General Affairs
Performance Of Congress Lawmakers To Be Assessed Before Nomination: Amarinder Singh
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BARNALA, PUNJAB: Punjab Congress president Amarinder Singh today said the performance of all party legislators will be assessed before nominating them to contest the 2017 Assembly elections in the state.
Responding to a question during his 'Halqe vich Captain' programme at Bhadaur in Barnala, Amarinder Singh said that winnability will be the only criterion for selecting the candidates.
He agreed with party workers' suggestion that their opinion should be taken before nominating a candidate from a particular constituency.
"You will suggest as who will be the right candidate for the contest and we will recommend him to the party high command and the final decision will be taken by Congress President Sonia Gandhi," he said while telling them that it will be the responsibility of each and every Congressman to ensure their victory.
Replying to a question about the declaration form sought from aspirants that they will not contest against the official nominees, the PCC president said there was nothing wrong about it as loyalty and discipline are pre-requisite conditions for strengthening the party.
Asked as to what necessitated the self declaration affidavit, the former chief minister said, "given the massive response the party was getting everybody expected Congress to form the government (in Punjab) and with the result there were lot of party ticket aspirants."
He said, the party will ensure this time that there were no rebels as all those who do not get the tickets will be accommodated in the government.
Notably, in a proforma prepared by the party for inviting applications from ticket aspirants for the 2017 Assembly polls, Punjab Congress has asked ticket applicants to "take a pledge" that they will not contest polls on any assembly seat against Congress nominee if they are not "chosen".
At least 22 rebels had damaged the prospects of Congress in the last 2012 Assembly polls.
Punjab is likely to see a keen contest between SAD-BJP, Congress and Aam Aadmi Party during the 2017 Assembly polls.
Responding to a question during his 'Halqe vich Captain' programme at Bhadaur in Barnala, Amarinder Singh said that winnability will be the only criterion for selecting the candidates.
He agreed with party workers' suggestion that their opinion should be taken before nominating a candidate from a particular constituency.
"You will suggest as who will be the right candidate for the contest and we will recommend him to the party high command and the final decision will be taken by Congress President Sonia Gandhi," he said while telling them that it will be the responsibility of each and every Congressman to ensure their victory.
Replying to a question about the declaration form sought from aspirants that they will not contest against the official nominees, the PCC president said there was nothing wrong about it as loyalty and discipline are pre-requisite conditions for strengthening the party.
Asked as to what necessitated the self declaration affidavit, the former chief minister said, "given the massive response the party was getting everybody expected Congress to form the government (in Punjab) and with the result there were lot of party ticket aspirants."
He said, the party will ensure this time that there were no rebels as all those who do not get the tickets will be accommodated in the government.
Notably, in a proforma prepared by the party for inviting applications from ticket aspirants for the 2017 Assembly polls, Punjab Congress has asked ticket applicants to "take a pledge" that they will not contest polls on any assembly seat against Congress nominee if they are not "chosen".
At least 22 rebels had damaged the prospects of Congress in the last 2012 Assembly polls.
Punjab is likely to see a keen contest between SAD-BJP, Congress and Aam Aadmi Party during the 2017 Assembly polls.
Imran Masood, Once Jailed For Hate Speech, Given a Top Congress Job In UP
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NEW DELHI: Imran Masood, a Congressman from Uttar Pradesh who threatened in 2014 to "chop Narendra Modi into pieces", has been given a big role in the state ahead of assembly polls.
Actor-turned-politician Raj Babbar was today named president of the Congress in India's most populous state. Mr Masood, 45, will be one of the four party Vice-Presidents.
Mr Masood, who lost the parliamentary election, was jailed for his hate speech in March 2014 when Mr Modi was running for Prime Minister. Questioned on the controversial choice, Ghulam Nabi Azad, who is in charge of the Congress in Uttar Pradesh, said: "Why don't you ask the BJP of their ministers who are hate-mongers?"
Last year, Mr Masood's presence at a rally addressed by Rahul Gandhi had raised eyebrows, especially as the Congress vice president had publicly disapproved of his hate speech, saying: "Local candidate using harsh words about the opposition. This is not the Congress way."
Mr Gandhi led the 2014 campaign against Mr Modi though he was not declared his party's presumptive Prime Minister.
The Congress result was bite-sized; it won just 44 parliamentary seats, and only two of a possible 80 in Uttar Pradesh - the sole winners were Mr Gandhi and his mother, Sonia, who is Congress President.
Uttar Pradesh votes next year for its next government. While announcing the new positions for Mr Babbar and Mr Masood today, Mr Azad revealed nothing either on the party's chief ministerial nominee or on the exact role that will be played by Mr Gandhi's younger sister, Priyanka Gandhi Vadra.
Election strategist Prashant Kishor, who is working with the Congress, has been urging the party to pick Sheila Dikshit, who headed the Congress government in Delhi thrice, as its choice for Chief Minster for UP. Mrs Dikshit has said she will follow her party's wishes. Mr Kishor is keen for Ms Gandhi to campaign beyond the constituencies of her mother and brother - if she agrees, that will be a first. She met with Mr Azad this morning before the party announced its new line-up for Uttar Pradesh.
Actor-turned-politician Raj Babbar was today named president of the Congress in India's most populous state. Mr Masood, 45, will be one of the four party Vice-Presidents.
Mr Masood, who lost the parliamentary election, was jailed for his hate speech in March 2014 when Mr Modi was running for Prime Minister. Questioned on the controversial choice, Ghulam Nabi Azad, who is in charge of the Congress in Uttar Pradesh, said: "Why don't you ask the BJP of their ministers who are hate-mongers?"
Last year, Mr Masood's presence at a rally addressed by Rahul Gandhi had raised eyebrows, especially as the Congress vice president had publicly disapproved of his hate speech, saying: "Local candidate using harsh words about the opposition. This is not the Congress way."
Mr Gandhi led the 2014 campaign against Mr Modi though he was not declared his party's presumptive Prime Minister.
The Congress result was bite-sized; it won just 44 parliamentary seats, and only two of a possible 80 in Uttar Pradesh - the sole winners were Mr Gandhi and his mother, Sonia, who is Congress President.
Uttar Pradesh votes next year for its next government. While announcing the new positions for Mr Babbar and Mr Masood today, Mr Azad revealed nothing either on the party's chief ministerial nominee or on the exact role that will be played by Mr Gandhi's younger sister, Priyanka Gandhi Vadra.
Election strategist Prashant Kishor, who is working with the Congress, has been urging the party to pick Sheila Dikshit, who headed the Congress government in Delhi thrice, as its choice for Chief Minster for UP. Mrs Dikshit has said she will follow her party's wishes. Mr Kishor is keen for Ms Gandhi to campaign beyond the constituencies of her mother and brother - if she agrees, that will be a first. She met with Mr Azad this morning before the party announced its new line-up for Uttar Pradesh.
Congress Leader Ghulam Nabi Azad Holds Press Conference: Highlights
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Leader of Opposition in Rajya Sabha and former Jammu and Kashmir chief minister Ghulam Nabi Azad is holding a press conference.
Here are the highlights:
- We will select an appropriate CM candidate when the UP campaign starts.
- Whoever is in Congress has a role to play and same for Priyanka Gandhi.
- Raj Babbar will be the UP Congress chief. He is born in UP. He was the Lok Sabha member from UP for three times. He is in the Rajya Sabha now.
- Campaign committee and coordination committee to be decided in the coming days.
- My views on Kashmir and militancy are personnel.
- BJP can't shy away from its role in Jammu and Kashmir.
- I have said it before in the presence of the PM that the BJP needs to practice caution while dealing with Kashmir. It should not push the RSS agenda in the Valley.
- Use of excessive force in Kashmir is terrible.
- Jammu and Kashmir is a very sensitive region.
- Pakistan is fishing in troubled waters. We condemn it.
Here are the highlights:
- We will select an appropriate CM candidate when the UP campaign starts.
- Whoever is in Congress has a role to play and same for Priyanka Gandhi.
- Raj Babbar will be the UP Congress chief. He is born in UP. He was the Lok Sabha member from UP for three times. He is in the Rajya Sabha now.
- Campaign committee and coordination committee to be decided in the coming days.
- My views on Kashmir and militancy are personnel.
- BJP can't shy away from its role in Jammu and Kashmir.
- I have said it before in the presence of the PM that the BJP needs to practice caution while dealing with Kashmir. It should not push the RSS agenda in the Valley.
- Use of excessive force in Kashmir is terrible.
- Jammu and Kashmir is a very sensitive region.
- Pakistan is fishing in troubled waters. We condemn it.
Manohar Parrikar Visits AAP Leader's House In Goa, Congress Finds It Fishy
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PANAJI: The Congress in Goa today said Defence Minister Manohar Parrikar's visit to Aam Aadmi Party (AAP) co-convenor Valmiki Naik's house smacked of a "secret alliance" between the ruling BJP and the AAP.
"Parrikar's (Sunday) visit to Naik's house ostensibly to meet his ailing father clearly shows there is a secret deal between the BJP and the Aam Aadmi Party. This has been the case in Delhi too," Congress spokesperson Trajano D'Mello told the media in Panaji.
On Sunday, Mr Naik told a press conference that Mr Parrikar visited his house along with a business tycoon to meet his ailing father Datta Naik, who has been associated with BJP leaders in Goa through the 1980s and 90s.
Mr Naik said: "Despite political and ideological differences, I hope Parrikar will continue to visit my family where he would be welcomed in true Goan hospitality."
"I thank Parrikar for his visit and I urge the Modi government to take some lessons from Parrikar and learn to extend similar courtesy to the AAP government in Delhi," Mr Naik added in a sarcastic tone.
What compounded matters was Mr Naik's reluctance to answer questions from the media on why the press conference was addressed, especially if Mr Parrikar's visit was a private one.
Party sources, however, said the media event was organised to ensure that rival parties did not get an opportunity to use the private visit for political ends.
Mr D'Mello claimed there was more to Mr Parrikar's visit than just "courtesy".
The Goa Assembly elections expected to be held in early 2017 are likely to be hotly contested by the ruling BJP, the Congress and the AAP.
AAP leader and Delhi Chief Minister Arvind Kejriwal formally launched his party's Goa poll campaign in May.
"Parrikar's (Sunday) visit to Naik's house ostensibly to meet his ailing father clearly shows there is a secret deal between the BJP and the Aam Aadmi Party. This has been the case in Delhi too," Congress spokesperson Trajano D'Mello told the media in Panaji.
On Sunday, Mr Naik told a press conference that Mr Parrikar visited his house along with a business tycoon to meet his ailing father Datta Naik, who has been associated with BJP leaders in Goa through the 1980s and 90s.
Mr Naik said: "Despite political and ideological differences, I hope Parrikar will continue to visit my family where he would be welcomed in true Goan hospitality."
"I thank Parrikar for his visit and I urge the Modi government to take some lessons from Parrikar and learn to extend similar courtesy to the AAP government in Delhi," Mr Naik added in a sarcastic tone.
What compounded matters was Mr Naik's reluctance to answer questions from the media on why the press conference was addressed, especially if Mr Parrikar's visit was a private one.
Party sources, however, said the media event was organised to ensure that rival parties did not get an opportunity to use the private visit for political ends.
Mr D'Mello claimed there was more to Mr Parrikar's visit than just "courtesy".
The Goa Assembly elections expected to be held in early 2017 are likely to be hotly contested by the ruling BJP, the Congress and the AAP.
AAP leader and Delhi Chief Minister Arvind Kejriwal formally launched his party's Goa poll campaign in May.
After South China Sea Verdict, Beijing's Aggressive Actions
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AMSTERDAM/BEIJING: An arbitration court ruled today that China has no historic title over the waters of the South China Sea and that it has breached the sovereign rights of the Philippines with its actions there, infuriating a defiant Beijing.
China, which has boycotted the hearings at the Permanent Court of Arbitration in The Hague, vowed again to ignore the ruling and said its armed forces would defend its sovereignty and maritime interests.
China's state-run Xinhua news agency said shortly before the ruling was announced that a Chinese civilian aircraft successfully carried out calibration tests on two new airports in the disputed Spratly Islands.
And China's Defence Ministry announced that a new guided missile destroyer was formally commissioned at a naval base on the southern island province of Hainan, which has responsibility for the South China Sea.
"This award represents a devastating legal blow to China's jurisdictional claims in the South China Sea," Ian Storey, of Singapore's ISEAS Yusof Ishak Institute, told Reuters.
"China will respond with fury, certainly in terms of rhetoric and possibly through more aggressive actions at sea."
China claims most of the energy-rich waters through which about $5 trillion in ship-borne trade passes every year. Neighbours Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims.
Finding for the Philippines on a number of issues, the panel said there was no legal basis for China to claim historic rights to resources within its so-called nine-dash line, which covers much of the South China Sea.
It said China had interfered with traditional Philippine fishing rights at Scarborough Shoal, one of the hundreds of reefs and shoals dotting the sea, and had breached the Philippines' sovereign rights by exploring for oil and gas near the Reed Bank, another feature in the region.
None of China's reefs and holdings in the Spratly Islands entitled it to a 200-mile exclusive economic zone, it added.
China's Foreign Ministry comprehensively rejected the ruling, saying its people had more than 2,000 years of history in the South China Sea, that its islands did have exclusive economic zones and that it had announced to the world its "dotted line" map in 1948."China's territorial sovereignty and maritime rights and interests in the South China Sea shall under no circumstances be affected by those awards. China opposes and will never accept any claim or action based on those awards," it said.
However, the ministry also repeated that China respected and upheld the freedom of navigation and overflight and that China was ready to keep resolving the disputes peacefully through talks with states directly concerned.
China's Defence Ministry said in a bilingual Chinese and English statement shortly before the ruling was made public that the armed forces would "firmly safeguard national sovereignty, security and maritime interests and rights, firmly uphold regional peace and stability, and deal with all kinds of threats and challenges".
The ruling also said China had caused permanent harm to the coral reef ecosystem in the Spratlys, charges China has always rejected.
The judges acknowledged China's refusal to participate, but said they sought to take account of China's position on the basis of its statements and diplomatic correspondence.
"The award is a complete and total victory for the Philippines ... a victory for international law and international relations," said Paul Reichler, lead lawyer for the Philippines.
Vietnam said it welcomed the ruling.
Taiwan, which had maintained the island it occupies, Itu Aba, is legally the only island among the hundreds of reefs, shoals and atolls scattered across the seas, said it did not accept the ruling, which had seriously impaired Taiwan's territorial rights.
GROUND-BREAKING RULING
The ruling is significant as it is the first time that a legal challenge has been brought in the dispute, which covers some of the world's most promising oil and gas fields and vital fishing grounds.
It reflects the shifting balance of power in the 3.5 million sq km sea, where China has been expanding its presence by building artificial islands and dispatching patrol boats that keep Philippine fishing vessels away.
The United States and China often conduct military exercises in the area and regularly accuse each other of militarising the region.
"Our experts are studying the award with the care and thoroughness that this significant arbitral outcome deserves," Philippine Foreign Affairs Secretary Perfecto Yasay told a news conference, reading from a prepared statement.
"We call on all those concerned to exercise restraint and sobriety. The Philippines strongly affirms its respect for this milestone decision as an important contribution to the ongoing efforts in addressing disputes in the South China Sea."
Japan said the ruling was legally binding and final.
U.S. diplomatic, military and intelligence officers said China's reaction to the court's decision would largely determine how other claimants, as well as the United States, responded.
If, for example, China accelerated or escalated its military activities in the disputed area, the U.S. and other nations would have little choice but to respond with new and possibly enlarged and multinational maritime freedom of navigation and aerial missions, the U.S. officials said, speaking on the condition of anonymity.
Contingency planning for such exercises was already completed or was in its final stages, said one of the officials, who quickly added: "We hope it doesn't come to that."
OIL PRICES JUMP
Oil prices jumped following the findings from The Hague, with international Brent crude futures up over a dollar, or more than 2 percent, to $47.29 per barrel at 0932 GMT.
The deep waters of the South China Basin between the Spratly and also-disputed Paracel Islands are the most direct shipping lane between northeast Asia's industrial hubs of China, Japan and South Korea and Europe and the Middle East.
The case, brought by the Philippines in 2013, hinged on the legal status of reefs, rocks and artificial islands in the Scarborough Shoal and Spratly Island group.
Manila's 15-point case asked the tribunal to rule on the status of the nine-dash line, a boundary that is the basis for its 69-year-old claim to roughly 85 percent of the South China Sea.
The court has no power of enforcement, but a victory for the Philippines could spur Taiwan, Vietnam, Malaysia and Brunei to file similar cases.
Ahead of the ruling, around 100 members of a Philippine nationalist group demonstrated outside the Chinese consulate in Manila on Tuesday, calling on Beijing to accept the decision and leave the Scarborough Shoal, a popular fishing zone off limits to Filipinos since 2012.
In China, social media users reacted with outrage at the ruling.
"It was ours in the past, is now and will remain so in the future," wrote one user on microblogging site Weibo.
"Those who encroach on our China's territory will die no matter how far away they are."
Spreading fast on social media in the Philippines was the use of the term "Chexit" - the public's desire for Chinese vessels to leave the waters.
China, which has boycotted the hearings at the Permanent Court of Arbitration in The Hague, vowed again to ignore the ruling and said its armed forces would defend its sovereignty and maritime interests.
China's state-run Xinhua news agency said shortly before the ruling was announced that a Chinese civilian aircraft successfully carried out calibration tests on two new airports in the disputed Spratly Islands.
And China's Defence Ministry announced that a new guided missile destroyer was formally commissioned at a naval base on the southern island province of Hainan, which has responsibility for the South China Sea.
"This award represents a devastating legal blow to China's jurisdictional claims in the South China Sea," Ian Storey, of Singapore's ISEAS Yusof Ishak Institute, told Reuters.
"China will respond with fury, certainly in terms of rhetoric and possibly through more aggressive actions at sea."
China claims most of the energy-rich waters through which about $5 trillion in ship-borne trade passes every year. Neighbours Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have claims.
Finding for the Philippines on a number of issues, the panel said there was no legal basis for China to claim historic rights to resources within its so-called nine-dash line, which covers much of the South China Sea.
It said China had interfered with traditional Philippine fishing rights at Scarborough Shoal, one of the hundreds of reefs and shoals dotting the sea, and had breached the Philippines' sovereign rights by exploring for oil and gas near the Reed Bank, another feature in the region.
None of China's reefs and holdings in the Spratly Islands entitled it to a 200-mile exclusive economic zone, it added.
China's Foreign Ministry comprehensively rejected the ruling, saying its people had more than 2,000 years of history in the South China Sea, that its islands did have exclusive economic zones and that it had announced to the world its "dotted line" map in 1948."China's territorial sovereignty and maritime rights and interests in the South China Sea shall under no circumstances be affected by those awards. China opposes and will never accept any claim or action based on those awards," it said.
However, the ministry also repeated that China respected and upheld the freedom of navigation and overflight and that China was ready to keep resolving the disputes peacefully through talks with states directly concerned.
China's Defence Ministry said in a bilingual Chinese and English statement shortly before the ruling was made public that the armed forces would "firmly safeguard national sovereignty, security and maritime interests and rights, firmly uphold regional peace and stability, and deal with all kinds of threats and challenges".
The ruling also said China had caused permanent harm to the coral reef ecosystem in the Spratlys, charges China has always rejected.
The judges acknowledged China's refusal to participate, but said they sought to take account of China's position on the basis of its statements and diplomatic correspondence.
"The award is a complete and total victory for the Philippines ... a victory for international law and international relations," said Paul Reichler, lead lawyer for the Philippines.
Vietnam said it welcomed the ruling.
Taiwan, which had maintained the island it occupies, Itu Aba, is legally the only island among the hundreds of reefs, shoals and atolls scattered across the seas, said it did not accept the ruling, which had seriously impaired Taiwan's territorial rights.
GROUND-BREAKING RULING
The ruling is significant as it is the first time that a legal challenge has been brought in the dispute, which covers some of the world's most promising oil and gas fields and vital fishing grounds.
It reflects the shifting balance of power in the 3.5 million sq km sea, where China has been expanding its presence by building artificial islands and dispatching patrol boats that keep Philippine fishing vessels away.
The United States and China often conduct military exercises in the area and regularly accuse each other of militarising the region.
"Our experts are studying the award with the care and thoroughness that this significant arbitral outcome deserves," Philippine Foreign Affairs Secretary Perfecto Yasay told a news conference, reading from a prepared statement.
"We call on all those concerned to exercise restraint and sobriety. The Philippines strongly affirms its respect for this milestone decision as an important contribution to the ongoing efforts in addressing disputes in the South China Sea."
Japan said the ruling was legally binding and final.
U.S. diplomatic, military and intelligence officers said China's reaction to the court's decision would largely determine how other claimants, as well as the United States, responded.
If, for example, China accelerated or escalated its military activities in the disputed area, the U.S. and other nations would have little choice but to respond with new and possibly enlarged and multinational maritime freedom of navigation and aerial missions, the U.S. officials said, speaking on the condition of anonymity.
Contingency planning for such exercises was already completed or was in its final stages, said one of the officials, who quickly added: "We hope it doesn't come to that."
OIL PRICES JUMP
Oil prices jumped following the findings from The Hague, with international Brent crude futures up over a dollar, or more than 2 percent, to $47.29 per barrel at 0932 GMT.
The deep waters of the South China Basin between the Spratly and also-disputed Paracel Islands are the most direct shipping lane between northeast Asia's industrial hubs of China, Japan and South Korea and Europe and the Middle East.
The case, brought by the Philippines in 2013, hinged on the legal status of reefs, rocks and artificial islands in the Scarborough Shoal and Spratly Island group.
Manila's 15-point case asked the tribunal to rule on the status of the nine-dash line, a boundary that is the basis for its 69-year-old claim to roughly 85 percent of the South China Sea.
The court has no power of enforcement, but a victory for the Philippines could spur Taiwan, Vietnam, Malaysia and Brunei to file similar cases.
Ahead of the ruling, around 100 members of a Philippine nationalist group demonstrated outside the Chinese consulate in Manila on Tuesday, calling on Beijing to accept the decision and leave the Scarborough Shoal, a popular fishing zone off limits to Filipinos since 2012.
In China, social media users reacted with outrage at the ruling.
"It was ours in the past, is now and will remain so in the future," wrote one user on microblogging site Weibo.
"Those who encroach on our China's territory will die no matter how far away they are."
Spreading fast on social media in the Philippines was the use of the term "Chexit" - the public's desire for Chinese vessels to leave the waters.
Business Affairs
Sensex gains 181 points, Nifty ends above 8,500 on positive global cues
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Extending gains for the second straight day, the S&P BSE Sensex on Tuesday gained 181 points, while the broader Nifty50 ended at a fresh 11-month high above its key resistance level of 8,500-mark.
The headline indices rallied tracking positive trend seen in Asian markets a day after Wall Street shares hit a record high thanks to a combination of upbeat US data and expectations of more stimulus from global policymakers.
The 30-share index ended the day at 27,808, up 181.45 points, while broad-based 50-share index quoted 8,521, up 53.15 points at close.
Meanwhile, the strong likelihood of a goods and services tax bill being passed in the monsoon session of parliament, which starts on July 18, and hopes for a good start to the quarterly earnings season also boosted investor sentiment.
Gains in share markets also tracked a rally in government bonds, as debt investors bet on benign inflation data later in the day and awaited the government's announcement on the next central bank governor.
"Markets are rallying on positive global cues, coupled with optimism for this earnings season, healthy monsoon progress and factoring in hopes for the GST bill getting through," said Neeraj Dewan, director at Quantum Securities Pvt Ltd.
"However, as caution prevails among investors ahead of these key events, we can expect to see a small amount of profit-taking for now, with larger chunks expected, probably a 100 points, down the line," Dewan added.
Banks were among the top gainers, with major private sector banks pushing the Nifty Bank Index up 1.50 per cent. ICICI Bank was up 4.68 per cent, Federal Bank was up 1.71 per cent while Axis Bank gained 3.03 per cent.
"Private-sector banks are likely to continue to see healthy growth and gain significant loan market share," HSBC analysts wrote in a note, estimating a 21 per cent loan growth for private banks.
Among other gainers, staffing firm Quess Corp's surged 60 per cent in a strong market debut.
Aluminium giant Hindalco Industries rose to an over one-year high on rival Alcoa Inc's upbeat earnings.
Meanwhile, Coal India was the top percentage loser on both indexes, falling as much 2.4 per cent on lower-than-expected buyback plan.
Extending gains for the second straight day, the S&P BSE Sensex on Tuesday gained 181 points, while the broader Nifty50 ended at a fresh 11-month high above its key resistance level of 8,500-mark.
The headline indices rallied tracking positive trend seen in Asian markets a day after Wall Street shares hit a record high thanks to a combination of upbeat US data and expectations of more stimulus from global policymakers.
The 30-share index ended the day at 27,808, up 181.45 points, while broad-based 50-share index quoted 8,521, up 53.15 points at close.
Meanwhile, the strong likelihood of a goods and services tax bill being passed in the monsoon session of parliament, which starts on July 18, and hopes for a good start to the quarterly earnings season also boosted investor sentiment.
Gains in share markets also tracked a rally in government bonds, as debt investors bet on benign inflation data later in the day and awaited the government's announcement on the next central bank governor.
"Markets are rallying on positive global cues, coupled with optimism for this earnings season, healthy monsoon progress and factoring in hopes for the GST bill getting through," said Neeraj Dewan, director at Quantum Securities Pvt Ltd.
"However, as caution prevails among investors ahead of these key events, we can expect to see a small amount of profit-taking for now, with larger chunks expected, probably a 100 points, down the line," Dewan added.
Banks were among the top gainers, with major private sector banks pushing the Nifty Bank Index up 1.50 per cent. ICICI Bank was up 4.68 per cent, Federal Bank was up 1.71 per cent while Axis Bank gained 3.03 per cent.
"Private-sector banks are likely to continue to see healthy growth and gain significant loan market share," HSBC analysts wrote in a note, estimating a 21 per cent loan growth for private banks.
Among other gainers, staffing firm Quess Corp's surged 60 per cent in a strong market debut.
Aluminium giant Hindalco Industries rose to an over one-year high on rival Alcoa Inc's upbeat earnings.
Meanwhile, Coal India was the top percentage loser on both indexes, falling as much 2.4 per cent on lower-than-expected buyback plan.
Retail inflation inches up to 5.77 percent in June
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Annual consumer price inflation edged up to 5.77 per cent in June, mainly driven by higher food prices, government data showed on Tuesday.
Economists surveyed by Reuters had expected annual retail inflation last month to come in at 5.73 per cent compared with 5.76 percent in May.
Food inflation was 7.79 per cent last month, higher than a revised 7.47 per cent in May.
Annual consumer price inflation edged up to 5.77 per cent in June, mainly driven by higher food prices, government data showed on Tuesday.
Economists surveyed by Reuters had expected annual retail inflation last month to come in at 5.73 per cent compared with 5.76 percent in May.
Food inflation was 7.79 per cent last month, higher than a revised 7.47 per cent in May.
Industrial production expands 1.2% in May
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Industrial production grew by 1.2 per cent in May after seeing a contraction in the previous month, mainly due to uptick in consumer durables output.
Factory output, measured in terms of the Index of Industrial Production (IIP), had expanded by 2.5 per cent in May last year, the data released by the Central Statistics Office (CSO) showed on Tuesday.
On cumulative basis, the factory output in April-May contracted by 0.1 per cent compared to 2.8 per cent growth in the year-ago period.
Despite a rebound in May, the growth figure remained low and may add to the clamour for rate cut by the Reserve Bank of India.
Meanwhile, the provisional estimates of 0.8 per cent contraction in April this year was revised downwards to 1.34 per cent decline in factory output.
According to data, output of consumer durables, which include white goods like television, refrigerators and washing machines, grew by 6 per cent in May compared to a contraction of 3.9 per cent in the same month a year ago.
The manufacturing sector that constitutes over 75 per cent of the index saw a growth of 0.7 per cent in May compared to 2.1 per cent a year ago.
Power generation grew 4.7 per cent in May compared to 6 per cent in the same month a year ago.
The mining sector recorded a growth of 1.3 per cent in May this year as against 2.1 per cent a year ago.
In terms of industries, 14 out of 22 industry groups in the manufacturing sector have shown growth during the month of May 2016 compared to the corresponding month of the previous year.
As per user-based classification, the growth rates in May 2016 are 3.9 per cent in basic goods, (-) 12.4 per cent in capital goods and 3.6 per cent in intermediate goods.
The consumer non-durables output contracted by 2.2 per cent. The overall growth in consumer goods was 1.1 per cent.
Industrial production grew by 1.2 per cent in May after seeing a contraction in the previous month, mainly due to uptick in consumer durables output.
Factory output, measured in terms of the Index of Industrial Production (IIP), had expanded by 2.5 per cent in May last year, the data released by the Central Statistics Office (CSO) showed on Tuesday.
On cumulative basis, the factory output in April-May contracted by 0.1 per cent compared to 2.8 per cent growth in the year-ago period.
Despite a rebound in May, the growth figure remained low and may add to the clamour for rate cut by the Reserve Bank of India.
Meanwhile, the provisional estimates of 0.8 per cent contraction in April this year was revised downwards to 1.34 per cent decline in factory output.
According to data, output of consumer durables, which include white goods like television, refrigerators and washing machines, grew by 6 per cent in May compared to a contraction of 3.9 per cent in the same month a year ago.
The manufacturing sector that constitutes over 75 per cent of the index saw a growth of 0.7 per cent in May compared to 2.1 per cent a year ago.
Power generation grew 4.7 per cent in May compared to 6 per cent in the same month a year ago.
The mining sector recorded a growth of 1.3 per cent in May this year as against 2.1 per cent a year ago.
In terms of industries, 14 out of 22 industry groups in the manufacturing sector have shown growth during the month of May 2016 compared to the corresponding month of the previous year.
As per user-based classification, the growth rates in May 2016 are 3.9 per cent in basic goods, (-) 12.4 per cent in capital goods and 3.6 per cent in intermediate goods.
The consumer non-durables output contracted by 2.2 per cent. The overall growth in consumer goods was 1.1 per cent.
India home to 2,36,000 millionaires; to touch 5,54,000 by 2025: Report
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The number of millionaires in India is growing strongly and at the end of 2015 around 2,36,000 high net worth individuals were living in the country, with a combined wealth of $1.5 trillion, says a report.
According to the India 2016 Wealth Report, by New World Wealth, while most countries worldwide have experienced negative or negligible growth since 2007, India has performed "very well" in terms of wealth performance through this period.
"During our review period, Indian HNWI volumes increased by 55 per cent from 1,52,000 HNWIs in 2007 to 2,36,000 HNWIs in 2015. HNWI wealth rose 67 per cent, from $0.9 trillion in 2007 to $1.5 trillion in 2015," the report said.
Millionaires or HNWIs or high net worth individuals refer to individuals with net assets of $1 million or more.
The major factors that were responsible for growth in wealth performance in the country include, strong growth in the local construction, financial services, IT, business process outsourcing and healthcare sectors; solid economic growth and increased levels of entrepreneurship.
The report further noted that growth in Indian HNWI wealth and volumes is expected to be strong over the next 10 years.
"We expect the number of Indian HNWIs to grow by 135 per cent, to reach around 5,54,000 by 2025. This will make India one of the top five performing HNWI markets in the world over this period (in terms of percentage of HNWI growth), along with Vietnam, Sri Lanka, China and Mauritius," it said.
The 135 per cent rise will be fuelled by strong growth in the local financial services, professional services and media sectors.
The main factors that encourage wealth growth in a country include, strong ownership rights and the country scored 9/10 in this metric, followed by strong economic growth (9/10).
A well-developed banking system and stock market was also a factor as it encourages the people to invest their money within a country and grow their wealth locally, the report said.
The report however, noted that excessive government regulations are a major hurdle for new businesses in India.
"Corruption is also a major problem - businesses often need to pay regular bribes to government officials in order to operate successfully. This problem has improved over the past year since Prime Minister Modi took office," it said.
It further noted that India is often cited as a difficult place for overseas investors to do business - there is a lack of transparency in several parts of the economy and the cost of starting a business in India is very high.
"India also ranks as one of the worst countries in the world for the ability to enforce a contract, taking an average of 1,420 days," it said.
The number of millionaires in India is growing strongly and at the end of 2015 around 2,36,000 high net worth individuals were living in the country, with a combined wealth of $1.5 trillion, says a report.
According to the India 2016 Wealth Report, by New World Wealth, while most countries worldwide have experienced negative or negligible growth since 2007, India has performed "very well" in terms of wealth performance through this period.
"During our review period, Indian HNWI volumes increased by 55 per cent from 1,52,000 HNWIs in 2007 to 2,36,000 HNWIs in 2015. HNWI wealth rose 67 per cent, from $0.9 trillion in 2007 to $1.5 trillion in 2015," the report said.
Millionaires or HNWIs or high net worth individuals refer to individuals with net assets of $1 million or more.
The major factors that were responsible for growth in wealth performance in the country include, strong growth in the local construction, financial services, IT, business process outsourcing and healthcare sectors; solid economic growth and increased levels of entrepreneurship.
The report further noted that growth in Indian HNWI wealth and volumes is expected to be strong over the next 10 years.
"We expect the number of Indian HNWIs to grow by 135 per cent, to reach around 5,54,000 by 2025. This will make India one of the top five performing HNWI markets in the world over this period (in terms of percentage of HNWI growth), along with Vietnam, Sri Lanka, China and Mauritius," it said.
The 135 per cent rise will be fuelled by strong growth in the local financial services, professional services and media sectors.
The main factors that encourage wealth growth in a country include, strong ownership rights and the country scored 9/10 in this metric, followed by strong economic growth (9/10).
A well-developed banking system and stock market was also a factor as it encourages the people to invest their money within a country and grow their wealth locally, the report said.
The report however, noted that excessive government regulations are a major hurdle for new businesses in India.
"Corruption is also a major problem - businesses often need to pay regular bribes to government officials in order to operate successfully. This problem has improved over the past year since Prime Minister Modi took office," it said.
It further noted that India is often cited as a difficult place for overseas investors to do business - there is a lack of transparency in several parts of the economy and the cost of starting a business in India is very high.
"India also ranks as one of the worst countries in the world for the ability to enforce a contract, taking an average of 1,420 days," it said.
FabAlley boosts offline presence by partnering with Future Group
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FabAlley, an online, women's fashion brand for today announced its tie-up with Central, a chain of multi-brand stores run by the Future Group. The first locations to have an offline FabAlley store would be the Central outlets in Gurgaon, Mumbai, Hyderabad and Patna.
The company said it would add cities like Bangalore, Pune, Noida and Chandigarh in the next few weeks. FabAlley had earlier opened a physical store in Delhi last June.
This follows a trend that has been established of online start-ups adding offline as a sort of additional experience medium, particularly for customers who fancy actually touching and seeing the products before purchase. Companies like Pepperfry and Lenskart, among others, have started exploring the offline route.
The FabAlley offline experience would basically be interactive shop-in-shops at Central outlets.
"Central has always been a one-stop destination for passionate shoppers across India and FabAlley is delighted to be associated with it," said Tanvi Malik, Co-founder of FabAlley, in a media release.
"Going offline is a big step towards introducing new customers to the style and fit of our clothes, while also showcasing new offerings to existing customers." Future Group's Central boasts more than 250 Indian and international brands including Nike, Allen Solly, Pepe Jeans, Vero Moda, Forever New, among others.
"The need for globally inspired fast fashion is quickly catching on with young fashion conscious women. To meet this demand, we are happy to partner with FabAlley and offer cutting edge styles and designs to our women customers, giving them a choice of the best in fast fashion inspired by global trends," said, Jitendranath Patri, Chief Marketing & Customer Loyalty, Central.
In the release, FabAlley said it plans to aggressively expand offline across the country "with 40-50 more shop-in-shops scheduled to launch in the next 6 - 8 months".
FabAlley, an online, women's fashion brand for today announced its tie-up with Central, a chain of multi-brand stores run by the Future Group. The first locations to have an offline FabAlley store would be the Central outlets in Gurgaon, Mumbai, Hyderabad and Patna.
The company said it would add cities like Bangalore, Pune, Noida and Chandigarh in the next few weeks. FabAlley had earlier opened a physical store in Delhi last June.
This follows a trend that has been established of online start-ups adding offline as a sort of additional experience medium, particularly for customers who fancy actually touching and seeing the products before purchase. Companies like Pepperfry and Lenskart, among others, have started exploring the offline route.
The FabAlley offline experience would basically be interactive shop-in-shops at Central outlets.
"Central has always been a one-stop destination for passionate shoppers across India and FabAlley is delighted to be associated with it," said Tanvi Malik, Co-founder of FabAlley, in a media release.
"Going offline is a big step towards introducing new customers to the style and fit of our clothes, while also showcasing new offerings to existing customers." Future Group's Central boasts more than 250 Indian and international brands including Nike, Allen Solly, Pepe Jeans, Vero Moda, Forever New, among others.
"The need for globally inspired fast fashion is quickly catching on with young fashion conscious women. To meet this demand, we are happy to partner with FabAlley and offer cutting edge styles and designs to our women customers, giving them a choice of the best in fast fashion inspired by global trends," said, Jitendranath Patri, Chief Marketing & Customer Loyalty, Central.
In the release, FabAlley said it plans to aggressively expand offline across the country "with 40-50 more shop-in-shops scheduled to launch in the next 6 - 8 months".
General Awareness
Wimbledon 2016 Championships
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Wimbledon is the oldest tennis tournament in the world, with origins found back to 1877. It is also widely considered the most prestigious sporting event that is drawing high-profile spectators across the world.
- The 130th edition of Wimbledon Championships was held at All England Lawn Tennis and Croquet Club in Wimbledon, London. It was played on grass courts. This is the third Grand Slam tournament of the year of the four grand Slams.
- It’s also the world’s highest paid tennis competition also this year there’s £28 million has been granted for Winners. The winners of the men’s and women’s singles pocketed £2 million each and singles runners-up took £1 million each.
The Winners:
Category Winner Runner Additional Note Men’s Singles Andy Murray (Britain) Milos Raonic (Canada). This is Andy Murray’s 2nd Wimbledon Title. Women’s Singles Serena Williams (US) Angelique Kerber (Germany) Williams bagged 22nd Grand Slam and 7th Wimbledon Title. Men’s Doubles PierreHugues Herbert (France) and Nicolas Mahut (France) Julien Benneteau (France) and Édouard RogerVasselin (France) – Women’s Doubles Serena Williams (US) and Venus Williams (US) TÃmeaBabos (Hungary) and Yaroslava Shvedova (Kazakhstan) The pair has bagged their sixth Wimbledon doubles title. Mixed Doubles Henri Kontinen (Finland) and Heather Watson (UK) Robert Farah (Colombia) and Anna Lena Grönefeld (Germany) –
- Wimbledon is the oldest tennis tournament in the world, with origins found back to 1877. It is also widely considered the most prestigious sporting event that is drawing high-profile spectators across the world.
- The 130th edition of Wimbledon Championships was held at All England Lawn Tennis and Croquet Club in Wimbledon, London. It was played on grass courts. This is the third Grand Slam tournament of the year of the four grand Slams.
- It’s also the world’s highest paid tennis competition also this year there’s £28 million has been granted for Winners. The winners of the men’s and women’s singles pocketed £2 million each and singles runners-up took £1 million each.
The Winners:Category Winner Runner Additional Note Men’s Singles Andy Murray (Britain) Milos Raonic (Canada). This is Andy Murray’s 2nd Wimbledon Title. Women’s Singles Serena Williams (US) Angelique Kerber (Germany) Williams bagged 22nd Grand Slam and 7th Wimbledon Title. Men’s Doubles PierreHugues Herbert (France) and Nicolas Mahut (France) Julien Benneteau (France) and Édouard RogerVasselin (France) – Women’s Doubles Serena Williams (US) and Venus Williams (US) TÃmeaBabos (Hungary) and Yaroslava Shvedova (Kazakhstan) The pair has bagged their sixth Wimbledon doubles title. Mixed Doubles Henri Kontinen (Finland) and Heather Watson (UK) Robert Farah (Colombia) and Anna Lena Grönefeld (Germany) –
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