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Friday, August 3, 2012

Service sector growth shrinks, firms less optimistic on demand

India’s services sector expanded for the ninth straight month in July as new orders grew at a steady pace but firms were less optimistic about the future, a business survey showed on Friday.

The HSBC Purchasing Managers’ Index for the services sector, which gauges the activity of hundreds of Indian companies, slipped to 54.2 in July from June’s 54.3.

The index for the sector, which makes up nearly 60 percent of the Indian economy, has held above the 50 mark that separates growth from contraction, since November last year.
“Service sector activity grew at a steady pace in July, with growth in new orders and employment holding up,” said Leif Eskesen, an economist at HSBC.

The survey showed order books grew at the same clip as June, prompting businesses to increase their workforces at a similar pace as in the previous month.

But sagging demand from India’s major trading partners abroad—the United States, the eurozone and Britain—dented hopes for the future among Indian companies in July.

The index measuring business expectations, a gauge of what firms think conditions will be like in a year’s time, fell to 69.5 from 72.9 in June.
Indian firms are also losing confidence because of the government’s inability to push through long-pending policy reforms such as foreign direct investment in the supermarket and airline sectors.

Economic growth which fell to its lowest in almost a decade in the Jan-March quarter. India’s economy grew 5.3 percent in the three months to March—a far cry from the near double digit rates before the financial crisis started in 2008.

Faltering economic growth prompted the Reserve Bank of India to leave its repo rate unchanged at 8 percent earlier this week, after cutting it by a more than expected 50 basis points in April, as high inflation remained a concern.

“With inflation risks still lingering despite the slowdown and policy action out of Delhi so far insufficient, the RBI has little room to manoeuvre,” Eskesen said.

India’s headline inflation rate fell to 7.25 percent on an annual basis in June from 7.55 percent in May but because of a faltering monsoon – key to volatile food prices – that could pick up again.
In its latest projections the central bank also raised inflation forecasts for the fiscal year ending March 2013, expecting the disappointing monsoon to impact prices.

However, suggesting temporary relief, the input prices sub-index of the PMI survey fell to its lowest since October 2011.

A pick-up in prices from here would weaken calls for policy easing to help pull Asia’s third largest economy back from a slowdown.

Northern India suffered one of its worst blackouts in history in the past week as power grids across a dozen states collapsed, leaving over half of the country’s 1.2 billion population without electricity for days.

The July survey of manufacturing activity showed the sector grew at its weakest pace since last November, hit hard by a fall in export orders and a slump in output.
FIRST POST ECONOMY NEWS

Monsoon rains likely to be 15% below average


NEW DELHI: Monsoon rains in June to September are likely to be 85 percent of the long-period average, the weather office chief said.

"We expect 15 percent shortfall in the seasonal rains," L.S. Rathore, director general of the India Meteorological Department (IMD) told reporters on Friday.

The IMD considers a 50-year average rainfall of 89 centimetres as the long-period average rainfall. Monsoon rains are considered deficient - a drought in layman's terms - if they fall below 90 percent of the 50-year average.

India's monsoon rains will not be enough to save the country from its first drought in three years, the weather office said on Thursday as it forecast that the El Nino weather pattern should reduce rains again in the second half of the June to September season.
The Economic Times News
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Sensex plunges 195 points on monsoon woes, global cues


The Nifty and the Sensex lost further ground after two hours of trade on fears of a failing monsoon spooking inflation.
At 11.30 am, the Nifty was down 60 points at 5,167 and the Sensex was down 195 points at 17,030.
Dealers said that global cues were also not positive with the European Central Bank not indicating any concrete measures to tackle the Euro Zone's debt crisis.
All the indices on the NSE and the BSE were in the red barring the healthcare index on the BSE and the CNX pharma index on the NSE.
The BSE healthcare index was up 0.55 per cent at 7,273 while the CNX pharma index was up 0.61 per cent at 5,502.
Ranbaxy, Dr Reddy, Cipla, Asian Paints and Ambuja Cements were the top five Nifty gainers.
The volatility index India Vix was up 0.6 per cent at 16.87.
Business Line News

Thursday, August 2, 2012

SIP is it really good or is it hyped?


Is this a question that has been uppermost in your minds?
I have been saying put money into an SIP with a good fund and go to sleep’ – and I have been blunt enough to tell you which funds too. Now, is this applicable to all the people who read this blog? No. Of course not.
People who have stock picking skills (or who think they have stock picking skills) surely do not need an SIP. Do I expect a Portfolio Manager or an active fund manager to need this advice? I doubt it. I have a few friends who are CXOs who are happy doing a SIP. At last count there were at least 6 CEOs, 12 COOs, 5-6 CIOs, …who I know are doing SIPs.
I also know it is easy to pick up a period in time and say ‘If you had stopped the SIP in this period you could have saved so much’. I was in the market when there was no index, when the index was at 100, at 2,000, at 4,000, and at 21,000.
Imagine a person who had entered at 3,000, and at 6,000 said ‘it is too high I will not invest till it comes down to 3,000, He would still be waiting. Seriously we all have a 20/20 hindsight.
The reason why we all have SIPs is simple is to keep our brain out of investing. http://www.subramoney.com/2011/09/your-brain-is-your-investment-enemy/
Also there are sometimes when out of sheer laziness you miss 2-3 installments by not going to the bank to make the investment. In case of a SIP you avoid such mistakes.
If you had started an SIP when the index was at 2,000, then watched it go to 21,000 and then go down to 9000 and now at 16700 believe me you would have made a lot of money. Now intelligently if I said, when the index reached 19000 (the p/e was too high theory) if you had stopped the SIP and started it again at 17000 (on the way down) YOU COULD HAVE GOT AN EXTRA 4% p.a EXTRA. Sadly this is hindsight.
I do SIPs no doubt, but I am largely a direct equities guy. To do direct equities you surely need :
  1. A large ability to wait. Like a croc waiting for 6 hours for its prey
  2. A decent big picture vision. Like an eagle, you need the big picture.
  3. A good hang of the numbers – helps to be a CA and have a suspicious mind.
  4. Training as a lawyer. Reading the directors report with a lot of suspicion..and reading between the lines
  5.  Experience. It cannot be taught.
  6. Friends in the business. On my dial pad are a lot of useful people whose distilled experience would run into 7-800 years experience. 
  7. Ability to run screens – as well ask a tech query to a fundamental guy just to check the worth of doing the transactions.
  8. Discipline to make rules for transactions over an X amount (say Rs. 10,00,000) and the skill to do tactical changes for smaller transaction say Rs. 2,00,000.
  9. Ability to break rules – and know why you are breaking them.
  10.  Cut losses on trading positions and build positions on investment items when the chips are down.
  11. Having friends who will skin you alive for your mistakes, show you the mirror, and show you the difference between skill and luck.
  12. Having a great broker (God does not make them anymore)
  13. A good hang of the compliance, law, etc. – useful, if not critical.
  14. Ability to speak to 3-4 people b4 doing a big transaction.

    The author P V Subramanyam is a Chartered Accountant by qualification and a financial trainer by profession. Writing being a passion he also regularly pens his thought in his blog Subramoney 

Foreign investors continue betting on Indian stocks


Reuters Market Eye - Foreign investors bought a net 111.52 billion rupees in July, according to provisional regulatory data, their biggest purchases since February.
Foreign inflows into stocks so far in 2012 now stand at a net 522.66 billion rupees.
Flows remained strong even as optimism last month over potential policy reforms has been replaced in July by concerns the government would struggle to implement fiscal measures given disagreements among ruling coalition parties.
Net purchases came despite the 1.1 percent monthly fall for Sensex, which reverses the strong gains seen in June and lags the 3.6 percent gain in the MSCI Asia-Pacific index excluding Japan.

OUR SELL NIFTY TARGET


SELL NF NEAR 5253-5249 SSL-5277 TARGET 5236-5213. almost target hit.


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नए गृह मंत्री ने निकाली भड़ास, बोले - अमेरिका में तो चार दिन नहीं आती बिजली

नई दिल्‍ली. देश की सुरक्षा को लेकर नए गृह मंत्री सुशील कुमार शिंदे का क्‍या एजेंडा है, इस बारे में वह आज कुछ साफ नहीं कर पाए। उन्‍होंने बस इतना कहा कि गृह मंत्रालय चुनौती भरा मंत्रालय है। लेकिन वह यह कहना नहीं भूले कि आम तौर पर गृह मंत्रालय किसी दलित को नहीं दिया जाता है। राजीव गांधी पहले ऐसे प्रधानमंत्री थे, जिन्‍होंने दलित को मौका देते हुए बूटा सिंह को गृह मंत्री बनाया था। इसके बाद देश में दूसरी बार अब सोनिया गांधी की वजह से यह संभव हुआ है। 
लगातार दो दिन ग्रिड फेल होने की वजह से बिजली मंत्री के रूप में आलोचना झेलने वाले शिंदे ने गृह मंत्रालय संभालने के बाद तीखा जवाब दिया। उन्‍होंने कहा, 'अमेरिका में बिजली चार-चार दिन नहीं आती। यहां तो कुछ घंटों में आ गई। जनता को हमारे ग्रिड की तारीफ करनी चाहिए, कि वे कैसे काम करते हैं।' 
चपरासी से शुरुआत कर आज गृह मंत्री बने शिंदे पुलिस सब इंस्‍पेक्‍टर भी रहे हैं। महाराष्ट्र का मुख्‍यमंत्री बनने से काफी पहले वह छह साल तक पुलिस में रहे थे। शिंदे ने वित्‍त मंत्री के तौर पर नौ बार महाराष्ट्र का बजट पेश किया। इसके अलावा कल्‍चर मिनिस्‍टर के तौर पर भी काम किया। वर्ष 2004 में महाराष्‍ट्र में कांग्रेस की जीत के बावजूद वह मुख्‍यमंत्री बनने में असफल रहे और उन्‍हें आंध्र प्रदेश का राज्‍यपाल बनाया जा रहा था। लेकिन 2006 की जनवरी में शिंदे देश की राजनीति में उभर कर सामने आए और ऊर्जा मंत्री बने।
गांधी परिवार के सबसे वफादार नेताओं में शुमार शिंदे वर्ष 2002 में यूपीए की ओर से उप राष्ट्रपति के चुनाव में भी उतरे लेकिन भैरो सिंह शेखावत के सामने जीत नहीं पाए। एक दलित नेता और मजबूत मंत्री के तौर पर जाने जाने वाले सुशील कुमार शिंदे अब 71 वर्ष के हो गए हैं। उन्‍होंने अपनी जिंदगी की शुरुआत अदालत में चपरासी के तौर पर की थी। इसके बाद पुलिस की  नौकरी के दौरान वह राजनीति के करीब आए। उनके गुरु शरद पवार से भी उनकी मुलाकात उसी दौर में हुई थी। पवार उस दौर में महाराष्‍ट्र कांग्रेस के महासचिव थे। पवार ने शिंदे की काबिलियत को पहचान लिया था और उन्‍हें राजनीति में शामिल होने का न्‍यौता देते हुए विधानसभा चुनाव लड़ने को कहा था। वर्ष 1974 में शिंदे करमाला सीट पर अपनी किस्‍मत अजमाने के लिए उतरे और जीत भी गए। इसके बाद वह राज्‍य में मंत्री बनाए गए। शिंदे पांच बार सोलापुर से विधानसभा पहुंचे हैं और तीन बार लोकसभा।
 
शिंदे को गृह मंत्री बनाने के बाद ऊर्जा मंत्रालय का 'अतिरिक्त प्रभार' कॉर्पोरेट मामलों के मंत्री वीरप्पा मोइली को दिया गया है। आठ अगस्त से संसद का मानसून सत्र शुरू हो रहा है। संभव है कि प्रणब मुखर्जी के स्थान पर शिंदे को लोकसभा में सदन के नेता की जिम्मेदारी भी सौंपी जाए। 
प्रणब के मंत्रालय में करीब साढ़े तीन साल बाद 66 वर्षीय पी. चिदंबरम की वापसी हुई है। यानी वह अब गृह मंत्री से वित्‍त मंत्री बन गए हैं। उन्हें दिसंबर 2008 में गृह मंत्रालय सौंपा गया था। प्रणब मुखर्जी के राष्ट्रपति बनने के बाद वित्त मंत्रालय का प्रभार प्रधानमंत्री मनमोहन सिंह संभाल रहे थे। 
Dainik Bhaskar news
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Darashaw sees Nifty in 5000-5300 range, suggests picks


Should the market move from 5,300 levels then we can look at some immediate upsides of about 400 Nifty points. Regan F Homavazir Analyst Darashaw The Indian market has been rangebound over the last couple of sessions. In an interview to CNBC-TV18, Regan F Homavazir, associate VP-technical research, Darashaw says, he sees the Nifty in 5,000-5,300 range. "Should the market move from 5,300 levels then we can look at some immediate upsides of about 400 Nifty points," he adds.
In the banking sector, he is bullish on HDFC Bank , Kotak Mahindra Bank and ICICI Bank . "HDFC Bank continues to be our top pick in the banking space," he adds.
In the FMCG space, he likes Godrej Consumer Products . "Godrej Consumer is a very bullish stock. It could be bought even at the current market price," he asserts. According to him, Hindustan Zinc and Jindal Steel (JSPL) look very attractive at current price point. He is also bullish on Zee Entertainment . "The stock could be embarking on very long-term upmoves. We believe that the target of Rs 300 and in excess of that is possible," he adds.
Moneycontrol news

Wednesday, August 1, 2012

Sensex, Nifty lacklustre; Hero Motocorp drops 1%

The BSE Sensex and NSE Nifty opened marginally lower amid volatility in early trade due to lack of cues from the Federal Reserve's two days meeting. Asian markets too were mildly down as there was no significant shift in the Federal Reserve policy stance on Wednesday, though doors remain open for further easing. Now globally all eyes are on the outcome from European Central Bank's meet, which will be around 17:15 hours IST.

The BSE benchmark declined 25 points to 17,232.62 and the NSE benchmark went down 10 points to 5,230.50.

Two-wheeler major Hero Motocorp fell more than 2% after disappointing sales numbers for July. Total sales went down by 9.3% month-on-month to 4.84 lakh units in July. Its rival Bajaj Auto was down 0.5% ahead of sales numbers today.

Tata Motors, Sterlite, Hindalco, Bank of Baroda, PNB, SBI, Reliance Industries, L&T, Reliance Infrastructure, Ambuja Cements and IDFC were under pressure.

However, ITC, HUL, NTPC and ICICI Bank were supporting the market.

The CNX Midcap Index too was flat as the market breadth was neutral.

In the second line shares, Kale Consultants shot up 20% after its first quarter profit shot up 333% to Rs 13 crore QoQ.

Voltas opened lower, but immediately bounced back to 3% due to short covering. The stock had already fallen ahead of numbers, so it might have priced in the likely disappointing numbers in Q1. Its consolidated net profit fell to Rs 79.1 crore from Rs 132 crore YoY.

Manappuram Finance rose over 2% after first quarter profit increased to Rs 157.7 crore from Rs 108 crore YoY.

Jaypee Infratech was up 1.6% as The Financial Express reported that Yamuna Expressway will open on August 9.

Dishman Pharma fell 4% on profit booking as it had rallied quite sharply yesterday on Q1 results.

Deccan Chronicle dropped nearly 5% as the market regulator SEBI is probing promoter share pledge veracity.

NIIT Tech tanked 9.5%. Adani Power and HDIL were down 1%. Dish TV was up 0.5%.

Century Textiles added another 0.9% after yesterday's 6% rally on good Q1 results.
Moneycontrol news

OUR SELL TARGET

CANBK SELL BELOW @ 367.6 TARGET 366.2 363 357 STOP LOSS 370.2

more tips and target see on
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Five low-intensity blasts hit Pune; sixth defused

PUNE: At least five low-intensity explosions were heard in different parts of Pune city Wednesday evening, police said.

The blasts, that occurred in a diameter of 300 metres and in the space of thirty minutes have reportedly left two injured.

One of the blasts took place at the Bal Gangadhar Chowk near the Rangsharda auditorium on the busy Junglee Maharaj Road and another in a dustbin outside a McDonalds outlet nearby around 7.30 p.m., police said.

A third explosion occurred near the Dena Bank in the same area, triggering panic among people during the evening peak hour.

A fourth explosion went off on a bicycle at Garware Chowk on the same road.

Home secretary RK Singh said that terror angle cannot be ruled out since it was a planned blasts.

A man who was injured in the blast was taken into custody as he was suspected of carrying one of the bombs.

"The blasts appear to be well-coordinated," a police officer said.

According to reports, a sixth bomb was diffused near a McDonald joint in the city.

The explosives were planted in a garbage can outside a food plaza and on a bicycle. 

A team of Maharashtra ATS has reached the spot and started the investigations. CCTV footage are being viewed, and alert has been sounded across the state.

Home minister Sushil Kumar Shinde was scheduled to be in the city tonight for a ceremony but cancelled his trip in the last moment.

In 2010, more than 14 people were killed in the German Bakery bomb blast in the city.
yahoo news
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Exports fall over 5% to $25.1 billion in June

New Delhi: India's exports contracted for second month in June by 5.45 percent to USD 25.1 billion in June, while imports fell 13.46 percent to USD 35.4 billion, leaving a trade deficit of USD 10.3 billion, government data showed on Wednesday.

The trade deficit for April - June, 2012-13 was estimated at USD 40055.45 million which was lower than the deficit of USD 46233.94 million during April -June, 2011-12. 

India’s Exports during June, 2012 were valued at USD 25067.20 million (Rs. 140452.05 crore) which was 5.45 percent lower in Dollar terms (18.11 percent higher in Rupee terms) than the level of USD 26511.62 million (Rs. 118914.17 crore) during June, 2011. 

Cumulative value of exports for the period April-June 2012 -13 was USD 75203.96 million (Rs 407055.99 crore) as against USD 76507.51 million (Rs 342163.55 crore) registering a negative growth of 1.70 percent in Dollar terms and growth of 18.97 percent in Rupee terms over the same period last year.

India’s Imports during June, 2012 were valued at USD 35370.57 million (Rs.198182.00 crore) representing a negative growth of 13.46 per cent in Dollar terms (growth of 8.11 percent in Rupee terms) over the level of imports valued at USD 40870.18 million ( Rs. 183317.46 crore) in June, 2011. 

Cumulative value of imports for the period April-June, 2012-13 was USD 115259.41 million (Rs. 623266.64 crore) as against USD 122741.45 million (Rs. 549000.58 crore) registering a negative growth of 6.10 percent in Dollar terms and growth of 13.53 percent in Rupee terms over the same period last year.

Oil imports during June, 2012 were valued at USD 12688.6 million which was 4.43 percent lower than oil imports valued at USD 13276.9 million in the corresponding period last year. 
ZEEBIZ NEWS
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Global markets trade within tight ranges, eyes on central banks


(Reuters) - Weak growth numbers from Asia sent the dollar to a two-month low against the yen on Wednesday but most markets traded within tight ranges awaiting the verdict from policy making meetings of the U.S. Federal Reserve and the European Central bank.
The greenback's fall against the Japanese currency to A low of 77.90 yen came after China's official factory purchasing managers' index fell to an eight-month low of 50.1 in July, suggesting virtually no growth.
The data underscored that the world's second-biggest economy is losing momentum, and followed signs of decelerating growth from other major Asian exporters including Japan, South Korea and Taiwan.
European PMI data for July due out later is likely to add to the picture of gloom about the global growth outlook.
However, despite the weaker data most analysts still only expect the Federal Reserve to signal its readiness to act in future at the conclusion of its two-day meeting later today while divisions among European leaders could stall any action from the ECB on Thursday.
"As a result of the uncertainty and potential savage market reaction, caution is likely to persist until investors have the benefit of these crucial central bank decisions," IG Markets said in a note.
A string of better corporate results helped lift European shares ahead of the ECB meeting with the FTSE Eurofirst 300 index of top European shares rising 0.15 percent to 1064.88 points. The index posted a solid 4.1 percent gain for July, its second-best monthly gain of the year.
The single currency gained just 0.1 percent against the dollar to $1.2320, below its three-week high of $1.2390 hit last week.
(Reporting by Richard Hubbard; Editing by Anna Willard)

Monday, July 30, 2012

High inflation may prevent RBI from cutting rates


NEW DELHI: In view of high inflation and deficient monsoon rainfall, the Reserve Bank may find it difficult to cut the key lending rate to boost the economy as is being demanded by the industry.

Although bankers expect RBI to cut the cash reserve ratio (CRR) by up to 0.50 per cent in the monetary policy review on Tuesday, it would not be possible for the central bank to heed to India Inc's demand as inflation, at over 7 per cent, is much above its comfort level.

Moreover, uncertainty over monsoon is likely to put pressure on prices of essential commodities.
On an average, rainfall deficiency across the country is 21 per cent so far.

RBI governor D Subbarao will unveil the first quarter policy review and if his recent comments on inflation as well as fiscal and current account deficit numbers are any indication, it may turn out to be a non-event.

While GDP growth hit a nine-year low last fiscal at 6.5 per cent, WPI-based inflation was at 7.25 per cent in June. Retail inflation is hovering at 10.02 per cent. RBI had left policy rates and CRR -- a portion of deposits that banks are required to keep with the central bank -- unchanged at the last meeting on June 16.

Meanwhile, Subbarao said recently that RBI will study the relationship between high interest rates and growth slowdown. Bankers, meanwhile, have said that they expect a 0.5 per cent reduction in CRR, which currently stands at 4.75 per cent. They, however, do not see a reduction in the repo rate from the current 8 per cent. "We expect a 50 basis point reduction in CRR to ease money supply. Also a CRR cut will have a cooling effect on the interest rates for customers apart from better effect on monetary transmission than a repo cut," State Bank of India chairman Pratip Chaudhuri said.
The Times Of India News
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North India blackout: 7 states suffer, govt promises power back by late afternoon


Power supply in seven states across north India was hit early on Monday following a breakdown in the Northern Grid, an official said. Apart from Delhi, supply in Punjab, Haryana, Himachal Pradesh, Uttar Pradesh, Rajasthan and Jammu and Kashmir were disrupted.
Millions of people have
related stories
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Northern grid failure: 200 trains running behind schedule
been affected due to the power failure. Speaking to the media, Power minister Sushil Kumar Shinde said 60% of supply has been restored in the northern region.

He also said that essential services have been restored and the remaining will be restored in around 2 hours. The minister also said a probe has been ordered into the failure of power in the northern region.
Hindustan times News
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Tamil Nadu Express fire: 32 feared dead, probe ordered


Nellore: A major fire engulfed one of the coaches of the Chennai-bound Tamil Nadu Express in Nellore, Andhra Pradesh on Monday morning. Thirty two people were said to have died in the incident and 25 people were said to be injured.
The death toll is likely to rise further.
The Chairman of the Railway Board and Railway Minister Mukul Roy are expected to reach the site shortly. An ex-gratia relief of Rs 5 lakh to the relatives of the dead has been announced. In addition, an ex-gratia of Rs 1 lakh will be paid to the grievously injured and an ex-gratia of Rs 25,000 will be paid to the simple injured passengers.
The Railway Minister has also ordered an inquiry into the incident.
Meanwhile, relief and restoration work is underway at the site.
The incident occurred at around 4:30 am when the Nellore station manager noticed the fire in one of the bogies of the train, officials said.
The train was immediately brought to a halt and the fire brigade was pressed into service and the blaze was extinguished, they said.
The cause of the fire is yet to be determined, however, it was suspected to be caused by a short circuit in the coach, they added.
CPRO of the South Central Railway Sambasiva Rao said that a special train would be leaving from Chennai to Nellore at 9.30 am. "It is too early to comment on the cause of fire. Rescue operations are on. Only one coach was affected in the fire. Nearly 25 people were injured. They have all been admitted to a nearby hospital. A special train will leave from Chennai to Nellore at 9.30 am for rescue operations," he said.
The S-11 coach had around 72 passengers, said sources.
Chief Minister Kiran Kumar Reddy has directed the district administration to provide immediate medical relief to the injured.
Meanwhile, gas cutters are being used to cut through the coach and recover more bodies.
Helpline numbers
A help desk has been opened at the Chennai Central Station to give information on the fire. The phone numbers are 044-25357398 and 044-25330821.
The helpline numbers at Nellore are 0861-2345863, 864, 865, 866 and 0866-2576924; At Secunderabad: 040–27786723, 27700868, 27786539; At Warangal: 0870-2426232, 09701371063.
Meanwhile, the Northern Railway has opened helpline numbers 011-23342954, 23341072, 23341074 at New Delhi Station and 011-24359748 at Hazrat Nizamuddin Station.
VSK Komdi, Additional DG Railways, Andhra Pradesh has also appealed anxious relatives of passengers of the S-11 coach to send particulars of their near and dear ones to the following email-id: apgrp@yahoo.com.
Meanwhile, the Indian Railway has announced Rs 5 lakh ex-gratia relief to the relatives of the dead. In addition, an ex-gratia of Rs 1 lakh will be paid to the grievously injured and an ex-gratia of Rs 25,000 will be paid to the simple injured passengers.
The list of the injured
At Government Hospital, Nellore:
1) KK Sunil Kumar, New Delhi-Chennai
2) Amarpreet Singh, New Delhi-Chennai (S11-57)
3) Venkata Koteshwar Rao, Vijayawada-Chennai (S11-32)
4) Raghavan, Bhopal-Chennai
5) Sandeep Agnihotri, New Delhi-Chennai
6) SS Verma (S11-22)
7) Veena, along with Baby Arshitha of 1year age, New Delhi-Chennai (S11-63)
8) Hussain, New Delhi-Chennai (S11-47)
9) Rekha, New Delhi-Chennai (S11-5)
10) Sukhdeep Singh (S11-59)
11) Sambasiva Rao
At Peoples Poly Clinic, Nellore:
1) V Krushi, Vijayawada-Chennai (S11-27)
2) C Vijaya Kumar, Warangal-Chennai (S11-24)
At Jai Bharat Hospital, Nellore:
1) S Prakash Singh, Jhansi-Chennai (S11-33)
2) Shoba Singh, Jhansi-Chennai (S11-36)
3) Ch Udaya bhaskar, Vijayawada-Chennai (S11-62)
4) G Ramchandra Srinivas, Warangal-Chennai (S11-67)
5) Kumud Kumar Bansal, Agra-Chennai (S11-16)
6) Prasamsa Bansal, Agra-Chennai (S11-13)
7) M Sujanmal Sarada Parekh, New Delhi-Chennai (S12-12)
At Bollineni Hospital, Nellore:
1) S Madanlal
2) Uttam Kumar
3) Anusha
4) Tirupathiamma
5) Sampath Kumar
Report on Railway safety, security soon: Mukul Roy
Announcing ex-gratia relief and jobs to the relatives and dependents of the dead, Railway Minister Mukul Roy on Monday said that an inquiry had been ordered into the Tamil Nadu Express fire incident and that a comprehensive note was being prepared on the safety and security of trains, which would be submitted to the PM in the first week of August.
Prime Minister Manmohan Singh had earlier directed the Railway Minister to coordinate with the Andhra Pradesh government in providing relief to the victims of the fire.
Addressing the media in Kolkata, Roy said that he would take the first available flight for Nellore and be there by 6 pm. He added, "Time has come to take technological support to avoid accidents caused by human error. I have appraised PM and the Planning Commission."
Meanwhile, Andhra Pradesh Chief Minister Kiran Kumar Reddy is expected to visit the site by 3 pm, while Congress MLA and actor Chiranjee arrived at the site at around 2 pm
CNN IBN
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