LIVE updates: 'Centre monitoring situation', says BJP on Adani stock rout

The Adani group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. Stay tuned for the latest updates.

8:00 PM

IDFC First Bank to raise Rs 2,196 cr via preferential allotment of shares

IDFC First Bank on Saturday said its board has approved allotment of 37.75 crore shares to a subsidiary of IDFC on preferential basis for Rs 2,196 crore.

 

Equity shares of face value of Rs 10 each fully paid-up, on a preferential basis will be issued IDFC Financial Holding Company Limited at a price of Rs 58.18 per unit, including premium of Rs 48.18 per share, IDFC First Bank said in a regulatory filing.

 

The proposal is subject to acceptance of the offer by the board of IDFC and approval of the shareholders of the bank, it said.

7:59 PM

RP Sanjiv Goenka Group to invest Rs 10,000 cr in Uttar Pradesh

RP Sanjiv Goenka Group said it will invest Rs 10,000 crore in Uttar Pradesh. The announcement was made by group head Sanjiv Goenka during a meeting with Chief Minister Yogi Adityanath.

 

"Dr Sanjiv Goenka in a meeting today with the Honourable Chief Minister of Uttar Pradesh Shri Yogi Adityanath has announced an investment of Rs 10,000 crore in the state..," the group said.

 

Out of this, Rs 7,500 crore will be invested in renewables, while power distribution and retail sectors will receive Rs 1,000 crore each.

7:49 PM

Bharti Airtel acquires 23% stake in Indus Towers held by subsidiary Nettle Infra

Telecom operator Bharti Airtel has increased its direct stake in Indus Towers by acquiring 23.01 per cent shares held by its completely owned subsidiary Nettle Infrastructure, a regulatory filing said on Saturday. Bharti Airtel now holds 47.95 per cent stake in Indus Towers.

 

The telecom operator earlier directly held 24.94 per cent stake and 23.01 per cent through its subsidiary Nettle Infrastructure.

 

Bharti Airtel has acquired the 23.01 per cent stake of Indus Towers from Nettle to directly own 47.95 per cent in the mobile tower firm.

 

This is pursuant to the "composite scheme of amalgamation approved by the Hon'ble National Company Law Tribunal, Chandigarh bench, vide its order dated January 25, 2023 and becoming effective from February 1, 2023", the filing said.

7:21 PM

Indian regulators halt eye products production at Global Pharma Health Chennai site

Chennai-based Global Pharma Healthcare which has been under the scanner of the USFDA for potential bacterial contamination of its eye-drops, has been asked to stop production of its ophthalmic range of products at its site. A joint team of officials from the Central Drugs Standard Control Organisation (CDSCO) and State Drug Controller inspected the site on Friday.

 

In the joint investigation report (Business Standard has a copy of the report) the drug inspector CDSCO South Zone C Manivillavan and Deepa Joseph, senior drugs inspector, Kancheepuram zone, Director of Drugs Control, Tamil Nadu have noted that the manufacturer was instructed to stop manufacturing all products under the category of ophthalmic preparation until the completion of the investigation.

7:19 PM

Number of airports in country to go up to over 200: Scindia

The Civil Aviation Ministry has drawn up plans to boost air connectivity by taking the total number of airports operating in the country to over 200 over the next five-six years under its vision of increasing the 'width and depth of air penetration,' Minister Jyotiraditya Scindia said here on Saturday.

 

Scindia, here on a brief visit, said in its 67 years of independence the country saw only 74 new airports being built while in the last 8.5 years it has been increased to 147 under the Prime Minister Narendra Modi rule.

 

"We are just one short of doubling that number. The 148th airport will be also completed this month itself which means that what India took 66-67 years to build and under the leadership of Prime Minister Narendra Modi that has been done in a period of nine years." he told reporters.

7:08 PM

India, France and UAE unveil plans for cooperation under trilateral framework

India, France and the United Arab Emirates on Saturday unveiled an ambitious roadmap for cooperation in a plethora of areas including defence, energy and technology under a trilateral framework, a move that comes amid the geopolitical turmoil triggered by the conflict in Ukraine.

 

The plan was finalised during a phone conversation among External Affairs Minister S Jaishankar, his French counterpart Catherine Colonna and UAE's Sheikh Abdullah bin Zayed Al Nahyan.

 

A joint statement said it was acknowledged that defence is an area of close cooperation between the three countries.

6:46 PM

Thousands of orphans will get opportunity to study at DU free of cost: VC

Delhi University Vice Chancellor Yogesh Singh on Saturday stated that thousands of orphan children, including those who lost their parents to COVID-19, will get an opportunity to pursue higher education free of cost with the university's new initiative to reserve seats for them.

 

The vice chancellor said the university has been responsible for providing education to the students seeking higher education without any discrimination on any grounds.

 

The varsity recently decided to reserve seats in each of its undergraduate and postgraduate programmes for orphans under supernumerary quota from the next academic year.

6:39 PM

Pakistani drone carrying contraband shot down by BSF along Rajasthan border

A Pakistani drone carrying about 6 kg narcotics has been shot down by the Border Security Force along the International Border in Rajasthan on Saturday, a senior officer said. The flying machine was brought down during the intervening night of February 3-4 in Srikaranpur area of Sriganganagar sector of the state.

 

"A Pakistani drone along with two bags containing six packets of suspected narcotics, weighing about 6 kgs, has been recovered by a joint team of the force and local police," a BSF spokesperson said.

 

A similar drone carrying about 5 kg drugs was shot down by the border force in Punjab on Friday.

6:32 PM

Delhi govt seeks Rs 927 cr from Centre for G20 summit preparations

Delhi Deputy Chief Minister Manish Sisodia on Saturday wrote a letter to the Centre seeking a grant of Rs 927 crore to take up special development work for the G20 summit in the national capital.

 

In a letter to Union Finance Minister Nirmala Sitharaman, Sisodia said it will not be easy for the Delhi government to spend an extra Rs 927 crore from its limited resources for the G20 summit preparations.

 

Sisodia, who also holds the finance portfolio, also said the Delhi government will extend full cooperation to the Centre for successfully hosting the G20 summit. 

6:26 PM

National Security Advisor Ajit Doval to meet his UK counterpart Tim barrow in London today

National Security Advisor Ajit Doval to meet his UK counterpart Tim barrow in London today

6:19 PM

Committed to ensuring market integrity, says Sebi amid Adani crisis

Amid a raging controversy over a meltdown in Adani group stocks, regulator Sebi on Saturday said it is committed to ensuring the stock market's integrity and all necessary surveillance measures are in place to address any excessive volatility in individual shares.

 

Without naming the Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.

 

Officials confirmed that the statement has been issued in the wake of the Adani matter only. READ MORE...

5:50 PM

Axis Bank says it is comfortable with exposure to Adani Group

Axis Bank on Saturday said its exposure to Adani Group entities stood at 0.94% of its net advances on Dec. 31, adding that it remained comfortable with its exposure.

 

"Our exposure to Adani Group is primarily to the operating companies in the Ports, Transmission, Power, Gas Distribution, Roads, Airports etc," the bank said.

 

The Adani Group, led by billionaire Gautam Adani, is reeling from a U.S. short-seller's scathing report in January that has cratered its shares, prompted calls from opposition lawmakers for a wider probe and the central bank to check on banks' exposure to the conglomerate.

5:37 PM

Adani row: Indian regulators are very competent to handle the situation, says Piyush Goyal

Union Minister for Commerce and Industry Piyush Goyal on Saturday said regulators are very competent to handle the situation and will take appropriate action, regarding the allegations of fraud against billionaire Gautam Adani's companies that triggered an unprecedented stock crash.

 

He also termed the opposition stalling the Parliament's proceedings on the issue as "unfortunate".

 

"The regulators in India are very competent and our financial markets are amongst the most respected and well regulated markets in the world. As regards the loss, that's the share market's valuation loss, not the loss of any individual or people's wealth," Goyal told reporters here.

5:36 PM

Mansukh Mandaviya appointed as election co-incharge for Karnataka polls

5:36 PM

India will get into global bond indices on own terms: Official

India will not bend over backwards to get included in the global bond indices, a top finance ministry official said on Saturday.

 

Deploying a sartorial analogy, Finance Secretary TV Somanathan said the indices are an exclusive club or gymkhana, which insists on entry only for those wearing ties.

 

"...if we get into this club, it will be with our dhoti and saree. We will not change our domestic policies to suit foreign investors," he said, addressing a post-budget interaction with industry players in the financial capital.

 

He said there are both positives and negatives of such an inclusion, which was spoken about in a previous budget announcement, and India will not "bend over backwards" to gain entry.