NCLAT sends RCom back to insolvency

Reliance Communications (RCom) is headed back to insolvency proceedings after an appellate tribunal vacated a stay on such proceedings it had granted in 2018. RCom had paid Rs 550 crore dues, plus interest, totalling Rs 576 crore, under threat of jail for the telco’s chairman Anil Ambani, following legal proceedings in the Supreme Court. “In light of the order passed by the Supreme Court, we allow the appellant (RCom) to withdraw the appeal. The interim order on stay of insolvency proceedings stands vacated,” said a two-judge bench led by Justice SJ Mukhopadhaya on Tuesday.Insolvency proceeding against RCom will now proceed in the Mumbai bench of the National Company Law Tribunal. The NCLAT had earlier observed that if the stay order on insolvency of RCom were to be vacated, Ericsson would have to refund the payments made to Ericsson as an operational creditor. But this matter didn't come up in the NCLAT proceedings on Tuesday.Ericsson had initiated insolvency proceedings against RCom in 2017 over non-payment of dues of over Rs 1,500 crore. The Mumbai bench had admitted the petition but the NCLAT stayed insolvency proceeding after financial creditors, RCom and Ericsson agreed to a settlement.

from Economic Times http://bit.ly/2IRWkz8
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Will continue to sell diesel models in India: Ford

NEW DELHI: US automaker Ford will continue to sell diesel models in India and has no plans to pull the plug on such vehicles, a senior company official Tuesday said.The automaker, which sells models like EcoSport and Endeavour in the country through a wholly-owned subsidiary, said it would also be ready with BS VI-compliant diesel powertrains for its model range before the April 1, 2020 deadline."We will continue to offer the power of choice to consumers and will not stop diesel models. Ford will also be fully ready with its range of BS-VI compliant diesel powertrains ahead of April 2020 implementation," Ford India Executive Director, Marketing, Sales and Service Vinay Raina told PTI.This shows the company's commitment in offering what consumers want, he added.With diesel cars set to become costlier from next year with the implementation of stricter BS-VI emission norms, major automakers in India are contemplating about the future of such vehicles in their portfolios.Already, the country's largest carmaker Maruti Suzuki India (MSI) has announced to phase out all diesel models by April 1, 2020. The company says the increase in cost would put most of the diesel cars, especially the smaller ones, out of reach of small car buyers in the country.Raina, however, said historically consumers for utility vehicles (UVs) have preferred diesel powertrains."For instance - Over 65 per cent of the consumers today buy EcoSport diesel variants compared to petrol. Despite government lifting subsidies on diesel over the years, we have seen the demand for diesel stay and expect the same to continue in 2020 and beyond," he noted.He said with the implementation of BS-VI norms, the company expected the prices of passenger vehicles in the industry to increase by up to 8-10 per cent.However, the price increase coming into effect due to BS-VI norms will be across vehicle segments, not just diesel vehicles, he added."Ford has launched its first CNG vehicle (Aspire) to support any possible shift from diesel in the time to come," Raina said.He added that the company would also continue to bring in petrol versions of the models to complement diesel cars."Ford - with the introduction of EcoSport in 2013 - was among the first to bring petrol engines into the consideration set of UV buyers. To complement the diesel technology, we will continue to deepen the portfolio of petrol engines and offer more BS-VI compliant petrol engines options to our consumers," Raina said.With the company turning profitable in India last year, after more than two decades of presence in the country, it is now in a better position to invest more in upgradation of technology.Earlier this month, Ford inked a definitive agreement with Mahindra & Mahindra (M&M) to co-develop a mid-sized SUV for India and other emerging markets.The new agreement reinforces the steady progress made since the announcement of a strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018.The new mid-sized sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.Ford has already signed an agreement with Mahindra Group to develop and supply a low-displacement petrol engine for use in Ford's present and future vehicles, beginning in 2020.Both companies are also jointly developing a telematics control unit.

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सुप्रीम कोर्ट ने दिया आदेश, पुलिस आम्रपाली होम बायर्स के पैसों के धोखाधड़ी की करे जांच

सुप्रीम कोर्ट ने आम्रपाली के होम बायर्स के पैसे के दुरुपयोग को लेकर दायर की गई ऑडिट रिपोर्ट को स्वीकार करते हुए दिल्ली पुलिस को उक्त रिपोर्ट को लेने की अनुमति दे दी है।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2J02oVI

Trinamool Wants PMs Nomination Scrapped For Lawmakers Joining BJP Claim

Prime Minister Narendra Modi's claim that 40 lawmakers of Trinamool Congress are in touch with him and will join the BJP, is horse-trading and his nomination should be cancelled for such "provocative...

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आखिरकार 'चौकीदार चोर है' पर राहुल गांधी ने मांगी माफी, खेद से सुप्रीम कोर्ट खुश नहीं

लेखी के वकील मुकुल रोहतगी ने कहा, 'वह जानबूझकर अदालत के मुंह में अपने शब्द डालना चाहते हैं। उन्होंने केवल अफसोस जताया है। अवमानना मामलों में कानून स्पष्ट है जो बिना शर्त माफी के साथ शुरू होता है।'

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पूरे हिंदुस्तान को मालूम है कि राहुल हिंदुस्तानी हैं : प्रियंका गांधी

गृहमंत्रालय द्वारा कांग्रेस अध्यक्ष राहुल गांधी की नागरिकता को लेकर नोटिस भेजे जाने पर कांग्रेस महासचिव प्रियंका गांधी वाड्रा ने तीखी प्रतिक्रिया दी है।

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SBI new interest rules kick in from tomorrow, here's what changes

In March, the State Bank of India (SBI) announced that it will link interest rates for its savings accounts (with balances over Rs 1 lakh) and short-term loans to the RBI's repo rate. The new rates linked to the external benchmark will come into effect from May 1, i.e., tomorrow. With this, SBI will become the first bank in the country to link deposit accounts and loans of any kind directly to an external benchmark wherein changes in the latter would be auto-transmitted to the former. Interestingly, as per the current repo rate, SBI's savings accounts with over Rs 1 lakh deposits will (from May 1, 2019 ) earn less interest than those with smaller balances in their accounts and also 0.75 percent less than the 4 percent being offered on post office savings account. However, if the repo rate goes above 6.25 percent, then the interest rate for the large SBI savings accounts would be higher than the current 3.5 percent being earned on smaller accounts, as per the external benchmarking formula. So, from tomorrow, interest rates on large savings accounts and on some short-term loans will automatically change as and when RBI changes its repo rate.Here are five things you should know about SBI's new interest rate setting mechanism for its savings accounts and short-term loans. 1)Only savings accounts with deposits above Rs 1 lakh will be linked to the external benchmark. On these deposits, from May 1, SBI will be offering interest rate of 2.75 percent or 275 basis points (bps) below repo rate, according to the bank's website. The repo rate at the moment is 6 percent therefore from tomorrow these savings accounts will earn interest of 3.25 percent per annum. This is not good news for those with deposits above Rs 1 lakh in SBI savings accounts. 2)In March, the bank had said that to insulate small deposit-holders and small borrowers from the movement of external benchmarks, the bank has decided to exempt savings bank account holders with balances up to Rs 1 lakh and borrowers with cash credit accounts and overdraft limits up to Rs 1 lakh from linkage to the repo rate. 3)For other savings account deposits, interest rate will continue to be set by the bank as per current RBI guidelines. This means that savings accounts with balances less than Rs 1 lakh will continue to earn 3.5% interest as per the current rate fixed for these accounts. This interest rate is also subject to change by the bank as per RBI rules but , it will not get reset automatically according to the repo rate movement. 4)At present, interest rate on SBI savings account with deposits up to Rs 1 crore is 3.5 percent. And deposit accounts above Rs 1 crore earn an interest of 4 percent a year.5)All cash credit accounts and overdrafts with limits above Rs 1 lakh will also be linked to the benchmark policy rate, plus a spread of 2.25 percent. "The risk premiums over and above this floor rate would be based on the risk profile of the borrowers, as is the current practice," states the SBI website. What is interesting to note is that RBI has deferred its plan to replace MCLR with an external benchmark as the basis for fixation of interest rates for retail loans by banks. In its bi-monthly monetary policy meeting in December of last year, the central bank announced all the floating rate personal or retail loans (housing, auto etc.) and micro and small enterprises will be linked to any of the four external benchmarks.

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Tata Starbucks found guilty of Rs 4.51 cr profiteering

NEW DELHI: The GST investigative arm has found Tata Starbucks guilty of profiteering to the tune of Rs 4.51 crore by not reducing prices of coffee despite a cut in the rate.Investigation by the Directorate General of Anti Profiteering (DGAP) has revealed that Tata Starbucks, the equal joint venture between the Tata and global coffee chain Starbucks, had hiked the base price of one its coffee variant after the GST Council cut tax rates on restaurants from 18 per cent to 5 per cent with effect from November 15, 2017.This kept the retail sale price of the product pre and post GST rate reduction intact.Sources said the DGAP has concluded its investigation in March and found that Starbucks profiteered Rs 4.51 crore.This case will be now heard by the National Anti-Profiteering Authority (NAA), which will pass the final order about the quantum of profiteering.When contacted, Tata Starbucks spokesperson said: "As a responsible organization, Tata Starbucks conducts its business ethically and complies with all the local laws and regulations".The company, since its entry in October 2012, operates around 140 outlets across Mumbai, Delhi-NCR, Hyderabad, Chennai, Bengaluru, Chandigarh, Pune and Kolkata.GST rate on restaurants was slashed to 5 per cent without benefit of credit on inputs with effect from November 15, 2017. Before that the tax rate was 18 per cent with input tax credit (ITC).Following that, restaurants were supposed to adjust their base price after taking into account the unavailability of credit on input. However, there have been complaints from customers that restaurants have hiked their base price of the products in such a way that the final sale price remained the same both pre and post GST rate cut."According to estimates the unavailability of ITC benefits can push up the cost of product by 10-12 per cent. However, in some cases we have seen that the base price has been increased by as much as 85 per cent," one of the source told PTI.After studying the books of accounts of a company, the DGAP gives its report to the NAA for further action. If the NAA finds a firm guilty of profiteering then the amount profiteered has to be refunded to consumers by the company.In case where the consumers cannot be identified, the amount has to be deposited into the consumer welfare fund of the Centre and states.In February, the NAA had found another restaurant chain Jubilant FoodWorks, the operator of Dominos Pizza in India, guilty of not passing on GST-cut benefit of Rs 41.42 crore on sale of some pizza products.

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India's power goals further out of reach as discom losses rise

By Rajesh Kumar SinghLosses by India’s power retailers are set to rise, reversing two years of declines they enjoyed since Prime Minister Narendra Modi’s government unveiled a plan to make the ailing utilities profitable.Combined losses by state distributors that signed up for the federal government’s reform plan in the first nine months of the fiscal year rose to about 240 billion rupees ($3.4 billion), a 62 percent jump from a year earlier, amid an increase in coal and power costs, according to Ajay Kumar Bhalla, India’s power secretary.“We may not have achieved targets, but we feel we have done well,” Bhalla said, pointing to success installing new meters and improving billing and payment collections. “Structural issues have been addressed, and we expect them to yield positive results.”Full-year earnings by the companies, known as discoms, could improve as most states are scheduled to make subsidy payments during the last quarter of the fiscal year, which ended in March, he said.As part of Modi’s power industry revival plan, called UDAY, states took over 75 percent of the debt of their distribution utilities to help ease their debt burdens. The discoms were then given operational targets to reduce losses, while the federal government contributed with energy efficiency schemes, such as expanding the use of energy-saving of LED lights and deploying solar irrigation pumps. All but two of India’s 29 states have signed up.The stalled recovery will sustain discoms as the weakest link in India’s electricity supply chain. Many are saddled with large debts from selling power below cost or from poor billing and collections. The financial mess impedes their efforts to serve low-paying consumers, such as rural homes and farmers, while also stifling their power purchases and ability to make timely payments to electricity generators.Coal CostsState-run Coal India Ltd., the country’s biggest supplier of the fuel used for power generation, said average coal prices during the nine month period rose 11.6 percent. Power costs also increased as some generators had to import coal to bridge a domestic supply shortfall. Average spot electricity prices rose 28 percent from a year earlier to 4.08 rupees per kilowatt hour during the nine-month period, data from Indian Energy Exchange show.The discoms’ inability to pass on such cost increases remains a key hurdle for revival of the electricity distribution sector, according to Debasish Mishra, a partner at Deloitte Touche Tohmatsu in Mumbai.Distributors also continue to lose money on every unit of electricity sales. The UDAY reform plan aimed to eliminate these losses by closing the gap between the cost of power supplied and realized revenues. In the first nine months of the last fiscal year, the difference was 0.34 rupees per kilowatt hour, according to Bhalla. That’s a 21 percent rebound from the same period a year ago.Power LossesThe industry has shown some improvement on the amount of power that’s lost through theft or poor metering. That share, known officially as aggregate technical and commercial losses, has narrowed to 19.7 percent, Bhalla said. That’s down from 21.4 percent in the same period last year. However, that’s still above the 15 percent target set under the UDAY plan.The power losses in large electricity consuming states -- including Uttar Pradesh, Maharashtra and Madhya Pradesh -- have increased from levels seen five years ago, according to data from the ministry’s website tracking the progress of the plan. Some states have shown improvement, such as Rajasthan, Haryana and Bihar, but are still lagging targets. On an average, distributors continue to lose revenues on about a fifth of the electricity they provide.“The plan was a well-designed carrot so many discoms bought into it, but there was no stick,” said Vinayak Chatterjee, chairman of infrastructure services firm Feedback Infrastructure Service. States fell behind in enforcing measures to check thefts, improve billing and collections and root out systemic corruption, he said.

from Economic Times http://bit.ly/2UPSF6q
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Kotak Mahindra Bank Reports Profit Of Rs 1,408 Crore For March Quarter

Kotak Mahindra Bank shares fell as much as 2.04 per cent to an intraday low of Rs1,351.05 apiece on the National Stock Exchange (NSE).

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Japan Sentencing In Drug Case "Won't Impact" Ness Wadia, Says Wadia Group

Industrialist Ness Wadia's sentencing by a Japanese court for possessing drugs will not affect him "in the discharge of any of his responsibilities", the Wadia Group said in a statement today.

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नागरिकता विवाद पर भाजपा ने पूछा- कौन से राहुल सच्चे, लंदन या लुटियंस वाले?

इस मामले को लेकर भाजपा ने गांधी से सवाल पूछे हैं। भाजपा के राष्ट्रीय प्रवक्ता संबित पात्रा ने पूछा है कि कौन सा राहुल सच्चा है। राहुल लंदन वाले या लुटियंस वाले?

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2L9vWCL

धोनी के लिए खुशखबरी, SC ने आम्रपाली बिल्डर को लेन-देन की पूरी डिटेल सौंपने के दिए आदेश

पूर्व भारतीय कप्तान और अनुभवी क्रिकेटर महेंद्र सिंह धोनी के लिए खुशखबरी है। सुप्रीम कोर्ट ने आम्रपाली बिल्डर को आदेश देते हुए कहा है कि क्रिकेटर के साथ हुए सभी लेन-देन के बारे में गुरुवार तक खुलासा करें...

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अगर 2019 में नरेंद्र मोदी पीएम नहीं बने तो अयोध्या में जाकर आत्महत्या कर लूंगा: वसीम रिजवी

शिया वक्फ बोर्ड के अध्यक्ष वसीम रिजवी का कहना है कि अगर 2019 में नरेंद्र मोदी दोबारा देश के प्रधानमंत्री नहीं बने तो मैं अयोध्या में राम मंदिर के गेट के पास जाकर आत्महत्या कर लूंगा।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2LeoXsj

मद्रास हाईकोर्ट से किरण बेदी को झटका, कहा- सरकार के रोजाना के कामकाज में नहीं कर सकतीं हस्तक्षेप

अपने फैसले में अदालत ने कहा, 'उनके (किरण बेदी) पास केंद्र शासित प्रदेश की दिन-प्रतिदिन की गतिविधियों में हस्तक्षेप करने की शक्ति नहीं है।'

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2PL1zS9

मोदी, शाह और राहुल पर आचार संहिता तोड़ने के आरोप में चुनाव आयोग की बैठक जारी

चुनाव आयोग पर लगातार यह आरोप लग रहे हैं कि वह पीएम सहित आला नेताओं पर कार्रवाई में लगातार कोताही बरत रहा है। 

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2GJdoUF

मैनपुरी: भाजपा के राज्यसभा सांसद हरनाथ सिंह के पौत्र पर दरोगा को पीटने का आरोप

उत्तर प्रदेश में सत्ता की हनक एक बार फिर देखने को मिली है। मामला मैनपुरी जिले का है, जहां भाजपा के राज्यसभा सांसद हरनाथ सिंह के पौत्र और उसके साथियों पर दरोगा को पीटने का आरोप लगा है। पुलिस ने एक आरोपी को हिरासत में लिया है।

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2VGEdCA

कल वैश्विक आतंकी घोषित हो सकता है मसूद अजहर, जानिए कैसे

पुलवामा समेत कई आतंकी हमलों का दोषी मसूद अजहर अब वैश्विक आतंकी घोषित हो सकता है। संभावना है कि चीन संयुक्त राष्ट्र समिति में एक मई को अजहर को वैश्विक आतंकी घोषित करने में लगाई गई तकनीकी रोक हटा लेगा। 

from Latest And Breaking Hindi News Headlines, News In Hindi | अमर उजाला हिंदी न्यूज़ | - Amar Ujala http://bit.ly/2DDXUR8

शर्मनाकः टॉयलेट में मिला सैनिटरी पैड, जांच के लिए दर्जन भर छात्राओं के उतरवाए कपड़े, हंगामा

पंजाब के बठिंडा में एक निजी यूनिवर्सिटी की छात्राओं ने अपने हॉस्टल वॉर्डन के खिलाफ प्रदर्शन किया।

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On Allegations Against Chief Justice, Woman Appears Before In-House Panel

A former Supreme Court employee, who levelled allegations of sexual harassment against Chief Justice of India Ranjan Gogoi, appeared before the in-house inquiry panel and recorded her statement on...

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India's power goals further out of reach as discom losses rise

By Rajesh Kumar SinghLosses by India’s power retailers are set to rise, reversing two years of declines they enjoyed since Prime Minister Narendra Modi’s government unveiled a plan to make the ailing utilities profitable.Combined losses by state distributors that signed up for the federal government’s reform plan in the first nine months of the fiscal year rose to about 240 billion rupees ($3.4 billion), a 62 percent jump from a year earlier, amid an increase in coal and power costs, according to Ajay Kumar Bhalla, India’s power secretary.“We may not have achieved targets, but we feel we have done well,” Bhalla said, pointing to success installing new meters and improving billing and payment collections. “Structural issues have been addressed, and we expect them to yield positive results.”Full-year earnings by the companies, known as discoms, could improve as most states are scheduled to make subsidy payments during the last quarter of the fiscal year, which ended in March, he said.As part of Modi’s power industry revival plan, called UDAY, states took over 75 percent of the debt of their distribution utilities to help ease their debt burdens. The discoms were then given operational targets to reduce losses, while the federal government contributed with energy efficiency schemes, such as expanding the use of energy-saving of LED lights and deploying solar irrigation pumps. All but two of India’s 29 states have signed up.The stalled recovery will sustain discoms as the weakest link in India’s electricity supply chain. Many are saddled with large debts from selling power below cost or from poor billing and collections. The financial mess impedes their efforts to serve low-paying consumers, such as rural homes and farmers, while also stifling their power purchases and ability to make timely payments to electricity generators.Coal CostsState-run Coal India Ltd., the country’s biggest supplier of the fuel used for power generation, said average coal prices during the nine month period rose 11.6 percent. Power costs also increased as some generators had to import coal to bridge a domestic supply shortfall. Average spot electricity prices rose 28 percent from a year earlier to 4.08 rupees per kilowatt hour during the nine-month period, data from Indian Energy Exchange show.The discoms’ inability to pass on such cost increases remains a key hurdle for revival of the electricity distribution sector, according to Debasish Mishra, a partner at Deloitte Touche Tohmatsu in Mumbai.Distributors also continue to lose money on every unit of electricity sales. The UDAY reform plan aimed to eliminate these losses by closing the gap between the cost of power supplied and realized revenues. In the first nine months of the last fiscal year, the difference was 0.34 rupees per kilowatt hour, according to Bhalla. That’s a 21 percent rebound from the same period a year ago.Power LossesThe industry has shown some improvement on the amount of power that’s lost through theft or poor metering. That share, known officially as aggregate technical and commercial losses, has narrowed to 19.7 percent, Bhalla said. That’s down from 21.4 percent in the same period last year. However, that’s still above the 15 percent target set under the UDAY plan.The power losses in large electricity consuming states -- including Uttar Pradesh, Maharashtra and Madhya Pradesh -- have increased from levels seen five years ago, according to data from the ministry’s website tracking the progress of the plan. Some states have shown improvement, such as Rajasthan, Haryana and Bihar, but are still lagging targets. On an average, distributors continue to lose revenues on about a fifth of the electricity they provide.“The plan was a well-designed carrot so many discoms bought into it, but there was no stick,” said Vinayak Chatterjee, chairman of infrastructure services firm Feedback Infrastructure Service. States fell behind in enforcing measures to check thefts, improve billing and collections and root out systemic corruption, he said.

from Economic Times http://bit.ly/2UPSF6q
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"All Know Rahul Gandhi Born, Raised Here": Priyanka Gandhi On Citizenship Row

Priyanka Gandhi Vadra says "all know Rahul Gandhi born, raised here" after centre's notice to him on foreign citizenship complaint

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Rishi Kapoor Is Cancer Free, Writes Director Rahul Rawail In Viral Post

Neetu Kapoor's "cancer is only a zodiac sign"post first set the reports of Rishi Kapoor battling cancer in motion

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Mayawati's Warning After BSP Candidate In Madhya Pradesh Joins Congress

A day after a Bahujan Samaj Party (BSP) candidate for the national election quit and joined the Congress to help the party in a parliamentary seat in Madhya Pradesh, a furious Mayawati tweeted that...

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Gurgaon Man Repeatedly Raped 8-Year-Old Daughter After Wife Died: Police

A man has been arrested in Gurgaon for allegedly raping his eight-year-old daughter repeatedly over several months, police said on Monday.

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One of Modi's pet schemes comes to a screeching halt in April

NEW DELHI: Electric two-wheeler sales have ground to a halt this month as new norms requiring re-certification of all existing vehicles under FAME-II hit the availability of models in the market. The government wants to promote e-vehicles through FAME, or the Faster Adoption and Manufacturing of Electric Vehicles, to protect the environment.From the 20 or so lithium-ion battery powered electric twowheeler models available in the local market, the product range has shrunk drastically. From sales of 6,000 units in March, the number is now down to almost nil, according to some insiders. A manufacturer added that under the second phase of the FAME programme, the vehicles have become costlier, owing to a lower subsidy. Only lithium-ion battery electric two-wheelers are eligible for subsidy under FAME-II.“April was a washout,” said Society of Manufacturers of Electric Vehicles (SMEV) director general Sohinder Gill. “Only three models were certified by government agencies towards the end of the month. But there were no sales under FAME-II. In May too, the industry will end up selling a few hundred units… It is only in August that sales may gain some pace.”'NOT ENOUGH TIME TO COMPLY'Each OEM (original equipment manufacturer) is required to get its model certified from recognised testing agencies under Rule 126 of the Central Motor Vehicle Rules (CMVR), 1989, to be eligible under FAME India Scheme Phase-II. Once certified, electric two-wheelers get a subsidy of Rs 10,000 per kilowatt hour (kWh).The certification process by agencies such as Automotive Research Association of India (ARAI) typically takes two-three months, said manufacturers. With the government only notifying the scheme last month to come into effect on April 1, they had little time for re-certification. In addition to this, manufacturers also have to meet 50% localisation norms specified under the new scheme to get the subsidy.“We have not been given any time to meet the localisation norms and recertify vehicles,” said MH Reddy, chairman of manufacturer NDS Eco Motors. “There is no local base to procure from currently… Sales have come to a standstill.”If the industry had been given a year time to increase content localisation, demand would have remained unaffected, he said.“If we look at internal combustion engine vehicles, volumes are high, supplier chains are well established, prices therefore are reasonable,” Reddy said. “Even then they end up importing 15-20% of vehicle parts. Unless the domestic electric twowheeler industry reaches annual volumes of 1 million units, vendors will not have economies of scale to sell at competitive prices.”Electric two-wheeler manufacturers are required to have localisation content of 50% of the ex-factory price of all vehicles, except for buses, to avail of incentives under FAME-II. Batteries, motors and controllers for electric vehicles account for more than 50% of the ex-factory price, and all of these are currently being imported. “There are shortterm challenges over availability of components at competitive prices in the local market”, said Ayush Lohia, chief executive officer of another manufacturer, Lohia Auto Industries. “If the government were to give some visibility over the kind of volumes expected from electric vehicles beyond the specified three years, say for 5-10 years, it would become easier for vendors to make business plans and invest in such capital-intensive ventures.”Lohia Auto is working on the commercial launch of electric two-wheelers but says the timeline will depend on being able to meet government guidelines.Even when sales gain some pace next quarter, demand is expected to remain tepid as the government has slashed incentives under FAME-II.“Under FAME-I, the government extended uniform demand incentive of Rs 22,000 for electric two-wheelers,” said Gill, also chief executive officer at market leader Hero Electric. “Under the new scheme, vehicles have become costlier to the tune of Rs 10,000-12,000, increasing the gap with petrol-powered scooters. Indian consumers are price sensitive and are unlikely to pay a higher upfront purchase price for electric two-wheelers.”Gill said if the government was to offer the same subsidy as those accorded to buses—Rs 20,000 per kWh—it would help industry attract customers and attain critical mass, which in turn would trigger local manufacturing.In the current environment, however, the industry feels the Indian government’s aim to sell one million two-wheelers in the next three years will be difficult to achieve. Even without the challenges that have cropped up under FAME-II, only126,000 electric two-wheelers were sold in the local market in the last financial year.The automotive industry has suffered abrupt timelines in the past too, said AT Kearney auto analyst Rahul Mishra, principal (automotive practice), A T Kearney said. “This disruption could have been dampened by putting a sunset clause to the localisation requirement,” he said. “That said, there have been clear signs over the past 24 months that the intent is to move towards cleaner technologies, and manufacture more locally. The government can now ease the transition by phasing out the localisation requirements but even then there should be a defined time horizon in months and not years.”

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Banks hit a blind alley on bad loans

KOLKATA: Banks would realise just about a quarter of their claims from 12 corporate debt resolution cases in January-March 2019, dashing hopes of higher bad loan recovery in the last quarter of the last fiscal.In the March quarter, the realisation by banks was 24% of their claims, in comparison to 43% overall.The lenders will receive merely 17% of the Rs 29,500 crore dues from Alok Industries, raising doubts over future realisation. “This is a matter of serious concern. This shows that either there are no tangible assets to back the loans or the assets were overvalued,” United Bank of India chief executive Ashok Kumar Pradhan said.The overall bad loan recovery through bankruptcy courts has remained dismal in the first two years of the Insolvency and Bankruptcy Code.Banks could realise 43% of the claims in 94 loan default cases that have been resolved after the corporate insolvency resolution process came into effect from December 2016, data from Insolvency & Bankruptcy Board of India showed.However, the extent of recovery has been a concern ever since. JSW Steel offered about Rs 19,300 crore for Bhushan Power & Steel which was saddled with debt of Rs 47,300 crore, while Electrosteel Steels’ Rs 13,300-crore debt was resolved at Rs 5,300 crore.About 1,858 corporate debts have been admitted into the National Company Law Tribunals(NCLT) by end of March, 2019. Of these, 152 have been closed on appeal or review or settled, 91 have been withdrawn; 378 have ended in liquidation. Just about 94 cases have been resolved or 13% of the total cases admitted for resolution.The Insolvency and Bankruptcy Board of India said 75% of the companies ending in liquidation (283 out of 378) were earlier with BIFR or defunct with no economic value in most of them.“The 24% does not mean banks had to write off 76% of their claims,” explained Vinod Kothari, a senior chartered accountant. In fact, he said, a large part of the claims might have been provided for by way of bad loan provisions over time.Most banks have provided 75-100% for bankruptcy cases and therefore recovery against such cases would add directly to their profitability to the extent of the provision made. “Once the deadwood of the past is cleared the rate may improve,” Kothari said.

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Maruti launches Ertiga with 1.5 litre diesel engine priced up to Rs 11.2 lakh

The country's largest carmaker Maruti Suzuki India on Tuesday introduced multi-purpose vehicle Ertiga with new in-house 1.5 litre diesel engine, priced between Rs 9.86 lakh and Rs 11.20 lakh (ex-showroom Delhi).The model is currently powered by 1.3 litre diesel powertrain sourced from Fiat.The three trims of the vehicle with 1.5 litre diesel engine are priced at Rs 9.86 lakh, 10.69 lakh and Rs 11.20 lakh."Considering the requirements of evolving customers, the Next Gen Ertiga is now offered with new 1.5-litre diesel engine," MSI Senior Executive Director, Marketing and Sales RS Kalsi said in a statement.The company is confident that this new engine option will strengthen the popularity of Ertiga in urban MPV segment, he added.The model with DDIS 225 engine now comes with 6-speed manual transmission which according to the company delivers a fuel efficiency of 24.20 km/l.The company has sold over 40,000 units of the new Ertiga in November 2018 to April 2019 period.MSI had earlier introduced its mid-sized sedan Ciaz with the 1.5 litre diesel engine.Interestingly, the company has announced to phase out all its diesel models with effect from April 1, 2020.

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Bitcoin indicator flashes first sell signal in nearly two months

By Vildana HajricBitcoin’s recent rally appears to be losing steam.The GTI Vera Convergence Divergence indicator, which investors use to detect trend reversals, sent its first sell signal since mid-March. The shift could suggest further downside may be ahead as the coin flirts with its highest levels of the year.69110905 The original cryptocurrency has rallied about 50 percent since January, after tumbling 74 percent last year and surging 1,400 percent in 2017.In addition, Bitcoin hit the 61.8 percent Fibonacci resistance level, which typically signals support and resistance points, and ricocheted lower. This indicated it could need a positive external factor to break the resistance line of $5,679. Fibonacci analysis is based on the theory that prices rise or fall by certain percentages after reaching historic highs or lows.“When Bitcoin jumped significantly a few weeks ago, the volume was big enough to push up through major resistance levels into a potentially new trading range,” George McDonaugh, chief executive officer at London-based blockchain investment company KR1 Plc, wrote in an email. “Current movements are natural market cycles within a trading range and it’s just the market searching out the lower bounds,” he said, adding that news about a competing product has stirred some drama and uncertainty in the market.The crypto market was newly roiled last week after New York’s attorney general accused the operators of the Tether stablecoin and the Bitfinex exchange of participating in a coverup to hide losses of nearly $1 billion in client and corporate funds. Digital currencies tracked by CoinMarketCap.com lost $10 billion of value within an hour of the attorney general’s statement and Bitcoin’s dropped more than 6 percent since then.To be sure, some investors are seeing it as an opportunity. “The Tether debate does seem to have some people nervous, but not about Bitcoin,” Mati Greenspan, senior market analyst in London at eToro, said in an email. “The most likely reaction would be for investors to swap their Tether for Bitcoin.”

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TikTok app back on Google and Apple app stores

CHENNAI | BENGALURU: Following the Madras High Court's order, the ban on the download of the popular social media app, TikTok has been lifted and the app is now available on the Google Play store and the Apple App store. Earlier in April, the Madurai Bench of the Madras High Court had directed the Ministry of Electronics and Information Technology to disallow Apple and Google from hosting the app on their application stores, ruling on a public interest litigation that stated that the app encouraged pornography and made children vulnerable to sexual predators. In its order vacating the ban, a copy of which is available with ET, the court stated that while it is concerned about several incidents of women and children using cyberspace and becoming victims as reported in newspaper and social media, it is, "also aware of the fact that the millions of users are denied their rights to have access to the said platform which also promises several good things."It further said "Though it is admitted that this possible mischief and irreparable damage that may be caused to innocent children and women cannot be ruled out, taking note of the safety features projected by the 9th respondent (Bytedance India) and the statutory protection and remedies available under the Statue, the interim order granted by this Court on 03.04.2019 is vacated."TikTok in an earlier affidavit had stated that the company had taken numerous measures to filter inappropriate or obscene and negative content including machine moderation and that it had removed six million videos, the contents of which were doubtful. In a response to the court's order on April 24, the company had said "We are grateful for the opportunity to continue serving our users better. While we’re pleased that our efforts to fight against misuse of the platform has been recognised, the work is never “done” on our end. We are committed to continuously enhancing our safety features as a testament to our ongoing commitment to our users in India.”

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On MS Dhoni's Petition Seeking Dues, Supreme Court Deadline For Amrapali

Reveal payments to MS Dhoni by tomorrow, Supreme Court tells realty firm Amrapali Group as he seeks dues as brand ambassador

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David Warner Bids Adieu To IPL 2019 With Emotional Message

David Warner signed off from IPL 2019 after playing a vital part in SunRisers Hyderabad's 45-run win over Kings XI Punjab.

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Opinion: It's JEE Season – Why IITs Still Rely On It For Admission

A more basic issue is whether board examinations are a good measure of the attributes needed for a specific type of study. When so much of our board examination testing dwells on memorizing,...

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Top Court Asks CBI For Proof After It Seeks Custody Of Ex-Kolkata Top Cop

The Supreme Court today asked the CBI to come up withevidence for seeking custodial interrogation of former Kolkata police chief Rajeev Kumar,who had been probing the Saradha chit fund scam in West...

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Setback For Kiran Bedi, Court Says Lt. Governor Can't Act Independently

In a major setback to Puducherry Lieutenant Governor Kiran Bedi. the Madurai bench of the Madras High Court has cancelled two clarification orders by the centre in 2017 on the powers of the Lieutenant...

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Salman Khan Called Akshay Kumar To Avoid 2020 Box Office Clash: Report

Inshallah will be a romantic drama, while Sooryavanshi will be a high-octane action film

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Flipkart Flipstart Days Sale Kicks Off Tomorrow With These Offers

Flipkart Flipstart Days sale is set to kick off from May 1 and will run until May 3. The sale will offer deals on laptops, headphones, speakers, and more.

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What Is Yeti? Myths And Legends About The "Elusive Snowman"

Yeti is believed to be an "abominable snowman", which has appeared in folktales and popular stories. Many over the decades have claimed to have seen Yeti, but without much proof.

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ग्रामीणों के बहिष्कार ने छुड़ाए अफसरों के पसीने

ग्रामीणों के बहिष्कार ने छुड़ाए अफसरों के पसीने

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महिला ने खुद को बंदूक से गोली मारी, मौत

महिला ने खुद को बंदूक से गोली मारी, मौत

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आग से जलकर महिला की मौत, दहेज हत्या का आरोप

आग से जलकर महिला की मौत, दहेज हत्या का आरोप

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परिवहन मंत्री समेत वीआईपी भी पहुंचे वोट डालने

परिवहन मंत्री समेत वीआईपी भी पहुंचे वोट डालने

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स्विट्जरलैंड और मुंबई से भी आए वोट डालने

कोंच/कालपी। मतदान के दौरान मतदाताओं में गजब का जोश देखने को मिला।

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45 डिग्री तापमान के बीच 57.32 फीसदी मतदान

उरई। भीषण गर्मी में जब अधिकतम तापमान 45 डिग्री से भी अधिक रहा, ऐसे में जनपद में कुल 57.32 फीसदी ही वोटिंग हुई।

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This hedge fund manager loads up bearish bets on India rally

By Anto AntonyThe rally that’s lifted India’s $2.2 trillion stock market to a record has prompted a veteran hedge fund manager to load up on bearish wagers in a fund launched two months ago.“As there appears nothing fundamental underpinning this year’s rally we have remained maximum net short on a portfolio level,” Vijay Krishna Kumar, head of liquid alternatives investment at IDFC Asset Management Co., said in an interview in Mumbai.India this month became the first among stock markets valued at more than a $1 trillion to hit a new peak this year as foreigners plowed almost $10 billion into local shares in 2019, the most among major Asian markets. A bulk of the inflow is due to the “catch-up trade” after the country sat out a regional rally earlier this year, Kumar said.While expectations that Prime Minister Narendra Modi will win a second term in the ongoing elections and bets that company earnings will recover added legs to the rally, headwinds are stacking up fast. The surge in prices of crude oil -- India’s top import -- is combining with a slowdown in investment and consumption, all of which threaten to put the brakes on growth in the world’s fastest-growing major economy.“We are faced with worsening fundamentals and high valuations that have already priced in a rosy scenario,” said Kumar, who has two decades of investment experience. 69106821 Kumar, who began managing long-short strategies at London-based AGRA India Fund in 2006, joins other participants including Kotak Institutional Equities advising caution. For Kotak, the rally has made stocks expensive and there’s a risk that the company earnings estimates will be reduced if slowdown in the economy gathers pace, analysts led by Sanjeev Prasad wrote in a recent note.The IDFC India Equity Hedge Tactical Fund is betting on the stock-market swings amplifying in the run up to the election results on May 23, with the India NSE Volatility Index reaching as high as 30, Kumar said. That level was last seen months after Modi swept to power in May 2014, data compiled by Bloomberg show. 69106828 India equity hedge funds that follow a long-short strategy rose an average 5 percent this year after losing about 9.6 percent in 2018, according to Eurekahedge Pte estimates. The funds’ best performance in the past 15 years were during election years of 2009 and 2014, with annual gains of about 50 percent, the data shows. Kumar’s fund, that was targeting about 10 billion rupees at the time of launch two months ago, didn’t disclose its assets under management.Equities have priced in the possibility of the ruling party forming the next government with a reduced majority. A surprise victory for opposition parties could lead to an adverse reaction, Kumar said.“Even if the current government comes back to power, as some expect, we’re expecting a draw down of as much as 5 percent post results,” he said. “The markets are underpricing the risk of an adverse election outcome of the ruling coalition not getting a majority.”

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Viral: Model Wears Hijab, Burkini For Sports Illustrated Swimsuit Issue

Somali-American model Halima Aden has made history by becoming the first model to wear a hijab and burkini for the Sports Illustrated magazine's annual swimsuit issue.

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बिहार में बोले पीएम मोदी- चार चरण के चुनाव के बाद विपक्ष चारों खाने चित, पढ़ें 10 बड़ी बातें

बिहार के मुजफ्फरपुर में चुनावी रैली के दौरान पीएम मोदी ने कहा कि चार चरण के चुनाव के बाद विपक्ष चारों खाने चित हो गया है। उन्होंने यहां कांग्रेस के अलावे राजद शासन और लालू परिवार पर जमकर निशाना साधा।

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राहुल गांधी की नागरिकता पर फिर उठे सवाल, सुब्रमण्यम की शिकायत पर केंद्र ने भेजा नोटिस

उनकी शिकायत पर गृह मंत्रालय ने उन्हें नोटिस भएजा है। जिसपर उन्हें 15 दिनों के अंदर जवाब देने के लिए कहा गया है। इसे लेकर स्वामी ने ट्वीट भी किया है।

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श्रीलंका हमले का मास्टरमाइंड हाशिम ने भारत में बिताए थे तीन महीने, ऐसे मिली जानकारी

खुफिया एजेंसी तमिलनाडु और केरल में उन लोगों की ट्रैकिंग कर रही हैं, जिनके नंबर जहरान हाशिम की कॉल डिटेल रिकॉर्ड (सीडीआरएस) में मिले हैं।

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सिंधिया के खिलाफ चुनाव लड़ने वाले बसपा प्रत्याशी कांग्रेस में, मायावती बोलीं- डराकर शामिल किया

बसपा के लिए यह एक बड़ा झटका है, जबकि ज्योतिरादित्य सिंधिया के लिए यह बड़ा फायदा है।

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क्या सच में जिंदा है 'हिममानव', भारतीय सेना ने ट्वीट कीं पैरों की तस्वीरेें

भारतीय सेना ने सोमवार को हिममानव की मौजूदगी के संकेत दिए हैं। ना केवल बचपन में हिममानव की कहानियां सुनाई जाती हैं बल्कि हमेशा से ही इसकी मौजूदगी को लेकर तरह-तरह के अनुमान भी लगाए जाते हैं।

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हेमंत करकरे वाले ट्वीट पर 'ताई' ने जताई नाराजगी, बोलीं- भोपाल आकर करुंगी दिग्विजय से बात

भोपाल लोकसभा सीट पर दिग्विजय सिंह और साध्वी प्रज्ञा के बीच चुनावी महासंग्राम दिन प्रतिदिन गंभीर होती जा रहा है। अब हेमंत करकरे को लेकर दिग्विजय सिंह के किए गए ट्वीट पर घमासान मचा हुआ है।

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ओडिशा समेत इन राज्यों में बढ़ा 'फैनी' का खतरा, खतरनाक तूफान में बदल सकता है चक्रवात

केंद्र सरकार ने चक्रवात 'फैनी' से भयंकर तूफान आने की आशंका के मद्देनजर एनडीआरएफ और भारतीय तटरक्षक बलों को हाई अलर्ट पर रहने का निर्देश दिया है।

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लखनऊ में मुस्लिम धर्मगुरुओं से मिले गृहमंत्री राजनाथ सिंह, मांगा समर्थन

केंद्रीय गृहमंत्री व लखनऊ से भाजपा प्रत्याशी राजनाथ सिंह ने मंगलवार को लखनऊ में ईदगाह इमाम मौलाना खालिद रशीद फिरंगी महली, मौलाना आगा रूही व मौलाना यासूब अब्बास से मुलाकात की।

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पाकिस्तान ने छोड़े 55 भारतीय मछुआरे और 5 नागरिक, अटारी के रास्ते लौटे वतन

55 भारतीय मछुआरे और 5 नागरिक अमृतसर में इंडियन रेड क्रॉस सोसाइटी पहुंचे हैं।

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ड्रग्स रखने के मामले में जापानी कोर्ट ने किंग्स इलेवन के सह मालिक नेस वाडिया को सुनाई दो साल की सजा

जापानी कोर्ट ने भारतीय उद्योगपति नेस वाडिया को ड्रग्स रखने के मामले में दो साल की सजा सुनाई है। इनका नाम बालीवुड की प्रसिद्ध हीरोइन प्रिटी जिंटा के साथ भी जुड़ा था। 

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दिल्लीः केजरीवाल-आतिशी समेत आप के 3 नेताओं को कोर्ट में पेशी का आदेश, ये है मामला

दिल्ली की राउज एवेन्यू अदालत ने भाजपा नेता राजीव बब्बर द्वारा दायर मानहानि याचिका पर सुनवाई करते हुए आम आदमी पार्टी के तीन नेताओं को 7 जून को पेश होने का आदेश जारी किया है।

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चुनाव से जुड़ी झलकियां

चुनाव से जुड़ी झलकियां

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सन्नाटा सड़के बनीं खेल का मैदान

सन्नाटा सड़के बनीं खेल का मैदान

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102 वर्ष की उम्र में दिखा मतदान का जोश

102 वर्ष की उम्र में दिखा मतदान का जोश

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खूब घनघनाए कंट्रोल रूम के फोन

खूब घनघनाए कंट्रोल रूम के फोन

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पुलिस की मारपीट से नाराज लोगों ने किया चुनाव बहिष्कार

पुलिस की मारपीट से नाराज लोगों ने किया चुनाव बहिष्कार

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आरपीएफ को बालिका मिली

आरपीएफ को बालिका मिली

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20 बूथों पर बदली गईं वीवीपैट मशीनें

20 बूथों पर बदली गईं वीवीपैट मशीनें

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सघन जांच के बाद ही शहर में आए वाहन

लोकसभा सीट पर किसी भी तरह की गड़बड़ी न हो, इसके लिए प्रशासन पूरी तरह से मुस्तैद दिखाई दिया। मतदान की वजह से शहर आने वाले वाहनों को जांच के बाद ही अनुमति मिल सकी।

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लोकतंत्र के उत्सव में जमकर हुई वोटों की बारिश

झांसी - ललितपुर संसदीय क्षेत्र में मंगलवार को मनाए गए लोकतंत्र के उत्सव में वोटों की जमकर बारिश हुई। मौसम की तल्खी को चुनौति देते हुए दोनों जिलों की पांच विधानसभाओं के 20,39,043 मतदाताओं में से 65.60 प्रतिशत ने अपने मताधिकार का प्रयोग किया।

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पीठासीन अधिकारियों ने वापस साैंपी अपनी ‘जिम्मेदारी’

मतदान के बाद सोमवार की शाम पोलिंग पार्टियां ईवीएम और वीवीपैट मशीनें जमा करने भोजला मंडी पहुंची। यहां देर रात तक पोलिंग पार्टियों का आना जारी रहा। पीठासीन अधिकारियों ने विधानसभावार बनाए गए स्ट्रांग रूम में ये मशीनें जमा कराईं।

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लोकतंत्र के उत्सव में जमकर हुई वोटों की बारिश, झांसी-ललितपुर में हुई 65.60 फीसदी वोटिंग

झांसी-ललितपुर संसदीय क्षेत्र में मंगलवार को मनाए गए लोकतंत्र के उत्सव में वोटों की जमकर बारिश हुई।

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Macquarie says sorry, double-downrates Yes to make up for error

Macquarie Capital Securities said it got its assessment on YES Bank wrong – a stock which they have been ‘constructive’ on for the past eight years. It has double downgraded the stock to underperform and slashed the target price by 40 per cent to Rs 165 – the second lowest on the street after Morgan Stanley which has a target price of Rs 125.Macquarie said it has been constructive on YES Bank’s ability to thrive in a risky business segment like structured finance. Suresh Ganapathy, head of financial services research at Macquarie, termed the call on YES Bank as the biggest mistake of his professional life as analyst.“We must eat humble pie today and admit we underestimated risks in structured finance. We got the call wrong,” said analysts at Macquarie led by Ganapathy. Macquarie had an ‘outperform’ rating on YES Bank earlier.YES Bank on Friday posted a loss of Rs 1,507 crore for the March quarter compared to a profit of Rs 1,180 crore a year earlier.The bank made total non-tax provisions of Rs 3,662 crore, more than nine times the Rs 400 crore reported a year earlier and nearly seven times the Rs 550 crore reported in December 2018, even as gross NPAs rose to 3.22 per cent of loans from 2.10 per cent in December. The loss was amplified by provisions against bad loans to an infrastructure conglomerate and an airline as the lender’s first non-founder CEO Ravneet Gill began a cleanup act.Loan book clean-up, investments in retail business and pivoting of business model within corporate segment should keep return ratios of YES Bank subdued for long, said Macquarie, cutting EPS estimate by 45 per cent.The new CEO’s flag of a sequential increase of three times BB and below rated accounts, despite aggressive slippages in the fourth quarter of the financial year ended March, comes as a material negative surprise, said Macquarie. Flagging off of aggressive accounting practices in fee income and weakness in retail franchise further dampen fundamental view on the robustness of the business model, added Macquarie.The stock has declined 11 per cent in the last two weeks ahead of its result, ending down 0.1 per cent at Rs 237.4 on Friday. YES Bank shares have fallen 32.6 per cent in the last one year, underperforming the Bank Nifty which has gained 17.5 per cent during the same period.Besides Macquarie, other brokerages such as BoB Capital and Emkay Global have also downgraded the stock.“Near-term headwinds from new asset quality shocks, elevated credit costs, higher opex and slower growth will remain overhang on the stock,” said BOB Capital Markets.While structural changes by the new leadership are geared to building a solid franchise in the longrun and are essential to restore investor confidence, any re-rating of the stock will hinge on effective execution of the new strategy, it said. 69098580 69089813

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TCS sued again over theft of trade secrets

BENGALURU: Computer Sciences Corp (CSC) has filed a lawsuit against Tata Consultancy Services, alleging that the Indian IT bellwether is stealing its trade secrets to build an insurance platform, following a $2-billion deal that TCS won from US insurer TransAmerica last year.This is the second such suit against TCS, after the Indian IT major lost a similar case to Epic Systems, setting it back by $420 million in penalties. TCS is currently appealing that in a higher court.TCS is “improperly accessing” its codes, the US-based CSC said in its lawsuit filed last week in Texas, seeking punitive damages. ET has seen a copy of the lawsuit.“Our legal team is reviewing the allegations and will respond appropriately. TCS will strongly defend its position before the court. As this is a pending legal matter, TCS would not like to comment further at this time,” a TCS spokesperson said in response to a detailed questionnaire sent by ET.CSC, whose parent is the NYSE-listed DXC Technology, had licensed its insurance products Vantage and CyberLife to Money Services Inc (MSI), which is owned by Trans-America. MSI was using the CSC software to administer and process TransAmerica’s insurance and annuity policies, the suit said.TCS, which took on board 2,200 TransAmerica employees as part of the deal, planned to use its BaNCS platform to administer the policies.“TCS now employs not only thousands of people who know how to use CSC software, including Vantage and CyberLife, but TCS also now employs former MSI employees with knowledge of —and access to —the CSC source code hosted on the MSI servers,” CSC said. “TCS is using this access to and knowledge of the CSC source code, software documentation, and other proprietary and confidential CSC information to develop TCS’ BaNCS for the US.”“TCS BaNCS is a comprehensive product with several successful implementations globally,” the IT giant’s spokesperson said. TCS uses the BaNCS platform to administer insurance policies in the UK.The lawsuit also alleges that a TCS employee copied and pasted part of CSC’s insurance source code into an email and sent it to colleagues.“Over the course of three weeks, TCS employees accessed and analyzed both the proprietary CSC software documentation and the Vantage source code to try to determine the method and process by which Vantage calculates this particular rate of return,” CSC said.CSC discovered that TCS employees were looking into its code when a CSC employee, who has a TransAmerica email address, received a copy of the Indian software major’s mails, possibly by accident, CSC said in a separate court filing seeking a temporary restraining order. CSC said it had no way of knowing if TCS was looking at other parts of its code.“These cases take a long time. The Epic case was filed in 2014. But it is a concern if it will affect more deals in the insurance sector in the US,” an analyst with a Mumbai brokerage said.CSC’s suit also cites the Epic verdict against TCS. “Having learned nothing from the outcome of the Epic litigation or the massive judgment entered against it, TCS continues to improperly access, copy and make improper use of CSC’s source code, trade secrets and proprietary information,” it said.

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How Ambani plans to pare off a big debt

MUMBAI: Marquee global investors including some of the biggest pension and sovereign wealth funds are in initial discussions with Reliance Industries to invest in two infrastructure investment trusts (InvITs) set up to own Reliance Jio Infocomm’s tower and fibre assets.People aware of the situation said that Canadian pension funds CPPIB, Ontario Municipal Employees’ Retirement System (OMERS), British Columbia Pension Corporation (BCPC), Middle East sovereign wealth funds such as Abu Dhabi Investment Authority (ADIA), investment companies such as Mubadala and Singapore’s GIC, and European financial powerhouse Allianz SE are among the investors eyeing stakes in Digital Fibre Infrastructure Trust and Tower Infrastructure Trust.The plan is to induct a minimum of five unit holders or investors as stipulated by law. Some potential investors such as ADIA, Brookfield, CPPIB may also come on board as co-sponsors by deploying larger cheques.Reliance has already tasked three investment banks — Citi, Moelis and ICICI Securities — with getting investors on board, hoping the transaction will gather clarity by next quarter, ET had reported on March 11. 69105963 69105964 A Reliance spokesperson declined to comment on the development. “As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis. We have made and will continue to make necessary disclosures in compliance with our obligations under Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 and our agreements with exchanges.”PARTIAL REPAYMENT OF BANK BORROWINGSIn the fourth quarter of the financial year ended March 2019, Reliance Jio transferred its tower and fibre assets to two special purpose vehicles (SPVs) owned by the two Sebi-registered InvITs. In April, RIL said the two trusts have acquired 51% stakes each in Jio’s fibre and tower units — Jio Digital Fibre Pvt Ltd (JDFPL) and Reliance Jio Infratel Pvt Ltd (RJIPL). The trusts are sponsored by RIL’s 100% subsidiary, Reliance Industrial Investments and Holdings Ltd (RIIHL).The demerger has helped Jio cut liabilities of Rs 1.07 lakh crore. The entire capex was made through a combination of bank borrowings, other credit lines and NCDs. The fibre InvIT has issued 0% preference shares worth Rs 78,000 crore to RIL that are entitled to surplus cash flow annually (if any) after meeting the obligations towards InvIT stakeholders.The proceeds from the co-sponsors or unit holders will be used for the partial repayment of bank borrowings. After servicing the liabilities, the preference shares will be entitled to the remaining surplus cash flows, an official in the know explained on condition of anonymity.Some domestic banks and insurance companies too are likely to participate.However, these talks are still preliminary in nature, they said.Based on the initial discussions, Reliance would want to extinguish most of the existing liabilities through this exercise and retain around $2 billion (Rs 14,000 crore) of debt in the tower and fibre SPVs, said analysts closely tracking the conglomerate. Reliance will continue to run and operate these assets.The fibre unit is being valued at $23.84 billion (Rs 1,66,880 crore) and the tower asset at $5.27 billion (Rs 36,890 crore) using fair market valuations by three independent valuers. The tower SPV has 173,000 towers ready or in development with Jio as the anchor tenant. Jio also has contracted for 50% of fibre pairs.“We were surprised with the scale of the demerged tower and fibre assets with a book value of $18 billion, which is the largest among telecom operators in India,” said Nikhil Bhandari, analyst with Goldman Sachs. “We expect capex intensity in telecom to come down significantly in FY20E with a demerger of tower and fibre assets and 99% population coverage.”CPPIB, OMERS and Brookfield declined to comment. Allianz declined to comment on single assets, saying as a longterm investor, it would like to benefit from the continuous growth potential of the Indian economy and contribute via attractive investments.GIC, Mubadala, ADIA and BCPC did not respond to ET’s questionnaire till press time on Monday. “The InviT has effectively allowed RIL to replace $710 billion (Rs 71,000 crore) of external debt with very long term (20-year) money and thereby remove any refinancing need on this amount of debt. Secondly, it also gives more balance sheet flex and allows for RIL to further increase spending across their consumer business if they choose to do so,” says Pinakin Parekh, analyst at JP Morgan.Reliance is using its recent Brookfield deal as the template for these as well. In March, the Canadian investor bought the lossmaking East West gas pipeline, a private company of RIL chairman Mukesh Ambani for Rs 13,000 crore. Brookfield will come on board these InvITs but Reliance wants to engage with other global investors as well and build long-term relationships.The target set of investors include long-only capital of at least 10 years. “This is meant for pension or SWFs. It does not match the returns profile of traditional private equity,” said an investment banker following this transaction closely.InvITs are trusts that manage income-generating infrastructure assets, typically offering investors regular yield and a liquid method of investing in infrastructure projects. An InvIT will help the infrastructure investor create liquidity and take some money off the table for RIL, while also providing a yield product to investors. Typically, analysts estimate that the steady cash-flow generating infrastructure business should yield a 12-13% internal rate of return (IRR), excluding leverage.

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What India's frequent flier Modi achieved on trips abroad

By Karthikeyan Sundaram, Iain Marlow and Hannah DormidoAs Indian Prime Minister Narendra Modi bids for reelection, his party has said his skillful diplomacy on the world stage has increased India’s global stature and brought in a flood of investment.But what exactly have Modi’s foreign travels achieved? With 92 trips to 57 countries since coming to power in May 2014, Modi has flown abroad nearly twice as much as his predecessor Manmohan Singh in five years.While Modi’s visits have won praise from supporters for boosting India’s global profile, the costs associated with them -- and the optics of traveling abroad so often in a country where many farmers are struggling -- have triggered some criticism. The main opposition Indian National Congress leader Rahul Gandhi has accused Modi of ignoring problems at home.A closer look at Modi’s trips show that while some have yielded vague agreements that may not develop into anything substantial, doubters may still be exaggerating the negatives. Summit meetings accounted for roughly a third of Modi’s visits. And his arrival in each foreign capital made a symbolic statement about New Delhi’s world outlook. 69106601 Modi also made a point of repeatedly meeting leaders such as Japan’s Shinzo Abe and Russia’s Vladimir Putin, whose countries provide much-needed industrial investment and defense technology. Here’s more:Record FDIForeign direct investment into India in Modi’s first term amounted to $193 billion, 50 percent more than the preceding five years.At the same time, despite a high-profile push to generate jobs through manufacturing, much of the FDI has continued to flow into India’s services and capital-intensive industries, not labor-intensive ones.While Modi won investment commitments from longstanding economic and strategic rival China, it largely remains a non-starter. FDI from China totaled $1.5 billion in the four years to March 2018, data from India’s central bank show, against $20 billion President Xi Jinping promised in the five years from 2014.Energy SecurityUnder Modi, India started purchasing crude and liquefied natural gas cargoes from the U.S. for the first time. In the last five years, he struck deals from Russia to the Middle East securing oil assets for India. He got the world’s biggest oil exporter Saudi Aramco to agree to invest in India’s largest oil refinery, and the U.A.E. to fill up strategic oil reserves, reducing the strain on state finances.More broadly, Modi has maintained relations with Gulf countries crucial to India’s energy security even as he strengthened ties with Iran. However, the opposition has criticized the prime minister’s diplomacy for failing to win continued access to cheaper Iranian crude in the face of increasing U.S. pressure on Tehran.Big ProjectsModi has tried to tap a number of countries for strategic projects, which has occasionally brought him political grief.After making the first-ever visit to Israel by an Indian premier, Modi has continued to seek advanced defense and water technology from Tel Aviv. With Japan, India is building a bullet train in Modi’s native Gujarat state -- although the slow pace of land acquisition has led to criticism.In 2016, Modi signed an $8.7 billion deal for 36 Rafale fighter planes from France. The move has come under intense scrutiny since then for alleged rule violations, which his government has denied. Opponents have continued to use the deal to question the government’s anti-corruption credentials.Soft PowerModi has tried to use his trips to bolster India’s global image as an investment destination and a rising global power. He’s addressed the World Economic Forum in Davos and the Shangri-La security dialogue in Singapore.Modi used a rare informal summit with China’s Xi in the city of Wuhan last year to patch up geopolitical tensions between New Delhi and Beijing following a military stand off in the Himalayas.However several trips, including a surprise visit to Pakistan in 2015, did not yield any tangible results. And though Modi has approached diplomacy with vigor, some analysts suggest he has not injected the resources -- or implemented the reforms -- necessary to improve India’s standing in the world.

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Jet Airways tells staff it can not provide Mediclaim

NEW DELHI: Faced with severe liquidity crisis, grounded Jet Airways has informed employees that it will not be able to fund the premium of Group Mediclaim Policy and advised them to take medical cover of their choice.IANS first reported on April 27 that Jet employees face uncertainty over extension of their Mediclaim provided by the company."In the absence of any emergency funding from the lenders or any other source of funds forthcoming in the near future, we find ourselves facing a situation where we are not able to fund the premium of our Group Mediclaim Policy," the airline Chief People Officer Rahul Taneja wrote in a letter to its employees.He said that the Group Mediclaim Policy lapses on the midnight of April 30, 2019, adding that "these circumstances are not of our doing and much as we would wish to do things differently, we are left with little choice".Taneja, however, sounded optimistic and gave hope about revival of the airline."I must also state that we have not yet given up on our efforts and continue to engage with the lenders and support them in the bid process. We are working with them proactively to find opportunities to revive our beloved airline. As soon as we have more clarity on this matter, we will share the same with you," he said.Lenders of Jet Airways led by SBI are currently in the process of selling the airline to recover their dues of over Rs 8,400 crore. Private equity firm TPG Capital, Indigo Partners, National Investment and Infrastructure Fund (NIIF) and Etihad Airways are in the race to buy a stake in the grounded Jet Airways.

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TV9 Deal: Srini Raju agrees to pay rs 65 crore to SAIF Fund

HYDERABAD: Venture capitalist Srini Raju has inked a settlement deal with a fund of SAIF Partners that wanted courts to prevent Raju and his associates from selling broadcast media platform TV9 to a Hyderabad-based consortium.On Monday, Raju and associates filed a compromise petition before the National Company Law Tribunal (NCLT), agreeing to pay around Rs 65 crore to the fund of SAIF Partners. In return, the fund agreed to withdraw a contempt petition against Raju and associates within 10 days of receiving the payment.“We have signed a settlement agreement with SAIF and filed it before the tribunal,” Srini Raju told ET.NCLT has asked whether there are any objections to this arrangement, which would allow the sale of Associated Broadcasting Company (ABCL), the operator of the TV9 bouquet of channels. NCLT would hear the case on May 16.Separately, NCLT agreed to look into a petition filed by a new shareholder of ABCL, film actor Sivaji. The actor, who is learnt to have bought around 9% of ABCL from founder chief executive Ravi Prakash, has raised objections to the sale of 82% equity in favour of a consortium of two Hyderabad-based infrastructure groups for around Rs 460 crore.SAIF III Mauritius Company had earlier moved NCLT to prevent the sale of TV9. It claimed that funds it had invested 10 years ago in IVision Media, another firm controlled by Srini Raju, were given to ABCL to help siphon off the money. The Mauritius fund said it had invested Rs 50.37 crore for an 80% stake in IVision Media in August 2008 after an assurance that IVision Media would be merged with ABCL, giving it 14.29% stake in the merged entity. Neither did the merger take place, nor was SAIF provided an exit route.Raju said the deal involves buying the entire stake of SAIF in IVision Media and providing SAIF an exit at around Rs 65 crore.

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Life insurance, health top buys for FPIs in March quarter

FPI inflows into Indian equities during the March quarter were the highest in a quarter in two years.Life insurers, banks and healthcare companies have been high on their list while auto ancillary, housing finance and hotel companies were high on their selling list. ET takes a look at stocks where FPIs raised and reduced stake during the quarter within the BSE500 space:SBI LIFE INSURANCE COMPANYCMP (Rs ): 636.65Last 1-Year change: -16.5 per centFPIs have raised stake in the life insurer by 9.2 per cent in the quarter ended March. According to the latest shareholding pattern, Carlyle Group’s CA Emerald Investments holds 9 per cent in SBI Life. It had purchased the stake from BNP Paribas Cardif SA. Jefferies in a recent note said exclusive distribution access with SBI and strong brand recall from its pseudo-sovereign identity give SBI Life a unique competitive advantage. Jefferies has a buy rating and target price of Rs 745 on the stock.ENDURANCE TECHNOLOGIESCMP (Rs ): 1,155.70Last 1-Year change: -9.5 per centEndurance has seen a 5.7 per cent increase in FPI holding in the March quarter. Smallcap World Fund has raised its stake to 3.68 per cent from 3 per cent. The company is likely to benefit from new customer wins, stricter safety norms in India and increasing demand for aluminium content in passenger vehicles, said LKP Securities in a recent note, initiating coverage with a buy rating and target price of Rs 1,399.UJJIVAN FINANCIAL SERVICESCMP (Rs ): 327.35Last 1-Year change: -19 per centArdisia Limited, an affiliate of Creador LLP has raised its stake in Ujjivan to 9.96 per cent from 4.99 per cent at the end of December quarter, leading to overall FPI holding increasing to 13.71 per cent in the March quarter. Media reports earlier this month that HDFC Bank’s Digital Banking Head is likely to be new CEO of Ujjivan. The new CEO could drive some course correcton on liability strategy but HSBC sees higher execution risks in the near-tomedium term.LAURUS LABSCMP (Rs ): 386.85Last 1-Year change: -23.7 per centMotilal Oswal believes Laurus Labs is at the cusp of strong earnings growth over FY19-FY21, led by increased traction in its formulation business and changed product mix in the API segment. The recently awarded formulation contracts provide enough scope to break-even in FY20 and improve profitability, said Motilal Oswal.YES BANKCMP (Rs ): 237.4Last 1-Year change: -32.6 per centYES Bank, which reported its first ever quarterly loss is one of the stocks where FPIs raised stake the most in the three months ended March, by 4.2 per cent. “The price had come down sharply and it had got clean chit on divergence, which may have led to FPIs raising shake. But the stock could fall 10 per cent on result and FPIs who had bought then will now be on the backfoot. Growth will be hampered going forward,” said Abhimanyu Sofat, head of research at IIFL.69106540 DEWAN HOUSING FINANCE CORPORATIONCMP (Rs ): 143Last 1-Year change: -77 per centDewan Housing has seen FPI holding come down by 4.6 per cent in the three months ended March. The stock has fallen sharply amid liquidity crunch in the non-banking financial sector after the defaults by IL&FS last year. Billionaire investor Rakesh Jhunjhunwala has increased stake in Dewan Housing by 0.73 after cutting his stake in the company in the previous quarter. Recently, CRISIL downgraded rating on commercial paper of Dewan Housing, citing low visibility in raising funds and CRISIL’s belief that liquidity levels will remain subdued vis-a-vis earlier expectations.ASHOK LEYLANDCMP (Rs ): 88.50Last 1-Year change: -45.6 per centThe notable change in Ashok Leyland’s shareholding pattern after the March quarter was that Kuwait Investment Authority Fund reducing stake to 1.55 per cent from 1.72 per cent. Emkay Global in a recent note said it expects Ashok Leyland’s revenue over FY19-FY21 to be muted at 4 per cent CAGR due to a reversal in the medium and heavy commercial vehicle cycle. EBITDA margin is likely to contract from 10.5 per cent in FY19 to 7.6 per cent in FY21 on lower scale, adverse mix, higher discounts and partial absorption of BS-VI costs, said Emkay.HEGCMP (Rs ): 1,706.75Last 1-Year change: -35.14 per centShareholding of FPIs reduced by 2.25 per cent in the December quarter to 5.75 per cent in the March quarter. MF holding declined to 0.15 per cent from 1.21 per cent at the end of December quarter. Analysts believe that operating profit margins are likely to fall going forward owing to a steep rise in prices of key raw material needle coke and fall in price of graphite electrodes-both UHP grade and HP grade.HERO MOTOCORPCMP (Rs ): 2604.15Last 1-Year change: -30.7 per centWeak rural demand, sharp increase in cost and aggressive competitio are key headwinds for the company, said Nomura. The brokerage has a neutral rating and has lowered target price to Rs 2,725 from Rs 2,802. “We believe two-wheeler industry growth will remain slow going ahead. A further rise in regulatory costs is likely to impact demand and margins in FY21,” said Nomura.JET AIRWAYS (INDIA)CMP (Rs ): 167.3Last 1-Year change: -73 per centFinancial woes have eroded investor confidence in the airline over the recent months culminating into a temporary shutdown. FPI holding in the airline halved to 1.47 per cent from 3.2 per cent at the end of the December quarter. 69036355 69106421

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Macquarie says mea culpa for YES rating, cuts price target by 40%

Macquarie Capital Securities said it got its assessment on YES Bank wrong – a stock which they have been ‘constructive’ on for the past eight years. It has double downgraded the stock to underperform and slashed the target price by 40 per cent to Rs 165 – the second lowest on the street after Morgan Stanley which has a target price of Rs 125.Macquarie said it has been constructive on YES Bank’s ability to thrive in a risky business segment like structured finance. Suresh Ganapathy, head of financial services research at Macquarie, termed the call on YES Bank as the biggest mistake of his professional life as analyst.“We must eat humble pie today and admit we underestimated risks in structured finance. We got the call wrong,” said analysts at Macquarie led by Ganapathy. Macquarie had an ‘outperform’ rating on YES Bank earlier.YES Bank on Friday posted a loss of Rs 1,507 crore for the March quarter compared to a profit of Rs 1,180 crore a year earlier.The bank made total non-tax provisions of Rs 3,662 crore, more than nine times the Rs 400 crore reported a year earlier and nearly seven times the Rs 550 crore reported in December 2018, even as gross NPAs rose to 3.22 per cent of loans from 2.10 per cent in December. The loss was amplified by provisions against bad loans to an infrastructure conglomerate and an airline as the lender’s first non-founder CEO Ravneet Gill began a cleanup act.Loan book clean-up, investments in retail business and pivoting of business model within corporate segment should keep return ratios of YES Bank subdued for long, said Macquarie, cutting EPS estimate by 45 per cent.The new CEO’s flag of a sequential increase of three times BB and below rated accounts, despite aggressive slippages in the fourth quarter of the financial year ended March, comes as a material negative surprise, said Macquarie. Flagging off of aggressive accounting practices in fee income and weakness in retail franchise further dampen fundamental view on the robustness of the business model, added Macquarie.The stock has declined 11 per cent in the last two weeks ahead of its result, ending down 0.1 per cent at Rs 237.4 on Friday. YES Bank shares have fallen 32.6 per cent in the last one year, underperforming the Bank Nifty which has gained 17.5 per cent during the same period.Besides Macquarie, other brokerages such as BoB Capital and Emkay Global have also downgraded the stock.“Near-term headwinds from new asset quality shocks, elevated credit costs, higher opex and slower growth will remain overhang on the stock,” said BOB Capital Markets.While structural changes by the new leadership are geared to building a solid franchise in the longrun and are essential to restore investor confidence, any re-rating of the stock will hinge on effective execution of the new strategy, it said. 69098580 69089813

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Tata Consultancy Services faces new law suit over ‘trade secret theft’

BENGALURU: Computer Sciences Corp (CSC) has filed a lawsuit against Tata Consultancy Services, alleging that the Indian IT bellwether is stealing its trade secrets to build an insurance platform, following a $2-billion deal that TCS won from US insurer TransAmerica last year.This is the second such suit against TCS, after the Indian IT major lost a similar case to Epic Systems, setting it back by $420 million in penalties. TCS is currently appealing that in a higher court.TCS is “improperly accessing” its codes, the US-based CSC said in its lawsuit filed last week in Texas, seeking punitive damages. ET has seen a copy of the lawsuit.“Our legal team is reviewing the allegations and will respond appropriately. TCS will strongly defend its position before the court. As this is a pending legal matter, TCS would not like to comment further at this time,” a TCS spokesperson said in response to a detailed questionnaire sent by ET.CSC, whose parent is the NYSE-listed DXC Technology, had licensed its insurance products Vantage and CyberLife to Money Services Inc (MSI), which is owned by Trans-America. MSI was using the CSC software to administer and process TransAmerica’s insurance and annuity policies, the suit said.TCS, which took on board 2,200 TransAmerica employees as part of the deal, planned to use its BaNCS platform to administer the policies.“TCS now employs not only thousands of people who know how to use CSC software, including Vantage and CyberLife, but TCS also now employs former MSI employees with knowledge of —and access to —the CSC source code hosted on the MSI servers,” CSC said. “TCS is using this access to and knowledge of the CSC source code, software documentation, and other proprietary and confidential CSC information to develop TCS’ BaNCS for the US.”“TCS BaNCS is a comprehensive product with several successful implementations globally,” the IT giant’s spokesperson said. TCS uses the BaNCS platform to administer insurance policies in the UK.The lawsuit also alleges that a TCS employee copied and pasted part of CSC’s insurance source code into an email and sent it to colleagues.“Over the course of three weeks, TCS employees accessed and analyzed both the proprietary CSC software documentation and the Vantage source code to try to determine the method and process by which Vantage calculates this particular rate of return,” CSC said.CSC discovered that TCS employees were looking into its code when a CSC employee, who has a TransAmerica email address, received a copy of the Indian software major’s mails, possibly by accident, CSC said in a separate court filing seeking a temporary restraining order. CSC said it had no way of knowing if TCS was looking at other parts of its code.“These cases take a long time. The Epic case was filed in 2014. But it is a concern if it will affect more deals in the insurance sector in the US,” an analyst with a Mumbai brokerage said.CSC’s suit also cites the Epic verdict against TCS. “Having learned nothing from the outcome of the Epic litigation or the massive judgment entered against it, TCS continues to improperly access, copy and make improper use of CSC’s source code, trade secrets and proprietary information,” it said.

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'GOT' Battle Was Full Of Terrors And So Dark, We Couldn't See Anything

Across social media, viewers shared screenshot after screenshot of indecipherable blobs

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Priyanka's Brother's Wedding Postponed, Bride-To-Be Gets Surgery: Report

Bride-to-be Ishita Kumar is recuperating after the surgery and the families are looking for another auspicious date for their wedding

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"Yeti" Footprints Sighted By Expedition Team, Tweets Indian Army

The Indian Army tweeted on Monday that its team had sighted "mysterious footprints of the mythical beast Yeti", commonly known as the "abominable snowman" that many over the decades claim to have...

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Centre's Notice To Rahul Gandhi Over Complaint About Foreign Citizenship

Rahul Gandhi has been asked by the Home Ministry to explain within 15 days his "factual position" over a complaint that he has foreign citizenship.

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ISIS Chief Talks Of Syria Defeat, Sri Lanka In First Video In 5 Years

ISIS leader Abu Bakr al-Baghdadi appeared Monday in a video for the first time in five years, indicating that he has survived the territorial defeat of the caliphate he proclaimed.

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Delhi Boy, 8, Killed 1-Year-Old To Avenge Attack On His Brother: Police

Nursing a grudge against a girl who had hit his younger sibling, an eight-and-a-half-year-old boy allegedly killed her toddler brother in South Delhi's Fatehpur Beri, police said on Monday.

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Ness Wadia Sentenced In Japan, Found With Drugs During Ski Trip: Report

Ness Wadia, son of industrialist Nusli Wadia and inheritor of one of Indias wealthiest business families, has been sentenced for drugs possession while on a skiing holiday to Japan.

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Xiaomi Teases Redmi Smartphone With Pop-Up Selfie Camera in a Video

Xiaomi Redmi smartphone with pop-up camera has been teased in a video

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Cyclone Fani May Intensify Further, Heads Toward Odisha Coast: 10 Points

The Navy is on high alert as Cyclone Fani, that is nearing coastal Odisha, intensified into a "very severe cyclonic storm" today. It could strengthen further and turn to a "extremely severe cyclonic...

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BJP Bengal Candidate Asked to Explain Lunch With Trinamool Leader

A BJP Lok Sabha candidate seen with a Trinamool Congress leader on Monday has been asked by his leadership to explain the meeting in a showcause notice.

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Score: 99, Result: 0. 25 Student Suicides After Telangana Exam Blunder

Telangana BJP chief K Laxman is sitting on an indefinite hunger strike to build pressure for a judicial investigation into a high number of student suicides - 25 in the last 10 days - after an equally...

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Weight Loss Diet: Try This High Protein And Fibre-Rich Lunch Recipe To Shed Belly Fat

If you have been on a weight loss journey for a while or just started one, you must have come across various fad diets and suggestions as to how to lose weight fast.

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Australia Cricketer's "Boyfriend" Post Won Praise. The Next, Not So Much

As reaction to James Faulkner's "boyfriend" post gained momentum, he took to social media again saying "there seems to be a misunderstanding".

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Can't Fund Mediclaim Policy, Grounded Jet Tells Employees: 10 Points

Jet Airways' chief people officer, Rahul Taneja, told the airline's employees on Tuesday that the company is not able to fund the premium towards its group mediclaim policy. In a note to the...

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'Endgame' Stars In 'Really Illegal' Video Chris Pratt Filmed On Set

Chris Pratt pretty much summed up what every MCU fan felt, when he wrote: "We are so blessed"

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Fire Breaks Out In Mumbai's Goregaon, 12 Fire Tenders At Spot

A fire broke out at Cama Industrial Estate in Goregaon in the early:/ hours of Tuesday, officials said.

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Fishermen Find Whale 'Trained By Russian Military', Sparking Fears

A beluga whale was found by Norwegian fishermen wearing a harness that appeared to be made in Russia, prompting speculation the animal may have escaped from a Russian military facility.

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Boat Rockerz 450 Wireless Headphones Launched in India

The latest budget headphones from Boat, the Rockerz 450 are the latest in the affordable range of wireless headphones from the Indian audio manufacturer.

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"Don't Know ABC Of Politics But...": Dharmendra On Sunny Deol Joining BJP

A week after actor Sunny Deol joined the BJP, his father and veteran actor Dharmendra - a former BJP leader himself - said that while his family was not very well versed in politics, patriotism ran in...

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"You're On My Hit List": BJP Leader Threatens Kanpur Cop On Camera

BJP leader Suresh Awasthi on Monday threatened a circle officer in Kanpur saying he is on the BJP leader's "hit list" as voters were polling in the city.

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What PM Modi Achieved On Foreign Trips Criticised By Rahul Gandhi

As Prime Minister Narendra Modi bids for reelection, his party has said his skillful diplomacy on the world stage has increased India's global stature and brought in a flood of investment.

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पीएम मोदी का ममता को जवाब- दीदी मुझे बंगाल की मिट्टी के रसगुल्ले का इंतजार

प्रधानमंत्री नरेंद्र मोदी ने पश्चिम बंगाल की मुख्यमंत्री ममता बनर्जी पर 'मिट्टी वाले रसगुल्ले' को लेकर निशाना साधा है। पीएम मोदी ने कहा- 'दीदी मुझे बंगाल की मिट्टी के रसगुल्ले का इंतजार होगा। जितने पत्थर हो मुझे भेज देना।

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जिन्ना को लेकर दिए बयान पर शत्रुघ्न सिन्हा बोले- माफी नहीं मांगी है, फिसल गई थी जुबान

बिहार के पटना साहिब लोकसभा सीट से कांग्रेस प्रत्याशी शत्रुघ्न सिन्हा का कहना है कि उन्होंने जिन्ना को कांग्रेस परिवार का हिस्सा बताने वाले बयान पर माफी नहीं मागी है। 

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ट्रंप ने फिर कहा, भारत ने अमेरिकी उत्पादों पर 'बड़ा शुल्क' लगाया

अमेरिका के राष्ट्रपति डोनाल्ड ट्रंप ने अमेरिकी उत्पादों पर भारत की ओर से लगाए गए 'बड़े शुल्क' की आलोचना की है।

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दिल्लीः आतिशी ने फिर की गौतम गंभीर की शिकायत, बिना डिटेल बांट रहे पर्चे

लोकसभा चुनाव 2019 के लिए जब भाजपा उम्मीदवार गौतम गंभीर ने पूर्वी दिल्ली से नामांकन भरा है, उस दिन से ही वह अपनी प्रतिद्वंद्वी आप उम्मीदवार आतिशी के निशाने पर हैं।

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मेनका गांधी के एबीसीडी वाले बयान पर चुनाव आयोग की चेतावनी, दी हिदायत

मंत्री को लिखे पत्र में आयोग का कहना है कि मौजूद सबूत और तथ्यों के आधार हम उनके द्वारा दिए गए अभद्र बयानों की कड़ी निंदा करते हैं।

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ड्रग्स का सेवन करते पकड़ाया था यह क्रिकेटर, अब इंग्लैंड ने World Cup टीम से भी निकाला

पहले लगा 21 दिन का बैन, अब हुआ वर्ल्ड कप की टीम से बाहर

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"Your 40 Lawmakers Are In Touch With Me": PM Attacks Mamata Banerjee

Prime Minister Narendra Modi today warned Bengal Chief Minister Mamata Banerjee that her 40 lawmakers are in contact with the BJP and will desert her as soon as the elections are over.

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4 Vegetarian Sources Of Vitamin D-Rich Foods You Can Try

If you happen to be a vegetarian, then fret not; there are plenty of vegetarian vitamin D food sources you can rely on too. Have a look.

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भीषण हादसा: टायर फटा, बिजली के पोल से टकराई कार, दो छात्र सहित तीन की मौत

फिरोजाबाद के जसराना क्षेत्र में टीकामई मोड़ पर सोमवार को भीषण हादसा हो गया। टायर फटने से कार अनियंत्रित होकर सड़क किनारे लगे बिजली के पोल से टकराई गई। हादसे में तीन लोगों की मौत हो गई है।

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VIDEO: मॉडल पत्नी ने जीत के बाद लिया रसेल का इंटरव्यू, जन्मदिन पर ही दागे ये तीन सवाल

रसेल का बर्थडे तब और खास हो गया जब उन्हें सबसे पहली बधाई अपनी पत्नी की ओर से मिली और फिर लॉरा ने ही उनका इंटरव्यू भी लिया...

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OnePlus 7 Pro Receives A+ Rating From DisplayMate, Company Says

OnePlus 7 Pro's DisplayMate rating is line the A+ rating received by Samsung Galaxy S10.

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Tahira Kashyap On How Cancer Hair Loss Changed Her 'Stupid Notion'

"The last couple of months have been an extreme case of metamorphosis for me," said Tahira Kashyap

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What oil at $100 a barrel would mean for the world economy

By Enda Curran and Michelle JamriskoSurging crude prices are posing another headwind for the world economy after President Donald Trump’s “zero” pledge on Iran oil sales.Brent crude has risen about 33 percent this year and is close to the highest in six months. While higher prices due to strong demand typically reflects a robust world economy, a shock from constrained supply is a negative.Much will depend on how sustained the spike proves to be. Exporting nations will enjoy a boost to corporate and government revenues, while consuming nations will bear the cost at the pump, potentially fanning inflation and hurting demand. Ultimately, there comes a point where higher prices may be damaging to everyone. 69090943 1. What does it mean for global growth?The impact will vary. Rising oil prices will hurt household income and spending and it could accelerate inflation. As the world’s biggest importer of oil, China is vulnerable, and many countries in Europe also rely on imported energy. Seasonal effects will also impact. With the Northern Hemisphere summer approaching, consumers can switch energy sources and scale back usage. A slowing world economy will also hurt demand and by extension keep a lid on prices.2. How can the world economy absorb oil at $100?For a sustained hit to growth, economists say oil would need to hold above $100. It also depends on dollar strength or weakness, given crude is priced in greenbacks. Analysis by Oxford Economics found that Brent at $100 per barrel by the end of 2019 means the level of global gross domestic product would be 0.6 percent lower than currently projected by end-2020, with inflation on average 0.7 percentage points higher.“We see increased risks of significantly higher oil prices,” Oxford economists John Payne and Gabriel Sterne wrote in a note. “In the short-run, it is likely the supply impact will be offset by higher production elsewhere, but the market is tightening and all it would take is one more shock to supply and oil could reach $100.”3. How will Iran and Trump impact the market?An upending of global oil trade around the Iran-Trump spat could continue to have a sizable impact on financial markets, as the affected supply is as much as 800,000 barrels a day. Uncertainties around availability have already whipsawed oil markets. And the political sensitivities of these developments have other markets bracing for volatility.Trump has pledged to help, alongside Saudi Arabia and the U.A.E., those needing to shift orders from Iran to another supplier. But U.S. claims that its domestic supply can help offset the loss are a high bar to meet, given that the daily American output for similar crude is about a quarter of Iran’s.4. Who wins from higher oil prices?Emerging economies dominate the list of oil-producing nations which is why they’re affected more than developed ones. The increase in revenues will help to repair budgets and current account deficits, allowing governments to increase spending that will spur investment. Winners include Saudi Arabia, Russia, Norway, Nigeria and Ecuador according to analysis by Nomura.5. Who loses?Those emerging economies nursing current account and fiscal deficits run the risk of large capital outflows and weaker currencies, which in turn would spark inflation. That in turn will force governments and central banks to weigh up their options: hike interest rates even as growth slows or ride it out and risk capital flight. Nomura’s losers list includes Turkey, Ukraine and India.6. What does it mean for the the world’s biggest economy?While U.S. oil producers try to take advantage of any sales boost from customers moving away from Iran, the broader U.S. economy won’t necessarily see benefits with oil price tags as high as $100 a barrel.It would be a squeeze on American consumers that are the backbone of still-steady economic growth. Prices at the gas pump already have risen more than 7 percent this month to $2.89 a gallon, which could weigh on retail sales that jumped in March by the most since 2017.And if things go awry in global oil markets, there’s risk that political blame shifts back to the U.S. for the sanctions, which could mean backlash via investment or other channels that threatens economic stability.7. Will it lead to higher inflation around the world?Because energy features prominently in consumer price gauges, policy makers look to core indexes that remove volatile components. If the run-up in prices proves to be substantial, and sustained, those costs will filter through to transportation and utilities.8. What does it mean for central banks?Led by the Federal Reserve, central banks around the world have taken a dovish tilt as the absence of inflation allows policy makers to shift their focus to slowing growth. That’s unlikely to quickly change. The International Monetary Fund this month lowered its global growth forecast and said the world is in a “delicate moment.” 69046036

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The scam that could cost Deloitte India biz

It looks like heads have finally begun to roll in the real sense in the IL&FS scam, the Rs 91,000-crore fraud that caught India unawares a few months ago the after-affects of which are still being felt in many spheres.Serious auditory irregularities in IL&FS accounts have prompted the Ministry of Corporate Affairs to set sleuths on the trail of Deloitte.Last week, former CEO of Deloitte was put to a grilling question session by the Serious Fraud Investigation Office (SFIO) on the alleged misconducts and misdemeanors in the IL&FS scam .The investigation was put on fast track after a whistleblower recently sent a letter to the SFIO. According to reports by new agency IANS, a lengthy India ban — as much as 5 years — now stares at Deloitte, one of the much-vaunted Big 4.If that happens, it will be the second such ban after that of Price Waterhouse, which was debarred in India over the Satyam scam.IL&FS scam revisitedThe Infrastructure Leasing & Finance Services is the holding company of the IL&FS Group, with operations domiciled in separate companies which form an ecosystem of expertise across businesses like infrastructure, finance and social and environmental services. IL&FS was founded in 1987 with equity from Central Bank of India, Unit Trust of India and Housing Development Finance Co to fund infra projects at a time when its peers were focused more on corporate projects.The mess came to light after IL&FS Financial Services — a group company — defaulted on servicing bank loans (including interest), term and short-term deposits. It also failed to meet the commercial paper redemption obligations due in mid-September last year. On September 15, the company reported that it had received notices for delays and defaults in servicing some of the inter corporate deposits accepted by it. Consequent to defaults, rating agency ICRA downgraded the ratings of its short-term and long-term borrowing programmes.The defaults put a huge number of investors, banks and mutual funds associated with IL&FS in danger, sparking panic among equity investors.The whistleblower letterSenior Deloitte functionaries exactly knew what was happening inside the group led by Ravi Parthasarthy, the report said citing the whistleblower's communique. Deloitte — IL&FS' auditor for over a decade — benefited immensely from this collusion by way of exorbitant fees and huge contracts, said the letter.The highly complex structure of IL&FS, which left investigators astonished, was in part Deloitte's doing as this labyrinthine structure was based on its recommendations, the letter said.At the time of the unravelling, the extremely opaque architecture of IL&FS had 347 subsidiaries, most of them overseas."The Parthasarthy-led closed user group, which ran like a secret society controlled the company's narrative for 30 years in a completely unprofessional and opaque manner. Deloitte was part of this cosy club arrangement benefiting immensely," IANS cited the whistleblower's letter as saying.The modus operandiThe letter made several explosive allegations as to how Deloitte was kept protected by the Parthasarathy clique. The IANS report lists them as such:— Whenever there were dubious findings in course of the audit engagement, Deloitte agreed to rely on management explanations and comfort letters by compromising on its independent opinion.— In cases where there were audit positions to be taken which were not in a favourable light for the group, the top management would meet and coerce the Deloitte partners for a more favourable position or a watered down position.— Internally, several views in the matters of audit opinion were watered down by the Deloitte leadership in the first instance. Over the years, this has led the entire audit susceptible to legacy position and compounded the financial misreporting.— In many cases, the language of the management response was agreed before hand by Deloitte to close its internal views.— Financially the Group provided additional fees as consultancy services for mutual benefit.What now?Reports say the government is now looking to invoke the dreaded Section 140(5) of the Companies Act in the matter. The operative part of the law stipulates that — "Without prejudice to any action under the provisions of this Act or any other law for the time being in force, the Tribunal either suo motu or on an application made to it by the Central Government or by any person concerned, if it is satisfied that the auditor of a company has, whether directly or indirectly, acted in a fraudulent manner or abetted or colluded in any fraud by, or in relation to, the company or its directors or officers, it may, by order, direct the company to change its auditors."In the event of such a ban, Deloitte will join the ignominious league of Price Waterhouse (PW) which Sebi debarred from auditing listed companies and market intermediaries for two years in the Satyam fraud.(Inputs from IANS)

from Economic Times http://bit.ly/2V3dTmv
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