AAP government wins confidence vote in Delhi

Arvind Kejriwal's AAP received 37 votes, including 28 of its own, 8 from Congress and one from JD (U) 

Arvind Kejriwal-led Aam Admi Party (AAP) government in Delhi on Thursday won the confidence vote with support from Congress and Janata Dal (United)- JD(U).


AAP received 37 votes, including 28 of its own, 8 from Congress and one from JD (U) in its favour while all 32 members of Bharatiya Janata Party (BJP) voted against the confidence motion.




4 years ago

AAP government wins confidence vote in Delhi ........................with the support of Sheila Dixit's party !!!

Market headed for bigger fall: Thursday closing report

Unless the Nifty manages to break through the level of 6,270, we may see the sell-off continue

The Indian markets began Thursday trading on a very optimistic note and were pulled down after the latest data on government's finances raised concerns that India may not be able to meet its target of containing fiscal deficit at 4.8% of GDP this year and after another data showed a muted growth in the core sector in November 2013. Market closed negative on Wednesday.


On Thursday the Sensex opened a little higher at 21,180 while Nifty opened flat at 6,301. After a range bound move for the entire morning session the market made a swift fall into the negative and closed in the negative. The Sensex hit a high of 21,331 and moved down to hit a low of 20,847 and closed at 20,888 (down 252 points or 1.19%) while the Nifty moved from the high of 6,358 to the low of 6,211 and closed at 6,221 (down 81 points or 1.28%). The NSE recorded a volume of 90.75 crore shares.


Except for IT (up 0.16%) all the other indices on the NSE closed in the negative. The top five losers were Realty (2.85%); Infra (2.78%); Nifty Midcap 50 (2.54%); Smallcap (2.49%) and Midcap (2.13%).


Of the 50 stocks on the Nifty, only six ended in the green. The top five gainers were Power Grid (2.21%); TCS (0.68%); Infosys (0.47%); Sun Pharma (0.38%) and Maruti (0.34%). The bottom five losers were IDFC (4.83%); Jaiprakash Associates (4.59%); PNB (4.08%); Tata Power (3.65%) and LT (3.23%).


Of the 1,224 companies on the NSE, 299 closed in the red, 893 closed in the green while 32 closed flat.


Today the market awaited the data from Markit Economics which will unveil HSBC India Manufacturing Purchasing Managers' Index (PMI), which gauges the business activity of India's factories, for December 2013.


Down from 51.3 in November to 50.7 in PMI signaled a second consecutive monthly improvement in business conditions. The PMI average for the final quarter of the year at 50.5 was greater than that seen for Q3 at 49.4.


Manufacturing production rose for the second month running, but at only a marginal rate. Supporting the latest increase in total output was a further gain in incoming new business. Sector data indicated that the overall expansion in production volumes was largely centred on the consumer goods sub-sector. New orders placed at Indian manufacturers rose marginally in December. Indian manufacturing employment rose in December, stretching the current period of job creation to three months. However, the rate of growth was only marginal. Price indicators moved lower in December. Average purchasing costs increased at the slowest pace for four months, but the overall rate of inflation remained robust. Backlogs of work rose again during the latest survey period, with the rate of accumulation climbing to a six-month high, Markit Economics said.


US market was closed on Wednesday, 1 January 2014, for New Year's Day holiday.


The Asian indices trading today had a mixed performance. Jakarta Composite was the top gainer which rose 1.24% while the Seoul Composite was the top loser which fell 2.20%.


China's manufacturing purchasing managers' index came in at 51 for December, the National Bureau of Statistics and the nation's logistics federation said yesterday. A separate manufacturing PMI report from HSBC Holdings Plc and Markit Economics today showed the gauge coming in at 50.5, from 50.8 in November.


Singapore's economy contracted more than expected in the fourth quarter as manufacturing activity weakened, data showed on Thursday, casting some doubt on market expectations for a slight pick-up in growth over 2014. According to advance estimates from Singapore's Ministry of Trade and Industry, GDP contracted an annualised and seasonally adjusted 2.7% in the final quarter of 2013 from the July-September period. That reversed a 2.2% expansion in the third quarter.


European indices are trading in the negative while US Futures trading flat with a negative bias.


Only Rs1,619 crore raised through IPOs in 2013

The year 2013 highlights the continuing dismal state of fund raising through the IPO route by unlisted companies in the last three years

The year 2013 ended with a mobilisation of only Rs1,619 crore through IPOs according to Pranav Haldea, managing director of PRIME, the country’s premier database on primary capital market. This was the lowest-ever mobilisation in the last 12 years, the previous low being in 2001 when only Rs296 crore had been raised through IPOs. The highest-ever mobilisation through IPOs was as recent as in 2010 at Rs37,535 crore.


The year 2013 highlights the continuing dismal state of fund raising through the IPO route by unlisted companies in the last three years with 2011 at Rs5,966 crore and 2012 at Rs6,938 crore.


Number of companies and amounts raised through IPOs in the last 12 years are as follows, according to Prime Database:




(Rs Crore)






































There were just 3 main-board IPOs during the entire year: Just Dial: Rs919 crore, Repco Home Finance: Rs270 crore and V-Mart Retail: Rs94 crore (previous year 11 IPOs for Rs6,835 crore). The year, however, witnessed a flurry of activity on the SME platform; there were as many as 35 IPOs which collected a total of Rs335 crore (previous year 14 IPOs for Rs103 crore).


According to Haldea, the market has really not been IPO-friendly for last three years due to a variety of factors. This includes overall poor sentiments, secondary market volatility, promoters not getting the valuations they think they deserve, apprehensions of regulator’s views on valuations, lack of appetite for equity of big-time issuers from the infrastructure sector, especially power, telecom and real estate. In addition, the government has also been unable to push through its divestment programme.


Finally, the biggest disappointment for the primary market has again been the lack of divestments by the government. Despite a huge target of Rs40,000 crore for FY 2013-14 and continuing announcements, with 9 months already gone, only Rs2,964 crore, or just 7% of the target) has been achieved. Again, like in previous years, bulk of the divestments may take place in the last quarter of the fiscal.


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