In a short span of just under two years, Moneylife Foundation has reached its first century of seminars and workshops. All members and volunteers are roaring to go for the next century
The Moneylife Foundation is on the verge of creating another record. This time, the Foundation is organising its 100th seminar on Tuesday with a much-in-demand talk on Wills & Nomination by well-known legal expert and chartered accountant Vimal Punmiya.
The Foundation was established in February 2010 by Debashis Basu and Sucheta Dalal, with a vision to be a catalyst in making investors and consumers better informed and to engage policymakers so that regulations, procedures provide a fair deal to investors and consumers. Sucheta Dalal, Founder-Trustee of Moneylife Foundation, says, "Our Mission is to help people who work hard, earn, save and still don't seem to have a say in the decisions that affect us, because we are neither a vote bank nor part of any vested interests."
In over a year and half, Moneylife Foundation has conducted 100 events. Some of the flagship seminars include, 'How to be safe and smart with your money' which is conducted by Ms Dalal and Mr Basu. That apart, the Foundation has held seminars on the Union Budget, mutual funds, financial scams, pensions, banking services, insurance, wills, m-commerce, real estate, credit cards, tax returns, how to deal with mis-selling by banks, credit bureaus, right to information and many others. While many of these have been done in Mumbai, the Foundation has also conducted seminars in Pune, Nashik, Kolkata, Gurgaon, Bangalore and Chennai.
Last year, while speaking at Moneylife Foundation’s first anniversary, Dr KC Chakrabarty, Deputy Governor, Reserve Bank of India, said,”It was a pleasure to have been a part of your first anniversary celebrations. Moneylife is doing an excellent job in financial literacy and also creating consumer awareness about financial markets, products and services, which is a challenging job. Keep it up!”
The Foundation had also published three Position Papers and several representations which were sent to policymakers in the relevant ministries. The first was on ‘Financial Issues Faced by Senior Citizens’ was prepared in consultation with several NGOs working on senior citizens’ issues. The second was on ‘Financial Issues Faced by Retail Investors’, which gives an insight into declining participation of retail investors. The third position paper was on Health Insurance Portability.
In addition, the Foundation has sent representation and memorandums to authorities and ministers. This includes a representation sent to the Prime Minister, the Finance Minister and RBI urging a ban on multi-level marketing (MLM) schemes andmemorandum on TDS sent to the FM and RBI and memorandum to BEST and Chief Minister of Maharashtra appealing to start air shuttle for Mumbai Airport.
Moneylife Foundation has tied up with DISHA Financial Counselling of ICICI Bank to spread financial literacy through workshops, besides creating forums for debt counselling. The effort aims at enhancing the overall financial health of consumers, especially those who are suffering from debt-related issues.
"The Foundation has an important date coming up in the New Year. Moneylife Foundation will be celebrating its second anniversary on 4 February 2012 with an interesting guest and programme," says Ms Dalal.
Moneylife Foundation spreads financial literacy through a free reading room of business books, workshops, counselling, grievance redressal, lectures by experts and inputs for effective policy-making. Membership to the Foundation is completely free with no hidden riders and thousands have benefited from its efforts.
The hike has been necessitated because IGL and other city gas firms were being forced to buy expensive imported LNG as supplies from Reliance Industries’ eastern offshore KG-D6 gas field have dried-up due to fall in output
New Delhi: The price of compressed natural gas (CNG) may be hiked by up to Rs2 per kg in the next few days as rupee devaluation has pushed up input cost, reports PTI.
City gas retailers including Indraprastha Gas, which supplies CNG to automobiles and piped cooking gas to households in the national capital, are likely to announce fuel price revision over the weekend, sources privy to the development said.
IGL had last raised CNG in Delhi by Rs2 to Rs32 per kg from 1st October.
Sources said the hike was necessitated because IGL and other city gas firms were being forced to buy expensive imported LNG as supplies from Reliance Industries’ eastern offshore KG-D6 gas field have dried-up due to fall in output.
Also, the rupee depreciation has made raw material—that is, natural gas from Reliance, state-owned GAIL and imported LNG—even costlier.
The rupee was at about Rs49.50 to a US dollar at the time of last price hike and it is today close to Rs53 to a US dollar.
The government has fixed the price of domestic gas produced by state-owned ONGC and RIL in US dollar terms and every time the rupee depreciates against the US currency, users end up paying more. Gas from both Reliance and ONGC is priced at $4.20 per million metric British thermal units (mmBtu).
IGL contracted 0.308 million standard cubic metres per day of gas from RIL, but following a 35% drop in KG-D6 output, supplies to city gas projects have been cut so that demand of priority power and fertiliser sector can be met.
Sources said companies like IGL and Mahanagar Gas in Mumbai are buying imported liquefied natural gas (LNG), which is priced at over $17 per mmBtu, to meet the shortfall.
IGL get up to 2.7 mmscmd of gas from domestic fields of Oil and Natural Gas Corporation (ONGC) and buys another 0.6 mmscmd as LNG.
Nifty has to close strongly above 4,800 for the upmove to continue. Support is at 4,665
The market closed near the high point of the day despite meagre institutional participation and little support from its Asian peers, most of which were closed for trade today. As expected, the Nifty closed in the positive, in spite of a low volume of 35.31 crore shares on the National Stock Exchange (NSE). The index is still in the range-bound zone with an upward bias. With the gains on 21st, 22nd December and today, the index has been able cover up more than five days of trading losses, beginning 14th December to 20th December and of 23 December 2011. The gains are happening with Nifty making higher highs and higher lows. For the upmove to continue the benchmark has to close strongly above 4800, else it may slip to the level of 4,665.
The market opened firm on the back of supportive global cues. US stocks closed higher on Friday, the fourth day in a row, on hopes that the improvement in the country’s economic data will boost growth. Tracking the US optimism, markets in Asia opened in the green this morning. The Nifty opened with a gain of four points at 4,718 and the Sensex resumed trade at 15,782, up 43 points over its previous close.
While the opening figure of the Nifty was its intraday low, the Sensex’s touched 15,761 at the day’s low. Brisk buying pushed the indices to a higher trajectory in the first hour after which the market remained sideways in subsequent trade.
The domestic market sustained its positive momentum in noon trade. Technology and IT sectors witnessed good buying interest; however, volumes were weak in the absence of institutional participation.
The market extended its gains into the late session with the benchmarks hitting their intraday high at around 3pm. At the highs, the Nifty touched 4,787 and the Sensex was within kissing distance of the 16,000 mark—at 15,998. The market closed a tad below those levels with the Nifty rising 65 points to 4,779 and the Sensex settling at 15,971, a surge of 232 points.
The advance-decline ratio on the NSE was 1100:584.
The broader indices underperformed the Sensex today as the BSE Mid-cap index gained 0.83% and the BSE Small-cap index climbed 0.98%.
Barring the BSE Healthcare index (down 0.04%), all other sectors ended in the positive. The top performers were BSE TECk (up 2.61%); BSE IT (up 2.39%); BSE Realty (up 1.59%); BSE Capital Goods (up 1.39%) and BSE Consumer Durables (up 1.34%).
The main gainers on the Sensex were Hero MotoCorp (up 4.75%); Bharti Airtel (up 4.31%); Tata Steel (up 3.01%); Infosys (up 2.91%) and Jaiprakash (up 2.89%). Cipla (down 0.64%); Maruti Suzuki (down 0.57%) and Hindalco Industries (down 0.53%) made up the declining stocks on the index.
Hero MotoCorp (up 4.86%); Bharti Airtel (up 4.51%); Reliance Communications (up 3.35%); Infosys (up 3.17%) and Tata Steel (up 3.01%) emerged as the top gainers on the Nifty. The main laggards were Axis Bank (down 1.24%); BPCL (down 1.09%); Maruti Suzuki (down 1.07%); Ranbaxy (down 1.02%) and Hindalco Ind (down 0.99%).
Most markets in Asia were closed for the Boxing Day holiday today. Of the ones that were open, the Chinese, South Korean and Taiwanese markets closed weak while Japanese stocks settled higher as the government on Saturday approved a $1.16 billion draft budget for the fiscal beginning 1st April.
The Shanghai Composite declined 0.67%, the Seoul Composite fell by 0.56% and the Taiwan Weighted slipped by 0.26%. Bucking the trend, the Nikkei 225 gained 1% in trade today. Markets in the US and Europe are closed for trade today.
Back home, foreign institutional investors were net buyers of equities worth Rs84.27 crore on Friday while domestic institutional investors were net sellers of stocks totalling Rs78.55 crore on the same day.
As it gets ready to take action against Reliance Industries (RIL) for dip in output at KG-D6 fields, the oil ministry has told a Parliamentary Committee that the Production Sharing Contract for the block does not provide for penalty in case of shortfall in production targets. RIL gained 1.73% to close at Rs759.30 on the NSE.
Apollo Tyres is expecting that the sales volume in 2011-12 to grow at the rate of 20%. The company is further expecting margins in October-December period to be healthier compared to July-September period. Higher production at the company’s Chennai plant is expected to boost the tyre major’s revenue growth. The stock declined 0.74% to end at Rs60 on the NSE.
Bangalore-based lender Vijaya Bank has decided to cut its processing fee on home loans by 50% under Home Utsav 2011 scheme. The stock gained 0.31% to close at Rs49.25 on the NSE.