The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
White House says Russia planning to purchase more attack drones from Iran
-- The White House said on Monday that Russia is looking to buy additional advanced attack drones from Iran for use in the Kremlin's war in Ukraine after using up most of the 400 drones it had previously purchased from Tehran.
-- For months, officials have publicly stated that the United States believed Iran was considering selling hundreds of ballistic missiles to Russia, but Washington did not have evidence a deal was consummated.
-- The latest revelation is part of a persistent drip of intelligence findings from the administration to detail what US officials say is a deepening defense partnership between Russia and Iran.
Maharashtra Communal Violence Update:
Communal violence in Akola city and Shevgaon village in Ahmednagar district of Maharashtra in the last two days has posed a challenge to police to prevent potential flare-ups in other areas, while 132 people have been detained so far after the clashes left one person dead and 13 others injured, including two policemen.
One person was killed and eight others, including two policemen, were injured, in a clash that broke out on Saturday night in the sensitive Old City area of Akola over a religious post on social media, prompting the police to clamp curfew in some pockets, police said.
Members of the two groups hurled stones at each other and indulged in large-scale vandalism. The rioters set on fire some two-wheelers and four-wheelers during the violence.
Amit Shah holds meetings with Manipur CM, representatives of Meitei, Kuki to restore peace
Union Home Minister Amit Shah today held a series of meetings with the Chief Minister of Manipur, representatives of Meitei and Kuki communities and other stakeholders to review the measures taken for restoring peace to the state.
Amit Shah holds meetings with Manipur CM, representatives of Meitei, Kuki to restore peace
Union Home Minister Amit Shah today held a series of meetings with the Chief Minister of Manipur, representatives of Meitei and Kuki communities and other stakeholders to review the measures taken for restoring peace to the state.
Windfall tax on crude petroleum reduced to nil from Rs 4,100 per tonne
Windfall tax on crude petroleum has been reduced to nil from Rs 4,100 per tonne, in the latest fortnightly revision by the government. The changes will come into effect from May 16.
Procter & Gamble Health reports earnings:
-- Net profit up 15.7% at Rs 59.2 crore Vs Rs 51.2 crore (YoY)
-- Revenue up 19.8% at Rs 321 crore Vs Rs 268 crore (YoY)
-- EBITDA up 15.8% at Rs 79.7 crore Vs Rs 68.8 crore (YoY)
-- Margin at 24.8% Vs 25.7% (YoY)
Virat Kohli is the new brand ambassador of Duroflex
Sleep solutions provider Duroflex announced on Monday that cricketer Virat Kohli is its new brand ambassador.
Virat Kohli's strong alignment with the brand's mission has led him to take on the role of brand ambassador for Duroflex, a company release said.
Delhi fire:
Fire breaks out in a plastic factory in Bawana Industrial Area; Nine fire tenders pressed into action, Delhi fire service officials inform
Odisha heat wave update:
-- Odisha's Bolangir records the highest maximum temperature of 44.4 degrees Celsius followed by Titlagarh at 44°C in the state today, the Indian Meteorological Department (IMD) said.
-- Heatwave conditions are predicted in Sambalpur, Sundargarh, Jharsuguda, Deogarh, Angul, Boudh, Sonepur, and Balangir districts for the next three days.
Dharmesh Sharma appointed Additional judge of Delhi HC, Kiren Rijiju announces
Union Law Minister Kiren Rijiju announced on Twitter on May 15: “In exercise of the power conferred under the Constitution, Shri Dharmesh Sharma, Judicial Officer is appointed as Additional Judge of Delhi High Court.”
Imprisoned Iranian activist Narges Mohammadi to receive PEN America''s Freedom to Write Award
-- Iranian writer, journalist, and human rights activist Narges Mohammadi will be honoured at this week's PEN America Literary Gala.
-- Mohammadi, currently jailed for spreading propaganda," is to receive the 2023 PEN/Barbey Freedom to Write Award.
-- The PEN gala will take place on Thursday night at the American Museum of Natural History, with fellow honourees including ‘Saturday Night Live’ creator Lorne Michaels, winner of the PEN/Audible Literary Service Award.
Tube Investments reports Q4 results:
-- Profit zooms 74% to Rs 312 crore
-- Company declares dividend of Rs 1.50 per share
ICC makes helmets mandatory for high-risk positions
-- The International Cricket Council (ICC) on May 15 announced that helmets will be mandatory for ‘high-risk positions’.
-- The compulsion of helmets will be for when batters are facing fast bowlers, when wicketkeepers are standing up to the stumps, and when fielders are close to the batter in front of the wicket, ICC said.
PVR Inox plans to shut down 50 cinema screens over 6 months
-- The company plans to shut down approximately 50 cinema screens over the next six months.
-- These properties are loss-making, or housed in malls that have reached the end of their life cycle with little hope of any revival.
-- The company has taken an accelerated charge of the depreciation in its books and written off the WDV of assets.
Wipro’s FullStride Cloud Studio partners with Google Cloud’s Rapid Migration Program
Wipro announced that its FullStride Cloud Studio has partnered with Google Cloud’s Rapid Migration Program (RaMP) to help clients accelerate journey to the cloud and pursue a migration strategy anchored in business outcomes
News Alert:
Lahore High Court grants bail to former Pakistan PM Imran Khan's wife in Al-Qadir Trust case
I believe in one thing that a single man with courage becomes a majority, says DK Shivakumar
-"I'm a single man, I believe in one thing that a single man with courage becomes a majority...When all ourMLAsleft the party (2019 JD(S)-Cong coalition govt), I didn't lose my heart,"saysK'takaCong pres DKShivakumarbefore he heads to Delhi forKarnatakaCM talks.
April services exports was $30.36 billion, while services imports was $16.50 billion.
-The rise in services exports has helped India's current account deficit to shrink more than expected in the October-December quarter, offsetting weakness seen in goods exports.April oil imports fell 2.46% year-on-year to $15.17 billion.
Indian Exports
India ended overall export in 2022-2023 at $775.87 billion, up by more than 14 per cent and almost $100 billion more than last year. Merchandise exports have crossed $450.43 billion and services exports have gone to $325.44 billion. India’s overall exports in April 2023 grew to $65.05 billion as against $63.75 billion in April 2022: Commerce Ministry
Imports saw fall in petroleum, crude and products; coal & coke
-DGFT Sarangi attributes this decline partly to cooling down of commodity prices and secondly due to reduced demand for products considered as discretionary spending, like gems and jewellery.
-Demand not looking good from US and Europe, looking at demand going down for next 3 months. Hopefully, things will change by September, says Sarangi.
Imports saw fall in petroleum, crude and products; coal & coke
-DGFT Sarangi attributes this decline partly to cooling down of commodity prices and secondly due to reduced demand for products considered as discretionary spending, like gems and jewellery.
-Demand not looking good from US and Europe, looking at demand going down for next 3 months. Hopefully, things will change by September, says Sarangi.
We're brought together by a common heart, Eric Garcetti in Ahmedabad
"This is an amazing moment in the United States & India relation, a moment in which we need to raise our ambitions. We're brought together by a common heart," says US Ambassador to India, Eric Garcetti, in Ahmedabad
Breaking : NCLAT to pronounce orders in lessors appeal against Go First insolvency on May 22
Kremlin says new UK weapons for Ukraine will only cause 'further destruction'
The Kremlin on Monday said new British weapons due to be supplied to Kyiv will only cause "further destruction," as Ukraine's President Volodymyr Zelensky visits the UK for talks with Prime Minister Rishi Sunak.
NCLAT (judge): Is lessor’s termination of leases and Go First filing for insolvency subsequently enough to show that the airline had malicious intent?
- Lessor reads of CEO’s interview to media to show that Go First sought insolvency to protect assets, lessors lawyer terms Go First’s intention to go to insolvency fraudulent
- (Context: Lessors have been arguing that Go First is trying to take possession of assets theydon’town)
CBI arrests commercial head of a private news channel in excise scam case
CBI arrests commercial head of a private news channel in excise scam case, say officials, reports PTI.
Breaking: Go First resolution professional’s lawyer alleges in court that the lessors issued a letter of termination
- This happeend after Go First announced their plans to initiate insolvency. The letter was issued to defeat the purpose of IBC.
Tendulkar picks up small stake in AZAD Engineering
Cricket legend Sachin Tendulkar has made an undisclosed strategic investment and picked up a small stake in AZAD Engineering, provider of engineering and technology solutions for global OEMs in the Clean Energy, Aerospace, Defence and Oil & Gas spheres.
The investment from Sachin Tendulkar allows AZAD Engineering to further strengthen its commitment to contribute to Make in India and Atmanirbhar Bharat initiatives of the Central government.
Foxconn to invest USD 500 million in Telangana, sets up new manufacturing cluster
Electronics major Foxconn Interconnect Technology on Monday laid the foundation for a new electronics manufacturing facility in Telangana as part of its USD 500 million investment in the state.
The foundation laying ceremony took place in the presence of Telangana Minister for Industries and Commerce K T Rama Rao, Foxconn Interconnect Technology Chairman and CEO Sidney Lu and other dignitaries, a press release from the state government said.
NCLAT begins hearing aircraft lessors appeal against Go First insolvency
NMC creating centralised repository of doctors practising in country, all docs to have UID
All medical practitioners in India will be required to register with the National Medical Commission (NMC) and obtain a unique identification number to practice in the country, in addition to registering with state medical councils, according to a recent notification.
The NMC will update the data in the National Medical Register, which will be made public and displayed on its website. The move aims to ensure transparency and accountability in the medical profession, as well as to make it easier for patients to access information about their doctors.
India-US relations based on common desires of peaceful and prosperous Indo-Pacific region: US Ambassador Garcetti
The relationship between India and the United States is based on a common desire to have stronger economies and a peaceful, prosperous Indo-Pacific region, and the two countries stand together wherever it is challenged, US Ambassador to India Eric Garcettihas said.
The two countries are an important part of a mutual strategy to protect the Indo-Pacific region and keep people safe, he said.
Manipur CM rejects demand for separate administration for Kuki areas
Chief Minister N Biren Singh has dismissed the requests of 10 MLAs, including 7 from his own party, for a distinct administration for the Kuki-dominated districts of the northeastern state. He affirmed that "the territorial integrity of Manipur will be protected."
WPI inflation eases to 34-month low of (-) 0.92 pc in April
Wholesale inflation rate eased to 34-month low of (-) 0.92 per cent in April on easing prices of food, fuel and manufactured items.
The wholesale price index (WPI) based inflation has been on a declining trend for 11 months in a row and entered the negative zone in April.
In June 2020 WPI was at (-) 1.81 per cent.
SC refuses to entertain plea on cleaning of rivers Ganga, Yamuna
The Supreme Court on Monday refused to entertain a plea seeking directions to clean rivers Ganga and Yamuna and monitor the action plan for their rejuvenation, saying there is a specialised tribunal for this.
A bench of Chief Justice DY Chandrachud and Justices P S Narasimha and J B Pardiwala asked the petitioner to approach the National Green Tribunal (NGT) with his grievances.
India’s April WPI inflation falls to -0.92% from 1.34% in March.
India’s WPI inflation falls below zero in April for the first time since July 2020.
SC dismisses plea seeking disqualification of vice president and law minister for their comments on collegium
Justice MR Shah breaks down in the court room
Justice MR Shah, who is set to retire today, breaks down in the court room while delivering his farewell address, he was sitting on the ceremonial bench with CJI DY Chandrachud. He was instrumental in ensuring states paid sufficient compensation to victims of COVID-19. Justice Shah was a part of the constitution Enoch that recently delivered judgments on Maharashtra political crisis and Delhi Vs LG fight on administrative services.
Case filed against me by Nashik police under Maha CM's pressure: Sanjay Raut
Shiv Sena (UBT) leader Sanjay Raut on Monday alleged that the Nashik police have registered a case against him under pressure from Maharashtra Chief Minister Eknath Shinde and state Home Minister Devendra Fadnavis.
Raut in a Twitter post also claimed that democracy and freedom have been severely affected in Maharashtra and said such "autocracy" has to be fought back.
Karnataka chief ministership: Cong observers to hand over report to president Kharge
Amid intense lobbying for the chief minister's post in Karnataka, the three central observers deputed by the Congress on Monday returned to the national capital after speaking individually to the newly elected MLAs.
The observers will hand over the report on the views expressed by the majority of the MLAs to party president Mallikarjun Kharge later in the day.
Former chief minister Siddaramaiah and PCC president D K Shivakumar are both staking claim to the top post and are lobbying hard for it.
Tihar Jail SP gets show cause notice for transferring 2 inmates to Satyendar Jain's cell
The Tihar Jail administration has issued a show cause notice to the superintendent of jail number 7 for transferring two inmates to former Delhi minister Satyendar Jain's cell.
Jain had submitted an application to the jail administration requesting that two inmates be lodged with him as he was feeling depressed and lonely.
The superintendent transferred the inmates without informing or discussing the matter with the administration.
Maharashtra | 6 people suffered burn injuries after fire broke out at a house in Mumbai's Khar West area. The fire broke out due to gas leakage. Fire has been brought under control and the cooling process is underway: BMC
Pakistani intruder detained along LoC in J-K's Rajouri
Pakistani intruder was nabbed by the Indian Army when he attempted to infiltrate from across the Line of Control (LoC) in Rajouri district of Jammu and Kashmir, officials said on Monday.
Mohammad Usman (30), a resident of Karela village of Kotli in Pakistan-occupied Kashmir (PoK), was intercepted by troops after he entered Tarkundi village late Sunday evening, the officials said.
COVID-19 in India
India reports 801 new cases and 1,815 recoveries in the last 24 hours; the active caseload stands at 14,493.
Important cases listed in the Supreme Court on Monday, May 15:
* SC to hear pleas on Adani-Hindenburg row. SC to consider SEBI's application seeking a six-month extension to complete probe into allegations of stock price manipulation by Adani group and lapses in regulatory disclosure.
*Plea of activist Gautam Navlakha seeking shifting from a public library in Mumbai to some other place in the city under house arrest.
* SC to hear a plea of Bombay Lawyers Association against Union Law Minister Kiren Rijiju and Vice President Jagdeep Dhankhar over their remarks on judiciary and the collegium system for appointment of judges.
* SC to hear a plea challenging grant of certification by CBFC to movie The Kerala Story.
* SC to hear a plea of seven Patna HC Judges including Justice Shailendra Singh alleging closing of their GPF accounts.
Shiv Sena Leader Sanjay Raut Booked
Shiv Sena (UBT) leader Sanjay Raut has been booked in Maharashtra's Nashik for allegedly causing discord between the police and the public through his statement.
Tihar Jail SP gets notice after 2 inmates shifted to Satyendar Jain's cell on ex-minister's request
Showcause notice issued to Superintendent of Jail No. 7, Tihar Jail, for transferring two prisoners to the cell of Former Delhi minister Satyendar Jain who requested to lodge him with at least two inmates citing depression & need for more social interactions. Inmates were immediately transferred back: Prison Official
Irresponsible driving on public roads
Maharashtra CM Eknath Shinde to today chair a meeting to consider making irresponsible driving on public roads a non-bailable offence in the state: Maharashtra CMO
U.S. fighter jets intercept Russian planes near Alaska
U.S. fighter jets intercepted six Russian aircraft operating in international airspace near Alaska, the North American Aerospace Defense Command (NORAD) said on Sunday.
The Russian planes included TU-95 bombers, IL-78 tankers and SU-35 fighter jets, NORAD said in a written statement.
NORAD described the interception as "routine" and said they happen roughly six or seven times per year in the so-called Alaska Air Defense Identification Zone.
Govt misleading SC on herbicide-tolerant nature of GM mustard: Coalition of GM-free India
The government is misleading the Supreme Court on the herbicide-tolerant (HT) nature of GM mustard and is trying to "criminalise" farmers for using herbicide on the crop, a group of NGOs opposing genetically modified crops has said.
In a letter to Union Environment Minister Bhupender Yadav, the Coalition of GM-free India also alleged the government is ignoring the clear recommendation by the court-appointed technical expert committee (TEC) for a ban on HT crops in India.
