UIDAI extends the deadline to deploy Virtual ID system to July 1

UIDAI has extended by one month to July 1 the deadline for service providers and agencies like banks and telecom companies to fully deploy Virtual ID system and accept these IDs in lieu of Aadhaar number.

The Virtual ID (VID) feature is aimed at giving users the option of not sharing their Aadhaar number at the time of authentication.

UIDAI – which had earlier said it will be compulsory for all agencies that undertake authentication to accept VID from their users from June 1, 2018 – has decided to give one more month after the user agencies said they needed more time to switch to the new system.

“We are ready but the agencies wanted some more time to switch to the VID system. We have, therefore, given one more month till July 1,” UIDAI CEO Ajay Bhushan Pandey told PTI.

The extension was given considering the “difficulty and amount of internal work” involved for the agencies including telcos, banks, state governments, among others, he added.

Bypoll results 2018: Kairana has a loud message for Modi-Shah before 2019

The Kairana Lok Sabha bypoll result has yet again underlined the challenge that Narendra Modi-Amit Shah combine is set to face in 2019 against a united Opposition. The Bharatiya Janata Party’s (BJP’s) loss here is seen as yet another dent in the invincibility cloak of Prime Minister Modi and party chief Shah.

With the BJP likely to struggle a repeat of its 2014 performance in much of northern India, the Kairana loss puts into sharper focus Shah’s efforts at expanding the party in areas beyond the Vindhyas and Chota Nagpur plateau, and make inroads in the Coromandel coast states.

In 2019, the BJP needs to win in the northeastern states, West Bengal, Odisha, Andhra Pradesh and Telangana to offset its foreseeable losses in Rajasthan, Madhya Pradesh, Uttar Pradesh, Maharashtra, Gujarat, etc.

The BJP’s Kairana loss comes on the heels of its losses in recent Lok Sabha by-polls in Phulpur and Gorakhpur in eastern Uttar Pradesh, and Ajmer and Alwar in Rajasthan.

While the BJP emerged the single largest party in Karnataka, its failure to form the government jolted the confidence that its supporters had in Shah’s abilities as a ‘master strategist’. These are not good signs as Modi and Shah prepare for 2019, and the government has its work cut out for the remainder of its term.

Kerala announces cut in petrol, diesel prices by Rs 1 per litre from June 1

Amid soaring fuel prices, Kerala Chief Minister Pinarayi Vijayan on Wednesday said petrol and diesel prices in the state would be slashed by Rs one per litre from June 1.

A decision in this regard was taken at the state cabinet on Wednesday.

The reduction would cause a yearly loss of Rs 5.09 billion to the state exchequer on the tax front, he said.

The petrol price in the state on Wednesday was Rs 82 per litre, while for diesel it was Rs 75, he said.

“The Centre should reduce the rising fuel prices as it was causing severe hardship to the common man”, Vijayan said, adding that by reducing the petrol and diesel prices in Kerala, the government has set an example for the Centre to follow.

Even as international crude oil prices are coming down, fuel prices in the country were going up, he claimed.

Times Higher Education Rankings: IISc back in top university list

The Indian Institute of Science (IISc) Bengaluru has made it to the list of top 100 in the Times Higher Education (THE) World Reputation Rankings 2018. The last time it was featured was in 2011.

The annual ranking highlights the top 100 global university brands, which now includes IISc in the 91-100 band.

Commenting on the rankings, Phil Baty, editorial director of Global Rankings for THE, said, “Only 100 institutions in the world make it to this annual list of the most powerful university brands, so it is a highly significant achievement to be included — and fantastic to see an Indian presence this year.”

The list was compiled from a globally representative survey of more than 10,000 senior academics. IISc was the only Indian institute to have made it this year.

“That prestige – that ‘brand’ – is vital for any university in attracting the necessary talent to allow it to compete and thrive, as well as drawing in strategic partners, philanthropy and investment. As initiatives to improve and internationalise the nation’s higher education system gain momentum, I hope to see a strengthened Indian presence in this table in future years,” Baty said.

Overall, the US continues to dominate, with Harvard University taking the top spot for the eighth consecutive year, followed by Massachusetts Institute of Technology (MIT) and Stanford University at second and third place, along with 41 other US institutions, that made it to the top 100. The top 20 comprised of 13 American universities, four from the UK, two from China and one from Japan.

Bypoll result LIVE: Kairana, Noorpur show united Opposition’s threat to BJP

Bypoll results 2018 will be out in a few hours as counting of votes for by-elections to four Lok Sabha seats and 10 Assembly constituencies will be held on Thursday.

The Lok Sabha seats that went to polls are Palghar and Bhandara-Gondiya in Maharashtra, the politically-crucial Kairana Lok Sabha constituency in Uttar Pradesh, and the Nagaland parliamentary constituency.

Further, by-elections were held in the Legislative Assemblies of Shahkot (Punjab), Tharali (Uttarakhand), Ampati (Meghalaya), Chengannur (Kerala), Jokihat (Bihar), Gomia (Jharkhand), Silli (Jharkhand), Maheshtala (West Bengal), Noorpur (Uttar Pradesh), and Palus Kadegaon (Maharashtra).

The Kairana results, in particular, will also serve as a test case for a united Opposition against the Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP). The Kairana bypoll is also significant as it will test the ruling BJP’s popularity in the electorally crucial state of Uttar Pradesh a year ahead of the 2019 general elections.

Top trading ideas for today: Buy Godrej Industries, HDFC Life

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:

NIFTY VIEW

Nifty has indicated a lower top formation in the daily chart but still clarity of directional movement of indices is still not maintained. With F&O segment expiry just around the corner, we anticipate volatility in the indices.

BUY GODREJ INDUSTRIES

CMP: Rs 580.55

TARGET: Rs 635

STOP LOSS: Rs 550

The stock has indicated a higher bottom formation pattern in the daily chart with intraday low taking support at the previous low made at around 525 levels and currently has showed a pullback to move past the 34 WMA moving average levels to signify potential and strength to rise still further in the coming days.

BUY HDFC LIFE

CMP: Rs 502.85

TARGET: Rs 560

STOP LOSS: Rs 470

The stock has indicated a higher bottom formation in the daily chart and currently has moved past the significant 50 DMA moving average to signify strength and potential to rise further in the near future.

Gruh Finance hits record high ahead of 1:1 bonus issue

Gruh Finance hit a record high of Rs 736, up 5% on the BSE in intra-day trade on Thursday ahead of 1:1 bonus issue. The Company has fixed Thursday, June 7, 2018 as the record date for determining the entitlement of members to receive bonus equity shares of the Company in the ratio of 1:1 i.e. one new bonus equity share of Rs 2 each for every one existing equity share of Rs 2 each.

The stock will turn ex-bonus on Wednesday, June 6, 2018.

Gruh Finance outperformed the market by surging 20% since the board of directors at their meeting held on April 14, 2018 had recommended bonus issue. On comparison, the S&P BSE Sensex was up 2% during the same period.

In past one year, shares of housing finance company rallied 86% against 12% rise in the benchmark index.

At 10:00 am; the stock was trading 3.5% higher at Rs 727 on the BSE, as compared to 0.14% rise in the Sensex. The trading volumes on the counter more than doubled with a combined 408,747 shares changed hands on the BSE and NSE so far.

RCom gains 15% on settlement agreement with Ericsson

Reliance Communications (RCom) was up 15% to Rs 20.10 on the market in early morning trade after the National Company Law Appellate Tribunal (NCLAT) stayed the May 15 order of the National Company Law Tribunal (NCLT) in Mumbai, which had admitted the RCom and two of its subsidiaries for insolvency proceedings.

“The NCLAT vide its orders dated May 30, 2018 stayed, with immediate effect, all the three orders dated May 15, 2018 whereby NCLT had admitted the Company and its subsidiaries Reliance Infratel Limited and Reliance Telecom Limited to Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016,” RCom said in a statement.

RCom’s asset sale to Reliance Jio and Brookfield for an aggregate value of Rs 181 billion has been allowed to proceed by the Hon’ble NCLAT. The assets sale includes spectrum, fiber, telecom towers, MCNs and certain real estate assets in Delhi and Chennai, it added.

RCom expects to now complete the sale of its assets within the next few weeks, having removed legal hurdles of cases by minority investors of RITL, and Ericsson, thereby achieving an overall debt reduction of approximately Rs 250 billion from the first phase of its asset monetization program, the company said.

HDFC Bank, M&M from S&P BSE Sensex hit new high

Threee companies – HDFC Bank, Kotak Mahindra Bank and Mahindra & Mahindra (M&M) – from the S&P BSE Sensex hit their respective new highs, on the BSE in intra-day trade on Thursday in otherwise range-bound market.

HDFC Bank hit a new high of Rs 2,127, up 4% on the BSE in early morning trade, after its American Depository Receipts (ADR) surged nearly 9% on Wednesday. The stock surpassed its previous high of Rs 2,065 recorded on May 15, 2018 on the BSE in intra-day trade.

According to Business Standard report, the allotment of employee stock options (ESOPs) has created 143 basis points (bps) headroom for FIIs in HDFC Bank. This has created a last minute rush among foreign institutional investors (FIIs) wanting to buy HDFC Bank shares.

Market participants are expecting huge demand for HDFC Bank stock on June 1, when the window opens for FII buying. Brokerage firm Macquarie estimates a volume of $1 billion in the stock, when the window opens on June 1, added report.

Bareilly woman accuses BJP MLA from Badaun of raping her for two years

A woman from Bareilly has accused Bharatiya Janata Party (BJP) MLA from Badaun Kushagra Sagar of allegedly Raping her.

The victim claimed that Sagar raped her for two-year on the pretext of marrying her.

“My mother used to work in his house and I used to accompany her there. The BJP MLA promised to marry me and raped for two years. Now when he has become an MLA he has refused to marry me,” the victim said.

The woman has filed a complaint with the police and has threatened to commit suicide if justice is not served to her.

“Will commit suicide if I do not get justice, I have been receiving threats as well and have become a subject of ridicule in society,” she said.

Meanwhile, the police said the case has been registered in the matter and they have begun the investigation.