Citizens' Issues
RIL and IL&FS part ways from Haryana township project
RIL said, after the exit of IL&FS, its unit Reliance Ventures would continue to develop the model economic township in Haryana
 
Reliance Industries Ltd (RIL) said its unit, Reliance Ventures Ltd (RVL), and Infrastructure Leasing and Finance Services (IL&FS) have decided to end their joint venture to co-promote a model economic township (MET) project at Jhajjar in Haryana.
 
In a statement, RIL said that the project was being developed by Reliance Haryana SEZ Ltd (RHSL), a subsidiary of RVL in the industrial township model framework. During January 2011, IL&FS has become a partner in the project.
 
Development of the township will continue on the directly purchased land, and work to build an industrial colony has begun on 290 acres, RIL has said, adding that some Japanese majors have established their manufacturing units in the MET project. 

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COMMENTS

Adheer Pai

2 years ago

It is a mockery of the SEZ model.

Reliance had already returns 1383 acres of land acquired from Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) for setting up special economic zones (SEZs) owing to revision of strategic priorities.

The farm lands are taken from farmers through ordinances. The company decides not pursue SEZ due to "revision of strategic priorities".
And there is not provision in the land acquisition act to return the land back to the original owners (farmers).

So now the farmers are without lands, and no SEZs - so there is no economic activity and employment for them anymore.

http://www.business-standard.com/article...

Adheer Pai

2 years ago

It is a mockery of the SEZ model.

Reliance had already returns 1383 acres of land acquired from Haryana State Industrial & Infrastructure Development Corporation (HSIIDC) for setting up special economic zones (SEZs) owing to revision of strategic priorities.

The farm lands are taken from farmers through ordinances. The company decides not pursue SEZ due to "revision of strategic priorities".
And there is not provision in the land acquisition act to return the land back to the original owners (farmers).

So now the farmers are without lands, and no SEZs - so there is no economic activity and employment for them anymore.

http://www.business-standard.com/article...

Nifty, Sensex will continue to face selling at higher levels – Thursday closing report
Nifty rallies may not sustain even if new highs are hit
 
We had mentioned in Wednesday’s closing report that NSE's CNX Nifty will make attempts to make new highs, but will come under selling pressure. On Thursday, for the first time, after nine consecutive days of positive closing for the S&P BSE Sensex, and after five consecutive days of positive closing on the Nifty, the indices closed in the negative.
 
Sensex managed to open marginally in the positive at 27,165, while the Nifty opened at 8,114. Hitting the day’s high almost at the same level as the opening, the benchmarks edged lower. Sensex hit a low of 26,972 and closed at 27,086 (down 54 points or 0.20%), while Nifty hit a low of 8,061 and closed at 8,096 (down 19 points or 0.23%). The NSE recorded a higher volume of 107.67 crore shares. India VIX fell 2.35% to close at 13.0775.
 
Among the other indices on the NSE, the top five gainers were Pharma (0.46%), Dividend Opportunities (0.34%), Midcap (0.23%), FMCG (0.18%) and Auto (0.07%) while the top five losers were Realty (4.00%), Metal (1.60%), PSU Bank (1.13%), Infra (0.99%) and Smallcap (0.80%).
 
Of the 50 stocks on the Nifty, 18 ended in the green. The top five gainers were Bajaj Auto (3.63%), Hero MotoCorp (2.42%), Power Grid (2.09%), NTPC (1.79%) and HDFC (1.58%). The top five losers were DLF (8.15%), Bhel (4.29%), Jindal Steel (3.93%), Hindalco (3.28%), Tata Steel (2.96%).
Of the 1,597 companies on the NSE, 537 companies closed in the positive, 1,016 companies closed in the negative while 44 companies closed flat.
Ratings agency Standard & Poor’s (S&P) has expressed “cautious optimism” for India’s sovereign rating. S&P might scale up the outlook on its India rating from negative to stable instead of effecting an upgrade.
 
India's Intelligence Bureau (IB) has reportedly issued an all-India alert after al-Qaeda leader Ayman al Zawahri announced the formation of an Indian branch of his militant group.
UPL (7.81%) hits its 52-week high today and was the top gainer in ‘A’ group on the BSE. Post stock split, Jammu & Kashmir Bank (6.87%) was among the top two gainers in ‘A’ group on the BSE. The company had announced a stock split in the ratio of 1:10.
 
After 18 consecutive days of trading in the negative, when Bhushan Steel stock price crashed as much as 76% (from Rs380.75 on 5 August 2014 to Rs91.50 on 2 September 2014), the stock has closed in the positive today for the second consecutive session. Today, it rose 5% and was among the top four gainers in the ‘A’ group on the BSE.
 
Jaiprakash Associates (17.60%) was the top loser in the ‘A’ group on the BSE on rumours that the promoters were selling their shares. The company has clarified that one of the promoters holding 72.36 crore shares, constituting 29.75% of its share capital, has sold only 1.45% of such shareholding and continues to hold 68.83 crore shares, constituting 28.30% of the company's share capital. This small shareholding has been sold by the promoter company to meet its requirement of funds (including for social cause).
 
Bajaj Auto (3.25%) was the top gainer in Sensex 30 pack. It has registered 8% growth in total sales during August to 3.36 lakh units. It expects to sell 4 lakh units in September.
 
Mahan Coal, a joint venture between Hindalco Industries and Essar Power, which has invested Rs20,000 crore for setting up end-use plants, is missing from the list of 46 blocks for which the government requested the Supreme Court for an exemption. Hence, the chances of a de-allocation have risen. Hindalco (3.40%) was among the top two losers in the ‘A’ group on the BSE.
 
US indices had a mixed closing on Wednesday. The US economy expanded at a modest to moderate pace over the past six weeks as a booming auto industry and tourism continued to drive growth, the Federal Reserve said in its Beige Book on Wednesday.
 
Asian indices showed a mixed performance. Shanghai Composite (0.80%) was the top gainer while Jakarta Composite (0.36%) was the top loser. The Bank of Japan kept its record stimulus unchanged today. European indices were trading in the green. US Futures too were trading higher.
 
German factory orders surged the most in more than one year in July, after weak demand in the second quarter contributed to an economic contraction. Orders, adjusted for seasonal swings and inflation, rose 4.6% from June, when they slid a revised 2.7%, the Economy Ministry in Berlin said today. That's the biggest increase since June 2013.

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Delhi amends APMC rules. Will other states follow?
The Amendment to APMC Rules in Delhi makes it possible for farmers and co-operatives to open wholesale markets for selling fruits and vegetables directly to customers at rates cheaper than APMC traders-resellers
 
The Delhi government has issued a notification, which could end the dominance of the three  agriculture produce market committees (APMCs), Azadpur, Keshopur and Shahdara, in the fruits and vegetables trade. This amendment would allow farmers, private organizations and government agencies to sell fruits and vegetables anywhere in the city, except the APMC markets. The move would also result in customers receiving much fresh fruits and vegetable at reasonable rates. There, the question, now is will other states follow Delhi's example to ease inflation that is troubling common man across the country.
 
This Amendment to the Delhi APMC Rules comes subsequent to a notification issued on 19th June inviting suggestions and objections to the curtailing the regulatory authority of APMCs. At a time when inflation does not seem to be subsiding, this could help bring down prices for the consumer, while passing on more profits to the farmers and farmer organisations that may now be able to take part in wholesale sales.
 
As of now, in all states other than Delhi, marketing of all agricultural products has to be done through the APMC ecosystem, which has resulted in giving a lot of power to traders and middlemen, who have traditionally dominated their respective APMCs and sub-markets.
 
After this notification, co-operatives, Kisan Mandis, NAFED, Mother Dairy, SAFAL and Small Farmers' Agribusiness Consortium (SFAC) will be able to set up new markets, thereby increasing competition and better prices for customers and farmers. The Amendment will help farmers' organisations and new markets to avoid the APMC agents' commission of 6% and the APMC fee of 1%.
 
The Amendment however, will not have an effect on the already existing APMC market yards at Azadpur, Keshopur and Shahdara, in Delhi. This comes as a welcome move to battle the creaking APMC system and may put Delhi in the lead to be followed by other states in reforming their own laws and markets.
 

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