Citizens' Issues
Supreme Court stays Gauhati HC verdict on CBI
The apex court has stayed an order from the Gauhati HC that struck down the resolution through which the CBI was set up 
 
The Supreme Court on Saturday stayed an order passed by the Gauhati high court, which declared the setting up of Central Bureau of Investigation (CBI) as unconstitutional.
 
Hearing the matter at his residence, Chief Justice P Sathasivam stayed the order of Gauhati HC. The case is scheduled for next hearing on 6th December. Notices were also issued to all parties involved in the case.
 
In a curious judgement, the Gauhati High Court had on Thursday struck down the resolution through which the CBI was set up and held all its actions as “unconstitutional”.
 
The judgement by the division bench comprising Justices IA Ansari and Indira Shah came on a writ petition filed by one Navendra Kumar challenging an order by a single judge of the High Court in 2007 on the resolution through which the CBI was set up.
 

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J&K Bank Q2 net profit up 12.3% to Rs302.7 crore
During the September quarter the lender reported 12.3% higher net profit on healthy operating performance and stable asset quality
 
Jammu and Kashmir Bank Ltd (J&K Bank) on Saturday reported a 12.3% higher second quarter net profit as on robust net interest income (NII), operating performance and stable asset quality.
 
For the quarter to end-September, the lender said its net profit rose to Rs302.7 crore from Rs269.5 crore while its total business increased 14.7% to Rs1.02 lakh crore, same quarter a year ago.
 
In a statement, Mushtaq Ahmad, chairman and chief executive of J&K Bank said, "Our focus for the last two quarters has primarily been driven by twin objectives of sustaining growth and maintaining a quality asset book. So far, we have pulled it through. Notably, we have improved our net interest margin (NIM) on account of better liability management". 
 
During the second quarter, the Bank's NII increased 23.4% to Rs681.8 crore from Rs552.7 crore same period last year. 
 
The asset quality of the bank remains stable as gross non-performing assets (NPAs) are at 1.7% for the second quarter. Its net NPA ratio stood at 0.19% while NPA coverage ratio was 92.06% during the September quarter. 
 
During the quarter, J&K Bank said its NIM grew 4.33% from 3.94% while operating profit increased 17.5% to Rs496.5 crore from Rs422.7 crore, a year ago period.
 
The Bank is planning to lend about Rs5000 crore to apple growers across Jammu & Kashir during FY14. Ahmed said, "We shall pace-up our efforts to tap every grower across the state under Apple Project, which also forms a part of our broader plan on financial inclusion. Going forward, the bank envisions tapping of almost all the apple growers across the valley which in financial terms would mean credit off-take of at least Rs5,000-Rs6,000 crore".
 
Earlier this week, J&K Bank reappointed Ahmad as its chairman and chief executive for next three years. Ahmed’s term with the Bank ended on 6th October. He has been chairman and chief executive of the bank since October 2010.
 

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Weekly Market Report: Nifty, Sensex end week in downtrend
If the Nifty closes over 6,200 on Monday, it could lead to a rally. But, right now, the bears are in charge

On the Muhurat trading last Sunday, the indices made new highs. Markets were closed on Monday on account of Diwali celebrations.
 
But from Tuesday onwards, markets have been in bearish mode, even as various analysts talked of a ‘new bull market’ with much higher targets. The indices opened with a whimper, in the red, and trudged downwards through most of the trading sessions.
The gains of the previous week were wiped off during this week. The BSE 30-share Sensex fell 530.66 points (or 2.50%) to close the week at 20,666.15, while the Nifty closed at 6,140.75, down 166.45 points (or 2.64%).
 
On Tuesday, for the entire session, the indices traded below Sunday’s Muhurat close. Both the indices gave up all the gains of the past three trading session in just one day, signifying the weakness that would underlie the rest of the week. This was underscored by the PMI index reading which lingered below the 50 mark, for the fourth consecutive month.
 
The weakness that began on Tuesday continued through Wednesday as well. The rupee showed signs of weakness and slid, prompting newfound fears of wider current account deficit. Reserve Bank of India has said that it would tackle the rupee in a calibrated manner. The weakness was also marked by global factors, particularly with events that transpired in Europe, with a lower forecast for Euro-area growth next year and higher unemployment estimate.
 
The weakness continued for the third consecutive day. A Reuters poll revealed that the INR is unlikely to strengthen more. The rupee (INR) hit a 6-week low against the US dollar, making it the worst performer in Asia. However, the day was marked by S&P’s statements warning that India could be downgraded to junk status if the Indian government does not do anything to reverse growth.
 
Despite a somewhat strong rally towards the end of Friday’s trading session, the markets still remained weak, with a downwards bias, taking the number of consecutive down days to four. The day was marked with positive news of the United States economy growing quickly, at 2.8%, its fastest since March. Even a Reuters poll showed that India’s manufacturing is likely to have rebounded.
 
However, on Friday evening, news abound that US stocks rose after a stronger-than-expected October jobs report while China’s Industrial output rose 10.3% which exceeded expectations. 
 
If the Nifty closes over 6,200 on Monday, it could lead to a rally. But, right now, the bears are in charge.
 
Among the 1,267 shares that traded on the NSE this week, 713 rose, 512 fell and 42 remained unchanged. 
 
Among the other indices on the NSE, the top two indices were IT Sector (2%) and Smallcap (1%) while the top two losers were PSU Bank (7%) and Bank (6%).
Among the Nifty stocks the top five gainers were Tata Steel (6%); Ranbaxy Lab (5%); NTPC (4%); Infosys (3%) and Asian Paints (3%) while the top five losers were Bank of Baroda (10%); Punjab National Bank (9%); Axis Bank (8%); ICICI Bank (7%) and State Bank of India (7%). 
 
Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors were:
 
Top ML sectors   Worst ML sectors  
Chemicals 3% Lifestyle & leisure -7%
Textiles 2% Telecom services -6%
Energy 2% Banks -5%
Industrial intermediates 1% Oil & gas -4%
Pharma 1% Consumer Products -3%

 

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