Kingfisher, Moser-Baer scrips to be shifted to restricted 'T' group

In a move that is part of a surveillance review to safeguard investors’ interest, BSE would shift 117 securities while NSE would transfer 48 stocks to the trade-for-trade or ‘T’ group

Both BSE and National Stock Exchange (NSE) will transfer scrips of several companies, including Kingfisher Airlines and Moser-Baer to the restricted trade category from 17th January.


The move is part of a surveillance review to safeguard investors’ interest, the exchanges said in a release.


BSE would shift 117 securities to the trade-for-trade or ‘T’ group, while NSE would transfer 48 stocks to this segment.


Only delivery-based transactions are allowed in this segment and traders can’t take intra-day positions.


Among stocks which would be shifted to the ‘T’ Group segment on both the bourses included Kingfisher Airlines, Moser-Baer (India) Ltd, Usha Martin Education & Solutions Ltd, Acropetal Technologies Ltd, Nagarjuna Oil Refinery Ltd and Omax Autos Ltd.


These scrips would be shifted to the trade-for-trade segment from 17th January.


Besides, NSE said as many as 231 stocks such as 3i Infotech, Emami Infrastructure, Hindustan Dorr-Oliver and Orchid Chemicals & Pharmaceuticals will continue to trade in the restricted segment.


As per the bourses, the move is part of the “surveillance review, with a view to ensure market safety and safeguard the interest of investors”.


The stock exchanges have advised trading members to take “adequate precaution” while trading in these scrips “as the settlement will be done on trade-to-trade basis and no netting off will be allowed”.


However, they added that the transfer of these securities for trading and settlement on a trade-to-trade basis “is purely on account of market surveillance and it should not be construed as an adverse action against the company concerned”.


These stocks will have a price band of 5% — the maximum permissible limit within which their share price can move in a trading session.


Inflation down, but RBI may wait till March for change in rates

According to Care Ratings, the RBI may contemplate a rate cut if the WPI and CPI figures continue to move downwards over the next two months

There finally seems to be some respite in the economy with the retail inflation for the month of December 2013, as measured by the consumer price index (CPI), sliding to 9.87% from its previous level of 11.24% in November. With the CPI inflation coming in at a lower level in December, Care Ratings said it reiterates its expectation of a lower figure for wholesale price index (WPI).


"The Reserve Bank of India (RBI) may contemplate a rate cut if the wholesale price index (WPI) and CPI figures continue to move downwards in the next two months. Hence, while no change is expected in RBI stance in January, they could reconsider their options in March if such a trend persists," the ratings agency said.


Rising food prices which was the major contributor towards high inflation figures is finally reversing trend with a decline in growth from 14.72% in November to 12.16% in December. The monthly movement of the overall CPI index shows a decrease reversing the upward trend it maintained since July 2013, recording its first single digit figure after three months, the ratings agency said in a report.



Care Ratings said, food and beverage witnessed the largest drop to 12.16% in December from 14.72% in November. It has been the driving factor behind the comparatively lower CPI figure for December.


Among the food articles, the vegetables basket recorded the steepest reduction in prices ending their upward streak at 38.76% as against 61.60% in November and 45.67% in October’13. Care Ratings said, "This was expected as the new vegetable crop had started coming in the month of December. Also, decline in vegetable prices has been the sole riding factor behind the significant fall in CPI inflation in December".


"While inflation in food and beverages has moderated positively," the ratings agency said, "the figures for fuel and light and clothing, bedding and footwear remain higher. Fuel prices can be expected to rise in the near future as well with prices of LPG and diesel being progressively aligned to market rates."


CAG says MNREGA execution delay cost Maharashtra Rs80 crore

The CAG said Maharashtra undertook projects that were not permissible under the MNREGA while delays in execution cost the state over Rs80 crore

Irregular expenditure and delay in execution of the Mahatma Gandhi National Rural Employment Guarantee (MNREGA) scheme in Maharashtra cost the state exchequer Rs81.47 crore.


According to the annual report of the Comptroller and Auditor General (CAG), works not permissible under the scheme were undertaken leading to irregular expenditure of Rs47.19 crore while due to delay in execution of work, a number of works were abandoned leading to another unfruitful expenditure of Rs34.28 crore.


The annual CAG report tabled in December said, project completion report was not accompanied by report of Vigilance and Monitoring Committee or photographs of completed work.


The CAG said there were delays in payment of wages and unemployment allowance. Also, differential in wages due to revision in wage rates too remained unpaid.


There were shortfalls in verifications and inspection works and conducting of social audit. The management information system database did not provide an assurance on its reliability, the report added.


The implementation of MGNREGA in the state was 'deficient' as eight of the nine test-checked districts did not prepare the District Perspective Plans (DPP) to facilitate advance planning for effective implementation of the scheme.


The annual development plans were also 'unrealistic' as the quantum of employment actually provided against the estimated demand was substantially down, the CAG noted.


The CAG has also found that in the Pradhan Mantri Gram Sadak Yojna, irregular price escalation amounting to Rs17.84 crore were allowed to contractors in respect of 61 works though none of the works were completed within the specified time limit in the contracts.


Also, item rates were revised during execution, leading to an irregular payment to the tune of Rs92.43 lakh to the contractor, the report said.


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