The Supreme Court today denied the bail application of Sahara supremo Subrata Roy, who has been held in jail for more than four months over his group’s failure to repay investors who bought bonds that were later ruled to be illegal.
The apex court said, “negotiations for selling properties in India can be done during the day and court will facilitate.” “We will allow you to hold negotiations outside jail between 10 AM to 4 PM under police custody,” a bench headed by Justice T S Thakur said, adding it is “premature” at this stage to make such arrangement as there is no “concrete” proposal right now.
The bench, also comprising justices Anil R Dave and A K Sikri asked him to approach the court when there is a proposal and assured him that suitable arrangements would be made by it. Sahara, whose assets include the landmark Plaza hotel in New York and Grosvenor House in London, offered to sell its three overseas hotels to meet the payment demands.
The court said it had sought more information from Sahara, including approval from Bank of China, with which the assets are pledged. Sahara Chairman Subrata Roy has been in a Delhi jail since March 4 after failing to appear at a contempt hearing in a long-running legal battle between his group and the Securities and Exchange Board of India (SEBI).
The court, which had put Sahara’s liability was between Rs 33,000 crore to Rs 35,000 crore, had asked Sahara to deposit Rs 10,000 crore initially to secure the release of Roy on bail.
Nifty Future shown bullish mode…..But little bit moving
Now trading 7745……… If sustains above 7755 with 20 minutes
We see Rally upto 7780 to 7800 levels……..
Suppose Nifty Future sustains below 7710………..
Some selling pressure will see upto 7680 levels…..
Till not given any Recommend to our clients due to not clear trend!!!
Updated : 01.41pm / 22nd July’14
Credit Suisse Group AG CSGN.VX reported its biggest quarterly loss since the collapse of Lehman Brothers in 2008, due to a 1.6 billion Swiss franc ($1.78 billion) charge taken following a May settlement with U.S. authorities over tax evasion charges.
“I want to reiterate that we deeply regret the past misconduct that led to this settlement and that we take full responsibility for it,” Brady Dougan, the Chief Executive of Zurich-based Credit Suisse, said in a statement on Tuesday.
“The continued trust and support of our clients helped us mitigate the impact of the settlement on our business.”
Investors had been scrutinizing to see if any clients have pulled their money from Credit Suisse’s wealth management business in the wake of the bank’s guilty plea to a U.S. criminal charge as part of the settlement.
The bank swung to a second-quarter loss of 700 million francs, wider than a Reuters analyst poll which called for a 581 million franc net loss. (Full Story)
The private banking unit bore the brunt of the charge, tipping the unit to a loss. However, the unit won 10.1 billion francs of net new money in the quarter, a key indicator of future revenue.
Pre-tax profit at Credit Suisse’s investment bank, where it has shrunk areas such as its interest rate trading arm, was steady on the year at 752 million francs.
Credit Suisse wants to eventually return to double-digit capital returns from its core investment bank, including its equities and advisory divisions, following the overhaul.
American banks Goldman Sachs Group Inc GS.N, JPMorgan Chase & Co JPM.N and Citigroup Inc C.N recorded a 10-15 percent drop in revenue last week from fixed-income, currency and commodities (FICC) as a lack of volatility discouraged trading during the quarter.
India has the sixth highest prevalence of child marriage in the world with one in every three child bride living in India, a United Nations report said. Child marriage among girls is most common in South Asia and sub-Saharan Africa and India is among the top 10 countries with the highest rates of child marriage, UNICEF said in a report titled “Ending Child Marriage – Progress and prospects.” “South Asia is home to almost half (42 per cent) of all child brides worldwide; India alone accounts for one third of the global total,” the report said. Worldwide, more than 700 million women alive today were married as children or before their 18th birthday. More than one in three – about 250 million – entered into union before age 15, the report said.
The 10 countries with the highest rates of child marriage are Niger, Bangladesh, Chad, Mali, Central African Republic, India, Guinea, Ethiopia, Burkina Faso and Nepal respectively. In India, about 27 per cent of women aged 20 to 49 years were married before age 15. About 31 per cent of women in that age group were married after age 15 but before they turned 18.
The report added that in India, the median age at first marriage is 19. 7 years for women in the richest quintile compared to 15.4 for the poorest women. In the Dominican Republic and India, the wealthiest women marry about four years later than the poorest women.
UNICEF said that Female Genital Mutilation (FGM) and child marriage are the two practices that affect millions of girls across the globe. It said while prevalence has decreased slightly over the past three decades, rates of progress need to be scaled up dramatically to offset population growth in the countries where the practices are most common.
NIFTY FUTURE Closed : 7686
Yesterday Nifty Future trading was very Range & Low volume
Made a high of 7719.10, Low of 7675.35 and Closed 7686.20
Not given any Recommend on Yesterday’s trade!!!
Today’s Nifty Future facing Resistance 7710 & 7735 levels
Head and Shoulder right top at 7735 levels……….
Once if stays above 7735 levels……… We see Rally upto 7765 & 7780 levels
Risky trader can do Short at higher level……. and keep strict stop-loss 7735 levels
101% Live market update to our clients only…….
Updated : 08.34am / 22nd July’14
Banknifty Future closed : 15410
Yesterday last 30 minutes shown weakness in all banks
So Yesterday’s high is magic figure on Today and coming days!!!
Today’s Banknifty Future facing Resistance 15470 & 15530
If crossover the level…………. will move 15640 levels
Today’s supports 15350 & 15285 levels………. Thereafter 15150!!!
More live market update to our clients only
Indusindbank Resistance 567 & 575 levels
Lower level can buy around 553 and keep stop-loss 545!!
Updated : 08.31am / 22nd July’14
HCLTECH facing Resistance at 1523
Once if crossover the level
Rally expected upto 1535, 1540 Thereafter 1565 levels
Keep tight stop-loss ???
RANBAXY now near by strong Breakout level
Today once if cross the level
Will move 4% to 7%……….
Which level will be break ??
Clients special call
CENTURYTEX Facing Resistance 640 & 650 levels
Lower level can buy around 620 to 625
Keep stop-loss 610 and hold for Target
Updated : 08.23am / 22nd July’14
Country’s largest carmaker Maruti Suzuki India continues its dominance on the Indian roads with its four models, led by entry level small car Alto heading the top ten best sellers list in April-June quarter this fiscal.
According to Society of Indian Automobile Manufacturers (SIAM) data, the company’s Dzire, Swift and WagonR were the second, third and fourth biggest selling models in the quarter. Rival Hyundai’s Grand i10 is the fifth largest selling model in India during the period under review followed by Honda Cars India’s sedan City at the sixth position.
Maruti Suzuki India’s (MSI) Alto sold 64,573 units in the April-June quarter this fiscal as compared to 56,335 units sold in the same period of previous fiscal. It is followed by compact sedan Dzire, with 50,951 units sold during the quarter.
The company had sold 49,259 units of the sedan in the same period of previous fiscal. Similarly, compact hatchback Swift continues to hold on to the third position during the April-June quarter this fiscal with 47,442 units sold during the period. Swift sales stood at 48,120 units in same period of previous fiscal. Wagon R, with 38,156 units sold during the first quarter of 2014-15, retains the fourth position in passenger car segment.
MSI had sold 35,141 units of the hatchback in the same period of 2013-14. Hyundai’s Grand i10 comes in at fifth position, with 26,830 units sold during the first quarter replacing i10 which has now moved out of the top ten. Honda’s mid-sized sedan City sold 21,985 units during the April-June quarter to become the sixth largest selling model in India. It had sold 6,949 units in the year-ago period.
Hyundai’s newly launched compact sedan Xcent, with 21,524 units sold during the first quarter, stood at seventh position. The South Korean carmaker’s entry level model Eon with a total sales of 19,379 units during the first quarter was the eighth best selling model, down from sixth with sale of 24,526 units in the same period last fiscal.