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Saira Banu pins hope on Modi to save Dilip Saab's home

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Veteran actress and wife of actor Dilip Kumar, Saira Banu, has expressed hope that Prime Minister Narendra Modi will meet her here and help save her husband's bunglow from the land mafia.
 
In so many words she has also slammed Maharashtra Chief Minister Devendra Fadnavis for not doing anything in the matter despite assurances.
 
"Request from Saira Banu Khan: The Hon'ble @PMOIndia Shri @narendramodi Sir, Land Mafia Samir Bhojwani released from jail. 
 
"No action taken despite assurances by CM @Dev_Fadnavis. 
 
"Padma Vibhushit betrayed, threatened by money and muscle power. Request meeting with you in #Mumbai," read a tweet shared late on Tuesday on Dilip Kumar's official Twitter account. 
 
Interacting earlier with the media, Saira Banu had sought audience with Modi, who was here on Tuesday, to discuss the issue following the builder's release from jail.
 
Bhojwani had falsely claimed ownership of the two plots in upscale Pali Hill area of suburban Bandra on which the ailing 96-year-old actor's bungalow is, she said.
 
Saira Banu had also tagged Fadnavis in her tweet. 
 
Fadnavis later told the media that he would speak to the couple and try sort out the issue.
 
This came after Modi apparently directed Fadnavis to sort out the issue as soon as possible, Saira Banu said.
 
"We are hopeful that the Prime Minister will look into the matter and I hope our kind Chief Minister will also look into it and take due action," the veteran actress said.
 
"For the last three months, the CM has been promising me that he will talk to Bhojwani and resolve the issue. I hope he will stick to his words and do the needful," she added.
 
Giving details about the dispute, Saira Banu said: "We have been facing this court dispute and harassment by Samir Bhojwani for the last 10-12 years. 
 
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"This man (Samir Bhojwani) is an expert at land grabbing, forgery and fraudulent cases. He is doing these things because he has muscle power and money. He has big political connections, and therefore, no one is willing to take action against him."
 
She also stated that Bhojwani has violated BMC guidelines but they have not taken any action against him. 
 
"Earlier, he wanted to build a cottage for his sister in front of our residence. At that time, we gave him permission. After that, we went out of Mumbai for two-three months and when we returned, we saw that he had built a two-three storey building instead of a cottage, and while doing so he had violated BMC rules but no one has taken any kind of action against him.
 
"The entire world knows that this is Dilip Kumar saab's residence so how can he trespass on that land? He knows that Dilip saab has health issues and because of all this stress his health has deteriorated even more."
 
She said Dilip Kumar was emotionally attached to his house. "It is his only house and we all are emotionally attached to it. Dilip saab's younger sister and brother have grown up in this house.
 
"He hasn't worked in 300 films that he can afford to invest in properties. In his entire film career, he has hardly been part of 56 good films. He is a man who has contributed a lot for his country through his art." 
 
In December 2017, Saira Banu had lodged a police complaint alleging that Bhojwani was threatening and harassing her and Dilip Kumar over the property. Following the complaint, the Mumbai police had arrested Bhojwani.
 
IANS

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Sensex opens in green, all eyes on Fed

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Amid mixed Asian cues and falling crude oil prices, the domestic indices opened in the green on Wednesday.
 
The Sensex of the BSE opened at 36,441.46 from its previous close at 36,347.08 on Tuesday as investors were cautious of the ongoing Federal Open Market Committee (FOMC) meeting that was expected to raise interest rates that has kept the sentiments tepid, analysts said.
 
All sectors, except power and Teck, traded in green. 
 
At 9.20 a.m., the Sensex traded at 36,486.30 higher by 139.22 points or 0.38 per cent.
 
The Nifty50 of the National Stock Exchange (NSE) opened at 10,930.55 after closing at 10,908.70 on Tuesday.The Nifty traded at 10,954 during the morning trade session, up 45.30 points and 0.42 per cent. 
 
IANS
 

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Nobody wants to be insulated from 'development highway': PM

 
Modi lays foundation stone for 3rd phase of metro in Pune
Nobody in the country, whether in villages or cities, wants to remain insulated from the 'development highway' which drives the government to focus on developing and expanding the infrastructure network in the country, Prime Minister Narendra Modi said here on Tuesday.
 
Laying the foundation stone for the Rs. 8,000-crore Pune Metro-III corridor, he said that, in the past four-and-a-half-years, the government has constantly stressed on infrastructure, speed of connectivity through highways, railways, airways, waterways and I-way.
 
"If you travel from Kargil to Kanyakumari or Kutch to Kamrup, you will realise at what speed and how many levels of work is underway. It is happening because of the government's commitment, the aspirations of the local people, farmers, labourers, professionals," Modi pointed out.
 
"Irrespective of their socio-economic status, nobody wants to be stuck in traffic or stranded for hours on the roads in the absence of fast connectivity.
 
"This is the reason why we are concentrating on Integration of Next Generation Infrastructure and Transport from villages to cities today. With this aim, the Centre and the Maharashtra government are strengthening the infrastructure in the state," Modi said.
 
Terming the Hinjewadi-Shivajinagar Metro corridor as "special", he said it was the first project approved under the government's new Metro Rail Policy for the country.
 
"The Metro Rail Policy is 'reform oriented' by ensuring that the metro trains are linked with feeder buses. New walkways and pathways are being developed simultaneously," Modi said.
 
Explaining how metro rail is becoming the new lifeline in the cities, he said in the past four years it has been extended to over a dozen cities and many more will be added in the coming years.
 
While 300 km of new lines have been commissioned, new proposals for adding 200 kms have been approved, including 200 in Maharashtra alone.
 
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"I don't hesitate to say that if the NDA-I government of Atal Behari Vajpayee had got more time, then Mumbai, its surroundings and many other cities would have been connected by the Metro. It was Atalji who emphasised on infrastructure development right from the cities to the villages," Modi said.
 
Chief Minister Devendra Fadnavis said that the upcoming Metro 3 is expected to be functional by next year end on a 12-km route, and will be a boon to the IT professionals who come from all over the country to work here.
 
Modi launched different projects worth several thousand crore rupees on Tuesday as part of the state government's push to infrastructure development coupled with basic amenities, ahead of the upcoming 2019 Lok Sabha elections.
 
These include the Rs. 23,500 crore Metro 9 and Metro 5 corridors in the Thane-Mumbai region, a Rs.18,000 crore low-cost housing project in Kalyan and the Rs.8,000 crore Pune Metro 3 corridor.
 
Present on the occasion were Maharashtra Governor C.V. Rao, Union Ministers Prakash Javadekar and Hardeep Singh Puri and other dignitaries.
 
After a hectic day in Maharashtra, Modi departed for New Delhi from Pune Airport late in the evening.
 
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Don't want RBI money, but can't let economy starve: Jaitley

Arun Jaitley (File photo: IANS)
Arun Jaitley (File photo: IANS)
Admitting using Section 7 of the RBI Act to force a discussion with the central bank on liquidity and credit issues, Finance Minister Arun Jaitley on Tuesday said he could not have let the economy starve for liquidity.
 
As for the Reserve Bank of India (RBI)'s economic capital, he said it was never the main issue between the government and the RBI and that the government does not want any money from the bank's reserves to fix its fiscal deficit.
 
"The main issue was not the economic capital framework. It's an issue for a medium term. But the immediate issue is we can't allow our economy to starve (on liquidity)," Jaitley said at a summit hosted by television channel Republic TV here.
 
Stating that his government had the best fiscal deficit track record, he declared that even in the current year, he will meet the announced fiscal deficit target within the available resources.
 
"I don't want any money from the Reserve Bank's reserves at the moment. The only question which was raised were really two...there were several questions around two important facts -- first relating to liquidity in certain sectors of the economy and availability of credit," he said.
 
In his tiff with the RBI, which ended with Governor Urjit Patel resigning last week, Jaitley said he always respects the bank's autonomy, but as a sovereign and accountable government, he had to flag the liquidity issue for which he used all tools available.
 
"We used every instrument available to our advantage to force a discussion and whatever steps we took -- informal plus formal and statutory -- were really to flag the issue of liquidity and credit," he said hinting at the Section 7 of the RBI Act, which was never used earlier.
 
The section empowers the government to give directions to the central bank on matters of public interest even if the RBI or its Governor holds a different view.
 
Stating that there was never a breakdown in his relationship with the central banker, Jaitley said he wanted the autonomous and independent RBI to hold stakeholder consultations and resolve the problem, which was related to monetary policy.
 
"I say I have read some books, some data, some research papers, some statistics and I am forming an opinion. The empirical evidence in the market would be entirely different... All these institutions must be autonomous but must never be isolationist. If they are isolationists, there is a fair chance they will go wrong," he added.
 
IANS
 

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Sensex manages 6th straight rise as rupee goes up sharply

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Lower crude prices coupled with inflow of foreign funds and a strong rupee buoyed the Indian equity market on Tuesday to log the 6th straight session of advances.
 
Initially, the S&P BSE Sensex and NSE Nifty50 had a gap-down opening on the back of subdued global markets ahead of the US Federal Open Market Committee's (FOMC) two-day meet starting on Tuesday.
 
The committee is expected to raise interest rates which has kept the sentiments tepid, analysts said. 
 
In addition, the Indian equity indices remained in the negative zone as investors chose to book profits. However, lower crude prices and a resurgent rupee triggered a buying spree during the late afternoon session. 
 
Sector-wise, financial stocks rose, whereas export-oriented IT and Tech shares ended over 1 per cent lower.
 
Index-wise, the Sensex settled 77.01 points or 0.21 per cent higher at 36,347.08 points and the Nifty50 gained 20.35 points or 0.19 per cent to close at 10,908.70 points.
 
According to Geojit Financial Services Head of Research Vinod Nair: "Market reversed from day's low despite a weak global market as oil prices slid further and a drop in bond yield raised investor's confidence. 
 
"Global market traded on a negative note due to concerns of slowdown in world economy growth. A strong rupee and a fall in yield is easing the liquidity concerns of the market."
 
The Brent crude traded at $57.80 a barrel around the time when markets closed.
 
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In terms of currency, the Indian rupee closed at 70.44 per US dollar from its previous close of 71.55, gaining over 1 rupee. 
 
"Crude oil prices fell over 2 per cent providing support to the rupee. In addition, investment has improved in India after weakness in the major global economies," Anuj Gupta, Deputy Vice President - Research, Commodities and Forex, Angel Broking, told IANS.
 
Foreign Institutional Investors (FII) turned buyers on Tuesday on purchases of shares worth Rs 144.76 crore, while Domestic Institutional Investors (DII) sold stocks worth Rs 182.60 crore, provisional data from the BSE showed.
 
"Technically, with the Nifty rallying higher for the sixth consecutive session, the bulls remained in control. Further upsides are likely once the immediate resistances of 10,915 are taken out," said HDFC Securities' Retail Research Head Deepak Jasani. 
 
"Crucial supports to watch for any weakness are at 10,819." 
 
Stock-wise, Sun Pharma gained the most among the 30-stock on Sensex. The shares of the pharma major settled 2.98 per cent higher followed by Power Grid with 2.16 per cent.
 
Other top gainers in the 1 to 2 per cent bracket were Mahindra and Mahindra, Vedanta and Asian Paints.
 
In contrast, Infosys lost 2.48 per cent. Wipro, Yes Bank, ITC and Hindustan Uniliver lost upto 1.30 per cent. 
 
IANS
 

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Lower oil prices, strong rupee buoy equity indices

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Lower crude prices and a strong rupee aided the key equity indices to trim their early losses to end Tuesday's trade session in the green.
 
Initially, the S&P BSE Sensex and NSE Nifty50 had a gap-down opening and traded in the red as investors chose to book profits.
 
However, lower crude prices and a resurgent rupee triggered buying which pared losses and buoyed the market. 
 
The Brent crude traded at $57.80 a barrel around the time when markets closed.
 
In terms of currency, the Indian rupee traded at 70.76 (at 3.30 p.m) per US dollar from its previous close of 71.55, gaining close to 80 paise. 
 
Sector-wise, financial stocks rose, whereas export-oriented IT and Tech shares ended over 1 per cent lower.
 
Index-wise, the Sensex settled 77.01 points or 0.21 per cent higher at 36,347.08 points and the Nifty50 gained 20.35 points or 0.19 per cent to close at 10,908.70 points.
 
"Crude oil prices fell over 2 per cent providing support to the rupee. In addition, investment has improved in India after weakness in the major global economies," Anuj Gupta, Deputy Vice President - Research, Commodities and Forex, Angel Broking, told IANS.
 
In addition to profit booking, global markets were subdued as investors traded with caution ahead of the US Federal Open Market Committee's (FOMC) two-day meet starting on Tuesday.
 
The committee is expected to raise interest rates which has kept the sentiments tepid, analysts said. 
 
IANS
 

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Modi hints at GST concessions, warns of strict action against bank defaulters

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Prime Minister Narendra Modi on Tuesday said the government is aiming to bring 99 per cent of items below the 18 per cent GST slab and warned of stringent action against defaulters of bank loan and fugitives.
 
"Before GST, registered enterprises numbered 65 lakh, which has now increased by 55 lakh. Today, the GST system has been established to a large extent and we are working towards a position where 99 per cent items can be brought in the sub-18 per cent slab," said Modi.
 
In a stern warning, he said economic fugitives and defaulters of bank loans would not be spared, and referred to the Insolvency and Bankruptcy Code, 2016 (IBC), the Fugitive Economic Offenders Act, 2018 and other changes that were helping prosecute those who earlier esaped the law.
 
"Who would have thought four years ago that the main suspect of the (AgustaWestland) helicopter scam, Christian Michel, would be brought to India? 
 
"Earlier, when companies used to be unable to repay loans, nothing used to happen... they had a 'suraksha kavach' (protective shield) from the 'khaas parivar' (privileged family)... This has ended with the IBC," Modi asserted in his address to the "Republic TV's" Surging India Economic Summit here.
 
Modi also highlighted in detail India's achievements in the past nearly five years and said the nation has taken the first steps towards joining the $5 trillion economy club.
 
He discussed the strides made in the economy across major sectors, ranging from waterways to aviation, in its path to development that catapulted India to compete at the global level.
 
"Surging India - the two words are the expression of 130 crore Indians. These are the feelings, vibrations which the world is witnessing. In the global society, India's growth is moving ahead in a very fast manner. India's image before the world is getting better with each passing day," he said.
 
"Four years ago, did anyone think that within no time India will take its step forward to join the Five Trillion Dollar Economies Club, or that in the Ease of Doing Business rankings the country would move from 142 to 77th position? 
 
"India is taking rapid actions to come in the Top 50," Modi said.
 
He said that nobody could have thought that people who travel in air-conditioned trains will soon travel in helicopters. India's aviation sector has soared to such heights that there is need to order 1,000 new choppers.
 
In this context, Modi pointed out that since Independence, the country had only 450 helicopters in the public and private sectors.
 
He added that autodrivers, vegetable vendors and tea-sellers now use the BHIM App and keep debit cards in their pockets. The country has already tested a Made In India engine-less train running at 180 kmph, while the National Waterways has become a reality with a ship sailing from Bengal on River Ganga to Varanasi.
 
"Did anyone think that India will launch 100 satellites at one go, and was moving ahead with the Gaganyaan Mission," Modi asked.
 
The Gaganyaan Mission of the Indain Space Research Organisation (ISRO) is intended to take an Indian astronaut into space by 2022.
 
The summit also witnessed debates between top political personalities.
 
IANS
 

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Sensex trims losses as rupee gains over 50 paise

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The key equity market indices trimmed their major losses during the afternoon session of trade on Tuesday on the back of gains by the domestic currency.
 
IT along with financial stocks dragged the benchmark index down.
 
Earlier the BSE Sensex and Nifty opened in red ending gains in five consecutive trading sessions and giving investors an opportunity to book profit.
 
Sensex lost around 200 points during the initial session, only to pare losses to trade around 70 points lower during the afternoon session.
 
At 1.40 p.m., the Sensex traded 73.74 points lower at 36,196.33 and the Nifty50 traded 26.10 points lower at 10,862.25, from the previous close.
 
Both global and domestic markets were also subdued as investors traded with caution ahead of the US Federal Open Market Committee's (FOMC) two-day meet starting on Tuesday.
 
The committee is expected to raise interest rates which has kept the sentiments tepid, analysts said. 
 
The Indian rupee was trading 71.01 (1.40 p.m) per US dollar from its previous close of 71.55.
 
IANS
 

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Mumbai hospital blaze toll rises to 8; 25 critical

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The death toll in yesterday's blaze in  a government hospital in Mumbai rose to eight with more victims succumbing to their injuries overnight, a Brihanmumbai Municipal Corporation (BMC) Disaster Control official said here this morning.
 
Of the 176 rescued injured, at least 25 admitted to various hospitals remain critical from the devastating fire broke out in the Employees State Insurance Corporation (ESIC) Hospital in MIDC, Andheri East on Monday evening.
 
While 142 continue their treatment in over half a dozen public and private hospitals, 26 have been discharged so far, said the official.
 
Of the eight fatalities, a majority died due to suffocation, and at least one panicked and jumped from the third floor to his death.
 
The fire was first noticed near the Operation Theatre of the five-storeyed hospital located at Marol MIDC, an industrial hub.
 
The blaze, which is suspected to have been caused by a short-circuit, quickly spread horizontally and vertically, trapping around 155 people in the building with a glass facade.
 
While the firemen used ladders, other rescuers deployed ropes and saris tied as ropes to bring down the wailing and screaming people trapped on the third and fourth floors.
 
Mumbai has witnessed over a dozen major fires in residential and commercial premises this year, claiming over 50 lives and injuring several hundreds, besides damaging to properties worth in crores.
 
IANS
 

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Equity indices open in red; Sensex down 150 points

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The key Indian equity indices opened on a negative note on Tuesday tracking weakness in the global markets.
 
Heavy selling pressure was witnessed in banking and IT stocks.
 
At 9.27 a.m, the S&P BSE Sensex traded at 36,112.60 points, lower by 157.47 points or 0.43 per cent from the previous close of 36,270.07 points.
 
It had opened at the intra-day high of 36,226.38 and has so far touched a low of 36,047.49 points.
 
The Nifty50 on the National Stock Exchange traded at 10,841.90 points, lower by 46.45 points or 0.43 per cent from the previous close of 10,888.35 points.
 
IANS
 
 
 
 

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IL&FS initiates steps for monetisation of road assets

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Debt-laden Infrastructure Leasing & Financial Services (IL&FS) on Monday said it has initiated the process to sell the road assets of its subsidiary IL&FS Transportation Networks Ltd (ITNL) under which it will invite Expression of Interest (EoI) proposals from prospective buyers.
 
According to the firm, the decision is based on the report prepared by the new Board of IL&FS, which was submitted to the Ministry of Corporate Affairs and in turn to the National Company Law Tribunal (NCLT).
 
"As stated in the said reports, it is the objective of the IL&FS Board to achieve, by one or more plan(s), the resolution of the IL&FS Group including IL&FS Transportation Networks Ltd (ITNL) through certain measures, including asset divestments," the company said in a statement. 
 
"Accordingly, the IL&FS Board working with the ITNL Board have decided to publicly solicit Expressions of Interest to assess the interest for a sale of its stake(s) in the domestic roads vertical. The IL&FS Board and the ITNL Board are taking steps in this regard."
 
The assets include "seven operating annuity based road projects in various parts of India aggregating approximately 1,774 lane km; eight operating toll-based road projects in various parts of India aggregating approximately 6,572 lane km..."
 
"... four under-construction road projects in various parts of India which would aggregate approximately 1,736 lane km upon completion; and three other assets and businesses, which are EPC (engineering procurement construction) and O&M (operation and maintenance) businesses of IL&FS Transportation Networks Ltd and a Sports Complex in Thiruvananthapuram."
 
As per the statement, the proposed stake sale may be carried out as a basket or individually or any combination.
 
On November 28, the debt-laden group had revealed that it has initiated the process to sell its renewable energy business.
 
In addition, the firm last month had said it has received over a dozen EOI towards acquiring its stake in IL&FS Securities Services Ltd (ISSL) and ISSL Settlement and Transaction Services Ltd (ISTSL).
 
IANS
 

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Six dead, 147 saved from Mumbai hospital blaze

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The death toll in Mumbai's hospital fire shot up to six, while another 147, mostly patients and staff, were rescued from a massive blaze that engulfed the Employees State Insurance Corporation (ESIC) Hospital in Andheri (East) here on Monday, BMC Disaster Control said.
 
The number of fatalities is likely to increase further as several injured persons have been admitted to various hospitals in serious condition even as the firemen battled the conflagration to bring it under control after three hours.
 
The fire, caused by a suspected short-circuit, was first noticed in the upper floors of the five-storied building with a glass facade in the MIDC area -- the industrial hub in the north-western suburb -- around 4.15 p.m.
 
At least 12 fire tenders, 15 water tankers and other specialised equipment were rushed to battle the blaze and those trapped were taken out via ladders from the third and fourth floors as the flames quickly spread horizontally and vertically.
 
Rescue operations were hampered due to snapping of power supply from the building as a precautionary measure and by 7 p.m the blaze was stated to be "under control", with cooling operations taken up.
 
Of those rescued, 19 have been admitted in Juhu's Cooper Hospital, including two brought dead, 40 in Holy Spirit Hospital, 44 in Seven Hills Hospital including three dead, 39 were taken to Prabodhankar Thackeray Trauma Care Hospital, Jogeshwari, three in Hiranandani Hospital and two in Siddharth Hospital, for treatment.
 
Mumbai Mayor Vishwanath Mahadeshwar, who visited the spot along with other senior officials, said the fire would be probed and strict action taken against the guilty if any lapses found.
 
Thick dark clouds of smoke were seen billowing from long distances in the suburbs and the rescue operations resulted in massive evening peak-hour traffic jams on the busy Andheri thoroughfare connecting north-south and eastern Mumbai.
 
IANS
 

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Market gains for 5th straight session; Sensex up 300 points

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A drop in oil prices, strengthening rupee and pick up in domestic macros provided a positive momentum to the major indices which rose for the fifth straight session on Monday.
 
Global factors such as broadly positive Asian markets also lent support to the upward trajectory. 
 
"Asian stocks traded higher ahead of the US Federal Reserve meeting this week while US stocks dropped sharply on Friday after a batch of weaker-than-expected economic data out of China and Europe sparked fresh worries of slowing global growth," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
 
Index-wise, the S&P BSE Sensex settled 307.14 points higher at 36,270.07 points and the NSE Nifty50 gained 82.90 points to close at 10,888.35 points after touching a high of 10,900.35 points. 
 
However, broader market indices like the BSE Mid-cap and Small-cap gained lesser than the barometer Sensex.
 
In terms of currency, the Indian rupee strengthened to 71.55 per US dollar from its previous close of 71.90.
 
Said Geojit Financial Services Head of Research Vinod Nair: "Market extended gains led by a strong rupee backed by narrowing trade deficit and inflow of foreign funds.
 
"Drop in oil prices, strengthening rupee and pick up in domestic macros are providing a positive momentum to the market. However, global market witnessed selling ahead of two days FOMC (Federal Open Market Committee) meet starting from tomorrow."
 
Consequently, investors will remain cautious over the possibility of any impending hike in the US interest rates which can potentially drive away Foreign Portfolio Investors (FPIs) from emerging markets such as India.
 
On the investment front, Foreign Institutional Investors (FII) off-loaded shares worth Rs 60.95 crore on Friday while Domestic Institutional Investors (DII) sold stocks worth Rs 76.84 crore, provisional data from the BSE showed.
 
"Technically, with the Nifty rallying higher for the fifth consecutive session, the bulls remain in control. Further upsides are likely once the immediate resistances of 10,941 are taken out," said HDFC Securities' Retail Research Head Deepak Jasani. 
 
"Crucial supports to watch for any weakness are at 10,816." 
 
Sector-wise, finance counters gained 0.98 per cent while energy shares rose over 2 per cent, followed by metal, oil and gas, and power stocks gained over 1 per cent. 
 
In contrast, IT and Teck (technology, entertainment and media) stocks ended lower.
 
Tata Motors (DVR) closely followed by Tata Motors gained the most among the 30-stock on Sensex. The shares of the automobile major Tata Motors settled over 4 per cent up after news that its subsidiary Jaguar Land Rover will go for cost-cutting measures. 
 
It was followed by Power Grid, HDFC and Coal India which advanced in the range of 2 to 3.5 per cent.
 
In contrast, Kotak Mahindra Bank lost 2.50 per cent. Infosys and Bharti Airtel lost in the range of 1 to 2 per cent. 
 
IANS
 

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Sensex, Nifty log 5th session of gains

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Buyers dominated the domestic markets as major indices rose over 0.7 per cent, logging their fifth straight session of gains on Monday.
 
The advances were led by financial and energy stocks. Metal, oil and gas, and power stocks gained over 1 per cent.
 
In contrast, IT and Teck (technology, entertainment and media) stocks ended lower.
 
"Belying weak global cues, Indian markets continued their upward momentum with the stabilisation of crude oil and rupee, providing more confidence to global investors," said Essel Mutual Fund CIO Viral Berawala. 
 
"Markets continue to build on some loosening in monetary policy and measures to push rural spend."
 
The Sensex settled 307.14 points higher at 36,270.07 and the Nifty50 gained 82.90 points or 0.77 per cent to close at 10,888.35.
 
Tata Motors (DVR) closely followed by Tata Motors gained the most among the 30-stock on Sensex.
 
The shares of the automobile major Tata Motors settled over 4 per cent up after news that its subsidiary Jaguar Land Rover will go for cost-cutting measures. 
 
Tata Motors was followed by Power Grid, HDFC and Coal India which advanced in the range of 2 to 3.5 per cent.
 
In contrast, Kotak Mahindra Bank lost 2.50 per cent. Infosys and Bharti Airtel lost in the range of 1 to 2 per cent. 
 
IANS
 

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Sensex extends 5th straight session's gains, up 250 points

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The key equity indices extended their fifth straight session of gains as the Sensex advanced over 250 points and the Nifty traded over 10,850 on Monday.
 
Finance stocks, the index pivotal, traded higher. Oil and gas metal, power and energy stocks gained over 1 per cent.
 
At 1.28 p.m., the Sensex traded 255.46 points higher at 36,218.39 points and the Nifty50 traded 61.60 points higher at 10,867.05 points, from the previous close.
 
Last week, the expectation of lower interest rates with further liquidity infusion by the Reserve Bank of India under its new chief along with healthy macro-economic data points pushed up the key equity indices.
 
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Sensex opens over 200 points higher

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In line with Asian peers, key domestic indices opened on a positive note on Monday continuing its upward momentum from last week's healthy gains.
 
Financials along with metal, power and healthcare stocks advanced while realty and telecom winessed selling pressure.
 
At 9.20 a.m., the BSE Sensex traded 260.29 points higher at 36,223.22 after opening at 36,129.13 from its previous close at 35,962.93 on Friday. 
 
The Nifty50 of the National Stock Exchange (NSE), which opened at 10,853.20 from its previous close of 10,805.45, traded higher by 59.15 points at 10,864.60.
 
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Global cues subdue equity market, ends flat

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The key Indian equity indices closed on a flat-to-positive note after trading in a narrow range on Friday, tracking weakness in Asian and European markets over concerns of a slowdown in global growth.
 
While major Asian markets closed on a negative note, European indices like FTSE 100, DAX and CAC 40 traded in the red.
 
In addition, caution in the domestic markets also prevailed as the outcome of Reserve Bank of India (RBI) board meeting was awaited till the closing bell. 
 
However meagre, the domestic indices logged their fourth session of advances led by telecom, oil and gas and power stocks, but the finance counters remained subdued.
 
Besides, lower food and fuel prices easing India's annual rate of inflation based on wholesale prices to 4.64 per cent in November from 5.28 per cent in October also had a positive impact on the investor sentiment.
 
"These positive numbers gave a further fillip to positive investor sentiment. Easing inflation has renewed calls for a rate cut by the Reserve Bank of India as many investors are of the opinion that lower rates will help spur economic growth in the country," said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
 
According to Geojit Financial Services' Head of Research Vinod Nair: "Market was range bound and settled on a marginal gain ahead of RBI board meet. While weakening rupee and decline in yield influenced investors to stay sideline."
 
"Inflation remains on a softening path while industrial activity is picking up which will provide support to the market. Growth concerns in Chinese economy dragged Asian and European markets to a negative terrain."
 
Consequently, the S&P BSE Sensex settled 33.29 points higher at 35,962.93 points, touching an intra-day high of 36,019.02 and a low of 35,813.85.
 
The Nifty50 gained 11.85 points or 0.11 per cent to close at 10,803.40.
 
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"Technically, while the Nifty has rallied higher for the fourth consecutive session, the gains are now small, warning of a short term reversal in sentiments. Further upsides are likely once the immediate resistances of 10,839 are taken out," said HDFC Securities' Retail Research Head Deepak Jasani.
 
"Crucial supports to watch for any weakness are at 10,749."
 
Investment wise, Foreign Institutional Investors (FII) bought shares worth Rs 861.94 crore on Friday while Domestic Institutional Investors (DII) sold stocks worth Rs 302.52 crore, provisional data from the BSE showed.
 
In terms of company-specific shares, Bharti Airtel gained the most among the 30-stock Sensex. The shares of telecom major gained over 5 per cent a day on the back of Telecom Disputes Settlement and Appellate Tribunal (TDSAT) scrapping TRAI order on predatory pricing. 
 
Bharti Airtel, along with some other telecom players, had challenged the Telecom Regulatory Authority of India (TRAI) order dated February 16, 2018 in March.
 
The telecom major was followed by Yes Bank which advanced by 3.23 per cent. Oil and energy stocks like ONGC, NTPC and Power Grid gained in the range of 1 to 2.5 per cent.
 
In contrast, HDFC and Wipro were the major losers followed by L&T, Sun Pharma and Adani Ports.
 
The rupee saw a depreciation as it settled at 71.90 per US dollar from its previous close of 70.68-69.
 
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India’s forex reserves rise by $ 16.6 million to $ 393.734 billion

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Maintaining an uptrend for the second consecutive week, India’s foreign exchange reserves increased by $ 16.6 million to $ 393.734 billion during the week ended December 7, the Reserve Bank of India (RBI) said here today.
 
The country’s forex reserves had risen by $ 932.8 million to $ 393.718 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 $ 9.7 million to $ 368.497 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 remained unchanged at $ 21.150 billion, while its special drawing rights (SDR) went up by $ 1.5 million to $ 1.4572 billion.
 
India’s reserve position in the International Monetary Fund (IMF) went up by $ 4.4 million to $ 2.63 billion, the bulletin added.
 
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RBI governance structure need further examination, says board

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The central board of the Reserve Bank of India (RBI), which met under new Governor Shaktikanta Das on Friday, said the governance structure of the central bank needs further examination before deciding on whether it can be board-driven.
 
"The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement. 
 
RBI's governance is a major bone of contention between the government and the bank, which led Urjit Patel to quit as RBI Governor on Monday. The government wants RBI to be driven by the board instead of the Governor, as is currently the case.
 
Under the current structure, the board has 18 directors including four Deputy Governors, four Directors from the RBI's local boards, two government nominees and others appointed by the government. Many of these appointments to the board are political. 
 
With non-technical people (non-economists) as Directors in the board of the central bank, the final word on any economic policy by the RBI is that of the Governor. However, the Central government wants the RBI Governor to be accountable to the board.
 
The board also reviewed other contentious issues like liquidity in the economy and credit in the market which soured the relationship between the government and the central bank over the past several months, with the government wanting the RBI to intervene. 
 
"The board reviewed, inter alia, the current economic situation, global and domestic challenges, matters relating to liquidity and credit delivery to the economy and issues related to currency management and financial literacy," the statement said.
 
It was the first board meeting under the chairmanship of Shaktikanta Das, who was earlier Economic Affairs Secretary in the Finance Ministry and one who steered the monetary situation in the country post-demonetisation. 
 
The draft report on Trend and Progress of Banking in India (2017-18) was also discussed at the meet, the RBI said.
 
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Sensex ends flat on weak global cues, RBI board meet

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The key Indian equity indices closed flat after trading in a narrow range on Friday tracking weakness in Asian and European markets over concerns of slowdown in global growth.
 
Caution in the domestic markets also prevailed as the outcome of Reserve Bank of India (RBI) board meeting was awaited till the closing bell. 
 
Although with meagre gains, domestic indices logged their fourth session of advances led by telecom, oil and gas and power stocks. However, finance counters remained subdued.
 
The Sensex settled 33.29 points higher at 35,962.93 points, touching an intra-day high of 36,019.02 and a low of 35,813.85.
 
The Nifty50 gained 11.85 points or 0.11 per cent to close at 10,803.40.
 
Bharti Airtel gained the most of the 30-stock Sensex. The shares of the telecom major gained over 5 per cent after Telecom Disputes Settlement and Appellate Tribunal (TDSAT) scrapped rules on predatory pricing.
 
It was followed by Yes Bank which advanced by 3.23 per cent. Oil and energy stocks like ONGC, NTPC and Power Grid gained in the range of 1 to 2.5 per cent.
 
In contrast, HDFC and Wipro were the major losers followed by L&T, Sun Pharma and Adani Ports.
 
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Sensex, Nifty flat, financial stocks in red

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Sensex and Nifty traded flat during the afternoon session on Friday, tracking negative Asian markets.
 
Markets were subdued as investors took to booking profit following healthy gains made by domestic bourses in the last three sessions, which saw gains of over 900 points.
 
Finance stocks, the index pivotal, traded lower with capital goods, healthcare and consumer durables stocks. 
 
In contrast, oil and gas and telecom gained in the range of 1 to 3 per cent.
 
At 1.20 p.m., the Sensex traded 22.84 points higher at 35,952.48 points, touching an intra-day high of 36,019.02 and a low of 35,813.85 so far. 
 
The Nifty50 traded just 8.30 points higher at 10,799.85 points, from the previous close.
 
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Sensex, Nifty opens in green; banking stocks down

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The Sensex and Nifty on Friday opened with slight gains. However, minutes into the trading key indices slipped in the red tracking its global peers.
 
The financial stocks witnessed selling pressure while telecom, IT and realty counters gained.
 
On the domestic front, the Reserve Bank of India's (RBI) board meeting and the release of key macro-economic data was due on Friday. 
 
The BSE Sensex that opened at 35,960.19 from its previous close at 35,929.64 on Thursday, traded at 35,919.73 at 9.36 a.m. -- lower by 9.91 points or 0.03 per cent.
 
The Nifty50 of the National Stock Exchange (NSE), which opened at 10,784.50 after closing at 10,791.55 on Thursday, traded at 10,777.80 during the morning trade session, down 13.75 points and 0.13 per cent.
 
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Tata Motors to increase prices of its passenger vehicles from January 2019

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Automobile manufacturers Tata Motors has said that it would increase the prices of its entire passenger vehicles range by up to Rs. 40,000, depending on the  model and city, starting January 1, 2019.
 
"This hike in price is due to rising input costs and increase in fuel prices," a press release from the company said here on Thursday.
 
Mayank Pareek, President, Passenger Vehicle Business Unit, Tata Motors, said, “The changing market conditions, rising input costs and various external economic factors have compelled us to consider this price increase. We are optimistic on maintaining our growth trajectory in the coming year on the back of our robust portfolio consisting of segment-leading products like Tiago, Hexa, Tigor and Nexon."
 
"Early 2019 will also mark the entrance of our most awaited SUV – the Harrier. We are confident that the Harrier will receive all the love from our existing and prospective customers and will further help us in strengthening our brand salience," he added.
 
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IOC to buyback over 3% equity shares for Rs 4,435 cr

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State-owned Indian Oil Corp on Thursday announced a buyback of 3.06 per cent equity shares at a price of Rs 149 per stock for a consideration not exceeding Rs 4,435 crore.
 
The buyback decision was taken by the company's Board in its meeting held on Thursday.
 
"Buyback of equity shares of the company not exceeding 29,76,51,006 equity shares being approximately 3.06 per cent of the total paid up equity share capital of the company at a price of Rs 149 per equity share payable in cash for an aggregate consideration not exceeding Rs 4,435 crore...," the company said in a regulatory filing.
 
"The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations."
 
In another development, the company's Board declared an interim dividend of 67.5 per cent "i.e. Rs 6.75 per equity share of face value of Rs 10 each for the financial year 2018-19".
 
"The dividend will be credited to the account of the shareholders or the dividend warrant in respect thereof will be dispatched on or before 31st December 2018," the filing said
 
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Differences either get settled or Governors make way: Jaitley

Arun Jaitley (File photo: IANS)
Arun Jaitley (File photo: IANS)
Admitting to differences with Urjit Patel, who quit as RBI Governor, Finance Minister Arun Jaitley on Thursday said the government is the sovereign body for managing the economy and RBI Governors have exited if differences were not settled.
 
"If you look at the history of the RBI, you had several incidents in the past where governments have had a different view from what the RBI has had and then those differences either get settled or the Governors have made way," he said at a conclave here. 
 
Addressing the India Economic Conclave 2018 via satellite link, Jaitley said the government had a particular opinion on two or three major issues relating to credit and liquidity in the market but was failing to communicate with the RBI and getting them addressed.
 
"Every person involved in some kind of a business activity, whether it's financial, manufacturing or services sector or the MSME sector or even in agriculture, will tell you that they were facing difficulties as far as credit and liquidity are concerned," the Minister said.
 
Jaitley said the RBI has the responsibility as far as credit and liquidity are concerned and it is not an issue of confrontation if the "sovereign accountable government" forces the issue for a discussion and redressal by the RBI. Else, the government would fail in its responsibility.
 
"We are the sovereign government and most important stakeholder as far as management of the economy is concerned and therefore a discussion with an important institution... to tell it that it's a part of your functions which you must seriously look at, how is it destruction of the institution," he said replying to a query on the charge that the government was destroying institutions.
 
Quoting India's first Prime Minister Pandit Jawaharlal Nehru's letter to the then RBI Governor, he said, "The economic policy of the country is determined by the elected government. The RBI monetary policy functions are autonomous and independent but other policies of the RBI certainly must be in tandem with the economic policy of the country."
 
He said if the government policy is to encourage the MSME sector, the credit policy of India cannot be, "No, we will not give credit to the MSMEs". In live democracies, concerns of the market and the economy have to be communicated and addressed , he added.
 
Taking a dig at former RBI Governor Raghuram Rajan, who wrote the book "I Do What I Do", Jaitley said, "It will be a dialogue of the deaf because you won't be then giving the concerns to each other and not listening to each other."
 
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