Moody's projects July-September quarter GDP growth at 5.3 percent

It said the general elections in May helped lift investor sentiment and business confidence, though it will take a while before this translates into better performance in the real economy.

"Our estimate that GDP grew 5.3 percent in the September quarter is in line with the steady cyclical upswing of recent quarters," Moody's Analytics said in a report.

The official GDP data for the September quarter will be released on Friday. Indian economy grew by 4.8 per cent in the second quarter of the last fiscal, while the growth rate was 4.7 percent for the entire 2013-14 fiscal. In the April-June quarter of this year, GDP growth stood at 5.7 percent.

The growth rate touched sub-5 per cent in 2012-13 and 2013-14.

"The economy's growth reached a recent nadir around the middle 2013 but has been steadily improving since then," it said, adding that downside risks to growth diminished as the government shored up its fiscal position and external account.

Moody's Analytics further said the services sector would continue to expand strongly and drive GDP growth on the production side.

Investment will be key to second quarter performance as corporate spending appears to have expanded further and industrial production of capital goods was slower but still positive.

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Commodity exchanges' turnover declines 50 percent so far this fiscal

The business fell in bullion, metals, energy and agricultural commodities during the April-November period of 2014-15 fiscal.

The turnover from bullion declined by 60 percent to Rs 13.14 lakh crore till November 15 of this financial year from Rs 33.15 lakh crore in the year-ago period.   

Similarly, the turnover from energy items like crude oil fell by 51 percent to Rs 8.90 lakh crore from Rs 18.05 lakh crore, while the business from metals like copper dropped by 41 percent to Rs 7.94 lakh crore from Rs 13.51 lakh crore in the review period.

The turnover from agricultural commodities also declined over 25 percent to Rs 7.05 lakh crore in April-November of this year, against Rs 9.43 lakh crore in the year-ago period.

Experts attributed the fall in trade volumes to poor participation in view of higher transaction cost, especially after the imposition of Commodity Transaction Tax (CTT) from July 1, 2013.

That part, investor sentiments took a beating after Rs 5,600 crore scam surfaced at spot exchange NSEL, they added.   

There are four national and six regional-level commodity exchanges operating in the country.

Source :News and Business News 

NASA mission to study magnetic fields in universe

NASA has released a demo video of the launch where a single rocket will carry all four MMS spacecraft, stacked on top of each other, to their destination from Cape Canaveral, Florida.

According to NASA, fresh insights offered by the MMS mission could aid in the creation of clean energy solutions such as fusion energy reactors.

The spacecraft are designed to break free from the stack once the rocket reaches orbit, NASA said in a statement.

Each of the four spacecraft has a compliment of 25 sensors comprising 11 instruments.

These spacecraft will cross through two known magnetic reconnection regions and gather data via super-fast scientific instruments.

Magnetic reconnection is a process that converts magnetic energy to kinetic or thermal energy.

It happens all over the universe and occurs during solar flares, coronal mass ejections and when solar winds interact with the Earth's magnetic field, causing aurorae.

Source:Latest News from Lifestyle News

Gene that reduces risk of stroke identified

Researchers from Royal Holloway, University of London, together with an international team of researchers found that people with a specific variant of a gene, known as PHACTR1, are at reduced risk of suffering cervical artery dissection, which is caused by a tear in an artery that leads to the brain.
  
The discovery could lead to new treatments and prevention strategies for the disease, which is a major cause of stroke in young adults.
  
The same gene variant has also been identified as a protector against migraines and affects the risk of heart attack.
  
"This is an important breakthrough. Our findings provide us with a greater understanding of how this region of the genome appears to influence key vascular functions, which could have major implications for the treatment of these severe and disabling conditions," said Professor Pankaj Sharma, from the School of Biological Sciences at Royal Holloway.
  
For the study, researchers from around the world screened the entire genome of 1,400 patients with cervical artery dissection, along with 14,400 people without the disease.
  
Cervical artery dissection can lead to compression of adjacent nerves and to blood clotting, potentially causing blockage of vessels and brain damage.
  
The study is published in the journal Nature Genetics.

Source:Latest News from Lifestyle News

Mercedes launches new C-Class at Rs 40.9 lakh

"The new C-Class joins the latest generations of the E and S-Class to create the youngest and most wide ranging saloon line up of any automaker globally," Mercedes-Benz Managing Director & CEO Eberhard Kern told reporters here.

Terming the model as an "important product" for the company, Kern said the company's strategy for India is on the right track and paying results.

The new C-Class comes with various features including higher ground clearance, long wheel base, cruise control and drive mode selector.

It also comes with seven airbags, tyre pressure monitoring system and infotainment system. With this launch the company has achieved its target of launching ten cars in the Indian market in 2014.

Earlier this year Mercedes Benz had said it planned to launch about 10 new products in India in 2014 as part of plans to continue with the double digit growth that it witnessed last year.

So far the company has launched the new versions of its top-end luxury sedan S Class -- the S500 and S350CDI, armoured vehicle MGuard, SUVs GL63AMG and ML63AMG, along with Edition 1 of A and B Class, sedan CLA 45 AMG, CLS 350, E350 CDI.

It has also launched GLA Class and a petrol variant of GLA 45 AMG, to tap the fast growing SUV segment in the country.

So far in the first nine months of 2014, Mercedes Benz India has sold 7,529 units, up 16 per cent from the same period last year.

The company had sold a total of 9,003 cars last year in India and is looking at double digit growth this year. It has expanded production at its Chakan plant to 20,000 units annually to meet growing demand in the country.

The luxury car maker is also looking to locally assemble the CLA sedan that would be launched next year.

Source: News and Auto News

Indian Consulate in New York hailed as model of 'Swachh Consulate'

The clean-up exercise was conducted under the aegis of Consul General Dnyaneshwar Mulay with the aim of serving the community better and keeping visa and passport records in a proper and easy to access manner.

The cleanliness drive is about "overall and holistic cleansing," Mulay said.

"I think we should be clean in every respect," he said, adding that a clean environment has a psychological impact on the morale of the staff. "Only when you keep the premises clean can one serve the people better."

The initiative has garnered appreciation from External Affairs Minister Sushma Swaraj who said in a communication to the Consul General that the extensive cleanliness drive "has come in for much praise as a stellar example."

Foreign Secretary Sujatha Singh also applauded the efforts in view of the Swachh Bharat mission and said the Consulate's initiative will be shared with other Indian missions "in order to inspire them to similar efforts."

The cleaning drive, which the Consulate began a year and half ago when Mulay took charge, was undertaken in the basement and staff offices at the Consulate premises which were cluttered with visa documents, files and other Consular paperwork accumulated over a period of many years.

Mulay said since the Consulate handles innumerable visa applications, passports, OCI and PIO cards, a lot of documents had accumulated that needed to be kept properly.

However, the basement, sub-basement and passageways in the Consulate had become stacked with tonnes of documents, artifacts and files that posed a safety and fire hazard in the 111-year old historic building in the heart of Manhattan.

Mulay inspired his staff and personnel to whole-heartedly undertake the cleanliness drive, the end result of which is improved storage, creation of more space, better preservation of records and proper disposal of unwanted documents.

In the second phase of the cleanliness drive, the Consulate would undertake renovation, modernisation and conservation and is consulting experts from the renowned Metropolitan Museum of New York.

During the exercise, several valuable artifacts, musical instruments and portraits of Indian leaders were also unearthed that are now being displayed at the Consulate.

The Consulate is in talks to hand over a collection of informative videos and documentaries to the New York University where they can be archived.

Mulay emphasised that the Swachh Bharat campaign of the Prime Minister Narendra Modi can be taken to a global platform so that a deserving image of India is sent across the world.

Source:News and India News

Bangladesh SC clears way for Zia's trial on graft charges

"The Appellate Division of the Supreme Court rejected her leave to appeal petitions...now there is no legal barrier in trying her on corruption charges," Deputy Attorney General Ekramul Haque Tutul told reporters.

A five-member bench headed by Chief Justice M Muzammel Hossain delivered the order upholding a previous identical decision by the High Court, saying she must face trial in the lower court on the graft charges over the orphanage, which was named after her slain husband ex-president Ziaur Rahman.

Tutul said the court also resumed hearing another appeal filed by Zia against a High Court ruling that validated her indictment by the lower court in a separate corruption case involving Zia Charitable Trust, a philanthropic organisation.

The Anti-Corruption Commission (ACC), which brought the charges against the 69-year-old two-time premier, however, said both the charities existed only in papers.

The ACC in 2009 filed the Zia Orphanage Trust graft case against her on charge of embezzling a huge amount of money by forming a "fake" trust and filed the other case in 2011 on charge of abusing power during setting up the trust.

Her elder son and BNP's senior vice president Tarique Rahman and seven others were also accused in the two cases.

Zia and three of her aides are accused of syphoning off about USD 400,000 from the Zia Charitable Trust.

She is also accused of leading a group of five people, including her eldest son, in embezzling USD 277,000 which were meant to go to an orphanage set up in memory of her husband, a military ruler turned politician who was assassinated in 1981.

Lawyers said Zia and other accused could be jailed for life if found guilty.

The ex-premier, whose party boycotted the 2014 general elections, termed the charges "politically motivated" and alleged those were aimed at destroying the BNP.

Zia has vowed to topple the government of her arch-rival Prime Minister Sheikh Hasina's Awami League through protests.

With pending appeals before the apex court, she went on trial in the two cases two months ago after the High Court rejected her pleas seeking suspension of the cases.

Zia was indicted on March 19 by a Dhaka court on the two graft charges, dating back to her tenure from 2001 to 2006.

Source:News and World News

Gold gains Rs 130 on wedding season demand

Silver also advanced by Rs 100 to 36,650 per kg on increased offtake by industrial units and coin makers.

Traders said increased buying by jewellers and retailers, driven by ongoing wedding season demand, mainly kept gold and silver prices higher but a weak trend overseas, limited the gains.

In overseas markets, gold slipped from three-week high and fell 0.20 per cent to USD 1,198.60 an ounce and silver shed 0.20 per cent to USD 16.41 an ounce in Singapore.

In Delhi, gold of 99.9 and 99.5 percent purity advanced by Rs 130 each to Rs 26,930 and Rs 26,730 per 10 grams, respectively.

Sovereign, however, held steady at Rs 23,700 per piece of eight grams.

In line with general firm trend, silver ready traded higher by Rs 100 to Rs 36,650 per kg and weekly-based delivery by Rs 80 to Rs 36,160 per kg.

Silver coins also spurted by Rs 1,000 to Rs 61,000 for buying and Rs 62,000 for selling of 100 pieces on upsurge in wedding season demand.

Source: News and Business News

Sensex off record highs; shares of oil firms plunge

The 30-share Sensex commenced on a strong note and soared to the day's high of 28,098.74 on positive inflation and factory output data announced on Wednesday.

However, it succumbed to profit-booking and dipped below the 28,000-mark to hit the day's low of 27,822.70 before recovering partially to settle at 27,940.64, down by 68.26 points or 0.24 percent.

The benchmark index had ended at an all-time closing high of 28,008.90 and also hit intra-day high of
28,126.48 on sustained foreign funds inflows driven by economic reforms undertaken by the government recently.

The 50-scrip NSE Nifty ended 25.45 points, or 0.30 percent, down at 8,357.85 after shuttling between 8,408.00 and 8,320.35.

The gauge yesterday concluded at record 8,383.30 after scaling a lifetime (intra-day) high of 8,415.05.

Meanwhile, country's industrial production grew at 2.5 percent in September and retail inflation eased to 5.52 percent in October from 6.46 percent in September, according to data released after market hours yesterday.

Besides profit-booking in blue-chip stocks, sentiments also dampened after the government hiked excise duty on petrol and diesel prices by Rs 1.50 a litre each to mop up an additional Rs 13,000 crore in revenue.

Stocks of state-run companies such as BPCL, HPCL and Indian Oil Corp came under selling pressure and ended up to 6.11 percent lower.

ONGC was among the biggest Sensex losers, plunging by 2.03 per cent, while RIL fell by 0.53 percent.

Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 459.47 crore yesterday, according to provisional data from the stock exchanges.

Brokers said the market was in an over-bought position and participants adopted a cautious stance and preferred to lighten some positions by booking profits at record levels.

Selling was more pronounced in realty, PSU, metal, infrastructure, banking, power and auto stocks, which dragged down the key indices - Sensex and Nifty - from record highs.

Sesa Sterlite down by 2.50 percent, Tata Power shed 2.47 percent, GAIL fell 1.58 percent, Axis Bank down 1.49 percent, Hero MotoCorp by 1.38 per cent and HDFC by 1.14 percent.

Bucking the trend, Infosys surged 1.77 per cent, Dr Reddy by 1.01 percent, Cipla 0.91 percent, Wipro 0.69 percent, Bharti airtel 0.68 and Bajaj Auto 0.54 per cent and averted any major fall in the Sensex.

Among Sensex components, 16 stocks ended in negative territory, while 14 closed higher.

Sectorwise, BSE Oil & Gas index suffered the most by falling 1.63 percent, followed by Realty index (1.44 pc), PSU index (1.32 pc), Infrastructure index (0.78 pc) Metal index (0.76 pc), Banking index (0.71 per cent), Power index (0.44 pc) and Auto index (0.39 pc).

Towards the global markets, trend on the other Asian markets remained firm and European markets opened higher, rebounding from yesterday's biggest drop in four weeks. 

Source: Business News  and News

Doing commercial cinema to help small budget films: Nawazuddin Siddiqui

However, he says the transition is a conscious decision to support his small films."The decision to do commercial cinema this year was a deliberate one to help my small budget films - the movies which have not yet released," said the actor who was in the capital for an event.

Nawazuddin will be seen in a string of commercial movies like "Bajrangi Bhaijaan", "Farzi" and "Badlapur". "There are about three or four movies which are still awaiting release like 'Dekh Indian Circus', 'Anwar Ka Ajab Kissa' and 'Haramkhor'," said the 40-year-old.

The actor may have come to commercial cinema, but script and role still plays an important role for him before opting for a film."I pick my next film on the basis of script and director. A good script with a bad director can destroy the film while, on the other hand, a good director with an average script can do wonders to the film. I also focus on my character as I strive to do a role that challenges me," he said.

Source: Entertainment News and News

New materials boost performance of solar cells

Professor Federico Rosei and his team at Institut national de la recherche scientifique (INRS) in Quebec demonstrated that applying a thin film of metallic oxide significantly boosts the performance of solar panel cells.
  
The researchers led by Riad Nechache have developed a new class of materials comprising elements such as bismuth, iron, chromium, and oxygen.
  
These 'multiferroic' materials absorb solar radiation and possess unique electrical and magnetic properties.
  
This makes them highly promising for solar technology, and also potentially useful in devices like electronic sensors and flash memory drives, researchers said.
  
The team discovered that by changing the conditions under which a thin film of these materials is applied, the wavelengths of light that are absorbed can be controlled.
  
A triple-layer coating of these materials barely 200 nanometres thick captures different wavelengths of light.   

This coating converts much more light into electricity than previous trials conducted with a single layer of the same material.
  
"With a conversion efficiency of 8.1 percent reported by Nechache and his coauthors, this is a major breakthrough in the field," researchers said.

Source: Current Business News and News

Indian Mujahideen, Al Qaeda join hands to launch deadly terror attacks across India

Reports in this regard came to the fore after intelligence agencies in the country have decrypted communications between IM and Al Qaeda. Testimony from other suspects have also triggered alarm among intelligence officials in India

According to intelligence agencies officials, plots they had uncovered included the kidnapping of foreigners and turning India into a "Syria and Iraq where violence is continuously happening."

Indian security agencies said evidence they had gathered pointed to growing ties between Al Qaeda and IM, a home-grown movement hitherto known for low-level attacks on local targets using relatively crude weapons like pressure cooker bombs.

Weeks after al Qaeda announced the formation of a South Asia wing to strike across the subcontinent, agencies said they had discovered IM members were training with al Qaeda and other groups in Pakistan and Afghanistan for major attacks.

Security officials cite last Sunday's deadly suicide bombing on the Pakistani side of a border crossing with India, and a terror alert on Tuesday at two eastern ports that forced the Indian navy to withdraw two ships, as evidence that militant coordination and activity are on the rise.

"The thing we are looking for is how al Qaeda/ISIS tie up with local groups, especially as the drawdown takes place in Afghanistan," said Sharad Kumar, head of the National Investigation Agency (NIA).

The Internet chats, which the United States helped Indian investigators to decipher, reveal tensions between IM and Pakistan's powerful Inter-Services Intelligence agency, which India says has nurtured the group with finance and equipment.

In one conversation, Riaz Bhatkal, one of the founders of IM now based in the Pakistani city of Karachi, tells his men that it was important to build direct ties with Al Qaeda, cutting out Pakistan agents whom he described as "dogs".

Source: Latest News and  State News

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Aim is to integrate Ayurveda with modern medicine: Harsh Vardhan

"Under the newly created AYUSH (Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homeopathy) Mission, centre would provide funding support to states wanting to set up manufacturing facilities and create manpower for the traditional medicine industry," said Vardhan at the inauguration of the Arogya Expo organised alongside the 6th World Ayurveda Congress here.

"The chief objective of the mission is to encourage integration of Ayush with modern medicine and create a holistic healthcare system that can be emulated globally and which will achieve the universal goal of health for all, he said.

"Ayurveda is not just a matter of sentiment for us. We work with scientific minds and this government is aggressively focused on research," he added.

The Arogya Expo, which will continue till November 9, features 400 stalls set up by leading traditional medicine manufacturers from around the country.

It also has 20 speciality clinics offering free consultation and medicines to visitors.

The sixth edition of the World Ayurveda Congress, which will be inaugurated on Friday by Lok Sabha Speaker Sumitra Mahajan, has 'Ayurveda and Health Challenges' as its focal theme.

It is being organised by the Department of AYUSH, in collaboration with the World Ayurveda Foundation and the Delhi Government.

Source: Latest News and  State News

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Govt ropes in civil pensioners for social welfare projects

"Considering the fact that the average life expectancy today is 76 years, it is felt that government servants when they superannuate at 60 have a number of years of active life left which can be devoted towards contribution to society.

"There are close to 50,000 fresh retirees from the Central Civil category every year. A large number of these pensioners feel the loss of a daily routine as well as a feeling of not being wanted.

Keeping these factors in mind, the Sankalp initiative was started," a senior DPPW official said.
  
The initiative, started on pilot basis for channelising the experience and skill of civil pensioners into meaningful social activities, also helps organisations working for welfare of society select appropriate skill and expertise from the available pool of volunteers, the DPPW said.
  
There are about 53,79,121 central government pensioners including those from defence. Of these, 11,80,554 are civil pensioners, according to data updated till March 2013 by the Centre.

Source: Latest News and State News

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Looking forward to meeting leaders during Three-country visit: PM Modi

Terming his visit to Australia as "special and historic" that was taking place after 28 years by any Indian Prime Minister, Modi tweeted, "In Australia I will meet the country's top leadership and am honoured to have been given an opportunity to address the Australian Parliament."

He said, "Starting 11th November I would be travelling to Myanmar, Australia and Fiji to participate in various summits & bilateral meetings. In Myanmar I will attend 2 key multilateral summits -ASEAN & East Asia Summits. Looking forward to meeting leaders attending these Summits."

The Prime Minister said, "Our ties with South East Asia are deep rooted. Strengthening relations with ASEAN nations is an important part of our 'Act East' policy. ASEAN is central to our dream of an Asian century, where India will play a crucial role. I am sure the meetings there would be fruitful."

Describing Myanmar as a "valued friend", Modi said he will have bilateral meetings with leaders of Myanmar and emphasised that having stronger relations with Myanmar was a priority area for India.

On G-20 Summit, the Prime Minister said it was a great platform to showcase opportunities India has to offer to the world. "I look forward to working with G-20 leaders on important issues concerning the world, particularly those relating to the global economy," he tweeted.

On Australia leg, Modi said that he was eagerly looking forward to interacting with the Indian community in Australia.

Source: Latest News and  Cricket News

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No complaint against judicial officer without verifiable material: SC

Expressing concern over the large number of complaints being filed against subordinate judiciary by people having vested interest and personal agenda, the apex court has written letters to the courts below, saying that authenticity of the complaint must be ascertained before any action is taken on it.

"The complaint making allegations against members of subordinate judiciary in the States should not be entertained and no action should be taken on it, unless it is accompanied by the duly sworn affidavit and verifiable material to substantiate the allegation made therein," the circular, issued by the Delhi High Court to trial courts on the direction of the apex court, said.

"If an action on such complaint meeting the above requirement is deemed necessary, authenticity of the complaint should be duly ascertained and further steps thereon should be taken only after satisfaction of the competent authority designated by the Chief Justice of the High Court," it said.

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Cartoonist R K Laxman felicitated

The birthday of Laxman which falls on October 24 could not be celebrated on that day as he was indisposed and the deferred function was organised on Thursday by Kailash Bhingare of Saraswati library in the city.
  
"We also displayed Laxman's selected cartoons at his residence on the occasion," he said.

Laxman's wife Kamala welcomed the guests who included Vishwanath Karad of Maharashtra Institute of Technology (MIT), noted social worker Krishnakant Kudale, Vijay Kuwalekar, editor, Daily Lokmat and popular Marathi compere Suhir Gadgil among others.

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Government sees USD 250 billion investment in energy sector: Piyush Goyal

Efforts are also being made to increase coal production, strengthen electricity transmission network and get back gas- based power plants on stream, said Goyal, who also holds portfolios of Coal and New and Renewable Energy Ministries.
  
The investments, totalling USD 250 billion for power generation, coal mining as well as electricity distribution and transmission sectors, would help the government increase power generation and ensure electricity supplies to all households in the country by 2019, Goyal said.
  
Speaking at the India Economic Summit, organised here by Geneva-based World Economic Forum and Indian industry chamber CII, Goyal said that India's total power consumption would double to 2 trillion units by 2019 and the majority of investments would come from the private sector although the government would also invest more.
  
The government is also pushing ahead with ambitious plans for the renewable sector, especially solar energy, where the generation capacity is to be increased to 1,00,000 MW by 2022, he added.
  
"We are expecting around USD 250 billion investments in the next four to five years... About USD 100 billion will be in the renewable energy," Goyal said.
  
The country's electricity transmission segment is anticipated to see an investment of around USD 50 billion during this period, he added.
  
The government is sincere in its efforts and "will protect investments", the Minister said.
  
To meet the increasing electricity generation requirements, Goyal said, Coal India is expected to double its production to around one billion tonnes by 2019.
  
The private sector is also expected to play an increasing role in the coal sector and an ordinance issued recently by the government addresses many of the issues, he said.

Source: Latest News and Cricket News

 

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