News highlights of the day: Claiming rights without duties is against democratic values, says PM Modi

Prime Minister Narendra Modi today said it was imperative that people are made aware about the importance of their duties as asserting one's own rights without rendering duties is against the fundamental value of the democracy.

Speaking at the inauguration of the new building premises of the Central Information Commission (CIC) here, he also said that it has been noticed that some people misuse rights of people for vested interests.

He said that the system has to bear the burden of such attempts.

Modi said people need to be made aware of their duties along with their rights.

"Only talking about rights and forgetting duties, forgetting aspirations of the Constitution, is against the fundamental spirit of the democracy," he said. (PTI)

21:32 In-flight WiFi: Government says no security assessment done by DGCA

The aviation regulator DGCA has not carried out any study to assess the possible security implications of Wi-Fi connectivity on board flights, the government told the Parliament today.

In January, the telecom regulator TRAI had recommended allowing use of mobile phone calls and internet services like Wi-Fi on domestic and international flights in India, provided there is a mechanism for lawful interception and monitoring of Wi-Fi to ensure safety. (PTI)

21:16 CBI acting at Centre's behest to malign my father's image, says Karti Chidambaram

Karti Chidambaram, arrested son of senior Congress leader P Chidambaram, sought bail from a Delhi court alleging that the CBI was acting at the behest of the Centre to malign the reputation of his father during whose tenure FIPB clearance was granted to the INX Media group.

Karti contended that his arrest was "illegal and arbitrary" but the agency opposed his bail plea, saying the investigation was at a crucial stage and his custodial interrogation was necessary to unearth the entire conspiracy in the INX Media corruption case.

Special CBI Judge Sunil Rana posted the bail plea for hearing on March 9 when the three-day CBI custody of Karti would come to an end. (PTI)

20:54 Samajwadi Party's "frustration" behind its understanding with BSP: Yogi Adityanath

Taking pot-shots at rival parties, Uttar Pradesh Chief Minister Yogi Adityanath said today it was the "frustration and helplessness" of the Samajwadi Party that led it to reach an understanding with its bitter opponent Bahujan Samaj Party ahead of the Gorakhpur and Phulpur bypolls.

He also brushed aside opposition charges of fake encounters being staged, of BJP encouraging divisive tendencies, while also asserting that no person would be allowed to stop the march of the tricolour.

Rejecting opposition criticism that he appeared to be the chief minister of only one community as he had told journalists that he did not celebrate Eid, Adityanath said while he was a Hindu, proud of the religion's traditions, his government would provide a conducive atmosphere to those wanting to observe the festival. (PTI)

20:14 26 passengers and 6 crew members were killed after a Russian An-26 transport plane crashed when landing in Syria, according to report.

19:50 More than one lakh Aircel customers registered to join BSNL

State-owned BSNL today said more than one lakh customers of troubled telecom operator Aircel have registered under the mobile number portability facility to join the network.

Last month, 57,345 customers ported into BSNL through MNP from Aircel and 1.85 lakh existing customers registered to join the network, BSNL Tamil Nadu circle, Chief General Manager, R Marshal Antony Leo said. (PTI)

19:34 CPC claims overwhelming support to scrap term limit for Xi Jinping

A constitutional amendment to scrap the two-term rule for President Xi Jinping and allow him to become the leader for life was tabled today in China's national legislature by the ruling Communist Party, which claimed an ‘overwhelming support’ from the cadres and public for the controversial move.

The annual session of China's parliament commenced yesterday, setting the stage for the ratification of controversial measures to remove two term limits for 64-year-old Xi and inclusion of his thought into the Constitution.

Nearly 3,000 legislators from around the country is expected to attend the two-week gathering of China's National People's Congress (NPC) here. (PTI)

19:21 ISRO, DoT turf wars delaying connectivity reach: DoT Official

India builds cheapest satellites but has the most expensive bandwidth, a government official said today, and blaming turf wars between ISRO and Department of Telecom (DoT) for delays in taking connectivity to far-flung areas.

DoT's special secretary N Sivasailam also flagged issues of costs and said ISRO should do more in order to take the charges at par with global experience.

"Here is the paradox, we produce the cheapest satellite but the costliest bandwidth," Sivasailam said, adding that we require more transponders on satellites. (PTI)

19:10 The International Cricket Council (ICC) has announced a six-month suspension of Maharashtra Cricket Association (MCA)’s pitch curator Pandurang Salgaonkar following its investigations over alleged charges of corruption dating back to October 2017, ANI has reported.

18:53 Tata Motors plans complete new product portfolio by 2023-24: CEO

Tata Motors plans to completely overhaul its passenger vehicle portfolio over the next five years as part of its plans to grow sales volume and market share in the highly competitive Indian market, the company's top executive said today.

Speaking to PTI on the sidelines of Geneva Motor Show here, Tata Motors CEO and MD Guenter Butschek said the company's new products would be based on two architectures--OMEGA (Optimal Modular Efficient Global Advanced) and ALFA (Agile Light Advanced Architecture).

"In the five years time, roughly by 2023-24, we will most probably have complete new product portfolio," Butschek said after unveiling the E-Vision Sedan Concept.

18:24 Nirav Modi has moved the Delhi High Court challenging attachment of properties by the Enforcement Directorate (ED).

18:17 Tripura ideological win; changed party's, country's mood: PM Modi

Prime Minister Narendra Modi today dubbed the BJP's win over the Left in Tripura as an "ideological victory" that changed the mood in the party, and asked its leaders to make the most of it in the coming months.

Modi's remarks came at the BJP Parliamentary Party meeting and were an apparent reference to a number of state elections, including the upcoming Karnataka polls, followed by the Lok Sabha elections next year.

The prime minister was greeted with the slogan, 'Jeet hamari jari hai, ab Karnataka ki bari hai' (Our winning run continues, now it's Karnataka's turn), leaders present in the meeting said.

Modi said that some critics described Tripura as "a small state with only two Lok Sabha seats" to downplay the BJP's win. (PTI)

17:57 PNB scam: Senior Axis Bank officials appear before SFIO

Senior officials from Axis Bank today appeared before the Serious Fraud Investigation Office (SFIO), which has started seeking details from lenders with exposure to the firms promoted by Nirav Modi and Mehul Choksi with regard to the over Rs 12,000-crore PNB scam.

A team from Axis Bank, led by deputy managing director V Srinivasan and executives from the trade and transactions department, went to the SFIO's office here, after the investigating agency called them to help in the probe, sources said.

The officials were in the office for over two hours and are understood to have been asked about their business with firms like Choksi's Gitanjali Gems and also Modi, as per sources. (PTI)

17:45 Prime Minister Narendra Modi and French President Emmanuel Macron will be visiting Varanasi on March 12.

17:35 Moody's upgrades JSW Steel bond rating to Ba2

Moody's Investors Service has upgraded JSW Steel's corporate family rating (CFR) and senior unsecured bond rating to Ba2 from Ba3.

Last week, Fitch Ratings also revised its outlook on JSW Steel to 'stable' from 'negative'.

The Ba2 CFR reflects the company's large scale, strong market shares in west and south India, and competitive conversion costs, with the last factor supported by JSW's wide range of furnace technology and the coastal locations of its operations, Moody's said.

The strengths are counter balanced by the cyclical nature of the steel industry and JSW's lack of raw material integration. Both factors increase supply and price risks, it said in a statement.

These risks are partly mitigated by JSW's recent addition of five iron-ore mining licenses, even though when fully operational, these mines will cater to less than 15 per cent of the company's total iron ore requirement, it added. (PTI)

17:17 BREAKING | North Korea agrees to freeze nuclear tests, hold summit in April

Seoul has said that North and South Korea have agreed to hold summit talks in late April, according to The Associated Press.

North Korea has agreed to impose moratorium on nuclear and missile tests if it holds talks with the United States.

South Korea has said that the North has promised not to use nuclear and conventional weapons against the South. North Korea has said that it has no reason to possess nuclear weapons if it has security guarantee.

17:13 PMO apprised of action taken in PNB scam on March 1: Finance Ministry

The finance ministry today said it apprised the Prime Minister's Office (PMO) on March 1 of the action taken with regard to fraudulent issuances of Letters of Undertaking (LoUs) of Punjab National Bank leading to a fraud of Rs 12,646 crore.

In written replies to a host of questions regarding the alleged fraud by jewellery designer Nirav Modi and his uncle Mehul Choksi, the ministry informed the Rajya Sabha that the Central Bureau of Investigation (CBI) has registered two cases in the matter and so far has arrested 18 persons.

With regard to a specific question on loss of market capitalisation of the PNB, Finance Minister Arun Jaitley said the state-owned lender has "sound fundamentals" and strong growth potential.

Jaitley expressed hope that going forward the bank's market capitalisation would improve. (PTI)

16:55 INX Media case: Karti Chidambaram has been sent to 3 more days of CBI custody by special CBI court. He will be presented in the court on March 9.

16:46 Telangana CM's pitch for alternate front poses no political challenge: BJP

The BJP today said Telangana Chief Minister K Chandrasekhar Rao's efforts to forge a 'non-Congress, non-BJP' front is a "knee-jerk" reaction to poll results in the three north-eastern states, and will not pose a political challenge to the party or the NDA.

BJP spokesperson G V L Narasimha Rao said his party getting a "massive mandate" in Tripura and forming the government there and in Meghalaya and Nagaland, has created a panic in many political parties about the BJP's continued growth.

"The BJP has expanded from five states in power in 2014 to 21 states now, this continued journey is likely to gobble up or is likely to threaten their (many other parties') own existence. So, it's more like a panic-stricken party's call for survival rather than posing a political challenge to the BJP or the NDA," he told PTI.

16:32 Bandhan Bank is planning to raise Rs 4,450 crore from the market and may bring in an IPO for the same, CNBC TV18 has reported citing sources. The IPO may be priced in the range of Rs 364-375 per share.

16:20 Udan adding to capacity woes of Mumbai airport: MIAL official

Central government's regional air connectivity scheme Udan is adding to the woes of the capacity-constrained Mumbai airport as smaller aircraft take more time to clear the runway, reducing its capacity further, according to a top airport executive.

The single-runway-operated Mumbai’s Chhatrapati Shivaji International airport currently handles 970 aircraft movements (arrivals and departures) per day. (PTI)

Read more here.

16:14 Mahatma Gandhi assassination case: The Supreme Court has reserved the order on whether the case can be reopened. The top court has said that it will not go by sentiments, but by legal submissions, News18 reports.

16:05 Karti Chidambaram's custodial interrogation needed in view of new revelations, facts: CBI to court

The CBI today produced Karti Chidambaram before a Delhi court and sought extension of his custody to quiz him in the INX Media corruption case saying "new revelations" have come up and his custodial interrogation was necessary to confront him with the "new facts".

The agency, which produced Karti on expiry of his five-day police custody before special judge Sunil Rana, said though there has been "substantial progress" in last four days into the investigation into the case, he has "not been cooperating" and not parting with his phones passwords and to every question he has been saying that "I am politically victimised". (PTI)

15:50 China regulator may cut banks' bad debt buffers
China’s banking regulator plans to reduce the amount of funds that banks must set aside to cover bad loans, sources told Reuters. The China Banking Regulatory Commission (CBRC) plans to cut the provision coverage ratio for commercial banks to 120-150% from 150%, the sources said.

The move means banks will have more capital to work with and lend out to support economic activity, at a time when an official ‘deleveraging’ crackdown has hurt their riskier and more lucrative operations. However, many of China’s banks have already been operating below the 150% redline.

15:40 Indian arbitration court restrains RCom from selling assets
An Indian arbitration court has restrained Reliance Communications (RCom) and two of its companies from transferring or selling any assets without its permission, in an interim order after Ericsson moved the tribunal to recover unpaid dues, reports Reuters. The order came as a big blow to RCom which had unveiled a plan in December 2017 to sell its wireless assets to Reliance Jio Infocomm, in an effort to trim debt.

15:32 Ayodhya row: Sri Sri renews appeal to AIMPLB to consider out of court settlement
Art of Living founder Sri Sri Ravi Shankar renewed his appeal to the All India Muslim Personal Law Board (AIMPLB) to consider an out-of-court settlement to the Ram Janmabhoomi row, saying he feared a "large-scale" communal flare up if the case was settled by a court or through legislation, reports PTI. In an open letter to the AIMPLB members, he said going through the court was a loss for both Hindus and Muslims and an out-of-court settlement would be a "win-win situation" for both the communities.

"I urge the leaders of both faiths to take this action seriously. Otherwise, we are pushing our country to the brink of a civil war," he said. He gave four possible situations - the court giving away the land to the Muslims, awarding the land to Hindus, upholding the Allahabad High Court order that says there should be a mosque built on one acre while the remaining 60 acres be utilised to build the temple and Parliament passing a legislation.

15:22 EU proposes retaliatory tariff of 25% against US goods worth $3.5bn
The European Union intends to target EUR 2.8 billion ($3.5 billion) of US goods ranging from T-shirts and whiskey to motorcycles should President Donald Trump go ahead with his plan to impose a 25% tariff on foreign steel, reports Bloomberg. The EU aims to apply a tit-for-tat levy on a range of consumer, agricultural and steel goods imported from the US, according to a list drawn up by the European Commission.

The commission, the EU’s executive arm, discussed the measures with representatives of the bloc’s governments at a meeting on Monday evening in Brussels. The EU’s retaliatory list targets imports from the US of shirts, jeans, cosmetics, other consumer goods, motorbikes and pleasure boats worth around EUR 1 billion; orange juice, bourbon whiskey, corn and other agricultural products totalling EUR 951 million; and steel and other industrial products valued at EUR 854 million.

15:07 Bandhan Bank gets Sebi nod for Rs 2,500cr IPO
Private sector lender Bandhan Bank has received markets regulator Sebi's go ahead to raise an estimated amount of over Rs 2,500 crore through an initial share sale. The Kolkata-based bank had filed draft papers with Sebi on January 1 and obtained ‘observations’ from the regulator on February 28, as per the latest update with the markets watchdog. According to the draft papers, Bandhan Bank's IPO comprises fresh issue of up to 9,76,63,910 equity shares and an offer for sale of up to 1,40,50,780 scrips by International Finance Corporation (IFC) and up to 75,65,804 shares by IFC FIG Investment Company.

15:00 SC stays any amendment in Delhi Master Plan 2021
The Supreme Court stayed any further progress by authorities to amend Delhi Master Plan 2021, which is aimed at granting protection from the ongoing sealing drive in the national capital, reports PTI. The apex court took strong exception to the fact that neither the Delhi government nor the Delhi Development Authority (DDA) and the Municipal Corporations of Delhi (MCDs) had filed affidavits on whether an environment impact assessment was conducted before proposing an amendment to the city's Master Plan.

14:52 FinMin to coax Fitch for rating upgrade at Wed meet
The government will on Wednesday pitch for a sovereign rating upgrade with global agency Fitch, highlighting reform push in taxation and state run banks and its plans to gradually lower government debt, reports PTI.

According to sources, representatives from Fitch are scheduled to meet Chief Economic Advisor Arvind Subramanian and Economic Affairs Secretary Subhash Chandra Garg and other finance ministry officials on March 7. Fitch last year kept India's sovereign rating unchanged at 'BBB-', the lowest investment grade, with stable outlook.

14:45 Lack of sufficient charging infra hampering EV promotion: Govt 
The government said non-availability of sufficient charging infrastructure and absence of lithium battery technology is hampering promotion of the electric vehicles in the country, reports PTI. "Based on the experience gained in the phase-1 of FAME scheme, it has been observed that non-availability of sufficient charging infrastructure and absence of lithium battery technology in the country are the main impediments for smooth roll out, with the expected outcome, of this scheme," Minister of State for Heavy Industries and Public Enterprises Babul Supriyo said in a written reply to the Lok Sabha.

14:40 Jubilant FoodWorks to launch Domino's Pizza in Bangladesh
Jubilant FoodWorks has entered into a joint venture agreement with Golden Harvest QSR to launch Domino's Pizza in Bangladesh, reports PTI.

14:37 OVL signs pact for developing Susangerd oilfield in Iran
ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has signed a pact with Iran's IDRO Oil to jointly bid for a $1 billion contract for development of Susangerd oilfield in southern Iran, reports PTI. The on-land Susangerd field in the Khuzestan province is one of the newest finds, which Iran hopes will produce around 30,000 barrels per day of oil in two development phases.

14:31 Rahul Gandhi leads Cong MPs' protest in Parliament complex on PNB issue
Congress MPs led by party chief Rahul Gandhi staged a protest near Mahatma Gandhi's statue in Parliament complex over the PNB fraud and demanded answers from the prime minister on the issue, reports PTI. The party also staged protests in Lok Sabha and Rajya Sabha, disrupting proceedings in both the houses. Party leaders had also given adjournment motions to discuss the banking scams. The opposition party is demanding that Prime Minister Narendra Modi make a statement in both the houses on how the banking scams happened under his charge.

14:17 Sri Lanka imposes state of emergency over communal violence
Sri Lanka's government has imposed a nation-wide state of emergency to "take stern action" against people instigating communal violence, a government spokesman has said. The measure comes after a local curfew was imposed on Monday in the central city Kandy, after days of unrest between religious communities with a Buddhist man killed and Muslim businesses set ablaze, reports Al Jazeera.

14:12 BJP's northeast victory changed perception: Rajnath Singh
Home Minister Rajnath Singh said the BJP's victory in the northeast has changed the perception that only the Congress can survive there, reports PTI.

14:05 Samsung unveils Galaxy S9, S9+ from Rs 57,900 onwards
Electronics major Samsung unveiled its flagship smartphones Galaxy S9 and S9+ in the Indian market starting from Rs 57,900. The phones, which include  features like dual aperture and slow motion video options, will compete with high-end devices like Apples iPhone X and Googles Pixel 2 series. It also has features like dual-stereo speakers and Dolby Atmos surround sound capabilities. Galaxy S9 and Galaxy S9+ will be offered at a price of Rs 57,900 and Rs 64,900 for 64GB variants and Rs 65,900 and Rs 72,900 for 256GB variants, respectively. The handsets will be available from March 16.

Exclusive: Here's a list of banks that issued loans to Mehul Choksi's Gitanjali Gems
In a latest salvo in the PNB case, the Serious Fraud Investigation Office (SFIO) has issued notices to ICICI Bank's CEO Chanda Kochhar and Axis Bank's Managing Director Shikha Sharma in connection to the Punjab National Bank scam worth over Rs 12,000 crore. It is alleged that Mehul Choksi and Nirav Modi got Letters of Undertakings (LoUs) and Foreign Letters of Credit (FLCs) of Rs 12,636 crore issued in favour of foreign branches of Indian banks based on fraudulent claims, reports Moneycontrol News’ Gaurav Choudhury.

13:56 Sun Pharma poised to clear USFDA's warning on Halol, say analysts
Sun Pharmaceutical Industries, India’s largest drug maker, is well poised to resolve the US Food and Drug Administrator’s warning letter on its Halol site in Gujarat – as the three Form 483 observations the company received from the agency turned out to be minor in nature, according to analysts that spoke to Moneycontrol News’ Viswanath Pilla.

USFDA inspectors issue observations on Form 483 at the end of the site inspection outlining any deviations of current good manufacturing practices. The company then will have to file its response in 15 days providing corrective and preventive action plan referred as CAPA. Any failure to respond to the satisfaction of the agency may escalate to warning letter and in some worst cases even an import ban. If the company responds to the satisfaction the US FDA issues an establishment inspection report (EIR) indicating closure of the inspection.

13:53 Suzuki to choose between Fiat-made and indigenous engine to meet BS-VI norms
Suzuki Motor Corporation, the parent company India’s largest car maker Maruti Suzuki, will have to choose between a new 1.5-litre indigenously developed  diesel engine, and a Fiat-made 1.6 litre engine to meet the Bharat Stage VI (BS-VI) norms, reports Moneycontrol News’ Swaraj Baggonkar.

The new BS-VI emission norms due to kick in on April 1, 2020 will make the existing Fiat-sourced 1.3 litre diesel engine redundant putting over a dozen models, who use this engine, in the line of fire. There are no plans to upgrade this engine, which is also the most widely used unit in the Indian car industry as of today.

As many as 14 models from Maruti Suzuki, Fiat and Tata Motors use this engine on hatchbacks, compact sedans, SUV and a mid-size sedan. Swift, Dzire, Baleno, Ignis, S-Cross and Ertiga from Maruti Suzuki, Bolt and Zest from Tata Motors and Punto, Avventura and Linea from Fiat use the 1.3 litre engine.

13:51 Market trades higher on positive global cues
The market continues to trade higher on positive global cues as US President Donald Trump's stand on import tariffs appears to have softened. The Sensex is up around 100 points while the Nifty Midcap is up half a percent. Shares of Aurobindo Pharma have recovered after Monday's correction, rising 2.5%.

13:20 JUST IN | Biplab Deb is appointed as the Chief Minister of Tripura; Jishnu Dev Varma appointed as Deputy CM. 

13:19 CEO of Japan's Kobe Steel says to quit after fake data scandal Tokyo

The head of scandal-hit Japanese steelmaker Kobe Steel announced his resignation today after the firm submitted false strength and quality data for products shipped to hundreds of clients worldwide.

Hiroya Kawasaki's resignation was a new blow to the reputation of Japan Inc after similar quality-control scandals hit industrial titans ranging from carmaker Nissan to Mitsubishi Materials.

Following a deep and prolonged bow in apology, Kawasaki told reporters: "As I think it's best to go ahead quickly with reforms under new members, I ... will step down from president on April 1 this year." "We have caused trouble to many people. As soon as we can, we would like as many people as possible to think that Kobe Steel has changed," added Kawasaki, who had been in the job since 2013. "I'm really sorry."

The firm has not yet named a successor.
13:13 JUST IN |  Congress President Rahul Gandhi to visit Singapore on March 8-9 and Malaysia on March 10 to address the people of Indian origin, reports CNN News18. 

13:01 Saudi allows Air India to use its airspace to fly over Israel: Benjamin Netanyahu 

Air India has been allowed by Saudi Arabia to fly over its territory on its new route from New Delhi to Tel Aviv, Israeli Prime Minister Benjamin Netanyahu said today, an unprecedented move which would reduce travel time between the two cities by two and a half hours.

India's national carrier Air India is scheduled to begin its direct flight between New Delhi and Tel Aviv in few weeks from now. Interacting with reporters after his meeting with US President Donald Trump at the White House, Netanyahu said that Air India has signed an agreement with Saudi Arabia over the matter.

"Air India signed an agreement today to fly to Israel over Saudi Arabia," Netanyahu said.

So far Saudi Arabia has not allowed planes from any country to fly over it and go to Israel. Israel does not have diplomatic ties with Saudi Arabia, but it was reported that the two nations have been working covertly on their shared security concerns over Iran after the 2015 nuclear accord, which both governments strongly opposed.

12:54 Microsoft inks renewable energy deal for Bengaluru facility

Tech giant Microsoft today said it has inked its first renewable energy deal in India for powering its new facility in Bengaluru.

The agreement will see Microsoft purchase 3 megawatts of solar-powered electricity from Atria Power for its new office building in Bengaluru, meeting 80 percent of the projected electricity needs at the facility, Microsoft said in a statement.

The company, however, did not disclose the financial details of the deal.

12:47 Eminent jurist in panel for selecting Lokpal to be appointed soon: Centre to SC

The Centre today told the Supreme Court that the selection committee for appointing a Lokpal met on March 1 and decided to first fill up the vacancy of an eminent jurist in the panel.
Attorney General K K Venugopal told a bench comprising Justices Ranjan Gogoi and R Banumathi that the vacancy of an eminent jurist in the committee, which also includes the prime minister, would be done at the earliest.
Senior advocate P P Rao was appointed as an eminent jurist in the panel but the post became vacant after he passed away last year.

12:40 Karti Chidambaram's bail hearing in the INX Media case will continue at 2 pm. The CBI is seeking additional nine days custody for interrogating Karti Chidambaram, however, Karti is likely to move Delhi High Court if denied this relief, reports CNN News18. 

12:24 Karti Chidambaram, arrested by CBI in INX Media case, produced before Delhi court, reports PTI.

12:16 South Korean prosecutors summon ex-president Lee Myung-bak in bribery probe
South Korean prosecutors summoned former President Lee Myung-bak for questioning as a criminal suspect in a bribery scandal. "We need to investigate former president Lee to find the truth (in the scandal) in a transparent and effective manner," Yonhap news agency reported. Allegations of corruption involving the 76-year-old's relatives and aides during his 2008-2013 presidential term have mounted in recent weeks.

12:14 PM reviews preparedness for launch of National Health Protection Scheme
Prime Minister Narendra Modi reviewed the preparedness for launch of Ayushman Bharat - the National Health Protection Scheme announced in the Union Budget, reports PTI. At a high-level meeting, which stretched for over two hours, Modi was apprised about the work done so far by PMO officials, the Health Ministry and the NITI Aayog for smooth roll-out of the scheme. NHPS is envisaged to provide medical cover of up to Rs 5 lakh to over 10 crore poor and vulnerable families, constituting 40% of the total population. The beneficiaries will be able to avail cashless benefits across India.

12:04 DSP BlackRock MF sells 1.7% stake in Indian Terrain Fashions
DSP BlackRock Trustee Co has trimmed its stake in apparel brand Indian Terrain Fashions by 1.7% after selling 6.46 lakh shares in the open market. As per a BSE filing, DSP BlackRock Trustee Co, on behalf of various schemes of DSP BlackRock Mutual Fund, decreased its shareholding in the company on March 1.

Before the transaction, the schemes of DSP BlackRock Mutual Fund held 18.66 lakh shares amounting to 4.92% stake which has been brought down to 3.22% after the open market sale, it added. The transaction was based on the weighted average price of Rs 202 per share on BSE. The deal is estimated to be worth Rs 13.06 crore.

11:42 Jaguar-Land Rover UK sales decline 15% YoY
UK-based luxury car maker Jaguar-Land Rover sold 2,238 vehicles in the UK in February, down 15.5% compared to 2,647 vehicles sold in the year-ago period. Jaguar sales declined 15.1% YoY to 738 units and Land Rover sales slipped 15.6% to 1,500 units in the month gone by.

JLR sold 9,013 units in the US in February, which was 2.4% lower compared to 9,231 units sold in the year-ago period, impacted by the Jaguar segment. Jaguar sales declined 37.3% YoY to 2,185 units while Land Rover sales increased 18.8% YoY to 6,828 units in the month gone by.

11:52 Market off day's high; Nifty Bank turns negative
The market is off the day's high as benchmark indices are trading with mild gains. The Nifty Bank has turned negative after the Serious Fraud Investigation Office called ICICI Bank CEO Chanda Kochhar as well as Axis Bank MD Shikha Sharma in the PNB fraud case. The ICICI Bank counter is down a percent on this news.

11:42 SC refuses Karti Chidambaram protection from arrest in INX Media case
The Supreme Court has refused to grant Karti Chidambaram interim protection from arrest by the Enforcement Directorate in alleged money laundering case related to INX Media, reports PTI. The court has sought ED’s response on Karti Chidambaram's fresh plea seeking protection from arrest. It has listed the matter for March 8. The Central Bureau of Investigation told the apex court it will seek an eight-day extension of Chidambaram's custody before the trial court today.

11:17 First oil, now gas: India starts importing LNG from US
After crude oil, India today began importing natural gas from the US, with the first shipment of LNG under a 20-year deal being flagged off from Louisiana, reports PTI. State-owned gas utility GAIL India has contracted 3.5 million tonne per annum of liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass liquefaction facility in Louisiana.

11:12 Mehul Choksi, Nirav Modi diverted funds to overseas firms: ED
The Enforcement Directorate has found evidence that Mehul Choksi and Nirav Modi diverted funds from the Rs 12,700-crore PNB fraud to related companies, reports Moneycontrol News’ Tarun Sharma. The ED has also traced some of the funds being routed back to the banks for re-issuing letter of undertaking, or LoU.

11:06 SFIO summons Chanda Kochhar, Shikha Sharma in PNB fraud case
Serious Fraud Investigation Office (SFIO) summons ICICI Bank Managing Director and CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in the Rs 12,700 crore Punjab National Bank fraud case, reports CNN-News18.

10:50 Conrad Sangma takes oath as Meghalaya CM
National People's Party president Conrad Sangma was today sworn in as Meghalaya Chief Minister by Governor Ganga Prasad in Shillong, reports PTI. The governor also administered the oath of office to 11 ministers at the Raj Bhavan.

Union Home Minister Rajnath Singh, BJP president Amit Shah, Manipur Chief Minister N Biren Singh and BJP national spokesperson Nalin Kohli were present at the swearing-in ceremony. Sangma is currently a Lok Sabha MP from Tura constituency.

The NPP president had met the governor on Sunday and staked claim to form the government with the support of 34 MLAs in the 60-member assembly. Sangma claimed he had the support of 19 MLAs of the NPP, six of the United Democratic Party (UDP), four of the People's Democratic Front (PDF), two each of the Hill State People's Democratic Party (HSPDP) and the BJP and an Independent.

 10:47 CBI detains Gitanjali Group VP in PNB fraud case
The Central Bureau of Investigation (CBI) detained Vipul Chitalia, the Vice President of Gitanjali Group of Companies, as a part of its probe into the multi-crore Punjab National Bank (PNB) fraud, reports PTI. Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex here for questioning, officials said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.

10:30 Gitanjali Gems falls 5%, hits fresh 52-week low
Shares of Gitanjali Gems cracked another 5% in morning trade on the bourses after CBI said that the PNB fraud was going on since 2010. The CBI on Monday said violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010.

Reacting to the development, Gitanjali Gems stock slumped 5%, to hit its fresh 52-week low of Rs 18.35 on BSE. This is the 14th straight session of fall for the stock. It has lost as much as 75% since February 14, the day the PNB fraud came to light. On the NSE, the stock fell to a 52-week low of Rs 18.30.

10:11 Rajnath speaks to Tripura Guv & DGP; asks to check violence
Amid reports of sporadic violence in Tripura, Home Minister Rajnath Singh spoke to the state governor and the DGP and asked them to ensure peace till a new government is installed, reports PTI. During telephonic calls, Governor Tathagata Roy and DGP AK Shukla apprised the Union home minister about the prevailing situation in Tripura and steps taken to control the violence, which erupted following the BJP-IPFT alliances victory over the CPI-M, ousting the Manik Sarkar led government in the just concluded Assembly elections.

There have been reports of sporadic violence and clashes between rival political groups in different parts of Tripura after the election results were declared on Saturday. A statue of Left icon Lenin was also demolished at Belonia town in South Tripura on Monday with the help of a bulldozer.

09:59 10 stocks saw MFs raise stakes for 8 quarters in a row, deliver 200% returns
Mutual funds have raised their stakes in at least 10 small and midcap stocks for eight consecutive quarters on the trot, data compiled from database Capitaline showed. The stocks have risen up to 200% during the said period. These include Tata Chemicals, India Cements, Carborundum Universal, Oriental Carbon Chemicals, JK Cements, Deccan Cements, VST Industries, GHCL, Symphony and Entertainment Network.

09:45 Market rebounds on positive global cues
The market has rebounded after four-days of losses, with the Sensex rising over 200 points and the Nifty trading above the 10,400 mark on positive global cues. Asian markets traded strong, tracking gains in the US, as concerns over a potential trade war faded. All sectoral indices are in the green, with Metal index rising 2%.

09:40 Offshore India funds, ETFs register $1.1bn inflow in Jan
India-focused offshore funds as well as Exchange Traded Funds (ETFs) witnessed a net inflow of $1.1 billion (over Rs 7,100 crore) in January, making it the highest inflow in 10 months, according to a report by Morningstar. This comes on the back of an inflow of $6.5 billion in these funds in 2017.

09:36 Infosys grants 19.3 lakh stock units to Parekh, other key officialsInfosys has granted 1.13 lakh restricted stock units (RSUs) to its new chief executive, Salil Parekh. In all, it has given 19.3 lakh RSUs to its senior executives and other employees. Other members of the leadership team including CFO, MD Ranganath, Presidents Ravi Kumar S and Mohit Joshi have also been given stock units.

Of the total 1.13 lakh RSUs given to Parekh, 84,768 RSUs will vest over a period of two years (one-time grant), while the remaining 28,256 units will vest over three years (annual grants), Infosys said in a BSE filing. The date of grant for these stock incentives is February 27, 2018 and the exercise price will be the par value of shares, the filing pointed out.

Ranganath, Kumar and Joshi were each granted 66,850 RSUs, while Human Resources Head Krishnamurthy Shankar was given 12,400 units that will vest over a period of four years. Company secretary AGS Manikantha has been given 2,000 RSUs. The other ‘eligible employees’ have been given over 16.02 lakh RSUs, the company said.

09:32 Airtel, Idea approach TDSAT against Trai's predatory pricing norms
The telecom tribunal has granted Trai three weeks to file its reply in a petition by Bharti Airtel and Idea Cellular challenging the regulator's latest order on predatory pricing but did not stay the contentious decision, reports PTI. Trai's predatory pricing rules have sparked off a furore in the industry with the older and established telecom carriers as well as industry body COAI slamming the new norms.

The Cellular Operators' Association of India (COAI) has indicated that the regulation favours Reliance Jio, and that the order has distorted the market, placing all other operators at a ‘serious disadvantage’. In its petition to the Telecom Dispute Settlement and Appellate Tribunal (TDSAT), Bharti Airtel said the tariff order "virtually permits a telecom service provider who is an effective significant market player to indulge in predatory pricing to the severe detriment of the appellants and the other operators".

"Thus, if the impugned tariff order is not stayed then it will cause severe detriment to the appellants as it will have no means to meet the predatory pricing and consequent loss of subscribers and business by another telecom service provider," Airtel said seeking a stay on Trai's latest order. Airtel further argued that not staying the order would also "hamper consumer interest as they will be deprived of discounts and offers".

09:13 IndusInd Bank has invoked six crore pledged shares of Jaypee Infratech.

09:08 Crisil sees FY19 GDP at 7.5% on global growth, domestic demand
Rating agency Crisil sees the Indian economy growing up to 7.5% in FY19, supported by domestic consumption, policy push, and synchronised global growth. "The key engines supporting the upturn are largely domestic and policy-driven, though a synchronous upturn in global growth will provide some tailwind. The upturn in growth will be aided partly by the low-base effect," it said in a report. The report has identified four thrust vectors - resolution of stressed assets in banking, rural rejuvenation, relentless implementation of reforms and rising global growth, that will determine the extent of pick-up and its sustainability.

09:00 Highways projects worth Rs 4.32 lakh cr under implementation
The government is currently implementing 1,470 highway projects entailing an investment to the tune of Rs 4.32 lakh crore across the country, Parliament was informed on Monday. "Fourteen hundred seventy projects amounting to Rs 4,32,538 crore having length of 44,108 km are ongoing," Road, Transport and Highways Minister Nitin Gadkari told Rajya Sabha in a written reply. He said, of these, 343 projects are pending. The projects are likely to be completed by December 2020, Gadkari said.

08:51 HDFC raises Rs 1,894cr via QIP to global investors
Housing finance major HDFC has raised Rs 1,893.92 crore through an issue of shares to global institutional investors. The board has approved and declared closure of the qualified institutional placement (QIP) issue, HDFC said in a filing to stock exchanges. It also determined and approved issue of 1.03 crore shares of face value Rs 2 each at an issue price of Rs 1,825 including a share premium of Rs 1,823 per unit to be allotted to eligible investors, it said.

08:45 RBI to inject additional liquidity of Rs 1 lakh crore in March
The Reserve Bank said it will inject additional liquidity of Rs 1 lakh crore in banks through longer tenor instruments to enable flexibility towards meeting their funding needs. The RBI said in order to address additional demand for liquidity and with a view to provide flexibility to the banking system in its liquidity management towards March-end, "it is prepared to inject adequate additional liquidity using a combination of appropriate instruments." This will be in addition to normal Liquidity Adjustment Facility operations. The RBI will conduct four variable rate term repo auctions of Rs 25,000 crore each in March.

08:39 Trump says he may travel to Israel for embassy opening
US President Donald Trump said he might travel to Israel for the opening of the US embassy in Jerusalem, reports Reuters. Trump’s decision for the United States to recognise Jerusalem as the capital of Israel and move the embassy there from Tel Aviv reversed decades of US policy, aggravated Arab allies and has complicated his administration’s attempt to revive long-stalled West Asian peace talks. Trump said he was considering making what would be his second visit to Jerusalem as president. The opening of the US embassy is planned for May.

08:14 Efforts to stitch non-Congress, non-BJP front appear to be gaining momentum
Efforts to stitch a non-Congress, non-BJP front appeared to be gaining momentum with Trinamool Congress Chief Mamata Banerjee reaching out to the DMK. This even as Telangana Chief Minister K Chandrasekhar Rao continued to receive support for such a proposal, reports PTI.

Former Chhattisgarh Chief Minister Ajit Jogi spoke to Rao over the phone on Monday and expressed support for the plan to float a Third Front-like formation, the Telangana Chief Minister's office said. Rao, the leader of Telangana Rashtra Samiti (TRS), had said two days ago that he was keen to engage himself in national politics to bring about a ‘change’ and was in talks with others to form a platform of like-minded parties.

Several leaders, including West Bengal Chief Minister Mamata Banerjee, AIMIM chief Asaduddin Owaisi, former Jharkhand Chief Minister Hemant Soren of the Jharkhand Mukti Morcha and two MPs from Maharashtra, have extended support to Rao's proposal.

08:03 PNB fraud going on since 2010: CBI tells court
Violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010, the Central Bureau of Investigation told the court. The agency explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank (PNB) fraud before the special CBI court. A LoU would be issued to one of the firms of Modi and Choksi, and after the money was credited to the applicants' account, a new LoU would be obtained to ‘adjust’ the earlier one, the CBI lawyer said.

07:53 Manohar Parrikar may head to the US today for treatment
Goa Chief Minister Manohar Parrikar was hospitalised in Mumbai’s Lilavati hospital on Monday for the next course of his treatment, 11 days after being discharged following treatment for a pancreatic ailment, reports PTI. "On Monday, the chief minister travelled to Mumbai for a medical check-up and based on the doctor's advice may travel overseas for further treatment," the Chief Minister's Office said in a statement. He is likely to be shifted to the US for further treatment by today evening, sources said.

07:40 Chidambaram passed order on Lok Sabha result day to benefit pvt firms, says BJP
The BJP sought to corner former Finance Minister P Chidambaram, alleging that he granted seven private firms, including scam-accused Gitanjali Gems, gold import benefits on the day of counting of 2014 Lok Sabha poll votes and asked the Congress how much "cut" was given to whom for the decision.

Senior party leader and Law Minister Ravi Shankar Prasad alleged that the then Congress-led UPA government ‘destroyed’ the economy by not letting the real stressed assets get reflected in banks' books and said total advances given by banks in the last six years of its rule rose to Rs 52.15 lakh crore from Rs 18.06 lakh crore in 2008.

07:29 North Korea's Kim, Seoul envoys discuss easing tensions
North Korean leader Kim Jong Un discussed ways to ease tensions on the peninsula with visiting South Korean envoys, the state KCNA news agency reported. Kim ‘warmly welcomed’ the South Korean officials, who handed over a letter from President Moon Jae-in.

"Hearing the intention of President Moon Jae In for a summit from the special envoy of the south side, he exchanged views and made a satisfactory agreement," the Korean Central News Agency said. "He also made an exchange of in-depth views on the issues for easing the acute military tensions on the Korean Peninsula and activating the versatile dialogue, contact, cooperation and exchange," it reported.

07:25 Trump denies backing off on decision to impose tariffs
US President Donald Trump denied ‘backing down’ on his decision to impose a 25% import duty on steel and another 10% on aluminium, reports PTI. "No, we're not backing down," Trump said when asked about his earlier tweet in which he said tariffs on steel and aluminium will only be halted if a ‘new and fair’ North American Free Trade Agreement (NAFTA) is signed.

07:13 Govt says China building helipads, other infra in Doklam area
Indian and Chinese troops have "redeployed" themselves away from the face-off site in Doklam, and China has undertaken construction of helipads, sentry posts and trenches for its army personnel there, Defence Minister Nirmala Sitharaman told the Rajya Sabha. "In order to maintain these troops during the winter, People's Liberation Army (PLA) has undertaken construction of some infrastructure, including sentry posts, trenches and helipads," she said. Sitharaman's reply came in response to a question on whether satellite images have revealed that China has constructed seven helipads in Doklam besides deploying tanks and missiles in the area.