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Acquires Cynosure Inc and Cynosure Interface Solutions for $31mn and Rs13cr respectively

To add platform capabilities in the insurance segment which contributes 15% of total business

The Acquisition is expected to close within the next 3 months


Sells Essar Steel loan to Deutsche Bank

Has sold its $385 mn Foreign currency loan extended to Essar Steel

Bank has taken a 38% haircut

Rs 1600 cr is expected earnings to the bank from the deal

Economic Times Reports


To Sell 50% stake in prime Mumbai office assets to Blackstone for $1.3bn

The co is also in discussions to sell its residential and commercial projects in Chennai

To convene shareholder’s meet on 23rd March in regard to the proposed divestment

Mint Reports


Gets Order Worth Rs 230 Cr From NTPC

To perform the pressure part metallurgy upgradation for 3 660MW super critical steam generators

Will help NTPC commission the 3x 660MW plant started 12years


Declared L1 bidder for EPC Project in UP worth Rs 677cr from NHAI

The completion period for the project is 30 months


    32,596.54 409.73   (-1.24 %)

    9,998.05 116.70   (-1.15 %)
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Taking stock of bad debt

News In Brief


    Kurdish militant PKK group withdrawing from Iraq's Sinjar: Firat news agency

    Ankara: Kurdish militant PKK group is withdrawing from Iraq’s Sinjar, the Firat news agency, which is close to the PKK, said on Friday, citing a statement by the KCK umbrella group, after Turkey threatened military action there. 

    “Guerrilla forces intervened in Sinjar in order to rescue the Yazidis from genocide. With the confidence of reaching this goal, guerrillas are withdrawing from Sinjar,” KCK said in a statement on Friday, the Firat news agency reported. KCK is an umbrella group that includes the PKK (Kurdistan Workers’ Party), PYD (Democratic Union Party), PJAK (Kurdistan Free Life Party), and PCDK (Kurdistan Democratic Solution Party).


    Deadline for US tariff exemption talks not realistic: EU's Juncker

    Brussels: European Commission President Jean-Claude Juncker said he did not think talks with the United States on an exemption from tariffs on steel and aluminum could be concluded by May. 

    “The United States are expecting us to conclude the negotiations, we will engage in the next coming days, until May 1, it doesn’t seem to me that this date is a very realistic one given the broad issues we have to discuss with the United States,” Juncker told a news conference after a meeting of the EU’s 28 leaders. “And so we will advocate a system where these exemptions in the European Union will be permanent, and not only temporary.”


    WTO chief warns trade barriers will 'jeopardise global economy'

    Geneva: The World Trade Organization chief warned states today that creating barriers to international trade would "jeopardise the global economy," after Washington slapped steep tariffs on Chinese imports, heightening fears of a trade war.

    "Disrupting trade flows will jeopardise the global economy at a time when economic recovery, though fragile, has been increasingly evident around the world," WTO Director-General Roberto Azevedo said in a statement, calling for "restraint and urgent dialogue".


    EU must cooperate with Turkey: Tusk

    Brussels: Turkey and the European Union must cooperate in areas of common interest, European Council President Donald Tusk said on Friday. 

    “We need to find a way to talk to each other openly and cooperate in areas of common interest,” Tusk told reporters.


    Fed's Bostic says need to wait before reacting to trade policy

    Knoxville, Tenn.: While protectionism and trade tariffs are bad for economic growth, actual U.S. policies put in place so far have not been as extensive as initially thought, limiting their negative impact, a Federal Reserve policymaker said Friday. 

    “One of the things I’ve tried to do, I’m learning to do this more and more, is wait,” Atlanta Federal Reserve Bank President Raphael Bostic said at the Knoxville Economic Forum. “Don’t react to the first sound of a policy but actually wait to see what policy actually gets put in place.” Steel and aluminum tariffs imposed by the Trump administration are being applied to a much smaller group of countries than when they were first announced, he noted.


    TRS bags 3 seats in RS poll

    New Delhi: TRS candidates B Prakash, B Lingaiah Yadav and J Santosh Kumar were elected to the Rajya Sabha from Telangana.


    US dollar ends cheaper against rupee

    Mumbai: The US dollar ended cheaper against the rupee at 65.01/02 and the pound sterling also finished lower at 91.76/78 at the close of the Interbank Foreign Exchange (forex) market here today.

    Following are the Interbank forex and RBI rates :(In Rs per unit) Unit Interbank RBI Reference US Dollar 65.01/02 US Dollar Rs. 65.1333 Pound Sterling 91.76/78 Euro Rs. 80.3354 Euro 80.21/23 Japanese yen(100) 61.91/93.


    Nike, Facebook lead Wall Street higher at the open

    Bengaluru: Wall Street’s main indexes opened higher on Friday, helped by gains in Nike (NKE.N) and Facebook (FB.O), after steep losses a day earlier on fears of a global trade war after the United States slapped tariffs on Chinese imports. 

    The Dow Jones Industrial Average .DJI rose 92.38 points, or 0.39 percent, to 24,050.27. The S&P 500 .SPX gained 7.43 points, or 0.281047 percent, to 2,651.12. The Nasdaq Composite .IXIC added 11.61 points, or 0.16 percent, to 7,178.28.


    Britain urges Israel to improve treatment of detained Palestinian children

    London: Britain called on Israel to improve the treatment of Palestinian children in military detention on Friday and said Israel should do more to safeguard vulnerable people in its care. 

    The Foreign Office issued a statement in the wake of the sentencing of Palestinian teenage girl Ahed Tamimi, who was arrested after kicking and slapping an Israeli soldier in the occupied West Bank in December. Tamimi, who was 16 at the time of the incident, accepted a plea deal this week under which she will be sentenced to eight months in prison, her lawyer said.


    One killed in southern France supermarket hostage taking: Depeche du Midi newspaper

    Paris: At least one person has been killed during a hostage situation in a southern France supermarket - Depeche du Midi newspaper reported on Friday.


    Turkey opens airspace to northern Iraq on Friday: Prime minister

    Ankara: Turkey will open its airspace to flights from northern Iraq’s Erbil as of Friday, Prime Minister Binali Yildirim said, adding that flights from Sulaimaniya were not included in the plan. 

    In October last year, Turkey closed its airspace to flights to and from Iraq’s semi-autonomous Kurdish region, in response to an independence referendum.


    Voting for RS election in Jharkhand Voting for RS election underway in Jharkhand

    Ranchi: Voting for two Rajya Sabha seats from Jharkhand, for which two candidates of BJP and one of Congress are in the fray, is being held today in the Assembly premises.

    The BJP has fielded Sameer Uranv and Pradeep Kumar Sonthalia, while the Congress has nominated Dheeraj Sahu. In the house of 80 members, the ruling BJP has 43 MLAs and its ally AJSU 4. Opposition Congress has 7 members, JMM 18, JVM(P) 2, BSP 1, MCC 1, CPIML(L) 1 and Independents 3.


    Man holds hostages in French supermarket, claims allegiance to Islamic State: BFM TV

    Paris: A man holding hostages in a supermarket in southwestern France has claimed allegiance to Islamic State, BFM TV said. 

    Europe 1 radio also said an individual was holding hostages in the supermarket. Earlier, France’s Interior Ministry had said security officials were carrying out an operation at a supermarket in town of Trebes in southern France, but gave no details.


    EU confirms its Moscow envoy has been recalled

    Brussels: The European Union confirmed on Friday it has recalled its envoy to Moscow, a symbolic retaliation by all 28 member states of the bloc after they joined Britain in blaming Russia for the Salisbury spy poisoning. 

    The bloc’s foreign service also said in a statement that the ambassador, Markus Ederer, was expected in Brussels over the weekend for consultations.


    Ukraine plans to buy helicopters from France: Foreign ministers

    Kiev: Ukraine will sign an agreement on Friday to buy helicopters from France, the French and Ukrainian foreign ministers Jean-Yves Le Drian and Pavlo Klimkin said during a joint briefing in Kiev.

    Le Drian will sign the deal with the Ukrainian Interior Ministry later on Friday, Klimkin said.


    French police carrying out operation in southern France

    Paris: French Interior Ministry said on twitter on Friday that security officials were carrying out an operation at a supermarket in town of Trebes in southern France, but gave no further details on media reports that a hostage situation was ongoing.


    Britain refuses permission for new coal mine in northeast England

    London: The British government has refused to allow a new open cast coal mine to be built in northeastern England, the minister for local government said on Friday. 

    Northumberland County Council agreed last year that developer The Banks Group could extract 3 million tonnes of coal by cutting an open cast, or surface mine, near Druridge Bay, Highthorn.However, minister Sajid Javid rejected the application on Friday following a public inquiry, government documents show.


    May welcomes EU's offer for Brexit transition

    Brussels: British Prime Minister Theresa May welcomed a move by the European Union on Friday to sign off on a transition agreement for Brexit, and called for a “new dynamic” in the negotiations over future ties. 

    May told reporters before leaving a two-day summit in Brussels that she believed the transition provided certainty for businesses and citizens and that an agreement on the future relationship with the EU should benefit both sides.


    US launches WTO complaint against China's IP policies

    Geneva: The United States launched a complaint against China at the World Trade Organization on Friday, part of a package of trade measures announced by President Donald Trump on Thursday over China’s alleged theft of U.S. intellectual property. 

    “China appears to be breaking WTO rules by denying foreign patent holders, including U.S. companies, basic patent rights to stop a Chinese entity from using the technology after a licensing contract ends,” a U.S. statement said. “China also appears to be breaking WTO rules by imposing mandatory adverse contract terms that discriminate against and are less favourable for imported foreign technology.”


    Twenty-First Century Fox replaces Bank of America in Sky lending syndicate

    London: Rupert Murdoch’s Twenty-First Century Fox has changed the group of banks lined up to help finance its proposed takeover of European pay-TV company Sky, replacing Bank of America with Citibank. 

    The company said on Friday it requested the change because Merrill Lynch, part of Bank of America, is an advisor to U.S. cable company Comcast, which has gatecrashed Fox’s agreed offer for Sky with a rival $31 billion bid.


    Syrian rebels Failaq al-Rahman says will talk to Russians on Friday: al-Hadath

    Beirut: Members of Syrian rebel group Failaq al-Rahman will meet Russian negotiators on Friday to negotiate an “end to human suffering” in the eastern Ghouta enclave they control, the group’s spokesman told al-Hadath television channel in a phone call. 

    When asked by the interviewer if the negotiations would involve the rebels withdrawing from their enclave, Istanbul-based spokesman Wael Alwan said he could not comment on what would be discussed but “today is a session to find a solution to end this human suffering, whatever the cost”.


    RBI sets rupee reference rate at 65.1333 against US dollar

    Mumbai: The Reserve Bank of India today fixed the reference rate of the rupee at 65.1333 against the US dollar and 80.3354 for the euro.

    The corresponding rates were 65.0622 and 80.3713 yesterday. The according to an RBI statement, the exchange rates for the pound and the yen against the rupee were 91.9552 and 62.13 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee figure will be based on this rate, the statement added.


    Russia says ready to work with new White House security advisor

    Moscow: Russian Deputy Foreign Minister Sergei Ryabkov, commenting on the appointment of John Bolton as U.S. national security advisor, said on Friday that Russia was ready to work constructively to resolve issues in its relations with Washington, RIA news agency reported.


    Kremlin says Bolton appointment is affair of US administration

    Moscow: The Kremlin said on Friday the appointment of John Bolton as U.S. President Donald Trump’s national security adviser was the affair of the U.S. administration. 

    “That is not a question for us, it is for the U.S. administration,” Kremlin spokesman Dmitry Peskov told reporters on a daily call. Peskov also said the Kremlin hoped there would be more people in the White House who “can see beyond the wave of Russophobia”.


    Norway not exempted from US steel and aluminum tariffs

    Oslo: Norway is not exempt from U.S. tariffs on steel and aluminum, the Nordic country’s foreign minister said on Friday. 

    “U.S. authorities informed us late last night that Norway was not among the countries exempted from the new tariffs on steel and aluminum”, Foreign Minister Ine Eriksen Soereide said in a statement. Soereide said she expected WTO rules to be respected and that she saw the situation as “serious and worrying.”


    Putin to address Russian people after officials declare election results valid

    Moscow, Russia: President Vladimir Putin is set to address the Russian people on Friday at 10:00 GMT after the results of an election that gave him a new six-year term were declared valid, the Kremlin said. 

    Putin’s landslide victory in Sunday’s vote will make him the longest-serving Russian ruler since Soviet dictator Josef Stalin and has raised Western fears of spiraling confrontation.


    Turkey in talks to buy missile defense systems from the US, Eurosam: Foreign ministry spokesman

    Ankara: Turkey continues to hold talks with the Franco-Italian Eurosam consortium and the United States to buy missile defense systems, Ankara’s foreign ministry spokesman said on Friday. 

    In January, Turkey awarded Eurosam an 18-month contract for a study into the development and production of a long-range air and missile defense system, in a move towards closer defense cooperation with France and Italy. In December last year, Turkey and Russia signed an accord for Moscow to supply Ankara with S-400 surface-to-air missile batteries, finalizing a deal set to deepen military ties between NATO member Turkey and the Kremlin.


    Russia preparing restrictions on US imports in response to US tariffs: Ifax

    Moscow, Russia: Russia’s Ministry of Trade and Industry said on Friday it was preparing to impose restrictions on U.S. imports in response to U.S. tariffs on steel and aluminum, the Interfax news agency reported.


    EU leaders confirm Brexit transition offer, joint trade line

    Brussels: European Union leaders formally adopted on Friday their joint negotiating stance on a future trade relationship with Britain after it leaves the bloc, said the chairman of the summit, Donald Tusk. 

    That comes together with an offer of a 21-month transition period to help business adapt after Brexit, due in March 2019.


    Convoy departs British embassy in Moscow ahead of expulsion deadline

    Moscow: A convoy of vehicles left the British Embassy in Moscow on Friday ahead of a Russian deadline for 23 diplomats to leave the country, a Reuters camera operator said. 

    Russia expelled 23 British diplomats last Saturday in a carefully calibrated retaliatory move against London, which has accused the Kremlin of orchestrating a nerve toxin attack on a former Russian double agent and his daughter in southern England.


    Delhi HC grants bail to Karti Chidambaram

    New Delhi: Delhi HC grants bail to Karti Chidambaram in INX Media corruption case.


    Delhi HC sets aside Centre's notification

     New Delhi: Delhi HC sets aside Centre's notification disqualifying 20 AAP MLAs in office-of-profit case.


    Heathrow Airport expansion on track despite election delay: Grayling

    London: The expansion of Europe’s biggest airport Heathrow is on track despite a delay in the consultation process due to last year’s parliamentary election, Transport Secretary Chris Grayling said on Friday. 

    MPs will vote on whether to give a green light to a third runway at Heathrow before July, and earlier on Friday a committee had said that approval should only happen if the airport promises to keep fees flat. The new runway will not be in use before 2025. “We’re moving ahead to the timetable we set when we brought forward our recommendation a year ago. The only delay to the process we’ve had is the general election which delayed the parliamentary scrutiny by four months but this is a project that’s on track,” Grayling told BBC radio.


    Denmark considering steps against Russia over nerve agent attack: PM

    Copenhagen: Denmark is considering taking steps against Russia in response to the nerve agent attack in Salisbury in Britain, in addition to measures taken by the European Union, Prime Minister Lars Lokke Rasmussen said Friday. 

    “The government will over the next few days very seriously consider if and how Denmark in addition to the decisions we have contributed to collectively can support Britain,” Lokke Rasmussen told broadcaster TV 2 in Brussels. The steps could include calling back Danish diplomats in Russia or expelling Russian diplomats in Denmark, according to TV2.


    Ryanair announces entry into Ukraine with 15 flights

    Kiev: Irish low-cost airline Ryanair (RYA.I) said on Friday it would launch its first routes to Ukraine, rekindling a deal that it walked away from last July over alleged attempts to protect the market for Ukrainian competitors. 

    Ukrainian President Petro Poroshenko and Ryanair Chief Executive Michael O’Leary announced the agreement at a briefing at Kiev’s Boryspil airport, which will receive 10 Ryanair routes, while the Western city of Lviv will receive five.


    British embassy staff in Moscow seen gathering before expulsion deadline

    Moscow: British embassy employees gathered on the grounds of Britain’s embassy in Moscow on Friday ahead of a Russian deadline for 23 diplomats to leave in retaliation for London’s expulsion of the same number of Russian diplomats in a spy dispute. 

    A Reuters camera operator saw people embracing colleagues, ahead of the deadline for departure from Russia, and vehicles being readied on the grounds of the British embassy. Russia expelled 23 British diplomats last Saturday in a carefully calibrated retaliatory move against London, which has accused the Kremlin of orchestrating a nerve toxin attack on a former Russian double agent and his daughter in southern England.


    Shares of Deutsche Bank's DWS unit edge up in stock market debut

    Frankfurt: Shares of Deutsche Bank’s (DBKGn.DE) asset management arm DWS DWSG.DE rose slightly on Friday in their trading debut on the Frankfurt stock exchange, a milestone in the German lender’s turnaround plan. 

    The opening share price of 32.55 euros compares with the issue price of 32.50 euros set by the bank on Thursday, a level expected to generate proceeds of about 1.4 billion euros for Deutsche.


    EU's Moscovici welcomes Trump's decision to suspend Europe from steel tariffs

    Paris: European Commissioner Pierre Moscovici said on Friday he welcomed U.S. President Donald Trump’s decision to temporarily suspend EU states from higher tariffs on steel and aluminum. 

    “Let’s welcome this decision, which marks a progress, let’s continue talking,” Moscovici, who oversees EU’s financial affairs, said on France Inter radio station.  “Let’s not fuel the fantasy that we will re-open a global renegotiation of the kind of the transatlantic treaty from here (either),” he added.


    Indivior to fight US court ruling in favor of competitor drug

    London: Britain’s Indivior, the maker of opioid addiction treatment Suboxine Film, said it would fight a U.S. court ruling in favor of would-be generic competitor Alvogen that could pave the way to the launch of a rival to its major product.

    Indivior said the U.S. District Court for the District of Delaware had found Alvogen had not infringed three of its patents, weakening its defense against the company making and marketing a generic version of the product that accounts for the bulk of its revenue.


    Russia says ready to work with new White House security advisor

    Moscow: Russian Deputy Foreign Minister Sergei Ryabkov, commenting on the appointment of John Bolton as U.S. national security advisor, said on Friday that Russia was ready to work constructively to resolve issues in its relations with Washington, RIA news agency reported.


    Fighting in Ghouta despite rebel ceasefire attempt: monitor

    Beirut: Air strikes hit a rebel-held enclave of Syria’s eastern Ghouta region on Friday despite a ceasefire that the area’s controlling rebel group had said was agreed to come into force at midnight, the Syrian Observatory for Human Rights said.

    On Thursday a spokesman for rebel group Failaq al-Rahman said the ceasefire had been agreed in principle.The Britain-based Observatory, a war monitor, said that air strikes hit Ain Terma and Zamalka on Friday morning and that pro-government forces had advanced into a large part of the town of Hezzeh after the midnight ceasefire deadline.  


    Smiths first-half revenue falls 4.3 percent

    Engineering firm Smiths Group Plc (SMIN.L) reported a 4.3 percent fall in first-half revenue on Friday, hurt by weakness in its businesses serving energy and medical sectors.

    Smiths, a provider of hospital equipment, industrial services and sensors to detect explosives, said revenue fell to 1.55 billion pounds for the six months ended Jan. 31, from 1.62 billion pounds a year earlier.


    S&P 500 futures fall after Trump ousts McMaster

    San Francisco: S&P 500 e-mini futures fell 0.33 percent late on Thursday after U.S. President Donald Trump tweeted that he was replacing his national security advisor.

    Trump tweeted that he was replacing National Security Advisor H.R. McMaster with John Bolton, a hawk who has advocated using military force against Iran and North Korea, and a hard line against Russia.


    China says in touch with US after tariff announcement

    Beijing: China is in touch with the United States and communication channels are smooth, a senior Chinese Commerce Ministry official said on Friday, after U.S. President Donald Trump announced plans to target up to $60 billion (42.5 billion pounds) in Chinese goods with tariffs. 

    Chen Fuli, director-general of the ministry’s department of treaty and law, told reporters that China was not afraid of a trade war and was well prepared, adding that China would defend its rights.


    Kremlin says to cut defence budget to 3 percent of GDP by 2022: RIA

    Moscow: Russia will cut its defence budget to less than 3 percent of gross domestic product within the next five years, RIA news agency quoted Kremlin spokesman Dmitry Peskov as saying on Friday.

    Peskov was also quoted as saying that Putin, who won re-election at the weekend, intends to improve relations with the United States and Europe.


    No change in foodgrain prices

    Chennai: Prices of all commodities remained unchanged on the fifth day in the wholesale foodgrain market here today.

    Following are the wholesale rates of various agri-commodities (rates in rupees per quintal, unless stated otherwise):Thoor Dal Rs 7,200, Urad Dal Rs 6,700, Moong Dal Rs 7,200, Gram Dal Rs 4,900, Sugar Rs 3,500, Wheat Rs 2,700, Maida (90 kg) Rs 2,600 and Sooji (90 kg) Rs 3,000. 


    Lok Sabha adjourned till noon

    New Delhi: The Lok Sabha was adjourned on Friday till 12 p.m. following disruptions.  As soon as the House met, several members rushed near the Speaker's podium raising slogans and showing placards.

    Amid the din, Speaker Sumitra Mahajan adjourned the House till noon.


    Senate moves toward passage of $1.3 trillion government funding bill

    Washington: A $1.3 trillion bill to fund the U.S. government through Sept. 30 advanced in the U.S. Senate early on Friday, setting up an imminent vote on passage before the measure would go to President Donald Trump for signing into law.

    By a vote of 67-30, the Senate approved a procedural motion allowing the debate, several hours after the House of Representatives on Thursday passed the legislation.The legislation would avert a government shutdown at midnight Friday when existing funds expire.



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