Stocks
Nifty, Sensex may recover ground – Thursday closing report
The market is deeply oversold and may be headed for a rally subject to dips
 
We had mentioned in Wednesday’s closing report that Nifty, Sensex were getting to an oversold position and that Nifty is due for a short bounce which may not sustain. There was a relief rally in the Indian stock markets and the major indices improved by upto 0.93%. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
Bargain hunting and unravelling of short positions by investors propelled the Indian stock markets a little higher and the indices improved by a little less than 1%. Market observers said that short coverings of position by investors led the relief rally after six consecutive days of losses. It is expected that that markets positive trajectory might be short-lived due to the logjam in parliament and absence of fresh triggers.
 
The central government on Thursday clarified the income tax returns filed by foreign institutional investors (FII) and foreign portfolio investors (FPI) will be processed on certain conditions even if the balance sheet and profit/loss account are not filled. In a statement issued by the government, the union finance ministry said notices of defective returns were issued to FIIs and FPIs where balance sheet and profit and loss account were not filled, but such returns will not be treated as defective in cases where the FII and FPI is registered with Securities and Exchange Board of India (SEBI); has no permanent establishment or place of business in India and has provided basis information needed under section 139 (9)(f) of the Income Tax Act if there is a business income. In all cases where the SEBI registration number is provided, the returns for assessment year 2015-16 are being taken up for processing. For previous assessment years where the above information is not available in the tax return, FII/FPI may provide such details in their online response on the e-filing portal of the Income Tax department (www.incometaxindiaefiling.gov.in) to the previously issued notice under section 139(9).
 
The Asian Development Bank (ADB) on Thursday said it would lend $1 billion to state-run Power Grid Corporation for expanding its transmission capacity in the country. "ADB is to provide a $500 million government-backed loan and a further $500 million in non-sovereign lending to India's national transmission company, Power Grid Corporation of India Ltd," ADB said in a statement. "The new transmission lines connecting renewable energy-rich areas to the national grid will enhance connectivity between the regions by bringing clean energy to more people, making the overall Indian power system more efficient, and improving India's overall energy security," Hun Kim, Director General of ADB's South Asia Department, was quoted as saying. The loans will fund building and upgrading high voltage transmission lines and substations in Rajasthan and Punjab, as part of government's Green Energy Corridor initiative. The power sector, as far as investors are concerned, is likely to get a further boost from this development.
 
New Zealand's central bank cut its official cash rate by 25 basis points to 2.5% on Thursday, citing concerns over growth at home and abroad. Globally, economic growth was below average and inflation was low, despite highly stimulatory monetary conditions, Reserve Bank of New Zealand (RBNZ) governor Graeme Wheeler said. Financial markets remain concerned about weaker growth in emerging economies, particularly in China, while expecting tightening of policy in the United States, reported Xinhua. "Growth in the New Zealand economy has softened over 2015, due mainly to lower terms of trade. Combined with increases in the labour supply from strong net immigration, the slowdown has seen an increase in spare capacity and unemployment," said Wheeler.
 
The Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister Narendra Modi, on Wednesday decided to create a buffer stock of pulses in the country. An official statement said the buffer stock would be created in the current year itself. The statement said the CCEA also decided to import pulses, if needed, through a public sector enterprise of the commerce ministry. "It approved procurement of about 50,000 tonnes of pulses from the 2015-16 kharif crop and one lakh tonne out of the arrivals of rabi crop for 2015-16," the statement said.  
 
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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Three found guilty in Kolkata Park Street gang rape case
Nearly nine months after her death, the Anglo-Indian woman gang-raped on Kolkata's Park Street in 2012 finally got justice on Thursday with a court pronouncing guilty all three accused who were on trial in the sensational case.
 
The women -- then 40 years old, a divorcee and mother of two -- was beaten up and gang-raped at gun-point inside a moving car and then thrown off the vehicle near a city intersection on the night of February 5, 2012, after she had come out of a night club on the fashionable Park Street.
 
Passing the judgment during in-camera proceedings, Additional Sessions Judge Chiranjib Bhattacharya of the City Sessions Court pronounced Ruman Khan, Naser Khan and Sumit Bajaj guilty of gang rape.
 
The quantum of punishment will be pronounced on Friday.
 
The accused were found guilty of gang rape, criminal conspiracy, voluntarily causing hurt, criminal intimidation and common intention, under relevant sections of the Indian Penal Code.
 
However, main accused Kader Khan and a co-accused Ali are still absconding.
 
The courageous and gutsy Anglo-Indian woman, who came forward and revealed her identity and even urged the world to call her a "rape survivor" and not as the "Park Street rape victim", grittily fought her case for three years against heavy odds.
 
Days after she filed the complaint on February 9, 2012, ignoring disparaging comments and initial reluctance of Park Street police station personnel, West Bengal Chief Minister Mamata Banerjee called it a "cooked up case" and alleged that the woman was trying to malign the state government.
 
Banerjee's remarks were widely flayed by the civil society and the public, but that was no end to the raped woman's ordeal.
 
Trinamool MP Kakoli Ghosh Dastidar called the entire episode "a sex deal gone wrong", while then minister Madan Mitra questioned what she was doing at a night club so late in the night and dubbed the rape allegation a "fabricated complaint meant to extort money".
 
However, the rape survivor soldiered on and not only fought her case, but also took part in protest rallies against various incidents of rape.
 
Over the months and years, she almost became a symbol of women's fight against atrocities, oppression and injustice.
 
But the woman did not live to see her moment of victory, that also coincided with the Human Rights Day. On March 13 this year, she died of multi-organ failure after being diagnosed with encephalitis.
 
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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COMMENTS

Vaibhav Dhoka

1 year ago

Judgement is slap on politicians.Most shameful on their part.Such incidences are TOLERABLE?

IT returns of FII, FPI to be processed on certain conditions
The central government on Thursday clarified the income tax returns filed by foreign institutional investors (FII) and foreign portfolio investors (FPI) will be processed on certain conditions even if the balance sheet and profit/loss account are not filled.
 
In a statement issued here, the union finance ministry said notices of defective returns were issued to FIIs and FPIs where balance sheet and profit and loss account were not filled, but such returns will not be treated as defective in cases where the FII and FPI is registered with Securities and Exchange Board of India (SEBI); has no permanent establishment or place of business in India and has provided basis information needed under section 139 (9)(f) of the Income Tax Act if there is a business income.
 
In all cases where the SEBI registration number is provided, the returns for assessment year 2015-16 are being taken up for processing.
 
For previous assessment years where the above information is not available in the tax return, FII/FPI may provide such details in their online response on the e-filing portal of the Income Tax department (www.incometaxindiaefiling.gov.in) to the previously issued notice under section 139(9).
 
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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