Stocks
Nifty, Sensex, Bank Nifty wait for RBI action – Monday closing report
What will matter is not the RBI policy on Tuesday but the market reaction to it. Nifty will be weak if it closes below 8,350
 
We had mentioned last week that NSE’s CNX Nifty will struggle to head higher. The 50-stock index on Monday witnessed highly volatile session. After trading in the green for major part of the trading session, the benchmark gave up all the intra-day gains and closed marginally lower. 
 
The S&P BSE Sensex opened at 27,771 while Nifty opened at 8,417. Sensex moved from the low of 27,738 to the high of 27,959 and closed at 27,849 (up 21 points or 0.07%) while Nifty reached up to 8,467 before moving to the low of 8,405 and closed at 8,433 (down 0.25 points). Bank Nifty moved gradually lower today. It opened at 18,721 and immediately hit a high at 18,833. From there, it moved to the low of 18,599 and closed at 18,617 (down 104 points or 0.56%). NSE recorded a volume of 63.24 crore shares. India VIX rose 1.53% to close at 16.9125.
 
Market looks ahead to the Reserve Bank of India (RBI)’s second bi-monthly monetary policy review Tuesday. The data released by India's statistics office on Friday showed that the Indian economy grew 7.5% in the fourth quarter of last fiscal ended 31 March 2015 over the year ago period, making it the fastest growing large economy in the world.  The growth last quarter was better than the revised estimate of 6.6% rise in GDP in the third quarter ended 31 December 2014. Meanwhile, it moderated its GDP growth estimate for the full year (2014-15) from previous projection of 7.4% to 7.3%.
 
The seasonally adjusted HSBC India Purchasing Managers' Index (PMI) hit a four-month high of 52.6 in May 2015, from 51.3 in April 2015, Markit Economics said today.
 
Jet fuel price was hiked by a steep 7.5% Monday and rates of non-subsidised cooking gas (LPG) by Rs10.50 per cylinder. Price of aviation turbine fuel (ATF), or jet fuel, in Delhi was raised by Rs3,744.08 per kilolitre (kl), or 7.54%, to Rs53,353.92, oil marketing companies said. The share price of Jet Airways fell by more than 6% on this news and the fall was also due to its poor quarterly results. 
 
The Insurance Regulatory and Development Authority of India (IRDAI) has done away with the capping of insurance business from one insurer by a bank in its latest draft. As compared to the previous draft that mandated banks to cap business from one insurer to 50%, IRDAI has removed this cap.
 
This year's monsoon may arrive on southern Kerala coast in the next five days as the rains have missed their normal start date of 1st June, weather officials said on Monday. The annual infrastructure output fell 0.4% year-on-year in April, its second straight contraction, dragged down by lower production of electricity, crude oil and cement, government data showed on Monday. The output fell by annual 0.1% in March.
 
Coming back to the Indian stock market, Neyveli Lignite Corp rose 14.26% to close at Rs83.75 on the BSE. It was the top gainer in ‘A’ group on the BSE. Adani Enterprises fell 10.41% to close at Rs632.70 on the BSE. It was the top loser in ‘A’ group on the BSE.
 
Larsen & Toubro rose 3.03% to close at Rs1,705.50 on the BSE. It was the top gainer in the Sensex 30 pack.  Sun Pharma fell 8.99% to close at Rs878.95 on the BSE. It was the top loser in the pack.
On Friday, US indices closed in the red mainly on the fresh worries about Greece. The US government reported on Friday that the economy contracted 0.7% in the first quarter. That was worse than its initial estimate of growth of 0.2%.
 
Chicago PMI, a survey of Chicago-area purchasing managers that provides insight into companies' business plans. The Chicago PMI shrank to 46.2 this month from 52.3 in the prior one.
 
A reading on consumer sentiment showed US consumer optimism in May was higher than expected but still down sharply from the end-of-April reading.
 
Asian indices showed mixed performance. Shanghai Composite (4.71%) was the top gainer while Taiwan Weighted (0.78%) was the top loser. Growth in China's giant factory sector edged up to a six-month high in May but export demand continued to shrink. The official manufacturing Purchasing Managers' Index (PMI) edged up to 50.2 from April's 50.1. The non-manufacturing Purchasing Managers' Index (PMI) edged down to 53.2, from April's 53.4.
 
European indices were trading higher. US Futures were trading in the green.
 

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More tests on Maggi, wrong ads can penalise brand endorsers: Government
The food safety watchdog has taken more samples of Maggi noodles across India for testing after certain harmful substances were allegedly found in a batch in quantities higher-than-permissible-limits, the government said on Monday warning that violation of standards will make even brand ambassadors liable.
 
"FSSAI (Food Safety Standards Authority of India) has taken up the case. It will take action. We have already written to the FSSAI," Food and Consumer Affairs Minister Ram Vilas Paswan said at a press conference here on Monday.
 
He did not elaborate.
 
Clarifying the matter, Consumer Affairs Additional Secretary G. Gurucharan said the food safety authority had taken some samples across India for testing. This was after allegations were made over "dangerous levels" of some substances in the popular snack Maggi noodles in Uttar Pradesh.
 
"Some reports are expected today and within two-three days we will get complete reports. All parameters are being tested," Gurucharan said, adding: "If there is any violation, FSSAI will take action."
 
Asked for his comments over Bollywood actress Madhuri Dixit being served notice by the Food and Drug Administration (FDA) of Uttarakhand for endorsing Maggi noodles, Gurucharan said the brand ambassadors will also be liable if advertisements were found to be misleading.
 
Uttar Pradesh Deputy Food Safety Commissioner Vijay Bahadur had said on May 21 that orders had been issued to Nestle to "look into the quality" of batches of Maggi noodles after some samples were reportedly found to contain higher-than-permissible levels of lead and monosodium glutamate.
 
The samples, authorities in Lucknow said, were taken from a lot in Easy Day departmental store at Barabanki, a district adjoining the state capital, in the second week of May. But Nestle said it was confident over these packs being no longer in circulation in the market.
 
"The company does not agree with the order and is filing the requisite representations with the authorities," Nestle said.
 
The company also sought to dispel rumours that orders had been issued to recall all batches of Maggi noodles. In an e-mail statement to IANS, it said the batch in question had already passed the "best before" date in November last year, and was sure that it had automatically been recalled.

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Buyer to get Rs.52 lakh over delay in getting flat
A flat buyer will get Rs.52 lakh as cost from a builder in Kochi, Kerala, for not handing over on schedule the possession of a flat that the man had booked and had paid Rs.71 lakh as its price.
 
The decks were cleared for Jayan to get Rs.52 lakh as the Supreme Court's vacation bench of Justice Prafulla C. Pant and Justice Amitava Roy dismissed the builder's plea against the National Consumer Dispute Redressal Commission's order directing him to pay a punitive cost of Rs.52 lakh at the rate of 12 percent per annum from March 2009.
 
The court dismissed the builder's plea, observing that it was just interest on the amount the buyer paid for the flat he has not got till date.
 
Senior counsel Abhishek Manu Singhvi, appearing for the petitioner builder, argued that the NCDRC awarding Rs.52 lakh amounted to rewriting the terms of the contract, which according to the earlier verdict of the apex court was not permissible.
 
Singhvi said the NCDRC had no jurisdiction to pass such an order and the cost imposed was 74 percent of the total cost of the flat coupled with other penalties.
 
He said the builder was willing to hand over possession of the flat.
 
The unimpressed court declined to accept any of the pleas and dismissed the petition by the builder.
 
In another matter, where the flat owner has not been handed over possession, the court observed: "You take money from the flat buyer. They invest their hard-earned money. You don't give them flat and they suffer."

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COMMENTS

TIHARwale

2 years ago

DDA during JagMohan IAS was best. Draws and flat allotments went as per schedule. Anyone having seen Janakpuri will vouch for quality of construction and planned development of Janakpuri in 1970-75. But very same JagMohan was hounded by JanSangh and later made Minister by Vajpayee of Urban Development but corrupt Pramod Mahajan succeeded in getting him moved out of MUD.

ramchandran vishwanathan

2 years ago

All congress men are busy in their professions!!!
Will be interesting to see how much was actually spent (money & time) by both the parties for this litigation.
Hope more buyers take initiative in fighting for their rights

Simple Indian

2 years ago

With poor regulation of real estate sector in India, thousands of home-buyers are conned by unscrupulous developers collecting money from buyers for one project, but diverting it to another project which is more profitable for the developer. Delays in possession is commonplace across India. Wish we had a strong Real Estate Regulator ensuring timely possession for buyers, as most buyers live on rented apartments and have to bear the burden of rent & payments / EMIs on new house yet to be handed over to them.

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