News highlights of the day: N Korea's 'twisted dictatorship' cannot hold the world hostage says Trump
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.
Surat has replaced Kolkata to become the new capital of shell firms that evade taxes, reports Business Standard. According to the Income Tax (I-T) department, a majority of the companies featuring on the new list of shell firms provided by the government are based in Surat. Kolkata had topped the first list. In the new list, tax officials have found that over 80% of the 2,138 shell firms, which had deposited unaccounted cash of at least Rs 5,000 crore during the note ban, were from Surat. The tax department expects this number to go up.
This list featured 5,800 shell companies, shortlisted by the Finance Ministry, which had deposits of Rs 17,000 crore in near zero-balance accounts after demonetisation and nearly an equal amount of withdrawal thereafter. The probe further revealed that Surat had become a safer bet for shell firms compared with Kolkata for two main reasons.
First, Surat’s diamond business has also resulted in a flourishing parallel trade, with traders shipping diamonds worth millions of dollars illegally abroad, mostly to Dubai and South Asian countries, from where they can be sold to western markets. Since the system was in place and operators were well-versed with the parallel economy, it was easy, explained a senior I-T official. The second reason is that Surat also has indirect exposure to overseas markets, which is complex and tough to crack.
The BSE 500 index accounts for 93.5% of market capitalisation on the bourse. Of the aggregate debt held by firms belonging to the BSE 500 universe, more than a third is held by firms whose interest coverage ratio (ICR) has sunk below one. The ICR measures how many times over a company could pay its current interest payment with its available earnings, and an ICR less than one indicates inability to service interest liabilities with current earnings.
What is more important is that profitability ratios of stressed firms show no sign of improvement yet. The return on capital employed (RoCE) of firms unable to meet interest payments has declined marginally over the past fiscal. RoCE measures the ability of firms to generate profits using a given level of capital.
ArcelorMittal is working with Goldman Sachs to prepare bids for the two assets, with a team visiting the sites in recent days as part of the due diligence process. The Tatas visited Bhushan Steel and followed it up with Essar as well. The Tatas would stay focused on chasing the two biggest steel assets referred to the National Company Law Tribunal (NCLT) as part of the bankruptcy resolution process.
JPMorgan, sources said, could not scale up real estate investments in India the way they wanted. For instance, they could raise half of the $600 million India-focused fund they set out to raise. Recently, Chanakya Chakravarti, managing director of global alternatives, real estate Asia, JPMorgan quit the company to join Canadian property investment firm Ivanhoe Cambridge as head of its India operations. JPMorgan invested in the country till early 2016. It had struck a deal with Pune-based Kolte Patil In December 2015 and reportedly struck a Rs 200-crore deal with Bengaluru-based Assetz Property Group in early 2016.
Morgan Stanley shifted all its Indian real estate investments to Proprium Capital, set up by its former employees in 2013. Now, Proprium manages its investments in Bengaluru-based Mantri Realty, pune-based Panchshil, among others. (Picture courtesy: Business Standard)
GTL Infrastructure’s 27,724 towers would be valued at more than Rs 15,300 crore, with its bids for the investor induction process likely to open in the next 7-10 days, reports The Hindu Business Line. GTL Infra, a Global Group company, is scouting for investors as part of its strategic debt restructuring (SDR) plan. GTL Infra, which is merging with another group company, Chennai Network Infrastructure (CNIL), expects a tenancy ratio of about 2.2 with 55,000 tenants as of FY18-end, as per its annual report.
The company, sources said, was expecting the stake sale to be completed by March 2018. The company’s combined net debt (GTL Infra and CNIL) would fall to Rs 3,800 crore by FY19 and this will unlock equity value of about Rs 10,000-12,000 crore to shareholders, sources stated. GTL Infra and CNIL combined expect a revenue run rate of Rs 2,618 crore, with an EBITDA of Rs 1,352 crore, in FY18. GTL Infra is basing its valuation on the recent American Tower Corporation (ATC) deal.
On Monday, ATC announced agreements to acquire 20,135 telecom towers from Vodafone India and Idea Cellular for Rs 7,850 crore. Vodafone India’s standalone tower businesses (operated by Vodafone Mobile Services and Vodafone India) had a total of 10,235 towers and tenancies of 1.52 as of June 30, 2017. Idea had about 9,900 towers with a tenancy 1.80 as of September 30.
Reuters has documented at least 12 cases of prescient messages about major Indian companies being posted in private WhatsApp groups. Two of the messages appeared in the transcripts of six groups reviewed by Reuters, including the “Market Chatter” group. The others were shared on condition of anonymity by two other members of other WhatsApp groups.
The posts with prescient numbers in the WhatsApp groups were circulated hours or days before official company statements. The messages shared could involve lucky guesses or astute forecasts based on publicly available information, and not all metrics shared among the 12 cases were exactly the same as reported. Reuters could not determine where the numbers posted on the WhatsApp groups originated or whether any of the market participants who received the messages had traded on the basis of the numbers they had seen.
Huang said a property tax could be on the cards in the next few years, adding it will help temper speculation in a sector that has drawn a raft of government curbs in the past year. China has been discussing a recurring property tax for years, but public progress on the initiative ground to a halt after a very limited pilot scheme was rolled out in 2011. “I believe (a property tax) will happen in the near future, not take 10-20 years. It could happen in the next several years,” he said.
State-run Oil and Natural Gas Corporation (ONGC) may shelve its shale gas exploration plans, two executives from the company said, citing the firm’s “limited success” in the exploration programme, reports Mint. “We have drilled around 22-23 wells as part of our shale gas exploration programme. We have had some limited success and the results are not very encouraging,” said Shashi Shanker, its Chairman and Managing Director.
Shale gas, an unconventional source of energy found in non-porous rocks, has drawn increasing international attention after becoming an important source of natural gas in the US and Canada. An official said conditions for shale gas exploration are not conducive in India as the availability of huge water resources, needed for shale gas operations, remains a formidable challenge. ONGC had initiated exploration for assessing shale gas/oil prospects in four basins—Cambay, Krishna Godavari, Cauvery and the Assam-Arakan Basin.
OPG Securities is at the centre of the ‘co-location controversy’ on the NSE, in which some brokers who had availed of the server co-location facility, got preferential access to the exchange’s trading system. These brokers had somehow managed to connect to the exchange’s back-up server, and hence could access the price feed faster, giving them an advantage over other brokers. It is alleged that the breach happened with the connivance of some NSE officials, though it has not been proved yet.
The Reserve Bank of India (RBI) has rejected HDFC Bank's plea to declassify its parent Housing Development Finance Corporation (HDFC) as a foreign institutional investor (FII), reports CNBC-TV18. India’s largest lender by market capitalisation, HDFC Bank had requested the government to declassify HDFC, and the government, in turn, wrote to RBI seeking its opinion on the matter.
The RBI, however, has rejected the request citing current rules which require HDFC to be classified as FII. The move will have an impact on HDFC Bank's fund raising programme from qualified institutional placement (QIP). FIIs being barred from investing in the bank will limit the fund raising options as it can only be raised from domestic investors. Promoter’s holding in HDFC Bank as of September quarter stands at 25.73% with HDFC holding 18.63% in the bank.
The ministry said it has received multiple complaints about non-credit of LPG subsidy amount to their bank accounts. "On verification, it is found that these complaints mainly pertain to those LPG consumers who are Airtel customers and have opened account in Airtel payment bank. Airtel is a telecom service provider which has also ventured into the Payment bank services in recent months," the release said.
Suzlon Global Services, the operations and maintenance (O&M) subsidiary of Suzlon Energy, is looking to raise up to $250 million by divesting a large minority stake, sources told Mint. Suzlon Global is in preliminary discussions with several large global private equity funds for the sale, but is yet to sign an exclusivity agreement on negotiations with anyone, sources said. “The main purpose of the fund raise is repayment of Suzlon Energy’s debt,” sources said, adding that Suzlon Energy is looking to sell as much as a 40% stake in Suzlon Global.
Credit rating agency Moody's investor service maintained its negative outlook on Bharti Airtel despite sale of its 4.49% stake in Bharti Infatel for Rs 3,325 crore to investors and fund managers. The agency expects Bharti Airtel's margins to remain under pressure over next one to two years because of increase in tariff competition besides reduction in lower mobile call connection charges to six paise from 14 paise levied earlier.
In longer term, Moody's expect Bharti to benefit from consolidation and pricing stabilisation in the telecom market. The international credit rating agency said that even if all the proceeds from the deal is put for debt reduction its cash flow to debt ratio will improve only marginally. Bharti Airtel's net debt was Rs 91,480 crore at the end of September 2017.
"I'm not supporting a bear market, but sort of a market where you move into an old-age retirement community where the pace of activity and prices behave more maturely," he said. "So I think sort of the halcyon days are over." Gross spoke as the bull market that began in March 2009 has hit a bit of a soft patch lately.
"Post-employment, whether on account of termination, resignation or retirement, several employees continue to maintain their EPF accounts and earn interest on the same. Unfortunately, they are usually not aware of the tax implications on the interest accretion in the fund after termination of employment," Amarpal Chadha, partner and India mobility leader at EY India, said.
Players are shutting shop, shrinking operations and shedding flab in terms of both permanent and contract employees to run a tight ship, and now only 75% of the workforce remain from a year ago. More exits are on the anvil. “About a year ago, there were three lakh employees, 25% of which have moved out of the sector in the last 12 months,” said A Ramachandran, partner at search firm Ema Partners. Most job losses are through involuntary attrition, which means they have been asked to go by the companies with a few months’ notice and a severance package of 3-6 months’ salary in some cases.
Ramachandran said that 35-40% of employees in vendor companies have left the sector while operators have seen 25-30% of their workforce shrink in the same period. For the 2.25 lakh employees left in the sector, the turbulent period has just started because once mergers take place overlapping areas will see manpower further slashed.
Top Headlines:
1. I-T searches premises of top NSE officials in co-location case. This is a Moneycontrol exclusive
2. RBI rejects HDFC Bank's request to declassify HDFC as FII, reports CNBC
3. Mukesh Ambani family top Forbes list of Asia's richest families
4. Now, pay tax on EPF interest earned after employment ceases
5. Prescient messages about Indian companies circulate in WhatsApp groups, reports Reuters
6. China warns of bubble risks in financial sector, reports Reuters
7. Govt finds 1.3 lakh firms without PAN, reports Business Standard
Nov 16, 09:48 PM (IST)
That's all for today, 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.
Nov 16, 09:44 PM (IST)
Ryan murder: Court posts Ashok Kumar's bail plea hearing to November 20
A civil court today posted the matter of a bail plea of Ashok Kumar, an accused in the murder of Ryan International School student Pradhuman Thakur, to November 20 for further arguments.
The hearing which commenced before Additional Sessions Judge Rajni Yadav remained inconclusive.
The judge heard the counsel of the CBI as well as the accused and the bail application of Kumar, who worked as a bus conductor at the school here.
Sushil Tekriwal, counsel of Pradhuman's father Barun Chandra, argued for rejecting Kumar's bail.
Tekriwal said the court deferred the hearing on Kumar's bail plea to November 20.
Nov 16, 09:35 PM (IST)
Ashok Leyland inks pact to acquire more stake in HLFL
Commercial vehicle maker Ashok Leyland today said it has inked a pact with Everfin Holdings to buy an additional 5 percent stake in Hinduja Leyland Finance Limited (HLFL) for Rs 225.42 crore.
The company has entered into a share purchase and shareholder agreement with Everfin Holdings, shareholder of HLFL, for the acquisition of 2,04,92,676 shares of Rs 10 each constituting 4.68 percent share capital of HLFL at a price of Rs 110 per share, Ashok Leyland said in a regulatory filing.
Nov 16, 09:00 PM (IST)
Cheque facility may be withdrawn to push digital transactions: CAIT official
A senior functionary of industry body CAIT today said the Centre may withdraw the bank cheque book facility in the "near future" to encourage digital transactions.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said the government needs to encourage the use of debit and credit cards.
"In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions," he said.
Khandelwal was talking to reporters at the launch of 'Digital Rath', a joint initiative of the CAIT and Mastercard to encourage traders to adopt different modes of digital transactions and promote a cashless economy.
Nov 16, 08:59 PM (IST)
Delhi govt writes to EPCA to advise NCR to implement measures under GRAP
The Delhi government has written to the EPCA requesting them to "advise" cities in the National Capital Region (NCR) to implement measures under the Graded Response Action Plan, including the odd-even scheme.
Implementation of the GRAP measures within Delhi would not be of many effects unless similar measures were adopted by the NCR, Delhi Transport minister Kailash Gahlot wrote to EPCA chariman Bhure Lal yesterday.
The air pollution levels in the NCR, that assumed alarming proportions last week, also affected millions of residents in cities including Gurgaon, Noida, Ghaziabad and Faridabad, besides the national capital.
Nov 16, 08:33 PM (IST)
EESL extends electric car supply deadline to Tata motors and M&M till 30 December
The Energy Efficiency Services Limited (EESL), the agency responsible for facilitating the implementation of energy efficiency projects, has pushed the deadline for the supply of 500 electric cars to the 30th of December, according to a CNBC TV 18 report.
The EESL had awarded a mega contract for 10,000 electric vehicles to Tata motors and Mahindra and Mahindra.The companies were expected to deliver the first batch of 500 cars by the 30th of November.
Nov 16, 08:26 PM (IST)
Singapore suspends trade ties with North Korea
Singapore has suspended trade ties with North Korea in the latest move by a country to implement UN sanctions to curb Pyongyang's nuclear weapons programme, a customs document showed on Thursday.
A circular by Singapore Customs on its website banned "all commercially traded goods... from or to the Democratic People's Republic of Korea (DPRK), regardless of whether they are imported, exported, transhipped or brought in transit through Singapore" with effect from November 8.
Nov 16, 08:07 PM (IST)
FSSAI to propose rating restaurants and eateries to ensure quality of food
Food and Safety Standards Authority of India, the country’s top food regulator, has put forth a proposal that businesses which deal with food should be rated on factors such as hygiene and safety to make sure they are trusted by consumers.
Pawan Agarwal, the regulator’s chief executive, in a statement to the Hindustan Times, said that the apex body is now particularly keen on rating food businesses through several “hygiene variety factors”. The regulator is looking to assign star ratings to restaurants and eating places out of six, taking into account factors like hygiene awareness, safety processes, etc.
A sub-group was formed following a meet last week in New Delhi among the FSSAI, National Restaurant Association of India and the Federation of Hotel and Restaurant Associations of India (FHRAI) to amend rules that govern safety standards at eating establishments.
Display of food licenses will be made a necessary factor in rating food businesses with consumer trust seemingly being the biggest driving factor behind the move. The businesses that will be rated will include manufacturers of food items, sellers of food items and other business operators in the sector.
Suresh Prabhu sees economy touching $5 trillion in a few years
Commerce and Industry Minister Suresh Prabhu on Thursday expressed confidence that exports will gather momentum going forward as the economy is on course to double to USD 5 trillion and become the third largest in the world, over the next few years.
"Our economy shall grow from USD 2.5 trillion now to USD 5 trillion and it will become the third largest over the next few years. With such an economic growth, our international trade will also grow," Prabhu told World Trade Expo 2017 here in a video message.
Earlier this week, the American brokerage a Bank of America Merrill Lynch had said projected that India would overtake Japan to become the third largest economy in the world by 2028 as it expects the nominal GDP to clip at 10 percent over the next one decade.
Nov 16, 07:07 PM (IST)
CPI(M) urges Centre to adhere to Supreme Court norms on citizen register
The CPI(M) today urged the Centre to adhere to norms laid down by the Supreme Court while updating the draft of the National Register of Citizens (NRC) for Assam, which is to be published by December 31.
The updating of the NRC of 1951 constitutes a key part of the implementation of the Assam Accord of 1985 which had fixed March 24, 1971, as the cut-off date for determining the status of migrants.
In an editorial in the forthcoming edition of party organ 'Peoples' Democracy', former CPI(M) general secretary Prakash Karat pointed out that the updating of the NRC was a vital step in settling the 'foreigners' issue in Assam.
Nov 16, 06:56 PM (IST)
Karnataka docs go on indefinite stir against proposed changes in medical bill
Health services in private hospitals and nursing homes were crippled twice in the last fortnight by a strike by doctors in the state who alleged that the proposed changes were "draconian" in nature.
Doctors are opposing the amendments to the Karnataka Private Medical Establishments Act, 2007, which among others propose six months to three years of jail term and a hefty penalty for medical negligence on the part of medical practitioners.
The amendments also arm the government with powers to fix the cost of treatment.
Amid reports that the strike had caused several deaths across the state with the serious patients being unattended to, more than 22,000 doctors went on an indefinite strike in Bengaluru alone, which manifested in the unmanageable rush at government hospitals.
Nov 16, 06:41 PM (IST)
Rahul Gandhi attacks PM Modi on Rafale, alleges deal changed to benefit a 'businessman'
Congress vice-president Rahul Gandhi on Thursday attacked Prime Minister Narendra Modi over the Rafale fighter aircraft agreement and asked the media why it didn't question him for allegedly changing the "entire deal" to benefit a businessman.
He also asked why no questions were posed to the Prime Minister on BJP president Amit Shah's son Jay, whose company the Congress alleged has witnessed a quantum jump in turnover since the Modi government came to power.
Merkel, facing long night, says German coalition talks can work
Talks on forming a new German coalition government “can work”, Chancellor Angela Merkel said on Thursday ahead of a long night of negotiations at which she must forge a three-way alliance or risk seeing her 12-year stint in power come to an end.
Merkel, 63, is trying to form an unlikely alliance between her conservatives, the pro-business Free Democrats (FDP) and the ecologist Greens - a combination untested at national level - to allow her to govern for a fourth term as chancellor.
Will consider lifting ban on construction in NCR tomorrow: NGT
The National Green Tribunal today directed the Delhi government to submit data of ambient air quality in the national capital and said it would consider its ban on construction and industrial activity in the National Capital Region (NCR) on that basis.
A bench headed by NGT Chairperson Justice Swatanter Kumar said that it would take up the matter tomorrow and till then its order would be in force.
During the brief hearing, the AAP government told the bench that water was sprinkled at ITO area according to its direction and PM 2.5 levels had come down as detected by the monitoring centre of the Delhi Pollution Control Committee.
Nov 16, 05:31 PM (IST)
N Korea's 'twisted dictatorship' cannot hold the world hostage: Trump
US President Donald Trump has vowed not to allow the "twisted dictatorship" in North Korea to hold the world hostage to "nuclear blackmail" as he pledged a global campaign of "maximum pressure" to denuclearise Pyongyang.
Tensions have dramatically risen on the Korean peninsula after North Korea in September conducted its biggest nuclear test, which its state-run KCNA news agency described it as a hydrogen bomb.
In a televised address to the nation after his 12-day maiden trip to Asia, Trump said North Korea was on the top of his priority list.
During his trip to China, Trump said Chinese President Xi Jinping pledged to faithfully implement UN Security Council resolutions on North Korea and to use his great economic influence over the regime to achieve their common goal of a denuclearised Korean Peninsula.
Nov 16, 05:23 PM (IST)
Centre increases carpet area of houses under PM Awas Yojana
The Centre today approved the enhancement of the carpet area of houses for the middle income group (MIG) category under the Pradhan Mantri Awas Yojana- Urban (PMAY-U).
Under the MIG-I category, the carpet area of the houses has been enhanced from 90 sq.mtr to 120 sq.mtr, while under the MIG-II segment, it has been increased to 150 sq.mtr from the current 110 sq.mtr, Union minister Ravi Shankar Prasad told reporters while briefing them about the Union cabinet decisions.
Nov 16, 05:18 PM (IST)
Centre readies a digital transaction push in GST regime, may offer 200bps cut on B2C transactions
The government has prepared a proposal to offer a 200 basis points cut on the GST payable in all for business-to-consumer (B2C) transactions that take place digitally to push digital transactions under the GST regime.
The proposal, which is yet to be deliberated upon by the GST Fitment Committee, offers a maximum discount of Rs 100 on any digital transaction of goods that are above the 3 percent GST tax slab, sources told CNBC-TV18.
For instance, if a consumer buys any good under the 18 percent, then the consumer will have to pay only 16 percent GST or Rs 100, whichever is lower if the transaction is carried out digitally.
As per the proposal, the cost for this discount cost will be borne by the state and the Centre.
Nov 16, 05:16 PM (IST)
India Ranks 8th on Global Terror Index, Maoists the Deadliest Outfit
India ranked eighth in the Global Terrorism Index (GTI) according to a report released by the Sydney-based Institute for Economics & Peace.
The country witnessed an 18 percent rise in terrorism-related casualties in 2016.There has been a palpable dip in terror-related deaths in the last couple of years, the number of terror attacks have actually increased 16 percent over the last year. A total of 929 terror-related incidents were reported in the country as compared to 800 in 2015.
Although 340 deaths from terrorism were recorded in 2016 alone, the figures were still the third-lowest since 2000. The GTI report is released annually
Exporters can manually file GST refund claims: CBEC
The government has allowed exporters to manually file before tax officers claims for GST refunds as it looks to fast-track clearance of dues to ease liquidity stress faced by them, according to a PTI report.
Now exporters of services who paid IGST and those making zero rated supplies to SEZ units as well as those merchant exporters who want to claim refunds for input credit can approach their jurisdictional commissioner with their refund form.
highlights
Surat beats Kolkata to become India's new shell firm capital, says report
Surat has replaced Kolkata to become the new capital of shell firms that evade taxes, reports Business Standard. According to the Income Tax (I-T) department, a majority of the companies featuring on the new list of shell firms provided by the government are based in Surat. Kolkata had topped the first list. In the new list, tax officials have found that over 80% of the 2,138 shell firms, which had deposited unaccounted cash of at least Rs 5,000 crore during the note ban, were from Surat. The tax department expects this number to go up.
This list featured 5,800 shell companies, shortlisted by the Finance Ministry, which had deposits of Rs 17,000 crore in near zero-balance accounts after demonetisation and nearly an equal amount of withdrawal thereafter. The probe further revealed that Surat had become a safer bet for shell firms compared with Kolkata for two main reasons.
First, Surat’s diamond business has also resulted in a flourishing parallel trade, with traders shipping diamonds worth millions of dollars illegally abroad, mostly to Dubai and South Asian countries, from where they can be sold to western markets. Since the system was in place and operators were well-versed with the parallel economy, it was easy, explained a senior I-T official. The second reason is that Surat also has indirect exposure to overseas markets, which is complex and tough to crack.
Debt held by stressed firms hit record high
The proportion of debt held by Indian companies unable to meet their interest obligations has risen to its highest level since the global financial crisis of 2008, a Mint analysis shows. The analysis is based on balance-sheet data of 316 non-financial BSE 500 companies for FY17, sourced from corporate database Capitaline, and from company annual reports. These 316 firms are those for which consistent data is available for the past 10 years.
The BSE 500 index accounts for 93.5% of market capitalisation on the bourse. Of the aggregate debt held by firms belonging to the BSE 500 universe, more than a third is held by firms whose interest coverage ratio (ICR) has sunk below one. The ICR measures how many times over a company could pay its current interest payment with its available earnings, and an ICR less than one indicates inability to service interest liabilities with current earnings.
What is more important is that profitability ratios of stressed firms show no sign of improvement yet. The return on capital employed (RoCE) of firms unable to meet interest payments has declined marginally over the past fiscal. RoCE measures the ability of firms to generate profits using a given level of capital.
US Congressional committee votes to hike minimum salary of H1-B visa holders
A key Congressional committee has passed a legislation that proposes to increase the minimum salary of H-1B visa holders from $60,0000 to $90,000 and imposes a number of restrictions on the work visa that is popular among Indian IT professionals, reports PTI. The Protect and Grow American Jobs Act (HR 170) introduced by Darrell Issa, the Chairman of the Courts, Intellectual Property and the Internet subcommittee – was passed by the House Judiciary Committee during a markup hearing on Wednesday.
The bill now heads to the full House for necessary action. A similar version of the bill needs to be passed by the Senate before it can be sent to the White House for the US President Donald Trump to be signed into law. Given the sharp differences that the Democratic and Republcian lawmakers and the White House has on various aspects of immigration reform including H-1B, the Congressional passage of the bill and its becoming a law as of now appears to be a tall order.
The bill prohibits H-1B dependent employers from replacing American workers with H-1B employees, there are no longer any exceptions. It also lengthens the no-layoff policy for H-1B dependent employers and their client companies for as long an H-1B employee works at the company, which means they cannot layoff equivalent US workers. For H-1B dependent employers to be exempted from the requirement that US workers be recruited first, the Protect and Grow American Jobs Act dramatically increases the salary requirements for H-1B workers.
ArcelorMittal, Tatas step up Essar & Bhushan Steel bids, says report
Lakshmi Mittal-spearheaded ArcelorMittal and Tata Steel have intensified efforts to place takeover bids for Essar Steel and Bhushan Steel, pitching them against the beleaguered promoters who would make offers to re-acquire the debt-laden companies under the Insolvency and Bankruptcy Code proceedings, reports The Times of India.
ArcelorMittal is working with Goldman Sachs to prepare bids for the two assets, with a team visiting the sites in recent days as part of the due diligence process. The Tatas visited Bhushan Steel and followed it up with Essar as well. The Tatas would stay focused on chasing the two biggest steel assets referred to the National Company Law Tribunal (NCLT) as part of the bankruptcy resolution process.
JPMorgan, Morgan Stanley put India realty investments on hold, says report
At a time when US-based KKR and Blackstone are pouring millions of dollars in Indian properties, JPMorgan and Morgan Stanley, two of the biggest American banks, have put on hold their private equity (PE) investments in Indian real estate, reports Business Standard. Though PE funds of most global investors such as Wachovia, Merrill Lynch, Citigroup either exited or became dormant in Indian real estate after Lehman Brothers crisis in 2008, JPMorgan and Morgan Stanley continued and were looking to raise new property funds.
JPMorgan, sources said, could not scale up real estate investments in India the way they wanted. For instance, they could raise half of the $600 million India-focused fund they set out to raise. Recently, Chanakya Chakravarti, managing director of global alternatives, real estate Asia, JPMorgan quit the company to join Canadian property investment firm Ivanhoe Cambridge as head of its India operations. JPMorgan invested in the country till early 2016. It had struck a deal with Pune-based Kolte Patil In December 2015 and reportedly struck a Rs 200-crore deal with Bengaluru-based Assetz Property Group in early 2016.
Morgan Stanley shifted all its Indian real estate investments to Proprium Capital, set up by its former employees in 2013. Now, Proprium manages its investments in Bengaluru-based Mantri Realty, pune-based Panchshil, among others. (Picture courtesy: Business Standard)
French jobless rate rises to 9.7% in third quarter
France’s unemployment rate rose to 9.7% in the third quarter, from 9.5% in the previous quarter, reports Reuters. Data published by the INSEE national statistics office showed that although unemployment is still down 0.3 points compared to the same period a year ago, it shows that France’s economic recovery is only slowly making a dent on unemployment figures.
GTL Infra eyes Rs 15,300cr valuation for its tower assets, says report
GTL Infrastructure’s 27,724 towers would be valued at more than Rs 15,300 crore, with its bids for the investor induction process likely to open in the next 7-10 days, reports The Hindu Business Line. GTL Infra, a Global Group company, is scouting for investors as part of its strategic debt restructuring (SDR) plan. GTL Infra, which is merging with another group company, Chennai Network Infrastructure (CNIL), expects a tenancy ratio of about 2.2 with 55,000 tenants as of FY18-end, as per its annual report.
The company, sources said, was expecting the stake sale to be completed by March 2018. The company’s combined net debt (GTL Infra and CNIL) would fall to Rs 3,800 crore by FY19 and this will unlock equity value of about Rs 10,000-12,000 crore to shareholders, sources stated. GTL Infra and CNIL combined expect a revenue run rate of Rs 2,618 crore, with an EBITDA of Rs 1,352 crore, in FY18. GTL Infra is basing its valuation on the recent American Tower Corporation (ATC) deal.
On Monday, ATC announced agreements to acquire 20,135 telecom towers from Vodafone India and Idea Cellular for Rs 7,850 crore. Vodafone India’s standalone tower businesses (operated by Vodafone Mobile Services and Vodafone India) had a total of 10,235 towers and tenancies of 1.52 as of June 30, 2017. Idea had about 9,900 towers with a tenancy 1.80 as of September 30.
Jobs dry up at pvt engineering colleges as IT hiring slows, says report
Private engineering colleges are struggling to place their students unlike the Indian Institutes of Technology, which have seen a significant rise in pre-placement offers this year, reports Business Standard. These colleges are a source for entry-level recruitments by the information technology (IT) industry. The dull hiring outlook in the infotech industry has not only meant a slowdown in recruitment but also stagnant compensation packages. These engineering colleges are trying to improve placements by conducting skilling programmes for students and by inviting other industries such as e-commerce, hospitality and healthcare to step up their campus hiring.
Soon your home, office address will be mapped as govt readies digital logbook
The government is set to digitally map residential and professional addresses of citizens by assigning a six-character alphanumeric digital address to a physical location. An addition to the digital drive of the government, the eLoc or e-location is a pilot project by the Department of Posts that has been permitted for two postal pin codes in Delhi and one in Noida for now. Depending on the outcome a roadmap would be drawn for national expansion of the scheme, the Times of India reported. The initial concept is to create e-locations for addresses and afterwards aim to link the e-locations with other important information such as property ownership, property tax records, available utilities such as water and electricity connection, and so on.
Prescient messages about Indian cos circulate in WhatsApp groups
Three days before Dr. Reddy’s Laboratories announced quarterly results this summer, a message circulated on a private WhatsApp group saying the Indian drugmaker would not post good numbers. Dr Reddy’s was going to report a loss, according to the message on the “Market Chatter” group, which was posted on July 24 from a mobile phone number that Reuters traced back to Nishant Vass, an auto analyst at ICICI Securities, a leading Indian brokerage. The message proved prescient: On July 27, DRL reported a loss of Rs 587 million - a result its chief executive said was “below expectations”, sending shares down as much as 4.4%.
Reuters has documented at least 12 cases of prescient messages about major Indian companies being posted in private WhatsApp groups. Two of the messages appeared in the transcripts of six groups reviewed by Reuters, including the “Market Chatter” group. The others were shared on condition of anonymity by two other members of other WhatsApp groups.
The posts with prescient numbers in the WhatsApp groups were circulated hours or days before official company statements. The messages shared could involve lucky guesses or astute forecasts based on publicly available information, and not all metrics shared among the 12 cases were exactly the same as reported. Reuters could not determine where the numbers posted on the WhatsApp groups originated or whether any of the market participants who received the messages had traded on the basis of the numbers they had seen.
China warns of bubble risks in financial sector
China’s financial sector faces bubble risks, a government official warned on Thursday and said a property tax may be on the cards in the near future as authorities extended their efforts to reduce a worrisome build-up of debt in the economy, reports Reuters. The ratio of China’s financial sector to the overall economy “is the highest ratio in the world,” said Huang Qifan, deputy chairman of the economic and finance committee under the National People’s Congress, China’s largely rubber-stamp parliament.
Huang said a property tax could be on the cards in the next few years, adding it will help temper speculation in a sector that has drawn a raft of government curbs in the past year. China has been discussing a recurring property tax for years, but public progress on the initiative ground to a halt after a very limited pilot scheme was rolled out in 2011. “I believe (a property tax) will happen in the near future, not take 10-20 years. It could happen in the next several years,” he said.
Mukesh Ambani family top Forbes list of Asia's richest families
India's Mukesh Ambani family is the richest in Asia as its net worth rose $19 billion to $44.8 billion, toppling the Lees of the Samsung empire, to claim the numero uno position, Forbes said. Despite dropping to the second spot, Korea's Lee family still saw its wealth soar by $11.2 billion to $40.8 billion this year as shares of Samsung Electronics moved up 75% over the past year.
According to Asia's 50 Richest Families compiled by Forbes, Hong Kong's Kwok family, Asia's richest real estate household that controls Sun Hung Kai Properties, ranked third this year with a net wealth of $40.4 billion. Thailand's Chearavanont family of the Charoen Pokphand Group took the fourth spot on the list, with a net worth of $36.6 billion. The Ambanis are the only Indian family on the top 10 richest families list in Asia.
ONGC may shelve shale gas exploration programme on limited success, says report
State-run Oil and Natural Gas Corporation (ONGC) may shelve its shale gas exploration plans, two executives from the company said, citing the firm’s “limited success” in the exploration programme, reports Mint. “We have drilled around 22-23 wells as part of our shale gas exploration programme. We have had some limited success and the results are not very encouraging,” said Shashi Shanker, its Chairman and Managing Director.
Shale gas, an unconventional source of energy found in non-porous rocks, has drawn increasing international attention after becoming an important source of natural gas in the US and Canada. An official said conditions for shale gas exploration are not conducive in India as the availability of huge water resources, needed for shale gas operations, remains a formidable challenge. ONGC had initiated exploration for assessing shale gas/oil prospects in four basins—Cambay, Krishna Godavari, Cauvery and the Assam-Arakan Basin.
I-T searches premises of top NSE officials in co-location case; ex MDs Narain, Ramkrishna on the list
The Income Tax Department is conducting search operations at the premises of National Stock Exchange officials and brokers whose names figure in the co-location server controversy, sources told Moneycontrol News’ Tarun Sharma. These officials and brokers included former MDs Ravi Narain and Chitra Ramkrishna, Suphrabhat Lala, and promoter of OPG Securities, Sanjay Gupta.
OPG Securities is at the centre of the ‘co-location controversy’ on the NSE, in which some brokers who had availed of the server co-location facility, got preferential access to the exchange’s trading system. These brokers had somehow managed to connect to the exchange’s back-up server, and hence could access the price feed faster, giving them an advantage over other brokers. It is alleged that the breach happened with the connivance of some NSE officials, though it has not been proved yet.
RBI rejects HDFC Bank's request to declassify HDFC as FII
The Reserve Bank of India (RBI) has rejected HDFC Bank's plea to declassify its parent Housing Development Finance Corporation (HDFC) as a foreign institutional investor (FII), reports CNBC-TV18. India’s largest lender by market capitalisation, HDFC Bank had requested the government to declassify HDFC, and the government, in turn, wrote to RBI seeking its opinion on the matter.
The RBI, however, has rejected the request citing current rules which require HDFC to be classified as FII. The move will have an impact on HDFC Bank's fund raising programme from qualified institutional placement (QIP). FIIs being barred from investing in the bank will limit the fund raising options as it can only be raised from domestic investors. Promoter’s holding in HDFC Bank as of September quarter stands at 25.73% with HDFC holding 18.63% in the bank.
Govt clarifies Airtel Bank to blame for customers not getting LPG subsidy credit
The Ministry of Petroleum & Natural Gas has put the onus on Airtel for confusion over the transfer of LPG subsidy in some customers' accounts. Those who have not received their LPG subsidy are the ones who have accounts with Airtel Payments Bank, the ministry said in a release.
The ministry said it has received multiple complaints about non-credit of LPG subsidy amount to their bank accounts. "On verification, it is found that these complaints mainly pertain to those LPG consumers who are Airtel customers and have opened account in Airtel payment bank. Airtel is a telecom service provider which has also ventured into the Payment bank services in recent months," the release said.
SC may revisit its ruling on SC/ST quota in promotions for govt jobs
A five-judge bench of the Supreme Court will revisit the issue of reservations in promotions for Scheduled Castes and Scheduled Tribes in government jobs, reports The Times of India. The move, made at the request of the Attorney General, among others, comes more than a decade after the SC ruled that it was up to the state governments to decide on promotions for SCs and STs provided there was quantifiable data to prove backwardness and lack of representation in services.
Suzlon arm looking to raise $250m from minority stake sale, says report
Suzlon Global Services, the operations and maintenance (O&M) subsidiary of Suzlon Energy, is looking to raise up to $250 million by divesting a large minority stake, sources told Mint. Suzlon Global is in preliminary discussions with several large global private equity funds for the sale, but is yet to sign an exclusivity agreement on negotiations with anyone, sources said. “The main purpose of the fund raise is repayment of Suzlon Energy’s debt,” sources said, adding that Suzlon Energy is looking to sell as much as a 40% stake in Suzlon Global.
Moody’s maintains negative outlook on Bharti Airtel despite Infratel stake sale
Credit rating agency Moody's investor service maintained its negative outlook on Bharti Airtel despite sale of its 4.49% stake in Bharti Infatel for Rs 3,325 crore to investors and fund managers. The agency expects Bharti Airtel's margins to remain under pressure over next one to two years because of increase in tariff competition besides reduction in lower mobile call connection charges to six paise from 14 paise levied earlier.
In longer term, Moody's expect Bharti to benefit from consolidation and pricing stabilisation in the telecom market. The international credit rating agency said that even if all the proceeds from the deal is put for debt reduction its cash flow to debt ratio will improve only marginally. Bharti Airtel's net debt was Rs 91,480 crore at the end of September 2017.
Bill Gross says the stock market is like an old-age retirement community
The stock market's best days are likely behind it as central banks around the world take away the high levels of stimulus they have provided over the past decade, Janus Henderson portfolio manager Bill Gross told CNBC. Though normally known for his bond expertise, Gross in recent days has been chiming in on the equity side, with a pessimistic view of the landscape.
"I'm not supporting a bear market, but sort of a market where you move into an old-age retirement community where the pace of activity and prices behave more maturely," he said. "So I think sort of the halcyon days are over." Gross spoke as the bull market that began in March 2009 has hit a bit of a soft patch lately.
Apax Partners, Carlyle Group may bid for stake in Royal Sundaram
Apax Partners and Carlyle Group are among the suitors weighing bids for a stake in Indian insurer Royal Sundaram General Insurance Co, reports Bloomberg. Royal Sundaram, a unit of Mumbai-listed Sundaram Finance, has started a process to sell a 49% stake, sources said. Any deal could fetch about $500 million and the insurer is drawing interest from other foreign private equity firms, sources added.
Now, pay tax on EPF interest earned after employment ceases
Tax laws say that interest credited to an employee provident fund (EPF) account after an individual ceases to be in employment is taxable in his hands in the year of credit, reports Times of India. In its recent order, the Bengaluru bench of the Income-Tax Appellate Tribunal (ITAT) also upheld this I-T provision while adjudicating the matter of a retired employee. This recent ITAT ruling is pertinent not only for retired employees, but also those who have quit employment for various reasons and have continued to retain a balance in their EPF accounts.
"Post-employment, whether on account of termination, resignation or retirement, several employees continue to maintain their EPF accounts and earn interest on the same. Unfortunately, they are usually not aware of the tax implications on the interest accretion in the fund after termination of employment," Amarpal Chadha, partner and India mobility leader at EY India, said.
Telecom sector sheds 75,000 workers in one-year, says report
The telecom sector lost a fourth of its workforce, or some 75,000 employees, in the last one year as operators, tower firms and vendors consolidate to remain afloat in the severely competitive industry, reports The Economic Times. In the telecom industry, manpower accounts for 4-5% of the costs, but in the last few years there was no reining in of salaries. Now that expenses need to be harnessed, employees will be the first casualty.
Players are shutting shop, shrinking operations and shedding flab in terms of both permanent and contract employees to run a tight ship, and now only 75% of the workforce remain from a year ago. More exits are on the anvil. “About a year ago, there were three lakh employees, 25% of which have moved out of the sector in the last 12 months,” said A Ramachandran, partner at search firm Ema Partners. Most job losses are through involuntary attrition, which means they have been asked to go by the companies with a few months’ notice and a severance package of 3-6 months’ salary in some cases.
Ramachandran said that 35-40% of employees in vendor companies have left the sector while operators have seen 25-30% of their workforce shrink in the same period. For the 2.25 lakh employees left in the sector, the turbulent period has just started because once mergers take place overlapping areas will see manpower further slashed.
Sebi likely to cut listing time to three days from six at present
Market regulator Sebi is considering reducing the number of days taken for listing of a company’s shares on the domestic stock exchanges from the date of closure of its public offering to T+3 or three working days from T+6 or six days at present, reports The Economic Times. The guidelines regarding the same are likely to be finalised by January 2018. Eventually, the aim is to reduce the listing time to T+1.
Top Headlines:
1. I-T searches premises of top NSE officials in co-location case. This is a Moneycontrol exclusive
2. RBI rejects HDFC Bank's request to declassify HDFC as FII, reports CNBC
3. Mukesh Ambani family top Forbes list of Asia's richest families
4. Now, pay tax on EPF interest earned after employment ceases
5. Prescient messages about Indian companies circulate in WhatsApp groups, reports Reuters
6. China warns of bubble risks in financial sector, reports Reuters
7. Govt finds 1.3 lakh firms without PAN, reports Business Standard
That's all for today, 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.
Ryan murder: Court posts Ashok Kumar's bail plea hearing to November 20
A civil court today posted the matter of a bail plea of Ashok Kumar, an accused in the murder of Ryan International School student Pradhuman Thakur, to November 20 for further arguments.
The hearing which commenced before Additional Sessions Judge Rajni Yadav remained inconclusive.
The judge heard the counsel of the CBI as well as the accused and the bail application of Kumar, who worked as a bus conductor at the school here.
Sushil Tekriwal, counsel of Pradhuman's father Barun Chandra, argued for rejecting Kumar's bail.
Tekriwal said the court deferred the hearing on Kumar's bail plea to November 20.
Ashok Leyland inks pact to acquire more stake in HLFL
Commercial vehicle maker Ashok Leyland today said it has inked a pact with Everfin Holdings to buy an additional 5 percent stake in Hinduja Leyland Finance Limited (HLFL) for Rs 225.42 crore.
The company has entered into a share purchase and shareholder agreement with Everfin Holdings, shareholder of HLFL, for the acquisition of 2,04,92,676 shares of Rs 10 each constituting 4.68 percent share capital of HLFL at a price of Rs 110 per share, Ashok Leyland said in a regulatory filing.
Cheque facility may be withdrawn to push digital transactions: CAIT official
A senior functionary of industry body CAIT today said the Centre may withdraw the bank cheque book facility in the "near future" to encourage digital transactions.
Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal said the government needs to encourage the use of debit and credit cards.
"In all probability, the Centre may withdraw the cheque book facility in the near future to encourage digital transactions," he said.
Khandelwal was talking to reporters at the launch of 'Digital Rath', a joint initiative of the CAIT and Mastercard to encourage traders to adopt different modes of digital transactions and promote a cashless economy.
Delhi govt writes to EPCA to advise NCR to implement measures under GRAP
The Delhi government has written to the EPCA requesting them to "advise" cities in the National Capital Region (NCR) to implement measures under the Graded Response Action Plan, including the odd-even scheme.
Implementation of the GRAP measures within Delhi would not be of many effects unless similar measures were adopted by the NCR, Delhi Transport minister Kailash Gahlot wrote to EPCA chariman Bhure Lal yesterday.
The air pollution levels in the NCR, that assumed alarming proportions last week, also affected millions of residents in cities including Gurgaon, Noida, Ghaziabad and Faridabad, besides the national capital.
EESL extends electric car supply deadline to Tata motors and M&M till 30 December
The Energy Efficiency Services Limited (EESL), the agency responsible for facilitating the implementation of energy efficiency projects, has pushed the deadline for the supply of 500 electric cars to the 30th of December, according to a CNBC TV 18 report.
The EESL had awarded a mega contract for 10,000 electric vehicles to Tata motors and Mahindra and Mahindra.The companies were expected to deliver the first batch of 500 cars by the 30th of November.
Singapore suspends trade ties with North Korea
Singapore has suspended trade ties with North Korea in the latest move by a country to implement UN sanctions to curb Pyongyang's nuclear weapons programme, a customs document showed on Thursday.
A circular by Singapore Customs on its website banned "all commercially traded goods... from or to the Democratic People's Republic of Korea (DPRK), regardless of whether they are imported, exported, transhipped or brought in transit through Singapore" with effect from November 8.
FSSAI to propose rating restaurants and eateries to ensure quality of food
Food and Safety Standards Authority of India, the country’s top food regulator, has put forth a proposal that businesses which deal with food should be rated on factors such as hygiene and safety to make sure they are trusted by consumers.
Pawan Agarwal, the regulator’s chief executive, in a statement to the Hindustan Times, said that the apex body is now particularly keen on rating food businesses through several “hygiene variety factors”. The regulator is looking to assign star ratings to restaurants and eating places out of six, taking into account factors like hygiene awareness, safety processes, etc.
A sub-group was formed following a meet last week in New Delhi among the FSSAI, National Restaurant Association of India and the Federation of Hotel and Restaurant Associations of India (FHRAI) to amend rules that govern safety standards at eating establishments.
Display of food licenses will be made a necessary factor in rating food businesses with consumer trust seemingly being the biggest driving factor behind the move. The businesses that will be rated will include manufacturers of food items, sellers of food items and other business operators in the sector.
USFDA issues warning letter to Lupin's Goa, Indore plants
The US Food and Drug Administration (USFDA) has issued a warning letter to Lupin for violation of current good manufacturing practice norms at two of its manufacturing facilities in Goa and Indore.
RBI Union opposes govt demand to get additional surplus from RBI
The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government for fiscal 2017, which was almost 50 percent lower than the previous year.
FSSAI to propose rating restaurants and eateries to ensure quality of food
Food and Safety Standards Authority of India, the country's top food regulator, has put forth a proposal that businesses which deal with food should be rated on factors such as hygiene and safety to make sure they are trusted by consumers.
Delhi govt promises home delivery of driving licence, ration cards from next year
The Delhi government on Thursday announced that it would roll out a scheme within three to four months to enable citizens to get 40 public services, including caste certificates and driving licence, at their doorstep.
Suresh Prabhu sees economy touching $5 trillion in a few years
Commerce and Industry Minister Suresh Prabhu on Thursday expressed confidence that exports will gather momentum going forward as the economy is on course to double to USD 5 trillion and become the third largest in the world, over the next few years.
"Our economy shall grow from USD 2.5 trillion now to USD 5 trillion and it will become the third largest over the next few years. With such an economic growth, our international trade will also grow," Prabhu told World Trade Expo 2017 here in a video message.
Earlier this week, the American brokerage a Bank of America Merrill Lynch had said projected that India would overtake Japan to become the third largest economy in the world by 2028 as it expects the nominal GDP to clip at 10 percent over the next one decade.
CPI(M) urges Centre to adhere to Supreme Court norms on citizen register
The CPI(M) today urged the Centre to adhere to norms laid down by the Supreme Court while updating the draft of the National Register of Citizens (NRC) for Assam, which is to be published by December 31.
The updating of the NRC of 1951 constitutes a key part of the implementation of the Assam Accord of 1985 which had fixed March 24, 1971, as the cut-off date for determining the status of migrants.
In an editorial in the forthcoming edition of party organ 'Peoples' Democracy', former CPI(M) general secretary Prakash Karat pointed out that the updating of the NRC was a vital step in settling the 'foreigners' issue in Assam.
Karnataka docs go on indefinite stir against proposed changes in medical bill
Health services in private hospitals and nursing homes were crippled twice in the last fortnight by a strike by doctors in the state who alleged that the proposed changes were "draconian" in nature.
Doctors are opposing the amendments to the Karnataka Private Medical Establishments Act, 2007, which among others propose six months to three years of jail term and a hefty penalty for medical negligence on the part of medical practitioners.
The amendments also arm the government with powers to fix the cost of treatment.
Amid reports that the strike had caused several deaths across the state with the serious patients being unattended to, more than 22,000 doctors went on an indefinite strike in Bengaluru alone, which manifested in the unmanageable rush at government hospitals.
Rahul Gandhi attacks PM Modi on Rafale, alleges deal changed to benefit a 'businessman'
Congress vice-president Rahul Gandhi on Thursday attacked Prime Minister Narendra Modi over the Rafale fighter aircraft agreement and asked the media why it didn't question him for allegedly changing the "entire deal" to benefit a businessman.
He also asked why no questions were posed to the Prime Minister on BJP president Amit Shah's son Jay, whose company the Congress alleged has witnessed a quantum jump in turnover since the Modi government came to power.
India to host Global Conference on Cyber Space on November 23-24
The conference will be inaugurated by Prime Minister of India Narendra Modi, and Minister of External Affairs Sushma Swaraj will deliver the keynote address in the valedictory function.
Merkel, facing long night, says German coalition talks can work
Talks on forming a new German coalition government “can work”, Chancellor Angela Merkel said on Thursday ahead of a long night of negotiations at which she must forge a three-way alliance or risk seeing her 12-year stint in power come to an end.
Merkel, 63, is trying to form an unlikely alliance between her conservatives, the pro-business Free Democrats (FDP) and the ecologist Greens - a combination untested at national level - to allow her to govern for a fourth term as chancellor.
NASA tool predicts which cities will flood due to melting ice
NASA has developed a new forecasting tool that can predict which cities will be affected as different portions of ice sheets melt due to global warming.
Will consider lifting ban on construction in NCR tomorrow: NGT
The National Green Tribunal today directed the Delhi government to submit data of ambient air quality in the national capital and said it would consider its ban on construction and industrial activity in the National Capital Region (NCR) on that basis.
A bench headed by NGT Chairperson Justice Swatanter Kumar said that it would take up the matter tomorrow and till then its order would be in force.
During the brief hearing, the AAP government told the bench that water was sprinkled at ITO area according to its direction and PM 2.5 levels had come down as detected by the monitoring centre of the Delhi Pollution Control Committee.
N Korea's 'twisted dictatorship' cannot hold the world hostage: Trump
US President Donald Trump has vowed not to allow the "twisted dictatorship" in North Korea to hold the world hostage to "nuclear blackmail" as he pledged a global campaign of "maximum pressure" to denuclearise Pyongyang.
Tensions have dramatically risen on the Korean peninsula after North Korea in September conducted its biggest nuclear test, which its state-run KCNA news agency described it as a hydrogen bomb.
In a televised address to the nation after his 12-day maiden trip to Asia, Trump said North Korea was on the top of his priority list.
During his trip to China, Trump said Chinese President Xi Jinping pledged to faithfully implement UN Security Council resolutions on North Korea and to use his great economic influence over the regime to achieve their common goal of a denuclearised Korean Peninsula.
Centre increases carpet area of houses under PM Awas Yojana
The Centre today approved the enhancement of the carpet area of houses for the middle income group (MIG) category under the Pradhan Mantri Awas Yojana- Urban (PMAY-U).
Under the MIG-I category, the carpet area of the houses has been enhanced from 90 sq.mtr to 120 sq.mtr, while under the MIG-II segment, it has been increased to 150 sq.mtr from the current 110 sq.mtr, Union minister Ravi Shankar Prasad told reporters while briefing them about the Union cabinet decisions.
Centre readies a digital transaction push in GST regime, may offer 200bps cut on B2C transactions
The government has prepared a proposal to offer a 200 basis points cut on the GST payable in all for business-to-consumer (B2C) transactions that take place digitally to push digital transactions under the GST regime.
The proposal, which is yet to be deliberated upon by the GST Fitment Committee, offers a maximum discount of Rs 100 on any digital transaction of goods that are above the 3 percent GST tax slab, sources told CNBC-TV18.
For instance, if a consumer buys any good under the 18 percent, then the consumer will have to pay only 16 percent GST or Rs 100, whichever is lower if the transaction is carried out digitally.
As per the proposal, the cost for this discount cost will be borne by the state and the Centre.
India Ranks 8th on Global Terror Index, Maoists the Deadliest Outfit
India ranked eighth in the Global Terrorism Index (GTI) according to a report released by the Sydney-based Institute for Economics & Peace.
The country witnessed an 18 percent rise in terrorism-related casualties in 2016.There has been a palpable dip in terror-related deaths in the last couple of years, the number of terror attacks have actually increased 16 percent over the last year. A total of 929 terror-related incidents were reported in the country as compared to 800 in 2015.
Although 340 deaths from terrorism were recorded in 2016 alone, the figures were still the third-lowest since 2000. The GTI report is released annually
French President Macron faces first major internal challenge as 100 party members resign
The party members were unhappy with the way things were being handled. They also believed there is a lack of freedom of opinion in the party
Exporters can manually file GST refund claims: CBEC
The government has allowed exporters to manually file before tax officers claims for GST refunds as it looks to fast-track clearance of dues to ease liquidity stress faced by them, according to a PTI report.
Now exporters of services who paid IGST and those making zero rated supplies to SEZ units as well as those merchant exporters who want to claim refunds for input credit can approach their jurisdictional commissioner with their refund form.