Nifty, Sensex in overbought zone – Friday closing report
The indices may dip in the early part of the week but the trend is up
Yesterday we mentioned that the current upmove on the indices seems to have matured, but we still see the upmove continuing for a few more sessions. Today the market opened much higher and moved further up. After hitting the intra-day high, the indices started giving up gains, however managed to stay above yesterday's close. The positive economic data from the US helped the positive momentum on the bourses.
S&P BSE Sensex opened at 26,420, while CNX Nifty opened at 7,905. Sensex hit a low of 26,383 after reaching a high of 26,508 and closed at 26,420 (up 59 points or 0.23%) while Nifty moved from 7,929 to 7,900 and closed at 7,913 (up 22 points or 0.28%). The NSE recorded a volume of 80.51 crore shares. India VIX fell 0.81% to close at 13.6200.
The Reserve Bank of India (RBI) in its Annual Report for the year ended 30 June 2014, released after trading hours on Thursday, 21 August 2014, said that the acceleration in consumer price inflation (CPI) in July 2014 driven by a vegetable price spike which indicated that the upside risks to the RBI's disinflationary glide path of taking CPI inflation to 8% by January 2015, are still prevalent. To secure a sustainable growth of at least 7% over the medium term, microeconomic policies that improve activity levels and productivity will be needed so that they can work in tandem with a supportive macroeconomic regime with a reasonably positive real interest rate, low inflation, moderate CAD and low fiscal deficit, the RBI said.
There was also news that the Finance Minister Arun Jaitley approved a draft Cabinet note, which proposes to create a holding company structure for state-run banks towards meeting their long-term capital needs.
Bank stocks were in focus today with the notification from the RBI, which has tightened norms related to lending against shares. In a notification issued on Thursday, 21 August 2014, the RBI said that non-banking finance companies (NBFCs) with asset size of Rs 100 crore and above, shall maintain loan to value (LTV) ratio of 50% with regard to lending against shares. RBI further said that lending against shares by NBFCs will be restricted to Group 1 securities as collateral for loans of value more than Rs 5 lakh. The RBI also said that all NBFCs with asset size of Rs100 crore and above shall report on-line to stock exchanges, information on the shares pledged in their favour by borrowers for availing loans. Union Bank (3.71%) was among the top four gainers in the ‘A’ group on the BSE while SBI (2.26%), HDFC Bank (1.80%), Axis Bank (0.92%) were among the top six gainers in the Sensex 30 pack. HDFC (1.91%) was among the top two losers among the Sensex 30 stocks. 
Suzlon Energy (4.49%) was among the top two gainers in the ‘A’ group on the BSE. It was in the news for its German unit Senvion SE, supplier of offshore turbines, for being in talks with Japanese companies about forming a potential joint venture.
Bhushan Steel (4.97%), hit its new 52-week low, and was the top loser in the ‘A’ group on the BSE.
US indices closed in the positive on Thursday.
A report in the US yesterday showed fewer Americans than expected applied for unemployment benefits last week. Data yesterday also showed existing home sales rose last month, to the most since September, while the Conference Board's gauge of the economic outlook for the next three to six months increased 0.9%. Separately, the Markit Economics preliminary index of US manufacturing in August jumped to the highest level since April 2010.
Except for the Jakarta Composite (0.14%), KLSE Composite (0.20%) and Nikkei 225 (0.30%), all the other Asian indices closed in the positive. Taiwan Weighted (1.37%) was the top gainer.
European indices were trading in the negative while US Futures were trading marginally in the red.


Can You depend on mainstream media to report economic scams?
Moneylife Foundation's Event brought together three veteran journalists, Chitra Subramaniam, Sucheta Dalal and Debashis Basu and Ravi Nar, better known as @Mediacrooks for a discussion on the future of journalism and the role of Social Media in it
Moneylife Foundation brought together the three journalists, Chitra Subramaniam, Sucheta Dalal, Debashis Basu and also Ravinar, better known as @Mediacrooks on Twitter, to share their thoughts and for a discussion on the problems with mainstream media today and how social media can shape the future of news. We are all aware of issues around paid news in print, branded content on TV, influence peddling and trading favours that have become a fixture in our media landscape. And yet, can the audience disconnect from these news sources? In this context, can social media offer an alternative, and in what sense can it be used to do exactly what mainstream media is unable to, for a variety of reasons?
Chitra Subramaniam kicked off the discussion through the lens of how journalism is essentially a public service. She discussed the usual life cycle of a news report that deals with serious improprieties or scams by those in power; "from denial to irrelevant details, to more denials, the setting up of a committee and the usual refrain of the law taking its own course".
She spoke of the problem with the model of how 'access journalism' works. "Where journalists draw their power, influence, careers and futures to their access to the rich and powerful, it is only natural that they would hesitate from reporting on the sources of their own success," she said. 
Ms Subramaniam, whose investigation into the Bofors scandal and dispatches from Geneva shook the Rajiv Gandhi government in the 1980s, also highlighted the corporatisation of journalism. In this new corporate journalism, bottomlines have become as important as headlines, and where the editor, who was traditionally shielded from the business side of journalism by unwritten codes of conduct, has now become an editor-CEO in himself or where it's the case, herself, she added.
Where the focus is on breaking the news and nothing else, where the marketability of stories is equally important, the cornerstones of journalistic practice take a backseat. "Accountability in journalism takes hard work, stories have to be dropped when a lot of work may have gone into it, fact-checks and multiple sources are needed," she said.
She recalled the Bofors scam. She spoke of how Bofors, as is the case today, was a story on how a Prime Minister, a Parliament, an executive and a judiciary let the country down. And the eventual consequences of the loss of faith in these institutions.

Talking about if Amitabh Bachchan was involved in the Bofors scam, Ms Subramaniam said, "Amitabh's name was 'planted' in the scam. This was done because he was very close to the Gandhi family. This was planted by a senior journalist in the Indian media."

A Clip from Peter Finch's monologue from Hollywood cult classic, Network, set the tone for the panel discussion, as the actor prophetically implores his audience to “disconnect, turn off now and disconnect!.”
Ravi Nar (or @Mediacrooks) began by talking about how mainstream media controls the public discourse in the country. Instead of reporting, there is direction and misdirection, he said. He showed how there is a decided process on the creation of TV news. How the news is packaged to deliver both overt and subliminal cues to the audience, based on the editorial slant of the channel.
"Media is the first line of defense against corruption. Unfortunately, the same media, especially the TV does not provide fact and truth. All these TV news channel give you predetermined perception and opinion,"  he added.
Sucheta Dalal picked up from where Ravi Nar left off, herself being very active on social media, her focus was on whether social media can work as an alternative to mainstream media. 
Ms Dalal also detailed some of the issues raised by Ms Subramaniam, about how money and moneybags keep a stranglehold over media and policy making.
She then went on to discuss how the powers that be, go about gaming public discourse. The tactics used to coerce journalists and civil society's voices, and the use of the state and judicial machinery to clamp down on “errant” journalists and writers. She ended her discussion by focussing on what an alternate model for media could look like, from funding to harnessing the immense potential of social media.
Debashis Basu then took the stage and focussed his decades of experience in financial journalism on the business of journalism itself.  “How and why were almost all the major media companies making and sustaining massive operating losses?” he asked. With the proliferation of too many options and news outlets, there was little scope for a paying audience, and as a result, he said, there is a serious mismatch in the demand-supply scenario.
He then discussed how the American media landscape was changing and being reshaped by new media outlets like Buzzfeed and FirstLook Media, both funded by tech billionaires. He then spoke about the space for paid (by users) online news content, and how there was a crying need for an Indian business model of news delivery. He signalled towards the need for a round of creative destruction in the Indian news space, which would discard the likes of DNAs and NDTVs and clear the path for new emergent media possibilities.
In response to the comments made by the three panellists, Ms Subramaniam added her responses and ideas. She said, "Attitude of arrogance has brought joirnalism to this 'subprime' status and there is dire need to build institution of journalism".
The panel then opened up for questions from the audience, in a Q&A session moderated by Ms Dalal. As was expected, the animus against the mainstream media flowed out and a lively discussion was followed by a closing vote of thanks by Ms Dalal to both Ms Subramaniam and Ravi Nar, and the audience for turning up in such numbers.




3 years ago

"Attitude of arrogance has brought joirnalism to this 'subprime' status and there is dire need to build institution of journalism". Now that the 'Think Tank' has completed the evaluation of today's state of affairs with MEDIA, what's the roda map for ACTION PLAN?? Chitra Mam, Bofors is too old a story and u created history, Sucheta Mam, you have lots of ideas and bubbling with enthusiasm to do something, & Ravinar is very dynamic and voceferous in exposing. We shall support you in whatever way you presscribe, but, we look forward to you all as Doesr and simply not as Activists! PLease move ahea and take us all.



In Reply to JNM RAO 3 years ago

Few Corrections: "Attitude of arrogance has brought joirnalism to this 'subprime' status and there is dire need to build institution of journalism". Now that the 'Think Tank' has completed the evaluation of today's state of affairs with MEDIA, what's the road map for ACTION PLAN?? Chitra Mam, Bofors is too old a story and u created history, Sucheta Mam, you have lots of ideas and bubbling with enthusiasm to do something, & Ravinar is very dynamic and voceferous in exposing. We shall support you in whatever way you presscribe, but, we look forward to you all as Doers and simply not as Activists! Please move ahead and take us all.

Mahesh S Bhatt

3 years ago

Sir if we are unable to market truth than we shall fail.We should align more agressively, Inflation/ Corruption were issues on which Congress lost as agreed by A.K.Anthony.

So CAG/Opposition/Media worked against the misrule & we have Modi government.

Let's all not collectively lose hope as Divine interventions have always come to rescue the humanity as per Mythology & as late as 2008 crash,relection of Obama too was lot of surprise for Republican's who were flush with moneybags.

There is an uncanny fact of the TRUTH that it stands alone & opposite to this is Falsehood requires great support but falls eventually.

Good Great Show Kudos to Moneylife team.

You do your Best & God will do the Rest. Jai Ho Vijayi Bhava Mahesh

Abhijit Gosavi

3 years ago

So much risk to a nation that doesn't have a healthy media. Twitter is great for getting news, but people can be very rude there, and twitter discussions can get out control very easily (just my thoughts). Blogs have certainly played a more powerful role in disseminating information that MSM stays away from (just like DD used to in the 80s-90s).

MG Warrier

3 years ago

As one who has been watching media for about 5 decades and as a participant in the game for a decade or so, I found the issues raised in the article and comments interesting. Media has several ‘religions’, ‘castes’ and ‘communities’ within. Leaders in each ‘group’ have allegiance to interests depending on their philosophy and dependence for survival. Anyone of us can ‘test’ and find out the true colour by just writing a letter to the editor and the shape it gets post-editing, if issues raised in the letter ‘hurt’ the editorial policy. Exceptions like Moneylife are there who allow freedom of expression. But their outreach is limited.
To cite one example, NPS was introduced by GOI in certain circumstances. The only publication which dared to post my views on NPS was Later on some publications in print media have published my articles on the subject. But, the mainstream media still opts to observe silence when it fears that the establishment may have problems if they publish certain views.


Abhijit Gosavi

In Reply to MG Warrier 3 years ago

Well said. Moneylife is where I am turning more and more to get authentic information. IE and the Hindu don't publish all online comments; their moderation is very strong.

There was a time when I had sent an email to the Hindu (N. Ram was the editor) and not only did he not publish it (which is okay), but he made snide remarks about people writing emails to him and that he didn't need to be told how to do his job! All I had complained about was the glowing editorial they had about Jyoti Basu on his retirement. Imagine what would have happened to that editorial on twitter today? Everybody knows now how terrible Basu was for W.B. LOL!

k mani

3 years ago

eagerly looking forward to the video clip of the entire proceedings, without editing

Gopalakrishnan T V

3 years ago

There is an urgent need to focus on the role played by the Chartered Accountants and Legal Professionals in clluding with the institutions and the top officials in perpetrating scam. The role played by middlemen is also equally important. If the media particularly those who want to expose the irregularities in the system can concentrate and keep a watch on the Accountants, Auditors, Legal luminaries, a lot of scam can be prevented in major PSUs and Government Institutions.Media can also make a strong propaganda to ensure that the system does not tolerate cash transactions in the society for any commercial deals and the transactions are backed by proper receipt with all details like PAN Number, The license Details, their regulator's details etc. Media reports some scams here and there but cases gets closed with the same speed as they are reported. What really was the follow up and how the cases get closed are not made known to public.

Mira D

3 years ago

Waiting for the YT/ video, thanks.


Vishwanath T K

In Reply to Mira D 3 years ago

link to the video pls

Nagesh Kini

3 years ago

What happens to the nefarious role of some well known media personalities in the Niira Radia tapes exposure - all shoved under the carpet upon Ratan Tata's suit for "invasion of (his) privacy" that never seems to come on the SC Board ?

Sharad Jain

3 years ago

hope you will upload the video ASAP.


Veeresh Malik

In Reply to Sharad Jain 3 years ago

I heartily and earnestly second that request and hope to see the video clip soon!

IRB offered Satish Shetty over Rs2 crore, reveals CBI report

A copy of the CBI closure report in the Satish Shetty murder case reveals scandalous information on officials of IRB offering money and threatening with dire sequences the RTI activist over the company’s land deals in Lonavala. Presently, the CBI has let all the accused off the hook


Pune-based right to information (RTI) activist Satish Shetty, was brutally murdered while he was returning from his morning walk on 13 February 2010. However, four months before his death, Shetty had filed a police complaint against officials of Ideal Road Builders (IRB), that they were threatening him with serious violence. He had also asked for police protection but never received any.

Excerpts from the Central Bureau of Investigation's (CBI) Closure report of August 11, 2014, should shock every citizen for the brazen manner in which the alleged criminals are being protected, allegedly at the behest of a top politician of the country, belonging to Maharashtra. The murder of Satish Shetty is allegedly related to a huge land scam near Lonavala along the Pune-Mumbai Expressway by IRB and its associated group.

Here is what the closure report from CBI says:

“Investigation by CBI revealed that the deceased Satish Bhoja Shetty was a Social Worker and RTI activist and he had filed a complaint against many persons, including Adv Vijay Dabhade of Talegaon, regarding encroachment on Government land and many other illegal activities which came to his notice.”

“Investigations by CBI revealed that the deceased had filed a number of complaints against Smt Ashiwini Kshirsagar, the then Sub-Registrar at Lonavala, for illegally registering Government land on the basis of false documents. The deceased had filed a complaint  on 16 September 2009 with the Superintendent of Police (SP) of Pune Rural, against Smt Kshirsagar and others, for registering Government land on the basis of bogus documents. Therefore, on 15 October 2009, on the fresh complaint of the deceased CR no152/2009 a case u/s420, 467, 468, 469, 471 and 34 of IPC was registered at Lonavala City Police Station against Virendra Mhaiskar, director of Aryan Infrastructure Investment Pvt Ltd and 12 others regarding illegal purchase of Government land in Pimpaloli village and Ozarde village, Maval taluka, Dist. Pune on the basis of fake and forged documents in connivance with Ashwini Kshirsagar, the then sub-registrar, Lonavala, who was also cited as an accused in the said FIR.”

“After registration of the said case, the deceased, Satish Shetty was offered a bribe of Rs2 crore to stop pursuing the matter, by Jayant Dangre, Liason Manager of IRB Group and on Shetty's refusal, he was threatened by Jayant Dangre to break his hands and legs by his men.”

“Thereafter, vide letters dated 23 November 2009 and 24 November 2009, the deceased Satish Shetty had requested Superintendent of Police, Pune Rural for providing police protection to him and his family but he did not get police protection despite recommendation dated 8 January 2010 from Dilip Shinde, SDPO of Lonavala who had recorded statement of Satish Shetty in this regard on 25 December 2009. The deceased Shetty was murdered on 13 January 2010 with sharp edged weapon...”


“On the basis of the evidence collected during investigation, the following persons were also arraigned as accused in this case their role was investigated by the CBI:

1. Jayant Dattatreya Dange, Liason Manager, Modern Roadmakers Pvt Ltd (subsidiary of M/S IRB Infrastructure Developers), Chandivili Farm, Chandivili Village, Andheri East, Mumbai.

2. Adv Ajit Balat Kulkarni, 28-B, Gharkul, Ganeshkrupa Society, Paud Road, Kothrud, Pune

3. Bhausaheb Raosaheb Andhalkar, the then police inspector, Local Crime Branch, Pune

4. Namdev Sukhdeo Kauthale, the then police sub inspector, Local Crime Branch

5. Virendra Dattatray Mhaiskar, Managing Director, of IRB Infrastructure Developers

Ltd and Director of Aryan Infrastructure Investments Pvt Ltd, Chandivili Farm, Chandivili Village, Andheri East, Mumbai

6. Dilip Arjunrao Shinde, the then deputy superintendent of police and SDPO, Lonavala, Dist Pune”

Satish Shetty’s application for police protection:

Satish Shetty in his complaint has stated that he filed a complaint with the Lonavala police station as well as with the Inspector General of Registration.

The CBI closure report states: “…on account (of his complaints) the accused persons have come under difficulty and the IRB company, which had spent crores of rupees to purchase the said lands is facing problem in getting the said land transferred in their name.


Therefore, the Director of IRB, the concerned agents and many farmers had become angry with him. Therefore they are trying to allure him and also pressurising and intimidating him…”

“…due to the fact that he was providing evidence in respect of the illegal acts and due to the financial and social loss to the said persons, the said persons either themselves or through their men are likely to cause danger to his life and the life of his family members and they want to give a message that anybody who will do such social work will face consequences like him. In view of the said facts, he had requested adequate police protection to him, free of cost, as he is unable to bear the cost of police protection…”

“Investigations revealed vide letter no.349/2010 dated 12 January 2010 addressed to SP, Pune Rural, Sunil Tonpe had forwarded his recommendation that he may be provided police protection.”

CBI investigations further reveal:

“During investigations by CBI, Dinesh Sadanand Shetty, the cousin of the deceased was examined…He stated that he came in contact with Jayant Dangre through his friend Pramod Tigle, when the work of NH4 Expressway was in progress. He stated that the deceased Satish Shetty had exposed land dealings of the IRB group as they were purchasing land on bogus documents. Thereafter, Jayant Dangre had met him and told him…if all the matters pertain to IRB are settled, then they would give Rs2 to 2.5 crore.


The next day he told Satish Shetty to meet Jayant Dangre. But, the meeting did not happen. Thereafter, Jayant Dangre had telephonically told him that Ganesh Khandge was going to hold a meeting with Satish Shetty to settle the matter and he had told this to Satish Shetty, upon which Satish Shetty became angry and did not meet Ganesh Khandge…”

“He stated the land, which IRB had purchased in the name of Virendra Mhaiskar through Adv Kulkarni were done on bogus documents and when Mhaiskar's name was exposed, Jayant Dangre had telephonically told him to tell Satish Shetty not to proceed further else he would not spare him…”

“Jayant Dangre had also asked him on telephone, why Satish Shetty was behind  Mhaiskar? He advised him to lay off for the sake of his boys and if his hands and legs were broken what would he do?”

While Sandeep Shetty, Satish’s brother is demanding re-investigation, the fact is the 'influential' in India have an upper hand over the common man.

Here is a copy of the CBI closure report...




(Vinita Deshmukh is consulting editor of Moneylife, an RTI activist and convener of the Pune Metro Jagruti Abhiyaan. She is the recipient of prestigious awards like the Statesman Award for Rural Reporting which she won twice in 1998 and 2005 and the Chameli Devi Jain award for outstanding media person for her investigation series on Dow Chemicals. She co-authored the book “To The Last Bullet - The Inspiring Story of A Braveheart - Ashok Kamte” with Vinita Kamte and is the author of “The Mighty Fall”.)



Madhur Aggarwal

3 years ago

I felt very sad at the state of affairs in whole country.
An upright and well meaning Activist had to loose his life to protect national assets and going by the guiding principle of Socialism.

I am angry !!
I am sad !!
I want to do something besides writing here.
I want to be Satish Shetty for a day and look in the eyes of Land Mafia/ Corrupt elite and take them to task as per law .
I live in Delhi !!
I am young , optimistic but my Idea of India is into shattered pieces of glass .
And I am looking at it despondently.
We need a leader like
Imran Khan
Mustafa Kemal Atatürk
Mahathir mohamad
for guidance , for keeping our spirit high to re- build India after 68 years of Dissatisfaction .



In Reply to Madhur Aggarwal 3 years ago

Hi Madhur,
I am Satish;s elder brother,the only thing I can tell u is Satish never feared death,We tried to get him off social work when we heard a lot of chatter about threat to his life.It was difficult to convince him,there is none other like him in our family selfless and fearless,I guess God makes only a few like him. I am proud to be associated with him just by chance.And the land Mafia u talk about, no its not . Here are the names . Sharad Pawar .Nitin Gadkari , Virendra Mahiskar ..and these are our leaders .. God save us .. Police involved in hiring contractors to get the job done, politicians involved in Hushing up.. closing any investigation. Sign of hope honest CBI officer Mr Singh , sheds light on the whole nexus,Was transferred last week for doing good work. !!!

""Ache Din Aa rahe hai ""

Veeresh Malik

In Reply to santosh 3 years ago

Hello Santosh - I met your brother 9 years ago in Pune, and agree with you about him. Please let me know if there is any way in which I can help from Delhi in this. Veeresh Malik


In Reply to Veeresh Malik 3 years ago

Hi Veeresh,
The only way we can get justice is by spreading the word,Media has been bought and no one wants to talk about this,closure was well planned and took's 6 months and a lot of money to stall the investigation.Some brave and honest reporters like Vinita Mam and some guys at Mid Day are the only ones reporting. NDTV awarded him Indian of the year along with others in 2010 , now they want nothing to do with this case, what a shame. I need help in getting the information in the closure report across. Only with help from people like you and the courts we expect Justice.

Veeresh Malik

3 years ago

Which is why, golden rule in context with any form of do-good activism in larger public interest, one never goes for "meetings" unless summoned by judicial or quasi-judicial entities. It is so easy to get tainted as a black-mailer or worse, that is one reason, and not without justification too. And secondly, it is simply not safe, no idea what people mix in food or beverage-or inject or blow.

In one episode I heard of, the person was asked to take his shoes off to go into the meeting, and when he came back he noticed some weird powdery substance inside the shoes so he did not wear them, carried them out, and then threw those shoes away. Years later one recalls reading that a particular BaBaJi (ex Armed Forces guy incidentally) had mastered the art of poisoning people as part of his "we solve all problems" service, by exactly the same method - a powder in the shoes and withina few days, the person would die.

Can't take much precautions during a morning walk, agreed, but guess one will have to do that too, varying the time and route. Interim, read the closure report and read between the lines there too.

Thanks, Vinita.


nilesh prabhu

In Reply to Veeresh Malik 3 years ago

all that you say is okay, but how about competence of police/cbi, we have seen auroshi case, J Dey, narendra dabholkar and this case

investigation officers seems to be cluesless

Veeresh Malik

In Reply to nilesh prabhu 3 years ago

I am not competent enough to comment on the competency of the Police and/or CBI. There is ample material out in the public domain on the subject. Point I am trying to make here is to set up precautions. For example, I have -

# 24x7 CCTV recording outside my house
# dashcam in car
# always carry a couple of cameras in addition to mobile phone camera
# vary morning walk and other routines
# never accept requests for "meetings" from all and sundry
# document and place on record immediately any threat perception, leave alone actual threat.
# am extremely careful about what sort of food / beverage I accept from anybody especially unknown and find more safety in street food being eaten by all.

That kind of stuff. What do we citizens know about Police ad CBI?


3 years ago

Fact of the matter is Judiciary has failed to deliver and so invesigative agency and police will have no interest to produce clinching evidence. So common man will have to wait for divine justice only and he will feel delivered only when perpetrators meet gory end

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