Housing societies have no right to form laws regarding pets; they cannot even ask pet-owners to keep their animals on a leash or impose special charges on them, says a circular from the Animal Welfare Board of India. The sharp increase in the number of complaints regarding ill-treatment of street and pet dogs prompted the Board to approach its legal team on the correct position in law regarding various aspects of pet ownership and street dog rights. This resulted in the circular from ABWI.
Maharashtra’s new Act for regulating the housing market will legitimise the rampant malpractice of builders charging home-buyers for parking space contradicting the Supreme Court ruling that disallows this. The Maharashtra Housing Act, 2012, explicitly states that the registered agreement for the house should mention the price of the parking space. An SC order in 2010 noted that parking spaces are a part of the ‘free of floor space index (FSI)’ areas of a project. Hence, the developer has no right to sell these separately to the home-buyer and must, in fact, transfer them entirely to the cooperative housing society (CHS) as soon as the project is issued the occupation certificate. The SC ruling was based on the Maharashtra Ownership Flats Act, 1963, (MOFA), the precursor to the new Act.
Only a close below 6,505 for Nifty may create a short downturn
The Indian benchmark managed to close Wednesday in the positive. The morning session opened with market moving up but soon it fell due to lower forward guidance by Tata Consultancy Services (TCS), the country’s largest software company. This pulled down most frontline software stocks as well.
The BSE 30-share Sensex opened at 21,873 and moved in the range 21,782 and 21,896 and closed up at 21,833. On the other hand the NSE 50-share Nifty opened at 6,530, then moved between 6,506 and 6,541 before closing the day at 6,524 (up 7 points or 0.11%). The NSE recorded volume of 61.94 crore shares.
Among the other indices on the NSE, the top five gainers were Metal (1.97%); FMCG (1.09%); MNC (0.97%); Finance (0.90%) and Nifty Midcap 50 (0.63%) while the top five losers were CPSE (2.26%); IT (2.19%); PSE (1.47%); Energy (0.63%) and Realty (0.37%).
Of the 50 stocks on the Nifty, 33 ended in the green. The top five gainers were Tata Steel (4.61%); Hindalco (4.31%); Ambuja Cements (3.26%); PNB (2.38%) and Asian Paints (2.27%). The top five losers were TCS (3.97%); ONGC (3.29%); M & M (2.92%); Coal India (2.86%) and Tata Power (2.52%).
Of the 1,546 companies on the NSE, 735 companies closed in the green, 710 companies closed in the red while 101 companies closed flat.
Credit rating agency Standard & Poor's (S&P) Ratings Services on Wednesday said that Indian companies are improving their credit profile by selling equity and assets, or using free operating cash flows to reduce debt. The quest to improve credit profiles comes after a weak economy and high interest rates have adversely impacted their cash flows, while companies are also refocusing on cutting debt after years of fast expansion. S&P also said that infrastructure companies with high leverage are also considering selling assets or stakes in subsidiaries to cut down on their debt levels.
Among the Sensex, TCS was the biggest loser today, falling 3.84% to close at Rs2,040.95. The Tata group company said that the March quarter is typically slower for them than the December quarter due to seasonality and fewer days. It however, has reaffirmed that the FY15 revenue growth would be higher than FY14, led by improvement in discretionary spending in the US and market penetration in Europe.
US indices closed in the positive on Tuesday. U.S. housing starts fell for a third straight month in February, but a rebound in building permits offered some hope for the housing market as it struggles to emerge from a soft patch. The Commerce Department said on Tuesday groundbreaking slipped 0.2% to a seasonally adjusted annual rate of 907,000 units.
A two-day meeting of the Federal Open Market Committee (FOMC) for monetary policy review ends today, 19 March 2014.
Consumer prices in the US rose slightly in February because of higher food and housing costs, but overall inflation remained quiet, according to the latest government figures. The consumer price index increased by a seasonally adjusted 0.1% last month, the Labor Department said.
Except for NZSE 50 (up 0.37%), Nikkei 225 (up 0.36%) and Jakarta Composite (up 0.33%) all the other Asian indices closed in the negative. Taiwan Weighted was the top loser which fell 0.49%.
Japan's trade deficit exceeded estimates in February. The 800 billion yen ($7.9 billion) shortfall reported by the finance ministry in Tokyo today. Imports expanded 9% from a year earlier, and exports rose 9.8%.
Malaysia cut the lower end of its economic growth forecast for this year, predicting inflation will hurt household spending amid an uneven global recovery.
Gross domestic product may rise 4.5 percent to 5.5 percent in 2014, after climbing 4.7 percent last year, the central bank said in its annual report released in Kuala Lumpur today. That’s wider than the Finance Ministry’s previous range of 5% to 5.5%. Inflation may be between 3% and 4% this year, from a rate of 2.1% in 2013, it said.
European indices were showing mixed performance while US Futures were trading marginally higher.