Stocks
Nifty, Sensex will keep making attempts to hit a new high

While Nifty will likely hit a new high, caution is warranted

The BSE 30-share Sensex closed the week that ended on 18th April, at 22,628.84 (down 0.12 points), while the NSE’s 50-share Nifty closed at 6,779.40 (up 3 points or 0.05%) for the week. Last week we had mentioned that the indices would be weak this week. The benchmark edged lower on two out of three trading session this week, although it made up for the losses on the third day.

On Monday the market were closed on account of Ambedkar Jayanti. On Tuesday the market witnessed weak trading throughout the session and closed in the negative. Nifty closed at 6,733 (down 43 points or 0.64%).

Infosys reported a good fourth quarter result and has forecast revenue growth of 7% to 9% in dollar terms for the year ending 31 March 2015. The company has forecast revenue growth of 5.6% to 7.6% in rupee terms for FY 2015.

Snapping its declining trend, wholesale price index (WPI) in March rose to a three-month high of 5.7% mainly on a spurt in the prices of food items such as potatoes, onions and fruits. March CPI inflation rose to 8.31% on higher food prices.

On Wednesday indices witness a range bound session until noon after which it slipped into negative and continued to move lower. Nifty closed, in the negative for the third consecutive session, at 6,675 (down 58 points or 0.86%).

US economic data showed manufacturing in the New York region grew at a slower pace in April while the cost of living in the US rose more than projected in March as food and rents became more expensive. Confidence among US homebuilders rose less than forecast in April.

On Thursday market regained its lost strength and closed in the positive snapping three days of negative move. Global credit rating agency Standard & Poor's said it may upgrade India's rating outlook if the government that is elected next month address some of the country's fiscal and economic challenges through steps such as passing a goods and services tax. Nifty closed at 6,779 (up 104 points or 1.56%).

For the week, among the other indices on the NSE, the top two performers were FMCG (2%) and I T (1%) while the worst two performers were Realty (4%) and Media (3%).

Among the Nifty stocks, the top five stocks for the week were United Spirits (12%); Wipro (3%); Cairn (3%); I T C (3%) and TCS (3%) while the top five losers were D L F (9%); HDFC (4%); I D F C (4%); Tata Power (3%) and H D F C Bank (3%).

Of the 1,435 companies on the NSE, 617 companies closed in the green, 781 companies closed in the red while 37 companies closed flat.

Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:

 

ML Top sector

ML Worst sector

Lifestyle & Leisure

3%

Real Estate

-5%

Software & IT Services

2%

Media

-2%

Sugar

1%

Farm & Farm Inputs

-2%

Hotels

1%

Energy

-2%

Textiles

1%

Steel

-1%

 

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Sahara Group's public apology for aggressive advertisements against SEBI

Supreme Court admonished Sahara Group for its aggressive advertisements criticising SEBI

Sahara Group made a public apology in newspapers today saying its “earlier advertisements were put out under most unwilling compulsions.” This has been done just before the next Supreme Court hearing.

 

Supreme Court had admonished the company for placing aggressive advertisements against Securities and Exchange Board of India (SEBI) and even some media houses.

 

The advertisement said, “…the major point which went against us was our repeated communication through the elaborated newspaper advertisement for clarifying to around 34% of Indian population which has been closely associated with our advertisement.”

 

For non-compliance of Supreme Court orders, Sahara's Subrata Roy was taken into judicial custody in early March, and remains in custody for his inability to secure bail. The Supreme Court had asked Roy to furnish Rs5,000 crore in cash and another Rs5,000 crore of bank guarantee to secure bail, but so far that amount has not been generated.

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Reliance Sues authors of “Gas Wars – Crony Capitalism and the Ambanis”

A day after its launch in New Delhi, Reliance Industries Limited (RIL) has served a notice on the authors of "Gas Wars - Crony Capitalism and the Ambanis" as well as his co authors and distributors and even an individual from a media foundation who sent out invites to the launch function.

A day after its launch on Tuesday April 18th in New Delhi, Reliance Industries Limited (RIL) has served a notice on Paranjoy Guha Thakurta, lead author of "Gas Wars - Crony Capitalism and the Ambanis" as well as his co authors and distributors and even an individual from a media foundation who sent out invites to the launch function.

Mr Guha Thakurta and his co-authors Subir Ghosh and Jyotirmoy Chaudhuri have been accused of defaming RIL and its chairman Mukesh Ambani in the book, which chronicles the rise of the Ambanis through their quest for control over gas from the Godavari basin.

There are several interesting elements to this notice starting with the fact that the book has been self-published by the author, precisely in anticipation of such an action.

In the recent past, two books – Descent of Air India by Jitender Bhargava and another on the Sahara group were withdrawn by their publishers who succumbed to the pressure of defamation notices. Mr Guha Thakurta had the help of Authors Upfront in the editing and production of the book and an independent distributor -- Feel Books Pvt Ltd for distribution. They have been served notices too, along with global e-book distributors Flipkart and Amazon. All have been accused of a "common conspiracy" to defame Reliance for "personal gains".

Ironically, in the past few months, the Ambanis have been repeated attached by Arvind Kejriwal, leader of the Aam Admi Party on all television channels (including the TV-18 group which is owned and controlled by the Ambanis) without attracting legal action from Reliance. This, despite the fact that the reach of main stream media, especially television channels, is significantly greater and pithy defamatory statements do far more damage than a detailed, well-researched book, which the company refers to as a “pamphlet”.

The notice has asked for a recall and destruction of book already sold, stoppage of further sales, and an "unconditional public apology".  It has threatened "civil and/or criminal proceedings" in case of failure to comply.


The defamation notice is also curious for the following reasons. First, Gas Wars extensively quotes Reliance’s senior officials on all major charges. Secondly, it has collated large chunks of previously published work by journalists across the media spectrum, which did not attract charges of defamation when they were published. Thirdly, it has detailed segments on charges leveled by Anil Ambani during the bitter and truly nasty legal battles that were fought in the media and in court. Fourthly, there are charges leveled in cases that are even now filed in court by a set of former bureaucrats. Fifthly, the book includes and puts in perspective a damning report by the Comptroller & Auditor General (CAG) on hydrocarbon production sharing contracts, which indicated that Reliance had reaped massive profits because of various acts of commission and omission by various government officials.  Any charge of defamation would probably have to explain what is new and defamatory after eliminating all that is previously published without similar action.
Reacting to the notice, Mr Guha Thakurta and his co-authors have issued the following statement:

1. The book ‘GAS WARS’ has been "more than fair" providing version of events, circumstances and controversies based on research made from various public documents, opinion of individuals available in public and media reports.

2. The authors are exercising, being journalists, right to free expression enshrined in Article 19(1)(a) of the Constitution of India.

3. This communication is without prejudice to the author, rights and privileges as per law. The notice is being reviewed by our legal experts and an appropriate response will be provided as per the legal process.

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COMMENTS

CHANDU CHARTIST

3 years ago

AMBANIS
HAVING A BAR CODE READING MACHINE WHICH READ TAG ON MOST LEADERS HAVING BUT FAIL IN CASE OF ARVIND KEJARIWAL BECAUSE HE HAS NO TAG FOR SELL

CHANDU CHARTIST

3 years ago

AMBANIS
HAVING A BAR CODE READING MACHINE WHICH READ TAG ON MOST LEADERS HAVING BUT FAIL IN CASE OF ARVIND KEJARIWAL BECAUSE HE HAS NO TAG FOR SELL

Peter Menon

3 years ago

Hang on a minute. In Crony Capitalism the Parties are equals and have a relatively similar share in the spoils, directly or indirectly. Ambani is "Baap Capitalism" with his humongous 56 MT refinery in Jamnagar, the Indian Petrochemical Industry revolves around RIL, no single governmental or business entity can make any petrochemical decision without involving RIL. The KG6 Gas is just a super dessert for after dinner :))

R Balakrishnan

3 years ago

Ab ki Baar Modi Sarkar. Ambani zindabad. Adani Zindabad

CHANDU CHARTIST

3 years ago

AMBANI ADANI ARE EXAMPLE OF CRONY CAPITALISM

CHANDU CHARTIST

3 years ago

AMBANI ADANI ARE EXAMPLE OF CRONY CAPITALISM

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