Provident Fund: Apply Online from August

Employees’ Provident Fund Organisation (EPFO) will provide subscribers the facility to apply for settlement of provident claims online, from August 2013. This move is expected to benefit 1.3 million applicants who apply for provident fund (PF) claims settlement each year. EPFO expects that of the 1.3 million transfer claims that would be filed this year, around 1.0 million cases would be cleared online, especially those employed in the information technology (IT) industry. These employees change jobs more frequently and are more tech-savvy than others; hence, they are more likely to use this service. Digital signatures would be mandatory for  online settlement applications. EPFO has already unveiled revised PF transfer forms for this purpose. 


Sensex, Nifty headed lower: Thursday closing report

If the Nifty manages to keep itself above 5,840 we may see some minor recovery

For the second consecutive trading session the indices opened lower and immediately after hitting the days high, witnessed sharp selling pressure on the last day of July series expiry. The Sensex opened at 20,062 while the Nifty opened at 5,970. Both the Sensex and the Nifty hit a lower high of 20,111 and 5,991.The NSE saw a volume of 73.61 crore shares.


The Sensex and the Nifty at the close of the session hit a lower low and closed almost near the day’s low. The Sensex hit a six-day low (including today) at 19,764 while the Nifty hit a 10-day low (including today) of 5,896. The Sensex recorded the highest percentage loss after 3 July 2013 to close at 19,805 (fell 286 points, 1.42%) while the Nifty closed at 5,908 (fell 83 points, 1.39%).


The broader indices too settled lower. The BSE Mid-cap index fell 0.89% and the BSE Small-cap index fell 0.71%.


BSE TECk (up 0.21%) and BSE Auto (up 0.14%) were the only sectoral gainers while BSE FMCG (down 3.33%); BSE Metal (down 1.73%); BSE Healthcare (down 1.64%); BSE Oil & Gas (down 1.35%) and BSE Capital goods (down 1.34%).


Out of the 30 stocks on the Sensex, five were higher. The main gainers were Hero MotoCorp (up 4.06%); Tata Motors (up 0.79%); TCS (up 0.60 %); Infosys (up 0.29%) and Bajaj Auto (up 0.04%). The main losers were ITC (down 4.57%); Wipro (down 4.01%); Hindustan Unilever (down 3.21%); Tata Power (down 3.19%) and Sun Pharma (down 2.99%).


The top two A Group gainers on the BSE were—Zee Entertainment (up 6.33%) and Apollo Tyres (up 4.62%).


The top two A Group losers on the BSE were—Ambuja Cements (down 10.52%) and Jaiprakash Associates (down 8.90%).


The top two B Group gainers on the BSE were—Clutch Auto (up 19.92%) and Jaykay Enterprises (up 19.88%).


The top two B Group losers on the BSE were—Vivimed Labs (down 19.99%) and Omnitech Info (down 19.94%).


Of the 50 stocks on the Nifty, 14 ended in the in the green. The major gainers were Hero MotoCorp (up 4.41%); Asian Paints (up 2.29%); BPCL (up 1.22%); Tata Motors (up 0.91%) and Axis Bank (up 0.43%). The main losers were Ambuja Cements (down 10.62%); Jaiprakash Associates (down 9.31%); ITC (down 4.74%); Hindustan Unilever (down 3.66%) and Tata Power (down 3.41%).


US stocks closed largely lower on Wednesday after improving home sales in the US renewed expectations that the Federal Reserve remains on course to winding down stimulus measures this year. A report, yesterday, showed that new home sales rose more than forecast in June to a five-year high, and a manufacturing gauge rose. US new-home sales climbed 8.3% to an annualized pace of 497,000, the highest level since May 2008, according to Commerce Department data. The Markit Economics preliminary index of US manufacturing increased to 53.2 in July from a final reading of 51.9 a month earlier, the London-based group said.


China on Wednesday, 24 July 2013, announced some new, minor stimulus measures. It would cut taxes for small businesses and seek to aid some exporters, while also increasing state investment in railways. All the Asian indices closed in the red. Straits Times fell the most, down 1.19%.


The European indices were trading mostly in the red. German business confidence rose for a third month in July, indicating that Europe's largest economy is recovering as the 17-nation euro region tries to shake off its longest-ever recession. The Ifo institute's business climate index, based on a survey of 7,000 executives, rose to 106.2 from 105.9 in June.


UK economic growth accelerated in the second quarter as all main industries showed expansion for the first time in three years, indicating Britain’s recovery is gaining traction. Gross domestic product increased 0.6 percent from the first quarter, when it rose 0.3 percent, the Office for National Statistics said in London today. US Futures were also trading deeply in the red.


DLF today exited the life insurance business by selling 74% stake in its joint venture DLF Pramerica Life Insurance to Dewan Housing Finance and its group entities for an undisclosed amount. DLF Pramerica Life Insurance is a 74:26 joint venture between DLF and Prudential International Insurance. Prudential International Insurance is a subsidiary of Prudential Financial of USA. DLF rose 0.14% to close at Rs175.40 on the NSE.


Batla House: Court held IM terrorist guilty for murder of three policemen

The Sessions Court in Delhi held the IM terrorist guilty of attempting to cause death of head constables Balwant Singh and Rajbir Singh and causing death of inspector MC Sharma by firing on them

A Delhi court on Thursday convicted suspected Indian Mujahideen terrorist Shahzad Ahmad for a police inspector and assaulting other officers in the 2008 Batla House encounter.


Additional Sessions Judge Rajender Kumar Shastri said, "He (Shahzad) is held guilty of attempting to cause death of head constables Balwant Singh and Rajbir Singh and causing death of inspector Mohan Chand (MC) Sharma by firing on them."


The court found Shahzad guilty of murder, attempt to murder, obstructing and assaulting public servants and grievously injuring the police officers to deter them from performing their duty.


The court, however, acquitted him of the offence under section 174A IPC (failure to appear in specified time and place as required by a proclamation by court).


The encounter had taken place at flat no. L-18, Batla House in Jamia Nagar locality here on September 19, 2008, six days after serial bomb blasts rocked Delhi, killing 26 persons and injuring 133 others. The police had reached Batla House on a tip off that some suspected militants involved in the blasts were holed up in the building.


Of the five flat occupants, Atif Ameen and Mohd Sajid were killed during the encounter.


Delhi Police Inspector Mohan Chand Sharma succumbed to the bullet injuries sustained during the gun battle while head constable Balwant was injured.


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