Commodity Trends


Precious metals were trading lower after the US Fed remained committed to reducing its stimulus programme, leading to expectations that US interest rates would rise sooner than anticipated. The strengthening of the rupee also played a major role in sending gold and silver prices lower. MCX Gold April futures fell for eight consecutive trading sessions, to Rs28,571/10gm on 26 March 2014 from Rs30,595/10gm on 14 March 2014, a total decline of nearly 7%.


Jeera prices declined sharply over the past few weeks on account of record high output expectations. The area under production in Gujarat was reported at 455,000 hectares (ha) as against 335,200ha last year. Production of jeera in 2013-14 is expected around 0.45 million bags (55kg each), higher than 0.40 million bags last year. April future prices of jeera on the NCDEX fell by 12.54% month-on-month, to Rs10,095/quintal on
26 March 2014.


Sugar prices have been rising, thanks to higher demand. Expectations of lower production have also supported prices as the Indian Sugar Mills Association lowered its output estimates. Sugar production, till 15th March in the current season, was 19.38 million tonnes, down by 8%, against 21.1 million tonnes during the same period a year ago. Prices on the NCDEX jumped by 11% month-on-month to Rs3,076/quintal on 26 March 2014.


Queries at MONEYLIFE FOUNDATION’S Legal Resource Centre

Filing Public Interest Litigation (PIL)

Can a person file a PIL, or writ petition, on his own or does
s/he require a lawyer for it? Is there any form, or format, for filing a PIL and, if yes, where can I get it? What documentation is required for this? Do I need to pay stamp duty or any other charge?

LRC’s Reply: Public interest litigation—PIL—can be filed by anyone. A lawyer is not necessary but is advisable because citizens may not be familiar with the court procedures and formalities that need to be complied with in the process of filing. There is no particular format prescribed for PIL; usually, the format for regular writ petitions that have evolved over the years, is modified as PIL.

The main difference is a paragraph in the petition that states that the petition has been filed in public interest and there is a mandatory affidavit of the petitioner (as per the respective rules of the High Court jurisdiction) that must give the particulars of the petitioner showing his bonafides. The attachments to a petition may comprise: correspondence, government notifications, photographs showing violations and even media reports. These would vary with the exigencies of each case. A minimum court fee is prescribed. No stamp duty is payable.

Transfer of Property

We are five brothers and sisters of a Hindu father who died intestate and hold preliminary decree in favour of a residential property at Bengaluru. The final decree proceedings are going on. Two of the decree-holders are living abroad and they are also citizens of those countries.

1)    Is it possible for them to donate their shares to any of the remaining three decree-holders residing in India? If so, what is the best way of doing this, at this stage?
2)    If the property goes for a public auction, what are the procedures required by non-residents Indians (NRI) to encash the proceeds after receiving the amount from the court?
3)    An advocate told us that it is not possible to donate, or register a gift deed, as the property is not yet in the names of the decree-holders.
4)    Property khata is now in the name of our mother who has expired.
5)    One of the decree-holders is living in the house and has physical possession of the property.

LRC’s Reply: What your advocate has advised you is correct.

A property, which is sub-judice (matter in the court, and not yet decided upon), cannot be gifted to anyone. However, by inheritance, if you happen to be the coparcener (right-holder, by birth), you can give up your share in favour of all remaining right-holders.

In your case, out of five children, three are living in India and two are abroad. Those who are abroad can give up their right in favour of all three equally.

Let us say that your parental property is worth Rs1 crore. As your parents died intestate (without making any Will), each one of you will get equal share of Rs20 lakh each. Therefore, two of your brothers can give up their share in your parental property, worth Rs40 lakh, to be divided equally among you three. There is no need for them to make this ‘Release Deed’ of inherited property, until the court decision is reached. There is no need to come to India to make this ‘Release Deed’. They can do it at the Indian Consulate Office in the country where they reside and send it to India.

At one point, you say that your brothers, who stay abroad, are not interested in your parental property. In your second question, you ask, if the property is auctioned, how will they take their share of the amount after they receive it from the court? Nothing prevents them, under Indian laws, to take the money received by way of their share of the parental property, as decided by Honourable Court, abroad.

Have a legal question? Try our Moneylife Foundation’s Legal Resource Centre. Check out and register at


Sensex, Nifty extremely overbought: Weekly market report
  • Caution is warranted over the short-term. Expect a decline from Tuesday

The BSE 30-share Sensex closed the week that ended on 28th March, at 22,339.97 (up 586 points or 3%), while the NSE’s 50-share Nifty closed at 6,695.90 (up 203 points or 3%) for the week.


On the each of the days in this week the indices hit a new high and the benchmark closed closer to the day’s high mostly on all the days.


On Monday, Nifty closed at 6,584 (up 89 points or 1.36%). A preliminary gauge of China's factory activity fell to an eight-month low. The "flash" edition of HSBC's China manufacturing Purchasing Managers' Index (PMI) dropped to 48.1 from February's 48.5, remaining below the 50 level separating expansion from contraction. However, the Asian markets went up on the hope that this would attract government stimulus.


On Tuesday, Nifty closed at 6,590 (up 6 points or 0.09%). The Election Commission ordered the deferment of an increase in gas prices that was to take effect from 1 April 2014. On the other hand, the Bharatiya Janata Party said the party will review the new gas pricing formula if elected to power after general elections.


On Wednesday, Nifty closed, in the positive for the fifth consecutive session, at 6,601 (up 12 points or 0.18%). To attract more foreign investment, RBI announced allowing opening of special rupee as well as foreign currency accounts with local banks.


In spite of being a day of expiry of futures and options bourses witnessed a less volatile session. Banking shares were in focus after Goldman Sachs upgraded ratings of state-owned banks. Nifty closed at 6,642 (up 40 points or 0.61%) on Thursday.


Significant reforms under a stable government could lead to valuation re-rating in particular for PSU banks, that could provide a 66% average upside as stressed loans could fall sharply to 4.7% from 10.5% by FY18, Goldman says.


One more step in favour for the banks happened when RBI on Thursday extended the transitional period for full implementation of Basel III capital regulations in India up to 31 March 2019, instead of as on 31 March 2018. Nifty again managed making a new high and closed at 6,696 (up 54 points or 0.82%) on Friday.


For the week, among the other indices on the NSE, the top two performers were PSU Bank (12%) and CPSE (9%) while the worst two performers were Media (3%) and Pharma (2%).


Among the Nifty stocks, the top five stocks for the week were Punjab National Bank (17%); IDFC (15%); State Bank of India (12%); Bank of Baroda (11%) and Ultratech Cement (10%) while the top five losers were Dr. Reddy's Lab (5%); Sun Pharma (3%); Wipro (3%); HCL Technologies (1%) and Infosys (1%).


Of the 1,428 companies on the NSE, 855 companies closed in the green, 535 companies closed in the red while 38 companies closed flat.


Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:


ML Top sector


ML Worst sector








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