Sunday, March 20, 2011

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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