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Major News and Events of 02 December 2014

What Happened on 02 December 2014


Government Eases Gold Import Norms ; Jewellery Stocks Rally

Government of India has done away with 80-20 scheme (introduced in August 2013) and also eased gold import norms. Market reacted positively to this news and Jewellery companies’ stocks made significant gains during early hours of trading on Monday. While stock price of Tribhovandas Bhimji Jewellers jumped by 13.3 per cent, that of PC Jewellers and Titan increased by 7.9 per cent and 5.3 per cent respectively.



Automobile Sector Witnessed 'Acchhe Din' in November

November 2014 brought some cheers for automobile industry in India as robust demand increased automobile sales significantly. Leading automobile manufacturers in India (Maruti Suzuki,  Hyundai, Mahindra & Mahindra, Tata Motors, Honda Cars India, General Motors, Toyota Kirloskar, and Ford India) reported a combined sales of 198,427 passenger vehicles, a jump of 10.3 per cent annually. Maruti Suzuki leads the pack by selling 100,024 cars in Indian market, a jump of 17 per cent annually.

Repo Rate Remains Unchanged at 8 per cent; Rate Cut Likely Early-2015

RBI’s bi-monthly policy review was announced today at 11am by its governor Raghuram Rajan. He kept Repo Rate, Staturory Liquidity Ratio, and Cash Reserve Ratio unchanged. However, to lift the mood of India Inc., he said that monetary policy may change during early-2015, provided the fiscal developments remain encouraging and on-going downward inflation momentum continues. Top bankers including Arundhati Bhattacharya of SBI and Uday Kotak of Kotak Mahindra Bank are keeping their fingers crossed for the coveted interest rate cut early next year. Bank Nifty was up by 68 points at 11.21am today.

Vijay Mallya's Woes Continue

Mangalore Chemicals & Fertilizers informed BSE that its chairman has resigned as the company head with immediate effect. Both Adventz Group and Deepak Fertilizers have considerable stakes in MCF and per available information a takeover battle of MCF is going on between these two companies. Vijay Mallya led UB Group is now a minority stakeholder in the company. Double whammy for Vijay Mallya came when Ministry of Corporate Affairs rejected Kingfisher Airlines’s application of reappointing Vijay Mallya as MD of the company for 5 years without remuneration from October 16, 2013.

Maharashtra: Estranged Saffron Partners Almost Finalise Power Sharing Formula

BJP and Shiv Sena, the estranged partners, have almost agreed upon a power sharing formula in Maharashtra. Though it is reported that a final deal has been reached between the two saffron parties, final announcement is yet to be done. Devendra Fadnavis earlier said that SS had almost agreed upon the 2:1 seat sharing formula, proposed by BJP.

INC Brands Narendra Modi Government 'U-Turn Sarkaar'

INC has come up with a booklet showcasing huge differences between the promises made by BJP before polls and the works BJP-led government has done in the last 6 months. The booklet is named ‘Chhe Maheene Paar, U-Turn Sarkar’ (6 Months have Passed By, government Makes a U-Turn). It alleges that the current government assumed power on the basis of false promises because it has gone back on its words on 25 accounts. Rahul Gandhi today spearheaded a protest rally on this issue.

2nd Phase Polling Going on in Jharkhand and J&K Peacefully

2nd phase polling in Jharkhand started at 7am today in all the twenty constituencies. Polling will end at 3pm in all the seats except for Jamshedpur (East) and Jamshedpur (West), where it will continue till 5pm. 50.3 per cent polling was recorded in Jharkhand till 1pm. 2nd phase election in eighteen seats is also going on in Jammu and Kashmir. Though pace of polling was slow at the beginning, it picked up later. Till 12 noon 32.03 per cent voting took place in J&K.

Parliament Uproar on Hate Speech of MoS Sadhvi Niranjan Jyoti

Opposition in Parliament asked for resignation of MoS Sadhvi Niranjan Jyoti, who was inducted in the cabinet during last month’s reshuffle, after her hate speech during a public meeting in Delhi went viral (#abusiveminister). She reportedly asked people to elect either followers of Lord Ram or those who are illegitimate in the upcoming Delhi election. Though she apologised for her comment in both Lok Sabha and Rajya Sabha, opposition wanted resignation of the MoS as well as explanation from PM on the hate speech.

Fall in International Crude Oil Prices to Reduce Import Bill of India

Petroleum and Natural Gas ministry issued statement that India’s import bill of crude oil is expected to witness a fall of around 10 per cent as prices of crude oil fell by around 10 per cent in the last one month. Brent crude figure showed that crude oil prices have come down to $71/bbl, a 5-year low level. Till November 2014, average price of Indian basket has come down by more than $ 20/bbl. Christine Lagarde, MD of IMF, said that falling oil prices have positive effect on global economy.

Bank Unions call Relay Strike from December 2 to 5

Bank transactions are going to get severely affected in early December as bank unions - National Union of Bank Employees and United Forum of Bank Unions – have decided to go on a relay zonal strike starting from December 2 and ending on December 5, 2014. The unions are demanding an upward revision of wages. The zonal relay strike will start from southern zone (Dec 2), followed by northern zone (Dec 3), eastern zone (Dec 4), and western zone (Dec 5). Bank Unions called one-day strike last month too.

IISC all set to Foster Entrepreneurship

Anurag Kumar, Director of Indian Institute of Science, said that his institution is going to implement more translational programmes, which translates research to their implementation in real world. Co-founder of Infosys, Kris Gopalakrishnan, emphasised upon its need by saying that research will become beneficial for the society only when it creates more new products as well as services. IISc’s chairman of Entrepreneurship Cell and the Society for Innovation CS Murali informed that the institution is in the process of raising Rs 20 crore fund and the project will take off in 6 months time.  

Tizen-based Samsung Smartphone to be launched in India on December 10

South Korean behemoth Samsung is all set to reveal its Tizen-based smartphone in India on December 10. It will be a below-$100 smartphone and will be called Z1. Most of the Samsung smartphones run on Google’s Android OS. To lessen dependence on Google’s mobile OS, Samsung has decided to develop its own mobile operating system Tizen.

IPL Scam: Srinivasan in a Soup

Supreme Court has asked Kapil Sibal, counsel of N Srinivasan, to prove from Mukul Mudgal committee report that there were no conflict of interests in the roles Srinivasan was involved in, including Indian Premier League, Board of Control for Cricket in India, and Chennai Super Kings. It is learnt from court proceedings that N Srinivasan’s counsel struggled to prove that his client was not involved in the IPL scam.




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