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The Mint Report for 4 July 2011

The Mint Report for 4 July 2011
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First Published: Mon, Jul 04 2011. 10 59 PM IST
Updated: Mon, Jul 04 2011. 10 59 PM IST
The Supreme Court has taken the fight against corruption into its own hands. On Monday the court announced the creation of a special investigative team to hunt for black money stowed away overseas. The team in question was created by upgrading a high-powered committee of government officers into an SIT. The SIT will be headed by two retired Supreme Court judges, who will act as chairman and vice-chairman. India’s highest court also said it was changing the composition of the new SIT by adding RAW’s director to the list of officials. But it also made it clear that information on the foreign bank accounts of Indians should only be disclosed if investors suspect wrongdoing.
There are clear indications Indian manufacturing is taking a beating. The HSBC Markit Purchasing Managers’ Index released on Monday shows a sharp slowdown in June. The index for the month stood at just 55.3. Back in May it was at a higher at 57.5. June’s PMI is the lowest the index has reached since September of 2010. On the bright side, the index has remained over 50 for more than two years now, which means expansion continues, even if at a slower rate.
Indian markets ended positive on account of strong global cues, including positive developments in Greece and a pick up in American manufacturing. The Sensex shut shop at 18814.48 a gain of 51.68 points. And the Nifty closed 23.30 higher at 5650.50.
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First Published: Mon, Jul 04 2011. 10 59 PM IST