1. Sensex ends 554.50 points down, Nifty settles at 7,568; Markets at 4-month low

Sensex ends 554.50 points down, Nifty settles at 7,568; Markets at 4-month low

Markets ended at 4-month low as the benchmark BSE Sensex ended 554.50 points down at 24,851.83. NSE Nifty on the other hand plunged 172.70 down at 7,568.30.

By: | Mumbai | Updated: January 7, 2016 10:47 PM
Sensex

BSE Sensex and NSE Nifty fell for fourth day in a row on Thursday, tumbling by over two percentage points as China accelerated the depreciation of the yuan, sparking sharp falls in regional equity and currency markets. (Photo: Reuters)

The BSE Sensex and NSE Nifty fell for fourth day in a row on Thursday, tumbling by over two percentage points as China accelerated the depreciation of the yuan, sparking sharp falls in regional equity and currency markets.

China also suspended its stock markets for the rest of the day less than half an hour after opening as a new circuit-breaking mechanism was tripped for the second time this week. After a gap-down start, the domestic bourses never looked in recovery mood and ended the trade at four month closing lows, breaching their crucial support levels of 24,900 (Sensex) and 7,600 (Nifty).

Markets ended at 4-month low as the benchmark BSE Sensex ended 554.50 points down at 24,851.83. NSE Nifty on the other hand plunged 172.70 down at 7,568.30.

“The markets continued to bleed, tracking global weakness post China’s trading halt and commodity rout. A fresh slump in crude oil and commodity prices, devaluation of Chinese currency by Chinese government and worries of economic slowdown spooked the sentiment of the equities worldwide.,” Gaurav Jain, Director – Hem Securities said.

Global shares tumbled for a sixth day on Thursday and oil prices slid to levels not seen since the early 2000s, after China guided the yuan lower and Shanghai shares tumbled by 7 percent, igniting fears of competitive devaluations across Asia.

Brent crude oil prices skidded over 5 percent to an almost-12-year-low of $32.16, with worries over weaker demand from China adding to a persistent drag on prices caused by oversupply and near-record output levels.

In the 50-share index, Vedanta (down 9 per cent), Cairn (down 8.36 per cent), Bhel (7.06 per cent), Tata Steel (down 6.60 per cent) and Bank of Baroda (down 6.52 per cent) were among the major losers.

Jindal Steel and Power was the worst Sensex performer that slid 10.02 per cent followed by Vendata that fell 8.72 per cent. Others losers included JP Associat, Cairn, J K Tyre, Bhel, Adani Power, Reliance Capital and DLF.

Metal sector stocks including Hindalco, Tata Steel, Vedanta, SAIL, Tata Steel dipped record low.

Sectorwise, the BSE Realty index suffered the most by falling 4.50 per cent followed by metal 3.70 per cent, Auto 3.72, Basic materials 3.62, industrial 3.54 per cent and Capital goods 3.23 per cent.

“With the bellwether Sensex falling to new 52 week low, stocks markets are bracing for deeper falls. Amidst all these FOMC minutes hinting at possible pause in rate hikes, had little effect on the frail sentiments. DII’s purchases were seen more or less matching the FII’s sales of Indian equities, but with Indian rupee one month forwards pushing beyond the 67 mark, the Chinese contagion looks to have reached the rupee as well, which has been so far a bright spot among EM currencies. Gold also rose steeply in Indian as well as international markets. Among all these, hopes of a resolution on GST front, with government reaching out to the opposition for an early budget session, proved too little to shore up sentiments”, Shreyash Devalkar, fund manager – equities, BNP Paribas Mutual Fund said.

Markets through the day

3.30 pm: Sensex plunges 554.50 points to close below 25,000 level, while Nifty cracks 7,600-mark, falls 172.70 points to 7,568.30

3.27 pm: Jindal Steel & Power shares were trading 10.50 per cent down at Rs 83.60, while Tata Steel shares were trading 6.85 per cent down at Rs 250.10. Sensex was trading 561.76 points down at 24,844.57. NSE Nifty was trading 175.70 points down at 7,565.30.

3.20 pm: Sensex was trading 572.79 points down at 24,833.54. NSE Nifty was trading 182.20 points down at 7,558.80.

2.39 pm: Sensex was trading 511.88 points down at 24,894.45. NSE Nifty was trading 155.70 points down at 7,585.30.

2.30 pm: Cairn India shares were trading 7.74 per cent down. The company recorded its biggest single-day fall since August 24 as oil prices tumbled over 5 per cent to levels not seen since the early 2000s on Thursday. Vedanta, ONGC shares fall too. Sensex was trading 478.20 points down at 24,928.13. NSE Nifty was trading 153.25 points down at 7,587.75.

2.19 pm: Tulsi Extrusions shares were trading 4.87 up at Rs 6.24 after the company bagged cumulative order worth Rs 30 crore to Sardar Sarovar Narmada Nigam, Ahmedabad, Gujarat through Manav Vikas Trust for supply of various sizes of pipes and fittings viz. PVC, LLDPE and HDPE Sprinkler. Sensex was trading 419.93 points down at 24,986.40. NSE Nifty was trading 137.45 points down at 7,603.55.

1.50 pm: The pan-European FTSEurofirst 300 index and the euro zone’s blue-chip Euro STOXX index both fell 2 percent. Germany’s DAX declined 1.4 percent, while Britain’s FTSE 100 weakened by 1.6 percent. Sensex was trading 460.48 points down at 24,945.85. NSE Nifty was trading 143.80 points down at 7,597.20.

1.35 pm: Sectorwise, the BSE Realty index suffered the most by falling 3.68 per cent, followed by BSE Auto at 3.22 per cent. Sensex was trading 452.42 points down at 24,953.91. NSE Nifty was trading 145.30 points down at 7,595.70.

1.03 pm: Parliamentary Affairs Minister Venkaiah Naidu today met Congress President Sonia Gandhi and sought cooperation for the early passage of the crucial GST bill and the Real Estate bill even as he said the government was ready for an early Budget session if the parties agree. Sensex was trading 433.46 points down at 24,972.87. NSE Nifty was trading 143.15 points down at 7,597.85.

12.29 pm: Transwarranty Finance shares were trading 5 per cent up at Rs 6.51 after the Reserve Bank of India has allowed foreign investors to buy up to 100 per cent of the paid up capital of the company. Sensex was trading 448.14 points down at 24,958.19. NSE Nifty was trading 137.95 points down at 7,603.05.

12.13 pm: Sensex tanks below 500 points by falling 508.66 to trade at 24,897.67. NSE Nifty was trading 154.45 points down at 7,586.55.

12.06 pm: Sensex was trading 473.39 points down at 24,932.94. Nifty slipped below 7,600 by falling 147.20 points to 7,593.80. Brent crude futures fell to a fresh 11-year low on Thursday as a sliding yuan and an emergency halt in China’s stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices. Tracking the weakness across financial markets, the global benchmark Brent fell over 3 per cent to $33 per barrel, a level not seen since April 2004 and below the previous 11-year low from Wednesday.

11.55 am Corporation Bank shares were trading 2.60 per cent down at Rs 41.20 after the bank said it will buy 4 per cent stake in LIC Nomura Mutual Fund Asset Management Company from existing shareholders for Rs 5.67 crore. Sensex was trading 460.43 points down at 24,945.90. NSE Nifty was trading 138.35 points down at 7,602.65,

11.39 am: Torrent Pharma was trading 1.19 per cent up at Rs 225.90. Sensex was trading 455.09 points down at 24,951.24. NSE Nifty was trading 127.05 points down at 7,613.95.

11.23 am: Kalpataru Power Transmission shares were trading 1.42 per cent up at Rs 254.20 after the company acquired 100 per cent equity share capital of an SPV Company Alopurduar Transmission Ltd (ATL), a wholly owned subsidary of REC Transmission Projects Company Ltd. Sensex was trading 405.13 points down at 25,001.20. NSE Nifty was trading 122.70 points down at 7,618.30.

11.10 am: Tata Motors was trading 3.96 per cent down at Rs 351.20 on worries over China economy. Sensex was trading 373.22 points down at 25,033.11. NSE Nifty was trading 118.65 down at 7,622.35.

10.55 am: Sensex was trading 341.87 points down at 25,064.46. NSE Nifty was trading 108.50 points down at 7,632.50. World Bank has said that India is projected to grow by a robust 7.8 per cent this year and 7.9 per cent in the next two years, citing strong investor sentiment and the positive effect on real incomes of the recent fall in oil prices.

10.34 am: Sensex falls below 25,000-level for first time since Sept 7 on China rout, plunges 408.52 points to 24,997.81. NSE Nifty was down 127 points at 7,614.00.

10.27 am: Sensex was trading 405.16 points down at 25,001.17. NSE Nifty was trading 119.45 points down at 7,621.55. NBCC sahres were trading 0.65 per cent up at Rs 1013.60 after it bagged contracts worth Rs 8,523 crore in last month.

10.15 am: ICICI Bank shares were trading 2.20 per cent down at Rs 244.60 after country’s largest private sector lender picked up 19.58 lakh shares of United Breweries Limited for a little over Rs 186 crore through an open market transaction. Sensex was trading 364.19 points down at 25,042.14. NSE Nifty was trading 111.10 points down at 7,629.90.

10 am: Deepak Nitrite shares were trading 1.42 per cent down at Rs 73 after it informed BSE that the Project Funding Committee of Board of Directors at its meeting held on January 6, 2016, has approved the allotment of 1,17,50,000 Equity Shares of Rs. 2/- each at a price of Rs. 70.90 per Equity Share (including premium of Rs. 68.90 per Equity Share). Sensex was trading 347.71 points down at 25,058.62. NSE Nifty was trading 109.30 points down at 7,631.70.

9.46 am: Indian rupee was trading lower by 10 paise at 66.92 against the dollar in early trade at the Interbank Foreign Exchange today on sustained foreign fund outflows amid increase demand for the US currency from importers. Sensex was trading 373.24 points down at 25,033.09. NSE Nifty was trading 111.55 points down at 7,629.45.

9.30 am: Shares of Interglobe Aviation were trading 2.17 per cent higher at 1261.25 after it announced on Wednesday the launch of 24 new flights on its domestic network which include first daily non-stop flight between Delhi and Thiruvananthapuram. Sensex was trading 295.73 points down at 25,110.60. NSE Nifty was trading 96.45 points down at 7,644.55.

9.15 am: Sensex was trading 312.29 points down at 25,094.04. Nifty was trading 95.95 points down at 7,645.05.

The BSE Sensex and NSE Nifty opened on a weak note on Thursday as Chinese stocks nosedived, triggering the second daylong trading halt of the week and sending other Asian markets sharply lower as investor jitters rippled across the region.

8.50 am: The BSE Sensex and NSE Nifty are likely to open in red on Thursday tracking China market crash, weaker yuan and fragile global markets.

At 8.47 am, the SGX Nifty was trading 76 points, or 0.99 per cent down at 7,658.

China stock markets closed for the day less than half an hour after opening on Thursday when shares fell more than seven per cent, triggering an automatic “circuit breaker”.

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, had tumbled 8.35 per cent, or 178.08 points, to 1,955.88.

Asian stocks fell to a three-month low on Thursday after China opted to keep guiding the yuan sharply lower, deepening   concerns about the economy and the potential for competitive devaluations by other countries.

At 8.22 am, Hang Seng, Nikkei and Shanghai were down 2.87 per cent and 1.78 per cent, respectively.

US stocks closed at their lowest level since early October on Wednesday, weighed down by fresh concerns over China and slower global growth and as energy shares tumbled with oil prices.

Tags: BSE Sensex
  1. A
    Ashish
    Jan 7, 2016 at 8:50 am
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    Reply
    1. H
      Harry Potter
      Jan 7, 2016 at 5:13 am
      Annus horribilis for L&T - Annus mirabilis for L&T executive, 3 of these failed executives are in 2015 Top-10 Highest Paid pro executives of India Inc. L&T bres have displa geriatric trait of biting more than they can chew. Later cry foul policies, political situations etc. Hydrocarbon projects losses of 900 cr, they concede it as error of judgment, underestimating risks, aggressive bidding, and overestimating capabilities. Cost overruns in Hyderabad/Riyadh metro, 5k cr of stagnating investment in defence - they want to build ‘India’s defence capabilities’ – please do BUSINESS of profits. GoI is under no obligation to commit fixed orders. Laxmi Mittal the steel magnet have no time to cry/blame - dead busy expanding his empire from north pole to south pole, no less India lover, still holds Indian Pport, will do business in India at right time. Why L&T is asking for VGF? Do your calculations bear risk – simple. Jeff Bezos – Amazon CEO- “when asked whether doing business was easy in India, he said, ''doing business is not easy anywhere. Every country has its quirks, differences and uniqueness, companies must work around them".-------------------------------------------------------------------------------------------------------------Even self-confessed Avatar Purush like Chairman A M Naik seems to be failing to manage L&T - Mr Naik's views on succession - why Mr Naik is slogging at 73 – Quote- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UnQuote. LnT stock touched 18 month low of 1251 (Jan 04, 2016) , from peak of 1879 (July 10 2015). Lost whopping 30 percent in last 6 months. Net debt as on 30 Sep 2015, - 98 thousand crores. Would it hit 3 yr low of 722 in a quarter or two? People who have invested in L&T stock have either lost or gained less than zero risk FD investment in 5-6 years. Only exception are L&T top bres - LnT top-bres were on selling spree, Chairman Mr Naik sold his LnT shares worth 70 crores in 20 days - March 2014. Same is applicable to only other listed company of the group L&T Finance, not made any money for investors for last 6 years. No impacts on tenures of top bres nearly or above 70 yrs. All above age of 60 should be smoked out of L&T, Leave Now ! --------------------------------------------------------------------------------------------------------------------------------------------------------To quote Mr Naik "there is no bloody owner at L&T". It is not just Mr Naik L&T is personal fiefdom of a old-men club, it is divided between septuagenarians vertical wise - CEO Mr Vekataramanan (alas hanged boots, Sep 2015), responsible for hydrocarbon business and its heavy losses. Mr Magapu is responsible for stagnating IT business L&T Infotech and L&T Tech services, Mr Deosthali is CEO of L&T Financeholding, LnT Finance not made any money for shareholders in 6-7 yrs,, Mr MV Kotwal man in charge of L&T's defence forays, 5k crores of futuristic investment in defence is junking. These gentlemen are nearly/above 70. Please GOOGLE - L&T fraud / forgery / harment / risk / succession / default / corruption - to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. To quote Mr Naik "CEO and company are two sides of the same coin they represent each other. PM Mr Modi should intervene to restore insutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now!. Career span of 50 years as paid employees in a company where state owned LIC/UTI are biggest stake holders - SCANDALOUS - in a country where millions are job less. PM Mr Modi, should intervene to fix retirement age at LnT from SCANDALOUS 75 to 60 - ASAP!! All and sundry above 60 at L&T, leading the pack Mr Naik (aged 73) Leave Now!!---------------------------------------------------------------------------------------------------------------Please allow me to give you all a glimpse (trailer) of a public sponsored circus - Gymnastics by 70 ton Gorillas and Dinosaurs on-going show at L&T please refer BS articles - L&T: International orders worth Rs 30,000 cr at risk - and - why analysts are angry with L&T. Some excerpts - What has angered analysts the most is that the company did not in any way prepare the market for a Rs 900 crore loss. - L&T calls it an error of judgment, as it underestimated risks and overestimated its own capability- Investors and analysts allege the company frequently changes the financial reporting structure, making year-on-year comparison difficult. Some exotic nonsense by geriatric in chief - why Mr Naik is slogging to find successor - " you find a man in the world who will kill himself four times a day, has worked for more than a hundred years;--The day you find such a man he is my successor." - Mr Naik is right, well chronicled life span in modern times is 122 years. On one hand top-bres are taking their compensation and retirement to the highest level possible, on other hand FIRING young talented employees - Please GOOGLE --"Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations".Can employees, investors, analyst TRUST these dinosaurs - All and sundry above 60 Leave Now!!-----------------------------------L&T in melting - devil or the deep blue sea - stake or post losses. L&T in melting - devil or the deep blue sea - stake or post losses. Complete stake at Dhamra Port (Rs 2500 crores) to Adani group saved LnT from posting losses in q1-2014. LnT Inra stake to Canadian FII (2000 crores) saved LnT from posting losses in q2-2014. LnT Finance not made any money for shareholders in 6-7 yrs, 10% stake sold to Bains, 1300 crores. Kuttapali Port deal final with Adani. On a look out to sell Rajpura Power plant – cost 9600 crores. Plans to sell 15% stake at LnT Infotech to raise 2k crores. Threatened to pull out from Hyderabad Metro 16 k crores, LnT opts out of GAIL tender to build LNG carrier, ss Kachchigarh Gujarat port project. L&T’s commercial real estate project in Chandigarh sold to Carnival Group – Rs 1785 crores. LnT Halol Shamlaji Tollway defaults on Rs 1014 crore loan. LnT Chennai Tada Tollway defaults on Rs 475 crore loan. Inherent malignancies – Hydrocarbon and Ship Building losses of Rs 900 cr each, Hyderabad Metro cost overruns Rs 4k crores, Rs 5k crores stagnating investment in Defence. Financial mismanagement charges see a dozen leaving L&T Hydrocarbon arm. Aging CXO-MD potion of septuagenarians, leading the pack 73 yrs old Chairman Mr Naik completed 50 yrs with LnT as Paid Employee. LnT stock touched 18 month low of 1270, from peak of 1879 - Total consolidated debt 98 thousand crores - would it hit 3 yr low of 722 in a quarter or two? ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- L&T Chairman (aged 73) Mr Naik-s brainchild, LnT Infotech is stunted juvenile. Founded as LnT-IT in late 80s, renamed to LnT Infotech in 1997 claiming to touch $1 billion in revenues since 2010 – still not there. Cognizant founded in 1997 is more than $10 billion in revenues. Sans DNA destruction of work culture and mockery of corporate governance at LnT, LnT Infotech could be what TCS is for TATAgroup companies, a great saviour for old-economy TATA companies. LnT Infotech a proven laggard, in news for failed attempt to bid for Satyam, Patni, Polaris, Hexaware, rumoured sell off to Fujitsu. Perennial entry/exit of lateral CXOs, listing gimmicks – it’s in shambles. Year 1999, Mr Naik appointed CEO of LnT group, Infosys headcount in March 2000 nearly 5k, now nearly 1.7 lakhs and LnT Infotech is nearly 20k. What policy paralysis, RBI rates etc Mr Naik wants to blame for this most dismal performance in IT space? LnT has failed to cut even 1% of IT business pie of $116 billion in India. LnT Infotech in IT space for more than quarter of a century (25 years) and not even $1 billion in revenues, headcount less than 20k! Please GOOGLE – white collar criminal equivalent of rape and murder- “Cl Action Suit Seeks $100 Million for Pregnancy Discrimination, Other Violations”. All and sundry above 60 at L&T Leave Now!!-------------------------------------------------------------------------------------------------L&T is an example of brazen disregard for merit and professionalism , a mockery of corporate governance. L&T legacy of true founders Danish engineers Mr Ln and Mr Toubro is in clutches of despotic geritocracy. Leading the pack of engineers who joined L&T in 60s is Chairman Mr Naaik. State owned LIC and UTI are biggest stakeholders, upto 10 and 17% each. Mr Naik's views on succession - why Mr Naik is slogging at 73 – QUOTE- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UNQUOTE. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to restore insutional integrity at L&T and fix retirement age to 60. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. Please GOOGLE - L&T fraud / forgery /harment / risk / succession / default to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. PM Mr Modi should intervene to restore insutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now.---------------------------------------------------------------------------------------------- 3 of the failed executives of sinking ship L&T are in list of 2015 top ten highest paid pro executives of India Inc, leading the pack Chairman Mr Naik 27 crores. Cost of public sponsored circus at L&T - number ofCxOs/MDs at L&T and all its subsidiaries (138)- their CTC? Just CEO (Mr Venkatraman alas retired Sep 2015) and Executive chairmen of L&T pegged at Rs 14 and 27 crores, Mr Dubhashi of L&T Finance 21 crores only. KUMBH-MELA factories of old to very-old CXOs/MDs. L&T top bres have displa geriatric trait of biting more than they can chew and digest, than they are putting blame on policies etc. Where they not aware of Telengana movement? Now asking VGF - blackmailing newly formed state, threatened to pull out. How many farmers get Viability Gap Funding before committing suicide? They have implemented international hydrocarbon projects at losses of 900 crores, they concede it as error of judgment, underestimating risks, aggressive bidding, overestimating capabilities. 5000 crores they have invested in defence, again crying foul on name of policies. Biggest shareholders at LnT are state owned LIC/UTI. PM Mr Modi should intervene to fix retirement age at LnT to 60 - ASAP. All and sundry above 60 at L&T Leave Now!!----------------------------------------------------------------------------------------------------------------------------------------------------------------Frank De Souza appointed CEO of Cognizant at 38, HRD Minister Ms Irani 38, Vivek Murthy, Surgeon General - US, is 37. Vishal Sikka, Infosys CEO 46, Cyrus Mistry TATA top-man 44, N Chandrasekaran appointed CEO of TCS at 46, Raghuram Rajan appointed RBI Governor at 50, Indira Nooyi appointed CEO of PEPSI at 50. Rajeev Suri, CEO Nokia 47. Arun Sarin appointed CEO of Vodafone at 50. Staya Nadel, CEO Microsoft 46, Ajaypal Singh Banga appointed CEO Master Card at 50. Tulsi Gabbard, youngest woman in the US to be elected to a state legislature at age of 21. India got its first PM born post independence. Avg age of India in 2020 will be 29. Credit goes to Charcoal Colored Hair (Eyebrows) and White Elephant Syndrome. L&T is plagued with A MaN made leadership crisis. L&T is India Inc's biggest Geritocracy - (by, for and of Geriatrics), leading the pack Chairman Mr AM Naik, oldest (aged 73, compensation 27 crores) one of the highest paid ‘professional’ honcho in India Inc. Mr Naik's views on succession - why Mr Naik is slogging at 73 – Quote- You find a man in the world who will kill himself four times a day, has worked for more than a hundred years-- There is no such person.-- None of us here (at senior level) are working for money -UnQuote. Please refer ToI article – Vibrant Gujarat summit Day 1: 25 private jets bring high-flyers. Excerpts –Cabinet ministers arrived via scheduled flights -- private jet of AM Naik left immediately after arriving –. State owned LIC/UTI are biggest stakeholders at L&T, PM Mr Modi should intervene to restore insutional integrity at L&T and fix retirement age to 60. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T------------------------------------------------------------------------------------------------------------------------Here is the list of lateral CEOs who left L&T, Dr Panda (L&T Tech Services) of scam tainted Satyam is an exception ---Its a Catch-22 situation young insiders are not good enough for the top jobs at LnT and its subsidiaries, outsiders (laterals) cant with stand Despotic Gritocracy the old-men club. Top-men-eater Egyptian Mummies. Infotech ex-CEO Mr Banerji, two last joint CEOs Mr Chopra and Dr Aghi – QUIT. Mr Ravi Uppal CEO LnT Power (Mr Naik's potential successor)–QUIT. CEO LnT General Insurance Mr Joydeep Roy – QUIT. CEO LnT MF Mr Sanjay Sinha – QUIT. Old-men club is singing this bad chorus and opera a distorted version remix of Brayan Adams songs - 18 till I die and Summer off 69 - oh ya!. The band joined LnT some time in 60s. This public sponsored deafening cacophony and distortion should be stopped.--------------------------------------------------------------------------------------------------------------------Please GOOGLE - L&T fraud / forgery / harment / risk / succession / default / corruption - to know more about blood curdling Egyptian Mummies. Like Satyam L&T was also barred by the World Bank over forgery. PM Mr Modi should intervene to restore insutional integrity at L&T. It is like BCCI a cozy club of septuagenarians, all above age of 60 should be smoked out of L&T. All above 60 at L&T Leave Now!
      Reply
      1. I
        I Majumder
        Jan 7, 2016 at 11:00 am
        Still, India is in a far better position than many others . A very large and growing domestic market can be the growth protector . There could be a better flow of FDI due to the devaluation of Chinese currency
        Reply

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