Companies & Sectors
Coal Scam: Manmohan Singh, Kumar Mangalam Birla, Parakh summoned as accused by Special Court

A Special Court had summoned former PM Singh, along with Kumar Mangalam Birla and former coal secretary Parakh in a case related with allocation of a coal block to Hindalco in Orissa

 

A Special Court had summoned former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, former Coal Secretary PC Parakh and three others as accused in the a case related with the coal scam.
 
While hearing a revised closure report in the coal allocation scam filed by the Central Bureau of Investigation (CBI), the Special Court directed Singh, Birla, Parakh and other three to appear before it on 8th April. The Court had summoned them for offences of criminal conspiracy, breach of trust and under provisions of Prevention of Corruption Act.
 
Last month, the Central Bureau of Investigation (CBI) on Thursday submitted before a Delhi court the final report on the investigation into a coal block allocation scam case in which the Aditya Birla Group chairman and Parakh figure as accused.
 
At that time Court had also directed CBI to examine the then Coal Minister (former PM Manmohan Singh) on the various aspects of the allocation of a coal block to Hindalco in Orissa. Singh was holding the additional charge of the Coal Ministry at that time. 
 
Hindalco is a unit of Aditya Birla Group. Later, CBI had recorded Singh’s statement. 
 
The Judge had also ordered examination of BVR Subramanyam, then Private Secretary to the then Prime Minister, and re-examination of TKA Nair, then Principal Secretary in the Prime Minister’s Office (PMO) in connection with the case.
 
While ordering examination of the former Prime Minister and the two officials, the Judge had observed that "a concerted effort was being made to manipulate the entire Government machinery so as to protect the interest of Hindalco.’’ 
 
The investigating agency had submitted its report along with the statement of prosecution witness S Jayaraman, former Chairman-cum-Managing Director of Neyveli Lignite Corp Ltd, in a sealed cover.
 
The investigating officer of the case also moved an application seeking to place on record certain other records and statements of witnesses which, he had stated, earlier could not be “inadvertently” placed on record along with the initial closure report.
 
Later, Additional Sessions Judge Bharat Parashar posted the report to 11th March for consideration. The probe agency had initially urged the court to close the case. But the court had rejected it. It had asked CBI to further investigate it.

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Nifty, Sensex, Bank Nifty headed lower – Tuesday closing report

Nifty has to head above 8,760 for the first signs that the current decline is arrested

 

In our Monday’s market reportwe stated that the benchmark indices—the S&P BSE Sensex and the NSE’s CNX Nifty may be headed lower. Bearish sentiments took over the market in the latter part of Tuesday’s trading session, leading to a decline in the benchmark indices. The overall sentiment in the Indian market remained weak after a steep fall registered a day before. Global market fears affected the indices back home.

 

Expectations of a mid-year rate hike by the US Federal Reserve and fresh concerns over Greece's bailout deal weighed down on stock markets globally. Most Asian and European indices either closed lower or were trading in the red.

 
The Nifty opened the day’s trade marginally higher at 8,770 compared to previous day’s close of 8,757. But soon, the index was pulled lower. There were a couple of occasions when the 50-share index moved in to the black, but the fight back was weak. Post-lunch is when investors turned bearish, dragging the Nifty to an intra-day low of 8,677. In the last half hour of today’s session, the market regained some strength to move higher and closed at 8,712 44.70 points or 0.51% lower compared to Monday’s close.
 
The movement on the 30-share Sensex was no different. The index opened higher at 28,924 compared to Monday’s close of 28,845. The 30-share index managed to hit an intra-day high of 28,949 during the first half, but the second half of today’s trade was dominated by the bears. The index fell to an intra-day low of 28,585. But soon, after hitting this bottom, Sensex regained strength to close the day at 28,709.87 down 134.91 points or 0.47%.
 
Foreign institutional investors (FIIs) were net sellers of Rs748 crore. Domestic institutional investors were net buyers of Rs290 crore on Tuesday.
 
Among the 50 stocks present on the Nifty, 32 declined while 17 stocks moved higher and one remained unchanged. The top gainers on the Nifty were Bharti Airtel (6.87%), Coal India (4%), NMDC (1.96%), Mahindra & Mahindra (1.93%) and Zee Entertainment (1.74%). The losers were DLF (-4.44%), HDFC (-3.62%), Jindal Steel (-2.54%), Hindustan Unilever (-2.10%) and Hindalco (-2.06%). On the Sensex, nine stocks gained while the remaining 21 declined.
 
The Bank Nifty declined by 0.48% to close at 19,054. Federal Bank fell the maximum, by 3.11%. Bank of India (-1.35%), Kotak Mahindra Bank (-0.93%), Canara Bank (-0.84%) and Axis Bank (-0.78%) closed in the red. The top gainers were Punjab National Bank (1.21%), IndusInd Bank (0.94%) and Yes Bank (0.73%).
 
Telecom stocks, including those of market leader Bharti Airtel, gained significantly; as analysts pointed out that the bidding intensity in the ongoing spectrum auction has reduced drastically.
 
Auto stocks gained on data released by the Society of Indian Automobile Manufacturers (SIAM). Domestic passenger car sales grew by 6.85% to 1.71 lakh units in February this year as compared with 1.61 lakh units in the same month of 2014. Total sales of commercial vehicles were up 10.1% to 52,843 units from 47,982 units in the year-ago period. Though total sales of vehicles across categories registered a growth of 0.15% to 15.26 lakh units in February 2015 as against 15.24 lakh units same month last year.
 
The industry body expects a significant increase in demand for medium and heavy goods commercial vehicles (M&HCVs) driven due to government's push to kick start infrastructure projects. They also expect a revival in demand for vehicle, which is likely to drive up commodity prices for automakers. Ashok Leyland (3.58%), Exide Industries (2.81%) and Eicher Motors (2.07%) were the top three gainers on the CNX Auto index.
 
Most of the sector indices on the NSE closed in the red. CNX Realty, CNX Finance, CNX Energy, CNX PSU Bank and CNX FMCG fell by 2.02%, 1.34%, 1%, 0.66% and 0.50% respectively. Among the top five sector gainers were CNX Metal (0.56%), CNX Media (0.54%), CNX Infra (0.44%), CNX PSE (0.34%) and CNX Auto (0.34%).
 
Of the 2,965 stocks traded on the BSE, 1,223 stocks advanced, 1,629 stocks declined, while 113 stocks remained unchanged. 
 
The rupee too was weak, as the dollar strengthened on talks of the Fed’s rate hike. The rupee traded at Rs62.7225/$, 0.29% higher compared to its previous close of Rs62.5437/$. The 10-year benchmark government bond yield closed at 7.75% up 0.12% from yesterday’s close.
 
The US dollar hit multi-year highs against the euro and yen on Tuesday, affecting the stocks in the region as well. The dollar was at a 12-year peak versus the euro and a seven-year peak against the yen.
 
Among other world indices, top Asian indices closed lower. China’s Shanghai (-0.46%), Hong Kong’s Hang Seng (-0.94%) and Japan’s Nikkei (-0.67%) were the top three losers.
 
European stocks were trading lower despite the European Central Bank's new bond buying campaign. UK’s FTSE 100 was down 1.56%, Germany’s DAX was down 1.33% and France’s CAC 40 was down 1.18%. US stock index futures too were trading nearly 1% down. 
 

 

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Parkinson’s: Education, support from government and corporates is key to ensure treatment for all
Speaking at International Women’s Day at Moneylife Foundation, Dr Maria Barretto feels that with financial and infrastructure support from the government and private sector, we can help all those suffering from Parkinson's disease in India
 
“We need more education about Parkinson's in India,” said Dr Maria Barretto, after her felicitation at the International Women's Day celebrations organised by Moneylife Foundation. With financial and infrastructure support from the government as well as the private sector, she said we would be able to help all those suffering from Parkinson's disease in India. 
 
Dr Barretto, chief executive of the Parkinson's Disease and Movement Disorder Society (PDMDS), has developed a 'community based multidisciplinary model of care' to reach out to patients who have limited or no access to medical care.
 
In her speech, she highlighted the importance of educating people about Parkinson's in order to ensure early detection and medical assistance. She also urged corporates to get involved in the cause to help PDMDS expand its reach and provide therapy and medical care to people all over the country. She suggested that it is possible to extend help through the corporate social responsibility (CSR) route that is available to all corporates. She also mentioned that government support is absolutely essential in ensuring that assistance can be provided to all citizens. 
 
The fact of the matter is that there is little awareness about Parkinson's in our country. Most people resign themselves to a life of dependence and handicap as soon as they learn the diagnosis. And while it is incorrect to claim that there is a permanent cure for the disease, it is possible to manage it. 
 
Many of Dr Barretto's patients have fought the disease and significantly decreased the rate of neural degeneration. In fact, several patients being treated at PDMDS personally came to attend the event, and witness their doctor being felicitated by Union Minister for Commerce and Industry Nirmala Sitharaman. 
 
The mode adopted at PDMDS for treatment of Parkinson's is a multi-pronged approach that aims to improve the overall quality of life for the patients. And because the treatment is provided through a group-therapy approach, it is highly cost-effective. This program is currently being conducted at 15 centres across the city of Mumbai and has two more centres in Maharashtra. It has also been initiated in three other states in the country - Goa, Gujarat and Andhra Pradesh.
 
Dr Barretto has been invited to speak at the World Congress of Neurology in Vienna in 2013, and the World Parkinson's Congress in Montreal.
 
Here are the contact details of PDMDS: 
Parkinson's Disease & Movement Disorder Society 
6, Jasville, 1st Floor, 
Opposite Liberty Cinema, 
Marine Lines, Mumbai, 
Maharashtra, India 400020
 
Phone: 022-24977477
 
 

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