Sensex hits 20500

MUMBAI: Equities continued to gain momentum as buying activity picked up across the board. Retail participation was seen in midcap stocks as broader markets outperformed the benchmarks. Analysts are advising caution at higher levels on account to low volumes trade.

At 10:10 am; Bombay Stock Exchange’s Sensex was at 20506.15, up 117.08 points or 0.57 per cent. The 30-share index touched a high of 20519.85 and low of 20412.76 in trade so far.

National Stock Exchange’s Nifty was at 6126.55, up 24.70 points or 0.40 per cent. The broader index touched a high of 6138.15 and low of 6103.55 intraday.

“Nifty is holding firmly above its short term 20 & 50-day moving average of 5964 & 6015 which is a very positive indication. However, the overall trend remains lackluster as the trading volumes are very low at higher levels.

Going forward it’s very important that the markets continue to witness follow-up buying above the 6100 levels for further positive development. Strong support for Nifty future is seen at 6070 and resistance is seen in the range of 6140 – 6180 levels where profit booking or fresh selling could emerge,” said Nirmal Bang report.

BSE Midcap Index was up 1.01 per cent and BSE Smallcap Index rose 1.15 per cent.

Amongst the sectoral indices, BSE Realty Index gained 1.73 per cent, BSE Capital Good Index moved 1.10 per cent higher and BSE Bankex advanced 0.93 per cent.

Jaiprakash Associates (3.01%), Reliance Communications (2.93%), Reliance Infrastructure (1.90%), DLF (1.83%) and Bajaj Auto (1.46%) were amongst the top Nifty gainers.

Sterlite Industries (-0.42%), Hero Honda (-0.38%), NTPC (-0.32%), Infosys Technologies (-0.25%) and ONGC (-0.10%) led the losers pack.

Market breadth was positive on the BSE with 1818 advances as compared to 618 declines.

Meanwhile, the Asian markets were mixed. Nikkei 225 was down 1.12 per cent and Strait Times was down 0.12 per cent. Taiwan Weighted was up 0.80 per cent and Seoul Composite edged 0.37 higher.

ET

Pranab Mukherjee to make big Budget change in direct tax laws

NEW DELHI: Saddled with huge tax arrears of Rs 2,50,000 crore -- more than half of the total tax collection projected for 2010-11 -- finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that could help in swift recovery of a significant portion of the arrears.

The changes proposed include reducing the limits to approach Income Tax Settlement Commission (ITSC), allowing those who have faced I-T raids to approach the commission even if the demand raised against them is not hefty.

Till last year, search cases were debarred from approaching the ITSC for settling their tax demand cases. The FM had in his 2010-11 Budget allowed these cases but the bar was kept at Rs 50 lakh and above, the tax demand raised. However, from this year, the government may reduce this and restore it to pre-2007 level of Rs 3 lakh in cases of search and survey cases and Rs 1 lakh for others.

Other changes proposed include measures to improve the functioning of the settlement mechanism under direct tax laws -- bringing all types of cases within the ambit of the ITSC and giving a security of tenure to the members of the commission. These changes may reflect in the forthcoming budget, sources said.

The matter was discussed by the FM in a pre-Budget review meeting with senior officials of the Central Board of Direct Taxes (CBDT) last week. The CBDT is working on the details to be incorporated in the Budget.

The FMs directive is to streamline the ITSC and make it a preferred mode of resolution for tax disputes, a senior CBDT official said. Mukherjee acknowledged the role of the settlement commission in reducing litigation with taxpayers and its potential for reducing tax arrears.

Out of the nearly Rs 2.50 lakh crore arrears, nearly Rs 99,000 crore is locked in tax disputes between the I-T department and taxpayers. The options were further squeezed when former FM P Chidambaram disempowered the ITSC in 2007 to take up search and survey cases.

Till March 31, 2010 the total arrears were Rs 2.30 lakh crore, and in the new fiscal year another Rs 20,000 crore has been added to this figure. Last year, the department had managed to recover nearly Rs 12,000 crore while the target set for this year has been fixed at Rs 14,000 crore.

To speed up the recovery process, the I-T department has circulated details of at least 550 high net worth individuals and entities -- who have willfully defaulted or have unpaid tax of Rs 25 crore and above -- to field officers for recovery, sources said. The tax arrears have doubled in the last two years to Rs 2.50 lakh crore, almost 66% of the total direct taxes collection of 2009-10.

Box
1. FM may modify tax laws to accommodate more I-T raid cases for settlement
2. Details of 550 high net worth willful defaulters put on priority
3. Dossiers have details of properties, bank transactions & investments
4. IT Officers have been asked to initiate attachment of assets if necessary
5. Individual Transaction Statement (ITS), special tool to help track related assets of defaulters


Read more: Pranab Mukherjee to make big Budget change in direct tax laws - The Times of India http://timesofindia.indiatimes.com/business/india-business/Pranab-Mukherjee-to-make-big-Budget-change-in-direct-tax-laws/articleshow/7187426.cms#ixzz19fGKMIuW

Sahara buys UK hotel for Rs 3,275cr

MUMBAI: In the first crossborder deal for the Indian hospitality sector this year and also the first one for Subrata Roy's Sahara India, the Lucknow-based financial services-to-real estate conglomerate has acquired UK's iconic Grosvenor House hotel for a knock-down price of £470 million (Rs 3,275 crore) from the Royal Bank of Scotland (RBS).

The UK has been a favourite shopping destination for Indian companies, with several well-known assets like Tetley and Typhoo in the tea category, Cuticura, Erasmic and Nulon in cosmetics and premier auto brands Jaguar & Land Rover having been snapped up.

The 494-room luxury property on London's Park Lane, which was once home to the Duke of Westminster, is Sahara India's second acquisition in the hospitality sector after its 2006 buyout of Sahara Star hotel, earlier known as Airport Centaur, in Mumbai.

"This acquisition is part of the major expansion plans of the group. In addition to the acquisition of Grosvenor House, London will be the gateway for Sahara to introduce some of its new business ventures internationally," said Subrata Roy Sahara, managing worker & chairman, Sahara Group.

RBS took over Grosvenor House in 2001 after Le Meridien collapsed into administrative receivership. The bank had been looking for a buyer for Grosvenor House for the last three years. At that time, the hotel was "valued for more than £1 billion." However, unfavourable economic conditions hit valuations hard. Roy said, "The valuation, even today, is quite high but due to a highly satisfactory due diligence by RBS and after long and strict negotiations, we have purchased it for £470 million."

Richard Lewczynski of Blandford Goldsmith put the deal together for Sahara India, which has acquired the property through Amby Valley Ltd. Grosvenor House, which has the largest banquet hall in London, is managed by the US-based Marriott International and is positioned as a JW Marriott hotel since September 2008. However, following the change in ownership, Sahara and Marriott will jointly manage the property.

The conglomerate plans to refurbish Grosvenor House by offering several facilities such as an Indian restaurant under the name Namak, a night club, swimming pool and spa.

When Subrata Roy took over Sahara Star, he gave the property a complete makeover. The five-star hotel boasts of being the world's largest pillar-less clear-tosky dome structure complemented by India's biggest marine aquarium.

Kaushik Vardharajan, MD of HVS, a global hospitality consultancy firm, said, "The US and European hospitality sector continues to be under pressure with low room occupancy levels and dropping tariffs. As a result, valuation of hotels has declined significantly. This helps companies like Sahara to acquire properties at a discount."

Vardharajan added that in terms of capital investment, it works out better to acquire hotels abroad at a discount compared to building one in India. The cash flows kicks in immediately in a running hotel compared to a greenfield one.


Read more: Sahara buys UK hotel for Rs 3,275cr - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sahara-buys-UK-hotel-for-Rs-3275cr-/articleshow/7194258.cms#ixzz19fFq5GKi

Carrefour opens first cash and carry store in India

NEW DELHI: Retail giant Carrefour today announced its entry into the Indian market by opening its first cash and carry store for wholesale distribution.

The new store -- Carrefour Wholesale Cash&Carry -- in New Delhi will house over 10,000 stock keeping units and cater to professional businesses, institutions, restaurants and local retailers.

"The opening of this first store marks Carrefour's entry into the Indian market and will be followed shortly by the opening of other cash and carry stores," Carrefour, CEO, Lars Olofsson said in a statement.

He said opening of the first store was essential to allow the Carrefour teams to fully understand the specificities of the Indian market and further build the company's presence in other formats.

According to the statement, the development is in line with the group's strategy to be present in major emerging markets that offer significant expansion and medium and long- term growth opportunities.

Spread across 5,200 square metres, the store is located at Seelampur Metro Mall developed by Parsvnath Developers.

Read more: Carrefour opens first cash and carry store in India - The Times of India http://timesofindia.indiatimes.com/business/india-business/Carrefour-opens-first-cash-and-carry-store-in-India-/articleshow/7189921.cms#ixzz19am2ZAHj

Food inflation at 10-week high of 14.44%

NEW DELHI: Food inflation surged to a 10-week high of 14.44 per cent for the week ended December 18 as prices of vegetables, particularly onions, fruits, cereals and protein-based products, continued to escalate.

Food inflation stood at 12.13 per cent in the previous week. This is the fifth consecutive week when the rate of price rise of food items has increased.

However, food inflation is still far below the level of 21.19 per cent seen during the same week last year.

On an annual basis, onions became costlier by 39.66 per cent, whereas on a week-on-week basis, the increase was 3.49 per cent, government data released here shows.

The rate of price rise of vegetables was 29.26 per cent on an annual basis, while on a weekly basis, it was 4.58 per cent.

Fruits became 21.97 per cent more expensive, while milk grew 17.75 per cent costlier on a year-on-year basis during the week under review.

Similarly, eggs, meat and fish prices rose by 20.34 per cent on an annual basis.

Overall, the price of cereal declined marginally by 0.70 per cent year-on-year, while pulses fell by 10.79 per cent.

The price of rice went up marginally year-on-year, while wheat declined by 5.51 per cent.

On a weekly basis, however, the price of most items -- barring vegetables -- moved in a narrow range.

A good monsoon and prospects of a bountiful kharif harvest had prompted the government to exude confidence about a decline in food inflation.

However, after moderating for a few weeks in November, resurgent inflationary pressure has made all the government's calculations go haywire.

Unseasonal rainfall in Maharashtra, which resulted in damage to onion crops, saw prices of the staple vegetable soar by over Rs 80 per kg in mid-December. This prompted the government to ban exports of the product and also remove import duty to increase availability in the domestic market.

High food inflation could prompt the Reserve Bank to hike key short-term rates at its policy review next month.

RBI Deputy Governor Subir Gokarn had last week hinted that more tightening monetary measures were likely to be taken by the apex bank at its next policy review, as headline inflation is not easing as fast as the apex bank would like and the upside risks still remain high.

"Inflation is not easing as we would like it to be... Upside risks to inflation are still high," he had said.

Overall inflation for November was at 7.48 per cent, down from 8.58 per cent in the previous month.

Experts have said that the rise in food inflation is likely to have repercussions on the final WPI inflation figures for December.

Read more: Food inflation at 10-week high of 14.44% - The Times of India http://timesofindia.indiatimes.com/business/india-business/Food-inflation-at-10-week-high-of-1444/articleshow/7189620.cms#ixzz19alosIKL

A one-time password to shop using phone

NEW DELHI: Come January 1, and you will have to provide another password for credit card transactions done over phone. But unlike other passwords and PINs (personal identification numbers), the new requirement will be a one-time password (OTP), which is extinguished after a transaction or after the lapse of a specified period of time, ranging between 30 minutes for one bank and 24 hours for another.

Following a directive from RBI, issued last August, some banks are now sending out mailers to cardholders informing them about the new six-digit code that will be required from January 1.

Though you can do with only the CVV number and a special password for online transactions, an OTP will be required for all Interactive Voice Response (IVR) transactions that are done over phone and you are required to provide your credit card number on an automated system for making a payment. Besides, some banks have made OTP mandatory for mobile transactions such as recharging your cellphone or direct-tohome connection.

So, how do you get an OTP? Each bank has put in place its own system. Bigger players-such as SBI-have given cardholders the option to generate the new password either through a call to the helpline number or get it online or through an SMS. The OTP will be sent to your registered cellphone number . So, make sure that the registered number with the card issuer is the same as the one that you are using.

On the other hand, some of the foreign banks - such as Standard Chartered -are , however, insisting that you generate your OTP online. For that, you will need to first punch your credit card number and then put your online password, which was mandated last year onwards , and it will be displayed online.

Others like HDFC Bank are not offering web-based generation facility at present and are confining the password generation to SMS, IVR system-based or through a call to the helpline. Once you get your OTP, make sure that you punch the correct number since a wrong input will mean that you need to generate a new one to complete the transaction.

Things You Need To Know

What's an OTP?

It's a one-time password required for IVR transactions that require credit card holders to provide card details on an automated system

When do you need it?

You will need it for all IVR transactions from January 1. Some banks have also made it mandatory for cellphone and DTH recharge

Why do you need it?

It is required as an additional security feature

Who can get it?

Credit card holders who have a registered mobile number and have the required passwords from the bank and credit card issuers.

How do you get an OTP?

Most banks are giving option to generate the number via an SMS-based system, by using their phone helpline or online.

How long is the validity?

It ranges between 30 minutes and 24 hours, but the bottomline is you can only complete one IVR-based transaction at one go.

Read more: A one-time password to shop using phone - The Times of India http://timesofindia.indiatimes.com/business/india-business/A-one-time-password-to-shop-using-phone/articleshow/7176095.cms#ixzz19OqBIZRq

Rupee up 7 paise against US dollar

MUMBAI: The Indian rupee gained 7 paise to Rs 45.17 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange, led by a higher opening in the stock market and weakness of the American currency against its major global rivals.

The rupee had ended 12 paise lower at 45.24/25 against the US dollar in the previous session amid heavy dollar-selling by banks and importers.

Forex dealers said in addition to dollar weakness against other Asian currencies and the Euro overseas, a higher opening in the stock market also supported the rupee sentiment.

Read more: Rupee up 7 paise against US dollar - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-up-7-paise-against-US-dollar/articleshow/7176648.cms#ixzz19OprSUeo

Sensex opens 61 pts higher in opening trade

MUMBAI: The Bombay Stock Exchange benchmark Sensex opened over 61 points higher today on the back of selective buying by funds and retail investors.

The 30-share index, which had lost 44.73 points in the previous session, rose by 61.48 points, or 0.30 per cent, to 20,090.41 points in the first few minutes of trade.

Likewise, the wide-based National Stock Exchange Nifty index moved up by 12.80 points, or 0.21 per cent, to 6,010.90 points.

Brokers said the buying activity was mostly confined to metal, consumer durables, power and information technology stocks.

They said trading volumes were low on account of poor participation by foreign funds on account of the end-of-year holidays.

Read more: Sensex opens 61 pts higher in opening trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-opens-61-pts-higher-in-opening-trade/articleshow/7176579.cms#ixzz19Opfv9GY

Sensex bounces back by 356 pts on rise in IT and metal counters

MUMBAI: The BSE benchmark Sensex recovered by 356 points this week to end at 19,864.85, following rise in IT and metal counters on the back of easy liquidity measures announced by RBI coupled with hectic shortcovering amid higher global advices.

The Reserve Bank of India (RBI) announced measures to ease liquidity in the banking system, while keeping the key policy rates unchanged in its mid-quarter policy review.

The RBI said the underlying growth momentum of the Indian economy remains strong and also said that even as inflation has moderated, it remains significantly above comfort level.

Higher advance tax payments for the third quarter by some of the companies also boosted the market sentiment.

Small-cap and mid-cap shares also showed retail investors interest after recent heavy sell-off on suspected manipulation in select scrips.

Wholesale price based inflation for November dipped to 7.48 per cent from 8.58% in the previous month, fading fears of a rise in key interest rates by the apex bank in near term. Finance minister Pranab Mukherjee said the headline inflation would be around 6 per cent by March 2011.

World markets rose after Beijing refrained from raising interest rates over the weekend. US stock benchmarks extended gains to a third-straight week, following upbeat reports from Oracle Corp and Research in Motion Ltd.

Read more: Sensex bounces back by 356 pts on rise in IT and metal counters - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-bounces-back-by-356-pts-on-rise-in-IT-and-metal-counters/articleshow/7122311.cms#ixzz18SgHbcdm

India was an al-Qaida target: US cables

NEW DELHI: The latest WikiLeaks US embassy cables have revealed that India was on the hit-list of al-Qaida and a bio-terror target.

US embassy cables of May, 2006 said, "India is now an al-Qaida target." Referring to the then ministry of external affairs (MEA) additional secretary KC Singh's remarks, the cable said, "Singh opened by noting that India is becoming more prominent on al-Qaida's radar," pointing to Ayman al-Zawahiri's April 29 video message praising popular jihadist movements against Indians in Kashmir and calling India 'the best candidate for carrying out the Zionist-Crusader scheme to humiliate, weaken, and dismember Pakistan'.

The cables also referred to the then joint secretary Research and Analysis Wing (RAW) Sharad Kumar as observing that "al-Qaida franchises, if not al-Qaida proper, are and have been very active in India. He defined 'al-Qaida franchises' as groups that espouse the same extremist ideology and share some logistical and funding infrastructure even while remaining discrete organizations, such as Lashkar-e-Taiba and Jaish-e-Mohammad."

Besides, the cable shows that the Indian jihadi groups were 'interested in bio-terrorism'. The then MEA additional secretary (international organizations) KC Singh reported that Indian intelligence was picking up chatter indicating jihadi groups were interested in bio-terrorism, for example seeking out like-minded PhD's in biology and bio-technology. He compared the prospects for nuclear terrorism ("still in the realm of the imaginary") to bio-terrorism ("an ideal weapon for terrorism anthrax could pose a serious problem").

Read more: India was an al-Qaida target: US cables - The Times of India http://timesofindia.indiatimes.com/india/India-was-an-al-Qaida-target-US-cables/articleshow/7117628.cms#ixzz18N5MP2zY

Loans to get costlier in 2011

MUMBAI: Get ready to shell out more in EMIs as banks are expected to raise lending rates next month despite the RBI on Thursday opting against a hike in policy rates and injecting Rs 48,000 crore into the financial system.

With inflation continue to haunt policymakers, the RBI—which stuck to its earlier promise of pressing the pause button for the moment —is expected to add to the pressure on banks by increasing rates when it presents its next monetary policy review towards the end of January. The RBI had opted for six rate hikes in 2010 to help moderate inflation.

In its mid-quarter policy review released on Thursday, the RBI, however, opted to focus on addressing the cash crunch or the tight liquidity in the system.

To begin with, it has lowered the proportion of liabilities that banks have to mandatorily invest in government bonds from 25% to 24%. In addition , the central bank announced that over the next one month, it will directly buy government bonds, which are usually auctioned, to ensure that cash is not sucked out from the system.

The two moves are expected to help banks service the demand for loans. With the pace of accretion of bank deposits being lower than the growth in loan disbursements , banks are finding it tough to meet their fund requirement and have been borrowing over Rs 1 lakh crore through RBI's overnight fund window, known as repo.
Bankers said that RBI's moves are going to provide temporary relief and repo borrowings are going to remain in the region of Rs 70,000-80 ,000 crore, above the central bank's estimate of Rs 50,000 crore or so.

The funds crunch-—which will worsen this week due to over Rs 40,000 crore going out of the monetary system for payment of taxes—has forced banks to raise deposit rates.

Read more: Loans to get costlier in 2011 - The Times of India http://timesofindia.indiatimes.com/business/india-business/Loans-to-get-costlier-in-2011/articleshow/7115219.cms#ixzz18LFMzX7P

Sensex opens 65 points up ahead of RBI policy meet

STAFF WRITER 9:47 HRS IST

Mumbai, Dec 16 (PTI) The Bombay Stock Exchange benchmark Sensex rose by over 65 points in early trade today as investors and funds made selective purchases ahead of the RBI's monetary policy review later in the day.

The 30-share barometer, which fell by 151.42 points in the previous session, recovered by 65.54 points, or 0.33 per cent, to 19,713.31 on the back of a recovery in technology, healthcare and oil and gas sector stocks.

Similarly, the National Stock Exchange's Nifty index moved up by 18.35 points, or 0.31 per cent, to 5,910.65.

Analysts said the trading sentiment was cautious, with investors hopeful that the RBI would take a breather in its monetary tightening stance.

Meanwhile, in the Asian region, Hong Kong's Hang Seng index was down by 0.27 per cent, while Japan's Nikkei shed 0.10 per cent in early trade today. The US Dow Jones Industrial Average closed 0.

Sensex opens 65 points up ahead of RBI policy meet

STAFF WRITER 9:47 HRS IST

Mumbai, Dec 16 (PTI) The Bombay Stock Exchange benchmark Sensex rose by over 65 points in early trade today as investors and funds made selective purchases ahead of the RBI's monetary policy review later in the day.

The 30-share barometer, which fell by 151.42 points in the previous session, recovered by 65.54 points, or 0.33 per cent, to 19,713.31 on the back of a recovery in technology, healthcare and oil and gas sector stocks.

Similarly, the National Stock Exchange's Nifty index moved up by 18.35 points, or 0.31 per cent, to 5,910.65.

Analysts said the trading sentiment was cautious, with investors hopeful that the RBI would take a breather in its monetary tightening stance.

Meanwhile, in the Asian region, Hong Kong's Hang Seng index was down by 0.27 per cent, while Japan's Nikkei shed 0.10 per cent in early trade today. The US Dow Jones Industrial Average closed 0.

Rupee down 16 paise against US dollar in early trade

STAFF WRITER 9:50 HRS IST

Mumbai, Dec 16 (PTI) The Indian rupee fell by 16 paise to Rs 45.56 against the US dollar in early trade at the Interbank Foreign Exchange today, weighed down by the dollar's gains against other major currencies.

The rupee had plummeted by 46 paise to an almost two-week low of 45.40/41 against the US dollar in the previous session, with strong demand for the American currency from importers amid a decline in domestic equities.

Meanwhile, the Bombay Stock Exchange benchmark Sensex rose by 65.54 points, or 0.33 per cent, to 19,713.31 in opening trade today.

Big banking deals on Day 1

As Chinese Premier Wen Jiabao met Indian businessmen on the first day of his India visit on Wednesday, he promised that pacts worth $16 billion (Rs 72,480 crore) would be signed between the two countries. Soon after, the Chinese banking fraternity sprung into action and the biggest of them, China Development Bank, signed financial pacts worth billions of dollars, including one with Reliance Power and another with ICICI Bank.

The pact with Reliance Power, part of the Anil Ambani Group, called for a $4.63-billion (Rs 20,974 crore) project financing, while the one with ICICI Bank is for a $400 million (Rs 1,812 crore) facility agreement, according to officials who coordinated their signing.

It also signed a $2-billion (Rs 9,060 crore) pact with Reliance Communications, while Sepco and Shandong have inked another with the diversified Adani group worth $3.63 billion (Rs 16,444 crore) to supply power equipment.

The plethora of such banking deals come on the back of a major policy overture from both sides. The two sides may ink a reciprocity agreement that would allow Chinese banks to set up branches in India. At present, there are no banks from China operating in India. China’s “big four” government-owned commercial banks — Bank of China, China Construction Bank, Industrial and Commercial Bank of China and Agricultural Bank of China — are the ones likely to be allowed to set up branches and start commercial operations.

It was not an all-banking show, though. Other multi-million-dollar pacts include Dofang Electric and Abhijeet Projects for power equipment worth $2.5 billion (Rs 11,325 crore), a similar pact between Shandong and Tamil Nadu Power Co for $800 million (Rs 3,624 crore) worth of equipment and a $330 million (Rs 1,495 crore) deal between China Aluminium and Vedanta for metal import.

The Federation of Indian Chambers of Commerce and Industry has entered into a memorandum of understanding with China Chamber of Commerce on cooperation.

HT

ICWA to do live webcast of Chinese Premier's address

For the first time, the Indian Council for World Affairs (ICWA) will webcast live the address of visiting Chinese Premier Wen Jiabao on Thursday. "We are very privileged to have the Chinese Premier to speak at the Council. The speech will be webcast live for the first time here," ICWA director general Sudhir T Devare told IANS.

Wen is in India on a three-day visit. On Thursday, he will hold formal talks with Prime Minister Manmohan Singh.
Following that, Wen will give a speech on India-China relations at ICWA's Sapru House - the in-house think tank of the external affairs ministry, in the afternoon. The council's website, www.icwa.in, will have a link to the webcast for viewers to follow the English translation of the speech online.

According to Devare, this maiden effort is part of the effort to "modernize and digitize" the 67-year-old institution which likes to model itself on Chatham House in Britain. "We had a major project to digitize 125,000 journals in our library. Besides, we also digitized our vast collection of eight lakh newspaper clippings," he said.

HT

Prime Minister and Wen to talk trade, stir sticky issues

Chinese Premier Wen Jiabao and Prime Minister Manmohan Singh will hold talks today and apart from trade a host of sticking points between the neighbours will be discussed. They range from the boundary question and Beijing's Kashmir policy to trade imbalance and water issues. New Delhi believes that "competition and cooperation" are two aspects of India-China ties, along with building on convergences while addressing differences, sources said.

The premier and prime minister will review boundary talks. The 14th rounds of talks between the special representatives from two countries were held recently.

India says that China illegally occupies 43,180 sq km of territory in Jammu and Kashmir, including the 5,180 sq km Beijing illegally ceded to Pakistan in 1963.

China contests that India occupies some 90,000 sq km of Chinese territory, most of it in Arunachal Pradesh, which India says is part of India.

While the issue of stapled visa is expected to be sorted out, India has concerns about Chinese-aided projects in Pakistan-occupied Kashmir.

On trade imbalances, New Delhi wants China to buy more than primary products from India, and insists Beijing source IT, agricultural and pharmaceutical products, where India enjoys a competitive advantage.

There are concerns over the water issues as well, especially the proposed "south-to-north water diversion" project.

"This project, as the name suggests, is aimed at diverting water from the south to the north along three routes. Though the central and middle routes have no impact on India, the western route, from the Brahmaputra, is a matter of concern," said an official.

Union water resources minister Pavan Kumar Bansal will be part of the delegation-level talks.

India, China sign $16 bn deals

Chinese Premier Wen Jiabao gave a thumbs-up to large fund flows and deals between China and India on Wednesday as he arrived with 300 industry leaders in tow for a visit that aims to build trust through trade. "It is necessary to ease restrictions concerning approval procedures, capital flow andentry and exit of people, thus creating more favourable conditions for mutual investment,” Wen told corporate captains at a meeting organised jointly by the three apex chambers — CII, FICCI and Assocham. Shortly after his 10-minute address, Indian and Chinese companies signed 49 deals worth $16 billion (R70,000 crore).

Following the deals, India and China will sign an inter-governmental pact to facilitate investments after Wen meets Prime Minister Manmohan Singh on Thursday.

On India’s claim for a permanent seat at the UN Security Council, government sources expect the Chinese to stick to the "having more discussions" line but articulating an "evolved position", that will not amount to a very open endorsement.

But a proverbial Great Wall seemed to loom over Beijing’s desire for a free trade agreement between the world’s two fastest-growing large economies, with Delhi wary of pulling down customs barriers that could worsen a trade deficit that yawns at $24 billion (R100,000 crore).

Wen said early launch of negotiations to the proposed trade pact would be mutually beneficial, but India hasn’t responded favourably so far.

Merchandise trade between India and China is set to touch $60 billion this year, a 10-fold increase in five years.
Commerce and industry minister Anand Sharma asked China to provide greater market access to Indian goods and services, especially pharmaceuticals and IT services, to reduce the deficit. “The balance of trade lies heavily in favour of China.

We’d like to take measures to reduce this deficit,” he said. “Our pharma firms have been engaged in high-end research and seek to partner with China for greater trade and investment opportunities.”

Wen said Beijing has taken India’s problem of rising trade deficit “seriously and stands ready to take further measures”.

"China and India are partners for cooperation, not rivals in competition,” he said. “There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate.”

Wen also rejected the analogy of describing the two countries’ pace of development as “dragon” for China and “elephant” for India as inappropriate.

HT

Chinese Premier Wen says his India visit will promote friendship

Chinese Premier Wen Jiabao, who arrived in New Delhi on Wednesday, said he will seek to boost mutual trust and understanding and cement trade and econmomic ties between the two Asian giants during his three days' stay in India. "My current visit is aimed at promoting friendship, expanding cooperation, building on our past achievements and opening up new dimensions for mutual benefit and common development of the two countries," Wen said.

"China-India relations face major opportunities and enjoy broad prospects," the Chinese premier, who is in India on an invitation from Prime Minister Manmohan Singh, said in a written statement, released on his arrival at noon.

He said the two countries are connected by mountains and rivers and enjoy a traditional friendship dating back more than 2,000 years. This year also marks the 60th anniversary of diplomatic ties between the two neighbors, he added.

Furthering economic ties is particularly high on the agenda of Wen's three-day visit.

The premier is accompanied by some 400 Chinese business leaders, including chiefs of top firms like power equipment major Shanghai Electric, metals refiner SinoSteel and telecom gear giants ZTE and Huewei.

Wen's official entourage includes Foreign Minister Yang Jiechi, Communications Minister Li Shenglin, Culture Minister Cai Wu, Director of Research Office Xie Fuzhan, Vice Commerce Minister Gao Hucheng, and Director in the Premier's Office Qiu Xiaoxiong.

Wen will hold official talks with Manmohan Singh on Thursday. The two will also oversee celebrations of the 60th anniversary of diplomatic ties between the two nations. A host of agreements are also on the cards, especially in infrastructure, telecom and energy.

Liang Wenzhao, deputy director of the department of Asian affairs of China's Ministry of Commerce, said bilateral cooperation agreements that are set to be inked Thursday would cover trade, renewable energy, infrastructure and finance.

China is also India's largest trading partner with the value of two-way merchandise exchange rising from $18.7 billion dollars in 2005 to $51.8 billion last year. The Chinese trade office expects this to top $60 billion this year.

HT

World has enough space for India, China to prosper: Wen

Rejecting the "dragon" and "elephant" comparison made between China and India, Chinese Premier Wen Jiabao on Wednesday said there is enough space for both the two Asian nations to develop and prosper. "China and India are partners for cooperation and not rivals in competition.

There is enough space in the world for the development of both China and India and there are enough areas for us to cooperate," he said addressing industry leaders of the two countries at a meeting organised by the apex chambers in New Delhi.

He said some people described China and India as economic competitors and likened them to a dragon and an elephant.

"I don't agree with such a view and I don't think business people agree either," Wen said.

He said both the countries stand to gain from economic cooperation. With a combined population of 2.5 billion, which accounts for two-fifths of the world's population, "We are both in process of rapid industrialisation and urbanisation accompanied by fast and sustainable economic growth."

Making out a case for liberalising bilateral trade (about USD 49 billion till January-October 2010), Wen said, liberalisation of the markets hold huge potential for the domestic markets of the two countries.

"By opening markets to each other, we will be most dynamic economies and can support each other in economic development," he said.

Though China has mooted the idea of free trade agreement, India has not favourably responded considering a huge trade imbalance to Indian industry.

The Chinese Premier is accompanied by a large delegation of business leaders from different sectors, mainly in the infrastructure areas.

HT

India now third biggest internet user

With a user base of 100 million, the country now stands third in the world in terms of the number of people surfing the net, an official of internet search engine Google said in Kolkata on Tuesday. "China has the highest number of internet users at 300 million followed by the US with 207 million.

India comes third with the number of internet users now soaring to 100 million," Vinay goel, head of products, Google India, told mediapersons.

Of the internet users in the country, 40 million access the net through mobile phones.

"Our estimate is that by 2012, the number of mobile internet users will surpass those entering the net via their laptops or desktops. The number of mobile internet surfers in India is growing rapidly. In 2007, the country had only two million such users. Now the number has gone up 20 times," Goel said.

However, he pointed out that there was a massive scope of increasing the user base in the mobile internet space as the figure of 40 million comprises only eight percent of those carrying mobile phones.

Goel said that most of the internet users in the country search for songs.

Sensex down 76 points in opening trade on profit-booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by nearly 77 points in the opening trade on Wednesday, on profit-booking by funds amid a weak trend in the Asian region.

The 30-share barometer, which had gained over 550 points in last three sessions, fell by 76.80 points or 0.38 per cent, to 19,722.39 points in first five minutes of trading.

Similarly, the wide-based National Stock Exchange Nifty index also declined by 26.35 points or 0.44 per cent to trade at 5,917.75 points.

The market analysts attributed the decline to profit-booking by investors after the stocks rally for the previous three trading sessions.

Besides, other Asian markets were also in red. Hong Kong's Hang Seng index was 0.60 per cent down, while Japan's Nikkei was trading 0.04 per cent low in the early trade today.

In the US, the Dow Jones Industrial Average ended 0.42 points higher in Tuesday's trade.

Read more: Sensex down 76 points in opening trade on profit-booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-down-76-points-in-opening-trade-on-profit-booking/articleshow/7103647.cms#ixzz18B9HJDx7

2G scam case: CBI raids premises of Radia, Baijal

STAFF WRITER 9:41 HRS IST

New Delhi/Chennai, Dec 15 (PTI) The CBI today carried out searches at the premises of corporate lobbyist Niira Radia and former TRAI chairman Pradeep Baijal in connection with the alleged Rs 22,000 crore 2G spectrum scam, a week after conducting raids at the residences of former Telecom Minister A Raja.

About 150 sleuths of the investigating agency swooped down at 27 places in Tamil Nadu and seven in Delhi in the wee hours and began searches which included some auditors and accountants of Raja besides the premises of Radia and Baijal, official sources said.

Radia's office -- Vaishnavi Corporate Communications -- and her farm house in South Delhi were among the first of the premises searched by the CBI, the sources said, adding some of the persons who had been closely associated with the handling of accounts and funds of Raja were also been searched by the agency.

Rupee down by 35 paise against dollar in early trade

STAFF WRITER 9:58 HRS IST

Mumbai, Dec 15 (PTI) The Indian Rupee weakened by 35 paise to Rs 45.29 a dollar in early trade at the Interbank Foreign Exchange today, following dollar's gains against other currencies.

Besides, demand for the American currency from importers also kept pressure on the Indian rupee, according to Forex dealers.

The rupee had ended 20 paise higher at Rs 44.94/95 against the US dollar in the previous session.

* Sensex down 76 points in opening trade on profit-booking

STAFF WRITER 9:38 HRS IST

Mumbai, Dec 15 (PTI) The Bombay Stock Exchange benchmark Sensex fell by nearly 77 points in the opening trade today, on profit-booking by funds amid a weak trend in the Asian region.

The 30-share barometer, which had gained over 550 points in last three session, fell by 76.80 points or 0.38 per cent, to 19,722.39 points in first five minutes of trading.

Similarly, the wide-based National Stock Exchange Nifty index also declined by 26.35 points or 0.44 per cent to trade at 5,917.75 points.

The market analysts attributed the decline to profit-booking by investors after the stocks rally for the previous three trading sessions.

Besides, other Asian markets were also in red. Hong Kong's Hang Seng index was 0.60 per cent down, while Japan's Nikkei was trading 0.04 per cent low in the early trade today.

In the US, the Dow Jones Industrial Average ended 0.

BPCL hikes petrol prices by Rs 2.95/L from midnight

STAFF WRITER 20:14 HRS IST

BPCL hikes petrol prices by Rs 2.95/L;IOC, HPCL to follow suit

New Delhi, Dec 14 (PTI) Bharat Petroleum Corp (BPCL) today hiked petrol prices by about Rs 2.95 rpt 2.95 a litre effective midnight tonight, and other state-owned oil companies IOC and HPCL will follow suit tomorrow.

The oil ministry today gave the three companies a go-ahead to raise petrol prices after international crude oil prices touched USD 90 per barrel.

BPCL, the second largest fuel retailer in the country, took the lead to raise petrol prices by Rs 2.95 rpt 2.95 a litre to Rs 55.86 rpt 55.86 per litre in Delhi, sources privy to the decision said.

Indian Oil Corp (IOC), the largest fuel retailer in the country, and Hindustan Petroleum Corp (HPCL) will do the same by an equal measure tomorrow, sources said.

Indirect tax kitty up 50% in Apr-Nov

KOLKATA: Indirect tax collection has registered a growth of 50% till November 2010 over the corresponding period last fiscal, revenue secretary Sunil Mitra said.

"On the indirect tax front, our collection stood at 66.3% of target this year till November. The collection stands close to Rs 2,08,000 crore against our target of Rs 3,15,000 crore," Mitra said.

Customs revenue collection grew by 64.7% and central excise was higher by 37.9% over last year.

Mitra said customs collections and central excise till November already achieved 73.5% and 57.4% of their respective targets.

Cumulative tax collection at the end of November had reached 55.8% of its target of Rs 7,45,000 crore, he said.
Direct taxes stood at 50% of the target till November at Rs 2,16628 crore with a growth rate of 17.8% over the comparable period.

Read more: Indirect tax kitty up 50% in Apr-Nov - The Times of India http://timesofindia.indiatimes.com/business/india-business/Indirect-tax-kitty-up-50-in-Apr-Nov/articleshow/7103010.cms#ixzz189UqDu5w

Sensex is world's best performer

A world-beating rally in India’s equities that has been ‘unusual’ in matching a surge in bond yields may reverse as economic growth is likely to fall short of investors’ expectations, said Credit Suisse Group AG.

The Sensex (BSE) has been rising along with the 10-year government bond yields. That contrasts with countries, including Indonesia and Malaysia where stocks rallied as borrowing costs dropped. Demand for Indian equities is being driven by yield and currency expectations that usually drive up bonds as investors avoid government securities in the nation because of restrictions on foreign buying, according to Credit Suisse.

“The Indian economy has to perform very well if it is to meet the elevated expectations of foreign investors” in equities, Robert Prior-Wandesforde, an economist at Credit Suisse in Singapore, said, citing the possible adverse effects of inflation and higher interest rates. “Indian bonds have sold off as equities have strengthened, which has been very unusual in Asia.” Foreign investment in Indian bonds this year is about a third of their stock purchases, which were at a record $30 billion as of Dec. 7. The 13% gain in the Sensex has made it this year’s best performer among the world’s 10 biggest markets, according to data compiled by Bloomberg. Bond yields, which move counter to prices, are close to their highest level in 26 months.

The gross domestic product (GDP) expanded by 8.9% for the past two consecutive quarters from a year earlier, the second-fastest pace of growth among the world’s major economies, lagging behind only China. The Reserve Bank of India (RBI) raised benchmark borrowing costs six times since March to cool gains in consumer prices, which at 10% are the steepest in the Group of 20 nations after Argentina. Government bond yields may be close to their peak as a domestic cash crunch eases and the RBI pauses after six interest-rate increases since March, Prior-Wandesforde said.

“Without wishing to pour cold water on what is a very favorable long-term growth story, we believe India’s macro fundamentals will disappoint the consensus in a number of respects next year,” he said. Credit Suisse estimates the $1.3 trillion economy will expand 7.7% next year. Growth may reach 9.1% in the year ending March 31, the finance ministry said.

http://www.indianexpress.com/news/sensex-is-worlds-best-performer/723821/2

Sensex up 33.18 pts in early trade; RIL, L&T lead

Indian equities continued to rise in early trade for the third day on Tuesday. At 9.20.am, the Sensex was trading up 33.18 points or 0.17% at 19,724.96 with 15 components gaining. Meanwhile, the Nifty was trading higher by 15.70 points or 0.27% at 5,923.35 with 30 components gaining.

The 30-share benchmark index, BSE Sensex opened with a gain of 54.97 points or 0.28% at 19,746.75, while the broad based NSE Nifty started with a rise of 21.05 points or 0.36%, at 5,928.70.

Sensex Movers

Reliance Industries contributed rise of 14.72 points in the Sensex. It was followed by Larsen & Toubro (7.07 points), Sterlite Industries (India) (6.92 points), State Bank Of India (6.37 points) and I T C (4.18 points).

However, Infosys Technologies contributed fall of 11.46 points in the Sensex. It was followed by I C I C I Bank (6.63 points), Mahindra & Mahindra (3.97 points), Hero Honda Motors (3.59 points) and Tata Consultancy Services (3.36 points).

Major gainers in the 30-share index were Sterlite Industries (India) (1.97%), Reliance Communications (1.36%), State Bank Of India (0.64%), Reliance Industries (0.63%), Bharat Heavy Electricals (0.55%), and Larsen & Toubro (0.52%).

On the other hand, Hero Honda Motors (1.58%), Mahindra & Mahindra (0.90%), Wipro (0.69%), Infosys Technologies (0.59%), Jaiprakash Associates (0.42%), and Tata Consultancy Services (0.42%) were the biggest losers in the Sensex.

Mid & Small-cap Space

The BSE Mid and small caps outperformed their larger counterparts gaining 0.75% and 0.39% respectively.

The major gainers in the BSE Midcap were A I A Engineering (2.37%), Core Projects and Technologies (1.71%), Aban Offshore (0.8%), Alstom Projects India (0.8%) and Ackruti City (0.76%).

The major gainers in the BSE Smallcap were Aarti Industries (3.65%), Provogue (India) (2.99%), Action Construction Equipment (2.54%), A B G Shipyard (1.34%) and A K Capital Services (0.25%).

Sectors in Limelight

The Metal index was at 16,433.06, up by 105.68 points or by 0.65%. The major gainers were Bhushan Steel (1.49%), Hindustan Zinc (0.9%), NMDC (0.78%), Hindalco Industries (0.52%) and Jindal Saw (0.35%).

The Oil & Gas index was at 10,627.04, up by 66.42 points or by 0.63%. The major gainers were Indian Oil Corporation (2.36%), Bharat Petroleum Corporation (1.88%), Hindustan Petroleum Corporation (1.26%), G A I L (India) (0.56%) and Oil & Natural Gas Corporation (0.52%).

The IPO index was at 1,921.04, up by 10.72 points or by 0.56%. The major gainers were Ashoka Buildcon (1.9%), Aqua Logistics (0.93%), ARSS Infrastructure Projects (0.71%), Adani Power (0.56%) and Career Point Infosystems (0.31%).

On the other hand, the Realty index was at 2,809.89, down by 8.55 points or by 0.3%. The major losers were Godrej Properties (0.63%), Indiabulls Real Estate (0.57%), Orbit Corporation (0.3%), Parsvnath Developers (0.1%) and D L F (0.1%).

Market Breadth

Market breadth was positive with 767 advances against 294 declines.

Value and Volume Toppers

State Bank Of India topped the value chart on the BSE with a turnover of Rs. 70.38 million. It was followed by Twilight Litaka Pharma (Rs. 54.59 million), Delta Corp (Rs. 40.59 million) and Reliance Industries (Rs. 38.00 million).

The volume chart was led by Resurgere Mines and Minerals India with trades of over 2.76 million shares. It was followed by Twilight Litaka Pharma (0.66 million), Cals Refineries (0.64 million) and Delta Corp (0.40 million).

Sensex up 95 points in opening trade

MUMBAI: The BSE benchmark Sensex rose by 95 points in opening trade on Monday, with auto, healthcare, metal and PSU sector stocks attracting the maximum attention amid a firming trend in Asia.

The 30-share index of the Bombay Stock Exchange (BSE) jumped by 95.81 points, or 0.49 per cent, to Rs 19,604.70 in opening trade today, extending the 266.53-point gain registered in the previous session on Friday.

Similarly, the wide-based National Stock Exchange Nifty index moved up by 30.30 points, or 0.48 per cent, to 5,887.00.

Brokers said a firming trend on other Asian bourses came on the back of weekend gains in US markets following the release of upbeat economic and domestic industrial growth data for the world's largest economy.

Meanwhile, in Asia, Hong Kong's Hang Seng Index was up by 0.65 per cent, while Japan's Nikkei Index was 0.23 per cent higher vis-a-vis the previous close in early trade. In the US, the Dow Jones Industrial Index ended 0.35 per cent higher in the previous session.

Read more: Sensex up 95 points in opening trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-up-95-points-in-opening-trade-/articleshow/7091062.cms#ixzz17xysaVT9

'India is engine of Dell's global growth'

In late 2006, Dell lost its lead in the PC business to Hewlett-Packard globally . Last year, it slipped further, to No. 3, as Acer barged into the No. 2 spot.

Surprisingly, in India, roughly during the same period , Dell was moving precisely in the opposite direction . It went steadily up the ranks and became the biggest seller of laptops in the second quarter of this year. In the third quarter, it also became the biggest seller of desktops in India, toppling HP from the spot it had retained for five years.

The fact that this happened in a relatively short period, and against competition that also includes aggressive Asian players such as Lenovo and Acer and Indian players like HCL, makes Dell India's achievement all the more creditable . This, combined with the $53-billion company's previous record of establishing a successful global customer service and support division in the country, has raised Dell's ambitions in India. The company now wants to challenge the likes of IBM, HP and the Indian IT majors in the services and solutions space.

To that end, Ganesh Lakshminarayanan, who helped create Dell International Services a decade ago and who now heads the global consumer, small and medium business (CSMB) services for Dell, has just been given an additional role—that of president, Dell India. It's a new position for the company, and the 42-year-old Lakshminarayanan will have the responsibility of leveraging all its divisions—manufacturing , sales, contact centre, analytics , managed services, R&D , IT, and back-office processing—to offer complete solutions to Indian enterprises , not just PCs and servers.
Lakshminarayanan, a US citizen but born and brought up in India, can speak good Tamil and a bit of Malayalam as his "parents are from Kerala".

Last week, when we met Lakshminarayanan soon after he took on the new role, he was excited. "India is at the top of Dell's strategic geographies. If there is a time to be in India, it is now, and if there is a place to be at Dell, I would say India is that place," he said. India, he said, is called the engine of Dell's global growth, and noted that 23,000 of Dell's global employee base of 96,000 or its every fourth employee is now based in India, and every arm of the company is represented in the country.

Since the news about Dell becoming No. 1 in PCs in India is still fresh, we decided to begin with that. He attributed the success to, more than anything else, Dell's talent in India. "The first is we built a phenomenal team. People underestimate the talent we have built over the last five years," he says.
He refers in particular to Mahesh Bhalla, the head of the CSMB business in India; Sameer Garde, GM of Dell's global OEM solutions segment ; and Ravi Bharadwaj, responsible for sales of software & peripherals and after point-of-sale products in the Asia-Pacific region.

"All these guys that we hired in the first phase of our operations in customer service, they went on to lead market facing divisions in India, and are now in global or regional roles. So we are a local Indian brand, building the local India market. Companies often bring in expats, external leadership teams. But we have no expat, other than me, and people don't consider me an expat," says Lakshminarayanan.

Investing in a manufacturing plant is seen to be the second big reason for the company's success in the PC segment. Dell invested close to $30 million in its Chennai plant. Today, it produces around a million units a year. That has helped bring costs down significantly. "It also enabled us to cut our cycle time by half."

The innovations in the distribution Ram network were another differentiator . Dell is globally known for its direct business model, under which it bypassed traditional distribution channels and sold personal computers (PCs) directly to customers. This helped the company save on costs like reseller margins and high inventories. It also helped in giving customers customized products.

That model worked well in selling to the Indian corporate sector. But from 2008, when it started focusing on the Indian consumer and SMB (small and medium business) markets, Dell recognized that the Indian consumer , unlike the one in mature markets, was wary of buying online. So the company began several new initiatives . It launched retail stores and introduced a direct model within retail, which allowed you to walk into a store and configure your PC. You see only a red laptop there but want a blue one, you could get it the way you did through Dell Direct.

"Consumers often want to see and touch, but after that they want to have the experience of configuring it to their requirement. And within 5-7 days, it is delivered to them. Others don't have a supply chain that allows them to do the kind of direct model we do," says Lakshminarayanan.

Dell also found that people in tier II and III towns are often intimidated by large companies and that they prefer to buy from channel partners. So it abandoned its traditional strategy of avoiding channel partners and embraced them.

TOI

India takes step to dilute climate change stand

CANCUN: What will be the outcome of Cancun? The details are still being thrashed out but one thing is certain — when the two-week conference ends, India will have further diluted its stance on climate change negotiations.

The government might justify it as a part of its larger geopolitical need or a pragmatic review of its position or the need to not stand alone, but India is bound to come out by taking another step towards diluting the existing principles of the UN Framework Convention on Climate Change and the Bali Action Plan that it fought hard for two decades.

As a developing country negotiator said, "In Bali, India accepted it would carry out mitigation actions. In Copenhagen, it accepted international scrutiny and in Cancun, we have accepted the possibility of legally binding targets. One has to see if by Durban next year, India also accepts absolute emission cuts."

The questions that one would need to ask when the post-summit assessment begins are two-fold. How will these changes in the international climate change stance impact India's economic growth and what did India gain in return for these regressions?

Someone who is a student of international relations might see the climate change game changing in the light of US support for India's candidature to the UN Security Council but the critics of the flexibility that has PM Manmohan Singh's blessings would want to know if the mantra may cost the Indian economy and its poor too much by the time the new global climate deal is concluded.

Till 2009, the government had claimed that emission-reduction targets could wipe out considerable economic growth. At the penultimate day of the Cancun talks, India seemed poised to slip into such targets sooner than one had thought a couple of years ago.

It began by avoiding any kind of mitigation actions, pointing out that it was not the culprit in the first place. This was in the early 90s. It played a difficult balance of closing the bilateral gap with the US while it stuck to a stringent multilateral line at the climate forum.

By the time UPA was in place, the mandate had shifted. The policy shift towards US and the competitive neighbourhood made India dance a tricky step towards the high table, slowly forsaking its role as the leader of the G77 and quickly taking its seat at forums like the G20 and the Major Economies Forum. The climate shift was a package deal, policy wonks suggested, and that giving up on concerns about international scrutiny and bearing costs of a quicker transition to green energy is well worth the gambit.

The UPA is yet to show the cost sheets of this change in its policy climate.

Read more: India takes step to dilute climate change stand - The Times of India http://timesofindia.indiatimes.com/india/India-takes-step-to-dilute-climate-change-stand/articleshow/7080060.cms#ixzz17m4rQr1P

Industrial output rises 10.8% in October

NEW DELHI: Back in the double-digit growth after two months, the industrial output in October rose by 10.8 per cent on back of healthy performance of sectors such as automobile, electronic goods and power.

The industrial production, which crossed 15 per cent in July, dipped to 6.91 per cent in August and further to 4.4 per cent in September.

It again entered the double-digit growth figure of 10.8 per cent in October, up from 10.1 per cent in the same month a year ago.

"The present growth rate of IIP (Index of Industrial Production) shows that revival of economic growth as started a year back is continuing", said Sripakash Jaiswal, Minister for Statistics and Programme Implementation.

The government attributed the rise in IIP to improved performance of the sectors such as ship building, power equipment and generators.

Besides, Jaiswal said high growth in production of consumer durable goods was mainly due to healthy growth in the production of passenger cars, motor cycles, scooters and mopeds, alarm time pieces and TV sales.

The IIP data reveals that manufacturing sector during October grew by 11.3 per cent and electricity generation by 8.8 per cent from 10.8 per cent and 4 per cent respectively in the corresponding month last year.

The growth rate of the mining sector, however, decelerated to 6.5 per cent during the month from 9.1 per cent on October 2009.

The capital goods industry, according to data, recorded a growth of 22 per cent in October, up from 10.9 per cent during the same month a year ago.

During April-October, the industrial output showed an increase of 10.3 per cent, up from 6.9 per cent during the corresponding period last year.

Read more: Industrial output rises 10.8% in October - The Times of India http://timesofindia.indiatimes.com/business/india-business/Industrial-output-rises-108-in-October/articleshow/7076039.cms#ixzz17iTK6SSN

Sensex recovers 266 pts on IIP data

MUMBAI: In a volatile trade, the BSE benchmark Sensex on Friday snapped 3-day losing streak, gaining over 266 points as funds and retail investors entered a fresh round of buying, buoyed by the 10.8 per cent industrial growth in October.

The Bombay Stock Exchange sensitive index, after losing nearly 740 points in last three trading sessions, recovered partially to close the session at 19,508.89 points, a significant rise of 266.53 points, or 1.39 per cent over the previous close.

All the sectoral indices, led by consumer durables and banking, ended in the positive territory with gains of up to 3.20 per cent.

The barometer of the market moved between 19,074.57 and 19,492.37 during the day as investors returned to buy recently battered stocks like consumer durables, oil and gas, banking, metal and stocks.

The broad-based National Stock Exchange index Nifty also recovered 90.85 points, or 1.58 per cent, to 5,857.35 after shuttling between 5,721.15 and 5,865.50.

Trading sentiment, which remained extremely weak in the past three sessions on a series of negative factors, changed for the better after industrial output in October rose by 10.8 per cent, triggering widespread buying.

Later, higher opening on the European bourses also influenced the trading sentiments on the BSE, brokers said.

"Market participants accumulated frontline stocks, which became attractive after recent slide", said Manoj Choraria, a Delhi-based broker.

The Consumer Durables index gained the most, rising 3.60 per cent to 5,970.47 as stocks of Videocon Industries and Titan Industries recovered by 6.63 per cent and 2.85 per cent.

The Banking index was the second best performer among sectoral indices, gaining 2.94 per cent at 13,017.08. It was followed by oil and gas index, which rose by 2.23 per cent to 10,397.68, as Reliance Industries rose 4 per cent and ONGC by 0.03 per cent.

The BSE Metal index, up 1.43 per cent at 15,966.22 as Sterlite Ind, the biggest copper producer, recovered 1.73 per cent while Tata Steel moved up by 2.28 per cent.


Read more: Sensex recovers 266 pts on IIP data - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-recovers-266-pts-on-IIP-data/articleshow/7077251.cms#ixzz17iT7Y0j9

Trial of upgraded Agni-II missile fails

BALASORE: India today test-fired an upgraded version of Agni-II nuclear-capable intermediate- range ballistic missile from the Integrated Test Range (ITR) at Wheeler Island off Orissa coast in inclement weather. However, the test-fire failed with the weapon system deviating from its trajectory immediately after lift off.

"Experimental launch of Agni-II missile experienced a trajectory deviation immediately after the lift off resulting in failure of the mission," a DRDO spokesman said in New Delhi.

He said, "Detailed analysis is in progress". DRDO sources said in Balasore, "The trial of the surface-to-surface missile, launched from a rail mobile launcher from the launch pad-4 of Integrated Test Range around 1000 hours, was not successful".

Scientists and experts were trying to ascertain the cause of the outcome by analysing different aspects, they said, declining to share detailed information.

Though ITR officials were tight-lipped about the trial, eye-witnesses said the missile fell into the sea around 30 seconds after it took off in inclement weather marked by intermittent rains and chilly winds.

The indigenously developed upgraded and new variant of 'Agni' series missile was said to be the improved version of the country's existing 'Agni-II' missile.

Read more: Trial of upgraded Agni-II missile fails - The Times of India http://timesofindia.indiatimes.com/india/Trial-of-upgraded-Agni-II-missile-fails/articleshow/7075305.cms#ixzz17iSr7OrB

First C130J aircraft to be delivered to India next week

WASHINGTON: The first of the six state-of-the-art C-130J military transport aircraft would be delivered to India on December 16, its manufacturer Lockheed Martin said today.

India has placed orders for six of these aircrafts. "The first C-130J for India will be formally delivered on December 16 at a ceremony in Marietta," Lockheed Martin said in a statement.

"Two will be flown to India in early 2011, while two more will arrive in early summer and the last two will be delivered in late summer of 2011," it said.

Robert Blake, Assistant Secretary of State for South and Central Asia, said on Wednesday that in conjunction with the purchase of six C-130J transport aircraft in 2008 the recent USD 4.1 billion C-17 Indian deal with Boeing will double US-India defense trade and provide the Indian Air Force a strategic airlift and humanitarian response capability that is unique to the region and emblematic of India's ambitions to play an increasingly global role.

"Once all the aircraft have been delivered, ladies and gentlemen, India will have the second largest C-17 fleet in the world behind the US - a highly visible manifestation of the US-India defense partnership," Blake said.

Lockheed Martin C-130J Hercules is the most advanced airlifter ever built.

The C-130J combines the latest in aerospace technology with a proven, rugged airframe design, resulting in an aircraft that gives an operator more capability with greater operational efficiency.

The Indian Air Force's new Super Hercules will be the longer fuselage or "stretched" variant of the C-130J, similar to those being delivered to the US Air Force.

With this India joins the growing number of nations with C-130J fleets including the US, Australia, Canada, Italy, Denmark, Norway and the United Kingdom.

The C-130J carries eight 463L pallets, 97 medical litters, 24 CDS bundles, 128 combat troops and 92 paratroops.

Equipped with an Infrared Detection Set (IDS), the aircraft will be able to perform precision low-level flying, airdrops, and landing in blackout conditions. Self protection systems and other features are included to ensure aircraft survivability in hostile air defence environments.

In addition the aircraft is equipped with air-to-air receiver refueling capability for extended range operations.

Lockheed Martin will integrate this equipment and other capabilities into the Indian configuration as agreed between the governments.

Read more: First C130J aircraft to be delivered to India next week - The Times of India http://timesofindia.indiatimes.com/india/First-C130J-aircraft-to-be-delivered-to-India-next-week/articleshow/7076103.cms#ixzz17iSb6ptO

Rupee down by 11 paise against dollar in early trade

MUMBAI: The rupee weakened by 11 paise to trade at Rs 45.32 against the US dollar in early trade at the Interbank Foreign Exchange today, on account of large scale-capital flows towards the year-end.

Dealers said weak sentiments at the stock markets on capital outflows by funds kept pressure on the Indian rupee.

The rupee had ended 13 paise lower at Rs 45.21/22 against the US dollar in yesterday's session.

Meanwhile, the Bombay Stock Exchange benchmark Sensex was down by 167.79 points at 19,074.57 level in the opening trade today.

Read more: Rupee down by 11 paise against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-down-by-11-paise-against-dollar-in-early-trade/articleshow/7075161.cms#ixzz17gOH8Fzn

Sensex back in green, jumps 130 pts

MUMBAI: The Bombay Stock Exchange benchmark Sensex reversed early losses to trade over 130 points above its previous close at 1000 hrs today, as investors became active accumulating blue-chip stocks at prevailing attractive levels.

The Sensex, which had lost over 167 points in the opening trade, was up by 131.25 points or 0.68 per cent at 19,373.61 level at 1000 hours, with bank, oil and gas, metal and healthcare stocks making handsome recovery.

Meanwhile, the broad-based National Stock Exchange index Nifty was up by 47.35 points to trade above 5,800 level at 5,813.85, after dipping to 5,721.15 point in the opening trade.

Brokers said stocks turned positive as investors returned to buy frontline stocks at prevailing lower levels.

Read more: Sensex back in green, jumps 130 pts - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-back-in-green-jumps-130-pts/articleshow/7075187.cms#ixzz17gNvnhwo

Sensex bounces 75 pts up in opening trade

MUMBAI: The Bombay Stock Exchange benchmark Sensex today opened 75 points up on the back of selective buying by funds and retail investors amid better global cues.

The 30-share index, which had lost nearly 285 points in the past two sessions, rose by 74.61 points or 0.38 per cent to 19,771.09 points, with oil and gas, metal and IT sector stocks leading the recovery.

Likewise, the wide-based National Stock Exchange index Nifty moved up by 23.60 points or 0.39 per cent to 5,927.30 level.

Brokers said fresh buying by funds following firming trend in global markets helped stocks to stage a partial recovery.

In Asia, the key indices Hang Seng and Nikkei were trading 0.54 per cent and 0.45 per cent up in the morning trade. In the US, the Dow Jones Industrial Index ended 0.12 per cent higher yesterday against the previous close.

Read more: Sensex bounces 75 pts up in opening trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-bounces-75-pts-up-in-opening-trade/articleshow/7069427.cms#ixzz17aQHRh1C

Direct tax kitty up 18% in April-Nov 2010

NEW DELHI: Direct tax collection in the first eight months of this fiscal registered an 18% growth over the same period last year with net receipts at Rs 2,16,628 crore. The major boost came from the robust industry performance with the corporate taxes showing an increase of more than 22%.

In the April-November period, net direct tax collection stood at Rs 2,16,628 crore as against Rs 1,83,822 crore of the same period last fiscal, showing a growth of 17.8%. It has crossed 50% of the Budget estimates of Rs 4,30,000 crore for 2010-11.

The corporate I-T collection was 22.3% higher for the April-November period at Rs 1,38,461 crore as against Rs 1,13,210 crore in last year. The growth in personal I-T, including STT, and residual FBT/BCTT, was 10.7%. The net collection in this bracket was Rs 77,768 crore as against Rs 70,278 crore last year.

Growth of Securities Transaction Tax turned positive for the first time during the fiscal at 0.5% at Rs 4,373 crore against Rs 4,349 crore last year. Direct taxes, now a major resource provider to the central government, have grown at an average annual rate of 24% in the last five years and have nearly trebled from Rs 1,32,771 crore in 2004-05 to about Rs 3,78,000 crore in 2009-10, increasing its share from 4.1% to 6.1% of the GDP.

FM Pranab Mukherjee had asked CBDT to exceed the budget target to compensate for the low collection on the indirect taxes front.

He had said the department must look beyond big cities and widen the tax base in smaller towns and cities.

Read more: Direct tax kitty up 18% in April-Nov - The Times of India http://timesofindia.indiatimes.com/business/india-business/Direct-tax-kitty-up-18-in-April-Nov/articleshow/7062470.cms#ixzz17UZWjIoR

Sensex opens 155 pts down on profit-booking

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by almost 155 points in the opening trade today, amid profit-booking and a weak trend in the Asian region.

The 30-share barometer that had shed 46.67 points in the yesterday session, declined further by 154.38 points or 0.77 per cent to 19,780.26 points today, with all the sectoral indices trading in negative zone.

Similarly, the wide-based National Stock Exchange index Nifty also lost by 35.25 points or 0.58 per cent to trade at 5,941.30 level.

Stock brokers said weakening trend on the other Asian bourses and fears of a fuel hike after crude oil prices soared to a 26-month high in global markets, dampened the trading sentiments.

In Asia, Hong Kong's Hang Seng index was trading 0.79 per cent low, while Japan's Nikkei was marginally up by 0.81 per cent in the early trade today.

In the US, the Dow Jones Industrial Average ended 0.03 points down in the yesterday's trade.

Read more: Sensex opens 155 pts down on profit-booking - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-opens-155-pts-down-on-profit-booking/articleshow/7063617.cms#ixzz17UZLgnZK

Coming up in Bandra's Palli Hill: Anil Ambani's new house

Mukesh Ambani’s Altamount Road residence, Antillia , billed as the world’s most expensive family home, will soon have competition. Its rival, and this should be easy to guess, is being built by his younger brother, Anil.

Just a few months back, as Mukesh and Nita Ambani’s Rs 4,500-crore dream home was getting its finishing touches, construction began on Anil and Tina Ambani’s new house at Bandra’s Pali Hill. The work, as the picture here shows, has since progressed and reached the plinth level.

Ravi Muthreja, spokesperson for the Anil Ambani-controlled Anil Dhirubhai Ambani Group Group (ADAG), confirmed that the plot on the Nargis Dutt road will house a residence for Anil Ambani and his family. Muthreja, however, refused to share any details of the project. A questionnaire sent to his office remained unanswered.

Members of the Pali Hill Residents Association (PHRA), who are opposing the project, however, revealed that the Ambanis have got permission to build a 66-metre tall structure and applications have been moved to raise the height to 150 metres.

Antillia, for record, towers over almost all of south Mumbai at 170 metres and has Mukesh’s personal library on the top floor. If Anil’s new house gets the clearance for 150 metres, it would dwarf everything in its sight in Bandra.

A senior officer from the Buildings Proposal Department of BMC , who did not wish to be identified, confirmed that his office has received a proposal from the Ambanis for a residential building in Bandra. "It’s a preliminary proposal. I would not like to comment on the proposed or sanctioned height of the building," he added.

The 1537 sq mt plot where the Ambani house is being built was home to a bungalow of Bombay Suburban Electricity Supply company’s (BSES) chairman. In early 2000, when Reliance gained control of BSES, the spacious bungalow came into its ownership.

Subsequently, in 2005 when the brothers split, Anil got the power business and with it this quaint bungalow on Pali Hill.

Anil currently stays with his wife, sons and mother at the 17-storeyed Sea Wind building at Cuffe Parade.
The Pali Hill Residents Association, meawhile, are building up their case to oppose any move to allow Anil’s house to rise to 150 metres. "There is water reservoir that supplies to almost all of Bandra and Khar adjacent to this plot. The new building will also be in the flight path of planes taking off and landing at the airport," said Madhu Poplai, secretary, PHRA.

The residents association is also raising questions about the plot’s ownership. "After Reliance Energy acquired BSES and plot came into their possession, the land was sold to Kunj Bihari Developers, whose main officials, including the directors, were employees with Reliance Infrastructure . This huge plot was sold to Kunj Bihari Developers for just Rs 43 lakhs," PHRA chairman Amitav Shukla said.

Muthreja, however, dismissed all of PHRA’s reservations. "There are so many highrises in the area, we do not know where are these objections coming from," he said.

ET

Tatas face Rio challenge for Oz co

MUMBAI: It appears to be a replay of the bidding war which took place in the winter of 2006, when Tata Steel had to battle a global rival's challenge to protect its interest on a foreign asset.

Four years ago when Tata Steel made a $7.6-billion takeover bid for Corus, it faced a challenge from Brazil's CSN. What followed was a protracted battle to buy out the British steel company, resulting in Tata Steel's victory on a final price of $13 billion.

The story is now being played out at Riversdale Mining, in which Tata Steel is the largest shareholder with a 24% stake. The Australian company has received a tentative $3.5-billion takeover offer from global miner Rio Tinto, which opens up a fresh challenge for the Indian steel giant to guard its turf. The other significant shareholders of the Australian stock exchange-listed Riversdale are CSN with a 16% stake and Passport Capital with a 17% holding.

Though Tata Steel, the world's seventh largest steel company, is keeping its cards close to the chest, sources said that the company doesn't rule out making an open offer for Riversdale Mining, which has assets in Africa.

In a statement, Tata Steel said, "Tata Steel views Riversdale Mining as a valuable strategic investment and continues to be interested in developing the tenements of the company. Tata Steel will continue to monitor the situation and will take appropriate action as deemed necessary."

Following the Rio Tinto development , shares of Tata Steel, part of the $72-billion Tata Group, jumped during trade hours on Monday and finally closed at Rs 635, up Rs 21 on Bombay Stock Exchange.

For Tata Steel, its interest in Riversdale is crucial to secure raw materials for its European steel operations, Corus . Tata Steel has been investing in coal and iron ore projects—key raw materials to make steel—in Africa, Australia and Canada.

Read more: Tatas face Rio challenge for Oz co - The Times of India http://timesofindia.indiatimes.com/business/india-business/Tatas-face-Rio-challenge-for-Oz-co/articleshow/7056932.cms#ixzz17PGwqELV

Rupee moves 10 paise up against dollar in early trade

MUMBAI: Carrying forward its gains for the sixth straight session today, Indian Rupee today climbed by 10 paise to Rs 44.84 against the US dollar at the Interbank Foreign Exchange market in the morning trade.

Dealers said sustained dollar selling by exporters and banks coupled with mixed trend in other Asian currencies against the dollar kept the rupee sentiment firm.

The rupee had gained 16 paise to close at Rs 44.94/95 against the US currency in the previous session.

Meanwhile, the Bombay Stock Exchange index Sensex fell by 46.68 points or 0.23% to 19,934.63 in the opening trade on Tuesday.

Read more: Rupee moves 10 paise up against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-moves-10-paise-up-against-dollar-in-early-trade/articleshow/7057530.cms#ixzz17PGfzfux

Sensex down 46 pts on profit-booking, weak Asian cues

MUMBAI: The Bombay Stock Exchange benchmark Sensex fell by over 46 points in the opening trade today, on profit-booking amid weak trend on the other Asian markets.

The 30-share barometer, which had gained 14.38 points in yesterday's session, moved down by 46.68 points or 0.23 per cent to 19,934.63 points, with a decline in banking, realty and auto sector stocks.

Similarly, the wide-based National Stock Exchange index Nifty declined by 13.40 points or 0.22 per cent to 5,978.85 points.

Brokers said profit-booking in select heavy-weight stocks coupled with weak Asian bourses following overnight losses at the US markets, weighed on the trading sentiment here.

Besides, banking stocks were also subdued following rise in deposit rates, which put pressure on their interest margins.

In other markets in Asia, Hong Kong's Hang Seng index was trading lower by 0.31 per cent, while Japan's Nikkei shed 0.14 per cent in early trade today.

In the US, Dow Jones Industrial Average ended 0.17 per cent low at yesterday's close.


Read more: Sensex down 46 pts on profit-booking, weak Asian cues - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-down-46-pts-on-profit-booking-weak-Asian-cues/articleshow/7057483.cms#ixzz17PGOSzbl

India wants more say for General Assembly in selection of UNSG

UNITED NATIONS: India on Monday said General Assembly must have a greater say in the process of selection and appointment of the United Nations Secretary General.

"The (General) Assembly must have a greater say in the process of selection of the secretary general," India's permanent representative to the UN Hardeep Singh Puri said in his address to the United Nations General Assembly on the revitalisation of its work.

"The continued circumscribing of the Assembly's role and responsibilities in the process of selection and appointment of the secretary general needs to change in the interests of the United Nations system in general and the Assembly's prerogatives in particular," he said.

Observing that the issue of its revitalisation has assumed particular significance in recent years, Puri said India firmly believes this can only be achieved when position of General Assembly as the chief deliberative, policy-making and representative organ of the United Nations is respected both in letter and in spirit.

"The General Assembly should take the lead in setting the global agenda and restoring the centrality of the United Nations in formulating multilateral approaches to resolving transnational issues," Puri said.

He said that it is critical to establish a proper relationship of respect for respective mandates between the General Assembly and the Security Council in the spirit of the UN Charter.

Notably, India is set to join the UN Security Council as its non-permanent member after a gap of 19 years.

It is important that UN Security Council does not encroach upon the mandate of the General Assembly through extremely wide and permissive interpretations of what constitutes a threat to international peace and security, breaches of the peace and acts of aggression, he said.

"As we prepare to join the Security Council, after a gap of 19 years, it is clear that the Council's agenda is, to say the least, overburdened because it has anointed itself with the responsibility of dealing with issues, though seemingly important, which leave it with less time to deal with the real hotspots that constitute the real threats to international peace and security," Puri said.

As it was the General Assembly which limited its own role, it will have to be the General Assembly that claws back its rightful place in the process of selecting the Secretary-General, he said.


Read more: India wants more say for General Assembly in selection of UNSG - The Times of India http://timesofindia.indiatimes.com/india/India-wants-more-say-for-General-Assembly-in-selection-of-UNSG/articleshow/7057203.cms#ixzz17PBU5nTS

Support for India’s UNSC bid

NEW DELHI: What took years for the United States comes easily to France. Offering again a full-throated endorsement of India’s desire to be a permanent member of the United Nations Security Council (UNSC), French President Nicolas Sarkozy said it would be good not just for India, but for ‘equilibrium’ in the world.

In November, during an address to Indian Parliament, US President Barack Obama had backed India’s bid for the permanent UNSC seat. “India is about to join the ranks of the non-permanent members of the Security Council for the next two years. Are we going to ask India to stand down after that?” he asked.

An Indo-French joint statement recorded the sentiment and also noted that France had just begun the presidency of the G-20.

The statement said France favoured full membership of India on export control regimes such as the Nuclear Suppliers Group, Missile Technology Control Regime and Australia Group.

Sarkozy said France would support India in becoming the member of ‘any nuclear fora it wishes to be (in).’ He also offered France’s unlimited cooperation in combating terror.

“After the 26/11 attacks, France stood shoulder-to-shoulder with Indian democracy,” he said.

The French President appreciated Delhi’s restraint during the 26/11, and said France shared India’s view that ‘Pakistan must develop and live in peace with its Indian neighbours.’ “Pakistan should fight terrorism with determination,” he said.

France and India also expressed concern at the ‘continuing existence of safe havens and sanctuaries for terrorist groups beyond Afghanistan’s borders.’ On the Iran nuclear issue, the two countries expressed commitment to diplomacy to resolve the issue.

Lakshmi Mittal richest business tycoon in South Africa

JOHANNESBURG: Indian steel magnet Lakshmi Mittal remains the richest business tycoon in South Africa for the sixth consecutive year despite hit hard by the global financial crisis.

Mittal heads the 'Rich List', a ranking of the 100 wealthiest businessmen in South Africa released here by the weekly 'Sunday Times', even though he is not living in South Africa.

Mittal's listed holdings of R 21.5 billion ($3.4 billion) in Arcelor-Mittal, which was born out of state-owned steel manufacturer Iscor, got him the top slot as the three richest men in South Africa remained unchanged from last year.

Mittal first provided technical assistance to turn the ailing Iscor around before buying it out in 2001 as he expanded his global steel empire.

The 'Rich List' is based on an analysis of holdings of all companies listed on the Johannesburg Securities Exchange, thus being only the South African portion of Mittal's wealth, as he has huge interests worldwide.

Last year, Mittal narrowly beat South African businessman Patrice Motsepe of African Rainbow Minerals, whose stake in listed companies was R19.9 billion. Their nearest rival, Nicky Oppenheimer, narrowed the gap in his stake from just R5.3 billion last year to R10.7 billion in 2010.

Only three South African Indian businessmen made the list of 100, mostly at the bottom end. Ragavan Moonsamy dropped from 61 to 68 with holdings of R339 billion; Mustaq Brey's R227 billion got him the 96th position; and Harish Mehta was at 99th position with his R216 billion.

With South Africa having largely survived the global economic crunch, the number of local billionaires almost doubled from 16 in 2009 to 31 this year.

Read more: Lakshmi Mittal richest business tycoon in South Africa - The Times of India http://timesofindia.indiatimes.com/business/india-business/Lakshmi-Mittal-richest-business-tycoon-in-South-Africa/articleshow/7051592.cms#ixzz17J0Y3L18

Rupee gains 15 paise against dollar in early trade

MUMBAI: The Indian Rupee on Monday opened 15 paise up at Rs 44.95 a dollar at the Interbank Foreign Exchange market, tracking gains in most other Asian currencies.

Forex dealers said strong opening of the stock exchanges and dollar's losses against other Asian currencies kept the rupee sentiment firm.

Rupee has been appreciating against the US currency for the fifth straight session now. It had on Friday gained 18 paise to close at three-week high of Rs 45.10/11 against the US dollar amid exporters and banks selling the US currency.

Meanwhile, the Bombay Stock Exchange index Sensex was up by 135 points at 20,101.93 level in the opening trade on Monday.

Read more: Rupee gains 15 paise against dollar in early trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Rupee-gains-15-paise-against-dollar-in-early-trade/articleshow/7051623.cms#ixzz17J0Mf02z

Sensex up 145 points in morning trade

MUMBAI: A benchmark index of Indian equities on Monday was ruling 145 points higher in early trade.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 20,038.25 points, was ruling at 20,112.48 points, up 145.55 points or 0.73% from its previous close at 19,966.93 points.

At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty was trading at 6,036.7 points, up 0.73%.

Broader markets were also in the green with the BSE midcap index ruling 0.89% up and the BSE smallcap index trading 0.84% higher.

Read more: Sensex up 145 points in morning trade - The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-up-145-points-in-morning-trade/articleshow/7051632.cms#ixzz17J0DzFFn

Indians No. 2 in emigrating, top in sending money home

NEW DELHI: India continued to be the largest recipient of remittances in 2010, with the figure rising from $49.6 billion in 2009 to $55 billion. It was also the country with the second largest number of emigrants (those migrating abroad) after Mexico, according to the World Bank's just-released Migration and Remittances Factbook 2011.

Interestingly, even as 11.4 million people from India went abroad, 5.4 million came into the country, making India No. 10 in the list of nations attracting the most immigrants -- and No. 2 in Asia, behind only Saudi Arabia.

India and China, which received $51 billion in remittances, account for almost a quarter of the worldwide remittance flows of $440 billion in 2010, the report estimated. High-income OECD countries account for just $107 billion of the global remittance flow.

Not surprisingly, it is the developing countries that receive the bulk -- $325 billion, an increase of 6% from 2009. Middle-income countries including China, Russia, Mexico, India, Pakistan, Egypt, and Turkey receive the lion's share of over $301 billion, while low-income countries including Bangladesh, Tajikistan, Nepal, Uganda and Cambodia receive just $24 billion. Bangladesh alone accounts for over $11 billion.

The true size of remittances, including unrecorded flows through formal and informal channels, is believed to be significantly larger. Interestingly, even recorded remittances in 2009 were nearly three times the amount of official foreign aid and almost as large as foreign direct investment (FDI) flows to developing countries.

The factbook estimated the total number of international migrants or people living outside their country of birth in 2010 to be 215 million persons, or 3% of the world's population, only a marginal increase over the levels recorded in 2005.

Meanwhile, the World Migration Report 2010, brought out by the International Organization for Migration said that about 57% of all migrants live in high income countries, up from 43% in 1990. Migrants now make up 10% of the population of high-income regions, up from 7.2% in 1990.

The US remains the top migrant destination country in the world, with 42.8 million migrants in 2010 compared to 34.8 million in 2000, according to the World Bank report. However, just over 2.2 million Americans live outside the US, less than 1% of the country's population. Besides the US, other top destination countries are Russia, Germany and Saudi Arabia in that order.

The US also recorded the largest outflow of remittances in 2009 -- $48 billion -- followed by Saudi Arabia with an outflow of $26 billion and Switzerland and Russia accounting for less than $20 billion of outflows each.

Many of the big destination countries are also origin countries like Germany, the UK, Ukraine, Russia and India. The top immigration countries relative to population are Qatar where migrants make up 87% of the population, Monaco (72%), the United Arab Emirates (70%), Kuwait (69%) and Andorra (64%).

The Migration Report said that for Asia too, the US was the main destination with 7.9 million Asian emigrants going to that country. Asians are the second-most numerous group of migrants in the US, next to Mexicans, with over 10 million people a 27% share of the total migrant population -- made up of nearly 2 million Chinese, 1.7 million Filipinos and 1.6 million Indians.

Interestingly, India happens to be among the most important destination for Asian migrants, second only to the US, going by the number of migrants -- 6.1 million. However, this is primarily from Bangladesh, Nepal and Pakistan. Approximately 37% of Asian migrants move to OECD countries, 43% migrate within the region and the rest migrate to other countries outside the region.

Read more: Indians No. 2 in emigrating, top in sending money home - The Times of India http://timesofindia.indiatimes.com/india/Indians-No-2-in-emigrating-top-in-sending-money-home/articleshow/7050010.cms#ixzz17IzkEQXK

Ulfa ideologue released from jail

GUWAHATI: Ulfa's political adviser Bhimkanta Buragohain (79), who was released from jail after seven years on Sunday, said the outfit's commander-in-chief, Paresh Baruah, would come to the negotiating table after Ulfa's jailed executive members are freed.

"Baruah never said that he'll not come for the peace talks. We'll discuss the matter at our general council," Buragohain, the fifth top Ulfa leader to be released on bail in the past six months, told reporters. "I'll try everything for a permanent solution to the decades-old conflict." Later, hundreds of his supporter, including some surrendered Ulfa militants, welcomed him at Sonapur outside Guwahati.

The state government has been urging the Ulfa leadership to come to the table, but made it clear that it can't wait indefinitely for Baruah to start the talks. Barring him the outfit's entire top brass was in jail till recently.

The government decided against opposing the Ulfa leaders' bail applications as the demands for releasing the outfit's jailed leaders for the sake of talks gathered momentum. Earlier, Pradeep Gogoi, Mithinga Daimary, Raju Baruah and Pranati Deka were allowed to walk free. Ulfa general secretary Anup Chetia is in Bangladesh since his arrest in 1997, while Baruah is believed to be somewhere along the China-Myanmar border.

Royal Bhutan Army captured Buragohain during 'Operation All Clear' — an offensive carried out to flush out over 3,000 militants belonging to Ulfa, NDFB and other banned outfits — in December 2003. He was later handed over to Indian authorities.

Read more: Ulfa ideologue released from jail - The Times of India http://timesofindia.indiatimes.com/india/Ulfa-ideologue-released-from-jail-/articleshow/7050524.cms#ixzz17IzyOEXR