Madras High Court on 26 July' 2013 directed CBI to conduct a probe into appointments made in the prestigious Indian Institute of Technology-Madras between 1995 and 2000 for its correctness and legality. The court further directed the agency to prosecute the persons responsible, if it was found that any case of illegality had been committed. Justice S Nagamuth gave the direction on a batch of petitions from W B Vasantha and others, seeking to quash the selection for certain teaching positions by an advertisement issued in 1995 and to further direct the Chairman and Board of Directors and the IIT(M) Director to select her as Associate Professor in a duly constituted selection committee following the reservation for OBC. The judge said the petitioner should be treated as having been appointed as Associate Professor from July 27, 1995 and as a Professor from December 18, 1996. He said the pay and allowances for Vasantha from July 27, 1995 as Associate Professor till December 17, 1996 should be calculated notionally for fixing her future salary. But for this period she would not be entitled for back wages. For the period commencing from December 18, 1996, pay and allowance of the petitioner should be notionally calculated for the post of professor as of date for purpose of fixing her future salary, he said. However, on such fixation of salary for the post of Professor from December 18, 1996 till today, she should not be entitled for back wages. For the period between Dec 18, 1996 to till date, she should be given pay and allowances equivalent to the post of Associate Professor and she would be paid the differential amount, the judge said. Vasantha, who is from the OBC community contended the selection in 1995 was 'arbitrary, illegal and discriminatory,' since reservation for OBC was not followed despite the Apex Court's rulings. She said her candidature was ignored despite possessing required qualifications and experience, while her juniors were granted promotions at each and every stage.(PTI)
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With an aim of fastracking infrastructure development, the Prime Minister's Office has set deadlines for steps to implement key projects covering sectors like railways, highways and power.The deadlines were earmarked at the first meeting of the steering group appointed by Prime Minister Manmohan Singh to accelerate infrastructure investment."The progress on the intermediate steps will be monitored on a regular basis. The deadlines will ensure that ministries /departments are clear about not just the overall deadline but also all the intermediate steps that need to be completed so that there are no slippages," a PMO statement said.The Principal Secretary to Prime Minister has directed all ministries/departments to nominate a nodal officer each, of the rank of a Joint Secretary or above, who will report on a weekly basis on the progress of their department's projects.Contracts for the construction of 17 identified projects will be awarded between September 2013 and March 2014.Projects which are to be awarded in 2014 include Mumbai Rail Corridor, Navi Mumbai Airport, Loco Project, Delhi-Meerut Expressway, Mumbai-Vadodra Expressway and UMPPs Cheyyar (TN), Bedabahal (Odisha).Those to be awarded in 2013 include Eastern Peripheral Expressway, Eastern Region transmission strengthening VI and VII, Southern system strengthening for import of power from Eastern region.As per the statement, Transmission system from Kudgi TPS (3x800 MW), Transmission system for connectivity of NCC power project and Baira Siul HEP Sarna D/C line too would be awarded in the remaining months of 2013.With regard to the Mumbai Elevated Rail Corridor Project, it was decided in the meeting that the issue of whether the RFQ will be reissued is to be resolved by Railways within a week.Railways will also provide exact timelines on completion of the Khurja-Kanpur, Kanpur-Mughalsarai and Mughalsarai- Sonnagar stretches.Regarding the Ludhiana-Dadri stretch for which funding has yet to be fully tied up, the PMO said the Steering Group will review the matter in four weeks, after the committee on financing projects in Railways completes its work.In the meeting it was also decided that Power Ministry will try to award 13 identified transmission projects as per the agreed timelines.The PMO statement further said that in addition to Navi Mumbai, the Ministry of Civil Aviation will make efforts to move ahead on Goa (Mopa) airport as well.(PTI)
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The rupee and bonds opened stronger on Friday, 26 July following comments from Chief Economic Adviser Raghuram Rajan, but traders will now await the auction of Rs 15,000 crore worth of bonds for further direction.Rajan said all options were being considered to fund the country's record-high current account deficit. He said policy measures were geared to stabilise a weak rupee in a way that only does "minimal damage" to growth. Rajan called for a clear distinction between the need to steady the rupee and the way forward for the Reserve Bank of India's monetary policy, in an interview to a business news channel. The RBI has taken slew of measures recently in its efforts to protect the rupee by making cash conditions tighter for lenders including by lifting short-term rates. The lead adviser to the finance ministry also said there was no intention to fix the rupee at a particular level. The Indian rupee had hit a record low of 61.21 to the dollar on 8 July.Also Read: Bonds Gain Most In Three Years; Friday's Debt Sale EyedTraders said gains in the euro and other Asian currencies also helped the rupee with sentiment having changed after the recent central bank measures. At 9:06 a.m., the partially convertible rupee was trading at 58.85/86 per dollar compared to its Thursday's close of 59.11/12.The benchmark 10-year bond yield was down 6 basis points at 8.13 per cent. (Reuters)
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The rupee strengthened to a five-week high on 25 July' 2013 as the central bank's measures to drain liquidity started to show impact, although demand for the greenback from importers towards late trade meant the unit closed just marginally stronger. The rupee has now gained for a second session following the Reserve Bank of India's additional cash draining measures on Tuesday, after its initial steps on July 15 to defend the rupee had failed to have much of an impact. The RBI also paid high yields in its 52 billion rupees sale of cash management bills on Thursday, which followed a 120 billion rupees sale of treasury bills on Wednesday, showing the central bank's commitment to drain cash. "The measures are finally starting to have some impact but how long and at what levels will the rupee stabilise is the question. We need to see where INR heads in the coming week," said Paresh Nayar, head of fixed income and foreign exchange trading at First Rand Bank. "I won't be surprised if various support levels right from 58.80 down towards 58.20 are taken out. There could be some more announcements in store, which could be supportive of rupee, possibly a USD bond sale, in what shape I don't know," he added. The partially convertible rupee closed at 59.11/12 per dollar compared with 59.13/14 on Wednesday. The unit rose as high as 58.76, its strongest since June 19. Traders said good receiving was seen in the onshore forwards with the one-year rate, which climbed to a 15-year high of 519.25 points, falling sharply to 480 points. The rupee was also lifted by good dollar sales from corporates, particularly Essar Oil, which traders said was tied to an external commercial borrowing, and a large engineering firm. Foreign banks were also spotted selling dollars, dealers said. However, demand from importers, particularly oil refiners, to meet month-end import commitments pulled the rupee off highs. In the offshore non-deliverable forwards, the one-month contract was at 59.56 while the three-month was at 60.40. In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed around 59.10 with a total traded volume of $3.2 billion.(Reuters)
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The rupee posted its biggest single-day gain in nearly a month on 24 July' 2013 as the Reserve Bank of India's renewed efforts to shore up the currency by tightening cash conditions began to yield results. The RBI took new steps on 23 July' 2013 to support the rupee, including making it even harder for lenders to access funds with measures such as lowering the amount banks can borrow under its daily liquidity window. The efforts signal the RBI will stay the course with its defence of the currency despite the risks to economic growth. "I think these measures will stay in place for at least three to four months. These are not temporary," said Param Sarma, chief executive at NSP Forex. "These steps will only eliminate volatility from the market but for real appreciation bias to set in we need real flows, which can come in through an overseas bond sale. The rupee will hold between 58.50-60 band as long as these measures stay,". The partially convertible rupee closed at 59.13/14 per dollar compared with 59.76/77 on Tuesday. It rose to as high as 59.0150, its strongest since July 1. The unit gained 1.1 percent on the day, its biggest single-day gain since June 28. Rates and equity markets, however, reacted negatively to the further tightening of liquidity with the benchmark 10-year bond yield rising to a 14-month high of 8.50 percent while the 1-year overnight swap rate rose to a near 5-year peak. Traders will continue to monitor any comments from policymakers for near-term direction. "Rupee is likely to strengthen further towards 58-57 levels in the coming days as the central bank's actions are giving some strength to the local currency," the head of foreign exchange trading at a private bank said. Expectations of further tightening of domestic rupee liquidity pushed up onshore forward rates. The one-year onshore forward premium rose as high as 518.75 points, its highest since August 1998. Traders said the spot rupee was also helped by some long unwinding seen in the offshore non-deliverable forwards. The one-month NDF contract was at 59.57 while the three-month was at 60.46. In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed around 59.13 with a total traded volume of $3.3 billion.(Reuters)
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India's cash rate jumped to 10 per cent, bond yields surged and banking stocks tumbled on Wednesday after the RBI's intensified defence of the beleaguered rupee raised concerns about the cost to the economy if the attempted rescue failed.The Reserve Bank of India's strategy will be tested with a series of debt sales this week, starting with Wednesday's auction of $2 billion of treasury bills one week after it rejected yields demanded in the previous sale as too high.The sharp reaction in credit markets showed the tightrope the RBI is walking -- in trying to keep the rupee above a record low of 61.21 hit on July 8, it risks forcing up borrowing costs for companies as the economy grows at its slowest in a decade."The establishment has been telling the nation that the measure is only short term in nature and there is no change in the stance of the central bank on long-term interest rates. Believe it at your own peril," Jyotheesh Kumar, executive vice president of HDFC Securities, said in an email to clients.A week after it first announced measures to drain cash from the market and raised short-term rates sharply, the RBI on Tuesday (23 July) further cut the amount banks could borrow from it and also compelled them to meet reserve requirements daily.Markets are concerned about the collateral risks to the economy while long-term weights on the rupee such as a record current account deficit and stalled reforms remain unaddressed, and are worried more measures may be coming from the central bank.Yields SurgeThe benchmark 10-year bond yield hit a 14-month high of 8.50 per cent, up 33 basis points on the day and 95 basis points since the RBI's first round of measures on 15 July.The one-year overnight swap rate jumped to 9.30 per cent, its highest since September 2008 when the collapse of Lehman Brothers was roiling global markets. The overnight cash rate jumped to 10 per cent, its highest since March 28, from a close of 6.50/6.55 per cent.Banking shares, especially for those who are more dependant on short-term funding dropped. Yes Bank lost 6.6 per cent while non-bank financial companies fell, with Shriram Finance Transport Co down 3.2 per cent.In contrast, the rupee was little moved. It was at 59.42 per dollar, stronger than its 57.76/77 close on Tuesday but not too far from a 15 July close of 59.89/90.The RBI is due to sell Rs 12k crore in 91-day and 364-day treasury bills on Wednesday. Six of 15 traders polled by Reuters expected the auction to be scrapped again, while others thought buyers would only be interested at yields above 10 per cent. Results are expected after 1:30 p.m.That will be followed by auctions of 60 billion rupees in cash management bills on Thursday and 150 billion rupees in a government bond auction on Friday.A failure to significantly boost the rupee would raise concerns the RBI would take stronger action to create demand for the currency, such as raising banks' reserve requirements.It could also resort to an outright hike in the policy rate, analysts said, undoing the 1.25 percentage points in rate cuts since April 2012 to support a slowing economy. Its next policy review is on 30 July.The government is considering options of its own, including raising money from citizens abroad in a bid to reduce its record current account deficit, the key strain on the rupee.(Reuters)
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The rupee on Wednesday (24 June) gained 26 paise to 59.50 in early trade at the Interbank Foreign Exchange market on fresh dollar selling by exporters after the RBI announced additional measures to arrest the local currency's slide. Forex dealers said additional tightening measures announced by the RBI last night to contain excessive speculation and volatility in the foreign exchange market, supported the local currency.RBI has reduced the liquidity adjustment facility (LAF) for each bank from 1 per cent of the total deposits to 0.5 per cent, thus limiting the access to borrowed funds from the central bank. Read: Rupee Keeps Govt HangingIn another measure to suck out liquidity from the system, RBI has asked banks to maintain higher average CRR (cash reserve ratio) of 99 per cent of the requirement on daily basis as against earlier 70 per cent. CRR is portion of deposits that banks are required to keep with RBI.The rupee had lost four paise, to close at 59.76 against the dollar yesterday on sustained demand from importers and a rise in the US currency overseas.Sensex Down 76 Pts In Early Trade; Banks HitSnapping its five-day rally, the Bombay Stock Exchange (BSE) benchmark Sensex on fell nearly 76 points in early trade pulled down by financial sector stocks, including ICICI Bank and HDFC Bank, after the RBI announced additional liquidity tightening measures to check rupee slide.The 30-share barometer fell by 75.94 points, or 0.37 per cent, to 20,226.19 with banking, realty and consumer durables leading the fall. The index had gained over 451 points in the past five sessions. The wide-based National Stock Exchange index, Nifty shed 38.20 points, or 0.63 per cent to, 6,039.60.Brokers said fresh round of selling by participants after the RBI last night announced additional liquidity tightening measures to check rupee slide mainly dampened the trading sentiment.The BSE banking index suffered the most by falling 3.16 per cent to 12,424.40 points as stocks of SBI fell by 2.10 per cent to Rs 1,822, ICICI Bank by 2.97 per cent to Rs 960.40, HDFC Bank by 2.57 per cent to Rs 665.20 and Yes Bank by 4.44 per cent to Rs 419.25.In the Asian region, Hong Kong's Hang Seng index traded lower by 0.35 per cent, while Japan's Nikkei Index shed 0.58 per cent, in early trade.The US Dow Jones Industrial Average, however ended 0.14 per cent higher in yesterday's trade. PTI SUN(PTI)
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Virtual Reality (VR) is making major inroads in the Indian real estate landscape and is expected to gain traction further in the coming years. Several leading real estate agencies in India have embraced VR technology to gain a competitive edge in the market. VR has the potential to transform customer engagement profoundly and take businesses to new heights. As technology evolves, Millennials are becoming more attuned to this sophisticated technology, which is why real estate companies in India are becoming more proactive in seizing this golden opportunity. Let's now have a look at the five companies that are revolutionizing the real estate sector in India with VR technology:
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