Sridharan named interim chairman of SBI

NEW DELHI: The government's inaction has meant that State Bank of India, the country's largest lender with 25% market share, will not just remain without a full-time chairman but also have four of the five executive positions on the board going vacant.

Even the fifth slot could meet the same fate as managing director R Sridharan, who has been named as the officiating chairman on O P Bhatt's retirement on Thursday, is due to superannuate in three months.

Apart from independent directors and government nominees, the SBI board had an executive chairman and two managing directors. With legal amendments, it is now possible for the government to appoint two more MDs.

But forget filling up the two new slots, the government has failed to appoint a replacement for S K Bhattacharya, who retired as MD in October. Similarly, despite knowing nearly five years ago that Bhatt would retire at the end of March 2011, the finance ministry chose to initiate the appointment process late.

As a result when queries were raised by the cabinet secretary and the Prime Minister's Office, the ministry did not have time to address them in time for Bhatt's retirement.

What's more, even after receiving a go ahead from the appointments committee of cabinet, the department of financial services has asked the Establishment Officer to put on hold the appointment of one Managing Director.

For the moment, there is no clarity on who would move to the corner office at SBI's Nariman Point headquarters. While deputy managing director Pratip Chaudhury was the top choice of the selection panel, chief financial officer Hemant Contractor was the second most preferred option.

When it comes to filling up Bhattacharya's vacancy - Contractor is option 1 followed by Chaudhury. As for the two new slots, deputy managing director Diwakar Gupta's notification has been put on hold till the government can decide on who the chairman (and consequently the MD) would be. For the fourth slot, the appointments committee of cabinet is yet to clear A Krishna Kumar, another SBI DMD.

Officials, however, said that too much should not be read into State Bank appointments as not finalizing top-level appointments in public sector companies seems to be the norm. After all, ONGC and BSNL are still without a full-time CMDs, while IndianOil remained headless for several months.

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India, Pak come closer in terror co-operation

Pakistan has agreed to allow an Indian team to question the 2008 Mumbai terror attack suspects being prosecuted there as the home secretaries of the two countries Tuesday concluded their two-day talks on a positive note. They have also agreed to set up a "hotline" to share information about militants.

According to a joint statement issued at the end of the two-day talks, Pakistan has agreed to allow a team of Indian investigators to question some Lashkar-e-Taiba terrorists who are presently lodged in a jail in that country.

The modalities and dates of the team's visit would be decided later, an official told IANS.

"Both sides agreed to set up a hotline between the home secretary of India and the interior secretary of Pakistan to facilitate real-time information sharing with respect to terrorist threats," said the statement.

Pakistan has agreed in principle to entertain commission from India on guidelines to be followed by both countries regarding their investigation into the Mumbai terror attack investigations.

Home Secretary G.K. Pillai and his Pakistani counterpart Qamar Zaman met in what is seen as a first step towards advancing the re-initiated peace process stalled after 10 Pakistani terrorists slaughtered 166 people in Mumbai in 2008, almost triggering an India-Pakistan war.

Among the issues the two sides discussed during the talks were the trial of the Mumbai terror suspects in Pakistan, the Samjhauta Express blasts probe, easing of visa norms, narcotics control and smuggling of fake Indian currency notes.

India provided details of the probe into the Samjhauta Express blasts to a team of Pakistani interior ministry officials.

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Agency to ensure smooth fund flow in MGNREGA

Meghalaya will set up an agency to ensure there is no delay in payment of wages under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA). "The State Rural Agency of Meghalaya (SRAM) would be responsible in ensuring there is smooth flow of fund in the implementation of the MGNREGA in the state. We have approved the proposal submitted by the Community and Rural Development (C&RD) development for constituting of the SRAM in the state," Chief Minister Mukul Sangma told reporters after a cabinet meeting.

"This is basically to ensure that under the MGNREGA, there is no delay in release of the funds by the respective deputy commissioners and subsequently to the respective blocks for payment of wages to the beneficiaries," he said.

Agreeing that there has been delay in the payment of wages to the beneficiaries under MGNREGA, the chief minister said, "the agency will try to address other loopholes dogging the implementation of the scheme".

The SRAM would also look into the overall aspects of the MNREGA, including examining the various allegations on misappropriation of funds while implementing this scheme.

Cong-DMK combine will win TN Assembly elections: Chidambaram

Union home minister P Chidambaram expressed hope that the Congress-DMK combine would win the April 13 Tamil Nadu Assembly polls owing to the developmental works undertaken by both the state and central governments. Addressing a campaign meeting in Pudukottai district on Monday, he said, "a maya (fake appearance) has been created as if the forthcoming assembly elections will be very tough. But that is not the truth. We are facing the people in the same way as we met them in the last elections. The results will depend on people's state of mind".

"It is difficult to predict the election results as the alliance is different. The Centre had allocated a lot of funds for Tamil Nadu. This enabled the poor people develop. (Gestures such as) the farm loan waiver and loans to SHGs have improved the status of poor. There is no doubt that the Congress and DMK combine, responsible for it, will win."

Chidambaram said that both the central and the state governments had implemented a series of schemes for the benefit of the people during the past years respectively.

"People know whom to believe and whom not to believe. They know who will do what they promise, and who will not do what they say," he said.

He also said that if the state and the central governments worked in harmony many projects and programmes could be implemented.

The home minister also claimed that AIADMK supremo Jayalalithaa had "copied" the manifesto of the DMK, comparing it to a student copying another in a school exam.

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CCEA approves Rs 378 cr-grant for GAGAN project

The government on Tuesday approved a one time grant-in aid of Rs 378 crore as Budgetary support for implementation of GPS-aided Geo Augmented Navigation system (GAGAN). The GAGAN system, estimated to cost Rs 774 crore, would make the skies from South-east Asia to Africa, including Indian airspace, much safer.

The prestigious project, being developed jointly by the Airports Authority of India (AAI) and Indian Space Research Organisation (ISRO), would place India in the fourth position along with the US, Europe and Japan to have such an advanced navigation system.

"The Cabinet Committee on Economic Affairs has approved a one-time grant-in-aid of Rs 378 crore from the Government Budgetary Support (GBS) for implementation of GAGAN project...," an official statement said.

The project is expected to be ready for operational use by May, 2013, it said.

It would be an all weather national infrastructure and can be used by defence services, security agencies, Railways, surface transport, shipping, telecom industry besides personal users of position location based services, it said.

It will provide precision approach to all aircraft either landing at Indian airports or overflying the airspace, even over the high seas.

The system will offer seamless satellite navigation to air traffic across the Indian Ocean region.

As much as Rs 171 crore would be provided for the project for the current year, while for the next year, appropriate provisions would be made for the balance amount, the statement said.

Of the total project cost of Rs 774 crore, AAI was required to shell out Rs 604 crore, while ISRO was to contribute rest of the money (Rs 170 crore).

AAI has already spent Rs 226 crore and sought one time grant-in-aid of Rs 378 crore from the Gross Budgetary Support to meet its balance commitment, the statement said.

After completion of its final operational phase, GAGAN will be compatible with other Space Based Augmentation Systems like the Wide Area Augmentation System of the US, the European Geostationary Navigation Overlay Service and the multi-functional Satellite Augmentation System of Japan.

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Haryana Jats withdraw agitation after talks with Hooda

CHANDIGARH: The agitating Jats in Haryana, demanding reservation in government jobs under OBC quota, withdrew their three-week-long stir after talks with Chief Minister Bhupinder Singh Hooda at Jind on Friday night.

In a statement issued here, Hooda said those agitating had agreed to lift all blockades and dharnas with immediate effect.

It has also been decided to set up 'Haryana Backward Classes Commission' within a month, he said.

The Commission would consider the demand of communities of Roar, Jat, Jat Sikh, Tyagi, Bishnoi and others which wish to come under the ambit of the Backward Classes.

President of Haryana Jat Arakshan Samiti Hawa Singh Sangwan, President of Benayan Khap Dada Nafe Singh, and representatives of other Khaps thanked the chief minister for the decision to set up the Commission, an official spokesman said here.

The Jat agitation had paralysed rail traffic in many parts of northern India for the past several days as the community members had been sitting on dharna on the tracks at 14 different lines in the state.

The decision to withdraw the agitation comes a day after the Punjab and Haryana High Court directed the Haryana government to immediately get the rail tracks cleared of protesters to restore normal movement of trains.

The high court had also directed all the groups spearheading the Jat agitation to exclude the blockades of trains from their agitational programmes with immediate effect.

Also, the Supreme Court on Friday asked Haryana, Uttar Pradesh and Rajasthan governments to ensure that supply of essential commodities including water to the national capital was not disrupted in the wake of threats by Jats agitating for quota in central jobs.

Coca-Cola set to take plunge in juice market

MUMBAI: Coca-Cola India is readying itself for a big summer push as it enters the pure juices market dominated by arch-rival PepsiCo's Tropicana and Dabur's Real.

The world's biggest beverage maker will take a plunge into the high-growth juice market with three variants of Minute Maid juices-orange, apple and grape. It currently sells two juice brands-the mango juice-based drink Maaza and Minute Maid, which are all fruit-based but not pure juices.

Coca-Cola India has recently formed a separate division for juices to focus on its non-carbonated portfolio as all major food and beverage companies increasingly fortify their health portfolio in a market which is annually growing at 20%. Health products and juices have been at the top of these companies' bucket list since they have launched new products and categories to capture a share of the pie.

With an increased focus on the juice category, Coca-Cola India recently appointed Andriy Avramenko as its general manager of the juice business . Avramenko, who came from Coke's global juice centre (GJC) in Atlanta , heads a team that is focused exclusively on advancing the company's pulp-based beverages.

Confirming the launch, Atul Singh , president & CEO, Coca-Cola India and South West Asia, told TOI that the company sees an enormous opportunity in the packaged beverage market and, therefore, the launch is aimed at establishing the company's juice footprint after introducing Minute Maid Nimbu Fresh and Pulpy Orange.

Coca-Cola India is partnering with Future Group's Big Bazaar wherein the country's largest retailer will stock the product exclusively for a day before it hits the shelves of other retail outlets. Priced at Rs 85 for a litre and Rs 20 for a 200 ml pack, the company is looking to first target modern retailers considering the premium attached to the 100% juice category.

Recently, the country's largest consumer goods company, Hindustan Unilever (HUL), launched its first fruit-based drink under the Kissan brand to strengthen its foods portfolio. Estimated to be around Rs 700 crore, the juice market is divided into two categories-100 % (pure) and sweetened. While Dabur's Real is the biggest player in the juices market with about half of the market share, PepsiCo's Tropicana brand enjoys about 35% of this market. Other players include Parle Agro's Saint which has about 6-8 % besides a slew of regional players.

Both PepsiCo and Coca-Cola have been investing heavily in their non-carbonated portfolio with the increasing demand of healthbased drinks in India. To make a dent in this highly competitive market, Coca-Cola India, which is a late entrant into this category, has got Leo Burnett on board to handle its creative push.

The cola major has been expanding its non-carbonated beverage portfolio with launches like Maaza Milky Delite, its entry into the dairy segment, the ice tea brand Nestea with its joint venture partner Nestle, besides the fruit-based drinks Minute Maid Pulpy Orange and Minute Maid Nimbu Fresh.

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Market very close to 5600-5700 level: Deepak Mohoni

It has been steady uptick to the indices, what is the mood for the rest of the day, would you initiate long?

Yes, I woul continue with the longs which probably are now on for a day or two. The essential thing is we are once again approaching those 5600-5700 levels at which we have reversed and that is where the sellers are poised to reduce their positions.

Now if that supply is absorbed, then we indeed have a pretty good long term prospects in the market. That is the landmark really to look for now. We are very close back to this 5600-5700 level which we need to clear.
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Jat stir: HC pulls up railways for inaction

LUCKNOW: The Lucknow bench of the Allahabad High Court on Wednesday pulled up the railway authorities for not reacting in time to the Jat agitation that has crippled the rail traffic. It directed the Central and state governments to ensure that there was no recurrence of such blockades of rail tracks or highways.

The court also directed the authorities concerned to lay down guidelines in order to tackle the problem by use of force and by invoking the provisions of the National Security Act (NSA).

The order was issued by the division bench of Justice Uma Nath Singh and Justice V K Dixit while hearing a PIL on harassment of lakhs of people due to cancellation of around 760 trains following rail blockade at Kafurpur in J P Nagar for 15 days by Jat protesters demanding reservation in Central services under other backward class (OBC) category.

The HC had on March 18 taken sou motu cognizance of a TOI report on the problems of the people due to the Jat agitation. On the direction of the chief justice of the Allahabad High Court, the registrar of the court registered the matter as a PIL.

In the March 18 order, the rail route along which the protesters were squatting was vacated by the authorities. However, the agitation continued and the community leaders have now announced to block the highways leading to Delhi.

The Central and state governments as well as the chairman, Railway Board, submitted a status report in the High Court in pursuance to March 18 order to get the railway lines cleared. Taking on record the affidavits filed the authorities, the High Court also appreciated the effort to clear the railway tracks, but expressed displeasure over the initial inaction.

Meanwhile, the Jat protesters on Wednesday tried to enter Delhi through Ghaziabad and for an hour blocked the road at Anand Vihar when stopped by police to proceed further.

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Army probe faults 10 top officers in Adarsh building scam

NEW DELHI: An Army court of inquiry (CoI) has found two former Army chiefs, Gen Deepak Kapoor and Gen N C Vij, and several other senior Army officers responsible for the Adarsh housing society scam.

The CoI probing the scam, which was exposed by The Times of India, has said the conduct of several top Army officers—among them the two ex-Army chiefs, four lieutenant generals and three major generals—was "blame-worthy". This is the first time that so many top Army officers have been indicted by an Army court.

Apart from Gen Kapoor and Gen Vij, the other officers blackballed by the CoI include Lt Gen G S Sihota, Lt Gen P K Rampal, Lt Gen Shantanu Choudhry , Lt Gen Tejinder Singh, Maj Gen Ram Kanwar Hooda, Maj Gen A R Kumar, Major Gen V S Yadav and Maj Gen Tej Kishen Kaul.

The CoI report was recently submitted to the defence ministry. The Army has recommended that the CBI should be asked to look into specific evidences established by the CoI against the officers, most of whom are retired. Three serving officers found "blame-worthy'" would face Army punishment, most likely administrative action such as loss of seniority, sources said.

The possibility of a full-fledged court-martial is being ruled out for now. The Army had constituted a three-member CoI in December last year in Pune, the headquarters of Southern Army Command, in the wake of TOI's expose of senior Army officers who overlooked objections or played along with the lead players of the housing scam and received apartments in the upscale Mumbai complex.

The senior-most serving officer figuring in the list of those against whom prima facie evidence has been found by the CoI is Major Gen Ram Kanwar Hooda, who was the General Officer Commanding, Maharashtra, Gujarat and Goa, until a few months ago.

Gen Hooda owns at least one flat in Adarsh complex. The Army headquarters has already taken him off the list of those to be considered for next rank. He is to retire this month-end. He could also be summoned for further Army disciplinary action, sources said.

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HDFC is Asian Banker's 'Best Retail Bank in India'

MUMBAI: Country's second largest private lender HDFC bank has won the Asian Banker's 'Best Retail Bank in India' award this year.

Beating a host of other competitors in Asia Pacific, Middle-East, Central Asia and Africa on a range of parameters, the bank has won the 'Best Retail Bank in India' award for the fifth year in a row, a release issued here said.

More than 150 retail financial institutions from 29 countries across the Asia Pacific, Middle East, Central Asia and African regions participated in the competition.

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FM scraps 'misery tax' on health

NEW DELHI: The health 'misery' tax has been withdrawn. Finance minister Pranab Mukherjee on Tuesday decided to drop his budgetary proposal to levy service tax on diagnostic tests and treatment in air-conditioned hospitals.

The tax on healthcare, dubbed by many as a ''misery tax'', had come in for criticism from hospitals as well as Congress members on the grounds that the government was taxing a basic necessity even when it did not provide medical treatment facilities to all the citizens.

On March 1, a day after the Budget, TOI was the first to report that the unpopular proposal would be dropped. The finance ministry was hoping to net Rs 700 crore from this ill-concieved measure.

Replying to the debate on the Finance Bill on Tuesday, Mukherjee admitted: ''The levy on healthcare has raised considerable anxiety in the House and outside...I have decided to exempt the new levy in its entirety both in respect of services provided by hospitals as well as by way of diagnostic tests until GST (goods & services tax) comes into force.''

Along with relief for healthcare, there was marginal relief for automakers as the finance minister halved the import duty on completely-knocked down (CKD) units to 30%. Still, buyers of imported CKD cars should brace for a price increase as the current duty was 10%. The hike will impact high-end models like BMW 3 Series and Audi A4 by around Rs 3-4 lakh.

Imported mobile phones are also set to get cheaper as the countervailing duty that is levied in lieu of local taxes, would be lowered from 5% to 1%. Similarly, imported printers and coking coal are expected to cost less, while duties on some computer parts have also been lowered.

The finance minister, who announced most of the amendments in the absence of the Opposition that had walked out, also provided partial relief to branded readymade garments. Instead of the actual excise levy of 6% proposed in the budget, the minister has levied a tax of 4.5%. He clarified that small scale industry would remain outside the excise net.

The FM also reduced the basic customs duty on raw silk from 30% to 5% to augment domestic availability for weavers, both in the handloom and powerloom segment. There was also relief for 130 items which the government plans to bring under the ambit of central excise with the Mukherjee deciding to make the rules simpler.

In addition, in view of the representations from the industry, the government decided to allow more local companies with overseas subsidiaries to be eligible for payment of lower tax on dividends. In the Budget, the government had proposed to halve the tax rate to 15% on dividends received from foreign subsidiaries in which the Indian company holds over 50% stake. Now, the threshold shareholding is proposed to be lowered to 26%. The move was aimed at getting these overseas subsidiaries to repatriate a larger share of profits to India instead of parking them overseas.

There were also sops for the New Pension Scheme with the minister announcing allowing for deduction to employer's contribution to a pension scheme on account of an employee.

Mukherjee emphasised the importance of staying our course on tax reforms, the enactment of the Direct Tax Code and the constitutional amendment to facilitate the implementation of GST from the next fiscal year.

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Car-makers face challenges from Japan crisis, rates hike

MUMBAI: Faced with surging raw material costs, Indian car-makers now face three additional serious challenges, including a shortage of key components, which could impact their performance this year.

While they could pass on the burden of increased input costs to customers, a shortage of components, compounded by the March 11 tsunami and quake in Japan and the Reserve Bank's latest rate hike -- which could affect car financing -- have made them jittery over their prospects in the short-to-medium term.

"Yes, the industry is facing problems, but we are taking it as a big challenge. We think this is a passing phase -- we see light at the end of tunnel," General Motors India Vice-President P Balendran said.

A shortage of critical components, many of them sourced from Japan where many automobile facilities, besides others, have been damaged by the powerful quake and tsunami, has made the going tough for the industry, which is likely to find it difficult to meet its sales targets, he said.

"Frankly, it is difficult to meet earlier projected (sales) figure this time. A shortage of components, including tyres, casting and steel, has made things difficult," he said.

The hike in key rates by the Reserve Bank, which is expected to push up interest rates on auto loans, could deter potential buyers, Balendran said.

The General Motors executive said, "It is difficult to predict a timeline for the problems to be resolved."

Home-grown auto major Mahindra & Mahindra is confident of the long-term potential of the industry, but feels the sector is likely to be stymied by the Japan crisis and RBI rate hike in the short-term.

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Sensex opens 16 points lower on profit-booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by over 16 points in opening trade on Wednesdsy as investors booked profits recorded during the previous session amid a weak trend on other Asian bourses.

The 30-share barometer, which gained 149.25 points in the previous session, declined marginally by 16.26 points to 17,972.04 points in opening trade on Wednesday.

In a similar fashion, the wide-based National Stock Exchange Nifty index fell by 6.70 points to 5,407.15.

Brokers said in addition to profit-booking by market participants after yesterday's gains, a weakening trend on other Asian boures on concerns over higher oil prices dampened the trading sentiment.

Bucking the trend, stocks of sugar companies continued their upward journey for yet another session after the government decided to allow sugar exports of up to five lakh tonnes.

Meanwhile, Hong Kong's Hang Seng index was down by 0.29 per cent, while Japan's Nikkei fell by 1.60 per cent in early trade. The US Dow Jones Industrial Average ended 0.15 per cent lower in Tuesday's trade.

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Delhi Budget 2011 Live

The annual budget to be presented by Delhi Chief Minister Sheila Dikshit here on Tuesday is expected to focus on the social sector and provide relief to the common man, who is struggling to cope up with the pressure of price rise.

“I have already said that our priority would be on social sector in the coming days,” said Dikshit commenting on the budget.

Click Here For Live Telecast Of Delhi Budget 2011 Live In Hindi

According to reports, the allocation to various departments may be cut down this year in wake of the huge spending on the 2010 Commonwealth Games (CWG) projects.

The Delhi Government had reportedly spent around Rs 16,000 crore on various projects for the 2010 sporting extravaganza, which resulted in some sort of financial difficulties.

Some measures may be announced during this year’s budget to help the poor people.

KNOW YOUR PAN WITH NAME DATE OF BIRTH

KNOW YOUR PAN
First Name :
Middle Name :
Surname *:
Date of Birth / Incorporation* :

Further ,name shown on Pan card and Name given in Pan data base may be not matching .The reason is that in pan application we can give abbreviation for name to be printed on pan card.


To know company ,firm ,HUF etc Pan number full name is to be filled in surname column and in DOB column ,date of Incorporation is to be given.

So if you have confidence of having matching data then go for it ,fill your First name ,Middle name ,surname with DOB and get your PAN.

Point you should note

1. Think about name filled in PAN application .
2. General mistake in pan application is that surname is given in first name and vice versa.
3. Surname column is Must ,if your name is of one word only then fill it in surname .suppose if your name is Rinku and this is your first name even then to know pan number fill it in surname.
4. Fill date of Birth (DOB) in dd-mm-yyyy format .Use - as separator and please don't use / backslash ,.(dot) or _(underscore)

Sensex opens 100 points higher on fresh buying

MUMBAI: The Bombay Stock Exchange benchmark sensex recovered by over 100 points in opening trade today after three straight days of losses, in tandem with a firming trend on other Asian bourses.

The 30-share barometer, which lost over 520 points in the previous three sessions, rose by 100.78 points, or 0.56 per cent, to 17,939.83 in opening trade today, with stocks of IT, auto, realty and capital goods companies supporting the recovery.

In a similar fashion, the wide-based National Stock Exchange Nifty index moved up by 30.60 points, or 0.57 per cent, to 5,395.35 points.

Brokers said reports of a firming trend on Japan's Tokyo Stock Exchange and other Asian bourses following overnight gains in the US market buoyed the sentiment at home, though surging global crude oil prices restricted the gains.

The Tokyo Stock Exchange's Nikkei rallied by 3.61 per cent, while Hong Kong's Hang Seng gained 0.28 per cent in morning trade today. The US Dow Jones Industrial Average ended 1.50 per cent higher in yesterday's trade.

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Cabinet set to raise DA by 6% today

NEW DELHI: Nearly 50 lakh central government employees and 38 lakh pensioners can look forward to a 6% increase in their dearness allowance with the Union Cabinet scheduled to consider the proposal on Tuesday.

If the move is approved, the dearness allowance, which is linked to the consumer price index, will rise from 45% currently to 51%, triggering a further change in the allowance structure. For instance, payments like conveyance allowance and children's education allowance will also increase by 25%.

Further, special compensatory allowance for those posted in remote areas such as the north-east and Jammu & Kashmir as central government employees in these areas are entitled to a Special Compensatory Allowance. Their special allowance goes up by 25% the moment the 50% trigger is breached.

While the move will provide some relief to government employees and pensioners whose salaries and pension are usually revised once a decade, the increase will cost the exchequer Rs 1,500 crore annually. Households have been combating high inflation, which in recent weeks was led by rising fruit and vegetable prices. Wholesale price index-based inflation is expected to be around 8% at the end of March.

Sources said the additional installment of DA will be released with effect from January this year. Typically, the increase takes place in two installments effective January 1 and July 1.

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Sensex down 40 pts on oil price concerns

MUMBAI: After a wide-ranging movement, the BSE Sensex ended in losses for the third straight session today, down nearly 40 points, as rising crude oil prices after US-led strikes on Libya raised inflationary concerns.

Global stock markets, however, remained firm. The Bombay Stock Exchange 30-share barometer opened higher and improved further to cross the 18K-mark, touching 18,007.73 on strong Asian cues in afternoon deals.

Stabilising of the Fukushima atomic power plant in northeastern Japan, hit recently by earthquake and tsunami, aided the rebound in world stocks.

However, air-strikes by Western forces on Libya as well as unrest in other neighbouring countries pushed up global crude oil prices, which weighed on market sentiment and the Sensex closed at 17,839.05,down 39.76 points or 0.22 per cent.

In last two sessions, it had tumbled by nearly 480 points or 2.61 per cent.

The NSE 50-issue Nifty index also softened by 8.95 points or 0.17 per cent to end at 5,364.75.

Selling in index-based counters like Infosys, Hindalco, TCS, L&T, Wipro, Hero Honda and Maruti Suzuki weighed down the market. However, buying in HDFC, Jindal Steel, M&M and Tata Steel cushioned the Sensex fall.

Rising global crude oil prices to nearly USD 103 a barrel in New York worried the market participants, expecting another round of hike in key interest rates to contain high inflation.

"After two straight sessions of selling, the Indian markets ended on (nearly) a flat note, amid choppy trades. FII selling in the past couple of sessions, plus the threat of inflation and hardening of interest rates could be among the pressure points that are keeping investors in India on tenterhooks," said IIFL Head of Research (India Private Clients) Amar Ambani.

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AIADMK announces deal with DMDK, new list of candidates

CHNENNAI: Tamil Nadu's major opposition party AIADMK on Monday formally announced its agreement with the DMDK, led by actor-turned-politician Vijayakant, allotting it 41 seats for the coming assembly elections.

The AIADMK also announced it own revised list of candidates for 160 constituencies.

Party general secretary and former chief minister J Jayalalithaa will contest from the temple town Srirangam, around 330 km from Chennai, which is considered to be a safe seat for her and falls under the Tiruchirapalli Lok Sabha constituency held by the AIADMK.

In 2006 Jayalalithaa had won from Andipatti.

The AIADMK candidates will file their nominations March 24 between 11am and 1pm as per party directive.

The AIADMK has finalised alliances for 74 of the 234 seats with 10 parties for the April 13 elections.

Besides DMDK, the other parties in the alliance are the CPM (12 seats), CPI (10), MNMK (3), PT (2), SMK (2), RPI (1), FB (1), KYF (1) and AIMMK (1).

The agreement with the DMDK ended a three-day crisis Sunday that had threatened to break the AIADMK-led alliance over concerns about the hugely popular Vijayakant leaving it after Jayalalithaa's unilateral announcement of constituencies for AIADMK candidates.

Jayalalithaa will now start her campaign tour March 24 to Tiruchirapalli, around 335 km from here.

She will return here March 30 and start out for Tuticorin, Kanyakumari and Tirunelvelli the next day.

After canvassing in various districts, the leader will return to Chennai April 9 and campaign here till April 11.

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Bengal polls: Mamata gives 65 seats to Congress

NEW DELHI: Ending days of suspense, Congress and Trinamool Congress reached seat-sharing agreement with the former settling for 65 seats, against its original demand of 90, in the 294-member West Bengal assembly. ( Read: Bengal polls: Mamata plays hardball, leaves only 64 seats for Congress )

The deal was announced within hours of a meeting between Congress president Sonia Gandhi with finance minister Pranab Mukherjee and the latter's telephonic talk with Trinamool Congress chief Mamata Banerjee.

"Congress has entered into a seat-sharing agreeement with Trinamool Congress for West Bengal assembly polls. We expect that the alliance will give a chance to the people of Bengal to end misrule of the Left," AICC spokesman Shakeel Ahmed told reporters here.

Under the agreement, Congress will contest from 65 seats while Trinamool will contest from 229 seats, Ahmed said.

Congress initially had demanded 90 seats but Trinamool was not ready to give more than 45. During the several rounds of negotiations, Congress dropped the demand to 70 seats but Trinamool said it could give only 64 seats. ( Read: Mamata's deadline ends today, will Congress blink? )

As the stalemate continued, Trinamool went ahead and unilaterally declared candidates for 228, saying it could not wait endlessly.

Replying to queries, Ahmed insisted that there was no compromise in the agreement on part of the Congress.

"There is no question of compromise or surrender when two parties agree for a negotiated settlement. All should honour it," he said. ( Read: Differences still persist: Shakeel )

"Every party wants to contest as many seats as possible but when they sit at negotiating table, they arrive at a mutually agreed number," the Congress spokesman argued. ( Read: Sonia to take call on Mahajot )

West Bengal Congress chief Manas Bhunia, who was also present at the press conference, did not reply to questions as to whether the local party unit was satisfied with the deal.

Bhunia had earlier given to the Congress High Command a list of 98 seats, which it wanted to contest. ( Read: Congress unhappy with Mamata's move, but wants to continue alliance )

"Ours is a national party and I am the PCC chief of Bengal. I had communicated the views of my people to the party high command. Now a decision has been taken between the central leadership of the parties. West Bengal parties will abide by that," was his refrain to repeated questions on whether the deal was a success or not for Congress.

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Vaiko's MDMK to boycott polls

CHENNAI: The Vaiko-led MDMK on Sunday quit the opposition AIADMK front after its demand for 21 seats was rejected and decided not to field any candidates in the Tamil Nadu assembly elections to avoid splitting the anti-DMK votes.

AIADMK boss J Jayalalithaa apparently sensing a setback to the opposition alliance, issued a statement that she was pained by the MDMK's decision to boycott the polls altogether. She offered only 12 seats to her longtime ally after conceding 41 seats to actor Vijayakanth's DMDK.

In a statement, the MDMK said it was hurt by the "arrogant attitude" of the AIADMK general secretary Jayalalithaa. A "relieved" Vaiko chose to watch the India-West Indies cricket match at Chepauk on Sunday evening when other politicians were busy thrashing out strategies to win the polls.

Jayalalithaa, in a statement, said she was a loving sister to Vaiko and would continue to be so. Jayalalithaa said as she could not allot 21 seats as demanded by the MDMK, it had left the front.

A senior MDMK leader, reacting to Jayalalithaa's statement, said, "She wants the votes of MDMK sympathisers but she has continuously insulted our leader Vaiko. Anyway people of the state will teach her a lesson."

"We will not patch up with AIADMK because she thinks that she will become chief minister without alliance partners. AIADMK alliance partners are all upset with her attitude but they want defeat the DMK and that is why they maintain the relationship with AIADMK," he said. MDMK had held a marathon 20-hour meeting at the party's head quarters on Saturday at which a resolution was passed to quit the AIADMK led front and boycott elections.

In a statement, the party said it was hurt by the "arrogant attitude" of the AIADMK general secretary Jayalalithaa.

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Rupee up 11 paise against US dollar in early trade

MUMBAI: The Indian rupee strengthened by 11 paise to Rs 45.02 per dollar in early trade at the Interbank Foreign Exchange on Monday, supported by a higher opening in the stock market and dollar weakness against other currencies.

The rupee had appreciated by 5 paise to close at Rs 45.13/14 per dollar in the previous session on Friday on the back of dollar-selling dollar by exporters.

Forex dealers said dollar weakness against the euro and a higher opening in the stock market kept the rupee sentiment firm as well.

Meanwhile, the Bombay Stock Exchange sensex was up by 128.92 points, or 0.72 per cent, at 18,007.73 in opening trade today.

Rupee up 11 paise against US dollar in early trade

MUMBAI: The Indian rupee strengthened by 11 paise to Rs 45.02 per dollar in early trade at the Interbank Foreign Exchange on Monday, supported by a higher opening in the stock market and dollar weakness against other currencies.

The rupee had appreciated by 5 paise to close at Rs 45.13/14 per dollar in the previous session on Friday on the back of dollar-selling dollar by exporters.

Forex dealers said dollar weakness against the euro and a higher opening in the stock market kept the rupee sentiment firm as well.

Meanwhile, the Bombay Stock Exchange sensex was up by 128.92 points, or 0.72 per cent, at 18,007.73 in opening trade today.

Sensex opens 129 points higher

MUMBAI: The Bombay Stock Exchange benchmark sensex opened nearly 129 points higher on Monday on emergence of buying in fundamentally strong shares at lower levels, driven by a firming trend on other Asian bourses.

However, a spike in global oil prices after Western forces launched airstrikes on Libyan targets capped the gains.

The 30-share barometer, which lost nearly over 480 points in the previous two sessions, rose by 128.92 points, or 0.72%, to 18,007.73 in the first few minutes of trade today.

In a similar fashion, the wide-based National Stock Exchange Nifty index rose by 39.60 points, or 0.73%, to 5,413.30.

Brokers said investors indulged in selective buying of select available at attractive rates after the two-session losing streak.

Stocks of metals, consumer durables, auto and power firms were trading in the positive zone, helping the sensex to trade higher, but state-run oil companies faced selling pressure as rising crude oil prices increased their financial burden on fuel subsidies.

In the Asian region, Hong Kong's Hang Seng index rose by 1.30% in morning trade today, while the US Dow Jones Industrial Average ended 0.71% higher in the previous session on Friday.

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Corruption charges slapped on Justice Dinakaran

NEW DELHI: Sixteen charges of corruption and irregularities have been slapped by a Rajya Sabha constituted panel against Chief Justice of the Sikkim high ourt Justice P D Dinkaran, who is facing impeachment proceedings in Parliament.

The committee comprising Supreme Court Justice Aftab Alam, Karnataka high court Justice K S Khehar and eminent jurist P P Roy issued the chargesheet to Dinakaran on March 16 and has sought his response by April 9.

The charges against him included possession of wealth disproportionate to his known sources of income, illegal encroachment on public property and land belonging to Dalits and other weaker sections, five Tamil Nadu Housing Board plots in favour of wife and two daughters, benami transactions, acquiring and possessing agricultural holdings beyond the ceiling fixed by the TN Land Reforms Act 1961, destruction of evidence, undervaluation of sale agreements, evasion of stamp duty and illegal constructions.

This apart, Justice Dinakaran has been accused of resorting to irregular and dishonest administrative actions by fixing rosters of judges to facilitate dishonest judicial decisions while he was the Chief Justice of Karnataka high court. He is also accused of adopting illegal transfers of judges and appointments of staff, sources said.

Dinakaran has been granted the liberty to engage a lawyer of his choice to defend himself.

Justice Dinakaran was recommended for appointment as a Supreme Court judge in August 2009 but the move was stalled following the allegations against him.

The motion for Dinakaran's removal was admitted in the Rajya Sabha on December 17, 2009 following which Rajya Sabha Chairman Hamid Ansari constituted the panel to probe the allegations.

Initially, another Supreme Court Judge V S Sirpurkar was appointed to head the panel but he was forced to recuse after the Madras Bar Association and various lawyers forum sought his recusal on the ground that he had worked with Justice Dinakaran in the Madras high ourt.

While slapping charges against Dinakaran, the panel took into consideration various material furnished by the Income Tax department and Tamil Nadu government to justify the allegations against him.

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25 yrs in the making, Army inducts Akash

NEW DELHI: Indian armed forces are going in for a huge induction of the indigenous Akash surface-to-air missile (SAM) systems to counter the threat posed by enemy fighters, drones and helicopters on both western and eastern fronts as well as protect "vital areas and installations".

Developed by DRDO after 25 years of technical glitches, the 25-km range Akash air defence weapon system finally seems to have found favour with the armed forces, who are desperate to plug existing operational gaps in air defence.

The IAF had earlier ordered eight Akash squadrons — six of them will be based in North East to counter China — for Rs 6,200 crore. Now, the Cabinet Committee on Security on Thursday cleared two Akash regiments, with six firing batteries and hundreds of missiles each, for the Army. The total order for the Army stands at Rs 14,180 crore at present.

The low-reaction-time Akash is designed to neutralise multiple aerial targets attacking from several directions simultaneously, with a digitally-coded command guidance system, in all weather conditions. "The fully-automated Akash has an 88% kill probability within a specified kill zone... It has even intercepted a target with a 0.02 sq metre of radar cross-section (a fighter has a 2 sqm RCS)," said an official.

DRDO, in fact, says the sleek 5.6-metre-long Akash, powered to carry a payload of 60 kg, can even take on sub-sonic cruise missiles. Akash, which DRDO claims is "96% indigenous", is not the only SAM system that the forces are going to induct to replace their obsolete Russian-origin Pechora, OSA-AK and Igla missiles.

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Govt can't confirm veracity of cables leaked by WikiLeaks: PM

Govt can't confirm veracity of WikiLeaks documents: PM
See photo
NEW DELHI: Refusing to buckle under attack over the Wikileaks expose, Prime Minister Manmohan Singh today rubbished charges of bribery during the 2008 Trust Vote based on "speculative and unverified" cables and asserted that no one from Congress or government engaged in any "unlawful act".

Making a statement in both Houses of Parliament, an assertive Singh hit out at the Opposition for lending "dignity" to "purported" correspondence between the US Embassy here and State Department in Washington and raising "old charges that have been debated, discussed and rejected by the people of India."

Amid thumping of desks by the Treasury Benches, he said, "No one from the Congress party or government indulged in any unlawful act" during the July 2008 Confidence Motion.

"An issue was raised that the offence of bribery was committed in India. Government rejects the allegations absolutely and firmly," he said, referring to the charges in the Wikileaks that bribes were paid to win the Confidence Motion of UPA-I after Left withdrew support over Indo-US nuclear deal.

Raising questions over the cables cited by the Wikileaks website, the Prime Minister said in identical statements in Lok Sabha and Rajya Sabha that, "The government cannot confirm the veracity, content or even the existence of such communication."

To press his contention, he said those who have been named by the Wikileaks have "stoutly rejected" the charges.

Hitting out at the Opposition, he said it was "unfortunate" that it continues to raise the "old charges".

"It is most surprising that speculative, unverified and unverifiable communications should be given dignity and seized upon by the Opposition parties to revive old charges that have been soundly rejected," Singh said.

He pointed out that the UPA-I had won the Confidence Motion in July 2008 with 275 votes in favour and 256 against.

These allegations of bribery were investigated by a committee of the 14th Lok Sabha which concluded that there was insufficient evidence to draw any conclusion.

"I am disappointed that the Opposition has forgotten what happened thereafter. The Opposition repeated the allegations of bribery and how did the people respond," he said, citing the increase in Congress seats from 141 to 206 in the 2009 Lok Sabha polls as compared to BJP whose tally declined from 138 to 116 and that of Left parties from 59 to 34," he said.

Rupee gains 13 paise against dollar

MUMBAI: The rupee rose by 13 paise to Rs 45.05 per US dollar at the Interbank Foreign Exchange today, supported by higher opening in the domestic stock market and dollar's weakness against other Asian currencies overseas.

Forex dealers said a higher opening in the stock market and dollar losses against other Asian currencies kept the rupee sentiment firm.

The rupee had lost 7 paise to close at Rs 45.18/19 per dollar in the previous session.

Meanwhile, the Bombay Stock Exchange index Sensex today opened 109.74 points, or 0.60 per cent up at 18,259.61 level.

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Sensex down 271 points with RIL plunging 3.71%

MUMBAI: The BSE Sensex fell 271 points today to close below the 18,000 mark as investors sold stocks, including blue-chip Reliance Industries, over concerns that surging oil prices will stoke inflation and lead to even higher interest rates.

The Bombay Stock Exchange benchmark index Sensex, dipped 271.06 points to close at 17,878.81 after touching the day's low of 17,849.53, with investors selling oil and gas, auto, realty and banking stocks.

The gauge had lost 208.82 Points yesterday after the Reserve Bank increased key rates for the eighth time since last March, and revised upwards inflation forecast to 8 per cent for the fiscal ending this month, from earlier prediction of 7 per cent.

Similarly, the broad-based National Stock Exchange index Nifty lost 72.95 points, or 1.34 per cent to 5,373.70, after hitting a low of 5,366.40 points during the session.

Brokers said rising crude oil prices in global markets due to the ongoing tensions in the Middle East worried investors. However, higher closings on Asian bourses checked further losses.

Besides, a significant fall in the heaviest-weighed Reliance Industries (RIL) had a bearish impact on the sentiments, they added. It fell 3.71 per cent.

The BSE oil and gas sector index suffered the most by losing 2.67 per cent to 9,688.38, with RIL shares plummeting to Rs 993.15. ONGC lost 1.03 per cent to Rs 269.85.

Bharat Heavy Electricals, the biggest power-equipment maker, declined 2.01 per cent to Rs 1,925.65. The largest mortgage lender HDFC fell 2.57 per cent to Rs 620.95.

The IT sector index lost 1.36 per cent to 5,999.97 as bellwether Infosys Technologies declined 1.33 per cent to Rs 2,941.55, and TCS Ltd by 1.56 per cent to Rs 1082.40.

The Auto sector index fell 2.01 per cent to 8485.30 with Tata Motors, Maruti Suzuki, Mahindra and Mahindra, Bajaj Auto and Hero Honda ending lower.

The metal sector index also ended in the negative zone with fall of 0.12 per cent to 15,275.23.

As selling pressure picked up, the smallcap index also fell 0.78 per cent to 7,797.80 and midcap index by 0.43 per cent to 6,509.68.

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Sensex recovers 110 points in opening trade

MUMBAI: The BSE benchmark Sensex today recovered by almost 110 points in the opening trade, with finance and other sector stocks rising on emergence of buying by funds and retail investors at prevailing low levels amid better trends on other Asian bourses.

The Sensex, which had lost 208.82 points in the previous session, rose by 109.74 points, or 0.60 per cent to 18,259.61 level, with banking, realty, auto and metal sector stocks leading the recovery.

Similarly, the broad-based National Stock Exchange index Nifty moved up by 36.40 points, or 0.66 per cent, to 5,483.05 points.

Market analysts said bargain buying by funds and retail investors at select counters, after sharp losses in the previous session helped stocks to trade at moderately higher levels.

Banking sector stocks, which faced selling pressure after the Reserve Bank of India yesterday announced a hike of 25 basis points in key short-term lending and borrowing rates were back in green on select buying.

State Bank of India, the country's largest state-run lender, was trading 0.19 per cent higher at Rs 2623.10 a piece, while ICICI Bank was up by 0.50 per cent to Rs 1,017.50 a share.

In key Asian indices, the Japan's Nikkei rose by 3.05 per cent and Hong Kong's Hang Seng gained by 0.70 per cent in the morning trade today.

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Govt likely to go slow on Jaitapur N-plant

NEW DELHI: An amber light is flashing on the proposed Jaitapur nuclear power plant with the project expected to proceed only after apprehensions raised by the Japanese tsunami in the public mind have been thoroughly assuaged.

The widely televised and reported struggle of Japan's nuclear establishment in containing overheating nuclear cores at the Fukushima power plant have rung alarm bells in India with environment minister Jairam Ramesh calling for more reviews and the Maharashtra government striking a cautious note as well.

Official sources said the state government is keen that the plant's detractors do not gain the upper hand and give political traction to opposition to the Jaitapur project. It is felt that the project will move forward only after the dust raised by Japan's nuclear crisis settles.

India's nuclear establishment, including former atomic bosses, argue that the elevation of 25 metres at Jaitapur makes the site safe even if a 7-metre tsunami like the one that hit north Japan were to occur. It is also said the probability of a tsunami off India's west coast is minuscule. (Read: Reactors in India four times safer, says Russia)

Nuclear experts also say that the failure to cool the core of the reactors – the reason for the crisis at Fukushima – will not happen at Indian plants where safeguards have factored in such situations. Prime Minister Manmohan Singh has also ordered a thorough review. (Read: Safety review begins at Kalpakkam)

But images of the radiation laden steam clouds arising from four tsunami-struck nuclear reactors in Japan have made the political leadership wary of the costs of a disaster. Jaitapur is in a seismically active zone and the effects of a massive quake are not predictable. A swift cost-benefit analysis indicates a wait and watch approach.

It will be left to the nuclear agencies to respond to popular fears as well as scientific data put out by activists before the state government takes the next step. Local queries on why the plant was not being moved to constituencies represented by political bigwigs if it was such a boon are harder to answer while forceful measures will be avoided.

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India abstains on resolution authorising use of force in Libya

UNITED NATIONS: India, along with four other members of the UN Security Council, abstained from the voting on a resolution that approves a no-fly zone over Libya and authorises "all necessary measures" for protecting civilians there from Col Muammar Gaddafi's forces.

Ten of the 15-member body voted in favour of the resolution, but five nations -- China, Russia (which have veto power) and non-permanent members India, Germany and Brazil -- abstained from voting.

"This resolution calls for far-reaching measures but we never got answers to very basic questions," Indian envoy to UN Hardeep Singh Puri said. "This entire exercise has been based on less than complete information."

China's top diplomat in the UN Li Baodong also had similar apprehensions. "Many of those questions failed to be clarified or answered," Li told UNSC after the vote.

Last week, the Arab League called for a no-fly zone to be established in Libya and the resolution, co-authored by Britain and France, was tabled by Lebanon on Tuesday.

"We cannot let these war-mongers do this," Alain Juppe, the French foreign minister, told the Security Council. "We have very little time... we should not arrive too late."

But, India and other members of the Council voiced concerns about the absence of specific details on creating a no-fly zone as well as the lack of clarity on the source of assets for its implementation.

"Passing a resolution is an interactive process...if countries have doubts...you try to remove them," Puri said. "I'm afraid that the two countries leading the process (UK and France) did not make the required effort."

Susan Rice, US envoy to the UN, clarified that it was impossible to answer all the questions given that the Council had to act quickly. "We spent many hours going over these issues," she told reporters.

The current resolution also calls for an immediate ceasefire, which Russia had earlier proposed as a smaller resolution. But it never came to a vote because key countries felt that only a ceasefire resolution lacked teeth and would not deter Gaddafi.

Vitaly Churkin, the Russian envoy, warned "outside force" could destabilise the Middle East and North African region and described the resolution as "unfortunate and regrettable."

The action came as the Libyan leader threatened to launch the final attack to push out rebels from Benghazi, the second largest city of the country. "We are coming tonight," Gaddafi has told rebel forces. "There won't be any mercy."

The resolution, however, excludes "a foreign occupation force of any form on any part of Libyan territory," at it rules out deploying troops on the ground.

It also widens previous sanctions by imposing asset freezes for seven more of Gaddafi's supporters and five more entities including key state-owned Libyan companies.

Resolution 1970, adopted on February 26, slapped sanctions on the Libyan regime, including an arms embargo, an asset freeze and travel ban on Gaddafi and his loyalists, and a referral to the Hague-based International Criminal Court.

However, Manjeev Singh Puri, India's deputy envoy to the UN, told the Security Council the international community had to "mitigate and not exacerbate" the situation, and widening sanctions could hurt the economic interest of the Libyan people.

Meanwhile, media reports from the ground suggested that news of the UN resolution had been welcomed in Benghazi. Celebratory gunfire rang out in the city and imams at mosques shouted "God is greatest, God is greatest."

Ibrahim Dabbashi, Libya's deputy envoy to the UN who had turned against Gadhafi, called for the resolution to be implemented "immediately." But, he did not see his Indian counterpart's concern valid - "It has nothing to do with the Libyan people."

Mark Lyall Grant, the UK envoy to the UN, welcomed the vote and "Today's resolution puts the weight of the Security Council squarely behind the Libyan people."

Grant's sentiment was echoed by Rice who said, "Today the Security Council has responded to the Libyan people's cry for help."

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Food inflation down marginally at 9.42% in week ended Mar 5

NEW DELHI: Food inflation fell to a three- and-a-half-month low of 9.42 per cent for the week ended March 5 as prices of potato and pulses declined.

The drop in inflation, which is still not in comfort zone, is viewed as a breather for the government grappling with high price rise of essential commodities.

Food inflation in the previous week was 9.52 per cent. After remaining in double digit for several weeks, food inflation came down to single digit in the last week of February.

This is the lowest rate of food price rise for the week ended November 27 last year when it was 8.69 per cent.

The food inflation was 20.59 per cent in the comparable period in 2010.

During the week under review, prices of potato went down by over 9 per cent year-on-year, while that of pulses fell by 3.05 per cent.

The government had earlier exuded confidence that the expected record crop of wheat and pulses will help stabilise the rise in prices of food items. Food inflation remained in the double digits for most of 2010.

However, for the week ended March 5, prices of other food items continued to rise.

Cereal prices went up by 3.88 per cent year-on-year, while rice became dearer by 2.75 per cent. Price of wheat also rose marginally by 0.69 per cent on an annual basis.

While there has been drop in potato prices, vegetables on a whole became dearer by 8.71 per cent on annual basis. Onion was expensive by 6.65 per cent.

During the week under review, fruit prices rose by 19.39 per cent year-on-year. Milk also became dearer by 7.16 per cent.

Egg, meat and fish prices went up by 13.10 per cent on an annual basis.

Meanwhile, prices of non-food articles went by 23.03 per cent year-on-year. While fuel and power became dearer by 12.79 per cent, petrol became costly by 23.14 per cent.

The headline inflation in the country has remained above 8 per cent since February 2010. According to latest data, the overall inflation in February this year was 8.31 per cent.

The RBI in its quarterly review today revised upwards the inflation forecast for March-end to 8 per cent from 7 per cent projected earlier.

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Every other person owns a vehicle in Goa

PANAJI: Goa has surpassed some Asian and American nations in terms of its vehicle population. There is one vehicle for every two persons in the state. While Goa's population has registered a modest decennial growth of 15.21%, its vehicle figures have grown exponentially. The economic survey 2010-11 says that the number of vehicles on the live register as on November 30, 2010 shot up to 7,65,588. "On an average over 50,000 vehicles are being registered every year," the survey report states. While the number of vehicles in Iraq is 50 per 100—equal to Goa—the state has outdone Jordan (47/100), Bolivia (46/100), Peru (41/100), Philippines (31/100) and others. The Indian average is 12/100. Non-transport vehicles at 6,77,779 (88.53%) form a major chunk of the vehicles registered, while transport vehicles account for the remaining 11.47% (87,789).

The number of twowheelers on the live register is 5,25,912 while that of private cars and jeeps is 1,44,517. "Approximately 69% of the vehicles are non-transport two-wheelers, followed by private cars and jeeps, which account for 19% of the total vehicles," the report states. In terms of annual registration of vehicles, a total of 38,546 vehicles were registered during 2010-11 up to November 2010.

About 71% of vehicles comprised twowheelers while four-wheelers accounted for 19%. In terms of broad value group in the non-transport category, 46% of vehicles registered during 2007-08 till February 2011 have been valued at below Rs 40,000, while 37% are in the range between Rs40,000 and Rs50,000. The remaining 17% are valued above Rs 50,000. In the four-wheeler category, 25% are valued below Rs3 lakh, 45% range between Rs 3 lakh and Rs5 lakh, and the remaining 30% are valued at above Rs 5 lakh. As per the 2001 census, Goa's population stood at 13.47 lakh while it is projected to reach 17 lakh in 2011. "This is as per the national perspective of decennial growth," a source from census operations said. Goa's population growth has been considered modest as it recorded a 16% growth during the decade from 1981 to 1991 (1991 census) and 15.21% during 1991-2001 (2001 census).

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Sensex down 112 points as RBI hikes key rates by 0.25%

MUMBAI: The Bombay Stock Exchange benchmark Sensex was trading over 112 points lower in afternoon trade on increased selling by funds and retail investors amid RBI's move to raise its key policy rates by 25 basis points.

The 30-share Sensex, which had lost nearly 150 points at the start of the session, was down 112.55 points, or 0.61 per cent, at 18,246.14 at 1220 hrs with banking, IT, auto, realty and auto stocks leading the fall.

The broad-based National Stock Exchange index Nifty down by 32.75 points to 5,478.40.

Brokers said the RBI's decision to raise its short-term lending and borrowing rates, for the eight time since March 2010, by 25 basis points each, was in line with market expectations.

But raising of March-end inflation forecast to 8 per cent from 7 per cent projected earlier, had negative impact on the sentiments, they added.

RBI today hiked key short-term lending and borrowing rates by 25 basis points each in a bid to rein in inflation.

It also raised March-end inflation forecast to 8 per cent from 7 per cent projected earlier.

Rupee down 19 paise against dollar

MUMBAI: The rupee dropped by 19 paise to 45.30 against the American currency in the morning trade on renewed dollar demand from banks and importers amidst lower dollar in overseas and weak equity markets.

At the Interbank Foreign Exchange ( Forex) market, the domestic currency opened lower at 45.22/23 per dollar as against the yesterday's closing level of 45.11/12 per dollar and declined further to 45.30 per dollar before quoting at 45.26/27 per dollar at 1030 hours.

It hovered in a range of 45.20 and 45.30 per dollar in the morning deals.

The Indian benchmark Sensex dropped by 113 points or 0.62 per cent in the early trade.

However, in New York market, the Japanese yen touched a new high against the U.S. dollar yesterday as concerns over the nuclear situation in Japan intensified, weighing heavily on US and European stock markets.

Congress paid Rs10cr to RLD MPs for confidence vote: US cables

NEW DELHI: An aide of Congress leader Satish Sharma allegedly showed a US Embassy employee "two chests containing cash" and said Rs 50-60 crore is ready for use as "pay-offs" to win the support of some MPs ahead of crucial vote of confidence in UPA government over the Indo-US nuke deal, claimed a set of US diplomatic cables released by Wikileaks.

Noting that the Congress party machine was working "overtime" behind the scenes in the run-up to the confidence vote on July 22, 2008, the cables also claimed the party had allegedly paid Rs 10 crores to each of their "four RLD MPs."

RLD chief Ajit Singh denied the allegations of pay-offs and said the party voted against the Manmohan Singh government since it was against the civil nuclear deal.

The cable claimed that Nachiketa Kapur, Sharma's political aide, mentioned to an Embassy staff member in an aside on July 16, 2008 that Ajit Singh's RLD had been paid Rs. 10 crore for each of their "four MPs" to support the government.

Kapur reportedly mentioned that money was not an issue at all, but the crucial thing was to ensure that those who took the money would vote for the government, according to the cable sent from the US Embassy to the US State department dated July 17, 2008.

Kapur showed the Embassy employee "two chests containing cash" and said that "around Rs. 50-60 crore (about $25 million) was lying around the house for "use as pay-offs", the cable claimed. ( BJP demands UPA govt's resignation, Parliament adjourned )

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25 paise coins to become history from June 30, 2011

HYDERABAD: The Reserve Bank of India will withdraw 25 paise coins and those of lower denomination from the market starting June 30. These coins will not be in circulation and can't be used as legal tender for payment.

RBI in a press statement said that those who have these coins can exchange them for their worth at 41 banks across the country. The banks where such coins can be exchanged are:

Allahabad Bank , Andhra Bank , Bank of Baroda , Bank of India, Bank of Maharashtra , Canara Bank , Central Bank of India , Corporation Bank , Dena Bank , Indian Overseas Bank , Indian Bank , Oriental Bank of Commerce, Punjab and Sindh Bank, State Bank of India , Syndicate Bank , UCO Bank , Union Bank of India , United Bank of India , Vijaya Bank , State Bank of Bikaner and Jaipur, State Bank of Hyderabad , State Bank of Mysore , State Bank of Patiala, State Bank of Travancore, IDBI Bank Ltd , ICICI Bank Ltd , Tamilnad Mercantile Bank Ltd, Dhanlaxmi bank Ltd, The Federal Bank Ltd , The Catholic Syrian Bank Ltd, The HDFC Bank Ltd , The Jammu and Kashmir Bank Ltd, The Karur Vysya Bank Ltd , The Laxmi Vilas Bank Ltd, ING Vysya Bank Ltd , Standard Chartered Bank , City Union Bank , Axis Bank Ltd and Karnataka Bank Ltd.

Cabinet nod for GST bill

NEW DELHI: The Cabinet on Tuesday approved the GST constitution amendment Bill, setting the stage for implementation of the country's most ambitious tax reform.

The government will aim to introduce the bill in the current session of Parliament after law ministry makes some changes.

A constitutional amendment is necessary to give the power of taxation of all services to states for introduction of GST at the state level. The power to levy service taxes now vests only with the Centre.

Finance minister Pranab Mukherjee has said the government will introduce the Constitution amendment bill in the current session of Parliament and work is underway on drafting of a model legislation for the central and state GST.

But implementing GST by April 1, 2012 may be an uphill task as consensus among states is yet to evolve on key issues. Revenue secretary Sunil Mitra has said it may be difficult to implement GST from April 2012 and the date could be pushed to June. The government has missed its deadline of introducing GST in the past.

Mukherjee has sought the industry's help to create consensus on implementing GST and other economic reforms necessary to sustain 9-10% economic growth.

Analysts said the cabinet approval for the Constitution amendment bill was a key step for implementing GST.

"This definitely is most important. Once it is approved by Parliament, it has to be approved by 50% of states. Once that is done, it creates conditions for implementing GST," Rajeev Dimri, leader, indirect taxes at BMR Advisors, said.

The introduction of GST at the central level will not only include more indirect central taxes and integrate goods and service taxes for the purpose of set-off relief, but may also lead to revenue gain for the Centre.

It is expected to widen the dealer base by capturing value addition in the distributive trade and increased compliance, the finance ministry says. Because of the removal of cascading effect, the burden of tax under GST on goods is expected to fall.

The GST will override all indirect taxes such as excise duty and service tax at the federal level and value added tax (VAT) at the state level as well as local taxes, paving the way for creating a common market across the country. Analysts say evidence shows that revenue has risen significantly in countries which adopted GST.

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Sensex up 200 points on firm Asian cues

MUMBAI: The BSE benchmark Sensex opened over 200 points up on Wednesday on bargain buying triggered by firming trend on other Asian bourses after yesterday's losses.

The 30-share index of the Bombay Stock Exchange, which lost over 271.84 points in the previous session, rebound by 200.42 points or 1.10 per cent to 18,368.06 level, with oil and gas, metals, realty and banking stocks, leading the recovery.

Similarly, the wide-based National Stock Exchange Nifty index also moved up by 57.65 points or 1.05 per cent to 5,507.30 points.

Brokers attributed the rise to fresh buying by funds and retail investors, driven by recovery on other Asian bourses after yesterday's meltdown in the wake of last week's devastating earthquake in Japan.

Metal sector stocks were back in demand, supported by recovery in base metals at the London Metal Exchange, they said.

Meanwhile, Japan's Nikkei index was trading 4.43 per cent higher but Hong Kong's Hang Seng Index was down by 0.27 per cent in early trade today.

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Rupee gains 5 paise against US dollar in early trade

MUMBAI: The Indian Rupee strengthened by 5 paise to Rs 45.20 per dollar at the Interbank Foreign Exchange on Wednesday, supported by a higher opening in the stock market and dollar's weakness against other Asian currencies.

The rupee had depreciated by 19 paise to close at Rs 45.25/26 against the US currency in yesterday's trade on renewed dollar demand from banks and importers despite a weak dollar overseas.

Forex dealers said dollar's weakness against other Asian currencies and a higher opening in the stock market helped the rupee gain some strength.

Meanwhile, the Bombay Stock Exchange Sensex was up by 200.42 points or 1.10 per cent at 18,368.06 level in opening trade today.

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HDFC sole Indian firm among world's most ethical companies

WASHINGTON: Housing Development Finance Corporation ( HDFC) is the sole Indian company figuring in a New York City think tank's fifth annual list of the World's Most Ethical Companies.

The Ethisphere Institute's list, which includes 110 organizations, the largest since the award's inception in 2007, does not have a ranking.

Nearly 3,000 companies in more than 100 countries and 36 industries were nominated-or nominated themselves-to be considered this year.

The 110 companies that made the final cut this year include first-time recipients Adidas, eBay, Microsoft, Colgate-Palmolive and 30 other newcomers.

Thirty-one companies from last year disappeared, generally because of litigation or ethics violations, as well as increased competition from within their industries.

Twenty-six companies have been recognised as a WME company for all five years, and 50 more have made the list at least twice.

This year's list also includes more global companies, with 42 winners from outside of the US, including six from Japan.

Ethisphere's proprietary rating system, which it calls the Ethics Quotient, is based on a series of multiple-choice questions in a survey that is designed to capture a company's performance in an objective and standardised way.

"Based on the information in that survey, Ethisphere verifies responses before a final score is provided," says Alex Brigham, executive director of the Ethisphere Institute.

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2G scam: Raja aide Sadiq Batcha found hanging in Chennai residence

CHENNAI: Former telecom minister A Raja's aide and realtor Sadiq Batcha was found dead, hanging, at his residence in Chennai on Wednesday. CBI had questioned Batcha in connection with the 2G spectrum scam.

Police sources said Batcha might have committed suicide. Apollo Hospitals, where he was rushed to, confirmed that he was brought dead.

Sadiq Batcha was managing director of real estate firm Green House Promoters. Raja's relatives have stakes in Green House promoters.

http://timesofindia.indiatimes.com/india/2G-scam-Raja-aide-Sadiq-Batcha-found-hanging-in-Chennai-residence/articleshow/7717522.cms

Sensex sheds 272pts on global concerns

Jittery from a slump in the Japaneses markets, the domestic markets saw a fall of nearly 1.5% today.

Increasing nuclear hazards in Japan, following another blast at the ill-fated Fukushima nuclear plant, spread a cloud of nervousness around the world, as a result of which the Indian bourses opened to a negative start today.

After plunging to the day's low of 17,921 soon after opening, the Sensex recovered partially, but it remained in a negative belt throughout the day. In its intra-day recovery, the index shored up 405 points to touch 18,326, but slipped thereafter, as global pressures weighed in while nearing close.

At close, the BSE benchmark extended its losses to end at 18,168 down 272 points, while the Nifty ended at 5,450 down 82 points, as the increasing negative news flow from Japan dampened investor sentiment amidst concerns the loss in Japan will lead to higher business costs in the near term.

Japan's benchmark, the Nikkei 225, which declined 6% at close yesterday, was down 13% in early trades (IST), and this led to an opening of 18,030 for the Sensex, down 414 points, but the index soon regained during the late morning session, with energy shares leading the gains.

Reliance Industries at Rs 1,036 up 2% and Reliance Communications at Rs 101 up 0.5% were the only gainers on the Sensex. RIL gained on a higher y-o-y advance tax payment of Rs 1,054 crore for Q4FY11 versus Rs 770 crore paid in Q4FY10.

Jaiprakash Associates at Rs 81, Maruti Suzuki at Rs 1,215, both down 4%, and ONGC at Rs 271 down 3% were the major Sensex losers.

Amongst the other companies to have paid a higher advance tax for Q4FY11 were Tata Steel, who paid Rs 987 crore versus Rs 513 crore y-o-y, Bajaj Auto at Rs 250 crore versus Rs 175 crore y-o-y, Mahindra & Mahindra at Rs 307 versus Rs 226 crore y-o-y nad Hindlaco at Rs 160 crore versus Rs 110 crore y-o-y.

Engineering and construction major, L&T, has also paid more advance tax in Q4 FY11 at Rs 300 crore versus Rs 270 crore y-o-y, while FMCG major Hindustan Unilever Limited paid less advance tax this fiscal at Rs 150 crore versus Rs 170 crore y-o-y, and Tata Motors paid a meagre Rs 50 crore as against Rs 115 crore y-o-y, sources said.

In the broader markets, the Mid-cap index moved in line with the benchmark to end at 6,468 down 1.4%, while the Small-cap closed down nearly 2% at 7,791.

Losers in the Mid-cap arena were Bajaj Financial Services at Rs 522, Arss Infra Projects at rs 512 and Hindustan Oil at Rs 159, all down 6%.

Twilight Litaka Pharma at Rs 55 down 13%, Sujana towers at Rs 31 down 10% and Symphony at Rs 1,262 down 9% were the major losers on the Small-cap index.

On the whole, the scenario looked grim for investors around the world, as several analysts believe the crisis in Japan has assumed far greater proportion than the oil crisis in Libya, which sent oil prices spiralling to 2.5 year highs last week.

With several refineries shut down in Japan, oil demand is projected to decline temporarily, which may cool oil prices further.

As an after-effect, stock prices of several oil manufacturing companies rose because of the anticipations regarding reduction in subsidy margins for public OMCs.

The Oil & Gas index was the only index in the green on the sectoral chart at 9,969, up only 0.3%, with Reliance Industries, which gained 3% at close yesterday, at Rs 1,036 up 2% was the only gainer in this space.

"If the Libyan crisis spreads to other countries, there may be a spike in crude oil prices. However, at the same time, we would expect Japan to consume less amount of oil going forward because huge part of their economy will be impacted. Hence, we expect short-term correction in oil," said Vaibhav Sanghavi, Director (Equities), Ambit Capital, when asked about his views on the oil and gas sector.

A positive outlook on the government's advance tax collections did not seem to have any impact on the market sentiment, as all the sectoral indices traded in negative territory.

The Realty index bore the brunt of heavy selling, and the index slipped 3% to at 2,054. Top losers in this space were HDIL at Rs 157 down 6%, Orbit Corp at Rs 49 and Mahindra Lifespaces at Rs 336, both down 5%.

Auto stocks were dumped, because a majority of auto components, which are imported from Japan, will see a supply crunch due to the deteriorating condition in the country. Most auto manufacturing companies are located in Japan. Also, rising input costs have dented margins for auto companies, as have anticipations of a probable rate hike by the RBI, when the apex bank announces it's mid-quarter policy review due on March 17.

The Auto index declined 2% at 8,649, and the top losers on the index were Maruti Suzuki at Rs 1,215 down 4%, Exide Industries at Rs 132 and Mahindra & Mahindra at Rs 644 both down 3%.

Metals lost their sheen today as the demand for commodities, driven greatly by the East Asian markets, fell in the face of the Japanese crisis. The index was off 2% at 15,360 at close. Major losers were National Aluminium at Rs 108 down by a whopping 10%, while Sesa Goa at Rs 261 shed 4% and Sterlite Industries at Rs 158 lost 3%.

Rajesh Jain, EVP & Head of Retail Research, Religare Securities, averred, "The initial financial loss on account of the earthquake and tsunami in Japan is estimated at around $2 - 3 billion. However, the Indian markets are not directly impacted with this crisis but the disaster may impact overall investor sentiment."

Asian markets saw a severe impact of the burgeoning devestation in Japan, as threats of a nuclear cloud reaching the country's financial hub Tokyo abounded. A potential radiation catastrophe looms large over the capital, prompting fears of a break in the global economic recovery, as one of the world's most advanced economies braces itself for its worst disaster since the WW2.

The Nikkei slipped 11% to close at 8,605, its worst fall since 1987, while the Hang Seng declined 3% at 22,678, and the Taiwan Weighted also down 3% at 8,235. The Seoul Composite slipped a little over 2% at 1,924, the Straits Times shed more than 2.5% at 2,951, and the Shanghai Composite closed down 1.4% at 2,897.

World stocks fell to 2.5-month lows; the European markets were hit hard by the developments in Japan, and major indices were trading at substantial losses.

France's CAC 40 was down 3%at 3,761, Germany's DAX was at 6,561 down 4.5% and the UK's FTSE 100 was quoting at 5,641 down 2%.

BS

Tripura Opposition criticises Budget proposals

Correspondent

AGARTALA, March 14 – Terming the Budget proposals for the 2011-12 financial as anti-people and anti-development, opposition leader Ratan Lal Nath criticised Finance Minister Badal Chowdhury for taking the State’s economy to a bleak future.

Initiating the discussion on the proposed budget which was tabled on the floor of the House on March 10, Nath said that the government had proposed to hike budgetary outlay only by two per cent while it had approached the Planning Commission to increase annual plan outlay by 20 per cent for the State.

Out of total 56 government departments, the allocation has been reduced in as many as 28 departments in the budget, he added. “Development will not take place in the coming year as outlay for core sectors like Agriculture, PWD, Health and Family Welfare and Power has been reduced drastically’’, he said.

Hitting hard at the poor handling of economic affairs of the Left Front Government, Nath mentioned that the government will have to pay Rs 967.58 crore for the coming financial year as repayment of loan and interest to the Centre.

He said that the government had taken loan amounting to Rs 845 crore during the last financial year (2010-2011).

“It is almost certain that the development activities will be stalled due to severe financial crisis in spite of that the Centre has been pumping huge amount of money against various flagship programmes like NREGA, PMGSY, Sarba Siksha Abhiyan’’, Nath said.

He said that while the government had taken loan amounting to Rs. 845 core during the last financial year (2010-11), this was only Rs. 850 crore before Manik Sarkar became Chief Minister of the State.

On the allegation against the Centre of being deprived the state from hefty allocation, Nath said that the UPA government has been sanctioning funds as per the requirement of the state. “But the Left Front government has miserably failed to absorb the money in time”, he pointed out. “The Finance Minister has been taking the state towards a position where economy is almost collapsed. He should be removed from the vital portfolio if the government wants to save the state from severe debt trap”, he said

asssamtribune

Ibobi presents Rs 6,886 cr Manipur budget

IMPHAL, March 14 – Manipur Chief Minister O Ibobi Singh proposed no new taxes in the State’s Rs 6,886-crore budget for 2011-12 presented in the Assembly today.

Presenting the budget, Singh, who also holds Finance portfolio, said that of the estimates, Rs 3,277 crore would be under non-plan, Rs 3,290 under State plan and Rs 319 crore under Centrally-sponsored schemes (CSS), Central plan schemes (CPS) and North East Council schemes (NEC).

Singh said total revenue expenditure was estimated at Rs 4,763 crore while capital expenditure was estimated at Rs 2,123 crore.

Under the non-plan revenue account, the total expenditure was projected at Rs 3,134 crore during 2011-12, a marginal decrease of Rs 23 crore over 2010-11 of Rs 3,157 crore.

The Chief Minister said Manipur economy was agriculture-based. The government was committed to the development of agriculture and farmers, he said adding the outlay for agriculture and allied sector has been stepped up from the approved outlay of Rs 93 crore during 2010-11 to Rs 139 crore during 2011-12, a growth of 49 per cent.

He said the government has also given priority for development of water resources even during the ensuing year.

The allocation of major and medium irrigation and minor irrigation during 2011-12 has been fixed at Rs 326 crores. – PTI

PM orders review of N-plant safety

NEW DELHI, March 14 – Prime Minister Manmohan Singh today said an immediate technical review of India’s atomic plants has been ordered to check if they can withstand the impact of major natural disasters like Tsunami and earthquakes in the wake of the catastrophe in Japan threatening a nuclear meltdown, reports PTI.

Making a statement in Parliament on the earthquake and Tsunami in Japan, Singh said Indian nuclear plants have in the past met the safety standards during the major natural calamities like January 26, 2002 Gujarat earthquake and the December 2004 Tsunami.

He informed both Houses of Parliament that India was in constant touch with the International Atomic Energy Agency (IAEA), the Japanese Atomic Industrial Forum and the World Association of Nuclear Operators.

“The Department of Atomic Energy and its agencies, including the Nuclear Power Corporation of India (NPCIL) have been instructed to undertake an immediate technical review of all safety systems of our nuclear power plants, particularly with a view to ensuring that they would be able to withstand the impact of large natural disasters such as Tsunamis and earthquakes,” he said.

Singh said there are 25,000 Indians in Japan, most of whom do not live in the areas affected by the Tsunami and so far there are no reports of any casualties. About 70 Indians are in shelters established by the Japanese authorities in the Tsunami-affected areas.

Expressing deepest condolences to Japan on behalf of the government, Parliament and people of India, he said New Delhi would spare no effort to assist the tragedy-stricken country as “our resources are at the disposal” of that nation.

assamtribune

Cabinet nod for Bill to introduce goods and services tax

NEW DELHI, March 15 (IANS) - India's Union Cabinet Tuesday gave its nod for amending the Constitution to introduce a uniform goods and services tax regime across the country by unifying all Central and state levies such as sales tax and excise, officials said.

A meeting of the Cabinet, presided over by Prime Minister Manmohan Singh, cleared the draft Bill for introduction in Parliament after the deadline to introduce the new regime was miseed twice due to differences between states and the Central government.

The unified goods and services tax, however, will exclude some items such as petroleum fuels and liquor.

The new regime, which the government has been talking about for the past four years, was to come into force from April last year but the deadline was pushed by a year. Now the government hopes it can become effective April 1, 2012.

Industry has also decided to take up the matter. "We will go and meet state governments and try to convince them it is good for everybody," said Harsh C Mariwala, the newly-elected president of the Federation of Indian Chambers of Commerce and Industry (FICCI).

The deadline was missed twice as states, mainly those ruled by parties of the National Democratic Alliance (NDA), objected to certain provisions in the previous two draft Bills, saying they sought to give the Union Finance Minister undue veto powers.

The government, accordingly, proposed a Goods and Service Tax Council, chaired by the Union Finance Minister with counterparts from the states as members, to take decisions based on consensus.

Even as the Central government now maintains differences have narrowed down considerably, the BJP, which heads the NDA, has rejected the latest proposal as well.

In his Budget speech last month, Finance Minister Pranab Mukherjee said he was proposing to withdraw excise duty exemptions on 130 items, mostly consumer goods, with a view to align the tax system with the proposed goods and services tax.

"There are 370 items that enjoy exemption from central excise. I propose to withdraw the exemptions from 130 of these items that are mainly in the nature of consumer goods. The remaining 240 items to be brought into the tax net when GST is introduced," he said.

"The introduction of the direct tax code and the proposed goods and services tax will make a watershed. These reforms will result in moderation of rates, simplification of laws and better compliance."

India not worried despite Japan N-radiation

New Delhi: The Indian government and nuclear establishment are on edge after the disaster in Japan. With 21 foreign reactors on order from all over the world the word from the top was urgent and insistent that nuclear power was safe and there was no danger from natural disasters to India's nuclear reactors and the country's safety record spoke for itself.

"Following the Bhuj earthquake the Kakrapar nuclear power station operated without interruption. Following the tsunami the Madras Atomic Power Station was very safely shut down without radiological contamination," said Prime Minister Manmohan Singh.
In Mumbai former Atomic Energy Commission chairman Anil Kakodkar said the Jaitapur site for six nuclear power stations was seismically safe, rated at zone three. It was also safe from tsunamis.

"It will be way above the sea. The Department of Atomic Energy will obviously rethink crucial facets, after the Japanese experience. But the Jaitapur site is quite high up, we have plenty of scope to find work out solutions there," said Anil Kakodkar.

But others have their doubts. There have been six recorded accidents since 1987 at nuclear power stations, three of which involved leakage of radioactive iodine, radioactive helium and radioactive sodium.

"There have been near misses at Narora. Also the Kaiga dome which collapsed. Luckily they didn't result in a catastrophic incidents," said former Atomic Energy Regulatory Board chief Dr A Gopalakrishnan.

Scientists are also warning against plans for largescale import of foreign reactors. The European Pressurised Reactors of the French firm Areva comprise technologies that are unproven. American GE reactors have undergone partial meltdown in Japan's Fukushima plant.

Now the word from the critics is buy Indian and stay safe.

Seat sharing: FM & Mamata may hold talks today

STAFF WRITER 0:24 HRS IST

Kolkata, Mar 14 (PTI) Senior Congress leader Pranab Mukherjee tonight called up Trinamool chief Mamata Banerjee and they are likely to hold final round of talks tomorrow to resolve differences over seat sharing between the two parties for the Assembly polls in West Bengal.

"Yes, the Union Finance Minister (Mukherjee) telephoned our party leader. I have heard that he is coming to Kolkata tomorrow and the two are likely to have a meeting (on seat sharing)," Trinamool Congress General Secretary Mukul Roy, a close confidante of Mamata, told PTI.

The first round of formal talks between the two parties was held in New Delhi yesterday.

Sources in Delhi said the Congress, which earlier demanded 100 seats, is likely to agree on contesting 70 plus seats. Trinamool Congress has revised its offer from 45 to 64 seats.

UID for 600 mn people in four years, says Nilekani

The Centre has set a target of enrolling 600 million persons in the next four years for the unique identification (UID) numbers, Nandan Nilekani Chairman of the Unique Identification Authority of India (UIDAI) said on Friday.

"It is a very challenging task to cover 1.2 billion people. In the next four years, our target is to enroll 600 million people," he said on the sidelines of a function at the Doon School in Dehradun.

He said so far only 3 million people have been covered in the country since the project was launched by the Centre.

For providing the logistics, the Centre is setting up a management service provider for preparing a data bank of the entire project, he said.

He also said the work for the UID project has already started in Himalayan states like Himachal Pradesh [ Images ]. However, he said there is no deadline to complete the project since it will be covering a whopping population of more than 1.2 billion. "It will be a big challenge for us to cover the entire population of India," he said.

The total expenditure on the project was Rs 100 per head.

'Ashwamedh' buses on Pune-Dadar route

PUNE: The Maharashtra State Road Transport Corporation (MSRTC) recently introduced two 'Ashwamedh' buses on the Pune-Dadar route. The jumbo multi-axle Volvo buses will provide business class travel to passengers with more comfortable seats and legroom, say state transport officials. The buses have electronically controlled air-suspension, an electronic braking system and an integral hydraulic power-assisted steering system.

The buses, which were flagged off recently by minister of state for transport Gulabrao Deokar and MSRTC chairman Sudhakar Paricharak, have a seating capacity of 53, which is eight more than the Shivneri buses. The fare for travelling by the Ashwamedh buses will be Rs 270, the same as the fare for Shivneri buses, the officials said.

According to MSRTC officials, the buses, which cost Rs 1 crore each, will be introduced on the Mumbai-Pune-Bangalore route in the near future. MSRTC has also recently added various types of buses like the 31-seater midi buses, Parivartan buses, and air-conditioned Sheetal semi-luxury buses. tnn


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February inflation at 8.31% y-o-y: Govt

NEW DELHI: India's wholesale price index (WPI) rose an annual 8.31 per cent in February on higher fuel and manufactured product prices, government data showed on Monday.

The figure was well above the median forecast for a 7.79-per cent rise in a Reuters poll and was higher than the annual rise of 8.23 per cent in January.

The annual reading for December was upwardly revised to 9.41 per cent from 8.43 per cent.

The WPI is more closely watched than the consumer price index (CPI) in India as it covers a higher number of products.

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Sensex snaps 2-day fall, gains 265 points

MUMBAI: The BSE Sensex snapped two days of losing trend on Monday and gained 265 points as easing crude oil prices globally and a marginal rise in inflation reduced concerns about a possible sharp hike in interest rates, with funds buying blue-chips like RIL and Infosys.

The Bombay Stock Exchange benchmark index Sensex shot up 265.39 points or 1.46 per cent to finish at 18,439.48. It had lost 295 points in the last two sessions.

Similarly, the NSE 50-share Nifty moved up 86.05 points or 1.58 per cent to end at 5,531.50.

Oil prices fell below USD 100 a barrel in the US on reports that the earthquake in Japan would slow down demand for the time being and stem inflationary pressures globally.

Oil & gas, metal, it, banking and power sectors were the major gainers.

Sensex heavyweight Reliance Industries Ltd (RIL) was the major contributer to the gain by rising 2.63 per cent, Rs 26.05 at Rs 1,017.65, on reports that its gas production is expected to rise 23 per cent to 65 million metric standard cubic meters (mmscmd) daily from April at its blocks in the Krishna Godavari basin.

Infosys, the largest software exporter, also rose Rs 44.80 to Rs 3,099.25. The two stocks carry nearly 23 per cent weightage on the 30-stock barometer Sensex.

Besides, shares of Anil Dhirubhai Ambani (ADA) group companies were in demand on reports that Nippon Life Insurance will acquire 26 per cent stake in Reliance Life Insurance for USD 680 million. Reliance Comm was up 4.36 per cent, Reliance Mediaworks (2.85 pc), Reliance Broadcast Network (1.85 pc), and Reliance Power (3.58 pc).

"Markets gained over 1 per cent amid easing crude oil prices. Among the leaders was the heavy weight Reliance on the back of multiple positive developments, while other oil PSUs also rejoiced the softening crude oil price," said Motilal Oswal securities manager & analyst (derivatives) Bhavin Desai.

IIFL's head of research ( India Private Clients) Amar Ambani said, "Market players seemed to ignore a marginal rise in inflation for February. It rose to 8.31 per cent in February as against 8.23 per cent in the previous month."

He said, however, that some investors expected it to fall to 7.8 per cent and RBI may hike key policy rates by 25 basis points at its monetary review on March 17.

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