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Nifty, Sensex momentum slowing down – Monday closing report

A close below 8,480 for Nifty will lead to some correction 

 

The Indian benchmarks had a higher gap up opening on Monday. The index started losing its strength after 11am, and moved lower to hit the day’s low. However, it managed to recover from the low and ended near the day’s high.
 
The S&P BSE Sensex opened at 28,250 while NSE’s CNX Nifty opened at 8,550. Sensex moved in the range of 28,197 and 28,334 while Nifty moved between 8,532 and 8,571. Sensex closed at 28,262 (up 140 points or 0.50%) while Nifty closed at 8,551 (up 37 points or 0.43%). NSE recorded a volume of 89.85 crore shares. India VIX rose 2.17% to close at 17.6500.
 
The Indian government on Friday hiked excise duty on petrol and diesel by Rs2 per litre. Following this, Indian Oil Corp, cut the retail selling price of petrol by Rs2.42 a litre at Delhi, including state levies, with corresponding decrease in other states. The price of diesel (retail) was also reduced by Rs2.25 per litre in Delhi, including state levies, with corresponding decrease in other states.
 
Union Finance Minister Arun Jaitley on Monday assured representatives of various trade unions that the government has no intention to privatise either railways or Coal India. He said that focus of the government is to create more jobs and employment opportunities besides safeguarding existing jobs and give better environment for ease of living for the common man.
 
The government is considering removing price controls on urea and scrapping an import duty of 5%. India will increase public spending on infrastructure, the finance minister said.
 
Coming back to stock markets, Rajesh Exports (19.28%) was among the two top gainers in ‘A’ group on the BSE. It was in the news, as it received an export order worth Rs1,780 crore for the supply of designer range of gold and diamond studded jewellery and medallions from UAE-based Jamcelat Jewellery. The order is to be completed by 31 March 2015. Rajesh Exports has announced such orders in the past, which have not materialised. 
 
Mahindra & Mahindra Financial Services (6.75%) was the top loser in ‘A’ group on the BSE. The company posted its December 2014 quarter result, which showed that although the topline improved, its net profit fell as compared to December 2013 quarter.
 
Wipro (5.26%) was the top gainer in Sensex 30 pack. Although on standalone basis the company bottomline did not improve, its consolidated net revenue and net profit both showed an improvement. Wipro has given a guidance of 1.1%-3.1% on sequential dollar revenue growth in the March quarter.
 
Hindustan Unilever (5.27%) was the top loser in the Sensex 30 stock. The stock, which hit its new 52-week high today on posting improved result for December 2014 quarter, gave up the gains later.
 
US indices closed Friday in green. US stock market will remain closed on Monday for Martin Luther King, Jr. Day holiday.
 
Most of the Asian indices closed in the green. SET Composite index of Thailand (1.16%) was the top gainer. 
 
The big market story was a crash in Shanghai Composite (7.70%), after China's securities regulator last week said 12 brokers violated rules in their margin trading businesses, following investigations into high-risk margin trading. It banned Citic Securities, Haitong Securities and Guotai Junan Securities — among the country's biggest brokerages — from opening new retail accounts for three months, after they failed to correct practices. 
 
European indices were trading in the green.
 

User

Did Flipkart forget to give prize to winners of Moto Celebrations contest in time?

According to a Moneylife reader and participant in the contest, Flipkart, the exclusive retail partner of Motorola India, did not even bother to inform winners of the Moto Celebration contest and distributed the prizes only after he took up the issue

 

UPDATE: Updated on 21 January 2014 to include response from Flipkart spokesperson.

 

Online shopping portal, Flipkart, had reportedly failed to inform winners of its own Moto Celebrations contest. In addition, the portal did not even bothered to inform the winners about the prizes they won, alleges a customer and Moneylife reader, who participated in the contest and confronted Flipkart.
 
Flipkart, the exclusive retail partner of Motorola mobiles in India, organised the contest between last week of November and first week of December. As part of its celebrations for selling 2.5 million handsets, Motorola India on 24th November announced the Moto Celebrations Contest through Twitter.
 
 
As per the contest rules, buyers who purchased of Motorola mobile phones during this period were eligible to participate. Flipkart had announced that five winners of Moto Celebrations contest would receive gift vouchers worth Rs50,000 each and 100 lucky winners would be give 100% cashback on their purchases (of Motorola mobiles). The results of this contest were supposed to be on 28 December 2014 and winners were likely to be informed through emails only.
 
Here is the first person account of the customer and Moneylife reader...
 
"I also purchased Motorola phone from Flipkart during this duration so I was curious to know the results. Flipkart did not announce the results on their website so I wrote an email to them asking, how are we to be sure that Flipkart has conducted the lucky draw and distributed prizes to the winners especially after Big Billion day?
 
They sent me a complete list of winners, containing order ID, names and their email IDs (a copy of which is with Moneylife). I wanted to verify Flipkart's claim so I wrote email to all five winners of Rs50,000 worth Gift voucher. I wanted a confirmation so I asked them did you get any notification from Flipkart regarding the prize you have won. To my surprise none of them had a clue, when I shared the list of winners with them then only they believed me.
 
I asked Flipkart customer support, why you have not distributed the prizes yet and why this has caused delay? But they keep saying that the winners have got the prize already and as I am not a winner I cannot talk to them about this. Flipkart has acknowledged too few winners in the list (those are following up on this) that the list is valid and they are the prize winners. They did not get their prizes yet (as on 10th January). Winners should have gotten their prize on 28th December itself but they are still waiting for their prize.
 
I have not verified the remaining 100 winners because I used email ID and order ID to track their shipment to make sure it is a true transaction. On the Flipkart website, it is showing money refunded against their Order ID, so I think they have refunded these 100 winners their cashback money. Flipkart now saying that they will pay prize but I think they would have gotten away if I had not alerted the individual winners."
 
On 11th January, Flipkart told the customer, “We would like to bring this to your notice that the gift vouchers worth of Rs50,000 has already been sent to each of the 5 lucky winners.”
 
We sent an email to top officials of Flipkart on 17th January and received a reply on 21st January.
 
In an email response, a spokesperson for Flipkart said, "As per our processes, all the customers who won the Moto Celebrations contest were duly intimated of their prize through email. We had also clearly communicated through these emails that all winners would get their prizes latest by 20th January. The process has been completed on schedule - both for those who were eligible for the 100% cashback as well as the winners of the Rs50,000 EGV."

User

COMMENTS

Hemant

2 years ago

if it is ok with you, please give list of all 100 winners here only, so many others also can see & act.

REPLY

Ram Chandran

In Reply to Hemant 1 year ago

Just Now I got a Phone call from Flipkart that i have won a Prize money of 2.5 L, to claim which I need to pay 20.5K to Hdfc Life Insurance.After 35 days they said they ll send me a dd/cheque worth 2.5L which is non taxable. How far this will be true

MDT

In Reply to Ram Chandran 1 year ago

No. This is call from fraudster, who will sell you insurance policy and nothing else. Please block the callers and do not send any money. There is no free lunch!

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