We are expecting a quick rally in Nifty from around 6,625
Today again the domestic indices ignored the positive global cues and closed in the negative for the third consecutive session. In each of the past three sessions the indices have been booking higher losses each day. As we had mentioned yesterday that the Sensex, Nifty might witness a range bound session, today the benchmark opened in the morning and moved close to yesterday’s close until 12 noon after which it slipped into negative and continued to move lower and closed near the day’s low.
Sensex opened at 22,487 and moved to 22,534 and closed at 22,277 (down 208 points or 0.92%). Nifty opened at 6,727 hit a high of 6,749 from where it edged lower to hit a low of 6,665 and closed at 6,675 (down 58 points or 0.86%). The NSE recorded a volume of 82.69 crore shares.
The price of petrol was cut by Re0.70 a litre, excluding local levies, the second reduction in rates this month as appreciation of the rupee against the US dollar made oil imports cheaper. With the late price revision, retail selling price at Delhi had declined by Re0.85 a litre, IOC said. There was no change in diesel prices.
The market sentiment was hit adversely after private weather forecaster Skymet on Tuesday, 15 April 2014, said it expects the June-September monsoon to be below normal this year. The forecast of below-normal rains triggered worries that food price inflation will edge up.
Tata Steel said after market hours on Tuesday said that it completed the financial year ended 31 March 2014 with an overall increase in production and sales volumes. The year registered its best performance in hot metal, crude steel, saleable steel production and total sales. Tata Steel was among the top two gainers in Sensex 30 stocks.
Tata Power today said that it plans to increase its renewable energy capacity by about 71% to cut carbon emissions and reduce risks from fluctuating fuel prices. This will add 646.7 megawatts of renewable energy capacity. The stock was the top loser among the Sensex stocks.
Future Retail came out as the top gainer in ‘A” group on the BSE on the back of media reports that Future Group is set to acquire southern supermarket chain Nilgiris which is a leading retailer and food brand in south India, having around 140 stores mostly franchisees.
US indices closed in the positive on Tuesday after first rising and then falling sharply earlier in the session. Economic data showed manufacturing in the New York region grew at a slower pace in April while the cost of living in the US rose more than projected in March as food and rents became more expensive. Confidence among US homebuilders rose less than forecast in April.
The US Federal Reserve is considering further steps to force big banks to hold more capital, and sees a case for other stability-enhancing measures for more shadowy areas of Wall Street as well, Fed Chair Janet Yellen said on Tuesday.
Except for KLSE Composite (0.46%) and Seoul Composite (0.06 points) all the other Asian indices closed in the green. Nikkei 225 (3.01%) was the top gainer.
China's expansion slowed to the weakest pace in six quarters, testing leaders' commitment to keep reining in a credit boom and pollution as risks mount of missing a 7.5% annual growth target. However, the growth was slightly higher than market expectations. Gross domestic product rose 7.4% in the January-to-March period from a year earlier, the National Bureau of Statistics said today in Beijing.
Retail sales in China rose 12.2% in March from a year earlier, accelerating from a 11.8% on-year rise for January and February, data from the National Bureau of Statistics showed. Retail sales also increased 1.23% in March from February. In February, it rose 0.71%.
European indices were trading in the green. US Futures too were trading higher.
In an unusual plea, Prithvi Catalytic, one of the subsidiaries of crisis-hit Prithvi Info Solutions, sought to alienate itself by changing name
Prithvi Information Solutions Ltd and its founders Madhavi Vuppalapati and her brother Satish Vuppalapati are trying every trick from the book and beyond to save the company and its business from the long arm of the law. In one such 'successful' attempt, Prithvi Info was able to get the name changed for its subsidiary, Prithvi Catalytic Inc to Abilius.
While allowing the company to change its name, the US Bankruptcy Court for Western District of Pennsylvania on 27 March 2014 said, "The Debtor (Prithvi Catalytic) is prohibited from using the name change to conceal its status as a chapter 11 debtor, or in any other way that would cause prejudice to existing or future creditors or parties in interest."
In its plea, Prithvi Catalytic stated "because the 'Prithvi' name is shared by non-debtor entities that have failed or refused to pay employees, it has experienced challenges in the marketplace."
David Amorose, representative of Prithvi Catalytic stated that the 'Prithvi' name has impeded the company’s ability to recruit talent and to enter into contracts with potential customers. The company also assured the Court that it was neither seeking to deceive present or future creditors, nor does it seek to hide the fact that Prithvi Catalytic is subject to a chapter 11 bankruptcy case, or to otherwise suggest that its ownership has changed. "...a name change would give the company the best chance at rehabilitation, which is a benefit to the estate and its creditors," Prithvi Catalytic said.
Prithvi Catalytic, formerly known as Catalytic Software Inc provides custom software development solutions for communications, media and entertainment, and technology industries. In 2010, Prithvi Info bought Catalytic Software and renamed it as Prithvi Catalytic Inc.
As reported by Moneylife, the Bankruptcy Court in the US has directed Madhavi Vuppalapati, founder of Prithvi Information Solutions Ltd to make herself available for an examination under the Federal Rule of Bankruptcy Procedure before 8 May 2014. The case related to a suit filed by Kyko Global Inc seeking to recover damages of over $18 million from Prithvi Info Solutions, which was once a high flying part of India's software story and had been purchased by many top foreign funds.
Last month, the Sheriff from King County auctioned personal assets of Madhavi Vuppalapati to recover $17 million as per directions from a US District Court.
In its Judgment on 6 September 2013, the District Court had said, “Judgment should be entered against Prithvi Information Solutions Ltd, Prithvi Information Solutions International LLC, Prithvi Catalytic Inc, Prithvi Solutions Inc, Madhavi Vuppalapati, DCGS Inc, Inalytix Inc, Avani Investments Inc, Ananya Capital Inc, EPP Inc, Financial Oxygen Inc, Huawei Latin American Solutions Inc and L3C Inc in the amount of $17,568,854 ($17.57 million) plus prejudgment interest accruing at the rate agreed to between the parties at 2.45% per month in the total amount of $796,776, as confessed to by the Defendants.”
However, Prithvi and its associates including Vuppalapati failed to pay $17 million along with penalty charges. This led to the Sheriff auctioning personal assets like 2006 Lexus RX4005D, along with her jewelry and miscellaneous household items belonging to Vuppalapati on 20 March 2014.
Read more stories about Prithvi Information Solution and its frauds here,
Prithvi Info Solutions: Why regulators are silent over the scandalous saga?
Prithvi Info Solution founder's assets auctioned to recover $17 million penalty
Prithvi’s recent acquisition despite multiple scandals and losses raises a stink
Scam: SEBI Finally Wakes Up
Prithvi: No Disclosures
No Questions Asked
After going through the flying records of GMR Aviation, the DGCA found evidence of 'false' pre-flight medical checks of pilots and cabin crew
Swinging into action the Directorate General of Civil Aviation (DGCA) on Wednesday grounded 11 pilots of GMR Aviation for failing to carry out mandated pre-flight tests, especially while flying politicians.
The action by the aviation regulator virtually rendered a large chunk of GMR's aircraft fleet non-operational and leading key politicians to look for alternatives to carry out their ongoing poll campaigning.
The DGCA’s unprecedented move came after the regulator’s team found that several flights operated by GMR Aviation in the last month, including one on Monday when an aircraft flew Congress vice-president Rahul Gandhi to Bhubaneshwar, had skipped some mandatory tests.
The tests included the pre-flight breath analysis of pilots and cabin crew, with the breathalyser equipment being non-functional.
The non-scheduled charter operator’s documentation and equipment were monitored between 12th and 14 April 2014 and these major lapses were found by the regulator.
After going through the flying records of GMR Aviation during this period, DGCA found evidence of “false” pre-flight medical checks, the sources claimed.
GMR’s Falcon 2000-Lx, one of the most advanced business jets in the country which flew Rahul Gandhi on Monday, is used extensively by the Gandhis, who also use its Hawker—750 airplane and two Bell choppers.
The DGCA issued notices to the 11 pilots and six cabin crew of GMR Aviation as to why they should not be suspended for five years.
The regulator also decided to act against the company’s doctor for issuing pre-flight medical certificates to the crew even when the breathalyser equipment was not working for almost a month, the sources said.
Pre-flight breathalyser tests are mandatory for all flights which are used by SPG-protected Rahul or Sonia Gandhi.