Big Mistake ignoring Rajan’s directives in 2005–IMF Chief

Showering fulsome praise on Raghuram Rajan, IMF chief Christine Lagarde on Tuesday said not listening to his prediction of 2008 credit crisis was a big mistake of the multilateral funding agency.

Rajan, now the Reserve Bank Governor, was the Chief Economist and Research Director at the IMF during 2003-2006.

He is credited with correctly forecasting in 2005 an impending global financial crisis at the annual meeting of prominent economists and bankers at Jackson Hole, US.

“The period when nobody was really forecasting the prices that what he did…thing that was one of his many-many accomplishments. One of the many drawbacks of the Fund was not listen to him enough at that time.

Trading Guide–18th March

Nifty Fut last close –  8738.80.

As said yesterday, Nifty has entered into a minor bullish phase which is yet to take a full form. Nifty closed up by 73 points, indicating a strong buying in the last hour of market. What to expect from today ?

The above is the daily chart of Nifty fut.

Mining to Resume Soon in Goa, Centre revokes suspension

Bringing cheer to the mining sector in Goa, the Centre on Tuesday decided to revoke its earlier order suspending all environmental clearances (ECs) of mines in the coastal state. With the withdrawal of the suspension order, the Goa government said the mines would resume operations immediately.
In September 2012, then environment minister Jayanthi Natarajan had suspended ECs of mines in the state for alleged violation of rules. Her decision came days after the report of the M B Shah commission, which spoke about illegalities. The ministry has now decided to lift the abeyance of mines in Goa by following all Supreme Court directives, environment minister Prakash Javadekar told reporters in Parliament.
Javadekar said the suspension of mining had "created unemployment and a loss of income to the country".
Goa chief minister Laxmikant Parsekar said: "The Ministry of Environment, Forest and Climate Change withdrew the suspension of ECs. The mining industry will resume operations immediately now."
The suspension has been lifted on 72 of the total 89 approved mining leases in Goa, he said, adding the remaining ones are within the one-kilometre radius of wildlife sanctuaries. The CM also said the state government would request the Centre to abolish export duty on ore with low ferrous content. "We are sure the Centre will abolish duty on low-grade ore and reduce that on high-grade ore," he said.
Currently, there is a 30 per cent export duty on ore. Following the Supreme Court order of April 2014, state and central government authorities were asked to follow all regulations to get mining operations restarted. In January this year, the state government had renewed 90 mining leases, sources said.

 

Source: Business Standard

Jindal Steel and Power falls 15% intraday, closes 8% down

 

Shares of Jindal Steel and Power (JSPL) have tanked 17% to Rs 157 on the National Stock Exchange (NSE) during intra-day trade today.
According to Business Standard reports, of the 34 blocks, auctioned in two phases, letters of allocation for eight have not been signed with the successful bidders. These blocks, according to the ministry of coal, had comparatively low bids and would need a re-look by the Nominated Authority (NA) for the re-allocation.

On February 19, the stock had zoomed 25% from Rs 155 to Rs 195 in single day after the Naveen Jindal-owned company won Gare Palma IV/2 and IV/3 blocks in coal block e-auctions.
Meanwhile, the counter has seen huge trading volumes today, with a combined 35.83 million shares changed hands as against an average sub 15 million shares that were traded daily in past two weeks on the NSE and BSE
The stock ended lower by 8% at Rs 174 the NSE.

Source: Business Standard