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Mar 06, 2018 11:45 AM IST | Source: Moneycontrol.com
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highlights
SC refuses Karti Chidambaram protection from arrest in INX Media case
SFIO summons Chanda Kochhar, Shikha Sharma in PNB fraud case
Conrad Sangma takes oath as Meghalaya CM
CBI detains Gitanjali Group VP in PNB fraud case
10 stocks saw MFs raise stakes for 8 quarters in a row, deliver 200% returns
Crisil sees FY19 GDP at 7.5% on global growth, domestic demand
RBI to inject additional liquidity of Rs 1 lakh crore in March
Trump says he may travel to Israel for embassy opening
Efforts to stitch non-Congress, non-BJP front appear to be gaining momentum
PNB fraud going on since 2010: CBI tells court
Manohar Parrikar may head to the US today for treatment
Chidambaram passed order on Lok Sabha result day to benefit pvt firms, says BJP
Trump denies backing off on decision to impose tariffs
Govt says China building helipads, other infra in Doklam area
SC refuses Karti Chidambaram protection from arrest in INX Media case
The Supreme Court has refused to grant Karti Chidambaram interim protection from arrest by the Enforcement Directorate in alleged money laundering case related to INX Media, reports PTI. The court has sought ED’s response on Karti Chidambaram's fresh plea seeking protection from arrest. It has listed the matter for March 8. The Central Bureau of Investigation told the apex court it will seek extension of Chidambaram's custody before the trial court today.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra
First oil, now gas: India starts importing LNG from US
After crude oil, India today began importing natural gas from the US, with the first shipment of LNG under a 20-year deal being flagged off from Louisiana, reports PTI. State-owned gas utility GAIL India has contracted 3.5 million tonne per annum of liquefied natural gas (LNG) from Cheniere Energy's Sabine Pass liquefaction facility in Louisiana.
Mehul Choksi, Nirav Modi diverted funds to overseas firms: ED
The Enforcement Directorate has found evidence that Mehul Choksi and Nirav Modi diverted funds from the Rs 12,700-crore PNB fraud to related companies, reports Moneycontrol News’ Tarun Sharma. The ED has also traced some of the funds being routed back to the banks for re-issuing letter of undertaking, or LoU.
SFIO summons Chanda Kochhar, Shikha Sharma in PNB fraud case
Serious Fraud Investigation Office (SFIO) summons ICICI Bank Managing Director and CEO Chanda Kochhar and Axis Bank MD Shikha Sharma in the Rs 12,700 crore Punjab National Bank fraud case, reports CNN-News18.
Conrad Sangma takes oath as Meghalaya CM
National People's Party president Conrad Sangma was today sworn in as Meghalaya Chief Minister by Governor Ganga Prasad in Shillong. The governor also administered the oath of office to 11 ministers at the Raj Bhavan, reports PTI.
Union Home Minister Rajnath Singh, BJP president Amit Shah, Manipur Chief Minister N Biren Singh and BJP national spokesperson Nalin Kohli were present at the swearing-in ceremony. Sangma is currently a Lok Sabha MP from Tura constituency.
The NPP president had met the governor on Sunday and staked claim to form the government with the support of 34 MLAs in the 60-member assembly. Sangma claimed he had the support of 19 MLAs of the NPP, six of the United Democratic Party (UDP), four of the People's Democratic Front (PDF), two each of the Hill State People's Democratic Party (HSPDP) and the BJP and an Independent.
CBI detains Gitanjali Group VP in PNB fraud case
The Central Bureau of Investigation (CBI) detained Vipul Chitalia, the Vice President of Gitanjali Group of Companies, as a part of its probe into the multi-crore Punjab National Bank (PNB) fraud, reports PTI. Chitalia was apprehended at Mumbai airport and brought to the CBI office at the Bandra-Kurla Complex here for questioning, officials said, but did not divulge any other details about Chitalia's alleged role in the PNB fraud.
Gitanjali Gems falls 5%, hits fresh 52-week low
Shares of Gitanjali Gems cracked another 5% in morning trade on the bourses after CBI said that the PNB fraud was going on since 2010. The CBI on Monday said violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010.
Reacting to the development, Gitanjali Gems stock slumped 5%, to hit its fresh 52-week low of Rs 18.35 on BSE. This is the 14th straight session of fall for the stock. It has lost as much as 75% since February 14, the day the PNB fraud came to light. On the NSE, the stock fell to a 52-week low of Rs 18.30.
In this March 5 photo, provided by the North Korean government on March 6, North Korean leader Kim Jong Un, centre right in the background, and his wife Ri Sol Ju, centre left in the background, meet members of South Korean delegation headed by National Security Director Chung Eui-yong, right in the background, in Pyongyang. AP
Rajnath speaks to Tripura Guv & DGP; asks to check violence
Amid reports of sporadic violence in Tripura, Home Minister Rajnath Singh spoke to the state governor and the DGP and asked them to ensure peace till a new government is installed, reports PTI. During telephonic calls, Governor Tathagata Roy and DGP AK Shukla apprised the Union home minister about the prevailing situation in Tripura and steps taken to control the violence, which erupted following the BJP-IPFT alliances victory over the CPI-M, ousting the Manik Sarkar led government in the just concluded Assembly elections. There have been reports of sporadic violence and clashes between rival political groups in different parts of Tripura after the election results were declared on Saturday. A statue of Left icon Lenin was also demolished at Belonia town in South Tripura on Monday with the help of a bulldozer.
Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak
10 stocks saw MFs raise stakes for 8 quarters in a row, deliver 200% returns
Mutual funds have raised their stakes in at least 10 small and midcap stocks for eight consecutive quarters on the trot, data compiled from database Capitaline showed. The stocks have risen up to 200% during the said period. These include Tata Chemicals, India Cements, Carborundum Universal, Oriental Carbon Chemicals, JK Cements, Deccan Cements, VST Industries, GHCL, Symphony and Entertainment Network.
Market rebounds on positive global cues
The market has rebounded after four-days of losses, with the Sensex rising over 200 points and the Nifty trading above the 10,400 mark on positive global cues. Asian markets traded strong, tracking gains in the US, as concerns over a potential trade war faded. All sectoral indices are in the green, with Metal index rising 2%.
Offshore India funds, ETFs register $1.1bn inflow in Jan
India-focused offshore funds as well as Exchange Traded Funds (ETFs) witnessed a net inflow of $1.1 billion (over Rs 7,100 crore) in January, making it the highest inflow in 10 months, according to a report by Morningstar. This comes on the back of an inflow of $6.5 billion in these funds in 2017.
Infosys grants 19.3 lakh stock units to Parekh, other key officials
Infosys has granted 1.13 lakh restricted stock units (RSUs) to its new chief executive, Salil Parekh. In all, it has given 19.3 lakh RSUs to its senior executives and other employees. Other members of the leadership team including CFO, MD Ranganath, Presidents Ravi Kumar S and Mohit Joshi have also been given stock units.
Of the total 1.13 lakh RSUs given to Parekh, 84,768 RSUs will vest over a period of two years (one-time grant), while the remaining 28,256 units will vest over three years (annual grants), Infosys said in a BSE filing. The date of grant for these stock incentives is February 27, 2018 and the exercise price will be the par value of shares, the filing pointed out.
Ranganath, Kumar and Joshi were each granted 66,850 RSUs, while Human Resources Head Krishnamurthy Shankar was given 12,400 units that will vest over a period of four years. Company secretary AGS Manikantha has been given 2,000 RSUs. The other ‘eligible employees’ have been given over 16.02 lakh RSUs, the company said.
Airtel, Idea approach TDSAT against Trai's predatory pricing norms
The telecom tribunal has granted Trai three weeks to file its reply in a petition by Bharti Airtel and Idea Cellular challenging the regulator's latest order on predatory pricing but did not stay the contentious decision, reports PTI. Trai's predatory pricing rules have sparked off a furore in the industry with the older and established telecom carriers as well as industry body COAI slamming the new norms.
The Cellular Operators' Association of India (COAI) has indicated that the regulation favours Reliance Jio, and that the order has distorted the market, placing all other operators at a ‘serious disadvantage’. In its petition to the Telecom Dispute Settlement and Appellate Tribunal (TDSAT), Bharti Airtel said the tariff order "virtually permits a telecom service provider who is an effective significant market player to indulge in predatory pricing to the severe detriment of the appellants and the other operators".
"Thus, if the impugned tariff order is not stayed then it will cause severe detriment to the appellants as it will have no means to meet the predatory pricing and consequent loss of subscribers and business by another telecom service provider," Airtel said seeking a stay on Trai's latest order. Airtel further argued that not staying the order would also "hamper consumer interest as they will be deprived of discounts and offers".
IndusInd Bank has invoked six crore pledged shares of Jaypee Infratech.
Crisil sees FY19 GDP at 7.5% on global growth, domestic demand
Rating agency Crisil sees the Indian economy growing up to 7.5% in FY19, supported by domestic consumption, policy push, and synchronised global growth. "The key engines supporting the upturn are largely domestic and policy-driven, though a synchronous upturn in global growth will provide some tailwind. The upturn in growth will be aided partly by the low-base effect," it said in a report. The report has identified four thrust vectors - resolution of stressed assets in banking, rural rejuvenation, relentless implementation of reforms and rising global growth, that will determine the extent of pick-up and its sustainability.
Highways projects worth Rs 4.32 lakh cr under implementation
The government is currently implementing 1,470 highway projects entailing an investment to the tune of Rs 4.32 lakh crore across the country, Parliament was informed on Monday. "Fourteen hundred seventy projects amounting to Rs 4,32,538 crore having length of 44,108 km are ongoing," Road, Transport and Highways Minister Nitin Gadkari told Rajya Sabha in a written reply. He said, of these, 343 projects are pending. The projects are likely to be completed by December 2020, Gadkari said.
HDFC raises Rs 1,894cr via QIP to global investors
Housing finance major HDFC has raised Rs 1,893.92 crore through an issue of shares to global institutional investors. The board has approved and declared closure of the qualified institutional placement (QIP) issue, HDFC said in a filing to stock exchanges. It also determined and approved issue of 1.03 crore shares of face value Rs 2 each at an issue price of Rs 1,825 including a share premium of Rs 1,823 per unit to be allotted to eligible investors, it said.
RBI to inject additional liquidity of Rs 1 lakh crore in March
The Reserve Bank said it will inject additional liquidity of Rs 1 lakh crore in banks through longer tenor instruments to enable flexibility towards meeting their funding needs. The RBI said in order to address additional demand for liquidity and with a view to provide flexibility to the banking system in its liquidity management towards March-end, "it is prepared to inject adequate additional liquidity using a combination of appropriate instruments." This will be in addition to normal Liquidity Adjustment Facility operations. The RBI will conduct four variable rate term repo auctions of Rs 25,000 crore each in March.
Trump says he may travel to Israel for embassy opening
US President Donald Trump said he might travel to Israel for the opening of the US embassy in Jerusalem, reports Reuters. Trump’s decision for the United States to recognise Jerusalem as the capital of Israel and move the embassy there from Tel Aviv reversed decades of US policy, aggravated Arab allies and has complicated his administration’s attempt to revive long-stalled West Asian peace talks. Trump said he was considering making what would be his second visit to Jerusalem as president. The opening of the US embassy is planned for May.
Efforts to stitch non-Congress, non-BJP front appear to be gaining momentum
Efforts to stich a non-Congress, non-BJP front appeared to be gaining momentum with Trinamool Congress Chief Mamata Banerjee reaching out to the DMK. This even as Telangana Chief Minister K Chandrasekhar Rao continued to receive support for such a proposal, reports PTI.
Former Chhattisgarh Chief Minister Ajit Jogi spoke to Rao over the phone on Monday and expressed support for the plan to float a Third Front-like formation, the Telangana Chief Minister's office said. Rao, the leader of Telangana Rashtra Samiti (TRS), had said two days ago that he was keen to engage himself in national politics to bring about a ‘change’ and was in talks with others to form a platform of like-minded parties.
Several leaders, including West Bengal Chief Minister Mamata Banerjee, AIMIM chief Asaduddin Owaisi, former Jharkhand Chief Minister Hemant Soren of the Jharkhand Mukti Morcha and two MPs from Maharashtra, have extended support to Rao's proposal.
PNB fraud going on since 2010: CBI tells court
Violation of norms for issuance of Letters of Undertaking (LoUs) to benefit billionaire jeweller Nirav Modi and his uncle Mehul Choksi had been going on since 2010, the Central Bureau of Investigation told the court. The agency explained the modus operandi involved in the alleged Rs 12,636-crore Punjab National Bank (PNB) fraud before the special CBI court. A LoU would be issued to one of the firms of Modi and Choksi, and after the money was credited to the applicants' account, a new LoU would be obtained to ‘adjust’ the earlier one, the CBI lawyer said.
Manohar Parrikar may head to the US today for treatment
Goa Chief Minister Manohar Parrikar was hospitalised in Mumbai’s Lilavati hospital on Monday for the next course of his treatment, 11 days after being discharged following treatment for a pancreatic ailment, reports PTI. "On Monday, the chief minister travelled to Mumbai for a medical check-up and based on the doctor's advice may travel overseas for further treatment," the Chief Minister's Office said in a statement. He is likely to be shifted to the US for further treatment by today evening, sources said.
Chidambaram passed order on Lok Sabha result day to benefit pvt firms, says BJP
The BJP sought to corner former Finance Minister P Chidambaram, alleging that he granted seven private firms, including scam-accused Gitanjali Gems, gold import benefits on the day of counting of 2014 Lok Sabha poll votes and asked the Congress how much "cut" was given to whom for the decision.
Senior party leader and Law Minister Ravi Shankar Prasad alleged that the then Congress-led UPA government ‘destroyed’ the economy by not letting the real stressed assets get reflected in banks' books and said total advances given by banks in the last six years of its rule rose to Rs 52.15 lakh crore from Rs 18.06 lakh crore in 2008.
N Korea's Kim, Seoul envoys discuss easing tensions
North Korean leader Kim Jong Un discussed ways to ease tensions on the peninsula with visiting South Korean envoys, the state KCNA news agency reported. Kim ‘warmly welcomed’ the South Korean officials, who handed over a letter from President Moon Jae-in.
"Hearing the intention of President Moon Jae In for a summit from the special envoy of the south side, he exchanged views and made a satisfactory agreement," the Korean Central News Agency said. "He also made an exchange of in-depth views on the issues for easing the acute military tensions on the Korean Peninsula and activating the versatile dialogue, contact, cooperation and exchange," it reported.
Trump denies backing off on decision to impose tariffs
US President Donald Trump denied ‘backing down’ on his decision to impose a 25% import duty on steel and another 10% on aluminium, reports PTI. "No, we're not backing down," Trump said when asked about his earlier tweet in which he said tariffs on steel and aluminium will only be halted if a ‘new and fair’ North American Free Trade Agreement (NAFTA) is signed.
Govt says China building helipads, other infra in Doklam area
Indian and Chinese troops have "redeployed" themselves away from the face-off site in Doklam, and China has undertaken construction of helipads, sentry posts and trenches for its army personnel there, Defence Minister Nirmala Sitharaman told the Rajya Sabha. "In order to maintain these troops during the winter, People's Liberation Army (PLA) has undertaken construction of some infrastructure, including sentry posts, trenches and helipads," she said. Sitharaman's reply came in response to a question on whether satellite images have revealed that China has constructed seven helipads in Doklam besides deploying tanks and missiles in the area. (Picture courtesy: PTI)