PM Narendra Modi addressed poll-bound Haryana at the foundation laying ceremony of the Kaithal-Rajasthan Highway
Prime Minister Narendra Modi was in Kaithal, Haryana today, for the foundation ceremony of the border section of the Kaithal-Rajasthan National Highway.
The PM was accompanied by Union Minister Nitin Gadkari and Haryana Chief Minister Bhupinder Hooda at the foundation laying ceremony.
PM Modi's address comes at a time when Haryana's political atmosphere is charged up in anticipation of the upcoming Assembly Elections.
5 Key Takeaways:
• “'Mera Kya' and 'Mujhe Kya' have ruined us, we need a corruption free nation.”
The PM announced the launch of the “Prime Minister Gram Krishi Sichaee Yojana.”
• “Some Central schemes (for farmers) have been lying incomplete, I assure you that I will try and complete them.”
• “Corruption is dangerous and spreading more dangerously than cancer. It is destroying the country.”
• “Do you want a corruption-free country or not? Should strong steps not be taken to remove corruption? We will take those steps.”
Further controversy erupted after the ceremony, when the Haryana CM vowed never to attend another event with the Prime Minister.
When the CM stood up to speak at the function, the crowd booed him and shouted him down. Taking it as an insult by PM Modi's supporters, Hooda made said he would never attend another event with the PM. On the other hand, when the PM spoke to the audience, they heard him with full attention and in complete silence.
Nifty may give up some gains over the next few sessions
Today after opening in a highly upbeat mood, the indices soon started moving lower. This was followed by the indices moving in a narrow range for the remaining session. Positive data from the US and UK helped the positive momentum on the benchmark to continue.
S&P BSE Sensex opened at 26,483 and immediately hit its life time high at 26,531 while the CNX Nifty opened at 7,901 and hit its all-time high at 7,919. Both the indices hit its daily low at 26,388 and 7,881. The benchmark today again managed to close at its new all-time high at 26,421 (up 30 points or 0.11%) and 7,898 (up 23 points or 0.30%). The NSE recorded a volume of 89.28 crore shares. India VIX rose 2.98% to close at 13.9050.
Except for Service (0.06%), Finance (0.18%) and IT (0.51%) all other indices on the NSE closed in the positive. The top five gainers were Auto (2.46%), Realty (1.57%), Smallcap (1.42%), PSE (1.15%) and Consumption (1.13%).
Of the 50 stocks on the Nifty, 37 ended in the green. The top five gainers were BPCL (3.93%), M&M (3.77%), Tata Motors (3.33%), Bajaj Auto (3.30%) and IndusInd Bank (3.23%). The top five losers were HDFC (2.49%), TCS (1.99%), Hindalco (1.02%), Sun Pharma (1.00%) and HDFC Bank (0.99%).
Of the 1,600 companies on the NSE, 933 companies closed in the green, 600 companies closed in the red while 67 companies closed flat.
On Monday, India said that it would not attend talks involving the foreign secretaries of the two countries, which were set to take place on 25 August 2014, in Islamabad, because Pakistan consulted Kashmiri separatists ahead of the meeting.
Muthoot Finance (9.65%) was the top gainer in the ‘A’ group on the BSE. It has come out with a public issue of secured NCDs and unsecured NCDs aggregating upto Rs200 crore, with an option to retain over-subscription upto Rs200 crore for issuance of additional secured NCDs and unsecured NCDs, aggregating to a total of upto Rs400 crore. Out of the funds raised, 75% will be utilised for the purpose of lending, while 25% will be used for general corporate purposes. The issue opened on August 18 and is scheduled to close on 18 September 2014.
Hitting its 52-week low today again, Bhushan Steel (4.98%) was among the top two losers in the ‘A’ group on the BSE. Bhushan’s managing director and promoter Neeraj Singhal was arrested in the Syndicate Bank bribery case last week. Lenders were scheduled to meet on Monday to look at various options to reduce the debt service burden.
Today Mahindra & Mahindra hit its 52-week high and closed 3.67% higher. It was the top gainer in the Sensex 30 pack. M&M had recently announced that as part of aligning its production with sales requirements, it would be observing no production days at its automotive plants for upto four days during the remaining period of August 2014. One of its wholly owned subsidiaries viz., Mahindra Vehicle Manufacturers Limited Plant at Chakan would also be observing no production days for upto four days during the remaining period of August 2014. The management does not envisage any adverse impact on the availability of vehicles in the market as the company has adequate vehicle stocks to serve the market requirements.
HDFC which hit its 52-week high on 14 August 2014 was the top loser (2.48%) in the Sensex 30 stock today.
US indices closed sharply higher on Monday. US homebuilder sentiment rose in August to its highest since January, the National Association of Home Builders said on Monday, marking a third straight monthly gain.
The minutes from the last Federal Open Market Committee meeting will be released tomorrow.
All the Asian indices which were trading today closed in the green. Taiwan Weighted (1.12%) was the top gainer.
European indices were trading in the green. US Futures too were trading higher.
Indirect tax revenue collections in the first four months of the financial year have reached 25% of the budget estimates
Indirect tax revenue collections have increased 4% to Rs1,54,350 crore during April-July 2014 from Rs1,48,588 crore in April-July 2013, according to provisional data released by the Ministry of Finance. Service tax collections have reported the highest increase growing by 16.4% to Rs50,850 crore during April-July 2014 from Rs43,693 crore in April-July 2013. The total indirect tax revenue in the first four months of the financial year has reached 25% of the budget estimates.
Tax collections under customs have fallen by about 2% to Rs55,305 crore during April-July 2014 compared to the same period a year ago. Central excise collection has fallen marginally to Rs48,195 crore for over the same period this year compared to Rs48,369 crore in the year earlier.
Collections under customs have been the highest during April-July 2014 and have reached 27% of the budget estimates. Central excise and service tax revenues have reached 23.5% each of the budget estimates.
BE- Budget Estimates