Mohanty was arrested from his Cuttack residence in connection with a land deal he had done with AT group chief Pradip Sethy
The CBI (Central Bureau of Investigation) arrested former Advocate General Ashok Mohanty in connection with the chit fund scam case and took him on two day remand after producing him in the special chief judicial magistrate court. The CBI counsel had sought a three-day remand while Mohanty’s counsel had moved a bail petition.
Earlier during the day, Mohanty was arrested from his Cuttack residence in connection with a land deal he had done with AT (Artha Tatwa) group chief Pradip Sethy. He was brought to the CBI office and questioned before being taken for medical examination and later to the court. Mohanty was questioned on his purchase of a house in Cuttack from Sethy for Rs1.01 crore in 2013.
It may be recalled that the former Odisha Advocate General had resigned from his position earlier this month and had also been questioned without arrest by the CBI. The central probe agency had grilled him for nearly three hours over the procuring property from Pradeep Sethy, CMD of dodgy Artha Tatwa Group.
The AT Group chief had uttered Mohanty’s name during questioning by CBI officials. He had confessed that Mohanty had availed a palatial building in Cuttack free of cost.
However, Mohanty’s arrest evoked sharp dissent from lawyers as well as administrative circles in Odisha.
Sending a strong signal to bankers, the Modi government has dismissed SK Jain from his post as CMD of Syndicate Bank with immediate effect
The Indian government on Tuesday dismissed Sudhir Kumar (SK) Jain, the chairman and managing director (CMD) of Syndicate Bank from service with immediate effect. Jain was suspended on 2nd August when the Central Bureau of Investigation (CBI) registered a case against him for bribery.
"The Central Government in its letter dated September 22 has 'terminated the term of office'' of Sudhir Kumar Jain as Chairman-cum-Managing Director of the bank with immediate effect," Syndicate Bank said in a regulatory filing.
Jain was placed "under deemed suspension'' with effect from 2 August in the wake of his arrest by CBI for allegedly accepting a bribe to hike the credit limit of some private companies bypassing rules.
The two companies named in the case were Prakash Industries and Bhushan Steel, some of whose senior executives, apart from others, have been charged.
Nifty is likely to move towards 8,195-8,210
The market opened Monday weak and moved in a narrow range till 1.00pm. After that, it slowly started rising. The positive move became stronger at around 2.00pm, after which it moved higher to hit the day’s high. We had mentioned in Friday’s closing report that the indices may witness further rise but haltingly. This is exactly what happened.
S&P BSE Sensex opened at 27,008 while NSE's CNX Nifty opened at 8,084. Within minutes, both Sensex and Nifty moved lower to hit the day’s low at 26,919 and 8,065, respectively. In the last hour of trading, both the benchmarks hit their high at 27,255 and 8,160 and settled close to it. Sensex closed at 27,207 (up 116 points or 0.43%). Nifty making gains for fourth consecutive session, closed at 8,146 (up 25 points or 0.31%). The NSE recorded a lower volume of 83.46 crore shares. India VIX fell 2.71% closed at 11.5650.
Among the other indices on the NSE, the top five gainers were FMCG (2.05%), Auto (1.17%), CPSE (0.99%), PSU Bank (0.80%) and PSE (0.67%) while the top five losers were Media (1.32%), Metal (1.26%), Pharma (0.97%), Realty (0.63%) and IT (0.45%).
Of the 50 stocks on the Nifty, 21 ended in the green. The top five gainers were Tata Motors (3.94%), ONGC (3.70%), ITC (3.23%), BPCL (2.09%) and IndusInd Bank (1.96%).
The top five losers were DLF (3.40%), Asian Paints (2.49%), Tata Steel (2.34%), Zee Entertainment (2.25%) and Bhel (2.25%).
Of the 1,599 companies on the NSE, 817 companies closed in the green, 740 companies closed in the red while 42 companies closed flat.
Prime Minister Narendra Modi is scheduled to launch the ambitious 'Make in India' campaign on 25 September 2014. The initiative is one of the several steps which the government has announced in order to improve ease of doing business in India and attract investments to boost manufacturing in the country.
The CBI told a special court that it would not file further final reports or charge sheet or closure report for the time being in any coal blocks allocation scam case as the Supreme Court has restrained it from doing so.
According to publication titled 'G-20 Trade and Investment 2014' issued by the Australian Department of Foreign Affairs and Trade (DFAT), Australian companies have invested in India, AUD6.57 billion in 2013 compared to AUD5.78 billion in 2012, up 13.7%. The outlay of Indian firms in Australia remained flat last year as compared to 2012, according to a government report.
Gitanjali Gems (6.55%) was the top gainer in ‘A’ group on the BSE. Jaiprakash Associates hit its 52-week low on Friday. The stock was among the top two gainers in the group today. It announced on Friday after market hours that it has entered into a business transaction agreement with Shree Cement sell 1.5 MTPA cement grinding unit at Panipat, Haryana for around Rs360 crore.
Suzlon Energy (9.80%) continued to be top loser in ‘A’ group on the BSE today also.
Bharti Infratel which hit it 52-week high on Thursday continued to correct for second consecutive session. It was among the top two losers (5.67%) in the group. Reliance Jio Infocomm Limited, a subsidiary of Reliance Industries, has signed a master services agreement for tower infrastructure sharing with Indus Towers. The agreement will help in avoiding duplication of infrastructure and preserving the environment. Indus Towers has been promoted under a joint venture among entities of Bharti Group, Vodafone Group and Aditya Birla Group.
Tata Motors (3.93%) hit its 52-week high today and was also the top gainer in the Sensex 30 pack and among the top three gainers in ‘A’ group on BSE.
An official at the National Pharmaceutical Pricing Authority (NPPA) was quoted as saying on Friday that the government has capped the prices of 36 drugs, including those used to treat infections and diabetes to make essential medicines more affordable. All the pharma stocks in Sensex 30 stock were among the losers today. Cipla (2.27%) was the top loser. Sun Pharma (1.18%) and Dr Reddy (0.73%) were also among the losers.
US indices closed Friday flat with a negative bias.
Except for NZSE 50 (1.06%) all the other Asian indices closed in the red. Shanghai Composite (1.70%) was the top gainer.
China's Finance Minister Lou Jiwei said growth in the economy faces pressure and reiterated that there won't be major changes in policy in response to individual economic indicators. China's economy is growing in a stable way and operating within a reasonable range, Finance Minister Lou said in a statement published on the People's Bank of China website. Macroeconomic policy will focus on “comprehensive” targets, particularly job growth and price stability, the statement said. European indices were trading in the red.
US Futures too were trading lower.
Italian industrial orders dropped in July as both foreign and domestic demand slipped, underscoring the struggle of euro zone's third-largest economy to exit a prolonged recession. Industrial orders declined 1.5% on the month, after a similar drop in June, national statistics institute Istat said today using seasonally adjusted data. Orders were down 0.7% on the year in unadjusted terms, Istat added. Orders are a proxy for future industrial output, a key metric for Italy, which has Europe's second-largest manufacturing sector.