Ashwin nearing full fitness, likely to play first Test

Published at Wed Oct 28 2015 11:30 IST

CHENNAI: There is finally some good news for India. Ravichandran Ashwin, who has been undergoing rehab for side strain, is nearing full fitness and is likely to be available for the first Test against South Africa, which starts in Mohali from November 5.

"I'm close to achieving full fitness and I'm feeling fine. I'm confident of bowling well in the series," Ashwin said on the sidelines of a promotional event here on Tuesday.

The offspinner had sustained a side strain during the first ODI in Kanpur and subsequently missed out on the rest of the matches. Being India's No 1 bowler in recent past, his absence was majorly felt in the ODI series, which India lost 2-3.

The defeat has definitely pushed India on the back-foot ahead of the Test series. While admitting that the loss was an unfortunate one Ashwin is not keen to dwell on the past. "It is not that we played poorly. We fought our way back into the ODI series brilliantly after we found ourselves trailing 1-2. We levelled the series 2-2 here and it was up to the last match in Mumbai where anything could have happened. Unfortunately, things didn't go our way and we lost," he said.

The Tamil Nadu offspinner feels the upcoming Test series would be anything but a one-sided affair. "It will be a close contest. South Africa are an excellent side and they have adapted to the conditions very well. It will be a tough challenge and we will be up for it," said Ashwin.

Ashwin believes the wickets have assisted the batsmen. "I am not taking away any credit from the batsmen. But I believe they have been scoring runs on wickets that have aided batting. Bowlers need to be given wickets that are helpful to them. I want to see batsmen scoring runs on wickets that aid bowlers," the 29-year-old said.

India have so far looked anything but intimidating with their bowlers struggling and their batsmen failing to fire. Ashwin feels the players need more time to settle down. "There are no weaknesses in the Indian side. We are a young side which is gaining experience. There are only a few players who have played over 100 ODIs, and so this team needs to be given more time. If you look at the South African side, players like Faf du Plessis and AB de Villiers were given a lot of time to settle down.

"I guess Indian players too need a similar cushion. Before the series began, everyone knew it would be hard-fought and it did live up to its billing," Ashwin pointed out.

SKS Microfinance gets Rs 100 crore refinance line from MUDRA

SKS Microfinance informed stock exchanges on Wednesday that MUDRA (Micro Units Development & Refinance Agency Limited ) has sanctioned a refinance line of Rs 100 crore at 10 per cent per annum to the company.

By: FE Online | October 28, 2015 11:06 AM

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This is the first refinance limit sanctioned to SKS Microfinance by MUDRA. (Photo: Reuters)

Microfinance lender SKS Microfinance informed stock exchanges on Wednesday that MUDRA (Micro Units Development & Refinance Agency Limited ) has sanctioned a refinance line of Rs 100 crore at 10 per cent per annum to the company.

MUDRA was launched by the government for financing micro entrepreneurs engaged in small business activities like manufacturing, processing, service sector and trade.

This is the first refinance limit sanctioned to SKS Microfinance by MUDRA. The development is expected to help bring down the cost of interest-bearing liabilities at SKS Microfinance. Earlier, with the cost of its interest-bearing liabilities dropping to 11.9 per cent in Q1-FY16 from 13.6 per cent in FY14 on account of downward adjustments in risk premium, the company could reduce the interest rate charged to borrowers on three occasions since October 2014. With an overall reduction of 3.8 per cent since October 2014, SKS Microfinance charges 20.75 per cent on all its disbursements with effect from October 1, 2015.

“This is the first refinance line availed by us,” said S Dilli Raj, president, SKS Microfinance in a release. “At a rate of 10 per cent, this is lower than regular term loans from conventional lenders, and reinforces our assertion in the recent past that the Non Banking Financial Company – Micro Finance Institution (NBFC -MFI) structure does not preclude us from availing dedicated refinance lines at a lower rate of interest. We are already the lowest cost lender in the MFI segment, and will pass on this benefit to our microfinance borrowers at an appropriate juncture.”

SKS Microfinance shares were trading 5.46 per cent up at Rs 422 in morning trade.

Lawyer: Salman Khan was falsely booked; panchnama, site map fabricated

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The lawyer of Bollywood superstar Salman Khan today argued in the Bombay High Court that the panchnama and site maps were fabricated by police to falsely book the actor under the grave charge of culpable homicide not amounting to murder in the 2002-hit-and-run case. 

READ: Salman Khan 2002 hit-and-run case: Site map of 2002 mishap fabricated says Salman's lawyer

The HC is hearing an appeal filed by Salman who was awarded a five-year sentence on May 6 after a sessions court found him guilty of ramming his car into a shop in 2002, killing one person and injuring four others sleeping outside.

"The panchnama and site maps are fabricated and cannot be relied upon... These were prepared to invoke section 304 II of IPC (culpable homicide) and also to add the element of 'drunkness and rashness' to make the charges graver", argued Salman's lawyer Amit Desai.

"Not just this, the police and prosecuting agency had ignored the statement of Salman Khan's family driver Ashok Singh who has claimed that he was driving the car on the ill-fated day when the mishap occurred," Desai submitted.

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"Ashok Singh (Salman's driver and defence witness) came to you (Bandra police station)...You did not interrogate him, you did not record his statement, you have not cared to investigate," the lawyer said.

Moreover, crucial witnesses like Salman's actor-brother Sohail, who was with Salman at 'Rain Bar and Restaurant' and singer Kamaal Khan, who was also in the bar and in the actor's car when the mishap had occurred, were not examined in the court, Desai said.

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"Besides, police constable late Ravindra Patil's claim that there was a dent in a stutter at A-1 Bakery-American Express Laundry because of the impact of the accident, does not corroborate what Samba Gowda, the panch-witness, has said in his statement," the lawyer argued.

This panch-witness was not at the spot, the lawyer alleged. To prove this, he tabled before the court the damaged portion of the car's bumper and a piece of the shop's shutter. 

Desai said "there is a scratch but not a dent or a hole" as claimed by Ravindra Patil -- Salman's then bodyguard and the first informant who lodged FIR after the mishap.

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Signal that tells when labour about to begin

Signal that tells when labour about to begin (Getty Images)

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A cellular signal can tell doctors that a woman is about to go into labour, according to a study led by an Indian-origin scientist in the US.

Researchers from the University of Texas Medical Branch (UTMB) at Galveston uncovered the cellular signal in the amniotic fluid around the foetus that builds up when a pregnant woman is about to go into labour.

"The initiation of the birth process is complex. Several body systems maintain pregnancy through a delicate balance -- altering this balance tends to promote labour," said lead author Ramkumar Menon, assistant professor in UTMB department of obstetrics and gynecology.

Menon's team focused their investigation on telomeres, which are the parts of the DNA that protect our genetic data while cells are dividing.

These telomeres become shorter every time a cell divides, which hinders their ability to ensure that the new cells are identical to the parent cells.

This process is linked with the changes that take place in our bodies as we age. Over time, the telomeres become too short for the cell to divide and they become "senescent".

"We investigated whether the presence of senescent telomere fragments in the amniotic fluid around the foetus is linked with labour status, as we know that the telomeres continue to get shorter as the pregnancy progresses," Menon said.

Menon's team wanted to know what triggered a change in the delicate balance that had maintained a pregnancy.

"We began this study suspecting that the senescent cells cause oxidative stress-associated damages to the amniotic sac that create inflammation in the placenta," he said.

"We know from previous studies that inflammation can alter the balance of the mother's hormones in the uterus, triggering the labor process."

The researchers used telomere mimics, resembling those found in amniotic fluid, and conducted cellular analyses, finding more telomere fragments when a woman who was in labour compared to women who were at the end of their pregnancy but not yet in labour.

They report that as the foetus mature in the womb and nears term, placenta and other related tissues also age correspondingly due to telomere fragmentation and eventual loss.

The telomere fragments can increase sterile inflammation, as Menon termed, potentially signalling foetal maturity to trigger the process of labour and eventual delivery.

The findings were recently published injournal PLOS ONE.

Bharti Airtel's 4G services starting price Rs 25: Here's what is on offer

India's top telecom service provider Bharti Airtel on Thursday said it has commercially launched its fourth generation (4G) communications services in 296 towns across the country.

"With the help of the feedback received from the beta launches, we have now built India’s first commercial 4G network that will make high speed mobile broadband a reality," Gopal Vittal, managing director and chief executive officer of the company, said at the launch event here.

"The national roll-out today is another small step in our journey to be the most innovative and customer focused brand," he said, adding that the company's journey in 4G began with the launch in Kolkata in April 2012, followed by successive beta offerings in 51 cities.

"The roll-out will take place in few weeks."

To opt for Airtel 4G, customers have to switch to a 4G SIM

Here's all you need to know about the company's offerings:

1) According to the company, customers in the 296 towns will be able to experience high speed wireless broadband and get on to the digital superhighway to enjoy uninterrupted high definition video streaming, superfast uploading and downloading of movies, music and images.

2) The company is offering 4G at 3G data prices with packs starting at Rs 25. In addition, with every 4G SIM swap, Airtel is offering six months of unlimited music streaming and downloads on 'Wynk Music' and five free movies per month for six months on the Eros Now channel of 'Wynk Movies'.

3) 'Wynk Movies' is a new carrier agnostic mobile app, which it claimed was first-of-its-kind movie mall that will offer specially curated library of thousands of movies and other popular videos. This follows the successful launch of Wynk Music and establishes Airtel as the only mobile operator in India to offer OTT (Over-the-Top) mobile applications that work across carriers, the company claimed.

4) The company has introduced a new range of 'Infinity Plans' starting at Rs 999 -- high-end offers for unlimited voice calls on mobile along with data benefits and access to 'Wynk Movies' and 'Wynk Music'.

5) The company's capital expenditure for 2015-16 is a whopping$2.2 billion. However, it did not divulge the details on the money spent and intended to be spent in offering 4G services. Brokerage Emkay had in the post-earnings report said that it expects capex intensity to rise in India in the coming quarters.

6) To opt for Airtel 4G, customers have to switch to a 4G SIM.

7) Bharti Airtel has ramped up its 4G push ahead of the anticipated entry of Reliance Industries Ltd, which plans to start pan-India 4G services in December though Reliance Jio. "We are children of competition in a way and we work in a brutal marketplace which makes us better and sharper," Vittal told Business Standard in an interview. He also said he expects the prices of handsets to fall to Rs 4,500 or so due to competition.

Disclosure: Reliance Jio is owned by Reliance Industries, which publishes Firstpost

With inputs from IANS

Beef row: Hindu Sena chief Vishnu Gupta detained

Published at Wed Oct 28 2015 13:15 IST

NEW DELHI: 

Hindu Sena

 chief 

Vishnu Gupta

 was today detained by 

Delhi Police

 for allegedly making a false complaint that beef was being served at the 

Kerala house

 canteen here.

DCP (New Delhi) Jatin Narwal said that Vishnu Gupta is being questioned but did not disclose any further details.

The development comes a day after a major row erupted when Delhi police entered the Kerala House acting on the complaint, with a miffed Kerala Chief Minister Oommen Chandy condemning the "raid" as "highly objectionable". The Delhi Police and the Centre also came under attack from chief ministers Arvind Kejriwal and Mamata Banerjee.

Delhi Police Commissioner BS Bassi had yesterday said that police were contemplating action against the caller, Vishnu Gupta, under IPC Section 182 (false information, with intent to cause public servant to use his lawful power to the injury of another person).

He added that the PCR call regarding the beef complaint was given priority because it had the potential to disrupt harmony between communities and could have had "disastrous consequences", especially because of the "past record" of the caller, identified as Vishnu Gupta, national president of Hindu Sena.

"The caller was already in police's notice because of his past record," said Bassi, adding that the officials deployed outside Kerala House to keep a watch were instructed to take preventive action in case Vishnu Gupta and his associates were caught doing any "mischief".

Let (writers) stop writing, then we will see: Culture Minister Mahesh Sharma

Besides, two Kannada writers, G N Ranganatha Rao and D N Srinath, returned Sahitya Akademi prizes for translation, while theatre artist Maya Krishna Rao returned her Sangeet Natak Akademi award.

Written by Ashutosh Bhardwaj | New Delhi |Updated: October 13, 2015 6:10 am

Speaking to The Indian Express, Sharma said: “This is an award given by writers to writers. It has nothing to do with the government. It is their personal choice to return it… we accept it.”

As more writers returned their Sahitya Akademi awards on Monday to protest against the silence of the central government and the Akademi over the threat to free speech, Culture Minister Mahesh Sharma struck back, saying, “If they say they are unable to write, let them first stop writing. We will then see.”

Speaking to The Indian Express, Sharma said: “This is an award given by writers to writers. It has nothing to do with the government. It is their personal choice to return it… we accept it.”

Meanwhile, the Akademi called an emergency meeting of its executive board on October 23 to discuss the situation.

Kashmiri writer Ghulam Nabi Khayal, noted Gujarati poet Anil Joshi, Kannada writer Rahamath Tarikere and five writers from Punjab — Surjit Patar, Chaman Lal, Baldev Singh Sadaknama, Jaswinder and Darshan Buttar — on Monday joined the list of writers who have decided to return their Akademi awards, taking the total number to 23.

Shanghai Open 2015: Roger Federer knocked-out by Albert Ramos-Vinolas

Published at Tue Oct 13 2015 20:46 IST

Defending champion Roger Federer suffered a shock defeat by the hands of Spain's Albert Ramos-Vinolas in the second round of 2015 Shanghai Open, losing the match 7-6(4) 2-6 6-3.

World number three and defending championRoger Federer suffered a surprise defeat in the second round of the Shanghai Masters on Tuesday, losing 7-6(4) 2-6 6-3 to Spain's Albert Ramos-Vinolas.

The Swiss, returning to action after a month off, looked rusty against the 70th-ranked qualifier and despite appearing to be back on track when he cruised through the second set, he succumbed in the decider to a single break of serve in the eighth game.

U.S. Open runner-up Federer, 34, banged down 15 aces and won more points than his opponent but a lack of sharpness at crucial moments sent him spinning to defeat. Ramos-Vinolas, 27, had never beaten a player ranked in the top 10 before. His reward for some fearless tennis was a third-round meeting with Frenchman Jo-Wilfried Tsonga who outclassed Victor Estrella Burgos in straight sets.

"I'm really happy to beat Roger Federer," Ramos-Vinolas told the ATP's website (www.atpworldtour.com). "I didn't expect it during the match. After the second set I thought I would lose. But I played really good. I was very solid with my serve in the third set. I am very happy because it's the most important victory for me."

Ninth seed Milos Raonic, one of several players hovering around the cut-off mark for the year-ending ATP World Tour Finals in London, reached the second round when he came through against Brazil's Thomaz Bellucci in two tie-breaks.

South Africa's Kevin Anderson, seeded 12, beat German veteran Tommy Haas in straight sets. Top seed Novak Djokovic, fresh from winning a sixth Beijing title, begins on Wednesday against Slovakia's Martin Klizan.

Andy Murray, seeded three despite moving above Federer in the rankings, plays American Steve Johnson on Wednesday.

Government plans I-T software to track black money trail

PTI | Oct 13, 2015, 05.19PM IST

PTIThe Income Tax Business Application-Permanent Account Number (ITBA-PAN), which is under testing at present, will allow the I-T department to view the PAN life cycle summary of any individual or entity.

NEW DELHI: Government is set to unveil an ambitious PAN activity monitoring and analysis software tool that will enable Income Tax department to check transactions history of a person country-wide and help sleuths in effective tracking of black money trail.

The digital and smart platform is called the Income Tax Business Application-Permanent Account Number (ITBA-PAN) and is currently being put to final tests by a special team of tax sleuths and business software analysts at a facility in the national capital.

The new software tool will enable the taxman to view, in a chronological order, the entire "PAN life cycle summary" or to simply say transactions history of an individual or entity where a PAN number has been quoted, in any part of the country.

The project is expected to be activated by the end of this month by the Finance Ministry and will also enable the tax department and its two intermediary organizations -- NSDL and UTIITSL -- to allocate a fresh PAN number and subsequently issue a new card in 48 hours flat as compared to the about 15 days time taken currently.

The operationalization of the project assumes significance as finance minister Arun Jaitley had recently said that the government is at an "advanced stage in considering the requirement of furnishing PAN card details if cash transactions beyond a certain limit are undertaken."

The department, in order to enhance its capabilities to better track large value transactions in the country, has brought the ITBA-PAN portal and has for the same has also closed down its "legacy" and the existing Assessee Information System (AIS) early this month which till now used to hold the PAN database.

The new platform, according to an official proposal accessed by PTI, will also allow the taxman to view and capture various events of an assessee like "death, liquidation, dissolution, de-merger, merger, acquisition, fake PAN or amalgamation of PAN" in a specific or general case in an event of any investigation to be carried out in a case of black money or tax evasion.

"The ambitious project will be rolled out soon and the I-T department has already migrated all the PAN data last week from the old system to the new one. With this project going operational, PAN will become a unique identifying database in the real sense all across the country," a senior official said.

India, Singapore to sign strategic partnership agreement during Modi's visit

Sachin Parashar,TNN | Oct 13, 2015, 05.23AM IST

PM Narendra Modi will visit Singapore in November.

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NEW DELHI: Singapore is looking forward to signing a strategic partnership agreement with India when PM Narendra Modi visits the country next month, its foreign minister Vivian Balakrishnan said on Monday.

Balakrishnan, who took over as Singapore's new foreign minister after the recent elections, said the agreement was going to be one of the highlights of Modi's three-day visit starting November 23.

Balakrishnan was here for the India-Singapore 4th joint ministerial committee meeting which he co-chaired along with his counterpart Sushma Swaraj.

"The strategic partnership will come with deliverables and concrete outcomes with focus on urban solutions, smart cities and knowledge and skill transfer,'' said Balakrishnan after the meeting.

Talking to journalists about skill centres being developed by Singapore in Delhi and Udaipur, Balakrishnan said he noticed a new dynamism in India and that Singapore was looking to make a small but "hopefully significant'' role in areas India was focusing on.

According to Singapore, the strategic partnership agreement would comprise expansion of cooperation in five main areas: scaling up investment and trade; speeding up air and maritime connectivity; smart city development and urban rejuvenation; skills development and capacity building and state focus to strengthen business and cultural links.

"As part of the strategic partnership discussions, minister Balakrishnan updated minister Swaraj on Singapore's contributions to India in the areas of smart cities and skills development, for example, Singapore's master planning of Amravati, Andhra Pradesh's new capital city, and support of the Centre of Excellence in Tourism Training in Udaipur, Rajasthan. Both ministers agreed on the need to enhance economic cooperation, including expanding trade and investment between the two countries,'' said a statement issued by the Singapore foreign ministry.

Modi had on Sunday laid the foundation stone for a new container at the Jawaharlal Nehru Port Trust in Mumbai which is being partly funded by Singapore.

Modi is actively seeking support from Singapore, which is now India's second largest source for FDI and 10th largest trading partner, in some of the areas he wants to focus on including ports, smart cities, skill development, water and waste management.

Rajinikanth's 'Enthiran 2' to be made on Rs 150 crore budget with Arnold Schwarzenegger as villain?

Actress Amy Jackson has been roped in as the female lead for the film.

Rajinikanth as Enthiran

The Tamil filmindustry is abuzz with news about Superstar Rajinikanth’s upcoming film with director Shankar. Enthiran 2, a 3D film, is being produced by Lyca and is said to have a budget of Rs 150 crore. As of now, director Shankar is keeping all cards close to his chest but it looks like the film's script has come out very well.

There is talk that the role of the villain in this movie is as important as Rajinikanth’s. Hollywood’s Arnold Schwarzenegger is reportedly in talks to play the villain. This role was first offered to Kamal Haasan but since he didn’t take it up, Shankar decided to approach Schwarzenegger. But industry sources say that because Schwarzenegger’s fee is very high it’s likely it might not work out.

The team is said to be looking for alternatives in Bollywood and names of actors like John Abraham are being floated around. Director Shankar is said to be looking for an actor with tremendous screen presence to play the villain in Enthiran 2. 

Actress Amy Jackson has been confirmed for the project. A source told dna, “Director Shankar was keen on a Bollywood actress forEnthiran 2. They had approached Deepika Padukone and Katrina Kaif for the film. Unfortunately, he needed bulk dates. Both the actresses have numerous other projects on hand and it didn’t work out.” 

Music maestro AR Rahman has been signed on and VFX guru Srinivas Mohan has also been roped in. Editor Anthony is working on this project while Nirav Shah will helm the camera. Apparently, Shankar wanted a Hollywood company to do all the special effects but he had budget constraints.

Superstar Rajinikanth had reportedly said “Idhu verai level” about Enthiran 2, meaning that he feels the film is at another level altogether. The film is set to roll in January 2016. It's likely to take two-and-a-half years to complete. 

Sachin Tendulkar launches initiative for children’s hygine

Published at Mon Oct 12 2015 21:16 IST

Press Trust of India

October 12, 2015, 9:04 pm

Sachin Tendulkar was promoting the “wash in school” drive aimed at bringing down the death toll from poor sanitation © PTI

Colombo: Indian cricket icon Sachin Tendulkarlaunched an initiative aimed at improving hygiene among children in South Asia, where millions have no access to toilets. Tendulkar, a goodwill ambassador for the United Nations Children’s Fund (UNICEF), was promoting the “wash in school” drive aimed at bringing down the death toll from poor sanitation. He showed local children at a hotel here how to use soap and water to wash their hands before meals and avoid the risk of disease. “My mother never allowed me to eat before washing hands! We must ensure all children learn such habits,” Tendulkar was quoted as saying by official twitter handle of UNICEF Sri Lanka. Sachin Tendulkar, Shane Warne starrer Cricket All Stars T20 league recieves Coldplay’s backing

“I’m batting for @UNICEF against diarrhoeal diseases in e second innings of my life. With #cricket I had 11 in my team but in fighting diarrhoeal diseases we are all team players!,” he said in the tweets. Sri Lankan cricket legend Muttiah Muralitharan was also present on the occasion and both took time out to play cricket with school students. Sachin Tendulkar believes Indian cricket moving in right direction

Earlier, he reckons that Indian cricket is moving in “good direction” though there is still room for improvement. Tendulkar said as long as there is drive, things will be on track for the young team Indian team, which is currently engaged in a home series against South Africa. “Yeah, it has been moving in good direction. I definitely feel we need to play better cricket and there is room for improvement. As long as there is drive, things will be on track,” Tendulkar said when specifically asked whether he was happy with the direction Indian cricket has taken after his retirement, reported PTI.

IBM sets up public data centre in Chennai

BENGALURU: Technology giant IBM has launched a public data centre in Chennai to tap into the growing demand from financial services and government sectors.

Part of the company's global investment of $1.2 billion, it is IBM's second such centre in India. The first one in Mumbai offers private cloud computing services. Its cloud clients include Tata Sky, Bharat Light and Power, Janalakshmi Financial Services and Mankind Pharma.

"With a local onramp to IBM Cloud, Indian customers, especially those in regulated industries, gain more flexibility to store and compute data within the country," IBM Cloud senior vice president Robert LeBlanc said.

This is IBM's 42nd data centre in its network, providing users with performance and disaster recovery to ensure business continuity, he added.

He, however, did not disclose details about specific investments on the centre and the size of the centre.

IBM has cloud centres in cities such as London, Beijing, Melbourne, Toronto and Dallas.

The centre will help IBM tap into government initiatives like 'Digital India' and 'Smart Cities'. It will also enable the company to tap into data sensitive sectors like banking, financial services and telecom that often mandate that data be hosted in local data centres.

Earlier this year, Microsoft had also announced setting up of three local data centres in India to tap into what it believes is a $2 trillion cloud opportunity.

"India's cloud market is poised for exponential growth... The Chennai data centre will support India's growing customer demand for in-country cloud solutions with faster network speeds," LeBlanc said.

IBM has also partnered IT industry body Nasscom for the latter's 10,000 startups initiative.

"In an effort to accelerate digital transformation both at the enterprise and startup level, IBM is establishing a partnership with Nasscom to launch Techstartup.in, a digital hub wherein the entire Indian startup ecosystem, including angels, mentors, investors, academia and venture capitalists, can interact with each other to grow the cloud market," IBM GM, cloud ecosystem and developers, Sandy Carter said.

Highlighting the role that the Chennai data centre can play for startups, LeBlanc said developers and startups are an integral part of India's ecosystem and key to Digital India initiative.

A study suggests that by 2018, India will have 5.2 million developers, surpassing the US, he said.

"This growth will only increase as thousands of startups are expected to establish themselves in India, generating employment opportunities. This will not only pave the way for innovative services, but will also act as a major booster for the development of the Indian economy," he added.

IBM has also launched two initiatives -- Works Premium and a cloud certification programme -- to enable developers with tools and skills to compete and innovate in the global marketplace.

India ranks third in global startup ecosystem: Nasscom

13 Oct, 2015, 2128 hrs IST, PTI

Chairman Azim Premji , Chairman and Managing Director and Kumar Mangalam Birla, Aditya Birla Gruop Chairman at a NASSCOM conference.

BENGALURU: India ranks third among global startup ecosystems with more than 4,200 new-age companies, IT industry bodyNasscom said today.

Nasscom along with Zinnov today launched the second edition of the start-up report titled "Start-up India - Momentous Rise of the Indian Start-up Ecosystem" on the sidelines of Nasscom Product Conclave 2015 here.

"It has been a good year and in a sense a landmark year for the startup ecosystem. Last time when we met we were the fourth largest in the world, right now we are the third largest," Nasscom President R Chandrashekhar told reporters here.

Releasing the report, he said "three to four startups being born every day, and nearly five billion dollars of funding coming in 2015. The emergence of the Unicorns that is the over billion dollar valuation privately held companies...have created a lot of confidence".

"Conditions in India- connected India- the large number of people coming on to the internet and the consumer base is driving all this growth. We are seeing the multiplier effects of the startup programme," he added.

Noting that India is just after the US and the UK, Chandrashekar said, "Israel is the country that we have just overtaken and if all goes well next year we will be second."

According to the report, Indian technology start-ups landscape has seen a "tremendous" growth in the emergence of innovative start-ups and creative entrepreneurs.

In terms of providing a conducive ecosystem for the start-ups to thrive, India has moved up to third position and has emerged the fastest growing base of start-ups worldwide, Nasscom officials said.

India is one amongst the first five largest startup communities in the world with the number of start-ups crossing 4,200, a growth of 40 per cent, by the end of 2015, he added.

Stating all these things doesn't mean everything is fine, Chandrashekhar said "we think we are doing well, but we can do a whole lot better, I think the potential is much greater."

He said keeping this in mind Nasscom has tried to collate things that needs to be done, policy enablers that need to be put in place so as to ensure full potential.

"We have submitted the 10-point recommendation to the government, what we have been given to understand is - the government is now formulating its own policy in this regard and we understand in the next couple of months that would be shared by the government," Chandrashekar said.

"We have had discussion both with the Department of Industrial Policy and Promotion as well as the NITI Aayog regarding this," he added.

Chandrashekar listed out the recommendations Nasscom had made to the government said the first is to define what a technology startup is - what is included in it, what is not along with a set of suggestions.

Second is on taxation, he said. There are a number of issues relating to taxation and there is need for integrated approach to tax, so that tax regime is achieved supportive of the whole tax startup ecosystem.

"This includes things like tax liability from TDS, startups having to pay TDS even before they get decent revenues, service tax, VAT, MAT, income tax, ESOPs, barriers to ESOPs, the new corporate law and way the angelinvestments are taxed...," he added.

He also said Nasscom has suggested simpler and easier ways for starting, operating and closing the company. "Making it simpler and easier to file, moniter and verify; more reliant on self declarations rather than audits and inspections."

On funding - enabling access to risk capital and debt funding, Chandrashekar said "we are actually seeing lot of these fundings from overseas. There is need to support the increase in the share of domestic fund in the alternative investments also."

He also stressed on the need to align India's angel framework with global practices like how it is taxed and at what point it is taxed.

Noting that the 10-point programme also includes issues relating to online transactions, Chandrashekar said "we have also suggested on the importance of creation of incubation facilities".

Stating that the significant percentage of startups are focused on Indian and overseas markets, he said there is need for support on market access and also training in areas where they need supplementation.

Chandrashekar pointed out that startups are creating impact in core areas, critical areas from the national point of view like in electronics and defence. Therefore IPR regime and how the support is given for acquisition of IPR is another important and critical area for continuing the growth.

He also stressed the need for branding exercise and said "we need to brand India as startup nation.We are already known as the IT nation- we need to re brand it as IT and innovation and that's what startups are bringing to the table."

Nasscom from its report also said with 100 per cent growth in number of private equity, venture capitalists, angel investors along with 125 per cent growth in funding over last year, Indian start-up ecosystem has risen to the next level.

The total funding in India based start-ups is estimated to be nearly $5 billion by 2015, it said, adding that various central and state government start-up initiatives are further supporting this progressive phase of start-ups in India.

Other key highlights of the study report include- India is the youngest start-up nation in the world and 72 per cent of the founders are less than 35 years old.

It also says more than 50 per cent of the 1,200 startups focus on e-com, consumer services and aggregators; and female founders and co-founders in startup ecosystem is around nine per cent.

Bank of Baroda scam: CBI, ED arrest six including HDFC official

Last Updated: Tuesday, October 13, 2015 - 20:40

New Delhi: CBI and Enforcement Directoratehave arrested six persons including two officials of a Bank of Baroda branch here in connection with Rs 6,000 crore alleged illegal remittances to Hong Kong through the bank.

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In Bank of Baroda Scam, Enforcement Directorate Arrested Big People

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CBI sources said AGM S K Garg and Jainish Dubey, who headed the Foreign Exchange division at BoB's branch in Ashok Vihar here were arrested for criminal conspiracy, cheating and provisions of the Prevention of Corruption Act.

ALSO READ: CBI arrests Bank of Baroda AGM, forex operations chief

On the other side, Enforcement Directorate arrested four persons, including an HDFC bank employee, in connection with the case.

The Directorate arrested arrested Kamal Kalra, working with the foreign exchange division of HDFC bank, Chandan Bhatia, Gurucharan Singh Dhawan and Sanjay Aggarwal after marathon questioning at its office here.

Emails sent to HDFC bank for its reaction did not elicit a response.

ALSO READ: Bank of Baroda laundering case: HDFC Bank's official among 4 arrested by ED

The sources claimed the agency has prima facie information about their alleged involvement and pecuniary gains in facilitating these transfers which are still being probe.

Both of the officials were arrested after detailed questioning in connection with the case, they said.

The CBI FIR had alleged that "59 current account holders and unknown bank officials conspired to send overseas remittances, mostly to Hong Kong, of foreign exchange worth approximately Rs 6,000 crore in illegal and irregular manner in violation of established banking norms under the garb of payments towards suspected non-existent imports".

ALSO READ: Jayakumar takes over as MD and CEO of Bank of Baroda

CBI sources had found that the Ashok Vihar branch of the bank was a relatively new one which had got the permission to entertain forex transactions only in 2013.

The agency had said these remittances were sent by splitting them into amounts below one lakh USD to avoid automatic detection by software used by banks to alert them about such transactions.

CBI found that an estimated Rs 6,000 crore was transferred through nearly 8,000 transactions done between July, 2014 and July, 2015. While CBI is probing the corruption angle in the funds transfer case, ED is looking at the case to check money laundering and hawala.

Enforcement Directorate sources have termed it to be a

case of trade-based money laundering, where accused traders evade custom duties and taxes to generate slush funds.

All the accused arrested by it, ED sources said, were alleged middlemen for at least 15 fake companies, out of the total 59 which were involved in the perpetrating of the economic crime unearthed recently.

Sources said the four allegedly connived with each other in "forming" fake companies and business entities in Hong Kong by "over valuing" the export value and subsequently claiming duty drawbacks.

While ED investigations under the Prevention of Money Laundering Act (PMLA) claimed that the HDFC employee was allegedly helping Bhatia and Aggarwal for remitting the amount through BoB against a commission of 30-50 paise per US dollar remitted abroad, Bhatia was allegedly instrumental in forming the companies in India and used to remit money to companies based at Hong Kong and was working with Dhawan, an exporter of ready-made garments.

They alleged Aggarwal was successful in sending tainted foreign remittances worth Rs 430 crore through the BoB branch in Ashok Vihar in a short span of time.

Sources said more arrests of similar middlemen and other operatives, including BoB employees, could take place in the near future.

ED is also probing the case for forex contraventions under the Foreign Exchange Management Act (FEMA).

The Directorate said BoB yesterday informed it that "the total amount deposited in the 59 accounts is Rs 5,151 crore and only 6.66 percent (Rs 343 crore) of this amount has been deposited in cash in the bank while remaining amount of Rs 4,808 crore came through other banking channels."

The agency said Dhawan allegedly obtained "duty drawback to the tune of Rs 15 crore in a short period of 6-7 months" and was in the process of putting in similar applications before the act was caught.

ED is now investigating further to check the activities of the remaining suspected 44 fake firms which pumped in money to overseas locations in a similar manner.

Directorate sleuths had participated in a search operations conducted on accused BoB executives last week and had seized a number of documents.

Daredevil pair fly off mountain in wingsuits

Graham Dickinson is no stranger to thrill-seeking adventures, and his latest stunt is no exception. 

Dickinson and a fellow daredevil, Dario Zanon, jumped off a cliff in Chamonix-Mont-Blanc, France, in wingsuits. The pair filmed the whole thing on GoPro helmet cameras. 

While watching, just try not to hold your breath as Dickinson comes dangerously close to colliding with the rocky terrain around him. 

Now, just in case you think the video is a fake, think again. Dickinson will be releasing the rear-facing video from his GoPro showing Zanon following him through the air. 

All right, everyone, please don’t try this at home. These guys are professionals!

Andhra Pradesh signs MoUs for 8 tourism projects worth Rs 1,240 crore

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Andhra Pradesh signs MoUs for 8 tourism projects worth Rs 1,240 crore

Saturday, 10 October 2015 - 9:30pm IST | Place: Vijayawada | Agency: PTI

The Memorandum of Understandings (MoUs) were signed by Principal Secretary (Tourism) Neerab Kumar in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu.

Representational image

The Andhra Pradeshgovernment on Saturday signed agreements with private players to take up eighttourism projectswith an investmentof Rs 1,240 crore.

The Memorandum of Understandings (MoUs) were signed by Principal Secretary (Tourism) Neerab Kumar in the presence of Andhra Pradesh Chief Minister N Chandrababu Naidu.

S L World, Mumbai signed an MoU for Rs 800 crore to establish amusement, water world parks at Vijayawada, Tirupati and Visakhapatnam.

Sai Priya Beach Resorts signed the pact to establish a beach resort at Rishikonda in Visakhapatnam with an investment of Rs 50 crore, an official release said.

"VSNL Estates Private Limited signed an MoU to start five and three star hotels in Vijayawada with an investment of Rs 300 crore. Poli Sunitha signed (pact) to start a wayside restaurant at Kadapa with an outlay of Rs 5 crore.

"Bliss Hotels signed an MoU to establish star hotels at Tirupati with an investment of Rs 8 crore," it said.

Naidu asked the private companies to complete the projects within a stipulated period as agreed, it added. 

China's slowdown would hit Asia-Pacific region hard: IMF

Updated: October 10, 2015 11:14 IST | PTI

    

The IMF today warned that a sharp economic slowdown in China would hit not only the world’s second largest economy but also the rest of Asia-Pacific region hard.

“Given the sheer size of the Chinese economy, a negative growth shock there would hit the rest of Asia-Pacific region hard,” the International Monetary Fund (IMF) said in its Asia and Pacific Regional Economic Outlook Update released here on the sidelines of the annual fall meeting of the IMF and the World Bank.

Such a shock could come from failure to fully implement reforms (owing to reform fatigue, for instance) or from financial shocks and stronger-than envisaged financial linkages, which could make policy measures less effective in containing the domestic financial contagion, the report said.

Ongoing efforts to rebalance the Chinese economy could also prove less effective than anticipated, leading to a sharp drop in demand, it noted, adding that a sharp slowdown in China would pose regional growth risks through strong trade linkages and increasingly through impacts on financial market sentiment.

“Econometric estimates accounting for trade and financial linkages between China and the rest of Asia indicate that spillovers could be sizeable, with a 1 percentage point drop in China’s GDP growth lowering Asia’s GDP growth by about 0.3 percentage points,” it said.

The effects could be potentially greater today given the growing linkages within the region, the IMF said, observing that weaker commodity prices would also impact growth in commodity exporters including Australia, Indonesia, Malaysia, and New Zealand.

Weak domestic demand in China suppresses its imports, increasing the risk of sharper-than-expected slowdown in its economy with global ripple effects, the economic outlook said.

Also weak demand in China’s export destinations, including core advanced economies, reduces China’s exports and also imports with it, given the role China has played as the key downstream leg in global value chains.

IMF said China continues to rebalance its economy toward domestic consumption and services and away from credit-led investment.

From the heydays double digit growth, China’s economy had declined to 7.7 per cent in both 2012 and 2013, the slowest pace since 1999 largely affected by the world economic crisis and declining exports due to global economic slowdown.

Last month, China had trimmed its growth estimate for 2014 to 7.3 per cent from 7.4 per cent, already the weakest in 25 years, in a move set to spark concerns about the health of the world’s second-largest economy days after fears of a slowdown triggered global stock market panic.

Urinary infection may cause falls in older people

Urinary infection may cause falls in older people (Getty Images)

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Not just a loose throw rug or poor eyesight, even bloodstream, respiratory and urinary infections can cause falls, especially in older people, says a study.

The findings also suggest that while these falls may be more common in the elderly, they shouldn't be overlooked in younger people - 20 percent of patients in the study were younger than 65.

"Over the years I have been struck by the fact that some of the more serious infections I treated were in people who came to the hospital because they fell," said principle investigator of the study Farrin Manian from Massachusetts General Hospital in Boston, US.

"Even though many of the patients had vague early signs of an infection, such as weakness, or lethargy, it was the fall that brought them in," Manian noted.

People can fall down because the infection may cause low blood pressure - and therefore lightheadedness and dizziness - or because it adds to confusion in older patients with dementia, according to the researchers.

They analysed 161 patients who went to the emergency room because they fell and were subsequently diagnosed with a coexisting infection.

Of those, 71 (44.1 percent) had a urinary tract infection, 64 (39.8 percent) had a bloodstream infection, 37 (23.0 percent) had a respiratory infection and nine (5.6 percent) had an infection of the heart valve.

The findings suggest that family members, care givers and healthcare providers shouldn't rush to judgement about the cause of a fall, particularly in an older person, and should consider whether the person was ill or not feeling well before the incident happened to ensure the patient is diagnosed appropriately and can receive timely treatment.

The study was presented at IDWeek 2015 conference in San Diego, California in the US.

WARNING SIGNS THAT YOUR LIFE LACKS A CONSISTENT VISION

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WARNING SIGNS THAT YOUR LIFE LACKS A CONSISTENT VISION

You don’t know what to do at the start of the day.

External events determine how you schedule and spend your time. Sure, you eventually jump into something, but your priorities are not your own. You find yourself responding more than initiating.

You are preoccupied with tactics and short-term opportunities.

Instead of seeing the long-term goal, you see only 2-3 steps ahead. You are a tactician instead of a strategist, in other words. There is no master plan.

You are disillusioned with the things that used to bring you joy.

What once made you happy is no longer sufficient. You do the same things you used to, but without the same feelings of anticipation and enjoyment.

You are envious of other people’s success.

Instead of feeling happy for them, you feel resentful. You find reasons why they don’t deserve their success, and you feel mad at the world for giving it to them.

You can’t “take the win.”

When something goes well, you fail to appreciate it. When something goes wrong, it feels like a disaster instead of a setback.

You disengage.

You choose not to connect with friends and allies. Your sleeping and eating habits may even change—either you can’t sleep or eat, or you sleep or eat too much.

Lesson: The precursor to change is admitting that something is wrong. The next step is to correct the problem. For best results, avoid insanity

Life on Mars: Nasa unveils plans for human colonies by 2030s

Last updated 18:01 10/10/2015

SARAH KNAPTON

NASA says dark, narrow streaks flowing downhill on Mars were almost certainly formed by flowing water.

NASA

Humans will be living and working on Mars in colonies independent of Earth by the 2030s, claims Nasa.

The US space organisation on Friday released its plan for establishing permanent settlements on the Red Planet, setting out in detail how it aims to create "deep-space habitation facilities" to act as stepping stones to Mars.

In a report entitled Journey to Mars, Nasa said the mission was a "historic pioneering endeavour" similar to the settlers in America and the Moon landing.

"Like the Apollo programme, we embark on this journey for all humanity," the report states. "Unlike Apollo, we will be going to stay.

"Efforts made today and in the next decade will lay the foundation for an Earth independent, sustained presence in deep space. Living and working in space require accepting risk and the journey is worth the risk."

Nasa has divided the challenge of getting to Mars into three stages; Earth reliant, proving ground and Earth independent. The space agency is gathering information from experiments aboard the International Space Station, so that crews can live in deep space without health problems from radiation and the effects of micro-gravity.

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The first experiments away from the ISS will take place in the area of space around the Moon, before missions begin venturing further afield. In the final step human missions will be sent into Mars's orbit or one of its moons, before crews land on the Martian surface and set up colonies using modular architecture and 3D printing.

Nasa says it is designing "powerful transportation" system which will involve solar electric propulsion.

Mars scientists will be following closely the upcoming Asteroid Redirect Mission, which seeks to use solar propulsion to bring an asteroid into lunar orbit where it can be studied.

Probes and robotic rovers such as Curiosity have been on or around Mars for 40 years and Nasa will continue to send new landers to gather information about the planet.

Recent discoveries have shown that salt water which could sustain life is likely to be flowing on Mars.

The remains of ancient lakes and river beds are also present.

Three steps to Mars How colonies will be set up

- Earth reliant (2010s) - exploration focused on International Space Station testing technology and conducting human health and behavioural experiments.

Development of advanced communication systems and 3D printing.

- Proving ground (2020s) - establish a deep space base and begin a series of exploration missions to Mars. Develop supply chains to Mars.

- Earth Independent (2030s) - establish a long-term colony on Mars, harvesting planetary resources to create fuel, water, oxygen and building materials. 3D printing will be used in creating modular architecture.

Improve communication systems so there is only a 20 minute delay in contacting Earth.

Mamata plans to build country’s longest flyover

HT Correspondent, Hindustan Times, Kolkata|Updated: Oct 10, 2015 16:07 IST

The Park Circus-Parama Island flyover, the longest in Bengal at 4.3 km, was inaugurated by chief minister Mamata Banerjee on Friday.(Subhendu Ghosh/HT photo)

On a day Bengal got its longest flyover connecting Park Circus with Parama Island, chief minister Mamata Banerjee vowed to go one better and mooted the country’s longest flyover linking Batanagar to Joka and Garia and spanning more than 30 km.

Speaking at the inauguration of the 4.3 km-long Park CircusParama Island flyover on Friday, the chief minister claimed that Bengal, on her watch, has made rapid strides on the infrastructure front and posted a 600% rise in roads and highway projects.

“Work has already started on a 7.4 km flyover that will connect Jinjirabazar near Taratala with Batanagar. If fund permits, I plan to take out one flank from this flyover and extend it up to Joka.

Another flank will connect Taratala with Tollygung e Phanri, Anwar Shah Road and Jadavpur and go right up to Garia,” Mamata said.

Experts said that if the ambitious flyover project, linking Batanagar to Garia via Joka, does take off, it will span more than 30 km and rank as the longest in the country. Plans are also afoot to widen the 10-km stretch of Budge Budge Trunk Road leading to the double-lane flyover.

Once all its flanks are thrown open to the commuting public, the Park Circus-Parama Island will extend 9.1 km, the longest in Bengal.

At present, the three longest flyovers in the country are the PVNR flyover in Hyderabad measuring 11.6 km, Hosur Road Elevated Expressway in Bangalore measuring 10 km and the East Coast Elevated Expressway measuring 9.7 km.

Claiming that the transport infrastructure and traffic condition in Kolkata are far better than other metros including Delhi, Mumbai and Bangalore, the chief minister said: “There has been a 600% growth in infrastructure projects since our government took charge four years back. Several more projects are in the pipeline.”

She said work is on in full swing on a series of other infrastructure projects that would add to the road space in Kolkata and its outskirts. The projects include Baranagar-Noapara-Barrackpore Metro link, East– West Metro, Bus Rapid Transit System and Kamalgazi flyover connecting Baruipur among others.

“Over the next two to three years, things (read: the transport and infrastructure scene in Bengal) will change drastically as a bouquet of projects will see the light of day. There won’t be any traffic problem,” Mamata said.

The state government has already flagged off around 1250 new buses and 14,000 no-refusal taxis to add to the existing transport fleet in the city. At least 20 multi-specialty hospitals are already in various stages of implementation and will be ready soon.

“I have also asked the Kolkata Police top brass to come up with plans to ease traffic congestion in parts of central and south Kolkata,” Mamata said.

She lashed out at the Centre and the erstwhile Left Front government claiming that while the Front regime saddled the state with a huge debt burden, the Centre is taking away a sizeable chunk of revenues generated by her government.

“In 2011, we (the Bengal government) earned Rs 21,000 crore and the Centre took away Rs 20,000 crore. In 2012, we generated revenues worth Rs 28,000 crore and the Centre took away Rs 25,000 crore. In 2013, we earned Rs 40,000 crore and the Centre took away Rs 28,000 crore,” Mamata said.

“As for the opposition parties, they are jealous of our achievements. Jealously has no cure. They are just earning their keep by showing their faces on television channels and criticising our government,” Mamata said.

Omung Kumar plans to screen Sarabjit biopic at Cannes next year

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Mary Kom director Omung Kumar says that he plans to take his biopic based on the life of Sarabjit Singh, an Indian convict who died in a Pakistani prison, to the prestigious Cannes International Film Festival in France next year.

READ: Omung Kumar celebrates National Award win, Priyanka absent

"National Award was unexpected for me and I have always thought about Oscars so let's see. We're thinking to open it (the film) in Cannes on May 20," said Kumar.

Sarabjit Singh, an Indian farmer who was convicted of terrorism and spying in Pakistan, was sentenced to death. He was attacked by inmates at a prison in Lahore in April 2013, and died a few days later.

The biopic is from the point of view of Sarabjit's sister Dalbir Kaur, to be played by Aishwarya Rai Bachchan, who endured severe hardship in trying to get her brother released. The title role will be played by Randeep Hooda.

Kumar says her wish is that Sarabjit biopic gets the same appreciation like Mary Kom or perhaps even more.

"Obviously there is pressure as Mary Komhad delivered and now people want to know if Sarabjit is just another biopic or will rise above it. We're wishing for and hoping that it works off well," he said.

Kumar will start start the shooting of the film in the first week of December in Punjab.

Impressive Vijender Singh off to a flying start in pro career, wins by RSC over Sonny Whiting

Published at Sat Oct 10 2015 23:18 IST

New Delhi: It may not go down as the history making moment, but will certainly be remembered as a watershed moment for Indian professional boxing. Former Olympic championVijender Singh made a successful foray into professional ring with an easy win over Sonny Whiting of Britain.

In his debut middleweight pro bout, the Indian boxer registered a thumping win over Whiting -- a three-bouts old in the circuit who had a 2-1 win-loss record -- with referee stopping the contest in the penultimate round for a technical knockout win in Manchester.

Vijender entered the ring with a high beat Punjabi song blazing to the applause of a sizeable number of supporters. Wearing a green and white shorts but without head-gear, he soon got into the action, cornering his opponent with a couple of early body blows. Just before the end of first round, Vijender landed a couple of left-right combination jabs which unsettled the Briton for moments.

Whiting seemed to start the second round sprightly, but failed to keep up the tempo and soon conceded the grounds, falling on the ropes as Vijender increased the attack. Towards the end of the round, Whiting tried to fight back, only to find the Indian boxer ducking couple of close throws thanks to some quick footworks.

Vijender somehow allowed his opponent to attack him as the third round started with a flurry punches from the Briton. But the Olympic medalist from India invoked his pedigree with a barrage of cuts and straight jabs to force the referee to stop the contest.

For the record, Vijender created history as an amateur by becoming India's first Olympic and World Championships medallist. And with the win, he can finally put to rest all the negative press he had received recently for turning professional.

After signing up with Queensberry Promotions in July, the 29-year-old was training under renowned Lee Beard, who was formerly associated with stars like Ricky Hatton and Floyd Mayweather Sr.

Q2 earnings to set tone for markets

Rising for a second straight week, benchmark indices clinched their biggest weekly gain in nearly four months since June 19 after the US Fed hinted that it won’t raise interest rates soon. Further, rebound in global commodity prices during the week has also aided the sentiment.

For the week end October 9, the BSE Sensex reclaimed its psychological level of 27,000 and rose 3.27 per cent or 858 points to end at 27,080. The Sensex had gained 3.3 per cent in the week ended June 19. The CNX Nifty reclaimed 8,000-mark to settle at 8,190, up by 239 points or three per cent.

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The broader markets, however, underperformed their larger peers. The BSE Mid-cap Index finished 1.1 per cent up at 10,938, while the BSE Small-cap Index settled 2.7 per cent up at 11,349. Meanwhile, market players’ sentiment was also bolstered as a plethora of commercial banks offered a reduction in their base rate in the wake of a more-than-expected 50 basis points (bps) cut in the repo rate announced by the Reserve Bank of India (RBI) on September 29.

MARKET OUTLOOK

According to Ravi Shenoy, assistant vice-president, Mid-Cap Research, Motilal Oswal Securities, “Indian indices ended the week with positive gains of three per cent plus as a ‘risk-on rally’ globally also powered Indian equities. Crude prices as well as metal prices have rallied this week, as investors take bottoming out bets. Metal and other commodity producers in India rallied, as did lenders with exposures to this segment. Housing Finance was another space which witnessed traction on expectation of RBI’s new norms for affordable housing which got notified towards the end of the week.”

KEY EVENTS

The lower-than-expected US jobs data for September, which was released earlier this week, has put the US Fed on pause until the end of this year.

The US Fed’s decision made the dollar lose its grip against world currencies. The Indian rupee finished the week at 64.73, strengthening for the second consecutive week.

SECTORS AND STOCKS

The surge in global commodity prices supported the rally in metal stocks. The BSE Metal index jumped nearly nine per cent for the week. Vedanta logged gains of 24 per cent after it said the average gross operated production and working interest production were up six per cent and four per cent, respectively, in Q2 September 2015 over Q2 September 2014.

Tata Steel zoomed 18 per cent after it announced that it will commission a three million-tonne steel plant in Kalinganagar by December. Also, Tata Steel said its subsidiary in the UK and the trustee of the British Steel Pension Scheme had concluded the triennial actuarial valuation of the scheme.

Hindalco was in line as well with 18 per cent gains. From the auto pack, Tata Motors zoomed over 19 per cent after the company announced that the US sales of Jaguar Land Rover rose 61 per cent to 6,850 units in September over the year-ago period. Maruti Suzuki was the biggest loser for the week, as it skid 6.7 per cent after a foreign investment bank reportedly downgraded the stock to underperform from buy, citing an expensive valuation.

THE WEEK AHEAD

The immediate trigger for the market is the beginning of the September quarter corporate earnings season. Infosys will announce its September quarter earnings on Monday. TCS will follow suit on Tuesday with  Hindustan Unilever and Zee Entertainment Enterprises set to declare their results on Wednesday. RIL will announce its result on Friday.

The government is also scheduled to unveil the Consumer Price Index and Wholesale Price Index data for the month of September next week. Industrial production data for August will also be announced next week.

September consumer inflation seen picking up from record low

Published at Fri Oct 09 2015 10:45 IST

The country's 

retail inflation

 likely picked up in September, driven by higher food prices, but will remain comfortably below the central bank's target and allow room for further policy easing, a Reuters poll showed.

The consumer price index was expected to rise 4.3 percent last month, with forecasts in the survey of over 20 economists ranging between 3.6 percent and 5.0 percent.

In August, consumer inflation fell to a record low of 3.66 percent, down from nearly 9 percent last year.

Falling commodity prices, which have fueled a global disinflationary trend, pushed Indian inflation down over the past year, giving the Reserve Bank of India room to ease monetary policy four times since January, bringing its key repo rate down to a 4-1/2 year low of 6.75 percent.

Even if inflation picks up in September as economists predict, it would still be comfortably below the RBI's 6 percent target for January.

"The central bank's CPI inflation target of 6 percent for January 2016 is unlikely to come under threat, as core inflation should remain anchored amid signs of continued economic slack," said Capital Economics' Shilan Shah in a research note.

Still, with rainfall 14 percent below normal in the June-September monsoon season, food prices could be affected in coming months.

The RBI estimates inflation will be 5.8 percent in January.

Industrial output is expected to have grown 4.8 percent in August, faster than the 4.2 percent seen in July. Poll forecasts ranged from 2.2 to 6.7 percent.

Although a survey last week showed manufacturing activity slowed to a seven-month low in September, factory production has been growing above 2 percent since November.