Monday, May 26, 2008
MARKET WEAK
The market remained weak in afternoon trade with no positive triggers to go by. UK markets are shut for Memorial Day while Asian equities continued to sulk on rising crude oil prices. Capital goods and banking shares led losses while IT shares firmed up. At 1:30 pm, Bombay Stock Exchange's Sensex was down 1.28 per cent or 213 points at 16,436.03 after falling to a low of 16,370.09. National Stock Exchange's Nifty fell 1.18 per cent or 58 points to 4888.20, coming off the low of 4865.25 in trade so far. Second rung stocks were hammered the most sending the BSE Midcap and Smallcap indices down 1.97 per cent and 1.72 per cent respectively. Infosys Technologies (up 2.52%), Bharti Airtel (2.46%), Tata Consultancy Services (2.11%), Hindustan Unilever (0.85%), Wipro (0.27%) and Satyam Computer (0.2%) helped limit the slide. Reliance Communications (down 5.27%), BHEL (4.59%), Jaiprakash Associates (4.31%), Reliance Infrastructure (3.97%), ITC (3.75%), Ambuja Cements (3.62%) and Maruti Suzuki (3.4%) were under pressure. Market breadth on BSE turned sharply lower with 1936 declines against 589 advances
PROVIDE ENOUGH SEATS FOR HIGHER EDUCATION
Provide more seats
The result of liberal evaluation in the SSLC examination was the excellent success rate in all districts. But a large number of students will miss the opportunity for higher study owing to lack of seats, especially in Malabar where almost two lakh students qualified for higher education while one lakh seats exist. The government which allowed liberal evaluation should also provide enough seats for higher education in Malabar.
The result of liberal evaluation in the SSLC examination was the excellent success rate in all districts. But a large number of students will miss the opportunity for higher study owing to lack of seats, especially in Malabar where almost two lakh students qualified for higher education while one lakh seats exist. The government which allowed liberal evaluation should also provide enough seats for higher education in Malabar.
Tuesday, May 20, 2008
At present, India’s reserves are in the region of $309 billion. During 2007-08, these grew by a hefty $110.5 billion. The Reserve Bank of India’s forex assets alone went up by $100 billion during the year. There has been no dearth of advice to the RBI and the government on the deployment of reserves, even earlier when these were not as large and when not many had anticipated a sustained growth.
The crux of the matter is that the RBI, like many other central banks, has been investing the bulk of the reserves in safe and liquid instruments such as U.S. government treasury bills. However, these yield very little by way of return.
High up in the list of eligible avenues is the launch of a sovereign wealth fund (SWF), which will manage a portion of the reserves and act as a kind of portfolio manager. Many countries have such funds. The oil rich West Asian countries have used this route to invest their petro dollars. Some funds such as Abu Dhabi’s are huge. Saudi Arabia launched one recently. Outside the oil exporting countries, the experiences of Singapore and China with their sovereign wealth funds, are seen to be more relevant under India’s circumstances.
The crux of the matter is that the RBI, like many other central banks, has been investing the bulk of the reserves in safe and liquid instruments such as U.S. government treasury bills. However, these yield very little by way of return.
High up in the list of eligible avenues is the launch of a sovereign wealth fund (SWF), which will manage a portion of the reserves and act as a kind of portfolio manager. Many countries have such funds. The oil rich West Asian countries have used this route to invest their petro dollars. Some funds such as Abu Dhabi’s are huge. Saudi Arabia launched one recently. Outside the oil exporting countries, the experiences of Singapore and China with their sovereign wealth funds, are seen to be more relevant under India’s circumstances.
REFORMING TAX DEPARTMENT
The style of functioning of the Taxes Department will be changed in a year, Finance Minister T.M. Thomas Isaac has said.
Speaking at a function at the Hosangadi check-post of the State Commercial Taxes Department after inaugurating the newly installed weigh bridge there on Sunday, the Minister said the government was implementing a time-bound programme with the aim of reforming the department. The Commercial Taxes Department needed to become more effective, he said.
While value-added tax (VAT) collection from the State was around Rs.6,000 crore, the total amount recovered by the Taxes Department from those who evaded taxes or failed to remit taxes properly came to only one per cent of the VAT collection. VAT gave freedom to traders to submit the details of their accounts of transactions voluntarily.
The Taxes Department needed to be more vigilant while scrutinising the accounts, he said.
Speaking at a function at the Hosangadi check-post of the State Commercial Taxes Department after inaugurating the newly installed weigh bridge there on Sunday, the Minister said the government was implementing a time-bound programme with the aim of reforming the department. The Commercial Taxes Department needed to become more effective, he said.
While value-added tax (VAT) collection from the State was around Rs.6,000 crore, the total amount recovered by the Taxes Department from those who evaded taxes or failed to remit taxes properly came to only one per cent of the VAT collection. VAT gave freedom to traders to submit the details of their accounts of transactions voluntarily.
The Taxes Department needed to be more vigilant while scrutinising the accounts, he said.
Monday, May 19, 2008
KOTTIYUR FESTIVAL
KOTTIYUR TEMPLE FESTIVAL
The month-long Vaishakha festival at the Kottiyur Shiva Temple at Kottiyur began on 18 May 2008.
In the coming days, Kottiyur temple, as the temple is popularly known, will be the destination of thousands of pilgrims from different parts of the region. Major rituals during the festival at the temple are Thiruvonam Aradhana on May 26, Ilaneer Veppu on May 27, Ilaneerattam and Ashtami Aradhana on May 28, Revathi Aradhana on May 31, Rohini Aradhana on June 3, Thiruvathira Chathushatham on June 5, Punartham Chathushatham on June 6 and Thrikkalashattu on June 13.
The month-long Vaishakha festival at the Kottiyur Shiva Temple at Kottiyur began on 18 May 2008.
In the coming days, Kottiyur temple, as the temple is popularly known, will be the destination of thousands of pilgrims from different parts of the region. Major rituals during the festival at the temple are Thiruvonam Aradhana on May 26, Ilaneer Veppu on May 27, Ilaneerattam and Ashtami Aradhana on May 28, Revathi Aradhana on May 31, Rohini Aradhana on June 3, Thiruvathira Chathushatham on June 5, Punartham Chathushatham on June 6 and Thrikkalashattu on June 13.
PASSPORT CENTRE AT KANNUR
Minister of State for External Affairs E. Ahamed has said that the proposal for setting up a passport collection centre here is under serious consideration.
He told reporters here on Sunday that a passport collection centre for both Kannur and Kasaragod districts was in the pipeline.
The district administration had been directed to identify suitable office premises for establishing the centre, he said adding that officials visiting the Regional Passport Office would examine the premises once it was identified.
He told reporters here on Sunday that a passport collection centre for both Kannur and Kasaragod districts was in the pipeline.
The district administration had been directed to identify suitable office premises for establishing the centre, he said adding that officials visiting the Regional Passport Office would examine the premises once it was identified.
Wednesday, May 14, 2008
IT SCANNER
About 30 foreign institutional investors (FIIs) are under the scanner of the income-tax department, which is exploring the possibility of claiming tax on income generated from trading of participatory notes, better known as P-Notes (PNs). ABN Amro, Barclays Bank, CLSA Merchant Bank, Calyon, Citicorp Investment Bank, JPMorgan Securities, Goldman Sachs, Morgan Stanley, ICICI International, UBS and Deutsche International Trust Corporation are among those who have received notices from the income-tax department. These banking groups have been asked to provide details of their P-Note dealings.
Wednesday, May 7, 2008
FOREX
The rupee fell further sharply by 19 paise to Rs 41.13/14 against the US currency in the morning trade as oil companies stepped up dollar buying after the global crude oil hit yet another high amid weakness in local stock.
At the forex market, the local currency resumed weak at Rs 41.01/02 from its last close of Rs 40.94/95 per dollar and later it dropped further to Rs 41.13/14 per dollar in late morning trade.
At the forex market, the local currency resumed weak at Rs 41.01/02 from its last close of Rs 40.94/95 per dollar and later it dropped further to Rs 41.13/14 per dollar in late morning trade.
BRIDGE COURSE
The Kannur University started a bridge course on Tuesday for students who completed degree course. A university press release here said that the bridge course was being started to equip the students to select their subjects for post-graduate course. Vice-Chancellor P. Chandramohan inaugurated the course. Experts on different subjects would take classes, the release said.
India today test-fired the 3000 km range surface-to-surface nuclear capable Agni-3 missile from the Wheelers' Island off Orissa coast.
The intermediate range ballistic missile (IRBM) was test-fired from a mobile launcher from the launch complex (LC-4) of the integrated test range (ITR) at about 0956 hours, defence sources said.
The 16 metre-long and 1.8-metre wide missile roared into the sky in a vertically slanted position leaving behind a thick column of orange and white smoke and, within seconds, became invisible to the naked eye, an eyewitness said.
Agni-3 missile is fitted with on-board computer for its guidance system. A battery of sophisticated radars, electro -optic tracking systems, telemetric data centres in the mainland apart from two naval war ships anchored near the impact point, were engaged to monitor the entire trajectory in today's test launch.
The intermediate range ballistic missile (IRBM) was test-fired from a mobile launcher from the launch complex (LC-4) of the integrated test range (ITR) at about 0956 hours, defence sources said.
The 16 metre-long and 1.8-metre wide missile roared into the sky in a vertically slanted position leaving behind a thick column of orange and white smoke and, within seconds, became invisible to the naked eye, an eyewitness said.
Agni-3 missile is fitted with on-board computer for its guidance system. A battery of sophisticated radars, electro -optic tracking systems, telemetric data centres in the mainland apart from two naval war ships anchored near the impact point, were engaged to monitor the entire trajectory in today's test launch.
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