Probe ordered into detention of CM at Patharighat

Probe ordered into detention of CM at Patharighat

MANGALDAI, Feb 8: The state government has taken the unexpected detention of the Chief Minister, Tarun Gogoi by as many as three thousand activists of Darrang Zila Krishak Mukti Sangram Samiti (DZKMSS) at Patharighat in Darrang district on January 28 last seriously and ordered for a high level enquiry over the incident. The state government vide an order has instructed JSL Basava, Commissioner Lower Assam Division to conduct the enquiry and to submit the report immediately. It may be recalled here that the Chief Minister, Tarun Gogoi while on his way to offer floral wreath at the memorial tomb constructed in memory of 140 peasant martyrs at the historic Patharighat in Darrang district on that day, the activists of DZKMSS keeping the police and civil intelligence totally in the dark, took out a procession from Dighirpara to Patharighat covering a distance of about 8 kms and offered floral wreath at the memorial tomb before the Chief Minister could have offered it ceremonially. Though the activists of the DZKMSS peacefully observed their pre-scheduled programme, yet they raised slogans before the Chief Minister raising their voice against the alleged unabated corruption in the name of NREG schemes and demanding solution to the long felt problems of the farmers. Much to the embarrassment of the Chief Minister as well as of the police and civil administration officials, the Chief Minister’s convoy got stuck on the road for about fifteen minutes while the activists of the DZKMSS were returning.

Rabiram hits out at Himanta

KOKRAJHAR, Feb 8: The Bodoland People’s Progressive Front (BPPF) today came down heavily against State Health Minister Himanta Biswa Sarma for his remarks in the open session of BPF at Kajalgaon in Chirang district that both UG Brahma and Rabiram Narzary do not represent the Bodos and both are not leaders of the community.
In a press meet held at its party office today, BPPF president Rabiram Narzary said that they never claimed themselves to be leaders of the entire Bodo community but are working selflessly for the cause of the Bodo community. He said Himanta has no right to ask who is the leader of the Bodos. He said Sarma’s affiliation to BTC chief Hagrama Mohilary as the leader of the Bodos was ridiculous because Mohilary is also a leader of a political party. He asked Sarma how much he loves the Bodo people and wants the development of Bodoland by heart. Sarma even cannot pronounce the name of Bodo leaders — Hagrama Mohilary, UG Brahma, Rabiram Narzary— and their title correctly, said Narzary. If Sarma really has sentiments for the well-being of the Bodo people, why did he keep silent on the issue of a Central University at Kokrajhar and why he is reluctant to increase the reservation quota for Bodo students from 15 per cent to 50 per cent in the Knowledge City in different disciplines, questioned Narzary.

Bank credit growth rate is in good health: RBI

Date : Feb-07-2009 13:04
The Reserve Bank of India on Feb 6 said that the credit growth in the banking system is good and the lenders need to enhance their disbursals of loan to the productive sectors to support the growth.

RBI Deputy Governor Usha Thorat said, we are seeing a growth in credit. RBI has cut its rates and taken other steps to improve the liquidity conditions in the system ... there is a need to ensure adequate credit flow to priority segments. We need to see how things pan out. Apart from this, she also said rather than relaxing the NPA norms, the banks should be given time to restructure their MSME (micro, small and medium enterprises). Along with this, the banks need to ensure the credit quality while lending.

The RBI in order to improve the liquidity along with to ease the bank lending rates has slashed its the CRR to 5 per cent followed by repo rate to 5.5 per cent and reverse repo rate to 4 per cent, since October. The monetary actions by RBI were intended to the ensure adequate credit-flow to productive sectors, Thorat said. Besides this, she also said that the banks need to enhance their operations in the rural sector.

Govt may announce export sops in interim budget

Date : Feb-07-2009 12:54
The government will take further steps to ensure that labour intensive sectors are less adversely affected, said Pranab Mukherjee, the External Affairs Minister, who is also holding the charge of the finance portfolio.

The biggest beneficiaries are likely to be the export-oriented units. However, on the taxation front, the focus are going to be the indirect taxes and the export sops are being mulled. The extension of tax relief for export oriented units as well as the software technology parks are also on the cards. Besides this, on the expenditure side, the spending on schemes like the ''sarva shiksha abhiyan'' and mid day meal may see growth of 20 per cent.

Edserv Softsystems opens for subscription

Mumbai: Edserv Softsystems Ltd, an e-learning company is is entering the capital market after a long respite. Recently Gemini Engi-Fab Ltd has cancelled its issue due to bleak economic outlook and directionless secondary market, whose IPO was to open on Feb 3.
Edserv's initial public offering of Rs 39.7 lakh equity shares opens on February 5. The price will be decided through 100% book-building process. The company has fixed a price band of Rs 55-60 per share of face value Rs 10 The issue closes on February 9. The company plans to rise between Rs 23.8 crore and Rs 21 crore to expand humanware education & deployment system business up to 200 centers.

The issue has received poor grading of 'grade 1' from rating agency CARE. After the issue the promoters holding will come down to 61% from 91.2%. Qualified institutional buyers will be allotted 50% of the issue, institutional investors 15% and the remaining 35% will be allotted to the retail investors. The company has reserved 2 lakh shares for the employees.

Wipro eyeing European buyouts

PARIS: India's No. 3 software services exporter, Wipro Ltd, which has a cash chest of $500 million, is looking for acquisition opportunities, notably in Europe, its chairman and founder told French daily Les Echos.

Azim Premji said in the interview that he was eyeing "a few acquisition opportunities, notably in Europe in software or services companies with a revenue of at least $100 million.”

Wipro, which wanted to generate 40 per cent of its revenue in Europe within three years, planned to beef up its positions in France and Germany, he said.

The company recently reported its third quarter results with a 8.7 per cent rise, but gave a muted forecast due to the global economic downturn and growing pressure from Western clients to cut its fees.

The company forecast its information technology services revenue, including revenue from its acquisition of Citi Technology Services, at $1.05 billion in the March quarter, down 7 per cent from $1.13 billion in October-December.

Wipro, which counts Citigroup, Credit Suisse and Cisco among its clients, said net profit rose to Rs 8.98 billion ($183 million) in October-December under US accounting rules, up from Rs 8.26 billion a year ago.

“Our price realisation improved sequentially in constant currency through higher productivity, while absorbing impact of lower working days during the quarter," executive director and chief financial officer Suresh Senapaty said in a statement.

Total revenue rose 25 per cent to Rs 65.4 billion, as its IT services business added 31 clients during the December quarter. Its margins during the quarter were impacted by 60 basis points due to one-time provision of receivables from a large customer, he said.

Source: http://infotech.indiatimes.com/News/Internet/articlelist/2689148.cms

Pakistan likely to submit Mumbai probe report today

NEW DELHI: Pakistan is likely to examine the findings of its probe into the Mumbai terror attacks on Monday and is expected to officially respond to India’s Mumbai attacks dossier.

On Sunday, Pakistan media had reported that the government in Islamabad will file cases against five Pakistanis, including lone captured terrorist Ajmal Amir Kasab, for planning the Mumbai attacks.

Pakistan's Cabinet Defence Committee is meeting in Islamabad on Monday. The meeting has been called to review the investigation report prepared by the Pakistani authorities on the information provided by India on Mumbai attacks.

The interior ministry's report states that the attacks were planned not in Pakistan or India but in a European country, Geo News channel quoted sources as saying. The conspirators kept in touch by using the internet, the sources said, according to PTI.

The sources also said that cases would be filed against five Pakistanis, including Kasab, the lone attacker arrested by Indian authorities, for planning the Mumbai attacks.

Action will be taken against them in the country according to Pakistani laws and access to Kasab will be sought to identify his Indian 'associates', the sources said.

The Pakistan government has not formally stated so far whether it will seek consular access to Kasab though it has acknowledged that he is a Pakistani national.

Pakistan Prime Minister Yousuf Raza Gilani on Sunday had said the government will finalize its response to the Indian dossier after the report is presented on Monday.

Pakistan’s law ministry had vetted a report on the Mumbai attacks prepared by the interior ministry and forwarded it to the Prime Minister's Office. The Defence Committee of the Cabinet comprises key ministers and the three service chiefs.

Source: http://timesofindia.indiatimes.com/Pakistan_may_submit_Mumbai_probe_report_today/articleshow/4097582.cms

Markets open higher; Sensex, Nifty up 0.5%

MUMBAI: Key indices opened higher on Monday riding on positive cues from global shores buoyed by expectations from the US stimulus package.

Bombay Stock Exchange's 30-share Sensex rose 58 points or 0.42 to 9359. National Stock Exchange's benchmark Nifty climbed 13 points or 0.5 to 2856 from its previous close.

US stocks rallied for a second day on Friday on hopes Washington's stimulus package and a bank rescue plan will bolster the ailing economy, even as data showed the biggest one-month job losses in 34 years.

The Dow Jones Industrial Average rose 217.52 points, or 2.70%, to 8,280.59. The Standard & Poor's 500 Index gained 22.75 points, or 2.69%, to 868.60. The Nasdaq Composite Index was up 45.47 points, or 2.94%, at 1,591.71.

Asian stocks rose for a second day on expectations a surge in unemployment will push the US to expedite recovery plans, and after Japanese domestic machinery orders beat some economists' estimates. The Nikkei rose 0.5%, Topix climbed 0.2%, Hang Seng advanced 0.93% and China's CSI 300 surged 2%.

Back home, the National Stock Exchange will kick off the cross-margin facility across the cash and derivatives segments across all categories of market participants from Monday.

The facility will allow the market participants to see their overall position as a basket of cash and derivatives positions as against the existing practice of treating the cash & derivatives positions separately.

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