Companies & Sectors
MPs ask aviation minister to stop air fare cartelisation

Led by Bharatiya Janata Party (BJP) MP and chairman of parliamentary committee on energy Kirit Somaiya, the MPs expressed their concern over the conduct of airlines and asked the government to stop the arbitrary fare hike by Indigo, Jet Airways and others

 

A group of 20 members of parliament on Wednesday submitted a representations to Civil Aviation Minister Ashok Gajapati Raju to look the exploitation of passengers by the airlines.
 
Led by Bharatiya Janata Party (BJP) MP and chairman of parliamentary committee on energy Kirit Somaiya, the MPs expressed their concern over the conduct of airlines and asked the government to stop the arbitrary fare hike by Indigo, Jet Airways and others.
 
"As there is no proper forum, regularisation, redressal system, the air companies used the monopolistic atmosphere, go for cartelsation and exploit the air travellers," the MPs alleged in the representation.
 
In summer, Diwali and Christmas vacations fares are hiked in monopolistic manner, it added.
 
Somaiya told IANS that the minister has assured the MPs that he would try to find ways.

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Don't ill-treat elephants during festivities or otherwise, says SC

The court's ad interim order came on an application by Gauri Maulekhai seeking direction that elephants are not to be exhibited, paraded or used for performance in any religious festival, programme in Kerala unless the owner or person in charge of the animal obtains registration under the provisions of the Performing Animals (Registration) Rules, 2001

 

The Supreme Court on Wednesday asked owners of elephants that are used in festivals or religious activities to ensure that they are not treated with cruelty and any failure to treat them with care and concern including on the part of the organisers of such events would be deemed contempt of the court.
 
"As an ad interim measure, all the organizers, owners of the elephants and the festival coordination committee are directed to see that any elephant that is engaged in the performance of any festival activities or any activity relating to any festivity is not treated or meted with cruelty," said a bench of Justices Dipak Misra and Prafulla C. Pant in their order.
 
"If it is established before this court that an elephant has been meted with cruelty, the organizers, the Committee members and anyone involved with it shall be impleaded in this case and be proceeded for contempt," it said and directed the listing of matter on July 14 for further hearing.
 
The court's ad interim order came on an application by Gauri Maulekhai seeking direction that elephants are not to be exhibited, paraded or used for performance in any religious festival, programme in Kerala unless the owner or person in charge of the animal obtains registration under the provisions of the Performing Animals (Registration) Rules, 2001.
 
Senior counsel Siddarth Luthra who appeared for Maulekhi told the court that there is a statutory prohibition for engaging elephants for performance in any festival or any activity relating to any festivity. The Animal Welfare Board has supported the position taken by Luthra.
 
However, senior counsel Vaidyanathan, who appeared for the Festival Coordination Committee, told the court that there was no legal prohibition on employing elephants during religious functions. He sought time to address the court on this count.
 
The court adjourned the hearing on Wednesday as Solicitor General Ranjit Kumar had sought four weeks time to file a response to the application. 

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Nifty, Bank Nifty, Sensex recover – Wednesday closing report
Nifty to rise as long as the index stays above 8,100
 
We had mentioned in Tuesday’s closing report that although the indices witnessed a setback on Tuesday the chances of recovery of NSE’s CNX Nifty is high, as long as it stays above 8,000. The Nifty had an upbeat opening Wednesday, which was pulled up further to hit the day’s high. However, around 10.23am the index suddenly started collapsing and moved into the red. Later, it moved back into the green but stayed near yesterday’s close.  At around 12.51pm, the 50-stock benchmark gained momentum and reached near the day’s high. The index closed in the green covering up more than half of Tuesday’s loss.
 
The S&P BSE Sensex opened at 27,024 while Nifty opened at 8,182. Sensex moved to the low of 26,750 from the high of 27,300 while Nifty moved from the high of 8,255 to the low of 8,090. Sensex closed at 27,251 (up 374 points or 1.39%) and Nifty closed at 8,235 (up 109 points or 1.34%). Bank Nifty traded in the green for the entire session. It opened at 17,779 and moved from the low of 17,650 to the high of 18,128 and closed at 18,097 (up 469 points or 2.66%). NSE recorded a higher volume of 81.08 crore shares. India VIX rose 0.68% to close at 20.6850.
 
Easing of consumer price index (CPI) to a four-month low in April has created an anticipation of interest rate cut by Reserve Bank of India (RBI). Consumer price index (CPI)-based retail inflation eased to a four-month low of 4.87% in April from a revised 5.25% in March as prices of food items, vegetables and fruits turned cheaper. The government on Thursday will unveil data on inflation based on the wholesale price index (WPI) for April 2015.
 
Eight Indian companies, Bharat Forge, Bharti Infratel, Container Corp of India, Eicher Motors, Lupin, Marico, Shree Cement and UPL have been included in the MSCI India Index. Meanwhile, HSBC downgraded Indian stocks to "underweight" from "overweight", citing slowing earnings growth, little room for rate cuts and potential negative impact from an unusual weather due to El Nino.
 
Rating agency Moody's said monsoon and global financial volatility will pose additional risks to India's growth this year, but the GDP is likely to average around 7.5% over the next 18-24 months due to improvement in business environment induced by reforms.
 
The union cabinet on Wednesday cleared a proposal for 10% disinvestment in Indian Oil Corp and 5% in NTPC, which may fetch the government close to Rs13,500 crore at the current prices. The Cabinet also approved the new Benami Transaction (Prohibition) Bill, which aims at curbing the generation of domestic black money.
 
The government allowed developers to exit highway projects two years after they are completed, a move that will unlock investments worth Rs4,500 crore and provide renewed thrust to the sector, hopes the government.
 
The government also approved a new urea policy aiming to increase domestic production by two million tonnes and reduce its subsidy bill by over Rs4,800 crore annually, but decided not to raise retail prices.
 
Coming back to stock markets, United Spirits (10.56%) was the top gainer in ‘A’ group on the BSE. It closed at Rs3,600.40 on the BSE. Sobha Developers (5.50%) was the top loser in ‘A” group on the BSE. The stock closed at Rs385.05. It has posted weak March 2015 result.
 
Axis Bank (4.95%) was the top gainer in the Sensex 30 pack while Hindalco (2.91%) was the top loser. 
 
On Tuesday, US indices closed flat with negative bias.
 
Except for Shanghai Composite (0.58%) and Hang Seng (0.58%) all the other Asian indices closed in the green. Jakarta Composite (0.78%) was the top gainer.
 
Value-added industrial output in China rose 5.9% in April from a year earlier, accelerating from 5.6% growth in March, data from the National Bureau of Statistics showed today. Industrial output also increased 0.57% in April from March, when output rose 0.25% from February.
 
European indices were trading in the green. US Futures were trading marginally higher. The Bank of England cut its growth forecasts for the UK economy today but signalled it remains on course to lift its benchmark interest rate from its historic low in the middle of next year. The BOE said in its quarterly inflation report that it expects the UK economy will expand 2.5% in 2015 and 2.6% in 2016, compared with its February forecasts for growth of 2.9% this year and next.

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