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GST collections in January crossed Rs 1 lakh crore-mark after a gap of two months, the Finance Ministry said Thursday.

"The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year," the ministry tweeted.

This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark. Previously in April and October, the collections had surpassed this milestone.

"Robust Economy: Gross GST Revenue in Jan 2019 crossed Rs 1 lakh crore... This has been achieved despite huge reduction in tax rates for various items benefitting poor, farmers &amp; middle class," Finance Minister Piyush Goyal tweeted.

GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October, Rs 97,637 crore in November and Rs 94,725 crore in December 2018.

The ministry said the increase in GST mop up in January has been achieved despite various tax relief measures implemented by the GST Council.

In the 10 months (April-January) of the current fiscal, the government has mopped up over Rs 9.71 lakh crore from Goods and Services Tax (GST). The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore.

The monthly average GST collection in last fiscal (July 2017 - March 2018) was Rs 89,885 crore.

PwC India Partner and Leader, Indirect Tax, Pratik Jain said it comes as a welcome relief for the government, particularly after some dip in the last month.

"This again underlines that collections are increasing steadily as compliances are getting simplified, rates are getting reduced and administration is getting sharper. It's clear that overall collection for the entire year would be significantly lower than what was budgeted," Jain said.

Deloitte India Senior Director M S Mani said: "The collection figures are impressive as they come on the back of rate reductions; if the same pace is maintained, the revenue targets would be close to being achieved."

These numbers indicate that rate reductions result in increased revenues and compliance - we are moving closer to the targeted GST collections for the fiscal, Mani said.

Conventionally, GST collection data for a month is released on first day of the subsequent month. However, for the month of January, the full details of the revenue mopped-up will be released on February 2.&nbsp;

GST collections in January crossed Rs 1 lakh crore-mark after a gap of two months, the Finance Ministry said Thursday. "The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore.

GST collections in January crossed Rs 1 lakh crore-mark after a gap of two months, the Finance Ministry said Thursday. "The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year," the ministry tweeted. This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark. Previously in April and October, the collections had surpassed this milestone. "Robust Economy: Gross GST Revenue in Jan 2019 crossed Rs 1 lakh crore... This has been achieved despite huge reduction in tax rates for various items benefitting poor, farmers & middle class," Finance Minister Piyush Goyal tweeted. GST collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September, Rs 1,00,710 crore in October, Rs 97,637 crore in November and Rs 94,725 crore in December 2018. The ministry said the increase in GST mop up in January has been achieved despite various tax relief measures implemented by the GST Council. In the 10 months (April-January) of the current fiscal, the government has mopped up over Rs 9.71 lakh crore from Goods and Services Tax (GST). The 2018-19 budget had estimated annual GST collection at Rs 13.48 lakh crore, which means a monthly target of Rs 1.12 lakh crore. The monthly average GST collection in last fiscal (July 2017 - March 2018) was Rs 89,885 crore. PwC India Partner and Leader, Indirect Tax, Pratik Jain said it comes as a welcome relief for the government, particularly after some dip in the last month. "This again underlines that collections are increasing steadily as compliances are getting simplified, rates are getting reduced and administration is getting sharper. It's clear that overall collection for the entire year would be significantly lower than what was budgeted," Jain said. Deloitte India Senior Director M S Mani said: "The collection figures are impressive as they come on the back of rate reductions; if the same pace is maintained, the revenue targets would be close to being achieved." These numbers indicate that rate reductions result in increased revenues and compliance - we are moving closer to the targeted GST collections for the fiscal, Mani said. Conventionally, GST collection data for a month is released on first day of the subsequent month. However, for the month of January, the full details of the revenue mopped-up will be released on February 2.

GST collections top Rs 1 lakh crore in January

The BSE benchmark Sensex Thursday rallied over 200 points on positive cues from global markets after dovish comments by the US Federal Reserve as it left key policy rates unchanged.

The 30-share index was trading 213.32 points, or 0.60 per cent, higher at 35,804.57.

Similarly, the 50-share NSE Nifty jumped 53.95 points, or 0.51 per cent, to 10,705.75.

On Wednesday, the Sensex ended marginally lower by 1.25 points and the Nifty closed with a negligible loss of 0.4 point.

Top gainers in the Sensex pack include ICICI Bank, RIL, Tata Steel, SBI, Tata Motors, NTPC, Vedanta and TCS, rallying up to 2.20 per cent.

On the other hand, Bajaj Finance, Yes Bank, Hero MotoCorp, Bajaj Auto, HDFC duo and HCL Tech were the top losers, falling up to 1.59 per cent.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 502.26 crore, provisional data available with BSE showed.

According to experts, investor sentiment was buoyed by dovish comments by from the US Federal Reserve after it left the key US lending rate unchanged on Wednesday.

The central bank said it would be "patient" about making any further changes, in the clearest signal yet the central bank has heeded concerns about the economy.

Global investors were also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy.

Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said.

January series derivatives expiry in this session will also keep investors on edge, they added.

Elsewhere in Asia, Hong Kong's Hang Seng rose 1.27 per cent, Shanghai Composite Index was up 0.63 per cent, Kospi gained 0.18 per cent, and Japan's Nikkei rallied 0.90 per cent in early trade.

On Wall Street, Dow Jones Industrial Average soared 1.77 per cent on Wednesday.

The rupee, meanwhile, was appreciated 18 paise against US dollar to 70.93. 
The benchmark Brent crude futures rose 1.01 per cent to USD 62.16 per barrel.&nbsp;

The BSE benchmark Sensex Thursday rallied over 200 points on positive cues from global markets after dovish comments by the US Federal Reserve as it left key policy rates unchanged.

The BSE benchmark Sensex Thursday rallied over 200 points on positive cues from global markets after dovish comments by the US Federal Reserve as it left key policy rates unchanged. The 30-share index was trading 213.32 points, or 0.60 per cent, higher at 35,804.57. Similarly, the 50-share NSE Nifty jumped 53.95 points, or 0.51 per cent, to 10,705.75. On Wednesday, the Sensex ended marginally lower by 1.25 points and the Nifty closed with a negligible loss of 0.4 point. Top gainers in the Sensex pack include ICICI Bank, RIL, Tata Steel, SBI, Tata Motors, NTPC, Vedanta and TCS, rallying up to 2.20 per cent. On the other hand, Bajaj Finance, Yes Bank, Hero MotoCorp, Bajaj Auto, HDFC duo and HCL Tech were the top losers, falling up to 1.59 per cent. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 502.26 crore, provisional data available with BSE showed. According to experts, investor sentiment was buoyed by dovish comments by from the US Federal Reserve after it left the key US lending rate unchanged on Wednesday. The central bank said it would be "patient" about making any further changes, in the clearest signal yet the central bank has heeded concerns about the economy. Global investors were also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy. Domestic market, however, will continue to be volatile ahead of the interim budget which will be announced on Friday, traders said. January series derivatives expiry in this session will also keep investors on edge, they added. Elsewhere in Asia, Hong Kong's Hang Seng rose 1.27 per cent, Shanghai Composite Index was up 0.63 per cent, Kospi gained 0.18 per cent, and Japan's Nikkei rallied 0.90 per cent in early trade. On Wall Street, Dow Jones Industrial Average soared 1.77 per cent on Wednesday. The rupee, meanwhile, was appreciated 18 paise against US dollar to 70.93. The benchmark Brent crude futures rose 1.01 per cent to USD 62.16 per barrel.

Sensex jumps over 200 points on firm global cues

The rupee appreciated by 26 paise to 70.86 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged.

The US dollar weakened in the overseas market after the Federal Reserve left the key US lending rate unchanged on Wednesday, and said it would be "patient" about making any further changes.

Besides selling of the American currency by exporters, forex traders said fresh foreign fund inflows and positive opening in domestic equities also supported the rupee up move, while surging crude oil prices restricted the uptrend.

The rupee opened strong at 70.92 at the interbank forex market then gained further ground and touched 70.86 amid weakening of the American currency, displaying gains of 26 paise over its last close.

The rupee Wednesday had weakened by just 1 paise to close at 71.12 against the US dollar.

Foreign funds purchased shares worth Rs 130.25 crore from the capital markets on a net basis, and domestic institutional investors also bought shares worth Rs 502.26 crore Wednesday, provisional data showed. 
Brent crude, the global benchmark, was trading higher at per 62.20 barrel up by 0.89 per cent.

Meanwhile, the benchmark BSE Sensex was trading higher by 246.08 points, or 0.65 per cent to quote at 35,822.38 while the NSE Nifty was trading at 10,705.60, higher by 53.80 points, or 0.51 per cent.

The rupee appreciated by 26 paise to 70.86 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged.

The rupee appreciated by 26 paise to 70.86 against the US dollar in opening trade Thursday, driven by weakening of the greenback in overseas markets after the US Fed kept interest rate unchanged. The US dollar weakened in the overseas market after the Federal Reserve left the key US lending rate unchanged on Wednesday, and said it would be "patient" about making any further changes. Besides selling of the American currency by exporters, forex traders said fresh foreign fund inflows and positive opening in domestic equities also supported the rupee up move, while surging crude oil prices restricted the uptrend. The rupee opened strong at 70.92 at the interbank forex market then gained further ground and touched 70.86 amid weakening of the American currency, displaying gains of 26 paise over its last close. The rupee Wednesday had weakened by just 1 paise to close at 71.12 against the US dollar. Foreign funds purchased shares worth Rs 130.25 crore from the capital markets on a net basis, and domestic institutional investors also bought shares worth Rs 502.26 crore Wednesday, provisional data showed. Brent crude, the global benchmark, was trading higher at per 62.20 barrel up by 0.89 per cent. Meanwhile, the benchmark BSE Sensex was trading higher by 246.08 points, or 0.65 per cent to quote at 35,822.38 while the NSE Nifty was trading at 10,705.60, higher by 53.80 points, or 0.51 per cent.

Rupee gains 26 paise to 70.86 against US dollar as Fed keeps rates unchanged

The government Thursday revised the economic growth rate upwards to 7.2 per cent for 2017-18 from the 6.7 per cent estimated earlier.

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said.

Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent.

"The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018," said the Central Statistics Office (CSO).

The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17.

During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5 per cent, 6 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year.

The government Thursday revised the economic growth rate upwards to 7.2 per cent for 2017-18 from the 6.7 per cent estimated earlier. "Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.

The government Thursday revised the economic growth rate upwards to 7.2 per cent for 2017-18 from the 6.7 per cent estimated earlier. "Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the CSO said. Earlier, the CSO in its advance estimate had pegged the GDP growth rate for 2018-19 at 7.2 per cent. "The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018," said the Central Statistics Office (CSO). The CSO has also released the Second Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for 2016-17. During 2017-18, the growth rates of primary (comprising agriculture, forestry, fishing and mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services, and construction) and tertiary (services) sectors have been estimated as 5 per cent, 6 per cent and 8.1 per cent as against a growth of 6.8 per cent, 7.5 per cent and 8.4 per cent, respectively, in the previous year.

GDP growth rate for 2017-18 revised upwards to 7.2%

Former ICICI Bank chief <a href="http://www.wionews.com/business-economy/chanda-kochhar-violated-banks-code-of-conduct-srikrishna-panel-report-193934">Chanda Kochhar</a>, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank's executive head since 2009, sources said.

Besides, she will also have to forgo her unexercised stocks options, they said.&nbsp;

Kochhar became the CEO and managing director of the country's leading private sector lender in May 2009 and left the bank in October 2018.

Sources divulge Thursday that performance bonus for the last two financial years has not been approved by the RBI, therefore that amount is not taken into account in Kochhar's total bonus payout.

They also said that bonuses of Axis Bank and Yes Bank chief executives and executive directors have not been approved by the central bank for the last two fiscals.&nbsp;

As per the various annual reports of the bank, Kochhar was granted 94 lakh shares but it could not be verified that how much stock options she had exercised.

If Employee Stock Ownership Plan (ESOP) granted to Kochhar is taken into account, the total amount comes to about Rs 340 crore at the present market value.

However, the amount would be much less than ESOPs granted because she might have sold some shares in the last 9 years.

Following an independent enquiry panel led by Justice (Retd) B N Srikrishna, the board of the ICICI Bank Wednesday decided to treat "the separation of Kochhar from the bank as a 'Termination for Cause' under the bank's internal policies, schemes and the Code of Conduct, with all attendant consequences".

These, the statement said, include revocation of all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits.

The board has also asked the bank to take steps for "clawback of all bonuses paid from April 2009 until March 2018, and to take such further actions as may be warranted in the matter".

For the 9-year period, shareholders approved Rs 9.82 crore bonus payout to Kochhar.&nbsp;

However, considering that the last two performance bonuses are yet to get regulatory approval from the RBI, the recovery amount would be less than what has been approved by the shareholders' Annual General Meeting.

Besides, experts also feel that there may be legal tangle involved in the revoking of the ESOPs and refund of the performance bonus.

The Srikrishna committee report concluded that there was lack of diligence with respect to annual disclosures as required by the bank in terms of its internal policies and violation of Code of Conduct and applicable Indian laws.

On the development, Kochhar said she was "disappointed, hurt and shocked" by the bank's decision to treat her resignation as a "termination for cause" after an independent probe indicted her for violating regulations.

There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis.

It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar.

The allegation of conflict of interest was levelled by whistleblower Arvind Gupta.

Later, in March, another unnamed whistle-blower complained against the bank and its top management, including Kochhar, alleging a deliberate delay in recognising impairment in 31 loan accounts between 2008 and 2016 to save on provisioning costs.&nbsp;

Former ICICI Bank chief Chanda Kochhar, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank's executive head since 2009, sources said.

Former ICICI Bank chief Chanda Kochhar, who was terminated with retrospective effect Wednesday, may have to return over Rs 9 crore performance bonus received as the bank's executive head since 2009, sources said. Besides, she will also have to forgo her unexercised stocks options, they said. Kochhar became the CEO and managing director of the country's leading private sector lender in May 2009 and left the bank in October 2018. Sources divulge Thursday that performance bonus for the last two financial years has not been approved by the RBI, therefore that amount is not taken into account in Kochhar's total bonus payout. They also said that bonuses of Axis Bank and Yes Bank chief executives and executive directors have not been approved by the central bank for the last two fiscals. As per the various annual reports of the bank, Kochhar was granted 94 lakh shares but it could not be verified that how much stock options she had exercised. If Employee Stock Ownership Plan (ESOP) granted to Kochhar is taken into account, the total amount comes to about Rs 340 crore at the present market value. However, the amount would be much less than ESOPs granted because she might have sold some shares in the last 9 years. Following an independent enquiry panel led by Justice (Retd) B N Srikrishna, the board of the ICICI Bank Wednesday decided to treat "the separation of Kochhar from the bank as a 'Termination for Cause' under the bank's internal policies, schemes and the Code of Conduct, with all attendant consequences". These, the statement said, include revocation of all her existing and future entitlements such as any unpaid amounts, unpaid bonuses or increments, unvested and vested and unexercised stock options, and medical benefits. The board has also asked the bank to take steps for "clawback of all bonuses paid from April 2009 until March 2018, and to take such further actions as may be warranted in the matter". For the 9-year period, shareholders approved Rs 9.82 crore bonus payout to Kochhar. However, considering that the last two performance bonuses are yet to get regulatory approval from the RBI, the recovery amount would be less than what has been approved by the shareholders' Annual General Meeting. Besides, experts also feel that there may be legal tangle involved in the revoking of the ESOPs and refund of the performance bonus. The Srikrishna committee report concluded that there was lack of diligence with respect to annual disclosures as required by the bank in terms of its internal policies and violation of Code of Conduct and applicable Indian laws. On the development, Kochhar said she was "disappointed, hurt and shocked" by the bank's decision to treat her resignation as a "termination for cause" after an independent probe indicted her for violating regulations. There were allegations of involvement of Kochhar and her family members in a loan provided to Videocon group on a quid pro quo basis. It was alleged that Videocon Group pumped money into NuPower Renewables, a firm owned by Deepak Kochhar, husband of Chanda Kochhar. The allegation of conflict of interest was levelled by whistleblower Arvind Gupta. Later, in March, another unnamed whistle-blower complained against the bank and its top management, including Kochhar, alleging a deliberate delay in recognising impairment in 31 loan accounts between 2008 and 2016 to save on provisioning costs.

Chanda Kochhar may have to return over Rs 9-crore bonus to ICICI Bank: Sources

BSE benchmark Sensex zoomed over 650 points while the NSE Nifty reclaimed the 10,800 mark Thursday on value buying in banking, auto, pharma, IT and FMCG stocks ahead of the Budget.

Trading sentiment received a boost as global markets rallied following US Federal Reserve's dovish policy stance.

Heavy short-covering on expiry of January series futures and options (F&amp;O) contracts too buoyed the benchmarks, analysts said.

The 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69. The broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95. 
All BSE sectoral indices finished in the green, led by IT, energy and banking.

According to Joseph Thomas, Head Research, Emkay Wealth Management, the market was well bid across segments and sectors throughout the day.

"It was mainly propelled by two important factors. The first being the moderation in the monetary policy stance of the Fed, as the key Fed funds rate was left unchanged. The status quo, in the midst of looming fears over an impending economic slowdown, and also as the probability of future hikes may be far and few, catapulted the markets to higher levels.

"The second one being high expectations from the interim Budget by way of measures that would alleviate the agrarian distress and boost the employment and consumption levels," he said.

On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 502.26 crore, provisional data available with the BSE showed.

In the Sensex pack, Axis Bank, Tata Motors, Infosys, Kotak Bank, HDFC Bank, RIL, Bajaj Auto, SBI, HUL, Tata Steel, Vedanta, HFDC, TCS, ITC and Sun Pharma jumped up to 4.64 per cent.

On the other hand, Yes Bank, HCL Tech, Bajaj Finance, ICICI Bank, and Coal India fell up to 2.56 per cent.

Global investors were also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling their six-month trade war. 
Elsewhere in Asia, Hong Kong's Hang Seng soared 1.08 per cent, Japan's Nikkei rallied 1.06 per cent and Shanghai Composite Index rose 0.35 per cent. Korea's Kospi slipped 0.06 per cent.

In the Eurozone, Frankfurt's DAX gained 0.38 per cent, Paris CAC 40 was up 0.42 per cent and London's FTSE jumped 0.53 per cent in late morning deals.

The rupee, meanwhile, depreciated marginally against US dollar to 71.15.

The benchmark Brent crude futures were trading slightly higher at US $61.55 per barrel.

BSE benchmark Sensex zoomed over 650 points while the NSE Nifty reclaimed the 10,800 mark Thursday on value buying in banking, auto, pharma, IT and FMCG stocks ahead of the Budget.

BSE benchmark Sensex zoomed over 650 points while the NSE Nifty reclaimed the 10,800 mark Thursday on value buying in banking, auto, pharma, IT and FMCG stocks ahead of the Budget. Trading sentiment received a boost as global markets rallied following US Federal Reserve's dovish policy stance. Heavy short-covering on expiry of January series futures and options (F&O) contracts too buoyed the benchmarks, analysts said. The 30-share Sensex rallied 665.44 points, or 1.87 per cent, to close at 36,256.69. The broader Nifty soared 179.15 points, or 1.68 per cent, to 10,830.95. All BSE sectoral indices finished in the green, led by IT, energy and banking. According to Joseph Thomas, Head Research, Emkay Wealth Management, the market was well bid across segments and sectors throughout the day. "It was mainly propelled by two important factors. The first being the moderation in the monetary policy stance of the Fed, as the key Fed funds rate was left unchanged. The status quo, in the midst of looming fears over an impending economic slowdown, and also as the probability of future hikes may be far and few, catapulted the markets to higher levels. "The second one being high expectations from the interim Budget by way of measures that would alleviate the agrarian distress and boost the employment and consumption levels," he said. On a net basis, foreign portfolio investors (FPIs) bought shares worth a net of Rs 130.25 crore Wednesday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 502.26 crore, provisional data available with the BSE showed. In the Sensex pack, Axis Bank, Tata Motors, Infosys, Kotak Bank, HDFC Bank, RIL, Bajaj Auto, SBI, HUL, Tata Steel, Vedanta, HFDC, TCS, ITC and Sun Pharma jumped up to 4.64 per cent. On the other hand, Yes Bank, HCL Tech, Bajaj Finance, ICICI Bank, and Coal India fell up to 2.56 per cent. Global investors were also optimistic about the ongoing two-day high-level talks between the US and China aimed at settling their six-month trade war. Elsewhere in Asia, Hong Kong's Hang Seng soared 1.08 per cent, Japan's Nikkei rallied 1.06 per cent and Shanghai Composite Index rose 0.35 per cent. Korea's Kospi slipped 0.06 per cent. In the Eurozone, Frankfurt's DAX gained 0.38 per cent, Paris CAC 40 was up 0.42 per cent and London's FTSE jumped 0.53 per cent in late morning deals. The rupee, meanwhile, depreciated marginally against US dollar to 71.15. The benchmark Brent crude futures were trading slightly higher at US $61.55 per barrel.

Sensex soars 665 points; Nifty reclaims 10,800-mark

Ahead of the Budget the International Monetary Fund's(IMF)&nbsp;top representative Andreas Bauer in India spoke exclusively to our correspondent Siddhant Sibal.&nbsp; 
Bauer lauded the various reforms in India especially the GST and said that the country has done well and the world needs it to grow. He hoped for fiscal consolidation in the upcoming Budget. Here is the full interview.&nbsp;

WION: The IMF report was upbeat on India. What makes you so confident?&nbsp;

Andreas Bauer: We think India has a strong base to grow on. It has a young population, it has human resources that are growing, it has a fairly high savings rate, although we would see some more of that will provide the basis for investment.

India has a good basis to start growing. We need reforms. This is why we looking in Budgets, programmes of the new government. We want to see continues pace of reforms, some important reforms have been implemented in recent years.&nbsp;

WION: Your assessment of reforms introduced by the government in the last few years?&nbsp;

Andreas Bauer: India has made a lot of progress in a few years and GST for us is a big reform. It has the potential to unify the domestic market, certainty, the initial structure of GST was quite complex and compliance cost very high.

We have seen good moves to simplify that. More scope to go further. But reforms give a tailwind to move the economy forward. Looking at the next phase, after the elections that India can pick up the reform pace and continue to build the economic pace that allows country to grow at these high rates.

India has done well, India is growing above 7 per cent, the country is 15 per cent of global growth and world needs India to grow as there are other economies like China which are slowing, so we do need India to grow.&nbsp;

WION: What kind of reforms you expect?&nbsp;

Andreas Bauer: We have laid reforms out in our annual assessment of the economy. In short term, we are looking at a number of things. We are looking at ways to address twin balance sheet problem.

So improving capital base of banks, which is ongoing for public banks and governance reforms of the banks and making sure these banks in future work on much better basis and we don't see repeat of accumulation of large non-performing loans. One of the issues, we have discussed is the global environment might become challenging. Important to put fiscal on a strong footing.&nbsp;

WION: Your suggestions on the Budget?&nbsp;

Andreas Bauer: I rather wait for the Budget to see what is in there but we have been for sometimes saying that India should gradually consolidate. So certainly we want India to persist on that path.

See the deficits to decline and debt levels to decline. These are relatively high levels for an emerging economy and we want to have a space that when a negative shock comes, fisc can help. We would like to see the continuation of the consolidation path. It is important to take a global view and create fiscal space to be ready in case if negative shock.&nbsp;

WION: Your assessment of oil prices especially with the crisis in Venezuela?

Andreas Bauer: Geopolitical events always pose risk to oil price. The general expectation is after the recent decline oil prices, they will remain at the current level so that is not bad news for oil importers like India.

Risk of supply disruption as we saw last year. So risk as well on that front. In general, given that global economy is slowing and given that previous supply disruptions have been addressed, so our forecast and markets forecast is stable oil prices.&nbsp;

WION: You have painted a gloomy picture of the world economy. What makes you pessimistic?&nbsp;

Andreas Bauer: The good news is the global economy is still expanding but expansion is slowing and at a faster pace than originally then we anticipated. So we put out a word of caution. The global economy last year expanded by 3.7 per cent, that is quite a good pace.

For the current year, growth will slow down to 3.5 per cent and that refects in both advanced and emerging markets. The key message to countries is, the situation is still okay, but risk remains and better prepare for a more difficult external environment.&nbsp;

Ahead of the Budget the International Monetary Fund's(IMF) top representative Andreas Bauer in India spoke exclusively to our correspondent Siddhant Sibal. Bauer lauded the various reforms in India especially the GST and said that the country has done well and the world needs it to grow.

Ahead of the Budget the International Monetary Fund's(IMF) top representative Andreas Bauer in India spoke exclusively to our correspondent Siddhant Sibal. Bauer lauded the various reforms in India especially the GST and said that the country has done well and the world needs it to grow. He hoped for fiscal consolidation in the upcoming Budget. Here is the full interview. WION: The IMF report was upbeat on India. What makes you so confident? Andreas Bauer: We think India has a strong base to grow on. It has a young population, it has human resources that are growing, it has a fairly high savings rate, although we would see some more of that will provide the basis for investment. India has a good basis to start growing. We need reforms. This is why we looking in Budgets, programmes of the new government. We want to see continues pace of reforms, some important reforms have been implemented in recent years. WION: Your assessment of reforms introduced by the government in the last few years? Andreas Bauer: India has made a lot of progress in a few years and GST for us is a big reform. It has the potential to unify the domestic market, certainty, the initial structure of GST was quite complex and compliance cost very high. We have seen good moves to simplify that. More scope to go further. But reforms give a tailwind to move the economy forward. Looking at the next phase, after the elections that India can pick up the reform pace and continue to build the economic pace that allows country to grow at these high rates. India has done well, India is growing above 7 per cent, the country is 15 per cent of global growth and world needs India to grow as there are other economies like China which are slowing, so we do need India to grow. WION: What kind of reforms you expect? Andreas Bauer: We have laid reforms out in our annual assessment of the economy. In short term, we are looking at a number of things. We are looking at ways to address twin balance sheet problem. So improving capital base of banks, which is ongoing for public banks and governance reforms of the banks and making sure these banks in future work on much better basis and we don't see repeat of accumulation of large non-performing loans. One of the issues, we have discussed is the global environment might become challenging. Important to put fiscal on a strong footing. WION: Your suggestions on the Budget? Andreas Bauer: I rather wait for the Budget to see what is in there but we have been for sometimes saying that India should gradually consolidate. So certainly we want India to persist on that path. See the deficits to decline and debt levels to decline. These are relatively high levels for an emerging economy and we want to have a space that when a negative shock comes, fisc can help. We would like to see the continuation of the consolidation path. It is important to take a global view and create fiscal space to be ready in case if negative shock. WION: Your assessment of oil prices especially with the crisis in Venezuela? Andreas Bauer: Geopolitical events always pose risk to oil price. The general expectation is after the recent decline oil prices, they will remain at the current level so that is not bad news for oil importers like India. Risk of supply disruption as we saw last year. So risk as well on that front. In general, given that global economy is slowing and given that previous supply disruptions have been addressed, so our forecast and markets forecast is stable oil prices. WION: You have painted a gloomy picture of the world economy. What makes you pessimistic? Andreas Bauer: The good news is the global economy is still expanding but expansion is slowing and at a faster pace than originally then we anticipated. So we put out a word of caution. The global economy last year expanded by 3.7 per cent, that is quite a good pace. For the current year, growth will slow down to 3.5 per cent and that refects in both advanced and emerging markets. The key message to countries is, the situation is still okay, but risk remains and better prepare for a more difficult external environment.

Ahead of Budget, IMF calls for more reforms

<a href="http://www.wionews.com/business-economy/oil-prices-jump-as-us-threatens-sanctions-against-venezuela-192607">Oil prices rose</a> for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.

US West Texas Intermediate (WTI) crude futures were at $54.47 per barrel at 0758 GMT, up 24 cents, or 0.4 per cent, from their last settlement.

International Brent crude oil futures were up 36 cents, or 0.6 per cent, at $62.01 per barrel.

The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States.

"Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that US imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd). This is the second lowest level in weekly data going back to 2010," ANZ bank said.

Saudi Arabia is the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices.

US sanctions imposed on state-oil firm Petroleos de Venezuela SA (PDVSA) this week are also causing some supply disruptions.

Venezuela's oil inventories have started to build up at the country's ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to US sanctions imposed earlier this week.

As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude - representing about two weeks of the country's production - either waiting to load or expecting authorisation to set sail, shipping data showed.

Matt Stanley, a broker with Starfuels in Dubai, said the combination of US sanctions against oil producers Venezuela and Iran, the OPEC-led supply cuts, as well as hopes that the trade dispute between the United States and China could soon be resolved meant oil prices would likely rise further.

"There are just too many factors that can only cause the price to go one way and that is up," Stanley said.

Despite this, oil remains in ample supply, not least because of soaring US crude oil production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd.

This shows in high US commercial crude oil stockpiles, which rose by 919,000 barrels in the week to January 25, to 445.94 million barrels, EIA data showed. Stockpiles are 6.6 per cent higher than a year ago.

Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation.

Oil prices rose for a third day on Thursday, pushed up by lower imports into the United States amid OPEC efforts to tighten the market, and as Venezuela struggles to keep up its crude exports after Washington imposed sanctions on the nation. US West Texas Intermediate (WTI) crude futures were at $54.47 per barrel at 0758 GMT, up 24 cents, or 0.4 per cent, from their last settlement. International Brent crude oil futures were up 36 cents, or 0.6 per cent, at $62.01 per barrel. The price rise came after a report from the US Energy Information Administration (EIA) on Wednesday showed a drop in Saudi crude supply to the United States. "Crude oil prices were stronger after signs emerged that OPEC cuts are impacting trade. EIA's weekly report showed that US imports from Saudi Arabia fell by more than half from the previous week to 442,000 barrels per day (bpd). This is the second lowest level in weekly data going back to 2010," ANZ bank said. Saudi Arabia is the de-facto leader of the Organization of the Petroleum Exporting Countries (OPEC), which together with some non-OPEC producers, including Russia, announced supply cuts late last year aimed at tightening the market and propping up prices. US sanctions imposed on state-oil firm Petroleos de Venezuela SA (PDVSA) this week are also causing some supply disruptions. Venezuela's oil inventories have started to build up at the country's ports and terminals as PDVSA is finding it cannot export crude at its usual rate due to US sanctions imposed earlier this week. As of Wednesday, Venezuela had 25 tankers with nearly 18 million barrels of crude - representing about two weeks of the country's production - either waiting to load or expecting authorisation to set sail, shipping data showed. Matt Stanley, a broker with Starfuels in Dubai, said the combination of US sanctions against oil producers Venezuela and Iran, the OPEC-led supply cuts, as well as hopes that the trade dispute between the United States and China could soon be resolved meant oil prices would likely rise further. "There are just too many factors that can only cause the price to go one way and that is up," Stanley said. Despite this, oil remains in ample supply, not least because of soaring US crude oil production, which jumped by more than 2 million bpd last year to a record 11.9 million bpd. This shows in high US commercial crude oil stockpiles, which rose by 919,000 barrels in the week to January 25, to 445.94 million barrels, EIA data showed. Stockpiles are 6.6 per cent higher than a year ago.

Oil prices rise on Saudi cuts to US; Venezuela struggles to keep up exports

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector.

Defence analyst Swaran Singh said the defence budget is usually seen in comparison to India's neighbours.

“Last year, when Pakistan's defence budget went up by about 18 per cent, India`s defence budget went up only by about 5.5 per cent. This was seen as a matter of concern. Likewise, the Chinese defence budget is three times compared to our budget,” Singh told ANI.

“I want to underline that these are the only two countries of concern but defence budget has to keep other issues in mind and in that sense, it is important to see that what part of our total revenues are being allocated to National Defence,” he added.

Singh also said that currently, about 27 per cent of India's revenue is allocated for defence. "This is fairly impressive,” he said.

Meanwhile, defence expert SK Chatterjee opined that the defence budget must be made keeping in mind the “severe threat scenario.”

“The budget has to be made according to the threat scenario which is quite severe. However, as it is an election year, we cannot expect a huge jump in the allotment for defence in the next one year or so,” said Chatterjee.

“As I see we will not be getting enough funds for modernization of our defence while the Chinese are undergoing a huge modernisation exercise. They are cutting down on their manpower and investing in technology for the armed forces,” he added.&nbsp;

This will be the last Budget of the current BJP-led NDA government before the General Elections.

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector.

Ahead of the Interim Budget to be presented on February 1, defence experts are of the view that the government must increase its expenditure on the defence sector. Defence analyst Swaran Singh said the defence budget is usually seen in comparison to India's neighbours. “Last year, when Pakistan's defence budget went up by about 18 per cent, India`s defence budget went up only by about 5.5 per cent. This was seen as a matter of concern. Likewise, the Chinese defence budget is three times compared to our budget,” Singh told ANI. “I want to underline that these are the only two countries of concern but defence budget has to keep other issues in mind and in that sense, it is important to see that what part of our total revenues are being allocated to National Defence,” he added. Singh also said that currently, about 27 per cent of India's revenue is allocated for defence. "This is fairly impressive,” he said. Meanwhile, defence expert SK Chatterjee opined that the defence budget must be made keeping in mind the “severe threat scenario.” “The budget has to be made according to the threat scenario which is quite severe. However, as it is an election year, we cannot expect a huge jump in the allotment for defence in the next one year or so,” said Chatterjee. “As I see we will not be getting enough funds for modernization of our defence while the Chinese are undergoing a huge modernisation exercise. They are cutting down on their manpower and investing in technology for the armed forces,” he added. This will be the last Budget of the current BJP-led NDA government before the General Elections.

Union budget 2019: Defence experts pitch for an increase in funds

The BSE benchmark Sensex Wednesday rallied over 250 points on heavy buying in metal, IT and banking stocks amid positive cues from other Asian markets ahead of US-China trade talks and US Fed policy meet outcome.

The 30-share index was trading 188.10 points or 0.5 per cent, higher at 35,780.60.

Similarly, the 50-share NSE Nifty jumped 51.55 points, or 0.48 per cent, to 10,703.75.

On Tuesday, the Sensex ended 64.20 points lower at 35,592, and the Nifty edged lower by over 9 points to close at 10,652.

In morning session on Wednesday, Axis Bank was the biggest gainer on both indices, rallying over 6 per cent after the third largest private sector lender Axis Bank Tuesday reported a 131 per cent surge in net income for the December quarter at Rs 1,681 crore boosted by a huge jump in recoveries from written-off accounts.

Shares of ICICI Bank too rallied 4 per cent ahead of its quarterly results, scheduled to be released later in the day.

Tata Steel, Yes Bank, Bajaj Finance, Vedanta, Tata Motors, Reliance and M&amp;M were the other top gainers, rallying up to 4 per cent.

While, HDFC Bank, ONGC, PowerGrid, Hero MotoCorp, Bajaj Auto, HDFC, Kotak Bank and HUL were the biggest losers, shedding up to 1.07 per cent. 
On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed.

"With the interim budget set to be announced this Friday; expectation of the government breaching the fiscal deficit is high in order to boost the rural sector," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.

The Market may take it in its stride even if the fiscal deficit target is breached by a small amount, provided that the government is able to convincingly back its actions with a push for growth-oriented policies and display its reforms orientation to be intact, he added.

Global investor sentiment was positive, but the gains were capped as investors were cautious ahead of crucial talks crucial trade talks between American and Chinese officials on January 30 and 31.

The market is also awaiting the outcome of the US Federal Reserve's meeting later in the day.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.20 per cent, Shanghai Composite Index was up 0.09 per cent higher, Kospi gained 0.58 per cent, while Japan's Nikkei dropped 0.53 per cent in early trade.

On Wall Street, Dow Jones Industrial Average ended 0.21 per cent higher on Tuesday.

The rupee, meanwhile, was trading depreciated 21 paise against US $ to 71.32.

The benchmark Brent crude futures rose 0.44 per cent to US $ 61.47 per barrel. 
&nbsp;

The BSE benchmark Sensex Wednesday rallied over 250 points on heavy buying in metal, IT and banking stocks amid positive cues from other Asian markets ahead of US-China trade talks and US Fed policy meet outcome.

The BSE benchmark Sensex Wednesday rallied over 250 points on heavy buying in metal, IT and banking stocks amid positive cues from other Asian markets ahead of US-China trade talks and US Fed policy meet outcome. The 30-share index was trading 188.10 points or 0.5 per cent, higher at 35,780.60. Similarly, the 50-share NSE Nifty jumped 51.55 points, or 0.48 per cent, to 10,703.75. On Tuesday, the Sensex ended 64.20 points lower at 35,592, and the Nifty edged lower by over 9 points to close at 10,652. In morning session on Wednesday, Axis Bank was the biggest gainer on both indices, rallying over 6 per cent after the third largest private sector lender Axis Bank Tuesday reported a 131 per cent surge in net income for the December quarter at Rs 1,681 crore boosted by a huge jump in recoveries from written-off accounts. Shares of ICICI Bank too rallied 4 per cent ahead of its quarterly results, scheduled to be released later in the day. Tata Steel, Yes Bank, Bajaj Finance, Vedanta, Tata Motors, Reliance and M&M were the other top gainers, rallying up to 4 per cent. While, HDFC Bank, ONGC, PowerGrid, Hero MotoCorp, Bajaj Auto, HDFC, Kotak Bank and HUL were the biggest losers, shedding up to 1.07 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed. "With the interim budget set to be announced this Friday; expectation of the government breaching the fiscal deficit is high in order to boost the rural sector," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas. The Market may take it in its stride even if the fiscal deficit target is breached by a small amount, provided that the government is able to convincingly back its actions with a push for growth-oriented policies and display its reforms orientation to be intact, he added. Global investor sentiment was positive, but the gains were capped as investors were cautious ahead of crucial talks crucial trade talks between American and Chinese officials on January 30 and 31. The market is also awaiting the outcome of the US Federal Reserve's meeting later in the day. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.20 per cent, Shanghai Composite Index was up 0.09 per cent higher, Kospi gained 0.58 per cent, while Japan's Nikkei dropped 0.53 per cent in early trade. On Wall Street, Dow Jones Industrial Average ended 0.21 per cent higher on Tuesday. The rupee, meanwhile, was trading depreciated 21 paise against US $ to 71.32. The benchmark Brent crude futures rose 0.44 per cent to US $ 61.47 per barrel.

Sensex rallies over 250 points, Nifty tests 10,700 level

Apple Inc reported sharp growth in its services business and Chief Executive Tim Cook said trade tensions between the United States and China were easing, helping the technology company's shares up after hours even as iPhone sales dipped in the holiday shopping quarter for the first time.

Apple said sales for the current quarter would most likely be lower than Wall Street expected, a signal that it continues to face weak demand for its iPhone, especially in China, the world's biggest smartphone market.

But investors focused on the company's growing services, which include Apple Music and its App Store.

"The services number is good, and that is the growth engine going forward that people will continue to focus on," said Ivan Feinseth, an analyst with Tigress Financial Partners.

Cook, who is in regular contact with U.S. President Donald Trump, said trade tensions with China, which may have depressed sales of its phones, were easing.

"If you were to graph up trade tension it's clearly less in January than it was in December," Cook told Reuters in an interview. "I'm optimistic that the two countries will be able to work things out."

The company's shares rose 6 percent to $163.50 in after-hours trading. They had fallen more than 30 percent since November on concerns about weak iPhone sales and a general decline in high-tech stocks.

"It appears that the bears pressed way too hard on the negative bets and even this more negative report couldn't drive the stock lower," said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel.

Apple Inc reported sharp growth in its services business and Chief Executive Tim Cook said trade tensions between the United States and China were easing, helping the technology company's shares up after hours even as iPhone sales dipped in the holiday shopping quarter for the first time.

Apple Inc reported sharp growth in its services business and Chief Executive Tim Cook said trade tensions between the United States and China were easing, helping the technology company's shares up after hours even as iPhone sales dipped in the holiday shopping quarter for the first time. Apple said sales for the current quarter would most likely be lower than Wall Street expected, a signal that it continues to face weak demand for its iPhone, especially in China, the world's biggest smartphone market. But investors focused on the company's growing services, which include Apple Music and its App Store. "The services number is good, and that is the growth engine going forward that people will continue to focus on," said Ivan Feinseth, an analyst with Tigress Financial Partners. Cook, who is in regular contact with U.S. President Donald Trump, said trade tensions with China, which may have depressed sales of its phones, were easing. "If you were to graph up trade tension it's clearly less in January than it was in December," Cook told Reuters in an interview. "I'm optimistic that the two countries will be able to work things out." The company's shares rose 6 percent to $163.50 in after-hours trading. They had fallen more than 30 percent since November on concerns about weak iPhone sales and a general decline in high-tech stocks. "It appears that the bears pressed way too hard on the negative bets and even this more negative report couldn't drive the stock lower," said Hal Eddins, chief economist for Apple shareholder Capital Investment Counsel.

Apple reports sharp growth in its services business

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct.

The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.

The board of the bank based on the report has decided to treat her resignation as 'Termination for Cause' under the bank's internal policies.

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct. The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part.

An independent enquiry initiated by ICICI Bank has indicted its former CEO Chanda Kochhar of violation of bank's code of conduct. The enquiry report submitted by Justice (Retd) B N Srikrishna Wednesday concluded that there was lack of diligence with respect to annual disclosures and violation of code of conduct, on her part. The board of the bank based on the report has decided to treat her resignation as 'Termination for Cause' under the bank's internal policies.

Chanda Kochhar violated bank's code of conduct: Srikrishna panel report

Debt-laden Indian carrier Jet Airways on Wednesday denied its <a href="http://www.wionews.com/business-economy/jet-airways-decides-to-cancel-15-flights-on-wednesday-six-boeing-737-planes-on-ground-193877">aircraft had been grounded</a> by GE Capital Aviation Services (GECAS) after media reports raised further concerns over the airline's ability to pay dues.

Jet's troubles have been worsened by a rising debt-pile, amid intense competition in the Indian aviation sector and higher oil prices.

In the latest effort to save itself, the airline will now seek shareholder approval next month to convert existing debt into equity.

Earlier in the day, media reports said that Jet had been asked by GECAS, the aircraft financing and leasing business of General Electric Co, to ground at least five Boeing 737 planes due to non-payment of dues.

Jet said in its statement that it had not ground any aircraft due to a notice from GECAS.

The airline is in the process of delivering three aircraft to lessors due to the scheduled expiry of lease terms, it said in a statement.

Jet added that three of its aircraft were temporarily grounded for engine normalization, which is expected to be completed by Friday. Two others were on ground - one for scheduled termination of the engine's lease and another for technical reasons.

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Jet Airways on cancellation of its 4 flights on January 28: The cancellations were due to scheduled termination of an aircraft lease &amp; to carry out an engine normalization exercise. The aircraft temporarily grounded are expected to rejoin operations from February 1. <a href="https://t.co/WihDD5cCWs">pic.twitter.com/WihDD5cCWs</a>
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Crisis talks between the airline and its lessors had failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters earlier this month.

Meanwhile, Abu Dhabi-based Etihad Airways, Jet's second-largest shareholder, is now in talks with creditors for a deal that could help the airline back on its feet.

Debt-laden Indian carrier Jet Airways on Wednesday denied its aircraft had been grounded by GE Capital Aviation Services (GECAS) after media reports raised further concerns over the airline's ability to pay dues.

Debt-laden Indian carrier Jet Airways on Wednesday denied its aircraft had been grounded by GE Capital Aviation Services (GECAS) after media reports raised further concerns over the airline's ability to pay dues. Jet's troubles have been worsened by a rising debt-pile, amid intense competition in the Indian aviation sector and higher oil prices. In the latest effort to save itself, the airline will now seek shareholder approval next month to convert existing debt into equity. Earlier in the day, media reports said that Jet had been asked by GECAS, the aircraft financing and leasing business of General Electric Co, to ground at least five Boeing 737 planes due to non-payment of dues. Jet said in its statement that it had not ground any aircraft due to a notice from GECAS. The airline is in the process of delivering three aircraft to lessors due to the scheduled expiry of lease terms, it said in a statement. Jet added that three of its aircraft were temporarily grounded for engine normalization, which is expected to be completed by Friday. Two others were on ground - one for scheduled termination of the engine's lease and another for technical reasons. Jet Airways on cancellation of its 4 flights on January 28: The cancellations were due to scheduled termination of an aircraft lease & to carry out an engine normalization exercise. The aircraft temporarily grounded are expected to rejoin operations from February 1. pic.twitter.com/WihDD5cCWs — ANI (@ANI) January 30, 2019 × Crisis talks between the airline and its lessors had failed to ease a row over late payments, prompting some lessors to explore taking back aircraft, three people familiar with the matter told Reuters earlier this month. Meanwhile, Abu Dhabi-based Etihad Airways, Jet's second-largest shareholder, is now in talks with creditors for a deal that could help the airline back on its feet.

Jet Airways denies being told to ground aircraft

Equity benchmarks Sensex, and Nifty Wednesday ended flat as cautious investors refrained from taking any bets ahead of January derivatives expiry, US Fed policy outcome and upcoming Union Budget.

The BSE Sensex ended marginally lower by 1.25 points and the NSE Nifty closed with a negligible loss of 0.4 points.&nbsp;

Heavyweights ICICI Bank and Tata Steel — both rising over 5 per cent — saved the day for the Sensex. Also, a mixed trading pattern in global shares as US-China trade talks kicked off earlier in the day made domestic investors even more cautious.&nbsp;

After opening over 200 points higher, the 30-share Sensex swung 359 points to finally settle 1.25 points lower at 35,591.25.

Similarly, the broader NSE Nifty ended 0.40 points down at 10,651.80.

Sectorally, metal and banking stocks rallied the most, while FMCG and realty stocks came under selling pressure.

Broader indices, however, outperformed benchmark indices with BSE Smallcap index jumping 0.78 per cent and BSE Midcap index rising 0.22 per cent.

On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed.

Global investor sentiment was mixed as American and Chinese negotiators started two days of high-level talks aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy, experts said.

Domestic investors turned cautious ahead of futures and options expiry of January series contracts and the upcoming interim budget, to be held on Friday.

Market is also awaiting the outcome of the US Federal Reserve's meeting later in the day, they added.

Among the Sensex pack, ICICI Bank was the top gainer, rallying 6.05 per cent, ahead of its quarterly earning scheduled for release later in the day.

Shares of Tata Steel soared 5.14 per cent after S&amp;P Global Ratings said the company's plan to sell a majority stake in its Southeast Asia business will help the company reduce debt by about 3 per cent without impacting its business position.

Axis Bank shares also jumped 4.56 per cent after the third largest private sector lender Axis Bank reported a 131 per cent surge in net income for the December quarter.

Other gainers include HCL Tech, Bajaj Finance, SBI, L&amp;T, Coal India and Vedanta, gaining up to 2.82 per cent.

On the other hand, Bajaj Auto, Kotak Bank, HDFC, Yes Bank, Sun Pharma, Bharti Airtel, ITC, RIL, HDFC Bank, HUL, ONGC and Sun Pharma were the top losers, shedding up to 2.65 per cent.

Elsewhere in Asia, Hong Kong's Hang Seng rose 0.40 per cent and Korea's Kospi surged 1.05 per cent; while Shanghai Composite Index shed 0.07 per cent and Japan's Nikkei slipped 0.52 per cent.

In the eurozone, Frankfurt's DAX slipped 0.21 per cent, while Paris CAC 40 rose 0.53 per cent in late morning deals. While London's FTSE jumped 0.94 per cent.

The Indian rupee, meanwhile, depreciated marginally against US dollar at 71.15.

The benchmark Brent crude futures rose 0.16 per cent to USD 61.30 per barrel.&nbsp;

Equity benchmarks Sensex, and Nifty Wednesday ended flat as cautious investors refrained from taking any bets ahead of January derivatives expiry, US Fed policy outcome and upcoming Union Budget.

Equity benchmarks Sensex, and Nifty Wednesday ended flat as cautious investors refrained from taking any bets ahead of January derivatives expiry, US Fed policy outcome and upcoming Union Budget. The BSE Sensex ended marginally lower by 1.25 points and the NSE Nifty closed with a negligible loss of 0.4 points. Heavyweights ICICI Bank and Tata Steel — both rising over 5 per cent — saved the day for the Sensex. Also, a mixed trading pattern in global shares as US-China trade talks kicked off earlier in the day made domestic investors even more cautious. After opening over 200 points higher, the 30-share Sensex swung 359 points to finally settle 1.25 points lower at 35,591.25. Similarly, the broader NSE Nifty ended 0.40 points down at 10,651.80. Sectorally, metal and banking stocks rallied the most, while FMCG and realty stocks came under selling pressure. Broader indices, however, outperformed benchmark indices with BSE Smallcap index jumping 0.78 per cent and BSE Midcap index rising 0.22 per cent. On a net basis, foreign portfolio investors (FPIs) sold shares worth a net of Rs 354.36 crore Tuesday, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 81.27 crore, provisional data available with BSE showed. Global investor sentiment was mixed as American and Chinese negotiators started two days of high-level talks aimed at settling a six-month trade war that has weakened both sides, shaken financial markets and clouded the outlook for the global economy, experts said. Domestic investors turned cautious ahead of futures and options expiry of January series contracts and the upcoming interim budget, to be held on Friday. Market is also awaiting the outcome of the US Federal Reserve's meeting later in the day, they added. Among the Sensex pack, ICICI Bank was the top gainer, rallying 6.05 per cent, ahead of its quarterly earning scheduled for release later in the day. Shares of Tata Steel soared 5.14 per cent after S&P Global Ratings said the company's plan to sell a majority stake in its Southeast Asia business will help the company reduce debt by about 3 per cent without impacting its business position. Axis Bank shares also jumped 4.56 per cent after the third largest private sector lender Axis Bank reported a 131 per cent surge in net income for the December quarter. Other gainers include HCL Tech, Bajaj Finance, SBI, L&T, Coal India and Vedanta, gaining up to 2.82 per cent. On the other hand, Bajaj Auto, Kotak Bank, HDFC, Yes Bank, Sun Pharma, Bharti Airtel, ITC, RIL, HDFC Bank, HUL, ONGC and Sun Pharma were the top losers, shedding up to 2.65 per cent. Elsewhere in Asia, Hong Kong's Hang Seng rose 0.40 per cent and Korea's Kospi surged 1.05 per cent; while Shanghai Composite Index shed 0.07 per cent and Japan's Nikkei slipped 0.52 per cent. In the eurozone, Frankfurt's DAX slipped 0.21 per cent, while Paris CAC 40 rose 0.53 per cent in late morning deals. While London's FTSE jumped 0.94 per cent. The Indian rupee, meanwhile, depreciated marginally against US dollar at 71.15. The benchmark Brent crude futures rose 0.16 per cent to USD 61.30 per barrel.

Sensex, Nifty flat ahead of F&O expiry, Union Budget

<a href="http://www.wionews.com/business-economy/sbi-set-to-own-15-of-jet-airways-after-debt-for-equity-swap-reports-193650">Crisis-ridden Jet Airways</a> has decided to cancel 15 flights on Wednesday following the grounding of six Boeing 737 planes due to non-payment of lease rentals, according to sources.

The airline, which is grappling with acute financial woes, cancelled around 20 flights on Tuesday as three more Boeing 737 aircraft were grounded, they added.

In two days, the carrier has grounded six such planes following non-payment of lease rentals.

The sources said the airline would be cancelling 15 flights on Wednesday, including a few flights from the national capital to various destinations.

"<a href="https://www.google.com/url?q=http://www.wionews.com/india-news/jet-airways-shares-bounce-back-settle-with-over-5-pc-gain-191048&amp;sa=U&amp;ved=0ahUKEwj9l_DnmZXgAhXFRY8KHQ1LB34QFggXMAY&amp;client=internal-uds-cse&amp;cx=006054055338965708568:09spwrlibei&amp;usg=AOvVaw3O0l0lm1REqKvZEkeZRpJw">Jet Airways</a> has defaulted on aircraft lease rentals and it has been forced to ground three more narrow-body Boeing 737 planes," a source told PTI earlier in the day.

Queries sent to the airline remained unanswered.

Due to the fresh grounding of the planes, the airline, which is negotiating with its partner Etihad for an additional cash infusion, has cancelled as many as 19 flights to/ from Delhi, Chennai, Mumbai, Pune, Hyderabad, Port Blair and Bengaluru, the source said.

The full-service carrier would be holding a meeting of the shareholders on February 21.

The airline will seek shareholders' approval for conversion loan into shares or convertible instruments or other securities, according to a regulatory filing made on Monday.

The carrier would seek shareholders' nod to "convert the whole or part of the outstanding under loans, extended / to be extended by the lenders, into shares, or convertible instruments or other securities, of the company...", according to the notice of the meeting submitted to the stock exchanges.

The conversion will be done as per the terms contained in the respective loan documents between the company and its lenders. It would also be subject to all requisite regulatory approvals.

Besides, Jet Airways will seek shareholders' approval to negotiate and finalise the terms and conditions with the lenders for raising further loans from time to time as well as provide the lenders with a right to convert such loans into shares, or convertible instruments or other securities.&nbsp;

Crisis-ridden Jet Airways has decided to cancel 15 flights on Wednesday following the grounding of six Boeing 737 planes due to non-payment of lease rentals, according to sources.

Crisis-ridden Jet Airways has decided to cancel 15 flights on Wednesday following the grounding of six Boeing 737 planes due to non-payment of lease rentals, according to sources. The airline, which is grappling with acute financial woes, cancelled around 20 flights on Tuesday as three more Boeing 737 aircraft were grounded, they added. In two days, the carrier has grounded six such planes following non-payment of lease rentals. The sources said the airline would be cancelling 15 flights on Wednesday, including a few flights from the national capital to various destinations. "Jet Airways has defaulted on aircraft lease rentals and it has been forced to ground three more narrow-body Boeing 737 planes," a source told PTI earlier in the day. Queries sent to the airline remained unanswered. Due to the fresh grounding of the planes, the airline, which is negotiating with its partner Etihad for an additional cash infusion, has cancelled as many as 19 flights to/ from Delhi, Chennai, Mumbai, Pune, Hyderabad, Port Blair and Bengaluru, the source said. The full-service carrier would be holding a meeting of the shareholders on February 21. The airline will seek shareholders' approval for conversion loan into shares or convertible instruments or other securities, according to a regulatory filing made on Monday. The carrier would seek shareholders' nod to "convert the whole or part of the outstanding under loans, extended / to be extended by the lenders, into shares, or convertible instruments or other securities, of the company...", according to the notice of the meeting submitted to the stock exchanges. The conversion will be done as per the terms contained in the respective loan documents between the company and its lenders. It would also be subject to all requisite regulatory approvals. Besides, Jet Airways will seek shareholders' approval to negotiate and finalise the terms and conditions with the lenders for raising further loans from time to time as well as provide the lenders with a right to convert such loans into shares, or convertible instruments or other securities.

Jet Airways cancels 15 flights, grounds six Boeing's due to financial woes

Indian Oil Corp Ltd (IOC) reported a nearly 91 per cent slump in quarterly profit on Wednesday, as a plunge in global crude prices took a toll on margins of oil refiners and marketing companies.

The three public sector companies — IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd — <a href="http://www.wionews.com/business-economy/indias-oil-marketing-shares-slump-after-fuel-price-cut-169557">were forced to take a price cut in October</a>, hurting their margins as the government wanted to cushion the impact of high crude oil prices on consumers.

Net profit came in at 7.17 billion rupees ($100.66 million) in the quarter ended Dec. 31, 2018, compared with 78.83 billion rupees a year earlier.

Average gross refining margin declined to $5.83 per barrel in the April-December period from $8.28 per barrel in the year-ago period, the country's top refiner said on Wednesday. https://reut.rs/2DJjQL0

&nbsp;

Indian Oil Corp Ltd (IOC) reported a nearly 91 per cent slump in quarterly profit on Wednesday, as a plunge in global crude prices took a toll on margins of oil refiners and marketing companies.

Indian Oil Corp Ltd (IOC) reported a nearly 91 per cent slump in quarterly profit on Wednesday, as a plunge in global crude prices took a toll on margins of oil refiners and marketing companies. The three public sector companies — IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd — were forced to take a price cut in October, hurting their margins as the government wanted to cushion the impact of high crude oil prices on consumers. Net profit came in at 7.17 billion rupees ($100.66 million) in the quarter ended Dec. 31, 2018, compared with 78.83 billion rupees a year earlier. Average gross refining margin declined to $5.83 per barrel in the April-December period from $8.28 per barrel in the year-ago period, the country's top refiner said on Wednesday. https://reut.rs/2DJjQL0

Indian Oil's third-quarter profit plunges almost 91 per cent

Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday said February 1, the day the central government will present the budget in 
Parliament will be a "black day" for the state and called for protests.

In his daily teleconference with the Telugu Desam Party (TDP) leaders, Naidu said the Centre had cheated the state in the last five budgets.

"February 1 is a black day for the state. The BJP-led government at the Centre has discriminated against the state at every step. Unless the BJP is trounced at the hustings, justice will not be done to Andhra Pradesh (AP)," the chief minister said.

He asked his party cadre to observe peaceful protests by sporting black badges and showing black flags when the Centre presents the budget for 2019-20.

Referring to reports in China Global Times, a newspaper in China, Naidu said failures of Prime Minister Narendra Modi's government were being publicised even in China.

"The country has been pushed into chaos under Modi's rule. There is widespread antagonism towards Modi due to unemployment. People are opposing the BJP," he said.

The Andhra chief minister alleged discrimination against the state with regard to the central government releasing funds on Tuesday to various states through the National Disaster Relief Fund.

"Maharashtra has been given Rs 4,717 crore while AP got only Rs 900 crore for drought relief. Andhra suffered extensive damage running into thousands of crores of rupees due to cyclone Titli. Cyclone Phethai also caused severe destruction, but the Centre did not grant even a rupee," Naidu lamented.

Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday said February 1, the day the central government will present the budget in Parliament will be a "black day" for the state and called for protests.

Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday said February 1, the day the central government will present the budget in Parliament will be a "black day" for the state and called for protests. In his daily teleconference with the Telugu Desam Party (TDP) leaders, Naidu said the Centre had cheated the state in the last five budgets. "February 1 is a black day for the state. The BJP-led government at the Centre has discriminated against the state at every step. Unless the BJP is trounced at the hustings, justice will not be done to Andhra Pradesh (AP)," the chief minister said. He asked his party cadre to observe peaceful protests by sporting black badges and showing black flags when the Centre presents the budget for 2019-20. Referring to reports in China Global Times, a newspaper in China, Naidu said failures of Prime Minister Narendra Modi's government were being publicised even in China. "The country has been pushed into chaos under Modi's rule. There is widespread antagonism towards Modi due to unemployment. People are opposing the BJP," he said. The Andhra chief minister alleged discrimination against the state with regard to the central government releasing funds on Tuesday to various states through the National Disaster Relief Fund. "Maharashtra has been given Rs 4,717 crore while AP got only Rs 900 crore for drought relief. Andhra suffered extensive damage running into thousands of crores of rupees due to cyclone Titli. Cyclone Phethai also caused severe destruction, but the Centre did not grant even a rupee," Naidu lamented.

Union budget 2019: Andhra Pradesh chief minister calls for protests on budget day; says Centre 'cheated' state

Shares opened on a weak note on Tuesday in line with Asian indices.&nbsp;

At 11:00 hours, the S&amp;P BSE Sensex was down 109.46 points at 35,547 while the Nifty 50 slipped 30.3 points at 10,631.&nbsp;

Among the losers were GAIL, Powergrid and HCL Tech. However, Adani Ports, Dr Reddy and JSW Steel gained some ground.&nbsp;

Market experts said investor sentiment is weak due to pessimism over some heavyweight Q3 corporate results and impending general elections due in April.&nbsp;

Across the Asia Pacific, all indices took a hit after the US Justice Department uncovered indictments against Huawei, China’s top telecom equipment maker, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc.&nbsp;

The International Monetary Fund (IMF) has cut its forecast for global growth this year citing the US-China trade war.&nbsp;

Shares opened on a weak note on Tuesday in line with Asian indices. At 11:00 hours, the S&P BSE Sensex was down 109.46 points at 35,547 while the Nifty 50 slipped 30.

Shares opened on a weak note on Tuesday in line with Asian indices. At 11:00 hours, the S&P BSE Sensex was down 109.46 points at 35,547 while the Nifty 50 slipped 30.3 points at 10,631. Among the losers were GAIL, Powergrid and HCL Tech. However, Adani Ports, Dr Reddy and JSW Steel gained some ground. Market experts said investor sentiment is weak due to pessimism over some heavyweight Q3 corporate results and impending general elections due in April. Across the Asia Pacific, all indices took a hit after the US Justice Department uncovered indictments against Huawei, China’s top telecom equipment maker, accusing it of bank and wire fraud to evade Iran sanctions and conspiring to steal trade secrets from T-Mobile US Inc. The International Monetary Fund (IMF) has cut its forecast for global growth this year citing the US-China trade war.

Stocks subdued with Sensex down 109 points

Apple is aiming to show it can do more than just make iPhones in a quarterly update Tuesday for investors who are skeptical over whether the culture-changing company can regain the momentum from its glory days.

In recent weeks, <a href="http://www.wionews.com/world/apple-in-crisis-users-complaining-of-swollen-iphone-8-and-8-plus-21175">Apple shares have been hammered</a> on concerns that its best days are over, with smartphone sales slipping and no new "big thing" on the horizon.

Amid turbulence in the tech sector, Apple has lost its trillion-dollar status and slid behind rivals Microsoft and Amazon on the list of most valuable corporations.

The California tech giant has been trying to shift focus to growth in the side of its business devoted to selling music, movies, apps, and services to the vast "install base" of Apple gadget owners as well as via other internet-linked devices.

Apple delivered a stunning admission earlier this month that iPhone sales and overall revenues would be below most forecasts, citing economic weakness in China and trade frictions between Washington and Beijing.

Some analysts believe iPhone sales over the quarter to December will show an unprecedented decline, although the exact figures won't be visible because Apple has decided to leave off unit sales.

Resilience? 
Gene Munster and Will Thompson of the investment firm Loup Ventures said that despite lower iPhone sales, Apple can make up for lost revenues from its growing services segment.

"This is unprecedented and representative of a resilient business," Munster and Thompson write in a blog post.

The saturated global smartphone market is forcing Apple to seek another reinvention.

"This is not 'the fall of Apple' -- it's just the shift of smartphones to boring maturity, as we look for what's next," Benedict Evans of the investment firm Andreessen Horowitz said in a recent blog post.&nbsp;

Rumors buzzing about the company include its plans to produce it own shows, potentially challenging streaming television giants Netflix and Amazon Prime, which have invested heavily in original content.

"There are other ways to make money but it's not clear how Apple is going to do that," noted analyst Jack Gold of J. Gold Associates.

Apple has consistently touted the success of its eponymous smartwatch, engineering the wristwear with health and fitness features.

Apple Pay has been steadily adding to the roster of businesses that let people tap handsets to consummate transactions.

Another important source of income is the surging market for app downloads, where Apple gets 30 percent of the action.

Meanwhile, Apple remains under pressure as fans and analysts wonder whether the company lost its ability to wow the world when co-founder and chief Steve Jobs died in late 2011.

The China factor 
Apple had been growing in China until recently, but the combination of trade frictions and a slowing Chinese economy are cutting into its sales there.

Former Apple executive Jean-Louis Gassee said the surprise on Chinese sales was a massive mistake for CEO Tim Cook.

"I distinctly recall Cook telling analysts during a quarterly earnings call that, having studied the country for 30 years, he knew China," Gassee said in a blog.

"How could Apple, which is more embedded than most Western companies, not see a Chinese economy slowdown that started well before the 2018 holiday quarter?"

Apple is likely to face questions on whether it boosted prices too far, lifting its newest handsets to $1,000 or more, in a market that is seeing tougher competition.

Consumer Intelligence Research Partners said its survey showed 65 percent of iPhone buyers chose the newer models over the less expensive ones, and that the average selling price of the devices rose to "well over $800."

Apple is aiming to show it can do more than just make iPhones in a quarterly update Tuesday for investors who are skeptical over whether the culture-changing company can regain the momentum from its glory days.

Apple is aiming to show it can do more than just make iPhones in a quarterly update Tuesday for investors who are skeptical over whether the culture-changing company can regain the momentum from its glory days. In recent weeks, Apple shares have been hammered on concerns that its best days are over, with smartphone sales slipping and no new "big thing" on the horizon. Amid turbulence in the tech sector, Apple has lost its trillion-dollar status and slid behind rivals Microsoft and Amazon on the list of most valuable corporations. The California tech giant has been trying to shift focus to growth in the side of its business devoted to selling music, movies, apps, and services to the vast "install base" of Apple gadget owners as well as via other internet-linked devices. Apple delivered a stunning admission earlier this month that iPhone sales and overall revenues would be below most forecasts, citing economic weakness in China and trade frictions between Washington and Beijing. Some analysts believe iPhone sales over the quarter to December will show an unprecedented decline, although the exact figures won't be visible because Apple has decided to leave off unit sales. Resilience? Gene Munster and Will Thompson of the investment firm Loup Ventures said that despite lower iPhone sales, Apple can make up for lost revenues from its growing services segment. "This is unprecedented and representative of a resilient business," Munster and Thompson write in a blog post. The saturated global smartphone market is forcing Apple to seek another reinvention. "This is not 'the fall of Apple' -- it's just the shift of smartphones to boring maturity, as we look for what's next," Benedict Evans of the investment firm Andreessen Horowitz said in a recent blog post. Rumors buzzing about the company include its plans to produce it own shows, potentially challenging streaming television giants Netflix and Amazon Prime, which have invested heavily in original content. "There are other ways to make money but it's not clear how Apple is going to do that," noted analyst Jack Gold of J. Gold Associates. Apple has consistently touted the success of its eponymous smartwatch, engineering the wristwear with health and fitness features. Apple Pay has been steadily adding to the roster of businesses that let people tap handsets to consummate transactions. Another important source of income is the surging market for app downloads, where Apple gets 30 percent of the action. Meanwhile, Apple remains under pressure as fans and analysts wonder whether the company lost its ability to wow the world when co-founder and chief Steve Jobs died in late 2011. The China factor Apple had been growing in China until recently, but the combination of trade frictions and a slowing Chinese economy are cutting into its sales there. Former Apple executive Jean-Louis Gassee said the surprise on Chinese sales was a massive mistake for CEO Tim Cook. "I distinctly recall Cook telling analysts during a quarterly earnings call that, having studied the country for 30 years, he knew China," Gassee said in a blog. "How could Apple, which is more embedded than most Western companies, not see a Chinese economy slowdown that started well before the 2018 holiday quarter?" Apple is likely to face questions on whether it boosted prices too far, lifting its newest handsets to $1,000 or more, in a market that is seeing tougher competition. Consumer Intelligence Research Partners said its survey showed 65 percent of iPhone buyers chose the newer models over the less expensive ones, and that the average selling price of the devices rose to "well over $800."

Apple's best days behind it?

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one.

As the government gets ready to present its financial plan for the coming months, we highlight some critical details related to a few significant terms like 'GST', 'Fiscal Deficit', 'Revenue Deficit', ‘Primary Deficit', 'Capital Expenditure', Direct &amp; Indirect Taxes etc, used in the annual financial statement.

These definitions are provided by the Finance Ministry.

Budget estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.

Fiscal deficit: When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called a fiscal deficit.

Revenue Deficit: The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure.

Primary deficit: The primary deficit is the fiscal deficit minus interest payments. It tells how much of the government's borrowings are going towards meeting expenses other than interest payments.

Goods and Services Tax: The Constitution defines Goods and Services Tax as any tax on the supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption. 'Goods' means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. 'Services' means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination for which a separate consideration is charged.

Direct and indirect taxes: Direct taxes are the one that falls directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc.

Customs duty: These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer.

Monetary policy: This comprises actions taken by the central bank (RBI) to regulate the level of money or liquidity in the economy, or change the interest rates.

Fiscal policy: It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the Budget and is the primary means by which the government can influence the economy.

Inflation: A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level.

Finance bill: The bill produced immediately after presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget.

Excess grants: If the total expenditure under a grant exceeds the provision allowed through its original grant and supplementary grant, then the access requires regularisation by obtaining the excess grant from Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the annual Budget i.e. through a presentation of demands for grants and passing of appropriation bills.

Re-appropriations: Re-appropriations allow the government to re-appropriate provisions from one sub-head to another within the same grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller and Auditor General and the Public Accounts Committee review these re-appropriations and comments on them for taking corrective actions.

Cut motions: Motions for reduction to various demands for grants are made in the form of cut motions seeking to reduce the sums sought by the government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance.

Guillotine: Parliament, unfortunately, has very limited time for scrutinising expenditure demands of all the ministries. So, once the prescribed period for discussion on demands for grants is over, the Speaker of Lok Sabha puts all the outstanding demands for grants, whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'. 
&nbsp;

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one.

The presentation of Union Budget 2019 is just days away. The Budget, which will be presented on February 1, is going to be Modi government's last Budget of the current tenure and is expected to be an interim one. As the government gets ready to present its financial plan for the coming months, we highlight some critical details related to a few significant terms like 'GST', 'Fiscal Deficit', 'Revenue Deficit', ‘Primary Deficit', 'Capital Expenditure', Direct & Indirect Taxes etc, used in the annual financial statement. These definitions are provided by the Finance Ministry. Budget estimates: Amount of money allocated in the Budget to any ministry or scheme for the coming financial year. Fiscal deficit: When the government's non-borrowed receipts fall short of its entire expenditure, it has to borrow money from the public to meet the shortfall. The excess of total expenditure over total non-borrowed receipts is called a fiscal deficit. Revenue Deficit: The difference between revenue expenditure and revenue receipt is known as revenue deficit. It shows the shortfall of government's current receipts over current expenditure. Primary deficit: The primary deficit is the fiscal deficit minus interest payments. It tells how much of the government's borrowings are going towards meeting expenses other than interest payments. Goods and Services Tax: The Constitution defines Goods and Services Tax as any tax on the supply of goods or services or both except taxes on the supply of alcoholic liquor for human consumption. 'Goods' means every kind of movable property other than money and securities but includes the actionable claim, growing crops, grass and things attached to or forming part of the land which is agreed to be severed before supply or under a contract of supply. 'Services' means anything other than goods, money and securities but includes activities relating to the use of money or its conversion by cash or by any other mode, from one form, currency or denomination for which a separate consideration is charged. Direct and indirect taxes: Direct taxes are the one that falls directly on individuals and corporations. For example, income tax, corporate tax etc. Indirect taxes are imposed on goods and services They are paid by consumers when they buy goods and services. These include excise duty, customs duty etc. Customs duty: These are levies charged when goods are imported into, or exported from, the country, and they are paid by the importer or exporter. Usually, these are also passed on to the consumer. Monetary policy: This comprises actions taken by the central bank (RBI) to regulate the level of money or liquidity in the economy, or change the interest rates. Fiscal policy: It is the government actions with respect to aggregate levels of revenue and spending. Fiscal policy is implemented through the Budget and is the primary means by which the government can influence the economy. Inflation: A sustained increase in the general price level. The inflation rate is the percentage rate of change in the price level. Finance bill: The bill produced immediately after presentation of the Union Budget detailing the imposition, abolition, alteration or regulation of taxes proposed in the Budget. Excess grants: If the total expenditure under a grant exceeds the provision allowed through its original grant and supplementary grant, then the access requires regularisation by obtaining the excess grant from Parliament under Article 115 of the Constitution of India. It will have to go through the whole process as in the case of the annual Budget i.e. through a presentation of demands for grants and passing of appropriation bills. Re-appropriations: Re-appropriations allow the government to re-appropriate provisions from one sub-head to another within the same grant. Re-appropriation provisions may be sanctioned by a competent authority at any time before the close of the financial year to which such grant or appropriation relates. The Comptroller and Auditor General and the Public Accounts Committee review these re-appropriations and comments on them for taking corrective actions. Cut motions: Motions for reduction to various demands for grants are made in the form of cut motions seeking to reduce the sums sought by the government on grounds of economy or difference of opinion on matters of policy or just in order to voice a grievance. Guillotine: Parliament, unfortunately, has very limited time for scrutinising expenditure demands of all the ministries. So, once the prescribed period for discussion on demands for grants is over, the Speaker of Lok Sabha puts all the outstanding demands for grants, whether discussed or not, to the vote of the House. This process is popularly known as 'Guillotine'.

Fiscal deficit, cut motion, guillotine: Terms to know for Budget

After gyrating over 350 points, the benchmark BSE Sensex Tuesday ended 64.20 points lower at 35,592 on mixed cues from global markets amid fresh concerns over ongoing US-China trade tiff.

The NSE Nifty also edged lower by over 9 points to close at 10,652.

Investors also appeared cautious ahead of upcoming US Fed monetary policy, the Union Budget and the monthly expiry of futures and options contracts.&nbsp;&nbsp; &nbsp;&nbsp;

"Market opened on a negative note due to uncertainties surrounding the global market and upcoming US Fed policy. However, towards the closing, market managed to recoup some of the losses supported by strengthening rupee and short-covering ahead of F&amp;O expiry. The market is not completely out of the wood as volatility may extend in the coming days due to interim budget and election-led uncertainty," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.

Among the Sensex pack, Yes Bank, L&amp;T, HDFC, RIL, HDFC Bank, PowerGrid and Coal India were the biggest losers -- falling up to 2.43 per cent.

Other laggards were Kotak Bank, ONGC, Mahindra and Mahindra, SBI, Tata Steel and Infosys.

Among the top gainers were Sun Pharma, rallying 2.61 per cent. It was followed by Bajaj Finance, TCS, Asian Paints, ITC, HCL Tech -- rising up to 2.61 per cent.

During the day, the 30-share Sensex touched an intra-day high of 35,734.14 and dipped to a low of 35,375.51. It finally settled with a loss of 64.20 points, or 0.18 per cent, at 35,592.50.

While, the broader NSE Nifty settled 9.35 points, or 0.09 per cent, down at 10,652.20.

The Indian rupee, meanwhile, was trading flat against US dollar at 71.09.

While Brent crude futures rose 1.05 per cent to USD 60.44 per barrel.

On a net basis, foreign portfolio investors (FPIs) purchased shares worth a net of Rs 223.44 crore Monday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 92.32 crore, provisional data available with BSE showed.&nbsp;&nbsp; &nbsp;

Globally, investor sentiment turned jittery after the US charged Chinese telecom giant Huawei with a series of crimes including stealing trade secrets, a move that can escalate hostilities between the world's biggest economic powers and complicate efforts to negotiate an end to their bruising trade war, analysts said.

Elsewhere in Asia, Hong Kong's Hang Seng slipped 0.16 per cent and Shanghai Composite Index shed 0.10 per cent; while Korea's Kospi rebounded 0.28 per cent and Japan's Nikkei was up 0.07 per cent.

In the eurozone, Frankfurt's DAX was up 0.01 per cent, while Paris CAC 40 rose 0.42 per cent in late morning deals. While London's FTSE jumped 1.12 per cent. 
On Wall Street, Dow Jones Industrial Average ended 0.84 per cent lower on Monday.

After gyrating over 350 points, the benchmark BSE Sensex Tuesday ended 64.20 points lower at 35,592 on mixed cues from global markets amid fresh concerns over ongoing US-China trade tiff.

After gyrating over 350 points, the benchmark BSE Sensex Tuesday ended 64.20 points lower at 35,592 on mixed cues from global markets amid fresh concerns over ongoing US-China trade tiff. The NSE Nifty also edged lower by over 9 points to close at 10,652. Investors also appeared cautious ahead of upcoming US Fed monetary policy, the Union Budget and the monthly expiry of futures and options contracts. "Market opened on a negative note due to uncertainties surrounding the global market and upcoming US Fed policy. However, towards the closing, market managed to recoup some of the losses supported by strengthening rupee and short-covering ahead of F&O expiry. The market is not completely out of the wood as volatility may extend in the coming days due to interim budget and election-led uncertainty," Vinod Nair, Head of Research, Geojit Financial Services Ltd, said. Among the Sensex pack, Yes Bank, L&T, HDFC, RIL, HDFC Bank, PowerGrid and Coal India were the biggest losers -- falling up to 2.43 per cent. Other laggards were Kotak Bank, ONGC, Mahindra and Mahindra, SBI, Tata Steel and Infosys. Among the top gainers were Sun Pharma, rallying 2.61 per cent. It was followed by Bajaj Finance, TCS, Asian Paints, ITC, HCL Tech -- rising up to 2.61 per cent. During the day, the 30-share Sensex touched an intra-day high of 35,734.14 and dipped to a low of 35,375.51. It finally settled with a loss of 64.20 points, or 0.18 per cent, at 35,592.50. While, the broader NSE Nifty settled 9.35 points, or 0.09 per cent, down at 10,652.20. The Indian rupee, meanwhile, was trading flat against US dollar at 71.09. While Brent crude futures rose 1.05 per cent to USD 60.44 per barrel. On a net basis, foreign portfolio investors (FPIs) purchased shares worth a net of Rs 223.44 crore Monday, and domestic institutional investors (DIIs) were net buyers to the tune of Rs 92.32 crore, provisional data available with BSE showed. Globally, investor sentiment turned jittery after the US charged Chinese telecom giant Huawei with a series of crimes including stealing trade secrets, a move that can escalate hostilities between the world's biggest economic powers and complicate efforts to negotiate an end to their bruising trade war, analysts said. Elsewhere in Asia, Hong Kong's Hang Seng slipped 0.16 per cent and Shanghai Composite Index shed 0.10 per cent; while Korea's Kospi rebounded 0.28 per cent and Japan's Nikkei was up 0.07 per cent. In the eurozone, Frankfurt's DAX was up 0.01 per cent, while Paris CAC 40 rose 0.42 per cent in late morning deals. While London's FTSE jumped 1.12 per cent. On Wall Street, Dow Jones Industrial Average ended 0.84 per cent lower on Monday.

Sensex, Nifty end lower on mixed global cues

State Bank of India, a lender to Jet Airways, is likely to own 15 per cent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies.

Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board as part of efforts to resolve its <a href="http://www.wionews.com/world/lessors-to-troubled-jet-airways-consider-taking-back-planes-report-189642">financing problems</a>.

Jet's lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 percent from 24 percent at present as it infuses more equity, the TV channels reported.

State Bank of India, a lender to Jet Airways, is likely to own 15 per cent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies.

State Bank of India, a lender to Jet Airways, is likely to own 15 per cent of the cash-strapped carrier after the airline gets consent for a debt to equity swap, TV channels reported on Tuesday citing agencies. Jet Airways said on Monday it would seek a shareholder nod next month to convert existing debt into equity, raise more money and allow its lenders to nominate a director on its board as part of efforts to resolve its financing problems. Jet's lenders could end up owning as much as 30 per cent while its shareholder Etihad Airways could see its stake go up to more than 40 percent from 24 percent at present as it infuses more equity, the TV channels reported.

SBI set to own 15% of Jet Airways after debt-for-equity swap: Reports

The rupee appreciated by 19 paise to 70.98 against the US dollar in opening trade Monday, driven by the weakening of the greenback in overseas markets and easing crude prices.

The<a href="http://www.wionews.com/business-economy/rupee-rises-10-paise-against-us-dollar-in-early-trade-192624"> rupee opened</a> strong at 70.99 at the interbank forex market then gained further ground and touched 70.98 amid easing crude prices, displaying gains of 19 paise against the greenback over its last close.

 
The rupee Friday weakened by 10 paise to close at 71.17 against the US dollar.

Forex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee, while a lower opening in the domestic equity market restricted the uptrend.

Brent crude, the global benchmark, was trading lower at per 61.36 barrel lower by 0.45 per cent.

Meanwhile, the benchmark BSE Sensex was trading lower by 180.02 points, or 0.50 per cent to quote at 35,845.52 while the NSE Nifty was trading at 10,719.85, down 60.70 points, or 0.56 per cent.

Forex traders said, fresh foreign fund inflows also supported the rupee up move.

Foreign funds purchased shares worth Rs 689.28 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 147.35 crore Friday, provisional data showed.

The rupee appreciated by 19 paise to 70.98 against the US dollar in opening trade Monday, driven by the weakening of the greenback in overseas markets and easing crude prices.

The rupee appreciated by 19 paise to 70.98 against the US dollar in opening trade Monday, driven by the weakening of the greenback in overseas markets and easing crude prices. The rupee opened strong at 70.99 at the interbank forex market then gained further ground and touched 70.98 amid easing crude prices, displaying gains of 19 paise against the greenback over its last close. The rupee Friday weakened by 10 paise to close at 71.17 against the US dollar. Forex dealers said, easing crude oil prices and selling of the American currency by exporters supported the rupee, while a lower opening in the domestic equity market restricted the uptrend. Brent crude, the global benchmark, was trading lower at per 61.36 barrel lower by 0.45 per cent. Meanwhile, the benchmark BSE Sensex was trading lower by 180.02 points, or 0.50 per cent to quote at 35,845.52 while the NSE Nifty was trading at 10,719.85, down 60.70 points, or 0.56 per cent. Forex traders said, fresh foreign fund inflows also supported the rupee up move. Foreign funds purchased shares worth Rs 689.28 crore from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 147.35 crore Friday, provisional data showed.

Rupee opens 19 paise higher at 70.98 against US dollar

Falling for the second straight session, the equity benchmark BSE Sensex Monday lost over 180 points in morning trade after intense selling pressure witnessed in banking, auto and metal stocks despite firming trends in other Asian bourses.

The 30-share index declined by 180.50 points, or 0.50 per cent, to 35,845.04, after rising to 36,124.26 in early trade.

The gauge had lost about 169 points in the previous session.

Besides weak corporate earnings for the third quarter, brokers said, uncertainties over the high-level trade talks between the US and China impacted the investors' sentiment.

In a similar movement, the NSE Nifty lost 60.70 points, or 0.56 per cent, to 10,719.85.

Maruti Suzuki India on Friday reported 17.21 per cent fall in its net profit for the third quarter ended December 31, 2018.

Major losers that led the crash were ICICI Bank, YES Bank, Bajaj Finance, Bajaj Auto, Maruti, Axis Bank, and HeroMotoCorp, falling up to 2.88 per cent.

Major gainers included L&amp;T, TCS, Kotak Bank, Asian Paint, IndusInd Bank and HUL.&nbsp;

Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 689.28 crore, and domestic institutional investors (DIIs) sold shares to the tune of Rs 147.35 crore Friday, as per provisional data released by the stock exchanges.

Brent crude, the global oil benchmark, was trading lower at USD 61.36 per barrel, down by 0.45 per cent.

Among other Asian markets, Japan's Nikkei was trading lower by 0.31 per cent, Korea's Kospi was up 0.09 per cent, Hong Kong's Hang Seng gained 0.25 per cent, Shanghai Composite Index was higher by 0.38 per cent and Taiwan's index rose 0.26 per cent in their late morning deals.

On Wall Street, the US Dow Jones Industrial Average ended 0.75 per cent up in Friday's trade.&nbsp;

Falling for the second straight session, the equity benchmark BSE Sensex Monday lost over 180 points in morning trade after intense selling pressure witnessed in banking, auto and metal stocks despite firming trends in other Asian bourses.

Falling for the second straight session, the equity benchmark BSE Sensex Monday lost over 180 points in morning trade after intense selling pressure witnessed in banking, auto and metal stocks despite firming trends in other Asian bourses. The 30-share index declined by 180.50 points, or 0.50 per cent, to 35,845.04, after rising to 36,124.26 in early trade. The gauge had lost about 169 points in the previous session. Besides weak corporate earnings for the third quarter, brokers said, uncertainties over the high-level trade talks between the US and China impacted the investors' sentiment. In a similar movement, the NSE Nifty lost 60.70 points, or 0.56 per cent, to 10,719.85. Maruti Suzuki India on Friday reported 17.21 per cent fall in its net profit for the third quarter ended December 31, 2018. Major losers that led the crash were ICICI Bank, YES Bank, Bajaj Finance, Bajaj Auto, Maruti, Axis Bank, and HeroMotoCorp, falling up to 2.88 per cent. Major gainers included L&T, TCS, Kotak Bank, Asian Paint, IndusInd Bank and HUL. Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 689.28 crore, and domestic institutional investors (DIIs) sold shares to the tune of Rs 147.35 crore Friday, as per provisional data released by the stock exchanges. Brent crude, the global oil benchmark, was trading lower at USD 61.36 per barrel, down by 0.45 per cent. Among other Asian markets, Japan's Nikkei was trading lower by 0.31 per cent, Korea's Kospi was up 0.09 per cent, Hong Kong's Hang Seng gained 0.25 per cent, Shanghai Composite Index was higher by 0.38 per cent and Taiwan's index rose 0.26 per cent in their late morning deals. On Wall Street, the US Dow Jones Industrial Average ended 0.75 per cent up in Friday's trade.

Sensex dives 180 points, Nifty at 10,720

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months.

Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent.

Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze.

On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect.

"Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement.

DISPUTED DECISION

The decision to lift the sanctions, imposed by the US&nbsp;Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions.

Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo.

Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies.

Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies.

But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control.

That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions.

It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements.

Deripaska himself remains subject to US sanctions.

CHANGES IN RUSAL, En+

After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions.

Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors.

"The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement.

These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said.

In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+.

Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao.

They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked.

Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them.

US President Donald Trump's administration on Sunday lifted sanctions on the core empire of Russian tycoon Oleg Deripaska, including aluminium giant Rusal and its parent En+, despite a Democrat-led push to maintain them. The move, which sent the Russian stock index to an all-time high, has watered down the toughest penalties imposed since Moscow's 2014 annexation of Crimea, following a lobbying campaign in the United States that lasted almost 10 months. Hong-Kong listed shares in Rusal, the world's largest aluminium producer outside of China, hit their highest since April on Monday, rising 9 per cent. Aluminium prices on the London Metal Exchange (LME) dropped as much as 1.4 per cent after the open. The sanctions had sent London aluminium to a seven-year high when they were announced in April last year amid fears of a supply squeeze. On Monday, the LME said it had lifted its suspension on storing Rusal-produced metal in LME-approved warehouses with immediate effect. "Members may freely enter into contracts with Rusal and its affiliates," the LME said in a statement. DISPUTED DECISION The decision to lift the sanctions, imposed by the US Treasury in response to what it called Russia's "malign activities", defied a Democratic-led push in the US Congress to maintain the restrictions. Earlier this month, Democrats were joined by 11 of Trump's fellow Republicans in the US Senate in an effort to keep the sanctions on Rusal, En+ Group and power firm JSC EuroSibEnergo. Advocates for keeping the sanctions had argued that Deripaska, an ally of Russian President Vladimir Putin, retained too much control over the companies. Some lawmakers, from both parties, also said it was inappropriate to ease the sanctions while Special Counsel Robert Mueller investigates whether Trump's 2016 presidential campaign colluded with Moscow, something the US president denies. But in its statement on Sunday, the US Treasury Department said the three companies had reduced Deripaska's direct and indirect shareholding stake and severed his control. That action, it said, ensured that most directors on the En+ and Rusal boards would be independent, including Americans and Europeans who had no business, professional or family ties to Deripaska or any other person designated for sanctions. It added that the companies had agreed to "unprecedented transparency for the Treasury into their operations" including extensive auditing, certification and reporting requirements. Deripaska himself remains subject to US sanctions. CHANGES IN RUSAL, En+ After the Treasury announcement, Rusal said its chairman, Jean-Pierre Thomas, had resigned as part of the deal to lift the US sanctions. Its parent company, En+ Group, also announced the resignation of several of its board members and the appointment of new directors, a move intended to satisfy US Treasury demands that the boards of both Rusal and En+ Group be made up of independent directors. "The new board of directors will take additional actions ... to demonstrate the board's absolute commitment to transparency, accountability and good corporate governance," En+'s board chairman Greg Barker said in a statement. These will include the establishment of a separate board committee for compliance and the retention of an independent expert counsel to advise the board, Barker said. In addition, En+ announced that Swiss company Glencore would swap shares in Rusal for a direct ownership interest in En+. Trump administration officials and many Republicans who had supported lifting the sanctions had said they were worried about the effect on the global aluminium industry. Rusal is the world's largest aluminium producer after China's Hongqiao. They also said Deripaska's decision to lower his stakes in the companies so that he no longer controlled them showed that the sanctions had worked. Moscow has denied seeking to influence the US election. Deripaska had ties with Paul Manafort, Trump's former campaign manager. Manafort pleaded guilty in September 2018 to attempted witness tampering and conspiring against the United States.

Rusal shares soar, aluminium falls as US lifts sanctions

The benchmark BSE Sensex Monday plunged over 368 points to close at 35,656.70 due to across-the-board selling on the bourse as market sentiment turned volatile days ahead of the Union Budget, which is widely believed to have some populist announcements.

Heavy selling pressure emerged in banking, auto and consumer durable stocks.&nbsp;

Also, the NSE Nifty tumbled 119 points to end at 10,661.55 amid weak global cues.&nbsp;

The Sensex touched an intra-day high of 36,124.26 and low of 35,565.15. It finished 368.84 points, or 1.02 per cent, down at 35,656.70.

While the broader NSE Nifty touched a high of 10,804.45 during the day and fell to a low of 10,630.95. It finally ended 119, or 1.10 per cent, down at 10,661.55.

Among the Sensex pack, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent.&nbsp;

Elsewhere in Asia, Hong Kong's Hang Seng climbed 0.02 per cent, Korea Kospi fell 0.02 per cent, Japan's Nikkei declined 0.60 per cent and Shanghai Composite Index slipped 0.18 per cent.

In the eurozone, Frankfurt's DAX fell 0.29 per cent, while Paris CAC 40 was down 0.36 per cent in late morning deals. While, London's FTSE gained 0.04 per cent.

Meanwhile, the rupee was trading higher by 9 paise to 71.08 against the US dollar.&nbsp;

Brent crude, the global oil benchmark, was trading lower at USD 60.48 per barrel, down by 1.88 per cent.

The benchmark BSE Sensex Monday plunged over 368 points to close at 35,656.70 due to across-the-board selling on the bourse as market sentiment turned volatile days ahead of the Union Budget, which is widely believed to have some populist announcements.

The benchmark BSE Sensex Monday plunged over 368 points to close at 35,656.70 due to across-the-board selling on the bourse as market sentiment turned volatile days ahead of the Union Budget, which is widely believed to have some populist announcements. Heavy selling pressure emerged in banking, auto and consumer durable stocks. Also, the NSE Nifty tumbled 119 points to end at 10,661.55 amid weak global cues. The Sensex touched an intra-day high of 36,124.26 and low of 35,565.15. It finished 368.84 points, or 1.02 per cent, down at 35,656.70. While the broader NSE Nifty touched a high of 10,804.45 during the day and fell to a low of 10,630.95. It finally ended 119, or 1.10 per cent, down at 10,661.55. Among the Sensex pack, Yes Bank tumbled 5.46 per cent, followed by Bajaj Finance 5.40, ICICI Bank 3.82 per cent, IndusInd Bank 3.10 per cent and HeromotoCorp 2.55 per cent. Elsewhere in Asia, Hong Kong's Hang Seng climbed 0.02 per cent, Korea Kospi fell 0.02 per cent, Japan's Nikkei declined 0.60 per cent and Shanghai Composite Index slipped 0.18 per cent. In the eurozone, Frankfurt's DAX fell 0.29 per cent, while Paris CAC 40 was down 0.36 per cent in late morning deals. While, London's FTSE gained 0.04 per cent. Meanwhile, the rupee was trading higher by 9 paise to 71.08 against the US dollar. Brent crude, the global oil benchmark, was trading lower at USD 60.48 per barrel, down by 1.88 per cent.

Sensex cracks over 368 points; banking, auto stocks drag