Stocks open lower; Sterlite, Wipro drag

MUMBAI: Indian equities started the week on a negative note in line with its Asian peers. All sectoral indices opened in the red with consumer durables and technology stocks leading declines.

Bombay Stock Exchange’s 30-share Sensex lost 87.90 points to 8237.92. National Stock Exchange’s benchmark Nifty fell 26 points to 2593.95 from Friday’s close.

Shares of Sterlite Industries edged lower after the company announced that it will pay $1.7 billion in cash and notes to buy bankrupt US copper miner Asarco LLC, lower than the $2.6 billion it offered last year. It has agreed with Asarco to pay $1.1 billion in cash, and $600 million in senior secured non-interest bearing promissory notes, to be paid over a period of nine years, for substantially all the operating assets of the US firm

Meanwhile, US stocks ended on a flat note on Friday, with the Dow and S&P rebounding late in the day to end higher as surging oil prices lifted energy stocks and offset a sell-off in technology shares on bets that the slowing economy will sap consumer spending on gadgets.

The Dow Jones Industrial Average rose 32.50 points, or 0.49%, to 6,626.94. The Standard & Poor's 500 Index inched up 0.12 percent, to 683.38. But the Nasdaq Composite Index fell 5.74 points, or 0.44%, to 1,293.85.

Asian markets declined led by banks on capital concerns. Nikkei fell 0.8%, Topix shed 1.42%, Hang Seng lost 1.28% and Straits Times lost 1.67%.

http://economictimes.indiatimes.com

Gandhi memorabilia

Seller sets terms for Gandhi memorabilia NEW YORK, March 5 – Suspense today mounted over what strategy the US-based owner of Mahatma Gandhi’s personal belongings, set to go under hammer shortly, would adopt as he indicated that he may call off the auction if an agreement is reached with the Indian government on conditions set by him, reports PTI.

Sanjay Dutt moves SC seeking nod to contest elections

LUCKNOW: Actor Sanjay Dutt, who is all set to make his political debut from Lucknow as the Samajwadi Party candidate for Lok Sabha elections, has moved Supreme Court seeking a stay on his conviction under the Arms Act.

The SC stay is required to clear his path for contesting the elections.

Dutt’s petition will be mentioned on Friday in the apex court for early hearing. The petition was filed on Thursday morning.

Ace defence counsel V R Manohar, who represented the actor in the 1993 Mumbai bomb blasts case, said few weeks ago: "His nomination will be rejected and he cannot contest unless the Supreme Court stays the conviction and suspends the sentence."

Dutt is out on merely on bail following his conviction in the blasts case. So his conviction stands.

There is another hitch. The apex court may be less likely to suspend Dutt's conviction and sentence pending his appeal because — despite his name being cleared of terror charges — it is the blasts case that he is connected with, say legal experts.

"Dutt's acquittal under the more stringent Tada may not be his ticket to contest if that and his release on bail are what he is banking on," Mumbai-based advocate Hitesh Jain, now representing an accused in the Malegaon blasts case, said.

While granting bail to the actor on November 27, 2007, the court had directed him to surrender his passport and asked him not to leave the country without its permission.

The Bollywood star, who was sentenced in July 2007, had spent 18 months in jail during the pendency of the trial.

The actor had in the first week of February got Supreme Court's permission to extend his foreign visit by two weeks to fulfil his commitments as United Nations' Goodwill Ambassador on malnutrition.

One near-parallel that comes to mind is cricketer-turned-politician Navjyot Singh Siddhu's case. He had to give up his Lok Sabha membership after the Punjab and Haryana High Court set aside his acquittal on charges of culpable homicide not amounting to murder.

He then appealed in the Supreme Court against his conviction and made a specific plea for staying his conviction to enable him to contest in the bypolls. The SC, just a day before the deadline for filing his nomination in 2006, stayed Siddhu's conviction in the road rage case and ensured that he could contest the Amritsar Lok Sabha bypoll.

What the law says

Under the Representation of the People Act, anyone sentenced to more than two years' imprisonment is barred from contesting elections till a court of law stays the conviction and sentence.

Source:http://timesofindia.indiatimes.com/India/Sanjay-Dutt-seeks-SC-nod-to-fight-polls/articleshow/4226894.cms

All efforts on to get Gandhi items back: Govt

NEW DELHI: With the scheduled auction of Mahatma Gandhi’s items in New York just hours away, the government on Thursday said it is making all efforts to get the items back, TV reports say.

“PM called me up personally to say that we must ensure that Bapu’s items are brought back in the country,” Times Now quoted culture minister Ambika Soni as saying.

“Government is looking at all options on this issue,” Soni said.

However, it rejected the conditions set by the American auctioneer of Mahatma Gandhi's personal items for stopping the memorabilia from going under the hammer and said is was in touch with United States and international legal agencies to get the articles back, PTI reported.

"Gandhiji himself would not have agreed to conditions. The Government of India representing the sovereign people of this republic cannot enter into such agreements where it involves specific areas of allocation of resources," minister of state for external affairs Anand Sharma said.

The ministers' responses came after James Otis, the auctioneer, set conditions for withdrawing the items from the auction which included a "substantial" increase in India's budget spending on health care of the poor. The memorabilia is up for auction at Antiquorum Auctioneers in New York.

Sharma said he was sure that Otis is aware that New Delhi has policy initiatives with "historic" allocations of resources particularly for rural health programmes and the education of the poor besides other pro-poor schemes.

On Otis' demand that New Delhi help its embassies in promoting Gandhian ideals in 78 countries, Sharma told a television channel that New Delhi is already incorporating Gandhiji's vision.

James Otis, who gave Antiquorum auctioneers Gandhi's iconic watch, glasses, a plate, a bowl and a pair sandals for auction, has said he has also added a blood report of Gandhi from Irwin hospital in Delhi and a signed telegram he had sent to students congratulating them on their peaceful struggle.

The auctioneers had fixed the reserve price of the articles between USD 20,000 and 30,000 but unconfirmed reports say it might be raised when the items are auctioned.

Analysts say the ongoing media hype could sent the auction price sky rocketing. Should no deal be reached, the Indian government's repeated statements on its determination to acquire the items could give a major boost to the price.

It is uncertain as yet whether government would direct bid or try to acquire items through some Indian Americans or their organizations if the auction does take place. However, some of the Indian Americans suggest that the second course would be better to keep the bids in check.

The auctioneers have not yet made clear whether they would allow the media to watch the auction at which bids can be made in the room, online or telephone. But those intending to bid have to register before hand. The online bidding access is given only to those who are registered as such.

Source:http://timesofindia.indiatimes.com/All-efforts-on-to-get-Gandhi-items-back-Govt/articleshow/4228285.cms