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News highlights of the day: White House says Trump not considering firing Mueller

This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.

March 19, 2018 / 10:31 pm IST

22:31 That's all for today, readers. Thanks for staying on with our coverage of the day's action. Your enthusiasm encourages us to better our coverage every day. Do come back tomorrow for more news, views and insights.

22:28 No revision in intake of medical officers in the military: Parliamentary panel

A parliamentary panel has said there has been no periodic revision in the intake of medical officers and specialists by the Armed Forces Medical Services (AFMS), despite a shortage.

In a Committee of Estimates report on the Ex-Servicemen Contributory Health Scheme, the defence ministry has said that although the annual intake from the Armed Forces Medical College (AFMC) is 130 (105 males, 25 females), a sanction for an intake of 140 exists since 1999. The committee noted that "there has been no periodic upward revision in the sanctioned intake from the AFMS". The actual annual intake from the AFMC was only 130 as against the sanctioned intake of 140 since 1999, it added. (PTI)

22:12 Kapil Sibal accepts Kejriwal's apology in Vodafone tax revision case

Senior Congress leader Kapil Sibal on Monday accepted the apology of Delhi Chief Minister Arvind Kejriwal and his deputy over the charges levelled against him and his son in Vodafone tax revision case.

"Today, Kejriwal and Manish Sisodia have accepted that all the charges (levelled) were baseless. He apologised for this. We have accepted the apology. We do not want to fight with anyone," Sibal told reporters.

In a complaint filed by Sibal's son Amit Sibal in 2013, it was alleged that Kejriwal, Sisodia, lawyer Prashant Bhushan and Shazia Ilmi, who was then an AAP member, had targeted him and his father over the Vodafone tax revision case. (PTI)

21:57 Government ropes in Airbnb to promote tourism in Northeast

The Centre on Monday inked four MoUs with the US-based hospitality major Airbnb under the aegis of the Ministry of Development of North Eastern Region (DoNER) to promote tourism and generate technology-enabled livelihood opportunities in the north-eastern region of the country.

DoNER Minister Jitendra Singh said the MoUs were a step towards achieving the goal of doubling the tourist growth rate in the Northeast in the next three years by creating more sustainable accommodation options and enhancing the hospitality service standards in the region.

Development of the region is of prime importance for the overall inclusive growth of India and tourism development has always been one of the government's key focus areas, keeping in mind the region's natural beauty and cultural heritage, he said at the event. (PTI)

21:40 RSS believes in non-violence and truth: Mohan Bhagwat

The RSS believes in Hindutva which has truth and non-violence as its core values about which Mahatma Gandhi, B R Ambedkar and Vivekananda had spoken, its chief Mohan Bhagwat has said.

However, if required, one should fight to protect the core values of Hindutva, he said. "We consider Hindutva as only one. It is the set of values which we believe in. It is the same one about which Vivekananda, Subhas Chandra Bose, Gurudev Rabindranath Thakur, Babasaheb Ambedkar have spoken," he said in an interview with weekly magazine Organiser.

Replying to a question about portraying Hindu religion in two different narratives--one as Hinduism and the other as Hindutva--Bhagwat said RSS considers Hindutva as the one and only narrative. While underlining that the RSS believes in truth and non-violence is the core values of Hindutva, Bhagwat, however, said, "If somebody is attacking or indirectly killing the truth and non-violence we believe in, then to protect those values we will have to fight."

21:23 Odisha to keep up demand for special category status in House

The Odisha government will target the Centre on a number of issues, including the demand for special category state status to Odisha, during the budget session of the Odisha Assembly scheduled to begin on Tuesday. The ruling BJD also said that it was ready to face the opposition attack and discuss major issues in the house.

"We will discuss various issues like the demand for special category status to the state, Mahanadi river water tribunal, Polavaram and other important matters during the budget session of the Assembly," Chief Minister Naveen Patnaik told reporters after the BJD legislature party meeting. The BJD would also raise issues like non-revision of minimum support price (MSP) on paddy and rejection of the demand to create three new railway divisions under the East Coast Railway (ECoR), a senior party leader said. (PTI)

21:04 White House says Trump not considering firing Mueller

President Donald Trump is not considering firing the special counsel investigating Russian election interference, a top White House lawyer said after a cascade of Trump tweets revived chatter that the deeply frustrated president may be preparing to get rid of the veteran prosecutor.

The late-Sunday statement from White House lawyer Ty Cobb came after top congressional Republicans warned of repercussions if Trump fired special counsel Robert Mueller, who is looking into contacts between Trump's 2016 campaign and Russia and Russian meddling in the presidential election.

In a series of weekend tweets, Trump jabbed directly at Mueller by name for the first time. The president challenged the investigation's existence and suggested political bias on the part of Mueller's investigators. Trump has long been frustrated by the lengthy and intensifying probe and insists his campaign did not collude with Russia to influence the election in his favour. (PTI)

20:43 Haryana government to seek CAG audit of medical purchases after INLD allegations

The Manohar Lal Khattar government in Haryana today decided to seek a special CAG audit of medical purchases in state-run hospitals following allegations of irregularities levelled by the opposition INLD yesterday.

Haryana Health Minister Anil Vij said the state government had distributed Rs 87.60 crore under the Mukhyamantri Muft Ilaaj Yojana and National Health Mission from 2014 to 2017, of which only Rs 40.89 crore was spent. The Minister told reporters that it was recommended that a special audit conducted by the comptroller and auditor general be done for all districts of the state.


He said the state government would write to the CAG to conduct a "special audit" into all the purchases concerning medical items at the district level by the officials of the health department in the past over three years.

"If any irregularity is found, strict action would be initiated against the officer concerned. Apart from this, all civil surgeons have been directed to purchase online products available on the Government-e-Marketplace portal of the central government," he said. (PTI)

20:30 WTO chief expresses concerns over increasing protectionism

Expressing concerns over rising protectionism in developed countries, especially in the US which has imposed high import duties on steel and aluminium, WTO chief Roberto Azevedo today called upon the member nations to come together and resolve the issues related to global trade.

The WTO (World Trade Organization) Director General, who is here for a mini ministerial meeting called by India, said that encouraging trends in global trade such as rising export orders and volumes could be jeopardised by protectionist measures.

He was speaking at an industry interaction here organised by Azevedo, according to the CII statement, pointed "to rising risks to this positive outlook with recent incidents of increased protectionist moves by members".

He cited the recent tariff increases by the US for steel and aluminium among other protectionist measures by other countries.


18:39 TADA court extends Dawood aide Farooq Takla's CBI custody till March 28
A Terrorist and Disruptive Activities (Prevention) Act (TADA) court here today extended the CBI custody of fugitive underworld don Dawood Ibrahim's aide Yasin Mansoor Mohamed Farooq alias Farooq Takla till March 28.

Takla, an accused in the 1993 Mumbai serial blasts case, had earlier been remanded to the Central Bureau of Investigation's (CBI) custody till today.

During today's hearing, the CBI prayed for Takla's custody to be extended, saying it needed time to verify the statements he made during the interrogation.

The agency also claimed that Takla was not cooperating in the probe.

Takla was arrested at an immigration counter of New Delhi's Indira Gandhi International Airport earlier this month.

The charges against him include criminal conspiracy, murder, attempt to murder and voluntarily causing hurt by dangerous weapons or means.

Takla had fled the country after the 1993 Mumbai blasts, in which 257 people were killed.

19:10 SRA, MHADA redevelopment to be brought under Maharahstra RERA, says Minister

The redevelopment of existing slums and MHADA buildings will soon be brought under the regulations of the Maharashtra Real Estate Regulatory Authority, state Housing Development Minister Prakash Mehta said today.

He was replying in the Legislative Assembly to a calling attention motion by BJP MLA from Dharavi, R Tamil Selvan.

Dharavi is dominated by slum clusters and has several buildings that have been constructed by the Slum Rehabilitation Authority (SRA).

As per rules, slums are redeveloped by builders under SRA guidelines and comprise a saleable portion, for fresh buyers, apart from homes meant for rehabilitating slumdwellers.

"This decision will impact the lives of at least 50-55 per cent of the population of Mumbai. Almost 41 per cent people live in slums as per the 2011 census. There are also 104 major colonies of the Maharashtra Housing and Area Development Authority (MHADA) in the city," a senior housing department official said.

18:58 Indo-French naval exercise 'Varuna-18' begins off Goa coast

The French Navy's anti-submarine frigate, Jean de Vienne, the Indian Navy's destroyer, INS Mumbai, and frigate INS Trikand are among the vessels participating in the exercise.

The Indian Navy's submarine, KalvariP8-1 and Dornier maritime patrol aircraft and MiG 29K fighter aircraft are also participating in the exercise.

The first phase of the exercise, which commenced today, will conclude on March 24, a Defence official said.

The second phase will be held off the Chennai coast in April and the third near the La Reunion Island in May.

India and France will explore the measures to facilitate operational-level interactions between their respective armed forces and increase mutual cooperation, considering the common global threats, the official added.

Rear Admiral M A Hampiholi, Flag Officer Commander, Western Fleet of the Indian Navy, said "Varuna-18" would be conducted in three sea areas, including the Arabian Sea, Bay of Bengal and South Western Indian Ocean.

18:24 Meant no disrespect to any individual or group: Clinton on her India remarks

Former US Secretary of State Hillary Clinton, who faced flak for her controversial comments recently in India about how women voters in 2016 presidential elections were more swayed by men, says she meant no disrespect to any individual or group.

In a lengthy Facebook post, Clinton referred to her remarks at the India Today Conclave in Mumbai, saying her comments "in passing about women "unfortunately" being more swayed by men in the 2016 Presidential elections got a lot of "negative attention."

"I was also asked about women, specifically white women, the majority of whom have not voted for Democrats in recent history. I did better with them than previous Democratic nominees, but still lost them overall to a candidate who relies on scare tactics and false attacks, masking the fact that he is otherwise no friend to most Americans," the 70-year-old former presidential candidate said in the post.

She said her comments that there is anecdotal evidence and some research to suggest that "women are unfortunately more swayed by men than the other way around" received negative feedback from various quarters.

"I understand how some of what I said upset people and can be misinterpreted. I meant no disrespect to any individual or group. And I want to look to the future as much as anybody," she said in the post.

18:12 No interim order on facilities at Rohingya refugee camps: SC

The Supreme Court today favoured the Centre's submission that no interim order should be passed on pleas to grant certain facilities to Rohingya refugees as it would grab 'media headlines' and have repercussions on India's diplomatic ties with Myanmar and Bangladesh.

The top court said it will not pass any interim order with regard to ensuring health and educational facilities for Rohingya refugee camps in the country unless materials contradicting the Centre's claims are brought before it.

"Lordship should not pass any interim orders for media headlines. All my statements are on affidavit and I represent Government of India and the interests of India," Additional Solicitor General Tushar Mehta told a bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y ChandrachudMehta, appearing for the Centre, said any order passed may have repercussions on India's diplomatic relations with Myanmar and Bangladesh.

"I cannot place before this Court the diplomatic solutions that are being worked out. The diplomatic decisions are taken at the highest level and are not for public consumption. These are the decisions taken at the top executive level. Government is alive to the situation prevailing at the Rohingya refugee camps," Mehta said.

He also questioned the bonafides and motives of the NGOs and individuals seeking facilities for the Rohingya refugees and said the government has already said on affidavit that no discrimination between Indians and outsiders was being done in providing health and education facilities.


17:54 DoT says no new bank guarantee from Axis Bank to be accepted

Telecom department has ordered that bank guarantees from Axis Bank should not be taken as the country's third-largest private sector lender had failed to honour a guarantee issued previously.

The Department of Telecommunications (DoT) in a March 16 office memorandum titled 'non-adherence to contractual obligation of bank guarantees by Axis Bank' said no new bank guarantee from the lender should be accepted.

"Axis Bank has failed to invoke a Bank Guarantee issued by them on behalf of Aircel Group of Companies," DoT said. "This action by Axis Bank is a serious breach of trust and contract with Government of India."

Telecom companies have to routinely furnish bank guarantees to meet their contractual commitments. A failure may result in the government encashing the bank guarantee as a tool to punish the defaulter.

Typically, a bank guarantee is issued by a bank or any other lending institution promising to make up for a pre-stated sum of money in case of default by the entity on whose behalf it is issued.

When contacted, an Axis Bank official spokesperson, said: The bank guarantees have been issued by us on behalf of Bharti Airtel."

Listing the reason for not honouring encashment of the bank guarantee, he said, "Payment of the said guarantees, at present, will be in violation of the orders of the Telecom Disputes Settlement and Appellate Tribunal (TDSAT)".

Without giving details of the injunction passed or the matter before TDSAT, the spokesperson said: "Once the order is vacated, the bank will be pleased to honour the said guarantees, as per the underlying terms. This matter has been communicated to the Dept. of Telecom (DoT)."

17:46 MSME credit to grow at 12-14% over next 5 yrs: Icra

The credit to micro, small and medium enterprises (MSMEs) is expected to grow at 12-14 percent over the next five years, helped by higher lending by non banking finance companies (NBFC) to the segment, says a report.

As on March 2017, credit to MSMEs stood at Rs 16 trillion.

NBFC and housing finance companies are expected to expand at about 20-21 per cent compounded annual growth rate (CAGR) in this space during the period, while bank credit to this segment, which accounted for about 84 per cent of total MSME credit, is estimated to grow at a lower CAGR of 9-11 percent, according to a report by Icra.

"Non-banks share in the MSME credit pie should expand to 22-23 percent by March 2022 compared to 16 percent in March 2017. Non-banks, with their niche positioning, differentiated product offering, good market knowledge and large unmet demand, would be able grow at a healthy rate vis-a-vis banks," the rating agency's assistant vice
president and sector head, A M Karthik said.

He added there is large unmet credit demand in the MSME segment, which was estimate to be about Rs 25 trillion in FY2017.

17:06 BMC seizes property belonging to Dawood Ibrahim

The Brihanmumbai Municipal Corporation (BMC) has seized a property of crime lord Dawood Ibrahim today, after his family lapsed on paying the property tax. According to CNN News 18 , the family has a property tax amounting to Rs 1.25 crore since 1996.

Reports at the beginning of March quoted famous criminal lawyer Shyam Keswani stating that Dawood Ibrahim was ready to return to India, given certain conditions.

16:53 UFBU demands JPC probe into bank scams

The United Forum of Bank Unions (UFBU), the umbrella body of nine trade unions, today demanded a joint parliamentary probe into the recent PNB fraud and other bank scams.

"We are demanding a detailed JPC probe into the recent Punjab National Band (PNB) fraud committed by two diamond traders, who fled the country. The government should set up a JPC probe as had been done after the Harshad Mehta scam in 1992," West Bengal convenor of UFBU Siddharth Khan said here.

Khan alleged that RBI had "failed on proper supervision" of banks for which these scams were taking place, and lower level employees were being made scapegoats.

The Union wondered whether the SWIFT software used in making payments on the basis of Letter of Undertakings (LoU) issued by PNB was approved by the apex bank.

16:51 Maharashtra farmers affected by February hailstorms given Rs 313 crore, says Minister

The Maharashtra government has provided financial assistance of Rs 313.58 crore to farmers who were affected by hailstorms and unseasonal rains that lashed several parts of the state in February, revenue minister Chandrakant Patil today said.

In a written reply to a question in the Legislative Assembly, Patil said that hailstorms and rain damaged agriculture crops over an area of 2.54 lakh hectare and multi-crops on an area of 38,046 hectare.

The damage was spread over 19 districts in VidarbhaMarathwada and north Maharashtra and it included the death of six persons and several head of cattle, he said.

Patil, in his written reply, stated that those who were affected were given Rs 313.58 crore as compensation as per the guidelines of the National Disaster Relief Fund (NDRF).

16:19 Lowest interest among millennials in agri-jobs: Survey
The millennial generation has lowest interest in agriculture career because of lack of job security, poor awareness about the scope of the sector and dearth of entrepreneurial spirit, a latest study by job website Indeed. During the 2017 calendar year, there was 25% drop in the average number of agriculture related job searches per week, it said.


16:10 CBI moves HC against acquittal of Raja, Kanimozhi in 2G spectrum case
The Central Bureau of Investigation has moved the Delhi High Court against acquittal of former telecom minister A Raja, DMK MP Kanimozhi and others in 2G spectrum case, reports PTI.

The Enforcement Directorate today moved the Delhi High Court challenging a special court order acquitting former telecom minister A Raja, DMK MP Kanimozhi and others in the money laundering case arising out of the 2G scam.

Besides Raja and Kanimozhi, the special court had on December 21 last year acquitted 17 others, including DMK supremo M Karunanidhi's wife Dayalu Ammal, Shahid Balwa and Vinod Goenka of STPL, Asif Balwa and Rajiv Aggarwal of Kusegaon Fruits and Vegetables Pvt Ltd, film producer Karim Morani, P Amirtham and Sharad Kumar, Director of Kalaignar TV.

ED, in its charge sheet, had alleged that Rs 200 crore was paid by Swan Telecom (P) Ltd (STPL) promoters to DMK-run Kalaignar TV.


On the same day, the trial court had acquitted Raja, Kanimozhi and 15 others, including former Telecom Secretary Siddharth Behura, Raja's erstwhile private secretary R K Chandolia, Swan Telecom promoters Shahid Usman Balwa and Vinod Goenka, Unitech Ltd MD Sanjay Chandra and three top executives of Reliance Anil Dhirubhai Ambani Group (RADAG) -- Gautam Doshi, Surendra Pipara and Hari Nair, in the CBI's 2G case.

The CBI had alleged that there was a loss of Rs 30,984 crore to the exchequer in allocation of licences for the 2G spectrum which were scrapped by the top court on February 2, 2012.
Special Judge O P Saini, however, had then held that the prosecution had "miserably failed" to prove the charges.

The Central Bureau of Investigation has moved the Delhi High Court against acquittal of former telecom minister A Raja, DMK MP Kanimozhi and others in 2G spectrum case, reports PTI

16:08 Sensex extends slide for 5th day, sheds 253 pts, Nifty below 10,100
The benchmark BSE Sensex cracked below the 33,000-mark by falling nearly 253 points, extending its slide for the fifth straight session on unabated foreign fund outflows amid weak global cues. Overall market sentiment remained weak after the RBI data released after market hours on Friday showed current account deficit rose to 2% of the GDP at $13.5 billion in the December quarter, up from 1.4% in the year-ago period, due to a higher trade deficit.

The rupee also depreciated by 19 paise intra-day against the dollar at 65.13, which too had a negative influence. Global cues too were weak as investors moved cautiously before the US Federal Reserve meeting, that is likely to raise US interest rates. The 30-share index finally settled down 252.88 points, or 0.76%, at 32,923.12. This is the weakest closing since December 6 last when it settled at 32,597.18. The gauge lost 741.94 points in the previous four sessions. The wider NSE Nifty too fell by 100.90 points, or 0.99%, to end at 10,094.25.

16:05 Modi's 'acche din' PR will take a beating: Rahul on unemployment
Congress President Rahul Gandhi hit out at Prime Minister Narendra Modi over the issue of unemployment, saying his 'achche din' PR would take a beating, after a Nobel laureate warned India of mass unemployment. "The Nobel prize winning economist, Paul Krugman confirms what we've been saying for over two years now. Mass unemployment is the biggest threat India faces. Unfortunately, we have a PM who lives in denial. Afraid his ‘Acche Din’ PR will take a beating," he said on Twitter.

16:00 Ford introduces manual transmission, petrol top-end EcoSport
Ford India introduced a manual transmission version of top-end petrol variant of its compact SUV Ecosport priced at Rs 10.47 lakh (ex-showroom across India). The new Titanium+ variant will be paired to Ford's latest three-cylinder 1.5 litre petrol engine and feature five-speed manual transmission, the company said in a statement. It features bigger 17-inch alloy wheels and is equipped with six-airbags to ensure all around safety of occupants, it added.

15:56 Delhi Chief Minister Arvind Kejriwal, his deputy Manish Sisodia have tendered an apology to advocate Amit Sibal, son of former Union minister Kapil Sibal, in a defamation case filed against them, reports PTI.

15:53 Lemon Tree to open 28 new hotels, to raise Rs 1,000cr via IPO
Budget and mid-market hotel brand Lemon Tree will raise Rs 1,000 crore through an initial public offering which will see one of its private equity investors Warburg Pincus offload half its stake in the company, reports Moneycontrol News’ Swaraj Baggonkar.

The offer for sale of up to 185 million shares represents 23.59% of the equity share capital of the company. The offer, which opens on March 26 in the price band of Rs 54-56 per equity share, is for the private equity company Warburg to off-load half of its 25% stake in Lemon Tree. The promoter entity, which holds about 30% will not dilute any stake.

Lemon Tree is India’s largest mid-market hotel brand with about 45 operational properties having a room inventory of nearly 4,700 rooms spread across 28 cities. The Delhi-based company has three brands Red Fox (budget), Lemon Tree (mid-scale), Lemon Tree Premier (upper mid-scale). As of FY17, its average daily rate across three brands has been Rs 5,745 with an occupancy rate of 65%.

15:19 Just two months before Karnataka goes to vote, the state has approved a separate religion status for Lingayats, reports CNN-News18.


14:57 Arvind Kejriwal apologises to Nitin Gadkari, latter withdraws defamation caseArvind Kejriwal and Nitin Gadkari submitted a joint application in the Delhi court seeking withdrawal of a defamation case filed by the latter, reports PTI. The application comes after Kejriwal submitted a letter regretting making defamatory remarks against Gadkari.

14:47 UltraTech offers 'comfort' to Binani Cement
In a fresh twist to the auction of Binani Cement, UltraTech Cement announced it is set to buy the latter’s stressed assets after its board agreed to issue a 'comfort letter' providing Rs 7,266 crore to Binani’s parent, reports Moneycontrol News’ Prince Mathews ThomasBinani Industries, the parent, will use the money to pay off Binani Cement's lenders and other liabilities.

The latest move comes after the Aditya Birla Group company had alleged lack of transparency in the proceedings to auction Binani Cement, which was referred to the National Company Law Tribunal after accumulating debts of Rs 5,000 crore. In a meeting held on March 16, the Committee of Creditors had approved the plan presented by Dalmia Cement, dealing a blow to UltraTech's plans.

14:30 Lupin gets USFDA nod for psoriasis treatment spray
Drug major Lupin has received approval from the US health regulator to market Desoximetasone Topical spray, used for treatment of plaque psoriasis, in the American market. It is a generic version of Taro Pharmaceuticals USA's Topicort Topical Spray. The approval has been granted to the product in the size of 30 ml, 50 ml, and 100 ml.

14:15 SC notice to dentist couple in Aarushi murder case
The Supreme Court admitted an appeal against the acquittal of dentist couple Rajesh and Nupur Talwar in the 2008 twin murder case of their daughter Aarushi and domestic help Hemraj, reports PTI. The plea was filed by Khumkala Banjade, the wife of Hemraj.

A bench headed by Justice Ranjan Gogoi issued notice to the dentist couple, who were acquitted by the Allahabad High Court in the twin murder case in October last year. Banjade had filed an appeal in December last year against the Talwars acquittal in the case. Later, the CBI also filed an appeal against the acquittal of Talwars in the case.

Exclusive: Sale of NPAs slow over bargain pricing by ARCs
Sale of bad loans to asset reconstruction companies (ARCs) has slowed due to mismatch in pricing , forcing banks to turn to the insolvency court, reports Moneycontrol News’ Beena Parmar. While assets over Rs 16,000 crore have been put on sale to clean up balance sheets as the financial year ends, ARCs that buy distressed assets, have been looking for better pricing from banks. This is slowing down the buying process, sources in the banking sector said. However, the total assets that ARCs could purchase is yet to be ascertained.

13:50 Market trades lower; metals, PSU banks tumble
The market continues to trade lower with the Sensex falling around 200 points, weighed by metals, banks, technology and oil stocks. Investors remain cautious ahead of the US Federal Reserve's key policy decision later this week. A widened current account deficit in the December quarter also weighed on investor sentiment.

13:36 CBI court convicts Lalu Prasad in 4th fodder scam
Former Bihar chief minister and Rashtriya Janata Dal supremo Lalu Prasad was convicted by a special CBI court in the fourth case of multi-crore fodder scam related to fraudulent withdrawal of Rs 3.13 crore from Dumka treasury in 1990s. Shiv Pal Singh acquitted former chief minister Jagannath Mishra in the same case. The case RC 38A/96 pertains to illegal withdrawal of money from Dumka treasury. The quantum of punishment in the case would be pronounced later.

13:19 Consider objections to Tata Steel bids: NCLT to Bhushan Steel creditors
The National Company Law Tribunal (NCLT) asked the Committee of Creditors (CoC) of debt-ridden Bhushan Steel to consider the objections raised by its employees over the bids submitted by Tata Steel, reports PTI. The CoC, which is scheduled to meet on Tuesday to take up the resolution plan of the highest bidder Tata Steel, would consider the objections raised by the employees.

13:03 Rajan says India needs to grow at 10% to provide jobs, wants major reforms in land buyout process
India needs to get to a stronger growth rate of 10%, former IMF Chief Economist and Reserve Bank Governor Raghuram Rajan told CNBCadding that there are 12 million people joining the workforce every year and the country needs to produce enough jobs for them. To get there, the country needs ‘significant reforms’ in its land acquisition processes, he stated.

12:52 China's missile man is new defence minister
China appointed a former missile unit commander Lieutenant General Wei Fenghe as its new defence minister today, whose first guest of honour could be his Indian counterpart Nirmala Sitharaman, reports PTIFenghe, 63, a close confidant of President Xi Jinping, was the last commander of China's missile unit, the Second Artillery Corps, before it was split into two - the People's Liberation Army (PLA) Rocket Force and the Strategic Support Force - making them a potent force.

12:42 Maruti Dzire retains top sales spot in Feb, Baleno demand accelerates
India’s best-selling compact sedan Maruti Dzire retained the top spot in sales for the third consecutive month last month even as Maruti Suzuki dominated the list of top 10 car rankings, reports Moneycontrol News’ Swaraj Baggonkar. The Dzire clocked a 26% volume growth at 20,941 units last month compared to 16,613 units sold in the same month last year. The Alto came in as the second best-selling model at 19,760, but with a paltry growth of just a percent.

12:31 Hong Kong's richest woman loses half her wealth on stock plunge
Pollyanna Chu has lost her title as Hong Kong’s richest woman after her listed company turned into Asia’s worst performer this year, reports Bloomberg. Worth almost $12 billion as recently as January, she’s seen more than half of her wealth wiped out as the stock crashed. Kingston Financial Group, which operates businesses including Macau casinos and margin lending, has tumbled 52% since Hong Kong’s securities regulator in January warned investors that the company’s shares were overly concentrated among a small number of stockholders.

11:56 How a star trader went from a $126m bonus to jail
Christian Bittar was once among Deutsche Bank AG’s highest-paid traders, a math whiz who earned a near $126 million bonus in 2008 alone. Now he’s sitting in a UK prison. The 46-year-old former star banker pleaded guilty in a London court on March 2 to conspiring to rig the interest-rate benchmark known as Euribor. He’s in custody and will be sentenced after a related trial ends this summer, reports Bloomberg.

Bittar’s legend loomed large after he made a fortune for Deutsche Bank during the upheaval of 2008, by betting on short-term interest rates. One trading strategy involved wagering the cost of borrowing in euros for three and six months would rise more quickly than one-month rates.

That paid off after Lehman Brothers Holdings collapsed that September and banks refused to lend to each other for all but the shortest periods. That year alone Bittar earned a 90 million-pound bonus. But the end came quickly for Bittar amid the mounting rate-rigging probes in the US and UK.

11:49 Midcaps underperform SensexOMCs under pressure
The market continues to trade lower, with the Sensex falling around 100 points, weighed by oil marketing companies, technology, metals and banks stocks. Midcaps underperform frontliners, with the Nifty Midcap index declining more than a percent on weak market breadth.

11:41 Crucial meeting on Wed on Essar Steel auction
The resolution professional overseeing the auction of Essar Steel has called the company's lenders for a crucial meeting on Wednesday, reports Moneycontrol News’ Prince Mathews Thomas. Top on the agenda would be the eligibility of bids presented by ArcelorMittal and Numetal on February 12. There is a possibility of the lenders calling for a second round of bidding if the two bids don't clear the eligibility test.

11:27 SC seeks report on conditions in Rohingya camps
The Supreme Court directed the Centre to file a ‘comprehensive status report’ giving details of conditions in Rohingya refugee camps in various states, reports PTI. A bench comprising Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud considered the submission of senior advocate Colin Gonsalves that conditions at the camps are unhygienic and ‘filthiest to say the least’.

Parliament update: Lok Sabha was adjourned till noon following uproar by several opposition parties over various issues. Rajya Sabha has been adjourned till Tuesday after Tamil Nadu and Andhra parties disrupted proceedings.

11:23 China elects new eco team as President Xi kicks off second term
China appointed a whole new set of top officials, including a defence minister, to head a revamped government, days after President Xi Jinping began his second five-year tenure following the removal of the two-term limit, reports PTI.


11:10 IRB Infra bags road project worth Rs 2,043cr from NHAI in GujaratIRB Infrastructure Developers said it has won a road project worth Rs 2,043 crore from National Highways Authority of India (NHAI) in Gujarat. "The company has emerged as a preferred bidder for a hybrid annuity project in Gujarat. The company's bid project cost is Rs 2,043 crore," it said in a BSE filing.

The order is for construction of eight lane Vadodara Kim expressway from 355 km to 378.74 km (Padra to Vadodara section of Vadodara Mumbai Expressway) in Gujarat. With addition of these projects, the company's construction order book stands at about Rs 12,000 crore to be executed in three years, the company added.

11:01 MMFSL bullish on rural India, sees bad loans dropping
Recovery in the rural economy is likely to curb bad loans and boost profit at financial companies that specialise in credit to villages, reports BloombergMahindra & Mahindra Financial Services (MMFSL), which offers loans for equipment and vehicles in 330,000 of India’s roughly 600,000 villages, is seeing business growing and bad loans dropping since the middle of 2017.

That’s because the crucial monsoon rainfall was normal last year and the negative effects of the government’s decision to invalidate high-value currency notes is fading as authorities step up spending on roads and healthcare across the hinterland, said M&M Financial Managing Director Ramesh Iyer. “We have a bullish forecast for the agrarian economy,” Iyer said, adding that delinquent customers are now resuming loan repayments.

10:30 Bitcoin bounces $700 in less than 3 hours, capping wild weekend that brought it below $7,400
Bitcoin prices rallied back by more than $700 in less than three hours during late Sunday trading, capping off a wild weekend that saw the digital currency plunge through $8,000 and even near the $7,000 level, reports CNBC. Prices are still off by 15% in the last 7 days, according to Coinbase. The cryptocurrency hit a low of $7,335.57 earlier on Sunday before recovering back above $8,000, according to CoinDesk.

09:54 Housing sales down 40% in 2017 from 2013/14 levels: ANAROCK 
Housing sales declined by around 40% last year to 2,02,800 units in seven major cities from the average sales of 2013 and 2014 mainly due to sharp fall in the Delhi-NCR market, according to property consultant ANAROCK. On an average, 3.3 lakh units were sold annually during 2013 and 2014.

09:48 Market volatile; metals lose shine
The market is volatile in morning trade, with the Nifty hovering around 10,200 levels amid mixed Asian cues. Investors await cues from the Federal Reserve's two-day policy meeting later this week. Metals have lost ground, with the Nifty Metal index falling a percent.

09:20 Difficult to clock 8-10% GDP growth: Morgan Stanley
Morgan Stanley Investment Management's Chief Global Strategist, Ruchir Sharma, believes that the global climate isn’t conducive for the Indian economy to growth above 8%. “Nobody in the global economy is growing above 8%. We are the fastest growing economy. That’s a great marketing tag. But 8-10% growth is difficult because the global climate has changed. It’s unlikely for India to get there,” Sharma said at the News18 Rising India Summit.

09:10 Trai to revamp MNP process, discussion paper by March-end
The process of network port-out is set to become faster and simpler for mobile subscribers, as telecom regulator Trai is planning to initiate a review of the Mobile Number Portability (MNP) mechanism, reports PTI. It will issue, by the month-end, a consultation paper that will look at reducing the time taken to switch from one network to another under MNP, and will also seek to simplify the entire process, Telecom Regulatory Authority of India (Trai) Chairman RS Sharma said.

09:00 Just 16% of July-Dec GST returns matched with final ones
With only 16% of the summary sales returns under GST matching with the final returns, the Revenue Department has started to analyse major gaps with a view to check any possible tax evasion, reports PTI. According to the GST returns data, 34% of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B). These businesses have paid Rs 8.16 lakh crore to the exchequer by filing GSTR-3B, whereas analysis of their GSTR-1 data show that their tax liability should have been Rs 8.50 lakh crore.

08:52 IOC, BPCL may buy 26% stake each in GAIL for close to Rs 41K cr
State-owned Indian Oil Corporation (IOC) and Bharat Petroleum Corporation (BPCL) may buy 26% stake each in gas utility GAIL India, paying the government over Rs 20,000 crore each to become integrated energy firms, reports PTI. Following Finance Minister Arun Jaitley's February 2017 Budget announcement of creating integrated oil majors, IOC and BPCL had submitted separate proposals to buy the government's 54.89% stake in India's biggest gas marketing and transportation firm, GAIL.

A source said since the government is not looking at actual merger of oil companies but only transfer of its ownership to a cash rich PSU, the best option would be to split the 54.89% holding in GAIL equally between IOC and BPCL. At Friday's closing price of Rs 440.85 per share for GAIL on the BSE, the stake is worth close to Rs 41,000 crore.

The source said IOC and BPCL can split the government's stake equally among themselves. GAIL will become their subsidiary and will continue to operate as a listed company with an independent board. IOC and BPCL would get to appoint one director each on GAIL board.

08:40 Top mutual funds' asset base declines by Rs 8,900cr in Feb 
The asset base of the country's top 10 mutual funds declined by a massive Rs 8,900 crore in February on account of lower inflows from retail and high networth individuals. The assets under management of fund houses slumped to Rs 18,68,404 crore in February, as against Rs 18,77,303 crore in January, as per the data of the Association of Mutual Funds in India.

08:37 FPIs turn positive on Indian equities, pump in Rs 6,400cr in Mar
After pulling out massive funds from Indian equities last month, overseas investors have pumped in nearly Rs 6,400 crore in the segment in March so far on expectations of rebound in corporate earnings and easing of global oil prices. However, they pulled out over Rs 10,600 crore from the debt markets during the month, depositories data showed.

08:25 JLR to invest GBP4.3bn on new engines, tech this fiscal
Tata Motors-owned Jaguar Land Rover (JLR) will invest GBP4.3 billion on various activities, including development of new engines and technologies, in the current financial year to match rivals in the luxury space, its chief executive Ralf Speth said.


08:17 Demonetised notes are being shredded, briquetted: RBIDemonetised Rs 500 and Rs 1,000 notes, which have been counted and processed for genuineness, are shredded and briquetted before being disposed of through a tendering process, the Reserve Bank has said. Once compressed into bricks, the shredded notes are disposed of through a tendering process, it said in an RTI reply.

08:03 Only 5% of adult Indians establish own business: survey
According to the Global Entrepreneurship Monitor (GEM) India Report 2016-17, 11% of India’s adult population in India is engaged in ‘early-stage entrepreneurial activities’, and only 5% of people go on to establish their own business, a survey has found. This - 5% - is among the lowest rates in the world, while the business discontinuation rate in India is among the highest at 26.4%, the report by Gandhinagar-based Entrepreneurship Development Institute of India (EDI) states.

07:46 YSR Cong, TDP to pitch for no-trust notices in Lok Sabha today
The YSR Congress and the Telugu Desam Party will pitch for taking up their notices of no-confidence motion against the Modi government when the Lok Sabha meets today, reports PTI. YV Subba Reddy of the YSR Congress has written to the Lok Sabha secretariat to put his notice for the motion in the revised list of business for today. The TDP has also moved a notice for a no-confidence motion.

07:37 Mass unemployment may be a thorn in India’s growth story: Paul Krugman
Nobel-winning economist Paul Krugman has said India may be able ride the next wave of globalisation through export of services but has warned that the country may end up with mass unemployment. “India's growth story is quite unique. Services propelling growth to an extent that hasn't been seen anywhere else in the world and the possibilities of service globalisation has only just begun. Globalisation of service trade has a huge potential. That's one reason to be especially hopeful of India’s progress. It has the first-mover's advantage here,” Krugman said at the News18 Rising India Summit.

India’s demographic dividend can help spur the economy only if the country can provide jobs for the working age population, Krugman said. He cautioned that lack in manufacturing sector may work against the country. “India’s lack in the manufacturing sector could work against it, as it doesn't have the jobs essential to sustain the projected growth in demography. You have to find jobs for people,” he added.

07:24 India win tri-series after Karthik blitz in tense final
India survived late drama in a pulsating final to clinch the Twenty20 tri-series after Dinesh Karthik smashed the final ball for a six to secure their thrilling four-wicket victory against a gallant Bangladesh side on Sunday. With India needing 34 runs off the last two overs, Karthik hammered 29 not out off just eight deliveries, his third six sealing India’s third, and the most hard-earned, victory over Bangladesh in the tournament.

07:07 Putin easily wins another six-year term, firms grip on Russia
Russian President Vladimir Putin won a landslide re-election victory on Sunday, extending his rule over the world’s largest country for another six years at a time when his ties with the West are on a hostile trajectory, reports Reuters. Putin’s thumping victory will extend his total time in office to nearly a quarter of a century, until 2024, by which time he will be 71. Only Soviet dictator Josef Stalin ruled for longer. Putin has promised to use his new term to beef up Russia’s defences against the West and to raise living standards.

  • News highlights of the day: White House says Trump not considering firing Mueller
    Moneycontrol.com
  • President Donald Trump is not considering firing the special counsel investigating Russian election interference, a top White House lawyer saidafter a cascade of Trump tweets revived chatter that the deeply frustrated president may be preparing to get rid of the veteran prosecutor.

    The late-Sunday statement from White House lawyer Ty Cobb came after top congressional Republicans warned of repercussions if Trump fired special counsel Robert Mueller, who is looking into contacts between Trump's 2016 campaign and Russia and Russian meddling in the presidential election.

    In a series of weekend tweets, Trump jabbed directly at Mueller by name for the first time. The president challenged the investigation's existence and suggested political bias on the part of Mueller's investigators. Trump has long been frustrated by the lengthy and intensifying probe and insists his campaign did not collude with Russia to influence the election in his favour. (PTI)

  • 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.

  • military: Parliamentary panel

    A parliamentary panel has said there has been no periodic revision in the intake of medical officers and specialists by the Armed Forces Medical Services (AFMS), despite a shortage.

    In a Committee of Estimates report on the Ex-Servicemen Contributory Health Scheme, the defence ministry has said that although the annual intake from the Armed Forces Medical College (AFMC) is 130 (105 males, 25 females), a sanction for an intake of 140 exists since 1999. The committee noted that "there has been no periodic upward revision in the sanctioned intake from the AFMS". The actual annual intake from the AFMC was only 130 as against the sanctioned intake of 140 since 1999, it added. (PTI)

  • Senior Congress leader Kapil Sibal on Monday accepted the apology of Delhi Chief Minister Arvind Kejriwal and his deputy over the charges levelled against him and his son in Vodafone tax revision case.

    "Today, Kejriwal and Manish Sisodia have accepted that all the charges (levelled) were baseless. He apologised for this. We have accepted the apology. We do not want to fight with anyone," Sibal told reporters.

    In a complaint filed by Sibal's son Amit Sibal in 2013, it was alleged that Kejriwal, Sisodia, lawyer Prashant Bhushan and Shazia Ilmi, who was then an AAP member, had targeted him and his fatherover the Vodafone tax revision case. (PTI)

  • The Centre on Monday inked four MoUs with the US-based hospitality major Airbnb under the aegis of the Ministry of Development of North Eastern Region (DoNER) to promote tourism and generate technology-enabled livelihood opportunities in the north-eastern region of the country.​

    DoNER Minister Jitendra Singh said the MoUs were a step towards achieving the goal of doubling the tourist growth rate in the Northeast in the next three years by creating more sustainable accommodation options and enhancing the hospitality service standards in the region.

    Development of the region is of prime importance for the overall inclusive growth of India and tourism development has always been one of the government's key focus areas, keeping in mind the region's natural beauty and cultural heritage, he said at the event. (PTI)

  • The RSS believes in Hindutva which has truth and non-violence as its core values about which Mahatma Gandhi, B R Ambedkar and Vivekananda had spoken, its chief Mohan Bhagwat has said.

    However, if required, one should fight to protect the core values of Hindutva, he said. "We consider Hindutva as only one. It is the set of values which we believe in. It is the same one about which Vivekananda, Subhas Chandra Bose, Gurudev Rabindranath Thakur, Babasaheb Ambedkar have spoken," he said in an interview with weekly magazine Organiser.

    Replying to a question about portraying Hindu religion in two different narratives--one as Hinduism and the other as Hindutva--Bhagwat said RSS considers Hindutva as the one and only narrative. While underlining that the RSS believes in truth and non-violence is the core values of Hindutva, Bhagwat, however, said, "If somebody is attacking or indirectly killing the truth and non-violence we believe in, then to protect those values we will have to fight."

  • The Odisha government will target the Centre on a number of issues, including the demand for special category state status to Odisha, during the budget session of the Odisha Assembly scheduled to begin on Tuesday. The ruling BJD also said that it was ready to face the opposition attack and discuss major issues in the house.
    "We will discuss various issues like the demand for special category status to the state, Mahanadi river water tribunal, Polavaram and other important matters during the budget session of the Assembly," Chief Minister Naveen Patnaik told reporters after the BJD legislature party meeting. The BJD would also raise issues like non-revision of minimum support price (MSP) on paddy and rejection of the demand to create three new railway divisions under the East Coast Railway (ECoR), a senior party leader said. (PTI)

  • The Central Board of Secondary Education (CBSE) today said it has not yet decided on providing compensation to Class X students for an alleged error in the English question paper.

    Teachers and students have been claiming that the paper held on March 12 had certain errors in the comprehension passage section. The passage section of the paper where students were expected to find synonyms of 'endurance, obstruction and motivation' in paragraphs two, four and five, respectively had its answers in paras three and six. Certain typos also led to confusion among students, an online petition started by a group of students said.

    Reports were doing round that the board has decided to compensate students for the "error", however, the board officials clarified that no decision has been taken yet. (PTI)

  • The Manohar Lal Khattar government in Haryana today decided to seek a special CAG audit of medical purchases in state-run hospitals following allegations of irregularities levelled by the opposition INLD yesterday.

    Haryana Health Minister Anil Vij said the state government had distributed Rs 87.60 crore under the Mukhyamantri Muft Ilaaj Yojana and National Health Mission from 2014 to 2017, of which only Rs 40.89 crore was spent. The Minister told reporters that it was recommended that a special audit conducted by the comptroller and auditor general be done for all districts of the state.

    He said the state government would write to the CAG to conduct a "special audit" into all the purchases concerning medical items at the district level by the officials of the health department in the past over three years.

    "If any irregularity is found, strict action would be initiated against the officer concerned. Apart from this, all civil surgeons have been directed to purchase online products available on the Government-e-Marketplace portal of the central government," he said. (PTI)

  • Expressing concerns over rising protectionism in developed countries, especially in the US which has imposed high import duties on steel and aluminium, WTO chief Roberto Azevedo today called upon the member nations to come together and resolve the issues related to global trade.

    The WTO (World Trade Organization) Director General, who is here for a mini ministerial meeting called by India, said that encouraging trends in global trade such as rising export orders and volumes could be jeopardised by protectionist measures.

    He was speaking at an industry interaction here organised by Azevedo, according to the CII statement, pointed "to rising risks to this positive outlook with recent incidents of increased protectionist moves by members".

    He cited the recent tariff increases by the US for steel and aluminium among other protectionist measures by other countries.



  • The redevelopment of existing slums and MHADA buildings will soon be brought under the regulations of the Maharashtra Real Estate Regulatory Authority, state Housing Development Minister Prakash Mehta said today.

    He was replying in the Legislative Assembly to a calling attention motion by BJP MLA from Dharavi, R Tamil Selvan.

    Dharavi is dominated by slum clusters and has several buildings that have been constructed by the Slum Rehabilitation Authority (SRA).

    As per rules, slums are redeveloped by builders under SRA guidelines and comprise a saleable portion, for fresh buyers, apart from homes meant for rehabilitating slumdwellers.

    "This decision will impact the lives of at least 50-55 per cent of the population of Mumbai. Almost 41 per cent people live in slums as per the 2011 census. There are also 104 major colonies of the Maharashtra Housing and Area Development Authority (MHADA) in the city," a senior housing department official said.



  • The French Navy's anti-submarine frigate, Jean de Vienne, the Indian Navy's destroyer, INS Mumbai, and frigate INS Trikand are among the vessels participating in the exercise.

    The Indian Navy's submarine, Kalvari, P8-1 and Dornier maritime patrol aircraft and MiG 29K fighter aircraft are also participating in the exercise.

    The first phase of the exercise, which commenced today, will conclude on March 24, a Defence official said.

    The second phase will be held off the Chennai coast in April and the third near the La Reunion Island in May.
    India and France will explore the measures to facilitate operational-level interactions between their respective armed forces and increase mutual cooperation, considering the common global threats, the official added.

    Rear Admiral M A Hampiholi, Flag Officer Commander, Western Fleet of the Indian Navy, said "Varuna-18" would be conducted in three sea areas, including the Arabian Sea, Bay of Bengal and South Western Indian Ocean.



  • A Terrorist and Disruptive Activities (Prevention) Act (TADA) court here today extended the CBI custody of fugitive underworld don Dawood Ibrahim's aide Yasin Mansoor Mohamed Farooq alias Farooq Takla till March 28.

    Takla, an accused in the 1993 Mumbai serial blasts case, had earlier been remanded to the Central Bureau of Investigation's (CBI) custody till today.

    During today's hearing, the CBI prayed for Takla's custody to be extended, saying it needed time to verify the statements he made during the interrogation.

    The agency also claimed that Takla was not cooperating in the probe.

    Takla was arrested at an immigration counter of New Delhi's Indira Gandhi International Airport earlier this month.

    The charges against him include criminal conspiracy, murder, attempt to murder and voluntarily causing hurt by dangerous weapons or means.

    Takla had fled the country after the 1993 Mumbai blasts, in which 257 people were killed.

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