General Affairs
Astrologer Bejan Daruwalla Claims PM Narendra Modi Had Consulted Him
Punjab Government Recommends CBI Probe Into Desecration Incidents
Fringe Elements Must Be Eliminated From Society: Venkaiah Naidu
Patel Leaders Write to British PM David Cameron About 'Atrocities' on Them
Markets may remain volatile; Bihar exit polls eyed: Experts
FPIs net inflow hit 7-month high of 22,350 crore in October
India becomes world's 7th most valued 'nation brand'
Ranbaxy integration: Sun Pharma may drop some non-strategic units
Gold imports dip 45.6 per cent to $2.05 billion in September
Astrologer Bejan Daruwalla Claims PM Narendra Modi Had Consulted Him
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NEW DELHI: President Pranab Mukherjee today greeted the people of Algeria on their National Day and said the two countries share a partnership of "high importance".
In a message to his Algerian counterpart Abdelaziz Bouteflika, President Mukherjee said: "It gives me great pleasure to convey to Your Excellency and to the people of Algeria warm greetings and felicitations on the occasion of your National Day."
He said India attaches high importance to its partnership with Algeria.
"The political, economic and commercial interaction between Algeria and India has grown satisfactorily. India and Algeria share similar goals of sustainable development and inclusive economic growth for our peoples," he said.
"I note with satisfaction that many Indian companies are investing in Algeria and other important steps are being taken to enhance our mutually beneficial cooperation," he added.
Algeria, a North African country, celebrates its National day on November 1.
NEW DELHI: President Pranab Mukherjee today greeted the people of Algeria on their National Day and said the two countries share a partnership of "high importance".In a message to his Algerian counterpart Abdelaziz Bouteflika, President Mukherjee said: "It gives me great pleasure to convey to Your Excellency and to the people of Algeria warm greetings and felicitations on the occasion of your National Day."
He said India attaches high importance to its partnership with Algeria.
"The political, economic and commercial interaction between Algeria and India has grown satisfactorily. India and Algeria share similar goals of sustainable development and inclusive economic growth for our peoples," he said.
"I note with satisfaction that many Indian companies are investing in Algeria and other important steps are being taken to enhance our mutually beneficial cooperation," he added.
Algeria, a North African country, celebrates its National day on November 1.
Punjab Government Recommends CBI Probe Into Desecration Incidents
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CHANDIGARH: Still facing protests over incidents of desecration of the Sikh Holy Book in the state that have continued for three weeks now, the Punjab government today recommended the matter to Central Bureau of Investigation for a fresh probe.
The Sikh groups spearheading protests against the Chief Minister Parkash Singh Badal's government had rejected an investigation by the Punjab police into the incidents.
A Special Investigation Team had arrested two brothers for the desecration of Guru Granth Sahib in Bargari village of Faridkot district.
But even after more than a week, the team has not been able to produce credible evidence against the two accused, the protesting groups say.
A local court in Faridkot has already rejected the police's plea for a lie detector test of the two accused.
Embarrassed by the police investigations so far and facing mounting pressure from the Sikh groups some of whom claim the two brothers to be innocent and falsely implicated in the case, the Badal government has opted to hand over the entire case to the central agency.
In a statement the government said it is keen to have "all possible dimensions and ramifications of these heinous crimes thoroughly probed in an atmosphere of complete trust between the devout masses and the investigating authorities".
"Accordingly, the Chief Minister has given his clearance to transfer all the three cases to the central agency," said the official release.
Two people were killed in police firing on October 14 in Faridkot's Kotakpura area as police tried to clear a highway blockade by the protesters demanding arrest of those behind incidents of desecration.
The Badal government had constituted a judicial probe into the matter. But the protests continued for almost a fortnight leading to major blockades on national and state highways. The protests subsided only after the removal of Director General of Police Sumedh Singh Saini.
CHANDIGARH: Still facing protests over incidents of desecration of the Sikh Holy Book in the state that have continued for three weeks now, the Punjab government today recommended the matter to Central Bureau of Investigation for a fresh probe.The Sikh groups spearheading protests against the Chief Minister Parkash Singh Badal's government had rejected an investigation by the Punjab police into the incidents.
A Special Investigation Team had arrested two brothers for the desecration of Guru Granth Sahib in Bargari village of Faridkot district.
A local court in Faridkot has already rejected the police's plea for a lie detector test of the two accused.
Embarrassed by the police investigations so far and facing mounting pressure from the Sikh groups some of whom claim the two brothers to be innocent and falsely implicated in the case, the Badal government has opted to hand over the entire case to the central agency.
In a statement the government said it is keen to have "all possible dimensions and ramifications of these heinous crimes thoroughly probed in an atmosphere of complete trust between the devout masses and the investigating authorities".
"Accordingly, the Chief Minister has given his clearance to transfer all the three cases to the central agency," said the official release.
Two people were killed in police firing on October 14 in Faridkot's Kotakpura area as police tried to clear a highway blockade by the protesters demanding arrest of those behind incidents of desecration.
The Badal government had constituted a judicial probe into the matter. But the protests continued for almost a fortnight leading to major blockades on national and state highways. The protests subsided only after the removal of Director General of Police Sumedh Singh Saini.
Fringe Elements Must Be Eliminated From Society: Venkaiah Naidu
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NEW DELHI: Urban Development Minister M. Venkaiah Naidu today said there have been attempts to divide the country in the name of caste and religion in recent days and fringe elements must be eliminated and isolated from the society.
"A systematic, orchestrated malicious campaign is being done by the opponents to divide the country in the name of caste, religion and beliefs. The fringe elements in the country must be isolated and segregated," Naidu said addressing the inaugural ceremony of 'Rashtriya Sanskriti Mahotsav' organised by the Union Culture Ministry in New Delhi.
Avoiding naming any particular incident, Mr Naidu said the incidents which have happened to "divide" the country must not be glorified on a global level but be condemned.
After incidents like killing of scholar MM Kalburgi in Karnataka and a Muslim man in Uttar Pradesh over rumours that he consumed beef, the country has witnessed a number of literary scholars and artists returning their awards in dissent to the "intolerance".
"Forgetting political differences, people of all religions, sects and regions must all work together. Cultural renaissance and unity are the need of the hour to bring the country together," the minister said.
He also added that the country should not link terrorism with any religion and instead focus on the diversity of the country which is unique in the world.
"Particularly in times like these, it is important to bring out the customs, cultures and the idea of unity in diversity which unites the country," he said.
Union Minister of State for Culture and Tourism Mahesh Sharma, who was also at the inaugural ceremony, pointed to the "unity in diversity" of India, which the festival aims to portray.
Rashtriya Sanskriti Mahotsav, an eight-day-long festival, would showcase the culture, arts and crafts, cuisines of states from across the country.
The festival would feature around 150 art forms over the eight days with performances by more than 1,500 artists, 32 forms of paintings and 400 craftsmen.
NEW DELHI: Urban Development Minister M. Venkaiah Naidu today said there have been attempts to divide the country in the name of caste and religion in recent days and fringe elements must be eliminated and isolated from the society."A systematic, orchestrated malicious campaign is being done by the opponents to divide the country in the name of caste, religion and beliefs. The fringe elements in the country must be isolated and segregated," Naidu said addressing the inaugural ceremony of 'Rashtriya Sanskriti Mahotsav' organised by the Union Culture Ministry in New Delhi.
Avoiding naming any particular incident, Mr Naidu said the incidents which have happened to "divide" the country must not be glorified on a global level but be condemned.
After incidents like killing of scholar MM Kalburgi in Karnataka and a Muslim man in Uttar Pradesh over rumours that he consumed beef, the country has witnessed a number of literary scholars and artists returning their awards in dissent to the "intolerance".
"Forgetting political differences, people of all religions, sects and regions must all work together. Cultural renaissance and unity are the need of the hour to bring the country together," the minister said.
He also added that the country should not link terrorism with any religion and instead focus on the diversity of the country which is unique in the world.
"Particularly in times like these, it is important to bring out the customs, cultures and the idea of unity in diversity which unites the country," he said.
Union Minister of State for Culture and Tourism Mahesh Sharma, who was also at the inaugural ceremony, pointed to the "unity in diversity" of India, which the festival aims to portray.
Rashtriya Sanskriti Mahotsav, an eight-day-long festival, would showcase the culture, arts and crafts, cuisines of states from across the country.
The festival would feature around 150 art forms over the eight days with performances by more than 1,500 artists, 32 forms of paintings and 400 craftsmen.
Patel Leaders Write to British PM David Cameron About 'Atrocities' on Them
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AHMEDABAD: Ahead of Prime Minister Narendra Modi's visit to the United Kingdom this month, Patel quota agitation leaders today said they have sent a letter to the British Prime Minister David Cameron about alleged atrocities and police crackdown on Patel community in Gujarat.
The Patel leaders have also announced to stage a protest against Mr Modi during his UK visit to highlight the issue.
Through the letter, the Patidar Anamat Andolan Samiti (PAAS), which is spearheading the movement to get reservation for Patels, said it aims at highlighting the plight of the community, which is "wrongfully targeted by the BJP-led state government for raising the voice".
"As our PM is visiting the UK next month, PAAS has sent a letter to the British PM to inform him about what is happening in Gujarat. We want to tell the British PM that democracy no longer prevails here, as people's voice is being mercilessly suppressed by the government," organisation leader Varun Patel told reporters in Ahmedabad today.
Mr Varun Patel said this during a press conference held here today to convey the future road map of their ongoing agitation after their main leaders, including PAAS convener Hardik Patel, has been arrested by police on stringent charges of sedition and waging war against government.
Mr Hardik Patel's key aides Chirag Patel, Ketan Patel and Dinesh Patel are also in police custody at present.
According to Mr Varun Patel, PAAS has also made a DVD containing clips of various video footage as well as newspaper cuttings highlighting "police atrocities" against PAAS leaders after their mega rally in Ahmedabad on August 25.
"Along with the letter, we have also sent a DVD to the British PM as well as to the leader of opposition in British Parliament. This is our way to send a strong message to Modi during his UK visit. Our Patel brothers in UK have also planned to stage protests during Modi's visit there," he said.
Apart from the British PM, the DVD will be sent to the United Nations, national as well as international human rights commissions, international NGOs working for human rights and all the countries having democratic set up, he said.
Revealing their plans for the upcoming local body elections in November, Mr Varun Patel said that PAAS will make an appeal to the community to 'eliminate BJP' in this election.
"Our only aim now is to uproot BJP. PAAS will ask the Patels not to vote for the BJP candidate, even if he is from Patel community. We are also planning to field independent candidates against BJP," he said, who was also accompanied by fathers of Mr Hardik Patel, Mr Chirag Patel and Mr Ketan Patel during the press conference.
According to Mr Hardik Patel's father Bharatbhai Patel, his son and others were wrongfully implicated by police at the behest of BJP-led Gujarat government.
"Hardik was just fighting for the rights of Patel community. His acts are not subject to sedition. Even though, my son and others are arrested to crush the agitation. This is clear violation of our rights as citizens," Bharatbhai, a farmer by profession, said.
In July this year, the Patel community launched an agitation seeking Other Backward Class (OBC) status. The community, under the leadership of Mr Hardik Patel, had held public demonstrations, with the largest one that was held in Ahmedabad on August 25. Mr Hardik Patel's detention at the Ahmedabad rally had led to incidents of violence and arson across the state resulting in curfew in several cities and towns.
Mr Hardik Patel has been arrested in an alleged case of sedition and waging war against the government over his provocative remarks, in which he had asked his supporters to kill policemen rather than commit suicide for the cause of reservation.
AHMEDABAD: Ahead of Prime Minister Narendra Modi's visit to the United Kingdom this month, Patel quota agitation leaders today said they have sent a letter to the British Prime Minister David Cameron about alleged atrocities and police crackdown on Patel community in Gujarat.The Patel leaders have also announced to stage a protest against Mr Modi during his UK visit to highlight the issue.
Through the letter, the Patidar Anamat Andolan Samiti (PAAS), which is spearheading the movement to get reservation for Patels, said it aims at highlighting the plight of the community, which is "wrongfully targeted by the BJP-led state government for raising the voice".
"As our PM is visiting the UK next month, PAAS has sent a letter to the British PM to inform him about what is happening in Gujarat. We want to tell the British PM that democracy no longer prevails here, as people's voice is being mercilessly suppressed by the government," organisation leader Varun Patel told reporters in Ahmedabad today.
Mr Varun Patel said this during a press conference held here today to convey the future road map of their ongoing agitation after their main leaders, including PAAS convener Hardik Patel, has been arrested by police on stringent charges of sedition and waging war against government.
Mr Hardik Patel's key aides Chirag Patel, Ketan Patel and Dinesh Patel are also in police custody at present.
According to Mr Varun Patel, PAAS has also made a DVD containing clips of various video footage as well as newspaper cuttings highlighting "police atrocities" against PAAS leaders after their mega rally in Ahmedabad on August 25.
"Along with the letter, we have also sent a DVD to the British PM as well as to the leader of opposition in British Parliament. This is our way to send a strong message to Modi during his UK visit. Our Patel brothers in UK have also planned to stage protests during Modi's visit there," he said.
Apart from the British PM, the DVD will be sent to the United Nations, national as well as international human rights commissions, international NGOs working for human rights and all the countries having democratic set up, he said.
Revealing their plans for the upcoming local body elections in November, Mr Varun Patel said that PAAS will make an appeal to the community to 'eliminate BJP' in this election.
"Our only aim now is to uproot BJP. PAAS will ask the Patels not to vote for the BJP candidate, even if he is from Patel community. We are also planning to field independent candidates against BJP," he said, who was also accompanied by fathers of Mr Hardik Patel, Mr Chirag Patel and Mr Ketan Patel during the press conference.
According to Mr Hardik Patel's father Bharatbhai Patel, his son and others were wrongfully implicated by police at the behest of BJP-led Gujarat government.
"Hardik was just fighting for the rights of Patel community. His acts are not subject to sedition. Even though, my son and others are arrested to crush the agitation. This is clear violation of our rights as citizens," Bharatbhai, a farmer by profession, said.
In July this year, the Patel community launched an agitation seeking Other Backward Class (OBC) status. The community, under the leadership of Mr Hardik Patel, had held public demonstrations, with the largest one that was held in Ahmedabad on August 25. Mr Hardik Patel's detention at the Ahmedabad rally had led to incidents of violence and arson across the state resulting in curfew in several cities and towns.
Mr Hardik Patel has been arrested in an alleged case of sedition and waging war against the government over his provocative remarks, in which he had asked his supporters to kill policemen rather than commit suicide for the cause of reservation.
Russian Plane Broke Apart 'In The Air', Says Expert Probing Crash
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WADI AL-ZOLOMAT: A Russian airliner that crashed in Egypt broke up "in the air" strewing fragments across a wide area, an expert said today as investigators probed the disaster that killed 224 people.
President Abdel Fattah al-Sisi urged patience to determine the cause of Saturday's crash, after the Islamic State jihadist group (IS) claimed it brought down the A-321 in Egypt's restive Sinai Peninsula.
"The disintegration happened in the air and the fragments are strewn over a large area," said Viktor Sorochenko, a senior official with Russia's Interstate Aviation Committee, quoted by the Russian news agency RIA-Novosti from Cairo.
Sorochenko, who is heading an international panel of experts, said it was "too early to draw conclusions" about what caused the flight from Sharm el-Sheikh to Saint Petersburg to crash.
Investigators have recovered the "black box" flight recorder and the Egyptian government said its contents were being analysed.
"In such cases, leave it to specialists to determine the cause of the plane crash because it is a subject of an extensive and complicated technical study," Sisi said.
The crash site in the Wadi al-Zolomat area of North Sinai was littered with blackened aircraft parts as the smell of burnt metal lingered, an AFP correspondent said.
There were no bodies visible, but soldiers guarded dozen of bags and suitcases belonging to passengers from flight KGL 9268.
A tiny red jacket underlined the horror of the tragedy that also killed 17 children.
Officers involved in the search efforts said rescue crews had recovered 168 bodies so far, including one of a girl found eight kilometres (five miles) from the main wreckage.
Army helicopters hovered above the site as the search for bodies continued.
IS claim downplayed
Flags flew at half mast in Russia today and entertainment programmes on television were cancelled on a national day of mourning for the victims, most of them Russians ranging in age from 10 months to 77 years.
Cairo said there were 214 Russian and three Ukranian passengers on board, and seven crew members.
Both Cairo and Moscow have downplayed the claim from Egypt's IS branch that it brought down the aircraft flown by the airline Kogalymavia, operating under the name Metrojet.
Prime Minister Sharif Ismail said experts had confirmed the militants could not down a plane flying at 30,000 feet (9,000 metres), the aircraft's flight level, and Russian Transport Minister Maxim Sokolov said the claim "cannot be considered accurate".
A Russian team including Sokolov and emergency minister Vladimir Puchkov visited the scene in a remote part of the Sinai.
Two air accident investigators from France -- Airbus's home country -- were also due in Egypt along with six experts from the aerospace giant.
Germany's Lufthansa, Emirates and Air France all said they would halt flights over Sinai until the reasons for the crash were known.
The plane lost contact with air traffic control 23 minutes after take-off early on Saturday.
Wreckage and dead bodies were found scattered over a large area south of the town of El-Arish.
"We found a three-year-old girl eight kilometres from the scene" of the main wreckage, an officer told AFP from a military base in El-Hassna, 60 kilometres from the crash site.
Many bodies were missing limbs, said the officer, who requested anonymity.
The IS affiliate waging an insurgency in the Sinai claimed it brought down the aircraft in revenge for Russian air strikes against the jihadist group in Syria.
But experts dismissed the idea.
To reach a plane at that altitude "you would need hard-to-use missiles, so it seems unlikely," said Jean-Paul Troadec, former director of France's BEA aviation investigation agency.
"This requires trained people and equipment that IS does not have, to my knowledge."
Experts said a surface-to-air missile could have struck the aircraft if it had been descending, and that a bomb on board could not yet be ruled out, but technical or human error was more likely.
Full check
An Egyptian air traffic control official said the pilot told him in their last exchange that he had radio trouble, but Civil Aviation Minister Mohamed Hossam Kamal said communications had been "normal".
"There was nothing abnormal... and the pilot didn't ask to change the plane's route," he said.
Russia has a dismal air safety record, and while larger carriers have begun upgrading ageing fleets, the crash is likely to raise concerns about smaller airlines such as Kogalymavia.
Kogalymavia defended pilot Valery Nemov, saying he had more than 12,000 flying hours logged, including 3,860 hours on the A-321.
On Sunday, the Russian transportation watchdog, Rostransnadzor, ordered Kogalymavia to perform a full check on its A-321s.
Kogalymavia confirmed the instructions but denied this amounted to a de facto grounding of its remaining fleet of six A-321 airliners.
The last major air crash in Egypt was in 2004, when a Flash Airlines Boeing 737 plunged into the Red Sea after taking off from Sharm el-Sheikh, killing all 148 people on board.
WADI AL-ZOLOMAT: A Russian airliner that crashed in Egypt broke up "in the air" strewing fragments across a wide area, an expert said today as investigators probed the disaster that killed 224 people.President Abdel Fattah al-Sisi urged patience to determine the cause of Saturday's crash, after the Islamic State jihadist group (IS) claimed it brought down the A-321 in Egypt's restive Sinai Peninsula.
Sorochenko, who is heading an international panel of experts, said it was "too early to draw conclusions" about what caused the flight from Sharm el-Sheikh to Saint Petersburg to crash.
Investigators have recovered the "black box" flight recorder and the Egyptian government said its contents were being analysed.
"In such cases, leave it to specialists to determine the cause of the plane crash because it is a subject of an extensive and complicated technical study," Sisi said.
The crash site in the Wadi al-Zolomat area of North Sinai was littered with blackened aircraft parts as the smell of burnt metal lingered, an AFP correspondent said.
There were no bodies visible, but soldiers guarded dozen of bags and suitcases belonging to passengers from flight KGL 9268.
A tiny red jacket underlined the horror of the tragedy that also killed 17 children.
Officers involved in the search efforts said rescue crews had recovered 168 bodies so far, including one of a girl found eight kilometres (five miles) from the main wreckage.
Army helicopters hovered above the site as the search for bodies continued.
IS claim downplayed
Flags flew at half mast in Russia today and entertainment programmes on television were cancelled on a national day of mourning for the victims, most of them Russians ranging in age from 10 months to 77 years.
Cairo said there were 214 Russian and three Ukranian passengers on board, and seven crew members.
Both Cairo and Moscow have downplayed the claim from Egypt's IS branch that it brought down the aircraft flown by the airline Kogalymavia, operating under the name Metrojet.
Prime Minister Sharif Ismail said experts had confirmed the militants could not down a plane flying at 30,000 feet (9,000 metres), the aircraft's flight level, and Russian Transport Minister Maxim Sokolov said the claim "cannot be considered accurate".
A Russian team including Sokolov and emergency minister Vladimir Puchkov visited the scene in a remote part of the Sinai.
Two air accident investigators from France -- Airbus's home country -- were also due in Egypt along with six experts from the aerospace giant.
Germany's Lufthansa, Emirates and Air France all said they would halt flights over Sinai until the reasons for the crash were known.
The plane lost contact with air traffic control 23 minutes after take-off early on Saturday.
Wreckage and dead bodies were found scattered over a large area south of the town of El-Arish.
"We found a three-year-old girl eight kilometres from the scene" of the main wreckage, an officer told AFP from a military base in El-Hassna, 60 kilometres from the crash site.
Many bodies were missing limbs, said the officer, who requested anonymity.
The IS affiliate waging an insurgency in the Sinai claimed it brought down the aircraft in revenge for Russian air strikes against the jihadist group in Syria.
But experts dismissed the idea.
To reach a plane at that altitude "you would need hard-to-use missiles, so it seems unlikely," said Jean-Paul Troadec, former director of France's BEA aviation investigation agency.
"This requires trained people and equipment that IS does not have, to my knowledge."
Experts said a surface-to-air missile could have struck the aircraft if it had been descending, and that a bomb on board could not yet be ruled out, but technical or human error was more likely.
Full check
An Egyptian air traffic control official said the pilot told him in their last exchange that he had radio trouble, but Civil Aviation Minister Mohamed Hossam Kamal said communications had been "normal".
"There was nothing abnormal... and the pilot didn't ask to change the plane's route," he said.
Russia has a dismal air safety record, and while larger carriers have begun upgrading ageing fleets, the crash is likely to raise concerns about smaller airlines such as Kogalymavia.
Kogalymavia defended pilot Valery Nemov, saying he had more than 12,000 flying hours logged, including 3,860 hours on the A-321.
On Sunday, the Russian transportation watchdog, Rostransnadzor, ordered Kogalymavia to perform a full check on its A-321s.
Kogalymavia confirmed the instructions but denied this amounted to a de facto grounding of its remaining fleet of six A-321 airliners.
The last major air crash in Egypt was in 2004, when a Flash Airlines Boeing 737 plunged into the Red Sea after taking off from Sharm el-Sheikh, killing all 148 people on board.
Business Affairs
Markets may remain volatile; Bihar exit polls eyed: Experts
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Stock markets may see choppy trading this week and a slew of important quarterly earnings from Cipla, Tata Steel, SBI, ONGC and Tata Motors are likely to drive the sentiment, say experts.
All eyes will be on Bihar exit poll results which will influence trading in the markets in near-term, they added.
Besides, auto stocks would remain in focus following monthly sales data announcement. While the news emanating from global economies will continue to influence market sentiments, the Indian stock market is expected to remain volatile in short-term.
This will largely be owing to the fact that Bihar polling concludes on November 5, the results of which will be announced on November 8, but will be preceded by exit polls results.
"Further, the earnings announcements will gather pace ahead of Diwali festivities kicking in", said Hitesh Agarwal - Head Research - Reliance Securities.
Major earnings this week are from DLF, Indian Oil Corporation, Power Grid Corporation Of India, Tech Mahindra, Punjab National Bank and Steel Authority Of India.
"Apart from Bihar Assembly results, macroeconomic data, next batch of September 2015 earnings by key corporates, trend in global markets, movement of rupee against the dollar and crude oil prices will dictate the trend. A pick-up in earnings is needed for the market to sustain as till date most earnings are close to expectations at best," said Vijay Singhania, Founder-Director, Trade Smart Online.
"This week, trading in the stock markets is expected to be choppy as all eyes will be on Bihar assembly election results on November 8," he said.
The important trigger now depends on Bihar election outcome, said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services. Over the past week, the BSE benchmark Sensex fell 2.96 per cent to 26,656.83.
Needless to say, nervousness on Bihar election results will also inch higher and that would increase the pressure on markets this week.
"In total, it is going to be a decisive week for markets due to upcoming earning announcements and result of Bihar elections," said Jayant Manglik, President, Retail Distribution, Religare Securities.
Stock markets may see choppy trading this week and a slew of important quarterly earnings from Cipla, Tata Steel, SBI, ONGC and Tata Motors are likely to drive the sentiment, say experts.
All eyes will be on Bihar exit poll results which will influence trading in the markets in near-term, they added.
Besides, auto stocks would remain in focus following monthly sales data announcement. While the news emanating from global economies will continue to influence market sentiments, the Indian stock market is expected to remain volatile in short-term.
This will largely be owing to the fact that Bihar polling concludes on November 5, the results of which will be announced on November 8, but will be preceded by exit polls results.
"Further, the earnings announcements will gather pace ahead of Diwali festivities kicking in", said Hitesh Agarwal - Head Research - Reliance Securities.
Major earnings this week are from DLF, Indian Oil Corporation, Power Grid Corporation Of India, Tech Mahindra, Punjab National Bank and Steel Authority Of India.
"Apart from Bihar Assembly results, macroeconomic data, next batch of September 2015 earnings by key corporates, trend in global markets, movement of rupee against the dollar and crude oil prices will dictate the trend. A pick-up in earnings is needed for the market to sustain as till date most earnings are close to expectations at best," said Vijay Singhania, Founder-Director, Trade Smart Online.
"This week, trading in the stock markets is expected to be choppy as all eyes will be on Bihar assembly election results on November 8," he said.
The important trigger now depends on Bihar election outcome, said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services. Over the past week, the BSE benchmark Sensex fell 2.96 per cent to 26,656.83.
Needless to say, nervousness on Bihar election results will also inch higher and that would increase the pressure on markets this week.
"In total, it is going to be a decisive week for markets due to upcoming earning announcements and result of Bihar elections," said Jayant Manglik, President, Retail Distribution, Religare Securities.
FPIs net inflow hit 7-month high of 22,350 crore in October
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Foreign investors pumped in over Rs 22,350 crore ($3.44 billion) in the Indian capital markets in October, the highest in seven months, buoyed by RBI's rate cut and positive macroeconomic numbers.
Most of the fresh capital has been infused in the debt market.
The net inflow in equities stood at Rs 6,650 crore last month, while it was Rs 15,700 crore for debt, translating into a total of Rs 22,350 crore ($3.44 billion), as per data compiled by the depositories.
This is the highest investment by FPIs since March when they had poured in Rs 20,723 crore into Indian markets.
The huge inflows during October also reverses the outflows seen during the past two months. FPIs pulled out over Rs 23,000 crore from the capital market (equities and debt) in the past two months on fears of an economic slowdown in China, which triggered a global sell-off.
They withdrew Rs 5,784 crore in September and Rs 17,524 crore in August, the highest net outflow by FPIs in a single month since 1997. The segregated data prior to 1997 are not available.
"Investor appetite turned positive after Reserve Bank Governor Raghuram Rajan last month pulled off a surprise by announcing a bigger-than-expected policy rate cut of 50 bps to 6.75 per cent - the lowest in four and a half years - to spur growth", said Gaurav Jain, Director, Hem Securities.
Furthermore, RBI's move of increasing the FPI limit in government securities has helped overseas investors park more money in the debt market.
Besides, positive macro parameters also helped improve the sentiments.
Since the beginning of the year, overseas investors have made a net investment of Rs 27,697 crore in equities and Rs 55,096 crore in debt market.
Foreign investors pumped in over Rs 22,350 crore ($3.44 billion) in the Indian capital markets in October, the highest in seven months, buoyed by RBI's rate cut and positive macroeconomic numbers.
Most of the fresh capital has been infused in the debt market.
The net inflow in equities stood at Rs 6,650 crore last month, while it was Rs 15,700 crore for debt, translating into a total of Rs 22,350 crore ($3.44 billion), as per data compiled by the depositories.
This is the highest investment by FPIs since March when they had poured in Rs 20,723 crore into Indian markets.
The huge inflows during October also reverses the outflows seen during the past two months. FPIs pulled out over Rs 23,000 crore from the capital market (equities and debt) in the past two months on fears of an economic slowdown in China, which triggered a global sell-off.
They withdrew Rs 5,784 crore in September and Rs 17,524 crore in August, the highest net outflow by FPIs in a single month since 1997. The segregated data prior to 1997 are not available.
"Investor appetite turned positive after Reserve Bank Governor Raghuram Rajan last month pulled off a surprise by announcing a bigger-than-expected policy rate cut of 50 bps to 6.75 per cent - the lowest in four and a half years - to spur growth", said Gaurav Jain, Director, Hem Securities.
Furthermore, RBI's move of increasing the FPI limit in government securities has helped overseas investors park more money in the debt market.
Besides, positive macro parameters also helped improve the sentiments.
Since the beginning of the year, overseas investors have made a net investment of Rs 27,697 crore in equities and Rs 55,096 crore in debt market.
India becomes world's 7th most valued 'nation brand'
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India has moved up one position to become the world's seventh most valued 'nation brand', with an increase of 32 per cent in its brand value to $2.1 billion.
The US remains on the top with a valuation of $19.7 billion, followed by China and Germany at the second and the third positions respectively, as per the annual report on world's most valuable nation brands compiled by Brand Finance.
The UK is ranked 4th, Japan is at fifth position and France is sixth on the list. While India and France have moved up one position each since last year, all the top-five countries have retained their respective places.
However, the surge of 32 per cent in India's 'nation brand value' is the highest among all the top-20 countries on the list.
China has retained its second position despite a decline of one per cent in its brand value to $6.3 billion.
Brand Finance said it measures the strength and value of the nation brands of 100 leading countries using a method based on the royalty relief mechanism employed to value the world's largest companies.
The nation brand valuation is based on five year forecasts of sales of all brands in each nation and follows a complex process. The Gross domestic product (GDP) is used as a proxy for total revenues.
The report also said that India's 'Incredible India' slogan has worked well, while Germany suffered due to the Volkswagen crisis.
About the US, the report said it remains a powerful brand with an inviting business climate.
"However its value comes in large part from the country's sheer economic scale... The US' world-leading higher education system and the soft power arising from its dominance of the music and entertainment industries are significant contributors too," it said.
"This soft power will help the US to retain the most valuable nation brand for some time after China's seemingly imminent rise to become the world s biggest economy," it added.
The study further said that China's recent stock market turbulence and slowing growth will also extend the US' tenure of the top spot.
Among BRICS nations, India is the only country to have witnessed an increase in its brand value with all others - Brazil, Russia, China and South Africa - seeing a dip in their respective brand valuations.
India is the second most valued among these emerging economies after China, followed by Brazil, Russia and South Africa.
India has moved up one position to become the world's seventh most valued 'nation brand', with an increase of 32 per cent in its brand value to $2.1 billion.
The US remains on the top with a valuation of $19.7 billion, followed by China and Germany at the second and the third positions respectively, as per the annual report on world's most valuable nation brands compiled by Brand Finance.
The UK is ranked 4th, Japan is at fifth position and France is sixth on the list. While India and France have moved up one position each since last year, all the top-five countries have retained their respective places.
However, the surge of 32 per cent in India's 'nation brand value' is the highest among all the top-20 countries on the list.
China has retained its second position despite a decline of one per cent in its brand value to $6.3 billion.
Brand Finance said it measures the strength and value of the nation brands of 100 leading countries using a method based on the royalty relief mechanism employed to value the world's largest companies.
The nation brand valuation is based on five year forecasts of sales of all brands in each nation and follows a complex process. The Gross domestic product (GDP) is used as a proxy for total revenues.
The report also said that India's 'Incredible India' slogan has worked well, while Germany suffered due to the Volkswagen crisis.
About the US, the report said it remains a powerful brand with an inviting business climate.
"However its value comes in large part from the country's sheer economic scale... The US' world-leading higher education system and the soft power arising from its dominance of the music and entertainment industries are significant contributors too," it said.
"This soft power will help the US to retain the most valuable nation brand for some time after China's seemingly imminent rise to become the world s biggest economy," it added.
The study further said that China's recent stock market turbulence and slowing growth will also extend the US' tenure of the top spot.
Among BRICS nations, India is the only country to have witnessed an increase in its brand value with all others - Brazil, Russia, China and South Africa - seeing a dip in their respective brand valuations.
India is the second most valued among these emerging economies after China, followed by Brazil, Russia and South Africa.
Ranbaxy integration: Sun Pharma may drop some non-strategic units
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Sun Pharma may discontinue certain non-strategic businesses as part of its integration process with Ranbaxy Laboratories, which it acquired in a $4 billion deal last year.
The Mumbai-based firm also expects its revenues and net profit to be adversely hit in the short term due to supply constraints at Halol facility in Gujarat and high expenses arising out of Ranbaxy integration as well as remedial actions.
"As part of the integration process (of Ranbaxy), the company expects to incur certain integration charges in order to generate long-term synergies from this merger. Also, the company may decide to discontinue certain non-strategic businesses," Sun Pharma Managing Director Dilip Shanghvi said.
Addressing the company's shareholders during the annual general meeting (AGM) on the weekend, he said that in the near term and especially for 2015-16 fiscal, the company's overall growth in revenues and net profit will be adversely impacted due to temporary supply constraints at Halol plant.
"The US Food and Drug Administration (USFDA) had pointed out certain current good manufacturing practice (cGMP) deviations at the company's Halol facility. The company's profitability is also expected to be hit by certain expenses and charges arising out of Ranbaxy integration as well as remedial actions," he added.
"Post the consolidation in this fiscal , the company will be better placed to pursue higher than industry growth in subsequent years," Shanghvi said.
Sun Pharma eyes synergy benefits of $300 million (around Rs 2,000 crore) by 2017-18 from the merger.
Shanghvi said the remediation process at the erstwhile Ranbaxy facilities, which were found to be non-compliant in the past, also continues as per the plan.
"While significant efforts to make these facilities compliant are on, this will be a time-consuming process," he added.
Currently, all the four manufacturing facilities of Ranbaxy - Mohali and Toansa in Punjab, Dewas in Madhya Pradesh and Paonta Sahib in Himachal Pradesh have been banned by the USFDA from export of drugs to the US market.
While Paonta Sahib and Dewas facilities have been under US import alert since 2008, the US health regulator has since banned the other two as well.
The company is also in the process of implementing corrective steps at Halol facility.
Sun Pharma may discontinue certain non-strategic businesses as part of its integration process with Ranbaxy Laboratories, which it acquired in a $4 billion deal last year.
The Mumbai-based firm also expects its revenues and net profit to be adversely hit in the short term due to supply constraints at Halol facility in Gujarat and high expenses arising out of Ranbaxy integration as well as remedial actions.
"As part of the integration process (of Ranbaxy), the company expects to incur certain integration charges in order to generate long-term synergies from this merger. Also, the company may decide to discontinue certain non-strategic businesses," Sun Pharma Managing Director Dilip Shanghvi said.
Addressing the company's shareholders during the annual general meeting (AGM) on the weekend, he said that in the near term and especially for 2015-16 fiscal, the company's overall growth in revenues and net profit will be adversely impacted due to temporary supply constraints at Halol plant.
"The US Food and Drug Administration (USFDA) had pointed out certain current good manufacturing practice (cGMP) deviations at the company's Halol facility. The company's profitability is also expected to be hit by certain expenses and charges arising out of Ranbaxy integration as well as remedial actions," he added.
"Post the consolidation in this fiscal , the company will be better placed to pursue higher than industry growth in subsequent years," Shanghvi said.
Sun Pharma eyes synergy benefits of $300 million (around Rs 2,000 crore) by 2017-18 from the merger.
Shanghvi said the remediation process at the erstwhile Ranbaxy facilities, which were found to be non-compliant in the past, also continues as per the plan.
"While significant efforts to make these facilities compliant are on, this will be a time-consuming process," he added.
Currently, all the four manufacturing facilities of Ranbaxy - Mohali and Toansa in Punjab, Dewas in Madhya Pradesh and Paonta Sahib in Himachal Pradesh have been banned by the USFDA from export of drugs to the US market.
While Paonta Sahib and Dewas facilities have been under US import alert since 2008, the US health regulator has since banned the other two as well.
The company is also in the process of implementing corrective steps at Halol facility.
Gold imports dip 45.6 per cent to $2.05 billion in September
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After recording a sharp rise in August, gold imports dipped 45.62 per cent to $2.05 billion in September, a development that will help check the country's Current Account Deficit (CAD).
The sliding prices of the yellow metal is one of the reasons for the plunge in imports. The prices are declining in both global and domestic markets.
The gold imports stood at $3.78 billion in September 2014. This year, the imports of the yellow metal were up 62.2 per cent and 140 per cent in July and August, respectively.
The contraction in imports helped in narrowing the trade deficit to $10.47 billion in September. India is the largest importer of gold in the world.
The imports mainly cater to the demand of jewellery industry. However, in the recent past, large imports of the precious metal have also widened the CAD, which occurs when value of import of goods and services is more than exports.
In 2014-15, gold was the third largest commodity imported in India after crude oil and electronic items. During that fiscal, the country's imports stood at $34.32 billion.
The CAD in 2014-15 shrank to 1.3 per cent of GDP ($27.5 billion) from 1.7 per cent ($32.4 billion) in 2013-14.
Globally, gold prices declined 0.2 per cent to $1,138.35 an ounce on September 2 in Singapore. The prices were hovering around $1,260 an ounce in the first week of September last year.
Falling for the third straight day, gold prices were down by Rs 10 to Rs 26,820 per ten grams at the bullion market on October 31. It was Rs 28,175 per ten grams on September 1 last year in the domestic market.
After recording a sharp rise in August, gold imports dipped 45.62 per cent to $2.05 billion in September, a development that will help check the country's Current Account Deficit (CAD).
The sliding prices of the yellow metal is one of the reasons for the plunge in imports. The prices are declining in both global and domestic markets.
The gold imports stood at $3.78 billion in September 2014. This year, the imports of the yellow metal were up 62.2 per cent and 140 per cent in July and August, respectively.
The contraction in imports helped in narrowing the trade deficit to $10.47 billion in September. India is the largest importer of gold in the world.
The imports mainly cater to the demand of jewellery industry. However, in the recent past, large imports of the precious metal have also widened the CAD, which occurs when value of import of goods and services is more than exports.
In 2014-15, gold was the third largest commodity imported in India after crude oil and electronic items. During that fiscal, the country's imports stood at $34.32 billion.
The CAD in 2014-15 shrank to 1.3 per cent of GDP ($27.5 billion) from 1.7 per cent ($32.4 billion) in 2013-14.
Globally, gold prices declined 0.2 per cent to $1,138.35 an ounce on September 2 in Singapore. The prices were hovering around $1,260 an ounce in the first week of September last year.
Falling for the third straight day, gold prices were down by Rs 10 to Rs 26,820 per ten grams at the bullion market on October 31. It was Rs 28,175 per ten grams on September 1 last year in the domestic market.
General Awareness
Mandela tops World Economic Forum’s Global Shapers Annual Survey 2015
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Great leaders inspire by setting examples that others want to follow. Many of the top leaders, past and present, are in business or politics, and are making their mark on generations.
But which leaders do millennials admire the most?
With responses from 125 countries worldwide and 285 cities, the World Economic Forum’s Global Shapers Annual Survey 2015 is one of the most geographically diverse surveys of millennials.
The more than 1,000 respondents are all members of the World Economic Forum’s Global Shapers Community, a network of over 450 city-based hubs of young, civically engaged leaders aged between 20 and 30. And these are the top 11 leaders, present and past, that inspire them the most.
- Nelson Mandela
Nelson Mandela spent 27 years in prison before his release in February,1990. He became South Africa’s first black president in 1994, leading a multiracial democracy until 1999.
The abolition of apartheid remains Nelson Mandela’s greatest legacy, and under his leadership, South Africa emerged as a genuine democracy that saw many changes. Not all changes can be attributed to one man, but they were likely more rapid and profound.
- Pope Francis
Pope Francis is the first Latin American and non-European pope in more than 1,200 years. As the head of the Roman Catholic Church, he is the moral and spiritual leader of 1.2 billion people all over the world – from the Philippines, where 86% of the population identify as Roman Catholic, to Brazil, which has over 125 million Catholics.
- Elon Musk
The 44-year-old CEO of Tesla Motors and SpaceX emmigrated to America from South Africa at the age of 17 and made billions after co-founding PayPal. The tech entrepreneur is known for his bold visions – in 2013 he proposed designs for his so called Hyperloop, which would allow people to travel from Los Angeles to San Francisco in 35 minutes.
- Mahatma Gandhi
Gandhi is known for his doctrine of nonviolent protests in order to achieve progress. The Indian lawyer, social activist, politician and writer became the leader of the nationalist movement against the British rule of India.
- Bill Gates
Bill Gates is Chairman and Co-founder of Microsoft Corporation and Co-chair of the Bill & Melinda Gates Foundation, which has given away $28 billion, “more than $8 billion of it to improve global health.”
- Barack Obama
The 44th President of the United States is the 6th most inspirational leader among the respondents of the survey. He also tops the ranking as the world leader with the most followers on Twitter.
- Richard Branson
English business man, entrepreneur and founder of Virgin Group, Richard Branson is often listed as an inspirational leader. Virgin Group has over 200 companies in over 30 countries.
- Steve Jobs
Steve Jobs was the co-founder and CEO of Apple, and is often referenced as one of the most influential CEO’s of his generation.
- Mohammad Yunus
Mohammad Yunus was awarded the Nobel Peace Prize in 2006 for founding the Grameen Bank and for their work to “create economic and social development from below”. He is a Bangladeshi social entrepreneur and economist.
- Narendra Modi
Narendra Modi is the current Prime Minister of India, and has been in office since 2014.
- Warren Buffett
American business magnate Warren Buffett is one of the most successful investors in the 20th century. Buffett has invested in strong consumer brands for decades, and is the chairman and CEO of conglomerate holding company Berkshire Hathaway.
- Great leaders inspire by setting examples that others want to follow. Many of the top leaders, past and present, are in business or politics, and are making their mark on generations.But which leaders do millennials admire the most?With responses from 125 countries worldwide and 285 cities, the World Economic Forum’s Global Shapers Annual Survey 2015 is one of the most geographically diverse surveys of millennials.The more than 1,000 respondents are all members of the World Economic Forum’s Global Shapers Community, a network of over 450 city-based hubs of young, civically engaged leaders aged between 20 and 30. And these are the top 11 leaders, present and past, that inspire them the most.
- Nelson Mandela
Nelson Mandela spent 27 years in prison before his release in February,1990. He became South Africa’s first black president in 1994, leading a multiracial democracy until 1999.The abolition of apartheid remains Nelson Mandela’s greatest legacy, and under his leadership, South Africa emerged as a genuine democracy that saw many changes. Not all changes can be attributed to one man, but they were likely more rapid and profound.- Pope Francis
Pope Francis is the first Latin American and non-European pope in more than 1,200 years. As the head of the Roman Catholic Church, he is the moral and spiritual leader of 1.2 billion people all over the world – from the Philippines, where 86% of the population identify as Roman Catholic, to Brazil, which has over 125 million Catholics.- Elon Musk
The 44-year-old CEO of Tesla Motors and SpaceX emmigrated to America from South Africa at the age of 17 and made billions after co-founding PayPal. The tech entrepreneur is known for his bold visions – in 2013 he proposed designs for his so called Hyperloop, which would allow people to travel from Los Angeles to San Francisco in 35 minutes.- Mahatma Gandhi
Gandhi is known for his doctrine of nonviolent protests in order to achieve progress. The Indian lawyer, social activist, politician and writer became the leader of the nationalist movement against the British rule of India.- Bill Gates
Bill Gates is Chairman and Co-founder of Microsoft Corporation and Co-chair of the Bill & Melinda Gates Foundation, which has given away $28 billion, “more than $8 billion of it to improve global health.”- Barack Obama
The 44th President of the United States is the 6th most inspirational leader among the respondents of the survey. He also tops the ranking as the world leader with the most followers on Twitter.- Richard Branson
English business man, entrepreneur and founder of Virgin Group, Richard Branson is often listed as an inspirational leader. Virgin Group has over 200 companies in over 30 countries.- Steve Jobs
Steve Jobs was the co-founder and CEO of Apple, and is often referenced as one of the most influential CEO’s of his generation.- Mohammad Yunus
Mohammad Yunus was awarded the Nobel Peace Prize in 2006 for founding the Grameen Bank and for their work to “create economic and social development from below”. He is a Bangladeshi social entrepreneur and economist.- Narendra Modi
Narendra Modi is the current Prime Minister of India, and has been in office since 2014.- Warren Buffett
American business magnate Warren Buffett is one of the most successful investors in the 20th century. Buffett has invested in strong consumer brands for decades, and is the chairman and CEO of conglomerate holding company Berkshire Hathaway.
