Massacre Times Ahead: BSE's Sensex and NSE's Nifty -- hit the upper circuit as India Incs Takes OVER India. OUT DOOR Shooting of Indian Reality! Troubled Galaxy Destroyed Dreams: Chapter 234 Palash Biswas
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Bengal comes of age: colourless sari takes over spotless dhotiSify - 12 hours ago Or perhaps it was the forecast of a gathering twister before the communists of Bengal. Jyoti Basu, the iconic leader credited for laying in 1977 a leftist ... How Bengal was won Indian Express Mamata Banerjee: Durga of west Bengal Economic Times No question of Prakash Karat resigning: CPMTimes of India - 8 hours ago He said there was no question of either him or West Bengal chief minister Buddhadeb Bhattacharjee quitting over the election results, which have relegated ... Buddhadeb calls on Basu Hindu Buddha offers to step down Calcutta Telegraph Left lurches, Cong sweeps Bengal and KeralaIBNLive.com - May 17, 2009 LEFT BADLY BEATEN: CPI-M saw the worst defeat in West Bengal in the last four decades. ibnlive.com is on mobile now. Read news, watch videos be a Citizen ... Poll-battered Left parties meet to introspect Times of India It was Karat who was living in a fool's paradise Economic Times Left 'culprits': front failure & disconnect Calcutta Telegraph Bengal seeks central forces to prevent post-poll violenceHindu - 1 hour ago Kolkata (PTI): The West Bengal government has sought nearly 20 companies of central forces to intervene in any major post-poll violence in the state. ... Bigger role for father, son in Bengal politicsTimes of India - 20 hours ago ... happened in Haryana, Tamil Nadu and Karnataka; but Bengal has never seen a father-son duo challenging the might of a strong and organized ruling front. ... Left trounced by Cong-TMC in Bengal Merinews Alvito: I'll Welcome Bhaichung At East BengalGoal.com - 3 hours ago East Bengal brand ambassador Alvito D'Cunha would welcome Bhaichung Bhutia at his club following the Sikkimese Sniper's decision not to play for Mohun Bagan ... Bhutia asked to show cause Calcutta Telegraph Bhutia decides to part ways with Mohun Bagan Daily News & Analysis Pranab calls for restraint in West BengalHindu - May 17, 2009 Kolkata (PTI) With stray incidents of post poll clashes reported from Birbhum, Murshidabad and East Midnapore districts in West Bengal, WBPCC chief Pranab ... The Pranab Interview: 'A pro-Cong wave' Times Now.tv Pranab Mukherjee wins from Jangipur Thaindian.com Darjeeling won, BJP a thorn in Left's sideTimes of India - 20 hours ago This can have far-reaching repercussions across West Bengal. Right from the beginning, CPM was desperate to win the prestigious seat, basically to thwart ... BJP not yet done with GJMM The Statesman Gorkha dream on hold, GJM looks to agitation again Indian Express Gorkhaland dream interrupted, but agitation to continue Indian Express Bastion of communism crumblesBBC News - May 17, 2009 For decades it was a fortress for the Left, but now Indian voters have radically reshaped the politics of West Bengal. The BBC's Subhir Bhaumik, ... THE FLAG DROOPS Calcutta Telegraph Cong-Trinamul alliance rejoices The Statesman The East's beautiful sunrise Indian Express West Bengal fears post-poll clashesHindu - May 16, 2009 KOLKATA: Fearing a spate of post-poll clashes, the West Bengal government has urged the Centre to allow it to retain till May 20 eight companies of the ... | |||||||||||||||||||||||||||||
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Industry hails UPA victoryTimes of India - May 16, 2009 The Confederation of Indian Industry CII has also welcomed the massive mandate received by Congress-led UPA. Kishore Khaitan, Chairman, CII, Rajasthan, ... Mind the real 'E's now Livemint India Inc upbeat on UPA victory Commodity Online Industry bets on faster reforms Calcutta Telegraph Markets back India's call for changeThe Australian - 3 hours ago Indian voters handed the Congress-led alliance an unexpected mandate for change on Saturday with a 261-seat haul, confounding predictions of a far closer ... India election paves way for economic reform The Associated Press With power comes great responsibility Daily News & Analysis India: Re-elected Congress-led government to accelerate pace of ... World Socialist Web Site Telecom industry welcomes decisive mandate in Lok Sabha pollsEconomic Times - May 16, 2009 India has much to cheer about." Rajan Mittal, Chairman, FICCI Telecom Committee, said, "We want a stable regime in terms of telecom spectrum policy, ... New Government to Push Agriculture ReformsWall Street Journal - 8 hours ago By ARPAN MUKHERJEE, SWANSY AFONSO and DEBIPRASAD NAYAK NEW DELHI -- India's federal elections that gave the Congress Party-led coalition a renewed mandate ... India Inc wants Govt to address fiscal deficit, focus on reformsHindu Business Line - May 16, 2009 On the economic front, Mr Seshasayee observed that given the political mandate, there is confidence in the industry. The issue is to bring in capital. ... Manmohanomics back on trackExpress Buzz - 15 hours ago Speaking to The New Indian Express, a cross section of industrialists said that a clear mandate for a stable Government was extremely vital in today's ... Indian voters embrace change on a global scaleSydney Morning Herald - 4 hours ago But a vital reason is not a secret ingredient the industry has, but something it lacks - excess regulation. Most of India's economy is so heavily regulated ... Issue-full telecom directoryEconomic Times - 22 hours ago NEW DELHI / MUMBAI: The Congress-led United Progressive Alliance's return to power with a clear mandate will allow the combine usher in much-needed reforms ... Auto wants kid-glove treatment, and 'let stimulus continue'Daily News & Analysis - 20 hours ago Mumbai: With the Congress led-United Progressive Alliance (UPA) winning a fresh mandate, the automobile industry is hoping the system will find some ... Nasscom for more rational tax regimeHindu - May 16, 2009 NEW DELHI: Welcoming the mandate for the Congress-led United Progressive Alliance at the Centre, the National Association of Software and Service Companies ... |
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Sensex may cross 15,000 level tomorrow: Analysts Major market players were of the opinion that today's rally of nearly 20% suggests the market might gather momentum in coming sessions. Cashing in on your money
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Major market players were of the opinion that today's rally of nearly 20 per cent suggests the market might gather momentum in coming sessions amid picking up of capital inflows by foreign funds, and any support from retail investors would place the key-index beyond 15,000 points levels soon.
"Market may see small movement of 500-700 points. It may witness 15,000 mark in intraday trade at which point it may see sell-off," Keynote Research Senior Vice President Nitin A Khandkar said.
After a sea-change in the market scenario, speculators would also run to cover up their pending short positions on fears of further upsurge in the share prices.
"Investors who could not take part in the rally today may try to reap gains tomorrow," a NSE broker Rajeev Mallik said adding there were chances of the market hitting a 10 per cent upper circuit in early trade tomorrow. And if this happens, the barometer would be at around 15,500 points without taking much time, he said.
However, Lok Sabha Speaker Somnath Chatterjee, who was expelled from the party after he refused to step down as Speaker when the Left front withdrew support to the government during the July 22 trust vote over the India-US nuclear deal last year, said the leadership must own up the defeat and quit.
"My view is that the leadership has to take responsibility for the disaster. Prakash Karat is holding the topmost post. The needle of responsibility obviously is pointed at him. And I have already said the leadership should consider quitting if its conscience permits," said the veteran leader in a signed article in Bengali daily Ananda Bazaar Patrika.
Nirupam Sen said there was no question of either him or West Bengal Chief Minister Buddhadeb Bhattacharjee quitting over the election results, which have relegated the party to the eighth position from being the third largest in the outgoing Lok Sabha.
West Bengal CPI-M secretary and politburo member Biman Bose defended Karat and Bhattacharjee, stating: "No individual is responsible for the party's defeat."
"We could not campaign properly in West Bengal. We will have detailed discussions to search the reasons (for the defeat) at a meeting on May 24," Bose told reporters.
Kerala Chief Minister V.S. Achuthanandan, responding to questions, said all issues, including the controversy over party leader Pinarayi Vijayan's alleged involvement in the SMC Lavalin scam and the party's joining hands with the allegedly fundamentalist People's Democratic Party in Kerala, would be discussed at the May 24 meeting.
Achuthanandan was at loggerheads with Karat over the latter's backing for Vijayan, who as electricity minister had allegedly wrongly awarded contracts for purchase of equipment to Canadian company SMC Lavalin. The chief minister wanted to initiate action against him but Karat defended Vijayan saying he was framed.
Huge electoral setbacks in the CPI-M bastions of West Bengal and Kerala have left the party with a mere 16 seats, down from the 43 it won in 2004. The four-party Left grouping has been reduced to 24 from 60 - its worst poll showing in three decades.
The CPI-M finished with three seats less than the Trinamool Congress, its archrival in West Bengal, in the 2009 polls.
Earlier, Nirupam Sen denied that the party's reverses were because of the West Bengal government's industrial policies and said the "election was fought on national issues and not on state issues".
"We will continue with our policies," said Sen, who is the state industries minister.
Sen, who manages Burdwan district in one of his roles as a key party functionary, has been one of the very few in the present crop of leaders who has been able to retain all three Lok Sabha seats in the district. Besides, as Buddhadeb’s second-in-command and a politburo member, Sen has also been intricately involved in the industrialisation efforts of the CPM government.
Alimuddin Street insiders on Monday told ET that the chief minister was "shell-shocked". An extremely emotional person by nature, Buddhadeb had offered to resign also after the Nandigram incident. Even earlier, after a difference of opinion with Jyoti Basu the then chief minister, he had actually resigned on August 27, 1993 and the party had to persuade him to stay back.
After the Lok Sabha debacle, Buddhadeb is understood to have become so enormously upset, that he is believed to have told his inner circle that he would like to step out of the politburo as well. Interestingly, the chief minister has not attended Monday’s politburo meeting in Delhi.
Though Bhattacharjee skipped the politburo meeting on Monday, he met veteran Marxist Jyoti Basu at his Salt Lake reasidence and held a closed door meeting with the former chief minister for more than half an hour. Though it is not learnt what Bhattacharjee has told Basu and what Basu’s suggestion to the chief minister was, it is certain that the two leaders have discussed the party’s performance in the current Lok Sabha elections.
But Bhattacharjee’s meeting with Basu has created a ripple in the political circles, specially after the chief minister’s decision of not attending the politburo meeting in Delhi. However, it is learnt that this was Buddhadeb’s second meeting with the 95-year old Jyoti Basu after the poll results came out.
A visibly upset Buddhadeb, however, attended office at Writers’ Budildings during the day, but avoided the media, which was very keen to know about his plans.
"It was expected that markets will do well and that is what we saw in the morning. SEBI is keeping a watch on the situation we will see how it plays out tomorrow," Finance Secretary Ashok Chawla told reporters here.
Meanwhile,the body of the leader of Sri Lanka’s Tamil Tiger rebels, Velupillai Prabhakaran, is to undergo DNA and forensic tests along with the corpses of other top rebels, officials said today.
While Velupillai Prabhakaran (Ve-LU'-pi-lay PRAH'-bah-ka-ran) was a hero to some, his group was branded a terrorist organization by the U.S. and European Union, and it was accused of waging hundreds of suicide attacks, including the 1991 assassination of former Indian Prime Minister Rajiv Gandhi by a female bomber. The rebels also forcibly recruited child soldiers.
"The existing policy will continue to govern trading on the exchanges. Accordingly, the first level of the circuit breaker at 10 per cent will be triggered at 300 points for Nifty and 975 for Sensex over the respective closing level of the indices today," the NSE said in a statement.
The announcement by NSE came in after the market authorities had to halt the trading -- initially for two hours and later for the entire day -- as the rules do not permit the trade to continue if a single-day gain exceed 20 per cent in either of the two benchmark indices, Sensex and Nifty.
The 50-share Nifty on Monday soared 531.65 points in the opening trade which led to the regulators closing the equity and equity derivatives market closed for two hours. Following opening, Nifty further went up 651.50 points to 4,323.15, which triggered a halt for the day.
This circuit breaker brings about a coordinated trading halt in all equity and equity derivative markets nationwide and are triggered by movement of either Sensex or Nifty, whichever is breached earlier.
Also the Sensex today soared by 2,111 points to close at 14,284.21 points. It had surged 1,760 points at 13,963, hitting the upper circuit following which trading was halted for two hours. After the trading was resumed, the Sensex soared 806 points at 14,284.21 triggering a halt for the day.
On March 31, 2008, the last trading day of the quarter, Sensex closed at 9,708.50 points. The absolute points of Sensex variation which would trigger market wide circuit breaker for any day in the quarter between April 1 and June 30 would be 975 points for first 10 per cent trigger point, 1,450 points for the second 15 per cent trigger point and 1,950 points for the final 20 per cent trigger.
Similarly for the Nifty, the three trigger points in the current quarter would be 300 points, 440 points and 600 points -- based on a closing level of 3,020.95 points on March 31.
In case of a 10 per cent movement of either of these indices, there would be a one hour market halt if the movement takes place before 1 pm.
In case of a 15 per cent movement of either index, there will be a two hour market halt if the movement takes place before 1 pm. If the 15 per cent trigger is reached on or after 1 pm but before 2 pm, there will be a one hour halt. If the 15 per cent trigger is reached on or after 2 pm the trading will halt for the remainder of the day.
In case of a 20 per cent movement of the index, the trading will be halted for the remainder of the day.
Buddhadeb calls on Basu
Kolkata (PTI) Keeping a studied silence after media reports spoke of his offer to step down in the wake of the Left Front's poll debacle, West Bengal Chief Minister Buddhadeb Bhattacharjee on Monday met CPI(M) patriarch Jyoti Basu at his residence here on Monday afternoon.
The visit assumed significance in the backdrop of the severe drubbing CPI(M) and other Left parties received in Lok Sabha elections and reports that he had offered to resign owning moral responsibility for the alliance's poor performance.
The chief minister, who skipped the crucial CPI(M) Polit Bureau meeting in Delhi on Monday, was closetted with the 95-year-old leader for 30 minutes at Mr. Basu's Salt Lake residence.
Although there was no official word on what transpired during the talks between the two leaders, mr. Bhattacharjee was believed to have discussed with the former chief minister the party's worst-ever electoral performance - two years ahead of the state assembly poll.
For the record, Mr. Basu's close aide Joykrishna Ghosh told PTI that the chief minister had enquired about Mr. Basu's health but "nothing more can be said about what they discussed".
 | Obligations of the new mandate UPA tally goes up to 261, NDA finishes with 159 I’m against bargaining for ministerial slot: Mamata |
Investor wealth swells by Rs 6.5 lakh crore in a minute
Mumbai (PTI): Investors have become richer by a whopping Rs 6.5 lakh crore in just a minute as the Bombay Stock Exchange Sensex saw a historic 2,111 point rise to the 14,000 level as the markets cheered the decisive win of the ruling UPA government in the Lok Sabha elections.
Investor wealth, measured in terms of the combined market capitalisation of all the listed companies, increased by over Rs 6,56,477 crore in a minute -- in the first 30 seconds and then after the resumption of trading at 1155 hours -- to Rs 44,63,420.97 crore.
The 30-share Bombay Stock Exchange Sensex zoomed 1,305.97 points at 13,479.39, hitting the upper circuit within seconds of opening of trade, following which trading was halted for two hours. After trading resumed the Sensex soared 806 points at 14,284.21, following which trading was halted for the day.
Further, the 30 Sensex companies, which account for over 47 per cent of the total market capitalisation of all the firms, saw their combined market valuation rise by over Rs 3.16 lakh crore on Monday.
The combined market capitalisation of the 30 blue-chip stocks rose to Rs 21,53,590.09 crore today, from Rs 18,36,841.33 crore at the end of trade on Friday.
Reliance Industries was the major contributor to Monday's increase in market capitalisation for regaining the 14,000 level along with other heavy-weight stocks like BHEL and Bharti Airtel.
Best ever post-election rally for Dalal Street!
Mumbai (PTI): Dalal Street witnessed its best-ever post-election rally in history on Monday with the benchmark index jumping over 2,110 points or 17 per cent on the first trading day after the announcement of the Lok Sabha election results.
The benchmark index Sensex surged a whopping 2,110.79 points and Nifty advanced 651 points immediately after trading resumed following its suspension for two hours, leading to a halt in buying and selling for the day on the country's two premier bourses.
The general elections gave a decisive mandate to the Congress-led United Progressive Alliance, fuelling hopes of a stable government and that reforms may take place with ease.
Marketmen said the surge in the stock markets was expected as the new government would come to power without the support of the Left Parties, easing the process of reforms.
In the general elections in May 2004, the market did not expect the defeat of the BJP-led National Democratic Alliance and the Congress-led coalition had to take the support of the Left parties to form the government.
The election results were announced during the trading hours on May 13 and the Sensex had ended up 0.8 per cent after highly volatile trade, but lost 6.1 per cent the next day.
In the following trading session on May 17, the index plunged as much as 11.1 per cent, its biggest drop in 12 years, on fears of a Left-backed government.
Creating history, the Bombay Stock Exchange's benchmark index, the 30-share Sensex, rallied from 12,000 to 14,000 level with a jump of 1,305 points in 30 seconds in opening trade.
It gained another 806 points gain in another 30 seconds after markets resumed trading, triggering the final circuit filter for the day.
"Today's jump is very surprising. Stability was an important over-riding factor, which pushed up the indexes so fast and steeply," Angel Broking's Head of Research, Hitesh Agrawal, told PTI here.
"It is a reaction well-deserved, given the emergence of 'the Rahul factor' and his young team that might form the Cabinet," First Global's Vice Chairman and Joint Managing Director, Shankar Sharma, said.
Investor wealth soared by a whopping Rs four lakh crore within seconds of opening trade on the BSE.
Brokers, however, said that it is anybody's guess whether the index would hit yet another circuit limit or register profit-booking in tomorrow's trade.
"Everyone has been surprised by this rally. I'm still trying to figure out what could be in store tomorrow," legendary investor, Rakesh Jhunjhunwala said.
Terming Monday's bull run as an "over-reaction", Deena Mehta, Managing Director, Asit C Mehta Investment Intermediary said the markets will correct in the short to medium term.
"In India, we always over-react. Today's rally is just an over-reaction. It is anybody's guess if there would be profit-booking tomorrow or by how much the indexes would gain.
In the short term, an investor should go in for profit- booking," Mehta said.
Agrawal said that is highly unlikely that the markets would correct tomorrow. "There may be a lot of pent-up demand for stocks showing up and the markets may behave with a positive bias," he added.
The emergence of a stable Government could signal the start of a higher growth trajectory for India, Agrawal said, adding that India might be able to decouple to some extent from the global economic downturn.
"It is going to help push a lot of reforms, which have been held up due to political differences," Agrawal said.
"tomorrow's trading may lead to some kind of a price-discovery for investors," Mehta said.
"We are still not into over-valuations. This is a time when one can accumulate stocks. There will be ample opportunities to gain from these later," he added.
Worries on inflation rearing its head again, limited headroom for fresh fiscal stimulus and the upheaval in global financial scenario face the new Manmohan Singh government even though the stock markets are on a roll.
It is not going to be a smooth sail all the way through 2009-10 despite some of the forecasters, like the Citibank, slightly improving their growth bias to 5.5 per cent. The bet is on investment-led expansion and not consumption driven demand.
As the global financial crisis started hitting Indian shores after September 2008, the government in concert with the Reserve Bank, gave three stimulus packages but that meant ballooning of the fiscal deficit.
Against 2.5 per cent provided in the Budget for 2008-09, the previous year ended with fiscal gap of six per cent of the country's GDP. The interim Budget for 2009-10 provided for 5.5 per cent fiscal deficit.
"Fiscal deficit will remain a stress point," the 'Citi View' said.
Echoing the view Moody's said, "Returning to the path of fiscal consolidation will also be challenging if the global recession becomes protracted...," the rating firm Moody's said.
As the credit growth recover next year, excess liquidity could fuel inflation again. "Our inflation model suggests that WPI inflation could rise to 6.5-7 per cent by 2H 2010," financial services firm Nomura said.
Opinion and exit polls manipulated: EC
After successfully conducting the Lok Sabha polls, the Election Commission says opinion and exit polls are "manipulated" and should not be permitted.
"We believe that exit polls and opinion polls are manipulated. They do influence free and fair polls and every political party opposed it," Election Commissioner S Y Quraishi told Karan Thapar on CNBC's 'India Tonight' programme.
He, however, said the issue is before the Supreme Court.
Rejecting charges that clubbing all naxal-hit ares together for polling led to several killings, Mr. Quraishi said it was a "master stroke" to conduct the election together in those areas.
"Bunching the elections together in naxal-affected areas was no mistake. That scheduling was a master stroke," he said, adding the Commission felt after consultations with the Home Ministry and others that "if the elections are done together in 17 naxal-affected states together it will give us an advantage."
He said the Commission could adopt the "same scheduling" in holding elections in those areas in future as well.
FDI irritants may go; but no change in retail for now: Nath
The new UPA Government will be ready to remove procedural bottlenecks for foreign investors but allowing FDI in multi-brand retail will not be on the immediate agenda, Commerce and Industry Minister Kamal Nath said on Monday.
"We are going to see if there are any irritants in the way ... We have got to make India a very attractive destination for investment," Mr. Nath said in an interview with CNBC-TV 18.
He said FDI inflow to India has "not dried up ... but (getting it) has become competitive".
FDI inflows dropped in February to USD 1.4 billion, almost one-fourth of the inflows witnessed in the same period a year ago, under the impact of the global credit crunch. In February 2008, foreign investment was USD 5.67 billion.
When asked whether FDI could finally be allowed in the multi-brand retail sector, Mr. Nath said, "Not for the time being ... We have done some studies, which need much more work."
Independent think-tank ICRIER had conducted a government-sponsored study on the impact of FDI in retail on neighbourhood kirana shops last year. It had said that the big stores as also mom-and-pop shops can co-exist.
Reviving FDI inflows will be a key challenge for the new government. Changes in FDI policy, announced in February, have created a lot of confusion among both domestic and foreign investors.
20 PSU banks fail to meet farm sector lending target
As many as 20 public sector banks, including big ones like Canara Bank, Bank of Baroda and Union Bank, have failed to achieve the annual farm sector lending target till November, 2009.
Only seven out 27 state-owned banks could achieve the stipulated target of disbursing 18 per cent of the net bank credit to the agriculture sector as on November last year, sources said.
The performance of the private sector banks on this count was worse as only two lenders out of 26 had done lending more than 18 per cent to the farm sector, sources added.
Besides Canara, Bank of Baroda and Union Bank, the others which missed the target till November include Corporation Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Syndicate Bank and United Bank of India.
Among those which achieved the mandated level are Punjab National Bank, Allahabad Bank, Andhra Bank, Bank of India, Indian Bank, Indian Overseas Bank and State Bank of Bikaner and Jaipur.
While as many as 300 crorepatis have made their way to Lok Sabha, as many MPs are also burdened with financial liabilities, mostly loans. MPs with liabilities exceeding Rs one crore number 24, just eight per cent of total crorepatis in terms of assets.
Congress' L Rajagopal from Andhra Pradesh owes the most - Rs 8 crore. His compatriot Nama Nageswara Rao is the richest with assets worth as much as Rs 173.75 crore.
Barring six, the assets are well in excess of liabilities for the MPs elected in the general elections. The total liabilities of all the MPs together are little over Rs 100 crore, as against a combined asset size of over Rs 3,000 crore.
As per the records available with Election Commission, the liabilities run into crores of rupees for many MPs, while nearly half of the total strength of the Lok Sabha has at least Rs one lakh worth of liabilities.
In all, an estimated 300 MPs in the 15th Lok Sabha have some financial liabilities to their names. Interestingly, a similar number of 300 MPs have at least Rs 1 crore worth assets.
India Inc calls for disinvestment, cheaper housingMoneycontrol.com - 5 hours ago Adi Godrej, Chairman, Godrej Industries, said disinvestment will be back on the new government's agenda. He expects the government to do a lot in its first ... UPA for disinvestment: Which sectors will get a look-in?Moneycontrol.com - 14 hours ago Hopes on the disinvestment front are large. The Congress manifesto says that its government is looking to disinvest but added that government will still ... New Govt may now go ahead with disinvestment in CPSEsEconomic Times - May 16, 2009 Even the Congress in its manifesto promised to go ahead with disinvestment while retaining a majority holding in the state-run companies. ... Poll results pave way for PSU share-offering Press Trust of India Lots at stake for PSUsEconomic Times - 20 hours ago NEW DELHI: India's stalled disinvestment programme is set to get a fresh lease of life in the months ahead, with a clear mandate to the Congress-led UPA ... The street verdict mydigitalfc.com Market braces for Magnificent MondayNDTV.com - 17 hours ago With the near term uncertainty over, markets also expected a strong push for reforms, disinvestment and key policy changes. Clearly, the market just could ... Markets likely to open firm on Monday on non-Left alliance Financial Express Strong mandate eases downgrade fearsNDTV.com - 12 hours ago On the fiscal deficit concern, Moody's said that the new government has the ability to fix fiscal concerns by using the disinvestment proceeds fill the gap ... Populist policies could lead to rating downgrade Economic Times Reform and Reality in India Wall Street Journal See govt holding below 51% in PSU banks: ExpertsMoneycontrol.com - 10 hours ago Pradip Baijal, former Secretary of the Department of Divestment said disinvestment is a good option and there is a possibility of reducing government ... Bankers welcome poll results, feel reforms will get a pushEconomic Times - May 16, 2009 Government needs to opt for disinvestment in those PSU companies where its holding is above 51 per cent as there is huge fiscal deficits, Parekh said. ... Bankers welcome poll results; feel reforms will get a push Business Standard UPA's return to give push to financial sector reformsEconomic Times - May 17, 2009 The government needs to opt for disinvestment in those PSU companies where its holding is above 51 per cent as there is huge fiscal deficits, Parekh said. ... UPA's return to give push to financial sector reforms Business Standard With Left, CMP also goes out of window Economic Times India growth may exceed 5.5 pct in 2009/10 - MacquarieReuters India - 12 hours ago It sees foreign investment liberalisation and disinvestment as among the biggest beneficiaries of the results. Key areas in focus will be insurance, ... |
New Policies Should be IT Friendly: India Inc.CXOToday.com - 6 hours ago The growth in India is expected accelerate with this government and for the last couple of years, IT companies have started focusing on the India market to ... India Inc upbeat on UPA victory Commodity Online Industry bets on faster reforms Calcutta Telegraph With Left out, the govt can push reforms easily: India Inc Press Trust of India India Inc calls for disinvestment, cheaper housingMoneycontrol.com - 5 hours ago Adi Godrej, Chairman, Godrej Industries, said disinvestment will be back on the new government's agenda. He expects the government to do a lot in its first ... Singh's 'Game Changer' Win to Unlock India Economy; Shares SoarBloomberg - 8 hours ago Wal-Mart Stores Inc. and Prudential Plc are among global companies that stand to gain a stronger foothold in India now the government can function with ... High On Hope In India Forbes India's Congress needs coalition politics guardian.co.uk IT Inc wants govt to reboot sectorTimes of India - 11 hours ago Avinash Vashistha, CEO of Tholons, an offshoring advisory firm, says, "Drawing examples from China, the new government should invest significantly in ... 8 things IT Inc wishes from UPA govt Times of India India Inc's wishlistEconomic Times - 12 hours ago Expectations are high from the new government. India Inc's wishlist is not confined to tackling the immediate slowdown or the problems of their own sectors. ... India Inc wants Govt to address fiscal deficit, focus on reformsHindu Business Line - May 16, 2009 “With a clear mandate given by voters, India Inc now expects the new UPA Government to pull out all stops and unleash a slew of reforms in the area of ... CII president congratulates UPA on poll victory Little About Pune Inc looks forward to economic reformsTimes of India - May 16, 2009 "This will help the new government take decisions only in the interest of the nation, and not for saving the government as was the case in the last term," ... Result is a game-changer: India Inc, market playersBusiness Standard - May 16, 2009 “The play button will be on and could even become fast-forward” after the clear mandate to the new government, she said. Reason: The liquidity in global ... Montek for FM, Chidambaram fine as HM, says India Inc.Hindu - May 17, 2009 New Delhi (PTI): Montek Singh Ahluwalia is the favourite of Indian industry to become Finance Minister and it wished for P Chidambaram to stay as Home ... India Inc votes for non-Left govtTimes of India - May 14, 2009 NEW DELHI: India Inc is heaving a sigh of relief. Its main worry that the Third Front, with Left parties playing an important role, will form a government ... |
Reform and Reality in IndiaWall Street Journal - 5 hours ago By SUMATHI VAIDYANATHAN Take the Indian investor's thirst for economic reform, the election of a reform-minded government, and a few minutes of stock ... Indian Election Results Likely To Boost Regional StabilityRadioFreeEurope/RadioLiberty - 1 hour ago "India should realize that it would be very beneficial if Pakistan succeeds in its operation [against militants]. Because if Pakistan is stable, ... The Elephant's Choices The Statesman Indian Rupee Jumps To Near 5-month High Against Dollar On Election ...RTT News - 10 hours ago If the Indian currency advances further, it may test resistance around the 46.7 level. In 2008, the rupee fell 19 percent in its biggest yearly fall since ... Nifty has resistance at 3800-3950: ICICIdirect.comMoneycontrol.com - 13 hours ago The Indian stock market looks set to surge on Monday on expectations the clear election victory of the ruling coalition would lead to a strong and stable ... India Rupee Up To Near 5-Mo High Cheering New Govt; Bonds UpWall Street Journal - 5 hours ago "Government officials are indicating that reforms are needed for corporates to obtain long-term funding...Foreign investors will expect many opportunities ... Insurers expects liberlisation of sector to be expeditedHindu - May 16, 2009 Now, economic reforms will also be pushed forward further, he said. Welcoming the poll verdict, SBI Life Insurance Managing Director US Roy said the return ... BSE Sensex may open up, but resistance seenReuters India - May 14, 2009 Oil & Natural Gas Corp will be watched after the Economic Times said the state-run explorer could report a drop in 2008/09 profit, as the federal government ... The Left learns the pitfalls of arroganceDaily News & Analysis - May 17, 2009 The astounding outcome for the Communist Party of India Marxists, which is a rout in West Bengal and a debacle when the Kerala results are added to its ... :. Reframing a Regional Approach to South Asia-IIIKashmir Watch - 1 hour ago We are certainly not against trade or other forms of economic exchange between the two countries, but the recent US-India nuclear deal and the latest ... The making of a miracleLivemint - May 16, 2009 Through this lens, India's recent economic performance has been closer to being miraculous. Its economic reforms have been incomplete, its democratic ... |
Who takes up the reins will decide India's trade & investment policyBusiness Standard - 21 hours ago Special Economic Zones (SEZ), the tax-free industrial enclaves, will be one area. The anti-SEZ protests in Nandigram is cited as one key factor in the ... GK Pillai, commerce secretaryEconomic Times - 21 hours ago With regard to the credit crunch issue that the SEZ developers are facing, we have taken up this matter with the RBI and I am hopeful of a favourable ... 'Better infrastructure, law and order can make city an IT hub'Times of India - 18 hours ago Establishment of a special economic zone (SEZ) too was raised by the TCS boss, who would be inaugurating the TCS Avadh park in Vibhuti Khand on Monday. ... Indian IT industry has big hopes from new govt.Siliconindia.com - 7 hours ago Apart from all this, the industry has forwarded its list of demand including the extension of Software Technology Park (STP) scheme and SEZ initiatives. ... IT Inc wants govt to reboot sector Times of India Eight issues that didn't matter in campaign 2009SamayLive - May 14, 2009 The whole Special Economic Zone(SEZ) policy was debated threadbare. Political equations, at least in West Bengal, seemed to be changing after decades. ... Aspects of SEZ policyHindu - Apr 27, 2009 Pradeep Mehta and NC Pahariya offer a balanced assessment of potential costs and benefits of SEZs in India and follow it up with an analysis of results of ... File SEZ pleas by May 7, HC directs petitioners Times of India EC blocks service tax sops for SEZ units Economic Times 'SEZs have huge trickle-down effect'Economic Times - May 13, 2009 ... of the 'Financial processing hub of India.' Once all the areas become operational, what kind of investment and employment generation your SEZ will have? ... New connectionsBusiness Line - May 16, 2009 Tax implications for sezs: Indian software majors will be watching out for the new dispensation's stance on tax sops, especially under the SEZ scheme. ... Ranbaxy likely to start operations in two new plantsMyiris.com - May 14, 2009 As per Ranbaxy`s (Q, N,C,F)* 2008 annual report, for global manufacturing the company has progressed well on the special economic zone (SEZ) at Mohali in ... DAL bailout: DLF promoters to raise $760 million from investorsEconomic Times - May 12, 2009 DAL — which is owned by the Singh family, the promoters of DLF — houses the IT SEZ projects of DLF, and buys completed IT properties from the real estate ... |
Pakistani villagers count the cost of army offensive
(Greg Baker/AP)
A child beside at a refugee camp near Islamabad
Zahid Hussain in Ambela
The deserted road through Ambela was littered with burnt vehicles, spent artillery rounds and broken electricity pylons. Many of the houses were damaged by shelling and riddled with bullet marks.
On the corner of the main street, Amir Basha examined his smashed grocery shop and contemplated the mounting cost of the Pakistani Army’s assault on the Taleban in the Swat Valley and neighbouring Buner.
He fled the fighting with his family three weeks ago, taking refuge in the northwestern city of Peshawar, but came back yesterday to inspect the damage during a brief lull in a curfew imposed by the army. “I don’t think my family can return home soon,” he muttered, shaking his head in despair.
Ambela, a small town of about 10,000 inhabitants, used to be a peaceful place but now it is on the front line of what the Government says is a battle for the survival of Pakistan.
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The troops have pushed the militants out of the town after fierce fighting that also forced almost the entire population to flee. The rebels, however, still lurk in the mountains not far from the town. “We fear that they may come back after the troops are withdrawn,” said Mr Basha.
A few families have started trickling back since security forces relaxed the curfew restrictions to allow farmers to harvest their wheat crop. “This is the only source of living for me and for my family,” said Rehman Gul, 50, working in his small field.
Most of the crop will go to waste as most farmers, still afraid, are holding back from coming home. According to officials more than half of Buner’s 700,000 population have fled the region to take refuge on the lowland.
They have joined another million refugees from Swat and other battle zones in northern Pakistan, triggering one of the worst humanitarian crises in the country’s 62-year history.
Pakistan rushed about 5,000 army and paramilitary troops to Buner — famed for its fruit orchards and fertile land — after the Taleban advanced into the region from the neighbouring Swat Valley. The Taleban’s offensive was particularly embarrassing to the military and the weak civilian Government led by President Zardari.
Pakistan’s military said that scores of militants have been killed in the combat. But the fighting is far from over. Hundreds of Taleban militants are still entrenched in the Sultanwas and Pir Baba areas, three miles from Daggar, the main town and administrative headquarters of Buner.
Artillery fire was echoing around the mountains at regular intervals yesterday. “The militants still control some key routes and villages,” said an extremely nervous Yahaya Akhunzada, the top civil administrator of the district, sitting inside his heavily guarded office. He said that about 350 militants, including Arabs and Uzbeks, were holding out in Sultanwas, the Taleban’s main base in the region.
http://www.timesonline.co.uk/tol/news/world/asia/article6307956.ece
Top-10 firms add Rs 2 lakh crore in a minute, RIL leads gain 18 May 2009, 1744 hrs IST, PTI
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MUMBAI: The country's top 10 firms witnessed an over Rs 2.27 lakh crore addition to their market valuation, with Reliance Industries contributing Mukesh Ambani-led RIL added Rs 70,136 crore to its valuation in just a minute, taking its total market cap to Rs 3,76,752 crore. Shares of RIL jumped over 20 per cent to Rs 2,350 on the BSE. The coveted club of top-10 valued firms, comprising six public sector companies and four private sector players, added Rs 2,27,318 crore to take its valuation to Rs 15,13,829 crore. At the end of Friday's trade, the market cap of coveted club was Rs 12,86,511 crore. The 30-share Bombay Stock Exchange Sensex zoomed 2,111 points and hit the upper circuit to close at 14,284.21 points. It surged 1,305.97 points at 13,479.39 in opening trade and hit the upper circuit following which trading was halted for two hours. After the trading was resumed, the Sensex soared 806 points at 14,284.21 which triggered a halt for the day. The shuffling in the elite club saw Bharti Airtel moving up one place to the third by adding Rs 22,818 crore, while NTPC slipped to fourth after adding Rs 18,470 crore. Market cap of Bharti Airtel stood at Rs 1,74,645 crore and NTPC at Rs 1,73,155 crore at the closure of trade today. | ||||||||
He Came, He Spoke, He Conquered
THIS CATHOLIC'S VIEW
By Thomas J. Reese, S.J.
President Obama's reception at Notre Dame showed once again that a new generation of Americans, including Catholics, is looking for a different kind of leader, not one who speaks down to his audience, demands strict loyalty and demonizes opponents, but one who addresses complexity with honesty, acknowledges disagreements and tries to bring people together for the common good.
President Obama showed himself to be respectful of Catholic views, of Catholic institutions like Notre Dame and of Catholic leaders like Notre Dame's former president, Father Ted Hesburgh, and Chicago's former archbishop, Cardinal Joseph Bernardin.
In his speech, he praised Notre Dame for being, in the words of Father Hesburgh, both a lighthouse and a crossroads. "The lighthouse that stands apart, shining with the wisdom of the Catholic tradition, while the crossroads is where 'differences of culture and religion and conviction can coexist with friendship, civility, hospitality and especially love.'"
It was clear that Obama saw Cardinal Bernardin, whom he met in Chicago, as a model of leadership:
[Cardinal Bernardin] stood as both a lighthouse and a crossroads--unafraid to speak his mind on moral issues ranging from poverty, AIDS and abortion to the death penalty and nuclear war. And yet, he was congenial and gentle in his persuasion, always trying to bring people together; always trying to find common ground. Just before he died, a reporter asked Cardinal Bernardin about this approach to his ministry. And he said, "You can't really get on with preaching the Gospel until you've touched minds and hearts."
President Obama went on to say that he learned this "tradition of cooperation and understanding...with the help of the Catholic Church" as a community organizer for a group of Catholic parishes in Chicago. He even credited his experience of working with Catholic parishes as a community organizer for making him a religious person: "It was through this service that I was brought to Christ."
President Obama did exactly what he needed to do at Notre Dame. He challenged the students to take on the problems of the day, he spoke beyond them to the wider audience of Catholic citizens and presented a demeanor that contrasted with those who tried to paint him as a demonic, anti-life fanatic. His message was the need to work together to solve the problems and challenges facing the world not by exacerbating divisions but by bringing people together.
This lesson goes beyond the abortion debate to all the domestic and international challenges that we face. As he told the graduates, "we must find a way to reconcile our ever-shrinking world with its ever-growing diversity--diversity of thought, of culture and of belief. In short, we must find a way to live together as one human family."
But he acknowledged, "even bringing together persons of good will, men and women of principle and purpose, can be difficult."
Sounding more like a preacher than a politician, he asked that we extend the "presumption of good faith" to those who disagree with us. "Because when we do that--when we open our hearts and our minds to those who may not think like we do or believe what we do--that's when we discover at least the possibility of common ground."
It is clear where he thinks this common ground can be on abortion, which he declared has "both moral and spiritual dimensions."
So let's work together to reduce the number of women seeking abortions by reducing unintended pregnancies, and making adoption more available, and providing care and support for women who do carry their child to term. Let's honor the conscience of those who disagree with abortion, and draft a sensible conscience clause, and make sure that all of our health care policies are grounded in clear ethics and sound science, as well as respect for the equality of women.
This will not satisfy those who want to outlaw abortion, but can we not all work together to reduce the number of abortions? The political reality is that abortion is not going to be made illegal anytime soon. Simply as an intermediate strategy pro-life people should join with Obama in doing everything possible to reduce the number of abortions. Not to do so is to put politics above the life of the unborn.
And abortion is only one of the many challenges that we face. Add to that finding "a path back to prosperity," deciding "how we respond to a global economy that left millions behind even before this crisis hit," saving "God's creation from a changing climate that threatens to destroy it," and seeking "peace at a time when there are those who will stop at nothing to do us harm." And more.
As the President told the graduates, "no one person, or religion, or nation can meet these challenges alone. Our very survival has never required greater cooperation and understanding among all people from all places than at this moment in history."
By Thomas J. Reese | May 17, 2009; 5:15 PM ET
Congress can help India take 'global responsibility': British newspapers
London (IANS) British newspapers on Monday praised the Indian voter for opting for the Congress, with one saying the party should use the better mandate to help India take on "global responsibility."
"The Congress brought India to independence. It now has a chance to give it the firm government needed for global responsibility," said The Times in an editorial.
Welcoming the results of the elections, it said "investors hope that a new strong government will be able to accelerate the pace of economic reform, unhampered by the Communists and other obstructive parties that have held back many of Dr [Manmohan] Singh's reforms for the past five years."
"What is heartening is that the turnout was strong, the campaign remarkably free of violence or fraud and the result apparently decided on political lines rather than caste, region or religion."
Newspapers praised the national leadership of Prime Minister Manmohan Singh, the strategic leadership of Congress President Sonia Gandhi and the campaign run by Rahul Gandhi.
Manmohan Singh's "steady, unflappable - if unexciting - leadership" had paid off, as had Rahul Gandhi's "intelligent campaign in Uttar Pradesh," The Times said.
The Financial Times, in its editorial, said Indian voters had delivered an "humbling lesson in democratic wisdom."
"?The results reveal Indian democracy's ability to push back against three profoundly centrifugal forces that have made big advances over the past three decades: caste-based populism; sectarian Hindu revivalism; and regional parties with a habit of holding the national interest hostage."
Crediting Manmohan Singh and Sonia Gandhi for the party's good show, the FT had some harsh words for the Bharatiya Janata Party's campaign.
"Modernisers in the BJP could not cover up the stock-in-trade of anti-Muslim and anti-Christian bigotry of its flourishing Hindu supremacist wing," it said.
Business Daily from THE HINDU group of publications
Monday, May 18, 2009
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Bookies score bull's eye in national predictions, but not Mumbai 17 May 2009, 1450 hrs IST, PTI
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MUMBAI: Bookies and punters scored a bull's eye in the all-India election results outcome, but their calculations went awry in Mumbai where they In Mumbai, the bookies and bettors failed in their assessment of the outcome in three seats and on candidates belonging to the saffron combine of Bharatiya Janata Party (BJP)-Shiv Sena, a bookie revealed Sunday morning. These are: Mumbai North - where BJP's Ram Naik was the favourite and the odds were against Congress' Sanjay Nirupam, who won the seat. The bookies gave odds of Rs.0.50 on Naik over Nirupam at Rs.1.60. That meant anyone betting a rupee on Naik's win would make Rs.1.50 if he did win, while someone who bet a rupee on Nirupam's win would now make Rs.2.60. Mumbai North-East - where BJP's Kirit Somaiya was the favourite at Rs.0.65 over the Nationalist Congress Party' (NCP) Sanjay D. Patil, who trailed at Rs.1.50 with punters, but won the seat. Mumbai North-West - where Sena strongman Gajanan Kirtikar was the favourite at Rs.0.85 over the Congress winner Gurudas Kamat, who trailed at Rs.1.05. The bookies said that the BJP-Sena combine should have given opportunity to new, youthful faces instead of repeating aged and weary veterans in the three seats. "All the Congress-NCP winners in Mumbai - Milind Deora, Eknath Gaekwad, Priya Dutt, as well as Kamat, Nirupam and Patil - are young and dynamic, appealing to the sentiments of the youth brigade," one bookie pointed out.
After the fifth and final phase of polling last Wednesday and till Friday evening, the betting frenzy had seen Rs.20,000 crore (Rs.200 billion/$4 billion) being invested in the illegal market, with nearly Rs.1,200 crore being bet on Mumbai's six Lok Sabha seats, according to a bookie. As the results were declared and the UPA emerged the clear winner, there was subdued celebration among the bookies and punters. Their projection of Prime Minister Manmohan Singh continuing in office proved correct as also the Congress-led UPA making a comeback. Singh had been the hot favourite for the top job since polling started in mid-April. At the close of polling last Wednesday, Manmohan Singh commanded odds of Rs.1.15 over L.K. Advani, the BJP's prime ministerial aspirant, who stood at Rs.2.00. Despite the gloomy picture emerging in the media over various permutations and combinations being attempted on the eve of results, Manmohan Singh actually managed to improve his standing and commanded Rs.0.65, by Friday evening, while Advani's position remained unchanged. An estimated Rs.1,800 crore was bid on Manmohan Singh and around Rs.800 crore on Advani, on their respective prospects for becoming prime minister. The rates of the two main political entities the UPA and the National Democratic Alliance (NDA) stood at Rs.0.86 and Rs.1.25 respectively. Other entities like the Third Front were practically written off at Rs.13, while the Fourth Front, the Left parties and their regional affiliates were nowhere in the reckoning. | ||||||||
Verdict 2009: Demise of divisive politics 17 May 2009, 1334 hrs IST, IANS
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Although it is yet too early to draw conclusions or formulate a detailed analysis from the results of India's 15th general elections, there is a The first aspect is the Congress' remarkable performance, which with 205 seats won on its own steam and almost 30 percent of the vote share, achieving the best score of any national party since 1991. This goes against the longstanding trend of the decline of national parties to the benefit of regional formations. Thumping victories in Andhra Pradesh and Rajasthan, and a most unexpected resurgence in the lost state of Uttar Pradesh, accounts mainly for the Congress' success. The good result for the Congress in Uttar Pradesh shows that it has not only benefited from the weaknesses of its main opponents but also that it has also been able to conquer or re-conquer new political spaces. The Congress party has also benefited from the fact that all its United Progressive Alliance (UPA) allies fared well in their respective states. The incumbent DMK bagged an impressive 18 seats in a highly disputed contest with its opponent, the AIADMK.
The Trinamool Congress, with 19 seats, won a decisive and historic victory in the Left stronghold of West Bengal. In comparison, BJP's NDA allies have fared rather poorly, with the exception of Nitish Kumar's Janata Dal-United (JD-U) in Bihar. The former UPA allies who decided to go on their own in the polls faced the wrath or the disaffection of Indian voters. The Rashtriya Janata Dal has been trounced to four seats, its leader, Lalu Prasad Yadav, even losing one of the two seats he contested in Bihar. The Telangana Rashtra Samithi has shrunk from five to two seats in Andhra Pradesh. The second important aspect is that the Indian voters have tended to support parties with some credentials in preserving social harmony and pursuing development. From the impressive victory of the JD-U in Bihar to the Biju Janata Dal's performance in Orissa and the clean sweep of the Congress in Delhi, Indian voters have cast their ballot in favour of moderate leaders focusing their actions on development and better governance. | |||||||||
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