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Mettupalayam News

Sensex rises 228 points on global cues, Budget hopes

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Wednesday, 25 February 2015 05:19

 

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The benchmark BSE Sensex rose over 228 points in early trade on Wednesday amid a firming global trend and hopes of a growth-oriented Budget.

Further, covering-up of short positions by speculators ahead of Thursday’s monthly expiry in the derivatives segment, supported the upside.

Rising for the second straight session, the 30-share barometer spurted by 228.67 points, or 0.79 per cent, to 29,233.33.

The index had gained 29.55 points in Tuesday’s session.

All sectoral indices, led by oil & gas, metal, realty and banking were trading in positive zone with gains up to 1.03 per cent.

Similarly, the National Stock Exchange index Nifty was trading above the 8,800-mark by gaining 60.10 points, or 0.69 per cent, to 8,822.20.

Brokers said pre-Budget buying by optimistic participants on hopes of growth-oriented measures and foreign capital inflows mainly buoyed the trading sentiments.

Besides, a firming trend at other Asian markets following strong cues from Wall Street as U.S. Federal Reserve hinted that a rate hike is unlikely before June and relief over Greek debt deal, triggered buying by investors and foreign funds, they added.

The U.S. Dow Jones Industrial Average ended 0.51 per cent higher on Tuesday.

 
 

Sustainable turnaround still elusive: survey

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Wednesday, 25 February 2015 04:48


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Ahead of Budget, an industry confidence survey shows that a sustainable turnaround remains elusive on investments, profits and exports, while another study urges the government to ‘walk the talk’ and take steps to improve ease of doing business.

The results of the Business Confidence Survey, conducted by the Federation of Indian Chambers of Commerce and Industry (FICCI), show a marginal dip in the proportion of respondents anticipating ‘moderately to substantially better’ performance over the near-term at economy, industry and company level.

While the situation is certainly better when compared to last year, the change in quarter-on-quarter numbers is yet to indicate a firm turnaround, the FICCI survey says.

According to FICCI's poll, measures announced by the government over the course of last 7-8 months did have a positive impact on the sentiment of the business community. However, to sustain this buoyancy, it will be important that the process of implementation of these reforms continues with momentum.

The survey results come within days of eminent banker Deepak Parekh stating that industry remained optimistic but impatience had begun creeping in among the industrialists as to why not much had changed on the ground on the ease of doing business front in the last nine months that the new government had been in power.

The FICCI survey also finds that industry is confident about the government pursuing its broad economic agenda to push reforms.

In another survey, consultancy major Grant Thornton says that more than half of the Indian businesses expect radical tax reforms as well as more clarity on certain taxation measures in the Budget.

“There is political stability, markets are at a high, everyone is talking about ‘acche din’, the Prime Minister has spoken about ‘Make in India’, he has stressed on our desire to attract FDI, and has reassured global investors a non-adversarial tax environment but India still ranks 142 out of 189 countries in the ease of doing business,” Grant Thornton Advisory Director Pallavi Bakhru said.

“Now is the opportunity for the government to walk their talk. India Inc is waiting with bated breath!,” Ms. Pallavi added.

Another survey, conducted by the Confederation of Indian Industry (CII), also finds that industry is pinning high hopes on the Narendra Modi-led government’s first full Budget, to be unveiled on Saturday.

Both FICCI and CII surveys show that majority of the CEOs believe that a framework for Goods and Services Tax (GST) will be announced in the Budget, which will tilt the balance in the interest of revenue neutrality.

Besides, India Inc wants Finance Minister Arun Jaitley to simplify taxes and step up action on ease of doing business.

 
 

‘One more entrance planned for Coimbatore Railway Junction’

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Friday, 27 June 2014 16:23

 

 

 

The Southern Railway was considering establishing another entrance to the Coimbatore Railway Junction. Talks with the district administration to acquire land near the Old Post Office Road for this purpose have been initiated, according to Rakesh Misra, General Manager of Southern Railway.

The junction already has an entrance from the Bank Road and another from Goods Shed Road. Further, plans were also afoot to construct a skywalk connecting the entrance and the first platform. As the plans were still being worked out, the costs estimates were yet to be finalised, he told journalists here on Thursday.

A major cleanliness drive had been taken up at Coimbatore Railway Junction, which along with Chennai Central, Egmore and Thiruvananthapuram, were among the major ones in south zone.

Apart from imposing fines for passengers who litter, maintenance works have also been given a major thrust.

 
 

Another Diesel Loco arrives at MTP for NMR

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Saturday, 22 March 2014 10:59

The fourth and last oil-fired steam locomotive, manufactured by the Golden Rock Workshop in Tiruchi, was put on trial run on the Mettupalayam-Coonoor section of the Nilgirs Mountain Railway on Wednesday.

The furnace oil-fired locomotive will replace the conventional coal-fired locomotive.

The NMR services, declared as world heritage site by UNESCO, uses the unique rack and pinion system on the Mettupalayam – Coonoor section as it climbs a steep gradient of 8.33 per cent, considered the highest in Asia.

From Mettupalayam to Kallar it is an ordinary meter gauge track for 5.8 km, and from Kallar to Coonoor it is operated on a rack and pinion system. Distance from Kallar to Coonoor is 27 km. From Coonoor to Udhagamandalam, the train is hauled by the conventional YDM 4 diesel locomotive for 9 km.

Tourists prefer to travel in NMR to enjoy the scenic beauty of the Nilgiris valley as the train chugs through 41.8 km negotiating 208 curves, 16 tunnels and 250 bridges. Uphill journey because of the steep gradient requires 290 minutes and the down hill journey takes 215 minutes.

Earlier, X Class Swiss locomotives were used. These coal-fired engines developed snags and also due to non-availability of coal, especially inconsistency in quality, the NMR services witnessed frequent disruption. Hence, in 2009, it was decided to replace these engines.

Despite loss owing to operational costs, Indian Railways decided to continue the NMR services and allocated a total of Rs. 40 crore for four locomotives. The Golden Rocks Workshop commenced the work in 2009 and from February 2011 to March 2014, all the four locomotives were delivered in a phased manner.

The fourth and last locomotive was put on trial on Wednesday signalling the end of the usage of vintage looking Swiss X class locomotives which chugged scores of passengers from 1918 to 2014. The improvised furnace oil-fired locomotives come with the same vintage look.

Divisional Railway Manager of Salem Railway Division Subhranshu said that oil-fired locomotives end the issues of disturbance in operation owing to non-availability of coal and inconsistency in quality. In addition, the sparks from the engines had the risk of triggering fire and oil-fired locomotives end that risk. Coal-fired engines emanate ashes polluting the forest area. In addition, the cost of manpower for handling coal, cleaning the engines and boilers come to an end as oil-fired locomotives will prove cost-effective.

The new locomotive weighing 50 tonnes can haul up to 97.6 tonnes with 30 km speed in plains and 15 km in gradient. The locomotive with over 3,400 components uses low viscosity furnace oil. The locomotive comes with a fuel tank capacity of 2,250 litres of furnace oil, 850 litres of diesel and two stainless steel water tanks can store 4,500 litres of water for the boiler to ensure an uninterrupted journey.

Mr.Subhranshu said that four locomotives are sufficient for the existing number of services and for a marginal increase in the number of services during the tourist season.