Sensex rises 460 points as banks gain amid Asia rally

India’s benchmark stock index posted its biggest jump in a month amid optimism over the progress of economic bills in parliament and as global equities climbed on speculation the Federal Reserve may raise interest rates gradually.

Bajaj Auto Ltd and Hero MotoCorp Ltd, the biggest two-wheeler makers, were among the biggest gainers on the S&P BSE Sensex. ICICI Bank Ltd and Axis Bank Ltd rose at least 3%. Housing Development Finance Corp. Ltd, India’s largest mortgage lender, rallied to a four-month high. NTPC Ltd, the largest power utility, jumped the most in a month.

The Sensex increased 1.82%, or 460.36 points, to 25,688.86 at the close, the best performance in Asia. Productivity of both houses of Parliament has been the highest in a year, according to data from PRS Legislative Research. The lower house last week approved a bill that looks to overhaul century-old bankruptcy laws and make it easier to wind up a dying company or recover dues from a defaulter.

The Nifty 50 closed 1.71%, or 132.60 points, higher at 7,866.05.

“Interest-rate sensitives are rallying on expectation that the bankruptcy bill will be passed as a money bill in parliament, which will enable banks to reduce bad debts,” A.K. Prabhakar, the head of research at IDBI Capital Capital Market Services Ltd, said by phone from Mumbai. “Also, company earnings are showing a marked improvement in net interest margins across the board.”

Earnings in the world’s fastest-growing major economy seem to be recovering after the worst run since the global financial crisis. Seven out of 12 Sensex firms that have posted March quarter results so far beat or matched estimates.

Hindustan Unilever Ltd (HUL), the biggest home-products company, reported a quarterly profit of Rs.1,090 crore, higher than the Rs.1,030 crore estimate of 22 analysts in a Bloomberg News survey. Still, the stock declined 0.9% after the company’s sales of Rs.7,810 crore rupees, less than the Rs.7,990 crore rupee estimate.

European and Asian stocks rose after disappointing US payrolls data added fuel to the argument against a Federal Reserve interest rate increase in June.

“The US non-farm payrolls data suggest that the Fed is unlikely to raise rates anytime soon,” Abhimanyu Sofat, founder at AdviseSure Ventures Pvt. Ltd in Mumbai, said by phone. “The earnings season has been better than expected and a good monsoon can trigger further rate cuts in India.”

The Sensex has lost 1.6% this year and trades at 15.9 times 12-month projected earnings versus 11.3 for the MSCI Emerging Markets Index. Foreign investors sold $49.3 million of local stocks on May 5, paring this year’s inflows to $1.7 billion. They invested $585 million last month after an inflow of $4.1 billion in March, which was the highest in three years.

Source: http://www.livemint.com

Kim Jong Un Crowned As Party Leader At North Korean Congress

North Korean strongman Kim Jong-Un was named chairman of the ruling Workers' Party today at a once in a generation congress seen as a coronation for the young leader.

Thousands of delegates, many in uniform, clapped and cheered enthusiastically as the country's official head of state, Kim Yong-Nam, announced the post at the first top-level meeting of the party for 36 years.

The speech was the first time foreign journalists allowed into the reclusive country to cover the congress have got a glimpse of the delegate hall, festooned in red and gold banners carrying the party's logo.

Kim departed from his usual black outfit as he appeared on stage, sporting a tailored Western suit and grey tie along with large, trendy glasses.

The congress, which opened on Friday, has given 33-year-old Kim a podium to secure his status as supreme leader and confirm his legacy "byungjin" doctrine of twin economic and nuclear development.

North Korea has carried out two of its four nuclear tests under Kim's leadership, most recently in January when it claimed to have tried out a powerful hydrogen bomb -- a claim experts have disputed.

There has been growing concern that Pyongyang may be on the verge of conducting a fifth test, with satellite imagery showing activity at the North's Punggye-ri nuclear test site.

Delegates to what is technically North Korea's top decision-making body on Sunday adopted his motion to "boost self-defensive nuclear force, both in quality and quantity".

The meeting also enshrined a policy of not using nuclear weapons unless the country's sovereignty is threatened by another nuclear power, and of working towards the reunification of the divided Korean peninsula.

"But if the South Korean authorities opt for a war... we will turn out in the just war to mercilessly wipe out the anti-reunification forces," said a document published by the North's official KCNA news agency.

Reiterating the North's long-held argument that its push for a nuclear deterrent was forced by US hostility, the congress said the nuclear weapons programme would move forward "as long as the imperialists persist in their nuclear threat".

Presenting his report to the congress in a marathon three-hour speech on Saturday, Kim said Pyongyang wanted better relations with previously "hostile" nations and proposed military talks with South Korea to ease tensions on their heavily fortified border.

'Propaganda with no sincerity'

The government in Seoul dismissed his remarks, including a vow to pursue global denuclearisation, as meaningless propaganda.

"There is absolutely no sincerity in talking about the necessity of military talks... while calling oneself a nuclear weapons state and launching nuclear and missile provocations," defence ministry spokesman Moon Sang-Gyun said.

Moon said the party congress had only served to reaffirm North Korea's intention to develop its nuclear arsenal, and added that Seoul would continue to counter those ambitions with sanctions and pressure.

The South Korean Unification Ministry was equally dismissive, describing Kim's remarks on improving North-South ties as a "propaganda act with no sincerity."

Kim was not even born when the last party congress was held in 1980 to crown his father, Kim Jong-Il, as the heir apparent to founding leader Kim Il-Sung.

When his own turn came, following the death of Kim Jong-Il in December 2011, the new young leader quickly set about cementing his power base and securing his legitimacy as the inheritor of Kim family's ruling dynasty.

One of his earliest moves was to adjust his father's "songun", or military first policy, to the "byungjin" policy of economic-nuclear development.

The nuclear half of that strategy had dominated the run-up to the party congress, starting with a fourth nuclear test in January that was followed by a long-range rocket launch and a flurry of other missile and weapons tests.

Some observers had predicted that the congress might switch the focus to the economic side of the equation, and Kim did unveil a five-year economic plan -- the first of its kind for decades.

But his report to the congress offered few details of the plan's policies or targets beyond general ambitions to boost production across all economic sectors, with a particular focus on energy production.
 
Source: http://www.ndtv.com

Google now shows Jammu & Kashmir and Arunachal Pradesh as integral part of India, not as disputed territory

Search engine giant Google seems to be intimidated by the new circular issued by Narendra Modi government warning penal action against any organization which disseminates an Indian map, which is contrary to the one officially circulated by the Union. For years, Google Maps used to highlight the territories of Jammu & Kashmir, along with Arunachal Pradesh in dotted lines, in order to signify that the region is disputed. (ALSO READ: Wrong depiction of India map can land you in jail, 100 cr fine)

However, Google has now altered its maps. No longer is the region of Kashmir and Arunachal shown as a territory of conflict. The new maps do not highlight the area with dotted lines. Instead, both the states are shown intact within the official territory of India. The change comes barely a couple of days after government decided to impose a fine of USD 15 million, or Rs 100 crore on any individual, organization or media platform disseminating the Indian map, which is not in line with the official version released by Government of India (GoI). Apart from the fine, the violator would also be sentenced up to seven years of jail.


The draft of ‘The Geospatial Information Regulation Bill 2016′ is about to be tabled in the Parliament. As per the legislation, it would be compulsory to take the approval of government to publish and disseminate any geospatial information.

“No person shall depict, disseminate, publish or distribute any wrong or false topographic information of India including international boundaries through internet platforms or online services or in any electronic or physical form,” the draft bill states.

Geospatial information refers to the data which has been captured through aerial instruments such as satellites, airships and unmanned aerial drones. It is used to prepare topographical maps. Source: http://www.india.com

HUL drops in volatile trade after reporting tepid volume growth in Q4

Hindustan Unilever fell 0.27% to Rs 850.65 at 15:27 IST on BSE, after the company reported tepid volume growth in its domestic consumer business Q4 March 2016.

Meanwhile, the S&P BSE Sensex was up 467.45 points or 1.85% at 25,695.95

On BSE, so far 3.92 lakh shares were traded on the counter as against average daily volume of 1.13 lakh shares in the past one quarter. The stock was volatile. The stock rose as much as 1.88% at the day's high of Rs 869 so far during the day. The stock fell as much as 1.48% at the day's low of Rs 840.25 so far during the day. The stock had hit a 52-week high of Rs 944 on 8 July 2015. The stock had hit a 52-week low of Rs 765.35 on 27 January 2016. The stock had underperformed the market over the past one month till 6 May 2016, falling 2.14% compared with 1.32% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 0.95% as against Sensex's 2.48% rise.

The large-cap company has equity capital of Rs 216.39 crore. Face value per share is Re 1.

Hindustan Unilever (HUL)'s net profit rose 7.02% to Rs 1089.59 crore on 3.26% growth in total income to Rs 8027.91 crore in Q4 March 2016 over Q4 March 2015. The growth in net profit in Q4 March 2016 was adversely impacted by base effect. HUL said it had booked higher exceptional income in Q4 March 2015 from the sale of subsidiary. Net profit before exceptional items rose 13% to Rs 1031 crore in Q4 March 2016 over Q4 March 2015. The result was announced during market hours today, 9 May 2016.

HUL said net sales of its domestic consumer business grew 3.6% on year on year basis in Q4 March 2016. The growth rate was adversely impacted due to phasing out of excise duty incentives, a one-time credit for excise duty refund in Q4 March 2015 and marginal price degrowth. Volume growth stood at 4% on year on year basis in Q4 March 2016.

HUL's net profit fell 5.39% to Rs 4082.37 crore on 3.38% growth in total income to Rs 32487.80 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

HUL's consolidated net profit fell 6.43% to Rs 4082.42 crore on 3.23% growth in total income to Rs 33591.04 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

The domestic consumer business grew by 4% with 6% underlying volume growth. Reported growth was impacted due to phasing out of excise duty incentives, HUL said. Profit before interest and tax (PBIT) grew by 10% with PBIT margin improving by 90 basis points. Profit after tax but before exceptional items, PAT (bei), grew by 6% to Rs 4078 crores. Net profit was at Rs 4082 crore, with the growth rate impacted by the higher exceptional income arising from subsidiary and property related sales in previous year, the company said. The strong track record of cash generation was sustained as cash from operations exceeding Rs 5000 crore for yet another year, it added.

HUL Chairman Harish Manwani commented that the company has delivered another year of competitive and profitable growth in challenging markets and a deflationary cost environment.

HUL is a leading fast moving consumer goods (FMCG) company.   Source: http://www.business-standard.com

Narendra Modi’s degree: Arvind Kejriwal lays a trap, BJP walks into it

It’s rather embarrassing that our leaders would be discussing whether the educational degrees of the country’s Prime Minister are fakes. When Arvind Kejriwal made the allegation, it was expected that the BJP would laugh it off, calling it a frivolous piece of fiction concocted by a leader who has nothing worthwhile to do and is desperate for some cheap publicity. Now that no less than the party president Amit Shah and senior leader Arun Jaitley have come out with a defence for the prime minister, the matter appears to be serious.

Let’s not get into a debate over whether the documents produced by both sides are genuine. As is usual in such cases, it would lead us nowhere. The truth would finally get buried in the din of claims and counterclaims. The issue would die down after running its course. The AAP points out to several discrepancies in the BA degree of Modi. When the mark-sheet shows the year 1977, how can the degree issued mention it as 1978? How come, it alleges, the names are different in the mark-sheet and the degree certificate? No Narendra Damodar Modi passed out from Delhi University in 1978, the party claims, adding that the only Narendra Modi to graduate in the year from the varsity was Narendra Mahavir Modi, a resident of Rajasthan.
Arvind Kejriwal and Narendra Modi

Arvind Kejriwal and Narendra Modi

The BJP, on its part, has produced the BA and MA certificates of the Prime Minister and claims them to be genuine. We don’t have clear answers from the party on the discrepancies pointed out by AAP leaders, but they are expected to brush these off as clerical errors. The party would like others to believe that the allegations are pure fiction with no basis in reality. But why did it need to get into this in the first place?
Nobody was discussing the degree issue with any seriousness, but after the BJP’s media conference it has assumed some gravitas. It’s possible the AAP will dig out some more documents in the coming days and keep the BJP leaders on their toes. Television debates will only add to the party’s discomfiture. It could have done without the unnecessary attention but given the party’s natural inclination to give it back, its response is not unexpected.
Shah said AAP has taken the public discourse to a new low. He could be right, but the BJP has not exactly been the standard-bearer among political parties in this respect either. But such allegations don’t seem to bother the AAP. The fact that it managed to engage the BJP on the matter is good enough. Actually, it’s playing the BJP’s game when it comes to staying in news and putting the opposition in a situation of discomfiture. In a way what the BJP is doing to the Congress, the AAP is doing to the BJP.

It’s pointless to be judgmental over a certificate or two. It won’t diminish Narendra Modi. Political parties play their little games. The media is their new battle field. Here no low is low enough. Source: http://www.firstpost.com

Sadiq Khan sworn in, promises a ‘better’ London

Newly elected London Mayor’s opening words at his swearing-in ceremony – “Good Morning, I’m Sadiq Khan, and I’m the Mayor of London” – were drowned in claps and whistles by the audience at the Southwark Cathedral in London.

The 44-year old human rights lawyer of Pakistani descent is not only the first Muslim head of London, but set a record by winning 1.1 million votes. His lead over his closest rival was bigger than that achieved by both his predecessors Boris Johnson and Ken Livingstone. With a 45 per cent election turnout, he finished with a margin of 13.6 percentage points over Zac Goldsmith of the Conservative Party.

Warmly acknowledging the introduction made by Doreen Lawrence, the mother of the British teenager Stephen Lawrence who was killed in a racist attack in London in 1993, Mr. Khan promised to “lead the most transparent, engaged and representative council London has ever seen”.

He harked back to his humble beginnings – “So you better know this but I grew up in a council estate,” – and said he achieved what he never dreamt of because of the opportunities and “helping hand” the city offered him and his family. Promising a “better” London, he pledged to give all Londoners the opportunities that he was offered.

Smear campaign

Mr. Khan led an energetic campaign that was turned increasingly toxic by the personal attacks and slander levelled against him by his opponent, the billionaire Mr. Goldsmith, including the smear that he shared platforms with extremists in the past.

Mr. Goldsmith’s campaign, which started with a focus on green and sustainable solutions to city issues, rapidly descended into racism and divisiveness. His piece in the Daily Mail four days before the elections made the schism between him and his opponent unbreachable. He warned that with a Labour victory “we will have handed control of the Met, and with it control over national counter-terrorism policy, to a party whose candidate and current leadership have, whether intentionally or not, repeatedly legitimised those with extremist views.”

There was mounting criticism even within the Conservative Party to Mr. Goldsmith’s campaign. Andrew Boff, a former Conservative member of the London Assembly, told Newsnight that Mr. Goldsmith’s tactic of painting religious conservatives as “extremists” had alienated the party from the city’s ethnic minority voters.

Leader of the Labour Party Jeremy Corbyn’s absence at Mr. Khan’s swearing-in has led to speculation of an increasingly frosty relationship between the two.

Mr. Khan, a practising Muslim, is a liberal who received death threats from extremists for his support for the legalisation of gay marriage in 2013.

Source:http://www.thehindu.com/

Haqqani network’s chief made deputy leader of Taliban to protect him from US, says report

Pakistan’s powerful ISI had brought in Haqqani network’s chief Sirajuddin Haqqani as the deputy leader of the Taliban last year to protect him from the Americans, a media report said on Sunday.
The New York Times, quoting Afghan and American officials, said in a report that the “closer integration of
the feared” Haqqani militant network into the leadership of the Taliban is “changing the flow of the Afghan insurgency this year, with the Haqqanis’ senior leader increasingly calling the shots in the Taliban’s offensive.
It quoted Afghanistan’s former intelligence chief Rahmatullah Nabil as saying that “the ISI brought Sirajuddin as the deputy to the Taliban to give him protection, so if the peace talks get serious, the Americans wouldn’t be able to say, ‘We will make peace with the leader but not with the deputy’.”
Nabil, who now runs a charity for wounded Afghan soldiers, said the merger had been helped by the fact that the
Haqqanis were struggling financially, after their chief fund-raiser was gunned down near Islamabad in 2013, and that the Taliban needed Haqqani’s expertise in waging complex attacks.

Pak arrests top Taliban commander Nasiruddin Haqqani
US,Afghan negotiating peace deal with Haqqanis: Report
Brigadier General Charles Cleveland, the chief spokesman for United States and NATO forces in Afghanistan, said that “Sirajuddin increasingly runs the day-to-day military operations for the Taliban, and, we believe, is likely
involved in appointing shadow governors.”
“The Haqqani network’s closer integration with the Taliban command also creates awkwardness for the Obama
administration, and is raising tension between Pakistan and Afghanistan,” it said.
The report cited some senior Afghan officials as saying that the Pakistani military was “central” to bringing the Haqqanis more closely into the Taliban during the insurgency’s leadership councils in 2015 summer, which were held in Quetta.
The report said that the Haqqanis have “refined a signature brand” of urban terrorist attacks and cultivated a sophisticated international fund-raising network, factoring prominently in the United States military’s push to keep troops in Afghanistan.
It added that the group’s growing role in leading the entire insurgency in the war-torn country has raised concerns about an even deadlier year of fighting ahead, as hopes of peace talks have collapsed.
“The shift is also raising tensions with the Pakistani military, which American and Afghan officials accuse of sheltering the Haqqanis as a proxy group,” it said.
While the Haqqani network has always nominally been a branch of the Taliban, the report said the selection of
Sirajuddin Haqqani to become the deputy leader of the Taliban during a leadership struggle in summer 2015 has turned out to be far from a “symbolic move” with Haqqani bringing to the Taliban a “more applied and lethal military expertise” than the supreme leader of the group, Mullah Akhtar Muhammad Mansour.
“Mullah Mansour has been consumed with a campaign to quell dissent against his leadership, and he is said to have limited his movements and access since a reported attack on his life in Quetta, Pakistan. Accordingly, Haqqani has stepped in, at times even running meetings of the Taliban leadership council,” the report said citing senior Afghan security officials.
A senior Taliban commander in southern Afghanistan said Haqqani had been in “constant contact” with Taliban field
commanders in the south and the north of the country, in addition to his stronghold in the southeast.
Mawlawi Sardar Zadran, a former Haqqani commander in eastern Afghanistan, said Haqqani had a central role in
appointing Taliban governors.
“No one can be appointed without his advice,” he said. “The influence of Sirajuddin in the Taliban ranks seems to be just growing.”
The report quoted a Taliban spokesman, Zabihullah Mujahid, as confirming Haqqani’s elevated role, saying it was
because of “his bravery”.
“We can say that not only his military obligations but all his obligations have increased,” Mujahid said.
The State Department had officially listed the Haqqanis as a terrorist group in 2012, and there is a USD 5 million
American bounty on Sirajuddin Haqqani.
The report added that the Afghan Taliban, as a group, have remained off that terrorist list, “partly to ease the prospect of starting peace talks between them and the Afghan government — a process that American officials have been centrally involved in.
“With the clear and public integration of the Haqqanis into the Taliban leadership over at least the past year, American officials have essentially been unable to dodge the claim that they are trying to broker talks with terrorists,” it said.

Source: http://indianexpress.com/