Draft norms on health insurance policies soon: IRDA

STAFF WRITER 18:56 HRS IST
New Delhi, July 30 (PTI) Insurance regulator IRDA today said that it will soon come out with draft norms that define terms like critical illness and hospitalisation cost, among others, a move that will reduce the scope for disputes between insurers and hospitals.

"I carry with me the draft regulations (on health insurance policies). It will be out very soon," IRDA Chairman J Harinarayan said at a Ficci Health Insurance Conference here.

He said that the Insurance Regulatory and Development Authority (IRDA) would lay down a standard definition for major critical illnesses under health insurance, which would reduce confusion between Third Party Administrators (TPAs), insurers and policyholders.

EC derecognises RJD as national party

NEW DELHI: It was a shortlived status for Lalu Prasad's Rashtriya Janata Dal as the Election Commission on Friday derecognised it as a national party along with five other parties.

The only consolation for Lalu is that his rival party in Bihar, JD(U), has also lost the national status. Others in the list are Vaiko-led MDMK, Samajwadi Party, Pattali Makkal Katchi (PMK) and Arunachal Congress.

EC officials said these parties may retain their symbol, but they would lose facilities like utilising public broadcasters All India Radio and Doordarshan for poll-eve broadcasts and free copies of electoral rolls.

RJD, a recognised party in Bihar, Jharkhand, Manipur and Nagaland, lost its national party recognition following its poor showing in Jharkhand where the party has been derecognised. To get the national party status, a party should be recognised as a state party in at least four states.

The Arunachal Congress lost its state party status in Arunachal Pradesh, PMK in Puducherry and Samajwadi Party in Uttarakhand and Madhya Pradesh. JD(U), a recognised party in Bihar and Jharkhand, lost its recognition in Jharkhand. However, PMK will continue to be accorded the state party status in Tamil Nadu and Samajwadi Party a similar privilege in Uttar Pradesh.

Trinamool Congress and Jharkhand Mukti Morcha (JMM), which were also served notices earlier, sought more time to present their case, EC sources said. The Commission had earlier issued notices to these seven parties asking them to explain why their recognition in some states should not be withdrawn as they failed to fulfil EC's conditions for being declared as a state party.

The EC conditions for getting recognition include that the total number of valid votes polled by all the candidates of a party in the last Lok Sabha or assembly election should not be less than 6% of the total votes polled.

Food inflation in single digits

NEW DELHI: For the first time this year, food inflation shrunk to single digit at less than 10% in the week ended July 17, providing the government a much-needed shield to ward off concentrated Opposition attack in and outside Parliament over rising food and fuel prices.

Continuing its downtrend for the second week in a row, the index slid 2.8 percentage points in the week under review from 12.47% in the preceding week. If the trend continues, it will also help headline inflation to cool and ease pressure on further tightening of key rates.

The latest slide, greatly due to high base affect, has been driven by falling prices of vegetables, especially potato and onion. This is the first time food inflation has come down to single digit since the government started giving separate figures for primary articles in November 2009.

"It is a very welcome news. Inflation has moved pretty much on cues as I had expected. It feels good. However, it should not be overinterpreted," the government's chief economic adviser Kaushik Basu said. Basu's caution is not misplaced. Thursday's data still shows pulses, milk and fruits becoming costlier by 21.23%, 19% and 12.14%, respectively, from a year-ago period.

The government has been under sustained attack from the Opposition parties, particulalry the BJP, for failing to check rising food prices. The NDA had even called a nationwide shutdown on July 5 which saw right wing BJP and the Left parties coming together on the issue. The Opposition also stalled Parliament over the issue, leading to adjournment of the proceedings in both the Houses.

TOI

Govt puts cap on berths allotted to cancer patients in trains

Govt puts cap on berths allotted to cancer patients in trains

New Delhi, July 29: The Government today said it has put a cap on the number of berths alloted to cancer patients under emergency quota to accommodate VIPs after receiving instances that the quota was being entirely used by the patients. “The limit was imposed after receiving references from zonal railways where they were unable to accommodate VIPs on self travel when the entire quota was being utilised by the cancer patients,” Minister of State for Railways K H Muniyappa informed the Lok Sabha.

In a written reply, he said such instances came especially during the rush season leaving Railways with no emergency quota. Railways provide 100 per cent concession to cancer patients in sleeper and 3-AC classes. In 2-AC and 1-AC they enjoy 50 per cent concession. A matching concession is also extended to their escorts. Muniyappa said instances of cancer patients utilising all quota have been reported mostly in trains bound for Mumbai. On April 17 and May 6, he said, all the 10 emergency berths in 3-AC in Lokmanya Tilak-Chhaptra Godaan Express were utilised by the cancer patients while all the 24 emergency berths in Howrah-bound Gitanjali express were utilised on April 9, 22, 23, 24, 28.

Instances of quotas being entirely utilised by cancer patients have also been reported in trains linking Mumbai to Guwahati and Hatia. The Minister said separate quota for cancer patients is also available in some trains. (PTI)

HDFC’s first quarter net profit up 33.9 per cent

HDFC’s first quarter net profit up 33.9 per cent

New Delhi, July 19: India’s second largest private lender HDFC Bank Monday reported a 33.9 percent rise in net profit at Rs. 811.7 crore for the first quarter of this fiscal as against 606.1 crore in the like period of 2009-10. The bank’s total income increased by 4.34 percent to Rs. 5,360 crore compared to Rs. 5,136 crore in the previous corresponding period. Interest income of the bank grew by 29.4 percent to 2,401.1 crore and non-interest income also grew to Rs.939.9 crore. HDFC’s current account saving account (CASA) deposits registered a growth of 37 percent, with saving account deposits at Rs.53,869 crore and current account deposits at 36,169 crore. The listed bank’s capital adequacy ratio (CAR) increased to 16.3 percent from 15.4 percent a year ago, as under the new regulatory norm, only annual net profit has to be factored in to determine the CAR. The bank’s operating expenses for the quarter ended June 30, 2010 went up 15.4 percent to Rs. 1,592.3 crore. The bank has reduced its gross and net non-performing assets (NPAs) to 1.2 percent and 0.3 percent respectively in April-June 2010 from 2.1 percent and 0.6 percent in the year-ago period. (IANS)

Exemption limit for luxury tax on hotel rooms hiked

Exemption limit for luxury tax on hotel rooms hiked

New Delhi, July 26: The Delhi government on Monday decided to hike the exemption limit on luxury tax on hotel rooms from Rs 500 to Rs 1,000. This will help budget travellers to the national capital during the Commonwealth Games in October. “In view of increase in the cost index of various services, it was thought to hike the threshold limit of luxury tax from Rs 500 to Rs 1,000 or more per day,” a government official said. Delhi Chief Minister Shiela Dikshit said the luxury tax on hotels has also been decreased from 12.5 per cent to 10 per cent. The step is part of an amendment in clause-I of section 2 of the Delhi Tax on Luxuries Act, 1996, which provides for levy of luxury tax on charges for accommodation and other services provided in a hotel room. Dikshit said the Amenment Bill will be introduced in the August 17-23 session of the Assembly. “The decision has been taken in view of the October 3-14 Commonwealth Games and on requests,” she added. (IANS)

Uproar over price rise stalls Parliament

Uproar over price rise stalls Parliament

New Delhi, July 27: Pandemonium reigned in parliament on Tuesday - the first working day of the monsoon session - as a united opposition vociferously demanded an immediate discussion on rising prices followed by a vote, leading to repeated disruptions and finally adjournments of both houses.

As the government ruled out the voting on the spiralling prices of essential commodities, opposition MPs refused to let the houses function.

As soon as members in the two houses assembled at 11 a.m., opposition MPs shouted slogans, stalling proceedings as they gave vent to their anger on the issue.

Members of the Samajwadi Party and the Rashtriya Janata Dal RJD, which support the government from the outside, joined the Bharatiya Janata Party (BJP) in demanding a discussion on the hike in prices of kerosene and cooking gas.

Leader of Opposition in the Lok Sabha Sushma Swaraj urged Speaker Meira Kumar to “set aside all the business and accept our adjournment motions and allow a discussion over rising prices, followed by a vote”.

Swaraj said the June 26 hike in kerosene and cooking gas prices had “disturbed the budget of the common man”.

The entire opposition, she said, had come together to demand a discussion on the issue and pointed out that some allies of the ruling United Progressive Alliance (UPA) have joined them.

BJP MPs, joined by members of other parties like the Left, walked up to the speaker’s podium shouting anti-government slogans like “Jo sarkar nikammi hai, woh sarkar badalni hai (The government that is inefficient needs to be changed)”.

The house was first adjourned till 12 noon but the protests continued after the house resumed.

In the melee, the speaker ordered papers listed for the day to be laid and asked Petroleum Minister Murli Deora to make a statement on the prices of petroleum products.

Deora defended the increase in fuel prices, saying the rise was “minimal” and such a decision was needed to improve the financial health of the oil marketing companies.

As he was unable to read out the statement amid the noise, Meira Kumar adjourned the house at 12.10 till 2 p.m.

As the members refused to relent after the house resumed at 2 p.m., the speaker was forced to call it a day.

The scenes in the Rajya Sabha were no different. It was chaos as the BJP and Left MPs did not heed Chairman Hamid Ansari’s repeated pleas to let house function.

Soon after new members took oath, opposition MPs were up on their feet.

The BJP-led National Democratic Alliance (NDA) was joined by the Samajwadi Party and AIADMK MPs in their protest. Ansari allowed Leader of the Opposition Arun Jaitley to speak but he could not as MPs protested noisily, forcing the chairman to adjourn the house till noon.

As the MPs reassembled, it was repetition of what had happened in the morning.

P.J. Kurien, who was in the chair, tried to pacify the members and asked ministers to lay the papers listed for the day. With the din continuing, Kurien adjourned the house for the day.

BJP leaders said the opposition was united over the price rise issue as the Left, the Samajwadi Party and other parties were with them.

“We are united. We want an adjournment motion and a vote on the issue,” BJP leader Gopinath Munde told IANS.

“We will bring the adjournment motion, we will not discuss anything else,” he said.

The Bahujan Samaj Party (BSP), which in the past has come to the rescue of the government by voting for it on crucial matters, also demanded a discussion and voting on the price rise.

The government has already ruled out the demand, saying that as per rules only matters of immediate and urgent attention can be allowed under an adjournment motion.

“This is disruption motion, it is not discussion motion,” senior Congress leader and Human Resource Development Minister Kapil Sibal told reporters.

Janata Dal-United (JD-U) leader Sharad Yadav said it was “strange” that government was not ready for a discussion.

He said the opposition was keen that Meira Kumar took an impartial view on its demand. “The entire country took part in the Bharat bandh against price rise,” he said, referring to the July 5 nationwide shutdown against the issue. “The fight will continue,” he vowed. (IANS)

Sensex rebounds by 57pts as RBI policy matches expectations

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Tuesday rose by over 57 points on buying in interest rate sensitive auto, realty and banking stocks as RBI steps matched with the street expectations.

The 30-share barometer closed 57.56 points higher at 18,077.61 points after an early range bound trade. Among the 30 BSE index components, 20 stocks closed with gains and nine ended with losses, while NTPC held unchanged.

Targetting to check the double digit inflation, RBI hiked its short-term lending and borrowing rate by 0.25 and 0.50 per cent respectively, which was well to expectation of the major market players, brokers said.

The bank also raised its projections for economic growth to 8.5 per cent this fiscal from the earlier estimate of 8 per cent, which further bolstered the market sentiment.

Banking stocks were in keen demand on expectations of better quarterly earnings. The BSE bankex rose by 0.69 per cent to 11,478.26 points after stocks of State Bank of India surged by Rs 26.15 to Rs 2,435, Punjab National Bank by Rs 14.35 to Rs 1,053.15 and HDFC Bank by Rs 13.65 to Rs 2,065.75.

ICICI Bank, Bank of India, Federal Bank, Kotak Mahindra Bank, Union Bank and Central Bank stocks also recorded handsome gains.

The broad-based National Stock Exchange index Nifty rose by 12 points to 5,430.60 points. The auto sector index gained the most by 2.44 per cent to close at 8,337.96 as Bajaj Auto surged by Rs 123.35 to Rs 2,649.95 and Hero Honda by Rs 53.85 to Rs 1,865.70. The realty sector index rose by 1.47 per cent to 3,461.25 as DLF, the biggest real estate developer, gained 2.06 per cent to Rs 319.50 on reports the domestic economic recovery firmly in place and strengthening.

A mixed pattern in the Asian region and higher opening in Europe this afternoon remained a positive factor for themarket throughout the later half.

TOI

Auto, home loans may get dearer as RBI hikes rates

MUMBAI: Targeting to check the double digit inflation, RBI today hiked its short-term lending and borrowing rates by 0.25 per cent and 0.50 per cent respectively, a move that could put pressure on banks to make auto, home and commercial loans expensive.

Although Finance minister Pranab Mukherjee said the steps announced by the Reserve Bank will check inflation without hurting growth, bankers and the industry fear that the initiatives will put pressure on interest rates.

In its first quarterly review of the monetary policy, RBI today increased the short-term lending rate (repo) to 5.75 per cent and short-term borrowing rate (reverse repo) to 4.50 per cent with immediate effect.

It, however, kept the cash reserve ratio (CRR), the cash which banks are required to keep with RBI, and bank rate unchanged as liquidity is tight in the system following over Rs one lakh crore outgo due to payments by telecom companies for acquiring spectrum.

The central bank has also raised the inflation target from 5.5 per cent to six per cent and said that economy will grow by 8.5 per cent, up from earlier projection of 8 per cent, this fiscal.

"I expect this policy will lead to further easing of inflation which already is going down. It should also keep us fully on track in terms of growth. The monetary policy ...is another calibrated step in the right direction," Mukherjee said while talking to reporters in Delhi.

However, according to Central Bank of India executive director Arun Kaul, "the monetary action by RBI is aimed at attacking inflation. It has made funds costlier for banks. It is a signal for upward movement of interest rates".

Describing the RBI's policy measures "a bit worrisome", Ficci president Rajan Mittal said, "the reverse repo (rate) increase will incentivise parking of funds by banks with RBI...reducing lending opportunities to industry...there is always underlying fear of the rate hike eventually leading to increase in lending rate."

Assocham President Swati Piramal expressed fear that "the lending rates may move north by 25 to 50 basis points making bank borrowings a little dearer..."

TOI

Markets in Delhi

Travelmasti sojourn is simply incomplete without shopping in delhi markets. Exotic purchase options include silk products, precious stones, leather and woodwork, jewellery, art and craft products and what not. You can find anything everything from anywhere in the country. Connaught Place, Karol Bagh, Chandni Chowk, Sundar Nagar, Hauz Khas village, and Dilli Haat are some fine Market places in capital of india. Go for bargains, except at Govt Emporiums, where prices are fixed.

• Books Market (only Sunday at Darya Ganj) - Nai Sarak. Second hand books on footpath
• Brass Market - Vakil Pura behind Jama Masjid.
• Bicycles Market - Jhandewalan at Karol Bagh. Cycle Mkt. at Chandni Chowk.
• Canvas Market - Azad Market.
• Chemicals Market- Tilak Bazar near Khari Baoli.
• Cloth Market- Cloth Mkt. in Fathepuri, also various Katras at Chandni Chk.
• Dry Fruits Market- Khari Baoli.
• Electrical Goods Market- Bhagirath Palace, Lajpat Rai Market. Qutab Road and Sadar Bazar.
• Flea Markets - Daily at Jama Masjid and Every Sunday behind Red Fort on Ring Road.
• Foodgrain Market- Naya Bazar, Khari Baoli. Rui Mandi in Sadar Bazar.
• Fruits & Vegetable Market- Azadpur Wholesale Mandi, Shahdra, Darya Ganj, Nangloi, Okhla, Tilak Nagar.
• Furniture Market- Kirti Nagar Furniture Block, Rani Jhansi Rd., Panchkuian Road, Jail Road (Tilak Nagar)
• Imported Goods Market- Gaffar Mkt. in Karol Bagh, Palika Bazar in Connaught Place
• Jewellery Market- Gold on Bank Street-Karol Bagh, Connaught Place and Dariba Kalan and Kinari Bazar in Chandni Chowk.
• Silver Market- Chandni Chowk, Dariba Kalan.
• Marble Market- Mangolpur Kalan near Mangolpuri & Rajouri Garden.
• Medical Equipments Market- Bhagirath Palace, Darya Ganj.
• Medicines Market- Allopathy - Bhagirath Palace. Ayurvedic - Chandni Chowk.
• Homeopathy Market- Chandni Chowk and Darya Ganj.
• Motor Parts Market- Kashmiri Gate and Karol Bagh.
• Musical Instruments Market- Nai Sarak in Chandni Chowk.
• Paper - Chawri Bazar.
• Readymade Garments Market- Gandhi Nagar Mkt. (Trans Yamuna) and Tank Rd. near Karol Bagh.
• Shoe Market - Ballimaran, Sadar Bazar, Karol Bagh.
• Spices Market- Khari Baoli.
• Timber Market- Pahar Ganj, Kirti Nagar.
• Toys Market- Sadar Bazar.
• Tyre Market- Novelty Market
• Vessels Market- Deputy Ganj near Sadar Bazar.

Government misusing CBI: Nitin Gadkari

Government misusing CBI: Nitin Gadkari

Mumbai, July 26: Bharatiya Janata Party (BJP) president Nitin Gadkari on Monday reiterated his party’s stance by alleging that the United Progressive Alliance (UPA) government was using the Central Bureau of Investigation (CBI) as a ‘weapon of vendetta’.

Addressing mediapersons at the BJP state headquarters here, Gadkari said the government had declared ‘a hostile political war against Gujarat’, referring to the arrest of former Gujarat minister Amit Shah by the CBI in connection with the killing of Sohrabuddin Sheikh.

“The Sohrabuddin encounter probe by CBI was to target BJP and to keep Congress out. This is evident from the fact that though the then Andhra Pradesh government of YS Rajasekhara Reddy was equally involved in the arrest and encounter (shootout) death of Sohrabuddin, the CBI completely left out his government from the radar,” Gadkari claimed.

Sensex ends 129 points down, SBI, Maruti drag

Sensex ends 129 points down, SBI, Maruti drag

Mumbai, July 26: A benchmark index for Indian equities on Monday slipped further amid heavy selling in the last session of trade to close 129 points lower. Heavyweights State Bank of India and Maruti Suzuki dragged the index down.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 18,056.24 points, closed at 18,020.05 points, 110.93 points or 0.61 percent down from its previous close at 18,130.98 points. At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty ended at 5,418.6 points, down 0.56 percent from its previous close at 5,449.1 points. Broader markets indices also closed in the red, with the BSE midcap index ending 0.96 per cent lower and the BSE smallcap index 0.81 per cent down. Auto, realty and banking stocks saw bulk of the selling while telecom and IT stocks gained. The market breadth was negative, with 1,090 scrips advancing, compared to 1,824 stocks declining, and 94 remaining unchanged.

Interest rates may go up

NEW DELHI: RBI is likely to increase its key rates again in credit and monetary policy review meeting on July 27. High growth in credit offtake and inflationary pressure left RBI with little choice but to raise the key rates further, feel bankers and analysts.

Research houses like Nomura, Edelweiss and Crisil expect that RBI will increase the repo rate — the rate at which RBI lends short term funds to banks — and reverse repo rate — the rate at which banks park their surplus funds with RBI — by at least 25 basis points each. As banks are facing shortage of funds, RBI is not expected to increase the cash reserve ratio (CRR) — amount of funds that banks need to keep with the central bank. The July 27 policy decisions are expected to push up the retail interest rates. But RBI will also ensure required availability of liquidity so that plans of companies are not affected.

The RBI may resort to even steeper hikes in repo and reverse repo rates, said D K Joshi, chief economist of Crisil, though bad condition of European economy and its impact on India's growth is a concern. He maintained that in present scenario, when growth is expected to be strong at over 8% and inflation a prime concern, RBI will tweak the repo and reverse repo rate by at least 25 basis points to 5.75% and 4.25% respectively.

Sonal Varma of Nomura Securities said CRR is likely to be left untouched as banks are facing liquidity shortage. On last Friday, banks borrowed over Rs 68,000 crore from RBI under liquidity adjustment facilities.

Banks are witnessing strong credit growth at 21.7%, up to July 2, 2010. The central bank had projected an annual credit growth of 20%. Against this, deposits growth is very sluggish at 14.9%. So, according to one banker, interest rates are going to firm up as banks will be forced to raise deposits rates to mobilize funds. This will force them to raise lending rates also.

However, an aggressive RBI stance is unlikely as it could affect capital inflow from foreign countries, said a senior official at a public sector bank. Because of slowdown in developed countries, interest rates are still very low. If India raises rates, capital from abroad may start flowing into the debt market and RBI will like to avoid this scenario, he added.

MIG-27 crashes in West Bengal, 25 villagers on the ground injured

JALPAIGURI: A MiG-27 fighter jet of the Indian Air Force crashed in Bhotputti village in West Bengal's Jalpaiguri district on Saturday, injuring the pilot and 25 villagers on the ground.

An IAF spokesperson said in New Delhi that the MiG-27 took off from the Hashimara Air Base for a routine sortie and crashed within minutes of take-off at around 1030 hours.

The pilot had ejected out of the aircraft. The crash injured 25 villagers on the ground besides the pilot, superintendent of police Anand Kumar said.

Further details are awaited.

TOI

Rupee rises 19 paise to 46.93/94 against dollar

The rupee on Friday gained 19 paise to close below Rs 47 against the US dollar as exporters sold the American currency amid a positive trend in domestic equity markets and dollar weakness overseas.

The domestic currency concluded the day at 46.93/94 per dollar after opening on a strong note at 46.95/96 a dollar on the Interbank Foreign Exchange, compared with the previous close of 47.12/13 per dollar.

Forex dealers attributed the initial firmness in the rupee to a rally in local equities, with the BSE benchmark Sensex up by over 124 points just after the onset of business.

Profit-taking in the afternoon pulled the Sensex down into the negative terrain, which saw the rupee also touch a low of 47.07 a dollar. But a late recovery in stocks later in the day helped the local unit to rebound to a high of 46.8925 before closing 19 paise higher against the US dollar.

The dollar selling by exporters on expectations of a further decline in the value of the American currency supported the rupee’s rise.

In the New York market on Thursday, the dollar fell against the euro and other major currencies as US corporate and housing reports supported equities and reduced demand for the American currency. Meanwhile, global crude oil was trading below $79 a barrel in London on Friday.

The rupee premium for the forward dollar ended slightly lower on stray receivings by exporters. The benchmark six-month forward dollar premium payable in December eased to 86-1/2-88 paise from 87/89 paise on Thursday and far-forward maturing in June also softened to 157-159 paise from 158-160 paise previously.

The Reserve Bank of India fixed the reference rate for the dollar at Rs 47.00 and for the euro at Rs 60.53.
In cross currency trade, the domestic unit remained weak against the pound sterling and the euro, but recovered against the Japanese yen.

The rupee declined further against the pound sterling to end at Rs 72.41/43 per pound from Thursday’s close of Rs 72.00/72.02. It also slipped to Rs 60.62/64 against the euro from Rs 60.61/63 previously. It, however, rebounded to Rs 53.83/85 per Y100 from its last close of Rs 54.30/32.

ET

Guj Minister Amit Shah resigns

STAFF WRITER 9:24 HRS IST

New Delhi, July 24 (PTI) Facing charges of murder, Gujarat Minister of State for Home Amit Shah, a close associate of Chief Minister Narendra Modi, today resigned from the state ministry.

"As I landed here in Delhi, I have information that Amit Shah's resignation has reached my residence in Gandhinagar. On return, I will accept it and complete the formalities," Modi, who is here to attend the National Development Council meeting, said.

Asked by reporters whether the resignation amounted to accepting that Shah was guilty, Modi said, "He was accepting it because under the Constitution, certain formalities have to be fulfilled".

He said Shah would fight the issue legally and expressed confidence that judiciary would provide him justice.

Shah's resignation comes a day after CBI charged him with kidnapping and murder of alleged gangster Sohrabuddin Sheikh and his wife Kauser Bi in November 2005..

TOI

Lending rates likely to go up after September: ICICI Bank

Lending rates likely to go up after September: ICICI Bank

NEW DELHI, July 19: The country’s largest private lender, ICICI Bank, today said it expects lending rates to go up after September as credit offtake is likely to pick up in the second half of the current fiscal. “My belief is the demand for liquidity will increase substantially in the second half of this year,” ICICI Bank CEO and Managing Director Chanda Kochhar said on the sidelines of a CII function. “So, you would see some gradual increase in interest rate on the lending side over the next one year,” she said. Asked about the initial public offering (IPO) plans of the bank’s subsidiary ICICI Securities, she said, “There is nothing in the offfing. Nothing in this fiscal.” ICICI Securities is ICICI Bank’s broking and advisory unit which has pioneered an online share trading platform in India. On base rate, Kochhar said that it has already been announced and lending rates are getting realligned with base rate. “Immediately you will not see change in effective rate just because of the announcement of base rate,” she said.

On inflation, she said it is something that the economy needs to monitor as it is becoming widespread and is not just food related but has spread to other sectors as well. (PTI)

BJP cancels lunch with PM after CBI summons Shah

BJP cancels lunch with PM after CBI summons Shah

New Delhi, July 23: The Bharatiya Janata Party (BJP) on Friday cancelled a lunch with Prime Minister Manmohan Singh citing the ‘bitter atmosphere’ following the CBI’s summons to Gujarat minister Amit Shah in the 2005 killing of Sohrabuddin Sheikh in a staged shootout.

“Four BJP leaders were invited for the PM’s luncheon meeting but we decided not to attend it over the bitter atmosphere following the CBI’s summons to Shah,” Sushma Swaraj, leader of the opposition in the Lok Sabha, told reporters. The prime minister had invited L.K. Advani, Arun Jaitley, Nitin Gadkari and Sushma Swaraj for a lunch meeting to discuss issues before the parliament’s monsoon session starting on Monday.

Sushma said they had accepted the invitation but met at Advani’s house on Thursday evening to discuss how the CBI was being misused in Gujarat to harass Shah, Chief Minister Narendra Modi’s close aide and the minister of state for home. “The government is misusing CBI to harass its opponents. The whole political environment is being polluted by it. So, it would have been very embarrassing if we went to the PM’s house for lunch,” she said.

“As far as the misuse of CBI is concerned, the government is saving their own people like Quattrocchi, Jagdish Tytler, Satish Sharma. They just trouble their opponents ... this is a show of sheer dominance by Congress to save its government,” she added. Her colleague Arun Jaitley, who heads the opposition in the Rajya Sabha, added that the CBI was behaving like an extended arm of the ruling party and the timing had been chosen for Congress’ political convenience. “When the Gujarat Police investigated the matter in Gujarat, nothing was found against Amit Shah. The investigations carried out by independent investigators appointed by the Supreme Court couldn’t find anything even in the second phase. Today, on the basis of baseless facts a political agenda is being fulfilled by the CBI and the government has a clear conspiracy in this,” said Jaitely. “This is the policy of the Congress to create such an environment so that limelight shifts away from issues like rising prices of fuel, misadventure of the Indo-Pakistan dialogue and Warren Anderson case,” he said.

The Gujarat Anti-Terrorism Squad (ATS) has been accused of killing Sohrabuddin Sheikh near Ahmedabad in a staged shootout in 2005. His wife Kauser-Bi has also been missing since then. Police claimed the dead man was a Lashkar-e-Taiba operative. (IANS)

ISRO engaged in satellite mapping of wetlands

New Delhi: The Indian Space Research Organisation (ISRO) is engaged in the satellite mapping of the country's wetlands and will complete the project by the end of August, Environment Minister Jairam Ramesh said on Thursday.

"It is for the first time that all wetlands in the country will be mapped. ISRO will provide us with an upto date inventory of wetlands, estimated at around 7-10 million hectares, by the end of August," said Ramesh while speaking at the launch of a course on "Appreciation Programme on Sustainable Management of Wetlands" at the Indira Gandhi National Open University (IGNOU) here.

Stressing on the need to protect aquatic assets, he said, "They are valuable ecological niches and the concept of sustainable development should be for future generations, including today's generations."

He said the ministry will soon formulate a regulation on wetlands to prevent encroachment of precious biodiversity. IANS

RCom adds 2.8 mn users

RCom adds 2.8 mn users

NEW DELHI, July 19: Anil Ambani group company Reliance Communications (RCom) on Monday said it has added 2.8 million new wireless subscribers in June this year, taking its total subscriber base to 110 million.

The company added 2.8 million wireless subscribers on its GSM and CDMA platforms in the month of June, RCom said in a statement. RCom offers telephony services on both GSM and CDMA platforms.

The company has added 8.4 million new wireless customers in this quarter, the spokesperson said.

With an addition of 16.3 million new users in May, the total wireless subscribers in the country were 617.53 million at the end of May 2010, according to the sectoral regulator Telecom Regulatory Authority of India. (PTI)

Naidu, colleagues sent to Aurangabad jail

Naidu, colleagues sent to Aurangabad jail

Nanded/Hyderabad, July 20: Amid high drama, protests by Telugu Desam Party (TDP) leaders and caning by the police, party chief Chandrababu Naidu and his supporters were Tuesday moved from Dharmabad in Maharashtra’s Nanded district to the Aurangabad Central Jail.

Naidu and his colleagues, who were remanded to judicial custody till July 26, will be lodged at the Aurangabad Central Jail, located in Harsul on the outskirts of the historic city, a police official said.

The leaders, including Naidu, had entered Dharmabad town, around eight kilometres from the Maharashtra-Andhra Pradesh border in Nanded district, to protest against the Babhali Barrage on the Godavari river Friday.

FM sticks to 8.5% growth despite higher IMF forecast

FM sticks to 8.5% growth despite higher IMF forecast

New Delhi, July 19: Finance Minister Pranab Mukherjee today said he will not be swayed by the IMF’s higher growth projection of 9.5 per cent but will stick to his conservative outlook of about 8.5 per cent plus economic expansion for the current fiscal.

“Always, we have dispute with the IMF. I was inclined to accept the IMF assessment for India’s growth for the year when they projected it 9.4-9.5 per cent. But I am being conservative in my assessment...I will be happy with 8.5 per cent plus growth,” Mukherjee told a conference on financial inclusion hosted by industry body CII here.

Earlier this month, the International Monetary Fund (IMF) had hiked the country’s growth forecast for 2010 to 9.5 per cent from its April projection of 8.8 per cent.

Train tragedy in West Bengal again - 61 dead, 157 injured

Train tragedy in West Bengal again - 61 dead, 157 injured

Sainthia (West Bengal), July 19: A speeding express train ploughed through a train standing at a station in West Bengal’s Birbhum district early on Monday, killing at least 61 people and injuring more than 150. It was the second train disaster in the Communist-ruled state in less than two months that have taken a toll of over 200 lives.

The Sealdah-bound Uttar Banga Express slammed into three coaches, one luggage van and two unreserved second class coaches, of the stationary Bhagalpur-Ranchi Vananchal Express at Sainthia station in Birbhum, about 190 km from Kolkata, at about 2.15 a.m., railway authorities said. All three coaches were badly mangled by the severity of the collision with one of the coaches shooting from the tracks and almost mounting the footbridge above. Gas cutters were used to cut open the coaches and bring out the dead and rescue the injured.

Sit-ins, protests amid separatist shutdown in Kashmir

Sit-ins, protests amid separatist shutdown in Kashmir

Srinagar, July 15: People came out in large numbers to stage sit-ins and protests at many places in this Jammu amd Kasmir summer capital Srinagar on Thursday on the second day of a separatist shutdown even as restrictions were removed throughout the Valley. People came out in Nowhatta, Rajouri Kadal, Naid Kadal, Safa Kadal, Bohri Kadal and Khanyar areas of the city early Thursday and staged sit-ins and protests in response to the call given by the separatist Hurriyat group headed by Syed Ali Geelani.

Similar protests were witnessed in Habba Kadal, Batmaloo, Bemina, Chanapora, Barzalla, Kani Kadal, Rambagh areas in the city. Groups of youth challenged private transport vehicles that plied in the city, forcing them to withdraw from the roads. The separatists had called for a complete Valley-wide shutdown. Markets, banks, public and private transport, educational institutions and other business establishments remained closed in Srinagar city and other major towns of the Kashmir Valley. Groups of youth also clashed with the security forces in Chattabal, Bemina, Habba Kadal and Barzulla areas of the city. Security forces used batons and tear smoke shells to disperse the protesters. Similar clashes were also reported from south Kashmir’s Pampore town in which six people suffered minor injuries. Lawyers took out a protest march in Srinagar against the arrest of Kashmir Bar Association president Mian Qayoom, who has been detained by the authorities under the Public Safety Act (PSA) for allegedly inciting the youth to violence.

“The overall law and order situation was tense, but under control throughout the Valley and no major untoward incident occurred anywhere,” a police officer said. People during the sit-ins also organized free roadside kitchens those served tehri (yellow rice prepared with tamarind and edible oil) to the participants of the day’s protests. At least 15 civilians were killed in the valley in firing by security forces since June 11 and the government has decided to hold an independent enquiry to establish the circumstances those led to the unfortunate deaths of the civilians. (IANS)

Sonia's NAC clears pruned Food Security Act

NEW DELHI: Inadequate supply of foodgrain has forced the Sonia Gandhi-led National Advisory Council (NAC) to settle for a pruned National Food Security Act, at least for the time being.

Hamstrung by the problem of low procurement of paddy and wheat, NAC on Wednesday decided to limit implementation of the universal PDS in its first phase to one-fourth of the total administrative blocks of the country.

The decisions taken on Wednesday NAC come as a compromise between the competing demands of the Right to Food campaign and the Planning Commission and the food ministry. While the former had asked for complete universalisation, the Plan panel and the food ministry, it seems with tacit approval of top government leaders, had demanded a modest programme to keep the subsidy burden in check and because of uncertainties about procurement.

The meeting, sources told TOI, saw Sonia coming out in support of an enhanced and wider coverage under NFSA even as some members wanted to put a check on the subsidy burden it would lead to and limit the social security net. Subsidy should not be a concern, the Congress chief was quoted as saying as she batted aside reservations about universal coverage.

However, Sonia, who had pushed for expanding the reach of the scheme and even opposed reducing existing entitlements of those living above the poverty line, agreed that foodgrain supply had to be kept in mind.

The first phase will be implemented within a year of the bill's enactment, and the intent is to expand `universal' coverage to other blocks in phases in keeping with the availability of foodgrain.

The phased rollout of NFSA will require the government to provide 35 kg of foodgrain at Rs 3 a kg to almost all in one-fourth of the poorest blocks of the country. In these blocks, only the rich would be kept out.

In the rest of the country, roughly 45-50% of the population would get subsidized foodgrains, with Scheduled Castes, Scheduled Tribes and other socially and occupationally disadvantaged -- a category that will include HIV patients, homeless, destitutes, single women households and others -- being included automatically.

The entitlement of socially and occupationally diasvantaged groups bears the fingerprint of the NAC, as the government had initially opposed blanket coverage.

In urban areas, roughly one-third of the population will be able to avail cheap rice and wheat under NFSA. The criteria for inclusion of people in urban areas on the beneficiary list will be decided as per the Hashim committee report.

Provisions of the Mid-Day Meal scheme and the Integrated Child Development Scheme would also be turned into legal entitlements. Besides agreeing to set up community kitchens under the Act, the NAC also decided that special nutrition support programmes for vulnerable sections would be started in the first phase on a country-wide basis under Congress's big-ticket 'aam aadmi' scheme.

The Mid-Day Meal and Integrated Child Development Scheme will also be expanded to include destitutes, aged, disabled, infirm adults, single women and the homeless.

While it was decided that those living above the poverty line should be provided 25 kg of foodgrain under the scheme, the NAC could not conclude at what price.

The NAC in its future meetings will work on PDS and ICDS reforms, expanding agricultural production and procurement as well as detailing the principles agreed upon besides drafting provisions of the law.

TOI

RIL, financial shares push Sensex up by 167 pts

RIL, financial shares push Sensex up by 167 pts

MUMBAI, June 30: The BSE benchmark Sensex today recouped early losses to end the day higher by 167 points after a firm opening in European bourses buoyed the sentiment.

The 30-share index closed at 17,700.90, up 166.81 points, or 0.95 per cent, after RIL and financial stocks rallied at the fag-end of trading.

The National Stock Exchange’s wide-based 50-share Nifty Index added 1.07 per cent to finish at 5,312.50 points. Reliance Industries (RIL) ended up close to 2 per cent amid reports that the petrochemicals giant is close to signing a JV deal with US-based private equity and hedge fund giant DE Shaw. The deal, when signed, will see the Mukesh Ambani-led company entering into the financial services sector. Energy major RIL has been on gaining spree since petrol prices were deregulated last Friday, barring its 2 per cent loss yesterday when the markets were hammered.

PC wants Unified Command for anti-Naxal operations

PC wants Unified Command for anti-Naxal operations

NEW DELHI, July 14: In a fresh strategy to combat the Naxal menace, the government today asked Chhattisgarh, Jharkhand, Orissa and West Bengal to create a unified command for anti-Maoist operations and to appoint a retired Major General of the Army as its member.

The Centre will “request the state governments of Chhattisgarh, Jharkhand, Orissa and West Bengal to create a unified command for anti-Naxal operations and to appoint a retired Major General of the Army as a member of the command,” Home Minister P Chidambaram said addressing leaders of seven Naxal-affected states here. The meeting chaired by Prime Minister Manmohan Singh is being attended by chief ministers of Bihar, Chhattisgarh, Orissa, Maharashtra and Andhra Pradesh. While Jharkhand is being represented by its governor, West Bengal has sent a senior minister for the meet.

Terrorism, humanitarian issues high on Krishna’s agenda

Terrorism, humanitarian issues high on Krishna’s agenda

New Delhi, July 13: Terrorism that continues to emanate from Pakistani soil will be high on the agenda of External Affairs Minister S M Krishna as he embarks on a mission to Pakistan tomorrow, in an effort to bridge the trust deficit that has bedeviled the ties between the two countries.

Krishna’s three-day visit to Islamabad to hold talks with his Pakistani counterpart Shah Mahmood Qureshi, will also focus on humanitarian issues such as people-to-people contact, exchange of prisoners and bilateral trade. But from New Delhi’s point of view terrorism will be the key issue.

Realty, banking stocks help Sensex gain 104 pts

Realty, banking stocks help Sensex gain 104 pts

MUMBAI, July 12: The Bombay Stock Exchange benchmark Sensex touched the 18,000-level on Monday and ended higher by 104 points than its previous close.

After crossing the 18,000 points level during the day, the Sensex eased on profit-booking to close 103.66 points higher at 17,937.20, led by blue chip stocks in the realty, banking and information technology segments.

Similarly, the National Stock Exchange index Nifty hit the 5,400 points level and closed 30.55 points higher at 5,383.

Tenuous calm in Srinagar, Kashmir Valley as curfew continues

Tenuous calm in Srinagar, Kashmir Valley as curfew continues

Srinagar, July 8: A tenuous peace prevailed in Srinagar and the Kashmir Valley with no major incident of violence reported on Thursday, as the army conducted flag marches for the second day to enforce the indefinite curfew imposed after several deaths when security forces fired on violent protesters.

“There was no relaxation in the indefinite curfew that was imposed here on Wednesday. People stayed indoors and the law and order situation was under control throughout the Valley,” a senior police officer told IANS on Thursday evening. “The curfew was imposed to protect civilian life and property from the designs of anti-social elements and it will not remain in force a minute longer than it is required,” he added.

Despite weak market, Reliance Communications scrip ends higher

Despite weak market, Reliance Communications scrip ends higher

Mumbai, June 7: Bucking the general gloomy trend, the shares of Reliance Communications closed significantly higher on Indian bourses on Monday, a day after its board approved a 26 per cent equity sale to a strategic investor. The shares of the telecom major, led by billionaire industrialist Anil Ambani, which had closed at Rs.168.15 on Friday, ended on Monday at Rs.175.90, up 4.61 per cent. It had touched the day’s high of Rs.179 at one point, but shed ground due to profit taking.

This was the only scrip, apart from ACC, among the 30 stocks of the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) that ended in the green. ACC ended 0.91 percent higher at Rs.848.50. In sharp contrast, the Sensex had a provisional ending at 16,781.07 points, down 336.62 points, or 1.97 per cent, over the previous close at 17,117.69 points, data with the exchange showed.

Rear Admiral killed in ‘accidental firing’

Rear Admiral killed in ‘accidental firing’

Kochi/New Delhi, July 7: One of the seniormost commanders of the Indian Navy, Rear Admiral SS Jamwal, was killed in ‘accidental firing’ on Wednesday in a gunnery school close to the headquarters of the Southern Naval Command in Kerala’s Kochi city, an officer said.

“I regret to inform that Chief of Staff, Southern Naval Command, Rear Admiral SS Jamwal, died in accidental firing at INS Dronacharya today (Wednesday),” navy spokesman Commander PVS Satish told IANS in New Delhi.

Satish said the circumstances leading to the accidental firing during a small arms training session on a firing range and the death of the 51-year-old officer were being investigated. In Kochi, Commodore MR Ajaya Kumar, naval officer in charge Kerala, told reporters that a bullet from Jamwal’s pistol hit him at around 10.30 am when he was training a batch of 24 trainers.

Monsoon covers country, 10 days early

PUNE: Making rapid progress, monsoon covered the entire country on Tuesday — 10 days earlier than usual. Last year too, monsoon had covered the whole country in advance — on July 3. India Meteorological Department said monsoon had been advancing rapidly for the last five days.

Weather conditions have been ‘‘very favourable’’ for the progress of monsoon, especially in the northern regions, A B Mazumdar, deputy director general, meteorology, told TOI. He said these conditions, including a strong wind flow, led to good showers in parts of north India for the last two days.

This year, monsoon had reached Bay of Bengal three days earlier than normal and had set in over Kerala on May 31 and over Mumbai on June 11 (both close to normal date). Although it covered north-eastern states slightly before usual, it reached Kolkata on June 13, a week later than usual.

South-west monsoon normally sets in over Bay of Bengal on May 20 and over Kerala on June 1. It covers most parts of peninsular India up to Mumbai and north-eastern states by June 10 and most parts of central and east India by June 15. It reaches Delhi around June 29 and covers the entire country by July 15.

IMD data for the last 30 years revealed the arrival of monsoon in Kerala was advanced by 14 days to May 18 in 2004 and delayed by 11 days to June 12 in 1983.

TOI

Facebook goes free for Airtel users

NEW DELHI: Leading telecom operator Bharti Airtel has made access to online social networking site Facebook free for its over 130 million subscribers, the company said.

The offer will, however, be available only for two months till August 31.

The Facebook site will be available in English, Hindi and five more Indian languages -- Punjabi, Bengali, Telugu, Tamil, and Malayalam.

"For the two-month period, the partnership enables Airtel customers to access Facebook’s full mobile site faster and at no data cost from their Airtel mobiles via m.facebook.com," said an Airtel statement.

Customers, accessing mobile Internet for the first time need to SMS ‘FACEBOOK’ to 54321 to take advantage of this offer.

Sensex down on selling pressure

MUMBAI: The Bombay Stock Exchange benchmark Sensex dipped by 20.86 points in early trade on Monday on fresh selling in banking sector stocks after a hike in interest rates.

The Sensex, which had lost 48.38 points in the previous session, fell by 20.86 points to 17,440.09 points in the first five minutes of trading as some of the leading banking stocks declined.

Similarly, the wide-based National Stock Exchange Nifty declined by 11.25 points to 5,225.85 points.

On Friday, the RBI raised short-term lending and borrowing rates by 25 basis points to 5.50 per cent and 4 per cent, respectively.

Volatile trade in Anil Dhirubhai Ambani Group stocks after the merger of Reliance Natural Resources Ltd with Reliance Power influenced the trading sentiment as well. While Reliance Natural Resources' scrip fell by 25.92 per cent to Rs 47.15, Reliance Power gained 4.68 per cent to Rs 183.35.

TOI

NDA, Left bandh today against oil price rise

NEW DELHI: Life in many parts of the country may be disrupted on Monday with non-Congress political parties set to enforce a nationwide bandh against the increase in fuel prices.

"This may be the first time in the history of India's politics that almost all political parties will participate in the Bharat bandh," NDA working chairperson L K Advani said after a meeting of top NDA leaders on Sunday to chalk out the strategy for the strike.

The government was unfazed, with finance minister Pranab Mukherjee ruling out a relook at the decision to increase prices and Congress slamming what it called "cheap and opportunistic politics at the cost of the nation".

The assertion seemed to reflect the confidence of a regime which has won a series of elections despite continued
rise in prices, defying estimates and leading many to wonder whether inflation has ceased to be the issue which would in the past tilt electoral outcomes against the incumbent.

What can provide edge to the protest this time is that both the BJP-led NDA and Left are going to be part of the action on Monday, raising the possibility of serious disruptions in states where non-Congress governments are in power.

The BJP and the Left have worked hard to pre-empt any perception of a collaboration, to deny Congress an opportunity to accuse CPM of a partnership with "communal forces".

But the competition among Opposition parties to emerge as the main vehicle of the popular unease over price rise is likely to lead them to put their best agitational foot forward on Monday.

"It's not Bharat bandh but virodhi pakhand (it's not an all-India strike but Opposition play-acting)," party spokesman Manish Tiwari retorted. He recalled that the BJP had supported the government move in Parliament in 2006 when the petroleum and natural gas regulatory Act was passed. The purpose of the legislation was to institute an independent regulator in the oil sector. "The BJP supported in both Houses of Parliament," he said.

Attacking the Left for making common cause with the BJP on the issue, he said, "Secularism has never been an issue with the Left." He said the Left had often 'colluded' with communal forces if it served their political purpose.
Advani credited NDA convenor and JD(U) chief Sharad Yadav with bringing together non-NDA political parties for the strike. Though the Left parties have given a call for a 'Bharat bandh' separately on Monday, RJD, SP, LJP and some smaller parties will not be part of the strike.

Advani claimed the government had become "insensitive" to price rise and said that though UPA had been espousing the cause of the common man since 2004, prices were on the rise. "Despite so much increase in food prices, the government has increased prices of petroleum products," he said.

Price rise will figure in the forthcoming monsoon session, Advani said, adding that even if prices were not rolled back, it was the responsibility of the Opposition to voice the people's protest.

Yadav said Monday's agitation would be "extraordinary and unprecedented" as people were "completely fed up" with price rise.

Yadav gave figures of prices of petrol in different countries to argue that its cost in India was very high. He claimed that the cost of petrol was only Rs 16.50 but after several taxes, it was sold for Rs 53.05.

Emergency services will not be disrupted during the strike. Advani appealed to all NDA members participating in the strike to ensure that it was conducted peacefully.

TOI

NDA will return to power in 2014: Nitin Gadkari

NDA will return to power in 2014: Nitin Gadkari

New Delhi, July 4: Bharatiya Janata Party (BJP) president Nitin Gadkari is confident that his party-led National Democratic Alliance (NDA) will return to power in the Lok Sabha polls in 2014. He denies being remote-controlled by the RSS and claims the alliance crisis in Bihar is ‘almost over’.

Gadkari does not think that the multi-party NDA, which ruled India from 1998 to 2004, has been weakened because parties like the Biju Janata Dal (BJD) and the Indian National Lok Dal (INLD) have left it.

“It is a to and fro process,” Gadkari told IANS in an exclusve interview at the BJP headquarters. “Some parties might have left, but some other parties are keen to come into the NDA.”

Can he name the parties keen to join the NDA? Gadkari: “We will disclose everything at the appropriate time.” The 53-year-old politican insists that BJP cadres have been activated all across the country since he took charge of the main opposition party over six months ago, succeeding Rajnath Singh.

“The mood is upbeat among party activists. The NDA will ride to power again at the centre,” Gadkari said. He cites the opposition’s decision to unite for Monday’s Bharat bandh to protest rising prices and the fuel price hike as a major achievement of his short tenure.

“We have been able to assemble all the parties on the burning issue of soaring prices of essential commodities.” But what about fissures with the Janata Dal-United (JD-U) and his disparaging remarks about Samajwadi Party chief Mulayam Singh Yadav and Rashtriya Janata Dal (RJD) president Lalu Prasad?

“It is a thing of the past. It is over,” he replied. The BJP president had called the two politicians ‘barking dogs’ for allegedly going soft on the government.

Gadkari is also upbeat about his immediate challenge - the Bihar assembly polls due in October.

“The crisis is almost over,” he said about the rift between the BJP and JD-U Chief Minister Nitish Kumar. What are the electoral chances of the alliance? “We will win. Hundred per cent,” he said.

Gadkari, who became the BJP president after the party was routed in the 2009 Lok Sabha elections, denied he had any problems with the party’s star leader, LK Advani. “I had absolutely no issues with Advaniji or any other leader, seniors or juniors.”

Is his lack of experience at the national level a problem? “I think most of these impressions are created by a section of the media, which has its own perceptions, rather than the reality,” he said.

He denied he was remote-controlled by the Rashtriya Swayamsevak Sangh (RSS) in decision making. “Of course, the Sangh is part of my conviction and the past. But the talk that I am directed by the RSS is far from true,” Gadkari said.

According to him, the party’s decision to take back former external affairs minister Jaswant Singh was his own decision. So is former Madhya Pradesh chief minster Uma Bharati also on the return path? Gadkari said the party will discuss the issue in detail at the appropriate time and take an appropriate decision.

Is Madhya Pradesh Chief Minister Shivraj Chouhan opposing Uma’s re-entry? Gadkari parried the question. Gadkari claimed that groupism or infighting in the BJP was on the wane. “A major example of dissidence was cited in Rajasthan. But we could achieve a comfortable win for Ram Jethmalani in the Rajya Sabha election.” As for Karnataka, dissidence was by and large over, he said. And there ‘is no dissidence in the Bihar unit’. (IANS)

Land of Krishna protests ban on peacock feather trade

Land of Krishna protests ban on peacock feather trade

Vrindavan, July 4: The national bird needs to be protected, but there is a flip side to the proposed ban on the domestic trade of peacock feathers. Just ask the hundreds of workers who earn their living selling products made from the multi-hued feathers.

In this land of the Hindu god Krishna, always portrayed with a peacock feather on his head, the proposed move of the Environment and forests ministry to ban domestic trade in the feathers has been met with alarm. “Can you think of Sri Krishna-Radha without the moar pankh (peacock feather)? In the south, Lord Murugan is fond of peacocks. Jain saints use them; cattle owners need them for decorating their animals. For religious purposes and even as decorative pieces, the peacock feathers are always in demand,” Hari Prasad, who sells peacock feather fans outside a Krishna temple in Vrindavan, told IANS.

In Goverdhan, Mathura, Vrindavan, where Krishna is believed to have been born and brought up, and in the nearby Taj Mahal city of Agra, hundreds of cottage industry workers and owners have been up in arms for the last one week organising protests and submitting memorandums against the ministry’s move.

They met the district magistrate and presented a memorandum addressed to President Pratibha Patil. “We have requested her to reject the move,” Nandlal Bharti of the Akhil Bhartiya Moar Pankh Kutir Udhyog Samiti (All India Peacock Feather Cottage Industry Committee), told IANS.

“A ban on the trade would leave many people, mostly from underprivileged sections, out of work,” added Ramesh, who runs a shop selling decorative pieces and items needed for rituals near the famous Dwarkadheesh temple in Mathura. “The charge that we kill the birds for feathers is bogus and wrong. How can we ever kill them? They provide us our livelihood,” argued Lakhan Singh, one of those who stands to lose his earnings.

Agra has India’s biggest wholesale market of peacock feathers. “The entire Braj Mandal, parts of Morena district in Madhya Pradesh, adjoining the Dholpur and Bharatpur districts of Rajasthan, and the sprawling 10,000 sq km area of the Taj Trapezium Zone have a high concentration of these birds. After the rains, the peacocks start shedding their feathers that are collected and brought to traders in Agra. In fact feathers are brought here from all over the country for auction during September-October,” disclosed Bhanwar Singh, president of the Association.

The members say the population of the magnificent national bird, which can’t fly very high or very long but has a long train of colourful feathers that fan out in the rains, has been steadily rising. But WWF and other environmental groups estimate that the population has gone down by almost 50 per cent of what it used to be at the time of independence.

Activists allege that peacocks were being killed at regular intervals for the feathers and also for the meat. “Use of pesticides in grains has also been found to be a factor in reducing the peacock population,” says eco-activist Ravi Singh. The environment ministry is planning a total ban on the use of the national bird’s feathers. The practice has so far been to allow trading in ‘naturally shed feathers’ but restrict exports of products made from them.

The Wildlife Protection Act 1972 prohibits the killing of peacocks as well as export of tail feathers or articles made from them, but allows domestic trade under the assumption that the feathers are naturally shed, states the ministry. But this could soon end with the ministry proposing to amend the act. The Wild Life Crime Control Bureau has over the years raided several warehouses in the Agra region and found huge stocks of feathers, giving rise to the suspicion that the birds were being systematically killed.

“The right course would be to step up patrolling and monitor controls. A total ban is not the right answer,” said tourism industry leader Rakesh Chauhan in Agra. “Hundreds of people make a living selling fans, sticks, all kinds of fancy items from the feathers. They would all stand to lose their livelihood,” agreed hotelier Sandip Arora. (IANS)

Mukesh Ambani group tops in market cap Anil’s logs sharpest growth

Mukesh Ambani group tops in market cap Anil’s logs sharpest growth

Mumbai, July 1: The Mukesh Ambani-led Reliance Industries group has emerged as India’s largest private business house by market capitalization as on June 30 though his younger brother Anil’s empire registered the maximum growth last quarter.

The Reliance Industries group’s market cap grew 2 per cent to Rs.357,902 crore during the last quarter, while companies under the Tata group ranked second but actually registered a 3 per cent decline at Rs 326,827 crore. The Reliance Anil Dhirubhai Ambani Group, ranked third, grew 14 per cent during the period under review to Rs 142,380 crore, based on an analysis of data as on June 30 available with the bourses.

The other two on the top of the chart are metals major Sterlite ‘Vedanta’ group and the telecom services group Bharti Airtel. But their market capitalisation over the quarter slipped 20 per cent at Rs 131,522 crore and 16 per cent at Rs 99,970 crore, respectively. The top five ranked companies according to their market caps are: Reliance Industries (Rs.356,422 crore), Tata Consultancy (Rs 146,987 crore), Bharti Airtel (Rs 99,970 crore), Sterlite Industries (Rs 57,114 crore) and Tata Steel (Rs 43,088 crore).

In terms of growth in market capitalization registered by individual companies, Titan topped the list with 195 per cent, followed by 32 per cent for Sterlite Technologies and 24 per cent each for Anil Ambani’s Reliance Broadcast and Tata Tea. (IANS)

Boundary, China-Pakistan deal on agenda in NSA’s Beijing trip

Boundary, China-Pakistan deal on agenda in NSA’s Beijing trip

New Delhi, July 1: Days before Pakistan President Asif Ali Zardari goes to China to firm up a nuclear deal, Prime Minister Manmohan Singh is sending National Security Advisor Shivshankar Menon on Saturday as his special envoy to Beijing on a four-day visit during which he is also expected to hold the next round of boundary talks.

Menon will meet senior Chinese leaders, including Foreign Minister Yang Jiechi and State Councillor Dai Bingguo, and discuss a range of bilateral and regional issues. The two sides announced the visit in New Delhi and Beijing on Thursday.

Food inflation falls to 12.92%

NEW DELHI: Food inflation fell sharply to 12.92% for the week ended June 19 from 16.90% in the previous week as cost of cereals and vegetables declined.

On a yearly basis, potatoes became cheaper by about 40% and onion prices eased by over 7%.

Prices for pulses fell by 0.47% on a weekly basis. However, on an annual count, prices soared by 31.57%.

Overall inflation for May was 10.16%, led by high food prices. Food inflation has remained above the 16% level for most part of the year.

Analysts expect prices to slide in the coming months following a good monsoon shower.

TOI

Sensex tumbles over 191 pts on weakening global trend

MUMBAI: Bombay Stock Exchange benchmark Sensex on Thursday nosedived by over 191 points on selling at metal, realty, auto and banking counters amid weak global trends.

The Sensex, which had gained nearly 167 points in the previous session, plunged 191.57 points to 17,509.33.

Reliance Industries lost Rs 10.75 to close at Rs 1,076.15 while Infosys Technologies was down Rs 21.05 at Rs 2,767.50. The two blue-chips carry nearly 23 per cent weight on the Sensex.

The broad-based National Stock Exchange index Nifty fell by 61.10 points to 5,251.40.

Marketmen said that selling pressure gathered momentum following reports of a weak trend in the Asian region, after China's manufacturing outlook weakened slightly in June for the third month. A lower opening in Europe, following rating agency Moody's remarks that it may downgrade Spain's debt, also added to the selling pressure.

Domestic factors, such as a fall in food prices and a jump in exports in May, cushioned the decline to some extent, they added.

TOI