Sensex sinks 364 pts, ITC crashes 13 per cent

Mumbai, Jul 18 (PTI) Benchmark Sensex today slipped from life highs to end sharply lower at 31,710.99 by falling 364 points following a steep plunge in ITC Ltd stocks after the GST Council yesterday hiked tax on cigarettes.

Besides, the broader Nifty also cracked below the 9,900- mark.

Sentiment was hurt after the GST Council raised the tax on cigarettes to take away an estimated Rs 5,000 crore annual "windfall" manufacturers could have reaped from lower GST rates.

The market was also pulled down by negative European and mixed Asian peers as setbacks for a health care overhaul in the US raised doubts over prospects for a range of reforms backed by President Donald Trump.

Shares of ITC Ltd emerged worst performer among the Sensex and Nifty components by crashing 12.63 per cent to Rs 284.60 on the BSE.

Other cigarette stocks, Godfrey Phillips and VST Industries, also tanked by up to 7.83 per cent.

Venkaiah Naidu is NDA's vice presidential candidate: Shah

New Delhi, Jul 17 (PTI) Union Minister M Venkaiah Naidu, a veteran BJP leader from Andhra Pradesh, will be NDA's vice presidential candidate, party president Amit Shah said today.

Naidu was chosen at the BJP Parliamentary board meeting here attended by Prime Minister Narendra Modi and other senior party leaders.

The 68-year old Naidu currently holds the portfolios of Information and Broadcasting and Housing and Urban Affairs.

The former BJP president is pitted against Gopalkrishna Gandhi, who was chosen by an alliance of 18 opposition parties, including the Congress.

The electoral college for the August 5 election consists of 790 MPs of the two chambers of Parliament.

Naidu will file his nomination tomorrow at 11 AM, Shah said.

Tomorrow is the last day for the filing of nominations.

Modi asks state govts to come down hard on cow vigilantes

New Delhi, Jul 16 (PTI) Seeking to blunt the opposition attack over cow vigilantism, Prime Minister Narendra Modi today sought to put the onus for checking such "hooliganism" on state governments, insisting that they take "stringent action" against them.

The prime minister also sought the support of opposition parties in tackling "communal violence" in the name of cow protection, and deprecated attempts at giving political or communal colour to the issue.

"All political parties should collectively denounce hooliganism in the name of cow protection. The state governments should take stringent action against such anti- social elements," Modi said in a series of tweets.

Earlier in the day, he told an all-party meeting on the eve of the start of the Monsoon Session of Parliament tomorrow that maintaining law and order was the responsibility of state governments, which should take strict action against perpetrators of such incidents.

"Cow is treated as a mother and it is an emotive issue.

But we have to understand that there are laws governing cow protection and breaking it is not an alternative," Modi tweeted after the meeting.

He said some anti-social elements were using cow protection as "a tool to spread anarchy. Some people who want to damage the social fabric of the country are also taking advantage of it.

Modi said such incidents sullied the image of the country.

"State governments must ensure the maintenance of law and order and strict action must be taken against those who break the law," an official statement quoted Modi having told the meeting.

The statements assume significance in context of the recent incidents of violence in different parts of the country in the name of cow protection.

Opposition parties have attacked the BJP over the cases of cow vigilantism in which Muslims and Dalits have often been targeted. These parties have also planned to raise the issue during the Parliament session starting tomorrow.

The prime minister also urged all parties to extend their support to the government in fighting corruption.

Apparently hinting at Trinamool Congress and RJD on the issue of corruption, the prime minister said the political class should join hands against those who seek an escape route by dubbing action against them in graft cases as a political conspiracy.

"When law takes its course against those who loot the nation, we have to unite against those who seek an escape route by dubbing such an action as a political conspiracy," the Prime Minister tweeted.

In his speech, Modi also referred to the presidential poll to be held tomorrow and said it would have been better had there been a consensus on the candidate.

He, however, said "high level of dignity" has been maintained by both sides during the campaign and there was no ill will and foul language was not used. He also called upon all political parties to ensure that everyone votes and no vote is wasted.

While the ruling BJP-led NDA has named Ram Nath Kovind its candidate, the Congress-led group of opposition parties has fielded former Lok Sabha speaker Meira Kumar. Kovind has a big numerical advantage over his rival.

Parliamentary Affairs Minister Ananth Kumar told reporters after the meeting that Modi also noted that 75th anniversary of the Quit India movement falls on August 9 and all parties should celebrate it.

He also thanked everyone for the implementation of the GST, calling it a "shining example of co-operative federalism".

On the issue of Kashmir and tensions with China, Kumar said the government had a meeting with opposition leaders who said they were with the government on matters of national security.

To preserve institutions of democracy, Modi said, it was important that all political parties support the government in conducting the business in Parliament without disruption so constructive discussion can take place on issues of national importance.

"The Prime Minister in one voice with the leaders of all parties also asserted that all political parties stand united to ensure the nation's safety and security, after such concerns were raised by many leaders on recent developments," he said.

There was a consensus on ensuring the smooth functioning of Parliament and that deadlocks should be resolved through constructive discussion, he said.

Among opposition leaders who attended the meeting were Ghulam Nabi Azad (Congress), Sharad Pawar (NCP), Sitaram Yechury (CPI-M), Mulayam Singh Yadav (SP), Farooq Abdullah (NC) and D Raja (CPI).

However, no one from the JD(U) or the Trinamool Congress was present. TMC had announced it would boycott the meeting amid recriminations between it and the BJP over the recent violence in West Bengal.

Trump seeks to downplay reports of his isolation at G20 Summit

Washington, Jul 14 (PTI) US President Donald Trump today said that he has a good relationship with all G20 leaders, including Prime Minister Narendra Modi and Chinese counterpart Xi Jinping, as he sought to downplay reports that he was isolated at the last week's summit of the bloc in Germany.

India and 18 other members of the G20 during their summit in the German city of Hamburg last week termed the Paris climate deal as "irreversible" and threw their weight behind the landmark agreement from which Washington has decided to pull out.

Trump responding to questions related to the summit said, "It's a good thing that I have a good relationship with (Chinese) President Xi (Jinping). It's a good thing I have a good relationship with every one of them - Modi - you saw that." 

He was referring to his instant chemistry with Modi when he visited the White House last month.

"Every single one of them of all 19 - there's 20 with us. All 19, I have a great relationship with," Trump told reporters on board Air Force One who were travelling with him from Washington DC to Paris.

Sensex crosses 32k, Nifty at new high on rate cut chances

Mumbai, Jul 13 (PTI) The Sensex today went past the 32,000-mark for the first time ever soaring over 232 points and the Nifty closed at a new peak 9,892 as inflation hit a record low, offering the RBI leeway for a lower policy rate.

The 30-share BSE index took 33 sessions to rise 1,000 points before it finally went beyond the psychologically significant 32,000.

Higher Asian and European stocks provided fodder after the US Fed chief, in a House testimony, signalled that the approach to higher rates will be steady, prompting investors here to buy more.

Retail inflation for June hit a historically low 1.54 per cent and industrial output growth for May slumped to 1.7 per cent, boosting chances of a rate reduction by the Reserve Bank at its upcoming August policy meet. The macro numbers were released after market hours yesterday.

The BSE Sensex settled at a new peak of 32,037.38, up 232.56 points, or 0.73 per cent. It surpassed its previous record of 31,804.82 touched yesterday.

In past four days, the index had gained 676.75 points.

The broader 50-issue NSE Nifty spurted 75.60 points, or 0.77 per cent, to close at fresh lifetime high of 9,891.70, bettering its earlier record 9,816.10 hit yesterday.

Both indices rose for the fourth consecutive session.

ITC emerged as the top gainer by rising 3.03 per cent.

Bharti Airtel, ICICI Bank and Sun Pharma rose up to 1.84 per cent.

The largest IT exporter, TCS, firmed up 0.20 per cent ahead of its June quarterly earnings today.

Traders said ample liquidity in the market is driving the current phase of the rally amid optimism over earnings from blue-chip companies.

Consumer goods and banking stocks had a good day. The FMCG index rose the most by surging 1.58 per cent, followed by capital goods and banking.

Foreign investors have been supporting the ongoing rally by pumping in sizeable money into domestic markets. Foreign portfolio investors (FPIs) bought shares worth a net Rs 361.25 crore yesterday while domestic institutional investors (DIIs) sold shares worth a net Rs 330.58 crore, showed provisional data.

Buying activity also rubbed off on broader markets, with mid-cap and small-cap indices ruling up

India ready to forge 'ambitious' trading relations with UK: May

London, Jul 12 (PTI) India is among the countries ready to forge an "ambitious" new trading relationship with the UK after Britain leaves the European Union (EU), Prime Minister Theresa May has told the Parliament.

In a statement in the House of Commons on the recently concluded G20 summit in Hamburg, May said that her meeting with Prime Minister Narendra Modi involved discussions on a wide range of issues, including tackling modern day slavery.

"At this summit, I held a number of meetings with other world leaders, all of whom made clear their strong desire to forge ambitious new bilateral trading relationships with the UK after Brexit. This included America, Japan, China and India," May said in her statement on Monday.

In response to Opposition Labour party leader Jeremy Corbyn on the issue of striking new trade deals, she added: "I am very happy to tell him (Corbyn) that we are already working with the Americans on what a trade deal might look like. We already have a working group with the Australians, and we have a working group with India as well.

"We are working on trade in three areas. Obviously, one area is looking ahead to the trade agreements we can have with those countries we do not currently have them with as a member of the European Union.

"The second is ensuring that, where there are trade agreements with the EU, we are able to roll those forward as we leave the EU.

"The third area is working with countries such as India and Australia to discuss what changes we can make now, before we leave the EU, to improve our trade relationship."

Labour MP Graham Jones asked May if she had raised the issue of modern day slavery and child prostitution in India during her meeting with Modi, to which she said that it was an issue "previously" raised with the Indian PM as the UK wants "people around the world to address it".

"We are very clear that we want to see this issue being dealt with. That is one of the reasons why we have put into legislation the requirement for companies here in the UK, which will be manufacturing and will be sourcing products from around the world, to look at their supply chains and report on what they find in them and whether or not modern slavery is taking place within them," she told Parliament.

Modi and May had held bilateral talks on the sidelines of the G20 summit in Germany last week, during which the Indian leader had raised the issue of Indian economic offenders like liquor baron Vijay Mallya and former Indian Premier League chief Lalit Modi and sought the UK s cooperation in extraditing them to face the Indian courts.

Mobile app “GST Rates Finder”

Mobile app “GST Rates Finder” which is available on android platform to be soon available on ios platform as well.

              

CBEC Mobile app “GST Rates Finder” which is available on android platform and soon will be available on ios platform as well. To install "GST Rate Finder", user of Android mobile has to first open Google Play Store and in the search option has to type GST Rate Finder. There may be many more apps available with similar names. The user has to download the app with CBEC Logo i.e.

Once downloaded and installed the icon will appear on the screen of the mobile. Now this mobile app is ready to operate and it will also operate in off-line mode.

 After clicking the icon with the above logo for the mobile app, home screen will appear. On this screen the most important feature is Quick Search.  The user can search for any goods and services by typing the name or chapter heading of the commodity or services.

If the user is not aware of the Chapter Heading of HSN then the user can type the name of the Goods or Services. For e.g. if the user search for Taxi related services then , Taxi has to typed in Quick Search. This search will provide the list of Goods and Services containing the name "Taxi", which was typed in the search box. Now the user may scroll the list and click on the specific category which the user is searching and as a result of the click, a window will pop-up

            This window will contain details like “GST rate”, “Chapter heading of the HSN”, and description of services. If still the user is not satisfied then a link of CBEC website is available on the home screen. This link will open the GST page of the CBEC website. The details are available on this website.           

            If the user is aware of the chapter heading or the HSN Code then the specific HSN code can be typed in Quick search box and the user can immediately see the specific description.

For example, any person who has been billed by a hotel or restaurant or for footwear can cross verify the rates through this mobile app.  It will increase transparency and truly empowers every citizen of the nation and serves as a ready reckoner for one and all.

Govt reviews security in Kashmir after brazen attack on yatris

Srinagar/New Delhi, July 11 (PTI) The army chief rushed to Kashmir today to review the security in the valley following an audacious terrorist attack on a pilgrims' bus that was reportedly masterminded by a Pakistan-based militant leader.

Seven pilgrims from Gujarat and Maharashtra were killed and 19 others injured in last night's attack by terrorists who sprayed the bus with gunfire from all directions.

The victims had earlier visited the Amarnath shrine and were on their way from Srinagar to Jammu.

The bus driver, Salim Sheikh Gafoor, a native of Gujarat, was hailed as a hero for saving the lives of some 50 others in the bus by speeding away through the hail of gunfire with a shattered windshield blocking his view, stopping only after 2 kilometers at a security post.

The attack drew widespread condemnation including by Amnesty International, the United States and across the Indian political spectrum.

"This act of violence has shaken the edifice of Kashmiri ethos and culture," said Jammu-Kashmir Chief Minister Mehbooba Mufti, who spent the night in a hospital in Anantnag where the injured were being treated. "This incident is a blot on all Kashmiris and Muslims. We will not keep quiet till we bring the culprits to book," she said.

Army Chief Gen. Bipin Rawat rushed to Srinagar this morning where he held a series of meetings, including with Governor N N Vohra and Mehbooba.

He also chaired a security review meeting in Srinagar which was attended by top Army officials, Director General of S P Vaid and Chief Secretary B B Vyas, an Army spokesman said.

"The COAS (Chief of Army Staff) condemned the dastardly act of terror against innocent Amarnath pilgrims, and indicated that the security forces will counter this menace with greater resolve," the spokesman said.

The Army chief exhorted the commanders and troops to keep up the pressure on the terrorists, the spokesman added.

TV channels reported that the attack was masterminded by a Pakistan-based LeT commander Abu Ismail. However, there was no independent confirmation of that.

In New Delhi, Home Minister Rajnath Singh chaired another meeting that was attended by National Security Adviser Ajit Doval and senior officials of the central police forces.

During the hour-long meeting, Singh took stock of the situation in Kashmir, particularly the two routes to the Amarnath shrine, located in the Himalayas at an altitude of 12,756 feet.

Later, the NSA briefed Prime Minister Narendra Modi.

Despite the attack, hundreds of pilgrims continued to journey to Amarnath cave, chanting 'Bam bam Bhole'.

Meanwhile, bodies of the seven victims were received by Gujarat Chief Minister Vijay Rupani in Surat.

The governments of Jammu and Kashmir, Gujarat and the Centre announced lakhs of rupees in compensation for the relatives of the deceased as well as the injured.

Rupani said he will recommend the driver for a bravery award.

The J&K government and the Shri Amarnath Shrine Board (SASB) separately announced cash rewards totalling Rs 5 lakh for the driver.

"God gave me strength to save their lives," said Sheikh.

"Terrorists should not be spared. They should be killed as they are killing innocent people.

BSE stock surges nearly 9% in intra-day on NSE

New Delhi, Jul 10 (PTI) Shares of BSE surged nearly 9 per cent in intra-day trade on NSE today after trading resumed at the bourse during the afternoon session following a technical glitch.

The country's largest bourse NSE today halted trading for over three hours due to a technical glitch, leaving investors with no real time updates.

National Stock Exchange (NSE) had earlier in the day sought clarification from rival BSE about a significant increase in the trading volume of its shares.

Shares of BSE zoomed 8.82 per cent to Rs 1,161.05 on NSE in intra-day trading session. It later trimmed most of the early gains and closed at Rs 1,085.10, up 1.70 per cent.

On the volume front, a total of 1,02,668 shares of the exchange were traded on NSE during the day.

The BSE, which got listed on NSE's platform in February, said no price sensitive information is pending with it for furnishing to NSE.

"Significant increase in volume has been observed in BSE Limited. The exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company," NSE said.

In its response BSE said that there is no such announcement or price sensitive information, which is pending to be intimated by the company to the stock exchange concerning its performance.

Trump cuts isolated figure on world stage

Washington, Jul 9 (AFP) During a difficult visit to Europe Donald Trump appeared out of sync with traditional allies, struggling to show that unorthodox strategies toward rival powers Russia and China can deliver results.

At one point Canadian Prime Minister Justin Trudeau and German Chancellor Angela Merkel exchanged a knowing glance as the US president veered off on another tangent.

What were to be remarks about women entrepreneurs had become a Trumpian soliloquy on his daughter Ivanka's merits and his paternal failings.

"If she weren't my daughter it would be so much easier for her," Trump said. "It might be the only bad thing going for her."

A few feet away, Merkel and Trudeau's nervy laughs were corporal acknowledgment that Trump's political peers are still unsure how to take the mercurial 71-year-old.

Throughout the meeting there was a sense the president of the United States, leader of the so-called "indispensable nation," has shifted positions, leaving everyone else struggling to correct.

In Warsaw, on the first stop of his four day trip, Trump sought to reassert his claim to lead the free world.

Like a king riding along the cavalry frontline, he sounded the charge against terrorism and bureaucracy, which he painted as threats to Christian civilization.

He embraced allies by affirming his commitment to NATO's mutual defense clause, satisfying long-standing demands to be clearer about the alliance.

But for many, Trump's idea of the West as a group of nations that "cry out 'We want God'" -- a West of high borders and fierce nationalism -- seemed out of kilter with the times.

"It is no accident that he gave this speech to a country with an ultra-conservative and Eurosceptic government," said Thomas Wright of the Brookings Institution.

"The great risk," Wright added, is that Trump's remarks "begin dividing Europe into old and new -- or those who don't like him and his message and those who do."

Trump's claim to be the guardian of Western values was further undermined by a press conference that saw sustained attacks on the free press and a downplaying of Russia's election interference.