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Oct 27, 2017 02:15 PM IST IST | Source: Moneycontrol.com
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highlights
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 Permission to perform namaz at Agra's Taj Mahal should be withdrawn."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.
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)
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.
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
Oil Minister Dharmendra Pradhan has urged states to slash VAT on fuel. Speaking to CNBC-TV18, he said that fuel prices could reduce by Rs 3-5 if states reduce VAT by 5%.
Maruti Suzuki posts 3.4% YoY rise in Q2 net profit at Rs 2,484.3cr, but margin dips
Automobile major Maruti Suzuki reported a 3.4% increase in its September quarter net profit at Rs 2,484.3 crore against R 2,401.5 crore posted during the same period last year. Revenues rose 21.8% at Rs 21,768 crore versuse Rs 17,869 crore year-on-year. On an operating level, the earnings before interest, taxes, depreciation and amortisation rose 21.1% at Rs 3,677 crore as against Rs 3,036 crore YoY. The operating margin came in at 16.9% against 17% in the September quarter of 2016.
SC stays it order to demolish parking lot near Taj Mahal
The Supreme Court stayed its order directing demolition of a multi-level car parking being constructed near the iconic Taj Mahal at Agra, reports PTI. The apex court asked the authorities to maintain status quo at the site, which is around 1km from the eastern gate of the 17th century monument, and said no further construction will be carried out there.
SC allows Centre to withdraw forces from trouble-hit Darjeeling
The Supreme Court allowed the Centre to withdraw seven of the 15 companies of Central Armed Paramilitary Forces (CAPF) from strife-torn Darjeeling and Kalimpong districts of West Bengal for being used for election duties in Himachal Pradesh and Gujarat, reports PTI. A bench, headed by Chief Justice Dipak Misra, asked West Bengal government to respond within a week to the Centre's appeal against the Calcutta High Court order directing it to allow all 15 companies of paramilitary forces to remain in the state. The bench, which also comprised Justices A M Khanwilkar and DY Chandrachud, stayed the pending proceedings before the Calcutta High Court saying it will deal with the case "in a holistic manner". The court has now fixed the appeal of the Centre for further hearing on November 27.
SBI now begins bankruptcy proceedings against Amtek Auto arm
The State Bank of India (SBI) has initiated bankruptcy proceedings against Castex Technologies, an Amtek Auto subsidiary, reports Mint. This comes three months after Amtek Auto, one of the 12 debt-ridden firms identified by the Reserve Bank of India (RBI), was taken to the bankruptcy court. The subsidiary is an iron casting company and is based in Haryana. The company is one among the 29 firms where the RBI had directed early resolution. If not followed, the firms will be brought under the Insolvency and Bankruptcy Code (IBC) before December 31. Sources said the bank is also looking into Amtek's two other units — Metalyst Forgings and Amtek Ring Gears. The move comes about after many investors, including Bharat Forge and Bain Capital, envisaged interest in buying a stake in the group.
Amid a stock market rally, demergers are a route to fat returns
Over the past year we have seen companies demerging their business divisions, and a few more are queueing up to do so. This urge to demerge is driven by the fact that the companies feel their stocks are mispriced despite a broad market rally, finds Moneycontrol Research’s Jitendra Kumar Gupta. One big difference is perception. Once the two businesses are separated, the one which is more lucrative and earns good returns gets the sort of value that may have eluded it before the demerger.
Getting a better value for the demerged entity is often a prime objective, but what is interesting to note is that the demerger provides a greater focus, divides risks and provide the ability to scale and raise growth capital independently. Demergers are also often looked at as a solution to a problem like dealing with high debt. A common thread among most of the demerger stories is that they often come at a time when sentiment about a particular sector or business is high thus allowing companies to list at maximum valuations for the demerged entity. While valuing conglomerates, the market prefers to value these investments at book value or discount to the fair value because of the conservative valuations approach. This is precisely a reason that demerged entities once listed separately manage to get the higher value.
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.
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