Mumbai, Jun 17 (PTI) Recovering from a 21-month low, the rupee strengthened 10 paise to 64.16 against the US dollar in early trade today at the Interbank Foreign Exchange on selling of the American currency by exporters and banks.

Forex dealers said a higher opening in the domestic equity markets and dollar’s weakness against other currencies overseas supported the rupee.

The rupee had lost 10 paise to close at 21-month low of 64.26 against the greenback in yesterday’s trade on sustained demand for the American currency from banks and exporters amid foreign capital outflows.

Meanwhile, the benchmark BSE Sensex rose 170.86 points, or 0.64 per cent, to 26,857.37 in early trade today.

Expands South strategy for content driven cinema

Eros International, a leading global company in the Indian film entertainment industry recently announced the launch of two new Tamil films to be co-produced with RV Films, namely Perai Thedia Natkal and Enkitta Mothathe which will release by end of the year.

With a move to further enhance its presence in the south through a mix of big ticket releases combined with a strong content driven slate, Eros is looking at encouraging new talent through these ventures. Having previously worked as a writer and creative associate of the critically acclaimed Vidiyum Munn and co-director of the forthcoming Yagavarayinum Naa Kakka, Abraham Prabhu will make his directorial debut with Perai Thedia Natkal, a romantic drama starring Ashok Selvan. The remaining cast of the film would be announced soon.

Enkitta Mothanthe is an action drama starring Natarajan Subramaniyam Rajaji, Vijay Murugan and Radha Ravi and will be directed by Ramu Chellappa who has previously worked as assistant director on projects such as Kedi Billa Killadi Renga, Mayakkam Enna and Pasanga etc. With Enkitta Mothanthe, he makes his debut as director amassing his nine years of experience as an AD. The film was flagged off on 22nd May 2015 in the presence of the entire cast namely Natraj, Sanchitha Shetty, Radha Ravi and Rajaji along with the director Ramu Chellapa at Velco theatre in Anakaputhur

Commenting on the development, Sagar Sadhwani, Sr. VP – Business Development, Eros International said, “These films are in line with our strategy to promote rightly priced, strong content driven films. With plans to expand in the southern markets, apart from our marquee releases, we want to back projects with fresh concepts and scripts that help recognize promising talent in the industry. By supporting such cinema, we want to encourage emerging talent to align with our vision of presenting quality cinema.”

Singapore, May 7 (PTI)

With higher political certainty improved business confidence, reduced external vulnerabilities and lower commodity prices, real GDP is forecast to rise to 7.2 per cent in FY 2014/15, accelerating to 7.5 per cent in 2015/16.

“While several recent policy measures have helped eased supply-side constraints, further measures are needed in the energy, mining and power sectors,” it said.

Reforms to streamline and expedite land and environmental clearances, increase labour market flexibility, and simplify business procedures should continue to improve India’s business climate which is crucial for sustaining faster and more inclusive growth, the International Monetary Fund said.

Its key policy recommendation encompasses the following: Durably meeting the inflation target calls for maintaining a tighter monetary stance together with supporting structural reforms. Fiscal consolidation should continue. Enhancing financial sector supervision and monitoring is warranted given the rise in corporate and financial sector strains.

Overall, the?IMF said India was a bright spot in the global economy and was the fastest growing economies in the emerging markets.

“India a new bright spot in Asia, and its growth is expected to strengthen to 7.5 per cent in 2015 and also 2016, benefitting from the recent policy reform announcements and lower oil prices. Early implementation of the reforms will reinforce confidence and increase potential growth,” said the IMF in?its report on Regional Economic Outlook for Asia and Pacific.

Mumbai, May 7 (PTI)

However, the broader markets remained under pressure with the BSE midcap and smallcap indices falling on the back of lower overseas cues.

The 30-share index resumed slightly higher by 26,721.34 and hovered in a range of 26,850.37 and 26,570.56 before quoting 26,815.23 at 1035 hrs, showing a rise of 97.86 points or 0.37 per cent from its last close.

The NSE Nifty was also quoted higher by 15 points or 0.19 per cent to 8,112.00 at 1035 hrs.

Major gainer were TCS with a rise of 2.73 per cent, Bajaj Auto 2.43 per cent, Infosys 2.21 per cent, Bharti Airtel 1.81 per cent, Hero MotoCorp 1.25 per cent and BHEL 1.07 per cent.

However, Hindalco fell by 2.98 per cent, followed by RIL by 1.01 per cent, ICICI Bank 0.87 and GAIL 0.85 per cent.

Foreign portfolio investors sold shares worth Rs 1,699.60 crore and Domestic institutional investors bought shares worth Rs 1,454.97 crore yesterday, as per provisional data.

Overseas, Asian stocks edged lower in early trade, taking the lead from overnight losses in US stocks. Key indices in China, Hong Kong, Singapore, Taiwan, Indonesia, Japan and South Korea shed between 0.18 per cent and 1.41 per cent.

In the New York, US stocks ended lower yesterday, after US Federal Reserve Chairwoman Janet Yellen warned of high share valuations, adding to anxiety about future interest rates.

Mumbai, May 6 (PTI)

The high court granted interim relief to the 49-year-old actor on the ground that he had been handed over only a 2-page operative part of the sessions court verdict and not a detailed order explaining the reasons for his conviction.

Like the twists and turns that characterised the prolonged trial in the over 12-year-old case, the actor was sentenced to five years rigorous imprisonment by sessions court judge D W Deshpande and placed under arrest immediately thereafter, only to be allowed a 48-hour breather by the high court.

Minutes after the judgement was pronounced in a packed courtroom, Salman’s lawyers moved the high court in appeal against conviction and seeking bail.

Justice A M Thipsay of the Bombay High Court offered a breather to the beleagured actor when he granted him interim bail accepting the plea of his senior counsel Harish Salve.

“So far, we have only got a two-page operative part of the judgement but not a detailed copy giving reasons for the conviction,” Salve said, seeking interim protection.

“The urgency in the matter is that the appellant (Salman) who was on bail throughout the trial is likely to be taken into custody today. However, the copy of the order has not been delivered yet,” Justice Thipsay said, adding “in all fairness and in the interest of justice” the actor should be protected till the time a copy of the reasoned order regarding his conviction is furnished to him.

He also said, “The order could have been pronounced when the copy was ready. Why was the order pronounced today. It should not have been delivered if the copy is not ready.”

The judge also directed the actor to execute a fresh bond before the trial court today itself.

Mumbai, May 6 (PTI)

The Bollywood superstar’s lawyers immediately moved the Bombay High Court for bail and a stay on his conviction. The application will be heard at 4 pm.

Immediately after the sessions court judge D W Dedshpande handed down the punishment at 1.30 pm, the actor was taken into custody.

Salman was given a copy of the judgement following which his lawyer quickly moved the High Court in appeal.

The 49-year-old actor was convicted of culpable homicide for ramming a roadside backery with his Toyota Land Cruiser and, in the process, killing one person and wounding four others sleeping on the pavement outside.

He was also pronounced guilty of driving without a licence for which he received two months jail term. The actor was also found guilty of driving under the influence of liquor.

Salman, known for his macho onscreen avatar, was in tears when Judge Deshpande pronounced the verdict.

“All charges have been proved against you…What you have to say?” the judge asked Salman who was in the dock.

“I hold that you were driving the vehicle. You were intoxicated. I also do not agree with your plea that the person who had died had received fatal injuries after a crane dropped the car on the persons underneath while removing it,” the judge said, rejecting the defence’s claim that the actor’s driver Ashok Singh was at the wheel when the accident took place.

Salman, attired in a white shirt and light blue denim jeans, however, insisted, “I was not driving the car…But I respect your decision and accept it. My lawyer will speak on my behalf.”

While convicting Salman, the court drew parallels with Alistair Pereira and Sanjeev Nanda BMV cases.

In a related development, the court rejected the plea of activist Santosh Daundkar seeking action against the police for perjury (giving false evidence under oath) for examining a wrong set of doctors in the trial, thereby delaying the process of justice.

He had also sought action against the police for not examining a key witness–singer Kamaal Khan, who was in the vehicle at the time of mishap.

Dismissing Daundkar’s plea as “frivolous”, the court imposed a cost of Rs 10,000 on the activist.

Salman’s brothers Arbaaz and Sohail, sisters Alvira and Arpita stood beside him in the court. Former Congress MLA Baba Siddiqui, film producer Ramesh Taurani, Salman’s secretary Reshma Shetty and private bodyguard Shera were also present.

The courtroom number 52 was packed with reporters, lawyers and policemen, while scores of his fans had gathered outside. .

Mumbai, May 6 (PTI)

Judge D W Deshpande, who held the 49-year-old actor guilty of “all charges”, including driving under influence of liquor and not possessing a driving licence, pronounced the sentence after a 45-minute adjournment of the proceedings.

A big crowd, mostly of Salman’s fans, thronged around the court located in Fort area of south Mumbai.

The actor, who had fought back tears after being convicted, looked calm and composed as the judgement was read out to him in the presence of his close family members.

The superstar’s brothers Arbaaz and Sohail and sister Arpita were present in the court on the judgement day, which came after a long drawn legal process.

Dressed in a white shirt and blue jeans, the actor arrived in the jam-packed courtroom minutes before the proceedings began in the morning.

Sessions court judge D W Deshpande ruled “all charges” against the actor have been proved, including the stringent charge of culpable homicide not amounting to murder, besides various other offences, including rash and negligent driving and driving under influence of liquor.

The judge held that the actor also did not have a driving licence. The prosecution had alleged that Khan was driving without holding a licence and, to buttress its charge, produced RTO records to show that the actor had procured a licence only in 2004, two years after the tragedy.

The court, while pronouncing the judgement, drew parallels with the Alistair Pereira and Sanjeev Nanda BMW cases.

Asked if he had to say anything about the verdict, Salman denied the charge that he was driving the vehicle at the time of the accident.

Salman had earlier been tried for the lesser offence of causing death by rash and negligent driving which attracts a lighter punishment of imprisonment upto two years.

After examining several witnesses, a Bandra Metropolitan Magistrate had called off the trial midway in 2012 and slapped the serious charge of culpable homicide against the actor before committing the matter to the sessions court.

The court, while convicting the hugely popular actor, upheld the prosecution’s contention that he was at the wheel when his Toyota Land Cruiser ran over five people sleeping on the pavement outside American Express bakery in suburban Bandra, killing one person and wounding four.

Mumbai, May 6 (PTI)

Delivering the verdict in the case that dragged on for over 12 years, sessions court judge D W Deshpande said “all charges” against the actor have been proved, which included the stringent charge of culpable homicide not amounting to murder, besides various other offences, including rash and negligent driving and driving under influence of liquor.

The judge held that the actor also did not have a driving licence. The prosecution had alleged that Khan was driving without holding a licence and, to buttress its charge, produced RTO records to show that the actor had procured a licence only in 2004, two years after the tragedy.

The court, while pronouncing the judgement, drew parallels with the Alistair Pereira and Sanjeev Nanda BMW cases.

Asked if he had to say anything about the verdict, Salman, who fought back tears, denied the charge that he was driving the vehicle at the time of the accident.

The 49-year-old actor had earlier been tried for the lesser offence of causing death by rash and negligent driving which attracts a lighter punishment of imprisonment upto two years.

Arguments are now in progress over the quantum of sentence.

After examining several witnesses, a Bandra Metropolitan Magistrate had terminated the trial midway in 2012 and slapped the serious charge of culpable homicide against the actor before committing the matter to the sessions court.

The court, while convicting the hugely popular actor, upheld the prosecution’s contention that he was at the wheel when his Toyota Land Cruiser ran over five people sleeping on the pavement outside American Express bakery in suburban Bandra, killing one person and wounding four.

Mumbai, May 6 (PTI)

Forex dealers said besides fresh selling of the American currency by exporters, dollar’s weakness against other currencies after a US data showed a sharp rise in the trade deficit, supported the rupee at Interbank Foreign Exchange.

They said, however, a lower opening in the domestic equity markets capped the gains.

The local currency had shed 2 paise to close at 63.44 yesterday’s on persistent dollar demand from banks and importers.

Meanwhile, the benchmark BSE Sensex fell by 82.54 points or 0.30 per cent to 27,357.60 in early trade.

Mumbai, May 5 (PTI)

The judgement in the over 12-year-old case, whose trial saw many twists and turns, was delivered by Judge D W Deshpande where the 49-year-old actor and his family were present.

Significantly, the court held that Salman was driving under the influence of alcohol and also did not have a driving license.

The court relied upon judgements in Alistair Pereira and Nikhil Nanda BMW case of Delhi while convicting Salman.

It also asked what he had to say on the verdict to which he denied charges saying he was not driving the car at the time of mishap. .