Apr 06, 2018 11:58 AM IST | Source: Moneycontrol.com
News Live: Dr Lal Pathlabs eyes buyouts in West, South India
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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Exclusive: Dr Lal Pathlabs eyes buyouts in West, South India
1.5bn sensitive documents on open internet, says researchers
Salman Khan bail appeal reserved for Saturday
Binani Industries files application to terminate insolvency proceedings of Binani Cement
Binani Industries said it has filed application for termination of insolvency resolution process of its debt-ridden subsidiary Binani Cement, reports PTI.
HCL Technologies acquires C3i Solutions for $60m
No jobs, no vote, Rajasthan town warns Modi ahead of 2019 polls
Exclusive: Govt likely to push mega PSU insurers' merger to next year
SFIO receives plaint against L&T, co rubbishes it as baseless
Arvind to demerge and list engineering, apparel businesses by Sept: Kulin Lalbhai
IndiGo says to opt out of race to acquire Air India
Salary breakup, GST ID to be furnished in new ITR forms
China launches WTO challenge against US intellectual property tariffs
Numetal, ArcelorMittal rightly disqualified: Essar Steel RP
Japan household spending posts biggest drop in nearly a year as wages fall
J&J loses trial over claims linking cancer to asbestos in talc
US willing to talk trade with China, no session set yet
Trade fight mounts as Trump threatens $100bn more in China tariffs
Exclusive: Dr Lal Pathlabs eyes buyouts in West, South India
Dr Lal Pathlabs, the country’s largest diagnostic chain, said it is actively scouting for acquisitions as it plans to expand outside its stronghold of North India, reports Moneycontrol News’ Viswanath Pilla. The company is sitting on a cash pile of Rs 500 crore and since its growth is plateauing, investors want it to move beyond the North. It is looking at buyouts in West and South India where it is marginal player.
Market rangebound, pharma outperforms
The market continues to consolidate as investors after digesting the Reserve Bank’s policy await corporate earnings that will start from next week. Pharma stocks outperformed, with the Nifty Pharma index rising a percent led by Lupin stock that has gained 4% after receiving an establishment inspection report for Pithampur unit from the US drug regulator.
1.5bn sensitive documents on open internet, says researchers
Some 1.5 billion sensitive online files, from pay stubs to medical scans to patent applications, are visible on the open internet, reports PTI. Researchers from the cybersecurity firm Digital Shadows said a scanning tool used in the first three months of 2018 found mountains of private data online from people and companies across the world. The unprotected data amounted to some 12 petabytes, or four thousand times larger than the ‘Panama Papers’ document trove which exposed potential corruption in dozens of countries.
Salman Khan bail appeal reserved for Saturday
Actor Salman Khan's bail appeal has been reserved for 10:30 am on Saturday. This means the actor will have to spend another night in jail.
Binani Industries files application to terminate insolvency proceedings of Binani Cement
Binani Industries said it has filed application for termination of insolvency resolution process of its debt-ridden subsidiary Binani Cement, reports PTI.
Here are the top headlines at 11 am from Moneycontrol News' Sakshi Batra
Samsung Electronics flags record $14.7bn Q1 operating profit
Samsung Electronics flagged a first-quarter operating profit of 15.6 trillion won ($14.7 billion), a record for any three-month period, as it benefited from soaring demand for its memory chips for mobile devices, reports AFP. Sales for January to March are expected to reach 60 trillion won.
HCL Technologies acquires C3i Solutions for $60m
Software services firm HCL Technologies has acquired C3i Solutions for $60 million, a move aimed at accelerating the Indian IT firm's growth in life sciences and consumer services. C3i Solutions is a wholly owned, independently operated subsidiary of Merck & Co. It provides multi-channel customer engagement services for life sciences and consumer packaged goods industries.
No jobs, no vote, Rajasthan town warns Modi ahead of 2019 polls
Prime Minister Narendra Modi’s failure to create tens of millions of jobs for the country’s youth - a promise which helped him secure the largest mandate in three decades in 2014 - would be the biggest threat to his bid for another term in a general election due by May, 2019, reports Reuters. That seems the case in Kasba Bonli, a market town in Rajasthan state on the edge of sprawling wheat fields, which voted overwhelmingly for Modi’s Bharatiya Janata Party (BJP) at assembly elections in 2013 and the general election in 2014.
Exclusive: Govt likely to push mega PSU insurers' merger to next year
The much-touted merger of the three public sector general insurance companies - National Insurance, Oriental Insurance and United India Insurance - has been pushed to FY20, reports Moneycontrol News’ M Saraswathy. Sources said companies will function as separate entities this financial year and the merger will be implemented from the next financial year as the timeline for the process has been extended.
Here are the top headlines at 10 am from Moneycontrol News' Anchal Pathak
Market consolidates after Thursday's sharp rally
The market is trading mildly lower amid consolidation, with the Nifty hovering around 10,300 levels following muted Asian cues. The Sobha stock zooms 9% on strong sales growth in the March quarter as well as FY18 The trend among sectors is also mixed, with Nifty PSU Bank index falling over a percent after an alleged banking fraud was unearthed in Diamond Power Infrastructure to the tune of Rs 2,654 crore.
SFIO receives plaint against L&T, co rubbishes it as baseless
The Serious Fraud Investigation Office (SFIO) has received a complaint against Larsen & Toubro alleging ‘thousands of crores’ of financial irregularities, including money laundering and tax evasion, a charge that the infrastructure giant rubbished as ‘baseless’, reports PTI. Acting on the complaint received, SFIO's Mumbai regional office has written to the head-office here stating that it ‘is a fit case to be investigated’ as it will “help in unearthing wrong doings of L&T group, in terms of misappropriation of money, money laundering and tax evasion"
Arvind to demerge and list engineering, apparel businesses by Sept: Kulin Lalbhai
Arvind will demerge, and list, its apparel and engineering businesses by September, as the textile major presses the accelerator on its ambitious target to reach a topline of Rs 20,000 crore, from the present Rs 11,000 crore, in 4-5 years. The demerger, Arvind’s Executive Director Kulin Lalbhai hopes, will ‘unleash the animal spirit’ in these units. “We believe our growth rates will move from 5-6% today, to 10-12% on our Rs 11,000-crore aggregate topline,” Lalbhai said in an interview to Moneycontrol News’ Prince Mathews Thomas.
IndiGo says to opt out of race to acquire Air India
Interglobe Aviation, which operates under the IndiGo brand, said it was opting out of a race to acquire state-run Air India as the terms set by the government would not suit it, reports Reuters.
Salary breakup, GST ID to be furnished in new ITR forms
The new Income Tax Return (ITR) forms for the assessment year 2018-19 mandates salaried class assessees to provide their salary breakup and businessmen their GST number and turnover. All the seven ITRs are to be filed electronically except for some category of taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement.
The most basic - ITR-1 or Sahaj - is to be filled by the salaried class of taxpayers. The form this time seeks an assessees salary details in separate fields and in a breakup format such as allowances that are not exempt, value of perquisites, profit in lieu of salary and deductions claimed under section 16.
China launches WTO challenge against US intellectual property tariffs
China has launched a World Trade Organisation challenge against Washington's proposal to slap $50 billion in tariffs on Chinese imports over Beijing's alleged theft of intellectual property and technology, reports AFP.
Numetal, ArcelorMittal rightly disqualified: Essar Steel RP
The resolution professional handling the Essar Steel case informed the NCLT that Numetal and ArcelorMittal were rightly disqualified from the bidding to acquire the steel firm, even as bankers said the law permits them to invite more bids to get the best price, reports PTI.
Japan household spending posts biggest drop in nearly a year as wages fall
Japan’s household spending suffered the biggest annual decline in nearly a year in February as inflation-adjusted wages continued to fall, suggesting the economy’s longest run of growth since the 1980s asset bubble has peaked, reports Reuters. Household spending fell 0.9% in February from a year earlier, government data showed.
J&J loses trial over claims linking cancer to asbestos in talc
Johnson & Johnson suffered its first trial loss in a lawsuit claiming its talc-based products including Johnson’s Baby Powder contain cancer-causing asbestos, with a New Jersey jury ordering J&J and another company to pay $37 million in damages, reports Reuters. The verdict of liability in Middlesex County Superior Court in New Brunswick came as J&J fights thousands of cases claiming its talc products can also cause ovarian cancer.
BlackRock to offer gun-free investment strategies, ETFs
BlackRock, the world’s largest asset manager, said it will offer new investment strategies and exchange-traded funds that exclude civilian firearms producers and retailers, following through on plans it outlined last month after a Florida high school massacre, reports Reuters.
US fund investors pull $11.6bn from stocks in week: Lipper
Investors pulled $11.6 billion from US-based equity funds during the latest week, marking the third straight week of withdrawals for those products, Lipper data showed. Taxable bond funds attracted $3.5 billion during the week ended Wednesday.