Stocks
Nifty, Sensex, Bank Nifty charged up by Moody’s – Thursday closing report
All three indices are now expected to drift higher
 
In Wednesday closing report, we mentioned that the uptrend on the NSE’s CNX Nifty is still strong and for it to pause it should close below 8,650. The 50-share benchmark had a gap up opening on Thursday and moved higher. The volatile session, where the index gave up all the intra-day gains twice, finally ended with Nifty closing in the positive after hitting a higher high.
 
The S&P BSE Sensex opened at 28,858 and moved in the range of 28,622 and 28,907 before closing at 28,885 (up 177 points or 0.62%). Nifty opened at 8,756 and moved between 8,682 and 8,786 closed at 8,778 (up 64 points or 0.73%). Bank Nifty was seen trading higher for the almost the entire session. After opening at 18,523, it moved from the low of 18,401 to the high of 18,895 and closed at 18,876 (up 459 points or 2.49%). NSE recorded a volume of 98.86 crore shares. India VIX rose 0.49% to close at 14.4175.
 
The main reason for the rally was that rating agency Moody's Investors Service affirmed India's Baa3 rating. Moody’s changed India's outlook to positive from stable, saying there is an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years. However, the report also highlighted concerns regarding Indian banking sector's asset quality.
 
Monsoon rains are expected to be normal this year, the chief economic adviser at the finance ministry said on Thursday. The Reserve Bank of India (RBI) will continue to focus on targeting inflation and cannot drop guard, governor Raghuram Rajan said in an interview.
 
Coming back to Indian stock market, Kailash Auto Finance (9.85%) was the top gainer in ‘A’ group on the BSE while Sun Pharma Advanced Research (4.15%) was the top loser in the group.
 
Reliance Industries (3.40%) was the top gainer in the Sensex 30 pack. The company was in news for its find of massive gas reserves at MJ-1 block in its KG-D6 basin. 
 
Sun Pharma (3.21%) was the top loser in Nifty. Bank of America Merrill Lynch (BoAML) downgraded stocks from pharma sector and said it foresees Sun Pharma to underperform. 
 
US indices closed Wednesday in the green. 
 
The minutes of the Federal Reserve's last meeting showed the Fed was still on course to hike interest rates this year.
 
Asian indices showed mixed performance. Hang Seng (2.70%) was the top gainer while Shanghai Composite (0.93%) was the top loser. 
 
European indices were trading in the green. US Futures were trading flat.
 
German industrial production was up by 0.2% in February from the previous month on a price, seasonally and working day adjusted basis, compared to the expectation of a 0.1% gain, latest data released by the Federal Statistical Office (Destatis) showed. The output had contracted 0.4% in January.
 
Greece confirmed it will pay a 450 million-euro loan tranche to the International Monetary Fund.

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Decision makers need not balance science versus nonsense on GM crops

Only four states in India have allowed field trials of GM crops

 

The moment you say GM food, you see a phalanx of activists lining up to shoot down any discussion on allowing it in India. But many scientists and some ecologists point to the benefits available from adoption of genetically modified (GM) crops. Several of them are now getting heard, their voices rising above the din.
 
One such is that of wildlife conservationist and tiger specialist Ullas Karanth. He says that GM is a tool to save natural biodiversity, although there should be adequate check on large corporations that own the technology so that public interest is not compromised.
 
The Bangalore-based author of The Way of the Tiger, and director of the India programme of the US-based Wildlife Conservation Society disagrees with Krishna Byre Gowda, Karnataka's minister for agriculture.
 
Gowda had said in February at Bangalore India Bio, the 15th edition of the annual talk show of the Indian biotechnology industry, that GM technology is controversial. And that because of the stand taken by the European Union "it has become difficult for us". He also said there was "so much pressure from the left and the right", and that "a responsible government cannot ignore the opinion of larger society".
 
Why Byre Gowda should give precedence to decisions by the European Union above 29 countries, including 19 developing ones, which grow GM crops on 181.5 million hectares of land, some of them for 19 years, is not clear.
 
"I find it very strange that GM is being criticised although all the national academies of science, including the one in Europe, have basically endorsed GM," says Karanth.
 
He says just because a number of people oppose GM technology, decision makers do not have to "balance science versus nonsense".
 
Karanth, the son of litterateur Shivram Karanth, believes that agriculture as now practised, with its heavy use of pesticides, is biodiversity-destroying like industrialisation, mining and land-grabbing wind and solar energy farms. GM technology, he says, can save the biodiversity by making crops much more productive, better able to absorb nitrogen, tolerant to saline soils, low in water use and toxic to specific pests.
 
Prior to the introduction of Bt cotton in 2002, the only GM crop India allowed for cultivation, the country used 9,400 tonnes of insecticides for bollworm pest control a year. In 2011, only 222 tonnes was used, says K.R. Kranthi, Director of the Central Institute of Cotton Research. Sucking pests however have thrived. But the 42-time reduction in use of use of pesticides against bollworms has to be weighed against the 2.5-fold increase in toxins to kill sucking pests, Kranti says.
 
The country has also become a net exporter of the produce from being a net importer before BT cotton was grown.
 
"I think society has to move in the direction of reason and weighted science not just because people say things. What is the evidence behind it? That is how we can achieve progress. Whether it is in agriculture technology or science," says Karanth.
 
Only four states in India have allowed field trials of GM crops. At the centre, Minister for Environment Prakash Javadekar is said to be in favour of GM crops. He told parliament that the government would give approvals "case-by-case".
 
But with the sowing season approaching, the crop biotech industry is worried it will face another wasted year as the apex Genetic Engineering Appraisal Committee (GEAC), which makes recommendations for cultivation of GM crops by farmers, has not met in a long time.
 
Madappa Mahadevappa, a well-known agricultural scientist and two times vice chancellor of the University of Agricultural Sciences, Bangalore, has urged the Karnataka government to allow field trials of GM crops.
 
The state's expert group on agricultural biotechnology, of which Mahadevappa was the chairman, had in its report (submitted last June and now being deliberated by various ministries) advised the setting up of empowered committees at the state and district levels to engage in public outreach in order to allay apprehensions about GM crops and coordinate research.
 
Mahadevappa is known for award-winning work in rice breeding and the very popular KRH-2 rice hybrid. He is also chairman of the Krishi Vigyan Kendra committee. KVKs impart vocational training to farmers and extension workers. "No KVK member has ever said we do not want GM crops," Mahadevappa asserts.
 
Karanth sees a parallel in GM in the shifting scientific positions on climate change. Initially it was met with scepticism but over time as evidence built up, scientists changed their stances. ˜There is always a dichotomy in science. Nobody agrees at the first point. But gradually scientific consensus builds up and then it becomes mainstream knowledge," he says.
 
(Vivian Fernandes is consulting editor of www.smartindianagriculture.in, a website supported by the crop biotechnology industry. The views expressed are personal.He can be contacted at [email protected])
 

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In Himachal,100 new schools even as 1,117 have one teacher each

In just over two years of his stint, the chief minister has opened 100 primary schools and 16 degree colleges in the hill state, a move that Dhumal dismisses as a 'political gimmick'

 

If former chief minister Prem Kumar Dhumal is to be believed, 1,117 schools in Himachal Pradesh have only one teacher each. Indeed, schools outnumber teachers in some parts of the state. But that has not prevented Chief Minister Virbhadra Singh from going on a spree of opening new schools and colleges.
 
In just over two years of his stint, the chief minister has opened 100 primary schools and 16 degree colleges in the hill state, a move that Dhumal dismisses as a "political gimmick".
 
Political observers say the move comes at a time when the government has completed almost half its tenure and could be aimed at beating two-time chief minister Dhumal in his own field. A former lecturer in English, Dhumal enjoys immense popularity in the state for his efforts towards promoting education.
 
The Congress government is focussing on improving medical education too and has promised to start three medical colleges announced by the previous central government by next year.
 
The chief minister says criticism would not deter him from going ahead with improving the standard of education.
 
He said he did not mind opening a new school in far-flung areas, even if there were just two students.
 
In any case, the newly opened schools in remote areas attract a good number of girls, he added.
 
"We have notified 16 colleges in the past two years after making budgetary provisions of Rs.5 crore each as our endeavour is to impart quality education," the chief minister informed the assembly.
 
Literacy level in Himachal Pradesh is among the highest in India. It has 82.8 percent literacy rate. It is 89.53 percent for males and 75.93 percent for females.
 
Dhumal says the government has gone overboard by opening new colleges without ensuring adequate infrastructure and faculty.
 
Virbhadra Singh pointed out that Y.S. Parmar, the state's first chief minister, opened a degree college in Rampur town where there were just 18 students and 23 lecturers.
 
"The student-teacher ratio continued for two-three years. At that time this issue was discussed in this house too...
 
"At that time Parmar said if we want to spread education, we have to open more temples of education. Today that college has around 2,500 students."
 
The chief minister, who also holds the education portfolio, said the student strength in the new colleges has spiked.
 
He said in the past two years 100 primary schools were opened, 160 primary schools were elevated to the middle level, 233 middle schools have become high level schools and 225 high schools have been promoted to senior secondary level.
 
Officials said the state, with over 6.8 million people, has 10,738 primary, 2,292 middle, 846 high and 1,552 senior secondary schools besides 86 degree colleges.
 
Dhumal retaliated that there were 1,117 schools in the state with just one teacher each and 6,786 schools with only two teachers each.
 
He said the quality of education was so poor that a majority of Class 5 and 6 students in government schools were not able to comprehend textbooks meant for students of Class 1 and 2.
 
(Vishal Gulati can be contacted at [email protected])

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