Citizens' Issues
Mumbai hooch tragedy soars to 66
The overnight toll in the illicit liquor tragedy in a suburban bar here soared to 66 on Saturday morning with the death of 13 more people due to the poisonous brew, officials here said.
 
Another 31 victims are undergoing treatment in various hospitals, and the condition of at least a dozen is said to be critical.
 
Police on Friday cracked down on the law enforcers by suspending eight officials, including senior Police Inspector of Malwani police station, Prakash S. Patil, three officers and four constables, said Deputy Commissioner of Police Dhananjay Kulkarni, who is the police spokesperson.
 
So far, six people, including a woman, engaged in the bootlegging trade have been caught from various parts of the suburbs while three - Raju Hanumantha alias Langada, Donald Robert and Gautam Arde - were sent to police remand till June 26 on Friday.
 
Maharashtra Chief Minister Devendra Fadnavis has ordered an inquiry into the incident and sought a report within two days, an official spokesperson said here.
 
The victims are from very poor backgrounds, mostly living in Laxmi Nagar slums and employed as low-paying drivers and daily labourers. They had consumed the cheap country liquor at a bar in Rathodi village here on Wednesday night.
 
Mumbai Police Commissioner Rakesh Maria has sought a report on the incident from local DCP and ACP and ordered that the illicit liquor trade must be completely stopped.
 
This is the second biggest illicit hooch tragedy in Mumbai since December 23, 2004, when spurious liquour claimed 87 lives.

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Nifty, Sensex, Bank Nifty to move higher subject to dips - Friday Closing Report
Nifty has to remain above 8,170 for the upmove to continue
 
We had mentioned in Thursday’s report that the Nifty would continue to remain on an upmove. As expected, the Nifty remained on an upmove with its day’s low near the opening mark. Sensex, Nifty and Bank Nifty closed in the green.
 
 
Shares of Sun TV Network closed at Rs333.55, up 7.86% on Friday after attorney general (AG) Mukul Rohatgi supported grant of security clearance to 33 channels of the Kalanithi Maran-promoted firm. The AG has supported grant of security clearance, saying the corruption cases being investigated against the network’s promoter cannot be the ground to deny permission. The information and broadcasting ministry had recently approached the law ministry to seek the opinion of the top law officer on the issue after the ministry of home affairs (MHA) denied security clearance to the network. In his opinion, the attorney general has said security clearance can be granted as agencies are probing cases related to corruption, and not security. Hence, he added, corruption cases cannot be the ground to deny security clearance.
 
The country's largest lender State Bank of India today said it has launched SBI e-forex, an Internet-based platform that enables customers to book their foreign exchange transactions online. Dr Reddy’s Laboratories said it has concluded the acquisition of select portfolio of the established products business of UCB in India. Its shares closed at Rs3,379.50, up 0.15%.
 
According to media reports, the pendulum suddenly looks to be swinging the other way as far as the markets are concerned. A surprisingly good start to the monsoon, an increase in minimum support prices (MSP) that's not too extravagant and a favourable reading of Janet Yellen's US Federal Reserve statement—all that's led the markets to price in an interest rate cut. The rupee rose to its highest in more than a month.  Analysts add that stocks and bonds also rose after the government didn't announce a too-generous hike in MSP on Wednesday especially given the talk of agrarian distress, which augur well for the inflation outlook. Stripping off seasonal factors such as the monsoon, inflation could still be modest, paving the way for more interest rate cuts by the Reserve Bank of India. 
 
Engineering and construction major Larsen & Toubro (L&T) on Friday said it bagged orders worth Rs2,278 crore across business verticals in May and June. The company’s power transmission and distribution business won orders worth Rs1,258 crore in international markets, L&T said in a filing to BSE. The company’s share price closed at Rs1,719.15, up 0.33%.
 
Real estate firm DB Realty shares gained over 6% on Friday after the company informed BSE on June 18 that it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban Mumbai. ECC-DB-Konark joint venture is developing a residential project-'DB Skypark' near Terminal 2 of international airport in Andheri. The share price closed at Rs64.90, up 6.57%.
 
Shares of Amtek Auto rallied over 6%, after the clarifications of Castex Technologies that it has not defaulted in any payments. Amtek Auto holds 71.2% of Castex Technologies which produces auto parts for Amtek Auto. Shares of Amtek Auto closed at Rs141.95, up 6.21%.
 
Among BSE Sensex gainers, M&M closed at Rs1,308.50, up 4.53% and among losers, Tata Motors closed at Rs432.90, down 2.82%.
 
Among BSE 100 gainers, M & M Finance closed at Rs263.35, up 6.62% and among losers, HDIL closed at Rs88.55, down 3.12%.
 
Among Nifty stocks, the top gainer was M&M, which closed at Rs1,302.05, up 3.84% and the top loser was Tata Motors, which closed at Rs433.70, down 2.64%.
 
NASDAQ Composite closed at 5,132.95, up 1.34% and Dow Jones closed at 18,115.84, up 1%.
 
Among Asian indices, Nikkei closed at 20,174.24, up 0.92% and Hang Seng closed at 26,760.53, up 0.25%.
 
Among European indices, FTSE 100 was at 6,726, up 0.26% and Athex Composite Share Price Index was at 695, up 1.64%.
 
US index futures were trading in the green.

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Russia looking at India, Asia to beat Western sanctions: CII
The Russian government and the industry are looking at tie-ups with Indian and other Asian companies, according to a top industry representative.
 
According to Chandrajit Banerjee, director general of Confederation of Indian Industry (CII), with the US and Europe imposing sanctions on Russia because of the conflict in Ukraine, the companies at St Petersburg International Economic Forum (SPIEF 2015) have shown keen interest in doing business in India.
 
“I have had a lot of queries coming my way on the ‘Make in India’ plans, and Russian companies have indicated that they would be interested in manufacturing in India,” Banerjee told IANS after a few rounds of discussions with companies here.
 
He said the major interests shown are in the areas of energy, power and infrastructure. 
 
Banerjee said many top business leaders told him that they are keen to set up some kind of base in some of the Indian states which have been in the forefront of inviting investments.
 
A Russian company is in the final stages of negotiating an engineering manufacturing venture in Haryana, he added.
 
Banerjee said that a large deal is being worked out in the energy sector between two leading companies from Russia and India, but he did not name them.
 
The Indian company would possibly be Essar, which is being represented by its joint chairmen Shashi Ruia and Prashant Ruia here. 
 
The CII chief said details would be available once the companies are able to finalise the deal.
 
He said the defence sector in Russia is now keen on collaborating with Indian companies as the area is now open for private sector investments in India.
 
CII is leading a 30-member delegation to the SPIEF this year and it has participated in the event for the last nine years. 
 
Banerjee said he also saw keen interest being shown by companies from Malaysia, Indonesia, South Korea and Singapore, in the absence of any major representation from Western nations. The large Indian delegation to the forum, he said, has convinced the Russians that Indian companies are interested in doing business.
 
He said the Russians have also shown interest in looking for financing from other sources, including India, as the Western lending possibilities appear to be drying up because of the sanctions. He said the Exim bank of India representatives have had a round of fruitful talks with the Russian companies.
 
According to Banerjee, in the last one year, India has been able to put behind its “policy of ad hocism” and a fundamental change in the economic architecture is being put in place.
 
“We are on the right track and the systems are getting in place,” he said, adding that it may take some time for all the results to show. “Not everything is a quick fix.”
 
He said the Indian government has taken advantage of the “benign external environment” and is putting in place the policy changes required. “One serious challenge remains though - on the interest rate front. We would have liked changes to come in bold strokes, rather than the tinkering we have seen,” Banerjee said.
 
He was of the opinion that although demand was improving and the investment by companies would pick up, a lower interest rate regime would have triggered major flow of money into every sector. The Reserve Bank of India, which indirectly manages the broad interest rates, has taken steps in three tranches this year, resulting in a cut of about three-fourths of a percent in a key rate.
 
Banerjee said that on the taxation front the government has taken a “pragmatic approach” and the era of administrative harassment seems to be coming to an end. Even on the retrospective taxation, the government is not taking steps it could have. Corruption at top level is absent but that needs to reflect at the lower level.
 
He said that growth is not only the responsibility of the government, the industry too needs to respond by investment, adding he was sure that it would do so.

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