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Mar 16, 2018 12:48 PM IST | Source: Moneycontrol.com
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highlights
Bitcoin's ‘death cross’ looms as strategist eyes $2,800 level
‘Higher recruitment, better compensation in offing this year’
L&T arm bags Rs 2,864cr order for Eastern Dedicated Freight Corridor
Yes Bank sells 2.17% stake in Fortis Healthcare
TDP moves no-confidence motion in Parliament
Edelweiss calls off deal to acquire Religare Securities
Nirav Modi, Mallya, 29 others owe banks Rs 40,000cr
Trai seeks Airtel's reply over complaints of non-reporting, discriminatory tariffs
PNB asks for data info from peer banks, no condition yet on LoUs payout
TDP quits NDA, to move no-confidence motion
Aircraft grounding: IndiGo cancels 488 flights, GoAir 138 in March
Exports in Feb up 4.5% to $25.8bn, trade deficit narrows
ISI still providing covert support to Taliban, says report
Exclusive: Our Essar Steel bid is legit, ready to buy out Rewant Ruia: Numetal
India's GDP could reach $5 trillion by 2025, says Suresh Prabhu
Goa mining ban comes into effect
Rahul Gandhi to present Congress vision doc at plenary session
Bitcoin's ‘death cross’ looms as strategist eyes $2,800 level
Traders who look for future price direction in chart patterns are finding more indicators suggesting the world’s largest digital currency may have further to fall, reports Bloomberg. Bitcoin’s 50-day moving average has dropped to the closest proximity to its 200-day moving average in nine months. Crossing below that level - something it hasn’t done since 2015 - signals fresh weakness to come for technical traders who would dub such a move a ‘death cross.’ Paul Day, a technical analyst and head of futures and options at Market Securities Dubai, said investors should gear up for a 76% tumble from late February highs, which would take Bitcoin to a paltry $2,800, if the downtrend is repeated.
‘Higher recruitment, better compensation in offing this year’
The Indian job market is likely to witness higher recruitment and better compensation this year, as around 60% companies said that they plan to hire in significant numbers this year, says a survey by wisdomjobs.com. Nearly 54% of companies surveyed said that compensation is likely to stay the same while 39% said compensation is likely to grow this year. Less than 5% said that it will see a decline, the report noted.
Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak
As the Indian Science Congress begins, here’s how likely Indian students are to study science.
Rajya Sabha adjourns after brief arguments between Naidu, Congress members
The Rajya Sabha witnessed an abrupt adjournment following a brief argument between Chairman M Venkaiah Naidu and some Congress members soon after the House assembled for the day, reports PTI. After tabling of the listed papers, Naidu expressed his anguish saying the House has not functioned ever since it resumed on March 5 after recess during the Budget session.
Before adjourning the House till 2.30 PM, Naidu said there were larger issues like banking scam, Cauvery river water sharing, demand for a special package to Andhra Pradesh and sealing in the national capital, which were agitating the minds of people and needed to be discussed. He said notices have been given by members on these issues and he has agreed for a discussion on them, but yet the House was not taking up the debate.
Naidu hoped that the House would function normally from next week and have constructive debate. "I am very much pained that the Upper House of Parliament is not able to transact its business for last two weeks.
L&T arm bags Rs 2,864cr order for Eastern Dedicated Freight Corridor
Engineering major Larsen & Toubro (L&T) said its construction has bagged an order worth Rs 2,864 crore from the Dedicated Freight Corridor Corporation of India (DFCCIL) for the Eastern Dedicated Freight Corridor. The railways strategic business unit of L&T Construction's will construct 222 route km of a single-track corridor from Khurja to Pilkhani in Uttar Pradesh.
Yes Bank sells 2.17% stake in Fortis Healthcare
Private sector lender Yes Bank has sold 2.17% stake in Fortis Healthcare, out of the over 17% stake it acquired last month. In a regulatory filing, the bank said it had sold 1.12 crore shares representing 2.17% stake of Fortis Healthcare in the open market between February 23 and March 15.
Yes Bank had acquired 17.31% stake in Fortis Healthcare following invocation of nearly 9 crore pledged shares last month. Subsequently, the stake of promoter firm Fortis Healthcare Holdings along with promoters (Singh brothers) and other family entities have come down to 5.87% from 34.43% earlier.
TDP moves no-confidence motion in Parliament
TDP leader Thota Narasimham moved a no-confidence motion in the Lok Sabha, hours after party president N Chandrababu Naidu announced in Amaravati that the party was exiting the National Democratic Alliance, reports PTI. "We go according to principles. Our leader felt being part of NDA and moving a no-confidence motion would not be ethical. So we withdrew from the NDA and I have issued a letter on no-confidence motion to the speaker at 9.30 am," Narasimham, the TDP's floor leader in the Lok Sabha, said.
Tibet can exist with China like 'European Union', says Dalai Lama
Tibet can exist within China in the same spirit as the European Union sticks together, the territory’s spiritual leader, the Dalai Lama, considered a dangerous separatist by Beijing, told Reuters. He says he only seeks autonomy for his homeland, not outright independence. He has also expressed a desire to return to Tibet.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra
Acceptance of Liberty House bid will violate level-playing field: Tata Steel to NCLT
Tata Steel told the National Company Law Tribunal (NCLT) that acceptance of UK-based Liberty House's bid for Bhushan Power and Steel would amount to violation of the level-playing field in the resolution process, reports PTI. The tribunal was hearing a plea filed by Liberty House challenging rejection of its bid for Bhushan Power on account of late submission.
Edelweiss calls off deal to acquire Religare Securities
Edelweiss Group said it is no longer interested in the acquisition of Religare Enterprises' securities business citing the seller's inability to obtain clearances. "We hereby inform you that due to the seller's inability to obtain the requisite clearances within the agreed timeline, the binding arrangement has come to an end on March 15, 2018," Edelweiss Financial Services said in a regulatory filing to stock exchanges. Edelweiss Group's wealth management unit had in December said it would acquire the Religare Securities business for an undisclosed sum.
Nirav Modi, Mallya, 29 others owe banks Rs 40,000cr
Thirty-one individuals accused of fraud and economic offences have fled the country and collectively owe Rs 40,000 crore to banks and public institutions. A list of fugitives was submitted in the Lok Sabha on Wednesday by the Ministry of External Affairs and includes some well-known names, reports Mint.
Among the prominent names are Vijay Mallya, who owes Rs 9,000 crore to a group of banks; Nirav Modi, his wife Ami, brother Neeshal and uncle Mehul Choksi, named in the Rs 13,600 crore fraud at Punjab National Bank; Jatin Mehta of Winsome Diamonds, who owes Rs 7,000 crore; former Indian Premier League chief Lalit Modi, accused of siphoning off Rs 125 crore from the BCCI; and Sterling Biotech directors Chetan and Nitin Jayantilal Sandesara for alleged bank fraud of Rs 5,000 crore.
Trai seeks Airtel's reply over complaints of non-reporting, discriminatory tariffs
Telecom regulator Trai has sought a reply from Bharti Airtel over complaints that the leading operator allegedly offered discriminatory tariffs and not reported these to the authority. The Telecom Regulatory Authority of India (Trai) in a letter asked Bharti Airtel to explain within 10 days whether the company has indeed offered the tariff plans under question to consumers and in how many service areas. It has also sought details of service area wise launch dates for these tariffs.
Market trivia: Yields on the three-month US treasury bill recently hit 1.7%. And as yields rise, so do short-term rates on consumer and business loans. The last time this happened was back in 2008.
Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak
PNB asks for data info from peer banks, no condition yet on LoUs payout
Punjab National Bank has asked for certain information from peer banks but no condition has been set for payouts related to Letter of Undertakings in the Rs 13,600 crore bank scam, sources told PTI. Bankers said that since the matter is under investigation by the CBI, no final call on LoU payouts can be taken as of now.
"PNB has been calling for certain information from other banks to ascertain if there were any deficiency or laxity on the part of those other banks, if they also had some system lacunae or might have compromised on their system, things like that," a bank official said.
Market trades lower; Nifty below 10,350
The market extends its opening losses amid sluggish global cues and trade war concerns, weighed by oil, financials and technology stocks. The Sensex is down over 100 points and the Nifty is trading below 10,350 levels. Coal India counter is down 6% as the stock goes ex-bonus today.
TDP quits NDA, to move no-confidence motion
The Telugu Desam Party (TDP) formally decided to quit the NDA, days after two of its ministers quit the Narendra Modi government protesting for Special Category Status to Andhra Pradesh. The party will also move a no-confidence motion against the Modi government over the injustice meted out to the state, an official communique said. The TDP politburo unanimously took the decision during a tele-conference with party supremo and Andhra Pradesh Chief Minister N Chandrababu Naidu this morning. The Telugu Desam Parliamentary Party will issue a notice to move the no-trust motion today, it said.
Banks' credit grows at 11.48% to over Rs 83 lakh cr
Banks' credit growth continued to grow by double-digits at 11.48% to Rs 83,48,773 crore in the fortnight ended March 2, according to RBI data. In the period ended March 3, 2017, the advances had stood at Rs 74,88,993 crore. Deposits also grew by 6.6% to Rs 111,87,300 crore from Rs 104,94,242 crore in the same fortnight last year.
Aircraft grounding: IndiGo cancels 488 flights, GoAir 138 in March
Passengers are likely to face harrowing times with IndiGo and GoAir deciding to cancel more than 600 flights this month, of which 488 are by IndiGo alone, following grounding of 11 A320 neo planes with faulty Pratt & Whitney (P&W) engines, reports PTI. The cancellations by the two budget carriers, which operate more than 1,200 flights daily on average, may significantly disrupt the summer schedule.
There was no immediate clarity about the way possible compensation and alternative choices would be made available to the passengers already having tickets. IndiGo, which has the largest share in the domestic aviation market, would be cancelling as many as 488 flights during the period March 15-31. GoAir has decided to cancel a total of 138 flights during March 15 22.
Tata group Chief Ethics Officer Mukund Rajan quits
Tata Sons said its Chief Ethics Officer Mukund Rajan will leave the group to evaluate entrepreneurial pursuits in the coming months. "Dr Rajan and Tata Sons have mutually agreed that Dr Rajan will leave the services of Tata Sons on March 31, 2018," the company said in a statement. Rajan, who was former managing director of Tata Teleservices (Maharashtra), was appointed as group spokesperson and brand custodian in February 2013.
HAL's Rs 4,230cr IPO opens for subscription today
Public sector helicopter-maker Hindustan Aeronautics' Rs 4,230-crore initial public offer, through which government is divesting 10.2% holding, will open for subscription today. The company will also sell 10.2% of its equity through an offer-for-sale route through the IPO and has fixed a price band of Rs 1,215-1,240 a share for the offer that will close on March 20.
PNB scam: Gokulnath Shetty's CBI custody extended till Mar 17
A special court in Mumbai extended till March 17 the CBI custody of former Punjab National Bank DGM Gokulnath Shetty in connection with the multi-crore bank fraud case, reports PTI.
Exports in Feb up 4.5% to $25.8bn, trade deficit narrows
Exports grew 4.5% in February, the lowest expansion in the last four months, to $25.8 billion as shipments of engineering, textiles and gems and jewellery declined while trade deficit narrowed to a five-month low of $12 billion. The trade deficit - the difference between imports and exports - stood at $9.52 billion in February 2017, as per the data released by the Commerce Ministry.
ISI still providing covert support to Taliban, says report
Pakistan's intelligence agency ISI continues to covertly support the Taliban in the border region, The Washington Times claimed. It also provided specific mohallas and neighbourhoods on the Pakistani side that are being used as safe havens by Taliban terrorists. The report alleged that Taliban terrorists from Afghanistan travel freely to a Pakistani army garrison in Quetta where they meet with military and Inter-Services Intelligence (ISI) officials.
Exclusive: Our Essar Steel bid is legit, ready to buy out Rewant Ruia: Numetal
Numetal, an SPV floated by the PE arm of Russian lender VTB Bank and Rewant Ruia, a Ruia family member, has claimed that its bid for Essar Steel has ‘solid legal backing’ and if need be, ‘the other shareholders will buy out Rewant's’ 25% stake in the company. "We have a good bid, our resolution plan is quite attractive. We have addressed the short term challenges, demands of different parties. And in the long run we are building a business that will participate in the growth story of India," Numetal Senior Advisor Antoine Chemali told Moneycontrol News’ Prince Mathews Thomas.
India's GDP could reach $5 trillion by 2025, says Suresh Prabhu
India's GDP could reach $5 trillion in seven years provided there is consistent growth in manufacturing, services and agricultural sectors, Commerce and Industry Minister Suresh Prabhu said. (PTI)