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Rupee Depreciates To Below 75/$ On Firm Dollar, Omicron Worries

The domestic currency in trade on December 2, 2021 has depreciated to day's low of 75.085 as against the US dollar. Last at the time of writing this copy, at around 11:59 am, the currency traded at 74.988, weak by 0.02

Goodreturns 2 Dec 2021 12:41 pm

ATM cash withdrawal charges to increase from next month. Check details here

Starting next month, customers will have to pay 21 per transaction, instead of 20 if they exceed the monthly limit of free transactions

Livemint 2 Dec 2021 12:33 pm

Hero Electric Becomes Highest-Selling EV Brand In India

According to an announcement by the company, Hero Electric now has over 36 per cent market share, according to latest market data.

NDTV 2 Dec 2021 12:13 pm

Is there any justification? Naidu tears into Oppn for calling suspension of Rajya Sabha MPs undemocratic

Venkaiah Naidu said that this was not the first time when members of the House were suspended, adding that such action has been taken as many as 11 times from 1962 till 2010.

Financial Express 2 Dec 2021 12:07 pm

Design & Construct ropes in Yuvraj Singh as its brand ambassador

He will be an equity partner in the company

Financial Express 2 Dec 2021 12:05 pm

Central Vista Redevelopment Work following non-polluting norms: Centre to SC

While hearing a plea seeking steps to rein in air pollution in the national capital earlier this week, the Supreme Court had asked the Central government to explain what it was doing about construction activities in areas in its jurisdiction.

Financial Express 2 Dec 2021 12:03 pm

Mastercard partners with Mswipe, Samhita-CGF to get 1 lakh micro merchants into digital economy

Technology for MSMEs: Mastercard intends to bring 50 million micro and small businesses worldwide into the digital economy by 2025.

Financial Express 2 Dec 2021 12:01 pm

Indias imports from China increased 7.9% over six years, but trade deficit narrowed

Many imported items meet the demand of fast expanding telecom, power industry, says Minister.

The Hindu Businessline 2 Dec 2021 11:46 am

HDFC Bank hikes fixed deposit rates. Check latest FD rates here

HDFC Bank hikes FD rates: Senior citizens continue to get 50 basis points higher interest rates than the general public

Livemint 2 Dec 2021 11:44 am

Without Cong, UPA will be body sans soul: Sibal

The Economic Times 2 Dec 2021 11:37 am

ADB inks pact for $250 mn loan to support National Industrial Corridor program

The program aims to develop world-class industrial nodes buttressed by efficient urban agglomerations.

The Hindu Businessline 2 Dec 2021 11:35 am

Last date to give annual life certificate extended

The Economic Times 2 Dec 2021 11:35 am

Road Logistics Market in India To Reach USD 330 Billion by 2025: Report

The road logistics market in India is expected to grow at a compounded annual growth rate of 8 per cent in the next five years, to reach USD 330 billion by 2025, as per a report. This growth will be fueled

Goodreturns 2 Dec 2021 11:30 am

US reports 1st case of omicron variant in traveler

The Economic Times 2 Dec 2021 11:28 am

Crypto scams: How to spot, avoid and protect your money while investing in cryptocurrencies

Cryptocurrency Scams in India: Scammers are leveraging compromised YouTube accounts to promote fake cryptocurrency giveaways for Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Shiba Inu and other cryptocurrencies, says research.

Financial Express 2 Dec 2021 10:53 am

Adani Transmission inducts Lisa MacCallum as independent director to boost ESG strategy

MacCallum is the first non-Indian director of ATL and the second women director to join the board

The Hindu Businessline 2 Dec 2021 10:44 am

Well-marked low in Bay to intensify into depression later today

Projected to become a cyclone in the next 24 hours

The Hindu Businessline 2 Dec 2021 10:34 am

RIO Pads urges women to choose the right pad for heavy flow

The ad has been conceptualised by RIOs marketing team at Nobel Hygiene Pvt Ltd and the production was led by Schbang Motion Pictures

Financial Express 2 Dec 2021 10:30 am

Omicron could knock economic recovery off track

The Economic Times 2 Dec 2021 10:29 am

Auto Sales November 2021: Mahindra Farm Equipment Records 17 Per Cent Sales Decline In Domestic Mark

The sales growth including domestic sales and exports went down by 15 per cent selling 27,681 units as compared to 32,726 units sold a year ago.

NDTV 2 Dec 2021 10:26 am

Why increased rainfall in Arctic is bad news for all

The Economic Times 2 Dec 2021 10:26 am

Maharashtra to get new wine policy after 20 years

Maharashtra cabinet will soon consider the new draft wine policy of the state to be executed from January 2022 to replace the existing policy drafted 20 years ago that lapses this month. The government is expected to impose 10% excise duty on wine sales, 50% of which is proposed to be used for the development of the wine industry.

The Economic Times 2 Dec 2021 10:18 am

Significant portfolio returns possible if investors remain unnerved by 5-10% corrections

Nifty 50 rallied 50% and mid-and small-cap indices have done much better, since April 2020, Nifty has gone up nearly 150% and the small-cap indices by nearly 250%.

Financial Express 2 Dec 2021 10:00 am

Income Tax Return (ITR) filing mistakes often made by taxpayers

There are some major mistakes that you should avoid for a hassle-free ITR filing experience

Livemint 2 Dec 2021 9:52 am

Havas Group India elevates Arindam Sengupta and Prashant Tekwani

Sengupta and Tekwani (as head of Havas CX) will continue to report to Rana Barua

Financial Express 2 Dec 2021 9:48 am

TCS among 5 stocks that can make your portfolio outshine

The Economic Times 2 Dec 2021 9:27 am

Why mid, smallcaps should be core part of portfolio

The Economic Times 2 Dec 2021 9:21 am

Why there is need for enterprise-wide risk management in post-pandemic India

When we reflect on the enormity of these challenges that stare us in the face, the impact of the current pandemic pales into relative insignificance.

Financial Express 2 Dec 2021 9:09 am

Buy USDINR; target of : 75.45 : ICICI Direct

ICICI Direct, US dollar increase by 0.15% yesterday amid decline in US stock markets and better than expected economic data from US. ISM Manufacturing PMI data showed activity in sector picked up, and US private payrolls suggested solid job growth.

Money Control 2 Dec 2021 9:01 am

Delayed payments: Pending MSME dues cleared grow nearly three-fold since December 2020

Credit and Finance for MSMEs: Even as the government has been urging ministries, PSUs, others to clear MSME dues within 45 days, it cant force them to clear payments, former MoS Finance Anurag Thakur had told Parliament last year.

Financial Express 2 Dec 2021 9:00 am

Two stocks to buy for near term gains while Nifty continues to trade with weak bias

On the daily chart, we see that the Nifty remains in a downtrend despite the bounces seen in the last two sessions.

Financial Express 2 Dec 2021 8:56 am

Reliance Industries, Bharti Airtel, Maruti Suzuki India, Tata Power among stocks in focus today

Domestic markets moved higher on Wednesday helped by positive economic data but charts are still showing a bearish bias.

Financial Express 2 Dec 2021 8:41 am

Parliament Winter Session 2021 Live Updates: Opposition to continue protest against suspension of Rajya Sabha MPs

Winter Session of Parliament 2021 Live News: The Opposition is expected to continue its protest against the suspension of 12 Rajya Sabha MPs over unruly behaviour.

Financial Express 2 Dec 2021 8:35 am

Centre asks Maharashtra to align with its Covid norms for travellers

Divergent guidelines and SoPs on mandatory Covid-19 testing and quarantine norms for travellers coming from at-risk countries could create challenges for domestic and international passengers.

Financial Express 2 Dec 2021 8:31 am

Cap PIT rate at 15% sans exemptions: PHD Chamber

In a pre-budget interaction with revenue secretary Tarun Bajaj, the industry body also suggested that the corporate tax rate be halved to 15% for MSME firms working as proprietorship/partnerships.

Financial Express 2 Dec 2021 8:25 am

6 flyers arriving from at-risk countries test positive for Covid

Wednesday was the first day of the new guidelines for international travellers being implemented for control and management of the Covid-19 variant Omicron.

Financial Express 2 Dec 2021 8:19 am

Fuel Rates Unchanged On December 2; Petrol Rates Fall In Delhi After VAT Cut

Petrol and diesel prices continue to be constant for a month in the whole of the country except for Delhi. This is after Delhi slashed VAT on petrol to 19.4% from the earlier 30%, bringing down the cost of petrol by

Goodreturns 2 Dec 2021 8:16 am

Unless theres significant deflation next year, we are on track to deliver Rs 10k-cr revenue

The firm is also betting big on rural markets and adoption of digital platforms and automation, its MD & CEO Saugata Gupta said in an interaction with Rajesh Kurup. Edited excerpts:

Financial Express 2 Dec 2021 8:08 am

Nifty needs to hold above 17200 to touch 17350-17500, Bank Nifty may reach 37000 if it holds 36500

India VIX fell down by 8.14% from 21.16 to 19.44 levels. Volatility has spiked to multi-month high levels signalling wild swings in the market.

Financial Express 2 Dec 2021 7:54 am

Covaxin better defence against Omicron?

India's indigenous Covid-19 vaccine Covaxin may provide better protection against Omicron, said experts, even as other local vaccine makers assess the efficacy of their vaccine against the mutated variant Omicron.K Srinath Reddy, president of Public Health Foundation of India (PHFI), said: It is only the inactivated vaccines like Covaxin which have a much broader exposure because they are using the full virus which have many antigens. He called for laboratory and clinical tests to understand how the Omicron variant, which has the highest spike protein mutations among all the variants, behaves with vaccines. The likelihood of some immune escape from vaccines is there because most of the vaccines, whether they are mRNA vaccines or virus vector vaccines...are directed only against the spike protein, he said. Samiran Panda, head of epidemiology and infectious diseases at the Indian Council of Medical Research (ICMR), echoed the same and said that scientific conjecture would say that Covaxin might be more effective.We now know that there are a whole lot of mutations at the spike protein variant or the receptor binding domain of the virus, so, may be, those vaccines which are specifically directed towards that part of the virus then the vaccine might turn out to be ineffective. From that perspective Covaxin is a whole virion-killed vaccine platform, nobody knows how things will unfold in real life, but scientifically speaking, one could always have some hope rested. But scientific conjecture would say that Covaxin might be more effective, he said.

The Economic Times 2 Dec 2021 7:29 am

Market LIVE: Sensex, Nifty may mirror global peers; Anand Rathi IPO opens, Star Health, Tega also up for grabs

Share Market News Today | Sensex, Nifty, Share Prices LIVE: Entering the weekly Futures & Options expiry session, SGX Nifty was deep down in red hinting at a reversal of yesterdays positive momentum.

Financial Express 2 Dec 2021 7:27 am

Maruti may drive in SUVs priced up to 20 lakh in next three years

Maruti Suzuki, the nation's automobile market leader known for its small and affordable cars, is making a big shift to sport utility vehicles, and will have a range of SUVs priced up to 20 lakh in the next three years.The maker of the Alto and Wagon R intends to launch four new SUVs starting at 10 lakh, adding more options to the Vitara Brezza for customers who want to upgrade from a small car to a Maruti Suzuki SUV, people with knowledge of the plans said.The company believes the lack of upgrading options in SUVs in its portfolio was taking such customers to rivals like Hyundai, Kia, Mahindra & Mahindra and Tata Motors, which all offer a range of products priced 10-20 lakh, they said.While trying to fill that gap in its product line, the local unit of Japan's Suzuki Motor will also be taking its core USP of fuel efficiency into the SUVs.The new range of SUVs will offer CNG and hybrid systems along with petrol powertrains, allowing it to offer double-digit fuel efficiency in large SUVs too, the people said.A Maruti Suzuki spokesperson told ET that customer preferences were evolving and that the company was consistently working at bringing new products by closely monitoring the market trends and customer demands. Co may Launch Futuro Concept However, as per our policy, at this time we cannot give any future guidance on new product lines. We will share with you relevant details in due time, the spokesperson added.88040446In a presentation shared with dealers in November, Maruti Suzuki informed the channel partners that the company would have four new options in the SUV segment, starting from a compact sub-four-metre vehicle to a 4.4-metre, seven-seat SUV.Including these, the company aims to have a portfolio of more than half a dozen utility vehicles in India, including its existing UVs like the Ertiga, the people said. Much like the cars, Maruti Suzuki intends to have an option at every 50,000 price point in the SUV range, they said. It markets the Ignis as an 'urban SUV', with prices ranging from 5.5 lakh to 8.5 lakh. The company is expected to launch the Futuro concept crossover on the Baleno platform, codenamed YTB, in 2022 to take on the Tata Nexon. The YTB crossover will sit alongside the Vitara Brezza, which is due for a facelift. The YTB and the Brezza are positioned in the 8-12 lakh range.It will bring in the Suzuki Jimny off-roader, codenamed YWD, which will come with three-door and five-door options to take on the Mahindra Thar. It is likely to be priced 10-15 lakh.Vehicles in Tieup with ToyotaTwo vehicles developed in association with Toyota Motor as part of their global partnership will likely be launched next year and the year after. A 4.2-metre SUV, internally codenamed the YFG, will position itself against the Hyundai Creta, while the larger 4.4-meter vehicle will take on the Tata Safari and Mahindra XUV 700. These are likely to be positioned in the 10-20 lakh range.These new models are likely to bring an incremental output of close to half a million units in the coming two to three years, said one of four people in the know ET spoke to.Experts say, just like Maruti's entry into sub-4 meter SUV market with Brezza several years ago expanded the segment, the new launches are further expected to offer a fillip to the already growing SUV market in 10-20 lakh space. Maruti Suzuki senior executive director Shashank Srivastava in a recent interview to ET had said if other global markets were a precedent, the SUV segment should grow to around 45-48% of the Indian market from 39% at present, which suggested further headroom for growth in the segment.

The Economic Times 2 Dec 2021 6:32 am

Robust GST collections, PMI rise signal upswing

However, after a record $35.7 bn in Oct, export of goods drops below $30 bn

Financial Express 2 Dec 2021 6:30 am

Passengers in for a tough time as PCR tests made mandatory before exiting airports

Mylab Discovery Solutions, Suburban Diagnostics, Metropolis Healthcare are among the diagnostic companies that have set up labs at the airports and are ramping up capacity to deal with the surge in testing volumes by adding more counters.

Financial Express 2 Dec 2021 6:00 am

SC pulls up ONGC for not paying fees to arbitrators

While the apex court's had directed that the arbitrators will themselves fix their fees, to be borne equally by both the parties, ONGC had insisted on paying the fees as per the clause in its contract.

Financial Express 2 Dec 2021 5:45 am

Reliance Jio to Trai: Vodafone Ideas, Airtels new tariff plans to create porting barrier

As per Jio, either porting SMSes are made free and everyone can send it, despite the benefits of the plan, or the mechanism for porting should be changed, wherein the requirement of SMS is not there. Thirdly, SMSes should be made mandatory in all the plans.

Financial Express 2 Dec 2021 5:15 am

Growth recovers from the second wave

The baseline view points towards rising inflation, cyclical recovery and policy normalisation

Financial Express 2 Dec 2021 4:45 am

Democracy is a tango for two

Ramming through legislation besmirches the dignity of Parliament as much as unruly and disruptive conduct

Financial Express 2 Dec 2021 4:20 am

Trade deficit hits record $23.3 bn in November

Of course, imports were driven partly by a spill-over of pent-up domestic demand that remained mostly muted in the wake of the pandemic. But import bill was greatly inflated by elevated global crude oil prices and massive purchases of coal, cooking oil and gold.

Financial Express 2 Dec 2021 4:00 am

For atmanirbharta in electronics

we need to make hardware PLI more responsive and take a pragmatic view on Chinese investment in India in the space

Financial Express 2 Dec 2021 4:00 am

Srinivasan Swamy elected chairman of AFAA for 4 years

Swamy, a doyen of advertising, chairman of R K Swamy Hansa group, has held leadership positions in many industry bodies at a national and global level.

Financial Express 2 Dec 2021 3:30 am

Smooth operator: Supply chain management with smart warehousing

Devices like WMS, sensors, RFID tags, and AGVs in a smart warehouse are connected and communicate information regarding the products, their location, status, etc.

Financial Express 2 Dec 2021 2:00 am

TARBULL MUSICMATE 550: A Bluetooth neckband with preloaded music

Tarbull MusicMate 550 has an ergonomic design, monstrous 35-hour battery life and ultra-fast charging

Financial Express 2 Dec 2021 1:30 am

Semiconductor ecosystem: Are all the chips in place for a revolution?

Indian talent has been at the core of Samsung Semiconductor India R&Ds success story. The countrys product and enterprise needs make it a perfect place to set up R&D centres. Can chip making be also round the corner?

Financial Express 2 Dec 2021 1:00 am

Commercial LPG cylinders hiked by Rs 100; will cost Rs 2,101

The Centre continues to subsidise freight for domestic LPG deliveries in far-flung areas

Business Standard 2 Dec 2021 12:08 am

Olectra, Evey Trans receive order for 100 e-buses from KTCL

Electric mobility firms Olectra Greentech Limited and Evey Trans Private Limited have received a letter of award (LOA) from the Goa government-run Kadamba Transport Corporation Limited (KTCL) for 100 electric buses under the Centre's FAME-II scheme, a senior official said. The order is for the supply of 100 electric buses on a Gross Cost Contract (GCC) / OPEX model basis for a period of 12 years. K V Pradeep, chairman and managing director, Olectra Greentech Limited, said Evey Trans will procure these 100 electric buses from Olectra Greentech and delivery will be over a period of 12 months. During the contract period, the company will undertake the maintenance of these buses. With this new order, the total order book is around 1,530 for electric buses after considering the deliveries already made. The value of this 100 bus contract is approximately Rs 140 crore, he said. Pradeep added, Olectra is privileged to get the second order from Kadamba Transport Corporation Limited (KTCL), Goa. Our state-of-the-art electric buses have proved their reliability and efficiency. He said his company is successfully operating 30 eco-friendly electric buses in Goa, and delivered another five buses recently. The lithium-ion (Li-ion) battery in the bus enables it to travel up to 200 KMs on a single charge based on traffic conditions, he added.

The Economic Times 1 Dec 2021 11:25 pm

India wary as US drags labour issues into trade talks

Linking the subjects can pave way for non-trade barriers, says official

The Hindu Businessline 1 Dec 2021 10:29 pm

Over 125 cr jabs administered in India: Health Min

The Economic Times 1 Dec 2021 10:13 pm

Coal India production rises 4% in Nov

The production of state-owned Coal India rose by 4 per cent to 53.8 million tonnes in November compared to 51.7 million tonnes in the same month a year ago, a regulatory filing said on Wednesday. The company's output in the April-November period also increased to 353.4 MT from over 334.5 MT in the year-ago period, the filing said. Coal India accounts for over 80 per cent of domestic coal output. The company is eyeing one billion tonnes of production by 2023-24.

The Economic Times 1 Dec 2021 10:12 pm

Inflationary pressures, rural slowdown hurting small FMCG makers, says NielsenIQ

Spike in input costs being passed on to consumers, thereby impacting consumption

The Hindu Businessline 1 Dec 2021 9:56 pm

Indias export growth slows down in November to 26.49%

Imports grow 57.18%, trade deficit widens

The Hindu Businessline 1 Dec 2021 9:50 pm

Electronics mfg sector's commitment to mission $300 bn offers great confidence: Vaishnaw

The electronics manufacturing industry's commitment and assurance to drive USD 300 billion revenue by 2025-26 offers great confidence, IT Minister Ashwini Vaishnaw said on Wednesday.Speaking at Azadi Ka Digital Mahotsav', a week-long event that showcases India's achievements in digital space, Vaishnaw highlighted that the world is now opening up towards India and considering the country as a manufacturing hub.It gives me great confidence when the electronics manufacturing industry today has committed and assured us of USD 300 billion revenue by 2025-26. When we were reviewing what should be our target, even 25 per cent seemed impossible but now I think even 30 per cent is achievable, the minister said.The country is taking a lead in telecom, he said adding India's 5G stack will be the first virtualized 5G stack in the world.Vaishnaw also awarded 18 ESDM (Electronics System Design and Manufacturing) companies for their contribution in the field of electronics manufacturing, according to an official release.

The Economic Times 1 Dec 2021 9:49 pm

Discussing development ideas with states, says NITI Aayog's Rajiv Kumar

This is a part of our effort at cooperative federalism that we want to visit and engage with all states, Kumar said

Business Standard 1 Dec 2021 8:53 pm

Registrations on e-shram portal cross 10-crore mark, shows data

The states with more than 1 lakh registrations are Uttar Pradesh (2.61 lakh), West Bengal (1.08 lakh) and Bihar (1.02 lakh), a ministry statement said

Business Standard 1 Dec 2021 8:44 pm

Honor 60 Pro, Honor 60 launched with curved OLED screens, 108MP cameras and 66W fast charging: Details

Both Honor 60 Pro and Honor 60 run Honors Magic UI 5.0 software based on Android 12.

Financial Express 1 Dec 2021 8:40 pm

KFC India launches new campaign for its Express Pick-up service

The new campaign features athlete PT Usha

Financial Express 1 Dec 2021 8:33 pm

India Nov trade deficit at record $23.27 billion

India's merchandise exports rose to $29.88 billion for the month from $23.62 billion in the same period last year, while imports rose to $53.15 billion in November from $33.81 billion last year.

The Economic Times 1 Dec 2021 8:27 pm

6 people from UK, Netherlands test positive

The Economic Times 1 Dec 2021 8:25 pm

Congress shifts Mehangai Hatao Rally to Jaipur after Delhi Police denies permission; prejudiced conspiracy, says KC Venugopal

Congress said that it is neither going to get intimidated by these tactics nor it is going to withdraw even an inch from its age-old commitment to raise issues concerning people.

Financial Express 1 Dec 2021 8:06 pm

Home isolation for COVID-19 patients brought down rate of hospitalization to 3%: Portea Medical

During the second wave, Portea introduced oxygen therapy for COVID patients, ICU care, chemotherapy and a number of homecare solutions for cancer patients.

Financial Express 1 Dec 2021 7:56 pm

Aster Volunteers offer free diabetes screening in India and UAE towards increasing awareness

According to International Diabetes Federation (IDF), one in 10 adults around the world - some 537 million people - are currently living with diabetes

Financial Express 1 Dec 2021 7:38 pm

EXCLUSIVE: Optum India MD Ritesh Talpatra on making healthcare affordable and leveraging technology

Financial Express Online talked to Ritesh Talpatra, MD India of Optum, which is a part of global healthcare company United Health.

Financial Express 1 Dec 2021 7:37 pm

Definite democratic change behind Centres move to increase BSF jurisdiction: DG Pankaj Kumar Singh

The BSF DG brushed aside the apprehensions that the force was trying to act as parallel police, and added that the powers to investigate and file charge sheets remain with the state police.

Financial Express 1 Dec 2021 7:25 pm

India-China trade deficit stands at $30 billion during Apr-Sept

Major items of import from China include telecom instruments, computer hardware, fertiliser, electronic components, chemicals and drug intermediates

Business Standard 1 Dec 2021 7:19 pm

Lancer Capital acquires franchise in UAE T20 league

The UAE T20 League is a professional franchise-based T20 format cricket tournament with six franchise teams

Financial Express 1 Dec 2021 7:04 pm

Tummoc partners with Rapido to offer first and last mile connectivity

Bengaluru-based intra-city commute solution provider Tummoc has partnered with Rapido to provide first and last mile connectivity. Tummoc currently operates in Bengaluru, Hyderabad, and Kolkata.

Financial Express 1 Dec 2021 7:00 pm

American Institute of Pathology & Laboratory Sciences launches its pathology laboratory in Mumbai

The lab has collaborated with the University of Pittsburgh Medical Center (UPMC), one of the top ranked hospitals in the United States, which allows them to work with the worlds leading clinicians.

Financial Express 1 Dec 2021 6:50 pm

NCLAT rejects Kotak Bank's plea to set aside insolvency proceedings against MSEL

The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Kotak Mahindra Bank along with a director of debt-ridden McNally Sayaji Engineering Ltd (MSEL) to set aside insolvency proceedings against the manufacturer of mineral processing equipment.A two-member NCLAT bench upheld the orders of the Kolkata bench of the National Company Law Tribunal (NCLT), which had on February 11, 2021, admitted a plea by ICICI Bank and directed to initiate insolvency proceedings against MSEL.The NCLT order was challenged by Kotak Mahindra Bank and a director of the suspended board of MSEL before the appellate insolvency tribunal NCLAT.Kotak Mahindra Bank had contended that besides it, four other banks -- ICICI Bank, DBS, IDBI and SBI -- had advanced loans to MSEL and NCLT had failed to appreciate that more than 50 per cent members of the lenders' consortium had opposed initiation of corporate insolvency resolution process (CIRP), as they were considering restructuring of loan outside the IBC.Restructuring of loans is more beneficial to the creditors as they will not have to take a haircut, Kotak Mahindra Bank had submitted.In the eventuality of a resolution plan being implemented or liquidation process being initiated, financial creditors, including Kotak Mahindra Bank, will have to take a haircut, it added.Moreover, the appellant contended that the case was not maintainable as it was filed after the permissible period of three years after the default.However, ICICI Bank opposed both the petitions.It said the account of MSEL was classified as NPA on March 31, 2019 and loan recall notice was issued on January 3, 2020 -- thus the application was filed within three years from the date of acknowledgement.ICICI Bank further said Kotak Mahindra Bank's appeal was not maintainable and filed at the behest of MSEL.Moreover, Kotak Mahindra Bank has not raised any challenge to the existence of debt, default and completeness of the application filed by ICICI Bank. The CIRP is not adversarial to the interest of the corporate debtor or its creditors, it said.The Insolvency and Bankruptcy Code (IBC) is a beneficial legislation for equal treatment to the creditors and to revive MSEL, submitted ICICI Bank.Rejecting the submissions of the appellant, the NCLAT said the Supreme Court has already held that the date on which a bank declares an account of corporate debtor as NPA is the date of default. In the present case, the MSEL acocount was classified as NPA on March 31, 2019.NCLAT said Kotak Mahindra Bank has no valid ground to challenge the NCLT order and it was convinced with the argument of Counsel for the Respondent No 1 (ICICI Bank) and hold that the Appellant has no locus standi to file this appeal.The appellant has failed to point out any legal or factual flaw in the impugned order, it added.With the aforesaid discussion, we are of the view that no interference is called for in the impugned order. Thus, the Appeals are dismissed, said NCLAT.On Kotak Mahindra Bank's plea to consider restructuring of debt outside the purview of IBC, the appellate tribunal said NCLT was aware of the proposal but the lenders' consortium has not filed any application for deferment of the proceedings before it.There is no duty cast on the NCLT that no sooner NCLT gets information that outside the purview of IBC any restructuring proposal is under consideration before the consortium of lenders then...(it) should defer the proceedings for initiation of CIRP, it said.In the present case, MSEL has committed default and the application is complete, Therefore, NCLT has no option except to admit the plea to initiate the insolvency process, it said.

The Economic Times 1 Dec 2021 6:43 pm

Hilarious if not tragic, says Subramanian Swamy after Centre drops Parliament question on Chinese incursion citing national security

Subramanian Swamy has been raising the issue of Chinese incursion into Indian territory.

Financial Express 1 Dec 2021 6:31 pm

Akali Dal leader Manjinder Singh Sirsa joins BJP months ahead of Punjab assembly polls

Sirsa said that he resigned as the president of the Delhi Sikh Gurdwara Management Committee as he did not want people to believe that he joined the BJP to save his post.

Financial Express 1 Dec 2021 6:16 pm

PMI manufacturing further climbs to 57.6 in Nov; strongest growth in 10 months

Manufacturing sector showing tentative signs of pick-up in hiring, says IHS Markit report

The Hindu Businessline 1 Dec 2021 6:00 pm

Hotstar is the preferred choice for majority of the OTT viewers: Report

According to Axis My India report, OTT penetration stands at 27%

Financial Express 1 Dec 2021 5:52 pm

Kia's Nov sales fall 13% on chip shortage

South Korea's second-largest automaker Kia on Wednesday said its sales fell 13 percent last month from a year earlier as a global chip shortage continued to affect its production.Kia sold a total of 2,22,232 vehicles in November, down from 2,56,215 units a year ago, the company said in a statement.Domestic sales declined 8.9 per cent on-year to 46,042 units last month from 50,523, while exports were down 14 per cent to 176,190 from 205,692 during the cited period, reports Yonhap news agency.Kia said the continued chip shortage and resurgence of Covid-19 cases are to blame for the lacklustre sales last month, saying it will adjust the production schedules to minimise the part shortage's impact on its factory operations.From January to November, sales rose 7.6 per cent to 2.57 million autos from 2.39 million units in the same period of last year.Recently, Hyundai Motor and affiliate Kia unveiled their electric concept SUVs at the Los Angeles Auto Show as they strengthen their all-electric portfolios in line with rival carmakers' electrification push.Hyundai and Kia debuted the large-sized Seven and flagship EV9 concept models built on Hyundai Motor Group's dedicated EV platform, called E-GMP, at the US motor show during a two-day media preview.The carmakers are planning to gradually phase out combustion-engine cars in global markets as governments are adopting more aggressive policies to fight climate change.

The Economic Times 1 Dec 2021 5:50 pm

Our Traffic Management System is deployed in 42 Indian cities Anoop G Prabhu, Vehant

Vehant Technologies is a pioneer in artificial intelligence/machine learning-based physical security, surveillance, traffic monitoring, covid, and junction enforcement solutions. To understand how Vehants Traffic Management System works, we interact with Anoop G Prabhu, CTO, and Co-Founder - Vehant Technologies.

Financial Express 1 Dec 2021 5:49 pm

Nothing Ear (1) earbuds get all-new black edition; will be sold in exchange for cryptocurrency in select markets

The Carl Pei-led consumer technology company revealed that the Ear (1) was now also carbon neutral.

Financial Express 1 Dec 2021 5:49 pm

St. Botanica ropes in Kareena Kapoor Khan as brand ambassador

The announcement comes at a time when the brand is increasing its focus on the hair care category

Financial Express 1 Dec 2021 5:42 pm