Wednesday, December 1, 2010

Sensex 330 points up today

Dalal Street at BSE
Due to the boom in metals, realty and banking sector Mumbai stock exchange Sensex ended 330 points up today. This was the result of good sentiments followed by impressive economic growth figures and boom in the exports. According to the stock-market experts market is in the bullish trend and is going to remain  so for some time with some in between profit booking exercise.

Bombay Stock Exchange’s Sensex today finally closed at 19850 going up 328.75 points that is 1.68% in single day. The sensex touched intraday low of 19525.15 and high of 19887.26. Broader markets of BSE closed in the green while the BSE midcap index ending 2.83% up and the BSE smallcap index closing 3.14% higher than previous close.

European markets also ended in green and US markets showed some positive response so experts believe that this rally is going to stay for some time in Asian markets too. All Asian markets ended in green today with good hope for higher volume trading in coming days.

No need to fear about nuclear weapons: Pakistan

Pakistan's Nuclear capable missile
In the aftermath of the cable documents released by the whistle-blowing website wikileaks Pakistan today said that US fear of Pakistan's nuclear weapons falling into wrong hands is baseless. Pakistan's high commissioner to the UK said we have fool-proof command and control system and they are (nuclear weapons) dearer to us and have no chances of falling into the hands of some adventurer.

Meanwhile the interpol has issued a red-corner notice and has inquired about the where-abouts of wikileaks founder Julian Assange. Pakistan also condemned this leak of documents and said they are harmful to the relations between nations. Authorities in Pakistan believed that it has the extensive experience in handling nuclear stuff and fissile material.

Cables also revealed that Pakistani military leaders and generals believe that Pakistan Army is not match for Indian Army and that is why they need more nuclear weapons to keep things balanced in the sub-continent.  Pakistan high commissioner to UK said that they are not going to allow any kind of interference over nuclear arsenal.

Raja terms 2G spectrum scam loss as speculative

Former Telecom Minister
A. Raja
In the supreme court today former Telecom Minister A.Raja questioned the findings of CAG as speculative and numbers involved in the scam as mind boggling. He also told the court that he is victim of trial by media and Rs. 1.76 lakh crore scam is just mind boggling and exaggerative. 

He today said that the policy which he followed during his tenure in 2008 was the same as it was before his tenure and in existence since 2003. He said that the CAG's findings are subjective opinion and may not bear the judicial scrutiny. Court also observed that the bypassing of Prime Minister's reservations bt Telecom ministry is not acceptable as it can't function like a private business house or corporate house.

Former Telecom Minister A. Raja was represented in the apex court by his counsel T.R. Andhya Arjuna before the bench of judges G.S. Singhvi and A.K. Ganguly. Court believed that bypassing Prime Minister is not at all proper and the functioning needs to be more transparent. Court also sarcatically noticed that only 45 minutes were given to prospective licensees for submitting documents including demand drafts and finishing other formalities within the time frame, which is not possible without telepathy.

Second ODI at Jaipur today between India - New Zealand

Daniel Vettori
Young Indian ODI Team under the captaincy of Gautam Gambhir is really feeling good after winning the first one day international against New Zealand. Second match of the series is scheduled today at Jaipur and Indians are ready to fight and take a 2-0 lead in the series. New Zealand captain Daniel Vettori is back in the side after missing the first match due to injury.

India won the first ODI in Guwahati by 40 runs and is leading the series right now with 1-0. Daryl Tuffey returned home due to bicep injury during this match and New Zealand team is facing many injury related problems on this tour.

Speaking at a media conference Vettori said the performances by bowler Andy McKay and batsman Ross Taylor were a couple of pleasing aspects from the first ODI at Guwahati that took match almost away from India, but he said, ultimately what mattered was the result and India won that match by 90 runs. He is hoping that New Zealand is going to perform much better in second match at Jaipur.

CBI raids homes of top CWG officials

CBI has not yet knocked on the doors of CWG chief Kalmadi but his two aides are raided by investigation agency yesterday. Agency investigated and charged Lalit Bhanot and V K Verma aides of Kalmadi of criminal conspiracy and cheating including charges of corruption in a contract with a Swiss timing firm and watch manufacturer.

This is the third case that CBI has filed in the CWG scam and is likely to involve amounts of hundreds of crores of rupees in corruption. Agency said total 22 people are under scanner including officials of swiss firm. Till now CBI has carried out searches in 11 places total in Delhi and NCR region.

Radia tapes should made public: Apex court

Corporate lobbyist - Radia
Yesterday Supreme court of India told that general public has all the rights to know how officials function and all Radia tapes should be made public. This tapes recently came and leaked by outlook and open magazine and few more tapes submitted by income tax department is still with the court and this tapes have conversations related to recent 2G spectrum scam.

These tapes revealed how Radia had access to all bureaucrats and ministers through various channels like media and journalists. Radia is a corporate lobbyist and may be having some links and insider information about the 2G spectrum scam and is recorded in these tapes. CBI counsel K.K. Venugopal said the investigating agencies are going to authenticate the tapes and will make a copy and submit it to the court in a sealed cover as soon as the order is passed officially by the government.

CBI yesterday revealed that there are 5,851 call recordings relating to the 2G Spectrum scam involving various telephonic conversations between people from different strats of society from media to government. Radia tried to control the proceedings of the parliament in a certain fashion so that a corporate house can benefit in tax concessions worth Rs. 81,000 crore.

9% growth possible in this fiscal

Pranab Mukherjee
In the second quarter ended in September economic growth was recorded at 8.9% much better in recent times. Between years 2005 and 2008 India has booming economy with growth rate in 9% plus figures and it stayed for long time, so can it be revived again this year? Major reason behind this growth of  8.9% in this quarter is due to the good monsoon rain and boom in agriculture sector.

In the data released today by the Central Statistical Organisation revised the first-quarter growth figures from 8.8 per cent to 8.9 per cent. This has revived the hope for 9% growth in whole financial year and can be sustained for some time due to good monsoon and boom in other sectors too. India's finance minister, Pranab Mukherjee, told media that International Monetary Fund's projection of 9% growth for India may be correct for now.

Apart from farm sector recovery in services sector also helped achieve growth rate close to 9%. There is more than 8% growth for three straight quarters now and it may help to achieve overall 9% growth this fiscal year. Policymakers said they would revise upwards the growth estimate for 2010-11 after looking at the recent growth figures released by CSO.
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