Citizens' Issues
Delhi announces new odd-even formula
In a change from its earlier plan, the Delhi government announced on Tuesday that private vehicles with odd and even registration numbers will ply on odd and even dates respectively from January 1.
 
"It will be datewise," Transport Minister Gopal Rai told the media, days after the government said odd numbered vehicles would ply on Mondays, Wednesdays and Fridays and those with even numbers on Tuesdays, Thursdays and Saturdays.
 
Rai clarified that odd numbered vehicles would be allowed on the roads on odd dates "like 1, 3, 5 and so on" and even numbered vehicles on even dates "like 2, 4, 6 and so on".
 
The rationing of the vehicles on Delhi's roads, aimed at curbing alarming levels of air pollution, would not apply to Sundays when all vehicles can ply, the minister said.
 
The complete blueprint for the ambitious odd-even formula would be ready by December 25, Rai said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

 

User

Nifty, Sensex continue to look weak – Tuesday closing report
While the downside in Nifty may be restricted, it will be bullish only if closes above 7,850
 
We had mentioned in Monday’s closing report that Nifty, Sensex may put in a short rally and that Nifty may not be out of the woods yet but may bounce back till 7,850. The Indian stock markets continued with their bearish trends and the major indices lost around 0.85% in Tuesday’s trading. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
The prevailing logjam in parliament coupled with prospects of a US rate hike and the decline in oil and gas stocks subdued Indian equity markets. Initially, both the bellwether indices of the Indian equity markets opened on a negative note following their Asian peers. Besides, prospects of a US rate hike prompted selling among foreign investors and continued weakness in rupee's value depressed them. In addition, oil and gas, energy and power companies stocks fell after a dip in global crude oil prices.
 
Markets observers said that the investors' sentiments were subdued due to the logjam in parliament which has dimmed the prospects of the Goods and Services Tax (GST) bill getting passed during the winter session.
 
The catastrophic loss of property and lives due to the floods in Tamil Nadu could cost insurance companies around Rs1,500 crore though exact estimates will be known only later. “We have received around 800 claims and the initial estimate of the loss is around Rs.500 crore," a senior official of United India Insurance Co. Ltd. told IANS. The official said the flood loss for the general insurance industry could be around Rs1,500 crore. But if one takes into account the uninsured moveable and immovable properties, then the amount would be several times more. The heaviest rains in a century battered the districts of Chennai, Kanchipuram, Cuddalore and Thiruvallur over the past month, leaving around 325 people dead and causing widespread destruction. 
 
US-headquartered IT company Cognizant, with major operations in Chennai, on Tuesday announced Rs260-crore ($40 million) aid for flood relief measures here and assistance as loans, grants to its employees and business partners. It announced a contribution of Rs65 crore ($10 million) towards flood relief steps and another Rs195 crore ($30 million) as assistance (loans, grants and healthcare assistance). Cognizant is one of Chennai's largest employers with more than 60,000 employees and 11 facilities. 
 
Global software major Infosys announced on Monday it is creating 250 new jobs over the next three years in Ireland to develop new technologies and support innovation in financial institutions. The expansion will create 95 jobs at its first dedicated product-centric research and development (R&D) centre outside India and open a second Irish facility to house up to 155 techies for providing client servicing, Infosys said in a statement. 
 
Bringing relief to scores of Indians aggrieved by bounced cheques, a bill permitting the filing of cases at the place where a cheque is presented for clearance and not the place of issue was approved by parliament with the Rajya Sabha giving its nod on Monday. Minister of State for Finance Jayant Sinha moved the Negotiable Instruments (Amendment) Bill, 2015, which was passed by the Lok Sabha in the monsoon session, in the upper house to seek to replace an ordinance that was re-promulgated earlier. The amendment seeks to overturn a Supreme Court ruling which said cases have to be initiated where the cheque-issuing branch was located, and provides that cases of cheque bouncing can now be filed only in a court that has jurisdiction over the bank branch of the payee. Over 1.8 million cheque bounce cases are pending in various courts, Sinha told the house.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

User

Karnataka to incubate 20,000 start-ups: Siddaramaiah
The tech-savy state of Karnataka will incubate about 20,000 start-ups by 2020 to create six lakh direct and 12 lakh indirect jobs, Chief Minister Siddaramaiah said on Tuesday.
 
"We are setting up a start-up cell as a one-stop-shop to help young entrepreneurs float start-ups and guide them in launching their ventures as they will have little knowledge of corporate affairs," Siddaramaiah said, flagging off the 18th edition of Bangalore ITE.biz 2015 here. 
 
The Karnataka government has recently unveiled a start-up policy 2015-2020 to promote entrepreneurship, set up incubation centres, foster partnerships between research and development (R&D) and industry and provide early stage funding to start-ups. 
 
"With hundreds of entrepreneurs with creative ideas setting up start-ups here, Bengaluru is emerging also as the country’s start-up capital over a decade after it became IT capital," the chief minister asserted. 
 
Noting that the start-up policy covered information technology, biotechnology and manufacturing sectors, Siddaramaiah said a start-up council under his chairmanship would review implementation of the policy on a regular basis for feedback and suggestions. 
 
The start-up policy is the outcome of the state government’s ‘Karnataka I-4’ initiative launched in 2014, spanning IT, IT-enabled services (back office and business process outsourcing), innovation and incentives. 
 
The three-day annual event showcases the state’s prowess in the knowledge sector, with over 2,000 firms, including 500 global IT majors, multinationals and offshore software development centres for services and products, operating from in and around this tech hub, providing 1.5 million direct jobs and 2.5 million indirect jobs. 
 
"Bengaluru has the distinction of being the country’s largest IT cluster, with 350 of the Fortune 500 firms locating their R&D and offshore development operations, thanks to its talent pool, research and academic institutions in the government and private sectors and best higher education system, including universities," the chief minister told about 500 delegates at the inaugural event. 
 
The country’s first electronic city, which was set up in the 1980s on the outskirts of southern Bengaluru across 400 acres of land, has become a major hub for about 200 software and hardware firms, including home-grown Indian IT bellwethers like Infosys and Wipro. 
 
With a view to de-congest Bengaluru and promoting tier-two and tier-three cities as new destinations for investments in the high-tech sector, the state government has formed a new industrial policy, offering a slew of incentives and tax exemptions for Indian and overseas firms. 
 
"Our state has led in technological innovation, entrepreneurship and developing an eco-system for the knowledge-based industries, as evident from the presence of 400 global in-house centres in Bengaluru, comprising captive technology and business support services," he added. 
 
The state-run Keonics developed IT parks at Hubballi, Shivamoga and Kalaburgi to woo entrepreneurs and start-ups to set up their operations. 
 
Infosys co-founder and Karnataka vision group on IT head S. Gopalakrishnan, IT industry representative body Nasscom chairman R. Chandrashekhar, Software Technology Parks of India (STPI) director-general Omkar Rai, IBM India managing director Vanitha Narayanan and Karnataka principal secretary, IT, V. Manjula also spoke on the occasion.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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)