General Affairs
PM Modi Asks Top Diplomats To Unite Forces To Fight Scourge Of Terrorism
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NEW DELHI: Prime Minister Narendra Modi today asked top diplomats of the country to find "solutions to the toughest of situations" and unite all forces to fight the scourge of terrorism.
Addressing the Heads of (diplomatic) Missions (HoMs) on the last day of a five-day conference, organised by External Affairs Ministry, PM Modi said,"We have entered a new era of diplomatic engagement, we must adapt to deliver more to meet India's aspirations."
Highlights of prime minister's address to the envoys were tweeted by MEA Spokesperson Vikas Swarup.
Asserting that India's profile has grown exponentially, PM Modi said,"We must match our steps with the world."
Describing the International Solar Alliance as "an emotive issue" for a large majority of the world, he said India's leadership in this area was commendable.
He also asked the envoys to work on better linkages between states and the world, saying their visit to their respective home states must bear fruit and strengthen the linkages.
The five-day conference discussed various issues relating to foreign policy, government's flagship programmes and India's economic and trade relations with various countries.
Addressing the Heads of (diplomatic) Missions (HoMs) on the last day of a five-day conference, organised by External Affairs Ministry, PM Modi said,"We have entered a new era of diplomatic engagement, we must adapt to deliver more to meet India's aspirations."
Highlights of prime minister's address to the envoys were tweeted by MEA Spokesperson Vikas Swarup.
Asserting that India's profile has grown exponentially, PM Modi said,"We must match our steps with the world."
Describing the International Solar Alliance as "an emotive issue" for a large majority of the world, he said India's leadership in this area was commendable.
He also asked the envoys to work on better linkages between states and the world, saying their visit to their respective home states must bear fruit and strengthen the linkages.
The five-day conference discussed various issues relating to foreign policy, government's flagship programmes and India's economic and trade relations with various countries.
Congress-PDF Jointly Field Pradeep Tamta For Rajya Sabha From Uttarakhand
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DEHRADUN: Burying their differences, ruling allies Congress and PDF in Uttarakhand today jointly fielded a candidate for the Rajya Sabha election with former Lok Sabha member from Almora, Pradeep Tamta filing his nomination on behalf of the alliance.
Mr Tamta's candidature had earlier raised eyebrows in the PDF which was expecting a Rajya Sabha seat in recognition of its "consistent support" to Chief Minister Harish Rawat during the recent political crisis in the state which finally saw him win the floor test in the state Assembly and get reinstated as chief minister.
However, last minute confabulations with the Congress high command assuaged ruffled feathers with PDF deciding to stay out of the fray and field a joint candidate with Congress for the Upper House of Parliament.
Mr Tamta filed his nomination in three sets and had seven legislators of the Congress and ally PDF as his proposers in two sets each and eight in the third, Vidhan Sabha Secretary Jagdish Chandra said.
Apart from Mr Tamta, two others also filed their nominations as Independents on the last day of nomination today including Gita Thakur and Anil Goel, he said, adding they had one proposer each.
Chief Minister Harish Rawat, Parliamentary Affairs Minister Indira Hridayesh, AICC general secretary Mukul Wasnik, PCC president Kishore Upadhyay and a host of party leaders and legislators apart from those of the PDF were in attendance as Mr Tamta filed his nomination.
Earlier in the day, Mr Tamta, who was declared as the party candidate on Saturday, was handed the party symbol by Mr Upadhyay.
Ally PDF, which had earlier announced the candidature of Dinesh Dhanai for the Rajya Sabha seat as it was miffed over Congress not taking it into confidence before deciding to field Mr Tamta, finally decided not to field a candidate after the intervention of the Congress high command.
Soon after his nomination, Mr Rawat held a press conference at the Vidhan Sabha in the presence of Congress and PDF leaders to thank the latter for deciding to stay out of the fray and extending its support to the party candidate.
He also admitted that he had committed a "mistake" by not taking PDF into confidence before announcing Mr Tamta as the party s candidate for the Upper House.
"It was a mistake on my part not to take our PDF colleagues into confidence before Tamta's candidature was finalised."
"I regret that and have decided to develop a mechanism which does not leave scope for any communication gap with allies regarding major decisions in future," Mr Rawat said.
PDF convenor Mantri Prasad Naithani said the front decided to stay out of the fray after speaking to Congress chief Sonia Gandhi and it was mutually agreed upon to walk together for the sake of unity.
Even Cabinet Minister Yashpal Arya who was said to have been "not quite" okay with Mr Tamta's candidature appeared to have come round to the party's view after a meeting with Ms Gandhi and Ahmad Patel in New Delhi yesterday.
"I have never gone against the party and would accept any decision taken by the leadership with alacrity. I had some questions which I have communicated to the high command."
"I am confident that Tamta will strongly raise issues related to the development of the state in the Rajya Sabha as he had done in the Lok Sabha," he said.
Mr Tamta's candidature had earlier raised eyebrows in the PDF which was expecting a Rajya Sabha seat in recognition of its "consistent support" to Chief Minister Harish Rawat during the recent political crisis in the state which finally saw him win the floor test in the state Assembly and get reinstated as chief minister.
However, last minute confabulations with the Congress high command assuaged ruffled feathers with PDF deciding to stay out of the fray and field a joint candidate with Congress for the Upper House of Parliament.
Mr Tamta filed his nomination in three sets and had seven legislators of the Congress and ally PDF as his proposers in two sets each and eight in the third, Vidhan Sabha Secretary Jagdish Chandra said.
Apart from Mr Tamta, two others also filed their nominations as Independents on the last day of nomination today including Gita Thakur and Anil Goel, he said, adding they had one proposer each.
Chief Minister Harish Rawat, Parliamentary Affairs Minister Indira Hridayesh, AICC general secretary Mukul Wasnik, PCC president Kishore Upadhyay and a host of party leaders and legislators apart from those of the PDF were in attendance as Mr Tamta filed his nomination.
Earlier in the day, Mr Tamta, who was declared as the party candidate on Saturday, was handed the party symbol by Mr Upadhyay.
Ally PDF, which had earlier announced the candidature of Dinesh Dhanai for the Rajya Sabha seat as it was miffed over Congress not taking it into confidence before deciding to field Mr Tamta, finally decided not to field a candidate after the intervention of the Congress high command.
Soon after his nomination, Mr Rawat held a press conference at the Vidhan Sabha in the presence of Congress and PDF leaders to thank the latter for deciding to stay out of the fray and extending its support to the party candidate.
He also admitted that he had committed a "mistake" by not taking PDF into confidence before announcing Mr Tamta as the party s candidate for the Upper House.
"It was a mistake on my part not to take our PDF colleagues into confidence before Tamta's candidature was finalised."
"I regret that and have decided to develop a mechanism which does not leave scope for any communication gap with allies regarding major decisions in future," Mr Rawat said.
PDF convenor Mantri Prasad Naithani said the front decided to stay out of the fray after speaking to Congress chief Sonia Gandhi and it was mutually agreed upon to walk together for the sake of unity.
Even Cabinet Minister Yashpal Arya who was said to have been "not quite" okay with Mr Tamta's candidature appeared to have come round to the party's view after a meeting with Ms Gandhi and Ahmad Patel in New Delhi yesterday.
"I have never gone against the party and would accept any decision taken by the leadership with alacrity. I had some questions which I have communicated to the high command."
"I am confident that Tamta will strongly raise issues related to the development of the state in the Rajya Sabha as he had done in the Lok Sabha," he said.
High Court Asks CBI Not To Take Coercive Steps Against Harish Rawat
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NAINITAL: In a partial relief to Chief Minister Harish Rawat, the Uttarakhand High Court today directed CBI not to take any coercive steps against him in the course of its preliminary inquiry into the case relating to the sting operation in which he is purportedly shown striking a financial deal with rebel Congress legislators.
Hearing Mr Rawat's writ petition seeking quashing of a notification issued during President's Rule in Uttarakhand which had recommended a CBI probe into the case, the single bench of Justice Sudhanshu Dhulia of the high court asked the investigating agency not to take any coercive measures against the chief minister during its preliminary inquiry into the case.
It asked both CBI and Mr Rawat to file their affidavits and rejoinders, if any, together by June 8 and set June 20 as the next date of hearing in the case.
The high court also asked Mr Rawat to co-operate fully with CBI in its preliminary inquiry into the case.
On May 20, Justice Sarvesh Gupta of the high court had refused to quash the notification recommending a CBI probe into the sting operation against Mr Rawat saying it was not possible at this stage.
The high Court also questioned the authority of the state Cabinet which had withdrawn a notification recommending CBI probe into the sting CD soon after Mr Rawat was reinstated into office.
Mr Rawat has already appeared once before CBI in Delhi in connection with the sting CD in which he has been purportedly shown negotiating a monetary deal to buy the support of disgruntled Congress legislators at the height of the political crisis in the state in March this year.
Hearing Mr Rawat's writ petition seeking quashing of a notification issued during President's Rule in Uttarakhand which had recommended a CBI probe into the case, the single bench of Justice Sudhanshu Dhulia of the high court asked the investigating agency not to take any coercive measures against the chief minister during its preliminary inquiry into the case.
It asked both CBI and Mr Rawat to file their affidavits and rejoinders, if any, together by June 8 and set June 20 as the next date of hearing in the case.
The high court also asked Mr Rawat to co-operate fully with CBI in its preliminary inquiry into the case.
On May 20, Justice Sarvesh Gupta of the high court had refused to quash the notification recommending a CBI probe into the sting operation against Mr Rawat saying it was not possible at this stage.
The high Court also questioned the authority of the state Cabinet which had withdrawn a notification recommending CBI probe into the sting CD soon after Mr Rawat was reinstated into office.
Mr Rawat has already appeared once before CBI in Delhi in connection with the sting CD in which he has been purportedly shown negotiating a monetary deal to buy the support of disgruntled Congress legislators at the height of the political crisis in the state in March this year.
Amit Shah Says BJP Will 'Uproot' Samajwadi Party, BSP From Uttar Pradesh
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ALLAHABAD: Drawing a contrast between "scam-tainted" UPA government and "unblemished" NDA-led Centre, which completed two years in office, BJP chief Amit Shah today said the party will "uproot" the Samajwadi Party and BSP from Uttar Pradesh in the 2017 Assembly polls.
"Two days ago, Congress vice-president had addressed a rally and sought to know what were the achievements of the Modi government, which recently completed its two years. Let me enumerate what this government has achieved, drawing a contrast with the decade-long period when his own party was in power," he said at a rally in Andawa, about 35 kms from Allahabad.
"You (Rahul) had put in the seat of power a 'mauni baba' (an apparent reference to former prime minister Manmohan Singh). We have given the country a PM who is ready to communicate on every important issue.
"While you (Congress) were in power, financial irregularities to the tune of lakhs of crores of rupees had come to light. Modi government is unblemished even after completing two years in office," he said.
The BJP president, who was addressing a 'Kisan Sammelan', stressed that the 2014 Lok Sabha election results had only "partially enabled" the party to reach the benefits of development to Uttar Pradesh.
The state had 20,000 villages with no electricity when our party assumed power in the country. In two years, we have electrified 8,000 of these and are confident of bringing power to the remaining ones by 2018, he said.
"However, many efforts of the Modi government are not yielding results because of non-cooperative attitude of the Akhilesh Yadav government. UP is lagging behind BJP-ruled states as, for more than a decade, power has been in the hands of either Mayawati's BSP which is known for rampant corruption or the SP which is notorious for patronising goons," Mr Shah said.
"The BJP is acutely aware of the key contribution of the state in its resounding success in the last Lok Sabha polls. But for the 71 seats which we got from the state, we could not have got an absolute majority in the Parliament. I urge the people to uproot both SP and BSP when the state goes to polls early next year. This will enable us to complete our unfinished tasks in the state," he added.
Senior party leaders, including national secretary Siddharth Nath Singh, state unit president Keshav Prasad Maurya and a number of Lok Sabha members, were present in the rally.
Former BSP legislator Praveen Patel joined BJP at the farmers' rally. Mr Patel was the BSP legislator from Jhusi from 2007-2012 when the party was in power in the state. He unsuccessfully fought the 2012 Assembly polls from the newly carved out seat of Phulpur, since Jhusi was abolished after delimitation.
Patels have a sizeable population in the trans-Ganga region of Allahabad district.
Mr Shah's visit to Allahabad was his first since becoming the party's national president two years ago. He is likely to spend the evening with party colleagues, taking stock of preparations for the party's national executive meeting scheduled for June 12-13 in Allahabad.
"Two days ago, Congress vice-president had addressed a rally and sought to know what were the achievements of the Modi government, which recently completed its two years. Let me enumerate what this government has achieved, drawing a contrast with the decade-long period when his own party was in power," he said at a rally in Andawa, about 35 kms from Allahabad.
"You (Rahul) had put in the seat of power a 'mauni baba' (an apparent reference to former prime minister Manmohan Singh). We have given the country a PM who is ready to communicate on every important issue.
"While you (Congress) were in power, financial irregularities to the tune of lakhs of crores of rupees had come to light. Modi government is unblemished even after completing two years in office," he said.
The BJP president, who was addressing a 'Kisan Sammelan', stressed that the 2014 Lok Sabha election results had only "partially enabled" the party to reach the benefits of development to Uttar Pradesh.
The state had 20,000 villages with no electricity when our party assumed power in the country. In two years, we have electrified 8,000 of these and are confident of bringing power to the remaining ones by 2018, he said.
"However, many efforts of the Modi government are not yielding results because of non-cooperative attitude of the Akhilesh Yadav government. UP is lagging behind BJP-ruled states as, for more than a decade, power has been in the hands of either Mayawati's BSP which is known for rampant corruption or the SP which is notorious for patronising goons," Mr Shah said.
"The BJP is acutely aware of the key contribution of the state in its resounding success in the last Lok Sabha polls. But for the 71 seats which we got from the state, we could not have got an absolute majority in the Parliament. I urge the people to uproot both SP and BSP when the state goes to polls early next year. This will enable us to complete our unfinished tasks in the state," he added.
Senior party leaders, including national secretary Siddharth Nath Singh, state unit president Keshav Prasad Maurya and a number of Lok Sabha members, were present in the rally.
Former BSP legislator Praveen Patel joined BJP at the farmers' rally. Mr Patel was the BSP legislator from Jhusi from 2007-2012 when the party was in power in the state. He unsuccessfully fought the 2012 Assembly polls from the newly carved out seat of Phulpur, since Jhusi was abolished after delimitation.
Patels have a sizeable population in the trans-Ganga region of Allahabad district.
Mr Shah's visit to Allahabad was his first since becoming the party's national president two years ago. He is likely to spend the evening with party colleagues, taking stock of preparations for the party's national executive meeting scheduled for June 12-13 in Allahabad.
Jayalalithaa Writes To PM Modi Over Arrest Of 7 Fishermen By Sri Lanka
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RAMESWARAM/CHENNAI: Seven fishermen from Tamil Nadu were arrested today by Sri Lankan Naval personnel for allegedly fishing in Lankan territorial waters prompting Chief Minister Jayalalithaa to request Prime Minister Narendra Modi to take steps for their release.
The seven, part of groups of fishermen who ventured into the sea from Rameswaram, have been taken to Talaimannar in northern Sri Lanka, Rameswaram Fishermen Association president T Sesuraja said.
The arrest came on the first day of fishermen resuming their work after the end of a 45-day-long annual fish breeding season ban on fishing using mechanised boats.
In a letter to PM Modi, Ms Jayalalithaa also flagged the issue of Sri Lanka reportedly trying to rebuild a church in Katchatheevu.
She said seven fishermen who had set out for fishing from Rameswaram yesterday were apprehended by the Lankan Navy early today.
She said it was their first day of fishing after the 45-day ban period and they were taken to Talaimannar.
Seeking to bring the resumption of fishermen's arrest to his "direct personal attention," she said, the "Sri Lankan Navy has escalated the frequency and magnitude of instances of abduction of our fishermen and the seizure of their boats and fishing equipment over the last two years."
She urged him to take up the matter with the highest authorities in Sri Lanka and secure the immediate release of the fishermen and a total of 89 fishing boats impounded on various occasions, without any delay.
The "Sri Lankan strategy," of not releasing boats and fishing gear of the state's fishermen, was causing great frustration among them, she said and requested him to direct the External Affairs Ministry to take immediate action in the matter.
Against the background of reports indicating efforts to rebuild a church in Katchatheevu, she said, "In a related provocative move, the Sri Lankan Government is trying to rebuild St Anthony's church on the disputed Katchatheevu Island without obtaining the consent and contribution of Tamil Nadu fishermen."
On May 14, she had said "the Indian fishermen from Tamil Nadu apprehend that if the church is demolished and reconstructed by the Sri Lankan side unilaterally, their traditional and customary access to this important place of worship could also be curtailed in the future."
She had urged the Centre to prevail on Colombo to involve Indian fishermen in the church rebuilding initiative.
The seven, part of groups of fishermen who ventured into the sea from Rameswaram, have been taken to Talaimannar in northern Sri Lanka, Rameswaram Fishermen Association president T Sesuraja said.
The arrest came on the first day of fishermen resuming their work after the end of a 45-day-long annual fish breeding season ban on fishing using mechanised boats.
In a letter to PM Modi, Ms Jayalalithaa also flagged the issue of Sri Lanka reportedly trying to rebuild a church in Katchatheevu.
She said seven fishermen who had set out for fishing from Rameswaram yesterday were apprehended by the Lankan Navy early today.
She said it was their first day of fishing after the 45-day ban period and they were taken to Talaimannar.
Seeking to bring the resumption of fishermen's arrest to his "direct personal attention," she said, the "Sri Lankan Navy has escalated the frequency and magnitude of instances of abduction of our fishermen and the seizure of their boats and fishing equipment over the last two years."
She urged him to take up the matter with the highest authorities in Sri Lanka and secure the immediate release of the fishermen and a total of 89 fishing boats impounded on various occasions, without any delay.
The "Sri Lankan strategy," of not releasing boats and fishing gear of the state's fishermen, was causing great frustration among them, she said and requested him to direct the External Affairs Ministry to take immediate action in the matter.
Against the background of reports indicating efforts to rebuild a church in Katchatheevu, she said, "In a related provocative move, the Sri Lankan Government is trying to rebuild St Anthony's church on the disputed Katchatheevu Island without obtaining the consent and contribution of Tamil Nadu fishermen."
On May 14, she had said "the Indian fishermen from Tamil Nadu apprehend that if the church is demolished and reconstructed by the Sri Lankan side unilaterally, their traditional and customary access to this important place of worship could also be curtailed in the future."
She had urged the Centre to prevail on Colombo to involve Indian fishermen in the church rebuilding initiative.
Business Affairs
GDP growth rises to 7.9 percent in March quarter; economy grows 7.6 percent in 2015/16
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Economic growth accelerated to 7.9 percent in the three months through March from a revised 7.2 percent in the previous quarter, government data showed on Tuesday.
Analysts polled by Reuters had forecast annual growth of 7.5 percent in the quarter.
For the 2015/16 fiscal year ending in March, growth came in at 7.6 percent, in line with the official estimate. Growth was 7.2 percent in 2014/15.
Economic growth accelerated to 7.9 percent in the three months through March from a revised 7.2 percent in the previous quarter, government data showed on Tuesday.
Analysts polled by Reuters had forecast annual growth of 7.5 percent in the quarter.
For the 2015/16 fiscal year ending in March, growth came in at 7.6 percent, in line with the official estimate. Growth was 7.2 percent in 2014/15.
Reliance Industries exits Africa oil retail business, sells entire 76% GAPCO stake
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Reliance Industries has exited its African fuel retail business by selling its entire 76 per cent stake to Total SA of France for an undisclosed sum. Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation's (GAPCO) assets in Kenya, Uganda and Tanzania.
RIL's overseas arm Reliance Exploration & Production DMCC owned 76 per cent stake in GAPCO while Fortune Oil Corp, Mauritius held the remaining. Total is acquiring stake of both the firms.
"Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of RIL and Total, have executed agreements on May 30, 2016 for the sale of the entire 76 per cent interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO)," RIL said in a statement.
The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions. It, however, did not disclose the deal size.
GAPCO is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania which are primarily engaged in petroleum product import and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
On conclusion, Total will get ownership of two logistical terminals in Mombasa in Kenya and Dar es Salaam in Tanzania, as well as a retail network of over 100 service stations. The acquisition will be complementary to Total's existing operations in Kenya, Uganda and Tanzania and will strengthen its logistics in the region.
RIL had in September 2007 bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa. "Since the acquisition of 76 per cent equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing companies in East Africa, which now operates 108 retail outlets and owns 2,60,000 kilolitre of storage capacity," the statement said. The net proceeds for the sale will be finalised on completion of the transaction which is expected to be within the coming months, it added.
RIL said the agreement signed by Reliance Exploration and Production DMCC (REPDMCC) to sell its interest in GAPCO was part of a joint transaction, wherein both REPDMCC and the minority shareholder have agreed to sell their entire respective holdings in for cash.
"This acquisition is in line with Total's growth strategy for the distribution of petroleum products and services in Africa, which aims at expanding in fast-growing regions while maintaining high profitability," said Momar Nguer, President, Total Marketing & Services.
The assets acquired, which complement Total's activities in East Africa, will help the firm fully "leverage synergies of size and build the most competitive integrated regional supply, logistics and marketing base," he added.
Total is the leading petroleum product retailer in Africa, with a network of more than 4,000 service stations. The company aims to grow its market share from 17 per cent in 2015 to more than 20 per cent.
Reliance Industries has exited its African fuel retail business by selling its entire 76 per cent stake to Total SA of France for an undisclosed sum. Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation's (GAPCO) assets in Kenya, Uganda and Tanzania.
RIL's overseas arm Reliance Exploration & Production DMCC owned 76 per cent stake in GAPCO while Fortune Oil Corp, Mauritius held the remaining. Total is acquiring stake of both the firms.
"Reliance Exploration & Production DMCC, an indirect wholly owned subsidiary of RIL and Total, have executed agreements on May 30, 2016 for the sale of the entire 76 per cent interest held by REPDMCC in the Mauritius-incorporated Gulf Africa Petroleum Corporation (GAPCO)," RIL said in a statement.
The proposed transaction is subject to regulatory approvals and other closing conditions that are customary for similar transactions. It, however, did not disclose the deal size.
GAPCO is a holding company incorporated in Mauritius with affiliates in Kenya, Uganda and Tanzania which are primarily engaged in petroleum product import and trading, storage, distribution, marketing, supply and transportation of oil products in East Africa.
On conclusion, Total will get ownership of two logistical terminals in Mombasa in Kenya and Dar es Salaam in Tanzania, as well as a retail network of over 100 service stations. The acquisition will be complementary to Total's existing operations in Kenya, Uganda and Tanzania and will strengthen its logistics in the region.
RIL had in September 2007 bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa. "Since the acquisition of 76 per cent equity interest in GAPCO by REPDMCC in 2007, GAPCO has significantly grown and is one of leading petroleum marketing companies in East Africa, which now operates 108 retail outlets and owns 2,60,000 kilolitre of storage capacity," the statement said. The net proceeds for the sale will be finalised on completion of the transaction which is expected to be within the coming months, it added.
RIL said the agreement signed by Reliance Exploration and Production DMCC (REPDMCC) to sell its interest in GAPCO was part of a joint transaction, wherein both REPDMCC and the minority shareholder have agreed to sell their entire respective holdings in for cash.
"This acquisition is in line with Total's growth strategy for the distribution of petroleum products and services in Africa, which aims at expanding in fast-growing regions while maintaining high profitability," said Momar Nguer, President, Total Marketing & Services.
The assets acquired, which complement Total's activities in East Africa, will help the firm fully "leverage synergies of size and build the most competitive integrated regional supply, logistics and marketing base," he added.
Total is the leading petroleum product retailer in Africa, with a network of more than 4,000 service stations. The company aims to grow its market share from 17 per cent in 2015 to more than 20 per cent.
Tata Motors, Sun Pharma, Rolta India among top 6 stocks that hogged limelight on Dalal Street
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Snapping five-session long gaining spree on Tuesday, the S&P BSE Sensex lost 57 points, while the broader Nifty50 settled the day below its key support level of 8,200-mark ahead of GDP data to be announced later in the day.
The headline indices slipped in red as investors took profit after five consecutive sessions of gains, but logged their third straight monthly rise, outperforming almost all regional markets
Here are top 6 stocks that buzzed in trade today:
1)Tata Motors: Shares of Tata Motors closed the day 9.48 percent up on BSE after the company posted a net profit after tax (PAT), minority interest and share of profit of associates of Rs 5,177.06 crore for the quarter ended March 31, 2016 as compared to Rs 1,716.5 crore for the quarter ended March 31, 2015.
2)Sun Pharmaceutical Industries: Shares of Sun Pharmaceutical Industries settled the day 6.13 per cent down on BSE even as the pharma major company posted a net profit of Rs.1713.690 crore for the quarter ended March 31, 2016 whereas the same was at Rs 889.24 crore for the quarter ended March 31, 2015.
3)Steel Authority of India : Shares of SAIL declined 0.48 per cent on BSE after the company posted a net loss of Rs 1,230.93 crore for the quarter ended March 30, 2016 hit by challenging market conditions and decline is sales realisation.
4)Rolta India: Shares of Mid-cap IT services and solutions firm Rolta India closed the day 8.30 per cent down on BSE even as the company reported consolidated net profit of 64.4 per cent to Rs 59.21 crore for the quarter ended March 31, 2016.The company had posted a net profit of Rs 36.01 crore in Q3 FY-16,registering a q-o-q growth of 26.3 per cent.
5)Reliance Communications : Shares of Reliance Communications declined 3.98 per cent on BSE even as the company posted a net profit after tax (PAT), minority interest and share of profit of associates of Rs 177 crore for the quarter ended March 31, 2016 as compared to Rs 228 crore for the quarter ended March 31, 2015.
6)Jagran Prakashan: Shares of the publisher of leading Hindi daily Dainik Jagran Jagran Prakashan closed the day 3.57 per cent down on BSE even as the company reported a consolidated net profit of Rs 80.19 crore for the fourth quarter ended March 31, 2016.
Snapping five-session long gaining spree on Tuesday, the S&P BSE Sensex lost 57 points, while the broader Nifty50 settled the day below its key support level of 8,200-mark ahead of GDP data to be announced later in the day.
The headline indices slipped in red as investors took profit after five consecutive sessions of gains, but logged their third straight monthly rise, outperforming almost all regional markets
Here are top 6 stocks that buzzed in trade today:
1)Tata Motors: Shares of Tata Motors closed the day 9.48 percent up on BSE after the company posted a net profit after tax (PAT), minority interest and share of profit of associates of Rs 5,177.06 crore for the quarter ended March 31, 2016 as compared to Rs 1,716.5 crore for the quarter ended March 31, 2015.
2)Sun Pharmaceutical Industries: Shares of Sun Pharmaceutical Industries settled the day 6.13 per cent down on BSE even as the pharma major company posted a net profit of Rs.1713.690 crore for the quarter ended March 31, 2016 whereas the same was at Rs 889.24 crore for the quarter ended March 31, 2015.
3)Steel Authority of India : Shares of SAIL declined 0.48 per cent on BSE after the company posted a net loss of Rs 1,230.93 crore for the quarter ended March 30, 2016 hit by challenging market conditions and decline is sales realisation.
4)Rolta India: Shares of Mid-cap IT services and solutions firm Rolta India closed the day 8.30 per cent down on BSE even as the company reported consolidated net profit of 64.4 per cent to Rs 59.21 crore for the quarter ended March 31, 2016.The company had posted a net profit of Rs 36.01 crore in Q3 FY-16,registering a q-o-q growth of 26.3 per cent.
5)Reliance Communications : Shares of Reliance Communications declined 3.98 per cent on BSE even as the company posted a net profit after tax (PAT), minority interest and share of profit of associates of Rs 177 crore for the quarter ended March 31, 2016 as compared to Rs 228 crore for the quarter ended March 31, 2015.
6)Jagran Prakashan: Shares of the publisher of leading Hindi daily Dainik Jagran Jagran Prakashan closed the day 3.57 per cent down on BSE even as the company reported a consolidated net profit of Rs 80.19 crore for the fourth quarter ended March 31, 2016.
India gains momentum to retain fastest growing economy tag
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India probably gathered momentum to hold its ranking as the world's fastest growing large economy in the quarter through March, giving Prime Minister Narendra Modi more to celebrate after completing two years in office last week.
Modi swept to power promising to revitalise Asia's third-largest economy and, despite a dearth of private investment and shrinking exports, his policies are having some success as cooling inflation and lower interest rates have boosted consumer demand.
A Reuters survey of economists expected data out on Tuesday will show India's gross domestic product grew 7.5 per cent year-on-year between January and March, faster than the previous quarter's 7.3 per cent.
"This 7.5 per cent growth, in a global slowdown environment, has a potential to pick up even more," Finance Minister Arun Jaitley said last week in general comments about the trends.
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter - the slowest posted by the world's second largest economy in seven years.
Given the dim prospects for a boost from exports, Moody's Investors Service said a recovery in private investment would be needed if India's upturn was going to last.
"Combined with the fact that external demand is likely to remain lacklustre, a sustained improvement in domestic private investment would be required for the growth momentum to be sustained," the rating agency's analysts wrote in a note.
Meantime, the Reserve Bank of India (RBI) is widely expected to keep its policy interest rate on hold at a scheduled policy review on June 7 as it waits for banks to fully pass on the previous the benefits of earlier cuts to borrowers.
Consumers, particularly in urban areas, have been encouraged by the lower rates.
Sales of passenger cars and two-wheelers are growing at a double-digit pace. Sales of new residential units recovered in the last quarter, snapping a falling trend.
Personal loans that include loans for durable goods, housing and education are growing at a rate of 19 per cent year-on-year, while credit card loans are growing at a 24 per cent clip.
With good rains forecast this summer, the farm sector is set to get a fillip after two successive years of drought. That bodes well for depressed rural demand.
Impending increases in wages and pensions of government employees are also expected to underpin consumer spending.
CHALLENGES
As part of his strategy to boost business and generate jobs, Modi has accelerated public spending on road construction, laying new power lines and upgrading the rail network.
He has also lifted caps on foreign investments in sectors such as insurance and defence manufacturing.
Still, an upturn in private capital investment remains elusive.
Festering bad loans have made banks wary of fresh lending, forcing cash-strapped firms to keep a lid on capital outlays and, in any case, many factories are still running well below capacity.
External uncertainties, meanwhile, are on the rise. Chances of US interest rates going up, Britain voting to leave the European Union, and China's economy worsening all pose risks for emerging markets like India.
The South Asian nation has benefited massively from cheap crude over the past two years as its oil import bill halved, inflation fell and public finances improved.
But, economists reckon oil's recent rally above $50 a barrel could knock 20-30 basis points off the growth rate, while boosting the inflation rate by up to 60 basis points.
India probably gathered momentum to hold its ranking as the world's fastest growing large economy in the quarter through March, giving Prime Minister Narendra Modi more to celebrate after completing two years in office last week.
Modi swept to power promising to revitalise Asia's third-largest economy and, despite a dearth of private investment and shrinking exports, his policies are having some success as cooling inflation and lower interest rates have boosted consumer demand.
A Reuters survey of economists expected data out on Tuesday will show India's gross domestic product grew 7.5 per cent year-on-year between January and March, faster than the previous quarter's 7.3 per cent.
"This 7.5 per cent growth, in a global slowdown environment, has a potential to pick up even more," Finance Minister Arun Jaitley said last week in general comments about the trends.
India's upbeat outlook contrasts with neighbouring China, where growth slipped to 6.7 in the first quarter - the slowest posted by the world's second largest economy in seven years.
Given the dim prospects for a boost from exports, Moody's Investors Service said a recovery in private investment would be needed if India's upturn was going to last.
"Combined with the fact that external demand is likely to remain lacklustre, a sustained improvement in domestic private investment would be required for the growth momentum to be sustained," the rating agency's analysts wrote in a note.
Meantime, the Reserve Bank of India (RBI) is widely expected to keep its policy interest rate on hold at a scheduled policy review on June 7 as it waits for banks to fully pass on the previous the benefits of earlier cuts to borrowers.
Consumers, particularly in urban areas, have been encouraged by the lower rates.
Sales of passenger cars and two-wheelers are growing at a double-digit pace. Sales of new residential units recovered in the last quarter, snapping a falling trend.
Personal loans that include loans for durable goods, housing and education are growing at a rate of 19 per cent year-on-year, while credit card loans are growing at a 24 per cent clip.
With good rains forecast this summer, the farm sector is set to get a fillip after two successive years of drought. That bodes well for depressed rural demand.
Impending increases in wages and pensions of government employees are also expected to underpin consumer spending.
CHALLENGES
As part of his strategy to boost business and generate jobs, Modi has accelerated public spending on road construction, laying new power lines and upgrading the rail network.
He has also lifted caps on foreign investments in sectors such as insurance and defence manufacturing.
Still, an upturn in private capital investment remains elusive.
Festering bad loans have made banks wary of fresh lending, forcing cash-strapped firms to keep a lid on capital outlays and, in any case, many factories are still running well below capacity.
External uncertainties, meanwhile, are on the rise. Chances of US interest rates going up, Britain voting to leave the European Union, and China's economy worsening all pose risks for emerging markets like India.
The South Asian nation has benefited massively from cheap crude over the past two years as its oil import bill halved, inflation fell and public finances improved.
But, economists reckon oil's recent rally above $50 a barrel could knock 20-30 basis points off the growth rate, while boosting the inflation rate by up to 60 basis points.
Govt plans 'significant' equity investment in stressed-assets of banks, says Jayant Sinha
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India is looking to start a "significant" fund that will invest in distressed loans held by lenders, Minister of State for Finance Jayant Sinha said on Tuesday, as regulators strive to clean-up non-performing loans in the struggling sector.
"We will have a significant stressed assets fund," Sinha told reporters on the sidelines of a event by credit ratings agency CRISIL in India's financial capital, Mumbai.
"We expect a variety of funds - stressed debt fund, special situations fund, and NIIF (National Investment and Infrastructure Fund) - to then participate in equity investment in these stressed assets," he also said.
Sinha added details were still being finalised.
He also said it was prudent for the Reserve Bank of India to continue with an asset quality review of the banks. Lenders have reported a surge in their bad loans in the six months to March after an asset quality review ordered by the central bank.
India is looking to start a "significant" fund that will invest in distressed loans held by lenders, Minister of State for Finance Jayant Sinha said on Tuesday, as regulators strive to clean-up non-performing loans in the struggling sector.
"We will have a significant stressed assets fund," Sinha told reporters on the sidelines of a event by credit ratings agency CRISIL in India's financial capital, Mumbai.
"We expect a variety of funds - stressed debt fund, special situations fund, and NIIF (National Investment and Infrastructure Fund) - to then participate in equity investment in these stressed assets," he also said.
Sinha added details were still being finalised.
He also said it was prudent for the Reserve Bank of India to continue with an asset quality review of the banks. Lenders have reported a surge in their bad loans in the six months to March after an asset quality review ordered by the central bank.
General Awareness
List of Current Governors in India – Updated On May 2016
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Current Governors in India
Governor is the constitutional head of each of the twenty-nine states. The governor is appointed by the President of India for a term of five years, and holds office at the President’s pleasure.
State Name Current Governors Name Andhra Pradesh E. S. L. Narasimhan Arunachal Pradesh Jyoti Prasad Rajkhowa Assam Padmanabha Balakrishna Acharya Bihar Ram Nath Kovind Chhattisgarh Balramji Das Tandon Goa Mridula Sinha Gujarat Om Prakash Kohli Haryana Kaptan Singh Solanki Himachal Pradesh Acharya Dev Vrat Jammu and Kashmir Narinder Nath Vohra Jharkhand Draupadi Murmu Karnataka Vajubhai Vala Kerala P. Sathasivam Madhya Pradesh Ram Naresh Yadav Maharashtra C. Vidyasagar Rao Manipur V. Shanmuganthan Meghalaya V. Shanmuganthan Mizoram Nirbhay Sharma Nagaland Padmanabha Acharya Odisha S. C. Jamir Punjab Kaptan Singh Solanki Rajasthan Kalyan Singh Sikkim Shriniwas Dadasaheb Patil Tamil Nadu K. Rosaiah Telangana E. S. L. Narasimhan Tripura Tathagata Roy Uttar Pradesh Ram Naik Uttarakhand Krishan Kant Paul West Bengal Keshari Nath Tripathi
Current Lieutenant Governors and Administrators of Union Territories
Office and union territory Name Lieutenant Governor of Andaman and Nicobar Islands A. K. Singh Administrator of Chandigarh Kaptan Singh Solanki Administrator of Dadra and Nagar Haveli Ashish Kundra Administrator of Daman and Diu Ashish Kundra Lieutenant Governor of Delhi Najeeb Jung Administrator of Lakshadweep Vijay Kumar Lieutenant Governor of Puducherry Kiran Bedi
- Current Governors in India
Governor is the constitutional head of each of the twenty-nine states. The governor is appointed by the President of India for a term of five years, and holds office at the President’s pleasure.Current Lieutenant Governors and Administrators of Union TerritoriesState Name Current Governors Name Andhra Pradesh E. S. L. Narasimhan Arunachal Pradesh Jyoti Prasad Rajkhowa Assam Padmanabha Balakrishna Acharya Bihar Ram Nath Kovind Chhattisgarh Balramji Das Tandon Goa Mridula Sinha Gujarat Om Prakash Kohli Haryana Kaptan Singh Solanki Himachal Pradesh Acharya Dev Vrat Jammu and Kashmir Narinder Nath Vohra Jharkhand Draupadi Murmu Karnataka Vajubhai Vala Kerala P. Sathasivam Madhya Pradesh Ram Naresh Yadav Maharashtra C. Vidyasagar Rao Manipur V. Shanmuganthan Meghalaya V. Shanmuganthan Mizoram Nirbhay Sharma Nagaland Padmanabha Acharya Odisha S. C. Jamir Punjab Kaptan Singh Solanki Rajasthan Kalyan Singh Sikkim Shriniwas Dadasaheb Patil Tamil Nadu K. Rosaiah Telangana E. S. L. Narasimhan Tripura Tathagata Roy Uttar Pradesh Ram Naik Uttarakhand Krishan Kant Paul West Bengal Keshari Nath Tripathi
Office and union territory Name Lieutenant Governor of Andaman and Nicobar Islands A. K. Singh Administrator of Chandigarh Kaptan Singh Solanki Administrator of Dadra and Nagar Haveli Ashish Kundra Administrator of Daman and Diu Ashish Kundra Lieutenant Governor of Delhi Najeeb Jung Administrator of Lakshadweep Vijay Kumar Lieutenant Governor of Puducherry Kiran Bedi
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