LIVE: 'NSA Doval monitoring border situation; issue to be resolved soon'

India and China have pulled back troops by at least 1 kilometer in the tense Galwan river valley in eastern Ladakh, where 20 soldiers were killed in action in a deadly brawl with Chinese troops on June 15, news agency ANI reported.

Nepal's ruling communist party's crucial Standing Committee meeting to decide Prime Minister K P Sharma Oli's future has been postponed until Wednesday, according to an official announcement. The reason for the postponement was not immediately known.
In another development, special high-level committee meeting is scheduled to take place today to discuss the Covid-19 situation in Goa.

Flood situation in Assam, meanwhile, is reported to have improved. So far, over 700,000 people across 17 districts have been affected, according to officials.

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US military to stand with India in conflict with China, indicates WH official

The US military "will continue to stand strong in relationship to a conflict between India and China or anywhere else, a top White House official said on Monday, after the US Navy deployed two aircraft carriers to the South China Sea to boost its presence in the region.
 
"The message is clear. We're not going to stand by and let China or anyone else take the reins in terms of being the most powerful, dominant force, whether it's in that region or over here, White House Chief of Staff Mark Meadows told Fox News.
 
And the message is clear. Our military might stands strong and will continue to stand strong, whether it's in relationship to a conflict between India and China or anywhere else, Meadows said in response to a question.
 
He was told that India banned Chinese apps because Indian soldiers were killed by Chinese troops last month that asked what's mission of the two aircraft carriers - the Ronald Reagan and the Nimitz - and what's America's mission.

Suzlon loss widens in March quarter

Suzlon Energy on Monday posted a consolidated net loss of Rs 834.22 crore for the March quarter mainly due to lower revenues and high finance cost.
 
The consolidated net loss of the company was Rs294.64 crore in the quarter ended on March 31, 2019, a regulatory filing said.
 
Total income from operations of the company declined to Rs 658.89 crore in the quarter under review from Rs 1,450.47crore in the year-ago quarter.
 
The consolidated net loss of the company in 2019-20 was Rs 2,691.84 crore as against Rs 1,537.19 crore in 2018-19.

Diplomacy has gone strongly digital, India at forefront: Foreign Secy

Diplomacy has gone strongly digital, adapting to the situation arisen due to the Covid-19 pandemic, and India has been at the forefront of it with Prime Minister Narendra Modi turning challenge into opportunity to start global conversations using virtual platforms, Foreign Secretary Harsh Vardhan Shringla said on Monday.
 
Speaking at a webinar organised by the Institute of Chartered Accountants of India on 'Implementing the Vision of Aatmanirbhar Bharat', Shringla said Covid-19 has disrupted diplomatic calendars causing almost all international meetings and summits to be cancelled.
 
"While face-to-face meetings with counterparts have traditionally been considered essential to resolve complicated issues or conduct difficult negotiations, diplomatic engagement cannot be allowed to stop in their absence," he said.
 
A crisis of this magnitude has required a coordinated global response, making sustained communication between countries all the more essential, Shringla said.
 
The increase in tensions in different parts of the world, including on the Line of Actual Control between India and China, have only emphasised the criticality of continued communication, he said.

Wipro's new CEO asks employees to lead growth in industry

IT services major Wipro's new CEO and managing director Thierry Delaporte, who took charge on Monday, called upon employees to strive for improvement in all spheres and aim to lead in industry growth.
 
"Despite the immediate challenges, I have no doubt that we will emerge stronger. We must strive for improvement in all spheres and aim to achieve industry leading growth," Delaporte said in his first email addressed to Wiproites.
 
"We must build an inclusive and sustainable future in the best interests of all our stakeholders. I am counting on your support," he said.
 
Stating that this is a defining period for IT industry and Wipro, the new CEO said disruption has always been a part of business.
 
"Yes, today, our normal lives have been upended. The challenges are new. But I know that Wipro, with a history of 75 years, has overcome many challenges with tenacity and resilience," he said.

Indian app Trell records 10 million downloads since Chinese app block

Local lifestyle app Trell on Monday claimed to have recorded over 1.2 crore downloads within five days of the government blocking 59 Chinese apps.
 
The company co-founder Pulkit Agarwal said that the app registered 5 times growth in daily active users and touching 2 crore monthly active users in last two days.
 
"The lifestyle community-commerce platform is breaking all the records by witnessing 12 million downloads in just 5 days, just after the bold decision made by Indian Govt to promote Atmanirbhar Bharat," the company said in a statement.
 
It claimed to have received 5 lakh uploads in a single day with 2.2 lakh new content creators.

Final-year examinations in universities will be conducted by September-end

Final-year examinations in universities will have to be conducted by September-end, the HRD Ministry announced on Monday, deferring the schedule from July in view of a spike in Covid-19 cases.
 
However, students unable to appear in final-year exams in September will get another chance and universities will conduct special exams "as and when feasible", according to a revised guidelines issued by the University Grants Commission (UGC).
 
The decision by the HRD Ministry came following a nod from the Ministry of Home Affairs to conduct the exams as per the Standard Operating Procedure (SOP) approved by the Union Ministry of Health and Family Welfare.
 
The announcement has put to rest speculations that the exams for final-year students may be cancelled in view of the COVID-19 situation.

With a view toward Iran, Israel launches spy satellite

Israel said it successfully launched a new spy satellite into space on Monday as its leaders hinted it was behind a massive fire at an Iranian nuclear site last week potentially ratcheting up a long-running covert war.
 
If Israel was responsible for the fire at the heavily fortified Natanz facility, it would mark another in a series of daring strikes against Iran's nuclear programme attributed to Israel, while also risking Iranian retaliation on either Israeli or Western targets.
 
Prime Minister Benjamin Netanyahu hailed the launch of the new Ofek 16 satellite, the latest addition to a fleet deployed over the past two decades.

Moderate showers in Mumbai; above average rains in city so far

After witnessing a spell of heavy rainfall over the past three days, Mumbai and neighbouring Thane received moderate rains on Monday, but the IMD predicted showers will continue in the night in the region.
 
The India Meteorological Department (IMD), in a statement, also said that significant reduction in rainfall is expected over the west coast during the next two days.
 
According to the India Meteorological Department (IMD), the Thane-Belapur Industries Association observatory recorded 34 mm rainfall between 8:30 am and 5:30 pm on Monday, the IMD said.
 
The Santacruz weather bureau (in Mumbais suburbs) recorded 5.2 mm rainfall, while the Colaba weather station, representative of the island city, reported 1.2 mm rainfall.

PNB board to consider fundraising plan on Jul 9

State-owned Punjab National Bank (PNB) on Monday said its board will consider a proposal to raise capital through a mix of both equity and debt on July 9.
 
Besides, the board will clear opening balance sheet of the amalgamated bank as on April 1, which is post amalgamation of Oriental Bank of Commerce and United Bank of India into PNB, the bank said in a regulatory filing.
 
The board will consider proposal for raising capital through issue of Basel-III-compliant tier-1 bonds, tier-2 bonds and equity shares by way of private placement, qualified institutions placement, follow-on public offering, rights issue or any other mode or through a combination, it said.
 
Following the board approval, the resolution will be put for the shareholders' nod, it added.

Vistara in talks with planemakers, lessors to delay taking delivery of some aircraft

Indian airline Vistara is in talks with planemakers and leasing companies to delay taking delivery of some aircraft, the carrier's chief strategy officer said on Monday, as Covid-19 hits demand for air travel.
 
Vistara, owned by India's Tata Sons and Singapore Airlines , placed an order for 13 A320-neo family aircraft from Airbus SE in 2018 and said it would take another 37 Airbus planes from leasing companies - all due for delivery between 2019 and 2023.
 
It also has six Boeing Co 787-9 Dreamliner widebody planes on order, primarily for international flights, due to be delivered in 2020 and 2021.
 
Delivery of some planes have already been pushed back due to logistics issues and production delays at the planemakers, as countries went into lockdown due to the coronavirus pandemic, Vinod Kannan, chief strategy officer at Vistara told reporters.

Green shoots of economic revival have emerged: Finmin report

The government on Monday said green shoots have emerged and will grow further on the back of a conducive policy environment, nudging the coronavirus-hit economy to move on the path of recovery and growth.
 
India's growth has been forecast at (-) 4.5 per cent in 2020, a 6.4 percentage points downward revision compared to the April 2020 forecast as per the World Economic Outlook (June 2020) report of the the International Monetary Fund (IMF).
 
Given the immense uncertainty associated with infection and macroeconomic recession curves of countries across the world, the IMF has revised downward global growth to () 4.9 per cent in 2020, 1.9 percentage points lower than its April 2020 forecast, the Macroeconomic Report for June released by the Economic Affairs Department said.
 
However, the report said, "early green shoots of economic revival have emerged in May and June with real activity indicators like electricity and fuel consumption, inter and intra-state movement of goods, retail financial transactions witnessing pick up."

Saudi, Russian suspects on UK's new global sanctions list

A new UK-only post-Brexit global sanctions list released on Monday includes 20 suspected killers of Saudi journalist Jamal Kashoggi and 25 Russian nationals among 49 people designated for action such as travel bans and asset freezes.
 
UK Foreign Secretary Dominic Raab told the House of Commons that the new ground-breaking global regime means the UK has new powers to stop those involved in serious human rights abuses and violations from entering the country, channelling money through UK banks, or profiting from the UK economy.
 
"Today we're designating 49 people and organisations for responsibility in some of the worst human rights abuses in recent memory, said Raab.
 
This is a demonstration of Global Britain's commitment to acting as a force for good in the world, he said.

Wall Street gains on strong US services sector data

Wall Street's major indexes climbed on Monday as data showing unexpected growth in the US services sector last month and optimism over China's economic revival helped investors look past a surge in new cases of Covid-19 at home. Read on...

NSA Ajit Doval monitoring border situation: Report

National Security Advisor Ajit Doval is monitoring the India and China border situation continuously with the Indian Army and the standoff between the troops of two countries is expected to be resolved amicably soon, government sources said.
 
The Special Representatives of India and China on the Boundary Question-- Ajit Doval and Chinese State Councillor and Minister of Foreign Affairs Wang Yi--- had a 'frank and in-depth exchange' during a telephone conversation on Sunday during which they agreed that both sides should complete the ongoing disengagement process along the LAC expeditiously, the External Affairs Ministry said in a statement on Monday.
 
The government sources said that Doval talked to Chinese counterpart make the Chinese agree to begin the process of disengagement.

Afghan President Ashraf Ghani thanked PM Modi for Covid-19 assistance and providing regional leadership

Latest News LIVE update: Sebi orders to disgorge Rs 2.3 crore in insider trading case

Markets regulator Sebi on Monday asked Fourth Dimension Solutions Managing Director Amalendu Mukherjee to disgorge an amount worth over Rs 2.3 crore for insider trading in the scrip of Ricoh India Ltd, according to a PTI report.
 
The amount has to be paid along with 12 per cent interest within 45 days, the regulator said in its final order. In addition, Mukherjee has been restrained from accessing securities markets for a period of seven years, Sebi said in its order. The Securities and Exchange Board of India (Sebi) had conducted an investigation between August 2014 and November 2015 in the scrip of Ricoh India.
 
During the probe, it was found that Mukherjee, while in possession of UPSI (unpublished price-sensitive information) was involved in manipulating the buy and sale orders in the shares of Ricoh as the authorised person on behalf of Fourth Dimension Solutions Ltd (FDSL) and made ill-gotten gains out of it.

IOC, ONGC implementing projects worth Rs 3.57 trn to boost economy: Govt

Oil PSUs such as IOC and ONGC are implementing about Rs 3.57 trillion worth of projects across the entire hydrocarbon value chain that will further enhance energy accessibility, create jobs and boost the economy, the Petroleum Ministry said on Monday.
 
In Twitter posts, the Ministry of Petroleum and Natural Gas said out of Rs 3.57 trillion being spenton 859 projects, over Rs 60,000 crore will be invested during fiscal 2020-21.
 
Oil Minister Dharmendra Pradhan and other senior officials of the ministry "reviewed the ongoing oil and gas projects started by PSUs since the resumption of economic activities from April 20, 2020". READ MORE...

India engaging with China through diplomatic, military channels: Foreign Secretary Harsh Vardhan Shringla

India is engaging with China through diplomatic and military channels, Foreign Secretary Harsh Vardhan Shringla said on Monday, asserting that if there is no communication with that country, then the Sino-India border situation would be much worse, news agency PTI reported.
 
He made the remarks while talking about diplomacy in times of the COVID-19 pandemic at a webinar organised by the Institute of Chartered Accountants of India. Shringla said that diplomacy is looking at a very changed scenario in terms of how statecraft and relations between countries work in the wake of the pandemic.
 
"Countries do need to communicate. You cannot stop communications because otherwise the other alternative is greater frictions, tensions and problems, and probably conflict also," he said.
 
"For example the increased tension on our border with China. I mean, if there is no communication with that country then we would have a much worse situation, but yesterday our National Security Adviser (Ajit Doval) spoke to his counterpart. Earlier our Foreign Minister (S Jaishankar) had spoken to the foreign minister of China," he said.
 
There are other diplomatic and military channels that India is engaging in, he said.
 
"So we are talking to them and if you stop talking then you can imagine what the consequences (would be). So diplomacy has adapted to this new situation and gone strongly digital," Shringla said during the webinar titled 'Implementing the vision of Aatma Nirbhar Bharat'.

India's coal imports decline 29.7% to 48.84 MT in April-June of FY21

The country's coal imports registered a drop of 29.7 per cent to 48.84 million tonnes (MT) in the April-June period of the ongoing financial year, according to industry data.
 
India had imported 69.54 MT of coal in the April-June period of 2019-20, according to provisional compilation by mjunction, a joint venture between Tata Steel and SAIL, is a B2B e-commerce company that also publishes research reports on coal and steel verticals.
 
The drop in imports assumes significance in the wake of government mandating state-owned Coal India Ltd (CIL) to replace at least 100 million tonne (MT) of imports with domestically-produced coal in 2020-21. The country's coal imports also dropped 22.5 per cent to 15.22 MT last month, against 19.64 MT of coal imported in June last fiscal, it said. READ MORE...

Airtel customers paying over Rs 499/month to get preference on network

Bharti Airtel on Monday said it will givepreference to platinum mobile customers, who pay Rs 499 and above per month for post paid connection, on its 4G network. The platinum customers will get better 4G speed on Bharti Airtel network compared to other customers, news agency PTI reported.
 
"Airtel has deployed advanced technologies that give its Platinum mobile customers preference on the network. As a result all Platinum customers will experience faster 4G speeds.As part of the Airtel Thanks program, all postpaid mobile customers on Rs 499 and above plans are designated as Platinum," the company said in a statement.
 
In addition, Airtel Platinum customers will get "red carpet customer care" with preferential service at call centres and retail stores.

India reviewing around 50 investment proposals from Chinese firms: Report

The government is reviewing around 50 investment proposals involving Chinese companies under a new screening policy, three sources familiar with the matter told Reuters.
 
Under new rules announced by India in April, all investments by entities based in neighbouring countries need to be approved by the Indian government, whether for new or additional funding. China is the biggest of these investors and the rules drew criticism from Chinese investors and Beijing, which called the policy discriminatory.
 
The new investment rules were aimed at curbing opportunistic takeovers during the coronavirus outbreak. However, industry executives say a deterioration in bilateral relations since a clash along the countries' contested border last month, in which 20 Indian soldiers were killed, could further delay approvals. READ MORE...

Bharti Airtel, VIL mobile revenues to fall in Q1 due to lockdown: Report

Wireless revenues of telecom companies Bharti Airtel and Vodafone Idea Ltd (VIL) are expected to fall during the first quarter of current fiscal on account of the nationwide lockdown, according to a report by Emkay Global.
 
The lockdown, imposed to combat the coronavirus pandemic, led to delayed recharges, fewer subscriber additions, and absence of international roaming revenues for telcos, news agency PTI reported.
 
"Wireless revenues for Bharti and VIL shall fall in Q1FY21 due to the nationwide lockdown, which resulted in delayed recharges by low ARPU (Average Revenue Per User) prepaid subscribers on account of the reverse labour migration and impact on income levels, minimal subscriber additions, SIM consolidation, and absence of international roaming revenues," Emkay Global said in its sector update.
 
APRU is expected to decline sequentially in Q1 of 2020-21 after healthy growth in the preceding quarter (Q4FY20), it added.

NSA Doval, Chinese foreign minister agree on troop disengagement in Ladakh

A day before Chinese military began pulling back from Galwan Valley in eastern Ladakh, NSA Ajit Doval and Chinese Foreign Minister Wang Yi agreed on an expeditious withdrawal of troops, holding that a complete disengagement at the "earliest" was necessary for full restoration of peace in border areas and both sides should not allow differences to become disputes.
 
Doval and Wang, who are special representatives for boundary talks between the two countries, held a telephonic conversation on Sunday during which they had a "frank and in-depth exchange" of views on the recent developments in the western sector, the Ministry of External Affairs said on Monday.
 
Significantly, Chinese troops began removing tents early on Monday and started to withdraw from Galwan Valley, the site of a violent hand-to-hand clash between the two militaries on June 15 that left 20 Indian soldiers dead, government sources said. READ MORE...

Latest News LIVE: ED slaps biggest ever FEMA notice of Rs 7,220-crore on Kolkata firm

The Enforcement Directorate (ED) has slapped its biggest ever FEMA show cause notice of Rs 7,220 crore on a Kolkata-based jewellery house for allegedly indulging in illegal foreign exchange abroad, official sources said on Monday. This is linked to a bank loan fraud case, news agency PTI reported.
 
The central probe agency has charged Shree Ganesh Jewellery House (I) Ltd and its promoters by an order issued by the adjudicating authority of the Foreign Exchange Management Act (FEMA) in Kolkata. The authority is a special director rank officer of the ED.
 
The sources said the firm is among the top 100 wilful bank loan defaulters of the country, as per the Reserve Bank of India (RBI), and its three promoter brothers -- Nilesh Parekh, Umesh Parekh and Kamlesh Parekh -- are also being probed the Central Bureau of Investigation (CBI) and the Directorate of Revenue Intelligence (DRI). Nilesh Parekh was arrested by the DRI in 2018.
 
The ED had also filed a money laundering case against the firm and its promoters in 2018 for allegedly defrauding a consortium of 25 banks to the tune of Rs 2,672 crore by way of availing credit facilities in terms of working capital loans and discounting of export bills from 20 nationalised banks and five private banks in Kolkata.

Govt extends last date for Aadhaar-PAN linking to March 31, 2021

The government on Monday extended the last date for linking Aadhaar and Permanent Account Number (PAN) to March 31 next year. The decision was taken keeping the Covid-19 pandemic and the resulting difficulties in mind.
 
"Understanding and keeping in mind the times that we are in, we have extended deadlines. PAN - AADHAAR linking can be done till 31st March, 2021. We do hope this helps you plan things better," the Income Tax (IT) Department said through its official Twitter handle today.
 
Earlier, in another big relief to tax assessees, the IT Department had extended the last date of payment of self-assessment tax, in case of tax liability upto Rs 1 lakh till November 30, 2020.
 
Read our full coverage on Aadhaar-PAN linking
 

Canara Bank, Bank of Maharashtra to reduce MCLR by 10, 20 basis points

State-run Canara Bank and Bank of Maharashtra on Monday announced reduction in their marginal cost of funds based lending rates (MCLR) by 10 basis points and 20 basis points, respectively, across all tenors, effective July 7.
 
Bengaluru-based Canara Bank has cut its one-year MCLR to 7.55 per cent from 7.65 per cent earlier.
 
Overnight and one-month lending rates have been cut by 10 basis points to 7.20 per cent each. Three months MCLR rate has been revised to 7.45 per cent from 7.55 per cent, Canara Bank said in a release. Pune-headquartered Bank of Maharashtra (BoM) has reduced one-year MCLR to 7.50 per cent from 7.70 per cent. READ MORE...

In telephonic talks, NSA Doval and Chinese FM Wang agree on expeditious disengagement of troops in eastern Ladakh

A day before Chinese military began pulling back from Galwan Valley in eastern Ladakh, NSA Ajit Doval and Chinese Foreign Minister Wang Yi agreed on an expeditious withdrawal of troops, holding that a complete disengagement at the "earliest" was necessary for full restoration of peace in border areas and both sides should not allow differences to become disputes, news agency PTI reported.
 
Doval and Wang, who are special representatives for boundary talks between the two countries, held a telephonic conversation on Sunday during which they had a "frank and in-depth exchange" of views on the recent developments in the western sector, the Ministry of External Affairs said on Monday.
 
Significantly, Chinese troops began removing tents early on Monday and started to withdraw from Galwan Valley, the site of a violent hand-to-hand clash between the two militaries on June 15 that left 20 Indian soldiers dead, government sources said.
 
Rearward movement of vehicles and troops was seen in Gogra Hot Springs as well but there was no confirmation of similar disengagement in Pangong Tso area, said the sources. They said Chinese troops moved back around one kilometre from patrolling point 14, 15 and 17 in Galwan Valley. In the talks, Doval and Wang re-affirmed that both sides should "strictly respect" and observe the Line of Actual Control and should not take any unilateral action to alter the status quo, the MEA said.
 
The two special representatives agreed to continue their conversations to ensure "full and enduring restoration" of peace and tranquillity in the India-China border areas.
 
It was the first time that Doval and Wang held talks during the ongoing stand-off.

Latest News LIVE: Rossari Biotech plans to launch Rs 500-crore IPO next week

After a lull of nearly four months, IPO market is likely to see some buzz next week with the launch of specialty chemicals manufacturer Rossari Biotech's Rs 500-crore initial share-sale, market sources according to a PTI report said.
 
This would be the first company to brave the current volatile markets.
 
There has been a lull in the IPO market since the initial share-sale of SBI Cards & Payment Services which closed on March 5. In fact, many companies that had received Sebi's go-ahead deferred their issue to a later date.
 
Going by the draft papers, Rossari Biotech's IPO comprises fresh issuance of shares to the tune of Rs 150 crore and sale of more than 1 crore equity shares by the company's promoters through offer-for-sale route.
 
It raised Rs 100 crore in a pre-IPO placement in March, sources said.

Latest News LIVE: Border Road Organisation has built three bridges near Leh

Latest News LIVE: Market scales 4-month high on global rally, easing Indo-China tensions

Market benchmarks Sensex and Nifty hit their four-month highs on Monday, tracking upbeat global bourses and signs of easing tensions between India and China, news agency PTI reported.
 
The BSE gauge Sensex closed 465.86 points, or 1.29 per cent, higher at 36,487.28; while the NSE barometer Nifty settled 156.30 points, or 1.47 per cent, up at 10,763.65.
 
Both Sensex and Nifty logged their fourth consecutive gains, helped mainly by index heavyweights Reliance Industries (RIL) and HDFC Bank. RIL shares zoomed 3.57 per cent to close at an all-time high of Rs 1,851.40 per unit helping the company's market valuation surge to Rs 11.73 lakh crore.
 
In terms of percentage gains on the Sensex, Mahindra and Mahindra topped the chart with over 7 per cent rise, followed by Bajaj Finance, RIL, Maruti, TCS, HDFC Bank and Tata Steel. On the other hand, Bajaj Auto, HDFC, Bharti Airtel, HUL and HCL Tech were the five scrips ended with losses.
 
Sectorally, BSE energy, realty, auto, metal, industrials, basic materials and capital goods indices rallied up to 2.97 per cent; while FMCG, healthcare and telecom ended in the red. Broader midcap and smallcap indices surged up to 1.30 per cent.

Cops put up posters of history-sheeter Vikas Dubey in Lakhmipur, the main accused in Kanpur Encounter

Latest News LIVE update: Govt not considering merger of CBDT, CBIC, says Finance Ministry

The government is not considering any proposal to merge the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC), the Finance Ministry said on Monday.
 
The said merger was one of the recommendations of theTax Administration Reforms Commission (TARC), headed by Parthasarathi Shome, which submitted its report in 2016, news agency PTI reported.
 
Reacting to a media report which suggested that a merger of policy making bodies of direct and indirect taxes CBDT and CBIC is on cards, the ministry in a statement said, The government has no proposal to merge the two Boards created under the Central Boards of Revenue Act, 1963.
 
The ministry said that thereport of TARC was examined in detail by the government and this recommendation of TARC was not accepted by the government.
 
"As a part on an assurance made by the government in Parliament in response to a Parliament question, the government has also placed this fact in 2018 before the Committee on Government Assurances. The action taken report on the recommendations of the TARC is placed even on the website of Department of Revenue, which clearly shows that this recommendation was not accepted," it added.

World Bank and Government of India signed $750-mn agreement for MSME Emergency Response Programme

H1-B visa suspension to cost Indian IT firms Rs 1,200 crore: Crisil

Suspension of H1-B visas by the US will cost domestic IT firms Rs 1,200 crore and have a marginal 0.25-0.30 per cent impact on their profitability, a domestic rating agency said on Monday.
 
An increase in local hiring over the last few years since the US the largest market for Indian IT firms - started curbing the visa issuances will help limit the impact on the Indian IT companies now, Crisil Ratings said.
 
It can be noted that last month, the visas used by Indian tech professionals to work out of the US were suspended by the Donald Trump administration as it looked to arrest rising unemployment.
 
Crisil, however, said that the marginal impact will be over and above the up to 2.50 per cent decline in IT firms' profits because of the Covid-19 pandemic and added that operating profitability is seen at 23 per cent in FY21 as per an analysis of 15 top firms' performance. READ MORE...

Latest News LIVE: Bucking China pressure, Taiwan, Somaliland establish diplomatic ties

Taiwan has scored a rare diplomatic victory in establishing relations with the independent region of Somaliland.
 
Intense pressure from China has reduced self-governing, democratic Taiwan to having just 15 diplomatic allies and being excluded from the United Nations and most other international organizations where Beijing has leverage.
 
China claims Taiwan as its own territory to be brought under its control by military force if it deems necessary. In elections and public opinion surveys, Taiwanese have overwhelmingly rejected political union with China.
 
Somaliland broke away from Somalia in 1991 as the country collapsed into warlord-led conflict and has seen little of the violence and extremist attacks that plague its neighbor to the south. Despite lacking international recognition, the region has maintained its own independent government, currency and security system. READ MORE...

India, China agree to ensure complete disengagement of troops along LAC for peace restoration

India and China have agreed that it was necessary to ensure at the earliest the complete disengagement of the troops along the Line of Actual Control (LAC) and de-escalation from India-China border areas for full restoration of peace and tranquillity, news agency ANI reported.
 
The Special Representatives of India and China on the Boundary Question--National Security Advisor Ajit Doval and Chinese State Councillor and Minister of Foreign Affairs Wang Yi--- had a 'frank and in-depth exchange' telephone conversation on Sunday during which they agreed that both sides should complete the ongoing disengagement process along the LAC expeditiously, according to a statement by Ministry of External Affairs released on Monday.
 
They re-affirmed that both sides should strictly respect and observe the LAC and should not take any unilateral action to alter the status quo and work together to avoid any incident in the future that could disturb peace and tranquillity in border areas.
 
"The Special Representatives of India and China on the Boundary Question - Shri Ajit Doval, National Security Advisor of India and Wang Yi, State Councillor and Minister of Foreign Affairs of China had a telephone conversation on 5th July 2020. The two Special Representatives had a frank and in-depth exchange of views on the recent developments in the Western Sector of the India-China border areas," read the statement.

Latest News LIVE update: Rupee slips by 2 paise to end at 74.68 as crude firms up

The rupee pared initial gains to settle down by 2 paise at 74.68 against the US dollar on Monday due to firming crude oil prices and dollar buying by importers, news agency PTI reported.
 
Gains in domestic equities, foreign fund inflows and a weak US currency helped restrict rupee losses, forex dealers said. In a highly volatile session, the rupee opened at 74.53 against the US dollar, and touched an intra-day high of 74.52 and a low of 74.82. The domestic unit finally closed at 74.68 against the US dollar, down 2 paise over its previous close of 74.66 on Friday.
 
"Despite lower safe-haven currencies, the rupee was unable to add gains today amid higher crude oil prices and bargain buying of dollars by the importers. The Indian rupee gained 1.32 per cent or one rupee a dollar in the previous week," Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities said.
 
Vakil further said that the trend for the Indian rupee remains on bullish side following weaker dollar index and foreign fund inflows.
 
"Spot USDINR is having support at 74.30 and resistance at 75 for next couple of days," he said.
 
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.24 per cent to 96.94. On the domestic equity market front, the 30-share BSE benchmark Sensex settled 465.86 points, or 1.29 per cent, higher at 36,487.28; while the NSE Nifty soared 156.30 points, or 1.47 per cent, to 10,763.65.

We are a US company, not Chinese; will invest and hire more in India: Zoom

Facing social media onslaught over it being a Chinese company, US-based video meet platform Zoom on Monday that they are clear about its identity and plan to significantly invest and hire local talent in the country over the next five years. Velchamy Sankarlingam who is President of Engineering and Products at Zoom said India is and will continue to be an important market for Zoom.
 
"We do recognise that as we continue to introduce ourselves to the Indian market, there has been some confusion about the facts as it relates to Zoom. We want to work through these," said Sankarlingam who joined Zoom in May from enterprise softare major VMware.
 
He said that some of the misconceptions are disheartening, especially those about Zoom and China.
 
"Zoom has been clear about its identity: Zoom is a US company, publicly traded on the NASDAQ, founded and headquartered in San Jose, California. And like many global technology companies, Zoom has offices in China operated by subsidiaries of the US parent company," emphasised Sankarlingam who spent more than nine years at VMware. READ MORE...
 

Complete disengagement of troops along LAC necessary: India, China agree

In what is being perceived to be a thaw in the India-China face off in Eastern Lasakhs Galwan Valley , the Special Representatives of India and China on the Boundary Question - Ajit Doval, National Security Advisor of India and Wang Yi, State Councillor and Minister of Foreign Affairs of China spoke on telephone.
 
In their conversation on Sunday, the two Special Representatives had a frank and in-depth exchange of views on the recent developments in the Western Sector of the India-China border areas, news agency IANS reported.
 
They agreed that both sides should take guidance from the consensus of the leaders that maintenance of peace and tranquillity in the India-China border areas was essential for the further development of our bilateral relations and that two sides should not allow differences to become disputes. So it was necessary to ensure at the earliest complete disengagement of the troops along the LAC and de-escalation from India-China border areas for full restoration of peace and tranquillity.
 
In this regard they further agreed that both sides should complete the ongoing disengagement process along the LAC expeditiously. The two sides should also ensure a phased and stepwise de-escalation in the India-China border areas.

India and China agree to respect LAC, complete ongoing disengagement

India and China on Monday agreed that both sides “should strictly respect and observe the LAC” and “should not take any unilateral action to alter the status-quo".
 
The two sides also agreed to complete the ongoing disengagement process along the Line of Actual Control (LAC) “expeditiously, so as to ensure “a phased and stepwise de-escalation” in their border areas. After the agreement, it remains to be seen if Chinese troops would return to their posts behind the LAC.
 
There have been tensions in eastern Ladakh’s Galwan Valley between Indian and Chinese troops since May. In violent clashes between the two sides on June 15, some 20 Indian troops were killed as were an unspecified number of Chinese soldiers. The two countries had taken to accuse each other of trying to change the status of the LAC. India had also accused China of amassing troops on the LAC.
 
According to a Ministry of External Affairs press statement, the agreement was reached between the special representatives of India and China on the boundary question – India’s National Security Advisor (NSA) Ajit Doval and Chinese Foreign Minister Wang Yi. READ MORE...

NSA Doval holds talks with Chinese Foreign Minister to discuss restoration of peace: ANI

National Security Advisor (NSA) Ajit Doval has held talks with Chinese Foreign Minister and State Councilor Wang Yi, sources said. The talks took place over video call on Sunday. According to sources, talks were held in a cordial and forward-looking manner.
 
The focus was on full and enduring restoration of peace and tranquillity and to work together to avoid such incidents in future, sources added. The talks were held amid reports of mutual disengagement between India and China that has started at friction points along the Line of Actual Control in Eastern Ladakh sector, according to an ANI report.
 
"There is mutual disengagement between the two sides on all the four friction points in the Eastern Ladakh sector including Patrolling Point 14 (Galwan valley), PP-15, Hot Springs and Finger area," Indian Army sources said.
 
The mutual disengagement in Galwan area is about one to two kilometres and is varied at different locations, sources said. The disengagement was agreed upon between both sides during the third Corps Commander-level meeting on July 1 at Chushul. The disengagement is being seen as a result of intense diplomatic, military engagement and contacts in the past 48 hours.
 
These developments followed Prime Minister Narendra Modi's visit to Leh on July 3 where a decisive and firm message was sent out. The Prime Minister's strong message on expansionism by some countries has got global attention, sources said, adding that the message on national security has been appreciated.
 
Disengagement of Chinese troops is being monitored by the Indian side at all four friction points including the PP-14 (Galwan river valley), PP-15, Hot Springs and Finger area. The extent of withdrawal is varied at different locations, said sources.

No China origin, will invest and hire more in India: Zoom

Facing social media onslaught over it being a Chinese company, US-based video meet platform Zoom on Monday that they are clear about its identity and plan to significantly invest and hire local talent in the country over the next five years. Velchamy Sankarlingam who is President of Engineering and Products at Zoom said India is and will continue to be an important market for Zoom, news agency IANS reported.
 
"We do recognize that as we continue to introduce ourselves to the Indian market, there has been some confusion about the facts as it relates to Zoom. We want to work through these," said Sankarlingam who joined Zoom in May from enterprise softare major VMware.
 
He said that some of the misconceptions are disheartening, especially those about Zoom and China.
 
"Zoom has been clear about its identity: Zoom is a US company, publicly traded on the NASDAQ, founded and headquartered in San Jose, California. And like many global technology companies, Zoom has offices in China operated by subsidiaries of the US parent company," emphasized Sankarlingam who spent more than nine years at VMware.
 
The popular video conferencing platform Zoom was left stunned last month after the Indian intelligence agencies red-flagged it along with Chinese apps over safety and privacy issues of users. Later, when the Indian government banned 59 Chinese apps over national security concerns, Zoom was also targeted on various social media platform for being Chinese.

NSA Ajit Doval and Chinese FM agreed that both sides should take guidance from consensus of the leaders

Karnataka govt transfers Rs 2,000 financial assistance to the bank accounts of 19,744 weavers

Focus of conversation between NSA Ajit Doval and Chinese FM Wang Yi was enduring restoration of peace and tranquility

China says front-line troops taking effective measures to disengage and ease tensions

China on Monday said the front-line troops are taking "effective measures" and making "progress" to disengage and ease the tensions in the Galwan Valley along the Line of Actual Control with India, news agency ANI reported.
 
The remarks of China's Foreign Ministry spokesperson Zhao Lijian came after government sources in New Delhi said the Chinese Army was seen removing tents and moving back from certain areas of the Galwan Valley, in a first sign of disengagement of troops from the area. The Galwan Valley was the site of a violent hand-to-hand clash between the two militaries on June 15 that left 20 Indian soldiers dead.
 
China's People's Liberation Army was seen removing tents and structures at patrolling point 14, the sources said in New Delhi, adding rearward movement of vehicles of Chinese troops was seen in the general area of Galwan and Gogra Hot Springs.
 
Asked about reports of Chinese troops pulling back from the flash point in Galwan Valley, Zhao said there is progress made on front-line troops taking effective measures to disengage and ease the tensions.
 
He said the Chinese and Indian troops held commander-level talks on June 30 as the two sides continued to work to implement the consensus reached at the two previous rounds of talks. We hope the Indian side will move towards China and through concrete actions implement the consensus and continue the close communication through military and diplomatic channels to jointly push for the de-escalation on the border region, Zhao said.
 
According to the sources in New Delhi, the disengagement of the Chinese troops has started as per an agreement between the Corps Commanders of the two sides.

Latest News LIVE: Bombardier to supply 201 cars, signaling infra for Agra-Kanpur Metro

Canadian firm Bombardier’s domestic arm on Monday said it has bagged a Rs 2,051-crore contract for supplying equipment and building signaling infrastructure for the Agra-Kanpur Metro project.
 
The company claims that 1.4 million daily riders will benefit from the new metro services connecting the city clusters of Agra and Kanpur and iconic destinations such as the Taj Mahal.
 
“Over 1,000 Movia metro cars and 200 km of Cityflo signalling ordered by India’s operators make this country one of Bombardier’s largest metro markets,” an official statement by the company said.
 
Bombardier Transportation has received a Letter of Award (LoA) from India’s Uttar Pradesh Metro Rail Corporation (UPMRC) to build and deliver 201 metro cars and an advanced signalling solution for the Agra-Kanpur Metro projects. READ MORE...

NSA Ajit Doval held talks with Chinese Foreign Minister and State Councilor Wang Yi over video call yesterday

China and India have made progress coming up with effective measures for frontline troops to disengage: Chinese Foreign Ministry

Chinese Army removing tents, seen withdrawing troops from Galwan Valley: Sources

In the first sign of de-escalation of tension in eastern Ladakh, the Chinese Army has removed tents and started to withdraw its troops from Galwan Valley as decided during high-level talks between the two militaries, government sources according to a PTI report said on Monday. 

Galwan Valley was the site of a violent hand-to-hand clash between the two militaries on June 15 that left 20 Indian soldiers dead.
 
China's People's Liberation Army was seen removing tents and structures at patrolling point 14, the sources said, adding rearward movement of vehicles of Chinese troops was seen in the general area of Galwan and Gogra Hot Springs, news agency PTI reported.
 
They said disengagement of Chinese troops in the area has begun as per decisions arrived at during the Corps Commander-level talks. The sources said there was clear sign of withdrawal of structures and troops from the patrolling point 14 in Galwan Valley and that they are likely to move back more than a kilometre in the area.
 
The sources said it would not be possible to know immediately how much distance the Chinese troops are going back and that there will be clarity only after a proper verification process is conducted. The clashes in Galwan Valley took place after Indian troops strongly opposed the erection of a surveillance post by the Chinese side near patrolling point 14.
 
It is not immediately known whether the de-escalation initiative has also been started in the Pangong Tso area where the Chinese side has significantly enhanced its presence, particularly in areas between Finger 4 and Finger 8.

Sajjan Jindal calls for unity among industrialists to curb Chinese imports

Calling for unity among industrialists to stop imports from China, JSW Group owner Sajjan Jindal on Monday said business cannot go as usual while India soldiers get killed at the LAC by the Chinese.
 
On Thursday his son Parth Jindal, who looks after the cement business of the USD 14-billion group, had said that the group would stop USD 400 million worth annual imports from China in the next 24 months. Referring to the recent clash between Indian and Chinese troops in the Galwan Valley, he said the action is a result of what China did on Indian soil, according to a PTI report.
 
In a statement, Sajjan Jindal said, "we cannot keep making money by buying cheaper Chinese raw materials for our business while our soldiers are getting killed at the LAC (the line of actual control) by them."
 
He said a lot of his friends and co-industrialists are upset as their business with China is important to maintain healthy margins and continuity, but this situation has come because of our complacency in blindly accepting cheaper imports from China rather than developing our own domestic vendors. The industrialist further said that this is an opportunity for all to come together and push for a stronger Atma Nirbhar Bharat.
 
Let us support our domestic producers in achieving quality and scale. We have to show loyalty to our own products. We have to support our armed forces and government and prove that we stand with them in this fight against Chinese," he added.
 
A company official had last week estimated that over 70-80 per cent of imports for the USD 14-billion JSW Group takes place for its steel and energy businesses which includes machinery and maintenance equipment.

Latest News LIVE: Both Indian, Chinese troops retreat 2 kilometres each in Galwan Valley

Both Indian and Chinese troops have retreated two kilometres each along the Line of Actual Control (LAC) in the Galwan Valley, where 20 Indian and unknown number of Chinese soldiers were killed in a violent face-off last month, news agency IANS reported.
 
Top official sources told IANS that both sides retreated two kilometres simultaneously on Sunday, following several rounds of talks which had begun after the clash on June 15. The disengagement between Indian and the People's Liberation Army (PLA) happened as per the agreed terms in the Corps Commander's meeting.
 
With the retreat from both sides, a four kilometre no-man zone has been created. "Four kilometres in the highly mountainous terrain like Galwan valley, deprives both sides to see each other's installations and reinforcements," sources said according to an IANS report.
 
The two sides have also agreed, sources said, not to do any aerial surveillance of the retreated area, to rebuild trust which was badly damaged due to the June 15 bloodbath.
 
"As a result, neither side would really know what the other side is doing," a military source said.
 
Indian Navy's P-8I aircraft generally used for maritime patrol and reconnaissance, had been pressed into service in Ladakh for high altitude surveillance. The P-8Is carried out similar surveillance operations during the 2017 India-China standoff in Doklam in Sikkim.

Border crossing between Nepal, China reopens; trade resumes

Nepal on Monday reopened one of its key border trade routes with China, six months after it was closed following the coronavirus pandemic, according to Nepalese officials.
 
The Rasuwagadhi-Kerung border point is one of the two main border points for international trade between Nepal and China. Another border point, Tatopani-Zhangmu, reopened in late March, more than two months after its closure.
 
For the time being only one-way goods transport has been resumed between the two countries. Goods stranded at Kerung of Tibet, have started entering Nepal through the border point from Monday, the officials said.
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Italian composer Ennio Morricone has died following complications from a fall at the age of 91

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Chinese Army removing tents, seen withdrawing troops from Galwan Valley: Sources

The Chinese Army is removing tents and moving back from certain areas of the Galwan Valley, in a first sign of disengagement of troops from the area, government sources said on Monday.
 
They said disengagement of the Chinese troops has started as per an agreement between the Corps Commander's of the two sides.
 
The Chinese Army is seen removing tents and structures at Patrolling Point 14, the sources said.
 
Similar movement of vehicles of the Chinese Army is seen at Gogra Hot Spring area, the sources said.
 
The Indian and Chinese armies are locked in a bitter standoff in multiple locations in eastern Ladakh for the last seven weeks.
 

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The meeting of the Nepal Communist Party (NCP) standing committee has been adjourned till July 8: Surya Thapa

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Vegetable prices rise up to 200%; trade blame crop damage and fuel price

The prices of food items, including vegetables, have started to skyrocket even as the coronavirus crisis shows no sign of abating. The prices of vegetables, in particular, have increased quite significantly with retail prices of almost all kinds rising from 25 per cent to 200 per cent.
 
The most significant rise has been registered in the price of tomato. Vegetable traders say prices have risen due to crop failure during the rainy season. Read on...

Two dead & two injured after a car fell into a gorge near Kimaadi-Mussoorie road yesterday

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Covid-19 Factoid: Maharashtra becomes first state to have 200,000+ cases

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