Nation
Kapil Sibal gets additional charge of law, Joshi gets railway portfolio

Prime minister Manmohan Singh has written to president Pranab Mukherjee recommending the changes, a day after Bansal and Kumar resigned in the wake of allegations of bribery and interfering with the CBI probe in the Coalgate scam

 
Telecom minister Kapil Sibal will get additional charge of the law ministry and road and transport minister CP Joshi the railway portfolio in the wake of resignations of incumbents Ashwani Kumar and Pawan Bansal, respectively.
 
Sibal and Joshi will be in charge of these portfolios in addition to their existing ministries of telecom and IT and road and transport respectively.
 
Prime minister Manmohan Singh has written to president Pranab Mukherjee recommending the changes, a day after Bansal and Kumar resigned in the wake of allegations of bribery and interfering with the CBI probe in the Coalgate scam, official sources said.
 
Joshi had earlier held temporary of railways last year after Trinamool Congress leader Mukul Roy resigned when his party quit the UPA coalition government.
 
The changes in the portfolios notwithstanding, there is speculation that there could be a re-shuffle of the Union council of ministers to fill up some vacancies caused by the DMK's exit from the government and placing new nominees in the departments being held as additional charge.

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Weekly Market Report: Will the Nifty, Sensex rise for the 5th week in a row?

Watch out for the previous week’s low to be violated before a downtrend starts. There is a lot of liquidity bringing in buyers on every dip

 
The Indian market closed higher this week, making it the fourth weekly close in the positive. Inflows from foreigners and supportive global cues aided the gains. Barring a negative close on Thursday, the market closed higher on the other four trading days of the week. Investors will focus on the headline inflation numbers, due on Monday, for fresh directions for the market.
 
The Sensex finished 507 points (2.59%) higher at 20,083, its best close since 28 January 2013. The Nifty settled at 6,095, a gain of 151 points (2.54%), its highest closing level since 4 January 2011. Watch out for the previous week’s low to be violated before a downtrend starts. There is a lot of liquidity bringing in buyers on every dip.
 
Gains in blue chips and IT stocks in late trade helped the market close higher on Monday. The benchmarks ended in the green on Tuesday after the Centre announced plans to divest 10% stake in Coal India. Strong quarterly earnings from leading mortgage lender HDFC and pharma major Lupin saw the market extending its gains for the third day.
 
The market snapped its three-day winning streak on Thursday as it settled lower on profit taking and unsupportive global cues. An uptick in industrial production growth for March helped the market close in the green on Friday.
 
BSE Fast Moving Consumer Goods and BSE Auto (up 4% each) were the top sectoral gainers. There were no losers in the week.
 
The top Sensex gainers were Tata Motors, Hindalco Industries (up 8% each), ITC (up 7%), Hero MotoCorp (up 6%) and TCS (up 5%). The losers were led by Coal India (down 6%), Sun Pharmaceutical Industries (down 5%), NTPC (down 3%), Jindal Steel & Power (down 2%) and Cipla (down 1%).
 
The top performers on the Nifty were Tata Motors, Hindalco Ind, IndusInd Bank (up 8% each), ITC (up 7%) and Hero MotoCorp (up 6%). Coal India (down 6%), Sun Pharma (down 5%), NTPC (down 3%), JSPL (down 2%) and Ranbaxy Laboratories (down 1%) were the noteworthy losers on the benchmark.
 
India’s industrial growth bounced back to 2.5% in March on better performance of manufacturing and power sectors coupled with higher output of capital goods. However, factory output, as measured in terms of Index of Industrial Production (IIP), grew by just 1% in 2012-13 compared to a growth of 2.9% in previous fiscal.
 
Indian services sector growth eased during April as new orders came in at a much slower pace. The HSBC Services Purchasing Managers’ Index fell to 50.7 in April 2013 from 51.4 in March 2013.
 
Car sales in India fell for the sixth month in a row in April, the longest stretch of decline since industry body SAIM started collating data in 1997-1998, as weak consumer sentiments, high interest costs and other macro-economic factors continued to hurt demand. 
 
Domestic passenger car sales declined by 10.43% to 1,50,789 units in April this year compared to 1,68,354 units in the same month of 2012. Motorcycle sales fell by 2.06% to 8,43,889 units from 8,61,608 units in the same month previous year. 
 
In international news, US indices closed higher for the third week in a row with the Dow and the S&P 500 closing at record highs boosted by positive earnings reports and as central banks across the world lowered key interest rates. Meanwhile, investors are eyeing the outcome of the meeting of finance ministers and central bank heads of the Group of Seven industrialised nations for announcements on new measures to support growth.
 

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Maharashtra consumer forum orders Vodafone to pay Rs25,000 to doctor

Dr Ashish Gala, a practitioner in suburban Mulund, had registered with Vodafone on the “Do not Call list”. Yet, he got calls from various companies following which he filed a complaint with the service provider on 30 August 2008

 
Holding Vodafone India guilty of deficiency in service, Maharashtra State Consumer Disputes Redressal Forum has upheld a lower court order which asked the private mobile service provider to pay Rs20,000 compensation and Rs5,000 costs to a doctor for failing to stop unsolicited commercial communications. 
 
“Vodafone had failed to discharge its obligation and acted with imperfection, shortcoming or inadequacy in the nature and manner of purpose, which is required to be maintained by it under the regulations,” observed SR Khanzode and Dhanraj Khamatkar in their order yesterday. 
 
“Thus, deficiency in service within the meaning of Section 2(1)(g) of the Act is well established as against Vodafone,” the forum members further said while dismissing an appeal filed by Vodofone against the consumer court judgement. 
 
Dr Ashish Gala, who practices in suburban Mulund, had registered with Vodafone on the “Do not Call list”. Yet, he got calls from various companies following which he filed a complaint with the service provider on 30 August 2008, saying Vodafone should have ensured that he did not get the calls. 
 
Vodafone argued that it was not deficient in service as under Telecom and Solicited Commercial Communications Regulations, 2007, there is no positive obligation on it to stop unsolicited commercial calls. 
 
In fact, Vodafone said, Telephone Regulatory Authority of India did not contemplate and acknowledges the fact that such communication or unsolicited communication calls cannot be stopped entirely. 
 
Vodafone further contended that as per explanatory memorandum issued to clause 16 of the Regulations, 15 days time is provided for a subscriber for making the complaint to his service provider in respect of unsolicited commercial communications. However, the complainant had failed to make any such complaint within a fortnight.
 

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mnatives

4 years ago

nice

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