Deadline to sell pre-GST goods extended till December 31

In a letter to chief electoral officers of states written earlier this week, the poll panel said that henceforth, VVPAT (voter-verifiable paper audit trail) or paper trail machines will be used at polling stations in all future elections where polls are held using EVMs.21:51 To give relief to small exporters, the government has decided to exempt them from furnishing bank guarantee for shipping goods and services, the finance ministry said today.

The decision comes a day after exporters met Finance Minister Arun Jaitley for resolution of GST-related problems to boost overseas shipments.21:26 More than 60 Rohingya Muslim refugees from Myanmar are believed to have drowned when their boat capsized, the latest victims in what the United Nations says is the world’s fastest-developing refugee emergency.

The refugees drowned in heavy seas off Bangladesh late on Thursday, part of a new surge of people fleeing a Myanmar military campaign that began on August 25 and has triggered an exodus of some 502,000 people.

21:08 The world's largest coal miner Coal India is considering a proposal to diversify into mining of minerals like bauxite and iron ore as the company seeks to reduce dependence on mining of the dry fuel, an official said.

20:55 Over 20 lakh Doordarshan viewers watched the Akshay Kumar starrer movie 'Toilet: Ek Prem Katha' which was aired recently, Prasar Bharati today said.

The movie, which touches upon the issue of open defecation in the country, was broadcast on September 17, two days after President Ram Nath Kovind kicked off the Centre's ambitious fortnight cleanliness drive 'Swachhta Hi Seva (Cleanliness is Service)' campaign.

20:52 The Gujarat unit of Aam Aadmi Party (AAP) today said it would announce the first list of candidates for the upcoming assembly polls on October 2 after holding a roadshow.

20:51 India today cited Afghanistan NSA's statement rejecting Pakistan's claim that it had received a proposal to swap Indian national Kulbhushan Jadhav for a terrorist, to assert that it was another addition to Islamabad's "imaginary lies".

20:38 The government has extended the deadline for sale of pre-GST goods with stickers of revised rates by three months to December 31, Consumer Affairs Minister Ram Vilas Paswan said today.

The decision came after several companies and retailers body CAIT highlighted that they are still left with huge unsold stocks of pre-GST goods and need more time to clear that.

20:35 The total revenue of telecom operators from services declined by 25.49 percent year-on-year to Rs 39,777.55 crore in the quarter ended June 2017, regulator Trai has said in its latest report.

The revenue from telecom services, called adjusted gross revenue, of all companies in the same period a year ago was Rs 53,383.55 crore.

20:21 BJP MP Shatrughan Sinha, who has backed Yashwant Sinha's criticism of the government's handling of the economy, today asked Prime Minister Narendra Modi to do a "real press conference", saying it is high time he faces the public.

20:16 Uttar Pradesh Chief Minister Yogi Adityanath today took a dig at Congress Vice President Rahul Gandhi, saying his recent visit to temples in Gujarat makes it clear that the BJP would win the coming Assembly
polls.

"Wherever Rahul Gandhi goes, the Congress faces defeat at the hustings ...After his visit to Gujarat, it has become clear that the BJP is going to win the coming Assembly elections there," Adityanath told newspersons here. "His (Gandhi's) visits to temples will make no difference.. He is a bad omen for the Congress," the chief minister said.

20:02 BJP's national spokesperson Sambit Patra was today appointed as non-official director on the board of Oil and Natural Gas Corporation (ONGC) Ltd.

19:37 India's external debt increased 3 percent to USD 485.8 billion at June-end over the previous quarter, mainly due to increase in inflow of foreign portfolio investment into domestic capital market's debt segment.

19:36 Minister of State for Social Justice Ramdas Athawale today demanded a judicial probe into the Mumbai stampede in which 22 people died and more than 30 were injured.

The tragedy took place around 10.40 am on the stairwell of a narrow overbridge linking Elphinstone Road and Parel suburban stations.

19:34 Canadian aircraft maker Bombardier today signed a pact with budget carrier SpiceJet for sale of up to 50 turboprop jets valued at USD 1.7 billion.

Upon delivery, the airline will become the first in the world to operate a 90-seat turboprop, pending certification by regulatory authorities, Bombardier said in a release.

19:14 Finance Minister Arun Jaitley today said the government has taken a slew of measures in the last 2-3 years to increase transparency and fairness in the tax administration.

19:09 India and the European Union will hold their 14th summit talks on October 6 during which both sides are expected to discuss a host of key issues including ways to remove hurdles for the long-pending free trade
agreement.

18:52 India's fiscal deficit at August-end touched 96.1 per cent of the budget estimate for 2017-18, mainly due to rise in expenditure.

In absolute terms, the fiscal deficit - difference between expenditure and revenue - was Rs 5.25 lakh crore during April-August, 2017-18, according to the data of Controller General of Accounts (CGA).

18:51 China has stepped up security on its borders with India, North Korea and Myanmar as the ruling Communist Party (CPC) gears up to hold a key national congress next month during which President Xi Jinping is expected to get an endorsement for a second five-year term.

18:44 China's outstanding external debt continued to grow in the second quarter, totalling to USD 1.56 trillion. The debt settled at USD 1.56 trillion at the end of June, up 8.7 percent from a quarter earlier, the regulator State Administration of Foreign Exchange (SAFE) said in a statement.

18:23 Energy Efficiency Services Limited (EESL) will procure 10,000 electric vehicles from Tata Motors, according to an official statement. Tata Motors, Mahindra & Mahindra and Nissan had all bid for the EESL contract.

18:12 TRAI reportedly asked the court to not grant interim relief to telecom operators Airtel and Idea in the IUC case saying it was essential the new IUC charges come into effect from October 1, the start of the new billing cycle.

Airtel and Idea will, however, have the right to appeal against the High Court's decision in the Supreme Court.

17:58 BJP veteran Yashwant Sinha today accused Arun Jaitley of making "cheap" remarks and said the finance minister's criticism of his work amounted to criticism of then Prime Minister Atal Bihari Vajpayee who had entrusted him with key ministries.

17:57 Sovereign wealth funds and other long term foreign portfolio investors (FPIs) can buy up to Rs 9,500 crore worth corporate debt in infrastructure sector, markets regulator Sebi today said.

17:52 Public sector lender Dena Bank today said it will reduce its marginal cost based lending rates (MCLR) by up to 20 basis points from October 1.

17:50 After a stampede on a railway foot overbridge during the morning rush hour claimed 22 lives, it has come to light that former Railway Minister Suresh Prabhu had assured a Shiv Sena MP last year that a wider bridge would be built in its place.

In a letter dated February 20, 2016, Prabhu had written to Sena MP from Mumbai Arvind Sawant that the "construction of 12 metre wide new foot overbridge at Elphinstone Road was under the positive consideration of Railway Ministry."

17:40 The Bombay HC denies ad-interim relief to Airtel and Idea in the IUC case. The telecom players had moved the court seeking a stay on the TRAI's interconnect usage charge (IUC) cut from 14 paise to 6 paise.

17:31 The Telecom Commission is likely to approve extension of deferred payment schedule to 16 years that could bring some relief for the telecom players, sources told CNBC-TV18.

17:24 April-Aug revenue deficit at Rs 4.31 lakh crore as against Rs 3.25 lakh crore year-on-year. The spending for the period was Rs 9.5 lakh crore.

Receipts for the same period came at Rs 4.25 lakh crore as against Rs 3.94 lakh crore.

16:50 Indian Energy Exchange has set a price range of Rs 1,645-1,650 per share for its initial public offering (IPO) that opens on October 9 crore to raise up to Rs 1,001 crore, reports PTI.

The issue, where the company is selling a little over six million shares, or 20 per cent of the post-issue paid-up capital, closes for subscription on October 11.

16:45 State Bank of India (SBI) today said it will tender shares worth over Rs 99 crore as part of a share buyback programme by its subsidiary SBI DFHI.

As per the buyabck offer, SBI will get Rs 99.42 crore from SBI DFHI. The shares will be tendered at a price of Rs 520.

16:37 Watch the video below to know how the market performed today.

16:33 Infrastructure term lender IFCI today sold 24 percent stake in Tourism Finance Corporation of India (TFCI) for over Rs 290.63 crore.

Earlier in May, the long term infrastructure lender had announced that it would be selling its entire 26.09 percent stake in TFCI.

16:25 Moneycontrol's quiz of the week is here: Test your knowledge—Quiz of the Week 

16:10 The newly launched iPhone 8 and 8 plus will be supporting Hindi dictation, the tech giant's Chief Executive Tim Cook said today.

The iPhone 8 and 8 Plus will be available for Rs 64,000 onwards.

Read more — Apple-Reliance partner up: Jio offers 70 percent buyback on Apple's iPhone 8, iPhone 8 Plus

15:41 Mumbai stampede: Post-mortem of a tragedy defined by flowers, not blood

15:36 Realty firm Godrej Properties said it has entered into a joint venture agreement with Royale Builders and Developers to develop a 13-acre group housing project in north Bengaluru, reports PTI. The company, which is the real estate arm of the Godrej Group, plans to develop a group housing project of about 1.34 million sq ft.

15:33 Indraprastha Gas will invest Rs 600 crore this fiscal to expand operations, including starting CNG and piped cooking gas retailing in three cities of Haryana, reports PTI. IGL, the sole supplier of CNG to automobiles and piped natural gas (PNG) to households in the national capital and adjoining cities of Noida, Greater Noida and Ghaziabad, is "all set to expand its footprints in Haryana through setting up city gas distribution (CGD) networks", a company statement said.

15:29 China has launched probes into consumer loans that are being misused for home purchases, warning they cannot be used to “fuel property bubbles”, reports Reuters. “An important lesson of the US subprime mortgage crisis was financial institutions lent excessively to people who were incapable of paying back the loans,” Xiao Yuanqi, chief of the prudential regulation bureau at the China Banking Regulatory Commission (CBRC). The investigations are being carried out by local offices of the CBRC and the central bank in some regions, Xiao said.

15:05 Elphinstone Road stampede: Railway Minister Piyush Goyal said most deaths occurred due to asphyxiation and internal injuries. He promised to conduct a safety and capacity audit of footover bridges.

14:59 "We will order the highest level of enquiry under Chief Safety Officer. There will be a capacity and safety audit of stations. We will be giving more importance to safety now," Railway Minister Piyush Goyal said.

14:59 Maharashtra Chief Minister Devendra Fadnavis promised to take strict action against those responsible for the tragic stampede in Mumbai that claimed at least 22 lives and announced Rs 5 lakh for the next of the kins of the deceased. Fadnavis, who is on a two-day investor-interaction visit to Singapore, expressed condolences and said, "enquiry will be conducted by Government of Maharashtra and Ministry of Railways and necessary, strict action will be taken."

14:43 National Insurance plans to raise Rs 4,500-5,000 crore via an initial public offering (IPO), which may value the company at Rs 40,000 crore, reports CNBC-TV18. The company seeks to dilute between 12-15% via the IPO. The insurer has already filed its draft papers for the IPO with the Insurance Regulatory and Development Authority (Irda). It expects an in-principle nod from the insurance regulator by December and is targeting a listing by Q1FY18. Sources said the Finance Ministry has given its nod for the IPO.

14:34 Britain’s economy recorded its weakest year-on-year growth since 2013 in the three months to the end of June, and the major services sector contracted in July, showing a possible loss of momentum as the Bank of England prepares to raise interest rates for the first time in a decade, reports Reuters. Official data showed year-on-year gross domestic product growth slowed to 1.5% in the second quarter from 1.8% in the first three months of the year. The quarterly growth rate was unrevised at 0.3%, the Office for National Statistics said.

14:00 It's a very sad incident. I have ordered for a high-level enquiry that will look into the reasons for the incident. This happening to my Mumbai is worrisome. We will take steps to avoid a situation like this in future, said Railways Minister Piyush Goyal

13:50 Prime Minister Narendra Modi is building bullet trains, flying high. Come to reality, people need  local train infrastructure, Arvind Sawant, MP, Shiv Sena

13:26 How to make the most out of your salary in the initial years of employment. Click here to find out

13:23 Elphinstone Road station: KEM Hospital says injured toll at 33, 24 males and nine females.

12:58 Reliance Industries telecoms upstart Jio will buy back Apple’s latest iPhone models from its customers within a year for 70% of the retail price of the smartphone, reports Reuters. Reliance Chairman Mukesh Ambani’s son Akash said the buyback offer would be available for customers of iPhone8.

12:46 Elphinstone Rail station stampede: An eyewitness who phoned the Police on its helpline (100) to complain about the stampede was told to call the Railway Police instead.

12:43 Elphinstone Rail station stampede: Blame game starts, with the Shiv Sena blaming the BJP government in the state for the incident.

12:31 The BMC Disaster Management Cell has said the death toll from the Elphinstone Road Station stands at 22. Of this, 18 are male while four are female victims.

12:31 As per updates from Railway officials, the stampede at Elphinstone Road station was triggered after a woman slipped on the bridge after the roof on the footover bridge gave way. Rain water entering from the breach resulted in the woman slipping. A number of victims fell of the bridge.

12:25 Post the tragedy, Western Railways PRO Ravindra Bhaskar said it now plans to build a new skywalk at Elphinstone railway station.

12:21 Railway Minister Piyush Goyal is on his way to Mumbai from Delhi. He is supposed to arrive at 12:40 pm.

12:06 A Delhi woman has alleged that she was gang-raped by 23 men after they abducted her from the outskirts of Rajasthan's Bikaner district, reports CNN-News18. The 28-year-old woman had gone to Ridmalsar Purohitan, Bikaner, on September 25. She was in the city to check on a plot that she owns. She was allegedly dragged into an SUV by two men when she was waiting for transport near Khatu Shyam Mandir on the Jaipur Road, she said. According to the complaint that she filed at the Jai Narayan Vyas Colony police station, the two men drove her around "some mines for several hours and repeatedly raped her in the vehicle". The woman also alleged that the two men called up six others who then assaulted her.

11:48 Western Railway PRO said accident relief medical equipment train has reached the site, assistance being provided to those injured. A team from KEM Hospital has also reached the accident site. For more updates please follow our live blog here

11:30 At least three people are dead and 30 passengers injured in a stampede at Elphinstone railway station, Mumbai, reports CNN-News18. The incident took place at 10:46 am on the footover bridge at the Dadar end of the station. All injured have been rushed to KEM Hospital. Railway officials said medical teams have been rushed to the area. Officials confirm that no part of the bridge has collapsed. The stampede was set off by a rumour.

11;05 Dwindling savings or no savings is a big problem for most millennials. The situation worsens in the festive season when there are so many online sales announced and the so called ‘never before’ discounts make you swipe your plastic. It results in overspending on wants. The best way to overcome this situation is to ensure that you stick to your savings if you are saving already. If you are not, then better start saving today using these simple tips.

10:49 The Islamic State group released an audio recording of what it said was its leader Abu Bakr al-Baghdadi calling on members under pressure in Syria and Iraq to "resist" their enemies, reports AFP. "The leaders of the Islamic State and its soldiers have realised that the path to... victory is to be patient and resist the infidels whatever their alliances," said the person heard in the recording. It was not clear when the message, released by the IS-affiliated Al-Furqan media group, was recorded. In it, the apparent IS leader lashed out at "infidel nations headed by America, Russia and Iran" who, along with their allies, have inflicted losses on the jihadists during separate anti-IS offensives against IS in Syria and Iraq.

10:46 The Delhi Police detained nine students of the Banaras Hindu University who were on their way from Jantar Mantar to the prime minister's official residence to submit a memorandum, reports PTI. The students -- eight boys and and a girl – were released later. The Chanakyapuri Police said the girl was asked to leave soon after her detention while the others were let off late in the night. The girl, Mineshi Mishra, however, refused to leave without her friends.

10:35 Around 1.9 crore Tourism Finance Corporation of India (TFCI) shares worth Rs 293 crore have been traded on the exchanges at Rs 150 per share. CNBC-TV18 reports that IFCI has sold its 24% stake in TFCI as it has to divest its non-core assets as a part of strategy. Axis Capital was the broker in the block deal.

IFCI is a non-banking financial company engaged in the business of financing companies. The company is also engaged in providing other credit granting services. Its products and services include financial products and corporate advisory services.

10:23 Even as a new party under a populist female leader scrambles the outlook for Japan’s general election next month, one thing is clear: the winner will loosen a grip on the government’s runaway debt as lawmakers forego higher taxes or boost spending, reports Reuters. Prime Minister Shinzo Abe wants to use the revenue from a planned sales-tax hike not to pay down debt but to spend more on education and other popular programmers. Tokyo Governor Yuriko Koike, whose “Party of Hope” is challenging Abe’s ruling coalition by effectively absorbing Japan’s largest opposition party, wants to put off the tax hike altogether.

09:57 The government may revise natural gas prices to USD 2.80 mmbtu from USD 2.48 mmbtu at present, reports CNBC Awaaz. Prices are to be revised from October 1 and may go up to 13-15%.

09:26 The US office vacancy remained flat for the third quarter in a row at 16.1%, real estate research firm Reis said. Both asking and effective rents rose marginally at 0.3% from the second quarter, reports Reuters. Overall net absorption, which is measured in terms of available office space sold in the market during a certain time period, increased to 5.4 million square feet of office space in the third quarter, compared with 4.8 million square feet in the preceding quarter. New construction of office space declined to about 6.5 million square feet, from about 10.4 million square feet.

09:23 The GAIL India stock is up 6.5% after Petroleum and Natural Gas Regulatory Board (PNGRB) put up a consultation document on unified pipeline tariff proposing a 60% hike in tariff by the company.

09:07 The sell-down of India’s rupee and bonds will probably be short-lived, though stretched valuations mean investors may find the nation’s markets less attractive at the moment, according to OppenheimerFunds. The dollar rally will fade, providing relief to emerging markets including India, said Krishna Memani, New York-based chief investment officer at the money manager, which oversees about USD 240 billion.

The more significant challenges for India though is the slowing economy and relatively high valuations which are issues that could persist, he told Bloomberg. Oppenheimer’s views underscore the rising concerns about India, which saw its markets tumble last week on concern the government will widen its fiscal deficit with stimulus spending. The economy is slowing just as the dollar gets a boost from US President Donald Trump’s plan to cut taxes and the Federal Reserve’s intention to keep raising rates.

09:03 The Asia Pacific region is rapidly becoming more important for Oaktree Capital Group in terms of both fundraising and investment opportunities, reports Bloomberg. The accelerated growth of debt in the region such as in China and India means more distressed situations are to come, according to Jay Wintrob, Chief Executive Officer at the Los Angeles-based alternative asset manager, which has about USD 100 billion under management.

08:55 Come October 3, The Securities and Exchange Board of India rules mandating listed companies to immediately disclose any default on any loan kick in. How will this change the corporate and financial landscape? CNBC-TV18’s Latha Venkatesh explains

08:38 The value of mergers and acquisitions globally dropped slightly in the third quarter of 2017, as big deals worth more than USD 10 billion were scarce given uncertainty about economic policy in the US and Europe in particular, leaving dealmakers to feast on a plethora of smaller transactions, reports Reuters. Even as major stock markets continued to climb higher, big companies were wary of pursuing transformative deals in the quarter, as the future of US President Donald Trump’s agenda on taxes, healthcare and infrastructure spending remained unclear, while Britain’s Brexit talks, and North Korean’s nuclear ambitions also weighed on chief executives’ appetite to take risks.

08:28 South Korea’s financial regulator said it will ban raising money through all forms of virtual currencies, a move that follows similar restrictions in China on initial coin offerings, reports Reuters. The Financial Services Commission said all kinds of initial coin offerings (ICO) will be banned as trading of virtual currencies needs to be tightly controlled and monitored.

08:15 The Centre has decided to stick to its borrowing programme for the second half of the current financial year. This means that for now the estimated gross borrowing target for FY18 remains unchanged at Rs 5.8 lakh crore. It, however, plans to review its borrowing needs once again in December and expects some extra dividend from the Reserve Bank of India.

08:09 Finance Minister Arun Jaitley tore into senior BJP leader and former minister Yashwant Sinha who had written a scathing critique on the government's handling of the economy. Speaking at the book launch in Delhi, Jaitley called Sinha an "80-year old job applicant" and mounted a point-by-point rebuttal to his editorial.

08:00 US drillers won't generate 'meaningful' returns unless oil stays above USD 50 a barrel, Moody's said. Drillers need prices to stay above USD 50 a barrel for oil and USD 3 per mmBtu for natural gas in order to make a significant return on capital. Producers have driven down costs, but capital efficiency now depends on higher oil and gas prices, the ratings agency concluded.

07:56 Warren Buffett describes a pivotal moment when he was 20 years old that changed the course of his career. Read here to find out what that was

07:46 Japan’s core inflation accelerated in August, industrial output rose more than expected and demand for labour remained at its strongest in over 40 years in a further sign of solid momentum in the world’s third-largest economy, reports Reuters. Nationwide core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, rose 0.7%, matching a median market forecast. It was the eighth straight month of gains in the index, and followed a 0.5% rise in July.

Industrial output also rose a larger-than-expected 2.1% in August from the previous month as manufacturers of construction equipment, autos, and electronic parts produced more goods. Manufacturers surveyed by the government expect output to fall 1.9% in September and then expand by 3.5% in October. Demand for labour remains at the strongest level since 1974 with data showing the jobs-applicants ratio held steady at 1.52 in August.

07:30 The United Nations nuclear watchdog’s chief said on Friday North Korea’s sixth nuclear test conducted on September 3 showed the isolated country has made rapid progress on weapons development that posed a new, global threat, reports Reuters. “(The) yield is much bigger than the previous test, and it means North Korea made very rapid progress,” International Atomic Energy Agency (IAEA) Director Yukiya Amano said. “Combined with other elements, this is a new threat and this is a global threat,” he said. Amano said the IAEA did not have the capacity to determine whether the North had tested a hydrogen bomb, as Pyongyang has claimed.

07:26 Oil prices rose on Friday, with both Brent and US crude set to chalk up another weekly gain as investors bet that efforts to cut a global glut are working and that the demand outlook is improving. Gold prices held steady supported by a weak dollar on course for its largest monthly fall this year.

07:23 Confidence among British consumers unexpectedly edged up to a four-month high in September, although they became gloomier about the state of their finances, a monthly GfK survey showed. Market research firm GfK’s monthly consumer sentiment index edged up to -9 in September from -10, reports Reuters. The figures may hearten Bank of England officials who have signalled that an interest rate hike is nearing, so long as Britain’s economy continues to grow and price pressures keep rising. Economic growth figures due at 2pm will offer more detail on how Britain’s economy capped off the first half of 2017.

07:20 The overhang of delayed payments yet to be made from the EU budget reached its highest ever level last year, the EU auditor said on Thursday, highlighting an ominous turn as Britain haggles over its Brexit bill, reports Reuters. The 28 current member states, including Britain, committed to pay nearly EUR 1 trillion (GBP 892.59 billion) over the period between 2014 and 2020, the current EU budgetary period. But delays in some of the projects and programmes that draw down those funds mean that a hefty EUR 239 billion remains unspent.

07:15 The US economy expanded a bit faster than previously estimated in the second quarter, recording its quickest rate of growth in more than two years, but the momentum likely slowed in the third quarter due to the impact of Hurricanes Harvey and Irma, reports Reuters. Gross domestic product increased at a 3.1% annual rate in the April-June period, the Commerce Department said in its third estimate on Thursday. The upward revision from the 3% rate of growth reported last month reflected a rise in inventory investment.

07:13 Wall Street edged higher on Thursday, as the S&P 500 eked out a record on gains in McDonald’s and healthcare names, while investors continued to hope President Donald Trump will be able to make progress on tax reform, reports Reuters. The Dow Jones Industrial Average rose 40.49 points, or 0.18%, to 22,381.2, the S&P 500 gained 3.02 points, or 0.12%, to 2,510.06 and the Nasdaq Composite added 0.19 points, to 6,453.45.

07:11 Asian shares tried to regain some poise on Friday after a tough week in which the gathering risk of a US rate rise lifted Treasury yields toward nine-year highs and boosted borrowing costs across the region, reports Reuters. Activity seemed mainly confined to book-squaring for the end of the month and quarter, and moves in markets were modest at best. Japan's Nikkei was off 0.1%, though South Korea managed to recoup 0.4% of gains. The SGX nifty is trading unchanged.

07:04 Good Morning Moneycontrol users. This blog will keep track of key global and local developments impacting business and markets through the day. Important local and global political developments will also find resonance here.