued have been hospitalised and 10 did not require hospitalisation," Commissioner of Revenue Administration K Sathyagopal said.
Among the dead, six were from Chennai and three from Erode, local police said. A 36-member team - 24 people from Chennai and 12 from Tiruppur and Erode districts - on a trekking expedition reached Kurangani hills on March 10. Four helicopters of the IAF and their 10 commandos are involved in the rescue operation, according to a tweet by Defence Minister Nirmala Sitharaman.
11:25 L&T construction arm bags orders worth Rs 2,597cr
Larsen & Toubro (L&T) said its construction arm has won orders worth Rs 2,597 crore across business segments. In a BSE filing, the company said its transportation infrastructure business has secured an order worth Rs 1,047 crore. "An order has been received from the National Highways Authority of India (NHAI) for the construction of the 8.7 km long Dwarka Expressway in Haryana in EPC mode," it added. L&T Construction's water and effluent treatment business has secured an order worth Rs 949 crore while its buildings and factories business has won an order worth Rs 601 crore.
11:23 US duty hikes may trigger retaliatory action, hurt global growth: S&P
US President Donald Trump's decision to hike duties on steel and aluminium could result in retaliatory action from EU and China, triggering a trade war and hurting global economic growth, S&P Global Ratings said. It said the overall economic impact of the tariffs on the United States in the near term is likely to be minimal, with a mixed impact on corporate sectors.
11:08 Trump considering Chris Liddell as top eco adviser
Chris Liddell, a former executive at Microsoft Corp and General Motors Co, is under consideration to become US President Donald Trump’s top economic adviser, a White House official said. Peter Navarro, a trade adviser to Trump who promoted the tariffs, has also been touted as a candidate for the top economic job, though he has said he is not in the running. Conservative commentator Larry Kudlow has also been cited as a contender. Liddell’s background running major companies and his behind-the-scenes efficiency at the White House has made him an attractive candidate, the official told Reuters.
10:59 Germany, China warn Trump tariff moves threaten global trade
Germany denounced moves by President Donald Trump to impose tariffs on US metal imports, saying Europe needed a united response to the threat and echoing criticism from China that it risked undermining the global trade system, reports Reuters. “Trump’s policies are putting the order of a free global economy at risk,” German Economy Minister Brigitte Zypries said. Hours earlier in Beijing, Chinese Commerce Minister Zhong Shan said any trade war with the United States would only bring disaster to the world economy.
10:43 Deutsche Bank values asset management up to $9bn in IPO
Deutsche Bank set the price range for the planned initial public offering of its asset management unit, valuing the division at up to EUR 7.2 billion ($8.86 billion). In what is expected to be one of Germany’s biggest listings this year, the bank plans to sell up to 25% of the business, or a maximum of 50 million shares at a price range of between EUR30 and EUR36 each, it said.
That would raise proceeds of between EUR1.5 billion and EUR1.8 billion, less than the maximum the bank had initially hoped for. Going into the deal, the IPO had been expected to raise between EUR1.5 billion and EUR2 billion, valuing the unit at between EUR6 and EUR8 billion, sources told Reuters.
10:43 How Blackstone turned India into its most profitable market
Blackstone Group says it’s found the formula for making money in India, which has become its top-performing market globally after the firm began focusing on bigger buyout deals. Over the past few years, Blackstone has started concentrating on select sectors like consumer and information technology where it expects India to see the most wealth creation, according to Senior Managing Director Amit Dixit.
That shift, along with a preference for larger investment sizes, helped it generate returns as high as six times on recent exits in the country, sources told Bloomberg. Blackstone recorded an annualised internal rate of return of about 30% on its India private equity investments since 2011, the highest among its markets worldwide, sources said. It booked about 25% returns in China during the period, sources said. India-focused funds of all vintages have seen median returns of 12.4%, according to Preqin.
10:00 Mumbai ground turns into sea of red as farmers converge for protest
Azad Maidan in south Mumbai turned into a sea of red on Monday morning as thousands of farmers, carrying red flags, converged here after walking around 180 km under the blazing sun over the last six days. The farmers plan to surround the Assembly complex to press for their demands of an unconditional loan waiver, and transfer of forest land to tribal farmers who have been tilling it for years. For more updates, click here…
09:53 China, Hong Kong, Canada at risk of banking crisis, says BIS
China, Canada and Hong Kong are among the economies most at risk of a banking crisis, according to early-warning indicators compiled by the Bank for International Settlements. Canada - whose economy grew last year at the fastest pace since 2011 - was flagged thanks to its households’ maxed-out credit cards and high debt levels in the wider economy.
Household borrowing is also seen as a risk factor for China and Hong Kong, reports Bloomberg. The study offered some surprising results: for example, Italy wasn’t shown as being at risk, despite its struggles with a slow-growing economy and banks that are mired in bad debts. While China was flagged, a key warning indicator known as the credit-to-gross domestic product ‘gap’ showed an improvement.
09:50 Strong global cues lift market; PSU banks dip
The market continues to trade higher, following positive cues from Asian and Wall Street after better-than-expected US jobs data. The Sensex is up over 200 points and the Nifty is trading above 10,300 levels. Midcaps continue to underperform, with the Nifty Midcap gaining 0.4%. PSU Bank index is the only loser among sectoral indices, falling over a percent after the Enforcement Directorate filed a charge sheet against a former director of Andhra Bank in an alleged Rs 5,000-crore fraud case involving a Gujarat-based pharma firm
09:30 Myanmar builds military bases where Rohingya once lived and prayed: Amnesty
After driving nearly 700,000 Rohingya Muslims out of the country, Myanmar’s military is building bases where some of their homes and mosques once stood, Amnesty International said, citing new evidence from satellite imagery. As well as rapid housing and road construction in the area, at least three new security facilities were under construction, the global human rights group told Reuters. In one case, Rohingya villagers who had remained in Myanmar were forcibly evicted to make way for a base, it said.
09:20 Xiaomi to launch six smartphones in India in 2018
Chinese smartphone and appliances maker Xiaomi Corporation plans to launch at least six smartphone models in India this year, open 100 exclusive stores, release more new product categories in the near term and build a big, non-smartphone business from its new range of televisions.
In an interview to Mint, Xiaomi Global Vice-President and India head Manu Kumar Jain said the Chinese firm will look to write a mix of small and large cheques to acquire stakes in software and internet start-ups over the next 12 months, while increasing the pace of its investments over the next few years, as part of its broader strategy to invest $1 billion in Indian ventures.
09:11 Elon Musk says Mars spaceship will be ready for short trips by H1 2019
Tesla and SpaceX founder Elon Musk said his timeline for sending a space vehicle to Mars could mark its first milestone early next year, reports CNBC. The billionaire said, "We are building the first Mars, or interplanetary ship, and I think we will be able to short trips, flights by first half of next year."
08:38 JSW Steel may raise $1bn via overseas bonds to acquire distressed assets JSW Steel is tapping overseas bond investors to raise $1 billion to fund its plan to buy distressed assets in India, sources told Mint. The company has hired investment banks JP Morgan, Citigroup and Deutsche Bank to manage the fund raising, sources said. The company plans to sell bonds that will mature between five to seven years to overseas investors.
08:18 Assam finance minister to present first e-Budget today
Assam Finance Minister Himanta Biswa Sarma would present the state's first e-Budget at the legislative Assembly in Guwahati today. “The government will present the first e-Budget in the Assembly and each legislator will be provided with a tablet (computer) with details of the Budget," Sarma said.
08:14 Three militants killed in Anantnag encounter
Three unidentified militants were killed in an encounter with security forces in Anantnag district of Jammu & Kashmir, the Army said. An anti-militancy operation was launched in Hakura area of Anantnag district late last night following information about the presence of militants in the area, an Army official said. He said three militants were killed in the pre-dawn encounter with security forces.
08:05 Telecom, power sectors contributed most to NPA problem: P Chidambaram
Congress leader and former Union Minister P Chidambaram said telecom and power sectors have contributed to the NPA problem more than anything else due to the 'malicious twist' given to the UPA government's policies governing them, reports PTI. "The CAG report on telecom was a gross exaggeration. The CAG report on coal was focused on a few cases. But then all the 212 coal mines were cancelled. We failed to treat a business problem as a business problem and find the business solution," he said.
Chidambaram said instead of dealing with a business problem and finding a business solutions, a political and legal twist was given to it. “The result was that today the power and telecom sectors are 'in a shambles," he said. “We had the worst NPA situation twice before - once when Yashwant Sinha was Finance Minister and once in my first tenure as Finance Minister. There was no uproar over NPAs. Why? We simply told banks, ‘You gave the loans, you recover them’.”
07:59 Trump to propose arming school staff, raising gun purchase age
US President Donald Trump will propose arming school staff and raising the minimum age to 21 to purchase certain firearms in a school safety proposal that the administration will release on Sunday, a White House spokesman Raj Shah said on ABC’s 'This Week'.
07:50 Foreign investors pull out about Rs 6,000cr in March so far
Foreign investors have pulled out nearly Rs 6,000 crore from the Indian capital markets in just six trading days of March due to better opportunities in other emerging nations. Net withdrawal by foreign portfolio investors (FPIs) from equities stood at Rs 2,410 crore during March 1-9, while the same from the debt market was Rs 3,473 crore, translating into a total outflow of Rs 5,883 crore, depositories data showed.
07:47 PSB recap should be part of broader package of financial reforms: IMF
The International Monetary Fund has said that the recapitalisation of public sector banks (PSBs) should be part of a broader package of financial reforms to speed up the resolution of non-performing assets (NPAs), reports PTI.
07:37 PMO calls meeting of Fin, Commerce Min officials today on exporters' GST refunds
The Prime Minister's Office has called a meeting of top officials of the commerce and finance ministries on Monday to discuss the issue of GST refunds as exporters claimed that 70% of refunds are still stuck even after eight months of roll out of the new tax regime, reports PTI.
07:35 RBI initiates audit of PSBs with focus on LoUs
The Reserve Bank has initiated special audit of state-owned lenders with a focus on trade financing activities, especially relating to the issuance of letters of undertakings by them, reports PTI.
07:34 Jet, Air France-KLM consortium to bid for Air India
A consortium of Jet Airways, Air France-KLM and Delta Airlines are said to have expressed interest in the disinvestment of Air India. Besides, Air India Air Transport Services and Air India Engineering Services will be sold separately, reports PTI.
07:26 'No deal' Brexit could cost UK, EU companies $80bn
Companies in Britain and the European Union face an extra GBP 58 billion ($80 billion) in annual costs if there is a no-deal Brexit, with Britain’s vast financial sector set to be the worst-hit industry, reports Reuters. Firms across the EU’s 27 countries other than Britain will have to pay GBP 31 billion a year in tariff and non-tariff barriers if Britain leaves the bloc without a deal, the report by Oliver Wyman management consultants and law firm Clifford Chance said. In return, British exporters to the EU will have to pay GBP 27 billion a year.
07:16 55K farmers to lay siege to Vidhan Bhavan, SSC students asked to reach exams centres early
Over 35,000 farmers from across Maharashtra, who embarked on a 'Long March' from Nashik on March 6 to press their various demands, will lay siege to the legislature today. Apart from opposition parties, Shiv Sena, a partner in the ruling coalition, too has vocally supported the agitation, isolating the ruling BJP. Though the government reached out to farmers, promising to meet their demands, farmers' leaders said they will press on with today's protest at the Vidhan Bhavan (Legislature Complex).
The farmers, led by All India Kisan Sabha (AIKS), are demanding, among other things, proper implementation of the Maharashtra government's loan waiver scheme. Braving scorching heat, they have covered around 180 km on foot in six days. "We will gherao (lay siege to) the Vidhan Bhavan to demand a complete loan waiver, fair price for farm produce, implementation of the Swaminathan Commission's recommendations, compensation for hailstorm-affected farmers among other things," Kisan Gujar, president of the state council of AIKS, said.
"On Sunday, our number was over 35,000. Over 20,000 farmers from other parts of the state will join on Monday," he said, adding that the farmers were also protesting against land acquisition for projects such as high-speed railway and super-highways. In related news, Maharashtra Education Minister Vinod Tawde has advised SSC students to reach exam centres in the city well in time on Monday.
Withthiswe conclude ourLive Blog. Thanks for tuning in.
Rahul meets Macron, Rafale deal not discussed
Congress President Rahul Gandhi met French President Emmanuel Macron on Sunday and discussed with him issues that affect liberal democracies including fake news.
The Congress chief, however, did not raise the Rafale fighter jet deal with Macron, party sources said.
The Congress has been attacking the BJP government on the defence deal, accusing Prime Minister Narendra Modi of causing loss to the state exchequer by buying the fighter jets at inflated rate.
"Yesterday, I met with French President @EmmanuelMacron. We discussed a range of issues common to our liberal democracies, including fake news.
PNB scam: IMF official calls for governance reforms at PSBs
The International Monetary Fund has said banking reforms like insolvency code andrecapitalisationwill be ineffective unless governance standards are improved.
"Reforms like the IBC Code, bankrecapitalisationhave taken place. However, for a lasting impact, these efforts are not enough and should be accompanied by governance reforms particularly for public sector banks," the multilateral body's deputy managing director Tao Zhang said at an event at theNSEhere this evening.
There is a need to look at the "deeper issue" of governance at the banks, he told reporters later.
Without naming the Punjab National Bank, he said the scam has "revealed the necessities and urgencies to improve the internal controls", which is crucial not only for improving banks but also "financial stability".
Sunanda Pushkar was ‘murdered’, claims report
An unverified report has claimed that former Union Minister Shashi Tharoor’s wife, Sunanda Pushkar was murdered. The report, citied by DNA, suggests that investigators were aware that the socialite was murdered.
According to the newspaper, the initial official report by the Sub Divisional Magistrate (SDM) at Vasant Vihar said who inspected the scene of crime stated that Pushkar, whose body was found in 2014 in her suite in Delhi’s Hotel Leela Palace, did not commit suicide.
It further said that the Sub Divisional Magistrate had ordered the Station House Officer of Sarojini Nagar to investigate the case as murder.
UN investigator: Human rights must be part of any talks with North Korea
Any progress in the nuclear and security dialogue with North Korea at upcoming summits must be accompanied by discussions on human rights violations, including political prison camps, the U.N. investigator on the isolated country said on Monday.
U.S. President Donald Trump has agreed to meet with North Korean leader Kim Jong Un by the end of May to discuss the future of nuclear weapons programme. The two Koreas will hold a summit by the end of April, at the "truce village" of Panmunjom on their border.
"Today, we witness what appears to be a potential for rapid progress on the political and security front, with communication channels steadily building up between the two Koreas as well as the United States of America, and historical summits plans for the future," Tomas Ojea Quintana, U.N. special rapporteur on human rights in the Democratic People's Republic of Korea (DPRK), told the world body's Human Rights Council.
HC grants bail to AAP MLA Amanatullah Khan in chief secy assault case
AAP MLA Amanatullah Khan, who was under judicial custody in the Chief Secretary Anshu Prakash assault case, was today granted bail by the Delhi High Court with conditions.
Justice Mukta Gupta directed Khan to furnish a personal bond of Rs 50,000 and two sureties of the like amount.
With regard to its earlier suggestion to Delhi Government to videograph the meetings between legislators and bureaucrats, the court said it never intended to encroach into legislative domain and it was "just a request so that no unforeseen incident takes place".
The High Court clarified that in case the complainant (Chief Secretary) and other witnesses were harassed, it would be for them to show that the harassment and intimidation was in retaliation of the FIR lodged against the Khan.
PM, president to get their own planes by early 2020
India's first set of brand new planes for the prime minister, president and vice-president will be customised and be ready for use by early 2020, senior government officials said.
Two Boeing 777-300 ERs, bought by Air India recently, will be retrofitted to have VIP enclosures, a press conference room and a patient transport unit for medical emergencies.
The aircraft will also be equipped with Wi-Fi on board and have anti-missile protection, a senior official said.
A Boeing 777 unlike the older Boeing 747, which were borrowed from Air India as and when a VVIP visited overseas, can fly non-stop to the US, thereby dispensing with the need to halt for refuelling.
Government will take action on Chidambaram for relaxing gold import norms
Stepping up the heat on former finance minister P Chidambaram, the government today said it will take action against the persons who relaxed gold import norms for private trading houses during the dying days of the UPA regime resulting in a windfall of Rs 4,500 crore to 13 such entities in just six months.
The ruling BJP had earlier this month accused Chidambaram of aiding jewellers Mehul Choksi and Nirav Modi -- main accused in the country's biggest bank fraud case -- through an 80:20 gold import scheme.
Without naming any of the jewellers who may have benefited from the scheme, the government said in a statement that it had taken the "bold" step to scrap the scheme within months of coming to power to end all discrimination in the favour of private gold importers.
Kathmandu plane crash: 50 reportedly killed, several others injured
Around 50 people died after the US-Bangla Airlines plane they were travelling in crashed while landing at the international airport in Kathmandu, Nepal on Monday afternoon.
There were 71 people on board the plane arriving from Dhaka when it clipped the fence at the airport and burst into flames, said Raj Kumar Chettri, general manager of the hill-ringed airport.
Those aboard included 33 Nepali passengers, 32 Bangladeshis, one passenger from China and one from the Maldives.
"We have recovered 50 dead bodies so far," said army spokesman Gokul Bhandari. Although several people had been rescued from the wreckage of the Bombardier Q400 series aircraft, nine people were still unaccounted for, he added.
Infosys to voluntarily delist from Euronext Paris and Euronext London exchanges
Infosys has said that it will voluntarily delist from Euronext Paris and Euronext London exchanges.
The company has said that the primary reason for seeking delisting is low average daily trading volume.
Infosys has said that the average daily trading volume at these exchanges are significantly lower than the New York Stock Exchange (NYSE), CNBC TV18 has reported.
The company has also said that it would continue to be listed on the NYSE.
EU hits out at trade 'bullies' as Trump row deepens
The EU's top trade official today said Europe would stand up to intimidation by protectionists, as a row with US President Donald Trump over controversial steel and aluminium tariffs heated up.
"In some places trade has been to blame for the pains of globalisation or they used it as a scapegoat or they think we can live behind walls and borders," European Trade Commissioner Cecilia Malmstroem said at a conference in Brussels.
January IIP at 7.5 percent vs 7.1 percent in December.
February CPI inflation at 4.44 percent vs 5.07 percent in January.
Sources say GST being evaded via black marketing, undervaluing imports
Less than nine months into the GST regime, revenue authorities have detected rampant tax evasion through black market and under-valuing of imports.
Big data analytics by the authorities has revealed that although importers are paying GST, they are supplying the goods without bill, sources told PTI.
Rise in home sales, dip in QTS indicate market recovery: ICRA
In what can be seen as a possible recovery in the housing market, sales improved by 29.3 percent year-on-year during the April to December period last year, while the time taken to clear the inventory went down to 12 quarters, according to an ICRA report.
Real estate companies sold 17.26 million sq ft during the nine months, against 13.35 million sq ft in the year-ago period, according to rating agency, which considered a sample size of 11 listed entities.
No data maintained of fake education boards: HRD Ministry
The HRD Ministry today said it does not maintain any data of fake education boards found functioning in the country.
The minister of State for HRD, Upendra Kushwaha, said in a written response to a question in Lok Sabha that "some instances of functioning of fake education boards have come to the notice of the Ministry".
DGCA grounds IndiGo and GoAir Airbus A320neos
The DGCA has grounded few Airbus A320neos. DGCA has grounded eight A320neos belonging to IndiGo and three of GoAir, fitted with Pratt & Whitney engines. DGCA has asks both airlines to ground planes till further notice, according to a report by CNBC TV18.
DGCA has said that the planes have been grounded in light of 'occurrences of aborted take-off and in flight shutdown' on A320neo's powered by Pratt & Whitney engines.
The civil aviation authority has said that no concrete proposal has been given by Pratt & Whitney yet on when the engine woes will be resolved.
Senior Samajwadi Party (SP) leader Naresh Agrawal has joined the Bharatiya Janata Party (BJP) in presence of Union Minister Piyush Goyal at the BJP headquarters in Delhi.
Vodafone likely to launch VoLTE in Tamil Nadu this year
Telecom service provider Vodafone today indicated of launching the Voice over LTE (VoLTE) service in Tamil Nadu during this year, according to a top official.
Asked whether roll out of VoLTE service would happen this year, Vodafone, Tamil Nadu, Business-Head, S Murali said, "(we) should be (launching it)".
"You will get to know (once we launch VoLTE service). We have launched it (VoLTE service) in many parts of the country", he said declining to elaborate.
Some of the cities Vodafone offers VoLTE services include Mumbai, Gujarat, Delhi, Karnataka and Kolkata. (PTI)
Kathmandu plane crash update:
The Associated Presshas reported Nepal police official as saying that at least 38 have been killed and 23 have been injured in the plane crash in Kathmandu. The police added that 10 people are still unaccounted for.
Jammu and Kashmir Finance Minister Haseeb Drabu has been removed from the state’s Cabinet for remark that Kashmir is not a political issue,CNBC TV18has reported.
Bill on chit funds sector introduced in Lok Sabha
A Bill to streamline and strengthen the chit fund sector was introduced in the Lok Sabha today which mandates video conferencing while the opening of bids and seeks to hike commission of foremen from 5 percent to 7 percent.
The Chit Funds (Amendment) Bill, 2018 is based on the recommendations of the Parliamentary Standing Committee on Finance and the Advisory Groups on Chit Funds set up by the central government.
The Amendment Bill provides for allowing the mandatory presence of two subscribers, as required either in person or through video conferencing duly recorded by the foreman, while the bids are being opened. (PTI)
Parliament proceedings disrupted by protests, economic offenders bill introduced amid din
The proceedings in both Houses of Parliament were stalled for the sixth day today with no let-up in protests by opposition parties and NDA ally TDP over various issues including the banking scam, special status to Andhra Pradesh and the Cauvery water dispute.
The Aam Aadmi Party too joined the protests in Rajya Sabha, demanding an end to the sealing drive in Delhi.
Amid the din in Lok Sabha, Minister of State for Finance Shiv Pratap Shukla introduced The Fugitive Economic Offenders Bill 2018 that seeks to confiscate all assets of absconding fraudsters and loan defaulters for recovering dues from them. (PTI)
A Metro train moves across the new Majlis Park and Durgabai Deshmukh South Campus Metro section during a media preview in New Delhi on Monday. Majlis Park-Shiv Vihar corridor (Line 7) of the metro network, also known as the Pink Line, is part of the Phase-III project. PTI
Syria war has killed more than 350,000 in 7 years: monitor
Seven years of conflict in Syria have left 353,395 people dead since March 15, 2011, according to an updated overall death toll released today by the Syrian Observatory for Human Rights. (AFP)
Japan's Coincheck to start repaying customers after digital money heist
Japanese cryptocurrency exchange Coincheck, reeling from government reprimands over lax standards after $530 million dollar theft of digital money, said it would from Monday start repaying customers affected by the heist, reports Reuters. Coincheck also plans to lift curbs from Monday on the trading and withdrawal of some cryptocurrencies, including bitcoin, that it had imposed as it investigated the late-January heist.
L&T JV bags Rs 442cr order for supply of forgings for nuclear steam generators
Larsen & Toubro(L&T) said its joint venture with Nuclear Power Corporation of India (NPCIL), had received Rs 442 crore order for supply of forgings for nuclear steam generators. These forgings will be used in the manufacturing of the critical equipment for six new indigenous pressurised heavy water reactors, it said in a regulatory filing.
A Bangladeshi passenger plane with 78 on board has crashed in Kathmandu after becoming unstable while descending. Several casualties are feared. In news just in, 17 passengers have been rescued.
Govt tables Fugitive Economic Offenders Bill to impound, sell assets of absconding fraudsters
The government tabled a bill that seeks to confiscate all the assets of absconding fraudsters and loan defaulters for recovering dues from them, reports PTI. The Fugitive Economic Offenders Bill 2018 aims to impound and sell assets of fugitives such as Nirav Modi, who is alleged to be behind the nearly Rs 12,700 crore fraud at Punjab National Bank.
The law will apply to defaulters who have an outstanding of Rs 100 crore or more and have escaped from the country. The Bill tabled in the Lok Sabha provides for "measures to deter fugitive economic offenders from evading the process of law in India by staying outside the jurisdiction of Indian courts, to preserve the sanctity of the rule of law in India and for matters connected therewith or incidental thereto".
Meena, Yadav, Saini are BJP candidates for RS polls from Rajasthan
Tribal leader and MLA Kirori Meena, sitting Rajya Sabha MP Bhupendra Yadav and veteran party leader Madan Lal Saini filed nominations as the BJP candidates for the biennial Rajya Sabha elections from Rajasthan, reports PTI. Meena, who had separated from the BJP in 2008 , re-joined the party on Sunday along with his two National People’s Party (NPP) MLAs. He, as the state president of NPP, which he had joined in 2013, also merged his party with the BJP.
Accept demands of farmers and tribals: Rahul to PM, Fadnavis
Congress President Rahul Gandhi urged Prime Minister Narendra Modi and Maharashtra Chief Minister Devendra Fadnavis to shed their egos and accept the ‘just demands’ of the thousands of farmers and tribals protesting in Mumbai. The mammoth farmers march to Mumbai is a ‘stunning example of people's power’, Gandhi said on Twitter.
Breaking News:
A Bangladeshi passenger plane has crashed in Kathmandu after becoming unstable while descending. Several casualties are feared.
INX Media case: Karti Chidambaram sent to jail till March 24
A Delhi court sent Karti Chidambaram to judicial custody till March 24 in the INX Media corruption case, while dismissing his plea for early hearing of his bail application, reports PTI. Special judge Sunil Rana pronounced the order after the CBI said that he was not required for custodial interrogation.
On his plea seeking separate cell and protection in Tihar Jail, the court said the jail manual would be followed. It also said that his bail plea would be heard on March 15 as scheduled. The court denied Karti's request for home food in the jail.
Raise coal supply to power plants: Goyal to Railways
As power plants face coal shortages, Coal Minister Piyush Goyal has asked Railways to increase coal loading up to 500 rakes per day to meet power demand in summer, sources told PTI. "It was noted that more than 50 power plants had coal stocks less than the stipulated level," sources said. It was decided that coal loading would be stepped up to 500 rakes per day from present 464 rakes per day to ensure power supplies are not impacted due to fuel shortage at the plants, sources added.
Coal scam: Court pulls up CBI for not providing documents to accused
A special court pulled up the Central Bureau of Investigation for not supplying documents to the accused in a coal scam case, involving industrialist Naveen Jindal, as directed by it in its last order, reports PTI. "Comply with the direction of the court. Adjourned for scrutiny of documents on April 10,” the judge said.
The court had on January 15 directed the CBI to hand over some documents filed, along with the charge sheet, to industrialist Naveen Jindal and others. The court was hearing a matter pertaining to the allocation of Urtan North coal block in Madhya Pradesh where the offences of ‘cheating’ and ‘criminal conspiracy’ were ‘prima facie’ made out against the accused.
Besides Jindal, the other accused in the case include Jindal Steel and Power's former Director Sushil Maroo, former Deputy Managing Director Anand Goyal and CEO Vikrant Gujral. Jindal is named as accused, along with former Minister of State for Coal Dasari Narayan Rao and former Jharkhand Chief Minister Madhu Koda, in another case pertaining to alleged irregularities in allocation of Amarkonda Murgadangal coal block in Jharkhand.
Karti Chidambaram seeks separate cell in Tihar, urges court to hear his bail plea today
A trial court will pronounce its order on the Central Bureau of Investigation's plea to send Karti Chidambaram to judicial custody in the INX Media corruption case later today, reports PTI. The court will also pass an order on Karti's plea seeking a separate cell in Tihar Jail and urgent hearing of his bail plea today itself.
SC directs CBI, ED to complete 2G probe in six months
The Supreme Court directed investigating agencies the Central Bureau of Investigation and Enforcement Directorate to complete their probe into the 2G spectrum allocation cases and other related matters in six months, reports PTI. A bench of Justices Arun Misra and Naveen Sinha directed the Centre to file a status report on investigation into the 2G spectrum scam and related cases arising out of it, including the Aircel-Maxis deal, in two weeks. The bench observed that the investigation has been going on for long time and people of this country cannot be kept in dark in the sensitive matter like this.
Cryptocurrency scammers run off with over $2m after ditching investors
Scammers appear to have made off with more than $2 million in cryptocurrency after carrying out an apparent fake initial coin offering (ICO), and the individuals linked to the incident may be connected to another recent theft, CNBC has learned. A bad actor or actors used a fake LinkedIn profile and copied pictures from another user's Instagram to create a false persona — and successfully drew more than 1,000 investors into the ICO project, which was called Giza.
Market extends gains, Nifty reclaims 10,350
Benchmark indices extended gains, with the Sensex rising 400 points, backed by FMCG, technology, private banks and auto stocks. Better-than-expected US jobs data is fuelling the rally in global markets. The Nifty reclaims the 10,350 level. The PSU Bank index continues to underperform, falling 2.5% after a fraud worth Rs 5,000 crore was unearthed in Andhra Bank.
SC to auction Unitech properties to refund homebuyers
Supreme Court said it will auction the unencumbered properties of Unitech to refund homebuyers. The court has asked Unitech to submit the complete list within a fortnight. The next date for hearing has been set as March 26.
Binance offers a $250,000 bounty for hacker tip-offs
Binance, founded by Zhao Changpeng, is offering the equivalent of $250,000 (paid in cryptocurrency) for information that leads to the arrest of hackers who targeted the venue last week, it said in a statement. The exchange has set aside $10 million for future bounties and is encouraging other platforms to do the same, it added.
Excl: I-T Dept uncovers Rs 5,200cr fake diamond receipts; Mehul Choksi, Nirav Modi may be party to scam
The Income Tax department has busted an about Rs 5,200-crore scam of fake receipts, which were used to inflate books and avail loans, reports Moneycontrol News’ Tarun Sharma. Sources said Mehul Choksi and Nirav Modi - who are at the centre of the Punjab National Bank fraud - also used these fake receipts to show fictitious revenue turnover in their books. A senior I-T official said, “There are some businesses that issue sales and purchase invoices, and charge 1% of the total value as commission. These invoices are used to inflate revenue in the books. These invoices are used to draw pre and post shipment credit from banks.”
Passenger vehicle sales rise 7.77% in Feb, car sales up 3.7%
Domestic passenger vehicle sales rose 7.77% to 2,75,329 units in February from 2,55,470 units in February 2017. Domestic car sales were up 3.7% to 1,79,122 units as against 1,72,737 units in February 2017, according to data released by the Society of Indian Automobile Manufacturers (SIAM).
Motorcycle sales last month rose 26.48% to 10,53,230 units as against 8,32,695 units a year earlier. Total two-wheeler sales in February rose 23.77% to 16,85,814 units compared with 13,62,043 units in the year-ago month.
Sales of commercial vehicles were up 31.13% YoY to 87,777 units in February, SIAM said. Vehicle sales across categories registered a rise of 22.77% to 21,11,383 units from 17,19,806 units in February 2017, it added.
Eicher Motors closes down JV with US-based Polaris
Eicher Motors said the board of Eicher Polaris Pvt (EPPL) has passed a resolution to close operations of the JV firm with immediate effect. EEPL, an equal joint venture between Eicher Motors and US-based Polaris Industries, was incorporated in October 2012.
Suzlon bags 75 MW order through MSEDCL bid
Wind turbine maker Suzlon said it has bagged an order for development of 75 MW wind energy project from an independent power producer through Maharashtra State Electricity Distribution Company (MSEDCL) bid. The company will install around 36 units of S111-140m wind turbine generators (WTGs) with rated capacity of 2.1 MW each. It will execute the entire project on a turnkey basis and will also provide comprehensive operation and maintenance services for the complete project lifecycle.
Kim Jong Un wants a peace treaty from Trump, says report
Kim Jong Un wants to sign a peace treaty after meeting with US President Donald Trump, reviving a long-held goal of the North Korean regime. Kim is likely to raise the possibility of a peace treaty, along with establishing diplomatic relations and nuclear disarmament, during a meeting with the US leader, the Dong-A Ilbo newspaper said.
