Stocks
Nifty, Sensex headed lower – Tuesday closing report
Nifty may move down towards 7,550
 
We had mentioned in Monday’s closing report that Nifty, Sensex might give up some gains and that Nifty would head lower, if it remained below 7,645. On Tuesday, caution over a potential US interest rates hike led to the major indices in the Indian stock markets to close marginally lower than Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Profit booking, unwinding of long positions ahead of derivatives expiry and caution over a likely US rate hike dragged the key equity markets lower throughout the day's trade on Tuesday. The BSE market breadth favoured the bears -- with 1,690 declines and 948 advances.
 
One of the biggest losers today was Lupin. Brokerage IIFL in a note said that Lupin's Mandideep facility in Madhya Pradesh has received Form 483 from US Food and Drug Administration (US FDA) after an inspection.  According to the US regulator, a Form 483 is issued to a company at the conclusion of an inspection when investigators have observed any conditions that in their judgement may constitute violations of the Food Drug and Cosmetic (FD&C) Act and related Acts. Lupin's US business is significantly dependent on Mandideep unit, which contributes revenues of more than $200 million annually, IIFL said. The Bombay Stock Exchange later sought a clarification from Lupin over the matter.  Lupin in a clarification said FDA observations on Mandideep facility are minor in nature and there were total of three observations. "We believe that these observations are minor in nature and have already addressed these observations. We don't expect any disruption to product supply from our Mandideep location," Lupin said. Lupin’s shares closed at Rs1,401.45, down 6.27% on the BSE.
 
The Supreme Court on Tuesday allowed market regulator SEBI to go ahead with the sale of Sahara properties whose unencumbered title deeds are in its possession. The step is being taken to recover investors' money that Sahara groups' two companies had collected from the public through Optionally Fully Convertible Debentures.
 
National Stock Exchange (NSE) on Monday said existing index names Nifty Midcap 100 and Nifty Smallcap 100 have been rebranded as Nifty Free Float Midcap 100 and Nifty Free Float Smallcap 100 respectively. "There would be a change in the names of the following indices in the Index Broadcast window (Top Right corner) and in Multiple Index Broadcast screen in NEAT and NEAT+," said NSE in statement. According to the statement, members using Non-Neat Front end (NNF) can configure/develop their system to receive the index broadcast. The new names will effective from April 1, 2015, the statement added.
 
BSE StAR MF, the premier stock exchange's mutual fund online distribution platform, on Monday said that it processed a record 81,000 orders worth Rs.270 crore on March 23. "The platform received a record mutual fund orders worth Rs1,048 crore on March 23, which is unmatched by any similar platform," the fund said in a statement. The fund processed a whopping 32.65 lakh orders worth Rs43,000 crore from April 15 to March 28 in 2015-16. "Ours is the only platform in the industry with multiple modes of funds and mutual fund unit settlement in demat and non-demat form, with switch over facility," the statement added. To ease transactions, BSE has introduced many features for enabling payments through all modes, including cheques, SMS and e-mail-based order authentication, access to multiple modes of its mutual fund platform, overnight investment framework and digital and real-time registration on the platform.
 

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 in the table below:
 
 
 

User

5 Maharashtra bureaucrats among others owe Rs65 lakh to the government for overstaying in official accommodation
Officials who owe money to the state government for overstaying include, Thane district's Collector Dr Ashwini Joshi, Kamlakar Fand, Anil Sontakke, Prakash Rathod and PK Jain, reveals an RTI reply
 
In Maharashtra, more than five senior bureaucrats, including those who have retired, owe the state government over Rs65 lakhs for overstaying in official accommodation after end of service or post transfers. The Public Works Department (PWD) has now approached the competent court for recovering the dues from these babus, reveals a reply received under the Right to Information (RTI) Act. 
 
Responding to an RTI query, filed by activist Anil Galgali, the state PWD provided a list of government officials who collectively owe over Rs65 lakhs. Galgali says, "The people who are still working with the Government, the dues can be deducted from the salaries and for those who have been retired, the Government can arrange to collect dues from their pension". 
 
"There are five senior government officials who are yet to pay their rent for overstaying in their official residence, which they continue to occupy illegally," said Galgali, who had filed an application seeking details on the outstanding dues of government officers.
 
According to the information received by Galgali from the PWD, even after her transfer as Collector at Thane in 17 December 2014, Dr Aswini Joshi continues to stay in the flat in Kedar-2 building and owes Rs3.06 lakh for overstaying in the government provided accommodation. Senior officials, Kamlakar Fand owes Rs18.47 lakh, Avinash Zaade Rs4.22 lakh, Anil Sontakke (Judge in the Labour Court) Rs1.11 lakh, Dhanaji Toraskar Rs5.05 lakh, Prakash Kumar Rahule Rs2.43 lakh, Prakash Rathod (former Additional Judge) Rs10.59 lakh, and Pankaj Shah (former Judge) Rs3.22 lakh. The list also include safai kamgars Taramati Palye (Rs48,000), Kashinath Jadhav (Rs2.46 lakh) and carpenter Vasant Panchal (Rs3.96 lakh).
 
Galgali said, what is shocking in this episode is one of the non-payers, is member of the Vigilance Committee. "Maharashtra State Police Vigilance Department's Member Prem Kumar Jain, who is former Principal Secretary of Home and owes Rs9.81 lakh to the government for overstaying. In addition, Jain has taken the Government in the Court in this matter. However, the Government awarded Jain a plum posting in the State Police Vigilance Committee," he added.

User

India allows conditional foreign equity in e-retail
New Delhi : India on Tuesday permitted conditional foreign equity in the retail e-commerce segment when the products sold are also manufactured in the country, as also for single-brand foreign entities with physical retail chains that want to go for online merchandise.
 
The move is expected to benefit not just foreign multi-brand retail entities like amazon and e-Bay, but also single-brand overseas chains like Adidas, Ikea and Nike. Existing Indian players like Snapdeal, Myntra, BigBasket and Flipkart can also now opt for foreign equity tie-ups.
 
The guidelines, issued under Press Note 3 of the Department of Industrial Policy and Promotion, came after numerous submissions from stakeholders that the current policy had no clarity on the issue of foreign equity in e-commerce where the sales were made directly to customers.
 
As per the current foreign direct investment policy, foreign capital of up to even 100 percent is allowed under the automatic route involving business-to-business e-commerce transactions. No such foreign equity was permitted in business-to-consumer e-commerce.
 
But now, a manufacturer is permitted to retail its products made in the country through foreign-owned entities, even as single brand foreign retail chains that currently have brick and mortar stores can undertake direct sale to consumers through e-commerce.
 
As regards the Indian manufacturer, 70 percent of the value of products has to be made in-house, sourcing no more than 30 percent from other Indian manufacturers. But no inventory-based sale is allowed -- that is, such foreign retailers cannot stock products.
 
For such sales, the e-commerce model will include all digital and electronic platforms such as networked computers, television channels, mobile phones and extranets. The payment for such a sale will be in conformity with the guidelines of the Reserve Bank of India.
 
The Boston Consulting Group has estimated that India’s retail market will touch $1 trillion by 2020 from $600 billion in 2015. Various other agencies have said that the e-retail component in that will reach $55 billion by 2018 from $14 billion now.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)