Nation
SC eclipses Cauvery panel order, asks for release of 6,000 cusecs
The Supreme Court on Tuesday directed Karnataka to release 6,000 cusecs of Cauvery river water to Tamil Nadu every day till September 27, overriding the Cauvery Supervisory Committee's order of 3,000 cusecs.
 
The bench of Justice Dipak Misra and Justice Uday Umesh Lalit, giving the direction to Karnataka, also directed the central government to constitute a Cauvery Management Board in four weeks' time and report to the court with notification of it being set up.
 
The order for releasing 6,000 cusecs is double the 3,000 cusecs ordered by the Cauvery Supervisory Committee (CSC), but half of the 12,000 cusecs the court had ordered on September 12 for Karnataka to release till September 20.
 
The matter will come up for further hearing on September 27.
 
Before the court could pass the order, senior counsel Fali Nariman made an impassioned plea not to ask Karnataka to release water to Tamil Nadu as it needed water for drinking purposes. He said Tamil Nadu could not ask for irrigation purposes the water Karnataka needed for drinking in Bengaluru and other places. 
 
"Now we have to supply (to Tamil Nadu) from our drinking water. I can't give any water. You issue an order. It will have its consequences," Nariman told the court, pointing to the agitation that had engulfed both Karnataka and Tamil Nadu recently.
 
"I need water for my Samba crop from the South-West monsoon as I get my water from North-East monsoon in October only. I need water before October 15," senior counsel Shekhar Nahade, appearing for Tamil Nadu, told the bench.
 
Making light of Karnataka's argument that Tamil Nadu should take whatever has been given to it and the rest would be provided after the end of the monsoon based on calculation of deficit rainfall, Naphade said, "It is like telling a camel that you consume (water) now, and the rest (would get it) at the end."
 
Taking exception to Karnataka's argument on the consequences of the court's order, senior counsel Rakesh Dwivedi said: "I don't know on what basis they are saying so (on being deprived of drinking water). It is some kind of terror. You are carrying on street war in the court." 
 
Not missing the obvious threat behind the word "consequences", the court recalled in its order about obligation of people to obey its order and reminded the Karnataka and Tamil Nadu governments of their constitutional obligation to see that law and order prevails.
 
Noting that it has not been disputed by all the concerned that Cauvery Management Board (CMB) has to constituted, Justice Misra said: "It is the duty of the Central government to constitute the CMB under the award by the Cauvery Water Disputes Tribunal. You are bound to do it. You have not constituted it so far. You did not constitute it."
 
As Additional Solicitor General Pinki Anand defended inaction on the part of the government, saying that the Cauvery award was under challenge before the apex court, the bench said: "We did not stay it (the award). You constitute the CMB. If they (Karnataka and Tamil Nadu) challenge it, (then) we will see."
 
In an order passed after over two hour long hearing, the court permitted both Karnataka and Tamil Nadu -- who had said that they were aggrieved by the Supervisory Committee (CSC) order of September 19 -- to file their objections before the Committee within three days time.
 
Karnataka said that the CSC while directing it to release 3,000 cusecs of water every day to Tamil Nadu hasn't given any reasons, and from the tenor of the order it appears as if it is the view expressed by the Chairman. The court noted that Tamil Nadu was aggrieved on the quantum of water that CSC has asked Karnataka to release to Tamil Nadu.
 
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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Little movement in new interconnection points from Airtel, Vodafone, Idea: Jio
Reliance Jio fired another statement on Tuesday saying its subscribers were facing 10 crore call failures each day while connecting with the networks of Airtel, Vodafone and Idea, who have hardly augmented interconnection capacity as agreed.
 
There have been media statements by some of incumbents about positive intent to augment interconnection capacity in the last few days, but this has not been followed with action, Jio said in the statement, adding what they have proposed is also grossly inadequate to meet quality parameters.
 
"Jio's immediate requirement of operational interconnection capacity, based on transparent industry practice, is of the order of 4,000-5,000 points per operator. It is therefore apparent that at the current rate, the incumbent operators have not demonstrated any real intent to resolve this issue," the statement said.
 
"With over 10 crore call failures per day between Reliance Jio and the three incumbent operators, this has resulted in severe quality of service issues for the Indian customers. The call failure rate has been worsening rapidly in the last few days, while augmentation of interconnection capacity is still awaited."
 
The company hoped the three operators will enhance interconnect points immediately and sufficiently.
 
Reliance Jio also the incumbents were rejecting porting requests from their subscribers to migrate to its network for unsubstantiated reasons.
 
Among the three operators, Airtel had said on Sunday that the interconnection capacity was being enhanced by it so as to to serve over 15 million Jio customers, and added it will be much more than the new entrant's subscriber base.
 
Three days prior to that, Vodafone said it had decided to increase its points of interconnect with Reliance Jio three-fold.
 
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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Nifty, Sensex may rally a bit – Tuesday closing report
We had mentioned in Monday’s closing report that Nifty, Sensex were directionless. The major indices of the Indian stock markets were range-bound on Tuesday and closed with small losses over Monday’s close. The trends of the major indices in the course of Tuesday’s trading are given in the table below:
 
 
 
Indian equity markets were dragged lower on Tuesday by negative global cues and caution ahead of major global financial events. The key indices closed the day's trade in the red, as profit-booking and selling pressure at higher levels capped gains. Selling pressure was witnessed in automobile, capital goods and banking stocks. The BSE market breadth was tilted in favour of the bears -- with 1,513 declines and 1,197 advances. On the NSE, on Tuesday, 548 advances, 922 declines and 85 unchanged.
 
The benchmarks opened down following negative global cues. Besides, investors were cautious ahead of the US Fed's Federal Open Market Committee (FOMC) meet and the Bank of Japan (BoJ) monetary policy review announcements. A rate-hike can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India, and is also expected to dent business margins as access to capital from the US will become expensive. Moreover, profit booking at higher levels led to the key indices capping gains. The CNX Nifty traded lower on profit-booking from traders. Most IT stocks traded down on profit-booking. Banking stocks are traded with mixed sentiments, while auto stocks traded down on profit-booking. 
 
World Bank Group President Jim Yong Kim said, "India's recent growth and development has been one of the most significant achievements of our time. With historic changes unfolding and new opportunities emerging, Junaid Ahmad, who has taken over as the World Bank's new Country Director for India, will bring to this key position strategic leadership along with considerable experience of working in both India and South Asia to support this transformation." These observations are favourable with respect to the Indian economy and the Indian stock markets for a long term bullish trend.
 
The US dollar decreased against other major currencies as investors were awaiting the Federal Reserve meeting due to open later this week. In late New York trading on Monday, the euro rose to $1.1175 from $1.1152 of the previous session, and the British pound increased to $1.3030 from $1.3016. The Australian dollar climbed to $0.7547 from $0.7482. The dollar bought 101.79 Japanese yen, lower than 102.43 yen in the previous session. The dollar dipped to 0.9800 Swiss francs from 0.9811 Swiss francs, and it inched down to 1.3191 Canadian dollars from 1.3215 Canadian dollars. The market kept a close eye on the Fed's two-day monetary policy meeting, which is scheduled to begin on Tuesday, for more information about the pace of further interest rate-hikes. Analysts said the recent over downbeat economic data from the country has boosted bets that the Fed will skip the chance to raise rates in its September review.
 
US stocks traded higher as Wall Street awaited the Federal Reserve's policy meeting. The Dow Jones Industrial Average rose 106.86 points, or 0.59%, to 18,230.66 on Monday. The S&P 500 added 11.23 points, or 0.52%, to 2,150.39. The Nasdaq Composite Index gained 21.42 points, or 0.41%, to 5,265.99. Investors kept a close eye on the Fed's two-day policy meeting, scheduled to begin on Tuesday, for more clues on the timing of a next rate hike. Financial markets have been choppy last week on contrasting remarks on rate hikes by Fed officials. On Friday, US stocks ended lower after wavering in a tight range as investors pondered over the key inflation data.
 
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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