Mumbai: The Bombay Stock Exchange (BSE), on Monday said that it has reviewed the composition of sectoral indices and the PSU index and excluded and included some scrips, reports PTI.
The exchange has excluded MRF (Auto), AIA Engineering and Jyoti Structures (Capital Goods) and Rolta India (IT), a press release issued here stated.
It has also excluded Mcleod Russel and Ruchi Soya (both FMCG) and Aban Offshore and Essar Oil (Oil & Gas).
Four other companies - DB Corp, Reliance MediaWorks, Sterlite Technologies and Rolta India (TECk) have also been excluded from the sectoral indices.
Among the scrips included are PTC India (BSE Power), United Breweries and Marico (FMCG), BGR Energy and Alstom Projects (Capital Goods) and Fortis Healthcare (Healthcare).
Two companies in oil & gas - Oil India and Petronet LNG and two in PSU - State Bank of Mysore and State Bank of Bikaner and Jaipur, Core Projects and Technologies (IT) and Bhushan Steel (Metal) have also been included, the release said.
Godrej Properties and Mahindra Lifespaces Developers (Realty) have also been included in the sectoral indices, it said.
In technology, five companies - Tulip Telecom, UTV Software Communications, ZEEL, IBN Broadcast 18 and JMD Telefilms Industries - have been included.
The revisions will come into effect from 6 December 2010, the exchange said.
New Delhi: The economy will grow by 8.25%-8.75% this fiscal and will return to an average growth rate of 9% soon, but food prices continue to drive inflation, reports PTI quoting finance minister Pranab Mukherjee.
Stating that gross tax revenue has grown at a robust pace so far in the current fiscal and proceeds from spectrum sale as also disinvestment would help fill the fiscal deficit, Mr Mukherjee said that economic growth would exceed 9% in the near future.
The auction of third generation (3G) and broadband spectrum and disinvestment proceeds would help meet the fiscal deficit target, Mr Mukherjee said at the annual Economic Editors Conference here.
The gross tax revenue grew by 27.3% so far this fiscal as opposed to negative growth rate in the same period last fiscal, he added.
For the current fiscal, he pegged the economic growth at 8.25%-8.75%.
On inflation, the minister said that food prices were the main driver, while he also expressed concerns on rising rupee having implications on the country's exports.
He said that strong domestic demand and robust investment climate had led to surge in capital inflow.
HUFs cannot open a PPF or even a post-office account since May 2005; but people continue to be taken for a ride and the accounts continue to be opened out of ignorance
This is an issue that is several years old, but we revisit it because too many people are still unaware of how the government functions with regard to schemes that use banks and post offices as collection points.
Here is what is happening to a lot of people. A reader, RJ, wrote to us: "I have a Public Provident Fund (PPF) account with State Bank of India (SBI) in the names of two HUFs (Hindu Undivided Family) of which I am the karta. The account has been operative for over 25 years and was renewed in April 2007 for a five-year period. Since then, the Bank accepted the maximum investible amount of Rs70,000 every year until March 2010 and also credited interest on the amount for three years until March 2010. Now, the branch manager says that I cannot get interest as per a government notification issued in May 2005. Why then did the Bank renew my account in 2007 and accept my deposits every year? How do I get justice?"
While this story may sound outrageous, the Reserve Bank of India (RBI) tells us that getting justice may not be so easy. It is, indeed, a fact that HUFs cannot open a PPF or even a post-office account since May 2005; but people continue to be taken for a ride and the accounts continue to be opened out of ignorance. Does that make the bank liable?
According to sources in RBI, it does not. The bank only acts as a collection agent for what is essentially a government scheme and earns a tiny commission for the service rendered. It is the job of the customer to know the rules and regulations. Incidentally, the bank does not get to use the funds or the float on it, so it is not possible to hold it accountable or ask it to pay interest. Bankers also say that after a spate of complaints, the government issued advertisements informing HUFs about the changed rules.
However, the bottom line is that when it comes to government schemes, the banker is only a facilitator and investors need to know the rules. A bit of sage advice from a banker to the thousands of angry customers who have threatened to take SBI to court is: First safeguard your principal by withdrawing the money, even if it is after deduction of interest. Only then, launch a battle. If a lawsuit is filed, it is clear that the Supreme Court will, ultimately, decide whether collecting banks or post offices are supposed to know the rules and are liable to pay interest. Until then, the best course is for such depositors to come together for a legal fight.