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Showing posts from April, 2014

RURAL DEMAND TEPID

Rural demand will continue to remain subdued for some time due to the deceleration in farm income, says a report.
According to an estimate by the American brokerage Bank of America-Merrill Lynch (BofA-ML) the coming summer harvest will have farm income decelerating to 10.3 per cent in FY15, from 16.5 per cent last year.
"We continue to remain bearish on rural demand. We had turned negative on rural demand in April 2012 after being bullish for three years," BofA-ML report said. According to the report, the jump in rural incomes was largely due to a spike in commodity prices driven by the expansionary monetary policy or quantitative easing by central banks.
"The ensuing supply response has weakened pricing power for farmers," the report said.
"Wheat farmers will see earnings growth slow to 10.2 per cent from 17.3 per cent last year, factoring in some crop damages due to the hailstorms in late February and early March," the BofAML r…

HIRING SENTIMENT

Now connect to right talent faster with 'Sourcing Technology'

Workforce solutions provider ManpowerGroup today said it has developed a strategic technology that gives its users an advantage in identifying hard-to-find candidates to meet their talent needs.
Talent is the key driver of business success in today's world, where continued economic uncertainty makes it difficult for businesses to anticipate their talent needs, and threatens their ability to compete in the marketplace, it said.
Jim McCoy, Vice President ManpowerGroup Solutions and RPO Practice Lead said said that this framework enables the company to quickly "cut through the clutter and implement the most effective tools for our clients' needs."
Additionally, it gives recruiters the freedom to experiment with the latest technologies, sharpening their skills and expanding their candidate network, he said.
The market is saturated with candidate sourcing platforms and that is why…

FII INFLOWS HIT $10 BILLION IN 2014

Amid hopes of a stable and reform oriented government after general elections, net investments by foreign institutional investors into India so far this year has reached USD 10-billion level, while their cumulative total inflows into the country is nearing USD 200-billion mark. According to the latest data compiled by capital markets regulator Sebi, the net investments by FIIs into Indian equity markets since the beginning of 2014 have crossed USD 5 billion over Rs 30,000 crore), while the same for debt markets also stands near USD 5 billion (about Rs 29,000 crore)-- taking the total to close to Rs 60,000 crore.
This includes net investments of about Rs 1,500 crore so far in April. This is despite a net outflow of about Rs 7,000 crore from debt markets, as equity markets have seen a net inflow of over Rs 8,500 crore this month till April 25, the latest trading session.
According to market analysts, FIIs are bullish on India and they are expecting a stable governme…

MUTUAL FUNDS DECLARE INVESTMENTS

In a first of its kind disclosure in the Indian MF space, all fund houses have begun disclosing investments of group companies in their AUMs (assets under management) and Birla Sun Life MF tops the list with Rs 6,585 crore from its related entities. While Reliance MF became the first fund house to make such disclosures voluntarily earlier this year, it was followed by Religare MF. However, regulator Sebi has now made it mandatory for fund houses to make such disclosures with effect from AUM for the month of March.
According to disclosures made by various fund houses, Birla Sun Life MF tops the list for investments by group companies in absolute terms, followed by SBI MF (Rs 5,218 crore), ICICI Prudential MF (Rs 4,971 crore), HDFC MF (Rs 4,032 crore and Reliance MF (Rs 3,650 crore).
In terms of highest AUM contribution from group distributors, SBI MF tops the list with Rs 10,136 crore, followed by HDFC MF (Rs 7,766 crore), Axis MF (Rs 6,116 crore), ICICI Prudential …

NIFTY OUTLOOK & REVIEW

GENERALLY BETTER Nifty for the Third day in succession. Short term trend continues to remain negative and close above 6800 would make it neutral. However, there is strong support too around 6650 for Nifty. While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be generally better for most part of the day. However, Low level of first 30 minutes / Low level of Tuesday may be kept as reference for any intraday long positions.
Nifty                               6715  -46
Review for Tuesday :: All round Bearishness…  !!!
Market opened lower and fell sharply in the opening session and recovered thereafter partially to give up most of the gains to close with a loss of more than 0.60%. All sectoral indices closed in the red  led by Metal, PSU Bank, Media, Auto and FMCG. 35 of Nifty stocks closed in the red   and broader market  too was quite negative  with Advance Decline rati…

EUREKA FORBES LAUNCHES ACQA GUARD ON THE GO

Home appliances maker Eureka Forbes has launched mobile water purifier 'Aquaguard-on-the -Go', priced at Rs 595. Aquaguard-on-the-Go is in shape of a sipper loaded with miniaturised water purification technology and would be available across retail outlets and general stores, Eureka Forbes said in a statement. It would be available in four variants - black mystery, pink beauty, pearl white and racy blue, Eureka Forbes, a part of Shapoorji Pallonji Group, said. Commenting on the development, Marzin R Shroff, Eureka Forbes CEO - Direct Sales and Senior VP, Marketing, said the miniaturised water purification technology was rolled out after seven years of research. "Aquaguard-on-the-Go is perhaps the only water purifier in India which can enable affordability, adaptability and availability of safe drinking water for Indians. It is an important milestone in the history of brand Aquaguard which will take our market leadership in India to the next level," he added. The comp…

GOLD ETF TRENDS

OIL PRICES MIXED

Oil prices fell in London but edged higher in New York today as fresh Western sanctions on Moscow were milder than feared and Libya stook more steps to increase exports. New York's West Texas Intermediate (WTI) for delivery in June gained 24 cents at USD 100.84 a barrel. In London, Brent North Sea crude for June lost $1.46 to close at USD 108.12 a barrel. The London benchmark felt selling pressure after Libya's state oil company declared the end of a force majeure on its Zueitina oil depot, opening the way for a resumption of exports from the terminal. Analysts meanwhile said the sanctions by Washington and Western Europe, targeting Russian President Vladimir Putin's close business circle for Moscow's failure to stop soaring tensions in Ukraine, came in lighter than expected. "The sharp turnaround in Brent oil prices is probably due to the fact the sanctions against Russia were not as tough as had been priced in," said Forex.com analyst Faw…

SAME DAY DELIVERY IN 10 CITIES

Flipkart today launched its "Same Day Guarantee Delivery" in 10 cities,
Customers can place their orders by 12 noon on a business day to have their orders delivered to them by 9 pm on the same day, Flipkart said.
The service is available in Bangalore, Delhi, Mumbai, Kolkata, Noida, Gurgaon, Faridabad, Manesar, Navi Mumbai and Thane and will be scaled up to other cities soon, it said in a release here.
Flipkart’s Same Day Guarantee Delivery service is available for additional shipping fees of Rs. 200 with an introductory shipping fee of Rs 140, it said. US-based Amazon and homegrown online marketplace Snapdeal already offer this service in the Indian market.
"With this, Flipkart becomes the only e-commerce player to offer this service at scale in India. Customers can place their orders by 12 noon on a business day to have their orders delivered to them by 9 pm on the same day," Flipkart said in a statement.
"Innovation is part of the Flipkart DNA and over the p…

NIFTY OUTLOOK FOR 29th & REVIEW

CLOSING HOUR CRUCIAL Nifty for the Second day in succession. While short term trend for Nifty turns negative, close below 6750 would reinforce bearishness. While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be generally better in forenoon and closing hour is crucial for the day.

Nifty                               6761  -22
Review for Monday :: Bearish Bias…  !!!
Market traded in a narrow range with bearish bias . 31 of Nifty stocks closed in the red   and broader market  too was negative  with Advance Decline ratio at about 1:1.2. PSU Bank,  Pharma, Realty  indices gained while Auto, Infra, Metal, FMCG, Energy and Infra indices declined. Sun Pharma, SBI, Cipla  contributed more than 7 points to Nifty’s gain while HDFC, L&T, Tata Motors dragged down by more than 13 points..

Cipla, Sun Pharma, Wipro, Dr Reddy       stood out as major gainers among Nifty stocks wh…

Rs.1000/- PENSION AFTER ELECTION

The process for allotment of unique identification numbers to Provident Fund members would begin soon, additional PF commissioner V Vijayakumar said here today.
The KYC arrangement, which would follow, would enable members to get settlement of dues done directly with the Employees' Provident Fund Organisation (EPFO) office, Vijayakumar said on the sidelines of a programme here.
Vijaykumar also said that the hike of pension to Rs 1,000 a month was likely to be implemented once the elections were over. It is likely to be given with a retrospective effect from April, 2014.
He said that the EPFO is also drawing a strategy to expedite the recovery of around Rs 550 crore dues from the eastern region.
"The total dues in my zone is Rs 550 crore, but of which around Rs 450 crore is blocked in litigations," he said adding he would hold a meeting with legal professionals by the end of this month.
Vijaykumar recently took over as the head the EPFO office…

17 BIZ GROUPS ATTAIN 1 TRILLION RUPEE MARK

As the stock market benchmark Sensex races towards its 23,000-points milestone, at least 17 business houses have attained a market cap of Rs 1 trillion or more, led by Tatas with a massive group valuation of over Rs 7 lakh crore.
These 17 business houses together command a cumulative valuation of close to Rs 35 lakh crore -- almost half of overall investor wealth of nearly Rs 75 lakh crore in the Indian markets, shows an analysis of latest valuation of all listed companies in the country.
Interestingly, Tata group commands a valuation that is greater than the combined market cap of its two nearest rivals -- HDFC group and Mukesh Ambani-led RIL group on the valuation charts. Tata group has more than 30 listed companies, while its most valued firm TCS also happens to be the country's most valued firm with a market value of over Rs 4.3 lakh crore.
The markets' 30-share benchmark index, Sensex, is currently trading near 22,700 points and has gained more than…

MARKETS PREPARING FOR POLL D-DAY

With Indian stock markets reaching dizzying heights on hopes of a strong and stable government after polls, investors have started adding 'defensive' stocks to shock-proof their portfolios ahead of election results on May 16. At the same time, regulator Sebi, stock exchanges and market intermediaries are also working to ring-fence the systems and infrastructure from any sudden volatility on the results day, or around that date. Officials said 'mock stress tests' have been conducted at exchanges under supervision of Sebi to ensure that the markets are ready to withstand any shocks that may arise out of sudden increase in volumes. The preparations are being done while keeping in mind the experience of May 18, 2009 -the day when results of last Lok Sabha polls were announced and the markets gained so much that trading had to be halted. That date is still known as 'Magic Monday' in stock market as the benchmark index Sensex posted its biggest ever…

R INFRA TUSSLE OVER MUMBAI METRO FARES

Even as the final clearance from the Commissioner of Railway Safety is expected shortly, the much-delayed Mumbai Metro is set to be postponed further as the state administration has turned down the operator Reliance Infrastructure's demand for a steep hike in fares. RInfra's arm Mumbai MetroOne has sought almost a two-fold increase in fares compared to the fare already notified by the state government. As per the notification, the minimum fare would be Rs 9 and maximum Rs 13 in the initial year of operations. Then after every four year, the fare will increase by 11 per cent and at the end of the concession period-- that is by 2044-45-- the minimum fare would be Rs 24 and maximum Rs 37. However, according to sources, RInfra has sought a steep revision in the fares with minimum Rs 22 and maximum Rs 33, citing a near-doubling of its cost. "The company has sought higher fare citing huge cost escalation. But the government has already notified the fares so th…

ASHIANA HOUSING EXPAND Sr.CITIZEN's LIVING PROJECT

Riding high on the growing demand of housing for senior citizens, realty player Ashiana Housing plans to expand its retirement housing segment in three more cities in next three years, a senior company official said.
The New Delhi-based firm already has three senior citizen living projects in its portfolio in three cities including Jaipur, Bhiwadi (Delhi NCR) and Lavasa in Pune. It now plans to set up one more in Bhiwadi and one each in Kolkata and Chennai, its joint managing director Ankur Gupta told PTI. "The concept of retirement homes is evolving in India, but not at a similar pace as it is in other countries. But as the demand is growing here, we plan to expand our presence in this space," he said. The company expects to have a significant share of sales in terms of area from this segment, he said. "This year we plan to sell around 25 lakh sqft of area. Over the next three years, by when these projects are expected to come on stream, we expect t…

PRIVATE BANKS ARE AWAY FROM ARC's

Even as the public sector banks have made a beeline to dispose of their bad loans to the asset reconstruction companies (ARCs) in the March quarter, private banks are not only unenthused in adopting this route, but have virtually shunned this.
State-run banks, which are sitting on a mountain of bad loans, have sold as much as over Rs 10,000 crore to ARCs in the March quarter, led by State Bank's close to Rs 4,000 crore asset sale, a first for the nation's largest lender in its over 200-year history. In the December quarter, SBI had reported a gross NPA of 5.3 per cent or Rs 67,800 crore.
As against this, its largest private sector counterpart ICICI Bank had a gross NPA ratio of 3.03 per cent in the three months to March, but sold not a single penny to ARCs, its managing director and chief executive Chanda Kochhar said.
HDFC Bank deputy managing director Paresh Sukthankar said the bank's sale to ARCs was around Rs 6 crore, which is "nothing meani…

MAURITIUS SLIPS INTO 2nd PLACE

Once known as the biggest gateway for flow of funds into India, Mauritius has slipped to the second place after the US in terms of quantum of money being brought in by overseas investors into Indian markets.
According to the latest data available with the capital markets regulator Sebi, the US accounted for the largest chunk of 'assets under custody' of foreign institutional investors investing in the Indian equity and debt markets at the end of 2013 with over Rs 4.37 lakh crore worth funds.
The US was followed by Mauritius with over Rs 3.31 lakh crore worth 'assets under custody (AUC)' of FIIs and their sub-accounts as on December 31, 2013.
Mauritius was on the top with AUC of over Rs 3.51 lakh crore at the end of 2012, while the US came second with Rs 3.42 lakh crore.
During 2013, the assets brought in by the FIIs into the Indian markets from the US increased significantly, while the fund-flow from Mauritius declined amid concerns about sus…

MODI SUGGEST 5F FORMULA TO COTTON FARMERS

Narendra Modi today suggested a "five F" formula to the farmers of country's cotton growing areas which he claimed will ensure remunerative prices for cotton growers and give fillip to apparel export. "Cotton sector in country should follow 'five F' formula. Farm to fibre to fabric to fashion to foreign," he said, while addressing a rally in favour of SAD candidates for Lok Sabha polls here. Bathinda is one of the major cotton growing areas in Punjab. Modi said that he had invented 'five F' formula after cotton growers in Gujarat had to suffer financial loss of Rs 7,000 crore when export of cotton was halted by the Centre. "They (Congress led UPA) caused a loss of Rs 7,000 crore to Gujarat farmers when export of cotton was stopped without any reason," he claimed. Punjab's cotton growers have also been complaining of getting less prices for their crop. Punjab grows cotton at an area over five lakh hectares per annu…

POOR RAINS WASHOUT GDP HOPES

A below-normal monsoon can bring down India's GDP growth by 0.50-0.75 per cent this financial year, forcing the Reserve Bank to delay rate cuts to 2015, Bank of America-Merrill Lynch (BofA-ML) said today. "If the rains are normal, growth should climb to 5.4 per cent from 4.7 per cent last year. We estimate that poor rains will hurt growth by 50-75 bps," the US financial major said in a research report. "With a normal monsoon, CPI inflation will likely soften to 7 per cent by March 2015, opening the possibility for RBI to cut rates by December. But an El Nino incident can push this to 8-10 per cent, delaying the rate cuts to 2015." The Met Department yesterday said the monsoon is expected to be below normal in 2014 because of the El Nino effect, arising from the warmer-than-average sea surface temperature in the central and eastern tropical Pacific Ocean. The condition occurs every 4-12 years and had last impacted India's monsoon in 2009. …

OIL PRICE FELL TO $ 101.45

Oil prices retreated today as traders booked profits in reaction to increased worries over Russia's faltering economy in response to its crisis situation with Ukraine, analysts said. US benchmark, West Texas Intermediate for June delivery, fell 49 cents to USD 101.45 a barrel. Brent North Sea crude for June dropped 43 cents to stand at USD 109.90 a barrel in London midday deals. "It seems that Russia's downgrade from the credit rating S&P has dominated the equity and commodity markets today, prompting investors to lock in recent gains in the oil market," said Myrto Sokou, senior research analyst at Sucden brokers. Standard and Poor's today downgraded its rating of Russia's ability to repay debt as alarm grew over the effects of the Ukraine crisis on the economy amid increased capital flight and slumping growth. Russia's central bank also hiked interest rates by half a percentage point in a move aimed at curbing inflation which could …

NIFTY OUTLOOK FOR 28th & REVIEW

SECOND HALF SUBDUED May Derivative series started off on a negative with a fall of about 1%.  With this fall, Nifty turns negative and One more negative close would take away the short term bullishness. While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to be generally better in forenoon and could witness selling pressure in Second half of the day. Nifty                               6783  -58
Review for Friday ::  Selling at Higher Levelss…  !!!
Market witnessed huge selling pressure from midsession and could not recover meaningfully  thereafter. 33 of Nifty stocks closed in the red   and broader market  too was negative  with Advance Decline ratio at about 1:1.8. PSU Bank, Media, Pharma  indices gained while Bank Nifty, FMCG, Energy and Infra indices declined. HDFC, M&M  contributed more than 12 points to Nifty’s gain while ITC, ICICI Bank and Reliance  dragge…

INTEX LAUNCH ACQA QWERTY SMART PHONE

Homegrown handset maker Intex Technologies today launched its new touch and type smartphone -- Aqua QWERTY -- for Rs 4,990.
The handset combines a touch-sensitive screen and a user-friendly typing QWERT interface, aimed at offering users more choices in the way they use their smartphones, Intex said in a statement.
The dual SIM device features a 3.5-inch display touchscreen, 1.2 GHz dual core processor, 4.2.2 Jelly Bean OS, 1500 mAh battery, 512MB RAM and internal memory of 4GB (expandable upto 32 GB).
It also has a 5MP rear camera and a VGA front camera.
"Aqua Qwerty is a product which offers the convenience of both touch and type features for users who are QWERTY lovers but wish to explore the touch experience at the same time," Intex Business Head (Mobile) Sanjay Kumar Kalirona said.
Intex has stepped into the QWERTY keypad smartphone segment after a lot of market research and believes that the Aqua Qwerty will be a vehicle of smartphone adoption in the highly untapped se…

MY VIEWS ARE VINDICATED

Outgoing RBI Deputy Governor K C Chakrabarty, who earned a reputation for being too candid during his 5-year stint at the central bank, today said many of his views have been vindicated from time to time. He defended his being outspoken on important regulatory issues, saying that his views on inflation and monetary policy among others have been vindicated repeatedly. Chakrabarty told PTI in an interview. The commercial banker-turned central banker had last month called its quits almost 45 days ahead of the end of his second term. His last working day is tomorrow. "Being open and transparent is the hallmark of democracy. As a supervisor, my job is to communicate and shout, create the awareness. (Sooner) you do that, you will get a better result and more you delay, to that extent will be the damage. That is why I am happy about my stint in RBI," He asserted that he never spoke against his higher-ups, but only gave his views on certain topics when they were sought. Chakrabarty a…

RAINS WILL BE BELOW NORMAL

INDIAN METEOROLOGICAL  DEPARTMENT SOUNDS ALERT

After four years of normal and above normal monsoon, India is expected to have below normal Monsoon this year with rainfall projected to be 95 per cent, a news which is disappointing for the farming community. Officials in the weather department said the monsoon is expected to be below normal because of the El-Nino effect, which is generally associated with the warming of ocean water. "The monsoon seasonal rainfall is likely to be 95 per cent of the Long Period average with an error of plus or minus 5 percent," the Meterological Department said in a statement here.
El Nino refers to the warmer-than-average sea surface temperature in the central and eastern tropical Pacific Ocean. This condition occurs every 4-12 years and had last impacted India's monsoon in 2009, leading to the worst drought in almost four decades. The rainfall between 90-96 percent is catergorised as below normal and rainfall between 96-104 per cent is term…

AMAZON ENTERS INTO APPARELS

E-commerce major Amazon today made its entry into apparels with the launch of ethnic and Indo-western wear for women on its platform.
It also announced the launch of a dedicated sunglasses store with the selection of more than 2,800 styles catering to men, women and kids, across all ages, occasions and price ranges.
With over 12,000 contemporary and traditional styles from over 90 apparel brands offered by private labels and national and regional retailers, there's a lot in store for the quintessential Indian women of today, Amazon in a release said.
With a vast selection of fashion jewellery, watches, beauty products, handbags, clutches, shoes and now ethnic wear and sunglasses, Amazon.in offers a compelling fashion and lifestyle shopping destination for women, the release added.
"With the launch of women's ethnic apparel and sunglasses, we now offer our women customers, the season's hottest fashion picks on their fingertips," Amazon India Category Leader- Fashi…

TWITTER....A KEY SOURCE IN CRISIS

At a time when Twitter is playing a big role in campaigning process of the ongoing Lok Sabha elections, here is a book from it co-founder that talks about what drives the micro-blogging site’s success across the world and in India. “There was a series of terrorist attacks in Mumbai, India (November 26, 2008). People in the middle of the crisis used Twitter to report what was happening in real time, and in some cases Twitter served as a lifeline,” writes Biz Stone in his book “Things a Little Bird Told Me: Confessions of the Creative Mind”. He also talks about how even a farmer in India can depend on Twitter. “A farmer in India with a crappy phone posts a Tweet asking what a certain grain is trading for at the market 50 miles from his home. The answer is double what he was planning to charge. This changes his life and the life of his family for a year,” Stone says. According to Stone, once named one of Time’s most influential people in the world, “People everywhere we…

LETTER WRITTEN IN TITANIC FOR AUCTION

A letter written on board the Titanic hours before the ship sank is set to go under the hammer and is expected to fetch a whopping 100,000 pounds at an auction.
The letter was written on Titanic stationery on Sunday, April 14, 1912, the day the liner collided with an iceberg, resulting in the loss of over 1500 lives.
"The letter is probably the most important Titanic letter known today as it is the only letter written on April 14, 1912, to have survived," Andrew Aldridge of Auctioneers Henry Aldridge and Son told PTI.
"It is important because it was written on the day the Titanic collided with the iceberg and another reason is that it was written by a second class passenger and very few things belonging to second class passengers have survived," he said.
Henry Aldridge and Son, one of the world's leading auctioneers of Titanic memorabilia, will hold the auction of Titanic collectibles in Wiltshire to commemorate the 102nd anniversary of the loss o…

HELIPAD WEDDING @ BURJ AL ARAB

Dubai's iconic Burj Al Arab hotel is offering to organise weddings on its helipad, at 212-metre above the sea level - at a price. Each ceremony will be specially designed by a wedding architect who will be responsible for every detail. The experience has a starting price of USD 55,000 approximately. Each wedding is individually priced depending on the requirements of the bride and groom. The 60-storied hotel is one of the most photographed structures in the world. The dream wedding package includes arrival at Burj Al Arab by air in an Italian twin engine Augusta 109 or by road in a Rolls Royce Phantom. It will also include accommodation in one of Burj Al Arab's 202 suites and private tasting sessions with Burj Al Arab's Executive Chef MaximeLuvara and consultations on wedding cake design, structure, flavour and composition with Executive Pastry Chef Johannes Bonin. The Burj Al Arab helipad has a history of hosting unique activities. In 2004 Tiger Woods …

NIFTY OUTLOOK FOR 24 th & REVIEW

CLOSING SESSION BETTER Nifty closed at highest point for the April Derivative series and the series netted a gain of more than 3%. Stop loss for Nifty long positions may be raised to 6775. With all important May Derivative series set to commence on a bullish note, further rise can be expected before the outcome of election results.   While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position , market can be expected to witness zigzag movements with better opening and closing session and subdued midsession.

Nifty                               6841  +26
Review for Wednesday ::  Bullish Bias…  !!!
Market traded in a narrow range with bullish bias and closed with a gain of about 0.40% for the day and April Derivative series closed with a gain of more than 3%. 26 of Nifty stocks closed in the green  and broader market  too was steady with Advance Decline ratio at about 1:1. PSU Bank, Media, Infra, Metal  in…

Rs. 1.5 CRORES IN LAST 5 YEARS

ELECTION EXPENSESAs ongoing Lok Sabha polls reach the sixth phase, a new study has found that the total money spent on all elections in last five years has crossed Rs 1,50,000 crore and over half of these funds have come from "unaccounted sources". The study, conducted by think-tank CMS, comes at a time when various political parties are accusing each other of using alleged black money in the ongoing Lok Sabha polls, which began on April 7 and will continue till May 12. So far, voting has taken place in 232 Lok Sabha seats across five phases, while a further 311 constituencies will go to polls in the remaining four phases. There have already been many cases where the Election Commission has confiscated bundles of cash and other items across the country and it is keeping a close tab on any possible use of unaccounted cash and other incentives to lure voters during elections, which have traditionally been very expensive affairs in India. According to the CMS…