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Mar 09, 2018 10:33 PM IST | Source:

News Highlights: SC says passive euthanasia permissible, Karti sent to CBI custody for 3 more days

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

  • Mar 09, 10:04 PM (IST)

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  • Mar 09, 09:51 PM (IST)

    Situation on LoC, working boundary with India rapidly deteriorating: Pakistan FM

    Pakistan Foreign Minister Khawaja Asif today said that the situation on the Line of Control and Working Boundary with India has been rapidly deteriorating since 2017.

    Responding to a query in the National Assembly, the lower house of parliament, he alleged India has committed more than 400 ceasefire violations along the LoC and the Working Boundary since January in which 18 civilians have been killed.

    "Heavy weapons, including moderates are frequently being used by the Indian forces on the civilian population on the Pakistani side of the LoC and the Working Boundary," he said.

    Asif said the LoC violations were an attempt to divert the attention from the "deteriorating" humanitarian situation in the Valley.

    He said that the role of the UN Military Observers Group in India and Pakistan (UNMOGIP) was crucial to ensure peace at the LoC. (PTI)

  • Mar 09, 09:22 PM (IST)

     Karti Chidambaram alleges 'inhuman treatment' in CBI custody

    Karti Chidambaram today told a Delhi court that the CBI was meting out inhuman treatment" to him in its custody which caused his blood pressure to shoot up.

    The accusations were made by Karti when he was produced before special judge Sunil Rana who directed the CBI sleuths to "do the needful, as per rules".

    Senior advocate Abhishek Manu Singhvi, appearing for Karti, told the court that "during the police custody remand of accused Karti, from February 28 to March 6, he was kept in a separate room. However, in the intervening night of March 6-7, he was shifted to a cell where guards were also present who kept on chatting and playing cards continuously while the light was kept switched on."

    "On that day, he was interrogated till 2.30 am and was again woken up at 6 am, and was asked the same questions. Due to this kind of inhuman treatment on the part of the CBI, the accused's blood pressure shot up and he faced certain medical problems," Singhvi said. (PTI)

  • Mar 09, 09:03 PM (IST)

    CISF to provide security consultancy to 5-star hotels

    After refusing to provide its commandos to guard five-star hotels, the Central Industrial Security Force (CISF) has now decided to offer security consultancy to these luxury facilities across the country in order to prepare them against 26/11-like terror strikes.

    Sources in the paramilitary force said a blueprint was prepared, keeping in mind two specific terror incidents where luxury hotels and their guests were targeted in the past that led to the loss of numerous lives.

    One was the 2008 Mumbai attack, where the Taj Mahal and Trident hotels were targeted by heavily armed Lashkar-e-Taiba (LeT) terrorists. The other incident also took place in the same year, when an explosives-laden dump truck was detonated in front of the Marriott hotel in Pakistan's capital Islamabad, killing over 54 people, the sources told PTI.

  • Mar 09, 08:45 PM (IST)

     Over 500 Canadian doctors protest raises, say they're being paid too much

    More than 500 doctors and residents, as well as over 150 medical students in Canada, have signed a public letter protesting their own pay raises, according to a report by CNBC.

    "We, Quebec doctors who believe in a strong public system, oppose the recent salary increases negotiated by our medical federations," the letter says.

    The group say they are offended that they would receive raises when nurses and patients are struggling.

  • Mar 09, 08:34 PM (IST)

     100% FDI in coal mining may attract global miners: ICRA report

    Opening up commercial coal mining for the private sector and allowing 100 percent foreign direct investment (FDI) are likely to attract global miners to invest in India, a report said today.

    Private sector participation would result in faster ramp up of coal production, helping gradually reduce India's import dependence, especially for thermal coal, ICRA said in its report. (PTI)

  • Mar 09, 08:06 PM (IST)

     Will try to unite all anti-BJP forces for 2019 Lok Sabha polls: Mamata Banerjee

    Alleging that the country was facing a "super emergency" under the BJP-led central government, Trinamool Congress (TMC) chief Mamata Banerjee today said she would try to unite all the anti-BJP forces to defeat the saffron party in the 2019 Lok Sabha election.

    The West Bengal chief minister also met senior Nationalist Congress Party (NCP) leader Praful Patel today to discuss national politics.

    After the meeting with Banerjee, Patel told reporters that the idea of having a federal front in the future was discussed between them.

    "A beginning has to be made. She (Banerjee) was very happy. She said the leadership should not be discussed, the idea is to have a formidable alternative to bring in a change in the government at the Centre. There will be a series of meetings," he added. (PTI)

  • Mar 09, 08:03 PM (IST)
  • Mar 09, 07:48 PM (IST)
  • Mar 09, 07:37 PM (IST)

     Convicted Khalistani terrorist Jaspal Atwal travelled to India on valid visa: MEA

    Convicted Khalistani terrorist Jaspal Atwal had travelled to India on a valid visa, the external affairs ministry said today.

    Though Atwal's presence at an event for Canadian Prime Minister Justin Trudeau during his India visit created a furore, External Affairs Ministry Spokesperson Raveesh Kumar said the government has a conscious policy of reaching out to the Indian Diaspora, including misguided elements, who in the past may have harboured anti-India sentiments which they have since renounced. (PTI)

  • Mar 09, 07:23 PM (IST)

    National Company Law Appellate Tribunal (NCLAT) has directed Resolution Professional to transparently conduct bidding in relation to the suspension of Directors of Binani Cement, according to CNBC TV18.

    Binani Cement has argued that the resolution professional has not acted in the interest of the shareholders.

    Binani Cement has also argued that that promoters should be allowed to participate in the insolvency proceedings. The company has argued that the loans given to IDBI Bank were not delayed or in default. It has also argues against the resolution professional accepting IDBI Bank’s claims last minute.

    According to the report, Binani Cement has said that the total debt of the company has been projected to be at Rs 5,000 crore is an inflated figure.

  • Mar 09, 07:13 PM (IST)

    United States hiring surged 3,13,000 in February, unemployment steady at 4.1 percent, news agency AFP has reported.

  • Mar 09, 06:54 PM (IST)

    EU hails Trump-Kim summit as 'positive development'

    The EU today hailed an announced summit between US President Donald Trump and North Korean leader Kim Jong Un as a "positive development" in the tense standoff with Pyongyang.

    European Union spokeswoman Maja Kocijancic also welcomed reports that the North is willing to discuss ending its nuclear programme and halt testing while talks take place, saying it could prepare the ground for a negotiated resolution.

    Global tensions with the reclusive regime have been at fever pitch for months, with Pyongyang testing nuclear and ballistic weapons in defiance of international condemnation and Trump and Kim trading insults, raising fears of war. (PTI)

  • Mar 09, 06:48 PM (IST)

  • Mar 09, 06:29 PM (IST)

    RBI may hike repo rate by 0.25% in 2018: Report

    The Reserve Bank of India (RBI) is likely to increase its key rates by 0.25 percent this year as inflation is expected to be at a higher range due to wide fiscal deficit and high prices of oil and farm produce, a report said today.

    The headline consumer price inflation (CPI) will not breach the 6 percent mark which is the upper end of the target band for RBI, but a moderation towards the 4 percent target is also "unlikely", Care Ratings said in a report. (PTI)

  • Mar 09, 06:16 PM (IST)

    Bharti Airtel plans to raise up to Rs 3,000 crore

    Telecom major Bharti Airtel has plans to raise up to Rs 3,000 crore through non-convertible debentures.

    A meeting of committee of directors is "scheduled on Tuesday, March 13, 2018 to inter-alia consider and subject to market and other conditions, issue listed, unsecured, rated, redeemable, non-convertible debentures (NCDs Series I and II) on private placement basis aggregating up to Rs 3,000 crore", the company said in a BSE filing. (PTI)

  • Mar 09, 06:05 PM (IST)

     Banks' gross NPAs at Rs 8.41 lakh crore in December

    The gross non-performing assets (NPAs) of all the banks in the country amounted to Rs 8,40,958 crore in December, led by industry loans followed by services and agriculture sectors, government said today.

    The gross NPAs  or bad loans of scheduled commercial banks as on December 31, 2017 due to loans to industry were at Rs 6,09,222 crore, accounting for 20.41 per cent of the gross advances.

    That was followed by Rs 1,10,520 crore (5.77 per cent) dues from services sector; Rs 69,600 crore (6.53 per cent) from agriculture and allied activities; Rs 14,986 crore from other non-food credit and Rs 36,630 crore (2.01 per cent) from retail loans, Minister of State for Finance Shiv Pratap Shukla said in a written reply in Lok Sabha. (PTI)

  • Mar 09, 05:57 PM (IST)

    HDFC Bank picks merchant bankers for $2.4 billion share sale, says report

    HDFC Bank, has appointed merchant bankers including Bank of America Corp, Morgan Stanley and Credit Suisse Group for Rs 155 billion planned share sale, sources told Bloomberg. The lender has also appointed JPMorgan Chase & Co, Edelweiss Financial Services, IIFL Holdings and JM Financial for the offering, sources said. The sale process will begin as soon as the lender gets the required regulatory approvals, they added.

    HDFC Bank plans to raise the bulk of the funds from international investors through a sale of American depository receipts, with the rest to come from selling stock in India, sources said. With a price-to-book multiple of 5.16, the bank is the most expensive among lenders across the globe with at least $50 billion in market value.

  • Mar 09, 05:39 PM (IST)

    Renaissance Steel moves NCLT against Electrosteel bids

    Abhishek Dalmia’s Renaissance Steel India Pvt approached the Kolkata bench of the National Company Law Tribunal (NCLT) alleging Tata Steel and Vedanta are not eligible to bid for the assets of Electrosteel Steels, which are being auctioned under the Insolvency and Bankruptcy Code (IBC).

    In two separate petitions, Renaissance Steel said both Tata Steel and Vedanta group were found guilty of criminal misconduct punishable with two or more years in jail. So, under Section 29A of IBC, they are barred from bidding for stressed assets being sold under insolvency resolution.

    The petitions have been admitted for further hearing, Debanjan Mandal, partner, Fox and Mandal, the law firm representing Renaissance, told Mint. Renaissance Steel has alleged that Tata Steel UK, a subsidiary of the Indian steel maker, had pleaded guilty several times to violating the UK Health and Safety at Work Act.

  • Mar 09, 05:27 PM (IST)

    Bharti Airtel plans to raise up to Rs 3,000 crore

    Telecom major Bharti Airtel has plans to raise up to Rs 3,000 crore through non-convertible debentures.

    A meeting of committee of directors is "scheduled on Tuesday, March 13, 2018 to inter-alia consider and subject to market and other conditions, issue listed, unsecured, rated, redeemable, non-convertible debentures (NCDs Series I and II) on private placement basis aggregating up to Rs 3,000 crore", the company said in a BSE filing. (PTI)

  • Mar 09, 05:16 PM (IST)

    Tata Sons said to plan first overseas loan in more than a decade

    Tata Sons is seeking an offshore syndicated loan, as it seeks to pay down expensive debt at telecommunications units, sources told Bloomberg. It has mandated lenders for a $1.5 billion six-year loan, sources said. Tata Sons plans to use the proceeds to repay debt of units Tata Teleservices and Tata Teleservices Maharashtra, sources added.

  • Mar 09, 05:04 PM (IST)

    53,000 cyber security incidents observed during 2017: IT Minister Ravi Shankar Prasad

    Over 53,000 cyber security incidents, including phishing, website intrusions and defacements and ransomware were observed in 2017, IT Minister Ravi Shankar Prasad informed the parliament in a written reply.

    Prasad said in the reply that, "As per the information reported to and tracked by Indian Computer Emergency Response Team (CERT-In), a total number of 49,455, 50,362 and 53,081 cyber security incidents were observed during the year 2015, 2016 and 2017, respectively.”

    He added that the types of incidents include phishing, scanning/probing, website intrusions and defacements, virus/malicious code, ransomware and denial of service attacks. (PTI)

  • Mar 09, 04:47 PM (IST)

    BREAKING | CBI court has extends Karti Chidambaram's police custody by three days. Karti will be brought before the CBI court on March 12. Karti Chidambaram's bail plea has been deferred to March 15.

  • Mar 09, 04:30 PM (IST)

     Union Bank has $45m direct exposure to Nirav Modi, Gitanjali firms

    Union Bank of India has direct credit exposure of about Rs 1.2 billion to companies controlled by jeweller Nirav Modi, and another Rs 1.75 billion to Gitanjali group of companies, its chief executive Rajkiran Rai told Reuters. The latest Union Bank figures are separate from the $300 million exposure it had previously reported on account of the fraudulent PNB guarantees, Rai said.

  • Mar 09, 04:21 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News' Anchal Pathak

  • Mar 09, 04:19 PM (IST)

     Twitter appoints Parag Agrawal as Chief Technology Officer

    Twitter Inc appointed Parag Agrawal as Chief Technology Officer on Thursday, according to an update on the social media company’s website. Parag Agrawal, who joined microblogging site in 2011 as an Ads Engineer, succeeds Adam Messinger who left in December 2016. Agrawal earlier worked at Microsoft and AT&T prior to joining Twitter, according to his LinkedIn profile.

  • Mar 09, 04:08 PM (IST)

    China's Feb factory inflation slows, consumer price growth hits over 4yr high

    China’s producer price inflation eased to the slowest pace in 15 months in February, as the cost of raw materials and other inputs rose at a milder pace, pointing to a potential softening in industrial sector profits, reports Reuters. The producer price index (PPI) rose 3.7% in February from a year earlier, compared with 4.3% in January, the National Bureau of Statistics (NBS) said. China’s factory-gate inflation has now softened for four months in a row, suggesting that profits for miners, steel makes and manufacturers will start to moderate after surging to their strongest levels in years in 2017.

  • Mar 09, 04:05 PM (IST)

    Fire breaks out at chemical factory in Maharashtra; 3 killed, 13 hurt

    A major fire broke out after an explosion inside a boiler of a chemicals factory in Maharashtra's Palghar district last night, killing three people and injuring 13 others. The incident took place at Ramdeo Chemicals in the Boisar-Tarapur industrial estate.

    The fire engulfed the factory around 11.40 pm on Thursday after a massive explosion inside a boiler, a senior police official told PTI. The impact of the blast was felt in villages around 8 km away from the factory, he said.

  • Mar 09, 03:58 PM (IST)

    Market fails to sustain upmove; ends 2% lower WoW

    The market failed to extend Thursday’s gains due to volatility in last hour of trade as the Sensex closes mildly lower, dragged by banks, metals, auto, pharma stocks. Week-on-week, the Sensex is down 2%.

    Nifty Metal and PSU Bank indices fell 1.8% each. However, the losses were capped by technology stocks and HDFC. The Nifty Midcap index fell over half a percent in trade today.

  • Mar 09, 03:52 PM (IST)

    ONGC to sell OPaL stake to fund HPCL buy

    State-owned Oil and Natural Gas Corporation (ONGC) may sell stake in its mega petrochemical project in Gujarat to fund acquisition of Hindustan Petroleum Corporation (HPCL). "We traditionally have been a debt-free company and would like to return to that status as soon as possible. We have assets which can be monetised to pay-off the debt," he said.

    ONGC holds 13.77% stake in nation's biggest refiner Indian Oil Corporation (IOC), which at today's trading price is worth close to Rs 26,000 crore. It also holds 4.86% stake in gas utility GAIL India, which is worth over Rs 3,600 crore. "We will sell sales in IOC and GAIL only when the price is right. And it is not possible to sell all the shares in one go," he said, adding that an alternative to it is selling stake in ONGC-Petro Additions (OPaL).

    OPaL's 1.1 million tonne capacity petrochem plant at Dahej in Gujarat was commissioned last year and has reached 100% capacity in February. "We have invested Rs 30,000 crore in the project and always had plans to sell a minimum of 26% stake in the project to a strategic investor," the official said. "Now that the plant has come up well and stabilised, this is the time to monetise it."

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