PM for gradual hike in energy prices; cut in subsidy

“Early implementation of the Goods and Services Tax is critical to increase the tax ratio as a percentage of GDP,” said the prime minister

New Delhi: Seeking co-operation of the states to implement the GST regime, the prime minister said there is a need to increase the tax ratio as a percent of GDP through combination of tax reforms and better tax administration, reports PTI.


 “Early implementation of the Goods and Services Tax (GST) is critical in this context. I hope we will have the co-operation of the states to introduce the GST as quickly as possible,” he said.


Mr Singh said growth rate of many states have improved in the recent years. “The average growth rate of the five poorest states exceeds the national average for the first time in any Plan. I think we may be reaching the stage when the term BIMARU states can be relegated to history,” he said.


 During his address, the prime minister also made a reference to the recent gang-rape of a 23-year old paramedic student in the capital.


“The culprits have been apprehended, and the law will deal with them expeditiously. The government has decided to review the present laws and examine the levels of punishments in cases of aggravated sexual assault,” he said.


 The issue of safety and security of women, Mr Singh said, is of “highest concern ... There can be no meaningful development without the active participation of half the population and this participation simply cannot take place if their security is not assured”.


The government has already constituted a committee under former Supreme Court Chief Justice JS Verma and instituted a Commission of Inquiry to look into woman related issues.



Vaibhav Dhoka

4 years ago

Our PM has said" The culprits have been apprehended, and the law will deal with them expeditiously. The government has decided to review the present laws and examine the levels of punishments in cases of aggravated sexual assault,” he said.."
Now time has come to review most of the laws and court procedure keeping in mind changed social,IT scenario.A common man keeps him away from judiciary.There should not be politics in making changes.Otherwise his statement will be applied to this lone case.then it will be ONLY POLITICS.

BSE Sensex, Nifty trendless again: Thursday Closing Report

While the market indices have avoided going down for now, there is no sign of an upmove

The market snapped its two-day winning streak and settled lower on selling pressure from IT, oil & gas, metal and technology sectors. While the market indices have avoided going down for now, there is no sign of an upmove as the Sensex and Nifty were trendless again. The National Stock Exchange (NSE) recorded a high volume of 91.44 crore shares on account of the December F&O contract expiry and the advance-decline ratio was 607:1051.


The Indian market opened in the green on hopes that US policymakers would find a solution to the “fiscal cliff” issue before the year end in order to avoid higher taxes, which would automatically come with the New Year. A positive trend in the markets across Asia also supported initial gains.


The Nifty opened 24 points up at 5,930 and the Sensex started the day at 19,480, a gain of 63 points over its previous close. The benchmarks hit their intraday highs in initial trade itself with the Nifty inching up to 5,931 and the Sensex rising to 19,504.


However, profit booking after two days of gains saw the indices paring their initial gains amid choppy trade on the expiry day of the December F&O contract. The benchmarks hovered near their previous closing levels in subsequent trade in the absence of any local or global triggers.


The market moved lower in noon trade on selling pressure from IT, consumer durables and fast moving consumer goods stocks. A mixed opening of the European markets also weighed on the sentiments.


The benchmarks touched their intraday lows in the last half hour as selling got intense. At this point, the Nifty fell to 5,865 and the Sensex went back to 19,302.


The market closed near the lows with the Nifty down 36 points (0.60%) to 5,870 and the Sensex finishing the session at 19,324, a cut of 94 points (0.48%).


Among the broader markets, the BSE Mid-cap index fell 0.45% and the BSE Small-cap index declined 0.73%.


BSE PSU and BSE Auto (up 0.09% each) were the only gainers in the sectoral space. The losers were led by BSE IT (down 0.77%); BSE Oil & Gas (down 0.69%); BSE Metal, BSE TECk (down 0.65% each) and BSE Consumer Durables (down 0.63%).


Nine of the 30 stocks on the Sensex closed in the positive. The chief gainers were Tata Motors (up 1.34%); ONGC (up 0.86%); State Bank of India (up 0.74%); Dr Reddy’s Laboratories (up 0.59%) and Bharti Airtel (up 0.38%). The main losers were BHEL (down 1.74%); Jindal Steel & Power (down 1.68%); Sterlite Industries (down 1.59%); GAIL India (down 1.57%) and Mahindra & Mahindra (down 1.47%).


The top two A Group gainers on the BSE were—Bayer CropScience (up 7.33%) and SJVN (up 4.63%).

The top two A Group losers on the BSE were—Strides Arcolab (down 4.14%) and Eicher Motors (down 3.78%).


The top two B Group gainers on the BSE were—Flawless Diamond India (up 20%) and Timbor Home (up 19.11%).

The top two B Group losers on the BSE were—Filmcity Media (down 12.93%) and KM Sugar (down 11.43%).


Out of the 50 stocks listed on the Nifty, 15 stocks settled in the positive. The main gainers were Bank of Baroda (up 1.20%); Tata Motors (up 1.05%); SBI (up 0.81%); ONGC (up 0.74%) and Dr Reddy’s (up 0.71%). The key losers were GAIL India (down 1.95%); JSPL (down 1.86%); BHEL (down 1.65%); Power Grid Corporation and Jaiprakash Associates (down 1.43% each).


Markets in Asia, with the exception of China, closed in the green on assertion from the new Japanese prime minister that he would do his best to boost economic growth. A decline in the value of the yen against most international currencies boosted the outlook for exporters.


The Hang Seng gained 0.35%; the Jakarta Composite rose 0.16%; the KLSE Composite rose 0.15%; the Nikkei 225 surged 0.91%; the Straits Times added 0.10%; the Seoul Composite advanced 0.26% and the Taiwan Weighted settled 0.19% higher. Bucking the trend, the Shanghai Composite declined 0.60%.


At the time of writing, the CAC 40 of France was up 0.22%, the DAX of Germany fell 0.23% and UK’s FTSE 100 was trading 0.22% higher. At the same time, the US stock futures were mixed with a negative bias.


Back home, foreign institutional investors were net buyers of stocks totalling Rs743.79 crore on Wednesday while domestic institutional investors were net sellers of equities totalling Rs300.85 crore.


Kalpataru Power Transmission (KPTL) today said it has secured new orders worth over Rs955 crore, including overseas projects. The company has bagged a Rs405 crore order from state-run Power Grid for supply and installation of transmission lines. Among others, the company has bagged an order worth Rs140 crore in Armenia, besides a project to the tune of Rs65 crore in Philippines. The stock surged 2.38% to settle at Rs92.35 on the NSE.


Fortis Healthcare on Wednesday said its board has formed a committee to evaluate options available in order to comply with the minimum public shareholding requirement as specified under the Securities Contract (Regulation) Rules, 1957 and Clause 40A of the Equity Listing Agreement. Fortis Healthcare fell 0.30% to close at Rs115.60 on the NSE.


Corporate corruption

This refers to R Balakrishnan’s “The kinds of corruption that investors need to know about”...

Premium Content
Monthly Digital Access


Already A Subscriber?
Yearly Digital+Print Access


Moneylife Magazine Subscriber or MSSN member?

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



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)