Even before the Monsoons arrive in Mumbai, the flooded coastal roads are a warning shot for the municipal corporation-BMC
The sun is still out in full force, only a few dark clouds are visible, on their way North. Only a few pre-monsoon drizzles have yet fallen on Mumbai, barely giving respite from the sweltering heat. But familiar monsoon sights have already arrived.
Earlier on Thursday, coastal roads stretching from Mahim and Dadar upto Worli were flooded with water after a burgeoning high tide choked the drainage system. Roads were littered with plastic and garbage thrown back by the sea. According to the India Meteorological Deapartment (IMD), the high tide at 4.56 meters hit the shore at 11.30am and as per the forecast there would be a bigger high tide on Friday measuring close to 4.79 meters.
Like every year, the BMC promised a flood-free Monsoon, but this may render the claims hollow. Mumbai had suffered one of its worst flooding on 26 July 2005. This led the MCGM (Municipal Corporation of Greater Mumbai) to institute the BRIMSTOWAD (Brihanmumbai Storm Water Drains) project. This project was scheduled to complete in 2015 with a plan of setting of eight pumping stations. As of today only two of these eight stations have been set up and two more are in the pipeline.
It wouldn't come as a surprise to Mumbaikars that the project will miss its deadline and be another feather in the delays cap of the Municipal Corporation. Mumbai is still operating with colonial era drainage systems which are a disaster waiting to happen because of their sheer age.
(See more pictures below)
Nifty needs to stay above today’s low for avoiding further losses
On Thursday, the Indian market recovered almost all of Wednesday’s losses and tried to stay above yesterday's low. At the beginning of the session the market made an immediate plunge into red territory when it hit the day’s low but made a quick recovery and traded in a narrow range mostly above yesterday’s close.
The S&P BSE 30-share Sensex opened at 25,597 while the NSE Nifty opened at 7,641. After hitting a low of 25,410 and 7,594, both Sensex and Nifty recovered to reach a high of 25,611 and 7,658, respectively. Sensex closed at 25,576 (up 102 points or 0.40%) while Nifty closed at 7,650 (up 23 points or 0.30%). The NSE recorded a lower volume of 119.97 crore shares. India VIX fell 0.92% to close at 16.9025.
NTPC (1.33%) was among the top five gainers in the Sensex 30 pack. Recently, the joint venture company between NTPC and NPCIL, Anushakti Vidhyut Nigam, came in the news for being embroiled in legal problems. Under the law only government or its agencies can undertake activities in the atomic field.
Bharti Airtel (3.57%) was the top loser among the Sensex 30 stocks. Credit Suisse downgraded the stock to "underperform" from "neutral" and reduced the target price to Rs265 from Rs275. It is currently trading at Rs341.55 on the BSE.
Hindalco Industries (3.78%) was among the top six gainers in the ‘A’ group on the BSE. There was news that the company's US subsidiary Novelis successfully cast the first production-sized ingot at its aluminium recycling and casting center in Nachterstedt, Germany.
Suzlon Energy which was among the top two gainers in the ‘A’ group on the BSE yesterday was the top loser (4.98%) in the group today. Jaypee Infratech (4.95%) was among the top two losers in the group. Supreme Court refused the company's plea to direct the Noida Authority to grant completion certificates to its projects falling within a 10-km radius of the Okhla Bird Sanctuary. The decision has an immediate impact on at least 30,000 flats, and puts into doubt the fate of another 70,000 under-construction flats in the long term.
Markit Economics said India's industrial output in April rose to 3.4% from previous -0.5%, while manufacturing output increased to 2.6% in April from previous -1.2% over the year.
US indices closed in the red on Wednesday. The US posted a $130 billion budget deficit in May and the smallest shortfall for the first eight months of a fiscal year since 2008, as a stronger economy and rising employment bolstered revenue. The deficit last month was about $9 billion less than the $139 billion shortfall in May 2013, the Treasury Department said in Washington.
Except for NZSE 50 (0.31%) and Straits Times (0.09%) all the other Asian indices closed in the red. Jakarta Composite (0.76%) was the top loser.
European indices were trading marginally in the green. US Futures too were trading little higher.
Intel had filed an appeal with the EU’s General Court, arguing that the European Commission had not appropriately made its case in 2009 and imposed the 1.06 billion euros penalty
The European Union's (EU) General Court on Thursday upheld a record fine of 1.06 billion euros (about $1.44 billion) imposed five years ago on Intel by Europe’s top antitrust authority. The Court also rejected the appeal filed by the world’s largest computer chip maker against the ruling of European Commission's 2009 order.
Back in 2009, the European Commission imposed a fine of 1.06 billion euro on Intel, for having abused its dominant position on the market for x86 central processing units (CPUs). It was the highest single antitrust penalty that the authorities in Brussels have levied on a single company. Moreover, the Commission ordered Intel immediately to bring an end to that infringement in so far as it had not already done so.
In a statement, the Court said, “Intel attempted to conceal the anti-competitive nature of its practices and implemented a long-term comprehensive strategy to foreclose Advanced Micro Devices (AMD) from the strategically most important sales channels”.
“None of the arguments raised by Intel supports the conclusion that the fine imposed is disproportionate,” it said, noting that, in fact, the penalty was “at the lower end of the scale” at 4.15% cent of Intel’s annual turnover.
Intel still can appeal the case to Europe’s highest court, the European Court of Justice.