SC's Ayodhya verdict today: All you need to know about Babri Masjid case. On December 6, 1992, Babri Masjid in Ayodhya was demolished, changing India's political fabric forever.
After almost 27 years, the Supreme Court will deliver its verdict on the Ram Janmabhoomi-Babri Masjid title dispute today. A five-judge Constitution Bench will pronounce its judgment on petitions challenging the 2010 Allahabad High Court verdict that had divided the disputed 2.77-acre plot in Ayodhya among the Nirmohi Akhara, a religious denomination, the Sunni Central Waqf Board, and representatives of Ram Lalla, the child deity. Arguments in the case ended on October 16 after a marathon hearing of 40 days. Ayodhya case LIVE: SC reading out verdict on Babri Masjid-Ram Janmabhoomi. Rs 25K cr booster dose a welcome move but insufficient for NBFCs: Experts. Real estate developers such as Indiabulls Real Estate, Sobha, Oberoi Realty and Godrej Properties rallied up to 5 per cent in the opening deals on Thursday, a day after the Union Cabinet approved the setting up of a Rs 25,000 crore alternative investment fund (AIF) to revive around 1,600 stalled housing projects across top cities in the country.
At 09:55 am, shares of Indiabulls Real Estate were locked in the upper circuit band of Rs 70.20, up 5 per cent on the NSE. Sobha was trading over 3 per cent higher at Rs 448 while Oberoi Realty was up over 1.50 per cent at Rs 512.80. Nifty Realty index was trading over 1 per cent higher at 277.70 levels. In comparison, the benchmark Nifty50 index was trading flat at 11,987, up 21 points or 0.17 per cent. Reacting to the development, most non-banking financial companies (NBFCs), too, gained in the trade. Govt's Rs 25,000 cr realty push: Here's why most analysts remain cautious. Despite the government’s move to set up Rs 25,000 crore alternate investment fund (AIF) for the real estate sector, most analysts remain cautious and suggest the benefits will take time to flow in for the beleaguered players.
That apart, there could be still be execution challenges. In a post market-hours announcement, the Union Cabinet on Wednesday had approved the setting up of an AIF to revive around 1,600 stalled housing projects across top cities in the country. Closely monitoring situation at PMC Bank, forensic audit underway, says Das. Reserve Bank Governor Shaktikanta Das on Thursday said it is closely monitoring the situation at scam-hit PMC Bank and a forensic audit is underway.
Punjab & Maharashtra Cooperative Bank (PMC Bank), among the top 10 urban cooperative banks in the country, was placed under an RBI administrator on September 23 for six months due to massive under-reporting of dud loans. "PMC Bank situation is being closely monitored. Forensic audit is underway in PMC Bank case," Das told reporters after a meeting of the Financial Stability and Development Council (FSDC) here. Govt considers special window for resolution of stressed NBFCs under IBC. The government is mulling a special window for resolution of stressed non-banking finance companies under the Insolvency and Bankruptcy Code, a senior government official said.
A special window, is certainly something which is being examined closely, the official said. The move also comes against the backdrop of financial sector players like Dewan Housing Finance Corporation Ltd (DHFL) facing troubles. Govt not planning to help banks rescue shadow lender DHFL: Report. India’s government has no plans to participate in the rescue of Dewan Housing Finance Corporation Ltd (DHFL), according to two sources involved in talks on how to restructure the shadow bank’s near 1-trillion-rupee ($14 billion) debt.
A consortium - led by Union Bank (UNBK.NS) and State Bank of India (SBI.NS) - was set up to restructure DHFL’s (DWNH.NS) debt a month after it first defaulted in June. But having struggled to come up with a rescue plan, the banks last week turned to the government for help, the two sources directly involved in the talks told Reuters. But as DHFL is a private company with limited links to government, New Delhi is likely to stay clear, said the sources, who requested anonymity as the discussions were private. “There is no question of the government issuing directions to the banks (to support DHFL),” one senior government official with direct knowledge of the issue told Reuters. Will telcos get relief on AGR? PMO, Finance Ministry hold talks with DoT. The Prime Minister's Office and Finance Ministry have held separate meetings with Department of Telecom over working out a solution on the AGR decisions of the Supreme Court where the telecom operators have to pay a hefty amount of Rs 1.3 lakh crore overall to the government as dues.
AGR is Adjusted Gross Revenues which includes all licensed revenues of a telecom firm not necessarily originating only from mobile or landline services. It now includes all incomes likes towers, ISP licenses, rentals as per the apex court order which has supported the DoT computation and this is now a 14-year-old dues amount which has jacked up the payout by telcos like Airtel and Vodafone Idea.
Highly placed sources said the PMO and Finance Ministry have held meetings with DoT but no possible way or solution for giving any relief to the telcos over the payment has emerged. The Telecom Secretary attended the meeting with the PMO last week. Senior DoT officials were there in the Finance Ministry meeting. Tech Mahindra Q2 profit rises 5.6% to Rs 1,124 crore; to acquire Born Group.
IT firm Tech Mahindra on Tuesday posted 5.6 per cent increase in consolidated net profit at Rs 1,124 crore for the September quarter, and said it will acquire US-based Born Group at an enterprise value of USD 95 million (approximately Rs 671 crore).
The Mumbai-based company had registered a net profit of Rs 1,064.3 crore in the July-September 2018 quarter, Tech Mahindra said in a statement. Its revenue from operations grew 5.1 per cent to Rs 9,070 crore in the quarter under review from Rs 8,629.8 crore in the year-ago period, it added. In dollar terms, the company's profit was at USD 158.6 million, while revenue was USD 1.28 billion in the September 2019 quarter. Services PMI contracts for second straight month in October on muted demand. Activity in India's dominant services industry contracted for a second consecutive month in October due to muted demand, a private business survey showed on Tuesday, driving business optimism to a near-three year low.
Although the Nikkei/IHS Markit Services Purchasing Managers' Index rose to 49.2 last month from 48.7 in September, it remained below the 50-mark threshold separating contraction from growth on a monthly basis. The last time services activity contracted for two consecutive months was in August 2017 following the hasty implementation of a Goods and Services Tax (GST). We will not miss the bus again, next wave of reforms soon: FM Sitharaman. Finance minister Nirmala Sitharaman on Tuesday said the government will soon use its strong electoral mandate to usher in the next wave of reforms, and not to miss the bus this time.
Without naming the reform measures unsuccessfully attempted by the Modi government in its first term, and in an apparent hint at land acquisition reform attempts by NDA-1, she said government's efforts last time were thwarted by the poor numbers in the Upper House. It can be noted that many analysts have been calling for urgent reforms in the factor markets, especially regarding land and labour, to get the economy out of the trough, citing the strong political mandate the government enjoys. What's the RCEP and what does India's exit mean for the trade deal? When it comes to sweeping global free-trade agreements, President Donald Trump isn’t the only party-pooper.
Two years after Trump withdrew the U.S. from a 12-nation deal known as the TPP, Prime Minister Narendra Modi has pulled India out of a 16-nation grouping led by China known as the RCEP. In both cases, protectionism played a part; in both cases, the show goes on. 1. RCEP opt-out: Modi's Trumpian trade exit may be tactical retreat for India. As Indian officials held last-minute talks on joining the world’s biggest regional trade deal at a summit in Bangkok, farmers back home were launching nationwide demonstrations -- chanting, holding up placards and burning signs in protest.
Opposition from powerful groups representing millions of farmers -- the most important electoral constituency in the world’s largest democracy -- showed why Prime Minister Narendra Modi pulled India out of the 16-member trade deal known as the Regional Comprehensive Economic Partnership, or RCEP. Despite a landslide re-election win in May, he’s facing a prolonged economic slowdown and unemployment at its highest in four decades. Modi nonetheless is looking to turn the trade setback into a win.
IndiGo to announce strategic deal with Qatar Airways, shares up around 2% India's largest airline IndiGo and Qatar Airways will make a strategic business announcement on Nov 7, the two companies said in a statement on Tuesday, sending shares of the budget carrier higher by as much as 2%. Qatar has in the past shown interest in investing in IndiGo but the Indian airline has resisted. "We are very interested in IndiGo ... We are talking to IndiGo of doing codeshare, joint flights but not yet an equity stake in the airline," Qatar Airways CEO Akbar Al Baker told Reuters in an interview in August.
Baker said they had talked to IndiGo but the airline was "not yet ready to take a foreign investor". When it is ready, Qatar will be interested, he had said at the time. It was not immediately clear if the announcement is about a codeshare agreement, stake sale or any other kind of partnership. IndiGo, which has about 40% share of the domestic Indian market, is planning an aggressive push into more international destinations. India's gold demand fell 32% in Sep quarter on weak sentiment, high prices. India’s gold demand for the July-September 2019 quarter (third quarter, or Q3) declined 32 per cent to 123.9 tonnes, thanks to a weak consumer sentiment and high prices. This was not only the weakest quarterly gold demand since the June quarter of 2016, but also one of the weakest third quarters since 2005.
Worse, a large part of the jewellery demand during the quarter was met by sale of old jewellery. MARKET WRAP: Sensex ends at record closing high, up 137 pts; HDFC gains 2% Infosys says no prima facie evidence to back whistleblower complaints. Indian IT services major Infosys Ltd said on Monday it received no evidence to support the allegations in a whistleblower letter from last month, sending shares up as much as 6.5% in morning trade. A letter, claimed to have been written by employees of the company in October, said Chief Executive Salil Parekh instigated them and others to bypass approvals for large deals, fearing a negative impact on shares from reduced profit. "There is no supporting evidence that has been received by the company along with these anonymous complaints to substantiate the allegations," Infosys said in a letter to the National Stock Exchange (NSE) dated November 2. Infosys said last month that the U.S. Securities and Exchange Commission (SEC) had launched a probe into whistleblower claims that the Indian software services firm used 'unethical practices' to boost revenue and profit.
The letter was in reply to the NSE's request to the company to explain why it had not disclosed the receipt of the letter. HDFC consolidated profit up 80% YoY in Q2, Gruh stake sale adds Rs 8k cr. Housing finance corporation HDFC, on Monday, reported a standalone net profit of Rs 3,961 crore, up 60.5 per cent YoY, for the quarter ended September 2019 (Q2FY20) on the back of stake sale from Gruh Finance. The HFC had reported a profit of Rs 3,203 crore in Q1FY20 and Rs 2,467 crore in Q2FY19. DGCA finds safety lapses in airline ground handling after nationwide audit.
BSNL, MTNL vendors mull insolvency action against telcos over pending dues. Some vendors of BSNL and MTNL are mulling to move insolvency pleas against the state-run firms for non-payment of dues, estimated to be around Rs 20,000 crore, a senior industry body executive said on Monday. The pending payments are against the supply of telecom gear and other goods to BSNL and MTNL as well as Rs 45,000-crore rural broadband project BharatNet, PHD Chamber of Commerce Telecom Committee chairman Sandeep Aggarwal told PTI.
"The total pending payment of BSNL and MTNL vendors is around Rs 20,000 crore. Banks have started putting pressure on vendors to clear their dues. All vendors will jointly stage a protest on November 19. India opts out of RCEP; PM Modi says key issues remain unresolved. The government on Monday said India will not join the Regional Comprehensive Economic Partnership (RCEP) deal, adding that it would adversely affect national interest. This was a nod by the government to concerns raised by domestic industry and farmers, most of whom had opposed the pact, fearing it would lead to uncontrolled dumping by China. “India conveyed its decision to not join… (There are) significant issues of core interest and the impact it would have on the livelihood of vulnerable sections.
Eight of top-10 most valued firms add Rs 1.34 trillion in m-cap; TCS leads. Eight of the 10 most valued Indian firms together added over Rs 1.34 trillion to their market capitalisation last week, with TCS emerging as the biggest gainer. Reliance Industries Limited (RIL), HUL, HDFC, ITC, Infosys, HDFC Bank and SBI were the other firms which witnessed a rally in their market capitalisation (m-cap) for the week ended Friday, while Kotak Mahindra Bank and ICICI Bank finished with losses. The market valuation of Tata Consultancy Services (TCS) jumped Rs 28,893.36 crore to Rs 8.27 trillion.
Infosys' m-cap soared by Rs 24,704.61 crore to Rs 2.9 trillion, while State Bank of India (SBI) gained Rs 28,469.51 crore to Rs 2.79 trillion. Power gencos' outstanding dues on discoms rise 37% to Rs 70,000 cr in Sept. Power producers' total outstanding dues owed by distribution companies rose around 37 per cent to Rs 69,558 crore in September 2019 over the same month last year, reflecting stress in the sector. PM says will further improve tax regime to attract overseas investment. India is committed to further improving its people-friendly tax regime, Prime Minister Narendra Modi said, as Asia’s third-largest economy seeks to attract more overseas investment to spur growth.
Share of stubble burning in Delhi's pollution down to 17% from 44% The share of stubble burning in Delhi's pollution reduced from 44 per cent on Friday, the season's highest, to 17 per cent on Saturday, according to government air quality monitor SAFAR. But the city's air quality is likely to remain "severe" due to calm winds, which is unfavourable for dispersion of pollutants, it said. A slew of measures to ease the pain of payment delays faced by MSMEs. The 2019-20 Budget had proposed a new payment platform for India’s micro, small and medium enterprises (MSMEs) — defined as enterprises whose investments are under Rs 10 crore in the cases of manufacturing units and under Rs 5 crore in the case of service units — to enable filing of bills and online tracking of payments from government agencies, a major source of their cash flow.
Infosys bets big on engineering services as it spreads across segments. Chandrayaan-2 not end of story, human spaceflight plans on track: Isro. Indiabulls sells London property to promoters for Rs 1,830 cr to pare debt. Indian entity retains right to use Thomas Cook brand name till 2024. US judge blocks Trump's mandatory health insurance rule for immigrants. India has stopped working in a routine, bureaucratic manner: PM in Thailand.
A few days after going public, Uber fights to get its edge back. RCEP members await India's approval as it bargains hard for concessions. Ever heard of an economy growing at 86%? IMF just identified one such. Replace diesel buses with electric ones: Merkel on Delhi air pollution. India wants 'win-win outcome' from RCEP negotiations, says PM Modi. Govt releases maps of newly-created UTs of Jammu and Kashmir, Ladakh. Seamless link between North-east, Thailand to boost trade: Modi in Bangkok. WhatsApp did not disclose information about Pegasus in May, says govt. Fixed security issue, told Indian govt about spying attempt: WhatsApp. India wants 'win-win outcome' from RCEP negotiations, says PM Modi. Flipkart's FY19 group revenue up 42% at $6 bn; losses decline 63%
GST collections below Rs 1-trillion mark for a third straight month in Oct. Delhi air quality still 'severe', but agency predicts some respite. Govt orders SFIO probe into Rs 31,000-cr financial irregularities at DHFL. Google enters wearables space; acquires Fitbit for $2.1-bn in all-cash deal. Air India privatisation: Bumps on the runway that are slowing sale take-off. Some festive boost for automobile sector, but the cheer is missing. YES Bank gets $3-bn offer from investors including PEs and domestic MFs. Rs 12,000-cr tax blow: I-T dept cancels registration of 6 Tata Trusts. Why putting on the squeeze won't tame India's credit and fiscal woes. Saudi crown prince approves Aramco IPO, announcement likely Sunday. Amazon's Future Retail deal under CCI scanner, could be delayed: Report.
Jobs decline for first time in six years due to agri, manufacturing: Study. Maruti Suzuki sales up 4.5% in October; key segments report growth. Oct GST collections remain subdued at Rs 95,380 cr despite festive season. Replace old engines on 97 aircraft by Jan 'at all costs': DGCA to IndiGo. Rescuing India's PSU behemoths coming at the cost of fiscal restraint. Seven candidates shortlisted for RBI deputy guv post, interview on Nov 7. Pegasus spyware: Bhima-Koregaon activists' lawyer got warning from WhatsApp. RFL scam: Court extends Singh brothers' judicial custody until Nov 14. Formation of J&K and Ladakh union territories "unlawful and void": China. Rajan responds to FM's comment, says two-thirds of his tenure was under BJP. IOC September quarter net profit slumps 83% at Rs 563.4 crore. Sebi tightens asset quality disclosure norms for all listed banks. AGR verdict: Reliance Jio says telcos have sufficient capacity to pay dues.
Cognizant Sept quarter net up 4.1% at $497 million; to cut 12,000 jobs. F&O expiry: Sensex pares gains, ends 77 pts higher; YES Bank advances 24% April-September fiscal deficit at Rs 6.52 trillion, 92.6% of FY20 estimate. Yes Bank gets $1.2 bn binding offer from a global investor for a stake sale. Core sector output contracts 5.2% in Sep, against 4.3% growth a year ago. HBR's list of 10 best performing CEOs has 3 Indian-origin chief executives. Govt forms secretaries' panel on steps to ease financial stress in telecom. In a bonanza for stock markets, govt may scrap DDT, review LTCG slabs. Shiv Sena not promised CM's post for two-and-a-half years: Fadnavis. Tata Sons stake in Tata Motors to rise to 43.73% post preferential issue. Govt likely to order SFIO probe into financial irregularities at DHFL. Biocon moves up to sixth spot in Global Biotech Employers ranking.
Marico declines 7% as consumption slowdown hits domestic biz in Q2. IBC resolutions exceed new time limit of 330 days prescribed by govt. Best of BS Opinion: Real wage rate falls, consumption blues, and more. Change engines of 16 A320Neo within 15 days or face action: DGCA to IndiGo. Gold rush ahead? Price may surge to Rs 42,000 by Dec-end, say analysts. Steelmakers face debt challenges amid falling prices, slowing consumption. Justice S A Bobde to take over as 47th CJI, will assume office on Nov 18. MARKET LIVE: Sensex jumps 400 pts, Nifty tops 11,700 as autos, metals surge. Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict. Chidambaram taken to AIIMS after he complains of stomach ache: Report. EU nations agree to Brexit extension until January 31: Donald Tusk. FIIs trim their holdings in 12 private banks in second quarter of FY20. Govt may allow services units in SEZs to accept payments in rupee: Report.
Deep discounting not part of ease of doing business, govt tells e-tailers. Mukesh Ambani set to build Alibaba-like $24-bn e-commerce giant for India. AGR verdict: Sunil Mittal approaches Prasad, others over statutory dues. US equity outflows to cash, bonds biggest since 2008: Goldman Sachs. Whistleblower case: Infosys writes to clients as allegations reveal dissent. Rs 10,247-cr Cairn retro tax case: Tribunal defers award to mid-2020. Pak denial of airspace to PM: India takes up issue with International body. Five-months of relentless anti-govt protests push Hong Kong into recession.