Stocks
Nifty, Sensex remain flat – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex were to move sideways. The major indices of the Indian stock markets were range-bound on Tuesday and ended flat over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
Indian equity markets slipped for the second consecutive trade session on Tuesday as selling pressure was witnessed in healthcare, banking and automobile stocks. The key indices traded in the red during the mid-afternoon trade session as investors booked profits. By the end of the day’s trading, bulls returned and the major indices ended flat. A strong rupee and broadly positive global cues aided the key indices to pare some losses and close the day on a flat note. On the NSE, there were 498 advances, 960 declines and 56 unchanged. On the BSE, there were 1,088 advances, 1,694 declines and 192 unchanged.
 
IT (information technology), banking, pharma, auto, oil-gas and textile sector stocks traded with bearish sentiments due to profit booking at higher levels. Aviation, FMCG (fast moving consumer goods) and power sector stocks also traded on a lower note. However, cement sector stocks traded with firm sentiments due to buying support.
 
Titan Company Limited on Tuesday announced that it will integrate IBM Watson Customer Engagement solutions to serve as the backbone of its online platform, enabling the company to tailor online campaigns and increase its customer base. Titan aims to use IBM's platforms to drive visitors to its brand websites as well as footfall into its 1,500 retail stores and 10,000 multi-brand outlets located across India. Titan shares closed at Rs463.70, down 0.40% on the BSE.
 
State-run Bharat Sanchar Nigam Limited (BSNL) on Tuesday launched a plan that will provide 2GB data per day for Rs339 per month. "To compete with Jio and other private players, we have introduced the cheapest plan with a rental value of Rs 339 per month. Under this plan, the consumer will get 2GB per day," said Sanjiv Tyagi, General Manager, BSNL. "In a month, the consumer will get 30 GB data and 25 minutes free call per day. After consumption of 25 minutes a levy of 25 paisa per minute will be imposed," he added. The plan will be effective from April 1, 2017. The closely related state-run Mahanagar Telephone Nigam Limited’s shares closed at Rs24.15, down 3.01% on the BSE.
 
Finance Minister Arun Jaitley on Tuesday moved the Finance Bill, 2017, for consideration and passage in the Lok Sabha, saying that since it provides for electoral bonds, it required consideration as a Money Bill, which can only be debated in the Lower House. The passage of the Bill in Parliament would bring continued stability to the stock markets in India.
 
US stocks closed mixed after wavering between small gains and losses on Monday, as investors digested remarks from several US Federal Reserve officials. The Dow fell 0.04%, and the S&P 500 lost 0.20%, while the Nasdaq edged up 0.01%.
 
The US has told India that there is no significant change in its H1-B visa regime, Parliament was informed on Monday.  Commerce Minister Nirmala Sitharaman told the Lok Sabha during Question Hour that India is vigorously articulating its concerns on visa policy to the new American administration, which has assured there is no significant change in the H1-B visa regime.  The fear, at least for 2017, is not proved to be correct. They (US authorities) are saying their current priority is to deal with the illegal immigrants," Sitharaman said. This would quieten the fears of IT industry watchers in India. The S&P BSE Information Technology index closed at 10,475.39 up 0.33% on the BSE.
 
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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Government warns of fraud in the name of Beti Bachao scheme
Issuing a stern warning against spurious schemes being floated in the name of 'Beti Bachao Beti Padhao' scheme, the central government has advised people against falling into the trap of such frauds.
 
"It has come to our notice that certain unauthorised sites, organisations, NGOs, and individuals are distributing illegal forms in the name of cash incentive under Beti Bachao Beti Padhao (BBBP) scheme," the Union Women and Child Development Ministry said in a statement here on Tuesday.
 
"It is a completely nonexistent thing in the ministry. It appears to us that people are being charged for these forms. The police are investigating the matter," an official from the ministry told IANS.
 
"Even if they are not being charged, people should report to the police. Why should they share any sensitive information about a girl child with anyone, who is running something unauthorised in the name of this scheme," he said.
 
The ministry has taken up this matter with the government authorities of states, namely in Uttar Pradesh, Haryana, Uttarakhand, Punjab and Bihar.
 
"However, it has come to our notice that the fraud in the name of BBBP is taking place in Delhi also. The matter has been reported from different parts of Delhi, particularly in Tikri, Bhatti Khurd, Dakshinpuri Extension, Sangam Vihar, Sanjay Colony, Sarita Vihar, Adarsh Nagar and JJ Colony," the statement said.
 
It pointed out that the scheme has no provision for individual cash transfer by the government.
 
It said that the scheme's focus is on issues of women's empowerment over a life cycle continuum. It is not a DBT (Direct Benefit Transfer) scheme.
 
"BBBP focuses on challenging mindsets and deep rooted patriarchy in the societal system, strict enforcement of Pre-Conception and Pre-Natal Diagnostic Techniques (PCPNDT) Act that was enacted in 1994 to stop female foeticides and arrest the declining sex ratio in India," the ministry stated.
 
It emphasised that the fraud being perpetuated in name of the scheme is a very serious matter. "If any such incident comes to your knowledge, please report it to the nearest police station and the concerned district collector or district magistrate." 
 
The ministry has advised that no personal details should be shared in this regard and no one should subscribe to such "fraudulent scheme".
 
The case has also been referred to the Central Bureau of Investigation (CBI), keeping in view the public interest and gravity of the matter.
 
 
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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Press Council issue notices to Tata Sons' unit and TopsGroup in photo-journalist assault case
The Press Council of India (PCI) has issued notice to the Associate Building Company, a subsidiary of Tata Sons, as well as security agency TopsGroup, to appear as respondents before it in a case of assault on several photo-journalists in front of Tatas' south Mumbai headquarters, also known as Bombay House. 
 
The Council also reprimanded the MRA Marg Police Station for not including the role of the Tata Group and its executives in the report submitted to the PCI on the investigation carried out so far by the police. The police registered FIRs against several security guards and arrested six of them. They have since then been released on bail.
 
An Inquiry Committee of the media watchdog was hearing a complaint last Tuesday by the Mumbai Press Club against the assault by private security men hired by the Tatas, through the agency TopsGroup, on dozens of press photographers. 
 
While guards employed by the TopsGroup were involved in the assault on 3 November 2016, the Bombay House building for which security was being provided is owned by the Tata Sons subsidiary. 
 
On that day, during the face-off between former chairman of Tata Sons, Cyrus Mistry and the board of Tata Sons, a large crowd of photographers had gathered in front of Bombay House to click pictures of Mistry and various other executives. After escorting Mistry inside the Tata HQ, a posse of private guards, without provocation, turned their ire on the lensmen and assaulted several of them. Three of them - Atul Kamble of Mid-day, Arijit Sen of Hindustan Times and SL Shantakumar of Times of India - were seriously injured and had to be admitted to St George's Hospital for treatment. Many had their equipment smashed.
 
K Amarnath, a senior leader of Indian Journalists Union (IJU), who represented the unions, the Mumbai Press Club and the press photographers, said the matter was serious since some of the photographers, especially Kamble, have suffered injuries that may cripple their professional life forever.
 
Deposing before the Press Council on last Tuesday, Kamble stated that he was pinned down on the floor by several security men and kicked on his arms repeatedly. He has since had corrective surgery at the Sports Med, a speciality clinic, and continues to wear a sling, and is not able to carry out normal professional operations. He also continues to be under medical observation, and it is not known whether he will gain partial or full recovery. Kamble told the Press Council panel that though he is reporting for work and carrying out back-end operations, he is not able to lift or operate a camera normally.
 

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