Moneylife Events
We promise to empower women entrepreneurs says Usha Ananthasubramanian

Speaking at the Women's Day celebration at Moneylife Foundation, the first CMD of Bharatiya Mahila Bank said that the bank is determined to be of assistance to women entrepreneurs the way traditional banks can’t
 

Usha Ananthasubramanian, the first Chairman and Managing Director of the Bhartiya Mahila Bank, said, the bank will promote women entrepreneurs across the country including tiny to enterprises. BMB will be able to do this because, it sees the world through the eyes of women’s issues the way traditional banks cannot.

 

She was speaking at a function organised by Moneylife Foundation to celebrate International Women's Day and supported by DSP BlackRock's Winvestor initiative. The CMD of Bharatiya Mahila Bank also felicitated two extraordinary activists, Sheela Chitnis of Multiple Sclerosis Society of India and Dr Ketna Mehta from Nina Foundation.

 

Speaking about special challenges that women entrepreneurs’ face and how to deal with them, Ms Ananthasubramanian, said, India has a poor culture of encouraging women to get into business and we want to change that to the extent possible.

 

This year, Moneylife Foundation felicitated two extraordinary activists, Sheela Chitnis of Multiple Sclerosis Society of India and Dr Ketna Mehta from Nina Foundation. Both of them have shown incredible courage to overcome major setbacks in their personal life and have converted their experience into a mission to help others cope with similar situations.

 

Ms Chitnis started as a founding member and Honorary Secretary of MSSI nearly 29 years ago with the help of the late Rehmat Fazalbhoy and AH Tobaccowala of Voltas, after her husband Mukund Chitnis was struck by MS. Over 30 years, she has played a pioneering role in creating awareness about MS and in helping patients and families cope with this stressful and debilitating disorder and the financial burden it involves.

“Working with MSSI gave me great satisfaction to meet and support patients and their families across the country. I am grateful to Rehmat, who was my guru and taught me many things due to which I turned from a housewife to a bread earner,” Sheelatai said.

 

Dr Mehta, along with her brother, set up Nina Foundation 13 years ago to work for the rehabilitation of economically and socially disadvantaged people with spinal injury. Dr Mehta is a multifaceted personality - she is an educationist, editor, author, speaker, mentor and consultant.

Speaking on the occasion Dr Mehta said, “Although we are working since past 13 years, this is the first award Nina Foundation has received from a non-disability organization. We want to reach and help as many people as we can.”

 

Dr Mehta has been associated with several management institutes as a Professor and Guide for B-school students over the past 24 years. She is the Editor and Associate Dean of Research at WE School, Mumbai since 2003. She received the NCPDEP - Shell Helen Keller Award in 2002 and her PhD thesis titled "Market Potential Study for a world class Spinal Injury Rehabilitation Centre in Mumbai" won a Rotary International Award.

 

During the programme, Sultan Fazelbhoy recited a poem written by his wife late Rehmat Fazelbhoy...

 

Mirror Mirror

 

Mirror, Mirror on the wall

What's the meaning of it all?

Isn't there something more to life,

Than to be a loving wife?

 

I've got a body and a soul

I've got a mind, I've got a goal;

I want to learn, I want to teach,

I want to earn, I want to reach

 

I want to fly from my cocoon

Put my footsteps on the moon;

I am not angry or rebelling

But there's something strong and compelling

 

I can give the world so much

With my special female touch

 

-Rehmat Sultan Fazelbhoy



Earlier, Moneylife Foundation felicitated activists like Jyothi Mhapsekhar of Stree Mukti Sanghatana, Meena Seshu of SANGRAM, Albertina Almeida, an eminent human rights activist and a lawyer; and Dr Nishtha Desai, director of Children’s Rights in Goa, Nikita Ketkar from  Masoom, Preeti Telang of Swadhaar- FinAccess, Chandita Mukherjee, an award-winning short documentary film maker and founder of Comet Media, Indrani Malkani of Malabar Hill Residents Association, Anandini Thakoor of the Khar Residents Association and Sumaira Abdulali of the Awaaz Foundation.

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Sensex, Nifty in a highly bullish mode: Weekly market report

Nifty has moved to a new orbit but is highly overbought

The BSE Sensex closed the week that ended on 7th March, at 21,919.79 (up 799.67 points or 3.79%), while the NSE Nifty closed at 6,526.65 (up 249.70 points or 3.98%) for the week. Both the indices hit and closed at all time highs on Friday.

 

On Monday the market snapped last five days of upmove. The indices closed in the negative on the back of geopolitical tension over Ukraine and an official gauge of Chinese manufacturing dropping to an eight-month low. Nifty closed at 6,221 (down 56 points or 0.88%).

 

Back home, up from 51.4 in the previous month to 52.5 in February, the headline HSBC India Purchasing Managers' Index (PMI) signalled a solid and stronger improvement in business conditions across the country's goods-producing sector, Markit Economics said.

 

With the global bourses mostly closing in the positive on the news that Russian President Vladimir Putin ordered his troops back to base which raised hopes of a peaceful solution to the recent geopolitical tensions in Ukraine, the domestic indices also moved higher. Nifty closed at 6,298 (up 77 points or 1.23%).

 

The data on manufacturing expanded at a faster pace than projected in February.  The Institute for Supply Management's manufacturing index rose to 53.2 in February from 51.3 a month earlier.

 

The Nifty continued to move higher on Wednesday and closed at 6,329 (up 31 points or 0.49%). Private sector output across India rose for the first time in eight months during February. The seasonally adjusted HSBC India Composite Output Index posted 50.3 in February 2014, higher than 49.6 in January 2014, indicating a fractional rate of expansion.

 

State-run banks' bad loans are anticipated to be slightly higher by March-end from a year earlier, Finance Minister P Chidambaram said on Wednesday after reviewing their quarterly performance. He added that the banks recovered bad loans worth Rs18,933 crore during April to December 2013.

 

For the third consecutive session, Nifty closed in the positive. On the data on shrinking of India's current account deficit the Nifty closed at its all time high of 6,401 (73 points or 1.15%). India's CAD narrowed sharply to $4.2 billion (0.9% of GDP) in Q3 of 2013-14 from $31.9 billion (6.5% of GDP) in Q3 of 2012-13 which is also lower than $5.2 billion (1.2% of GDP) in Q2 of 2013-14. The lower CAD was primarily on account of a decline in the trade deficit, as merchandise exports picked up and imports moderated, particularly gold imports.

 

Richard Fisher, president of the Federal Reserve Bank of Dallas, on Wednesday said he was concerned about "eye-popping levels" of some stock market metrics, and said the central bank has to monitor the signs carefully to make sure another bubble isn't forming.

 

The indices again closed at a new high after a massive rally on Friday. Nifty closed at 6,527 (up 126 points or 1.96%) with investors betting that a BJP-led government, headed by Narendra Modi will assume power within a couple of months.
 

For the week, among the other indices on the NSE, the top two performers were Realty (13%) and Bank (10%) while the worst two performers were Pharma (5%) and I T Sector (3%).

 

Among the Nifty stocks, the top five stocks for the week were D L F (18%); Hindalco Industries (18%); Bank of Baroda (18%); I C I C I Bank (15%) and Jaiprakash Associates (14%) while the top five losers were Dr. Reddy's Lab (6%); H C L Technologies (6%); Wipro (5%); Sun Pharma (5%) and Lupin (3%).

 

Of the 1,393 companies on the NSE, 945 companies closed in the green, 407 companies closed in the red while 41 companies closed flat.

 

Out of the 27 main sectors tracked by Moneylife, top five and the bottom five sectors for this week were:

 

ML Top sector

 

ML Worst sector

 

Real estate

12%

Pharma

-4%

Banks

10%

Software & IT Services

-3%

Con_EPC_Infra

9%

Consumer Products

-1%

Non-Ferrous Metals

9%

Textiles

0%

Cement

9%

Foods & Beverages

1%

 

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Sensex, Nifty in a massive rally: Friday closing report

Nifty will continue to hit new highs over the course of the next few days. Any market decline will lead to buying by investors

Indian markets on Friday again made a new lifetime high and recorded the highest daily absolute gain since 18 November 2013. The optimism, which came after yesterday’s data on shrinkage of current account deficit, was carried forward with the positive data from the US. Provisionally, the FIIs are estimated to have invested a huge Rs2,577 crore in India today.

 

The BSE 30-share Sensex opened at 21,539 while the NSE 50-share Nifty opened at 6,414. The market went higher almost all through the session and hit a high of 21,961 and 6,538. While Sensex closed at 21,920 (up 406 points or 1.89%), Nifty closed at 6,527 (up 126 points or 1.96%). The NSE recorded one of the highest volumes ever -- of 100.03 crore shares.

 

Finance minister P Chidambaram said on Friday that the economy certainly is more stable today than what it was 18 months ago. This is reflected in the strengthening of the rupee which is reflected in heightened interest of investors, both FDI and FII. He also said that the inflation target will be set by the parliament and the Reserve Bank of India will implement it.

 

US indices closed mostly higher. The jobless claims fell to the lowest level in three months. Fewer Americans than projected filed applications for unemployment benefits last week however the separate data indicated factory goods orders in January fell 0.7% compared more than forecast. The market now awaits US non-farm payrolls report later today.

 

President Barack Obama said that the US and its allies will keep raising pressure on Russia to back down in Ukraine and held open the possibility of further sanctions if Vladimir Putin's government doesn't respond.

 

Asian indices had a mixed performance. Nikkei 225 (0.92%) was the top gainer while KLSE Composite (0.35%) was the top loser.

 

European indices were trading in the red while US futures were trading marginally higher.

 

In Europe, the European Central Bank kept interest rates unchanged at a record low of 0.25% on Thursday, as stronger inflation and economic output reduced the need for officials to take action.

 

The Bank of England (BoE) also left interest rates at a record low of 0.5% and its gilt purchase target unchanged at £375 billion ($617 billion), as expected.

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