Citizens' Issues
AAP government allows microbreweries in Delhi

Set up in pubs and hotels, microbreweries produce a small amount of fresh beer, which is served to customers

 

The AAP government on Thursday allowed the setting up of microbreweries in the capital.
 
The decision was taken at a meeting of the cabinet here, Deputy Chief Minster Manish Sisodia said.
 
Set up in pubs and hotels, microbreweries produce a small amount of fresh beer, which is served to customers. 
 
Until now, beer drinkers would go to neighboring Gurgaon in Haryana to have freshly brewed beer.

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Delhi sets up panel to junk outdated business licenses

The committee, headed by principal secretary, finance, has to do its work by July 31

 

To facilitate ease of doing business in the capital, the AAP government Thursday set up a committee to junk outdated licences.
 
"A committee has been set up to review each and every license to do business. It will also see even if there are some important licences and the clause of their annual renewal can be removed," Deputy Chief Minister Manish Sisodia said here.
 
"There is still a license raj and the Delhi government wants to end it. To do business, small and big traders have to get about 50 licences. And the process of getting these licenses is very difficult" he said.
 
"Even if somebody gets it, it has be renewed annual from various agencies ranging from police to Delhi government's various departments. It's a source of corruption, " he added.
 
The committee, headed by principal secretary, finance, has to do its work by July 31.

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Nifty, Sensex, Bank Nifty will remain weak - Thursday closing report

Nifty shows no sign of strength. Rallies will be sold

 

We had mentioned in Wednesday’s closing report that NSE’s CNX Nifty may make further gains if it manages to stay above 8,090 levels. The index opened in the green and immediately hit the day’s high. This was followed by the 50-stock index making a gradual down move. The benchmark lost 159 points and closed Thursday near the day’s low.
 
The S&P BSE Sensex opened at 26,959.98 and reached the day’s high at 27,000.14. Its day’s low was 26,348.93. The 30-stock benchmark closed 1.75% lower, a fall of 469.52 points to close at 26,370.98, while Nifty closed 1.96% lower at 7,965.35. It opened at 8,157.30 and reached a high of 8,163.05 within the day. Its low for the day was 7,958.25. Bank Nifty closed 2.28% lower at 17.304.40. It opened at 17,819.60 and reached the day’s high at 17,821.90. The day’s low for the Bank Nifty was 17,264.20. NSE volumes were at 81.92 crore shares. India Vix was up 4.25% to close at 17.805.
 
In a filing to BSE, Nestle said, “As part of the efforts to resolve the Maggi noodles issue, Nestle India has approached the Bombay High Court, raising issues of interpretation of the Food Safety and Standards Act 2011 while seeking a judicial review of the order dated 6 June 2015, passed by the Food and Drug Administration (FDA) in Maharashtra and the order dated June 5 passed by FSSAI."
 
"At the same time, we are continuing withdrawal of Maggi noodle products. This action will not interfere with this process," the company added. 
 
Nestle India had to recall the product from the market after several states banned them as tests showed excess amounts of taste enhancer MSG (monosodium glutamate). The Maharashtra government, too, had banned Maggi noodles after some samples were found to contain lead above the stipulated limit.
 
India is on the path to emerge as the fastest growing economy on the World Bank growth chart of major economies for the first time. In its latest report, the Bank expects India to grow at 7.5% in 2015, outpacing China, which is poised to grow at 7.1%. The collapse in commodity prices has been a boon for the country. Concerns over the current account deficit, fiscal deficit and inflation have all dissipated with the fall in oil prices. This, coupled with reforms has raised confidence in the economy adds the report.
 
India's GDP growth is likely to revive to 7.9% in the current financial year and then further up to 8.1% in 2016-17, driven by structural reforms and cyclical easing of the monetary policy, says a Citigroup report. According to the global financial services major, investment and consumption uptick is likely to result in a growth pick-up from 7.3% in 2014-15.
 
Reserve Bank of India (RBI) Governor Dr Raghuram Rajan met Finance Minister Arun Jaitley and discussed macroeconomic issues. "These are all usual meetings which we have. Nothing special. Broad range of issues was discussed. Lot of issues were discussed," Rajan told reporters after the meeting. The meeting comes days after RBI's monetary policy review. "We have voiced whatever we had to say at the monetary policy," Rajan added. On 2nd June, RBI reduced the short term lending rate (repo) from 7.5% to 7.25%.
 
A day after the Union government announced it will provide soft loans worth Rs6,000 crore to sugar mills, ISMA president has said the move will not help the industry. Indian Sugar Mills Association (ISMA) president, A Vellayan said the loans do not address the problem of surplus sugar or depressed sugar prices, which are affecting the industry. "The decision of the government to bear the interest on the loan for just one year as compared to five years in the previous scheme announced in February 2014 is actually not an interest-free loan in the true sense," Vellayan added.
 
The Reserve Bank made a case for developing better strategies to deal with the problem of bad loans as hiding them would aggravate the situation for the banks as well as borrowers. "An account becoming NPA is not a sin. The time has come that it would be a better strategy that if there is a weakness in the account...Rather than postponing, hiding the problem either on the part of banks or borrowers, it is important that the bank recognises NPA then extend a helping hand (to borrowers)," RBI Deputy Governor SS Mundra told reporters.
 
Coming back to the stock markets, National Buildings Construction Corp (NBCC) shares were up nearly 0.82% to close at Rs745.80 on NSE after the company informed that it has signed an agreement with a Malaysian JV. The company in a release said that it has formed strategic partnership by executing Memorandum of Business Education on 10 June 2015 with Malaysian joint venture company China Railway Engineering Corporation (M) Sdn Bhd & Amona Group for exploring further areas of re-development around New Delhi railway station.
 
Shares of FMCG major HUL fell by 0.41% fell to close at Rs817.10 on the NSE, after the company decided to withdraw its range of Knorr instant noodles from the market awaiting product approval from the Food Safety and Standards Authority of India (FSSAI). Meanwhile, the company clarified that the discontinuance of manufacturing and sale of Chinese instant noodles is not based on safety or quality concerns. The FSSAI on Monday had passed an order to test different brands of noodles, pastas and macaronis. The central food safety regulator listed 33 items manufactured by seven companies approved by it in these categories, where HUL's Chinese range of Knorr instant noodles is not listed.
 
Shares of BEML have gained 0.88% to close at Rs1,230 on NSE after winning orders worth Rs645 crore from Delhi Metro Rail Corp (DMRC) for supplying 74 broad gauge coaches. DMRC signed a contract agreement with BEML for design, manufacture, supply testing and commissioning of the coaches.
 
Shares of AstraZeneca Pharma today surged 20% to close at Rs1,145.50 on the NSE, after the company said it has launched diabetes drug Forxiga in the country.
 
Essar Oil gained 12.59% to close at Rs117.60 and was the top gainer for the day on BSE.
 
HCC fell 8.89% to close at Rs20.50 and was the top loser for the day on the BSE.
 
Among Sensex shares, Vedanta was the top gainer, as it rose 1.54% to close at Rs187.70 on the BSE. Similarly, among Sensex shares, Tata Power was the top loser, as it fell 4.88% to close at Rs70.15.
 
Among US indices, NASDAQ Composite rose 1.25% to close at 5076.69. Dow Jones Industrial Average rose 1.33% to close at 18,000.40. 
 
The World Bank on Wednesday cut its global growth outlook for this year and urged countries to "fasten their seat belts" as they adjust to lower commodity prices and a looming rise in US interest rates. Kaushik Basu, the World Bank's chief economist, said the Federal Reserve should hold off on a rate hike until next year in order to avoid worsening of the world economy.
 
Among Asian indices, Shanghai Composite rose 0.3% to close at 5,121.59. Hang Seng rose 0.83% to close at 26,907.85.
 
China has said the Foreign Direct Investment (FDI) to the country jumped 10.5% year on year in the first five months of 2015, settling at $53.83 billion with services industry getting a major chunk of it. The pace slowed from 11.1% increase registered in the January-April period but far exceeded the annual growth rate posted for 2014 of 1.7%, the Ministry of Commerce said. China approved 9,582 new foreign-funded companies in the first five months, up 9.6% year on year. China's ailing economy showed few signs of improvement in May, with factory output steadying but investment growing at its slowest rate in nearly 15 years, pointing to further weakness unless Beijing ramps up its stimulus efforts. A flurry of data from power output to retail sales released on Thursday showed no convincing pick-up in the world's second-largest economy despite three interest rate cuts since November.
 
Among European indices, FTSE 100 rose 0.33% and was around 6,854 in the afternoon. S&P 500 Futures fell 0.09% and was around 2,104.95 in the afternoon.
 
Ratings agency Standard & Poor's downgraded Greece's sovereign rating deeper into junk territory on Wednesday, questioning whether its debt is sustainable after the government delayed a payment to the International Monetary Fund. In a statement, S&P said it had lowered the rating by one notch to CCC from CCC+, saying that as Athens delayed the debt repayment last Friday, the government appeared to be prioritising pension payments and domestic spending over its debt-service obligations. Greece exercised its right to group all its payments to the IMF due in June and pay them before the end of the month.
 

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