Stocks
Nifty, Sensex may fall further – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were highly overbought. The major indices of the Indian stock markets suffered a sharp correction on Monday to close more than 1.5% lower than Friday’s close. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
The increased possibility of a US rate hike and a rout in Asian and European equities dragged the Indian markets down on Monday, as heavy selling pressure was witnessed in automobile, banking and capital goods stocks. The BSE market breadth was skewed in favour of the bears -- with 2,033 declines and 688 advances. On the NSE, on Monday there were 186 advances, 1,251 declines and 53 unchanged.
 
Tata Chemicals on Monday said that the company's fertiliser plant at Haldia, West Bengal is likely to be closed for 5 weeks in February-March 2017 due to "interruption in the supply of ammonia". The company had signed a MoU (Memorandum of Understanding) with Sanjana Cryogenics Storage (SCSL), its ammonia terminal operator, for rerouting a portion of the ammonia pipeline that runs from Haldia Dock to ammonia storage tank. The pipeline re-routing activity has been done at the directive of Kolkata Port Trust for facilitating the set up a Multi-Modal Terminal Hub at Haldia by Inland Waterways Authority of India (IWAI), the company said.  "As per the current project status, the expected pipeline re-routing will be scheduled in the month of February-March, 2017 for about five weeks. Further updates in this regard will be provided when the actual shutdown of the Haldia plant for the above purpose is undertaken in February and March, 2017," the company said in a filing to Bombay Stock Exchange. The company’s shares closed at Rs530.35, down 5.17% on the BSE.
 
India's direct tax collection was up by 15.03% to Rs1.89 lakh crore while the indirect tax collection jumped by 27.5% to Rs3.36 lakh crore during the April to August period this year, an official statement said on Monday. "The figures for direct tax collections up to August 2016 show that net revenue collections are at Rs1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year," Finance Ministry said in a statement. The collection up to August 2016 indicates that 22.30% of the annual budget target of direct taxes has been achieved, it said. Refunds amounting to Rs77,080 crore have been issued during April-August 2016, which is 22.18% higher than the refunds issued during the corresponding period last year, it added. On indirect tax collection, the Finance Ministry statement said, "The figures for indirect tax collections (central excise, service tax and customs) up to August 2016 show that net revenue collections are at Rs3.36 lakh crore which is 27.5% more than the net collections for the corresponding period last year." The collection up to August 2016 indicates that 43.2% of the annual budget target of indirect taxes has been achieved, it said. The fiscal deficit of the Indian government and the interest rates as set by RBI (Reserve Bank of India), due to domestic compulsions, are unlikely to be a hindrance for the stock market’s upward trend.
 
State Bank of India (SBI) Chairperson Arundhati Bhattacharya says a 25 basis points cut in interest rates was in the offing and that an improvement in the financial health of India's banking sector was closely linked to the overall performance of the economy. In an interview to IANS, the 60-year-old banker also said the 4% inflation target fixed by the government is a tad low in an emerging economy like India where food inflation has rarely fallen below 6% in the past 60 years. Nonetheless, she felt the current inflation level is set to fall due to a statistical play that could pave the way for a cut in interest rates by commercial banks -- which the central bank has been asking for, as and when it has itself cut interest rates. "Inflation will start coming down because there was a base effect in the last two months, which was actually pushing inflation up. That effect will moderate in the coming months," she said referring to the current impact of a lower movement in price indices in the previous year. "So, I see no reason why we shouldn't be looking at a small rate cut this year." This decision is favourable for both borrowers and for investors in the Indian stock markets.
 
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:
 

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HC stays Andhra's Swiss Challenge method for development of new capital
The Hyderabad High Court on Monday stayed the Swiss Challenge model proposed by the Andhra Pradesh government to award construction projects for its new capital Amaravati.
 
Admitting a petition filed by Aditya Constructions and NVN Engineers challenging the government's decision to adopt the Swiss Challenge model, Justice M.S. Ramachandra Rao directed the state to file its response and adjourned the hearing till October 31.
 
The High Court of Judicature in Hyderabad is the common high court for both the states of Telangana and Andhra Pradesh.
 
Under the Swiss Challenge model, the government or its agency invites a developer to present a bid. Other prospective developers are then asked to offer counter bids. If their bid is lower, the first bidder is asked to submit a fresh bid.
 
If the first bidder comes up with lower bid, it gets the project, and if it fails, the one with lower bid wins the project.
 
The state cabinet in June approved the controversial model for awarding the capital city's development project to the Singapore consortium of Ascendas-Singbridge and Sembcorp Development Ltd.
 
The government had subsequently floated a special purpose vehicle -- Amaravati Development Company -- to take up various works for construction of the greenfield capital city on the banks of the Krishna river in Guntur district.
 
The Singapore consortium has 58 per cent stake in the SPV while the remaining 42 per cent is held by the Andhra Pradesh government.
 
The Swiss Challenge mode has come under criticism in various countries, as well as opposition parties in the state, who alleged that it lacks transparency and favours a particular company.
 
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.

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BMC Corporator helps find a 2.50 lakh litre water tank lying unused in South Mumbai Museum
Professor Avkash Jadhav, Shiv Sena's nominated councillor in the Municipal Corporation of Greater Mumbai or BrihanMumbai Municipal Corporation (BMC) has chanced upon a massive 2.50 lakh litre water storage tank lying unused on the premises of Chhatrapati Shivaji Maharaja Vastu Sanghrahlay (formerly Prince of Wales Museum) in South Mumbai. 
 
Prof Jadhav, who is nominated as Trustee of the Museum, in a Facebook post describes how he discovered the tank. He says, "Few months back while doing inspection around the Museum, I came across a display board of BMC. This Board triggered more inquisitiveness in me and I started inquiring further on the relevance of this board bearing name of BMC there. I was informed that there is neglected water tank around and that Board is for the reference."
 
"I found out that, the said water tank 'A-4' as stated on the board, has an unimaginable storage capacity of 2.50 lakh litres and is lying unutilized for many years. Apparently, it was constructed during the pre-independent era and is primarily to be used for any kind of emergencies. I was immediately reminded about the latest fire that gutted Metro building and also recently even the Express towers, and how our Fire Brigade Department was struggling to get enough water supply in South Mumbai," he added.
 
According to the nominated councillor, there are seven such static water tanks in A ward alone (which is the post south Mumbai area of Churchgate, Nariman Point, and Fort), and all of them may be hidden like the one in Museum and are not placed on the BMC records.
 
Prof Jadhav said he further informed the Director of the Museum and called Assistant Municipal Commissioner (AMC) from A ward as well as officials from the Maintenance and Water Supply Department of BMC. He also visited the spot along with these officials and requested the AMC to take charge of this water tank and also to locate other tanks in the ward.
 
"The visit instantly put the BMC department in active mode and they have taken cognizance of my request and were equally happy to know about this new exploration. I am sure the other water tanks would also be of the same size, so we might hit the jackpot, if we find all the seven water tanks we may get the water storage capacity of minimum 10 lakh litres (it could be more depending upon size of all tanks) in A ward alone," Prof Jadhav says.
 
The discovery comes soon after the Maharashtra Governor discovered a 150-meter long underground bunker at the Raj Bhavan, his official residence. The British era bunker, discovered in August this year, has been lying closed and walled up for decades. Yet, it was found to be in remarkably good condition covering over 5000 sq feet underground, with several hallways and 13 rooms with provision for fresh air and water. 
 
In 2010, the efforts of Mid-Day newspaper led to the discovery of an underground tunnel under the General Post Office (GPO) near the majestic Victoria Terminus station (now Chhatrapati Shivaji Terminus). It was subsequently discovered that this was just one among a maze of well-preserved underground tunnels that were probably built in the 18th century. They include a tunnel under St George Hospital at Fort, which probably leads to the Gateway of India.

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COMMENTS

manoharlalsharma

5 months ago

while NMMC Corporator gearing up redevelopment of a society promoted by himself in the year of 1992-93 with the tag of APMC and sold to non-APMC peoples then in the year and received an o.c. in 1996 with the prepossession from developers blocked the membership of the peoples who bought the flats from developers and keeping aside all regularities even the final order to change byelaws and make members but it brought the STAY from HC/Bombay WP-8508/2003 and then it made business of NOC and still going on.

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