Flyers, know your rights: Cancel flights free of cost within 24 hours

In a major relief to air passengers, flight tickets can now be cancelled free of cost within a day of booking for a journey scheduled within a week. For cancellation after 24 hours, base charge along with fuel surcharge would be charged.
The passenger charter, released by Civil Aviation Minister Suresh Prabhu on Wednesday, gives specific rights to air travellers that would likely make air travel hassle-free. The new charter amended the norms for charges incurred by air travellers on cancellation and rescheduling of air travel, among others. Some of these are mentioned below:

Delay in domestic flights and cancellations
If airlines fail to inform passengers about flight cancellations at least a day in advance, the carriers have to refund the ticket cost in full or provide alternative flights suitable to the passenger. A passenger is also to be compensated Rs 5,000- Rs 10,000 depending on the travel time or one-way base fare plus airline fuel charge, whichever is less. At the time of booking, the airline must clearly indicate the amount of refund money that will be given to the passenger in case of cancellation.
If a domestic flight is expected to be delayed by more than six hours, the airlines would either offer an alternate flight to passengers within that time or refund the entire ticket amount. Airlines must inform passengers of such delays 24 hours in advance. They have to provide free hotel accommodation for a delay of 24 hours or more from the departure time communicated a day ago or a six-hour delay if the scheduled departure was between 8 pm and 3 am.
Over-booking of flights
If a passenger is denied boarding due to over-booking of a flight, the airline is liable to provide an alternate flight within one hour of the original flight's departure.
Only if the airline fails to arrange for an alternate flight, can the passenger demand compensation. In such a scenario, the passenger charter states, the airline can attract a fine of up to Rs 20,000.
Baggage loss
If an airline misplaces baggage, passengers can claim compensation of Rs 350 per kg up to Rs 20,000. This is a significant jump from the current compensation of Rs 3,000.
Missing connectivity flights
If a passenger misses a connecting flight, he/she can claim compensation of Rs 5,000-10,000 depending on the flight duration. However, the ticket must be on the same PNR. This is a new introduction as there is no monetary compensation offered currently for missing connecting flights.
Name correction
Currently, if a passenger has spelt his/her name incorrectly, the correction is considered as a cancellation and additional charges have to be borne by the flyer. Under new norms, passengers can make corrections in their name free of cost within 24 hours of booking the ticket.
However, all the above-mentioned new compensation structure will apply only if it is found that the flight delay or cancellation was caused by the airline concerned.

Infosys says Kiran Mazumdar-Shaw sold 1,600 shares without pre-clearance

Infosys said Thursday its Lead Independent Director Kiran Mazumdar-Shaw had inadvertently through her portfolio management services sold 1,600 shares of the company without obtaining pre-clearance of trade.
Following a review by the audit committee of the company's Board of Directors that determined that there was a violation of the Infosys Insider Trading Policy and the Prohibition of Insider Trading) Regulations, 2015, a penalty of Rs 9.5 lakh has been imposed on Mazumdar-Shaw.

"On February 13, 2019, it was brought to the attention of the Compliance Officer of Infosys Ltd that Kiran Mazumdar-Shaw, Lead Independent Director of the company, had inadvertently, through her portfolio management services, sold 1,600 shares of Infosys Ltd without obtaining pre-clearance of trade," it said in a regulatory filing.
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It added that the transaction occurred when the trading window was open.
"The Trade was carried out by the portfolio manager without the knowledge of Ms Mazumdar-Shaw," it said.
The filing explained that in portfolio management services, the investor does not generally monitor the day-to-day investment decisions and in this case too, Mazumdar-Shaw had given no instruction to conduct the trade.
"... she also had no knowledge of the trade having occurred. The portfolio manager unilaterally took the decision to conduct the trade," it added.
The penalty amount of Rs 9.5 lakh will be payable to a charitable organisation of her choice, the filing noted.

7-Eleven stores to open in India this year, co inks pact with Future Retail

7-Eleven, the world's largest convenience retailer, Thursday signed a master franchise agreement with India's retail major Future Retail to foray into the Indian market.
The agreement is to develop and operate 7-Eleven stores within India.

"The first 7-Eleven convenience store in India is expected to open in 2019. The new master franchisee plans to build 7-Eleven stores as well as convert some of its existing locations to the 7-Eleven brand," the two companies said in a joint statement.
Future Group said 7-Eleven's entry into the country will modernise the small-retail environment and bring greater convenience to shoppers.
"Internationally popular products, beverages, snacks and immediately consumable fresh foods with recipes developed for local tastes will be part of the initial convenience offering," the company added.
"7-Eleven is among the most iconic global brands in the food retail landscape. We are proud to bring this globally trusted convenience store to India and build new pathways together that will offer Indian customers greater convenience and choices, within their own neighbourhood," said Future Group Founder and Group CEO Kishore Biyani said.
The statement added that 7-Eleven will support Future Retail to implement and localise the unique 7-Eleven business model.
India will be the newest country or region where 7-Eleven stores operate.
At present 7-Eleven operates more than 67,000 stores worldwide in countries including the United States, Canada, Mexico, Japan, Thailand, South Korea, Taiwan, China, Hong Kong, Macau, The Philippines, Australia, Singapore, Malaysia, Viet Nam, United Arab Emirates, Norway, Sweden and Denmark.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

SC allows Delhi Police to arrest Amrapali group CMD, 2 directors

The Supreme Court on Thursday allowed Delhi Police to arrest Amrapali group CMD Anil Sharma and two directors forthwith in a criminal complaint filed against them.
The apex court also directed attachment of personal properties of Sharma and other directors.

It said the Economic Offence Wing (EoW) of Delhi Police can also arrest Amrapali directors -- Shiv Priya and Ajay Kumar in the case.
A bench of Justices Arun Mishra and U U Lalit said: "We had never stopped any agency from arresting the directors, who are presently housed at a hotel under the detention of UP police." The court is seized of a batch of petitions filed by home buyers who are seeking possession of around 42,000 flats booked in projects of the Amrapali Group.
The three directors including the CMD were in the custody of UP police till now as per the direction of the apex court in the case filed by home buyers.
Now Delhi Police has been allowed to arrest and interrogate them in a separate case of cheating lodged with its EoW wing.

Jet Airways founder Naresh Goyal agrees to step down as chairman: Report

Jet Airways' founder Naresh Goyal has agreed to step down as chairman of the airline's board, a source with direct knowledge of the matter told Reuters on Thursday, as the cash-strapped Indian carrier inches closer to securing a rescue deal.
Eithad, which owns a 24 percent stake in Jet Airways, is however reticent to provide interim funding of about 7 billion rupees ($99 million) to Jet Airways, the source said. Jet did not immediately respond to a request for comment.

Saddled with a billion dollars in debt, Jet has defaulted on loans and has not paid pilots, leasing firms and suppliers for months. Lessors have grounded more than a dozen of its planes pending payment of dues.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Core sectors' growth slows down to 1.8% in Jan on oil, refinery products

Growth of eight core sectors slowed down to 1.8 per cent in January due to fall in output of crude oil, refinery products and electricity, official data showed Thursday.
Eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had expanded by 6.2 per cent in January 2018.

Production of crude oil, refinery products and electricity contracted by 4.3 per cent, 2.6 per cent and 0.4 per cent, respectively, in January.
Growth rate of coal and cement sectors slowed to 1.7 per cent and 11 per cent in January as against 3.8 per cent and 19.6 per cent in January 2018, respectively.
However, natural gas, fertilisers and steel output grew by 6.2 per cent, 10.5 per cent and 8.2 per cent respectively in the month under review.
Sluggish infrastructure sector growth would also have impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output.
According to the Commerce and Industry Ministry data, during April-January 2018-19, the eight sectors recorded a growth rate of 4.5 per cent against 4.1 per cent in the same period of the previous fiscal.

Pakistan PM Imran Khan says will release IAF Pilot as peace gesture

Pakistan on Thursday announced that it will release an Indian Air Force pilot who was captured on Wednesday after an aerial combat between the two countries’ fighter jets along the Line of Control.
Pakistan Prime Minister Imran Khan said that the release of IAF pilot will be a "peace gesture".

The worst military standoff between the two rival neighbours began on Tuesday when India’s external affairs ministry said the country’s air force jets had launched airstrikes against terrorists inside Pakistan. The target was a camp run by Jaish-e-Mohammed which claimed responsibility for the February 14 suicide car bombing in Pulwama, Kashmir, which killed 40 members of India’s paramilitary CRPF.
On Wednesday, Pakistan claimed it had downed an Indian jet.

GDP growth slows to 5-quarter low of 6.6% in Q3

India's economic growth slowed to a 5-quarter low of 6.6 per cent in October-December period of this fiscal, according to government data released Thursday.
The Gross Domestic Product (GDP) at constant prices (2011-12) had grown at 7.7 per cent in October-December quarter of the previous financial year.

"GDP at Constant (2011-12) Prices in Q3 of 2018-19 is estimated at Rs 35.00 lakh crore, as against Rs 32.85 lakh crore in Q3 of 2017-18, showing a growth rate of 6.6 percent.

"GDP growth rates for Q1 and Q2 of 2018-19 at Constant Prices are 8.0 percent and 7.0 percent respectively," the Central Statistics Office (CSO) said in a statement.
According to the statement, GDP growth during 2018-19 is estimated at 7 per cent as compared to 7.2 per cent in 2017-18.
Earlier last month, the CSO had estimated GDP growth of 7.2 per cent for this fiscal under its first advance estimates.

Commodity arm of Anand Rathi, Geofin Comtrade 'not fit and proper': Sebi

Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday declared the defunct commodity subsidiaries of broking firms Anand Rathi (ARCL) and Geofin Comtrade (formerly Geojit Comtrade) (GCL) “not fit and proper” in relation to the Rs 5,600-crore National Spot Exchange Ltd (NSEL) scam. Earlier, the regulator had last week taken a similar action against the commodity arm of leading equity brokers Motilal Oswal Financial Services and India Infoline.
In two separate orders, Sebi found the commodity arms of ARCL and Geofin guilty of gross violation of provisions of the erstwhile Forward Contract and Regulation Act 1972 (FCRA). After the merger of the commodity markets regulator Forward Markets Commission (FMC) with the Sebi in September 2015, the regulator had issued showcause notices to these brokers seeking to know why they should not be declared “not fit and proper” for their involvement in the NSEL scam.
ALSO READ: Commodity arms of Motilal Oswal, IIFL not 'fit and proper': Sebi
Apart from Sebi, the Central Bureau of Investigation (CBI), Enforcement Directorate (ED) and the Economic Offences Wing of the Mumbai Police (EOW) have been investigating the NSEL case.
“The notices had violated the provisions of FCRA and made false representation of assured/risk-free return, arbitrage opportunity in the spot market by way of paired contracts, making assurances with risk-free returns on assured collateral of commodities. Also, these noticees had done client code modifications with manipulative artifice. Hence, these noticees are not fit and proper person to hold, directly or indirectly, the certificate of registration and therefore, cease to act, directly or indirectly as commodity derivative brokers,” said the Sebi orders.
The regulator ordered that with their involvement in NSEL scam, their reputation has seriously eroded. “Thus, Sebi finds the noticees not fit and proper to be granted registration to operate as the commodity derivatives broker,” the order stated.

ALSO READ: Sebi may finalise surplus funds transfer, cut intermediaries' fees on Mar 1
Interestingly, some of these brokers already shut down their commodity broking firms immediately after the NSEL scam erupted in 2013 and forayed into this business again under the new company name. The new entity has been generating sizeable business in the commodity derivatives markets with the membership of leading commodity exchanges.
ARCL and GCL could not be immediately reached for their comments. Attempts to reach Anand Rathi, chairman of the Anand Rathi Group, did not elicit any response.
Markets sources fear similar actions on the remaining broking firms named by various investigating agencies for their alleged involvement in the NSEL scam.
ALSO READ: Sebi revises minimum haircut for government securities used as collateral
Earlier, the erstwhile regulator FMC had declared NSEL, along with its directors and promoters not “fit and proper person”.
The stock price of Motilal Oswal Financial Services declined in early trade on Tuesday by 1.78 per cent to trade at Rs 589 apiece. Also, the share price of IIFL Holding fell by 3.44 per cent to Rs 349 apiece in early Tuesday trade. The decline in both stocks was the second day in continuation.

Fiscal deficit touches 121.5% of full-year target at Rs 7.70 trn in Jan

Fiscal deficit touched 121.5 per cent of the full-year revised target of Rs 6.34 lakh crore at the end of January on account of lower revenue collections, government data showed on Tuesday.
The fiscal deficit, or the gap between the government's expenditure and revenue, stood at Rs 7.70 lakh crore during April-January of the current financial year ending March.

At the end of January 2018, the deficit was 113.7 per cent of the Revised Estimate (RE).
The government had budgeted to cut the fiscal deficit to 3.3 per cent of GDP or Rs 6.24 lakh crore in 2018-19, from 3.53 per cent in the previous financial year. However, in the Interim Budget 2019-20, the fiscal deficit was revised upwards marginally to 3.4 per cent of GDP or over Rs 6.34 lakh crore, on account of additional outlay of Rs 20,000 crore for funding income scheme for small farmers.
According to the data released by the Controller General of Accounts (CGA), the revenue receipts of the government totalled Rs 11.81 lakh crore or 68.3 per cent of RE till January in 2018-19, compared with 72.8 per cent during the same period last fiscal.
According to RE, the government expects to mop up Rs 17.29 lakh crore revenue during the current fiscal, from Rs 17.25 lakh crore budgeted originally.
Tax revenue was 68.7 per cent of RE, compared with 76.5 per cent in the comparable period of the previous year.
According to the CGA data, the total expenditure of the government at January-end was Rs 20.01 lakh crore or 81.5 per cent of RE. The total expenditure for the current fiscal has been raised to Rs 24.57 lakh crore in the RE, from the budgeted Rs 24.42 lakh crore.

MARKET WRAP: Sensex slips 240 points as IAF strikes Pakistan terror camps

The benchmark indices trimmed most of the morning losses to end lower on Tuesday. In a knee-jerk reaction, the benchmark indices lost ground in intra-day trade, after the Indian Air Force (IAF) on Tuesday destroyed a major terrorist camp in Pakistan.
The S&P BSE Sensex ended at 35,974, down 240 points or 0.66 per cent, while the broader Nifty50 index settled at 10,835, down 45 points or 0.41 per cent. India VIX, a gauge of volatility climbed 11 per cent to 17.04.
The S&P BSE Sensex hit a low of 35,714 levels, while the Nifty50 slipped to 10,729 levels before buying at lower levels aided recovery.
Among sectoral indices, the Nifty PSU Bank index ended 1.55 per cent lower driven by a fall in Orient Bank and Union Bank of India. The Nifty Financial Services, too, settled nearly 1 per cent lower weighed by Edelweiss Financial Services and Max Financial Services.
In the broader market, the S&P BSE MidCap index ended 0.27 per cent, or 38 points lower at 14,192 levels. The S&P BSE SmallCap index, too, lost 0.5 per cent to close at 13,550 levels.

Buzzing Stocks
Shares of Dewan Housing Finance Corporation (DHFL) slipped 8 per cent to Rs 125 apiece on the BSE in early morning trade after rating agency ICRA downgraded the company’s commercial papers (CPs) worth Rs 8,000 crore to ‘A2+’ from ‘A1+’. The stock ended at Rs 130.85, down 4.28 per cent on the BSE.
Shares of Tata Motors ended higher for the 10th straight trading session, up 4.07 per cent at Rs 183 apiece on the BSE, in an otherwise weak market as Tata Sons increased its stake in the company by nearly one percentage points through open market purchases.
Global Markets

Asian shares lost steam on Tuesday after scaling a five-month high as investors waited to see if Washington and Beijing can clinch a trade deal, while the pound advanced on hopes UK Prime Minister Theresa May will delay a Brexit deadline.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.5 per cent from its highest since mid-September as US and Chinese negotiators work to hammer out a deal that would end a protracted tit-for-tat tariff battle. Chinese shares see-sawed between positive and negative territory after a sharp rally the previous day. Japan’s Nikkei stumbled 0.4 per cent as some selling pressure built ahead of the fiscal year-end.
(with Reuters input)
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03:55 PM
MARKET VIEW :: Vishal B Malkan, technical analyst and founder, MalkansView
Historically, these strikes have given a knee-jerk reaction during the first couple of hours of a trading session. Markets tend to bounce-back at the end of the day. These events do the job of weeding out weak hands, thus creating a short squeeze and make way for a rally in the short-term. A similar fate may be in store for this week as well. Stocks to watch out for include Jindal Steel, Ashok Leyland and Tata Motors
03:49 PM
MARKET COMMENT :: Jayant Manglik, President - Retail Distribution, Religare Broking
We expect markets to remain volatile in the near term. On the global front, positive developments on US-China trade deal is good for the global markets, however progress on Brexit deal front, crude oil price and currency movement would be actively tracked by investors. Domestically, geo-political tension between India and Pakistan would keep the markets volatile. Further, India’s Q3FY19 GDP numbers on Thursday would be keenly watched. We advise investors and traders to follow stock specific approach
03:35 PM
Sectoral gainers of the day on NSE
03:34 PM
Gainers and losers of the day on S&P BSE Sensex
03:33 PM
Market at close
The S&P BSE Sensex ended at 35,974, down 240 points or 0.66 per cent, while the broader Nifty50 index settled at 10,835, down 45 points or 0.41 per cent.
03:26 PM
Top losers on BSE500
COMPANY PRICE(RS) CHG(RS) CHG(%) VOLUME
ADANI TRANSMISSI 199.00 -11.55 -5.49 44202
KIOCL 125.55 -6.65 -5.03 4310
UCO BANK 18.20 -0.90 -4.71 107368
SUZLON ENERGY 5.37 -0.26 -4.62 6073526
EDELWEISS.FIN. 140.70 -6.50 -4.42 97734
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03:07 PM
Does the steadily-growing SBI MF have what it takes to bag the top spot?
SBI Mutual Fund has had its share of ups and downs during its nearly 32 years of existence. As the second fund house to set up shop after UTI in 1987, the fund house enjoyed a dream run between 1987 and 1993 piggybacking on the performance of its closed-ended schemes. The entry of private sector players in 1993, however, spoiled the party of public sector-sponsored asset management companies (AMCs), including SBI MF. READ MORE
02:48 PM
Top gainers and losers on S&P BSE Sensex
02:25 PM
Thermax jumps on plan to buy stake in JV company
Thermax rose 3.83% to Rs 998.20 at 13:59 IST on BSE after the company said it will buy out stake in a joint venture company. The announcement was made after market hours yesterday, 25 February 2019. READ MORE
02:06 PM
Motilal Oswal on Infosys
CMP: Rs 755
Target Price: Rs 865
Rating: Buy

In the recent past, onsite centricity, healthy lateral mix, and greater use of sub-contractors are all accompaniments of growth, defying revenue growth as a lever for profitability. But sustained demand should allow the industry to either
(1) pass on the higher cost to clients, or (2) eventually reap the fruits of investing in onsite talent development.

We estimate margin pressure for INFO to bottom out in FY20 between 22.5-23%. Our price target of INR865 discounts forward earnings by 19x, a 10% discount to TCS’ 1-year forward multiple. Maintain Buy.
02:01 PM
Market check
01:49 PM
Prabhudas Lilladher on agrochem industry
Although we don’t rule out growth pangs for another 3-6 months, worst seems to be over for the agrochemical industry. We initiate coverage on the agrochemical sector. Insecticides India (INST) is our top pick with 57% upside; UPLL (Buy) and PI (Accumulate) are structural plays. Sharda Cropchem (SHCR) and Dhanuka Agritech (DAGRI) offers decent upside, but SHCR is sensitive to the raw material supply situation in China and DAGRI’s fortunes are dependent fully on the domestic market. BYRCS remains a structural pick, although returns might be back ended
01:34 PM
Commodity arm of Anand Rathi, Geofin Comtrade 'not fit and proper': Sebi
Markets regulator Securities and Exchange Board of India (Sebi) on Tuesday declared the defunct commodity subsidiaries of broking firms Anand Rathi (ARCL) and Geofin Comtrade (formerly Geojit Comtrade) (GCL) “not fit and proper” in relation to the Rs 5,600-crore National Spot Exchange Ltd (NSEL) scam. Earlier, the regulator had last week taken a similar action against the commodity arm of leading equity brokers Motilal Oswal Financial Services and India Infoline. READ MORE
01:19 PM
Sharda Motor surges 10% on JV with Eberspaecher Exhaust Technology
Shares of Sharda Motor Industries (SMIL) were up 10 per cent to Rs 1,539 apieceon Tuesday, extending its previous day’s 14 per cent rally on the BSE, after the company formed a joint venture with Germany-based Eberspaecher Exhaust Technology International for business development of BS VI norms in commercial vehicle segment in India. READ MORE
12:57 PM
Just In: ICRA revises Titan's debt rating to positive from stable
12:50 PM
Web Exclusive | We see a lot of value in small-and mid-caps: Viraj Mehta, Equirus PMS
Stocks might look volatile currently but if someone's investment horizon is of two-three years, equities should return five - six per cent above inflation, says Viraj Mehta, managing director and fund manager at Equirus PMS, in an interaction with Swati Verma. READ MORE
Viraj Mehta
Viraj Mehta

12:49 PM
Anand Rathi clarifies on Sebi order
We have noted SEBI's order related to ARCL. SEBI has observed that courts and authorities have made serious adverse observations against NSEL and paired contracts. It states that even though such observations (against NSEL) are yet to established in a court of law, but by mere association of ARCL in the capacity of a broker with NSEL, the reputation of ARCL is affected and therefore the certificate of registration has been denied.
We are examining the order and will take necessary legal steps to file appeal against the order. ARCL and its clients and employees are in fact victims of this fraud perpetrated by NSEL. SEBI order rejects the application of registration of ARCL and has no impact on other businesses of the Group
(Source: Company release)
12:47 PM
Kotak Securities on Radico Khaitan
Central Pollution Control Board (CPCB) has made certain observations on zero liquid discharge system of RKL's Rampur plant to improve the environmental conditions. Due to this, CPCB has directed closure of RKL's molasses and country liquor plant at Rampur, UP
We have cut our EPS estimates for FY19E by ~3%, while keeping it unchanged for FY20E. Based on FY19E/FY20E revised EPS of Rs 14.2/18.4, the stock is trading at PE of 26.2/20.2x. We upgrade our rating on the stock to Buy (Vs ADD earlier) after recent correction in the share price, with unchanged target price of Rs 460, valuing the stock at 25x FY20E EPS
12:35 PM
Top gainers on BSE500
COMPANY PRICE(RS) CHG(RS) CHG(%) VOLUME
SWAN ENERGY 129.70 12.85 11.00 199603
KRBL 345.55 28.40 8.95 27827
GREENPLY INDS. 146.90 8.10 5.84 19186
INTELLECT DESIGN 179.30 8.90 5.22 92820
PERSISTENT SYS 626.00 25.10 4.18 25394
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12:18 PM
Tata Motors gains for 10th straight session; stock climbs 19% in two weeks
Shares of Tata Motors were trading higher for the 10th straight trading session, up 2.5 per cent at Rs 181 apiece on the BSE, in an otherwise weak market as Tata Sons increased its stake in the company by nearly one percentage points through open market purchases. The stock of auto major outperformed the market by gaining 19 per cent, as compared 1 per cent decline in the S&P BSE Sensex. READ MORE
12:06 PM
MEA ON BALAKOT AIR STRIKE
"In an intelligence led operation in the early hours of today, India struck the biggest training camp of JeM in Balakot. In this operation, a very large number of JeM terrorists, trainers, senior commanders and groups of jihadis who were being trained for fidayeen action were eliminated. This facility at Balakot was headed by MAULANA YOUSUF AZHAR (alias USTAD GHOURI), the brother-in-law of MASOOD AZHAR, Chief of JeM"
Vijay Gokhale
Vijay Gokhale addresses the media after IAF strike. Photo: ANI
11:55 AM
MARKET CHECK
11:46 AM
Foreign Secy says
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Vijay Gokhale: Large number of JeM terrorists, trainers, senior commanders were eliminated in largest JeM camp in Balakot. Camp was led by Maulana Yusuf Azhar alias Ustad Ghauri, brother in law of JeM Chief Masood Azhar
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11:39 AM - Feb 26, 2019
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11:44 AM
MARKET COMMENT :: G Chokkalingam, founder and managing director at Equinomics Research
Both the nations are sitting on a nuclear bomb and that will act as a war-deterrent. So, I feel both India and Pakistan will reach a compromise and the issue will be resolved soon. In the last three-four decades, we have not witnessed any war from any country which have a nuclear bomb. So, it's not easy to go for a full-fledged war. Rupee, too, is expected to come back to normalcy and hover around 71 levels READ MORE HERE
11:38 AM
Foreign Secretary Vijay Gokhale says
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Foreign Secretary Vijay Gokhale: Credible intelligence was received that Jaish-e-Mohammed was attempting another suicide terror attack in various parts of the country & fidayeen jihadis were being trained for this purpose
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11:34 AM - Feb 26, 2019
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11:37 AM
Foreign Secy says
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Vijay Gokhale: Credible information was received that JeM was attempting other attacks in the country. A pre-emptive strike became important. India struck the biggest camp of JeM in Balakot.
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11:35 AM - Feb 26, 2019
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11:36 AM
Foreign Secy: Selection of target was done so as to avoid civilian casualties
11:36 AM
MARKET COMMENT :: Vinod Nair, head of research, Geojit Financial Services
Political strategists believe that geo-political risk has turned for the worse with a possibility that this calamity can get extended. Market will remain watchful and eagerly assess announcements from both the sides to evaluate further risk
11:35 AM
Large number of terrorists and fidayeen operatives have been eliminated: Foreign Secy
11:34 AM
Foreign Secy: India has struck the biggest training camp of JeM in Balakot

IAF strike in Balakot LIVE: Army, Navy, Air Force Chiefs brief PM Modi

The Indian Air Force (IAF) bombed and destroyed Jaish-e-Mohammed's (JeM) biggest training camp in Pakistan early Tuesday, killing a "very large number" of terrorists, trainers and senior commanders, officials said.

The air strike came in response to the February 14 Pulwama terror attack, which claimed the lives of over 40 Central Reserve Police Forec (CRPF) personnel.

ALSO READ: Indian Air Force jets have crossed LoC, dropped payload in PoK, claims Pak
A dozen Mirage 2000 Indian fighter jets dropped 1,000 kg bombs on terror camps across the Line of Control, the de facto border between the two countries in the disputed Kashmir region, news agency ANI said.

Foreign Secretary Vijay Gokhale said credible intelligence was received that JeM was attempting another suicide terror attack in various parts of the country and fidayeen jihadis were being trained for this purpose, thus, the strike became "absolutely necessary". A very large number of JeM terrorists, trainers, senior commander and Jihadis were eliminated, he said.

Earlier, PM was briefed by Defence Minister Nirmala Sitharaman on the operation. Hours later, Modi chaired a meeting of Cabinet Committee on Security which was attended by Finance Minister Arun Jaitley, External Affairs Minister Sushma Swaraj, Home Minister Rajnath Singh and Sitharaman.

Pakistan's National Security Committee (NSC), after a meeting chaired by PM Imran Khan today, said India has committed uncalled for aggression to which Pakistan shall respond at the time and place of its choosing.

PM Imran Khan asked armed forces and the people to remain "prepared for all eventualities."
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09:18 PM
At all-party meet, leaders laud IAF, assure govt of support in any anti-terror action
Leaders of various political parties on Tuesday congratulated the Indian Air Force for its "clean" pre-dawn operation against a terror camp in Pakistan and assured the government of their support on any anti-terror action by it.

The leaders were speaking at an all-party meeting convened by the government, where External Affairs Minister Sushma Swaraj briefed them about the operation that destroyed Jaish-e-Mohammed's terror training camp in Balakot in Khyber Pakhtunkhwa province of Pakistan.

After Swaraj briefed them, the leaders sounded a word of caution to the government to not lower the guard and watch out for Pakistan's action.

Sources said the leaders of parties also said no jingoistic passions should be aroused after this operation.

09:15 PM
Indian films will not release in Pakistan: Pak govt after Balakot air strikes
The Pakistan government on Tuesday said no film from India will release in the country as it has called for a ban on Indian content after the Indian air force destroyed a terror training camp in Balakot.

The country's information and broadcasting minister Chaudhry Fawad Hussain said the country's film exhibitors association will be boycotting the Indian films.

He also said he has instructed the Pakistan Electronic Media Regulatory Authority (PEMRA) to crack down on "made-in-India advertisements".
09:11 PM
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Acting spox of France's Ministry of Europe & Foreign Affairs: France,which stands by India in the fight against terrorism in all its forms,is fully engaged in mobilising int'l community to sanction terrorists responsible for this attack (Pulwama)&freezing their financing networks

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France's Ministry of Europe&Foreign Affairs: France calls on India&Pak to exercise restraint to avert any risk of military escalation & preserve strategic stability in region. Resumption of dialogue b/w Islamabad-New Delhi necessary to initiate peaceful settlement of differences.
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09:11 PM
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Acting spox of France's Ministry of Europe & Foreign Affairs: France,which stands by India in the fight against terrorism in all its forms,is fully engaged in mobilising int'l community to sanction terrorists responsible for this attack (Pulwama)&freezing their financing networks
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Acting spokesperson of France's Ministry of Europe & Foreign Affairs: France recognises India’s legitimacy to ensure its security against cross-border terrorism and asks Pakistan to put an end to the operations of terrorist groups established on its territory.
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Acting spokesperson of France's Ministry of Europe & Foreign Affairs: France recognises India’s legitimacy to ensure its security against cross-border terrorism and asks Pakistan to put an end to the operations of terrorist groups established on its territory.
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08:51 PM
Chiefs of Army, Navy and Air Force brief PM on security
Chiefs of the three armed forces Tuesday met Prime Minister Narendra Modi to brief him on the security situation following IAF's air strike targeting a JeM terror camp inside Pakistan.

Sources said the chiefs of Army, Navy and Air Force met the prime minister this evening to brief him on the security situation along the border.

The meeting comes against the backdrop of Pakistan threatening retaliation.

Pakistan Prime Minister Imran Khan had held a meeting of the National Security Committee that included the chiefs of all three armed forces.

There, however, was no official word on what transpired in the nearly 30-minute-long meeting.
08:27 PM
PM was up all night monitoring air strike on JeM camp
Prime Minister Narendra Modi was up all night as he monitored the Indian Air Force operation to destroy a Jaish-e-Mohammed terror camp in Pakistan, relaxing only after all the pilots returned safely home, government sources said Tuesday.

The prime minister was in touch with Defence Minister Nirmala Sitharaman, National Security Adviser Ajit Doval and Air Force Chief B.S. Dhanoa before, during and after the operation, the source said.

08:17 PM
Swaraj speaks to counterparts in US, China, Singapore, Bangladesh, Afghanistan: Sources
External Affairs Minister Sushma Swaraj Tuesday spoke to her counterparts in the US, China, Singapore, Bangladesh and Afghanistan and briefed them about the pre-dawn strike on the Jaish-e-Mohammed terrorist training camp in Pakistan, official sources said.

In her telephonic conversation with US Secretary of Mike Pompeo, Swaraj explained the reasons behind the strike and conveyed that the action was specifically targeted at the JeM camp.

She also spoke to Chinese Foreign Minister Wang Yi and apprised him about the "non-military, preemptive air strikes" , the sources said.

They said she also briefed her counterparts from Singapore, Bangladesh and Afghanistan on the strike.

Separately, the Foreign Secretary apprised the envoys of all major countries including from the United States, Russia, China, France and the United Kingdom, the sources said.

Envoys of Sri Lanka, Maldives, Afghanistan, Bhutan, Turkey and Indonesia were also briefed about the air strike.
08:16 PM
Avoid taking action that will pose risk to regional stability: UK tells India, Pak
The UK government Tuesday urged India and Pakistan to avoid taking action that will pose a risk to regional stability and said it was working with international partners to ensure that those responsible for the Pulwama terror attack are held to account.

In its latest statement, the UK Foreign and Commonwealth Office (FCO) said it was engaged in talks with both sides.

"We are concerned by rising tensions. We are encouraging both sides to avoid taking action that will pose a risk to regional stability," an FCO spokesperson said.

"The UK is working closely with international partners, including in the United Nations Security Council, to ensure that those responsible for the Pulwama attack are held to account," the spokesperson said.

Earlier, the FCO said in a statement, UK Foreign Secretary Jeremy Hunt held telephonic conversations with External Affairs Minister Sushma Swaraj and Pakistan Foreign Minister Shah Mehmood Qureshi on Monday.
08:10 PM
Pakistan Army confirms Indian jets dropped 'four bombs'
Pakistan Army confirmed that Indian fighter jets dropped "four bombs" during an operation on Tuesday but downplayed its significance, saying the Indian attack was repulsed and while going back the aircraft "jettisoned their payload."

He claimed that the Indian planes were in Pakistan's airspace for "just 4 minutes" and went back when challenged by the Pakistani aircraft.

Ghafoor said Indian jets first tried to enter Lahore-Sialkot sector, while another formation of jets came close to Okara-Bahawalpur area of international border but found Pakistan air force ready and went back.

"Then a third formation was picked in Muzaffarabad sector which was heavier...It was repulsed, but while going back they jettisoned their payload and four bombs fell in Jabba, near the town of Balakot, causing no casualties or damage," he said.

He asserted that there was no strike but only the payload fell.
07:48 PM
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Choudhary Fawad Hussain, Pakistan I&B Minister: Cinema Exhibitors Association has boycotted Indian content, no Indian movie will be released in Pakistan. Also have instructed PEMRA to act against made in India advertisements. (file pic)
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07:47 PM
India had made it clear that terrorism must be eradicated: VK Singh
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Minister of State for External Affairs VK Singh on India strikes at JeM camp in Balakot: India had made it clear that terrorism must be eradicated, we had given many chances to Pakistan, therefore, India was forced to take action so that these things can be stopped.
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07:28 PM
Pak summons India's diplomat over 'violation of its territorial sovereignty'
Pakistan on Tuesday summoned India's acting High Commissioner here and condemned the "violation of its territorial sovereignty" by Indian fighter jets.

In a statement, the Foreign Office said that at "approximately 02:54 hours (local time), 8 Indian aircraft were effectively intercepted by the Pakistani Air Force jets and forced" to return.

The Indian jets "randomly released their ordinance which landed in an uninhabited remote area," it added.

"The Acting Foreign Secretary summoned the Indian Acting High Commissioner and strongly condemned the Indian violation of Pakistan's sovereignty and territorial integrity," it said.

The Acting Foreign Secretary categorically stated that Indian "aggression was a threat to regional peace and stability and would get a befitting response by Pakistan at a time and place of its choosing."
07:14 PM
Alert sounded in Himachal Pradesh after IAF strike
The Himachal Pradesh police on Tuesday issued an alert for all districts in the state in view of a pre-dawn strike by the Indian Air Force on a Jaish-e-Mohammed (JeM) camp inside Pakistan, an official said.

In view of India's air strike and resultant security scenario, an alert has been issued to all district SPs in Himachal Pradesh to ensure safety of vital installations and also to keep sharp vigil in their respective districts, Himachal Pradesh Police spokesperson and SP (Law and Order) Khushhal Sharma said.

It has also been advised to pay more attention in communally sensitive localities and to ensure safety and security of Kashmiri people living in Himachal Pradesh, he said.
07:04 PM
Pakistan summons India's acting High Commissioner
Pakistan summons India's acting High Commissioner and condemns "violation of its territorial sovereignty" by Indian jets: Foreign Office
06:59 PM
I am happy that all parties in one voice praised the security forces and supported the Govt's anti-terror operations: Swaraj
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#WATCH EAM Sushma Swaraj after all party meeting: I am happy that all parties in one voice praised the security forces and supported the Govt's anti-terror operations.
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06:58 PM
Pak expresses reservation about OIC's invitation to India
Pakistan's Foreign Minister Shah Mahmood Qureshi said on Tuesday that he has spoken to his UAE counterpart and "expressed reservations" about invitation to India's External Affairs Minister Sushma Swaraj to attend the OIC meeting scheduled later this week.

"Aggression has been done against a founding member of the OIC," he said.

Describing the situation following the Indian air strikes as "serious", Qureshi said Prime Minister Imran Khan also had telephonic conversations with UAE Crown Prince Sheikh Mohammed bin Zayed Al Nahyan as well as Saudi Crown Prince Mohammad bin Salman over the development.

India has been invited to the inaugural plenary of the foreign ministers' conclave of the Organisation of Islamic Cooperation (OIC), a powerful grouping of Muslim majority nations, in Abu Dhabi from March 1 to 2. Swaraj will attend the meeting as the 'guest of honour'.
06:53 PM
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EAM Sushma Swaraj after all party meeting: I am happy that all parties in one voice praised the security forces and supported the Govt's anti-terror operations
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06:36 PM
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Maja Kocijancic, European Union Spokesperson: We're following very closely the current developments between India & Pakistan. We remain in contact with both countries & what we believe is essential, is that all exercise maximum restraint and avoid further escalation of tensions.
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06:36 PM
Residents in Pakistan's Balakot thought earthquake jolted them from sleep
Residents in the quake-prone Balakot town in Pakistan's Khyber-Pakhtunkhwa province Tuesday said they were woken by "loud explosions" and thought a fresh tremor must have hit the region when Indian Air Force jets pounded a large terror training camp.

Mohammad Adil, a farmer in Jaba village, said he and his family were woken at about 03:00 by "a huge explosion".

"Then we heard jets flying over. We went to the place in the morning. There was a huge crater and four or five houses were destroyed," he said.
06:34 PM
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Ghulam Nabi Azad, Congress after all-party meet: We have appreciated the efforts by the forces, they always have our support to end terrorism. Another good thing is that it was a clean operation which specifically targeted terrorists and terror camps.
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Punjab Chief Minister Captain Amarinder Singh: State is on alert, I will be touring bordering areas tomorrow. We are ready for any eventuality. I told the Union Home Minister that if there is anything that Punjab can do we are there to for the defence of our country.
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6:26 PM - Feb 26, 2019
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06:32 PM
Western Naval Command on high alert post-air strikes in Pak
The Western Naval Command is on a high alert and "fully prepared" to tackle any eventualities. The Mumbai Police are also on a high alert following the air strikes, an official said.

"After the air strikes carried out by the Indian Air Force (IAF) on a Jaish-e-Mohammed training camp in Pakistan in the early hours on Tuesday, the security agencies have put the city on high alert," the official said.

"The Western Naval Command remains alert 24X7. Now, it is fully prepared to deal with any untoward situation in the wake of the air strikes in Pakistan," he said.

The Western Naval Command, headquartered in Mumbai, is one of the three formations of the Indian Navy.
06:17 PM
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#VISUALS Jammu & Kashmir: Ceasefire violation by Pakistan in the Nowshera sector of Rajouri district. (Visuals deferred by unspecified time)
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06:11 PM
Pakistan also violated ceasefire in Krishna Ghati sector
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#Update Jammu & Kashmir: Pakistan also violated ceasefire in Krishna Ghati sector at 5:30 pm today.
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Jammu & Kashmir: Ceasefire violation by Pakistan in Nowshera sector and Akhnoor sector.
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06:08 PM
Pakistan violates ceasefire in Balakote sector of Poonch
Pakistan violates ceasefire in Balakote sector of Poonch. The Indian army is also retaliating, CNN News18 has reported.
06:08 PM
Ceasefire violation by Pakistan in Mendhar sector of Poonch
Ceasefire violation by Pakistan in Mendhar sector of Poonch has been reported, CNN News18 has reported.
06:00 PM
Fight not with Pak, but with terror establishment: Sushma Swaraj
External Affairs Minister Sushma Swaraj at the all party meeting said "the fight is not with Pakistan, but with terror establishments."

Have spoken to US Secretary of state and many other foreign ministers, NDTV quoted Swaraj as saying.
05:59 PM
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#WATCH Chhattisgarh: ASI GD Ratnakar,211-BN CRPF on IAF strike at JeM camp in Balakot: Jawans are celebrating,they (Pak) have been given a befitting reply,but souls of 40 jawans isn't at peace yet,their souls will rest in peace only after mastermind of #PulwamaAttack is killed...
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#WATCH Pakistan Foreign Minister Shah Mehmood Qureshi says, "...Voices from within (within India) have started to emanate. The statement by Mehbooba Mufti is before you, that the story being presented is the opposite of reality." (Courtesy: Pakistan's PTV News)
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Imran Khan asks Pak to be ready for 'all eventualities' after India strikes

India said its fighter jets destroyed a major terrorist camp in Pakistan in the worst escalation between the nuclear-armed rivals since 2001, in an incident that Islamabad has described as a "grave aggression."
More than 300 people were killed in the air strikes at the camp belonging to terrorist group Jaish-e-Mohammed that has trained suicide bombers, according to an Indian official speaking on condition of anonymity.
Pakistan Prime Minister Imran Khan has directed the armed forces and citizens to "remain prepared for all eventualities."
A statement released from his office today notes Pakistan would respond "at the time and place of its choosing," and rejects India’s claim that it had hit a terror camp or inflicted heavy casualties. "Once again the Indian government has resorted to a self-serving, reckless and fictitious claim," according to the statement.
ALSO READ: IAF strike in Balakot LIVE: India briefs envoys of all major countries
Foreign Secretary Vijay Gokhale said India carried out the strikes in Pakistan following an attack in Kashmir earlier this month in response to intelligence that indicated Jaish-e-Mohammed was planning more attacks.
"In the face of imminent danger, a preemptive strike became absolutely necessary," Gokhale said in New Delhi. "A very large number of JeM terrorists, trainers, senior commanders and groups of jihadis who were being trained for fidayeen action were eliminated."
Coveted Region
Pakistan claims Indian jets intruded across the line of administrative control. India’s benchmark stock index S&P BSE Sensex fell 0.7 percent at close in Mumbai, recovering from a 1.4 percent drop. Across the border Pakistan’s main measure plunged 1.9 percent, the most since Dec. 6. India’s rupee was little changed at 71.03 to a dollar at 3:44 p.m. in Mumbai.

map Photo: Bloomberg
"The last time the Indian Air Force crossed the line of control intentionally and publicly to conduct air strikes was 1971," Vipin Narang, an associate professor of political science at MIT said via email, referring to the last Indo-Pakistan war.
Pakistan Foreign Minister Shah Mahmood Qureshi said at a televised news conference in Islamabad that India violated the line of control. "India has committed aggression against Pakistan today -- I will call it a grave aggression," Qureshi said.
Tense Relations
Relations between the historic arch-rivals has been extremely tense since a suicide car bombing, claimed by the Pakistan-based terrorist group Jaish-e-Mohammed, on Feb. 14 in Kashmir killed 40 members of India’s security forces. Jaish-e-Mohammed is a United Nations designated terrorist group.
It’s the worst escalation since 2001, when Pakistan and India moved ballistic missiles and troops to their border following an attack on parliament in New Delhi that was also blamed on Jaish-e-Mohammad. India and Pakistan have fought three wars since partition and independence in 1947.
ALSO READ: All you need to know about Jaish-e-Mohammad's Balakot camp head Yusuf Azhar
"This is the first time that India has crossed the line of control and from the looks of it, the international border," said G. Parthasarathy, the former Indian High Commissioner in Pakistan. "In 2001, we had deployed the army on our borders but there was no military action."
Prime Minister Narendra Modi, who faces a general election in the coming months, is under enormous pressure after blaming Pakistan for the worst attack on security forces in Kashmir in several decades, and markets reacted after Modi pledged a “befitting reply.”
Islamabad has denied any role in the Feb. 14 attack. Khan vowed to retaliate against India in a televised speech on Feb. 19 if New Delhi launched any sort of military response. Pakistan’s army chief, General Qamar Javed Bajwa, in the past few days visited troops along the “Line of Control” to see their preparedness, according to the military media wing Inter-Services Public Relations.
Indian Air Force planes entered Pakistan at 2:55 a.m. local time on Tuesday for three minutes, according to minister Qureshi. Indian officials said they had deployed 10 aircraft for the mission.
ALSO READ: In pics: People across India celebrate IAF strike on JeM camp in Pakistan
"My gut tells me there will be some form of escalation," Kamran Bokhari, director of Strategy and Programs at Center for Global Policy with the University of Ottawa said by phone. "There is no way Pakistan will not combat. Pakistan will have to strike back. I am not saying this will lead to an all out war but I don’t see that it’s over."
Spy Agency
The Indian Army said on earlier on Feb. 19 that it had killed a Jaish-e-Mohammed leader in Kashmir who was a Pakistani national with links to that country’s Inter-Services Intelligence, or ISI, the main spy agency for the government in Islamabad.
Modi had previously said the country’s defense forces have been given the freedom to respond.
Both India and the U.S. see Pakistan as providing safe haven for terrorist groups and point to the fact that the leadership of groups such as Jaish-e-Mohammed and Lashkar-e-Taiba, which carried out the Mumbai attacks in 2008, still live freely in Pakistan.

Indian Air Force strikes Jaish-e-Mohammad terror camps in Pakistan

Hours after Indian Air Force (IAF) fighter aircraft crossed the Line of Control (LoC) and bombed terrorist camps in Pakistan, India’s foreign secretary, Vijay Gokhale, said this was an “absolutely necessary” attack on the proscribed Jaish-e-Mohammad terrorist group, which was readying for a major terrorist strike in India.
“In an intelligence led operation in the early hours of the day, India struck the biggest training camp of JeM in Balakot. In this operation, a very large number of JeM terrorists, trainers, senior commanders and groups of jihadis who were being trained for fidayeen action were eliminated,” Gokhale said.

Stressing the value of this target, Gokhale stated: “This facility at Balakot was headed by MAULANA YOUSUF AZHAR (alias USTAD GHOURI), the brother-in-law of MASOOD AZHAR, Chief of JeM (capitals in original).”
Qualifying those claims of success, the statement also said: “As the strike has taken place only a short while ago, we are awaiting further details.”
Gokhale made it clear this was a counter-terrorist strike that targeted only the JeM, not the Pakistan military or civilians. “The government of India is firmly and resolutely committed to taking all necessary measures to fight the menace of terrorism. Hence this non-military pre-emptive action was specifically targeted at the JeM camp. The selection of the target was also conditioned by our desire to avoid civilian casualties.”
The Indian air strikes were retaliation for the February 14 suicide bombing of a Central Reserve Police Force convoy in Jammu & Kashmir (J&K) that killed at least 40 troopers. The Pakistan-based terrorist group, Jaish-e-Mohammad, owned credit for the attack and top Indian leaders, including Prime Minister Narendra Modi, vowed revenge.
The retaliatory air strikes, which came before dawn on Tuesday, were the first time since the 1971 Indo-Pakistan war that Indian combat aircraft crossed into Pakistan-held territory. Even during the Kargil war in 1999, when IAF fighters repeatedly struck Pakistan Army soldiers who had crossed into the Indian side of the LOC, great care was taken to ensure Indian aircraft did not violate the Line of Control.
Both sides have signed onto a confidence building measure (CBM) that prohibits fixed wing aircraft from flying within 10 kilometres of the LOC, and helicopters from coming closer than five kilometres without informing the other side beforehand. By disregarding this, the IAF strikes are a stern message to Islamabad.
In the tacit, unwritten understanding between India and Pakistan about action and reaction on the LOC, air strikes constitute a significant escalation, raising the stakes higher than cross-border firing, or a limited crossing of the LOC by ground forces.
In that sense, Tuesday’s air strikes constitute a stronger message than the “surgical strikes” of 28 September 2016, when Indian commandos attacked four terrorist camps across the LOC as retribution for the killing of 19 Indian soldiers by Pakistani militants in the town of Uri, close to the LOC.
Since there are two Balakot towns, confusion remains over which target was struck, and how deep across the LOC it was. One Balakot, across from the Indian town of Poonch in the Jammu region, is less than ten kilometres across the LOC. Another Balakot is in Pakistan’s Khyber Pakhtunkhwa (KPK) province, and striking targets there would involve penetrating some 80 kilometres into Pakistan-controlled territory.
“If this is Balakote in KPK it’s a major incursion & a significant strike by IAF planes. However if it’s Balakote in Poonch sector, along the LoC it’s a largely symbolic strike because at this time of the year forward launch pads & militant camps are empty & non-functional,” tweeted former J&K chief minister, Omar Abdullah.
According to the British Broadcasting Corporation (BBC) correspondent in Pakistan, the IAF air strikes took place at Jaba Top, in Balakot (KPK), where the Hizbul Mujahideen operates a training camp. Local villagers also report hearing explosions in the area, reports the BBC.
This raises serious questions over the capability of Pakistani air defences. Their porousness was first dramatically exposed in the US operation against Osama bin Laden in Abbottabad in 2011. They have now been exposed again by the IAF’s ability to strike 80 kilometres into Pakistan without being intercepted or incurring casualties.
For now, Pakistan is downplaying the air strikes. Three hours after the strikes, Major General Asif Ghafoor, chief of Pakistan’s Inter-Services Public Relations (ISPR) tweeted: “Indian aircraft intruded from Muzafarabad sector. Facing timely and effective response from Pakistan Air Force released payload in haste while escaping which fell near Balakot. No casualties or damage.
At 8:41 a.m., Ghafoor tweeted four photographs of craters in a forested area, with the message: “Payload of hastily escaping Indian aircrafts fell in open”
At 9:59 a.m. Ghafoor tweeted again: “Indian aircrafts’ intrusion across LOC in Muzafarabad Sector within AJ&K (Azad Jammu & Kashmir) was 3-4 miles. Under forced hasty withdrawal aircrafts released payload which had free fall in open area. No infrastructure got hit, no casualties. Technical details and other important information to follow.”
It remains unclear whether Pakistan will stick to denial or launch its own riposte. Business Standard learns the Indian military has been placed on alert, and leave of personnel restricted.

More defaults on cards? Realty cash crunch threatens stressed shadow banks

India’s property developers are finding it hard to borrow money, raising the prospect of a wave of debt defaults from the sector hitting shadow lenders that are trying to survive a funding crunch of their own.
Developers have to repay about Rs 1.29 trillion a year on outstanding debt but generate less than half the amount in income that can be used for repayments, according to an analysis of about 11,000 companies by research firm Liases Foras. Rolling over loans and tapping private-equity funds will be a struggle for all but the established names, like Oberoi Realty Ltd. and Godrej Properties Ltd., said Niraj Rathi, an analyst at India Ratings and Research.
ALSO READ: Explainer: How GST cut on under-construction houses will help home buyers
This drying up of liquidity comes on top of years of sluggish home sales, mounting inventories and falling prices. The difficulties were masked over as non-banks lenders rapidly increased exposure to developer loans not protected by rental revenues in recent years, according to Jefferies Group LLC. They accounted for more than a third of lending to the sector last financial year. Now there’s a risk of a vicious cycle developing between struggling lenders and distressed builders.
“Non-bank financial companies were facing developer defaults for more than 12 months but were brushing them under the carpet," said Vikas Chimakurthy, CEO, Kotak Realty Fund, a $1.5 billion realty-focused private equity fund. “We may start to see some of these issues come to the surface in the next few quarters.”
Already real-estate and allied businesses account for the largest number of cases referred to India’s two-year-old bankruptcy process after a 2016 crackdown on cash, tightened regulations and a new tax damped sentiment. The metropolitan areas around national capital Delhi and financial capital Mumbai have been the hardest hit.Developers in the north have been jailed and home prices in the Mumbai dropped in 2018 for a second year.

ALSO READ: 5% GST without input tax credit on realty favourable for developers
The high-priced pockets of Mumbai are “the epicenter of all problems,” Nirmal Jain, chairman of IIFL Holdings Ltd. said in an interview. Builders may lose a significant part of their equity and some lenders will need haircuts, said Jain, whose company has real-estate exposure of 10 percent of its assets.
Realty Defaults
More defaults will come from the north and west, with fewer likely from the south, said Kumaran Chandrasekaran, a credit fund manager at Sundaram Alternate Assets Ltd. About 10 percent of outstanding loans probably won’t be repaid and 10-15 percent will face delays, he said.
For shadow banks, defaults would raise the risk of a repeat of last year’s funding freeze after investor confidence was rocked by a series of missed payments by a large non-banking financial company, Infrastructure Leasing & Financial Services Ltd.
Developers accounted for 10.7 percent of advances made by non-banks and housing finance companies as of March 2018, compared with 4.4 percent for banks, according to Jefferies. India Ratings, the local unit of Fitch Ratings, has a negative outlook on NBFCs focused on the wholesale lending, large-ticket housing and loans against property.
Builders such as DLF Ltd. and Indiabulls Real Estate Ltd. have responded by selling rent-yielding office assets and land parcels as well as entering development agreements with private equity players. Lodha Developers Ltd. shifted focus to affordable housing, where demand remains strong.
Tax Relief
The sector got a reprieve over the weekend when India reduced the sales tax on unfinished residential buildings and affordable houses from April 1. The cuts are likely to cover 90-95 percent of homes in smaller towns and about a third of projects in big cities.
Some fund managers see an opportunity to bridge the sector’s funding gap, Sundaram Alternate Assets’ Chandrasekaran said, while increased sales will help ease liquidity. “The chance for large-scale default is limited.”
The sector averted crisis in 2008-2009 as there was no supply overhang, according to Pankaj Kapoor, managing director at Liases Foras, which estimates it would now take more than three years to clear inventories in the top eight cities.
“We are reaching an inflection point, home prices will crash,” Kapoor said. “Developers may be able to hold on till this fiscal end, but the situation will worsen.”

Banks can't declare accounts of debt-ridden IL&FS as NPA without NCLAT nod

No bank or financial institution can declare the accounts of debt-ridden IL&FS and its group companies as non-performing assets (NPAs) without NCLAT's permission, the appellate tribunal said on Monday.
A two-member National Company Law Appellate Tribunal (NCLAT) bench, headed by Chairman Justice S J Mukhopadhaya, said that this is done in the interest of IL&FS debt resolution plan.

"No IL&FS or its subsidiaries' account to be declared NPA by any financial institution without approval from NCLAT," the appellate tribunal said.
The tribunal's direction came during the hearing over the government's plan for the resolution of IL&FS group companies.
During the last hearing on February 11, NCLAT had allowed 22 companies of IL&FS group, which were classified in the green category based on their financial health, to service their debt obligations.
Besides, it had also approved the appointment of former Supreme Court judge Justice D K Jain to supervise the resolution process of crisis-hit IL&FS and its group companies.
The appellate tribunal also lifted the moratorium and allowed 133 IL&FS firms incorporated outside India to continue with the resolution process.
IL&FS group companies are classified into three groups -- Green, Amber and Red -- based on their respective financial positions.
The companies falling under green category will continue to meet their payment obligation. While the companies which can not meet their obligations but can meet only operational payment obligations to senior secured financial creditors are classified as amber.
The red category includes those entities which cannot meet their payment obligations towards even senior secured financial creditors.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Adani group forays into airport sector; wins bid to operate 5 airports

Gautam Adani-led Adani Enterprises is the highest bidder for airports in Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Lucknow, according to industry sources aware of the development. The government invited bids for these from private players, to manage them for 50 years.
The aggressive bids made by Adani revealed how eager they were to enter the sector.

For instance, for the Ahmedabad airport, Adani outbid the GMR group by quoting Rs 177 per passenger against the GMR’s Rs 85. For the Lucknow airport, Adani bid Rs 171 per passenger beating AMP Capital’s quote of Rs 139.
The bids were based on the highest monthly fee per passenger that the company would pay the government.
“The Indian aviation sector is growing with the government’s focus on creating world-class airports. For the Adani group, initiatives that contribute to nation building remain a focus area. These airports — lifelines to their respective states — will enable scaling-up of the infrastructure to bring these facilities on a par with global standards,” said an Adani group spokesperson.
The Adani group is also likely to win the bid for the Guwahati airport, for which bids will be opened on Tuesday. The competition for the airport is weak.
Experts said the entry of a conglomerate such as Adani into the sector will mark the start of a new era of competition, as till now, it has been dominated by only two companies — GMR and GVK.
To break this duopoly, the government allowed companies without any prior experience to bid for the projects.
“Till now, the airports sector in India was dominated by a couple of players. The entry of a private player with deep pockets to manage augurs well for the sector,” said Jagannarayan Padmanabhan, director and practice lead, transport and logistics at CRISIL. He added that competition in the sector would increase in the future.
Till now, the group had a large presence in infrastructure and a small presence in aviation. It has an air operators’ permit for Karnavati Aviation and owns an airstrip in Mundra (Gujarat). These have been utilised for its internal logistical need.
Analysts said the group’s interest in the airport sector was inevitable, considering its growth.
An analyst of a brokerage firm tracking the company said a closer look at the choice of businesses will show it has ventured into sector that are also being supported by government policy.
“They have been very ambitious and aggressive in their expansion, and in choosing segments which have demand but need a large capital expenditure and good execution skills. The group has built on it. Airports are a long-term business, which needs huge capital expenditure, and once again has a large focus from the government. Hence, such an aggressive foray is understandable,” the analyst said.
Between FY14 and FY18, the group entered into four new business segments — wind energy, solar manufacturing, power distribution, and aerospace and defence.
“The airports the group has won are well-developed projects, with an assured catchment area as they are mostly in cities with a wealthy middle class. This makes them safe bets, with a steady and growing traffic,” said an executive of an infrastructure company.
For instance, the Ahmedabad airport had a footfall 9.2 million international and domestic passengers in 2017-18, recording a year-on-year growth of 24 per cent.
Some analysts, however, are sceptical about such an aggressive foray due to the company’s high debts.
Industry sources pegged that the total investment in the five projects to be about Rs 13,000 crore. Additionally, according to the rules of the concession agreement, the Adani group has to transfer Rs 3,000 crore, which is the total investment by the Airports Authority of India in the five projects within 90 days.
“Operations of Adani Enterprises have remained working capital intensive over the years. Business expansion has been quick due to massive addition of leverage both in power, transmission business primarily supported by the port business. Addition of the airport business in such a large scale may force the company to borrow more,” another analyst tracking the company said.

Fortis asks Sebi to arrest Singh brothers for failing to repay Rs 400 crore

Fortis Healthcare Ltd petitioned India’s market regulator to arrest its founders after the Singh brothers failed to repay Rs 400 crore ($56 million) that the watchdog had determined they had fraudulently taken out.
The company earlier this month had requested the Securities and Exchange Board of India to use its legal authority to recover the money from Malvinder and Shivinder Singh, said Fortis spokesman Ajey Maharaj. The regulator in October had ordered the Singhs, formerly controlling shareholders, to return the money, plus interest, within three months.

Shivinder Singh declined to immediately provide comment when reached via text message. Malvinder Singh and SEBI spokesman N Hariharan couldn’t be immediately reached through phone and text messages.
The petition deepens the legal jeopardy faced by the ex-billionaire brothers, who have lost much of their corporate empire to debt, and are still being chased by creditors. Lenders seized much of the Singhs’ pledged shareholding in Fortis, the nation’s second-largest hospital chain that is now controlled by IHH Healthcare Bhd.
They are also being pursued in an Indian court by Japanese drugmaker Daiichi Sankyo Co. Ltd. for $500 million to settle a separate fraud case.
The reversal of fortunes has led to family acrimony. Elder brother Malvinder filed a separate police complaint accusing Shivinder and the pair’s spiritual guru of defrauding their family holding company. That came after the brothers’ mother had brokered a truce that caused Shivinder to withdraw a lawsuit against Malvinder alleging “oppression and mismanagement.”

El Nino threat is fading to India's critical monsoon season

India’s southwest monsoon, which waters more than half of the country’s farmland, is likely to be normal this year as odds of an El Nino fade, Skymet Weather Services Pvt. said on Monday.
The probability of normal showers this year is more than 50 percent, Jatin Singh, managing director of the New Delhi-based private forecaster, told reporters in a preliminary forecast. The odds of excess showers or drought are limited, he added.

Rainfall between 96 percent and 104 percent of the long-term average of about 89 centimeters (35 inches) is considered normal, Singh said, adding that rain is likely to be in the lower end of the normal range.
The monsoon is critical to the farm sector as it delivers more than 70 percent of India’s annual rainfall. When there’s too much rain, floods cause landslides and wash crops away and hundreds of people die each year. When there’s too little, families go hungry and power plants go dark. India is the world’s second-biggest producer of rice and wheat, and the top grower of cotton.
The El Nino conditions were on the rise in the Pacific Ocean till the end of December, Singh said. “The temperatures are now declining and the probability of El Nino is also falling."
El Nino, which occurs when the equatorial Pacific surface warms and touches off a reaction in the atmosphere above it, often brings dry weather to parts of Asia and Australia.

EPFO says exempted firms, not staff, to bear losses of investments in IL&FS

The Employees Provident Organisation (EPFO) is reviewing the investments made by companies, managing their own provident fund, towards crisis-hit Infrastructure Leasing & Financial Services (IL&FS).
The EPFO has written to 1,374 companies managing the employees’ provident fund (EPF) accounts of their employees on their own, known as exempted firms, asking them about the exposure towards IL&FS, a top EPFO official said on Monday.

“In any case, employees will not bear any loss. The law says that exempted firms will have to bear the loss due to its bad investments to employees,” the official added. The EPFO is expected to get an update within the next two weeks.
The EPFO’s own investment towards IL&FS stood at Rs 574 crore and it has not reported any default so far, the official said, adding it is ready to take up any kind of legal action in case of non-payment of interest. “We can also move the NCLT [National Company Law Tribunal] in case of default,” he said.
EPFO’s total corpus stands at around Rs 10 trillion, so the investments towards IL&FS are “miniscule”, another EPFO official said.
Earlier, the labour and employment ministry had written to the finance and corporate affairs ministries seeking protection of funds.
EPFO invests the provident fund savings of private sector employees towards debt-related and equity instruments. EPFO, along with the exempted firms, are required to invest 20-45 per cent of its incremental corpus in debt-related instruments, including corporate bonds.
Separately, the EPFO is working towards automatic linkage of provident fund accounts of workers at the time of switching jobs. “We are testing whether accounts can be linked on their own at a time when employers file their returns with the EPFO (known as electronic challan),” the EPFO official said.
At present, an employee has to submit the provident fund details of previous employer with the current employer after switching jobs to bring all the accounts under one umbrella, known as Universal Account Number.

This shipping stock has gained 70% in two months; trades near all-time high

Shares of Seamec hit a 52-week high of Rs 347 apiece, up 7 per cent on the BSE in an otherwise subdued market. In the past two months, the stock of shipping company zoomed 73 per cent from the level of Rs 201, after it reported a strong set of numbers for December 2018 quarter (Q3FY19). In comparison, the S&P BSE Sensex was up 1 per cent during the same period. Seamec is trading close to its all-time high of Rs 385 touched on February 18, 2000, on the BSE in the intra-day deal.
Seamec posted a net profit of Rs 35.87 crore in Q3FY19, on the back of healthy revenue growth. The company posted a net loss of Rs 8.03 crore in the same quarter last fiscal. Operational revenue during the quarter rose 2.6-fold at 98.99 crore against Rs 38.68 crore in the corresponding quarter of previous fiscal.

The board of directors of the company in its meeting held on February 2, 2019, reviewed the status and feasibility of scheme of demerger of EPC and Vessel Division of HAL Offshore into Seamec and decided to withdraw the same, considering that the intended synergies based on which demerger was planned have been diluted and will not be in the best interest of the company and its minority shareholders.
Seamec is engaged in the business, inter alia, of operation of multi-support vessels for underwater / sub-sea engineering services, deep-sea diving, inspection of underwater structures, rescue operations and fire fighting.
“During the global downturn experienced over the last decade, there has been a distinctive mismatch between cost and yield in the oil and gas exploration. The oil majors had made a cautious approach and discouraged their spending on capex. The scenario has positively impacted the later part of the financial year 2017-18 (FY18). Though investment has grown, the opportunities for service providers have not grown in tandem. However, it has raised expectation for sustainable growth in offshore exploration and production activities, thus opened up opportunities for service providers,” Seamec said in FY18 annual report.
In India, ONGC has resumed its investment plan in exploration, production activity and development of existing fields to meet energy security. Thus opportunities cropped up for service providers line of business with great assurance for deployment of vessels, it added.
At 12:18 pm, Seamec was trading 7 per cent higher at Rs 344 on the BSE, as compared to a 0.11 per cent decline in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 49,511 equity shares changing hands on the NSE and BSE so far.

FPIs pour Rs 6,311 cr into domestic capital markets, highest in Feb so far

Foreign investors Friday pumped in a huge net of Rs 6,311 crore into the Indian capital markets, the highest inflow in a single day this month so far, exchange data showed.
According to the latest data from the BSE, foreign portfolio investors (FPIs) bought securities worth Rs 10,437.99 crore and sold securities amounting to Rs 4,126.98 crore, translating into a net inflows of Rs 6,311 crore.

The data includes FPI trading activity on exchanges such as the BSE, the National Stock Exchange and the Metropolitan Stock Exchange of India in the capital market segment, according to the BSE.
The investors had pumped in a net sum of Rs 2,965.66 crore on February 11, the second-highest single-day inflow so far this month.
The Sensex ended marginally lower Friday on losses in banking stocks as investors turned cautious after the minutes of the RBI's latest policy meeting highlighted growth concerns.
The 30-share Sensex settled 26.87 points, or 0.07 per cent, lower at 35,871.48. The Nifty inched up 1.80 points, or 0.01 per cent, to 10,791.65.
Among the 30 stocks on the Sensex, 22 ended in green while only 8 scrips closed in red.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Supply cut likely to raise natural rubber prices in Indian markets

Battered by a sustained decline, three of the world’s leading natural rubber producers – Thailand, Indonesia and Malaysia – have decided to trim supply to help escalate prices in the international markets.
In a meeting of ministers of these countries in Bangkok, the three nations decided to reduce their natural rubber supply to the world by up to 300,000 tonnes. The three nations comprise nearly 90 per cent of the natural rubber production, most of which gets exported to numerous countries, including to India.
The move by the trio is similar to what happens in crude oil production where supply is controlled by the Organization of the Petroleum and Exporting Countries (OPEC), an intergovernmental organization of 14 crude oil producing countries.
The supply control is set to help raise prices of natural rubber, which will ultimately benefit Indian farmers but impact its consumers, including tyre manufacturers.
ALSO READ: Govt regulating import of natural rubber to help growers, says minister
“The decision of the inter-ministerial group of Thailand, Indonesia and Malaysia will benefit all natural rubber producing countries, including India. But, it is yet to be seen as to how effective their monitoring system would be to take control of supply,” said Toms Joseph, joint director (economic affairs), the Rubber Board.
Data compiled by the Rubber Board showed India’s total import of natural rubber at 220,000 tonnes for the period between April and August 2018. During the financial year 2017-18, total natural rubber import was projected at 470,000 tonnes against 426,000 tonnes in the previous year, primarily from the three largest producers.

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Meanwhile, the ministers of the three countries said, “The negative market sentiment and uncertainty in the global economy continued to influence the market, affecting the livelihoods of millions of smallholders in this region. The countries have formed an Agreed Export Tonnage Scheme, (AETS) under the International Tripartite Rubber Council (ITRC), and asked their respective ministers to implement this decision within two weeks.”
Smallholders (private small land holding farmers) contribute nearly 85 per cent of the global natural rubber. The trio has also come out with plans to boost domestic natural rubber consumption. Meanwhile, rubber prices in the international markets remained subdued.

Tea Board to do surprise checks, raid sellers to flush out spurious produce

In a move to keep spurious or sub-standard tea out of the market and improve price realisations for plantations, the Tea Board of India has decided to increase its vigilance on the tea sector. This will also restore the reputation of Indian tea. The action plan include conducting surprise checks and visits or even raid across gardens and sellers once the Board is tipped about sub-standard tea being sold or its inspectors suspects the same. Such tea will be destroyed.
According to A K Ray, deputy chairman at the Tea Board, the minimum selling price of tea cannot be lower than Rs 60 a kilo. If the Board finds out any seller vending tea lower than that price, that will turn out to be an invitation for tea board to make surprise visit and samples of the tea will be taken.

These sample will be sent to Food Safety and Standards Authority of India (FSSAI) for testing on various parameters to establish if it is fit for human consumption.
“In case it fails the FSSAI test, the entire lot of tea, from which the sample was taken, will be seized and destroyed”, Ray, who was previously the additional director general of communication at the Odisha police force before beginning his stint at the Tea Board, told Business Standard. This is for the first time in its history of the past 40 years, tea board is directing compulsory garden and factory closure.
For quite sometime, Indian tea has been facing criticism from the global market over use of pesticides and prohibited chemicals. Exports to USA, till December, fell by 26 per cent with exporters opining that after the US revised its permissible pesticides list to stop “bad tea entering the USA”, a major portion of Indian tea, meant for US exports, stood disqualified for a US entry.
Although this tea got routed to other countries where pesticide and chemical usage norms are more relaxed but it tarnished the goodwill of Indian tea realisations of exporters also fell.
Estimates show, more than 50 million kilo (mkg) of sub-standard tea is sold in north India loose tea market.
Some of the producing companies had appealed to the Board for exemption, either to make white tea or the usual crush, tear, curl (CTC) variant during the mandated garden and factory closure dates, the Board had remained firm in its order.
“For making white tea in the winters, one doesn’t need factory facilities.
The entire idea is to keep the factories in north India closed during the winters so that even if some producers pluck tea leaves in the winters, it can’t be transformed into tea”, Ray said.
After tea leaves are plucked, it is brought to the factory for processing into drinkable tea. White tea on the other hand, isn’t factory processed and is hand-made.
The decision had cost companies like McLeod Russel, the world’s largest tea producer, lose crops and hence revenue and profitability.
Kamal Baheti, director at McLeod Russel said, “The Tea Board had mandated for early closure of gardens which had affected our production. As we lost some crop, the revenues fell”.
McLeod Russel’s net profit fell by 20.59 per cent at Rs. 53.59 crore for the quarter ended December 31, 2018. The same at the similar quarter of the last fiscal year stood at Rs. 67.49 crore. The company’s revenue from operations during the same quarter fell by 16.38 per cent at Rs. 465.22 crore as compared Rs. 556.38 on a year-on-year basis.
On the other hand, the Board’s decision on garden closure has already started reaping benefits.
Prices of Darjeeling tea from the first flush (the season’s first tea) has already gone up by over 40 per cent and producers are getting forward contract enquiries from foreign buyers. A similar success is expected to be reciprocated for Assam tea as well.
Besides, the Tea Board and the Tea Research Association is also using modern digital technology to improve the quality standards of Indian tea.
Stemming the rot
Tea Board to conduct sampling tests across producers and sellers to identify bad tea
Bad tea, unfit for human consumption will be destroyed
Repeated offences might result in punitive action
Such bad tea, in north India alone, accounts for over 50 million kg
It will help firm up prices of standard tea and restore reputation of Indian tea

Huawei Technologies breaks price ceiling with $2,600 folding 5G smartphone

Huawei Technologies unveiled a $2,600 folding smartphone on Sunday which it said was primed for next generation 5G mobile connections, even as the United States campaigns to bar the Chinese company from such networks over security concerns.
Huawei, the world's second-largest smartphone vendor after Samsung, said it had taken the lead on developing phones for 5G - which promise super fast internet speeds for consumers and businesses - because it was also involved in developing the networks.

"This phone is not only for today for 5G but also for future 5G. On all the benchmarks you can see the performance, the speed is the fastest for 5G in the world," said Richard Yu, head of Huawei's consumer business group.
Speaking ahead of the mobile industry's biggest global event, which kicks of on Monday in Barcelona, Yu said the Huawei Mate X will have two back-to-back screens which unfold to become an eight-inch tablet display.
ALSO READ: Huawei to showcase a 5G-ready foldable device at MWC 2019: Watch livestream
Yu said the Mate X would be able to download a 1 gigabyte movie in three seconds but also be priced at 2,299 euros ($2,607) when it goes on sale later this year, setting a new upper limit for consumer smartphones.
Samsung Electronics Co Ltd last week unveiled its own folding smartphone, priced at nearly $2,000, in a bid to top the technology of Apple Inc and Chinese rivals and reignite consumer interest amid slumping sales.
Huawei, which is also the world's biggest producer of telecoms equipment, is under intense scrutiny in the West over U.S.-led allegations of enabling Chinese state espionage, accusations which the company denies.
Huawei's chairman said on Sunday recent comments by U.S. President Donald Trump that the U.S. needed to get ahead in mobile communications through competition rather than seeking to block technology was "clear and correct".

JeM terrorist, DSP rank officer killed in encounter in J&K's Kulgam

A deputy superintendent of police and a Jaish-e-Mohammed (JeM) terrorist were killed in an encounter in Kulgam district of south Kashmir on Sunday, officials said.
The encounter took place in the Turigam area of Kulgam after the police got an intelligence input about the presence of a group of terrorists in the area, they added.

The approaching police party was fired upon, in which Deputy Superintendent of Police (DySP) Aman Thakur got seriously injured in the neck. The officer succumbed to his injuries when he was being flown to the army hospital, the officials said.
One terrorist was also killed in the encounter, but his identity is yet to be ascertained.
A 2011-batch JK Police Services officer and a resident of Doda district in the Jammu region, Thakur was leading the police team from the front in the encounter with JeM terrorists.
Jammu and Kashmir Director General of Police (DGP) Dilbagh Singh said, "It is an unfortunate incident, in which we have lost a brave officer. He was a fighter and he led Sunday's operation himself."
Thakur was posted as the DySP (operation) in Kulgam, a terrorist-infested area of south Kashmir, two years ago and had successfully carried out anti-terror operations in the area.
He was awarded the DGP's Commendation Medal and Certificate for his exemplary service only last month.

GST Council cuts tax on under construction residential houses to 5%

In a big relief to home buyers, the GST Council Sunday slashed tax rates on under-construction housing properties to 5 per cent without input tax credit, from the existing 12 per cent, Finance Minister Arun Jaitley said.
The Council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent and expanded the scope of affordable housing to those costing up to Rs 45 lakh and measuring 60 sq metre in metros and 90 sq metre in non-metro cities.

The new tax rates will come into effect from April 1, 2019.
Currently, the GST is levied at 12 per cent on payments made for under-construction properties or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
However, builders will not be able to claim input tax credit (ITC) under the new GST rates.
"This (GST reduction) decision will certainly give boost to construction sector," Jaitley told reporters.
However, Goods and Services Tax (GST) is not levied on real estate properties for which completion certificate has been issued at the time of sale.
With regard to lotteries, the GST Council, however, deferred its decision with Jaitley saying that the Group of Ministers (GoM) will meet again to discuss the proposal.
Currently, state run lotteries attract 12 per cent GST, while state-authorised ones attract 28 per cent.
The council also altered the definition of affordable housing and said any house built on an area of 60 square metres or less in the metro cities of India will now be categorised as affordable housing, according to the reports.
For non-metro cities, the area would be 90 square metres and below, the news channels said.

Assam hooch tragedy: Death toll rises to 124, over 331 undergoing treatment

The death toll in Assam's hooch tragedy has shot up to 124, while 331 people are undergoing treatment in hospitals, officials said on Sunday.
At least 71 people have died in Jorhat Medical College Hospital (JMCH), where another 272 are under treatment, a senior Health Department official said.

Four more died in Titabor Subdivision Hospital in Jorhat district, he said.
In Golaghat district, the death count was 49, while 59 people are admitted in Golaghat Civil Hospital, the official said.
Some of the deaths at homes have not been reported to authorities, he said.
A large number of labourers of two tea estates of Golaghat and Jorhat districts had fallen ill after drinking spurious liquor on Thursday night and 12 of them had died the same night.
Chief Minister Sarbananda Sonowal and Health Minister Himanta Sarma had on Saturday reviewed the condition of victims undergoing treatment at JMCH.
Sonowal announced a monetary compensation of Rs 2 lakh to the next of kin of the deceased and Rs 50,000 to those who fell ill.
ALSO READ: Assam hooch toll rises, 15 women among 32 dead, over 40 ill; probe ordered
He also ordered an inquiry into the incident by Upper Assam Division Commissioner Julie Sonowal on Friday and directed her to submit the report within a month.
Assam Director General of Police Kuladhar Saikia said 12 persons have been detained in Golaghat for interrogation.
Doctors from Assam Medical College Hospital of Dibrugarh district, Gauhati Medical College Hospital and Tezpur Medical College Hospital in Sonitpur district have been rushed to the Jorhat and Golaghat hospitals to provide medical care, Sarma said.
Besides, the Director of Medical Education Anup Barman, directors of Health, Assam and the National Rural Health Mission will be stationed in Jorhat to supervise and coordinate services being provided to patients, the minister had said on Saturday.
Hospital authorities have also been instructed to provide food for attendants of the hooch victims, besides the mandatory health care facilities and medicines.
This is the second major hooch tragedy in the country within a fortnight. At least 70 people had died in Uttar Pradesh and Uttarakhand after drinking spurious liquor earlier this month.