General Affairs
More Rain Forecast in Tamil Nadu, Puducherry
Good That I Left His Company: Anna Hazare on Arvind Kejriwal Hugging Lalu Yadav
BJP Wins 2 Assembly Seats in Manipur Bypoll
Palestinian Attacks 'Acts of Terrorism' That Must Be Condemned: John Kerry
NASA Finding Bolsters Indian Theory on Black Hole
PM Narendra Modi promises more reforms; hopes to roll out GST in 2016
Sensex, Nifty end in red ahead of F&O expiry; Maruti Suzuki top loser
Nippon acquires 23% more stake in Reliance Life for Rs 2,265 cr
Foreign banks buy up bulk of state govt's debt bonds
Govt mulls tax incentives to ensure 'Housing for All' by 2022
More Rain Forecast in Tamil Nadu, Puducherry
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CHENNAI: Heavy overnight rains in the city have once again resulted in inundation of low-lying areas and subways, even as the weather office forecast more rain in the state.
The sharp showers left railway underbridges at Minambakkam, Alandur and Palavanthangal water-logged, rendering them useless for commuters.These subways in the southern suburbs serve as key connecting points to GST Road leading to the city.
Meanwhile, the northeast monsoon, which brings the bulk of rain to Tamil Nadu, was 'active', the weather office said even as a trough of low pressure over Southwest Bay and adjoining Srilanka Coast brought more rains to the city and its suburbs last night.
The weather office forecast light to moderate rain at a few places over all the districts of Tamil Nadu and Puducherry and said rain or thundershowers may occur in some areas in Chennai.
Meanwhile, Papanasam in Tirunelveli district and Tambaram in Kancheepuram district received 18 cm and 17 cm of rainfall respectively, according to the rainfall statistics available till 8.30 AM.
Many other parts of the state also received good spells. The bountiful rains have filled various water bodies in different parts of the state, including in Chennai and neighbouring Kancheepuram and Tiruvallore districts.
CHENNAI: Heavy overnight rains in the city have once again resulted in inundation of low-lying areas and subways, even as the weather office forecast more rain in the state.The sharp showers left railway underbridges at Minambakkam, Alandur and Palavanthangal water-logged, rendering them useless for commuters.These subways in the southern suburbs serve as key connecting points to GST Road leading to the city.
Meanwhile, the northeast monsoon, which brings the bulk of rain to Tamil Nadu, was 'active', the weather office said even as a trough of low pressure over Southwest Bay and adjoining Srilanka Coast brought more rains to the city and its suburbs last night.
The weather office forecast light to moderate rain at a few places over all the districts of Tamil Nadu and Puducherry and said rain or thundershowers may occur in some areas in Chennai.
Many other parts of the state also received good spells. The bountiful rains have filled various water bodies in different parts of the state, including in Chennai and neighbouring Kancheepuram and Tiruvallore districts.
Good That I Left His Company: Anna Hazare on Arvind Kejriwal Hugging Lalu Yadav
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MUMBAI: Social activist Anna Hazare today expressed his disappointment on the warm embrace his former protege and Aam Aadmi Party (AAP) leader Arvind Kejriwal and Rashtriya Janata Dal (RJD) chief Lalu Yadav shared on stage on the sidelines of the Bihar Chief Minister Nitish Kumar's oath ceremony in Patna on Friday.
"It's good that I left Arvind's company, or else I would also be facing a similar predicament," Mr Hazare said. "Shaking hands with Lalu and hugging him is not okay," he said at his native village Ralegan Siddhi in Ahmednagar district on Maharashtra.
Mr Hazare's comments came even as the Delhi chief minister sought to clear the air on the "hug" that has become a much discussed topic in the country. Mr Kejriwal claimed that the RJD chief was the sole author of the warm embrace the two leaders shared.
"He shook my hand and pulled me into a hug and then he held my hand and raised it," said Mr Kejriwal, adding, "It was projected and questions were asked."
Photographs of the two leaders went viral on social media and a tweet from Mr Kejriwal two years ago was dug up to remind the former anti-corruption activist of his stand on Mr Yadav when the latter was convicted in a corruption case.
The hug earned the Delhi chief minister criticism not only on social media but also from political rivals, including former AAP colleague Yogendra Yadav who said, "Political capital of the movement sold to symbols of political corruption. Ashamed!"
MUMBAI: Social activist Anna Hazare today expressed his disappointment on the warm embrace his former protege and Aam Aadmi Party (AAP) leader Arvind Kejriwal and Rashtriya Janata Dal (RJD) chief Lalu Yadav shared on stage on the sidelines of the Bihar Chief Minister Nitish Kumar's oath ceremony in Patna on Friday."It's good that I left Arvind's company, or else I would also be facing a similar predicament," Mr Hazare said. "Shaking hands with Lalu and hugging him is not okay," he said at his native village Ralegan Siddhi in Ahmednagar district on Maharashtra.
"He shook my hand and pulled me into a hug and then he held my hand and raised it," said Mr Kejriwal, adding, "It was projected and questions were asked."
Photographs of the two leaders went viral on social media and a tweet from Mr Kejriwal two years ago was dug up to remind the former anti-corruption activist of his stand on Mr Yadav when the latter was convicted in a corruption case.
The hug earned the Delhi chief minister criticism not only on social media but also from political rivals, including former AAP colleague Yogendra Yadav who said, "Political capital of the movement sold to symbols of political corruption. Ashamed!"
BJP Wins 2 Assembly Seats in Manipur Bypoll
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IMPHAL: BJP opened its account in Manipur Assembly by winning the bypoll in two constituencies of Thangmeiband and Thongju today.
BJP trounced ruling Congress in both the seats. Kh Joykishan Singh of BJP won Thangmeiband assembly seat by securing 12,098 against Jyotin Waikhom of Congress who got 10,195 votes.
Th Bishwajit Singh of BJP won Thongju Assembly constituency by securing 14,605 against Bijoy Koijam of Congress who obtained 11,393 votes, the election office said.
G A Tonsana Sharma of Manipur Democratic People Front lost his deposit as he failed to secured the required number of votes in both the constituencies.
The bypolls were necessitated when the Speaker disqualified both the MLAs Kh Joykishan Singh and Th Biswajit Singh of Thangmeiband and Thongju respectively under the anti-defection law on May 28.
The Speaker had also disqualified the MLA of Wangoi Assembly Constituency, O Lukhoi the same day, but following an appeal in the Court, the High Court of Manipur had ruled that the Wangoi seat was not vacant.
The then two MLAs of Thangmeiband AC and Thongju AC had announced that they would not approach the Court but instead go to the people who had elected them earlier.
The Speaker had disqualified the three MLAs on the ground that they had formed a new political party of their own with a separate constitution from the Trinamool Congress.
In Thangmeiband assembly constituency, the three contenders in this bypoll were - Kh Joykishan of BJP, Jyotin Waikhom of Congress and G A Tonsana Sharma of Manipur Democratic People Front (MDPF).
In Thongju assembly constituency, three contestants were - G A Tonsana Sharma of MDPF, Bijoy Koijam of INC and Th Bishwajit Singh of BJP.
IMPHAL: BJP opened its account in Manipur Assembly by winning the bypoll in two constituencies of Thangmeiband and Thongju today.BJP trounced ruling Congress in both the seats. Kh Joykishan Singh of BJP won Thangmeiband assembly seat by securing 12,098 against Jyotin Waikhom of Congress who got 10,195 votes.
Th Bishwajit Singh of BJP won Thongju Assembly constituency by securing 14,605 against Bijoy Koijam of Congress who obtained 11,393 votes, the election office said.
G A Tonsana Sharma of Manipur Democratic People Front lost his deposit as he failed to secured the required number of votes in both the constituencies.
The Speaker had also disqualified the MLA of Wangoi Assembly Constituency, O Lukhoi the same day, but following an appeal in the Court, the High Court of Manipur had ruled that the Wangoi seat was not vacant.
The then two MLAs of Thangmeiband AC and Thongju AC had announced that they would not approach the Court but instead go to the people who had elected them earlier.
The Speaker had disqualified the three MLAs on the ground that they had formed a new political party of their own with a separate constitution from the Trinamool Congress.
In Thangmeiband assembly constituency, the three contenders in this bypoll were - Kh Joykishan of BJP, Jyotin Waikhom of Congress and G A Tonsana Sharma of Manipur Democratic People Front (MDPF).
In Thongju assembly constituency, three contestants were - G A Tonsana Sharma of MDPF, Bijoy Koijam of INC and Th Bishwajit Singh of BJP.
Palestinian Attacks 'Acts of Terrorism' That Must Be Condemned: John Kerry
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JERUSALEM: US Secretary of State John Kerry began a one-day visit to Israel and the Palestinian territories today by describing a wave of Palestinian knife and car ramming attacks as terrorism that must be condemned.
At the start of a meeting with Israeli Prime Minister Benjamin Netanyahu, Kerry said they would discuss ways to work together to restore calm. With US-backed Palestinian statehood negotiations frozen since 2014, Netanyahu said there could be no peace while an "onslaught of terror" continued.
Shortly before Kerry and Netanyahu convened in Jerusalem, a Palestinian drove his car into three Israeli soldiers and a paramilitary border policeman along a road in the occupied West Bank, injuring all four, the army said.
Israeli forces shot and wounded the driver.
"It is very clear to us that the terrorism, these acts of terrorism which have been taking place, deserve the condemnation that they are receiving," Kerry told reporters, with Netanyahu at his side.
"And today I express my complete condemnation for any act of terror that takes innocent lives and disrupts the day-to-day life of a nation," Kerry said.
He was due to meet Palestinian President Mahmoud Abbas later in the day in the West Bank city of Ramallah.
Abbas and other Palestinian leaders have accused Israel of using excessive force to quell attacks, saying that in many cases assailants could have been stopped and detained without being shot and killed. They have also described the violence as a consequence of Israel's occupation and related policies.
Since October 1, 19 Israelis and an American have been killed in Palestinian attacks. Eighty-six Palestinians have been killed, some while carry out assaults and others in clashes with Israeli forces. Many of them were teenagers.
The bloodshed has been driven in part by Muslim agitation over stepped-up Jewish visits to East Jerusalem's al-Aqsa mosque compound - Islam's third holiest site and also revered by Jews as the location of two destroyed biblical temples.
In Abu Dhabi on Monday, Kerry said Washington had ideas "for how things could proceed" to try to stem the violence. But he cautioned: "People aren't in the mood for concessions".
JERUSALEM: US Secretary of State John Kerry began a one-day visit to Israel and the Palestinian territories today by describing a wave of Palestinian knife and car ramming attacks as terrorism that must be condemned.At the start of a meeting with Israeli Prime Minister Benjamin Netanyahu, Kerry said they would discuss ways to work together to restore calm. With US-backed Palestinian statehood negotiations frozen since 2014, Netanyahu said there could be no peace while an "onslaught of terror" continued.
Shortly before Kerry and Netanyahu convened in Jerusalem, a Palestinian drove his car into three Israeli soldiers and a paramilitary border policeman along a road in the occupied West Bank, injuring all four, the army said.
"It is very clear to us that the terrorism, these acts of terrorism which have been taking place, deserve the condemnation that they are receiving," Kerry told reporters, with Netanyahu at his side.
"And today I express my complete condemnation for any act of terror that takes innocent lives and disrupts the day-to-day life of a nation," Kerry said.
He was due to meet Palestinian President Mahmoud Abbas later in the day in the West Bank city of Ramallah.
Abbas and other Palestinian leaders have accused Israel of using excessive force to quell attacks, saying that in many cases assailants could have been stopped and detained without being shot and killed. They have also described the violence as a consequence of Israel's occupation and related policies.
Since October 1, 19 Israelis and an American have been killed in Palestinian attacks. Eighty-six Palestinians have been killed, some while carry out assaults and others in clashes with Israeli forces. Many of them were teenagers.
The bloodshed has been driven in part by Muslim agitation over stepped-up Jewish visits to East Jerusalem's al-Aqsa mosque compound - Islam's third holiest site and also revered by Jews as the location of two destroyed biblical temples.
In Abu Dhabi on Monday, Kerry said Washington had ideas "for how things could proceed" to try to stem the violence. But he cautioned: "People aren't in the mood for concessions".
NASA Finding Bolsters Indian Theory on Black Hole
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BANGALORE: An Indian astrophysicist says the recent observation by NASA scientists of giant flares of X-rays from a black hole confirms his theory that the so-called black holes are not "true" black holes but actually ultra hot balls of fire like our Sun.
According to mainstream astrophysicists, extremely massive stars collapse into ultra compact objects called black holes whose gravitational field is so powerful that even light cannot escape from its imaginary boundary called "event horizon".
Naturally, it came as a surprise when NASA announced last month that two of its space telescopes caught a huge burst of X-ray spewing out of a super massive black hole.
What is unique about this giant flare is it appeared to be triggered by the eruption of a massive corona (charged particles) from the "black hole". If nothing can get out of a black hole, how did the corona come out of it?
Abhas Mitra -- till recently head of theoretical astrophysics at the Bhabha Atomic Research Centre (BARC) in Mumbai and currently Adjunct Professor at the Homi Bhabha National Institute -- says NASA's observation has only bolstered his theory that "true" black holes do not exist and that the so-called black holes are in fact hot balls of magnetized plasma (ionized
gas stripped of electrons).
As a massive star contracts to the size of a black hole, the radiation trapped within the extremely hot star must exert an outward force to counter the gravitational pull resulting into a state of eternal contraction with an infinitesimally slow rate, Mr Mitra explained.
"Thus, instead of true black holes predicted by Einstein's theory, we proposed that massive stars end up as balls of fire -- termed Magnetospheric Eternally Collapsing Objects or MECOs."
Mr Mitra, a distinguished alumnus of Mumbai University, said NASA's observation of giant X-ray flares from black hole can be most naturally explained by this MECO paradigm.
MECOs possess accretion disks around them, something similar to the rings of Saturn, and also may be immersed in a sea of interstellar gases, he said.
"Gas streams pulled inward by gravity get extremely hot by friction and may radiate X-rays."
Mr Mitra said relevant proofs behind this new paradigm have been published in leading peer-reviewed journals beginning 2000.
"Our best example of a magnetized ball of fire is our Sun which is surrounded by a tenuous aura of plasma called Corona," he said.
"Instabilities associated with this magnetized plasma result in intermittent eruptions from the Sun in the form of solar flares and coronal mass ejections."
While a true black hole cannot possess any intrinsic magnetic field, there can be magnetic field associated with the disk or gas surrounding a MECO.
Strong magnetic fields have indeed been detected around several so-called "black holes" suggesting that they are actually MECOs and not true black holes.
The super strong flare witnessed by NASA, which appeared to originate right from the central part of MECO, is akin to the well-known phenomenon of 'Coronal Mass Ejection' from the Sun, Mr Mitra said.
"This latest astrophysical observation by NASA should prompt astrophysicists to take a closer look at the MECO paradigm," Mr Mitra said.
BANGALORE: An Indian astrophysicist says the recent observation by NASA scientists of giant flares of X-rays from a black hole confirms his theory that the so-called black holes are not "true" black holes but actually ultra hot balls of fire like our Sun.According to mainstream astrophysicists, extremely massive stars collapse into ultra compact objects called black holes whose gravitational field is so powerful that even light cannot escape from its imaginary boundary called "event horizon".
Naturally, it came as a surprise when NASA announced last month that two of its space telescopes caught a huge burst of X-ray spewing out of a super massive black hole.
Abhas Mitra -- till recently head of theoretical astrophysics at the Bhabha Atomic Research Centre (BARC) in Mumbai and currently Adjunct Professor at the Homi Bhabha National Institute -- says NASA's observation has only bolstered his theory that "true" black holes do not exist and that the so-called black holes are in fact hot balls of magnetized plasma (ionized
gas stripped of electrons).
As a massive star contracts to the size of a black hole, the radiation trapped within the extremely hot star must exert an outward force to counter the gravitational pull resulting into a state of eternal contraction with an infinitesimally slow rate, Mr Mitra explained.
"Thus, instead of true black holes predicted by Einstein's theory, we proposed that massive stars end up as balls of fire -- termed Magnetospheric Eternally Collapsing Objects or MECOs."
Mr Mitra, a distinguished alumnus of Mumbai University, said NASA's observation of giant X-ray flares from black hole can be most naturally explained by this MECO paradigm.
MECOs possess accretion disks around them, something similar to the rings of Saturn, and also may be immersed in a sea of interstellar gases, he said.
"Gas streams pulled inward by gravity get extremely hot by friction and may radiate X-rays."
Mr Mitra said relevant proofs behind this new paradigm have been published in leading peer-reviewed journals beginning 2000.
"Our best example of a magnetized ball of fire is our Sun which is surrounded by a tenuous aura of plasma called Corona," he said.
"Instabilities associated with this magnetized plasma result in intermittent eruptions from the Sun in the form of solar flares and coronal mass ejections."
While a true black hole cannot possess any intrinsic magnetic field, there can be magnetic field associated with the disk or gas surrounding a MECO.
Strong magnetic fields have indeed been detected around several so-called "black holes" suggesting that they are actually MECOs and not true black holes.
The super strong flare witnessed by NASA, which appeared to originate right from the central part of MECO, is akin to the well-known phenomenon of 'Coronal Mass Ejection' from the Sun, Mr Mitra said.
"This latest astrophysical observation by NASA should prompt astrophysicists to take a closer look at the MECO paradigm," Mr Mitra said.
Business Affairs
PM Narendra Modi promises more reforms; hopes to roll out GST in 2016
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Promising more reforms to make India more attractive for foreign investments, Prime Minister Narendra Modi on Tuesday assured investors that he would "carefully hold" their hands and expressed hope that the GST regime would be rolled out in 2016.
Speaking at the India Singapore Economic Convention, PM Modi said India is exploring a potential partnership with Singapore's Changi Airport for developments of two Indian airports and invited companies here to join in building smart cities.
"In the last 18 months, the run-ways for the take-off of the economy have been made. Reforms are happening in a big way. They are now reaching to the last mile. Reform is to transform the system so that they perform. They aim at helping people realise their dreams.
"It means more charm on the faces and less forms in the offices. Efforts to deepen financial markets have been made," Modi said.
The Prime Minister said his government began to liberalise FDI laws soon after coming to power last year and the latest round of FDI reforms have made India the "most open economy" in the world.
"We are also conscious of last mile operational issues in such matters and we are fine tuning the norms. Recently, we further eased FDI norms, after which India is the most open economy in terms of FDI," he added.
While talking about 40 per cent increase in FDI and improvement in rankings like ease of doing business and world competitiveness index, Modi said, "Perceptions are turning into positive outcomes".
"We are hopeful to roll out GST regime in 2016. The company law tribunal is being set up. FDI inflows have gone up by 40 per cent compared with previous year's comparative period. Perceptions are turning into positive outcomes. FDI commitments are translating into reality," he noted.
Modi also outlined 14 decisive steps taken to address regulatory and taxation concerns and said that India offers tremendous opportunities for investments, ranging from affordable housing to smart cities, railways to renewable energy.
"I am here to invite you to India in a bigger way. I have also come to assure you that I am there to carefully hold your hands," Modi said.
"Our commitment to mitigate the dangers of climate change arise from the belief that nature is our mother. We will do more than required," he added.
About his two-day visit, Modi said, "My visit has been very positive and productive and I had excellent meetings with Singapore leaders. We have concluded a strategic partnership which takes the relationship to a new level."
"We have set high level of ambitions for this relationship. Our historic ties and cultural proximity are our assets," he said, while referring to a large Indian diaspora present here.
The Prime Minister said economic partnership has been the key driver of the India-Singapore relationship.
Noting that Singapore is India's tenth largest trade partner globally and second largest in ASEAN, Modi said the bilateral trade has risen manifold.
"Singapore has emerged as the second largest source of FDI into India. The outward Indian FDI into Singapore has also risen in the recent times. Singapore is one of the top destinations for Indian investments. A significantly large number of companies are registered in Singapore," he noted.
Modi also referred to the partnership in development of Amaravathi, the new capital of Andhra Pradesh, and the new container terminal at Jawaharlal Nehru Port.
"I expect even more exciting partnership. India has a scope for expansion. Your are fond of going vertical, India's growth prospects are both vertical and horizontal. India and Singapore can work together in many promising areas," he said.
"We are also exploring potential partnership with Changi Airport of Singapore for two airport terminals in India.
"I am fully aware of the importance and role Singapore has played in Act East policy. I am looking to working with Singapore in a much bigger way," he said.
Modi also said that Singapore could join in launch of rupee bonds in foreign countries.
Referring to IMF chief Chrtistine Lagarde's statement that India was a bright spot in the global economy, Modi said he was here to personally deliver this message.
Promising more reforms to make India more attractive for foreign investments, Prime Minister Narendra Modi on Tuesday assured investors that he would "carefully hold" their hands and expressed hope that the GST regime would be rolled out in 2016.
Speaking at the India Singapore Economic Convention, PM Modi said India is exploring a potential partnership with Singapore's Changi Airport for developments of two Indian airports and invited companies here to join in building smart cities.
"In the last 18 months, the run-ways for the take-off of the economy have been made. Reforms are happening in a big way. They are now reaching to the last mile. Reform is to transform the system so that they perform. They aim at helping people realise their dreams.
"It means more charm on the faces and less forms in the offices. Efforts to deepen financial markets have been made," Modi said.
The Prime Minister said his government began to liberalise FDI laws soon after coming to power last year and the latest round of FDI reforms have made India the "most open economy" in the world.
"We are also conscious of last mile operational issues in such matters and we are fine tuning the norms. Recently, we further eased FDI norms, after which India is the most open economy in terms of FDI," he added.
While talking about 40 per cent increase in FDI and improvement in rankings like ease of doing business and world competitiveness index, Modi said, "Perceptions are turning into positive outcomes".
"We are hopeful to roll out GST regime in 2016. The company law tribunal is being set up. FDI inflows have gone up by 40 per cent compared with previous year's comparative period. Perceptions are turning into positive outcomes. FDI commitments are translating into reality," he noted.
Modi also outlined 14 decisive steps taken to address regulatory and taxation concerns and said that India offers tremendous opportunities for investments, ranging from affordable housing to smart cities, railways to renewable energy.
"I am here to invite you to India in a bigger way. I have also come to assure you that I am there to carefully hold your hands," Modi said.
"Our commitment to mitigate the dangers of climate change arise from the belief that nature is our mother. We will do more than required," he added.
About his two-day visit, Modi said, "My visit has been very positive and productive and I had excellent meetings with Singapore leaders. We have concluded a strategic partnership which takes the relationship to a new level."
"We have set high level of ambitions for this relationship. Our historic ties and cultural proximity are our assets," he said, while referring to a large Indian diaspora present here.
The Prime Minister said economic partnership has been the key driver of the India-Singapore relationship.
Noting that Singapore is India's tenth largest trade partner globally and second largest in ASEAN, Modi said the bilateral trade has risen manifold.
"Singapore has emerged as the second largest source of FDI into India. The outward Indian FDI into Singapore has also risen in the recent times. Singapore is one of the top destinations for Indian investments. A significantly large number of companies are registered in Singapore," he noted.
Modi also referred to the partnership in development of Amaravathi, the new capital of Andhra Pradesh, and the new container terminal at Jawaharlal Nehru Port.
"I expect even more exciting partnership. India has a scope for expansion. Your are fond of going vertical, India's growth prospects are both vertical and horizontal. India and Singapore can work together in many promising areas," he said.
"We are also exploring potential partnership with Changi Airport of Singapore for two airport terminals in India.
"I am fully aware of the importance and role Singapore has played in Act East policy. I am looking to working with Singapore in a much bigger way," he said.
Modi also said that Singapore could join in launch of rupee bonds in foreign countries.
Referring to IMF chief Chrtistine Lagarde's statement that India was a bright spot in the global economy, Modi said he was here to personally deliver this message.
Sensex, Nifty end in red ahead of F&O expiry; Maruti Suzuki top loser
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In a volatile trading session, the domestic markets ended lower on Tuesday, tracking muted trend seen in other Asian markets. Gains were also capped on caution ahead of the expiry of derivatives contracts in a holiday-shortened week.
The S&P BSE Sensex ended the day 43.60 points down at 25,775.74, while broader CNX Nifty held its key support level of 7,800 and settled at 7,831.60, down 17.65.
Market breadth remained negative with 22 of the 30 Sensex components ending the day in red.
Traders said sentiment ahead of the expiry was especially cautious given the amount of contracts rolled over to the next month were running at below recent months, indicating caution about the market's outlook.
Volumes in derivatives have also taken a hit after India unveiled rules that raised the minimum contract size to Rs 500,000 from Rs 200,000 to reduce speculative trading among retail investors.
The rules came into effect from the start of the current November contracts.
"The market is too sluggish. Ever since the new contract has come, the derivative market has become very quiet," said Deven Choksey, managing director at KR Choksey Securities.
"The contract demands higher amount of exposure so obviously participation will get reduced to only proprietary traders and the global desk of institutional investors," Choksey said.
The domestic markets will remain closed on Wednesday on account of Gurunanak Jayanti.
Among Asian markets, China's Shanghai Composite ended with an uptick of 0.16 per cent, Hong Kong's Hang Seng was down 0.35 per cent, while Japan's Nikkei added 0.23 per cent at close.
Overnight, US stocks ended lightly lower in a quiet trading day after last week's strong gains. The Dow Jones fell 31.13 points, or 0.17 per cent, the S&P 500 lost 2.58 points, or 0.12 per cent, while Nasdaq Composite dropped 2.44 points, or 0.05 per cent.
Lowdown on markets today
15:16 pm
Sensex at 25,770.77, down 48.57 points
Nifty at 7,830.00, down 19.25 points
12:24 pm
Sensex at 25,812.08, down 7.26 points
Nifty at 7,845.55, down 3.70 points
10:00 am
Sensex at 25877.79, up 58 points
Nifty at 7862.40, up 13 points
9:26 am
Sensex at 25,784.15, down 35.19 points
Nifty at 7,835.00, down 14.25 points
In a volatile trading session, the domestic markets ended lower on Tuesday, tracking muted trend seen in other Asian markets. Gains were also capped on caution ahead of the expiry of derivatives contracts in a holiday-shortened week.
The S&P BSE Sensex ended the day 43.60 points down at 25,775.74, while broader CNX Nifty held its key support level of 7,800 and settled at 7,831.60, down 17.65.
Market breadth remained negative with 22 of the 30 Sensex components ending the day in red.
Traders said sentiment ahead of the expiry was especially cautious given the amount of contracts rolled over to the next month were running at below recent months, indicating caution about the market's outlook.
Volumes in derivatives have also taken a hit after India unveiled rules that raised the minimum contract size to Rs 500,000 from Rs 200,000 to reduce speculative trading among retail investors.
The rules came into effect from the start of the current November contracts.
"The market is too sluggish. Ever since the new contract has come, the derivative market has become very quiet," said Deven Choksey, managing director at KR Choksey Securities.
"The contract demands higher amount of exposure so obviously participation will get reduced to only proprietary traders and the global desk of institutional investors," Choksey said.
The domestic markets will remain closed on Wednesday on account of Gurunanak Jayanti.
Among Asian markets, China's Shanghai Composite ended with an uptick of 0.16 per cent, Hong Kong's Hang Seng was down 0.35 per cent, while Japan's Nikkei added 0.23 per cent at close.
Overnight, US stocks ended lightly lower in a quiet trading day after last week's strong gains. The Dow Jones fell 31.13 points, or 0.17 per cent, the S&P 500 lost 2.58 points, or 0.12 per cent, while Nasdaq Composite dropped 2.44 points, or 0.05 per cent.
Lowdown on markets today
15:16 pm
Sensex at 25,770.77, down 48.57 points
Nifty at 7,830.00, down 19.25 points
12:24 pm
Sensex at 25,812.08, down 7.26 points
Nifty at 7,845.55, down 3.70 points
10:00 am
Sensex at 25877.79, up 58 points
Nifty at 7862.40, up 13 points
9:26 am
Sensex at 25,784.15, down 35.19 points
Nifty at 7,835.00, down 14.25 pointsSensex at 25,784.15, down 35.19 points
Nippon acquires 23% more stake in Reliance Life for Rs 2,265 cr
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Japan's Nippon Life Insurance on Tuesday announced the acquisition of another 23 per cent stake in Reliance Life Insurance for about Rs 2,265 crore.
Nippon's stake in the company, when the deal comes through, will increase to 49 per cent - the upper limit for a foreign player in the private sector insurance firm. Reliance Life has got the Embedded Value (EV) multiple of over 3, highest in the industry till date. Despite the overall slowdown in the insurance sector, it has managed a strong valuation of about Rs 10,000 crore and highest EV multiple across Life insurance companies.
In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company Limited. Nippon Life increased stake in Reliance Life to 49 per cent for Rs 2,265 crore. With this its total investment has reached Rs 8,630 crore for 49 per cent stake each in life insurance and asset management business. "We are delighted that the outstanding relationship between our two companies has now grown into an equal partnership, with Nippon increasing their stake first, in our asset management business, and now, in our Life Insurance business - to 49 per cent," Reliance Group Chairman Anil Ambani said in a statement.
The Boards of Directors of both the companies - Nippon Life Insurance and Reliance Capital - have approved the increase in stake by the Japanese partner, subject to regulatory approvals. "This additional investment represents not only the past efforts and initiatives, but also the good relationship between both companies going forward, and we are pleased to be able to further strengthen this partnership in various fields," Yoshinobu Tsutsui, president, Nippon Life Insurance said.
In March 2011, Nippon Life had picked up 26 per cent stake in the life insurance venture under Reliance Capital for Rs 3,062 crore. Nippon has also committed an investment of Rs 3,303 crore for acquiring 49 per cent stake in Reliance Capital Asset Management, thereby taking its total investment to Rs 8,630 crore, the largest FDI by a foreign player in the financial services sector, it said.
Last month, Nippon Life agreed to acquire a 14 per cent stake in Reliance Capital Asset Management for Rs 1,196 crore to increase its stake to 49 per cent. Reliance Life Insurance recorded a New Business Premium of Rs 601 crore, Renewal Premium of Rs 673 crore, Total Premium (net of reinsurance) of Rs 1,263 crore and total funds under management of Rs 15,524 crore for the quarter ended September 30, 2015.
Japan's Nippon Life Insurance on Tuesday announced the acquisition of another 23 per cent stake in Reliance Life Insurance for about Rs 2,265 crore.
Nippon's stake in the company, when the deal comes through, will increase to 49 per cent - the upper limit for a foreign player in the private sector insurance firm. Reliance Life has got the Embedded Value (EV) multiple of over 3, highest in the industry till date. Despite the overall slowdown in the insurance sector, it has managed a strong valuation of about Rs 10,000 crore and highest EV multiple across Life insurance companies.
In line with the new shareholding structure, the name of the company will also be changed to Reliance Nippon Life Insurance Company Limited. Nippon Life increased stake in Reliance Life to 49 per cent for Rs 2,265 crore. With this its total investment has reached Rs 8,630 crore for 49 per cent stake each in life insurance and asset management business. "We are delighted that the outstanding relationship between our two companies has now grown into an equal partnership, with Nippon increasing their stake first, in our asset management business, and now, in our Life Insurance business - to 49 per cent," Reliance Group Chairman Anil Ambani said in a statement.
The Boards of Directors of both the companies - Nippon Life Insurance and Reliance Capital - have approved the increase in stake by the Japanese partner, subject to regulatory approvals. "This additional investment represents not only the past efforts and initiatives, but also the good relationship between both companies going forward, and we are pleased to be able to further strengthen this partnership in various fields," Yoshinobu Tsutsui, president, Nippon Life Insurance said.
In March 2011, Nippon Life had picked up 26 per cent stake in the life insurance venture under Reliance Capital for Rs 3,062 crore. Nippon has also committed an investment of Rs 3,303 crore for acquiring 49 per cent stake in Reliance Capital Asset Management, thereby taking its total investment to Rs 8,630 crore, the largest FDI by a foreign player in the financial services sector, it said.
Last month, Nippon Life agreed to acquire a 14 per cent stake in Reliance Capital Asset Management for Rs 1,196 crore to increase its stake to 49 per cent. Reliance Life Insurance recorded a New Business Premium of Rs 601 crore, Renewal Premium of Rs 673 crore, Total Premium (net of reinsurance) of Rs 1,263 crore and total funds under management of Rs 15,524 crore for the quarter ended September 30, 2015.
Foreign banks buy up bulk of state govt's debt bonds
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Three banks snapped up almost 90 per cent of bonds sold by Indian states to foreigners, and turned them into derivatives, raising the prospect of more volatility in one of Asia's best performing debt markets.
Several market participants involved in the sale said offshore units of Nomura, Standard Chartered and Bank of America Merrill Lynch bought about Rs 3000 crore ($451 million) of the Rs 3500 crore on offer in October, the first window for foreigners to buy in.
Much of that debt was then sold for a hefty fee as derivatives known as total return swaps to offshore clients keen for the bonds' higher yields, compared with India's already popular sovereign debt, and with similar guarantees.
In contrast, traditional buyers of the illiquid bonds are state banks, who hold the debt to maturity.
When contacted by Reuters, the three banks declined to comment.
India has been one of the most resilient emerging markets, with foreign buyers taking up about $9.7 billion of debt this calendar year, nearly exhausting available limits on sovereign debt purchases.
Those purchases have helped domestic debt return 7.8 per cent so far this year, the highest in Asia, according to HSBC.
Given that appetite and a need to expand its investor base, India let foreigners buy state bonds and also relaxed the investment ceiling in government bonds by around Rs 5600 crore in September: the first step in a gradual opening.
"The main objective of (Reserve Bank of India) in opening these limits is to attract diverse and new sets of investors to the Indian bond market," said a senior foreign bank treasury official based in Mumbai.
"But if eventually the FII (offshore) units of the foreign banks in India get to corner the limits, elbowing out the long term investors, then that leaves open a big risk of these trades unwinding and disrupting the Indian debt market."
RBI has sought to discourage "bond tourists", favouring what it calls "real" investors, who would not flit in and out of the market.
Although currency and market risks have been passed on to other buyers, a sharp sell-off could see these investors re-selling the derivatives back to the banks and forcing them to swap the debt or sell at a discount.
But with foreigners owning only 4 per cent of Indian government debt versus 47 per cent in Indonesia, for example - the impact of even a significant sell-off would likely be muted.
"We are less concerned as the liquidity in IGBs is one of the highest in the region, and foreign positioning remains a very low component of the outstanding market," said Rohit Arora, interest rate strategist at Barclays in Singapore, referring to Indian government bonds.
Three banks snapped up almost 90 per cent of bonds sold by Indian states to foreigners, and turned them into derivatives, raising the prospect of more volatility in one of Asia's best performing debt markets.
Several market participants involved in the sale said offshore units of Nomura, Standard Chartered and Bank of America Merrill Lynch bought about Rs 3000 crore ($451 million) of the Rs 3500 crore on offer in October, the first window for foreigners to buy in.
Much of that debt was then sold for a hefty fee as derivatives known as total return swaps to offshore clients keen for the bonds' higher yields, compared with India's already popular sovereign debt, and with similar guarantees.
In contrast, traditional buyers of the illiquid bonds are state banks, who hold the debt to maturity.
When contacted by Reuters, the three banks declined to comment.
India has been one of the most resilient emerging markets, with foreign buyers taking up about $9.7 billion of debt this calendar year, nearly exhausting available limits on sovereign debt purchases.
Those purchases have helped domestic debt return 7.8 per cent so far this year, the highest in Asia, according to HSBC.
Given that appetite and a need to expand its investor base, India let foreigners buy state bonds and also relaxed the investment ceiling in government bonds by around Rs 5600 crore in September: the first step in a gradual opening.
"The main objective of (Reserve Bank of India) in opening these limits is to attract diverse and new sets of investors to the Indian bond market," said a senior foreign bank treasury official based in Mumbai.
"But if eventually the FII (offshore) units of the foreign banks in India get to corner the limits, elbowing out the long term investors, then that leaves open a big risk of these trades unwinding and disrupting the Indian debt market."
RBI has sought to discourage "bond tourists", favouring what it calls "real" investors, who would not flit in and out of the market.
Although currency and market risks have been passed on to other buyers, a sharp sell-off could see these investors re-selling the derivatives back to the banks and forcing them to swap the debt or sell at a discount.
But with foreigners owning only 4 per cent of Indian government debt versus 47 per cent in Indonesia, for example - the impact of even a significant sell-off would likely be muted.
But with foreigners owning only 4 per cent of Indian government debt versus 47 per cent in Indonesia, for example - the impact of even a significant sell-off would likely be muted.
"We are less concerned as the liquidity in IGBs is one of the highest in the region, and foreign positioning remains a very low component of the outstanding market," said Rohit Arora, interest rate strategist at Barclays in Singapore, referring to Indian government bonds.
Govt mulls tax incentives to ensure 'Housing for All' by 2022
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In order to spur investment in the housing sector, the government is considering to provide tax incentives for certain projects to ensure 'Housing for All' by 2022.
The tax incentives, which could be announced in the Union Budget, would aim at promoting investments in rental housing by institutional players.
The draft National Urban Rental Housing Policy have suggested a host of fiscal incentives to encourage rental housing with a view to achieve the goal of housing for all by 2022.
Housing is considered as one of the key sectors to promote growth by increasing demand for steel, cement, besides creating additional jobs.
The tax department, according to sources, is looking at the draft rental housing policy to ascertain the tax incentives that can be doled out to the sector to encourage investments in housing sector.
The draft policy has suggested tax incentives for house owners who will rent out the property, institutional owners wanting to set up mass rental housing and Property Tax exemption for Social Rental Housing properties.
It also suggested treating rental housing stocks at par with owner occupied premises in terms of property tax treatment and calculating other utility charges (water/electricity etc).
"The Policy seeks to promote various types of public-private partnerships for promotion of rental housing in the country which will act as a catalytic force to achieve the overall goal of Housing for All by 2022," it added.
In order to spur investment in the housing sector, the government is considering to provide tax incentives for certain projects to ensure 'Housing for All' by 2022.
The tax incentives, which could be announced in the Union Budget, would aim at promoting investments in rental housing by institutional players.
The draft National Urban Rental Housing Policy have suggested a host of fiscal incentives to encourage rental housing with a view to achieve the goal of housing for all by 2022.
Housing is considered as one of the key sectors to promote growth by increasing demand for steel, cement, besides creating additional jobs.
The tax department, according to sources, is looking at the draft rental housing policy to ascertain the tax incentives that can be doled out to the sector to encourage investments in housing sector.
The draft policy has suggested tax incentives for house owners who will rent out the property, institutional owners wanting to set up mass rental housing and Property Tax exemption for Social Rental Housing properties.
It also suggested treating rental housing stocks at par with owner occupied premises in terms of property tax treatment and calculating other utility charges (water/electricity etc).
"The Policy seeks to promote various types of public-private partnerships for promotion of rental housing in the country which will act as a catalytic force to achieve the overall goal of Housing for All by 2022," it added.
General Awareness
UP’s Plantation Drive marked its name in Guinness Book of World Records
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Uttar Pradesh has entered the Guinness Book of World Records for planting the most number of saplings in one day. As a part of its Clean UP, Green UP initiative UP government had under a greening drive of planting 10 lakh saplings in 10 locations in one day.
- UP CM Akhilesh Yadav planted a peepal plant at Maudaha dam in Hamipur district as part of the drive.
- The plantation drive was kick started by UP CM Akhilesh Yadav on November 7. The certificate for UP’s record setting performance was awarded to the CM at an official function in Saifai.
About Plantation Drive
As a part of “Clean UP, Green UP” campaign, Uttar Pradesh government has undertaken coordinated efforts by the state’s departments of forest, irrigation departments,Noida and Greater Noida authority at 10 different places in the state.
- Plants such as Sheesham, Kanji, Pakar, Neem, Arjun, Aonla, Chilbil, Imli, Bargad and Peepal were being planted by women, teachers, students, armymen, villagers and others at pre-decided spots.
- Arrangement of barb fencing and trench has also been made whereas irrigation has been ensured through boring and canals.
Keys
UP Capital – Lucknow, Allahabad (Judiciary)
UP Governor – Ram Naik
UP Nickname – Hindi Heartland
- Uttar Pradesh has entered the Guinness Book of World Records for planting the most number of saplings in one day. As a part of its Clean UP, Green UP initiative UP government had under a greening drive of planting 10 lakh saplings in 10 locations in one day.
- UP CM Akhilesh Yadav planted a peepal plant at Maudaha dam in Hamipur district as part of the drive.
- The plantation drive was kick started by UP CM Akhilesh Yadav on November 7. The certificate for UP’s record setting performance was awarded to the CM at an official function in Saifai.
About Plantation Drive
As a part of “Clean UP, Green UP” campaign, Uttar Pradesh government has undertaken coordinated efforts by the state’s departments of forest, irrigation departments,Noida and Greater Noida authority at 10 different places in the state.- Plants such as Sheesham, Kanji, Pakar, Neem, Arjun, Aonla, Chilbil, Imli, Bargad and Peepal were being planted by women, teachers, students, armymen, villagers and others at pre-decided spots.
- Arrangement of barb fencing and trench has also been made whereas irrigation has been ensured through boring and canals.
Keys
UP Capital – Lucknow, Allahabad (Judiciary)
UP Governor – Ram Naik
UP Nickname – Hindi Heartland
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