Stocks
Sensex, Nifty move higher on global cues: Tuesday closing report
Only a close below 6,245 may bring back weakness in the Nifty
 
In Monday’s closing report we had mentioned that the Nifty and Sensex may give up more gains, but a close above any previous day's high, would be the first sign of a reversal of the downtrend. On Tuesday, both the indices opened marginally higher and soon picked upward momentum and shot up before lunch and stayed firm. The global bourses sighed in relief after media reports said Russian President Vladimir Putin ordered his troops back to base. This raised hopes of a peaceful solution to the recent geopolitical tensions in Ukraine.
 
The BSE 30-share Sensex opened at 20,947 while the NSE 50-share Nifty opened at 6,217, hitting the intra day low almost at the same level the indices edged higher. At the close of the session Sensex hit a high of 21,225 and closed at 21,210 (up 263 points or 1.26%) while Nifty hit a high at 6,302 and closed at 6,298 (up 77 points or 1.23%).  Today’s gain on the Sensex is the highest since 13 January 2014, while the gain on the Nifty is the highest since 15 January 2014. The NSE recorded a volume of 59.57 crore shares.
 
Trade Minister Anand Sharma on Tuesday said, he had taken up with the finance ministry, the issue of easing some curbs on gold imports imposed last year to narrow the current account deficit.
 
Markit Economics will unveil the result of a monthly survey on the performance of India's services sector for February 2014 tomorrow.
 
The US indices closed in the red on Monday following the standoff between Russia and Ukraine. In the US, the data on manufacturing expanded at a faster pace than projected in February, a sign the industry was beginning to overcome bad weather across much of the country. The Institute for Supply Management's manufacturing index rose to 53.2 in February from 51.3 a month earlier.
 
Except for Shanghai Composite (down 0.18%), Seoul Composite (down 0.54%) and Taiwan Weighted (down 0.55%) all the other Asian indices closed in the green. Hang Seng (0.70%) was the top gainer.
 
European indices were trading 1.5%-2.2% higher and the US Futures were also trading sharply higher. In Europe, a policy meeting of the Governing Council of the European Central Bank will be held on Thursday, 6 March 2014, in Frankfurt to decide euro zone interest rates.

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Reliance Jio, Bharti Infratel to share towers as well
Reliance Jio would utilise Bharti Infratel’s towers to launch its 4G services across the country. RJio had already signed agreements to use RCom’s inter-city fibre optic network and Bharti Airtel’s submarine cable
 
Reliance Industries Ltd (RIL) unit Reliance Jio Infocomm (RJio) has signed an agreement for sharing tower infrastructure of Bharti Infratel.  No financial details were given, but in a release RJio said, “…the pricing would be at ‘arm’s length,’ based on prevailing market rates.”
 
Reliance Jio would utilise Bharti Infratel’s towers to launch its 4G services across the country. 
 
“This agreement is in line with our earlier comprehensive telecom infrastructure sharing arrangement with Bharti Airtel aimed at avoiding duplication of infrastructure, wherever possible, and to preserve capital and the environment. The agreement will help us with the faster roll out of our services across the country,” said Sanjay Mashruwala, Managing Director at RJio.
 
DS Rawat, chief executive of Bharti Infratel, said, “The agreement would also benefit our existing customers with lower rentals and energy charges as a result of additional sharing”.
 
Earlier in December, RJio and Bharti Airtel Ltd decided to share each other’s telecom infrastructure. Under the arrangement, both companies decided to share infrastructure, including optic fibre network (inter and intra city), submarine cable networks, towers and internet broadband services.
 
Last year, RJio also signed agreements with Anil Ambani's Reliance Communications (RCom) for using its inter-city fibre optic network and with Bharti Airtel for use the telecom services provider’s submarine cable that connects India and Singapore.
 
As per the agreement, RJio would use RCom’s multiple fibre pairs spread over 1.2 lakh km across the country for providing backbone to roll out its 4G services. RJio agreed to pay about Rs1,200 crore to RCom as one time indefeasible right to use (IRU) fees for sharing the fibre optic network.
 
Similarly, RJio would use the dedicated fibre pair on i2i, the submarine cable owned by Bharti Airtel. It will connect RJio directly to the world’s major business hubs and ISPs, thereby, helping the operator to meet the bandwidth demand and provide ultra-fast data experience to its customers.
 
Reliance Jio Infocomm is the only company to have nationwide permits for 4G broadband services. 

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Sahara case: Supreme Court extends Subrata Roy’s custody till 11th March
While accepting Roy's apology, the Bench rapped the Sahara Group chairman for not abiding by its order and taking contradictory stand on payment of investors' money
 
Amid high drama, Sahara Group chief Subrata Roy on Tuesday appeared before the Supreme Court, which extended his custody till the next hearing on 11th March. While ordering the custody of Roy, the apex court, however, clarified that it is not an order on contempt.
 
Two more male directors of the company were also ordered to be taken into custody. However, company director Vandana Bhargava was spared. 
 
A bench of Justices KS Radhakrishnan and JS Khehar said, "Subrata Roy to remain in police custody today. Two other male directors also directed to be taken into custody."
 
The court said it was not happy with the proposal of Sahara on refund of money as “they have not come up with any concrete proposal and bank guarantee.”  
 
The apex court also told the Sahara group chief that he can't make payment in cash as it is contrary to law. "You have to make payment through demand draft or cheque," the Bench said.
 
Earlier Sahara counsels Ram Jethmalani, Ravi Shankar prasad and Rajiv Dhawan stuck to arguments that verification of documents was not done by SEBI and that refunds were already made.
 
SEBI counsel Arvind Datar presented the efforts made by the market regulator and explained the group has been making contrary statements. "Every time we disprove their story. They revise the story," he said accusing the group of wasting time.
 
The Supreme Court also accepted unconditional apology tendered by Sahara chief Roy for not appearing before it last Wednesday.
 
During the hearing, Roy also assured the apex court that its order will be followed by him and sought more time for refunding money to investors.
 
"I have full faith in you. Punish me if I don't comply with your order," Roy told the apex court.
 
While accepting Roy's apology, the Bench rapped the Sahara Group chairman for not abiding by its order and taking contradictory stand on payment of investors' money.
 
"You pushed us to the corner. Had you been serious, this position would not have arrived,” the apex court told Roy.
 
Accepting Roy's apology, the apex court said, "We respected you; you failed to respect us."
 
While directing custody of Roy and two others, the apex court said it is implementing its order (issued earlier). 
 
Earlier, Manoj Sharma from Gwalior threw black ink on the face of Roy when the Sahara group chief was being brought to the Supreme Court amidst chaotic scenes.
 
Sharma, who reportedly has a previous record of having thrown a shoe at Congress MP Suresh Kalmadi when he was being brought to a court, removed his shirt and shouted that “He (Roy) is a thief. He has stolen people’s money and I am against thieves”.

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COMMENTS

Param

3 years ago

3 cheers to Manoj Sharma!!!

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