India considers investing $1.39 trn in infrastructure to spur economy

Nirmala Sitharaman's comments, as cited in local newspapers, followed data released on Friday that showed India's economic growth slowed to 4.5 per cent in the July-September quarter

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India considers investing $1.39 trn in infrastructure to spur economy

Nirmala Sitharaman's comments, as cited in local newspapers, followed data released on Friday that showed India's economic growth slowed to 4.5 per cent in the July-September quarter

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Govt turned a blind eye to lag signs in IIP, core sector growth: Experts

The GDP figure is an outcome of several months of downbeat figures -- from weak consumer demand and private investment to shrinking factory output and an export slump

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Sep quarter Debt MFs see Rs 5000-crore outflow over rating downgrades

On the other hand, investors pumped nearly Rs 24,000 crore in equity mutual funds during July-September 2019, a surge of 35 per cent from the preceding quarter

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New Sebi framework to strengthen issuances of depository receipts

Experts believe that issuing DRs has the added benefit of increasing the share's liquidity while boosting the company's prestige on its local market

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Eight of top-10 most valued firms add Rs 52,194-cr in m-cap; SBI, HDFC lead

The Sensex advanced 434.40 points or 1.07 per cent last week

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Why do chefs in India continue to serve imitations

Why do chefs in India continue to serve so much pastiche on the plate while pretending it is original work? One reason is that audiences lap it up.

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Eight of top-10 most valued firms add Rs 52,194-cr in m-cap; SBI, HDFC lead

The Sensex advanced 434.40 points or 1.07 per cent last week

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CG Hospitality joins IHCL to open Taj Jumeirah Lakes Towers in Dubai

As per the agreement, IHCL will manage and operate the property, CG Hospitality said

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A new 'LA' registration tag to be assigned for vehicles in Ladakh

Ladakh, is the second largest union territory. It consists of two districts of Kargil and Leh

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Maruti Suzuki India sales down 1.9% in November at 150,630 units

Domestic sales declined by 1.6 per cent at 143,686 units last month as against 1,46,018 units in November 2018

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MG Motor India sells 3239 Hector units in November, eyes expansion

MG Motor India currently has over 150 centres across India and aims to further strengthen its network count to 250 centres by March 2020

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No distance education allowed in hotel management, real estate: UGC

Later on, the commission had prohibited imparting distance degree programmes in agriculture too

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Cong's Nana Patole set to be Maharashtra Speaker as BJP nominee pulls out

The Congress on Saturday announced party MLA Patole as the candidate of the ruling Shiv Sena-Congress-NCP alliance for the election to state Assembly Speaker's post

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Govt turned a blind eye to lag signs in IIP, core sector growth: Experts

The GDP figure is an outcome of several months of downbeat figures -- from weak consumer demand and private investment to shrinking factory output and an export slump

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Not only large firms, smartphones also hotspots of cyberattacks: Study

In India, smartphones, the device that most people now carry in their pockets, have become a very large attack centre, said a top security expert

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China wants US tariffs rolled back in phase one trade deal: Report

A source familiar with the trade talks also told Reuters that US officials could travel to China after Thursday's Thanksgiving holiday in the United States

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Islamic State group claims responsibility for London knife attack

The person who carried out the London attack... was a fighter from the Islamic State, and did so in response to calls to target citizens of coalition countries, IS said

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How India's millennial credit card boom is running into Ambani's ambitions

India's richest man, Mukesh Ambani, wants to connect 30 million small retailers with common inventory-management, billing and tax platforms as well as low-cost payment terminals

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India's deepening economic slowdown opens the door for more rate cuts

The Reserve Bank of India will meet days after a report showed growth collapsed to 4.5 per cent in the July-September quarter, the first time it's been below 5 per cent since 2013

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India's deepening economic slowdown opens the door for more rate cuts

The Reserve Bank of India will meet days after a report showed growth collapsed to 4.5 per cent in the July-September quarter, the first time it's been below 5 per cent since 2013

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Unable to repay loan, a 40-year-old farmer commits suicide in UP's Mahoba

Rakesh Sahu was found hanging from a ceiling fan in his house in Subhash Nagar locality under Panvadi township on Friday, police said

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China brings new rules to root out fake news created with AI, bots

Failure to follow them could be considered a criminal offence, the Cyberspace Administration of China (CAC) said, without offering details on punishments

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Jharkhand assembly polls witnesses a battle of turncoats in phase 1

His BJP counterpart Pratul Shahdeo said the saffron party maintained "checks and balances" before taking any leader in its fold and allotting tickets.

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Bengal governor says communication 'black hole' ruining higher education

The Governor said he was "pained" at not being consulted over the recent appointment of the vice-chancellor of Sanskrit College and University in the city.

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BigBasket FY'19 loss widens to Rs 348 cr

The company had posted a loss of Rs 179.23 crore in 2017-18 financial year, documents filed with the Corporate Affairs Ministry and sourced by business intelligence platform Tofler showed.

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BigBasket FY'19 loss widens to Rs 348 cr

The company had posted a loss of Rs 179.23 crore in 2017-18 financial year, documents filed with the Corporate Affairs Ministry and sourced by business intelligence platform Tofler showed.

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PM urges voters to turn out in large numbers in Jharkhand assembly polls

A total of 37,83,055 voters will decide the fate of 189 candidates in 13 constituencies spread over six districts.

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Q2 GDP growth at 4.5%: Govt has indeed acknowledged, responded to problems with some measures but cannot afford to take eye off ball

Speaking at a book release function some ten days back, Finance Minister Nirmala Sitharaman said she was often asked if the slowdown was structural or cyclical but she was less interested in that debate and more focussed on addressing the problem. The sentiment is commendable but the policy response will vary depending on the causes.

The three sets of economic data released on Friday—economic growth numbers for the second quarter (Q2, July-September) of 2019-20 and the core sector and public finance numbers for the April-October period—show that the government cannot afford to get its diagnosis wrong. There is not one redeeming feature in them, the worst obviously being the Q2 gross domestic product (GDP) growth of 4.5 percent—the lowest in 26 quarters.

The gross value added (GVA) growth numbers (4.3 percent overall, against 6.9 percent in Q2 of 2018-19) show every sector, barring government, has posted lower growth. The manufacturing sector has seen a decline in output after stagnant growth in Q1 (April-June). In almost all sectors (again, government being an exception) the performance has been worse than in Q1.

The story is repeated when one looks at the first half (H1, April-September) figures, which should net out any seasonal factors that may be at play. GDP growth was 4.6 percent against 7.5 percent in H1 2018-19; GVA growth was 4.6 percent against 7.3 percent. Every sector, barring government has underperformed.

The government sector doing well brings its own set of problems—high government spending will put a burden on the fisc. Fiscal deficit in April-October has already crossed the full year target. If more government spending is needed to perk up the economy, where is the money going to come from, given that tax revenue has contracted for three straight months? A soaring fiscal deficit will have other damaging consequences, notably a crowding out of private investment at a time when the economy sorely needs it.

Private investment (reflected in gross fixed capital formation, GFCF) not only slipped in terms of percentage of GDP (to 27.8 percent in Q2 from 29.2 percent in the same period last year and from 29.7 percent in Q1) but also in terms of growth. At 1 percent in Q2, GFCF growth was almost stagnant; it was 11.8 percent in Q2 of 2018-19. This is not a one-quarter blip—growth in Q1 was a mere 4 percent against 13 percent in Q1 of 2018-19. For the April-September period, growth was a mere 2.5 percent against 12.5 percent in the last fiscal.d

But will private investment revive without enough demand? The Reserve Bank of India’s Order Books, Inventories and Capacity Utilisation Survey (OBICUS) for Q1 of the current fiscal shows capacity utilisation falling to 73.6 percent from 76.1 percent in Q4 (January-March) of 2018-19, after having climbed up steadily from Q1 of that fiscal. The survey also showed three successive quarters of decline in new orders and increase in finished goods inventory for two consecutive quarters. There is clearly a demand problem in the economy.

Friday’s data shows a slight uptick in private consumption (reflected in private final consumption expenditure) as percentage of GDP. In Q2, PFCE was 59.3 percent of GDP, up from 58.3 in last fiscal’s Q2 and 57.7 percent in Q1 of this fiscal. But growth has fallen. In Q2, at 5 percent PFCE growth was almost half of the 9.7 percent logged in the same period last year. That was the story in Q1 (3.1 percent this fiscal against 7.3 percent in the last fiscal) as well as H1 (4.1 percent in the current fiscal against 8.5 percent in the last fiscal).

For some specifics, look at the core sector data. Electricity consumption growth slumped to 1.5 per cent in April-October this year against 6.8 percent last year. The petroleum ministry data shows diesel consumption in April-October declining slightly (0.1 percent) over April-October 2018-19, when it had shown a growth of 3.8 percent over Arpil-October 2017-18.

It would be unfair to say the government has not responded to the problem (though it has been late in acknowledging that there is one). Over the past few months, a series of steps have been taken or announced—corporate tax rate cuts, bank consolidation, unified labour codes, clearance of strategic sales of public sector undertakings. These are welcome.

But these are not ecstasy pills that will perk up the mood immediately. Some of these measures will take time to implement, others to yield results on the ground and some both to implement and yield results. The government cannot afford to take its eye off the ball. Most importantly, it should refrain from mis-steps that are likely to worsen the sentiment.

The most egregious example is the move to cap fares and surge pricing by cab aggregators. With tax revenues falling, the tax bureaucracy is not being reined and they continue to run amok. The government’s talk about minimum government is not borne out by its actions. All this will prove counter productive and only worsen the economic situation. Let’s hope someone in the government understands and acknowledges this.

(The writer is a senior journalist and author. She tweets at @soorpanakha)

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Amit Shah meets North-East CMs to discuss the outline of Citizenship Bill

The meetings were attended by chief ministers of Assam, Arunachal Pradesh and Meghalaya Sarbananda Sonowal, Pema Khandu and Conrad Sangma respectively

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Just a walk in the park: Steve Smith fastest to reach 7000 Test runs

The 30-year-old took a single off Muhammad Musa during the second Test against Pakistan in Adelaide to reach the milestone and take possession of a record held for 73 years

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Govt endangering Gandhi family life by withdrawing SPG cover: Shiv Sena

The party said late Shiv Sena founder Bal Thackeray had talked about the threat to the life of Rajiv Gandhi when Indo-Sri Lanka peace accord was signed in 1987.

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With growth this bad, RBI will need more than rate cuts to help economy

The five reductions Shaktikanta Das's overseen haven't given the economy back its groove.

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With growth this bad, RBI will need more than rate cuts to help economy

The five reductions Shaktikanta Das's overseen haven't given the economy back its groove.

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Facebook corrects user's post after Singapore invokes fake news law

The correction notice was embedded at the bottom of the original post without any alterations to the text, but it could not be seen by other users inside and outside the country

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Uddhav Thackeray-led govt to face floor test in Maharashtra Assembly today

The trust vote will be taken up on day one, preceded by the introduction of the new ministers in the House

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China's manufacturing returns to growth in Nov as stimulus measures pay off

But gains were slight, and export demand remained sluggish

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Deaths due to TB down 19% between 2010-2018: Govt tells Lok Sabha

The total number of deaths due to TB, including TB HIV, have reduced by 19 per cent in India from 5,57,000 in 2010 to 4,49,000 in 2018

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Apple digging deep into map policies after calling Crimea part of Russia

Apple spokeswoman Trudy Muller told Reuters that Apple has not made any changes to its maps outside of Russia and made the change for Russian users because of a new law that went into effect in that c

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London knife attack suspect was former convict for terror offences

Police identified the man, who was shot dead by officers after the Friday attack, as 28-year-old Usman Khan, saying they were not actively seeking any other suspects in relation to the incident

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Patanjali secures Rs 3,200 crore loan from banks to buy Ruchi Soya

"The company has already secured required total debt from a consortium of banks led by State Bank of India," Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement. Patanjali also said it has got loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India.

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FMCG companies tweak sales mix in slow market

Hindustan Unilever (HUL), which is already well entrenched in both urban and rural India, has maintained its strategy of straddling the pyramid. Urban-centric company L’Oreal, on the other hand, is looking at a more premium play and has put the sachet strategy on the back-burner.

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Jharkhand Assembly elections: Polling for 13 seats in first phase underway

The voting commenced at 7 a.m. and will end at 3 p.m., Election Commission officials said

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Best of BS Opinion: Don't waste crisis, Hindutva rate of growth, and more

Here's a selection of opinion pieces from today's Business Standard

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Amit Shah: The architect of India's rightward turn may succeed Modi one day

Shah will likely be the one to announce any more moves related to Hindu nationalism while Modi stays above the fray, focusing on economic reforms and acting as a statesman on the world stage

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As news goes from bad to worse, Modi govt scrambles to revive the economy

Finance Minister Nirmala Sitharaman said this week she's not closing the door on additional steps to support the economy.

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ICICI Securities settles case with SEBI on alleged violation of stock broker norms; pays Rs 28 lakh as charges

New Delhi: In a case of fraudulent trading by bogus entities through several brokerage houses, ICICI Securities has settled charges of alleged violation of stock broker norms without admission or denial of any wrongdoing with markets regulator SEBI.

ICICI Securities has settled the case by paying over Rs 28 lakh towards settlement charges, the Securities and Exchange Board of India (SEBI) said in a settlement order.

Another brokerage house, Angel Broking, has approached the regulator for the settlement of the case.

"We have made a proposal for settlement with SEBI and it is in a pending consideration. We cannot divulge more than this at this stage but it is proper that we assert that we are a whistle-blower and victim," a spokesperson of Angel Broking told PTI.

Edelweiss Broking spokesperson said, "Along with other brokers, we have received an enquiry from SEBI to which we have responded. We have asked SEBI for additional documents which we are waiting."

However, other brokerage houses allegedly involved in the matter did not comment immediately on whether they also have plans for such settlement.

The other bogus entities dealt through leading brokerage houses including Aditya Birla Money, Edelweiss Broking, Angel Broking, and Arihant Capital and sub-broker P Babulal & Co, according to showcause notices issued by the markets watchdog to these bogus entities in 2017.'

Representational image. Reuters

However, these notices remain unserved and were therefore made public by SEBI in September 2019.

The matter pertains to an investigation carried out by the markets watchdog after reports which alleged dematerialisation and selling of shares of dormant accounts using forged documents by certain entities.

The probe found that physical share certificates of scrips of 14 listed companies were fraudulently acquired in the names of 26 non-existing bogus entities and then dematted in fraudulently opened demat accounts of these entities having different addresses, but similar looking photographs at different points of time.

Out of these 26 non-existing bogus entities, two entities dealt through ICICI Securities.

The other bogus entities dealt through leading brokerage houses including Angel Broking, Aditya Birla Money, Edelweiss Broking and Arihant Capital and a sub-broker P Babulal & Co.

According to the notice, more than 3.56 lakh shares of 14 listed companies were acquired in the name of 26 entities through transfer of physical shares and subsequent demat of scrips in the accounts of these entities. The market value of these shares was Rs 4.6 crore.

Several existing entities, who dealt in the off-market with these 26 non-existing bogus entities, and various stock brokers including Angel Broking were called for recording their statements to the regulator.

On the basis of deposition of such entities it was revealed that Arvind Babulal Goyal, managing director of Global Securities, was the mastermind in the matter and these 26 non-existing entities and various existing entities were brought only as front entities and their accounts and dealings were being operated by Goyal only, SEBI had said in the notice.

In fact, the accounts of the off-market existing entities were also opened only on the insistence and assistance of Goyal, the notice had said

According to SEBI, these bogus entities had defrauded original and genuine shareholders by not only fraudulently using the fake accounts but also by using the systems at the offices of registrar and transfer agents, depository participants and stock brokers.

Besides, it was alleged that there was lack of diligence on part of brokerage houses in dealing with them.

Pending adjudication proceedings, ICICI Securities filed a settlement application with the regulator "without admitting the findings of fact and conclusions of law".

After ICICI filed settlement application,SEBI's high-powered advisory committee recommended the case for settlement on payment of Rs 28.68 lakh. This was also approved by SEBI's panel of whole-time members, following which ICICI Securities remitted the amount.

Accordingly, the regulator ordered that the "enforcement proceedings for the alleged default ...are settled".

However, it said that enforcement actions, including commencing or reopening of the proceedings, could be initiated if any representation made by it is found to be untrue.

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Zomato, Swiggy, UberEats reduce discounts as food delivery market grows cold

Across the sector, monthly growth fell to 1-2% between Aug and Oct, hurt by a slowdown in consumer spending, cut in discounts and promotions.

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Stocks to watch: NBFCs, Aurobindo Pharma, YES Bank, Ashoka Buildcon, Airtel

Here's a look at the top stocks that may remain in focus today.

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Commodity outlook by Tradebulls Securities: Buy natural gas, aluminium

Commodities Outlook & Stock recommendation by Bhavik Patel - Sr. Technical Analyst

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It will need more than a rate cut to salvage India's sputtering economy

It wasn't too long ago that economic aspirations for India echoed China's. Now this young country of 1.4 billion people is looking more like Indonesia, Malaysia or the Philippines

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China fumes over US law backing Hong Kong, says retaliation inevitable

In signing the bills, Trump signaled to Xi that action wouldn't be imminent.

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Jaypee Infratech crisis: Lenders ask NBCC, Suraksha Realty to sweeten offers, submit final bids by 3 December

New Delhi: Bankrupt realtor Jaypee Infratech's lenders on Thursday asked its top suitors NBBC and Suraksha Realty to make a final offer by next Tuesday after revising their earlier bids by removing impediments and making it more lucrative for homebuyers as well as banks.

The Committee of Jaypee Creditors met NBBC and Suraksha representatives for several hours to discuss threadbare their takeover offers, before asking them to further revise the bids, sources with direct knowledge of the development said.

They wanted NBCC to provide more land with clear title in lieu of its current offer of over 600 acres land that is under litigation and some unclaimed flats. Also, they wanted complete Yammu Expressway Project without any debt obligation.

Representational image. Reuters.

Mumbai-based Suraksha Realty was told to increase the upfront payment to lenders from the existing offer of mere Rs 25 crore, they said.

Homebuyers, who have been declared as financial creditors, asked the NBCC to compensate for huge delay in completion of flats. Suraksha Realty, which has set aside land worth Rs 100 crore for delay compensation, was told to enhance the amount.

In the meeting of Committee of Creditors (CoC), the officials of both NBCC and Suraksha said demand of financial creditors would be considered positively.

NBCC and Suraksha submitted fresh bids on 17 November as per the direction of the Supreme Court.

According to the sources, bankers asked NBCC to provide more land with a clear title instead of unclaimed flats and over 600 acres under litigation. Lenders also asked that the expressway should be transferred to them without any debt obligation.

To settle an outstanding claim of nearly Rs 9,800 crore to bankers, NBCC has offered 1,426-acre land worth Rs 5,000 crore. That apart, it has offered 75 percent of 858-acre land, which has been pledged by promoter Jaiprakash Associates Ltd and now claimed by Jaypee Infratech.

Moreover, NBCC offered to share 50 percent of the sale proceeds of unclaimed flats after deducting receivables from earlier buyers and any expenses related to tax/duties/legal.

Yamuna Expressway, which connects Noida to Agra, will be transferred to lenders, but before that NBCC has proposed to take Rs 2,500 crore debt against the expressway for completion of over 20,000 flats in the next four years.

During the meeting, the NBCC official asserted that the public sector has already met all previous demands of lenders made in May, including the increase in land-debt swap deal to 1,426 acre from 950 acre.

NBCC board could meet tomorrow to discuss the demand made on Thursday and finalise its resolution plan.

Suraksha Realty has offered 1,934 acres worth Rs 7,857 crore to lenders. It has proposed to bring in Rs 2,000 crore as working capital to complete construction in the next three years and will retain the Yamuna Expressway with itself. The Mumbai-based developer has proposed to complete flats in the next three years as against 4 years deadline promised by NBCC.

In the meeting, homebuyers representative demanded that delay compensation should be paid to home buyers as promised by Jaypee Infratech. The compensation for future delays should be as per realty law RERA.

Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.

Anuj Jain was appointed as an Interim Resolution Professional to conduct the insolvency process and also manage the affairs of the company.

In the first round of insolvency proceedings conducted last year, the Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders. The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.

The matter reached the National Company Law Appellate Tribunal (NCLAT) and then the apex court.

On 6 November, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty.

As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have nearly 60 percent votes. For a bid to be approved, 66 percent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted.

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Market Ahead, November 29: All you need to know before the Opening Bell

Asian shares ticked up on Friday, but the gains were capped as investors worried that US President Donald Trump signing into law a bill backing protesters in Hong Kong could fuel tensions with China

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Derivatives strategy on IDFC First Bank by HDFC Securities

Derivative call by Nandish Shah, Technical Analyst, HDFC securities

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Onion prices shoot across major cities in country; highest selling price of Rs 110 per kg in Goa

New Delhi: Onion prices remain high across major cities of the country as the average selling price ruled at Rs 70 per kg on Thursday while the maximum rate of Rs 110 per kg was recorded in Panaji, according to official data.

The lowest price of Rs 38 per kg of the bulb was reported from Gwalior in Madhya Pradesh, the Consumer Affairs Ministry data showed.

Among the four metros, onion is being sold at Rs 76 per kg in the national capital, Rs 92 in Mumbai, Rs 100 per kg in Kolkata and Rs 80 per kg in Chennai.

The ministry monitors prices of 22 essential commodities (rice, wheat, atta, gram dal, tur (arhar) dal, urad dal , moong dal, masur dal, sugar, gur, groundnut oil, mustard oil, vanaspati, sunflower oil, soya oil, palm oil, tea, milk, potato, onion, tomato and salt) based on data collected from 109 market centres spread across the country.

Interestingly, a pricey onion seems to be catching the attention of thieves as an employee of a vegetable vendor in Surat said that someone stole 250 kg of the bulb worth Rs 25,000 from their shop in the early hours of the day.

On Wednesday, the government extended prohibitions on traders from the stocking of edible bulb across the country for an indefinite period.

The stock holding limit was imposed in September. At present, retailers can stock onion only up to 100 quintals and wholesale traders are allowed to keep up to 500 quintals.

Food and Consumer Affairs Minister Ram Vilas Paswan on Wednesday had asserted that the government was making maximum efforts to control prices.

Besides stock holding limit, he said, the Centre has banned exports of onion and importing 1.2 lakh tonnes to control prices.

State-owned MMTC has informed that the first shipment of onions from Egypt would arrive in the second week of December. The public sector trading firm has contracted imports of 6,090 tonnes of onions.

Expressing concern over the price rise, Paswan had said the situation is being closely monitored by a team of five Union ministers chaired by Home Minister Amit Shah. Finance minister, agriculture minister and road transport minister are also members of the group of ministers.

The group of ministers has already held one meeting and another one will be held soon, he said.

On 19 November, Paswan had said onion production in Kharif and late-Kharif seasons of 2019-20 is estimated to fall 26 per cent to 5.2 million tonnes due to a delayed monsoon and then excessive rains in key growing areas.

The buffer stock of 57,000 tonnes of onions has been liquidated and therefore the Centre decided to import.

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September quarter sees revival in rural grocery demand

Rural market by volume grew 4.4% in the July-September period from a year earlier when it had declined 2.4%, according to data from Kantar Worldpanel. This growth may also have come at the cost of listed companies that witnessed subdued primary sales in villages, indicating consumers may be downtrading to unbranded products.

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Paytm is looking at raising another round of $1 bn; former UK PM David Cameron may also invest

New Delhi: Digital payments major Paytm is looking at raising another round of funding of  $1 billion, and is in discussion with multiple investors, including former UK Prime Minister David Cameron, according to sources.

Sources close to the development said the discussions are on and might take a few weeks to get finalised.

They added that the funds will be used to expand the merchant offerings across India to equip them with technology and various other services.

Paytm declined to comment, while a response from Cameron could not be elicited immediately.

Paytm had earlier this week announced a $1 billion (around Rs 7,173 crore) fund raise led by US-based asset management firm T Rowe Price. Existing investors Alibaba, Softbank and Discovery Capital had also participated in the funding round.

Interestingly, Paytm founder and Chief Executive Officer Vijay Shekhar Sharma tweeted a photograph of him and Cameron on Thursday.

"With so inspiring and savvy @David_Cameron in Singapore! Thanks Sir for your lesson on giving back to society and creating social impact with business," he added.

On Monday, Paytm had said it is planning to invest around $1.4 billion over the next three years to expand financial services.

Reports earlier this year had stated that Paytm, which is facing mounting losses, was looking at raising up to $2 billion in funding. The company has said it will look at a public listing only after 2021.

Paytm had raised $300 million from Warren Buffett's Berkshire Hathaway in September last year.

One97 Communications Ltd (OCL), the parent company of Paytm, had posted a loss of Rs 3,959.6 crore in 2018-19 as against Rs 1,490 crore a year ago, and its standalone revenue rose marginally to Rs 3,319 crore from Rs 3,229 crore in 2017-18, as per reports.

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September quarter sees revival in rural grocery demand

Rural market by volume grew 4.4% in the July-September period from a year earlier when it had declined 2.4%, according to data from Kantar Worldpanel. This growth may also have come at the cost of listed companies that witnessed subdued primary sales in villages, indicating consumers may be downtrading to unbranded products.

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India's banks wrote off Rs 2 trillion worth of bad loans in 2018-19

Even as banks have written off more loans than before, recovery of bad loans has also improved substantially in the past couple of years

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MARKET LIVE: SGX Nifty suggests a flat opening for benchmark indices

Catch all the live market updates here

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Top events today: Sept GDP numbers, Yes Bank to consider fundraising & more

From September GDP data, SAT hearing on Karvy ban by Sebi to opposition parties and academicians attending slowdown conclave, Business Standard brings you the top news events of day.

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Bharti Airtel submits conditional bids of around Rs 9,500 crore for debt-ridden RCom' telecom assets

New Delhi: Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications' telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source.

Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.

"Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors (CoC) opens all the bids," the source said.

Representational image. Reuters.

E-mail query sent to Bharti Airtel did not elicit any reply.

Reliance Jio had asked for more time to submit bids but the company did not turn up even after the CoC extended the deadline to suit its interest.

I Squared Capital, which was expected to buy RCom's data centre and optical fibre, also did not submit bids.

RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

Reliance Communications has put all its assets for sale, which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, tower business worth Rs 7,000 crore, optical fibre network worth Rs 3,000 crore and data centres worth Rs 4,000 crore.

According to an NCLT order, resolution professional (RP) has to complete the process by 10 January 2020.

RCom in the past has tried to sell assets to various companies, including Reliance Jio, to clear debts but the deals did not crystallise. Reliance Jio cancelled the agreement to buy RCom assets as it did not want to bear the previous liabilities of the debt-ridden firm.

Later, the insolvency proceeding against RCom was started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues.

RCom Chairman Anil Ambani had tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

This was the second-highest loss posted by any Indian company till date.

The CoC has, however, rejected Ambani's resignation and asked to cooperate in insolvency proceedings.

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Bharti Airtel submits Rs 9,500-cr bids for debt-ridden RCom assets; final results to be known today

New Delhi: Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications' telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source.

Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.

"Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors (CoC) opens all the bids," the source said.

E-mail query sent to Bharti Airtel did not elicit any reply.

Reliance Jio had asked for more time to submit bids but the company did not turn up even after the CoC extended the deadline to suit its interest.

I Squared Capital, which was expected to buy RCom's data centre and optical fibre, also did not submit bids.

RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

Reliance Communications has put all its assets for sale, which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, tower business worth Rs 7,000 crore, optical fibre network worth Rs 3,000 crore and data centres worth Rs 4,000 crore.

According to an NCLT order, resolution professional (RP) has to complete the process by 10 January 2020.

RCom in the past has tried to sell assets to various companies, including Reliance Jio, to clear debts but the deals did not crystallise. Reliance Jio cancelled the agreement to buy RCom assets as it did not want to bear the previous liabilities of the debt-ridden firm.

Later, the insolvency proceeding against RCom was started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues.

RCom Chairman Anil Ambani had tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

This was the second-highest loss posted by any Indian company till date.

The CoC has, however, rejected Ambani's resignation and asked to cooperate in insolvency proceedings.

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Top 10 biz headlines: NBFCs bailout likely, sops in Maharashtra & more

From credit card spending to RIL's Rs 10-trillion m-cap, Business Standard brings you the top business headlines of the day

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Best of BS Opinion: Rising fiscal fears, Maharashtra politics, and more

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Experts see 25 bps rate cut by RBI in December, FY20 GDP forecast at 6%

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All you need to know about inclusion/ exclusion of stocks in F&O segment

Exclusion of stocks from the derivative space doesn't speak good about the companies.

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HUL boss Sanjiv Mehta bats for apprenticeship, says Indian education system must inculcate training in curriculum

Academia and business need to co-create a curriculum that will address present-day skill needs, he said.

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FMCG firms go on a talent hunt at top business and technology campuses

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Foodtech startups lead in looking for funds, Risers Accelerator says

The first half of 2019 saw homegrown Indian startups raising $4.88 billion, an increase of 8.7% from the same period last year. According to Risers Accelerator, the applications for investment in foodtech startups have grown.

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Wholesale prices of onion cross Rs 100 per kg in Maharashtra; rates to stay high till arrival of fresh stocks in markets

The wholesale price of onions has skyrocketed to Rs 100 per kg, a record jump in the history of the country triggering widespread resentment among consumers, according to news reports. The price of the kitchen staple is expected to stay high for another two-three weeks. The rates may decline after the arrival of fresh stocks in the market following the harvest.

 

Top grade onions were trading above Rs 90 per kg in most wholesale markets in Maharashtra, while the rates have crossed even Rs 100 at some places, according to a report in The Economic Times citing traders.

Representational image. Reuters

The wholesale rates in Solapur and Sangamner in Maharashtra reportedly rose to Rs 110 per kg while Vashi reported Rs 100 a kg on Monday, the report said adding the rates of onion eased in the Vashi wholesale market on Wednesday and was selling in the range of Rs 55-95 per kg.

In Bengal, traders said because of the high rate, onion sales plunged by 50 percent. The wholesale rate of onions rose to Rs 65 to Rs 70 per kg, from Rs 55 to Rs 60 per kg a few weeks earlier, said a report in The Telegraph.

This is the first time in Assam that the price of onions has touched Rs 100, primarily because of disruption in supply in the wake of excess rain in major onion-growing states.

Govt extends stock holding limit

On Wednesday, the government extended prohibitions on traders from the stocking of the edible bulb across the country for an indefinite period even as the onion prices continue to rule high at Rs 80-90 per kg, reported PTI.

Separately, Food and Consumer Affairs Minister Ram Vilas Paswan did not say by when prices of onion will normalise. "It's not in our hand, the government is making maximum efforts but who can win from nature," he told reporters when asked by when onion prices will come down to reasonable level.

Besides the stock holding limit, he said, the Centre has banned exports of onion and importing 1.2 lakh tonnes to control prices. Onion prices are ruling at Rs 70-80 per kg in retail markets across major cities.

"Stockholding limit on retailers and wholesalers are being further extended until further orders," an official statement said.

The stock holding limit was imposed in September. At present, retailers can stock onion only up to 100 quintals and wholesale traders are allowed to keep up to 500 quintals.

The decision was taken at an inter-ministerial meeting, chaired by Consumer Affairs Secretary AK Srivastava, to monitor the price and availability of onions across the country.

The consumer affairs secretary has written to chief secretaries of all states asking them to suitably reduce the stock limits further in their states as per the availability and prices. They have been asked to strictly enforce these stock limits and send an action taken report on a weekly basis.

Shipment from Egypt to arrive soon

State-owned MMTC informed that the first shipment of onions from Egypt would arrive in the second week of December. The public sector trading firm has contracted imports of 6,090 tonnes of onions. It has floated a country-specific tender.

On Monday, public sector trading firm MMTC, which has been tasked to import onion on behalf of the Centre to cool prices, has contracted to import 6,090 tonnes from Egypt, and the edible bulb will be supplied to states in a price range of Rs 52-60 per kg.

Last week, the Union Cabinet decided to import 1.2 lakh tonnes of onions to improve the domestic supply and control prices, which touched Rs 100 per kg earlier this month. Retail prices are ruling at around Rs 70 per kg in the national capital.

"MMTC has placed order for the first consignment of 6,090 tonnes of onions from Egypt which will be arriving at Nhava Sheva (JNPT), Mumbai. The Onions are being offered to state governments for distribution at the rate of Rs 52-55 per kilogram ex-Mumbai and will also be made available at the rate of Rs 60 per kilogram ex-Delhi," an official statement said.

— With PTI inputs

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Stocks to watch: ZEE Entertainment, SBI, Tata Motors, Parag Milk Foods, BSE

Here's a list of stocks that may remain in focus in today's session.

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Rupee is the worst performer in emerging Asia as RBI tries to lift economy

The RBI bought has about $18 billion of foreign exchange since the end of September.

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Counting of votes underway for bypolls in West Bengal, Uttarakhand

Around 78 per cent of over 700,000 electorate had cast their votes in the by-polls to Kaliaganj, Karimpur and Kharagpur Sadar Assembly seats in West Bengal where 18 candidates were in the fray

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Donald Trump defies China, signs law supporting Hong Kong protesters

China's foreign ministry reiterated a threat of retaliation without offering any details

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Wholesale onion price crosses Rs 100 per kg in Maharashtra; rates to stay high till arrival of fresh stocks in markets

The whole price of onions has skyrocketed to Rs 100 per kg too, a record jump in the history of the country triggering widespread resentment among consumers, said a media report.

The price of the kitchen staple is expected to stay high for another two-three weeks and the rates may decline after the arrival of fresh stocks in the market following the harvest.

Top grade onions were trading above Rs 90 per kg in most wholesale markets in Maharashtra, while the rates have crossed even Rs 100 at some places, according to a report in The Economic Times citing traders.

Representational image. Reuters

The wholesale rates in Solapur and Sangamner in Maharashtra reportedly rose to Rs 110 per kg while Vashi reported Rs 100 a kg on Monday, the report said adding the rates of onion eased in the Vashi wholesale market on Wednesday and was selling in the range of Rs 55-95 per kg.

In Bengal, traders said because of the high rate, onion sales plunged by 50 percent. The wholesale rate of onions rose to Rs 65 to Rs 70 per kg, from Rs 55 to Rs 60 per kg a few weeks earlier, said a report in The Telegraph.

This is the first time in Assam that the price of onions has touched Rs 100, primarily because of disruption in supply in the wake of excess rain in major onion-growing states.

Govt extends stock holding limit

On Wednesday, the government extended prohibitions on traders from the stocking of the edible bulb across the country for an indefinite period even as the onion prices continue to rule high at Rs 80-90 per kg, reported PTI.

Separately, Food and Consumer Affairs Minister Ram Vilas Paswan did not say by when prices of onion will normalise. "It's not in our hand, the government is making maximum efforts but who can win from nature," he told reporters when asked by when onion prices will come down to reasonable level.

Besides the stock holding limit, he said, the Centre has banned exports of onion and importing 1.2 lakh tonnes to control prices. Onion prices are ruling at Rs 70-80 per kg in retail markets across major cities.

"Stockholding limit on retailers and wholesalers are being further extended until further orders," an official statement said.

The stock holding limit was imposed in September. At present, retailers can stock onion only up to 100 quintals and wholesale traders are allowed to keep up to 500 quintals.

The decision was taken at an inter-ministerial meeting, chaired by Consumer Affairs Secretary AK Srivastava, to monitor the price and availability of onions across the country.

The consumer affairs secretary has written to chief secretaries of all states asking them to suitably reduce the stock limits further in their states as per the availability and prices. They have been asked to strictly enforce these stock limits and send an action taken report on a weekly basis.

Shipment from Egypt to arrive soon

State-owned MMTC informed that the first shipment of onions from Egypt would arrive in the second week of December. The public sector trading firm has contracted imports of 6,090 tonnes of onions. It has floated a country-specific tender.

On Monday, public sector trading firm MMTC, which has been tasked to import onion on behalf of the Centre to cool prices, has contracted to import 6,090 tonnes from Egypt, and the edible bulb will be supplied to states in a price range of Rs 52-60 per kg.

Last week, the Union Cabinet decided to import 1.2 lakh tonnes of onions to improve the domestic supply and control prices, which touched Rs 100 per kg earlier this month. Retail prices are ruling at around Rs 70 per kg in the national capital.

"MMTC has placed order for the first consignment of 6,090 tonnes of onions from Egypt which will be arriving at Nhava Sheva (JNPT), Mumbai. The Onions are being offered to state governments for distribution at the rate of Rs 52-55 per kilogram ex-Mumbai and will also be made available at the rate of Rs 60 per kilogram ex-Delhi," an official statement said.

— With PTI inputs

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Wholesale onion prices crosses Rs 100 per kg in Maharashtra; rates to stay high till arrival of fresh stocks in markets

The whole price of onions has skyrocketed to Rs 100 per kg too, a record jump in the history of the country triggering widespread resentment among consumers, said a media report.

The price of the kitchen staple is expected to stay high for another two-three weeks and the rates may decline after the arrival of fresh stocks following the harvest.

Top grade onions were trading above Rs 90 per kg in most wholesale markets in Maharashtra, while the rates have crossed even Rs 100 at some places, according to a report in The Economic Times citing traders.

Representational image. Reuters

The wholesale rates in Solapur and Sangamner in Maharashtra reportedly rose to Rs 110 per kg while Vashi reported Rs 100 a kg on Monday, the report said adding the rates of onion eased in the Vashi wholesale market on Wednesday and was selling in the range of Rs 55-95 per kg.

In Bengal, traders said because of the high rate, onion sales plunged by 50 percent. The wholesale rate of onions rose to Rs 65 to Rs 70 per kg, from Rs 55 to Rs 60 per kg a few weeks earlier, said a report in The Telegraph.

This is the first time in Assam that the price of onions has touched Rs 100, primarily because of disruption in supply in the wake of excess rain in major onion-growing states.

Govt extends stock holding limit

On Wednesday, the government extended prohibitions on traders from the stocking of the edible bulb across the country for an indefinite period even as the onion prices continue to rule high at Rs 80-90 per kg, reported PTI.

Separately, Food and Consumer Affairs Minister Ram Vilas Paswan did not say by when prices of onion will normalise. "It's not in our hand, the government is making maximum efforts but who can win from nature," he told reporters when asked by when onion prices will come down to reasonable level.

Besides stock holding limit, he said, the Centre has banned exports of onion and importing 1.2 lakh tonnes to control prices. Onion prices are ruling at Rs 70-80 per kg in retail markets across major cities.

"Stockholding limit on retailers and wholesalers are being further extended until further orders," an official statement said.

The stock holding limit was imposed in September. At present, retailers can stock onion only up to 100 quintals and wholesale traders are allowed to keep up to 500 quintals.

The decision was taken at an inter-ministerial meeting, chaired by Consumer Affairs Secretary A K Srivastava, to monitor the price and availability of onions across the country.

The consumer affairs secretary has written to chief secretaries of all states asking them to suitably reduce the stock limits further in their states as per the availability and prices. They have been asked to strictly enforce these stock limits and send an action taken report on a weekly basis.

Shipment from Egypt to arrive soon

State-owned MMTC informed that the first shipment of onions from Egypt would arrive in the second week of December. The public sector trading firm has contracted imports of 6,090 tonnes of onions. It has floated a country-specific tender.

On Monday, public sector trading firm MMTC, which has been tasked to import onion on behalf of the Centre to cool prices, has contracted to import 6,090 tonnes from Egypt, and the edible bulb will be supplied to states in a price range of Rs 52-60 per kg.

Last week, the Union Cabinet decided to import 1.2 lakh tonnes of onions to improve the domestic supply and control prices, which touched Rs 100 per kg earlier this month. Retail prices are ruling at around Rs 70 per kg in the national capital.

"MMTC has placed order for the first consignment of 6,090 tonnes of onions from Egypt which will be arriving at Nhava Sheva (JNPT), Mumbai. The Onions are being offered to state governments for distribution at the rate of Rs 52-55 per kilogram ex-Mumbai and will also be made available at the rate of Rs 60 per kilogram ex-Delhi," an official statement said.

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Market Ahead, November 28: All you need to know before the Opening Bell

Asian share markets wobbled on Thursday. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed in early trade

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US arrests 90 students, mostly from India, enrolled in fake university

The US Immigration and Customs Enforcement (ICE) has so far arrested more than 250 students, who were lured to enroll in the now-closed University of Farmington

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TRAI unlikely to intervene in telecom tariffs, floor price for now; any call on issue to be taken later: Report

New Delhi: With large telecom operators planning a rate hike in coming days, TRAI is unlikely to make an immediate intervention on tariff issues, including fixation of any floor price as of now, sources said.

Sources aware of TRAI 's views on the issue said that making any fresh move on floor prices or intervention does not make sense at this point, given that operators have already announced plans to hike tariffs in coming days.

The sources told PTI that any move by  TRAI now may "derail" the process which has been initiated at the operators' end. The regulator considers intervention to be the "last resort".

As operators have already announced that they will increase tariffs, Telecom Regulatory Authority of India ( TRAI) will wait to see how the entire situation unfolds.

The floor price was among key issues flagged by the industry representatives at a crucial meeting held at  TRAI on Wednesday to chalk out the regulatory agenda for 2020. A section of the industry wanted a regulatory intervention by Trai on the tariff issue, the sources said.

Representative image. Reutersd

According to industry sources, older operators attending the meeting told  TRAI that tariffs may require a "regulatory intervention" as the sector faces excessive competition which makes it difficult for players to raise prices of mobile services. Hence, they felt that a regulatory intervention will be desirable and that fixing floor price on tariffs by TRAI would be a more effective mechanism.

However, they said, there is no decision in TRAI on floor price as of now, and any call on the issue will be taken only at a later date. The regulator is in the process of finalising its agenda for 2020, and 6-7 issues are expected to be taken up in the coming year.

Issues that have been flagged by the industry for inclusion in  TRAI's 2020 agenda are tariff floor price, redefinition of adjusted gross revenue (AGR) and infrastructure sharing, among others.

It is pertinent to mention here that telecom operators have announced plans to hike rates in the coming days, although they have not indicated just how much the tariffs will increase. On 18 November, Bharti Airtel and Vodafone Idea announced a hike in mobile phone call and data charges from December saying the increase was warranted for viability of their business.

The following day, Reliance Jio said it will increase mobile phone call and data charges in the next few weeks in compliance with rules.

Bharti Airtel, Vodafone Idea and other telecom operators have to pay Rs 1.47 lakh crore in outstanding statutory dues following a Supreme Court order on 24 October that upheld the government's position on including revenue from non-core businesses in calculating the annual AGR of telecom companies, a share of which is paid as licence and spectrum fees to the exchequer.

In the case of Bharti Airtel, the liabilities added up to nearly Rs 35,586 crore, of which Rs 21,682 crore is licence fee and another Rs 13,904.01 crore is the SUC dues (not including the dues of Telenor and Tata Teleservices). For Vodafone Idea, this number stands at a cumulative Rs 53,038 crore, including Rs 24,729 crore of SUC dues and Rs 28,309 crore in licence fee.

The government, last week, threw a Rs 42,000 crore lifeline to debt-laden telecom companies after it agreed not to take any payments for spectrum they use for the next two years. It has, however, expressed unwillingness to intervene in the Supreme Court-mandated statutory payments. It wants operators to make combined efforts to relieve the stress, including raising voice calls and data tariffs.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost

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Amazon, EBay accused of selling cosmetics with high mercury levels

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Nifty outlook and top trading ideas by CapitalVia Global Research Limited

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More than 227,000 Indians waiting for family-sponsored Green Card: Report

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Top news today: Thackeray's swearing-in, Rajapaksa's India visit, and more

From Uddhav Thackeray's swearing-in ceremony as Maharashtra chief minister to Sri Lankan President Rajapaksa's India visit, Business Standard brings you top events that could make headlines today

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MARKET LIVE: F&O expiry, global cues top factors today; Zee Ent in focus

Catch all the live updates of the stock markets here

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Top 10 business headlines: ICICI consent plea, labour laws and more

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Air India would be closed if not privatised, says Civil Aviation Minister; govt to secure favourable deal for all employees

New Delhi: Loss-making Air India will have to be closed down if not privatised, Civil Aviation Minister Hardeep Singh Puri informed Rajya Sabha on Wednesday and said the government is committed to secure a favourable deal for all employees of the state-owned carrier.

The government is in the process of finalising invitation of bids, he said, adding interests of employees of the state-owned carrier Air India would be protected and there would be no job loss till its privatisation.

"Your airlines would have to be closed down if not privatised," Puri said while replying to a supplementary question. "... The process of disinvestment is underway. The issue of getting bids will arise only after we complete the processing. So far, the alternative mechanism, under the chairmanship of the Home Minister, has been made," he said.

"We have taken some decisions. Other decisions are being processed. Once we invite bids, then, we will see how many bids have come in," Puri added.

Talking about employees' concern, he said, "Issues being related to current employees, their health cover, how many would remain Puri said there is a decline in global freight traffic but there might not be any impact in India.

Image courtesy: Wikipedia Commons

"There is a decline in global freight traffic but if you look at the Indian scenario, I think that transportation by air is taking off and I don't see too much of a decline there."

The minister highlighted that earlier it used to take 116 hours to import a particular product and now it has come down to 39 hours.

"Hour for exports is down to 24 hours. So, the freight traffic is increasing. It has been in double digits till recently. I don't have the very latest figures but my submission is that global trends may not really be impacting on our domestic figures."

While replying to a separate query, he rejected recent reports suggesting that several pilots of Air India are leaving the airline as their salaries are not being paid on time.

"Air India pilots are very well looked after and their salaries in relation to what other air carriers are offering are very good," said Puri. He further said, "Insofar as resignations are concerned, I have not heard of any single case where anybody has resigned."

Puri said 25 percent salaries of various employees were withheld when Air India was in financial crisis.

"There is full intention that before the privatisation or disinvestment is completed, this 25 percent would be reimbursed to all employees in all segments," he said.
The minister also assured that there would be no job loss in Air India till privatisation.

On 17 November, Finance Minister Nirmala Sitharaman had said that the government is looking to wrap up the sale of state-run Air India by March 2020.

Earlier, the plan to sell Air India did not go through for lack of investors and the lukewarm response to its sale.

The ailing national carrier has a debt of around Rs 58,000 crore.

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Parliament LIVE updates: Opposition to corner govt over economic slowdown

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Rahul, Priyanka Gandhi visit ex-Finance Minister Chidambaram in Tihar jail

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Maharashtra Assembly begins; MLAs take oath a month after being elected

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Analysts see Tata Steel stock rising in 2020 as firm revamps Europe biz

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Government may restrict import of all types of refined edible oils

A restriction will help India encourage import of more crude oils, facilitating better utilisation of the refining capacity of the domestic industry. Currently, both refined and crude edible oils are under the free category of foreign trade, resulting in an unrestricted inflow into the country.

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HCCB announces appointments to its senior leadership team

Sharma’s mandate at HCCB is to work closely with business and drive transformation in the procurement function.

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Stocks to watch: RCap, YES Bank, Central Bank, Prestige Estate, PC Jeweller

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Facebook-owned Oculus acquires maker of 'Beat Saber', plans expansion

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Isro PSLV-C47 launch: All you need to know about Cartosat-3 and its uses

Cartosat-3 aims to address the increased demands for large scale urban planning, rural resource and infrastructure development, coastal land use and land cover

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India's sugar demand takes a beating over slowdown, health concerns

Global sugar consumption is expected to climb 1.3 per cent in the 2019-20 season, slightly below the five-year average, the International Sugar Organization said in a report

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Weekly stock picks by Religare Broking: Buy Balkrishna Industries, HUL

Here are the weekly stock recommendations by Religare Broking

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US 2020 election: Bloomberg bashes Trump's policies, backs immigrants

Arizona has received scant attention form the Democrats running for president, but Bloomberg has put a heavy focus in a state he said will be crucial to the general election.

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SEBI asks CG Power to provide audit findings on fraud to ousted chairman Gautam Thapar, others

New Delhi: Capital market regulator SEBI has asked fraud-hit CG Power & Industrial Solutions to provide its ousted chairman Gautam Thapar and others information they had sought on audit findings of financial irregularities in the company during their tenure.

The Securities and Exchange Board of India (SEBI), which had in September debarred Thapar, CG Power's CFO and two other directors from accessing the capital market for their alleged involvement in dubious transactions, on 25 November asked the company to provide the information by 4 December.

"The competent authority has directed that the information as available with the company and which has been requested (by Thapar and other directors) be provided as per their specific requests on or before 4 December 2019," the SEBI order said.

It also asked the company to provide e-mail correspondence referred in the auditor's report that brought out the alleged financial irregularities at CG Power under Thapar, be also provided by 4 December.

Representational image. Reuters.

SEBI in its order to CG Power's company secretary Shikha Kapadia stated that the next date of hearing that was scheduled for 6 December has been postponed.

CG Power in August had stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors." Also, some liabilities and advances to related and unrelated parties had been understated.

The fraud runs into over Rs 3,000 crore.

Thapar, who was in the following sacked as Chairman, had sought the audit report and the related documents.

SEBI had previously directed the BSE to appoint an independent auditor for conducting a detailed forensic audit of the books of accounts of CG Power from 2015-16 onwards.

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Top 10 business headlines: Finance Commission report, Karvy crisis, & more

From Infrastructure requirements in India to Alto sales landmark, here are the top business headlines of the day.

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Market Ahead,November 27: Top factors that could guide markets today

Market players will adjust their positions ahead of the weekly and monthly expiry of Futures and Options contracts tomorrow

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Technical calls from HDFC Securities: Buy Canara Bank, Axis Bank

Technical calls from Vinay Rajani, Technical & Derivatives Analyst, HDFC securities.

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Top news today: Chidambaram's bail plea hearing, CARTOSAT-3 launch & more

From Supreme Court hearing on Chidambaram's bail plea to the government tabling key economic bills, Business Standard brings you top news of the day

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MARKET LIVE: Trends on SGX Nifty suggest a weak start for Sensex, Nifty

Catch all the latest stock market updates here

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Service sector can help Narendra Modi govt achieve target of $5 trillion GDP: Piyush Goyal

Bengaluru: Union minister Piyush Goyal on Tuesday (26 November) said India's service sector can help achieve the Central government's target of $5 trillion gross domestic product (GDP).

The service sector has the potential to be the largest job creators in the country and over the next five years it has the potential to contribute $3 trillion out of the $5 trillion GDP target set by the government, Goyal, the minister of Railways, Commerce and Industry, said.

At the inauguration of the fifth Global Exhibition on Services-2019 at the Palace Grounds here, he said it is the manufacturing and services industry that will be the growth engines of the Indian economy.

He emphasised that these two sectors need to work together, as without services, manufacturing cannot succeed and without manufacturing, services cannot grow.

According to Goyal, India needs to move beyond Business Process Outsourcing and work towards adopting new age technologies such as artificial intelligence, block chain, machine learning and engage with the rest of the world on equal terms.

The three-day event has been organised by the Ministry of Commerce and Industries, Karnataka government, Services Export Promotion Council and the Confederation of Indian Industry.

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Ola to launch operations in London soon, over 50,000 licensed drivers likely to join cab hailing platform

New Delhi: Cab hailing platform Ola on Tuesday said it will soon begin its operations in London and has started onboarding licensed drivers in the region.

Ola had received an operating licence from Transport for London (TfL) earlier this year.

Representational image. PTI

"Ola has begun registering licenced drivers in London as it prepares to launch operations in the city...With this, over 50,000 licensed drivers will be able to join Ola and provide mobility services in London," a statement said.

The Bengaluru-based firm had forayed into the UK with operations starting in Cardiff in August last year. It has expanded across Birmingham, Liverpool, Exeter, Reading, Bristol, Bath, Coventry, and Warwick in the UK.

"Today, we are inviting the tens of thousands of PHV drivers across London to register themselves on the Ola platform, as we prepare to launch in the city in the coming weeks. We have built a robust mobility platform for London which is fully compliant with TfL's high standards," Ola Head of International Simon Smith said.

He added that the company has had constructive conversations with the authorities, drivers, and local communities in London over the past months.

"...(we) and look forward to contributing towards solving mobility issues in innovative and meaningful ways," he said.

Ola's service is available in over 250 cities in India, Australia, New Zealand and the UK.

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Honda resumes work at Manesar plant with permanent staff; sacked contractual workers continue with protest

New Delhi: Honda Motorcycle & Scooter India (HMSI) on Tuesday said it has commenced operations at its Manesar plant with permanent employees joining the work though the sacked contractual employees continued with their protest at the site.

The Japanese two-wheeler major had suspended operations at the plant from the first week of November as workers protested for over a week against the retrenchment of their 200 contractual colleagues.

Representational image. Courtesy: Honda

The stand-off at the facility, which employs around 1,900 permanent workers and 2,500 contract workers, began on November 5 morning when the company management did not allow some of the contractual workers to go inside the plant.

"The decision to resume production at Manesar plant was initiated on 22 November. All permanent staff associates were informed to join duties from 25-28 November in four batches," HMSI said in a statement.

The process of joining back to work has started as per the schedule and the company looks forward to normalcy of operation after this process is completed, it added.

"With the intention of maintaining industrial peace, Manesar plant management reaffirmed that all permanent workers are expected to resume work as per the schedule and carry out their assigned duties with discipline, good faith, cooperation and positivity," the two-wheeler major said.

On the other hand, the worker union at the plant alleged foul play on the part of the company management in re-starting work at the facility.

When contacted, a Union leader told PTI that the company management is allowing permanent workers to enter the manufacturing plant only after getting an undertaking signed, which he termed as illegal.

"The company has sacked the entire 2,500 contractual staff at the facility and these workers are still protesting at the gates of the plant. We plan to take out a protest rally from IMT Chowk to Gurgaon mini secretariat to press for their reinstatement," the leader said.

He alleged that the company is just not interested in reaching a settlement with the workers.

"They have suspended six of our union members, including the president, general secretary and other members. The company management is bent on destroying the facility," he added.

On 22 November, a section of workers at the Manesar plant took out a protest march against the company's decision to sack contractual workers and suspension of work at the facility.

The march started from the plant to Gurgaon Deputy Commissioner's office.

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Best of BS Opinion: Maharashtra political drama, IL&FS collapse, and more

Here's a selection of opinion pieces from today's Business Standard

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AIIMS doctors take a cue from JNU, oppose govt's plans to hike MBBS fee

AIIMS RDA opposed the proposal, saying it strongly supports quality and affordable education for all sections of the society

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AIIMS doctors take a cue from JNU, oppose govt's plans to hike MBBS fee

AIIMS RDA opposed the proposal, saying it strongly supports quality and affordable education for all sections of the society

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Karvy Stock Broking refutes claims it has defaulted on Rs 2,000 cr loans; says owes around Rs 50 cr to clients: Report

In a latest development, Karvy Stock Broking Ltd (KSBL) has denied having defaulted on loans. A top official told Business Standard, the broking firm owes Rs 40-50 crore to its clients and the money will be repaid over the due course. The brokerage refuted claims that it has defaulted on loans worth Rs 2,000 crore.

"We don’t know from where this Rs 2,000 crore figure has come. I would like to say all the securities are intact. All these will be credited into regular accounts. So investors don’t have to worry as to what will happen to their securities. There is no default in this particular case. The Sebi order says that the securities have not been dealt with properly,” said the official, the report said.

After a major scandal hit the stock markets with the brazen modus operandi of misusing clients'' funds, the Securities and Exchange Board of India (SEBI) has banned Karvy Stock Broking (KSBL) from taking new client and executing trades, an IANS report said.

On Friday, NSE forwarded a preliminary report to SEBI on the non-compliances observed with respect to the pledging/misuse of client securities by KSBL.

Representational image. Reuters

The exchange's preliminary report is the result of the limited purpose inspection of KSBL conducted by it on 19 August, covering a period from 1 January onwards, SEBI said in an order.

In a 12-page ex-parte interim order, Sebi Whole Time Member Ananta Barua said there is a "need for urgent regulatory intervention to prevent further misuse of clients' securities".

Apart from prohibiting the entity from taking new clients in respect of its stock broking activities, the watchdog directed NSDL and CDSL not to to act upon any instruction given by KSBL in pursuance of power of attorney given by its clients.

The depositories shall monitor the movement of securities into and from the DP account of clients of KSBL as DP to ensure that clients' operations are not affected," the order said.

Further, the regulator said the depositories and stock exchanges shall initiate appropriate disciplinary regulatory proceedings against KSBL for misuse of clients' funds and securities as per their respective regulations.

The findings recorded in the order are based on the prima facie examination of facts and prima facie violation of securities law, it added.

Sebi also said the "order does not ipso facto entitle any client of the noticee (KSBL) to claim their funds, stocks and securities, which claims are to be taken by such clients with the concerned stock exchanges/ depositories in accordance with their respective bye-laws".

The directions would be in place pending forensic audit.

KSBL has been given 21 days time from the date of receiving the order to file its objections or responses, if any.

--With inputs from agencies

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Andhra liquor ban may not be prohibitive for listed players

Andhra Pradesh accounts for 8 per cent of overall beer sales and about 10 per cent of Indian-made foreign liquor (IMFL) volumes.

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Dairy out of India-US trade talks for now

Washington is also said to have asked New Delhi to reduce the import duty on pulses. The US, along with Canada and Australia, had moved the WTO against India’s ban on import of certain pulses to check falling prices in the domestic market. India, however, doesn’t have any issues with increased import of pistachios from the US, sources said.

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3.7 pc of over 1.06 lakh food samples analysed in 2018-19 found unsafe: FSSAI

There has been a 67 per cent increase in the number of cases where penalties were imposed to 12,727. A total amount of Rs 32.58 crore has been realised during 2018-19, up 23 per cent from previous year. There have been 701 convictions in criminal cases.

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Andhra liquor ban may not be prohibitive for listed players

Andhra Pradesh accounts for 8 per cent of overall beer sales and about 10 per cent of Indian-made foreign liquor (IMFL) volumes.

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Dairy out of India-US trade talks for now

Washington is also said to have asked New Delhi to reduce the import duty on pulses. The US, along with Canada and Australia, had moved the WTO against India’s ban on import of certain pulses to check falling prices in the domestic market. India, however, doesn’t have any issues with increased import of pistachios from the US, sources said.

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Stocks to watch: ZEE Enterprises, DHFL, IndiGo, Tata Steel, Airtel, RCom

Here's a list of the stocks that may trade actively in today's trading session.

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Maharashtra floor test LIVE: SC order today; Sena, NCP, Cong claim majority

The Supreme Court will give on order on Maharashtra government formation today, which will decide when the BJP-led government will have to face floor-test to prove its majority in the House

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India plans to migrate rupee trading back home. Why is that an uphill task?

London has become the biggest center for trading the Indian currency, according to the latest survey by the Bank for International Settlements in September.

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Market Ahead, November 26: All you need to know before the Opening Bell

Analysts say that Nifty has again started forming higher tops and bottoms. It has also finally provided a breakout from the crucial swing resistance of 12,040 levels

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India's economic growth likely to slow further in second half of 2019 on weakness in consumption sector: DBS

Singapore: India's economic growth is expected to slow further in the second half of the year, Singapore's DBS Bank said on Monday.

"Real GDP is likely to print 4.3 percent YoY in 3Q vs 2Q's 5 percent, nearing the trough for this cycle," DBS said in its daily economic report.

Representational image. PTI

Weakness in the crucial consumption sector is likely to be extended into the quarter along with tepid private sector activity.

New project announcements remain at a multi-year low, while production was depressed by weak consumer durables, non-durables, intermediate and capital goods, the bank pointed out.

Surveys by the Reserve Bank of India (RBI) reflect downbeat consumer sentiments towards income and employment conditions.

Indirect and direct tax collections also reflected slower demand, as did sluggish credit growth as banks and non-banks tightened due diligence, it said.

Providing a counterweight, fiscal spending likely quickened after slower disbursements in the first half of the year due to the general elections.

Net trade is unlikely to be a drag with weak exports accompanied by a sharper fall in non-oil, non-gold imports.

"Under GVA (Gross Value Added), we expect 4.1 percent print, with most sectors barring public administration to have slowed in the quarter," said DBS.

The third-quarter economic numbers are due this week.

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Japan's Mitsui in talks for Future food supply venture with Kishore Biyani

Mitsui looking to invest in firm that will supply fresh food to upcoming 7-Eleven stores, other players. The Japanese conglomerate are working on a similar business of fresh food supplies for 7-Eleven, FoodHall, Big Bazaar as well as other quick service restaurants. Mitsui could look at investing in Galaxy Cloud Kitchen or in a separate venture with Biyani.

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Japan's Mitsui in talks for Future food supply venture with Kishore Biyani

Mitsui looking to invest in firm that will supply fresh food to upcoming 7-Eleven stores, other players. The Japanese conglomerate are working on a similar business of fresh food supplies for 7-Eleven, FoodHall, Big Bazaar as well as other quick service restaurants. Mitsui could look at investing in Galaxy Cloud Kitchen or in a separate venture with Biyani.

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Irdai proposes changes in vehicle depreciation calculation; invites comments from stakeholders by 16 December

New Delhi: Irdai on Monday proposed vehicle new age-based depreciation formula for computing sum insured for motor vehicles, including private cars and two-wheelers.

A working group on 'Product Structure for Motor Own Damage cover' set up by the regulator has recommended two options for calculating sum insured for private cars.

For brand new private cars up to 3 years, the sum insured "shall represent the current day on-road price of the vehicle insured including invoice value, road tax & registration charges and value of all accessories fitted thereon by the manufacturer", the exposure draft based on the recommendations of the working group said.

For vehicles older than three years, depreciation would gradually increase from 40 percent to 60 percent up to 7 years. Beyond seven years, the sum insured could be negotiated with the insurer.

Representative image. AFP

Currently, insurers follow a complex process for arriving at the value of the car.

"The depreciation and sum insured calculation has been made simple," the draft said.

According to the second option, the sum insured (refers to the percentage of vehicle's current manufacturer listed price) would decrease from 95 percent for up to six months to 40 percent for up to 7 years.

In this case also, sum insured or depreciation rate is negotiable after seven year.

The Insurance Regulatory and Development Authority of India (Irdai) has also suggested age-based depreciation policy for two-wheelers.

For commercial vehicles, the draft said the sum insured should represent the current day invoice value plus cost of body building, if any and all accessories fitted thereon by the manufacturer adjusted for depreciation at the rate of 10 per cent per year or part thereof subject to maximum of 75 percent.

For total loss and theft, the amount payable should be sum insured, it said.

The regulator has invited comments from stakeholders on the 166 page exposure draft by 16 December.

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DGCA to IndiGo: For every new A320neo plane, ground an old one with unmodified PW engines; directive to likely affect carrier's expansion plans

New Delhi: The DGCA on Monday instructed IndiGo to ground an old A320neo family aircraft with an unmodified Pratt and Whitney (PW) engine for every new A320neo plane added to its fleet to prevent large-scale cancellation of flights from 31 January onwards.

The aviation regulator issued the directions in view of the 31 January deadline given by it to IndiGo to replace all unmodified PW engines on its 97 A320neo family aircraft or face grounding of planes.

The PW engine-powered A320 neo planes in the fleets of IndiGo and GoAir have been facing glitches both mid-air and on-ground since their induction way back in 2016.

Efforts undertaken by IndiGo to replace all unmodified PW engines on its 97 A320neo family aircraft by 31 January next year—as per the previous instructions of the DGCA—do not "instill enough confidence with regard to the timely completion of the said task", said a senior official of DGCA.

The regulator was afraid that from 31 January onwards it would have to ground many IndiGo planes as they would be left with unmodified PW engines, leading to multiple flight cancellations across the country, the official said.

Representational image. Reuters

The regulator's Monday directive was likely to affect the low-cost carrier's expansion plans as it would have to deploy each new A320neo plane, which was joining its fleet from here onwards, on the routes that would be vacated due to grounding of an unmodified A320neo plane.

"Now onwards, every aircraft that is added to the existing fleet, shall lead to one of those with unmodified engines to be grounded... the new aircraft may be operated on the same schedule as was being operated by the aircraft, which will be grounded," the official said.

"Simply put, the new aircraft will slip into the role of one existing aircraft with unmodified engines...The grounded aircraft can be allowed a fresh schedule once its PW engines are replaced," a senior Directorate General of Civil Aviation (DGCA) official said.

On 1 November, the DGCA had told IndiGo to replace PW engines under both wings of 97 A320neo family aircraft "at all costs" by 31 January or they would be grounded.

The 1 November directive had come after the airline faced four mid-air engine malfunctions in A320neo planes in the last week of October, which "caused a serious concern and resultant disruption", according to the regulator.

The DGCA official said on Monday, "If left unaddressed, we may find ourselves in a situation in which we remain saddled with large number of aircraft with unmodified engines and operating on a schedule approved by us. We are left with the only option i.e. to ground them on January 31, 2020."

If the DGCA exercises this option, "large scale disruptions with its attendant consequences" shall follow, the official said.

IndiGo said in a statement said, "The current schedule remains intact."

"IndiGo is working with PW and Airbus to adjust inflow of LPT (low pressure turbine) 3rd stage modified engines to meet the DGCA guidelines," the airline said.

With a fleet of around 247 planes and a share of around 47 per cent of the domestic air passenger market, IndiGo is India's largest airline.

The budget carrier was asked to present a "complete action plan" on November 25 on how it would procure and replace PW engines on all 97 aircraft by January 31, said the DGCA official on Monday.

On 29 October, IndiGo had announced that it would buy 300 "Airbus 320neo family" planes, which comprised A320neo, A321neo and A321XLR aircraft.

However, the budget carrier made it clear that the choice of engine manufacturer for this order would be made at a later date.

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Airtel, Reliance Jio submit bids for debt-ridden RCom telecom assets; Committee of Creditors to meet today

New Delhi: Bharti Airtel, Reliance Jio, Varde Capital and UV Asset Reconstruction Company have submitted bids to buy assets of debt-ridden Reliance Communications, according to banking sources involved in the process.

RCom Committee of Creditors, which was to open the bid on Monday, has decided to meet again on Friday to finalise the winner, sources said.

"Bharti, Reliance Jio, Varde Capital and UVARCL have submitted their bids. Total 11 bids have come for the assets of three companies - RCom, Reliance Telecom and Reliance Infratel Limited," sources said.

Representational image. Reuters.

I Sqaured Capital, which was expected to buy for RCom's data centre and optical fibre, did not submit bid, sources added.

RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.

"The CoC (committee of creditors) will meet again on Friday to finalise the bids," sources added.

RCom has put its all assets for sale which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, towers business for Rs 7,000 crore, optical fibre network Rs 3,000 crore and data centres worth Rs 4,000 crore.

As per NCLT order, resolution professional (RP) has to complete the process by 10 January, 2020.

RCom in the past had tried to sell assets to various companies, including Reliance Jio, to clear debt but the deals did not crystallise. Reliance Jio cancelled agreement to buy RCom assets, including spectrum, as it did not want to bear the past liabilities of the debt-ridden firm.

Later, the insolvency proceedings against RCom started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues.

RCom chairman Anil Ambani has tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.

This was the second-highest loss posted by any Indian corporate till date.

The CoC has, however, rejected Ambani's resignation and asked to cooperate in insolvency proceedings.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Firstpost.

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Nifty outlook and top trading ideas by Jay Anand Thakkar of Anand Rathi

Nifty has again started to form higher tops and bottoms and has finally provided a breakout from the crucial swing resistance of 12,040 levels

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Top biz headlines today: SC Maharashtra order, Zee chairman quits & more

From DGCA directing IndiGo to replace unmodified P&W engines to Karvy denying fund abuse charges, here are the top headlines of the day.

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