Stocks
Sensex, Nifty continues to move in a range: Tuesday closing report
The market indices will not easily breakout on either side of the current range without major policy measures 
 
The Indian market on Tuesday opened in the negative and moved in a range. For the entire session indices traded in the negative and the BSE 30-share Sensex closed in the negative for the first time after three consecutive positive sessions while the NSE 50-share Nifty closed in the negative for the second consecutive session.
 
Sensex opened at 24,748 and hit the day’s high at the beginning of the session at 24,777 while the Nifty opened at 7,363 and hit a high at 7,373. The move on the indices further weakened as it moved lower and hit a low at 24,422 and 7,275. Sensex closed at 24,550 (down 167 points or 0.68%) while the Nifty closed at 7,318 (down 41 points or 0.56%). The NSE recorded a much lower volume of 129.90 crore shares. India VIX fell 3.72% to close at 19.1000.
 
Except for IT (0.45%), Media (0.36%), Metal (0.19%) and Pharma (0.08%) all the other indices on the NSE closed in the red. The top five losers were CPSE (3.46%), PSE (2.75%), PSU Bank (2.42%), Energy (1.80%) and Dividend Opportunities(1.39%).
 
Of the 50 stocks on the Nifty, 20 ended in the green. The top five gainers were Jindal Steel (5.79%), Tech Mahindra (2.58%), Tata Steel (2.21%), Infosys (1.30%) and Lupin (1.19%). The top five losers were Gail (7.59%), Bhel (5.27%), PNB (3.13%), Bank of Baroda (3.02%) and IDFC (2.89%).
 
Of the 1,591 companies on the NSE, 579 companies closed in the green, 966 companies closed in the red while 46 closed flat.
 
India's current account deficit (CAD) narrowed sharply to $1.2 billion (0.2% of GDP) in Q4 March 2014, from $18.1 billion (3.6% of GDP) in Q4 March 2013, which was also lower than $4.2 billion (0.9% of GDP) in Q3 December 2013. The lower CAD was primarily on account of a decline in the trade deficit as decline in imports was sharper than that in exports. On a BoP basis, merchandise exports declined by 1.3% to $ 83.7 billion in Q4 March 2014 as against an increase of 5.9% in Q4 March 2013.
 
The Reserve Bank of India (RBI) on Monday issued directions to all the non-banking finance companies (NBFCs) both deposit accepting and non-deposit accepting, stating that prior approval of the Reserve Bank is required in case of any takeover/acquisition of shares of an NBFC; or merger/amalgamation of an NBFC with another entity; or any merger/amalgamation of an entity with an NBFC, that would give the acquirer/ another entity control of the NBFC, or would result in acquisition/ transfer of shareholding in excess of 10% of the paid up capital of the NBFC.
 
Tata Steel was recently in  news over the matter wherein Linde India said that it may seek compensation from Tata Steel for additional cost it incurred due to delay in commissioning of the steel plant at Kalinganagar in Odisha. Tata Steel (1.78%) was the top gainer in the Sensex 30 pack. 
 
Although Gail India recorded growth in March 2014 quarter over March 2013 quarter, the company’s sequential results were weak. The stock fell 7.56% was the top loser in the Sensex 30 stock.
 
Jindal Steel (5.76%) was the top gainer in the ‘A’ group on the BSE hit an all-time high of Rs319.70 at the end of the session.
Jaypee Infratech (11.23%) was the top loser in ‘A’ group on the BSE fell on weak result.
 
After taking charge of the Finance Ministry, Jaitley said at a news conference today that a balancing act will have to be done to restore growth while curbing inflation and taking steps toward fiscal consolidation.
 
Reserve Bank of India Governor Raghuram Rajan today said that fighting inflation would continue to be a top priority, although the central bank will also aim to strike a balance between promoting economic growth and containing inflation. Rajan was speaking to reporters after meeting new Finance Minister Arun Jaitley in the capital.
 
US market was closed on Monday on account of Memorial Day.
 
Except for KLSE Composite (0.26%), Nikkei 225 (0.23%) and Taiwan Weighted (0.21%) all the other Asian indices which were trading today closed in the red. Seoul Composite (0.63%) was the top loser.
 
European indices were trading in the green. US Futures were also trading higher.
 
French consumer confidence stagnated at a historically low level in May, a survey from statistics agency INSEE showed on Tuesday. The monthly survey recorded consumer confidence of 85 in May, unchanged from 85 in April. That reading is well below the long-term average of 100.

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Railway Police unearth big child trafficking racket in Kerala
The children from Jharkhand, Bihar and West Bengal were brought to Kerala via train for sending them to two orphanages in Kozhikode and Malappuram
 
The Railway Police on Tuesday unearthed an inter-state child trafficking racket, allegedly engaged in supplying children to orphanages in Kerala mostly from eastern states. The Railway police also arrested eight persons who had brought over 500 children at Palakkad by train.
 
According to police, a total of 580 children from Bihar, Jharkhand and West Bengal were brought here in two batches on Saturday and Sunday by trains.
 
The arrested, who are also from Jharkhand, Bihar and West Bengal, told police that the children were meant to be taken to two orphanages in Kozhikode and Malappuram.
 
They were arrested on Monday and charged with child trafficking under relevant sections of the Indian Penal Code, railway police said.
 
The children, many of them girls, are aged between four and 12 years. The had arrived at Palakkad Junction railway station in two batches on 24th and 25th  May, they said.
 
Acting on a tip off, railway and local police detained the first batch of children from Bihar and Jharkhand when they arrived by Patna-Ernakulam Express on Saturday.
 
The next batch, comprising over 120 boys from West Bengal, reached on Sunday night.
 
Those who accompanied the children could not produce any valid documents to prove their identity, a top railway police official said.
 
The arrested were produced before a local court and remanded to judicial custody.
 
All the children have been taken to state-run juvenile homes of the Child Welfare Society in Malappuram, Thrissur and Palakkad.
 
Police said the arrested are being questioned and further investigations would follow. The orphanages mentioned by them are also under the scanner.

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COMMENTS

MOHAN

3 years ago

According to RPF, the children who included even infants were supposed to be admitted to Mukkam Muslim Orphanage in Kozhikode and Vettathur Anwarul Orphanage in Malappuram.


Source :

Child trafficking: "Orphanage industry" under cloud

http://indiatoday.intoday.in/story/child...

REPLY

MOHAN

In Reply to MOHAN 3 years ago

Read:

After an appeal for justice made by a 17-year-old teen who was forced to marry a UAE national by a Muslim orphanage in Kerala, police have arrested three accused in the case.


http://www.ndtv.com/article/south/three-...

Kejriwal agrees to furnish personal bail bond as per HC advice
The Delhi HC advised Kejriwal, who has been lodged in Tihar Jail, to furnish a bail bond in the criminal defamation complaint filed against him
 
Aan Admi Party (AAP) founder Arvind Kejriwal on Tuesday accepted the suggestion from Delhi High Court to furnish personal bond to get bail in a defamation case filed by Bharatiya Janata Party (BJP) leader Nitin Gadkari.
 
A bench of justices Kailash Gambhir and Sunita Gupta said Kejriwal can raise whatever legal issues he wants to, once he comes out of jail and that he should not make it a prestige issue.
 
After senior advocate Shanti Bhushan and advocate Prashant Bhushan, appearing for Kejriwal, sought to meet the AAP leader in prison to seek his instruction and put forth the court’s suggestion, the bench allowed them to meet him anytime before 1pm.
 
The judges advised Kejriwal to furnish the bail bond and said that the same would be subject to final outcome of the legal issues raised by him.
 
The legal issue raised by Kejriwal, in his petition seeking his immediate release from the jail, is whether bail bond is necessary in summons case when accused appears and is accompanied by a lawyer.
 
The petition challenged the 21st and 23 May 2014 orders of a magisterial court remanding Kejriwal in judicial custody for not furnishing bail bond in the criminal defamation complaint filed by Gadkari, saying the same was not mandatory and he should have been allowed to give a written undertaking instead.
 
Kejriwal in his plea, filed through advocate Rohit Kumar Singh, has said the magisterial order sending him to judicial custody was “illegal” as it was based on a “completely wrong premise of law.”
 
During the proceedings, the bench suggested that Kejriwal should furnish bail bond and challenge the magisterial orders once he comes out of jail.
 
It also questioned how a habeas corpus, filed on behalf of Kejriwal, applies against a judicial order. A writ of habeas corpus is used to bring a prisoner or detainee before the court to determine if the person’s imprisonment or detention is lawful.
 
Kejriwal’s counsel argued that his detention is “totally illegal” as only a person in custody is required to furnish bail bond.
 
The counsel argued that Kejriwal had appeared in pursuance to summons of the court and was accompanied by a lawyer and, therefore, there was no need for him to furnish bail bond, especially when he was willing to give an undertaking.
 
They said the requirement of pre-trial bail in the current situation is an antiquated practice, which is absent in socially developed and forward nations like the US.
 
When the accused was present in court with counsel in pursuance to its summons, then there was no need to direct him to furnish bail bond, the counsel argued.
 
Senior advocate Pinky Anand, appearing for Gadkari, opposed the habeas corpus plea, saying such a petition was not maintainable against judicial orders.
 
She also argued that under the law, every person is required to furnish bail bonds in such cases to ensure his presence.
 
She also objected to Kejriwal’s conduct in the jail by having written an open letter questioning the magisterial orders sending him to judicial custody.
 
A former Delhi Chief Minister, Kejriwal was sent to judicial custody by a magistrate on 21st May for two days. On 23rd May, his custody was extended by 14 days till 6th June  after he refused to furnish a bail bond when he was granted bail in the case.
 
The magistrate had refused to review its 21st May order remanding Kejriwal in judicial custody for not furnishing the bail bond and had asked him to approach the higher court, challenging the decision.
 
Kejriwal was earlier summoned as an accused by the court in the defamation complaint in which Gadkari had alleged that he was defamed by the AAP leader, who had included his name in the party’s list of “India’s most corrupt”.
 
On 21st May, the court had granted bail to Kejriwal in the defamation complaint, saying the offence under Section 500 of IPC was bailable and had asked him to furnish a personal bond.
 
He, however, was taken into custody after he refused to give the bail bond, saying the case was politically motivated and he does not wish to seek bail. He had said that he was ready to give an undertaking that he would appear in the court whenever required.
 
The court on 28th February had summoned Kejriwal as an accused in the case, observing that statements allegedly made by the AAP leader have the effect of “harming the reputation” of the complainant. 

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COMMENTS

Suiketu Shah

3 years ago

shows what a 2 faced hypocrite Kaji was,is and always wl be.Whole intent is to fool the public.

MOHAN

3 years ago

Kejriwal's drama ends !

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