Budget 2013 Live Blog:01:25 pm: Prime Minister Manmohan Singh praises Chidambaram’s Union Budget 2013. “The Finance Minister has done a commendable job in containing the deficit while simultaneously addressing growth imperatives,” he said in a statement.”We need to create 10 million jobs a year for the duration of the 12th Plan which can be achieved only if we reach 8% GDP growth level. There is plenty for every ministry. It is now up to my colleagues in the Cabinet to turn challenges into opportunities.”01:00 pm: Sensex falls around 50 points after Chidambaram tabled his Budget for the financial year 2013-14.Glimpse of Chidambaram’s Union Budget 2013-14Feedback from analysts on Finance Minister P. Chidambaram’s Union Budget is encouraging though some will be left disappointed especially automobile industry. Some say that it’s a balanced and good budget while a few are of the opinion that it is a complete on.Many were of the opinion before the the finance minister presented the budget that it would a political one keeping in mind the election next year but he proved everyone wrong. He deserved praises for concentrating on infrastructure, as it can stimulate investment in the country. This move could spark the engines of economic growth.Chidambaram’s announcement to set up a public sector bank exclusively for women has got him praises. He also spoke on providing security to women in the country.Finance Minister P. Chidambaram concluded his speech by quoting a saying by Swami Vivekananda.12:47 pm: Duty-free limit for gold increased to ₹50,000 for men and ₹1 lakh for women.12:45 pm: 6 percent tax hike on mobile phones that costs more than ₹2000.12:42 pm:18 percent hike in excise duty on cigarettes.12:32 pm: No change in education cess, and customs and excise duty rates.12: 28 pm: Donations to National Children’s Fund will get 100% tax exemption.12: 26 pm: Hike on excise duty of SUV from 27 percent to 30 percent12:25 pm: 2 percent duty on steam and bituminous coal12: 23 pm: Hike in import duty on set top boxes12:21 pm: People with an annual income of ₹1 crore to pay surcharge of 10% additional surcharges for one year.12:18 pm: No tax exemption slab but tax payers in the range of ₹2 to 5 lakh will get tax credit of ₹2000.12:17 pm: Finance Minister presents tax proposals.12: 28 pm: Donations to National Children’s Fund will get 100% tax exemption.12: 26 pm: Customs duty on SUVs raised from 75 percent to 100 percent12:25 pm: 2 percent duty on steam and bituminous coal12: 23 pm: Hike in import duty on set top boxes12:05 pm: 2.03 trillion rupees allocated to defence sector in 2013-14.12:05 pm: SEBI Act to be amended; waste- to-energy projects will be financed by Public-Private Partnership (PPP) mode; Public sector bank branches to have ATM.12:04 pm: ₹14,000 crore allocated for public sector banks.12:02 pm: ₹1,840 crore for construction of power transmission system from Srinagar to Leh; ₹226 crore to be allocated this financial year.12:00 pm: First housing loan up to ₹25 lakh an additional deduction of interest of up to ₹1 lakh in 2014-15.11:58 am: ₹1,000 crore allocated for eastern states – green revolution.11:57 am: ₹5,387 crore integrated watershed programme for farmers.11:55 am: Indian Institute of Biotechnology to be set up at Ranchi.11:53 am: FM proposes exclusive bank, a public sector bank for women. ₹1,000 crore to be allocated as initial capital. 11:52 am: ₹200 crore to stop harassment on women.11:50 am: ₹7 lakh crore target fixed for agriculture credit for 2013-1411:49 am: ₹1,000 crore for improving agricultural production in Eastern Indian states.11:47 am: ₹500 crore allocated for programme on crop diversification.11:45 am: ₹27,049 crore for agriculture ministry in 2013-1411:44 am: ₹15,260 crore for drinking water and sanitation ministry11:42 am: ₹17,700 crore for Integrated Child Development Scheme.11:40 am: 270.49 billion rupees allocated for agriculture in 2013/14.11:38 am: ₹10,000 crore for Food Security Bill.11:35 am: ₹13,250 crore allocated for mid-day meal scheme11: 35 am: ₹65,867 crore allocated to ministry of HRD11: 30 am: ₹37,330 crore for ministry of health and family welfare. ₹4,727 crore for medical education and research and ₹1,069 crore allocated to Department of Ayush.11: 29 am: ₹80,000 crore allocated for for rural development ministry. ₹41,561 crore for SC sub-plan and ₹24,598 crore for tribal sub plan11:27 am: Scholarships for SC/ST students, girls11:26 am: Plan expenditure for 12th Five-Year-Plan revised to ₹14,30,825 crore11:25 am: Budget expenditure is ₹16,65,297 crore and plan expenditure ₹5,55, 322 crore, says FM.11:22 am: ₹65,000 crore allocation for education sector.11:15 am: Union Budget 2013 aims at youth. Women face discrimination everywhere including work place. 11:12 am: It has become a challenge for India to return to its potential growth rate of 8 percent, saya FM.11:10 am: Finance Minister said supply of food items should be boosted to beat inflation.11:05 am: Women, schedule tribes (ST), schedule castes (SC) have been lagging behind in economic growth in many states.11:09 am: Chidambaram emphasised on the need for foreign investment for economic growth. He said foreign investment is imperative.11:08 am: UPA government believes in inclusive and sustainable development11:05 am: India has been affected by global slowdown. China and Indonesia are growing faster than India but next year India will overtake Indonesia, says Chidambaram 11:00 am: Chidambaram tables Union Budget 2013 in Parliament.10:50 am: Finance Minister Chidambaram reaches Parliament to present Union Budget 2013.10:00 am: Finance Minister P. Chidambaram is scheduled to table Union Budget 2013-14 at 11 am on Thursday. Finance Minister P. ChidambaramGovernment Should Take Concrete Steps to Help Struggling IT-BPO SectorMultinational professional services firm PricewaterhouseCoopers said in a release that the government of India should take positive steps to help the growth of IT-BPO sector which is going through a bad phase due to increasing costs had ensuing global uncertainty. IT-BPO sector contribute 7.5% of India’s GDP.Raise In Base Tax Exemption Limit ExpectedWith the government having taken a few bold steps of late to cut down fiscal deficit, including cut in subsidy for LPG gas cylinders and diesel, common man will now expect base tax exemption slab to be raised from the present ₹2 lakh. Raise in the base tax exemption limit will help common man deal with extra spending due to oil price hike.Will Chidambaram Use Union Budget to Attract Investors?People will expect the Finance Minister to present a budget that will help to revive the slowing economy. The government might target a 4.8 percent fiscal deficit for the next financial year. Now, the onus lies on the government to improve the economy and thus boost employment and revenue from tax. Chidambaram is expected to use the Union Budget as a platform to attract investors and please rating agencies.What Insurance Companies Expect!Insurance companies will expect the tax exemption ceiling from investments like provident fund, insurance premiums etc to be raised from the current ₹100,000 limit.What Real Estate Sector Wants!Real estate sector will expect the FM to increase tax exemption limit of interest paid on home loans from the current ₹150,000 to ₹300,000.Common Man’s ExpectationsTax exemption limit on conveyance, reimbursement of medicals expenses, education allowance, home loans and other expenditures of the employers are expected to be raised to help reduce the impact of fuel price hike. Finance Minister of India P. ChidambaramAll Eyes On Chidambaram’s Union Budget 2013The market’s skepticism on the upcoming Union Budget 2013 must have increased, as the Railway Budget which was presented by Railway Minister Pawan Kumar Bansal on Tuesday, was another budget that went with the popular sentiment and lacked many groundbreaking steps that could revive the struggling Indian Railways.Now, all eyes will be on Finance Minister P. Chidambaram’s Union Budget 2013 to be presented on Thursday at 11:00 am.Chidambaram’s Union Budget comes amid India’s economic growth rate falling to 5 percent, which is the lowest in a decade, ratings downgrade and the general elections coming up next year. However, he is expected to present a balanced budget.
Wells Fargo has officially launched its newest initiative geared specifically at budding entrepreneurs looking to help their small businesses grow, entitled Wells Fargo Works for Small Business. The initiative was unveiled this past weekend, at the first-ever South Asian Young Women Entrepreneurs (SAY WE) conference that took place at the Conde Nast building in Times Square in New York on 17 May. Wells Fargo was the key sponsor of the SAY WE conference, helping to foster entrepreneurial spirit in the South Asian community.”We know that the Asian small business community is the first one to achieve entrepreneurial parity,” said Nancy Wong, Senior Vice-President of Wells Fargo’s Asian Segment Manager. “We have seen the momentum grow in very specific regions, specifically the tri-state area (New York, New Jersey, Connecticut) and California.”Wells Fargo, which has been the largest small business lender for the last 11 years, also announced their goal of lending $100 billion to small business by 2018.Wong said that this is an aggregate goal for all businesses, South Asian and otherwise, but Wells Fargo has resources meant specifically for Asian business owners.”We host several financial seminars and workshops, across the Wells Fargo footprint, that partner specifically with Asian chamber associations and trade associations,” said Wong. “These solidify our commitment to providing resources and guidance to the Asian small business community.”Featuring a congregation of some of the best and brightest minds in the tri-state area’s South Asian entrepreneurial scene, the SAY WE conference is intended to be the first leg of a three-part series of conferences that will continue in Houston and San Francisco later this year.The series is entitled “Raise, Rise, Rule!” and strives to help budding South Asian entrepreneurs, particularly women, by giving them the advice and resources that will help to establish and grow their small businesses.Saturday’s event was organized by SAY WE founder Reema Rasool, who described the experience of being at the organization’s inaugural conference as “surreal.”Rasool explained that she founded SAY WE as a way of providing young South Asian women with the advice and resources they needed, but often never have access to, in order to launch their entrepreneurial ventures.An entrepreneur herself, Rasool said that she wished these resources were available to her when she was getting started, and now wants to make sure that she can help those who are now starting to come up after her.Two panel discussions were held, one in the morning and one during the afternoon session. The first featured South Asian American entrepreneurs Pialy Aditya (co-founder of fashion site Mintbox), Sindhya V. Kalghatgi (founder of men’s grooming label Helix), Abbas Hashmi (founder of Green Card Capital), and Wong, and centered on what one has to do to take their business idea from an intangible wish to a profitable operation.The second panel discussion featured local New York City news anchor Joya Dass, Bibi Magazine founder Ayesha Hakki, the Cake Designer founder Parul Patel, and social media guru Adam Khan. They talked about the advantages and disadvantages of using social media to promote small businesses, and how to avoid the common pitfalls associated with the still-young but incredibly powerful online marketing tool.Keynote addresses were given by Aroon Shivdasani and Faisal Hoque.Shivdasani is the founder of the Indo-American Arts Council, key organizer of the annual New York Indian Film Festival, while Hoque is a writer and entrepreneur who also gave out and signed copies of his latest book, “Everything Connects.”Hoque spoke at length about his personal story, coming to the US from Bangladesh at the age of 17 and, eventually, dropping out of college in Minneapolis to start his career with Pitney Bowes in Connecticut. Today, he is the founder of Shadoka Ventures, and a number of other companies.Shadoka’s portfolio of companies – which specialize in R&D driven products, services, and thought leadership – accelerates individual and organizational sustainable growth.Hoque warned prospective business owners that people should keep in mind the lows as much as the highs, citing his own ups and downs, and the successes and failures he experienced during his career.”There is absolutely no substitute for passion and authenticity,” Hoque said in summation of his remarks, telling future and current small business owners that being true to themselves and passionate about their ideas are ultimately what will lead them to success in the long run.Wells Fargo’s sponsorship of SAY WE allowed for the conference to be free for attendees. Wells Fargo will continue to be a partner of SAY WE, as a sign of its increasing commitment to helping the Asian and South Asian American communities across the US.The SAY WE conference series will continue in Houston on 14 June, and will conclude in San Francisco on 9 August.(Global India Newswire)
Rajasthan Royals and Sunrisers Hyderabad come face to face a year after David Warner and Steve Smith picked up their bans. Both sides looked destined for victory but ended up losing their first respective first games. They will now have the opportunity to get off the mark in this year’s IPL. As has been the case over the years, the shortest format is all about identifying different players and looking for matchups in order to curb their threat. We identify three main player battles which can determine the course of the match.David Warner vs Dhawal Kulkarni David WarnerIANSDavid Warner announced his arrival in some style in the first match of the season with a brilliant innings of 85. Today is the day when he finally completes his suspension over the ball-tampering scandal. He looks determined to make this season count and be indispensable to Australia’s World Cup ambitions.However, he has to be wary of Dhawal Kulkarni. Against the fast bowler, Warner has only managed to score 44 runs in 52 balls and has been dismissed twice. Kulkarni bowls a very tight line and gets the ball to move around which can be disconcerting for the openers and Ajinkya Rahane would want his new ball bowler to continue this good record. Bhuvneshwar Kumar vs Ajinkya Rahane Bhuvneshwar KumarIANSThe battle between the Indian stalwarts, this contest between Bhuvneshwar Kumar and Ajinkya Rahane up front in the powerplay overs could determine the course of the match. Bhuvneshwar Kumar has been a fine bowler for SRH in the IPL over the years and if we take a look at the numbers, the Rajasthan skipper has managed to score only 71 runs in the 78 balls faced so far. He has been dismissed by Bhuvi six times over the years and this could have a huge bearing on the match. Rahane, more often than not, drops anchor which allows the other stroke makers to come out and play their strokes with freedom and hence, his importance at the top of the order is pivotal for Rajasthan, more so in the powerplay overs.Siddarth Kaul vs Sanju Samson Sanju SamsonIANSThe middle over phase in T20s have a huge bearing on the result of the match and hence, the performance of Siddarth Kaul and Sanju Samson will be under the scanner. Sanju’s record against Siddarth Kaul has been brilliant as in only 23 balls, he has smashed him for 39 runs and has been dismissed only one. However, Kaul now has international experience and is a far more confident bowler which should help him devise better strategies against Samson when the pressure is on.
Liberians celebrated a day of Thanksgiving on Monday (11 May), just days after the country was declared free from Ebola.The government and the World Health Organisation (WHO) marked 42 days without a new case of the virus, which killed more than 4,700 people there during a year-long epidemic.It is a tribute to the government and people of Liberia that the determination to defeat Ebola never waived, courage never faulted. Doctors and nurses continued to treat patients even when supplies of personal protective equipment and training in safe use was inadequate, World Health Organization country representative, Alex Gassasira said.Local volunteers who work in treatment centres or on burial teams or as ambulance drivers were driven by the sense of community, responsibility and patriotic duty to end Ebola and bring hope to the countries people, Gassasira said.But Medical charity Medecins Sans Frontieres has urged vigilance until the worst outbreak of the disease ever recorded was also extinguished in neighbouring Guinea and Sierra Leone.A total of 11,005 people have died from Ebola in the three West African neighbours since the outbreak began in December 2013, according to the WHO.President Ellen Johnson Sirleaf, who toured Ebola treatment units in the capital Monrovia over the weekend, said that, while Liberia could take pride in winning the battle against the disease, work was not finished.Now comes the challenge. The challenge of working with our two neighbouring countries. To make sure they reach the same level of progress that we have reached, she said.And already we have commenced the process, taking the regional approach, reaching across borders to share information, to share experiences, to share challenge. We are going to intensify the effort because we know that until they are free, totally free, we are not free.Liberia was recording hundreds of new cases a week at the peak of the outbreak between August and October, causing international alarm.According to the WHO, a total of 868 health workers have caught the virus in Guinea, Liberia, and Sierra Leone since the start of the outbreak, of whom 507 died. Close
Driven by robust demand for jewellery, gold demand in the country is estimated to touch a four-year high in the second half of 2015. The World Gold Council (WGC) forecasts India’s gold demand to reach 900-1,000 tonnes in the calendar year 2015, with the demand in the second half likely to be at least 554 tonnes.Demand for the yellow metal was 481 tonnes during the July-December period in 2012, but since then, it has declined steadily. In the second half of 2014, demand was 439 tonnes.Demand for the yellow metal stood at 346.2 tonnes during the first six months of 2015. “Jewellery demand has remained robust so far in the second half,” Mehul Choksi, managing director, Gitanjali Gems, told Business Standard.Gold prices have seen high volatility in the past two months, as the US dollar strengthened on expectations of US central bank rate hike in September.At one stage in early August, gold prices were trading at a five-and-a-half-year low of Rs 24,577 per 10 gm, but later rebounded sharply to hit a three-month of Rs 27,575 this week. The rise was mainly led by increased demand from jewellers and a falling rupee.”Stockists’ demand was high in July as jewellers were preparing for the India International Jewellery Show in the first week of August. But the demand tapered off. With the festive and wedding seasons, we see strong demand for gold in the second half,” said Rajan Venkatesh, managing director, India bullion, ScotiaMocatta.Consumer demand for gold in India, which declined by 25% to 154 tonnes in the April-June period, is expected to see a pick up ahead of the wedding and festival seasons in the second half of 2015. “Gold demand will be robust in the second half due to the upcoming wedding and festival seasons. The season started with consumers taking advantage of softening gold prices,” said Somasundaram PR, managing director (India), WGC.However, a poor monsoon rainfall is expected to dampen the prospects of gold demand in rural India, which account for a significant part of overall gold consumption in the country.”The worry is the weak monsoon, which may lower farm output. Rural demand could be affected, but the overall demand for gold is likely to remain reasonably strong during July-December,” Venkatesh said.
Close Children from all over the world gathered at Toyotas annual Dream Car Art Contest at Tokyos bay side on 26 August, to share ideas and drawings on the future of cars.Families were invited to watch their children receive prizes for some of their unique ideas, such as cars that allow people to share ideas without language barriers, cars that could plant seeds, or cars that could unite relatives living far away.The contest encouraged children to stretch their imagination. One of the more unusual entries depicted tiny cars that could wash peoples mouths. But many of the cars were designed to solve social issues that were present in the childrens home countries.Minhal Adnan Sami, nine, from the United Arab Emirates, received this years new Engineering Inspiration Award for her Ecofix Car, which she says would run on vegetable and fruit compost, and collect rainwater to water plants. The award goes to the entry that inspired Toyotas car production staff the most. Her prize-winning drawing was made in to a 3D model.Its more for poor people. They have to collect vegetable and fruit compost, the waste, and they will put it in the fuel tank, and then the car separates the seeds from the compost and dries them, and throws them on the ground, Sami said. And then, the water, the car preserves rain water so it can water the plants, and the new plants can grow.Canadian Hye In Park, 15, received the President Akio Toyoda Award, selected by Toyotas president, for her Dream Society car, designed to unite families living far away.My dream is that I can live with all my family members together, because I am an immigrant from Korea. I live in Canada now, and everyone else lives in like Korea, U.S.A. And I want to, I want to one day live with all of them together in one society, Park said.Toyota officials say they are hoping to fuel the progress of the future with the contest. In order for the global community to keep progressing, it is important that Toyota nurtures the imagination of children, who represent our future, 51-year-old Yoichi Miyazaki, managing officer for Toyota Japan said.
The S&P BSE Sensex extended gains for the third consecutive session on Thursday, supported by positive global cues. and higher-than-expected rate cut announced by the Reserve Bank of India (RBI) earlier this week.The Sensex was up 66 points to close at 26,220 points while the 50-share Nifty almost ended flat at 7,950, up 2 points.”Building on previous two sessions’ upmove, market gathered some more steam but gains remained limited on account of not so encouraging macro-economic data, which raised doubts over the health of Indian manufacturing activity,” said Amar Ambani, Head of Research, IIFL.After opening strongly tracking global cues, the markets failed to sustain the gains as a business survey showed that India’s manufacturing activity fell to a seven-month low in September.”Despite having been supported by sustained increases in new work, growth of Indian manufacturing production in September was weighed down by a difficult economic climate,” said Pollyanna De Lima, Economist at Markit.However, positive sentiment triggered by 50bps cut in India’ in RBI’s repo rate on Tuesday prevailed among investors for the third day, underpinning the strength of the markets.Following the RBI’s booster, many banks have started cutting their lending rates. State Bank of India (SBI), Andhra Bank, Axis Bank and Bank of India announced a cut in base rates, among others.”Investors should tread carefully at this juncture, as the market could get pegged back again on any fresh bad news. The market will take note of the usual Services and Composite PMI. With major events out of the way and earnings season to kick off in mid-October, the coming week will see rejig in portfolios. Trend in investment activity of FIIs and movement in global markets will determine the near term trend on the domestic bourses,” Ambani said.Meanwhile, Asian markets ended higher on the day tracking gains in the US markets and positive economic data in Asia’s top economies – China and Japan. In China, an official manufacturing activity data rose more-than-expected, easing concerns over a slowdown in the world’s second largest economy.While China’s Shanghai Composite index gained 0.50% to close at 3,053 points, Japan’s Nikkei ended 1.9% higher at 17,722 points.UltraTech Cement, Lupin, Zee Entertainment, Sun Pharma and Adani Port were the top gainers, while HCL Technologies, BHEL, GAIL, Maruti Suzuki, Vedanta and HDFC ended as top losers.HCL shares plunged by nearly 13% to close at Rs 857.90 on the BSE, after the company warned that its revenues would be hit by currency fluctuations in the July-September quarter. HCL also said that its earnings would be negatively impacted by some client-related issue.Gold prices continued their losses for a fifth consecutive session and ended Rs 250 down to close at a six-week low of Rs 26,150 per 10 grams. The yellow metal prices remained under pressure due to weak trend in overseas markets and sluggish demand from jewellers. Silver prices also fell by Rs 150 to Rs 34,600 per kg on the back of weak demand.
The positive mood seen in the markets this week after a gap of three weeks of continued selling will be replaced by hopes of the Goods and Services Tax (GST) bill being passed during the winter session of the Parliament, and expiry of contracts in Futures & Options (F&O) segment next week.Overall, the benchmark indices rebounded over 1% in the week tracking a rally in global markets after US Federal Reserve hinted at raising interest rates in December but would remain cautious on further monetary tightening.The S&P BSE Sensex gained 257.96 points or 1.01% to close at 25,868 points in the week ending 20 November, while the 50-share Nifty rose 94.30 points or 1.21% to end the week at 7,856 points.”Nifty rebounded sharply this week to regain control above 7,800 taking cues from gains in global markets. Thursday’s move has led to a breakout from a downward sloping trendline on the short-term charts. Only a move above 7,890 would confirm a breakout from a base which could push the rally higher towards 8,000 in the near term. In the process, Nifty managed to regain control above its 100-WMA,” said IIFL in a note.The gains were also driven by reforms announced by the Modi government including the stake sale in Coal India and reviving struck road projects. “After a debacle in Bihar state elections, BJP government attempted to catch up lost time as a spate of policy changes were announced this week,” said IIFL.”As a result, key indices after being on a constant downtrend, rose from the ashes and rallied by 1%,” it said.Markets were also supported by the salary hike recommended by the Seventh Pay Commission for government employees. Overall, it proposed a 23.55% increase in salaries, raising hopes of a boost to domestic consumption.However, the markets saw some pressure from a sell-off in global markets following the terrorist attacks in France last week.But going into next week, investors will closely watch the developments ahead of the winter session of the Parliament, which starts on 26 November.The BJP-led government’s defeat in the Bihar assembly elections has raised concerns over its ability to get key economic legislations passed during the winter session.The markets will remain closed on 25 November on account of Guru Nanak Jayanti and the global events are likely to dictate the direction in the absence of any major domestic economic data release next week.The F&O expiry for the month of November will also influence market direction next week.
YouTube Kids, an app meant for children under the age of 12, is drawing flak from two advocacy groups for children in the US for carrying advertisements and promotional material for junk food and beverages.According to YouTube Kids policy, paid advertisements of junk food won’t be broadcast on the site. The app is positioned as a space that contains children-appropriate content, but the advocacy groups differ.The Campaign for a Commercial-Free Childhood (CCFC) and the Centre for Digital Democracy have found ads of Coca-Cola, Hershys, Nestle, etc, on the Google-owned app and have registered a complaint asking the US Federal Trade Commission to investigate YouTube Kids.In the complaint, the groups have included screenshots of the ads, promotional videos, or videos with product placement selling Reese’s peanut butter cups, Crunch bars, Hershey Kisses, Nutella, and Pop Tarts, reports Wired.com.CCFC Executive Director Josh Golin said: “Far from being a safe place for kids to explore, YouTube Kids is awash with food and beverage marketing you won’t find on other media platforms for young children.”A spokeswoman from YouTube responded: “YouTube Kids prohibits paid advertising for all food and beverage brands. We also ask YouTube creators to disclose if their videos contain paid product placement or incentivised endorsements, and we exclude those videos from the YouTube Kids app.”She added: “The app contains a wide range of content, including videos with food-related themes, but these are not paid advertisements.”The groups had registered a complaint in April when they found videos with ads included in the reel of the video as it was profitable for video creators to include advertisements. The advocacy groups argue that children won’t have the discretion to distinguish between a video and an ad, and as kids spend more and more time on the Internet today than watching television, which has some guidelines, it becomes a concerning matter.
Neyveli Lignite Corporation, a state-owned Indian enterprise based out of Chennai, is now NLC India Limited. The company informed the Bombay Stock Exchange (BSE) on Friday that it got 97.52 percent of the votes polled in support of the special resolution for the name change and for altering its Memorandum of Association and Articles of Association.The company had sought approval through postal ballot and e-voting for changing its name. The votes were scrutinised on Wednesday.Neyveli is the name of a town in Cuddalore district, Tamil Nadu. The company, incorporated on Nov. 14, 1956, took its original name from the town and is predominantly engaged in lignite excavation and generating power from it.On March 15, the company informed the BSE of the notice being sent to its shareholders seeking approval for changing the name of the company.”The company has expanded its activities to other parts of the country and also has embarked upon expansion plans to add power generation capacity by foraying into coal and renewable energy sources like wind and solar based power generation. Further the company has also plans to acquire power assets and engage in coal mining besides development of domestic coal block(s) allotted by the government of India.”Since the present activities of the company are no longer restricted to lignite mining and confined to Neyveli region alone as brought out above, approval of members is being sought through postal ballot for the change in the name of the company from Neyveli Lignite Corporation Limited to NLC India Limited and consequent alteration in Memorandum and Articles of Association.”On Feb. 23, the company informed the BSE that the union coal ministry conveyed allocation of two coal blocks (Talabira-II & III) in Odisha to NLC to generate power for NLC Tamilnadu Power Limited, Neyveli Uttar Pradesh Power Limited and Sirkali Power Project.NLC India posted net profit and revenues of Rs. 47.61 crore and Rs. 1,225.25 crore, respectively for the quarter ending December 2015.The NLC stock closed at Rs. 71.20 on Wednesday on the BSE, up 0.92 percent from its previous close. The government of India holds 90 percent stake in the company.
U Mumba vs Puneri Paltan.TwitterU Mumba will fight it out against the Puneri Paltan in the much-awaited Maharashtra derby of the VIVO Pro Kabaddi League 2019 at the Dome@NSCI, SVP Stadium on Saturday, July 27. After suffering a loss against Jaipur Pink Panthers, U Mumba will be looking forward to bouncing back with a win whereas the Puneri Paltan’s will aim to register their first victory of the season.Preview, Prediction and ScheduleAfter winning one and losing one match in the league, the Mumbai team will look forward to making full use of the home advantage and get back to winning ways. Till now, Abhishek Singh has been clinical on the attacking front scoring 17 raid points in the two matches his team has played. This includes one Super 10 against Telugu Titans.In defence, Fazel Atrachali has been in top form with six tackle points from both the matches whereas Dong Geon Lee has also played his part and will be an important memeber of the squad in the derby.On the other hand, Puneri Paltan have lost their first match of the season – against Haryana Steelers – so they will look forward to registering their first win. Pawan Kadian is in superb form, having scored a Super 10 in the previous match. Shubham Shinde was also good in defence. They will be hoping that the likes of Girish Maruti Ernak and Surjeet Singh can live up to their potential against the Mumbai-based team. Coach Anup Kumar will face his former team, playing with whom he won the season two title.U Mumba are favourites according to past records and also due to home advantage. But with Anup Kumar as their coach, the Puneri team will be a tough side to beat and it may turn out to be a cracker of a match.The U Mumba-Puneri Paltan match will start at 7.30 pm IST.TV listings and live streamingThe broadcasting rights of the tournament are held by Star Sports and the matches will be telecasted on Star Sports 1, Star Sports 2, Star Sports 1 HD, Star Sports 2 HD, Star Sports 1 Tamil, Star Sports 1 Kannada, Star Sports 1 Telugu and Star Sports 1 Marathi. For live streaming on the internet, the platform will be Hotstar.
Reuters fileIn a major mortification to the Uttar Pradesh government, the Supreme Court on Thursday, August 1, said that the cases linked to the Unnao rape survivor will be moved out of Lucknow to Delhi.The apex court has asked the Central Bureau of Investigation (CBI) officers investigating the case to appear before it by 12 pm and give full details on the rape case as well as the car accident in which the rape survivor was injured critically.Solicitor General Tushar Mehta had asked the Chief Justice of India Ranjan Gogoi to postpone the CBI appearance for Friday. He said that he spoke with the CBI director, who said that the investigating officers are in Lucknow and won’t be able to reach Delhi by 12 pm.However, the CJI has refused to adjourn the matter for Friday. He said that the CBI chief can gather the details of the case over the telephone and give an update on Thursday only. The apex court has directed the Central Reserve Police Force (CRPF) to give immediate protection to the teenage rape survivor, her family and her lawyer. The SC has also ordered the Yogi Adityanath government to pay a compensation of Rs 25 lakh to the survivor by Friday.CJI also asked the CRPF Raebareli unit to provide protection to the Unnao rape victim, her family and her lawyer.Sunday’s car crash in Rae Bareli claimed the lives of two of the rape survivor’s aunts. Reports said the victim had earlier written a letter to the CJI stating that she faced threats from the accused, BJP legislator Kuldeep Singh Sengar. A day after the car crash an FIR was lodged against Kuldeep Sengar, his brother Manoj Sengar and eight others. The four-time BJP lawmaker has also been expelled from the party due to the public outrage.(This is a developing story. More details awaited)