Investor Issues
Rose Valley official arrested
The Enforcement Directorate on Friday arrested an official of the Rose Valley Group which has been indicted for collecting money from the public through illegal schemes.
 
Amit Banerjee, entrusted with supervising the company's field agents, was arrested Friday evening. He will be presented before a court Saturday, an ED official said.
 
A key figure in the company, Banerjee was in the charge of affairs in the absence of chairman Gautam Kundu, now behind bars. 
 
According to ED sources, Banerjee used to raise money from the public through different schemes. 
 
The corporate affairs ministry in 2013 had named Rose Valley as one of the 73 companies involved in ponzi schemes in Bengal.
 
The ED probe has revealed that Rose Valley had garnered more than Rs.15,000 crore from public through issue of various financial instruments which did not have sanction of the capital market regulator.
 
Found guilty of running "collective investment scheme" without necessary approvals, the Securities and Exchange Board of India in June 2014 had ordered the company to refund the money to the investors and barred it barred from accessing the securities market.

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Mumbai hooch tragedy soars to 66
The overnight toll in the illicit liquor tragedy in a suburban bar here soared to 66 on Saturday morning with the death of 13 more people due to the poisonous brew, officials here said.
 
Another 31 victims are undergoing treatment in various hospitals, and the condition of at least a dozen is said to be critical.
 
Police on Friday cracked down on the law enforcers by suspending eight officials, including senior Police Inspector of Malwani police station, Prakash S. Patil, three officers and four constables, said Deputy Commissioner of Police Dhananjay Kulkarni, who is the police spokesperson.
 
So far, six people, including a woman, engaged in the bootlegging trade have been caught from various parts of the suburbs while three - Raju Hanumantha alias Langada, Donald Robert and Gautam Arde - were sent to police remand till June 26 on Friday.
 
Maharashtra Chief Minister Devendra Fadnavis has ordered an inquiry into the incident and sought a report within two days, an official spokesperson said here.
 
The victims are from very poor backgrounds, mostly living in Laxmi Nagar slums and employed as low-paying drivers and daily labourers. They had consumed the cheap country liquor at a bar in Rathodi village here on Wednesday night.
 
Mumbai Police Commissioner Rakesh Maria has sought a report on the incident from local DCP and ACP and ordered that the illicit liquor trade must be completely stopped.
 
This is the second biggest illicit hooch tragedy in Mumbai since December 23, 2004, when spurious liquour claimed 87 lives.

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Nifty, Sensex, Bank Nifty to move higher subject to dips - Friday Closing Report
Nifty has to remain above 8,170 for the upmove to continue
 
We had mentioned in Thursday’s report that the Nifty would continue to remain on an upmove. As expected, the Nifty remained on an upmove with its day’s low near the opening mark. Sensex, Nifty and Bank Nifty closed in the green.
 
 
Shares of Sun TV Network closed at Rs333.55, up 7.86% on Friday after attorney general (AG) Mukul Rohatgi supported grant of security clearance to 33 channels of the Kalanithi Maran-promoted firm. The AG has supported grant of security clearance, saying the corruption cases being investigated against the network’s promoter cannot be the ground to deny permission. The information and broadcasting ministry had recently approached the law ministry to seek the opinion of the top law officer on the issue after the ministry of home affairs (MHA) denied security clearance to the network. In his opinion, the attorney general has said security clearance can be granted as agencies are probing cases related to corruption, and not security. Hence, he added, corruption cases cannot be the ground to deny security clearance.
 
The country's largest lender State Bank of India today said it has launched SBI e-forex, an Internet-based platform that enables customers to book their foreign exchange transactions online. Dr Reddy’s Laboratories said it has concluded the acquisition of select portfolio of the established products business of UCB in India. Its shares closed at Rs3,379.50, up 0.15%.
 
According to media reports, the pendulum suddenly looks to be swinging the other way as far as the markets are concerned. A surprisingly good start to the monsoon, an increase in minimum support prices (MSP) that's not too extravagant and a favourable reading of Janet Yellen's US Federal Reserve statement—all that's led the markets to price in an interest rate cut. The rupee rose to its highest in more than a month.  Analysts add that stocks and bonds also rose after the government didn't announce a too-generous hike in MSP on Wednesday especially given the talk of agrarian distress, which augur well for the inflation outlook. Stripping off seasonal factors such as the monsoon, inflation could still be modest, paving the way for more interest rate cuts by the Reserve Bank of India. 
 
Engineering and construction major Larsen & Toubro (L&T) on Friday said it bagged orders worth Rs2,278 crore across business verticals in May and June. The company’s power transmission and distribution business won orders worth Rs1,258 crore in international markets, L&T said in a filing to BSE. The company’s share price closed at Rs1,719.15, up 0.33%.
 
Real estate firm DB Realty shares gained over 6% on Friday after the company informed BSE on June 18 that it has joined hands with ECC and Konark to develop a residential project in Andheri in suburban Mumbai. ECC-DB-Konark joint venture is developing a residential project-'DB Skypark' near Terminal 2 of international airport in Andheri. The share price closed at Rs64.90, up 6.57%.
 
Shares of Amtek Auto rallied over 6%, after the clarifications of Castex Technologies that it has not defaulted in any payments. Amtek Auto holds 71.2% of Castex Technologies which produces auto parts for Amtek Auto. Shares of Amtek Auto closed at Rs141.95, up 6.21%.
 
Among BSE Sensex gainers, M&M closed at Rs1,308.50, up 4.53% and among losers, Tata Motors closed at Rs432.90, down 2.82%.
 
Among BSE 100 gainers, M & M Finance closed at Rs263.35, up 6.62% and among losers, HDIL closed at Rs88.55, down 3.12%.
 
Among Nifty stocks, the top gainer was M&M, which closed at Rs1,302.05, up 3.84% and the top loser was Tata Motors, which closed at Rs433.70, down 2.64%.
 
NASDAQ Composite closed at 5,132.95, up 1.34% and Dow Jones closed at 18,115.84, up 1%.
 
Among Asian indices, Nikkei closed at 20,174.24, up 0.92% and Hang Seng closed at 26,760.53, up 0.25%.
 
Among European indices, FTSE 100 was at 6,726, up 0.26% and Athex Composite Share Price Index was at 695, up 1.64%.
 
US index futures were trading in the green.

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