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Mar 21, 2018 03:25 PM IST | Source: Moneycontrol.com
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highlights
Essar Steel auction: Numetal moves NCLT to prove its bid eligible
PNB fraud exclusive: Rs 2,000cr routed back into country via hawala, say ED sources
Fat finger wipes $3bn off Taiwan oil heavyweight
Parliamentary proceedings washed out for 13th day
RCom gets bondholders nod for asset sale to Reliance Jio Infocomm
SC asks Jaypee Associates to submit Rs 200cr, will homebuyers get their money back soon?
Steel tycoon Sanjeev Gupta makes bid for French firm
Warren Buffett, one of the world's wealthiest, reimburses Berkshire Hathaway for postage
H-1B application process to begin from April 2, premium processing suspended
Amazon is 2nd most valuable US-listed co, surpasses Alphabet
WhatsApp co-founder just told followers to delete Facebook
PSBs share to reduce by 30% in 5 years: Uday Kotak
Nirav Modi firms in Surat SEZ diverted duty-free diamonds: DRI
Blackstone co-founder Peter Peterson dies, aged 91
EU to unveil plan to tax turnover of big US tech firms
China trials unmanned tanks with artificial intelligence
Resolution professional alleges fraud by Binani Cement promoters
Trump, deemed 'not above the law,' faces legal storm
Here are the top headlines at 3 pm from Moneycontrol News' Sakshi Batra
China frames rules for foreign payment firms
China’s central bank laid out rules for foreign payment firms that aim to provide electronic payment services there, reports Reuters. Foreign firms will have to obtain licenses beforehand and client data and other information will have to be stored in China.
Triumph launches all-new TIGER 800 bikes range
British superbike maker Triumph Motorcycles has launched the all-new TIGER 800 XCX and XR line-ups in India priced between Rs 11.76 lakh and Rs 13.76 lakh.
Essar Steel auction: Numetal moves NCLT to prove its bid eligible
In a move that will add to the complexity of Essar Steel's auction, Numetal has moved the Ahmedabad bench of the National Company Law Tribunal, seeking declaration that its bid for the stressed steel company is eligible. The development comes at a time when the resolution profession overseeing the auction is meeting Essar Steel's lenders in Mumbai.
Exclusive: Come April, India Inc to pay 50-60% more for insuring employees
From April 1, companies will have to pay 50-60% more for insuring their employees as insurance companies are set to hike premiums on the group cover. Sources told Moneycontrol News' M Saraswathy that this will be passed on to employees since a large proportion of corporates have a co-pay element.
PNB fraud exclusive: Rs 2,000cr routed back into country via hawala, say ED sources
The Enforcement Directorate has evidence suggesting that Gitanjali Gems and Nirav Modi companies routed Rs 2,000 crore back into the country through the hawala route, a senior official told Moneycontrol News’ Tarun Sharma. The agency has also found evidence of inter-state money transfers by one of the biggest hawala operators in the country. This operator was very active in a Mumbai-based steel company whose promoters had siphoned off money, and is being investigated by the ED.
Fat finger wipes $3bn off Taiwan oil heavyweight
An avalanche of apparently mistaken orders at the close knocked Taiwan’s third-biggest stock down almost 10% in minutes, draining $3 billion from its market value, reports Bloomberg. Formosa Petrochemical Corp lurched from around 116 Taiwan dollars to 106 in a cascade of orders that culminated in a 15.2 million-share closing auction - a trade valued at more than $55 million. This stock had averaged about 2.9 million shares of volume for full-day sessions since September.
Market off day's high; Fed meet outcome eyed
The market has lost more than half of its gains as volatility increased ahead of the outcome of Federal Reserve's policy meeting due later today. Globally investors expect a rate hike from the US central bank. Fed Chairman Jerome Powell's commentary on future rate hikes will also be closely watched. The Sensex is up close to 150 points while the Nifty Midcap is off its day's high, trimming gains to 0.15% from a percent.
Ravi Shankar Prasad warns FB of strong action if it sways electoral process
Law Minister Ravi Shankar Prasad warned social media platforms like Facebook of 'strong action' if any attempt was made by them to influence the country's electoral process through undesirable means, reports PTI.
Parliamentary proceedings washed out for 13th day
Parliamentary proceedings were washed out for the 13th consecutive day as members of some parties like the AIADMK and TRS continued with their noisy protests, with the Lok Sabha unable to take up the notices of no-confidence motion against the government for the fourth day, reports PTI.
Here are the top headlines at 2 pm from Moneycontrol News' Anchal Pathak
Coffee Day Enterprises, VG Siddhartha ink pact on voting rights for Mindtree shares
Coffee Day Enterprises has said that its promoter VG Siddhartha will vote ‘alongside and in tandem’ with the company with regard to their shareholding in mid-sized IT company, Mindtree.
Suicide bomber kills at least 26 in Kabul
An explosion rocked Kabul as the Afghan capital celebrated the Nawruz holiday marking the start of the Persian new year. Officials told Reuters that 26 people have died in the blast which was triggered by a suicide bomber.
Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra
Zuckerberg has sold more FB stock in the last 3 months than any other co insider
In the two weeks before Facebook's latest struggles, CEO Mark Zuckerberg sold 1.14 million shares as part of regularly scheduled programs. That was the most insider selling for any public company in the United States, going back as far as three months, according to Argus Research's Vickers Weekly Insider. (CNBC)
Market steady ahead of Fed meet outcome
The market continues to trade higher, though is off the day's high. The Sensex is up around 200 points. Investors await the Fed rate decision due later today. Fed Chairman Jerome Powell's commentary on future rate hikes will also be closely watched. Bharti Airtel is up 4% after Goldman Sachs reiterated its buy rating and add the stock to its conviction list.
Alembic Pharma gets 3 observations from USFDA for Gujarat plant
Alembic Pharmaceuticals said the US health regulator has made three observations after inspecting its formulation facility in Panelav, Gujarat. The company said in a regulatory filing that none of the observations are related to data integrity or repetitive in nature.
Sadbhav Infra bags 2 NHAI projects worth Rs 1,568cr
Sadbhav Infrastructure Project has bagged two road projects worth Rs 1,568 crore from the National Highways Authority of India in Gujarat and Andhra Pradesh. "The company has received letter of award from NHAI for new hybrid annuity project in Andhra Pradesh. Project bid price is Rs 520.3 crore," it said in a BSE filing.
The project is for four lane connectivity to Visakhapatnam Port Road from 0 km to 12.7 km in Andhra Pradesh. In a separate filing, the company said it has received letter of award from NHAI for new hybrid annuity project worth Rs 1,047.62 crore in Gujarat. "The project is for upgradation to four lane with paved shoulder of Bhimasar Junction of NH-41 to Anjar- Bhuj up to Airport Junction from 0 km to 65.478 km of NH-341 in Gujarat," it said.
Ashok Leyland bags TN bus order worth Rs 321cr
Ashok Leyland said it has won an order worth Rs 321 crore for supply of 2,100 buses from The Institute of Road Transport (IRT) in Tamil Nadu. In a BSE filing, it said, "it bagged an order from IRT, Tamil Nadu, for supply of 2,000 passenger chassis and 100 of fully built small buses to various state transport undertakings". The Hinduja Group flagship firm said this order is scheduled to be supplied in the first half of next fiscal.
RCom gets bondholders nod for asset sale to Reliance Jio Infocomm
Reliance Communications (RCom) said its bondholders approved its asset selling plan. Holders of the company’s $300 million bonds have approved the sale of assets to Reliance Jio Infocomm, owned by Mukesh Ambani-led Reliance Industries, and monetisation of other real estate assets, RCom said in a statement.
US slaps anti-dumping duty on Chinese, Indian steel flanges
The Trump Administration has decided to slap an anti-dumping duty on the stainless steel flanges imported from China and India after it found in its preliminary probe that both the countries had provided subsidies to the exporters, reports PTI. The Department of Commerce has found that exporters from China and India have sold stainless steel flanges in the US at 257.11% and 18.1% to 145.25% less than the fair value, respectively, according to an official statement.
India Inc concerned about rising protectionism: HSBC
Firms in India are most concerned about rising protectionism across the world, which in turn is affecting cost of cross-border trade and international business, a survey by HSBC has found. Other regions where the sentiment is strongest among companies are MENA (70%) and Asia Pacific (68%). In the US, 61% believe protectionism is on the rise, while in Europe, half (50%) are seeing a rise in protectionist tendencies.
Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak
SC asks Jaypee Associates to submit Rs 200cr, will homebuyers get their money back soon?
The Supreme Court pulled up Jaypee Associates asking the company to deposit Rs 200 crore in two equal instalments before the apex court’s registry by April 15 and May 10, reports Moneycontrol's Vandana Ramnani. The court has further listed the matter for hearing on April 16. Whether JAL complies with the first installment order will be key to distribution of funds to homebuyers who have purchased flats in the company's Noida projects. The court has also asked the resolution professional not to finalise the resolution plan without it's approval.
Market off the day's high; midcaps holds gains
The market continues to trade strong but is slightly off the day's high, with the Sensex rising more than 200 points and the Nifty hovering around 10,200 levels. All eyes are on the outcome of US Federal Reserve meeting due later today. The street is expecting a rate hike. Investors will also be closely eyeing Fed Chairman Jerome Powell's commentary on future rate hikes. Midcaps continue to hold on morning gains, with the Nifty Midcap rising a percent.
Steel tycoon Sanjeev Gupta makes bid for French firm
British-Indian steel tycoon Sanjeev Gupta has made a formal bid to acquire an aluminium wheels company from a French manufacturer, reports PTI. Gupta's global industrial group, GFG Alliance, submitted the bid to the court administrators for AR Industries (ARI) at Chateauroux in the Centre-Val de Loire region of France.
If GFG Alliance is successful in its bid, it could help save nearly 400 jobs as part of a plan to rescue and revive ARI, the only French manufacturer of aluminium wheels. The offer was made by GFG Alliance member, Liberty Group, which is also currently in the process of acquiring Aluminium Dunkerque, Europe's largest aluminium smelter from Rio Tinto as part of a drive to establish France as a major operating hub for the group.
Warren Buffett, one of the world's wealthiest, reimburses Berkshire Hathaway for postage
Warren Buffett has told Berkshire Hathaway that he does not want an increase in compensation. "Due to Mr Buffett's desire that his compensation remain unchanged, the Committee has not proposed an increase in compensation," Berkshire Hathaway said in a securities filing. Buffett’s for Berkshire does not end with his salary. The filing also reveals he gave $50,000 last year to the company for the reimbursement of personal expenses such as postage and phone calls. (CNBC)
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra