Stocks
Nifty, Sensex under pressure – Thursday closing report
We had mentioned in Wednesday’s closing report that Nifty, Sensex have broken the uptrend on low volumes. The major indices of the Indian stock markets were range-bound on Thursday and closed with small gains of less than 0.50% over Wednesday’s close. Investors were cautious and consequently, NSE trading volumes were on the lower side. The trends of the major indices in the course of Thursday’s trading are given in the table below:
 
 
The Indian equity markets traded flat for most of day. Selling pressure was witnessed in automobile, metal and capital goods stocks. The markets were bearish with BSE having 1,165 advances, 1,500 declines and 67 unchanged. On the NSE, there were 585 advances, 871 declines and 62 unchanged.
 
State-run oil marketing companies (OMCs) will add 5 lakh tonnes annual capacity of bottling plants in West Bengal in the next three years catering to the demand for LPG cylinders under Pradhan Mantri Ujjwala Yojana (PMUY), a top official said on Thursday. "We (all three OMCs) have 10 bottling plants in the state with a combined capacity of 9 lakh tonnes. We will add 5 lakh tonnes capacity of the bottling plants in the next 2-3 years to cater to the demand for LPG cylinders under the PMUY," said Ranjan Kumar Mohapatra, Indian Oil Corporation's (IOC) General Manager-cum-State Level Coordinator (Marketing Division West Bengal State Office). The investment will be around Rs540 crore, he said. In West Bengal, there are around 2.3 crore households and 1.06 crore are target beneficiaries which will be covered by 2019. "The process of de-duplication of eligible applicants has already been started. Around 6.84 lakh households have been enrolled under the scheme in the state. Of which, de-duplication of 4.6 lakh cases has already been completed for providing connections," he said. The identification of eligible BPL families will be made on Social-Economic Caste Census (SECC) data.  The centre will launch the scheme on August 14. IOC shares closed at Rs544.80, up 1.13% on the BSE.
 
Demand for gold in India for the second quarter dropped by 18% mainly due to high price, jewellers' strike and various regulatory moves by the government, Somasundaram PR, Managing Director, India, World Gold Council, said here on Thursday. The demand for the precious yellow metal for the April-June quarter in 2016 was 131 tonnes, down by 18% compared to 159.8 tonnes in the corresponding period in 2015. India's second quarter 2016 gold demand value was Rs35,500 crore, a fall of 8.7% in comparison to the same period a year ago. “In India, consumer demand fell 18% to 131 tonne in Q2 2016, compared to 159.8 tonne in the same period last year, and only marginally higher than Q1 2016. This quarter too was a truncated period for sales as the jewellers' strike extended into April and remained more or less effective until Akshaya Tritiya, when sales saw a brief boost,” Somasundaram said while releasing the second quarter demand report. “However, elevated price levels and a regulatory push for transparency through PAN cards, tax collection at source and excise duty on jewellery, coupled with weaker rural incomes kept demand subdued,” he added. The second quarter also witnessed a spurt in the flow of unofficial gold into the country, significantly impacting the organised and tax compliant segments of the gold industry, he said. “Out of the total demand in the second quarter, 40-45 per cent gold came through unofficial route.” The World Gold Council estimates gold demand for 2016 to be in the range of 750 to 850 tonnes. The lower demand for gold is a positive indication for the bulls in the stock markets in India, as investors are not playing safe and are looking for tangible return on investment through corporate earnings.
 
Automobile manufacturer Mahindra and Mahindra (M&M) on Wednesday reported a rise of 12.36% in its standalone net profit for the first quarter of the current fiscal. According to the company, Q1 standalone net profit stood at Rs955.21 crore from Rs850.09 crore for the quarter ended June 30, 2015. The company informed the BSE in a regulatory filing that its total revenue from operations during the quarter under review increased by 14.05% to Rs11,942.90 crore from Rs10,470.86 crore for the quarter ended June 30, 2015. The company said in a statement that while public investment expenditures remain strong, urban demand has been picking up pace since the third quarter of the previous fiscal and is expected to receive further impetus from the Seventh Pay Commission awards, which will be given effect in the current month. “More importantly, the double digit growth in domestic sales of tractors and two wheelers witnessed in the first quarter of 2016-17 suggests that a recovery in rural demand is now underway,” the statement said. The company elaborated that rural demand can be expected to gather further strength in the coming months given the robust rainfall received thus far and IMD's (India Meteorological Department) prediction of normal rains for the rest of the monsoon season. The company cited that weak external demand, underutilised capacities and balance sheet stress have hindered domestic private investment. The company’s shares closed at Rs1,420.70, down 1.88% on the BSE, on Thursday.
 
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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CBI interrogates minister's kin in Odisha chit fund scam
The Central Bureau of Investigation (CBI) on Thursday interrogated the brother-in-law of Odisha Food Supplies and Consumer Welfare Minister Sanjay Dasburma for his alleged involvement in the chit fund scam.
 
The CBI interrogated Satyapriya Jaysingh, the brother-in-law of the minister, for his alleged links with chit fund firm Artha Tatwa (AT) Group.
 
He was quizzed for over four hours on Thursday.
 
"I was asked about the financial transactions between Team Media and Artha Tatwa (AT)Group. I have submitted all the information asked by the CBI. I have also replied to all the questions," Jaysingh told reporters after coming out of CBI office.
 
CBI suspects that chit fund money has been invested in Team Media and Hospitality Private Limited, a private company owned by Jaysingh that publishes a vernacular daily.
 
Earlier, Jaysingh had sought time from the central agency till August 10 to appear before it when the CBI had issued notice for his interrogation.
 
In April, the central agency had also issued a notice to minister Sanjay Dasburma for his alleged links with AT Group chief Pradeep Sethi.
 
Sethi has been languishing in jail since 2013 for duping thousands of investors in the state by floating various fraudulent schemes.
 
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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SC refuses interim bail to Asaram Bapu
In a setback to self-styled godman Asaram Bapu, accused of rape of a minor girl, the Supreme Court on Thursday refused to grant him interim bail on medical grounds.
 
The court, however, asked the All India Institute of Medical Sciences (AIIMS) to constitute a three-member medical board to examine him for the ailments he is complaining about.
 
Asaram is lodged at the Central Jail in Jodhpur in Rajasthan since September 2, 2013, and is being tried under the Protection of Children from Sexual Offences Act (POCSO).
 
The 72-year-old Asaram was arrested after a 16-year-old girl lodged a police complaint on August 20, 2013, accusing him of sexually assaulting her at his ashram in Jodhpur.
 
Refusing to interfere with the Rajasthan High Court order that rejected Asaram's plea for bail, an apex court bench of Justice Madan B. Lokur and Justice R.K. Agrawal on Thursday asked the AIIMS Director to constitute the medical board to examine him.
 
Directing for the submission of the board's report in 10 days, the bench did not accept Asaram's plea that he be released on interim bail for a month or two so that he could travel to Kerala for 'Panchkarma' ayurveda treatment.
 
The high court had said it was not a fit case for the grant of bail when the trial is almost at its fag end. Asaram had then moved the apex court.
 
Asaram's counsel Raju Ramachandran assailed the August 9 high court order, contending that it has not taken into account the ailments afflicting the self-styled godman.
 
Ramachandran told the apex court that Asaram had poor control over his urination and bowel movement and the jail doctors have said that he defecates in bed.
 
The bench was unmoved as the senior counsel urged it to keep the plea for interim bail pending so that the same could be taken up along with the report by the medical board.
 
"How can you have objection to (Asaram to be examined by the) medical board?" Justice Lokur asked as Ramachandran resisted the bench's suggestion to refer the self-styled godman to the board for medical examination. 
 
Ramachandran told the court that Asaram was earlier examined by a panel of AIIMS doctors and that the court was told on January 5, 2015, that he needed no surgery and could be treated through medications. 
 
The panel of AIIMS doctors had examined Asaram for his neurological aliment -- Trigeminal neuralgia.
 
The apex court on October 15, 2014, had asked the AIIMS to constitute a medical board to go through medical papers and reports of Asaram and, if required, clinically examine him.
 
Prior to Asaram's examination by the AIIMS doctors, the self-styled godman was examined by doctors at the S.N. Medical College at Jodhpur, who said that Asaram was suffering from age-related ailments, including Trigeminal neuralgia.
 
The medical college doctors had examined Asaram on August 19, 2014, on the directions of the top court.
 
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

Ganesh Iyer

6 months ago

World always learns to follow God in which ever name or form but gullible Indians like to follow Godmen and Godwomen. Inspite of such most filthy crimes now in public exposed by evidence still there are elements who like to worship the evil.

D S Ranga Rao

6 months ago

How a ''Godman'' gets any ailments, let alone suffers from them, when he can allegedly commit rapes of minors, etc., heinous crimes and leisurely explore and exploit all the legal channels to escape, is a mystery. The Supreme Court is supremely praiseworthy in rejecting bail to this ''pious'' man so that he cannot add to his ''ailments'' any more by repeating his daring exploits with minors. The fact that this ''Divinity'' continues to take chances with law unabashedly, even at Supreme Court level, speaks volumes for the laxity and endemic delays in our justice dispensation system. When can we expect our Judiciary to put fear and respect in the minds of people for laws of the land and make them know that ultimately what prevails is rule of law, not one's status?

REPLY

Nikul Kanubhai Patel

In Reply to D S Ranga Rao 6 months ago

Have u commented same on Salman and Tarun tejpal case also?. I m sure u can not or did not

Ganesh Iyer

In Reply to Nikul Kanubhai Patel 6 months ago

Salman and Tarun Tejpal are not that organised offenders like Asaram. Deaths of children, sexual exploitation in systematic way by consuming high end ayurvedic medicines, killing of most of witnesses, land grabbing, etc are only few acts of this godman. Tarun got his case well registered in goa.

D S Ranga Rao

In Reply to Nikul Kanubhai Patel 6 months ago

Well, i have no love lost for either. May be, i have not commented in these columns, but, sure, i did not spare them elsewhere too. My worry is not about the culprits, but to galvanize our moribund judiciary and to see the rule of law prevail always and in respect of all and everyone. Of course, it may not happen at the drop of a hat, except to raise the eyebrows of people like you.

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