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Feb 27, 2018 05:32 PM IST | Source: Moneycontrol.com
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highlights
Karnataka runs more on 'Seedha Rupaiyya' than CM Siddaramaiah: PM Modi
PM targets Congress government in Karnataka
Essel Infraprojects appoints Vinod Bhandawat as CFO
Sridevi's body handed over to family, Dubai Police give clean chit to Boney Kapoor
Sensex down 99 points, Nifty below 10,600
FinMin asks PSU banks to examine bad loans over Rs 50 crore
India Inc's avg salary hike to be 9.4% this yr, says survey
Self-proclaimed bitcoin inventor accused of swindling $5bn of cryptocurrency
Cadila Healthcare plans to file biosimilar Neulasta in US by 2019-end
BlackRock says get ready to 'stomach complete losses' in cryptocurrencies
Kalyan Jewellers may file IPO papers by March, to raise Rs 2,500cr
CBDT notifies new communication scheme for serving I-T e-notices
P-Note investments dip to 8-yr low at Rs 1.19 lakh cr in Jan
Creditors okay Aion-JSW Steel offer for Monnet Ispat, says report
EC may announce Karnataka poll schedule in 2nd week of April
ACC, Ambuja Cements not proceeding with merger plan; stocks down 1-2%
Simbhaoli Sugars says committed to clear all dues
ED summons PNB MD; Nirav Modi, wife skip summons
Trump slams India again on Harley-Davidson issue
I-T Dept seizes 173 paintings, art work in raids at premises linked with Nirav Modi
PNB says bank fraud amount could be Rs 1,323cr more
Karnataka runs more on 'Seedha Rupaiyya' than CM Siddaramaiah: PM Modi
More than Chief Minister Siddaramaiah, it is 'Seedha Rupaiyya' that drives the working of the government in Karnataka. Everything seems to be happening at a price here. Karnataka needs freedom from such corruption, says PM Modi addressing a public rally in Davanagere, Karnataka.
PM targets Congress government in Karnataka
The Prime Minister is sharp in his attack on the Congress party. The Congress government in Karnataka will certainly be defeated, he says. Their misdeeds have made the government unpopular. As seen in the past few years, election after election, what have people done? They are removing Congress. When Congress goes, the harmful Congress culture also goes, he adds.
One GST rate not possible, next reform will come after compliance improves: FM Arun Jaitley
Finance Minister Arun Jaitley said it is not possible to have one GST rate as the country has vast disparities, but assured investors that government will undertake further reforms after an improvement in tax compliance standards. The next stage of reforms will start once India becomes a significant tax compliant society, Jaitley said. For example, we have two standard rates and in the long run, I do see them merging into one. For that to happen it will take some reasonable time that is when the compliance levels start moving up, said the Minister.
On the compliance burden of the GST, Jaitley said it was a little heavy but the process would ease on account of the initiatives being undertaken by the revenue department.— PTI
Ola ties up with railways for last mile connectivity at 5 stations
Railways has partnered with ride-sharing company Ola to facilitate last mile connectivity at its five key railway stations in Delhi, a statement from the national transporter said on Tuesday. Through this partnership, passengers at these stations will now be able to book cabs with the assistance of Ola representatives stationed at its kiosks within the station premises itself. Ola Zones have also been set up at each station, New Delhi, Old Delhi, Anand Vihar, Sarai Rohilla and Nizamuddin, providing dedicated parking to the cabs thereby helping in easing out the parking and traffic issues at the stations. These zones will work as a dedicated pickup and drop points and will bring down the expected time of arrival (ETA) of cabs to as low as two minutes.— PTI
Bharat Forge exits power equipment JV
Auto components major Bharat Forge said on Tuesday that it has completed the divestment of balance 26 percent stake in power equipment JV with GE, Alstom Bharat Forge Power Pvt Ltd. The consideration received from the disposal was USD 35 million, which was received in March last year, the company said. Bharat Forge shares closed 0.58 percent up at Rs 772.55 on BSE.— PTI
Nirav Modi's Firestar Diamond files for bankruptcy in the United States
Firestar Diamond Inc, the flagship company of billionaire Nirav Modi who is at the centre of India's biggest-ever bank scam, has filed for bankruptcy in the United States.
Essel Infraprojects appoints Vinod Bhandawat as CFO
Essel Infraprojects Ltd (EIL) on Tuesday appointed Vinod Bhandawat as Chief Financial Officer(CFO) with effect from February 1. Bhandawat brings more than 26 years of varied experience across treasury, fund raising, IPO, mergers and acquisitions and secretarial functions in diversified manufacturing and infrastructure companies in India and abroad, the company said in a statement. Bhandawat has held pivotal positions in leading diversified companies like Adani Power and Vedanta Group, it added. "Bhandawat has had an exposure of working in leading manufacturing companies in India and abroad, in a multi-location and multi-cultural environment," the statement said. — PTI
That ends the PM's address to a farmer's rally in Karnataka.
By focussing on farmers and rural India, the NDA government is taking several steps for the transformation of the agriculture sector, says PM Modi
One family ruled the country for 48 years and one tea-seller ruled for 48 months. Born in rich houses, they could not care for farmers in 48 years. But in 48 months, we multiplied Minimum Support Price (MSP) 1.5 times for the farmers, says PM Modi.
In Karnataka alone, Rs 11,000 crore payment has been made to farmers under PM Fasal Bima Yojana, says PM Modi
As Gujarat Chief Minister, I took oath that I'll create tallest statue of Sardar Vallabhbhai Patel, PM Modi says. He terms the monument meant to celebrate Patel as Statue of Unity and says it will be twice taller than Statue of Liberty situated in the US.
JUST IN | Prime Minister Narendra Modi is speaking at a public rally in Davanagere, Karnataka now.
Here are the top headlines at 4 pm from Moneycontrol News' Sakshi Batra.
AIIB approves $1.5bn in loans for infra projects
Beijing-based Asian Infrastructure Investment Bank (AIIB) has approved $1.5 billion in loans to India for infrastructure-related projects in 2018, reports Reuters. The funds would be used for investment in energy, roads and urban development projects, and the bank will examine allotting more funds for such projects next year, DJ Pandian, AIIB’s Chief Investment Officer, said.
Dubai Police give clean chit to Boney Kapoor in Sridevi death case, hand over body to family
Three days after Sridevi's demise, the actor's mortal remains has been handed over to the family. The same was claimed by Sridevi's nephew Mohit Marwah. It will now be sent to the embalming centre. Dubai police has closed Sridevi's case giving Boney Kapoor a clean chit, laying to rest all conspiracy theories.
Catch the updates here.
Sensex down 99 points, Nifty below 10,600
A sharp fall in banks, especially state-run entities, along with weakness in metals as well as midcaps ensured that the market ended the day on a lower note, despite a strong start. The Sensex has ended around 99 points lower and the Nifty managed to close well below 10,600.
Sell-off in PSU banks was seen after Punjab National Bank fell around 14% as it clarified that the estimated amount of the scam could go up by another Rs 1,300 crore. Other banks such as Oriental Bank of Commerce, State Bank of India and Bank of India fell around 2-8%. Select auto names were in focus despite an overall downtrend day. Hero MotoCorp ended as an index gainer at 2%.
The government has issued a diktat to the Executive Directors and Chief Technology Officers to identify weaknesses, do comparative assessment of the best practices and make a blueprint to enhance preparedness for rising operational and technological risk challenges.
FinMin asks PSU banks to examine bad loans over Rs 50 crore for possible fraud
The Finance Ministry on Tuesday directed to public sector bank managing directors (MDs) to detect frauds and refer cases to CBI examining all non-performing assets (NPAs) over Rs 50 crore for possible fraud. The government has also given a 15-day deadline to the banks to take pre-emptive action and identify and address operational and technological risks.
India Inc's avg salary hike to be 9.4% this yr, says survey
Employees in India are likely to get an average salary hike of just 9.4% this year, same as last year, while key talent are expected to get appraisals of as much as 15.4% as companies increase focus on performance. HR consultancy Aon Hewitt's annual Salary Increase Survey, that analysed data across more than 1,000 companies from over 20 industries, said the average salary for India Inc stands at 9.4% this year.
Aon believes average pay increases in India will remain between 9.4-9.6%. As per the survey, companies in India gave an average pay increase of 9.3% during 2017, marking a departure from the double digit increments given by organisations since the inception of this study. Even as salary hike remained at the same level on a year-on-year basis, India continues to lead the Asia-Pacific region.
China is expected to dole out a salary raise of 6.7%, Philippines 5.8%, Malaysia 5.1%, Singapore 4%, Australia 3.2% and Japan 2.5%. The survey noted that the focus on performance is getting sharper YoY. A top performer is getting an average salary hike of 15.4%, approximately 1.9 times the pay increase for an average performer.
Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra
Rahul Gandhi says Sohrabuddin case has claimed yet another judge
Congress President Rahul Gandhi raked up the Sohrabuddin Sheikh case saying it has claimed yet another judge, after the pleas in the matter were assigned to a new single-judge bench of the Bombay High Court, reports PTI. He also cited media reports that the judge hearing the case has been replaced, and tagged on Twitter the report entitled "Sohrabuddin Sheikh case: Fresh questions as judge who lifted media gag and slammed CBI is replaced".
He also referred to the issue of death of CBI judge BG Loya, who was earlier hearing the case and used the hashtag "#HowDidLoyaDie?" with his tweet. "The Sohrabuddin case claims yet another Judge. Justice Revati Dere, who challenged the CBI, has been removed. Judge JT Utpat, asked Amit Shah to appear, and was removed. Judge Loya asked tough questions. He died. #HowDidLoyaDie?," Gandhi said on Twitter.
Scooters India gets board nod to hive off non-core land
Scooters India said its board has approved to hive off 89.69 acres of its non-core land, reports PTI. Considering the strategic disinvestment process initiated by the government of India, the board at its meeting held on February 26, 2018, has accorded consent to hive off its 89.69 acres of non-core land, Scooters India said in a filing to BSE. Incorporated in 1972, Scooters India is engaged in designing, developing, manufacturing and marketing a broad spectrum of conventional and non-conventional fuel driven three-wheelers.
Trai to issue direction to Aircel to maintain service quality; to grant codes for port outs
Telecom regulator Trai will soon issue direction to troubled Aircel to keep service quality in check through intra circle roaming pacts, and grant it additional time and porting codes to enable its customers opt out to other networks.
Trai sources told PTI that the company wrote to the regulator late last week saying it is undergoing "deep financial stress" and the recent reports that it may file for bankruptcy have created a "chaotic situation" with its subscribers, distributors and retailers and partners, with whom the company has had a long standing relationship.
Aircel has approached the regulator for extending the validity of additional port out codes to enable subscribers to move on to other networks without changing their number under mobile number portability. Trai is expected to issue suitable direction in the matter shortly asking the company to ensure service quality by improving network and working out roaming pacts - counter measures that have been mentioned by Aircel in its letter. To ensure subscriber convenience, Trai is also likely to grant additional port out codes to Aircel with extended validity of 45 days instead of 15 days, which is the norm.
Replaced CVs under Vehicle Scrappage policy expected to be taxed at 18%
Purchasing new goods’ carrier could soon become cheaper as Union Ministry of Road Transport and Highways is expected to pitch for a lower Goods and Services Tax (GST) rate of 18% under the ‘Scrappage Policy'. Sources from the Ministry told Moneycontrol News’ Nikita Vashisht that the final issue that needs to be ironed out before presenting the policy draft for voluntary vehicle modernisation programme, or simply scrappage policy, relates to levying of a lower GST rate.
“The policy is ready… Only tax rate has to be decided on the replaced commercial vehicle,” a source said, adding, “The government is in talks with the GST Council to reduce rate on the replaced vehicle… (We need to look) whether we can tax them at 18% rather than 28%.” The move could be a breather for commercial vehicle owners who have been requesting for a lower GST rate.
Self-proclaimed bitcoin inventor accused of swindling $5bn of cryptocurrency
Craig Wright, the self-proclaimed inventor of bitcoin, is accused of swindling more than $5 billion worth of cryptocurrency and other assets from the estate of a computer-security expert, reports Bloomberg. Wright, who claimed in 2016 that he created the computer-based currency under the pseudonym Satoshi Nakamoto, allegedly schemed to use phony contracts and signatures to lay claim to bitcoins mined by colleague Dave Kleiman, another cryptocurrency adherent, who died in 2013, according to a lawsuit filed by Kleiman’s brother.
Kleiman’s family contends they own the rights to more than 1 million Bitcoins and blockchain technologies Kleiman mined and developed during his lifetime and that the assets’ value exceeds $5 billion, according to the February 14 filing in federal court in West Palm Beach, Florida. “Craig forged a series of contracts that purported to transfer Dave’s assets to Craig and/or companies controlled by him,’’ lawyers for Kleiman’s family said in the complaint. “Craig backdated these contracts and forged Dave’s signature on them.’’
Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak
Essar Steel auction: Increasing questions on eligibility of bids by ArcelorMittal,Numetal
Ahead of the crucial March 5 meeting between the resolution professional (RP) and Committee of Creditors on Essar Steel’s auction, murmurs of a possible delay in the process are getting louder, reports Moneycontrol News’ Prince Mathews Thomas. This follows increasing correspondence between the bidders and consultancy firm Grant Thornton and legal firm Cyril Amarchand Mangaldas, both of whom are evaluating the bids. The resolution professional has to present the eligible bids to the Committee on March 5. The Committee, which consists of lenders, then approves one of the bids.