Twenty years after a builder in Mumbai failed to hand over the possession of two flats bought by a couple from Santa Cruz, the Maharashtra State Consumer Disputes Redressal Commission has ordered the developer, Pearl Builders, to pay the wife Rs4.18 lakh with a compensation of around Rs10 lakh and the husband Rs3.39 lakh with a compensation of around Rs8 lakh.
Eana and Shyamlal Teckchandani bought the two flats for Rs1.50 lakh each. After the developer failed to hand over the apartments to the Teckchandanis, they sent a letter, on 21 March 2000, asking for the possession. The couple alleged that the builder had created a third-party interest by selling it to another person. Aggrieved, they filed separate complaints with the Maharashtra State Consumer Disputes Redressal Commission on 19 July 2000.
A builder will have to pay a Chembur resident Rs23.8 lakh for not handing over possession of a 680-sq ft flat booked for Rs2.72 lakh in 1994. PK Constructions and its former partners will also have to pay the complainant, Lokeshwar Singh Kshatriya, compensation of around Rs6.5 lakh. Mr Kshatriya alleged that he learnt that, in April 2009, the builder had demolished the building where the flat was situated and so the possibility of getting the flat vanished. In 2010, he filed a complaint with the Maharashtra State Consumer Disputes Redressal Commission, praying for either possession of the flat in the same project or any other project undertaken by the builder. Alternatively, he claimed compensation of Rs23.8 lakh, the market value of the flat in 2010. The Commission directed both partners of the erstwhile firm to pay compensation to Mr Kshatriya.
If the Nifty stays above 5250 tomorrow, it may be the first sign that the downturn is temporarily over
On huge volumes of 78.13 crore shares on the National Stock Exchange (NSE), the Nifty managed to recover after hitting almost a 11-month low today. Around the globe, the news of US likely military action against Syria weighed heavily on the bourses.
The Sensex opened with a gap down of 117 points at 17,851 while the Nifty opened lower by 54 points at 5,233. In the morning session itself, the indices sank to its respective intraday low. Sensex hit its low at 17,449, which is the lowest since 6 September 2012, while the Nifty hit a low of 5,119, its lowest since 5 October 2012. Soon after this, the benchmark began its path to recovery amidst market buzz that Life Insurance Corporation of India (LIC) was buying shares helped the indices to recover most from its today’s losses. While at the close of the session, Sensex hit a high of 18,101.84 and closed marginally in the positive at 17,996 (up 28 points or 0.16%), while the Nifty hit a high of 5317.7 and closed marginally in the negative at 5,285 (down 2 points or 0.05%).
Among the other indices in NSE, the top gainers were IT (up 2.50%); Metal (up 1.57%); Pharma (up 1.18%); Auto (up 0.12%) and MNC (up 0.08%). The top five losers were Media (2.77%); PSE (2.41%); PSU Bank (2.30%); Finance (1.87%) and Bank Nifty (1.24%).
Of the 50 stocks on the Nifty, 24 ended in the black. The top gainers were Ranbaxy (9.94%); Cairn (5.23%); Jaiprakash Associates (4%); Tata Power (3.76%) and HCL Technologies (3.61%). The top losers were BPCL (8.14%); Punjab National Bank (6.14%); UltraTech Cement (5.91%); ONGC (5.51%) and Axis Bank (5.32%).
Gold prices zoomed to a record high of Rs34,500 per 10 gram, with the biggest ever single day surge of Rs2,500 in the opening trade in bullion market today amid the rupee hitting historic low of Rs68.75 per US dollar, which posted its biggest daily percentage fall in 18 years.
Data from the International Monetary Fund on Tuesday showed that central banks continued to add to their gold reserves.
BNP Paribas sharply cut India's GDP forecast to 3.7% for fiscal 2014 from 5.2% previously. The new forecast, if met, would mark India's lowest growth since 1992 fiscal. BNP also says that the economy could recover to 5.3% by fiscal 2015, as a weaker rupee should allow a recovery in industrial production and export growth while RBI should be able to reverse quantitative easing and eventually resume monetary easing.
Rating agency Standard & Poor's (S&P) today said that growth risks to domestically driven countries like India, Indonesia, China and Philippines are lower than more open and trade dependant economies like Singapore and Hong Kong. However, rising external financing risks can have negative repercussions on domestic growth for countries like India which have a high current account deficit, S&P said. These rising external financing risks can have negative repercussions on domestic growth through tighter financing constraints and lower confidence, which is what we witnessed recently in India and Indonesia, S&P said in a report.
Except for Jakarta Composite (up 1.48%) and Taiwan Weighted (up 0.05%) all the other Asian indices ended in the negative. The top loser was Hang Seng, which fell 1.60%. US indices fell sharply on Tuesday.
Geopolitical worries increased after media reports on Tuesday said that the White House plans to publicly release evidence as early as Thursday of how Syria's regime used chemical weapons against civilians. The Office of the Director of National Intelligence is assembling the report which is one of the final steps before the US commits to a military strike against Syrian government targets, media reports said. The UK, France and Turkey have all signaled they are willing to assist in a military strike, the report said.
US crude oil futures extended Tuesday's steep gains on worries that a potential military strike against Syria could disrupt the region's oil supplies.
Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled next month, with their focus squarely on the timing of tapering of Federal Reserve's bond purchases. The FOMC will hold a two-day policy meeting on 17-18 September 2013 to decide on interest rates in the United States. European indices were trading lower while the US Futures were trading flat.