Tuesday Evening News Brief, October 24

Tuesday evening brief Oct 24 2017
Good evening!
Here’s everything that transpired during the course of the day…
The government announced an unprecedented mega Rs 2.11 lakh crore plan for recapitalisation of PSU banks. Finance minister Arun Jaitley said the package will be spread over two years. While Rs 1,35,00 crore will be in the form of front-loaded recapitalisation bonds, the remaining Rs 76,000 crore will be as budgetary support. Jaitley hinted at more banking reforms in the days to come. Read.
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Union home minister Rajnath Singh said the Centre was considering proposal to build 50 more outposts on the India-China border. The minister said work is going on at a fast pace on more than 25 roads in Arunachal Pradesh, Himachal Pradesh and Uttarakhand to connect the border outposts. He also said a model border post is being constructed at Ladakh and if it is successful, the same model will be implemented at all BoPs
An IPL Governing Council proposal may make it easier for Mahendra Singh Dhoni to return to Chennai Super Kings Chennai Super Kings and Rajasthan Royals might be allowed to retain players who played for Rising Pune Supergiants and Gujarat Lions in the last two seasons, going by a proposal floated by the Council. The proposal will be placed before owners during a workshop next month, a Council member said.
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Infosys reported a consolidated net profit of Rs 3,726 crore for the second quarter. The company had reported a net profit of Rs 3,606 crore during the same quarter last year. The company cut its revenue guidance for FY18 to 5.5-6.5 per cent from 6.6-6.8 per cent earlier. However, analysts believe this could be in vintage Nandan Nilekani style when the company under-promised and over-delivered.
At least 20 Air Force jets participated in a landing and take-off exercise on the Lucknow-Agra Expressway. The jets used the stretch during the day to hone pilots’ skills in using public roads in case of a war-like emergency. The exercise took place near Bangarmau in Unnao and was a rehearsal for the defence forces. The main attraction of the exercise was the Super Hercules C-130J, also known as the military transport aircraft.
Copyright @ 2017 Bennett, Coleman & Co. Ltd.

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