News Live: Rajinikanth praises Kamal Haasan, calls him ‘efficient’

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  • Rajinikanth praises Kamal Haasan, calls him ‘efficient’

    Tamil superstar Rajinikanth praised his contemporary and Makkal Neethi Mayyam (MNM) founder Kamal Haasan, saying the “efficient” star would earn people’s confidence, reports PTI. Responding to Haasan launching his political party MNM at Madurai on Wednesday, Rajinikanth, who is also set to take the political plunge, said though he and Haasan would be taking different paths, their destination would be only public welfare.

    “Though, all (of us) tread different paths, what matters is public welfare,” he said. Asked about his opinion on the MNM, Rajinikanth said Haasan was an “efficient” person. “Kamal is efficient. He will earn people’s confidence,” he said.

  • Feb 23, 6:38 PM (IST)

    Bonds rebound, call rates turn lower

    Government bonds (G-Secs) rebounded following renewed demand from corporates and banks, while, the overnight call money rates turned lower due to lack of demand from borrowing banks amid comfortable liquidity in the banking sytem.

    The 7.17 per cent government security maturing in 2028 went-up to Rs 96.5875 from Rs 96.06, while, its yield moved down to 7.67 per cent from 7.75 per cent.

  • Feb 23, 06:02 PM (IST)

    Forex reserves up by USD 1.96 bn to USD 421.720 bn

    The foreign exchange reserves rose by USD 1.960 billion to USD 421.720 billion in the week to January 16, due to increase in foreign currency assets, the Reserve Bank said today.

    In the previous week, the reserves had declined by USD 2.154 billion to USD 419.760 billion.

  • Feb 23, 05:46 PM (IST)

    Congress expels former Maharashtra minister Satish Chaturvedi

    The Maharashtra unit of Congress has expelled senior leader and former state minister Satish Chaturvedi from the party for “promoting” rebel candidates during the last year’s Nagpur Municipal Corporation elections.

    The Maharashtra Pradesh Congress Committee (MPCC), in a letter to Chaturvedi yesterday, said it had received complaints alleging that he supported rebel Congress leaders to defeat the party’s official candidates in the civic polls.

  • Feb 23, 05:38 PM (IST)

    SPARC gets I-T dept demand notice for Rs 27.30 cr

    Sun Pharma Advanced Research Company (SPARC) today said it has received a demand notice notice from the income tax department for payment of Rs 27.30 crore for the assessment year 2014-15.

    The company is in “receipt of a ‘Demand Notice’ under section 156 of the Income Tax, 1961, demanding the payment by the company of a sum of Rs 27.30 crore for the assessment year 2014-15,” SPARC said in a filing to BSE.

  • Feb 23, 05:07 PM (IST)

    A collection of imported watches which were seized by Enforcement Directorate during its searches on the premises of diamond merchant Nirav Modi on Friday. PTI

       A collection of imported watches which were seized by Enforcement Directorate during its searches on the premises of diamond merchant Nirav Modi on Friday. PTI
  • Feb 23, 05:05 PM (IST)
  • Feb 23, 04:59 PM (IST)

    Foreign trade propels fourth-quarter German growth, outlook rosy

    Foreign trade drove a 0.6% expansion in Europe’s largest economy between October and December, German data showed on Friday, and the momentum from the fourth quarter is widely expected to carry over into the start of 2018, reports Reuters.

    The Federal Statistics Office said exports, which have traditionally propelled the German economy, climbed by 2.7% on the quarter and imports rose by 2% so net trade contributed 0.5 percentage points to growth. But private consumption, which has been a key pillar of support in recent years, was stagnant – as was gross capital investment. Neither made any contribution to growth. Government spending increased, adding 0.1 percentage points to growth.

  • Feb 23, 04:44 PM (IST)

    Here are the top headlines at 4 pm from Moneycontrol News’ Sakshi Batra

  • Feb 23, 04:41 PM (IST)

    Trump to announce new sanctions against North Korea

    The United States is due to announce its largest package of sanctions yet against North Korea to further pressure Pyongyang over its nuclear and missile programme, as South Korea readies itself for more talks with the North’s officials, reports Reuters. Tougher sanctions may jeopardise the latest detente between the two Koreas amid their preparations to create conditions appropriate to hold a summit between North Korean leader Kim Jong Un and South Korean President Moon Jae-in. A senior U.S. administration official called the new penalties “the largest package of new sanctions against the North Korea regime,” without giving details.

  • Feb 23, 04:36 PM (IST)

    MCA may move NCLT to attach properties of Mehul Choksi, Nirav Modi

    The Ministry of Corporate Affairs (MCA) may move the National Company Law Tribunal to attach properties of Mehul Choksi and Nirav Modi, reports Moneycontrol News’ Tarun Sharma. Properties belonging to Modi’s wife Ami Modi, and brother Neeshal Modi have also been included. Also, assets of 104 companies – units of Choksi and Modi – may also be attached.

    The MCA had recently shared the list of related companies with Enforcement Directorate, after identifying the properties. The list has been prepared on the basis of these four individuals holding positions of directors at any point of time, an official said. These companies have fewer assets as compared to the loans they have taken from banks. Most of these companies deal in diamond, finance and real estate sectors.

  • Feb 23, 03:29 PM (IST)

    SC dismisses IndiGo’s plea against order to shift from T1 to T2 of IGI

    The Supreme Court dismissed a plea of no-frill carrier IndiGo challenging a Delhi High Court order to shift its operations from Terminal-1 (T1) of the IGI Airport here to Terminal 2. A bench of Chief Justice Dipak Misra and Justice DY Chandrachud directed the IndiGo Airline to shift its operations partially to T2 in 25 days.

    The budget carrier had on February 19 approached the apex court against the February 13 order of the division bench of the High Court. The larger bench of the High Court had upheld the decision of a single judge order observing that the decision of Delhi International Airport’s (DIAL) to partially shift IndiGo’s operations from T1 to T2 cannot be said to be unreasonable only because it may operate harshly against that airline.

    The High Court had turned down the suggestion of IndiGo that T1 be dedicated exclusively for its use and low-cost carrier SpiceJet be asked to move its entire operations to T2. The bench had said this suggestion had sprung from IndiGo’s own commercial considerations and was not made in the larger public good.

    It had said SpiceJet was as much a business rival of IndiGo as GoAir was a competitor of these two private carriers. IndiGo may be on top of the heap if the volume of passenger traffic is seen, but this would not entitle it to claim monopoly over T-1 to the exclusion of the rest, it had added.

  • Feb 23, 03:22 PM (IST)

    AAP vs Chief Secy: Police team at CM’s residence

    A Delhi Police team was sent to Chief Minister Arvind Kejriwal’s residence in the Civil Lines area for collecting evidence related to an alleged assault on Chief Secretary Anshu Prakash by AAP MLAs. “A police team has been sent to the chief minister’s residence for collecting all evidence, including CCTV footage, in connection with the alleged assault on the Delhi Chief Secretary,” Additional DCP, North Delhi, Harinder Singh told PTI.

    According to Delhi government spokesperson Arunodya Prakash, 60-70 policemen entered the chief minister’s office. “CM house taken over by police. Huge number of police force enters CM house without any intimation. Police Raj kills democracy in Delhi. Police spread all over inside CM house. If this what they can to do an elected CM, think what they can with poor people!!!” Prakash wrote on Twitter.

  • Feb 23, 03:20 PM (IST)

    Here are the top headlines at 3 pm from Moneycontrol News’ Sakshi Batra

  • Feb 23, 03:19 PM (IST)

    Modi, Trudeau discuss terrorism, trade ties

    Prime Minister Narendra Modi and his Canadian counterpart Justin Trudeau held extensive talks on key issues of counter-terrorism and extremism as well as ways to boost trade ties, after which the two sides inked six pacts, including on energy cooperation, reports PTI.

    After their nearly two-hour long meeting, Modi said they discussed the entire gamut of the bilateral partnership. Asserting that it is important that the two countries work together to fight terrorism, Modi said there should be no place for those who misuse religion for political goals.

    The prime minister also made it clear that those who challenge India’s sovereignty and unity will not be tolerated. Modi’s remarks come amidst criticism of the Trudeau government’s soft approach towards the Khalistan issue.

  • Feb 23, 03:10 PM (IST)

    Sembcorp Industries’ energy arm files Rs 4K cr IPO

    Sembcorp Energy India, an independent power producer, filed its draft papers with capital markets regulator Sebi to float an initial public offering (IPO). The company, which has thermal and renewable power assets in India, is promoted by the Singapore Exchange-listed Sembcorp Industries.

    The IPO comprises fresh issue of shares worth up to Rs 4,095 crore and an offer for sale (OFS) of up to 146,774,194 equity scrips by the existing shareholders, draft papers filed with Securities and Exchange Board of India (Sebi) showed. This includes sale of 128,941,129 shares by Sembcorp Utilities and up to 17,833,065 equity scrips Gayatri Energy Ventures.

    Proceeds from the issue will be utilised towards repayment of certain indebtedness, and for other general corporate purposes, the company said. Sembcorp Energy identifies, develop and operate power generation assets across the thermal and renewable power sectors in India.

  • Feb 23, 03:01 PM (IST)

    Stock exchanges cut ties to foreign bourses after govt nod, say sources

    The government fully endorses a dramatic move by domestic exchanges to cut off data to global bourses, sources told Reuters, seeing it as vital to lure foreign investments into the country from Singapore and other financial centres. It was only after receiving the endorsement that India’s three private stock exchanges – National Stock Exchange, BSE and MSEI – proceeded with the joint announcement on February 10 to stop providing data to foreign rivals, said two senior officials at the bourses.

    A senior finance ministry official said New Delhi had held “wide consultations” on whether to support the exchanges’ actions, and concluded it was needed to allow a new international finance centre being set up in India “to compete with Singapore and Dubai.” “We have to balance the needs for domestic interests and our image in the global market,” said the official. The move by the exchanges, blasted by index provider MSCI as protectionist, reflects long-held wariness by officials about the trading of Indian derivative products overseas, outside the ambit of domestic regulators.

  • Feb 23, 02:53 PM (IST)

    Nirav Modi & Mehul Choksi’s web of LLP firms under scanner

    The Enforcement Directorate, Central Bureau of Investigation and the Income Tax department have started a probe in a string of LLP firms created by billionaire diamond merchant Nirav Modi and his uncle Mehul Choksi in the Rs 11,400 crore Punjab National Bank (PNB) fraud case, reports Moneycontrol News’ Gaurav Choudhury.

    The agencies are investigating whether or not the web of these Limited Liability Partnership (LLP) firms that Modi and Choksi used to run over the last two decades were used to funnel black money.

    Moneycontrol accessed the list of these companies and found that in many of these companies both Modi and Choksi have exited as directors/partners over the last few years. In a few cases, they have exited as late as 2016, in one case in November 2017.

  • Feb 23, 02:43 PM (IST)

    USFDA issues 3 observations to Sun Pharma’s Halol unit

    The US Food and Drug Administration has issued Form 483 with three observations to Sun Pharmaceutical Industries’ Halol unit. The US drug regulator has asked the company to submit its response to the observations within 15 days. The issue assumes significance as the Halol unit accounts for 20% of the US sales of Sun Pharma.

  • Feb 23, 02:17 PM (IST)

    Here are the top headlines at 2 pm from Moneycontrol News’ Anchal Pathak

  • Feb 23, 02:11 PM (IST)

    NSE warns MSCI to stay out of SGX dispute

    The National Stock Exchange (NSE), which cut its ties with the Singapore Exchange in an effort to rein in offshore derivatives, warned index compilers MSCI about involving themselves in the dispute, reports Bloomberg. Vikram Limaye, Chief Executive Officer of the NSE, said his company’s relationship with MSCI depends on the New York-based firm telling its clients to not use its data for futures and options contracts based on Indian stocks.

    His comments come after the NSE and two other bourses said they would end licensing and market data agreements with foreign exchanges, a move that shocked investors and threatens India’s international financial standing. MSCI said last week the termination was an anti-competitive step and warned that the nation’s market classification could change as a result.

    “We will continue to provide all prices and data to MSCI for indexes, provided that data is not used for trading Indian offshore derivatives,’’ Limaye said. “We have had four conversations with MSCI and have explained our position.” The move to end offshore ties is the latest attempt by India to discourage overseas trading of products linked to its markets, as it promotes a tax-free trading zone in Gujarat.

  • Feb 23, 01:55 PM (IST)

    China seizes control of Anbang Insurance as chairman prosecuted

    The Chinese government seized control of Anbang Insurance Group Co and said its chairman had been prosecuted, a dramatic move that highlights Beijing’s willingness to curtail big-spending conglomerates as it cracks down on financial risk, reports Reuters. Anbang had violated laws and regulations which “may seriously endanger the solvency of the company”, the China Insurance Regulatory Commission (CIRC) said in a statement announcing the seizure.

    The CIRC also said Anbang’s chairman and key shareholder, Wu Xiaohui, had been prosecuted for economic crimes. Wu was arrested in June as troubles mounted for one of China’s most aggressive buyers of overseas assets. The Shanghai prosecutors office said in a statement that Wu had recently been charged with fundraising fraud and abuse of his position, and that his case had been forwarded to the city’s intermediate court for prosecution.

  • Feb 23, 01:48 PM (IST)

    ICAI begins probe into PNB fraud case

    The Institute of Chartered Accountants of India (ICAI), a state-controlled regulator for the sector, has said it is probing whether auditors played a role in perpetrating the alleged $1.77 billion fraud that Punjab National Bank unearthed last week, reports Reuters. The ICAI has asked the Securities and Exchange Board of India, Punjab National Bank (PNB) and investigating agencies to share their findings about the alleged fraud, including anything related to the involvement of any chartered accountants.

  • Feb 23, 01:38 PM (IST)

    US tells India to cut tariffs as trade friction heats up

    US businesses and diplomats are pressing India to cut tariffs, industry and government sources told Reuters, after New Delhi’s move to increase customs duties on dozens of products to help its flagship Make-in-India drive aggravated differences over trade. Ford, which has two plants in India, has sought a reversal of the new tariffs on auto components, while Apple is concerned its iPhones have become even more expensive in the price-conscious $10 billion smartphone market.

    The US Congress has been pushing over the past year for greater pressure on India to dismantle economic barriers, and now House Republicans have raised the issue of the new round of duties with New Delhi. “We conveyed our concerns to the Indian government last week to raising tariffs above WTO rates – especially as it relates to information technology,” a Republican aide in Washington said.

  • Feb 23, 01:13 PM (IST)

    Here are the top headlines at 1 pm from Moneycontrol News’ Sakshi Batra

  • Feb 23, 01:08 PM (IST)

    Blackstone may buy 49% in Indiabulls’ office rental biz for $600m, says report

    Blackstone Group, the world’s largest private equity firm, is set to buy a 49% stake in the office rental business of Indiabulls Real Estate in a $600-650 million deal, valuing the entire portfolio at around $1.2 billion, sources told The Economic Times. Talks are said to be in the final stages.

    The transaction will include landmarks in Mumbai’s Lower Parel such as One Indiabulls Centre and Indiabulls Finance Centre besides the One 09 building in Gurgaon and One Indiabulls Park in Chennai, part of a trend of overseas investors picking up select commercial properties in India.

  • Feb 23, 12:57 PM (IST)

    Coca-Cola to launch state-specific fruit beverages

    Beverages major Coca-Cola, as part of diversifying the product portfolio in the country, would look to launch variants in the fruit beverages category that would be specific to each state, a top official has said.

    The company which has been retailing global brands like Coke, Sprite, Fanta also engaged in retailing brands Thums Up, which it acquired in the domestic  market.

    The Coca-Cola Company, India and Southwest Asia, President, T Krishnakumar said they were planning to launch lot of variants in terms of “fruit beverages” as part of an initiative to get products “more relevant to India”.

    “In fact, we are going to launch lot of local products. Like mango, we have Maaza. During this year, we are planning to launch mango of every State,” he told reporters late last night.

  • Feb 23, 12:50 PM (IST)

    WhatsApp now allows users to add a ‘Group Description’ on its beta version; here are the key points

    Facebook-owned WhatsApp has been constantly pushing out new updates with interesting features to enhance the experience of users. In the latest update, the messenger is set to allow users to add a description to their groups that include brief details about the purpose of creating a particular group.

    The option to add a description is currently available for users through a beta testing programme (version 2.18.61) of WhatsApp on Android. WhatsApp’s beta program can be joined through Google Play Store, and the latest features in testing will be available for them. The Windows beta version 2.18.28 is also reportedly reflecting the new option.

    The group description will be visible to participants of the group and people invited to the group. As the new facility may be soon available for regular users as well let’s take a look at some key points:

    Read the full report here.

  • Feb 23, 12:41 PM (IST)

    Top 5 sectors which are looking attractive post 2000-point drop in Sensex from highs

    Top 5 sectors which are looking attractive post 2000-point drop in Sensex from highs

    The S&P BSE Sensex has fallen 2600 points from its record high of 36,443 recorded earlier in the month of January to 33,819 which was the closing level on 22 February.

  • Feb 23, 12:35 PM (IST)

    Aircel employees seeking new jobs after being warned to brace for ‘difficult times ahead’

    After Aircel’s management told its employees to brace for ‘more difficult times ahead’, the 5,000 odd-employees are staring at a job market already clogged with former employees of loss-making telcos, according to a report in The Economic Times.

    As per the report, many employees want to leave the sector as soon as possible, especially after the warning letter was sent to them by their CEO. The telcos are currently grappling with losses and in order to cover the costs, they are either shutting down their business or going ahead with a merger.

    Headhunters have already received several CVs from Aircel employees and are expecting it to shoot up post the management’s warning letter.

  • Feb 23, 12:31 PM (IST)

    PNB fraud case update: 

    Government may ask bank to pay liabilities

    RBI is likely to set April 30 as the deadline for banks to link core operations and SWIFT, news agencies have reported. In addition to this, the government may also ask PNB to pay for the liabilities caused by the fraud case. It is believed that the government will ask PNB and its peers to determine the liability of the fraud and review their foreign accounts. Allahabad Bank has sent memos to all their branches to link the bank’s core operations to SWIFT.