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Nifty, Sensex, Bank Nifty rising on lower volumes - Thursday closing report
The first sign of weakness in Nifty will be a close below 8,550 
 
We had mentioned in Wednesday’s closing report that the NSE’s CNX Nifty uptrend will remain intact until it closes below 8,450. The uptrend continued in Thursday’s trading in the Indian stock markets to record healthy gains across major indices. 
 
 
Positive global and domestic cues lifted investors' sentiments, which helped in sustaining the momentum to the ongoing rally in the Indian equity markets, with a barometer index gaining more than 247 points on Thursday.
 
The 30-scrip S&P BSE Sensex closed Thursday with gains of more than 247 points or 0.88% during day's trade.
 
The wider 50-scrip Nifty also made gains during the day's trade. It closed 84.25 points or 0.99% up at 8,608.05 points.
 
The S&P BSE Sensex, which opened at 28,259.70 points, closed at 28,446.12 points, up 247.83 points or 0.88% from the previous day's close at 28,198.29 points.
 
The Sensex touched a high of 28,478.43 points and a low of 28,245.81 points in the intra-day trade.
 
Markets analysts tracking the day's trade said the exchanges opened on "a quiet note" but later traded higher on easing of the concerns over Greece debt crisis. 
 
The market participants were also enthused by the announcement of diesel and petrol rate cut announced on Wednesday, analysts said.
 
On Wednesday, Greece legislators passed various austerity laws aimed at paving the way for a European Union (EU) backed bailout package.
 
Investor-anxiety over the US rate hike was also calmed after the initial comments made during the US Fed chairman's testimony to the US Congress suggested a delay in the decision.
 
Investors are also hopeful of a lending rate cut by the RBI in its upcoming monetary policy review in August. 
 
Industry insiders expect oil prices to plunge as and when Iran resumes exporting oil at the pre-sanction levels. The west Asian state is believed to have around 25-30 million barrels of oil ready for export.
 
After Tuesday's massive volatility, Brent index stood at $57 and the West Texas Intermediate (WTI) at $52 per barrel on Thursday. WTI had fallen to $44 per barrel on Tuesday.
 
The Indian Government's approval on composite FDI (Foreign Direct Investment) cap resulting in more capital flowing into the system lifted the sentiment. The union cabinet has approved for composite cap for foreign investments in a company. This will remove the distinction between FPI (Foreign Portfolio Investor), FDI and NRI (Non Resident Indian) investments. 
 
The decision assumes significance as it can benefit companies, especially private banks, which have separate caps for FII (Foreign Institutional Investor) within the total foreign investment limit. 
 
During Thursday's trade, all of the 12 sector-based indices of the S&P BSE closed higher.
 
The S&P BSE bank index soared by 411.26 points, the consumer durables index jumped by 221.16 points, capital goods index was higher by 121.34 points, healthcare index augmented by 185.81 points and the oil and gas index rose by 100.20 points.
 
The major Sensex gainers during Thursday's trade were: Axis Bank, up 4.14% at Rs.608.75; BHEL, up 2.36% at Rs.279.75; HDFC, up 1.62% at Rs.1,362.50; HDFC Bank, up 1.54% at Rs.1,113.55; and Cipla, up 1.43% at Rs.679.45.
 
The major Sensex losers were: Vedanta, down 1.17 percent at Rs.143.70; Mahindra and Mahindra (M&M), down 0.91% at Rs.1,276.05, Wipro, down 0.80% at Rs.573.25, Hero MotoCorp, down 0.38% at Rs.2,650 and Gail, down 0.37% at Rs.372.75.
 
Among the Asian markets, Japan's Nikkei was up by 0.67%, China's Shanghai Composite Index rose by 0.31%, and Hong Kong's Hang Seng gained by 0.43%.
 
In Europe, the London FTSE 100 index was up by 0.56%, the French CAC 40 was higher by 1.61%, and Germany's DAX Index gained by 1.62% at the closing bell here.
 
The closing prices of shares that have been top gainers and losers in the major indices are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:
 
 
Among European indices, DAX was at 11,711.12, up 1.76% and FTSE 100 was at 6,782.71, up 0.52%. 

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Public Interest Exclusive
Chikki moment: When the SCIC also keeps mum on RTI queries
Activists have been demanding transparency regarding the Rs200 crore scam pertaining to purchases ordered by minister Pankaja Munde but even the State Chief Information Commissioner, who has received a complaint is keeping mum
 
Can a six-month-old be given chikki – a hard nut based sweet that a mother would hesitate to give even to a two-year-old? Well, that’s precisely what Pankaja Munde, minister of women and child welfare in Maharashtra, ordered, under the mid-day meal scheme, for children between 6 months to 3 years; for anganwadi children up to six years and pregnant mothers in the state. 
 
More shockingly, the order, to the tune of Rs75 crore odd, has been made during the last month of FY2014-1015, which means for the consumption for just one month. This despite, the Nagpur bench of the Bombay High Court banning large scale purchases without auction or tenders and the Tribal Commissioner coming heavily on its adulteration in the earlier purchase of Rs38 crore worth of this chikki in 2013.
 
Chikki, bought from Suryakant Mahila Audyogik Sahakari Trust, which has again been placed with Rs75 crore order by Ms Munde, has had a dangerously tarnished backdrop. In 2013, the chikki bought from the Trust was found to be adulterated with pieces of blade, clay, mud, worms, fungus and the packets did not contain manufacturing or expiry dates, as per the report from Tribal Commissioner Radhika Rastogi. Besides, the organization does not exist at all on ground zero. Added, to this is the Supreme Court order of providing hot and piping meals for school children, made by local units to ensure freshness and nutrition.
 
Ironically, when the chikki scam unearthed in 2013, Bharatiya Janata Party (BJP) leaders Nitin Gadkari and Vinod Tawade amongst others, made a lot of noise in Maharashtra Assembly resulting in the establishment of the one man PS Meena Inquiry Committee. This Committee never gave its report. When BJP government was formed in the State, its minister Pankaja Munde did not bat an eyelid in defying the HC ruling and questioning about the Committee’s findings. Audaciously, she gave the contract in February 2015 to the same deadly contractor, who has no qualms to adulterate chikki that could take the life of infants, children and pregnant mothers. 
 
Despite this deadly scandal that concerns lives of young children and pregnant mothers, Chief Minister Devendra Fadnavis, State Chief Information Commissioner (SCIC) Ratnakar Gaikwad as well as the Anti-Corruption Bureau (ACB) is maintaining silence.
 
Given this backdrop, isn’t it the right of every citizen to know why taxpayers’ money is being laundered for corrupt and vested interest purposes such as these, and one that could dangerously affect the health of thousands of children and pregnant mothers? Precisely for this reason, RTI activist Vijay Kumbhar has lodged a complaint with SCIC Gaikwad, stating it is mandatory to put in public domain, all documents pertaining not only to the chikki scam, but other purchases amounting to Rs205 crore.
 
In his complaint of 1st July to SCIC, Kumbhar said, “Maharashtra government’s Women and Child Welfare department has recently given a purchase order of Rs206 crore in one day alone. This was ordered on 13 February 2015, for chikki, mats, dishes, books and hand paper for anganwadi schools across Maharashtra. It is mandatory, under Section 4 of the RTI Act, for the public authority, in this case the Women and Child Welfare department to put up the government resolution (GR) along with relevant information pertaining to the purchase, in the public domain, that is, the website. However, this has not been done and information continues to be opaque.
 
“I had written to Chief Minister Fadnavis on 24th June, requesting him to put the information in public domain. I got a reply stating that the letter has been sent to the appropriate authority for action, however nothing has happened. The information is of large public interest as the entire expenditure comes from taxpayers’ money. Since these are administrative decisions, the process of decision making comes has to be made public as it comes under Section 4 (1) wherein it is mandatory to make public administrative decisions, including the processes that finally made the decisions,” Kumbhar said.
 
Kumbhar has quoted various sub-sections of Section 4 that makes it mandatory for public authorities to make public: the procedure followed in the decision making process, including channels of supervision and accountability; the manner of execution of subsidy programmes, including the amounts allocated and the details of beneficiaries of such programmes and so on.
 
Besides chikki, various other procurements for children, which include books, mats, utensils, handmade paper and paper are shockingly scandalous. While Kumbhar has demanded that all information pertaining to these purchases must be in the public domain, surprisingly Chief Minister Fadnavis, as well as, SCIC Gaikwad, who normally does not keep pendency, are totally mum on this front.
 
It is pertinent to note, that, besides the purchase of chikki, the following purchases are also shocking. Kumbhar has sent a detailed complaint to the Anti-Corruption Bureau but there too, there is utter silence:
  1.  Vaidya Industries Nagpur, which has been closed for several years and has no equipment whatsoever to manufacture steel thalis for children, has been given an order of Rs1.15 crore order for 8,93,330 plates, for mini-anganwadi and anganwadi children.
  2. Everest Industries, Gangapur in Aurangabad district just does not exist yet the women and child welfare department has given it an order of around Rs2.65-odd crore for procurement of 5,250 water filters cum purifiers
  3. In order to print calendars and picture puzzle books for children, around Rs1 crore and Rs5 crore respectively were ordered. However, the handmade paper institute outsourced mill paper, to a contractor
  4. Mats of 12x15 ft and 9x12 ft were ordered from the handloom units of Mumbai and Nagpur. For this, around Rs4.35 crore were spent. However, complaints of mats already having been torn are reported. Another set of mats to a non-existent company called Bhavani Enterprises has been ordered for around Rs2 crore. Around 12,700 mats were purchased but they remain unused as the sizes ordered do not fit the anganwadi schools.
  5. In three instances, books for children and guidebooks for teachers of anganwadi were purchased to the tune of several crores of rupees, without any proper process of purchase.
  6. Ayurvedic biscuits, whatever that means, were ordered from Govardhan Ayurpharm Ltd, for Rs5 crore, when the last contract was of Rs95 lakh and the same was to be continued after the termination of the contract in 2014, as per renewed terms and conditions. However, strangely, the order has been jacked to Rs5 crore on that single day of February 2015
  7. Despite the fact that Prist Pharmaceuticals does not exist, an order of Rs3.70 crore odd order has been placed for medicine kits for children. Earlier, this order was spiked by the commissioner, but graciously given by the minister
  8. Twenty first Century Laboratory and Ajantha Pharma, Thane have been given Rs18 crore odd order for purchase of protein powder and sprinkles for daily and weekly consumption respectively without proper monitoring of their contents
  9. A whopping Rs24 crore order has been given for growth weighing machines. Earlier it was given to Sai HiTEch Company but suddenly half of the order of Rs.12 crore has been given to Nitiraj Engineers, Dhule and there is no knowing of procedures followed of either of the orders.
The scandal in comparison to others that rocked the nation may not be high in the amount of rupees however, it concerns the lives and limbs of little children and pregnant mothers, thus making this crime, serious and unpardonable. Also, making it a strong case for availability of all information pertaining to purchases, in the public domain.
 
(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.) 

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COMMENTS

Joseph DSouza

1 year ago

They are just recovering the huge amount of money spent during elections by hook or by crook. They are not bothered as absolute majority has gone to their heads and they feel they can do anything, it is their right. To hell with the taxpayers.This Minister is just a tool - as if a lady minister cannot be questioned(we Indians even have soft corner for corrupt women) They are competing with corrupt men. Long live corrupt women power

Shirish Sadanand Shanbhag

1 year ago

In violation of Constitutional provisions in giving contract by inviting the E-tenders, Honouable Minister Pankaja Mundhe has awarded contract of chikki.
Even this contract was given without following any quality norms for the folld.
It is surprising that Honourable CM Devendra Fadnavis, didn't direct her to correect her mistake, by cancelling all the orders, and start everything a fresh, by adhering to all the rules of food quality and tender process.
A petiable condition of Maharashtra, that opposition MLA's instead of raising their voice in Assembly hall, thy are boycotting the assembly.
In the past, leaders from Maharashtra, like Late Barrister Nath Pai, could take Prime Minister Indira Gandhi to the task only with his speech, unsupported by any other MPs. Such types of MPs and MLAs and Corporators are not to be seen now a days. These leaders simply shout outside the assemply hall, with placards ask the ministers to resign.
If our ministers are really interested to serve the people, then even by their own writing to the Speaker, they can take the Ministers to the task. Opposition MLAs don't want to do that, since they are afraid, that ruling party may bring opposition leaders' scam out, may expose them in the court of law.

manoharlalsharma

1 year ago

whats 200 against 70,000 cr.? the people sitting either side asking to newly elected member this affectionate may be unknown to PROCEDURE or not consulted to an IAS officer & INNOCENT people can do do such mistakes but 70,000/CR?

jaideep shirali

1 year ago

This proves only one thing to citizens. Only the 'colour' has changed from white to saffron, the underlying criminality remains the same. Na khayenge, na khane denge, is an apt slogan here, the stuff is anyway dangerous to eat. The pradhan sevak's party is not here to clean up a 60 year mess, it is to make up opportunities lost in making money in these 60 years. Finally, we should have a ban on any serving or retired government servant in RTI related posts, their normal tendency is to protect the skeletons in the govt cupboard.

TIHARwale

1 year ago

Nothing surprising given the fact contractors know how to keep officials happy. Have we not seen the close association between Nitin Gadkari and Ajit Pawar, also Pankaja Munde is neice of Pramod Mahajan

Narendra Doshi

1 year ago

Cheers to Vinita, as usual, for this deep research. Am aghast at the vastness of the cheating. Do they have a soul?

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