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Fox Corp debuted on the Nasdaq on Tuesday, marking a new phase for billionaire Rupert Murdoch's media business after the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co.

The company also appointed former US House Speaker Paul Ryan, Chief Executive Officer of Formula One Group Chase Carey and two others to its board. Carey was president and chief operating officer at Twenty-First Century Fox from 2009 to 2015.

The newly spun-off media company, which will house assets including Fox News Channel and Fox Broadcast Network, is expected to bring in around $10 billion in annual revenue.

Brokerage MoffettNathanson had started covering Fox with "buy" rating last week ahead of the debut, saying Fox Broadcasting Network and Fox News are "an unrivaled pair of must-have" content that will drive strong, industry-leading revenue growth for years.

Meanwhile, Disney's deal got the last approval from Mexico's telecoms regulator last week, subject to conditions including the sale of Fox Sports channels.

The US Justice Department too has asked Disney, which owns cable sports network ESPN, to divest Fox's 22 networks that provide sports programming for regional and local markets.

Disney won a bidding war last year against cable company Comcast Corp to acquire Twenty-First Century's film and TV assets.

Share of the company was trading marginally down 0.9 per cent at $41.29 on Tuesday.

Fox Corp debuted on the Nasdaq on Tuesday, marking a new phase for billionaire Rupert Murdoch's media business after the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co.

Fox Corp debuted on the Nasdaq on Tuesday, marking a new phase for billionaire Rupert Murdoch's media business after the $71 billion sale of Twenty-First Century Fox Inc's film and television assets to Walt Disney Co. The company also appointed former US House Speaker Paul Ryan, Chief Executive Officer of Formula One Group Chase Carey and two others to its board. Carey was president and chief operating officer at Twenty-First Century Fox from 2009 to 2015. The newly spun-off media company, which will house assets including Fox News Channel and Fox Broadcast Network, is expected to bring in around $10 billion in annual revenue. Brokerage MoffettNathanson had started covering Fox with "buy" rating last week ahead of the debut, saying Fox Broadcasting Network and Fox News are "an unrivaled pair of must-have" content that will drive strong, industry-leading revenue growth for years. Meanwhile, Disney's deal got the last approval from Mexico's telecoms regulator last week, subject to conditions including the sale of Fox Sports channels. The US Justice Department too has asked Disney, which owns cable sports network ESPN, to divest Fox's 22 networks that provide sports programming for regional and local markets. Disney won a bidding war last year against cable company Comcast Corp to acquire Twenty-First Century's film and TV assets. Share of the company was trading marginally down 0.9 per cent at $41.29 on Tuesday.

Murdoch's new Fox debuts on Nasdaq, names ex-Speaker Paul Ryan to board

It’s finally complete. Disney closed its $71 billion acquisition of Fox’s entertainment assets on Wednesday, more than a year after the mega-merger was proposed. Disney gets far ranging properties ranging from Fox’s film studios, including “Avatar” and X-Men, to its TV productions such as “The Simpsons” and networks including National Geographic.

The acquisition comes as Disney plans to launch its streaming service Disney Plus later this year.

MOVIES

X-Men and other movies from Fox’s studios could be added to Disney’s upcoming streaming service. Fox’s film studios, with “Avatar,” X-Men, the Fantastic Four and Deadpool, would pair well with Disney’s studios. This includes reuniting the Marvel franchises X-Men and the Avengers, as some of those characters were already in Fox’s hands when Disney bought Marvel in 2009. Disney also has the Muppets, Pixar and “Star Wars.”

On Tuesday actor Ryan Reynolds tweeted a picture of his “Deadpool” character in a Disney-branded school bus. “Feels like the first day of ’Pool,” he wrote.

TELEVISION

Fox’s TV productions include “The Americans,” ″This Is Us,” ″Modern Family” and “The Simpsons.” Its networks include FX Networks and National Geographic. The Fox businesses add to Disney’s roster of channels like ABC, the Disney Channel and Freeform. “Modern Family” already airs on ABC.

STREAMING

Disney gets controlling stake in streaming service Hulu. Comcast, Disney and Fox now own 30 percent apiece, with AT&amp;T owning the other 10 percent through Time Warner. With Fox’s share, Disney has a controlling 60 percent stake. It has said it plans to keep operating Hulu for general programming, with its own Disney Plus service offering more family-focused fare.

INTERNATIONAL

Though it dropped its bid for Fox’s stake in Sky, Disney gets other international properties from Fox, including Star India, a major Mumbai-based media company with dozens of sports and entertainment channels; and stakes in Tata Sky, an Indian satellite TV provider and Endemol Shine Group, a Dutch-based media company.

THEME PARKS

Disney has made extensive use of its portfolio at its theme parks in California, Florida and overseas. Disney, for instance, is expanding its attractions related to “Star Wars.” On the flip side, Disney turned its Pirates of the Caribbean ride into a major movie franchise.

Disney would be able to expand its opportunities with Fox, though theme parks have historically been able to reach licensing deals with rival studios. Comcast’s Universal, for instance, has rides based on Fox’s “The Simpsons” and Warner Bros.′ “Harry Potter.” Disney has licensed Fox’s “Avatar” for its “Pandora” park within Walt Disney World.

&nbsp;

It’s finally complete. Disney closed its $71 billion acquisition of Fox’s entertainment assets on Wednesday, more than a year after the mega-merger was proposed.

It’s finally complete. Disney closed its $71 billion acquisition of Fox’s entertainment assets on Wednesday, more than a year after the mega-merger was proposed. Disney gets far ranging properties ranging from Fox’s film studios, including “Avatar” and X-Men, to its TV productions such as “The Simpsons” and networks including National Geographic. The acquisition comes as Disney plans to launch its streaming service Disney Plus later this year. MOVIES X-Men and other movies from Fox’s studios could be added to Disney’s upcoming streaming service. Fox’s film studios, with “Avatar,” X-Men, the Fantastic Four and Deadpool, would pair well with Disney’s studios. This includes reuniting the Marvel franchises X-Men and the Avengers, as some of those characters were already in Fox’s hands when Disney bought Marvel in 2009. Disney also has the Muppets, Pixar and “Star Wars.” On Tuesday actor Ryan Reynolds tweeted a picture of his “Deadpool” character in a Disney-branded school bus. “Feels like the first day of ’Pool,” he wrote. TELEVISION Fox’s TV productions include “The Americans,” ″This Is Us,” ″Modern Family” and “The Simpsons.” Its networks include FX Networks and National Geographic. The Fox businesses add to Disney’s roster of channels like ABC, the Disney Channel and Freeform. “Modern Family” already airs on ABC. STREAMING Disney gets controlling stake in streaming service Hulu. Comcast, Disney and Fox now own 30 percent apiece, with AT&T owning the other 10 percent through Time Warner. With Fox’s share, Disney has a controlling 60 percent stake. It has said it plans to keep operating Hulu for general programming, with its own Disney Plus service offering more family-focused fare. INTERNATIONAL Though it dropped its bid for Fox’s stake in Sky, Disney gets other international properties from Fox, including Star India, a major Mumbai-based media company with dozens of sports and entertainment channels; and stakes in Tata Sky, an Indian satellite TV provider and Endemol Shine Group, a Dutch-based media company. THEME PARKS Disney has made extensive use of its portfolio at its theme parks in California, Florida and overseas. Disney, for instance, is expanding its attractions related to “Star Wars.” On the flip side, Disney turned its Pirates of the Caribbean ride into a major movie franchise. Disney would be able to expand its opportunities with Fox, though theme parks have historically been able to reach licensing deals with rival studios. Comcast’s Universal, for instance, has rides based on Fox’s “The Simpsons” and Warner Bros.′ “Harry Potter.” Disney has licensed Fox’s “Avatar” for its “Pandora” park within Walt Disney World.

What Disney gets as its $71.3 billion buy of Fox assets closes

Mindtree Ltd's shares fell in early trade Tuesday after Larsen &amp; Toubro Ltd (L&amp;T) said it would buy a 20.32 percent stake in the IT services company for about Rs 3,300 crore.&nbsp;

L&amp;T will buy the stake from Indian coffee baron and Cafe Coffee Day owner VG Siddhartha, the construction company said late on Monday.

The Mumbai-based L&amp;T also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree's shares at 980 rupees each. It is also looking to buy an additional 31 percent from Mindtree's public shareholders at the same price.

L&amp;T stock was on Tuesday trading 1.2 percent lower in the Mumbai market that gained 0.2 percent.

Mindtree's promoters meanwhile released a statement saying L&amp;T's "hostile takeover bid" was "a grave threat" to their "unique organisation".&nbsp;

"The attempted hostile takeover bid of Mindtree by L&amp;T is a grave threat to the unique organisation we have collectively built over 20 years," the statement read.&nbsp;

The statement was issued collectively by Mindtree's Executive Chairman Krishnakumar Natarajan, co-founder Subroto Bagchi, Chief Executive Rostow Ravanan and Executive Vice-Chairman Parthasarathy NS.

"A hostile takeover by L&amp;T, unprecedented in our industry, could undo all of the progress we've made and immensely set our organisation back," the statement said.&nbsp;

"We believe that culture needs to be carefully created and nurtured over time, and can't be bought and sold like any asset," the statement added.&nbsp;

Mindtree meanwhile added that it would continue to oppose the attempted takeover in the interest of its shareholders and employees.

Mindtrees's employees seem to feel the same way, saying the culture of their organisation is unique and that it should be left that way.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Culture and values set us apart and L&amp;T could potential destroy the fabric of it <a href="https://twitter.com/hashtag/mindtreematters?src=hash&amp;ref_src=twsrc%5Etfw">#mindtreematters</a> <a href="https://t.co/tFCfbNvQYk">https://t.co/tFCfbNvQYk</a>
— Gautham Gopalkrishna (@gauths_g) <a href="https://twitter.com/gauths_g/status/1107614425463357441?ref_src=twsrc%5Etfw">March 18, 2019</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en">
Mindtree is one and only best company i have been with. the culture of mindtree is very unique. Mindtree is not a work place for me. its my Home and home is never for sale.<a href="https://twitter.com/hashtag/MindtreeMatters?src=hash&amp;ref_src=twsrc%5Etfw">#MindtreeMatters</a> <a href="https://twitter.com/Mindtree_Ltd?ref_src=twsrc%5Etfw">@Mindtree_Ltd</a>
— Anjan (@anjan_27) <a href="https://twitter.com/anjan_27/status/1107578653448142848?ref_src=twsrc%5Etfw">March 18, 2019</a></blockquote>
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<blockquote class="twitter-tweet" data-lang="en">
Sustaining a good work culture matters.. 
Working with good people matters.. 
Loving what you do everyday matters.. 
Having Leaders who care, matters.. 
After having experienced all these things for just 2 years in Mindtree, I can proudly say <a href="https://twitter.com/hashtag/MindtreeMatters?src=hash&amp;ref_src=twsrc%5Etfw">#MindtreeMatters</a> 
And it always will! :)
— Elita D'souza (@elita_3094) <a href="https://twitter.com/elita_3094/status/1107613709197668352?ref_src=twsrc%5Etfw">March 18, 2019</a></blockquote>
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A number of them said on social media that Mindtree was like a "home" to them and a home is never for sale.&nbsp;

Mindtree Ltd's shares fell in early trade Tuesday after Larsen & Toubro Ltd (L&T) said it would buy a 20.32 percent stake in the IT services company for about Rs 3,300 crore.

Mindtree Ltd's shares fell in early trade Tuesday after Larsen & Toubro Ltd (L&T) said it would buy a 20.32 percent stake in the IT services company for about Rs 3,300 crore. L&T will buy the stake from Indian coffee baron and Cafe Coffee Day owner VG Siddhartha, the construction company said late on Monday. The Mumbai-based L&T also placed an order with its broker for an on-market purchase of up to 15 percent of Mindtree's shares at 980 rupees each. It is also looking to buy an additional 31 percent from Mindtree's public shareholders at the same price. L&T stock was on Tuesday trading 1.2 percent lower in the Mumbai market that gained 0.2 percent. Mindtree's promoters meanwhile released a statement saying L&T's "hostile takeover bid" was "a grave threat" to their "unique organisation". "The attempted hostile takeover bid of Mindtree by L&T is a grave threat to the unique organisation we have collectively built over 20 years," the statement read. The statement was issued collectively by Mindtree's Executive Chairman Krishnakumar Natarajan, co-founder Subroto Bagchi, Chief Executive Rostow Ravanan and Executive Vice-Chairman Parthasarathy NS. "A hostile takeover by L&T, unprecedented in our industry, could undo all of the progress we've made and immensely set our organisation back," the statement said. "We believe that culture needs to be carefully created and nurtured over time, and can't be bought and sold like any asset," the statement added. Mindtree meanwhile added that it would continue to oppose the attempted takeover in the interest of its shareholders and employees. Mindtrees's employees seem to feel the same way, saying the culture of their organisation is unique and that it should be left that way. Culture and values set us apart and L&T could potential destroy the fabric of it #mindtreematters https://t.co/tFCfbNvQYk — Gautham Gopalkrishna (@gauths_g) March 18, 2019 × Mindtree is one and only best company i have been with. the culture of mindtree is very unique. Mindtree is not a work place for me. its my Home and home is never for sale.#MindtreeMatters @Mindtree_Ltd — Anjan (@anjan_27) March 18, 2019 × Sustaining a good work culture matters.. Working with good people matters.. Loving what you do everyday matters.. Having Leaders who care, matters.. After having experienced all these things for just 2 years in Mindtree, I can proudly say #MindtreeMatters And it always will! :) — Elita D'souza (@elita_3094) March 18, 2019 × A number of them said on social media that Mindtree was like a "home" to them and a home is never for sale.

L&T to buy stake in Mindtree: Employees say takeover will destroy company's 'unique culture'

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother <a href="https://www.wionews.com/india-news/in-heartfelt-message-anil-ambani-thanks-brother-mukesh-for-timely-support-during-trying-times-204209">Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson</a>.

Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday.

India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson.

The nature of the backing or how it was delivered was unclear, but in a statement, Anil Ambani thanked his billionaire brother "for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support".

RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government.

The Supreme Court of India last month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court.

Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since February 26.

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson.

Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off the debt owed to Sweden's Ericsson. Telecom equipment maker Ericsson received 4.62 billion rupees ($67.42 million) from RCom as unpaid dues from a deal it had signed in 2014, a spokeswoman said on Monday. India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries, appears to have offered support to ensure Anil Ambani paid off total dues of 5.5 billion rupees ($80 million) to Ericsson. The nature of the backing or how it was delivered was unclear, but in a statement, Anil Ambani thanked his billionaire brother "for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support". RCom called off the sale of its telecom assets to Reliance Jio Infocomm, the mobile telecoms firm controlled by Mukesh Ambani, citing failure to get approvals from lenders and the government. The Supreme Court of India last month ordered Anil Ambani and two RCom directors to pay Ericsson 4.5 billion rupees within four weeks or face a three-month jail term for contempt of court. Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since February 26.

Reliance Communications jumps after Mukesh Ambani bails out brother Anil on Ericsson dues

The benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade on Tuesday. Nifty, on the other hand also opened in green at 11,500.30.&nbsp;

Meanwhile, the Indian currency edged 2 paise higher to 68.51 against the US dollar in early trade Tuesday ahead of the Federal Reserve's policy meet.

A higher opening in the domestic equity market influenced the currency's movement, they added, experts noted.&nbsp;

On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit.

The BSE Sensex gained over 70 points Monday. NSE Nifty finished 35.35 points or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50.

(With inputs from PTI)&nbsp;

The benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade on Tuesday. Nifty, on the other hand also opened in green at 11,500.30.

The benchmark BSE Sensex rose 83.10 points, or 0.22 per cent, to 38,178.17 in early trade on Tuesday. Nifty, on the other hand also opened in green at 11,500.30. Meanwhile, the Indian currency edged 2 paise higher to 68.51 against the US dollar in early trade Tuesday ahead of the Federal Reserve's policy meet. A higher opening in the domestic equity market influenced the currency's movement, they added, experts noted. On Monday, the domestic unit had surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. The BSE Sensex gained over 70 points Monday. NSE Nifty finished 35.35 points or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50. (With inputs from PTI)

Markets open in green, Rupee starts marginally higher against US dollar

Investigation has been initiated against e-commerce giants Amazon and Flipkart for alleged violation of foreign exchange law, the Enforcement Directorate (ED) Monday informed the Delhi High Court.

A bench of Chief Justice Rajendra Menon and Justice A J Bhambhani noted the submissions of the ED that a case has been registered under provisions of the Foreign Exchange Management Act (FEMA) against the two companies and disposed of a PIL which has alleged that the e-commerce giants were violating foreign direct investment (FDI) norms.

The court had earlier sought response of the central government, Amazon and Flipkart to the plea which has sought a probe into the alleged FDI violations.

The ED, in its reply filed through central government standing counsel Amit Mahajan, has said the "department has already registered and initiated investigation under the provisions of FEMA against the two companies to ascertain whether they have been contravening any provisions of FEMA or contravening any rule, regulations, notification, direction or order issued in exercise of the powers under FEMA...."

The agency also sought dismissal of the petition.

The petition by an NGO, Telecom Watchdog, also asked for initiation of legal proceedings against the two e-commerce companies under the FEMA for alleged violation and circumvention of FDI norms.

The plea, filed through advocate Pranav Sachdeva, has claimed that Amazon and Flipkart have created multiple entities to circumvent the FDI norms and route the hot-selling stock at cheaper rates.

The petition has contended that according to Press Note 3 of 2016, which regulates FDI in e-commerce, entities like Amazon and Flipkart are not to exercise ownership over stock, nor directly or indirectly influence price of goods and services sold on their marketplace.

It claimed that by creating name lending companies, Amazon and Flipkart buy branded goods in bulk at discounts from manufacturers and render small sellers uncompetitive by a wide margin, thus influencing the prices in violation of the FDI norms.

"As a consequence of this FDI norms violation, smaller sellers are unable to participate in the fast-growing e-commerce sector," the plea has contended, adding that due to subsidised prices on such platforms, small sellers are unable to sell in the brick-n-mortar world too.

Besides, the plea has also claimed that the two e-commerce firms have created several other group companies in the chain to divide discounts and losses.

"Exchange offers, EMI costs and bank offers are funded completely or substantially by Amazon and Flipkart and constitute a clear influence on price in violation of FDI norms," it has alleged.

Investigation has been initiated against e-commerce giants Amazon and Flipkart for alleged violation of foreign exchange law, the Enforcement Directorate (ED) Monday informed the Delhi High Court.

Investigation has been initiated against e-commerce giants Amazon and Flipkart for alleged violation of foreign exchange law, the Enforcement Directorate (ED) Monday informed the Delhi High Court. A bench of Chief Justice Rajendra Menon and Justice A J Bhambhani noted the submissions of the ED that a case has been registered under provisions of the Foreign Exchange Management Act (FEMA) against the two companies and disposed of a PIL which has alleged that the e-commerce giants were violating foreign direct investment (FDI) norms. The court had earlier sought response of the central government, Amazon and Flipkart to the plea which has sought a probe into the alleged FDI violations. The ED, in its reply filed through central government standing counsel Amit Mahajan, has said the "department has already registered and initiated investigation under the provisions of FEMA against the two companies to ascertain whether they have been contravening any provisions of FEMA or contravening any rule, regulations, notification, direction or order issued in exercise of the powers under FEMA...." The agency also sought dismissal of the petition. The petition by an NGO, Telecom Watchdog, also asked for initiation of legal proceedings against the two e-commerce companies under the FEMA for alleged violation and circumvention of FDI norms. The plea, filed through advocate Pranav Sachdeva, has claimed that Amazon and Flipkart have created multiple entities to circumvent the FDI norms and route the hot-selling stock at cheaper rates. The petition has contended that according to Press Note 3 of 2016, which regulates FDI in e-commerce, entities like Amazon and Flipkart are not to exercise ownership over stock, nor directly or indirectly influence price of goods and services sold on their marketplace. It claimed that by creating name lending companies, Amazon and Flipkart buy branded goods in bulk at discounts from manufacturers and render small sellers uncompetitive by a wide margin, thus influencing the prices in violation of the FDI norms. "As a consequence of this FDI norms violation, smaller sellers are unable to participate in the fast-growing e-commerce sector," the plea has contended, adding that due to subsidised prices on such platforms, small sellers are unable to sell in the brick-n-mortar world too. Besides, the plea has also claimed that the two e-commerce firms have created several other group companies in the chain to divide discounts and losses. "Exchange offers, EMI costs and bank offers are funded completely or substantially by Amazon and Flipkart and constitute a clear influence on price in violation of FDI norms," it has alleged.

Enforcement Directorate probes Amazon, Flipkart for violation of foreign exchange law

The management of Indian IT services company Mindtree rejected conglomerate <a href="https://www.wionews.com/business-economy/larsen-toubro-makes-rs-5030-crore-offer-to-buy-31-stake-in-mindtree-204155">Larsen &amp; Toubro Ltd's move to buy a 66 per cent stake</a> in the company by spending about $1.6 billion, terming it "value destructive."

L&amp;T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion).

Shares in both L&amp;T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain.

L&amp;T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&amp;T Infotech Ltd, in which it owns a 74.8 per cent stake.

The company's chief financial officer, R&nbsp;Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities.

Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders."

Mindtree said its board will deliberate over the L&amp;T proposal on Wednesday.

Mindtree, with a strong client base, is an attractive asset for L&amp;T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data.

"This acquisition is in line with (L&amp;T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&amp;T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note.

The combined revenues of Mindtree, L&amp;T Infotech and L&amp;T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said.

The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys.

L&amp;T said it will buy a fifth of Mindtree from Indian coffee baron VG&nbsp;Siddhartha and companies related to him.

The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price.

If the transactions go through, L&amp;T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&amp;T said in an investor presentation on Tuesday.

L&amp;T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.

The management of Indian IT services company Mindtree rejected conglomerate Larsen & Toubro Ltd's move to buy a 66 per cent stake in the company by spending about $1.6 billion, terming it "value destructive." L&T, which has its own IT business unit apart from businesses such as construction, power and financial services, said late Monday it would buy a fifth of Mindtree for roughly $475 million and that it wanted to raise its stake to 66 per cent, spending 107.3 billion rupees ($1.56 billion). Shares in both L&T and Mindtree fell on Tuesday, and analysts said Mindtree's promoters' stance towards the hostile bid made things uncertain. L&T executives sought to calm investors, promising that they would run Mindtree separately from its tech services unit L&T Infotech Ltd, in which it owns a 74.8 per cent stake. The company's chief financial officer, R Shankar Raman, told reporters that he envisioned synergies rather than conflict because there was enough headroom for growth in both entities. Earlier in the day, Bengaluru-based Mindtree's biggest shareholders said they saw no strategic advantage in the transaction and believed that it would be "value destructive for all shareholders." Mindtree said its board will deliberate over the L&T proposal on Wednesday. Mindtree, with a strong client base, is an attractive asset for L&T, analysts said. It trades at 21.45 times forward earnings, compared with a sector average of 15.58, according to Refinitiv Eikon data. "This acquisition is in line with (L&T's) stated strategy of focusing on services and asset-light businesses ... and will help propel L&T's technology portfolio to within the top tier of Indian IT companies," Morgan Stanley analysts said in a note. The combined revenues of Mindtree, L&T Infotech and L&T Technology Services - the conglomerate's engineering services unit - would be about $3 billion, the brokerage said. The Indian IT services industry is dominated by the likes of Tata Consultancy Services and Infosys. L&T said it will buy a fifth of Mindtree from Indian coffee baron VG Siddhartha and companies related to him. The company also said it placed an order with its broker for an on-market purchase of up to 15 per cent of Mindtree's shares at 980 rupees each. It is looking for an additional 31 per cent stake from Mindtree's public shareholders at the same price. If the transactions go through, L&T will be spending up to 107.3 billion rupees ($1.56 billion) to buy a roughly 66 per cent stake in Mindtree, L&T said in an investor presentation on Tuesday. L&T's offer is a premium of 1.8 per cent to Mindtree's closing price of 962.50 rupees on Monday. Local media reported about the potential stake deal over the weekend.

Mindtree management rejects hostile bid from Larsen & Toubro

The stock market continued its winning run for a seventh consecutive session Tuesday with the BSE Sensex rising 268 points to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow.

The 30-share index started off on a strong footing at 38,218.59 points and touched a high of 38,396.06 before winding up at 38,363.47, recording a significant rise of 268.40, or 0.70 per cent. Intra-day it also hit a low of 38,078.23.

The gauge had climbed over 1,420 points in the previous six sessions.

The 50-share NSE Nifty closed at 11,509.80, higher by 70.20 points, or 0.61 per cent, after hovering between 11,543.85 and 11,451.55.

These are the highest levels for both indices since September 7.

The gains on domestic bourses were led by PSU, oil and gas, infrastructure, realty, banking and power sector stocks as investors indulged in widening their exposure.

Traders said widening of positions by retail investors amid continued buying by foreign institutional investors (FIIs) as expectations that the incumbent government would return to power after the general elections, starting next month, boosted investor confidence.

Broadly, sentiments continued to remain bullish despite profit-booking at current levels by speculators, they added.

Sentiment also got a lift after the GST Council approved a transition plan for the implementation of new tax structure for housing units at its meeting earlier in the day.

Most other Asian markets held steady ahead of a Federal Reserve policy meeting later this week but were broadly at near six-month highs on expectations the US central bank might strike a dovish tone.

Meanwhile, on a net basis, FIIs bought shares worth Rs 1,823 crore, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 1,269 crore Monday, provisional data showed.&nbsp;

The stock market continued its winning run for a seventh consecutive session Tuesday with the BSE Sensex rising 268 points to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow.

The stock market continued its winning run for a seventh consecutive session Tuesday with the BSE Sensex rising 268 points to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow. The 30-share index started off on a strong footing at 38,218.59 points and touched a high of 38,396.06 before winding up at 38,363.47, recording a significant rise of 268.40, or 0.70 per cent. Intra-day it also hit a low of 38,078.23. The gauge had climbed over 1,420 points in the previous six sessions. The 50-share NSE Nifty closed at 11,509.80, higher by 70.20 points, or 0.61 per cent, after hovering between 11,543.85 and 11,451.55. These are the highest levels for both indices since September 7. The gains on domestic bourses were led by PSU, oil and gas, infrastructure, realty, banking and power sector stocks as investors indulged in widening their exposure. Traders said widening of positions by retail investors amid continued buying by foreign institutional investors (FIIs) as expectations that the incumbent government would return to power after the general elections, starting next month, boosted investor confidence. Broadly, sentiments continued to remain bullish despite profit-booking at current levels by speculators, they added. Sentiment also got a lift after the GST Council approved a transition plan for the implementation of new tax structure for housing units at its meeting earlier in the day. Most other Asian markets held steady ahead of a Federal Reserve policy meeting later this week but were broadly at near six-month highs on expectations the US central bank might strike a dovish tone. Meanwhile, on a net basis, FIIs bought shares worth Rs 1,823 crore, while domestic institutional investors (DIIs) offloaded equities to the tune of Rs 1,269 crore Monday, provisional data showed.

Sensex rises for seventh consecutive session; Nifty above 11,500

Shares of debt-ridden <a href="https://www.wionews.com/business-economy/government-asked-banks-to-save-jet-avoid-bankruptcy-sources-204282">Jet Airways fell by five per cent</a> Tuesday amid massive cancellation of flights by the airline due to the grounding of a large part of its fleet.

The shares of the company plunged 5 per cent to Rs 225.10 on the BSE.

On the NSE, shares declined 4.77 per cent to Rs 225.45.

Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry's secretary to hold an emergency meeting on Jet Airways massively cancelling flights after grounding of a large part of its fleet.

The minister's direction came in the wake of the airline drastically reducing its operations due to liquidity crunch.

"Directed Secretary, @MOCA GOI to hold an emergency meeting on the grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any," Prabhu said in a tweet.

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
Directed Secretary, <a href="https://twitter.com/MoCA_GoI?ref_src=twsrc%5Etfw">@MoCA_GoI</a> to hold an emergency meeting on grounding of flights by Jet Airways, Advance bookings, Cancellation, Refunds and Safety issues, if any. Asked him to get a report on Jet compliance issues immediately from DGCA. <a href="https://twitter.com/jayantsinha?ref_src=twsrc%5Etfw">@jayantsinha</a>
— Chowkidar Suresh Prabhu (@sureshpprabhu) <a href="https://twitter.com/sureshpprabhu/status/1107895331776163841?ref_src=twsrc%5Etfw">March 19, 2019</a></blockquote>
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Meanwhile, Jet Airways aircraft maintenance engineers' union wrote to aviation regulator Directorate General of Civil Aviation on Tuesday that three months of salary was overdue to them and flight safety "is at risk".

The airline on Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41.

Meanwhile,&nbsp;India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.&nbsp;

Shares of debt-ridden Jet Airways fell by five per cent Tuesday amid massive cancellation of flights by the airline due to the grounding of a large part of its fleet.

Shares of debt-ridden Jet Airways fell by five per cent Tuesday amid massive cancellation of flights by the airline due to the grounding of a large part of its fleet. The shares of the company plunged 5 per cent to Rs 225.10 on the BSE. On the NSE, shares declined 4.77 per cent to Rs 225.45. Civil Aviation Minister Suresh Prabhu on Tuesday directed his ministry's secretary to hold an emergency meeting on Jet Airways massively cancelling flights after grounding of a large part of its fleet. The minister's direction came in the wake of the airline drastically reducing its operations due to liquidity crunch. "Directed Secretary, @MOCA GOI to hold an emergency meeting on the grounding of flights by Jet Airways, advance bookings, cancellations, refunds and safety issues, if any," Prabhu said in a tweet. Directed Secretary, @MoCA_GoI to hold an emergency meeting on grounding of flights by Jet Airways, Advance bookings, Cancellation, Refunds and Safety issues, if any. Asked him to get a report on Jet compliance issues immediately from DGCA. @jayantsinha — Chowkidar Suresh Prabhu (@sureshpprabhu) March 19, 2019 × Meanwhile, Jet Airways aircraft maintenance engineers' union wrote to aviation regulator Directorate General of Civil Aviation on Tuesday that three months of salary was overdue to them and flight safety "is at risk". The airline on Monday said it had grounded four more planes, taking the number of aircraft that are non-operational due to non-payment of lease rentals to 41. Meanwhile, India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

Jet Airways shares fell by 5% amid massive flights cancellation

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added.

"Top officials at the finance ministry seek regular updates on the issue," said an official at one of Jet's lenders, who did not want to be identified as discussions are private.

Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported.

New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be "transitory" and lenders could sell the stakes once Jet revives.

The government has also nudged its 49 per cent-owned National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet, a separate government source said.

Saddled with more than US $1 billion of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors - some of which have begun terminating lease deals.

The world's biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term.

It is crucial for India that Jet revives as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official said.

The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India's hinterland.

A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money.

If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer.

Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder with a 24 per cent stake.

India's finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment.

KINGFISHER'S COLLAPSE

Most companies in Jet's financial condition would be placed by creditors into India's new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines's demise in 2012 have prompted the government to seek a more sober road to rescue, they said.

Kingfisher's bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns.

Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official.

If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations.

While on the surface Jet's future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout.

But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity.

New Delhi is also backing a proposal for Jet's founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said.

"Saving Jet is not equivalent to saving Goyal," the official said.

RISING AIRFARE

Jet, with its fleet of 119 planes, once controlled a sixth of India's domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India.

The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source.

India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said.

"The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help," he said.

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters.

India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two people within the administration told Reuters. The finance ministry has in the past year sought regular updates from the banks, led by State Bank of India (SBI), on Jet's financial health, the people said. In recent months, the banks have provided weekly updates about a revival plan and also sought government advice, the people added. "Top officials at the finance ministry seek regular updates on the issue," said an official at one of Jet's lenders, who did not want to be identified as discussions are private. Details of the discussion between the finance ministry and bankers on bailing out Jet have not been previously reported. New Delhi has urged state-run banks to convert debt into equity and take a stake in Jet in a rare move in India to use taxpayer money to save a struggling private-sector company from bankruptcy. The two people plus one more source, however, said this would be "transitory" and lenders could sell the stakes once Jet revives. The government has also nudged its 49 per cent-owned National Investment and Infrastructure Fund (NIIF) - created to invest in stalled and new infrastructure projects - to buy a stake in Jet, a separate government source said. Saddled with more than US $1 billion of debt, Jet is struggling to stay aloft. It has delayed payments to banks, suppliers, employees and aircraft lessors - some of which have begun terminating lease deals. The world's biggest democracy is gearing up for an election next month and its booming aviation sector, which employs close to a million people, has been one of the job-creation success stories that Modi can point to as he seeks a second term. It is crucial for India that Jet revives as the fall of its second-largest airline could have "disastrous consequences for the investment climate" in the sector, a top government official said. The official is concerned that if Jet collapses it could drive up airfare in a fast-growing market, wiping out efforts to bring low-cost air travel to India's hinterland. A chaotic end could also make it more difficult for the government to sell a stake in Air India, at least in the short run. Last year, it failed to sell part of its stake in the indebted carrier which currently relies on taxpayer money. If the government's plan for Jet succeeds, then state-run banks including SBI and Punjab National Bank (PNB) as well as NIIF would together own at least a third of the airline until they find a new buyer. Currently, Abu Dhabi's Etihad Airways is Jet's largest shareholder with a 24 per cent stake. India's finance ministry, SBI, PNB and Jet Airways did not respond to requests for comment. KINGFISHER'S COLLAPSE Most companies in Jet's financial condition would be placed by creditors into India's new bankruptcy process, two bankers said. However, memories of the chaos sparked by Kingfisher Airlines's demise in 2012 have prompted the government to seek a more sober road to rescue, they said. Kingfisher's bankruptcy caused job losses, lessors lost millions of dollars and banks took massive writedowns. Putting what is essentially a services provider like Jet through the bankruptcy process would diminish its value because it owns no major assets, unlike a manufacturing company, as most of its planes are leased, said another government official. If it is pushed into bankruptcy and lessors start pulling even more planes out of service, there would be nothing left for any potential investors, the official said. Already 41 planes have been grounded by lessors in the past three months, leading to flight cancellations. While on the surface Jet's future still hangs in the balance with its main shareholder Etihad at loggerheads over the final terms of any deal, behind-the-scenes support from the government means there is likely to be a bailout. But there are no easy options, one of the sources said, adding that the lenders do not have the expertise to run an airline so they have to decide what to do once they convert their debt into equity. New Delhi is also backing a proposal for Jet's founder and Chairman Naresh Goyal to step down if it means saving the airline, another official said. "Saving Jet is not equivalent to saving Goyal," the official said. RISING AIRFARE Jet, with its fleet of 119 planes, once controlled a sixth of India's domestic aviation market. The 25-year-old airline is also one of only two full-service carriers that flies to international destinations. The other is Air India. The government ideally wants four to six major airlines to ensure fares are competitive and passengers have greater choice, according to the top government source. India plans to build 100 new airports costing about $60 billion which would need a steady stream of flights to sustain them, and that is possible only if there are enough airlines, a separate official said. "The investment in these airports will solely depend on operators willing to have regular flights at affordable prices and one operator going bankrupt does not help," he said.

Government asked banks to save Jet Airways, avoid bankruptcy: Sources

Rupee rose to its highest in more than seven months on Monday, boosted by strong dollar inflows while broad weakness in the US currency over the previous week also aided sentiment.

The partially convertible rupee was trading at 68.65/66 per dollar after touching 68.62, its strongest level since August 9. It had closed at 69.10 on Friday.

The dollar licked its wounds after soft US data increased bets the Federal Reserve will cut rates later this year while the pound hovered near nine-months high on hopes for a delay in Britain's exit from the European Union.

Other Asian units, however, were trading mixed against the dollar.

"We have seen large (dollar) inflows in the last few days hitting the market. USDINR swap window followed by lower trade deficit added to INR strength," said Paresh Nayar, head of the trading desk at First Rand Bank in Mumbai.

Investors are bullish on the Indian rupee for the first time in nearly a year, a Reuters poll showed last week, as a recent surge in popularity of the country's ruling party is expected to bode well for its alliance in the upcoming national elections.

Foreign inflows into Indian equities and debt markets have surged, with $3.65 billion pouring in this month as of March 15. That compares with inflows of $1.58 billion in February and $788 million outflows in January, according to exchange data.

"I don't think many would have expected such sharp appreciation with the RBI not intervening aggressively and with inflows still lined up, the next support is 68.50," Nayar said.

In a bid to mop up dollars and pump in rupees, the central bank last Wednesday said it would conduct its first dollar/rupee buy-sell swap auction on March 26.

The RBI plans to swap rupees for dollars for a total of $5 billion with domestic banks which is likely to help achieve its twin objectives of pushing interest rates down while also preventing a sharp appreciation in the rupee.

Rupee rose to its highest in more than seven months on Monday, boosted by strong dollar inflows while broad weakness in the US currency over the previous week also aided sentiment.

Rupee rose to its highest in more than seven months on Monday, boosted by strong dollar inflows while broad weakness in the US currency over the previous week also aided sentiment. The partially convertible rupee was trading at 68.65/66 per dollar after touching 68.62, its strongest level since August 9. It had closed at 69.10 on Friday. The dollar licked its wounds after soft US data increased bets the Federal Reserve will cut rates later this year while the pound hovered near nine-months high on hopes for a delay in Britain's exit from the European Union. Other Asian units, however, were trading mixed against the dollar. "We have seen large (dollar) inflows in the last few days hitting the market. USDINR swap window followed by lower trade deficit added to INR strength," said Paresh Nayar, head of the trading desk at First Rand Bank in Mumbai. Investors are bullish on the Indian rupee for the first time in nearly a year, a Reuters poll showed last week, as a recent surge in popularity of the country's ruling party is expected to bode well for its alliance in the upcoming national elections. Foreign inflows into Indian equities and debt markets have surged, with $3.65 billion pouring in this month as of March 15. That compares with inflows of $1.58 billion in February and $788 million outflows in January, according to exchange data. "I don't think many would have expected such sharp appreciation with the RBI not intervening aggressively and with inflows still lined up, the next support is 68.50," Nayar said. In a bid to mop up dollars and pump in rupees, the central bank last Wednesday said it would conduct its first dollar/rupee buy-sell swap auction on March 26. The RBI plans to swap rupees for dollars for a total of $5 billion with domestic banks which is likely to help achieve its twin objectives of pushing interest rates down while also preventing a sharp appreciation in the rupee.

Rupee at seven-month high, further gains on the cards

Japanese exports declined for the third straight month in February while imports also fell, according to government data Monday, indicating a possible slowdown in the world's third-biggest economy.

Exports slipped 1.2 per cent from a year earlier to 6.38 trillion yen ($57 billion) and imports declined even more sharply -- by 6.7 per cent to 6.05 trillion yen.

"Concerns remain for the immediate future given worries over the global economy and weak demand in the IT sector," Asuka Sakamoto, an economist at Mizuho Research Institute, told AFP.

The weak import figure is also a source of concern as it may reflect declining orders for companies as they reduce production domestically, added Sakamoto.

Analysts will be closely watching export and corporate investment data for further clues on the economy's health, she said.

Exports to China increased 5.5 per cent while imports dropped 15.8 per cent, as imports declined of clothes, metal products and parts for audiovisual products.

Japan's politically sensitive surplus with the United States slipped 0.9 per cent from a year earlier to 624.9 billion yen.

With the European Union, Japan logged a 58.2 billion yen surplus.

Overall, the country logged a 339 billion yen trade surplus in February, the first surplus for five months.

Japanese exports declined for the third straight month in February while imports also fell, according to government data Monday, indicating a possible slowdown in the world's third-biggest economy.

Japanese exports declined for the third straight month in February while imports also fell, according to government data Monday, indicating a possible slowdown in the world's third-biggest economy. Exports slipped 1.2 per cent from a year earlier to 6.38 trillion yen ($57 billion) and imports declined even more sharply -- by 6.7 per cent to 6.05 trillion yen. "Concerns remain for the immediate future given worries over the global economy and weak demand in the IT sector," Asuka Sakamoto, an economist at Mizuho Research Institute, told AFP. The weak import figure is also a source of concern as it may reflect declining orders for companies as they reduce production domestically, added Sakamoto. Analysts will be closely watching export and corporate investment data for further clues on the economy's health, she said. Exports to China increased 5.5 per cent while imports dropped 15.8 per cent, as imports declined of clothes, metal products and parts for audiovisual products. Japan's politically sensitive surplus with the United States slipped 0.9 per cent from a year earlier to 624.9 billion yen. With the European Union, Japan logged a 58.2 billion yen surplus. Overall, the country logged a 339 billion yen trade surplus in February, the first surplus for five months.

Japan's exports decline for third straight month

The rupee appreciated 17 paise to 68.93 against the US dollar in opening trade Monday driven by weakening greenback in overseas markets and sustained foreign inflows.

Besides, narrowing country's trade deficit and selling of the American currency by exporters supported the domestic currency, dealers said.

The marginal 2.44 per cent increase in exports, as well as lower imports of gold and petroleum products in February, significantly narrowed the country's trade deficit to USD 9.6 billion, according to data released by the commerce ministry Friday.

Extending its gains for the sixth session, the rupee opened higher at 68.92 at the interbank forex market and gained further ground to touch 68.87. However, it pared some gains and was quoting 17 paise higher at 68.93 at 0920 hours.

The rupee Friday had jumped 24 paise to close at 69.10 against the US dollar on sustained foreign fund inflows and heavy buying in domestic equities.

Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 4,323.49 crore on a net basis Friday, as per provisional data.

Meanwhile, the benchmark BSE Sensex was trading higher by 232.31 points, or 0.61 per cent, at 38,256.63.

The rupee appreciated 17 paise to 68.93 against the US dollar in opening trade Monday driven by weakening greenback in overseas markets and sustained foreign inflows.

The rupee appreciated 17 paise to 68.93 against the US dollar in opening trade Monday driven by weakening greenback in overseas markets and sustained foreign inflows. Besides, narrowing country's trade deficit and selling of the American currency by exporters supported the domestic currency, dealers said. The marginal 2.44 per cent increase in exports, as well as lower imports of gold and petroleum products in February, significantly narrowed the country's trade deficit to USD 9.6 billion, according to data released by the commerce ministry Friday. Extending its gains for the sixth session, the rupee opened higher at 68.92 at the interbank forex market and gained further ground to touch 68.87. However, it pared some gains and was quoting 17 paise higher at 68.93 at 0920 hours. The rupee Friday had jumped 24 paise to close at 69.10 against the US dollar on sustained foreign fund inflows and heavy buying in domestic equities. Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital market, putting in Rs 4,323.49 crore on a net basis Friday, as per provisional data. Meanwhile, the benchmark BSE Sensex was trading higher by 232.31 points, or 0.61 per cent, at 38,256.63.

Rupee appreciates 17 paise to 68.93 against US dollar

Domestic equities continued their bull run Monday with the BSE Sensex rising over 300 points and the Nifty reclaiming the 11,500 mark amid unabated foreign fund inflows and narrowing country's trade deficit.

Besides, positive cues from other Asian markets too bolstered trading sentiment here, traders said.

The 30-share Sensex spurted 326.06 points, or 0.80 per cent, to 38,350.38 in early trade. The gauge had rallied 1,352.89 points in the previous five sessions.

The broad-based NSE Nifty to rallied 82.15 points, or 0.72 per cent, to 11,509.

Major gainers that supported the rally were PowerGrid, Kotak Bank, HDFC Bank, Reliance Industries, Axis Bank, Bharti Airtel, Asian Paint, M&amp;M, IndusInd Bank, Bajaj Finance, Asian Paint, Yes Bank, ICICI Bank, HDFC, ITC, Tata Steel, SBI, ONGC and Bajaj Auto, rising up to 2.57 per cent.

Shares of Maruti, on the other hand, were the biggest losers, cracking up to 3.42 per cent.

Barring auto and healthcare, all the sectoral indices on BSE, led by oil and gas, PSU, realty, power, bankex, IT and FMCG, were trading in the green. 
According to experts, narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment.

The marginal 2.44 per cent increase in exports, as well as lower imports of gold and petroleum products in February significantly, narrowed the country's trade deficit to USD 9.6 billion, data released by the commerce ministry Friday showed.

India's merchandise exports rose to USD 26.67 billion in February from USD 26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics.

On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 4,323.49 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,130.36 crore, provisional data available with BSE showed.

A firm trend in other Asian markets and overnight gains on Wall Street also boosted trading sentiments here.

Japan's Nikkei was up 0.67 per cent, Shanghai Composite Index gained 1.27 per cent and Hong Kong's Hang Seng was up 0.74 per cent in their late morning deals.

On Wall Street, the US Dow Jones Industrial Average ended 0.54 per cent higher in Friday's trade.

Domestic equities continued their bull run Monday with the BSE Sensex rising over 300 points and the Nifty reclaiming the 11,500 mark amid unabated foreign fund inflows and narrowing country's trade deficit.

Domestic equities continued their bull run Monday with the BSE Sensex rising over 300 points and the Nifty reclaiming the 11,500 mark amid unabated foreign fund inflows and narrowing country's trade deficit. Besides, positive cues from other Asian markets too bolstered trading sentiment here, traders said. The 30-share Sensex spurted 326.06 points, or 0.80 per cent, to 38,350.38 in early trade. The gauge had rallied 1,352.89 points in the previous five sessions. The broad-based NSE Nifty to rallied 82.15 points, or 0.72 per cent, to 11,509. Major gainers that supported the rally were PowerGrid, Kotak Bank, HDFC Bank, Reliance Industries, Axis Bank, Bharti Airtel, Asian Paint, M&M, IndusInd Bank, Bajaj Finance, Asian Paint, Yes Bank, ICICI Bank, HDFC, ITC, Tata Steel, SBI, ONGC and Bajaj Auto, rising up to 2.57 per cent. Shares of Maruti, on the other hand, were the biggest losers, cracking up to 3.42 per cent. Barring auto and healthcare, all the sectoral indices on BSE, led by oil and gas, PSU, realty, power, bankex, IT and FMCG, were trading in the green. According to experts, narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment. The marginal 2.44 per cent increase in exports, as well as lower imports of gold and petroleum products in February significantly, narrowed the country's trade deficit to USD 9.6 billion, data released by the commerce ministry Friday showed. India's merchandise exports rose to USD 26.67 billion in February from USD 26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics. On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 4,323.49 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,130.36 crore, provisional data available with BSE showed. A firm trend in other Asian markets and overnight gains on Wall Street also boosted trading sentiments here. Japan's Nikkei was up 0.67 per cent, Shanghai Composite Index gained 1.27 per cent and Hong Kong's Hang Seng was up 0.74 per cent in their late morning deals. On Wall Street, the US Dow Jones Industrial Average ended 0.54 per cent higher in Friday's trade.

Sensex rallies over 300 points, Nifty above 11,500 mark

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom).

Anil Ambani, chairman, RCom, said: “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.”

The Supreme Court on February 20 had held RCom chairman and two directors guilty of contempt of court while hearing a contempt plea filed by Ericsson India against him over not clearing dues of Rs 550 crore.

A bench comprising Justice Rohinton Fali Nariman and Justice Vineet Sharan had asked Anil Ambani and the two directors to not treat the apex court’s orders with a “cavalier attitude.”

Reacting to the top court's directive, Reliance Communication spokesperson in a press statement, said: “We respect the Supreme Court’s judgment. The RCom group shall comply with same.”&nbsp;

The judicature ordered Ambani, Seth, and Virani to pay Rs 453 crore to Ericsson in a span of four weeks failing which they would face a three-month jail term.

The apex court also imposed a fine of Rs 1 crore each on Ambani, Seth, and Virani. The court had directed them to deposit the amount with the apex court registry within a span of one month. If they fail to furnish the amount, the three will be awarded a month’s jail-term.

It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson.

The bench said the undertakings given the three Reliance-based companies to pay, showed that they had “no intention” to honour it within the 120 days given by the court or the extended time allotted.

The bench held that the undertaking given by them was false to the knowledge of the court and it affected the administration of justice.

Anil Ambani was present in the court when the bench pronounced the order.

Earlier, the top court had asked Ambani to be present before it during the hearing in connection with the contempt case.

Ericsson had contended that RCom is minting huge profits and is wrongfully claiming that it has no money to pay Rs 550 crore to the telecom equipment maker.

Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore but Ericsson refused to accept. Following which, the top court had asked the RCom chief to deposit the amount in its registry.

On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract the interest of 12 per cent per annum.

In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom’s nationwide telecom network. It had alleged that RCom didn't pay dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT).

Ericsson later agreed to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore.

Following, the NCLAT order the apex court previously had noted that RCom within 120 days will have to settle its dues of Rs 550 crore.

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom).

The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed on Monday in compliance with the judgment of the Supreme Court, said Reliance Communication (RCom). Anil Ambani, chairman, RCom, said: “My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support. I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture.” The Supreme Court on February 20 had held RCom chairman and two directors guilty of contempt of court while hearing a contempt plea filed by Ericsson India against him over not clearing dues of Rs 550 crore. A bench comprising Justice Rohinton Fali Nariman and Justice Vineet Sharan had asked Anil Ambani and the two directors to not treat the apex court’s orders with a “cavalier attitude.” Reacting to the top court's directive, Reliance Communication spokesperson in a press statement, said: “We respect the Supreme Court’s judgment. The RCom group shall comply with same.” The judicature ordered Ambani, Seth, and Virani to pay Rs 453 crore to Ericsson in a span of four weeks failing which they would face a three-month jail term. The apex court also imposed a fine of Rs 1 crore each on Ambani, Seth, and Virani. The court had directed them to deposit the amount with the apex court registry within a span of one month. If they fail to furnish the amount, the three will be awarded a month’s jail-term. It directed that Rs 118 crore already deposited by Reliance Group in the apex court's registry be disbursed to Ericsson. The bench said the undertakings given the three Reliance-based companies to pay, showed that they had “no intention” to honour it within the 120 days given by the court or the extended time allotted. The bench held that the undertaking given by them was false to the knowledge of the court and it affected the administration of justice. Anil Ambani was present in the court when the bench pronounced the order. Earlier, the top court had asked Ambani to be present before it during the hearing in connection with the contempt case. Ericsson had contended that RCom is minting huge profits and is wrongfully claiming that it has no money to pay Rs 550 crore to the telecom equipment maker. Anil Ambani-led RCom had earlier agreed to deposit Rs 118 crore but Ericsson refused to accept. Following which, the top court had asked the RCom chief to deposit the amount in its registry. On October 23 last year, the top court had asked RCom to clear the dues by December 15, 2018, saying delayed payment would attract the interest of 12 per cent per annum. In 2014, Ericsson India had signed a seven-year deal to operate and manage RCom’s nationwide telecom network. It had alleged that RCom didn't pay dues of over 1,500 crore. It challenged the debt-ridden firm before the National Company Law Appellate Tribunal (NCLAT). Ericsson later agreed to settle its debt of over Rs 1,500 crore for a sum of Rs 550 crore. Following, the NCLAT order the apex court previously had noted that RCom within 120 days will have to settle its dues of Rs 550 crore.

Reliance Communications pays Ericsson Rs 550 crore 

Larsen &amp; Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore.

L&amp;T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.13 crore shares from shareholders.

Larsen & Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore. L&T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.

Larsen & Toubro Monday made an offer to buy 31 per cent stake in IT Services company Mindtree for Rs 980 per share aggregating to Rs 5,030 crore. L&T, whose board met during the day to consider acquisition of Mindtree, offered to buy 5.13 crore shares from shareholders.

Larsen & Toubro makes Rs 5,030 crore offer to buy 31% stake in Mindtree

Apple Inc, in a surprise move on Monday, launched a new <a href="https://www.wionews.com/world/apple-gives-aging-macs-ipad-pros-an-update-in-new-york-174496">10.5-inch iPad Air</a> and updated its iPad Mini ahead of a March 25 event where it is expected to launch a television and video service.

So far in its annual March event, Apple has been making announcements related upgrades for its product lines, but this year the focus is likely to shift to services, especially after it reported its first-ever drop in iPhone sales in January.

The new iPad models, geared with Apple's latest A12 Bionic chip and support for Apple Pencil and Smart Keyboard, are already available for order at apple.com and in the Apple Store app in the United States and the United Kingdom, along with a few other countries.

"That it announced the new lineup in advance of next week's event suggests it wants to focus on the content next week over hardware," DA Davidson analyst Tom Forte said.

"Refreshing its lower-end lineup in advance of its streaming video content announcement next week speaks to the potential for Apple in streaming video content, with a strong installed hardware base, iPhones, iPads and Macs."

The 10.5-inch iPad Air, starts at $499 for the 64GB WiFi model and $629 for the WiFi plus cellular model. The new iPad mini starts at $399 for the WiFi model and $529 for the WiFi plus cellular model, the iPhone maker said in a statement.

With the new launch, the iPad will come in four different screen sizes, ranging from 7.9 inch to 12.9 inch.

"More iPad sales won't make a big impact on the company's enormous bottom line, but it can help to show consumers and investors that Apple still has the ability to create popular devices and features," said Clement Thibault, a senior analyst at Investing.com.

In the year ended September 2018, Apple made about $19 billion in revenue from iPad sales, a very small portion compared with the nearly $167 billion it generated from the sale of iPhones.

Shares of Apple rose 0.63 per cent at $187.22 on early Monday trading.

Apple Inc, in a surprise move on Monday, launched a new 10.5-inch iPad Air and updated its iPad Mini ahead of a March 25 event where it is expected to launch a television and video service.

Apple Inc, in a surprise move on Monday, launched a new 10.5-inch iPad Air and updated its iPad Mini ahead of a March 25 event where it is expected to launch a television and video service. So far in its annual March event, Apple has been making announcements related upgrades for its product lines, but this year the focus is likely to shift to services, especially after it reported its first-ever drop in iPhone sales in January. The new iPad models, geared with Apple's latest A12 Bionic chip and support for Apple Pencil and Smart Keyboard, are already available for order at apple.com and in the Apple Store app in the United States and the United Kingdom, along with a few other countries. "That it announced the new lineup in advance of next week's event suggests it wants to focus on the content next week over hardware," DA Davidson analyst Tom Forte said. "Refreshing its lower-end lineup in advance of its streaming video content announcement next week speaks to the potential for Apple in streaming video content, with a strong installed hardware base, iPhones, iPads and Macs." The 10.5-inch iPad Air, starts at $499 for the 64GB WiFi model and $629 for the WiFi plus cellular model. The new iPad mini starts at $399 for the WiFi model and $529 for the WiFi plus cellular model, the iPhone maker said in a statement. With the new launch, the iPad will come in four different screen sizes, ranging from 7.9 inch to 12.9 inch. "More iPad sales won't make a big impact on the company's enormous bottom line, but it can help to show consumers and investors that Apple still has the ability to create popular devices and features," said Clement Thibault, a senior analyst at Investing.com. In the year ended September 2018, Apple made about $19 billion in revenue from iPad sales, a very small portion compared with the nearly $167 billion it generated from the sale of iPhones. Shares of Apple rose 0.63 per cent at $187.22 on early Monday trading.

Apple launches new 10.5-inch iPad Air; updates iPad Mini

The Indian rupee Monday surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit.

Besides, weakness in the greenback against major global currencies and a heavy buying in domestic equities aided the forex market sentiment domestically.

The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.20 per cent to 96.40.

At the Interbank Foreign Exchange, the rupee opened at 68.92 and advanced to a high of 68.45 during the day. It finally settled at 68.53, a rise of 57 paise against the dollar over its previous close. This was the highest closing level for the rupee since August 1, 2018 -- when it ended at 68.43.

On Friday, the domestic currency had closed at 69.10 against the US dollar.

In the last six trading sessions, the rupee has appreciated by 161 paise.

"Indian rupee continues advancing for the sixth day in a row, marking the best performer among the Asian currencies in today's trade amid better than expected trade data and foreign fund flows," said V K Sharma, Head PCG &amp; Capital Markets Strategy, HDFC Securities.

According to data released by the commerce ministry, the marginal 2.44 per cent rise in exports, as well as lower imports of gold and petroleum products in February, significantly narrowed the country's trade deficit to $9.6 billion.

Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 68.6088 and for rupee/euro at 77.7827. The reference rate for rupee/British pound was fixed at 91.1184 and for rupee/100 Japanese yen at 61.50.

Further lifting market sentiment, foreign institutional investors (FIIs) put in Rs 1,822.99 crore on a net basis on Monday, provisional data showed.

"Overseas investors have bought $2.4 billion in equities this month,&nbsp;taking net foreign purchases to $4.7 billion, the highest in Asia. Global funds have raised holdings of rupee-denominated bonds by $833 million this month, HDFC Securities' Sharma said citing exchange data.

In line with rupee movement, equity benchmark Sensex too extended its winning streak to a sixth consecutive session. The BSE Sensex gained 70.75 points, or 0.19 per cent, to close at 38,095.07.&nbsp;

The Indian rupee Monday surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit.

The Indian rupee Monday surged by 57 paise to close at an over seven-month high of 68.53 against the US dollar, also marking a sixth straight session of gains, driven by sustained foreign fund inflows and narrowing trade deficit. Besides, weakness in the greenback against major global currencies and a heavy buying in domestic equities aided the forex market sentiment domestically. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.20 per cent to 96.40. At the Interbank Foreign Exchange, the rupee opened at 68.92 and advanced to a high of 68.45 during the day. It finally settled at 68.53, a rise of 57 paise against the dollar over its previous close. This was the highest closing level for the rupee since August 1, 2018 -- when it ended at 68.43. On Friday, the domestic currency had closed at 69.10 against the US dollar. In the last six trading sessions, the rupee has appreciated by 161 paise. "Indian rupee continues advancing for the sixth day in a row, marking the best performer among the Asian currencies in today's trade amid better than expected trade data and foreign fund flows," said V K Sharma, Head PCG & Capital Markets Strategy, HDFC Securities. According to data released by the commerce ministry, the marginal 2.44 per cent rise in exports, as well as lower imports of gold and petroleum products in February, significantly narrowed the country's trade deficit to $9.6 billion. Meanwhile, the Financial Benchmark India Private Ltd (FBIL) set the reference rate for the rupee/dollar at 68.6088 and for rupee/euro at 77.7827. The reference rate for rupee/British pound was fixed at 91.1184 and for rupee/100 Japanese yen at 61.50. Further lifting market sentiment, foreign institutional investors (FIIs) put in Rs 1,822.99 crore on a net basis on Monday, provisional data showed. "Overseas investors have bought $2.4 billion in equities this month, taking net foreign purchases to $4.7 billion, the highest in Asia. Global funds have raised holdings of rupee-denominated bonds by $833 million this month, HDFC Securities' Sharma said citing exchange data. In line with rupee movement, equity benchmark Sensex too extended its winning streak to a sixth consecutive session. The BSE Sensex gained 70.75 points, or 0.19 per cent, to close at 38,095.07.

Rupee spurts 57 paise to scale new 7-month peak on strong fund flows

Extending its winning streak to the sixth consecutive session, the BSE Sensex gained over 70 points Monday as stocks made further headway powered by unabated foreign fund inflows and narrowing country's trade deficit amid positive global cues.

The 30-share benchmark advanced to hit a high of 38,369.59 as buying activity gathered momentum. However, investors locked in gains pushing the key index into the negative zone to hit a low of 37,952.10 before bouncing back to end 70.75 points or 0.19 per cent, higher at 38,095.07.

Likewise, the 50-stock NSE Nifty finished 35.35 points or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50.

Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment, according to market experts.

The marginal 2.44 per cent increase in exports, as well as lower imports of gold and petroleum products in February significantly, narrowed the country's trade deficit to $9.6 billion, data released by the commerce ministry Friday showed.

India's merchandise exports rose to $26.67 billion in February from $26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics. &nbsp; &nbsp;&nbsp;

On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 4,323.49 crore on Friday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,130.36 crore, provisional data available with BSE showed.&nbsp;

Extending its winning streak to the sixth consecutive session, the BSE Sensex gained over 70 points Monday as stocks made further headway powered by unabated foreign fund inflows and narrowing country's trade deficit amid positive global cues.

Extending its winning streak to the sixth consecutive session, the BSE Sensex gained over 70 points Monday as stocks made further headway powered by unabated foreign fund inflows and narrowing country's trade deficit amid positive global cues. The 30-share benchmark advanced to hit a high of 38,369.59 as buying activity gathered momentum. However, investors locked in gains pushing the key index into the negative zone to hit a low of 37,952.10 before bouncing back to end 70.75 points or 0.19 per cent, higher at 38,095.07. Likewise, the 50-stock NSE Nifty finished 35.35 points or 0.31 per cent, higher at 11,462.20 after hitting the day's high of 11,530.15 and a low of 11,412.50. Investor sentiment remained upbeat on narrowing trade deficit and sustained foreign fund inflows buoyed investor sentiment, according to market experts. The marginal 2.44 per cent increase in exports, as well as lower imports of gold and petroleum products in February significantly, narrowed the country's trade deficit to $9.6 billion, data released by the commerce ministry Friday showed. India's merchandise exports rose to $26.67 billion in February from $26.03 per cent in the year-ago month mainly on account of higher shipments in sectors such as pharmaceutical, engineering and electronics. On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 4,323.49 crore on Friday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 2,130.36 crore, provisional data available with BSE showed.

Sensex, Nifty end higher for sixth straight session

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela.

A ministerial panel of <a href="https://www.wionews.com/business-economy/oil-prices-rise-as-opec-resists-trump-pressure-to-ease-supply-cuts-200005">OPEC and its allies</a> recommended on Monday that they cancel the extraordinary meeting scheduled for April 17-18, which means the next regular talks would be held on June 25-26.

The energy minister of OPEC's de facto leader, Saudi Arabia, said over the weekend that the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy.

"The consensus we heard ... is that April will be premature to make any production decision for the second half," the Saudi minister, Khalid al-Falih, said on Monday.

"As long as the levels of inventories are rising and we are far from normal levels, we will stay the course, guiding the market towards balance," he added.

The United States has been increasing its own oil exports in recent months while imposing sanctions on OPEC members Venezuela and Iran in an effort to reduce those two countries' shipments to global markets.

Washington’s policies have introduced a new level of complication for the Organization of the Petroleum Exporting Countries as it struggles to predict global supply and demand.

"We are not under pressure except by the market," Falih told reporters before the Joint Ministerial Monitoring Committee (JMMC) meeting in the Azeri capital, Baku, when asked whether he was under US&nbsp;pressure to raise output.

US President Donald <a href="https://www.wionews.com/world/trump-calls-on-opec-to-relax-says-oil-prices-are-too-high-199667">Trump has been a vocal critic of OPEC</a>, blaming it for high oil prices. Many OPEC members have said Trump's sanctions policies have elevated the market.

OPEC and its allies agreed in December to cut output by 1.2 million barrels per day - 1.2 per cent of global demand - during the first half of this year in an effort to boost prices.

The JMMC, which also includes non-OPEC Russia, monitors the oil market and conformity with supply cuts.

Asked if he had been updated on whether Washington would extend its waivers for buyers of Iranian crude, which are due to end in May, Falih said: "Until we see it hurting consumers, until we see the impact on inventory, we are not going to change course."

Inventory levels and oil investments are the two main factors guiding OPEC's action, Falih said, adding that oil industry estimates show that $11 trillion of investments will be needed over the coming two decades to meet demand growth.

Oil inventories in developed countries continue to fluctuate, he said.

"Our goal is to bring global inventory levels down to more normal levels - and even more importantly, to proactively protect against a glut," he said.

"Another important metric is the state of oil investments ... we are not seeing an investment trend that will get us even closer to the required figures."

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela.

OPEC is set to scrap its planned meeting in April and decide instead whether to extend oil output cuts in June, when the market will be able to assess the full impact of US sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC and its allies recommended on Monday that they cancel the extraordinary meeting scheduled for April 17-18, which means the next regular talks would be held on June 25-26. The energy minister of OPEC's de facto leader, Saudi Arabia, said over the weekend that the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy. "The consensus we heard ... is that April will be premature to make any production decision for the second half," the Saudi minister, Khalid al-Falih, said on Monday. "As long as the levels of inventories are rising and we are far from normal levels, we will stay the course, guiding the market towards balance," he added. The United States has been increasing its own oil exports in recent months while imposing sanctions on OPEC members Venezuela and Iran in an effort to reduce those two countries' shipments to global markets. Washington’s policies have introduced a new level of complication for the Organization of the Petroleum Exporting Countries as it struggles to predict global supply and demand. "We are not under pressure except by the market," Falih told reporters before the Joint Ministerial Monitoring Committee (JMMC) meeting in the Azeri capital, Baku, when asked whether he was under US pressure to raise output. US President Donald Trump has been a vocal critic of OPEC, blaming it for high oil prices. Many OPEC members have said Trump's sanctions policies have elevated the market. OPEC and its allies agreed in December to cut output by 1.2 million barrels per day - 1.2 per cent of global demand - during the first half of this year in an effort to boost prices. The JMMC, which also includes non-OPEC Russia, monitors the oil market and conformity with supply cuts. Asked if he had been updated on whether Washington would extend its waivers for buyers of Iranian crude, which are due to end in May, Falih said: "Until we see it hurting consumers, until we see the impact on inventory, we are not going to change course." Inventory levels and oil investments are the two main factors guiding OPEC's action, Falih said, adding that oil industry estimates show that $11 trillion of investments will be needed over the coming two decades to meet demand growth. Oil inventories in developed countries continue to fluctuate, he said. "Our goal is to bring global inventory levels down to more normal levels - and even more importantly, to proactively protect against a glut," he said. "Another important metric is the state of oil investments ... we are not seeing an investment trend that will get us even closer to the required figures."

OPEC not to meet in April on oil output cuts

Asia-Pacific private equity (PE) continued to set new highs for the industry in 2018 but investors should expect tougher times ahead.

This according to a recently released report on the PE market by global management consultancy, Bain and Company.

In 2018, deals values hit record highs together with exit values but fund-raising declined.

Leading the way in Asia-Pacific deal-making are China and India, which accounted for 75 per cent of the total deal value in the region.&nbsp;

Asia-Pacific deal value rose to $165 billion in 2018, exceeding the all-time high of $159 billion of a year earlier and 48 per cent greater than the 2013- 17 average.

China saw a staggering $94 billion of total private equity investment value last year, up 64 per cent over the previous five-year average.&nbsp;

However, it`s important to note that China's private equity market consists of two markets which operate very differently - one for transactions in renminbi which is almost entirely exclusive to domestic funds and one in foreign currencies.

The powerful momentum of previous years lifted the Asia-Pacific private equity industry setting new records in deal value and exit value making an impact in the overall deals done globally.&nbsp;

With $883 billion in total assets under management, Asia-Pacific now represents 26 per cent of the global PE market, up from only 9 per cent just a decade ago.&nbsp;

As General Partners (GPs), compete for deals against corporate players, increasingly they are winning. (A GP is the entity that manages the fund.)&nbsp;

Private equity's share of the Asia-Pacific M&amp;A market rose 6 percentage points to 17 per cent in 2018, from the previous five-year average of 11 per cent. Despite higher deal values, exit values and increasing M&amp;A market share, overall fundraising in Asia-Pacific was sharp lower declining more than 50 per cent to $75 billion, after a record high in 2017, Bain said in its report.&nbsp;

<img alt="Asia-Pacific Private Equity" data-entity-type="file" data-entity-uuid="74abe78d-c914-42b2-b68a-928d738f9657" src="//cdn.wionews.com/sites/default/files/inline-images/Asian%20equity.jpg" />

The report further added that the strength of previous years masked three disconcerting market developments that could affect investment activity and returns in the coming year. First, US-China trade tensions have increased the risk of macroeconomic disruption in China and across the region.&nbsp;

Secondly, deal prices have remained high while interest rates are rising steadily after a period of decline, a trend that will increase the cost of funding and could put a brake on future multiple expansion.&nbsp;

Third, and perhaps most telling, the region's private equity market has become sharply polarized between large funds with strong track records that dominate activity across the region, and smaller, less experienced funds that are having difficulty raising funds and exiting. These economic and market trends could slow the revenue growth and multiple expansion that powered Asia-Pacific PE returns in recent years.&nbsp;

In past recessions, the PE market has outperformed other asset classes. But if recession strikes, vulnerable and less differentiated funds are likely to disproportionately bear the brunt of the downturn. There is a growing acute divide between winners and losers that became more evident in 2018. This could impact a significant number of funds especially smaller funds with smaller deals in the coming year. To win even in a tougher market, many will have to work hard to raise their game.&nbsp;

Thirty-two mega deals (USD 1 billion or more in value) pushed the average deal size to $151 million, on par with last year and up 27 per cent over the previous five-year average of $119 million. These mega deals made up 39 per cent of deal value, compared with an average 33 per cent over the last five years. A critical factor in PE investing is a successful exit strategy. In an exit, the PE firms leave an investment position by selling a stake in a company in which it`s invested.&nbsp;

In this regards, although exit values set new records, the total number of exits declined sharply, and large exits dominated the year`s results. The report added that large, experienced PE-owned companies racked up the vast majority of successful exits and dominated total exit value, while smaller companies had increasing difficulty finding buyers.&nbsp;

For example, Bain said, exits involving companies sold for under USD 100 million dropped 58 per cent last year, while those in excess of USD 500 million increased 26 per cent. Kiki Yang, Bain`s co-head of Asia Pacific private equity and co-author of the report, said in an accompanying release that "we're seeing warning signs that suggest the party may be coming to an end, at least for some investors ..... with the risk of global recession and other macro-economic challenges, we expect the market for exits will only get tougher.

"Looking forward, three important themes are playing an increasing role in the Asia-Pacific private equity market: the rush to invest in China tech and Internet companies; the use of advanced analytics as a tool to improve fund performance; and a shift toward environmental, social and governance (ESG) and impact investing. It warned however that PE investors are increasingly cautious with China`s Internet-based "new economy" that may be a speculative bubble waiting to burst. The report continued, "The huge volume of private equity and venture capital flowing into China's new economy has oversaturated the lower end of the market, prompting investors to seek larger investments."

With trends suggesting that the PE market is beginning to differentiate better-established funds as well as with the gathering macroeconomic uncertainty, revenue growth and multiple expansions in the Asia-Pacific PE market is expected to decline. Less differentiated and smaller funds are the most vulnerable and would be disproportionately affected.&nbsp;

Asia-Pacific private equity (PE) continued to set new highs for the industry in 2018 but investors should expect tougher times ahead. This according to a recently released report on the PE market by global management consultancy, Bain and Company.

Asia-Pacific private equity (PE) continued to set new highs for the industry in 2018 but investors should expect tougher times ahead. This according to a recently released report on the PE market by global management consultancy, Bain and Company. In 2018, deals values hit record highs together with exit values but fund-raising declined. Leading the way in Asia-Pacific deal-making are China and India, which accounted for 75 per cent of the total deal value in the region. Asia-Pacific deal value rose to $165 billion in 2018, exceeding the all-time high of $159 billion of a year earlier and 48 per cent greater than the 2013- 17 average. China saw a staggering $94 billion of total private equity investment value last year, up 64 per cent over the previous five-year average. However, it`s important to note that China's private equity market consists of two markets which operate very differently - one for transactions in renminbi which is almost entirely exclusive to domestic funds and one in foreign currencies. The powerful momentum of previous years lifted the Asia-Pacific private equity industry setting new records in deal value and exit value making an impact in the overall deals done globally. With $883 billion in total assets under management, Asia-Pacific now represents 26 per cent of the global PE market, up from only 9 per cent just a decade ago. As General Partners (GPs), compete for deals against corporate players, increasingly they are winning. (A GP is the entity that manages the fund.) Private equity's share of the Asia-Pacific M&A market rose 6 percentage points to 17 per cent in 2018, from the previous five-year average of 11 per cent. Despite higher deal values, exit values and increasing M&A market share, overall fundraising in Asia-Pacific was sharp lower declining more than 50 per cent to $75 billion, after a record high in 2017, Bain said in its report. The report further added that the strength of previous years masked three disconcerting market developments that could affect investment activity and returns in the coming year. First, US-China trade tensions have increased the risk of macroeconomic disruption in China and across the region. Secondly, deal prices have remained high while interest rates are rising steadily after a period of decline, a trend that will increase the cost of funding and could put a brake on future multiple expansion. Third, and perhaps most telling, the region's private equity market has become sharply polarized between large funds with strong track records that dominate activity across the region, and smaller, less experienced funds that are having difficulty raising funds and exiting. These economic and market trends could slow the revenue growth and multiple expansion that powered Asia-Pacific PE returns in recent years. In past recessions, the PE market has outperformed other asset classes. But if recession strikes, vulnerable and less differentiated funds are likely to disproportionately bear the brunt of the downturn. There is a growing acute divide between winners and losers that became more evident in 2018. This could impact a significant number of funds especially smaller funds with smaller deals in the coming year. To win even in a tougher market, many will have to work hard to raise their game. Thirty-two mega deals (USD 1 billion or more in value) pushed the average deal size to $151 million, on par with last year and up 27 per cent over the previous five-year average of $119 million. These mega deals made up 39 per cent of deal value, compared with an average 33 per cent over the last five years. A critical factor in PE investing is a successful exit strategy. In an exit, the PE firms leave an investment position by selling a stake in a company in which it`s invested. In this regards, although exit values set new records, the total number of exits declined sharply, and large exits dominated the year`s results. The report added that large, experienced PE-owned companies racked up the vast majority of successful exits and dominated total exit value, while smaller companies had increasing difficulty finding buyers. For example, Bain said, exits involving companies sold for under USD 100 million dropped 58 per cent last year, while those in excess of USD 500 million increased 26 per cent. Kiki Yang, Bain`s co-head of Asia Pacific private equity and co-author of the report, said in an accompanying release that "we're seeing warning signs that suggest the party may be coming to an end, at least for some investors ..... with the risk of global recession and other macro-economic challenges, we expect the market for exits will only get tougher. "Looking forward, three important themes are playing an increasing role in the Asia-Pacific private equity market: the rush to invest in China tech and Internet companies; the use of advanced analytics as a tool to improve fund performance; and a shift toward environmental, social and governance (ESG) and impact investing. It warned however that PE investors are increasingly cautious with China`s Internet-based "new economy" that may be a speculative bubble waiting to burst. The report continued, "The huge volume of private equity and venture capital flowing into China's new economy has oversaturated the lower end of the market, prompting investors to seek larger investments." With trends suggesting that the PE market is beginning to differentiate better-established funds as well as with the gathering macroeconomic uncertainty, revenue growth and multiple expansions in the Asia-Pacific PE market is expected to decline. Less differentiated and smaller funds are the most vulnerable and would be disproportionately affected.

Asia-Pacific private equity: India and China lead deals but fund-raising slowing

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,400 level Friday, tracking by gains in banking, auto and IT stocks amid unabated foreign fund inflow, strengthening rupee and positive global cues.

The 30-share index was trading 240.83 points, or 0.64 per cent, higher at 37,995.72, while the 50-share NSE Nifty climbed 74.90 points, or 0.66 per cent, to 11,418.15.

In the previous session, the Sensex ended 2.72 points, or 0.01 per cent, higher at 37,754.89, and the broader Nifty closed with gains of 1.55 points, or 0.01 per cent, at 11,343.25.

Top gainers in early trade include Kotak Bank, SBI, ICICI Bank, IndusInd Bank, PowerGrid, Bajaj Finance, HCL Tech, M&amp;M, TCS, Maruti, Infosys and Axis Bank, rising up to 3.40 per cent.

While, HUL, Coal India, Bharti Airtel, ITC, Tata Steel and Bajaj Auto were top losers, falling up to 1.47 per cent.

According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, the market seems to be in a positive mood ahead of the 2019 general elections.

"Foreign institutional investors (FIIs) have pumped around Rs 30,000 crore this year which is a positive for equities. Investors seem to be factoring another term for the current government," he said.

On a net basis, FIIs bought shares worth a net of Rs 1,482.99 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with BSE showed.

Elsewhere in Asia, Hong Kong's Hang Seng jumped 0.95 per cent, Shanghai Composite Index rose 1.54 per cent, Kospi gained 0.69 per cent, while Japan's Nikkei rallied 1.03 per cent in early trade.

On Wall Street, Dow Jones Industrial Average ended 0.02 per cent higher on Thursday.

The rupee, meanwhile, appreciated by 20 paise to 69.14 against the US dollar in opening trade.

Brent crude futures, the global oil benchmark, slipped 0.01 per cent to $67.22 per barrel.&nbsp;

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,400 level Friday, tracking by gains in banking, auto and IT stocks amid unabated foreign fund inflow, strengthening rupee and positive global cues.

The BSE benchmark Sensex jumped over 200 points and the NSE Nifty reclaimed the 11,400 level Friday, tracking by gains in banking, auto and IT stocks amid unabated foreign fund inflow, strengthening rupee and positive global cues. The 30-share index was trading 240.83 points, or 0.64 per cent, higher at 37,995.72, while the 50-share NSE Nifty climbed 74.90 points, or 0.66 per cent, to 11,418.15. In the previous session, the Sensex ended 2.72 points, or 0.01 per cent, higher at 37,754.89, and the broader Nifty closed with gains of 1.55 points, or 0.01 per cent, at 11,343.25. Top gainers in early trade include Kotak Bank, SBI, ICICI Bank, IndusInd Bank, PowerGrid, Bajaj Finance, HCL Tech, M&M, TCS, Maruti, Infosys and Axis Bank, rising up to 3.40 per cent. While, HUL, Coal India, Bharti Airtel, ITC, Tata Steel and Bajaj Auto were top losers, falling up to 1.47 per cent. According to Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas, the market seems to be in a positive mood ahead of the 2019 general elections. "Foreign institutional investors (FIIs) have pumped around Rs 30,000 crore this year which is a positive for equities. Investors seem to be factoring another term for the current government," he said. On a net basis, FIIs bought shares worth a net of Rs 1,482.99 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with BSE showed. Elsewhere in Asia, Hong Kong's Hang Seng jumped 0.95 per cent, Shanghai Composite Index rose 1.54 per cent, Kospi gained 0.69 per cent, while Japan's Nikkei rallied 1.03 per cent in early trade. On Wall Street, Dow Jones Industrial Average ended 0.02 per cent higher on Thursday. The rupee, meanwhile, appreciated by 20 paise to 69.14 against the US dollar in opening trade. Brent crude futures, the global oil benchmark, slipped 0.01 per cent to $67.22 per barrel.

Sensex surges over 200 points; Nifty reclaims 11,400 mark

Extending its winning run to the fifth session, BSE benchmark Sensex climbed 269 points to hit six-month high of 38,024 led by a rally in banking stocks amid soaring foreign fund inflows, strengthening rupee and positive global cues.

After rallying nearly 500 points in afternoon trade, the Sensex settled 269.43 points or 0.71 per cent, higher at 38,024.32.

The NSE Nifty closed 83.60 points, or 0.74 per cent, up at 11,426.85.

The 30-share index breached the 38,000-mark for the first time in six months. It had ended at 38,090.64 on September 14, 2018.

Broader indices, however, ended on a mixed note, with BSE midcap ending 0.55 per cent higher and BSE smallcap slipping 0.34 per cent.

Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher.

PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent.

On the other hand, HUL, Yes Bank, ITC, Bharti Airtel, RIL, Sun Pharma and Axis Bank fell up to 2.16 per cent.

Sectorally, the BSE power, bankex, teck, oil and gas, IT and finance indices gained the most, rising up to 1.94 per cent; while BSE telecom, FMCG and energy indices fell up to 1.79 per cent.

"Benchmark indices outperformed with IT index leading from the front amid positive global cues, BREXIT &amp; Trade-deal deadline has been extended. Besides, PSU banks are moving out of PCA frame and global liquidity is increasing supported by dovish FOMC which is positive for India.&nbsp; 
Strengthening rupee and drop in yield is positive for rate sensitive stocks," Vinod Nair, Head of Research, Geojit Financial Services, said.

During the week, Sensex surged 1352.89 points, or 3.68 per cent; while Nifty climbed 391.89 points or, 3.54 per cent.

The BSE-30 index gained by around 3.5 per cent in the past week. Rally in the Indian markets was led by strong foreign institutional investors (FII), buying on account of reduction in geopolitical risks and opinion polls suggesting a likely return of the NDA government in the upcoming general elections, said Sanjeev Zarbade, Vice President- PCG Research, Kotak Securities.

On a net basis, FIIs bought shares worth a net of Rs 1,482.99 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with the BSE showed.

"The flows from overseas from the FIIs have helped the markets, and a stable to stronger Rupee has been facilitated by likely year end repatriations too,? said Joseph Thomas, Head Research - Emkay Wealth Management.

Strengthening gains, the rupee appreciated 5 paise to 69.09 against the US dollar intra-day.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.56 per cent, Korea's Kospi was up 0.95 per cent, Shanghai Composite Index rallied 1.04 per cent, and Japan's Nikkei ended 0.77 per cent higher.

Similarly, in the Eurozone, Frankfurt's DAX gained 0.27 per cent. Paris CAC 40 rose 0.44 per cent.

London's FTSE was up 0.54 per cent in early deals.

Global crude benchmark Brent crude futures rose 0.43 per cent to USD 67.52 per barrel.

Extending its winning run to the fifth session, BSE benchmark Sensex climbed 269 points to hit six-month high of 38,024 led by a rally in banking stocks amid soaring foreign fund inflows, strengthening rupee and positive global cues.

Extending its winning run to the fifth session, BSE benchmark Sensex climbed 269 points to hit six-month high of 38,024 led by a rally in banking stocks amid soaring foreign fund inflows, strengthening rupee and positive global cues. After rallying nearly 500 points in afternoon trade, the Sensex settled 269.43 points or 0.71 per cent, higher at 38,024.32. The NSE Nifty closed 83.60 points, or 0.74 per cent, up at 11,426.85. The 30-share index breached the 38,000-mark for the first time in six months. It had ended at 38,090.64 on September 14, 2018. Broader indices, however, ended on a mixed note, with BSE midcap ending 0.55 per cent higher and BSE smallcap slipping 0.34 per cent. Kotak Bank was the top gainer in the Sensex pack, ending 4.31 per cent higher. PowerGrid, TCS, ICICI Bank, SBI, HCL Tech, NTPC, Infosys, Bajaj Finance, HDFC duo, ONGC, Vedanta and IndusInd Bank too rose up to 2.84 per cent. On the other hand, HUL, Yes Bank, ITC, Bharti Airtel, RIL, Sun Pharma and Axis Bank fell up to 2.16 per cent. Sectorally, the BSE power, bankex, teck, oil and gas, IT and finance indices gained the most, rising up to 1.94 per cent; while BSE telecom, FMCG and energy indices fell up to 1.79 per cent. "Benchmark indices outperformed with IT index leading from the front amid positive global cues, BREXIT & Trade-deal deadline has been extended. Besides, PSU banks are moving out of PCA frame and global liquidity is increasing supported by dovish FOMC which is positive for India. Strengthening rupee and drop in yield is positive for rate sensitive stocks," Vinod Nair, Head of Research, Geojit Financial Services, said. During the week, Sensex surged 1352.89 points, or 3.68 per cent; while Nifty climbed 391.89 points or, 3.54 per cent. The BSE-30 index gained by around 3.5 per cent in the past week. Rally in the Indian markets was led by strong foreign institutional investors (FII), buying on account of reduction in geopolitical risks and opinion polls suggesting a likely return of the NDA government in the upcoming general elections, said Sanjeev Zarbade, Vice President- PCG Research, Kotak Securities. On a net basis, FIIs bought shares worth a net of Rs 1,482.99 crore on Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 817.77 crore, provisional data available with the BSE showed. "The flows from overseas from the FIIs have helped the markets, and a stable to stronger Rupee has been facilitated by likely year end repatriations too,? said Joseph Thomas, Head Research - Emkay Wealth Management. Strengthening gains, the rupee appreciated 5 paise to 69.09 against the US dollar intra-day. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.56 per cent, Korea's Kospi was up 0.95 per cent, Shanghai Composite Index rallied 1.04 per cent, and Japan's Nikkei ended 0.77 per cent higher. Similarly, in the Eurozone, Frankfurt's DAX gained 0.27 per cent. Paris CAC 40 rose 0.44 per cent. London's FTSE was up 0.54 per cent in early deals. Global crude benchmark Brent crude futures rose 0.43 per cent to USD 67.52 per barrel.

Sensex ends above 38,000; best closing in six months

Some lessors of India's Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters.

Two lessors have applied to the Directorate General of Civil Aviation (DGCA) to deregister at least five planes leased to Jet, three of the sources said. Termination of lease agreements normally precedes applications made to the DGCA.

Jet has delayed payments to its pilots, suppliers, and lessors for months and defaulted on loans after racking up over $1 billion in debt. While it is now meeting some of its payments, it's survival hinges on emergency funding from the country's main state-backed banks.

Frustrated by the unpaid dues, Jet's lessors, including many of the world's biggest players such as GE Capital Aviation Services (GECAS), Aercap Holdings and BOC Aviation have already taken control of some their planes, sources said, leading to the grounding of nearly a third of its 119 aircraft fleet.

Once the planes are deregistered, they can be taken out of the country and leased to other airlines.

One of the sources with direct knowledge of the matter said that of the planes being deregistered, two are potentially being flown to China and one to Ireland.

Another industry source said GECAS and Aercap had filed an application to deregister a total of five planes.

Lease terminations could hit the already fragile confidence of business partners of Jet.

Jet did not respond to requests for comment. AerCap declined to comment and there was no immediate response from GECAS to a query sent outside normal business hours.

All the sources declined to be identified due to the sensitivity of the matter.

Founder chairman Naresh Goyal, who transformed Jet to India's biggest full-service carrier from its humble start 25 years ago, has said it is thrashing out a bailout plan, led by the state-run banks and Abu Dhabi's Etihad Airways.

Before the groundings, Jet controlled over a sixth of the market, capitalizing on a boom in flying. But high fuel taxes, a weak rupee and ultra-low fares have hurt profitability.

Jet's financial troubles have rekindled memories of Kingfisher Airlines' collapse in 2012 that forced lessors to write off millions of dollars.

Last week, FLY Leasing Ltd said it had grounded three planes on lease to Jet and would take them back and reallocate them elsewhere if the airline failed to get approvals for its restructuring plan this month.

Jet has been forced to cancel hundreds of flights and irate passengers have turned to social media platforms to express their outrage.

REPOSSESSION STILL TOUGH

After Kingfisher Airlines' disorderly collapse in 2012, India modified rules in line with the Cape Town Convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults.

India said last year it was seeking to revise some local laws, which still conflicted with the full implementation of the convention making it a more complicated process in India than in some other countries.

In theory, lessors have the option of filing a complaint with the government, which in turn can cancel the registration of a plane within five working days, allowing lessors to repossess it subject to certain conditions, including unpaid dues. However, this is often a long process.

According to a government notice issued in November, after any application is filed, all airport operators and other private entities, within five days, need to inform the lessor and DGCA of pending dues related to that aircraft for three months preceding the date of deregistration.

Only after these are cleared, the lessor is allowed to fly the aircraft out of India.

On March 11, DGCA clarified that some of the entities included airports, fuel vendors, tax authorities and customs departments, a move that could further complicate repossessions.

Akshay Nagpal, the partner at law firm L&amp;L Partners, said that while this notice is aimed at asking the government and other agencies to be more vigilant in seeking their dues, 'one cannot rule out lessors viewing this as a step back from their long-time demand of making repossession easier.'

Some lessors of India's Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters.

Some lessors of India's Jet Airways have begun terminating lease deals over unpaid dues and are preparing to move the leased planes abroad, escalating a crisis for the cash-strapped carrier, five sources with knowledge of the matter told Reuters. Two lessors have applied to the Directorate General of Civil Aviation (DGCA) to deregister at least five planes leased to Jet, three of the sources said. Termination of lease agreements normally precedes applications made to the DGCA. Jet has delayed payments to its pilots, suppliers, and lessors for months and defaulted on loans after racking up over $1 billion in debt. While it is now meeting some of its payments, it's survival hinges on emergency funding from the country's main state-backed banks. Frustrated by the unpaid dues, Jet's lessors, including many of the world's biggest players such as GE Capital Aviation Services (GECAS), Aercap Holdings and BOC Aviation have already taken control of some their planes, sources said, leading to the grounding of nearly a third of its 119 aircraft fleet. Once the planes are deregistered, they can be taken out of the country and leased to other airlines. One of the sources with direct knowledge of the matter said that of the planes being deregistered, two are potentially being flown to China and one to Ireland. Another industry source said GECAS and Aercap had filed an application to deregister a total of five planes. Lease terminations could hit the already fragile confidence of business partners of Jet. Jet did not respond to requests for comment. AerCap declined to comment and there was no immediate response from GECAS to a query sent outside normal business hours. All the sources declined to be identified due to the sensitivity of the matter. Founder chairman Naresh Goyal, who transformed Jet to India's biggest full-service carrier from its humble start 25 years ago, has said it is thrashing out a bailout plan, led by the state-run banks and Abu Dhabi's Etihad Airways. Before the groundings, Jet controlled over a sixth of the market, capitalizing on a boom in flying. But high fuel taxes, a weak rupee and ultra-low fares have hurt profitability. Jet's financial troubles have rekindled memories of Kingfisher Airlines' collapse in 2012 that forced lessors to write off millions of dollars. Last week, FLY Leasing Ltd said it had grounded three planes on lease to Jet and would take them back and reallocate them elsewhere if the airline failed to get approvals for its restructuring plan this month. Jet has been forced to cancel hundreds of flights and irate passengers have turned to social media platforms to express their outrage. REPOSSESSION STILL TOUGH After Kingfisher Airlines' disorderly collapse in 2012, India modified rules in line with the Cape Town Convention, an international treaty that makes it easier for foreign lessors to repossess aircraft during payment defaults. India said last year it was seeking to revise some local laws, which still conflicted with the full implementation of the convention making it a more complicated process in India than in some other countries. In theory, lessors have the option of filing a complaint with the government, which in turn can cancel the registration of a plane within five working days, allowing lessors to repossess it subject to certain conditions, including unpaid dues. However, this is often a long process. According to a government notice issued in November, after any application is filed, all airport operators and other private entities, within five days, need to inform the lessor and DGCA of pending dues related to that aircraft for three months preceding the date of deregistration. Only after these are cleared, the lessor is allowed to fly the aircraft out of India. On March 11, DGCA clarified that some of the entities included airports, fuel vendors, tax authorities and customs departments, a move that could further complicate repossessions. Akshay Nagpal, the partner at law firm L&L Partners, said that while this notice is aimed at asking the government and other agencies to be more vigilant in seeking their dues, 'one cannot rule out lessors viewing this as a step back from their long-time demand of making repossession easier.'

Some lessors to end deals with Jet Airways, prepare to fly planes out of India: Sources

The Supreme Court Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the Rs 3500 crore arbitral award passed against them by a Singapore tribunal.

A bench headed by Chief Justice Ranjan Googi asked the Singh brothers, who were present in the court, to consult their financial and legal advisors and give a concrete plan on how they will comply with the tribunal's order.

"It is not about individual honour but it doesn't look good for the country's honour. You were the flag bearers of the pharmacare industry and it doesn't look good that you are appearing in court," the bench also comprising Justices Deepak Gupta and Sanjiv Khanna said.

The bench asked the Singh brothers to appear before it on March 28 and submit the plan, saying "hopefully it will be the last time you are appearing in the court".

The apex court was hearing the plea of Japanese firm Daiichi Sankyo which is seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh.

The Supreme Court Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the Rs 3500 crore arbitral award passed against them by a Singapore tribunal.

The Supreme Court Thursday asked former Ranbaxy promoters Malvinder Singh and Shivinder Singh to apprise it how they propose to comply with the Rs 3500 crore arbitral award passed against them by a Singapore tribunal. A bench headed by Chief Justice Ranjan Googi asked the Singh brothers, who were present in the court, to consult their financial and legal advisors and give a concrete plan on how they will comply with the tribunal's order. "It is not about individual honour but it doesn't look good for the country's honour. You were the flag bearers of the pharmacare industry and it doesn't look good that you are appearing in court," the bench also comprising Justices Deepak Gupta and Sanjiv Khanna said. The bench asked the Singh brothers to appear before it on March 28 and submit the plan, saying "hopefully it will be the last time you are appearing in the court". The apex court was hearing the plea of Japanese firm Daiichi Sankyo which is seeking to recover Rs 3,500 crore, awarded to it by a Singapore tribunal in its case against Malvinder and Shivinder Singh.

SC asks ex-Ranbaxy promoters to apprise how they'll comply with Rs 3500 cr arbitral award

Spot airfares for Wednesday and Thursday saw a steep rise on important routes across the country as the government grounded Boeing 737 Max 8 aircraft.

According to data provided by Yatra.com, the spot airfare on Wednesday was more than double on heavy traffic routes like Mumbai-Bengaluru, Bengaluru-Mumbai, Chennai-Delhi, Delhi-Kolkata and Mumbai- Chennai, when compared to the spot airfare that was there on March 13 last year.

The same was noticed for Thursday as well on routes like Mumbai-Delhi, Bengaluru-Delhi, Mumbai-Bengaluru, Bengaluru-Mumbai, Delhi-Kolkata, Mumbai-Hyderabad and Mumbai-Chennai when compared to the same period last year.

All Boeing 737 Max 8 aircraft operated by Indian airline companies have been grounded and around 35 flights of SpiceJet would be cancelled on Thursday consequently, Civil Aviation Secretary P S Kharola said.

Meanwhile, Jet Airways Wednesday withdrew five more aircraft from service owing to non-payment of lease rentals, taking the total number of such non-operational aircraft to 37.

The Yatra.com data showed that ticket prices on Mumbai-Chennai routes have increased to Rs 20,329 for March 14. The spot fare on March 14 last year was Rs 5,671.

The Mumbai-Delhi ticket of March 14 has the spot fare of Rs 13,495, which is higher by 137 per cent when compared to the spot fare of March 14 last year.

"At least 50 planes are out of action or ground on the domestic front owing to multiple reasons...The airfares were at least 15 per cent higher this year compared to last year, and owing to the current situation, airfares are expected to rise further this season," said Sharat Dhall, Chief Operating Officer (B2C), Yatra.com.

As the Ethiopian Airlines' 737 Max 8 crashed near Addis Ababa, killing all 157 people onboard on Sunday, Indian aviation watchdog Directorate General of Civil Aviation (DGCA) last night announced that the Boeing 737 Max 8 aircraft would be "immediately" grounded.

SpiceJet has been most affected by the grounding of the 737 Max 8 aircraft as it has 12 of them in its fleet.

The Aviation Secretary said March 14 will be a "challenging" day as "out of 520 odd flights that SpiceJet flies every day, about 30-35 flights will have to be cancelled.

Spot airfares for Wednesday and Thursday saw a steep rise on important routes across the country as the government grounded Boeing 737 Max 8 aircraft. According to data provided by Yatra.

Spot airfares for Wednesday and Thursday saw a steep rise on important routes across the country as the government grounded Boeing 737 Max 8 aircraft. According to data provided by Yatra.com, the spot airfare on Wednesday was more than double on heavy traffic routes like Mumbai-Bengaluru, Bengaluru-Mumbai, Chennai-Delhi, Delhi-Kolkata and Mumbai- Chennai, when compared to the spot airfare that was there on March 13 last year. The same was noticed for Thursday as well on routes like Mumbai-Delhi, Bengaluru-Delhi, Mumbai-Bengaluru, Bengaluru-Mumbai, Delhi-Kolkata, Mumbai-Hyderabad and Mumbai-Chennai when compared to the same period last year. All Boeing 737 Max 8 aircraft operated by Indian airline companies have been grounded and around 35 flights of SpiceJet would be cancelled on Thursday consequently, Civil Aviation Secretary P S Kharola said. Meanwhile, Jet Airways Wednesday withdrew five more aircraft from service owing to non-payment of lease rentals, taking the total number of such non-operational aircraft to 37. The Yatra.com data showed that ticket prices on Mumbai-Chennai routes have increased to Rs 20,329 for March 14. The spot fare on March 14 last year was Rs 5,671. The Mumbai-Delhi ticket of March 14 has the spot fare of Rs 13,495, which is higher by 137 per cent when compared to the spot fare of March 14 last year. "At least 50 planes are out of action or ground on the domestic front owing to multiple reasons...The airfares were at least 15 per cent higher this year compared to last year, and owing to the current situation, airfares are expected to rise further this season," said Sharat Dhall, Chief Operating Officer (B2C), Yatra.com. As the Ethiopian Airlines' 737 Max 8 crashed near Addis Ababa, killing all 157 people onboard on Sunday, Indian aviation watchdog Directorate General of Civil Aviation (DGCA) last night announced that the Boeing 737 Max 8 aircraft would be "immediately" grounded. SpiceJet has been most affected by the grounding of the 737 Max 8 aircraft as it has 12 of them in its fleet. The Aviation Secretary said March 14 will be a "challenging" day as "out of 520 odd flights that SpiceJet flies every day, about 30-35 flights will have to be cancelled.

Spot airfares see a steep rise as government bans Boeing 737 Max 8 aircraft