Maruti Suzuki sales dip 1% in February to 147,110 units, exports up 7.1%

Domestic sales dropped 1.6 per cent to 1,36,849 units last month as against 1,39,100 units in February 2019

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Bank credit growth dips to 8.5% in January from 13.5% year-ago: RBI data

Growth in advances to the services sector decelerated to 8.9 per cent from 23.9 per cent in January 2019

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Labour ministry keen to retain 8.65% interest rate on EPF deposits for FY20

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18

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India's crude steel production drops 3.2% to 9.28 MT in Jan: Report

The country had produced 9.591 MT of crude steel during the corresponding month last year

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India Inc shifting to recruiting firms for talent acquisition: Report

The study covered over 200 senior to mid level executives across sectors from December 2019 till January 2020

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Labour ministry keen to retain 8.65% interest rate on EPF deposits for FY20

The EPFO had provided 8.65 per cent rate of interest to its subscribers for 2016-17 and 8.55 per cent in 2017-18

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Maxxis bets big on India as it aims to enter top 5 global tyre maker list

The company is investing $400 million on its first manufacturing plant at Sanand in Gujarat, where it is working to hike output

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Anti-CAA protests: Heavy police deployment in Delhi's Shaheen Bagh

The police deployment has come after a fringe right-wing group, Hindu Sena, gave a call to clear the Shaheen Bagh road on March 1

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India can fill up export space vacated by China over coronavirus: Assocham

It said Indian exporters of electronics, pharmaceuticals, speciality chemicals and automobile segments depend on China for raw material and are facing supply constraints

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BPCL valuation too high, Vedanta will evaluate bid: Anil Agarwal

Agarwal said the share price has moved up 40-50 per cent since the time the government announced its plan to sell stake in November last year

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Coronavirus to set market trend, investors keep tabs on outbreak: Analysts

Stocks are also expected to react to the GDP growth numbers released after market hours on Friday

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How rice varieties tends to get overlooked in the diversity of biryani across India

The Ambur biryani, which is a variation of the courtly Arcot style (a cook of the nawab opened the first biryani shop in Ambur in Tamil Nadu, the story goes, which became popular with truck drivers), replaces basmati with seeraga samba, a small grained flavourful variety, the common man’s food.

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Coronavirus to set market trend, investors keep tabs on outbreak: Analysts

Stocks are also expected to react to the GDP growth numbers released after market hours on Friday

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US imposes international travel restrictions after first coronavirus death

The United States also advised its citizens not to travel to parts of South Korea and Italy, from where reports of coronavirus have appeared

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Will be meeting Taliban leaders soon; time to bring our troops back: Trump

The US currently has some 13,000 troops in Afghanistan

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Muhyiddin Yassin sworn in as Malaysia's PM, succeeds Mahathir Mohamad

Muhyiddin served as interior minister in the government that collapsed last Monday

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Joe Biden wins South Carolina primary with 50% votes; Sanders a distant 2nd

The first primary win in the 2020 presidential race gave Biden the much-needed boost to his White House ambition

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China sends experts to contain coronavirus spread as Iran toll mounts to 34

The Iran health ministry on Friday confirmed 34 deaths due to the deadly disease and 388 confirmed cases of the virus in the country

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Pro-CAA stir, 'Shoot the traitors' slogan on Delhi Metro Blue Line; 6 held

The five-six men, wearing saffron T-shirts and kurta, started the sloganeering when the train was about to halt at the metro station

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Turkey says it destroyed 'chemical warfare facility' in northwest Syria

The Turkish army destroyed overnight "a chemical warfare facility, located some 13 kilometres south of Aleppo, along with a large number of other regime targets," the senior official told reporters

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Coronavirus in Iran takes a toll on basmati exports, domestic prices fall

Indian exporters stare at losses as spike in supplies is exacerbated by robust 2019-20 output

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Coronavirus outbreak: LG Display suspends work at South Korea factory

An employee of a bank, located in the building housing the plant that turns out smartphone flat screens, tested positive for the virus, leading to the shutdown, a company spokeswoman said

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Coronavirus in Iran takes a toll on basmati exports, domestic prices fall

Indian exporters stare at losses as spike in supplies is exacerbated by robust 2019-20 output

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Get FDA license or face shutdown: Goa govt warns high-end restaurants

The warning comes amid concerns over rising food adulteration and use of carcinogenic chemicals in fruits and vegetables by traders

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Radha takes career best 4/23, Shafali smashes 47 as India beat Sri Lanka

Opting to to bat, Sri Lanka were restricted to a modest 113 for nine in their final Group A match with left-arm spinner Radha (4/23) running through the rivals' batting line-up

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Best of BS Opinion: Looking beyond green shoots, root of a riot, and more

Here's a selection of Business Standard Opinion pieces for the day

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Bira91 taps into customers to brew new launches

On its fifth anniversary, the company said it was looking to launch 40-50 different limited release beers in the next one year to chance upon those winning brews. At its new taproom in Bengaluru, Bira91 said it would launch one new beer a week, brewed in small batches at its newest brewery in Mysore.

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The story of Sweetish House Mafia: Proof's in the crumbs

The entire business started via social media posts and SHM began with mobile deliveries from the back of a Tata Nano.

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Bira91 taps into customers to brew new launches

On its fifth anniversary, the company said it was looking to launch 40-50 different limited release beers in the next one year to chance upon those winning brews. At its new taproom in Bengaluru, Bira91 said it would launch one new beer a week, brewed in small batches at its newest brewery in Mysore.

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Bharti Airtel makes additional payment of Rs 8,004 crore towards AGR dues

The company said it calculated the liabilities on self assessment basis till December 31, 2019 and the payment includes interest up to February 29, 2020

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Coronavirus epidemic: Groundnut exports to china come to standstill

Traders attribute the price upsurge to unavailability of stock with farmers and stockists. Cumulative daily arrivals have declined by 30-40% in the last few weeks

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Coronavirus epidemic: Groundnut exports to china come to standstill

Traders attribute the price upsurge to unavailability of stock with farmers and stockists. Cumulative daily arrivals have declined by 30-40% in the last few weeks

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In Q3, non-government GDP actually grew by just 3.9%; economy is in ICU, needs an urgent booster shot

The GDP growth figure of 4.7 percent in Q3 came mostly in line with expectations. The predictions were anything between 4.3 percent to 5 percent. The number at 4.7 percent is, in fact, lower than the revised figure of 5.1 percent in the second quarter. This wasn’t a surprise because most macro indicators showed that economic slowdown spilled over to the third quarter. Without the government part of the GDP, growth is even lower.

The highlight of the December quarter GDP data is not just the GDP number alone, but the massive revisions of the past data. The extent of revisions are baffling. For the first quarter of 2018-2019, the GDP growth figure has been revised downwards to 7.1 percent from 8 percent. Similarly, in Q2, the growth has been revised to 6.2 percent from 7 percent. In Q3, the downward revision of the GDP growth is to 5.6 percent from 6.6 percent. On a lower base last year, the figures of the corresponding period in this year will show a higher growth.

In other words, without the sharp downward revision of FY19, the growth figure for the corresponding quarter this year would have looked even worse. While there is no evidence to say that there is a deliberate attempt to do this, the major revisions, as mentioned above, is baffling.

The initial estimates are like guesswork. When they get more data, final figures change. Even then this kind of revisions are huge.

In the second quarter of FY20 too, the GDP numbers have been revised sharply to 5.1 percent from 4.5 percent earlier. Such a sharp fluctuation in data figures raises more questions. After all, these figures are used for lot of estimates by investors and economists worldwide. While small adjustments don’t make much difference, a one percentage point change is difficult to comprehend.

Growth is weaker without govt spend

Now, take a look at the breakup of the GDP data. The growth in Q3 has been largely supported by government growth. Private sector has hardly participated in the growth story. If one were to minus the government part of the GDP, the growth comes to just 3.9 percent. Why is this figure is important? Unless private participation picks up, growth isn’t sustainable. The economic growth can’t continue purely on government spending alone which is the case now.

Similarly, in Q2, the growth will be just 4 percent. In Q2, the government expenditure has grown by 11.8 percent while the private expenditure has grown by just 5.9 percent. The manufacturing sector, vital for job creation, continues to be on a contraction mode growing at negative 2 percent in Q3. The muted growth continued in electricity and construction as well.

The Gross Fixed capital formation (GFCF), which indicates the investment activity in the economy, contracted by 5.2 percent in Q3 as against a contraction of 4.1 percent in Q2. Overall, the loss of economic momentum has continued in the third quarter.

What lies ahead?

According to D K Joshi, chief economist of rating agency, Crisil, the government needs to unclog the financial sector mess and keep the spending spree continue to get the economy out of the slowdown mess. “Imagine a machine working without lubrication. That’s how it is now with financial sector fighting a liquidity problem,very less bank lending to industries and manufacturing sector in a poor shape,” said Joshi.

Bank credit growth has continued to slow going by the latest RBI numbers. It grew by just 6.3 per cent year-on-year in the fortnight ending February 14. At 6-7 per cent growth, bank lending is lowest in close to six decade.

The biggest problem is that the government doesn’t seem to acknowledge the extent of slowdown and is busy portraying a rosy picture by listing ‘green shoots” in the economy where clearly there are none at this point.

The economy at a seven year low of 4.7 percent in Q3 is in ICU and the Narendra Modi-government must admit that and work on a stimulus route to get it out of the mess.

(Data support by Kishor Kadam)

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FB, Twitter, Google threaten to shut services in Pak over new internet law

The new set of regulations makes it compulsory for social media companies to open offices in Islamabad, build data servers to store information and take down content upon identification by authorities

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China's factory activity posts record contraction as coronavirus bites

China's official Purchasing Managers' Index fell to a record low of 35.7 in February from 50.0 in January, the National Bureau of Statistics said on Saturday

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US to seal agreement with Taliban, Pompeo to attend signing: Trump

The commitments represented an important step to a lasting peace in a new Afghanistan, free from al-Qaeda, ISIS and any other terror group 'that would seek to bring us harm', Trump said

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Apple closely watching coronavirus outbreak in South Korea, Italy: Cook

Cook said Apple had re-opened 80% of its stores in China. He also said that iPhone factories in China had restarted and were in 'phase three of the ramp mode'

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SBI Cards allots shares worth nearly Rs 2,800 crore to anchor investors

A total of 36.7 million shares have been allotted to 75 anchor investors at Rs 755 apiece

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Potential for growth in ecommerce, pharmacy: Reckitt Benckiser global CEO

RB global chief executive Laxman Narasimhan said, “We have created a clear roadmap of growth for each space that leads up to a company that grows in midsingle digits… for example, in urbanising and developing India.”

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Delhi's riot-hit areas: Provoked, poor, young, and significantly Muslim

Northeast Delhi's socio-economic profile shows it was a communally sensitive area where sparks lit by some irresponsible statements led to one of the worst riots in the city's post-1950 history

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Sensex sinks 1,083.85 points in opening session amid global selloff, Nifty tanks 312 points to 11,321.30; Rupee slips 33 paise

The Sensex nosedived over 1000 points in opening session at the Bombay Stock Exchange on Friday. The market wiped off over Rs 5 lakh crore investor wealth in opening session mid a massive selloff in global equities as rising coronavirus cases outside China stoked fears of a pandemic that could dent world growth.

The 30-share index sank 1,100.27 points, or 2.77 per cent, to 38,645.39, while the NSE Nifty cracked 329.50 points, or 2.83 percent, to 11,303.80.

#CNBCTV18Market | Market joins the global rout! Indices open more than 2% lower amid fears of growth derailing in wake of #CoronavirusOutbreak; Nifty tests 11,300 levels

For more LIVE updates, log on to https://t.co/BrDJwXKzff pic.twitter.com/m9aM0ai2Jo

— CNBC-TV18 (@CNBCTV18Live) February 28, 2020

According to a poll conducted by Reuters, the annual gross domestic product growth likely rose to 4.7 percent in October-December from 4.5 percent in the previous quarter. US stocks plummeted on Thursday as fears about the effect of the coronavirus outbreak on economic growth flared even as US officials pledged that they were stepping up efforts to safeguard Americans from the virus’ spread.

All Sensex components were trading in the red, led by losses in Tata Steel, Tech Mahindra, Infosys, Mahindra and Mahindra, Bajaj Finance, HCL Tech and Reliance Industries.

Representational image. Reuters.

In the previous session, the Sensex settled 143.30 points, or 0.36 percent, lower at 39,745.66, and the Nifty fell 45.20 points or 0.39 percent to end at 11,633.30.

According to analysts, till last week the market was of the view that coronavirus was going to have a minimum impact on the global economy as the situation in China was being contained. But the increase in the number of new cases is changing the view and investors are worried about an intense slowdown.

#CNBCTV18Market | Here are some #Nifty stocks trading below 200-DMA levels pic.twitter.com/wkIWodkilM

— CNBC-TV18 (@CNBCTV18Live) February 28, 2020

Further, incessant selling by foreign investors is also spooking domestic market participants, traders said.

On a net basis, foreign institutional investors sold equities worth Rs 3,127.36 crore on Thursday, data available with stock exchanges showed.

Stock exchanges in Shanghai, Hong Kong, Seoul and Tokyo plunged up to 4 percent in their morning sessions.

On Wall Street, the Dow Jones Industrial Average dropped 1,190.95 points, its largest one-day point drop in history, bringing its loss for the week to 3,225.77 points, or 11.1 percent.

The S&P 500 has now plunged 12 percent from the all-time high it set just a week ago.

World oil prices too tumbled by more than 4 percent overnight as traders fretted about the impact of spreading coronavirus on crude demand, particularly from key consumer China.

Brent crude oil futures fell another 2.47 percent to $50.45 per barrel early in the day.

The rupee depreciated 28 paise to 71.89 against the US dollar in morning session.

--With PTI inputs

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Cut in the offing? EPFO may cut interest rate to 8.5% for FY20, says report

EPFO was offering subscribers an interest of 8.65% in 2018-19

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Stocks to watch: Petronet LNG, Lakshmi Vilas Bk, IndusInd Bank, Tata Motors

Here's a look at the top stocks that may trade actively in today's trading session

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Cut in the offing? EPFO may cut interest rate to 8.5% for FY20, says report

EPFO was offering subscribers an interest of 8.65% in 2018-19

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MP, Odisha among top five performers in national land records index

Performance of several industrially-developed states, such as Karnataka, Punjab, Haryana, and Gujarat, was middling on the Index

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Amid economic slowdown and rural distress, Unilever foresees ‘soft’ India sales

India’s fast-moving consumer goods market grew 6.6% in the December quarter compared with 15.7% growth a year ago, according to Nielsen, which said the rural slowdown has bottomed out and demand will stabilise in 2020.

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Covid-19: Corona beers brunt of virus attack

Reports of an increase in online searches for “corona beer virus” and “beer coronavirus” show the Mexican 'Corona' beer hasn’t been able to escape the association. The so-called purchase intent among adults in the U.S. has plunged to the lowest in two years, according to data from YouGov Plc.

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Covid-19: Corona beers brunt of virus attack

Reports of an increase in online searches for “corona beer virus” and “beer coronavirus” show the Mexican 'Corona' beer hasn’t been able to escape the association. The so-called purchase intent among adults in the U.S. has plunged to the lowest in two years, according to data from YouGov Plc.

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Derivatives strategy on Berger Paints by Nandish Shah of HDFC Securities

Long build-up is seen in the Berger Paints Futures where we have seen rise in Open Interest with price moving up by 1.70 per cent

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Commodity view by Bhavik Patel of Tradebulls Securities: Buy Gold, Copper

Gold is positive but overbought in short term, so, do not to take a fresh long position from here but let it come around to Rs 42,550 for fresh long positions

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Jeff Bezos teams up with Narayana Murthy to enter India's food delivery biz

Amazon's entry in the food delivery business comes at a time when Zomato and Swiggy have started cutting back on discounts

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Nifty outlook and top stock picks by CapitalVia Global Research: Buy SRF

Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor

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MARKET LIVE: SGX Nifty tumbles over 200 pts on coronavirus pandemic fears

Catch all the live market updates here

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Vistara takes delivery of its first Boeing B787-9 Dreamliner aircraft

The new aircraft is the first of the six that Vistara has purchased from Boeing

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

Investors will also await the GDP numbers for the third quarter of FY20 to be released later in the day. Most experts peg the number closer to 5 per cent

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Top events of the day: AGR issue, Shah in Odisha, Bank Unions, and more

Union Home Minister Amit Shah will address a rally at the Janata Maidan here on Friday in support of the amended Citizenship Act

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Top 10 biz headlines: Amazon joins food delivery business, SoftBank crisis

Amazon is now piloting its much-anticipated project of delivering on-demand food to select localities in Bengaluru

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Trump's trip demonstrates value US places on ties with India: Mike Pompeo

Acting Secretary of State for South and Central Asia Alice G Wells said an excellent progress was made during the presidential visit to India

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SBI Cards IPO: Why analysts suggest subscribing despite rich valuation

Siddharth Purohit of SMC Global Securities believes that given the stable RoE of 30% valuation, in terms of P/E ratio is likely to come down to 31x and 22x in FY21 and FY22, respectively from 43x.

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A snapshot of loan against property rates offered by various banks

Here's how the loan against property rates offered by various banks stack up

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Best of BS Opinion: Understanding Budget policy, reform PSBs, and more

Here's a selection of Business Standard Opinion pieces for the day

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Global shares head for worst week since 2008 crisis on coronavirus fears

Wall Street shares led the rout as the S&P 500 fell 4.42 per cent, its largest percentage drop since August 2011

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Wall Street is beginning to see renewed vigour in Cognizant: CEO Humphries

'We have beaten Wall Street estimates for three quarters in a row now', said Brian Humphries

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Coronavirus: IAF aircraft brings 76 Indians, 36 foreigners from Wuhan

The C-17 Globemaster III transport aircraft was sent to Wuhan on Wednesday and it carried 15 tonnes of medical supplies for coronavirus-affected people in China

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Facebook bans ads with false claims about products linked to coronavirus

Ads that guarantee a cure or prevention are also banned

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Sensex drops over 300 points, Nifty down; foreign fund outflow, coronavirus fears weigh global investor sentiment

The Sensex dropped over 200 points in the opening session on Thursday as incessant foreign fund outflow and coronavirus overhang weighed on global investor sentiment.

The 30-share index dropped 382.80 points, or 0.96 percent, to 39,506.56, while the NSE Nifty fell 120.45 points, or 1.03 percent, to 11,558.05.

#CNBCTV18Market | Indices open in slightly lower; Nifty breaches 11,650 for the first time since February 3

for more LIVE updates, log on to https://t.co/ofYqVqu25Q pic.twitter.com/dUOlXFBuij

— CNBC-TV18 (@CNBCTV18Live) February 27, 2020

Top losers in the Sensex pack included HCL Tech, HDFC Bank, TCS, M&M, IndusInd Bank, Sun Pharma, ICICI Bank and Reliance Industries. On the other hand, Titan, NTPC, Nestle India and Kotak Bank were trading with gains. In the previous session, the Sensex settled with a loss of 392.24 points, or 0.97 percent, at 39,888.96, and Nifty plummeted 119.40 points or 1.01 percent to end at 11,678.50.

According to analysts, an intense spread of coronavirus is pushing investors away, according to a PTI report. There is sharp foreign fund outflow led by a strong dollar index, as investors reduce their exposure to emerging markets amid global uncertainty. On a net basis, foreign institutional investors sold equities worth Rs 3,336.60 crore, while domestic institutional investors bought shares worth Rs 2,785.67 crore on Wednesday, data available with stock exchanges showed.

Brent crude oil futures fell 1.19 percent to $52.18 per barrel. The rupee appreciated 2 paise to 71.63 against the US dollar in the morning session.

Rupee up

Afer opening flat, the Indian rupee appreciated by 5 paise to 71.60 against the US dollar in early trade on Thursday amid easing crude oil prices and weakening of the greenback in the overseas market.

#Rupee opens flat Vs Wednesday's close pic.twitter.com/cRfm4DUHVS

— CNBC-TV18 (@CNBCTV18Live) February 27, 2020

Forex traders said easing crude oil prices and weakening of the American currency vis-a-vis other currencies overseas supported the rupee, while weak opening in domestic equities and sustained foreign fund outflows weighed on the local unit.

At the interbank foreign exchange the rupee opened at 71.65 then gained further ground and touched a high of 71.60, registering a rise of 5 paise over its previous close.

On Wednesday, rupee had settled for the day at 71.65 against the US dollar.

On the domestic front, market participants will be keeping an eye on third quarter GDP number and better-than-expected number could extend gains for the currency, traders said.

The domestic unit, however, could not hold on to the gains and was trading at 71.67 against the dollar at 1004 hrs.
Meanwhile, investor sentiment remained fragile amid concerns over the impact of coronavirus outbreak on the global economy, forex traders said.

The death toll from the new coronavirus epidemic now stands at 2,744 in mainland China and there are now nearly 78,500 cases in total, according to the National Health Commission.

Domestic bourses opened on a negative note on Thursday with benchmark indices Sensex trading 289.66 points lower at 39,599.30 and Nifty down 87.45 points at 11,591.05.

Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 3,336.60 crore on Wednesday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, fell 1.12 percent to trade at 52.83 per barrel.

Asian stocks slide deeper as pandemic fears grow

Oil and Asian share markets extended losses on Thursday as the rapid global spread of the coronavirus kept investors on edge and seeking safety in gold and bonds, according to Reuters.

Rising fears of a pandemic, which US health authorities have warned is likely, had already wiped more than $3.6 trillion from global stock markets by Wednesday’s close.

China accounts for about 96 percent of cases and has instituted dire containment methods that have paralysed global supply chains.

But most new infections are now being reported elsewhere, with news on Thursday of a jump in cases in South Korea accompanied by a warning that the virus may be spreading in California..

South Korea reported 334 new cases on Thursday, its largest daily rise since its first case was confirmed on 20 January. China reported 433 new infections.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 percent and is down more than 4 percent for the week.

Australia's S&P/ASX 200 dropped 1 percent by lunchtime and has lost 7 percent this week. Japan's Nikkei .N225 fell 1.7% to its lowest since October. The Hang Seng fell 1 percent. Gold climbed 0.7 percent.

“The market was complacent until last week as central banks and governments were at the rescue,” said Desh Peramunetilleke, head of microstrategy at Jefferies in Hong Kong.

“The rising infection cases beyond Chinese shores has certainly raised the pandemic risk,” he said. “The current earnings estimates do not yet factor in such risk and are therefore vulnerable to further downgrades.”

A show of confidence from President Donald Trump, who sought to play down the risks to the United States at a White House press conference, offered little solace to traders focused on the virus’ spread.

US stock futures ESc1 fell as far as 1% as he spoke, while European stock futures STXEc1 fell 2 percent in Asian trade, suggesting a possible catch-up drop in stocks there.

Fresh record-low yields on benchmark 10-year US Treasuries overnight, and the morning’s firm demand for dollars, yen and Swiss francs underscored the worried mood.

The only bright spot, ironically, was China’s stock market, which steadied in relief that domestically, at least, the outbreak appears to be under control.

Shrinking China

The virus has driven an enormous flight of assets out of Asia as investors try to isolate themselves from both the outbreak itself and the cost of what has now been more than a month of paralysis in the world’s second-biggest economy.

New Zealand’s government said on Thursday it might need to pump money into its economy, where China accounts for about a quarter of exports, should the fallout cause a global recession.

Capital Economics now expects Chinese growth to contract this year.

“The economic risks from extended disruption are non-linear,” Capital’s chief Asia economist and its senior China economist, Mark Williams and Julian Evans-Pritchard, said in a note.

“The longer it continues, the more likely it is that some firms won’t be able to pay workers, and will have to either cut pay, lay people off or shut down altogether.”

The latest wave of selling has already driven the China-sensitive Australian dollar to a new 11-year low and pushed U.S. oil to a one-year trough, where they mostly sat on Thursday.

Last at 1.3088%, the yield on benchmark U.S. 10-year Treasuries is less than one basis point firmer than an all-time low hit overnight.

US crude CLc1 made a fresh one-year low of $47.84 per barrel in Asian trade, while gold rose to $1,649.78 per ounce.

--With inputs from agencies

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Bank branches need to restore 'personal touch' in customer dealings; device a mechanism to give 'sure date' to customers: Nirmala Sitharaman

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday asked public sector banks not to overlook the need for personal touch while dealing with customers despite increasing use of technology in banking operations.

Unveiling the EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, she said banks need to connect with their customers by leveraging technology but not exclusively only through the interface of technology.

The finance minister asked the bankers to focus more at the grass-root level.

"Banks customers do feel at the branch level that they need more access, they need more people to sit and talk to them. If bank branch is not competent to take a call, then the next level has to address the grievances.

Sitharaman said branches are "now losing" personal touch which needs to be restored.

"I'm going to say things which perhaps don't sound music to our ears, but I''m sure all of us have heard it and therefore want to repeat it because ultimately we also have to introspect on those lines.

"Even today, when people come to meet me, they've been voicing worries about how at branch level we can be a bit more friendlier," she said.

She further asked the banks to devise a mechanism wherein customers would be given a "sure date" to meet officials to discuss issues.

EASE 3.0 seeks to enhance ease of banking in all customer experiences, using technology.

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Five basic tools to spot bearish reversals or downtrend in trading

While news-driven movement in markets can be a bit difficult to gauge, but how the markets play out over a few sessions can be plotted on the charts to ascertain the overall trend

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Stocks to watch: Apollo Tyres, India Cements, HUL, GSK Consumer, IDBI Bank

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

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Pak PM Imran Khan to visit Qatar 2 days before US-Taliban deal signing

This will be Pak PM's second visit to Qatar after assuming office in 2018

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US, South Korea postpone joint military exercises over coronavirus

The decision to delay the training was made after Seoul declared its highest 'severe' alert level over the virus

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Microsoft cuts revenue estimates, says will feel impact of COVID19 outbreak

Microsoft said that in the current fiscal quarter its revenues will fall short of earlier forecasts

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S Muralidhar transferred to Punjab, Haryana HC; Bar Council condemns move

The Bar Association had expressed shock and dismay at the transfer of one of the finest judges by the collegium of the Supreme Court

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CBSE exam 2020: Today's Class 12 english exam postponed over Delhi violence

CBSE exam 2020 has been postponed at 73 centres in northeast Delhi and seven centres in the eastern part.

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MARKET LIVE: SGX Nifty indicates a lower opening for benchmark indices

Catch all the live market updates here

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

Adding to the cautious mood on the Dalal Street will be the expiry of the February series derivative contracts today and the release of the Q3 GDP data tomorrow

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119 Indians, 5 foreigners from coronavirus-hit cruise ship land in Delhi

A special Air India flight carrying 119 Indians and five nationals from Sri Lanka, Nepal, South Africa and Peru, who were on board the coronavirus-hit quarantined cruise ship Diamond Princess, landed in New Delhi on Thursday morning.India thanked Japanese authorities for facilitating the evacuation of people."Air India flight has just landed in Delhi from Tokyo, carrying 119 Indians & 5 nationals from Sri Lanka, Nepal, South Africa and Peru who were quarantined onboard the #DiamondPrincess due to #COVID19. Appreciate the facilitation of Japanese authorities.Thank you @airindiain once again," tweeted External Affairs Minister S Jaishankar.As many as 138 Indians including 132 crew and six passengers were among the 3,711 people on board the luxury cruise ship, which was quarantined off Japan on February 5 after it emerged that a former passenger had tested positive for the virus.Of these, 16 were tested positive for coronavirus and will stay in Japan for treatment, while the ...

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Govt decides to lift 6-month old ban on onion exports; prices expected to fall sharply due to bumper rabi crop

The government on Wednesday decided to lift the nearly six-month-old ban on export of onions in a bid to protect the interests of farmers as prices are likely to fall sharply due to bumper rabi crop.

Food Minister Ram Vilas Paswan tweeted about it:

Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan (@irvpaswan): Govt lifts ban on onion exports pic.twitter.com/6HSsRNS6YU

— CNBC-TV18 (@CNBCTV18Live) February 26, 2020

India, the world’s biggest exporter of onion, banned exports of onions in September last year to keep domestic supplies intact after flooding in several states worsened seasonal shortages, leading to a spike in local prices.

Sources said the decision was taken at a meeting of a Group of Ministers (GoM) headed by Home Minister Amit Shah, according to a PTI report.

Wholesale prices of onions have more than halved in the last five weeks, according to data compiled by the National Horticultural Research and Development Foundation, a government agency, Reuters said.

The lifting of the ban would be effective once the Directorate General of Foreign Trade (DGFT) issues a notification in this regard. The GoM on Wednesday also deliberated on whether to reduce or scrap the Minimum Export Price (MEP) on onion to facilitate outbound shipments, the sources said to PTI.

The MEP is the rate below which no exports are allowed. Paswan, Agriculture Minister Narendra Singh Tomar, Commerce Minister Piyush Goyal and Cabinet Secretary Rajiv Gauba were present at the meeting.

In September 2019, the government banned onion exports and also imposed a MEP of $850 per tonne. The move came after prices had started skyrocketing due to supply-demand mismatch. There was a shortage of onion as kharif crop was adversely affected due to excess rains and floods in key producing states, including Maharasthra.

Currently, the arrival of rabi (winter) crop of onion has begun in small quantities and would increase from mid-March onwards.

In March alone, onion arrivals are expected to be as high as 40.68 lakh tonne (Metric Tonne) when compared with 28.44 lakh tonne in the year-ago period, as per the sources.

The arrival is anticipated to be higher at 86 lakh tonne in April compared to 61 lakh tonne in the year-ago, they added.

Exports of onion are expected to arrest the fall in domestic prices and thereby protect the interest of growers, the sources said.

During the meeting, the sources said the import of pulses, especially urad, was also discussed.

 

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No uncertainty about bank merger; going on as per schedule, says Finance Minister Nirmala Sitharaman

New Delhi: With the April 1 deadline for mega merger of 10 state-run banks into four fast approaching, Finance Minister Nirmala Sitharaman on Wednesday asserted that there is no uncertainty about the consolidation process which is going on as per the schedule.

Finance Minister says there's no uncertainty on bank mergers pic.twitter.com/Q8FUTKYYsw

— CNBC-TV18 (@CNBCTV18Live) February 26, 2020

Last year in August, the government announced the consolidation of 10 public sector banks into four mega state-owned lenders effective 1 April.

United Bank of India and Oriental Bank of Commerce would be merged with Punjab National Bank, making the proposed entity the second largest public sector bank.

It was decided to merge Syndicate Bank with Canara Bank, while Allahabad Bank with Indian Bank. Similarly, Andhra Bank and Corporation Bank are to be consolidated with Union Bank of India.

"There is no uncertainty about bank merger ... I must thank all the banks because through their boards they have taken that call. There is absolutely no uncertainty," she said when asked if the government is reconsidering the proposed merger excercise.

"We are also conscious of extra load on them in terms of the kind of demands that I put on them. I have asked them to reach out to 400 districts, I have asked them to reach out to MSME, restructure their loan. So there is a lot of core banking work which they are undertaking. I must be conscious of that also. So the merger and the decision taken by respective banks board are all well-taken. We are going as per schedule on that. There is no uncertainty on that. I am on course. There need not be speculation," she said after unveiling EASE 3.0, the Public Sector Bank (PSB) Reforms Agenda 2020-21 for smart, tech-enabled banking, and the PSB EASE Reforms Annual Report 2019-20.

Many people voiced concern about meeting the deadline for want of many regulatory approvals. However, the government may relax those approvals.

Even after Cabinet approval to the proposed mega merger plan, officials said, fixation of share swap ratio, shareholders consent and other regulatory approvals are expected to take at least 30-45 days.

It is believed that the Prime Minister's Office (PMO) has sought details from these lenders about their financial projections for the next three to five years. Details in respect of NPAs, capital requirement, credit growth and cost savings on account of the mergers have been asked for, officials said.

So, chances of the merger became a reality beginning next fiscal year seems a little unrealistic at the moment, a senior public sector bank official said.

Besides, regulatory nods, the Scheme of Amalgamation has to be laid before Parliament for 30 days for the perusal of the members. The second half of the Budget session is scheduled to start on 2 March.

EASE 3.0 seeks to enhance ease of banking in all customer experiences, using technology, alternate data and analytics. Dial-a-loan for doorstep loan facilitation, Credit@click for end-to-end digitalised lending, on-the-spot EASE Banking Outlets at well-frequented places like malls and stations, palm banking, digitalised branch experience, analytics-based instant credit offers, cash-flow-based credit and tech-enabled agriculture lending are part of a wide array of tech-enabled ease enhancements that PSBs would effect during FY2020-21.

PSB Reforms EASE Agenda is a common reform agenda for PSBs aimed at institutionalizing clean and smart banking. It was launched in January 2018, and the subsequent edition of the program EASE 2.0 built on the foundation laid in EASE 1.0 and furthered the progress on reforms. Reform Action Points in EASE 2.0 aimed at making the reforms journey irreversible, strengthening processes and systems, and driving outcomes. Public Sector Banks have shown significant improvement in the Action Points of the EASE Reforms Agenda since its introduction.
Following the completion of recognition of legacy stress as NPA, PSBs have returned to profitability with sound financial health and institutionalised systems to prevent the recurrence of past weaknesses.

The improved financial health of PSBs reflects in many parameters including Gross NPAs reduced from Rs 8.96 lakh crore (14.6 percent) in March-2018 to Rs 7.17 lakh crore (11.3 percent) in December-2019 and a sharp decline in fraud occurrence from 0.65 percent of advances during FY10-FY14 to 0.20 percent in FY18-FY20; due to fraud prevention reforms and proactive checking of legacy NPA.

Besides, there was a record recovery of Rs 2.04 lakh crore in the first nine months of 2019-20 driven by newly setup dedicated stressed account management verticals in PSBs that have recovered Rs 1.21 lakh crore in the same period and the highest provision coverage ratio of 77.5 percent in nearly eight years.

After unveiling EASE 3.0, the Finance Minister along with MSME Minister Nitin Gadkari held a meeting with the heads of public sector banks on the MSME sector. The meeting reviewed loan restructuring, she said, adding that banks have been instructed to clear the pending cases by 15 March. As many as 5.28 lakh accounts have been benefited out of 5.53 lakh cases eligible for restructuring and the remaining cases would be cleared by 15 March, she said.

Later addressing an awards function here, Gadkari said the meeting discussed four key issues including how lenders can support micro, small and medium enterprises and quick implementation of restructuring of the debt scheme for units facing difficulties.

He said the issue of quick disbursement of loans by banks to MSME units under various government schemes was also taken up in the meeting.
"I am confident that MSMEs will certainly be facilitated through cooperation by banks," Gadkari said.

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Will Q3FY20 GDP numbers surprise on Friday? Here's what analysts expect

Despite the number of measures by the Government and the RBI, the leading indicators available till the quarter ended December, 2019 are not particularly robust

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Analysts turn cautious on metal stocks as coronavirus fears escalate

At the bourses, the Nifty Metal index has cracked 12 per cent year-to-date (YTD), as against a 3 per cent dip in the benchmark Nifty50 index till February 25

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Top 10 headlines: Voda seeks breather on AGR dues, Delhi violence, and more

From AGR dues to Modi government's approach towards coronavirus, Business standard brings to you the top headlines of the day

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Top events of the day: Congress to meet Prez, Nirav Modi's assets, and more

A collection of 112 lots of prized assets belonging to absconder diamantaire Nirav Modi shall be put up for live and online auctions

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Today's picks: From Hindalco to ITC, hot stocks to watch on Thursday

For ITC, keep a stop at 196.5 and go long

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Best of BS Opinion: Why is it wrong to say Trump's visit has no substance?

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Will Q3FY20 GDP numbers surprise on Friday? Here's what analysts expect

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Sensex tanks nearly 400 points, Nifty near 11,740-mark; Sun Pharma, HDFC, ICICI Bank among major losers on weak global cues

Sensex plunged nearly 400 points in opening session on Wednesday tracking losses in index-heavyweights RIL, HDFC twins and ICICI Bank amid heavy foreign fund outflow and weak global cues.

After starting over 393.03 points lower, the 30-share index pared some losses to trade 201.94 points, or 0.50 percent, down at 40,079.26.

#CNBCTV18Market | Indices open with cuts of almost 1%, Cipla opens 2% lower after warning letter for Goa unit

for more LIVE updates, log on to https://t.co/2Spm2pNtoj pic.twitter.com/35a64TfD8u

— CNBC-TV18 (@CNBCTV18Live) February 26, 2020

Similarly, the NSE Nifty dropped 58.10 points, or 0.49 percent, at 11,739.80.

Top losers in the Sensex pack included Sun Pharma, Bharti Airtel, Tata Steel, Reliance Industries and HDFC shedding up to 2 percent.

On the other hand, HUL, Nestle India, PowerGrid and Asian Paints were trading with gains.

In the previous session, the Sensex settled 82.03 points, or 0.20 percent, lower at 40,281.20, and the Nifty declined 31.50 points or 0.27 percent to end at 11,797.90.

According to traders, besides weak cues from global markets amid rising concerns over coronavirus outbreak beyond China, heavy foreign fund outflow too weighed on market sentiment here, a PTI report said.

On a net basis, foreign institutional investors (FPIs) sold equities worth Rs 2,315.07 crore, while domestic institutional investors bought shares worth Rs 1,565.28 crore on Wednesday, data available with stock exchanges showed.

Representational image. Reuters

Stock exchanges in Hong Kong, Seoul and Tokyo were trading with losses, while bourses in Shanghai turned positive.

Equities on Wall Street plunged in overnight trade after American health authorities said they ultimately expect the novel coronavirus to spread in the United States and are urging local governments, businesses, and schools to develop plans like cancelling mass gatherings or switching to teleworking.

Brent crude oil futures rose 0.50 percent to USD 54.53 per barrel.

Rupee up

Rupee appreciated 11 paise to 71.74 against US dollar in the morning session.

#Rupee opens higher Vs Tuesday's close pic.twitter.com/zwNA6XT58s

— CNBC-TV18 (@CNBCTV18Live) February 26, 2020

Asian shares slump, bonds rally as virus fears grow

Asian shares fell on Wednesday as a US warning to Americans to prepare for the possibility of a coronavirus pandemic drove another Wall Street tumble and pushed yields on safe-haven Treasuries to record lows, according to Reuters.

The S&P 500 and the Dow Jones Industrial Average both shed more than 3 percent on Tuesday in their fourth straight session of losses.

That led MSCI’s broadest index of Asia-Pacific shares outside Japan down 1.28 percent. Japan was among the worst-performing market in the region, weighed by growing concerns the virus could cancel the Tokyo Olympics.

Yields on 10-year and 30-year U.S. Treasuries teetered near record lows and gold rose as worries about the economic impact of the virus outbreak boosted safe-haven assets.

The World Health Organization says the epidemic has peaked in China, but concern that its spread is accelerating in other countries is likely to keep investors on edge.

“What we are seeing is share markets are playing catch up,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. "Other asset markets have been flashing warning signs for weeks. A corrective bounce in equities is possible, but we still have a lot of downward momentum.”

Chinese shares fell 1.3 percent. Shares in South Korea, which has been rattled by a sudden rise in virus infections, briefly hit a two-month low.

While the stock rout has been global, the recent pace of selling in Asia has not been as severe as it has on Wall Street, which has been hit hard by the escalation of virus cases outside of Asia.

The S&P 500 lost $2.14 trillion in market capitalization over the last four sessions, according to S&P Dow Jones Indices analyst Howard Silverblatt.

US stock futures ESc1 rose 0.2 percent in Asia on Wednesday, but that did little to brighten the mood.

Adding to recent fears was an alert from the U.S. Centers for Disease Control and Prevention on Tuesday warning Americans to prepare for the spread of coronavirus in the United States, signaling a change in tone for the Atlanta-based US health agency.

The virus has claimed almost 3,000 lives in mainland China but has spread to dozens of other countries. Of increasing concern to investors, however, in the rising death toll in other countries.

Drastic travel restrictions slammed the brakes on China’s manufacturing and consumer spending, and there are worries other countries will face similar disruptions.

The virus has also hit Japan’s stocks hard on rising worries it could lead to cancellation of the 2020 Summer Olympics scheduled to start in Tokyo in July.

Japan's Nikkei stock index slid 1.1 percent, while shares of Japan's Dentsu Group Inc, an advertising agency deeply involved in the planning and operation of the games, fell to a seven-year low on Wednesday.

Shares of sportswear makers and other companies related to the Olympics have also fallen recently.

The yield on benchmark 10-year Treasury notes traded at 1.3421 percent on Wednesday in Asia, close to a record low of 1.3070 percent. The 30-year yield stood at 1.8142 percent, above a record low of 1.7860 percent.

The decline in yields weighed on the dollar. The greenback was last quoted at 110.25 yen, continuing a pullback from a 10-month high of 112.23 yen.

The dollar traded at $1.0872 per euro, off an almost three-year high of $1.0778 reached on 20 February.

Spot gold rose 0.53 percent to $1,643.75 per ounce as investors sought safe havens.

Oil prices recovered some recent losses in Asia, but there are lingering concerns that expected output cuts by major oil producers will not be enough to offset a decline in global energy demand caused by the virus.

US crude CLc1 ticked up 0.96 percent to $50.38 a barrel. Brent crude LCOc1 rose 0.78 percent to $55.38 per barrel. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, have been sending signals that they will cut output further.

However, oil could come under more pressure as weekly U.S. supply reports due later on Wednesday are expected to show a rise in inventories, according to a Reuters poll.

--With inputs from agencies

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Sanofi India hits record high, surges 9% on dividend of Rs 349 per share

The total dividend of Rs 343 per share includes a one-time special dividend of Rs 243 per equity share for the year ended December 31, 2019.

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Balakot, a year on: What has changed for India after the airstrike?

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'World is watching': US lawmakers express concern over Delhi violence

Reacting to the violence that has claimed at least 13 lives in the past a couple of days, US Congresswoman Pramila Jayapal said the 'deadly surge of religious intolerance in India is horrifying'

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Delhi: In midnight hearing, HC tells police to give safe passage to injured

Communal violence over the amended citizenship law in northeast Delhi had claimed at least 13 lives till Tuesday as police struggled to check the rioters who ran amok on streets

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Top 10 biz headlines: Airport privatisation on hold, gains for Jio and BSNL

Bharat Sanchar Nigam (BSNL) and Reliance Jio were the two companies which added mobile subscribers in December, according to the data released by the Telecom Regulatory Authority of India

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Stocks to watch: Bandhan bank, OMCs, paint stocks, Wockhardt, India Cements

Here's a look at the stocks that may trade actively in today's trading session

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Road ahead for equity markets will be challenging, says Shyamsundar Bhat

For a sustained up move from the present levels, we would need to see a pick-up in industrial and consumer demand, and growth in corporate earnings

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Top stock ideas by Religare Broking: Buy Marico, Ujjivan Financial Services

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Entry, exit gates at 5 metro stations in North-East Delhi opened: DMRC

Five Delhi Metro stations in the North-East district -- Jaffrabad, Maujpur-Babarpur, Gokulpuri, Johri Enclave and Shiv Vihar were shut down in view of the violent clashes over CAA

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ISRO to launch geo imaging satellite GISAT-1 on March 5 from Sriharikota

GISAT-1 will facilitate near real-time observation of the Indian subcontinent, under cloud-free conditions

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Today's CBSE class 10 & 12 exam postponed over violence in northeast Delhi

CBSE exam 2020: The exams scheduled for today are now postponed and the new dates will be notified shortly, said CBSE

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Realme C3 review: Good performance overall, but camera disappoints

This smartphone could be a good option for those looking for a performer, but if you are looking for Instagram-worthy pictures, you might not be impressed

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Nifty view and stock picks by HDFC Securities: Buy Alkem Lab, Phoenix Mills

The previous bottom on the Nifty daily chart is placed at 11,614, which can also act as far support.

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

The SGX Nifty is indicating a gap-down opening for the domestic indices today

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

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Planning to apply for SBI Cards IPO? Check out the eligibility criteria

Normally, IPOs are open for subscription for three days but SBI Cards IPO will run for four days. The first three days, i.e. from March 2 to March 4, the issue will be open for all bidders

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Delhi violence LIVE updates: Death toll reaches 13, SC hearing today

The violence, which started after BJP leader Kapil Mishra called a gathering in favour of CAA, intensified on Tuesday. Catch LIVE updates on Delhi violence

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Coronavirus impact: BPCL procures 500 mn barrels of 'opportunity' crude from distress sale after prices plunge

Mumbai: Sell-off-bound Bharat Petroleum has procured 500 million barrels of distress crude (five shiploads) at a discount of $3-5 per barrel to the already low prevailing price following order cancellations by coronavirus-hit China this month.

Since the outbreak of the epidemic, crude prices have plunged over $15 a barrel to around $50 now as large parts of China, the largest importer and consumer of crude, are under Beijing-ordered lockdown and millions of factories are closed.

The deadly virus outbreak in China since mid-January has left more than 2,660 dead and over 77,600 infected in China alone even as it has spread to countries like Korea, Japan, Iran and far-flung nations like Italy and France.

"We have bought 500 million barrels of what we call opportunity crudes from distress sale in February. Price is so attractive it is coming at $3-5 per barrel cheaper than the already low prices which is trading at under $50 a barrel," R Ramachandran, the director of refineries at BPCL told reporters.

When asked whether the company will be snapping up more such crudes, he answered in the negative saying that will only make inventory management unwieldy.

"Our inventory cycle is 30-40 days. Just because crude is cheaper now does not make sense for us to ramp up inventory too high as it will invariably lead to inventory losses, something we don't want to invite upon ourselves," he said.

Meanwhile, BPCL has been the biggest customer of US crude since the last two years, when that country lifted the ban on exporting crude for the first in decades.

"We imported 1.6 million tonne crude from the US in FY19, and the same has already touched 1.57 million tonnes this fiscal so far, making us the largest customer for the US crudes from the country," he said.

He also ruled out contracting Russian crude, unlike Indian Oil did last week, saying the landed cost will not cost-effective for them.

Meanwhile, a report from New Delhi quoting the visiting US energy secretary Dan Brouillette said in the past two years, Indian imports of crude from the US have jumped 10-folds to 2,50,000 barrels a day.

In 2017, the country imported just 25,000 barrels per day from the US.

"In the past two years, we've seen a remarkable off-take in US oil and gas by India, from 25,000 bpd in 2017 to 250,000 bpd now, a 10-fold spike and we expect it to be better from here," Brouillette said in the National Capital, adding this makes the US the sixth-largest source market for India.

India began importing crude oil from the US in 2017 as it looked to diversify its import basket beyond the Opec block. It bought 1.9 million tonnes (38,000 bpd) crude from the US in FY18 and another 6.2 million tonnes (1,24,000 bpd) in FY19.

In the first six months of FY20, the US supplied 5.4 million tonne crude oil to India.

Oil minister Dharmendra Pradhan later said India is the fourth largest export destination for US crude now, while LNG import from the US is also increasing progressively ever since import started in March 2018. India is now the fifth-largest destination of US LNG exports.

Pradhan said the bilateral hydrocarbon trade has increased exponentially during the past three years touching USD 7.7 billion-mark in FY19, accounting for 11 percent of total two-way trade.

Iraq is India's top crude oil supplier, meeting close to one-fourth of oil needs. It sold 26 million tonne crude to India in April-September, relegating Saudi Arabia to the second spot with 20.7 million tonnes. The country meets as much as 83 percent of oil demand through imports and has shipped in 111.4 million tonnes during April-September.

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Railways earned over Rs 9,000 cr from cancelled and waitlisted ticket charges in last 3 years; maximum ticket purchases made online

Kota, Rajasthan: The Indian Railways earned over Rs 9,000 crore from ticket cancellation charges and non-cancellation of waitlisted tickets between 2017 and 2020, the national transporter has said in response to an RTI application.

The Centre for Railway Information Systems (CRIS), in response to the RTI application filed by Kota-based activist Sujeet Swami, said that in the three-year period from 1 January, 2017 to 31 January, 2020, there were over nine-and-a-half crore passengers whose waitlisted tickets were not cancelled. Such passengers brought the Indian Railways revenue of over Rs 4,335 crore.

In the same period, the railways earned over Rs 4,684 crore from cancellation fees of confirmed tickets, it has been revealed.

In both segments, earning was maximum from sleeper class tickets, followed by Third AC travellers, the RTI response added.

There is also a huge difference in the number of people buying railway tickets through Internet and those from counters. In the three-year period, over 145 crore passengers purchased tickets through Internet, while over 74 crore people went to railway counters.

Activist Swami who filed a plea in the Rajasthan High Court also alleged that the reservation policy of Indian Railways is discriminatory.

He said the difference in policies for online and counter reservation brings unnecessary financial and mental burden upon the passengers and it should be discontinued to give relief to passengers and to stop unfair revenue generation by the railways.

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RBI lifts ban on Bandhan Bank network expansion after lender's efforts to comply with licensing conditions

New Delhi: The Reserve Bank on Tuesday allowed Bandhan Bank to expand its branch network after considering the efforts made by the private lender to comply with the licensing conditions.

Bandhan Bank: @RBI lifts restriction on opening branches, with riders pic.twitter.com/vvoYXF98cx

— CNBC-TV18 (@CNBCTV18Live) February 25, 2020

The central bank in September 2018 had barred Bandhan Bank from expanding its network as the lender failed to reduce the promoters' stake to 40 percent from close to 82 percent within the stipulated three-year time frame of commencing operations.

"We would like to inform that the Reserve Bank of India vide its letter dated 25 February, 2020 has informed that though the bank is still not in compliance with the licensing condition on dilution, considering the efforts made by the bank to comply with the said licensing condition," Bandhan Bank said in a regulatory filing.

Currently, the promoters' holding in the bank is 62 percent.

The bank said RBI has lifted the regulatory restriction on branch opening, subject to the condition that the bank ensures that at least 25 percent of the total number of banking outlets opened during a financial year are opened in unbanked rural centres, it added.

Bandhan Bank had commenced operations on 23 August, 2015.

According to RBI's bank licence norms, a private sector bank's promoter will need to pare holding to 40 percent within three years, 20 percent within 10 years and 15 percent within 15 years.

Bandhan Bank currently has 4,288 banking outlets, including branches.

Bandhan Bank shares closed at Rs 403.85 on BSE, down 1.15 percent from the previous close.

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Poonawalla’s son Adar takes bite of cookie biz

A few years ago, Adar, CEO of Serum Institute of India, the world’s largest vaccine manufacturer, had acquired a stake in Pune’s Ritz-Carlton hotel.

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Best of BS Opinion: Trump's India visit, unease of doing business, and more

The US president came and went. Apart from strengthening India-US relations, there isn't much to be enthused about

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TVS Motor slides 6% as coronavirus outbreak set to impact February output

While the company's direct dependency on China is limited for components, some Tier II suppliers have been impacted adversely, the firm said

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Bandhan Bank, HDFC Life, Info Edge jump 4% on inclusion in F&O segment

Post inclusion, stocks under the F&O segment will now be 143, up from 140, with effect from February 28, when the March series begins

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Foreign investors from Mauritius to continue being eligible for FPI registration with increased monitoring: SEBI

New Delhi: Market regulator Sebi on Tuesday said foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per international norms.

The announcement comes after the tax haven was put on the ‘grey list' of Financial Action Task Force (FATF)—an inter-governmental policy-making body that sets anti-money laundering standards.

A significant percentage of foreign portfolio investors (FPIs) investing in the Indian market is registered in Mauritius.

Following the FATF notice, some fund managers knocked on Sebi's door overnight, raising concerns over validity of FPI registration done through the tax haven.

The regulator on Tuesday said, "Foreign investors from Mauritius will continue to be eligible for FPI registration with increased monitoring as per FATF norms".

For several years, there have been apprehensions about Mauritius being a money-laundering route for FPIs due to its limited regulatory oversight. But, the Indian Ocean island nation has been taking several steps in recent years to address the concerns.

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Malaysia's Mahathir Mohamed returns as interim PM a day after resigning

The political crisis comes at a particularly bad time for the Malaysian economy, after growth fell to a decade low in the final quarter of last year

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After violence in Delhi, Home Minister Amit Shah reviews situation

Amit Shah directed officials to restore normalcy at the earliest

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Coronavirus scare looms over US mega toy show; China pavilion cancelled

The Chinese industry itself is normally a major presence at the show, with dozens of booths that are typically cloistered together

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US still eyeing ways to curb sales to Huawei after Trump's remarks: Report

Trump told reporters last week he wanted U.S. companies 'to be allowed to do business'

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Tie-up with Virat Kohli's brand One8 contributes 10% of Puma India sales in 2019, helps sports firm clock 23% growth in revenues

Mumbai: The association with One8, the brand run by cricketer Virat Kohli, has contributed a full 10 percent of Puma India sales for the global sportswear brand Puma in 2019 fiscal year, helping the German brand clock an overall 23 percent growth in revenue, and corner the numero uno slot.

The achievement comes amidst plunging sales across all segments from soaps to biscuits to automobiles, leave alone premium sportswear.

The achievement is also significant as unlike rivals Nike and Adidas, Puma was a late entrant, beginning operations only in 2006 in the country coupled with the fact that Puma has done such collaboration for the first in the country.

According to the company, Puma's collaboration with the Indian cricket captain saw a massive rise in sales in FY2019 with sales through One8 accounting for almost 10 percent of its overall sales, and cementing the leadership position by a wider margin.

With an annual turnover of Rs 1,413 crore in FY2019, Puma has taken a full 14 percentage points to lead over the immediate rival Adidas which recorded a revenue of Rs 1,250 crore, while the same is almost double that of Nike's with a Rs 831 crore revenue. Puma's sales gap with Adidas was just 2.4 percent in FY2018.

"We have cemented our leadership position as the country's number one sports brand with revenue growth of 23 percent at Rs 1,413 crore in FY19, in a market where retail spending has been sluggish due to the general slowdown," Puma said on Monday.

It attributed the performance to the better show in tier 2 & 3 markets, while its online sales soared 27 percent, offline clipped at 15 percent, and the 'like to like' stores sales rose 17 percent across its 373 outlets, it said, adding overall growth was also boosted by categories like women's.

"It's been a great partnering with Puma to launch One8. I've had the opportunity to create my own personalised collection in collaboration with Puma and become the first sportsperson to partner with Puma for a product line such as this," Kohli, who is also the global brand ambassador for Puma told PTI through a statement.

File image of Virat Kohli. AP

Abhishek Ganguly, managing director of Puma India chipped  in saying, "our collaboration with Kohli's One8 saw an exponential rise in sales in FY19, accounting for almost 10 per cent of our total sales."

And the German company expects the good show to continue with its global chief executive Björn Gulden expecting a major bump in sales in 2020 with the Olympics and T20 championships around the corner.

"India is a strategic market for us and we are thrilled to see the performance. Being the No 1 brand in India is a reflection of how well we understand our consumers and how pleased they are with our products," Gulden was quoted in the statement.

Unveiling the global sales numbers last week, Gulden described 2019 as "the best year in Puma's history" as worldwide revenue surged to  5.5 billion euros, up 18.4 per cent and he highlighted India as a strong driver of growth in Asia.

"The year 2019 has been fantastic for us globally and in India. Our partnership with Kohli has been one of the most successful for us globally. Puma One8 continues to grow steadily," Ganguly said, adding the tie-up with the cricket captain is the first of its kind for Puma in the country where they have also created a complete line with him. PTI BEN

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LIVE: Trump to hold key talks with PM Modi in Delhi, attend events

Donald Trump and the First Lady Melania Trump would be accorded a ceremonial welcome at the Rashtrapati Bhavan on Tuesday.PM Modi, Trump will hold talks to expand the military, defence ties

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Stocks to watch: HUL, Tech Mahindra, Bandhan Bank, Adani Group stocks

Here's a look at the top stocks that may trade actively in today's session

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Coronavirus LIVE: Countries must prepare for potential pandemic, says WHO

According to a health ministry official, China has now given clearance to the Indian military transport aircraft to deliver relief material and bring back more Indians from Wuhan.

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Market Ahead, February 25: All you need to know before the Opening Bell

Among individual stocks, HDFC Life Insurance Company, Bandhan Bank, and Info Edge will be in focus today as they are set to be added in the Futures & Options segment effective February 28

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Nirbhaya case: SC to hear today Centre's plea on separate hangings

The Centre moved the apex court after the Delhi High Court had rejected its petition

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Samsung Venture Arm may deliver $10 million to Swiggy

Last week, Swiggy announced that Naspers had led a $113-million funding round, which is part of a larger $150-million fundraise being undertaken by the company, with the South African investor alone putting in about $100 million.

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HUL sets up wholly owned mfg subsidiary

The new subsidiary will have an authorised share capital of Rs 2,000 crore. It is expected to become operational in 12-18 months. An initial investment of Rs 500-800 crore is expected to go into setting up FMCG manufacturing units under the new entity.

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Coronavirus outbreak creates scarcity of white goods in India; market highly dependent on China, S Korea for key components

The coronavirus outbreak is slowly creating a scarcity of white goods in India. Being highly dependent on markets like China and South Korea for the supply of key electronic goods and product components, India is seeing the number of goods shrinking even as prices rise.

Customers rushing to purchase air conditioners or refrigerators ahead of the onset of summer may be in for a disappointment. Either their favourite product may be out of stock or priced 10-15 percent higher.

“We are in constant communication with manufacturing units in China and South Korea. The situation is not under control and is a cause for worry because the inventory may last only till the first week of May,” the head of a large consumer electronics retailer said.

Coronovirus Disease 2019, or Covid-19, originated in Wuhan, China. South Korea, which is home to leading electronic majors like Samsung and LG, is now the second-largest country after China to be affected by the deadly outbreak.

Why is COVID-19 a concern for India?

China, which is the epicentre of the outbreak, is a major exporter, accounting for almost 23 percent of global electronic goods. Among products, mobile phone supplies could see a hit the hardest as manufacturers are left with only one month of stock.

Apple recently announced it will likely fall short of this quarter's sales target due to the coronavirus epidemic.

Representational image

Arjun Bajaj, Founder of Shinco India (a brand by Videotex International), said manufacturers who import components and panels from China were prepared for the Chinese Lunar New Year vacation gap. "But with the Chinese government extending the vacation, there is a lot of chaos in the Indian market with regard to the delay in factory openings."

Apart from mobile phones, home appliances like refrigerators, air conditioners (ACs) and televisions may be impacted.

When it comes to TVs, the open cell panel, a key component, is imported from markets like China. With production in China almost shut, export of this component has been halted, which has impacted production of TVs in India.

For ACs and refrigerators, air compressor is the key component, which aids in cooling. This part is also imported from China. Since a major part of AC and refrigerator sales occur between February and April, shortage of products or its key components will directly impact revenue.

“Chinese workers are unwilling to work and manufacturers are not ready to take risk. While we are adequately stocked, our inventory will only suffice for a limited time period. This, in turn, will cause a humongous delay in shipments and disrupt the production plans of consumer goods and mobile industry,” Bajaj added.

On February 22, Samsung Electronics said a coronavirus case had been confirmed at its mobile device factory complex, located in South Korea’s Gumi, causing a shutdown of its entire facility till February 24.

https://youtu.be/n3y2Th4q1WA

Meanwhile, LG Electronics has asked workers in Daegu (South Korea), which has seen a spike in cases, to work from home.

Prices rise

Prices of electronic appliances in India have risen by 10-15 percent due to disruption in the supply of crucial spare parts from China.

Appliance makers in India expect a 5-10 percent increase in product prices as demand rises ahead of the onset of summer.

Customers may feel the pinch immediately as companies grapple with the delay in securing spares from China. Due to the epidemic, component exports from China has been halted indefinitely.

Disruption in the supply chain comes just ahead of the onset of summer when Indian consumers start to buy appliances such as refrigerators and ACs.

The earlier an appliance is bought, the cheaper it is. With the absence of key components to produce goods, there would be delays in production and a mismatch in demand and supply.

With customers rushing to buy cooling products to beat the heat, appliance makers are struggling to meet demand. To offset this, a price hike is expected over the next few weeks.

Importing a finished product is expensive since the government has imposed a 20 percent import duty on completely built units. With imports to mitigate the dearth of products being ruled out temporarily, a price rise is the only option.

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The Indo-US trade paradox: Understanding a deficit that really isn't

Apart from the fact that a $20 billion trade deficit is nothing to get worked up about, if proper accounting were done this could become less

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MARKET LIVE: SGX Nifty indicates a positive opening for benchmark indices

Catch all the live market updates here

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PMC Bank depositors stage protest at RBI's Delhi office, threaten to go on hunger strike after 2 March if money not returned

New Delhi: Scam-hit PMC Bank's depositors from Delhi staged a protest outside the Reserve Bank of India here on Monday to demand that their money be returned. They threatened to go on a hunger strike after 2 March if their money is not returned and their concerns not addressed.

Hemant Kumar, who had come from Malviya Nagar, said, "These people will not understand till we carry out a Shaheen Bagh-like protest outside the RBI. If they do not listen to us, we will block the road outside the RBI."

Tek Chand, who has an account with Tilak Nagar branch, said, "My wife is a kidney patient and she has to undergo dialysis thrice every month. What am I supposed to do? I have been left helpless due to the situation. it is our hard-earned money."

File image of PMC Bank depositors' protest. PTI.

Another depositor, Tajinder Pal Singh Gujral, a resident of Janakpuri, had deposited Rs 2.5 crore in the bank after he sold his house, a day before the bank shut down in September.

"I had sold off my house and the payment from that deal had come into my account with the PMC bank. I had booked another house and given Rs 5 lakh as down payment and was supposed to pay for it from the PMC account. But, now, those Rs 5 lakh are also gone and this money is also stuck. I cannot buy a house or do anything for my business," he said.

The bank has been put under restrictions by the RBI after an alleged fraud came to light following which the deposit withdrawal was initially capped at Rs 1,000, causing panic and distress among depositors.

Subsequently, it was raised to Rs 10,000 and to Rs 50,000 earlier this week by the RBI.

Punjab & Maharashtra Cooperative Bank, which is among the top-10 urban cooperative banks, was placed under an RBI administrator on 23 September for six months due to massive under-reporting of dud loans.

The bank, over a long period of time, had given over Rs 6,500 crore in loans to HDIL, which is 73 percent of its total advances, and which has turned sour with a shift in the fortunes of the now-bankrupt company.

Its total loans stand at Rs 8,880 crore and the deposits at over Rs 11,610 crore. There have been massive protests across cities from the depositors following the RBI action.

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Top headlines: Adani joins race for Air India, Trump inks arms deal, more

From Donald Trump inking arms deal with India to coronavirus scare, here are the

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Brazil can help accelerate India's ethanol blending program: Raizen CEO

Raizen, one of Brazil's biggest ethanol producers is looking for partnerships with Indian firms, the company's CEO tells Business Standard in an interview

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Top events of the day: Modi-Trump talks, Army chief in Kashmir, and more

Army Chief General MM Naravane will visit Kashmir to review the ongoing security situation and counter-terrorist operations in the Valley

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Best of BS Opinion: Deal activity in 2020, job slowdown, and more

Ways of selecting people for constitutional positions should be diversified

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AGR dues: DoT likely to send notice to Tata Teleservices soon; SC to hear telecom players' pleas on 17 March

A week after Tata Teleservices paid Rs 2,197 crore to the government to settle AGR dues, the Department of Telecommunications (DoT) may issue a notice to Tata Teleservices (TTSL) before 17 March demanding payment of balance adjusted gross revenue (AGR) dues, said a news report.

TTSL is yet to submit enough details regarding its self-assessment of dues and these will need to be provided, said a report in The Economic Times, quoting officials in the know of the matter.

“We have more than fairly assessed ourselves and paid what we know are more than fair dues to the government. We are hoping that the subject will be closed,” the report quoted a senior Tata executive close to developments as saying.

The Supreme Court will hear the modification pleas llfiled by telecom operators namely Tata Teleservices, Vodafone Idea and Bharti Airtel on the AGR ruling, on 17 March, the report said.

Last week, the DoT had said that notices would be sent to Tata Teleservices for recovery of full dues in a day or two.

The company had paid Rs 2,197 crore to the government on Monday, while DoT's calculations pegs the outstanding amount at over Rs 14,000 crore after the Supreme Court coming down heavily on telecom firms.

In January this year, it was reported that Tata Sons might pay the mandatory dues that its subsidiary Tata Teleservices owes to the DoT. The parent company reportedly initiated the process for arranging funds even as the Supreme Court is scheduled to hear the modification petition filed by five non-telecom companies this week, said a news report.

Tata Sons may depend on Tata Consultancy Services (TCS) for funds to pay the adjusted gross revenue (AGR) dues of Rs 13,823 crore owed by the group's telecom subsidiary, Tata Teleservices.

The holding company's finance team is searching for funds from other sources as well in case of a crisis.

Earlier, Tata Sons was trying to raise around Rs 14,000 crore from banks and through internal accruals to pay the AGR dues of Tata Teleservices before the 23 January deadline.

Early this month, Tata Teleservices had said DoT approved the merger of its consumer mobile business with Bharti Airtel, reported PTI.

Tata Teleservices' listed arm said in a regulatory filing that the DoT through its letter dated 6 February 2020 has conveyed approval of the competent authority in DoT for taking on record the demerger of its consumer mobile business undertaking into Bharti Airtel Limited (BAL).

The apex court had on 24 October last year ordered that non-telecom revenues should be included in the AGR for calculating statutory dues such as license fee and spectrum charges.

The DoT calculated that Bharti Airtel, Vodafone Idea and others owe as much as Rs 1.47 lakh crore in past dues, including penalties and interest, while non-telecom firms, who had taken some licence from it, owed another Rs 2.65 lakh crore.

—With inputs from agencies

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Aurobindo Pharma slips 17% as USFDA revokes VAI status for Unit-IV

Currently, Unit 4 has 15 abbreviated new drug applications (ANDA) approvals pending over the next one year.

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GMR Infra jumps 10% as France's Groupe ADP to buy 49% stake in GMR Airports

As part of the terms of transaction, GMR will retain management control over the Airports Business with Groupe ADP having the customary rights

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Trump's India visit will further strengthen ties between two nations: Modi

Trump will reach Ahmedabad around noon on Monday

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Crude oil prices likely to face resistance at $58/bbl on coronavirus fears

The OPEC+ nations have agreed to cut crude oil production by further 0.6 mbpd

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Clash of populisms: Why Arvind Kejriwal will not be given space by Modi

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Stocks to watch: Aurobindo Pharma, Bharti Airtel, Infratel, Vodafone Idea

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

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US major PayPal set to launch UPI-based digital payments in India

Its entry will increase competition especially when WhatsApp too has received approvals to launch payments

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Two stocks that Vaishali Parekh of Prabhudas Lilladher is bullish on

Marico should be the stock to focus on

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Top stock picks by CapitalVia Global Research: Buy Marico, ICICI Bank

Technical Calls by Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor

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Nifty outlook & stock recommendations by Sameet Chavan of Angel Broking

Once Nifty surpasses 12,160, we may see Nifty retesting of 12,220 - 12,250 levels

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Market Ahead, February 24: Top factors that could guide markets this week

While investors will continue to monitor developments on the coronavirus front, the release of India's December quarter GDP numbers on Friday will be another top trigger for the markets

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Dedicated freight corridor to bring down charges by 50%, likely to be operational by next year; DFCCIL to run 120 trains daily

Prayagraj/New Delhi: Dedicated freight corridor is expected to bring down the freight charges by 50 percent when it will become operational in 2021, a top DFCCIL official has said.

The dedicated freight corridor project is part of the Golden Quadrilateral connecting New Delhi, Mumbai, Chennai and Kolkata.

The haulage charges on Dedicated Freight Corridor Corporation of India Ltd (DFCCIL) network will be 50 percent lower compared to the freight tariff in the Indian Railways (IRs), DFCCIL MD Anurag Sachan told media during a two-day construction site visit of Eastern Dedicated Freight Corridor (EDFC).

"We will be running all the trains at 100 kilometres per hour (kmph) on a fully automated signal system, so the haulage charges compared to the IRs will be very less. It will be 50 percent. We will be running 120 trains each way a day with total carrying capacity of 13,000 tonne. So, we will not let this capacity to be underutilised," Sachan said.

The corporation is in talks with the Ministry of Railways that some part of lower freight charges should be passed on to the customers, he said.

However, he clarified that it will be on the regulatory body for the sector to fix the charges.

"As so much capacity is being created and so as per the concession agreement with the Indian Railways, we will also allow private players to come and run their own trains. There will be a regulatory body, like in the developed countries, and there will be a non-discriminatory access to these private players to operate. So, there will be a very fair competition between private players and the Indian Railways.

"They will be on par. So, I am sure that with these kinds of transparency, the freight charges will come down," Sachan said.

Notably, the bulk of goods is being carried via roads in India as it is faster as well as cheaper than the railways.

Over the past many decades since 1950s, the Indian Railways has been losing market share to road transport because of inadequate infrastructure and poor services.

As on date, 90 percent of India's passenger traffic and 65 percent of its freight use road transport and these shares are growing, as per DFCCIL.

The corporation, a public sector undertaking under the Ministry of Railways, is currently engaged in constructing the EDFC and the Western Dedicated Freight Corridor (WDFC).

EDFC will cover a length of over 1,800 kilometre between Ludhiana to Kolkata, while WDFC will ply between Dadri and JNPT port in Mumbai (1500 km).

The two corridors are expected to be completed by December 2021 and once fully operational they are expected to take over a bulk of freight traffic from the Indian Railways and thus help in making the passenger traffic more efficient and smooth.

The two corridors with an expected cost of Rs 81,000 crore ($12 billion) are being partly funded by the World Bank (eastern lane) and Japanese government's investment arm JICA (western lane).

Sachan said DFCCIL has spent around Rs 34,000 crore on this project in the last six years.

"The government has taken a priority for this project and the project is being monitored by the Prime Minister's Office (PMO) and the Prime Minister himself...World Bank is also monitoring us. So, everybody is trying that this project should be completed as earliest as possible," he said.

The portions which have been completed along these corridors are already being operationalised for the automated running system.

The operation control center (OCC) at Prayagraj in Uttar Pradesh will be the command centre for the entire route of EDFC.

Equipped with first of its kind Integrated Train Management System (TMS) and Supervisory, Control and Data Acquisition (SCADA) System in India, it is built on ICONIS (Integrated Control and Information System) platform.

Sachan said the corporation has written to the PMO to invite Prime Minister Narendra Modi to inaugurate this control centre when he visits Prayagraj later this month.

This Centre hosts a 90-metre long digital wall with officials monitoring it on a 24×7 basis to manage the automated goods trains running system.

Sachan also said that DFCCIL will start survey of the remaining corridors of the Golden Quadrilateral, and begin work by the time the western and eastern corridors are completed by December 2021.

"The government, after seeing the progress on these two corridors, has decided that it is the right time that we should plan to take up the future corridors so that by the time we finish these in two years, these corridors are also planned for execution," he said.

Three more corridors are lined up — East Coast corridor from Kharagpur to Vijaywada (about 1,000 kilometres); South-East to West corridor from Bhusawal to Dhankuni (near Kolkata) and North South sub-corridor from Vijaywada to Itarsi (in Madhya Pradesh).

The total length of these three corridors is about 4,000 kilometres.

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BSNL employee unions call for nationwide hunger strike today, to protest over delay in execution of Rs 69,000 cr relief package

New Delhi: Employee unions of Bharat Sanchar Nigam Ltd. have called for a nationwide hunger strike on Monday to protest the delay in execution of the Rs 69,000-crore revival package announced by the government last year.

"The All Unions and Associations of BSNL (AUAB) is organising a countrywide hunger strike on Feb. 24, 2020. This hunger strike is being organised to demand expeditious implementation of the Union Cabinet's revival package in respect of BSNL, as well as to demand settlement of the grievances of the employees," AUAB said in a statement.

In October 2019, the central government approved for BSNL and MTNL a Rs 68,751-crore revival package, which included allocation of 4G spectrum to the state-run firms, voluntary retirement scheme for employees, as well as their merger.

 

AUAB, said the salient feature of the revival package is the allotment of 4G spectrum, the issuing of sovereign guarantee for raising funds to the tune of Rs 15,000 crore, with share of BSNL at Rs 8,500 crore and Rs 6,500 crore for MTNL, by way of issuing long-term bonds, monetisation of assets and implementation of a VRS.

"Out of these, only the VRS has been implemented, through which 78,569 BSNL employees have been sent home. It is extremely disturbing to note that, even after the lapse of nearly 4 months, 4G spectrum has not been allotted to BSNL," statement said.

It added that the government has not yet issued the sovereign guarantee to BSNL, to enable it to raise Rs 8,500 crore, by way of issuing long-term bonds.

"The process of monetisation of BSNL's assets is also moving at snail's pace. The Supreme Court of India's judgment, with regards to the calculation of the AGR, has caused uncertainties in the telecom sector, due to which banks are also unwilling to extend the much-needed loans to BSNL," the statement said.

The BSNL employees' body said that due to the delay in the allotment of 4G spectrum and also due to the non-availability of funds, it is understood that BSNL's 4G service is not likely to be launched before the end of 2020.

"This delay is much against the spirit of the Union Cabinet, in approving the revival package for BSNL. The attention of the Minister of Communications (Ravi Shankar Prasad) has already been drawn to the need to provide BSNL with the much-needed working capital. However, nothing has happened," the statement said.

AUAB said that despite the relief package, employees are not getting salary on time and the wages of the contract workers have not been paid for the past 10 months.

"Under these circumstances, the AUAB has already organised country-wide lunch-hour demonstrations on February 11, 2020. In continuation of this, hunger strikes are being organised throughout the country on February 24 to urge the Department of Telecommunications and the BSNL management to take expeditious actions," AUAB said.

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