Stocks
Nifty, Sensex still on a short-term uptrend – Wednesday closing report
We had mentioned in Tuesday’s closing report that Nifty, Sensex might head higher. The major indices of the Indian stock markets were range-bound on Wednesday and closed with small losses over Tuesday’s close. However, trading volumes were on the higher side on the NSE. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
 
 
Negative global indices, coupled with profit booking and lower than expected macro-data, dragged the Indian equity markets during the mid-afternoon trade session on Wednesday. Selling pressure was witnessed in banking, IT and oil and gas stocks. On the BSE, there were 1,739 advances, 1,142 declines and 123 unchanged. On the NSE, there were 841 advances, 598 declines and 43 unchanged. Investors were seen reluctant to chase prices after several days of rise, pointed out market analysts. Negative European markets and disappointing Services PMI figure, too, dragged the key indices lower.
 
Anil Ambani-led Reliance Infrastructure on Wednesday said it is selling its entire transmission assets to Adani Transmission. The deal size was not divulged, but banking sources estimated it at over Rs 2,000 crore. Reliance Infrastructure owns the country's first 100% private sector transmission project -- the Western Region System Strengthening Scheme -- in Maharashtra, Gujarat, Madhya Pradesh and Karnataka. Reliance Infrastructure also owns 74 per cent in Parbati Koldam Transmission located in Himachal Pradesh and Punjab in a joint venture with Power Grid Corp. All three transmission projects have been completed and are revenue-generating, the company said in a statement. "The entire sale proceeds from the transaction will be utilized for debt reduction," the company said, adding that SBI Capital Markets is their financial advisor for the transaction. "The transaction is in line with the strategic plan of monetizing non-core business and focus on growth areas like defence and engineering, procurement and construction business." The cement business has been monetised and that of roads and Mumbai power are in advanced stages. The company’s shares closed at Rs591.05, up 0.22% on the BSE.
 
The Union Cabinet here on Wednesday approved "mini Ratna" public sector undertaking HLL Lifecare to sub-lease its 330.10 acres of land at Chengalpattu, located in the outskirts of Chennai, to set up a medical devices manufacturing park (Medipark) through a special purpose vehicle. The shareholding of HLL in the project, which is expected, would be above 50%, it added. The Medipark project will be the first manufacturing cluster in the medical technology sector in the country, envisaged to boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery, particular in diagnostic services to a large section of people. "Medipark will be developed in phases, spread over seven years for completion. In the first phase, physical infrastructure will be developed and plots will be leased from third year onwards. Knowledge management centre will be developed in the second phase," it said.
 
State-run oil marketers again raised transport fuel prices effective from Wednesday on account of hikes in dealer commission, by 10 paise for diesel and 14 paise for petrol, inclusive of local taxes in Delhi, with corresponding increase in other states. "There will be corresponding price revisions on petrol and diesel in other states on account of change in dealer commission," Indian Oil Corp said in a statement. Indian Oil shares closed at Rs615.00, up 0.36% on the BSE.
 
Implementing the Goods and Services Tax (GST) could produce a short-lived pass-through impact on the inflation trajectory, the Reserve Bank of India (RBI) said on Tuesday. Announcing its first bi-monthly monetary policy review decided by a committee, RBI, in its monetary policy statement, also said an 18 per cent GST rate would not have any material impact on retail inflation. "While the creation of a unified goods and services market in the country would reduce supply chain rigidities, cut down on transportation costs and also bring down costs in general through improvements in productivity, it could also produce a short-lived pass-through to the inflation trajectory," RBI said. The central bank said the impact of implementation of GST on consumer price-indexed inflation would largely depend on the standard rate that would be decided by the GST Council. In the forthcoming year, if both interest rates and inflation remain moderate, stock market investors in India are in for a good time.
 
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:
 

User

Aadhaar for students: Maharashtra again flouting Supreme Court order
Despite a clear direction from the Supreme Court for not making Aadhaar mandatory for any services other than allowed by it, the Maharashtra government is found to be openly flouting this order. The Education Department headed by Bharatiya Janata Party (BJP)’s Vinod Tawde is again enforcing Aadhaar for all students appearing for senior secondary (SSC) and higher secondary (HSC) examinations across the state. Pune-based Sajag Nagrik Manch and Nagrik Chetana Manch have filed a complaint to the Chief Secretary of Maharashtra, requesting the government to withdraw a circular issued by the Education Department on Aadhaar. 
 
Pramod Patil, Section Officer in the Education Department on 21 September 2016 issued a letter to the Chairman of Maharashtra State Secondary & Higher Secondary Education Board. The Letter issued on 'urgent' basis directs the Chairman to mandatorily obtain Aadhaar number of students appearing for the SSC and HSC examinations from 2016-17. Patil also asked the Chairman to make suitable changes in the registration form to accommodate Aadhaar number of students. 
 
 
In the complaint, both the Manchs, represented by Vivek Velankar and Dr Anupam Saraph, said, "This (issuing circular) is a shocking disrespect of the rule of law and of the repeated orders of the Supreme Court. We request you to immediately withdraw above mentioned circular making Aadhaar card mandatory for 10th and 12th board form filling immediately failing which we will be compelled to approach the courts for remedies and relief from your failure to respect the rule of law."
 
The Office of Maharashtra Chief Secretary forwarded the complaint to the Principal Secretary of Education Department request him to take necessary action as per the rules and also inform the Manchs on the action being taken.
 
On 14 September 2016, the Supreme Court Bench of Justices V Gopala Gowda and Adarsh Kumar Goel, while staying operation and implementation of scheme for pre-matric scholarship scheme, post-matric scholarship scheme and merit-cum-means scholarship scheme asked the Ministry of Electronics and Information Technology, Government of India to remove Aadhaar number as a mandatory condition for student registration form at the national scholarship portal of the Ministry.
 
This is the second time the Devendra Fadnavis-led Maharashtra government is openly flouting orders issued by the apex court. Last year in April, the Maharashtra government issued a resolution for making Aadhaar mandatory for all students up to 14 years of age in the state and connect it with their school admission number. The district collector, as well as district education officer, is asked to fully implement this scheme before 26th June and submit a report. What the Education Department had forgotten was at that time majority of schools in the state were having summer vacations.
 
Earlier, on 16 March 2015, a Bench of Justices J Chelameswar, SA Bobde and C Nagappan directed the central and state governments not to insist on possessing Aadhaar for availing benefits under the various social security schemes as it reiterated an order it passed in September 2013.
 
Later on 16 October 2015, while reiterating that Aadhaar scheme is purely voluntary, the SC extended its usage for Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), National Social Assistance Programme (Old Age Pensions, Widow Pensions, Disability Pensions) Prime Minister's Jan Dhan Yojana (PMJDY) and Employees' Provident Fund Organisation (EPFO). Earlier the apex court had allowed usage of Aadhaar to public distribution scheme (PDS), for the distribution of foodgrains, cooking fuel, such as kerosene and LPG.
 
The order says, "We impress upon the Union of India that it shall strictly follow all the earlier orders passed by this Court commencing from 23 September 2013. We will also make it clear that the Aadhaar card Scheme is purely voluntary and it cannot be made mandatory till the matter is finally decided by this Court one way or the other."
 
Yet, the Maharashtra government is trying to enforce Aadhaar on students appearing for SSC and HSC, two of the most important examinations in a students' career.
 
With the Maharashtra government twice openly flouting directions from the Supreme Court, it is high time the apex court takes suo moto action against those responsible for this contempt of Court orders, be it the Minister or other babus.

User

COMMENTS

Chhaya Vaidya

4 months ago



I want to know whether it is compulsory for inclusion of name in voter list?

niten

4 months ago

Same is case in jharkhand.CBSE Schools are asking for it (Compulsory.).

Roy Aranha

4 months ago

shocking aaacha din ?

Hemant

4 months ago

Well even PSU banks are asking for Aadhar card as compulsory document. On asking them ,they says uper se order aya hai.

Rabindra Kumar Dash

4 months ago

Yes it and not made mandatory.To Get Aadhar card is a herculian task.

SC raps Centre on Food Act non-compliance by drought-hit states
The Supreme Court on Wednesday slammed the Centre for doing nothing to tell the states to comply with the top court's directions to supply food grain to the poor in drought-affected states under the National Food Security Act.
 
A bench of Justice Madan B. Lokur and Justice N.V. Ramana said: "We will discharge the Union of India (as respondents from the case) if it is not able to do anything."
 
The apex court asked petitioner-organisation Swaraj Abhiyan to file an affidavit to flag five or six court directions issued on May 11 that were not complied with by the drought-hit states across the country for initiation of contempt proceedings.
 
During the course of hearing, the petitioner's counsel Prashant Bhushan said the contempt proceedings should not only be against the states concerned but also the Centre.
 
Taking a dim view of the Centre's approach, Justice Lokur said: "The moment we ask you questions, it is construed as if we are attacking the government of India."
 
As Additional Solicitor General P.S. Narasimha sought to play down the 'small issue' of states not setting up 'Food Commissions' to monitor implementation of the act, Justice Lokur observed: "An Act of Parliament is being violated with impunity. (It) is not a small issue."
 
The bench asked Narasimha to explain what he had said in the affidavit on the matter.
 
Section 16 (1) of the Food Security Act, 2013, says: "Every state government shall, by notification, constitute a state Food Commission for the purpose of monitoring and review of implementation of this Act."
 
However, most state governments, taking recourse to the act's Section 18, have saddled other existing commissions with additional responsibility of the Food Commissions.
 
Section 18 provides for the designation of any commission or body to function as the state Food Commission.
 
Clearly exasperated over non-compliance with the apex court orders and the Centre informing the bench that it had sent a communication to the states on the matter, Justice Ramana said: "If this is the way the matter is going on, there is no need to hear it. We are wasting your time."
 
"An Act passed by Parliament has to be followed by the states. Let them say they don't bother about the Act," Justice Lokur said.
 
He asked Narasimha: "Is there a remedy under the Constitution if states don't comply with the laws passed by Parliament?"
 
The Additional Solicitor General pointed to Article 365 which says that when a state does not comply with the Centre's orders issued in exercise of its powers under the Constitution, the President can hold that a situation has arisen wherein the government of the said state cannot be carried on in accordance with the constitutional provisions.
 
The Supreme Court's strong observations came during the course of hearing on the compliance of several apex court directions dated May 11, given in the judgment on a public interest litigation by Swaraj Abhiyan.
 
The organisation had sought the court's intervention for relief to the poor in drought-affected states, including Gujarat, Bihar and Haryana.
 
The three states have resisted the suggestion that they declare some of their districts as drought-affected.
 
Justice Ramana said: "We are not getting any feel or visible change except that funds have been released. The mechanism has failed. The Acts of Parliament and directions of the (top) court are not being implemented."
 
"Is it possible to monitor the 13-odd states from here," Justice Ramana asked as ASG Narasimha urged the court to monitor the implementation of its directions.
 
Referring to his experience as amicus curiae in the hearing on setting up of fast-track courts and enactment of the Consumer Protection Act, Narasimha urged the Supreme Court to invoke its contempt powers and hold case hearing once a month to secure compliance with its directions.
 
Bhushan told the court: "The Centre is clearly in contempt for violating the undertaking given in the court that it will release food grain to meet the additional requirements of the drought-hit states. Now the Centre is asking for Minimum Support Price for releasing additional food grain." 
 
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.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)