Stocks
Nifty, Bank Nifty, Sensex show no momentum – Thursday closing report

Nifty has to close above 8,465 and Bank Nifty above 18,300 for the first signs that the current downtrend is temporarily over 

 

We had mentioned in Wednesday’s closing report that NSE’s CNX Nifty may move higher and a close above 8,500 will take it further higher. The 50-stock index opened Thursday in the positive and within the first hour of trading reached above the 8,500 level. However, it could not sustain this level and moved lower to close in the red.
 
S&P BSE Sensex opened at 27,977 while Nifty opened at 8,478. Sensex moved lower to the level of 27,621 after hitting a high of 28,088 and closed at 27,735 (down 155 points or 0.56%). Nifty moved from the high of 8,505 to the level of 8,362 and closed at 8,399 (down 31 points or 0.37%). Bank Nifty witnessed a volatile session with no specific direction. It opened at 18,350 and moved from the high of 18,434 to the low of 18,144 and closed at 18,246 (up 2 points or 0.01%). NSE recorded a volume of 65.85 crore shares. India VIX rose 7.50% to close at 18.5000.
 
The latest clarification from the finance ministry means that foreign portfolio investors domiciled in countries that have signed double taxation avoidance treaties with India will not have to pay minimum alternate tax (MAT). Singapore and Mauritius have already signed double taxation avoidance treaties with India. Many foreign investors had received notices requesting their MAT calculations for financial year 2011-2012 and earlier years, according to reports. In the Union Budget 2015-16 presented in parliament on 28 February 2015, Finance Minister Arun Jaitley had announced that capital gains on sale of shares by foreign institutional investors (FIIs) will not be subject to the provisions of the MAT from 1 April 2015.
 
The finance minister was quoted as saying that there was a broad consensus that states are in support of a nationwide goods and services tax (GST).
 
The Indian government said that it has received a few complaints regarding "cartelisation" in bidding during the recent coal block auctions and investigations are being carried out in the matter.
 
The National Highways Authority of India (NHAI) will raise Rs28,000 crore in the current fiscal by issuing tax-free bonds.
 
The March quarter of this year has seen a 50% decline in new residential project launches across the country compared to the same quarter last year, according to property advisory firm Cushman & Wakefield. The quarter saw a total of 24,700 apartments being launched, the lowest in the last two years. 
 
Coming back to Indian stock market, Yes Bank (6.99%) was the top gainer in ‘A’ group on the BSE.  The bank on Wednesday posted an improved result of March 2015 quarter. Its board of directors have approved the proposal to seek final approval of shareholders for increase in the limit for the FII / FPI of up to 74% of the paid up share capital from the existing limit of 49% of the paid up share capital.
 
Gitanjali Gems (4.93%) was the top loser in ‘A’ group on the BSE. Its shareholding pattern as on 31 March 2015 showed that its FIIs holding reduced from 9.07% as on 31 December 2014 to 5.40% now, while retail shareholding increased from 50.69% to 54.38% for the relevant period.
 
Tata Steel (5%) was the top gainer in the Sensex 30 pack. it was recently in news that it is among other looking to buy Electrosteel Steel Ltd. In response to this news, the company has clarified to BSE that at present there is nothing to disclose, but, as and when, need arises it will make the required disclosures.
 
Sun Pharma (2.55%) was the top loser in the Sensex 30 stock.
 
On Wednesday, US indices closed in the green.
 
Asian indices showed mixed performance. Taiwan Weighted (1.92%) was the top gainer while NZSE 50 (0.62%) was the top loser.
 
In China, the HSBC/Markit 'flash' purchasing manager’s index slipped to 49.2 in April 2015 from 49.6 in March 2015. China factory PMI contracted to 1-year low in April
 
European indices were trading mostly in red. US Futures were trading lower.
 
Eurozone business activity growth pulled back from March's 11-month high, according to Markit flash PMI survey data for April. The slowdown reflected weaker rates of expansion in France and Germany. 
 
The Markit Eurozone PMI fell from 54 in March to 53.5 in April. The seasonally adjusted Markit Flash France Composite Output Index recorded 50.2, down from 51.5 in March. 
 
Markit Flash Germany Composite Output Index falling from March's eight-month high of 55.4 to 54.2 in April, latest data showed today.
 

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Rajasthan farmer cremated, family lashes out at AAP

Earlier in the day, Gajendra Singh was cremated in his native village Nangal Jhamarwara in Dausa district. Teary-eyed people shouted slogans as his last rites were performed

 

Farmer Gajendra Singh, who committed suicide during an AAP rally in Delhi, was cremated on Thursday in his native village in Rajasthan. His family members hit out at the party over his death, saying no leader tried to dissuade him.
 
"Why did no one try to stop him from climbing the tree? Why did no leader of the Aam Aadmi Party try to dissuade him? There are lots of questions that remain to be answered. We hold police and the AAP leadership responsible for the death. If any of them had acted swiftly, he could have been saved," Gajendra Singh's uncle Gopal Singh told IANS.
 
Earlier in the day, Gajendra Singh was cremated in his native village Nangal Jhamarwara in Dausa district. Teary-eyed people shouted slogans as his last rites were performed.
 
Gopal Singh even raised questions about the suicide note, saying the handwriting does not seem to be that of Gajendra Singh.
 
"He was troubled and disturbed for the last couple of months but no one in the family could ever think or believe that he would commit suicide," he said.
 
"We (the family) are presently passing through a lot of stress, strain and depression. We are really not in the right state of mind to think what we should do next."
 
Gopal Singh said Gajendra Singh's father Bane Singh "has been crying since he heard the news".
 
"It has been difficult for us to control him as he also fainted a couple of times while crying and we had to seek the help of a doctor," he said.
 
"The condition of his three children and his wife is similar as they have been crying for hours now."
 
People present at the cremation shouted slogans against the Vasundhara Raje government and the AAP.
 
Former chief minister Ashok Gehlot, Rajasthan Congress president Sachin Pilot and other party leaders met his family and tried to console them.
 
"We are shocked and depressed," said a villager.
 
Chief Minister Vasundhara Raje, in a statement, expressed profound grief over the death and termed the incident "very tragic".
 
In her condolence message, Raje prayed to god to give strength to the bereaved family members to bear this huge loss and grant peace to the departed soul.
 
She said the Rajasthan government was with the farmers in every circumstance, was committed to their welfare and was ceaselessly working in their interest.
 

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Ford Foundation under Indian Home Ministry watch
The Home Ministry has ordered that all the funds coming from Ford Foundation for any agency or NGOs in India will first need to be cleared by the Ministry
 
The Ministry of Home Affairs (MHA), led by Rajnath Singh, has placed Ford Foundation under a watch list in national interest and security, say reports.
 
"Putting Ford Foundation on prior permission list, MHA has ordered that all the funds coming from Ford Foundation, US, for any agency or NGOs in country will first need to be cleared by the ministry. The action has been taken under section 46 of the Foreign Contribution (Regulation) Act (FCRA)," a report from the Economic Times says.
 
According to the report, the MHA has asked Reserve Bank of India (RBI) to instruct all banks and their branches to ensure that any fund flow from Ford Foundation will first be cleared by the ministry.
 
"About $5 million in grants by the Ford Foundation, arguably the biggest such international funding agency, have been blocked by the Indian government in the past few months. The ostensible reason is that the recipient non-governmental organisations (NGOs) haven't filed annual reports and balance sheets with the home ministry. This also includes about $100,000 in grants to the Tata Institute of Social Sciences (TISS)," the report says. 
 
New York-based Ford Foundation is one of the largest and most influential foundations in the world. For FY2011, the Foundation reported assets of $10 billion and approved $413 million in grants across the globe. According to reports, the Foundation had also funded non-governmental organisations (NGOs) related with Aam Admi Party (AAP) leaders Arvind Kejriwal, Manish Sisodia, Meera Sanyal and Yogendra Yadav. AAP, however, had denied receiving any funding from Ford Foundation.
 
According to the report from Economic Times, the Foundation has been on the radar of Indian intelligence agencies for decades, because of which the Finance Ministry was mandated to clear each grant that it made to NGOs. “This scrutiny intensified after it became known that the Anna Hazare-led anti-corruption movement of 2011 got a boost from the Foundation with Arvind Kejriwal's NGO Kabir getting about $400,000,” the report says.
 
Earlier, the Gujarat government has accused Ford Foundation of violating Foreign Exchange Management Act (FEMA) norms and directly interfering in internal affairs of the country and abetting communal disharmony in India. 
 
The Gujarat government, in a letter sent to the MHA on 10th March, has stated, “It is revealed during the course of investigation (in the riot relief fund embezzlement case) that Ford Foundation, established with the stated goal of promoting communal harmony, democratic principles and social justice, has been indulging in covert activities of promoting interests that are completely contradictory to the said goals.” 
 
The Gujarat government’s case was built on the use of two grants totalling $540,000 given by the Foundation to organizations connected with Teesta Setalvad, a social activist who has been actively pursuing court cases for victims of the 2002 Gujarat riots, says a report from LiveMint.

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COMMENTS

Ralph Rau

2 years ago

This is a big crime by the Ford Foundation

How dare they support anti-corruption movements which give rise to alternative political parties. How dare they support Teesta Setalvad whose NGO has secured 90% of the convictions in the Gujarat "riots".

The Ford Foundation must realise that movements against the abuses by the government of the day and in defense of human rights - all such movements are anti-national.

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