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Oct 27, 2017 01:15 PM IST IST | Source: Moneycontrol.com
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highlights
New JFK files reveal FBI warned Dallas Police on Oswald
The publication of nearly 3,000 previously classified files relating to the assassination of John F Kennedy in 1963 reveals that the FBI had warned Dallas police about a threat to kill Lee Harvey Oswald, and claims that Soviet officials feared an “irresponsible” US general could launch a missile strike in the wake of the crisis, reports The Guardian.
The US government released 2,800 documents on Thursday, but President Donald Trump delayed the release of others, saying he had “no choice” but to consider “national security, law enforcement and foreign affairs concerns” raised mostly by the FBI and CIA.
One of the first interesting documents to be unearthed, as journalists, scholars and the public pored over them, was a memo written by director J Edgar Hoover that said the FBI had warning of a potential death threat to Oswald, who was then in police custody.
Following Narayana Murthy's concern, Infosys standardises severance pay
Infosys has standardised its severance pay for top executives, reports The Times of India. For senior vice-presidents (SVPs) and executive vice-presidents (EVPs), it will be four months of their fixed salary. Severance pay had become a major bone of contention within the company over the past two years when seemingly arbitrary amounts were paid to former CFO Rajiv Bansal and former general counsel David Kennedy . Bansal was granted Rs 17 crore, while Kennedy , who was in the company for just two years, received $868,250 (about Rs 5.9 crore when he quit in January).
The standardisation plugs the scope of individual negotiations. Bansal's payout allegedly went way beyond what his contract specified. Kennedy's employment contract is said to have specified a severance pay of seven to eight months of fixed salary. Co-founder NR Narayana Murthy publicly questioned these payments, as did several analysts. The board subsequently admitted that subjective elements had gone into determining the payouts and promised to make it more objective.
Read full report here.
Uttar Pradesh raises 2017-18 sugarcane price by 3.3%
The Uttar Pradesh state government has raised the price mills must pay for the new crop by 3.3%, reports Reuters. The state raised the cane price to Rs 315 rupees per 100 kg for the crop year that began this month, up from Rs 305 in the previous year, a state official said. The central government has kept the 2017-18 cane floor price at Rs 255 per 100 kg.
RTI reply reveals RBI doesn’t have info on illegal trading, dealing in virtual currencies
While maintaining that it has not issued any licence or authorisation to any company to trade in virtual currencies like Bitcoin, the Reserve Bank of India (RBI) has no information about entities dealing in illegal trading, investing and exchange of virtual currencies, reveals a reply received under Right to Information (RTI) Act. MoneyLife filed an RTI application with RBI seeking information about trading, investing, exchange and online wallet services in virtual currencies that are being offered by several entities in India. Since Reserve Bank has not yet allowed dealing with virtual currencies in the country, it wanted to know if the central bank had taken any action against those indulged in this business.
When asked about providing information on any action taken and punishment on those entities dealing in illegal trading, investing, exchange and online wallet service of virtual currency, the central bank said, "Reserve Bank of India has no information in this regards". Responding to a question on issuance of a notification or instructions about virtual currencies, RBI said, “As such, any user, holder, investor or trader dealing with virtual currencies will be doing so at their own risk”. (Picture courtesy: MoneyLife)
Hero FinCorp plans entry into non-life insurance business
Hero FinCorp, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp, plans to enter the non-life insurance business and is looking to acquire a controlling stake in an existing general insurance company, reports Mint. Hero FinCorp was until recently in talks with Future Generali—a joint venture between Kishore Biyani’s Future group and Italy’s Generali group—but the talks were not successful, sources said.
Vedanta, Adani may bid for $9bn Indian diamond mine left by Rio
Indian resources conglomerates Adani and Vedanta are considering bidding for a $9 billion diamond project in the country that was abandoned by global miner Rio Tinto this year, reports Reuters. The Madhya Pradesh government is likely to invite bids in the first week of November to explore the deposit, which is estimated to hold around 32 million carats of diamonds, a senior state government official said. “We’re advertising only for that area in which (Rio Tinto) have prospected and established availability of diamonds,” Manohar Lal Dubey, Madhya Pradesh’s top mineral resources official, said.
An auction would be held around 40 days after the notice inviting bids was published, he said. Rio Tinto “gifted” the Bunder deposit, about 500 km southeast of New Delhi and discovered by the company in 2004, to Madhya Pradesh in February after saying last year that it was pulling out to conserve cash and cut costs. The company spent around $90 million over 14 years on Bunder, located in a forested area important to tiger and wildlife habitats, with the plan to invest up to $500 million. The project had been hampered by delays in obtaining environmental permissions.
US sanctions North Koreans for 'flagrant' rights abuse
The United States on Thursday imposed sanctions on seven North Korean individuals and three entities for “flagrant” human rights abuses, including killings, torture, forced labour and the hunting down of asylum seekers abroad, reports Reuters. “Today’s sanctions target the North Korean military and regime officials,” US Treasury Secretary Steven Mnuchin said in a statement. “We also are targeting North Korean financial facilitators who attempt to keep the regime afloat with foreign currency earned through forced labour operations.”
Among those sanctioned were the director and the deputy director of the Military Security Command, the first vice minister of the Ministry of People’s Security and the labour minister. North Korea’s consul general in Shenyang, China, and a diplomat at its embassy in Vietnam were also sanctioned. “We are especially concerned with the North Korean military, which operates as secret police, punishing all forms of dissent,” the statement said. ”Further, the military operates outside of North Korea to hunt down asylum seekers, and brutally detains and forcibly returns North Korean citizens." (Photo courtesy: Reuters)
Top Headlines:
1. On North Korea border, US Defence Secy says Kim threatening 'catastrophe', reports Yonhap
2. Vedanta, Adani may bid for $9bn Indian diamond mine left by Rio, reports Reuters
3. Hero FinCorp plans entry into non-life insurance business, reports Mint
4. RTI reply reveals RBI doesn’t have info on illegal trading, dealing in virtual currencies, reports MoneyLife
5. Uttar Pradesh raises 2017-18 sugarcane price by 3.3%, reports Reuters
RSS says ban Friday namaz at Taj Mahal or allow Hindus to pray there too
The history wing of Rashtriya Swayamsevak Sangh-Akhil Bhartiya Itihaas Sankalan Samiti has demanded that Friday prayers at Taj Mahal should be banned. RSS affiliate body's National Organisation Secretary Dr Balmukund Pandey in an exclusive conversation with India Today TV said, "Taj is a national heritage- why allow Muslims to use it as a religious site? Permission to perform namaz at Agra's Taj Mahal should be withdrawn." Adding more fuel to the fire, Dr Pandey also demanded that if namaz is allowed then permission to perform Shiva prayers be also granted to the Hindus.
Taj Mahal is closed on Fridays to facilitate prayers. Just a couple of days ago, members of a right wing organisation- Hindu Yuva Vahini were forcibly taken away by security personnel for attempting to recite 'Shiv Chalisaa' (Hymn to Lord Shiva) inside Taj premises. The workers were demanding rights to perform prayers claiming Taj was a Shiva Temple before it was converted into a mausoleum.
New JFK files reveal FBI warned Dallas Police on Oswald
The publication of nearly 3,000 previously classified files relating to the assassination of John F Kennedy in 1963 reveals that the FBI had warned Dallas police about a threat to kill Lee Harvey Oswald, and claims that Soviet officials feared an “irresponsible” US general could launch a missile strike in the wake of the crisis, reports The Guardian.
The US government released 2,800 documents on Thursday, but President Donald Trump delayed the release of others, saying he had “no choice” but to consider “national security, law enforcement and foreign affairs concerns” raised mostly by the FBI and CIA.
One of the first interesting documents to be unearthed, as journalists, scholars and the public pored over them, was a memo written by director J Edgar Hoover that said the FBI had warning of a potential death threat to Oswald, who was then in police custody.
Following Narayana Murthy's concern, Infosys standardises severance pay
Infosys has standardised its severance pay for top executives, reports The Times of India. For senior vice-presidents (SVPs) and executive vice-presidents (EVPs), it will be four months of their fixed salary. Severance pay had become a major bone of contention within the company over the past two years when seemingly arbitrary amounts were paid to former CFO Rajiv Bansal and former general counsel David Kennedy . Bansal was granted Rs 17 crore, while Kennedy , who was in the company for just two years, received $868,250 (about Rs 5.9 crore when he quit in January).
The standardisation plugs the scope of individual negotiations. Bansal's payout allegedly went way beyond what his contract specified. Kennedy's employment contract is said to have specified a severance pay of seven to eight months of fixed salary. Co-founder NR Narayana Murthy publicly questioned these payments, as did several analysts. The board subsequently admitted that subjective elements had gone into determining the payouts and promised to make it more objective.
Read full report here.
Senior journalist Vinod Verma was arrested early on Friday morning from his residence here by the Chhattisgarh Police over charges of extortion, reports PTI. Verma, who earlier worked with BBC Hindi service, was picked at 3.30 am from Mahagun Mansion Apartments, Vaibhav Khand, Indirapuram by a team of Chhattisgarh Police with the help of Ghaziabad Police, Senior Superintendent of Police HN Singh said. A case of blackmail and extortion has been registered against the scribe at Pandri police station in Raipur district of Chhattisgarh, he said.
"A huge quantity of CDs have been seized from the journalist's house. We are scrutinising the material to check whether there is any link to sex scandal involving higher-ups," Singh said. As the news of the arrest of the former BBC and Amar Ujala journalist spread, many senior journalists from electronic and print media gathered outside the police station in Ghaziabad. AAP leader and former journalist Ashutosh termed the development an "attack on the press". The Chhattisgarh Police will produce the scribe in a court here later in the day, the SSP added.
United Spirits rallies 16% post Q2 result
United Spirits shares rallied as much as 16% after reporting strong earnings led by cost measures and price hike in September quarter. The stock touched a fresh 52-week high of Rs 2,985. The liquor maker has reported a massive profit growth of 85.6% for the quarter ended September 2017. It increased to Rs 153.1 crore from Rs 82.5 crore on year-on-year basis, driven by strong operational performance post cost measures. EBITDA (earnings before interest, tax, depreciation and amortisation) during the quarter grew by 56.8% YoY to Rs 317.2 crore and margin expanded to 16.26% from 9.98%. Interest cost declined nearly 26% led by debt reduction and favourable rates. Revenue fell 3.3% YoY to Rs 1,951.3 crore on the back of a nearly 16% decline in overall volumes.
Yes Bank scrip has fallen close to 10% after global brokerages turned cautions, a day after the private sector lender reported a divergence in gross bad loans of Rs 6,355 crore for FY17. The bank had reported a 25% jump in net profit for the second quarter ended September 2017. It increased to Rs 1,002 crore from Rs 802 crore a year earlier, but had to set aside Rs 447 crore as provisions which were one-and-a-half times higher than the Rs 162 crore reported a year earlier. As on March-end 2017, Yes Bank had reported gross NPAs of Rs 2,018.6 crore as against RBI’s assessment of Rs 8,373.8 crore in the same period. Similarly, for net NPAs, the difference in divergences was to the tune of Rs 4,819.4 crore, when RBI’s report suggested net NPA figure of Rs 5,891.6 crore.
Jammu & Kashmir Governor NN Vohra has promulgated an ordinance making persons calling for strikes or demonstrations, which lead to damage of public property, liable for fines and imprisonment up to five years, reports PTI. The Jammu & Kashmir Public Property (Prevention of Damage) (Amendment) Ordinance, 2017 amends the existing law relating to damage to public property and comes into effect immediately. "It will more effectively discourage/prevent the deleterious activities of individuals/organisations which result in damage to public and private properties," the official spokesperson said.
This ordinance, the spokesperson said, has been enacted to achieve the twin objectives of making mischief to public and private property due to direct action punishable and of making any person calling for direct action liable for abetment of such offence. Whoever announces direct action in the form of strikes, demonstrations or other public forms of protests which result in damage to public as well as private property can be punished with imprisonment for a period of two to five years and can be imposed a fine equivalent to the market value of the property damaged or destroyed.
On North Korea border, US Defence Secy says Kim threatening 'catastrophe'
In a visit to the Demilitarised Zone that separates the two Koreas, US Secretary of Defence James Mattis on Friday accused North Korea of building a nuclear arsenal to “threaten others with catastrophe,” the Yonhap news agency reported. The goal of the United States is not a war with North Korea, but complete denuclearisation of the Korean Peninsula, Mattis stated. He pledged solidarity with US ally South Korea, saying that President Donald Trump’s administration wants to avoid war if possible and remains committed to forcing North Korea to disarm. (Picture courtesy: Bloomberg)
Drug major Cipla said its subsidiary InvaGen Pharmaceuticals has received final approval from the US health regulator for Sevelamer Carbonate tablets, indicated for the control of serum phosphorus in adults with chronic kidney disease (CKD) on dialysis. Cipla said "its subsidiary, InvaGen Pharmaceuticals. has received final approval for its abbreviated new drug application (ANDA) for Sevelamer Carbonate Tablets, 800 mg, from the United States Food and Drug Administration (USFDA)". The approved product is a generic equivalent to the reference listed drug (RLD), Renvela tablets, 800 mg of Genzyme Corporation. Quoting IMS Health data, Cipla said Renvela tablets had US sales of about $1.85 billion for the 12-month period ending August 2017. The company will commence commercial launch of the product immediately.
Leading television producer Gautam Adhikari passes away
Leading television producer, Gautam Adhikari, who is considered as one of the pioneers of the Marathi TV industry, passed away at his residence here at Mumbai after a brief illness, his family said. He was 67. The last rites will be performed at 11 am in Vile Parle, Mumbai. Gautam and his brother Markand started a company-- Sri Adhikari Brothers (SAB) Group- in 1985 as a small family owned partnership firm. It went on to become the first publicly-listed television production company in India when it was listed on the BSE in 1995. The company initially produced serials in Marathi, but soon ventured into film distribution and production business.
The BSE Sensex soared to life-time high of 33,270.62 and the NSE Nifty scaled another record high of 10.366.15 in opening trade as the November derivatives series took off on a strong footing amid positive Asian cues. Consumer durables, power and pharma stocks led the gains, rising by up to 0.85%. The 30-share Sensex soared by 123.49 points, or 0.37%, to 33,270.62 points, breaching its previous record high (intra-day) of 33,196.17 hit on Thursday. Major gainers were Kotak Mahindra Bank, Cipla, NTPC, Maruti, Tata Motors, Adani Ports, Sun Pharmaceutical Industries and L&T. The gauge had gained 764.20 points in the previous four straight sessions. The 50-share Nifty also hit fresh high of 10,366.15 by climbing 22.35 points, or 0.21%. It also battered its previous record (intra-day) of 10,355.65 points reached on Thursday.
Uttar Pradesh raises 2017-18 sugarcane price by 3.3%
The Uttar Pradesh state government has raised the price mills must pay for the new crop by 3.3%, reports Reuters. The state raised the cane price to Rs 315 rupees per 100 kg for the crop year that began this month, up from Rs 305 in the previous year, a state official said. The central government has kept the 2017-18 cane floor price at Rs 255 per 100 kg.
RTI reply reveals RBI doesn’t have info on illegal trading, dealing in virtual currencies
While maintaining that it has not issued any licence or authorisation to any company to trade in virtual currencies like Bitcoin, the Reserve Bank of India (RBI) has no information about entities dealing in illegal trading, investing and exchange of virtual currencies, reveals a reply received under Right to Information (RTI) Act. MoneyLife filed an RTI application with RBI seeking information about trading, investing, exchange and online wallet services in virtual currencies that are being offered by several entities in India. Since Reserve Bank has not yet allowed dealing with virtual currencies in the country, it wanted to know if the central bank had taken any action against those indulged in this business.
When asked about providing information on any action taken and punishment on those entities dealing in illegal trading, investing, exchange and online wallet service of virtual currency, the central bank said, "Reserve Bank of India has no information in this regards". Responding to a question on issuance of a notification or instructions about virtual currencies, RBI said, “As such, any user, holder, investor or trader dealing with virtual currencies will be doing so at their own risk”. (Picture courtesy: MoneyLife)
Australian HC rules Barnaby Joyce and four others ineligible in dual citizenship case
Australia’s Deputy Prime Minister, Barnaby Joyce, and four senators have been ruled ineligible to sit in parliament by the high court, with only Matt Canavan and Nick Xenophon surviving the challenge, reports The Guardian. The court’s unanimous decision to uphold a strict reading of the constitutional disqualification of foreign citizens will trigger a by-election in Joyce’s seat of New England and force the deputy Nationals leader, Fiona Nash, and One Nation’s Malcolm Roberts out of the Senate, at least for now. The decision leaves the Turnbull government without its working majority in the House of Representatives, although it will continue to govern with confidence and supply from a few crossbench MPs. In a joint decision the justices rejected the commonwealth’s argument that MPs or senators would need to have knowledge of their dual citizenship in order to be disqualified.
Hero FinCorp plans entry into non-life insurance business
Hero FinCorp, the financial services arm of India’s largest two-wheeler maker Hero MotoCorp, plans to enter the non-life insurance business and is looking to acquire a controlling stake in an existing general insurance company, reports Mint. Hero FinCorp was until recently in talks with Future Generali—a joint venture between Kishore Biyani’s Future group and Italy’s Generali group—but the talks were not successful, sources said.
Vedanta, Adani may bid for $9bn Indian diamond mine left by Rio
Indian resources conglomerates Adani and Vedanta are considering bidding for a $9 billion diamond project in the country that was abandoned by global miner Rio Tinto this year, reports Reuters. The Madhya Pradesh government is likely to invite bids in the first week of November to explore the deposit, which is estimated to hold around 32 million carats of diamonds, a senior state government official said. “We’re advertising only for that area in which (Rio Tinto) have prospected and established availability of diamonds,” Manohar Lal Dubey, Madhya Pradesh’s top mineral resources official, said.
An auction would be held around 40 days after the notice inviting bids was published, he said. Rio Tinto “gifted” the Bunder deposit, about 500 km southeast of New Delhi and discovered by the company in 2004, to Madhya Pradesh in February after saying last year that it was pulling out to conserve cash and cut costs. The company spent around $90 million over 14 years on Bunder, located in a forested area important to tiger and wildlife habitats, with the plan to invest up to $500 million. The project had been hampered by delays in obtaining environmental permissions.
To know what cues could trigger the market today, click here
Modi wave is over, Rahul Gandhi capable of leading country: Shiv Sena
Shiv Sena MP Sanjay Raut said on Thursday that Congress Vice-President Rahul Gandhi is capable of leading the country and stressed that the Narendra Modi wave has faded, a statement that is not likely to go down well with the BJP, reports PTI. The anger among people in Gujarat against the implementation of the Goods and Services Tax (GST) is an indication that the BJP would face a stiff challenge in polls, scheduled to be held in December, he said. (Photo courtesy: PTI)
Maruti Suzuki Q2 profit may be hit by higher tax outgo, lower other income
Automobile major Maruti Suzuki is likely to post lower profit at Rs 2,217.5 crore in July-September quarter against Rs 2,398 crore in same quarter last fiscal, according to average of estimates of analysts polled by CNBC-TV18. Higher tax outgo and lower other income are likely to impact profits. The company’s net sales though is likely to be up 23.4% at Rs 22,014.1 crore as against Rs 17,842.8 crore YoY. On an operating level, EBITDA is likely to be higher by 6% at Rs 3,216 crore versus Rs 3,037 crore, while margins are seen at 14.6% as compared to 17% YoY.
ITC Q2 profit seen up 6% YoY, cigarette business key to watch out after GST
Cigarette-hotel-to-FMCG major ITC will announce its July-September quarter earnings on October 27. It is an important quarter to watch out for after the GST implementation with effect from July 1, especially for its cigarette division. The GST Committee had set the tax rate lower for cigarette business but then revised higher to pre-GST levels. Hence, the stock had seen roller coaster ride, hitting a life high of Rs 353 on July 3 and then falling 13% on July 18. It fell 16.2% during the quarter.
Analysts expect cigarette volumes to decline 4-5% (against 1% growth in Q1FY18 and 4% in Q2FY17) and realisation growth at around 11-12% for the quarter ended September 2017. In last nine months ended September 2017, ITC increased the price of cigarette portfolio by around 14%. Profit after tax is expected to increase 6.1% year-on-year to Rs 2,652 crore and revenue may rise 6.7% to Rs 14,525 crore, according to average of estimates of analysts polled by CNBC-TV18. EBITDA (earnings before interest, tax, depreciation and amortisation) is likely to increase 5.1% to Rs 3,815 crore but margin may contract 40 basis points to 26.3% compared with same quarter last fiscal.
China's September industrial profits surge most in nearly six years
Profits for China’s industrial powerhouses surged the most in nearly six years in September as a government crackdown on air pollution sparked fears of winter supply shortages and sent prices of finished goods like steel and copper sharply higher, reports Reuters. Sustained earnings growth will give China’s policymakers more room to restructure bloated and often inefficient state-owned enterprises, which dominate the industrial landscape and account for a hefty portion of the country’s corporate debt.
Industrial profits in September rose 27.7% from a year earlier to 662.18 billion yuan, accelerating from a 24% jump in August, the National Bureau of Statistics (NBS) said. That was the sharpest gain since December 2011, when profits grew 31.5%. For the first nine months of the year, the firms notched up profits of 5.58 trillion yuan, a 22.8% jump from the same period last year and up a touch from 21.6% growth in January-August.
IDFC, Shriram Capital to take final call on merger next week: Sources
A final call on the proposed IDFC and Shriram Capital merger is likely to be taken in the next few days, reports CNBC-TV18. The companies are expected to hold a crucial meeting next week to discuss the proposed $12 billion merger, which is facing resistance from shareholders, sources said. They also corroborated that a valuation mismatch is the main contention. A reworked deal aimed at addressing shareholders' concerns has also been rejected by shareholders. Based on a sum of parts analysis, IDFC shareholders pegged the company's fair value at Rs 16,700 crore, which translates to roughly Rs 104 per share.
IOC Q2 profit seen at Rs 6,023 crore, GRMs likely at $4.32/bbl
State-run oil marketing firm Indian Oil Corporation (IOC) is likely to report a net profit of Rs 6,023 crore for the September quarter, up from Rs 4,548 crore in the previous quarter, according to a CNBC-TV18 poll. Revenue could witness a dip to Rs 99,700 crore as against Rs 1.28 lakh crore QoQ. On an operating level, earnings before interest, depreciation, taxes and amortisation (EBITDA) was seen at Rs 10,789 crore, a healthy increase from Rs 7,999 crore in the previous quarter, while the operating margin is likely to be reported at 10.8% versus 7.6% QoQ. Meanwhile, the gross refining margin (GRM) is seen at $4.32 per barrel.
ICICI Bank Q2 profit seen down 19% YoY to Rs 2,525cr
After bad asset quality performance of Axis Bank and Yes Bank, the Street will closely watch non-performing assets and slippages of ICICI Bank for the quarter-ended September 2017. The private sector lender's second quarter (July-September) profit is expected to decline 18.6% year-on-year to Rs 2,525.1 crore but may increase 23% sequentially, according to average of estimates of analysts polled by CNBC-TV18. Net interest income during the quarter is seen rising 8.5% to Rs 5,697.4 crore as compared with Rs 5,253.3 crore in same quarter last fiscal.