No cut in fuel prices till companies stop making losses: PM

ON BOARD PM'S SPECIAL AIRCRAFT: Prime Minister Manmohan Singh appeared to rule out cutting prices of petrol and diesel till oil companies stop
making losses on fuel sales.

Contending that there were "limits to which government can go on subsidising", Singh said it will wait till oil companies stop making losses before considering cutting petrol and diesel prices.

"When we see that the Indian oil companies are able to sustain a reduction, that will be the right (time for such a) decision," Singh told reporters late Monday night on way back to New Delhi from his three-day maiden visit to energy rich Gulf countries.
Oil companies have started making profit on sale of petrol but they continue to incur losses on diesel sales.

"Oil companies have to bear a very heavy burden (and) there are limits to which government can go on subsidising," he said.

Indian Oil, Bharat Petroleum and Hindustan Petroleum currently make a profit of Rs 4.12 a litre on petrol but lose Rs 0.96 per litre on diesel.

Together with domestic LPG and kerosene they are expected to lose Rs 128,135 crore in revenues this fiscal.

Source: http://timesofindia.indiatimes.com/Business/India_Business/File_Govt_may_slash_LPG_price_is_fuel_cut_next/articleshow/3653034.cms

Sensex sheds 303 points in choppy trade

MUMBAI: In see-saw trade, the Bombay Stock Exchange benchmark Sensex on Wednesday extended losses for the second day by losing another over 300
points on heavy selling in blue-ship stocks like RIL and ICICI Bank.

The 30-share barometer settled the day lower by 303.36 points, or 3.08%, at 9,536.33 after swinging wildly on alternate bouts of selling and buying. In two days it has shed nearly 1,000 points.

The bellwether index lost 280 points in early trade but it recovered sharply on encouraging numbers on industrial growth. It even seemed that the crucial 10,000 level is very well within the day's trade when the index touched the day's high of 9928.60 points.

However, by mid-session profit-booking emerged bringing the Sensex steeply lower. It even plunged to day's low of 9376.73 points before rising again to settle day at 9,536.33 points.

The broader Nifty of the National Stock Exchange also lost 90.20 points, or 3.07%, to close at 2,848.45 points.

Marketmen said sentiments were so weak that even 4.8% industrial growth in September, a reversal of abysmal performance in August, failed to revive buying support.

A fall in excise duty collection in October, coupled with a decline of 15% in country's exports in the same month have severely damaged sentiments.

Realty sector index suffered the the most by losing 7.34% at 2,046.64 as stocks of DLF Ltd fell by 8.61% at Rs 244,60, Indiabull Realty by 13.82% at Rs 112.60 and Unitech Ltd by 4.02% at Rs 49.

Reliance Industries, the heaviest among all Sensex-related stocks, also declined by 3.72%.

Soruce: http://timesofindia.indiatimes.com/Business/India_Business/Industrial_growth_at_48_in_September/articleshow/3703663.cms

India successfully test fires Shaurya missile

BALASORE (ORISSA): India on Wednesday successfully test fired 'Shaurya', a medium-range surface-to-surface ballistic missile, to be used by its Army.

With a 600-km range, the missile is capable of hitting targets deep inside Pakistan and China.

The indigenous missile was launched from an underground facility with an in-built canister at 11.25 am from Complex-3 of the Integrated Test Range at Chandipur, DRDO sources said.

The sleek missile, with a flight duration of 485 seconds, roared into the sky leaving behind a thick yellow and white smoke on a clear sunny day, they added.

The sophisticated tactical missile is capable of carrying conventional warheads with a payload of about one tonne.

"With longer shelf-life, as it is stored in a canister just like the BrahMos supersonic cruise missile, the Shaurya is easily transportable and user-friendly. This is a technology development project," DRDO sources said in New Delhi.

Though there was speculation that the missile was a land version of the under development K-15 submarine launched ballistic missile, DRDO sources said the surface-to-surface missile had nothing to do with K-15 'Sagarika' project.

"The missile was test fired from a 30-40 feet deep pit with in-built canister specially designed for the purpose. There was no water in the pit," the sources said.

Source: http://timesofindia.indiatimes.com/India/India_test-fires_N-capable_missile/articleshow/3703369.cms

Obama calls Manmohan, says India important for US

New Delhi, November 12: US President-elect Barack Obama on Wednesday telephoned Prime Minister Manmohan Singh and said the US-India strategic relationship is a "very important partnership" and the his administration wants to work together with India on all important global issues.
This was first reported by Indian Express.com.

The call was placed on Wednesday morning as earlier attempts to establish contact between the two sides failed to materialise because the PM was travelling abroad.

Singh congratulated Obama on his historic victory and said his success would be an inspiration for the oppressed people all over the world.

The Prime Minister said that the relationship between India and the US was "very good" but "we should not be satisfied with the status quo".

Singh conveyed his best wishes for the success of the Obama administration in meeting challenges that face the world and invited Obama and his wife Michelle to visit India.

Obama praised Singh's contribution to the progress of India as Finance Minister earlier and the Prime Minister now.

The Prime Minister, during the telephonic talks, said that a warm welcome awaited him in India.

Obama expressed his wish for an early visit during the telephonic talks.

Earlier, to dispel all speculation over 'no phone call' from Barack Obama to India after becoming the US President-elect, the government made arrangements to schedule a call on Wednesday between him and Prime Minister Manmohan Singh.

Official sources said there was nothing beyond scheduling issues that had prevented the call from taking place so far. In fact, India was in the first list of countries that Obama wanted to reach out but the proposed time slot was too close to the PM’s departure time for Oman and Qatar on November 8.

Singh too mentioned this to reporters on board the special Air India aircraft on Monday night while flying home from the Gulf. “This is not true (that he chose to ignore India). He wanted to talk to me the day before yesterday (Saturday). We could not establish contact because the time that was suggested was too short for us to interact. And since I have been travelling for the last two days... as soon as I get back...,” he said.

The PM, who leaves for the G20 meeting later this week, recalled his recent interaction with Obama.

“I had a very warm letter from him just before he was elected President. And I myself had written to him... I got a very warm letter from him, a detailed letter spelling out his approach to India, international affairs. Therefore, I have every reason to believe that under him, our relations will get stronger than ever before,” Singh said.

Obama wrote a lengthy letter to Singh during the campaign, spelling out his international priorities. He flagged off three broad issues — combining efforts to combat terror, working together on climate change and on nuclear disarmament.

Soruce: http://www.expressindia.com/latest-news/Obama-finally-calls-Manmohan--says-India-important-for-US/384689/

Rahul bonds with students at alma mater St. Stephen's

New Delhi: Less than a month after he ruffled feathers by saying that questions were not encouraged in St. Stephen's College, Congress general secretary Rahul Gandhi on Tuesday visited his alma mater to a warm welcome.

Gandhi was welcomed by a thunderous applause and the girls jostled with each other for photo ops with the "good looking" young Congress MP.

During the visit to the college, he spoke of the need for youth to be more active in the political process saying "they being a major part of the Indian population should take the lead".

Students that attended the session, closed to outsiders, said that Gandhi insisted that there were avenues to enter politics, once "one sheds all fears and inhibitions before stepping into the political arena".

To a question by a student as to how one can enter politics without political contacts and backing, Gandhi reportedly said he had the political backing and advantage and did not know the other way.

The son of Congress President Sonia Gandhi in his speech also emphasized the need for good and higher education.

Less than a month ago, after comments from Gandhi that his questions "were looked down upon", the college authorities had dismissed his remarks saying that his personal experience could not be generalised and that "he hardly participated in any discussion forums during his year-long stay".

Gandhi had attended a year in the St. Stephens College till 1990 following which he studied at Harvard and Cambridge University.

"He was given a warm welcome. He spoke well, but many expected more in his speech," said Ajitesh Kir, a first-year student of history honours in the college.

Another student found him "not impressive" and on the condition of anonymity said: "He harped on the same note over and over - that one should not be scared. It seemed more like a moral lecture." IANS

Soruce: http://indiaedunews.net/Delhi/Rahul_bonds_with_students_at_alma_mater_St._Stephen's_6563/