BSE in celebratory mood after Sensex touches 40,000 on Modi victory

BSE, formerly Bombay Stock Exchange, announced a cake-cutting ceremony on Thursday after Sensex topped 40,000 in opening trade after early trends made it clear that Prime Minister Narendra Modi was set for a landslide victory. The Sensex, however, failed to close above 40,000 amid profit-taking and ended below 39,000. The exchange routinely celebrates Sensex milestones; however, it typically considers the index’s closing levels. The sharp fall in the market at day's end didn’t deter the exchange from going ahead with the cake-cutting ceremony, which seemed more like a victory celebration for the PM, with many present showing up in “Namo Again” t-shirts.

No room for fakes

The Ministry of Corporate Affairs (MCA) has just made the job a bit more difficult for corporate boards. It has mandated that every corporate director must have his photograph clicked standing next to a signage that mentions the name of the company with its address. The signage, in turn, should be on an outside wall of the building that houses the firm's headquarters. These photos must then be uploaded on the MCA website. In case a company has more than one subsidiary, it has to click separate photos for each subsidiary and upload them on the website. This move, say MCA officials, is aimed to weed out shell companies. They complain they have often found “several thousands of companies” operating from a single room.

DMDK builds muscle

Actor-turned-politician Vijayakanth’s party, Desiya Murpokku Dravida Kazhagam (DMDK), an ally of the National Democratic Alliance, might have missed the mark this election, but it has grabbed the No 2 spot in another ranking. A report prepared by the Association for Democratic Reforms on donations received by 48 regional political parties during FY18 shows the party’s income during the financial year has grown 93 per cent, just behind the YSR-Congress’ 95 per cent. It has overtaken the donation growth of the DMK (40 per cent). The same survey shows 14 regional parties registered a decline in overall donations received. These include Goa's Maharashtrawadi Gomantak Party, the Shiv Sena and the Rashtriya Janata Dal. Tamil Nadu's ruling party All India Anna Dravida Munnetra Kazhagam did not declare the donations it received this fiscal year.