General Affairs
National Herald Case: Gandhis' Application Termed 'Infructuous' by Court
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NEW DELHI: Delhi High Court today termed as "infructuous" the applications moved by Congress President Sonia Gandhi, her son Rahul Gandhi and some other party leaders alleging a "different treatment" was meted out to a challenge filed by them in the National Herald case.
The Congress leaders in their application had opposed the transfer of the case from the court of Justice Sunil Gaur who had part-heard the matter for eight months to another court of Justice PS Teji.
Justice Gaur today termed their "applications" as infructuous as the matter has been listed before him by the high court registry.
The judge also said that he had not recused from the matter and added that the petitions came back to him as it was part-heard by him.
Even senior advocate Kapil Sibal, appearing for Sonia Gandhi, agreed with the court that the applications had become infructuous and also added that they can be withdrawn.
The Gandhis in their application had said their petition challenging a trial court order in the case was transferred in violation of the procedures and practice being followed by the court.
"Even as per the established procedure and practice of this court, the registry ought to have placed this matter before the very same Judge where the matter was part heard especially when the same has been clarified and appended to the Roster Modification Notice itself," the application said.
The contention was made during hearing of a bunch of petitions, filed by the Gandhis and five others, challenging the summons issued against them on a complaint by BJP leader Subramanian Swamy alleging cheating and breach of trust in the acquisition of Associated Journals Ltd (AJL) by Young Indian Pvt Ltd (YIL), in which the accused party leaders are shareholders.
The trial court had on June 26 last year summoned Mrs Gandhi, Rahul Gandhi, Congress treasurer Moti Lal Vora, Congress leader Oscar Fernandes, Suman Dubey and Sam Pitroda to appear before it on August 7, 2014 on the complaint by Mr Swamy.
The Congress leaders had, thereafter, on July 30, 2014 moved the high court which had stayed the summons on August 6 last year. On December 15, 2014, the court had stayed the summons till the final disposal of the petitions.
NEW DELHI: Delhi High Court today termed as "infructuous" the applications moved by Congress President Sonia Gandhi, her son Rahul Gandhi and some other party leaders alleging a "different treatment" was meted out to a challenge filed by them in the National Herald case.The Congress leaders in their application had opposed the transfer of the case from the court of Justice Sunil Gaur who had part-heard the matter for eight months to another court of Justice PS Teji.
The judge also said that he had not recused from the matter and added that the petitions came back to him as it was part-heard by him.
Even senior advocate Kapil Sibal, appearing for Sonia Gandhi, agreed with the court that the applications had become infructuous and also added that they can be withdrawn.
The Gandhis in their application had said their petition challenging a trial court order in the case was transferred in violation of the procedures and practice being followed by the court.
"Even as per the established procedure and practice of this court, the registry ought to have placed this matter before the very same Judge where the matter was part heard especially when the same has been clarified and appended to the Roster Modification Notice itself," the application said.
The contention was made during hearing of a bunch of petitions, filed by the Gandhis and five others, challenging the summons issued against them on a complaint by BJP leader Subramanian Swamy alleging cheating and breach of trust in the acquisition of Associated Journals Ltd (AJL) by Young Indian Pvt Ltd (YIL), in which the accused party leaders are shareholders.
The trial court had on June 26 last year summoned Mrs Gandhi, Rahul Gandhi, Congress treasurer Moti Lal Vora, Congress leader Oscar Fernandes, Suman Dubey and Sam Pitroda to appear before it on August 7, 2014 on the complaint by Mr Swamy.
The Congress leaders had, thereafter, on July 30, 2014 moved the high court which had stayed the summons on August 6 last year. On December 15, 2014, the court had stayed the summons till the final disposal of the petitions.
Aadhaar Card Can Be Used Voluntarily in Social Schemes, Supreme Court Says
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NEW DELHI: The Aadhaar Card may be used to avail government schemes including employment guarantee, pension and bank accounts, the Supreme Court said today.
Earlier, as per the court's order, the card could have been used only voluntarily for availing subsidies under the public distribution system and purchasing kerosene and cooking gas.
Today's ruling is seen as a relief to the government which has been trying to persuade the Supreme Court to extend Aadhaar's uses after a slew of blows to the unique identity or UID programme following privacy petitions.
After today's order, the Aadhaar card can be used for availing the Mahatma Gandhi National Rural Employment Gurantee Act, Jan-Dhan Yojana, provident funds and pension schemes among other services.
The Supreme Court told the petitioners challenging the government that if the Card can be used for some government schemes voluntarily, there was no reason to prevent it in others.
The ruling however does not agree to all of the government's pleas. The Centre, Reserve Bank of India, stock market watchdog SEBI, telecom regulator TRAI, and a number of states had moved the Supreme Court for extending the voluntary use of Aadhaar card to a number of other services.
The government's ambitious UID scheme has been challenged in court over privacy concerns since it uses biometric data like fingerprint and iris scans.
The court has already referred a related debate over whether privacy is a fundamental right to a constitution bench. After today's ruling the Court will also deliberate the legal validity of the Aadhaar card.
Representing petitioners Justice KS Puttaswamy and an NGO, Nagarik Chetna Manch, lawyer Shyam Diwan has argued that Right to Privacy, whether it is for the poor or the illiterate, is "sacrosanct and can't be compromised".
Attorney General Mukul Rohatgi, representing the government, has said that privacy is not a fundamental right and can be compromised if the benefits mandate it. The government has saved crores in false subsidies by introducing the card, he said.
NEW DELHI: The Aadhaar Card may be used to avail government schemes including employment guarantee, pension and bank accounts, the Supreme Court said today.Earlier, as per the court's order, the card could have been used only voluntarily for availing subsidies under the public distribution system and purchasing kerosene and cooking gas.
Today's ruling is seen as a relief to the government which has been trying to persuade the Supreme Court to extend Aadhaar's uses after a slew of blows to the unique identity or UID programme following privacy petitions.
The Supreme Court told the petitioners challenging the government that if the Card can be used for some government schemes voluntarily, there was no reason to prevent it in others.
The ruling however does not agree to all of the government's pleas. The Centre, Reserve Bank of India, stock market watchdog SEBI, telecom regulator TRAI, and a number of states had moved the Supreme Court for extending the voluntary use of Aadhaar card to a number of other services.
The government's ambitious UID scheme has been challenged in court over privacy concerns since it uses biometric data like fingerprint and iris scans.
The court has already referred a related debate over whether privacy is a fundamental right to a constitution bench. After today's ruling the Court will also deliberate the legal validity of the Aadhaar card.
Representing petitioners Justice KS Puttaswamy and an NGO, Nagarik Chetna Manch, lawyer Shyam Diwan has argued that Right to Privacy, whether it is for the poor or the illiterate, is "sacrosanct and can't be compromised".
Attorney General Mukul Rohatgi, representing the government, has said that privacy is not a fundamental right and can be compromised if the benefits mandate it. The government has saved crores in false subsidies by introducing the card, he said.
PM Modi Announces Memorial for Abdul Kalam on 84th Birth Anniversary
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NEW DELHI: Paying rich tributes to 'people's President' APJ Abdul Kalam on his 84th birth anniversary,Prime Minister Narendra Modi today said a memorial to honour him and inspire future generations would be built in his birthplace Rameswaram, which will developed as an AMRUT city.
The Prime Minister exhorted the scientific community, especially the youngsters, to come up with innovations to ease the common man's life, drawing inspiration from Kalam who had built great institutions from scratch.
He mentioned several vital sectors where innovation was essential, including cyber-security, housing for all, river-linking, enhancing agricultural productivity, blue economy, and 'zero-defect, zero-effect' manufacturing.
Describing Dr Kalam as a "Rashtra-ratna" before being a "Rashtrapati", Modi, who was speaking at a function organised by DRDO, said the former President always looked for "challenges" and his life is a source of inspiration for all Indians.
The Prime Minister said that a memorial for Dr Kalam would be built at Rameswaram, to inspire future generations.
He added that government has already acquired the land for the memorial and a committee of Ministers has been set up to discuss modalities in this regard.
Urban Development Minister Venkaiah Naidu said Rameswara would be converted into AMRUT (Atal Mission for Rejuvenation and Urban Transformation scheme) city.
The Prime Minister said that while most people look for opportunities in life, Kalam always sought fresh challenges to overcome. He recalled how he worked closely with Kalam during the post-earthquake reconstruction work in Kutch.
Recalling that Dr Kalam wished to be remembered as a teacher, the Prime Minister said that the former President was well aware of the importance of nurturing future generations.
On Dr Kalam's birth anniversary, "one must explore how we can encourage innovation in India," he said.
Speaking about various sectors, PM Modi hoped that India can turn itself into one of the main hubs for cyber security, which has become a global concern.
PM Modi said Dr Kalam had not only risen from humble beginnings to the highest office in India, but had also built great institutions, virtually from scratch. He said everyone should draw inspiration from his example.
PM Modi said Dr Kalam had child-like qualities and he always made sure to interact with youngsters and to inspire them.
Earlier, the Prime Minister unveiled a bust of A P J Abdul Kalam at DRDO Bhavan. He inaugurated a photo exhibition titled - 'A Celebration of Dr Kalam's Life'. The Prime Minister also released a commemorative postal stamp on Dr Kalam.
Defence Minister Manohar Parrikar, Communication and IT Minister Ravi Shankar Prasad and Science and Technology Minister Harsh Vardhan were among the dignitaries present on
the occasion.
Dr Kalam, known as the father of India's missile programme, was President from 2002 to 2007. He died of cardiac arrest on July 27 this year.
NEW DELHI: Paying rich tributes to 'people's President' APJ Abdul Kalam on his 84th birth anniversary,Prime Minister Narendra Modi today said a memorial to honour him and inspire future generations would be built in his birthplace Rameswaram, which will developed as an AMRUT city.The Prime Minister exhorted the scientific community, especially the youngsters, to come up with innovations to ease the common man's life, drawing inspiration from Kalam who had built great institutions from scratch.
He mentioned several vital sectors where innovation was essential, including cyber-security, housing for all, river-linking, enhancing agricultural productivity, blue economy, and 'zero-defect, zero-effect' manufacturing.
The Prime Minister said that a memorial for Dr Kalam would be built at Rameswaram, to inspire future generations.
He added that government has already acquired the land for the memorial and a committee of Ministers has been set up to discuss modalities in this regard.
Urban Development Minister Venkaiah Naidu said Rameswara would be converted into AMRUT (Atal Mission for Rejuvenation and Urban Transformation scheme) city.
The Prime Minister said that while most people look for opportunities in life, Kalam always sought fresh challenges to overcome. He recalled how he worked closely with Kalam during the post-earthquake reconstruction work in Kutch.
Recalling that Dr Kalam wished to be remembered as a teacher, the Prime Minister said that the former President was well aware of the importance of nurturing future generations.
On Dr Kalam's birth anniversary, "one must explore how we can encourage innovation in India," he said.
Speaking about various sectors, PM Modi hoped that India can turn itself into one of the main hubs for cyber security, which has become a global concern.
PM Modi said Dr Kalam had not only risen from humble beginnings to the highest office in India, but had also built great institutions, virtually from scratch. He said everyone should draw inspiration from his example.
PM Modi said Dr Kalam had child-like qualities and he always made sure to interact with youngsters and to inspire them.
Earlier, the Prime Minister unveiled a bust of A P J Abdul Kalam at DRDO Bhavan. He inaugurated a photo exhibition titled - 'A Celebration of Dr Kalam's Life'. The Prime Minister also released a commemorative postal stamp on Dr Kalam.
Defence Minister Manohar Parrikar, Communication and IT Minister Ravi Shankar Prasad and Science and Technology Minister Harsh Vardhan were among the dignitaries present on
the occasion.
Dr Kalam, known as the father of India's missile programme, was President from 2002 to 2007. He died of cardiac arrest on July 27 this year.
PM Modi to Inaugurate Central Information Commission Convention Tomorrow
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NEW DELHI: Prime Minister Narendra Modi will inaugurate the 10th annual convention of the Central Information Commission which has come under criticism from activists as a large number of them have not been invited due to security arrangements for the event.
The annual convention of the CIC is congregation of RTI activists who discuss issues related to implementation of the transparency law across the country through no-so-formal sessions where they are able to question and counter-question the experts and commissioners.
During all but one past conventions, Prime Minister or President have inaugurated the function but activists were never barred from participating in it, activists alleged.
The CIC has invited only seven RTI activists for the function to be held tomorrow.
The two day convention is being organised on the theme of "RTI: Outlook for the future - Trust through Transparency". Finance Minister Arun Jaitley will address the convention during the inaugural session and the Minister of State Personnel, Public Grievances and Pensions, Jitendra Singh, will also be present at the event.
"The inaugural session will be followed by Technical sessions on themes focusing on the various aspects of working of the Commission and the benefits of the RTI Act, as observed during the decade," a statement from DoPT said.
During these sessions, deliberations and discussions will take place on significant topics such as Translating RTI into Citizen Welfare - the expanding horizons in Digital India, Rationalizing the nature and scope of the Act; Gaps; implications for use and misuse, the RTI Act seeks a "practical regime" and Making RTI better: experience from the states etc, it said.
"The annual convention of this year is important keeping in view the completion of one decade (2005-15) of enactment of Right to Information (RTI) Act. Since its inception, the Central Information Commission has received 2.12 lakh complaints and appeals, of which 1.62 lakh have been disposed of in its adjudicatory role," it said.
The Ministry said around 5 million requests for information have been received up to June 2015 by the public authorities of the central government across the country since the inception of the RTI Act, 2005.
NEW DELHI: Prime Minister Narendra Modi will inaugurate the 10th annual convention of the Central Information Commission which has come under criticism from activists as a large number of them have not been invited due to security arrangements for the event.The annual convention of the CIC is congregation of RTI activists who discuss issues related to implementation of the transparency law across the country through no-so-formal sessions where they are able to question and counter-question the experts and commissioners.
During all but one past conventions, Prime Minister or President have inaugurated the function but activists were never barred from participating in it, activists alleged.
The two day convention is being organised on the theme of "RTI: Outlook for the future - Trust through Transparency". Finance Minister Arun Jaitley will address the convention during the inaugural session and the Minister of State Personnel, Public Grievances and Pensions, Jitendra Singh, will also be present at the event.
"The inaugural session will be followed by Technical sessions on themes focusing on the various aspects of working of the Commission and the benefits of the RTI Act, as observed during the decade," a statement from DoPT said.
During these sessions, deliberations and discussions will take place on significant topics such as Translating RTI into Citizen Welfare - the expanding horizons in Digital India, Rationalizing the nature and scope of the Act; Gaps; implications for use and misuse, the RTI Act seeks a "practical regime" and Making RTI better: experience from the states etc, it said.
"The annual convention of this year is important keeping in view the completion of one decade (2005-15) of enactment of Right to Information (RTI) Act. Since its inception, the Central Information Commission has received 2.12 lakh complaints and appeals, of which 1.62 lakh have been disposed of in its adjudicatory role," it said.
The Ministry said around 5 million requests for information have been received up to June 2015 by the public authorities of the central government across the country since the inception of the RTI Act, 2005.
Sikkim's First Airport to be Operational by Next Year: Union Minister Mahesh Sharma
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GANGTOK: The first airport of Sikkim is expected to be operational from December 2016, which will provide a direct connectivity to the land-locked state and also help boost tourism.
"Preparation are afoot and we are hopeful that the state will have its first airport operational from December 2016," said Tourism Minister Mahesh Sharma at the 4th International Tourism Mart in Gangtok today.
Sikkim Chief Minister Pawan Chamling said the airport will come up at Pakyong which is 35 km from Gangtok. Currently the nearest airport is Bagdogra in Bengal and one has to drive down to Sikkim from Bagdogra.
Besides, the state is also going to be declared as an "organic state", first in the country, by next year, he said.
Giving details about the concept of organic state, Mr Chamling said it is a green initiative and the concept has been prepared to make entire farming activities environmentally friendly.
There will be no use of pesticide or chemical fertilizer in the farming, and crop and vegetables will be grown with organic manure.
The Sikkim chief minister also said that there will no use of biodegradable materials in the state as part of the organic drive. Mr Chamling also said that yoga will be a part of the school curriculum.
Prime Minister Narendra Modi is likely to declare Sikkim as organic state.
Speaking on the occasion, the Union Tourism minister said that Sikkim and other northeast states are the focus area of the government for promotion of tourism in the country.
Hailing Sikkim as a peaceful state, Mr Sharma said not a single case of communal incident has taken place in the state for long and use of police force is minimum in Gangtok.
Mr Sharma said,"We are proud of Sikkim and the state has great potential for tourism and the Centre is extending all help to promote northeast including Sikkim as a tourist hub.
"The ministry has allocated Rs. 98 crore to Sikkim for the development of tourism out of which Rs. 90 cr is already released".
Mr Sharma said the government has extended e-visa facility to 113 countries and as a result there has been increase of about 40 per cent of foreign tourist arrivals.
The foreign exchange has also increased due to more footfalls, the Tourism Minister said.
He also said that there is tourist helpline (1363) operational for tourists. "At present, it is available in Hindi and English languages only, but soon we will make it operational with 12 foreign languages to help tourists," he said.
GANGTOK: The first airport of Sikkim is expected to be operational from December 2016, which will provide a direct connectivity to the land-locked state and also help boost tourism."Preparation are afoot and we are hopeful that the state will have its first airport operational from December 2016," said Tourism Minister Mahesh Sharma at the 4th International Tourism Mart in Gangtok today.
Sikkim Chief Minister Pawan Chamling said the airport will come up at Pakyong which is 35 km from Gangtok. Currently the nearest airport is Bagdogra in Bengal and one has to drive down to Sikkim from Bagdogra.
Besides, the state is also going to be declared as an "organic state", first in the country, by next year, he said.
There will be no use of pesticide or chemical fertilizer in the farming, and crop and vegetables will be grown with organic manure.
The Sikkim chief minister also said that there will no use of biodegradable materials in the state as part of the organic drive. Mr Chamling also said that yoga will be a part of the school curriculum.
Prime Minister Narendra Modi is likely to declare Sikkim as organic state.
Speaking on the occasion, the Union Tourism minister said that Sikkim and other northeast states are the focus area of the government for promotion of tourism in the country.
Hailing Sikkim as a peaceful state, Mr Sharma said not a single case of communal incident has taken place in the state for long and use of police force is minimum in Gangtok.
Mr Sharma said,"We are proud of Sikkim and the state has great potential for tourism and the Centre is extending all help to promote northeast including Sikkim as a tourist hub.
"The ministry has allocated Rs. 98 crore to Sikkim for the development of tourism out of which Rs. 90 cr is already released".
Mr Sharma said the government has extended e-visa facility to 113 countries and as a result there has been increase of about 40 per cent of foreign tourist arrivals.
The foreign exchange has also increased due to more footfalls, the Tourism Minister said.
He also said that there is tourist helpline (1363) operational for tourists. "At present, it is available in Hindi and English languages only, but soon we will make it operational with 12 foreign languages to help tourists," he said.
Business Affairs
Sensex snaps 3-day losing streak, ends 230 pts up, Nifty at 8,179
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Snapping the three days long losing streak, the domestic markets ended the day stronger as consumer stocks gained on hopes lower inflation and a larger-than-expected rate cut by the central bank in September would boost spending in the coming festive season.
The S&P BSE Sensex reclaim its crucial psychological level of 27,000 and ended the day 230 points up at 27,010.14, while broader CNX Nifty quoted 8179.50, up 71.60 points.
Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
Tata Motors was the top Sensex gainer and ended the day 8 per cent up after the auto major said its Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3 per cent compared to the same month last year.
Dalal Street also followed positive trend seen in other Asian markets as the US job data released on Wednesday dampened prospects of Federal rate hikes.
"We continue to expect the Nifty to remain within a small range of 8,250 to 8,050 whilst the 8,250 mark is likely to act as a major hurdle for the bulls. It's advisable to stay light on positions and focus more on stock specific moves," said Angel Broking in a report.
The country kicks off its two-month religious festive period on Monday, a time considered auspicious to buy big-ticket items such as cars, and when promotions abound. Company executives say they see the Reserve Bank of India's unexpectedly sharp 50 basis point cut last month as a lifeline.
Consumers have already been showing an eagerness to spend more on small luxuries, like movie tickets and fancy haircuts, even as the overall economy struggles to take off after a period of cooler growth.
"Lower inflation, Seventh Pay Commission and RBI's rate cut are leaving higher discretionary income with urban people," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance Co.
Zee Entertainment ended over 8 per cent up on better-than-expected September-quarter results.
Shares of Adani group companies were the top gainers among BSE large caps after Australia cleared way for the group's $7 billion coal and rail project.
Among Asian markets, China's Shanghai Composite ended the day 2.32 per cent higher, while Hong Kong's Hang Seng index settled 2 per cent up. Japan's Nikkei closed with an uptick of 1.15 per cent.
Snapping the three days long losing streak, the domestic markets ended the day stronger as consumer stocks gained on hopes lower inflation and a larger-than-expected rate cut by the central bank in September would boost spending in the coming festive season.
The S&P BSE Sensex reclaim its crucial psychological level of 27,000 and ended the day 230 points up at 27,010.14, while broader CNX Nifty quoted 8179.50, up 71.60 points.
Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
Tata Motors was the top Sensex gainer and ended the day 8 per cent up after the auto major said its Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3 per cent compared to the same month last year.
Dalal Street also followed positive trend seen in other Asian markets as the US job data released on Wednesday dampened prospects of Federal rate hikes.
"We continue to expect the Nifty to remain within a small range of 8,250 to 8,050 whilst the 8,250 mark is likely to act as a major hurdle for the bulls. It's advisable to stay light on positions and focus more on stock specific moves," said Angel Broking in a report.
The country kicks off its two-month religious festive period on Monday, a time considered auspicious to buy big-ticket items such as cars, and when promotions abound. Company executives say they see the Reserve Bank of India's unexpectedly sharp 50 basis point cut last month as a lifeline.
Consumers have already been showing an eagerness to spend more on small luxuries, like movie tickets and fancy haircuts, even as the overall economy struggles to take off after a period of cooler growth.
"Lower inflation, Seventh Pay Commission and RBI's rate cut are leaving higher discretionary income with urban people," said Aneesh Srivastava, chief investment officer at IDBI Federal Life Insurance Co.
Zee Entertainment ended over 8 per cent up on better-than-expected September-quarter results.
Shares of Adani group companies were the top gainers among BSE large caps after Australia cleared way for the group's $7 billion coal and rail project.
Among Asian markets, China's Shanghai Composite ended the day 2.32 per cent higher, while Hong Kong's Hang Seng index settled 2 per cent up. Japan's Nikkei closed with an uptick of 1.15 per cent.
Govt considering raising import duty on wheat to 25%
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The government is considering raising import duty on wheat to 25 per cent from 10 per cent currently, to curb cheaper imports from Australia and France, three government sources told Reuters on Thursday.
In August, India, the world's second-biggest wheat producer, imposed an import duty of 10 per cent on wheat until March 31 next year, reinstating tariffs after a gap of eight years following big overseas purchases in recent months.
Earlier this year flour millers and global trading companies sealed deals to import 500,000 tonnes of premium Australian wheat since March, the biggest such purchases in more than a decade despite surplus stocks at home.
The government is considering raising import duty on wheat to 25 per cent from 10 per cent currently, to curb cheaper imports from Australia and France, three government sources told Reuters on Thursday.
In August, India, the world's second-biggest wheat producer, imposed an import duty of 10 per cent on wheat until March 31 next year, reinstating tariffs after a gap of eight years following big overseas purchases in recent months.
Earlier this year flour millers and global trading companies sealed deals to import 500,000 tonnes of premium Australian wheat since March, the biggest such purchases in more than a decade despite surplus stocks at home.
Australia clears way for Adani's $7 billion coal and rail project
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The Australian government on Thursday reissued an environmental permit for construction of one of the world's biggest coal mines to Adani Enterprises, after clearing concerns about two rare outback species.
The decision by Environment Minister Greg Hunt removes one hurdle for Adani to proceed with the stalled A$10 billion ($7 billion) project in the undeveloped Galilee Basin that could generate billions of dollars in export revenue for Australia.
Shares in Adani jumped as much as 13 percent in Mumbai on news of the reissued permit, but analysts said it would be hard to justify the project at a time when coal prices are mired at an eight-year low.
"You can't see anything being developed in the short term," said Patersons Securities analyst Matthew Trivett.
Adani, which wants to ship 40 million tonnes of coal a year in the mine's first phase, declined to comment on Thursday on when it aims to start producing, previously targeted for late 2017.
The company has battled opposition from green groups since starting work on the project five years ago. A court in August temporarily blocked progress on the mine following a claim Adani failed to take into account the welfare of the yakka skink and ornamental snake.
Hunt said the reissued environmental permit imposed conditions including improving the habitat of an endangered finch, protecting groundwater and providing A$1 million for conservation research.
The project's proponents argue it is needed if Prime Minister Narendra Modi is to keep his promise to bring electricity to hundreds of millions of people living off the grid. Critics are concerned greenhouse gases from burning coal will hinder efforts at combating global warming.
Several international banks have said they will not provide financing for coal mining in the Galilee Basin, while Standard Chartered and Commonwealth Bank of Australia pulled out of the project in August.
"Minister Hunt is sacrificing threatened species such as the Black Throated Finch and precious ground water resources for the sake of a mine that simply does not stack up economically," Ellen Roberts, co-ordinator of the Mackay Conservation Group, said on Thursday.
Adani, which stills needs state government approvals including a mining lease and permission to dredge for a port, has yet to line up funding.
"It is certainty over the remaining approvals that is now key to the company progressing its plan," Adani Australia said in an emailed statement.
While a push in India to rely more on solar and wind power and domestic coal has raised questions over the viability of the project, Adani has said the majority of Carmichael production had been pre-sold, guaranteeing revenue.
The Australian government on Thursday reissued an environmental permit for construction of one of the world's biggest coal mines to Adani Enterprises, after clearing concerns about two rare outback species.
The decision by Environment Minister Greg Hunt removes one hurdle for Adani to proceed with the stalled A$10 billion ($7 billion) project in the undeveloped Galilee Basin that could generate billions of dollars in export revenue for Australia.
Shares in Adani jumped as much as 13 percent in Mumbai on news of the reissued permit, but analysts said it would be hard to justify the project at a time when coal prices are mired at an eight-year low.
"You can't see anything being developed in the short term," said Patersons Securities analyst Matthew Trivett.
Adani, which wants to ship 40 million tonnes of coal a year in the mine's first phase, declined to comment on Thursday on when it aims to start producing, previously targeted for late 2017.
The company has battled opposition from green groups since starting work on the project five years ago. A court in August temporarily blocked progress on the mine following a claim Adani failed to take into account the welfare of the yakka skink and ornamental snake.
Hunt said the reissued environmental permit imposed conditions including improving the habitat of an endangered finch, protecting groundwater and providing A$1 million for conservation research.
The project's proponents argue it is needed if Prime Minister Narendra Modi is to keep his promise to bring electricity to hundreds of millions of people living off the grid. Critics are concerned greenhouse gases from burning coal will hinder efforts at combating global warming.
Several international banks have said they will not provide financing for coal mining in the Galilee Basin, while Standard Chartered and Commonwealth Bank of Australia pulled out of the project in August.
"Minister Hunt is sacrificing threatened species such as the Black Throated Finch and precious ground water resources for the sake of a mine that simply does not stack up economically," Ellen Roberts, co-ordinator of the Mackay Conservation Group, said on Thursday.
Adani, which stills needs state government approvals including a mining lease and permission to dredge for a port, has yet to line up funding.
"It is certainty over the remaining approvals that is now key to the company progressing its plan," Adani Australia said in an emailed statement.
While a push in India to rely more on solar and wind power and domestic coal has raised questions over the viability of the project, Adani has said the majority of Carmichael production had been pre-sold, guaranteeing revenue.
Top stocks that hogged limelight on Dalal Street
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Snapping the three days long losing streak, the domestic markets ended the day stronger as consumer stocks gained on hopes lower inflation and a larger-than-expected rate cut by the central bank in September would boost spending in the coming festive season.
The S&P BSE Sensex reclaim its crucial psychological level of 27,000 and ended the day 230 points up at 27,010.14, while broader CNX Nifty quoted 8179.50, up 71.60 points.
Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
Here are top stocks that hogged limelight on Dalal Street:
Zee Entertainment
Shares of Zee Entertainment jumped nearly 10 per cent in trade on Thursday, wiping off the yesterday's fall of 4 per cent after the company detailed its September quarter numbers for the fiscal year 2015-16 on Wednesday. The 35 per cent spurt in ad revenue growth year-on-year versus estimates of 25 per cent triggered bullish calls on the scrip. The scrip closed at Rs 418.50, up 8.53 per cent after surging 9.56 per cent intraday on Bombay Stock Exchange (BSE).
IVRCL
Shares of IVRCL gained more than 30 per cent so far this week and surged 14 per cent in trade on Thursday after the infra development firm said it has initiated Corporate Debt Restructuring (CDR) mechanism with the lenders. The stock ended the day 7.71 per cent up after rallying as much as 14.57 per cent to Rs 10.85, on the Bombay Stock Exchange (BSE).
Tata Motors
Tata Motors was the top Sensex gainer and ended the day 8 per cent up after the auto major said its Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3 per cent compared to the same month last year.
Adani Group companies
Shares of Adani Group companies such as Adani Enterprises, Adani Power and Adani Port and Special Economic Zone were the top gainers among BSE large caps and surged up to 13 per cent after the company said the Australian government has cleared way for company's $7 billion Carmichael coal mine and rail project.
Adani Enterprises closed 8.53 per cent up after rallying as much as 12.90 per cent to Rs 95.80, while Adani Power added 4.28 per cent to Rs 29.25 at close. Stock of Adani Ports settled 1.42 per cent after hitting its intraday high of Rs 330.50, up 1.94 per cent, on Bombay Stock Exchange.
Punj Lloyd
Punj Lloyd ended the day 3.90 per cent up at Rs 27.95 after the company said it has bagged Rs 367 crore contract from Indian Oil Corporation at Paradip Refinery in Odisha.
The company in a filing to the Bombay Stock Exchange (BSE) said that it won an "EPCC contract at Paradip Refinery, Odisha, from Indian Oil Corporation Ltd (IOCL) for value of Rs 367 crore".
Hindustan Unilever
Hindustan Unilever's September quarter earnings failed to impress investors, as India's biggest consumer goods maker missed revenue growth estimates in the September quarter and management commentary on demand environment continued to be cautious. The stock closed the day at Rs 790.70 with a downtick of 0.84 per cent after falling as much as 3.31 per cent.
Snapping the three days long losing streak, the domestic markets ended the day stronger as consumer stocks gained on hopes lower inflation and a larger-than-expected rate cut by the central bank in September would boost spending in the coming festive season.
The S&P BSE Sensex reclaim its crucial psychological level of 27,000 and ended the day 230 points up at 27,010.14, while broader CNX Nifty quoted 8179.50, up 71.60 points.
Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
Market sentiment remained positive with 21 of the 30 stocks ending the day in green.
Here are top stocks that hogged limelight on Dalal Street:
Zee Entertainment
Shares of Zee Entertainment jumped nearly 10 per cent in trade on Thursday, wiping off the yesterday's fall of 4 per cent after the company detailed its September quarter numbers for the fiscal year 2015-16 on Wednesday. The 35 per cent spurt in ad revenue growth year-on-year versus estimates of 25 per cent triggered bullish calls on the scrip. The scrip closed at Rs 418.50, up 8.53 per cent after surging 9.56 per cent intraday on Bombay Stock Exchange (BSE).
IVRCL
Shares of IVRCL gained more than 30 per cent so far this week and surged 14 per cent in trade on Thursday after the infra development firm said it has initiated Corporate Debt Restructuring (CDR) mechanism with the lenders. The stock ended the day 7.71 per cent up after rallying as much as 14.57 per cent to Rs 10.85, on the Bombay Stock Exchange (BSE).
Tata Motors
Tata Motors was the top Sensex gainer and ended the day 8 per cent up after the auto major said its Jaguar Land Rover (JLR) sold 47,634 units globally in September, up 3 per cent compared to the same month last year.
Adani Group companies
Shares of Adani Group companies such as Adani Enterprises, Adani Power and Adani Port and Special Economic Zone were the top gainers among BSE large caps and surged up to 13 per cent after the company said the Australian government has cleared way for company's $7 billion Carmichael coal mine and rail project.
Adani Enterprises closed 8.53 per cent up after rallying as much as 12.90 per cent to Rs 95.80, while Adani Power added 4.28 per cent to Rs 29.25 at close. Stock of Adani Ports settled 1.42 per cent after hitting its intraday high of Rs 330.50, up 1.94 per cent, on Bombay Stock Exchange.
Punj Lloyd
Punj Lloyd ended the day 3.90 per cent up at Rs 27.95 after the company said it has bagged Rs 367 crore contract from Indian Oil Corporation at Paradip Refinery in Odisha.
The company in a filing to the Bombay Stock Exchange (BSE) said that it won an "EPCC contract at Paradip Refinery, Odisha, from Indian Oil Corporation Ltd (IOCL) for value of Rs 367 crore".
Hindustan Unilever
Hindustan Unilever's September quarter earnings failed to impress investors, as India's biggest consumer goods maker missed revenue growth estimates in the September quarter and management commentary on demand environment continued to be cautious. The stock closed the day at Rs 790.70 with a downtick of 0.84 per cent after falling as much as 3.31 per cent.
Polaris Consulting all set to be acquired by Virtusa Corp for Rs 2,310 cr
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Polaris Consulting & Services, a provider of financial technology products, is in the final stages of being acquired by US-based Virtusa Corporation for Rs 2,310 crore, according to a media report, with a formal announcement expected to come by the month-end.
The founder of Polaris Arun Jain, who established the company two-decades back in 1993, will be exiting the company as Virtusa looks to buy a controlling stake in the Indian IT firm, a report in The Economic Times said. Virtusa, a global information technology services company with headquarters in Massachusetts, USA, was founded after Polaris in the year 1996 by Sri Lankan entrepreneurs Kris and Tushara Canekeratne.
Polaris is said to be in the final stages of the deal with Virtusa's founders valuing it close to $350 million (Rs 2,310 crore), at 18 per cent more than its current market valuation of $295 million (Rs 1,904 crore).
The sale process of Polaris Consulting is believed to have started six months back by Zurich-based global bank Credit Suisse, according to the report, following which the shares of the firm have risen as much as 30 per cent on the Bombay Stock Exchange over the period. Tech Mahindra, HCL Tech and Genpact are said to have been in the race too for the acquisition but Virtusa appeared as the frontrunner offering almost 20 per cent more than its current valuation, the report said.
Jain is likely to sell his 28.9 per cent stake in the company with existing PE investor The Rohatyn Group controlling about 19 per cent stake in the company. Investor Rakesh Jhunjhunwala holds 5 per cent stake in the company.
Emails sent to Polaris and The Rohatyn Group remained unanswered while going to press, the ET report says. Polaris' spokesperson could not be reached on his mobile. A Virtusa spokesperson was quoted as saying the firm does not comment on market rumours and makes announcement using appropriate channels.
What the deal means for Virtusa?
The US-based company currently has little access to the Indian market. The deal with give it a wider access in the fast emerging market of India, especially in the banking and financial services space in which Polaris has a stronghold. Virtusa post the acquisition will compete with the Indian offshore software companies.
The link between Virtusa and Polaris
Financial services conglomerate Citigroup brings in over 30 per cent of the revenues to Polaris Consulting being its single largest client. Interestingly, it also happens to be one of the main clients for Virtusa and is said to have played a key role in finalizing the deal, the report said.
Polaris Consulting & Services, a provider of financial technology products, is in the final stages of being acquired by US-based Virtusa Corporation for Rs 2,310 crore, according to a media report, with a formal announcement expected to come by the month-end.
The founder of Polaris Arun Jain, who established the company two-decades back in 1993, will be exiting the company as Virtusa looks to buy a controlling stake in the Indian IT firm, a report in The Economic Times said. Virtusa, a global information technology services company with headquarters in Massachusetts, USA, was founded after Polaris in the year 1996 by Sri Lankan entrepreneurs Kris and Tushara Canekeratne.
Polaris is said to be in the final stages of the deal with Virtusa's founders valuing it close to $350 million (Rs 2,310 crore), at 18 per cent more than its current market valuation of $295 million (Rs 1,904 crore).
The sale process of Polaris Consulting is believed to have started six months back by Zurich-based global bank Credit Suisse, according to the report, following which the shares of the firm have risen as much as 30 per cent on the Bombay Stock Exchange over the period. Tech Mahindra, HCL Tech and Genpact are said to have been in the race too for the acquisition but Virtusa appeared as the frontrunner offering almost 20 per cent more than its current valuation, the report said.
Jain is likely to sell his 28.9 per cent stake in the company with existing PE investor The Rohatyn Group controlling about 19 per cent stake in the company. Investor Rakesh Jhunjhunwala holds 5 per cent stake in the company.
Emails sent to Polaris and The Rohatyn Group remained unanswered while going to press, the ET report says. Polaris' spokesperson could not be reached on his mobile. A Virtusa spokesperson was quoted as saying the firm does not comment on market rumours and makes announcement using appropriate channels.
What the deal means for Virtusa?
The US-based company currently has little access to the Indian market. The deal with give it a wider access in the fast emerging market of India, especially in the banking and financial services space in which Polaris has a stronghold. Virtusa post the acquisition will compete with the Indian offshore software companies.
The link between Virtusa and Polaris
Financial services conglomerate Citigroup brings in over 30 per cent of the revenues to Polaris Consulting being its single largest client. Interestingly, it also happens to be one of the main clients for Virtusa and is said to have played a key role in finalizing the deal, the report said.
General Awareness
Tiger Reserves in India
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In India there are 48 tiger reserves,which are governed by Project Tiger and which is administered by National Tiger Conservation Authority.Tiger is India’s national Animal.
- Click here to Attend Tiger Reserves in India – Quiz
- In India there are 48 tiger reserves,which are governed by Project Tiger and which is administered by National Tiger Conservation Authority.Tiger is India’s national Animal.
- Click here to Attend Tiger Reserves in India – Quiz
List of Tiger Reserves are given below
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Assam
Kaziranga Tiger Reserve
Manas Tiger Reserve
Nameri Tiger Reserve
Arunachal Pradesh
Namdapha Tiger Reserve
Pakhui Tiger Reserve
Andhra Pradesh
Nagarjunsagar-Srisailam Tiger Reserve
Bihar
Valmiki National Park
Chhattisgarh
Achanakmar Tiger Reserve
Indravati Tiger Reserves
Udanti & Sitanadi Tiger Reserve
Jharkhand
Palamau Tiger Reserve
Karnataka
Bandipur Tiger Reserve
Nagarhole Tiger Reserve
Bhadra Tiger Reserve
Anshi Dandeli Tiger Reserve
Biligiri Ranganatha Swamy Temple Wildlife Sanctuary
Kerala
Periyar Tiger Reserve
Parambikulam Tiger Reserve
Madhya Pradesh
Bandhavgarh Tiger Reserve
Satpura Tiger Reserve
Kanha Tiger Reserve
Panna Tiger Reserve
Pench Tiger Reserve
Sanjay-Dubri Tiger Reserve
Maharashtra
Melghat Tiger Reserve
Pench Tiger Reserve
Tadoba Andhari Tiger Project
Sahyadri Tiger reserve
Nagzira-Navegaon Tiger Reserve
Bor Tiger Reserve
Mizoram
Dampa Tiger Reserve
Odisha
Satkosia Tiger Reserve
Simlipal Tiger Reserve
Rajasthan
Mukundara Hills Tiger Reserve
Ranthambore Tiger Reserve
Sariska Tiger Reserve
Tamil Nadu
Anamalai Tiger Reserve
Kalakkad Mundanthurai Tiger Reserve
Mudumalai Tiger Reserve
Sathyamangalam Tiger Reserve
Telangana
Kawal Tiger Reserve
Nagarjunsagar-Srisailam Tiger Reserve
Uttar Pradesh
Dudhwa Tiger Reserve
Pilibhit Tiger Reserve
Uttarakhand
Jim Corbett Tiger Reserve
Rajaji National Park
West Bengal
Buxa Tiger Reserve
Sunderbans Tiger Reserve
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- Assam
Kaziranga Tiger Reserve
Manas Tiger Reserve
Nameri Tiger ReserveArunachal Pradesh
Namdapha Tiger Reserve
Pakhui Tiger ReserveAndhra Pradesh
Nagarjunsagar-Srisailam Tiger ReserveBihar
Valmiki National ParkChhattisgarhAchanakmar Tiger Reserve
Indravati Tiger Reserves
Udanti & Sitanadi Tiger ReserveJharkhand
Palamau Tiger ReserveKarnataka
Bandipur Tiger Reserve
Nagarhole Tiger Reserve
Bhadra Tiger Reserve
Anshi Dandeli Tiger Reserve
Biligiri Ranganatha Swamy Temple Wildlife SanctuaryKerala
Periyar Tiger Reserve
Parambikulam Tiger ReserveMadhya Pradesh
Bandhavgarh Tiger Reserve
Satpura Tiger Reserve
Kanha Tiger Reserve
Panna Tiger Reserve
Pench Tiger Reserve
Sanjay-Dubri Tiger ReserveMaharashtra
Melghat Tiger Reserve
Pench Tiger Reserve
Tadoba Andhari Tiger Project
Sahyadri Tiger reserve
Nagzira-Navegaon Tiger Reserve
Bor Tiger ReserveMizoram
Dampa Tiger ReserveOdisha
Satkosia Tiger Reserve
Simlipal Tiger ReserveRajasthan
Mukundara Hills Tiger Reserve
Ranthambore Tiger Reserve
Sariska Tiger ReserveTamil Nadu
Anamalai Tiger Reserve
Kalakkad Mundanthurai Tiger Reserve
Mudumalai Tiger Reserve
Sathyamangalam Tiger ReserveTelangana
Kawal Tiger Reserve
Nagarjunsagar-Srisailam Tiger ReserveUttar Pradesh
Dudhwa Tiger Reserve
Pilibhit Tiger ReserveUttarakhand
Jim Corbett Tiger Reserve
Rajaji National ParkWest Bengal
Buxa Tiger Reserve
Sunderbans Tiger Reserve
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