General Affairs
Stop Songs, Dance Instead of Rituals During Festivals at Public Places: Court
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MUMBAI: Songs and dances instead of rituals during festivals in public places should be stopped, the Bombay High Court said today while refusing permission to a cultural organisation to hold Chhath Puja on suburban Juhu beach.
The organisation 'Mann Ranglo' approached the court after the Collector refused permission to it to hold Chhath Puja on Juhu beach on the ground that it had violated noise pollution rules and other conditions laid down when permission was granted previously.
"Beaches and grounds are all public properties. Such festivals are held in these places for two days and they are defaced due to which people cannot use these for the next 10 days. We are not against any religion but we are requesting everyone to retain the purity and sanctity of the puja," a division bench headed by Justice SC Dharmadhikari said.
According to the petition, the organisation offers assistance to the devotees by providing them with water, toilet facility and place to stay during the North Indian festival dedicated to the Sun God, which is falling next month.
The organisation also plays devotional songs through the night.
"Rituals have gone and celebrations in the form of songs and dance have taken over. Such kind of celebrations have to be stopped," said the court.
The court said that the public authority can take responsibility of providing facilities to the devotees, and it cannot interfere in a matter where the authorities are abiding by the rules and law laid down.
"There has been violation of the conditions and rules earlier which is why the Collector has refused permission this year," the court said.
Another petition was filed by former Congress lawmaker, Sanjay Nirupam seeking modification of the Collector's order directing the organisers of Chhath Puja to not invite celebrities.
The court has directed the Collector to consider Mr Nirupam's request and pass appropriate order by November 5.
MUMBAI: Songs and dances instead of rituals during festivals in public places should be stopped, the Bombay High Court said today while refusing permission to a cultural organisation to hold Chhath Puja on suburban Juhu beach.The organisation 'Mann Ranglo' approached the court after the Collector refused permission to it to hold Chhath Puja on Juhu beach on the ground that it had violated noise pollution rules and other conditions laid down when permission was granted previously.
According to the petition, the organisation offers assistance to the devotees by providing them with water, toilet facility and place to stay during the North Indian festival dedicated to the Sun God, which is falling next month.
The organisation also plays devotional songs through the night.
"Rituals have gone and celebrations in the form of songs and dance have taken over. Such kind of celebrations have to be stopped," said the court.
The court said that the public authority can take responsibility of providing facilities to the devotees, and it cannot interfere in a matter where the authorities are abiding by the rules and law laid down.
"There has been violation of the conditions and rules earlier which is why the Collector has refused permission this year," the court said.
Another petition was filed by former Congress lawmaker, Sanjay Nirupam seeking modification of the Collector's order directing the organisers of Chhath Puja to not invite celebrities.
The court has directed the Collector to consider Mr Nirupam's request and pass appropriate order by November 5.
Aamaravati's Grand Inauguration Leaves Many Disappointed
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VIJAYWADA: Opposition parties held protests throughout Andhra Pradesh on Friday against the ceremonial inauguration of its new capital city Amaravati where Prime Minister Narendra Modi announced no new economic packages nor declared a special status for the state, disappointing many.
Ahead of the grand inauguration on Thursday, Chief Minister Chandrababu Naidu had told that he expected the Prime Minister to grant special status to state, endowing special benefits from the Centre for the state which had been divided last year to create Telangana.
But after as no such announcement came, YSR Congress, Congress and the Communist Party of India today burnt effigies and raised slogans against the Prime Minister and Chief Minister in protests across the state.
Noted economist MC Das said, "Hopes were high and we are revenue deficit. There were big expectations because without Central help, the state cannot move forward."
Industrialist Murali Krishna, also the president of the Andhra Pradesh Chambers of Commerce and Industry, said, "He should have announced fresh funds or some new institutions. He instead mentioned only what is already sanctioned."
But the ruling Telugu Desam Party, which partners the BJP to govern the state, maintained that Prime Minister Modi has promised to implement the Andhra Pradesh Reorganisation Act and also help build Amaravati.
Party sources said that at a time when the dais yesterday was being shared by Telangana chief minister K Chandrasekhar Rao, it may not have been appropriate for the Prime Minister to announce anything new for Andhra Pradesh.
Union Minister Venkaiah Naidu dismissed the protests as "political gimmicks". "The Central government will do everything possible to take care of deficit of Andhra Pradesh. Centre will implement whatever is in the Act," he said.
Ahead of the grand inauguration on Thursday, Chief Minister Chandrababu Naidu had told that he expected the Prime Minister to grant special status to state, endowing special benefits from the Centre for the state which had been divided last year to create Telangana.
But after as no such announcement came, YSR Congress, Congress and the Communist Party of India today burnt effigies and raised slogans against the Prime Minister and Chief Minister in protests across the state.
Industrialist Murali Krishna, also the president of the Andhra Pradesh Chambers of Commerce and Industry, said, "He should have announced fresh funds or some new institutions. He instead mentioned only what is already sanctioned."
But the ruling Telugu Desam Party, which partners the BJP to govern the state, maintained that Prime Minister Modi has promised to implement the Andhra Pradesh Reorganisation Act and also help build Amaravati.
Party sources said that at a time when the dais yesterday was being shared by Telangana chief minister K Chandrasekhar Rao, it may not have been appropriate for the Prime Minister to announce anything new for Andhra Pradesh.
Union Minister Venkaiah Naidu dismissed the protests as "political gimmicks". "The Central government will do everything possible to take care of deficit of Andhra Pradesh. Centre will implement whatever is in the Act," he said.
BJP Takes Lead in Ladakh Development Panel Vote Count
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SRINAGAR: The BJP has won 9 of the 13 results declared so far in the 26-seat Ladakh Autonomous Hill Development Council with the Congress, which had a majority in the outgoing house, winning only three, an official said today.
Counting of votes in the October 17 election started today morning. "Counting for the remaining 13 seats is in progress and all the results would be available by evening," a poll official told IANS on phone from Leh town.
Other winners included the National Conference with one seat, while the ruling Peoples Democratic Party (PDP) has not registered a single win so far.
SRINAGAR: The BJP has won 9 of the 13 results declared so far in the 26-seat Ladakh Autonomous Hill Development Council with the Congress, which had a majority in the outgoing house, winning only three, an official said today.Counting of votes in the October 17 election started today morning. "Counting for the remaining 13 seats is in progress and all the results would be available by evening," a poll official told IANS on phone from Leh town.
Other winners included the National Conference with one seat, while the ruling Peoples Democratic Party (PDP) has not registered a single win so far.
China Launches $2.8 Billion Worth Major Water Diversion Project
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BEIJING: China has started yet another large water diversion project with $2.8 billion investment in central China's Hubei Province which will benefit nearly five million people after completion.
The 270-km long pipeline will divert 1.4 billion cubic meters of water each year from Danjiangkou Reservoir to the cities of Xiangyang, Suizhou and Xiaogan in north Hubei.
Last year, China successfully completed its $80 billion world's biggest water diversion project which had brought the water to Danjiangkou Reservoir from the country's second largest Yellow River.
The new diversion project to Tianjin is being built with an investment of nearly 18 billion yuan ($ 2.8 billion). It is the largest water distribution project in Hubei and will take three years and nine months to complete. After completion, it will benefit 4.82 million people and irrigate 310,000 hectares of land as well as industries along the route, said Wang Zhongfa, head of the Hubei Provincial Water Resources Department.
A reliable water supply will guarantee urban water supply, ensure grain production, improve the regional environment and with poverty relief efforts, said Minister of Water Resources Chen Lei, state-run Xinhua news agency reported.
BEIJING: China has started yet another large water diversion project with $2.8 billion investment in central China's Hubei Province which will benefit nearly five million people after completion.The 270-km long pipeline will divert 1.4 billion cubic meters of water each year from Danjiangkou Reservoir to the cities of Xiangyang, Suizhou and Xiaogan in north Hubei.
Last year, China successfully completed its $80 billion world's biggest water diversion project which had brought the water to Danjiangkou Reservoir from the country's second largest Yellow River.
The new diversion project to Tianjin is being built with an investment of nearly 18 billion yuan ($ 2.8 billion). It is the largest water distribution project in Hubei and will take three years and nine months to complete. After completion, it will benefit 4.82 million people and irrigate 310,000 hectares of land as well as industries along the route, said Wang Zhongfa, head of the Hubei Provincial Water Resources Department.
A reliable water supply will guarantee urban water supply, ensure grain production, improve the regional environment and with poverty relief efforts, said Minister of Water Resources Chen Lei, state-run Xinhua news agency reported.
NASA Completes Key Milestone for Most Powerful Rocket
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WASHINGTON: NASA's Space Launch System (SLS), the most powerful rocket ever built and the first vehicle designed to meet the challenges of the journey to Mars, has completed all steps needed to clear a critical design review.
This is the first time in almost 40 years that a NASA human-rated rocket has cleared a critical design review (CDR).
"We've nailed down the design of SLS, we've successfully completed the first round of testing of the rocket's engines and boosters, and all the major components for the first flight are now in production," said Bill Hill, deputy associate administrator of NASA's Exploration Systems Development Division in US.
"There have been challenges, and there will be more ahead, but this review gives us confidence that we are on the right track for the first flight of SLS and using it to extend permanent human presence into deep space," Mr Hill said.
The CDR examined the first of three configurations planned for the rocket, referred to as SLS Block 1.
The Block 1 configuration will have a minimum 70-metric-ton lift capability and be powered by twin boosters and four RS-25 engines.
The next planned upgrade of SLS, Block 1B, would use a more powerful exploration upper stage for more ambitious missions with a 105-metric-ton lift capacity.
Block 2 will add a pair of advanced solid or liquid propellant boosters to provide a 130-metric-ton lift capacity.
In each configuration, SLS will continue to use the same core stage and four RS-25 engines.
The SLS Programme completed the review in July, in conjunction with a separate review by the Standing Review Board, which is composed of seasoned experts from NASA and industry who are independent of the programme.
Throughout the course of 11 weeks, 13 teams - made up of senior engineers and aerospace experts across the agency and industry - reviewed more than 1,000 SLS documents and more than 150 GB of data as part of the comprehensive assessment process at NASA's Marshall Space Flight Centre, where SLS is managed for the agency.
The Standing Review Board reviewed and assessed the programme's readiness and confirmed the technical effort is on track to complete system development and meet performance requirements on budget and on schedule.
The programme briefed the results of the review in October to the Agency Program Management Council, led by NASA Associate Administrator Robert Lightfoot, as the final step in the CDR process.
This review is the last of four reviews that examine concepts and designs. The next step for the programme is design certification, which will take place in 2017 after manufacturing, integration and testing is complete.
Critical design reviews for the individual SLS elements of the core stage, boosters and engines were completed successfully as part of this milestone.
WASHINGTON: NASA's Space Launch System (SLS), the most powerful rocket ever built and the first vehicle designed to meet the challenges of the journey to Mars, has completed all steps needed to clear a critical design review.This is the first time in almost 40 years that a NASA human-rated rocket has cleared a critical design review (CDR).
"We've nailed down the design of SLS, we've successfully completed the first round of testing of the rocket's engines and boosters, and all the major components for the first flight are now in production," said Bill Hill, deputy associate administrator of NASA's Exploration Systems Development Division in US.
The CDR examined the first of three configurations planned for the rocket, referred to as SLS Block 1.
The Block 1 configuration will have a minimum 70-metric-ton lift capability and be powered by twin boosters and four RS-25 engines.
The next planned upgrade of SLS, Block 1B, would use a more powerful exploration upper stage for more ambitious missions with a 105-metric-ton lift capacity.
Block 2 will add a pair of advanced solid or liquid propellant boosters to provide a 130-metric-ton lift capacity.
In each configuration, SLS will continue to use the same core stage and four RS-25 engines.
The SLS Programme completed the review in July, in conjunction with a separate review by the Standing Review Board, which is composed of seasoned experts from NASA and industry who are independent of the programme.
Throughout the course of 11 weeks, 13 teams - made up of senior engineers and aerospace experts across the agency and industry - reviewed more than 1,000 SLS documents and more than 150 GB of data as part of the comprehensive assessment process at NASA's Marshall Space Flight Centre, where SLS is managed for the agency.
The Standing Review Board reviewed and assessed the programme's readiness and confirmed the technical effort is on track to complete system development and meet performance requirements on budget and on schedule.
The programme briefed the results of the review in October to the Agency Program Management Council, led by NASA Associate Administrator Robert Lightfoot, as the final step in the CDR process.
This review is the last of four reviews that examine concepts and designs. The next step for the programme is design certification, which will take place in 2017 after manufacturing, integration and testing is complete.
Critical design reviews for the individual SLS elements of the core stage, boosters and engines were completed successfully as part of this milestone.
Business Affairs
Sensex ends 183 points up; Nifty a tad below 8,300
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Marking their fourth consecutive week of gains, the domestic markets ended about 1 per cent higher on Friday, tracking global markets that rose after the European Central Bank (ECB) on Thursday signaled its readiness to inject more stimulus.
The S&P BSE Sensex ended 183.15 points up to close below its crucial psychological level of 27,500 after rising as much as 267 points in the early trade, while broader CNX Nifty settled a tad below its key support level of 8,300-mark at 8,295.45, up 43.75 points.
The indices, rising for the first time in three days, also got a leg-up from the rupee, which appreciated against the dollar.
A strong closing at Asian markets and a higher opening in Europe after ECB chief Mario Draghi indicated that more rate cuts are on the table to prop up the euro zone economy buoyed sentiment here, brokers said.
ITC and Axis Bank emerged as top gainers in the Sensex pack by surging 2.81 per cent each.
The rally in the benchmark was also fuelled by gains in GAIL, NTPC, HDFC and ICICI Bank.
Market breadth remained fairly positive with 20 of the 30 Sensex stocks ending the day in green.
BSE FMCG and BSE BANKEX were the top sectoral gainers, which settled the day 1.32 per cent and 1.08 per cent up, respectively.
The broader markets, however, were down as investors locked in gains in recent gainers. The BSE small-cap and the mid-cap indices fell 0.37 per cent and 0.26 per cent, respectively.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 48.33 crore on Wednesday, as per provisional data.
Shares of Idea Cellular slumped 7.23 per cent in trade after the mobile operator posted quarterly net profit slightly below analysts' expectations, hit by cheaper call rates. The stock was the top Nifty loser.
Shares of KPIT settled 9.32 per cent up after rising to Rs 144.65, up 17 per cent intraday as the company recorded stellar September quarterly earnings.
Among Asian markets , Japan's Nikkei jumped 2.1 per cent to close at 18,825.30 points after rising to as much as 18,886.75, the highest since August 31. China's Shanghai Composite ended the day 1.30 per cent up, while Hong Kong's Hang Seng settled 1.34 per cent higher.
Overnight, US Markets moved sharply higher to end at highest in two months after the ECB news and earnings reports that included better-than-expected results from McDonald's Corp.
Lowdown on markets today:
9:30 am
Sensex at 27,516.62, up 228.96 points
Nifty at 8,314.20, up 62.50 points
11:00 am
Sensex at 27,508.48, up 220.82 points
Nifty 8,308.85, up 57.15 points
13:00 pm
Sensex at 27470.98, up 183 points
Nifty at 8296.75, up 45 points
14:00 pm
Sensex at 27,524.23, up 236.57 points
Nifty at 8,313.05, up 61.35 points
3:20 pm
Sensex at at 27,470.30, up 182.64 points
Nifty at 8,296.55, up 44.85 points
The S&P BSE Sensex ended 183.15 points up to close below its crucial psychological level of 27,500 after rising as much as 267 points in the early trade, while broader CNX Nifty settled a tad below its key support level of 8,300-mark at 8,295.45, up 43.75 points.
The indices, rising for the first time in three days, also got a leg-up from the rupee, which appreciated against the dollar.
A strong closing at Asian markets and a higher opening in Europe after ECB chief Mario Draghi indicated that more rate cuts are on the table to prop up the euro zone economy buoyed sentiment here, brokers said.
ITC and Axis Bank emerged as top gainers in the Sensex pack by surging 2.81 per cent each.
The rally in the benchmark was also fuelled by gains in GAIL, NTPC, HDFC and ICICI Bank.
Market breadth remained fairly positive with 20 of the 30 Sensex stocks ending the day in green.
BSE FMCG and BSE BANKEX were the top sectoral gainers, which settled the day 1.32 per cent and 1.08 per cent up, respectively.
The broader markets, however, were down as investors locked in gains in recent gainers. The BSE small-cap and the mid-cap indices fell 0.37 per cent and 0.26 per cent, respectively.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 48.33 crore on Wednesday, as per provisional data.
Shares of Idea Cellular slumped 7.23 per cent in trade after the mobile operator posted quarterly net profit slightly below analysts' expectations, hit by cheaper call rates. The stock was the top Nifty loser.
Shares of KPIT settled 9.32 per cent up after rising to Rs 144.65, up 17 per cent intraday as the company recorded stellar September quarterly earnings.
Among Asian markets , Japan's Nikkei jumped 2.1 per cent to close at 18,825.30 points after rising to as much as 18,886.75, the highest since August 31. China's Shanghai Composite ended the day 1.30 per cent up, while Hong Kong's Hang Seng settled 1.34 per cent higher.
Overnight, US Markets moved sharply higher to end at highest in two months after the ECB news and earnings reports that included better-than-expected results from McDonald's Corp.
Lowdown on markets today:
9:30 am
Sensex at 27,516.62, up 228.96 points
Nifty at 8,314.20, up 62.50 points
11:00 am
Sensex at 27,508.48, up 220.82 points
Nifty 8,308.85, up 57.15 points
13:00 pm
Sensex at 27470.98, up 183 points
Nifty at 8296.75, up 45 points
14:00 pm
Sensex at 27,524.23, up 236.57 points
Nifty at 8,313.05, up 61.35 points
3:20 pm
Sensex at at 27,470.30, up 182.64 points
Nifty at 8,296.55, up 44.85 points
Wipro, KPIT and Idea among top 10 stocks that hogged limelight in today's trade
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Marking their fourth consecutive week of gains, the domestic markets ended about 1 per cent higher on Friday, tracking global markets that rose after the European Central Bank (ECB) on Thursday signaled its readiness to inject more stimulus.
The S&P BSE Sensex ended 183.15 points up to close below its crucial psychological level of 27,500 after rising as much as 267 points in the early trade, while broader CNX Nifty settled a tad below its key support level of 8,300-mark at 8,295.45, up 43.75 points.
Market breadth remained fairly positive with 20 of the 30 Sensex stocks ending the day in green.
Here are top stocks that are in focus today:
- Wipro: Shares of Wipro fell 2 per cent in trade on Friday after country's third-biggest software services exporter reported a 7.2 per cent rise in quarterly profits on Wednesday after market hours but forecast a tepid quarter ahead due to furloughs in the US and Europe. The stock ended 1.68 per cent down and fell 1.99 per cent during the day on the Bombay Stock Exchange (BSE).
- KPIT Technologies: Shares of KPIT Technologieszoomed over 17 per cent in trade on Friday after the IT consulting and software firm reported a whopping 69 per cent quarter-on-quarter net profit growth in the September quarter to Rs 75.08 crore on strong improvement in operating profit performance. The company had reported Rs 44.41 crore net profit in the June quarter. The stock ended 9.32 per cent up at Rs 134.85 after hitting an intraday high of Rs 144.65, up 17.26 per cent on BSE.
- HCL Infosystems: Shares of HCL Infosystems slipped over 8 per cent in trade on Friday, after the IT services and distribution firm reported widening of consolidated net loss to Rs 49.24 crore for the first quarter ended September 30, 2015. The company follows July-June quarter. The scrip ended the day 4.50 per cent down after hitting an intraday low of Rs 54.80, down 8.66 per cent, on the BSE.
- Idea Cellular: Shares of Idea Cellular slumped nearly 9 per cent in trade on Friday after the mobile operator posted quarterly net profit slightly below analysts' expectations, hit by cheaper call rates. The stock ended the day 7.29 per cent down after hitting an intraday low of Rs 138, down 8.97 per cent.
- Srei Infrastructure Finance: Shares of Srei Infrastructure Finance tumbled over 9 per cent in trade on Friday, adding to 4.64 per cent decline in the previous session after US-based American Tower Corp (ATC) agreed to buy a majority stake in telecom tower firm Viom Networks for Rs 7,635 crore in an all-cash deal. SREI Infrastructure owns 18.50 per cent stake in Viom. The stock ended the day 7.94 per cent lower after hitting anintraday low of Rs 50.30 , down 9.28 per cent on the Bombay Stock Exchange (BSE).
- Cairn India: Mining billionaire Anil Agarwal-controlled Cairn India ended 2.73 per cent up even as the company reported a 70 per cent plunge in September quarter net profit on oil prices dipping to their lowest levels in six years. It posted net profit at Rs 673 crore or Rs 5.54 per share in July-September compared with Rs 2,278 crore or Rs 13.77 per share in the same period a year ago.
- Reliance Communications: Shares of Reliance Communications ended 2.28 per cent down after the telecom operator announced plans to roll out a 3G ICR-like roaming agreement to continue 2G service in Bihar, West Bengal and Assam after its right to use 2G spectrum expires in December.
- Maruti Suzuki: Maruti Suzuki shares ended 2 per cent down after the company hiked wages of temporary workers of its Gurgaon and Manesar plants, including those of Suzuki Powertrain, by an average 10 per cent a month. The increase is effective from April 2015 onwards and arrears have been paid to the temporary workmen along with last month's salary.
- Cadila: Shares of Cadila Healthcare ended 2.59 per cent up after the pharma firm posted 40.56 per cent jump in consolidated net profit to Rs 390.91 for the second quarter ended on September 30, 2015-16. "The Group has posted a net profit after taxes, minority interest and share in profit of associates of Rs 390.91 crore for the quarter ended September 30, 2015 as compared to Rs 278.09 crore for the quarter ended September 30, 2014," Cadila said in a BSE filing.
- Indiabulls Real Estate: Indiabulls Real Estate ended nearly 4 per cent down at Rs 64.65 after the realty firm received approval from a UK authority for the plan to redevelop its project in London. Last year, the company had entered the London market with acquisition of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft commercial property for Rs 1,630 crore.
Marking their fourth consecutive week of gains, the domestic markets ended about 1 per cent higher on Friday, tracking global markets that rose after the European Central Bank (ECB) on Thursday signaled its readiness to inject more stimulus.
The S&P BSE Sensex ended 183.15 points up to close below its crucial psychological level of 27,500 after rising as much as 267 points in the early trade, while broader CNX Nifty settled a tad below its key support level of 8,300-mark at 8,295.45, up 43.75 points.
Market breadth remained fairly positive with 20 of the 30 Sensex stocks ending the day in green.
Here are top stocks that are in focus today:
- Wipro: Shares of Wipro fell 2 per cent in trade on Friday after country's third-biggest software services exporter reported a 7.2 per cent rise in quarterly profits on Wednesday after market hours but forecast a tepid quarter ahead due to furloughs in the US and Europe. The stock ended 1.68 per cent down and fell 1.99 per cent during the day on the Bombay Stock Exchange (BSE).
- KPIT Technologies: Shares of KPIT Technologieszoomed over 17 per cent in trade on Friday after the IT consulting and software firm reported a whopping 69 per cent quarter-on-quarter net profit growth in the September quarter to Rs 75.08 crore on strong improvement in operating profit performance. The company had reported Rs 44.41 crore net profit in the June quarter. The stock ended 9.32 per cent up at Rs 134.85 after hitting an intraday high of Rs 144.65, up 17.26 per cent on BSE.
- HCL Infosystems: Shares of HCL Infosystems slipped over 8 per cent in trade on Friday, after the IT services and distribution firm reported widening of consolidated net loss to Rs 49.24 crore for the first quarter ended September 30, 2015. The company follows July-June quarter. The scrip ended the day 4.50 per cent down after hitting an intraday low of Rs 54.80, down 8.66 per cent, on the BSE.
- Idea Cellular: Shares of Idea Cellular slumped nearly 9 per cent in trade on Friday after the mobile operator posted quarterly net profit slightly below analysts' expectations, hit by cheaper call rates. The stock ended the day 7.29 per cent down after hitting an intraday low of Rs 138, down 8.97 per cent.
- Srei Infrastructure Finance: Shares of Srei Infrastructure Finance tumbled over 9 per cent in trade on Friday, adding to 4.64 per cent decline in the previous session after US-based American Tower Corp (ATC) agreed to buy a majority stake in telecom tower firm Viom Networks for Rs 7,635 crore in an all-cash deal. SREI Infrastructure owns 18.50 per cent stake in Viom. The stock ended the day 7.94 per cent lower after hitting anintraday low of Rs 50.30 , down 9.28 per cent on the Bombay Stock Exchange (BSE).
- Cairn India: Mining billionaire Anil Agarwal-controlled Cairn India ended 2.73 per cent up even as the company reported a 70 per cent plunge in September quarter net profit on oil prices dipping to their lowest levels in six years. It posted net profit at Rs 673 crore or Rs 5.54 per share in July-September compared with Rs 2,278 crore or Rs 13.77 per share in the same period a year ago.
- Reliance Communications: Shares of Reliance Communications ended 2.28 per cent down after the telecom operator announced plans to roll out a 3G ICR-like roaming agreement to continue 2G service in Bihar, West Bengal and Assam after its right to use 2G spectrum expires in December.
- Maruti Suzuki: Maruti Suzuki shares ended 2 per cent down after the company hiked wages of temporary workers of its Gurgaon and Manesar plants, including those of Suzuki Powertrain, by an average 10 per cent a month. The increase is effective from April 2015 onwards and arrears have been paid to the temporary workmen along with last month's salary.
- Cadila: Shares of Cadila Healthcare ended 2.59 per cent up after the pharma firm posted 40.56 per cent jump in consolidated net profit to Rs 390.91 for the second quarter ended on September 30, 2015-16. "The Group has posted a net profit after taxes, minority interest and share in profit of associates of Rs 390.91 crore for the quarter ended September 30, 2015 as compared to Rs 278.09 crore for the quarter ended September 30, 2014," Cadila said in a BSE filing.
- Indiabulls Real Estate: Indiabulls Real Estate ended nearly 4 per cent down at Rs 64.65 after the realty firm received approval from a UK authority for the plan to redevelop its project in London. Last year, the company had entered the London market with acquisition of 22, Hanover Square in Mayfair, Central London, a 87,444 sq ft commercial property for Rs 1,630 crore.
Tata Steel, Britain offer more aid to steel town
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Tata Steel will offer 3 million pounds ($4.62 million), to be matched by government, for job creation in Britain's Scunthorpe where its steel plant is to restructure, the two said in a joint statement.
Tata Steel, Britain's biggest steelmaker , may cut about 1,200 jobs as part of plans to restructure there.
"Tata Steel's regeneration arm UK Steel Enterprise has pledged 3 million pounds to support job creation in Scunthorpe, on top of 10 million pounds it has already earmarked to help regenerate UK steel communities over the next five years," the government and Tata Steel said.
The crisis in Britain's steel sector escalated further this week as Tata Steel blamed its decision to cut British jobs on a flood of cheap imports, particularly from China.
This month alone, over 4,000 UK steel jobs have been lost or are now at risk, with the country's steelmakers and unions pinning much of the blame on China.
China makes nearly half the world's 1.6 billion tonnes of steel. With growth slowing, it is expected to export a record 100 million tonnes of steel to world markets this year to help address its spare steelmaking capacity.
Tata Steel will offer 3 million pounds ($4.62 million), to be matched by government, for job creation in Britain's Scunthorpe where its steel plant is to restructure, the two said in a joint statement.
Tata Steel, Britain's biggest steelmaker , may cut about 1,200 jobs as part of plans to restructure there.
"Tata Steel's regeneration arm UK Steel Enterprise has pledged 3 million pounds to support job creation in Scunthorpe, on top of 10 million pounds it has already earmarked to help regenerate UK steel communities over the next five years," the government and Tata Steel said.
The crisis in Britain's steel sector escalated further this week as Tata Steel blamed its decision to cut British jobs on a flood of cheap imports, particularly from China.
This month alone, over 4,000 UK steel jobs have been lost or are now at risk, with the country's steelmakers and unions pinning much of the blame on China.
China makes nearly half the world's 1.6 billion tonnes of steel. With growth slowing, it is expected to export a record 100 million tonnes of steel to world markets this year to help address its spare steelmaking capacity.
Price of pulses falls as govt intensifies crackdown against hoarding
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The slide in prices of select pulses continued unabated at the wholesale market in the national capital on Friday following reports of raids by authorities on hoarders and the government's decision to import more lentils to check prices.
Traders said the government's measures to curb soaring prices of pulses , including intensifying anti-hoarding operations, dragged down prices of select pulses by up to Rs 200 per quintal.
Over 35,000 tonnes of pulses have been seized from 10 states in last few days after state governments intensified crackdown against hoarding and black-marketing of the commodity.
To control sky-rocketing prices, the Centre has decided to create a buffer stock of 40,000 tonnes besides sale of imported pulses at cheaper rates and imposition of stock limits on traders as well as departmental stores, licensed food processors, importers and exporters.
Meanwhile, pulses importers on Friday offered to supply 1 lakh kg of tur dal per day at Rs 135 a kilogram and asked the government to exempt them form stock-holding limits.
In the national capital, urad and its dal chilka local fell by Rs 200 each to Rs 9,300-10,300 and Rs 10,300-10,500 per quintal, respectively.
Its dal best quality and dhoya followed suit and eased by a similar margin to Rs 10,400-11,000 and Rs 10,800-11,000 per quintal.
Moong and its dal chilka local moved down by Rs 200 each to Rs 7,400-8,000 and Rs 8,000-8,400 per quintal, respectively.
Its dal dhoya local and best quality traded lower by a similar margin to Rs 8,300-8,800 and Rs 8800-9,000 per quintal.
Arhar lost Rs 100 at Rs 12,100-12,400 per quintal.
The slide in prices of select pulses continued unabated at the wholesale market in the national capital on Friday following reports of raids by authorities on hoarders and the government's decision to import more lentils to check prices.
Traders said the government's measures to curb soaring prices of pulses , including intensifying anti-hoarding operations, dragged down prices of select pulses by up to Rs 200 per quintal.
Over 35,000 tonnes of pulses have been seized from 10 states in last few days after state governments intensified crackdown against hoarding and black-marketing of the commodity.
To control sky-rocketing prices, the Centre has decided to create a buffer stock of 40,000 tonnes besides sale of imported pulses at cheaper rates and imposition of stock limits on traders as well as departmental stores, licensed food processors, importers and exporters.
Meanwhile, pulses importers on Friday offered to supply 1 lakh kg of tur dal per day at Rs 135 a kilogram and asked the government to exempt them form stock-holding limits.
In the national capital, urad and its dal chilka local fell by Rs 200 each to Rs 9,300-10,300 and Rs 10,300-10,500 per quintal, respectively.
Its dal best quality and dhoya followed suit and eased by a similar margin to Rs 10,400-11,000 and Rs 10,800-11,000 per quintal.
Moong and its dal chilka local moved down by Rs 200 each to Rs 7,400-8,000 and Rs 8,000-8,400 per quintal, respectively.
Its dal dhoya local and best quality traded lower by a similar margin to Rs 8,300-8,800 and Rs 8800-9,000 per quintal.
Arhar lost Rs 100 at Rs 12,100-12,400 per quintal.
China's central bank cuts rates for 6th time since November
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China's central bank cut interest rates for the sixth time since November on Friday in another attempt to jumpstart a slowing economy.
The People's Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 per cent, effective from October 24.
The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50 per cent.
China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policymakers seek to invigorate an economy beset by weak demand and excessive industrial capacity.
China's central bank cut interest rates for the sixth time since November on Friday in another attempt to jumpstart a slowing economy.
The People's Bank of China (PBOC) said on its website that it was lowering the one-year benchmark bank lending rate by 25 basis points to 4.35 per cent, effective from October 24.
The one-year benchmark deposit rate was also lowered by 25 basis points to 1.50 per cent.
China has pursued its most aggressive policy easing cycle this year since the 2008/09 global financial crisis, as policymakers seek to invigorate an economy beset by weak demand and excessive industrial capacity.
General Awareness
India 2nd Most Optimistic In Biz Optimism Globally – International Business Report
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A quarterly global survey of 2,580 business leaders called The Grant Thornton International Business Report (IBR) reveals that India ranked second after Ireland in terms of the business optimism.
India Inc originated as the second most optimistic in the business optimism globally in a survey showing that 86 per cent of Indian respondents are bullish about an increase in revenue of their companies.
The survey also mention that 86 percent Indian Business are optimistic about increase in revenue compared to 83 per cent last quarter. Indian businesses are positive about profitability with 69 per cent respondents expecting a rise in the profits.
India is relatively insulated from the slowdown in china and sees a slight gain in confidence despite falling exports.
Indian business consistently optimistic in their business outlook over the past decade based on the underlying economy,the consistent high growth rate, entrepreneurial dynamism in being able to create new opportunities and businesses and the lower reliance on global trade based on significant domestic demand
The pessimism on employment, which is a key factor and need for the country given the demographic dividend which could turn into a demographic nightmare without adequate employment generation.
The survey informed that ICT (Information Communication Technology) infrastructure is the biggest concern for Indian Businesses followed by lack of skilled workers and red tape. And there is not any major improvement in the expectations of an increase in R&D activities and exports in the country from the last quarter.
A quarterly global survey of 2,580 business leaders called The Grant Thornton International Business Report (IBR) reveals that India ranked second after Ireland in terms of the business optimism.India Inc originated as the second most optimistic in the business optimism globally in a survey showing that 86 per cent of Indian respondents are bullish about an increase in revenue of their companies.
The survey also mention that 86 percent Indian Business are optimistic about increase in revenue compared to 83 per cent last quarter. Indian businesses are positive about profitability with 69 per cent respondents expecting a rise in the profits.India is relatively insulated from the slowdown in china and sees a slight gain in confidence despite falling exports.Indian business consistently optimistic in their business outlook over the past decade based on the underlying economy,the consistent high growth rate, entrepreneurial dynamism in being able to create new opportunities and businesses and the lower reliance on global trade based on significant domestic demandThe pessimism on employment, which is a key factor and need for the country given the demographic dividend which could turn into a demographic nightmare without adequate employment generation.The survey informed that ICT (Information Communication Technology) infrastructure is the biggest concern for Indian Businesses followed by lack of skilled workers and red tape. And there is not any major improvement in the expectations of an increase in R&D activities and exports in the country from the last quarter.
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