Kalmadi restrained from going to London for Olympics

The Delhi HC said Kalmadi should not participate in the opening ceremony of the Olympics as his participation can cause embarrassment to the country

New Delhi: Suresh Kalmadi, the sacked chairman of Organising Committee for the CommonWealth Games was on Wednesday restrained by the Delhi High Court from going to London to attend the opening ceremony of the 2012 Olympic Games, saying that his participation can cause "embarassment" to the nation, reports PTI.
A bench of Acting Chief Justice AK Sikri and Justice Rajiv Sahai Endlaw also barred Kalmadi from leaving the country till 27th July.
In its order, the bench said, "From the national point of view, we have decided the matter and he should not participate in the opening ceremony of the Olympics.
"His participation can cause embarrassment to the country," the bench said, adding, "National interest is the prime concern." 
However, the bench left it to the International Association of Athletes Federation (IAAF) to decide his plea for attending its meeting after reading the court's order.
Kalmadi had made a plea that being the president of Asian Athletes Association (AAA) he was invited by the IAAF.
The court passed its order on a PIL filed by lawyer Rahul Mehra seeking to restrain Kalmadi from proceeding to London for the Olympics in view of the criminal cases pending against the Congress MP in connection with the 2010 Commonwealth Games.


Sensex, Nifty at a crucial juncture: Wednesday Closing Report

If the Nifty manages to close above 5,145 we may see the some gains. A close below today’s low would be a sign of big trouble


The market, which traded lower for the entire session, witnessed a smart recovery following a positive opening of the European indices and closed with minor losses. Yesterday we had mentioned that the Nifty may find its first support at 5,060. Today the index almost reached this level. If the benchmark manages to close above 5,145 we may see the some gains while a close below today’s low of 5,077 may bring about a strong decline. The National Stock Exchange (NSE) saw a volume of 59.17 crore shares.


The market witnessed a gap down opening tracking weak global cues. US markets settled lower overnight on unending Eurozone woes. The European imbroglio also hit markets across Asia, as a result of which they were in the red in morning trade. Back home, the Nifty opened 10 points lower at 5,118 and the Sensex started off at 16,899, down 19 points from its previous close.


The opening figures on both the benchmarks were also their intraday highs. Across-the-board selling saw the indices going further southwards in morning trade. Metal, consumer durables and auto were the worst performing sectors in trade.


Shares of companies which are excluded from futures & options (F&O) segment were under pressure with most of them trading lower on the National Stock Exchange (NSE). The NSE has decided to remove 51 securities from F&O segment as the exchange revised eligibility criteria for stocks, after Securities and Exchange Board of India (SEBI) tightened the criteria for stocks in the derivatives segment to “improve market integrity”.


Continuing its fall, the benchmarks touched the day’s lows in late morning trade. At this point the Nifty fell to 5,077 and the Sensex dropped to 16,767.


A positive opening of the key European indices helped the market regain some composure in noon trade. However, volatility associated with the July F&O expiry kept a tab on the gains.


The recovery in the second half of trade helped the indices close off their lows. The Nifty settled 19 points down at 5,110 and the Sensex finished at 16,846, a fall of 72 points.


The advance-decline ratio on the NSE was negative at 548:1075.


The broader indices underperformed the Sensex today, as the BSE Mid-cap index declined 0.76% and the BSE Small-cap index dropped 0.79%.


The sectoral gainers were BSE Fast Moving Consumer Goods (up 0.41%); BSE IT (up 0.28%) and BSE Healthcare (up 0.04%). The main losers were BSE Metal (down 2.03%); BSE Consumer Durables (down 1.70%); BSE Power (down 1.41%); BSE PSU and BSE Capital Goods (down 0.91% each).


The Sensex was led by ITC (up 1.64%); Sun Pharma (up 1.27%); GAIL India (up 0.41%); Cipla (up 0.40%) and TCS (up 0.31%). The key losers were Jindal Steel (down 4.33%); Hindustan Unilever (down 2.42%); Tata Steel (down 2.41%); Hindalco Industries (down 2.26%) and Bharti Airtel (down 2.26%).     


The top two A Group gainers on the BSE were— United Breweries (up 9.60%) and HCL Technologies (up 6.68%).

The top two A Group losers on the BSE were— Lanco Infratech (down 8.48%) and Torrent Power (down 6.81%).


The top two B Group gainers on the BSE were—Orissa Metals Development Company (up 20%) and 7Seas Technologies (up 20%).

The top two B Group losers on the BSE were—Koa Tools (down 12.50%) and Jagson Airlines (down 11.85%).


The top gainers on the Nifty were HCL Technologies (up 6.70%); Ambuja Cement (up 4.07%); DLF (up 1.69%); ITC (up 1.60%) and Sun Pharma (up 1.41%). Jindal Steel (down 4.54%); SAIL (down 3.66%); Reliance Infrastructure (down 2.99%); Tata Steel (down 2.72%) and Bharti Airtel (down 2.61%) settled at the bottom of the index.


Markets in Asia closed in the red as fresh concerns about Europe kept investor sentiments lower. An IMF report highlighting the slowdown in the Chinese economy also added to the woes.


The Shanghai Composite declined 0.49%; the Hang Seng fell 0.14%; the Nikkei 225 tanked 1.44%; the Straits Times slipped 0.25%; the Seoul Composite dropped 1.37% and the Taiwan Weighted settled 0.42% lower. On the other hand, the Jakarta Composite rose 0.22% and the KLSE Composite gained 0.15%.


At the time of writing, the main European indices were trading higher between 0.22% and 0.72% and the US stock futures were mixed.


Back home, foreign institutional investors were net sellers of shares totalling Rs252.91 crore on Tuesday while domestic institutional investors were net buyers of equities aggregating Rs39.22 crore.


The electronics division of BHEL has commissioned the 5-MW eco-friendly grid connected solar power plant at Shivanasamudram near Mandya in Karnataka. This is the largest solar PV power plant executed by BHEL for Karnataka Power Corporation (KPCL), the company said in a release today. The stock declined 0.78% to close at Rs216 on the NSE.


French firm Alstom today said its Indian arm, Alstom India, has bagged a nearly Rs344 crore contract from NTPC for the renovation of its Jhanor Gandhar gas-based power station in Gujarat. The contract envisages supply of gas turbine components to be delivered till the Indian port and the scope of services involves installation, testing, commissioning and conducting guarantee test of the gas turbines after replacement of the components. The stock rose 0.01% to close at Rs380.20 on the NSE.


Downstream regulator Petroleum & Natural Gas Regulatory Board (PNGRB) has filed a Special Leave Petition challenging the Delhi High Court order of 1st June over the regulator’s row with Indraprastha Gas (IGL). The stock gained 0.41% to close at Rs234 on the NSE.



Moneylife FAQs

What do I do if I forgot my password?

To access your password, enter your e-mail address in the box below and click "Submit." You will get an e-mail with further instructions. Note: If you do not receive that e-mail, please confirm that you used the correct e-mail address associated with your Member account. If you require additional assistance, please contact our customer service. 
How do I change my password?
You can change your password in the My Profile section. You will need to enter a new password in the Choose a Password box and then re-type that password in the Re-enter your password box. Once you've done this, click Update at the bottom of the page.
Please note: You will need to be logged in to access My Profile.
What do I do if I forgot my email address?
If you have created a display name, you should be able to log in using your username. You will then be able to access your email address in the My Profile section.
Please note: You have to be logged in to access My Profile.
If you do not have a display name, unfortunately there is nothing that can be done to retrieve the email address you used to create your Moneylife account. You will need to create a new Moneylife account.
How do I change my email address?
You can change your email address in the My Profile section. You will need to enter a new email address in the Email address box, then click Update at the bottom of the page. You will receive an email confirming the email address change.
Please note: You will need to be logged in to access My Profile.
What do I do if I forgot my display name?
You can log-in using the email address you used to create your Moneylife account. Once you are logged in, you will be able to see your display name in the upper right corner of all Moneylife & Moneylife Group pages.
How do I change my display name?
We're sorry, but at this time it is not possible to change your display name.
How can I best view Moneylife site?
Browser Information
To utilize all of the features on and to optimize your browsing experience, we recommend that you use one of these supported browsers: 
• IE8 on Windows XP, Windows Vista or Windows 7
• Firefox 3.6 or higher on Windows XP, Windows Vista or Windows 7
We recognize that some users may attempt to access using browsers other than those listed above. Please note that some of the site’s legacy features or newly developed features may not be fully supported or operational when accessing the site through browsers for which the site is not optimized.
• For Microsoft Internet Explorer (IE) , select “Tools” from the Menu and then select “Internet Options.” From the resulting tabs, select “Privacy.” From the Privacy tab, you can choose the “Sites” button. From there enter into the “Address of web site” field and click the “Allow” button. This will configure the browser to accept all cookies from the domain. 
• For Firefox, select “Tools” from the Menu and then select “Options.” In the “Privacy” tab, check to make sure the boxes “Accept cookies from sites” and the “Accept third party cookies” are checked.
• For Safari, select “Safari” from the menu and choose “Preferences.” From the popup window, choose the Security icon. Under “Accept Cookies,” select “Only from sites you navigate to.” Close the window and save the settings.
Moneylife’s high standards extend to our Web site.’s Privacy Policy and Subscriber Agreement ensure that your confidentiality and privacy rights are diligently protected.
You must be logged in to post comments. To add a comment, scroll to the bottom of a story and type your comment in the text box. Use the toolbar to format your text, if desired. You can also add links to other sites or stories. Once your comment is ready to release, click Post.
Note: Moneylife reserves the right to remove any comment that does not comply with our Terms of Use.
Click a member’s display name to view the member’s Profile page. It contains information about that member, including recommendations and comments posted within the Community.
Can I hide my comments from public view?
Can I report abuse of the comments feature?
Yes. If you see comments that are offensive or spam-related, use the Report commentlink next to the comment to let us know. 
To email an article to a friend, first navigate to an article you would like to send. At the top of the story, click on the Email icon. On the resulting page: 
• Enter your email address
• Choose a delivery format (HTML or text)
Please note: Your email address, and that of your recipient, will be used only in the case of transmission errors and to let the recipient know who sent the story. The information will not be used for any other purpose.



We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)