Wednesday, December 30, 2009

Sensex ends lacklustre day 57 points lower

Sensex ends lacklustre day 57 points lower


Mumbai, Dec 30: A key Indian equities index ended a lacklustre day of trading amid range-bound volatility on Wednesday 57 points lower than its previous close.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,402.24 points and shut shop at 17,343.82 points, down 57.74 points or 0.33 per cent from its previous close at 17,401.56 points. It had fallen to 17,322.8 points around noon. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty was at 5,169.45 points, against the previous close at 5,187.95 points, a loss of 0.36 per cent.

Ruchika’s family assured of justice by Home Minister

NEW DELHI, Dec 30: The father of Ruchika Girhotra said after meeting Home Minister P Chidambaram on Wednesday that he was hopeful of getting justice following fresh charges against former Haryana police chief SPS Rathore whose molestation apparently led his daughter to commit suicide. Describing his meeting with Chidambaram at the latter’s office here as “satisfactory”, Subhash Chander Girhotra told reporters: “I am satisfied with the meeting. He (Chidambaram) gave me a patient hearing.”

The meeting came a day after the government decided to act afresh against Rathore, who has been convicted of molesting 15-year-old Ruchika in 1990. The family says he should be charged with abetment to suicide. “I am hopeful we will get justice,” said Girhotra, who was accompanied by his lawyer Pankaj Bhardwaj. The young Ruchika committed suicide three years later in 1993 after she and her family faced continuous harassment at the hands of police.

The ministry called Girhotra and his lawyer to New Delhi to discuss how to pursue the case. “We discussed (with the minister) how to re-open the case. We are hopeful of justice,” the lawyer said. He said Chidambaram knew the facts of the case and “we have put forward our point of view. I have given him some ideas as there are many ways to reopen the case”. Asked when the case was likely to be reopened, Bhardwaj said the Home Minister would talk to his officials and “maybe we will be called again”.

The 67-year-old Rathore, who faces arrest, was on Wednesday refused interim bail by a court in Haryana. Rathore was on Tuesday evening booked by police in two cases of serious and non-bailable criminal charges including attempt to murder, criminal intimidation, forging evidence, wrongful confinement, fabricating false evidence and criminal conspiracy. Girhotra demanded death penalty for Rathore. “He has killed my daughter by misusing his official position. We want the death penalty for him,” he added. (IANS)

Tuesday, December 29, 2009

Let US, China ratify CTBT first: India

Let US, China ratify CTBT first: India

New Delhi, Dec 29: Japan on Tuesday urged India to sign the Comprehensive Test Ban Treaty (CTBT), but kept the door open for civil nuclear cooperation and high-tech trade in the future. India in its turn put the onus on the US and China to show the way by ratifying the treaty.

Civil nuclear cooperation was among key issues Prime Minister Manmohan Singh discussed with his Japanese counterpart Yukio Hatoyama in wide-ranging talks. They vowed to push for an early conclusion of an economic partnership agreement to scale up trade and investment and cooperate on a range of global issues, including the UN reforms, climate change and nuclear disarmament.

The two leaders signed an ambitious joint declaration entitled “New Stage of India-Japan Strategic and Global Partnership”, which has an action plan on advancing security and counter-terror cooperation as its centrepiece.

Sensex falls off highs, closes flat

Sensex falls off highs, closes flat

MUMBAI, Dec 29: A key Indian equities index gave up its gains on Tuesday to close flat, just 0.24 per cent higher than its previous close, even as broader indices managed sizeable gains. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 17,388.67 points and closed at 17,395.52 points, up 40.95 points or 0.24 per cent from its previous close at 17,360.61 points. It had risen over 125 points to 17,486.05 points in the last hour of trade.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,187.95 points against the previous close at 5,178.4 points, a gain of 0.18 per cent.

Sunday, December 27, 2009

Goldman to buy 9.4% in Max India for $116 mn: Report

Goldman Sachs will pick up a 9.4% stake in Max India for Rs 5.4 billion (USD 116 million), the Economic Times and Business Standard newspapers reported on Sunday, citing the outcome of a board meeting held on Saturday.

Max India will issue compulsory convertible debentures that will be converted to shares after 15 months. The proceeds will be used to fund the company's existing insurance and healthcare businesses, the newspapers said.

Shibu Soren to take oath on December 30

RANCHI, Dec 27: Jharkhand Mukti Morcha (JMM) chief Shibu Soren will be sworn in as Chief Minister on December 30 at the Marabadi grounds here. Soren met Governor K Sankarnarayanan on Sunday afternoon and expressed his desire to take the oath on December 30 and the Governor accepted his request.

“Now Soren will be Chief Minister and I appeal to the people to remain awake,” Soren told reporters after the meeting.

Earlier, the Governor asked President Pratibha Patil to revoke President’s rule in the State to allow a new government to be formed, Raj Bhavan sources said on Sunday. The Governor sent a report to the President on the political situation in Jharkhand after the November 25-December 18 Assembly elections, a source in the Governor’s house told IANS.

Soren on Saturday staked claim to forming the government with a list of 45 legislators supporting him in the 81-member House. He is being supported by the Bharatiya Janata Party (BJP), All Jharkhand Students’ Union (AJSU), Janata Dal-United (JD-U) and two independents.

Friday, December 25, 2009

Protests continue in Telangana

HYDERABAD, Dec 25: The Telangana region remained relatively peaceful on Friday though protests continued for the second consecutive day against the Central Government’s move to put on hold the process of forming a separate state.

The all-party Joint Action Committee (JAC) withdrew its shutdown call in view of Christmas and most parts of Hyderabad and the nine other districts of the region were limping back to normalcy. A group of students at Osmania University here and at Kakatiya University in Warangal, however, continued their fast-unto-death, demanding that the Central Government immediately initiate the process for forming a separate Telangana state.

Additional forces, including paramilitary forces, airlifted from other states were deployed at Osmania University and other parts of Hyderabad and the region to maintain law and order. Shops and business establishments re-opened in the State capital but most petrol stations remained closed. The State-owned Road Transport Corporation (RTC) partially restored bus services here and in other parts of Telangana. The region was rocked by violent protests on Thursday, the first day of the 48-hour shutdown called by the JAC. It, however, decided not to enforce shutdown on Friday following an appeal by Christian groups.

RTC authorities said bus services had been restored only on those routes in the region where police had assured them protection. The bus services from Hyderabad to Vijayawada and other cities in coastal Andhra and Rayalaseema remained suspended. Protesters had burnt at least 15 RTC buses and damaged around 60 since Wednesday evening when union Home Minister P Chidambaram stressed the need to hold consultations with all political parties on the Telangana issue following 13 days of protests in the other two regions of Andhra Pradesh.

People in coastal Andhra and Rayalaseema have been agitating against the Central Government’s December 9 announcement on initiating the process for forming a Telangana state. South Central Railway officials said trains were running as scheduled as there were no reports of train blockades since Thursday night. But coal production in State-owned Singareni Colleries came to a standstill as the workers went on strike demanding a Telangana state. The employees struck work in all the coal mines spread over the four districts of Karimnagar, Warangal, Khammam and Adilabad.

Telangana Rashtra Samiti chief K Chandrasekhara Rao, whose hunger strike forced New Delhi to agree to break up Andhra Pradesh, has resigned from the Lok Sabha to press for his demand for Telangana.

As many as 64 legislators across the spectrum from Telangana had on Thursday submitted their resignations to the Andhra Pradesh assembly speaker. Pressure is mounting on the remaining legislators from the region to also quit. Telangana has 119 legislators in 294-member Assembly. (IANS)

Wednesday, December 23, 2009

Christmas cheer spreads from Rashtrapati Bhavan

NEW DELHI, Dec 23: Singing carols in the capital this week will be victims of last year’s violence in Kandhamal, Orissa. Even as they put the past behind and spread Christmas cheer, celebrations have begun in right earnest at Rashtrapati Bhavan!

The presidential palace echoed with jingle bells, jingle bells as choir groups from India’s Northeast and Delhi sang one carol after another at a function organized by President Pratibha Patil. Representatives of all Christian groups in India were invited. So were Lok Sabha Speaker Meira Kumar and Prime Minister Manmohan Singh’s wife Gursharan Kaur. “It was a beautiful function,” said a senior Catholic priest, who attended the celebrations at Rashtrapati Bhavan on December 17. The programme featured carol singing by choir groups from Meghalaya, Delhi and Nagaland.

The Christmas message was delivered by Vincent Concessao, the archbishop of Delhi. The festival will be observed all over the country on Friday. As part of its Christmas celebrations, the Delhi Archdiocese is organizing a carol singing programme at India Gate on Christmas Day. “What makes it special is that part of the carols will be sung by the victims of Kandhamal riots who would like to let the world know that Jesus’ birthday is a good occasion to be reconciled with all and to share his message of love,” said an Archdiocese message here.

Christmas carols are based on Christian lyrics and were introduced as part of church services by St Francis of Assisi in the 12th century, say Catholic historians. The word “carol” is derived from the French word caroler, which means dancing around in a circle.

According to a post on share-christmas.com, “Christmas music sure sounds good again, always brings back those memories of years before. Everyone can enjoy some good Christmas music along with their favourite warm drink.” (IANS)

Jharkhand heads for hung assembly, JMM holds key

RANCHI: Congress-JVM(P) combine today won 10 assembly seats and was leading in 20 in Jharkhand while BJP- JD(U) alliance got 7 and was ahead in 17 as the state headed for a fractured verdict with JMM saying it would support any combine that makes its leader Shibu Soren the chief minister. ( Watch Video )

While JMM won 9 seats and was ahead in as many, regional parties JVM(P) and AJSU captured 4 and 3 respectively in the 81-member House. Congress on its own won 6 and BJP 12.

RJD got 2 while another regional party JBSP secured one seat. Others including an independent got 6.

"Our party's stand is whoever will support Guruji (Shibu Soren) for chief ministership, will get our support," JMM's Central Committee Secretary, Supriyo Bhattacharya told PTI.

RJD chief Lalu Prasad said in Patna, "The results are a victory for secular forces. We will explore the formation of a secular government in Jharkhand."

Asked whether he was in touch with Congress leaders including Sonia Gandhi, Prasad said, "Let the final picture of the results emerge first, then only top leaders should discuss."

He suggested that the leaders of secular alliances - Congress-JVM(P), RJD-LJP and JMM - should sit together and explore installation of a secular government.

"I am content that the communal forces represented by BJP have been wiped out with the people rejecting both BJP and JD(U)," he said.

Former chief minister and JVM(P) president Babulal Marandi gave a call for support to the alliance between his party and the Congress and expressed confidence in forming the next government in the state.

"All well-wishers should support our alliance," Marandi said, adding that his party had fought with the Congress and would stand by it.

Among the first results announced was the victory of Geeta Koda, wife of former chief minster Madhu Koda, from Jagannathpur. She defeated her nearest rival Sonaram Birua of BJP by over 20,000 votes.

Geeta was the candidate of the Jai Bharat Samanta Party (JBSP) floated by her husband.

While Congress-JVM(P) alliance won from Daltonganj, Sisai, Bermo and Icchagarh, Speaker Alamgir Alam of Congress lost from Pakur to Akuil Akhtar of JMM by 5,714 votes.

The BJP-JDU won from Kharsawan, Gumla, Simdega, Manika, Ranchi, Chatarpur and Tamar and was leading in 17 seats. A prominent winner of the alliance was C P Singh from Ranchi.

JMM won seven seats - Chaibasa, Sikaripara, Sareikela, Torpa, Jama, Pakur and Dumri. Sita Soren, widow of Durga Soren, the late eldest son of party chief Shibu Soren won the Jama seat.

Senior JMM leader and former deputy chief minister Sudhir Mahto, however, lost the Icchagarh seat to the JVM(P).

Former minister Enos Ekka of the Jharkhand Party Ekka, now in judicial custody in a disproportionate assets case, retained his Kolebira seat.

Shibu Soren's son Hemant wins from Dumka

STAFF WRITER 19:13 HRS IST
Ranchi, Dec 23 (PTI)
JMM chief Shibu Soren's younger son Hemant Soren won from Dumka assembly seat defeating his nearest BJP rival Lois Marandi by over 2,000 votes.

Former deputy chief minister and senior Congress leader Stephen Marandi, who was the sitting MLA, emerged third

Sensex zooms 539 pts to close at two-month high

STAFF WRITER 16:49 HRS IST

Mumbai, Dec 23 (PTI) The Bombay Stock Exchange bellwether index Sensex skyrocketed by a hefty 539 points to close at a more-than two months high of 17,231.11 on frenzied short-covering across the board and fresh buying in metals and energy stocks, ahead of the long weekend coupled with the expiry of the derivatives contracts on December 31.

The 30-share Bombay Stock Exchange barometer opened marginally higher but soon gathered steam and kept rising across the day and finally to shut the shop at 17,231.11 points, a level not seen since October 17, netting a massive gain of 539.11 points or 3.23 per cent.

Firm overseas trend, higher advance tax payments by Indian Inc and positive comments by the Finance Minister on economic growth too fuelled the strong rally, especially on the metal counters which remained the hottest pick for the third successive day.

Monday, December 21, 2009

‘No statehood but talks on to solve Gorkhaland problem’

DARJEELING (WEST BENGAL), Dec 21: There was no consensus on the issue of a Gorkhaland state but discussions to find a solution to the problem would continue, union Home Secretary GK Pillai said here on Monday after meeting representatives of the Gorkha Janamukti Morcha (GJM) and the State Government.

“We had detailed discussions with the Gorkha Janamukti Morcha and State Government representatives regarding the formation of a separate Gorkhaland state and various other issues. We’ll continue to hold discussions on this to find a solution to the Gorkhaland problem,” Pillai said at a press conference after the three-hour tripartite meeting. He said GJM representatives had indicated they wanted the discussion to be held at the political level. “Both the Centre and the State Government representatives will place their requests to the respective governments and will come back to the GJM within 45 days. There is no such agreement at all for a separate Gorkhaland state,” Pillai said.

The Central Government in 2005 conferred Sixth Schedule status on the Gorkha National Liberation Front (GNLF)-led Darjeeling Gorkha Hill Council (DGHC), ensuring greater autonomy to the governing body. The meeting, which began at 11 a.m., was attended by a Central Government team led by Pillai and a six-member State Government team headed by Chief Secretary Ashok Mohan Chakraborty. The GJM, led by the party’s general secretary Roshan Giri, was represented by 16 members at the talks being held at the private Mayfair resort in the heart of this hill town. Lieutenant General Vijay Madan, the Central Government-appointed interlocutor, was also present during the meeting. Security across Darjeeling district was stepped up for the meeting, police sources said. The GJM has been spearheading a movement for a Gorkhaland state carved out of northern West Bengal, besides opposing special status for the hill’s governing body DGHC. The Amra Bangali, Bangla Bhasha O Bhasha Banchao Committee, a local outfit protesting the GJM’s demand for a separate state, also started a relay hunger strike in Siliguri plains from Sunday saying that they oppose the “unconstitutional” dialogue with some “aliens” from Nepal. (IANS)

Sunday, December 20, 2009

Sensex loses 174.42 points


Mumbai, Dec 18: A benchmark index of the Indian equities markets, dragged down by heavy selling in blue chip stocks like Reliance, Bharti Airtel and ICICI Bank, plunged on Friday to end 174 points lower than its previous close.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,855.91 points, fell sharply in the last 30 minutes of trade to 16,719.83 points, down 174.42 points or 1.03 percent from its previous close at 16,894.25 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also lost heavily to shut shop at 4,987.7 points, against the previous close at 5,041.75 points, a loss of 54.05 points or 1.07 per cent.

BJP leadership change its internal matter: Cong

BJP leadership change its internal matter: Cong

NEW DELHI, Dec 19: The Congress on Saturday described the change of guard in the Bharatiya Janata Party (BJP) as an internal matter of the party, while the Left said it “doesn’t mean there will be any changes in its policies”. The BJP, which suffered a setback in the Lok Sabha polls this year and the Assembly elections held in some States, has gone in for a generational change in its leadership, choosing younger leaders.

The main Opposition party on Friday appointed Sushma Swaraj as Leader of Opposition in the Lok Sabha, replacing LK Advani. The party also got a new president with its Maharashtra unit chief Nitin Gadkari taking over from Rajnath Singh on Saturday.

Friday, December 18, 2009

Sensex loses 174.42 points

Sensex loses 174.42 points

Mumbai, Dec 18: A benchmark index of the Indian equities markets, dragged down by heavy selling in blue chip stocks like Reliance, Bharti Airtel and ICICI Bank, plunged on Friday to end 174 points lower than its previous close.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 16,855.91 points, fell sharply in the last 30 minutes of trade to 16,719.83 points, down 174.42 points or 1.03 percent from its previous close at 16,894.25 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also lost heavily to shut shop at 4,987.7 points, against the previous close at 5,041.75 points, a loss of 54.05 points or 1.07 per cent.

I came to Mumbai to act in films, never seen an AK-47: Kasab

I came to Mumbai to act in films, never seen an AK-47: Kasab

Mumbai, Dec 18: In a dramatic turn around, the lone captured Pakistani terrorist Mohammed Ajmal Amir alias Kasab on Friday retracted his confession made earlier saying that he had come to Mumbai to work in Bollywood films and had never seen an AK-47 rifle in his life.

Retracting the confession made before a magistrate on February 20 this year, Kasab told a special court that he had come to Mumbai at least 20 days before the 26/11 terror attacks. “I was arrested three days before the 26/11 attacks, when I was going around Juhu area with some friends. I was in police custody at the time of the attacks,” he told the stunned courtroom. Special Public Prosecutor Ujjwal Nikam said that he had always anticipated that Kasab would retract his confessional statement.

Wednesday, December 16, 2009

Indian bank staff strike work but people able to draw money

Indian bank staff strike work but people able to draw money

New Delhi, Dec 16: Banking operations across the country were affected on Wednesday, as an estimated 450,000 workers of state-run and private banks proceeded on a daylong strike, although people were able to withdraw money from automated teller machines.

The All India Bank Employees’ Association (AIBEA) and the All India Bank Officers’ Association (AIBOA) called the strike to protest moves to consolidate the operations of state-run banks. Their talks with the government had failed on Tuesday.

Talk of Balochistan too much: Pakistani envoy

Talk of Balochistan too much: Pakistani envoy

New Delhi, Dec 16: “It is too much”, remarked Pakistani High Commissioner Shahid Malik after an Indian speaker blasted Islamabad over the crisis in Balochistan.

And much to the diplomat’s discomfort, another speaker, this time from Pakistan, compared Islamabad with Kabul in terms of security concerns and terror threats. An exasperated Malik was prompted to say: “It is too much.”

The event was the launch of an autography of the late Baloch leader Mir Ghaus Baksh Bizenjo. A panel discussion followed the book release, organised by Policy and Planning Group (PPG).

Sensex down 67 pts in early trade on global cues

STAFF WRITER 10:21 HRS IST

Mumbai, Dec 16 (PTI) Extending its slide for the third day in a row, the BSE benchmark Sensex lost another 67 points in early trade today, with shares of banking, oil and gas and metal sectors remaining under pressure, on continued foreign capital outflows amid weak global cues.

The 30-share Sensex, which had lost over 240 points in the past two sessions, declined by 67.05 points, or 0.39 per cent to 16,810.11 in early trade.

The wide-based National Stock Exchange index Nifty also drifted by 21.85 points, or 0.43 per cent, to 5,011.20.

Brokers said overnight losses on the US market and weak opening on the Asian bourses mainly dampened the trading sentiments here, triggering selling by foreign funds.

Among losers, heavy-weight, Reliance Industries was down 0.18 per cent at Rs 1,049.50 on increased selling by speculators and funds.

Rupee steady at 46.69/70 vs dollar in morning trade

STAFF WRITER 10:42 HRS IST

Mumbai, Dec 16 (PTI) Indian rupee was almost steady against the US currency in late morning trade today on stray dollar sales by exporters as the American unit held at its recent highs amid weak local stocks.

The domestic currency resumed lower at 46.75/77 a dollar against its last close but later recovered and was quoted at 46.69/70 a dollar in late morning deals.

Dealers at the Interbank Foreign Exchange (forex) market said exporters were seen selling dollar in early trade as the dollar held at its 2-1/2-month high against a basket of major currencies in overseas markets.

Local stocks remained weak, extending their losses to fourth straight day today.

Indian benchmark Sensex was down 77 points at 1030 hours while Asian indices were mixed this morning.

Tuesday, December 15, 2009

I am for united Andhra, Golden Telangana: Jaganmohan


New Delhi, Dec 15: There was high drama in parliament on Tuesday after Congress MP Y S Jaganmohan Reddy made common cause with his bitter rivals, the Telugu Desam Party (TDP), to press for a united Andhra Pradesh, even as he said he stood for a “Golden Telangana” without specifying what he meant by this.

The division in the Congress ranks was more than evident as party MPs clashed in the Lok Sabha over the Telangana issue, forcing the adjournment of the house for 10 minutes. Telangana figured in the Rajya Sabha too, with the Bharatiya Janata Party (BJP) accusing the government of “playing with the sensitivities of people” on the issue and reiterating its demand for a roadmap on the creation of the separate state.

Sensex 220 points down; banking, auto stocks lose

Mumbai, Dec 15: A benchmark index of the Indian equities markets Tuesday shut shop near its intra-day low, ending 220 points lower than Monday’s close, mirroring the negative sentiments at other Asian markets. Banking, auto and energy stocks lost the most.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,150.59 points, ended at 16,877.16 points, down 220.39 points or 1.29 per cent from its previous close at 17,097.55 points. It had risen more than 102 points during early trade.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,033.05 points, against the previous close at 5,105.7 points, a loss of 1.42 per cent or 72.65 points. Broader market indices also came under selling pressure, with the BSE midcap index down 1.56 per cent and the BSE small cap index ruling a 1.42 percent lower.

Rupee up 12 paise at 46.60 a dollar in early trade

MUMBAI: The rupee today appreciated by 12 paise to 46.60 against the US currency in early trade, after remaining weak for two days, as the dollar weakened against other major currencies.

At the Interbank Foreign Exchange (Forex) market, the Indian rupee strengthened by 12 paise to 46.60 a dollar. The rupee had ended 19 paise lower at 46.72/73 in yesterday's trading.

Forex dealers said dollar's losses against other major units and dollar selling by exporters, mainly supported the rupee's sentiment.

The American currency remained this morning as markets awaited signals from the US Federal Reserve after its two-day policy meeting, they added.

Meanwhile, the Bombay Stock Exchange index Sensex had ended 21.48 points lower at 17,097.55 yesterday

Sensex up 103 points in early trade

MUMBAI: The Bombay Stock Exchange benchmark Sensex today gained about 103 points in early trade on heavy foreign capital inflows as rise in advance tax collection indicated better earnings for the December quarter.

The 30-share index Sensex rose by 102.92 points, or 0.61%, to 17,200.47 points with stocks of metals, realty and auto sectors leading the recovery. The BSE barometer had ended 21.48 points down in the previous trading session.

The wide-based National Stock Exchange index Nifty moved up by 22.70 points, or 0.44%, to 5,128.40 points.

Brokers said trading sentiments turned better after advance tax paid by companies suggested stronger earnings for the December quarter.

Stocks of the country's most-valued firm Reliance Industries traded 0.50% higher at Rs 1,071.70 on pick up in buying activity by funds.

Other gainers were Sterlite Industries up 0.97% to Rs 845.35, Tata Steel by 1.64% to Rs 553.60, Hindalco by 1.57% to Rs 142.30, Tata Motors by 0.43% to Rs 713.50 and DLF Ltd by 0.82% to Rs 385.80.

TOI

Monday, December 14, 2009

Sensex ends 21 points lower, FMCG, banking drag scrips



Mumbai, Dec 14: Profit-booking on Monday pulled down a benchmark index of the Indian equities markets, which ended trade 21 points lower as FMCG, consumer durables and banking stocks came under selling pressure.

Banking stocks suffered as annual rate of inflation, based on wholesale prices, rose sharply to 4.78 per cent in November from 1.34 per cent in the previous month.

India, China key for positive Copenhagen outcome


New Delhi, Dec 14: China today accused the developed world of trying to back out of their obligations to tackle climate change despite being the maximum polluters and pressed for close coordination with India to present a strong front to ensure positive results from Copenhagen.

Describing India and China as “emerging powers” and the “future of the world”, Chinese Ambassador Zhang Yan said the two countries should take a lead in mobilising all developing nations to achieve a “win-win” result wherein development is not made to suffer at the cost of tackling global warming.

Sunday, December 13, 2009

High prices rule 2009 shattering myth of negative inflation

High prices rule 2009 shattering myth of negative inflation

New Delhi, Dec 13: India may boast of a negative or near zero inflation for most part of 2009, but cascading price rise, including doubling of even potato, made the year arguably the worst for Aam Admi in over a decade.

And, for the first time, the government saw the fallacy of inflation measured through Wholesale Price Index (WPI) and introduced a new mechanism, wherein food price movement was released on a weekly basis, giving a first-hand account of the impact that essential food articles, fruits and vegetables leave on common man. Although the WPI-based inflation fell to (-)1.74 per cent on August 1, a new mechanism adopted by the government in October to measure inflation revealed that food prices were up almost 20 per cent, the highest witnessed during the past decade. The Congress-led UPA, which returned to power for the second term this year on the plank of “Aam Admi”, was naturally cornered by political parties both inside and outside Parliament for the rising cost of living.

Indian dancer brings ballet

New Delhi, Dec 13: Paris-based Indian dancer Rukmini Chatterjee, who is bringing together European classical ballet, Bharatnatyam and Kathak for the Bonjour Festival here, says she is not in favour of fusing dance forms and each style should retain its identity on stage.

Friday, December 11, 2009

Sensex ends 0.41 per cent down

Mumbai, Dec 11: A benchmark index of the Indian equities markets ended trade on a weak note on Friday, slipping 0.41 per cent after lower than expected industrial production data acted as a dampner. Banking, telecom and realty stocks came under selling pressure.

The country’s industrial output is projected to have expanded 10.3 per cent in October, as per the latest official data released on Friday, lower than what analysts had predicted.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 17,199.74 points and rose more than 162 points during the morning session, ended trade at 17,119.03 points, down 70.28 points or 0.41 per cent from its previous close at 17,189.31 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty too ended in the red at 5,117.3 points, against the previous close at 5,134.65 points, a loss of 17.35 points or 0.34 per cent.

Scientists rejig human evolution

New Delhi, Dec 11: The ancestors of the present-day populations of China, Japan and other east Asian countries had migrated from India, scientists from 10 countries including India said on Friday after achieving a breakthrough in the study of the evolution of humans and their spread across the world. “This is path breaking. This large study establishes that Indians are ancestors of Japanese, Chinese and all other East Asians,” Samir Brahmachari, director general of the Council for Scientific and Industrial Research (CSIR) told on Friday.

Thursday, December 10, 2009

President Patil to get on board INS Viraat Dec 23

New Delhi, Dec 10 (IANS) After making history by becoming the first woman in India to fly in a fighter jet, President Pratibha Patil will now get on board India’s lone aircraft carrier INS Viraat in Mumbai Dec 23.

‘The president is our supreme commander and she can any time get on board any of our warships,’ an Indian Navy officer told IANS.

Confirming that Patil would observe her first ‘Day at Sea’ on board INS Viraat, the officer said she will be on the aircraft carrier on Dec 23 in Mumbai.

Every president conducts Fleet Review once during his/her tenure.

The 74-year-old president became the first woman to fly in a Sukhoi Su-30 jet of the Indian Air Force (IAF) from Lohegaon Air Base in Pune Nov 25.

The 28,000-tonne INS Viraat, the Centaur class aircraft carrier, was originally commissioned in the British Royal Navy as HMS Hermes Nov 18, 1959. The Indian Navy acquired the platform in 1987 after it had served the Royal Navy for nearly 28 years.

INS Viraat is pivotal to the navy’s aim to project its naval and air power beyond its borders. It provides operation ground for Sea Harrier combat jets. It can embark up to 18 combat aircraft and is suited for supporting amphibious operations and conducting anti-submarine warfare.

Sensex closes off day’s high

Mumbai, Dec 10 (IANS) A key index of the Indian equities markets closed at its day’s high Thursday, 47 points above the previous close.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that opened at 17,107 points closed at 17,166.73 points, up 47.5 points from Wednesday’s close at 17,125.22 points.

The benchmark index, which opened lower, had hit an intra-day of 17,231.05 in afternoon but shed some gains towards the close.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,129.45 points, against the previous close at 5,112 points, a gain of 0.34 percent.

Broader market indices were also in the green owing to buying activity in smaller scrips, with the BSE smallcap index closing 0.83 percent higher and the BSE midcap index up 0.27 percent.

Govt to auction only 3 slots of 3G spectrume

STAFF WRITER 14:57 HRS IST

New Delhi, Dec 10 (PTI) In a surprise move that could deprive it of over Rs 5,000 crore in revenue, the government has said the 3G telephony spectrum available with it for sale currently could accommodate only three operators.

A fourth slot has already been awarded to state-owned MTNL (that operates in Delhi and Mumbai) and BSNL (rest of India).

It had earlier planned to auction spectrum to four private bidders, in addition to the state-run firms.

The decision comes in the wake of the Ministry of Defence's reluctance to vacate the designated spectrum (air waves) for commercial use, official sources said, adding that the required notification would be issued soon.

The government has fixed the reserve price of spectrum at Rs 3,500 crore for pan-India 3G spectrum and Rs 1,750 crore for Wimax (wireless ineternet/broadband) and the auction is scheduled to begin from January 14 next year.

Telangana to become the 29th state

STAFF WRITER 11:24 HRS IST

Hyderabad, Dec 10 (PTI) The decision to carve out a separate state of Telangana, which will take the total number of states in the Union to 29, comes at the end of a 40-year- old struggle for a distinct identity.

This comes after a gap of nine years when three new states were carved out. Jharkhand split from Bihar on November 15, 2000 to become the 28th state while Uttarakhand split from UP on November 9 and Chattisgarh was created on November one the same year.

Andhra Pradesh has 23 districts, including the state capital Hyderabad, in three regions ? coastal Andhra (nine), Rayalaseema (four) and Telangana (ten).

Since its inception in 2001, the Telangana Rashtra Samiti (TRS) has been fighting for creation of a separate Telangana state. Telangana region now accounts for 119 of the 294 seats in the Assembly and 17 of the 42 Lok Sabha members.

Wednesday, December 9, 2009

Centre concedes demand for Telangana state, KCR ends fast

STAFF WRITER 1:4 HRS IST

New Delhi/Hyderabad, Dec 9 (PTI) Buckling to pressure, the Centre tonight conceded to the demand for a separate Telangana state for which the process will be initiated and an appropriate resolution will be moved in the Andhra Pradesh Assembly.

Shortly after the announcement of the decision by Union Home P Chidambaram in New Delhi to create the new state, TRS chief K Chandrasekhar Rao ended his 11-day fast undertaken to press for Telangana state.

The decision on Telangana was taken at a late night meeting Prime Minister Manmohan Singh had with Andhra Pradesh Chief Minister K Rosaiah after two rounds of consultations in the Congress Core Committee with Sonia Gandhi and senior cabinet colleagues.

"After these consultations, I am making this statement. The process of forming the state of Telangana will be initiated.

Sensex ends 100 points lower; metals, banks down

MUMBAI: Equities ended rangebound session in the negative terrain Wednesday in line with other global markets. Metals, banks and power stocksled the decline while IT and auto showed some resistance.

Bombay Stock Exchange’s Sensex closed at 17123.08, down 104.60 points or 0.61 per cent. The index touched an intra-day low of 17057.37 and high of 17227.96.

National Stock Exchange’s Nifty closed at 5112.85, down 35.10 points or 0.68 per cent. The 50-share index hit a high of 5147.65 and low of 5090.60.

BSE Midcap Index was down 0.60 per cent and BSE Smallcap Index moved up 0.41 per cent.

Amongst the sectoral indices, BSE Metal Index was down 2 per cent, SE Bankex slipped 1.43 per cent and BSE Power Index declined 0.59 per cent. BSE IT Index was up 0.82 per cent, BSE Auto Index moved up 0.69 per cent.

Biggest Sensex gainers were Maruti Suzuki (2.99%), Hero Honda (1.69%), Wipro (1.54%), Sun Pharmaceuticals (1.29%) and Tata Consultancy Services (0.99%)

Tata Steel (-3.97%), Hindalco Industries (-3.01%), Sterlite Industries (-2.93%), HDFC (-2.33%) and ICICI Bank (-1.96%) were the losers.

Market breadth on BSE, however, remained positive with 1511 advances outnumbering 1307 declines.

ET

Tuesday, December 8, 2009

Mallya ties up with Dutch brewer Heineken in India

Bangalore, Dec 7: Liquor baron and chairman of UB Group Vijay Mallya on Monday entered into a strategic alliance with leading Dutch brewer Heineken NV to distribute its beer in India.

As per the agreement, the UB Group, including United Breweries Ltd (UBL) and United Breweries Holdings Ltd (UBHL), and the $14.32-billion Heineken group have resolved their differences and decided to withdraw litigations between them. “The new alliance will offer consumers a portfolio of national and international brands in India, including UBL’s Kingfisher and Heineken, the largest global beer brand,” the company said in a statement here. Around 25 million glasses of Heineken are consumed the world over every day.

End discord at Ayodhya in the name of religion: Youth

New Delhi, Dec 8: A hospital at Ayodhya rather than a temple or a mosque, as politicians play the blame game over the Liberhan Commission report on the Babri Masjid demolition, that is the radical solution for peace offered by a section of the youth who were either not born or too young to know what was happening that December of 1992.

No more discord in the name of religion, is the echo as many youngsters look to a new India with better hospitals and better infrastructure for its people. Shalini Pandey (23), a journalist, said: “I am not concerned at all about what had happened. People should forget and move forward without constructing anything there. But a 20-bed hospital will do fine.” Dishank Sadana, a theatre artist, who is the same age echoed the sentiment.

Monday, December 7, 2009

Sensex ends 118 points down

Mumbai, Dec 7: A key indian equities index ended trade 118 points in the red on Monday as heavyweight stocks came under selling pressure.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that opened at 17,106.74 points closed at 16,983.14 points, down 118.4 points or 0.69 percent from Friday’s closing at 17,101.54 points.

At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty closed at 5,066.70 points, against the previous close at 5,108.9 points, a loss of 0.83 percent. Broader market indices were also in the red, with the BSE midcap index closing 0.79 per cent down and the BSE small cap index 0.41 per cent lower.

BJP slams Liberhan panel as biased

New Delhi, Dec 7: The BJP today said the demolition of the disputed structure at Ayodhya was a result of public anger and asserted that it would build a Ram temple at the same site for “national justice”, as it slammed the Liberhan Commission report as “a political document” which is “biased”.

Opening BJP’s defence on the report which has indicted a number of its leaders, party chief Rajnath Singh said in the Lok Sabha that the Liberhan Commission report was “a bundle of grave errors” and its intent appeared to be “pre-decided” and aimed at “character assassination” of certain political leaders and parties. The Commission has reached “bizarre” conclusions, he said during the debate and took strong objection to the adverse comments made against former Prime Minister Atal Bihari Vajpayee and senior leaders L K Advani and M M Joshi.

He said the report was “not unbiased” and said it was a “political document of character assassinations” as legal criteria for indictment had been ignored. “Whatever happened on December 6, 1992, was a result of public anger. There was no mosque at the site since 1936,” he said, amid repeated disruptions caused by objections from Congress and some other parties like Samajwadi Party.

Sunday, December 6, 2009

Lawsuit filed against Paa

Patna, Dec 5: A lawsuit has been filed in a court here charging Bollywood superstar Amitabh Bachchan with violating the disabilities act through his latest film Paa in which he plays a 13-year-old boy suffering from progeria, which accelerates the ageing process. Big B has been accused of poking fun at people with disabilities. The case has been filed by Patna High Court lawyer Shruti Singh in the court of the Chief Judicial Magistrate under The Persons with Disabilities (Equal Opportunities, Protection of Rights and Full Participation) Act, 1995. It has also been filed against Paa director R Balkrishna. “I filed a case in the court demanding a probe into whether Paa violated the act or not,” Singh said on Saturday. “My stand is simple: If it violated the disability act, the authorities should act against the producer and actors of the film for making a joke of disabled people,” she added. She said the court will hear the case next week. According to Singh, the act is guided by the philosophy of empowering people with disabilities and their associates. (IANS)

Expanding civil nuclear cooperation tops PM’s Russian agenda

New Delhi, Dec 5: Close on the heels of his visit to Washington, Prime Minister Manmohan Singh heads for Moscow on Sunday on a three-day trip with expansion of civil nuclear cooperation and an extended defence pact topping the agenda.

The agreement, expected to be inked during the annual summit talks between Manmohan Singh and Russian President Dmitry Medvedev on Monday, will ensure continuation of Moscow’s support for the ongoing civil nuclear programme in India and will ensure any unforeseen disruption of fuel supply and technology from Russia for nuclear power projects in India.

Thursday, December 3, 2009

Thousands of disabled people celebrate World Disability Day

NEW DELHI, Dec 3: Some were on wheelchairs, others used sign language to communicate and hundreds were standing firm with white sticks - over 5,000 physically challenged people took part in World Disability Day functions here on Thursday hoping to draw attention to their plight.

Having come together at the India Gate lawns in the heart of the capital, these differently-abled people from across the country stood shoulder to shoulder raising slogans of unity. Later, they sat to watch the cultural show of young visually impaired children. “On this day for the past three years we all gather here. There are times when it feels like a ritual. We organize the event because on this day (the World Disability Day) we can draw attention to our plight,” said Javed Abidi, convenor of the Disabled Rights Group (DRG).

Abidi added that the estimated 70 million disabled people in the country were rooting for a separate ministry for disability affairs and fulfilment of promises in the 11th Five Year Plan - that each ministry should have a clear cut plan of action on disability issues and allocate three per cent of resources for improving the infrastructure.

Voicing the sentiments of the hundreds of deaf and mute, blind, autistic and other physically challenged individuals, the wheelchair-bound Abidi said: “Government, politicians, media, civil society all suddenly get a jolt on December 3 and wake up to the reality we live each day.”

Kiran, a visually challenged girl said: “Even though we don’t want to, we continue to be a burden on society. Where are the opportunities that the government promises?” Abidi said: “Almost 63 years after Independence only 10 per cent of India’s disabled citizens have access to something as basic a disability certificate that ensures them benefits. This process needs to be made faster and easier than the five-month long tedious procedure followed now.”

“How much does it take to ensure that all universities appoint a disability coordinator...union budgets have not allocated any money to make our hostels, libraries and labs barrier-free. Authorities really need to become more sensitive,” he added. Ramp at bus stands and schools, more spacious toilets in government and business establishments can go a long way to ease problems of people with disability, said Sanjay, a coordinator from an NGO.

The massive gathering of people hailed from states like Tamil Nadu, Rajasthan, Bihar, Gujarat, Jammu and Kashmir, Uttar Pradesh and Delhi. (IANS)

Wednesday, December 2, 2009

Brawl at dhaba

DIBRUGARH, Dec 1: A midnight brawl at a roadside dhaba at Chabua left one injured last night. According to reports, one Kundan Singh and president of the Chabua unit of the Bhojpuri Parishad, Ajay Misra, were drinking when an argument broke out between the two and the former hit the latter with an iron rod. The Parishad’s official had to be admitted to a private nursing home here. The families of the two lodged complaints at Chabua police station against each other.

Tuesday, December 1, 2009

Tata to produce hybrid Nano model in India

India’s Tata Group has announced plans to produce hybrid versions of its cheapest vehicle - the Nano - in its home market.

The Nano, which at 100,000 rupees (£1,306) for a basic model is the cheapest car in the world, first became available in India in July this year.

Ratan Tata, the chairman of both Tata Group and Tata Motors, India’s largest car producer, told the Maeil Business Newspaper in South Korea today that the firm now intends to produce a new vehicle that can run both on petrol or diesel and a battery.

He added that low-priced goods would continue to drive sales more quickly in India than high-cost goods, but the so-called price revolution would continue to spread across the world.

Tata’s move follows the announcement earlier this month by Carlos Ghosn, chief executive of both Renault and Nissan, that it had signed a deal with Indian partner Bajaj Auto to create a car able to trump any other, including the Nano, in terms of fuel efficiency by 2012 and market it in India.

‘Media a problem in India-Pakistan relations’

Hyderabad, Dec 1: Eminent Pakistani journalist Najam Sethi on Tuesday said media in both India and Pakistan is trapped in “narrow nationalism” and is part of the problem in relations between the two countries.

Speaking at the inaugural session of World Newspaper Congress after receiving the World Association of Newspapers (WAN) Golden Pen of Freedom award here, Sethi said the media in both the countries was too intensely nationalistic and had pushed them to the brink of war after last year’s terrorist attacks in Mumbai. “After Mumbai last year, both the media put on the war paint and pushed their governments to the brink of war,” said Sethi, the editor-in-chief of the Friday Times and the Daily Times.

Contending that media is part of a problem rather than solution in India-Pakistan relations, he gave instances of media stalling the peace dialogue at critical points. “In 1989 when the then Indian Prime Minister Rajiv Gandhi visited Pakistan, the Pakistani media stopped (the then Pakistan Prime Minister) Benazir Bhutto’s government from implementing the far-reaching cultural accords that were signed on that occasion. When Mr Gandhi went back, the Indian media stopped him from moving ahead on Siachen accord inked by the defence secretaries of the two countries in Pakistan,” he said.

Sunday, November 29, 2009

Shun hostility for talks, India tells Pakistan

NEW DELHI, Nov 28: India cannot negotiate with Pakistan while having a gun pointed at its head, Minister of State for External Affairs Shashi Tharoor said on Saturday, reacting to Pakistani Foreign Minister Shah Mehmood Qureshi accusing India of being “myopic”.

In an interview telecast on CNN-IBN on Saturday, Qureshi said that India was being narrow-minded in not coming to the table for talks. “I think you (India) are being myopic. You are being narrow-minded. You have to look at the boarder picture and the broader picture demands cooperation and not confrontation,” he said at Port of Spain, where he is leading the Pakistani delegation at the Commonwealth Heads of Government Meeting in the absence of Prime Minister Yousuf Raza Gilani. He also said that India had provided “inadequate” evidence to prosecute Jamaat-ud-Dawa chief Hafiz Saeed, who India has named as the mastermind of the 26/11 Mumbai terror attacks. In Delhi, Tharoor retorted that any evidence that had to be unearthed against Saeed had to be done in Pakistan itself. “Surely the evidence is available in their country, where the man has been conducting his nefarious activities. So, it seems to me that in saying that the evidence is not enough, the Pakistani government is essentially saying that its own investigative capabilities are not what they should be,” Tharoor said here.

On the demand to restart talks, Tharoor said that there had to be adequate progress by Pakistan for India to return to the table. India had frozen all talks after the November 26-29, 2008 Mumbai carnage that claimed the lives of 166 people, including 26 foreigners. “We know that there is gun pointed at your head, but you still got to talk to us. Will you first get the gun removed from our head, then we will talk to you happily,” he said. “If we can see some real action on the two things that we have been asking for in a year, we would be very happy to persuade the public and the Parliament that we need to engage in serious talks,” he added. (IANS)

Friday, November 27, 2009

Government’s stand on rice import lacks transparency: CPI-M

KOLKATA, Nov 22: The Communist Party of India-Marxist (CPI-M) on Sunday said the Central Government’s decision to import rice lacked transparency. In an editorial in daily Ganashakti, its Bengali mouthpiece, the CPI-M accused the United Progressive Alliance (UPA) Government of taking a casual approach to the fall in rice production and not helping farmers hit by this. “The Prime Minister, the Finance Minister and the Agriculture and Food Minister have repeatedly assured the people that there was no cause for worry as the country had a good stock of food grains, and that there was no danger of any food crisis. But now the government is publicly talking about importing rice,” the editorial said. “In fact, over the last few months, the government has been clandestinely preparing to import rice. It is obvious that the government’s stand lacked transparency,” it added. According to the CPI-M, the Central Government too no step to arrest the fall in crop production, and said: “It did not lay any importance on the probable consequences.” The editorial also said farmers were suffering because of the fall in production, and that the “government has not taken any steps to safeguard their interests”. It noted India was the world’s second largest producer and leading exporter of rice, and did not have to import it in the last two-three decades. “In the recent past, the country did not have to import rice. But this time we have to do so. This is a matter of concern,” the daily added. (IANS)

Centre mulls stringent law to protect biodiversity hotspots

COIMBATORE, Nov 22: The Centre is considering the introduction of a comprehensive legislation to protect three biodiversity hotspots in the Himalayas, North East and Western Ghats, besides amending the Protection of Wildlife Act 1972 to check poaching of tigers. Announcing this here today, Union Environment and Forests Minister Jairam Ramesh said the Ministry is holding talks with State Governments to bring in the law as tourism activities -- leisure tourism or religious tourism -- have an “adverse impact” on their biodiversity and ecological balance. “I am determined to protect the ecology since unbridled tourism is disturbing the balance,” he said when his attention was drawn to widespread damage caused by heavy rain and resultant landslips in Nilgiris district last week. The minister observed that poaching of tigers has become a serious issue and said the Ministry decided to amend the Wildlife Act to make punishment for such crimes very stringent, on the lines of Foreign Exchange and Money Laundering Act. (PTI)

Thursday, November 26, 2009

Terror-hit hotels limp back to normal life

MUMBAI, Nov 25: “In memory and faith that peace can come on Earth as it is in Heaven.” Thus reads a scrawling handwriting in a memorial book placed at the historic Hotel Taj Mahal Palace & Tower. The book lies next to a sacred ‘Tree of Life’ setting, which commemorates those who laid down their lives when a handful of terrorists invaded the hotel on the night of November 26, 2008, and held guests and staff hostage for the next 60 hours.

The same night, another group entered the Trident-Oberoi Hotel, at Nariman Point barely a kilometre away from the Taj and two kilometres from the Chhatrapati Shivaji Terminus, where they carried out a spate of similar atrocities. Including foreigners, 166 people were killed in the attack which also left 264 injured or maimed. Both hotels suffered extensive infrastructure damage, in amounts running into millions of rupees.

Food inflation jumps to 15.58% as potato prices soar

STAFF WRITER 14:25 HRS IST

New Delhi, Nov 26 (PTI) Food inflation shot up to 15.58 per cent for the second week of November on the back of potato prices, which have more than doubled in the past one year.

Other essential items like pulses and onion rose by more than 25 per cent in the wholesale market, government data on inflation for week ended November 14 showed.

"Food inflation is incredibly high...The drought has aggravated the situation and I expect the wholesale price- based inflation to rise to around 7 per cent by March next year," said HDFC Bank economist Jyotinder Kaur.

With inflationary pressure building up, the RBI in its next policy review may take steps to check easy money. "It is likely that RBI in its January policy might go for monetary tightening measures and raise Cash Reserve Ratio (CRR) or policy rates," Kaur said.

Sensex ducks below 17K level on Chinese factor

STAFF WRITER 17:3 HRS IST

Mumbai, Nov 26 (PTI) The benchmark Sensex today tanked over 340 points to close below the crucial 17,000 points level on all-round selling sparked by a meltdown in Chinese stocks.

Brokers said a sudden bout selling emerged in the derivatives and cash segments on roll-over of positions a day ahead of the expiry of futures contract.

Attributing today's fall to negative global cues, brokerage company Hightech Securities Director Sanjeev Bhambri said the market is getting resistance above 17,000 mark and has a strong support at 16,600 level.

The market plunged in the afternoon trade as the Shanghai Composite tumbled by 3.62 per cent on panic selling sparked by fears about government actions against rising asset prices.

Reliance Industries, the heaviest on the Sensex, fell by nearly 3 per cent from its ex-bonus price against its last close of Rs 2,193.75. ICICI Bank dipped by 3.

Wednesday, November 25, 2009

Gold touches historic peak of Rs 18,000

NEW DELHI: Surpassing all previous records, gold touched another historic peak of Rs 18,000 per 10 gram in the bullion market here on persistent buying by stockists for the ongoing marriage season amid firming global cues.

Standard gold and ornaments rose by Rs 220 each to Rs 18,000 and Rs 17,850 per 10 gram, respectively. Sovereign also rose by Rs 100 to set a new peak of Rs 13,800 per piece of eight gram.

Marketmen said firming trend in the overseas market supported the rise in yellow metal here. Gold in Asia traded 0.8% higher at 1,179.20 dollar an ounce, while in futures trading in New York, the metal surged to record 1,181.60 dollar an ounce.

Gold in the international markets touched record levels as the dollar extended declines amid fears that more central banks might purchase gold from IMF.

The metal has rallied 11% after India bought 200 metric tons of gold from the International Monetary Fund in October. Mauritius, Sri Lanka and Russia have followed suit since then.

"Gold is moving on fast pace ever since the central banks started purchasing the metal," said Rakesh Anand of R K Jeweller.

Meanwhile, silver ready rose by Rs 250 to Rs 29,000 and weekly-based delivery by Rs 160 to Rs 28,580 per kg, while silver coins continued to be asked around previous level of Rs 34,400 for buying and Rs 34,500 for selling of 100 pieces.

TOI

Jharkhand assembly polls: 35% voting till 1300 hrs

RANCHI: Around 35% voting was recorded till 1300 hrs on Wednesday in the first phase of elections to 26 assembly seats in Jharkhand.

Adequate security measures were put in place along with air surveillance and no untoward incidents have been reported from anywhere in the constituencies so far.

Prominent among the 470 candidates contesting the first phase are former speaker and Congress leader Alamgir Alam, ex-ministers Raghuvar Das, Dulal Bhuiyan (both BJP) and Aparna Sengupta (AIFB).

It is the second assembly election in Jharkhand after it was carved out from Bihar on November 15, 2000.

The first assembly election was held in 2005 which threw a hung Assembly that saw four governments in as many years, culminating in the imposition of President's rule.

USD 3-bn WB loan for road projects soon: Nath

STAFF WRITER 16:27 HRS IST

New Delhi, Nov 25 (PTI) India may soon get a USD 3-billion (about Rs 14,000 crore) loan from the World Bank for building roads in the country, Road and Highways Minister Kamal Nath said today.

"The World Bank President Robert B Zoellick is arriving here on December 2 and we are hopeful of getting clearance for USD 3 billion loan as sought by us for highway projects," Nath told PTI on the sidelines of a press conference today.

The Transport Ministry is working out the cost of various highway projects and may seek more funds from the World Bank during the meet, the minister said.

However, the mode of paying back the loan has not been finalised yet.

Sensex ends higher in choppy trade, RIL led support

TAFF WRITER 16:43 HRS IST

Mumbai, Nov 25 (PTI) In choppy trade, the Bombay Stock Exchange benchmark Sensex gained 68 points as investors reshuffled their portfolios on the eve of expiry in current month contracts in the derivatives segment.

The 30-share index closed higher by 67.87 points at 17,198.95 points.

The wide-based National Stock Exchange index Nifty rose by 17.60 points to close at 5,108.15 points.

Brokers said every decline in the market was capped due to buying in fundametnally strong stocks in refinery, fast moving consumer goods, auto and banking sectors.

Asian markets closing with gains and firm opening in European stock markets also influenced trading sentiment to some extent, they added.

The trading sentiment turned volatile as investors reshuffled their holdings before the expiry in November month contract in futures and option segments tomorrow.

The heaviest on the Sensex, Reliance Industries, and tobacco major ITC saved the market from falling. RIL closed up 0.

Tuesday, November 24, 2009

Cyber terrorism next big threat to India

New Delhi, Nov 24: Pakistani cyber criminals deface nearly 60 Indian websites every day, says celebrity cyber security expert Ankit Fadia, adding that cyber terrorism is the biggest threat India is facing today.

“The next big war that the country may have to wage against terror will be on the Internet. The network infrastructure of the country may be attacked any time. Social networking sites like Twitter, Facebook, Orkut and Myspace may also pose a threat,” Fadia told IANS in an e-mail interview.

Fadia (24), is considered “one of the best and the youngest ethical hackers in the country”. He is an authority on computer security systems and digital intelligence. The computer whizkid, who at the age of 16 cracked an encrypted al Qaeda mail for an intelligence agency soon after the September 11 attacks, has a degree in information security from Stanford University in the US. He advises top-of-the-chain global MNCs, the Singapore government and Indian police forces in network security and digital upgrades, and hosts a television show on ethical hacking.

Amended notice to Reliance Industries

New Delhi, Nov 23: India’s markets watchdog has served an amended notice to Reliance Industries asking why it shouldn’t be barred from accessing the stock markets under the rules on fraudulent and unfair trade practices and the gains it made of Rs 513 crore not be disgorged.

The show cause notice has been issued in the matter relating to alleged insider trading in the shares of now defunct Reliance Petroleum, which had since merged with Reliance Industries, led by billionaire industrialist Mukesh Ambani.

The notice issued by the investigation department of the Securities and Exchange Board of India (SEBI) further asks why directions should not be issued to bar the company from buying, selling and dealing in any security, directly or indirectly. The original show cause notice was issued April 29 and pertained to alleged manipulative gains of Rs 513 crore made by Reliance Industries and 12 entities acting on its behalf. “Reliance Industries Ltd has always abided by all the rules and regulations of SEBI and, hence, has neither violated any provision of insider trading nor acted in any manner so as to attract provisions under Section 11(i), 11 (B) and 11(4) of the SEBI Act, 1992,” said a company spokesperson.

In a written reply to the Rajya Sabha in March last year, then minister of state for finance, Pawan Kumar Bansal, had said the markets watchdog had initiated an examination into the matter of alleged insider trading in shares of Reliance Petroleum. The matter pertains to the sale of shares of Reliance Petroleum by the parent company in November 2007 to raise Rs 40.23 billion. Reliance Industries subsequently said in a disclosure that the sale of shares was conducted by transactions through the stock exchanges and had helped to further broadbase the shareholding pattern. In the show cause notice to the company, the markets watchdog had observed that between November 1-5, 2007, some 12 entities acting on behalf of Reliance Industries had created short position of around 7.65 crore shares at Rs 290 per share. This, the watchdog said, had risen to 9.92 crore shares on November 6, and the 12 entities accounted for as much as 93.63 per cent of the total permissible open interest in Reliance Petroleum for the expiry of the contracts on November 29. It observed that the short sale of the contract was so large that the derivative contracts of the scrip reached the market-wide position limit on November 6 itself, inviting the mandatory restriction of no further open interest. Then, the watchdog said, the 12 entities started selling the Reliance Petroleum shares heavily in the cash market, amounting to 4.01 per cent of the company’s equity, and depressed the price to around Rs 210. The whole manipulative operation was arranged by Reliance Industries and it was aided by the 12 related entities. Reliance Industries earned Rs 513 crore by indulging in these manipulative activities. The latest show cause has also asked why these gains should not be disgorged. (IANS)

Monday, November 23, 2009

India can't be a 'carbon copy' of China: PM

STAFF WRITER 19:36 HRS IST

Washington, Nov 23 (PTI) Unfazed by China's great leap forward, Prime Minister Manmohan Singh has said that India, a "functioning democracy" cannot be a "carbon copy" of its communist neighbour.

"Well, I have no hesitation in saying that I think development in India cannot be a carbon copy of what happens in China. And the Chinese system is very different," Singh said when asked during an interview with CNN about China's high growth and eye-popping infrastructure development speed.

"We are a functioning democracy. And even if you want to acquire land, I think you run into serious problems, and there's for - of operating a democracy. And democracy is slow-moving.

Probe Congress, RJD hand in Koda scam: NDA leaders

RANCHI, Nov 22: National Democratic Alliance (NDA) leaders on Sunday demanded an independent probe into the Madhu Koda scam and accused the Congress and the Rashtriya Janata Dal (RJD) of having a role in the Rs 2,500 crore money laundering racket. “There should be an independent probe in the Madhu Koda scam. Koda is only an actor in the scam but the producer and director of the scam are Congress and RJD. The Koda scam is a blot in the history of Indian democracy,” senior BJP leader M Venkaiah Naidu said at a press conference here. “The RJD and Congress should be awarded the Nobel prize along with Koda for looting the state... It was Congress and RJD who installed Koda as Chief Minister,” he said. Janata Dal-United (JD-U) president Sharad Yadav was also present at the press meet and expressed fears that the Congress might dilute the Koda scam probe. “The Congress uses scams for political purposes. The Koda episode is a blot on politics. Corporate houses’ role should also be probed in the scam,” Yadav said. (IANS)

Uttar Pradesh to continue ban on import of raw sugar

LUCKNOW, Nov 22: Reaching out to sugarcane farmers in the state, Uttar Pradesh Chief Minister Mayawati has decided to continue the ban on import of raw sugar till the sugarcane crushing in mills in the state is over, an official said on Sunday.

The Chief Minister has also decided to convene a meeting to raise the prices for sugarcane crop. “The ban on import of raw sugar will continue until the crushing is completed in the sugar mills across the state,” state Cabinet Secretary Shashank Shekhar Singh told a press conference here on Sunday.

He said: “Taking note of the demand of sugarcane growers for a higher sugarcane price, the Chief Minister has directed all district magistrates and divisional commissioners to convene tripartite meetings with sugar mill owners and cane growers to settle a price higher than the state advised price (SAP) fixed by the State Government.” While appreciating the gesture of the Uttar Pradesh Sugarmill Owners’ Association to offer Rs 15 a quintal higher than the SAP of Rs 165 and Rs 170 fixed by the State Government, the cabinet secretary said: “Still, our endeavour would be to ensure the wellbeing of the state’s 40 lakh sugarcane growers.”

Sunday, November 22, 2009

India-US partnership is essential: PM

New Delhi, Nov 21: Prime Minister (PM) Manmohan Singh on Saturday said India is looking forward to building on the strategic dialogue with the US and seeking greater cooperation in areas such as trade and investment, services, energy, science and technology and defence.

“The last several years have witnessed a transformation in India-US relations. Today, they are characterized by greater maturity, depth and convergence of interests,” Manmohan Singh said in his departure statement before his four-day trip to Washington as the first state guest of the Obama White House.

“The United States is our largest trading partner in goods and services, and we have deep economic ties. There is a large Indian American community and robust people-to-people exchanges. Above all, we share common values and commitment to democracy, pluralism and human rights,” he said. “A sustained and dynamic India-US partnership is essential if we are to meet the global challenges of the 21st century.” During his visit, the prime minister said, he would exchange views with President Obama on major global threats and challenges including international terrorism, climate change, the global economic slowdown, the Doha round of trade negotiations, and nuclear disarmament and non-proliferation.

Didn’t Mukesh know of Ambani family pact, queries apex court

NEW DELHI, Nov 12: Reliance Industries Ltd (RIL) can’t say it had no knowledge of the Ambani family pact between brothers Mukesh and Anil, which was brokered by their mother Kokilaben, the Supreme Court observed on Thursday.

As arguments continued on the Krishna-Godavari gas dispute, Ram Jethmalani, counsel for Anil Ambani’s Reliance Natural Resources Ltd (RNRL), wanted to question seven directors of RIL whose affidavits claim they had no knowledge of the contents of the family pact. “Mukesh Ambani had a copy of the MoU (memorandum of understanding or the family business reorganisation pact)?” asked the three-member apex court bench of Chief Justice KG Balakrishnan, Justice B Sudershan Reddy and Justice P Sathasivam.

“So you cannot say RIL did not know of the MOU,” the bench observed, after hearing the reply of RIL counsel Harish Salve, while adjudicating the Krishna-Godavari gas supply and pricing dispute between RIL and RNRL. The bench made the observation amid RIL counsel’s ongoing arguments that the family pact was “in private domain” and “not in the corporate domain” because of which it was not binding on his client company.

The dispute is over the supply of 28 million units of natural gas for 17 years at $2.34 per unit to Anil Ambani-led Reliance Natural Resources (RNRL) from the gas fields off the Andhra Pradesh coast, awarded to Mukesh Ambani-led RIL.

The price, tenure and quantity were all based on a family re-organization pact in 2005, but RIL subsequently said it could only sell the gas for $4.20 per unit, as this was the price, the company claimed, that was fixed by the government. Jethmalani, who spoke toward the end of the hearing on Thursday, said if the court admits as evidence the affidavits filed by seven directors of RIL who claimed no knowledge of the family pact, then he must be permitted to cross-examine them.

“These affidavits were not filed earlier in the Bombay High Court or in any earlier legal proceedings,” Jethmalani said, adding the law stipulates that while admitting a document as evidence, the person filing them have to be cross-examined.

Earlier, Salve said the family pact also cannot override the production-sharing contract between the company and the government, adding: “The gas belongs to the Government of India till the point of delivery.” He also wondered if it was unreasonable to have the government’s nod on the matter.

The RIL counsel said the family pact envisaged gas supplies to RNRL on the same terms under which his client company was to supply natural gas from Krishna-Godavari fields to the state-run power utility NTPC. This agreement between RIL and NTPC — which called for gas supplies at $2.34 per unit — had also resulted in a dispute, and is being adjudicated by the Bombay High Court.

The hearing of the Krishna-Godavari gas dispute is scheduled to resume on Friday at 2 p.m. (IANS)

Friday, November 20, 2009

Yuan as new global currency? It can bode well for India

The fact that World Bank President Robert Zoellick has said that China’s yuan may become the global reserve currency over the next 15 years assumes significance not just for the world but also for India. It has the potential to make Indian goods relatively more competitive as the Chinese currency today is highly controlled.

This is not the first time Zoellick has spoken of such a possibility and the buzz about China trying to position the yuan as a reserve currency of the future has been on for some time now. This is not a situation that will occur in the short or medium term, but surely a prospect over the time frame that Zoellick is talking about. With bilateral trade between the two Asian giants estimated at around $41 billion in 2008-09, China has now become India’s largest trading partner. The trade, however, continues to be lopsided. Exports from India are valued at about $9.7 billion while imports are as high as $31.33 billion.

Nuclear deal, trade top Canada PM’s India mission

New Delhi, Nov 15: Canadian Prime Minister Stephen Harper’s three-day visit to India from Sunday will be dominated by talks over a nuclear deal and new trade pacts in a bid warm a relationship that turned frosty when Ottawa cut off atomic trade after New Delhi’s 1974 nuclear test.

Accompanied by Foreign Minister Lawrence Cannon, International Trade Minister Stockwell Day and Parliamentary Secretary Deepak Obhrai, Harper lands in Mumbai on Sunday night from Singapore after attending the Asia Pacific Economic Cooperation Forum (APEC) summit. He will meet top Indian industrialists at a luncheon at the Trident Hotel in Mumbai on Monday before leaving for New Delhi. Harper will hold talks with Prime Minister Manmohan Singh on a range of bilateral issues including trade and investment and prospects of civil nuclear cooperation besides the global financial crisis as well as climate change.

The two sides are likely to talk about a Canada-India Free Trade Agreement or other incremental steps to lower trade barriers between them. A slew of agreements are expected to be signed, including a foreign investment protection agreement and on energy and farming cooperation in a bid to expand bilateral trade now languishing below $5 billion.

Sensex falls 22 points on weak global cues

MUMBAI: The Bombay Stock Exchange 30-share index fell by 22 points at 1015 hours on Friday in sustained volatility caused by approaching expiry of futures & options contract.

Weak global cues and negative FII activity weighed on market sentiment.

The BSE barometer was quoted lower at 16,763.34 at 1015 hours, down 22.31 points or 0.13 per cent from its last close.

The broader 50-share Nifty of the National Stock Exchange also dropped by 10.50 points or 0.21 per cent to 4,978.50 at 1015 hours from its previous close.

Key stocks such as DLF were down 1.86 per cent, ICICI Bank 1.54 per cent, Reliance Infra 1.52 per cent and SBI 1.16 per cent in early trade.

Thursday, November 19, 2009

Indians lose in ITF tennis

Pune, Nov 18: India’s Nirupama Sanjeev, Poojashree Venkatesha, Sanaa Bhambri and lucky loser Sheetal Goutham crashed out of the singles event of the $50,000 NECC-ITF Women’s Tennis championships here on Wednesday.

Uzbek wild card Sabina Sharipova, 15, upset second seeded Slovak Masa Zec Peskiric 6-3, 6-2 to enter the quarter-finals. In the second round, top seed and 111 ranked Tamarine Tanasugarn stopped Nirupama 6-2,6-3 in 91 minutes, while third seeded Bojana Jovanovski outplayed Poojashree Venkatesha 6-1, 6-0. Sanaa saved two match points to claim the second set but faltered in the third set to go down fighting against eighth seeded Anastasia Vasylyyeva, from Ukraine 6-1, 5-7, 7-5 in 2 hours 13 minutes. Qualifier Chen Astrogo of Israel ousted the run of lucky looser Sheetal 6-3, 4-6, 6-3.

Sheikh Hasina chosen for Indira Gandhi Peace Prize

NEW DELHI: Bangladesh Prime Minister Sheikh Hasina has been chosen for the prestigious Indira Gandhi Prize for Peace, Disarmament and Development this year for her "outstanding contribution to the promotion of democracy and pluralism".

This was decided by an international jury chaired by Prime Minister Manmohan Singh today, the Indira Gandhi Memorial Trust said.

62-year-old Hasina has been chosen for her "outstanding contribution to the promotion of democracy and pluralism, her determined drive to alleviate poverty and secure social and economic justice for her people through inclusive and sustainable development and her consistent commitment to peace", it said.

After her re-election in December last year, Hasina embarked on her "Vision 2021", aimed at transforming Bangladesh into a middle-income country by 2021, by eliminating poverty and inequity, the Trust said.

As Prime Minister of Bangladesh from 1996 to 2001, she had launched a number of programmes to meet the basic needs of the poor and vulnerable sections of the population, through projects covering employment-generation, housing, health and food security, it said.

The award, which carries a cash prize of Rs 25 lakh and a citation, would be presented to her at a function to be held at a later date.

TOI

Nation remembers Indira Gandhi on birth anniversary

NEW DELHI: India on Thursday paid homage to the late Indira Gandhi, the country's first and only woman prime minister, on her 92nd birth anniversary with floral tributes and other ceremonies.

At her memorial Shakti Sthal on the banks of the Yamuna river here, a remembrance ceremony was organised early in the day.

Women and Child Development Minister Krishna Tirath said while paying tribute to the 'Iron Lady': "On the occasion of the birth anniversary of India's first and only lady prime minister, we must all pledge to empower every woman in the country."

To mark the day, a number of cultural programmes were organised at the Indira Gandhi National Centre for the Arts (IGNCA).

Well known dance troupes like Madhavi Mudgal and her group, Geeta Chandran and Natya Vriksha dance company and the Kathak Kendra repertory company will perform on Thursday evening.

TOI

600 million lack toilets in India

MUMBAI: No one would ever call Radha Jagarya fortunate. The 45-year-old widow and her four children live on the pavement in an upmarket south Mumbai suburb, scraping a living by selling flowers to passing motorists.

But in terms of public toilet provision, the family is well-served compared with other areas, with an adequate communal block a five-minute walk away near the US Consulate and another under a busy road in the opposite direction.

In slum areas, where more than half of Mumbai lives, an average 81 people share a single toilet. In some places it rises to an eye-watering 273. Even the lowest average is still 58, according to local municipal authority figures.

Unsurprisingly, it is still common to see people squatting by roads and railway tracks or along the coast, openly defecating in the city that drives India's economy and where some of the world's richest people live.

The UN estimates that 600 million people or 55 percent of Indians still defecate outside, more than 60 years after the scrupulously clean independence leader Mahatma Gandhi first talked of the responsible disposal of human waste.

Jack Sim takes a very keen interest in such matters. As the founder and president of the World Toilet Organization (WTO), he has made it his mission to improve sanitation across the globe.

For him, India has "a lot of work to do" to improve sanitation, not just because of its impact on health and the spread of diseases like diarrhoea, which UNICEF says kills 1,000 Indian children aged under five every day.

It also tarnishes the image of a country that likes to portray itself as an emerging world economic superpower, the Singapore businessman told AFP on a visit to Mumbai, where he was promoting World Toilet Day on November 19.

In particular, Sim questioned whether the authorities in New Delhi were doing enough to provide adequate public toilet facilities for the 2010 Commonwealth Games, which will draw tens of thousands of foreign visitors.

"If you don't have good toilets to welcome tourists, they don't come and won't go to all your beautiful sites," he said.

Public toilet provision in Mumbai -- and other cities -- faces the same problem affecting housing, water and other basic services: supply cannot keep up with demand as India's population explodes.

In March, Mumbai's municipal authorities said there were 77,526 toilets in slum areas and 64,157 more were needed. Work is in progress on only 6,050.

Yet the UN's Mumbai Human Development Report 2009, published earlier this month, points out that even where public toilets exist, most have no running water, drainage or electricity, making them unhygienic and unusable.

Embarrassment means women and girls often wait all day until it is dark to go to the toilet, increasing their chances of infections and exposing them to violence or even snake bites as they seek out remote places.

Poor sanitation and the illnesses it causes cost the Indian economy 12 billion rupees (255 million dollars) a year, according to the health ministry.

Sim, who sees links between public lavatories and social development, wants the issue pushed up the political agenda, urging people to "talk more about toilets."

"People go to the toilet more often than they have sex," he said. "Everybody has to go.

"It needs to be a very nice experience. It needs to be safe, it needs to be hygienic, it must not cause problems to your health and we need to feel emotionally engaged with the toilet."

Private sector involvement could help cut the number of people in India and other developing countries who have no sanitation -- estimated at 2.6 billion -- while more schemes are needed to make open defecation socially unacceptable, he said.

In Haryana state, north India, a successful "No Toilet, No Wife" campaign has been running, urging women to turn down suitors if they cannot provide them a house with a lavatory.

"Every problem is a business," said Sim, adding there would be a benefit for the entire city and the country's economy if every slum-dweller had access to proper sanitation.

"People who are healthy are able to produce more, they get out of poverty, they get into the middle class, they move up and consume more," he said.

"Business is, I think, the fastest and the cheapest way... The private sector will come up with innovations. Let them compete to serve the poor."

TOI

Gold touches new high at Rs 17,400

NEW DELHI: Firming global trend and melting domestic equities helped gold prices reach a new high at Rs 17,400 per 10 gram in the bullion market here today.

Marketmen said the bullion market drew support from reports that gold in international markets surged to an all-time high of 1,153.90 dollar an ounce.

Besides, some investors were seen shifting from melting equity market to rising bullion for quick gains, boosting the demand for the metal, they said.

"The precious metals are more fancy of investors in domestic as well as overseas markets these day as a better option for making fast profits," said Rakesh Anand of R K Jewellers.

Marketmen said increased buying by stockists and jewellery fabricators for the ongoing marriage season was another factor that lifted the gold prices.

Standard gold and ornaments added another Rs 30 each to Rs 17,400 and Rs 17,250 per 10 gram respectively, while sovereign was unchanged at Rs 13,500 per piece of eight gram.

Silver ready remained steady at Rs 28,600 per kg in restricted buying, while weekly-based delivery strengthened by Rs 105 to Rs 28,200 per kg on speculators buying.

Silver coins continued to be asked around previous level of Rs 34,000 for buying and Rs 34,100 for selling of 100 pieces.

TOI

Food inflation rises to 14.55%

Food inflation
NEW DELHI: Food inflation shot up to 14.55% for the first week of November as pulses, mutton and spices turned costlier. Against this, food inflation stood at 13.68% for the week ended October 31.

Prices of urad rose by 9%, mutton and moong by 4% each, while condiments & spices, barley, wheat and bajra turned dearer by 3% each compared to the previous week.

Besides, raw jute prices increased by 7%, fodder by 5% and raw cotton by 3%.

However, on the weekly basis, poultry chicken and fruits & vegetables became cheaper by one per cent each.

Among fuels, prices of aviation turbine rose by 11% while that of furnace oil was up one per cent.

On an annual basis, prices of potatoes have more than doubled, while onions have become expensive by about 40%.

TOI

Sensex loses over 200 pts at closing

MUMBAI: The stock market benchmark Sensex today shed 213 points on fears that the government might step in to check the rush of foreign funds into equities, but a section of brokers saw it as a long due correction of overstretched valuation.

Brazil's latest move to curb capital inflows and weakness in European markets also weighed on the market sentiment, although Finance Minister Pranab Mukherjee has said that the rush of foreign funds into the country was not a matter of concern.

The government has, however, said that it would continue to monitor fund flow and act if there was any distortion.

Foreign Institutional Investors have pumped in over USD 15 billion in the country's equities market so far this year.

The Bombay Stock Exchange 30-share barometer settled the day at 16,785.65, a net fall of 213.13 points or 1.25 per cent from its previous close.

Industry chamber Assocham's suggestion to the government on Tuesday that foreign fund inflows should be subject to a two per cent tax may also have affected sentiments.

Hitech Securities Director Sanjeev Bhambri termed today's fall as a healthy correction to the market, saying: "Eventually the market will go higher by December than what it is now".

TOI

Wednesday, November 18, 2009

Steel Authority, NMDC to develop limestone mine in Himachal

Shimla, Nov 16: India’s public sector firms Steel Authority of India (SAIL) and iron ore producer NMDC Ltd (formerly National Mineral Development Corp) on Monday signed an agreement to jointly develop a limestone mine in Himachal Pradesh.

“SAIL and NMDC Monday signed an MoU to jointly develop the limestone mine in the Arki region of Solan district in Himachal Pradesh. The MoU for the 50:50 joint venture was signed in New Delhi,” SAIL said in a statement. The Arki mine has deposits of about 100 million tonnes of quality limestone. The two companies will develop the mine to produce one million tonnes of lumps and two million tonnes of fine limestone annually. While the low-silica limestone lumps will be used as flux for making steel, the fine limestone would be sold to cement companies. Presently, SAIL does not have any captive source of low-silica limestone and meets its entire requirement of this vital input from the market. With the proposed expansion of its production capacity in the next few years, its requirement of low-silica limestone is slated to go up to three million tonnes.

Himachal Pradesh allowed NMDC to extract limestone in the Arki region last year. This will be one of the biggest mining projects in the state with an investment of more than Rs 5 billion. (IANS)