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Vijay Mallya resigns from Rajya Sabha
New Delhi: Liquor baron Vijay Mallya, whose passport has been revoked by the government, on Monday resigned from the Rajya Sabha.
 
He sent his resignation to Rajya Sabha Chairman Hamid Ansari on Monday, sources said.
 
The resignation has come after the Ethics Committee of Rajya Sabha unanimously recommended the expulsion of the liquor baron from the upper house of Parliament. 
 
Mallya, wanted for defaulting bank loans to the tune of Rs.9,000 crore, was an Independent member of the Rajya Sabha from Karnataka. He was given a week's time, ending Tuesday, to put in his papers. 
 
According to Parliament sources, during his tenure of almost 10 years as member of the Rajya Sabha, Mallya had been declaring his assets and liabilities as "nil".
 
The union government too had revoked Mallya's passport after he failed to turn up for a probe into a Rs.9,431 crore default of loans from Indian banks. This has set in motion the process for the billionaire's possible deportation from Britain, where he is staying at present.
 
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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COMMENTS

Saumil Mehta

7 months ago

Do our MPs get all sort of allowances and perks even if they are NRIs or are on study tours abroad?

Automobile makers begin new fiscal on positive note
Chennai/Kolkata/New Delhi: Indian automotive makers opened the new fiscal with positive sales growth while hoping for a favourable verdict in the apex court over the sale of diesel engine-powered vehicles.
 
India's largest car maker Maruti Suzuki India Ltd logged 13.3 percent rise in its sales volume.
 
The company sold 126,569 units (domestic 117,045 units, exports 9,524 units) in total, as against 111,748 units (domestic 100,709 units, exports 11,039 units) in the corresponding month last year, the company said in a statement.
 
Among car segments, the sales of the mini, compact, super compact and mid-size passenger cars grew only 2.7 percent in April while the company's sales in utility vehicles rose by a whopping 260.4 percent.
 
Maruti Suzuki sold 16,044 units of utility vehicles in April as against 4,452 units in the same month last year.
 
On its part, India's second largest car maker Hyundai Motor India Ltd sold 54,420 units (domestic 42,351 units, exports 12,069 units) last month as against 51,505 units (domestic 38,601 units, exports 12,904 units) during April 2015.
 
According to Rakesh Srivastava, senior vice president for sales and marketing, the company continued its growth momentum, logging 9.7 percent volume growth last month at a time when the industry is facing challenges on rural sales, and sales on diesel vehicles.
 
Similarly Mahindra & Mahindra Ltd. (M&M) logged 14 percent higher sales at 41,856 units last month as against 36,727 units sold in April 2015.
 
President and chief executive Pravin Shah expressed happiness over the growth in sales.
 
He hoped that the apex court would take into account the role of the automotive industry in the industrial growth while deciding on the ban on diesel vehicles in the national capital region (NCR).
 
Commercial vehicle maker VE Commercial Vehicles (VECV) posted 36.5 percent growth in total sales in April at 5,365 units as against 3,930 units sold in the same month last year.
 
The company, a joint venture between Sweden's Volvo Group and Eicher Motors, said Eicher-branded trucks and buses registered total sales of 5,326 units (domestic 4,641 units, exports 685 units) in the last month compared to 3,838 units (3,503 units, exports 335 units) in the corresponding month last year.
 
The company sold 39 units of Volvo trucks last month compared to 92 units in April 2015.
 
Similarly, Ashok Leyland Ltd. said it sold 10,180 units last month up from 8,435 units in April 2015.
 
On the two-wheeler side, Eicher Motors Ltd reported sales of 48,197 units (domestic 47,037 units, exports 1,160 units) up from 33,918 units (domestic 33,118 units, exports 800 units) sold in April 2015.
 
However, two- and three-wheeler maker Bajaj Auto Ltd. went on the reverse gear last month selling 330,109 units down from 336,274 units in April 2015.
 
The company's sales of commercial vehicles last month went down by 24 percent to 38,211 units as against 50,483 units in April 2015.
 
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 a rally – Monday closing report
If US and Asian markets stabilise, the bulls might be back
 
We had mentioned in Friday’s closing report that Nifty and Sensex were weak and that the Nifty would have to stay above 7,800 for the bulls to gain strength. The major indices in the Indian stock markets were trading in the red through Monday and closed with losses of 0.5%-0.6% over Friday’s close. The trends of the major indices in Monday’s trading are given in the table below:
 
 
In Monday's trade, buying was observed in basic materials and consumer durables sectors, while selling pressure was seen in banking and telecom sectors. Sector-wise, the S&P BSE basic materials index surged by 1.29% and consumer durables index 1.07%, while banking index dropped by 1.34% and telecom index slipped by 0.80%. 
 
The sentiment was cautious as data showed a slowdown in growth in the Indian manufacturing sector in April 2016, with key indices losing nearly 0.5% for the day. The 100-scrip and 200-scrip indices of the BSE were lower by 0.27% and 0.16%, respectively. The mid-cap index was higher by 1.10% and small-cap stocks were up by 0.39%.
 
With core refining business continuing to do well and the commissioning soon of some major projects in the petrochemicals business, the positive views on Reliance Industries remain unchanged, Citi Research has said in a report. "In addition, Reliance Industries continues to remain material underweight relative to benchmarks for most investor classes -- foreign institutional investors, domestic mutual funds and emerging market funds," the report said. High cash on the balance sheet also raises expectations. 
 
Regarding the launch of Jio 4G services, the report said the delay was on account of the company leaving no stone unturned to ensure that it does not over-promise and under-deliver on a business in which the capital expenditure will top $22 billion. "It now plans to fully integrate Reliance Communication's 800 MHz spectrum before launch -- making Jio the only player with sub-1GHz pan-India LTE (long-term evolution) spectrum). It plans to increase coverage to 90% (from 70%) before launch," the report added. 
 
In the process, however, the report said the company could be testing the patience of investors and eroding its first mover advantage. The report said the reward potential from the company remained favourable and any weakness in the coming weeks or months should be seen as a buying opportunity from a 12-month point of view. The converse would be on the success of Jio and ramp-up of core projects. Reliance Industries shares closed at Rs986.30, up 0.38% on the BSE.
 
Automaker Mahindra & Mahindra Ltd (M&M) on Monday said it closed last month with sales of 41,863 vehicles. In a regulatory filing at BSE, the company said it sold 41,856 units in April 2016 as against 36,727 units sold in the same month of 2015 -- a growth of about 14%. President and chief executive Pravin Shah expressed happiness over the growth in sales. He hoped the apex court would take into account the role of the automotive industry in the industrial growth while deciding on the ban on diesel vehicles in the national capital region (NCR). Mahindra & Mahindra shares closed at Rs1,335.75, up 0.30% on the BSE.
 
The top gainers and top losers of the major indices are given in the table below:
 
 
The back-to-back rally in the Yen has dragged the Asian market, while European markets were mixed due to the volatility in crude prices.
 
 
 

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