Fortnightly Market View: Earnings Struggle
Bulls will find it hard to push much higher
I had mentioned in the previous issue...
Premium Content
Monthly Digital Access


Already A Subscriber?
Yearly Digital+Print Access


Moneylife Magazine Subscriber or MSSN member?

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
CREDAI calls for strike on 13th October to protest death of Suraj Parmar

In what will be a first for the construction industry, builders are going on a strike on 13th October and for a month, builders will wear a black ribbon as a mark of protest against wrong policies and corruption of the 'system'
Builder and developers body Confederation of Real Estate Developers' Association of India (CREDAI) has called in for a nationwide protest and strike on 13th October against wrong policies and corruption of the 'system'. CREDAI and its members have put up several hoardings across Mumbai, Thane and Navi Mumbai to appeal for the token strike and protest. Also for the next one month, builders would wear a black ribbon as a mark of protest.
Through its hoardings, CREDAI is stating, "Dear System, We want to live! Stop Killing Us! This is in reference with the death of Cosmos Group chief Suraj Parmar, President of Thane chapter of Maharashtra Chamber of Housing Industry (CREDAI-MCHI). Last week, Parmar, chairperson and managing director of the Cosmos Group, shot himself with his personal .32 calibre pistol in a sample bungalow at one of his upcoming projects at Kasarvadavli in Thane. Parmar had left a 15-page suicide note, in which he blamed red tape and non-payment of loans as primary reasons for the drastic step. 
In its hoarding, CREDAI said, "This is an appeal from CREDAI and its members to the Government to create the right atmosphere of trust and co-operation. And take action to prevent delay in projects due to political interference and corruption so that we could invest all our strength in building a strong nation."
Although, the builders have called for a strike and protesting against wrong policies and corruption of the 'system', there is limited sympathy for them. This is because the ordinary people hold builder lobby primarily responsible for high prices of homes in and around Mumbai and lack of unaffordable homes.  However, there is no denial about the fact that rampant corruption and collusion with politicians are important factors. It is good that this is now out in the open and will hopefully turn the heat on the government to ensure a clean-up.
Apparently, a press conference of the builder's body in Mumbai was cancelled due to some pressure from political quarters.




1 year ago

CREDAI calls for strike on 13th October to protest death of Suraj Parmar / itis the case of paid money but not getting OC where as we 316 members of a Housing society purchsed flats 4 self use but...Flat Owners but not Adopted as members in a Co-Operative Housing society.

With due regards,

We, 316 members out of total 454 highly discouraged and most of us are senior- citizens of denial membership from Sri Ganesh co-operative Housing Society, Nerul, Navi Mumbai by the self appointed MC and behave like land mafias and adopted tactics to restraint from action taking authorities against its ulterior motives through lending multiple Vexatious cases in Bombay/HC instead of SC despite already decided case by the same HC in following manner.
(A) PIL-474-1996 then (B) WP- 5771/1997 and (C) SC/10922-98 and also settled by

Our request to your urgent intervene before matter goes very serious as ‘the said housing society committee may gear up for redevelopment on completing20/25years and to ‘save our right of ownership’ from a land mafias in a disguise of MC,


We are compelled to Pay our maintenance charges in the hands of self appointed MC and to defend by filing repeated petitions at Bombay HC as follow.

(A) Bombay HC (WP- 4481/2001) against scarping the order of JTR/CBD by the then
Minister (NCP). Based on the Hon’able HCs order, State Ministry issued final order
dated 25/08/2003 vide No- RVA 2702/CR-208/15-C, but the MC again approached
HC and got the STAY through WP-8508/2003

(B) again second time on the intervention of HC, contempt petition No-11/2011,
appointed administrator in 2012 and again concerned Minister (CONG.,) scarped the
order so again HC / WP (St) No 15277/2014 and

(C) recently our Co-operation Hon, minister Shri Chandrakant Patil (BJP) order
dated- 06/02/2015 vide No-RAV-2012/Pra.Kra.690/15C, and once again society MC in
HC with WP (St) No-8132/2015 saying authority is below power and do not come under the Jurisdiction of JTR as well Minister.

Vijay Wadhwa

1 year ago

Dear Editor,

my feedback on reading the article is that. We as developers do not expect anything else expect fast approvals (e-approvals, self approval - with an indemnity that builder will be hold responsible if things go wrong.

otherwise meeting discussing do not get end result. the more approvals are given fast, Govt and Corporations will get more revenue. instead of increasing taxes and stamp duty - Volumes will come. it will be a win win for all. More supply prices will come down. More construction - premiums will be received more by the authorities, and all incomplete projects will get completed (faster sanctions). the needy who are needing houses will get shelter. now it is left upto the policy makers, how they want to run the industry.

Vijay Wadhwa

Nifty, Sensex turning weak – Monday closing report
Nifty will be in a downward stretch if it closes below 8,115
We had mentioned in Friday’s closing report that Nifty, Sensex are looking overbought and that as long as Nifty stays above 8,000, bulls will be in control. Although the market was bullish at the beginning of the day, it could not be sustained. Overall, the major indices in the Indian stock markets ended the day with small losses of around 0.50%. The trends of the indices in the day’s trading are given in the table below:
Investor-anxiety over the ongoing quarterly results kept the Indian equity markets subdued on Monday. Initially, both the Sensex and Nifty opened in the green on the back of positive overseas markets. However, both indices soon ceded their gains, as investors were spooked regarding the uncertainty over the second quarter results. Notwithstanding the downward trend, hopes of healthy macro data points on industry output and inflation later in the day somewhat arrested the fall.
Analysts pointed out that the markets closed in the red due to the uncertainty over the second quarter results, which they fear might turn out to be below expectations due to currency fluctuations and slowing demand.
Asian markets closed on a positive note on Monday supported by a rally in the Chinese indices which were up 3%. The Chinese central bank had announced a stimulus package over the weekend. The Chinese government has also indicated its intentions to initiate reforms in the telecommunication sector.
Infosys was the first bluechip to come out with its results on Monday. The global software major reported a net profit of Rs.3,398 crore for second quarter registering a 9.8% growth year-on-year (YoY) and 12% on a sequential basis.
The factory output data for August and inflation figures for September will be released on Monday evening. Both the key data points will give future guidance to the Reserve Bank of India's next move on lending rates.
Sector-wise, information technology (IT), healthcare, technology, entertainment and media (Teck) and fast moving consumer goods (FMCG) stocks came under selling pressure. However, metals, capital goods and automobile scrip managed to stay afloat.
The S&P BSE metals index increased by 102.92 points, capital goods index gained by 52.02 points and automobile index was higher by 40.66 points. On the other hand, the S&P BSE IT index plunged by 239.73 points, healthcare index went down by 175.22 points, Teck index declined by 117.39 points and FMCG index was lower by 61.11 points.
Major Sensex gainers during Monday's trade were: Vedanta, up 7% at Rs.110.85; Hindalco Industries, up 5.98% at Rs.88.65; Gail, up 2.49% at Rs.319; Tata Motors, up 1.83% at Rs.362.40; and BHEL, up 1.76% at Rs.205.60.
The major Sensex losers were: Infosys down 3.88% at Rs.1,122.50; Lupin, down 2.16% at Rs.2,011.65; Cipla, down 1.71% at Rs.676.35; Sun Pharma, down 1.58% at Rs.892; and HDFC, down 1.44% at Rs.1,272.10.
The top gainers and top losers of the indices are given in the table below:
The closing values of the major Asian indices are given in the table below:


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



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)