Moneylife Foundation invited Advocate Bapoo Malcolm explain to a packed house of over 80 attendants the practical aspects of preparing a will. Over the course of the interactive two-hour session, which mostly consisted of participants asking a string of questions, Mr Malcolm covered privileged, holographic and joint wills, registration, litigation possibilities, executors and intestate problems
If the Nifty closes above 5,550, it will attempt a short rally. A weekly close above 5,635 is needed for a longer rally to unfold
The market closed in the negative for the second week in a row on not-so-impressive economic indicators which raised concerns of the pace of growth and weak quarterly numbers from IT major Infosys. Investors were worried that the dismal showing by Infosys would impact other IT majors, which are expected to announce their fourth quarter numbers next week. Headline inflation numbers, due on Monday, and quarterly results from corporates would be the focus for the next week.
The BSE Sensex finished the week 208 points (1.13%) down at 18,243 and the Nifty settled 25 points (0.44%) lower at 5,529. The market may try to bounce back. If the Nifty closes above 5,550, it will attempt a short rally. A weekly close above 5,635 is needed for a longer rally to unfold.
Continuing its decline from the previous week, the market settled marginally lower on Monday on concerns about the economy. The market pared early gains and settled around 1% lower on Tuesday on a sell-off by foreign institutional investors. Gains in technology, banking and capital goods stocks helped the benchmarks close higher on Wednesday.
Support from the global markets saw the domestic indices closing higher on Thursday. The market closed lower on Friday on a sell-off in IT and technology shares following a weak showing by Infosys and on weak economic indicators.
BSE Bankex (up 3%) and BSE Auto (up 2%) were the top sectoral gainers while BSE IT (down 10%) and BSE TECk (down 8%) were the biggest losers in the week.
Tata Motors (up 8%), Cipla, ICICI Bank (up 5% each), HDFC Bank (up 4%) and Hindalco Industries (up 2%) were the key gainers on the Sensex. The losers were led by Infosys (down 20%), Wipro (down 16%), Tata Steel, Coal India (down 3% each) and Jindal Steel & Power (down 2%).
The top performers on the Nifty were Jaiprakash Associates (up 10%), Tata Motors (up 8%), Ambuja Cements, Lupin (up 7% each) and DLF (up 6%). The main losers on the index were Infosys (down 20%), Tata Steel, Coal India (down 3% each), JSPL and Asian Paints (down 2% each).
India’s industrial growth slipped to 0.6% in February 2013 mainly on account of contraction in power generation and mining output and poor performance of manufacturing sector. Factory output, as measured by the Index of Industrial Production (IIP), had grown by 4.3% in February last year.
Retail inflation declined to 10.39% in March, snapping a five-month rising trend, on the back of a fall in prices of vegetables and protein-based items. It, however, continued to remain in double digit terrain for the fourth consecutive month in March. Retail inflation in urban areas declined to 10.38% in March while CPI for the rural population fell to 10.33% during the month.
IT services major Infosys tumbled over 20% on Friday after the company forecast a tepid 6% to 10% growth in revenue in both rupee terms and dollar terms for the year ending 31 March 2014. The revenue guidance is lower than industry body Nasscom's projection of 12% to 14% growth in IT exports in the current fiscal year.
On the global front, Eurozone finance ministers, at a meeting held in Dublin on Friday, finalised a 10 billion euro bailout for Cyprus. The package consists of 9 billion euros from the European Stability Mechanism (ESM) and 1 billion euros from the International Monetary Fund. Cyprus is the first bailout to be dealt with exclusively by the ESM, the EU's permanent bailout fund.
A seven-year-old girl in Beijing has been infected with H7N9 bird flu, the state-run news agency Xinhua reported Saturday, the first confirmed case in the Chinese capital. Until the announcement all 43 previous human cases of the H7N9 outbreak, 11 of which had been fatal, had been confined to eastern China.
After the “preliminary hearing” today, the Securities and Appellate Tribunal posted the matter to 20th April as the counsel for Sahara Group sought adjournment due to medical reasons
The Securities Appellate Tribunal (SAT) today adjourned to 20th April its hearing on Subrata Roy's plea against market regulator Securities and Exchange Board of India’s (SEBI) attachment order of his bank accounts and other assets, along with those of two group firms and their top executives.
After taking up the petition for its “preliminary hearing”, the SAT posted the matter to 20th April as the counsel for Sahara Group sought adjournment due to medical reasons.
The matter relates to the case involving a refund of over Rs24,000 crore raised through “various illegalities” by two Sahara companies.
Four petitions have been filed against SEBI, namely by Sahara chief Subrata Roy himself, Sahara Housing Investment Corp (SHICL), Sahara India Real Estate Corp (SIRECL), and Ashok Roy Chaudhary and others.
The petitions have challenged SEBI's 13th February order attaching bank accounts, investments and other assets of the two companies and their four top executives, including Roy, to eventually sell them for recovering required funds for the investor refund as per a Supreme Court order.
Roy had first approached SAT against SEBI's attachment orders in February, followed by pleas filed by other entities.
The Tribunal last heard the matter on 26th March, when it decided to proceed further on all the petitions together.
Incidentally, SEBI passed another order in this case on 26th March, hours after SAT's last hearing of Sahara plea.
In its 26th March order, SEBI summoned Roy and three other top executives for personal appearance on 10th April after submitting details of their personal and company assets to ascertain terms for the sale of those assets.
Roy and others appeared before SEBI's whole-time member Prashant Saran at the market regulator's headquarters on 10th April, wherein they were asked about their asset details.
As per a Supreme Court order, SEBI has been asked to facilitate the refund of more than Rs24,000 crore to over three crore bondholders after verifying their genuineness.
After expiry of the court-set deadline for the refund, SEBI had issued attachment orders.
Sahara has questioned SEBI's action for attaching Roy's property, saying that neither he was issued a show-cause notice nor did SEBI follow procedure of securing an enabling order from a judicial magistrate.