News Highlights of the day: Rebel MPs prepare no-confidence letter against British PM Theresa May
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.
That's all for Sunday, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
Rebel MPs prepare no-confidence letter against British PM Theresa May
British Prime Minister Theresa May was facing fresh turmoil as it emerged Sunday that as many as 40 of her own party MPs are ready to sign a letter expressing a lack of confidence in her leadership. Conservative party MPs are now just eight short of the required number of 48 to force a leadership challenge as May struggles to steady her government following two high-profile resignations, 'The Sunday Times' reported.
Those talking about independent Kashmir should go to Pakistan: VHP leader Pravin Togadia
A day after former Jammu and Kashmir chief minister Farooq Abdullah stated that PoK belongs to Pakistan, VHP leader Pravin Togadia today said those talking about "independent Kashmir" should go to Pakistan. "Kashmir is an integral part of India. People talking about independent Kashmir should go to Pakistan or else our security forces are ready with AK 47s at the border to deal with them," the VHP working International President said. — PTI report
Nov 12, 07:43 PM (IST)
Yogi Adityanath to kickstart UP civic poll campaign from Ayodhya
Aiming to ensure that the BJP registers a comprehensive win in the Uttar Pradesh urban local bodies' elections, Chief Minister Yogi Adityanath will start his poll-campaign from the temple town of Ayodhya on November 14, a senior party leader told PTI. The civic polls, to be held in three phases from November 22, are seen as a litmus test for the Adityanath government's popularity. The BJP had stormed to power in UP in March with a landslide victory.
PM Modi meets Donald Trump at ASEAN gala dinner
Prime Minister Narendra Modi on Sunday held separate pull-aside meetings with US President Donald Trump and Chinese Premier Li Keqiang on the sidelines of a gala dinner to mark the 50th anniversary of the ASEAN.
Modi was also seen chit-chatting with Japanese Prime Minister Shinzo Abe, Russian Prime Minister Dmitry Medvedev and Malaysian Prime Minister Najib Razak at the reception for the leaders who have arrived here for the 31st ASEAN summit and related meetings.
Nov 12, 07:23 PM (IST)
CAIT threatens to move court against Infosys on GSTN glitches
Traders body CAIT, which has blamed Infosys for glitches in the GST Network, today said if no action is taken against the company, it will have no other option left but to take "shelter of the court of law".
In a statement, CAIT said GST portal has brought much harassment and mental agony to traders by its non-smooth functioning and has proved a major roadblock in success of a good taxation system like GST. The traders body said that "it has failed to understand why no action is being taken against Infosys and other companies who have taken the contract of GST portal at a huge cost of about Rs 1,400 crore".
Infosys has already denied the allegations as "completely inaccurate".
Earlier this month, CAIT demanded a CBI inquiry against Infosys and other companies for the “failure” of the goods and services tax (GST) portal in spite of the large amount of investment and time that has gone into the system.
Delhi air pollution level shoots up after a brief let-up
Pollution levels skyrocketed by the hour in Delhi Saturday, turning the air quality hazardous, which agencies consider unfit for inhalation even by healthier people. The hourly graph of the Central Control Room for Air Quality Management, which had briefly fallen below emergency levels on Saturday, recorded PM2.5 and PM10 concentration at 478 and 713 micrograms per cubic metre by afternoon.
The corresponding 24-hour safe standards are 60 and 100. The air quality index of the CPCB had a score of 460, as against yesterday's 403. The most dominant pollutants were PM 2.5 and CO, according to the CPCB air bulletin.
The PM2.5 reading of the Centre-run SAFAR (System of Air Quality and Weather Forecasting And Research) was also above 400, which is in the severe category as well.
If the prevailing levels of PM2.5 and PM10 persist for another 24 hours, the odd-even scheme is supposed to be implemented, according to the Graded Response Action Plan (GRAP) being enforced by the Environment Pollution (Prevention and Control) Authority.
The NGT had on Saturday said that the odd-even scheme should be implemented "without any default" as and when PM (particulate matter) 10 level goes above 500 microgrammes per cubic metre and PM 2.5 level crosses the limit of 300 microgrammes per cubic metre during a span of 48 hours.— PTI
Nov 12, 06:28 PM (IST)
No easy capital for PSBs, stick to reforms: Banking secretary
Exhorting state-owned lenders to go in for reforms, Financial Services Secretary Rajiv Kumar today said the banks are not going to get easy money as part of the Rs 2.11-lakh crore recapitalisation plan of the government.
Speaking to the media after the first 'PSB Manthan' here, he said the Rs 1.35-lakh crore recapitalisation bonds will be front-loaded and the contours of the bonds are being decided at the level of the finance minister.
The banks will also be getting nearly Rs 18,000 crore under the Indradhanush plan.
"Everything is linked to the reforms which each board will consider within a short time as to what kind of business and how they want to go ahead. It's not an easy money which is going to come, that is the main point. It has to be followed with a whole lot of reforms," the secretary said.
Nov 12, 06:19 PM (IST)
6 of top-10 most valued companies lose Rs 60,422 crore in market-cap
The m-cap of RIL dived Rs 39,328.34 crore to Rs 5,59,526.33 crore. HDFC's valuation plunged Rs 10,782.84 crore to Rs 2,72,402.31 crore and that of ITC tanked Rs 4,935.13 crore to Rs 3,18,468.37 crore.
The market cap of HDFC Bank dropped Rs 3,116.2 crore to Rs 4,70,454.76 crore and that of Maruti came down by Rs 1,554.2 crore to Rs 2,46,646.86 crore. ONGC's valuation fell by Rs 705.83 crore to Rs 2,44,858.13 crore. In contrast, the m-cap of Tata Consultancy Services (TCS) surged Rs 17,343.44 crore to Rs 5,17,489.36 crore.
The valuation of Hindustan Unilever Limited (HUL) soared Rs 11,395.98 crore to Rs 2,79,380.07 crore and that of Infosys jumped Rs 7,799.17 crore to Rs 2,20,649.17 crore. SBI added Rs 7,078.28 crore at Rs 2,87,619.92 crore in its m-cap.
Nov 12, 06:07 PM (IST)
British jet pack inventor sets new World Record
A British inventor has set a new Guinness World Record with his Iron Man-style jet pack which achieved the fastest speed in a body controlled jet engine powered suit.
Richard Browning, founder and chief test pilot of British tech company Gravity Industries, set the record in the UK.
Guinness World Records adjudicator Pravin Patel verified the achievement, making sure that the speed was measured accurately over a minimum distance of 100 metres.
Browning achieved an impressive speed of 51.53 kilometres per hour.
Nov 12, 05:29 PM (IST)
Gujarat has rejected Congress' politics of hypocrisy: Javadekar
With Congress vice-president Rahul Gandhi pushing for rationalisation of Goods and Services Tax (GST) rates, Union HRD Minister Prakash Javadekar today said
Congress leaders are "hypocrites" as they support the indirect tax at GST Council meets but speak against it in public. Referring to Gandhi's promise to cap GST rates at 18 percent if voted to power, Javadekar said the Congress vice- president intends to increase the tax burden on the common
people.
Congress vice-president Rahul Gandhi targeted Gujarat Chief Minister Vijay Rupani today over the SEBI slapping fine on his firm for alleged manipulative share trade, and asked the prime minister to speak out on the issue.
Speaking during his poll campaign tour of Gujarat, he claimed that the share market regulator has termed Rupani "beimaan" (dishonest) and imposed fine on him. Gandhi asked Prime Minister Narendra Modi to speak out against his "dishonest" chief minister.
1. Congress' Nilanshu Chaturvedi wins Chitrakoot Assembly bypoll in MP
2. Delhi air pollution level shoots up after a brief let-up
3. Reserve Bank says no to bringing in 'interest-free' Islamic banking
4. Adityanath promises free WiFi, 'pink toilets' to woo voters for UP civic body polls
5 AirAsia India offers base fare at Rs 99 for domestic travel
6. CAIT threatens to move court against Infosys on GSTN glitches
7. PM Modi, Donald Trump meet briefly at ASEAN gala dinner
That's all for Sunday, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.
President's daughter gets ground role at Air India due to security reasons
Swati, who doesn't use a surname, was a cabin crew on Air India's long-haul Boeing 787 and Boeing 777 flights, but for nearly a month now she has been deputed with Air India's integration department at the airline's headquarters here, the official said.
Sushma Swaraj assures all help to family of Indian-origin motel owner shot dead in US
Akash Talati, 40, who owned Knights Inn and Diamondz Gentlemen's Club in Fayetteville city, North Carolina, was shot dead yesterday during an exchange of gunfire between a man who had been escorted out of the club and a security guard, local police said.
Rebel MPs prepare no-confidence letter against British PM Theresa May
It has emerged that 40 of her own party MPs are ready to sign a letter expressing a lack of confidence in her leadership.
BJP confident of winning Gujarat, Himachal polls: Keshav Prasad Maurya
Exuding confidence that the BJP will sweep the Gujarat Assembly polls, Uttar Pradesh Deputy Chief Minister Keshav Prasad Maurya today said results will prove who is a "jabardast neta" (superb) and who is a "jabardasti ka" (forced upon) neta.
Rebel MPs prepare no-confidence letter against British PM Theresa May
British Prime Minister Theresa May was facing fresh turmoil as it emerged Sunday that as many as 40 of her own party MPs are ready to sign a letter expressing a lack of confidence in her leadership. Conservative party MPs are now just eight short of the required number of 48 to force a leadership challenge as May struggles to steady her government following two high-profile resignations, 'The Sunday Times' reported.
PM Modi briefly meets Trump, world leaders at ASEAN gala dinner
Modi was also seen chit-chatting with Japanese Prime Minister Shinzo Abe, Russian Prime Minister Dmitry Medvedev and Malaysian Prime Minister Najib Razak at the reception for the leaders who have arrived here for the 31st ASEAN summit and related meetings.
DATA STORY: Living in Delhi can cut 9 years of your life, one breath at a time
As New Delhi wakes up to the air pollution - a problem it cannot ignore - a study suggests that people in India's capital can live 9 years longer if the country meets the WHO's air quality standards.
Modi directed changes in GST after he came to know of practical difficulties: Rajnath Singh
The central government approaches issues with an open mind and Prime Minister Narendra Modi directed amendments in the Goods and Services Tax (GST) once he came to know of the practical difficulties, Union Home Minister Rajnath Singh said today.
CAIT threatens to move court against Infosys on GSTN glitches
Traders body CAIT, which has blamed Infosys for glitches in the GST Network, today said if no action is taken against the company, it will have no other option left but to take "shelter of the court of law".
Virat Kohli and Indian cricketers are undergoing a DNA test. Here's why
Keeping in sync with skipper Virat Kohli's uncompromising training regimen, the Indian cricketers are now undergoing DNA test that reveals the genetic fitness blueprint of an individual.
Those talking about independent Kashmir should go to Pakistan: VHP leader Pravin Togadia
A day after former Jammu and Kashmir chief minister Farooq Abdullah stated that PoK belongs to Pakistan, VHP leader Pravin Togadia today said those talking about "independent Kashmir" should go to Pakistan. "Kashmir is an integral part of India. People talking about independent Kashmir should go to Pakistan or else our security forces are ready with AK 47s at the border to deal with them," the VHP working International President said. — PTI report
Yogi Adityanath to kickstart UP civic poll campaign from Ayodhya
Aiming to ensure that the BJP registers a comprehensive win in the Uttar Pradesh urban local bodies' elections, Chief Minister Yogi Adityanath will start his poll-campaign from the temple town of Ayodhya on November 14, a senior party leader told PTI. The civic polls, to be held in three phases from November 22, are seen as a litmus test for the Adityanath government's popularity. The BJP had stormed to power in UP in March with a landslide victory.
Venezuela likely to go bankrupt in a day?
Venezuela is likely to be declared as bankrupt nation, which could start a global financial crisis, as the Latin American country has not made any debt payment to many entities including Indian oil and gas major ONGC.
Trade Setup for Monday: Top 10 things you should know before Opening Bell
A positive close in the next trading session could confirm the bottom. Investors with long positions should continue with long bets with a stop below 10,240.
PM Modi meets Donald Trump at ASEAN gala dinner
Prime Minister Narendra Modi on Sunday held separate pull-aside meetings with US President Donald Trump and Chinese Premier Li Keqiang on the sidelines of a gala dinner to mark the 50th anniversary of the ASEAN.
Modi was also seen chit-chatting with Japanese Prime Minister Shinzo Abe, Russian Prime Minister Dmitry Medvedev and Malaysian Prime Minister Najib Razak at the reception for the leaders who have arrived here for the 31st ASEAN summit and related meetings.
CAIT threatens to move court against Infosys on GSTN glitches
Traders body CAIT, which has blamed Infosys for glitches in the GST Network, today said if no action is taken against the company, it will have no other option left but to take "shelter of the court of law".
In a statement, CAIT said GST portal has brought much harassment and mental agony to traders by its non-smooth functioning and has proved a major roadblock in success of a good taxation system like GST. The traders body said that "it has failed to understand why no action is being taken against Infosys and other companies who have taken the contract of GST portal at a huge cost of about Rs 1,400 crore".
Infosys has already denied the allegations as "completely inaccurate".
Earlier this month, CAIT demanded a CBI inquiry against Infosys and other companies for the “failure” of the goods and services tax (GST) portal in spite of the large amount of investment and time that has gone into the system.
Adani firm close to finalising RInfra power acquisition deal
Adani Transmission is likely to clinch a deal of Rs 13,000-14,000 crore with Reliance Infrastructure to acquire its Mumbai power business much before the January 2018 deadline.
Delhi air pollution level shoots up after brief let-up
The hourly graph of the Central Control Room for Air Quality Management, which had briefly fallen below emergency levels Saturday, recorded PM2.5 and PM10 concentration at 478 and 713 micrograms per cubic metre by Sunday afternoon.
Venezuela likely to go bankrupt in a day?
Venezuela is likely to be declared as bankrupt nation, which could start a global financial crisis, as the Latin American country has not made any debt payment to many entities including Indian oil and gas major ONGC.
Gujarat has rejected Rahul, Congress' politics of hypocrisy: Javadekar
Rahul Gandhi, who has been spearheading an aggressive campaign against the BJP, had said he would not rest till the five-slab 'Gabbar Singh Tax' was converted into the 'Goods and Services Tax' with an 18% cap.
BJP's defeat in MP Assembly bypoll shows people are angry: Akhilesh Yadav
The BJP's defeat in Chitrakoot shows there is distrust and anger among the people. They now know the truth of the GST and demonetisation, he said.
Delhi air pollution level shoots up after a brief let-up
Pollution levels skyrocketed by the hour in Delhi Saturday, turning the air quality hazardous, which agencies consider unfit for inhalation even by healthier people. The hourly graph of the Central Control Room for Air Quality Management, which had briefly fallen below emergency levels on Saturday, recorded PM2.5 and PM10 concentration at 478 and 713 micrograms per cubic metre by afternoon.
The corresponding 24-hour safe standards are 60 and 100. The air quality index of the CPCB had a score of 460, as against yesterday's 403. The most dominant pollutants were PM 2.5 and CO, according to the CPCB air bulletin.
The PM2.5 reading of the Centre-run SAFAR (System of Air Quality and Weather Forecasting And Research) was also above 400, which is in the severe category as well.
If the prevailing levels of PM2.5 and PM10 persist for another 24 hours, the odd-even scheme is supposed to be implemented, according to the Graded Response Action Plan (GRAP) being enforced by the Environment Pollution (Prevention and Control) Authority.
The NGT had on Saturday said that the odd-even scheme should be implemented "without any default" as and when PM (particulate matter) 10 level goes above 500 microgrammes per cubic metre and PM 2.5 level crosses the limit of 300 microgrammes per cubic metre during a span of 48 hours.— PTI
No easy capital for PSBs, stick to reforms: Banking secretary
Exhorting state-owned lenders to go in for reforms, Financial Services Secretary Rajiv Kumar today said the banks are not going to get easy money as part of the Rs 2.11-lakh crore recapitalisation plan of the government.
Speaking to the media after the first 'PSB Manthan' here, he said the Rs 1.35-lakh crore recapitalisation bonds will be front-loaded and the contours of the bonds are being decided at the level of the finance minister.
The banks will also be getting nearly Rs 18,000 crore under the Indradhanush plan.
"Everything is linked to the reforms which each board will consider within a short time as to what kind of business and how they want to go ahead. It's not an easy money which is going to come, that is the main point. It has to be followed with a whole lot of reforms," the secretary said.
6 of top-10 most valued companies lose Rs 60,422 crore in market-cap
The m-cap of RIL dived Rs 39,328.34 crore to Rs 5,59,526.33 crore. HDFC's valuation plunged Rs 10,782.84 crore to Rs 2,72,402.31 crore and that of ITC tanked Rs 4,935.13 crore to Rs 3,18,468.37 crore.
The market cap of HDFC Bank dropped Rs 3,116.2 crore to Rs 4,70,454.76 crore and that of Maruti came down by Rs 1,554.2 crore to Rs 2,46,646.86 crore. ONGC's valuation fell by Rs 705.83 crore to Rs 2,44,858.13 crore. In contrast, the m-cap of Tata Consultancy Services (TCS) surged Rs 17,343.44 crore to Rs 5,17,489.36 crore.
The valuation of Hindustan Unilever Limited (HUL) soared Rs 11,395.98 crore to Rs 2,79,380.07 crore and that of Infosys jumped Rs 7,799.17 crore to Rs 2,20,649.17 crore. SBI added Rs 7,078.28 crore at Rs 2,87,619.92 crore in its m-cap.
British jet pack inventor sets new World Record
A British inventor has set a new Guinness World Record with his Iron Man-style jet pack which achieved the fastest speed in a body controlled jet engine powered suit.
Richard Browning, founder and chief test pilot of British tech company Gravity Industries, set the record in the UK.
Guinness World Records adjudicator Pravin Patel verified the achievement, making sure that the speed was measured accurately over a minimum distance of 100 metres.
Browning achieved an impressive speed of 51.53 kilometres per hour.
Gujarat has rejected Congress' politics of hypocrisy: Javadekar
With Congress vice-president Rahul Gandhi pushing for rationalisation of Goods and Services Tax (GST) rates, Union HRD Minister Prakash Javadekar today said
Congress leaders are "hypocrites" as they support the indirect tax at GST Council meets but speak against it in public. Referring to Gandhi's promise to cap GST rates at 18 percent if voted to power, Javadekar said the Congress vice- president intends to increase the tax burden on the common
people.
IN CASE YOU MISSED | Full list of revised GST rates for 178 categories of goods
The GST Council on Friday overhauled the indirect tax regime reducing the 28 percent tax levied on 178 items to 18 percent or lesser.
Rahul targets Modi, Rupani over SEBI fine issue
Congress vice-president Rahul Gandhi targeted Gujarat Chief Minister Vijay Rupani today over the SEBI slapping fine on his firm for alleged manipulative share trade, and asked the prime minister to speak out on the issue.
Speaking during his poll campaign tour of Gujarat, he claimed that the share market regulator has termed Rupani "beimaan" (dishonest) and imposed fine on him. Gandhi asked Prime Minister Narendra Modi to speak out against his "dishonest" chief minister.