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Mar 21, 2018 12:26 PM IST | Source: Moneycontrol.com
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highlights
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
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.
Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak
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
H-1B application process to begin from April 2, premium processing suspended
Petitions for H1-B visas, popular among Indian IT professionals, will be accepted from April 2, reports PTI. The US Citizenship and Immigration Services (USCIS) also announced the suspension of premium processing of all H-1B petitions which are subject to annual caps. The H1B visa is a non-immigrant visa that allows US companies to employ foreign workers in speciality occupations that require theoretical or technical expertise.
US unafraid of trade war after G20 meet
The United States is not seeking a trade war over tariffs but does not fear one, Treasury Secretary Steven Mnuchin said after a meeting of G20 finance ministers. A trade war "is not our goal, but we are not afraid of it," Mnuchin told AFP.
Myanmar President Htin Kyaw resigns
Myanmar's president and Aung San Suu Kyi's right-hand man Htin Kyaw stepped down after two years in the position, his office said. "Myanmar President U Htin Kyaw resigned on March 21, 2018," a statement on the president's official Facebook page said, adding that a new leader would be selected "within seven working days".
Amazon is 2nd most valuable US-listed co, surpasses Alphabet
Amazon.com became the second most valuable publicly listed US company on Tuesday, surpassing Google parent Alphabet for the first time. Amazon shares finished up 2.69% at $1,586.51, for a market capitalisation of $768 billion, underscoring Wall Street’s confidence in its relentless expansion into cloud computing, groceries and other new businesses, reports Reuters. Alphabet lost 0.39%, trimming its stock market value to $762 billion, as the Street fretted about regulatory fallout following revelations that a political consulting firm had improperly obtained personal data on 50 million Facebook users.
China Jan-Feb fiscal rev up 15.8% YoY
China’s fiscal revenue surged 15.8% in the first two months of this year from a year earlier, the Finance Ministry said in a statement. Government spending for the Jan-Feb period rose 16.7% on-year, it stated.
WhatsApp co-founder just told followers to delete Facebook
Amid the turmoil of the Cambridge Analytica data scandal, WhatsApp co-founder Brian Acton told his Twitter followers to delete Facebook, reports CNBC. "It is time. #deletefacebook," he wrote on the social media platform.
Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak
On World Puppetry Day here is a map depicting the popular version of puppetry from all over India.
Uday Kotak calls on govt to set up a committee on ownership, governance and risks
Billionaire banker Uday Kotak has suggested that the government must set up a full-fledged committee with significant analysis in three areas of ownership, governance and risks to tackle the current banking system woes. In an exclusive chat with Moneycontrol News’ Beena Parmar, Kotak said that as underwriters of risks, bankers must share the blame for the PNB scam.
Bitcoin spikes after G-20 expresses no desire for crypto oversight
Bitcoin is rallying after the Group of 20 nations steered clear of calling for a coordinated clampdown on the cryptocurrency market. It jumped as much as 5.5% to $8,889 after hovering between 8,400 and 8,600 for the past day. While the G-20 highlighted the rising risk of cryptocurrencies, traders are relieved the ministers didn’t call for tighter regulation, according to John Spallanzani, a portfolio manager at Miller Value Partners, told Bloomberg.
Market trades strong; Nifty eyes 10,200
The market is trading sharply higher, tracking positive cues from global peers ahead of 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.
The Sensex is up more than 200 points and the Nifty is inching towards 10,200 levels, led by banks and Reliance Industries. Midcaps outshine frontliners, with the Nifty Midcap index rising nearly a percent.
Cipla gets USFDA observations for its Goa plant
Cipla said it has received observations from the US health regulator for its Goa plant which are procedural in nature. The United States Food and Drug Administration had conducted a product specific pre-approval inspection at company's Goa plant in January 2018, Cipla said in a BSE filing. At this stage, it does not foresee any impact on the other products being manufactured/filed from the plant. "Post this inspection, we have received 2 product approvals from the plant," it added.
PSBs share to reduce by 30% in 5 years: Uday Kotak
Uday Kotak, Managing Director of Kotak Mahindra Bank, sees the share of public sector banks reducing by 30% in the next five years. He said banks will have to improve their underwriting standards to stay relevant.
Nilekani Nilekani bats for PSB privatisation in taxpayers interest
Infosys Chairman and Unique ID project architect Nandan Nilekani said the ‘original rationale’ for bank nationalisation has ceased to exist. He feels privatisation is the way forward for public sector lenders, citing taxpayers' interest, reports PTI.
DRI books Nirav Modi for allegedly diverting Rs 890cr from SEZ units to domestic market
Goods worth nearly Rs 890 crore, involving customs duty of around Rs 52 crore, may have been diverted by the SEZ-based units of the Nirav Modi Group of companies to the domestic market, the Directorate of Revenue Intelligence (DRI) said in a statement.
ICICI Bank raises Rs 4,000cr via bonds
ICICI Bank said it has raised Rs 4,000 crore from bonds to fund growth. "The Committee of Executive Directors of the bank has approved the allotment of 40,000 Basel III compliant unsecured subordinated perpetual Additional Tier I bonds in the nature of debentures aggregating Rs 4,000 crore on private placement basis," it said in a regulatory filing to stock exchanges. "The notes carry a coupon of 9.15% payable annually and were issued at par," it said.
Blackstone co-founder Peter Peterson dies, aged 91
Billionaire Wall Street financier Peter Peterson, who co-founded private equity firm Blackstone Group and served as US President Richard Nixon’s commerce secretary, died on Tuesday of natural causes, his family said. He was 91. (Reuters)
EU to unveil plan to tax turnover of big US tech firms
The European Commission will propose rules designed to make digital companies pay their fair share of tax and is set to hit US tech giants such as Google and Facebook. The Commission is expected to propose that companies with significant digital revenues in Europe pay a 3% tax on their turnover, according to a draft seen by Reuters.
China trials unmanned tanks with artificial intelligence
China is testing unmanned tanks which could be equipped with artificial intelligence, state-run newspaper Global Times reported.
Resolution professional alleges fraud by Binani Cement promoters
The resolution professional overseeing the auction of Binani Cement has alleged fraudulent transactions by promoters of the company. In an application filed in the National Company Law Tribunal on March 12, Vijaykumar Iyer said a forensic consultant was appointed in November to review some of the transaction by Binani Cement. He has alleged that the promoters diverted funds that affected the company's working capital provisions.