Apr 04, 2018 02:51 PM IST | Source: Moneycontrol.com
News Live: Changes to insolvency law to be prospective, says Corp Affairs Secy
This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.
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Changes to insolvency law to be prospective, says Corp Affairs Secy
UN terror list has 139 Pakistan entries including Hafeez Saeed's Lashkar-e-Taiba: report
The UN Security Council's updated list of terrorists and militant groups has 139 entries from Pakistan alone, including outfits like Mumbai attacks mastermind Hafeez Saeed's Lashkar-e-Taiba and Osama bin Laden's heir apparent Ayman al-Zawahiri, the Dawn News reported.
YouTube attacker was vegan activist who accused tech firm of discrimination
US tech CEOs call for stricter gun control after YouTube shooting
Reliance Jio, Bharti plan $6bn war-chest in India telecom fight
BoJ buys record $7.8bn of Japanese ETFs in March
Steve Smith not to challenge ball-tampering sanctions
SFIO awaits MCA nod to investigate ICICI Bank-Videocon case
Radisson Hotel Group to have 200 hotels by 2022, launch two new brands
Amazon may offer to buy Flipkart: report
Investor in Fortis, Rakesh Jhunjhunwala, questions the sanctity of Fortis-Manipal deal
JLR India posts 83% rise in FY18 sales, lines up 10 new products for FY19
Bhushan Steel sale: NCLT adjourns hearing to Apr 5
The National Company Law Tribunal (NCLT) adjourned the hearing to April 5 over sale of debt-ridden firm Bhushan Steel to Tata Steel by the Committee of Creditors (CoC).
I-Sec lists at a discount of 12.7%, Mishra Dhatu at a premium
China vows same strength move against US tariffs
Jet Airways enters into pact for buying 75 B737 planes
Skymet forecasts normal monsoon for India in 2018
Cognizant says ‘operations’ unaffected by tax dispute
Woman opens fire at YouTube HQ, injures 3 before killing self
National Guard part of Trump's Mexico border strategy: White House
Trump says he thinks he could have a good relationship with Putin
US proposes $50bn tariffs on 1,300 Chinese products
In breaking news, China has announced new tariffs of 25% on 106 US products, including soy, cars, whisky and chemicals, impacting imports worth $50bn. China will announce the effective date for the new tariffs at a later time, state broadcaster CCTV said.
Mercedes launches GLS Grand Edition priced at Rs 86.9 lakh
German luxury carmaker Mercedes-Benz launched Grand Edition of its flagship SUV GLS in India with both petrol and diesel powertrains priced at Rs 86.90 lakh, reports PTI. The GLS 350 d comes with a 3-litre V6 diesel engine producing 258 horsepower while GLS 400 features a V6 petrol engine that delivers 333 horsepower.
Changes to insolvency law to be prospective, says Corp Affairs Secy
With a high-level panel suggesting a slew of changes to the insolvency law, Corporate Affairs Secretary Injeti Srinivas said the amendments, as and when implemented, would be prospective in nature. However, he indicated that revised bids which are submitted under the insolvency resolution process after the amendments are in force will have to follow the new requirements.
Here are the top headlines at 2:30 pm from Moneycontrol News' Sakshi Batra
UN terror list has 139 Pakistan entries including Hafeez Saeed's Lashkar-e-Taiba: report
The UN Security Council's updated list of terrorists and militant groups has 139 entries from Pakistan alone, including outfits like Mumbai attacks mastermind Hafeez Saeed's Lashkar-e-Taiba and Osama bin Laden's heir apparent Ayman al-Zawahiri, the Dawn News reported.
YouTube attacker was vegan activist who accused tech firm of discrimination
The woman identified by police as the attacker who wounded three people at YouTube’s headquarters in California was a vegan blogger who accused the video-sharing service of discriminating against her, according to her online profile. Police said 39-year-old Nasim Najafi Aghdam from San Diego was behind Tuesday’s shooting at YouTube’s offices in Silicon Valley, where the company owned by Alphabet’s Google employs nearly 2,000 people, reports Reuters.
US tech CEOs call for stricter gun control after YouTube shooting
Top technology CEOs including Twitter's Jack Dorsey and Uber's Dara Khosrowshahi have called for stricter gun control in the wake of the shooting at YouTube's headquarters that left at least three people injured and the suspect shooter dead, reports CNBC.
Europe markets edge lower amid heightened fears of a trade war
European markets were slightly lower on Wednesday morning, as elevated concerns of a tit-for-tat trade war between the world's biggest economies overshadowed a bounce on Wall Street, reports CNBC.
Reliance Jio, Bharti plan $6bn war-chest in India telecom fight
Companies owned by billionaires Mukesh Ambani and Sunil Bharti Mittal may raise as much as Rs 365 billion ($5.6 billion) selling bonds as the telecom titans build a war chest in what investors hope will be the home stretch in India’s bruising tariff war, reports Bloomberg.
Mittal-controlled Bharti Airtel, which sold its first-ever rupee bond of Rs 30 billion last month, has approval to raise Rs 165 billion, according to a March 12 filing. Reliance Jio Infocomm announced days later that it plans to sell as much as Rs 200 billion of notes, marking the disruptive upstart’s return to the onshore bond market after 20 months.
The fundraising amount - about 78% of the total outstanding bonds of India’s top four telecom firms - signal that the largest carrier and its rival Jio are gearing to roll out next-generation services and manage about Rs 320 billion of debt due in the next five years.
Here are the top headlines at 1 pm from Moneycontrol News' Sakshi Batra
BoJ buys record $7.8bn of Japanese ETFs in March to support market
The Bank of Japan bought the largest amount of exchange-traded funds on record at $7.8bn in March as the central bank supported a market hit by a rising yen and fears of a global trade war, reports Reuters. It was the largest monthly purchase since the central bank started buying ETFs in the end of 2010 as part of its quantitative and qualitative easing program aimed at pulling the economy out of deflation.
Steve Smith not to challenge ball-tampering sanctions
Banned Steve Smith will not challenge the sanctions imposed on him by Cricket Australia for his role in the ball-tampering scandal in South Africa, the former Australian captain said on twitter.
SFIO awaits MCA nod to investigate ICICI Bank-Videocon case
The Serious Fraud Investigation Office (SFIO) is awaiting the Ministry of Corporate Affairs’ (MCA) nod to probe ICICI Bank’s Rs 3,250 crore loan to the Videocon Group in 2012. The agency wants to take up the investigation as ‘the quantum involved is several thousand crores’ and it concerns ‘public money’, a source told Moneycontrol News’ Tarun Sharma.
Radisson Hotel Group to have 200 hotels by 2022, launch two new brands
Radisson Hotel Group, one of India's top three hotel groups, plans to have 200 properties under its fold by 2022, reports Moneycontrol News’ Swaraj Baggonkar. At least 130 hotels will be operational and a further 70 would be under construction in the next five years.
Market awaits cues from monetary policy meet
The market continues to trade in a tight range, with the Nifty hovering around 10,250 levels. Investors are awaiting cues from the two-day monetary policy committee meeting which ends on Thursday and March quarter earnings. Tata Motors remains the top bought stock among the Nifty50 constituents, rising nearly 6% after a positive showing by Jaguar-Land Rover in the US in March.
Vistara gets its 20th aircraft, eligible to start global operations
Vistara said it has received its 20th aircraft, and seventh Airbus A320neo, marking an important timeline in its ambition to begin global operations.
Here are the top headlines at 12 pm from Moneycontrol News' Anchal Pathak
Russia's Putin says Islamic State destroyed in Syria
Russian President Vladimir Putin said that Islamic State had been defeated in Syria, but it retains its destructive potential and can attack countries around the world, Interfax news agency cited him as saying.
Amazon may offer to buy Flipkart: report
Amazon.com may make a rival offer to buy Indian e-commerce firm Flipkart, which is in tie-up talks with Walmart, reports Mint. Sources said Amazon held early exploratory talks to buy control of its Indian rival Flipkart but a deal with Walmart is more likely.
Lok Sabha proceedings disrupted for 20th straight day
Proceedings of the Lok Sabha were disrupted for the 20th consecutive day today due to protests by AIADMK members seeking early constitution of the Cauvery water management board. The House will convene again on Thursday at 11 am.
The market is currently off the day's high in volatile trade. Investors are awaiting cues from the two-day monetary policy committee meeting which ends on Thursday and March quarter earnings.
Investor in Fortis, Rakesh Jhunjhunwala, questions the sanctity of Fortis-Manipal deal
Billionaire investor Rakesh Jhunjhunwala questioned the 'sanctity' of recent merger deal struck between Fortis Healthcare and Manipal Hospitals and said the existing Fortis board is not fit to make the decision. "What is the sanctity of a deal approved by a board of directors appointed by a group of shareholders who are no longer shareholders of the company?" The Economic Times reported.
Capacit'e Infra bags Rs 365.5cr worth orders from Oberoi Realty group
Capacit'e Infraprojects has bagged construction contracts worth Rs 365.50 crore from Oberoi Realty Group entities. The order is for construction of proposed residential rehab and sale of tower worth Rs 145.50 crore and for construction of mixed use development project worth Rs 220 crore.
NBCC to construct bunkers along Indo-Pak border in J&K for Rs 415.73cr
State-owned construction firm NBCC said it has received sanction for the construction of 14,460 bunkers in villages along the Indo-Pak border in Jammu & Kashmir amounting to Rs 415.73 crore.
HRD Ministry to file special petition in SC to undo order on faculty quota
Weeks after announcing a new faculty reservation mechanism for universities, the Centre is preparing to file a special leave petition to undo the move that has sparked a controversy, reports PTI.
JLR India posts 83% rise in FY18 sales, lines up 10 new products for FY19
Tata Motors-owned Jaguar Land Rover said it plans to unveil 10 new products in India in FY19, riding high on 83% jump in sales in the last fiscal. The company completed FY18 with a total sales of 4,609 units against 2,514 units in the previous fiscal.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra