Considering the issue of traffic congestion and frequent strikes by auto rickshaw drivers, an airport bus shuttle service would be efficient from the usability point of view
Despite being the financial capital of India, Mumbai remains the only metro in India as well in the world to be without any dedicated airport bus shuttle service connecting important parts of the city to the airport. While transport activists are campaigning for the same, the BRIHANMUMBAI Electric Supply and Transport Undertaking (BEST), having monopoly in Mumbai’s bus transport, seems to be uninterested in the project.
Moneylife had campaigned to start a dedicated public bus transport with adequate luggage space to the Mumbai Airport. Moneylife Foundation, a not-for-profit organisation, drafted a memorandum with the help of experts on transportation, who unanimously supported the idea of starting an air-conditioned public bus service on a priority basis. The memorandum was sent to the BEST and to Prithviraj Chavan, chief minister of Maharashtra. Moneylife Foundation submits memorandum to BEST, CM appeals to start air shuttle for Mumbai Airport
BEST, in its reply to the memorandum, instead of calling discussion on starting such project, has have ruled of any possibility of starting it. It also failed to address the core issue raised by Moneylife. Instead, it gave details about the bus services which are run near the airport, both domestic and international.
BEST said that it has not been given any space for a bus terminus to start such a service. It also said that such services were being operated in the night “from the International Airport to Colaba and Borivali using low-floor buses which has space for luggage. However, the services were discontinued due to poor response from the passengers who required services right up to their door step; to their housing society compounds.”
Experts on transport, while drafting the memorandum, had pointed out that passengers continue to be stranded at the airport terminals in the absence of adequate public transport or a dedicated shuttle, as is being operated in other metros across the world. There is dearth of prepaid cabs. While the BEST bus stops are not easy to spot and they often don’t have information about the bus route and timings.
Mumbai is the only major city in the world and within India that does not have such a service even as Bengaluru, Hyderabad and Kolkata successfully run such service. Experts say that starting such service is a ‘doable’ project. This is mainly because the project would be of small size and the target audience is clearly identified.
Considering the issue of traffic congestion and frequent strikes by auto rickshaw drivers, such a service would be efficient from the usability point of view.
Nifty may be headed for 5,145 and then to 5,080
Weak global cues and fear of the proposed tax implications, which prompted Macquarie to exit from its short positions in the Indian single stock futures, led the market lower. In our Friday’s closing report we had mentioned that the Nifty may move in a narrow range of 5,230 and 5,315. Today the index broke the lower range and settled at 5,201. We may now see the benchmark move with a negative bias with some intraday bounce. The index may find its first support at 5,145 and then at 5,080. The National Stock Exchange (NSE) saw a lower volume of 55.50 crore shares.
The market opened marginally lower, reacting to index heavyweight Reliance Industries’ (RIL) 21% dip in net profit for the fourth quarter ended 31 March 2012. The company had declared its results after the market closed on Friday. The Nifty opened 14 points lower at 5,277 and the Sensex resumed trade with a cut of 26 points at 17,348.
However, the indices bounced back into the green on support from banking and auto stocks. The buying activity helped the market hit the day’s high a little after 10.00am. At that point the Nifty went up to 5,311 and the Sensex rose to 17,444.
The market could not sustain the gains and slipped into the red in late morning trade. A media report indicating that Macquarie’s Asia hedge fund has exited its short positions in the Indian single stock futures on concerns about the controversial tax rules announced by the finance minister in his recent Budget speech saw the benchmarks and most sectoral indices falling sharply lower.
The situation worsened in post-noon trade as the key European indices were trading between 1% and 2% lower in early trade on unending European woes. The market fell to its intraday low towards the end of trade with the Nifty falling to 5,187 and the Sensex tumbling to 17,057.
The market settled marginally off the lows. The Nifty closed 90 points down at 5,201 and the Sensex finished trade at 17,097, a decline of 277 points.
The advance-decline ratio on the NSE was tilted towards the losers at 430:1315.
The broader were equally mauled in today’s market slide. The BSE Mid-cap index tanked 1.67% and the BSE Small-cap index dropped by 1.67%.
All sectoral indices closed in the red today. The top losers were BSE Realty (down 3.17%); BSE TECk (down 3.02%); BSE IT (down 2.94%); BSE Metal (down 2.86%) and BSE Capital Goods (down 2.85%).
Sun Pharma (up 1.07%); ONGC (up 0.70%); Reliance Industries (up 0.64%); NTPC (down 0.30%) and HDFC (down 0.06%) were the Sensex gainers. The top losers on the index were Hindalco Industries (down 4.88%); Jindal Steel (down 4.32%); DLF (down 4.21%); BHEL (down 4.19%) and Infosys (down 3.92%).
The key gainers on the Nifty were Sun Pharma (up 1.22%); ACC (up 1.07%); RIL (up 0.70%); NTPC (up 0.67%) and ITC (up 0.12%). The main laggards were Reliance Power (down 6.08%); Reliance Communications (down 5.80%); Reliance Infrastructure (down 5.59%); Jindal Steel (down 5.29%) and Hindalco Ind (down 5%).
Markets across Asia closed in the negative despite a stability seen in Chinese manufacturing stabilising in April. The HSBC Flash Purchasing Managers Index showed China’s factory output ticked higher at 49.1 in April from 48.3 in March. However, the reading is still below 50, a contraction for the sixth consecutive month. Analysts attributed to today’s market decline to lower-than-expected earnings reports from Daewoo Engineering and Tokyo Steel Manufacturing Co.
The Shanghai Composite declined 0.76%; the Hang Seng tanked 1.84%; the Jakarta Composite dropped by 0.62%; the KLSE Composite slipped by 0.51%; the Nikkei 225 fell by 0.20%; the Straits Times declined by 1.07%; the Seoul Composite shed 0.10% and the Taiwan Weighted settled 0.35% lower. At the time of writing, the key European indices were down between 1.62% and 2.63% and the US stocks futures were in the red, indicating a soft start to the US markets.
Back home, institutional investors—both foreign and domestic—were net buyers of stocks on Friday. While foreign institutional investors pumped in Rs314.04 crore, domestic institutional investors infused Rs134.74 crore into equities.
Tata Motors and DRB-HICOM Defence Technologies (DEFTECH) have signed an agreement to develop, promote and market Tata Motors’ high mobility 4x4 trucks for the armed forces of Malaysia. DEFTECH, a wholly-owned subsidiary of DRB-HICOM Berhad, will initially work on two models in the 2.5 tonnes to 5 tonnes payload range—the LPTA 715 and LPTA 1623—an official statement said. Tata Motors declined 2.42% to close at Rs309 on the NSE.
Power transmission equipment major EMCO has commissioned its 5 MW Photovoltaic Solar Power Plant located at Fatepur village in Surendranagar district of Gujarat. This project is based on the crystalline-silicon photovoltaic technology. The plant will generate sufficient green energy, so as-to avoid 7,500 MT of carbon emission per annum. The stock closed at Rs30.15 on the NSE, down 0.99% from its previous close.
Kanoria Chemicals & Industries is mulling a foray into the automotive component business by acquiring 90% stake in Switzerland-based APAG Holding AG for over Rs44 crore. The balance 10% stake will be acquired by 2014 on the basis of a pre-fixed pricing formula. The stock jumped 5.51% to close at Rs35.45 on the NSE.
A bench of justices DK Jain and Anil R Dave issued a notice to the Centre seeking its reply on the PIL which also sought an audit by the Comptroller and Auditor General into the various aspects of the deal
New Delhi: The Supreme Court sought the Centre’s response to a plea challenging the validity of the $8.5 billion Cairn-Vedanta deal and seeking a CBI probe into the reasons for ONGC (Oil and Natural Gas Corporation) and government in “not asserting”their legal rights on the issue, reports PTI.
A bench of justices DK Jain and Anil R Dave issued notice to the Centre seeking its reply on the Public Interest Litigation (PIL) which also sought an audit by the Comptroller and Auditor General (CAG) into the various aspects of the deal.
It also sought the CAG audit of the government's approvals for acquisition of majority stake of Cairn India by Anil Agarwal’s Vedanta Resources on the ground that the offer in this regard should have gone first to the state-owned PSU (public sector unit) ONGC.
On the PIL, the bench issued notices also to the ONGC, Cairn Energy and Vedanta Resources.
Earlier, on 2 March 2012, a bench of justices HL Dattu and CK Prasad had recused itself from hearing the plea.
The PIL filed by a Bangalore resident Arun Kumar Agarwal stated that the ONGC, in an agreement with Cairn group, had a clause that in case the Cairn Group wanted to sell its shares in Cairn India, it would first offer the same to the ONGC.
As per the clause, Cairn could sell its shares to other parties, only after the ONGC refused to buy the stake and the ONGC, thus had the right of first refusal (ROFR), it said.
It alleged that the decision on the deal had been made on “extraneous considerations” and without taking into account the relevant aspects.
The petition said had the ONGC, which was Cairn India’s joint venture partner, been offered its ROFR for Cairn India’s shares and had it exercised its right, the exchequer would have benefited by over Rs1 lakh crore.
Cairn Energy, however, signed a deal with the Vedanta group to sell its shares in Cairns India, without making an offer to the ONGC, the PIL said.
Cairn India, a subsidiary of UK-based Cairns Energy, is the operator of the Rajasthan oil block.
It entered into an agreement with UK-based Vedanta Group on 16 June 2010 to sell 51%-60% of its shares in Cairn India, for a consideration of around $8.5 billion, without offering the shares to its partner ONGC in the joint venture as per the agreement of right of first refusal, the PIL had stated.
Mr Agarwal was also the first complainant in the 2G spectrum scam resulting in the lodging of the FIR.