Nation
Karnataka protests Cauvery water order with day-long shut-down
Karnataka is protesting the state government's release of Cauvery river water to Tamil Nadu, based on a Supreme Court directive, with a shut down on Friday.
 
The day-long protest is being spearheaded by as many as 500 pro-Kannada organisations, which represent sections including farmers, traders and businesses. Security has been stepped up and more forces have been deployed across the state.
 
Government offices will remain open, but public transport, including metro services, will not ply. Banks, shops, markets, malls, hotels, bars, pubs, eateries, restaurant, theatres and petrol bunks will also remain closed during the day, officials said.
 
Essential supplies, including milk and medicines, thought, have been exempted from the shutdown. Ambulances will be allowed to ferry patients to hospitals.
 
Bowing to the apex court's Monday order, the state began releasing 15,000 cusecs of water daily from early Wednesday from its reservoirs across the river basin for 10 days amid protests and demonstrations by farmers, traders and the youth in the Mysuru region.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  

 

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Flexi fare pricing on 'experimental basis', say Railway officials
The flexi fare pricing of railway tickets in three premium trains is on an "experimental basis", senior officials of the Railway Ministry said on Thursday, as political parties criticised the hike and demanded its roll back.
 
"Flexi fare pricing is on experimental basis," a senior official of the Ministry told IANS requesting anonymity. 
 
"We will check what is the impact of the flexi fare pricing in the Rajdhani, Shatabdi and Duranto express and then a decision would be taken after study of the impact on passengers," the official added.
 
The officer said that the three trains together ferry only about .6 per cent of the total 2.3 crore passengers that the Railways carries every day. 
 
"We run about 12,000 passenger trains everyday, but this flexi fare pricing is implemented only on 152 trains," the officer added. 
 
The officer also said the flexi pricing move was based on the travel experience of passengers on select trains that are highly patronised. "We couldn't have experimented it on any other trains as it would have affected a number of people," the official added.
 
"We could not have implemented it on the executive class too as the fares would have become comparable to air fares," the officer said.
 
The officer said that the surge pricing would also help stabilise the tatkal quota ticket prices, which earlier would be higher under the premium tatkal quota. 
 
The Railways on Wednesday announced to implement the flexi fare pricing on the Rajdhani, Shatabdi and Duranto express trains from September 9. 
 
According to the new fare system, the base fares of these trains will increase by 10 per cent with every 10 per cent of berths sold, subject to a prescribed ceiling limit.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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Nifty, Sensex still in a short-term uptrend – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex were still bullish. The major indices of the Indian stock markets made a minor rally on Thursday and closed with small gains of a little less than 0.50% over Wednesday’s close. The trends of the major indices in the course of Thursday’s gains are given in the table below:
 
 
Healthy quarterly results, consistent buying by foreign funds and a rise in global crude oil prices buoyed the Indian equity markets on Thursday. The key indices closed the day's trade in the green as healthy buying was witnessed in stocks of healthcare, automobile and consumer durables. However, gains were capped due to profit booking at higher levels and caution ahead of a key global financial event. The BSE market breadth was tilted in favour of the bulls -- with 1,608 advances and 1,151 declines. On the NSE, on Thursday, there were 905 advances, 552 declines and 68 unchanged.
 
ICICI Bank on Thursday became the first bank in India to deploy ‘software robots that emulate human action, in its over 200 business processes thereby reducing the response time to customers by up to 60%. "The bank is the first in the country and among few, globally, to deploy ‘software robotics' that emulates human actions to automate and perform repetitive, high volume and time consuming business tasks cutting across multiple applications," ICICI Bank said. "We have re-engineered over 200 business processes which are powered by software robots across various functions of the bank. We plan to more than double the software robots to over 500 by end of this fiscal," Chanda Kochhar, MD and CEO, ICICI Bank, said. This initiative marks a milestone in the banking innovation in the Indian banking industry as it joins a select group of overseas organisations which have deployed this unique state-of-the-art robotic technology in such a large way, Kochhar said. The innovation is likely to increase the lead of hi-tech private banks over public sector banks. The Bank Nifty rose 0.05% in Thursday’s trading.
 
US stocks closed mixed with the Nasdaq Composite Index refreshing previous day's closing record, as Wall Street digested the Federal Reserve's Beige Book. The Dow Jones Industrial Average on Wednesday fell 11.98 points, or 0.06%, to 18,526.14. The S&P 500 edged down 0.33 point, or 0.02%, to 2,186.15. The Nasdaq increased 8.02 points, or 0.15%, to 5,283.93. According to the Beige Book released in the afternoon, reports from the twelve Federal Reserve Districts suggest that national economic activity continued to expand at a modest pace on balance during the reporting period of July through late August. "Labour market conditions remained tight in most districts, with moderate payroll growth noted in general. Price increases remained slight overall," said the Beige Book. The Fed has been in focus recently, with investors pondering over when the US central bank will decide to raise interest rates. The Federal Open Market Committee, the Fed's monetary policy arm, is set to meet on September 20-21. On the economic front, the number of job openings increased to 5.9 million on the last business day of July, the US Labour Department reported on Wednesday.
 
State-run gas utility GAIL India (GAIL) on Wednesday posted 244 per cent jump in its net profit for the first quarter which ended in June at Rs 1,335 crore on the back of a turnaround in its petrochemical business and the stake sale in Mahanagar Gas. The company's net profit in the April-June quarter of 2015 was at Rs 388 crore, it said in a statement.  "GAIL's PAT excluding gain from stake sale in Mahanagar Gas Ltd is Rs 846 crore, signifying an increase by 118%," it said. Moreover, during the quarter, production and sales of GAIL's petrochemical business jumped 149% and 121% respectively, resulting in a revenue increase of 95% to Rs 1,133 crore. The profit in this segment stood at Rs 9 crore as against a loss of Rs 397 crore in the corresponding period of last year. Gail India shares closed at Rs388.90, down 1.92% on the BSE.
 
State-run explorer Oil and Natural Gas Corp (ONGC) on Wednesday posted a 21.14 per cent fall in net profit for the first quarter ended June at Rs 4,232 crore, as compared to Rs 5,386 crore in the same quarter a year ago caused by lower crude prices. The company's gross revenue for the quarter in consideration also fell by a similar 21.4% to Rs 17,784 crore, as compared to Rs 22,628 crore in the first quarter of the last fiscal. Operating income or EBITDA (earnings before interest, taxes, depreciation and amortization) during the quarter in question also fell, coming in at Rs 8,484 crore, as against Rs 10,636 crore in the same quarter last year. The shares of the company closed at Rs246.25, up 0.47% on the BSE. Among the index stocks, TCS fell sharply after it announced that business outlook of some of its major customers was muted. There was all-round buying of pharma stocks.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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