Conclusion of Doha talks will boost global rade: FICCI

New Delhi, Aug 30: With the stage set for a mini-ministerial meeting of the World Trade Organisation (WTO) here this week, a leading industry lobby in India has urged the member countries to prepare an action plan for the early conclusion of the Doha Round trade talks.
If the world leaders reach a consensus on the Doha Round, it will boost global exports by $185 billion, the Federation of Indian Chambers of Commerce and Industry (FICCI) said in a report. “We urge the participating ministers to use this opportunity for readying a blueprint with timelines. This would be critical for completing the Doha talks within the present deadline of next year,” FICCI president Harsh Pati Singhania said. The mini-ministerial meeting, scheduled for September 3-4, would re-engage a large number of key players after a gap of nearly nine months and inject a fresh momentum to the limping multilateral trade talks, the federation said. The Doha talks began in 2001 but were stalled last year after countries disagreed on proposed tariff and subsidy cuts.

UPA Government’s 100 days

NEW DELHI, Aug 30: The first 100 days of the second innings of the Congress-led United Progressive Alliance (UPA) Government have been disappointing for the common man and its performance has been below par, say political parties. “The performance has been pathetic. The government has failed to deliver both on the economic front and the issues of country’s security,” GVL Narasimha Rao, member of Bharatiya Janata Party (BJP) national executive, told IANS.

Rao said the government had not been able to handle the drought situation and price rise and the “worst hit has been the common man,” on whose welfare talk the Congress came to power.
The views are echoed by the Communist Party of India (CPI) MP Gurudas Dasgupta. According to Dasgupta, the performance of the UPA Government has been “unsatisfactory and not up to the expectation of common man”. Manmohan Singh Government took oath on May 22 for the second consecutive time following a sweeping victory in the April-May Lok Sabha polls.
The government’s emphasis has been on infrastructure development, schemes for the poor like the National Rural Employment Guarantee Programme, stimulus packages to pull the economy out of the global slowdown and deal with the drought situation and spiraling prices of essential commodities.

Left Front expects huge turnout at August 31 rally

Left Front expects huge turnout at August 31 rally

KOLKATA, Aug 27: The ruling Left Front in West Bengal expects a huge gathering at a rally it is holding August 31 to commemorate the 50th anniversary of a mass movement that battled food shortages. “We expect at least 500,000-600,000 people in the rally,” Left Front chairman Biman Bose told reporters here on Thursday. The rally will be held in the heart of the city — the Metro Channel. Left Front leaders will pay homage to those who fell to police firing during what was known as the Food Movement. It was launched in 1959 when the State was suffering from acute food shortage. The movement reached its peak when a strike was organised in Kolkata and surrounding districts in August-September 1959. On August 31, 1959 more than 20 demonstrators were killed by the police. (IANS)

Vajpayee was thwarted over Modi exit, reveals Shourie

NEW DELHI, Aug 25: Supporters of Gujarat Chief Minister Narendra Modi thwarted then Prime Minister Atal Bihari Vajpayee who wanted Modi to quit over the 2002 communal violence, according to Bharatiya Janata Party (BJP) leader Arun Shourie. In an interview to NDTV news channel, Shourie alleged that the party almost “orchestrated a coup” against Vajpayee over Modi’s future when the BJP national executive met in Goa in 2002.

Shourie recalled that the BJP had made up its mind to sack Modi following the 2002 violence that left over 1,000 people dead. Most victims were Muslims. Shourie claimed that party veteran LK Advani was to ask Modi to quit at the Goa meeting but things turned out to be quite the opposite.
Shourie, who called Modi prime minister material in the run-up to this year’s Lok Sabha elections, said: “It was definitely decided that when we get down (from the plane in Goa), Advaniji will ring up Modi and say in the (national executive) ... offer to resign. (The) meeting starts, speeches start? Atalji and Advaniji are sitting on (the) stage. Modi got up and said ‘mujhe kuch kehna hai (I want to say something)’ and he offered to resign”.

Sensex continues winning streak

MUMBAI, Aug 25: Despite weak global markets, Indian equities continued their winning streak for the fourth consecutive session on Tuesday, with a key index ending 60 points higher than its previous close. The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened lower 15,573.91 points, ended at 15,688.47 points, up 59.72 points or 0.38 per cent.

After opening 55 points lower on weak global cues, the index slipped to a low of 15,423.39 points, but managed to crawl back into the green on fresh buying. It touched an intra-day high of 15,735.32 points. The broader-based Nifty of the National Stock Exchange (NSE) also closed in the positive terrain at 4,659.35 points, up 36 per cent.

India will import food

New Delhi, Aug 21: India will not hesitate to import food as and when the need arises to deal with this year's drought, Finance Minister Pranab Mukherjee said here on Friday, adding that stocks of grain with state-run agencies were healthy now.

"We will go for imports. But we do not make announcements of import in a very big way because that has another cascading effect," the minister told a meeting with state agriculture ministers here. "The moment news spreads India is going for heavy dosage of imports, then it will automatically have an impact on market prices being jacked up," Mukherjee told the meeting called to deliberate on the current drought declared in 246 out of India’s 626 administrative districts. "The decision is already there. Whichever commodity is in short supply, to meet the demand and supply mechanism, we shall go for imports," he said, adding that for commodities like edible oils and pulses, imports were on for a long time.

Sensex rallies in last hour, ends 228 points up

Mumbai, Aug 21: Indian equities markets closed for the week on a high, with a key index rising smartly in the last hour before closing bell on Friday and adding 228 points to its previous session’s tally. The rally was led by auto, technology and realty stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 14,951.49 points, ended at 15,240.83 points, up 228.51 points or 1.52 per cent. The broader-based Nifty of the National Stock Exchange (NSE) also closed in the positive terrain at 4,528.8 points, up 1.69 per cent.

Broader market indices similarly ended in the green, with the BSE midcap index closing 1.5 per cent higher and the BSE smallcap index ending 1.61 per cent up. The market breadth was positive, with 1,711 stocks advancing, 958 declining and 102 remaining unchanged.

Indian envoys begin brainstorming

New Delhi, Aug 24: A three-day conclave involving about 120 Indian envoys posted abroad began here on Monday with External Affairs Minister S M Krishna outlining the country’s strategy in dealing with key foreign policy challenges, ranging from terrorism and climate change to global meltdown and soft power projectionEnunciating the traditional values of India’s foreign policy, Krishna set the tone by exhorting diplomats to sharpen their skills in dealing with emerging challenges like climate change, the global financial meltdown and multilateral trade negotiations, said official sources. He also spoke about giving a fresh impetus to improving India’s relations with neighbours and sustaining momentum in ties with major powers like the US, Russia and the European Union, the sources said.

Key Advani aide Sudheendra Kulkarni quits BJP

New Delhi, Aug 23: Sudheendra Kulkarni, a key aide to senior Bharatiya Janata Party (BJP) leader L K Advani and also to former Prime Minister Atal Bihari Vajpayee, has snapped his ties with the party over “major ideological differences”. “I have major ideological differences with the party. I want to be honest in my views and wish to maintain party discipline. So I decided to come out,” said Kulkarni, who wrote a magazine article criticising the BJP and its ideological fountainhead Rashtriya Swayamsevak Sangh (RSS) after the party’s poll debacle. He, however, maintained that his decision to quit the BJP had nothing to do with the expulsion of Jaswant Singh over his book Jinnah: India, Partition, Independence.

“I decided to end my association with the BJP several weeks back. I had conveyed this to Advani-ji also. My decision has nothing to do with the unfortunate incident of Jaswant Singh-ji,” Kulkarni told television channels. Kulkarni denied that the BJP was slipping into oblivion. “It is a very strong, a very resilient party...it will go from strength to strength,” said Kulkarni, a one-time Communist Party of India-Marxist card holder. He said he would continue to be a well-wisher of the party and added: “I have the highest regard for Advani-ji and Atal Bihari Vajpayee-ji, with whom I have worked for 13 years.” Kulkarni worked in the Prime Minister’s Office (PMO) during Vajpayee’s time and served as his speech writer, media adviser and political aide. “From now on, I will be totally independent. I will work with like-minded members of other parties...,” Kulkarni told a news channel. He, however, clarified he would not join any political party.

A new era of India-Arab economic ties dawns

New Delhi, Aug 23: As the world fights an economic downturn, a new dimension is being added to trade and business relations between India and the Arab world, enhancing centuries-old ties between two sides of the Arabian Sea. Though Arab countries, particularly the Gulf nations, have traditionally been looked at as an important source of oil and gas for India, today it has changed into cooperation across multiple sectors marked by cross-investments from both sides.

Following the signing of a memorandum of cooperation between India and the Arab countries during a visit of Amr Moussa, secretary-general of the League of Arab Nations to India late last year, the two sides are in the process of putting in place a structure of multi-faceted cooperation. India is also working on sealing a free trade agreement with the Gulf Cooperation Council (GCC), which has Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE) as its members. Nothing reflects the rapidly growing ties between the two sides across multiple sectors more than trade figures. Of India’s total international trade to the tune of $414.54 billion in 2007-08, Arab countries accounted for 20.99 per cent. Within the Arab world, India’s trade with the GCC nations alone rose to $66.75 billion in 2007-08, or 16.1 per cent of the country’s total global trade. And within the GCC, the country’s trade with the UAE increased to $29.11 billion in the same period, making it India’s largest trading partner after China and the US.

New software enables IPO application via SMS

initial public offers

Applying for initial public offers (IPOs) could now be possible by just sending an SMS from mobile phones, courtesy a software developed by Vadodara-based Ekkay Magic.

Known as SMS IPO, the software enables an average investor to file IPO applications without filling the lengthy subscription forms.

The software works in such a way that investors already registered with stock brokers will be informed about IPOs via SMS alerts to their cell phones. All that the interested investors will have to do is to reply in a pre-defined format. The investment details received from investors and the customer information identified through their cellphone number will be captured and recorded at the stock brokers’ end.

BS

Pakistan asks for information

ISLAMABAD/NEW DELHI, Aug 18: A day after Indian Prime Minister Manmohan Singh said terror groups based in Pakistani territory were plotting attacks against India, Pakistan on Tuesday said it couldn’t take such remarks “lightly” and asked New Delhi to share information on such threats. “If the (Indian) Prime Minister says something like this, we can’t take it lightly,” Pakistan’s Foreign Minister Shah Mahmood Qureshi told reporters on the sidelines of an official function in Islamabad.

“If there is such information with (India), share it with the Government of Pakistan so that we can pre-empt such an act,” he said. “We have conveyed this to them and let’s see what is their response,” he added.

Sharma to unveil foreign trade policy on August 27

Sharma to unveil foreign trade policy on August 27
Date : Aug-18-2009 10:33



In order to discuss the details of the new five-year Foreign Trade Policy (FTP) which is to be unveiled on August 27, Union Commerce and Industry Minister Anand Sharma met Union Finance Minister Pranab Mukherjee. However, the new FTP is likely to look into the problems of exporters due to the huge slump in their traditional markets of the U.S. and the European Union and in addition it would give some incentives to exporters to broaden their global markets outside the U.S., the EU and Japan and venture into new markets including those of Africa.

Additionally, it is said that the government could give support but however, would not be able to create demand in the Western economies which were contracting. Moreover, the policy would outline the priority sectors as also sops, besides focusing on employment and labour intensive areas like textiles, leather, gems and jewellery, and handicrafts.

Rupee crosses 49 mark, closes at 48.95

Rupee crosses 49 mark, closes at 48.95
Date : Aug-18-2009 10:07



Due to the declining equity markets, the Indian rupee was affected where on August 17 it dropped down by 71 paise to close at a one-month low of 48.95/96 against the dollar. Moreover, due to the hope of increased capital outflows and huge dollar buying by foreign funds, it recorded the largest fall in absolute terms in more than three months.

In addition, the domestic unit resumed sharply lower at 48.53/54 a dollar from last Friday''s close of 48.24/25 per dollar at the inter bank foreign exchange trade while later it moved further lower to cross 49 level to a low of 49.02 before ending the day at 48.95/96 a dollar, a fall of 1.47%. However, due to the slow global markets along with the low monsoon, the Indian standard sensex fell by 626.71 points or 4.07%.

Post Session Market

Post Session Market
Date : Aug-18-2009 16:34



Domestic market ended the session with handsome gains backed by significant buying that emerged after Asian markets reversed losses. Higher US index futures also added to sentiments. Market touched the day’s high during afternoon trade mirroring firm European markets though afterwards pared gains a bit. However, monsoon worries continued to remain a key concern as 9 States have declared drought. Meanwhile, Finance Minister Pranab Mukherjee said that government has no proposal to write off loans taken by farmers as it did in 2008 in its first term in office. Further, India’s July export is down 26% from a year earlier. The BSE Sensex ended above 15,000 level and NSE Nifty closed above 4,450 mark.

Market opened on flat note today after reporting heavy selling in previous session. The US stocks markets closed lower on Monday, marking the worst single-session percentage loss in six weeks due to huge selling pressure. Slower-than-expected economic growth in Japan prompted a global sell-off on worries that an economic rebound may be further off than previously considered. Investors were not exciting by the news that the empire state manufacturing index moved into positive territory, signaling growth for the first time since April 2008. Further, Indian benchmark indices bounced back, as investors looked for some bargain chasing after yesterday’s sharp fall. Market touched day’s high during afternoon trade in line with recovery in other Asian stocks along with positive European markets.

Finally, market closed on positive note on account of sustained buying. From the sectoral front, all indices ended in green. Among those, most of the buying was seen in Capital Goods, Realty, Metal, Power, PSU, Auto, Bank, and FMCG stocks. Broader markets also followed the same trend as BSE Midcap and Smallcap stocks gained more than 2% each.

Among the Sensex pack 26 stocks ended in green territory and 4 stocks ended in red territory. The market breadth indicating the overall health of the market remained positive as 1741 stocks closed in red while 896 stocks closed in green and 78 stocks remained unchanged in BSE.

The BSE Sensex closed higher by 250.34 points or (1.69%) at 15,035.26 and NSE Nifty ended up by 71 points or (1.62%) at 4,458.90. BSE Mid Caps and Small Caps closed with gains of 111.04 and 129.74 points at 5,496.55 and 6,341.45 respectively. The BSE Sensex touched intraday high of 15,134.51 and intraday low of 14,740.26.

Gainers from the BSE Sensex pack are Hindalco (6.08%), JP Associates (4.73%), L&T Ltd (4.66%), HUL (3.45%), Tata Steel (3.14%), HDFC (3.06%), DLF Ltd (2.95%), Mahindra & Mahindra Ltd (2.89%), Bharti Airtel (2.87%), BHEL (2.76%), HDFC Bank (2.39%), RCom (2.36%), ICICI Bank (2.10%), Reliance Infra (2.08%), Maruti Suzuki (2.04%), ONGC (1.46%) and SBI (1.21%).

Losers from the BSE Sensex pack are Infosys Tech (0.59%), Grasim Industries (0.35%), TCS Ltd (0.19%), Sun Pharma (0.19%).

India''s exports fell 26% from a year earlier in July, federal Commerce Secretary Rahul Khullar said on Tuesday. The country''s imports during July fell 35%-36% from the same month last year.

On the global markets front the Asian markets that opened before the Indian market, ended with gains. Shanghai Composite, Hang Seng, Nikkei 225, Singapore''s Straits Times Index and Seoul Composite closed higher by 40.25, 169.20, 16.35, 21.74 and 3.18 points at 2,910.88, 20,306.27, 10,284.96, 2,567.72 and 1,550.24 respectively.

European markets, which opened after the Indian market, are trading in green helped by some upbeat German economic data. In Frankfurt the DAX index is trading higher 29.77 points at 5,231.38 and in London FTSE 100 is trading up by 31.39 points at 4,676.40.

The BSE Capital Goods index was at 12,313.50 up by 432.33 points or by (3.64%). The main gainers were Siemens Ltd up by (5.2%), Punj Lloyd up by (4.86%), Larsen & Toubro Ltd. up by (4.66%), Aiaengineer up by (3.98%) and Jyoti Struct up by (3.68%).

The BSE Realty index was at 3,750.40 up by 87.70 points or by (2.39%). The main gainers were Indbul Real up by (5.47%), Housing Dev up by (4.01%), Penland Ltd up by (3.43%), Anant Raj In up by (3.03%) and DLF Ltd up by (2.95%).

The BSE Metal index was at 12,213.25 up by 274.34 points or by (2.3%). The main gainers were Hindalco up by (6.08%), JSW Steel up by (3.8%), Nalco up by (3.55%), Jindal Saw up by (3.48%) and Welsp Guj Sr up by (3.27%).

The BSE Power index was at 2,868.06 up by 59.30 points or by (2.11%). The main gainers were Siemens Ltd up by (5.2%) at Rs.453.95, Suzlon Energy up by (3.57%), Gmr Infrastr up by (3.44%), Crompton Greaves Ltd. up by (3.12%) and BHEL up by (2.76%).

The BSE PSU index was at 8,202.09 up by 144.20 points or by (1.79%). The main gainers were Andhra Bank up by (5.1%) at, Power Finan up by (5%), Corporation up by (4.47%), Contain Corp up by (4.38%) and Mangalore Refineries & Petroch up by (3.81%).

The BSE Auto index was at 5,393.24 up by 89.74 points or by (1.69%). The main gainers were Bharat Forge up by (8.5%), Mahindra & Mahindra Ltd up by (2.89%), Ashok Leylnd up by (2.73%), Escorts Ltd. up by (2.44%) and Apollo Tyre up by (2.3%).

Ahluwalia Contracts India Ltd advanced by 4.13%. The company informed regarding the recent Awards of New Projects worth of Rs 215.06 Crores.

HDFC ended up by 3.06%. The leading mortgage lender has started its Rs 4,300 crore immediate fund raising exercise. The amount to be raised from the issue of NCDs would be about Rs 4,000 crore. Further the company is issuing 1.1 crore warrants, each convertible into one equity share of the company within three years, at a price of Rs 3,000. The stock is now trading higher by (3.12%) at Rs. 2,320.

Bharti Airtel ended higher by 2.87% after telecom major received bids from more than a dozen overseas banks keen to fund its around USD 23-bn merger deal with top South African mobile company MTN.

Nava Bharat Ventures Ltd spurted 7.18% after the Reserve Bank of India raised the foreign portfolio investment limit in the company to 40%.

Moser Baer increased by 1.88%. The company launched new optical Media high-end products in India.

HCL Technologies Ltd. lost 0.85%. The company said that it has been informed by Reader''s Digest Association (RDA) that the latest developments at its end do not affect its relationship and engagement with HCL.

Tata Communications closed lower by 0.56%. The company, together with its supplier, Tyco Telecommunications, a business unit of Tyco Electronics and an industry pioneer in undersea communications technology, today announced that they have completed the installation, testing and commissioning of the TGN-lntra Asia {TGN-IA) Cable System.

One more swine flu death in Mumbai, toll 29

( Watch )

PUNE/MUMBAI: Even as two more woman died of swine flu in Pune and Mumbai, raising the nationwide toll to 29 with Pune being worst hit with 13 fatalities, the district authorities in Pune announced on Monday that the closure of educational institutions and cinema halls would be extended to August 23.

Of the three suspected deaths of the flu in Mumbai, one pregnant woman died of swine flu on Monday. So far, three persons have fallen victim to H1N1 virus in the financial capital of the country. In Pune, Bina Gonsalves (36), who was admitted to Sassoon hospital on August 15 in a critical state, collapsed late on Sunday night. She was a confirmed case of swine flu.

Pune district collector Chandrakant Dalvi said though the number of deaths in the city had come down over the last three days and the number of people visiting screening centres had also fallen, the number of suspected patients was still high.

"Guardian minister Ajit Pawar and divisional commissioner Dilip Band took the decision to keep schools, colleges, tuition classes, theatres and multiplexes closed till August 23. Earlier, schools and colleges were to stay shut till August 19," Dalvi said.
To check the spread of the H1N1 virus, the district administration has decided to rope in army medical establishments to upgrade screening and treatment facilities, besides making more beds available.

"The defence establishments have extended full co-operation," Dalvi said. The army medical establishments in the city include the Military Hospital, Khadki; Armed Forces Medical College (AFMC); Military Hospital (cardio-thoracic centre) and the Cantonment General Hospital. AFMC and Command Hospital spokesperson Lt Col Abhijit Rudra said: "The proposal to extend medical amenities to civilians has been discussed and we are looking at extending help".

Dalvi said the current bed capacity for the swine flu patients in various state government and municipal corporation hospitals is 466. "Our aim is to increase it to 1,000 beds in the next few days," he said.

The collector said 8,155 patients were screened on Monday, far less than the figures for Saturday (27,288) and Sunday (13,442). Also, there were only 687 suspected cases reported on Monday as against 1,374 cases on Saturday and 1,094 on Sunday. Twenty-four fresh positive cases were reported on Monday, bringing the total number of such cases to 598.

‘‘As of today, there are 243 patients admitted in different hospitals in the city,’’ Dalvi said. ‘‘Of these, 54 are H1N1 positive and 189 are suspected cases. Eight patients are on the ventilator — two at Sassoon hospital and six at Sahyadri hospital,’’ he said.

TOI

Centre trying to deploy its forces in States: Mayawati

NEW DELHI, Aug 17: Uttar Pradesh Chief Minister Mayawati today apprehended that the Centre was contemplating direct deployment of its forces in States facing long-term law and order problem and termed it as a “matter of concern”. “It seems the Centre is considering a right to directly deploy security forces in States. Similarly, the Centre is considering direct intervention in States which face long-term problem of law and order,” she said. This was a “matter of concern”, Mayawati said at the meeting of chief ministers on internal security here. Mayawati said the Constitution gave vast rights to the Centre in relation to State Governments. “But if the Centre gets rights to deploy security forces directly, it will be able to interfere in state matters without responsibility,” she added. The Chief Minister’s speech was read in absentia by State Parliamentary Affairs Minister Lalji Verma. (PTI)

India leads world in road deaths: WHO

NEW DELHI: In a dubious distinction for the country, the World Health Organization has revealed in its first ever Global Status Report on Road Safety that more people die in road accidents in India than anywhere else in the world, including the more populous China.

Calling road fatalities an "epidemic" that will become the world's fifth biggest killer by 2030, the report said while rich nations had been able to lower their death rates, these were sharply on the rise in the third world. It said 90% of deaths on the world's roads occur in low and middle-income countries (21.5 and 19.5 per lakh of population, respectively) though they have just 48% of all registered vehicles.

The statistics for India are chilling. At least 13 people die every hour in road accidents in the country, the latest report of the National Crime Records Bureau reveals. In 2007, 1.14 lakh people in India lost their lives in road mishaps — that’s significantly higher than the 2006 road death figures in China, 89,455.

Road deaths in India registered a sharp 6.1% rise between 2006 and 2007. However, road safety experts say the real numbers could be higher since many of these accident cases are not even reported. "There is no estimate of how many injured in road accidents die a few hours or days after the accident," points out Rohit Baluja, member of the UN Road Safety Collaboration and Commission of Global Road Safety representing Asia.

The report, based on 2006 and 2007 statistics collected from 178 participating countries, said globally over 1.2 million people die in road accidents every year and 20-25 million people suffer non-fatal injuries.

Baluja said both central and state governments, while pushing for construction of more highways and roads, were doing precious little to make them safe. "We don't have scientific traffic engineering which forms the basis of road safety improvement practised in US and UK since 1930s. This still remains a matter of consultancy in India as we are yet to have our own traffic engineering wings," Baluja adds.

In fact, the report shows while only 3,298 people died in road accidents in UK in 2006, the figure, at 42,642, was much higher in the US.

The report pointed to speeding, drinking-driving and low use of helmets, seat belts and child restraints in vehicles as the main contributing factors. In 2004, road accidents was the top ninth cause of death in 2004.

"Speed is the main reason behind accidents. An increase in average speed is directly related to both the likelihood of a crash occurring and to the severity of crash consequences. A 5% increase in average speed leads to an approximately 10% increase in crashes that cause injuries and a 20% increase in fatal crashes. Zones of 30 kmph can reduce crash risk and injury severity and are recommended in areas where vulnerable road users are particularly at risk," the report said.

Only 29% countries had managed to reduce traffic speed in urban areas and 10% have been effective in managing it. The report stated traffic calming measures were lacking in areas with no traffic segregation.

A brief analysis of the NCRB report points to Andhra Pradesh having the highest share of deaths due to road accidents (12%) followed by Maharashtra and Uttar Pradesh (11% each).

Interestingly, contrary to the popular view of trucks being a major killer on roads, the report shows these to be the biggest victims of mishaps - 23,991 occupants of trucks and lorries lost their lives in 2007. This was followed by occupants of two-wheelers.

TOI

Demand for Indian flags lukewarm

New Delhi, Aug 14: Independence Day is only a day away but the usual fervour for tri-coloured flags is missing this time. Sales of miniature Indian flags at traffic signals and those meant to adorn desks and dashboards are down. The Khadi Gram Udyog is moaning that the demand has fallen by about 20 per cent. “The demand is down by 20 per cent compared to last year. The demand has not picked up though we are so close to August 15,” a Khadi Gram Udyog official told IANS.

Indian flags in khadi sold at Khadi Gram Udyog’s outlets are hugely popular. “We get our supply from a foundation in Maharashtra. Generally the demand for the flag shoots up before Republic Day and Independence Day. This time it is different,” the official added. A sweeping look at the capital’s roads and the number of tri-coloured fare in the arms of the street children at traffic signals back the point. Miniature flags made of plastic and other products cost between Rs 5 and Rs 20. Rajashri Das, an office-goer who like every year bought a flag stand for her car’s dashboard, said: “It’s surprising that the number of small flags and other Independence Day fare is not seen as much this time. A boy I bought the flag stand from said the demand for the flag was not much.” Rinky, a street kid who buys flags and other fare from the wholesale market and sells it at a traffic junction in south Delhi’s Moti Bagh area, said: “Not many people are buying things from us. But I am sure that the sales will pick up on August 15 like they do every year.”

Commander K V Singh of the Flag Foundation of India, which promotes the national flag, however insisted that the demand for the national flag had not dipped. But he admitted that neither had it risen. “The demand has been constant. We have supplied 1,300 flags in the last two weeks and there have been demands from Haryana, Bangalore and Mumbai, besides Delhi,” Singh told IANS. “If there is a shift it is this that people now prefer flags in fabrics that are cheaper compared to khadi flags that are more expensive. Having said that I still can’t say that the demand for the flag has risen,” he added. However, many tourists are buying the Indian flag. “Whether they buy it as a souvenir or otherwise, there are a lot of foreigners who have been buying the Indian flag. And why not? Our flag is so beautiful that it is worth being kept as a memoir,” said the official of Khadi Gram Udyog in Connaught Place, the very heart of the capital. (IANS)

India got USD 15-bn foreign investment in April-June

Mumbai,

Mumbai, Aug 13 (PTI) Signs of India's economic recovery appears to have raised the confidence among foreign investors with the flow of foreign investment surging five times in the April-June quarter.

As against a flow of nearly USD three billion in the preceding quarter of Jan-March, the direct and portfolio investments flow together rose sharply to USD 15 billion during April-June this year, data released by RBI revealed.

Of the total investment flows during the quarter, portfolio investments accounted for USD 8.270 billion, while direct inflows contributed USD 7.016 billion to the total flows, Reserve Bank data showed.

In the three months ended March, 2009, total inflows into the domestic market was a mere USD 3.589 billion.

Foreign fund inflows had sharply declined in FY09 after the global financial turmoil triggered panic among foreign institutional investors, prompting them to pull out money from emerging markets.

10 new cases of swine flu in Gujarat, countrywide figure touches 1,203

New Delhi

New Delhi, Aug 12 (PTI) Ten people tonight tested positive for swine flu in Gujarat, taking the total number of those afflicted by the disease across the country to 1,203.

While Pune remained the worst-hit area by the disease with 61 new cases being reported from the city, Gujarat's 10 new cases take the number of infected to 27 in the state.

"All test results that were pending have come and according to that 10 more people, including three women, have tested positive for swine flu," Principal Secretary Health Ravi Saxena told PTI.

The latest figures include five from Ahmedabad, four from Surat and one from Navsari, he said. In Navsari, a 14-year-old boy has been infected with the H1N1 virus.

With the new figures, a total of 125 fresh cases have been reported, taking the total number of those afflicted to 1,203.

Govt to give Rs 10,000 cr towards debt waiver scheme

Govt to give Rs 10,000 cr towards debt waiver scheme
Date : Aug-12-2009 14:56

In order to partly compensate the banks and financial institutions for writing off loans under the farm debt waiver scheme, the finance ministry is likely to release Rs. 10,000 crore This disbursal would be over and above Rs 5,000 crore, which was given, earlier this fiscal to the banks and financial institutions towards the debt waiver scheme.

The government had earmarked to pay Rs 15,000 crore to the lenders during the current financial year. The government had announced the debt waiver scheme in 2008-09 Budget and was implemented by June 30, 2008 and this entailed a burden of Rs 71,000 crore on banks and financial institutions which the government promised to reimburse in stages. During 2008-09, the government provided Rs 25,000 crore to lending institutions as a part of compensation towards the Agricultural Debt Waiver and Debt Relief Scheme.

Draft Taxes Code released, to simplify tax structure

NEW DELHI:

NEW DELHI: The government on Wednesday released a brand new Direct Taxes Code that will replace the 1961 Income Tax and other direct tax laws, saying it will provide a simple tax structure for better compliance.

"We want to promote stability", finance minister Pranab Mukherjee said, while releasing the Direct Taxes Code.

The new code will provide for a simple structure for capital gains tax, savings instruments and non-profit organisations, he said, adding that there will be less scope for litigation.

"We expect to have better compliance and better collection of taxes," Mukherjee said.

TOI

Swine flu death toll in India reaches 17

PUNE

PUNE: A 48-year-old man died of swine flu here on Wednesday afternoon, the tenth victim of the contagious virus in this Maharashtra city and the 17th in India.

Earlier today, a 50-year-old woman died of swine flu here.

Nita Meghani, who was admitted to the Sassoon Hospital in a critical condition four days ago, died this afternoon, the Maharashtra Swine Flu Control Room said.

Twelve people, including two in Mumbai and one in Nashik, have died of H1N1 virus in Maharashtra.

Earlier, a Maharashtra schoolboy succumbed to swine flu just hours after three others in the state died of the same disease on Wednesday morning, officials said. With these deaths, the toll due to the viral infection has risen to 11 in the state and 15 in the country. ( Watch Video )

Babu Genu Kuland died in the Sassoon Hospital here at about 11am. The resident of Pimpri town, near Pune, was hospitalised three days ago in serious condition, according to Pune Minicipal Corporation (health department) chief SR Pardeshi.

Another Pimpri resident, Sanjay Mistry, 35, died in Sassoon Hospital early on Wednesday. He was hospitalised Sunday in a critical condition and put on a ventilator, according to an official of the state swine flu control room.

Barely hours after Mistry succumbed to the influenza A (H1N1) infection, Shravani Deshpande, 29, died of the same disease.

Deshpande breathed her last around 3am. She had been hospitalised here three days ago with pneumonia and later found to be suffering from swine flu. She was then put on ventilator.

Rakesh Gargunde, a medico in Nashik Civil Hospital, also succumbed to swine flu around 3am., said civil surgeon AD Bhal Singh.

Gargunde was admitted to hospital in an unconscious state two days ago and put on a ventilator. The test report confirming that he had swine flu was received by the hospital late Tuesday night.

The deceased Dr Rupesh Gangurde was admitted to a private hospital on Monday after he complained of vomiting, cough and fever, Maharashtra Minister of State for Health, Dr Shobha Bachav, told reporters here.

Two more suspected flu patients -- Vinod Borkul (21) and Rishikesh Kulkarni (26) -- have been admitted to the hospital.

While Borkul has tested negative for the viral infection, Kulkarni's report is still awaited.

Earlier, five people in Pune, two in Mumbai, two in Gujarat, one each in Tamil Nadu and Kerala had died of swine flu.

TOI

Private hospitals reluctant to join battle against H1N1

NEW DELHI:

NEW DELHI: Despite Union health minister Ghulam Nabi Azad’s virtual threat on Tuesday to private hospitals being clear — start isolation wards for the treatment of H1N1 swine flu patients or face legal action under the Epidemic Diseases Act, the private sector hospitals, which control 70% of the country’s health infrastructure , continue to be reluctant to pitch in.

They have cited a number of ‘‘ justifications’ ’ for their reluctance, including the absence of isolation wards, common air-conditioning as well as the doubtful revenue model . In turn, this has triggered anger in the government which feels that these hospitals were quick to seek concessions like cheap land but very slow to react to an unexpected medical emergency.

Delhi chief minister Sheila Dikshit called an emergency meeting of city private hospitals . Barring Max and Batra hospitals, all of them showed little eagerness to treat H1N1 patients and trotted out excuses . Two private pathological labs who were also called for the meeting, were said to be willing to carry out tests.

Dikshit described the meeting as a ‘‘ stock-taking exercise to evaluate the capability and infrastructure of private hospitals and to what extent they were willing to help us deal with the pandemic. Once the Centre issues guidelines we will draw up a plan to rope in private hospitals.’’

Speaking to TOI, a Union health ministry official said, “Private hospitals have no choice. States will identify the hospitals with the capacity to have a large isolation ward. It’s just a backup. What if the government’s infrastructure gets saturated? Don’t private hospitals have any responsibility towards the people?’’

The labs said they already have the golden Real Time PCR H1N1 testing kits. However , they wanted a relaxation of the rules. “According to the present stipulation, only bio safety level-II plus labs can test samples for H1N1. We have BSL II labs. The government should consider them good enough for testing.”

The government was not interested in setting charges for private hospitals. An official said, ‘‘ It’s up to private hospitals what they charge. But they should at least provide the facility for those who want to go to a private hospital.’’

ET

‘Tamiflu can have bad side-effects on children’

Consumers

Consumers in India will soon be able to buy anti-flu drug oseltamivir (marketed as Tamiflu by Swiss company Roche) from retail stores, with the government planning to lift the ban on retail sales. However, researchers at Oxford University have questioned the safety of the drug for children. They found in a study that it caused vomiting, dehydration and other complications in about 5% of cases among children aged between one and 12 years.

While the drug provided a small benefit by shortening the duration of illness in children with seasonal influenza and reducing household transmission, it was found to have little effect on asthma flare-ups, says the study published in British Medical Journal.

Researchers have clearly said that the harmful effects of Tamiflu and Relenza — another commonly used anti-viral drug — far outweigh their benefits and the results found for seasonal flu would apply for H1N1 too. The way out, they say, is to limit Tamiflu use, especially in children, to serious cases.

Indian doctors say this is the latest in a long series of questions raised about the H1N1 ‘‘wonder drug’’. Earlier, another study had reported that Tamiflu caused nausea and nightmares in children.

Said AIIMS professor of medicine Dr Randeep Guleria: ‘‘There have been other reports. In Japan, it was found to cause neuro-psychiatric manifestations like suicidal tendencies in patients. The drug’s literature, I believe, mentions this. That’s why we have been constantly warning against indiscriminate use.”

ET

Drought looms large, but don’t panic: Mukherjee

NEW DELHI, Aug 11: The spectre of drought looms large over as many as 161 out of 626 districts in India due to deficient monsoon, Finance Minister Pranab Mukherjee said here on Tuesday, but asked citizens not to panic. “One hundred and sixty one districts have been declared drought-prone. As far as sowing is concerned, 20 per cent would be down,” Mukherjee told reporters on the margins of an annual conference with officials of the income tax administration.

“Monsoon situation is still erratic,” he warned, but added: “But there is no point of pressing the panic button. You all will go and start chanting drought, drought, drought and it will have an adverse impact.” Mukherjee said Punjab and Haryana - two most important states for food output - were fortunate since they use groundwater extensively, even as Bihar and Uttar Pradesh were facing shortage of water. Nearly 60 per cent of India’s farm sector is dependent on monsoon rains between June and September, but this year has witnessed one of the driest spells in eight decades, as per the Indian Meteorological Department. The met department said the average monsoon rainfall has been deficient by 25 per cent in the country for the monsoon period June 1 to August 5. The shortfall has been far higher in traditional breadbasket states like Punjab and Haryana. “We have a contingency plan,” said the finance minister, indicating measures such as allowing import of food grain, continuing with the ban on exports and asking state-run agencies to buy more stocks from the open market. The deficient rains have already resulted in prices of essential commodities go through the roof, with tur dal, a lentil native to India and part of the staple diet, costing over Rs 100 a kilogram in several states.

India seeks foreign investors for $20.6 bn road projects

India seeks foreign investors for $20.6 bn road projects
Date : Aug-11-2009 11:17

The government will hold a road show in Zurich, Switzerland, in order to attract the foreign investment for the road projects in India. The road show will seek investors for 135 road projects with an estimated cost of $20.68 billion, a government statement said Monday.

The show, being organised in association with the Confederation of Indian Industry (CII) as well as ICICI Bank, JM Financial Consultants and Swiss-Indian Chamber of Commerce and this will be inaugurated by Road Transport and Highways Minister Kamal Nath. Last month, the government has done a road show in Singapore.

On the top of this, Nath added "I am also planning to re-consider the termination clause of the project so that more investors can come,".

As per government estimates, the road sector entails an investment of about $70 billion by 2012. Out of this, around $41.05 billion is expected to be from the private sector participation while $10 billion is likely from foreign investors

April-July direct tax receipts rise 3.27%

April-July direct tax receipts rise 3.27%
Date : Aug-11-2009 11:57

The net direct tax collections have reported a marginal growth of 3.27 per cent during the first four months (April-July) of the current fiscal on account of higher tax refunds.

The direct tax collections for the April-July period stood at Rs 73,990 crore as against Rs 71,648 crore reported in the same period last fiscal, according to a finance ministry release. However, the total tax refund outgo of the income tax department for this period grew by 53.36 per cent at Rs 20,768 crore as compared to Rs 13,542 in the corresponding period last year.

The net collections are gross receipts less refunds. The high refunds are on the back of initiatives by the revenue department of faster processing of returns on the new national computer network.

Meanwhile, the corporate taxes witnessed a growth of 2.61 per cent at Rs 42,685 crore as against Rs 41,598 crore in the same period last year. The personal income tax, which includes the fringe benefit tax as well as securities transaction tax and residual banking cash transaction tax, shot up by 4.33 per cent to Rs 31,279 crore as compared to Rs 29,982 crore last fiscal. Moreover, on a monthly basis, the net tax collections inched up marginally by 1.75 per cent for the month of July 2009 at Rs 14,525 crore as against Rs 14,275 crore in the year-ago month.

Government to take more steps to support exporters

Government to take more steps to support exporters
Date : Aug-11-2009 15:39

Despite the economy showing signs of stabilization, India''s export sector continues to decline. However, stimulus measures are announced by the government and they are beginning to show some impact. Moreover, government is looking to take some more measures to support the exporters in the forthcoming trade policy review later this month.

Additionally, India''s exports have been declining for nine consecutive months since the financial crisis took place. However, the total exports from India stood at $168.7 billion for 2008-09, showing a poor growth of 3% compared with $163 billion of exports in the previous financial year while India had set a target of achieving $200 billion worth of exports in 2008-09. In addition, the government will try to provide more relief to sectors like textile, gem and jewellery and similar labour intensive businesses as these have declining in demand.

161 districts drought-prone: Pranab

NEW DELHI:

NEW DELHI: A quarter of India's districts are facing the threat of drought and sowing of crops are 20 percent lower than the previous year, finance
minister Pranab Mukherjee said on Tuesday.

India is heavily dependent on the June to September monsoon rains for farm output, to help rural income and to drive economic growth. After the driest June in 83 years, the annual rains have been more than a quarter below below normal this season.

"Monsoon situation is still erratic," Mukherjee told reporters. "One hundred and sixty one districts have been declared drought-prone. So far as sowing is concerned, 20 percent would be down," he said.

India has 604 districts. The rain deficit since June 1 worsened to 28 percent at the weekend, raising fears that the season may turn out to be as bad as 2004 when summer crop output fell 12 percent after a drought. The rains are vital for sugarcane, oilseeds and other crops.

Mukherjee said the government was ready to manage a drought and a contingency plan was also in place. "Of course, always there is a contingency plan," the minister said. "There is no point of pressing the panic button because you will go and start chanting drought, drought, drought and it will have an adverse impact," he said.

Among measures the government could take to mitigate the situation are to raise imports and curtail exports. It has already stepped up efforts to buy more sugar and has banned wheat exports and restricted rice shipments.

"Fortunately, Punjab and Haryana have extensively used the ground water. Bihar and certain other states, there are shortfalls," Mukherjee said.

Asked whether the shorfall in rains would affect India's growth, he said he expected the economy to expand more than 6 percent in 2009/10, as predicted by the central bank. Asia's third largest economy expanded 6.7 percent in the last fiscal year, sharply lower than the 9 percent or more it grew in the previous three years, as the global economic crisis took a toll. Mukherjee was also confident that direct tax receipts for the 2009/10 fiscal year would be surpassed.

TOI

Swine flu death toll rises to 10 in India

New Delhi: A seven-year-old girl in Vadodara in Gujarat and a 63-year-old woman in Maharashtra died of the swine flu virus on Tuesday afternoon. Doctors at Haffkine institute, Parel, carry out tests for swine flu in a laboratory. (TOI)


The deceased identified as Sayeeda Dorjeewala from Mumbra, in neighbouring Thane district, was admitted in Noor hospital in Mumbai on August 6.

She had tested positive for H1N1 and was also suffering from some other complications, according to the Disaster Management Cell of Municipal Corporation of Greater Mumbai.

Famida Panwala, 53, was the first casualty of swine flu in Mumbai. With Sayeeda’s death the number of fatalities in Maharashtra has risen to seven.

A seven-year-old girl also succumbed to swine flu in the government-run Sir Sayajirao Gaekwad (SSG) Hospital in Vadodara today, hospital authorities said.

With this, two persons have died due to swine flu in the state.

"Seven-year-old Arya Borde, who was admitted to the SSG hospital on last Wednesday died today afternoon," the hospital's medical superintendent Atul Saxena said.

"She (Arya) was admitted in a critical condition. Her samples were sent to the National Center for Disease Control (NCDC) in Delhi where it turned out to be positive," he said.

Principal Secretary, Health, Ravi Saxena said," Arya was administered Tamiflu after being admitted to SSG hospital. There was no history of foreign contact."

"She was on ventilator support since August 7. She had no viral pneumonitis patch until August 9. The results of H1N1 was confirmed on August 8. She became critical today morning and passed away at around 12.30 hours," Saxena said.

The first death in Gujarat due to H1N1 virus was of 43-year-old Praveen Patel, an NRI based in Atlanta, US, in the civil hospital on Sunday

Shruti Gawde (13), who died at the Sassoon Hospital in Pune had become the eight victim of the deadly virus early on Tuesday.

TOI

India, Russia close to final testing of air-launched BrahMos

MOSCOW

MOSCOW: Indian and Russian scientists are close to final development and testing of the air-launched version of the BrahMos supersonic cruise
missile.

A top Russian defence official said a new takeoff engine for launching of the missile in air and at extreme high altitudes had been developed.

Alexander Leonov, director of the Russian Machine Building Research and Production Centre, said: "we are ready for test launches."

Leonov was quoted as saying by the Itar-Tass news agency that the initial test firing of the missile would be undertaken from the Sukhoi-30 MKI, but did not specify the exact dates.

After testing, the IAF would be launch customers for the air launched BrahMos cruise missile, which will make the Indian Air Force, the only force in Asia to have such a capability.

The BrahMos is already inducted in its ship to shore role and land-to-land versions in the Indian Navy and Army.

Leonov for the first time disclosed that Moscow and New Delhi were also "very close" to designing and testing of the submarine launched version of the BrahMos missile.

TOI

Prez Pratibha Patil inaugurates Armed Forces Tribunal

New Delhi,

New Delhi, Aug 8 (PTI) The establishment of Armed Forces Tribunal, an exclusive court for members of the Army, Navy and Air Force, will enhance their confidence and trust levels in the system of dispensation of justice in relation to their service matters, India's President Pratibha Patil said Saturday while inaugurating the Tribunal here in the national capital of New Delhi

The keenly awaited Armed Forces Tribunal (AFT) will provide a judicial forum for redressal of grievances among the 1.

India, South Korea ink free trade pact

NEW DELHI: India and South Korea signed a comprehensive economic partnership agreement on Friday which will make Korean consumer products and auto-parts cheaper in India.

The deal excludes fully built-up vehicles, and provides for easier movement of contractual service providers and professionals between the two countries and treatment of investments from the one another’s country at par with domestic investments.

This is the second CEPA signed by India, the other being with Singapore. This is also India’s first bilateral trade agreement with an OECD country.

As per the agreement, South Korea will eliminate duties on 93% of its industrial and agricultural products and India will do the same on 85% of its goods. India has excluded sensitive items farm products, textile items and built up automobiles from tariff elimination commitments. Duties will be phased out on most of these products in the next eight years.

The Indian subsidiary of Korean electronic goods manufacturer, Samsung India, pointed out that the pact will further strengthen business relationship between the two countries. “It will become easier to get new technology and innovative products into the country. Besides, the move will attract more Korean investments into India and vice-versa,” Samsung India deputy managing director R Zutshi told ET.

South Korean auto manufacturers with operations in India, too, are celebrating the pact as gradual elimination of the 12% duty on auto components would considerably bring down their input costs.

“It will make us more price competitive. Though the actual benefits of the FTA will result in a few years, but the reduction in duties on components and other automotive parts will bring down their effective prices and help create price advantage from our Indian operations,” Hyundai Motor India spokesman said.

The Indian industry is looking at the pact as an opportunity to bridge the bilateral trade deficit in favour of South Korea and improve export of services.

“We have projected a doubling of trade between India and South Korea within the next 5 years. Of the $10.2 billion bilateral trade for the period April 2008-February 2009, India had a deficit of $4.6 billion with Korea and this imbalance has to be corrected through greater market access for exports from India, said Ficci secretary general Amit Mitra.

Liberalisation in movement of service professionals is among the major gains expected for Indian industry out of the India–Korea CEPA, CII director general Chandrajit Banerjee pointed out. “India has a comparative advantage in services, such as IT/ITeS, Educational Services etc. We welcome the market access provided by Korea for Indian service providers”, said Mr. Banerjee.

CII expects Korean investments to flow into sectors like chemicals, food processing and metals. Both countries have committed to provide national treatment and protect each other’s investments to give a boost to bilateral investments in all sectors except these specifically exempted from it, an official release said.

The CEPA will come into force after it is ratified by the Korean National Assembly and the notifications to bring it into effect are made by the two countries.

ET

Govt loses Rs 4.18 lakh crore to tax cuts, concessions

Govt loses Rs 4.18 lakh crore to tax cuts, concessions

New Delhi, Aug 7 (PTI) The government has incurred an estimated loss of about Rs 4.18 lakh crore due to tax rebates and exemptions in 2008-09.

Asked if tax rebates and other concessions to corporates and non-corporates would result in an estimated loss of Rs 4,18,096 crore, Minister of State for Finance S S Palanimanickam replied in the affirmative in the Lok Sabha.

However, the government would add about Rs 20,000 crore to its kitty, on account of the minimum alternate tax (MAT) that was raised from 10 to 15 per cent in the budget, Minister said in a written reply to another question in the Lok Sabha.

"The rate of minimum alternate tax has been increased from 10 per cent of the book profit to 15 per cent of the book profit with a view to progressively reduce the impact of tax exemptions/incentives," the Minister said.

Word Bank sanctions USD 330 mn loan for Haryana

Word Bank sanctions USD 330 mn loan for Haryana

New Delhi, Aug 7 (PTI) The World Bank today said it will lend USD 330 million to Haryana for strengthening power transmission and distribution system.

"World Bank has approved USD 330 million (Rs 1,650 approximately) to strengthen electricity transmission and distribution system in Haryana by way of Haryana Power System Improvement Project," the agency's statement said.

Haryana Power System Improvement Project aims to improve the availability, efficiency and accountability of electricity supply in the state.

The project will enable the state's electricity transmission and urban distribution business to become more efficient, cost-effective and responsive, it said.

India foreign reserves up 3.9 bn to USD 271.64 bn

Mumbai

Mumbai, Aug 7 (PTI) India's forex reserves rose by USD 3.930 billion to USD 271.641 billion for the week ended July 31 from USD 267.711 billion in the previous week.

Foreign currency assets (FCAs), during the week, jumped to USD 260.631 billion, up USD 3.974 billion, as compared to USD 256.657 billion in the previous week, the RBI data said.

FCAs, expressed in US dollar terms, include the effect of appreciation or depreciation of non-US currencies (such as Euro, Sterling, Yen) held in reserves, RBI said in its weekly report.

Gold reserves, during the period under review, declined by USD 129 million to USD 9.671 billion, as against USD 9.800 billion in the previous year.

The special drawing rights (SDR) stood unchanged at USD 1 million, the central bank said.

India's reserve position in the International Monetary Fund (IMF) rose by USD 85 million to USD 1.

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.

Death for all three accused in 2003 Mumbai blasts case

A special Prevention of Terrorism Act (POTA) court has awarded the death sentence to all three accused in the 2003 twin Mumbai blasts at Gateway of Mohammad Hanif Syed, his wife Fehmida and third conspirator Ashrat Ansari were convicted for planting the bombs on August 25, 2003 that left 54 dead and 244 injured.

They had also planted a bomb on July 28, 2003 in a municipal bus in suburban Ghatkopar which killed two persons.

The judge P R Puranik hearing the case observed that it had been proved beyond reasonable doubt they had committed heinous acts resulting in numerous deaths, PTI reported.

Syed and Fehmida have been found guilty of planting the bomb in taxis at Gateway of India. Ansari delivered the bomb at Zaveri Bazaar. Special prosecutor Ujjwal Nikam has called it a ‘‘rarest of rare’’ case in which the trio had ‘‘enjoyed their act of killing’’. Nikam said they had been unhappy with smaller blasts that resulted in low death tolls and hence used RDX for the twin blasts.

This is for the first time that a married couple is being convicted by a POTA court for their involvement in carrying out blasts.

After the sentencing, Fahmida broke down outside the court while her husband did not react and stood calm by her side. Ashrat said "Is andhe kanoon se kya insaaf milega (what justice can you get when the law is blind).

Commenting on the verdict, Nikam said, "We are happy that justice has been delivered. This would send a strong message to terrorists that they would get such punishment if they indulged in barbarous acts".

"Initially they had planted a bomb in a bus but since few people were killed, they decided to use powerful bombs on the instructions of Laskhar-e-Taiba," Nikam said.

Nikam said Fehmida had played a major role in these bomb blasts. She not only planted a bomb in a bus on July 28, 2003, along with her husband's friend Ashrat but also on August 25, 2003, she and her husband Hanif planted bombs in taxis at the Gateway of India.

"Fehmida had actively participated in the process of selection and approval of location of targets. Though Fehmida was a woman she was equally cruel as other accused in the execution of conspiracy," Nikam said.

TOI

Sensex falls 2.45%, auto stocks in reverse gear

MUMBAI:

MUMBAI: The BSE Sensex provisionally fell 2.45 percent on Thursday, as investors took profits on a near 19 percent jump over the past 3-½ weeks.

Automakers such as Mahindra & Mahindra, Tata Motors and Maruti Suzuki led the drop after the auto sector had risen by more than a third since July 13 through Wednesday.

The 30-share BSE index provisionally ended down 389.69 points at 15,514.14, with 29 stocks declining.

The 50-share NSE index provisionally closed down 2.3 percent at 4,585.75.

The market plummeted in the last hour of trade as traders scrambled to unwind positions. Traders turned cautious after the benchmark Sensex was nearing the psychological level of 16000. Automobile stocks, followed by metals, were the worst hit after a sharp run-up in the recent rally.

The broader market ended on a weak note as well. The BSE Midcap Index was down 2.37 per cent while BSE Smallcap Index climbed 1.24 per cent.

Among frontline stocks, Tata Motors (-7.44%), Jaiprakash Associates (-6.24%), Maruti Suzuki (-5.96%), Hindalco Industries (-5.95%) and Mahindra & Mahindra (-5.87%) were under severe pressure.

Sun Pharmaceuticals, up 1.16 per cent was the lone gainer in the 30-share index.

Market breadth on BSE worsened with 1603 declines outnumbering 1088 advances.

(All figures provisional)

ET

Pota court to decide fate of 2003 blasts convicts

TOI

MUMBAI: A special Prevention Of Terrorism Act (Pota) court is likely to pronounce on Thursday whether the three persons, including a woman, found guilty of killing 52 people in one of the worst terror attacks on Mumbai, should be hanged or not.

The prosecution has demanded capital punishment for Hanif Syed, his wife, Fehmida, and third conspirator Ashrat Ansari for planting two bombs at Gateway and Zaveri Bazaar on August 25, 2003 that left so many people dead.

Syed and Fehmida have been found guilty of planting the bomb at Gateway. Ansari delivered the bomb at Zaveri Bazaar. Special prosecutor Ujjwal Nikam has termed it a ‘‘rarest of rare’’ case in which the trio had ‘‘enjoyed their act of killing’’. Nikam said they had been unhappy with smaller blasts that resulted in low death tolls and hence used RDX for the twin blasts.

The defence, though, has been vehement in its opposition to the death penalty, especially for Fehmida.

She has been termed an ‘‘uneducated Muslim woman’’ who was merely following her ‘‘husband’s diktat’’ and not played an ‘‘active role’’ in the attack. Moreover, it has been argued that Syed and Ansari had been brainwashed by Pakistani nationals in Dubai and had acted ‘‘emotionally’’ in response to the riots in Gujarat.

Nikam called their act cold-blooded and premeditated. He said a lot of planning and preparation had happened in the run-up to the attack and Fehmida was not as passive as was argued.

TOI

Taslima Nasreen arrives in India, taken to unknown destination

TOI

NEW DELHI: Controversial Bangladeshi writer Taslima Nasrin, who was dramatically bundled out from West Bengal in November 2007, returned here on Thursday for extension of her visa which is ending on August 17.

The 46-year-old Bangladeshi writer, who has been a target of Islamic fundamentalists, arrived at the Indira Gandhi International airport in the morning from a European country and was immediately whisked away by security agencies to an undisclosed destination, official sources said.

The future plans of the doctor-turned writer, who shot to fame with her controversial book "Lajja", were not immediately known.

Her visa is valid till August 17. She has been requesting for permanent residency in the country, but the government has not taken any decision on the issue.

Taslima had left India on March 18 last year for Sweden after she was kept in a safe house in the national capital for more than four months. Taslima, who had not been allowed to see any visitors during the period, had described her confinement as living in "a chamber of death".

The papers for extending visa of Taslima, who will celebrate her 47th birthday on August 25, had been moved and the nod for the extension was likely to be given by the government soon, sources said. The sources said they were awaiting government's order over the future course of action. She had come in February earlier this year but was asked to leave immediately after visa was granted to her till August 17 because of the general elections in the country.

The author has not been pressing for visiting her residence in Kolkata this time as she was skeptical of Left parties' response to her arrival, they said.

Taslima has lived in exile in many countries including France, Sweden and India since 1994. During her stay in India in the last five years, she has periodically travelled abroad with the last trip being in November 2007 when she was asked to leave West Bengal.

Recipient of various awards, Taslima was shifted from her Kolkata residence after violent protests marred parts of the metropolis over her controversial book "Dwihondito" (divided into two).

Certain references in the book had stirred a storm with some Muslim organisations demanding that she be asked to leave the state.

Taslima was packed off from Kolkata and shifted to Jaipur. The Rajasthan government decided to shift her to Delhi after some Muslim organisations threatened state-wide protests against her stay there.

Despite the writer's wish to return to Kolkata, the Left Front government in West Bengal did not pay any heed to her request.

The Bangladeshi author had said that she was "forced" to depart from Kolkata at such a short notice that she did not have time to even change her clothes.

A Swedish passport holder, Taslima flew to Sweden from Delhi on March 18 last year and was admitted to hospital following health problems.

TOI

Bank staff on strike from today

More than 900,000

More than 900,000 employees of India's state-owned, private and overseas banks will go on a two-day strike starting August 6, seeking higher wages and pension benefits, a trade union leader said.

“We seek expedition of wage revisions," C H Venkatachalam, convener of the United Forum of Bank Unions, said from the southern city of Chennai. "There is no question of calling off the strike now." The unions are demanding that Indian Banks' Association implement at least a 17.5% increase in salaries, provide pension benefits and employ family members of those who die in service.

About 26 state-run banks, 10 private banks and some workers at eight foreign banks are expected to participate in the strike, he said.

TOI

Now, outbreak of panic over swine flu

PUNE: Women

PUNE: Women cradling babies, schoolchildren tagging along with parents, college-going teens, senior citizens and even pregnant women - more than a thousand people thronged Pune's government-run Naidu Hospital on Wednesday as panic deepened two days after the country's first fatality from swine flu was reported from the city.

Men, women and children with the slightest hint of cough and cold, anxious to get tested for the flu virus, began gathering from early morning and doctors and hospital staff soon found themselves swamped by a jostling crowd.

What made things worse was private general physicians, who normally are the first point of consultation, turning back patients who came to them with cold and fever symptoms, telling them to get checked at Naidu Hospital.

Pune municipal commissioner Mahesh Zagade said 20 patients suspected of having the virus were admitted to the hospital on Wednesday. Nine positive cases were reported as more people reported for testing, following the death of 14-year-old Rida Shaikh. The city planned 15 more screening centres for the H1N1 flu from Thursday. The civic administration also decided to increase the number of doctors at the hospital to clear the rush.

As the crowd at the hospital grew larger, tempers rose. Around 11am, a scuffle broke out between members in the crowd and the hospital staff following confusion regarding entry into the medical officer's cabin. However, policemen deputed at the hospital brought the situation under control.

No sooner than he came to the hospital for an inspection, municipal commissioner Zagade was surrounded by concerned parents. Parents of students from St Anne's School, where Rida Shaikh studied, demanded that their children be tested first.

``One doctor can handle 40-45 cases in a day. With more and more people pouring in here, we need more experts to deal with the situation,'' Zagade said.

On Wednesday, as many as 100 throat swab samples were sent for testing to the National Institute of Virology (NIV).

The institute usually receives an average of 40 samples every day. In view of the large number of samples, the NIV has doubled its workforce and machinery.

Taking note of complaints that private practitioners were directing patients to Naidu Hospital with minor ailments, district collector Chandrakant Dalvi warned that it would be considered a ``serious offence'' if any doctor avoided his duty of initially screening flu patients.

However, Dilip Sarda, president of the Pune unit of the Indian Medical Association, told TOI that the developments following Rida's death had created a panic in the medical fraternity. ``Doctors are reluctant to check patients suffering from cold and fever as they fear action may be taken against them if any of the patients test positive for H1N1 later. However, the IMA is appealing to the doctors not to refuse patients,'' he said.

With more than 70 confirmed cases of H1N1 flu coming from various city schools so far, the Pune Municipal Corporation

(PMC) held an emergency meeting of school representatives on Wednesday and instructed principals and headmasters of all private and municipal schools to raise awareness about the flu among students and their parents and submit a report about the steps taken to the civic body on August 7.

Meanwhile, worried parents at Naidu Hospital, many of whom waited for over two hours, seemed far from satisfied with the doctors.

``All the doctor did was counsel us. He refused to do the swab test even though my son has been suffering from fever, diahorrea and vomiting since the last six days. The doctor says unless they are sure that he has come in contact with an infected person, they will not do the test. But since my son goes to school, it is difficult to say whether he has come in contact with a positive case,'' said an angry father.

Another parent, also unhappy with the testing, said, ``In the past few days, we have been to the railway station, banks and other public places. How can we possibly know whether anybody there was infected or not?”

Defending their stand of not testing every person who showed symptoms, Narendra Thakur, medical officer at the Naidu hospital, said, ``The government has set criteria for us to conduct the tests. The swab test will be done only if a person has been abroad recently or has come in contact with a positive case. We have to work according to the guidelines of the government. Due to panic, even those suffering from ordinary flu are coming to us and we cannot test everyone.''

The Pimpri Chinchwad Municipal Corporation (PCMC) also held a meeting of school representatives on Wednesday. PCMC medical officer R R Iyer told TOI that the civic body has appointed 42 medical officers to keep a watch on schools in the municipal limits. The relatives of two H1N1-positive cases in the PCMC limits have been quarantined at home.

Aundh civil hospital, which is the other centre for treating and admitting H1N1 cases, took in 17 new suspected cases on Wednesday. The hospital has seen 18 positive cases so far. Of these, 15 have recovered.

In Satara district, the Krantisinh Nana Patil hospital opened a special screening cell on Wednesday. Twenty-five positive cases have been detected in the district over the past two weeks. The hospital presently has six confirmed and two suspected cases. Seventeen patients have recovered.
TOI

SAIL, Tata Steel hike prices by up to Rs 1,000 a tonne

SAIL, Tata Steel hike prices by up to Rs 1,000 a tonne
Date : Aug-05-2009 11:36

On account of increasing demand in the country, major steel producers SAIL and Tata Steel stated that they have increased the prices of flat steel by up to Rest 1,000 a tonne. Additionally, rate cuts are in the offing for long steel products, used primarily by the construction sector. In the mean time, SAIL has already decreased the prices by up to Rs 2,000 a tonne of long steel products.

SAIL has increased flat steel products, excluding sheets and mill plates, in the range of Rs 800 to Rs 1,000 a tonne and cut long steel prices by Rs 500 to Rs 2,000 per tonne, when constructions came down primarily due to the monsoon season whereas they have also increased prices of its flat products in spot prices in select markets by Rs 500 to Rs 1,000 a tonne.