News highlights of the day: Centre, states sanction Rs 10,000 cr refunds due to exporters, says FinMin

The Centre and states have sanctioned more than Rs 10,000 crore as GST refunds to exporters, the finance ministry said today.

In a statement the ministry said many of the errors plaguing the claims for refunds are on account of inadequate familiarisation of the exporters with the GST laws and data entry errors in the various GSTRs / forms.

"In order to overcome the causes of the delay in sanctioning of refunds, Government has taken various steps, which includes amendments in the rules, changes in the business procedures of common portal and customs automated system to address the systemic issues," the statement said. (PTI)

21:03 Amit Shah likely to hold meeting with BJP's Andhra Pradesh core group tomorrow

BJP president Amit Shah is likely to hold a meeting with the core group of the party's Andhra Pradesh unit tomorrow, party sources said after the Telugu Desam Party walked out of the NDA.

The meeting comes as the BJP finds itself in a tight corner in Andhra Pradesh after the TDP and YSR Congress moved notices for a no-confidence motion in the Lok Sabha against the Modi government.

Shah is likely to review the political situation in Andhra Pradesh and strategize over his party's options in the state, which sends 25 members to the Lok Sabha and where assembly polls will be held along with the parliamentary elections next year.

The party has already asserted that the TDP's decision to sever ties with it is a timely opportunity for it to grow in the state. (PTI)

20:35 India needs USD 2.5 trillion to meet its 2030 climate change targets: Government

India would need at least USD 2.5 trillion to meet its 2030 climate change targets, the Lok Sabha was informed today.

"As per the country's Nationally Determined Contribution (NDC) submitted to the United Nations Framework Convention on Climate Change (UNFCCC) in 2015, at least USD 2.5 trillion (at 2014-15 prices) will be required to meet its 2030 targets," Minister of State for Environment Mahesh Sharma said in a written reply.

Noting that climate change efforts were embedded in various schemes of ministries, the minister said the total fund allocation for eight missions of National Action Plan on Climate Change (NAPCC) during the 12th Five Year Plan period was Rs 15,893.46 crore. (PTI)

20:10 FDI in agriculture sector up at Rs 611.28 crore till December of FY18

The foreign direct investment (FDI) in the agriculture sector rose to Rs 611.28 crore till December 2017 of this fiscal, Parliament was informed today.

"A number of farmers have benefited directly and indirectly from the FDI received in agriculture," Minister of State for Agriculture Gajendra Singh Shekhawat said in a written reply to the Rajya Sabha.

FDI in agriculture was Rs 515.9 crore in the entire 2016-17 fiscal, Rs 553.14 crore in 2015-16 fiscal and Rs 365.31 crore 2014-15 fiscal, he added. (PTI)

19:53 Over 6.25 lakh children smoke cigarette in India daily: Study

More than 6.25 lakh children in India smoke cigarette every day, a sign of serious public health threat, a global study claimed.

According to the study — Global Tobacco Atlas — consumption of tobacco claims 17,887 lives in the country every week. However, this is less than average number of deaths caused by smoking tobacco in medium Human Development Index (HDI) countries.

The report prepared by American Cancer Society (ACS) and US-based Vital Strategies claimed that the economic cost of smoking in India is Rs 18,18,691 million.

This includes direct cost related to healthcare and indirect cost involving lost productivity due to early mortality and morbidity. (PTI)

19:40 Prosecutors have said that former South African President Jacob Zuma will be tired for graft.

19:30 41 out of 159 foreign branches of state-owned banks in red

Nearly 25 percent of the overseas branches of the public sector banks (PSBs) suffered losses in 2016-17, the government informed Parliament today.

"As per data reported by PSBs, 159 branches of PSBs are operating in foreign countries, of which 41 branches were in loss in the financial year 2016-17," Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Lok Sabha.

The country's largest lender State Bank of India (SBI) led the pack with nine of its overseas branches in the red. It was followed by Bank of India and Bank of Baroda with eight and seven branches, respectively.

Shukla further said that a reforms agenda based on recommendations made by Whole Time Directors and senior management of PSBs has been referred by the government to lenders for appropriate action, as per approval of bank boards. (PTI)

19:14 Over 40 crore railway tickets booked at reservation counters in 3 years: MoS Railways Rajen Gohain

More than 40 crore tickets were booked from reservation counters at railway stations in the last three years, the government informed Parliament today, which shows that even with increasing online bookings, and people are still using such counters.

In a written reply in Rajya Sabha, Minister of State for Railways Rajen Gohain said that there are a total of 3,458 reservation centres around the country and more than 40.53 crore tickets were booked from such counters in the past three years.

In 2015-2016, around 14.88 crore tickets were booked from reservation counters, in the following year, 14.03 crore tickets were booked the same way, while in 2017-2018 (till February 2018) around 11.62 crore tickets were booked from the counters, the minister said. (PTI)

18:59 Loss of Rs 36,000 crore in Rafale deal even as Army begs for money: Rahul Gandhi

Congress president Rahul Gandhi today again trained his guns on the government over the Rafale fighter jets deal, alleging that it had caused a loss of Rs 36,000 crore to the state exchequer even as the Army "begs" for more money.

He also alleged that Dassault Aviation, the French company that manufactured the fighter jets, had called the "lie" of "RM" (Raksha Mantri or Defence Minister) Nirmala Sitharaman by releasing the price of the aircraft.

Gandhi highlighted the price the BJP government paid for the fighter jets, the figure finalised by the erstwhile UPA regime led by Manmohan Singh for purchasing the aircraft and the amount Qatar had paid for the same. (PTI)

18:45 Over 1,700 card, net banking-related frauds reported in 2017

Over 1,700 cases of fraud related to credit/debit card and Internet banking with the extent of losses touching Rs 71.48 crore were reported in 2017, Parliament was informed today.

A total of 1,785 cases related to credit/debit card and Internet banking for amounts involving Rs 1 lakh and more were reported last year, Minister of State for Electronics and IT K J Alphons said in a written reply to Rajya Sabha. He added that the extent of losses in these cases totalled Rs 71.48 crore. (PTI)

18:29 Replace 'Sindh' with 'Northeast': Congress MP wants amendment in national anthem

A Congress MP today moved a private member resolution in the Rajya Sabha to replace the word "Sindh" in the national anthem with the "Northeast" saying there is no point "glorifying" a place of a hostile nation.

Assam Pradesh Congress Committee President and Rajya Sabha MP Ripun Bora also said when the national anthem was adopted in 1950, the then President Rajendra Prasad had said if required the anthem would be amended in future.

"There is no mention of the Northeast in the national anthem but has the mention of Sindh, which is now part of Pakistan. Why are we glorifying a place of a hostile nation? There is no point," he told PTI.

18:16 56 awaiting repatriation as Pakistan not confirming nationality: government to Supreme Court

The Centre has told the Supreme Court that 56 persons, believed to be Pakistani nationals who are under detention in India, are not being repatriated as the Pakistan government has not yet confirmed their nationality.

Due this reason, these persons have been under detention in spite of completing their sentences or no offence having been made out against them, the government said.

The issue of confirmation of their nationality was being taken up "regularly" with the Pakistan High Commission through the Ministry of External Affairs and these 56 persons can be repatriated as soon as their nationality is confirmed by Islamabad, it said. (PTI)

17:59 Confident that Shiv Sena won't support TDP's no-trust motion: CM Fadnavis

Expressing hope that the 'rashtravadi' (nationalist) and Hindutva forces will stay together, Maharashtra Chief Minister Devendra Fadnavis exuded confidence that Shiv Sena won't support the no-confidence motion against the NDA government.

The statement came after the Telugu Desam Party (TDP) moved a no-confidence motion against the BJP-led government in the Lok Sabha today, following TDP president N Chandrababu Naidu's announcement that his party was exiting the National Democratic Alliance.

"There have been no talks with Shiv Sena chief Uddhav Thackeray as yet. The seniors in our party (BJP's central leadership) will do that. However, I am confident that the 'rashtravadi' and Hindutva forces will stay together," Fadnavis told reporters. (PTI)

17:41 FLASH | October-December current account balance at USD 13.5 billion, 2 percent of GDP: RBI

17:41 1.04 lakh panchayats ready for broadband connectivity

Over 1.04 lakh gram panchayats have been made "service ready" for providing broadband connectivity as on March 11 under Bharat Net project, Parliament was informed today.

Bharat Net project aims at providing broadband connectivity to all 2.5 lakh gram panchayats (GPs) in the country in a phased manner.

The first phase, which was to connect one lakh GPs, has already been completed. (PTI)

17:30 At Adecco Group, CEO’s office is your classroom for one month

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17:14 Punjab’s Lok Insaaf Party has decides to break alliance with Aam Aadmi Party following Delhi CM and AAP Leader Arvind Kejriwal's apology to Bikram Singh Majithia.

17:08 INX media case: Delhi High Court reserves order on Karti Chidambaram's bail plea

The Delhi High Court today reserved its order on the bail plea of Karti Chidambaram, son of senior Congress leader P Chidambaram, in the INX Media corruption case filed by the CBI.

The Central Bureau of Investigation opposed the bail application, saying that tampering of evidence and influencing witnesses in the case were a possibility

The probe agency, represented by Additional Solicitor General Tushar Mehta, alleged that Karti had tampered with certain evidence. (PTI)

Exclusive: Govt’s EV subsidy scheme may be extended by 6 months
Central government’s scheme to subsidise electric vehicles may get extended by a further six months after its validity expires by the end of this month, reports Moneycontrol News’ Swaraj Baggonkar.

Excl: NGOs want industry members away from panel reviewing drug ban
The All India Drug Action Network - a group of healthcare-focused NGOs - has expressed dismay over government appointing representatives of professional bodies as members to the sub-committee of the Drugs Technical Advisory Board. The move assumes significance as the latter was directed to take a re-look at the banned 344 fixed dose combination drugs by Supreme Court in December last year, reports Moneycontrol News’ Viswanath Pilla.

16:15 Govt says it has no plan to discontinue Rs 2,000 note, plastic note trails to start in 5 cities
The government categorically said there was no proposal to discontinue Rs 2,000 currency note, which was introduced post demonetisation in November 2016. Minister of State for Finance P Radhakrishnan said in a written reply in the Lok Sabha that it had decided to conduct field trials of plastic currency notes of Rs 10 in five cites.

16:09 Bears charge ahead; all sectoral indices in the red
The market closed sharply lower amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government. The Sensex ended 510 points lower and the Nifty closed below 10,200 levels as selling pressure intensified in Reliance Industries, ITC, Tata Motors and HDFC twins.

15:52 Dalmia Bharat’s bid for Binani Cement wins creditor support
The Committee of Creditors of Binani Cement has approved the resolution plan from a consortium led by Dalmia Bharat out-bidding rival billionaire Kumar Mangalam Birla’s UltraTech Cement. The resolution professional overseeing the sale process will now submit the plan to the National Company Law Tribunal for final approval, Dalmia Bharat said in a filing. Dalmia Bharat made the investment through a 50-50 joint venture with India Resurgence Fund, which is backed by Bain Capital Credit and Piramal Enterprises.

15:38 I have been diagnosed with neuroendocrine tumour, says Irrfan
Actor Irrfan Khan, 51, today revealed that he has been diagnosed with neuroendocrine tumour and is out of the country for treatment.

15:30 Daler Mehndi convicted in 2003 immigration case
A court in Patiala sentenced Punjabi pop singer Daler Mehndi to two year imprisonment for his role in an immigration scandal in 2003, reports PTI. He was held guilty under relevant sections of IPC by the court of Judicial Magistrate first class Judge Nidhi Saini, counsel Gurpreet Singh Bhasin said. A fine of Rs 1,000 was also imposed on the singer, he said. Daler was, however, released on bail bond.

15:27 There can't be parallel inquiry by courts, Centre tells SC in PNB fraud case
The Centre told the Supreme Court that there cannot be a parallel inquiry and monitoring by the court in investigations, reports PTI. It also opposed a suggestion given by the apex court to the Central Bureau of Investigation to file in a sealed cover the status of the probe in the Rs 13,600 crore the Punjab National Bank fraud case.

A bench headed by Chief Justice Dipak Misra was told by Attorney General KK Venugopal that even before the investigating agencies start probing the matter, people come to courts with public interest litigations. "Is there any justification for anyone to come to this court by filing a PIL and say that the court should be informed about the status of the investigation? There can't be a parallel inquiry and parallel monitoring by the courts."

15:13 Audi to hike car prices by up to Rs 9 lakh from April
German luxury car maker Audi said it will increase prices of its vehicles by up to Rs 9 lakh from April 1 to pass on the impact of increased customs duty in the Budget. Prices across its entire model range will increase from April 1 by up to 4% and range from Rs 1 lakh to Rs 9 lakh, the company said in a statement.

15:06 Mukesh Ambani says Jio was seeded by daughter Isha in 2011
Billionaire Mukesh Ambani said his telecom venture Jio, which catapulted India as the world's largest mobile broadband data consuming nation in less than two years, was first seeded by his daughter, Isha, in 2011, reports PTI. "The idea of Jio was first seeded by my daughter, Isha, in 2011. She was a student at Yale (in the US) and was home for holidays. She wanted to submit some course work and she said, 'Dad, the internet in our house sucks'," he recalled.

15:01 Ban on LoUs could hit import finance up to Rs 40,000cr, affect foreign biz of banks
The Reserve Bank of India's move to ban Letters of Undertaking (LoUs), from being used for trade finance of importers will likely lead to about Rs 20,000 to 40,000 crore shifting to alternative channels of funding. Foreign branches of Indian banks, which are already witnessing some decline in business and increased borrowing costs will also be hurt, said a report by SBI's economic research wing.

14:33 Sensex dives 510 points on political concerns, extends losses for 4th day
The BSE Sensex dived almost 510 points - its biggest single day fall since February 6 - due to a major sell-off amid political concerns after the Telugu Desam Party (TDP) decided to quit the NDA and moved a no-confidence notice against the government. For the third straight week, the flagship Sensex recorded a fall of 131.14 points, or 0.39%, while the NSE Nifty lost 31.70 points, or 0.3%.

The Lok Sabha could not take up notices for no-confidence motion against the NDA government with Speaker Sumitra Mahajan saying there was no order in the House and adjourned the proceedings for the day. The 30-share Sensex tumbled by 509.54 points, or 1.51%, its biggest single day fall since February 6 when it had lost 561.22 points, to end at 33,176. The broader NSE Nifty dipped below the 10,200-mark to hit a low of 10,180.25 before ending at 10,195.15, down by 165 points, or 1.59%.

14:26 Delhi HC refuses to ground entire fleet of IndiGo's A320neo
The Delhi High Court refused to ground the entire fleet of IndiGo's A320neo aircraft, which allegedly have defective engines, reports PTI. Advocate Yeshwanth Shenoy's said in his plea that IndiGo's A320neo fleet should be grounded until the manufacturers give in writing that the existing defects have been rectified and the DGCA is satisfied. Turning down the plea, the court said Shenoy's plea seeking various other directions to the authorities, including an order to ensure that all accidents are published on DGCA's website within 24 hours of its occurrence, shall be heard on March 20.

14:22 Rs 222cr electoral bonds sold in maiden issue
India sold Rs 222 crore of bonds in the maiden issue of Electoral Bonds, which donors can buy from scheduled banks to pay political parties without revealing their identities, Parliament was informed. The maiden issue opened for subscription for 10 days beginning March 1.

14:16 Bhagwant Mann resigns as AAP's Punjab unit chiefSangrur MP Bhagwant Mann resigned as AAP's Punjab chief, a day after party convener Arvind Kejriwal apologised to a SAD leader for accusing him of being involved in the drug trade, reports PTI. Mann announced his resignation on Twitter.

13:54 Market under pressure; PSU banks outperform
The market is trading near the day's low as benchmark indices decline nearly a percent each due to intense selling in heavyweights - Reliance Industries, HDFC twins and ITC. The PSU Bank index outshine other sectoral indices, rising nearly a percent.

13:32 Walmart may acquire majority stake in Flipkart for $7bn
Walmart is in discussions to spend about $7 billion to become the largest investor in Flipkart, sources told Bloomberg, a move that would put the US retailer in competition with Amazon.com. It plans to buy about a third of Flipkart Online Services Pvt, in part by purchasing stakes from Tiger Global Management and SoftBank Group Corp, sources said.

The deal may push the valuation of the homegrown startup to about $20 billion, sources said, up from about $12 billion last year. Talks are at a critical stage and may wrap up this month. It’s also possible specifics such as the valuation or stake size may still change, and the deal may not come to fruition.

13:03 Dr Reddy's launches allergy relief tablets in USDr Reddy's Laboratories has launched levocetirizine dihydrochloride tablets, used for relieving allergies such as watery eyes, runny nose, itching eyes/nose and sneezing in the US market.

12:52 ‘Higher recruitment, better compensation in offing this year’
The Indian job market is likely to witness higher recruitment and better compensation this year, as around 60% companies said that they plan to hire in significant numbers this year, says a survey by wisdomjobs.com. Nearly 54% of companies surveyed said that compensation is likely to stay the same while 39% said compensation is likely to grow this year. Less than 5% said that it will see a decline, the report noted.

12:47 Bitcoin's ‘death cross’ looms as strategist eyes $2,800 level
Traders who look for future price direction in chart patterns are finding more indicators suggesting the world’s largest digital currency may have further to fall, reports Bloomberg. Bitcoin’s 50-day moving average has dropped to the closest proximity to its 200-day moving average in nine months.

Crossing below that level - something it hasn’t done since 2015 - signals fresh weakness to come for technical traders who would dub such a move a ‘death cross.’ Paul Day, a technical analyst and head of futures and options at Market Securities Dubai, said investors should gear up for a 76% tumble from late February highs, which would take Bitcoin to a paltry $2,800, if the downtrend is repeated.

12:30 Rajya Sabha adjourns after brief arguments between Naidu, Congress members 
The Rajya Sabha witnessed an abrupt adjournment following a brief argument between Chairman M Venkaiah Naidu and some Congress members soon after the House assembled for the day, reports PTI. After tabling of the listed papers, Naidu expressed his anguish saying the House has not functioned ever since it resumed on March 5 after recess during the Budget session.

Before adjourning the House till 2.30 PM, Naidu said there were larger issues like banking scam, Cauvery river water sharing, demand for a special package to Andhra Pradesh and sealing in the national capital, which were agitating the minds of people and needed to be discussed. He said notices have been given by members on these issues and he has agreed for a discussion on them, but yet the House was not taking up the debate.

Naidu hoped that the House would function normally from next week and have constructive debate. "I am very much pained that the Upper House of Parliament is not able to transact its business for last two weeks.

11:55 L&T arm bags Rs 2,864cr order for Eastern Dedicated Freight Corridor
Engineering major Larsen & Toubro (L&T) said its construction has bagged an order worth Rs 2,864 crore from the Dedicated Freight Corridor Corporation of India (DFCCIL) for the Eastern Dedicated Freight Corridor. The railways strategic business unit of L&T Construction's will construct 222 route km of a single-track corridor from Khurja to Pilkhani in Uttar Pradesh.

11:42 Yes Bank sells 2.17% stake in Fortis Healthcare
Private sector lender Yes Bank has sold 2.17% stake in Fortis Healthcare, out of the over 17% stake it acquired last month. In a regulatory filing, the bank said it had sold 1.12 crore shares representing 2.17% stake of Fortis Healthcare in the open market between February 23 and March 15.

Yes Bank had acquired 17.31% stake in Fortis Healthcare following invocation of nearly 9 crore pledged shares last month. Subsequently, the stake of promoter firm Fortis Healthcare Holdings along with promoters (Singh brothers) and other family entities have come down to 5.87% from 34.43% earlier.

11:33 TDP moves no-confidence motion in ParliamentTDP leader Thota Narasimham moved a no-confidence motion in the Lok Sabha, hours after party president N Chandrababu Naidu announced in Amaravati that the party was exiting the National Democratic Alliance, reports PTI. "We go according to principles. Our leader felt being part of NDA and moving a no-confidence motion would not be ethical. So we withdrew from the NDA and I have issued a letter on no-confidence motion to the speaker at 9.30 am," Narasimham, the TDP's floor leader in the Lok Sabha, said.

11:22 Tibet can exist with China like 'European Union', says Dalai Lama
Tibet can exist within China in the same spirit as the European Union sticks together, the territory’s spiritual leader, the Dalai Lama, considered a dangerous separatist by Beijing, told Reuters. He says he only seeks autonomy for his homeland, not outright independence. He has also expressed a desire to return to Tibet.

11:04 Acceptance of Liberty House bid will violate level-playing field: Tata Steel to NCLT
Tata Steel told the National Company Law Tribunal (NCLT) that acceptance of UK-based Liberty House's bid for Bhushan Power and Steel would amount to violation of the level-playing field in the resolution process, reports PTI. The tribunal was hearing a plea filed by Liberty House challenging rejection of its bid for Bhushan Power on account of late submission.

10:56 Edelweiss calls off deal to acquire Religare Securities
Edelweiss Group said it is no longer interested in the acquisition of Religare Enterprises' securities business citing the seller's inability to obtain clearances. "We hereby inform you that due to the seller's inability to obtain the requisite clearances within the agreed timeline, the binding arrangement has come to an end on March 15, 2018," Edelweiss Financial Services said in a regulatory filing to stock exchanges. Edelweiss Group's wealth management unit had in December said it would acquire the Religare Securities business for an undisclosed sum.

10:50 Nirav Modi, Mallya, 29 others owe banks Rs 40,000cr
Thirty-one individuals accused of fraud and economic offences have fled the country and collectively owe Rs 40,000 crore to banks and public institutions. A list of fugitives was submitted in the Lok Sabha on Wednesday by the Ministry of External Affairs and includes some well-known names, reports Mint.

Among the prominent names are Vijay Mallya, who owes Rs 9,000 crore to a group of banks; Nirav Modi, his wife Ami, brother Neeshal and uncle Mehul Choksi, named in the Rs 13,600 crore fraud at Punjab National Bank; Jatin Mehta of Winsome Diamonds, who owes Rs 7,000 crore; former Indian Premier League chief Lalit Modi, accused of siphoning off Rs 125 crore from the BCCI; and Sterling Biotech directors Chetan and Nitin Jayantilal Sandesara for alleged bank fraud of Rs 5,000 crore.

10:37 Trai seeks Airtel's reply over complaints of non-reporting, discriminatory tariffs
Telecom regulator Trai has sought a reply from Bharti Airtel over complaints that the leading operator allegedly offered discriminatory tariffs and not reported these to the authority. The Telecom Regulatory Authority of India (Trai) in a letter asked Bharti Airtel to explain within 10 days whether the company has indeed offered the tariff plans under question to consumers and in how many service areas. It has also sought details of service area wise launch dates for these tariffs.

Market trivia: Yields on the three-month US treasury bill recently hit 1.7%. And as yields rise, so do short-term rates on consumer and business loans. The last time this happened was back in 2008.

09:44 PNB asks for data info from peer banks, no condition yet on LoUs payout
Punjab National Bank has asked for certain information from peer banks but no condition has been set for payouts related to Letter of Undertakings in the Rs 13,600 crore bank scam, sources told PTI. Bankers said that since the matter is under investigation by the CBI, no final call on LoU payouts can be taken as of now.

"PNB has been calling for certain information from other banks to ascertain if there were any deficiency or laxity on the part of those other banks, if they also had some system lacunae or might have compromised on their system, things like that," a bank official said.

09:50 Market trades lower; Nifty below 10,350
The market extends its opening losses amid sluggish global cues and trade war concerns, weighed by oil, financials and technology stocks. The Sensex is down over 100 points and the Nifty is trading below 10,350 levels. Coal India counter is down 6% as the stock goes ex-bonus today.

09:44 TDP quits NDA, to move no-confidence motion
The Telugu Desam Party (TDP) formally decided to quit the NDA, days after two of its ministers quit the Narendra Modi government protesting for Special Category Status to Andhra Pradesh. The party will also move a no-confidence motion against the Modi government over the injustice meted out to the state, an official communique said. The TDP politburo unanimously took the decision during a tele-conference with party supremo and Andhra Pradesh Chief Minister N Chandrababu Naidu this morning. The Telugu Desam Parliamentary Party will issue a notice to move the no-trust motion today, it said.

09:35 Banks' credit grows at 11.48% YoY to over Rs 83 lakh cr
Banks' credit growth continued to grow by double-digits at 11.48% to Rs 83,48,773 crore in the fortnight ended March 2, according to RBI data. In the period ended March 3, 2017, the advances had stood at Rs 74,88,993 crore. Deposits also grew by 6.6% to Rs 111,87,300 crore from Rs 104,94,242 crore in the same fortnight last year.

09:28 IndiGo cancels 488 flights, GoAir 138 in March due to aircraft grounding
Passengers are likely to face harrowing times with IndiGo and GoAir deciding to cancel more than 600 flights this month, of which 488 are by IndiGo alone, following grounding of 11 A320 neo planes with faulty Pratt & Whitney (P&W) engines, reports PTI. The cancellations by the two budget carriers, which operate more than 1,200 flights daily on average, may significantly disrupt the summer schedule.

There was no immediate clarity about the way possible compensation and alternative choices would be made available to the passengers already having tickets. IndiGo, which has the largest share in the domestic aviation market, would be cancelling as many as 488 flights during the period March 15-31. GoAir has decided to cancel a total of 138 flights during March 15 22.

09:22 Tata group Chief Ethics Officer Mukund Rajan quits
Tata Sons said its Chief Ethics Officer Mukund Rajan will leave the group to evaluate entrepreneurial pursuits in the coming months. "Dr Rajan and Tata Sons have mutually agreed that Dr Rajan will leave the services of Tata Sons on March 31, 2018," the company said in a statement. Rajan, who was former managing director of Tata Teleservices (Maharashtra), was appointed as group spokesperson and brand custodian in February 2013.

09:05 Andhra Pradesh Chief Minister Chandrababu Naidu tells his MPs that he is walking out of the Narendra Modi-led National Democratic Alliance (NDA), reports CNN-News18.

09:02 HAL's Rs 4,230cr IPO opens for subscription today
Public sector helicopter-maker Hindustan Aeronautics' Rs 4,230-crore initial public offer, through which government is divesting 10.2% holding, will open for subscription today. The company will also sell 10.2% of its equity through an offer-for-sale route through the IPO and has fixed a price band of Rs 1,215-1,240 a share for the offer that will close on March 20.

08:58 PNB scam: Gokulnath Shetty's CBI custody extended till Mar 17
A special court in Mumbai extended till March 17 the CBI custody of former Punjab National Bank DGM Gokulnath Shetty in connection with the multi-crore bank fraud case, reports PTI.

08:53 Exports in Feb up 4.5% to $25.8bn, trade deficit narrows
Exports grew 4.5% in February, the lowest expansion in the last four months, to $25.8 billion as shipments of engineering, textiles and gems and jewellery declined while trade deficit narrowed to a five-month low of $12 billion. The trade deficit - the difference between imports and exports - stood at $9.52 billion in February 2017, as per the data released by the Commerce Ministry.

08:45 ISI still providing covert support to Taliban, says report
Pakistan's intelligence agency ISI continues to covertly support the Taliban in the border region, The Washington Times claimed. It also provided specific mohallas and neighbourhoods on the Pakistani side that are being used as safe havens by Taliban terrorists. The report alleged that Taliban terrorists from Afghanistan travel freely to a Pakistani army garrison in Quetta where they meet with military and Inter-Services Intelligence (ISI) officials.

Exclusive: Our Essar Steel bid is legit, ready to buy out Rewant Ruia: NumetalNumetal, an SPV floated by the PE arm of Russian lender VTB Bank and Rewant Ruia, a Ruia family member, has claimed that its bid for Essar Steel has ‘solid legal backing’ and if need be, ‘the other shareholders will buy out Rewant's’ 25% stake in the company. "We have a good bid, our resolution plan is quite attractive. We have addressed the short term challenges, demands of different parties. And in the long run we are building a business that will participate in the growth story of India," Numetal Senior Advisor Antoine Chemali told Moneycontrol News’ Prince Mathews Thomas.

08:27 India's GDP could reach $5 trillion by 2025, says Suresh Prabhu
India's GDP could reach $5 trillion in seven years provided there is consistent growth in manufacturing, services and agricultural sectors, Commerce and Industry Minister Suresh Prabhu said. (PTI)

08:20 HDFC Bank raises Rs 2,300cr via rupee bondsHDFC Bank said it has raised Rs 2,300 crore by issuance of rupee denominated bonds which would mature in March, 2025. According to a statement, the issue carries a fixed coupon rate of 8.1% per annum with maturity on March 22, 2025.

08:10 Goa mining ban comes into effect
The ban on iron ore mining in Goa came into effect at midnight after a high-profile court battle, reports PTI. While some workers engaged in the sector said the development has put their jobs and livelihood at stake, a Vedanta official urged the government and the Supreme Court to let mining operations continue till the auction

The Supreme Court last month quashed the second renewal of iron ore mining leases given to 88 companies in Goa in 2015. The apex court said it was giving time till March 15 to mining lease holders, who have been granted a second renewal in violation of its previous directions, to manage their affairs.

08:04 Plastic ban in Maharashtra from March 18
The Maharashtra Cabinet has decided to impose a ban on certain plastic items from the Marathi New Year, ‘Gudhi Padwa’, on March 18, reports PTI. An official in the State Environment Department said the ban will cover plastic carry bags, thermocol and plastic plates, cups, forks, bowls and spoons. However, the draft of the proposed ban, published a month ago, had also mentioned various other items such as flex boards, non-woven polypropylene bags, banners, flags,  decorative door hangings, plastic sheets and all types of plastic wrappers.

07:53 Rahul Gandhi to present Congress vision doc at plenary session
Congress President Rahul Gandhi will present the party's vision document at its plenary session starting today, reports PTI. The document will act as a ‘guiding light’ to help party workers upstage the BJP from power at the Centre in 2019 and in some key states where elections are slated later this year, the source said.

The session will also look into future alliances that the party foresees will be needed for defeating the BJP, a Congress leader said. The plenary meet, to be held at the Indira Gandhi Indoor Stadium in New Delhi, will be attended by senior leaders starting from block presidents.

At the three-day brainstorming session, the party will pass four resolutions - one each on the political and economic fronts, another on foreign policy and the fourth on agriculture and unemployment. The party's key focus would be on the issue of agriculture and unemployment, the source said.