Citizens' Issues
Lucknow railway junction made wi-fi enabled

This service is being launched by the North Eastern Railways. The tariff for usage after the stipulated 30 minutes will be announced later in the day

 

The Lucknow junction in Uttar Pradesh would be wi-fi enabled from Saturday, railway officials said.
 
Passengers on the railway station will get wi-fi services free of charge for 30 minutes after which they would be charged, divisional railway manager Anoop Kumar said.
 
The facility, he added, would be available to people after they purchase platform tickets and in a 50 metre area in and around the railway station.
 
This service is being launched by the North Eastern Railways. The tariff for usage after the stipulated 30 minutes will be announced later in the day.
 
Lucknow is the parliamentary constituency of Union Home Minister Rajnath Singh. Earlier this year, Varanasi railway station and the 'ghats' (a flight of steps leading down to a river) along the Ganges river were also provided free wi-fi services. Varanasi is the parliamentary constituency of Prime Minister Narendra Modi.

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Neville Tuli-led Osian's group continues with new ventures amidst loan defaults
IDBI Bank is seeking to recover Rs59.2 crore from Neville Tuli and his one unit. Yet Tuli and his group are found launching new ventures amidst glitz and glamour, aka vintage cars and Bollywood
 
Just a few days back, IDBI Bank published a notice in a newspaper declaring Neville Tuli, promoter and personal guarantor of Osian's Connoisseurs of Art Pvt Ltd, and the company as defaulters. The notice stated that Tuli and his company together owed the bank Rs59.20 crore as on 1st March, and the Bank holds second charge on the offices of the company.
 
However, from the activities of the Tuli and his group of companies, it does not seem like they are particularly concerned about repaying their loans. Their office is located in the posh area of Nariman Point, and has been organising exclusive events over the past two months. On 24 January 2015, Osianama inaugurated a film ‘club’, titled ‘Cinefan’, with the premiere of Neeraj Pandey’s Akshay Kumar-starrer film, ‘Baby’. Not just that, the premier was followed by a masterclass for film enthusiasts and students, conducted by Neeraj Pandey and Anupam Kher, on the next day. 
 
Moreover, along with these inaugural events, the group also announced the launch of Osianama’s Vintage & Classic Automobile Club for vintage car enthusiasts. About a month later, on 21st February, the Automobile Club conducted its first event titled “Automotive Royalty & Patrimony: The Rolls-Royce and Peers”, which included display of beautiful and exclusive vintage cars from Rolls-Royces to Mercedes-Benz. The display was held at Liberty Cinema in Mumbai. 
 
This is just the beginning. Osianama has big plans for these two Clubs, and planning to launch more such clubs, open to membership, over the next few years. According to reports, the film club Cinefan plans to premieres of over 50 top quality films from India and the best of world cinema in its first year along with 12 major exhibitions. 
 
Other “clubs” that Osianama plans to launch include Antiquities and Fine Arts Appreciation; Books and Poetry; Photography; Architectural Heritage and Preservation; All Creatures Great and Small and Animal Welfare; Design, Craft and Popular Cultures, and Sporting Heritage.
 
Most of these cater to a primarily exclusive and elite audience. It is a wonder how Osian's Connoisseurs have managed to organise and plan so many activities, when they have over Rs59.2 crores of loans to repay. However, perhaps none of this should be surprising considering their track record. 
 
Earlier in April 2013, Securities and Exchange Board of India (SEBI) had asked Osian’s-Connoisseurs, which managed Osian's Art Fund, to wind up its existing collective investment scheme (CIS) and refund the money collected from investors – a massive sum Rs102.40 crore raised from investors, most of whom were High-Net worth Individuals (HNIs). 

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Nifty, Sensex may remain weak, subject to rallies – Weekly closing report

The short-term support for Nifty is around 8,550

 

The S&P BSE Sensex closed the week that ended on 13th March at 28,503 (down 946 points or 3.21%), while the NSE’s CNX Nifty closed at 8,648 (down 290 points or 3.24%). In the previous week, we had mentioned that Nifty, Sensex, Bank Nifty may move sideways.
 
In US, employers added 295,000 workers in February. The jobless rate dropped to 5.5% from 5.7% in January. This evoked the fear that the Federal Reserve may raise interest rates by June 2015, which played adversely on market sentiments all throughout the globe. On Monday, Nifty closed at 8,757 (down 181 points or 2.03%), its highest loss since 6 January 2015.
 
The weakness on the indices continued on Tuesday as well. Nifty closed at 8,712 (down 45 points or 0.51%). Data released by the Society of Indian Automobile Manufacturers (SIAM) showed that total sales of vehicles across categories registered a growth of 0.15% to 15.26 lakh units in February 2015 as against 15.24 lakh units same month last year.
 
On Wednesday, Nifty closed in the red for the third consecutive session. Nifty closed at 8,700 (down 12 points or 0.14%). Preliminary data released by Reserve Bank of India (RBI) on the country’s balance of payments showed current account deficit (CAD) narrowed to $8.2 billion or 1.6% GDP in Q3 (December 2014) from $10.1 billion or 2% of GDP in September quarter. However, on a year-on-year basis, the CAD rose sharply from $4.2 billion or 0.9% of GDP in Q3 December 2013. Life Insurance Corporation (LIC) signed an MoU with the Railway Ministry to invest Rs1.5 lakh crore in infrastructure projects over the next five years.
 
On Thursday, the gap up opening was followed by a range bound session. Near the end of the trading session, Nifty hit its day’s high and closed near it. Nifty closed at 8,776 (up 76 points or 0.87%). The IIP for January was reported at 2.6% versus 1.7% in December. CPI inflation for the month of February rose to 5.37%.
 
RBI said banks may reverse the excess provision on non-performing assets (NPAs) sold prior to 26 February 2014 to securitisation or reconstruction company to their profit and loss account, provided the sale is for a value higher than the net book value. The Rajya Sabha passed the Insurance Laws (Amendment) Bill, 2015, paving the way for increase in the limit for foreign investment in the insurance sector to 49% from 26%. On Friday, the Nifty opened high on this news but selling started immediately. The indices gradually declined and hit its lowest since 12 February 2015. Nifty closed at 8,648 (down 129 points or 1.46%).
 
To make doing business easier, the Ministry of Commerce & Industry has reduced the mandatory documents required for import and export of goods to three documents each. 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:
 
 

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