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Maruti to shift manufacturing of Swift from Haryana to Gujarat
Maruti's parent Suzuki will be exclusively manufacturing the next-generation Swift at its plant in Gujarat for sale in India and abroad, reports The Times of India. The shift is occurring after nearly 13 years of manufacturing in Haryana.
The Gujarat plant, which started production in 2016, currently manufactures Baleno that is retailed through Maruti's premium retail channel Nexa. The addition of Swift to the production at Gujarat will help achieve economies of scale and drive in efficiencies in terms of production planning, RS Kalsi, executive director in charge of sales and marketing, said.
JUST IN: Shiv Sena to go alone in 2019 elections, decides against extending alliance with BJP
SC rejects pleas by Rajasthan, Madhya Pradesh govts to ban Padmaavat
The Supreme Court has rejected the plea of Rajasthan and Madhya Pradesh governments against release of Bollywood movie Padmaavat in the two states, reports PTI. The apex court has refused to modify its order on the plea of both states, thus paving way for screening of Padmaavat. “People must understand that the apex court has passed the order and they must abide by it,” the court said, adding that states should follow its January 18 order and if any need arises, they are at liberty to approach the apex court.
North Korea says will celebrate military day on eve of Olympics
North Korea will mark the foundation of its regular army on February 8, its state media said. This will be the day before the Winter Olympics open in the South. Reports and officials say that Pyongyang could be preparing a military parade as a display of strength ahead of the sporting festival, which has triggered a rare rapprochement between the two halves of the divided peninsula.
In recent years Pyongyang has proclaimed April 25 as the establishment of its army, naming it as the day the country's founder Kim Il-Sung set up anti-Japanese guerrilla forces in 1932. It will now mark the foundation on February 8, when Kim launched the Korean People's Army (KPA) regular armed forces in 1948, the ruling Workers' Party announced.
Until 1978 the anniversary was marked on the February date, and the switch back gives Pyongyang a formal justification if it decides to go ahead with a parade next month, which will be the 70th anniversary of the regular military's establishment. Satellite photos have shown troops and military vehicles rehearsing at an airfield near Pyongyang for an event.
AAP MLAs move Delhi HC against their disqualification
MLAs from the Aam Aadmi Party have moved the Delhi High Court against their disqualification in the office of profit case, reports PTI. The 20 MLAs are seeking quashing of the government's notification which disqualified them as members of the Delhi Legislative Assembly. The court has agreed to hear their plea on Wednesday.
Carlyle Group leads race for 15% in Mankind Pharma, says report
Carlyle Group is leading the race to invest as much as $500 million for a 15% stake in Mankind Pharmaceuticals, The Economic Times reports. The transaction, if it happens, will value the Delhi-based company at about $3.3 billion and could become one of the largest private equity transactions in the pharma space.
Another US fund, Advent International, and British private equity firm Apax Partners are the other two contenders. Final due diligence is going on, sources said. "The final due diligence is on and the deal negotiations are at an advanced stage. We expect to conclude a transaction by the first quarter of next fiscal," sources said.
Cong accuses Modi govt of a/c jugglery in ONGC-HPCL merger
The Congress accused the government of "befooling" the public by undertaking cyclical economics and indulging in accounting jugglery to achieve its disinvestment targets and hide the fiscal deficit by asking state-owned ONGC to buy stake in HPCL, reports PTI. Congress spokesperson Abhishek Singhvi said, “The Modi government is indulging in cyclical economics. ONGC and HPCL merger is a classic case of accounting jugglery and will only add to the rising fiscal deficit. It is another way of using left-hand right-hand sleight of hand to largely fool the Indian public."
Singhvi said for the first time in India's history, a cash-rich government-controlled agency like ONGC is going to take a loan to buy the state-owned shares in another government-controlled company HPCL. "To do accounting jugglery, it is ONGC in all probability with the loan of around Rs 30,000 crore. So, ONGC will take a loan of Rs 30,000 crore, pay it to the Government of India to buy the shares of Government of India in HPCL. Why? So that the Government of India can fool the public of India by showing that we, the Government of India, have not taken loan. Our deficit look good, our borrowings look small but they forget that the borrowing is done by the 100% Government of India company called ONGC.”
BSF pounds Pak positions across int’l border with 9,000 mortar shells
The BSF has fired over 9,000 rounds of mortar shells across the International Border (IB) in Jammu over the past four days as part of "pinpointed" retaliatory action against Pakistan's unprovoked firing, destroying firing positions and fuel dumps of the Pakistan Rangers at multiple places, officials told PTI. Senior officials of the Border Security Force (BSF) and in the Home Ministry said the situation along the 190-km IB in the Jammu area was "very tense" as Pakistan had "opened" heavy fire in the entire stretch since Sunday evening.
They said the BSF had fired over 9,000 rounds of mortar shells since January 19, after "Pakistan first breached the peace and hit BSF posts and civilian areas". The mortar shelling is in addition to an effective retaliation by an assortment of other arms and ammunition, they said. The BSF said the force was retaliating with "pinpointed" fire which destroyed firing positions, mortar launching pads and ammunition and fuel dumps of the Pakistan Rangers at multiple places.
The force also released two small video clips purportedly showing the destruction of fuel dumps. They said the "chicken neck" area of the border in Jammu, near Makwal and Kanachak border posts of the BSF, is also being pounded by the Pakistani forces, which was untouched till now.
The Bank of Japan holds monetary policy steady
The Bank of Japan announced it was keeping its monetary policy steady, a move that was in line with market expectations, reports CNBC. In a statement released following the conclusion of its two-day meeting, BoJ said it would keep the deposit rate unchanged at negative 0.1% and the 10-year yield target around 0%.
Trump signs bill to end government shutdown
President Donald Trump has signed into law a bill that ends the government shutdown, and provides congressional negotiators with additional time to hammer out an immigration reform package capable of passing both the House and Senate, reports CNBC.
Hundreds of thousands of federal employees are expected to return to work on Tuesday morning, after spending the day Monday on furlough. The bill funds the government for 17 days, and it funds the popular CHIP children's insurance program for six years. It does not include a permanent fix for the Obama-era DACA program, which Senate Democrats had originally demanded.
PwC survey finds India fifth most attractive market for investments
India has emerged as the fifth most attractive market for investments and the optimism over global economic growth is at a record level, a survey of CEOs by global consultancy PwC said. "The US remains the top spot for global investment, while India moves into the top 5," PwC's 21st CEO Survey said, adding that there is surprising faith and optimism among chief executives in the economic and business environment worldwide, at least over the next 12 months.
Around 46% of global CEOs consider the US as one of the three most important countries for growth, followed by China (33%) and Germany (20%) at second and third places, respectively. At the fourth spot is the UK (15%). "India (9%) bumps Japan (8%) as the fifth most attractive market in 2018," it noted.
Oil Ministry seeks cut in excise duty on petrol, diesel in Budget
The Oil Ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018-19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters. “We can only recommend. It is up to the Finance Ministry to take a decision,” a senior oil ministry official said.
IMF sees India growing at 7.4% in 2018, 7.8% in 2019
India is projected to grow at 7.4% in 2018 as against China's 6.8%, the International Monetary Fund (IMF) said, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the GST, reports PTI.
In its latest World Economic Outlook (WEO) update released on Monday in Davos, Switzerland on the sidelines of the World Economic Forum, the International Monetary Fund has projected a 7.8% growth rate for India in 2019. Growth rate projections for both 2018 and 2019 remains unchanged since its October 2017 WEO projections.
India means business: Modi tells global CEOs
Prime Minister Narendra Modi told top CEOs in Davos that India means business and presented an exciting opportunity for global businesses, reports PTI. Addressing a roundtable before a dinner meet, Modi narrated India's growth story. Under the tagline of "India means business", the roundtable was attended by 40 CEOs of global companies and 20 from India. After the meeting, MEA spokesperson Raveesh Kumar tweeted about Modi narrating India's growth story and presenting exciting opportunities for global business in India at Davos.
Republicans, Democrats reach deal to end US govt shutdown
Congress voted on Monday to end a three-day US government shutdown, approving another short-term funding bill as Democrats accepted promises from Republicans for a broad debate later on the future of young illegal immigrants, reports Reuters. The fourth temporary funding bill since October easily passed the Senate and the House of Representatives. That sent it to the White House, which said President Donald Trump was expected to sign the bill, a product chiefly of negotiations among Senate leaders.
Enactment by Trump of the bill will allow the government to reopen fully on Tuesday and keep the lights on through February 8, when Congress will have to revisit the budget and immigration policy, two disparate issues that have become closely linked. The House approved the funding bill by a vote of 266-150 just hours after it passed the Senate by a vote of 81-18.
Maruti to shift manufacturing of Swift from Haryana to Gujarat
Maruti's parent Suzuki will be exclusively manufacturing the next-generation Swift at its plant in Gujarat for sale in India and abroad, reports The Times of India. The shift is occurring after nearly 13 years of manufacturing in Haryana.
The Gujarat plant, which started production in 2016, currently manufactures Baleno that is retailed through Maruti's premium retail channel Nexa. The addition of Swift to the production at Gujarat will help achieve economies of scale and drive in efficiencies in terms of production planning, RS Kalsi, executive director in charge of sales and marketing, said.
Top Headlines:
1. Sensex, Nifty touch record highs
2. IMF sees India growing at 7.4% in 2018, 7.8% in 2019, reports PTI
3. Carlyle Group leads race for 15% in Mankind Pharma, values co at $3.3bn, reports The Economic Times
4. India means business: Modi tells global CEOs (PTI)
5. AAP MLAs move Delhi HC against their disqualification, reports PTI
6. Cong accuses Modi govt of a/c jugglery in ONGC-HPCL merger, reports PTI7. Republicans, Democrats reach deal to end US govt shutdown, reports Reuters
8. Shiv Sena to go alone in 2019 elections, decides against extending alliance with BJP, reports PTI
The Central Bureau of Investigation has registered an FIR to probe the alleged inflated payment of Rs 487 crore made by NTPC due to over valuation of coal imports from Indonesia, reports PTI.
Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra
Triple talaq bill a tactic to punish Muslim men: Owaisi
The triple talaq bill is a conspiracy against Muslims and a move to punish men from the community, AIMIM president Asaduddin Owaisi has alleged. A committee was constituted to look into the row over the film "Padmaavat" but no such step was taken on the triple talaq issue, said the Lok Sabha member from Hyderabad as he launched a scathing attack against the Centre, reports PTI.
"The triple talaq bill is a conspiracy against the Muslim community. It a tactic to bring out the women of the community on roads and send the men to prison," the All India Majlis-e-Ittehadul Muslimeen (AIMIM) leader said. At the same time, he asked the Muslim community to socially boycott those who take the instant triple talaq route to divorce. He said Rs 2,000 crore should be allocated for Muslim women in the budget.
NIA can't probe marital status: SC on Kerala love-jihad case
The Supreme Court said the National Investigation Agency (NIA) could continue with its probe into the alleged love jihad case of Kerala but it cannot investigate the marital status of the man and the woman, reports PTI. A bench headed by Chief Justice Dipak Misra observed this after the NIA told the court that it had made substantial progress in the investigation which was conducted after the apex court's direction.
"We are not concerned with it (probe). Whether you carry on your investigation or arrest someone, we are not concerned," the bench also comprising Justices AM Khanwilkar and DY Chandrachud said. "You can investigate it but you cannot investigate about their marital status," the bench said.
Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak
JUST IN: Shiv Sena to go alone in 2019 elections, decides against extending alliance with BJP
SC rejects pleas by Rajasthan, Madhya Pradesh govts to ban Padmaavat
The Supreme Court has rejected the plea of Rajasthan and Madhya Pradesh governments against release of Bollywood movie Padmaavat in the two states, reports PTI. The apex court has refused to modify its order on the plea of both states, thus paving way for screening of Padmaavat. “People must understand that the apex court has passed the order and they must abide by it,” the court said, adding that states should follow its January 18 order and if any need arises, they are at liberty to approach the apex court.
North Korea says will celebrate military day on eve of Olympics
North Korea will mark the foundation of its regular army on February 8, its state media said. This will be the day before the Winter Olympics open in the South. Reports and officials say that Pyongyang could be preparing a military parade as a display of strength ahead of the sporting festival, which has triggered a rare rapprochement between the two halves of the divided peninsula.
In recent years Pyongyang has proclaimed April 25 as the establishment of its army, naming it as the day the country's founder Kim Il-Sung set up anti-Japanese guerrilla forces in 1932. It will now mark the foundation on February 8, when Kim launched the Korean People's Army (KPA) regular armed forces in 1948, the ruling Workers' Party announced.
Until 1978 the anniversary was marked on the February date, and the switch back gives Pyongyang a formal justification if it decides to go ahead with a parade next month, which will be the 70th anniversary of the regular military's establishment. Satellite photos have shown troops and military vehicles rehearsing at an airfield near Pyongyang for an event.
AAP MLAs move Delhi HC against their disqualification
MLAs from the Aam Aadmi Party have moved the Delhi High Court against their disqualification in the office of profit case, reports PTI. The 20 MLAs are seeking quashing of the government's notification which disqualified them as members of the Delhi Legislative Assembly. The court has agreed to hear their plea on Wednesday.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra
Carlyle Group leads race for 15% in Mankind Pharma, says report
Carlyle Group is leading the race to invest as much as $500 million for a 15% stake in Mankind Pharmaceuticals, The Economic Times reports. The transaction, if it happens, will value the Delhi-based company at about $3.3 billion and could become one of the largest private equity transactions in the pharma space.
Another US fund, Advent International, and British private equity firm Apax Partners are the other two contenders. Final due diligence is going on, sources said. "The final due diligence is on and the deal negotiations are at an advanced stage. We expect to conclude a transaction by the first quarter of next fiscal," sources said.
Sensex breaches 36,000 mark, Nifty trades above 11,000 level
The benchmark BSE Sensex went past the 36,000 level for the first time while the Nifty hit another record high of 11,045.60 in late morning trade on the back of widespread gains in IT, financials, FMCG and metal stocks. The benchmark BSE Sensex breached the historic 36,000 level by surging 253.85 points, 0.7% to hit yet another record high of 36,051.86 in late morning deals. The gauge had rallied 1,026.96 points in the previous four back-to-back record-setting sessions.
The broader Nifty too climbed 79.40 points, or 0.72%, to trade at all-time high of 11,045.60, surpassing its previous intra-day high of 10,975.10 touched on Monday. Besides, positive global cues, strong liquidity in the market following unabated foreign fund inflows and steady and widening of bets by investors ahead of the upcoming Budget on February 1, drove markets to record highs, brokers said.
Top performers that lifted the key indices to lifetime highs were Tata Steel, Infosys, Dr Reddy's Laboratories, Mahindra & Mahindra, ONGC, State Bank of India, Bharti Airtel, Coal India, Reliance Industries, Sun Pharmaceutical Industries, ITC, Axis Bank, HDFC, NTPC and L&T.
Netflix takes $39m charge in Q4 after Kevin Spacey scandal
A sexual misconduct scandal involving Kevin Spacey cost streaming video service Netflix some $39 million late last year as it stopped projects associated with the actor, sources told Reuters. Netflix said the charge, disclosed in its fourth-quarter earnings report, was related to “unreleased content we’ve decided not to move forward with.”
Spacey, who has had a successful career in film, television and theatre, is one of a number of big names in the entertainment business to be accused of sexual misconduct by people coming forward in the wake of allegations against movie producer Harvey Weinstein. The Netflix charge was one of the first public signs of financial cost to a studio or production company following allegations of sexual misconduct against an individual.
Cong accuses Modi govt of a/c jugglery in ONGC-HPCL merger
The Congress accused the government of "befooling" the public by undertaking cyclical economics and indulging in accounting jugglery to achieve its disinvestment targets and hide the fiscal deficit by asking state-owned ONGC to buy stake in HPCL, reports PTI. Congress spokesperson Abhishek Singhvi said, “The Modi government is indulging in cyclical economics. ONGC and HPCL merger is a classic case of accounting jugglery and will only add to the rising fiscal deficit. It is another way of using left-hand right-hand sleight of hand to largely fool the Indian public."
Singhvi said for the first time in India's history, a cash-rich government-controlled agency like ONGC is going to take a loan to buy the state-owned shares in another government-controlled company HPCL. "To do accounting jugglery, it is ONGC in all probability with the loan of around Rs 30,000 crore. So, ONGC will take a loan of Rs 30,000 crore, pay it to the Government of India to buy the shares of Government of India in HPCL. Why? So that the Government of India can fool the public of India by showing that we, the Government of India, have not taken loan. Our deficit look good, our borrowings look small but they forget that the borrowing is done by the 100% Government of India company called ONGC.”
BSF pounds Pak positions across int’l border with 9,000 mortar shells
The BSF has fired over 9,000 rounds of mortar shells across the International Border (IB) in Jammu over the past four days as part of "pinpointed" retaliatory action against Pakistan's unprovoked firing, destroying firing positions and fuel dumps of the Pakistan Rangers at multiple places, officials told PTI. Senior officials of the Border Security Force (BSF) and in the Home Ministry said the situation along the 190-km IB in the Jammu area was "very tense" as Pakistan had "opened" heavy fire in the entire stretch since Sunday evening.
They said the BSF had fired over 9,000 rounds of mortar shells since January 19, after "Pakistan first breached the peace and hit BSF posts and civilian areas". The mortar shelling is in addition to an effective retaliation by an assortment of other arms and ammunition, they said. The BSF said the force was retaliating with "pinpointed" fire which destroyed firing positions, mortar launching pads and ammunition and fuel dumps of the Pakistan Rangers at multiple places.
The force also released two small video clips purportedly showing the destruction of fuel dumps. They said the "chicken neck" area of the border in Jammu, near Makwal and Kanachak border posts of the BSF, is also being pounded by the Pakistani forces, which was untouched till now.
The Bank of Japan holds monetary policy steady
The Bank of Japan announced it was keeping its monetary policy steady, a move that was in line with market expectations, reports CNBC. In a statement released following the conclusion of its two-day meeting, BoJ said it would keep the deposit rate unchanged at negative 0.1% and the 10-year yield target around 0%.
Trump signs bill to end government shutdown
President Donald Trump has signed into law a bill that ends the government shutdown, and provides congressional negotiators with additional time to hammer out an immigration reform package capable of passing both the House and Senate, reports CNBC.
Hundreds of thousands of federal employees are expected to return to work on Tuesday morning, after spending the day Monday on furlough. The bill funds the government for 17 days, and it funds the popular CHIP children's insurance program for six years. It does not include a permanent fix for the Obama-era DACA program, which Senate Democrats had originally demanded.
PwC survey finds India fifth most attractive market for investments
India has emerged as the fifth most attractive market for investments and the optimism over global economic growth is at a record level, a survey of CEOs by global consultancy PwC said. "The US remains the top spot for global investment, while India moves into the top 5," PwC's 21st CEO Survey said, adding that there is surprising faith and optimism among chief executives in the economic and business environment worldwide, at least over the next 12 months.
Around 46% of global CEOs consider the US as one of the three most important countries for growth, followed by China (33%) and Germany (20%) at second and third places, respectively. At the fourth spot is the UK (15%). "India (9%) bumps Japan (8%) as the fifth most attractive market in 2018," it noted.
Ashok Leyland to invest Rs 400cr in LCV platform; eyes 5-fold rise in exports in 3 years
Hinduja Group flagship Ashok Leyland is aiming to increase its export basket of light commercial vehicles (LCV) to 25% from the present 5% over the next three years, a senior official said. Nitin Seth, President, Light Commercial Vehicles, Ashok Leyland said the company will also be investing Rs 400 crore into a new platform of LCVs that will continue to launch new product every six months. "We are targeting all the gulf countries, Russia, Ukraine and lot of West African countries which follow left hand drive. Our left hand drive vehicles will start coming from June this year.”
Oil Ministry seeks cut in excise duty on petrol, diesel in Budget
The Oil Ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018-19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters. “We can only recommend. It is up to the Finance Ministry to take a decision,” a senior oil ministry official said.
RBL Bank Q3 profit seen up 38% YoY at Rs 178cr
Private sector lender RBL Bank' third quarter profit is expected to rise 38.3% to Rs 178 crore as compared to Rs 128.7 crore in the year-ago period. Net interest income, the difference between interest earned and interest expended, may grow 43.6% year-on-year to Rs 461.8 crore for quarter ended December 2017, according to average of estimates of analysts polled by CNBC-TV18.
Canadian PM Justin Trudeau to visit India next month
Canadian Prime Minister Justin Trudeau will arrive in India next month on a seven-day visit aimed at strengthening the bilateral strategic partnership in the key areas of counter-terrorism, energy and trade, reports PTI. The Canadian premier will India from February 17-23 at the invitation of his Indian counterpart Narendra Modi, the External Affairs Ministry said in a statement.
A Canadian High Commission statement said that during his India trip, Trudeau will visit Agra, Amritsar, Ahmedabad, Mumbai, besides Delhi. The trip will include a visit to the Taj Mahal, the Golden Temple, the Jama Masjid, and the Swaminarayan Akshardham in Gujarat, it said. The Ministry of External Affairs (MEA) statement said that cooperation in security and counter-terrorism as well as exchange of views on global and regional issues of mutual interest will form important components of the visit.
IMF sees India growing at 7.4% in 2018, 7.8% in 2019
India is projected to grow at 7.4% in 2018 as against China's 6.8%, the International Monetary Fund (IMF) said, making it the fastest growing country among emerging economies following last year's slowdown due to demonetisation and the implementation of the GST, reports PTI.
In its latest World Economic Outlook (WEO) update released on Monday in Davos, Switzerland on the sidelines of the World Economic Forum, the International Monetary Fund has projected a 7.8% growth rate for India in 2019. Growth rate projections for both 2018 and 2019 remains unchanged since its October 2017 WEO projections.
German authorities tell Audi to recall 127,000 diesels
A spokeswomen for Germany's transport ministry says Volkswagen's Audi brand is being told to recall 127,000 cars diesel cars that reduce emissions controls when not being tested, reports AP. Ministry spokeswoman Svenja Friedrich said the motor transport agency had examined Audi diesel engines designed to meet the latest Euro VI emissions standard and found that under real driving conditions there was "no reduction" of harmful nitrogen oxides. She said 77,600 of the cars were registered in Germany and that the affected models were: the A4, A5, A6, A7, A8, Q5, SQ5 and Q7.
India means business: Modi tells global CEOs
Prime Minister Narendra Modi told top CEOs in Davos that India means business and presented an exciting opportunity for global businesses, reports PTI. Addressing a roundtable before a dinner meet, Modi narrated India's growth story. Under the tagline of "India means business", the roundtable was attended by 40 CEOs of global companies and 20 from India. After the meeting, MEA spokesperson Raveesh Kumar tweeted about Modi narrating India's growth story and presenting exciting opportunities for global business in India at Davos.
The SGX Nifty is trading mildly higher at 10,999. It hit an intra-day high of 11,010.50 and a low of 10,980.50.