Like it? Facebook bumps up Groups feature, launches redesigned mobile app

Facebook Inc. unveiled updates to the Groups feature of its main social network, doubling down on a successful but controversial part of the big blue app--and another sign that Facebook is moving toward more private, intimate communication.
The changes, announced Tuesday at the company’s annual F8 conference in San Jose, California, make Groups a bigger part of the Facebook user experience. A new design for the Facebook mobile app highlights the Groups that users have joined, and now shows a personalized feed of activity across all the groups people are part of in a special tab.
Facebook has been pushing more aggressively into groups for the past two years as people shy away from posting things publicly and look for more intimate ways to connect with friends and family. Fast-growing meme and community groups have been a recent bright spot for Facebook amid a series of privacy scandals, and the company is also shifting its focus to deal with its own projections that people are spending less time on its namesake site.
"There are tens of millions of active groups on Facebook," the company said in a statement. "When people find the right one, it often becomes the most meaningful part of how they use Facebook. And today, more than 400 million people on Facebook belong to a group that they find meaningful."
ALSO READ: Dead may outnumber living on Facebook in 50 years: Who will own their data?
Groups, which can be public or private on the social network, can be used to help keep long-distance friends in touch, connect people with similar interests or passions, and organize events. Facebook is also making it easier to discover new Groups based on users’ interests, and will recommend relevant groups to people when they are in other parts of the app, like Marketplace, the Gaming tab and its Watch video service. People will also be able to share content directly to their Groups from the share button on the main News Feed, the same way they do with friends and family, Facebook said.
The company is even rolling out specific features for different types of groups. For example, members in health-related groups can ask the group admin to post on their behalf to better protect their privacy. Facebook is also adding more chat features for groups focused on gaming.
The growth of groups makes it more urgent for Facebook to reckon with the spammers, manipulators and hackers that exploit them to spread misinformation and conspiracy theories, among other things. In special counsel Robert Mueller’s indictment of 13 Russian nationals and three Russian entities for allegedly interfering in the 2016 U.S. election, several Facebook groups were cited as tools to support President Donald Trump’s campaign or oppose Hillary Clinton’s. More recently, Facebook groups have been blamed for amplifying anger and spreading misinformation during violent protests in France. On WhatsApp, an encrypted Facebook messaging service, private groups have been used to spread dangerous misinformation that has led to physical violence and even deaths.

ALSO READ: How a $5 bn fine could turn out to be a 'great Investment' for Facebook
In March, Zuckerberg said Facebook is undertaking a massive overhaul to focus on private, ephemeral and encrypted communication, saying that more people want to interact privately or in more intimate groups -- rather than the open-sharing model he built the company around. The company also aims to integrate Facebook’s different online properties, allowing users to send messages between WhatsApp, Instagram and Facebook Messenger.
Facebook will unveil a slew of other new features on Tuesday. The company’s Dating service is getting a new feature called Secret Crush that lets people "express interest in" up to nine of their Facebook friends. If one of these users has opted into Facebook Dating, they will get a notification saying someone has a crush on them. If that person adds the original admirer to their Secret Crush list, Facebook makes a match -- digitally, at least. Facebook Dating, which was announced at last year’s F8, is still free to users.
Menlo Park, California-based Facebook is also trying to facilitate non-romantic relationships. A “Meet New Friends” feature will make recommendations based on some shared connection — like living in the same city or working at the same company. It’s opt-in, so users will only see other people who are open to meeting new friends, and vice versa, the company said. It will also be integrated into Facebook Groups.
The social network’s e-commerce service, called Marketplace, also got an upgrade. People who sell goods on Marketplace will soon be able to take payment directly through Facebook, including shipping costs, the company said. Today, people who sell goods have to arrange payment outside of Facebook, though they can do so via Facebook’s messaging app, Messenger.
PayPal Holdings Inc. will process payments for purchases made directly inside Marketplace, according to a company spokesperson. That’s the same payments partner Facebook’s Instagram is using to process in-app purchases. Facebook also says it is considering charging sellers a fee for facilitating these deals.
“We are evaluating a selling fee that is in line with competitive platforms to help cover payment processing and programs such as purchase protection,” a spokesperson said.

Patanjali Ayurved's Rs 4,350-crore bid for Ruchi Soya gets lenders nod

The country's leading packaged consumer goods major, Patanjali Ayurved, won the approval to take over edible oil firm Ruchi Soya on Tuesday. The committee of creditors (CoC) of the debt-laden firm voted in favour of Patanjali Ayurved’s Rs 4,350-crore bid.
Patanjali Ayurved spokesperson S K Tijarawala said the Haridwar-based firm was now free to move forward to take over Ruchi Soya. "On Tuesday, the CoC voted in favour of us. A formal intimation is expected tomorrow (Wednesday)," he said. According to sources, around 96 per cent of the voters were in favour of Patanjali.
Ruchi Soya's leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold.
Patanjali's success comes after a failed attempt to acquire Ruchi Soya last year and fierce competition from one of the country's leading edible oil players — Adani Wilmar.
Last year, the edible oil market in India stood at Rs 1.64 trillion — ahead of the second-largest category: Dairy (Rs 1.39 trillion). It is also the fastest-growing category among large packaged food categories. According to Euromonitor International, the edible oil market grew by 21.8 per cent in 2018 and by 25.6 per cent in 2017.
The deal, which is the first major acquisition for Patanjali, is expected to boost the firm's fortunes and place it among the top of the pecking order of branded edible oil players in the country.
This comes at a time when Patanjali is struggling to grow its business at a rapid pace. It grew substantially between 2010 and 2016. Demonetisation of high-value currency notes in late 2016 and advent of the goods and services tax (GST) structure in mid-2017 hampered the firm's operations in large parts of the country. In 2017-18, Patanjali's revenue growth rate, which ranged from 44 per cent to 110 per cent between 2011 and 2016, dropped to less than 14 per cent.
At present, Patanjali is bringing its on-field operations on track by strengthening its presence in general trade by hiring sales personnel in thousands and adding distributors.
ALSO READ: Ruchi Soya: Lenders to vote on Patanjali's Rs 4,350 cr bid next week
Despite the blow suffered during its first attempt to acquire Ruchi Soya last year, Patanjali Ayurved reiterated its intent to buy out the beleaguered edible oil player and brought the CoC back to the drawing board in December 2018.
A top executive from a bank that has lent to Ruchi Soya, said at the time: "If we get a good deal, we will take Patanjali's offer. Adani Wilmar is also willing to let Patanjali buy Ruchi Soya if the latter can match the offer. Prima facie, if the bid is lucrative for bankers, it shouldn't be a problem."

Ruchi Soya came under the hammer when its lenders began an insolvency auction to recover over Rs 9,345 crore worth of loans. In December 2017, the National Company Law Tribunal (NCLT) had referred Ruchi Soya for insolvency proceedings on the application of Standard Chartered Bank and DBS Bank. Shailendra Ajmera was appointed resolution professional (RP) to manage the company's affairs and conduct insolvency proceedings.
ALSO READ: Patanjali files case against 13 firms for illegal export of its products
Patanjali, the lone player left in the contention after the exit of Adani Wilmar, had last month increased its bid value by around Rs 200 crore to Rs 4,350 crore for Ruchi Soya. This excluded capital infusion of Rs 1,700 crore into the company.
Among the financial creditors, State Bank of India has the maximum exposure of around Rs 1,800 crore, followed by Central Bank of India at Rs 816 crore, Punjab National Bank at Rs 743 crore and Standard Chartered Bank at Rs 608 crore.

Elections 2019 LIVE: EC clean chit for PM for 'majority is minority' speech

Lok Sabha Elections 2019: Prime Minister Narendra Modi will address an election rally in Ayodhya district today. This would be Modi’s maiden visit to Ayodhya after he became the Prime Minister. Modi would address a rally at Maya Bazaar, about 25 km from Ayodhya town. Meanwhile, Delhi is set to witness rigorous campaigning from today. CM and Aam Aadmi Party chief Arvind Kejriwal will hold roadshows across seven Lok Sabha constituencies of Delhi from Wednesday under the third phase of the campaign by the party. "Each day, there will be a roadshow by Kejriwal. One will begin from Model Town on Wednesday. Senior party leaders have been assigned constituencies," said AAP leader Gopal Rai said.
ALSO READ: Delhi votes for a party that works, not for celebrities: AAP's Atishi
The BJP's top leadership will also be camped in the city from today onwards for electioneering activities in favour of the party's Lok Sabha candidates. Party chief Amit Shah and Home Union Minister Rajnath Singh will address separate rallies today at DDA Park in Vasant Kunj and Shastri Park respectively. Delhi is set to go to polls on May 12.
Meanwhile, on Tuesday, the Election Commission (EC) gave clean chit to Prime Minister Narendra Modi for speech on Rahul Gandhi contesting from Wayanad. The PM, while addressing a rally in Maharashtra's Wardha on April 1, had said the opposition party was "scared" to field its leaders from constituencies where the majority dominates.
He made the remark in reference to Congress chief Rahul Gandhi's decision to contest from a second Lok Sabha seat Wayanad in Kerala. "The Congress insulted Hindus and the people of the country have decided to punish the party in the election. Leaders of that party are now scared of contesting from constituencies dominated by the majority (Hindu) population. That is why they are forced to take refuge in places where the majority is a minority," Modi had said.
The Congress approached the EC and had sought action against Modi's "divisive" speech. EC, however, said, "Modi's speech didn't violate election laws."
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11:18 AM
Store room security breach in Madurai Lok Sabha seat has eroded public confidence: EC
The Election Commission Tuesday submitted in the Madras High Court that the security breach in the storage room, where poll related documents of Madurai Lok Sabha seat were kept, has eroded public confidence to a significant extent about the fairness of the election process.

"The incident has created a dent and serious apprehension in the minds of public, media, candidates and political parties," Satyabrata Sahoo, Tamil Nadu Chief Electoral Officer said through a counter filed in the plea by CPI-M candidate Su Venkatesan, seeking a probe by a Special Investigation Team.
11:00 AM
NCP chief Sharad Pawar asks Maharashtra govt to improve condition of cattle camps
NCP chief Sharad Pawar on Tuesday demanded that the Maharashtra government better the conditions in cattle camps and increase fodder given to the animals.

After voting for all 48 Lok Sabha seats got over in the state on Monday, Pawar, a former Union Agriculture minister, has begun a tour of drought-affected areas of Solapur and Osmanabad districts.

Visiting a cattle camp in Yalmar Mangewadi in Sangola tehsil on Tuesday, Pawar expressed concern saying support from the state government to farmers and cattle was insufficient.

He demanded that the units of fodder given to cattle in the camp be increased from the present 15 kilogrammes per day.
10:30 AM
Jana Sena Party candidate S P Y Reddy dies after prolonged illness
Sitting MP from Nandyal constituency in Andhra Pradesh S P Y Reddy died after prolonged illness at a private hospital in Hyderabad Tuesday night.
He was 68.

Reddy was hospitalised early this month.

He was elected to the Lok Sabha from Nandyal in 2004 and 2009 as Congress candidate. In 2014, he won the seat as YSR Congress nominee, but jumped into the ruling Telugu Desam soon after the election.

As the TDP leadership denied him the Nandyal ticket this time, Reddy joined the Jana Sena Party and fought the April 11 election from the hospital bed.
08:41 AM
Modi gets clean chit for speech against Rahul
On Tuesday, the Election Commission (EC) gave clean chit to Prime Minister Narendra Modi for speech on Rahul Gandhi contesting from Wayanad. The PM, while addressing a rally in Maharashtra's Wardha on April 1, had said the opposition party was "scared" to field its leaders from constituencies where the majority dominates.
"The Congress insulted Hindus and the people of the country have decided to punish the party in the election. Leaders of that party are now scared of contesting from constituencies dominated by the majority (Hindu) population. That is why they are forced to take refuge in places where the majority is a minority," Modi had said.

Sebi bars NSE from securities market for 6 months in co-location case

The Securities and Exchange Board of India (Sebi) on Tuesday directed the National Stock Exchange (NSE) to disgorge Rs 625 crore, along with interest at 12 per cent per annum since 2014, for lapses at its co-location (colo) facility, which allowed unfair access to certain brokers. The regulator also barred the exchange for a period of six months from accessing the securities market.
The markets regulator also came down heavily on NSE’s former managing directors (MDs) and chief executive officers (CEOs) Ravi Narain and Chitra Ramkrishna, who were at the helm when the exchange servers were exploited. Sebi asked Narain and Ramkrishna to disgorge a fourth of their salaries drawn from FY2010-11 to 2012-13 and for FY2013-14, respectively. It also barred them from associating themselves with a listed company or market intermediary for five years.

Narain's gross remuneration during FY11-13 stood at Rs 24.3 crore, while it was Rs 4.5 crore for Ramkrishna in FY14, show the NSE's annual reports.
A spokesperson for the NSE said the exchange was in the process of examining the Sebi order and would take appropriate steps as may be legally advised. Others impacted by the order couldn’t be reached immediately.
In separate orders, Sebi imposed penalties on brokers OPG Securities, Way2Wealth Brokers, and GKN Securities.
Sebi bars NSE from securities market for 6 months in co-location case
Between June 2010 and March 2014, the NSE had deployed so-called tick-by-tick (TBT) architecture at its colo facility. TBT disseminated data feed sequentially, giving preference to trading members (TM) that had connected first to the colo server. Taking advantage of the system, little-known broker OPG Securities frequently obtained first access to the exchange system in connivance with certain NSE staffers. The issue was brought to light by a whistle-blower, Ken Fong, who sent three complaint letters to Sebi in January, August and October of 2015 following which the regulator initiated multiple probes and forensic audits into the matter.
In a 104-page order, G Mahalingam, whole-time member, Sebi, said, “Even though sufficient evidence is not available before me to conclude that the NSE has committed a fraudulent and unfair trade practice…I find that it is established beyond doubt that the NSE has not exercised the requisite due diligence while putting in place the TBT architecture.”
The order says the failure of the NSE to ensure equal and fair access was in violation of Regulation 41(2) of the SECC Regulations, 2012.
Sebi arrived at the disgorgement amount of Rs 625 crore by computing the profits made by the NSE between FY11 and FY14 from its colo facility. The exchange generated revenue of Rs 811 crore with an average net profit margin of 77 per cent during this period.
“Applying the margin on the NSE’s revenues from co-location facility (excluding rack charges) from 2010-11 to 2013-14, I find that the profit from co-location operation comes to Rs 624.9 crore,” the order says.
In another order, Sebi directed OPG Securities, its MD Sanjay Gupta, three others to disgorge Rs 15.6 crore, with an interest of 12 per cent per annum since April 2014, it made “unlawfully”.
Sebi also barred OPG, Gupta and two other directors from accessing the capital markets for a period of five years and imposed one-year ban from acquiring new clients on the brokerage.
“OPG Securities had made unlawful gains of Rs 15.57 crore, which could not have been made but for the illegal connections made to the secondary POP server, I am inclined to direct disgorgement against the aforesaid TM and its directors in the instant proceedings,” the order says.
The regulator observed that OPG Securities’ market share fell sharply after the NSE deployed multicast TBT broadcast at its colo facility.
In a separate order, Sebi acted against dark fiber connectivity provider Sampark Infotainment, two brokers and exchange officials for facilitating “unauthorised” connectivity. Sebi barred Sampark from providing telecom services to any securities market intermediary. The regulator directed the NSE to deposit another Rs 62.6 crore with interest, Way2Wealth to deposit Rs 15.34 crore with interest, and GKN Securities another Rs 4.9 crore with interest.
All the money will have go to investor protection and education fund (IPEF) within 45 days with 12 per cent interest since September 2015.
Sebi barred Ravi Varanasi from associating with any stock exchange or market intermediary for a period of two years. Varanasi is currently a senior vice president and chief of business development at the exchange.
Sebi order says Way2Wealth and GKN “fraudulently availed of P2P connectivity with the help of an unauthorized telecom service provider (Sampark) at the colo facility of NSE, in a manner to gain undue advantage in terms of low latency and high bandwidth in data transmission as compared to other stock brokers in securities market”.
Sebi has also charged Ajay Shah and his wife Susan Thomas of Indira Gandhi Institute of Development Research (IGIDR), Infotech Financial, Krishna Dagli and NSE’s Suprabhat Lala with governance lapses at the exchange. The regulator said the NSE unfairly awarded Infotech Financial and these individuals a project to calculate liquidity index (Lix).
Sebi directed Shah Infotech Financial, Dagli and Thomas from providing any services to a stock exchange or other market intermediary for a period of two years.
Sebi has also directed the NSE to take necessary legal actions against Shah, Infotech Financial, Thomas and Dagli (directors of Infotech Financial Services) for violating the provisions of the "professional service agreement" signed with Infotech in connection with Lix project and for misuse of data made available to them by the exchange.
Legal experts said most affected by the Sebi orders would appeal before the Securities Appellate Tribunal (SAT).

Co-location case: Our legal counsel is examining Sebi order, says NSE CEO

National Stock Exchange MD & CEO Vikram Limaye spoke to Shrimi Choudhary on the Sebi order cracking the whip on the bourse. Edited excerpts:
What are your views on the order?

Our legal counsel is examining the order and the disgorgement amount levied by Sebi. We will decide the future course of action.
Will the order hurt the NSE’s image?
The Sebi order has been expected for some time now. The order does not affect the exchange or its functioning in any manner, and has no negative implications on its business or market share. Trust in the NSE and the market is rock-solid and will continue to be that way. Investors will not face any disruption and all market segments on the NSE will function normally. The order states that the NSE can’t do any fundraising for six months, which means we need to wait for the IPO for another six months. Other than this, NSE as an institution will continue to function normally. We have done various things from a governance perspective as well as strengthened controls and processes.
What about the order against the NSE’s current employees?
Obviously, that has been spelt out in the Sebi order. There is a separate legal team handling the matter for exchange employees. After examining the whole order, the employees’ counsel will take a call whether they can appeal against the order.

The legend of Yeti: Now, Indian Army claims they spotted its footprints

Is the Nepalese folklore of the Yeti — the ape-like snowman that is way taller than an average human — really true? The Indian Army might like to believe so.
In a tweet put out on Monday night, the Indian Army claimed that its Mountaineering Expedition Team sighted footprints measuring 32x15 inches on April 9 near the Makalu Barun park national park located in Nepal.
"This elusive snowman has only been sighted at Makalu-Barun National Park in the past," it said.

For the first time, an #IndianArmy Moutaineering Expedition Team has sited Mysterious Footprints of mythical beast 'Yeti' measuring 32x15 inches close to Makalu Base Camp on 09 April 2019. This elusive snowman has only been sighted at Makalu-Barun National Park in the past. pic.twitter.com/AMD4MYIgV7
— ADG PI - INDIAN ARMY (@adgpi) April 29, 2019
The tweet soon went viral with some Twitterati asking if the official account of the Indian Army was hacked and this what some sort of prank.
However, this is not the first time where such a claim has been made and later dismissed. In November 2017, a report in the Royal Society journal Proceedings B said that the 'half-human half-snowman' that people have claimed to spot is infact a bear. They even classified the three kind of bears that is likely to be spotted in the Himalayan region — the Asian black bear, the Tibetan brown bear and the Himalayan brown bear.
So, what exactly is a Yeti?
The legend of Yeti — a Sherpa word for 'wild man' — dates back to 1920s. They are said to be gigantic in size, weigh around 100-180 kilograms, and reside at high altitudes where most humans would not prefer living.
Yeti This is a representational image of a Yeti from Shutterstock
Humans have for long been fascinated with these unknown creatures allegedly walking the mountains.
In 1951, renowned British explorer Eric Shipton took a picture of a giant footprint that clearly showed a thumb. The footprint was found on the Menlyung Glacier on the Nepal-Tibet border near Makalu Barun national park.
Throughout the 20th century, the fascination with the Yeti grew stronger. Two expeditions — one that almost included Edmund Hillary — were mounted in the 1950s in search of these creatures.
Debunking the theory, Charlotte Lindqvist, associate professor at the University of Buffalo College of Arts and Sciences, had said: "Our findings strongly suggest that the biological underpinnings of the Yeti legend can be found in local bears. Brown bears roaming the high altitudes of the Tibetan Plateau, and brown bears in the western Himalayan mountains, appear to belong to two separate populations. The split occurred about 650,000 years ago during a period of glaciation," reported AFP.

Iran will continue exporting crude oil despite US pressure, says Rouhani

Iran will continue to export oil despite US pressure aimed at reducing the country's crude shipments to zero, Iranian President Hassan Rouhani said on Tuesday.
"America's decision that Iran's oil exports must reach zero is a wrong and mistaken decision, and we won't let this decision be executed and operational," Rouhani said in a speech broadcast live on state television.
"In future months, the Americans themselves will see that we will continue our oil exports."
Oil prices hit their highest since November in recent days after Washington said all waivers for sanctions-hit Iranian oil would end this week, pressuring importers to stop buying from Tehran and further tightening global supply.
The United States demanded on April 22 that buyers of Iranian oil stop purchases by May 1 or face sanctions, ending six months of waivers that had allowed Iran's eight biggest customers, most of them in Asia, to import limited volumes.
Rouhani said if the United States can block one method for Iran to export oil, Tehran will find other ways to do so.
On Tuesday, National Iranian Oil Co offered 1 million barrels of heavy crude on the Iran Energy Exchange (IRENEX) in an attempt to attract new, private buyers.
Trading in crude oil is state-controlled in Iran, but to try to work around US sanctions, the government last year started selling to private buyers through the exchange.
Fars news agency reported that 70,000 barrels were sold at $60.68 a barrel.
Iran does not reveal the identity of private buyers on the energy exchange because they might be targeted by US penalties.
President Hassan Rouhani called on Iranian workers Tuesday to boost non-oil exports and import substitution, telling them they were "on the front line" against America and its tightening sanctions.

Last year, President Donald Trump reimposed crippling US sanctions after abandoning a landmark nuclear agreement between major powers and Iran.
Last week, his administration announced that from Thursday it would end oil purchase waivers granted to Iran's main customers including China, India and Turkey.
The move has piled new pressure on Iran's reeling economy that the International Monetary Fund was already projecting would shrink by 6.0 percent this year.
Addressing workers in a south Tehran sports complex on the eve of May Day, Rouhani said that boosting Iran's manufacturing output was vital to shore up the value of the rial.
"Whenever you go for self-sufficiency, you have increased the national currency's value and the more you can increase production for exports, you have increased our foreign currency revenue," Rouhani said in the speech broadcast live on state television.
"America's purpose in cutting oil exports is to reduce our foreign currency revenue and the way to counter it is through the production and export of non-oil goods," he added.
According to Iran's economy minister Farhad Dezhpasand, non-oil exports reached USD 40 billion for 2018-19.
That tops Iran's oil revenues projection for 2019-2020 of USD 30 billion.
But despite regulations in place requiring exporters to repatriate profits, only a quarter of non-oil earnings were returned to Iran.
Rouhani vowed that despite the unilateral measures adopted by the United States, Iran would continue to supply oil to its major customers, all three of whom have expressed anger at Washington's attempt to impose its will.

Ness Wadia gets 2-year suspended jail term for possession of drugs: Report

Ness Wadia, chairman of the Bombay Burmah Group and co-owner of Kings XI Punjab cricket team, has been sentenced to a two-year jail term in Japan for drug possession while on a skiing holiday, the Financial Times reported.
Wadia, the eldest son of Nusli Wadia and heir to the 283-year-old Wadia Group, was arrested at a Japanese airport in early March after custom officials found about 25 gm cannabis resin in his trouser pocket.

According to the report, Wadia has admitted to possession, saying that the drug was for his personal use.
"Ness is now back in India. The judgement is clear. It is a suspended sentence. Hence it will not impact Ness Wadia in the discharge of any of his responsibilities and he will continue to play the role that he has done hitherto, both within the Group and outside," said a Wadia group spokesperson.
Wadia spent a period in detention before his indictment on March 20. He was awarded a two-year prison sentence by a district court in Japan. The sentence was suspended for five years.
Wadia also serves as director on the boards of various Wadia Group companies such as Britannia Industries, Bombay Dyeing, GoAir and Wadia Techno Engineering Services.

Supreme Court sets aside merger of 63 Moon Technologies with NSEL

The Supreme Court of India on Tuesday set aside the central government’s decision to merge National Spot Exchange Ltd (NSEL) with Financial Technologies India Limited (FTIL), now known as 63 Moon Technologies Limited, as it was against the Section 396 of Companies Act. Section 396 of the Companies Act deals with the compulsory amalgamation of companies ordered by the central government, in public interest.
A two-judge bench of Justice Rohinton Fali Nariman and Justice Vineet Saran set aside a Bombay High Court judgment which had upheld the central government’s order on amalgamating the two companies. The central government had in 2016 decided to issue a final order for the merger of NSEL with FTIL under Section 396 of the Companies Act, 1956. The government had then said that the merger was being done in public interest.

Following the judgment by the top court, while the company’s Chairman Emeritus and Mentor said that truth had finally prevailed, the company’s chairman Venkat Chary said that justice had finally prevailed.
“The company has been articulating in the past that the merger will serve no purpose for the stakeholders of either NSEL or FTIL, but to benefit only a few people with vested interest. As such our stand has been fully vindicated,” said FTIL’s managing director S Rajendran in a statement.
FTIL, or 63 Moon Technologies as it is now known, is the 99.99 per cent shareholder of NSEL. Of the 99.99 per cent, nearly 45 per cent is held by Jignesh Shah and his family, while the other 43 per cent is held by the public. The remaining 5 per cent is held by institutional investors. On July 31, 2013, NSEL, the subsidiary of FTIL, had defaulted on payments of nearly Rs 5,600 crore to nearly 13,000 investors following which trading on the spot exchange was suspended. NSEL was incorporated in the year 2005 as an electronic trading platform for trading of commodities.

Sebi bars NSE from capital markets for 6 months in co-location scam

The market regulator said on Tuesday the National Stock Exchange (NSE) did not exercise due diligence when putting in place a network that allowed high frequency traders unfair access to some network servers at the exchange.
The Securities and Exchange Board of India (Sebi) barred the NSE from raising money on the securities market directly or indirectly for six months.

Sebi has been investigating allegations that NSE officials provided high frequency traders unfair access through co-location servers placed at the site of exchange, which could speed up algorithmic trading.
It asked two former NSE chief executive officers, Ravi Narain and Chitra Ramkrishna, to "disgorge" 25 per cent of their salaries drawn during a certain period.
Narain and Ramkrishna have been prohibited from "associating with a listed company or a Market Infrastructure Institution or any other market intermediary for a period of five years," Sebi said in a 104-page order.
NSE was asked to pay within 45 days about Rs 624.89 crore with an interest rate of 12 per cent a year effective from April 2014 to the Investor Protection and Education Fund.
(With inputs from PTI and Reuters)

Election outcome uncertainty, earnings: Should you sell in May and go away?

The month of May is traditionally considered bad for equity markets in Europe and the US, as fund managers typically go on a long summer vacation. Back home, the outcome of the ongoing general elections, corporate results, oil prices and rupee level are some of the key factors investors will monitor closely at a time when the indices are trading close to all-time highs.
In the past 10 years (since 2008), the S&P BSE Sensex has given a positive return on seven occasions. In 2009 the index rallied 28 per cent post election when the outcome saw the United Progressive Alliance (UPA) government take charge for the second consecutive term. May 2014 also saw the S&P BSE Sensex gain 8 per cent after Narendra Modi-led National Democratic Alliance (NDA) got an overwhelming mandate post the general elections.

So, should you ‘sell in May and go away?’
Indian markets, experts say, are already pricing in a victory for the Modi-led NDA in the ongoing general elections, albeit with a reduced majority. Given this backdrop, analysts say that long-term investors should stay put in the markets, but should brace for volatility.
“The market has high hopes about some of the structural issues being fixed by the new government post the ongoing general elections. However, the outcome of national elections may be less relevant from the perspective of next-generation reforms even though the election is very material from the perspective of the market,” wrote Sanjeev Prasad, executive director and co-head, Kotak Institutional Equities in a recent co-authored report with Sunita Baldawa and Anindya Bhowmik.
“The outcome of general elections (good or bad versus market expectations) may have limited bearing on state-level reforms. The Indian market seems reasonably confident about the BJP forming the next government, albeit with fewer number of seats,” he added.
Thus far in calendar year 2019 (CY19), markets have rallied over 8 per cent on the back of strong overseas flows.
The sharp run up has made Jayant Manglik, president – retail distribution at Religare Broking, cautious on the road ahead. “We reiterate our cautious view on markets and suggest focusing on trade management. Among the sectoral indices, pharma and information technology (IT) pack look strong, while metal and media counters may continue to underperform,” he says.
At the index level, experts do not rule out a swing of 2 – 3 per cent as the election outcome day nears. At the sectoral level, fast moving consumer goods (FMCG), capital goods and healthcare sectors, Jimeet Modi, founder and chief executive of SAMCO Securities & StockNote, says are mostly likely to trade sideways with very little volatility. On the other hand, realty, mid-cap, auto, metal, power and small-cap, he says, are in a corrective mode and a further downward pressure going ahead cannot be ruled out.
“Investors must not rush into the markets in this indecisive phase and go shopping, not at least till May 23 when the election results come out. A decisive breakout above 11,900 for the Nifty50 will signal resumption of an uptrend. However, in order to protect the long positions, one needs to keep a stop below 11,500 levels, which can take the market much lower if such lower support is broken,” Modi of SAMCO says.
MARKET MAY-HEM
Date Sensex chg (%) Nifty chg (%)
May-08 -5.0 -5.7
May-09 28.3 28.1
May-10 -3.5 -3.6
May-11 -3.3 -3.3
May-12 -6.4 -6.2
May-13 1.3 0.9
May-14 8.0 8.0
May-15 3.0 3.0
May-16 4.15 3.95
May-17 4.10 3.40
May-18 0.46 -0.02
Compiled by BS Research

Setback for Ericsson as NCLAT lets RCom withdraw plea against insolvency

The National Company Law Appellate Tribunal (NCLAT) on Tuesday allowed debt-laden Reliance Communications (RCom) to withdraw its petition challenging the National Company Law Tribunal (NCLT) Mumbai’s decision to initiate insolvency against it. RCom had moved the application to withdraw its challenge to the insolvency order after the board of the company had on February 1 decided that it would file for insolvency as all attempts to revive the company had been unsuccessful.
The board of the company noted that despite the passage of so much time, the lenders had received zero proceeds from the proposed asset monetisation plans and the overall debt resolution process was yet to make any headway.

Following the NCLAT allowing the withdrawal, the insolvency proceedings against RCom will restart in NCLT Mumbai. Ericsson India had in September 2017 moved insolvency petitions against RCom, Reliance Telecom, and Reliance Infratel at the Mumbai Bench of NCLT for failing to pay their dues amounting to nearly Rs 1,500 crore, which was admitted on May 15, 2018. On May 30, 2018, the NCLAT had on an application moved by RCom stayed insolvency proceedings against the company.
RCom had subsequently in NCLAT reached an agreement with Ericsson India to pay Rs 550 crore within 120 days which was September 30, 2018. The NCLAT had then in its order noted that if RCom and its two subsidiaries failed to pay the said amount within the timeline, Ericsson India would be at liberty to revive the insolvency application.
On September 27, 2018, three days before the deadline, RCom and its subsidiaries approached the Supreme Court, seeking an extension to the deadline to pay the amount. In its plea before the top court, RCom had said it needed more time due to the delay in completion of sale of spectrum and other assets. Hearing the matter in October, the apex court had granted RCom and its subsidiaries time till December 15, and made it clear that no further extensions would be granted.
In February, the top court had in its judgment in the petition moved by Ericsson against Anil Ambani and two of his companies for non-payment held that he was guilty of contempt of court. It had then asked directed Ambani, Reliance Telecom Chairman Satish Seth, and Reliance Infratel Chairperson Chhaya Virani to pay Rs 453 crore within four weeks or face a jail term of three months.
While RCom paid the said amount, its move to withdraw the challenge to the insolvency petition brought about by Ericsson India was termed “dishonest” by the latter. The petition, Ericsson India had said, intended to frustrate the orders of the court. The purpose of the application filed by RCom to take the company into "voluntary winding up" is to obtain a moratorium, which would prevent it from making any payments to all creditors, Ericsson India had said.
Ericsson is opposing RCom's move to go for insolvency as it fears that as it is only an operational creditor under the Insolvency and Bankruptcy Code proceedings, it will end up losing the Rs 550 crore it has gotten as per the Supreme Court's orders. The fears of the company were later reaffirmed after the NCLAT had on April 9 observed that Ericsson India may have to refund the entire amount of Rs 550 crore it got from RCom if insolvency proceedings against the latter were allowed to restart.
"Why should one party get it and why should banks suffer? Why should the Indian economy suffer,” a two judge bench headed by Chairman Justice S J Mukhopadhaya had observed, adding that it would either quash RCom’s bankruptcy proceedings in NCLT or allow bankruptcy case to proceed as per law.
RCom had urged NCLAT that the insolvency petition against it should now be allowed to restart since it had purged the Supreme Court's contempt by paying Rs 453 crore to Ericsson India Private Limited. Ericsson India on the other hand opposed this plea and said that the entire insolvency application should now be disposed off since it had already come to an agreement with RCom and received the said money.

UN listing of Azhar as global terrorist will be 'properly resolved': China

China said on Tuesday that "some progress" has been achieved on designating Jaish-e-Mohammed chief Masood Azhar as a global terrorist by the UN and hoped that the vexed issue will be "properly resolved" but refused to give any timeline.
The comments by the Chinese Foreign Ministry spokesman on Tuesday came days after President Xi Jinping met Pakistan Prime Minister Imran Khan here.

China put a technical hold in March on a fresh proposal to impose a ban on the head of Pakistan-based JeM which claimed responsibility for the deadly Pulwama terror attack. It was for the fourth time, China blocked Azhar's listing as a global terrorist by the UN.
"Regarding the listing issue in the 1267 Committee, we have expressed our position many times and I just want to stress two points," Foreign Ministry spokesman Geng Shuang said answering a number of questions on designating Azhar as a global terrorist under the 1267 Al Qaeda Sanctions Committee of the UN Security Council.
"First, we support the listing issue being settled within the 1267 committee through dialogue and consultation and I believe this is the consensus of most members. Second, the relevant consultations are going on within the committee and has achieved some progress. Third, I believe, with the joint efforts of all parties, this issue can be properly resolved," he said at a media briefing here.
"I can only say that I believe that this will be properly resolved," Geng added.
He was responding to questions on the media reports that China has reportedly consented to lift its technical hold on a fresh proposal moved by France, the UK and the US to list Azhar under the 1267 Al Qaeda Sanctions Committee.
The US, the UK and France this time stepped up pressure on Beijing by taking the issue directly to the powerful UN Security Council (UNSC).
Though China can exercise its veto power as a permanent member of the UNSC, Beijing has staunchly opposed the issue to be taken to the apex UN body as it has to publically explain its stand on its reservations to list Azhar, whose group JeM has already been designated as terror outfit by UN, before exercising its veto.
China has accused the US of scuttling progress to resolve the issue by taking it to the UNSC and insisted that it should be resolved at the 1267 Committee whose proceedings are not publicised.
On reports that China would lift its technical hold on May 1, he said, "on the listing issue, China is still working with the relevant parties and we are in contact with all relevant parties within the 1267 Committee and I believe with the joint efforts of all parties, this will be properly resolved." Asked about the recent visit of Indian Foreign Secretary Vijay Gokhale to Beijing during which he held talks with Chinese Foreign Minister Wang Yi as well as New Delhi shared the technical evidence of JeM's involvement in the Pulwama terror attack, Geng reiterated that China is still working with the relevant parties.
"I believe with the joint efforts of all parties, this will be properly resolved," he said.
The efforts to resolve Azhar's listing issue gathered momentum last week with the visit of Imran Khan to Beijing to attend China's 2nd Belt and Road Forum (BRF) which was held here from April 25-27.
During the visit, Khan held talks with Xi, besides meeting Premier Li Keqiang and Vice President Wang Qishan during which India-Pakistan tension following the Pulwama terror attack as well as listing of Azhar reportedly figured.
An official statement of China issued after Xi-Khan meeting on Sunday said the Chinese President had expressed hope that Pakistan and India can meet each other halfway and improve their relations.
Both leaders also exchanged views on the situation in South Asia.
Asked about the outcome of Khan's visit and his talks with the Chinese leaders, Geng said, "I would like to stress that Pakistan is China's 'All Weather Strategic Cooperative Partner'." Both the countries are "Iron Brothers", he said, adding that "we firmly support each other on the issues concerning our core interests. Pakistan is always one of China's diplomatic priorities".
"No matter how the international and regional situation may evolve, we firmly support Pakistan in safeguarding its sovereignty and dignity, independently choosing its development path based on its own conditions, securing a sound external environment and playing a constructive role in international and regional affairs," he said.
"We commend the Pakistani government's and people's efforts in fighting terrorism and extremism and their great endeavours and sacrifices to this end," he said, lauding Pakistan's counter terrorism efforts.
"We call on the international community to fairly and justly see Pakistan's endeavours and contributions in counter terrorism and step up dialogue and cooperation with the country," he said.
China and Pakistan will continue to deepen their high level exchanges and support each other and step up strategic coordination, "make more coordinated efforts in international and regional affairs and deepen our all weather strategic cooperation," he added.

Yes Bank's profitability to remain under strain for 12-18 months: Moody's

Global rating agency Moody’s today said the profitability of private sector Indian lender Yes Bank will remain under strain for the next 12-18 months as it provides for the stressed loans.
The country’s fourth largest lender booked a net loss of Rs 1,500 crore for the quarter ended March 2019, the first financial loss since its inception in 2004. The loss was driven by higher credit costs incurred non-performing loans (NPLs) and the creation of a contingent provision against a pool of identified stressed assets.

Its provision coverage ratio, at 33 per cent of total stressed loans, is significantly lower than the loss-given default experience of other Indian banks. The coverage includes existing provisions for NPLs, provisions for standard assets and contingent provisions for stressed assets, Moody’s said in a statement.
The bank's overall stressed assets are about eight per cent of its gross loans, taking into account this new disclosure. This includes reported NPLs of 3.2 per cent of gross loans, net standard restructured loans and security receipts of 0.8 per cent of gross loans, and the classified BB-and-below rated exposure of about four per cent of gross loans.
The bank is profitable on a full-year basis. Its return on assets was 0.5 per cent in the fiscal year ended March 2019 (FY19) as against 1.4 per cent in fiscal 2018.
Moody’s said There will be near-term weakness. Yet, the change in corporate behaviour under the new bank leadership will be credit positive after the de-risking is complete.
In late January 2019, the bank appointed Ravneet Gill as its managing director and CEO, after the Reserve Bank of India restricted the bank's founder and long-time managing director and CEO, Rana Kapoor's term until January 2019. Ravneet Gill joined as MD & CEO on March 01, 2019.
In the next three years, the bank will slow loan growth to about 20-25 per cent a year, from an average of 34 per cent between fiscal 2014-19, it added.

India's power goals slip out of reach as losses rise to Rs 24,000 crore

Losses by India’s power retailers are set to rise, reversing two years of declines they enjoyed since Prime Minister Narendra Modi’s government unveiled a plan to make the ailing utilities profitable.
Combined losses by state distributors that signed up for the federal government’s reform plan in the first nine months of the fiscal year rose to about Rs 24,000 crore ($3.4 billion), a 62 per cent jump from a year earlier, amid an increase in coal and power costs, according to Ajay Kumar Bhalla, India’s power secretary.

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

India's March infrastructure output grows 4.7% year-on-year: Govt

The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year.
For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- remained flat at 4.3 per cent, official data released Tuesday showed.

Coal generation growth was flat at 9.1 pet cent in March 2019. Natural gas, refinery products, fertiliser, steel and cement sectors recorded positive growth rates.
Crude oil production, however, contracted by 6.2 per cent in March. Electricity generation declined by 1.4 per cent during the month under review.
A fall in production of crude oil and refinery products had dragged the growth of the eight core sectors to 2.1 per cent in February.
The infrastructure sector growth will also have an impact on the Index of Industrial Production (IIP) as these segments account for about 41 per cent of the total factory output.

'What's dark and full of terrors?' The latest episode of 'Game of Thrones'

Indian fans woke up Monday morning to witness 'The Long Night' in "Game of Thrones", which promised a gory battle at Winterfell between the armies of the living and dead, and found the third episode of the hit HBO series' final season to be darker than what Melisandre predicted in her visions.
The latest chapter was billed to have the most action and bloodshed after two consecutive slogging, build-up episodes, now that the White Walkers and wights were a stone's throw away from the gates of the northern stronghold and it was every bit that.

So, imagine the plight of fans unable to figure out 'who died how?' and 'who killed whom?' as the 'Great War' was being fought in abysmally dim lighting.
Majority of the battle takes place at night, so the low light makes sense, but fans complained on social media that even with raging fires all around the castle, they struggled to see the action clearly.
"#Winterfell is dark as f**k! #GameofThrones," a user wrote on Twitter.
"Let's play a game called 'Am I sitting in the dark or watching The Battle of Winterfell' #gameofthrones #got," one wrote.
Some Good Samaritans made light of the situation and asked fellow viewers to adjust the brightness setting of the screens before they start watching the show.
"Public service announcement: Adjust the brightness on your screen. It is dark as f**k during this battle. #GameofThrones," one tweeted.
"The entire episode was DARK ASF. But thank God, Melisandre 'increased the brightness' up for us. #GameOfThrones #BattleForWinterfell," wrote another.
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Another said it would be difficult to give out spoilers this time as no one was sure what was happening.
"GOT spoiler without context. Oh you can't see anything? That's cause the episode was dark af #GameOfThrones," another wrote on the microblogging site.
For a tweeple, the episode, which boasts to be the biggest battle sequence in TV history, was the "most frustrating" one.
"#BattleOfWinterfell #GameOfThrones is the most frustrating episode so far. I CAN'T SEE SH*T. IT'S SO F**KING DARK," the user wrote.
Another complained, "Me squinting trying to see this dark a** battle #gameofthrones."
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According to Insider, Robert McLachlan, a cinematographer who worked on eight "GOT" episodes, said the show is dark because they want to keep the show as "naturalistic" as possible.
The team wanted "to make these sets and locations feel as if they're absolutely not lit by us, but only by Mother Nature or some candles," adding so that it feels "more naturalistic, albeit enhanced in some cases".
A user, however, pointed out that "GOT" was a "fantasy" show, which had dragons and zombies as part of its plot.
"'Game of Thrones' is so dark because they want the lighting to be realistic but considering the show has DRAGONS and ZOMBIES is that REALLY NECESSARY," read the tweet.

Macquarie says its Yes Bank assessment 'all wrong', downgrades stock

Australian brokerage Macquarie said on Monday its assessment of Yes Bank's structured finance business was "all wrong" and downgraded the bank's stock to "underperform".
Macquarie flagged concerns about the fee income and retail franchise of Yes Bank, citing management commentary after the lender reported its first-ever loss of a whopping Rs 1,506-crore for the March quarter under a new management led by Ravneet Gill.

Yes Bank, India's fifth largest private lender, had booked a net income of Rs 1,179 crore in the year-ago period. Rana Kapoor, the bank's managing director and chief executive, was forced out by the Reserve Bank earlier this year for allegedly under-reporting bad loans and for poor governance.
"We must eat the humble pie today and admit we underestimated the risks in structured finance. We got the call wrong," Macquarie said in a note, adding that over the past eight years it had assesses that the bank can thrive in a risky business like structured finance.
The brokerage also announced a double-downgrade of the Yes Bank stock to 'underperform' and slashed the stock price a low Rs 165 over the next 12 months, as against Friday's close of Rs 237.40.
The bank reporting a three-times increase in BB-rated and below accounts despite a higher slippage of Rs 3,408 crore in the quarter is a negative surprise, the brokerage said, adding the sharp decline in fee income due to changes in accounting practices is also a concern.
Moreover, new chief executive Ravneet Gill's revelation that only 30 percent of Yes Bank's 1,100-odd branches are profitable dampens the fundamental view on the bank, the brokerage said.
The Yes Bank team has guided towards a watch-list of Rs 10,000 crore, credit costs of 1.25 percent down from 2.2 percent in FY19 and a 20-25 percent loan growth led by retail and small businesses apart from a 50 percent decline in corporate fee in the next three years, the brokerage explained for its view on its once-top pick stock.
The brokerage said the experience of Axis Bank, where the actual slippages came in at 1.2 times the original guidance, is among the factors making it more nervous in regard to Yes Bank.
A media report Monday had said more analysts expect pressure to mount on the Yes Bank stock Tuesday because of the poor numbers reported Friday.

Lead lender IDBI seeks deadline extension in Jaypee insolvency case

Debt-ridden Jaypee Infratech's lead lender IDBI Monday approached the National Company Law Tribunal (NCLT) seeking extension of insolvency proceedings beyond the May 6 deadline as the process is still underway to find a buyer for the Jaypee group's realty firm.
The bank has approached the Allahabad bench of the NCLT court to extend the Corporate Insolvency Resolution Process (CIRP) as the deadline expires on May 6, sources said.

The NCLT has posted the matter on May 6 for the next hearing.
Earlier, the NCLT had granted extension to the lenders and Interim Resolution Professional Anuj Jain to complete the CIRP.
On January 28, the NCLT had extended the period of the CIRP by another 90 days as 180 days mandated under the Insolvency and Bankruptcy Code (IBC) was coming to an end on February 5, 2019.
Under the IBC, a resolution process has to be completed under 180 days with a further extension of 90 days to 270 days.
And if the company fails to complete the CIRP within the mandated 270 days, then the company goes for liquidation.
According to sources, IDBI requested the tribunal to deduct the litigation period at several judicial forums, which includes the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court.
IDBI's plea was supported by the representative of the home buyers, who have also got the status of financial creditors after amendments in the IBC.
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However, the promoters of Jaypee Infratech have opposed any move to extend the resolution period.
In 2017, the NCLT admitted the application by an IDBI Bank-led consortium seeking resolution of Jaypee Infratech.
In the first round of insolvency proceedings, the Rs 7,350 crore bid of Lakshdeep, part of Suraksha group, was rejected by lenders as it was found to be substantially lower than the company's net worth and assets.
In October 2018, the resolution professional started a fresh initiative to revive Jaypee Infratech on the NCLT's direction.
Jaypee Group's flagship firm Jaiprakash Associates Ltd (JAL) had submitted Rs 750 crore in the registry of the Supreme Court for the refund to buyers and the amount is lying with the NCLT. Jaypee Infratech is a subsidiary of JAL.
Lenders and home buyers would vote on April 30 on the bid of Suraksha Realty-led consortium, as it is only buyer left in the fray after bankers rejected the bid of state-owned NBCC.

Nepal's clean-up drive picks pace, 3K-kg garbage collected from Mt Everest

A total of 3,000 kilogrammes of solid waste has been collected from Mt Everest since April 14 when Nepal launched an ambitious clean-up campaign aimed at bringing back tonnes of trash from the world's highest peak, which has lately turned into a "garbage dump".
The 45-day 'Everest Cleaning Campaign', led by Solukhumbu district's Khumbu Pasanglhamu Rural Municipality began on April 14 with the Nepali new year and aims to collect nearly 10,000 kilogrammes of garbage from Mt Everest.

Dandu Raj Ghimire, Director General of Department of Tourism, informed at a press conference on Sunday that of the 3,000-kilogramme garbage collected so far, 2,000 kilogrammes had been sent to Okhaldhunga while the remaining 1,000 kilogrammes were brought to Kathmandu using Nepali Army helicopters for disposal.
"Our team has now reached the Everest Base Camp for the cleaning campaign. All the necessary things including food, water and shelter have already been arranged there," Ghimire was quoted as saying by The Himalayan Times.
"Under this campaign we will be collecting around 5,000-kg of garbage from Base Camp area, while 2,000-kg of garbage will be collected from the South Col region and around 3,000-kg will be collected from Camp II and Camp III area," he said.
Ghimire said the team will also bring down dead bodies from the Everest if they are able to locate any.
This is the first time ever that all stakeholders have come together to clean up the world's highest peak, Ghimire said.
The team has located four bodies while cleaning the Base Camp.
Ghimire said the Tourism Department estimates that around 23 million Nepalese rupees will be spent for the campaign.
The d has estimated that at least 500 foreign climbers and over 1,000 climbing support staff will visit higher camps of Mt Everest this season as they prepare to scale the world's highest peak as well as Mt Lhotse, the fourth tallest mountain, the report said.
Every year, hundreds of climbers, Sherpas and high altitude porters make their way to Everest, leaving behind tonnes of both biodegradable and non-biodegradable waste - including empty oxygen canisters, kitchen waste, beer bottles and faecal matter - on the highest peak, which has lately acquired notoriety as the "world's highest garbage dump".
"Our goal is to extract as much waste as possible from Everest so as to restore glory to the mountain. Everest is not just the crown of the world, but our pride," Ghimire told reporters in Kathmandu.
There have been attempts in the past to clean up Everest, including a 2014 government-mandated provision making it mandatory for every climber to come down the peak with at least 8-kilogramme of garbage - the amount of trash estimated to be produced by one climber.
"If only climbers brought back their own waste, it would greatly help keep Everest clean. It's not about the 8-kg waste, but bringing back the waste they produce," Ghimire was quoted as saying by The Kathmandu Post.
"Everything on Everest, other than rock and snow, will be brought back. The goal is to send the message that we should keep this mountain pollution free," said Tika Ram Gurung, secretary of the Nepal Mountaineering Association.
The month-and-a-half clean-up campaign is supported by a number of governmental and non-governmental agencies.
The campaign will conclude on May 29, the day marked every year to commemorate the first summit of Everest by Edmund Hillary and Tenzing Norgay in 1953.
The collected waste will then be "showcased" in Namche town, before being ferried down to Kathmandu, where it will once again be showcased on World Environment Day on June 5.
After that, it will finally be sent out for recycling.

Milkbasket raises Rs 20 crore funding from Sachin Bansal's BAC Aquisition

E-commerce marketplace Flipkart founder Sachin Bansal's firm BACQ has granted Rs 20 crore investment to daily grocery delivery service Milkbasket for a period of three years.
"We are excited to have Sachin Bansal and BACQ on board. We have raised venture debt of Rs 20 crore for period of three years from BACQ," Anant Goel, Co-founder and CEO of Milkbasket said.

Milkbasket has raised close to $16 million (about Rs 111 crore) from Mayfield Advisors, Beenext, Kalaari Capital, Unilever Ventures, Lenovo and Blume Ventures. It recently acquired Veggie India to further deepen its footprints in Delhi-NCR.
"The venture debt will be used for investment in automation. We will also use it to facilitate our expansion in two more cities," Goel said.
Launched in 2015, Milkbasket delivers groceries, including branded milk, fruits and vegetables, in Noida, Bengaluru and Gurugram..

Zomato to invest Rs 56 crore to set up 20 warehouses by 2020

Online restaurant guide and food ordering firm Zomato Monday said it will invest around Rs 56 crore to set up 20 more warehouses across the country by the end of 2020 under its B2B platform, Hyperpure.
The company currently has two warehouses -- one each in Bengaluru and Delhi -- with a combined capacity of 9,000 metric ton (MT) per month.

"We will be adding 20 more warehouses by end of 2020 across the country. To set up a hyperpure warehouse, the approximate investment is USD 400,000 (about Rs 2.8 crore). There is a separate cost for operationalising and scaling up," Zomato Co-founder and COO Gaurav Gupta told PTI.
With Hyperpure, the company has been able to disintermediate the supply chain, providing restaurateurs access to fresh, clean, fully-traceable food ingredients, he added.
The company Wednesday launched its 40,000-sq ft warehouse in Delhi which is designed to supply 5,000 MT capacity per month and is equipped to serve 3,000 restaurants every day.
With setting up of 20 more warehouses across 18 cities, the company is targeting a combined capacity of 90,000 MT and 700,000 sq ft, Hyperpure founder Dhruv Sawhney said.
The warehouses would be set up in Delhi, Bengaluru, Mumbai, Pune, Chennai, Hyderabad, Kolkata, Jaipur, Ahmedabad, Chandigarh, Nagpur, Lucknow, Vadodara, Coimbatore, Kochi, Agra, Goa and Surat, he added.
Zomato is also planning to launch its warehouses in international markets, he added.
When asked about the timeline and the countries earmarked for launch of international operations, Sawhney said: "It would be in the markets Zomato is present." He, however, did not provide any timeline or the name of the country for the international foray.
Previously know as WOTU, Hyperpure was launched in August 2018 to supply fresh ingredients to restaurants. It is a B2B platform for supplying food ingredients to hotels, restaurants and caterers.
Hyperpure works directly with a large network of farmers, mills, producers and processors, and builds and monitors relationships with the source of each of its products.
Founded by Deepinder Goyal, Zomato is a restaurant review, restaurant discovery, food delivery and dining out transactions platform providing information for over 1.4 million restaurants across 24 countries.

Global military spending at new post-Cold War high, fueled by US, China

Global military expenditure reached its highest level last year since the end of the Cold War, fueled by increased spending in the United States and China, the world's two biggest economies, a leading defence think-tank said on Monday.
In its annual report, the Stockholm International Peace Research Institute (SIPRI) said overall global military spending in 2018 hit $1.82 trillion, up 2.6 percent on the previous year.

That is the highest figure since 1988, when such data first became available as the Cold War began winding down.
US military spending rose 4.6 percent last year to reach $649 billion, leaving it still by far the world's biggest spender. It accounted for 36 percent of total global military expenditure, nearly equal to the following eight biggest-spending countries combined, SIPRI said.
China, the second biggest spender, saw military expenditure rise 5.0 percent to $250 billion last year, the 24th consecutive annual increase.
"In 2018 the USA and China accounted for half of the world's military spending," Nan Tian, a researcher with the SIPRI Arms and Military Expenditure (AMEX) programme, said.
With President Donald Trump committed to strong national defence despite reducing US troops numbers in conflict zones such as Afghanistan, 2018 marked the first increase in U.S.
military spending since 2010, SIPRI said. His defence spending request to Congress this year is the largest ever in dollar terms before adjustment for inflation.
"The increase in U.S. spending was driven by the implementation from 2017 of new arms procurement programmes under the Trump administration," Aude Fleurant, the director of the SIPRI AMEX programme, said in a statement.
The other top spenders are, in declining order, Saudi Arabia, India, France, Russia, Britain, Germany, Japan and South Korea. Saudi Arabia, which is leading a military coalition battling Iran-aligned Houthis in Yemen, was the biggest per capita spender on defence, just ahead of the United States.
NATO TARGET
Trump has criticised some of Washington's NATO allies in Europe, especially Germany, for failing to meet the alliance's spending target of 2 percent of gross domestic product.
SIPRI data showed military spending equalled 1.2 percent of GDP in Germany - Europe's largest economy - last year, based on GDP estimates for 2018 from the International Monetary Fund.
Britain and France, the two other largest economies in Europe, spent 1.8 percent and 2.3 percent of GDP respectively on defence in 2018.
Military expenditure by all 29 NATO members amounted to just over half of global spending, SIPRI added Russia, which flexed its military muscles with its 2014 annexation of Ukraine's Crimea region and intervention in the Syrian conflict, dropped out of the list of the top five spenders in 2018 following an annual decline of 3.5 percent.
Despite a sustained drive to upgrade and modernise Russia's armed forces, President Vladimir Putin has had to tighten purse strings following a sharp decline in global oil prices and the need to prioritise some domestic spending programmes.
Russian spending recorded its first annual decline in nearly two decades in 2017, with a fall of 20 percent in real terms, SIPRI estimates released last year showed.

Crackdown on restaurants coming after customers catch them cheating on GST

Authorities plan to crack down on small restaurants and B2C companies after customers using a phone app complained that the businesses were charging GST but not depositing the tax with the government.
The app called Iris Peridot allows people to scan unique GST Identification Number (GSTIN) of a business and find out if it had filed returns.

Businesses with an annual turnover of up to Rs 1.50 crore can opt for the GST composition scheme and file returns quarterly. Under the composition scheme, traders and manufacturers pay 1 per cent GST on their turnover, while restaurants and service providers pay 5 per cent and 6 per cent taxes respectively.
However, businesses using the scheme cannot to charge GST from consumers.
"We have received several complaints from consumers with regard to charging of GST by entities who have not been filing returns. Some customers have also flagged the issue of charging of GST by small local restaurants who otherwise would be under the composition scheme," an official told PTI.
As the number of complaints is very large, the tax department is developing a mechanism to find out the quantum of possible tax evasion and refer them to field offices for follow-up actions.
"In absence of sufficient manpower to deal with such huge number of complaints with relatively small tax implication, it has become an administrative nightmare for the department," the official said, adding similar complaints have also started coming in against small B2C entities dealing in hardware, sanitary ware, furniture, electrical goods.
PwC India Partner and Leader (Indirect Tax) Pratik Jain said tax evasion at B2C level remains a big concern for the government.
"To achieve over 20 per cent projected growth in GST collection in current fiscal, it's important that evasion in B2C segment significantly reduces. Governments across the globe are trying to find ways to incentivise consumers to help in creating a more compliant eco-system, which we need to explore as well. Also the tax policy should be aligned to check tax evasion," Jain said.
Jain further said restricting input credits for restaurants and real estate sector may disincentivise the businesses to come in the tax chain and such policies need to be carefully reviewed.
EY Tax Partner Abhishek Jain said "with a significant growth in GST collections envisaged in this Financial Year, the focus of the government would be to plug GST leakages".
For 2019-20, the government proposes to collect Rs 6.10 lakh crore from Central GST and Rs 1.01 lakh crore as compensation cess. The Integrated GST balance has been pegged at Rs 50,000 crore.
The Central GST collection in 2018-19 fiscal was Rs 4.25 lakh crore, while compensation cess was over Rs 97,000 crore.

Five of the six IPOs launched this year yielding returns of up to 21%

A majority of the newly-listed companies are trading well above their issue price, giving investors returns of up to 21 per cent this year.
Since the start of 2019, as many as six companies have got listed on the bourses. Of this, five firms are trading above their issue price, fixed after their initial public offerings, as per an analysis of the performance of the new listings showed.

Among the new entrants, Rail Vikas Nigam Limited, which got listed on April 11, has seen the biggest rally in its scrip, which jumped 21.31 per cent from its initial public offer (IPO) price on the NSE.
Wires and cables manufacturer Polycab India, whose scrip debuted on April 16, zoomed 19.94 per cent as compared to its issue price.
The scrip of Chalet Hotels climbed 14.64 per cent and those of Xelpmoc Design and Tech Limited rose by 7.57 per cent against the price at which they had issued shares to investors. Both the companies had made their market debut earlier in February this year.
Xelpmoc Design and Tech Ltd is a provider of professional and technical consulting services, offering technology services and end-to-end technology solutions and support.
Market analysts said that price band of the offers as also the overall trend in market play key role in the success of isssue.
Besides, the scrip of Metropolis Healthcare gained 6.82 per cent from its issue price after getting listed on April 15.
MSTC is the only firm to take a hit in its share price, falling 11.66 per cent since its listing on March 29. MSTC's initial share sale was extended and also its price band was revised.

Meanwhile, Neogen Chemicals, which concluded its initial public offer on Friday, is yet to list its shares on the bourses.
In the broader market, the NSE Nifty has zoomed 8.23 per cent so far this year.

Delhi HC rejects plea to bar media from publishing allegations against CJI

The Delhi High Court on Monday dismissed a plea seeking to restrain the media from publishing allegations of sexual harassment against Chief Justice of India Ranjan Gogoi by a former Supreme Court employee.
A bench headed by Chief Justice Rajendra Menon said the top court is already seized of the matter and no interference was needed.

The plea, filed by NGO Anti Corruption Council of India, had said publication of allegations against the CJI directly hit the Indian judicial system.
The petition had sought immediate restriction on the media from further telecasting or publishing the allegations till conclusion of the three-judge panel's inquiry.
The allegations levelled by the former woman employee of the Supreme Court are being enquired into by a three-judge panel of the apex court which held its first proceeding on Friday last.

Pakistan says it's on the road to major change, but the world is sceptical

Something very significant is under way in Pakistan, the government in Islamabad would like you to believe.
A small group of foreign journalists, Reuters correspondents included, was given Pakistan's new narrative by Prime Minister Imran Khan, its army chief General Qamar Javed Bajwa, and other top government officials and generals during a visit to the country earlier this month.

Some of the comments of the officials were for publication, others were not, but the message remained consistent.
In summary, Pakistan says it is tired of conflict, opposed to extremism, open for peace talks and clamping down on corruption. It also insists it is run by politicians, with the military partnering rather than dominating.
That all sounds good. There is just one problem - around much of the world many with a close understanding of the situation remain highly sceptical.
In New Delhi, the view even beyond the more hawkish elements in Indian Prime Minister Narendra Modi's government is that the world has seen and heard these kinds of promises before, only for Pakistan-backed Islamist groups to attack India. That is just what India says happened on Feb. 14, when a suicide bombing killed 40 paramilitary police in India-controlled Kashmir and brought the two nuclear powers close to war.
This was underlined by comments to Reuters from Indian foreign ministry spokesman Raveesh Kumar for this article.
"Pakistan should take immediate, credible, irreversible and verifiable action against terrorists and terror organisations operating from territories under its control," he said.
"Pakistan follows an identical script after every terror attack in India where 'action' is taken to deflect the international pressure before returning to the normal situation of providing support and sanctuary to terror groups in the territories under their control."
Certainly, Pakistan's positive talk has no chance of resonating in India while Modi's ruling Hindu nationalist Bharatiya Janata Party continues to stir up patriotic fervour during the nation's 39-day general election, which ends May 19. Votes are counted May 23.
NEEDING FRIENDS
Islamabad urgently needs friends.
Pakistani officials say India has been lobbying to get it put on the blacklist of the Financial Action Task Force, which monitors whether countries are doing enough to prevent money laundering and terrorism financing. If that happened it could lead to sanctions, cripple Pakistan's banking relations and badly hurt its trade.
The country is also close to securing its 13th bailout by the International Monetary Fund since the 1980s as it tries to tackle large budget and current account deficits, and faces a soaring inflation rate triggered by high oil prices and a weak Pakistani rupee.
But Pakistani officials claim the changes they are talking about are much more than a cosmetic makeover to head off the IMF.
Khan's government says it is suing for peace on all fronts.
In Afghanistan, Islamabad has been key in getting the Taliban around the table for talks with the Americans.
And Khan, in the face of rising tensions following bloody attacks by militant groups, visited Tehran and agreed last week to set up a joint rapid reaction force for the border area with Iran.
Since taking office in August, Khan has also consistently offered talks with Modi, and Pakistani officials are hopeful that the Indian leader will eventually say yes if he wins a second term in office.
NORTHERN IRELAND LESSONS
The Pakistan authorities insist they are cracking down on armed militant groups on its soil, saying extremism is the biggest threat it faces. Officials talk of a Northern Ireland-style peace and disarmament process, plus state regulation of the 32,000 madrasas, or Islamic schools, in the country that can easily become breeding grounds for militants.
"For the future of the country - forget outside pressure - we will not allow armed militias to operate," Khan told the journalists. And the government has "the total support of the Pakistani army and intelligence services in dismantling them", he added.
Not only that, but its military chiefs insist they report to the prime minister - rather than the other way around as is often assumed by foreign diplomats and the media.
The military chiefs say they want to bring 100 million Pakistanis out of grinding poverty, and that engineering a big increase in spending on education is critical to that.
During the trip, the journalists were taken to an impressively modern-looking army school complex and, separately, a rehabilitation centre for teenagers showing militant tendencies. Those were both in the Swat Valley, which was overrun by the Taliban and other militant groups only 11 years ago.
The image of unity, though, was shaken only a few days after the trip when Khan announced a major reshuffle of his cabinet, including the replacement of his finance minister Asad Umar, who had been at the helm of the IMF talks, and the appointment of retired Brigadier Ijaz Shah as Pakistan's new interior minister. Shah, a former spy chief and close ally of the country's last military ruler, has long been accused of deep ties to militant groups.
Given such moves, it isn't difficult to find specialists in Pakistan policy who still believe that the army pulls the strings. A senior security source in Pakistan told Reuters the government was taking "no serious action" against anti-India militant groups.
"The cabinet shuffle in Pakistan is a setback for the image of 'new' Pakistan," said TCA Raghavan, who was India's high commissioner in Pakistan in 2013-2015. "It shows an inability to carry even the cabinet along on the economy."
He also said the appointment of Shah was a setback for any reset. "Poachers don't turn gamekeepers easily," he said.
Shah's office did not respond to a request for comment, but in an interview with the BBC after his appointment he said he was a civilian politician who retired from the army a long time ago.
One other ministerial change was the moving of information minister Fawad Chaudhry to the less high-profile post of science and technology minister.
It was Chaudhry who had been the journalists' main guide for the visit.
So, if it really is transforming, Pakistan clearly has a lot of convincing still to do. One trip for foreign journalists is only a start.

Cyclone 'Fani' may turn into severe storm, NDRF, Coast Guard on high alert

The National Disaster Response Force (NDRF) and the Indian Coast Guard have been put on high alert and fishermen asked not to venture into the sea as cyclone 'Fani' is expected to intensify into a very severe storm by Tuesday, the Home Ministry said Monday.
The cyclonic storm 'Fani' Monday morning was located at 880 km of South-East of Chennai and it will continue to move North-West and change its path to North-East from Wednesday.

The cyclone is expected to intensify into a very severe cyclonic storm by Tuesday, a home ministry statement said.
According to the India Meteorological Department (IMD), its landfall over Tamil Nadu and Andhra Pradesh is ruled out. However, the possibility of landfall in Odisha is under continuous watch.
The NDRF and the Indian Coast Guard have been put on high alert and placed at the disposal of the state governments concerned. Regular warnings have been issued since April 25 to fishermen not to venture into the sea and asking those at sea to return to coast, it said.
Prime Minister Narendra Modi is closely monitoring the situation and has directed Cabinet Secretary P K Sinha to convene a meeting of the National Crisis Management Committee (NCMC) to take stock of the situation with the state governments and the central ministries and agencies concerned to ensure necessary preparations to deal with the situation.
The IMD has been issuing three hourly bulletins with latest forecast to all the states concerned and the home ministry is also in continuous touch with the state governments and the central agencies concerned, the statement said.

India notifies pact with US for exchange of reports on tax evasion by MNCs

India has notified the inter-governmental agreement with the US for exchange of country-by-country (CbC) reports on multinational companies regarding income allocation and taxes paid in order to help check cross-border tax evasion.
The agreement, which was signed by Central Board of Direct Taxes Chairman P C Mody and US ambassador to India Kenneth Juster in March, was notified by the revenue department on April 25.

This agreement for exchange of CbC reports, along with the Bilateral Competent Authority Arrangement, will enable both the countries to automatically exchange CbC reports filed by the ultimate parent entities of multinational enterprises (MNEs) in the respective jurisdictions, pertaining to the years commencing on or after January 1, 2016.
It will also obviate the need for Indian subsidiary companies of US multinationals to do local filing of the CbC reports, thereby reducing the compliance burden.
A CbC report aggregates country-by-country information relating to the global allocation of income, taxes paid, and certain other indicators of an MNC. It also contains a list of all the group companies operating in a particular jurisdiction and the nature of the main business activity of each such constituent entity.
MNEs having global consolidated revenue of 750 million euro or more (or a local currency equivalent) in a year are required to file CbC reports in their parent entity's jurisdiction. The rupee equivalent of 750 million euros has been prescribed as Rs 5,500 crore in Indian rules.
This information will enable an enhanced level of assessment of tax risk by tax administrations of both the countries.
"The notification would enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in USA, pertaining to the financial years commencing on or after January 1, 2016. As a result, the Indian entities would not be required to do local filing of the CbC Reports in India," Nangia Advisors (Andersen Global) Partner- Transfer Pricing Nitin Narang said.

Rafale case: Rahul replies to SC's contempt notice over 'chowkidar' remark

Congress President Rahul Gandhi Monday filed a fresh affidavit in the Supreme Court after a notice was issued to him on a contempt case for his remarks on the Rafale case verdict and again expressed regret for attributing the "chowkidar chor hai" remarks to the apex court.
The Congress President also sought dismissal of the contempt petition filed by BJP leader Meenakshi Lekhi, saying it was an abuse of the process of the court.

In his counter affidavit, Gandhi expressed regret for the "chowkidar chor hai" remark on Prime Minister Narendra Modi while referring to the Rafale judgment.
"It is also clear that no court would ever do that and hence the unfortunate references (for which I express regret) to the court order and to the political slogan in juxtaposition the same breath in the heat of political campaigning was ought not to be construed as suggesting that the court had given any finding or conclusion on that issue," he said in his affidavit.
The apex court had on April 23 issued notice to Gandhi on a criminal contempt petition filed against him by Lekhi for his remarks.
In his affidavit, Gandhi said he did not have the slightest or remotest intention to bring the court into political arena, or bring it into disrepute by attributing something which the court had not said.
"At the outset, it is clarified that the answering respondent (Gandhi) did not have the slightest or remotest intention, desire or even thought process to bring the court into the political arena, or bring it into disrepute or attribute to it deliberately or wilfully that which the court has not said or meant," he said
Gandhi said, "Several limbs of the government and of the ruling party" have repeatedly stated that the December 14 last year's order of the apex court constitute a clean chit to the government.
"The answering respondent (Gandhi) would also submit that his statement on April 10, 2019, had also been made in that context, purely politically, to counter the aforesaid misinformation campaign being led by senior functionaries of the BJP as well as the government that the judgement of this court dated December 14, 2018, was a clean chit to the government regarding all the aspect of the Rafale deal," he said.
"It is also noteworthy that the Rafale issue which had been and continues to be one of the most prominent political and social issues in this country for many months and despite the matter being sub judice it has been the subject of incessant discussion in civil society and the media," he said.
The counsel appearing for Gandhi mentioned the matter before a bench headed by Chief Justice Ranjan Gogoi and said they be allowed to file a reply on the contempt notice.
The bench, also comprising Justices Deepak Gupta and Sanjiv Khanna, allowed advocate Sunil Fernandes, who was appearing for Gandhi, to file the counter affidavit.
The apex court had earlier said it will hear the criminal contempt petition on April 30.

India's Q3 economic growth to decline over poll-related uncertainty: D&B

The decline in economic growth momentum in October-December quarter of FY19 is likely to continue, largely owing to election related uncertainty, says a report.
According to Dun and Bradstreet's (D&B) latest Economy Forecast, subdued consumption demand and election related uncertainty is expected to weigh on India's industrial production.

D&B expects Index of Industrial Production (IIP) to be moderated by 1.0-1.5 per cent during March 2019.
"There are concerns that the dip in the growth momentum in Q3 FY19 is likely to continue given the headwinds in the global economy and the various domestic issues," said Arun Singh, Lead Economist Dun & Bradstreet India.
Singh further said that lower inflation is one of the indications for subdued demand. Currently, the election related uncertainty is expected to weigh on the economic activity.
"Uplifting the domestic demand and resolving the issues in the strategic sectors like aviation, power and banking and non-banking financial companies becomes imperative as risks from slowing global economic activity and trade can be difficult to circumvent," Singh said.
On the prices front, the report said while there is a reversal in rates of some food articles, moderating inflation in some segments under the core inflation is likely to keep the overall inflation low.
However, rising oil prices coupled with strengthening of El Nino conditions might impact the rainfall during June and July, which are the sowing months of the Kharif crop, are likely to create inflationary pressures for the non-core segment.
D&B expects the CPI inflation to be in the range of 2.7-2.9 per cent and WPI inflation to be in the range of 2.8-3.0 per cent during April 2019, respectively.

Trump again goes after India, says it slaps 'big tariffs' on US products

President Donald Trump has criticised India's "big tariffs" on American paper products and the iconic Harley-Davidson bikes, saying the US has been losing billions of dollars to countries like India, China and Japan.
Addressing a Republican political rally in Wisconsin state's Green Bay city on Sunday, Trump alleged that every country has been ripping off America for years.

The President has repeatedly claimed that India is a "tariff king" and imposes "tremendously high" tariffs on American products.
"For so many decades we've been losing tens of billions of dollars to China and Japan, and India, and name any country and we lost, but we're not losing anymore," he said to his cheering supporters.
He said that the US was being charged high tariffs on foreign paper products.
"We charge other countries zero tariffs on foreign paper products, but when Wisconsin paper companies export it abroad... China charged us big tariffs, India charged us big tariffs, Vietnam charge us massive tariffs," Trump said.
He claimed that people of the US demanded a government that puts America first.
"And we're doing that with China, we're doing that with India, we're doing that with Japan, we're doing it with a great new trade deal, that hopefully will get approved in the house," the President said.
Early this year at a White House event to announce his support for reciprocal tax, Trump had said that he was satisfied with the Indian decision to reduce the import tariff on high-end Harley-Davidson motorcycles from 100 per cent to 50 per cent.
The President said that he called up Prime Minister Narendra Modi on the issue of tariffs on Harley-Davidson motorcycles.
"Look at Harley-Davidson. I met with them three years ago, they would tell me tough to do business in certain kind. I asked 'How you're doing in India?' and they said, 'Oh, we don't do any business'. They weren't even complaining because so many years.
"So India charged a 100 per cent tariff on Harley-Davidson, but when they send their motorcycles and they may come to us, we charge them nothing," Trump said.
"So I called up Prime Minister Modi, I said unfair, he cut it 50 per cent... But that's not good enough because look, it's 50 per cent to nothing. And what we're doing is changing all of that stuff, changing all of that rapidly," he added.
India is pressing for exemption from the high duty imposed by the US on certain steel and aluminium products, resumption of export benefits to certain domestic products under the Generalised System of Preferences (GSP) programme, greater market access for its products from agriculture, automobile, automobile components and engineering sectors.
On the other hand, the US is demanding greater market access through a cut in import duties for its agriculture goods, dairy products, medical devices, IT and communication items. India has stated that it would be difficult for them to cut duties on IT products.
India's exports to the US in 2017-18 stood at USD 47.9 billion, while imports were USD 26.7 billion. The trade balance is in favour of India.