News highlights of the day: AirAsia India says no plans to look at Air India stake

Prime Minister Narendra Modi and his Israeli counterpart Benjaman Netanyahu will dedicate to the nation a centre for entrepreneurship and technology during their visit here tomorrow, the organisation said.

Called the International Centre for Entrepreneurship and Technology (iCreate), the body is a public private partnership (PPP) venture of the Gujarat government, set up to nurture entrepreneurs by providing them with funds, space, mentors and other facilities. (PTI)

20:56 AirAsia India says no plans to look at Air India stake

Low-frills carrier AirAsia India has ruled any plans to participate in the Air India stake sale, saying its focus remains on the building the existing brand and flying international, which is expected to happen from early next year.

The airline, which is a 51:49 percent joint venture between the Tatas and Malaysian airliners group AirAsia, had earlier planned to fly international by  the second half of this year. (PTI)

20:17 ED issues fresh summons to Karti Chidambaram in INX Media case

The Enforcement Directorate has issued a fresh summons to Karti Chidambaram, the son of senior Congress leader P Chidambaram, in connection with its probe into the INX Media money laundering case.

Official sources said that in response to the agency's second summons issued for today, Karti Chidambaram's authorised representative appeared before the agency and replied to their queries.

As the agency needed further clarifications, the ED, in the fresh summons, has asked Karti Chidambaram to appear before it in person or through his authorised representative on January 18. (PTI)

19:58 US President Donald Trump visit set to eclipse Davos meet

US President Donald Trump's planned visit to the World Economic Forum in Davos next week will likely eclipse the long list of other movers and shakers set to attend.

The WEF today unveiled its line-up for the annual meeting at the luxury Swiss ski resort town, where this year's focus is on how to create "a shared future in a fractured world." (PTI)

19:36 SA vs IND Updates | South Africa all out for 258 in second innings. India need 286 to win the second Test.

19:27 Saudi Aramco snubs UBS and Bank of America for IPO roles: sources

Saudi Aramco has not invited UBS and Bank of America Merrill Lynch to pitch for senior advisory roles in its stock market listing because they have not lent money to the state oil giant in recent years, according to five finance sources.

The two investment banks, among the world's biggest, have not been asked to attend meetings in Saudi Arabia in the coming weeks where its rivals will pitch for global coordinator mandates for the IPO, said the people familiar with the matter. (Reuters)

19:11 Government to deregister 1.20 lakh more companies

The government has said it has decided to strike off the names of 1.20 lakh more companies from the official records for various non-compliances as part of its continuing fight against the black money menace.

Nearly 2.26 lakh companies have already been deregistered and around 3.09 lakh directors associated with these entities have been disqualified. (PTI)

19:00 Directorate General of Safeguards slaps GST profiteering notice on HUL

The Directorate General of Safeguards has slapped notice for profiteering on FMCG firm HUL for allegedly not passing on price reduction benefit to consumers post GST roll-out.

This is the sixth notice issued by DGS, the investigative arm of the finance ministry, to entities for not reducing prices post Goods and Services Tax implementation from July 1. (PTI)

Read the full story here.

18:40 India earned USD 27 billion from foreign tourist arrivals in 2017: Tourism Minister

India earned an income of USD 27 billion from Foreign Tourist Arrivals in the year 2017, Union Tourism Minister Alphons Kannanthanam said here today.

Stating that tourism sector was doing "extremely well", he said in 2017 alone, there was an increase of 15.2 percent in the foreign tourist arrivals to the country. (PTI)

18:34 Tea at Centurion | South Africa 230/7, lead India by 258 runs.
Faf du Plessis 37 (122), Rabada 0 (12).

18:21 West Bengal garners Rs 17,000 crore investment commitments

West Bengal has received investment commitments worth Rs 17,000 crore soon after the start of the Bengal Global Business Summit (BGBS) today. (PTI)

18:02 Rs 10,700 crore telecom projects in North East to improve connectivity

Telecom Minister Manoj Sinha today said the Centre is initiating projects worth Rs 10,700 crore for improving telephone connectivity in North East by December this year.

This amount, which is about 1/8th of the total investment planned by the Department of Telecom (DoT), is likely to be enhanced to Rs 15,000 crore for North East, the minister said. (PTI)

17:50 Defence Acquisition Council clears procurement worth Rs 3,547 crore

The Defence Acquisition Council (DAC) has cleared procurement of 72,400 assault rifles and 93,895 carbines for Rs 3,547 crore in a bid to meet immediate requirement of the armed forces deployed along the borders, according to media reports.

17:42 Xi Jinping-Donald Trump hold talks amid trade tensions

Chinese President Xi Jinping today held telephone talks with his US counterpart Donald Trump to resume a suspended dialogue programme aimed at improving bilateral economic ties, amid tensions over their huge trade imbalance.

The phone call between the two leaders came as the Trump administration threatened tough action against China including punitive tariffs, sanctions and even a trade war. (PTI)

17:31 BREAKING | Central Bureau of Investigation (CBI) has filed charge-sheet against 95 people in the Vyapam scam case.

17:20 Supreme Court asks Maharashtra government to give judge Loya's reports to petitioners

The Supreme Court today directed the Maharashtra government to give all documents pertaining to the death of CBI special judge BH Loya to the petitioners, who are seeking an independent probe into the circumstances behind it.

A bench of Justices Arun Mishra and MM Shantanagoudar passed the direction after the Maharashtra government submitted some documents, including Loya's post-mortem report, in a sealed cover to the court.

17:04 Hackers steal USD 400,000 worth Stellar Lumen cryptocurrency

Hackers have stolen over USD 400,000 worth of cryptocurrency as they broke into the digital wallet of Stellar Lumen, one of the most popular virtual currencies in the world, according to media reports.

The hackers on Saturday hijacked the server that hosts BlackWallet, a web-based wallet application that stores lumens, and stole 669,920 from users' accounts, the BBC reported. (PTI)

16:50 BSE to begin mock trading in commodity derivatives from January 29

In line with preparing itself to launch commodity derivatives transactions, leading stock exchange BSE has decided to hold mock trading sessions for such products from January 29.

The stock exchange has also informed its trading members that once commodity derivatives are launched, their trading would be conducted on the exchange's BOLT Plus. The platform currently offers trading in equities, equity derivatives as well as currency derivatives. (PTI)

16:39 Haryana bans movie Padmavat

The Haryana government has banned the release of Sanjay Leela Bhansali’s controversial movie Padmavat.

16:31 Supreme Court questions Bofors reopening, asks, 'How can Bofors case be reopened if CBI doesn't appeal?', according to CNN News18. The top court also asked Ajay Aggarwal, a petitioner in the Bofors case, what is his locus in the case.

16:24 Prashant Bhushan registers complaint against CJI Misra in MCI scam case

Lawyer and activist Prashant Bhushan has registered a complaint against Chief Justice of India (CJI) Dipak Misra, demanding a probe in the MCI Scam case. Bhushan has alleged CJI's involvement in the scam case.Bhushan has further said that the complaint against CJI should be looked into by the collegiums of judges.

"Charges made against Chief Justice of India are serious in nature… CJI’s role must be investigated," Prashant Bhushan said.

16:18 TCS bags USD 690 million contract from M&G Prudential

Tata Consultancy Services (TCS) today said it has signed an over GBP 500 million (USD 690 million) deal with M&G Prudential, the UK and European savings and investments business of Prudential plc.

Under the contract, TCS will digitally transform M&G Prudential's business and deliver enhanced service for its UK savings and retirement customers, TCS said in a statement. (PTI)

16:05 BREAKING | Centre withdraws Haj subsidy

Government has withdrawn the subsidy given to Haj pilgrims. It has said that the decision is part of its agenda of empowerment of minorities without appeasement, according to media reports.

The subsidy amount will now be used for education of Muslim girls and not for anything else, Union Minister for Minority Affairs Mukhtar Abbas Naqvi has said, according to CNN News18.

16:00 Indian IT services stocks set for turnaround in 2018: Morgan Stanley

Indian IT services stocks are set for a turnaround in 2018 as recovery in spending is "imminent", says a Morgan Stanley report.

The IT sector under-performed the Sensex in 2017 as revenue growth was tepid, while investment in the business and a strong rupee kept margins in check. (PTI)

15:48 Markets end lower after a volatile session: Sensex down 72 points, Nifty down 40 points.

15:45 US trying to convince Pakistan that India is not threat: Defence Minister

The US has been trying to convince Pakistan that India was not a threat to it and Islamabad should change its strategic stance towards New Delhi, Pakistan Defence Minister Khurram Dastgir Khan has said.

He also said that it is time for a courteous yet "ruthlessly candid dialogue" with the US "with everything on the table" to remove all misunderstandings between Islamabad and Washington. (PTI)

15:30 EU "still open" to Britain changing mind on Brexit
Donald Tusk, the European Council president, weighed in to new British debate on whether to hold a second referendum on Brexit by saying on Tuesday that Britons would be welcome to stay in the European Union, reports Reuters.

Updating the European Parliament on the summit he chaired last month at which EU leaders agreed to open talks with London on the post-Brexit future, the former Polish premier said: “If the UK government sticks to its decision to leave, Brexit will become a reality, with all its negative consequences, in March next year, unless there is a change of heart among our British friends.”

15:25 Virat Kohli fined, handed demerit point for on-field behaviour
The International Cricket Council (ICC) has sanctioned India captain Virat Kohli for repeatedly complaining to the umpires about a damp ball and then aggressively throwing it to the floor during the second test against South Africa in Pretoria. Kohli has been fined 25% of his match fee and received one demerit point for what the ICC described as constant complaining, followed by him angrily throwing the ball to the floor on the third day of the contest.

“Monday’s incident happened in the 25th over of South Africa’s second innings when Kohli continued to complain to umpire Michael Gough about the ball being affected by a damp outfield following a rain delay, before throwing the ball into the ground in an aggressive manner,” the ICC said in a statement on Tuesday.

15:18 Bitcoin hits four-week low, slides 14% on crackdown fears
Bitcoin slid as much as 14% to hit a four-week low below $12,000, as fears grew of a regulatory crackdown after reports that South Korea’s finance minister had said banning trading in cryptocurrencies was still an option. South Korean news website Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the “irrational” cryptocurrency investment craze.

Bitcoin slid on the news, trading as low as $11,730 on the Luxembourg-based Bitstamp exchange, down 13.6% on the day. The latest tumble leaves bitcoin more than 40% down from the record highs of around $20,000 reached in mid-December, wiping about $125 billion from its “market cap” - the price of bitcoin multiplied by the total number of bitcoins that have been “mined”, or released into the market.

15:03 Reliance Nippon AMC Q3 PAT up 25% at Rs 130cr
Reliance Nippon Life Asset Management (RNAM) reported a 25% jump in profit after tax to Rs 130 crore for the December quarter of the current fiscal. The company's revenues stood at Rs 470 crore in the October-December quarter of the 2017-18 fiscal, a growth of 31% over the year-ago period, RNAM said in a statement.

RNAM is the asset manager of Reliance Mutual Fund, which is the third largest player in the 42-member strong mutual fund industry. RNAM's assets under management (AUM) increased by 17% to Rs 3.88 lakh crore as on December 31, 2017, across mutual funds, pension funds, managed accounts and offshore funds.

14:43 Pravin Togadia alleges plot to kill him, says voice being stifled
VHP leader Pravin Togadia, who briefly went missing on Monday, charged that "some people" were trying to stifle his voice and that he was not allowed to speak on issues like Ram Temple, farmers and cow slaughter, reports PTI. A tearful Togadia, 62, made the allegations at a press conference, where he also said that he went into hiding as he feared police will kill him in an encounter.

"I am being targeted for a decade-old case, there is an attempt to suppress my voice. Rajasthan Police team came to arrest me. Someone told me plan was being made to kill me in an encounter," he claimed. Togadia, who went missing on Monday after Rajasthan Police came to arrest him in a 10-year old case and was later found admitted to a hospital in unconscious state, claimed that attempts were being made to silence him for raising the voice of the Hindu community.

14:28 RCom to build $600m submarine cable
Embattled Reliance Communications is laying a 68,000-km undersea cable to carry data across Europe and Asia, to be built at a cost of $600 million. The system, which will connect its base in India with Italy to the West and Hong Kong on the East, is expected to treble revenues in five years for its wholly-owned subsidiary Global Cloud Exchange, which is laying the cable, the company said. It is expected to be operational by the third quarter of 2020 and will have a revenue potential of $1 billion per year, RCom's chief executive Bill Barney said. The new cable will increase its total capacity by 10 times as against the current capacity, he added.

14:21 Blackstone to buy L&T’s commercial realty portfolio for Rs 2,300cr, says report
US-based private equity player Blackstone Group is in advanced talks to acquire two commercial properties of L&T Realty, totalling 1.7 million sq ft, in a deal valued at Rs 2,300 crore, sources told The Economic Times. This portfolio of the real estate arm of engineering major Larsen & Toubro includes about 8 lakh sq ft of fully-leased commercial tower at the L&T premise in Powai suburb and another 9 lakh sq ft office block at the company's commercial project at Seawoods, in Navi Mumbai.

The Seawoods office tower — yet to be completely leased — will be acquired in phases, sources said. "The deal is expected to be inked by late February as due diligence is currently in its final stages," sources said, adding that L&T Realty will assist in further leasing at Seawoods commercial block.

14:05 Bonds slump after RBI warns of high rate risks
Indian bonds slumped to a near two year low after RBI Deputy Governor Viral Acharya highlighted growing balance sheet risks for state run banks due to their high exposure to government securities. At 12:16pm, the benchmark 10-year bond yield was at 7.56%, up 12 basis points on the day and the highest since March 16, 2016.

“The size of the banking sector’s balance sheet exposure to government securities, and hence, its interest rate risk, is high in an absolute sense, and is relatively elevated, when measured in proportion to total assets, for public sector banks relative to private banks,” Deputy Governor Viral Acharya said late on Monday.

13:46 UIDAI to discuss Aadhaar deadline issue with RBI, Trai
Officials at the Unique Identification Authority of India will meet the country's banking and telecom regulators to discuss whether there is a need for fresh deadlines to link the Aadhaar number with essential services, as new security protocols are introduced to improve privacy and secure the world's largest digital repository of personal information, reports The Economic Times.

In the coming weeks, UIDAI officials will discuss with various government ministries, the Reserve Bank of India (RBI) and the Telecom Regulatory Authority of India (Trai) to decide if there is need to extend the current deadline of March 31. "In the case of Permanent Account Number and bank accounts, the law — Income Tax Act and the Prevention of Money Laundering Act (PMLA) — require the Aadhaar number, so there is unlikely to be any impact," a top government official said.

13:36 Torso of missing pilot in ONGC crash found, DNA analysis underway
The search team has recovered a torso, assumed to be that of the missing pilot of the Pawan Hans helicopter that crashed into the sea off the Mumbai coast on Saturday, an official said today. “The torso was found last night. But, there would be clarity on it after DNA analysis,” the official at the Cooper Municipal General Hospital told PTI.

"We have taken blood samples of a relative of the missing crew member and sent them to a state-run forensic laboratory in Mumbai," he said. He said the DNA analysis is a tedious process and its result is expected by Saturday. The brother of the missing pilot has flown from Kerala to Mumbai and given his blood samples.

13:26 HUL m-cap touches Rs 3 lakh cr ahead of Q3 results
Shares of Hindustan Unilever surged to its 52-week high level in trade today ahead of its third quarter results, following which the market capitalisation reached Rs 3 lakh crore. The stock opened at Rs 1,365, then touched a 52-week high of Rs 1,388.45, registering a jump of 1.56% over its previous closing price.

Following the uptick in the counter, the market-capitalisation of the company reached Rs 3 lakh crore in intra-day trade. At 1106 hours, the FMCG major's m-cap was quoted at Rs 2.97 lakh crore, BSE data shows. On the NSE, the stock opened at Rs 1,369.30, then gained further ground and touched a high of Rs 1,389.50, which was lso its 52-week high.

13:19 Maharashtra contributes 37% of MF equity AUM
Around 37% of total equity assets under management of mutual funds is from the state of Maharashtra. As per data released by the Association of Mutual Funds in India (AMFI), of the total Rs 9.80 lakh crore of total equity assets, Rs 3.64 lakh crore has been contributed by Maharashtra.

Also, Maharashtra continues to dominate the mutual fund industry with the highest equity AUM. It registered an 80% increase, or nearly Rs 1.6 lakh crore, in the last one year. New Delhi followed Maharashtra with an equity AUM of Rs 89,712 crore, a rise of 67% or Rs 36,138 crore in a year.

Gujarat stood third in terms of equity participation, with equity AUM from the state almost doubling in one year. The equity AUM of Gujarat was Rs 77,064 crore in December 2017, up 91% from Rs 40,322 crore in December 2016.

12:57 26/11 survivor little Moshe arrives in Mumbai, says he's very happy
Moshe Holtzberg, who lost his parents in the 26/11 Mumbai terror attacks, arrived in Mumbai for the first time since the tragedy struck the family over nine years ago and said he was happy to visit the city, reports PTI. "Shalom...bahut khushi (I'm very happy)," said a shy Moshe, who arrived at the Mumbai airport shortly after 8 am.

The boy, who is now 11 years old, was accompanied by his grandfather Shimon Rosenberg, who said he will visit the Nariman House, where Moshe's parents were killed in the terror attack in November 2008, and pray there. "I feel very happy to come to India, to Nariman House where I am going to pray. I will say hi to the people of India. I feel very good in this country," Rosenberg said.

Moshe was two years old when his parents – Rabbi Gavriel Holtzberg and Rivka - were killed during the siege at the Nariman House by 10 Pakistani terrorists in November 2008. The Jewish couple ran a cultural and outreach centre for the Chabad-Lubavitch movement at the Nariman House in South Mumbai's Colaba area.

12:48 ED summons Lalu Prasad's second son-in-law Rahul in PMLA case
The Enforcement Directorate has summoned another son-in-law of RJD chief Lalu Prasad, Rahul Yadav, in connection with its money laundering probe against his MP daughter Misa Bharti and others, reports PTI. In what comes as fresh trouble for the Lalu Prasad family, the agency has allegedly detected some funds being transferred by Rahul Yadav to his mother-in-law Rabri Devi, the wife of Lalu Prasad.

Agency sources said Rahul Yadav, husband of Lalu Prasad's fourth daughter Ragini, has now been issued summons to depose before the investigating officer of the case later this week and explain this transfer of about Rs 1 crore. The agency has already questioned Shailesh Kumar, Lalu Prasad's other son-in-law and husband of his daughter Misa Bharti, in this case many times in the past.

12:42 Jhunjhunwala, Damani team up for Binani Cement bid, says reportRakesh Jhunjhunwala and D-Mart promoter Radhakishan Damani have teamed up to bid for Binani Cement, sources told The Economic Times. Established cement makers such as UltraTech, Heidelberg, the JSW Group, Dalmia Bharat and Ramco Cements also made proposals on their own or in partnerships to acquire the assets of the debt-ridden company on the last day to submit bids, sources said.

12:32 Sebi may ask bourses to cut co-location charges in bid to level playing field
The Securities and Exchange Board of India (Sebi) plans to direct stock exchanges to minimise the charges brokers need to pay for co-location facilities and also allow at least five brokers to share each co-location rack, reports Mint. The aim is to ensure that all brokers, including the smaller ones, get equitable access to algorithmic trading—a fast-emerging market trend globally, sources said.

Algorithmic trading refers to orders generated using automated execution logic. Co-location refers to the positioning of servers on the exchange premises so that a broker renting a co-location rack is able to gain in terms of trading costs from the speed at which information about a stock or its derivative flows between the exchange and the servers to which the broker’s trading terminal is connected.

At present, stock exchanges do not allow sharing of co-location racks among brokers. While BSE offers some basic co-location facilities free of cost, at NSE, the cost of taking one co-location rack on rent is Rs 35-40 lakh annually. Due to the high fixed costs, only large brokers are able to offer algo-trading facilities to their clients.

12:15 RIL to invest Rs 5,000cr in non-Jio businesses over next 5 years
Reliance Industries Chairman Mukesh Ambani said his company is committed to invest over Rs 5,000 crore in non-Jio businesses over the next three years. He was speaking at the two-day Bengal Global Business Summit. “RIL has invested around Rs 15,000 crore in West Bengal over two years,” he said.

Reliance Jio will reach 100% of West Bengal's population by December 2018, Ambani said. He also promised to connect every single educational institute and hospital in two years via Jio. “Jio is embarking on a project to connect West Bengal with optic fibre.

11:57 ONGC chopper crash: Both engines intact, explosion ruled out
With both engines of the Dauphin N3 helicopter that crashed off Mumbai Saturday recovered intact, officials of Pawan Hans and Oil and Natural Gas Corporation (ONGC) have ruled out the possibility of an engine explosion leading to the crash, reports The Indian Express. The Dauphin is a medium weight multi-purpose twin-engine helicopter.

On Monday, a three-member committee of the Aircraft Accident Investigation Bureau (AAIB) collected photographic evidence of the wreckage of the helicopter recovered from the sea. Officials said they were able to find most of the wreckage by Monday evening.

“More than 75% of the required debris of the chopper have been recovered. The debris include the black box (cockpit voice recorder), both engines of the aircraft, its wings and some tail pieces. Both engines are intact, which rules out the possibility of a mid-air explosion. A proper investigation of the conversation between the pilots once the black box data is decoded will offer more clues,” said a senior Pawan Hans official.

Prime facie, investigations also show that the aircraft would have been at a height of almost 3,000 feet when it crashed. Without the rotor blades running, the chopper would have fallen like a stone from a great height on to a flat surface.  “As the chopper was also broken into pieces, chances are that parts of the chopper may have cut through the bodies of those on board, leaving them mutilated,” said a senior ONGC official.

11:52 Bajaj Finance to acquire 12.6% in MobikwikBajaj Finance said it will acquire 12.6% stake in mobile wallet company Mobikwik as against 10.83% stated earlier due to change in the conversion price of the compulsory convertible cumulative preference shares. In August last year, Bajaj Finance had entered into a subscription agreement with One MobiKwik Systems to acquire 10.83% stake for about Rs 225 crore.

11:47 Absolutely no crisis now in SC, says Bar Council of India
The Bar Council of India said there was "absolutely no crisis now" in the Supreme Court and normalcy will be restored soon in the higher judiciary that saw four top judges coming out in the open against the Chief Justice of India. BCI Chairman Manan Kumar Mishra told PTI that a seven-member delegation on Monday met Justice Ranjan Gogoi, one of the four judges who held the January 12 presser, and he assured him that there was no crisis at all.

"Justice Gogoi said the crisis is over. He said there is no dispute at all," Manan said when asked about reports which projected a contrary situation. A crisis erupted on January 12 after four senior judges - Justices J Chelameswar, Ranjan Gogoi, Madan B Lokur and Kurian Joseph - openly castigated the functioning of the top court headed by Chief Justice of India Dipak Misra.

11:40 GNFC shuts down Dahej plant indefinitely post gas leak
Gujarat Narmada Valley Fertilizers & Chemicals (GNFC) has shut down its plant at Dahej indefinitely post a gas leak incident. "In the morning on January 15, 2018, there has been a sudden leakage at TDI-II plant, Dahej, which called for plant shutdown at Dahej (Gujarat)... However, as a matter of abundant precaution, management has decided to close the plant indefinitely," GNFC said in a regulatory filing.

The company clarified that neither there was any property damage nor any loss of life. It said the plant will be closed till the "root cause is thoroughly analysed, reviewed and necessary further safety measures to be taken are fully evaluated in addition to current safety precautions". GNFC said "this decision to close TDI-II Plant indefinitely is taken till the process of necessary preparations, putting in place further checks and balances and thorough evaluation is over".

11:28 Pravin Togadia's health stable: Doctor
The condition of VHP international working president Pravin Togadia was stable, a day after he was found in an unconscious state at a park in Ahmedabad, a doctor attending him said. Senior officials of the Crime Branch went to the hospital this morning where Togadia is admitted to enquire about the incident.

The VHP leader, a Z-plus category protectee, went "missing" on Monday morning after stepping out of the VHP headquarters in Paldi area of the city when a contingent of Rajasthan Police came to arrest him in an old case. According to a statement issued on Monday by the VHP in Delhi, Togadia (62), who suffered from low blood sugar levels, was found in an unconscious state in Shahibaug area and was taken to Chandramani Hospital located in the same area.

10:48 Crisis in SC seems to be unresolved: Attorney General KK Venugopal
Attorney General KK Venugopal on Tuesday said the crisis in the Supreme Court seems to be unresolved and hoped it will be "fully settled" in a couple of days, remarks that come a day after he stated that everything was settled in the higher judiciary.

A crisis erupted on January 12 after four senior judges - Justices J Chelameswar, Ranjan Gogoi, Madan B Lokur and Kurian Joseph - openly castigated the functioning of the top court headed by Chief Justice of India Dipak Misra.

10:40 India in quarterfinals of U-19 World Cup
Mount Maunganui: India breezed into the ICC U-19 World Cup quarterfinals after hammering minnows Papua New Guinea by 10 wickets in a low-scoring group B clash on Tuesday.

Skipper Prithvi Shaw slammed a strokeful fifty while spinner Anukul Roy claimed a maiden five-wicket haul at Bay Oval here to earn India the win.

10:29 How did Rakesh Jhunjhunwala’s portfolio change in Q3?Rakesh Jhunjhunwala's personal holding in pharma major Lupin rose to highest ever at the end of December quarter, even as he cut his stake in a couple of other stocks such as Rallis India, reports The Economic Times. He kept his stakes in NCC and VIP Industries, among others, unchanged. The ace investor held 86,98,605 shares, or 1.92% stake, in Lupin as of December-end, which was worth Rs 790 crore at Monday's trading price. The ace investor has been holding the stock at least since the December quarter of 2015.

Jhunjhunwala cut his holding in Rallis India to 9.67% in December quarter from 9.93% at the end of September quarter. He kept his holdings unchanged in VIP industries and NCC. At the end of December quarter, Jhunjhunwala held 3.69% in VIP Industries, the same as September quarter. In NCC, Jhunjhunwala and his better half Rekha Jhunjhunwala together held 10.21% stake at the end of last quarter.

10:19 Shares of Infosys are up close to 1.7% after Morgan Stanley raised coverage to overweight with a target price of Rs 1,300 per share.

10:15 Shares of HCL Technologies are up 3.5% after Morgan Stanley raised coverage to overweight with a target price of Rs 1,060 per share.

10:04 Kotak Mahindra Bank looks to 15% divest stake in MCXUday Kotak's Kotak Mahindra Bank has begun discussions to divest its stake in Multi Commodity Exchange, which was dealt a blow in December when market regulator Securities and Exchange Board India paved the way for universal exchange, reports Moneycontrol News’ Tarun Sharma. Kotak Mahindra Bank holds 15% stake in MCX. Other prominent shareholders in the company include ace investor Rakesh Jhunjhunwala, who has a 3.92% stake.

"After implementation of universal exchange from October this year, MCX would be the most impacted, in terms of volumes," a source said. Another senior executive from the industry added: "Kotak Mahindra Bank is asking for Rs 1,400 per share, for its stake. Though a premium from MCX's current share price, the rate is a climb down from the Rs 1,600 per share, the bank was asking for earlier."

09:36 Telecom sector loses 40,000 jobs since 2017, on course to cut 50,000 more 
Faced with uncertainty, the once-sunshine telecom sector will continue to witness a decline in headcounts for the next six-nine months, taking the total number of job losses to 80,000-90,000. The sector, which has been witnessing rough weather in terms of profitability due to rising competition and lower margins, has witnessed large scale lay-offs making job scenario uncertain, said a CIEL HR Services in a report.

The report is based on a survey among around 100 senior and mid-level employees of 65 telco and software and hardware service providers to telecom companies. According to the report, since last year the sector has already lost around 40,000 people and the trend is likely to continue for the next six-to-nine months and may see the culling touching 80,000-90,000.

09:35 Greek parliament approves more bailout reforms despite protests
Greece’s parliament passed a swathe of reforms demanded by international lenders in exchange for fresh bailout funds, a success for the government but a blow to thousands of people protesting outside, reports Reuters. The bill introduces a new electronic process for foreclosures on overdue loans and arrears to the state, opens up closed professions, restructures family benefits and makes it harder to call a strike. About 20,000 people rallied outside parliament during the vote. Bus, subway and city rail services were disrupted and some flights were grounded as workers went on strike to protest against the bill.

09:22 FinMin likely to tweak MAT norms to boost industry
The Finance Ministry may tweak the provisions on Minimum Alternate Tax (MAT) in the forthcoming Union Budget to help the industry overcome the impact of tax reforms in the US, say experts. The purpose behind the introduction of MAT in the Income Tax Act was to bring all zero tax companies and to neutralise the impact of certain benefits/incentives. Both the leading industry chambers, Ficci and CII, have suggested to Finance Minister Arun Jaitley to reduce the incidence of MAT which has "impacted significantly" the cash flow of companies who otherwise have low taxable income or have incurred tax losses.

09:10 Market rally must price risk from robots, UBS says
Robots will eat into any economic boost India receives from its young population and markets aren’t pricing in these risks, says UBS Group AG. Despite the Indian stock market hitting fresh highs and UBS predicting an increase in growth and jobs over the next five years, it cautions that immediate risks are to the downside. A global shift toward automation could be a significant negative, leaving many underemployed or without a job.

"This could be a grey-sky scenario for India in terms of GDP and earnings growth, and could also lead to major social issues," it said. "This impact is likely to be beyond the next five years and government policy response -- like more protectionism and a ‘Universal Basic Income’-- will matter."

At best, UBS estimates India will create six million jobs each year for seven million job seekers, while the bleakest outlook is one million. The brokerage says India doesn’t seem to be well positioned to leverage from the shift toward automation. UBS’s base case for job creation implies a 7.5% GDP growth over the next five years and 12-15% Nifty earnings growth. However, it sees "greater skew to the downside:" 5.7% GDP growth and low single-digit Nifty earnings growth.

09:00 Kamla mills fire: Mojo's Bistro owner Yug Tulli surrenders
The owner of the Mojo's Bistro pub Yug Tulli, who had been evading arrest in the Kamala Mills compound fire case, surrendered before the Mumbai Police, officials said. "We have arrested Yug Tulli, after he surrendered himself before police today morning at NM Joshi Marg Police Station," S Jaykumar, Additional Commissioner of Police (Central) told PTI.

He will be produced before a court today, said Jaykumar. After the arrest of Tulli - who had been evading arrest since last two weeks - all the owners of the Mojo's Bistro and '1 Above' have been arrested, another official said. On Sunday, Tulli was spotted at the Hyderabad Airport with his wife but disappeared before the police could arrest him. The deadly fire, which had engulfed Mojo's Bistro and the adjacent 1Above pub, at the Kamala Mills compound on December 29 last year had claimed 14 lives.

08:52 BSE to buyback 15 lakh shares from the open market for Rs 166 crore. The price has been set at Rs 1,100 per share.

08:43 North Korean orchestra to perform in South during Olympics amid easing tensions
North Korea agreed during rare talks on Monday to send a 140-strong orchestra to perform during the Winter Olympics in South Korea next month, Seoul said, amid easing tensions after a months-long standoff over the North’s weapons programmes, reports Reuters. The two sides agreed that the orchestra would stage performances in the capital, Seoul, and at Gangneung, near Pyeongchang, the South’s Unification Ministry said in a statement.

08:38 Pope Francis warns the world is at the brink of nuclear war
Pope Francis said he was really afraid about the danger of nuclear war and that the world now stood at "the very limit," reports Reuters. His comment, made as he flew off for a visit to Chile and Peru, came after Hawaii issued a false missile alert that provoked panic in the US state and highlighted the risk of possible unintended nuclear war with North Korea.

Asked if he was worried about the possibility of nuclear war, Pope Francis said: "I think we are at the very limit. I am really afraid of this. One accident is enough to precipitate things." He did not mention Hawaii or North Korea. Pope Francis has often flagged the danger of nuclear warfare and in November he appeared to harden the Catholic Church's teaching against nuclear weapons, saying countries should not stockpile them even for the purpose of deterrence.

08:00 Newgen Software garners Rs 127cr from anchor investorsNewgen Software Technologies raised over Rs 127 crore from anchor investors on Monday ahead of its initial share-sale, which opens today. The company's IPO committee has finalised allocation of 5,199,444 equity shares to nine anchor investors at Rs 245 apiece, also the upper price band for the offer, Newgen Software informed the stock exchanges.

At this price, the total amount works out to be Rs 127.38 crore, it added. The IPO will close for public subscription on January 18. The IPO comprises fresh issue of shares worth up to Rs 95 crore by the company and an offer for sale of 13,453,932 equity shares by the existing shareholders. The price band has been fixed at Rs 240-245 per share. At the upper end, the public issue would fetch Rs 425 crore.

Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes. Newgen is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.

07:54 Federal Bank net up 26% YoY on better asset quality
Post market hours on Monday, South-based Federal Bank reported a 26% YoY growth in its Q3 FY18 net profit at Rs 260 crore on a healthy rise in core income and a drop in NPAs. The Kochi-headquartered bank saw its net interest income rise 20% to Rs 950 crore on a 22% surge in advances and net interest margin being maintained at 3.33%. On the asset quality side, gross non-performing assets ratio fell 0.25% to 2.52%, despite fresh slippages of Rs 411 crore. Overall provisions rose marginally to Rs 162 crore from Rs 158 crore on an annualised basis.

07:37 Trade deficit widens to 3-yr high, gold imports up 71.5% in Dec
Propelled by engineering goods and petroleum sectors, India's exports rose 12.36% to $27.03 billion in December even as the trade deficit touched a 3-year high. Imports too surged significantly to $41.91 billion, up 21.12%, on increased inbound shipments of crude oil and gold. As per the data released by the Commerce Ministry, the trade deficit or difference between imports and exports was $14.88 billion, up about 41% YoY.

Exports of engineering goods as well as petroleum products showed an increase of over 25% in December. However, shipments of ready-made garments declined by 8% to $1.33 billion last month. Gold imports surged by 71.5% to $3.39 billion last month as against $1.97 billion in December 2016. Imports of petroleum products and crude oil increased by a significant 35% to $10.34 billion in December, from $7.66 billion a year ago.

07:18 Barbeque Nation gets Sebi's nod for Rs 700cr IPO
Casual dining chain Barbeque Nation Hospitality has received markets regulator Sebi's approval to raise an estimated Rs 700 crore through initial public offering (IPO). The company had filed its draft papers with Sebi in August last year and obtained "observations" from the regulator on January 5, 2018, the latest update with markets watchdog showed.

Securities and Exchange Board of India's (Sebi) 'observations' are very important for any company to launch a public offer. Barbeque-Nation Hospitality's IPO comprises fresh issue of shares worth Rs 200 crore and an offer for sale of up to 6,179,000 equity shares, according to the draft red herring prospectus (DRHP).

The offer includes a reservation of up to 1.5 lakh equity shares for the company's employees. Proceeds from the issue will be utilised towards setting-up of new Barbeque Nation restaurants in India, repayment of loans, and general corporate purposes.

07:11 One of the biggest diamonds in history has just been dug up
One of the biggest diamonds in history has been discovered in the mountainous kingdom of Lesotho in southern Africa, reports Bloomberg. Gem Diamonds found the 910-carat stone, about the size of two golf balls, at its Letseng mine in the country. It’s a D color Type IIa diamond, which means it has very few or no nitrogen atoms and is one of the most expensive stones. The diamond is the fifth-biggest ever found.

The Letseng mine is famous for the size and quality of the diamonds it produces and has the highest average selling price in the world. Gem sold a 357-carat stone for $19.3 million in 2015 and in 2006 found the 603-carat Lesotho Promise. “This exceptional top-quality diamond is the largest to be mined to date and highlights the unsurpassed quality of the Letseng mine,” Chief Executive Officer Clifford Elphick said in a statement.

07:07 Mutual funds asset base from small towns up 46% to Rs 4.1L cr
Contribution of the country's small towns to mutual funds asset base surged 46% to Rs 4.1 lakh crore by November-end due to a spirited promotion campaign by industry body Amfi. Mutual funds' assets under management (AUM) from B15 locations - small towns beyond top 15 (T15) cities – grew from Rs 2.81 lakh crore in November-end 2016 to Rs 4.1 lakh crore at the end of November 2017, according to latest data available with Association of Mutual Funds in India (Amfi).

07:06 PE investments jump 55% YoY to all-time high of $24bn in 2017
Private equity firms invested $23.8 billion across 591 deals in 2017, making it the biggest year for PE investments in India. According to deal tracker Venture Intelligence, the investment value is 39% higher than the previous high of $17.1 billion (recorded in 2015) and 55% higher than $15.4 billion invested during 2016. In terms of number of deals in the year, 2017 saw 21% less activity as compared to 2016 (731 deals), indicating large number of big-ticket transactions.