Polling begins in 4th phase of assembly elections in Bihar

PATNA: Polling began on Monday morning in 42 assembly constituencies in the fourth phase of elections in Bihar amidst strict security.

Around 10.04 crore voters will be eligible to exercise their franchise to decide the fate of 568 candidates, including 58 women.

Voting is being held in Alauli (SC), Suryagarha, Tarapur, Jamalpur, Katoria (SC), Belhar, Sinkandra (SC), Jamui, Jhajha and Chakair declared 'Maoist-hit' between 7 am and 3 pm.

Prominent contestants include BJP stalwarts and ministers Ashwini Kumar Choubey (Bhagalpur), Nand Kishore Yadav (Patna Sahib) Ramnarayan Mandal (Banka), besides JD(U) minister Damodar Raut.

Senior IAS officer Afzal Amanullah's wife Parveen Amanullah is contesting on a JD(U) ticket from Sahebpur Kamal.

LJP president Ramvilas Paswan's brother and state party president Pashupati Kumar Paras is contesting from Alauli.

Deputy Speaker of state Assembly and RJD nominee Shakuni Choudhary is contesting from Tarapur.

While JD(U) is contesting from 25 seats, ally BJP is contesting in the remaining 17.

RJD has fielded candidates in 26 and ally LJP in 16. The Congress is contesting from all 42 constituencies while the BSP is in the fray from 40 seats.

The CPI-ML (L) is contesting 15 seats, CPI (13) and CPI-M (six).

"We have made multi-tier security arrangements for holding free, peaceful and fair polls," Director General of Police Neelmani said.

Borders with Jharkhand and Uttar Pradesh have been sealed and close ground and air surveillance being kept, Neelmani said.

Special Task Force (STF) commandos and senior police officials would maintain air surveillance while patrols would be intensified, he said.

The 42 constituencies are spread over eight districts. Byelection in the Banka Lok Sabha seat is also being held simultaneously with the fourth phase of assembly elections.

The two contenders for the seat are Putul Singh (Ind), widow of former union minister Digvijay Singh and former union minister Jayprakash Narain Yadav of RJD.

Both the NDA and the Congress were supporting the candidature of the independent.

The bypoll was necessitated by the death of Digvijay Singh three months ago.

Read more: Polling begins in 4th phase of assembly elections in Bihar - The Times of India http://timesofindia.indiatimes.com/india/Polling-begins-in-4th-phase-of-assembly-elections-in-Bihar/articleshow/6850355.cms#ixzz1402LkRoP

Sensex snaps three-day fall; ends 91 points up at over 20k

MUMBAI: Snapping a three-day falling streak, the Bombay Stock Exchange benchmark Sensex today gained over 91 points as funds purchased heavy-weight stocks, led by ICICI Bank on its higher earnings, and RBI's move to help increase money supply in the financial system.

The Sensex, after losing 362 points in last three days, remained lower through out the session but rebound in last 30-minute trade to close with a gain of 91.30 points to reach 20,032.34.

The benchmark shuttled between 20,080.33 and 19,768.96 during the day.

The broad-based National Stock Exchange index Nifty also rose by 30 points to 6,017.70, after moving between 6,032.65 and 5,937.10 points.

The fag-end buying picked up after the Reserve Bank of India announced special measures to increase money supply in the financial system, raising hopes of greater liquidity in the equity markets.

Buying was confined largely to the banking sector after the biggest private lender ICICI Bank soared to the highest level since February 2008 as its second-quarter consolidated profit rose 22 per cent.

The stocks of ITC Ltd, the biggest consumer goods maker and index-related, advanced the most in a week after its quarterly profit rose 23 per cent.

Higher earnings by leading companies boosted the market sentiment which encouraged the global funds net buyers in Indian equities for a 41st day on Oct. 27, the longest streak on record.

In the 30-BSE index components, nine gained and 20 decline, while ACC remained unchanged.

The heaviest-weight Reliance Industries rose by Rs 12.75 to Rs 1,095.80; ICICI Bank by Rs 71.35 to Rs 1,161.65, and ITC ltd by Rs 3.90 to Rs 171.15. The three carry nearly 27 per cent weightage on the benchmark.

The banking sector index gained the most by adding 1.52 per cent to 14,016.21 followed by FMCG index by 1.30 per cent to 3,605.10. The oil and gas index also rose by 0.69 per cent to 10,948.82.

Read more: Sensex snaps three-day fall; ends 91 points up at over 20k - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-snaps-three-day-fall-ends-91-points-up-at-over-20k/articleshow/6833166.cms#ixzz13kQq0tfE

FinMin hopeful of getting DTC bill passed next fiscal

STAFF WRITER 13:41 HRS IST

New Delhi, Oct 29 (PTI) The Finance Ministry today said it is hopeful of getting the Direct Taxes Code (DTC) bill approved by Parliament in the next fiscal to enable its implementation from April 1, 2012.

"The draft DTC is with the Parliamentary Standing Committee. It is likely that by February-March, we should receive their comment and by the middle of next year in the monsoon session, it should be voted and made law," Revenue Secretary Sunil Mitra told reporters on the sidelines of a FICCI conference here.

In August, the government decided to delay the implementation of DTC by a year to April 1, 2012.

The DTC, which seeks to replace the Income Tax Act 1961 and simplify direct tax laws, was originally proposed to be implemented from April 1, 2011.

Sensex slips below 20,000-mark; closes 64 points down

STAFF WRITER 16:53 HRS IST

Mumbai, Oct 28 (PTI) Stock market benchmark Sensex slipped below the psychological 20,000 level today and ended 64 points lower as investors preferred to remain cautious ahead of RBI's policy meet next week, apprehending a hike in short term rates.

Extending losses for the third consecutive session, the 30-share barometer of the Bombay Stock Exchange ended lower by 64.33 points, or 0.32 per cent, at 19,941.04 -- the lowest close since October 20, when it had closed at 19,872.15.

The wide-based 50-share Nifty index of the National Stock Exchange too lost 0.41 per cent to finish at 5,987.70.

The session was very volatile today, as it was the last day for traders to roll over positions in the derivatives segment, marketmen said, adding that range-bound trade is expected to continue in near term.

Sensex ends below 20k level

MUMBAI: Erasing early gains, the Bombay Stock Exchange benchmark Sensex on Thursday fell below the psychological 20,000 mark, losing 64 points, as investors cleared their long positions of derivatives contracts.

The Sensex, which had lost nearly 298 points in last two trading sessions, fell further by 64.33 points to 19,941.04 as investors squared up their positions on expiry of current month contract in the derivatives segment.

The index shuttled between a high of 20,185.46 and a low of 19,869.32 points during the session.

The broad-based National Stock Exchange index Nifty also broke its crucial 6,000 points level by losing 24.95 points at 5,987.70. It touched a high of 6,071.10 and a low of 5,968.10.

A spree of profit-booking further pulled down the benchmark, even as a firming global trend and easing inflation failed to check the down-trend.

Barring auto, all the sectoral indices closed in red. In 30-BSE index components, 22 stocks closed with losses while eight remained higher.

Brokers said the market was in over-bought position as funds and investors were expecting the benchmark might regain its lost peak after 33-months.

They said the front-runner stocks led by Reliance Industries, Infosys Technologies and and ICICI Bank were major losers as speculators unwinded their pending positions.

The foreign funds have been net buyers of stocks for 40 trading days, matching the longest run of inflows in the more than five years since Aug. 9, 2005, they added.

The heavy-weight Reliance Industries dropped by Rs 9.60 to Rs 1,083.05; second-heaviest Infosys Technologies by Rs 9.60 to Rs 2,974.65; leading private lender ICICI Bank by Rs 15.95 to Rs 1,090.30 and state-run State Bank of India by rs 15.90 to Rs 3,177.55. All the four carry nearly 32 per cent weightage on the Sensex.

The realty sector index suffered the most by losing 1.72 per cent to 3,677.84 followed by consumer durable index by 1.51 per cent to 6,517.33. The power, metal, healthcare and FMCG sector were also in red.

As the selling pressure spread over a wide-front, the midcap sector index lost 0.64 per cent to 8,375.75 and smallcap index by 0.53 per cent to 10,758.55.


Read more: Sensex ends below 20k level - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-ends-below-20k-level/articleshow/6828988.cms#ixzz13ez9SeVN

53% voting in third phase of Bihar polls

PATNA: Barring stray incidents, polling passed off peacefully in 48 constituencies figuring in the third phase of Bihar Assembly elections, which saw an estimated 53% voter turnout.

Five Maoist-hit constituencies - Amnour, Taraya, Ramnagar, Balmikinagar and Patepur - recorded 45 per cent to 52 per cent polling.

Voters were ferried by boats in the riverine areas of Raghopur Assembly constituency in Vaishali district where former chief minister Rabri Devi is in the fray. The wife of RJD supremo Lalu Prasad is also contesting from Sonepur seat in Saran district.

Over 185 persons were detained during the polling, which witnessed minor incidents of clash and scuffle. "Otherwise, it was peaceful and smooth," Director General of Police Neelmani said. Around 60 vehicles were also seized.

Borders with Nepal and Uttar Pradesh were sealed and DIG and Commissioner of Saran division along with special task force commandos kept surveillance from the air, Neelmani said.

Constable Pramod Pandey was detained from a booth in an inebriated state in Gopalganj town, he said.

BJP and RJD workers clashed at two booths in Raxaul Assembly constituency in East Champaran district, but none was injured, official sources said.

A scuffle broke out between supporters of rival candidates at a booth at Madhavpur in Lalganj Assembly constituency in Vaishali district, they said.

An independent candidate Awdhesh Singh was arrested with Rs 15,000 in cash for allegedly influencing voters in Amnour constituency in Saran district, they said.

A presiding officer was arrested from a booth in Gopalganj constituency for committing electoral irregularities, they said.

An old woman too died at a booth at Badhara in Siwan district, they said.

The car of state BJP minister Renu Devi was seized in Bettiah town.

Defects in EVMs were reported from a few polling centres in Balmikingar, Bagha, Bettiah, Siwan, Vaishali and Gopalganj constituencies, but they were rectified.

Voters boycotted polling at four booths - two in Bettiah constituency and one each in Bhore and Raxaul.

Polling in the Naxal-hit constituencies of Ramnagar, Balmikingar and Patepur concluded at 3:00 pm, while voting in the other two Maoist-infested constituencies Amnour and Taraiya was over at 4:00 pm.

Over one crore electorate will decide the fortune of six state ministers in today's phase.


Read more: 53% voting in third phase of Bihar polls - The Times of India http://timesofindia.indiatimes.com/india/53-voting-in-third-phase-of-Bihar-polls/articleshow/6826249.cms#ixzz13eywqDBR

'Windows 8 to launch in 2012'

NEW DELHI: Microsoft's next operating system launch seems to be set for the year 2012. In a blogpost on its Dutch Web, Microsoft said that the next version of Windows should hit the shleves in about two years.

"Furthermore, Microsoft is on course for the next version of Windows. But it will take about two years," read the blog posting celebrating the first birthday of Windows 7.

However, Microsoft has declined to comment or elaborate on the blog.

According to reports, a presentation leaked in June showed Windows 7 successor to include an app store similar to Apple's and that of other mobile device makers.

The presentation, according to CNET, also suggested that Microsoft is keen to improve startup times and the time it takes to resume from sleep, improve power efficiency, as well as work more closely with computer makers to better differentiate their respective computers.


Read more: 'Windows 8 to launch in 2012' - The Times of India http://timesofindia.indiatimes.com/Tech-News-Software-Services/Windows-8-to-launch-in-2012/articleshow/6809871.cms#ixzz13R8M5psa

US non-committal on permanent UNSC seat for India

NEW DELHI: Just ahead of the Obama visit, the US continues to sound non-committal about support to India for a permanent seat at the UNSC. While welcoming India's election as a non-permanent member on Monday, US officials were guarded in their reaction saying that UNSC reforms were a complicated matter and that Washington looked forward to working together with India over the issue.

India has been hoping that President Obama will endorse India's candidature for permanent membership during his visit. "We welcome India's election as a non-permanent member and look forward to working with it on the issue of UNSC reforms. However, UNSC reforms is a complicated issue. The US focus is on improving the efficacy of the Council,'' said an official.

On India's decision to sign the CSC ahead of Obama's visit, US officials said that this was a positive step and expressed the hope that it will allow companies to launch commercial negotiations. "We are hopeful that the outcome is consistent with international norms so that they can lead to nuclear transactions between the two countries," said officials.

They added that the two sides are trying to "resolve differences" over issues relating to the civil liability legislation so that US companies can begin nuclear business with India.

Senior officials also admitted that India's participation in the 45-nation Nuclear Suppliers Group (NSG) has been "under discussions", but added that New Delhi's membership in the nuclear cartel will have to be agreed to by all NSG members by consensus. "NSG is a voluntary organisation and works only on the basis of consensus," said an official.

While talking about the various bilateral issues to figure during Obama's three-day visit, the officials said they expect to hear about the impact of changes in US policy of H1B visa, outsourcing regulations and market access but downplayed the "frictions" on these issues. They said it would not be proper to describe it as protectionism. "We will find ways to take care of some of these issues," they said.

The officials made it clear that US policy on Kashmir has been very clear for many years and that it was an issue which was part of the discussions between India and Pakistan and not an issue for the US or any other country to play a role in.

Read more: US non-committal on permanent UNSC seat for India - The Times of India http://timesofindia.indiatimes.com/india/US-non-committal-on-permanent-UNSC-seat-for-India/articleshow/6810806.cms#ixzz13R7ZIrOk

2nd password for online shopping must: RBI

CHENNAI: Shopping online through foreign websites can come a cropper with the Reserve Bank insisting on an additional password for all kinds of online transactions.

The requisition of an additional authentication hampers online shopping when Indian credit/debit cards are used on foreign websites and also when foreign cards are used on Indian sites.

In a notification to the banks on Monday, RBI made it clear that it's not going to compromise on the security of online transactions. It had on August 1, 2009, made a second factor or an additional authentication mandatory for online transaction using credit and debit cards. Before that, users required only the 16-digit card number and the CVV number for online shopping.

According to an official of a public sector bank, some banks continued to provide the facility of online transaction on foreign portal without the second factor authentication. In this regard, the Reserve Bank issued a clarification that the additional validation is compulsory for "all transactions using cards issued in India, for payments on merchant site where no outflow of foreign exchange is contemplated".


Read more: 2nd password for online shopping must: RBI - The Times of India http://timesofindia.indiatimes.com/business/india-business/2nd-password-for-online-shopping-must-RBI-/articleshow/6812548.cms#ixzz13R7AFyl3

Exports jump 23% in Sept, fastest in 2 yrs

NEW DELHI: India's merchandise shipments in September rose at its fastest pace in two years, clocking a rise of 23%, or some $18 billion, but the rate of increase in imports outpaced this growth to stir concerns over a widening trade gap.

Exports aggregated $103.3 billion in the April-September period, marking a 27.6% increase from the year-ago period. No wonder, commerce minister Anand Sharma on Monday said the country is on track to surpass the export target of $200 billion for the current fiscal. "In the first six months of this year, we have done well. We are very much on track...to cross $200 billion," Sharma said.

Releasing the figures, commerce secretary Rahul Khullar said the growth could be partly attributed to the low base in the previous year and increasing prices. He said September was the "first month in which exports were higher than (for a particular month) 2008-09".

Exports had recorded a 22.5% growth in August at $16.64 billion. Imports too jumped by a higher rate of 32.2% to $29.7 billion, resulting in a trade deficit of $13.06 billion.

Exporters, meanwhile, are hopeful of topping the target but say rupee volatility and high cost of credit are matters of concern. On Monday, Federation of Indian Export Organisations (FIEO) president A Sakthivel suggested the RBI place restriction on the minimum period of investment by FII of at least 12 months as a measure to check volatility.

At a monetary policy meeting with RBI governor in Mumbai, Sakthivel said FIIs should be allowed repatriation only after investment remains in India for 365 days or more. Highlighting constant decline in export credit as a percentage of net bank credit, which fell to as low as 4.1% as on January 15, he requested that 50% of the total export credit should be earmarked to MSME sectors so as to ensure regular and seamless flow of credit to the export sector.

The issue of non-availability of dollar-denominated credit for exports was also flagged by FIEO as exporters are of the view that banks normally prefer to provide credit to corporates over exporters. Sakthivel sought a clear RBI directive to banks on this.

Referring to increase in export credit rate under the base rate regime, Sakthivel said in the PLR regime, exporters were getting pre- and post-shipment credit at least 2.5% below PLR, if not at lower rate. But in the base rate regime banks are charging export credit 150 to 200 basis points above the base rate which make the export credit rate under the base rate regime costlier.


Read more: Exports jump 23% in Sept, fastest in 2 yrs - The Times of India http://timesofindia.indiatimes.com/business/india-business/Exports-jump-23-in-Sept-fastest-in-2-yrs-/articleshow/6810386.cms#ixzz13R6zLffw

Sensex soars 142 pts in opening trade

STAFF WRITER 9:34 HRS IST

Mumbai, Oct 25 (PTI) Led by a rally in metal and oil and gas stocks, the Bombay Stock Exchange benchmark Sensex shot up by nearly 142 points in the opening trade today on strong capital inflows by foreign funds and firm Asian markets.

The 30-share index of the BSE, which had lost 94.72 points in the previous session, rose by 141.90 points, or 0.59 per cent, to 20,307.76 in the morning trade with all the sectoral indices trading in positive zone with gains up to 1.04 per cent.

Similarly, the wide-based National Stock Exchange regained 6,100 level by rising 42.10 points, or 0.68 per cent, to 6,108.15.

Analysts said that increased inflows of overseas funds bolstered by strong quarterly earnings by corporates and a firm trend on the other Asian bourses led to the rise.

In the Asian region, the Hong Kong's Hang Seng index was up by 0.

2 lakh in India die of malaria annually: Lancet

Malaria kills nearly 2 lakh people in India every year, including 80,000 children below the age of 15 years, according to a new study published in reputed medical journal The Lancet.

The report contradicts the findings of the World Health Organisation (WHO) which had put the number of deaths due to malaria in India at 15,000.

The Lancet report says that 90 per cent of the deaths were recorded in rural areas, of which 86 per cent occurred at home without any medical attention. The study, which began in 2002, covered 6,671 areas, each with about 200 households.

The research, led by teams from the office of the Registrar General of India, Centre for Global Health Research at St Michael’s Hospital and University of Toronto, Canada, found that Orissa reported the highest number of deaths — 50,000. The other “high-malaria” states are Chhattisgarh, Jharkhand and Assam.

“In the absence of other diseases, on current death rates, a newborn in Orissa has 12 per cent chance of dying from malaria before the age of 70 years, as against 2 per cent for the average Indian baby,” Prof Prabhat Jha, co-lead author of the study, told The Indian Express.

“The WHO relies on properly diagnosed malaria patients for the estimates, which can be misleading,” said Jha.

But WHO’s India representative, Dr Nate Menabde, said its methodology is “universal”. “The method of verbal autopsy is suitable only for diseases with distinctive symptoms and not for malaria. Malaria has symptoms common with many other diseases and cannot be correctly identified by the local population. The use of verbal autopsy for malaria may result in many false positives.

In this method, deaths due to fever from any cause are likely to be misinterpreted as malaria in areas with high incidence. In areas with low malaria incidence, the symptoms are difficult to distinguish and would result in overestimates of malaria deaths,” said a statement issued by Menabde.

“The limitations of verbal autopsy, and the implausibly high case incidence rates implied by the malaria mortality estimates, indicate that the findings of the study cannot be accepted without further validation,” it added.

But Jha countered that the “WHO itself uses verbal autopsy for estimating malaria. So why aren’t they accepting it this time?”

Source:http://www.indianexpress.com/news/2-lakh-in-India-die-of-malaria-annually--Lancet/700930

Coal India IPO subscribed 15.28 times

The initial public offer (IPO) of India's largest coal producing company Coal India (CIL) has seen huge response from investors and has received bids for more than USD 53 billion worth of equity shares as against issue size of USD 3.5 billion on last day.

The issue has been subscribed more than 15.28 times, including major contribution from qualified institutional buyers (QIBs) followed by non-institutional investors (NIIs) and retail investors.

Coal India IPO subscribed 15.28 times

For the reserved portion of QIBs (which closed on Wednesday and was subscribed 24.7 times), foreign institutional investors put in bids for USD 27.5 billion worth of equity shares followed by domestic financial institutions and mutual funds with USD 10 billion and USD 1.4 billion, respectively. (USD 1 = Rs 44)

The reserved portion of non-institutional investors was subscribed 25.4 times and retail 2.31 times while employees' portion was subscribed just 0.1 times.

Institutional investors have gone all out for Coal India with the IPO getting highest-ever demand received by an Indian issue. QIB generated demand for CIL was at Rs 1,73,398 crore with 100% margin while Rs 1,88,923 crore with 10% margin in case of Reliance Power IPO, which launched in 2008. In case of Reliance Power, QIBs' portion had subscribed 30.68 times.

A price band of the issue is at Rs 225-245 a share. Prasad Baji of Edelweiss Securities said that the market needs to treat CIL as an utility play. According to him, CIL’s fair value is at Rs 316 per share as coal prices are unlikely to come down in India. "Our assessment of fair value is Rs 316 based on a DCF valuation. Even on EV/EBITDA basis we are getting at Rs 300 price so there is some amount left on the table in this issue," he said.

However, Paresh Jain of Angel Broking differs. According to Jain, CIL’s fair value is at Rs 294 per share, which is based on the DCF valuation methodology. "We feel that the downside from the issue price is capped. There are no anchor investors in this particular issue. Most of the long only issue funds that need a good chunk of the stock would have to come and purchase it from the open market. That would give a boost to your stock price. I would advice investors to hold on to the stock because clearly our country is deficit in coal. Going forward as you see the washeries coming in, you will see earnings growth much faster 2013 onwards," he reasoned.

It would be the largest ever IPO by an Indian company. All issue proceeds will be received by the selling shareholder (GoI), which stake will be 89.99% post the issue. The offer shall constitute 10% of the post offer paid-up equity share capital of company.

However, Baji says, 26% mining profit share is a key risk, not just for Coal India but for the entire mining space. "In case of Coal India, there are certain mitigating factors. They spend 4% of their revenues on social activity. There is some case here that the management has been speaking to set it off against any kind of distribution of profits." he explained.

Book running lead mangers to the issue are Citigroup Global Markets India Private Limited, Deutsche Equities (India) Private Limited, DSP Merrill Lynch Limited, ENAM Securities Private Limited, Kotak Mahindra Capital Company Limited and Morgan Stanley India Company Private Limited.

US official hints at lifting nuclear curbs on India

In the first official pronouncement, the US on Thursday said it wants “export control policies” to reflect India “as a partner, not a target”, indicating the lifting of curbs during President Barack Obama’s visit next month. HT had first reported that a US announcement of the end of advanced nuclear technology sanctions against India was expected (Hi-tech N-sanctions against India to go, October 21).

“...Working together to adapt and reform the export control policies to reflect the realities of the 21st century partnership, so that India is treated as a partner and not a target,” US under secretary of state William Burns said after his meeting with external affairs minister S.M. Krishna and foreign secretary Nirupama Rao.

Burns and US assistant secretary for South Asia Robert Blake are meeting Indian officials to firm up the deliverables during Obama’s visit.

Burns said Obama has a “rich agenda” during his visit that encompasses a range of issues, from agriculture to expansion of defence cooperation to counter-terrorism cooperation. The US is also committed to working with India to realise the full potential of the historic civil nuclear deal, he added.

“In all these areas, there is extraordinary promise and opportunity and we are determined to continue working together and... I believe we are making good progress,” he said.

Terming Obama’s visit a “historic moment” in India-US ties, Burns said America had deep strategic interest in India’s emergence as global power.

Burns will also meet former national security adviser M.K. Narayanan, who had an active role in the civil nuclear deal, before he leaves on Friday.

HT

Food inflation falls to 15.53 pc for the week ended

STAFF WRITER 12:2 HRS IST

New Delhi, Oct 21 (PTI) Food inflation declined to 15.53 per cent for the week ended October 9, on improved supplies and declining prices of certain vegetables, especially, potato.

Food inflation fell by 0.84 percentage points to 15.53 per cent during the week, from 16.37 per cent in the previous week, government data showed.

On an annual basis, potato prices eased by 50 per cent and onions became cheaper by 8.62 per cent. However, other essential items like cereals, milk and fruits continued to remain dearer.

Experts said the impact of adequate monsoon was slowly becoming visible on prices of essential items, as supply side pressure was easing after good harvest.

On an annual basis, cereals prices have risen by 5.88 per cent. While pulses became costlier by 4.44 per cent on a yearly basis, wheat and rice prices increased by 7.01 per cent and 4.72 per cent, respectively.

'G-20 should promote robust economic growth

K J M Varma

Beijing, Oct 21 (PTI) China today said it hopes that the the summit of Group of 20 (G-20) nations in Seoul next month would help promote global economic growth in a robust, sustainable and balanced manner.

"The Seoul G-20 summit, the first of its kind to be held in an Asian country and an emerging market, is important for the development of the G-20," said Chinese Foreign Ministry spokesman Ma Zhaoxu at a news briefing.

Ahead of next month's summit, finance ministers of G-20 grouping are meeting in South Korea over the next few days, against the backdrop of US concerns over China's keeping its currency 'artificially undervalued' to push exports.

While the US wants China to appreciate its currency yuan in line with market forces, the Chinese government is resisting the move as it would hurt the country's exports.

Bihar voters queue up, polling jumps by 9% since 2005 Read more: Bihar voters queue up, polling jumps by 9% since 2005

PATNA: In what's being seen as an indicator of growing voter awareness in Bihar, the polling percentage went up to 55% from 46% in 2005 in 47 constituencies that went to polls on Thursday. With heavy security deployment, much like the 2005 elections, the voting was peaceful.

''It was an incident-free day,'' said chief electoral officer Sudhir Kumar Rakesh, adding that calculations were still on and the voter percentage may actually go up.

"A record 82% of 8068 polling booths were covered by Central paramilitary forces,'' said an election official. Of these, 108 were in Naxal-affected locations.

DGP Neelmani said only 161 people were arrested. A lone candidate, JD-U's Neeraj Kumar Babloo, was booked for manhandling a presiding officer in his Chhatapur constituency in Supaul district. Nine booths reported poll boycott, and these were attributed to '' lack of development work'' , said an official press release. SK Rakesh thanked all political parties and candidates for ensuring peaceful polling. He described the voter turnout as ''excellent'' .

''It was due to the relaxed norms which allowed voters to vote even if there were minor errors in the electoral rolls or photo ID-cards," he said, and added, ''Allowing all the eligible members of a family to vote on the basis of the photo ID-card of one of them also helped voters vote in larger numbers.

Rakesh also thanked the security forces for ''unprecedented'' measures, including aerial patrolling, to instil confidence among the voters. ''This, too, contributed to heavy turnout,'' he said. Madhubani recorded 52% polling, Supaul 53%, Araria 53%, Kishanganj 57%, Katihar 57%, Madhepura 52% and Saharsa 57%. "The only mishap was when the presiding officer of booth no 123 at Pranpur in Katihar district died of heart attack,'' said Rakesh, and added that the polling process was not interrupted.

JD(U)'s Babloo allegedly manhandled the presiding officer at booth no 177. '' We have lodged a case against the JD(U) candidate who will be arrested soon,'' the DGP said. Bablu is absconding. The polls were boycotted at booth no 113, 114 (Benipatti), 178 (Rajnagar), 173 and 174 (Alamnagar), 226 (Sonebersa ), 192 (Jokihat) and 104 (Bahadurganj ).

Read more: Bihar voters queue up, polling jumps by 9% since 2005 - The Times of India http://timesofindia.indiatimes.com/india/Bihar-voters-queue-up-polling-jumps-by-9-since-2005/articleshow/6790426.cms#ixzz133ZwZQzG

UPSC defence, naval academy entrance exam 2011 on April 17

New Delhi: The Union Public Service Commission (UPSC) will hold the National Defence Academy and Naval Academy Examination (I), 2011 on April 17, 2011 for admission to Army, Navy and Air Force Wings of NDA for 127th Course and Naval Academy for 89th Indian Naval Academy (INAC) Course commencing from December 30, 2011.

Only unmarried male candidates born not earlier than 2nd January, 1993 and not later than July 1, 1995 are eligible.

Minimum educational qualification for Army Wing of National Defence Academy is clearing Class 12 in a 10+2 pattern of school education or equivalent examination conducted by a State Education Board or a university.

For Air and Naval Wings of National Defence Academy and for 10+2 (Executive Branch) course of Naval Academy, the minimum qualifications include passing Class 12 in a 10+2 pattern of school education or equivalent examination with physics and mathematics, conducted by a State Education Board or a university.

Candidates who are appearing in 12th class under 10+2 pattern of school education or equivalent examination can also apply for this examination.

Candidates can apply Online using the link www.upsconline.nic.in. Detailed instructions for filling up on line applications are available on the website.

Candidates, who wish to apply off-line, must apply in the Common Application Form devised by the commission for its examinations, which can be purchased from the designated head post offices/post offices throughout the country.

In case of any difficulty in obtaining application forms from the designated post offices, the candidates should contact the concerned Post Master or UPSC's Forms Supply Monitoring Cell over telephone or fax.

The last date for all offline applications to reach UPSC, either by hand or by post, speed post or by courier is November 15, 2010. However, in respect of candidates residing abroad or in certain remote specified areas, the last date for receipt of application by post/speed post only (not by hand or by courier) is November 22, 2010.

All online applications can be filled up to November 15, 2010 till 11.59 p.m. after which the link will be disabled.

For details regarding the syllabus and scheme of the examination, centers of examination, guidelines for filling up application form etc. aspirants must consult the detailed notice of the examination published in the Employment News/Rozgar Samachar dated October 16, 2010. They can also visit the UPSC website.

In case of any guidance/information/clarification regarding their applications, candidature etc. candidates can contact UPSC's Facilitation Counter near gate 'C' of its campus in person or over telephone during working hours.

Ancient tunnel unearthed in Mumbai

Mumbai: A tunnel thought to be 200 years old has been unearthed in the premises of the General Post Office in south Mumbai, officials said on Wednesday.

Believed to be an ancient escape route, the tunnel heads towards Colaba in south Mumbai, said Maharashtra Postal Services Director Abha Singh.

"From whatever we have seen, it is a very well-maintained passageway, around 20 feet below the ground, full of mud in view of the ongoing monsoon," Singh told the sources.

Though it is not yet known when the tunnel was built, another tunnel found a few metres away was around 160 years old.

An official of the Brihanmumbai Municipal Corporation confirmed that it was not an old or forgotten drainage line. "It is indeed a tunnel, and in surprisingly good condition too."

The Archaeological Survey of India (ASI) is assessing the discovery.

"We at GPO are in an area which is deep in ancient history and heritage, and this is a treasure that must be preserved," Singh said.

While declining to spell out plans, she felt the tunnel could be converted into a walk-in museum where people could go and soak in history.

Covered under a cement structure with a heavy iron lid and huge flowerpots placed on it, the tunnel was discovered a couple of days ago in the garden in front of the main GPO building.

When the pots were shifted and the lid was opened, it revealed a rusted iron ladder leading below. Only one postal employee, Devji Waghela, gathered courage to take a torch and climb down.

"We shall first examine it in detail and only then we can make any comments about the historical significance. My officers shall make a preliminary assessment in the next couple of days," M.S. Chauhan, ASI's superintending archaeologist, told the sources.

The tunnel has become a subject of intense debate and speculation among experts, historians and officials.

Some claim it could be from the Napoleon era and could have been an escape route for the British garrisons stationed here who feared an attack by the French Army.

Napoleon was defeated in 1815 and the famous Bombay Fort was demolished by the British in 1862.

Singh said though the GPO building was built between 1904 and 1913, there were no records to show that engineers had come across the tunnel.

"This is like a pre-centenary year (2013) gift for GPO... We shall treasure it forever," she said. IANS

Sensex falls by 111 pts on weak global trend

MUMBAI: In volatile trading, the Bombay Stock Exchange benchmark fell for the second day today losing 111 points after a surprise rate hike in China spooked Asian peers and Coal India mega IPO continued to drain out funds.

The 30-share barometer dropped by 110.98 points to close at 19,872.15 on brisk selling in heavy-weight stocks led by metal, realty and consumer durables. It shuttled between 19,822.66 and 20,043.82 points during the day.

The index had lost 186 points yesterday. Similarly, the broad-based National Stock Exchange index Nifty lost 45.20 points to settle below the crucial 6,000 level at 5,982.10 points.

General investors and major players encashed every rise in the market to drain out funds for investing in the ongoing mega Coal India IPO, brokers said.

Selling pressure further deepened on weakening global trend after surprise rate hike by China, for the first time in three years, raised concerns over slowdown in global economic recovery, they added.

Asian equities fell today after China raised one-year lending and deposit rates by 25 basis points, boosting borrowing costs for the first time since 2007. A gauge of raw-material producers in the MSCI Asia Pacific Index dropped 1.1 per cent.

Metal stocks were major losers on fears that demand from the largest consumer of base metals, China, might plunge. The impact was also noticed on banking stocks.

The metal sector index lost 2.22 per cent, the most among 13 sectoral indices, to close at 16,892.14 points. Sterlite Industries, the biggest copper and zinc producer, dropped by Rs 6.25 to Rs 170.25 as raw material prices declined.

However, a rise in stocks of capital goods, healthcare and refinery sectors saved the market from any major fall.

The heaviest in the Sensex, Reliance Industries, rose by Rs 4.85 to Rs 1,048.70 and second-heaviest Infosys by Rs 6.95 to Rs 3,019.25. The two carry nearly 23 per cent weightage in the Sensex.

In 30-BSE index components, 21 closed with losses while other nine ended in the positive zone.

Read more: Sensex falls by 111 pts on weak global trend - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-falls-by-111-pts-on-weak-global-trend/articleshow/6780701.cms#ixzz12xmOVsxQ

Cement prices up 40% in a month

BANGALORE: After water and power problems, soaring cement prices have thrown a spanner in the wheel of infrastructure development . And most developers and people building independent homes are stumped for a solution.

In the past month, this has severely hit house-building budgets as cement constitutes 25% of the overall cost.
From Rs 165 for a 50 kg bag in the first week of September , cement is now being sold in some cases at as high as Rs 285. Even at this price, it's not easily available , according to builders. Some builders allege that cement manufacturers have cartelized and have deliberately cut production in order to raise prices. "This is happening too often and the government should have a regulatory body to curb it," said Dayananda Pai, managing director of Century Builders. J C Sharma, MD of Sobha Developers , says cement prices have increased by 40% in the last one month. "It is sudden and unprecedented ," he said.

Builders are passing on the cost increase to consumers . "But what about individuals who have taken bank loans and invested their savings into building a house? They'll be hit hard. Already many projects have come to a standstill," said Pai.

It is said that the government has referred the issue to the Competition Commission of India.

"The government needs to direct leading players — India Cements, Birla (UltraTech ) cements, ACC, Bharathi Cement and others — to produce to capacity . Then cement will be easily available and the cost too will not double,'' said Sharath Reddy of Sindhya Builders. Cement manufacturers deny there is any cartelization . T S Krishnaswamy , marketing head, TN Region, India Cements, said short supply of power and increased cost of coal have resulted in drop in cement production. Builders, however, don't buy this argument . "Coal price has increased by 5-10 %. How can that lead to an 80% increase in cement price?" asks Pai.

Civil engineer Vasudev Rao said many construction workers, civil engineers and contractors, especially those working on individual units, will be out of jobs if the high cement prices continue.

Read more: Cement prices up 40% in a month - The Times of India http://timesofindia.indiatimes.com/business/india-business/Cement-prices-up-40-in-a-month/articleshow/6784253.cms#ixzz12xmCdo9S

Battle for Bihar: Phase 1 of polling begins

PATNA: The first phase of Bihar assembly elections began on Thursday in 47 constituencies across the Kosi-Seemanchal and Mithilanchal belts. In a first in Bihar, the constituencies in the first phase have placed under air surveillance for which the Election Commission has requisitioned "adequate number" of Indian Air Force choppers.

On the ground, state DGP Neelmani said on Wednesday, "85% of the 10,868 booths will be guarded by Central forces."

Around 1.07 crore voters in the region are eligible to decide the fate of 631 candidates in the first lot of the 243 assembly constituencies, most of them in rural areas.

The fate of 631 candidates is to be decided in the first phase. These include the wives of two dons, Anand Mohan and Pappu Yadav, behind bars, convicted in separate murder cases. Ranjit Ranjan, wife of former MP Pappu, will take on agriculture minister Renu Kushwaha from Bihariganj while Lovely Anand, wife of another former MP Mohan, will fight against revenue and land reforms minister Narendra Narayan Yadav at Alamnagar. While the ministers belong to JD-U, the two women are Congress candidates.

The eight districts going to the polls are Kishanganj, Araria, Purnia, Madhepura, Saharsa, Katihar, Supaul and Mithilanchal, IANS said.

So far, political bigwigs like UPA chairperson Sonia Gandhi, PM Manmohan Singh, AICC general secretary Rahul Gandhi, BJP leader LK Advani, BJP president Nitin Gadkari, and his predecessors M Venkaiah Naidu and Rajnath Singh, as well as UP chief minister Mayawati have campaigned in the state.

One of the highlights of electioneering was a war of words between Manmohan and Nitish, with the CM urging the PM to "give concrete evidence" of charges against him to get them investigated. Nitish also invited Singh for a debate over whether Bihar has progressed during his five-year rule or not.

Polling, which began at 7 am, is scheduled to go on till 3 pm.

Read more: Battle for Bihar: Phase 1 of polling begins - The Times of India http://timesofindia.indiatimes.com/india/Battle-for-Bihar-Phase-1-of-polling-begins/articleshow/6784596.cms#ixzz12xkvX47V

CIL IPO subscribed 1.7 times on day two

MUMBAI: The Coal India IPO, the largest in the Indian history that is estimated to mobilize nearly Rs 15,500 crore, was oversubscribed on the second day of the offering itself with the total demand already worth over Rs 26,000 crore now.

NSE data showed that compared to 63.2 crore shares that the government is selling in the Coal India offer , total bids were for over 108 crore shares, an oversubscription of 1.7 times. Of these, bids for more than 107 crore shares were at the upper end of the Rs 225-245 price band. On the first day of the issue, subscription was 34%. The subscription for institutional players will close on Wednesday and for other investors on Thursday.

The institutional part of the offer was subscribed 3.4 times the 28.4 crore shares on offer for this group, while the non-institutional part, which include high networth and corporate investors , was subscribed 54% (that is 0.54 times) and the retail part was subscribed 35%, NSE data showed. Institutional dealers said most of the money under the institutional category came from foreign funds, which have already put in nearly $24 billion , a new record, into the Indian stock market so far this year.

Almost all the broking houses that have come out with reports on the IPO have given a "subscribe" rating to the offering, since most believe there is an upside to the stock price at the time of listing and thereafter.

The IPO for the world's largest coal producer is part of the government's larger divestment programme.

Read more: CIL IPO subscribed 1.7 times on day two - The Times of India http://timesofindia.indiatimes.com/business/india-business/CIL-IPO-subscribed-17-times-on-day-two/articleshow/6778325.cms#ixzz12rsfPcN3

Jill to do Dandi March for charity

WARDHA: Eighty years after Mahatma Gandhi led the historic Dandi march, walking 390 kilometres from Sabarmati Ashram in Ahmedabad to the coastal town of Dandi in Gujarat, a British social activist plans to do the same.

While Gandhi walked this weary distance as a symbolic gesture of defiance towards the British salt tax law, Jill Beckingham, 60, will be doing so to raise funds. The money she generates will be used for the betterment of leprosy patients, tribals, hearing impaired as well as for a school next to a garbage dump in Mumbai.

After starting on November 18, Jill aims to complete the walk in 14 days, taking 10 days fewer than Gandhi who started the march on March 12, 1930. "It will be quicker as unlike Gandhiji, I won't have speeches to deliver on the route," she told TOI from Mumbai. "If Gandhi could do it at 61, why can't I do it 60," said Jill.

Jill is the wife of the British deputy high commissioner (Western India) Peter. "Though not an official affair, some representatives of the high commission would also be present for the walk," said Peter in Wardha on Tuesday. He announced the plan during the inaugural function of a joint meeting between the British High Commission and Indian department of science on bridging the rural and urban divide, both in India and the UK.

"Jill has already walked a distance of 60 miles from London to Brighton for raising money. Now, as she is working in India, a group of British scholars in Vadodara asked her to take up the cause of leprosy patients. Dandi was chosen on account of its historical importance," Peter said.

Read more: Jill to do Dandi March for charity - The Times of India http://timesofindia.indiatimes.com/india/Jill-to-do-Dandi-March-for-charity/articleshow/6778223.cms#ixzz12rrnOPmJ

Parliament's winter session to begin on Nov 9, 2010

NEW DELHI: The winter session of Parliament will begin on November 9. The short session will end on December 13, according to an official release.

A number of important legislations, including the crucial nuclear liability bill, are likely come up for discussion.

TOI

CIL eyes Rs 15k cr mop-up from IPO

NEW DELHI: The maiden public offering from state-run monopoly Coal India, billed as the biggest so far in the history of corporate India, will open on Monday even as the coal major renewed its efforts to get the government to prune the list of 'no-go' areas where mining is restricted.

The issue is expected to mop up Rs 15,000 crore to beat the Rs 11,700-crore offering from Anil Ambani's Reliance Power in January 2008. The issue has been priced in the range of Rs 225-245 a share and is expected to be the star attraction for retail investors till it closes on October 21. A 5% discount will be on offer for retail investors to attract wider participation.

"The IPO is the result of all the sweat and toil consistently put in over the years by past and present employees , officers and management to build the company from scratch. Offering a share in one of the world's biggest coal mining firms (by reserves) is the best gift the government can give before Diwali to the aam aadmi," Coal India chairman Partho Bhattacharya said.

While Bhattacharya declined to comment on efforts to free the company's operations from the shackles of the environment ministry's 'go' and 'no-go' classification of coal acreages, government sources said the coal ministry had prepared a proposal to seek the Cabinet's nod.

The ministry is aiming to seek a deal wherein Coal India will get permission to start mining in open forest areas within 300 days, while the government goes through the time-consuming process of arriving at a final view on the no-go categorisation . "If this is done, Coal India will be able to ramp up production without delay. Open forest areas have thin foliage and generally are shrublands. Coal India has excellent record of afforestation and such land can be turned green by the company after mining," a source said.

At present, the country is short of approximately 60 million tonnes of coal as rise in demand outpaces growth in domestic production. While production by CIL — which accounts for nearly 80-90 % of supplies — is rising at 7%, demand is increasing by about 10%. The company had to lower its production target since 17 of its projects ran into delays over green issues.

The float has seen a broad endorsement from almost all big as well as small investment banking firms. The Centre, which will divest its 10% stake through the offering , is also bullish on the issue that will help the government fulfil Rs 40,000 crore divestment target this fiscal.

Read more: CIL eyes Rs 15k cr mop-up from IPO - The Times of India http://timesofindia.indiatimes.com/business/india-business/CIL-eyes-Rs-15k-cr-mop-up-from-IPO/articleshow/6766599.cms#ixzz12g6fsGCf

Glasgow plans to keep 2014 CWG athlete-centred

STAFF WRITER 12:50 HRS IST

London, Oct 16 (PTI) The disastrous build-up that marred the Delhi Commonwealth Games has been a lesson for next host Glasgow, which plans to keep preparations "athlete-centred and sport-focused" to avoid any glitches.

Asked what lessons have been learnt from Delhi, Glasgow 2014 Chairman John Scott said, "I've learnt we need to remain absolutely true to our vision of being about sport. We understand the need to be athlete-centred and sport-focused."

"If you get that right, the rest will fall into place. We will make sure that the village is right, that the venues are right, that the sports programme is right," he was quoted as saying by 'The Independent'.

Scott said Glasgow does not face as enormous a task as Delhi faced given its small size.

"India has admitted it hasn't done this kind of event since 1982. They had a lot to take on.

World's largest diamond bourse opens in Mumbai

MUMBAI: The world's largest diamond exchange opens in the city's business district Bandra-Kurla Complex, taking India from a manufacturing to a trading hub and challenging the dominance of traditional centres like Belgium and Israel.

Bharat Diamond Bourse (BDB), designed by eminent architect Balakrishna Doshi and spread over 20 acres with nine interlinked nine-storey towers each, has been set up at a cost of Rs.1,100 crore (over 200 million USD).

"The objective is to establish necessary infrastructure facilities for the promotion of diamonds, diamond jewellery from India and provide all support and service facilities to the traders, importers, exporters and other stakeholders," said BDB president Anoop Mehta.

India's diamond processing industry accounts for 70-75 percent of total diamond exports and employs 850,000 people, making it the largest cutting centre by value and number of employees. "All top 400 exporters are over here (at the bourse), which accounts for 90 percent of the turnover," said Mehta.

Incorporated in 1984 with a group of diamond exporters in the city, the exchange expects the turnover to rise 10-15 percent annually the next five years.

Currently, it has a turnover of $27-28 billion and hopes to grow substantially on higher participation from diamond traders across the globe. "We expect diamond traders from Israel and Belgium to start trading over here."

The diamond industry is one of the fastest growing in the world. India today leads in every aspect of the trade, whether it be the number of pieces manufactured, maximum carats being exported and highest volumes. And the BDB will now afford it the best equipped infrastructure in the world, said Mehta.

"India is a major diamond manufacturing centre with 11 out of 12 diamonds in the world being cut, polished and processed here. The BDB will ultimately help make India an international trading centre for gems and jewellery and take the step towards creating a Brand India in the world of diamonds."

With state-of-the-art facilities and security, the centrally-airconditioned BDB would have an inflow of over 20,000-27,000 people a day when it is fully operational in the next few months.

It has parking space for over 2,200 vehicles, a 12,000-square foot Customs area, another 6,000-plus sq ft area for clearing agents, banks, restaurants, food courts, landscaped areas and other amenities for the staff, visitors, businessmen and clients.

With BDB in operation, Mumbai's diamond trade currently conducted out of three buildings in the Panchratna neighborhood in south Mumbai would shift to the swank new location by December.

Read more: World's largest diamond bourse opens in Mumbai - The Times of India http://timesofindia.indiatimes.com/business/india-business/Worlds-largest-diamond-bourse-opens-in-Mumbai/articleshow/6758716.cms#ixzz12WeUlFom

Govt to auction 34 oil & gas blocks

NEW DELHI: Oil minister Murli Deora on Friday launched the government's ninth round of exploration acreage auction to hawk 34 concessions , nearly half of which are recycled from the previous round. But unlike the earlier round, there will be no seven-year tax holiday this time, a fact that may dampen investor sentiment.

"We got an investment commitment of over $1 billion in the eighth round. This time, we expect to do at least that and even better. We anticipate better response as the last auction was held when world economies were in recession," petroleum secretary S Sundareshan said.

Sundareshan said the absence of the 7-year holiday in present round would not impact investors. "The issue with investors is ambiguity. There is none in this round," he added . The Direct Tax Code, to be implemented from April 2012, will do away with profit-linked incentives for all sectors. Instead, an investment-linked incentive will be available.

Read more: Govt to auction 34 oil & gas blocks - The Times of India http://timesofindia.indiatimes.com/business/india-business/Govt-to-auction-34-oil-gas-blocks/articleshow/6757322.cms#ixzz12WeEYq00

Muslim law board to move SC against Allahabad HC verdict on Ayodhya

LUCKNOW: The All India Muslim Personal Law Board on Saturday unanimously decided to challenge the Allahabad high court's verdict on the Ayodhya title suits in the Supreme Court.

"During a meeting of the working committee, it was decided that the AIMPLB will move the Supreme Court directly or through the Sunni Central Waqf Board," Board sources said here.

The 51-member committee discussed in detail the high court verdict. The Muslim Law Board members had earlier made it clear that the high court verdict was not acceptable to it as it was based on faith and not on evidence.

The Sunni Central Waqf Board had ruled out giving up claim on the mosque in Ayodhya and said that exploring possibilities for an amicable solution to the dispute without a concrete proposal was a "futile exercise".

The Waqf Board also said that the proposal should be within the framework of Shariat (Islamic law) and felt that the threat by the oldest litigant, Mohammed Hashim Ansari, to pull out will have no impact on the case.

"This issue can only be sorted out when claim of Muslims is upheld. We can not surrender our claim," the Board's Counsel Zafaryab Jilani had said.

The Lucknow bench of the Allahabad high court had on September 30 directed that the 2.77-acre disputed land be divided in three parts among the Hindus and the Muslims. Of this, two parts go to Hindu organisations while the remaining to the Muslims.

Read more: Muslim law board to move SC against Allahabad HC verdict on Ayodhya - The Times of India http://timesofindia.indiatimes.com/india/Muslim-law-board-to-move-SC-against-Allahabad-HC-verdict-on-Ayodhya/articleshow/6759283.cms#ixzz12WdQuJ8B

India gets highest number of votes for UNSC seats in 5 years

UNITED NATIONS: With 187 votes in its bag, India has received the highest number of votes for getting into the United Nations Security Council in the past five years, according to Indian diplomat.

Hardeep Singh Puri, India's envoy to the UN, described this as a "ringing endorsement."

"This is the highest vote that any country has got in the last five years," he told PTI. "Now that's saying a lot."

Out of the 190 countries that voted, India received 187 votes.

After the vote in the General Assembly last morning, the diplomats of the Indian mission to the UN celebrated by openning a couple of bottles of champagne and serving a lunch of spicy Chinese food.

India, which is a founding member of the UN is returning to the Security Council after a gap of 19 years.

It has been on the Council six times before--having last served in 1992.

Other countries to be elected are South Africa, Colombia, Germany and Portugal.

Canada, which was also contending, received the least number of votes and eventually withdrew after the second round of voting.

The five new countries will be replacing Austria, Japan, Mexico, Turkey and Uganda.

Three of the new members are part of the G4 (India, Brazil, Japan and Germany), which want to become permanent members.

After the vote, India made it clear that it would be pushing for change in the next two years as it serves out it term as a non-permanent member.

"Not only are we entering the council but we're entering the council when inter-governmental text based negotiations are underway and those text based negotiations are expected to progress for a final outcome in the next twelve months," Puri said.

The Indian envoy asserted that countries like Brazil and South Africa "are expected to utilise their tenure as non-permanent members in order to facilitate longer-term permanent membership for themselves while their serving this terms."

While India, South Africa, and Colombia were not challenged by any other country from their region, the two seats of the Western European and Others Group were contested between Portugal, Germany and Canada.

Germany made it in the first round of voting with 128 votes--just enough to scrape through, while Canada received the least number of votes and eventually withdrew after the second round of voting.

Puri did not comment on Canada's performance except to draw a parallel between the 1996 vote when India failed to make the cut and was trailing behind the Japan in the election.

"It took us more than a decade to overcome the trauma of our experience in 1996," he said.

"In successive rounds of voting Canada realised that it was not mustering the votes...it did what was honourable... it withdrew... what the impact of that is going to be I really don't know... lets wait and see."

Without answering which countries India voted for, Puri said that New Delhi was happy that Portugal and Germany had joined the Council.

Also present in the General Assembly Hall during the vote was veteran Congressman, Vidya Charan Shukla, who also served as India's Foreign Minister.

Shukla also asserted that the vote today indicated that India enjoyed support for a longer stint on the Council.

"I felt very elated and happy because this will show how strong we are as a candidate for the permanent membership," he told PTI. "The way people voted for us, it strengthens our case for permanent membership."

Responding to Germany's performance, which just made the cut, Shukla said,"Germany is also candidate for permanent membership but this kind of victory weakens their case for permanent membership."

Pointing out that UN member-states know about India's aspiration for permanent membership, Puri noted that the high number of votes indicated widespread support for its presence on the international stage.

"That is a clear and unmistakable signal that India and its role is not only acknowledged but respected by the international community," he said, adding "what is important is that you win the election not by a comfortable margin but by a massive margin."

India will begin serving its two year term in January 2011.

TOI

India's external debt rises to $273.1 billion

MUMBAI: India's external debt rose 4.1 percent or $10.8 billion to $273.1 billion in the first quarter of current fiscal due to a sharp increase in short-term trade credits, commercial borrowings and multilateral government borrowings.

The short-term debt increased by $5.4 billion to $57.8 billion, accounting for 21.2 percent of the total debt, while the long-term debt rose to $215.2 billion at the quarter ended June 30, the Reserve Bank of India (RBI) said in its monthly bulletin.

Almost all the components of external debt registered increase during the first three months of fiscal 2010-11. Commercial borrowings and loans under external assistance (multilateral and bilateral debt) increased by $2.5 billion and $2.3 billion respectively.

The share of commercial borrowings continue to be the highest at 27.3 percent in the total external debt followed by short-term debt (21.2 percent), NRI deposits (17.6 percent) and multilateral debt (16.4 percent).

The valuation effect reflecting the appreciation of the US dollar against other major international currencies and the Indian rupee resulted in a decline of $1.3 billion in India's external debt during the reporting quarter.

"Excluding the valuation effects due to appreciation of US dollar against other major international currencies and the Indian rupee, the increase in external debt worked out to $12.1 billion over the quarter," the RBI said.

TOI

Coal India eyes up to Rs 15,400-cr through IPO, overseas buys

MUMBAI: Coal India Ltd (CIL) which is raising around Rs 15,400-crore through the largest-ever initial public offer (IPO) here, today said it will invest Rs 6,000-crore (USD 1.2-billion) for acquisitions abroad.

"We are looking at acquisitions in the US, Australia and South Africa, for which we will invest Rs 6,000-crore (USD 1.2-billion) this fiscal," its Chairman, Partha Bhattacharyya , told reporters here.

The company is looking at high-value coal mines in the US and it will enhance its investment limit later, he said.

"We will go for washing of coal in a big way. Margin growth will be the dominant focus," he added.

Coal India is entering the capital market on October 18, with a public offer of 631,636,440 shares of Rs 10 each through an offer for sale by the Government at a price-band ranging between Rs 225-245 per equity share. Retail investors and employees will be offered a 5 per cent discount.

Coal India will raise between Rs 14,200-crore and Rs 15,400-crore. After the discount, the amount aggregates to Rs 13,909-crore and Rs 15,151-crore.

Coal India is the largest coal producer with raw coal production of 431.26-million tonnes in fiscal 2010. It is also the largest reserve-holder in the world.

Asked about the company's future outlook, Bhattacharyya said "we expect a 15-16 per cent topline growth in the next two-years."

TOI

Gold up to Rs 19,695, silver breaches Rs 36,000-level

MUMBAI: Gold and silver continued to sparkle at the bullion market here today, touching historic highs on the back of robust buying by stocks and speculators amid a firm global trend.

Silver conquered another milestone, scaling the Rs 36,000 per kg level in a rally driven by strong industrial and investment demand.

Silver ready (.999 fineness) jumped by Rs 455 to Rs 36,190 per kg from Tuesday's closing level of Rs 35,735.

Meanwhile, standard gold (99.5 purity) hardened by Rs 105 to Rs 19,695 per ten grams, as against Rs 19,590 in the previous session. Similarly, pure gold (99.9 purity) shot up by Rs 110 per 10 grams to Rs 19,795 from Rs 19,685 yesterday.

"The yellow metal is soaring because of the festive season and marriage-driven demand," traders said.

In Europe, gold rose to its highest levels as dollar weakness against major currency rivals continued.

Gold was being quoted at $1,357.80 an ounce in early spot market trade, while silver was attracting a rate of USD 23.51 an ounce.

TOI

Sensex's highest surge in 6 months

MUMBAI: The Bombay Stock Exchange benchmark Sensex today jumped by 484 points — the highest rise in the last six months — to close at a fresh 33-month high on sustained capital flows amid firm global cues.

The 30-share barometer rose by 484.54 poins to 20,687.88 points, its best closing level since January 2008.

The wide-based National Stock Exchange index Nifty added 143 points to close at 6,233.90 points.
The market remained in bull orbit as foreign investors bought more shares than they sold for the 29th straight day after reports from China, Japan and Australia signaled that the global economic recovery is strengthening, brokers said.

They added that expectations of strong corporate earnings by leading companies beginning from this week-end also boosted the sentiment.

The market received further support following a firming trend in the Asian region and higher opening in Europe after the US Federal Reserve hinted that it may provide more stimulus measures.

The US central bank said it might provide more stimulus, with Tokyo getting an extra lift from glowing data on private-sector machinery orders.

The oil major and trend setter Reliance Industries spurted by Rs 18.25 to Rs 1,072.15 and second heaviest software exporter Infosys Technologies by Rs 76.30 to Rs 3,151.20. The two carry nearly 23 per cent weightage on the index.

In the 30-BSE index components, 28 stocks closed with gains and NTPC declined, while Cipla Ltd ended at last level.

The Sensex gained 28 per cent from the May 25 low, reaching more close to its all-time high level of 21,206.77 set on January 10, 2008, and become the best performer this year among the world's 10 biggest stock markets, brokers said.

The IT sector index rose the most by 3.15 per cent to 6,249.20 followed by Teck index by 2.72 per cent to 3,850.36. The capital goods index gained by 2.68 per cent to 16,426.36 and realty index by 2.51 per cent to 3,935.64.

As the buying activity spilled over a wide-front, the smallcap index advanced by 1.06 per cent to 10,761.52 and midcap index by 0.99 per cent to 8,436.94.


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Govt asks BlackBerry to provide access to services by Dec 31

STAFF WRITER 16:59 HRS IST

New Delhi, Oct 12 (PTI) The government has extended till December 31 the deadline given to Research in Motion (RIM), maker of BlackBerry phones, to provide access to its messenger and enterprise services to the security agencies.

The decision has been taken by the Home Ministry after a meeting with representatives of RIM and the Ministry of Telecommunication.

Technical discussions on the BlackBerry Messenger Service (BMS) and BlackBerry Enterprise Service (BES) have been going on between the security agencies and the RIM. The latter has sought more time as the October 31 deadline given to the company was approaching.

"We are satisfied with the solution provided for the lawful interception of BMS. We want to test it for some more time while discussions on BES are still on, hence RIM has been given a fresh deadline," an official said.

(BMS) and BlackBerry Enterprise Service (BES) have been going on between the security agencies and the RIM. The latter has sought more time as the October 31 deadline given to the company was approaching.

"We are satisfied with the solution provided for the lawful interception of BMS. We want to test it for some more time while discussions on BES are still on, hence RIM has been given a fresh deadline," an official said.

Microsoft unveils 9 Windows 7 phones

NEW YORK: Microsoft Corp unveiled a new line of phones running its Windows software, as it attempts to pull back marketshare from Apple Inc's iPhone and Google Inc's Android system in the fast-growing market for multi-featured "smartphones."

The world's largest software company is hoping that the new phones, from handset makers Samsung , LG, HTC and Dell Inc, will propel it back into the mobile market, which many see as the key to the future of computing.

The new phones, initially available on AT&T Inc's network in the United States, are much closer in look and feel to Apple's iPhone, with colorful touchscreens and "tiles" for easy access to email, the Web, music and other applications.

Some analysts say they represent Microsoft's last chance to catch up with rivals in the smartphone market who overtook it in the past few years.

"I've been looking forward to this day for some time," said Microsoft Chief Executive Steve Ballmer, showing off nine phone models at a launch event in New York.

Ballmer, who has admitted that his company "missed a generation" with its recent unpopular phone offerings, said the new phones would eventually be available from 60 mobile operators in 30 countries.

The first phone from AT&T, priced at $200, will be available on November 8, said Ralph de la Vega, CEO of AT&T Mobility and Consumer Markets.

Microsoft has a marketshare of only 5 per cent in the global smartphone market, according to research firm Gartner, compared with 9 per cent a year ago. Google's Android system has a 17 per cent market share, jumping from only 2 per cent a year ago.

The market for multi-feature phones that allow users to email, surf the Web and play games, as well as have access to music and video, is set to expand massively.

Gartner expects almost 270 million smartphones to be sold around the world this year, up 56 per cent from last year. In comparison, Gartner expects only a 19 per cent increase in worldwide PC sales to 368 million units this year.

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India industrial output growth slows to 5.6%

NEW DELHI: Industrial growth slowed down to 5.6 per cent in August from 10.6 per cent in the corresponding period last year, on the back of a 2.6 per cent contraction in the capital goods production.

Among the main industry segments, manufacturing activity declined to 5.9 per cent from 10.6 per cent a year ago. Mining sector growth was at 7 per cent as compared to 11 per cent in August last year.

Electricity generation growth, too, slowed down to one per cent from 10.6 per cent in August last year.

Capital goods sector contracted by 2.6 per cent in August, in comparison to 9.2 per cent growth in the year-ago period, official data released here said.

Also, consumer non-durables, which are mainly fast moving consumer goods (FMCG), recorded a negative growth of 1.2 per cent, in comparison to an expansion of 6.1 per cent in the same month last year.

Consumer durables was the only segment of goods, which saw an output growth over the year-ago period. In August consumer durables expanded by 26.5 per cent, as compared to 24.7 per cent in the year-ago period.

Of the 17 industry groups, as many as 14 have shown positive growth during the month of August. The industrial expansion figure for July was revised upwards to 15.2 per cent from the earlier estimates of 13.8 per cent.

Industrial growth for the first five months of this fiscal stood at 10.6 per cent in comparison to 5.9 per cent growth in the same period a year ago.

Experts had projected that the industry growth might slip to single-digit level because of the high base effect of last year.

Moderate growth in core sectors, which accounts for 26.7 per cent of the total industrial output , was also seen pulling down growth in factory output in August, experts said.

The core sector, which includes crude oil, petroleum refinery products, coal, electricity, cement and finished steel, grew by 3.7 per cent in August. The growth had slowed from 3.9 per cent recorded in July.

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Sensex declines by 137 pts on weak IIP growth data

MUMBAI: Heavy selling of blue chips like Reliance Industries and Larsen & Toubro dragged down the BSE benchmark Sensex by nearly 137 points today amid concerns over slowing domestic industrial output growth and a weakening global trend.

The 30-share index of the Bombay Stock Exchange fell by 136.55 points to settle at 20,203.34 at the close of trade today, compared to 20,339.89 points at the end of yesterday's session.

During the day, the gauge tumbled to an intra-day low of 20,107.25 points after the release of data showing that industrial production grew at a slower pace than market expectations in August, 2010.

The wide-based National Stock Exchange Nifty fell below the 6,100 points level today after shedding 44.95 points to 6,090.90. During intra-day trade, the Nifty touched a low of 6,057.95 points.

The industrial production growth rate nearly halved to 5.6 per cent in August compared to the previous year. Finance Minister Pranab Mukherjee has expressed disappointment at the factory output numbers.

A weakening trend in the Asian region and a lower opening in Europe further influenced the trading sentiment.

Asian markets were trading in negative terrain on Tuesday as traders reacted to weak cues from Wall Street, with the dollar languishing at a 15-year-low against the yen on expectations of steps being taken to boost the economy.

The Sensex's most valuable company, Reliance Industries, fell by Rs 15.05 to Rs 1,053.90 today on emergence of profit- booking at existing higher levels.

However, heavy machinery and construction company Larsen and Toubro was the biggest loser in the Sensex pack, with its shares falling by Rs 39.50 -- the most in more than two weeks -- to Rs 1,998.60.

Similarly, another heavy equipment manufacturer, Bharat Heavy Engineering Ltd, lost Rs 32.30 to Rs 2,543.10, while Bharat Electronic Ltd fell by Rs 30.75 to Rs 1,852.10. Analysts said that a slowdown in the growth of output from factories, utilities and mines to 5.6 per cent in August was primarily responsible for the decline in these companies' shares.

Metal stocks also took a beating, as investors apprehended that the hike in base metal prices in overseas markets might dent the revenue of metal producing companies.

Hindalco Industries, the country's biggest aluminum producer, lost Rs 4.40 to Rs 210.63, while Tata Steel fell by Rs 6.90 to Rs 632.95 and JSW Steel by Rs 35.20 to Rs 1,326.45.

A fall in metal prices in London, Shanghai and New York on the prospect of further credit tightening in China, the world's largest user, also vitiated the trading sentiment in metal stocks, analysts said.

The London Metal Exchange index of prices for six industrial metals, including copper and aluminum, fell by 0.2 per cent yesterday.

In the 30-BSE index components, 22 stocks ended with losses, while eight closed with gains.

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Rupee gains 20 paise against dollar

STAFF WRITER 9:32 HRS IST

Mumbai, Oct 11 (PTI) The rupee appreciated by 20 paise to Rs 44.22 a dollar at the Interbank Foreign Exchange market in early trade today on surging capital inflows.

Besides, dollar's weakness against major currencies overseas, also supported the rise in the rupee, dealers said.

The rupee had ended 23 paise lower at Rs 44.42/43 against the dollar in the previous session.

Meanwhile, the Bombay Stock Exchange index Sensex surged by 211.01 points to 20,461.27 points in early trade.

Sensex surges by 211 pts in early trade

STAFF WRITER 9:14 HRS IST

Mumbai, Oct 11 (PTI) The Bombay Stock Exchange benchmark Sensex surged by 211 points in early trade today on fresh buying by funds amid firm global cues.

The 30-share index rose by 211.01 points to 20,461.27 points in the first five minutes of trading.

Similarly, the broad-based National Stock Exchange index Nifty rose by 84.30 points to 6,187.75 points.

Marketmen said fresh buying by foreign funds and firming trend in the Asian region mainly influenced the trading sentiment.

The Hong Kong index rose by 1.1 per cent in the morning trade.

India's wealth to double in 5 years

NEW DELHI: India's robust economic growth is likely to drive the country's fortune to a $6.4 trillion in the next five years, reflecting a nearly two-fold jump from the country's current wealth, says a report. According to the Credit Suisse Global Wealth Report published for the first time, the total wealth of India has trebled in a decade to $3.5 trillion. By 2015, the country's wealth could nearly double to $6.4 trillion.

Besides, the global wealth, which stood at $195 trillion will rise by an 61% to $315 trillion by 2015, primarily driven by the robust economic expansion in the emerging markets. Interestingly , Asia Pacific boasts of more billionaires than Europe . There are over 1,000 billionaires globally, of which 500 are in North America, followed by 245 in Asia Pacific and 230 in Europe.

Besides, the report said that there were 24 million HNIs, whose average wealth per adult stood in the range of $1- $50 million. China has over 800,000 HNIs, India has around 170,000 while rest of the Asia Pacific as over four million HNIs. Meanwhile, in terms of the countries generating maximum wealth, the US has emerged as the topper with the total of $54.6 trillion of household wealth.

China to be 2nd wealthiest

HONGKONG: China is expected to overtake Japan as the second wealthiest country in the world by 2015 on the back of rapid economic growth and strong domestic consumption, a report said on Friday. In its inaugural Global Wealth Report, Credit Suisse Research Institute predicts total wealth in China will more than double in five years, jumping 111% to $35 trillion

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Sensex at 33-mth high on buying by funds Read more: Sensex at 33-mth high on buying by funds

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Monday rose by 31 points to close at a 33-month high on sustained buying by funds and retail investors.

The 30-share index closed 30.69 points higher at 20,475.73 points, matching the level seen in January 2008. The barometer had touched an intra-day high of 20,706.74 points but profit selling in last 30-minute pared some of the gains.

The broad-based National Stock Exchange index Nifty crossed the 6,200 level for the first time in 33 months before ending 16.05 points higher at 6,159.45 points.

A lower opening in the European markets this afternoon triggered profit selling and reduced the gains, brokers said.

ICICI Bank, the country's largest private lender, rose by 2 per cent to Rs 1,157.75.

Market also got a boost from Reliance Industries, the heaviest in the Sensex, which rose by over 1 per cent, or Rs 18.60, to Rs 1,017.90.

Tata Motors, the country's biggest truck maker and owner of Jaguar Land Rover, advanced by 1.85 per cent, or Rs 16.50, to Rs 1,139.60, its highest level so far after pledging to cut debt.

The healthcare sector index gained the most by rising 1.69 per cent to 6,210.92 followed by consumer durable sector index by 1.47 per cent to 6,529.42. Banking index also rose by 0.79 per cent to 14,365.29. The auto sector index rose by 0.63 per cent to 9,818.75.

In 30-BSE index components, 14 stocks gained while other 16 led by software exporters ended in the negative zone.

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Ayodhya:Fresh moves for out of court settlement

Ayodhya, Oct 3 (PTI) Fresh moves appear to be afoot to resolve the Ayodhya dispute out of court, three days after the Allahabad High Court verdict in the case.

Mohammad Hashim Ansari, one of the main litigants in the title suits, today met Mahant Gyan Das of Hanumanghari who is also President of Akhil Bhartiya Akhara Parishad to explore the possibility of an amicable solution.

Though Mahant Gyan Das refused to divulge details, 90-year-old Ansari said: "I have initiated the move after being asked by the Sunni Central Wakf Board."

During an hour-long closed door meeting between Gyan Das and Ansari at Hanumanghari, famous Lord Hanuman temple near the makeshift temple on the disputed site, discussions revolved around ways to chalk out an agreement on the 60-year-old temple-mosque dispute.

Motorola launches two dual-SIM phones

NEW DELHI: After Nokia, it is the turn of Motorola to improvise its product portfolio to suit the growing demand for dual-SIM handsets in India.

The American company, struggling to re-establish its handsets division, said it was launching its first two dual-SIM (GSM and GSM) handsets in India at affordable prices.

Both the handsets will be immediately available at retails outlets across India, claimed Motorola in a press statement. The Motorola EX128 is priced at a best buy price of Rs 5,990 (MRP: Rs 6,990) and the Motorola EX115 at Rs 4,990 (MRP: Rs 5,990).

The Motorola EX115 is a dual-SIM QWERTY phone, while the Motorola EX128 is a touchscreen dual-SIM with stylus. Both the models boast of embedded social connectivity icons, entertainment-on-the-go with a 3-megapixel camera, video camcorder, large colour display and an expandable memory of up to 32GB micro-SD card.

At 12.8mm thick, the Motorola EX128 is a multimedia phone that comes with a generous 8.1cm (3.2 inch) WQVGA touchscreen. One can browse Web pages and check emails along with social networking on this phone. It offers multimedia experience with its 3-megapixel camera with digital zoom and video camcorder, as well as supports MPEG4 and FM radio. With an expandable memory of up to 32GB, this handset claims a talktime of up to 300 minutes and standby time of up to 350 hours. It has a 65K colour display and dimensions of 107.7mm in width, 58mm in length, and 12.4mm in height.

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Sensex up by 225 pts on all-round buying

MUMBAI: Positive global cues and persistent capital inflows drove the benchmark Sensex up by 225 points in early trade on the BSE today, with auto stocks generating strong demand ahead of the release of September sales data.

After surging by 115 points within minutes of opening, the 30-share barometer of the Bombay Stock Exchange was up by 225.35 points, or 1.12 per cent, at 20,294.47 at 1015 hours.

The National Stock Exchange's 50-share Nifty was also up by 63.75 points, or 1.06 per cent, at 6,093.70 at 1015 hours.

All the sectoral indices on the BSE were trading in the green. In addition to auto stocks, metal shares were on a roll after positive economic data from the US and China signalled that demand was unlikely to slowdown in the near-term.

As per provisional data from the stock exchanges, foreign funds continue to pump in money into the Indian economy and bought shares worth Rs 2,496.89 crore during Thursday's session.

Meanwhile, key benchmark indices in Indonesia, Japan, South Korea, Singapore and Taiwan rose by about 0.11 per cent to 0.89 per cent in morning trade today.

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