17 July 2013

Rupee, markets draw cold comfort from new FDI rules

India's relaxation of foreign investment rules, aimed at drawing funds needed to turn around slowing economic growth and support a crumbling rupee, barely lifted markets on Wednesday due to doubts whether long-term inflows would materialise anytime soon.The long-pending move to increase the foreign direct investment (FDI) cap in insurance from 26 to 49 percent, for example, still needs approval from parliament, where a bill has been stuck for months.

SC turns down plea to reduce age of juvenile from 18 to 16 years

The Supreme Court on Wednesday refused to reduce the age of juvenile from 18 to 16 years and dismissed a plea that minors involved in heinous crimes should not be protected under the law.A bench headed by Chief Justice Altamas Kabir said that interference in Juvenile Justice Act is not necessary and dismissed a batch of PILs which were filed in the aftermath of the December 16 brutal gang-rape and murder case in which a minor was also allegedly involved.

MIM for merger of Anantapur, Kurnool with Telangana

The Majlis-e-Ittahadul Muslimeen (MIM) reiterated on Tuesday that it was against the division of the state but in a new tune, advocated the creation of Rayala-Telangana by the merger of two districts from that region with the 10 Telangana districts. The party naturally sought Hyderabad as the capital of the new state.

While the MIM has made its opposition to the division of the state clear at the allparty meeting and before the Srikrishna Commission, seeking the merger of the two Rayalaseema districts of Kurnool and Anantapur is a new stance. Earlier, the MIM was for the merger of all the four districts of Rayalaseema with Telangana.

Married or not, Domestic Violence Act binding, says Kerala HC

In a significant ruling, Kerala high court has held that a woman is entitled to get protection under the provisions of the Protection of Women from Domestic Violence Act even if she was in a live-in relationship.

"What was intended under Sect 2(a) of the Act was a relationship of the same nature as marriage and nothing more", Justice K Harilal said in his order on Tuesday while dismissing a petition filed by a man hailing from Cherthala in Alapuzha district against a complaint from his live-in partner seeking protection from domestic violence and compensation

Ricky Ponting rates Brian Lara ahead of Sachin Tendulkar

Former Australia captain Ricky Ponting has rated Brian Lara ahead of Sachin Tendulkar as he feels the West Indian batsman enabled his team win more matches.Sachin and Lara were the two stand-out batsmen for me. Lara won more games for his team than Sachin probably has. I'd lose more sleep as captain knowing Lara was coming in to bat next day than I would with Sachin," said Ponting.

New Zealand's Mathew Sinclair announces cricket retirement

Mathew Sinclair, who made a double century on his test debut for New Zealand, has announced his retirement from all cricket at age 37. Sinclair who is married with two children - son Liam, 4, and daughter Holly, 3 - told the Manawatu Evening Standard he had applied for unemployment benefits because he now has no job. Australian-born Sinclair, who played 33 tests and 54 one-day internationals, made 214 on test debut against the West Indies in 1999; then the second-highest total by a debuting batsman.

Pakistan to capitalise on hosts' struggling batsmen

In the wake of a thumping 126-run series-opening victory, Pakistan will again seek to capitalise on the struggles of the West Indies batting line-up for the second One-Day International at the Guyana National Stadium on Tuesday.

RBI and bond investors head for pricing clash

The Reserve Bank of India rejected all bids in a $2 billion sale of Treasury bills on Wednesday, highlighting the increased prospect of a clash with investors over the appropriate price for debt securities during a period of surging yields.

The failure to sell any of the scheduled 91-day and 182-day treasury bills came after the Reserve Bank of India decided that investors bids for yields were too high, a source familiar with the central bank's

Coal India plans to acquire assets in Botswana

State-run Coal India LtdBSE -0.97 % (CIL) is exploring possibilities to own coalmines in Botswana that has one of the largest coal resources in the African continent.

CILBSE -0.97 % is looking at a government-to-government arrangement in Botswana wherein the coal monopoly will acquire, develop and operate coal blocks and import the produce to India, a senior coal ministry official said.

The partnership is proposed to be on the lines of CIL's bilateral partnership with Mozambique as per which the company secured two blocks in Tete province with reserves exceeding a billion tonne.

TCS likely to post strong growth: Beyond nos, investors eye immigration impact

Tata Consultancy ServicesBSE 1.52 %, India's largest technology services company, is expected to post strong growth in the June quarter even as investors look for clarity on near-term demand and the impact of immigration reforms in the US, the biggest market.

Analysts expect sales to grow between 3% and 4% for the Mumbai-based company that has been one of the best performers in the industry and weathering the slowdown better than rivals such as Bangalore-based Wipro and Infosys.

Empowered Committee on GST to elect new chairman on July 22

The Empowered Committee of State Finance Ministers on Goods and Service Tax (GST) will elect its new Chairman at their meeting to be held on July 22.

The post is lying vacant since June 17 when Bihar Finance Minister Sushil Kumar Modi resigned following the JD(U)-BJP split in the eastern state.