Citizens' Issues
Indian Railways create new wing for housekeeping activities
To improve cleanliness onboard trains and stations, the Indian Railways on Tuesday announced the creation of an exclusive wing for integrated management of all housekeeping activities.
 
According to the railways, the new wing would manage all housekeeping activities onboard trains and at railway stations.
 
"This (wing) has been named as "Environment and Housekeeping Management Directorate". This (wing) was created after incorporating certain administrative and structural changes," a railways statement said.
 
The statement elaborated that the integrated housekeeping wing is being set up in all the 16 zonal railways. 
 
"In the first phase, the integrated housekeeping will be done in northern, south-central and southern railways. After its successful implementation, it will be further introduced in other zonal railways also," the statement said.
 
The move envisages the employment of professional housekeeping service providers to bring in latest technology and know-how into the sector. 
 
Currently, housekeeping activities are managed by three different departments of the Indian Railways. This had posed limitations in improving the standards of housekeeping. 
 
"The unification of the management of housekeeping activities will help in synergising the efforts, as well as inputs for achieving the best results in this regard," the statement said.

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Sahara stares at bleak future after RBI cancels its para-banking license

While the company has been in hot water for some time now, the development is being seen by both insiders and observers outside as a "major blow" to the company, whose chairman Subrata Roy 'Sahara' has been languishing in Tihar jail for more than a year now

 

The cancellation of Sahara India's para-banking license by the Reserve Bank of India (RBI) has sent the multi-million rupee conglomerate here into a tailspin.
 
While the company has been in hot water for some time now, the development is being seen by both insiders and observers outside as a "major blow" to the company, whose chairman Subrata Roy 'Sahara' has been languishing in Tihar jail for more than a year now.
 
While top sources in the company say this was coming for long and that they were "as such not very shocked at the development", they concede in private that the top management, which was "hoping against hope" to stay afloat, has been jolted by the decision of department of non-banking supervision to cancel the license of its holding company - Sahara India Financial Corporation Limited (SIFCL).
 
The company has been charged with not complying with earlier advisories and warnings of not overlooking the rules and regulations of financial transactions in the non-banking sector. "There are several irregularities which were pointed out from time to time but it looks like no one was listening at Sahara," said a top-ranking official. 
 
The notice cancelling its license to conduct financial business was sent to the Kapurthala headquarters of Sahara India earlier this week.
 
The move is being seen as the 'final nail' in the fortunes of the once-prospering company as SIFCL was its core wing from which money was collected through small time subscribers and then routed to other wings such as media, real estate and others.
 
Under the new order, Sahara India would be barred from any sort of financial transactions. The RBI had in 2008 barred the company from taking any deposits from the people under its chit fund operations. Many depositors had since then complained to the RBI that they were not being paid back their money by Sahara, following which the RBI orderd a probe.
 
A report of the investigations was sent to the RBI HQ in Mumbai last month after which the penal action of cancelling the license of SIFCL was taken. The cancellation could also leave in lurch thousands of small depositors who have put in the money with SIFCL for many years. 
 
The RBI has, however, said that anybody's whose payments are being denied by Sahara can make a written complaint to its Kanpur office.
 

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Nifty, Sensex will rally subject to dips - Tuesday closing report
Nifty has to stay above 7,650 for the rally to continue
 
We had mentioned last Friday that that Nifty, Sensex are within days of a sharp rally and yesterday that the market indices are deeply oversold and that it has to close above 7,600 for a pullback rally. As expected, there was a pullback rally and major indices in the Indian stock markets rose by more than 1.70%. A strengthening rupee, efforts to restart reforms and expectation of more rain, coupled with positive Asian market cues, propelled the market higher.
 
 
Prime Minister Narendra Modi on Tuesday met union ministers, corporate heads and economists to discuss global markets' turmoil sparked off by the Chinese economic slowdown and attendant opportunities for India.
 
"The general consensus (at the meeting) was that growth of emerging economies is all slowing down, except that we (India) are growing at 7%; so how can we take advantage of this opportunity (of the slowdown elsewhere)?" Confederation of Indian Industry president Sumit Mazumdar told reporters after the meeting. "Our economic foundations are strong; that is why we have not been affected by recent Chinese events. However, the prime minister told us that in this situation the industry also should show some risk-taking ability," he added.
 
Analysts pointed out that government's consultative efforts to understand the problems of India Inc at the time of global markets turmoil and positive Asian market cues boosted the Indian equity markets. The market's upward trajectory is being supported by the domestic retail and institutional investors, who have been investing in stocks, while the foreign portfolio investors (FPIs) are shipping-out funds.
 
In addition to the government's efforts, easing investors' anxiety was the Indian rupee gaining strength a day after falling to its lowest levels against the US dollar in over two years. The Indian rupee closed at 66.55 to a dollar, a gain of 27 paise from its previous close of 66.82 to a greenback. The rupee had touched an intra-day weakest point of 66.90.
 
The other factor that boosted investor confidence was the clarification given by the India Meteorological Department (IMD) that it had not lowered its long period average rainfall projections.
 
Sector-wise, healthy buying was observed by banking, capital goods, automobile, metal and oil and gas stocks. However, intense selling was observed in BSE's consumer goods, healthcare and fast moving consumer goods (FMCG) stocks. 
 
The S&P BSE banking index zoomed by 603.31 points, capital goods index rose by 345.59 points, automobile index gained by 225.80 points, metal index rose by 199.28 points and oil and gas index was higher by 86.55 points. The S&P BSE consumer durables index went down by 188.03 points, FMCG index fell by 60.18 points and healthcare index sank by 48.31 points.
 
Major Sensex gainers during Tuesday's trade were: Gail, up 6.48% at Rs.295.05; Tata Steel, up 5.97% at Rs.228.80; BHEL, up 5.60% at Rs.212.20; Axis Bank, up 5.13% at Rs.473.65; and ICICI Bank, up 4.75% at Rs.261.10.
 
The major Sensex losers were: Hindustan Unilever, down 2.15% at Rs.802.45; Bharti Airtel, down 0.09% at Rs.346.75; ITC, down 0.08% at Rs.313; and Infosys, down 0.03% at Rs.1,059.30.
 
The top gainers and top losers of the major indices in the Indian stock markets 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 10,346.17, up 2.29% and FTSE 100 was at 6,163.06, up 1.46% while S&P was trading 1952, 1.6% higher.

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