General Affairs
Aadhaar case: 9-judge bench of Supreme Court to hear right to privacy issue
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A nine-judge constitutional bench headed by the Chief Justice of India will hear the crucial case emerging from the Aadhaar litigation from tomorrow. The top court of the country is adjudicating whether over 120 crore citizens of India have a fundamental right to privacy or not.
This hearing is even bigger than validity of Aadhaar. While Aadhaar is a contentious government scheme of recording, storing and sharing the biometric data, this ruling will settle how the state shall interact with the citizens and what shall be the rules of this relationship.
The Centre had earlier argued that citizens don't have an absolute right over their body and today the Attorney General told a five-judge bench that privacy is a common law and not an explicit fundamental right.
While fundamental rights are directly enforceable against the state and can be claimed in a court of law, the status of common law rights are debatable and obscure under the Constitution. It's questionable whether the Supreme Court can protect a common law right in case of a direct confrontation with the legislation.
Two judgements have taken the centrestage in the debate. The first is a six-judge bench judgement in the case of Kharag Singh (1962) which says that privacy is not recognised as an explicit fundamental right and the second is MP Sharma (1954) heard by eight judges that made similar point. There have been subsequent judgements which explicitly endorsed the minority view in Kharag Singh and disagreed with majority.
The nine-judge bench will settle this judicial puzzle.
A nine-judge constitutional bench headed by the Chief Justice of India will hear the crucial case emerging from the Aadhaar litigation from tomorrow. The top court of the country is adjudicating whether over 120 crore citizens of India have a fundamental right to privacy or not.
This hearing is even bigger than validity of Aadhaar. While Aadhaar is a contentious government scheme of recording, storing and sharing the biometric data, this ruling will settle how the state shall interact with the citizens and what shall be the rules of this relationship.
The Centre had earlier argued that citizens don't have an absolute right over their body and today the Attorney General told a five-judge bench that privacy is a common law and not an explicit fundamental right.
While fundamental rights are directly enforceable against the state and can be claimed in a court of law, the status of common law rights are debatable and obscure under the Constitution. It's questionable whether the Supreme Court can protect a common law right in case of a direct confrontation with the legislation.
Two judgements have taken the centrestage in the debate. The first is a six-judge bench judgement in the case of Kharag Singh (1962) which says that privacy is not recognised as an explicit fundamental right and the second is MP Sharma (1954) heard by eight judges that made similar point. There have been subsequent judgements which explicitly endorsed the minority view in Kharag Singh and disagreed with majority.
The nine-judge bench will settle this judicial puzzle.
Farmers from across India rally at Jantar Mantar, want Modi govt to waive all loans
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13-day historical farmers' rally that began from Mandsaur, Madhya Pradesh today reached Delhi's Jantar Mantar. The Kisan Mukti Yatra started on July 6 and covered six states with farmers from all across the country joining in the protest.
Thousands of farmers from all over the country demonstrated at Jantar Mantar today, participating in a a Kisan Mukti Sansad to voice their demands. The farmers have made two specific demands: farming should be made remunerative and that their debts should be forgiven.
Farmers from Tamil Nadu, who have relaunched their agitation, were also part of the Kisan Mukti Sansad, which saw children of farmers from Maharashtra who committed suicide perform a skit to bring attention to their plight. Ashok Patil, one of the children present at Jantar Mantar said, "I am suffering because my father committed suicide. But I want to tell all the farmers of this country that suicide is not an option, the only option is that we have to fight for our rights."
In response to an appeal made by leaders of the All India Kisan Sangarsh Coordination Committee, several Members of Parliament joined the farmers at Jantar Mantar. These included Raju Shetty, Tapan Kumar Sen, Dr. Dharamvir Gandhi, Sitaram Yechury, Sharad Yadav, Ali Anwar, Mohammad Saleem, Jitendra Choudhary, Arvind Sawant, B R Patil, Shailendra Kumar, Mohammad Murtaza, Shankar Dutta, Shri Moti, and Nagendra Pradhan.
Speaking at the event, MP Raju Shetty said "I campaigned for Narendra Modi, I supported him, only because he promised to waive off loans of farmers but later his government in the Supreme Court gave an affidavit claiming that waiving off farm loans is not possible. I want to ask him that if this was not possible, why did he make this promise in his election manifesto to the people of this country?"
Sitaram Yechury also spoke at the event. "Along with all of you, I take the pledge to fight for the rights of farmers and I promise you that I am going to take this fight to the Parliament," the secretary-general of CPI (M) said.
Dr. Sunilam, who moderated the Sansad, demanded that action must be taken against the police officers who shot dead 6 farmers during a recent protest in Mandsaur, Madhya Pradesh.
'INDIA INDEBTED TO ITS FARMERS'
Sharad Yadav, who also joined the farmers at the Kisan Mukti Sansad, said "This is not just a fight of the farmers, this fight is of the whole country. And while you are fighting this fight here outside the parliament, I assure you that I will take this fight inside the parliament." He also promised to rally the whole Opposition to support the farmers in their fight.
Prashant Bhushan addressed the gathered farmers as well, saying, "The government is deliberately designing policies that are anti-farmer and pro-corporates. The government is supporting products such as GM Mustard which are deigned to benefit the corporates and destroy the farmers as well their farming."
Yogendra Yadav, on the other hand, pointed out at the country owes a great deal to its farmers. "It is not the farmers who are under debt but the whole country is under the debt of the farmers. The farmers have been giving a subsidy of Rs 1,50,000 crore to this country and this has been happening since decades so we are not asking for a debt waiver but freedom from debt. It is not the farmer that is indebted to this country but the country that is indebted to the farmer," Yadav said.
VM Singh, convenor of AIKSCC, vowed that the farmers wil remain united in the fight for their rights. "This government is not going to hand over your rights to you, we will have to fight for our rights and in this fight we all will have to be together." Singh said. "Why should a farmer, despite feeding the whole country, be unable to feed his own family?"
The organisers of the Kisan Mukti Sansad said they will the proceedings on Wednesday as well and that the agitation will continue until the demands of the farmers are met.
13-day historical farmers' rally that began from Mandsaur, Madhya Pradesh today reached Delhi's Jantar Mantar. The Kisan Mukti Yatra started on July 6 and covered six states with farmers from all across the country joining in the protest.
Thousands of farmers from all over the country demonstrated at Jantar Mantar today, participating in a a Kisan Mukti Sansad to voice their demands. The farmers have made two specific demands: farming should be made remunerative and that their debts should be forgiven.
Farmers from Tamil Nadu, who have relaunched their agitation, were also part of the Kisan Mukti Sansad, which saw children of farmers from Maharashtra who committed suicide perform a skit to bring attention to their plight. Ashok Patil, one of the children present at Jantar Mantar said, "I am suffering because my father committed suicide. But I want to tell all the farmers of this country that suicide is not an option, the only option is that we have to fight for our rights."
In response to an appeal made by leaders of the All India Kisan Sangarsh Coordination Committee, several Members of Parliament joined the farmers at Jantar Mantar. These included Raju Shetty, Tapan Kumar Sen, Dr. Dharamvir Gandhi, Sitaram Yechury, Sharad Yadav, Ali Anwar, Mohammad Saleem, Jitendra Choudhary, Arvind Sawant, B R Patil, Shailendra Kumar, Mohammad Murtaza, Shankar Dutta, Shri Moti, and Nagendra Pradhan.
Speaking at the event, MP Raju Shetty said "I campaigned for Narendra Modi, I supported him, only because he promised to waive off loans of farmers but later his government in the Supreme Court gave an affidavit claiming that waiving off farm loans is not possible. I want to ask him that if this was not possible, why did he make this promise in his election manifesto to the people of this country?"
Sitaram Yechury also spoke at the event. "Along with all of you, I take the pledge to fight for the rights of farmers and I promise you that I am going to take this fight to the Parliament," the secretary-general of CPI (M) said.
Dr. Sunilam, who moderated the Sansad, demanded that action must be taken against the police officers who shot dead 6 farmers during a recent protest in Mandsaur, Madhya Pradesh.
'INDIA INDEBTED TO ITS FARMERS'
Sharad Yadav, who also joined the farmers at the Kisan Mukti Sansad, said "This is not just a fight of the farmers, this fight is of the whole country. And while you are fighting this fight here outside the parliament, I assure you that I will take this fight inside the parliament." He also promised to rally the whole Opposition to support the farmers in their fight.
Prashant Bhushan addressed the gathered farmers as well, saying, "The government is deliberately designing policies that are anti-farmer and pro-corporates. The government is supporting products such as GM Mustard which are deigned to benefit the corporates and destroy the farmers as well their farming."
Yogendra Yadav, on the other hand, pointed out at the country owes a great deal to its farmers. "It is not the farmers who are under debt but the whole country is under the debt of the farmers. The farmers have been giving a subsidy of Rs 1,50,000 crore to this country and this has been happening since decades so we are not asking for a debt waiver but freedom from debt. It is not the farmer that is indebted to this country but the country that is indebted to the farmer," Yadav said.
VM Singh, convenor of AIKSCC, vowed that the farmers wil remain united in the fight for their rights. "This government is not going to hand over your rights to you, we will have to fight for our rights and in this fight we all will have to be together." Singh said. "Why should a farmer, despite feeding the whole country, be unable to feed his own family?"
The organisers of the Kisan Mukti Sansad said they will the proceedings on Wednesday as well and that the agitation will continue until the demands of the farmers are met.
China unusually aggressive in its stand on Doklam: Foreign Secretary tells MPs
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As Indian and Chinese soldiers remain engaged in a standoff in Doklam area near the Bhutan border, India's Foreign Secretary S Jaishankar told a parliamentary panel that China's stand in the Sikkim sector has been "unusually aggressive and articulate".
"Jaishankar told us that China's aggression and rhetoric on the recent standoff is unusual but it is not that complicated as it is being projected in some quarters. We will continue to engage with them through diplomatic channels," one of the members present in the meeting said.
Jaishankar was briefing the panel on external affairs. He maintained that New Delhi is engaged with Beijing in defusing tension through diplomatic channels.
The foreign secretary told the panel that India has clearly outlined its position on the border and Chinese have their own position, but they are misinterpreting it so India was trying to clarify it.
He said that India has been maintaining the same position since 1895 as per an Anglo-Chinese agreement.
The words like "war-like situation or conflict" were not used by the Foreign Secretary as he stuck to the word standoff to describe the current situation at Dokalam.
Chinese and Indian soldiers have been locked in a face-off for over a month after Indian troops stopped the Chinese army from building a road in the area.
As Indian and Chinese soldiers remain engaged in a standoff in Doklam area near the Bhutan border, India's Foreign Secretary S Jaishankar told a parliamentary panel that China's stand in the Sikkim sector has been "unusually aggressive and articulate".
"Jaishankar told us that China's aggression and rhetoric on the recent standoff is unusual but it is not that complicated as it is being projected in some quarters. We will continue to engage with them through diplomatic channels," one of the members present in the meeting said.
Jaishankar was briefing the panel on external affairs. He maintained that New Delhi is engaged with Beijing in defusing tension through diplomatic channels.
The foreign secretary told the panel that India has clearly outlined its position on the border and Chinese have their own position, but they are misinterpreting it so India was trying to clarify it.
He said that India has been maintaining the same position since 1895 as per an Anglo-Chinese agreement.
The words like "war-like situation or conflict" were not used by the Foreign Secretary as he stuck to the word standoff to describe the current situation at Dokalam.
Chinese and Indian soldiers have been locked in a face-off for over a month after Indian troops stopped the Chinese army from building a road in the area.
42 infiltration attempts by terrorists this year, reveals MHA data
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It has been a bloody year, quite literally, for Jammu and Kashmir.
A few days after the Amarnath terror attack, data shared by the Ministry of Home Affairs (MHA) shows that more terrorists from across the border are trying to sneak into India this year.
The MHA data was shared by Minister of State for Home Affairs Gangaram Ahir in a written reply to a question posed by Congress leader Jyotiraditya Scindia in Parliament today.
The first half of 2016 saw 19 infiltration attempts by terror groups, but in 2017 the number has more than doubled to 42.
Maximum attempts at infiltration were made in May and June--as the snow melts, it becomes easier for terror groups to enter India with cover fire from Pakistan, sources in security agencies said.
In May this year, 11 infiltration bids were recorded while the number stood at 10 in June. In 2016, five infiltration attempts were made by terror modules in May and seven in June.
In the last few months, south Kashmir has witnessed a spate of terrorist encounters while infiltration attempts have been reported in the north.
The increase in infiltration attempts by terrorists has almost been in sync with ceasefire violations by the Pakistan Army along the Line of Control (LoC).
Last week, the Army foiled an infiltration bid in Gurez valley of Bandipora district in north Kashmir and killed a terrorist.
It has been a bloody year, quite literally, for Jammu and Kashmir.
A few days after the Amarnath terror attack, data shared by the Ministry of Home Affairs (MHA) shows that more terrorists from across the border are trying to sneak into India this year.
The MHA data was shared by Minister of State for Home Affairs Gangaram Ahir in a written reply to a question posed by Congress leader Jyotiraditya Scindia in Parliament today.
The first half of 2016 saw 19 infiltration attempts by terror groups, but in 2017 the number has more than doubled to 42.
Maximum attempts at infiltration were made in May and June--as the snow melts, it becomes easier for terror groups to enter India with cover fire from Pakistan, sources in security agencies said.
In May this year, 11 infiltration bids were recorded while the number stood at 10 in June. In 2016, five infiltration attempts were made by terror modules in May and seven in June.
In the last few months, south Kashmir has witnessed a spate of terrorist encounters while infiltration attempts have been reported in the north.
The increase in infiltration attempts by terrorists has almost been in sync with ceasefire violations by the Pakistan Army along the Line of Control (LoC).
Last week, the Army foiled an infiltration bid in Gurez valley of Bandipora district in north Kashmir and killed a terrorist.
No Mercy: Pranab Mukherjee rejected 30 mercy petitions as President
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Next Tuesday, when Pranab Mukherjee demits the office of the President of India, he will leave behind an in-tray empty of any mercy petitions requesting him to commute a death sentence to life. Over the five years of his presidency, Mukherjee has disposed of 34 mercy pleas (35, if you consider the case of 1993 Mumbai serial blasts financier Yakub Memon who, unsuccessfully, appealed for the presidential pardon twice).
Mukherjee has rejected 30 mercy petitions (31, again, if you include Memon's follow-up plea), and has given fresh leases on lives in four cases. His record of rejecting mercy petitions is unparalleled among his immediate predecessors and, in the history of the Indian republic, is second only to President R Venkatraman, who rejected 45 mercy pleas.*
When Mukherjee's successor, who trends suggest will likely be Dalit leader and Bharatiya Janata Party member Ram Nath Kovind, takes office, they will have no pending mercy pleas to act upon, an event that hasn't happened in three presidencies.
When Pranab Mukherjee became president on July 25, 2012, he inherited at least 10 pending pleas for mercy, including one from President Kocheril Raman Narayanan's term (1997-2002).
In fact, President KR Narayanan and his successor President Abdul Kalam (2002-2007) hold the distinction of sitting on mercy petitions, or what the Law Commission said in a 2015 report, putting the "brakes on the disposal of mercy petitions." President Narayanan did not act upon a single mercy petition sent to him, while President Kalam disposed of a grand total of two pleas - commuting one, rejecting the other.
The ten years of indecision under Narayanan and Kalam were in stark contrast to the term of Pratibha Patil (2007-2012), India's first female president who quickly became known for being one of India's most lenient head of state.
Patil's term saw 34 commutations and five rejections. Only India's first two presidents (Rajendra Prasad with 180 commutations and Sarvapalli Radhakrishnan with 57) accepted more mercy petitions than she did.
RUBBER STAMP?
Under the Indian constitution, the president acts on the advice of the executive, i.e. the prime minister and his cabinet. And so, the argument has often been made that a president's decision - on mercy petitions or otherwise - should be seen in context of the political dispensation in power.
However, the 20 years of presidents Mukherjee, Patil, Kalam and Narayanan have been divided almost equally between governments led by the Congress (2004-2014) and the BJP (1998-2004; 2014-now).
Furthermore, the constitution does not set a time frame in which the president must act upon a mercy plea, though the Supreme Court has indirectly set some restrictions by ruling that an inordinate delay in settling a mercy petition could be grounds for commuting a death sentence altogether. This allows presidents to express dissent by refusing to act on a mercy petition, a trend seen during the Narayanan and Kalam years.
There have also been precedents, though rare, of presidents going against government advice - just this year, President Mukherjee commuted to life the death sentences of four men, going against the Centre's recommendation.
An analysis of denials (or commutations) of mercy pleas suggests that that the person occupying the president's chair does matter, even though the Rashtrapati Bhavan has sought to argue otherwise in the past, for example, in 2012, when it released a statement on behalf of Pratibha Patil to convey essentially that the president acts on behalf of the government and not out of her own will.
The Law Commission in its 2015 report too noted the influence a president has on deciding mercy petitions, saying, "A perusal of the chart of mercy petitions disposed by Presidents suggests that a death-row convict's fate in matters of life and death may not only depend on the ideology and views of the government of the day but also on the personal views and belief systems of the President."
HOW PRESIDENTS HAVE ACTED ON MERCY PLEAS
Based on data collated by the Law Commission, here's how India's presidents have dealt with mercy petitions:
- Rajendra Prasad accepted 180 mercy pleas and rejected just one.
- Sarvapalli Radhakrishnan allowed 57 mercy petitions while rejecting none.
- Zakir Hussain did not send a single man to the gallow, accepting 22 mercy pleas.
- VV Giri too did not reject a mercy petition, and accepted three pleas.
- Fakrudhin Ali Ahmed and N Sanjeeva Reddy did not deal with any mercy petitions in their tenures.
- Zail Singh rejected 30 mercy petitions, allowing just two.
- R Venkatraman holds the record of rejecting the highest number of mercy pleas - 45. He allowed five petitions.
- SD Sharma did not hand out a single commutation, rejecting 18 pleas for mercy.
- KR Narayanan kept all mercy petitions pending.
- APJ Kalam ruled on just two pleas, rejecting one and accepting the other.
- Pratibha Patil commuted 34 mercy petitions and rejected five.
- Pranab Mukherjee rejected 30 mercy petitions and allowed four.
HOW MERCY PETITIONS ARE DECIDED
Once the Supreme Court gives in its final ruling in a death penalty case, a convict on the death row can approach the president directly, via prison officials, via the Union Home Ministry or via the governor of the state where he/she is incarcerated.
The president then seeks the opinion of the Union cabinet, which is provided by the Ministry of Home Affairs. The president might, in some cases, send the MHA's recommendation back for further clarifications. The Home Ministry may also recall its recommendation in order to provide a fresh opinion.
Once the MHA submits a recommendation, the President will then accordingly decide upon a mercy petition. However, there is no set time frame within which a President must act.
Next Tuesday, when Pranab Mukherjee demits the office of the President of India, he will leave behind an in-tray empty of any mercy petitions requesting him to commute a death sentence to life. Over the five years of his presidency, Mukherjee has disposed of 34 mercy pleas (35, if you consider the case of 1993 Mumbai serial blasts financier Yakub Memon who, unsuccessfully, appealed for the presidential pardon twice).
Mukherjee has rejected 30 mercy petitions (31, again, if you include Memon's follow-up plea), and has given fresh leases on lives in four cases. His record of rejecting mercy petitions is unparalleled among his immediate predecessors and, in the history of the Indian republic, is second only to President R Venkatraman, who rejected 45 mercy pleas.*
When Mukherjee's successor, who trends suggest will likely be Dalit leader and Bharatiya Janata Party member Ram Nath Kovind, takes office, they will have no pending mercy pleas to act upon, an event that hasn't happened in three presidencies.
When Pranab Mukherjee became president on July 25, 2012, he inherited at least 10 pending pleas for mercy, including one from President Kocheril Raman Narayanan's term (1997-2002).
In fact, President KR Narayanan and his successor President Abdul Kalam (2002-2007) hold the distinction of sitting on mercy petitions, or what the Law Commission said in a 2015 report, putting the "brakes on the disposal of mercy petitions." President Narayanan did not act upon a single mercy petition sent to him, while President Kalam disposed of a grand total of two pleas - commuting one, rejecting the other.
The ten years of indecision under Narayanan and Kalam were in stark contrast to the term of Pratibha Patil (2007-2012), India's first female president who quickly became known for being one of India's most lenient head of state.
Patil's term saw 34 commutations and five rejections. Only India's first two presidents (Rajendra Prasad with 180 commutations and Sarvapalli Radhakrishnan with 57) accepted more mercy petitions than she did.
RUBBER STAMP?
RUBBER STAMP?
Under the Indian constitution, the president acts on the advice of the executive, i.e. the prime minister and his cabinet. And so, the argument has often been made that a president's decision - on mercy petitions or otherwise - should be seen in context of the political dispensation in power.
However, the 20 years of presidents Mukherjee, Patil, Kalam and Narayanan have been divided almost equally between governments led by the Congress (2004-2014) and the BJP (1998-2004; 2014-now).
Furthermore, the constitution does not set a time frame in which the president must act upon a mercy plea, though the Supreme Court has indirectly set some restrictions by ruling that an inordinate delay in settling a mercy petition could be grounds for commuting a death sentence altogether. This allows presidents to express dissent by refusing to act on a mercy petition, a trend seen during the Narayanan and Kalam years.
There have also been precedents, though rare, of presidents going against government advice - just this year, President Mukherjee commuted to life the death sentences of four men, going against the Centre's recommendation.
An analysis of denials (or commutations) of mercy pleas suggests that that the person occupying the president's chair does matter, even though the Rashtrapati Bhavan has sought to argue otherwise in the past, for example, in 2012, when it released a statement on behalf of Pratibha Patil to convey essentially that the president acts on behalf of the government and not out of her own will.
The Law Commission in its 2015 report too noted the influence a president has on deciding mercy petitions, saying, "A perusal of the chart of mercy petitions disposed by Presidents suggests that a death-row convict's fate in matters of life and death may not only depend on the ideology and views of the government of the day but also on the personal views and belief systems of the President."
HOW PRESIDENTS HAVE ACTED ON MERCY PLEAS
HOW PRESIDENTS HAVE ACTED ON MERCY PLEAS
Based on data collated by the Law Commission, here's how India's presidents have dealt with mercy petitions:
- Rajendra Prasad accepted 180 mercy pleas and rejected just one.
- Sarvapalli Radhakrishnan allowed 57 mercy petitions while rejecting none.
- Zakir Hussain did not send a single man to the gallow, accepting 22 mercy pleas.
- VV Giri too did not reject a mercy petition, and accepted three pleas.
- Fakrudhin Ali Ahmed and N Sanjeeva Reddy did not deal with any mercy petitions in their tenures.
- Zail Singh rejected 30 mercy petitions, allowing just two.
- R Venkatraman holds the record of rejecting the highest number of mercy pleas - 45. He allowed five petitions.
- SD Sharma did not hand out a single commutation, rejecting 18 pleas for mercy.
- KR Narayanan kept all mercy petitions pending.
- APJ Kalam ruled on just two pleas, rejecting one and accepting the other.
- Pratibha Patil commuted 34 mercy petitions and rejected five.
- Pranab Mukherjee rejected 30 mercy petitions and allowed four.
HOW MERCY PETITIONS ARE DECIDED
Once the Supreme Court gives in its final ruling in a death penalty case, a convict on the death row can approach the president directly, via prison officials, via the Union Home Ministry or via the governor of the state where he/she is incarcerated.
The president then seeks the opinion of the Union cabinet, which is provided by the Ministry of Home Affairs. The president might, in some cases, send the MHA's recommendation back for further clarifications. The Home Ministry may also recall its recommendation in order to provide a fresh opinion.
Once the MHA submits a recommendation, the President will then accordingly decide upon a mercy petition. However, there is no set time frame within which a President must act.
Business Affairs
Aurobindo Pharma stock rises up to 8% on USFDA nod to manufacture kidney disease drug
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The Aurobindo Pharma stock on Wednesday rose in early trade on news the company has received final approval from the US Food and Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800 mg.
At 9:16 am, the stock was trading 8 percent or 56 points higher on the BSE.
The stock is up 17.76 percent on an year-to-date basis.
Sevelamer Carbonate tablets are a therapeutic equivalent generic version of Genzyme's Renvela tablets. The product is being launched immediately.
Sevelamer Carbonate tablets is indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis.
Meanwhile, the Sensex rose 125 points or 0.39 percent at 31836 level in early trade after closing nearly 364 points (1.1 percent) lower on Tuesday. The Nifty too was trading 35 points higher at 9862 level.
The NSE Nifty fell 89 points (0.9 per cent) to 9827 level on Tuesday after ITC fell the most in 25 years due to a hike in taxes on cigarettes.
The Aurobindo Pharma stock on Wednesday rose in early trade on news the company has received final approval from the US Food and Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800 mg.
At 9:16 am, the stock was trading 8 percent or 56 points higher on the BSE.
The stock is up 17.76 percent on an year-to-date basis.
Sevelamer Carbonate tablets are a therapeutic equivalent generic version of Genzyme's Renvela tablets. The product is being launched immediately.
Sevelamer Carbonate tablets is indicated for the control of serum phosphorus in patients with chronic kidney disease (CKD) on dialysis.
Meanwhile, the Sensex rose 125 points or 0.39 percent at 31836 level in early trade after closing nearly 364 points (1.1 percent) lower on Tuesday. The Nifty too was trading 35 points higher at 9862 level.
The NSE Nifty fell 89 points (0.9 per cent) to 9827 level on Tuesday after ITC fell the most in 25 years due to a hike in taxes on cigarettes.
GST: IT backbone GSTN allays concerns of data mix-up on GST portal
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GST Network today allayed concerns of mixing up of taxpayers' data on the portal, saying enough protection has been taken to guard against any overlapping.
The Mumbai division of the Central Board of Excise and Customs (CBEC) had received complaints from certain taxpayers that the GST portal is mixing up their data with others.
GST Network (GSTN), which provides technology backbone for the new indirect tax regime, said instances of one taxpayer's information being shown to another have happened only at the level of individual tax consultants and not the GST portal.
"There is not even the slightest possibility of data on the GST portal being mixed up. Taxpayers can file their tax invoices, returns and other details in complete confidence and without fear of their data being shown to anyone else," GSTN Chairman Navin Kumar said.
In a statement, GSTN said tax consultants work on activation and migration of provisional IDs of several of their clients simultaneously by opening several windows on the same browser and the information gets stored in the cache of the computer.
"Thus, when the multiple provisional IDs are being created by the tax consultants, the common form is getting mapped to last provisional ID that was activated, resulting in showing wrong data being posted against a particular provisional ID," it said.
Hence, this is not a problem with the robust GST system, but only at the level of data entry at the taxpayer's side, GSTN asserted.
The IT backbone of the GST portal is extremely sound and can handle large amounts of data without any possibility of data overlap. The portal can handle as many as 3 billion transactions every month, it added.
Certain taxpayers had complained that when they were logging into their accounts, they were diverted to some other account on the GST portal and the data of another taxpayer was being displayed.
The CBEC has asked tax consultants not to open more than one enrolment or registration case at one time.
"After completing one case, clear the cache memory of the computer system before initiating second registration/ enrolment process," CBEC had said.
Meanwhile, GSTN is organising a webinar on 'Composition Levy Scheme in GST' tomorrow to answer taxpayers' questions on features, rate of tax of the composition levy, eligibility criterion and relevant conditions, among other things.
The participants will have to register on NeGD (National E Governance Division) portal.
GST Network today allayed concerns of mixing up of taxpayers' data on the portal, saying enough protection has been taken to guard against any overlapping.
The Mumbai division of the Central Board of Excise and Customs (CBEC) had received complaints from certain taxpayers that the GST portal is mixing up their data with others.
GST Network (GSTN), which provides technology backbone for the new indirect tax regime, said instances of one taxpayer's information being shown to another have happened only at the level of individual tax consultants and not the GST portal.
"There is not even the slightest possibility of data on the GST portal being mixed up. Taxpayers can file their tax invoices, returns and other details in complete confidence and without fear of their data being shown to anyone else," GSTN Chairman Navin Kumar said.
In a statement, GSTN said tax consultants work on activation and migration of provisional IDs of several of their clients simultaneously by opening several windows on the same browser and the information gets stored in the cache of the computer.
"Thus, when the multiple provisional IDs are being created by the tax consultants, the common form is getting mapped to last provisional ID that was activated, resulting in showing wrong data being posted against a particular provisional ID," it said.
Hence, this is not a problem with the robust GST system, but only at the level of data entry at the taxpayer's side, GSTN asserted.
The IT backbone of the GST portal is extremely sound and can handle large amounts of data without any possibility of data overlap. The portal can handle as many as 3 billion transactions every month, it added.
Certain taxpayers had complained that when they were logging into their accounts, they were diverted to some other account on the GST portal and the data of another taxpayer was being displayed.
The CBEC has asked tax consultants not to open more than one enrolment or registration case at one time.
"After completing one case, clear the cache memory of the computer system before initiating second registration/ enrolment process," CBEC had said.
Meanwhile, GSTN is organising a webinar on 'Composition Levy Scheme in GST' tomorrow to answer taxpayers' questions on features, rate of tax of the composition levy, eligibility criterion and relevant conditions, among other things.
The participants will have to register on NeGD (National E Governance Division) portal.
Cabinet may decide on HPCL stake sale to ONGC tomorrow
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The Cabinet is likely to consider tomorrow the sale of government's 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) for over Rs 28,000 crore, a source said.
The Department of Investment and Public Asset Management (DIPAM), ministry of finance, has moved the proposal for consideration of the Cabinet Committee on Economic Affairs (CCEA), said the source who could not be named because the information is not public.
Flowing from Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, the government plans to divest its entire 51.11 per cent shareholding in India's third-biggest fuel retailer HPCL to oil producer ONGC.
HPCL will however not be merged with ONGC. It will remain a separate entity and operate as ONGC's subsidiary.
As part of the transaction, HPCL may takeover operations of Mangalore Refinery and Petrochemicals Ltd, the source said.
ONGC currently owns 71.63 per cent of MRPL while HPCL has 16.96 per cent stake in it. The source said it makes better sense for ONGC to consolidate all the refining operations in one unit, he said.
MRPL will be the third refinery of HPCL, which already has units at Mumbai and Visakhapatnam in Andhra Pradesh. HPCL stock closed at Rs 368.75, down 2.32 per cent, on BSE, while ONGC ended 1.06 per cent up at Rs 161.75.
After the Cabinet nod, the government will move to appoint valuation and transaction advisers while ONGC too may decide to hire merchant bankers to arrive at the valuation of government shareholding.
ONGC had evaluated options of acquiring either HPCL or Bharat Petroleum Corp Ltd (BPCL) - the two downstream oil refining and fuel marketing companies. It found the nation's second-biggest fuel retailer BPCL too expensive and conveyed its choice to the parent oil ministry, which relayed it to DIPAM.
Another source said the transaction is likely to be completed within this fiscal year.
ONGC has cash reserves of Rs 13,014 crore and to fund the government stake acquisition in HPCL, it will have to borrow at least Rs 10,000 crore, the source said.
BPCL has a market cap of Rs 1,01,622.07 crore and buying government's 54.93 per cent would alone have entailed an outgo of Rs 55,821 crore.
HPCL on the other hand has a market cap of Rs 56,162.88 and buying government's entire 51.11 per cent stake would entail an outgo of Rs 28,700 crore. Another Rs 14,600 crore or so would be required in case open offer for an additional 26 per cent has to be made.
Sources said the government was initially looking at creating an integrated oil company through merger of an oil producer with a refiner but the idea was dropped for the fear of repeating the Air India-Indian Airlines kind of a merger which is not considered successful.
Similar differences in work culture and ethos prevail in upstream and downstream firms and so the exercise under consideration now is to only help government mop up resources and HPCL would become a mere subsidiary of ONGC.
There are only six major companies in the oil sector - ONGC and Oil India Ltd being the oil producers, Indian Oil Corp (IOC), HPCL and BPCL in refinery business and GAIL in midstream gas transportation business.
The rest, such as ONGC Videsh, Chennai Petroleum Corp (CPCL), Numaligarh Refinery Ltd and MRPL, are already subsidiaries of one of these six PSUs.
HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.
The Cabinet is likely to consider tomorrow the sale of government's 51.11 per cent stake in Hindustan Petroleum Corp Ltd (HPCL) to Oil and Natural Gas Corp (ONGC) for over Rs 28,000 crore, a source said.
The Department of Investment and Public Asset Management (DIPAM), ministry of finance, has moved the proposal for consideration of the Cabinet Committee on Economic Affairs (CCEA), said the source who could not be named because the information is not public.
Flowing from Finance Minister Arun Jaitley's Budget announcement of creating an integrated oil company, the government plans to divest its entire 51.11 per cent shareholding in India's third-biggest fuel retailer HPCL to oil producer ONGC.
HPCL will however not be merged with ONGC. It will remain a separate entity and operate as ONGC's subsidiary.
As part of the transaction, HPCL may takeover operations of Mangalore Refinery and Petrochemicals Ltd, the source said.
ONGC currently owns 71.63 per cent of MRPL while HPCL has 16.96 per cent stake in it. The source said it makes better sense for ONGC to consolidate all the refining operations in one unit, he said.
MRPL will be the third refinery of HPCL, which already has units at Mumbai and Visakhapatnam in Andhra Pradesh. HPCL stock closed at Rs 368.75, down 2.32 per cent, on BSE, while ONGC ended 1.06 per cent up at Rs 161.75.
After the Cabinet nod, the government will move to appoint valuation and transaction advisers while ONGC too may decide to hire merchant bankers to arrive at the valuation of government shareholding.
ONGC had evaluated options of acquiring either HPCL or Bharat Petroleum Corp Ltd (BPCL) - the two downstream oil refining and fuel marketing companies. It found the nation's second-biggest fuel retailer BPCL too expensive and conveyed its choice to the parent oil ministry, which relayed it to DIPAM.
Another source said the transaction is likely to be completed within this fiscal year.
ONGC has cash reserves of Rs 13,014 crore and to fund the government stake acquisition in HPCL, it will have to borrow at least Rs 10,000 crore, the source said.
BPCL has a market cap of Rs 1,01,622.07 crore and buying government's 54.93 per cent would alone have entailed an outgo of Rs 55,821 crore.
HPCL on the other hand has a market cap of Rs 56,162.88 and buying government's entire 51.11 per cent stake would entail an outgo of Rs 28,700 crore. Another Rs 14,600 crore or so would be required in case open offer for an additional 26 per cent has to be made.
Sources said the government was initially looking at creating an integrated oil company through merger of an oil producer with a refiner but the idea was dropped for the fear of repeating the Air India-Indian Airlines kind of a merger which is not considered successful.
Similar differences in work culture and ethos prevail in upstream and downstream firms and so the exercise under consideration now is to only help government mop up resources and HPCL would become a mere subsidiary of ONGC.
There are only six major companies in the oil sector - ONGC and Oil India Ltd being the oil producers, Indian Oil Corp (IOC), HPCL and BPCL in refinery business and GAIL in midstream gas transportation business.
The rest, such as ONGC Videsh, Chennai Petroleum Corp (CPCL), Numaligarh Refinery Ltd and MRPL, are already subsidiaries of one of these six PSUs.
HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.
Hindustan Unilever net profit rises 9 percent in Q1
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Consumer goods company Hindustan Unilever reported a 9 percent rise in quarterly profit, helped by higher sales from its personal care segment.
Profit rose to Rs 1283 crore ($199.45 million) in its first quarter ended June 30, from Rs 1174 crore a year earlier, the maker of products ranging from the Lakme cosmetics to Lipton tea said on Tuesday.
Analysts on average had expected the company to post a profit of Rs 1174 crore, according to Thomson Reuters data.
Revenue from sale of products rose about 5 percent to Rs 9094 crore, while revenue from its personal care segment, which includes brands such as Fair & Lovely, increased 3.5 percent.
Consumer goods company Hindustan Unilever reported a 9 percent rise in quarterly profit, helped by higher sales from its personal care segment.
Profit rose to Rs 1283 crore ($199.45 million) in its first quarter ended June 30, from Rs 1174 crore a year earlier, the maker of products ranging from the Lakme cosmetics to Lipton tea said on Tuesday.
Analysts on average had expected the company to post a profit of Rs 1174 crore, according to Thomson Reuters data.
Revenue from sale of products rose about 5 percent to Rs 9094 crore, while revenue from its personal care segment, which includes brands such as Fair & Lovely, increased 3.5 percent.
10 key stocks manage to hit fresh 52-week highs even as Sensex, Nifty rally fizzles out
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The Sensex on Tuesday reversed course after staying above the 32,000 level in the last three sessions.
FMCG heavyweight ITC led the losses, falling almost 15 percent after the government after the GST Council hiked cess on cigarettes to take away the "windfall " manufacturers were reaping due to an anomaly that crept in after the GST rate fixation.
At 1500 hours, the stock of cigarettes-hotel (FMCG) major ITC was trading 12.85 percent or 41 points lower at Rs 283.90 on the BSE.
The stock of Modi Group firm Godfrey Phillips India fell 5.93 percent or 72 points at 1154 level. The stock of Hyderabad-based VST Industries was down 8.10 percent or 288 points to 3,272 level.
While the Nifty and Sensex retreated gains, still some stocks on the BSE were undeterred by losses and hit their fresh 52 week highs today. Around 80 stocks were trading near their yearly highs today.
Below are the key stocks among them.
Adani Ports and Special Economic Zone: The stock hit a fresh 52-week high on Tuesday at 383.95 level on the BSE. Adani Ports and Special Economic Zone is a port infrastructure company.
The firm is engaged in the business of developing, operating and maintaining the Port and Port-based related infrastructure facilities, including Multi product Special Economic Zone (SEZ). Its segments include port and SEZ activities, and others.
Its other segment mainly includes aircraft operating income and services. The company also provides logistics and infrastructure that moves goods from the port to customers.
The stock has risen 75 per cent over the last one year.
ACC Ltd: The ACC stock hit a new 52-week high on Tuesday after the cement maker rose nearly 3 percent intraday on robust earnings declared by the company for the quarter ended June 2017.
The firm's net profit rose 32.6 percent year on year to Rs 326.2 crore. Prabhudas Lilladher has given a buy call on the stock with a target price of Rs 1,850.
The current market price of ACC is Rs 1781.6.
Time period given by Vaishali Parekh is one month when ACC price can reach defined target. The brokerage has given a stop loss of Rs 1,680.
The stock has grown 11.8 percent during the last one year.
ACC Limited is engaged in manufacturing of cement and ready mixed concrete. The company's segments include cement and ready mix concrete. The company manufactures cement, which includes Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC) and Ready Mixed Concrete (RMX). The company's products include portland cement and premium cements, bulk cement.
Bharti Airtel: The Bharti Airtel stock rose 13 percent on an year-on-year basis. On June 29, 2017, the stock hit a four-month high of Rs 386. The stock rose to its 52 week high on Tuesday on reports that the company may soon be involved in a potential consolidation opportunity in Nigeria, its largest Africa market. It rose 13 percent on an year on year basis.
Bharti Airtel is a global telecommunications company with operations in 17 countries across Asia and Africa. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, DTH and enterprise services, including national and international long-distance services to carriers.
Biocon: The Biocon stock rose to its 52 week high at 416 level on the BSE.
ICICI Direct has given a 'hold' rating on the stock with a target price of Rs 375 in its research report dated July 14, 2017. The pharma firm is likely to declare its Q1 earnings on July 27, 2017. The stock rose 80 percent in the last one year.
Biocon is a biopharmaceutical company. The firm focuses to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through its products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe.
Ashok Leyland: The Ashok Leyland stock rose to its 52 week high at Rs 109.50 on the BSE.
Ashwani Gujral of ashwanigujral.com recommends buying Ashok leyland with a target of Rs 112 and stop loss of Rs 106.
Ashok Leyland Limited is a holding company. The Company is engaged in Commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in medium and heavy commercial Vehicle, light commercial vehicles, passenger vehicles, automotive aggregates, vehicle financing and engineering design services.
It offers a range of 18 to 80-seater buses under categories, such as city application and electric buses.
Ashok Leyland posted a rise of 11 percent in its overall sales in June at 12330 units even when its peers reported a fall in sales for the said period. The company had sold 11,108 units in the same month of last year.
The stock rose 15 percent on an year-on-year basis.
Hindalco Industries: The Hindalco Industries stock rose to its 52-week high of 210.25 on Tuesday. It rose 52 percent on an year-on-year basis.
Hindalco Industries is engaged in the production of aluminium and aluminium products, and copper and copper products.
The company's segments include aluminium, which includes hydrate and alumina, aluminum and aluminum product, and Copper, which includes continuous cast copper rods, copper cathode, sulfuric acid, di-ammonium phosphate (DAP) and complexes, and gold and silver products.
ICICI Bank: The stock rose to its 52 week high at 305.60 level on the BSE.
ICICI Bank Limited is a banking company. It is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
The bank's business segments are retail banking, wholesale banking, treasury, other banking, life insurance, general insurance and others.
ICICI Bank subsidiary company, ICICI Lombard General Insurance Company has filed a DRHP with the SEBI for a public offer of up to 86,247,187 equity shares
The bank stock rose 27.26 percent on an year on year basis.
Jubilant Foodworks: The stock hit its 52-week high of 1335 on the BSE.
Jubilant FoodWorks, which operates Dominos Pizza and Dunkin Donuts chains in India has reported a 25.53 per cent rise in standalone net profit at Rs 23.84 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 18.99 crore in the same period of previous fiscal. Jubilant FoodWorks Limited is a food service company. The firm operates through Food and Beverages segment.
The company and its subsidiary have rights to develop and operate Domino's Pizza brand in India, Sri Lanka, Bangladesh and Nepal. It operates in India and Sri Lanka. It has a right for developing and operating Dunkin' Donuts restaurants for India. The stock rose 13.80 percent on an year-on-year basis.
Maruti Suzuki India: The stock hit a fresh 52 week high of 7589 on Tuesday. It rose almost 70 percent on an year-on-year basis. Sharekhan has given a 'buy' call on Maruti Suzuki India with a target price of Rs 7,900. The current market price of Maruti Suzuki India is Rs 7560.45. The firm is set to announce its Q1 earnings on July 27,2017. Its stock is up 70 percent on an year on year basis.
Power Grid Corporation: The stock hit a fresh 52-week high of 7,589 on Tuesday. Power Grid Corporation of India is a transmission company engaged in the power transmission business with responsibility for planning, implementation, operation and maintenance of Inter-State Transmission System and operation of National and Regional Load Dispatch Centers.
The Sensex on Tuesday reversed course after staying above the 32,000 level in the last three sessions.
FMCG heavyweight ITC led the losses, falling almost 15 percent after the government after the GST Council hiked cess on cigarettes to take away the "windfall " manufacturers were reaping due to an anomaly that crept in after the GST rate fixation.
At 1500 hours, the stock of cigarettes-hotel (FMCG) major ITC was trading 12.85 percent or 41 points lower at Rs 283.90 on the BSE.
The stock of Modi Group firm Godfrey Phillips India fell 5.93 percent or 72 points at 1154 level. The stock of Hyderabad-based VST Industries was down 8.10 percent or 288 points to 3,272 level.
While the Nifty and Sensex retreated gains, still some stocks on the BSE were undeterred by losses and hit their fresh 52 week highs today. Around 80 stocks were trading near their yearly highs today.
Below are the key stocks among them.
Adani Ports and Special Economic Zone: The stock hit a fresh 52-week high on Tuesday at 383.95 level on the BSE. Adani Ports and Special Economic Zone is a port infrastructure company.
The firm is engaged in the business of developing, operating and maintaining the Port and Port-based related infrastructure facilities, including Multi product Special Economic Zone (SEZ). Its segments include port and SEZ activities, and others.
Its other segment mainly includes aircraft operating income and services. The company also provides logistics and infrastructure that moves goods from the port to customers.
The stock has risen 75 per cent over the last one year.
ACC Ltd: The ACC stock hit a new 52-week high on Tuesday after the cement maker rose nearly 3 percent intraday on robust earnings declared by the company for the quarter ended June 2017.
The firm's net profit rose 32.6 percent year on year to Rs 326.2 crore. Prabhudas Lilladher has given a buy call on the stock with a target price of Rs 1,850.
The current market price of ACC is Rs 1781.6.
Time period given by Vaishali Parekh is one month when ACC price can reach defined target. The brokerage has given a stop loss of Rs 1,680.
The stock has grown 11.8 percent during the last one year.
ACC Limited is engaged in manufacturing of cement and ready mixed concrete. The company's segments include cement and ready mix concrete. The company manufactures cement, which includes Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Slag Cement (PSC) and Ready Mixed Concrete (RMX). The company's products include portland cement and premium cements, bulk cement.
Bharti Airtel: The Bharti Airtel stock rose 13 percent on an year-on-year basis. On June 29, 2017, the stock hit a four-month high of Rs 386. The stock rose to its 52 week high on Tuesday on reports that the company may soon be involved in a potential consolidation opportunity in Nigeria, its largest Africa market. It rose 13 percent on an year on year basis.
Bharti Airtel is a global telecommunications company with operations in 17 countries across Asia and Africa. In India, the company's product offerings include 2G, 3G and 4G wireless services, mobile commerce, fixed line services, high-speed home broadband, DTH and enterprise services, including national and international long-distance services to carriers.
Biocon: The Biocon stock rose to its 52 week high at 416 level on the BSE.
ICICI Direct has given a 'hold' rating on the stock with a target price of Rs 375 in its research report dated July 14, 2017. The pharma firm is likely to declare its Q1 earnings on July 27, 2017. The stock rose 80 percent in the last one year.
Biocon is a biopharmaceutical company. The firm focuses to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through its products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe.
Ashok Leyland: The Ashok Leyland stock rose to its 52 week high at Rs 109.50 on the BSE.
Ashwani Gujral of ashwanigujral.com recommends buying Ashok leyland with a target of Rs 112 and stop loss of Rs 106.
Ashok Leyland Limited is a holding company. The Company is engaged in Commercial vehicles and related components. Through its subsidiaries, it is engaged in manufacturing and trading in medium and heavy commercial Vehicle, light commercial vehicles, passenger vehicles, automotive aggregates, vehicle financing and engineering design services.
It offers a range of 18 to 80-seater buses under categories, such as city application and electric buses.
Ashok Leyland posted a rise of 11 percent in its overall sales in June at 12330 units even when its peers reported a fall in sales for the said period. The company had sold 11,108 units in the same month of last year.
The stock rose 15 percent on an year-on-year basis.
Hindalco Industries: The Hindalco Industries stock rose to its 52-week high of 210.25 on Tuesday. It rose 52 percent on an year-on-year basis.
Hindalco Industries is engaged in the production of aluminium and aluminium products, and copper and copper products.
The company's segments include aluminium, which includes hydrate and alumina, aluminum and aluminum product, and Copper, which includes continuous cast copper rods, copper cathode, sulfuric acid, di-ammonium phosphate (DAP) and complexes, and gold and silver products.
ICICI Bank: The stock rose to its 52 week high at 305.60 level on the BSE.
ICICI Bank Limited is a banking company. It is engaged in providing a range of banking and financial services, including commercial banking, retail banking, project and corporate finance, working capital finance, insurance, venture capital and private equity, investment banking, broking and treasury products and services.
The bank's business segments are retail banking, wholesale banking, treasury, other banking, life insurance, general insurance and others.
ICICI Bank subsidiary company, ICICI Lombard General Insurance Company has filed a DRHP with the SEBI for a public offer of up to 86,247,187 equity shares
The bank stock rose 27.26 percent on an year on year basis.
Jubilant Foodworks: The stock hit its 52-week high of 1335 on the BSE.
Jubilant FoodWorks, which operates Dominos Pizza and Dunkin Donuts chains in India has reported a 25.53 per cent rise in standalone net profit at Rs 23.84 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 18.99 crore in the same period of previous fiscal. Jubilant FoodWorks Limited is a food service company. The firm operates through Food and Beverages segment.
The company and its subsidiary have rights to develop and operate Domino's Pizza brand in India, Sri Lanka, Bangladesh and Nepal. It operates in India and Sri Lanka. It has a right for developing and operating Dunkin' Donuts restaurants for India. The stock rose 13.80 percent on an year-on-year basis.
Maruti Suzuki India: The stock hit a fresh 52 week high of 7589 on Tuesday. It rose almost 70 percent on an year-on-year basis. Sharekhan has given a 'buy' call on Maruti Suzuki India with a target price of Rs 7,900. The current market price of Maruti Suzuki India is Rs 7560.45. The firm is set to announce its Q1 earnings on July 27,2017. Its stock is up 70 percent on an year on year basis.
Power Grid Corporation: The stock hit a fresh 52-week high of 7,589 on Tuesday. Power Grid Corporation of India is a transmission company engaged in the power transmission business with responsibility for planning, implementation, operation and maintenance of Inter-State Transmission System and operation of National and Regional Load Dispatch Centers.
General Awareness
India stands 4th among fastest growing economies – World Bank
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As per World Bank’s latest edition of the report titled ‘Global Economic Prospects – A fragile recovery’, India is the fourth fastest growing economy in the world behind Estonia, Uzbekistan and Nepal.
World Bank’s Outlook on Prospects of Indian Economy:
World Bank analysts have mentioned that recent data on Indian economy indicates acceleration in growth, with an easing of cash shortages and a rise in exports.
- An increase in government spending, including on capital formation, has partially offset soft private investment.
- For FY 2017-18, Indian economy is expected to grow at 7.2%. For following fiscal year it will grow at 7.5%
- It pegs world GDP to grow at 2.7 percent in 2017 and 2.9 percent in 2018-19. Emerging market and developing economies (EMDEs) are expected to grow at 4.1 percent in 2017 and reach an average of 4.6 percent in 2018-19.
World Bank’s Outlook on Prospects of Chinese Economy:
As per World Bank, Chinese economy is showing clear sign of slowdown and ranks at number 16 in terms of Gross Domestic Product (GDP) growth rate.
- Chinese economy is anticipated to slow to 6.5% this year and 6.3% in 2018.
- Though China has shown recovery in exports and the robust consumption pattern is intact, analysts have expressed concern about exacerbating financial vulnerabilities of China on account of elevated domestic debt.
- World Bank has outlined that the policy uncertainty in the United States and Europe is likely to impact Chinese growth rate more adversely.
- The exit of the United Kingdom from the European Union carries financial risks that could weigh heavily on the China’s growth prospects.
Quick facts about World Bank:
World Bank is an international financial institution that provides loans to its member countries for developmental projects.
- It was formed in year 1945.
- World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- Headquarters of World Bank is located in Washington D.C., US.
- Jim Yong Kim is the current President of World Bank.
As per World Bank’s latest edition of the report titled ‘Global Economic Prospects – A fragile recovery’, India is the fourth fastest growing economy in the world behind Estonia, Uzbekistan and Nepal.
World Bank’s Outlook on Prospects of Indian Economy:
World Bank analysts have mentioned that recent data on Indian economy indicates acceleration in growth, with an easing of cash shortages and a rise in exports.
- An increase in government spending, including on capital formation, has partially offset soft private investment.
- For FY 2017-18, Indian economy is expected to grow at 7.2%. For following fiscal year it will grow at 7.5%
- It pegs world GDP to grow at 2.7 percent in 2017 and 2.9 percent in 2018-19. Emerging market and developing economies (EMDEs) are expected to grow at 4.1 percent in 2017 and reach an average of 4.6 percent in 2018-19.
World Bank’s Outlook on Prospects of Chinese Economy:
As per World Bank, Chinese economy is showing clear sign of slowdown and ranks at number 16 in terms of Gross Domestic Product (GDP) growth rate.
- Chinese economy is anticipated to slow to 6.5% this year and 6.3% in 2018.
- Though China has shown recovery in exports and the robust consumption pattern is intact, analysts have expressed concern about exacerbating financial vulnerabilities of China on account of elevated domestic debt.
- World Bank has outlined that the policy uncertainty in the United States and Europe is likely to impact Chinese growth rate more adversely.
- The exit of the United Kingdom from the European Union carries financial risks that could weigh heavily on the China’s growth prospects.
Quick facts about World Bank:
World Bank is an international financial institution that provides loans to its member countries for developmental projects.
- It was formed in year 1945.
- World Bank comprises two institutions: the International Bank for Reconstruction and Development (IBRD), and the International Development Association (IDA).
- Headquarters of World Bank is located in Washington D.C., US.
- Jim Yong Kim is the current President of World Bank.
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