Citizens' Issues
Delhi resident doctors call off their strike
Over 20,000 resident doctors, who were on strike over a slew of reforms, late Tuesday called off their strike after a meeting with the union health ministry officials.
 
The doctors will resume their duties from Wednesday morning.
 
"We have called off the strike as we have been given proper time-frame within which the government will fulfil all our demands," Pankaj Solanki, Presdent of the Federation Of Resident Doctors Association (FORDA) told IANS. 
 
FORDA is an association of doctors of 25 Delhi-based government hospitals.
 
Asked if the doctors would return back on strike if the demands were not fulfilled, Solanki said: "This time we have been given proper time-frame and we are pretty sure that they will implement the demands as they would not want patients to suffer again."
 
The meeting between the health ministry officials and FORDA representatives was chaired by Health Secretary B.P. Sharma.
 
Over 20,000 resident doctors from 25 government hospitals in the city went on an indefinite strike on Monday, demanding adequate stocks of life-saving drugs, security at work place, fixed duty hours and timely payment of their salaries.
 
The doctors had went on strike in February too after which the Delhi government had assured them of better working conditions. 
 

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Nifty, Sensex, Bank Nifty overbought: Tuesday Closing Report
While the market trend is up, there is a chance of a decline after 8 consecutive days of rally
 
We had mentioned Monday that while NSE’s CNX Nifty may give up some gains, the trend is distinctly higher. As expected, most indices were in the green with favourable macroeconomic news in India.
 
 
Arvind Subramanian, Chief Economic Advisor (CEA), said he does not see oil prices going beyond $80 to $85, a price, which will help India manage its macro economy reasonably. India’s current account deficit (CAD) is not likely to worsen in this context.
 
Japanese telecoms giant Softbank has announced plans to invest around $20 billion in solar-energy-power projects in India. Softbank joined forces with India’s Bharti Enterprises and Taiwan’s Foxconn as the Indian government targets a massive expansion in the country’s solar output to 100 gigawatts by 2022 from about 3GW at present.
 
The Indian government on Monday proposed tax benefits for people making payments through credit cards, debits cards or via any other mode of online transaction. The initiative aims at building transaction history of an individual to enable improved credit access and financial inclusion, reduce tax avoidance and stop counterfeiting of currency. This, it was hoped, could give impetus to the banking industry as a whole.
 
In a move to keep a close tab on the quality of product categories that are widely consumed, the Food Safety and Standards Authority of India (FSSAI) has decided to step up quality checks of packaged drinking water, milk and milk products and edible oil. This is in the wake of the government ruling on Nestle Maggi noodles. Manufacturing costs can be expected to rise to maintain higher quality. Nestle India stock closed at Rs6,126.60, down 2.5%.
 
Engineering and construction company Larsen & Toubro (L&T) will list its IT services unit L&T Infotech by year-end. Its shares closed Tuesday at Rs1,765.05, up 1.96%.
 
Shares in Jyoti Ltd, a Vadodara-based electrical equipment company, jumped by its maximum daily limit of 20% to Rs76.20 after two individual shareholders made an open offer to acquire 1.28 crore shares in the company at Rs63 per share. "Lavjibhai Dungarbhai Daliya and Anjani Residency Pvt Ltd have made an open offer to acquire 1.28 crore fully paid-up shares of Rs10 each representing 75% of fully paid-up and voting capital of Jyoti Ltd from equity shareholders of target company," said Inga Capital, the manager of the open offer, in a filing to the BSE. 
 
Shares of Venus Remedies surged nearly 14% today after the company said it would issue shares to promoters on a preferential basis. The stock ended the day 2.80% higher or Rs4 at Rs146.7. Venus Remedies had informed BSE yesterday that a meeting of the Board of Directors of the company will be held on 30 June 2015 to consider and approve the issue of fully convertible warrants/ equity shares to promoters on a preferential basis.
 
Diversified group Hero said it had entered the electronics segment with plans to invest Rs500 crore in the next few years and had acquired majority stake in set-top box maker Mybox Technologies. It announced the formation of a new company, Hero Electronix, which will spearhead the group’s activities in the segment. Suman Kant Munjal, who has been named the chairman of the new company, said Hero Electronix would add associated business lines to its portfolio over the next few years. Hero MotoCorp shares closed at Rs2,523.20, down 2.22%.
 
Among the S&P BSE Sensex stocks, the top gainer was Coal India, which closed at Rs415.15, up 3.85%. The top loser was Infosys, which closed at Rs1,001.15, down 2.27%. 
 
Among BSE-100 stocks, the top gainer was Union Bank of India that closed at Rs159.15, up 5.68%. The top loser was JP Associates was Rs12.50, down 4.58%.
 
Among 50-stock Nifty stocks, Coal India, which closed at Rs414.90, up 3.80% was the top gainer while Hero MotoCorp that closed at Rs2,522.00, down 2.31% was top loser. 
 
Among US indices, NASDAQ Composite closed at 5,153.97, up 0.72%. Dow Jones closed at 18,119.78, up 0.58%.
 
Among Asian indices, Shanghai Composite closed at 4,576.49, up 2.19% after being down sharply during the day and Hang Seng closed at 27,333.46, up 0.93%.
 
Among European indices, FTSE 100 was at 6,841.61, up 0.23%.  
 
DAX was at 11,629.23, up 1.46%. Athex Composite Share Price Index was at 781.56, up 4.44%. 
 
The US index futures were in the green.
 

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Listing, fund raising norms for start-ups relaxed
While reducing the IPO listing time to six days, SEBI also allowed a larger number of start-ups to tap the fast-track route for raising funds. The market regulator also made it mandatory for all investors to use ASBA for public issues
 
Market regulator Securities and Exchange Board of India (SEBI) on Tuesday reduced the listing time to six days from 12 days from the date of public offering, while allowing technological start-ups and other companies to use fast-track route for raising funds.
 
"Initial public offering (IPO) process streamlined to reduce time period for listing of issues to T+6 days from T+12 days to increase reach of retail investors to access the IPO and reduce the cost of public issues. With this, issuers will have faster access to the capital raised and investors will have early liquidity," the market regulator said in a release after SEBI Board meeting.
 
The shorter period that would come into force from 1st January would also help reduce the costs associated with the public offering, SEBI Chairman UK Sinha said after the Board meeting.
 
At present, companies are required to list their shares on the stock exchanges within 12 days of the last date of the IPO process, thus keeping the funds locked in for a longer period.
 
SEBI Board also decided to make it mandatory for all investors to make applications through application supported by blocked amount (ASBA). SEBI said, "Presently more than 99.5 % applications are received from centres where ASBA facility is available. Based on an analysis of a few public issues, in terms of amount, ASBA applications account for 99.90% of the total bid amount received from all investors. Considering the reach and advantages of ASBA, it shall now be mandatory for all investors to make ASBA applications."
 
Amongst many other significant advantages, ASBA enables investors to give the mandate for payment of application money in the application form itself without suffering loss of interest for the intervening period. It also obviates the hassle of refund of money by the issuer as per the difference in application amount and the amount for which shares are finally allotted, the release said. 
 
The SEBI board also decided to allow a larger number of companies to raise funds through a 'fast-track' process. A company with public shareholding worth Rs1,000 crore can raise funds through follow-on public offering (FPO) under fast-track mode, down from Rs3,000 crore requirement earlier.
 
For rights issues, the fast-track route can be availed by companies with public shareholding worth as low as Rs250 crore.
 

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