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Oct 24, 2017 01:06 PM IST IST | Source: Moneycontrol.com
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Cabinet approves Road Ministry’s Bharatmala Phase 1 proposal
The Union Cabinet has approved the Road Ministry’s Bharatmala Phase 1 proposal, reports CNBC-TV18, quoting sources. An umbrella programme for roads, Bharatmala includes the government flagship National Highways Development Project (NHDP). The ambitious highways development project subsumes all road projects in the first phase will see the construction of 20,000 km of highways. Bharatmala is a mega plan of the government and the second-largest highways project after the NHDP. Being implemented in various phases, NHDP was initiated by former Prime Minister Atal Behari Vajpayee and includes Golden Quadrilateral connecting four metropolises besides North-South Corridor connecting Srinagar to Kanyakumari and East-West Corridor joining Porbandar to Silchar.
In a massive show of strength and to prepare for war-like situations, the Indian Air Force conducted a touch and go landing exercise on a stretch of the Lucknow-Agra Expressway, reports CNN-News18. The exercise commenced with a short landing by the C-130J transport aircraft, which dropped IAF's Special Forces Garud commandos and their vehicle. As many as 20 aircraft are taking part in the exercise including French Dassault Mirage-2000, Jaguar, Sukhoi-30 MKI, AN-32 transport and Super Hercules C-130J.
Communist Party endorses 2nd term for Xi Jinping
China's ruling Communist Party has endorsed a second five-year term for President Xi Jinping and appointed a new set of leaders backed by him, reports PTI. 64-year-old Xi's second term was endorsed by the party at the end of its week-long once-in-a-five-year Congress. Xi along with Premier Li Keqiang, 62, ranked number one and two in the Communist Party of China's hierarchy, would continue based on two five year tenure convention for top leaders. Five new members will be elected to the seven member Standing Committee of the party which rules the country. Xi and Li took over power in 2012 and set to continue till 2022.
Infosys likely to name next CEO today
Infosys is likely to name its next chief executive officer on Tuesday, reports Business Standard. Finding a CEO was among the key tasks taken up by co-founder and Chairman Nandan Nilekani when he took charge in August. Among the probable candidates for the post are BG Srinivas and Ashok Vemuri, two former executives who had quit before co-founder NR Narayana Murthy hired Vishal Sikka in 2014. Sources said there was a strong case for Srinivas, group Managing Director, PCCW Group of Hong Kong, who left Infosys as President, Global Markets, in 2014. UB Pravin Rao, interim MD and CEO, may be moved to his earlier role as Chief Operating Officer.
Japan flash October manufacturing PMI shows slower growth
Japanese manufacturing activity expanded in October at a slower pace than the previous month as output and new orders growth eased in a sign final demand is moderating, a preliminary gauge of activity showed on Tuesday. The Markit/Nikkei Japan Manufacturing flash Purchasing Managers Index (PMI) fell to a seasonally adjusted 52.5 in October from a final reading of 52.9 in September, reports Reuters.
From JPMorgan's Jamie Dimon, to the IMF's Christine Lagarde, bitcoin has become a major talking point for the finance world's established voices. Now Royal Bank of Canada CEO, David McKay, is joining in calls to question the utility and legitimacy of bitcoin. "The purpose it [bitcoin] seems to serve today is really to help move money in a hidden way and facilitate, potentially facilitate, criminal activity of moving money in an undetected way," McKay told CNBC. "I think some people will call it a fraud. I don't think it's fraudulent … But it doesn't solve a main need in society right now." (Photo courtesy: Reuters)
Saudi Prince Alwaleed says bitcoin is 'Enron in the making'
Saudi billionaire investor Prince Alwaleed bin Talal said bitcoin will "implode" one day. "It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision" of any central bank, Alwaleed said in an interview to CNBC. "I just don't believe in this bitcoin thing. I think it's just going to implode one day. I think this is Enron in the making," he said. The billionaire investor was referring to the massive accounting fraud that took Enron, a US energy-trading and utilities giant, into bankruptcy in late 2001.
Trump says he is 'very, very close' to making Fed chair decision
US President Donald Trump told reporters on Monday he is “very, very close” to making his decision on who should chair the Federal Reserve, reports Reuters. Trump has interviewed five candidates for the position, including the current Fed Chair Janet Yellen, whose term expires in February. Trump has said he is considering Fed Governor Jerome Powell and Stanford University economist John Taylor for the job. He has also interviewed his chief economic adviser Gary Cohn, and former Fed Governor Kevin Warsh.
US Air Force denies report that it is preparing to put B-52 bombers on high alert
An Air Force representative on Monday denied a report that B-52 bombers rigged with nuclear weapons are being prepared for 24-hour alert, reports CNBC. The report quoted a senior Air Force official as saying the preparations were already underway. If the bombers were to be put on 24-hour alert, it would be the first time since the Cold War.
In the report by security news website Defense One, Gen David Goldfein, the Air Force's chief of staff, said US military leaders are reacting to new threat levels. "The world is a dangerous place and we've got folks that are talking openly about use of nuclear weapons," he said, according to the report. Goldfein said that while no official order had been given to put nuclear bombers on alert, preparations were underway.
North Korea threat is 'critical, imminent,' Japan tells US, South Korea
The threat from North Korea has grown to a “critical and imminent level” and the United States, Japan and South Korea must address the matter, Japanese Defence Minister Itsunori Onodera told his US and South Korean counterparts in talks on Monday, reports Reuters. “(The) threat posed by North Korea has grown to the unprecedented, critical and imminent level. Therefore, we have to take calibrated and different responses to meet with that level of threat,” he said. (Picture courtesy: Reuters)
Mukesh Ambani-led Reliance Industries reached a new milestone today, as the company’s market capitalisation topped a staggering Rs 6 lakh crore, even as the shares hit all-time high levels. RIL shares hit a fresh all-time high of Rs 947.7 on NSE which helped the company to achieve this new feat of crossing the Rs 6 lakh crore market-capitalisation for the first time ever. The company is India’s most valued company far ahead of TCS which has a market capitalisation of Rs 4.95 lakh crore. This year alone, it has added more than Rs 2 lakh crore to its market capitalisation.
Top Headlines
1. North Korea threat is 'critical, imminent,' Japan tells US, South Korea, reports Reuters
2. Communist Party endorses 2nd term for Xi Jinping, reports PTI
3. Reliance Industries hits Rs 6 lakh crore market capitalisation
4. Trump says he is 'very, very close' to making Fed chair decision, reports Reuters
5. Infosys likely to name next CEO today, reports Business Standard
6. Saudi Prince Alwaleed says bitcoin is 'Enron in the making', reports Reuters
Cheetah-inspired logo chosen as face of India's bullet train project
Even as the battle for Gujarat assembly election heats up, Patidar protest spearhead Hardik Patel has denied that he met Congress Vice President Rahul Gandhi. “I didn’t meet Rahul Gandhi. If I want, I will do so publicly. Our aim in to defeat the BJP,” Patel said.
Jaiprakash Associates up 4% on talk of asset sale to pay homebuyers
Jaiprakash Associates rose nearly 4% in trade after the real estate major on Monday submitted its proposal to raise Rs 2,500 crore by hiving off Yamuna Expressway. The Supreme Court is expected to hear the embattled firm’s plea seeking nod for the Expressway deal on October 25.
Dineshwar Sharma — Modi govt’s pick to lead peace talks in Kashmir
The Centre on Monday appointed former Intelligence Bureau chief Dineshwar Sharma to carry out peace talks with all stakeholders in Kashmir. Home Minister Rajnath Singh gave him full liberty “to decide his course of action and talk to whoever he wants to”.
This is not the first time Sharma would carry out peace talks in the tumultuous region. He was earlier made the interlocutor for peace talks with Assam’s insurgent groups, including the United Liberation Front of Assam (ULFA) in June this year.
Find out more about The man Modi government has chosen to carry out peace talks in J&K.
S Chand and Company share price rallies close to 7% after a leading mutual fund house picked up nearly a percent stake in the company. HDFC Mutual Fund through HDFC India Prudence Fund has bought 2,96,300 equity shares (representing 0.85% of total paid-up equity) at Rs 455 per share through block deals on the National Stock Exchange on Monday. The block deal was worth Rs 13.48 crore. As of September 2017, HDFC Trustee Company through HDFC Prudence Fund holds 3.29% stake in the education content company.
Phillips Carbon Black aims at 40% volume in speciality and value-added carbon
The world's leading carbon black major, Phillips Carbon Black (PCBL) is aggressively working to ramp up speciality and value-added carbon in the next three years. "We are aiming at taking up speciality and value-added carbon production to at least 40% of our total production in the next three years. In value term it will be more than 50% of our turnover," PCBL sources told PTI.
Currently, speciality and value added carbon are about 20% of the total production of the company, they said. Speciality carbon is used in a host of non-rubber industry. PCBL is also working on value-added carbon for high end rubber applications in several sectors including automotive, they said. The current production capacity of PCBL is about 4.8 lakh tonne per annum of carbon black.
DII holdings in BSE companies at their highest in 25 quarters
The holdings of domestic mutual funds and insurance companies in India’s largest listed companies rose to their highest level in at least 25 quarters as household savings shifted from gold and real estate to financial assets, reports Mint. At the end of September, domestic institutions held a 10.8% stake in the BSE 500 index, which accounts for at least 90% of India’s market capitalisation. Only 424 of these 500 firms, whose data goes back to 25 quarters, were considered for this analysis. That was an increase from 10.52% at the end of June and 9.6% a year ago. (Picture courtesy: Mint)
With Cristiano Ronaldo winning the FIFA Best Player award for 2017, a look at the silverware he has pocketed so far this year.
Cabinet approves Road Ministry’s Bharatmala Phase 1 proposal
The Union Cabinet has approved the Road Ministry’s Bharatmala Phase 1 proposal, reports CNBC-TV18, quoting sources. An umbrella programme for roads, Bharatmala includes the government flagship National Highways Development Project (NHDP). The ambitious highways development project subsumes all road projects in the first phase will see the construction of 20,000 km of highways. Bharatmala is a mega plan of the government and the second-largest highways project after the NHDP. Being implemented in various phases, NHDP was initiated by former Prime Minister Atal Behari Vajpayee and includes Golden Quadrilateral connecting four metropolises besides North-South Corridor connecting Srinagar to Kanyakumari and East-West Corridor joining Porbandar to Silchar.
In a massive show of strength and to prepare for war-like situations, the Indian Air Force conducted a touch and go landing exercise on a stretch of the Lucknow-Agra Expressway, reports CNN-News18. The exercise commenced with a short landing by the C-130J transport aircraft, which dropped IAF's Special Forces Garud commandos and their vehicle. As many as 20 aircraft are taking part in the exercise including French Dassault Mirage-2000, Jaguar, Sukhoi-30 MKI, AN-32 transport and Super Hercules C-130J.
Gold edged up on Tuesday, recovering from a more than two-week low hit in the previous session, on the back of a slightly weaker dollar.
Gold edged up on Tuesday, recovering from a more than two-week low hit in the previous session, on the back of a slightly weaker dollar.
The benchmark BSE Sensex gained over 156 points in early trade as investors widened their positions ahead of quarterly earnings from some bluechip companies amid positive Asian cues. Moreover, continuous buying by domestic financial institutions also supported trading sentiment. The 30-share index gathered 156.24 points, or 0.48%, to 32,662.96 with all the sectoral indices led by oil & gas, realty, PSU and metal trading higher. The gauge had rallied 116.76 points in the previous session.
The NSE index Nifty too climbed 34.25 points, or 0.33%, to trade above the 10,200-mark at 10,219.10. Brokers said fresh spell of buying by investors ahead of quarterly earnings from Infosys and a few other bluechip companies later in the day and a firming trend at other Asian bourses buoyed trading sentiment here. Major gainers were ONGC, NTPC, Tata Steel, Hindustan Unilever, Axis Bank, Asian Paint, ICICI Bank, Coal India, SBI, Maruti Suzuki, Wipro and Power Grid, rising up to 2.42%.
Supreme Court hints at modifying its 2016 order on national anthem in movie halls
Values are inculcated in various ways but not by mandates of courts, the Supreme Court said on Monday, hinting at recalling its 2016 order which made it compulsory for movie halls to play the national anthem and for people to stand to show respect to it as part of their "sacred obligation", reports CNN-New18. The court further observed that it is not required of an individual to wear patriotism on their sleeve all the time, and that not playing the national anthem in cinema halls won't make people anti-national.
Eleven months after its November 30, 2016 order, a three-judge bench has wondered why the court had to pass such an order when the central government was competent to regulate the playing of the national anthem. Questioning its own order, the three-judge bench, also comprising Justices AM Khanwilkar and DY Chandrachud, observed that the court was inclined to do away with the mandatory direction, leaving the discretion with the cinema halls to decide.
China made an exception to its local manufacturing norms, a sufficient-enough incentive to spur Elon Musk’s Tesla to decide on building its first automobile factory outside of the US in Shanghai. The Wall Street Journal reported that the electric carmaker had reached an agreement to set up its own manufacturing facility in Shanghai. The deal with Shanghai’s government will allow the Silicon Valley-based automaker to build a wholly owned factory in the city’s free-trade zone, the newspaper reported.
Abdul Karim Telgi, a convict in counterfeit stamp paper scam, is on ventilator and is suffering from meningitis, reports PTI. "He is alive, but very critical and has been admitted to Victoria hospital. He is in the ICU and on ventilator. He is suffering from menigitis," Telgi's lawyer MT Nanaiah said in Bengaluru. Telgi was admitted four days back, he added. "He should have been admitted a little bit earlier. There has been a delay," he said.
Telgi was arrested in Ajmer in November 2001 and has been suffering from diabetes and hypertension for over 20 years, besides other ailments, including AIDS. He was serving his term in Parappana Agrahara Central Jail in Bengaluru after being sentenced to 30 years of rigorous imprisonment in multi-crore fake stamp paper racket. (Picture courtesy: CNN-News18)
Communist Party endorses 2nd term for Xi Jinping
China's ruling Communist Party has endorsed a second five-year term for President Xi Jinping and appointed a new set of leaders backed by him, reports PTI. 64-year-old Xi's second term was endorsed by the party at the end of its week-long once-in-a-five-year Congress. Xi along with Premier Li Keqiang, 62, ranked number one and two in the Communist Party of China's hierarchy, would continue based on two five year tenure convention for top leaders. Five new members will be elected to the seven member Standing Committee of the party which rules the country. Xi and Li took over power in 2012 and set to continue till 2022.
South Korea, the United States and Japan started a two-day missile tracking drill on Tuesday, South Korea’s military said, in preparation for any missile or nuclear threats from North Korea, reports Reuters. The exercises will be held in waters off the coasts of South Korea and Japan, the South Korean military said in a statement. The drills have been taking place every few months following an agreement made during a Security Consultative Meeting between South Korea and the United States last year.