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News highlights of the day: Honda recalling 900,000 minivans because seats may tip forward

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.

November 18, 2017 / 10:14 pm IST

Top Headlines:
1. L&T construction bags Rs 8,650cr order to build Mumbai Trans Harbour Link
2. Eris Lifesciences buys Strides Shasun's India branded biz for Rs 500cr
3. IndusInd Bank, Yes Bank to join BSE Sensex; Cipla, Lupin exit
4. NRIs, PIOs don't need to link bank account, PAN with Aadhaar, says UIDAI
5. Manmohan Singh says economy not out of the woods despite Moody's rating upgrade
6. India's Manushi Chhillar is Miss World 20177. Hinduja Group co-chairman GP Hinduja says policy implementation in India lacks speed

22:12 That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

22:02 L&T's Naik is original Make-in-India man: Mukesh Ambani
Describing Larsen & Toubro's non-executive Chairman AM Naik as a man with great vision, Reliance Industries Chairman Mukesh Ambani said he is the first and the "original Make-in-India man", reports PTI. "My association with Naik goes back to 35 years, when I saw him as a young engineer and that was in 1983-84. At that time, he was the original Make-in-India man," Ambani said at the launch of Naik's biography titled 'The Nationalist' in Mumbai on Saturday evening.

The book, authored by Minhaz Merchant, details how Naik, in his 53 years at the nation's largest engineering company, has travelled the long and arduous route to reach great heights. "During that period (1983-84), I had returned from the US and we wanted to build capacities. I was quite idealistic and wanted to build a world-class facility. So I thought we would have to import from Germany and Japan. But Naik told me the he would do it. That is the vision I saw in him in the 80s," Ambani said.

He further said the basic parameter in the 35 years of association was that we will make in India, but without compromising on the quality. "I told him that we want quality to be better than anyone else and you have the Reliance business," Ambani said.

"Being a shop-floor man, Naik could understand the micro details and he was very ambitious. His curiosity and ambition is such that whenever, during our talks, I told him that foreign firms have got certain technology, he would strive to develop a much better version of it. When I told him about the CAD (computer-aided design) system, within three months, L&T had developed it. Recently, I spoke to him about artificial intelligence and I am sure that within a few months you will tell me that your intelligence is better than the whole world," Ambani said.

22:01 Party set to sack Mugabe, sources say, as protesters march on his residence
Zimbabwe’s ruling ZANU-PF party will meet on Sunday to dismiss President Robert Mugabe and reinstate the vice-president he dismissed, Emmerson Mnangagwa, two party sources told Reuters on Saturday. The sources said a party central committee meeting scheduled on Sunday would also dismiss 93-year-old Mugabe’s preferred successor, his wife Grace, from her role as head of the ZANU-PF Women’s League.

Mugabe’s 37-year rule has been effectively at an end since the army seized control on Wednesday, confining him to his residence, saying it wanted to target the “criminals” around him. Shortly after the sources revealed the meeting, a motorcade left Mugabe’s official residence in the capital Harare to the jeers of onlookers, although it was unclear if he was inside.

Hundreds of thousands of people had flooded the streets of Harare singing, dancing and hugging soldiers in an outpouring of elation at Mugabe’s demise, while others marched towards his residence. In scenes reminiscent of the downfall of Romanian dictator Nicolae Ceausescu in 1989, men, women and children ran alongside the armoured cars and the troops who stepped in this week to oust the only ruler Zimbabwe has known since independence in 1980.

21:53 Bus crashes into truck in Maharashtra, leaving 6 dead
Six persons were killed and 35 others injured after a state transport bus collided with a truck near Latur in central Maharashtra, police told PTI. The accident occurred at Chalburga Pati near Ausa taluka in Latur, they said. Ganesh Kindre, Deputy Superintendent of Police, Ausa, said the state transport bus was heading towards Nilanga town and the truck was moving towards Latur when they crashed into each other. The crash left six persons dead and 35 others injured, he said. The injured were admitted to nearby hospitals, the police officer said. A case has been registered under relevant sections of the Indian Penal Code and the Motor Vehicles Act, police said.

21:26 Revenue collected under GST in October at Rs 95,000crSushil Modi
The revenue collected under the Goods & Services Tax (GST) in October was Rs 95,131 crore and average revenue shortfall of states has come down to 17.6%, Bihar Deputy Chief Minister Sushil Modi said. The government had collected Rs 93,141 crore revenue under the GST in September.


Modi, who heads the Group of Ministers (GoM) on GST Network, said the average revenue shortfall of all states for August was 28.4% and it has come down to 17.6% in October. "This is a good indication. It shows the system is slowly stabilising," he said after a meeting of the GoM. In rupee terms, the revenue shortfall of all states has come down from Rs 12,208 crore in August to Rs 7,560 crore in October, he said.

 21:13 Honda recalling 900,000 minivans because seats may tip forward
Honda Motor Co said it was recalling about 900,000 minivans because second-row seats may tip forward if not properly latched after being adjusted, reports Reuters. The Japanese automaker said the recall covered 2011-2017 Honda Odyssey minivans, all but 2,000 of which are in North America, and that it had 46 reports of minor injuries related to the issue. Honda said it was working on a recall fix to help ensure proper latching and, in the interim, had posted a detailed instruction sheet on how to ensure seats are properly latched.
20:35 Take steps to ensure peace along LoC: Indian DGMO to Pak counterpart
Indian Army's Director General of Military Operations (DGMO) asked his Pakistani counterpart to take steps to ensure peace and tranquillity along the Line of Control in Jammu and Kashmir, reports PTI. During a telephonic conversation, Lt Gen A K Bhatt told his Pakistani counterpart that there appeared to be a "disconnect" between the Pakistan Army's reiteration about the desire for peace and the action of its troops, official sources said. Citing various incidents, Bhatt said that Pakistani troops resort to heavy firing without provocation, they said.

The telephonic conversation between the two DGMOs took place following a request by the Pakistani side. Lt Gen Bhatt impressed upon the Pakistan DGMO Maj Gen Sahir Shamshad Mirza that there appeared to be a "disconnect between the intent at the Pakistani General Headquarters which reiterates its desire for peace and the actions of Pakistani troops along the Line of Control, who resort to heavy firing without provocation," a source said.

20:32 PNB, Action Construction Equipment tie up for farm machinery financing
Public sector lender Punjab National Bank and Action Construction Equipment (ACE) have tied up for financing of farm machinery through the bank's branch network across the country, reports PTI. "The tie-up between the two largest players in their respective fields will enable PNB to facilitate the availability of quality farm machinery equipment to its huge farmer base at very low rate of interest i.e., at present 9.2%," Punjab National Bank (PNB) said in a statement. "For ACE, the tie-up will enable it to tap into PNB's huge network and customer base and thus further strengthening its presence in India," it added. A memorandum of understanding was signed by the officials of the two companies.

20:30 Shameful your boss silencing you: Rahul to Sitharaman
Congress Vice President Rahul Gandhi hit back at Defence Minister Nirmala Sitharaman over the multi-crore Rafale deal, claiming it was "shameful" that her boss was "silencing" her, reports PTI. He also asked her whether Prime Minister Narendra Modi had taken permission from the Cabinet Committee on Security (CCS) before announcing the purchase of the Rafale fighter aircraft in Paris.

Gandhi's retort comes a day after Sitharaman alleged that it was shameful on part of the Congress to raise objections on the deal. The Congress had raised several questions on the deal, accusing the government of compromising national interest and security while promoting "crony capitalism" and causing a loss to the public exchequer.

20:29 National Herald: Sonia, Rahul accuse Swamy of delaying case
Congress President Sonia Gandhi and Vice President Rahul Gandhi accused BJP leader Subramanian Swamy of delaying the trial in the National Herald case filed by him against them and others, reports PTI. This was stated by the Gandhis and four other accused Congress leaders in a reply to an application by Swamy, who had sought admission or denial of various documents filed by him. They told Metropolitan Magistrate Ambika Singh that the application filed by the complainant "suffers from a series of infirmities and it needs to be rejected at the very outset".

The reply said, "...this exercise undertaken by the complainant to file multiple applications, choosing to withdraw some and further choosing to change the relief sought in one by replacing it with another is nothing but an absolute disregard for the precious time of this court and of the larger judicial process." It sought dismissal of Swamy's application. Swamy, in his complaint, has accused the Gandhis and the others of conspiring to cheat and misappropriate funds by paying just Rs 50 lakh through which the Young Indian Pvt (YI) obtained the right to recover Rs 90.25 crore that the Associate Journals Limited (AJL) owed to the Congress.

20:20 Dalai Lama to arrive in Bodh Gaya in December
Tibetan spiritual leader the Dalai Lama will arrive in Bodh Gaya, the place where the Buddha had attained enlightenment, on a 50-day-long tour next month, officials told PTI. "The Dalai Lama will arrive in Bodh Gaya on December 26. His tour will be 50-day-long. During his stay, the Dalai Lama will be offering discourses at the Kalchakra Maidan on January 5-7 and again on January 14-16", Bodh Gaya Temple Management Committee member Arvind Kumar Singh said. "The Dalai Lama is also expected to receive a number of heads of state from ASEAN countries who are likely to visit Delhi for attending the Republic Day celebrations and then fly to Bodh Gaya to seek the blessings of the revered spiritual leader", he said.


20:18 Cannot spell out what happened due to UPA indecision on RafaleSitharamanDefence Minister Nirmala Sitharaman slammed the previous UPA government for not taking a decision on the Rafale fighter jet deal for about 10 years and said she could not spell out in detail what happened due to the delay as it involved the nation's security, reports PTI. She said no decision was taken in the matter between 2004 and 2013, during the UPA dispensation after several rounds of discussion.

"After being in power for 10 years...you (Congress party-led UPA) went without taking a decision," she said. The minister said she could not spell out in detail about what happened due to the indecision as the issue involved the nation's security. She said that after the NDA assumed power in 2014, the inter-governmental route was opted for expeditious procurement of 36 Rafale fighter jets in fly-away condition with France after Prime Minister Narendra Modi's discussions with the Air Force.

Stating that the UPA government could not complete the procurement, she said the BJP-led dispensation did it, "considering our necessity and in view of urgency." The procurement order was placed "properly" and "by not slipping away" from any procedures. The Cabinet Committee on Security nod was obtained and all formalities were complied with, she stated.

20:15 GP Hinduja says policy implementation in India lacks speed
Leading NRI industrialist GP Hinduja has said that the speed of policy implementation in the Indian economy has failed to keep pace with Prime Minister Narendra Modi's vision, reports PTI. Addressing a gathering of business people and parliamentarians at a Global Business Meet on 'Invest in India' by the Indo-European Business Forum (IEBF) at the House of Lords complex in London on Friday, the 77-year-old co-chairman of the multi-billion-dollar Hinduja Group said that British-Indians like him are committed to the country.

"Modi sahib's targets, his objectives, his aims are very good. But the implementation is not going at the same speed as what he would have liked... but we British-Indians here are committed to India," he said. Describing Britain's decision to leave the 28-member bloc European Union (EU) in a referendum last year as the biggest economic uncertainty of the day, he said: "Brexit has really made the UK government weak. Without this uncertainty, the economic conditions would have been much better.

20:01 India's Manushi Chhillar is Miss World 2017 
India's Manushi Chhillar has won the Miss World 2017 pageant to become the 67th titleholder. The medical student from Haryana elbowed aside beauties from over 108 nations to win the crown in the Sanya City Arena in China PR. The gorgeous 20-year old has also won the Head to Head Challenge and the Beauty with a Purpose titles, earlier this evening.

18:46 Scuffle in city corporation: Mayor, five others hospitalised
City Corporation Mayor VK Prasanth, four women councillors and a staff were injured following a scuffle between CPI-M and BJP councillors during discussion on installing high mast lights in the city, reports PTI. The injured were admitted to the medical college hospital in Thiruvananthapuram.

The CCTV visuals showed noisy scenes in the council meeting and the mayor leaving the hall and falling down the stairs while moving towards his chamber in the first floor. Prasanth was injured in the head and also suffered bruises in the body. His condition was stable, a Medical college hospital release said.

Councillors Raziya Beegam and Sindu both from CPI-M and an aide of the mayor B Mohan are the others suffered injury and they are under treatment at the hospital, the release said. The injured BJP councillors Beena and Lekshami were admitted to the general hospital here.

18:44 I-T searches conspiracy to squeeze us out from politics: Dhinakaran
Sidelined AIADMK leader TTV Dhinakaran alleged that there was a conspiracy behind the Income Tax searches at the residence of late chief minister J Jayalalithaa to "squeeze us out" from politics, reports PTI. The Chief Minister Palaniswami camp, however, blamed the Sasikala family for the raids. I-T sleuths conducted searches in the office block of the Poes Garden residence of Jayalalithaa, 'Veda Nilayam'.

Following inputs, a search operation was launched in the office block and a room used by jailed and deposed AIADMK leader VK Sasikala. Dhinakaran alleged that there was a conspiracy to squeeze out his family from politics and slammed his rival, Chief Minister Palaniswami, for not opposing the raids.

The Poes Garden residence of Jayalalithaa was a "sacred place" (punitha sthalam) for over 1.5 crore party workers and I-T sleuths conducting searches there had "hurt" them, he said at Thoothukudi. He pointed to the state government's announcement on turning the house into a memorial, but questioned why not even a single minister or any representative from that camp had gone there on Friday when the raid was on.

18:36 Businesses can edit August, September GSTR-3B returns from November 20
GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms beginning November 20, Bihar Deputy Chief Minister Sushil Modi told PTI. The Modi-led Group of Ministers (GoM), set up to look into GSTN glitches, also met Infosys Chairman Nandan Nilekani.

Nilekani assured them that GSTN will work smoothly, Modi said after the fourth meeting of the GoM in Bengaluru. He said Infosys has added 100 engineers for the project in the last one month. Now, 621 Infosys IT engineers are working on GSTN. Besides, the technology major has deployed 30 resident engineers all over the country to coordinate between state commissionerates and GSTN.

17:58 Evidence recording completed in case against Abu Salem
A Delhi court completed recording evidence in a case against gangster Abu Salem for allegedly demanding Rs 5 crore as protection money from a Delhi-based businessman in 2002, reports PTI. Additional Sessions Judge Tarun Sehrawat heard arguments from the prosecution and the advocate of the accused, MS Khan, and posted the matter for further hearing on November 21.

Salem, who was extradited from Portugal in November 2005, was granted bail in 2013 in the present case. However, he is currently jailed in various other cases, including the 1993 Mumbai blasts case. Salem, along with five other accused, is facing trial for allegedly demanding Rs 5 crore as protection money from businessman Ashok Gupta, a resident of Greater Kailash.


17:31 Demonetisation not an appropriate response to black money: Manmohan SinghDemonetisation was not an appropriate response to the black money issue, former Prime Minister Manmohan Singh said and suggested that the government simplify tax and administration systems to address it, reports PTI. The answer to black money problem was to simplify our tax, land registration and the administration systems. That was the only way in which the country could move forward in a society where there was less role for black money generation, Singh said. He said he believed that demonetisation was not an appropriate response to the black money problem.

17:28 Prasoon Joshi slams 'Padmavati' makers for screening film without certificate
Central Board of Film Certification (CBFC) chief Prasoon Joshi slammed the makers of "Padmavati" for screening the movie for various TV channels without getting a censor certificate, reports PTIJoshi's statement comes after reports that the producers of "Padmavati" - mired in controversy over allegations that it distorts history -- held a special screening for a few journalists.

A day after the CBFC sent Sanjay Leela Bhansali's film back because the application for the certification was "incomplete", Joshi said he was "disappointed" that it was being screened for the media and getting reviewed on national channels without CBFC having seen or certified it. "This compromises the role of systems and balances that are part of a functioning industry. It's myopic to treat the certification process haphazardly to suit convenience," he said.

17:20 Security forces gun down 5 terrorists in Kashmir’s Bandipora area
Around five terrorist were killed in an encounter which broke out between security forces and militants in north Kashmir's Bandipora district, the police told CNN-News18. Security forces cordoned off and launched a search operation in Chandergeer village in Hajin area of the district after receiving specific intelligence input about the presence of militants in the area, a police official said. The search operation resulted in an encounter when the militants hiding there fired on the search party of the security forces, who in turn retaliated, the official stated. The gunfight is still continuing when last reports came in, the official said.

17:11 Volkswagen to invest $27bn in core brand until 2022
Volkswagen will invest EUR 22.8 billion ($26.9 billion) in its main car brand over the next five years, it said on Saturday, a day after it announced a spending programme aimed at bolstering its position as a maker of electric cars, reports Reuters. Most of that sum, around EUR 14 billion, will be spent in Germany, Volkswagen said, adding that one of the key measures included a EUR 1 billion injection to transform the carmaker's Zwickau plant into a pure e-mobility facility.


16:58 Eris Lifesciences buys Strides Shasun's India branded biz for Rs 500crEris Lifesciences on Saturday said it has entered into a definitive agreement to buy Strides Shasun’s India branded generics business for an aggregate cash consideration of Rs 500 crore, reports Moneycontrol News’ Viswanath Pilla. The transaction is subject to customary closing conditions and both parties intend to close the transaction by November 30, 2017.

Strides’ India branded generics business comprise of a portfolio of over 130 brands in the domains of neurology, psychiatry, nutraceuticals and gastro. As per the terms of the agreement, Eris will acquire the marketing and distribution rights for the said portfolio of products in India while Strides will retain the global rights for these products.

The acquisition is Eris’s fourth- and the largest- in the last 18 months. It will also be among the top 10 companies in the central nervous system (CNS) segment Eris is already among the top 20 companies in the cardiology segment and ranks among the top 10 in the diabetology segment.

16:32 NCP to fight Gujarat Assembly polls in alliance with Congress
The Nationalist Congress Party said it will contest the Assembly elections in Gujarat next month in alliance with the Congress to oust the 22-year-old BJP regime in the state, reports PTINCP general secretary Tariq Anwar said the result of the Assembly polls will show people's feelings and perception about the central government's performance. "The NCP has extended its full support to the Congress and will fight the Assembly polls (in Gujarat) in alliance with the Congress," Anwar said.

16:14 Ivanka to lead American team for business summit in India: US
US President Donald Trump's daughter Ivanka Trump, who is also a top White House advisor, will be leading the American contingent at the Global Entrepreneurship Summit in India later this month, the State Department has announced, reports PTI. The Summit in Hyderabad, to be attended by 1,500 entrepreneurs from 170 countries, will be co-hosted by India and the US. The theme for the mega event will be 'Women First, Prosperity for All' and on supporting women entrepreneurs and fostering economic growth globally.

Prime Minister Narendra Modi during his visit to the White House in June had invited Ivanka Trump, 36, to visit India. During the Summit, following closely on the heels of the Global Entrepreneurship Week, the attendees will participate interactive discussions and workshops, spread over three days, with accomplished entrepreneurs and investors who will share their knowledge and experience on how to start and scale a business.

16:12 Chidambaram mocks govt's sudden love for Moody's
Mocking at government's elation over the sovereign rating upgrade by Moody's, ex-finance minister P Chidambaram said only a few months ago the regime had flayed the rating methodology, reports PTI. "Just some months ago, government had said the Moody's methodology was all wrong... A long letter was written by Shaktikanta Das (ex-economic affairs secretary) questioning Moody's ratings methodology, saying they've to revise their methodology as it's all wonky," he said.

Moody's had on Friday upgraded the sovereign ratings by a notch to Baa2 with stable outlook, citing the Modi government's various reform programme and higher growth prospectus. The last rating upgrade was in 2004. Ridiculing the way government has reacted to the upward rating revision, the senior Congress leader recalled that for the government "Moody's, whose methodology was all wrong circa 2016".

On higher growth, which was cited by the agency as one of the key reasons for the rating action, he said the same agency and government project growth at 6.7% for the current financial year. "It was 8% in 2015-16, 7.1% in 2016-17 and will be 6.7% in 2017-18. Is that North or South, you conclude," he said.

16:09 Gold soars Rs 325 on wedding season demand, global cues
Gold prices jumped by Rs 325 to Rs 30,775 per 10 grams at the bullion market on the back of wedding season demand and strong global cues. Silver also recaptured the Rs 41,000-mark by recovering Rs 600 to Rs 41,150 per kg on increased offtake by industrial units and coin makers. Traders said brisk buying by local jewellers to meet ongoing wedding season demand lifted the gold prices. Moreover, a firm trend in global markets amid a weak dollar boosted the sentiment.

Globally, gold rose by 0.04 per cent to SGD 1,755.62 per ounce in Singapore, while in New York the metal climbed 1.18% to $1,293.40 an ounce and silver by 1.32% to Rs 17.28 an ounce. In the national capital, gold of 99.9% and 99.5% purity zoomed by Rs 325 each to Rs 30,775 and Rs 30,625 per 10 grams respectively. The precious metal had lost Rs 175 in last two days.

Sovereign, however, remained flat at Rs 24,700 per piece of eight grams in limited deals. Tracking gold, silver ready climbed by Rs 600 to Rs 41,150 per kg and weekly-based delivery by Rs 560 to Rs 40,150 per kg. Silver coins were flat at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

16:00 Divi's Laboratories’ Vizag unit gets USFDA EIR with 6 observations
Drug firm Divi's Laboratories said it has received an establishment inspection report (EIR) from the US health regulator for its unit in Visakhapatnam, reports PTIDivi's Laboratories unit-II at Visakhapatnam was inspected by the USFDA in September, 2017 wherein a form-483 was issued with six observations.

"We have now received an Establishment Inspection Report (EIR) from US-FDA for our Unit-II, as closure of audit by FDA," the company said in a BSE filing. The USFDA releases a copy of the EIR to the establishment that was the subject of an FDA inspection when the agency determines the inspection to be closed.

15:40 Actor Rahul Roy joins BJP
Actor Rahul Roy joined the BJP in presence of Union Minister Vijay Goel at the party headquarters in New Delhi. He said it was a significant day for him and thanked the party. "The way Narendra Modi ji and Amit Shah ji have been taking the country forward and the way the perspective of the world towards India has changed in the past two years is remarkable. I am elated to have taken this decision," Roy said.

The actor said that he wants to contribute towards development of the country and is ready to take up any task entrusted to him by the party. Roy made his Bollywood debut at the age of 22 in the 1990 blockbuster 'Aashiqui'. He acted in movies like 'Junoon' and 'Phir Teri Kahani Yaad Aayee'. The actor also won the first season of TV reality show 'Bigg Boss'.

15:30 Manmohan Singh says economy not out of the woods despite Moody's rating upgrade
The NDA government should not be "lured into false belief" that the economy is out of the wood, former Prime Minister Manmohan Singh said, reacting to the Moody's upgradation of India's sovereign credit rating, reports PTI. The US-based agency upped India's rating to Baa2 from Baa3 and changed its rating outlook to 'stable' from 'positive', saying the reforms will help stabilise rising levels of debt.

"I am glad that Moody's has done what they have done but we must not be, I think, lured into false belief that we are out of the wood," he said, reacting to a query on Moody's rating. The economy needed strong purposeful guidance to move forward at the rate which the government itself says they want the country to move 8-10%, Singh said. His comments came in the wake of Finance Minister Arun Jaitley terming the Moody's upgrading India's sovereign rating after 13 years as "belated recognition" of reforms undertaken.

15:23 Three women run over by express train in Mumbai
Three women were killed after they were run over by an express train while crossing tracks between suburban Malad and Goregaon stations, a senior Western Railway (WR) official said. Another woman was injured in the tragic incident, he said. "The incident took place at around 12.15 pm when the deceased were trespassing (crossing tracks illegally) between Malad and Goregaon stations," said WR Chief Public Relations Officer Ravinder Bhakar. "Another woman sustained injuries and was admitted to a nearby hospital," he told PTI.

13:45 Cement bag costs Rs 8000 at this border town in Arunachal Pradesh

People living in Vijoynagar town of Arunachal Pradesh pay Rs 8,000 for one bag of cement, that too if it is available, according to a PTI report.

Vijoynagar, a sub-divisional town under Changlang district with just 1500 residents, has no proper surface communication. People have to walk for five days from the nearest thoroughfare in Miao to reach the town.

13:00 India vs Sri Lanka, Day 3, 1st Test: Follow the ball-by-ball commentary and live updates here.

12:50 Zimbabweans to march as Robert Mugabe's future in the balance

The marches will cap an unprecedented week in which generals seized power and put Mugabe under house arrest in a stunning turnaround for the president who has ruled since 1980.

Read the full story here and find out what is happening in Zimbabwe here.

12:30 With urbanisation, police should develop innovative skills to meet challenges: HC

Cities like Mumbai and Pune have to bear the burden of urbanisation and migration from across the country and hence the police machinery will have to develop innovative skills to deal with law and order problems, the Bombay High Court has said.

The remarks were made by a division bench of Justices SC Dharmadhikari and Bharati Dhanger while hearing a petition filed by a man here after the police reportedly failed to find his daughter who has been missing ever since her husband committed suicide in 2014.

Read the full story here.

12:10 5 stocks where brokerages retained buy post Q2 results can give up to 30% upside

Benchmark indices are inching toward the record high made earlier this month. Sensex could get past 34,000 by December end on the back stable earnings and the sovereign ratings upgrade by Moody's, which will turn FIIs positive on the Indian markets.

Read the full story here.


11:51 Former PM Manmohan Singh on GST:

11:45 Complaint against Farooq Abdullah, Rishi Kapoor over PoK remark

A social activist has filed a complaint with the district magistrate against former chief minister Farooq Abdullah and actor Rishi Kapoor seeking registration of sedition cases against them for their remarks on Pakistan Occupied Kashmir (PoK).

Sukesh Khajuria, a former member of the prominent citizen's advisory committee constituted by the state government, in an application yesterday sought action under section 196 of the CrPC against them for "accepting PoK as part of Pakistan".

Read the full story here.

11:32 This trilemma is the biggest challenge Modi govt faces: Saurabh Mukherjea

Given the Government’s response in expediting action on policy concerns in the wake of falling economic growth (multiple pullbacks in the GST regime, banking recap, MSP hikes), it would not be unfair to say that the NDA is at present a reactive administration, writes Saurabh Mukherjea.

Read more here.

11:15 Personal Finance this week: A few tips to manage your money better

Saving more and investing one’s savings in the right mix of investment options is the way to achieving to one’s financial goals. It is no secret sauce, rather it is the disciplined approach that makes one richer over his lifetime. If you have just started working, here are some tips that can be of immense help.

Read more here.

10:55 L&T construction bags Rs 8650 crore order to build Mumbai Trans Harbour Link (MTHL)

Heavy civil infrastructure business vertical of L&T Construction has bagged a major order worth Rs 8,650 crore from Mumbai Metropolitan Region Development Authority (MMRDA) to construct packages 01 and 03 of the Mumbai Trans Harbour Link (MTHL).

10:40 Central Railway to add 52 escalators, 25 lifts in next 4 months

In a bid to improving passenger amenities after the Elphinstone Road stampede, Central Railway has set a deadline of March 31, 2018 to build 52 escalators and 25 lifts in the Mumbai division, according to a report by the Mumbai Mirror.

The first escalators will be installed this month at Titwala followed by two escalators at Dadar and Thane each and one at Dockyard Road in the month of December.

Another 11 will be operational by January 2018 and 21 will be added in February which would include four at Lokmanya Tilak Terminus (LTT).

As many as 14 will be added, including two more at Dadar and two each at Kalyan and Chhatrapati Shivaji Maharaj Terminus (CSMT) in March.

10:31 Moody's withdraws Reliance Communications' Ca corporate family rating

Moody's withdraws Reliance Communication's Ca corporate family rating (CFR) and its negative outlook. Moody's has also withdrawn the Ca rating on Reliance Communications' senior secured notes.

Read more here.

10:17 Government to soon fix dates for winter session of Parliament

The government is not "running away" from Parliament and will soon take a decision on dates for its winter session, Union minister and senior BJP leader Piyush Goyal said.

Many MPs had requested that they want to focus on the Assembly polls in Himachal Pradesh and Gujarat, Goyal said responding to a question on delay in holding the winter session of Parliament.

According to sources, the government is considering a truncated winter session of around 10 days starting from the second week of December.

Read the full report here.

10:05 Bulls calling the shots post Moody’s upgrade; next Nifty target at 10450-10800

Bulls are definitely calling the shots at the moment, and have a huge advantage post the country's sovereign ratings upgrade by Moody's. It is wise to swim in the direction of the current, Kunal Saraogi, CEO at Equityrush.com, said in an exclusive interview with Moneycontrol’s Kshitij Anand.

Read the full story here.

09:49 IndusInd Bank, Yes Bank to join BSE Sensex; Cipla, Lupin exit

Private sector lenders -- IndusInd Bank and Yes Bank -- will make an entry in the BSE's benchmark index from December 18, Asia Index said today.

Drug makers Cipla and Lupin will be dropped from the index.

The changes are announced by Asia Index, a joint venture between S&P Dow Jones Indices LLC and BSE. The move is a part of Asia Index's semi-annual reconstitution results.

Read more here.

09:42 6.9 magnitude earthquake hits Tibet, close to Arunachal Pradesh border

A strong intensity earthquake measuring 6.9 on Richter Scale hit Tibet's Nyingchi prefecture, located close to Arunachal Pradesh border, in the early hours of today.

The quake struck at 6:34 am (Beijing Time), according to the China Earthquake Networks Center (CENC).

09:32 Nothing to celebrate Moody's rating: Sitharam Yechury

CPI(M) general-secretary Sitaram Yechury said today there was nothing to celebrate about the Moody's upgrading India's sovereign credit rating as the country "lags" behind in all parameters of other global indices.

He also criticised the Narendra Modi-led government for delaying the winter session of the parliament and said these were the "signs" that it was not willing to face the House.

Read the full story here.

09:22 NRIs, PIOs don't need to link bank a/c, PAN with Aadhaar: UIDAI

NRIs and PIOs are not required to link bank accounts and other services with Aadhaar, the Unique Identification Authority of India (UIDAI) said today, while instructing various implementation agencies to work out a mechanism to verify the status of such individuals.

It said the Prevention of Money laundering Rules 2017 and the Income Tax Act clearly stipulate that the linking of bank accounts and PAN respectively, "is for those persons who are eligible to enrol for Aadhaar".

Read the full story here.

09:22 Good morning! 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.

  • News highlights of the day: Honda recalling 900,000 minivans because seats may tip forward
    Moneycontrol.com
  • Honda Motor Co said it was recalling about 900,000 minivans because second-row seats may tip forward if not properly latched after being adjusted, reports Reuters. The Japanese automaker said the recall covered 2011-2017 Honda Odyssey minivans, all but 2,000 of which are in North America, and that it had 46 reports of minor injuries related to the issue. Honda said it was working on a recall fix to help ensure proper latching and, in the interim, had posted a detailed instruction sheet on how to ensure seats are properly latched.

  • 1. L&T construction bags Rs 8,650cr order to build Mumbai Trans Harbour Link

    2. Eris Lifesciences buys Strides Shasun's India branded biz for Rs 500cr

    3. IndusInd Bank, Yes Bank to join BSE Sensex; Cipla, Lupin exit

    4. NRIs, PIOs don't need to link bank account, PAN with Aadhaar, says UIDAI

    5. Manmohan Singh says economy not out of the woods despite Moody's rating upgrade

    6.India'sManushiChhillaris Miss World 2017

    7. Hinduja Group co-chairman GP Hinduja says policy implementation in India lacks speed

  • That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

  • India's Manushi Chillar is crowned Miss World during the beauty pageant held in Sanya in southern China's Hainan province on Saturday. AP/PTI

      India's Manushi Chillar is crowned Miss World during the beauty pageant held in Sanya in southern China's Hainan province on Saturday. AP/PTI
  • India's Manushi Chillar is crowned Miss World during the beauty pageant held in Sanya in southern China's Hainan province on Saturday. AP/PTI

      India's Manushi Chillar is crowned Miss World during the beauty pageant held in Sanya in southern China's Hainan province on Saturday. AP/PTI
  • Six persons were killed and 35 others injured after a state transport bus collided with a truck near Latur in central Maharashtra, police told PTI. The accident occurred at Chalburga Pati near Ausa taluka in Latur, they said. Ganesh Kindre, Deputy Superintendent of Police, Ausa, said the state transport bus was heading towards Nilanga town and the truck was moving towards Latur when they crashed into each other. The crash left six persons dead and 35 others injured, he said. The injured were admitted to nearby hospitals, the police officer said. A case has been registered under relevant sections of the Indian Penal Code and the Motor Vehicles Act, police said. (Picturecourtesy: PTI)

      

 Six persons were killed and 35 others injured after a state transport bus collided with a truck near Latur in central Maharashtra, police told PTI. The accident occurred at Chalburga Pati near Ausa taluka in Latur, they said. Ganesh Kindre, Deputy Superintendent of Police, Ausa, said the state transport bus was heading towards Nilanga town and the truck was moving towards Latur when they crashed into each other. The crash left six persons dead and 35 others injured, he said. The injured were admitted to nearby hospitals, the police officer said. A case has been registered under relevant sections of the Indian Penal Code and the Motor Vehicles Act, police said. ( Picturecourtesy: PTI )
  • Describing Larsen & Toubro's non-executive Chairman AM Naik as a man with great vision, Reliance Industries Chairman Mukesh Ambani said he is the first and the "original Make-in-India man", reports PTI. "My association with Naik goes back to 35 years, when I saw him as a young engineer and that was in 1983-84. At that time, he was the original Make-in-India man," Ambani said at the launch of Naik's biography titled 'The Nationalist' in Mumbai on Saturday evening.

    The book, authored by Minhaz Merchant, details how Naik, in his 53 years at the nation's largest engineering company, has travelled the long and arduous route to reach great heights. "During that period (1983-84), I had returned from the US and we wanted to build capacities. I was quite idealistic and wanted to build a world-class facility. So I thought we would have to import from Germany and Japan. But Naik told me the he would do it. That is the vision I saw in him in the 80s," Ambani said.

    He further said the basic parameter in the 35 years of association was that we will make in India, but without compromising on the quality. "I told him that we want quality to be better than anyone else and you have the Reliance business," Ambani said.

    "Being a shop-floor man, Naik could understand the micro details and he was very ambitious. His curiosity and ambition is such that whenever, during our talks, I told him that foreign firms have got certain technology, he would strive to develop a much better version of it. When I told him about the CAD (computer-aided design) system, within three months, L&T had developed it. Recently, I spoke to him about artificial intelligence and I am sure that within a few months you will tell me that your intelligence is better than the whole world," Ambani said.

    Mumbai: L&T Chairman AM Naik, Reliance Industries Chairman Mukesh Ambani, Maharashtra Chief Minister Devendra Fadnavis, during the launch of Naik's biography The Nationalist in Mumbai on Saturday evening. PTI

      

 Describing Larsen & Toubro's non-executive Chairman AM Naik as a man with great vision, Reliance Industries Chairman Mukesh Ambani said he is the first and the "original Make-in-India man", reports PTI. "My association with Naik goes back to 35 years, when I saw him as a young engineer and that was in 1983-84. At that time, he was the original Make-in-India man," Ambani said at the launch of Naik's biography titled 'The Nationalist' in Mumbai on Saturday evening. 

 The book, authored by Minhaz Merchant, details how Naik, in his 53 years at the nation's largest engineering company, has travelled the long and arduous route to reach great heights. "During that period (1983-84), I had returned from the US and we wanted to build capacities. I was quite idealistic and wanted to build a world-class facility. So I thought we would have to import from Germany and Japan. But Naik told me the he would do it. That is the vision I saw in him in the 80s," Ambani said. 

 He further said the basic parameter in the 35 years of association was that we will make in India, but without compromising on the quality. "I told him that we want quality to be better than anyone else and you have the Reliance business," Ambani said. 

 "Being a shop-floor man, Naik could understand the micro details and he was very ambitious. His curiosity and ambition is such that whenever, during our talks, I told him that foreign firms have got certain technology, he would strive to develop a much better version of it. When I told him about the CAD (computer-aided design) system, within three months, L&T had developed it. Recently, I spoke to him about artificial intelligence and I am sure that within a few months you will tell me that your intelligence is better than the whole world," Ambani said. 

  Mumbai:  L&T Chairman AM Naik, Reliance Industries Chairman Mukesh Ambani, Maharashtra Chief Minister Devendra Fadnavis, during the launch of Naik's biography The Nationalist in Mumbai on Saturday evening. PTI
  • Police busted a gang dealing in fake currency and recovered worth 5,96.000 fake notes and three persons arrested in Murshidabad district, West Bengal on Saturday. PTI

      Police busted a gang dealing in fake currency and recovered worth 5,96.000 fake notes and three persons arrested in Murshidabad district, West Bengal on Saturday. PTI
  • Zimbabwe’s rulingZANU-PFparty will meet on Sunday to dismiss President Robert Mugabe and reinstate the vice-president he dismissed,EmmersonMnangagwa, two party sources told Reuters on Saturday. The sources said a party central committee meeting scheduled on Sunday would also dismiss 93-year-old Mugabe’s preferred successor, his wife Grace, from her role as head of theZANU-PFWomen’s League.

    Mugabe’s 37-year rule has been effectively at an end since the army seized control on Wednesday, confining him to his residence, saying it wanted to target the “criminals” around him. Shortly after the sources revealed the meeting, a motorcade left Mugabe’s official residence in the capital Harare to the jeers of onlookers, although it was unclear if he was inside.

    Hundreds of thousands of people had flooded the streets of Harare singing, dancing and hugging soldiers in an outpouring of elation at Mugabe’s demise, while others marched towards his residence. In scenes reminiscent of the downfall of Romanian dictatorNicolaeCeausescu in 1989, men, women and children ran alongside thearmouredcars and the troops who stepped in this week to oust the only ruler Zimbabwe has known since independence in 1980.

    Harare: An army armoured personnel carrier drives slowly through the gathered crowd of thousands demanding President Robert Mugabe stand down, on the road leading to State House in Harare, Zimbabwe on Saturday. In a euphoric gathering that just days ago would have drawn a police crackdown, crowds marched through Zimbabwe's capital on Saturday to demand the departure of President Robert Mugabe, one of Africa's last remaining liberation leaders, after nearly four decades in power. AP/PTI

      

 Zimbabwe’s rulingZANU-PFparty will meet on Sunday to dismiss President Robert Mugabe and reinstate the vice-president he dismissed,EmmersonMnangagwa, two party sources told Reuters on Saturday. The sources said a party central committee meeting scheduled on Sunday would also dismiss 93-year-old Mugabe’s preferred successor, his wife Grace, from her role as head of theZANU-PFWomen’s League. 

 Mugabe’s 37-year rule has been effectively at an end since the army seized control on Wednesday, confining him to his residence, saying it wanted to target the “criminals” around him. Shortly after the sources revealed the meeting, a motorcade left Mugabe’s official residence in the capital Harare to the jeers of onlookers, although it was unclear if he was inside. 

 Hundreds of thousands of people had flooded the streets of Harare singing, dancing and hugging soldiers in an outpouring of elation at Mugabe’s demise, while others marched towards his residence. In scenes reminiscent of the downfall of Romanian dictatorNicolaeCeausescu in 1989, men, women and children ran alongside thearmouredcars and the troops who stepped in this week to oust the only ruler Zimbabwe has known since independence in 1980. 

  Harare:  An army armoured personnel carrier drives slowly through the gathered crowd of thousands demanding President Robert Mugabe stand down, on the road leading to State House in Harare, Zimbabwe on Saturday. In a euphoric gathering that just days ago would have drawn a police crackdown, crowds marched through Zimbabwe's capital on Saturday to demand the departure of President Robert Mugabe, one of Africa's last remaining liberation leaders, after nearly four decades in power. AP/PTI
  • File Photo of Miss India 2017 winner Manushi Chhillar with Haryana Chief Minister ML Khattar. Chhillar created history and made India proud by becoming the fifth Indian ever to win the coveted title of Miss World 2017 at the Sanya City Arena, in China. PTI

     File Photo of Miss India 2017 winner Manushi Chhillar with Haryana Chief Minister ML Khattar. Chhillar created history and made India proud by becoming the fifth Indian ever to win the coveted title of Miss World 2017 at the Sanya City Arena, in China. PTI
  • File Photo of Miss India 2017 winnerManushiChhillar.Chhillarcreated history and made India proud by becoming the fifth Indian ever to win the coveted title of Miss World 2017 at theSanyaCity Arena, in China.PTI

     File Photo of Miss India 2017 winnerManushiChhillar.Chhillarcreated history and made India proud by becoming the fifth Indian ever to win the coveted title of Miss World 2017 at theSanyaCity Arena, in China.PTI
  • File Photo of Miss India 2017 winner Manushi Chhillar. Chhillar created history and made India proud by becoming the fifth Indian ever to win the coveted title of Miss World 2017 at the Sanya City Arena, in China. PTI

     File Photo of Miss India 2017 winner Manushi Chhillar. Chhillar created history and made India proud by becoming the fifth Indian ever to win the coveted title of Miss World 2017 at the Sanya City Arena, in China. PTI
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