News highlights: CEA says report on direct tax reforms to release in 4-5 months

22:02 Report on direct tax reforms in 4-5 months: CEAChief Economic Adviser Arvind Subramanian today said the task force on direct tax reforms will submit its report in the next 4-5 months.
In November last year, the government had constituted a task force for redrafting the 50-year old income tax law in sync with the economic needs of the country.
The six-member task force will have Arbind Modi, CBDT Member (Legislation) as the convener. Subramanian is a permanent special invitee in the task force.

21:39 ICICI Securities IPO subscribed 88%The initial share sale of ICICI Securities has received 88 percent subscription, including the portion set apart for anchor investors, on the last day today.The offer attracted subscriptions of nearly 78 percent, excluding the anchor portion, till 1945 hours, as per data available with the NSE.

21:11 Bodies of those killed in Iraq to be brought to India by next week: Swaraj assures families
External Affairs Minister Sushma Swaraj today assured the families of 39 Indians killed in Iraq that the bodies would be brought to India by next week, a relative of one of the deceased said. "We were assured all kind of assistance, including the possibility of a government job to the next of kin," Davinder Singh, younger brother of Gobinder Singh, who was among those killed in Iraq, told PTI over phone after the families of those killed met Swaraj in New Delhi.
To our demand of bringing back the mortal remains of the 39 killed as soon as possible, the minister "assured us of all possible steps", he said.

21:01 PNB case: Court allows ED to question accused arrested by CBI
A special CBI court today allowed the Enforcement Directorate's plea seeking permission to interrogate employees of the Nirav Modi group firms who are in judicial custody in the alleged Punjab National Bank (PNB) fraud."The ED's plea is allowed," said special CBI judge S R Tamboli.The agency had last week approached the court seeking its nod to question some of the accused, arrested by the CBI, who are in judicial custody at present.The accused are lodged in high security Arthur Road Jail in Mumbai.

 JSW Steel to invest $500m in Texas unit, to treble capacity
The JSW Group will invest up to USD 500 million more in its steel pipes and plates facility in Texas, helping it achieve the full 1-million tonne installed capacity of the plant it had bought in 2007 and stop sourcing raw steel from Latin America and India.
The JSW group had bought the then bankrupt Baytown steel asset for USD 810 million in October 2007, and is operating at just about 30 percent or 3 lakh tonne now.

20:38 UK hails 'extraordinary international response' to spy poison case
Britain today hailed the "extraordinary international response" to the poisoning of a former double agent on its soil as scores of Russian diplomats were expelled around the world.
"Today's extraordinary international response by our allies stands in history as the largest collective expulsion of Russian intelligence officers ever and will help defend our shared security," Foreign Secretary Boris Johnson wrote in a tweet.

20:19 Lemon Tree Hotels IPO subscribed 25% on Day 1 of bidding
The initial public offer of hospitality chain Lemon Tree Hotels was subscribed 25 per cent on the first day of the three-day bidding today.
The IPO to raise Rs 1,038.68 crore received bids for 3,26,06,395 shares against the total issue size of 12,98,35,580 shares, the NSE data showed.

19:50 Tata Motors launches Nexon variant at Rs 7.99 lakh
Tata Motors today launched a new variant of its compact SUV Nexon, with price starting at Rs 7.99 lakh (ex-showroom Delhi).
The petrol variants of the Nexon XZ  are priced from Rs 7.99 lakh while the diesel versions are tagged from Rs 8.99 lakh.

19:38 NTPC, REC, PFC may form SPV to operationalise stressed assets: Singh
State-owned firms NTPC, REC and PFC are planning to float a special purpose vehicle (SPV) to operationalise stressed assets of 25,000 MW in the first tranche, Power Minister RK Singh said today.Barely a fortnight ago, a parliamentary panel had expressed concern over 34 stressed assets with an overall capacity of 40 GW and a total outstanding debt of Rs 1.74 lakh crore. "There are many assets which are functional but have undergone stress for whatever reasons," Singh said on the sidelines of an event here .

19:27 Trump says American economy looking 'really good'
American economy is looking "really good", President Donald Trump said today, noting that the underlying strength of companies in the world's largest economy has perhaps never been better.
Strengthening the economy and creation of new jobs have been the major focus areas of Trump as the 45th President of the United States.
As a result of his new tax laws, passed by the Congress last year, several American companies have announced to bring in their money stacked overseas and invest in the country.

19:00 US expels 60 Russian intelligence officials; orders closure of Seattle ConsulateThe US today expelled 60 Russian diplomats, describing them as "intelligence officers" and ordered closure of the Russian consulate in Seattle, days after Washington warned of retaliation for the use of nerve agent against a former Russian spy in the UK.
A dozen of these expelled diplomats are based at Russia's Permanent Mission to the UN.
"Today President Donald J. Trump ordered the expulsion of dozens of Russian intelligence officers from the United States and the closure of the Russian consulate in Seattle due to its proximity to one of our submarine bases and Boeing," the White House Press Secretary, Sarah Sanders, said.

18:48 7 Pakistani firms listed by US for posing risk to national security
The US government has added seven Pakistani firms to a list of foreign entities that pose a "significant risk" to its national security and interests by allegedly engaging in nuclear trade, denting Islamabad's bid to join the elite Nuclear Suppliers Group (NSG).A total of 23 entities were added to the list that was published in the US Federal Register last week by the country's Bureau of Industry and Security (BIS). Besides the Pakistani firms, the list includes 15 entities from South Sudan and one from Singapore.

18:23 Over 1,200 new FPIs registered with Sebi in 10 months of FY'18
More than 1,200 new foreign investors were registered with Sebi in the first 10 months of the ongoing fiscal, primarily due to their continued interest in the Indian capital markets, latest data from the regulator showed.This comes on top of about 3,500 new foreign portfolio investors (FPIs) registered with Sebi in the last financial year. According to the Sebi data, the number of FPIs with the regulatory approval increased to 9,083 at the end of January 2018, from 7,807 at March 2017, resulting in an addition of 1,276 such investors.

17:53 China urges US to 'stop economic intimidation' over tariffs
China today lashed out at US "economic intimidation" following President Donald Trump's announcement of new import tariffs, but said it was open to negotiations to resolve trade frictions.The two countries have traded threats and heated rhetoric in recent days, ratcheting up fears that the world's two biggest economies are heading towards a damaging trade war. Trump said last Thursday that the United States would impose new tariffs on some $60 billion of Chinese imports over the "theft" of intellectual property, rattling global financial markets.

17:15 RBI sets rupee reference rate at 64.9055 against US dollar
The Reserve Bank of India today fixed the reference rate of the rupee at 64.9055 against the US dollar and 80.2557 for the euro. The corresponding rates were 65.1333 and 80.3354, as on March 23. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 91.8672 and 61.82 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.

16:58 Adani Enterprises signs coal mining pact with NLC India
Adani Enterprises today said it has signed a coal mining agreement with NLC India Limited for development and operation of Talabira II and III coal block.
In a filing to BSE, it said its subsidiary, Talabira (Odisha) Mining Private Limited (TOMPL), "has signed coal mining agreement (CMA) with NLC India Limited alongwith the company for development and operation of Talabira II and III coal block...".

16:24 Sensex, Nifty rebound from two-day losing streak; banks recover
Markets snapped a two-day losing streak on Monday as a recovery in financial stocks such as Yes Bank offset declines in IT stocks such as Wipro. Yes Bank shares led the gains on the NSE, ending 6.4% higher, after falling in the last five sessions. State Bank of India shares rose 5.3%, following three sessions of losses. The Nifty closed up 1.33% at 10,130.65, while the benchmark Sensex ended 1.44% higher at 33,066.41.

16:18 China says India should have 'learnt lessons' from Doklam stand-off
China asserted that Doklam belongs to it and India should have ‘learnt lessons’ from the stand-off last year, days after India's envoy blamed China for the face-off, saying it happened because Beijing tried to alter the ‘status quo’ in the disputed area, reports PTI.

16:13 Delhi court grants CBI 5-day custody of Peter Mukerjea in INX Media case
A Delhi court sent former media baron Peter Mukerjea to CBI custody till March 31 in the INX Media case which also involves Karti Chidamabram, son of former Union minister P Chidambaram, reports PTI. Special judge Sunil Rana allowed CBI's plea seeking five-day custody of Mukerjea after the probe agency claimed that he was required to be confronted with Karti and others in the case. It also allowed CBI's plea to formally arrest Mukerjea in the case.

16:09 Syngene inks pact with GSK for new drug discoveryBiocon's contract research arm Syngene International has inked a drug discovery agreement with global drug firm GSK. The multi-year R&D agreement between the two companies will focus on accelerating the discovery of new drug candidates using Syngene's discovery services platforms, Syngene International said in a regulatory filing. As part of the collaboration, Syngene will set-up a customised discovery research laboratory to support projects across several therapeutic areas, it added.

16:03 Hazare's strike enters Day 4, aide claims he lost 4 kg
Social activist Anna Hazare has lost 4 kg, his aide claimed, as his indefinite hunger strike entered its fourth day, reports PTI. Hazare has been on an indefinite hunger strike since March 23 to press for his demands, including the appointment of a Lokpal at the Centre and Lokayuktas in states.

15:59 KEC International wins Rs 2,419cr in new contracts
Infrastructure firm KEC International has won new orders worth Rs 2,419 crore across its businesses.

15:38 Robert Shiller warns of an economic crisis from trade war threats
Nobel prize-winning economist Robert Shiller warned that businesses could take a 'wait and see' approach to increased trade tensions between the US and China, reports CNBC. "It's exactly those 'wait and see' attitudes that cause a recession," he warned. "It's just chaos: It will slow down development in the future if people think that this kind of thing is likely," he said.

15:32 Remington, the oldest gun maker in the US, files for bankruptcy protection
After 202 years in business, America's oldest gun manufacturer, Remington, has filed for Chapter 11 bankruptcy protection, reports CNBC. The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware. Remington Outdoors, which also owns gun manufacturers including Marlin and Bushmaster, says sales in 2017 were just over $600 million, down more than 30% from 2016.

15:24 CPI(M) submits notice of no-confidence against NDA in LS
The CPI(M) has submitted a notice of no-confidence against the BJP-led central government in the Lok Sabha today. On Friday, the Congress had become the third political party to move a no-confidence motion against the government in the Lok Sabha, following the Telugu Desam Party (TDP) and the YSR Congress, reports PTI.

15:15 Morgan Stanley sees RBI keeping policy rates on hold at April 5 meet
The Reserve Bank is expected to keep policy rates on hold and maintain its neutral stance at the ensuing policy review meet early next month, a Morgan Stanley report states. RBI can move to commence a shallow rate hike cycle by the fourth quarter of this year, as inflation is not expected to overshoot the RBI's target and the country's economic recovery is also expected to be on a better place by then, it said.

15:05 Axis Bank's rating unaffected by not honouring guarantee: FitchAxis Bank's failure to honour a bank guarantee due to legal tangles does not amount to a default, and the third largest private sector lender's ratings will not be affected, global ratings agency Fitch said. The agency has a 'BBB-' rating with a stable outlook on the bank. Fitch said the bank decided not to honour the guarantee because it believed doing so would have ‘contravened a court order related to a separate legal case.’

15:02 Dr Reddy's launches generic nausea drug in USDr Reddy's Laboratories has launched Palonosetron Hydrochloride Injection, used in treating acute nausea and vomiting, in the US market. The product is a generic version of Helsinn Healthcare SA's Aloxi. According to IMS Health sales data, the Aloxi brand and its generics had sale of around $446 million in the US for the 12 months ended January 2018.

14:59 Lupin launches generic Lodosyn tablets in US
Drug firm Lupin said it has launched its Carbidopa tablets, used for treatment of symptoms of Parkinson's disease and parkinsonism, in the American market. As per IQVIA MAT January 2018 data, Carbidopa tablets, 25 mg, had annual sales of about $17.4 million in the US, it said.

14:57 India's oil import bill to jump 25% in FY18
India's oil import bill is likely to jump by a quarter percent to $87.7 billion in the current fiscal which ends this weekend as international oil prices have surged. India had imported 213.93 MT of crude oil in FY17 for $70.2 billion or Rs 4.7 lakh crore. For FY18, imports are pegged at 219.15 MT for $87.73 billion (Rs 5.65 lakh crore), according to the latest data available from Oil Ministry's Petroleum Planning and Analysis Cell.

14:47 The death toll from a fire at a shopping mall in the Russian city of Kemerovo has reached 64 people, Russian Emergencies Minister Vladimir Puchkov said

14:43 Zydus Cadila gets USFDA nod for cardiac drug
Drug firm Zydus Cadila said it has received the final nod from US health regulator to market Metoprolol Succinate extended-release tablets, used for treatment of various cardiac conditions, in the American market. The product will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad, it said in a statement

14:21 TPG consortium nears deal for Fortis Healthcare, says report
A consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare, India’s second-largest private hospital chain by market value, sources told Bloomberg. The investor group, which also includes Manipal Health Enterprises Pvt, could announce a deal as soon as the next few days, sources said. Under the plan being discussed, the operations of closely-held Manipal - whose backers include TPG and Temasek Holdings - would be combined with Fortis’s business, sources added. Fortis is discussing issuing around Rs 40 billion of new stock to TPG and Manipal through a preferential allotment, sources said, adding that would make the consortium the biggest shareholder in the publicly-traded company.

13:56 Govt may keep IPO rider in Air India strategic sale, use it to exit in 3-5 yrs
The government could make it mandatory for the eventual buyer of Air India to list the airline on the stock exchanges in three to five years, an official told Moneycontrol News’ Dhirendra Tripathi. In case the majority shareholder refuses to launch an initial public offering, the government may want to keep the option of selling its stake via a public offering. A clause giving the government the freedom to do so may also be included in the expression of interest that will be released soon, the official said.

Exclusive: FinMin rules our privatisation, merger of PSBs for next 1yr
Even as voices on privatisation and consolidation of public sector banks (PSBs) grow louder, Finance Minister Arun Jaitley has ruled out any such plans in the next one year, reports Moneycontrol News’ Beena Parmar. “The Finance Minister has categorically stated that no public sector banks will be merged or privatised in the next one year. He said they want to improve the banks but there is no plan to privatise them for one year at least,” a bank union official who attended a meeting with the FM and nine union heads said.

13:49 Market extends gains, PSU Bank index up 4%
The market extends gains, with the Sensex rising more than 200 points and the Nifty trading above 10,050 levels. Banking and financials sector is the star of the day, with the Nifty Bank, Financial Services indices rising a percent and the PSU Bank index up nearly 4%. Shares of IT and oil marketing companies remain under pressure. IOC, Infosys, Wipro, HPCL, BPCL share are down up to 4% each.

13:13 JSW Steel to invest up to $500m to expand Texas plantJSW Steel said its US unit would invest up to $500 million to expand its Texas operations, as part of a Memorandum of Cooperation signed with the Texas Governor’s office. The governor has also approved a grant worth $3.4 million from the Texas Enterprise Fund to JSW Steel (USA), JSW said in a statement. The capex plan, which will be completed by March 2020, includes setting up a melt manufacture contiguous plate and pipe facility in Texas.

13:10 Taiwan scrambles jets as China's air force holds drill near island
Taiwan sent aircraft to shadow China air force fighter jets as they flew through the Bashi Channel to the south of the island, its defence ministry told Reuters. China sent an unspecified number of Xian H-6 bombers, Su-30 fighter jets and Y-8 transport aircraft over the waterway on their way to the West Pacific Ocean, the Taiwan ministry said. They were followed by Taiwan jets until the mainland aircraft returned to base, it said in a statement.

13:04 Naxals ambush CRPF team in Sukma, jawan injured
A CRPF jawan was injured in a Naxal ambush and IED blast in Chhattisgarh's Sukma district, officials told PTI. Maoists had set up a strong ambush in the jungles of Kondasawli-Jagargunda area in south Bastar district and troops of the 231st battalion of the force engaged it when they were undertaking an operation, they said.

12:58 Rahul Gandhi calls PM 'Big Boss' who spies, BJP rubbishes charge
The Congress and the BJP again locked horns on the prickly issue of data sharing with Rahul Gandhi dubbing Prime Minister Narendra Modi the ‘Big Boss who likes to spy on Indians’ and the ruling party accusing the opposition party of ‘theft’, reports PTI.

Taking to Twitter, using the hashtag ‘DeleteNaMoApp’, after allegations surfaced that data from the prime minister's official app was being shared without the consent of users, the Congress president said, “Modi's NaMo App secretly records audio, video, contacts of your friends and family and even tracks your location via GPS. He's the Big Boss who likes to spy on Indians. Now he wants data on our children. 13 lakh NCC cadets are being forced to download the APP." The BJP rubbished the charge and alleged that the Congress chief was speaking a ‘lie’.

12:52 Ready to deal with any situation in Doklam: SitharamanDefence Minister Nirmala Sitharaman has said India was ‘alert’ and ready to deal with any ‘unforeseen situation’ in Doklam, reports PTI.

12:47 Uber sells Southeast Asia biz to Grab after costly battle
Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asian business to bigger regional rival Grab, reports Reuters. Uber will take a 27.5% stake in Singapore-based Grab and Uber CEO Dara Khosrowshahi will join Grab’s board. For Grab, the deal will help its meal-delivery service, which will now merge with Uber Eats, compete with Go-Jek, sources said.

11:58 Applicants from India for EB-visas may drop by 80%: CanAm
Applicants from India for EB-visas are expected to decline by up to 80% if the US gives the go-ahead to hike the investment cap from $0.5 million now to $1.3 million later this year, CanAm Investor Services, one of the leading providers of this immigration-linked investment programme, said. The employment-based fifth preference category (EB-5) visa is meant for high networth investors (HNIs) to earn the green card which offers permanent residency in the US for themselves and their immediate family through a one-time minimum investment of $5,00,000 into a new business that creates 10 or more jobs for the Americans.

Exclusive: Maruti may upgrade Omni, Eeco to meet crash test normsMaruti Suzuki is completely overhauling two hatchback models to meets crash test norms before the October 2019 deadline. But there remains a question mark over its two popular models – Eeco and Omni – and whether they will be able to meet the norms. CV Raman, Executive Director (Engineering), Maruti Suzuki India, told Moneycontrol News’ Swaraj Baggonkar that Maruti is working on the emission and safety norms for Eeco and Omni. Both models account for 10% of Maruti’s total monthly domestic volumes and hence is crucial to its plans going forward.

11:48 Market volatile, Nifty trades below 10,000
The market is volatile with the Nifty trading below the 10,000-mark amid global trade war fears. Other Asian markets are mixed, with Shanghai falling 1.8% while the Nikkei is recouping early losses to trade half a percent higher. Oil marketing companies - HPCL, BPCL and IOC – are down up to 4% as Brent crude trades above $70 a barrel.

11:29 Essar Steel auction: NCLT's Ahmedabad bench to hear Numetal plea on bid eligibility on Tuesday
The Ahmedabad bench of National Company Law Tribunal will on March 27 take up Numetal's plea to declare its bid for Essar Steel eligible. "If the bench does take a decision in favour of Numetal, then the company could contest the eligibility decision by the lenders. Also, the decision to go for a second round of bidding will also be under scrutiny," an executive told Moneycontrol News’ Prince Mathews Thomas.

Exclusive: NCLT initiates bankruptcy proceedings against Seven Hills Hospital group
The Hyderabad Bench of National Company Law Tribunal has ordered bankruptcy proceedings against Seven Hills Healthcare for defaulting on loans worth Rs 737.58 crore, reports Moneycontrol News’ Viswanath Pilla. NCLT has appointed Abhilash Lal, the interim resolution professional for Seven Hills Healthcare and asked creditors to submit proof of their claims on or before March 29. Axis Bank has lent Rs 418 crore individually and another Rs 271 crore through a consortium.

11:06 Sistema bids $1.5bn for remaining assets of RCom, says report
Russia’s Sistema has emerged as the highest bidder for the remaining assets of Anil Ambani-owned Reliance Communications at a total value of $1.5 billion, sources told The Economic Times. The assets comprise overseas and enterprise telecom business and data centres. Sistema JFSC’s bid stands at $1.2 billion (Rs 7,800 crore) in addition to about $300 million (Rs 2,000 crore) that Reliance Communications owes Sistema.

10:50 Indiabulls to sell 50% stake in Mumbai assets to Blackstone for Rs 4,750crIndiabulls Real Estate (IBREL) has executed a definitive agreement with global private equity investor Blackstone Group to divest 50% stake in its prime commercial properties in Mumbai for Rs 4,750 crore. The transaction is expected to be completed by March 31.

10:36 PNB plans to stake claim in Firestar Diamond insolvency proceedings
Punjab National Bank (PNB) plans to take part in the bankruptcy proceeding of Firestar Diamond, a group company of jewellery designer Nirav Modi. The bank is exploring all recovery options, including participating in the bankruptcy proceeding of Firestar Diamond, sources told PTI, adding that the bank is in the process of hiring legal experts to take the matter forward.

10:32 India Inc raises over Rs 58K cr via QIP during Apr-Jan 2018
Indian firms mobilised more than Rs 58,000 crore by issuing shares to institutional investors during April-January of the current fiscal, over 12-fold rise from the year-ago period. In comparison, they had mopped-up Rs 4,664 crore in the corresponding period of FY17. The capital garnered through the qualified institutional placement (QIP) route has been mobilised for business expansion, refinancing of debt, working capital requirements and other general corporate purposes.

10:23 US exempts South Korea from steel tariffs, revises free trade deal
The United States agreed to exempt South Korea from steel tariffs, instead imposing a quota on steel imports as the two countries agreed in principle to revise a trade pact sharply criticised by US President Donald Trump. In return, South Korea said it would improve access for US automakers under the bilateral free trade deal known as KORUS, the country’s trade ministry told Reuters.

09:52 Market volatile amid weak global cues
The market is trading in a tight range in morning trade despite weakness in global indices on trade war fears. Asian markets traded mostly lower, following weakness in US markets, amid fears that rising tensions between the United States and China could lead to a full-blown trade war.

09:49 Facebook: Call, text history logging requires users' permission
Facebook, responding to media reports that it has been logging users’ call and text history without their permission, said in a statement that the function ‘has always been opt-in only.’ (Reuters)

09:35 ONGC may buy out GAIL’s 9% stake in OPaL
Oil and Natural Gas Corporation (ONGC) may buy out GAIL India’s about 9% stake in ONGC Petro-additions’ Dahej mega petrochemical project in Gujarat, thus taking full control of the recently commissioned plant, sources told PTI.

09:26 Sebi plans to lower MFs expenses, new buyback rules
Market regulator Sebi plans to reduce the additional expenses charged by mutual funds by 15 basis points. It is also considering new share buyback norms, under which maximum limit for share repurchase will be 25% of the company's paid up capital and other reserves, reports PTI. The proposal will be discussed at its board meeting this week.

09:17 359 infra projects show cost overrun of Rs 2.18L cr
As many as 359 infrastructure projects, each worth Rs 150 crore and above, have shown a cost overrun to the tune of Rs 2.18 lakh crore owing to delays and other reasons, a report by the Ministry of Statistics and Programme Implementation states. "Total original cost of implementation of the 1,302 projects was Rs 16,20,089.45 crore and their anticipated completion cost is likely to be Rs 18,38,119.90 crore, which reflects overall cost overruns of Rs 2,18,030.45 crore (13.46% of original cost)," it said. Of these 1,302 projects in question, 359 reported cost overruns and 287 time escalation.

09:08 Honda closes gap with Bajaj Auto for No 2 spot in bike segment 
Honda Motorcyle & Scooter India (HMSI) is snapping at the heels of Bajaj Auto for the second spot in the domestic motorcycle segment, with the gap between the two companies coming down to a meagre 14,200 units during the ongoing fiscal. In the April-February period last fiscal, the gap between the two companies stood at 3,98,525 units. As per the latest data released by Society of Indian Automobile Manufactures (SIAM), Bajaj Auto has so far sold 18,15,590 units in the April-February period of the current fiscal while HMSI has sold 18,01,390 units in the same period.

09:04 Lemon Tree Hotels raises Rs 311cr from anchor investors
Hospitality chain Lemon Tree Hotels has raised Rs 311 crore from anchor investors, ahead of its initial share-sale starting today. It has allotted 5,56,43,820 shares to 18 anchor investors at a price of Rs 56 per scrip. Among the anchor investors are SBI Magnum Balanced Fund, DB International Asia, HDFC Small Cap Fund, Aberdeen Asian Smaller Companies Investment Trust, BNP Paribas Arbitrage and Alpine Global Premier Properties Fund.

08:57 BSNL to invest Rs 4,300cr for network expansion in FY19
Bharat Sanchar Nigam (BSNL) will invest about Rs 4,300 crore to expand its mobile network in FY19, and another Rs 5,000-6,000 crore is likely to be the utilised for government telecom projects, its Chairman and Managing Director Anupam Shrivastava told PTI. "Rs 5,000-6,000 crore will be spent on the government projects like Bharat Net, Network for Spectrum, the Comprehensive Telecom Development Plan for North East, as well as boosting connectivity to Andaman with optical fibre network, and others," he said.

08:52 P&W engine woes continue, one more IndiGo A320 Neo grounded
Budget carrier IndiGo grounded one more A320 Neo fitted with a Pratt & Whitney engine due to ‘oil chip issue’, taking the total number of such planes on ground to seven.

08:48 Amit Shah on Karnataka tour, to visit Lingayat mutts todayBJP president Amit Shah will be touring Karnataka for two days starting today during which he will visit mutts associated with the Lingayat and Dalit communities, reports PTI. He will also address farmers' and traders' meetings, take out a road show and attend party events in the poll-bound state, a BJP statement said.

08:43 ‘People have no problem getting naked for US visa but cry privacy on Aadhaar’
Taking on those questioning the government's Aadhaar programme, Minister of State For Electronics and Information Technology Alphons Kannanthanam said some people were willing to ‘get naked before the white man’ to procure an American visa but cry ‘privacy’ when basic details have to be shared with their own government, reports PTI.

08:35 Uber to sell Southeast Asia business to rival Grab, says report
Ride-hailing firm Uber Technologies has agreed to sell its Southeast Asian business to bigger regional rival Grab, a source told Reuters, in what would be the US company’s second retreat from Asia. The deal, which could be announced as early as Monday, marks the first big consolidation in the industry in Southeast Asia, home to about 640 million people, and will put pressure on rivals such as Indonesia’s Go-Jek, backed by Alphabet’s Google and China’s Tencent Holdings. As part of the transaction, Uber would get a stake of as much as 30% in the combined business, the source said.

08:27 FPIs pump Rs 8,400cr in equities in Mar, pull out Rs 10K cr from debt mkt
Foreign investors have infused over Rs 8,400 crore in equity markets so far in March on expectations of a rebound in corporate earnings and easing of global oil prices. However, they pulled out nearly Rs 10,000 crore from the debt markets during the period under review. This comes following an outflow of over Rs 11,000 crore from equities and more than Rs 250 crore from the debt markets last month.

08:21 Mukesh Ambani's son to wed Shloka Mehta in DecMukesh Ambani's elder son Akash will marry his schoolmate Shloka Mehta, the youngest daughter of diamantaire Russell Mehta, in early December. Sources told PTI the two families and close friends gathered at a plush five-star resort in Goa on Saturday for a 'get-to-know-each-other' before the formal engagement. The marriage is planned for early December, with celebrations spread across 4-5 days, they said, adding the possible dates may be December 8-12 at the Oberoi, Mumbai. A source said Akash proposed to Shloka in Goa on Saturday evening. The wedding will be in India for sure, he added.

08:15 Par panel wants min compulsory working period for docs in India
A parliamentary panel has recommended fixing a minimum compulsory working period for doctors within the country, asserting that a large number of medics studying in government medical colleges on taxpayers' money leave the country at the first given opportunity, reports PTI.

08:06 AirAsia offers domestic flight tickets starting Rs 850, int'l Rs 1,999AirAsia announced fares as low as Rs 850 to domestic destinations and Rs 1,999 to international destinations, if tickets are booked from its website or mobile app between March 26 and April 1. The fares would be applicable for travel between October 1 and May 28, the airline said in a statement. Tickets to international destinations such as Kuala Lumpur, Bangkok, Phuket and Melbourne can also be booked at as low as Rs 1,999, the statement said.

07:55 Brent crude oil futures above $70/bbl on West Asian tension
Oil prices rose with international Brent crude futures opening above $70 per barrel for the first time since January, reports Reuters. Prices were lifted by expectations that OPEC-leader Saudi Arabia may extend supply cuts into 2019, as well as concerns that the United States may re-introduce sanctions against Iran. In Asia, meanwhile, Monday saw the launch of Shanghai crude oil futures, potentially marking the dawn of a new oil price benchmark to rival dominant Brent and West Texas Intermediate.

07:46 Firestar Diamond's bankruptcy proceedings: MCA mulls legal options
The Ministry of Corporate Affairs is considering legal options to try to stall bankruptcy proceedings in the US against diamantaire Nirav Modi's group firm Firestar Diamond, reports PTI. The move comes close on the heels of the National Company Law Tribunal restraining more than 60 entities, including Nirav Modi, Mehul Choksi, various individuals, companies and limited liability partnership firms, from selling their assets.

07:39 Rahul attacks PM Modi over NaMo App data sharing, BJP hits back
Congress President Rahul Gandhi attacked Prime Minister Narendra Modi after allegations surfaced that data from his official app was being shared without users' consent, a charge the BJP trashed, reports PTI. He also accused the media of ‘burying’ the story.

His attack on the prime minister was based on a media report in which a French vigilante hacker has purportedly alleged that data was stolen from his official app - NaMo App - without consent of the users. The BJP reacted on Twitter saying, it did not expect ‘any better’ from the Congress chief. It also said the data is used only for analytics using third party service, similar to Google Analytics.

07:29 Keep shouting, don't become anesthetised, Pope tells young people
Pope Francis, starting Holy Week services leading to Easter, urged young people on Sunday to keep shouting and not allow the older generations to silence their voices or anesthetise their idealism, reports Reuters. Francis spoke a day after hundreds of thousands of young Americans and their supporters answered a call to action from survivors of last month’s Florida high school massacre and rallied across the United States to demand tighter gun laws.

07:20 Trump not afraid of a trade war with China: US Treasury Secretary
Despite threats of retaliation from China over US plans to impose tariffs on up to $60 billion in Chinese goods, Treasury Secretary Steve Mnuchin told Fox News that President Donald Trump had no intention of backing down and was not worried about a trade war. “We are going to proceed with our tariffs. We’re working on that,” Mnuchin said. “So, as President Trump said, we’re not afraid of a trade war, but that’s not our objective.”

07:08 US sends China to-do list to cut trade imbalances, says report
The US administration last week sent a letter to Chinese economic overseer Liu He seeking a tariff cut on US autos to help cut China’s trade surplus with the United States, the Wall Street Journal said. In the letter, US Treasury Secretary Steven Mnuchin and US Trade Representative Robert Lighthizer said China should also buy more US semiconductors and give US firms greater access to the Chinese financial sector, the Journal said.