MLM / Chain Money
CBI raids six places over Odisha chit fund scam
The CBI, probing the multi-crore-rupee chit fund scam in Odisha, on Thursday raided six locations of Jana Mangala Agro Care in the state, an official said.
 
"In the Odisha chit fund scam, searches were conducted by the CBI today (Thursday) against Jana Mangala Agro Care. All locations are in Odisha -- four places in Jajpur district and two places in Ganjam district," a Central Bureau of Investigation (CBI) spokesperson said in New Delhi.
 
The official said the chit fund firm has allegedly duped investors of crores of rupees by flouting several schemes and promising high returns.
 
The CBI is investigating 44 companies following a Supreme Court direction last year.

User

Gujarat bans Maggi, Sunfeast, Hakka noodles for a month
Gujarat on Thursday banned Maggi, Sunfeast and Hakka noodles brands for 30 days after samples of the snack food failed laboratory tests.
 
Health Minister Nitin Patel told media persons that 27 out of 39 samples of Maggi noodles were found to contain objectionable levels of lead -- ranging from 2.8 to 5.0 -- instead of the permitted 2.5, among other things.
 
Irate members of the public on Thursday staged noisy protests in various cities, including Ahmedabad, Vadodara and Rajkot, against multinational company Nestle, which manufactures Maggi noodles.
 
Patel said that since lead was found even in Sunfeast and Hakka noodles, shops shall be ordered to withdraw all unsold stocks of these two brands, besides Maggi, failing which they could be liable for action.
 
Gujarat becomes the third state in India to impose a ban on Maggi (and other brands of noodles) after Kerala and Delhi, while tests are currently underway in Maharashtra, Uttar Pradesh, Bihar and some other states.
 
The Gujarat government has already collected samples of various other brands of noodles available in the market, including from provision stores, small retailers and malls.
 
In neighbouring Maharashtra, around 550,000 retailers in Mumbai, including 25,000 provision stores, decided to stop sale of Maggi noodles, following a directive from the Federation of Retail Traders Welfare Association.

User

COMMENTS

krishna kotagiri

2 years ago

irony is protesting by burning maggie packets make them expose to cancer causing smoke from it ....why do all protests involve in burning something ...

Nifty, Sensex and Bank Nifty trying to stabilise– Thursday closing report

Nifty has to close above 8,200 for the first sign that the decline is over

 

We had mentioned in Wednesday’s closing report that NSE’s CNX Nifty is currently oversold and may bounce back a bit. The 50-stock index opened Thursday marginally higher and was followed by it moving in a range close to yesterday’s close. However, from 12.44pm onwards it started moving down and made a lower low. However, it then made smart recovery and managed to close marginally lower.
 
The S&P BSE Sensex opened at 26,941 while Nifty opened at 8,155. Both the benchmarks hit their high during the morning session at 26,949 and 8,160 before reaching the low at 26,552 and 8,057, respectively. Sensex closed at 26,813 (down 23 points or 0.09%), while Nifty closed at 8,131 (down 4 points or 0.05%). Bank Nifty opened at 17,757 and hit a low of 17,470 before reaching a high at 17,778 and closed at 17,719 (down 2 points or 0.01%). NSE recorded a lower volume of 98.40 crore shares. India VIX rose 3.53% to close at 18.1225.
 
The Indian government on Thursday said it will auction 10 coal blocks with extractable reserves of 356 million tonnes to steel and cement companies. The auction process will begin on 8th June with the government notifying the blocks for different sectors. Bid documents for the blocks will be on sale from that day.
 
Global food prices in May fell to their lowest since September 2009 with declines in cereals, dairy and meat products outweighing slight increases in oils and sugar, the United Nations' food agency said on Thursday. 
 
The Food and Agriculture Organization's (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy, meat and sugar, averaged 166.8 points in May, down 2.4 points or 1.4% from April, and down 46 points or 22.4% from a year earlier.
 
Coming back to Indian stock markets, Axis Bank rose 0.98% to close at Rs556.05 on the BSE. Reserve Bank of India (RBI) has withdrawn that the restrictions placed on the purchase of shares of Axis Bank by foreign institutional investors (FIIs)/Registered Foreign Portfolio Investors (RFPIs) with immediate effect as the total shareholding of FIIs/RFPIs in the private sector bank has gone below the threshold limit.
 
Unitech rose 8.97% to close at Rs9.48 on the BSE. It was the top gainer in ‘A’ group on the BSE. Wednesday the scrip lost 35.27% on the news of defaulting on repayments to lenders, which the company denied saying that such news was false and there were misleading rumours. Gati fell 6.15% to close at Rs147.15 on the BSE. It was the top loser in ‘A’ group on the BSE.
 
Reliance Industries rose 1.85% to close at Rs912.50 on the BSE. It was the top gainer in the Sensex 30 pack. Tata Steel fell 2.58% to close at Rs308.25 on the BSE. It was the top loser in the pack.
 
On Wednesday, US indices closed in the green.
 
The Commerce Department said the US trade deficit contracted by 19.2% in April, the sharpest drop in more than six years. Separately, an employment report showed private payrolls in the US increased at a modest clip in May, but at a pace that was below expectations.
 
Asian indices showed mixed closing. Shanghai Composite (0.76%) was the top after a hugely volatile intraday move gainer while Taiwan Weighted (2.18%) was the top loser.
 
China revised down its estimate of consumption's contribution to economic growth last year, trimming the figure to 50.2% from 51.2% previously. Investment and exports contributed 48.5% and 1.3%, respectively to gross domestic product in 2014, the National Bureau of Statistics said Wednesday. Consumption contributed an average 52.9% annually to the country's GDP over the past five years, official data showed. Investment averaged 51.2%, while exports averaged a negative 4.1%.
 
European indices were trading in the red. 
 
US Futures too were trading lower.
 
The European Central Bank left its main interest rates unchanged at record-low levels.
 
France's unemployment rate fell to 10.3% in the first quarter from 10.4% in the previous three months, national statistics office Insee said today.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)