Citizens' Issues
Mumbai Metro: HC to hear MMRDA appeal on rail fares on Monday

MMRDA has challenged the order of a single-judge bench which ruled that the State government agency had no right to decide the fare of the Mumbai Metro

The Mumbai Metropolitan Regional Development Authority (MMRDA) has challenged in the Bombay High Court an order of its single-judge bench holding that the State government agency had no right to decide the fare of the Mumbai Metro rail which connects Versova in the west to Ghatkopar in the east.


The appeal filed by MMRDA, a state agency, is likely to come up for hearing on 7th July before a bench headed by Chief Justice Mohit Shah.


Last week on 24th June, Justice RD Dhanuka had rejected MMRDA’s petition challenging the fares for Mumbai Metro.


MMRDA had pleaded that a minimum fare of Rs9 and maximum fare of Rs13 should be charged for the rail corridor as per the agreement between the parties, while the operator – Mumbai Metro One Private Ltd (MMOPL) – announced higher fares ranging between Rs10 to Rs40.


Justice Dhanuka, in his order, had also asked the government to direct the fare fixation committee (FFC) to expeditiously fix the tariff of the 11.4-km rail corridor.


According to MMRDA, the fares had been decided collectively by all the stake-holders earlier and Reliance Infra, the majority shareholder in MMOPL cannot change them unilaterally without following a due procedure.


Maharashtra asked to declare construction policy for banks of rivers

Vanashakti, an NGO had filed the petition asking for a direction to the state to prohibit construction within 100 metres of flood level of all rivers, lakes, creeks and 50 metres of tributaries

The Bombay High Court has asked Maharashtra Government to file an affidavit within three weeks declaring its policy on allowing constructions along the banks of rivers, lakes, creeks and tributaries.


The order was given by a bench headed by justices VM Kanade and PD Kode while admitting a public interest litigation (PIL) filed by Vanashakti, a non-governmental organisation (NGO), asking for a direction to the state to prohibit construction within 100 metres of flood level of all rivers, lakes, creeks and 50 metres of tributaries.


Irreparable damage is caused to the environment by creating hindrances on the banks of natural resources such as rivers, lakes, creeks and tributaries by constructing walls or barriers by housing projects, the PIL alleged.


Referring to a Government notification, the PIL said that as of now there is a ban only on industries from 500 metres to eight kms on either side of rivers. The PIL urged that policy should be changed and this ban should also extend to residential and commercial projects.


The PIL further alleged that a wall running up to two kms had been constructed by a housing project along the banks of river Ulhas, near Dombivali, resulting in changing the course of flood waters of the river. In doing so, many areas have become flood-prone, it said.


The petition said that if such constructions are allowed to continue along the river banks, the lives and properties of the local people would be endangered. Also, there would be no check on sewage going from these projects into the river, the PIL alleged.


Is the Sensex, Nifty headed for a fall?

Nifty will take a big beating if the Budget disappoints

The S&P BSE 30-share Sensex closed the week that ended on 4th July at 25,962 (up 862 points or 3.43%), while the NSE’s 50-share CNX Nifty closed at 7,752 (up 243 points or 3.23%) for the week. Next week the union budget will be presented. A lot of expectations have been built around the budget. If the budget disappoints, we could see a big correction.

The indices witnessed a huge gain on Monday after the positive news from the US and the higher closing of the Asian indices. Nifty closed at 7,611 (up 103 points or 1.37%). The number of Americans seeking unemployment benefits declined last week, the latest evidence that a sharp economic slowdown earlier this year hasn't caused employers to cut jobs. Back home, the PSU banks were in focus with the news that the government is likely to take a decision on a proposal to create a holding company structure for public sector banks before the budget.

The market continued to rise on Tuesday as well. A survey from Markit Economics showed that growth in the Indian manufacturing sector was maintained in June 2014. Adjusted for seasonal variations, the seasonally adjusted HSBC India Purchasing Managers' Index rose marginally to 51.5 in June from 51.4 in May. Manufacturing production rose for the eighth successive month in June 2014. Nifty closed at 7,635 (up 23 points or 0.31%).

With the fourth day of the consecutive gain Nifty closed at 7,725 (up 91 points or 1.18%) on Wednesday. Finance minister Arun Jaitely said that the fiscal deficit target may be revised for the current fiscal to 4.42% up from the earlier 4.10% set by the earlier government.

On Thursday after hitting a new life time high, the Sensex stopped trading for more than 3 hours due to network outage. The seasonally-adjusted HSBC Services Business Activity Index edged up to a 17-month high of 54.4 in June 2014, from 50.2 in May 2014. Nifty closed at 7,715 (down 10 points or 0.13%).

The Cabinet Committee on Economic Affairs (CCEA) has approved the inclusion of onion and potato under the purview of stock holding limits under the Essential Commodities Act, 1955. This will empower the State Governments to undertake de-hoarding operations and control the prices of onions and potatoes.

Friday was the third consecutive day of the Nifty hitting its new high. The Nifty closed at 7,752 (up 37 points or 0.48%). Finance Minister Arun Jaitley said there is "no panic situation" but asked the states to take measures to crack down on hoarding and black marketing to rein in prices.

For the week, all the other indices on the NSE closed in the positive, the top two performers were Auto (6%) and Pharma (5%).

 Among the Nifty stocks, the top five stocks for the week were Tata Motors (9%); Hindalco (8%); Maruti Suzuki (8%); BHEL (8%) and Sun Pharma (7%) while the top five losers were Hero MotoCorp (1%); United Spirits (1%); Grasim (1%); Tech Mahindra (0.46%) and Bajaj Auto (0.43%).

Of the 1,475 companies on the NSE, 1,101 companies closed in the green, 344 companies closed in the red while 30 companies closed flat.

 Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:

ML Top sector


ML Worst sector


Auto Components




Consumer Durables


Software & IT Services




Lifestyle & Leisure








Real Estate





vivian clement

2 years ago

The indian markets are overbought and the valuations are high , been a nascent investor ( 5-6 yrs in the markets) I believe this . But everyone is been fooled into buying in these soaring levels. Is this a bubble or a bull market ???

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