SC gives government six months to show results of PM's crop insurance scheme -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

6 July 2017

The Supreme Court on Thursday gave the central government six months time to demonstrate the gains of Pradhan Mantri Fasal Bima Yojana on the ground level as it observed that a serious issue like this could not be dealt with overnight. The Total Investment & Insurance Solutions

The bench of Chief Justice Jagdish Singh Khehar and Justice D.Y.Chandrachud said: "We are of the view that a serious issue like this can't be dealt with overnight, it will take time to implement it (PMFBY)."

The top court gave six months as Attorney General K.K.Venugopal sought a year's time to see the gains of the scheme. The Total Investment & Insurance Solutions

Urging the court to close the matter, he said: "Why should the court interfere when government is doing all to help the farmers." The Total Investment & Insurance Solutions

He said the scheme that was launched just a year ago has covered 5.3 crore farmers, or 40 per cent of the country's 12 crore farmers and covered 30% of the total crop area in the country.

However, Chief Justice Khehar refused his demand, saying: "We are not going to close the matter."

"Whatever needs to be done has to be done, not on paper. We are not going to close. We are keeping ourself in the loop to know what is going on. You may be doing a good thing."

Pointing out that inability to pay loans was the major cause of farmers suicide in the country, Chief Justice Khehar said: "Inability to pay the loans is the major cause of farmers' suicide. If all of them have been covered, then how can you say that only 40 per cent have been covered?"

At the outset of the hearing, Chief Justice Khehar called for some alternatives to address the farmers woes observing that paying compensation to the famers was no solution.

"Don't worry about the directions, tell us what are you doing (to address the issue of farmers suicide)," the bench said as Attorney General referred to earlier directions issued by the court.

Suggesting an insurance policy with low premium, the bench said that there must be something to soften the impact if a farmer was not able to discharge his loan liabilities.

Asking Venugopal to tell what the government was doing and how it was doing, the bench said: "First you decide what you are taking from the farmers. Rest will be divided between you and the states."

Appreciating the crop insurance policy, senior counsel Colin Gonsalves appearing for the petitioner NGO Citizens Resource and Action and Initiative (CRANTI) said that the Madhya Pradesh and other state governments were not fixing minimum support prices and as a consequence, the farmers were selling their agriculture produces at throw away prices. The Total Investment & Insurance Solutions

Rejecting the government's description of the NGO's suggestions as something in the "in air", he said that they were based on the expert reports including one by noted agriculture scientist M.S. Swaminathan.

CRANTI is seeking compensation to the families of the debt-ridden farmers who had committed suicide because of serious financial difficulties.The Total Investment & Insurance Solutions

US Trade Deficit Fell In May As Exports Hit 2-Year High-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

6 July 2017

US (The Total Investment & Insurance Solutions)

The U.S. trade deficit narrowed in May, and the politically sensitive trade gap with China also slid.

The Commerce Department said Thursday that the U.S. deficit in the trade of goods and services fell 2.2 percent in May to a seasonally adjusted $46.5 billion. U.S. exports rose modestly to $192 billion — the highest level since April 2015 — on rising shipments of cars and consumer goods, including cellphones. Imports fell slightly. The Total Investment & Insurance Solutions

President Donald Trump has vowed to reduce America's trade deficits — the difference between exports and imports — blaming them on bad trade deals and abusive practices by U.S. trading partners, particularly China. His administration also is preparing to renegotiate the North American Free Trade Agreement with Canada and Mexico to overhaul a trade pact he's called a "disaster" for American workers. The Total Investment & Insurance Solutions

The deficit in goods with China fell by 6.2 percent to a seasonally adjusted $30.1 billion. The gap with Mexico rose by 5.6 percent to $6.8 billion. The Total Investment & Insurance Solutions

Despite the dip in May, the overall U.S. trade deficit is up 13.1 percent so far this year to $233.1 billion. Exports are up 6 percent to $957.8 billion. But imports are up more — 7.3 percent to $1.19 trillion.

So far in 2017, the U.S. is running a $336.2 billion deficit in the trade of goods and a $103.1 billion surplus in the trade of services such as banking and tourism.The Total Investment & Insurance Solutions

Geopolitical Concerns Ahead Of G-20 Weigh On Global Stocks-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

6 July 2017

Global  stock markets (The Total Investment & Insurance Solutions)

Tensions over recent North Korea's missile launch and unease ahead of the upcoming meeting of the Group of 20 leading industrial and developing countries weighed on global stock markets Thursday. Meanwhile, oil prices recouped some of their previous day's hefty losses.

KEEPING SCORE: In Europe, the FTSE 100 index of leading British shares was down 0.8 percent at 7,310 while Germany's DAX fell 1 percent to 12,328. The CAC 40 in France was 1.3 percent lower at 5,115. Wall Street was poised for a lower opening, with Dow futures and the broader S&P 500 futures down 0.5 percent. The Total Investment & Insurance Solutions

GEOPOLITICS: With global leaders, including U.S. President Donald Trump and Russian President Vladimir Putin, set to arrive for a G-20 summit in Hamburg, Germany, traders are cautious, not least because the meeting takes place in the wake of Pyongyang's recent missile test. On Thursday, South Korean jets and navy ships fired missiles into the ocean during drills, a display of military power two days after North Korea test-launched its first intercontinental ballistic missile. The North's ICBM launch, its most successful missile test to date, has stoked security worries in Washington, Seoul and Tokyo as it showed the country could eventually perfect a reliable nuclear missile capable of reaching the United States.

G-20: Meanwhile, competing visions of world trade are set to collide at the G-20 summit. Trump's "America First" approach will face off against the European Union, which on Thursday agreed on a broad free trade deal with Japan. The Total Investment & Insurance Solutions

ANALYST TAKE: "The world seems to be at loggerheads, and this flow of negativity means that bullish sentiment is being held firmly in check," said Chris Beauchamp, chief market analyst at IG.

FED MINUTES: Minutes from the Federal Reserve's June meeting showed policymakers are weighing when to start letting its $4.5 trillion bond portfolio shrink, a major turning point for the U.S. economy. Some Fed officials want to announce the start of that process within a few months, while others want to wait longer. The Total Investment & Insurance Solutions

ASIA'S DAY: Japan's Nikkei 225 fell 0.4 percent to 19,994.06 while South Korea's Kospi edged down less than 0.1 percent to 2,387.81. Hong Kong's Hang Seng index shed 0.2 percent to 25,465.22. China's Shanghai Composite Index added 0.2 percent to 3,212.44. Australia's S&P/ASX 200 gave up 0.1 percent to 5,758.80. The Total Investment & Insurance Solutions

OIL: Another reason why stocks have been choppy is related to the volatility in oil markets. On Thursday, benchmark U.S. crude added 68 cents to $45.81 per barrel in electronic trading on the New York Mercantile Exchange, a day after it slumped $1.94, or 4.1 percent. Brent crude, used to price international oils, rose 72 cents to $48.51 per barrel in London. In the previous session, it sank $1.82, or 3.7 percent, to $47.79 a barrel. The Total Investment & Insurance Solutions

CURRENCIES: The euro was up 0.3 percent at $1.1383 while the dollar rose 0.1 percent to 113.41 yen.The Total Investment & Insurance Solutions

Nifty, Sensex in an uptrend – Wednesday closing report-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

5 July 2017

I had mentioned in Tuesday’s closing report that Nifty, Sensex must stay above Tuesday’s low for the uptrend to continue. The major indices of the Indian stock markets were range-bound on Wednesday and closed with marginal gains over Tuesday’s close. The trends of the major indices in the course of Wednesday’s trading are given in the table below: The Total Investment & Insurance Solutions

 

Major Indices (The Total Investment & Insurance Solutions)

Following broadly mixed global indices, the Indian equity markets traded on a flat note during the mid-afternoon session on Wednesday. Market observers opined that investors booked profits in IT (information technology), FMCG (fast moving consumer goods) and Teck (technology, media and entertainment) sectors. Equity benchmarks opened moderately higher after mixed Asian markets. The mid-cap and small-cap indices traded in the positive with more than 0.50% gains. Auto, capital goods, metal and oil and gas traded in the positive, while FMCG and IT sectors traded negative. On the NSE there were 1,012 advances, 480 declines and 64 unchanged.

The ongoing political unrest on the Gorkhaland demand in north Bengal hills is likely to adversely impact the export of Darjeeling teas, rating agency ICRA said on Tuesday. The unrest has led to suspension of operations at tea estates in Darjeeling region at a time of production of the second flush tea -- a particular variety of very high quality that is almost entirely exported. "Absence of any plucking activity for the past 20 days is expected to have an impact on the production volume as well as tea quality, even when operations re-start. This in turn is likely to impact the export of Darjeeling teas," agency's Vice-President and Sector-Head of Corporate Sector Ratings Kaushik Das said. He said a plucking cycle of five to six days for Darjeeling teas is followed. Timely plucking of fine leaves contributes to the overall quality of the tea produced during this period. The agency said the impact of the current situation on revenue is estimated to be in the region of Rs100-150 crore at present. "While Darjeeling tea is a niche product catering to specific markets, the reduced availability of second flush Darjeeling tea is likely to lead to some substitution of such tea with that from different geographies," the agency said.  The Total Investment & Insurance Solutions

Tata Motors on Wednesday announced that it has slashed the prices of its passenger vehicles up to 12%, following the roll-out of the Goods and Services Tax (GST). "We are offering a price reduction of upto 12% ranging between Rs3,300 and Rs2,17,000 depending on the model and variant," the car maker's President (Passenger Vehicles Business Unit) Mayank Pareek said. He said the step was taken with a strong focus to encourage positive buying sentiments. Pareek said the car maker decided to pass on the entire benefit to its customers following the roll-out of GST. In June, company's passenger vehicles sales in domestic market were impacted by the mixed reactions towards GST resulting in low buying sentiments.  The passenger vehicle business recorded sales of 11,176 units, lower by 10%, over 12,482 units sold in June 2016. Tata Motors shares closed at Rs432.05, up 1.03% on the BSE.

Coinciding with Prime Minister Narendra Modi's visit to Israel, Wipro Infrastructure Engineering on Wednesday announced a strategic alliance with Israel Aerospace Industries (IAI) to make composite aerostructure parts and assemblies in India for the global market. "We will set up a manufacturing facility in Bengaluru with IAI to make composite structures for global aircraft makers and tier-1 suppliers as per the defence offset guidelines of the Indian government," said the subsidiary of Wipro Enterprises Ltd. The city-based Wipro Enterprises is a global hydraulic solutions provider and a separate entity of the global software major's group. The facility would also supply the parts to IAI for meeting its compliance requirements. As aerospace industry is strategic, the subsidiary had set up an aerospace actuator making facility in the Special Economic Zone (SEZ) at Devanahalli on the city's outskirts in 2013. Wipro shares closed at Rs257.55, down 0.90% on the BSE. The Total Investment & Insurance Solutions

The top gainers and top losers of the major indices are given in the table below:

 

Top Gainer (The Total Investment & Insurance Solutions)

The closing values of the major Asian indices are given in the table below: The Total Investment & Insurance Solutions

Asian Indices (The Total Investment & Insurance Solutions)

Under GST, affixing new prices on old packing materials onerous task -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

5 July 2017

 

GST (The Total Investment & Insurance Solutions)

The Indian government has announced goods and services tax (GST)-related rules for maximum retail price (MRP). While companies can continue to use old packaging material till 30 September 2017, the rule requires manufacturers to affix stickers showing the new MRP too. For products where the prices have increased, manufacturers are required to advertise the new MRP in two newspapers. Amidst this regulation and anti-profiteering rules under GST, players may hesitate to undertake price hike, says a research report. The Total Investment & Insurance Solutions

In the note, Edelweiss Securities Ltd, says, "We believe, this regulation should ideally have been introduced with GST rules so that manufacturers would have been better prepared. There would be multiple practical difficulties of affixing stickers with revised MRPs on millions of packages, which are already out in the market. We feel advertising & promotional (A&P) spends will increase for companies where the rates have increased post GST – segments such as skin care products, Ayurvedic products, detergents, malt beverages, lower priced biscuits, and paints."

According to Edelweiss, with the new rules, consumer good and retail are shackled and this will have potentially far-reaching ramifications of regulation. Ram Vilas Paswan, the Minister for Food and Consumer Affairs, has extended a three month dispensation to all manufacturers on old stocks of packed items and packaging material that they are holding. Avinash Srivastav, Secretary of the Department of Consumer Affairs, also stated that packing material is quite costly so traders can use their existing stock up to September 2017, by putting new MRP stickers. The Total Investment & Insurance Solutions

If there is an increase in price, manufacturers have to advertise the same in at least two newspapers before selling the product under the new MRP. In case of price reduction, advertisements are not required. However, the new MRP along with the old one needs to be printed. Legal action will be taken against those who do not comply with these rules – read in conjunction with anti-profiteering rules.

Edelweiss says, "This regulation will have higher impact on companies where the rates have gone up in GST - increased for skin care and Ayurvedic products, detergents, malt beverages, lower priced biscuits and paints. This could lead to jump in costs due to higher A&P spends. Rates have reduced for toothpaste, hair oil and adhesives. Print companies stand to gain from this regulation in short term."The Total Investment & Insurance Solutions

Cyrus Mistry, others face Rs500 cr criminal defamation case-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

5 July 2017

A court here has initiated process against industrialists Cyrus P. Mistry, Shapoor Mistry and others in a Rs 500 crore criminal defamation complaint lodged last month by Tata Trusts' Managing Trustee R. Venkataramanan, an official said on Tuesday. The Total Investment & Insurance Solutions

The process was initiated by Metropolitan Magistrate K.G. Paldewar and accordingly, Mistry, the ousted Chairman of Tata Sons, and other directors of Cyrus Investments Pvt Ltd and Sterling Investments Pvt Ltd, will be tried for criminal defamation. The Total Investment & Insurance Solutions

They will have to appear before the court and execute bail bonds, said the official.

Later, the charges would be framed against the accused under sections dealing with criminal defamation and criminal conspiracy under the Indian Penal Code.

The court has posted the matter for further hearing on August 24 and directed the accused to appear before it for bail. The Total Investment & Insurance Solutions

Venkataramanan has accused Mistry and others of making false and defamatory statements against him and thus damaging his reputation. The Total Investment & Insurance Solutions

At the hearings, the court upheld the arguments of Venkataramanan's counsel Parvez Memon that the Constitution's Article 21 protecting a citizen's right to life is inclusive of the right to live with dignity and that all are equal in the eyes of the law under it. The Total Investment & Insurance Solutions

Memon argued that while Mistry is a man with substantial wealth and might, the value of Venkataramanan's dignity is much more, and the accused cannot be let loose with impuity for his reckless and irresponsible insinuations which were all false and baseless.

"All such allegations were hurled irresponsibly against Venkataramanan, Ratan Tata, Tata Sons and others only after his unceremonious ouster from Tata Sons. Why was he otherwise silent for his entire tenure, not to speak about several of his own wrongdoings against which Tata Sons may have its own cause of action," he told the court. The Total Investment & Insurance Solutions

The court was apprised of the defamatory insinuations in Mistry's letter of October 25, 2016, following the petition filed in the National Company Law Tribunal through his brother and his companies, in which he is a director and 50 percent shareholder, and strategically made respondent No. 11.

The email letter, written a day after Mistry was removed as the Tata Sons Chairman, alleged "certain fraudulent transactions of Rs 22 crore" involving some parties in India and Singapore, at AirAsia India, which is owned in part by the Tatas. The Total Investment & Insurance Solutions

It was alleged that Venkataramanan considered these as non-material and didn't encourage any further study and also hinted at some foreign bank accounts. The Total Investment & Insurance Solutions

Counsel argued that Mistry further exaggerated the baseless insinuations through his affidavit in reply, supporting the original allegations in the petition before NCLT, Mumbai, which was subsequently dismissed. The Total Investment & Insurance Solutions

Now, the matter has come up before the NCLT Appellate Tribunal in New Delhi where the hearing has begun on Monday. The Total Investment & Insurance Solutions

Memon cited several case laws of the Supreme Court and high courts to substantiate issuance of the process by the magistrate. The Total Investment & Insurance Solutions

On its part, the office of Cyrus Mistry said: "The attempt to initiate criminal prosecution for alleged defamation is an ill-advised and immature proxy battle through Venkataraman, whose role in AirAsia is subject matter of several investigations by law enforcement agencies."

"The move by the Tata Trustees to attempt to muzzle and interfere with legal proceedings faced by them, now before the NCLAT, will be effectively and appropriately dealt with."

The New Delhi-based NCLAT will continue to hear arguments in the case till July 7, 2017.

On October 24 last year, Tata Sons' Board ousted Mistry as its Chairman and appointed Ratan Tata as the interim Chairman.The Total Investment & Insurance Solutions

Print revised MRP on unsold stocks or face action: Paswan -The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

5 July 2017

Union Food Minister Ram Vilas Paswan on Wednesday said that manufacturers and vendors will have to print revised Maximum Retail Price (MRP), next to the old MRP, post Good and Service Tax (GST) rollout on unsold stocks or they will have to face legal action.

"We have issued an order seeking immediate printing of revised MRP as prices have either come down or gone up after the GST. So there will be two MRPs -- old and revised. It will be in force till September 30. Later, there will be only revised MRP," Paswan told reporters here.

The order is applicable for unsold stocks up to July 1. New revised MRP declaration can be done through stamping, putting sticker or online printing. The Total Investment & Insurance Solutions

Paswan said the ministry was planning a dedicated helpline to lodge complaint related to overpricing by manufacturers, wholesalers, vendors. The Total Investment & Insurance Solutions

"If customers notice that revised MRP is not printed and products are overpriced, they can lodge complaints through the helpline. Strict action will be taken," Paswan said.

The minister appealed the manufacturing companies to inform people about the change in the MRP through newspaper advertisements.The Total Investment & Insurance Solutions

Energy, Auto Parts Companies Lead US Stocks Lower At Midday-The Total Investment & Insurance Solutions

Contact Your Financial Adviser Money Making MC

http://moneymakingaimsee.blogspot.in
https://www.facebook.com/moneymakingmc

5 July 2017

U.S. stock markets (The Total Investment & Insurance Solutions)

U.S. stocks are slipping Wednesday as oil prices turn lower and energy companies fall with them. Auto parts makers and car companies are skidding after O'Reilly Automotive disclosed weak sales in the second quarter. Major indexes are mixed as technology companies, health care firms and banks make small gains. The Total Investment & Insurance Solutions

KEEPING SCORE: The Standard & Poor's 500 index added 2 points, or 0.1 percent, to 2,431 as of 11:35 a.m. Eastern time. The Dow Jones industrial average fell 12 points, or 0.1 percent, to 21,467. The Nasdaq composite rose 25 points, or 0.4 percent, to 6,135 as technology companies did better than the rest of the market. The Total Investment & Insurance Solutions

Small-company stocks slumped, and the Russell 2000 index sank 12 points, or 0.8 percent, to 1,414. At midday, almost three-quarters of the stocks on the New York Stock Exchange were falling.

U.S. markets were closed Tuesday.

SIGN ON THE DOTTED LINE: Payment processor Vantiv will buy the U.K.'s Worldpay for about $10 billion. Worldpay allows businesses to accept credit cards and online payments, and it said Tuesday it was talking to Vantiv and JPMorgan about potential deals. It released a statement Wednesday saying the companies agreed on the key terms of an acquisition. Vantiv stock retreated $1.73, or 2.8 percent, to $60.78. The Total Investment & Insurance Solutions

Monogram Residential, which owns and operates luxury apartment communities, climbed after it agreed to be bought by real estate company Greystar and a group of investors. The deal values Monogram at $12 a share, or about $2 billion, and also includes about $1 billion in debt. Monogram stock added $2.16, or 22 percent, to $11.96. The Total Investment & Insurance Solutions

FALSE START: Auto parts maker O'Reilly Automotive said sales at its older locations fell over the last three months because of weak demand and the effects of a mild winter. The company had expected sales to improve in the second quarter, and Wall Street analysts had forecast growth as well. O'Reilly stock lost $45.18, or 20.5 percent, to $175.23 and is down 37 percent this year as investors worry about the effects of slowing car sales. The Total Investment & Insurance Solutions

The three biggest losers on the S&P 500 were all auto parts companies. Advance Auto Parts gave up $17.87, or 15.1 percent, to $100.54 and AutoZone slid $56.12, or 9.8 percent, to $515.59.

Car companies also fell, as Ford declined 25 cents, or 2.2 percent, to $11.31 while General Motors sagged 54 cents, or 1.5 percent, to $35.03. Automakers had rallied Monday after they reported their monthly sales. The Total Investment & Insurance Solutions

Tesla lost $19.57, or 5.5 percent, to $333.05 as investors were disappointed with the company's second-quarter production and delivery totals. The Total Investment & Insurance Solutions

ENERGY: Benchmark U.S. crude dropped $1.62, or 3.4 percent, to 45.45 a barrel in New York. Brent crude, used to price international oils, sank $1.45, or 2.9 percent, to $48.16 a barrel in London. U.S. crude reached an annual low in late June and then jumped 11 percent over the previous eight trading days. The Total Investment & Insurance Solutions

Hess fell $1.90, or 4.2 percent, to $43.52 and Exxon Mobil shed $1.29, or 1.6 percent, to $80.81.

TECH RELIEF: Technology companies did relatively well, although they have taken sharp losses over the last month. Chinese e-commerce company Baidu rose $4.18, or 2.3 percent, to $184.15 and chipmaker Nvidia gained $3.76, or 2.7 percent, to $143.09. The companies said they will work together on a group of projects intended to bring artificial intelligence technology to cloud competing, autonomous cars and home assistants. The Total Investment & Insurance Solutions

Elsewhere, chipmaker Advanced Micro Devices jumped 62 cents, or 5.1 percent, to $12.77 and payment processor PayPal climbed $1.35, or 2.6 percent, to $54.22.

NORTH KOREAN MISSILE: Investors weren't much troubled by North Korea's first successful test of an intercontinental ballistic missile. The VIX, Wall Street's "fear gauge," inched higher as the U.S. and ally South Korea responded to the test by firing precision missiles into South Korean waters, and the United Nations Security Council was set to hold an emergency meeting.

BONDS: Bond prices edged higher. The yield on the 10-year Treasury note dipped to 2.33 percent from 2.35 percent late Monday. The Total Investment & Insurance Solutions

CURRENCIES: The dollar declined to 113.27 yen from 113.39 yen. The euro fell to $1.1333 from $1.1358. The Total Investment & Insurance Solutions

OVERSEAS: The CAC 40 of France gained 0.3 percent and Germany's DAX rose 0.3 percent as well. The FTSE 100 index in Britain added 0.2 percent. Japan's benchmark Nikkei 225 index gained 0.3 percent while the Kospi in South Korea added 0.3 percent. Hong Kong's Hang Seng rose 0.5 percent.The Total Investment & Insurance Solutions