Fire engulfs 'Make In India' cultural show in Mumbai
Mumbai : A massive blaze on Sunday evening engulfed the performance stage during a cultural extravaganza at the 'Make In India Week' event here, officials said. There were no casualties.
 
The fire broke out during a performance of Maharashtra's Lavani folk dance at the mega event at Girgaum Chowpatty beach, the BMC Disaster Control said.
 
The fire which broke out around 8.15 p.m. was brought under control in about an hour.
 
At least 14 fire tenders and 10 water tankers were rushed to the site. The stage was completely burnt down and the show was stopped midway.
 
Maharashtra Governor C.V. Rao, Chief Minister Devendra Fadnavis and his wife Amruta Fadnavis, Shiv Sena chief Uddhav Thackeray and his wife Rashmi Thackeray, actors Amitabh Bachchan, Aamir Khan, Hema Malini, Katrina Kaif, Vivek Oberoi, Isha Koppikar and Shreyas Talpade, ministers, parliamentarians, legislators, and other prominent personalities witnessing the performance were shifted to safer places.
 
The BMC said the fire could have been caused by an electric short-circuit.
 
Fadnavis termed the incident sad and said a comprehensive probe will be ordered and those responsible for it would face action.
 
He confirmed that there were no injuries or casualties and all artistes and guests were evacuated safely.
 
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.

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Railways to invest Rs.9,800 crore on Mumbai-Ahmedabad bullet train
Mumbai : Indian Railways announced on Sunday it will invest Rs.9,800 crore in the bullet train project along the Mumbai-Ahmedabad corridor.
 
The train, that would run at speeds of 300-350 kmph, would be mostly funded by the Japan Investment Co-operation Agency (JICA) which would provide 81 percent of the investment as loan at an interest rate of 0.1 percent, Railway Board chairman A.K.Mittal told reporters here on the sidelines of the ongoing Make In India Week event.
 
The loan will be spread over 50 years and will have a moratorium of 15 years, he added.
 
Besides, 20 percent of the components will be sourced from Japan, but will be manufactured in India.
 
Mittal also said that the railway board has identified the Bandra-Kurla complex as the location for railway station in Mumbai.
 
"The station will be constructed three levels underground and hence will not hinder the financial centre that is being planned in the same area. In fact, a high-speed rail will improve the valuation of the land," he 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.

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COMMENTS

mohan

1 year ago

Whether it is really required

Instead money can be better utilised in improving service in city like Mumbai where rail service is used by crores of people and daily many commuters are losing life because of overcrowding, poor condition of platforms etc.

New links can be developed like Bandra - Kurla, Thane - Borivali.

Bullet train is definitely not priority where huge investment is required & also requires very long period.

Nifty, Sensex will struggle – Weekly market report
The indices show no strength and will struggle to come out of the doldrums
 
We had mentioned in the last week’s closing report that Nifty, Sensex were headed higher and that Nifty might be headed for 7,700. This turned out to be wrong. The major indices recorded one of their sharpest declines last week in over five six years. The trends in the major indices over the last week’s trading are given in the table below:
 
 
The US markets declined on Friday after the jobs data showed a drop in the unemployment rates to 4.9%, the lowest since February 2008. This has heightened fears of a further rate hike by the US Federal Reserve. The macro-economic data is expected later on Monday, followed by Friday's release of inflation, industrial production and balance of trade figures. Meanwhile, Chinese markets were in for a week long Lunar New Year holiday, which commenced on February 8 (Monday).
 
Indian drug major Dr Reddy's Laboratories Ltd on Monday said its American subsidiary Promius Pharma has got the US Food and Drug Administration's (USFDA) nod for Sernivo Spray, a prescription topical steroid for treatment of mild to moderate plaque psoriasis for patients 18 years and above. "The commercial launch of the product is planned for the coming quarter," the company said. The company’s shares closed at Rs3,070.65, down 1.24% on the BSE.
 
Disappointing macro-economic data, coupled with a massive plunge in Japanese indices and a weak rupee subdued Indian equity markets on Tuesday. Furthermore, absence of any positive triggers and investors' doubts over the government's ability to perk up investments dragged markets lower. Further, investors were seen disappointed over the third quarter (Q3) earnings results of corporate India, as well as a fall in the country's Q3 GDP (gross domestic product) numbers. In addition, a weak rupee unnerved investors. The Indian rupee again breached the level of 68 to a US dollar.
 
Despite official forecasts of a decent growth of the Indian economy during the current fiscal year, key stock market indices continued to lose ground on Tuesday, in line with global cues, amid extended holidays in most Asian markets for the lunar New Year.
 
Government-owned Punjab National Bank (PNB) closed its third quarter of the current fiscal with a drastic Rs723.55 crore fall in its net profit. In a regulatory filing in BSE, PNB said it posted a net profit of Rs51.01 crore for the quarter ended December 31, 2015, down from Rs774.56 crore for the quarter ended December 31, 2014. The provisions on bad loans went up to Rs3,775.53 crore during the third quarter this fiscal up from Rs1,467.77 crore provided during the quarter ended December 31, 2014. PNB shares closed at Rs87.85, down 6.68% on the NSE.
 
Disappointing earning results, coupled with negative global cues and a slump in crude oil prices dragged the Indian equity markets to their levels last seen during May 2014. Investors' doubts over the government's ability to perk up investments dragged markets' lower. In addition, fresh selling by foreign institutional investors (FIIs) dampened the equity markets. On Tuesday, they divested Rs681 crore. Besides, investors were unnerved ahead of the semi-annual monetary policy testimony by US Fed chairman Janet Yellen to the US House financial services committee later Wednesday.
 
On Thursday, poor corporate results, combined with falling European indices led to a selling frenzy pushing Nifty below 7,000 and Sensex below 23,000. The selling pressure was accelerated by absence of any fresh positive trigger and below expected third quarter (Q3) results by the likes of banking major -- State Bank of India (SBI). Investors' doubts over the central government's ability to perk up investments dragged the markets lower. 
 
Investors' confidence was further eroded by the comments made by US Fed chairman Janet Yellen to the US House Financial Services Committee on late Wednesday. The Dow Jones Industrial Average fell 99.64 points, or 0.62%, to 15,914.74. The S&P 500 edged down 0.35 point, or 0.02%, to 1,851.86. The Nasdaq Composite Index rose 14.83 points, or 0.35%, to 4,283.59. Overseas, European equities rebounded Wednesday. German benchmark DAX index at Frankfurt Stock Exchange jumped 1.55%, while British benchmark FTSE 100 Index rose 0.71%.
 
On Friday, caution over the upcoming macro-data, coupled with unwinding of long-positions and negative global cues made the markets volatile. The choppy trade was marked by short-covering and value buying, due to less-than-expected earning results, falling global markets and a weak rupee. However, caution over the upcoming macro-data points on monthly industrial production and trade data capped gains and dragged markets lower to their new 52-week lows in intra-day trade. The bellwether indices of the Indian equity markets opened on a weak note, following a steep fall in Asian indices and Thursday's decline in the US markets. Despite some recovery, Sensex and Nifty remained below the psychologically important levels of 23,000 and 7,000, respectively. Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 

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COMMENTS

V ganesan

1 year ago

now every where looks gloomy similar to chennai floods in december 2015.Now chennai is back in normal within a month. Even some people are talking and forecastingsensex at 15000 levels.Now the market is nearing its undervaluedzone. If corporate earnings not deterioted further in the coming quarters our markets will start rally.Another indicator is highest volatility in crude prices in the past fortnight which i have never seen in the past decade on a daily and intraday basis.If history is a guide markets will peak out with huge volatility and bottom out with huge volatility.Apart from that all available gloomy storieas are now known to everybody in the industry.I strtongly beleive crude bottomed out.Which means world equity market also bottomed out.Dont listen gloomy stories and invest high quality stocks with good roeand ronw with longterm view.

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