Major News and Events of 31 October 2014
What Happened on 31 October 2014
Infosys Stock Going Great Guns
Infra Stocks Rally after FDI Reforms on Construction
Q3 was Amazing for Bharati Airtel
Finance Minister's Course Correction Suggestion to Tax Department
Shiv Sena to Miss Maha CM's Swearing in Ceremony but Defends BJP's Lavish Event
West Bengal Violence surrounding Village Capture - Opposition Turns Up the Heat against TMC Government
Charges Framed against Nineteen 2G Scam Accused by Special Court
Chennai Factory of Nokia Shuts Down - Will Adversely Affect 30,000 Workers
139th Birth Anniversary of Sardar Vallabhbhai Patel Celebrated by Flagging Off 'Run for Unity' Rally
Sachin in Bradman Hall of Fame
Motorola Brand to Remain Unaffected in India even after Lenovo Acquisition
3rd quarter was great for India Inc. as fresh order inflow rose by 45 per cent in comparison to 2nd quarter. The volume of new orders in India Inc.’s kitty amounts to Rs. 67,000 crore during the period from July to September 2014. The same momentum of order inflow has been witnessed in the ongoing fourth quarter too. In the first month of 2014’s last quarter, new orders to the extent of Rs. 20,000 crore has already poured in.
IT giant Infosys’s stock has been rallying since beginning of September and till date it has helped BSE Sensex to gain 100 basis points. Since September 8, Infosys has gained 10 per cent, outperforming S&P BSE Sensex by miles. This recent rally has helped Infosys’s market capitalisation reach Rs 2,30,427 crore, helping the company secure position among top 5 companies.
Recently, Union government had undertaken a slew of Foreign Direct Investment reform measures in construction sector. The three main reforms done are ease of exit norms, reduction in minimum requirement of capital, and reduction in requirement for lowest limit of built up area. This has helped infrastructure stocks to rally by up to 20 per cent. Some of the greatest gainers are IVRCL, NBCC, Gayatri Projects, Unitech, GVK Power and Infrastructure, HCC, Patel Engineering, and D B Realty.
Net income of Bharati Airtel swelled to Rs 1,383 crore during Q3 of 2014 from a paltry Rs 512 crore during the same quarter of 2013. It is an increase in net income by 170.2 per cent. This is the best quarterly performance of Bharati Airtel since March 2011. The company was able to post such amazing figures mainly because of its robust performance in mobile data revenue section, which increased by a whooping 74 per cent.
During a meeting with CBDT officers, Arun Jaitley asked them to concentrate tracking black money sources in the country itself. In addition, he has asked the senior officers to focus on those sectors where the practice of evading taxes are most prevalent. Finance Ministry is quite sure about achieving the direct tax collection target during 2014-15 fiscal, which is Rs 7,36,221 crore. Till October 20, Rs 2,96,802 crore has been the net collection amount. The rate of increase in gross tax collection is 13.6 per cent during the period till now.
Devendra Fadnavis will be sworn in as the the twenty seventh CM of Maharashtra on October 31 but Shiv Sena has declared that they will not attend the swearing in at Wankhede stadium because they feel spurned. However, SS defended the lavish swearing in ceremony of the new CM by saying that corruption tainted INC has no moral right to criticise BJP.
It is alleged armed TMC workers tried to forcefully capture Makra village in West Bengal’s Birbhum district as administration remained a mute spectator. After violence in Makra village, delegates of INC and CPIM leaders were barred and arrested by police for trying to enter the violence torn village. Yesterday, Mukhtar Abbas Naqvi of BJP along with other BJP state leaders were also arrested for trying to sympathise with the villagers. After this BJP turned on the heat by asking the state government to curb anti-national activities in the state rather than stopping opposition.
O P Saini, Special CBI Judge, framed charges against DMK Chief Karunanidhi’s wife Dayalu Ammal, his daughter Kanimozhi, and A Raja (former telecom minister) for their alleged involvement in 2G scam. Charges were framed under IPC’s 120B section, which translates to the charges of Criminal Conspiracy.9 companies and 10 individuals are chargesheeted under Money Laundering Act.
Future of thirty thousand workers of Chennai’s Nokia factory become uncertain as the Sriperumbudur plant was shut down on October 31, 2014. This factory started commercial operations on January 2, 2006 and was India’s showpiece of FDI in the earlier days of its liberalised economy.
Prime Minister Narendra Modi flagged off a rally named ‘Run for Unity’ from Vijay Chowk at 8.15am today to celebrate 139th birth anniversary of Sardar Vallabhbhai Patel, whom was regarded by the PM as true ‘architect of modern India’. The rally ended at Rajpath’s India Gate.October 31 is from now on be regarded as 'Rashtriya Ekta Diwas'. Modi went on to say that without Patel, Mahatma Gandhi seems incomplete.
Indian cricket genius and legend Sachin Tendulkar was honoured by including him in the prestigious Bradman Hall of Fame. The greatest cricketing legend Bradman had himself included Sachin Tendulkar in his personal list of all-time XI. Tendulkar talked about his meeting with Bradman during the latter’s 90th birthday, at Bradman Foundation’s gala dinner organised at Sydney Cricket Ground.
Science and Technology
Lenovo acquired Motorola Mobility at a whooping US$ 2.9 Billion from Google. Lenovo has announced that they will keep the Motorola brand name in India and regarded India’s mobile handset market as one of their most important focuses. Motorola was earlier bought by Google at an eye-popping amount of US$ 12.4 billion, back in 2012.