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Videocon case: Kochhars questioned by ED for third day

Chanda Kochhar (File Photo: IANS)
Chanda Kochhar (File Photo: IANS)
Former ICICI Bank CEO and Managing Director Chanda Kochhar and her husband Deepak Kochhar on Wednesday deposed before the Enforcement Directorate for the third consecutive day for questioning in connection with the Rs 1,875-crore Videocon loan case.
 
The Kochhars arrived at the ED headquarters in south Delhi's Khan Market area around 2.20 p.m. They were also asked to bring some documents.
 
A senior ED official said that the the couple was asked to depose before the agency by afternoon.
 
The financial probe agency has questioned the Kochhar's for 17 hours on Monday and Tuesday.
 
The agency officials asked the Kochhars about their business dealings with Videocon Chairman Venugopal Dhoot and the financial transactions that took place between them.
 
The case is related to the alleged irregularities and corrupt practices in the sanction of a Rs 1,875-crore loan disbursed by ICICI Bank to the Videocon Group during 2009 and 2011.
 
The ED got clues about an illegal transaction running into crores of rupees routed to NuPower, a company run by Deepak Kochhar.
 
The Kochhars were questioned on many occasions last month in Mumbai. This was their first appearance before the ED in Delhi.
 
In March, the ED had conducted searches at the residence and office premises of the Kochhars and questioned them along with Dhoot.
 
Allegedly, Dhoot had invested in NuPower Renewables Ltd. through his firm Supreme Energy as quid pro quo for loans cleared by the ICICI Bank under Chanda Kochhar.
 
Of the Rs 40,000 crore loan to the Videocon group, Rs 3,250 crore was given by ICICI Bank. A large portion of the loan by ICICI was unpaid at the end of 2017.
 
The bank proceeded to declare the Rs 2,810 crore of unpaid loan as non-performing asset (NPA).
 
IANS
 

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Sensex declines by 203 pts amid record volatility

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After Tuesday's advance, the key equity indices succumbed to selling pressure yet again as the Sensex shed over 200 points on Wednesday amid record volatility.
 
The 'fear index' or the 'VIX', indicators of the volatility in the market, jumped to a 52-week high of 29.08 before settling at 28.6.
 
The BSE Sensex lost 203 points or 0.55 per cent to 37,114.88 and the Nifty closed 65.05 points or 0.58 per cent lower.
 
The broader markets also ended lower. The mid-caps ended 0.67 per cent lower and the small-caps declined by 0.45 per cent.
 
"The market slid on profit booking despite an initial extension in yesterday's rally as investors remained watchful on global trade and liquidity squeeze by FIIs," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Rupee strengthened after RBI announced plans to conduct open market operation. IMD predicted southwest monsoon to start from next month which will be a key trigger for consumption and rural economy," Nair added.
 
Yes Bank was the top loser among the Nifty50 stocks, declining over 8 per cent.
 
"Prices are in a bearish trend... due to concern over its balance sheet, asset quality, exposure to IL&FS, Directors and now RBI appointing an additional Director for two years," said Mustafa Nadeem, CEO, Epic Research.
 
IANS
 

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Big B, Ayushmann team up for Sircar's film

Actor Amitabh Bachchan (centre) with filmmaker Shoojit Sircar (left). (Photo: IANS)
Actor Amitabh Bachchan (centre) with filmmaker Shoojit Sircar (left). (Photo: IANS)
Megastar Amitabh Bachchan and actor Ayushmann Khurrana will come together on the big screen for the first time for filmmaker Shoojit Sircar's coming film "Gulabo Sitabo".
 
The family comedy, set in Lucknow, will release in November 2019.
 
Written by Sircar's frequent collaborator Juhi Chaturvedi of "Vicky Donor", "Piku" and "October" fame, "Gulabo Sitabo" will be produced by Ronnie Lahiri and Sheel Kumar.
 
Sircar said in a statement: "Me and Juhi have been working on this script for quite some time...and as we all know, when Juhi comes up with a story it has her trademark quirk in it.
 
"As soon as I read it, I was extremely excited and shared it with Ronnie, my dear friend and producer and to both Mr Bachchan and Ayushmann at the same time," he added.
 
Sircar thought it would take some time to develop and proceed.
 
"But everyone including the duo were so enthusiastic to do this script, that they figured their dates and here we are, planning to release it this year," said the director.
 
"After 'Piku" and 'Vicky Donor', I had been wanting to work with Mr Bachchan and Ayushmann on an equally quirky script so this fell perfectly in place."
 
As for the film's title, he said that the story is based in Lucknow, and "Gulabo Sitabo is a fun colloquial metaphor used by the locals...as to its connect to the story, wait and watch the film to know more".
 
IANS
 

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Indian equity markets open on positive note

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The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.
 
The Sensex of the BSE opened at a high of 37,539.05 and touched a low of 37,407.22 after closing at 37,318.53 on Tuesday.
 
It was trading at 38,413.71 up by 95.18 points or 0.26 per cent.
 
On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 11,271.70 after closing at 11,222.05 points. It was trading at 11,257.60.
 
IANS
 
 
 
 

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Sensex snaps 9-day long losing streak

The Sensex snapped its nine-day long losing streak on Tuesday to end 227.71 points higher. Except for IT, stocks of all other sectors ended in the green.
 
Lower prices of manufactured items and key transportation fuels eased India's annual rate of inflation based on wholesale prices to 3.07 per cent in April from 3.18 per cent in March, which helped sooth investors sentiments.
 
Scrips of Jet Airways closed over 7.42 per cent lower after the resignation of the beleaguered airline's deputy chief executive and chief financial officer (CFO) Amit Agarwal.
 
"Short covering was seen in beaten down indices like banks and pharma while IT continues to under-perform due to strength of the rupee," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"Investors are not very aggressive in the market as every rally will be used as an opportunity to book profit and remain watchful on quarterly earnings and the election verdict," he added. 
 
The BSE Sensex jumped over 227.71 points, or 0.61 per cent, to 37,318.53 and the Nifty gained 73.85 points, or 0.66 per cent, at 11,222.05.
 
"Asian shares started with losses on Tuesday amid a fresh deterioration in the Sino-US tariff war, although comments from US President Donald Trump that he expected trade negotiations to be successful helped stabilise sentiments," said Deepak Jasani of HDFC Securities.
 
IANS
 

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Markets range-bound over weak global cues

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Key equity indices opened marginally higher but turned range-bound on Tuesday over weak global cues and increasing nervousness owing to the ongoing general elections.
 
Markets saw a lack of participation owing to the heightened US-China trade tension.
 
China on Monday retaliated with $60 billion tariffs against $200 billion worth of tariffs that US slapped it with last week.
 
The Sensex of the BSE opened at 37,146.58 from its previous close at 37,090.82 on Monday. At 10.33 a.m., the Sensex traded at 37,052.92 down 37.90 points or 0.10 per cent.
 
The Nifty of the National Stock Exchange (NSE) opened at 11,151.65 after closing at 11,148.20 on Monday. The Nifty traded at 11,127.25 during the morning trade session, down 20.95 points and 0.19 per cent.
 
Besides the Consumer Price Index (CPI) inflation released on Monday was at a six-month high of 2.92 per cent for April.
 
Auto stocks dropped over 1 per cent on the NSE and IT, media and metal stocks were also witnessing heavy selling pressure.
 
Foreign Institutional Investors sold stocks worth Rs 1,056.01 crore on Monday while Domestic Institutional Investors bought scrips Rs 1,057.91 crore scrips.
 
IANS

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Essar Steel: SCB counsel Kapil Sibal challenges acceptance of bid amount

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Arguing on behalf of Standard Chartered Bank, senior advocate Kapil Sibal on Monday challenged the acceptance of Rs 39,500 crore bid amount by the Committee of Creditors(CoC) of bankrupt Essar Steel.
 
The amount was contrary to the ArcelorMittal undertaking given to Supreme Court of Rs 42,000 crore for buying Essar Steel.
 
Sibal made the arguments during the hearing of Essar Steel bankruptcy proceeding in NCLAT. Standard Chartered Bank is a financial creditor of Essar Steel.
 
Sibal questioned the conflict of interest of the members of the Committee of Creditors, who allegedly accepted a lower amount. He further alleged that the truncated CoC of four members privately negotiated with Arcelor to get a Slurry Pipeline, which is not an asset of Essar Steel to be included as part of overall resolution of the steel maker.
 
This meant that an amount of Rs 2,500 crore was taken out from the Rs 42,000 crore settlement offer for Essar Steel for settlement of creditors having exposure in the slurry pipeline.
 
The Standard Chartered Bank alleged that the amount of Rs 2,500 crore should have been paid to it rather than getting diverted to lenders of Odisha Slurry Pipeline India Limited.
 
During the hearing, NCLAT also enquired as to why the profits generated during corporate insolvency resolution process (CIRP) should go to the financial creditors, when in fact it is the operational creditors who have supported Essar during the process. 
 
The NCLAT also directed a day-to-day hearing of the case and adjourned the matters to Tuesday.
 
IANS

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Sensex logs longest losing streak in 8 years

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The Sensex and the Nifty fell for the ninth consecutive session on Monday, logging their longest losing streak in more than eight years.
 
According to an analyst, the fall is predominantly on account of political uncertainty in the country, weak global cues, high crude oil prices and unimpressive fourth quarter results.
 
As the country gears up for the seventh and the final phase of elections, investors are getting increasingly nervous by the day. "While we see the NDA coming back to power, the investors fear market may turn topsy turvy if anything short of that happens. Hence we see a very dismal buying interest," said Kotak Securities Head of Fundamental Research, Rusmik Oza.
 
The Foreign Institutional Investors (FII), who have been a key support last month driving Sensex and Nifty to life-time highs, have turned sellers this month. FIIs have pulled out a little over Rs 5,000 crore since May 1.
 
The FII exodus has caused the equity as well the currency market to fall. The Sensex and Nifty have declined nearly 5 per cent during the past 9 sessions, including the one on Monday marred by heavy volatility.
 
Global markets are nervous about the fresh US-China spat over trade. On Friday, the US more than doubled tariffs on $200 billion worth of Chinese products from 10 per cent to 25 per cent, which elicited an immediate response from China threatening "necessary counter-measures".
 
On Monday, the BSE Sensex ferried over 580 points between the days highs and lows before closing 372.17 points lower at 37,090.82. The Nifty lost over 1 per cent or 130 points to drop to 11,148.20 during the day's trade.
 
"Although, the picture has not been rosy for investors, we still believe that this decline is providing an opportunity for those who are willing to build their portfolios," said Sameet Chavan, Chief Analyst-Technical and Derivatives," Angel Broking.
 
IANS
 

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Equity indices lose over 1% amid massive volatility

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Falling for the ninth successive session on Monday, the key equity indices, Sensex and Nifty, declined over 1 per cent following massive volatility during the session.
 
The BSE Sensex ferried over 580 points between the day's highs and lows before closing 372.17 points lower at 37,090.82. 
 
The Nifty lost over 1 per cent or 130 points to drop to 11,148.20 during the day's trade. 
 
The broader markets saw an even more intense decline. The Nifty Mid-cap and Small-cap index declined over 2 per cent. 
 
"Consolidation extended in the market as rising trade tensions and contraction in domestic industrial production dented investor sentiment. Additionally, exodus of foreign funds and rising oil prices impacted the currency movement," said Vinod Nair, Head of Research, Geojit Financial Services. 
 
Global markets are nervous about the fresh US-China spat over trade. On Friday, the US more than doubled tariffs on $200 billion worth of Chinese products from 10 per cent to 25 per cent, which elicited an immediate response from China threatening "necessary counter-measures". 
 
"Global economic situation will be a determining factor for the market while investors remain focused on the upcoming CPI inflation data to get cues on the interest rate trajectory. Currently, the market is expecting reduction in interest rate in the medium-term," Nair added. 
 
IANS
 

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Indian equity indices open in red

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The key Indian equity indices opened on a negative note on Monday.
 
At 9.33 a.m, the Nifty50 on the National Stock Exchange traded at 11,256.55, lower by 22.35 points or 0.20 per cent from the previous close of 11,278.90 points.
 
The BSE Sensex traded at 37,454.25, lower by 8.74 or 0.02 per cent, from the previous close of 37,462.99 points.
 
It opened at 37,491.30 and has so far touched an intra-day high of 37,505.66 and a low of 37,319 points.
 
IANS
 
 
 
 

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Mumbai lift fourth IPL title with 1-run win over CSK

 
Lasith Malinga delivered the killer blow as Mumbai Indians (MI) defeated bitter rivals Chennai Super Kings (CSK) by one run to lift a record fourth Indian Premier League (IPL) title in a rip-roaring final at the Rajiv Gandhi International Stadium here on Sunday.
 
With two runs needed off the final delivery, Malinga executed a slower yorker to perfection, trapping Shardul Thakur (2) right in front to send his teammates, including skipper Rohit Sharma, into delirium as Shane Watson, whose breathtaking 80 went in vain, sunk in his seat in the Chennai dugout.
 
Chasing a modest 150 for victory, Watson, who was dropped on 56 by Rahul Chahar, carried Chennai's hopes with a belligerent 80 off 59 balls, his innings laced with eight fours and four sixes.
 
But once he was run out in the fourth ball of the final over, it was Sri Lankan Malinga who showed his class to snatch the crown from the defending champions.
 
In the last five overs, Chennai needed 62 off 30 balls. Watson then hit Malinga for a hat-trick of fours to trim the equation to 42 off 24 balls. 
 
There was no stopping the veteran Australian, who scored a hundred in the final to help Chennai win the IPL last year, as he clobbered Krunal Pandya for three back-to-back sixes in the 18th over which costed Mumbai 20 runs.
 
Mumbai's best bowler Jasprit Bumrah (2/14) then bowled a brilliant penultimate over, sending Bravo (15) back to the hut after the latter gave Quinton de Kock a simple catch behind the stumps. However, de Kock missed an easy gathering to gift Chennai four byes in the last ball of the over.
 
Earlier, Faf du Plessis (26) and Watson gave Chennai a steady start before Krunal got the former stumped by de Kock by luring him to come down the wicket. 
 
With du Plessis gone for 26 off 13, Watson and Suresh Raina (8) shared a 37-run stand for the second wicket as Chennai looked to be cruising.
 
Rohit then gave the ball to Rahul Chahar (1/14) who started Chennai's downfall by trapping Raina (8) in front. Ambati Rayudu (1) could not add much to the tally, getting caught behind off Bumrah.
 
The game-changing moment came in the 13th over when M.S. Dhoni (2) was caught short of the crease by Ishan Kishan, with replays showing it to be a close call.
 
Watson and Bravo then joined hands for a 51-run partnership for the fifth wicket which was finally broken by Bumrah. From there on, it was a see-saw battle which eventually saw Mumbai continue their dominance over Chennai in what was their fourth final meeting.
 
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Earlier, Deepak Chahar (3/26) and Imran Tahir (2/23) starred with the ball as CSK restricted MI to 149/8, even as Kieron Pollard hit an unbeaten cameo (41* off 25) down the order.
 
Pollard, who was dropped on 25 by Suresh Raina, was the top-scorer for Mumbai as he hammered three fours and three sixes. For Chennai, Shardul Thakur also picked up two wickets for 23 runs.
 
But Pollard hogged the limelight for the wrong reasons in the last over when as a mark of protest against the umpire not calling a wide in the previous delivery, he walked across -- even leaving the pitch -- to face the fourth ball before Dwayne Bravo pulled out. 
 
Opting to bat, Mumbai were off to a flying start riding on de Kock's power hitting. The South African stumper-batsman took on in-form Deepak Chahar in the third over, smashing three sixes to take 20 runs off it.
 
de Kock looked to be in the mood as he slapped Shardul for a six in the fifth over. But the pacer had his revenge in the next ball when he cramped de Kock for room with a quick delivery that the batsman lobbed to Dhoni who took an easy catch. de Kock clobbered four sixes en route his 17-ball 29.
 
In the next over, Dhoni became the wicket-keeper with most dismissals in IPL history when he dived forward to take Rohit's catch off Deepak Chahar who outfoxed the Mumbai captain with a knuckleball. Rohit's patchy form in the IPL continued as he could only manage 15 off 14 balls, hitting one four and a six.
 
Mumbai, who suddenly seemed to be in some sort of trouble at 45/2 after the Powerplay, were dented further by Imran Tahir who accounted for Suryakumar Yadav (15), the star of Mumbai's last game, and Ishan Kishan (23) as Krunal Pandya (7) was sent back in between by Shardul who took a brilliant catch off his own bowling.
 
With five overs remaining, Mumbai were 102/5 but Deepak Chahar's brilliance restricted them to a score of below 150 despite Pollard smashing two fours off the last two deliveries.
 
Brief scores: Mumbai Indians: 149/8 in 20 overs (Kieron Pollard 41 not out, Quinton de Kock 29; Deepak Chahar 3/26, Imran Tahir 2/23); Chennai Super Kings: 148/7 in 20 overs (Shane Watson 80, Jasprit Bumrah 2/14)
 
IANS
 

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Mumbai beat Chennai for record fourth IPL title

 
Mumbai Indians became the first team to win four Indian Premier League (IPL) titles after they beat Chennai Super Kings (CSK) by one run in a rip-roaring final at the Rajiv Gandhi International Stadium here on Sunday.
 
Chasing 150 for victory, Chennai managed 148/7 in 20 overs.
 
Brief scores: Mumbai Indians: 149/8 in 20 overs (Kieron Pollard 41 not out, Quinton de Kock 29; Deepak Chahar 3/26, Imran Tahir 2/23) vs Chennai Super Kings: 148/7 in 20 overs (Shane Watson 80, Jasprit Bumrah 2/14)
 
IANS
 
 
 
 
 

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Tahir becomes highest wicket-taker in IPL 2019

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Imran Tahir became the highest wicket-taker in this season's Indian Premier League during the final between Chennai Super Kings and Mumbai Indians, here on Sunday.
 
The South African leg-spinner surpassed compatriot Kagiso Rabada with 26 wickets to his name. The 40-year-old removed Suryakumar Yadav and Ishan Kishan to dent Mumbai's charge after the CSK was asked to bowl first by MI skipper Rohit Sharma.
 
Tahir has been in superb form this season and along with captain MS Dhoni, is one of the main reasons for the team's success.
 
IANS
 

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Chahar, Tahir star as Chennai restrict Mumbai to 149/8

 
Deepak Chahar (3/26) and Imran Tahir (2/23) starred with the ball as Chennai Super Kings (CSK) restricted Mumbai Indians (MI) to 149/8 in 20 overs in the final of the Indian Premier League (IPL) at the Rajiv Gandhi International Stadium here on Sunday, even as Kieron Pollard hit an unbeaten cameo (41* off 25) down the order.
 
Pollard, who was dropped on 25 by Suresh Raina, was the top-scorer for Mumbai as he hammered three fours and three sixes. For Chennai, Sahardul Thakur also picked up two wickets for 23 runs.
 
But Pollard hogged the limelight for the wrong reasons in the last over when as a mark of protest against the umpire not calling a wide in the previous delivery, he walked across -- even leaving the pitch -- to face the fourth ball before Dwayne Bravo pulled out. 
 
Opting to bat first, Mumbai openers Quinton de Kock (29 off 17) and Rohit Sharma (15 off 14) started cautiously, scoring just two runs in the first over. The duo, however, swiftly changed gears as de Kock clobbered Deepak Chahar for 20 runs in the third over and kept playing aggressively as Mumbai raced to 45 for no loss in 4.4 overs.
 
Shardul finally drew first blood as he packed back a dangerous looking de Kock in the very next ball. Three balls later, Deepak Chahar struck to send back Rohit. A slower delivery from the pacer did the trick as a thick edge off Rohit's bat was taken easily by M. S. Dhoni behind the stumps.
 
Suryakumar Yadav (15 off 17) and Ishan Kishan (23 off 26) then tried to repair the damage, adding 37 runs for the third wicket in the next six overs. But leg-spinner Imran Tahir struck to dismiss Suryakumar in the 12th over before Shardul also joined the party, dismissing new batsman Krunal Pandya (7 off 7) cheaply, which saw Mumbai reeling at 89/4.
 
Just when Mumbai touched the three-digit mark, Tahir struck again as he accounted for the wicket of Kishan in the 15th over. Pollard and Hardik Pandya then shared a 39-run partnership in quick time as the former's lusty blows propelled his side towards a modest total. However, while trying to accelerate the run-rate, Pandya became a victim of Deepak Chahar in the second last over.
 
Just a ball later, Deepak Chahar dismissed his brother Rahul Chahar, who didn't bother the scorers. From there Pollard could manage to add just nine runs to Mumbai's total, as his side somehow managed to post a fighting total.
 
Brief scores: Mumbai Indians: 149/8 in 20 overs (Kieron Pollard 41 not out, Quinton de Kock 29; Deepak Chahar 3/26, Imran Tahir 2/23) vs Chennai Super Kings.
 
IANS

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Dhoni becomes most successful wicket-keeper in IPL

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Mahendra Singh Dhoni on Sunday became the wicket-keeper with most dismissals to his credit in the history of the Indian Premier League (IPL). He now has 132 dismissals (94 catches and 38 stumping) to his name.
 
Chennai Super Kings skipper Dhoni surpassed Kolkata Knight Riders' skipper Dinesh Karthik (131 dismissals) when he caught Mumbai Indians openers Quinton de Kock and Rohit Sharma here on Sunday. 
 
Karthik had held the IPL record before Sunday. Robin Uthappa of KKR is the third best with 90 dismissals.
 
Dhoni first took an easy catch to dismiss South Africa stumper bastman de Kock who was looking good on 29 off 17. Shardul Thakur was the bowler.
 
In the very next over, the former India captain dived forward to take a low catch that saw the back of his counterpart Rohit Sharma for 15. Deepak Chahar was the bowler this time.
 
Chennai are taking on Mumbai for the coveted IPL title. It is their fourth final meeting. Both teams have won the IPL trophy three times each.
 
IANS
 

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Mumbai opt to bat against Chennai in IPL final

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Mumbai Indians skipper Rohit Sharma won the toss and opted to bat against defending champions Chennai Super Kings in the summit clash of the Indian Premier League (IPL) 2019 at the Rajiv Gandhi International Stadium, here on Sunday.
 
Mumbai made one change in the team since their last match against Chennai in the first qualifier with Mitchell McClenaghan replacing Jayant Yadav. Chennai, on the other hand, kept the team unchanged.
 
Playing XI:
 
Chennai Super Kings: Faf du Plessis, Shane Watson, Suresh Raina, Ambati Rayudu, MS Dhoni(Captain/wicket-keeper), Dwayne Bravo, Ravindra Jadeja, Harbhajan Singh, Deepak Chahar, Shardul Thakur & Imran Tahir.
 
Mumbai Indians: Rohit Sharma (Captain), Quinton de Kock (wicket-keeper), Suryakumar Yadav, Ishan Kishan, Krunal Pandya, Hardik Pandya, Kieron Pollard, Rahul Chahar, Mitchell McClenaghan, Jasprit Bumrah & Lasith Malinga.
 
IANS
 

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Deepika meets Rishi, Neetu in New York

File photo of Deepika Padukone.
File photo of Deepika Padukone.
Actress Deepika Padukone, who was in New York for the Met Gala last week, took out time to meet veteran actors Rishi Kapoor and Neetu Kapoor, parents of her former beau Ranbir Kapoor.
 
Neetu called Deepika "adorable", and took to her Instagram page to share three photographs from their meeting. They are all smiles and huddled up in the pictures.
 
"Such a fun evening with adorable Deepika Padukone. Gave lot of love and warmth," Neetu wrote.
 
Her daughter Riddhima Kapoor Sahni commented with heart emojis in the comments section.
 
Rishi has been in New York for several months for treatment. Just last month, his brother Randhir Kapoor said Rishi will be back in India in a few months.
 
Neetu has been by Rishi's side, and keeps fans updated with photographs of some of their special moments. Various Bollywood stars, including Aamir Khan, Priyanka Chopra Jonas and Anupam Kher have met Rishi in New York.
 
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IPL final: MI, CSK rivalry set to unfold on biggest stage

 
Mumbai Indians (MI) and Chennai Super Kings (CSK) seem to always spiral towards each other in their relentless hunt for the Indian Premier League (IPL) title. On Sunday, the two sides will face each other for the fourth time this season.
 
It is also the fourth time that CSK and MI will be pitted against each other in an IPL final. They are the two most successful teams in the tournament's history and the final on Sunday will be another chapter in what has been an epic rivalry between two sides who are as different from each other as a pair of sporting opposites can be.
 
While CSK are known to be a team that dominates the group stage, MI are notoriously slow starters. Both sides stayed true to their reputation this season. While MI had a sputtering start to their season, before taking off, CSK remained top of the table for much of the group stages and were one of the first teams to confirm qualification to the playoffs.
 
However, CSK were pipped to the top spot by Mumbai Indians, thanks to the 9-wicket hiding the latter handed out to Kolkata Knight Riders in their last group game. MI are also the only team that CSK haven't been able to beat this season with the MS Dhoni-led side losing the two group matches and the first qualifier against their rivals. 
 
Mumbai also have the statistical edge in IPL finals played between the two sides, having ended three out of the four title clashes between the two sides on the winning side.
 
However, CSK displayed ominous form in the way they swatted Delhi Capitals aside in the second Qualifier. The ever-reliable CSK spinners helped them restrict Delhi Capitals to 147/9. Coming to the chase, Shane Watson finally found form and his opening partnership of 81 with Faf du Plessis set the stage for a rollicking win for the Yellow Brigade. They ended up winning the match by six wickets with an over to spare. 
 
Unpredictability is a constant in the IPL, a fact that has been as apparent as ever this season with the numerous collapses and death over run-bursts that we have seen in the group stage. There is no reason to believe that the final would be any different. But it will all boil down to the team which holds its nerves on the day of the big battle.
 
Chennai Super Kings: Mahendra Singh Dhoni (captain), Suresh Raina, Ambati Rayudu, Shane Watson, Faf du Plessis, Murali Vijay, Ravindra Jadeja, Dhruv Shorey, Chaitanya Bishnoi, Rituraj Gaikwad, Dwayne Bravo, Karn Sharma, Imran Tahir, Harbhajan Singh, Mitchell Santner, Shardul Thakur, Mohit Sharma, K M Asif, Deepak Chahar, N Jagadeesan, Scott Kuggeleijn. 
 
Mumbai Indians: Rohit Sharma (C), Quinton de Kock, Suryakumar Yadav, Yuvraj Singh, Kieron Pollard, Hardik Pandya, Krunal Pandya, Mitchell McClenaghan, Mayank Markande, Rahul Chahar, Jasprit Bumrah, Anmolpreet Singh, Siddhesh Lad, Ankul Roy, Evin Lewis, Pankaj Jaiswal, Ben Cutting, Ishan Kishan, Aditya Tare, Rasikh Salam, Barinder Sran, Jayant Yadav, Beuran Hendricks and Lasith Malinga.
 
IANS
 

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India’s forex reserves rise by $ 171.9 million to $ 418.687 billion

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Maintaining an uptrend for the second consecutive week, India’s foreign exchange reserves rose by $ 171.9 million to $ 418.687 billion during the week ended May 3, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had soared by $ 4.368 billion to $ 418.515 billion during the previous week.
 
In its weekly statistical supplement issued here today, the central bank said that foreign currency assets, which constitute a major chunk of the forex reserves, had gone up by $ 448.3 million to $ 390.869 billion during the week.
 
Foreign currency assets expressed in US dollar terms include the effect of appreciation or depreciation of non-US currencies such as the euro, pound and yen held in the reserves.
 
According to the bulletin, the country’s gold reserves declined by $ 281.6 million to $ 23.021 billion, while its special drawing rights (SDRs) went up by $ 1.6 million to $ 1.4513 billion.
 
India’s reserve position in the International Monetary Fund (IMF) increased by $ 3.6 million to $ 3.3446 billion, the bulletin added.
 
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Sensex logs 8th straight session of loss

The benchmark Sensex fell for the eighth straight session on Friday after witnessing a heavy volatility over a major escalation in the trade tension between the US and China. The volatility index or the "VIX" surged by 4 per cent reflecting nervousness in the market.
 
The US on Friday more than doubled tariffs on $200 billion worth of Chinese products from 10 per cent to 25 per cent, in a sharp escalation of the trade tensions to which China has said that it would respond with necessary counter-measures.
 
The S&P BSE Sensex shuttled over 350 points before ending lower 95.92 points or 0.26 per cent. The broader Nifty fell 22.90 points or 0.20 over cent lower.
 
"There is a strong possibility that China will respond to the US tariffs slapped today and this has caused heavy volatility. Markets may not have fell significantly as Trump is known to go back on his words but markets have been under pressure during the whole week," said Saurabh Jain, AVP-Research, SMC Global.
 
However, Deepak Jasani of HDFC Securities said that investors continue to hold on to the hope that both the US and China will strike a deal in order to avoid a full-blown trade war. 
 
Moody's on Friday also said that while "we believe that a trade deal will eventually be reached between the US and China, the risk of a complete breakdown in trade talks has certainly increased".
 
The country's largest lender State Bank of India (SBI) on Friday reported a net profit of Rs 838 crore for Q4 of the last fiscal against a loss of Rs 7,718 crore year-on-year besides witnessing an improvement in asset quality. SBI finished as the top gainer of the day's trade, nearly 3 per cent higher.
 
Tata Steel fell 6.2 per cent on the feedback received from the European Commission. It is increasingly clear that the Commission is not intending to give a go-ahead to the proposed joint venture between Tata Steel and Thyssenkrupp.
 
Blaming the slowdown in China, Jaguar Land Rover (UK), a subsidiary of Tata Motors, reported retail sales of 39,185 vehicles in April 2019, down 13.3 per cent compared to April 2018, according to a regulatory filing. Tata Motors declined 0.24 per cent following the report.
 
IANS
 

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Dinesh Pangtey takes charge as CEO of LIC Mutual Fund

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Dinesh Pangtey, who had joined Life Insurance Corporation of India (LIC) as a direct recruit officer and has risen through the ranks, has been appointed as Chief Executive Officer (CEO) of LIC Mutual Fund.
 
Prior to taking over as CEO of LIC Mutual Fund, Pangtey was Director and Chief Executive Officer at LIC HFL AMC.
 
A press release from LIC MF said Pangtey had 35 years of experience across Private Equity, life, Pension, Group Superannuation Scheme and Insurance sector. During his stint as CEO with the private equity division of the LIC Group, Pangtey completed the investment of the maiden Fund corpus and achieved exit from 4 portfolio companies with an IRR of 22% and returned 79% of the amount drawn from investors.  He strategized the setting up of the new Fund under SEBI AIF platform and directly raised 92% of the base corpus. The Fund is shortly poised to exhaust the greenshoe option and close at Rs. 1000 crore.
 
He has served LIC as Regional Manager Marketing channel in Western Zone spanning the States of Maharashtra, Gujarat and Goa. He has headed Divisions like Jammu and Kashmir, Ahmedabad and Delhi.
 
IANS
 
 

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Reliance Brands acquires British toy retailer Hamleys

Reliance Brands Limited, a subsidiary of the Mukesh Ambani-led Reliance Industries Limited (RIL), and C Banner International Holdings, a Hong Kong-listed company, today signed a definitive agreement for Reliance Brands to acquire 100% shares of Hamleys Global Holdings Limited, the owner of the Hamleys brand, from C Banner International.
 
"Founded in 1760, Hamleys has over 250 years of celebrated history of being the oldest and largest toy shop in the world and bringing smilies to children all over the world by bringing smiles to children all over the world by  bringing toys to life," a press release from Reliance said.
 
"Hamleys truly represents a unique model leveraging the quality and wide range of its toys, combined with the theatre, entertainment and its retail experience," it said.
 
Globally, Hamleys has 167 stores across 18 countries. In India, Reliance has the master franchise for Hamleys, and currently operates 88 stores across 29 cities. This acquisition will catapult Reliance Brands to be a dominant player in the global toy retail industry, the release said.
 
Darshan Mehta, President and CEO of Reliance Brands, said, "Over the last few years, we have built a very significant and profitable business in toy retailing under the Hamleys brand in India. This 250-year-old English toy retailer pioneered the concept of creating unique experiences in brick and mortar retailing became the new global norm. The worldwide acquisition of the iconic Hamleys brand and business places Reliance into the frontline of global retail. Personally, it is a long cherished dream come true."
 
Hamleys opened its flagship Regent Street London store in 1881. This flagship store is set over seven floors covering 54,000 sq. ft. with more than 50,000 lines of toys on sale. It is considered one of London's prominent tourist attractions, receiving over 5 million visitors each year. Children and teens from all over the world visit the store its year-round events, parades, demonstrations and elaborate displays, the release said.
 
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Former Navy chief refutes Modi's charges on Rajiv Gandhi's 'joy cruise'

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In a major embarrassment for the government, former Chief of the Naval Staff, Admiral L. Ramdas (Retd.) on Thursday refuted Prime Minister Narendra Modi's claim that the late Rajiv Gandhi and his family had enjoyed a family cruise on aircraft carrier INS Viraat.
 
In a detailed statement, Admiral Ramdas, who was Flag Officer Commanding-in-Chief (FOC-in-C), Southern Naval Command at that point of time, said the then Prime Minister had gone on an official trip to the Lakshadweep Islands to chair a meeting of the Islands Development Authority (IDA) held alternatively on Andaman & Nicobar Islands and Lakshadweep Islands.
 
There were no parties held on INS Viraat or any of the other four warships accompanying the erstwhile aircraft carrier of the Indian Navy and no foreigners accompanied Rajiv Gandhi nor did current Congress President Rahul Gandhi accompany them then, said Admiral Ramdas.
 
He said that the statement was issued after collating responses from his former senior naval colleagues -- Admiral Arun Prakash, Vice Admiral Vinod Pasricha and Vice Admiral Madanjit Singh -- all of whom were serving in the Western Fleet during the period referred to (by Modi) nearly 32 years ago.
 
At an election rally in Delhi on Wednesday, Modi referred to Rajiv Gandhi and charged him with using INS Viraat for a personal cruise lasting 10 days to the Lakshadweep Islands, with his family and his in-laws (Sonia Gandhi's family). 
 
Presumably, Modi's comments were based on a report in India Today magazine, he said, adding: "I would like to state unequivocally that this was not the case."
 
He recounted the sequence of events of that period based on the replies by the retired naval top brass besides a naval officer who was then in-charge of the Lakshadweep Islands.
 
In December 1987, Rajiv Gandhi boarded INS Viraat off Thiruvananthapuram en route to Lakshadweep Islands, after attending an event as the chief guest at the National Games Prize distribution in the Kerala capital, and was proceeding to the Lakshdweep Islands for the IDA meet.
 
One of the officers stated that there were four other naval ships accompanying the INS Viraat for the Fleet Exercises and as the Flag Officer Commanding-in-Chief based in Kochi he had boarded the aircraft carrier.
 
"As the FoC-C, I hosted a dinner for them (Rajiv and his wife) on board INS Viraat. There were no other parties held on board INS Viraat, or for that matter, on any other ship in our fleet during that time," the officer said.
 
However, Gandhi and his wife visited some of the islands on short trips by helicopter to meet local officials and the local people.
 
"The PM is authorized to travel along with his spouse by service aircraft on official duties…," Admiral Ramdas said, adding that Rahul Gandhi, (who would have been barely 17 then), never accompanied them.
 
During Rajiv Gandhi's visit to Bangaram, on the last day, a few naval divers had been sent ashore for the Prime Minister's safety. No other ships had been diverted for the personal use of Gandhi family and only a small helicopter was stationed at Kavaratti for medical emergency, said the statement.
 
Another officer said the meetings and functions were held in December 1987 and the Western Fleet had planned its naval exercises with the (INS Viraat) much in advance in the annual exercise programme to be conducted in that region in the Arabian Sea.
 
"This was an opportunity for the officers and men to interact with their Prime Minister. He addressed the men, had ‘Bada Khana' as per naval traditions," said an officer who later hosted a dinner for Rajiv Gandhi and produced a photograph to confirm it.
 
IANS
 

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Dismal Q4, FII outflow drag Sensex 230 pts lower

Weak fourth quarter results and selling by Foreign Institutional Investors (FIIs) dragged the key equity indices lower on Thursday with fresh US-China trade tensions weakening investor sentiments further.
 
While cutting its 2019 global growth forecast, the International Monetary Fund (IMF) has earlier said that the escalation of US-China trade tensions was one factor that has contributed to a "significantly weakened global expansion" late last year. 
 
The BSE Sensex fell on Thursday by 230.22 points, or 0.61 per cent, to 37,558.91 and the broader Nifty declined 57.65 points, or by 0.51 per cent.
 
"Domestic market is on a consolidation mode as the pre-election rally is fading. Investors have turned cautious as domestic valuations are not so comforting given weak results leading to downgrade in earnings," said Vinod Nair, Head of Research, Geojit Financial Services.
 
"This negative trend may get extended given the slowdown in institutional flows and premium valuation. On the global front, escalation in US-China trade tensions ahead of the upcoming meetings further accentuated the consolidation."
 
Zee Entertainment jumped over 7 per cent after the promoters said that they hope to complete its stake sale soon.
 
The top losers on the Sensex were Reliance Industries, down over 3 per cent as brokerages downgraded the stock due to cyclical headwinds in the energy business, said Deepak Jasani of HDFC Securities.
 
It was followed by Coal India, NTPC, Asian Paints and Bharti Airtel.
 
Among the top gainers was Yes Bank, jumping nearly 6 per cent despite India Ratings' downgrade of its long-term ratings to 'IND AA' with a negative outlook. 
 
Bajaj Finance, Hero MotoCorp, Hindustan Uniliver and TCS also surged between 0.8 to 2 per cent.
 
IANS
 

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Key Indian equity market indices trading in red

Taking a cue from global markets, the key Indian equity market indices on Thursday opened lower.
 
The Sensitive Index (Sensex) of the BSE, which had closed at 37,789.13 points on Wednesday, opened lower at 37,747.91 points.
 
Minutes into trading, it was quoting at 37,651.09 points, down by 138.04 points, or 0.37 per cent.
 
At the National Stock Exchange (NSE), the broader Nifty 50, which had closed at 11,359.45 points on Wednesday, was quoting at 11,319.35 points, down by 40.10 points or 0.35 per cent.
 
As many as 19 stocks advanced in the Nifty 50 index while 31 stocks declined. In BSE Sensex 18 stocks, including Tata Motors, NTPC, were trading in red, while 12 stocks including Tata Steel, Coal India were trading in green at 9.23 a.m.
 
Global trade tensions along with disappointing quarterly results suppressed the key Indian equity indices on Wednesday.
 
The Sensex was down by 487.50 points or 1.27 per cent at the Wednesday's closing. In the day's trade, the barometer 30-scrip sensitive index had touched a high of 38,248.57 points and a low of 37,743.07 points. The Nifty, too was down by 138.45 points or 1.20 per cent.
 
On Thursday, Asian indices were showing mostly a negative trend. Japan's Nikkei 225 was quoting in red, down by 1.11 per cent, Hang Seng was also down by 1.88 per cent. South Korea's Kospi was also quoting in red, down by 1.52 per cent. China's Shanghai Composite was trading in red, down by 1.27 per cent.
 
Overnight, Nasdaq closed in red, down by 0.26 per cent while FTSE was up by 0.15 per cent at the closing on Wednesday.
 
IANS
 

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