Hardik Patel liable to join Congress on 12 March, may challenge Lok Sabha decision from Jamnagar body electorate

New Delhi: Patidar pioneer Hardik Patel is said to join the Congress soon and is probably going to challenge the Lok Sabha decision from Jamnagar body electorate in Gujarat, top gathering sources said on Wednesday. Dedicated Server Hosting France

"Patel, who drove the unsettling requesting booking for the Patidar people group in Gujarat is probably going to join the Congress on 12 March within the sight of gathering boss Rahul Gandhi," the sources said. Bulk SMS service provider 

The Jamnagar Lok Sabha situate is right now spoken to by Poonamben Maadam of the Bharatiya Janata Party (BJP).

Patel's joining will correspond with the Congress Working Committee (CWC) meeting in Ahmedabad, following which top gathering pioneers will address an open rally there. Cloud hosting Server provider

The Congress is focussing on Gujarat, the home province of Prime Minister Narendra Modi, and had give an intense battle to the decision BJP in the last get together surveys in the state.
Cheapest italy VPS server

Exchange news LIVE: Arsenal, Chelsea, Liverpool and Manchester United most recent PLUS each done arrangement

The end of the exchange window is drawing nearer, with not exactly a week left for clubs to get crisp appearances. 

Administrators over the area will be hysterically attempting to get bargains over the line as they put the completing touches to their squads for the new season. 

Arsene Wenger looks set to at long last acquire fortifications - yet is Lucas Perez a frenzy purchase? Furthermore, have they overpaid for Shkodran Mustafi? 

Chelsea have been baffled by their failure to reinforce, so we'll watch out for the burnable Antonio Conte in his edgy quest for new players. 

Liverpool are unrealistic to finish the marking of Borussia Dortmund winger Christian Pulisic preceding Wednesday's exchange due date, report the Liverpool Echo. 

The Reds tabled an underlying offer of £11million for the capable 17-year-old, who has additionally pulled in enthusiasm from Stoke City. 

Notwithstanding, the Bundesliga outfit are unwilling to offer in this window and Liverpool are set up to hold up to secure his administrations. 

Unless Dortmund change their position, Pulisic is relied upon to stay put this season. 

Chelsea have made a bold endeavor to sign Real Madrid star James Rodriguez. 

Genuine Madrid have obstructed the move as president Florentino Perez would want to take advantage of a £60million changeless arrangement for the Colombian forward who has turned into a bit-part player. 

However, it is comprehended that James would be interested in a move to the Premier League and his family are especially enthused about moving to England. 

Chelsea are restless to fortify their squad before the window close and Real Madrid may even now choose to offload James in the wake of marking him for £65million in 2014. 

Bury Milan have finished the marking of Portugal midfielder Joao Mario. 

They've reported his entry and he will be at San Siro today evening time for their second Serie A round of the season. 

The 23-year-old joins in a major cash bargain, a record for a Portuguese player being sold by a Portuguese club - accepted to associate with €45million.

Will shoot policemen if they continue to harass BJP workers, warns BJP MP Sakshi Maharaj

BJP's loudmouth MP from Unnao Sakshi Maharaj, who has courted several controversies in past, has now threatened to shoot cops if they continue to harass his supporters and party workers.

According to Aaj Tak, Sakshi Maharaj has said that if UP policemen continued to threaten his party workers in Mainpuri they will be gunned down.

The controversial BJP MP issued the statement a day after visiting the house of Maidan Singh, BJP vice president of the Mainpuri district, who is being allegedly harassed by the local policemen.

Addressing his supporters, Sakshi Maharaj accused the Samajawadi Party government led by Akhilesh Yadav of failing to control the rising lawlessness in Uttar Pradesh and encouraging anti-social elements.

The Unnao MP said the local policemen have misbehaved with Maidan Singh's two daughters and entered his house without lady constables. Sorce:http://zeenews.india.com

Uttarakhand High Court Chief Justic KM Joseph, who quashed President's rule, transferred

The Uttarakhand High Court 's Chief Justice KM Joseph , who presided over the bench which quashed President's rule in the state, has been transferred to the Anhdra Pradesh High Court.

Dilip B Bhosale, the acting Chief Justice of the Hyderabad High Court, has been appointed as the Chief Justice of the Madhya Pradesh High Court.

The 57-year-old Joseph took charge of the Uttarakhand High Court in 2014. He passed out of the Government Law College in Ernakulam and enrolled himself as an advocate in Delhi in 1982. He practised in Kerala as well.

Last month, a bench of Uttarakhand High Court, presided over by Joseph, had quashed the Centre's decision to impose President's rule in the state.

Uttarakhand crisis: SC grants Centre time till May 6 to clear stand on holding floor test


Uttarakhand crisis: SC grants Centre time till May 6 to clear stand on holding floor test

In his judgement, which admonished the NDA government, Justice Joseph has said that the Centre should act 'impartial'.

However, the ruling was stayed by the Supreme Court. Source: http://zeenews.india.com

Sensex, Nifty consolidate; Sun Pharma, Ranbaxy, Jet rally

10:30am Manufacturing PMI

Despite falling from December’s two-year record of 54.5 to 52.9, the headline HSBC India Purchasing Managers’ Index (PMI) remained consistent with a solid improvement in business conditions in January.

PMI is a seasonally adjusted indicator designed to give an accurate overview of manufacturing operating conditions.

Moreover, the latest expansion was the fifteenth in as many months. Sector data highlighted consumer goods as the best performing of the three market groups for the third month in a row, says HSBC in its report.

"Manufacturing activity continued to signal improvement in January, though the rate of growth slipped to a three-month low. The slip can partly be attributed to consolidation after two months of impressive upticks," said Pranjul Bhandari, Chief India Economist at HSBC.

"New orders, both from domestic and international sources, also continued to grow, though at a slower pace than in December. New orders were strongest in the consumer goods sector. On the inflation front, growth in input and output prices moderated further due to cheaper commodity prices," he added.

"Sluggish growth and falling inflation further reinforces our view that the RBI should deliver upfront rate cuts. We expect the repo rate to be lowered by 75bp in the first half of 2015," said Pranjul.

10:00am Market Check

The market remained under pressure amid consolidation following weakness in Asian equities post China data. The Sensex fell 73.99 points to 29108.96 and the Nifty declined 16.30 points at 8792.60.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices gaining 0.6 percent each. About 1230 shares have advanced, 708 shares declined, and 195 shares are unchanged.

Sun Pharma gained more than 2 percent and Ranbaxy jumped over 3.5 percent to hit record highs. The US Federal Trade Commission approved the pharma major’s plan to buy Ranbaxy on the condition that it divests one antibiotic product to avoid anti-competitive impact in the US market. Torrent Pharma will acquire Ranbaxy's minocycline business in the US.

Jet Airways and SpiceJet rallied more than 4 percent as aviation turbine fuel (ATF) is slashed by a steep 11.3 percent which now costs lesser than diesel. The price of ATF, or jet fuel, in Delhi was cut by Rs 5,909.9 per kilolitre, or 11.27 per cent, to Rs 46,513.02 per kl, oil companies announced. 

Sensex, Nifty continue to drag over 1%; NTPC, BHEL gainers

1:50 pm Market outlook: A combination of low inflation, declining interest rates and strong corporate earnings growth will support the ongoing rally, feels Jeff Chowdhry, Senior Portfolio Manager, LGM.

In an interview Chowdhry says India’s macro economic fundamentals have improved significantly over the last year.

He says he is not worried about the market levels and basis his investment decisions on whether the outlook on fundamentals is positive and what are the other alternatives?

Art this point, very few emerging market stories are as good as that of India, Chowdhry says. He is bullish on private sector banks and select consumer names, and sees the rupee strengthening as the outlook on corporate earnings improves.

1:30 pm Result: Bank of Baroda disappointed street on Friday by reporting a 68 percent (Y-o-Y) decline in profit at Rs 334 crore for quarter ended December 2014. Higher provisions and tax rate impacted the bottomline. Profit of the public sector lender was expected at Rs 1,243.6 crore and net interest income at Rs 3,501 crore for the quarter, according to the average of estimates of analysts. Net interest income grew 7.5 percent to Rs 3,286 crore in the quarter ended December 2014 from Rs 3,057.1 crore in same quarter last fiscal. Net interest income is the difference between interest earned and interest expended.

Don't miss: Coal India slips 4% as OFS opens; brokerages bet on it

The market continues to be under sharp selling pressure. The Sensex is down 413.87 points or 1.4 percent at 29267.90, and the Nifty slips 118.35 points or 1.3 percent at 8834.

About 1139 shares have advanced, 1501 shares declined, and 251 shares are unchanged.

NTPC is up 2 percent while BHEL, Tata Power, Wipro and Hero are top gainers in the Sensex. Among the losers are SBI, HDFC, Coal India, Dr Reddy's Labs and TCS.

Overseas investors have remained the backbone of the rally, with net purchases of USD 2.1 billion so far this month till Thursday, provisional exchange and regulatory data showed.

Gold prices rose by Rs 73 to Rs 27,482 per 10 gram in futures trade as speculators engaged in enlarging positions amid a better trend overseas. Analysts said the rise in gold prices at futures trade was mostly in line with a firming trend overseas where the precious metals advanced from a two-week low on easing of selling pressure. Meanwhile, gold rose as much as 0.4 per cent to USD 1,262.07 an ounce in Singapore. 

New high: Nifty ends Jan expiry at 8952, Sensex up 123 pts

03:30 pm Market close

The market ended at record closing high on expiry of January F&O series. The Nifty ended at 8952, up 38.05 points while the Sensex was up 122.59 points at 29681.77. Top gainers in January series were DLF (up 26.6 percent), Tata Motors (up 24 percent) and Axis Bank (up 21 percent). Nifty gained 9.5 percent while Bank Nifty surged 10.7 percent in the series.

In today's trading session, Dr Reddy's Labs, HDFC Bank, BHEL, Reliance and ITC were top gainers in the Sensex. Among the losers were HDFC, SBI, M&M, Coal India and Maruti Suzuki.

03:10 Rights issue

Tata Motors intends to utilise Rs 7,500 crore, which it plans to raise via a rights issue, to fund various activities, including introduction of more than 100 new commercial vehicles over the next three years and passenger vehicles on a new modular platform from FY 2016-17.

The company, which is seeking shareholders’ approval through postal ballot for raising funds up to Rs 7,500 crore through a rights issue of ordinary shares, also intends to use the funds to expand in international markets.

“The rights issue proceeds are expected to be utilised to finance a portion of the ongoing capital expenditure, including product development expenses; invest in subsidiaries to support future growth opportunities in India and abroad,” Tata Motors said in a filing to the BSE.

2:55 pm Royalty restrictions?

The Finance Ministry has turned down a DIPP proposal seeking re-introduction of restrictions on royalty payments for preventing excessive outflow of foreign exchange, saying it would send a negative signal to overseas investors.

The ministry, according to sources, is of the view that imposing restrictions on royalty payments will be "retrograde step" and not in sync with the liberalised FDI policy environment. Worried over excessive outflow of foreign exchange as royalty and fees for technology transfer, and use of brand names, the Department of Industrial policy and Promotion (DIPP) had mooted a proposed to re-introduce restrictions on such payments by foreign companies to their parent entities.

02:40 pm Results

Commercial vehicle maker Ashok Leyland turned profitable in the quarter ended December 2014. Net profit for the quarter stood at Rs 32.1 crore against loss of Rs 167.2 crore in the year-ago period. Higher other income and lower finance cost supported the profitability but tax cost restricted profit growth.

Topline and operational performance beat street estimates while the bottomline slightly missed expectations. Profit was expected at Rs 35.8 crore on revenue of Rs 3,195 crore for the quarter, according to the average of estimate of analysts.

Revenue shot up 72.1 percent year-on-year to Rs 3,361 crore, driven by strong sales volume growth.

Total volumes during the quarter grew 38 percent on yearly basis to 25,397 units led by medium and heavy commercial vehicle (MHCV) sales. MHCV volumes saw a solid 70 percent growth while light commercial vehicle sales declined 8 percent Y-o-Y.

02:30pm Adani Enterprises in focus

Adani Enterprises plans to announce a mega restructuring plan tomorrow reports’s Varinder Bansal quoting sources.

The restructuring is mainly to remove the holding structure and then focus on the core business of the left entity, which would be mining, trading, agri, logistics etc.

The current market cap of Adani Enterprises is Rs 65,000 crore because it owns 74.99 percent in Adani Ports and 68.99 percent in Adani Power.

Post the restructuring process, the company is also looking at raising funds.

Post restructuring, analysts do not expect a huge upside for the stock from current levels but it will undoubtedly be a clean structure.

02:00pm Market Check

Equity benchmarks as well as broader markets continued to consolidate on expiry day for the January derivative contracts. Weak global cues and expiry factors kept markets subdued.

The 30-share BSE Sensex fell 101.55 points to 29457.63 and the 50-share NSE Nifty declined 31.95 points to 8882.35. About 1290 shares have advanced, 1475 shares declined, and 260 shares are unchanged on the Bombay Stock Exchange.

Manish Gunwani of ICICI Prudential AMC expects a correction or minor consolidation in the near term. However, the market looks good with a 2-3 years perspective, he say.

Global markets are weak today. Asian markets like Shanghai closed with losses of more than 1 percent while European equities like FTSE traded down more than 0.5 percent as oil declined and Greece weighed. NYMEX crude traded at USD 44 a barrel, the lowest level since March 2009.

Telecom stocks like Bharti Airtel, Idea Cellular are under pressure after the Cabinet approved 3G auction reserve price at Rs 3,705 crore which is 36 percent higher than the TRAI recommendation and 10.6 percent higher than the previous 3G auction held in 2010.

In key earnings reactions today, Asian Paints disappointed after Q3 profit rose 12 percent, lower than expectations of 30 percent growth. The stock fell 3 percent. HDFC dropped over 2 percent after the housing finance company reported 11.5 percent growth in profit, in line with estimates. However, Dr Reddy's Labs reported a 7 percent fall in profit in Q3, which is higher compared to expectations of 14 percent decline. In midcaps, VIP Industries and OBC tanked 7 percent after weak numbers.