OPINION, P8 COMPANIES, P6 EDITORIAL PM needs to just say he will honour Cairn arbitration ruling INTERNATIONAL, P14 HARSHA V SINGH MISSION ELECTRIC RUSSIA CONNECT A new framework for WTO can address Trump's concerns and work well for everyone Bhavish Aggarwal-led Ola to add 10,000 EVs in next 12 months Trump morally unfit to be president, says ex-FBI chief Comey MUMBAI, TUESDAY, APRIL 17, 2018 WWW.FINANCIALEXPRESS.COM FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE READ TO LEAD VOLUME XXXXXV NO. 334, 20 PAGES, `7.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 34,305.43 ▲ 112.78 NIFTY: 10,528.35 ▲ 47.75 NIKKEI 225: 21,835.53 ▲ 56.79 HANG SENG: 30,315.59 ▼ 492.79 `/$: 65.49 ▼ 0.28 `/€: 80.99 ▼ 0.65 BRENT: $72.13 ▼ $0.45 GOLD: `31,049.00 ▲ `175.00 IN THE NEWS WPI inflation eases to 2.47% in March INFLATION BASED ON wholesale prices slipped marginally to 2.47% in March on falling prices of food items, especially vegetables and pulses, reports PTI. On the basis of the Wholesale Price Index (WPI), inflation was 2.48% in February and 5.11% in March last year. According to government data released on Monday, food articles witnessed deflation after about eight months as vegetables, cereals, pulses, eggs, meat and fish turned cheaper. Big spurt in freeLPG applicants JUST IN TIME for the 'Ujjwala Divas' being celebrated on April 20 has come a big spurt in applications for the partially free liquefied petroleum gas (LPG) connections under the Pradhan Mantri Ujjwala Yojana (PMUY), reports Saurabh Kumar in New Delhi. While the average number of PMUY applicants till April 1, 2018, was 30,000-40,000 per day, the number has since easily crossed the 1 lakh mark per day. As many as 1.27 lakh PMUY applications were received on April 10 and 1.55 lakh on April 13, according to official data. CLOUD LIFTS BANKRUPTCY PROCEEDINGS Uttam Galva to repay SBI if kept from NCLT Seeks four to five weeks’ time, indicates it could bring in a foreign investor to help settle dues FE BUREAU Mumbai, April 16 UTTAM GALVA STEELS said on Monday it proposed to repay State Bank of India (SBI) if the lenderagreed not to seek a resolution for the bankrupt firm in the National Company LawTribunal (NCLT).The company owed lenders around `5,637 crore as of March 2017. Uttam Galva sought four to five weeks from the Mumbai bench of the NCLT, indicating it planned to rope Uttam Galva's debt was `5,637 crore in FY2017 ArcelorMittal sold its 29.05% stake in Uttam Galva in February Uttam Galva believed to be scouting for overseas investors in a foreign investor to help repayits debts.Lastweek State Bank of India (SBI) rejected a one-time settlement put forward by the steel producer that would have resulted in a large haircut of around 50% for the bank. FE had reported in March that ArcelorMittal,which held a 29.05% stake in Uttam Galva,islikelytoinfusearound `3,000 crore into the debtstrapped company to help it settle its dues with its lenders. ArcelorMittal,which has rebid for steelmaker Essar Steel, one of the coveted assets in the insolvency proceedings, had seen its bid rejected in the first round on its failing to meet the “eligibility”criteria. AnamendmenttotheInsolvency and Bankruptcy Code (IBC)hadensuredthatpromoters of defaulting companies were disqualified from bidding forotherstressed assets. creditorstoconsidertherevised bid of the Aditya Birla Group cementmakerunderthecorporate insolvency resolution process, report Mithun Dasgupta & Indronil Roychowdhury in Kolkata. Exim Bank, FE BUREAU New Delhi, April 16 ● STALLED PROJECTS Amrapali ropes in three co-developers SURBHI PRASAD New Delhi, April 16 one of Binani’s unsecured financial creditors, said in the resolution plan it is facing“discrimination”within the same class of unsecured lenders. THREE DEVELOPERS — INDIA Infoline, the Noidabased Galaxy group and Kanodia group — have shown interestincompleting theprojects of beleaguered builder Amrapali and would invest `1,200 crore in these unfinished projects, according to ShivPriya,executivedirectorof the real estate company. Both India Infoline and Galaxy group have agreed to invest `500 crore each while Kanodiagrouphassaiditwould invest `200 crore, he said. “These three would come on board as co-developers and would pump in funds and labourers to start work at our projects. Once the funds are infused and construction work starts, completion of all Amrapali projectswill happenwithin onetothreeyears.Thecourthad asked us to furnish a detailed planforcompletionofthepending projects,” ShivPriya said. Detailed report on Page 6 Continued on Page 2 Continued on Page 2 Exim Bank says Binani process unfair IN WHAT could keep UltraTech Cement in the race for Binani Cement,EximBankonMonday accusedtheBinaniCementresolutionprofessionalof“dereliction” of duties as he allegedly did not ask the committee of IMD predicts normal monsoon IMD forecast vs actual monsoon rainfall (% of LPA*) THE INDIA METEOROLOGICAL Department (IMD) on Monday predicted this year’s southwest monsoon (AprilSeptember) to be ‘normal’, at 97% of the long-period average (LPA) of 89 cm,with a margin of error of +/- 5%. It has lined up five probable scenarios — a normal monsoon (42%), below normal (30%), deficient (14%),above normal (12%) and excess (2%). If this official forecast holds true, the country will have near-normal to normal monsoon for the third year in a row, after two successive years of drought. Private forecaster Skymet 120 100 98 106 80 April forecast 95 88 93 86 20 0 2014 had earlier predicted the impending monsoon rainfall to be 100% of LPA with 55% chances of it being normal and nil chances of a drought. Agriculture secretary SK Pattanayak said the country’s Research by YOOSEF KP State Bank of India 2.23 2.5 1.89 1.31 Jan 2, 2017 2015 2016 2017 2018 *Long period average is 89 cm; 96-104% of LPA is 'normal,' 104-110% is 'above normal', >110% is 'excess,' 90-96% is 'below normal' and <90% is ‘deficient’ Source: IMD 3.0 1.0 97 NA 2013 Kotak Mahindra Bank has passed State Bank of India to become the second biggest bank by market capitalisation, behind only HDFC Bank. 1.5 96 95 40 Kotak Mahindra Bank pips SBI 2.0 97 60 Market cap 3.5 (` lakh crore) Actual 106 2.22 Kotak Mahindra Bank Source: Bloomberg April 16, 2018 foodgrain production in the 2018-19 crop-year (July-June) might surpass the record high of 277.49 million tonnes achieved in 2017-18. Continued on Page 2 BRANDWAGON The growth of modern day techpowered news hunt
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