We had mentioned in Monday’s closing report that Nifty, Sensex might weaken further. The major indices of the Indian stock markets were range-bound on Tuesday and closed with marginal losses over Monday’s close. Trading volumes on the NSE were on the lower side, reflecting caution among investors. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
The key indices closed in the red as selling pressure was witnessed in capital goods, banking and automobile stocks. The BSE market breadth was tilted in favour of the bears -- with 1,430 declines and 1,254 advances. On the NSE there were 614 advances, 828 declines and 61 unchanged. IT (information technology) stocks traded with mixed sentiments, while banking stocks traded down due to profit booking. Textile and FMCG stocks traded with mixed sentiments on profit booking, according to market analysts.
Automobile major Tata Motors on Tuesday announced its foray into the Bolivian commercial vehicle market by entering into a distribution agreement with local partner -- Bolivian Auto Motors. "We at Tata Motors understand our customers well and today have introduced class-leading products, suitable for varied terrains, with each of these built for better load carrying capability, more trips, with the lowest turnaround time," Rudrarup Maitra, Head (International Business), Commercial Vehicles, Tata Motors, was quoted as saying in a statement. According to the company, it has launched three commercial vehicles in the Bolivian market -- Tata SuperAce Petrol, Tata Xenon Petrol and Tata LPT 613 truck. Besides Bolivia, Tata Motors commercial vehicles are also sold in other South American markets like Chile and Ecuador. Tata Motors shares closed at Rs531.95, down 0.67% on the BSE.
State-run Coal India Ltd's share buy-back offer will open from October 3 to October 18, a regulatory filing said on Tuesday. Coal India board had approved the buy-back of over 10.89 crore shares at a price of Rs335 per share for an aggregate consideration not exceeding Rs3,650 crore. SBI Capital Markets Ltd on Tuesday informed about the letter of offer regarding buy-back offer to the equity shareholders of coal miner. "The buy-back offer size represents approximately 24.95 per cent of the aggregate of the fully paid-up share capital and free reserves, as per the audited accounts of the Company for the financial year ended 31 March 2016 and is within the statutory limits of 25% of the aggregate of the fully paid up share capital and free reserves as per the audited accounts of the Company for the financial year ended 31 March 2016," the filing said. Coal India shares closed at Rs332.00, down 0.20% on the BSE.
The US dollar slipped against most major currencies on Monday ahead of the country's first presidential debate between Republican Donald Trump and Democrat Hillary Clinton. Analysts said the debate has cast huge amount of uncertainties over the country and thus hurt the currency. The dollar index, which measures the greenback against six major currencies, was down 0.23% at 95.262 in late trading. On the economic front, US sales of new single-family houses in August were at a seasonally adjusted annual rate of 609,000, beating market consensus, reported the Commerce Department on Monday. American investors are cautious over the outcome of the US Presidential elections. However, Indian market analysts feel that in our stock markets it would be ‘business as usual’ irrespective of who wins the election.
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 below:
The Supreme Court had ruled that Aadhaar could not be made mandatory for availing benefits under the various social security schemes. Following the order, the Central Board of Secondary Education (CBSE), also made it clear that providing Aadhaar number of students will be optional and not mandatory. However, some schools are not only forcing students to provide the UID number, but also arranging camps for enrolment of Aadhaar for those who do not have the UID number.
In a circular issued on 10 September 2016, the CBSE has clarified that "Aadhaar number field provided in the system is optional (not mandatory)". However, few schools that run CBSE curriculum are insisting on furnishing Aadhaar number for students. One such school even organises an enrolment camp to issue Aadhaar to students and sent out a letter to parents. Here is the letter, sent out by one such school for compulsory enrolment of Aadhaar and shared by one parent...
Importantly, the school is found forcing Aadhaar enrolment upon students who are taking admission in primary classes as well. This raises another question: do the school authorities or even the government care that biometrics (a must for enrolling to Aadhaar), especially of children, are susceptible to change over years. It is a well-known fact that human body parts like fingerprint, iris, and voice age, wither and decay with the passage of time. Is there a biological material in the human body that constitutes biometric data, which is immortal, ageless and permanent?
Besides, working conditions, humidity, temperature and lighting conditions also affect the quality of biological material used for generating biometric data. Aadhaar is based on the unscientific and questionable assumption that there are parts of human body likes fingerprint, iris, and voice that does not age, wither and decay with the passage of time. A report “Biometric Recognition: Challenges and Opportunities” of the National Research Council, USA published on 24 September 2010 concluded that the current state of biometrics is ‘inherently fallible’. That is also one of the findings of a five-year study.
Coming back to enforcing Aadhaar on citizens, just few days ago, the Supreme Court caught the central government red-handed defying its order that no citizen will be deprived benefits under a government scheme for want of an Aadhaar number. A Bench of Justices Gopala V Gowda and AK Goel, while staying a letter issued by the Centre to states for making Aadhaar mandatory for scholarship schemes, directed the Ministry of Electronics and Information Technology to discard Aadhaar as mandatory condition for student registration from its national scholarship portal. The Bench also stayed instructions insisting on Aadhaar from government advertisement for the scholarship schemes, says a report from The Hindu.
Last year, CBSE took a U-turn after announcing that students appearing for board exams had to compulsorily provide their Aadhaar number. It clarified that providing the UID number is optional for class 10 and class 12 students and also for students registering for class 9th and 11th, who will appear for board examination next year.
On 15 October 2015, the Constitution Bench of Supreme Court led by the then Chief Justice HL Dattu had ruled that no person shall be deprived of services such as Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA), Jan Dhan Yojana, pension and provident fund schemes for want of Aadhaar. The Bench even hinted that the government risked contempt of Court if it chooses to continue to make Aadhaar number a mandatory condition.
Earlier on 23 September 2013, a bench of Justice J Chelameswar, Justice SA Bobde and Justice C Nagappan, without going into concrete examples, had said: "In certain quarters, Aadhaar are being insisted on by various authorities."
"...no person should suffer for not getting the Aadhaar in spite of the fact that some authorities had issued a circular making it mandatory and when any person applies to get the Aadhaar voluntarily, it may be checked whether that person is entitled for it under the law and it should not be given to any illegal immigrant," the apex court had said in its order.
Reliance Communications Chairman Anil Ambani on Tuesday said the company had all the spectrum that is needed to offer good-quality telecom services across 2G, 3G and 4G space, and that a virtual merger with Reliance Jio had now been effected.
"The other telco companies will have to spend heavily on spectrum to survive. We are confident about the future of Reliance Communications and its market position," Ambani told the shareholders of the company here.
"We have all the spectrum we need for 2G, 3G and 4G services plus spectrum trading and sharing agreements with Reliance Jio," he said, adding: "We have accomplished a virtual merger between Reliance Communications and Reliance Jio."
The company chairman said that after the merger with Aircel, the combined entity will be among the top operators in 12 circles in India. He said that within 90 days of launch, the subscriber base of the company's 4G services had already crossed the 1 million customer-mark using over 1 GB data.
He also expressed confidence that the company's debt will be cut by 75 per cent within a year.
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