The Supreme Court today termed as
"premature" a petition filed against the proposed creation of the new
state of Telangana by bifurcating Andhra Pradesh, which is yet to get
Parliament's nod. "The central government will take the matter to
Parliament. Parliament will accept or reject the proposal," a bench
comprising justices H L Dattu and S J Mukhopadhaya said. "A few more
required steps have not been taken as yet. Your petition is premature,"
the bench further said while declining to entertain the PIL filed by
advocate P V Krishnaiah who then withdrew it. The PIL had said the
proposal for the creation of Telangana was political as in the past the
demand for it has been rejected twice. Further, the advocate said the
decision has also resulted in a hostile environment in the state. The
petitioner said there has been a demand for bifurcating other states but
the Centre has not accepted it because of political consideration.
Correlating the ups and down in the Indian rupee with the stock market, Vijay Bhambwani, CEO, bsplindia.com, suggests that if the rupee continues with its downward fall, the Indian stock market may fall breach October lows and fall further. “If the rupee falls below the 53.0-53.50 mark vis-a-vis the USD, expect a mini meltdown atleast in the equity markets. In that case, the 2250 level (on Nifty) will be breached easily to form a new low. The possibility of that low being below the 2000 levels on the Nifty spot is fairly high,” he says. Bhambwani supports his outlook by comparing the value of rupee at the time of October lows. “The October 2008 lows were made with the INR at 51.20 - 51.40 band. The rupee has breached the 52 level since then. Clearly the nation’s ‘share price’ (currency) indicates weakness. The curency market is a far more accurate barometer of the nation’s health compared to the equity indices. Whether you like it or not, we are under siege. Had it not been March (NAV ...
Comments
Post a Comment