NHPC IPO subscribed over 3 times

Date : Aug-07-2009

NHPC's initial public offering has been subscribed more than three times on the first day of the issue. As per the data available on the National Stock Exchange website, the issue has been subscribed 3.22 times. Till 2 pm, 167.73 crore shares issue received 539.94 crore bids. More than 2.45 crore bids were made at cut-off price. Most of the bids were received at the upper end of the price band, said the sources.

The company is offering shares of face value Rs 10 each in the price range of Rs 30 to Rs 36 per share. The company will raise Rs 5,032 crore at the lower end of the price band while at upper band it will raise Rs 6,039 crore. The 100% book build issue closes on August 12.

The company proposes to use the issue proceeds to part finance construction as well as development of hydro projects.

Kerosene, domestic LPG prices lowest in India: Govt

New Delhi,

New Delhi, Aug 6 (PTI) Kerosene and domestic LPG prices in India are the lowest in South Asia, while the rates for petrol and diesel are comparable with its neighbours, Petroleum Minister Murli Deora said today.

In a written reply to a question in the Lok Sabha, he said kerosene at Rs 9.22 per litre in Delhi is the cheapest cooking fuel in South Asia.

Kerosene in Pakistan costs Rs 34.89 a litre, Rs 30.53 in Bangladesh, Rs 21.26 in Sri Lanka and Rs 34.35 per litre in Nepal.

Similarly, a 14.2 kg domestic LPG cylinder in Delhi priced at Rs 281.20 is cheaper than Rs 483.06 in Pakistan, Rs 670.12 in Bangladesh, Rs 666.31 in Sri Lanka and Rs 702.72 per cylinder rate in Nepal, he said.

Petrol at Rs 44.63 in Delhi is costlier than Rs 36.52 a litre price in Pakistan but cheaper than Rs 51.

Govt can terminate temporary staff without assigning reason: CAT

Central Administrative Tribunal

NEW DELHI: The central government can terminate the services of its temporary employee without assigning any reason, the Central Administrative Tribunal (CAT) said.

The tribunal passed the order on a petition filed by an ex-technician Avinash challenging his termination by the Safdarjung Hospital after his services were not found satisfactory during the probation period.

"Offer of appointment specifically provide that the services of an applicant can be terminated at any time without assigning any reason. There is no mandatory provision to assign any reason thereof," the CAT, comprising members Dharam Paul Sharma and N D Dayal, said.

Rejecting the contentions of Avinash, the Tribunal said it is a case of "termination simpliciter in legitimate exercise of power under the Central Civil Services (Temporary Services) rules."

Avinash cited a number of cases which had been decided on similar lines in the apex court and said his termination was an example of violation of "principles of natural justice."

Committee constituted to examine auction of Gandhi items

New DELHI: In

New DELHI: In the wake of the controversy surrounding the auction of Mahatma Gandhi's iconic glasses and other personal items in New York in March, the government has constituted a committee of eminent Gandhians to examine such sales and make necessary recommendations.

Minister of state for planning and parliamentary affairs V Narayanasamy said frequent auctioning of memorabilia of great Indian personalities such as Gandhi, Jawaharlal Nehru and others abroad has come to government's notice.

"Regarding the works, letters, manuscripts written by Mahatma Gandhi which are put up on auction/sale, a committee of eminent Gandhians has been constituted to examine and make recommendations, as and when the occasion arises," he told the Rajya Sabha.

Gandhi's personal belongings were brought by business tycoon Vijay Mallya.