Stocks
Fresh upsurge in Nifty and Sensex – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were in a bullish mode still. The major indices of the Indian stock markets rallied on Monday and there were handsome gains of more than 1% over Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Short covering, coupled with expectations of major economic legislation getting parliament's approval, buoyed the Indian equity markets on Monday. The benchmark indices closed the day's trade with substantial gains as healthy buying was witnessed in banking, automobile and consumer durables stocks. On the NSE, there were 1,001 advances, 469 declines and 63 unchanged. On the BSE, there were 1,724 advances, 990 declines and unchanged 197.
 
Initially the benchmark indices opened on a flat-to-positive note, in sync with their Asian peers. Besides, the equity markets were pushed up by higher European indices, healthy quarterly earnings and above average monsoon rain falls. In addition, hopes on the passage of the GST (Goods and Services Tax) Bill during parliament's ongoing monsoon session supported prices. Further, investors' expect US Fed to maintain its key lending rates during the upcoming FOMC (Federal Open Market Committee) meet.  A hike in the US interest rates can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India.
 
The Reserve Bank of India (RBI) has imposed a penalty of Rs5 crore on the Bank of Baroda (BoB) for irregularities in anti-money laundering (AML) provisions that came to light in October 2015, the public sector lender said here on Monday. "Pursuant to the internal audit of the bank, the RBI and investigative agencies in October 2015 were advised by the bank of certain irregularities observed," the BoB said in a BSE filing. The Central Bureau of Investigation (CBI) had conducted raids in October 2015 at over 50 locations to probe the illegal transfer of Rs6,172 crore by the BoB's Ashok Vihar branch in Delhi in the names of 59 companies in Hong Kong. The companies, it was later found, were registered on wrong addresses. "The RBI carried out the investigation and noted the deficiencies which were reflective of weaknesses and failures in internal control mechanisms in respect of certain AML provisions such as monitoring of transactions, timely reporting to FIU (Financial Intelligence Unit), and assigning of UCIC (Unique Customer Identification Code) to customers," the BoB said. The Bank of Baroda has implemented a comprehensive corrective action plan, to strengthen internal controls and to ensure that such incidents do not recur, it added. Bank of Baroda shares closed at Rs155.75, up 3.21%, on the BSE.
 
Indian coffee production is likely to decline by around 8% in the current fiscal owing to lack of timely rains, parliament was told on Monday. "It has been estimated that there is a likelihood of decline in coffee production in 2016-17 by 8% compared to that in 2015-16 due to lack of timely rains and high temperature during the crucial flowering stage," Commerce Minister Nirmala Sitharaman told the Lok Sabha during Question Hour. Coffee Day Enterprises shares closed at Rs253.05, up 0.62%, on the BSE. Tata Coffee shares closed at Rs116.25, up 3.29% on the BSE.
 
Tata Metaliks on Saturday said it posted a 26% rise in net profit to Rs34.44 crore in the quarter ended June 30, 2016 and has commissioned enhanced capacity of ductile iron (DI) pipe plant in Kharagpur. Its EBITDA (Earnings before interest, tax, depreciation and amortisation) in April-June quarter stood at Rs61.10 crore, up 28% compared to the same period of the previous year. The company sold 99,130 tonnes of pig iron (including molten metal) and 39,639 tonnes of DI pipes during the quarter, said a Tata Metaliks statement. The expansion of the DI pipe plant capacity in Kharagpur has been completed and the new finishing line of the DI pipe plant was commissioned, the statement said. "The expansion of capacity to potentially 200,000 tonnes per annum will give 50 per cent additional volume to the company's value-added DI pipe business in the future," it said. The company said demand for DI pipes remained stable during the quarter and this is likely to persist in the coming few quarters. However, downward trend in price of DI pipe in the domestic market is continuing due to lower price of input materials and stiff competition from manufacturers. Tata Metaliks shares closed at Rs458.90, down 4.17% 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

Vikas Singh Gusain

10 months ago

Nice and very interesting article

Search for AN-32 goes on, plane's emergency transmitter not working
The search for the Indian Air Force (IAF) AN-32 aircraft that went missing on is seriously hampered as there are no signals from the emergency locator transmitter (ELT) fixed in the plane, said a senior Indian Coast Guard official.
 
He also said the search would continue underwater if no debris is found on the sea surface.
 
"There are no signals from the ELT of the ill-fated plane. Similarly the ELT of the Coast Guard's Dornier aircraft which went down into the Bay of Bengal last year did not emit out any signals," Coast Guard Region (East) Commander, Inspector General Rajan Bargotra told reporters in Chennai on Monday.
 
"It is a serious concern and the matter will be taken up with the aircraft manufacturers," he said.
 
An experienced pilot in Indian defence forces told IANS that maintenance of this equipment is an issue.
 
The aircraft with 29 people onboard went off the radar on July 22nd morning over the Bay of Bengal half an hour after take off from Chennai on its journey to Port Blair.
 
To a query, Bargotra said the search for the missing plane will continue even it is is going to be a prolonged one.
 
"We have requested the National Institute of Ocean Technology (NIOT) for their vessel for the search operations," he added.
 
While sources said satellites have provided some hints, and the areas indicated are being searched, no debris or signals from the aircraft could be spotted.
 
Indian Navy chief, Admiral Sunil Lanba, meanwhile, said a total 250 hours of sorties have been flown in search of the plane, and all leads found are being followed.
 
"The coordinated efforts between Indian Navy, IAF (Indian Air Force) and Coast Guard is continuing. All together 17 ships and 17-18 aircraft are searching designated areas. Over 250 hours of sorties have been flown," he said.
 
"We have got inputs from satellite images and also from sensors of the aircraft. All leads have been followed. It is an ongoing search at the moment," the Navy chief said.
 
"We have also kept close liaison with families of all on board. We are keeping them in the loop and informing them how the search is progressing," he added.
 
The navy has pressed a flotilla of vessels including a submarine to locate the missing aircraft.
 
The aircraft, an upgraded AN-32 belonging to 33 Squadron, took off from Tambaram Air Force Station in Chennai at 8.30 a.m. and was expected to land at Port Blair at 11.30 a.m.
 
The recorded transcript of Chennai air traffic radar showed the last pickup of the aircraft was 151 nautical miles east of Chennai when it was observed to have carried out a left turn with rapid loss of height from 23,000 feet.
 
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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Temple board firm on no entry to women between 10 to 50 in Sabarimala
The Travancore Devasom Board (TDB) that looks after the affairs of the famed Sabarimala temple is firm on its stand that it does not wish to allow entry of females in the age group of 10 to 50 into the temple.
 
Addressing reporters on Monday, TDB president Prayar Gopalakrishnan said the custom of the temple for the past 800 years is that women in this age group are not allowed and we do not wish to change that.
 
"We have submitted the astrological examination (devaprasnam) of three committees which forbids the entry of women between 10 and 50 to the temple to the Supreme Court, where the case is currently being heard. The last such examination took place on June 18, 2014," said Gopalakrishnan.
 
He said they wish to take forward the customs and beliefs of Sabarimala temple.
 
"We are not against entry of women as of the four crore devotees who visited the temple in the last season, women accounted for half a million. All that we wish to state and which has already been intimated to the apex court is that women between 10 and 50 should not be allowed entry," said the TDB president.
 
TDB's statement comes at a time when the CPI-M-led Kerala government has a different view and wishes to allow entry to all women, while the previous Oommen Chandy government was of the view that the temple customs should be followed.
 
"We are of the firm view, that the apex court will not allow to alter the traditions, and in case that happens, we are certain that no women in the age group 10 to 50 will come to the temple because beliefs will always be adhered to," added Gopalakrishnan.
 
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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