While Nifty may get a short bounce, later on Friday, the trend is pointing downwards
Today for the entire morning session the indices were range-bound. Although Sensex managed to move above yesterday’s close on various occasions, the Nifty barely managed to return to its yesterday’s close. In the afternoon session, the indices lost strength and closed near their intra-day low.
Sensex opened at 26,106 while Nifty opened at 7,785. The benchmarks reached upto 26,119 and 7,792. Sensex hit a low of 25,854 and closed at 25,895 (down 192 points or 0.74%). Nifty hit a low of 7,711 and closed at 7,721 (down 70 points or 0.90%). NSE recorded a huge volume of 108.93 crore shares on account of July's futures and options expiry. India VIX fell 0.47% to close at 13.8225.
The global rating agency Fitch Ratings, said on Thursday that it has retained the 'BBB-' sovereign rating - the lowest investment grade - for India and a revision will depend on the government's efforts to usher in bold reforms. The agency has also retained a 'stable' outlook for the country's ratings.
Prime Minister Narendra Modi will launch the government's campaign for financial inclusion to ensure that 7.5 crore households that do not have access to banking have at least two accounts. Efforts will also be made to introduce mobile banking on all kinds of phones, Finance Minister Arun Jaitley told reporters today.
Cipla (1.92%) was the top gainer among the Sensex 30 stocks. Cipla has entered into a partnership with US-based BioQuiddity Inc for selling the latter's post-surgical pain management product OneDose ReadyfusORTM in Europe. The pact between Cipla Europe (CE) NV, Cipla’s wholly owned subsidiary and BioQuiddity Inc will cover countries in Europe. The Indian firm intends to launch the CE marked OneDose ReadyfusOR pre-filled with Ropivacaine, under its own label in the German market later this year.
NTPC (3.01%) was the top loser among the Sensex 30 stocks. NTPC posted a net profit of Rs2,201.20 crore for the quarter ended June 2014 as compared to Rs 2,527.02 crore for the quarter ended June 2013. Sales increased from Rs15,694.07 crore to Rs18,336.75 crore for the relevant period.
IRB Infrastructure (7.79%) was the top gainer in the ‘A’ group on BSE. After market hours on Wednesday, it came out with its June 2014 quarter results. IRB Infrastructure posted a net profit of Rs 29.92 crore for the quarter ended June 2014, as compared to Rs 26.62 crore for the quarter ended June 2013. However, revenues decreased from Rs628.60 crore to Rs569.32 crore for the relevant period. It has also declared an interim dividend of Rs2 per equity share of face value of Rs10 each for the financial year 2014-15.
Cadila Healthcare (4.02%) was the top loser among Sensex 30 stocks. The stock hit its 52-week high at Rs 1,195.00 yesterday. Its net profit fell to Rs 197.29 crore for the quarter ended June 2014, as compared to Rs 340.22 crore for the quarter ended June 2013. Sales increased from Rs928.10 crore to Rs1,112.79 crore for the relevant period.
US indices had a mixed closing on Wednesday. The Federal Reserve, on Wednesday, upgraded its assessment of the US economy, although it also reaffirmed that it was in no rush to raise interest rates.
Asian indices had a mixed performance. Among the indices trading today, Shanghai Composite (0.93%) was the top gainer while Taiwan Weighted (1.39%) was the top loser.
European indices were trading sharply lower. US indices too were trading deeply in the red. German unemployment fell for the first time in three months, in a sign that Europe's largest economy is gathering pace after a second-quarter slowdown. The number of people out of work dropped a seasonally adjusted 12,000 to 2.9 million in July, the Nuremberg-based Federal Labor Agency said today.
The CIC noted that citizens were exposed to complete substandard and unqualified doctors due to callous attitude of Delhi Bharatiya Chikitsa Parishad. This is the 204th in a series of important RTI judgements given by former Central Information Commissioner Shailesh Gandhi
The Central Information Commission (CIC), while disposing an appeal, noted that Delhi Bharatiya Chikitsa Parishad (DBCP), which has the responsibility of registering medical practitioners in the Indian System of Medicine, did not appear to be doing its job.
While giving the judgement on 21 May 2010, Shailesh Gandhi, the then Central Information Commissioner, said, "Citizens are exposed to complete substandard and unqualified doctors and it is questionable whether such Institutions should be allowed to continue in this manner."
Delhi resident, Rafi Ahmed, on 7 December 2009, sought from the Public Information Officer (PIO) of Delhi Bharatiya Chikitsa Parishad under the Department of Health & Family Welfare in Govt of NCT of Delhi, information regarding registration of one Dr Shakeel Ahmad. Here is the information the appellant had sought under the Right to Information (RTI) Act...
(with reference to Dr Shakeel Ahmad who was registered with DBCP as a BUMS degree holder).
a) Name of college where Dr. Shakeel Ahmad pursued the BUMS course and year of passing out.
b) Name of the school and the board from where Dr. Shakeel Ahmad had passed his class XII examination and also class XII roll number and year of passing.
In his reply, the PIO stated...
a) Dr Shakeel Ahmad was registered in Delhi Bharatiya Chikitsa Parishad.
b) His certificate of registration has been cancelled with immediate effect vide office letter dated 13/10/2009.
c) He was no more registered with the Parishad.
d) Dr Shakeel Ahmad had requested that no information concerning him should be given to the Appellant.
Rafi Ahmed, the appellant, citing unsatisfactory information provided by the PIO, filed his first appeal.
The First Appellate Authority (FAA), while disposing the appeal gave information to some of the queries asked by Rafi Ahmed.
The FAA stated:
"a) The copy of degree was not available in the official records. Photocopy of marks statement of senior school certificate examination 1994 submitted by Mr Shakeel Ahmed vide roll no 6603447 enclosed.
b) Certificate of registration of Dr Shakeel Ahmed was cancelled with the prior approval of the competent authority. Copy enclosed."
Rafi Ahmed, the appellant, citing unfair disposal of his appeal by the FAA and unsatisfactory information provided by the PIO then approached the CIC with his second appeal.
During the hearing, Mr Gandhi, the then CIC observed that the appellant has highlighted how Delhi Bharatiya Chikitsa Parishad, which has the responsibility of registering medical practitioners in the Indian System of Medicine does not appear to be doing its job. "He (Rafi Ahmed) had sought information about the degree certificate of Dr Shakeel Ahmad and it has been found that in 2002 Dr Shakeel Ahmad has been given registration on the basis of provisional and internship completion," Mr Gandhi noted.
He said, "It is apparent that subsequently no attempt was made to check if he ever obtained a degree. It is very sad and distressing that Institutions to register and guarantee the basic requirements of medical professionals in the country are running in a very arbitrary manner and appear to be serving their own purpose."
While disposing the appeal as the information was provided, the Bench observed, "In this case after the application of the appellant the registration of Dr Shakeel Ahmad has been cancelled. It is no feasible that citizens go about uncovering fake and unqualified doctors while the registering authorities do not do their job."
CENTRAL INFORMATION COMMISSION
Decision No. CIC/SG/A/2010/000666/7817
Appeal No. CIC/SG/A/2010/000666
Appellant : Rafi Ahmed
Inderlok, Delhi – 110035
Respondent : Dr Farhat Umar
Public Information Officer & Registrar
Government of NCT of Delhi
Delhi Bharatiya Chikitsa Parishad
Department of Health & Family Welfare,
CSC – III, 1st Floor, DDA Market, B- Block,
Preet Vihar, Delhi – 110092
The Power ministry had said that supply of excessive stones and boulders especially from Bharat Coking Coal Ltd, a unit of Coal India is a matter of concern, which results in high detention of railway rakes and damage to coal handling system of power plants
The Indian government has set a deadline of next month to constitute a panel of third party sampling agencies amid allegations that stones were being dispatched by Coal India Ltd (CIL) even after the introduction of a mechanism to assess the fuel quality.
According to sources, a panel of third party sampling agencies is to be prepared and the consumer shall appoint his sampling agency from the panel and the deadline for this is 31 August 2014.
The issue of fuel quality being supplied to the power plants had also cropped up in the presentation on coal sector earlier made to the Prime Minister Office.
Last week, Piyush Goyal, minister for coal and power, in a written reply to the Lok Sabha had said that to address the issue of fossil fuel quality, third party sampling and analysis facilities at loading ends have been introduced, and the process is being further streamlined.
He was responding to a query on a tiff between CIL and NTPC in regard to conducting the tests of samples of coal by a third party.
NTPC buys a little more than 140 million tonnes of coal and supplies have been coming from both Eastern coalfields and Mahanadi coalfields. It was found that the higher grade slippage (about 7.5%) occurred from supplies emanating from Eastern Coalfields.
Because of the quality issue, NTPC had held up payments, withholding as much as Rs3,035 crore against coal supplied. After a series of discussions and the introduction of third party sampling and strict enforcement of "cash and carry" mechanism by Coal India in October 2013, NTPC cleared its dues since then, but no decision could be made on the old dues. Finally, in the meeting held on 6th March both the companies decided to settle remaining dues based on sampling results at every mine's end for the previous three months.
The issue of third party sampling of coal had also come up for discussions during the Coal India board meeting held this month.
Finance Minister Arun Jaitley during his Budget 2014-15 speech had said that a stringent mechanism for quality control of coal were being put in place.
A system for third party sampling of coal is already in place since October last year at loading points.
The Power Ministry had earlier alleged that stones and boulders were still being dispatched to the power plants.
"Supply of excessive stones and boulders especially from BCCL (Bharat Coking Coal Ltd), a Coal India subsidiary, is a matter of concern. It results in high detention of railway rakes and damage to coal handling system of power plants," said a Power Ministry document.
The mechanism could not address the quality issue and so there is a "need to be done at unloading point", it said.
The issue of coal quality last year had resulted in a standoff between the country's largest power producer NTPC and the world's largest coal producer CIL.
After the government intervened, it was decided that a third party mechanism would be introduced to check coal quality.