The apex court dropped the CBI probe against Dimple Yadav, wife of Akhilesh Yadav, saying that she was not holding any public office and she was only a private person holding no position
New Delhi: The Supreme Court on Thursday directed the Central Bureau of Investigation (CBI) to go ahead with the probe against Samajwadi Party chief Mulayam Singh Yadav and his son and Uttar Pradesh Chief Minister Akhilesh Yadav in a disproportionate assets (DA) case, reports PTI.
However, the apex court dropped the CBI probe against Dimple Yadav, daughter-in-law of Mulayam and wife of Akhilesh Yadav, saying that she was not holding any public office and she was only a private person holding no position.
A bench comprising Chief Justice Altamas Kabir and Justice HL Dattu also modified its 1 March 2007 order and ordered CBI to file the status report before the apex court and not to the government.
"We are modifying our order of 1 March 2007 to remove the error in it directing CBI to place the report before the government," the bench said, making it clear that the agency will have to place the probe report before the apex court.
The bench said, "Since CBI is an independent body", there is no obligation for it to file the status report before the government.
The bench said it is also not contemplated in the Delhi Police Establishment Act under which CBI functions that the agency has to file its status report to the government.
"CBI, which is probing the case, has to decide what steps it has to take," it said.
The correction may be short-lived, but so would be the rally
The market settled lower for the third day on pressure from consumer durables and FMCG stocks, the continuing impasse in Parliament and a weak trend in the European market. While the correction in the market may be short-lived, so would be the rally. The market is presently moving sideway for now. The National Stock Exchange (NSE) witnessed a volume of 79.53 crore shares and advance-decline ratio of 560:1257.
The Indian market started off the day on a positive note as the US Federal Reserve on Wednesday announced a new bond buying programme as the “Operation Twist” is set to conclude at the end of the year. However, the new initiative failed to cheer US investors as the country’s markets ended flat overnight. Markets in Asia were mixed in morning trade today as the Fed said that it would maintain rates at near zero levels till the unemployment rate eases to 6.5%.
Back home, the Nifty opened trade 12 points higher at 5,900 and the Sensex resumed trade at 19,404, a gain of 49 points over its previous close. Buying in auto, technology, realty and metal stocks pushed the benchmarks to their intraday highs initial trade itself. At the highs the Nifty went up to 5,907 and the Sensex rose to 19,422.
However, profit booking at the highs soon saw the market paring its gains and heading lower, a trend seen in the last few days. The indices fluctuated between red and green in morning trade and ventured into the negative in the pre-noon session.
Selling pressure in the fast moving consumer goods space pushed the benchmarks further into the red in noon-trade. The market slipped to its lows in the post-noon session on added pressure from consumer durables stocks. At the lows, the Nifty fell to 5,841 and the Sensex retracted to 19,197.
A minor recovery helped the market close off the lows. The Nifty fell 37 points (0.62%) and the Sensex finished the session at 19,229, a cut of 126 points (0.65%).
The broader indices underperformed the Sensex today. The BSE Mid-cap index tanked 1.16% and the BSE Small-cap index declined 0.97%.
BSE Auto (up 0.88%) and BSE Oil & Gas (up 0.08%) were the only gainers in the sectoral space. The top losers were BSE Consumer Durables (down 2.73%); BSE Fast Moving Consumer Durables (down 2.64%); BSE Realty (down 1.62%); BSE Metal and BSE Capital Goods (down 1.16% each).
Seven of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Motors (up 3.96%); Jindal Steel & Power (up 1.76%); Bharti Airtel (up 1.54%); Bajaj Auto (up 1.35%) and ICICI Bank (up 0.80%). The main losers were ITC (down 3.55%); Sterlite Industries (down 3.27%); Cipla (down 2.14%); Hindalco Industries (down 2.03%) and Hindustan Unilever (down 1.91%).
The top two A Group gainers on the BSE were—Jet Airways India (up 7.29%) and Tata Motors (up 3.96%).
The top two A Group losers on the BSE were—United Spirits (down 5.18%) and Financial Technologies (down 5%).
The top two B Group gainers on the BSE were—Next Mediaworks (up 20%) and Bio Green Papers (up 20%).
The top two B Group losers on the BSE were—GTL Infra (down 19.98%) and Karnataka Bank (down 14.44%).
Out of the 50 stocks listed on the Nifty, 16 stocks settled in the positive. The major gainers were Tata Motors (up 4.05%); Jindal Steel (up 2.06%); Bharti Airtel (up 1.14%); Bajaj Auto (up 0.99%) and ICICI Bank (up 0.87%). The key losers were ITC (down 3.60%); Sesa Goa (down 3.25%); BHEL (down 2.34%); Reliance Infrastructure (down 2.17%) and Hindalco Ind (down 2.15%).
Among Asian markets, the Korean market settled higher after the country’s central bank decided to keep interest rates unchanged; the Japanese market rose on expectations that the Bank of Japan will ease its monetary policy further. On the other hand, the Chinese and Hong Kong markets dipped on a sell-off in brokerage stocks and a decline in metal prices.
The KLSE Composite rose 0.18%; the Nikkei 225 surged 1.68%; the Straits Times gained 0.48%; the Seoul Composite climbed 1.38% and the Taiwan Weighted advanced 0.87%. On the other hand, the Shanghai Composite dropped 1.02%; the Hang Seng fell 0.26% and the Jakarta Composite declined 0.40%.
At the time of writing, the key European markets were down between 0.20% and 0.65% and the US stock futures were marginally lower.
Back home, foreign institutional investors were net buyers of equities totalling Rs952.75 crore on Wednesday while domestic institutional investors were net sellers of shares totalling Rs365.07 crore.
Debt-laden Kingfisher Airlines, which is in talks with various investors for equity infusion, has capped the FII investment limit at 3%, a move to help facilitate foreign direct investment into the carrier. On Tuesday, Kingfisher had said it was in "discussions with various investors, including Etihad Airways, for equity investments". The carrier's statement came in response to reports that it was to ink a deal for offloading 48% stake. The Kingfisher stock jumped 4.89% to close at Rs17.15 on the NSE.
IT firm Mahindra Satyam (Satyam Computer Services) today said it has entered into an agreement to settle claims for alleged fraudulent misrepresentations and will pay $68 million (around Rs369.24 crore) to Aberdeen Global and 22 other funds. The claims included certain allegations of “fraudulent misrepresentations” said to have been made by the former management of Satyam in London. Satyam declined 1.01% to Rs102.70 on the NSE.
Moser Baer Projects, a subsidiary of Moser Baer India, today said it has received the final approval from the Central Electricity Authority for its 120 MW Miyar hydro plant in Himachal Pradesh and construction is expected to start in April next year. The project, having three units of 40 MW capacity each, is coming up at Lahaul in Himachal Pradesh. Moser Baer declined 3.40% to settle at Rs7.10 on the NSE.
Please refer to Assocham’s report: “India’s gold import-its impact and sustainability”. It is...