Mumbai building collapse: 12 killed, 14 injured, 30 others feared trapped

MUMBAI BUILDING COLLAPSE – A five-storey residential building in the congested Bhendi Bazar area of south Mumbai collapsed today, killing at least 12 people and injuring 14 others, officials said. About 30 others were feared trapped.

Fire brigade officials said some nine families lived in the dilapidated Husaini Building. Some media reports said it also housed a play school but children had not arrived yet when the tragedy occurred.

The building, mostly housing lower-middle class families, was located in the Muslim-dominated Pakmodia Street near the J J Hospital.

The building, which also had six godowns on the ground floor, crumbled at around 8:30 am. It’s not clear if the heavy rains that inundated Mumbai this week had weakened the building, said to be over 100 years old.

What remained was a large mound of concrete rubble and steel rods encircled by other houses including what appeared to be a tall building. Rescue workers in hard hats clambered up the mound and hammered at concrete slabs with hammers to reach underneath. Cranes and bulldozers were also deployed to scoop up the debris. Residents helped with bare hands.

“The exact number of trapped people cannot be known immediately,” deputy commissioner of police (Zone 1) Manoj Sharma said.

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Doctor’s body found in seashore after Mumbai deluge

MUMBAI FLOOD – Rescuers have located and identified the body of renowned gastroenterologist Deepak Amarapurkar, who went missing on Tuesday evening after falling into an open manhole during the Mumbai deluge, officials said on Thursday.

Untraceable since he left for home in his car from Bombay Hospital, Amarapurkar had accidentally fallen into the manhole on a flooded road barely a kilometer from his residence in Prabhadevi.

After the flood waters receded on Wednesday, BMC workers launched a massive search for him inside the manhole and connecting drains but could not locate him.

Much later, his body washed off the Worli seashore and he was identified by his imported wrist-watch. An umbrella was stuck on the manhole cover, officials said.

Amarapurkar, 58, was a senior gastroenterologist working with Bombay Hospital and is survived by his wife and two children.

Late on Tuesday, witnesses said they had seen him walking on the flooded roads after his car stalled and suddenly falling into the open manhole near Senapati Bapat Marg.

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Demonetisation hit RBI’s seigniorage, increased printing cost: SBI Research

Demonetisation has caused a net loss to the Reserve Bank of India‘s (RBI’s) seigniorage — the profit accruing from currency issuances and liquidity operations — besides increasing the cost of printing notes, says an SBI Research report.

On November 8 last year, the government had banned old Rs 500 and Rs 1,000 notes in an attempt to weed out black money in the country. The old notes were allowed to be deposited in banks, with unusual deposits coming under income tax scrutiny.

“The demonetisation exercise has resulted in net loss of seigniorage to the RBI,” SBI’s research report Ecowrap said.

“In the current case, there is a seigniorage loss, as the face value of Rs 15.28 lakh crore (15.28 trillion) of Rs 17.10 lakh crore (17.1 trillion) has been printed,” it said.

The report further said that “the cost of printing notes and coins has increased during this year”.

In its Annual Report for 2016-17, RBI has said that post demonetisation, it has spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

Wipro gains after shareholders approve Rs 11,000 cr buyback proposal

STOCK MARKET – Shares of Wipro gained nearly 2% on Thursday in an otherwise weak market after country’s third-largest software services firm said its shareholders have approved the company’s Rs 11,000 crore buyback proposal.

The stock added as much as 1.8% to Rs 297 on the BSE against 0.2% fall in the Nifty IT index.

Last month, the Bengaluru-based firm had said it will purchase up to 34.37 crore shares at Rs 320 ($4.95) per scrip. The total size of the offer will be up to Rs 11,000 crore ($1.7 billion).

“The aforesaid special resolution has been passed through postal ballot and e-voting by members by requisite majority,” Wipro said in a filing to the BSE.

The voting, which ended on 28 August, saw 99.68% of the votes being cast in favour of the buyback offer. Wipro was trading marginally higher at Rs291.40 on the BSE.

Share buybacks improve earnings per share and return surplus cash to shareholders while also supporting share price during periods of sluggish market conditions.

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Top technical calls: Buy India Cements, Hindustan Oil Exploration

STOCK MARKET – Nifty view and few trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:

NIFTY VIEW

Nifty technically continues to make lower top on daily chart, however after making a low at 9,700 levels the RSI is showing signs of bounce back, now having the near term resistance level of 9,950. However, the support for the day is seen at 9,840 while resistance is seen at 9,930.

INDIA CEMENTS – BUY

CMP: Rs 173.90

TARGET: Rs 192

STOP LOSS: Rs 165

The stock has made a double bottom like pattern in the daily chart taking support at the 200 DMA which is at 169 level. The stock looks attractive with the RSI indicator also showing a trend reversal signaling a buy, thus indicating a positive bias in the stock. We recommend to buy this stock for an upside target of 192 levels keeping a stop loss of 165

SPECIALITY RESTAURANTS – BUY

CMP: Rs 121.55

TARGET: Rs 135

STOP LOSS: Rs 113

The stock has been in a consolidation phase for some time at around 117 levels and now it has produced a bullish candle pattern in the daily chart to indicate strength and potential for further rally. The RSI has indicated a trend reversal with positive bias and potential for further upward move in the coming days. We recommend a buy in the stock for an upside target of 135 keeping a stop loss of 113

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Gorakhpur tragedy: 48 children dead in 48 hours at BRD Medical College

As many as forty two children were killed in last 48 hours in Gorakhpur’s Baba Raghav Das (BRD) Medical College, which is already under scanner for deaths of over 70 infants at the Gorakhpur hospital in a week in the month of July.

“42 children died in 48 hours of which seven due to encephalitis, rest due to other reasons,” PK Singh, Principal BRD Medical College said.

July tragedy:

Last month, 70 children died in BRD Medical College. It is alleged that the children died due to the lack of liquid oxygen in the hospital. The Yogi Adityanath government received flak from the Opposition over the same.

Earlier in the day, suspended principal of the B.R.D. Medical College Rajiv Mishra and his wife Purnima were arrested from Kanpur in connection with the deaths of over 70 infants.

The couple has been taken to Gorakhpur by the Special Task Force (STF) of Uttar Pradesh police.

Earlier, an FIR was lodged against the suspended principal of the B.R.D medical college, Dr. Rajiv Misra, along with six other hospital personnel, and two officials of the oxygen-supplying agency Pushpa Sales Private Limited, Manish Bhandari and Uday Pratap Sharma under the charges of criminal negligence.

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Nifty may break below 9,685 ahead of F&O expiry: Prabhudas Lilladher

STOCK MARKET – Few trading ideas by Vaishali Parekh, Research Analyst – Technical Research at Prabhudas Lilladher:

NIFTY VIEW

Nifty succumbed to selling pressure after touching 9,900 and North Korean missile testing further triggered the intensity of the fall. The level of 9,685 on the downside is at risk and a breach of that level can be anticipated before the F&O expiry. However, the support for the day is seen at 9,750 while resistance is seen at 9,840.

 

BUY RBL BANK

CMP: Rs 531.55

TARGET: Rs 565

STOP LOSS: Rs 510

The stock after making a bottom at around Rs 475 has recovered significantly and thereafter witnessed a consolidation phase for some time. It has produced a positive bullish candle indicating strength and potential to rise further upward. The RSI indicator has indicated a trend reversal signaling a buy supported by tremendous volume participation and hence we recommend a buy in this stock for an upside target of Rs 565 keeping a stop loss of Rs 510.

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Nifty outlook and top trading ideas by HDFC Securities for today’s trade

STOCK MARKET – Nifty outlook and top trading ideas by Devarsh Vakil & Vinay Rajani, technical analysts (PCG desk) at HDFC securities:

 

Nifty Outlook

Nifty has failed to surpass the crucial resistance of its previous top 9948 and turned southward. Any level below 9740 would form lower bottom and would also violate the support of upward sloping trend line on the daily charts. Far Support is seen at 9450 in Nifty. However, Close above 9925 would be considered bullish, which might pull Nifty towards new all-time highs above 10137.

 

TINPLATE – BUY

CMP: Rs 155.55

STOP LOSS: Rs 146

TARGET: Rs 175

 

In the Month of July 2017, Stock broke out from the crucial resistance of 99 with a big jump in volumes. In the Existing Month stock consolidated initially but managed to remain at highest level by the end of the Month. The recent breakout has also resulted in to ascending triangle breakout on the monthly charts. MACD on the Monthly chart is trading above its signal line and KST indicator has also turned bullish, as Gap between KST line and Signal line has widened sharply. Considering the technical evidences discussed above we recommend buying the stock between 155.55 and 150, for the target of 175, keeping SL at 146.

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Motorola G5S priced at Rs 13,999, G5S Plus at Rs 15,999 launched in India

Lenovo-owned Motorola on Tuesday launched Moto G5S Plus and Moto G5S in India. G5S would start retailing at Rs 13,999 while G5S Plus would cost Rs 15,999.

Both smartphones will be exclusively available on e-commerce site Amazon.in starting from Tuesday at 11.59 pm.

The G5S lineup come with an all-metal unibody design and run Android 7.1.1 Nougat OS out-of-box.

Of the two smartphones, G5S Plus has a bigger 5.5-inch screen while G5S comes with a 5.2-inch screen.

Moto’s G5S Plus sports two 13MP sensors at the rear. One is a monochrome lens and the other one is RGB sensor. Specifications of G5S Plus include a Qualcomm Snapdragon 625 processor with 4GB RAM and 64GB internal storage option.

The storage is further expandable up to 128GB via a microSD card slot. Moto G5S Plus is powered by a 3,000mAh battery with TurboPower feature.

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SC raps Gujarat govt over slow trial in rape case against Asaram Bapu

The Supreme Court on Monday questioned the Gujarat government over the slow pace of trial in the rape case involving self-styled godman Asaram Bapu.

A bench comprising justices N V Ramanna and Amitava Roy asked the state government why the victim has not been examined till now.

It asked the state government to file an affidavit in this regard and posted the matter for further hearing after Diwali.

The apex court had on April 12 asked the trial court in Gujarat to expedite the recording of evidence of prosecution witnesses in a sexual assault case lodged by two Surat-based sisters against the self-styled godman.

The court had asked the Surat trial court to record the testimonies of 46 remaining prosecution witnesses including the alleged rape victims.

Earlier, the top court had refused to grant bail to Asaram on various grounds including his poor health in two separate sexual assault cases lodged in Rajasthan and Gujarat.

The apex court, while dismissing his bail plea on January 30, had observed that Asaram had placed a “fictitious document” to persuade the court to grant him bail and had ordered registration of an FIR against those responsible for preparing and filing the alleged fake papers.

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