Sunday, January 31, 2010

CRR hike may not contain inflation

KOLKATA, Jan 30 (PTI): The city’s industry chambers feared that the sharp spurt in inflation in recent months may not be contained by the hike in CRR by the Reserve Bank of India on Friday.

“With the increase in CRR about Rs 36,000 crore of excess liquidity has been removed from the system, which may not ultimately be able to contain inflation at the desired rate,” Bharat Chamber of Commerce president Pavan Poddar said in his reaction.

RBI raised CRR of scheduled banks by 75 basis points from 5 per cent to 5.75 per cent in two stages in the third quarter review of the monetary policy on Friday to suck excess liquidity and control inflation.

He said RBI had sought to maintain an interest rate environment consistent with price and financial stability and keeping this in view the bank rate, repo and reverse repo rates were left unchanged.

Bengal National Chamber of Commerce and Industry criticising the RBI move said “For managing recovery from the present sluggish state, our economy desperately needs flow of liberal credit to the productive sectors.”

SEBI calls for online investor complaints


MUMBAI, Jan 30 (PTI): Market regulator SEBI on Friday directed the depositories – NSDL and CSDL – to disclose details of complaints lodged by investors against intermediaries, on their website.

The move is aimed at increasing transparency in the grievance redressal mechanism and improving the general functioning of the market by providing investors the wherewithal to make an informed choice.

“Depositories shall henceforth disclose the details of complaintslodged by beneficiary owners/ investors against depository participants in their website. The aforesaid disclosure shall also include details pertaining to arbitration and penal action action the DPs,” the a SEBI circular said.

Friday, January 29, 2010

Nifty ignores RBI move, ends up as banks rule out rate hike

The benchmark Nifty saw a significant recovery in the last couple of hours and closed marginally in the green. After the initial jolt from a 75 bps cash reserve ratio hike in the credit policy, the Nifty recovered over 100 points from the day’s lows and the Sensex over 350 points to close at 4882 and 16357 respectively. The markets completely discounted the 75 bps CRR hike by Reserve Bank of India (RBI) while banks also ruled out the rate hike post the RBI move.

The RBI hiked the CRR by 75 bps to 5.75% from 5%. The move will be implemented in two stages; 50 bps hike w.e.f February 13 and 25 bps hike w.e.f February 27. This CRR hike will absorb Rs 36,000 crore of excess liquidity from the markets. However, the RBI kept repo and reverse repo rate unchanged. The revision in GDP forecast to 7.5% from 6% was a surpise for the markets.

Keki Mistry, Vice Chairman and Managing Director, Housing Development Finance Corp (HDFC): "Actual interest rates, in terms of banks hiking rates, I personally don't see that happening immediately. I think banks will start exercising a little more caution keeping in mind the fact that RBI is so concerned about inflation and therefore will start acting. But I don't see them immediately hiking the rates because they are sitting on a lot of liquidity."

3G auction may be postponed till December 2010: Sources

The government's auction of third-generation wireless spectrum doesn’t seem to see the light of the day anytime soon. It is learnt that the auction is likely to be postponed further till December 2010.

The Defence Ministry has also said that there would be no spectrum till September 2010, sources inform CNBC-TV18.

The Law Ministry, sources say, has said that there are legal challenges in the auction. It has also said that the legal issue were due to delayed availability of the spectrum.

Soruce:http://www.moneycontrol.com

Thursday, January 28, 2010

Pak delaying on bringing 26/11 accused to justice

NEW DELHI, Jan 28 – India today said it would have to conclude that Pakistan is dragging its feet on bringing terror accused in Mumbai attacks to justice if it does not put on trial people including Hafiz Saeed, founder of terror group Lashker-e-Taiba, reports PTI. Union Home Minister P Chidambaram, while reacting toPakistan ’s claim that India had not provided any evidence against Saeed, said “Zaki-ur-Rehman Lakhvi is one of the masterminds. There are others. We know their names andPakistan also knows their names.

“If they do not bring the others to trial, then I would have to conclude, reluctantly and regretfully that they are dragging their feet,” Chidambaram told reporters here.

He was responding to questions that Pakistan had spared Saeed in its chargesheet filed in an anti-terrorist court accusing seven other Lashker terrorists including Lakhvi.

India seeks more crude from Nigeria


NEW DELHI, Jan 28 (IANS): India has asked Nigeria for more help in procuring crude, even as it promised to resolve outstanding issues related to its existing oil blocks.

Petroleum and Natural Gas Minister Murli Deora, who is on a four-nation trip to Africa along with heads of major public sector oil and gas companies, Monday held talks with Nigerian Minister of State for Petroleum Resources Henry Odein Ajumogobia on reaching Nigeria, according to an official release Tuesday.

The special advisor to the Nigeran president on petroleum matters, Emmanual Egogah was also present at the meeting.

Sensex pares early gains on inflation worries

STAFF WRITER 16:19 HRS IST
Mumbai, Jan 28 (PTI)
The Bombay Stock Exchange benchmark index Sensex today pared early gains and closed almost flat, as worried funds booked profit after the latest food inflation data further fuelled their fears that the RBI may tighten key policy rates tomorrow.

The 30-share index, which had lost 1,351 points in last six straight sessions of losses, surged to 16,524.69 before ending with a moderate gain of 17.05 points at 16,306.87.

Foreign funds selling to clear their positions on expiry of the January contracts in derivatives segment and investors refraining from buying ahead of the monetary policy tomorrow mainly kept the stocks fluctuating throughout the session.

The National Stock Exchange index Nifty 50, however, fared better with a gain of 14.15 points to 4,867.25, after touching the day's high of 4,929.90.

Food inflation rose to 17.40 per cent for the week ended January 16 from 16

Apple unveils new tablet computer, the iPad

SAN FRANSISCO: Apple Inc CEO Steve Jobs took the wraps off the highly anticipated "iPad" tablet andpitched it at a surprisingly low price,Apple unveils the iPad aiming to bridge the gap between smartphones and laptops.

Jobs, who returned to the helm last year after a much-scrutinized liver transplant, took the stage at a packed theater on Wednesday and showed off a sleek, half-inch thick tablet computer with a 9.7-inch touchscreen.

The iPad can run movies, games and a gamut of applications. And taking on e-readers like Amazon's Kindle, Apple announced a digital bookstore called iBooks that will let users buy from publishers including Pearson Plc's Penguin, News Corp's HarperCollins, and Hachette Book Group.

"What once occupied half your living room can now be dropped in a bag," said NPD analyst Ned May. "It's pulling together a variety of needs (in) a universal entertainment device."

The iPad will sell from late March for as low as $499 for 16 gigabytes of storage. An extra $130 is needed to equip it with third-generation wireless capability.

"Pricing is very aggressive, so it's pretty positive from a mass adoption perspective. It was about $200 lower than what I was expecting," said Brian Marshall, an analyst with Broadpoint Amtech.

Other analysts had speculated that the tablet may cost as much as $1,000.

Shares of Apple rose to as high as $210.58 after the pricing news, up 5.5 percent from their session low. The stock closed up 0.94 percent at $207.88 on Nasdaq, within reach of its all-time high of $215.59 logged on Jan 5.

Apple announced a data plan with AT&T Inc, which appeared to have beaten out Verizon Wireless for the deal.

Shares of AT&T, Apple's carrier partner on the iPhone, rose 1.14 percent while Verizon Communications Inc fell about 1 percent.

iPhone-like anticipation

The iPad is Apple's biggest product launch since the iPhone three years ago, and arguably rivals the smartphone as the most anticipated in the company's history.

Wednesday's event follows months of feverish speculation on the Web and on Wall Street.

Apple hopes to sell consumers on the value of tablets after other technology companies, including Microsoft Corp and Toshiba Corp, have failed in recent years.

As iPod sales wane, Apple is looking for another growth engine.

Jobs said there was a need for a new type of device that would sit between a smartphone and laptop computer, and that can perform tasks like browse the Web and play games.

"If there's going to be a third category of device, it's going to have to be better at these kinds of tasks," said the chief executive, dressed in his trademark black turtleneck and blue jeans.

The iPad has a near life-sized touch keyboard and supports Web browsing.

It comes with a built-in calendar and address book, Jobs said, calling it "awesome."

Some analysts said the iPad, with its multimedia bells and whistles, is a tough competitor for Amazon's Kindle.

But others noted that the Kindle costs less -- $259 for the cheapest version -- and was more tailored for long-form reading.

"This is not an e-reader -- this is a device that can be used to read books," Cowen & Co analyst James Friedland said of the iPad.

"This doesn't change the game -- at the same time, Apple is a formidable competitor and our view is that over time, Apple and Amazon will emerge as the two largest players" in e-books.

Shares of Amazon took a brief hit but recovered to end 2.7 percent higher at $122.75 on Nasdaq.

In an online poll before Wednesday's media event, 37 percent of more than 1,000 respondents said they would pay $500-$699 for the tablet.

Nearly 30 percent weren't interested, while 20 percent said they would pay $700-$899.

Source:TOI

Wednesday, January 27, 2010

Sensex crashes nearly 500 points


MUMBAI, Jan 27 (PTI): Five days of sharp losses turned bloody on the sixth day today on the markets, with funds and investors pressing the panic button, pulling down the Sensex by nearly 500 points – biggest single-day fall since August.

After a 188 points downside opening, the Bombay Stock Exchange 30-share barometer continued to fall and ended the day crashing 490.64 points or 2.92 per cent to settle at 16,289.82 –a low seen last time since November 3 last.

A litany of bad news both onshore and offshore lead to the biggest single-day crash of the market since August 17 last.

Rajapaksa wins Lanka polls


COLOMBO, Jan 27 – Sri Lankan President Mahinda Rajapaksa today won a second term in office trouncing united opposition candidate Sarath Fonseka, his one-time army chief in jointly eliminating the LTTE who later parted ways, reports PTI. In dramatic events on a tension-filled day when scores of heavily-armed soldiers surrounded a lake-front luxury hotel in central Colombo, where 59-year-old Fonseka was staying, the defeated candidate sought protection from “a neighbouring country”, apparently India, fearing for his safety.

Government, however, dismissed suggestions of any foul play against Fonseka, who quit as army chief late last year following differences with the President, with both claiming credit for eliminating the Tamil Tigers.

Sunday, January 24, 2010

Barbed wire cut on India-Pakistan border



JAMMU, Jan 23: A red alert was sounded all across Jammu and Kashmir Saturday after a long stretch of the barbed wire fence on the India-Pakistan border was found cut. There have been intelligence reports that terrorists were desperate to mount a spectacular attack in the state in the run-up to Republic Day.

A group of infiltrators cut several metres of barbed wire fence along Ranbirsinghpora sector, taking advantage of thick fog in the area, about 30 km west of Jammu Friday night. This was detected today when the fog cleared.

“It’s a very serious breach and this has been done with professional expertise,” a Border Security Force (BSF) official told IANS on condition of anonymity. The possibility of armed infiltrators having made it to this side of the border was not being ruled out by the intelligence agencies.

“We are alive to infiltration from the international border,” Director General of Police Kuldeep Khoda told reporters. “Pakistan is desperate to mount an attack in Jammu and Kashmir, but we have sounded alert and our forces are fully prepared to foil any misadventure of terrorists,” he said.

Airports, television stations, radio stations and headquarters of the forces in the State have been asked to take special care. Intense checks are going on all across the State. VIPs have been asked to restrict their movement and vehicles are not being allowed to be parked at sensitive places. (IANS)

Govt policies responsible for rising food prices


Sushma Ramachandran
Even as food prices continue to rise inexorably at over 16 per cent, the government has finally taken steps to curb the spiralling price inflation that has been hurting all sections of society, especially the poorest of the poor. And Agriculture Minister Sharad Pawar is in the eye of a storm over remarks that milk prices may go up as shortages are being reported by several states.

He has also announced measures to reduce prices of basic food articles like wheat, rice and sugar. He has even assured that prices will begin to climb down in 10 days. The question is why the government took so long to take these measures when it had been clear for the last few weeks that food prices were rising uncontrollably?

Saturday, January 23, 2010

India can become 3rd largest economy by 2012: PwC

NEW DELHI: The US financial crisis may have expedited a shift in global economic power. According to a report by global consultancy firm Economy PricewaterhouseCoopers (PwC), India could become the world’s third largest economy by purchasing power parity (PPP), overtaking Japan in 2012.

This would be almost 20 years ahead of Goldman Sachs’ projection of 2032 in its BRIC (Brazil, Russia, India, China) report.

India is also expected to grow faster than China after 2020. China, which was projected to become the world’s largest economy by 2041, now looks set to achieve the distinction sometime around 2020, the PwC report said.


‘‘While the exact date is open to doubt, it seems highly likely that, by 2030, China will clearly be the largest economy in the world on PPP,” writes PwC head of macroeconomics John Hawksworth in the report.

ET

Shiv Shankar Menon takes over as NSA

NEW DELHI: Veteran diplomat and former foreign secretary Shiv Shankar Menon on Saturday took over as national security adviser. 60-year-old Menon, who will serve in the rank of minister of state till further orders, took charge from M K Narayanan, who has been appointed as West Bengal Governor.

The 1972-batch IFS officer, who retired as foreign secretary in July last year, brings with him vast experience in diplomacy.

A highlight of his diplomatic career was the key role he played in negotiations for the landmark Indo-US civil nuclear deal that ended India's long isolation in the atomic sector.

After being named as the NSA on Thursday, Menon said he was "very conscious that it is a big responsibility and I will do my best."

Earlier on Saturday morning, Prime Minister Manmohan Singh hosted a farewell lunch for Narayanan, where finance minister Pranab Mukherjee, home minister P Chidambaram, defence minister A K Antony and MoS in PMO Prithviraj Chavan were present.

Singh hailed Narayanan as "one of the finest" civil servants.

He particularly referred to Narayanan's contribution to negotiations on the Indo-US nuclear deal and said it would not have come through without his role.

"His best is yet to come. He is going to Raj Bhavan, which is public service," Singh said.

Narayanan will take over as West Bengal Governor on Sunday.

TOI

BSE Sensex snaps its four-week winning streak

STAFF WRITER 13:0 HRS IST

Mumbai, Jan 23 (PTI) Stocks: The BSE benchmark Sensex snapped its four-week winning streak and dropped by 695 points past week to close below the psychological 17,000 mark on all-round selling pressure following disappointment from key corporate earnings amid a weak trend in the global markets.

Global stocks tumbled after US President Barack Obama on Thursday proposed new restrictions on banks, which would prevent banks or financial institutions (that own banks) from investing in, owning or sponsoring a hedge fund or private equity fund.

Global markets had already recoiled in recent weeks on fears that demand from China would slowdown as Beijing taps the brakes on its roaring growth to stave-off inflation and to keep the economy from overheating.

Also poor show by some of the key corporate houses that announced their Q3 results past week infused selling pressure.

Friday, January 22, 2010

India ready for ‘any eventuality’ in case of another 26/11: Krishna

New Delhi, Jan 21: A day after the US warned Pakistan of the limits to India’s patience in the event of another Mumbai-like attack, External Affairs Minister S.M. Krishna on Thursday said the government would have to be prepared to meet any eventuality. “Yes, that is a worrying development because having been a victim of an earlier attack, gone through the anguish, the agony, the trauma, I think India certainly will have to be prepared to meet any such eventuality,” he told reporters. Krishna was responding to a question on US Defence Secretary Robert Gates’ remarks on Wednesday that it would be extremely difficult for India to show ‘restraint and statesmanship’ if another 26/11 attack was repeated. “Of course, the defence forces and the home ministry are in close touch and coordination with the external affairs ministry and it will be our endeavour to maintain peace and tranquility within India,” he said.

Core sector posts 6% growth


NEW DELHI, Jan 22 (PTI): Core infrastructure industries grew by 6 per cent in December 2009 against a meagre 0.7 per cent growth a year ago reflecting recovery in the industrial production.

Six key sectors - crude, petroleum refinery products, coal, electricity, cement, finished steel - showed a growth of 4.8 per cent in April-December 2009 against 3.2 per cent in the corresponding period last year, an official statement said today.

These sectors have a weight of 26.68 per cent in the country’s total industrial output.

Finished steel and crude oil turned the table, expanding by 9.6 per cent and 1.1 per cent respectively in December, against contraction of 8 per cent and 0.3 per cent last year.

Thursday, January 21, 2010

Sensex nosedives below 17k level; Nifty below 5k pts

STAFF WRITER 9:56 HRS IST

Mumbai, Jan 22 (PTI) Continuing with its freefall, the BSE benchmark Sensex today tanked by 351 points to trade below 17,000 points in early trade on hefty sell-off by foreign funds amid the meltdown on the global markets on fears that China may further tighten its monetary policy.

The wide-based National Stock Exchange index Nifty, too, dipped below 5,000 points.

The 30-share Bombay Stock Exchange index, Sensex, which had lost nearly 590 points in the past three sessions, dipped below 17,000 points by losing 351.77 points to 16,699.37, lowest level since December 23, last year.

The wide-based Nifty plunged by 110.85 points to trade at 4,983.30.

All the sectoral indices were trading in the negative zone with losses up to 3.14 per cent, with capital goods and metal sectors leading the fall.

China's decision on January 20 to squeeze lending to cool down a overheated economy impacted the market sentiments, especially among the foreign funds.

Pawar asks States to take decision


NEW DELHI, Jan 20 (PTI): Warning that northern India was facing a shortage of milk, Food and Agriculture Minister Sharad Pawar said States will have to decide on the demand for price rise to ensure procurement.

Recalling that some of the States had taken a decision in October to hike prices, he said at a ministers’ conference on milk productivity that “unless there is a decision (on prices), I do not know whether the States will be able to procure (milk) to meet the demand.” “We are facing insufficient availability of milk, especially in northern India. In October, we had taken adecision on prices. Today, there is a demand that we should hike the prices”. ASSAM TRIBUNE

Shiv Shankar Menon is new NSA

NEW DELHI: High profile former foreign secretary Shiv Shankar Menon was on Thursday named as the new National Security Adviser (NSA) to succeed M K Narayanan.

The 60-year-old career diplomat will be in the rank of minister of state, according to the decision of the appointments committee of Cabinet.

Menon, who brings with him vast experience in the diplomatic field, had played a key role in the negotiations on the historic Indo-US civil nuclear deal and in ending India's isolation in the atomic sector.

He served as foreign secretary for about three years before retiring on July 31 last year. Prior to it, he had a crucial three-year stint as high commissioner to Pakistan and his tenure saw an upswing in the bilateral ties marked by the progress in composite dialogue process.

The 1972-batch Indian Foreign Service officer had earlier served in China, Israel, Austria, Japan and Sri Lanka and was an advisor in the department of atomic energy during the course of his diplomatic career.

His stint as foreign secretary was marked by some controversy towards the end over the Indo-Pak joint statement issued in Sharm-el Sheikh following talks between Prime Minister Manmohan Singh and his Pakistani counterpart Yusuf Raza Gilani in July last year.

The government came under severe attack for allowing inclusion of reference to Balochistan and delinking talks from action against terrorism by Pakistan and Menon was one of the key targets for it.

TOI

Sensex plunges 423 pts, Nifty slips below 5,100 level

MUMBAI: The benchmark Sensex plunged 423 points to hit a one-month low on Thursday as funds resorted to heavy selling in blue-chip stocks led by capital goods, power and PSUs, weighed down by fears of China further tightening its monetary policy.

The Bombay Stock Exchange 30-share barometer, which had lost 166 points in the last two trading sessions alone, plunged further by 423.35 points to 17,051.14, marking its biggest fall this year.

Followed poor Wall Street and Asian cues, the Sensex opened with 123 points down and touched the day's low of 17,025.26 during the day. This is the third consecutive fall for the market this week.

The wide-based NSE Nifty 50 too broke two key levels of 5,200 and 5,100 points and closed with a hefty loss of 127.55 points to 5,094.15. It dipped to 5,085.45 in the session.

With a 5.15% fall to 13,501.46 points, the sector that suffered the most was capital goods, spooked by the poor Q3 results by L&T. The engineering and construction giant tumbled 6.85% following the results.

The second biggest fall was in the power index, which was hammered by 3.47% 3,100.60 points. Tata power was the worst performer with a 4.46% fall. All the Sensex indices ended with heavy to moderate losses. The PSU index shed 2.98%, realty 2.78% and pharma 2.65%.

The World Bank statement that the Asian economies face the risk of asset bubbles or overheating as the region's growth outpaces the rest of the world this year, also weighed on the market.

Toi

Food inflation eases to 16.81%

NEW DELHI: Food inflation softened to 16.81 per cent for the week ended January 9, led by lower fruit and vegetable prices, although pulses and potatoes continued to cost dearer.

For the week ending January 2, food inflation (prices of non-processed food articles) stood at 17.28 per cent.

According to the government data, on year-over-year basis prices of vegetables rose by 7.95 per cent and that of fruits by only 3.73 per cent.

While milk prices soared by 13.95 per cent over last year and is expected to surge further on lower availability.

"We are facing insufficient availability of milk, specially in northern India. In October, we had taken a decision to raise the price. Today, there is a demand that we should hike the price," Agricultural Minister Sharad Pawar had said yesterday.

Potato remained expensive during the period rising as much as 49.31 per cent from last year, followed by prices of pulses which jumped by 47.90 per cent.

The inflation for primary articles, which include food and non-food items, stood at 13.93 per cent in the reporting week over the previous year.

On weekly basis, the price index for food articles fell marginally by 0.1 per cent on account of decline in prices of vegetables (2.6 per cent) and other food articles (2 per cent).

Wednesday, January 20, 2010

‘RBI should slash interest rate’


NEW DELHI, Jan 20 (PTI): The Commerce Ministry wants the Reserve Bank to reduce interest rate for dollar credit in its forthcoming monetary policy to help sustain the fledgling recovery in the exports sector.

“We are expecting that the Reserve Bank will bring down the interest rate for export credit in its quarterly credit policy review,” a Ministry official said.

The apex bank is slated to announce the third quarter monetary policy on January 29.

India’s patience not unlimited: US


NEW DELHI, Jan 20 – The US today made it clear that India’s patience would be “limited” if it faces a Mumbai-type attack again as it warned that Lashkar-e-Taiba was working in league with al-Qaeda to destabilise the region and provoke an Indo-Pak military confrontation, reports PTI. Defence Secretary Robert Gates, who discussed the serious threat posed by terrorism to the region with Prime Minister Manmohan Singh and Defence Minister A K Antony, emphasised the need for “high level of cooperation” from all countries to defeat the “syndicate” of terror, including the LeT, the Taliban and the Tehreek-e-Taliban under the command of al-Qaeda.

He said the syndicate had “home and safe haven” in the Afghanistan-Pakistan border areas and that there was need to recognise the magnitude of threat to the entire region.

“While al-Qaeda is operating in Afghanistan along with the Taliban, the Tehreek-e-Taliban is focusing on Pakistan. The Lashkar-e-Taiba is focusing on Pakistan as also India,” Gates told reporters here winding up his two-day visit.

“The success of any one of them is success for all... Victory for one is victory for all. These groups operate under the umbrella of al-Qeada from North West Frontier Province (of Pakistan) and Waziristan,” he said.

“Under the umbrella, they intend to destabilise not only Pakistan, but the entire region by provoking confrontation between India and Pakistan through terror attacks. This is a very complicated issue and very dangerous for the entire region as a whole,” he added.

To a question, Gates said that it would “not be unreasonable to assume that India’s patience will be limited” if there is a repeat of 26/11.

Tuesday, January 19, 2010

Federal Bank denies acquisition by IDBI Bank

Kerala-based Federal Bank today denied reports on a takeover move on the bank by IDBI Bank which appeared in a section of the local print media. In a statement issued, the bank clarified that the reports are factually incorrect. It further said that the Federal Bank has not been approached in this regard by IDBI Bank nor has any due diligence been carried out.

Reports in a section of the media indicated that IDBI Bank has ‘zeroed in’ on Federal Bank and that the due diligence process in this regard had been completed.

BS

Monday, January 18, 2010

Mulayam terms Amar Singh as ‘history’

Sanjay Dutt says will follow ‘elder brother’ Amar Singh

New Delhi, Jan 18: Terming Amar Singh as a part of history, Samajwadi Party chief Mulayam Singh Yadav on Monday made it evident that the exit of his one-time blue-eyed party general secretary would not affect the party. Reacting to a barrage of queries related to Amar Singh’s resignation, Yadav said: “Why do you talk about the past? I never believe in looking back. Think about what lies ahead and not history.”

He, however, declined to give a direct reply to pointed queries regarding Amar Singh, whom he had given such a free hand that it caused heartburn among Yadav’s long-time colleagues and committed socialists in the party. Yet significantly, the SP supremo looked more relaxed compared to a few days ago when he was mulling over Amar Singh’s resignation, submitted to the party Jan 6. The way he went about skirting and parrying questions on his one-time closest confidant made it clear that Amar Singh was a closed chapter for him. “However much you may try, you are not going to get anything more from me on this issue. Yes, I can assure you that some of your queries would get answered tomorrow when I will lead a huge demonstration in protest against the rise in prices and escalation in crime across the state,” he said.

Centre may divest stake in 60 PSUs


NEW DELHI, Jan 18 (PTI): The government today said 60 state-owned companies are likely to hit the capital market in the next couple of years, with steel giant SAIL and coal major CIL coming out with IPOs in the next fiscal itself.

“The 60-odd companies which we are tracking now, we hope a majority of these will come into our action plan for disinvestment over the next few years,” Disinvestment Secretary Sunil Mitra told private TV channel CNBC-TV18 in an interview.

On Steel Authority of India Limited (SAIL) he said, “... FPO (follow-on public offer) will happen next year ... They need to mobilise money. Their expansion programme is on hold from last year and they want to go forward with it.”

In addition to CIL, he said, the telecom giant Bharat Sanchar Nigam Limited (BSNL) could also come out with its maiden public issue in the next fiscal.

The government would come out with a detailed action plan for offloading its stake in PSUs by March, he said, adding the strategy would be to ensure maximum returns for the government and bigger retail participation.

In the current fiscal the government will offload equity of five major public sector undertakings – NTPC, Rural Electrification Corporation, Engineers India Limited, NMDC and Satluj Jal Vidyut Nigam Limited, he said.

Even as four of the five disinvestments planned in the current fiscal are FPOs, Mitra said the government’s priority remains listing-led disinvestment.

“We would attach due credence and priority to the objective of this exercise, which is to unlock greater shareholder value and therefore get more and more IPOs out,” Mitra said.

However, he added, “Only how this sequencing will happen is something that will play out over the next couple of months and we should be far more definitive about this around March.”

The Government plans to divest stakes in NTPC, REC, NMDC and Satluj Jal Vidyut Nigam by March end, which will together fetch around Rs 30,000 crore to the exchequer.

The Cabinet had earlier asked all listed profitable CPSUs to have public holding of at least 10 per cent in them. It had also asked profitable unlisted PSUs to hit the capital market. This makes around 60 PSUs eligible for disinvestment.

The listed CPSUs that are making profits and have public holding of under 10 per cent include trading firm MMTC, mining major NMDC, Neyveli Lignite Corporation, Engineers India, State Trading Corporation, Rashtriya Chemicals and Fertilisers, National Fertilisers and Andrew Yule.

Gold eases on reduce offtake, silver up

NEW DELHI: Gold prices eased by Rs 10 at Rs 17,080 per 10 gram on the bullion market here today on reduced offtake by customers, even as the global trend remained firm, while silver rises picked up on higher demand.

Silver prices moved by Rs 150 per kg in the local market. Marketmen said the gold remained volatile, moving in line with investment demand, even discounting any fresh cues on the global front which controls prices in the domestic markets.

In the international markets gold rose as drop in dollar and equities prompted investors to shift their funds to the precious metal that is considered as safe heaven, they added.

Meanwhile, silver, however, gained on pick up in demand among industrial units, fearing the prices might further go up, the traders said.

Standard gold and ornaments declined by Rs 10 each at Rs 17,080 and Rs 16,930 per 10 gram respectively. Sovereign held unchanged at Rs 14,050 per piece of eight gram.

Silver ready rose by Rs 150 to Rs 28,750 per kg and weekly-based delivery rose by Rs 125 to Rs 28,375 per kg.

Silver coins, on the other hand, remained unchanged at Rs 33,700 for buying and Rs 33,800 for selling of 100 pieces.

TOI

Led by banks & PSUs, Sensex gains 87 pts

MUMBAI: The Bombay Stock Exchange benchmark index Sensex today rose 87 points on funds buying in blue-chip counters led by banks and PSUs. The Sensex after a weak start, bounced back to close higher by 86.75 at 17,641.08 after hitting a high of 17,712.60 and a low of 17,505.50 during the session.

The largest software major TCS surged to all-time high of 816.40 in early trade after it beat street expectation on Friday with an over 33% jump in profit. The stock closed at Rs 799.60.

The third-biggest lender HDFC Bank climbed Rs 76.55 to Rs 1,767.55, after Morgan Stanley upgraded it to "overweight" from "equal-weight," saying lower credit-cost estimates are boosting earnings forecasts.

The National Stock Exchange index Nifty 50 rose by 22.65 to 5,274.85, after moving between 5,292.50 and 5,228.95.

Even as the stock markets in Asia remained weak, a better opening in Europe pushed the local markets in the last hour of trade.

Among the 30 Sensex counters, 19 gained while other 11 ended with losses. The bank and finance company stocks gained the most with the banking index rising 2.41% on expectations of better third quarter earnings. The second biggest gainer was PSU index with a 1.91% jump.

The auto index rose by 1.70%, consumer durables by 1.37%, IT index by 0.59%, and Tech index by 0.59% to 3,418.11. However, the upsurge was checked as stocks in healthcare, oil and gas, metal and power sectors closed with losses.

TOI

Sunday, January 17, 2010

Global economy recovering significantly: IMF


WASHINGTON, Jan 16(IANS): Led by emerging market economies, especially in Asia, the global economy is recovering significantly faster than previously expected, but growth is still dependent in most advanced economies on government stimulus measures, the IMF has said.

Growth remains fragile in most advanced economies as recovery was still sluggish, with private demand weak and joblessness continuing to rise, International Monetary Fund Managing Director Dominique Strauss-Kahn told reporters Friday.

Friday, January 15, 2010

Judicial reforms


— Arup Kumar Dutta
It is a sad but true commentary on the socio-cultural scenario ofcontemporary India that, to the common man, the Judiciary is the only wing of the Indian democratic mechanism to have retained a semblance of integrity and social concern. With the veryfoundations of the Legislative and Bureaucratic wings being eroded by self-serving corruption, nepotism and lack of idealism, the Judiciary time and again has had to intervene in spheres not strictly within the ambit of its concern and pass judgements on issues such as environmental degradation, consumer protection, bandh-culture et al, simply because our legislators and bureaucrats have been lax in performing their assigned duties.

Tax payers told to avoid fraud mails


NEW DELHI, Jan 15 (PTI): The I-T department has asked tax payers not to give out personal details like PAN card number and information about their credit cards on the internet in the wake of mushrooming fake e-mails hitting users’ inboxes.

Viewing with concern the spurt in fictitious and unauthorised e-mails landing in personal internet addresses of many people, the department is adding a word of ‘caution’ at the end of each mail sent by them.

“A number of tax payers have received e-mails with subjects like “tax refund” and “seeking refunds” prompting us to take such measures. Such messages continue to land in big numbers in individual e-mails,” a senior I-T department official said.

Thursday, January 14, 2010

Sensex gains for second day on better ADB outlook

MUMBAI: Tracking firm global trends, the BSE benchmark index Sensex on Thursday rose for the second day today by adding 75 points on funds buying in heavy-weights led by Reliance Industries amid an ADB forecast that said Asia will witness more accelerated growth this year.

After a 113-points gap-up opening, the 30-share Sensex added another 75.07 points to settle the day at 17,584.87. The buying sentiment was so strong that even an almost double December inflation data failed to deter the market sentiment.

The Sensex, which had gained 87 points on Wednesday, touched a high of 17,628.04 points intra-day.

The broader 50-share Nifty of the NSE too rose by 25.95 points to 5,259.50, after touching a high of 5,272.85. The Nifty had a 31.10 points higher opening tracking strong overseas trends.

Energy giant Reliance after languishing since last week and has the highest weight in the Sensex, rose by Rs 32.50 to Rs 1,120.85, after Asian Development Bank has forecast that the growth in the Asian region will accelerate this year, prompting speculation that corporate earnings will increase.

Among the 30 Sensex stocks, 15 closed with gains while the rest ended in the negative zone.

Expectations of a fast global recovery boosted commodity stocks such as oil producers, consumer durables, capital goods and metals. The BSE oil and gas sector index gained the most by rising 2.35 per cent to 10,828.72 followed by consumer durable index by 1.65 per cent to 3,865.70.

Sterlite rose by Rs 12.50 to Rs 875.20, as prices of the metals used in pipes and wires advanced. Tata Steel also Rs 7.15 to Rs 646.95.

TOI

add add * Google China market share climbs in last six months

STAFF WRITER 18:14 HRS IST

New York, Jan 14 (PTI) The search engine giant Google, which has threatened to wind up operations in China, saw its share in the search engine market in that country rise significantly in the last six months.

Google had on Tuesday said it might be forced to shut shop in China, following hacking, targeting human rights activists, and web censorship.

According to web analytics firm StatCounter, the Internet major had a search engine market share of 43 per cent at the end of 2009, while its rival Baidu held 56 per cent.

"Google has made impressive gains in China since July last when it was at 30 per cent against Baidu's 68 per cent.

"Our analysis suggests that given Google's recent strong performance, market share is certainly not the reason behind its threat to leave China at this time," StatCounter chief executive Aodhan Cullen said in a statement yesterday.

Inflation jumps to 7.31 per cent in Dec

STAFF WRITER 12:59 HRS IST

New Delhi, Jan 14 (PTI) Wholesale prices-based inflation leaped to 7.31 per cent in December, shooting past RBI's forecast of 6.5 per cent-level by this fiscal end, as food items such as sugar, potatoes and pulses turned costlier.

Overall inflation in November was 4.78 per cent.

However, food inflation (prices of non-processed food articles) measured separately for the week ending January 2, eased a bit to 17.28 per cent from 18.22 per cent a week ago.

If this trend in food inflation continues in the weeks ahead, then overall inflation may also fall.

Sugar, whose prices have become a cause of concern for the government with retail prices nearing Rs 50 a kg, rose 53.98 per cent in December year-on-year. Yesterday, the government announced a slew of measures to tame sugar prices.

In the month of December, food inflation stood at 19.

Monday, January 11, 2010

Yamaha today said it will introduce scooters in the Indian market


NEW DELHI, Jan 10 (PTI): Japanese two-wheeler maker Yamaha today said it will introduce scooters in the Indian market in order to tap the potential in segment.

The company is currently conducting a feasibility study on the scooter market, which is expected to be complete by the middle of this year.

"We are studying the market to enter the scooter segment, but we have not finalised the product line yet. However, one thing is sure that we will launch scooters in India," India Yamaha Motor National

Business Head Pankaj Dubey told PTI at the 10th Auto Expo here. The feasibility study is focusing on areas such as the model to be introduced and possible timeframe of launching the product in the country, he added.

Dalai Lama to inaugurate Buddhist monastery in Orissa


Bhubaneswar, Jan 10: Tibetan spiritual leader the Dalai Lama will be visiting Orissa Monday to inaugurate a newly-constructed Buddhist monastery in Gajapati district, an official said Sunday. The exiled Tibetan spiritual leader will arrive in state capital Bhubaneswar Monday on a four-day visit. He will fly to Chandragiri in Gajapati district in a chopper. During his stay in the Tibetan settlement, the Dalai Lama will inaugurate a five-storeyed monastery named Padma Sambhav Mahavira. “We are geared up for the arrival of the Dalai Lama. During his four-day stay, he would also inaugurate the new monastery,” spiritual leader of Chandragiri Ven Jigme Rimpoche said. The entire Buddhist settlement in Chandragiri is decked up for the occasion. (IANS)

Sunday, January 10, 2010

More PSUs may be divested


NEW DELHI, Jan 10 (PTI): After the planned divestment in four more public sector enterprises this fiscal, the Centre will identify more candidates for public offers for the next two years.

The Government is also planning to change the criteria of appointing investment bankers so that only those advisors with deep-pockets do not qualify for this purpose, an official close to the development said.

The Government plans to divest stakes in NTPC in the last week of January or early February, followed by REC just before the Budget (likely on February 26), NMDC by March 10, and Satluj Jal Vidyut Nigam by the end of March, which will together fetch around Rs 30,000 crore to the Exchequer.

"After we are through with these disinvestment plans, we will identify public sector enterprises where the Government could offload its stakes in the next two years," the official informed.

The Disinvestment Department has already asked 32 nodal ministries to identify state-run firms where the government stake could be sold, a senior official had said earlier.

As per the recently cleared criteria by the Cabinet, around 60 PSUs, including MMTC, BSNL, Neyveli Lignite Corp, Engineers India, State Trading Corp, Rashtriya Chemicals and Fertilisers, National Fertilisers and Andrew Yule, are eligible for stake sale.

TRS chief moves PM on Telangana


NEW DELHI, Jan 10 – TRS chief K Chandrasekhar Rao today met Prime Minister Manmohan Singh pushing for early steps by the Centre for formation of a separate Telangana state, reports PTI. Sources said the prime minister impressed upon Rao the need for maintaining peace and normalcy with other regions of Andhra Pradesh–coastal Andhra and Rayal-seema– before the Centre could think of next steps.

Rao is understood to have told the prime minister that even if the Centre wants to carry forward discussions it should be done by Home Minister P Chidambaram himself and not by any Committee.

The TRS chief is said to be opposed to constitution of any mechanism to hold deliberations on Telangana as is being speculated.

Wednesday, January 6, 2010

Amar Singh resigns from Samajwadi Party posts


NEW DELHI, Jan 6: Samajwadi Party (SP) leader Amar Singh on Wednesday resigned as general secretary of the party as well as from its parliamentary board and as its spokesperson. Saying he was quitting the posts on health grounds, the high-profile politician denied any differences with party chief Mulayam Singh Yadav.

“I hardly had any rest. Doctors told me it is not good. At the age of 53, I am entitled to earned leave and need to give more priority to my family. After 20 years of hard work, they (the family) should get priority over Mulayamji and the party,” Amar Singh told NDTV. Amar Singh had a kidney transplant at a Singapore hospital last summer. THE SENTINEL

Tuesday, January 5, 2010

Rathore faces suicide abetment charge

Panchkula (Haryana), Jan 5: There was fresh trouble on Tuesday for disgraced former Haryana police chief S P S Rathore with police in Panchkula slapping another First Information Report (FIR) on him for abetting the suicide of Ruchika Girhotra who he molested in 1990.

Rathore, who was on Tuesday booked under Section 306 of the Indian Penal Code (IPC), could be arrested anytime now, Haryana police sources said. The Haryana police on Tuesday also recommended that the three fresh cases registered against Rathore be transferred to the Central Bureau of Investigation (CBI) for further investigation. “We have registered the third FIR against him (Rathore). We have recommended that all cases be handed over to the CBI for investigation,” Panchkula Superintendent of Police Maneesh Chaudhary, who is also part of the state special investigation team (SIT) probing the case, told.

The FIR was filed after Ruchika's brother Ashu made a fresh complaint last week seeking Rathore’s booking for abetment of his sister’s suicide. Ruchika, a budding tennis player who was molested by Rathore here on August 12, 1990 when she was 15, committed suicide on December 28, 1993, by consuming insecticide.
The former Haryana director general of police (DGP) has been accused of torturing Ruchika’s brother by getting false cases of car theft slapped on him, inflicting third-degree torture on him in police custody and harassing the Girhotra family between 1990 and 1993. All this reportedly led to Ruchika finally committing suicide in December 1993. Certain other police officers, who allegedly tortured Ashu at Rathore’s behest, have also been named in the fresh FIR against Rathore.

Rathore and other police officials were last week booked by the Panchkula police in two different cases, charging him of attempt to murder, forging and tampering with evidence of Ruchika’s death, criminal conspiracy and wrongful confinement. Most of the charges slapped against him in both FIRs are non-bailable ones. The complaints for the two FIRs were made by Ruchika’s father S C Girhotra and brother Ashu. On Friday, Rathore managed to secure interim relief on his anticipatory bail application from the district and sessions court here till January 7, when his bail plea in these two cases comes up for hearing again. Rathore was convicted by a Central Bureau of Investigation (CBI) special court in Chandigarh on December 21 for Ruchika’s molestation and sentenced to six months rigorous imprisonment and a fine of Rs 1,000.

The fresh FIR against Rathore has given new hope to Ruchika’s friend Aradhana’s family that has fought a relentless legal battle for justice. “I am very happy that Haryana Chief Minister Bhupinder Singh Hooda has kept his promise and an FIR under section 306 has been registered against Rathore. Now, Rathore’s influence is diminishing very fast and we are sure of appropriate justice ahead,” Aradhana, the lone eyewitness of the molestation incident, told on Tuesday.
“Now nobody can save Rathore from a rigorous punishment, we all want to see him behind bars at the earliest. He and his wife have fabricated false evidence and documents and we are ready to counter all of them in court,” added Aradhana’s father Anand Prakash. “After this fresh FIR, we are confident of winning this legal battle. Now we have support from all sections of the society and we are ready to go up to any extent to ensure justice for Ruchika’s family,” stated Prakash. (IANS)

Sunday, January 3, 2010

Terrorist bid to kill Danish cartoonist foiled


COPENHAGEN, Jan 2 (AP) – A Somali man wielding an axe and a knife was shot by police as he attempted to kill an artist who drew a cartoon depicting Prophet Muhammad that sparked outrage in the Muslim world. Jakob Scharf, head of the PET intelligence agency, said the 28-year-old man with ties to the al-Qaida group al-Shabab broke a window and entered Kurt Westergaard’s home in Aarhus last night armed with an axe and a knife.

The man was charged at a court hearing in Aarhus, Denmark’s second largest city. He was wheeled into courtroom on a stretcher from the hospital where he was being treated for his wounds accompanied by a lawyer, authorities said.

AI to save Rs 900 cr through fuel efficiency programme


MUMBAI, Jan 2 (PTI): National air-carrier Air India today said it targets to save around Rs 800-900 crore annually after the implementation of the fuel efficiency programme that started in 2008. The airline is currently implementing various initiatives to enhance its fuel efficiency in association with global airlines body International Air Transport Association.

“We have saved Rs 146 crore on account of fuel savings programme, so far. By the time we get software (to facilitate better fuel management), we expect around Rs 800-900 crore in savings,” Air India Chairman and Managing Director Arvind Jadhav told reporters here.

The fuel efficiency programme envisages vital changes in AI’s operational techniques, equipment settings, use of fuel management, flight planning, engine maintenance and cabin weight management.

Jadhav said the airline is currently implementing certain fuel efficiency initiatives, which did not require much technology. Once the required software is in place, it will lead to better fuel efficiency management.

“There are several components of the fuel efficiency programme—those which we can do immediately and those which can be achieved by the procurement of the software,” Jadhav said. The national air-carrier was also looking at achieving savings from other segments such as hotel and transportation, he said.

Friday, January 1, 2010

Rathore gets interim relief, asked not to leave country

Chandigarh, Jan 1: A Haryana court on Friday gave interim relief to disgraced former police chief S P S Rathore and allowed him bail till January 7 if he is arrested for the two fresh cases registered against him in connection with the 1990 Ruchika molestation case.

The district and sessions court in Panchkula near here said Rathore would be allowed to avail interim bail on furnishing bail bonds of Rs 100,000 in each of the two cases if he is arrested by the Haryana police before January 7. The Haryana government has been asked to submit its reply to the court by January 6 for the next hearing of Rathore’s anticipatory bail plea to be held on January 7.