Stocks
Nifty, Sensex may try to bounce back – Monday closing report
Nifty may find support around 8,490 and put in a short bounce
 
In Friday’s closing report, we had mentioned that if Bharatiya Janata Party (BJP) loses in the Delhi assembly elections, it might result in making of more losses on the bourses. The exit polls released by several media showed that the Aam Aadmi Party (AAP) will get majority and will be able to form the next government in Delhi. The counting of votes for the 70-member Delhi assembly takes place Tuesday morning.
 
The S&P BSE Sensex opened at 28,567 while NSE’s CNX Nifty opened at 8,584. Sensex hit its intra-day high at the same level as at which it opened, while Nifty hit its intra-day high at 8,606. Both the indices moved to the low of 28,183 and 8,516, respectively. Sensex closed at 28,227 (down 491 points or 1.71%) while Nifty closed at 8,526 (down 135 points or 1.56%). NSE recorded a volume of 82.07 crore shares. India VIX rose 6.43% to close at 22.0150.
 
The Indian government will release advance estimates of GDP for 2014-15, as well as for the first three quarters of the current financial year - on the basis of the revised methodology later in the day.
 
Prime Minister Narendra Modi has urged all Chief Ministers to work with the Centre to forge a model of cooperative federalism to come together to resolve differences and chart a common course to progress and prosperity. He urged all Chief Ministers to focus on the cycle of investment, growth, job creation and prosperity.
 
The Ministry of Finance on Saturday said that the government has decided to infuse Rs6,990 crore in a total of nine public sector banks (PSBs) during the current fiscal year based on efficiency parameters for individual banks. The methodology for arriving at the amount to be infused in these banks has been based on efficiency parameters, the finance ministry said.
 
Coming back to stock markets, Sun TV Network (9.02%) was the top gainer in ‘A’ group on the BSE. It posted an improved result of December 2014 on Friday. The board of directors have declared an interim dividend of Rs6.75 per share (135%).
 
Jammu & Kashmir Bank (17.52%) was the top loser in ‘A’ group on the BSE. The stock hit its 52-week low today after posting weak result on Saturday for December 2014 quarter.
 
Dr Reddy’s Lab (1.81%) was the top gainer of the Sensex 30 pack, while Larsen & Toubro (6.61%) was the top loser of the pack.
 
US indices closed Friday in the red.
 
The Labour Department report showed that the economy added 257,000 jobs in January, while November and December numbers were revised sharply higher. In another good sign, hourly wages jumped 0.5%. Although the unemployment rate ticked up to 5.7% from 5.6%, it suggests that more people are entering the workforce. The US economy has added more than 200,000 jobs for 12 straight months.
 
Asian indices showed mixed performance. Shanghai Composite (0.62%) was the top gainer while SET Composite index of Thai (0.73%) was the top loser.
 
Data published on Sunday showed China's trade performance slumped in January, with exports falling 3.3% from year-ago levels while imports tumbled 19.9%, far worse than market expectations.
 
European indices were trading lower while US Futures were trading in the red.
 
The concern grew over the political situation in Greece as Greece's Prime Minister Alexis Tsipras reaffirmed his rejection of the country's international bailout program.
 
Rating agency Standard & Poor's (S&P) cut Greece's long-term sovereign credit rating to B- from B on Friday warning that liquidity restraints on Greek banks would limit the time the new government has to clinch a deal with its creditors.
 
German exports increased in monthly adjusted terms in December, data from the country's statistics office, Destatis, showed today. The rise of exports of 3.4% combined with the 0.8% decrease in imports and translated into a trade surplus of 21.8 billion euros.

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Can the Right to Services Act transform Maharashtra into a true participative democracy?
Maharashtra CM Fadnavis, while speaking at Moneylife Foundation’s 5th Anniversary, said the government would incorporate views and suggestion from citizens before getting the Right to Services Act passed in the Assembly  
 
The State Government has put out the draft of Right to Service (RS) Act or Maharashtra Guarantee of Public Services Act. In 2011, Devendra Fadnavis, now the chief minister, proposed the original draft, which stated that an official would be termed as 'habitual defaulter' after failing to provide service more than 50 times in a year.
 
Speaking at Moneylife Foundation’s 5th anniversary, Devendra Fadnavis, the Chief Minister of Maharashtra said, "The Draft bill of Right to Services has been made public for suggestions and views. After going through these suggestions, we will make necessary amendments, if required, and then get the Bill passed in the State Legislature." He was replying to a question raised by noted Right to Information (RTI) activist and former Central Information Commission, Shailesh Gandhi and Ashok Ravat, Honourary Secretary of All India Bank Depositors' Association (AIBDA).
 
Mr Gandhi said, "RTI and Right to Service acts of the Maharashtra government have come about eight to 10 months ago. These require improvements and a discussion is required with the Government. More powers are needed in the Right to Services Act. After the improvements, these Acts will transform Maharashtra into a true participative democracy."
 
Replying to it, the CM said, the government will look in to it and would welcome suggestions from Mr Gandhi and other activists, who are working in this area. 
 
Mr Ravat said, "Two Acts have been enacted - RTI and Prevention in Delay of Services Act. There is now one more - Right to Services Act. There is a flaw in the Right to Services Act, as it says that services will be notified. Why should the government repeat a notification, when it is there in the Prevention in Delay of Services Act. The Citizen's Charter should be final."
 
The Chief Minister clarified that the Prevention of Delay in Services Act is for staff in Maharashtra government. "The new law will help public who approach the government. We need perspectives. We have asked for suggestions before going to the Assembly," he said.
 
When Mr Ravat suggested that there should a compensation paid to the complainant who had to approach second appellate authority, the CM said the government would look into this.
 
The Right to Service Act will give the citizen a legal re-course to hold an officer accountable. RTI has shown us officials act where there is a fear of a reprimand. The Right to Services Act will ensure departments give service in a time-bound period; they will have to publish a citizen's charter giving information about all the services they have to provide, how much time it will take, the formalities needed, reasons for not meeting deadline, and imposition of some form of penalty if delivery of service is wrongly denied or delayed.
 
According to Mr Gandhi, the Act and its Rules needs to be published by every department as this would create awareness amongst the public as well as ensure the civil officers adhere to their deadline. He emphasised the use of the RS Act with RTI to bring about a change, which will rule out red-tape and harassment of common man. “If you want the government to work for you, you will have to act. It is our responsibility to enforce government accountability by making use of these acts," Mr Gandhi added.

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COMMENTS

Shashikant Kalsekar

6 months ago

This is a very good decision of CM of Maharashtra.Hope the shareholders of Rameshwar CHS Ltd,Parel,Mumbai will enjoy democracy in the sanstha soon.
Please refer CMO Feedback No
1902222/2016/TAPAL

Dayananda Kamath k

2 years ago

Iam really surprised about the various govts passing acts to give rights which are inherent in principles ofdemocracy and given by constitution of india. It is failure of the governance that necessitates such rights. and it will still complicate the functioning then solving the problem. The purpose of right to information act is to make the functionary properly function. but today it is being used just to satisfy the rules of the act without any benefits of better governance. you have only right to information not the right information.

manoharlalsharma

2 years ago

THE ‘CETEGORY OF THE PLOT’ BECOME THE BONE OF CONTENTION TO ‘ LITIGANT’
Brief story of manage Registrar of co-operative (C.I.D.C.O.) and disrespecting LAW & JUDITIARY to get acquired large size of Prime located land parcel in the name of ‘Shree Ganesh Co-operative Housing Society’ plot No-1,Secter No-28,Nerul (W), Navi-Mumbai and then long-term poor maintenance through remote controlled MC to get premature ‘CIRTIFICATE OF DILAPIDATED’ Buildings to get Redevelopment Rights ‘UNOPPSED’ by chief promoters based on ‘UNDEMOCRETIC BAYLAWS’ with POLITICLE INFLUENCE and without any Capital investment (Finance) A ‘MODEL LITIGANT’
(A) Reference to a directive issued from State Government vide letter No-1093-3112-14C dated, 6th February 1993 to the Registrars of Co-operative to Register only FIVE (5) co-operative Housing societies to the A.P.M.C. traders/market functionary for residential accommodation (As per submission to the HC/Mumbai from ‘C.I.D.C.O.’ legal department ) In the year of 1993, but instead of FIVE, registered SIX (6) and surprisingly all of the allotted plots from ‘C.I.D.C.O.’ are developed and sold as ‘GENRAL-CATEGORY’ with a contractual ‘RIDER’ in all development agreements were assured to membership of the respective Housing Societies by a single developer i.e. MAYURESH DEVLOPERS, including the sixth one, is listed as plot No. 1, at Sector 28, Nerul (W) , allotted to ‘Shree Ganesh Co-operative Housing Society’, but immediately after getting Occupation Certificate, Society Committee adopted an ‘undemocratic’ bye-laws to deny our membership even after most of the individuals having sale agreements as ‘TRI-PARTY’ i.e. - Builder / developer + Society Promoters + We, individually
(it is a matter of an Investigation by agencies like Anti Corruption Bureau (ACB)),
(B) Since last ,15 years blocking of Basic Membership rights of 314 families by MC has created unwarranted litigation on a/c of A.P.M.C. and NON-A.P.M.C. with hidden material from an already decided PIL -474/1996 & of rejected WP-5771/97 with remark as ‘it is an abuse of the process of law’ then Supreme Court also rejected the SLP/10922 -10998 with respondent as chief Promoter appearing on No-12 and was one of the part of WP-5771/97 and
(C) At present WP-8508/2003 to get STAY order against the final order of State Government to change by laws and accommodate us as member based on our HC WP-No 4481/2001 vide No- RVA 2702/CR-208/15-C, Date-25/08/2003 it is an contempt of court again

manoharlalsharma

2 years ago

Can the Right to Services Act transform Maharashtra into a true participative democracy? I am not understanding what kind of country we belong whenever we submit any of the document or complaint we r not receiving INWARD NO- then the authority do not sending any type of COMMUNICATION with the person submitting in u WRITTEN format,Even the HC do not have CITIZEN-CHARTER

VIJAY MERCHANT

2 years ago

Delighted to read the summary of proceedings of the public meet with Hon. Chief Minister Mr Phadnavis. He has provided a welcome change in a CM responding to citizen's concerns. If the promise of time bound response is honoured it will be music to harried citizens of Maharastra who normally need to visit government offices thrice or four times to get a simple issue attended.It may be worthwhile to let your readers know whom to address the suggestions for Right to Service Act so that they do not end up in some file later.

Suketu Shah

2 years ago

The act wl serve its purpose provided respected CM takes into account views of honest national activists like Mr Gandhi and not Mantralaya babus who wl try to create some rule which defeats the whole purpose.

Delhi gets ready for counting of votes
All the exit polls have given AAP a decisive edge with one of them giving it as high as 53 seats in the 70-member House. The BJP, however, rejected the exit polls and exuded confidence of wresting power in Delhi after a gap of 16 years
 
Counting of votes for the high-profile Delhi Assembly polls will be taken up on Tuesday and final results are likely to be available by 1pm. Bharatiya Janata Party (BJP) and Arvind Kejriwal-led Aam Admi Party (AAP) are locked in a direct fight in the election.
 
The Election Commission has made elaborate arrangements for counting of the ballots, which will take place in 14 Centres across the city under tight security.
 
“Counting of votes will start at 8am and all the results should be out by 1pm,” an Election Commission official said.
 
The battle to win control over the city saw a resurgent AAP giving a tough fight to the BJP.
 
All the exit polls have given AAP a decisive edge over BJP with one of them giving it as high as 53 seats in the 70-member House.
 
The BJP has rejected the exit polls and exuded confidence of wresting power in Delhi after a gap of 16 years. The party Sunday said it would get 34–38 seats.
 
A record 67.14% turnout was recorded in the polls on Saturday in which a total of 673 candidates.
 
Polling had taken place at 12,177 polling stations, of which 714 have been identified as “critical”. Of these, 191 are “highly critical”.
 
The BJP, which is out of power in Delhi for the last 16 years, made a gamble by bringing in former Team Anna member Kiran Bedi into the party. It made her its Chief Ministerial candidate, which is said to have triggered discontent among the party leaders and rank and file.
 
The BJP strategy has been countered by Kejriwal-led AAP which has put up a spirited campaign in a bid to stop the Modi juggernaut that has been on a roll ever since the Lok Sabha election victory in May last year.
 
The Congress, which had ruled Delhi for 15 years till December, 2013 has been projected to get at most five seats.
 
The Burari constituency in North Delhi has a maximum of 18 candidates while the Ambedkar Nagar seat in South Delhi has the lowest number of contenders at four.
 
There are 63 contesting women candidates in this election as against 71 in 2013.
 
The number of candidates from recognised national and state parties is 296 while 183 candidates belong to registered parties and there are 194 Independent nominees.

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COMMENTS

Shashikant Kalsekar

6 months ago

This is a very good policy by CM Mr. Fadanwis Saheb. I strongly believe in the matter of Rameshwar CHS Ltd I can able to create democracy in the sanctuary.
Please review CMO Feedback No. 1902222/2016/(TAPAL)
Thanks

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