Sensex rises 95 pts on funds buying

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Thursday rose by over 95 points in early trade on buying by funds and retail investors.

The 30-share index, which gained 40.79 points in the previous session, gathered another 95.51 points, or 0.57 per cent, to 16,753.40 points.

Stocks of auto, oil & gas and metal sectors were leading the rally.

The wide-based National Stock Exchange index Nifty gained 28.40 points, or 0.52 per cent, to 5,028.70 points.

Brokers said increased buying by foreign funds and retail investors helped the Sensex remain in the positive for the second straight session, but overnight losses in the US market and mixed cues from Asian markets capped gains.

Among auto stocks, Tata Motors gained 0.95 per cent to Rs 735, Mahindra and Mahindra was up 0.99 per cent to Rs 582.90 and Maruti Suzuki rose by 0.46 per cent to Rs 1,308.30.

Stocks of most-weighted Reliance Industries was up by 0.60 per cent to Rs 1.012.90 supported by reports that the company was looking to enter the telecom sector.

Rcom was up 0.32 per cent to Rs 170.50, Bharti Telecom by 0.79 per cent to Rs 274.30, Sterlite Industries by 0.78 per cent to Rs 634.45, Hindalco by 1.54 per cent to Rs 135.05 and State Bank of India by 0.97 per cent to Rs 2,295.

TOI

Vijay Mallya enters RS fray

STAFF WRITER 16:21 HRS IST

Bangalore, Jun 7 (PTI) Liquor baron Vijay Mallya today filed his nomination papers as JDS-backed independent candidate for the June 17 biennial elections to Rajya Sabha from Karnataka.

Flanked by former chief minister and Karnataka unit JDS president H D Kumaraswamy and his brother H D Revanna, who is leader of the 27-member JDS legislature group in the Assembly, Mallya submitted the papers to the Returning Officer.

"There is nothing dramatic in my candidature. I have represented Karnataka before. I was supported by JDS before and now also as well," a beaming Mallya, a former Rajya Sabha member, told reporters after submitting his nomination.

Asked how confident he was of winning, he quipped, "If I were not confident, then I would not be here.

Govt proposes windfall tax on miners

STAFF WRITER 16:18 HRS IST

New Delhi, June 7 (PTI) On the heels of Australia announcing 40 per cent tax on bumper profits of miners, India said it proposes a similar windfall tax on iron ore.

"We have already moved the Finance Ministry...we are for it (windfall tax). We have sent the letter," Mines Minister B K Handique told PTI in an interview.

He said the move, initiated after Australia announced such a tax on miners in his country, would not only deliver "justice" to locals in mining areas through corporate social responsibility (CSR) but would check rampant illegal mining.

Australia proposed the tax in May after prices of iron ore and other commodities jumped on demand from countries like China. Windfall tax is levied by several countries on some super profit making industries.

PM's promise to act against rights violations in JK

TAFF WRITER 17:9 HRS IST

Srinagar, Jun 7 (PTI) Against the backof a raging controversy over alleged fake encounters in Jammu and Kashmir, Prime Minister Manmohan Singh today gave an assurance that government will "act" to ensure that security forces respect the rights of civilians while tackling terrorism.

"I am aware of some complaints related to human rights.

On this issue, the government policy is to protect the human rights of the people even when dealing with terrorism.

"The security forces in Jammu and Kashmir have been strictly instructed to respect the rights of the civilians. We will act to remove any deficiency in the implementation of these instructions," he said in his convocation address at the Sher-i-Kashmir University of Agricultural Sciences and Technology.

The Prime Minister's assurance comes in the context of allegations of a fake encounter in Machil area along the Line of Control where three civilians were killed reportedly by Army men.