LIVE updates: Govt launches 24X7 helpline to provide psychological support

Large amount of arms and ammunition were recovered from two terrorists of Babbar Khalsa International (BKI): Delhi Police Special Cell. Stay tuned for Latest LIVE news

2:47 AM

India-China clash: Firing takes place on LAC in eastern Ladakh, says report

An incident of firing took place on the Line of Actual Control (LAC) in Eastern Ladakh sector where troops of India and China have been engaged in a stand-off for over three months, sources said on Tuesday.

 

India recently outflanked China by taking control of strategic height near Pangong lake's southern bank. It thwarted an attempt by the Chinese army to transgress into Indian areas near the southern bank of Pangong Tso near Chushul in Ladakh. Read more

2:46 AM

IT services firms look to change staff mix by hiring more freshers

Information technology (IT) services providers in the country are likely to increase fresher hirings substantially to balance out the percentage of senior employees in their workforce. This is crucial at a time when companies are exploring all avenues to cut costs and address client benefits to scale up demand.

 

The employee pyramid at some of the large Indian IT companies has significantly inverted. Read more

2:41 AM

Rising bond yield could alter risk-reward play, scupper stock market rally

Rising yields on the 10-year government security (G-sec) could be speed-breaker for the current stock market rally, given it would alter the risk-reward equation.

 

In recent weeks, yield on the 10-year G-sec has risen as much as 40 bps to trade above the 6-per cent mark. Read more

2:28 AM

VW CEO says no deal cooking after meeting Elon Musk in Germany

Volkswagen AG CEO Herbert Diess took to LinkedIn on Monday to clarify that there was no deal in the works after he met Tesla CEO Elon Musk last week in Germany.
 

“We just drove the ID.3 and had a chat - there is no deal/cooperation in the making,” he wrote on the social network, posting a selfie with a smiling Musk.
 

The two auto executives met for about two hours on Thursday evening at a small airport in Braunschweig where Musk test-drove VW’s ID.3 electric-car. Diess has praised Musk’s achievements several times in the past.
 

“Thanks for the visit, Elon!” Diess wrote in a separate comment on LinkedIn where he teased Musk for trying to drive the ID.3 like a sports car on the runway. “For this you should try our Porsche Taycan. Looking forward to our next meeting!”
 

2:26 AM

China to launch initiative to set global data-security rules

China is launching an initiative to set global standards on data security, countering US efforts to persuade countries to ringfence their networks from Chinese technology, the Wall Street Journal reported on Monday.
 

Under its "Global Initiative on Data Security," China would call on all countries to handle data security in a "comprehensive, objective and evidence-based manner," the Journal said, citing a draft that it had reviewed.
 

The initiative would urge countries to oppose "mass surveillance against other states" and call on tech companies not to install "backdoors in their products and services to illegally obtain users' data, control or manipulate users’ systems and devices."
 

Chinese Foreign Minister Wang Yi is scheduled to announce the initiative on Tuesday at a seminar in Beijing on global digital governance, the report said.
 

Chinese diplomats have approached a number of foreign governments to seek their support for Beijing's new initiative, according to the report.
 

The administration of US President Donald Trump in recent months has tightened its restrictions on Chinese companies, citing national security concerns.

Washington also rolled out a "Clean Network" initiative to exclude Chinese tech firms perceived as threatening national security.
 

2:24 AM

US FAA investigating manufacturing flaws in Boeing 787 jetliners

The US Federal Aviation Administration said Sunday it is investigating manufacturing flaws involving some Boeing 787 Dreamliners but said it was too early to say if it will require new inspections.
 

Boeing said in August airlines operating its 787 Dreamliners had removed eight jets from service as a result of two distinct manufacturing issues in fuselage sections.
 

The FAA could require inspections covering hundreds of 787 jetliners after production issues at one plant, a person briefed on the matter confirmed. The Wall Street Journal reported the potential inspections earlier, citing an internal government memo and people familiar with the matter.
 

"The agency continues to engage with Boeing," the FAA said Sunday. "It is too early to speculate about the nature or extent of any proposed Airworthiness Directives that might arise from the agency’s investigation."
 

Boeing said Sunday "the rest of the in-service fleet has been determined to meet limit load capability, and we are inspecting production airplanes to ensure any issues are addressed prior to delivery."
 

Boeing said some airplanes have shims that are not the proper size, and some airplanes have areas that do not meet skin flatness specifications.

10:53 PM

India successfully tests hypersonic technology demonstration vehicle

Any contemporary list of cutting-edge military technologies has hypersonic, air-breathing, scramjet vehicles close to the very top. Only three countries — Russia, USA and China — have flown a vehicle in the atmosphere at a hypersonic speed: Six times the speed of sound (Mach 6), or 2 kilometres (km) per second. Read more

9:09 PM

ED arrests Chanda Kochhar's husband in money laundering case

Businessman Deepak Kochhar, husband of former ICICI Bank CEO Chanda Kochhar, has been arrested in a money laundering case, said media reports on Monday.

 

The Enforcement Directorate arrested Deepak Kochhar after an investigation into his dealings with Videocon Industries. “He has been taken into the agency’s custody for custodial interrogation and will be produced tomorrow in the sessions court,” said an ED official. Read more

8:54 PM

Plan to recruit 14,000 staff this year; VRS not cost-cutting exercise: SBI

The State Bank of India (SBI) on Monday said it proposes to recruit 14,000 employees during the current year and its 'on tap VRS' is not a cost-cutting exercise.

 

The country's largest lender has planned a voluntary retirement scheme (VRS) under which about 30,190 employees are eligible. The proposed VRS is not a cost-cutting exercise, an SBI spokesperson said in a statement.

The bank "has been employee friendly and is expanding its operations and requires people, which is evidenced by the fact that Bank has plans of recruiting more than 14,000 employees this year", the statement added.

 

8:44 PM

People should use more electric vehicles to curb pollution: Javadekar

The Centre has upgraded the fuel standard to BS-VI to fight pollution, Union Environment Minister Prakash Javadekar said on Monday and urged people to shift to electric vehicles.

 

Javadekar, while addressing a webinar on the first ever International Day of Clean Air for Blue Skies, said, "We did not have to celebrate blue skies day earlier, but with industrialisation and huge increase in population, number of vehicles, waste and dust, pollution has gone up." He also said that more public transport could lessen pollution.

8:35 PM

Vodafone, Idea converge into Vi in branding exercise amid telecom war

Two of the country's popular telecom brands Vodafone and Idea ceased to exist on Monday after the two names were converged into 'Vi' in a branding exercise, which marked the final lap of the merger between the two companies.
 

"Vodafone Idea came together as a merged entity two years ago. We have, since then, focused on integrating two large networks, our people and processes. Today, I am delighted to present Vi, a unified brand," Ravinder Takkar, managing director and chief executive officer, Vodafone Idea, said in a virtual press conference.

Pronounced as 'we', the new brand, said Piyush Pandey, chief creative officer, worldwide and executive chairman, India, Ogilvy, was an apt 'metaphor' for the merger. Ogilvy is Vodafone Idea's ad agency. It conceptualised and executed the rebranding. Read more

8:24 PM

Oil tanker off Sri Lankar coast reignite, fire-fighting efforts underway

8:08 PM

SBI denies VRS meant to save cost, says it plans to hire 14,000 this year

The State Bank of India (SBI) on Monday said that the 'On Tap VRS' scheme proposed by it had been incorrectly interpreted as a cost-cutting measure and the bank’s intent to reduce workforce.

 

An SBI spokesperson said that bank was employee-friendly, was expanding its operations and required people, as evidenced by the fact that it was planning to recruit more than 14,000 employees this year. Read more

7:56 PM

RBI accepts Kamath committee recommendations on loan restructuring

A week after Finance Minister Nirmala Sitharaman asked banks and non-banking financial companies (NBFCs) to roll out a loan restructuring scheme for companies facing Covid-19-related stress, the Reserve Bank of India (RBI) on Monday announced the financial parameters for the resolution plans under the scheme.

 

The committee has made recommendations for 26 sectors that could be factored by lending institutions while finalizing loan resolution plans. Read more

7:43 PM

National Education Policy lacks roadmap for implementation: Sisodia

Delhi Deputy Chief Minister Manish Sisodia said on Monday the new National Education Policy (NEP) lacks the roadmap for implementation and needs proper planning so that it is not reduced to just a wonderful idea.

 

Sisodia, who also holds the education portfolio, made the comments at the 'Governors' Conference on the Role of NEP in Transforming Higher Education'.

 

"The new national education policy lacks the action plan to implement it. The implementation of this policy should be carefully planned so that it is not limited to just a wonderful idea. It is necessary to put national education policy into practice rather than restricting it to only wishful thinking," he said.

7:29 PM

UK court rejects plea seeking partial reporting ban in Nirav Modi case

A UK judge, presiding over fugitive diamantaire Nirav Modi's extradition case over the estimated USD 2-billion PNB fraud and money laundering charges brought by India, rejected an application seeking a partial reporting ban at the start of a five-day trial here on Monday.

 

District Judge Samuel Goozee dismissed the application after hearing representations in what he called a high profile case in India, including from members of the press present at Westminster Magistrates' Court who stressed the importance of free and fair reporting of the proceedings.

7:17 PM

Banks sanction loans of Rs 1.61 trn to MSMEs under credit guarantee scheme

The Finance Ministry on Monday said banks have sanctioned loans of about Rs 1,61,017 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under the slowdown caused by the coronavirus pandemic.

 

However, disbursements against this stood at Rs 1,13,713 lakh crore till September 3.

 

The scheme is the biggest fiscal component of the Rs 20-lakh crore Aatmanirbhar Bharat Abhiyan package announced by Finance Minister Nirmala Sitharaman in May to mitigate the distress caused by lockdown due to COVID-19 by providing credit to different sectors, especially micro, small and medium enterprises (MSMEs).

7:08 PM

RJP files petition seeking postponement of Bihar Elections

6:55 PM

Govt launches 24X7 toll free helpline to provide psychological support

The Centre on Monday launched a 24X7 toll free mental rehabilitation helpline for providing psychological support to people.

 

The helpline KIRAN' (1800-599-0019) was launched by Union Minister for Social Justice and Empowerment Thaawarchand Gehlot.

 

The helpline will offer mental health rehabilitation services with the objective of early screening, first aid, psychological support, distress management, mental wellbeing, promoting positive behaviour and psychological crisis management, the minister said.

6:43 PM

Rupee skids 21 paise to end at 73.35 against US dollar

The rupee slid 21 paise to settle at 73.35 against the US dollar on Monday, tracking subdued equities and stronger greenback against its key rival currencies.

 

At the interbank forex market, the Indian unit opened at 73.17 and lost further ground as the trade progressed.

 

During the session, the local unit witnessed an intra-day high of 73.03 and a low of 73.44 against the greenback. It finally closed at 73.35, down 21 paise over its previous close.

 

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.15 per cent to 92.85.

 

On the domestic equity market front, the BSE Sensex settled 60.05 points or 0.16 per cent higher at 38,417.23; while the NSE Nifty advanced 21.20 points or 0.19 per cent to close at 11,355.05.

6:31 PM

EAM S Jaishankar holds telephonic talks with Bangladesh counterpart

External Affairs Minister S Jaishankar on Monday held a telephonic conversation with his Bangladeshi counterpart A K Abdul Momen, covering various facets of ties between the two countries.

 

In a tweet, Jaishankar said it was agreed to hold a meeting of the joint consultative committee "very soon".

"Warm conversation with FM Dr. A.K. Abdul Momen of Bangladesh. Agreed to hold our Joint Consultative Commission very soon. Will continue to work closely to reach the ambitious goals set by our leaders," he said.

6:18 PM

Most TMC MPs aged over 65 years likely to skip Parliament session

A majority of TMC MPs above the age of 65 years are likely to skip the upcoming monsoon session of the Parliament to avoid the risk of contracting Covid-19, party sources said.

 

Although there has been no official communication by the party leadership in this regard, the sources said MPs over 65 years of age have been advised not to attend the session. Sudip Bandopadhyay, the 67-year-old Lok Sabha MP from Kolkata Uttar, said he would coordinate from here with his party colleagues in the Lower House.

6:07 PM

Encounter underway at J&K's Budgam

5:57 PM

Happiest Minds IPO subscribed nearly 3 times on first day of issue

The Rs 700-crore initial public offering (IPO) of Happiest Mind Technologies was subscribed nearly three times on Monday, the first day of the issue.

 

Bulk of the bids came from individual investors with the retail investor portion getting subscribed 14.6 times. Qualified investor and wealthy investor portion was subscribed 8 per cent and 62 per cent respectively. Most of the bids for an IPO typically come on the last day of the issue. This was the highest day-one subscription for an IPO this year. Read more

5:43 PM

HomeLane earmarks Rs 100 cr for marketing, to expand to 25 cities by 2021

Home interiors company HomeLane on Monday said it is planning to spend Rs 100 crore for marketing initiatives as it looks to expand its operational footprint to over 25 cities by 2021-end.

 

HomeLane, which raised Rs 60 crore recently from Stride Ventures and others, has also unveiled a new brand identity as part of its overall strategy to steer its business into the next phase of growth. The new brand identity gives HomeLane a sharper brand persona aimed at creating greater relatability with its home-buying customers, a statement said. Read more

5:34 PM

Monthly collections from securitised retail loans up to 50% in June: Crisil

The monthly collection ratio for securitised retail loans like microfinance, commercial vehicles and mortgages have risen to above 50 per cent after falling to near-zero in many pools in April 2020, according to Crisil.

 

The median monthly collection ratio represents all collections excluding prepayments as a percentage of estimated pre-moratorium billing for the month. Collections for pools of microfinance and commercial vehicle loan receivables, which had seen the sharpest drop after the lockdown, clawed back above 50 per cent in June. Read more

5:23 PM

World economy unlikely to attain pre-Covid output level before 2022: Report

With Covid-19 still dominating major developments globally, the world economy is not likely to re-attain pre-pandemic output levels before 2022, says a report.

 

According to Dun & Bradstreet Country Risk and the Global Outlook, "nothing about the pandemic can be classified as over, despite recoveries in activity levels in some economies in Q3, as evident in PMIs (Purchasing Managers Indices), Google Mobility data and monthly economic data".

 

Unemployment will keep rising above the pre-pandemic baseline as government programmes are phased out and cease to protect workers, while the pace of what recovery there is may yet weaken in Q4, said Arun Singh, Global Chief Economist, Dun & Bradstreet.

5:18 PM

Govt launches app to monitor air quality in 122 cities

"Centre changed the fuel standards to BS-VI in a bid to fight against pollution. I use an electric vehicle, urge others too to opt for it, in order to curb air pollution," says Prakash Javadekar on International Day of Clean Air For Blue Skies.

Govt also launched "Sameer app" to monitor the air of 122 cities.

5:09 PM

Rhea Chakraborty files police complaint against Sushant's sister over bogus prescription

Actress Rhea Chakraborty has filed a police complaint against Priyanka Singh, sister of her late boyfriend and actor Sushant Singh Rajput, including others for sharing bogus medical prescription for the late actor. Rhea's lawyer Satish Maneshinde confirmed the news on Monday.

 

"Rhea Chakraborty has filed a police complaint before the Mumbai Police against Priyanka Singh, Dr Tarun Kumar of Ram Manohar Lohia Hospital and others for offences of forgery, NDPS Act and Tele Medicine Practice Guidelines 2020, for having sent a bogus medical prescription depicting SSR as an Out Patient Department person," said lawyer Maneshinde.

5:03 PM

Fire breaks out at a chemical factory in Sikandra area of Agra