Citizens' Issues
Five hurt as Mercedes climbs on Mumbai pavement
Mumbai : Four women and a child sleeping on a pavement were injured as a speeding Mercedes car ran over them in Mumbai early Friday, police said here.
 
The driver of the vehicle was reported absconding as the police made investigations.
 
The five were rushed to Sir J. J. Hospital for treatment.
 
The speeding Mercedes rammed into two other vehicles before climbing on the pavement and running over the persons sleeping near Masjid Bunder.
 
However, the police managed to trace the driver and have detained him for hit-and-run accident.
 
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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A generous Maharashtra govt returns 70% of dal and oil seized from hoarders
In Aurangabad, Amravati, Pune and Nashik divisions, the state government returned 100% of commodities it seized from hoarders, reveals an RTI reply
 
The Bharatiya Janata Party (BJP) led Maharashtra government has returned about 70% of stocks of dal and oil seized from hoarders, reveals a reply received under the Right to Information (RTI) Act. According to the reply received by RTI activist Anil Galgali, state government carried out its much publicised raids on 5,592 hoarders of commodities across the seven divisions. This resulted in seizing 1.23 lakh metric tons of dal and oil, worth Rs539.50 crore from the hoarders. However, the state government has returned about 70% or 85,547.8 metric tons of dal and oil to the hoarders and has a balance stock 37,480.61 metric tons, reveals the reply received under RTI.
 
Galgali had to file the first appeal to receive this information. While the maximum raids were conducted in Mumbai and Thane divisions, commodities worth Rs458.55 crore with the quantity being 67,065.810 metric tonnes in total of 35 raids that were conducted in the region, followed by Konkan, where commodities worth Rs55.73 crore, comprising of 36,146.57 metric tons were seized.
 
In Mumbai and Thane division, the state government has returned stocks of 56,574.45 metric tons out of 59,732.89 metric tons seized. In Nagpur division out of the 7,255.52 metric tons seized 4,939.25 is in stock, and 2,316.27 metric tons was returned. In Konkan division out of the 52,747.26 metric tons seized, 23,362.94 were returned, leaving 29,384.32 metric tons as stock.
 
However, what is shocking, according to Galgali is, the government returned 100% stocks seized in four divisions, Aurangabad, Amravati, Pune and Nashik. A total of 1,860 metric tons was seized from Amravati, 1,110.47 metric tons seized from Aurangabad, 144.99 metric tons was seized from Pune and 181.67 metric tons was seized from Nashik, which was returned back to the hoarders.
 
Expressing suspicion on the activities of the government officials in returning the 70% of the seized stock to the hoarders, Galgali demanded an investigation in to this mater. "...the government should investigate and publish the actual facts and true report of the situation. The manner in which the raids were largely publicised, similarly the government acted very swiftly in returning the seized quantities to hoarders. This raises suspicion and too many unanswered questions, which should be explained by the government," the RTI activist said.   
 

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COMMENTS

Meenal Mamdani

10 months ago

The question is were the commodities owned legally by the traders.

A shopkeeper is entitled to purchase and store quantities of food grains, oil, sugar, salt, etc that she/he sells in the shop. When does this constitute hoarding?

Similarly a shopkeeper will naturally want to maximize profits. When does that cross the line of legitimacy and become extortionate and illegal?

As consumers we see things from our perspective only. But there is also another perspective and that is of the trader. Are there clear rules about when a shopkeeper crosses the line from a prudent shopkeeper stocking supplies to one who is deemed a hoarder?

I request the readers to explain the law on hoarding.

B. Yerram Raju

10 months ago

Raids for the public consumption and release for the hoarders - a great strategy!
The raids were conducted when there was hue and cry on sky-rocketing prices of dals and oils in the country. Why these stocks could not have been released for public consumption? It speaks of the nexus between the politics and trade.

Dahyabhai S Patel

11 months ago

Hindutvawaalee BJP government is proving worst as compared to Congress and coalition government!!!Ultimately what matters is colured (black) monies!!!!! In my city for awarding a contract for a flyover Rs.two crores in cash were demanded by the highest autority and as it was not affordable to the contractor, it went to other one.

Nifty, Sensex may try to move higher – Thursday closing report
The first sign of a rally will be a close of Nifty above 7,400
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex continue to be deeply oversold and that the first sign of a short-term Nifty rally would be on a close above 7,400. The major indices in the Indian stock markets ended flat after huge volatility in the day’s trading. The trends in the major indices of the markets during Thursday’s trading are given in the table below:
 
 
Bearish global indices, coupled with a weak rupee and long-liquidation positions pushed down the Indian equity markets on Thursday. This led to major indices of the Indian equity markets to trading flat. The selling pressure led the bellwether indices to trade at levels which were last seen during May-June 2014. Initially, the bellwether indices opened on a positive note due to recovery in the US markets after a huge decline in the opening and also due to higher opening in Asian markets. The US futures were also quoting higher. However, the US futures soon ceded gains and went into negative which led to a sharp decline in all Asian markets including India. 
 
On Wednesday, the foreign institutional investors (FIIs) were net sellers again. According to data with stock exchanges, FIIs divested Rs1,324.69 crore on Wednesday. Besides, caution prevailed over the upcoming US macro-data points of jobless claims and crude oil inventory figures. Nevertheless, markets were able to pare some of their losses on the back of value buying. The positive sentiments were supported after European markets opened in the green.
The S&P BSE market breadth favoured the bulls -- with 1,344 advances and 1,188 declines. While valuations have turned attractive, FIIs continue to remain net sellers which would limit any gains in the market, observed market analysts.
 
After a positive opening, Chinese stocks continued to dive on Thursday, with Shanghai dipping below the 2,900-mark again. The benchmark Shanghai Composite Index lost 3.23% to close at 2,880.48 points. Shenzhen dropped 3.77% to close the day at 9,975.97 points, Xinhua news agency reported. The ChiNext Index, the NASDAQ-style board of growth enterprises, dived 4.18% to close at 2,112.40 points.
 
US stocks recovered from a deep decline in the initial stages of the session as a further decline in oil prices continued to weigh on investor sentiment. The Dow Jones Industrial Average tumbled 249.28 points, or 1.56%, to 15,766.74. The S&P 500 dipped 22.00 points, or 1.17%, to 1,859.33. The Nasdaq Composite Index fell 5.26 points, or 0.12%, to 4,471.69. Oil prices refreshed their multi-year lows on Wednesday, dragged down by a global supply glut. The West Texas Intermediate for February delivery settled at $26.55 a barrel on the New York Mercantile Exchange, its lowest level since May 2003. Investors turned to safe haven assets, such as sovereign bonds and gold, as global stock markets are in full retreat.
 
Aditya Birla Group company UltraTech Cement on Wednesday reported a staggering rise of 36% in its consolidated net profit for the third quarter (Q3) of the current 2015-16 fiscal. According to the company, its profit after tax soared to Rs546 crore from Rs400 crore in the like period of last fiscal. The company's net sales grew by five percent at Rs6,108 crore vis-a-vis Rs5,832 crore in the corresponding period of the previous year. On a standalone basis, the company's net profit rocketed by 39.83% at Rs509 crore from Rs364 crore earned during the like period of last fiscal. The net sales during the quarter under review rose by 4.71% at Rs5,747 crore as compared to Rs5,488 crore in the corresponding period of the previous year. In its outlook the company noted that the demand for cement is expected to pick up in the near term. "The governments' focus on infrastructure development, housing sector, smart cities, roads etc., augurs well for UltraTech," the company said in a statement. "The company is confident of meeting the upsurge in demand and participating proactively in the next phase of growth in the country." The company’s shares closed at Rs2,695.00, up 2.66% on the BSE.
 
Axis Bank on Wednesday said it posted a net profit of Rs2,175.3 crore for the quarter ending December 2015. The bank’s net profit (for the third quarter of 2015-16) increased by 14.5%, a rise of Rs275.54 crore. It posted a net profit of Rs1,899.76 crore in the year ago quarter. According to the unaudited financial results posted on the Bombay Stock Exchange (BSE), total income for the bank rose to Rs12,531.11 crore in Q3 2015-16 against Rs10,928.81 crore clocked in Q3 2014-15. The bank’s shares closed at Rs408.90, up 5.21% on the BSE.
 
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:
 

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COMMENTS

LALIT SHAH

11 months ago

Most of so-called experts talking recovery like 2008-2009. But as per my experience of 45 years in market and expertise in technical reading says we are entering in long-term bear market and market will bottom out until march end
All so-called quality stocks are costly avoid is better option
Only selected midcaps and smallcaps will yeild investors in long-term.

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