News highlights of the day: Shia Waqf Board calls for temple in Ayodhya, mosque in Lucknow

1. Bharat-22 ETF oversubscribed 4 times, government raises offer size to Rs 14,500 crore
2. Congress Working Committee announces roadmap for Rahul's elevation
3. FPIs inflow in equities at Rs 14,348cr in November so far, reports PTI
4. FDI in non-food retail unlikely before 2019 Lok Sabha elections, reports Mint
5. Aadhaar may add security layer with dummy numbers, reports The Economic Times  
6. Logistics sector to soon get infrastructure status, reports PTI7. Angela Merkel's fourth term in doubt after German coalition talks collapse, reports Reuters

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.

20:55 The Securities and Exchange Board of India is looking to expedite the process of finalising norms for a universal exchange — an exchange that can offer both securities and commodities trading. Such exchanges will not have to set up a different entity to offer a platform for commodities trading or equities trading, as is the case at present.

Sources told Moneycontrol that SEBI Chairman Ajay Tyagi met the top management of all exchanges last week to know their views on the concept of a universal exchange.

20:36 Tencent shares hit a record high Monday, bringing its valuation to over USD 500 billion, reports CNBC. The technology firm is the first from China to reach the landmark valuation as it closes in on the likes of Facebook and Amazon.

The Hong Kong-listed internet giant, known for its WeChat messaging app and online games, saw shares rally to 420 Hong Kong dollars (USD 53.76) on Monday. Its market capitalization, or total value of all the shares in circulation, stood at 3.99 trillion Hong Kong dollars (USD 510.7 billion) at the market close.

20:12 The Uttar Pradesh Shia Central Waqf Board has submitted before the Supreme Court a proposal for settlement of the decades-old dispute over the Ram Janmabhoomi-Babri Masjid site, saying a temple can be built in Ayodhya and the mosque could be raised in Lucknow.

The board has told the top court that peaceful settlement between the parties was in "national interest" and would bring about harmony between Hindus and Muslims in the country.

In an application seeking to file settlement proposal, the board has claimed that they being the rightful owner of the disputed property were ready to give up "all the rights" over the land to pave the way for construction of Ram Mandir.

19:23 More than 50 lakh homes for the poor will be built in rural areas across the country by March 31 under a central scheme bringing social transformation in villages, the government said today, reports PTI.

Under the Pradhan Mantri Awas Yojana (Gramin) a target to construct one crore new houses by March 31, 2019 was set. Of these, 51 lakh houses had to be completed by 31st March, 2018, the Rural Development Ministry said in an official statement.

19:01 India and the World Bank on Monday signed a USD 98 million loan pact, and a USD 2 million grant agreement to help the country increase power generation capacity through cleaner, renewable energy sources.

18:32 To keep a check on rising onion prices, the government is mulling reimposing a minimum export price (MEP) of USD 700-800 per tonne on onion to curb exports, reports PTI.

MEP is the minimum rate below which export is not allowed. Onion MEP was scrapped in December 2015.

In a meeting called by the commerce ministry, the MEP issue was discussed in detail with exporters and other stakeholders besides officials of consumer affairs ministry.

18:08 Hardik Patel cancelled his rally in Rajkot on Monday after split in ranks with Congress.

Congress and Patel's Patidar Anamat Andolan Samiti (PAAS) had struck a deal with Congress on Sunday for seat allocation, but it turned sour after only two PAAS members found their name in the Congress list.

However, News18 reports that talks are still on between Patel and Congress and the former may hold a press conference on Tuesday.

17:50 The air quality of Delhi, which breathed relatively clean air over the last two days, once again turned 'very poor' today as the impact of sporadic drizzle in flushing out pollutants ebbed and more vehicles
hit the streets on the first working day of the week.

However, forecasters have emphasised that the city's air quality will remain in the 'very poor' category and chances of it deteriorating further in the coming days is less as incursion of pollutants from external sources has stopped.

17:33 The Supreme Court on Monday dismissed another petition demanding stay on Sanjay Leela Bansali's movie Padmavati. The court said that it cannot interfere with censor board's work.

17:19 The Bharat-22 ETF has been oversubscribed more than four times, divestment secretary said today. The government has received bids of over Rs 32,000 crore for the ETF.

The government has also revised the issue size of the Bharat-22 ETF to Rs 14,500 crore from Rs 8,000 crore earlier. Bharat-22 has seen the highest ever mutual fund new fund offer (NFO) collection.

16:47 2,500 Jaypee homebuyers file application in SC seeking forensic audit of accounts of JAL and JIL. 

Apprehending that at least Rs 10,000 crore may have been diverted from Jaypee Infratech Limited (JIL) to Jaiprakash Associates Limited, a consortium of associations consisting of around 2,500 flat buyers of Jaypee Wish Town, Noida has filed an application with the Supreme Court seeking a forensic audit of both the companies.

The application was filed by Trilegal in the Supreme Court on behalf of the homebuyers.

16:41 Watch | Markets@Moneycontrol: Markets fail to build on Moody’s booster shot. 

16:36 The Supreme Court today permitted Karti Chidambaram to travel to UK from December 1 to December 10. The court has asked Karti to  file undertaking that he would return by December 10.

In case of failure to return, the apex court could consider initiating contempt proceedings.

Karti Chidambaram is facing a CBI look out notice for probe into FIPB nod to INX Media.

15:49 South Korea fears further missile advances by North this year in threat to US

North Korea may conduct additional missile tests this year to polish up its long-range missile technology and ramp up the threat against the United States, South Korea’s spy agency told Reuters, adding that it was monitoring developments closely. North Korea is pursuing nuclear weapons and missile programmes in defiance of UN Security Council sanctions and has made no secret of its plans to develop a missile capable of hitting the US mainland. It has fired two missiles over Japan.

The reclusive state appears to have carried out a recent missile engine test while brisk movements of vehicles were spotted near known missile facilities, Yi Wan-young, a member of South Korea’s parliamentary intelligence committee which was briefed by Seoul’s National Intelligence Service, said. No sign of an imminent nuclear test had been detected, Yi noted. The third tunnel at the Punggye-ri complex remained ready for another detonation “at any time”, while construction had recently resumed at a fourth tunnel, making it out of use for the time being.

15:42 Mallya in UK court for extradition pre-trial hearing
Embattled liquor baron Vijay Mallya arrived at Westminster Magistrates' Court in London for his pre-trial extradition hearing, reports PTI. The 61-year-old businessman, out on bail on an extradition warrant executed by Scotland Yard earlier this year, had been exempt from appearing before the court until his extradition trial scheduled to begin December 4. He has repeatedly stressed that he has done nothing wrong and will let the evidence speak in court.

The UK's Crown Prosecution Service (CPS), which is arguing the case against Mallya on behalf of the Indian authorities, had presented additional "supplemental" charges of money laundering to the previous charges of fraud at the last hearing in the case on October 3. The previous fraud charges relate to Mallya's now-defunct Kingfisher Airlines owing more than Rs 9,000 crore to various Indian banks. The UB Group chief has been on self-imposed exile in the UK since he fled India on March 2, 2016.

15:36 Maruti Suzuki Alto wrests back best-selling model tag in October
Maruti Suzuki India's (MSI) Alto has retained the top slot as the top-selling passenger vehicle (PV) model in the country after being overtaken by sibling Dzire for two consecutive months in August and September, reports PTI. According to the latest data from the Society of Indian Automobile Manufacturers (SIAM), MSI's Alto clocked sales of 19,447 units in October, more than 17,447 units of Dzire. In August, Dzire had beaten Alto for the first time clocking sales of 26,140 units as against 21,521 of Alto. It again beat Alto in September sales. In October, seven out of the top 10 selling passenger vehicle models were from the stable of MSI. The remaining three models were from Hyundai Motor India.

Among the top 10 best selling models in October, MSI's premium hatchback Baleno came in third with 14,532 units as against 10,718 units in the same month last year. Rival Hyundai's compact model Grand i10 stood fourth with sales of 14,417 units. It was fifth in October 2016 with sales of 14,530 units. MSI's compact model Wagon R was at the fifth position last month with sales of 13,043 units. The model had sold 15,075 units in October last year. The company's small car Celerio was sixth with 12,209 units. It was at the 10th position in October last year with sales of 9,581 units.

15:28 Cong leader Priya Ranjan Dasmunsi dies
Senior Congress leader Priya Ranjan Dasmunsi, who was in coma since 2008, passed away at a hospital in New Delhi. He was 72. "He had been critically ill since the past one month and succumbed to the illness at 12.10 pm. His family members including wife Deepa Dasmunsi and their son were at his bedside at that time," Apollo hospital authorities said. The former Union minister had suffered a stroke in 2008 and was hospitalised since then. Dasmunsi was heading the All India Football Federation (AIFF) when he was taken ill.

15:26 Insecticides India Q2 net grows 29% YoYInsecticides India posted a 28.66% YoY jump in its standalone net profit at Rs 36.13 crore for the quarter to September. Net profit stood at Rs 28.08 crore in the same period last year. Net income declined to Rs 418.92 crore in July-September, from Rs 446.15 crore a year earlier. Expenses, however, came in lower at Rs 369.13 crore in the September quarter compared to the earlier Rs 406.53 crore. The city-based company is into the business of manufacturing and distribution of agro-chemicals.

15:22 Zimbabwe's Mugabe clings to power but resignation letter reported to be ready
Zimbabwean President Robert Mugabe has until noon (15:30 pm IST) on Monday to stand down or the ruling ZANU-PF will begin impeachment proceedings after the 93-year-old leader defied expectations he would resign, reports Reuters. Mugabe stunned Zimbabweans in a rambling late night Sunday television address by avoiding any mention of resignation, pledging instead to preside over a congress next month of ZANU-PF, which had sacked him as its leader only hours earlier. Parliament does not sit on Mondays so any impeachment would have to wait until Tuesday, although a vote may not necessarily take place the same day. (Picture courtesy: PTI)

15:07 China upset as President Kovind visits disputed border region
China on Monday criticised a visit by President Ram Nath Kovind to the remote state of Arunachal Pradesh, which China claims, saying China opposed any activities by Indian leaders in disputed areas, reports Reuters. The latest row over Arunachal Pradesh suggests the Asian giants remain far apart, despite recent attempts to defuse tension over a region that China claims as southern Tibet. The Indian president went there over the weekend to inaugurate a new state assembly building.

Speaking at a daily news briefing in Beijing, Chinese Foreign Ministry spokesman Lu Kang said that China had never recognised Arunachal Pradesh, but that China’s position on the border issue was clear, which was to seek a solution both could accept via talks. “Before the border issue is resolved, both sides should jointly work hard to protect the peace and tranquility of the border region. China resolutely opposes Indian leaders’ activities in disputed regions,” Lu said.

15:00 Gujarat polls: NCP to contest all seats, talks with Congress fail
The Nationalist Congress Party (NCP) said it will contest all 182 seats in the Gujarat Assembly elections, after talks for alliance between the Sharad Pawar-led party and the Congress failed, reports PTI. In 2007 and 2012, the NCP and the Congress had fought the state elections in alliance. In the present Assembly, the NCP has two MLAs. The Congress alleged that the alliance broke down because of the NCP's demand for more seats than it should have in the prevalent situation in the poll-bound state. The NCP is expected to announce the first list of its candidates later in the day.

14:47 Sonia, Jaitley trade barbs on scheduling of Parliament’s Winter session
Congress president Sonia Gandhi launched an all-out attack on the government, accusing it of sabotaging the Winter session of Parliament on filmy grounds, reports PTI. Addressing the meeting of the Congress Working Committee (CWC), she also accused the government of being "ill prepared" to implement the Goods & Services Tax (GST), which she described as a "flawed" tax regime. The Congress president also hit out at the government over demonetisation, saying the move left millions of people "suffering". "The Modi-government in its arrogance has cast a dark shadow on India' Parliamentary democracy by sabotaging the Winter session of Parliament on flimsy grounds," she said.

Meanwhile, Union Finance Minister Arun Jaitley said Parliament sessions were often rescheduled to ensure they did not overlap with elections, and claimed the Congress had done so too in the past. On Congress president Sonia Gandhi's allegation that the government was "sabotaging" the Winter session of Parliament, Jaitley said the opposition party had also delayed a session in 2011 and even earlier because the sittings coincided with election campaigns.

"It has been a tradition and it has happened several times that Parliament sessions are rescheduled when an election is happening," he said. He also said the session would be held and the Congress "totally exposed". "The Congress has given the most corrupt government in its 10 years of rule, while Narendra Modi has given the most honest government. By forcibly saying that a truth is a lie does not make it a lie," Jaitley said.

14:32 Egg prices 40% higher on tight supply
Egg prices have jumped by up to 40% to Rs 7-7.50 per piece in retail markets in most parts of the country, hit by tight supply, Poultry Federation of India President Ramesh Katri told PTI. The upward trend would continue in coming months as egg production is likely to be lower by 25-30% this year, he said. "Egg prices have increased significantly as many poultry farms have reduced production for the current year because they did not get better rates last year," Katri said.

In 2016-17, egg prices at the farm gate level (wholesale) were ruling below Rs 4 per piece in view of higher domestic output while the cost of production had stood at Rs 3.50 per piece, he said. Due to the losses last year, apprehensive of getting lower rates again and fear of animal welfare activists, many have cut down their production and some have shut their poultry farms, he explained. Egg prices in retail markets in the national capital are ruling at Rs 7-7.50 per piece, up from Rs 4-5 last year, according to trade data.

14:17 German losses weigh on European shares as government talks collapse
Germany’s main share index fell on Monday after the collapse of government coalition talks, further weighing on the broader European market which has already spent two straight weeks in the red. While Germany's DAX benchmark fell 0.3%, gains in pharma heavyweight Roche after positive trial news, along with deal making speculation in the utilities sector kept the STOXX 600 benchmark flat. The pan-European benchmark index is down 2.8% so far this month as investors have been locking in profits following a strong run so far this year.

14:13 HomeLane acquires Capricoast for Rs 90cr
Online home interior brand HomeLane.com said it has acquired Capricoast for Rs 90 crore, reports PTI. The acquisition will enable HomeLane.com to offer customers a smoother and more streamlined home designing experience enabled by technology, HomeLane said in a statement. "The Capricoast team brings with them a powerful technology back-end that will further strengthen our product offering," HomeLane.com co-founder and CEO Srikanth Iyer said.

This also marks the beginning of HomeLane’s next phase of growth and expansion, given that the company has already achieved operational profitability, he added. As part of the deal, the 120-people team of Capricoast will become part of HomeLane with Jawad Ayaz (founder and CEO of Capricoast) joining HomeLane.com's board of directors.

13:58 Vadilal promoters plan to exit company, says report
The promoters of Vadilal Industries, India’s oldest icecream brand, may be looking to exit the company, two years after a dispute erupted between them, sources told The Economic Times. The eight-decade old Vadilal is owned by the Ahmedabad-based Gandhi family and boasts one of highest market shares in the frozen food segment. The promoters together hold about 65% in BSE-listed Vadilal Industries.

“Vadilal has appointed Lincoln International as their investment bankers recently, who in turn would approach potential buyers. The promoters would take a call on the valuations and exact stake they would want to sell, depending on the buyer,” sources said. The promoters could be looking at a valuation of about Rs 600 crore for their stake in Vadilal Industries, sources said. As of now, only one promoter, Virendra Gandhi, could be looking for an immediate exit, they added.

13:35 Congress Working Committee announces roadmap for Rahul's elevation
The Congress Working Committee (CWC) approved the schedule for election of the next party president, paving the way for the elevation of Rahul Gandhi. Party sources said the process of the election will start on December 1 with the issuing of the notification. The 47-year-old Rahul Gandhi is expected to take over the reins in the first week of December, ahead of Gujarat Assembly elections starting December 9, sources told PTI.

The all-important meeting of the CWC, the highest decision making body of the Congress, approved the schedule. The meeting was chaired by Congress president Sonia Gandhi and attended by top party leaders, including former prime minister Manmohan Singh, and party general secretaries. Rahul Gandhi is expected to be the only candidate in the fray, the sources said.

13:02 Aadhaar may add security layer with dummy numbers, says report
The Unique Identification Authority of India (UIDAI) has proposed a solution to deal with the problem of data leak by providing dummy Aadhaar numbers which will be given to the card-holders and UIDAI, reports The Economic Times. It is exploring the possibility of introducing dummy numbers that would add an extra layer of security to every Aadhaar cardholder.

Such a framework would require an individual to share dummy or pseudo numbers — and not the real Aadhaar number — to government agencies, private utilities, banks and while withdrawing money from ATMs or moving funds from one bank account to another under the Aadhaar-enabled payment system.

Besides the cardholder, the original Aadhaar number would be known only to UIDAI. The creation of dummy numbers and the frequency at which it can be generated and used would depend on the design architecture of the system.

12:57 The Shia Waqf Board has said it will support the construction of a temple in Ayodhya and that there is no reason for a masjid in the holy city, reports CNN-News18. A mosque should be built in Lucknow, it added.

12:48 The Supreme Court stayed the National Green Tribunal's (NGT) order directing opening of a new path to Vaishno Devi shrine in Jammu for pedestrians and battery-operated cars from November 24.

12:36 The permanent members of the UN Security Council are 'unnerved' by the prospect of India's nominee Dalveer Bhandari winning against Britain's candidate in the election to the last seat of the World Court as it would set a precedent that may challenge their power in the future, observers here feel, reports PTI.

12:22 Govt may exempt crowdfunding from Companies Act, says report
The government may exempt crowdfunding activities from provisions of the Companies Act as it seeks to bring such fund-raising under the regulatory ambit of Securities and Exchange Board of India (Sebi), sources told Mint. Crowdfunding is defined as the use of money collected from a large number of individuals, typically through internet or social media, to finance a new business venture. The government may invoke Section 462 of the Companies Act (which gives the central government powers to exempt any company or business from the provisions of the Act) to ease the way for start-ups to raise funds through this route, sources said.

Invoking this section of the Companies Act requires Parliament’s approval. One of the key hurdles for crowdfunding is Section 42 of the Companies Act, which says that the number of investors in any private placement cannot be more than 50 at one go and 200 in a year. The law also requires a private company to compulsorily make a public offer and list the securities on a recognized stock exchange if the number of investors is 200 or more in a year. Sebi has repeatedly expressed concerns about the number of investors crossing 200 (even if inadvertently) because crowdfunding uses social networks and internet platforms for fundraising.

12:11 China issues guidelines on boosting private investment in manufacturing sector
China’s Industry Ministry issued guidelines on Monday aimed at boosting private investment in the manufacturing sector, including stepping up fiscal support, reports Reuters. China will support private firms’ fundraising efforts through products such as corporate bonds and asset-backed securities, according to a statement posted on the industry ministry’s weibo account. The ministry also said that China will encourage private firms to invest in overseas infrastructure projects such as high-speed trains and solar energy products.

12:08 Monnet Ispat jumps 11% as steel giants, PE firms submit bids to acquire companyMonnet Ispat share price surged 11% after steel giants and private equity firms have submitted bids to acquire the debt-laden company. Sources told CNBC-TV18 that Tata Steel, JSW Steel, Vedanta and Shyam Steel have put in their bids to acquire Monnet Ispat. Edelweiss ARC, Blackstone, TPG and SSG Capital are also among contenders for acquisition. The last date for submission of bids has been extended till November 27.

Monnet Ispat is one of 12 accounts identified by the Reserve Bank of India for insolvency proceedings under the Insolvency and Bankruptcy Code. CNBC-TV18 has learnt that Monnet Ispat promoters may also submit bids with a financial or PE firms. The company owes the SBI-led consortium over Rs 10,300 crore. Grant Thornton's S Binani has been appointed as insolvency professional for the firm.

11:58 Congress presidential polls: Voting on December 4, counting on December 19
Notification for Congress presidential election will be issued on December 1, reports ANI. Nominations will be accepted till December 4 and the voting will happen on December 16. The counting process will happen on December 19. For more updates, click here

11:36 Logistics sector to soon get infrastructure status
The logistics sector will soon get infrastructure status, a move that will help the industry raise funds at competitive rates and boost India’s trade, a senior government official told PTI. The proposal mooted by the Commerce Ministry has been approved by the Finance Ministry, the official said, adding that “a notification in this regard would be issued soon''.

“Huge investments are required in the sector to boost the country’s trade, and granting infrastructure status would help the industry attract investments,” the official said. Definition of logistics includes industrial parks, warehouses, cold storages and transportation. This status would help the sector get credit at competitive rates and on a long-term basis as rising logistics cost impacts the global competitiveness of exporters.

11:13 HFCL bags Rs 128cr job order from BSNL
Home-grown telecom gear maker Himachal Futuristic Communications (HFCL) said it has bagged a Rs 128-crore order from Bharat Sanchar Nigam. "The company has received the purchase order worth Rs 128 crore approximately from Bharat Sanchar Nigam for supply of packet microwave radio systems on pan-India basis for BSNL mobile network," HFCL said in a BSE filing. The company said the equipment purchase order is part of a turnkey project and the balance order for installation and AMC support services will be issued separately by BSNL.

11:10 Cipla's generic Dacogen gets USFDA go-ahead
Drug major Cipla has received final approval from the US health regulator for generic version of Dacogen, indicated for treatment of patients with myelodysplastic syndromes. In a BSE filing today, Cipla said "it has received final approval for its abbreviated new drug application (ANDA) for Decitabine Injection 50 mg single-use sterile vial from the United States Food and Drug Administration (USFDA)".

The approved product is a generic equivalent of Otsuka America Pharmaceutical's Dacogen. It is indicated for treatment of patients with myelodysplastic syndromes (MDS), the company added. Quoting IMS Health data, Cipla said Dacogen had US sales of about $180 million for the 12 months to September 2017. The company said the approved product is available for shipping immediately.

11:04 Lenders file insolvency plea against SevenHills Hospital, says report
Lenders to stressed SevenHills Hospital led by Axis Bank have filed for insolvency after months of negotiations with several strategic and financial suitors, including a JP Morgan fund, failed to yield any resolution, reports The Economic Times. The move will force an auction of the chain, sources said. Apart from Axis, an SBI consortium, Allahabad Bank, Union Bank of India, Punjab & Sind Bank, UCO Bank, Canara Bank, Central Bank and Bank of Maharashtra have lent to Seven Hills. Most of them have also provisioned the loans for non-payment. The total liability of the two property chains — in Mumbai and Vishakapatnam — including municipal dues stands at about Rs 1,100-1,200 crore ($190 million).

10:50 Japan PM Abe: Govt and BOJ to work together to beat deflation
Japanese Prime Minister Shinzo Abe said his government and the central bank would work closely together and take all necessary steps to defeat deflation, reports Reuters. Speaking in parliament, Abe said he hoped the Bank of Japan would continue its bold monetary easing to hit a 2% inflation target, adding that he would leave specific monetary policy steps to the central bank.

10:44 Glenmark Pharmaceuticals gets USFDA nod for contraceptive tabletsGlenmark Pharmaceuticals has received final approval from the US health regulator for generic version of Loestrin tablets used to prevent pregnancy. "Glenmark Pharmaceuticals USA has been granted final approval by the US Food and Drug Administration (USFDA) for Hailey 24 Fe (Norethindrone Acetate and Ethinyl Estradiol tablets, USP and Ferrous Fumarate tablets), 1 mg/20 mcg, the generic version of Loestrin 1 24 Fe tablets, of Allergan Pharmaceuticals," the company said in a filing.

According to IQVIATM sales data for the 12 months to September 2017, the Loestrin 24 Fe tablets market achieved annual sales of approximately $96.7 million, Glenmark said. The company's current portfolio consists of 128 products authorised for distribution at the US marketplace and 59 Abbreviated New Drug Applications (ANDA) pending approval with the USFDA.

10:40 Cong releases list of 77 candidate; PAAS unhappy as only 2 members given tickets
The Congress on Monday released its first list of 77 candidates in which sitting MLA Indranil Rajyaguru of Rajkot East seat has veen fielded to fight against BJP Chief Minister Vijay Rupani from Rajkot West seat, reports PTI. However, after the list was released, PAAS members expressed anger and started protesting in many parts of the state, claiming they were not given proper representation.

Two PAAS members were given tickets in the released list, while the Hardik Patel-led organisation had demanded 20 seats. Around 20 other Patel candidates, who are not members of the PAAS, also find mention in the list. The two who have been given tickets are Lalit Vasoya from Dhoraji and Amit Thummar from Junagadh seat.

In Surat, PAAS members ghearoed the city unit office late in the night and indulged in sloganeering against the Congress. "Our community members have not been given proper representation in the list that has been declared. We will not allow any Congress office to function in the state," Surat city PAAS convenor Dharmik Malaviya said.

10:22 Biocon facility gets inspection closure report from USFDA
Biotechnology firm Biocon has received an Establishment Inspection Report with 'voluntary action indicated' status from the USFDA on closure of inspection of its aseptic drug product facility. "The US Food and Drug Administration (USFDA) has issued an Establishment Inspection Report in relation to the cGMP (current good manufacturing practice) inspection of its aseptic drug product facility that was audited between May 25-June 3, 2017," Biocon said in a BSE filing.

"The USFDA has classified the outcome of this inspection as VAI (voluntary action indicated) and EIR states that the inspection is closed," it added. The company has not elaborated on the VAI status. The USFDA releases a copy of the EIR to the establishment that was the subject of an FDA or FDA-contracted inspection when the agency determines the inspection to be closed. The stock of Biocon was trading at Rs 413.60, up 4.88% from its previous close, on the BSE.

10:16 FDI in non-food retail unlikely before 2019 Lok Sabha elections, says report
Wary of the potential electoral fallout of breaching its promise not to permit foreign direct investment (FDI) in multi-brand retail, the National Democratic Alliance (NDA) government has decided not to allow foreign supermarket chains to sell non-food items during its current tenure, which ends in 2019, reports Mint. “Allowing foreign retailers to sell non-food items in India is unlikely to happen before the next general election,” a senior government official involved in the FDI decision-making process said.

The Union cabinet in June 2016 allowed 100% FDI in trading, including through e-commerce, of food products manufactured or produced in India. The food processing ministry wants foreign supermarkets to be allowed to sell non-food items up to 25% of total sales. Foreign supermarket chains have pointed out that opening food retail chains does not make sense as the profit margin in such businesses is thin, and the food processing ministry, which is spearheading the proposal, has recommended allowing some non-food items to be sold in such stores to make the model viable.

10:10 Indian bond yields fall after RBI cancels open market sale of debt
Indian bond yields fell sharply in early trade on Monday after the central bank unexpectedly cancelled its sale of bonds via open market operation post market hours on Friday, reports Reuters. The Reserve Bank of India said on Friday it was withdrawing the OMO sale that was scheduled for November 23 due to “recent market developments and based on a fresh review of the current and evolving liquidity conditions”. The benchmark 10-year bond yield was down 12 basis points at 6.92%.

10:02 Alibaba goes offline with $2.9bn stake in China's top grocer
Internet giant Alibaba Group Holding said it would invest HK$22.4 billion ($2.87 billion) for a major stake in China’s top hypermart operator, Sun Art Retail Group, part of a wider push into offline retail, reports Reuters. As part of an alliance with Auchan Retail SA and Ruentex Group, Alibaba would buy the stake from Ruentex while Auchan Retail would boost its stake, the three companies said in a joint statement. The alliance would target opportunities in China’s $500 billion food retail sector, as Alibaba races to build big-data capabilities in the offline retail market where roughly 85% of sales are made.

09:53 L&T gains 2% on winning Mumbai Trans Harbour Link projectLarsen & Toubro shares gained as much as 2% after its subsidiary L&T Construction, its heavy civil infrastructure business vertical, bagged an order worth Rs 8,650 crore from the Mumbai Metropolitan Region Development Authority (MMRDA) for the construction of Mumbai Trans Harbour Link (MTHL), packages 1 and 3. The project involves construction of a 21.8 km bridge connecting Mumbai mainland with Navi Mumbai. The package 1 involves construction of a multi-level interchange at Sewri and a six-lane marine bridge from Sewri extending 10.38 km into the Mumbai bay. The package 3, won by L&T on a standalone basis, involves construction of a 3.6 km, six-lane land bridge at Navi Mumbai.

09:27 Xiaomi looking to invest $1 billion in Indian startups, says report
Chinese phone and appliances maker Xiaomi Corporation will invest as much as $1 billion in 100 startups in India over the next five years, seeking to create an ecosystem of apps around its smartphone brand, chief executive Lei Jun told Mint. Lei said Xiaomi and its sister company Shunwei Capital, which have purchased stakes in six Indian internet companies including Hungama and KrazyBee, will invest in businesses such as content, financial technology, hyperlocal services, including mobile phone repairs, and manufacturing in order to increase the adoption of mobile internet in the country.

“In China, in the past four years we’ve invested $4 billion in over 300 companies. In the next five years, we will invest in 100 companies in India. We will basically replicate the most successful ecosystem business model of China in India. We will have all types of services and products and integrate them. That is the Xiaomi business model. We focus on a few key things and everything else, we let our partners provide. We have reached just a huge scale in seven years because of this partnership/affiliation model,” Lei said.

Xiaomi, one of the world’s most valuable privately held tech companies, is the most prominent Chinese investors in India after the two internet giants, Alibaba Group Holding and Tencent Holdings. If the company meets its investment target, it would become one of the most prolific internet investors in India. Unlike Alibaba and Tencent, Xiaomi is only looking for investments that will expand mobile internet usage and hook customers to its phones in a smartphone market that is defined by fickleness among shoppers in constant lookout for the next new thing. By providing entertainment content and other services, Xiaomi is hoping to make its value-for-money phones more lucrative to customers and differentiate its offering from those of rivals such as Samsung, Vivo, Oppo and others.

09:14 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. 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 and BSE. The move is a part of Asia Index's semi-annual reconstitution results.

08:45 FinMin asks banks to prevent defaulters from buying stressed assets
To ensure success of the bankruptcy process under the Insolvency and Bankruptcy Code (IBC), the Finance Ministry has asked banks to be vigilant to ensure that wilful defaulters are prevented from buying same stressed assets again, official sources told PTI. As many as 12 accounts each having more than Rs 5,000 crore of outstanding loans and accounting for 25% of total NPAs of banks are being under the IBC process. The total outstanding of these accounts taken together is Rs 1.75 lakh crore.

It has been brought to the notice of the Finance Ministry that some of the wilful defaulters are making bid to buy assets of those cases which have been referred under IBC, a senior official said. The resolution is crucial to the entire banking sector and therefore banks have been advised to be vigilant so that wilful defaulters do not get benefits of the process, the official said, adding that banks have to be very conscious of this fact that such defaulters should not find way to get into system again.

08:37 Japan's export growth signals economic recovery to continue in fourth quarter
Japan’s export growth held steady in October, suggesting that brisk global demand for Japanese cars and electronics will likely carry its economic recovery into the current quarter, reports Reuters. Ministry of Finance data out on Monday showed that exports rose 14% YoY in October, led by shipments of cars to Australia and liquid-crystal device production equipment and raw materials for plastics to China. That compares with a 15.8% annual gain expected by economists following a 14.1% increase in September. The trade figures followed data that showed last week Japan’s economy expanded at an annualised rate of 1.4% in the third quarter, driven by solid external demand.

08:28 UK commits billions to 'industries of future' to ward off Brexit shocks
Prime Minister Theresa May on Monday announced GBP 4 billion of spending on research and development and regional growth strategies, setting out plans to help the economy grow after Brexit, reports Reuters. Amid stiff international competition, Britain is looking to carve out a new global role as a leader in “industries of the future” such as artificial intelligence and driverless cars after it exits the European Union in March 2019. Badly damaged by a botched snap election and with Brexit talks running behind schedule, May is looking to stir up some economic optimism to help her fragile minority government through Britain’s most uncertain period since World War Two.

08:10 India's highest credit rating in decades makes Modi's job harder
Prime Minister Narendra Modi’s wriggle room to relax his deficit targets just got reduced by Moody’s Investors Service, reports Bloomberg. On Thursday, the government was talking about easing its budget goals as sweeping policy changes hurt growth and revenue. Then, early Friday, Moody’s upgraded India’s sovereign rating to the highest since 1988, prompting a U-turn from the administration.

"We’ll continue to maintain the glide path," Finance Minister Arun Jaitley said at a briefing in New Delhi on Friday, referring to his plan to shrink the budget shortfall to 3.2% of GDP in the year through March 2018 and a decade-low of 3% the next year. "The upgrade is a recognition of the fact that India continues to follow a path of fiscal prudence."

Jaitley’s words contrast with his comments to investors in Singapore on Thursday, when he said "challenges arising from structural reforms could change the glide path." He can’t afford to follow through on that now because Moody’s one-notch rating upgrade is a bet that India will contain public debt.

07:58 Bitcoin soars past $8,000 as technology shift concern vanishes
Bitcoin topped $8,000 for the first time, as investors set aside technology concerns that had derailed its advance earlier this month, reports Bloomberg. Bitcoin rose 4.8% to $8,071.05 as of 1:47 am on Monday. It’s now up more than 700% this year after shrugging off a tumble of as much as 29% earlier this month. It’s been a tumultuous year for the largest cryptocurrency, with three separate slumps of more than 25% in value all giving way to subsequent rallies.

07:53 Mugabe clings to office, defies resignation expectations in TV speech
Zimbabwean President Robert Mugabe clung to the vestiges of office on Monday, using a TV address to maintain he was still in power despite a military takeover and a mounting clamour for his autocratic 37-year rule to end, reports AFP. "The (ruling ZANU-PF) party congress is due in a few weeks and I will preside over its processes," Mugabe said, pitching the country into deep uncertainty.

Many Zimbabweans had expected Mugabe, 93, to announce his resignation after the army seized power, opened the floodgates of citizen protest and his once-loyal party told him to quit. But Mugabe, sitting alongside the uniformed generals who were behind the military intervention, delivered a speech that conveyed he was unruffled by the turmoil.

Speaking slowly and occasionally stumbling as he read from the pages, Mugabe talked of the need for solidarity to resolve national problems -- business-as-usual rhetoric that he has deployed over decades. He made no reference to the chorus for him to resign and shrugged off last week's dramatic military intervention. "The operation I have alluded to did not amount to a threat to our well-cherished constitutional order nor did it challenge my authority as head of state, not even as commander in chief," he said.

07:44 Asian shares subdued after Wall Street retreats, euro slips
Asian shares started the week on the back foot on Monday, pressured by a retreat on Wall Street amid tax reform uncertainty while the euro skidded after German coalition talks hit an impasse. MSCI’s broadest index of Asia-Pacific shares outside Japan was nearly flat in early trade. Australian shares were down 0.2%, while Japan's Nikkei stock average was 0.1% lower.

On Friday, the Dow Jones Industrial Average shed 0.4%, the S&P 500 lost 0.3% and the Nasdaq Composite was down 0.2%. The US House of Representatives passed their version of a tax overhaul bill that would cut corporate taxes on Thursday, but the Senate continued to wrangle over its rival tax bill, with investors uncertain about whether Congress will be able to reach a compromise.

07:39 Goldman Sachs sees Fed raising rates four times in 2018
Goldman Sachs said it expects a tight US labour market and more normal inflation picture will lead the Federal Reserve to hike interest rates four times next year, reports Reuters. “The US economy heads into 2018 with strong growth momentum and an unemployment rate already below levels that Fed officials view as sustainable,” Goldman’s economists wrote in note dated Friday. Four hikes are more than Wall Street has been expecting for 2018. The US central bank has raised rates twice this year and currently forecasts another hike in its benchmark lending rate from its current target range of 1% to 1.25% by the end of 2017.

07:29 Six of top-10 most valued firms add Rs 31,249cr in market capitalisation
The combined market valuation of six of the top-10 most valued companies, led by Reliance Industries (RIL), rose by Rs 31,249.36 crore last week, reports PTI. Reliance Industries (RIL), Tata Consultancy Services (TCS), HDFC Bank, State Bank of India (SBI), Maruti Suzuki India and Infosys emerged as gainers from the top 10 list, while ITC, Hindustan Unilever (HUL), Housing Development Finance Corporation (HDFC) and Oil and Natural Gas Corporation (ONGC) suffered losses in their market capitalisation (m-cap) for the week-ended Friday.

The m-cap of RIL surged Rs 16,592.63 crore to Rs 5,76,118.96 crore, becoming the biggest gainer. Maruti’s valuation surged Rs 5,309.06 crore to Rs 2,51,955.92 crore and that of SBI rallied by Rs 3,625.57 crore to Rs 2,91,245.49 crore. The m-cap of Infosys rose by Rs 2,377.39 crore to Rs 2,23,026.56 crore and that of HDFC Bank went up by Rs 2,042.99 crore to Rs 4,72,497.75 crore. TCS’s valuation moved up by Rs 1,301.72 crore to Rs 5,18,791.08 crore.

On the other hand, the m-cap of ONGC slumped Rs 17,068.21 crore to Rs 2,27,789.92 crore. ITC’s m-cap dropped by Rs 4,630.5 crore to Rs 3,13,837.87 crore and that of HUL declined by Rs 629.84 crore to Rs 2,76,750.23 crore. The market cap of HDFC slipped Rs 940.99 crore to Rs 2,71,461.32 crore. In the ranking of top-10 firms, RIL led the chart followed by TCS, HDFC Bank, ITC, SBI, HUL, HDFC, Maruti, ONGC and Infosys.

07:16 FPIs inflow in equities at $2bn in November so far
Foreign investors have pumped in a whopping over $2 billion in the Indian equity markets this month so far, enthused by government's announcement of recapitalising PSU banks, improvement in global sentiment and stable currency, reports PTI. This follows a net inflow of over Rs 3,000 crore in stock markets last month. Prior to that, FPIs had pulled out more than Rs 24,000 crore in the previous two months (August and September). According to depository data, foreign portfolio investors (FPIs) infused a net sum of Rs 14,348 crore ($2.2 billion) in equities during November 1-17. However, they pulled out Rs 1,287 crore from the debt market during the period under review.

07:02 Angela Merkel's fourth term in doubt after German coalition talks collapse
German Chancellor Angela Merkel's efforts to form a three-way coalition government that would secure her a fourth term hit a major setback on Sunday after a would-be coalition partner pulled out of exploratory talks, citing irreconcilable differences, reports Reuters. The pro-business Free Democrats (FDP) unexpectedly walked out of the talks with Merkel's conservatives and the Greens, saying that the three parties could not find compromises on key issues like immigration and the environment. Merkel said on Monday she would meet the German president to inform him that she had failed to form a coalition government.

The decision to meet President Frank-Walter Steinmeier, who has the power to call a new election, signalled that Merkel would not seek a minority government with the Greens. Merkel was weakened after an election in September as voters angry with her decision in 2015 to open Germany's borders to more than a million asylum seekers punished her conservatives by voting for the Alternative for Germany (AfD) far-right party. There is little appetite for a second vote, especially as the main parties fear that the populist AfD would win more than the almost 13% of votes it secured in September.

06:58 What global markets looked like last week?
Global financial markets ended the week on a mixed note. In the US, the Dow industrials ended the week down 0.4%, while the S&P 500 declined 0.1%. It was their biggest two-week declines since mid-August, when worries about rising tensions between North Korea and the US weighed on stocks. Debate over the prospect of a significant tax overhaul in the US has swung stocks this week.

European equities ended the week lower on the back of disappointing corporate earnings and euro strengthening. Europe's major indexes began the week in the red, briefly rose midweek on the back of some encouraging economic data, but then receded again by the end of the week.

Japanese stocks declined for the week, ending a nine-week stretch of consecutive gains for the benchmark Nikkei 225 Stock Average. The Nikkei fell by 1.3% and closed at 22,397.

Back home, benchmark indices in India bounced back on Friday and ended the week on a positive note. This on the back of a sovereign ratings upgrade of the Indian government's bonds by the US credit rating agency Moody's. The BSE Sensex ended the week marginally higher by 0.1%.