Daler Mehndi gets bail in 2003 human trafficking case: Top 10 developments

Punjabi singer Daler Mehndi was on Friday sentenced to two years in prison after he was convicted in a 15-year-old human trafficking case by a Patialia court, according to media reports. Police had registered a case against Mehndi, his brother Shamsher Singh -- who died in last October -- and two others after it was alleged that the accused took money from people to the tune of Rs 1 crore on the pretext of taking them abroad.

A complainant, Bakhshish Singh, alleged that the deal never matured and the accused failed to return the money.

The case was registered in 2003 in Patiala. Daler was subsequently arrested and released on bail after a few days.

Pleading innocence, Daler told the media on Friday: "I have been granted bail. We will appeal in a higher court."

Police had earlier moved two petitions before the court saying that Daler was not required in the case as he had nothing to do with the immigration fraud, called 'kabootarbaazi' -- meaning flying pigeons referring to numerous youth in Punjab trying to use illegal means to settle abroad.

How Jio was born: Tired of poor internet speed, Isha Ambani mooted the idea

Billionaire Mukesh Ambani's telecom venture Jio, which catapulted India as the world's largest mobile broadband data consuming nation in less than two years, was first seeded by his daughter, Isha Ambani, in 2011.

This was revealed by Ambani, the richest Indian, in his acceptance speech last night after his oil-to-telecom conglomerate, Reliance Industries was presented with the 'Drivers of Change' award at the Financial Times ArcelorMittal Boldness in Business Awards.

Since the idea first cropped up, Reliance, which owns and operates the world's largest single location refinery complex at Jamnagar in Gujarat, has spent more than $31 billion to break into India's mobile-phone market. The 2016 upstart, called Jio, dislodged rivals and has emerged as the nation's No. 4 carrier by offering call services free for life and data transmission at dirt cheap rates.

Jio is also gearing up for newer data-heavy services that can connect homes, businesses, and cars to the internet.

Nifty PSU Bank up 4% in one week;Canara, Syndicate, Dena Bank up over 15%

Shares of public sector banks (PSBs) were in focus with the Nifty PSU Bank index rising 4% thus far in current week, to record its biggest weekly gain since November 2017.
At 11:05 am; Nifty PSU Bank index was trading 1.26% higher at 2,977, gaining 4% thus far in the current week.

Syndicate Bank, Allahabad Bank, Oriental Bank of Commerce, Dena Bank and Canara Bank were up more than 15% so far in the current week. IDBI Bank, Andhra Bank, Central Bank of India, Indian Bank, Bank of Baroda, Corporation Bank and Union Bank of India up in the range of 10% to 15%.
The index posted its sharpest weekly gain since November 5, 2017, when it had gained 4%, after extending its 30% surge in the last week of October when the government announced banks recapitalization plan.

Between February 14 and March 9, 2018, most of the PSBs have fallen in the range of 10% to 40% on reports of cheating/fraud cases in several government-run banks.

GET UPDATES ON  MARKET

JP Associates rallies 35% in two days on Rare Enterprises stake buy

Jaiprakash Associates has moved higher by 15% to Rs 22, extending its Thursday’s over 15% surge on the National Stock Exchange (NSE), after Rare Enterprises purchased 30 million shares of the company worth Rs 551 million through open market.

In past two trading sessions, the stock rallied 35% from Rs 16.35 on March 14, 2018. It zoomed 58% thus far in the current week, against 0.51% rise in the Nifty 50 index.
On Thursday, March 15, 2018, Rare Enterprises acquired 30 million shares of JP Associates at price of Rs 18.37 per share through bulk deal on the NSE, the exchange data shows.

As of December 31, 2017, Rare Enterprises have nil holding in the construction & engineering company, the shareholding pattern data shows.
Rare Enterprises is a private equity firm owned by investor Rakesh Jhunjhunwala.
At 12:07 am; JP Associates was trading 9% higher at Rs 20.85 on back of heavy volumes.

A combined 165 million equity shares have already changed hands on the NSE and BSE so far. On an average a combined 100 million shares were traded daily in past two weeks.

GET LIVE UPDATES ON MARKET

Buy Asian Paints, Indiabulls Housing Finance: Prabhudas Lilladher

Nifty outlook and few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

NIFTY VIEW
Market continues to consolidate keeping the range of 10350 as support and 10440 as the crucial resistance. With the narrow range movement it has become a intraday play in the market. The support for the day is seen at 33500/10300 while resistance is seen at 33860/10410.

Bank Nifty would have a range of 24580-24980.
BUY ASIAN PAINTS
CMP : Rs 1,160.80
TARGET : Rs 1,240
STOP LOSS : Rs 1,120
After making the bottom at around 1100 levels, the stock has bounced back significantly and has now given a breakout above the 200 DMA which is currently at 1155 levels. The indicators like RSI is on the rise and has shown a positive bias with more space further on the upside. With consistent volume participation witnessed, we recommend a buy in this stock for an upside target of 1240 keeping a stop loss of 1120.