'Much can be done by India under the provisions of the treaty to make full use of its rights it has.' 'The impact of that will be felt downstream.'
The call from T N Seshan, the then cabinet secretary to Prime Minister Rajiv Gandhi, relayed the pressure by the United States and NATO to delay the launch.
The result of the opinion polls would allow the government to move ahead quickly to reach a deal with creditors
Overnight, the Wall Street closed on a flatter note.
Benchmark indices failed to sustain gains and retreated from day's high dragged primarily by the losses in metals, information technology and bank shares as investors started to book profits in late noon deals. Earlier, markets had scaled fresh all-time highs on the surprise post-budget rate cut by Reserve Bank of India (RBI). The 30-share Sensex ended down 213 points at 29,380 and the 50-share Nifty closed down 74 points at 8,922. Intra-day, Sensex reached the all-time high mark of 30,024.74 while Nifty touched the life-time high level of 9,119.20. In the broader market, both the BSE Midcap index and Smallcap indices, down 1% and 1.2% each underperformed the front-liners. Market breadth in BSE ended negative with 1,882 declines against 1,010 advances. A day after signing an agreement with Finance Ministry on inflation targeting, RBI surprised the markets with an early post-budget repo rate cut of 25 bps (basis points) to 7.5% from 7.75% which was again outside of central bank's scheduled policy review meetings as the earlier rate cut effected on January 15. "RBI's latest rate cut of 25 basis points, while a surprise in its timing is in-line with our expectations of a sharp rate-cutting cycle over the coming quarters. With inflation sustainably lower by 500bps, the RBI has in recent months acknowledged the scope for rate cuts and was only waiting for additional comfort that the government's fiscal policy would not play spoil-sport," said Dinesh Thakkar, chairman and managing director at Angel Broking in a note. Analysts at Karvy believe that further monetary policy action will depend on number of factors including easing of supply constraints, improved availability of power, land, minerals and infrastructure, fiscal consolidation, the pass through of rate cuts by banks and the expected monsoon. Citing weakness in some sectors of the economy and the overall global trend towards monetary easing as rationale for the rate cut the central bank also exuded confidence in the road map for fiscal consolidation as laid out in the Union Budget, 2015. Commenting on how the markets reacted to RBI's surprise move, K Subramanyam assistant vice-president (institutional research), Asit C. Mehta Securities said, "The unexpected cut did take the market by surprise .However, credit off-take is not dependant only on interest rates. A gradual revival in the economy would be of more help which would trigger credit off-take. Hopefully this will follow and RBI's action would prove helpful. From market point of view this is bullish as equity becomes more attractive vis-a-vis falling interest rates." On the macro-economic front, the HSBC services PMI rose to an eight-month high of 53.9 in February up from 52.4 in January indicating strong expansion in output across the sector. Respondents cited robust growth of new business as the principle factor for the increase in activity. Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 773 crore on Tuesday, as per provisional data. Buzzing Stocks 9 out of the 12 sectoral indices of BSE ended in red. BSE Metal index, down 2.4% was the top loser followed by BSE Oil & Gas and Power indices, down 1.3% each. BSE Healthcare index, up 1.2% and BSE FMCG index, up 0.9% were the top losers. Bank stocks came under during late noon trades as traders booked profits at higher levels. However, RBI rate cut may encourage large lenders to cut their lending rates boosting demand for home and auto loans and provide funds for various stalled and new projects. Many stalled projects across the country are waiting for cash to restart work. The stock of stalled projects at the end of December 2014 stood at Rs 8.8 lakh crore or 7% of GDP. ICICI Bank ended down 0.1%, Axis Bank and SBI declined over 3% and HDFC Bank shed 1.5%. Sun Pharma gained over 6% on approval granted to Sun Pharma Advanced Research Company (SPARC) by US FDA for an antiepileptic drug. The product will be manufactured by Sun Pharmaceutical Industries at its Halol (Gujarat) facility in India. SPARC was formed in 2007 when Sun Pharma separated out its active projects in drug discovery and innovation into a new company. Dr Reddys Lab and Cipla have gained over 1% each. ITC gained over 1% after consecutive sessions of losses on the proposed larger-than-expected hike in excise duty on cigarettes in the Union Budget. The biggest ever auction of spectrum by the Department of Telecommunications (DoT) started on Wednesday in the morning where government expects to garner Rs 80,000-1lakh crore from the sale of spectrum. Idea Cellular gained over 2%, Reliance Communication gained around 1% and Bharti Airtel closed 0.5% higher. Metal stocks were under pressure in today's session. Hindalco declined over 3%, Sesa Sterliteended down over 4% and Tata Steel closed down 2%. Profit-taking in IT stocks led to Wipro losing around 1.8%, Infosys declining 0.7% and TCS losing 1.5%.
We still have time for this government to take action.
It is up to the government to take a decision on this before it starts auctioning.
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The GDP numbers destroy any hopes of an economic rally prior to the elections, and the installation of a new government.
Monetary policy easing in India puts it out of step with the United States, the world's largest economy, where interest rates are expected to rise later this year
The court was hearing petitions challenging the Aadhaar scheme.
'Whether it is Mulk or Article 15, I am talking about love and against hatred.'
Don't worry about volatile, erratic cash flows, freelancers. Vishal Dhawan explains how you can invest and achieve your financial goals despite irregular income.
The venue that will stage the opening World Cup game in Brazil in June is almost complete, officials said on Monday, even though work has not restarted on the collapsed roof that killed two workers in November.
In the second and concluding part of his interview, Gurumurthy outlines the two areas he believes the government should focus on.
The PM alleged that a 'PC' (percentage commission) culture has become the state government's identity.
The Ganga agitation and the question of preserving the Himalayan ecology has become a deadly cocktail of politics and religion. Behind the scene, of course, at play are powerful business interests. What is needed is an independent scientific assessment of the problem and preparation of a blueprint for preservation of the Himalayan rivers and associated ecology, says Dinesh C Sharma.
Under a 2010 nuclear liability law, nuclear equipment suppliers are liable for damages from an accident, which companies say is a sharp deviation from international norms
Not just Vietnam, but other countries in the region like Philippines, Malaysia and Thailand, have also expressed an interest in acquiring the BrahMos cruise missile. Debalina Ghoshal explains the significance of the move.
With Donald Trump the appeal has to be to his business instincts in which his personal interests seem to play a significant role, says former foreign secretary Kanwal Sibal.
'Much depends on Moon's persuasive skill to make both Trump and Kim shed some of their rigidity and be flexible to accommodate contrarian viewpoints,' says Dr Rajaram Panda.
'Restrict the amount of time you spend on social media.' 'We have people who are glued to it from morning to night, which is certainly not what we recommend.' 'And do not take the stuff that you read on WhatsApp as sacrosanct.' 'A lot of it is absolutely nonsense.'
Saqib Mir left Kashmir when he was 18 to take his family business of handicrafts forward. He landed in Paris, where he was drawn to French cooking, particularly French breads.
Sentiment has improved but no progress on GST & ending 'tax terrorism' disappoints.
The ability to work flexibly and be judged on deliverables.
Take a 15-minute break from whatever it is that you're doing and listen to your favourite song.
News of all that's transpired on and off the football field
The market breadth ended weak on the BSE with 2,086 shares declining and 893 shares advancing.
The corporate sector does not care from where the money is coming.
Against all odds, the young and determined Varun Sharma has taken up the responsibility to bring electricity, education and empowerment to a remote tribal village in Odisha, says Manu A B.
After 20 months of hectic negotiations, Iran and six major powers have reached a historic deal to limit Teheran's nuclear programme in return for lifting of sanctions. Let's understand closely what the deal is all about.
Pranjul Bhandari, Chief India Economist, HSBC, speaks about a range of issues ranging from inflation, to how Goods and Services Tax and land acquisition bills can help India hit double digit growth, and her impressions about economic growth in the last one year after Narendra Modi took over as India's Prime Minister.
The 30-share Sensex ended down 71 points at 26,710 and the 50-share Nifty lost 38 points to close at 8,030.
The government will announce minimum support prices for kharif.
India has a 'natural global partnership' with US, says PM.
The remarkable story of Wing Commander Rakesh Sharma, the first Indian in space, will be seen in a film featuring Aamir Khan.
The vote leaves Greece in uncharted waters: risking a banking collapse that could force it out of the euro.
How on earth did Dr Manmohan Singh and his ministers conclude that the casualties of a disaster in a nuclear plant would be fewer than the deaths and injuries caused by the Bhopal gas tragedy? And that the compensation could, therefore, be capped at a smaller amount, asks T V R Shenoy.
Text of PM Narendra Modi's press statement after delegation level talks with US President Obama at the Hyderabad House in Delhi.
How will the navy's six Scorpenes fight, when their primary weapon -- the Black Shark torpedo -- is blocked by a ministry of defence ban on the company chosen to supply these? This gloomy scenario provides a heaven-sent opportunity to revisit the navy's torpedo purchase plan, handled without strategic vision and economic foresight.
