Stocks
Nifty, Bank Nifty, Sensex still headed higher – Tuesday closing report
Nifty has to stay above 8,300 for the uptrend to continue
 
We had mentioned in Monday’s closing report that CNX Nifty is on an uptrend and it may move higher if it manages to stay above 8,250. The index opened marginally lower and after hitting the day’s low it started moving up. Just before the beginning of the noon session the index moved into the green and it continued to move higher. However at 2.03 pm there was a sudden fall and it moved into the red. After making an effort to revive, the index closed marginally lower.
 
Sensex opened at 27,663 while Nifty opened at 8,356. The indices hit their low at 27,574 and 8,335 and moved to 27,872 and 8,428. Sensex closed at 27,646 (down 42 points or 0.15%), while Nifty closed at 8,366 (down 8 points or 0.10%). Bank Nifty too moved in the same manner today. After opening at 18,365 it moved from the low of 18,297 to the high of 18,556 and closed at 18,380 (down 43 points or 0.23%). NSE recorded a volume of 76.76 crore shares. India VIX rose 2.05% to close at 18.2700.
 
Prime Minister Narendra Modi today promised a more stable and predictable taxation system and said his government was working aggressively to make India a very easy place to do business.
 
SEBI reportedly plans to raise the minimum contract size for trading in equity derivatives. The lot size will be raised from the existing Rs2 lakh to Rs5 lakh or Rs10 lakh. This is the first time since derivatives trading kicked off in India that the market regulator plans to raise the limit for the minimum contract size.
 
Finance Minister Arun Jaitley plans to meet PSU bankers to discuss stake sale plans and the problem of rising bad loans which have crossed a staggering Rs2.5 lakh crore.
 
To mobilise gold held by households and institutions, the government on Tuesday released a draft scheme under which a person or entity can earn interest by depositing the metal with banks. To make the scheme attractive to households, the interest earned on it will likely be exempt from income tax, wealth tax, and capital gains tax. As per the draft guidelines, minimum gold deposit is proposed at 30 gram.
 
Rating agency Crisil today said expectations from Prime Minister Narendra Modi-led government have moderated in its first year, as it was not able to push demand due to the issues it inherited.
 
The International Monetary Fund voiced alarm Monday about energy subsidies across the world, saying they were expected to reach $5.3 trillion in 2015, more than government health spending.
 
VA Tech Wabag (8.19%) was the top gainer in ‘A’ group on the BSE, while PMC Fincorp (9.84%) was the top loser in the group. PMC Fincorp hit its 52-week low today.
 
Hero MotoCorp (2.16%) was the top gainer in Sensex 30 pack, while Tata Motors (1.95%) was the top loser in the pack.
 
On Monday US indices closed flat with positive bias. Asian indices showed mixed performance. Shanghai Composite (3.13%) was the top gainer while KLSE Composite (0.76%) was the top loser.
 
China's State Council yesterday, 18 May 2015, released guidelines on capital-market reform priorities, touching on areas such as the Shenzhen-Hong Kong Stock Connect and further liberalising interest rate and boosting the yuan's global status.
 
China unveiled an ambitious plan to enhance the competitiveness of its manufacturing sector by encouraging innovation and raising efficiency in an effort to boost economic growth. The blueprint, titled "Made in China 2025," comes as China's factories are struggling with sluggish demand, increasing competition from other developing economies and a slowing domestic economy.
 
In an interview yesterday on Greek television, Finance Minister Yanis Varoufakis reportedly said that a bailout agreement with creditors is expected in about a week, which would help the cash-strapped country meet debt repayments due next month.

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Pachauri influencing witnesses: Complainant

Justice Sunita Gupta issued notice to Delhi Police and Pachauri and sought their responses by Wednesday

 

The woman research analyst who filed a sexual harassment complaint against TERI director general R.K. Pachauri on Tuesday told the Delhi High Court that he was "influencing" the witnesses in the case and sought the cancellation of his bail.
 
Justice Sunita Gupta issued notice to Delhi Police and Pachauri and sought their responses by Wednesday.
 
Appearing for the research analyst, advocate Prashant Mendiratta told Justice Gupta that a "free and fair investigation" cannot be carried out if Pachauri is allowed to roam free
 
The woman alleged that there is "overwhelming evidence" that he misused the bail granted to him by the trial court on March 21.
 
"Even police has filed an application in the trial court alongwith some documents that Pachauri has violated various conditions imposed on him while he was given bail and that he also influenced witnesses. Police have even said that he was not cooperating with them," the advocate told the court.
 
Mendiratta contended that Pachauri is an "influential man" who has been the top boss of The Energy and Resources Institute (TERI) for the last 34 years and was in active touch with its officials and influencing the witnesses.
 
Pachauri is "dictating what needs to be said to the witnesses" in the case, the lawyer further added.
 
The woman also opposed Pachauri seeking modification of a trial court order that bars him from entering the TERI premisis.
 
Pachauri, who is facing charges of sexual harassment and currently is on leave from TERI has requested a modification of an earlier court order and permission to resume work from the office premises.
 
"Pachauri now sought modification of order by which he was granted anticipatory bail. He is influential man he should not be allowed to enter TERI premises till the investigation is going on," argued Mendiratta.
 
Justice Gupta posted the plea before another bench on Wednesday.
 
After the sexual harassment complaint, Pachauri had stepped down as chairperson of the UN Intergovernmental Panel on Climate Change (IPCC) in February and proceeded on leave from TERI.
 
He has denied the allegations against him.
 
Citing several SMS texts, e-mails and WhatsApp messages as evidence, the woman accused Pachauri of sexually harassing her soon after she joined TERI in September 2013 and filed a complaint this February.
 
Pachauri was granted anticipatory bail on March 21 but was directed not to not enter the TERI office till the investigation is complete and not to leave the country without the court's permission.

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Shipbuilding top priority for us: Modi at Hyundai shipyard

Modi, who arrived at Ulsan from Seoul, met top officials of Hyundai Shipyard, one of the biggest ship construction companies in the world

 

Prime Minister Narendra Modi, on a visit to the Hyundai Heavy Industries Shipyard at Ulsan, said that shipbuilding is a "top priority" for India.
 
Modi, who arrived at Ulsan from Seoul, met top officials of Hyundai Shipyard, one of the biggest ship construction companies in the world.
 
"Shipbuilding is a top priority for us." PM @narendramodi tells Kil Seon Choi Chairman of Hyundai Heavy Industries," external affairs ministry spokesperson Vikas Swarup tweeted.
 
"And wrapping up with a site visit to one of the largest shipyards in the world. PM at HHI's Ulsan facility," he tweeted.
 
"At the forefront of maritime engineering. PM visits Hyundai Heavy Industries Headquarters in Ulsan," he said. Modi also met members of the Indian community at Hyundai Heavy Industries Shipyard.
 
On Monday, Modi invited South Korean investment in areas like ship building, including LNG tankers. Both countries are to set up a Joint Working Group on shipbuilding.
 
Hyundai Heavy Industries (HHI) is one of the biggest ship construction companies in the world. Its ship manufacturing facility in Ulsan, a South Korean city located on the south-eastern tip of the Korean Peninsula, is the largest shipyard in the world. 
 
The shipyard extends across two and a half miles along the coast of Mipo Bay in Ulsan and covers an area of 1,780 acres. Due to its strategic location, the shipyard can be easily accessed from the open sea. 
 
Construction of the Ulsan shipyard commenced in 1972 and it was commissioned in 1974. Meanwhile, HHI also christened two very large crude carriers (VLCC), each of 260,000DWT. 
 
Construction of the ships as well as the shipyard was carried out simultaneously. The shipyard reached a 20 million DWT production milestone in 1988 and 50 million DWT in 1997. It achieved an aggregate production mark of 100 million DWT in 2005.
 
From 1972 to 2013, HHI has delivered 2,981 vessels to 268 shipowners in 48 countries. It commands around 16 percent of the world ship manufacturing market, according to ship technology.com.
 
Ulsan shipyard has ten large-scale dry docks with nine Goliath cranes. This allows HHI to manufacture any type of ship of any size.
 
HHI has an H-Dock, again the world's first dry dock for building offshore vessels. The H-dock measures 490m long, 115m wide and 13.5m high. 
 
The deep dock has a capacity of 1m DWT. HHI also developed an automatic painting spray head for painting the bottom of ships in September 2014.
 
In the morning, Modi addressed the 6th Asian Leadership Forum and the India-ROK CEOs Forum, and also interacted with the CEOs of top South Korean companies.

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