Stinking System Gets a Remedy

The pendulum swung back in the bull territory this week with India Inc dishing out impressive first quarter results. The growth numbers were especially inspiring in the backdrop of an economic slowdown and fears of an impending recession. There was more good news in store as Dr Reddy's made a foray into the US generic market. The inspiring performance ensured that the markets survived Prime Minister's offer to resign over the UTI imbroglio. The sentiment was also buoyed by the tepid response to US-64 repurchase offer, which commenced on August 1. Heavy redemption could translate into a selling pressure since UTI has pledged its bluechip holdings with banks to mobilise Rs 3,000 crore. Thus, barring Wednesday, the bellwether Sense