Amid positive Asian markets the Indian share markets finally snapped its 5 day losing streak where it lost about 960 points from its previous close. The sensex gained 134 points to close at 14,678 levels.The nifty also closed up gaining 48 points at 4416 levels.

With the announcement of launch of Big TV services by ADAG group, the RCom stock was on a rally and gained 3.76%. Meanwhile we also saw a deal where M & M purchased a majority stake in the 3rd largest tractor making company of China and became the largest tractor manufacturing company as per last quarter data. But M & M stocks were sliding on the bourses and lost 2.08% today.

The rupee is also seen depreciating over the past few days and touched the highs of Rs 43.72 per dollar.RBI has fixed the reference rate of Us dollar at Rs 42.67 per dollar. The crude oil also maintained its downard march and its now being traded at $112.83 barrel.

The markets will also be awaiting the inflation figures for the week ending Aug 9th. For the week ending Aug 2nd the inflation figures stood at 12.44% as against 12.01% previously. If it rises further from here, then the markets may see a beating. But it is expected to touch 13% levels before softening.
So some intra day trading tips for today include: Vishal informatics(cmp 312),Rolta(I)(cmp 342),Wockhardt(cmp 205), Sun Pharma (cmp 1512),Torrent Power(cmp 120), RCom(cmp 415),ABB(cmp 898).

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The sixth pay commission recommendations which was approved by the Govt of India on Aug 14th 2008 and  announced on Aug 15th has left many people searching for answers for their new pay scales, arrears, pay bands etc. I tried to update the last article on sixth pay commission as much as possible.

Still there were many queries regarding the pay structure and arrears especially from defence service personnels. I have tried a lot to search some related links which led me to the BSF site which  has brought a report. Check the complete report here.

You can check the latest and updated pay calculator as per the latest modifications in the sixth pay commission.Just click on the link below:

Updated Sixth pay commission pay calculator.

Everyone can check their latest pay structure and arrears due to them by just providing the necessary information. The result shows the old pay scale along with the new pay scale and arrears after the implementation of sixth pay commission. You can also check the previous post on sixth pay commission which brings out the  key highlights of the  6th pay commission,pay structures and pay bands.

The readers are welcomed to post their queries here and also their feed backs and any latest updates to this. I shall try to answer all of them. If you have liked the information and would like to get any updates you can subscribe to the full feeds of the blog. All the latest news would be mailed o your email IDs you provide.

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The much awaited Sixth pay commission was finally given the green signal by the Finance Ministry yesterday. It will be formally announced by the Prime Minister Mr.Manmohan Singh today on the eve of 61st Independence Day of the Country. The 6th pay commission report was submitted to the Govt way back in March this year by Justice B.N.Srikrishna who was heading the committee, has been awaiting approval. It seems the Govt was also looking for a right time to announce this with the general elections just a few months away.

Some of the highlights of the Sixth Pay Commission are :

#1. The Sixth pay Commission will come into effect starting from Jan 1, 2006.

#2. The minimum entry level salary of a Govt employee will be Rs 7,000 against Rs 6,600 as recommended by the 6th pay commission.

#3. That means an employee will get Rs 10,000 per month at the lowest level including the allowances.

#4. The rate of annual increment has been increased from 2.5% earlier to 3% now.

#5. The minimum increase in the salary of the Govt Employees will be 21%. The arrears would be paid in two installments- 40% in the current fiscal 2008-09 and rest 60% in 2009-10.

#6. The total arrears to be paid amounts to Rs 29,373 crores and this would impact the salaries of some 50 lakh Govt Employees.

#7. The cabinet has approved at least three assured promotions to the defence personnels under the assured career progression (ACP) scheme. Civilians would get promotions after serving 10, 20, 30 years and after 8, 16, 24 years for the defence personnels.

#8. Thanks to the elections coming in, the central Govt employees will get their revised salaries from September 2008 onwards.

For more details on this you can check the complete details of sixth pay commission here.Check out the details of pay structure here:

> Pay Structure(A).

> Pay Structure(B).

>Pay Structure(C).

>Pay Structure(D).

Sixth Pay Commission New Pay Scale, Arrears & Income Tax Calculator:

>For Pay Band 1 & 2.

>For Pay Band 3 And Above.

No doubt the 6th pay commission (SPC) would have an impact on half a crore Govt employees but the salaries are still far behind the private sector. Many employees union are still protesting against the recommendations of the sixth pay commission.

Updates: Implementation of the Recommendations of the Sixth Pay Commission Report.

If you found this post informative and useful you can subscribe to the full feeds of the blog to get the updates on this issue directly to your mailbox.

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For the week ending Aug 2, 2008 the inflation figures have come out to 12.44% as against 12.01% for the previous week. The inflation figures stood at 4.39% in the corresponding period last year. The increased figures were attributed to costlier food products like pulses, fruits, maize and vegetables. The prices of the pulses increased by 3-4% each. Fruits, vegetables and marine fish prices became dearer by 2% each.

The sixth pay commission which was given the Govt nod yesterday would also have an impact on the already soaring inflation figures. But the Finance Minister has said that the impact of 6th pay commission has already been factored in. The Govt is expecting the inflation to touch 13% before it cools down to 8-9% later this year. Barclays Capital has even gone forward to say that the Indian inflation may touch 17% in the coming months before settling down.

Meanwhile the sensex lost 369 points yesterday in its biggest loss in the last 3 weeks when we were seeing a bear market rally. Sensex closed at 14,724 levels; it is below the psychological barrier of the 15,000 mark. Nifty too lost 90 points to close at 4,431 levels. Realty and banking stocks were the worst hit ones with DLF, ICICI, SBI losing significantly. FIIs turned net sellers in the tune of Rs 915 crores on Aug 13th, 2008.

Only IT stocks were doing well with Infosys technologies being the major gainer. The markets would go into a long week end with the Independence Day today. I wish all the readers of the blog a very Happy Independence Day. Jai Hind!

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Amidst concerns of weak economic scenario world over and in domestic arena, the Economic and Advisory council has forecasted a growth of 7.7% in the fiscal 2008-09. The earlier projected growth rate was 8.5% and it was 8.9% in average in the last 4 years. Even at 7.7% growth rate, India would be the 2nd fastest growing major economies of the world.

The outgoing EAC chairman Mr,Rangarajan said that :” there is a overall slowdown in the economy in all the major sectors like agriculture,services and industry.”Added to that the world economy is also not conducive to growth which has a significant impact on the Indian economy.

On the other hand EAC also expects the Indian share markets to bounce back by 2009.It feels the markets will be under pressure for another 6-8 months and then it might start to recover.The 5 day gaining streak came to an end and now a decline phase has started again with markets extending its losses for the second straight day.Sensex lost 119 points to close at 15,093 levels and nifty shut shop at 4529 levels losing 23 points.

Banking stocks were the worst hit ones yesterday with concerns of further write downs coming in from the second largest US bank,JP Morgan Chase.ICICI,HDFC Bank and BOB lost significantly.So its advised to remain way from banking stocks for a while and allow them to bottom out.The FIIs sold stocks worth Rs 4 billion yesterday taking their sell off to $6.4 billion in this year.

Some of the intra day trading tips given here yesterday did very well and here are some for today:Divis Lab(cmp 1595),ABB(cmp 900),Subex(cmp 99),Noida Toll Bridge(cmp 49),Vishal Info(cmp 245), GlenMark(cmp 635).

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