Nation
Post Uri attack, India to review Indus Waters Treaty
Following the September 18 cross-border terror attack on an India Army camp at Uri in Jammu and Kashmir, the government on Monday decided to review the 56-year-old Indus Waters Treaty with Pakistan.
 
At a meeting of senior officials chaired by Prime Minister Narendra Modi, it was decided that an inter-ministerial commission would be set up to go into various provisions of the bilateral treaty that was signed in Karachi on September 19,1960, out of Pakistan's fear that since the source of rivers of the Indus basin are in India, it could potentially create droughts and famines in Pakistan during times of war.
 
"Blood and water cannot flow together," official sources here quoted Modi as saying during the meeting.
 
The attack at Uri claimed the lives of 18 soldiers.
 
The meeting decided to look at the full utilisation of the waters of the Indus, Chenab and Jhelum, the three western rivers of the Indus water system that flow through Jammu and Kashmir.
 
Around 95 percent of the waters of the three eastern rivers of Sutlej, Beas and Ravi is being ustilised by India.
 
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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Misuse of Havell’s name by HPL Electric & Power which is doing an IPO?
In what could be termed as a misuse of name as promoter entity by a company doing an initial public offering (IPO), has come to the fore. Metering solutions, switchgears, lighting equipment and wires and cables maker HPL Electric & Power Ltd has just made an IPO. However, electrical goods maker Havells India Ltd had issued a caution notice about usage of ‘Havells’ brand name, by HPL Electric & Power, especially as the name of promoter companies. 
 
Havells, in an advertisement, clarifies that it is not associated or related with the two companies, Havell's Pvt Ltd and Havells Electronics Pvt Ltd, which are shown as promoters of HPL Electric & Power in the company’s IPO prospectus. "In view of the liberty granted by the Delhi High Court to Havells India in the suite number CS(OS) No.164 filed by Havells India against inter alia HPL Electric & Power, we hereby clearly state that we, as 'Havells India Ltd, our promoters and members of our promoter group are in no way connected and/or associated with HPL Electric & Power, Havell's Pvt Ltd and Havells Electronics Pvt Ltd, its directors, promoters and members of its promoter group," the electrical goods maker said in the advertisement.
 
 
Havells India owns brands like Crabtree, Sylvania, Concord, Lumiance and has 91 branches or  representative offices with over 6,500 professionals in over 50 countries.
 
Meanwhile, the IPO of HPL Electric & Power was fully subscribed on Monday. As per data available on stock exchanges, the issue received bids of about 1.06 times or 1.54 crore shares as against issue size of 1.44 crore. The company has already garned Rs108 crore from anchor investors by selling its shares at Rs202 per piece. The IPO is priced between Rs175 to Rs202 and closes on Monday.  HPL is now a listed entity. Hopefully, it will follow the many onerous compliance rules and regulations as required of listed companies.

 

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Nifty, Sensex may weaken further – Monday closing report
We had mentioned in Friday’s closing report that Nifty, Sensex were trendless. The major indices of the Indian stock markets suffered a strong correction on Monday and the losses were more than 1.20% over Friday’s close. However, market trading volumes were on the lower side on the NSE. The trends of the major indices in the course of Monday’s trading are given in the table below:
 
 
Indian equity markets plunged on the back of negative global cues and caution ahead of F&O (futures and options) expiry during the mid-afternoon trade session on Monday. The key indices traded in the red with losses of more than 1% each, as heavy selling pressure was witnessed in stocks of banking, automobile and capital goods. The BSE market breadth was tilted in favour of the bears -- with 1,644 declines and 1,052 advances. On the NSE, there were 542 advances, 1,070 declines and 259 unchanged.  Volatility in global crude oil prices and negative Asian markets dragged the Indian equity markets lower at the start of the day's trade, pointed out market analysts. Lower European market accelerated the falls in the key domestic indices. Unwinding of positions ahead of F&O expiry also depressed the equity markets. The CNX Nifty traded lower tracking negative global cues. IT and banking stocks traded down on profit-booking. Auto and oil-gas stocks traded with sideways sentiments.
 
Indian multinational Tata Steel is set to begin crucial talks with trade union representatives of its British steelworks to settle the deadlock over a 15 billion pound pension scheme for its workers, British media reported on Sunday. According to The Sunday Times, Tata Steel will start talks here with unions on Monday to break the deadlock over a 15 billion pounds sterling pension scheme, which is the major obstacle in its merger with German steel maker Thyssen Krupp. The newspaper said the Indian company "is understood" to have called two days of pension talks to try to secure the merger of its European operations with those of Thyssen Krupp. German engineering conglomerate Thyssen Krupp and Tatas have held talks on combining their continental European steel operations, as global overcapacity weighs on prices and profits. Following this summer's British referendum verdict to exit the European Union, which has raised concerns about the viability of the British steel industry that has already been under prolonged and serious pressure, there were reports in the local media that Tata Steel would likely to put the sale on hold. Tata Steel shares closed at Rs370.40, down 0.40% on the BSE.
 
"India records its highest ever year-on-year FDI inflows. There has never been a better time to #MakeInIndia," the Department of Industrial Policy and Promotion (DIPP) said in a post on the programme's Twitter handle. "With 2 years of #MakeInIndia comes 2 years of doing business made easier," it said in a separate tweet. The stock markets in India have hardly reacted to this aspect of government policy in the current year. Industry chamber Assocham said earlier this year on the basis of a survey that the Indian economy is expected to improve in short-term but private sector investments would be a matter for concern due to sluggish capacity utilisation and pressure on corporate earnings.
 
India's foreign exchange reserves went down $369.60 billion as on September 16, the Reserve Bank of India (RBI) announced. According to data released by the RBI, the reserves stood at $369.60 billion as on September 16, as against $371.27 billion as on September 9. On September 16, the foreign currency assets stood at $344.07 billion, gold at $21.64 billion, special drawing rights at $1.49 billion and the reserve position in the International Monetary Fund (IMF) at $2.39 billion. The Indian stock markets have done well in attracting investments from foreign institutional investors, when the foreign exchange reserves have moved down.
 
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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PRASAD AMBEGAOKAR

5 months ago

It has been a great experience to be associated as a member, your articles are full of knowledge, it has changed my perception towards investments. Thanks a million!

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