FOREX RESERVES @ RECORD HIGH

India's foreign exchange reserves surged by USD 5.84 billion to touch a fresh life-time high of USD 327.88 billion in the week to January 30, the Reserve Bank today. In the previous reporting week, the reserves had declined marginally by USD 97.9 million to USD 322.037 billion. The previous record high was USD 322.13 billion recorded for the week ended January 16. The increase in reserves was on account of higher foreign currency assets (FCAs), which forms a major constituent of overall reserves. In the reporting week, FCA rose by USD 5.814 billion to USD 303.325 billion, Reserve Bank data showed. FCAs, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as euro, pound and yen held in reserves. The Reserve Bank of India (RBI) earlier this week had said there was accretion to the country's foreign exchange reserves to the tune of USD 6.8 billion in third quarter of FY15. The country's gold reserves remained unchanged at USD 19.377 billion. Special drawing rights increased by USD 24.6 million to USD 4.072 billion, while India's reserve position with the IMF was up by USD 6.8 million to USD 1.108 billion during the week, the data showed.

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

Mercury to Turn Direct fom 12^th  …. Market too ???

Planetary Position ::  During the current week Moon would be transiting  from Hastha in Virgo to Anuradha in Scorpio.

Sun transits in  Dhanishta  in   Capricorn and moves to Aquarius towards weekend.

Mercury   transits  in      Uttarashadha constellation in  Capricorn and  in Retrograde motion from 21.1.15 night till 11.2.15.  There could be review of decisions taken during Mercury retro period and information / statistics could be unreliable. Mercury Retro period indicates dual movement During Mercury Retro period, Market had gone up smartly in First half of Mercury retro period and started making a U turn in Second half as it is to have dual movement and continued its reversal through out last week. Mercury would turn Direct during the week from 11^th night and market too could turn Direct…!!!

Venus transits in    Poorvabhadra   in   Aquarius.

Mars transits in  Aquarius, an airy sign, and transits in  Poorvabhadra in Aquarius and would move to Pisces towards weekend.

Saturn transits in  Scorpio  in Anuradha in Virgo Navamsa.

Jupiter , in retrograde motion from December 9^th   to 8^th April 2015, transits in  Cancer in Aslesha constellation in Capricorn Navamsa  .

Rahu and Ketu continue their transit in Virgo and Pisces respectively.

Second half of Mercury retrograde turned out to be a reversal for markets. Mercury retro would end on Tuesday and Delhi Election results would be declared on 11^th.  Market could bottom out around Tuesday and could prepare for a Budget rally thereafter.

Nifty Outlook for Next Week :: (09.02. 2015 to 13.02. 2015) …  

NIFTY :: 8661 (- 148) (  Delhi Election Results to have Bearing on Market Movement .… )

In an unusual week, Nifty fell on all the Five trading sessions and market more than 1.50%. Barring on Thursday, when Nifty rose about 100 points during the day, it was Bears who were in control during the week. Despite positive global cues, Nifty’s fall indicates nervousness ahead of crucial Delhi polls and possible negative outcome (as per some opinion polls) for the BJP.  However, once results are declared, stage would be set for the next Big event ie., Union Budget etc., In case BJP loses Delhi, market would perceive negatively as the Government can not go bold with reforms etc and may have to toe pro poor policies keeping other upcoming State elections.  While the short term correction is undertway, medium and long term trend is Bullish and Budget is expected to announce further Reforms and market can be expected to rebound from the ongoing correction.

Further monetary policy of RBI  too would depend on Budget proposals etc.,  Hence Budget proposals are the key for further market movement during the year.

Once GST becomes realty, most of the bottlenecks in interstate trade would be removed and there would be ease of doing business with proposed changes and would attract consider investment into the country and would further drive the markets.

However, there would be a lag between effort and the results and once corporate results improve confidence would further grow.

As First full fledged budget of the new Government is less than Three weeks away,  optimism can be expected before Budget . Any further correction relative to recent rise can be considered as an opportunity to Buy.  End of correction could coincide with Delhi election results.

20DMA, 50DMA, 100DMA and 200 DMA are placed at about 8650, 8450, 8290 and 7875 respectively and would

act as supports / resistances. Nifty is above all averages .

Nifty continues to be above 200 DMA and 50 DMA too is above 200 DMA (Golden Cross) suggesting that the long term bullish trend is intact.   Nifty is quoting at a PE of about 22.44 which is more than  20% above the long term PE multiple. Q3 results did not contribute positively to the EPS and EPS fell from 391 to 386  due to change in weightage of Nifty constituents. Nifty PE, though not in bubble zone, is indicating caution and earnings need to improve over the next Two quarters drastically failing which a reversion to mean is possible. 

Strong long term support would be around 7875

level and Medium term support is 8300. 

Technical Levels ::

For the coming week, Nifty spot is expected to be Bullish above 8675 with

resistance at 8725, 8770, 8795, 8845 and is expected to Bearish below 8645 with Supports at 8600, 8555, 8525, 8475.

Short term trend for Nifty is presently bearish which would be confirmed if it closes above 8825.

Breakout level for the week is 8890,  and break down level for the week is 8595. Further, there is strong support for Nifty spot around 8450 and could take support around that level, in case of steep fall.

Advice for Traders ::

Bears tightened their grip last week as Nifty had fallen on all the Five trading sessions. Absence of FII buying and nervousness ahead of crucial Delhi election appear to have triggered the fall. Delhi Election results would hold the key for this week. If BJP wins, market could shoot up, failing which there could be a considerable fall before it could bounce back. In any case, Fall is an opportunity as market could run up later ahead of full fledged Finance Bill presentation towards month end.

Weekly Open level is very important for the entire week.
Short positions may be avoided as long as it maintains / closes above
Weekly open and vice versa

MF ASSET BASE @ RECORD HIGH

The mutual fund industry's assets under management (AUM) climbed to record high of nearly Rs 12 lakh crore in January on the back of strong capital inflows and surge in equity markets.
The country's 45 fund houses together had an average AUM of Rs 11,81,356 crore at the end of January 31, up from Rs 10,51,343 crore in December-end, according to the data by Association of Mutual Funds in India (AMFI).
In November, mutual funds assets base stood at Rs 10.90 lakh crore. The AUM data for individual fund house is not being disclosed.
Mutual fund is an investment vehicle that is made up of a pool of funds collected from many investors for the purpose of investing in securities such as stocks, bonds, money market instruments and similar assets.
Industry experts said the monthly rise in AUM is largely on account of gains in equity markets and strong capital inflows. Besides, retail participation in equity schemes has increased significantly during the recent months.
The fund houses together witnessed an inflow of more than Rs 1 lakh crore. During the month, BSE's benchmark Sensex grew by over 1,683 points or nearly 6 per cent.
The share of equity oriented schemes in mutual fund assets has been growing since March 2014, increasing from 22 per cent to 30 per cent in December 2014.
The proportionate share of debt-oriented schemes has fallen from 52 per cent to 45 per cent during the same period.

SENSEXS ENDS THE WEEK ON WEAKNOTE

The benchmark Sensex today extended its losing streak for the sixth session in a row, slipping by 133.06 points and logging its worst week in two months due to poor bluechip earnings coupled with uncertainty in view of Delhi assembly polls. Sustained foreign capital outflows and mixed global cues also affected trading sentiment, said stock market dealers. Shares of auto, healthcare, banking, power, oil & gas and consumer durable were among the major laggards of the day. The BSE Sensex resumed higher at 28,892.21 and firmed up further to a high of 28,922.85 on initial buying. However, it declined afterwards to 28,647.14 before concluding at 28,717.91, logging a net loss of 133.06 points or 0.46 per cent, from Thursday's close. On a weekly basis, the Sensex lost 465.04 points. This is its biggest weekly drop since the week ending December 12, 2014 when it had plunged by 1,107.42 points. "Tata Motors dropped post weak Q3 results and other auto stocks also showed weak trend. Cement stocks were also among major losers. Weak global cues and speculation ahead of Delhi assembly elections led to further fall on the bourses," said Bonanza Portfolio, Associate Fund Manager, Hiren Dhakan. The CNX 50-share Nifty also fell by 50.65 points or 0.58 per cent to below the 8,700-mark at 8,661.05. Asian stock markets ended mixed ahead of the closely- watched US jobs report. Key indices in Japan, Singapore and South Korea moved up by 0.14 per cent to 0.82 per cent while the indices in China, Hong Kong and Taiwan finished lower by 0.35 per cent to 1.93 per cent. European stocks were trading lower after reports of disappointing German industrial production and as concerns mounted over Greece's future in the euro zone. Key benchmark indices in Germany, France and the UK were off by 0.42 per cent to 0.85 per cent. Foreign Portfolio Investors sold Indian shares worth a net Rs 27.43 crore yesterday, as per provisional data.

SELL ON RISE

ASTRO GUIDE FOR 05 & REVIEW

Astro Info :: Moon transits in  Makha in Leo

Tithi : Bahula Vidiya ; Weekday:: Thursday. 

Individuals born in Virgo and Capricorn    signs and in Rohini, Hastha and Sravana    constellations    may remain cautious in their transactions.

Nifty Range of Thursday and Friday(Combined High and Low of these Two days i.e., 22 and 23 January) may be regarded as the reference range for the next Three weeks and can be expected to be bullish above the High of this range and Bearish below the low of this range. Now the range is  8866 and 8727 and Hence further bullish above 8866 and Bearish below 8727 and neutral in between these levels.

Nifty closed below 8727 on 4^th February and can be expected to test 8600 in due course.

Senstive time:: 1030 to 11.20am; 12.45pm; ;

Market Outlook for  Thursday, 05th February, 2015  :: Sell on Rise ….!!!
Nifty                               8724   -33
Nifty traded in a choppy manner  and fell sharply towards close to record 4^th session of Nifty’s loss.  Stop loss for Nifty’s short positions may be trailed to 8850 (on close basis). Nifty spot is expected to encounter resistance at 8760, 8795 and find support at 8675, 8640 for  Thursday.   While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market  is expected to trade in a zigzag manner with bearish bias. Hence any intraday rise may be utilized to Sell. Further, Delhi Election outcome would weigh heavily on the market sentiment till the declaration of results.

Trading strategy ::

In view of general bearishness and steady downward movement expected, Short positions can be considered below the Open Level after 9.45 with High as SL to be maintained by trailing the Stop loss and close when reasonable profit is earned.

Breakout / Break Down Levels::

Breakoutlevel  is 8815and Breakdown level 8682 for Nifty spot for Thursday .,  It is unlikely that both levels would be breached., If Breakout level is breached., It is a Buy on Decline with Low as Stop loss and if Breakdown level is breached, It is a sell on rise with high as stop loss. Alternatively, if Nifty is unable to cross the Breakout level, short positions, can be considered with Breakout as stop loss and unable to breach the breakdown level, long positions can be considered with Breakdown level as stop loss.

Disclaimer ::  Above analysis  is based on planetary movements and is intended for guidance / educative purpose and traders are advised to be highly cautious with proper risk management mechanism as Trading is highly risky and not trade only based on the analysis given above.

Live Programme on 6TV by Dr B Amaranatha Sastry can be viewed between 8.30am to 9.00am during weekdays  or can be watched on Internet  http://in.yupptv.com/949/6tv (during 8.30am to 9.00am)

SENSEX GO DOWN 29000

Extending losses for the fourth straight day, the benchmark BSE Sensex today fell over 117 points to slip below the 29,000-mark after nearly two weeks as funds and retail investors indulged in profit-booking amid mixed global cues. After surging to 29,133.62 points at the outset on emergence of buying, the Sensex fell and touched the day's low of 28,824.68 before ending 117.03 points, or 0.40 per cent, lower at 28,883.11. Major losers that pulled down the Sensex and Nifty were Axis bank, BHEL, SBI, L&T, Tata Motors, TCS, Maruti, Hindustan Unilver, RIL, and Bharti Airtel. The 30-share index has lost 798.66 points in the last four sessions. Similarly, the National Stock Exchange index Nifty slipped by 32.85 points, or 0.38 per cent, to close at 8,723.70. It hovered in a range of 8,792.85 and 8,704.40. Sectorwise, the BSE Banking index fell by 1.23 per cent as RBI kept interest rates unchanged. In other sectoral indices, BSE capital goods index fell 1.88 per cent, followed by power (1.14 per cent), consumer durable (1.12 per cent), auto (1.09 per cent), FMCG (0.51 per cent) and IT (0.20 per cent). In the 30-share Sensex constituents, 16 ended lower and 14 closed with gains, helping the benchmark indices trim losses. Brokers said sustained selling by participants in bluechip stocks and a lower opening in European markets and mixed trend in other Asian markets led to the fall. Meanwhile, Foreign Portfolio Investors sold shares worth a net Rs 264.35 crore yesterday.

FORENOON SUBDUED

NIFTY OUTLOOK FOR 04 & REVIEW

Nifty                               8757   -40

Astro Info :: Moon transits in  Aslesha in Cancer .

Tithi : Bahula Padyami ; Weekday:: Wednesday. 

Individuals born in Leo and Sagittarius   signs and in Krittika, Uttara and Uttarashadha   constellations    may remain cautious in their transactions.

Nifty Range of Thursday and Friday(Combined High and Low of these Two days i.e., 22 and 23 January) may be regarded as the reference range for the next Three weeks and can be expected to be bullish above the High of this range and Bearish below the low of this range. Now the range is  8866 and 8727 and Hence further bullish above 8866 and Bearish below 8727 and neutral in between these levels.

It is yet to trade below the lower end of the range. (taken support at 8727).

Senstive time:: 9.50am; 10.40am; 12.20pm; 2.00pm;

Market Outlook for  Wednesday, 04th February, 2015  :: Forenoon Subdued ….!!!
Nifty traded in a choppy manner and encountered selling at higher levels and closed with a loss of about 40 points. Nifty can be expected to be bearish for short term as long as it does not close above 8875.  Nifty spot is expected to encounter resistance at 8795, 8835 and find support at 8720, 8680 for  Wednesday.   While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market  is expected to trade in a zigzag manner with subdued forenoon and possible recovery in Second half of the day.
Trading strategy :: 

Forenoon Subdued and Recovery in Second half of the day. If Nifty trades below the open level after 9.45, short positions can be considered with high as SL to be closed by about 12.00pm./ 12.30pm.,,

Breakout / Break Down Levels::

Breakoutlevel  is 8865and Breakdown level 8700 for Nifty spot for Wednesday .,  It is unlikely that both levels would be breached., If Breakout level is breached., It is a Buy on Decline with Low as Stop loss and if Breakdown level is breached, It is a sell on rise with high as stop loss. Alternatively, if Nifty is unable to cross the Breakout level, short positions, can be considered with Breakout as stop loss and unable to breach the breakdown level, long positions can be considered with Breakdown level as stop loss.

RBI DISAPPOINTS...SENSEX SLIPS 122 POINTS

 

Extending losses for the third straight day, benchmark BSE Sensex today slipped by 122 points to close at 29,000.14 as RBI keeping interest rate unchanged disappointed investors. Interest rate sensitive realty and baking stocks bore the brunt of selling after the Reserve Bank of India left repo rate unchanged at 7.75 per cent, but cut SLR by 0.50 per cent to 21.50 per cent. Markets were expecting the central bank to continue the rate cut cycle after it surprisingly cut rate by 0.25 per cent a fortnight ago.
BSE Bankex plunged by by 2.61 per cent, while realty slumped 1.43 per cent.
The 30-share index was up 130 points higher in early trade ahead of RBI policy announcement but shed the gains to trade below 29,000 level. It finally settled at at 29,000.14, showing a loss of 122.13 points or 0.42 per cent from its previous close.
The Sensex has lost 681.63 points or 2.30 per cent in the three days.
The NSE Nifty also fell by 40.85 points or 0.46 per cent to finish at 8,756.55. "Markets showed its disappointment on the outcome of monetary policy by trimming the day’s gains," said Hiren Dhakan, Associate Fund Manager, Bonanza Portfolio. Meanwhile, foreign portfolio investors sold shares worth a net Rs 629.97 crore yesterday, as per provisional data from stock exchanges. Of 30 Sensex stocks,16 ended lower while 14 others finished higher.
Axis Bank 4.95 pc was the biggest loser. Tata Power lost 4.12 pc, Bajaj Auto 3.74 pc, M&M 3.52 pc, HDFC 2.98 pc, Cipla 2.52 pc.
However, SSLT rose by 6.23 pc, Bharti Airel 3.42 pc, Reliance Ind 3.25 pc and ONGC 2.64 pc.
Among the BSE sectoral indices, healthcare fell by 0.92 pc and auto 0.66 pc while FMCG rose by 1.06 pc, Metal 0.80 pc and Consumer Durable 0.50 pc.
The total market breadth turned negative as 1,531 stock ended in the red, 1,332 closed in the green and 118 ruled steady. Total turnover rose to Rs 4,737.88 crore from Rs 4,201.09 crore yesterday.

UAE ULTIMATE DESTINATION FOR INDIANS

Indian labourers working in the United Arab Emirates have dramatically improved the living conditions of their families residing in India, according to a new study. The study conducted by the US-based Centre for Global Development in 10 states in India says Indians who managed to get jobs in the UAE had wages which were equivalent to two and a half times more than what they would have gained in their country. The study followed jobs in the construction sector in the UAE and records that Indian workers who had come to work before the global financial crisis in 2008 had greater opportunities when compared to workers who applied to work after the crisis directly. The fact is that Indians moving to work in the UAE have contributed to the reduction of poverty, obtain hundreds of thousands of jobs, and provided Indian families with billions of dollars which were transferred by workers from their average monthly earnings, which have risen by approximately 250 per cent to 300 per cent, the report said. The study carried out by Michael Clemens, a Senior Fellow and Director of Research at the Centre for Global Development, along with 86 researchers was a comparison study targeted Indian labourers residing and working within the UAE, UAE's official news agency WAM reported. The study compared 3,000 families, who had managed to send one family member to work in the UAE in the construction sector before the global financial crisis of 2008, with 1,500 other Indian families with similar specifications but had no member working in the country during the crisis. Published by Al'amal magazine of the UAE's Ministry of Labour, the study suggests that the list of benefits also include the increased likelihood of worker's family to own a commercial project by 30 per cent compared to families with no members working abroad. It counter-argues the idea that families, with a member working abroad, rest and completely rely on that member to provide income, but finds that instead, the family work as hard as possible and try to earn even more than the usual income.

NO BIRTHDAY GIFT FROM RAJAN

It was his birthday today, but there was no party in store for the markets when RBI Governor Raghuram Rajan announced a status-quo on interest rates.
52-year-old Rajan, who became RBI chief in September 2013, today chose to keep interest rate unchanged for the seventh time, out of 11 monetary policy decisions taken under his regime so far.
At the post policy press conference here today, reporters wished him 'happy birthday', which he acknowledged with a smile but did not say anything.
He had a busy day even on his birthday with the first half taken over by the policy announcement and media interaction after which he rushed for Delhi for an investor conference to be followed by another analyst conference call tomorrow back in Mumbai.
Stock markets fell sharply soon after the policy was announced, with banking stocks falling the most.
During the first nine months of the current fiscal, the Governor did not change policy rate in the five consecutive bi-monthly policies and kept repo (short term lending) rate at 8 per cent till December 2014. However, the trend was broken outside the policy review cycle when in a surprise move, Rajan cut repo rate by 0.25 per cent on January 15 after maintaining a hawkish monetary stance for 20 months. Subsequently, the policy repo rate was slashed by 25 basis points from 8.0 per cent to 7.75 per cent. Previously, the RBI had reduced the repo rate in May, 2013 when it cut the rate from 7.5 per cent to 7.25 per cent. Ever since, the rates have been going up and remained at 8 per cent since January 2014. In his first monetary policy review on September 20, 2013, Rajan had raised 0.25 per cent from 7.25 per cent to 7.5 per cent in his bid to tame inflation. Continuing his fight against inflation, RBI Governor in the second policy review on October 29, 2013, he revised upward rate by 0.25 per cent to 7.75 per cent. He, however, put a pause in the third policy review under him when he maintained the repo rate at 7.75 per cent on December 18, 2013. Surprising the market, the repo rate was increased by 0.25 per cent in January last year to 8 per cent by Rajan. The Reserve Bank today left interest rate unchanged at 7.75 per cent saying there was no substantial development on inflation or fiscal fronts to warrant a fresh reduction.

RBI POLICY HOLDS KEY

(NIFTY OUTLOOK FOR 03 & REVIEW)

Nifty                               8797   -12

Astro Info :: Moon transits in  Pushyami in Cancer .   

Tithi : Sukla Pournami  ; Weekday:: Tuesday.  Combination of Thithi and week day is generally inauspicious.  .

Individuals born in Leo and Sagittarius   signs and in Bharani, Pubba and Poorvashadha   constellations    may remain cautious in their transactions.

Nifty Range of Thursday and Friday(Combined High and Low of these Two days i.e., 22 and 23 January) may be regarded as the reference range for the next Three weeks and can be expected to be bullish above the High of this range and Bearish below the low of this range. Now the range is  8866 and 8727 and Hence further bullish above 8866 and Bearish below 8727 and neutral in between these levels.

It is yet to trade below the lower end of the range.

Senstive time:: 9.15am to 10.00am; 11.00am; 1.50pm.,

 
 
 
 
Market Outlook for Tuesday, 03rd February, 2015  :: RBI Policy holds the Key ….!!!

Nifty traded in the negative for most part of the day and could not sustain at higher levels in the afternoon and closed with marginal negative bias. However, broader market was positive with Advance Decline ratio 1.4:1. Nifty spot is expected to encounter resistance at 8840, 8880 and find support at 8760, 8720 for  Tuesday.   While Global cues, Quarterly results   and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market  is expected to trade in a zigzag manner and could encounter selling at higher levels. Further RBI Policy holds the key for very short term movements.
.

Trading strategy :: 

Opening hour / session is sensitive . Further Policy time 11.00 is also sensitive .,  1.50pm time is sensitive., As the short term trend is bearish, Sell on Rise is the preferred strategy (to be in line with the trend).  Astrologically, forenoon (10 to 12 ) is generally bearish and could recover in Second half of the day.

Breakout / Break Down Levels::

Breakoutlevel  is 8863and Breakdown level 8728 for Nifty spot for Tuesday .,  It is unlikely that both levels would be breached., If Breakout level is breached., It is a Buy on Decline with Low as Stop loss and if Breakdown level is breached, It is a sell on rise with high as stop loss. Alternatively, if Nifty is unable to cross the Breakout level, short positions, can be considered with Breakout as stop loss and unable to breach the breakdown level, long positions can be considered with Breakdown level as stop loss.

SENSEX SLIPS ON RBI POLICY BLUES

Domestic markets today hit over one-week lows with benchmark Sensex falling nearly 61 points to 29,122.27 and Nifty slipping 11.50 points to 8,797.40 on caution ahead of the RBI policy review tomorrow. Profit-booking in recent outperformers, disappointing earnings from some bluechip companies and mixed global cues also weighed on the stock market sentiment. The BSE Sensex opened lower at 29,143.63 and dropped further to 28,958.52 on fresh selling on weak Asian cues coupled with fresh foreign capital outflows. However, the barometer recovered from mid-day losses to end above 29K level to 29,268.13 before ending at 29,122.27, a net loss of 60.68 points or 0.21 per cent. This is its weakest closing level since 29,006.02 on January 22, 2015. It has now lost 559.50 points or 1.89 per cent in the two sessions. "RBI policy is being eyed by participants keeping rate-sensitives under pressure. The tone of RBI Governor and views on inflation and further rate cuts are awaited. Also, another setback for markets was weak manufacturing data for month of January," said WealthRays Securities, Director & CEO, Kiran Kumar Kavikondala. Manufacturing growth slipped to a three-month low in January -- after a two-year high in the previous month -- on slower pace of order flows from domestic and global markets, raising hopes of a rate cut by the RBI. However, some bankers said RBI Governor Raghuram Rajan may go for a status quo and would like to wait for cues from the Budget presentation on February 28 before undertaking any rate cut. Data showing that foreign portfolio investors sold shares worth a net Rs 771.55 crore last Friday also affected trading. Globally today, Asian equity markets ended mixed as data showing China's manufacturing sector remaining in a poor state dampened investor confidence. Key indices in China, Hong Kong and Japan ended lower by 0.09 per cent to 2.56 per cent while indices in Taiwan South Korea and Singapore moved up by 0.18 per cent to 0.95 per cent.

1 LAKH POUNDS DONATION FOR GANDHI STATUE

A 26-year-old UK-based NRI hotelier has donated 100,000 pounds for the statue of Mahatma Gandhi planned for Parliament Square in London, becoming the youngest donor. Vivek Chadha, director of Nine Hospitality Limited and a hotel owner, residential developer and commercial investor in UK real estate, is a self-confessed follower of Gandhi. He graduated as a civil engineer in 2010 from University College London, also the alma mater of the Father of the Indian Nation. "I am interested in particular how Gandhi emphasised the privilege of giving and practiced compassion in creative ways. The fact that Gandhi concentrated all his energy in the service of others is a great example of how all young people should follow this idea in our day-to-day lives," Chadha said. "It is very important that young people like Vivek step forward and donate towards this noble cause and he joins a very important growing group of British Asians who have responded generously," said economist Lord Meghnad Desai, founder and chair of the Gandhi Statue Memorial Trust who pointed to the worldwide support for the project. More than 50 per cent of the money raised so far has come from UK, and 80 per cent of our 180 donors are British. Many small donations have come to the charity as people have reached out. More than 90,000 pounds have been received through smaller, mostly UK-based donors who have given anything between 1 to 15,000 pounds. The trust has achieved its goal for the project's budget target of 750,000 pounds within approximately three months. Other major donors include Infosys co-founder Narayana Murthy and his family, and Bajaj auto chief Rahul Bajaj who both donated 200,000 pounds each. The trust claims pledges continue to pour in from the UK and all over the world for the iconic sculpture designed by renowned sculptor Philip Jackson, who has portrayed Gandhi draped in a shawl based on pictures from his last visit to the UK in 1931. The sculpture will go up at Parliament Square next to the likes of Britain's war-time Prime Minister Winston Churchill and South African anti-apartheid leader Nelson Mandela in the coming months and is expected to be inaugurated by Indian Prime Minister Narendra Modi.