Nation
Najma Heptulla, Siddeshwara resign as Union ministers, Naqvi promoted
Minority Affairs Minister Najma Heptulla and Minister of State for Heavy Industries G.M. Siddeshwara put in their papers on Tuesday and President Pranab Mukherjee has accepted their resignations.
 
Union Minister Mukhtar Abbas Naqvi, who was Heptulla's deputy, was promoted and given independent charge of the Ministry of Minority Affairs.
 
"The President of India, as advised by the Prime Minister, has accepted the resignation of Najma A. Heptulla and G.M. Siddeshwara," a Rashtrapati Bhawan communique said.
 
Minister of State for Urban Development and Housing and Urban Poverty Alleviation Babul Supriyo has been relieved of his present charge and given the portfolio held by Siddeshwara. 
 
The resignations and new appointments come a week after Prime Minister Narendra Modi reshuffled and expanded his Council of Ministers by inducting 19 new ministers and elevating one to cabinet rank.
 
Heptulla, 76, had to resign on age grounds as BJP had recently fixed maximum age for ministers at 75.
 
Earlier, in Madhya Pradesh, two senior ministers Babulal Gaur and Sartaj Singh (both above 75) were forced to resign from Shivraj Singh Chouhan cabinet.
 
Citing the same criteria, Heptulla was also asked to go, BJP sources said.
 
Gaur (Home) and Singh (Public Works Department) had tendered their resignations on directive from the Bharatiya Janata Party central leadership. Gaur is 86 years old while Sartaj Singh is 76.
 
However, Heptulla in a statement said that she has resigned "due to personal reasons".
 
"I am extremely thankful to the Prime Minister for giving me the opportunity and honour to be in his Cabinet, where I gained a lot of experience and I have tried to fulfill his expectation towards 'Sabka Saath Sabka Vikas'," she said.
 
"I will always be available for any responsibility given to me in future. I have resigned from my post due to personal reasons," she added. 
 
Siddeshwara was spared and not dropped from the Council of Ministers on July 5 when Modi reshuffled his team as he had requested for more time in view of his birthday which incidently was the same date (July 5).
 
The five minister who were dropped on July 5 were: Sanwar Lal Jat (Water Resources), Nihalchand (Panchayati Raj), Ram Shankar Katheria (HRD), Mansukh Bhai Vasava (Tribal Affairs), and Mohanbhai Kundaria (Agriculture).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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FTIL founder Jignesh Shah arrested by ED
The Enforcement Directorate (ED) arrested Financial Technologies India (FTIL) founder Jignesh Shah under the Prevention of Money Laundering Act (PMLA), an official said here late on Tuesday.
 
Shah was arrested late on Tuesday as he refused to cooperate in the investigations after he was grilled all day.
 
He will be produced before the Special PMLA Court on Wednesday, ED sources said.
 
The ED claims to have clinching evidences of money laundering against Shah and will seek his custody, the sources said.
 
The ED had lodged criminal cases against the National Spot Exchange Ltd and 67 others in 2013 under the PMLA for alleged money-laundering of over Rs 3,700 crore.
 
In its chargesheet filed early last year, the ED had detailed the criminal conspiracy by the officials of NSEL which led to the cheating of around 13,000 depositors.
 
Commenting on the developments, BJP MP Kirit Somaiya said he would ensure the case is taken to its logical end.
 
Shah was earlier arrested in August 2014 by the Mumbai Police Economic Offences Wing and later released on bail.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Nifty, Sensex momentum continues to be up – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex momentum is up, but the market is overbought. The major indices of the Indian stock markets continued their upward move and closed with healthy gains over Monday’s close. Trading volumes were also high in the NSE. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Positive global cues, combined with short covering and healthy monsoon rains, buoyed the Indian equity markets to new intra-day highs in the last 11 months on Tuesday. Consequently, the key indices traded on a higher note during the late-afternoon session, as healthy buying was witnessed in banking, metal and consumer durables stocks. However, the BSE market breadth was tilted in favour of the bears -- with 1,519 declines and 1,243 advances. Initially on Tuesday, the indices opened on a firm note in sync with their Asian peers, especially the Japanese markets. Healthy progress of the monsoon season and expectations of further economic reforms enhanced investors' risk-taking appetite. However, gains were capped due to profit booking at higher levels and uncertainties over upcoming macro-economic data like factory output -- Index of Industrial Production (IIP) -- for May and inflation figures for June. Market analysts observed that pharma sector stocks were facing resistance at higher levels due to profit booking. Most auto sector stocks were trading firm on lower levels of buying.
 
Coal India Board approved a buyback of over 10 crore shares at a price of Rs335 per share for an aggregate consideration not exceeding Rs3,650 crore, the company said on Tuesday. The buyback offer is, however, subject to approval from shareholders and other regulators and government authorities. "The Board of Directors of Coal India Limited (CIL) at its meeting held on Monday has subjected to the approval of the shareholders of the company by way of special resolution through postal ballot and subject to approvals of statutory, regulatory or governmental authorities as may be required under applicable laws, approved the buyback of not exceeding 10,89,55,223 equity shares of the company," the board said in a filing to Bombay Stock Exchange on Tuesday. According to the company, the offer will not exceed 25% of the aggregate fully paid-up share capital and free reserves of the company as per audited accounts for the financial year ended 31 March 2016. Government holding in the company was at 79.65% as on 31 March 2016. Coal India shares closed at Rs316.85, down 1.14% on the BSE.
 
The US dollar climbed against the Japanese yen on Monday as investors raised expectations for further fiscal stimulus in Japan after Japanese Prime Minister Shinzo Abe's ruling coalition won the local elections. On Sunday, Japan's ruling coalition won a landslide victory in upper house elections. Analysts thought that this makes it likelier that Abe will be able to push through further monetary easing measures. The greenback added 2.24% against the yen on Monday in late trading, the biggest one-day gains since April. Moreover, investors were still digesting the newly-released nonfarm payroll report. Total nonfarm payroll employment increased by 287,000 in June, beating market consensus of a 175,000-gain, and the unemployment rate rose to 4.9%, the Labour Department reported on Friday. Analysts said the June nonfarm report mollified concerns of an economic slowdown in the USA, as May's payroll rose only by 38,000 and notched the fewest monthly job gain in almost six years. With the US dollar firming up, foreign institutional investors are likely to show greater interest in emerging markets like India.
 
With India needing about a trillion dollars for infrastructure development, India's Minister of Road Transport, Highways and Shipping Nitin Gadkari has highlighted investment opportunities in India for US investors. With Prime Minister Narendra Modi making the country's infrastructure development the top-most priority of the government, "This is a golden opportunity to invest in India," he told a roundtable organised here Monday by the US-India Business Council (USIBC). "We are committed to improving the country's road, highways, and port connectivity in a time-bound, result oriented, corruption-free and transparent manner that includes e-governance and fast-tracking decision-making," Gadkari said. "The pace of road construction has accelerated to an all-time high of 20 kilometres per day and next year we plan to increase it to 41 km per day," he said. Gadkari told Indian media that thanks to recent government decisions there are no road blocks to investment in transportation sector with 95% of issues facing investors resolved. "Previous image of investment climate in India is completely changed." During his meeting Monday with US Secretary of Transportation Anthony Foxx, he had discussed at length all the problems facing India in the transportation sector. S&P BSE India Infrastructure Index closed at 170.18, up 1.06%
 
The two-day strike call given by major unions in the banking sector have been deferred following an restraint order by the Delhi High Court, said a top leader of All India Bank Employees' Association (AIBEA). "In view of the Delhi High Court restraint order, our strike on 12th and 13th July stands deferred," said AIBEA General Secretary CH Venkatachalam. Bank Nifty closed at 18,667.60, up 1.50%.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The closing values of the major Asian indices are given in the table below:
 

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