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US Congress passes short-term funding bill to avoid government shutdown
The US Congress on Wednesday passed a short-term government spending bill to prevent a government shutdown.
 
The House voted 277-151 in favor of the bill, which was approved by the Senate on Wednesday in a 78-20 vote, Xinhua news agency reported.
 
The bill now heads to the President Obama, who is expected to sign it into law before the current funding for government agencies expires at midnight. The fiscal year 2015 for the US government will end at midnight and a new fiscal year will start from October 1.
 
The bill will keep the government running through December 11. The mid-December deadline is expected to set up the major fight in Washington, as there is still large gap between the conservative Republicans and the Democrats on such issues as the Planned Parenthood, the women's reproductive health-care service.
 
Other challenges facing the Congress include raising the debt ceiling and funding the Highway Trust Fund. US Treasury Secretary Jacob Lew has said that measures used by the Treasury Department to hold off default would last at least through October and probably longer.
 
Following the passage of the bill, the White House said in a statement that President Obama will sign the bill into law, but called on the Congress to pass a budget that reverses spending cuts known as sequestration.
 
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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ISRO to contest damages in Devas-Antrix deal
In a belated response, state-run Indian Space Research Organisation (ISRO) on Wednesday said it would contest the damages an international arbitration court awarded to its commercial arm for cancelling a satellite contract in 2011 with a multimedia services provider.
 
"The ICC award against Antrix in the Devas case is shocking. Antrix, with the support of Department of Space, is preparing to file in court its application for remedy," the space agency said in a statement here.
 
The Netherlands-based International Criminal Court (ICC) tribunal recently awarded $672-million (Rs.4,434 crore) damages to Antrix Corporation for scrapping the $300-million deal with the city-based Devas Multimedia Ltd.
 
Ruling in favour of the company in the controversial case, the court found Antrix liable for unlawfully terminating the agreement in 2011, Devas said in a statement here.
 
The then UPA government cancelled the controversial Devas-Antrix contract in February 2011, invoking sovereignty and decided to use the advanced satellite (GSAT-6) for the country's strategic use.
 
Under the annulled deal, Antrix was to lease transponders of the satellite to Devas for allowing it to offer digital multimedia services using the S-band wavelength (spectrum), reserved for strategic purpose.
 
The space agency, however, launched the controversial satellite (GSAT-6) on August 27 from its spaceport at Sriharikota in Andhra Pradesh, about 90 km north of Chennai, as a communication satellite, using a heavy rocket.
 
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 may put in more gains – Wednesday closing report
Nifty has to stay above 7,880 for the market to head higher 
 
We had mentioned in Tuesday’s closing report that Nifty, Sensex have hardly responded to a 50 bps cut in interest rates and that for an uptrend, Nifty has to close above 8,000. With global cues from Asian markets being favourable, and Tuesday’s RBI (Reserve Bank of India) rate cut in the hand, there was a rally in the main stock indices, leading to the major indices closing with gains of more than 1%. However, Bank Nifty struggled to rally.
 
 
Analysts cited that more than expected monetary easing coupled with a dovish outlook by the country's central bank, strengthening rupee value and stable Asian bourses supported the Indian markets. Furthermore, the Supreme Court's verdict in favour of Mauritius-based foreign fund Castleton Investment has offered more clarity over the applicability of minimum alternate tax (MAT) on foreign portfolio investors (FPIs). The verdict is expected to restore FPIs' confidence in the Indian markets and smoothen the nerves of anxious investors. The government has already accepted the Justice A.P. Shah Committee's report on MAT that says the levy should not be applicable on FPIs.
 
The rupee gained by 21 paise and was trading at 65.75 against the US dollar from its previous close of 65.96 against the greenback. All the major Asian currencies appreciated by close to 1% against the US dollar.
 
Sector-wise, healthcare, automobile, metals, capital goods and information technology (IT) witnessed healthy buying support. On the other hand, only banking index came under heavy selling pressure. The S&P BSE banking index fell by 61.73 points.
 
The S&P BSE healthcare index zoomed by 274.41 points, automobile index rose by 212.53 points, metal index gained by 199.23 points, capital goods index increased by 189.04 points and IT index was higher by 187.44 points.
 
Major Sensex gainers during Wednesday's trade were: Tata Steel, up 5.24% at Rs.211.90; Bharti Airtel, up 4.50% at Rs.338; BHEL, up 4.18% at Rs.205.55; Gail India, up 3.90% at Rs.302.10; and Coal India, up 3.78% at Rs.326.50.
 
The major Sensex losers were: State Bank of India (SBI), down 1.96% at Rs.237.25; Axis Bank, down 1.68% at Rs.495.55; Vedanta, down 1.33% at Rs.85.10; Tata Consultancy Services (TCS), down 0.10% at Rs.2,587.70; and Maruti Suzuki, down 0.08% at Rs.4,671.05.
 
The top gainers and top losers of major indices in the Indian stock market are given in the table below:
 
 
The closing values of some of the Asian indices are given in the table below:
 
 
European indices are trading sharply higher - by 2%-2.70%. 

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