Sensex opens 76 points higher

MUMBAI: The Bombay Stock Exchange benchmark Sensex open 76 points higher in opening trade today on emergence of buying in fundamentally strong shares at lower levels.

The 30-share barometer, which lost 295 points in the past two sessions, rose by 76.06 points, or 0.41 per cent, to 18,250.15 in the first few minutes of trade.

In a similar fashion, the wide-based National Stock Exchange Nifty index rose by 22.85 points, or 0.41 per cent, to 5,468.30.

Brokers said investors indulged in buying select stocks available at cheaper rates after the market closed lower last week.

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Rupee gains 5 paise against US dollar in early trade

MUMBAI: The Indian rupee strengthened by 5 paise to Rs 45.19 per dollar at the Interbank Foreign Exchange today, supported by a higher opening in the stock market and dollar weakness against other currency rivals.

The rupee had depreciated by 6 paise to close at Rs 45.24/25 per dollar in the previous session due to sustained dollar demand from importers and sluggish equities.

Forex dealers said a higher opening in the stock market and dollar weakness against other currencies helped the rupee to strengthen.

Meanwhile, the Bombay Stock Exchange Sensex was up by 76.06 points, or 0.41 per cent, at 18,250.15 in opening trade today.

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Desperate Left to field 150 new faces in Bengal polls

KOLKATA: The Left Front, undefeated in the last seven assembly elections in West Bengal, released its list of candidates on Sunday with 150 new faces that did not include a single retired bureaucrat or film star. Instead, it`s fielding young teachers and politicians, making a generational shift that ruthlessly turfs out 80 MLAs, apart from weeding out all tainted members.

The list released for the elections starting April 18 may seem drab, and no match to the proposed star-studded Opposition team, but it has a surge of fresh faces and minority leaders who have led the Left Front from the street. It includes 40% more Muslim candidates than in 2006.

No less than nine ministers, including four junior ministers, were dropped. Rabindranath Ghosh of Forward Bloc and CPI`s Nandagopal Bhattacharjee are out on account of ill-health. Senior CPM minister Partha De from Bankura volunteered to skip the polls and tourism minister Manab Mukherjee relinquished his claim on Beliaghata to make way for Anadi Sahu.

The changes are expected to blunt the sting of the Opposition campaign on the ``lifestyle of ruling Marxists``. Leading the overhaul is chief minister Buddhadeb Bhattacharjee, CPM candidate from Jadavpur.

Most senior ministers — Buddhadeb Bhattacharjee, Nirupam Sen, Surjyakanta Mishra, Asim Dasgupta, Abdur Rezzak Mollah, Asok Bhattacharya and Naren Dey — will contest from their previous constituencies.

Housing minister Gautam Deb was shifted to Dum Dum from his home turf of Basirhat North. Dum Dum is considered safe and Left leaders would use Deb for campaigning, a source said.

The Left introduced new faces in almost all the 14 seats in the Maoist-hit Jangalmahal. Sushanta Ghosh, the minister leading the CPM campaign in Jangalmahal, will contest from Garbeta in West Midnapore. Four ministers — Kshiti Goswami, Debesh Das, Kironmoy Nanda and Anadi Sahu — were shifted to new constituencies after their previous seats got wiped out in delimitation.

The longest-serving Speaker of Bengal Assembly, Hashim Abdul Halim, decided to quit electoral politics on health grounds. His son Fuad Halim, a doctor, will contest from Ballygunge. Deputy Speaker Bhaktipada Ghosh and Left Front chief whip Mohammed Masiah were denied tickets.

CM Buddhadeb Bhattacharya had given indications of the change: he wasn`t ready to carry the ``tainted baggage`` anymore. Discredited people like former Haldia strongman Laxman Seth, Lagandeo Singh from Howrah and Majid Ali from Sashan in North 24-Parganas were dropped on grounds that candidates who lost in the 2009 Lok Sabha polls should not contest this year. Mohammed Salim and Rabin Deb, who also lost in the Lok Sabha polls, became victims of this formula. Seth`s wife Tamalika Ponda Seth will contest from Mahishadal.

The Left reverses in the seven districts of South Bengal began after Muslims — mainly farmers and educated youth — dumped CPM in the 2009 Lok Sabha polls and rallied with Mamata Banerjee against the land acquisition bid in South 24-Parganas, East Midnapore, North 24-Parganas, Howrah and Hooghly. The CM announced a slew of measures, included backward Muslims under the OBC category, and promised them 10% reservation in government jobs.

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Pranab hints at review of tax proposals

NEW DELHI: Finance minister Pranab Mukherjee on Friday indicated that the government will review some of the contentious tax proposals announced in the Budget.

Officials in the ministry said that at least two proposals are going to be revisited. The first one pertains to the levy of service tax on healthcare, including diagnostic tests. Sources said that the 5% levy on diagnostics would certainly be dropped given the pressure from doctors, hospitals and even members of the Congress party. In case of the proposed 5% levy on treatment in centrally airconditioned treatment centres with 25-bed in-patient facility, the ceiling may be enhanced.

On March 1, TOI was the first to report that the levy was being reviewed.

In addition, officials said that the proposal to levy 18.5% minimum alternate tax on special economic zones' developers and units was also being reviewed. While the broad contours of the revised proposal relating to MAT on SEZ, whose implementation has been advanced by a year, has been worked out, a final decision was yet to be taken, a senior official told TOI.

The commerce department has already opposed the proposal. Expressing surprise at the move, commerce and industry minister Anand Sharma had lodged his protest with Mukherjee. As reported by TOI on Sunday, the finance minister had said that he would consult his colleagues on the issue.

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