Day-2 of farmer's stir: Milk & veggies dumped, mandis run dry, prices soar. With farmers' agitation entering the second day on Saturday, vegetable prices at various cities in Punjab, Haryana started soaring in the wake of the dwindling fresh supplies of farm produce in mandis even as the farmers dumped vegetables, milk on roads and blocked supplies to cities. As part of the 10-day agitation starting from yesterday, the farmers stopped the supply of vegetables, fruit, milk and other items to various cities against the alleged anti-farmer policies of the Centre. Though the impact of farmers' stir on prices of farm commodities was not visible yesterday, the retail prices of vegetables in several cities soared in the range of Rs 10-20 per kg on the second day on Saturday, forcing consumers in cities to shell out more for buying vegetables.
According to traders in Chandigarh, the price of tomatoes soared to Rs 20-25 per kg against Rs 10-15 per kg prevailing two days back. Modi, US defence secretary talk security amid tension over South China Sea. Prime Minister Narendra Modi on Friday met US Defence Secretary Jim Mattis in Singapore and discussed security-related issues, days after the Pentagon renamed its Pacific Command as the Indo-Pacific Command in a largely symbolic move to signal India’s importance to the US military.
Modi, who was in Singapore on the last leg of his three-nation tour, held a closed-door meeting with Mattis during which both sides discussed all security-related issues of mutual and global interests, sources said. Mattis has described India as the “fulcrum’’ of security in the Indo-Pacific region. The meeting was held on the sidelines of the annual Shangri-La Dialogue, which was addressed by Modi on Friday night.
“The focus of conversation was on the region in the context of PM’s keynote address at the #SLD18 yesterday evening,” Ministry of External Affairs Spokesperson Raveesh Kumar tweeted. The Pentagon’s move is also reflective of the growing importance of India in US strategic thinking. When Amazon goes from partner to rival. It is with a certain dread every autumn that some companies described by Amazon.com Inc. as its technology partners gather at a Las Vegas convention and find out if Andy Jassy has new plans to encroach on their turf. These firms run their software on Amazon’s vast array of servers — part of what is known as “the cloud” — and from there sell use of their programs to others.
Over nearly three hours, the boss of the Amazon Web Services unit walks the stage, revealing a road map of brand-new features Amazon itself plans to offer, a few of which inevitably compete with partners. Last November, Emil Eifrem, one of roughly 100,000 people watching Mr. Jassy’s keynote in the hall or remotely, braced for what he expected to be one of the announcements, a data-graphing service. Mr. Mr. Mr. There, it built a dominant platform and became a powerful ally to brands and vendors of goods sold on its website. In its cloud services, Mr. Mr. Mr. Antitrust questions The data weapon One Amazon weapon is data. Sebi shuts FII-to-FII trades; huge demand seen for HDFC Bank stock on Jun 1.
Market regulator the Securities and Exchange board of India (Sebi) has scrapped the special window meant for inter-se trading between foreign institutional investors (FIIs). The move would hurt foreign institutional investors (FIIs) who used to avail this window to deal in stocks such as HDFC Bank, where FII investment limits are often fully utilized. Also known as ‘6 lac series’, the facility allowed shares change hands among FIIs. In some cases, this window generated more volumes than the main trading window. For instance, in the past three months the trading volumes in ‘6 lac series’ of HDFC Bank is 42 per cent that of overall volume in the stock. The decision to scrap the special trading platform has come just two days before window of trading for FIIs is to open in HDFC Bank.
The allotment of employee stock options (ESOPs) has created 143 basis points (bps) headroom for FIIs in HDFC Bank. Until now, FIIs were able to buy and sell HDFC Bank within themselves through ‘6 lac series’. Business Standard | Add Blocker. Too many payment systems: RBI deputy governor B P Kanungo | Business Standard News. AirAsia case: Venkatramanan says wrongly accused by CBI, slams Cyrus Mistry. Tata Trusts’ R Venkataramanan on Wednesday said he had been wrongly named as an accused in the CBI case against AirAsia India as he had “little or no role to play” as non-executive director at the airline, even as he blamed “revenge legal action” by former Tata Sons chairman Cyrus Mistry for the accusations. The budget carrier is majority-owned by the Tatas, and Venkataramanan has around 1.5 per cent shareholding in the joint venture with AirAsia Berhad.
“In my capacity as non-executive director of Air Asia India Limited, I have been wrongly named as an accused by the CBI on operational matters where I had little or no role to play,” he said in a statement. The CBI has registered a case against AirAsia Group CEO Tony Fernandes, Venkataramanan and others for allegedly trying to manipulate government policies through corrupt means to get international licence. After a bitter fallout with Tata Sons and Ratan Tata, Cyrus Mistry was ousted as the group chairman in late 2016. RCom, Ericsson agree on settlement; green signal for Reliance Jio deal.
The National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted Reliance Communications (RCom) and two of its subsidiaries for insolvency proceedings. The NCLAT asked the Anil Ambani-controlled firm to pay Ericsson Rs 5.5 billion by the end of September. With the stay on bankruptcy proceedings, RCom can now continue with its asset monetisation scheme involving the sale of towers, optic fibre cable network, spectrum and media convergence nodes to brother Mukesh Ambani-controlled Reliance Jio Infocomm (Jio) for Rs 170 billion. On Tuesday, NCLAT chairman Justice S J Mukhopadhaya asked the parties to settle the matter stating that the fate of operational creditors under the corporate resolution process was not ideal, especially if Ericsson wished to recover the majority of its dues.
NCLAT also asked RCom and Ericsson to file an affidavit by June 7 stating that the two companies will abide by the settlement. Hindustan Unilever, Nestle not sure how to pay profiteering sums. Six months after the National Anti-profiteering Authority (NAA) was set up, companies like Hindustan Unilever and Nestle India are not clear how to transfer ‘profiteering’ amounts that arose after goods and services tax rates were changed in November. Hindustan Unilever is awaiting bank account details from the NAA to be able to deposit Rs 1.6 billion.
Nestle India has been advised by the NAA to deposit the amount it has calculated in the Consumer Welfare Fund. The fund is yet to be constituted. The GST Council had reduced rates for over 200 items of common use on November 10. These changes came into effect from November 15. According to the GST’s anti-profiteering rules, “benefits of input tax credit should have been passed on to the recipient by way of commensurate reduction in prices”. HUL said it was not possible to immediately pass on the benefit of the GST rate reductions on some of its pipeline stocks to end-consumers. This takes the total amount to Rs 1.6 billion. Bank strike: Digital operations, delayed salaries to give some pain ahead. ICICI Bank okays independent probe into allegations against Chanda Kochhar. CBI books AirAsia CEO Tony Fernandes, others for corruption. Business Standard | Add Blocker. Committed to farm loan waiver, or else will resign, says Kumaraswamy.
Karnataka Chief Minister H D Kumaraswamy today said he is committed to waive farm loans or else he will retire from politics, and asked people not to fall prey to the "BJP's conspiracy". The JD-S leader, who was sworn-in Karnataka Chief Minister last week after the Congress extended unconditional support to his party, said he is ready with the guidelines on farm loan waiver, details of which will be disclosed on Wednesday. Kumaraswamy was talking to reporters here today after meeting Prime Minister Narendra Modi. "I have clearly said that I will waive farm loans. I had promised during election that I will do it in 24 hours.
That is true. At least you should give time to breathe. Today, I have limitations. "If I don't do it, have clearly said that I will retire from politics and I will resign as chief minister. He said he has heard statements by BJP leaders including BS Yeddyurappa on the issue of farm loan waiver.
"The guidelines to waive farm loans have been kept ready. Markets extend gains as oil prices cool off; Indian Oil, HPCL stocks jump. Business Standard | Add Blocker. Voting begins in 4 LS, 10 assembly seats; high stake Kairana up for grabs. Voting started at 7 am on Monday for four Lok Sabha and 10 Assembly seats, including in Kairana in politically crucial Uttar Pradesh. Besides Kairana in Western Uttar Pradesh, by-elections are being held in the Bhandara-Gondiya and Palghar parliamentary constituencies in Maharashtra and the Nagaland Lok Sabha seat.
The Kairana Lok Sabha constituency fell vacant after the death of Bharatiya Janata Party (BJP) MP Hukum Singh, whose daughter Mriganka Singh is now the party's candidate. She is fighting against Rashtriya Lok Dal's (RLD's) Tabassum Hasan, who is backed by a united Opposition, including the Congress, the Samajwadi Party (SP), and the Bahujan Samaj Party (BSP). ALSO READ: UP bypoll: Slow polling in Kairana The Shiv Sena has fielded late BJP MP Chintaman Wanaga's son Shriniwas Wanaga in Palghar, much to the dislike of the saffron party, which has in-turn nominated Congress deserter Rajendra Gavit. Here are the top updates from the bypolls: With agency inputs. Venezuela knocks on FinMin, State Bank of India doors for rupee trade. Giving a major relief to ONGC Videsh (OVL) and pharma majors like Dr Reddy’s, Venezuela has approached the ministry of finance and State Bank of India (SBI) to start a rupee account to trade with India, following sanctions imposed on the country by the US.
Payments of around $400 million to OVL and $350 million to pharma majors such as Dr Reddy’s, Glenmark, Claris, Sun Pharma and Stride are stuck because the government in Venezuela has so far not allowed repatriating money by subsidiaries of companies to their parents abroad. If India gives its nod to the proposal, Venezuela will become the first country after Iran and Bhutan to trade in rupees.
“We have approached SBI to start a rupee account. A formal proposal for an approval in this regard was also submitted to the finance ministry. Announcing its fourth-quarter results, Dr Reddy’s had said that though it had stopped supplying medicines to the crisis-hit South American country, the dues to the company from there were $80 million. A year of Mandsaur agitation: Fundamental problems remain despite measures.
Munjal-Burman combine withdraws Fortis offer, gives consent for rebid. The Hero Enterprise-Burman family combine has withdrawn its binding offer to take over Fortis Healthcare and given its consent to the hospital chain’s board to reopen the bidding process. The combine has expressed disappointment over the board’s indecision and lack of support from certain shareholders for their Rs 18 billion investment proposal. The move, which comes within days of shareholders voting out director Brian Tempest from the Fortis board, paves the way for the board to call for fresh bids in its next meeting on Wednesday.
Three other ex-promoter-appointed directors, who had supported the Hero-Burman proposal, had resigned before the shareholders’ vote. The consortium, whose offer was selected by the Fortis board on May 10, said it had given its consent for reopening bids to expeditiously complete the fundraising process. The Manipal Hospitals-TPG combine has already revised its bid for Fortis, offering Rs 180 per share, after the May 10 decision. From Honda to Tata, carmakers steer new models away from taxi segment. Rajesh Goel, senior vice-president and director (sales & marketing) at Honda Cars India, wants to keep the new Amaze away from buyers in the taxi- and fleet-segments. In a similar way, Tata Motors has discouraged sales of the two latest cars — the Tigor and Tiago — to the taxi segment.
Carmakers have turned cautious and no longer want to drive personal-segment buyers away from a product in their pursuit of commercial sales. “This is a beautiful, new model. I would like to keep selling this to personal buyers. I don’t intend to sell to fleet owners to begin with,” said Goel. The new Amaze was launched on May 16. Tata Motors, which once thrived on the taxi demand for cars like the Indica and Indigo, has not allowed any of its recent launches — the Tiago hatchback (launched in 2016) and the Tigor compact sedan (launched in 2017) — for commercial use. It encourages sales of the Zest and Bolt to commercial-use buyers. “This sedan may go into the leasing segment”. Blow for Vedanta as Tamil Nadu orders permanent closure of Sterlite factory.
Tamil Nadu has issued a Government Order (GO) to close Vedanta Group's Sterlite Copper in Thoothukudi. The development comes after 13 persons were killed last week in police firing during protests against the plant. The GO states that it is brought to the notice of the government that the Tamil Nadu Pollution Control Board did not renew the Consent to Operate to Vedanta Ltd's copper smelter plant at Thoothukudi in its order dated April 9, 2018. Subsequently, on May 23, 2018 Tamil Nadu Pollution Control Board has also issued directions for closure and disconnection of power supply to the unit.
"Under sections, 18(1)(b) of the Water Act, 1974 in the larger public interest, the Government endorse the closure direction of the Tamil Nadu Pollution Control Board and also direct the Tamil Nadu Pollution Control Board to seal the unit and close the plant permanently," said in the Order. ALSO READ: Anti-Sterlite: SC refuses to give urgent hearing. Insolvency resolution: Binani CoC votes in favour of UltraTech's proposal. The Committee of Creditors (CoC) of Binani Cement on Monday voted in favour of the Rs 79.60 billion offer from UltraTech Cement for the takeover of the aforesaid company currently undergoing insolvency proceedings.
Sources attending the meeting said that since UltraTech is taking care of all the legitimate claims of all the stakeholders, its proposal received 100 per cent consent. As the next step, the CoC will submit its plan to the resolution professional and in turn, the offer will be submitted to the NCLT. "No Letter of Intent needs to be issued and hence the proposal can be submitted directly to NCLT", a lender said.
The lenders met in Mumbai and voting in person took place. Sources in the CoC, who participated in the voting said that it overrides its previous decision when it selected the offer from the Dalmia Bharat led consortium as the successful bidder. "It is clear from the order that one who is offering the highest amount will be selected as the H1 bidder. Bank employees strike: Around 1 million bank employees to go on 2-day strike from Wednesday. Around 1 million bank employees will go on a two-day strike this Wednesday as the conciliation efforts by the Union government failed to convince bank unions to call off protests against the proposed low wage hike.
Additional Chief Labour Commissioner (CLC) Rajan Verma met the bank unions, under the banner of the United Forum of Bank Unions (UFBU), finance ministry officials and bank management, represented by the Indian Banks’ Association (IBA) in an effort to avert the strike. “The CLC tried his best to sort out the strike-related issues but there is no positive development. Though the bankers, through the IBA, said they are willing to reconsider the proposed wage hike, there was no concrete proposal.
Hence, the strike stands,” All India Bank Employees’ Association General Secretary C H Venkatachalam said. D T Franco, general secretary, All India Bank Officers’ Confederation said about 1 million bank officers are expected to participate in the strike on May 30 and May 31. Strike Alert. Trump effect? Future of 60,000 spouses of Indian H-1B visa holders at stake. No indication Toronto restaurant blast was terror or hate crime: Police. Why is ticket cancellation easier for flyers than for rail passengers?
SP-BSP pact in Uttar Pradesh poses a challenge for BJP: Amit Shah. Feeble signs of calm in Thoothukudi; shops, hotels remain closed. IBC not being used to full extent; lenders need to do more: IBBI chief. Videocon loan case: Sebi sends notice to ICICI Bank, Chanda Kochhar. Natural gas, jet fuel may enter GST first, before petrol and diesel. Petrol, diesel price hike: Guide for middle-class Indians on fuel prices. AB de Villiers announces retirement from International Cricket. After Rafale splurge, a sensible Jaguar upgrade. Will not increase the number of GM-level posts in PSBs: Modi Govt. Lower agriculture input costs to contain food inflation.
MARKET WRAP: Sensex ends 318 pts higher, Nifty holds 10,500; IT stocks gain. Govt charting long-term plan to tame fuel prices, says Ravi Shankar Prasad. Sterlite protest: HC orders stay on plant's construction after 11 shot dead. Thoothukudi protest: How NDA govt decisions helped Vedanta bypass norms. I don't have a track record of making false promises: Nitin Gadkari.
Karnataka LIVE updates: Speaker from Congress, name to be disclosed soon. Nipah virus outbreak in Kerala 9 dead, no treatment available; all we know so far about nipah symptoms, diagnosys, precautions. Total income of 32 regional parties Rs 3.21 bn in 2016-17; SP richest: ADR. Soon, there'll be no flight cancellation charges within 24 hours of booking. Infosys puts a break on fresher hiring, relying more on experienced hands. HSBC black money list: ED seizes Rs 209-mn assets of Dabur's Pradip Burman. Yuvraj struggles on as the magic wanes, will take a final call after 2019. Samsung takes on Xiaomi, launches Galaxy J6, J8, A6, A6+: Details here. Indian techie Srinivas Kuchibhotla's killer pleads guilty to hate crimes. This is the one big problem in Congress' plan to topple Modi in 2019. Oil on the boil: Fuel subsidy may hit Rs 530 billion, says Moody's. Nine dead as protest against Sterlite turns violent in Tamil Nadu. Karnataka govt formation: H D Kumaraswamy's swearing-in today; Opposition readies for show of strength.
State Bank of India posts record loss of Rs 77 bn in Q4; stock rises 3.7% Petrol, diesel price rate: Petrol, diesel excise duty may be cut Rs 2-4/litre; PMO to take final call. Business Standard | Add Blocker. Bidding wars: Numetal reveals Rs 370 billion new offer for Essar Steel. Rising oil prices a key threat to Indian equities, says CLSA's Chris Wood. Centre may ask RBI to ease prompt corrective action framework. PCA shadow on PNB, Canara, Union Bank; DFS to meet 11 executives today. Yeddyurappa takes oath as Karnataka Chief Minister: Top 10 developments. How the world's biggest companies are fine-tuning the robot revolution. Govt to push wage code, table social security code in Monsoon Session. 80% of Indians now have a bank account. So why is financial inclusion low?
Honda bets on the new Amaze to gain market, price begins at Rs 559,900. Varanasi flyover collapse: Yogi Adityanath says preliminary action taken, Maurya monitoring relief ops; top 10 developments. Karnataka verdict a blow to Congress' dream of challenging Modi in 2019. Three essential lessons from Karnataka election for national politics. Business Standard | Add Blocker. Karnataka fate hangs in balance: BJP or Cong, who will have the last laugh? MARKETS LIVE: Sensex down 150 pts; Nifty below 10,750; HUL up 4% Rupee bounces back from 15-month low of 68.11 a dollar on RBI intervention. NCLT rejects plea by Bhushan Steel employees, okays Tata Steel bid. Fraud-hit PNB posts biggest ever quarterly loss of Rs 134.17 billion in Q4. Karnataka election results: JD(S) accepts Cong's alliance offer; updates.
Storms lash four states, kill over 40; 64 flights affected in Delhi. Govt seeks Aramco, Adnoc backing for $44 billion oil refinery. Malaysia has sufficient revenue to remove GST, says Mahathir Mohamad. E-commerce is where WPP India can drive synergies: CVL Srinivas. PSBs may re-approach Sebi for relaxing the rule on promoter equity. Japan's carmakers have got a problem with women. Business Standard | Add Blocker. IPL 2018, CSK vs SRH - Chennai vs Hyderabad Live Score Updates, Playing 11, Toss, Scorecard. 15th Finance Commission: Where Centre and states stand. Credit to deposit ratio dropped in 17 states during 2014 to 2017. India's Iranonomics: Centre wants Tehran to agree on rupee payment. Paytm may process Rs 600 bn in monthly bank transfers by end of this year. From MRF to Shree Cement, here are Dalal Street's wealth-creating machines. Walmart-Flipkart deal: I-T to seek share purchase pact to fix tax liability.
Amitabh Bachchan on rapes: Will the Angry Old Man stop prevaricating? Prestige Estate is weeks away from entering Mumbai's residential market. IBC committee has given good suggestion on homebuyers, says PP Chaudhary. Here's how scam-hit PNB plans to recover Rs 1.5 bn of bad loans every month. Hawkish RBI minutes rattle currency, gilts; rupee plunges to 13-month low. Insolvency: Creditors' role in Binani Cement bidding under scanner. TCS propels Tata group into Rs 10-trillion club; shares hit lifetime high. MCA zeroes in on 225,000 more suspected shell companies.
Favourable monsoon forecast may have limited impact on markets: here's why.