Citizens' Issues
Udhampur attack mastermind killed in Kashmir
Lashkar-e-Taiba (LeT) militant Abu Qasim, the mastermind of the Udhampur attack on a BSF bus on August 5, has been killed in a gunfight in Jammu and Kashmir, police said on Thursday.
 
"Abu Qasim, the operational commander of the LeT, was killed during the night in an ambush by the security forces in Khandaypora village of Kulgam district," a police officer told IANS here.
 
Security forces laid an ambush in the area following specific information about the movements of the LeT commander.
 
"Abu Qasim fell into the ambush along with an accomplice. Abu Qasim was killed in the first contact (exchange of gunfire)," the officer said, adding the killing was a major success for the security forces.
 
Sporadic exchange of fire is under way in the area.
 
The officer said the LeT commander was active in the state for the last six years and was the most wanted militant commander in Jammu and Kashmir.
 
A resident of Pakistan, Abu Qasim was the mastermind of the Udhampur attack in which two BSF personnel were killed and 11 others injured, he said.
 
One terrorist was killed on the spot while another, Naveed was apprehended by villagers and handed over to police after he escaped from the site where the two LeT terrorists had carried out the attack.
 
The National Investigation Agency (NIA) is investigating the case. Naveed and two local accomplices are all currently in a jail in Jammu.
 
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 weak – Wednesday closing report
Nifty may bounce back a bit but the trend is lower
 
We mentioned in Tuesday’s closing report that Nifty, Sensex are headed lower and that Nifty may be headed for 8,100 over the next few days. As expected, the major indices in the Indian stock markets declined sharply on Wednesday. The day’s high of the Nifty was just 8,209.10, showing the struggle to even achieve Tuesday’s low. Bank Nifty fell by as much as 2.43%. The trends in the major indices over the day’s trading are given in the table below:
 
 
Fearing that the US interest rates may go up, based on the US Federal Reserve decision on monetary policy, Indian stock market participants were cautious and there was a fall in the major indices by 0.75%-0.80% at the end of the day’s trading. Foreign funds were net sellers of shares worth $10.87 million.
 
With Indian exporters likely to do well, in case US interest rates are revised upwards, software major Wipro announced winning a five-year IT contract from leading Norwegian retailer Coop Norge Handel AS. "The strategic deal envisages transforming the retailer's enterprise software landscape and upgrading its data centre infrastructure for superior performance," the IT bellwether said in a statement. The Oslo-based century old cooperative firm claims to have 33% market share, with 1,500 stores and 1.3-million members across the Nordic country. "Our engagement will benefit Coop's supply chain and distribution operations and strengthen its move towards an efficient operating model with greater reach and availability," Wipro chief executive for retail Srini Pallia said on the occasion. Wipro shares closed at Rs578.40, up 0.56%.
 
Regional satellite channel major Sun TV Network said it closed the second quarter of FY16 with 41.37% growth in net profit. In a statement, the company said it has posted a net profit of Rs.218.38 crore for the period under review, up from Rs.154.47 crore posted during the quarter ended 30 September 2014. Sun TV said its total income went up to Rs.588.44 crore for the second quarter of the current fiscal up from Rs.531.22 crore earned for the quarter ended September 30, 2014. Sun TV shares fell 1.88% to close at Rs378.10.
 
In news about overseas IT players, where US stock markets are bullish, Facebook founder and chief executive Mark Zuckerberg on Wednesday reiterated the need of an open internet platform like its proprietary initiative Internet.org in India while reminding that Facebook always supported net neutrality. "We have always adhered to net neutrality regulations but there are several countries which still do not have norms in place," Zuckerberg said at the Facebook India townhall meeting at IIT Delhi. "We will adapt to them as soon as they are in place as we are in the favour of being 100% net neutral," Zuckerberg said. The townhall at IIT Delhi follows the Menlo Park chapter at Facebook headquarters which was held during Prime Minister Narendra Modi's second US visit.
 
"Free basics programme under the Internet.org initiative aims to connect the next billion people and we cannot miss India in that vision as it is one of the largest democracies in the world," Zuckerberg told a gathering of 1,100 people expressing his discontent in some way over the ongoing debate about net neutrality.
 
Mahindra First Choice Services (MFCS) - a multi-brand car services firm owned by Mahindra & Mahindra - on Wednesday unveiled its plans to raise to over 500 the workshops it runs. The workshops network would be expanded to more than 500 during 2016-17 with a turnover target of Rs.150 crore, the company said. MFCS at present has 81 workshops in 60 cities. By April 2016, the company has targeted to increase the total count of workshops on franchisee basis to 200, and planned at least 300 more during 2016-2017. The company logged a turnover of Rs.50 crore during the last fiscal year, and expects to increase it by 50% to Rs.75 crore in the current fiscal year. "During 2016-17, the turnover is expected to double to Rs.150 crore," the company's chief executive officer YVS Vijay Kumar told media persons. Mahindra & Mahindra shares closed at Rs1,229.75, down 1.62%.
 
Tata Communications on Tuesday night said it posted consolidated net profit of Rs.6 crore for the quarter ended 30 September, a fall of 93% against Rs.92.39 crore profits during the corresponding period in 2014-15. In a filing in the Bombay Stock Exchange, it said that its total income has decreased from Rs.5,235 crore for the quarter ended September 30, 2014 to Rs.5,209.17 crore for the quarter ended 30 September 2015. Tata Communication shares closed at Rs426.30 on Wednesday, down 0.07%.
 
On the BSE in India, good buying was observed in consumer durables sector, while selling pressure was seen in banking, power and realty sectors.
 
On the BSE, consumer durables index gained by 1.63%, while bankex plunged by 2.53%, power index dropped by 1.48% and realty index slipped by 1.24%.
 
The 100-scrip and 200-scrip indices were down by 0.70% and 0.65%, respectively. Mid-cap index ended lower by around 0.55% and small-cap stocks fell 0.01%.
 
The Sensex gainers were: Cipla, up 1.64% at Rs.695.55; Bharti Airtel, up 1.62% at Rs.358; ONGC, up 1.41% at Rs.251.60; and Tata Motors, up 0.74% at Rs.386.
 
The losers included: Axis Bank, down 7.36% at Rs.482.95; ICICI Bank, down 4.30% at Rs.271.50; State Bank of India, down 2.67% at Rs.242; and NTPC, down 2.19% at Rs.129.55.
 
Chinese stocks retreated on Wednesday, with the benchmark Shanghai Composite Index shedding 1.72% to close at 3,375.20 points. The smaller Shenzhen index fell 2.25% to close at 11,494.35 points. The ChiNext Index, which tracks China's NASDAQ-style board of growth enterprises, plummeted 3.07% to end at 2,485.24 points, Xinhua news agency reported. 
 
Tokyo shares ended higher on Wednesday on upbeat domestic earnings reports but sentiment here was also weighed down by the US monetary policy decision due later in the day. The 225-issue Nikkei Stock Average jumped up 125.98 points (0.67%) from Tuesday at 18,903.02, Xinhua news agency reported. The broader Topix index of all first section issues on the Tokyo Stock Exchange was up 4.08 points (0.26%) at 1,547.19.
 
The top gainers and top losers of the indices in the Indian stock markets are given in the table below:
 
 
The closing values of major Asian indices are given in the table below:
 
 
Among European indices, the DAX was at 10,769.73, up 0.73% and the FTSE 100 was at 6,387.29, up 0.35%.

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Safe and smart financial advice for students
Moneylife Foundation conducted a financial literacy seminar for the students of SIES College of Management Studies in Navi Mumbai
 
It is important for students, who will soon enter the workforce, to have a good understanding of what it takes to protect their money and invest smartly in a manner that would deliver prosperity in the long term. Unfortunately, there is little in college education that can prepare you for the intricacies and the realities of managing your money. There are several instances, where youngsters are lured by chain-marketing schemes or get-rich-quick schemes, which often promise quick and easy money. Before college students go out to get a job and earn their first salary, they need to know the essentials of how to be safe and smart with their money. 
 
Moneylife Foundation conducted a special programme for students –“Be Safe and Smart with Your Money” at SIES College of Management Studies, Navi Mumbai. The first session was conducted by Sucheta Dalal, managing editor of Moneylife and founder-trustee of Moneylife Foundation. She pointed out to the students as to how one can avoid financial mistakes so that they do not lose any money. The second session was addressed by Debashis Basu, editor and founder-trustee of Moneylife Foundation. He articulated the simple steps for investing smartly.
 
Ms Dalal started her session—“Safe Investing and how not to lose money”—with a brief introduction about scams in India. There is no dearth of frauds in India. Freshers are easy targets for scamsters. There are different types of scams – lottery scam, job scam, conference scam and interest waiver scam out to get us. The numbers of scams being reported are infinite. 
 
In her session, she informed students about currency notes, security features in a note and how to identify a real note from a fake one. Students who replied to her questions on currency notes received a surprise gift from Ms Dalal.
 
She also discussed that one should keep one’s financial life simple and invest in just a few products—products that are safe and well regulated. Ms Dalal spoke about the dubious schemes like QNET, Pearls, City Limousines, Japan Life, Speak Asia, which could be clubbed to category called Pyramid scheme or chain money schemes. These schemes claim to provide extremely high returns luring the unsuspecting savers and then vanish into thin air.
 
A person’s knowledge or smartness does not guarantee that he/she cannot fall prey to the confidence tricksters, Ms Dalal said. She narrated to the packed audience incidents where “relationship managers” have taken genuine and educated customers for a ride. She also explained how usurious are the rates charged on credit card outstanding. Ms Dalal talked at length about the new phenomena like Phishing and Vishing on the internet that traps the gullible public and robs them of their hard-earned money.
 
In the second session titled—“How to invest smartly”—Mr Basu explained the importance of saving regularly to secure one’s future financially. Everybody can make financial decisions, he said if they stick to some simple principles. He explained the principles of compounding under different scenarios. The effect of compounding is slow in the initial periods, but as time passes on, the power of compounding takes over and the wealth created is huge. The key rule is to save as much as possible as early as possible in good financial products.
 
He illustrated several situations to explain this concept. Many students look to earn a good income when they start work. Mr Basu highlighted that savings has nothing to do with income. It is more important to spend smartly.  
 
Where does one invest? Mr Basu explained to keep it simple. While not going in to detail on the various investment products available, he gave the suggestion of just one. As college students have time on their side, he advised them to invest in equity mutual funds and stocks with an investment horizon of 15 years or more.
 
The event was concluded with an interactive question and answer session.

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COMMENTS

Agyat Vyakti

9 months ago

Off the topic. This is just for awareness.. Qnet and MLM are using friends and relatives to dupe you... You may like to read Qnet modus operandi with screen shots and facts and how to avoid them here ... Please share for public interest.. Qnet Scam in delhi by Ashwin Baluja and Prithvi Raj Grover http://qnetindiascam.blogspot.in/

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