Economy
Amin Patel and Sunil Prabhu are top performers among Mumbai MLAs
Amin Amir Ali Patel of the Indian National Congress and Sunil Waman Prabhu of the Shiv Sena have emerged as the best preforming Members of the Legislative Assembly (MLA) of Mumbai in an assessment or report-card released by Praja Foundation. Ms Varsha Eknath Gaikwad, also of the Congress ranked third.
 
Praja  evaluated the performance of 31 Mumbai- based MLAs by rating them on four quantitative parameters (Quality of questions asked in the assembly, number of question asked attendance, clean criminal record) and three qualitative perception based parameters (perceived least corrupt, perceived accessibility for the public, perceived performer of the constituency). Final scores of the report was obtained after deducting marks for new FIR cases registered, charge sheet registered and for no annual pro-active disclosures by the elected representatives of assets and liabilities and criminal record.
 
Milind Mhaske, Project Director, Praja, said, “During the last assembly the average scores of the MLA’s showed a decline over the four report cards from 61.23% in 2011 to 59.17% in 2014. We would expect that the current group of MLAs defy the trend and increase their average performance from 65.11% in 2016 by the time we come up with the last report card for this term of the Maharashtra Assembly in 2019.” Mhaske, justifying the methodology of the research, clarified, “We have collected our quantifiable data through RTI applications and commissioned Hansa Research to do a scientific statistical survey from among over 25,215 people of Mumbai to gauge the public perception of the MLAs on the qualitative based parameters.”
 
The complete report card of the evaluated MLAs is given in the table below:
 
 

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Nifty, Sensex to head higher – Weekly closing report
We had mentioned in last week’s closing report that Nifty, Sensex were overbought, but that there was no sign of weakness yet. On Thursday, we mentioned that the markets may rally a bit. On Friday, the markets rose sharply. Sensex was up by 363.98 points and Nifty by 135 points. The major indices of the Indian stock markets were bullish for most of the week, but were often struggling to rise higher – sometimes ending flat at the end of the day’s trading. On Friday, there was a strong rally and the major indices closed more than 1% higher than Thursday’s close. 
 
 
Apprehensions over global events subdued the Indian equity markets on Monday. The key indices closed the day's trade on a flat note, as heavy selling pressure was witnessed in capital goods and banking stocks. The equity markets had receded after they touched new intra-day highs in almost a year. On the NSE, there were 528 advances, 910 declines and 45 unchanged. However, global cues from the Asian markets were positive. The BSE market breadth was tilted in favour of the bears -- with 1,563 declines and 1,178 advances. 
 
The country's largest carmaker Maruti Suzuki India on Monday reported a 12.7% increase in its total sales in July, to 1,37,116 units as compared to 1,21,712 units sold in the same month last year. The company July posted its highest ever monthly domestic sales to 1,25,778 units, up 13.9% from 1,10,405 units sold in the year-ago month, the car maker said in a filing to BSE. In July, sales of mini segment cars fell by 7.2% to 35,051 units as compared to 37,752 units sold in July 2015. The company said its total passenger cars sales in the month grew by only 2.2% to 93,634 units as compared to 91,602 units sold in the corresponding month last year. Sales of utility vehicles soared by a whopping 151.3% to 17,382 units in July this year from 6,916 units in the corresponding month last year while sales of vans grew 24.1% to 14,748 units in July as against 1,887 units in the same month last year. Exports during the month increased marginally by 0.3% to 11,338 units as compared to 11,307 units in July last year, the carmaker said. The company’s shares closed at Rs4,869.80, up 2.41% on the BSE.
 
Negative global cues subdued the Indian equity markets during the mid-afternoon trade session on Tuesday as selling pressure was witnessed in metal and healthcare stocks. However, increased chances of a key economic legislation's passage during parliament's monsoon session and positive macro-economic data supported prices at lower levels. On the NSE, there were 411 advances, 1,033 declines and 46 unchanged. Banking stocks traded sideways to firm on some buying support. Most sugar sector stocks faced profit booking, while auto stocks held their initial gains. 
 
On Wednesday, in line with global cues from the Asian stock markets and on uncertainties regarding the passage of the GST (Goods and Services Tax) bill in the Rajya Sabha the major indices of the Indian stock markets suffered a correction of around 1%. Selling pressure was witnessed in automobile, capital goods and fast moving consumer goods (FMCG) stocks. The BSE market breadth was skewed in favour of the bears -- with 1,815 declines and 914 advances. On the NSE, on Wednesday, there were 423 advances, 1,178 declines and 243 unchanged.
 
Investors were watching the GST bill's passage after the union cabinet last week approved key changes in the proposed legislation. The amendments in the bill, scheduled to be moved by Finance Minister Arun Jaitley in the Rajya Sabha, were expected to sail through with the government scrapping the additional levy of 1% proposed earlier. Technically called the Constitution (One Hundred and Twenty-Second Amendment) Bill, 2014, it was proposed to delete Clause 18 of the original bill that intended to compensate the manufacturing states with 1% additional duty for a period of two years or more for revenue losses. The pan-India tax reform had been passed by the Lok Sabha but was stuck in the Rajya Sabha, where the government lacks a majority.
 
Profit booking, along with negative Asian indices and a weak rupee, subdued the Indian equity markets on Thursday. However, a fresh bout of buying support and short covering during the last hour of the day's trade saw the key indices closing on a flat-to-positive note. The BSE market breadth was tilted in favour of the bulls during the second half of the session, closing with 1,444 advances and 1,258 declines. On the NSE, on Thursday, there were 764 advances, 677 declines and 59 unchanged.
 
As India took a big leap towards a unified Goods and Services Tax (GST) regime across the country, with the upper house of parliament passing the relevant Constitution amendment bill on Wednesday, industry biggies and major think tanks said this transformational change is a win-win situation and hoped it would be implemented soon. Marie Diron, Senior Vice President, Sovereign Risk Group, Moody's Investors Service said, “The short-term credit implications of GST for the sovereign will be limited. In the medium term, GST is likely to have a positive impact on the economy and government revenues. We assume that GST will have no significant impact on inflation, in line with the revenue-neutral framework.” This development was found likely to be favourable for both FDI and FII (foreign institutional investors) to invest in India.
 
On Friday, the markets rallied as the central government had clearly shown that economic and fiscal reforms were well on their way. A strong green signal of a strong and able government in Delhi improved the optimism of businessmen and investors alike. On Friday, the major indices closed more than 1% higher than Thursday’s close, setting the stage of a bullish week.

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Kailash Auto Finance dropped from BSE indices

Based on SEBI directions and under provisions of rules, bye-laws and regulation of the Bombay Stock Exchange, Kailash Auto Finance Ltd (Exchange ticker – 511357) shall be suspended with effect from Tuesday, 9 August 2016. This stock will be dropped from the following indices including S&P BSE AllCap, S&P BSE Industrials, S&P BSE MidSmallCap and S&P BSE SmallCap.

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