Companies & Sectors
RIL invests over Rs800 crore in Anil-led Reliance Group MFs

RIL’s investment in Reliance MF schemes, made over a period of last eight months, comes as a clear departure of the oil-to-retail conglomerate’s earlier stance of parking surplus funds into almost all the mutual funds, expect on those run by the Anil Ambani-led group

The Mukesh Ambani-led Reliance Industries (RIL) has parked more than Rs800 crore in various mutual fund schemes of younger sibling Anil-led Reliance Group.

 

RIL has made these investments, totalling over Rs800 crore, mostly in the Fixed Maturity Plans and other debt schemes of Reliance Mutual Fund, market sources said.

 

Reliance MF is part of Anil Ambani-led group’s financial services arm Reliance Capital.

 

Incidentally, RIL and Anil Ambani group yesterday announced their first business partnership since a bitter family split in 2005. The two groups have agreed to share optical fibre cables and other telecom infrastructure including telecommunications towers for their respective ventures, Reliance Jio Infocomm and RCom in a Rs1,200-crore deal.

 

The two groups, which about three years ago had scrapped a non-compete agreement between them, have now also agreed for a comprehensive framework of business cooperation.

 

RIL’s investment in Reliance MF schemes, which has been made over a period of last eight months, comes as a clear departure of the oil-to-retail conglomerate’s earlier stance of parking surplus funds into almost all the mutual funds, expect on those run by the Anil Ambani-led group.

 

At the end of fiscal ended 31 March 2012, RIL had invested over Rs8,700 crore in various mutual fund schemes, including Fixed Maturity Plans (FMPs), but they did not include any scheme of Reliance MF.

 

In contrast, RIL has always figured prominently in the stock portfolios of various schemes of Reliance Mutual Fund.

 

At least 13 schemes of Reliance Mutual Fund had RIL as one of the biggest stock in their respective portfolios as on 31 March 2012 and together these funds held RIL shares worth well above Rs500 crore.

 

According to market sources, there was a clear change in RIL’s investment strategy in the last fiscal 2012-13 in terms of deployment of excess cash in mutual funds.

 

RIL holds one of the biggest cash balance among all the corporates in the country.

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President Pranab Mukherjee clears anti-rape bill

The new law states that an offender can be sentenced to rigorous imprisonment for a term which shall not be less than 20 years, but which may extend to life, meaning imprisonment for the remainder of the convict's natural life and with a fine

President Pranab Mukherjee has given his assent to the anti-rape bill which provides for life term and even death sentence for rape convicts besides stringent punishment for offences like acid attacks, stalking and voyeurism.

 

Mukherjee accorded his assent to the Criminal Law (Amendment) Bill-2013 on Tuesday, brought against the backdrop of the country-wide outrage over Delhi gang-rape, and it will now be called the Criminal Law (Amendment) Act, 2013, an official release said today.

 

The bill, passed by Lok Sabha on 19th March and by Rajya Sabha on 21st March, has replaced an ordinance promulgated on 3rd February.

 

It amends various sections of the Indian Penal Code, the Code of Criminal Procedure, the Indian Evidence Act and the Protection of Children from Sexual Offences Act.

 

With an aim of providing a strong deterrent against crimes like rapes, the new law states that an offender can be sentenced to rigorous imprisonment for a term which shall not be less than 20 years, but which may extend to life, meaning imprisonment for the remainder of the convict's natural life and with a fine.

 

It has provisions for handing out death sentence to offenders who may have been convicted earlier for such crimes.

 

The law, for the first time, defines stalking and voyeurism as non-bailable offences if repeated for a second time. Perpetrators of acid attack will attract a 10-year jail.

 

It also defines acid attack as a crime besides granting a victim the right to self-defence. It also has provisions for imposing a minimum 10-year jail term for perpetrators of such acts.

 

The law has fixed age for consensual sex at 18 years.

 

New sections to prevent stalking and voyeurism were introduced following a strong demand from women's organisations.

 

The amendments seek to define and prescribe punishment for the offences of stalking, voyeurism and sexual harassment. The law also seeks to widen the definition of rape, broaden the ambit of aggravated rape and enhance the punishment for such crimes.

 

It also provides that all hospitals shall immediately provide first aid and/or medical treatment free of cost to the victims of acid attack or rape, and failure to do so will attract punishment.

 

The new law provisions for a minimum imprisonment of seven years which may extend to imprisonment for natural life, and a fine for rape convict if he is found to be a police officer, a public servant, armed forces personnel or management or hospital staff.

 

The law also seeks to amend the Indian Evidence Act to allow a rape victim, if she is temporarily or permanently mentally or physically disabled, to record her statement before a judicial magistrate with the assistance of an interpreter or a special educator. It also has provisions to video-graph the proceedings.

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Sensex, Nifty headed down: Wednesday Closing Report

Nifty has to make a higher high and stay above today's low. Or else, it may move to the level of 5,545

 

The market snapped its four-day winning streak and closed lower today on selling in rate-sensitive sectors like realty, capital goods, auto and metal. The Nifty will have to make a higher high and stay above today's low, else may move to the level of 5,545. The National Stock Exchange (NSE) reported a volume of 70.45 crore shares and advance-decline ratio of 629:878.

 

The market opened in the negative on profit booking after four days of gains on pressure from fast moving consumer goods, oil & gas and auto sectors. On the other hand, the Asian markets were mostly higher in morning trade hopes of a favourable outcome from the Bank of Japan’s two-day policy meeting which got underway today. US markets closed higher on Tuesday as the government put off plans to reduce payments for private Medicare Advantage for seniors.

 

The Nifty opened eight points lower at 5,740 and the Sensex resumed trade at 19,034, a fall of seven points from its previous close. The Sensex hit its intraday highs in initial trade with the index at 19,035 while the Nifty’s high came in the noon session at 5,746.

 

The market witnessed choppy trade in the morning session although the benchmarks were in the negative terrain. The benchmarks extended their losses in the second half led by auto, oil & gas and technology sectors. A negative opening of the European markets added to the woes of local investors in post-noon trade.

 

The slide continued in late trade with the market dipping to its lows in the last half hour of trade. The Nifty fell to 5,651 and the Sensex dropping to 18,722. Snapping its four-day winning streak, the market closed marginally off the lows of the day with 11 of the 13 sectoral indices settling in the red.

 

The Nifty declined 75 points (1.31%) to close at 5,673 and the Sensex settled at 18,802, down 239 points or 1.26%.

 

Among the broader indices, the BSE Mid-cap index dropped 0.81% and the BSE Small-cap index fell 0.41%.

 

Except for BSE Healthcare (up 0.17%) and BSE Power (up 0.06%), all the sectoral indices closed in the negative. The top losers were BSE Realty (down 2.68%); BSE Capital Goods (down 2.29%); BSE Auto (down 2.23%); BSE Metal (down 2.08%) and BSE Oil & Gas (down 1.82%).

 

Four of the 30 stocks on the Sensex closed in the positive. The gainers were Sun Pharmaceutical Industries (up 1.54%); NTPC (up 0.94%); Tata Power (up 0.73%) and ITC (up 0.24%). The chief losers were Bharti Airtel (down 3.95%); Bajaj Auto (down 3.68%); Tata Motors (down 3.45%); Larsen & Toubro (down 3.01%) and Sterlite Industries (down 2.79%).

 

The top two A Group gainers on the BSE were—Adani Power (up 8.79%) and United Breweries (up 5.61%).

The top two A Group losers on the BSE were—AstraZeneca Pharma India (down 4.94%) and Tech Mahindra (down 4.64%).

 

The top two B Group gainers on the BSE were—Jetking Info (up 20%) and Welspun Investments & Commercials (up 19.95%).

The top two B Group losers on the BSE were—Kama Holdings (down 16.48%) and Everlon Synthetics (down 14.29%).

 

Of the 50 stocks on the Nifty, six ended in the green. The key gainers were Sun Pharma (up 1.40%); NTPC (up 1.18%); Ranbaxy (up 1%); Tata Power (up 0.31%) and Dr Reddy's Lab (up 0.04%). The major losers were NMDC (down 4.26%); DLF (down 4.22%); Bharti Airtel (down 3.87%); Bajaj Auto (down 3.85%) and Bank of Baroda (down 3.65%).

 

Markets in Asia closed mostly higher on speculations that the Japanese central bank will announced fresh stimulus measures at the end of its two-day policy meeting on Thursday and on positive economic indicators from the US.

 

The Jakarta Composite rose 0.49%; the KLSE Composite added 0.02 %; the Nikkei 225 jumped 2.99%; the Straits Times gained 0.13% ant the Taiwan Weighted advanced 0.375. On the other hand, the Shanghai Composite fell 0.11%; the Hang Seng declined 0.14% and the Seoul Composite lost 0.15%.

 

At the time of writing, the key European indices were trading with losses of up to 0.50% while the US stock futures were marginally in the green.

 

Back home, foreign institutional investors were net sellers of shares amounting Rs45.41 crore on Tuesday while domestic institutional investors were net buyers of equities totalling Rs205.80 crore.

 

Mercator has sold its very large crude carrier MT Kamakshi Prem (built 2006, 299,235 DWT) to one of its subsidiaries in Singapore as a strategic decision. The stock fell 1.74% to close at Rs14.10 on the NSE.

 

With reference to the earlier announcement dated 2 April 2013 regarding indefinite strike by workmen, GKB Ophthalmics has now informed that the workmen affiliated to Goa Trade & Commercial Worker’s Union (affiliated to AITUC), have called off their strike unconditionally and have resumed work on 3 April 2013. The stock fell 4.81% to close at Rs19.80 on the NSE.

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