National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

WION Melt | Chuck Porter in conversation with Anant Rangaswami- Part 2

WION Melt | Chuck Porter in conversation with Anant Rangaswami- Part 1

India's largest bike manufacturer Hero MotoCorp finally made its entry into the fast-growing 125cc segment by launching the Desitini 125. Here are five things you need to know about the latest offering from Hero.&nbsp; &nbsp;

WHAT IS DESTINI 125?

<img alt="The newly-launched Hero Destini 125." data-entity-type="file" data-entity-uuid="644f5de0-0446-4f75-a93e-e9f57e1e377d" src="/sites/default/files/inline-images/2.jpg" /> 
A 125cc scooter, based on the Duet 125 that Hero showcased during the Auto Expo 2018. Developed completely in-house at Hero's Centre of Innovation &amp; Technology (CIT) in Jaipur, the Destini 125 is more of a family city-commuter than a sports scooter like the TVS NTorq 125 or the Honda Grazia.

LOOKS &amp; STYLING

<img alt="The newly-launched Hero Destini 125." data-entity-type="file" data-entity-uuid="35beea67-25ba-4e2f-b5ed-489f8aadb9b9" src="/sites/default/files/inline-images/3.jpg" /> 
It is a pretty simple, and clean-looking scooter. The chrome chest on the front is quite distinctive, and the chrome accents on the side do add a touch of premium-ness to the Destini 125. A layer of graphics run along the rear winkers &amp; tail lamps that look cool. Even the dual-tone seat and the cast alloy wheels look gentle on the eye. Overall, the Desitini 125 does not look busy, and makes its presence felt in an elegant manner.

FEATURES LIST

<img alt="The newly-launched Hero Destini 125." data-entity-type="file" data-entity-uuid="006b60f1-4951-4951-a358-3751d6d42836" src="/sites/default/files/inline-images/4.jpg" /> 
The instrument console is a mix of an analogue speedometer and a digital display that provides information like trip reading &amp; fuel level. The console also houses a side-stand indicator along with service indicator. There is an external fuel filling port, an optional underseat mobile charger, and 10-inch tubeless tyres. Destini 125 is equipped with an integrated braking system (IBS). However, it misses out on a disc brake, and there are drum braked on both ends.

ENGINE &amp; PERFORMANCE 
Destini 125 boasts a new 125cc, air-cooled, single-cylinder engine mated to a CVT unit. It produces 8.8PS @6750rpm &amp; 10.2 Nm @5000rpm. Most importantly, the scooter gets Hero's i3S technology, which is already present on Hero's commuter motorcycles. The i3S system (Idle Start-Stop System) helps the rider turn on the scooter with the help of pulling either of the brake levers and opening the throttle (without pressing the push-start button). This is helpful when the engine idling shuts off in city traffic especially at traffic signals. Hero claims a fuel efficiency figure of about 50 km/l, thanks to the i3S technology which provides better fuel efficiency. Suspension duties are handled by telescopic forks at the front &amp; a spring-loaded shock absorber at the rear.

PRICE &amp; VARIANTS 
The base variant, LX is priced at INR 54,650 &amp; the top-variant, VX is priced at 57,500 (both ex-showroom Delhi). The Destini 125 goes up against the likes of Suzuki Access 125 &amp; Honda Activa 125 in the Indian market. The new scooter from Hero is available in four metallic colours- Noble Red, Panther Black, Chestnut Bronze &amp; Pearl Silver White.

WION PITSTOP'S FINAL WORD

<img alt="The newly-launched Hero Destini 125." data-entity-type="file" data-entity-uuid="b0674e0d-3428-4a59-b974-8a6cf32faf8f" src="/sites/default/files/inline-images/5.jpg" /> 
Even though Hero is late to the party, they have finally realised the potential of the 125cc scooter segment. While a more sportier version could've helped Hero make some serious dents in the scooter market, the Desitini 125 does promise to be an interesting product. With so many new products out there in the market, and the festive season gaining rapid pace, Hero definitely have a tough job at hand with the Destini 125. However, given Hero's strong service network, and a proven track record of being India's number one bike maker, the Destini 125 should be able to attract buyers to Hero dealerships. Strictly product-wise, we at WION Pitstop would have loved to see the Destini 125 come equipped with disc brake (at least as an option).

India's largest bike manufacturer Hero MotoCorp finally made its entry into the fast-growing 125cc segment by launching the Desitini 125. Here are five things you need to know about the latest offering from Hero.

India's largest bike manufacturer Hero MotoCorp finally made its entry into the fast-growing 125cc segment by launching the Desitini 125. Here are five things you need to know about the latest offering from Hero. WHAT IS DESTINI 125? A 125cc scooter, based on the Duet 125 that Hero showcased during the Auto Expo 2018. Developed completely in-house at Hero's Centre of Innovation & Technology (CIT) in Jaipur, the Destini 125 is more of a family city-commuter than a sports scooter like the TVS NTorq 125 or the Honda Grazia. LOOKS & STYLING It is a pretty simple, and clean-looking scooter. The chrome chest on the front is quite distinctive, and the chrome accents on the side do add a touch of premium-ness to the Destini 125. A layer of graphics run along the rear winkers & tail lamps that look cool. Even the dual-tone seat and the cast alloy wheels look gentle on the eye. Overall, the Desitini 125 does not look busy, and makes its presence felt in an elegant manner. FEATURES LIST The instrument console is a mix of an analogue speedometer and a digital display that provides information like trip reading & fuel level. The console also houses a side-stand indicator along with service indicator. There is an external fuel filling port, an optional underseat mobile charger, and 10-inch tubeless tyres. Destini 125 is equipped with an integrated braking system (IBS). However, it misses out on a disc brake, and there are drum braked on both ends. ENGINE & PERFORMANCE Destini 125 boasts a new 125cc, air-cooled, single-cylinder engine mated to a CVT unit. It produces 8.8PS @6750rpm & 10.2 Nm @5000rpm. Most importantly, the scooter gets Hero's i3S technology, which is already present on Hero's commuter motorcycles. The i3S system (Idle Start-Stop System) helps the rider turn on the scooter with the help of pulling either of the brake levers and opening the throttle (without pressing the push-start button). This is helpful when the engine idling shuts off in city traffic especially at traffic signals. Hero claims a fuel efficiency figure of about 50 km/l, thanks to the i3S technology which provides better fuel efficiency. Suspension duties are handled by telescopic forks at the front & a spring-loaded shock absorber at the rear. PRICE & VARIANTS The base variant, LX is priced at INR 54,650 & the top-variant, VX is priced at 57,500 (both ex-showroom Delhi). The Destini 125 goes up against the likes of Suzuki Access 125 & Honda Activa 125 in the Indian market. The new scooter from Hero is available in four metallic colours- Noble Red, Panther Black, Chestnut Bronze & Pearl Silver White. WION PITSTOP'S FINAL WORD Even though Hero is late to the party, they have finally realised the potential of the 125cc scooter segment. While a more sportier version could've helped Hero make some serious dents in the scooter market, the Desitini 125 does promise to be an interesting product. With so many new products out there in the market, and the festive season gaining rapid pace, Hero definitely have a tough job at hand with the Destini 125. However, given Hero's strong service network, and a proven track record of being India's number one bike maker, the Destini 125 should be able to attract buyers to Hero dealerships. Strictly product-wise, we at WION Pitstop would have loved to see the Destini 125 come equipped with disc brake (at least as an option).

5 things to know about newly-launched Hero Destini 125

For the sixth consecutive day in a row, petrol and diesel prices were cut in the range of 07-10 paise across metro cities on Tuesday (October 23, 2018).

Today petrol is priced at Rs 81.34 per litre (decrease by Rs 0.10) and Rs 74.85 per litre (decrease by Rs 0.07), respectively in Delhi.

Petrol and diesel prices in Mumbai are Rs 86.81 per litre (decrease by Rs 0.10) and Rs 78.46 per litre (decrease by Rs 0.08), respectively.

Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.&nbsp;

The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.&nbsp;

Yesterday, Petrol pumps in Delhi will remain shut today in protest against the Delhi government's refusal to reduce VAT on fuels. Along with the pump, CNG dispensing units will also remain shut.

There are about 400 petrol pumps in Delhi which also have linked compressed natural gas (CNG) stations and all of them will remain closed for nearly 24 hours in protest from 6 am onwards on October 22 and remain closed till 5 am on October 23, the Delhi Petrol Dealers Association (DPDA) said in a statement.

For the sixth consecutive day in a row, petrol and diesel prices were cut in the range of 07-10 paise across metro cities on Tuesday (October 23, 2018). Today petrol is priced at Rs 81.

For the sixth consecutive day in a row, petrol and diesel prices were cut in the range of 07-10 paise across metro cities on Tuesday (October 23, 2018). Today petrol is priced at Rs 81.34 per litre (decrease by Rs 0.10) and Rs 74.85 per litre (decrease by Rs 0.07), respectively in Delhi. Petrol and diesel prices in Mumbai are Rs 86.81 per litre (decrease by Rs 0.10) and Rs 78.46 per litre (decrease by Rs 0.08), respectively. Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly. Yesterday, Petrol pumps in Delhi will remain shut today in protest against the Delhi government's refusal to reduce VAT on fuels. Along with the pump, CNG dispensing units will also remain shut. There are about 400 petrol pumps in Delhi which also have linked compressed natural gas (CNG) stations and all of them will remain closed for nearly 24 hours in protest from 6 am onwards on October 22 and remain closed till 5 am on October 23, the Delhi Petrol Dealers Association (DPDA) said in a statement.

Petrol, diesel prices cut for sixth consecutive day

World shares slid towards their lowest level in a year on Tuesday, as negative drivers from fatigued earnings and Saudi Arabia's diplomatic isolation to a brewing spat over Italy's finances piled on the pressure.

Wall Street looked set to for another jolt lower when it reopens but it was heavy selloffs in both Asia and Europe, which was heading for the fifth day of uninterrupted falls, that did the main damage.

The tech sector posted the worst performance after Swiss-listed chipmaker AMS plunged 25 per cent as its outlook triggered alarm bells, but there was a broader force at play.

The pan-European STOXX 600 was near a two-year low with almost half of its stocks now in the bear-market territory -- down 20 per cent from their peak.

Germany's DAX dropped to late 2016 lows, MSCI's world share index was just two points of a one-year low while Wall Street's S&amp;P 500 was set to test the lower limits of its 200-day moving average again.

"This is quite an important period now because we have tried to rally a few times and haven't really managed it," said Natwest Markets' head of global strategy James McCormick.

There has been a spike in US&nbsp;bond yields similar to earlier in the year, "but the macro picture for equities is more challenging now," he added, pointing to fading synchronization in global growth as well a stronger dollar.

That strength kept the euro pinned near a two-month low at $1.146 before a European Commission meeting that could see Brussels take the unprecedented step of demanding changes to Italy's recently laid out budget plans.

Italian bond traders were biding their time amid reports of some conciliatory moves from Rome's coalition but the spat has also bred doubts about the European Central Bank plans to possibly raise its interest rates next year.

Questions about the future of Britain's prime minister, mired in a stalemate over Brexit, relented just an enough to help sterling claw higher but the mood remained distinctly 'risk off' regardless.

That helped strengthen the safe-haven Japanese yen and Swiss franc while higher-yielding currencies like the Australian and New Zealand dollars fell.

"The prospect of a normalisation of (ECB) monetary policy was the main reason why the euro was able to appreciate over the past year. However, there is a rising risk that this support is now going to crumble," Commerzbank analyst Thu Lan Nguyen said.

SAUDI TENSIONS

US stock index futures were pointing to a more than 1 per cent fall for Wall Streets main markets later. Digger maker Caterpillar's shares fell 5.4 per cent in premarket moves after it blamed US tariffs for rising costs, while 3M slumped 7 per cent after missing analysts estimates.

Markets were also digesting Turkish President Tayyip Erdogan's comments on the killing of Saudi Arabian journalist Jamal Khashoggi at a Saudi consulate in Istanbul this month.

"Intelligence and security institutions have evidence showing the murder was planned... Pinning such a case on some security and intelligence members will not satisfy us or the international community," Erdogan told Turkey's parliament, though he did not reveal a smoking gun in the form of recordings that some reports had hinted at.

Saudi Arabia, a top crude oil exporter, faces international pressure to provide all the facts about an incident that has raised a global storm and added the threat of sanctions against the kingdom to a list of market concerns.

US President Donald Trump said on Monday he was not satisfied with what he had heard from Saudi Arabia about the killing, but expressed reluctance to punish the kingdom economically.

Investors worry that may lead to Saudi retaliation through crude oil, although a Saudi pledge to play a "responsible role" and keep markets supplied held down crude prices on Tuesday.

Front-month Brent crude oil futures were at $79.51 a barrel, down 0.4 per cent. US West Texas Intermediate (WTI) crude futures were at $69.12 a barrel, dropping 0.35 per cent.

Asia's overnight tumble gave back some of the ground the region had clawed back over the last two sessions.

MSCI's broadest index of Asian shares dropped 2 per cent to a 1 1/2-year low, with declines in many of the region's heavyweight bourses even more pronounced.

South Korea's Kospi and Hong Kong's Hang Seng both fell 3 per cent and Japan's Nikkei lost 2.7 per cent.

"We've got a few negative factors when market sentiment was already fragile," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management. "And earnings from some Japanese companies were weaker than expected, with some starting to blame trade wars."

The yen gained 0.4 per cent amid the risk-off mood to 112.42 to the dollar.

The yuan was little changed but stood near Monday's 21-month low of 6.9445 per dollar in the onshore trade on expectations China will pursue looser monetary policy to cope with pressure from US President Donald Trump on tariffs.

World shares slid towards their lowest level in a year on Tuesday, as negative drivers from fatigued earnings and Saudi Arabia's diplomatic isolation to a brewing spat over Italy's finances piled on the pressure.

World shares slid towards their lowest level in a year on Tuesday, as negative drivers from fatigued earnings and Saudi Arabia's diplomatic isolation to a brewing spat over Italy's finances piled on the pressure. Wall Street looked set to for another jolt lower when it reopens but it was heavy selloffs in both Asia and Europe, which was heading for the fifth day of uninterrupted falls, that did the main damage. The tech sector posted the worst performance after Swiss-listed chipmaker AMS plunged 25 per cent as its outlook triggered alarm bells, but there was a broader force at play. The pan-European STOXX 600 was near a two-year low with almost half of its stocks now in the bear-market territory -- down 20 per cent from their peak. Germany's DAX dropped to late 2016 lows, MSCI's world share index was just two points of a one-year low while Wall Street's S&P 500 was set to test the lower limits of its 200-day moving average again. "This is quite an important period now because we have tried to rally a few times and haven't really managed it," said Natwest Markets' head of global strategy James McCormick. There has been a spike in US bond yields similar to earlier in the year, "but the macro picture for equities is more challenging now," he added, pointing to fading synchronization in global growth as well a stronger dollar. That strength kept the euro pinned near a two-month low at $1.146 before a European Commission meeting that could see Brussels take the unprecedented step of demanding changes to Italy's recently laid out budget plans. Italian bond traders were biding their time amid reports of some conciliatory moves from Rome's coalition but the spat has also bred doubts about the European Central Bank plans to possibly raise its interest rates next year. Questions about the future of Britain's prime minister, mired in a stalemate over Brexit, relented just an enough to help sterling claw higher but the mood remained distinctly 'risk off' regardless. That helped strengthen the safe-haven Japanese yen and Swiss franc while higher-yielding currencies like the Australian and New Zealand dollars fell. "The prospect of a normalisation of (ECB) monetary policy was the main reason why the euro was able to appreciate over the past year. However, there is a rising risk that this support is now going to crumble," Commerzbank analyst Thu Lan Nguyen said. SAUDI TENSIONS US stock index futures were pointing to a more than 1 per cent fall for Wall Streets main markets later. Digger maker Caterpillar's shares fell 5.4 per cent in premarket moves after it blamed US tariffs for rising costs, while 3M slumped 7 per cent after missing analysts estimates. Markets were also digesting Turkish President Tayyip Erdogan's comments on the killing of Saudi Arabian journalist Jamal Khashoggi at a Saudi consulate in Istanbul this month. "Intelligence and security institutions have evidence showing the murder was planned... Pinning such a case on some security and intelligence members will not satisfy us or the international community," Erdogan told Turkey's parliament, though he did not reveal a smoking gun in the form of recordings that some reports had hinted at. Saudi Arabia, a top crude oil exporter, faces international pressure to provide all the facts about an incident that has raised a global storm and added the threat of sanctions against the kingdom to a list of market concerns. US President Donald Trump said on Monday he was not satisfied with what he had heard from Saudi Arabia about the killing, but expressed reluctance to punish the kingdom economically. Investors worry that may lead to Saudi retaliation through crude oil, although a Saudi pledge to play a "responsible role" and keep markets supplied held down crude prices on Tuesday. Front-month Brent crude oil futures were at $79.51 a barrel, down 0.4 per cent. US West Texas Intermediate (WTI) crude futures were at $69.12 a barrel, dropping 0.35 per cent. Asia's overnight tumble gave back some of the ground the region had clawed back over the last two sessions. MSCI's broadest index of Asian shares dropped 2 per cent to a 1 1/2-year low, with declines in many of the region's heavyweight bourses even more pronounced. South Korea's Kospi and Hong Kong's Hang Seng both fell 3 per cent and Japan's Nikkei lost 2.7 per cent. "We've got a few negative factors when market sentiment was already fragile," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management. "And earnings from some Japanese companies were weaker than expected, with some starting to blame trade wars." The yen gained 0.4 per cent amid the risk-off mood to 112.42 to the dollar. The yuan was little changed but stood near Monday's 21-month low of 6.9445 per dollar in the onshore trade on expectations China will pursue looser monetary policy to cope with pressure from US President Donald Trump on tariffs.

Global Markets: Biting bears sink world shares to 1-year low

Indian shares ended lower on Tuesday, sinking further in the last hour of trade, as oil marketing companies dragged following a rating downgrade by brokerage Nomura, but macro concerns played on overall sentiment.

The benchmark Sensex closed down 0.84 per cent at 33,847.23, its lowest close since April 9.

The broader Nifty ended 0.96 per cent lower at 10,146.80, its lowest close since April 4.

Asian Paints Ltd ended 5.2 per cent weaker after its second-quarter results failed to please investors.

Indian shares ended lower on Tuesday, sinking further in the last hour of trade, as oil marketing companies dragged following a rating downgrade by brokerage Nomura, but macro concerns played on overall sentiment.

Indian shares ended lower on Tuesday, sinking further in the last hour of trade, as oil marketing companies dragged following a rating downgrade by brokerage Nomura, but macro concerns played on overall sentiment. The benchmark Sensex closed down 0.84 per cent at 33,847.23, its lowest close since April 9. The broader Nifty ended 0.96 per cent lower at 10,146.80, its lowest close since April 4. Asian Paints Ltd ended 5.2 per cent weaker after its second-quarter results failed to please investors.

Nifty, Sensex hit lowest close since April

Santro, the car which launched and propelled Hyundai in India in and after 1998, <a href="http://www.wionews.com/business-economy/hyundai-officially-launches-santro-2018-in-india-172951">was re-launched</a> in a completely new package on Tuesday at a starting price of Rs 3.89 lakh (introductory, ex-showroom).

Santro has miniscule little in terms of similarities with the erstwhile model and now gets a complete design change coupled with modern features - both on the inside as well as on the outside. In fact, it is fair to say that it only shares the name badging with the previous model it is being linked to while sporting an all-new face featuring swept-back headlights, wide front grille, flared wheel arches, 14-inch wheels with steel rims, and taillights at the tip of the rear on either side. It has a tall-boy appearance even if that is not immediately noticeable, and is 45mm longer with a wheelbase of 3610mm.

While the car does not get LED DRLs and alloys, it is feature-packed on the inside with a large infotainment unit, rear-parking sensors with camera, steering-mounted controls for audio and electrically-adjustable ORVMs.

The new Santro is powered by a 1.1-litre four-cylinder petrol engine only but there is an option for automatic as well. It can churn out 68bhp of power and 99Nm of torque with a claimed fuel efficiency of 20.3kmpl.

<img alt="Hyundai Santro is powered by a 1.1-litre four-cylinder petrol engine" data-entity-type="file" data-entity-uuid="852def40-fb60-4320-8c5b-7edb041866b8" src="/sites/default/files/inline-images/santro-hood.jpg" />

There are five variants to choose from - Dlite, Era, Magna, Sportz and Asta. The auto option though is only in Magna and Sportz while there is the option of company-fitted CNG in manual variants of Magna and Sportz. The CNG variants will have a max power output of 58bhp and max torque rating of 84Nm. Fuel efficiency figures are claimed to be 30.5km per kg.

The car is available in seven colour options - Star Dust, Marina Blue, Fiery Red, Polar White, Imperial Beige, Typhoon Silver and Diana Green.

Hyundai is betting big once again with the 2018 Santro and has managed to create quite a buzz for it in the days leading up to the launch. The prices (full list below) are introductory and for the first 50,000 bookings only. On Sunday, the company said it had already received 14,000 bookings. With the new Santro going up against the likes of Renault Kwid and Maruti Suzuki Celerio, the B-segment war is all set to flare up this festive season.

<img alt="The Marine Blue Hyundai Santro" data-entity-type="file" data-entity-uuid="1306ca3d-b695-4a9f-a9c3-48b42b065e53" src="/sites/default/files/inline-images/santro-2.jpg" />

Prices (ex-showroom, introductory):

Dlite: Rs 3.89 lakh 
Era: Rs 4.24 lakh 
Magna: Rs 4.57 lakh 
Sportz: Rs 4.99 lakh 
Asta: Rs 5.45 lakh 
Magna Auto: Rs 5.18 lakh 
Sportz Auto: Rs 5.46 lakh 
Manga CNG: Rs 5.23 lakh 
Sportz CNG: RS 5.26 lakh

Santro, the car which launched and propelled Hyundai in India in and after 1998, was re-launched in a completely new package on Tuesday at a starting price of Rs 3.

Santro, the car which launched and propelled Hyundai in India in and after 1998, was re-launched in a completely new package on Tuesday at a starting price of Rs 3.89 lakh (introductory, ex-showroom). Santro has miniscule little in terms of similarities with the erstwhile model and now gets a complete design change coupled with modern features - both on the inside as well as on the outside. In fact, it is fair to say that it only shares the name badging with the previous model it is being linked to while sporting an all-new face featuring swept-back headlights, wide front grille, flared wheel arches, 14-inch wheels with steel rims, and taillights at the tip of the rear on either side. It has a tall-boy appearance even if that is not immediately noticeable, and is 45mm longer with a wheelbase of 3610mm. While the car does not get LED DRLs and alloys, it is feature-packed on the inside with a large infotainment unit, rear-parking sensors with camera, steering-mounted controls for audio and electrically-adjustable ORVMs. The new Santro is powered by a 1.1-litre four-cylinder petrol engine only but there is an option for automatic as well. It can churn out 68bhp of power and 99Nm of torque with a claimed fuel efficiency of 20.3kmpl. There are five variants to choose from - Dlite, Era, Magna, Sportz and Asta. The auto option though is only in Magna and Sportz while there is the option of company-fitted CNG in manual variants of Magna and Sportz. The CNG variants will have a max power output of 58bhp and max torque rating of 84Nm. Fuel efficiency figures are claimed to be 30.5km per kg. The car is available in seven colour options - Star Dust, Marina Blue, Fiery Red, Polar White, Imperial Beige, Typhoon Silver and Diana Green. Hyundai is betting big once again with the 2018 Santro and has managed to create quite a buzz for it in the days leading up to the launch. The prices (full list below) are introductory and for the first 50,000 bookings only. On Sunday, the company said it had already received 14,000 bookings. With the new Santro going up against the likes of Renault Kwid and Maruti Suzuki Celerio, the B-segment war is all set to flare up this festive season. Prices (ex-showroom, introductory): Dlite: Rs 3.89 lakh Era: Rs 4.24 lakh Magna: Rs 4.57 lakh Sportz: Rs 4.99 lakh Asta: Rs 5.45 lakh Magna Auto: Rs 5.18 lakh Sportz Auto: Rs 5.46 lakh Manga CNG: Rs 5.23 lakh Sportz CNG: RS 5.26 lakh

Hyundai Santro launched in all-new avatar at introductory starting price of Rs 3.89 lakh

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month.

Benchmark Brent crude oil futures were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close.

US West Texas Intermediate (WTI) crude futures were at $69.60 a barrel, up 48 cents, or 0.7 per cent.

The US sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on November 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme.

US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them.

OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports.

However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere.

Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further.

Some relief may come from North America, where U.S. drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015.

The US rig count is an early indicator of future output. With activity increasing after months of stagnation, US crude production is also expected to continue to rise.

Reflecting rising US crude exports, the Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday.

In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand.

"The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note.

Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month.

Brent crude oil prices rose back above $80 a barrel on Monday as markets were expected to tighten once US sanctions against Iran's crude exports are implemented next month. Benchmark Brent crude oil futures were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 per cent, above their last close. US West Texas Intermediate (WTI) crude futures were at $69.60 a barrel, up 48 cents, or 0.7 per cent. The US sanctions on the oil sector in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are set to start on November 4. The United States under President Donald Trump is trying to reduce Iranian oil exports to zero to force the country to renegotiate an agreement on its nuclear programme. US Treasury Secretary Steven Mnuchin told Reuters on Sunday that it would be harder for countries to get sanction waivers than it was during the previous Obama administration, when several countries, especially in Asia, received them. OPEC agreed in June to boost supply to make up for the expected disruption to Iranian exports. However, an internal document reviewed by Reuters suggested OPEC is struggling to add barrels as an increase in Saudi supply was offset by declines elsewhere. Fatih Birol, executive director of the International Energy Agency (IEA), said on Monday that other producers may struggle to fully make up for the expected Iran disruption, and that oil prices could rise further. Some relief may come from North America, where U.S. drillers added four oil rigs in the week to October 19, bringing the total count to 873, Baker Hughes energy services firm said on Friday, raising the rig count to the highest level since March 2015. The US rig count is an early indicator of future output. With activity increasing after months of stagnation, US crude production is also expected to continue to rise. Reflecting rising US crude exports, the Intercontinental Exchange said its new Permian West Texas Intermediate crude futures contract deliverable in Houston, Texas, will begin trading on Monday. In addition to the potential for rising oil supply, the ongoing Sino-American trade dispute is expected to start dragging on demand. "The full impact of the US-China trade war will hit markets in 2019 and could act as a considerable drag on oil demand next year, raising the possibility of the market returning to surplus," said Emirates NBD bank in a note. Shipping brokerage Eastport said "Chinese manufacturing is beginning to slow" and that "Trump's proposal of slapping ... tariffs on additional ... Chinese goods from 1 January would be a further drag on trade."

Crude oil prices rise as US sanctions on Iran loom

Stock market indices opened higher on firm rupee amid strong Asian cues.&nbsp;

Asian markets pared losses after Chinese stocks swung higher for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit.&nbsp;

Meanwhile, the rupee is trading firm at 73.26/$ in early morning trade amid a weakening greenback.

At 9:30 am, Sensex was up 179.94 points or 0.52% at 34495.57, while the Nifty is higher by 50.20 points or 0.49% at 10353.70. The market breadth is positive as 855 shares advanced, against a decline of 423 shares, while 2281 shares were unchanged.

HDFC Bank, Adani Ports, Indiabulls Housing and Bajaj Finance are the top gainers, while Yes Bank, TCS, and Tech Mahindra have lost the most.&nbsp;

Stock market indices opened higher on firm rupee amid strong Asian cues. Asian markets pared losses after Chinese stocks swung higher for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit.

Stock market indices opened higher on firm rupee amid strong Asian cues. Asian markets pared losses after Chinese stocks swung higher for a second session and helped offset geopolitical concerns over Saudi Arabia, Italy and Brexit. Meanwhile, the rupee is trading firm at 73.26/$ in early morning trade amid a weakening greenback. At 9:30 am, Sensex was up 179.94 points or 0.52% at 34495.57, while the Nifty is higher by 50.20 points or 0.49% at 10353.70. The market breadth is positive as 855 shares advanced, against a decline of 423 shares, while 2281 shares were unchanged. HDFC Bank, Adani Ports, Indiabulls Housing and Bajaj Finance are the top gainers, while Yes Bank, TCS, and Tech Mahindra have lost the most.

Sensex gains on firm rupee, global cues; Nifty around 10,400

In what could cause inconvenience to the commuters in Delhi, all 400 petrol pumps along with linked CNG dispensing units will remain shut from 6 am on Monday till 5 am on Tuesday in protest against Aam Aadmi Party-led Delhi government`s refusal to reduce Value Added Tax (VAT) on diesel and petrol in the national capital. Delhi Petrol Dealers Association (DPDA), in a statement, said, "The central government had slashed the rate of petrol and diesel by Rs 2.50 per litre each on September 4. This was followed by a reduction of VAT by various states including neighbouring Haryana and Uttar Pradesh bringing relief to their residents.&nbsp;

But Delhi government refused to reduce VAT on fuel both petrol and diesel resulting in fuel becoming more expensive than bordering Haryana and Uttar Pradesh.

"The statement further read that the state government's refusal to reduce the price has led to a sharp decline in the sale of diesel and petrol in the national capital in this quarter."Due to the difference in prices, there has been a sharp drop of 50 percent to 60 percent in sale of diesel in Delhi and 25 percent in petrol in this quarter. On October 22 all the 400 pumps of Delhi will neither purchase nor sell Petrol, Diesel and CNG in protest for reduction of VAT on Petrol and Diesel in Delhi," DPDA said.&nbsp;

However, Delhi Chief Minister Arvind Kejriwal alleged that the strike was politically motivated and sponsored by the BJP. "Petrol pump owners have told us privately that this is a BJP-sponsored strike, actively supported by oil companies. In fact, the BJP has thrust it on petrol pump owners. People will give the BJP a befitting reply in the elections for continuously inconveniencing people through their dirty politics," Kejriwal tweeted.&nbsp;

On October 4, the central government slashed fuel prices by Rs. 2.50 after curbing excise duty on the commodity by Rs 1.50 per litre. The decision was backed by several states, including Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Chhattisgarh, Assam, Uttarakhand, Himachal Pradesh, Tripura, which reduced local sales tax or the VAT.&nbsp;

In what could cause inconvenience to the commuters in Delhi, all 400 petrol pumps along with linked CNG dispensing units will remain shut from 6 am on Monday till 5 am on Tuesday in protest against Aam Aadmi Party-led Delhi government`s refusal to reduce Value Added Tax (VAT) on diesel and petrol in the national capital.

In what could cause inconvenience to the commuters in Delhi, all 400 petrol pumps along with linked CNG dispensing units will remain shut from 6 am on Monday till 5 am on Tuesday in protest against Aam Aadmi Party-led Delhi government`s refusal to reduce Value Added Tax (VAT) on diesel and petrol in the national capital. Delhi Petrol Dealers Association (DPDA), in a statement, said, "The central government had slashed the rate of petrol and diesel by Rs 2.50 per litre each on September 4. This was followed by a reduction of VAT by various states including neighbouring Haryana and Uttar Pradesh bringing relief to their residents. But Delhi government refused to reduce VAT on fuel both petrol and diesel resulting in fuel becoming more expensive than bordering Haryana and Uttar Pradesh. "The statement further read that the state government's refusal to reduce the price has led to a sharp decline in the sale of diesel and petrol in the national capital in this quarter."Due to the difference in prices, there has been a sharp drop of 50 percent to 60 percent in sale of diesel in Delhi and 25 percent in petrol in this quarter. On October 22 all the 400 pumps of Delhi will neither purchase nor sell Petrol, Diesel and CNG in protest for reduction of VAT on Petrol and Diesel in Delhi," DPDA said. However, Delhi Chief Minister Arvind Kejriwal alleged that the strike was politically motivated and sponsored by the BJP. "Petrol pump owners have told us privately that this is a BJP-sponsored strike, actively supported by oil companies. In fact, the BJP has thrust it on petrol pump owners. People will give the BJP a befitting reply in the elections for continuously inconveniencing people through their dirty politics," Kejriwal tweeted. On October 4, the central government slashed fuel prices by Rs. 2.50 after curbing excise duty on the commodity by Rs 1.50 per litre. The decision was backed by several states, including Uttar Pradesh, Madhya Pradesh, Gujarat, Maharashtra, Chhattisgarh, Assam, Uttarakhand, Himachal Pradesh, Tripura, which reduced local sales tax or the VAT.

Around 400 petrol pumps along with linked CNG dispensing units to remain shut today in Delhi

The BSE Sensex gave up all its early gains of over 435 points to end 181 points lower at 34,134.38 on Monday, due to late sell-off in oil&amp;gas, consumer durables, PSU, IT and infrastructure stocks amid crude again rising past USD 80 a barrel.

The 30-share Sensex after a gap up opening at 34,689.39 points advanced to a high of 34,748.69 points in early session on the back of better-than-expected earnings from HDFC Bank, positive cues from Asian markets and recovery in the rupee.

However, emergence of selling in the last one hour of trading, it slipped into the negative zone to hit a low of 34,082.76 before ending at 34,134.38, registering a fall of 181.25 points or 0.53 per cent.

The index had lost 847 points in the previous two sessions on liquidity concerns as well as weak global cues.

Similarly, the NSE Nifty after shuttling between 10,408.65 and 10,224 points, ended 58.30 points, or 0.57 per cent, lower at 10,245.25.

Brokers said sentiments remained weak on macro concerns such as prevailing liquidity crunch in the market despite the RBI's measures to improve the situation in the market and rising crude prices.

Brent crude, the international benchmark, again went past the&nbsp;$ 80-mark to quote USD 80.14 per barrel on Monday.

Besides, unabated capital outflows by foreign funds, dampened sentiments, they added.

Meanwhile, foreign portfolio investors (FPIs) offloaded shares worth Rs 618.26 crore, while domestic institutional investors (DIIs) had net sold shares worth Rs 2.14 crore on Friday as per provisional data.

The BSE Sensex gave up all its early gains of over 435 points to end 181 points lower at 34,134.38 on Monday, due to late sell-off in oil&gas, consumer durables, PSU, IT and infrastructure stocks amid crude again rising past USD 80 a barrel.

The BSE Sensex gave up all its early gains of over 435 points to end 181 points lower at 34,134.38 on Monday, due to late sell-off in oil&gas, consumer durables, PSU, IT and infrastructure stocks amid crude again rising past USD 80 a barrel. The 30-share Sensex after a gap up opening at 34,689.39 points advanced to a high of 34,748.69 points in early session on the back of better-than-expected earnings from HDFC Bank, positive cues from Asian markets and recovery in the rupee. However, emergence of selling in the last one hour of trading, it slipped into the negative zone to hit a low of 34,082.76 before ending at 34,134.38, registering a fall of 181.25 points or 0.53 per cent. The index had lost 847 points in the previous two sessions on liquidity concerns as well as weak global cues. Similarly, the NSE Nifty after shuttling between 10,408.65 and 10,224 points, ended 58.30 points, or 0.57 per cent, lower at 10,245.25. Brokers said sentiments remained weak on macro concerns such as prevailing liquidity crunch in the market despite the RBI's measures to improve the situation in the market and rising crude prices. Brent crude, the international benchmark, again went past the $ 80-mark to quote USD 80.14 per barrel on Monday. Besides, unabated capital outflows by foreign funds, dampened sentiments, they added. Meanwhile, foreign portfolio investors (FPIs) offloaded shares worth Rs 618.26 crore, while domestic institutional investors (DIIs) had net sold shares worth Rs 2.14 crore on Friday as per provisional data.

Sensex ends in red as late sell-off reverses early gains; down 181 points

Foreign investors have pulled out close to Rs 32,000 crore from the Indian capital markets in the first three weeks of this month due to the ongoing global trade tiff, rising crude prices and higher US Treasury yields. This is much higher than the over Rs 21,000 crore net outflow seen in entire September. Prior to that, overseas investors had put in a net amount of Rs 7,400 crore in the capital markets (both equity and debt) in July-August.

According to the latest depository data, foreign portfolio investors (FPIs) sold equities to the tune of Rs 19,810 crore during October 1-19 and bonds worth Rs 12,167 crore, taking the total to Rs 31,977 crore (USD 4.3 billion). FPIs have been net sellers almost throughout this year except for a couple of months. However, experts said the swiftness of the exit in October thus far has shaken the market. Negative sentiments from the global market on concerns over a slowing world economy led by lingering trade war between the US and China triggered the FPI pullout, said Vinod Nair, Head of Research, Geojit Financial Services.

The sentiment was also dampened by the International Monetary Fund (IMF) downgrading the outlook for the world economy to 3.7 per cent growth earlier this month. Alok Agarwala, Senior Vice President and Head Investment Analytics at Bajaj Capital, attributed the FPI selling to rise in oil prices and US treasury yields and a tightening of global dollar liquidity. He further said this is a global phenomenon across emerging markets and not limited to India alone. However, the impact of the rise in oil prices is higher for India as it imports most of its oil requirement and the matter was further exacerbated by the IL&amp;FS default and the rout in NBFC debt papers, he added.

Vidya Bala, Head of Mutual Fund Research at FundsIndia, said rising rates in the US, strengthening dollar and higher US earnings have been triggers for money moving out of India and other emerging markets to the US. Locally, rising oil price, the recent spate of management-related issues in banks and tightening liquidity in NBFCs have been immediate triggers. Going ahead, Bala said volatility can be expected to continue for other reasons too, like US sanctions on Iran which take effect in November as Iran is a major source of crude oil for India.

Besides, India has some key state elections coming up, which could provide cues to FPIs for next year’s central elections. So far this year, FPIs have pulled out over Rs 33,000 crore from equities and more than Rs 60,000 crore from the debt markets.

Foreign investors have pulled out close to Rs 32,000 crore from the Indian capital markets in the first three weeks of this month due to the ongoing global trade tiff, rising crude prices and higher US Treasury yields.

Foreign investors have pulled out close to Rs 32,000 crore from the Indian capital markets in the first three weeks of this month due to the ongoing global trade tiff, rising crude prices and higher US Treasury yields. This is much higher than the over Rs 21,000 crore net outflow seen in entire September. Prior to that, overseas investors had put in a net amount of Rs 7,400 crore in the capital markets (both equity and debt) in July-August. According to the latest depository data, foreign portfolio investors (FPIs) sold equities to the tune of Rs 19,810 crore during October 1-19 and bonds worth Rs 12,167 crore, taking the total to Rs 31,977 crore (USD 4.3 billion). FPIs have been net sellers almost throughout this year except for a couple of months. However, experts said the swiftness of the exit in October thus far has shaken the market. Negative sentiments from the global market on concerns over a slowing world economy led by lingering trade war between the US and China triggered the FPI pullout, said Vinod Nair, Head of Research, Geojit Financial Services. The sentiment was also dampened by the International Monetary Fund (IMF) downgrading the outlook for the world economy to 3.7 per cent growth earlier this month. Alok Agarwala, Senior Vice President and Head Investment Analytics at Bajaj Capital, attributed the FPI selling to rise in oil prices and US treasury yields and a tightening of global dollar liquidity. He further said this is a global phenomenon across emerging markets and not limited to India alone. However, the impact of the rise in oil prices is higher for India as it imports most of its oil requirement and the matter was further exacerbated by the IL&FS default and the rout in NBFC debt papers, he added. Vidya Bala, Head of Mutual Fund Research at FundsIndia, said rising rates in the US, strengthening dollar and higher US earnings have been triggers for money moving out of India and other emerging markets to the US. Locally, rising oil price, the recent spate of management-related issues in banks and tightening liquidity in NBFCs have been immediate triggers. Going ahead, Bala said volatility can be expected to continue for other reasons too, like US sanctions on Iran which take effect in November as Iran is a major source of crude oil for India. Besides, India has some key state elections coming up, which could provide cues to FPIs for next year’s central elections. So far this year, FPIs have pulled out over Rs 33,000 crore from equities and more than Rs 60,000 crore from the debt markets.

FPIs pull out over $4 bn from markets in October due to global trade tiff, rising crude prices

India’s aluminium scrap import jumped 21.44 per cent to 6,57,000 tonnes during the first half of the ongoing fiscal, industry body AAI said while urging the government to impose higher import duty on the metal to protect domestic players.

The import of aluminium scrap had stood at 541,000 tonnes during April-September period of the financial year 2017-18, the Aluminium Association of India (AAI) said in a statement. In July, the association said, it had already apprised the Department of Industrial Policy and Promotion (DIPP) of the situation which could arise in future.

An AAI delegation had urged the government to increase the duty on imports of aluminium scrap, saying the domestic players may become a victim of escalating trade war between the US and China. In the first quarter of the current financial year, aluminium scrap import was at 3,12,000 tonnes, up 24 per cent from 2,51,000 tonnes in the April-June quarter of 2017-18 fiscal. The import of aluminium scrap grew 19 per cent to 3,45,000 tonnes during the quarter ended September, from 2,90,000 tonne in the year-ago period. “In both the quarters, there is a rise. The government must take immediate steps to restrict the import of low-quality scrap. It is a major threat posing the industry. Aluminium is required by industries like automobile, construction, consumer goods, etc which are on a growth trajectory in India. One can imagine the life of the products which is made up of substandard raw material,” an AAI official said in the statement.

“We have suggested an increase in the duty to 10 per cent on scrap from the current 2.5 per cent.” We also want quantitative restrictions to be put in place.” The association has also been demanding an increase in import duty on primary aluminium to 10 per cent from current 7.5 per cent. Aluminium is the only metal that has a differential duty structure for primary and scrap and this encourages large-scale dumping of the latter. Domestic aluminium making capacity is at 4 million tonnes per annum (MTPA) and the consumption is at 3.6 MT which industry is already producing.

As the demand will grow proportionately, the players would also ramp up their capacity and output, the association said in a statement. The AAI is the apex body representing the entire spectrum of Indian aluminium industry primary producers, downstream manufacturers, end users, R&amp;D organisations.

India’s aluminium scrap import jumped 21.44 per cent to 6,57,000 tonnes during the first half of the ongoing fiscal, industry body AAI said while urging the government to impose higher import duty on the metal to protect domestic players.

India’s aluminium scrap import jumped 21.44 per cent to 6,57,000 tonnes during the first half of the ongoing fiscal, industry body AAI said while urging the government to impose higher import duty on the metal to protect domestic players. The import of aluminium scrap had stood at 541,000 tonnes during April-September period of the financial year 2017-18, the Aluminium Association of India (AAI) said in a statement. In July, the association said, it had already apprised the Department of Industrial Policy and Promotion (DIPP) of the situation which could arise in future. An AAI delegation had urged the government to increase the duty on imports of aluminium scrap, saying the domestic players may become a victim of escalating trade war between the US and China. In the first quarter of the current financial year, aluminium scrap import was at 3,12,000 tonnes, up 24 per cent from 2,51,000 tonnes in the April-June quarter of 2017-18 fiscal. The import of aluminium scrap grew 19 per cent to 3,45,000 tonnes during the quarter ended September, from 2,90,000 tonne in the year-ago period. “In both the quarters, there is a rise. The government must take immediate steps to restrict the import of low-quality scrap. It is a major threat posing the industry. Aluminium is required by industries like automobile, construction, consumer goods, etc which are on a growth trajectory in India. One can imagine the life of the products which is made up of substandard raw material,” an AAI official said in the statement. “We have suggested an increase in the duty to 10 per cent on scrap from the current 2.5 per cent.” We also want quantitative restrictions to be put in place.” The association has also been demanding an increase in import duty on primary aluminium to 10 per cent from current 7.5 per cent. Aluminium is the only metal that has a differential duty structure for primary and scrap and this encourages large-scale dumping of the latter. Domestic aluminium making capacity is at 4 million tonnes per annum (MTPA) and the consumption is at 3.6 MT which industry is already producing. As the demand will grow proportionately, the players would also ramp up their capacity and output, the association said in a statement. The AAI is the apex body representing the entire spectrum of Indian aluminium industry primary producers, downstream manufacturers, end users, R&D organisations.

India’s aluminium scrap import rises over 21% to 6,57,000 tonnes in ongoing fiscal: AAI

Petrol and diesel prices have been slashed across India and as of today petrol is priced at Rs 81.74 per litre (decrease by Rs 0.25) and diesel is priced at Rs 75.19 per litre (decrease by Rs 0.17), respectively in Delhi.&nbsp;

Petrol and diesel prices in Mumbai are Rs 87.21 per litre (decrease by Rs 0.25) and Rs 78.82 per litre (decrease by Rs 0.18), respectively.

Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.&nbsp;

The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.&nbsp;

Globally, oil prices rose on Friday on signs of surging demand in China, the world's second-largest oil consumer, although prices were headed for a second weekly decline on swelling US inventories and concern that trade wars were curbing economic activity, reported news agency Reuters. 
 
(With inputs from agencies)

Petrol and diesel prices have been slashed across India and as of today petrol is priced at Rs 81.74 per litre (decrease by Rs 0.25) and diesel is priced at Rs 75.

Petrol and diesel prices have been slashed across India and as of today petrol is priced at Rs 81.74 per litre (decrease by Rs 0.25) and diesel is priced at Rs 75.19 per litre (decrease by Rs 0.17), respectively in Delhi. Petrol and diesel prices in Mumbai are Rs 87.21 per litre (decrease by Rs 0.25) and Rs 78.82 per litre (decrease by Rs 0.18), respectively. Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly. Globally, oil prices rose on Friday on signs of surging demand in China, the world's second-largest oil consumer, although prices were headed for a second weekly decline on swelling US inventories and concern that trade wars were curbing economic activity, reported news agency Reuters. (With inputs from agencies)

Petrol and diesel prices go down for the fourth consecutive day

Amid a reduction in global crude oil prices, fuel prices across the country witnessed further reduction on Saturday, bringing citizens much-needed relief from skyrocketing fares.

The petrol price in Delhi was revised to Rs 81.99 per litre after a decrease of 39 paise, while that in Mumbai was Rs 87.46 per litre after a 38 paise reduction.&nbsp;

Diesel, on the other hand, is being sold 12 paise lower at Rs 75.36 per litre in Delhi, while the price of diesel in Mumbai has been reduced by 13 paise to retail at Rs 79 per litre.

Fuel prices have been soaring since the past few months in the country, burning a hole in the common commuter’s pocket.

While the Opposition has repeatedly blamed the Centre for the steep hike in the fuel price, the latter has maintained that global crude oil prices and other international factors are responsible for the increase in prices of petroleum products.

As per India’s pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee.

In a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley had, on October 4, announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.

He had also directed all state governments to slash rates.

Amid a reduction in global crude oil prices, fuel prices across the country witnessed further reduction on Saturday, bringing citizens much-needed relief from skyrocketing fares.

Amid a reduction in global crude oil prices, fuel prices across the country witnessed further reduction on Saturday, bringing citizens much-needed relief from skyrocketing fares. The petrol price in Delhi was revised to Rs 81.99 per litre after a decrease of 39 paise, while that in Mumbai was Rs 87.46 per litre after a 38 paise reduction. Diesel, on the other hand, is being sold 12 paise lower at Rs 75.36 per litre in Delhi, while the price of diesel in Mumbai has been reduced by 13 paise to retail at Rs 79 per litre. Fuel prices have been soaring since the past few months in the country, burning a hole in the common commuter’s pocket. While the Opposition has repeatedly blamed the Centre for the steep hike in the fuel price, the latter has maintained that global crude oil prices and other international factors are responsible for the increase in prices of petroleum products. As per India’s pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee. In a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley had, on October 4, announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre. He had also directed all state governments to slash rates.

Fuel price cut: Petrol, diesel prices slashed again by 39 paise, 13 paise per litre

Alphabet Inc's Google will charge hardware firms up to $40 per device to use its apps under a new licensing system to replace one that the European Union this year deemed anti-competitive, a person familiar with the matter said on Friday.

The new fee goes into effect on October&nbsp;29 for any new smartphone or tablet models launched in the European Economic Area and running Google's Android operating system, the company announced on Tuesday.

The fee can be as low as $2.50 and rises depending on the country and device size, the person said. It is standard across manufacturers, with the majority likely to pay around $20, the person added.

Companies can offset the charge, which applies to a suite of apps including the Google Play app store, Gmail and Google Maps, by placing Google's search and Chrome internet browser in a prominent position. Under that arrangement, Google would give the device maker a portion of ad revenue it generates through search and Chrome.

Tech news outlet the Verge reported the pricing earlier on Friday, citing confidential documents.

The European Commission in July found Google abused its market dominance in mobile software to essentially force Android partners to pre-install search and Chrome on their gadgets. It levied a record $5-billion fine, which Google has appealed, and threatened additional penalties unless the company ended its illegal practices.

The new system should give Google's rivals such as Microsoft Corp more room to partner with hardware makers to become the default apps for search and browsing, analysts said.

Qwant, a small French search company that has been critical of Google, said in a statement on Friday that it was "satisfied that the European Commission's action pushed Google to finally give manufacturers the possibility to offer such choices to consumers."

Alphabet Inc's Google will charge hardware firms up to $40 per device to use its apps under a new licensing system to replace one that the European Union this year deemed anti-competitive, a person familiar with the matter said on Friday.

Alphabet Inc's Google will charge hardware firms up to $40 per device to use its apps under a new licensing system to replace one that the European Union this year deemed anti-competitive, a person familiar with the matter said on Friday. The new fee goes into effect on October 29 for any new smartphone or tablet models launched in the European Economic Area and running Google's Android operating system, the company announced on Tuesday. The fee can be as low as $2.50 and rises depending on the country and device size, the person said. It is standard across manufacturers, with the majority likely to pay around $20, the person added. Companies can offset the charge, which applies to a suite of apps including the Google Play app store, Gmail and Google Maps, by placing Google's search and Chrome internet browser in a prominent position. Under that arrangement, Google would give the device maker a portion of ad revenue it generates through search and Chrome. Tech news outlet the Verge reported the pricing earlier on Friday, citing confidential documents. The European Commission in July found Google abused its market dominance in mobile software to essentially force Android partners to pre-install search and Chrome on their gadgets. It levied a record $5-billion fine, which Google has appealed, and threatened additional penalties unless the company ended its illegal practices. The new system should give Google's rivals such as Microsoft Corp more room to partner with hardware makers to become the default apps for search and browsing, analysts said. Qwant, a small French search company that has been critical of Google, said in a statement on Friday that it was "satisfied that the European Commission's action pushed Google to finally give manufacturers the possibility to offer such choices to consumers."

Google to charge Android partners up to $40 per device for apps

The rupee recovered from early losses to trade higher by 19 paise at 73.42 against the US currency in late morning session Friday on fresh dollar selling by exporters amid easing crude oil prices and a weakening greenback.&nbsp;

Dealers said the Reserve Bank of India's steps to ease liquidity concerns of NBFCs also helped the domestic currency.&nbsp;

At the Interbank Foreign Exchange, the rupee opened lower at 73.62, but soon recovered the lost ground and jumped 19 paise to touch a high of 73.42 on increased selling of the American currency by exporters and banks.

The rupee sentiment also received a boost after a steep fall in Brent crude prices Thursday following a surprise jump in US stockpiles and lingering worries about Chinese growth outlook.

Brent crude prices fell around 1 per cent to near one-month low of USD 79.29 barrel Thursday. The benchmark oil was trading near USD 79.45 barrel in early trade.

The dollar index which measures the greenback's strength against a basket of currencies was down 0.05 per cent at 95.67.

On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar. Forex market remained shut on Thursday on account of "Dussehra".

On a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.

The benchmark BSE Sensex was trading down 428.96 points or 1.23 per cent at 34,350.62 points.&nbsp;

The rupee recovered from early losses to trade higher by 19 paise at 73.42 against the US currency in late morning session Friday on fresh dollar selling by exporters amid easing crude oil prices and a weakening greenback.

The rupee recovered from early losses to trade higher by 19 paise at 73.42 against the US currency in late morning session Friday on fresh dollar selling by exporters amid easing crude oil prices and a weakening greenback. Dealers said the Reserve Bank of India's steps to ease liquidity concerns of NBFCs also helped the domestic currency. At the Interbank Foreign Exchange, the rupee opened lower at 73.62, but soon recovered the lost ground and jumped 19 paise to touch a high of 73.42 on increased selling of the American currency by exporters and banks. The rupee sentiment also received a boost after a steep fall in Brent crude prices Thursday following a surprise jump in US stockpiles and lingering worries about Chinese growth outlook. Brent crude prices fell around 1 per cent to near one-month low of USD 79.29 barrel Thursday. The benchmark oil was trading near USD 79.45 barrel in early trade. The dollar index which measures the greenback's strength against a basket of currencies was down 0.05 per cent at 95.67. On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar. Forex market remained shut on Thursday on account of "Dussehra". On a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed. The benchmark BSE Sensex was trading down 428.96 points or 1.23 per cent at 34,350.62 points.

Rupee recovers early losses; rises 19 paise to 73.42 on dollar selling

China recorded 6.5 per cent growth <a href="http://www.wionews.com/world/china-other-countries-wont-swallow-americas-poisonous-trade-pills-chinese-media-171757">in the July-to-September period year-on-year</a>, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter.

China had grown at 6.7 per cent in the second quarter. The growth figures slipped as factory output growth weakened to 5.8 per cent.

Although infrastructure investment rose 3.3 per cent year-on-year for January to September period,&nbsp;however,&nbsp;it was still down 4.2 per cent in the first eight months of the year. Retail sales bounced back growing 9.2 per cent in September compared to a year earlier.

US has been involved in an escalating trade war with China imposing heavy tariffs on Chinese goods entering US shores, acknowing the " extremely complex economic environment", a government spokesman said China's growth remained "generally steady".

"Faced with an extremely complex environment abroad and the daunting task of reform and development at home China's economic growth remained generally steady," NBS spokesman Mao Shengyong said.

President Trump had targetted tariffs on cars, machinery, electronics, consumer appliances and others entering the US leading to several firms halting investments in China.

The NBS spokesman, however, asserted that China will&nbsp;be able to maintain steady growth next year while revealing the lastest growth figures.&nbsp;

"Infrastructure investment growth is expected to stabilise while the trend of consumption upgrade' continues," NBS asserted, adding,"external environment will create uncertainties for China's efforts to stabilise growth."

The Shanghai stock exchange was mixed after China revealed its grown figures. After falling in morning trade, stocks recovered. 
&nbsp;

China recorded 6.5 per cent growth in the July-to-September period year-on-year, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter.

China recorded 6.5 per cent growth in the July-to-September period year-on-year, according to China's National Bureau of Statistics(NBS). It is China's slowest growth pace in nine years in the third quarter. China had grown at 6.7 per cent in the second quarter. The growth figures slipped as factory output growth weakened to 5.8 per cent. Although infrastructure investment rose 3.3 per cent year-on-year for January to September period, however, it was still down 4.2 per cent in the first eight months of the year. Retail sales bounced back growing 9.2 per cent in September compared to a year earlier. US has been involved in an escalating trade war with China imposing heavy tariffs on Chinese goods entering US shores, acknowing the " extremely complex economic environment", a government spokesman said China's growth remained "generally steady". "Faced with an extremely complex environment abroad and the daunting task of reform and development at home China's economic growth remained generally steady," NBS spokesman Mao Shengyong said. President Trump had targetted tariffs on cars, machinery, electronics, consumer appliances and others entering the US leading to several firms halting investments in China. The NBS spokesman, however, asserted that China will be able to maintain steady growth next year while revealing the lastest growth figures. "Infrastructure investment growth is expected to stabilise while the trend of consumption upgrade' continues," NBS asserted, adding,"external environment will create uncertainties for China's efforts to stabilise growth." The Shanghai stock exchange was mixed after China revealed its grown figures. After falling in morning trade, stocks recovered.

China's GDP growth slows in third quarter amid trade spat with US

Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers.

At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise.

Traders said besides sustained demand of the US currency from importers, a lower opening in the domestic equity markets also weighed on the local unit.

The losses in the domestic currency were however limited as the US dollar weakened against some currencies overseas.

On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar.

Forex market remained shut on Thursday on account of "Dussehra".

Meanwhile, on a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed.

The benchmark BSE Sensex fell 408.45 points, or 1.17 per cent, to 34,371.13 in the opening trade.&nbsp;

Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers. At the Interbank Foreign Exchange, the rupee opened lower at 73.

Continuing its slide, the rupee weakened by 3 paise to 73.64 against the US dollar Friday due to increased demand for the American currency from importers. At the Interbank Foreign Exchange, the rupee opened lower at 73.62 and slipped further to 73.64 against the dollar, showing a fall of 3 paise. Traders said besides sustained demand of the US currency from importers, a lower opening in the domestic equity markets also weighed on the local unit. The losses in the domestic currency were however limited as the US dollar weakened against some currencies overseas. On Wednesday, the local currency had ended lower by 13 paise to 73.61 against the US dollar. Forex market remained shut on Thursday on account of "Dussehra". Meanwhile, on a net basis, foreign funds bought shares worth Rs 140.02 crore, while domestic institutional investors sold shares to the tune of Rs 343.11 crore Wednesday, provisional data showed. The benchmark BSE Sensex fell 408.45 points, or 1.17 per cent, to 34,371.13 in the opening trade.

Rupee falls 3 paise to 73.64 against US dollar in early trade

The Reserve Bank of India on Friday eased lending norms related to certain non-banking finance companies (NBFCs) as liquidity concerns in the sector persist and markets continue to question the viability of some of the firms following the IL&amp;FS debacle.

The central bank on Friday said it would allow banks to allocate up to 15 percent of their lending to NBFCs that do not finance infrastructure projects, up from an earlier limit of 10 percent. The move is effective up to Dec. 31, the Reserve Bank of India said in a statement.&nbsp;

The relaxation in lending norms by RBI follows worries over tightening credit lines to NBFCs after a series of defaults at India`s Infrastructure Leasing &amp; Financial Services Ltd (IL&amp;FS), spooked markets and led to a major sell-off in the stocks of many NBFCs.

Earlier this month, the Indian government stepped in to take control of IL&amp;FS saying it feared its collapse would cause "catastrophic" damage to the financial markets and the economy.

This week a loan default by real-estate developer Supertech, based in New Delhi, has further panicked investors, leading to further sell-offs in NBFCs with any potential exposure to real estate.

Shares in Dewan Housing Finance Corp Ltd closed down 10.75 per cent on Friday, while shares in Indiabulls Housing Finance and Edelweiss Financial Services Ltd fell 17.1 per cent and 8.7 per cent respectively.

Indian markets were shut on Thursday, but Friday`s sell-off came on top of prior declines in the stocks on Wednesday.&nbsp;

Supertech`s chairman told a local newspaper on Wednesday that Supertech had overshot its loan service deadline by 15 days to two state-run banks, but he said the firm was still servicing its debt from NBFCs regularly.

This followed an October 10 downgrade of its loan facilities by ratings agency Brickwork Ratings which slashed its 18.66 billion rupees ($253.91 million) of bank loans to junk, citing cashflow mismatches on account of a slowdown in the real estate sector.

"There is lot of fear and uncertainty among investors and any such default news which could lead to a credit loss is creating more uncertainty," said Ajay Manglunia, head of fixed income advisory at Edelweiss Financial Services.&nbsp;

"Clearly this shows that investors don`t have any more appetite for credit losses in the non-bank finance space."

The Reserve Bank of India on Friday eased lending norms related to certain non-banking finance companies (NBFCs) as liquidity concerns in the sector persist and markets continue to question the viability of some of the firms following the IL&FS debacle.

The Reserve Bank of India on Friday eased lending norms related to certain non-banking finance companies (NBFCs) as liquidity concerns in the sector persist and markets continue to question the viability of some of the firms following the IL&FS debacle. The central bank on Friday said it would allow banks to allocate up to 15 percent of their lending to NBFCs that do not finance infrastructure projects, up from an earlier limit of 10 percent. The move is effective up to Dec. 31, the Reserve Bank of India said in a statement. The relaxation in lending norms by RBI follows worries over tightening credit lines to NBFCs after a series of defaults at India`s Infrastructure Leasing & Financial Services Ltd (IL&FS), spooked markets and led to a major sell-off in the stocks of many NBFCs. Earlier this month, the Indian government stepped in to take control of IL&FS saying it feared its collapse would cause "catastrophic" damage to the financial markets and the economy. This week a loan default by real-estate developer Supertech, based in New Delhi, has further panicked investors, leading to further sell-offs in NBFCs with any potential exposure to real estate. Shares in Dewan Housing Finance Corp Ltd closed down 10.75 per cent on Friday, while shares in Indiabulls Housing Finance and Edelweiss Financial Services Ltd fell 17.1 per cent and 8.7 per cent respectively. Indian markets were shut on Thursday, but Friday`s sell-off came on top of prior declines in the stocks on Wednesday. Supertech`s chairman told a local newspaper on Wednesday that Supertech had overshot its loan service deadline by 15 days to two state-run banks, but he said the firm was still servicing its debt from NBFCs regularly. This followed an October 10 downgrade of its loan facilities by ratings agency Brickwork Ratings which slashed its 18.66 billion rupees ($253.91 million) of bank loans to junk, citing cashflow mismatches on account of a slowdown in the real estate sector. "There is lot of fear and uncertainty among investors and any such default news which could lead to a credit loss is creating more uncertainty," said Ajay Manglunia, head of fixed income advisory at Edelweiss Financial Services. "Clearly this shows that investors don`t have any more appetite for credit losses in the non-bank finance space."

RBI eases bank lending limits to some non-banking finance

IL&amp;FS Investment Managers Ltd Friday said non-executive director Vibhav Kapoor on its board has resigned.

"We hereby inform that Vibhav Kapoor, non-executive director of the company has resigned as a member of the board of directors," it said in a regulatory filing.

The company did not give the reason for his resignation.

This is in continuation of a spate of resignations of the board of directors from IL&amp;FS and its group firms ever since the loan defaults started arising nearly a month ago.

Independent directors of IL&amp;FS Financial Services - Renu Challu, Surinder Singh Kohli, Shubhalakshmi Panse and Uday Ved have earlier stepped down.

On October 3, IL&amp;FS Engineering and Construction Company had announced the resignation of its Managing Director Murli Dhar Khattar.

The IL&amp;FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27.

It has over Rs 91,000 crore in debt at the consolidated level.

There are concerns that default by a large NBFC like IL&amp;FS will create liquidity crunch in the financial markets.

The country's largest lender SBI as well as insurance behemoth LIC, who are key shareholders in IL&amp;FS, have come to the rescue of the debt-ridden IL&amp;FS group to avoid the contagion effect that may arise if the group collapses.

SBI (with 6.42 per cent stake) earlier this month said that it will buy good assets worth Rs 45,000 crore from IL&amp;FS, while LIC (the largest shareholder at 25.34 per cent) is expected to up its stake further in the company.

Among others shareholders of the IL&amp;FS are Orix Corporation of Japan at 23.54 per cent, The Abu Dhabi Investment Authority 12.56 per cent, HDFC 9.02 per cent, and Central Bank of India 7.67 per cent.

The RBI also had to intervene in the matter and has announced measures to boost capital flow to the NBFC sector.

The regulator came up with further boost for the sector and allowed banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, which can be used to meet liquidity coverage ratio requirements.

The RBI, it is learnt that also met with the large shareholders IL&amp;FS in late September to decide on revival and capital infusion plans for the company.

The government took over the management of IL&amp;FS on October 1, following approval from the National Company Law Tribunal and have appointed six nominees on its board headed by banker Uday Kotak of Kotak Mahindra Bank.

Kotak is the non-executive chairman of the new board and the other five members are former Executive Vice Chairman of Tech Mahindra Vineet Nayyar, former Sebi Chairman G N Bajpai, ICICI Bank Non-Executive Chairperson G C Chaturvedi, and IAS officer Malini Shankar, and retired bureaucrat Nand Kishore.

The IL&amp;FS Financial Services MD&amp;CEO Ramesh C Bawa had resigned from the company on September 22 because of the loan defaults and corporate governance issues followed by resignations from several independent directors.

Kapoor, who was also the non-executive director of IL&amp;FS Financial Services board, had stepped down the same day.&nbsp;

Stock of IL&amp;FS Investment Managers closed 5 per cent down at Rs 7.22 on BSE Friday.&nbsp;

IL&FS Investment Managers Ltd Friday said non-executive director Vibhav Kapoor on its board has resigned. "We hereby inform that Vibhav Kapoor, non-executive director of the company has resigned as a member of the board of directors," it said in a regulatory filing.

IL&FS Investment Managers Ltd Friday said non-executive director Vibhav Kapoor on its board has resigned. "We hereby inform that Vibhav Kapoor, non-executive director of the company has resigned as a member of the board of directors," it said in a regulatory filing. The company did not give the reason for his resignation. This is in continuation of a spate of resignations of the board of directors from IL&FS and its group firms ever since the loan defaults started arising nearly a month ago. Independent directors of IL&FS Financial Services - Renu Challu, Surinder Singh Kohli, Shubhalakshmi Panse and Uday Ved have earlier stepped down. On October 3, IL&FS Engineering and Construction Company had announced the resignation of its Managing Director Murli Dhar Khattar. The IL&FS group is facing serious liquidity crisis and has defaulted on interest payment on various debt repayments since August 27. It has over Rs 91,000 crore in debt at the consolidated level. There are concerns that default by a large NBFC like IL&FS will create liquidity crunch in the financial markets. The country's largest lender SBI as well as insurance behemoth LIC, who are key shareholders in IL&FS, have come to the rescue of the debt-ridden IL&FS group to avoid the contagion effect that may arise if the group collapses. SBI (with 6.42 per cent stake) earlier this month said that it will buy good assets worth Rs 45,000 crore from IL&FS, while LIC (the largest shareholder at 25.34 per cent) is expected to up its stake further in the company. Among others shareholders of the IL&FS are Orix Corporation of Japan at 23.54 per cent, The Abu Dhabi Investment Authority 12.56 per cent, HDFC 9.02 per cent, and Central Bank of India 7.67 per cent. The RBI also had to intervene in the matter and has announced measures to boost capital flow to the NBFC sector. The regulator came up with further boost for the sector and allowed banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, which can be used to meet liquidity coverage ratio requirements. The RBI, it is learnt that also met with the large shareholders IL&FS in late September to decide on revival and capital infusion plans for the company. The government took over the management of IL&FS on October 1, following approval from the National Company Law Tribunal and have appointed six nominees on its board headed by banker Uday Kotak of Kotak Mahindra Bank. Kotak is the non-executive chairman of the new board and the other five members are former Executive Vice Chairman of Tech Mahindra Vineet Nayyar, former Sebi Chairman G N Bajpai, ICICI Bank Non-Executive Chairperson G C Chaturvedi, and IAS officer Malini Shankar, and retired bureaucrat Nand Kishore. The IL&FS Financial Services MD&CEO Ramesh C Bawa had resigned from the company on September 22 because of the loan defaults and corporate governance issues followed by resignations from several independent directors. Kapoor, who was also the non-executive director of IL&FS Financial Services board, had stepped down the same day. Stock of IL&FS Investment Managers closed 5 per cent down at Rs 7.22 on BSE Friday.

IL&FS Investment Managers non-executive director resigns from board

Market benchmark BSE Sensex plunged by 464 points or 1.33 per cent to close at 34,315.63 points due to losses in energy, IT and financial stocks on liquidity worries even as RBI eases norms to improve fund flows.

The broader NSE Nifty too fell around 150 points to crack below the 10,400-mark as 30 of its constituents declined. The 50-share NSE Nifty plunged 149.50 points, or 1.43 per cent, to end at 10,303.55.

Index major Reliance Industries plunged around 7 per cent in day trade despite record earnings in the second quarter. The stock later closed down by 4.11 per cent on BSE on concerns about decline in its gross refining margins.

It earned US $9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of US $12 per barrel. The GRM was also lower than USD 10.5 per barrel earning in the first quarter.

Housing finance major HDFC declined 4.32 per cent on liquidity concerns even as the RBI announced steps to improve fund flows to NBFCs.&nbsp;

The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, to be used to meet liquidity coverage ratio requirements. It also increased single borrower exposure limit to non-infra NBFCs to 15 per cent from 10 per cent.

"Markets were volatile on concerns of slowing world economy due to lingering trade wars between the US &amp; China. The FOMC minutes released on Wednesday, indicated that US policymakers will go-ahead with rate hike as early as December," said Vinod Nair, Head Of Research at Geojit Financial Services.

"RIL reported its quarterly numbers which reflected decline in refining margins. Infosys numbers were good though margins were a disappointment," Sanjeev Zarbade, Vice President Research , Kotak Securities said.

Yes Bank was the worst performer in the Sensex pack, losing a whopping 6.06 per cent, after the RBI refused to grant more time to its long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019.

Indiabulls Housing Finance, Dewan Housing Finance, IL&amp;FS Engineering and Construction dropped up to 16.55 per cent.

IT stocks declined due to concerns over tightening H1-B visa norms. Infosys dropped 3.11 per cent and TCS by close to 1 per cent. Mindtree plunged by over 16 per cent as it highlighted "some challenges in the global business environment".

Stocks of automakers too faced the heat on fears of lower sale this festive season due to prevailing lower liquidity from NBFCs.

Other laggards were HDFC Ltd 4.32 per cent, Hero MotoCorp 3.70 per cent, Infosys 3.11 per cent, Tata Motors 2.46 per cent, M&amp;M 2.44 per cent, Axis Bank 2.16 per cent, Maruti Suzuki 1.72 per cent, IndusInd Bank 1.70 per cent, Bajaj Auto 1.49 per cent, Asian Paint 1.45 per cent, ONGC 1.26 per cent,

Coal India 1.23 per cent, NTPC 0.55 per cent, TCS 0.55 per cent, HDFC Bank 0.46 per cent, Bharti Airtel 0.43 per cent, Wipro 0.29 per cent, L&amp;T 0.26 per cent, Tata Steel 0.19 per, PowerGrid 0.16 per cet and SBI 0.11 per cent.

Among the winners, Sun Pharma was the top performer, climbing 2.52 per cent, followed by Kotak Bank 1.74 per cent.

Vedanta Ltd also rose 1.51 per cent, Adani Ports 1.18 per cent, ITC Ltd 0.73 per cent and ICICI Bank 0.06 per cent.

Sector-wise, the BSE IT emerged worst performer by crashing 2.60 per cent, followed by teck (2.41 per cent), Auto 1.42 per cent, oil&amp;gas (0.76 per cent), infrastrucgure 0.75 per cent, consumer durables (0.68 per cent), capital goods (0.64 per cent), healthcare (0.62 per cent), power (0.54 per cent), realty (0.45 per cent), bankex (0.43 per cent) and PSU (0.16 per cent).

In the broader markets, the small-cap index fell 1.72 per cent and the mid-cap gauge shed 0.22 per cent.

The benchmark indices closed with losses for the week. The Sensex lost 417.95 points, while the NSE Nifty fell 168.95 points, during the period.

Cues from other Asian markets were mixed with early losses were erased as China shares rebounded in afternoon trade after government statements sought to bolster market confidence.

China's banking and insurance regulator also said on Friday that it may allow bank wealth management subsidiaries to invest directly in stocks.&nbsp;

Elsewhere in Asia, Japan's Nikkei fell 0.56 per cent, Hong Kong's Hang Seng shed 0.38 per cent, while Taiwandown 0.46 per cent. Shanghai Com;posiote Index, rebounded to end 2.58 per cent higher.

European markets turned negative after a higher opening. Key indices such as Frankfurt's DAX was down 0.44 per cent and Paris CAC 40 too shed 0.80 per cent. London's FTSE moved down 0.08 per cent in late morning deals.

Market benchmark BSE Sensex plunged by 464 points or 1.33 per cent to close at 34,315.63 points due to losses in energy, IT and financial stocks on liquidity worries even as RBI eases norms to improve fund flows.

Market benchmark BSE Sensex plunged by 464 points or 1.33 per cent to close at 34,315.63 points due to losses in energy, IT and financial stocks on liquidity worries even as RBI eases norms to improve fund flows. The broader NSE Nifty too fell around 150 points to crack below the 10,400-mark as 30 of its constituents declined. The 50-share NSE Nifty plunged 149.50 points, or 1.43 per cent, to end at 10,303.55. Index major Reliance Industries plunged around 7 per cent in day trade despite record earnings in the second quarter. The stock later closed down by 4.11 per cent on BSE on concerns about decline in its gross refining margins. It earned US $9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of US $12 per barrel. The GRM was also lower than USD 10.5 per barrel earning in the first quarter. Housing finance major HDFC declined 4.32 per cent on liquidity concerns even as the RBI announced steps to improve fund flows to NBFCs. The RBI permitted banks to use government securities equal to their incremental outstanding credit to NBFCs, over and above their outstanding credit to them as on October 19, to be used to meet liquidity coverage ratio requirements. It also increased single borrower exposure limit to non-infra NBFCs to 15 per cent from 10 per cent. "Markets were volatile on concerns of slowing world economy due to lingering trade wars between the US & China. The FOMC minutes released on Wednesday, indicated that US policymakers will go-ahead with rate hike as early as December," said Vinod Nair, Head Of Research at Geojit Financial Services. "RIL reported its quarterly numbers which reflected decline in refining margins. Infosys numbers were good though margins were a disappointment," Sanjeev Zarbade, Vice President Research , Kotak Securities said. Yes Bank was the worst performer in the Sensex pack, losing a whopping 6.06 per cent, after the RBI refused to grant more time to its long serving CEO and MD Rana Kapoor and asked the private sector lender to appoint his successor latest by February 1, 2019. Indiabulls Housing Finance, Dewan Housing Finance, IL&FS Engineering and Construction dropped up to 16.55 per cent. IT stocks declined due to concerns over tightening H1-B visa norms. Infosys dropped 3.11 per cent and TCS by close to 1 per cent. Mindtree plunged by over 16 per cent as it highlighted "some challenges in the global business environment". Stocks of automakers too faced the heat on fears of lower sale this festive season due to prevailing lower liquidity from NBFCs. Other laggards were HDFC Ltd 4.32 per cent, Hero MotoCorp 3.70 per cent, Infosys 3.11 per cent, Tata Motors 2.46 per cent, M&M 2.44 per cent, Axis Bank 2.16 per cent, Maruti Suzuki 1.72 per cent, IndusInd Bank 1.70 per cent, Bajaj Auto 1.49 per cent, Asian Paint 1.45 per cent, ONGC 1.26 per cent, Coal India 1.23 per cent, NTPC 0.55 per cent, TCS 0.55 per cent, HDFC Bank 0.46 per cent, Bharti Airtel 0.43 per cent, Wipro 0.29 per cent, L&T 0.26 per cent, Tata Steel 0.19 per, PowerGrid 0.16 per cet and SBI 0.11 per cent. Among the winners, Sun Pharma was the top performer, climbing 2.52 per cent, followed by Kotak Bank 1.74 per cent. Vedanta Ltd also rose 1.51 per cent, Adani Ports 1.18 per cent, ITC Ltd 0.73 per cent and ICICI Bank 0.06 per cent. Sector-wise, the BSE IT emerged worst performer by crashing 2.60 per cent, followed by teck (2.41 per cent), Auto 1.42 per cent, oil&gas (0.76 per cent), infrastrucgure 0.75 per cent, consumer durables (0.68 per cent), capital goods (0.64 per cent), healthcare (0.62 per cent), power (0.54 per cent), realty (0.45 per cent), bankex (0.43 per cent) and PSU (0.16 per cent). In the broader markets, the small-cap index fell 1.72 per cent and the mid-cap gauge shed 0.22 per cent. The benchmark indices closed with losses for the week. The Sensex lost 417.95 points, while the NSE Nifty fell 168.95 points, during the period. Cues from other Asian markets were mixed with early losses were erased as China shares rebounded in afternoon trade after government statements sought to bolster market confidence. China's banking and insurance regulator also said on Friday that it may allow bank wealth management subsidiaries to invest directly in stocks. Elsewhere in Asia, Japan's Nikkei fell 0.56 per cent, Hong Kong's Hang Seng shed 0.38 per cent, while Taiwandown 0.46 per cent. Shanghai Com;posiote Index, rebounded to end 2.58 per cent higher. European markets turned negative after a higher opening. Key indices such as Frankfurt's DAX was down 0.44 per cent and Paris CAC 40 too shed 0.80 per cent. London's FTSE moved down 0.08 per cent in late morning deals.

Stocks drop more than 1.3% on liquidity, margins concerns; RIL, HDFC drag indices

The benchmark BSE Sensex sank nearly 500&nbsp;points in early trade Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets.

The broader NSE NIfty dipped below the 10,400-mark as 32 of its constituents led by Indiabulls Housing Finance dropped. The NSE Nifty index fell 80.85 points, or 0.77 per cent, at 10,372.30.

The BSE 30-share barometer dropped 408.45 points, or 1.17 per cent, to 34,371.13 in early trade.

IT, tech, auto, oil&amp;gas and bank&nbsp;were trading in the negative zone, down up to 2.40 per cent.

The gauge had lost 382.90 points in the previous session on Wednesday.

Index heavyweight Reliance Industries dropped more than 7&nbsp;per cent despite better-than-expected earnings posted by the company on Wednesday. RIL reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period.

Similarly, shares of IT firm Mindtree dipped 18 per cent as the company's September quarter earnings failed to cheer investors.

Other laggards were Yes Bank, Infosys, Hero MotoCorp, Infosys, M&amp;M, Tata Motors, Wipro, Bajaj Auto, HUL, Coal India, L&amp;T and HDFC Bank, falling up to 3.57 per cent.

Sentiments also dampened after Chinese shares extended and the yuan touched its weakest level in almost two years.

Chinese stocks plunged 2.94 per cent, Japan's Nikkei shed 1.17 per cent, Hong Kong's Hang Seng shed 0.26 per cent following overnight losses at the Wall Street due to interest rate hike concerns and impact of tariffs.

The US Dow Jones Industrial Average ended 1.273 per cent down Wednesday.&nbsp;

Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares to the tune of Rs 343.11 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 140.02 crore on Wednesday, provisional data showed.&nbsp;

Markets remained closed on Thursday on account of "Dussehra".&nbsp;

The benchmark BSE Sensex sank nearly 500 points in early trade Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets.

The benchmark BSE Sensex sank nearly 500 points in early trade Friday on heavy selling in IT, energy and banking stocks triggered by weak trends in global markets. The broader NSE NIfty dipped below the 10,400-mark as 32 of its constituents led by Indiabulls Housing Finance dropped. The NSE Nifty index fell 80.85 points, or 0.77 per cent, at 10,372.30. The BSE 30-share barometer dropped 408.45 points, or 1.17 per cent, to 34,371.13 in early trade. IT, tech, auto, oil&gas and bank were trading in the negative zone, down up to 2.40 per cent. The gauge had lost 382.90 points in the previous session on Wednesday. Index heavyweight Reliance Industries dropped more than 7 per cent despite better-than-expected earnings posted by the company on Wednesday. RIL reported its highest ever quarterly net profit of Rs 9,516 crore, a 17.4 per cent rise year-on-year, for the July-September period. Similarly, shares of IT firm Mindtree dipped 18 per cent as the company's September quarter earnings failed to cheer investors. Other laggards were Yes Bank, Infosys, Hero MotoCorp, Infosys, M&M, Tata Motors, Wipro, Bajaj Auto, HUL, Coal India, L&T and HDFC Bank, falling up to 3.57 per cent. Sentiments also dampened after Chinese shares extended and the yuan touched its weakest level in almost two years. Chinese stocks plunged 2.94 per cent, Japan's Nikkei shed 1.17 per cent, Hong Kong's Hang Seng shed 0.26 per cent following overnight losses at the Wall Street due to interest rate hike concerns and impact of tariffs. The US Dow Jones Industrial Average ended 1.273 per cent down Wednesday. Meanwhile, on a net basis, domestic institutional investors (DIIs) sold shares to the tune of Rs 343.11 crore, while foreign portfolio investors (FPIs) bought shares worth Rs 140.02 crore on Wednesday, provisional data showed. Markets remained closed on Thursday on account of "Dussehra".

Sensex slides 500 points on global sell-off; Nifty below 10,400

The Government will not push for re-verification of mobile service customers and it will be done only if a customer opts to replace Aadhaar records with any alternate identity or address proof, the Department of Telecom (DoT) and Unique Identity Authority of India said in a joint statement Thursday.

The joint statement said, the Supreme Court has prohibited the&nbsp;issue of new SIM cards through Aadhaar eKYC authentication process and there is no direction to deactivate the old mobile phones.

"Hon'ble Supreme Court in its judgement in Aadhaar case has nowhere directed that the mobile number which has been issued through Aadhaar eKYC has to be disconnected. Therefore, there is absolutely no reason for panic or fear at all," the joint statement by the two government bodies said.

According to PTI, there are speculations that subscribers enrolled through Aadhaar-based authentication process may have to provide fresh documents to complete their Know Your Customer (KYC) process again, as a Supreme Court judgement has restricted the use of Aadhaar-based verification by private entities.

The Unique Identification Authority of India (UIDAI) had given time till October 15, to telecom operators for complying with the apex court order and asked them to close Aadhaar-based verification for their services, the report added.

"in the light of the verdict, if anybody wishes to get her or his Aadhaar eKYC replaced by the fresh KYC, she or he may request the service provider for de-linking of their Aadhaar by submitting fresh OVDs (official valid documents) as per earlier DOT circulars on mobile KYC. But in any case, his mobile number will not be disconnected," the statement said.

It further noted that the Court has not asked to delete all the eKYC data of telecom customers after six months but has asked that UIDAI should not keep authentication log for more than six months.

"The restriction is on UIDAI and not on the telecom companies. Therefore there is no need for telecom companies to delete authentication logs," the statement said.

The Government will not push for re-verification of mobile service customers and it will be done only if a customer opts to replace Aadhaar records with any alternate identity or address proof, the Department of Telecom (DoT) and Unique Identity Authority of India said in a joint statement Thursday.

The Government will not push for re-verification of mobile service customers and it will be done only if a customer opts to replace Aadhaar records with any alternate identity or address proof, the Department of Telecom (DoT) and Unique Identity Authority of India said in a joint statement Thursday. The joint statement said, the Supreme Court has prohibited the issue of new SIM cards through Aadhaar eKYC authentication process and there is no direction to deactivate the old mobile phones. "Hon'ble Supreme Court in its judgement in Aadhaar case has nowhere directed that the mobile number which has been issued through Aadhaar eKYC has to be disconnected. Therefore, there is absolutely no reason for panic or fear at all," the joint statement by the two government bodies said. According to PTI, there are speculations that subscribers enrolled through Aadhaar-based authentication process may have to provide fresh documents to complete their Know Your Customer (KYC) process again, as a Supreme Court judgement has restricted the use of Aadhaar-based verification by private entities. The Unique Identification Authority of India (UIDAI) had given time till October 15, to telecom operators for complying with the apex court order and asked them to close Aadhaar-based verification for their services, the report added. "in the light of the verdict, if anybody wishes to get her or his Aadhaar eKYC replaced by the fresh KYC, she or he may request the service provider for de-linking of their Aadhaar by submitting fresh OVDs (official valid documents) as per earlier DOT circulars on mobile KYC. But in any case, his mobile number will not be disconnected," the statement said. It further noted that the Court has not asked to delete all the eKYC data of telecom customers after six months but has asked that UIDAI should not keep authentication log for more than six months. "The restriction is on UIDAI and not on the telecom companies. Therefore there is no need for telecom companies to delete authentication logs," the statement said.

Govt, UIDAI say re-verification of KYC voluntary post-Supreme Court verdict on Aadhaar

Several public funds that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant <a href="http://www.wionews.com/world/as-facebook-ceo-you-dont-know-some-key-facts-us-lawmaker-to-mark-zuckerberg-129951">mishandled several high-profile scandals</a>.

State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which bought it to the table in June.

The proposal, set to be voted on at the company's annual shareholder meeting in May 2019, is asking Facebook's board to make the role of board chair an independent position.

Facebook did not immediately respond to a request for comment.

"Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that's why we're demanding independence and accountability in the company's boardroom," Stringer said.

The proposal said lack of independent board chair and oversight has contributed to Facebook "mishandling" a number of severe controversies, including Russian meddling in U.S. elections and the Cambridge Analytica data leak.

Zuckerberg has about 60 percent voting power, according to a filing in April.

The New York City Pension Funds owned about 4.5 million Facebook shares as of July 31.

The Pennsylvania Treasury holds 38,737 shares of the company, according to a spokeswoman. Trillium holds 53,000 shares.

Shares held by the Treasurers of Illinois and Rhode Island were not immediately available.

Several public funds that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant mishandled several high-profile scandals.

Several public funds that hold shares in Facebook Inc on Wednesday backed a proposal to remove Chief Executive Officer Mark Zuckerberg as chairman, saying the social media giant mishandled several high-profile scandals. State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. They joined hedge fund Trillium Asset Management, which bought it to the table in June. The proposal, set to be voted on at the company's annual shareholder meeting in May 2019, is asking Facebook's board to make the role of board chair an independent position. Facebook did not immediately respond to a request for comment. "Facebook plays an outsized role in our society and our economy. They have a social and financial responsibility to be transparent – that's why we're demanding independence and accountability in the company's boardroom," Stringer said. The proposal said lack of independent board chair and oversight has contributed to Facebook "mishandling" a number of severe controversies, including Russian meddling in U.S. elections and the Cambridge Analytica data leak. Zuckerberg has about 60 percent voting power, according to a filing in April. The New York City Pension Funds owned about 4.5 million Facebook shares as of July 31. The Pennsylvania Treasury holds 38,737 shares of the company, according to a spokeswoman. Trillium holds 53,000 shares. Shares held by the Treasurers of Illinois and Rhode Island were not immediately available.

Facebook shareholders back proposal to remove Zuckerberg as chairman

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.

The oil-to-telecom conglomerate also announced an acquisition of majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore to bring under its fold 27,000 local cable operators who would help strengthen its rollout of fibre-based broadband service to households for offering ultra high definition entertainment on large screen TVs.

Its consolidated net profit of Rs 9,516 crore, or Rs 16.1 per share, in the second quarter of current fiscal, was 17.4 per cent higher than Rs 8,109 crore, or Rs 13.7 a share, in the same period of the previous financial year, the company said in a statement.

Revenue jumped 54.5 per cent to Rs 1,56,291 crore.

Its retail business, which comprises of 9,146 stores across 5,800-plus towns and cities, saw pre-tax business profit jump 213 per cent to Rs 1,392 crore on the back of more than doubling of revenues to Rs 32,436 crore.

Reliance Jio, the group's telecom arm, posted a standalone net profit of Rs 681 crore, which was 11.3 per cent more than the previous quarter as subscriber base swelled to 252.3 million.

It had a pre-tax loss of Rs 271 crore in the second quarter of 2017-18.

The petrochemical business saw pre-tax profits jump by 63.7 per cent to Rs 8,120 crore after the company stabilised operations of a new refinery off-gas cracker and other downstream units.

The operator of world's largest oil refining complex saw pre-tax earnings from the business decline for the second quarter in a row. It fell 19.6 per cent to Rs 5,322 crore as margins dipped. In the first quarter the pre-tax earnings had fallen 16.8 per cent.

It earned US $9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of US $12 per barrel. The GRM was also lower than US $10.5 per barrel earning in first quarter.

This it attributed to significantly higher crude price (up 47 per cent over last year) and tight product cracks.

The pre-tax loss of oil and gas business widened to Rs 480 crore from Rs 272 crore in the second quarter of 2017-18 due to the continued decline in production.

With telecom continuing to drain investments, Reliance said its outstanding debt rose to Rs 2,58,701 crore as on September 30 as compared to Rs 2,42,116 crore on June 30 and Rs 2,18,763 crore on March 31.

Cash in hand was marginally declined to Rs 76,740 crore, from Rs 79,492 crore in the previous quarter.

Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd, said: "Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on a year-on-year basis."

"Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets," he said. "Our world-class petrochemicals assets contributed to record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality."

Stating that the group's consumer-facing businesses were gathering momentum, he said the performance of both retail and Jio reflect the benefits of scale, technology and operational efficiencies.

"Retail business EBITDA has grown three-fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world," he said.

Net subscriber addition for Jio was 37 million in July-September, as against 28.7 million in the previous quarter.

The Average Revenue per User (ARPU), however, declined to Rs 131.7 per subscriber per month from Rs 134.5 in April-June.

RIL said it will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in DEN".

Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.34 per cent stake in Hathway.

RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway, the statement said.

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins.

Reliance Industries Wednesday reported its highest ever quarterly net profit in July-September as record earnings from petrochemical business and bumper earnings from retail business and telecom arm made up for a decline in refinery margins. The oil-to-telecom conglomerate also announced an acquisition of majority stakes in Den Networks Ltd and Hathway Cable and Datacom Ltd for Rs 5,230 crore to bring under its fold 27,000 local cable operators who would help strengthen its rollout of fibre-based broadband service to households for offering ultra high definition entertainment on large screen TVs. Its consolidated net profit of Rs 9,516 crore, or Rs 16.1 per share, in the second quarter of current fiscal, was 17.4 per cent higher than Rs 8,109 crore, or Rs 13.7 a share, in the same period of the previous financial year, the company said in a statement. Revenue jumped 54.5 per cent to Rs 1,56,291 crore. Its retail business, which comprises of 9,146 stores across 5,800-plus towns and cities, saw pre-tax business profit jump 213 per cent to Rs 1,392 crore on the back of more than doubling of revenues to Rs 32,436 crore. Reliance Jio, the group's telecom arm, posted a standalone net profit of Rs 681 crore, which was 11.3 per cent more than the previous quarter as subscriber base swelled to 252.3 million. It had a pre-tax loss of Rs 271 crore in the second quarter of 2017-18. The petrochemical business saw pre-tax profits jump by 63.7 per cent to Rs 8,120 crore after the company stabilised operations of a new refinery off-gas cracker and other downstream units. The operator of world's largest oil refining complex saw pre-tax earnings from the business decline for the second quarter in a row. It fell 19.6 per cent to Rs 5,322 crore as margins dipped. In the first quarter the pre-tax earnings had fallen 16.8 per cent. It earned US $9.5 on turning every barrel of crude oil into fuel as compared to a gross refining margin of US $12 per barrel. The GRM was also lower than US $10.5 per barrel earning in first quarter. This it attributed to significantly higher crude price (up 47 per cent over last year) and tight product cracks. The pre-tax loss of oil and gas business widened to Rs 480 crore from Rs 272 crore in the second quarter of 2017-18 due to the continued decline in production. With telecom continuing to drain investments, Reliance said its outstanding debt rose to Rs 2,58,701 crore as on September 30 as compared to Rs 2,42,116 crore on June 30 and Rs 2,18,763 crore on March 31. Cash in hand was marginally declined to Rs 76,740 crore, from Rs 79,492 crore in the previous quarter. Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries Ltd, said: "Our company delivered robust operating and financial results for the quarter despite macro headwinds, with strong growth in earnings on a year-on-year basis." "Our integrated refining and petrochemicals business generated strong cash flows in a period of heightened volatility in commodity and currency markets," he said. "Our world-class petrochemicals assets contributed to record earnings; endorsing benefits of diversified feedstock, integration and superior product portfolio. Use of ethane feedstock at Nagothane cracker from this quarter has further enhanced feedstock optionality." Stating that the group's consumer-facing businesses were gathering momentum, he said the performance of both retail and Jio reflect the benefits of scale, technology and operational efficiencies. "Retail business EBITDA has grown three-fold on Y-o-Y basis whereas Reliance Jio EBITDA has grown nearly 2.5 times. Jio has now crossed 250 million subscriber milestone and continues to be the largest mobile data carrier in the world," he said. Net subscriber addition for Jio was 37 million in July-September, as against 28.7 million in the previous quarter. The Average Revenue per User (ARPU), however, declined to Rs 131.7 per subscriber per month from Rs 134.5 in April-June. RIL said it will make a "primary investment of Rs 2,045 crore through a preferential issue under SEBI regulations and secondary purchase of Rs 245 crore from the existing promoters for a 66 per cent stake in DEN". Also, it will make a primary investment of Rs 2,940 crore through a preferential issue for a 51.34 per cent stake in Hathway. RIL would also make open offers to minority shareholders of GTPL Hathway Ltd, a company jointly controlled by Hathway with 37.3 per cent stake, and Hathway Bhawani Cabletel and Datacomm Limited, a subsidiary of Hathway, the statement said.

Reliance posts 17.4% rise in Q2 net profit; to buy stake in Den, Hathway Cable