The BSE Sensex rose 3 percent during the week, ending in the green for four of the five trading sessions. Improved guidance from Infosys, hopes of a U.S. deal to avoid a default on its debt and the RBI’s decision to cut a key overnight interest rate helped sentiment.
Rajjesh Mittal spends 20 minutes each morning placing bids for postage stamps on eBay. The IT entrepreneur began flirting with philately, or stamp collecting, two years ago, and has become such an ardent collector that he wants to demonstrate his love for postage by getting a tattoo of independent India’s first commemorative postmark.
Mittal is part of a generation of urban, educated Indians celebrating all things postal in the age of e-mail and Twitter. Though numbers are hard to come by, philately appears to be staging a revival in India, with estimates ranging from 25,000 to over 100,000 active collectors. Like Mittal, working professionals are taking up the hobby, joining stamp-collecting clubs and fostering friendships with enthusiasts from all walks of life.
After rising for four consecutive weeks, the BSE Sensex fell 2.6 percent in the last five trading sessions, as a surprise repo rate hike by the Reserve Bank of India (RBI) on Sept. 20 dampened investor confidence and battered banking shares.
Rajan kicked off his term with a bang on Wednesday, announcing several measures to support the rupee and unveiling steps to liberalise financial markets and the banking sector. Hopes that the government might announce a one-time hike in diesel prices to cut its steep import bill also helped the stock market.
“The Great Tamasha” is a book about cricket, but it is also a tale about the rapid rise of modern India and the corruption that plagues it. A series of scandals in the Indian Premier League (IPL), the glitzy Twenty20 tournament run by the country’s cricket board, got James Astill hooked to the game in India. What followed was the 40-year-old journalist’s first book – an account of India’s rich cricketing tradition, politics, religion and the emergence of the cash-rich IPL.
Astill takes the reader from the slums of Mumbai to a village in north India, places where cricket is as much tamasha (spectacle) as it is religion. Bollywood stars, business tycoons and cricketers, both past and present, feature in “The Great Tamasha”. So does Lalit Modi, a former IPL chairman, now an outcast in India’s cricketing circles.
Indian shares ended in the green in three of five trading sessions but jittery market reaction to the U.S. Federal Reserve’s announcement of a gradual end to its $85 billion bond-buying stimulus took the BSE Sensex down 2.1 percent for the week. The broader 50-share Nifty lost 2.4 percent.
The U.S. central bank’s monetary programme has been a source of easy money for emerging markets such as India that used FII inflows to finance its current account deficit. The possibility of a liquidity drought and a consequent selloff by foreign investors spooked the markets with the rupee plummeting to a record low of 59.98 against the dollar on Thursday.
(Any opinions expressed here are those of the author and not necessarily those of Thomson Reuters Corp.)
It’s been nearly five years since India banned smoking in public places, but you wouldn’t know it from talking to Sugandha. The jeans-clad woman in her twenties is standing at a subway entrance in New Delhi as a man smokes a cigarette a few steps away, indifferent to how the fumes annoy passersby.
Mriganka Dadwal knows everything about the Ramayana, the ancient Hindu epic that tells the story of warrior-god Rama and the abduction of his wife Sita by the powerful demon king Ravana.
It’s hard to believe Amish Tripathi when he says he never set out to be a writer. The banker-turned-author of the popular Shiva trilogy recently won a million-dollar advance for a new series – and he hasn’t even finalized the topic yet.
Before his books took pride of place in shop windows, Tripathi was already living what some would call a charmed life. A management degree at one of India’s top business schools had led to a successful career in private and retail banking. But it was his admiration for Shiva, the Hindu god of destruction, that catapulted him to literary stardom in India.
(Any opinions expressed here are those of the author, and not necessarily of Thomson Reuters)
The transformation of Arvind Kejriwal from taxman to anti-corruption activist and politician has been hard to ignore. He became something of a celebrity last year when he launched broadsides against rich, powerful people. That in turn gave him a platform to enter politics with his “Aam Aadmi Party” (party of the common man). Now Kejriwal, 44, must build a party in time to contest state-level elections in New Delhi this year.