Stocks
Nifty, Sensex may try to bounce back: Wednesday Closing Report

Nifty remains in a firm downtrend. After several days of decline, a bounce back is likely but it may not sustain
 

The market ended flat after paring its gains in the second half of the trading session on pressure from rate-sensitive sectors. The Nifty remains in a firm downtrend. After several days of decline, a bounce back is likely but it may not sustain. The National Stock Exchange (NSE) reported a volume of 67.87 crore shares and advance-decline of 772:735.

 

The market opened higher on support from its Asian peers which were mostly in the green in morning trade today. US markets settled higher on Tuesday on better-than-expected earnings reports.

 

The Nifty opened 31 points up at 5,988 and the Sensex started off at 19,738, a gain of 78 points over its previous close. All-round buying helped the market hit its intraday high in initial trade itself. At the highs, the Nifty rose to 5,991 and the Sensex went up to 19,767.

 

A minor bout of profit-taking resulted in the indices paring part of their initial gains, however, they were still in the positive terrain. The market started on a downward journey in late morning trade as selling pressure increased.

 

The benchmarks touched their lows late trade as rate-sensitive stocks were under pressure. At the lows, the Nifty fell to 5,953 and the Sensex slipped to 19,611.

 

The market closed flat in the absence of any new triggers. The Nifty added two points (0.04%) to 5,959 while the Sensex fell 20 points (0.10%) to settle at 19,640.

 

Among the broader indices, the BSE Mid-cap index added 0.02% and the BSE Small-cap index rose 0.24%.

 

The top sectoral gainers were BSE Realty (up 0.78%); BSE IT (up 0.62%); BSE TECk (up 0.60%); BSE Fast Moving Consumer Goods (up 0.32%) and BSE Metal (up 0.29%). The main losers were BSE Capital Goods (down 0.93%); BSE PSU (down 0.57%); BSE Power (down 0.49%); BSE Bankex (down 0.34%) and BSE Oil & Gas (down 0.18%).

 

Twelve of the 30 stocks on the Sensex closed in the positive. The chief gainers were Jindal Steel & Power (up 2.69%); Maruti Suzuki (up 1.61%); HDFC (up 1.25%); TCS (up 0.82%) and Hindalco Industries (up 0.82%). The major losers were NTPC (down 2.12%); Coal India (down 2.03%); BHEL (down 1.72%); Hindustan Unilever (down 1.60%) and Larsen & Toubro (down 1.23%).

 

The top two A Group gainers on the BSE were—Jubilant Foodworks (up 9.25%) and Suzlon Energy (up 5.11%).

The top two A Group losers on the BSE were—Eicher Motors (down 4.60%) and SAIL (down 4.27%).

 

The top two B Group gainers on the BSE were—Essar Securities (up 20%) and Surana Industries (up 18.57%).

The top two B Group losers on the BSE were—Shelter Infraprojects (down 9.98%) and VJIL Consulting (down 9.95%).

 

Out of the 50 stocks listed on the Nifty, 27 stocks settled in the positive. The major gainers were Kotak Mahindra Bank (up 2.29%); JSPL (up 2.22%); UltraTech Cement Company (up 1.80%); Maruti Suzuki (up 1.73%) and Ambuja Cement (up 1.71%). The key losers were Jaiprakash Associates (down 3.55%); NTPC (down 2.38%); L&T (down 1.77%); Coal India (down 1.72%) and Siemens (down 1.61%).

 

Markets in Asia closed mostly higher on positive corporate earnings reports. Japan’s Nikkei 225 jumped 3.8% to close at its highest since October 2008 following reports that the central bank governor’s decision to step down early will lead to more monetary easing.

 

The Shanghai Composite added 0.06%; the Hang Seng gained 0.47%; the Jakarta Composite rose 0.445; the Nikkei 225 soared 3.77%; the Straits Times rose 0.12% and the Taiwan Weighted climbed 0.25%. Among the losers, the KLSE Composite tanked 1.18%; and the Seoul Composite slipped 0.10%.

 

At the time of writing, two of the three key European indices were in the negative and the US stock futures were mixed with a positive bias.

 

Back home, foreign institutional investors were net buyers of shares totalling Rs489.27 crore on Tuesday. On the other hand, domestic institutional investors were net sellers of equities amounting to Rs938.92 crore.

 

After acquiring majority stake in the ailing Lloyds Steel, Uttam Galva plans to raise Rs1,500-Rs2,000 crore working capital loan for the acquired entity and hopes to close the deal by the end of the current quarter. Uttam Galva fell 0.19% to close at Rs105.30 on the NSE.

 

Rajesh Exports has secured an order for export of gold and diamond jewellery valued Rs432 crore from UAE-based Al Malek Jewellery. The company said the order to be executed by 31st March and would add significantly to its bottomline. The stock declined 2.77% to close at Rs128 on the NSE.

 

State-owned Indian Oil Corporation ( IOC) plans to lay 1,175 km of pipelines to transport liquid gas it will import at the proposed Ennore LNG terminal in Tamil Nadu. The company is setting up a liquefied natural gas (LNG) import terminal at Ennore port with an initial capacity of 5 million tonnes per annum by 2016 which will be ramped up to 15 million tonnes in future. The stock gained 0.41% to close at Rs333.80 on the NSE.

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RTI Judgement Series: Information must be displayed at the Fair Price Shops and the Circle Offices

Fair Price Shops and the Circle Offices must display information in compliance with the Department’s own orders as well as requirements of Section 4 of the RTI Act. This is the 35th in a series of important judgements given by former Central Information Commissioner Shailesh Gandhi that can be used or quoted in an RTI application

The Central Information Commission (CIC) after discussing the issue of displaying information asked the Department of Food, Supplies and Consumer Affairs of Government of National Capital Territory of Delhi (GNCTD) to comply with its own orders as well as requirements of Section 4 of the Right to Information (RTI) Act. While giving this important judgement, Shailesh Gandhi, former Central Information Commissioner, said the information should have been displayed as part of obligations to make suo moto disclosures under the RTI Act.

 

“The Department will ensure that the afore-mentioned information is displayed in the Circle Offices and Fair Price Shops before 31 January 2010. A compliance report will be sent to the Commission before 05 February 2010,” the CIC said in its order issued on 22 December 2009.

 

Delhi resident Rajiv Kumar filed four complaints about the Department of Food, Supplies and Consumer Affairs of GNCTD not meeting certain obligations under the Public Distribution System (PDS) Control Order.

 

According to the PDS Control Order 2001, it is the duty of every Fair Price shopkeeper to display information on a notice board at a prominent place in the Fair Price shop on a daily basis regarding a) list of BPL and Antodaya beneficiaries, b) entitlements of essential commodities, c) scale of issue, d) retail issue prices, e) timings of opening and closing of Fair Price shops, f) stock of essential commodities received during the month, g) opening and closing stock of essential commodities and h) the name of authorities for redressal of grievances/lodging complaints with respect to quality and quantity of essential commodities under the Public Distribution System.

 

In one of his complaint, Mr Kumar stated that many of the Fair Price Shops especially in Circle 63 have not complied with the PDS Control Order 2001 and the disclosures have not been displayed.

 

Shailesh Gandhi, the Central Information Commissioner, called a meeting on 21 December 2009 at the Commission’s office on this matter to discuss issues relating to disclosure of information on the PDS in Delhi.

 

During the hearing on 21 December 2009, the Commission informed the Food Commissioner that complaints had been received from some citizen groups particularly Pardarshita, Satark Nagrik Sangathan and Sajha Manch that information should be available suo moto at the Circle Offices and the Fair Price Shops is not available.

 

After consulting with the Food Commissioner as well as others present, the Commission directed that the following information should be displayed at every Circle Office of the Department:

 

i) Copy of all ration cards along with photographs of individual card holders in the Circle Offices of the Food and Supply Department.

ii) All citizens should have access to daily sale register, and stock register under suo moto disclosure of the RTI Act.

iii) Name and designation of each official in the Circle office along with their stated roles and responsibilities.

iv) Names and contact details of the PIOs and FAA.

v) Procedure to apply for new ration cards and the list of documents required.

vi) Time-frame for disposal of various applications (new cards, renewal, change of address, etc).

vii) Date of the next Vigilance Committee meeting and names of the members of the Committee.

viii) Rights and privileges of ration card holders as per Section 6(7) of Annexe to PDS Control Order 2001.

ix) List of documents present in the Circle Offices.

 

During the hearing, Mr Kumar showed a sample display print that can be displayed outside every Fair Price Shop. After discussing the sample display, the Commission, directed that the following information will be displayed at the Fair Price Shops under the Department:

 

i) Entitlement of essential commodities for all types of ration cards.

ii) Scale of issue of each essential commodity for all types of ration cards.

iii) Retail prices of each essential commodity for all types of ration cards.

iv) Working hours of Fair Price Shops.

v) Stock of essential items received during the month.

vi) Opening and closing stock of essential commodities.

vii) Name, designation and contact numbers of officials for redressal of grievances with respect to quality and quantity of essential commodities.

viii) Daily updation of stock position information

ix) Information about inspection of records by any citizen on every Saturday except for second Saturday as per the PDS Control Order dated 15/06/2006.

x) Display of samples of food grains being supplied through Fair Price Shops.

 

The Food Commissioner then gave a commitment to the Commission that she will ensure that the afore-mentioned information will be displayed before 31 January 2010.

 

CENTRAL INFORMATION COMMISSION

 

Decision No. CIC/SG/C/2009/001619; 001621; 001622/6047

http://www.rti.india.gov.in/cic_decisions/SG-22122009-22.pdf

Complaint No. CIC/SG/C/2009/001619; 001621; 001622

 

Complainant                                                : Rajiv Kumar

                                                            Delhi 110095

 

Respondent                                       : 1. The Food Commissioner

                                                            Department of Food & Supplies

                                                            Govt. of NCT Delhi, K-Block,

                                                            Vikas Bhawan, New Delhi 110002   

                                                            2. Assistant Commissioner (HQ/RTI),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                           K Block, Vikas Bhawan, IP Estate, New Delhi.

                                                            3. Assistant Commissioner (North East),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            Weavers Complex, Nand Nagari, Delhi.

                                                            4. Assistant Commissioner (West),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            152 C Block, Janakpuri, Delhi.

                                                            5. Assistant Commissioner (North West),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            C Block, Pocket C, Shalimar Bagh, Delhi.

                                                            6. Assistant Commissioner (New Delhi),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            M Block Vikas Bhawan, IP Estate, Delhi.

                                                            7. Assistant Commissioner (South),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            Asian Market, Sector 3, Pushp Vihar, New Delhi.

                                                            8. Assistant Commissioner (Central),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            K Block, Vikas Bhawan, IP Estate, New Delhi.

                                                            9. Assistant Commissioner (East),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            DDA Shopping Complex, Dayanand Vihar, Delhi.

                                                            10. Assistant Commissioner (North),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            23/26, Shopping Complex, Gulabi Bagh, Delhi.

                                                            11. Assistant Commissioner (South West),

                                                            GNCTD, Deptt. of Food, Supplies and Consumer Affairs,

                                                            C22/23, Behind Qutb Hotel, Mehrauli, Delhi.

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Tech Mahindra revenues touch Rs1,791 crore, up 24%

Tech Mahindra recorded decent results, with revenues, operating profit and net profit all clocking positive figures while increasing its client count by 14 to take total client count to 140

Tech Mahindra, India’s sixth largest software exporter, today announced its audited consolidated financial results for the third quarter ended 31 December 2012. Its revenue were at Rs1,791 crore, up 24% when compared to the corresponding quarter last year.

 

Its operating profit went up higher still, by 61% year-on-year, to Rs376 crore for the December 2012 quarter when compared to the same period last year.

 

Its net profit before share of associates stood at Rs242 crore, up 67% year-on-year, when compared to the December 2011 quarter.

 

Earnings per Share (basic EPS) was Rs21.6 for the quarter ended December 31st, 2012

 

The company’s debt stood at Rs1,318 crore when compared to Rs1,286 crore in the previous quarter (September 2012), while cash and cash equivalent stood at Rs482 crore which was higher by 34.26% when compared to the September 2012 quarter.

 

Vineet Nayyar, executive vice chairman of Tech Mahindra said, “Our growth trajectory continues. Tech Mahindra has been consistently performing with key wins and partnerships, supplemented by non organic initiatives. As we look forward we continue to see opportunities to help our customers in their strategic objectives, through innovative solutions”

CP Gurnani, managing director of Tech Mahindra said “We continue our journey to be a preferred partner in our customer’s transformation initiatives. Our recent wins demonstrate our capability in helping our clients to streamline their IT portfolio while achieving the benefits of optimization and linkage to outcomes.”

 

The company completed its acquisition of Comviva during the December 2012 quarter.

 

The total headcount stood at 49,059, with software professionals at 25,009, BPO at 22,565 and support staff at 1,485. The total headcount includes 1,546 employees of Comviva and 10,748 of HGS.

 

The company increased the total number of clients by 14, from 126 to 140 during the quarter.

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