HC partitions disputed Ayodhya site; 2 parts to Hindus, 1 part to Muslims Read more: HC partitions disputed Ayodhya site; 2 parts to Hindus, 1 part t

Sixty years after Ram's idols were forcibly installed under the central dome of the Babri Masjid, the Allahabad high court, in a judgement running into about 12,000 pages, paved the way on Thursday for the construction of a temple at that very spot which is believed by many Hindus to be his birthplace.

While disposing of four title suits, the majority of the three-judge bench directed that the disputed site of 2.77 acres in Ayodhya be partitioned equally among three parties: Muslims, Hindus and Nirmohi Akhara (a Hindu group). (Read judgement)

In deference to the widely-held belief about Ram's birthplace, the court stipulated that the crucial area under the central dome of the mosque demolished by kar sevaks in 1992 be allotted to Hindus. This means the idols will remain where they are.

In the course of the partition due to take place after three months, the court directed that Nirmohi Akhara be allotted parts of the outer courtyard covered earlier by Ram Chabutra, Sita Rasoi and Bhandar, which had long been used for worship by Hindus despite their proximity to the mosque.

Thus, the separate judgments delivered by Justice S U Khan and Justice Sudhir Agarwal, constituting the majority opinion of the bench, have in effect allotted two-thirds of the disputed site to Hindus even as they opened up the possibility of the mosque being rebuilt on the remaining part.

The dissenting verdict given by Justice D V Sharma, however, rejected the claims of Muslims on the ground that Babri Masjid had been built against the tenets of Islam and therefore could not be treated as a mosque.

Declaring that the entire premises belonged to Hindus, Sharma's dissent held that the mosque had been built by Mughal emperor Babar after demolishing what was found by the Archaeological Survey of India to be a "massive Hindu religious structure".

Given the difficulty involved in carving out a one-third share for Muslims from the remaining parts of the disputed site, the majority verdict of Khan and Agarwal clarified that a part of the outer courtyard which was in the possession of Hindus could be given to Muslims.

If that did not make up for the shortfall in the one-third share allotted to Muslims in the disputed site of 2.77 acres, the court envisaged the possibility of their being compensated with a portion of the adjoining 67.7 acres of land which had been acquired by the Centre in 1993 with the intention of providing access and facilities for both communities.

The court gave liberty to all the parties concerned to file suggestions within three months on the actual partition of the disputed site and directed that status quo be maintained during that period.

(Ayodhya verdict: The view from Ground Zero)

Though the operative parts of their judgments are similar, Khan and Agarwal differed in the manner in which they arrived at their conclusions. While Khan declared that both Muslims and Hindus were "joint title holders in possession of the entire premises in dispute", Agarwal held that only "the area within the inner courtyard" belonged to both communities as it had been used by them for centuries.

Khan and Agarwal also differed over whether a temple had been demolished to build the mosque. In Khan's opinion, the mosque was built on the ruins of temples which had been lying in that condition for a long time. Agarwal, on the other hand, agreed with Sharma that a temple had been demolished to build the mosque.

Khan held that it was only after the mosque had come into existence did Hindus start identifying the disputed structure as the exact birthplace of Lord Ram. Before that, their belief about the birthplace "did not relate to any specified small area" in or around the disputed premises.

Since Ram Chabutra and Sita Rasoi came into existence long before the first legal dispute arose in 1855, Khan said Ayodhya for long displayed a "very, very unique and absolutely unprecedented situation" in which Hindu religious places were being worshipped inside the compound of a mosque.

Read more: HC partitions disputed Ayodhya site; 2 parts to Hindus, 1 part to Muslims - The Times of India http://timesofindia.indiatimes.com/india/HC-partitions-disputed-Ayodhya-site-2-parts-to-Hindus-1-part-to-Muslims/articleshow/6661333.cms#ixzz114m3JZI2

Ayodhya land to be divided into three parts: lawyers

The Lucknow bench of the Allahabad High Court has ordered that the disputed holy site in Ayodhya be divided into three parts: one-third for Hindu Mahasabha, one-third for Sunni Waqf Board and one-third for the Nirmohi Akhara.

The three-member bench of the Allahabad High Court,comprising justices SU Khan, Sudhir Agarwal and DV Sharma today delivered a split verdict in 60-year old Ayodhya title suit.

The majority ruled that the disputed land in Ayodhya was a joint property, held by all the three claimants namely Hindu Mahasabha , Nirmohi Akhara and Sunni Central Waqf Board. Justice SU Khan said that the mosque was built by Babar, not by demolishing a temple , but on the ruins of a temple.

According to Chief Standing Counsel of the UP Government, Devendra Upadhaya, the two judges namely Justices Khan and Agarwal ruled that the disputed property should be equally divided ( One third each) among the three parties. Justice DV Sharma has been categorical that the land belongs to Hindus and has rejected the claim of the Sunni Waqf Board.

However the entire bench is of the view that the central dome of the disputed structure goes to Hindu Mahasabha, where the idols were installed in 1949 and again in 1992 after the demolition of the Babri Mosque. The sita rasoi and ram chabootara have been given to Nirmohi Akhara.

The bench has also directed maintenance of status quo for three months and invited suggestions from all the parties for demarcation of the land

In view of the verdict, the nation has been put on high alert.

Uttar Pradesh has turned into a fortress with thousands of paramilitary personnel patrolling the streets.

The intelligence network is on high alert throughout the state to monitor movement and activities of anti-social elements.

Aerial surveys of "sensitive places", including the Ram Janmbhoomi complex in Ayodhya has been done, police sources said.

All the security personnel deployed in Ayodhya and Faizabad have been equipped with tear gas shells and rubber bullets and the gazetted officers of various government departments have been asked to assist in policing. They have also been provided with rubber bullets and tear gas shells.

On Tuesday, the Supreme Court paved the way for the Ayodhya verdict to be delivered by the Lucknow bench of the Allahabad High Court.

http://www.hindustantimes.com/Ayodhya-land-to-be-divided-into-three-parts-lawyers/H1-Article1-606452.aspx

Disputed Ayodhya land to be divided into three parts: HC

STAFF WRITER 15:38 HRS IST

Lucknow Sep 30 (PTI) Justice S U Khan, Justice Sudhir Agarwal and Justice D V Sharma start the proceedings to pronounce the judgement in the Ayodhya title suit.

The litigants have reached Court No. 21 of the Lucknow Bench of the Allahabad High Court.

Barricades have been erected about 100 metres from the court room and no one other than those connected with the case are being allowed anywhere near the court room.

PTI

Sensex ends flat; DLF, NTPC, M&M, RCom up

MUMBAI: Snapping a two-day upward march, the Bombay Stock Exchange benchmark Sensex today closed marginally lower by 12.52 points at 20,104.86 points on profit booking by investors amid weak global cues.

Brokers said profit-booking emerged at existing higher levels as investors indulged in reducing their portfolios ahead of the expiry of September month contract in the derivatives segment on Thursday.

In volatile trading, the 30-share index shuttled between 19,981.96 and 20,157.51 points during the day.

The broad-based National Stock Exchange index Nifty fell 6.15 point to close at 6,029.50 points.

A weakening trend in the Asian region and lower opening in Europe influenced the market sentiment and capped the last 30-minute recovery, leaving the benchmark to settle a little lower, marketmen said.

Reliance Industries, which carries maximum weight in the Sensex pack, fell by 1.12 per cent, or Rs 11.30, to Rs 998.25. The second heaviest and software exporter Infosys Technologies lost 0.29 per cent, or Rs 8.80, to Rs 3,016.65. The two stocks carry nearly 23 per cent weightage in the index.

Among other software exporting companies, Tata Consultancy Services dropped by Rs 6.90 to Rs 920.40 and Wipro, the third biggest, by Rs 2.95 to Rs 441.60.

The oil and gas sector suffered the most by losing 0.83 per cent to 10,647.86 followed by IT sector index which lost 0.50 per cent to 5,914.81. The Tech index also fell by 0.36 per cent to 3,719.64.

As the investors shifted their funds to other sectors, midcap sector index rose by 0.20 per cent to 8,158.37 and smallcap index by 0.03 per cent to 10,284.03.

Read more:The Times of India http://timesofindia.indiatimes.com/business/india-business/Sensex-ends-flat-DLF-NTPC-MM-RCom-up/articleshow/6641262.cms#ixzz10t8NtrL6

SC lifts stay, Ayodhya verdict on Sept 30

NEW DELHI: The Allahabad High Court will on Thursday pronounce its verdict on the decades-old title suits seeking ownership of the disputed Ayodhya site, amid signs of an easing of the anxiety about its fallout because of the growing assessment that it may not throw up a clear winner or loser.

This announcement from the HC's Lucknow Bench, which was set to pronounce the judgment in the sensitive case on September 24 but was stopped from doing so by the Supreme Court, came after the apex court dismissed an appeal to defer the verdict in order to explore the possibility for a negotiated resolution of the case which has defied several similar bids.

While it is sure to mark a crucial point in the fight for the site, Thursday's verdict is not going to bring closure to the dispute either.

SC's cryptic "this SLP is dismissed" order without giving any reason came just in time for the Lucknow Bench of Justices S U Khan, Sudhir Agrawal and D V Sharma to fix September 30 as the date for judgment, that is, just a day ahead of Justice Sharma's retirement.

The deferment of verdict beyond Justice Sharma's retirement would have required the long drawn-out case to be heard afresh.

That was the reason why political parties as well as parties to the dispute, including those who said that their claim on the site was a matter of faith and beyond judicial scrutiny, joined hands in welcoming SC's refusal to come in the way of the verdict.

Political parties -- Congress, BJP and the Left -- all welcomed SC's hands-off stance.

The response was goaded by something else as well -- a quiet confidence that the HC on Thursday will not settle the ownership issue decisively in favour of either party. Even as the authorities braced for any eventuality, with Centre flashing the 'red alert' and even keeping the IAF ready to move troops, the growing estimate in political circles was that the parties may be able to live with the verdict.

Home minister P Chidambaram last week tried to calm sentiments by speaking about the possibility of the Lucknow Bench delivering more than one verdict. "It is possible that there will be one or more judgments delivered by the three-judge Bench," Chidambaram said as he cautioned people against rushing to the conclusion that "one side has won or the other side has lost".

Of course, the 'losing side', as Chidambaram pointed out, can appeal to SC immediately, thus ensuring that the status quo at Ayodhya prevails.

On Tuesday, the apex court Bench of Chief Justice S H Kapadia and Justices Aftab Alam and K S Radhakrishnan dismissed the plea of Ramesh Chandra Tripathi and Nirmohi Akhara seeking a deferment, with a remarkably cryptic order.

The 38-word order came after hearings stretched over 140 minutes and marked lengthy, heated arguments from parties opposing Tripathi's plea. Attorney general G E Vahanvati clarified the constitutional grey areas and requested the SC to bring down the curtain on the uncertainty.

The Bench gave a two-paragraph order to tell Tripathi that his petition deserved to be dismissed. "Having considered the detailed arguments advanced in these cases, we are of the view that the special leave petitions deserve to be dismissed."

The shortness of the order, shorn of reasoning, did not go down well with many counsel who argued the matter. Former attorney general Soli J Sorabjee said, "The conclusion is absolutely correct. But people of India want to know the reasons or at least some indication as to why the SC dismissed the special leave petition."

Against a host of plaintiffs and defendants represented by Sorabjee, K N Bhat, Anup Chaudhary and Krishnan Venugopal displaying rare unanimity in seeking dismissal of the negotiation plea and lifting of stay on the HC judgment, the two lonely appellants -- Tripathi and Nirmohi Akhara -- through counsel Mukul Rohatgi and Sushil Jain faced an uphill task to convince the Bench to keep the HC judgment deferred given the law and order situation and the Commonwealth Games.

But the AG said it was his view, shared by the Union government, that the prevailing "state of sustained animation" must come to an end as the security forces could not be kept on high alert for a long period of time on the ground of apprehended law and order situation.

He also dispelled arguments proposing exploration of possibility to grant extension to Justice Sharma after retirement by bluntly asking, "Under which provision of Constitution?"

Vahanvati said there was no constitutional provision for appointment of a judge back in his place after retirement and ruled out any government role in getting back Justice Sharma to the HC after his retirement on October 1.

The AG took exception to Rohatgi's argument that the Centre, instead of playing the role of an elder brother and bring parties to the negotiating table for an amicable settlement, just sat meekly and did nothing for the last 15 years.

He said accepting a 1994 constitution Bench judgment of SC asking the Centre to hold on to the acquired land like a receiver till the HC verdict on the title suits was not sitting meekly but respecting rule of law.

"I am here to point out that we welcome a settlement but we do not want a state of sustained uncertainty to continue," the AG said. He was supported by former attorney general Sorabjee, who said asking the SC to stay the HC judgment by arguing communal disturbance was like inducing a threat.

He said, "Giving judgments is a judicial duty of the courts. They are not bothered about the consequences. The government will do its duty by taking care of it. Today, they are citing Commonwealth Games, tomorrow it will be President Obama's visit. Should the courts be bothered about it and not give judgments?"

Senior advocate Ravi Shanker Prasad countered arguments for deferment of judgment by arguing that delay in delivering the verdict could also possibly lead to a law and order situation.

The unanimity among the parties, overcoming their bitterness exhibited during the arguments on the title suits before the HC, to oppose the deferment plea, evoked some surprise. The SC Bench said, "It is very reassuring to see that the parties have sunk their differences and are arguing on the same side at least on the issue of opposing a settlement."

Ramesh Chandra Tripathi may have been successful in stalling the Allahabad HC verdict for at least six days but on Tuesday, the septuagenarian must have been a worried man, thinking how to arrange for Rs 50,000.

If he was a hero on September 23, when the two-judge Bench of the SC not only entertained his plea but stayed pronouncement of the HC verdict, then on Tuesday, he was a loner. No one bothered about him as the other parties went before TV cameras virtually celebrating the dismissal of Tripathi's appeal.

The appeal was filed in the SC after the HC had dismissed his plea for negotiated settlement and saddled him with a cost of Rs 50,000 for bringing in a frivolous request aimed at stalling the verdict.

The apex court's cryptic two-paragraph order only said that his special leave petition was dismissed. This means, the HC order imposing cost on him has been upheld. Now, Tripathi either has to pay up or move another application before the SC seeking condoning of the cost.

The Times of India http://timesofindia.indiatimes.com/india/SC-lifts-stay-Ayodhya-verdict-on-Sept-30/articleshow/6641574.cms#ixzz10t7FKEFR

Ayodhya: India on high alert, PM calls for peace

New Delhi, Sep 29: Ahead of Ayodhya verdict on Thursday, Sep 30, high alert has been declared in all parts of the country and tight security will be reigned in Uttar Pradesh where the Ramjanmabhoomi-Babri Masjid site is located.

On Tuesday, Sep 28, the Supreme Court of India has rejected the plea for deferring the Ayodhya verdict and allowed the Allahabad High court to declare the verdict on 61-year-old Ayodhya title dispute on Thursday, Sep 30 afternoon.


Home ministry has asked states to strictly enforce security measures in sensitive locations. Local administrations have been asked to activate peace committees comprising Hindus and Muslims.

Earlier, Prime Minister Manmohan Singh asked the citizens to maintain peace and harmony after the verdict. He recalled that the appeal for peace which had been mentioned in the resolution adopted by the union cabinet on Sep 16.

"Whatever be the nature of judgment, I think everyone should make every effort to maintain peace, harmony and tranquility in the country," said Manmohan Singh.

Sensex climb for day 2 to fresh 32-month high

STAFF WRITER 16:32 HRS IST

Mumbai, Sept 27 (PTI) The Bombay Stock Exchange benchmark Sensex today gained over 72 points to close at a new 32-month high on sustained buying by funds, particularly in metal stocks.

Powered by foreign fund inflows, the index closed 72.20 points higher at 20,117.38, a level last seen in January 2008.

The stocks in metal sector led the rally following a firm trend in the London Metal Exchange where base-metal prices spurted.

Strong markets across Asia also bolstered the sentiment here. Asian bourses rose after reports of increase in corporate spending and a big jump in orders for manufactured goods in the United States, world's largest economy.

The broad-based National Stock Exchange index Nifty rose by 17.35 points to settle at 6,035.65.

Tata Steel gained for the fourth and ended Rs 16.15 up at Rs 645.65 on expectations that the demand for the steel might rise.

Top 25 mutual funds (annual)*

Sundaram BNP Paribas Select Focus - Institutional Plan - Growth	80.69
Sundaram BNP Paribas Select Thematic Financial Services Opportunities - IP - Dividend	75.15
SBI Magnum Sector Funds Umbrella - FMCG - Growth	70.41
Sundaram BNP Paribas Select Thematic Financial Services Opportunities - IP - Growth	70.29
DSP BlackRock Micro-Cap Fund - Growth	69.79
Religare Mid N Small Cap Fund - Growth	61.90
Religare Mid N Small Cap Fund - Dividend	61.80
Franklin Pharma Fund - Growth	60.96
Franklin Pharma Fund - Dividend	60.96
Reliance Banking Fund - Institutional Plan - Dividend	59.09
Franklin FMCG Fund - Growth	58.99
Franklin FMCG Fund - Dividend	58.99
Reliance Pharma Fund - Dividend	57.82
Reliance Pharma Fund - Growth	57.79
Reliance Pharma Fund - Bonus	57.79
Reliance Banking Fund - Growth	57.01
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Reliance Banking Fund - Dividend	57.00
HSBC Small Cap Fund - Growth	55.15
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Reliance Equity Opportunities Fund - Institutional Plan - Dividend	52.74
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Gold hits record high, silver at 30 year peak

LONDON: Spot gold rose to a record high on Friday at $1,296.85 per ounce, propelled by continued concerns about global economic health, while silver rushed to its highest since October 1980.

At 0756 GMT, spot gold was last quoted at $1,295.15, and silver stood at $21.30, having hit a high of $21.34 earlier -- its loftiest since October 1980, according to Reuters data.

Yen priced gold hit its highest since late June.

TOI

Sensex slides 28 pts on profit booking, weak global cues

MUMBAI: Extending its losses for the third straight session the Bombay Stock Exchange benchmark Sensex on Friday slipped by nearly 28 points in the opening trade on profit booking amid weak global cues.

The 30-share index declined by 27.49 points to 19,833.52 level in the first five minutes of trade. The index had lost over 140 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index Nifty also shed 8.35 points to 5,951.55.

Analysts said that the market sentiment dampened as investors booked profits and preferred shifting their money to the primary market.

Besides, weak cues from Asian markets after overnight losses on the US markets too weighed on the Indian bourses, they added.

Hong Kong's Hang Seng Index was down 0.07%, while Japanese Nikkei index fell by 1.25% in the morning trade. The US Dow Jones Industrial average ended 0.72 per cent down in yesterday's trade.

TOI

Prithvi-II fails to take off in user's trial

BALASORE (Orissa): India's indigenously developed nuclear capable Prithvi-II ballistic missile failed to take off during a user trial from the Integrated Test Range at Chandipur off the Orissa coast on Friday apparently due to a technical problem, defence sources said.

Though the ITR authorities were not immediately available for comment, defence sources said the sophisticated missile could not take off during the planned trial from the launch complex-III of the test range due to some "technical snag."

"The failure to lift Prithvi-II was due to a snag either in the main missile or the sub-system, including the launcher," they said, adding the test-fire was slated to be held as part of user's trial by the armed forces.

During Friday's planned trial, a noise could be heard as smoke billowed from the launch site around the time of the blasting.

Efforts were on to ascertain the exact reason behind the failure on the part of the missile to take off and defence scientists were examining the matter thoroughly, they said.

The last four user's trials of the surface-to-surface missile were successfully conducted during the about one year period, from the same site in the ITR.

The last trial was conducted on June 18, this year. The test firing of the state-of-the-art missile, which has already been inducted into armed forces, was planned as users trial by the specially formed "Strategic Force Command" (SFC), the sources said.

TOI

Ban on bulk SMSes, MMSes extended till Sept 29

NEW DELHI: As the Supreme Court deferred the Allahabad High Court verdict on the Ayodhya title suits by a week, the government on Thursday extended the country-wide ban on all bulk SMSes and MMSes till September 29.

As a preventive measure in view of the court verdict, which was earlier scheduled to be pronounced on Friday, the government on Wednesday clamped the ban for three days (72 hours).

"Further decision on the ban (extension or lifting) will now be taken on September 28, depending upon what the apex court will say that day while hearing the plea for deferment of the judgment," said a senior government official.

The ban has been imposed as the security agencies apprehended that certain elements might foment trouble by inciting communal passions using bulk SMSes and MMSes. The agencies had expressed their concern during a security review meeting on the Ayodhya issue in the home ministry on Wednesday.

TOI

One last chance for Ayodhya settlement: SC

NEW DELHI: The Supreme Court has stopped the Allahabad high court from delivering its much-awaited verdict on the case over the ownership of the disputed site at Ayodhya on Friday, making a tiny room for a last-gasp attempt for a highly improbable negotiated settlement to the temple versus mosque tangle.

The matter is to be taken up by the SC on Tuesday; that is, just three days before Justice D V Sharma, one of the three judges on the HC Bench that has reserved the verdict, retires. Any deferment beyond October 1 will be fraught with the prospect of the long-drawn title suit having to be heard afresh by a new Bench. Pending the HC verdict, the status quo on the disputed site with a makeshift temple will continue. "The status quo will continue on the land, what else?" quickly responded the SC, when a counsel sought to know the consequence of the HC verdict being deferred beyond Justice Sharma's retirement.

The interim order of the apex court, passed despite a divergence between Justices R V Raveendran and H L Gokhale, is unprecedented. Never before has a case on the verge of being decided by a high court after tortuous proceedings spanning decades been postponed.

Given the conflict of opinion, the matter will be heard on September 28 by a three-judge bench to be constituted by the Chief Justice of India. Justices Raveendran and Gokhale mentioned this in their interim order.

The larger Bench could be formed either by adding one more judge to the one that heard the matter on Thursday, or by bringing fresh faces.

Justices Raveendran and Gokhale issued notices to other 27 parties to the title suits, as well as to attorney-general G E Vahanvati, whose assistance in the complex issue has been requisitioned.

The sharp difference of opinion was on display on Thursday, with Justice Raveendran expressing scepticism that the issue which has defied resolution for decades could be settled through negotiations. His peer, Justice Gokhale, however, seemed to concur with the argument of senior advocate Mukul Rohatgi that a fresh effort for an out-of-court settlement will be worth a try, even at this hour and despite the slimmest possibility of a breakthrough.

SC's intervention on a deferment plea of Ramesh Chandra Tripathi came as a surprise to leading lawyers Soli J Sorabjee and Shanti Bhushan.

While agreeing with Tripathi's plea for deferment, Justice Gokhale reasoned: "If there is even one percent chance of a negotiated settlement to the vexed issue in litigation for the last 60 years, it should be given a try as any adverse consequence flowing from the judgment would affect not only the parties to the suits but lives of millions of ordinary citizens."

In response to arguments opposing postponement, he said that there was a real fear of the HC verdict leading to a law and order problem. "There is no imagination involved. We know about these things from past experience. There is a variety of possibilities. Why not give it a try, even if there is mere one per cent chance of success."

Justice Raveendran did not agree. He did not buy into the argument that the verdict, when it is delivered, could unleash, as in 1992, a "catastrophe". Nor was he sanguine about the success of fresh negotiations.

Justice Raveendran pointed out to Rohatgi that it would be a fallacy to underestimate the maturity of the citizens and think that they would react differently to the HC verdict. "Religious passions are raised when people at the helm of affairs raise it. If you people do not raise it then everything will remain normal," he said expressing his reservations towards entertaining Tripathi's appeal.

As for the argument that a last-ditch attempt for a settlement was desirable, Justice Raveendran told Rohatgi, "For 50 years you have not been able to settle it. Hundreds of opportunities have been squandered. Is this a publicity seeking stunt?"

Rohatgi, however, stood his ground. He also questioned the depiction of his client by counsel for Mahant Dharam Das and Sunni Waqf Board, Ravishankar Prasad and Anoop Chaudhary, respectiely, as an "interloper" who did not even bother to attend the hearing of the title suits. Rohatgi argued that it was not a private dispute between the parties but something that transcended to touch the lives of millions of voiceless ordinary citizens, who alone would suffer if anything goes wrong because of the verdict. He said that by giving negotiated settlement a chance, the apex court could provide a "healing touch".

The Bench was struck by the unusual unity displayed by the counsel for opponents in the title suit -- Mahant Das and the Waqf Board. Their combined opposition to the deferment plea led the Bench to remark, "If both sides could show such understanding to sit down for a negotiated settlement."

It was Justice Gokhale who turned the course of hearing by forcefully stressing the need for giving negotiations one last chance. When one counsel said that SC could attempt a negotiated settlement after the HC gave its verdict, Justice Gokhale observed that stances usually get hardened after the judgement and so it was better to try the negotiated settlement option prior to the judgment. "If it comes to the Supreme Court, it will then decide the issue on merits," he added.

He further said: "The consequence of the HC judgment will be suffered not only by the parties to the title suit but mainly by millions of ordinary people. We and you are aware of the history. Someday, the judgment has to come. But, if we do not give the last attempt for negotiated settlement, and if something goes wrong tomorrow, then you will be the first person to blame the Supreme Court for being insensitive to the petitioner's request."

TOI

Sensex dips 81 points on profit-booking

MUMBAI: The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, closed weak for the second successive session on Thursday, as investors continued to lock in profits, following a 10.5% rally in the market this month.

Traders said weakness in the European and the US equities markets weighed on domestic investors’ sentiments, while trade across Asia was thin with Japan, China, Hong Kong and South Korea closed for a holiday.

Energy major Reliance Industries (RIL), which weighs the most on the Sensex, fell 2.1%, as there were no immediate positive triggers in sight, dealers said.

The 30-share BSE index dropped 0.4%, or 80.71 points, to 19861.01, with 17 of its components closing in the red and one ending flat. The index briefly rose as much as 0.3% in early trade. “We have been expecting a correction for some time. It has come now. One should take it in stride as one did the rise,” said Gajendra Nagpal, chief executive at Unicon Financial Intermediaries.

“This is part of the consolidation process. The market will find support sooner rather than later, maybe in 10 sessions.” Domestic institutions and retail investors were taking advantage of these high levels to book profits, he added.

The benchmark index scaled 20000 points on Tuesday, for the first time in 32 months, and had begun to show signs of fatigue in the past two sessions as investors look to book profits. Optimism over India’s growth has seen overseas investors pouring in $4.4 billion in September alone. “When will the foreign money stop coming in? That’s the big

question,” said Ambareesh Baliga, vice-president at Karvy stock Broking.

“It is like a self fulfilling prophecy — because the money is coming in, the market is going up and because the market is going up, the money is coming in.” Foreign fund inflows this year look on course to set a new record. Net foreign portfolio investments this year, have already hit $17.3 billion, adding to a record $17.5 billion in 2009, which had sparked an 81% rally in the benchmark.

Banking stocks, which had shown strength in the recent rally, corrected with top lenders State Bank of India and ICICI Bank closing down 0.2% and 2.3%, respectively. HDFC Bank and mortgage lender HDFC lost 0.6%.

In the broader market, losers outnumbered gainers by a ratio of 1.1-to-1 on volume of 463 million shares. The 50-share NSE index Nifty fell 0.5% to 5959.55 points. Elsewhere, the FTSEurofirst 300 index dipped 0.7% by 1205 GMT, while futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down between 0.5% to 0.7%.

However, Oil and Natural Gas Corp rose 1.5% after the state-owned explorer said it had begun shale gas exploration by drilling the first well in eastern India. Ranbaxy Laboratories firmed 1.5% after a newspaper reported the drugmaker has won a court battle to sell its copy of US-based Bristol-Myers Squibb Co’s anti-hepatitis B drug, baraclude.

In the broader market, losers outnumbered gainers by a ratio of 1.1-to-1 on volume of 463 million shares. The 50-share NSE index Nifty fell 0.5% to 5959.55 points. Elsewhere, the FTSEurofirst 300 index dipped 0.7% by 1205 GMT, while futures for the Dow Jones industrial average, the S&P 500 and the Nasdaq 100 were down between 0.5% to 0.7%.

ET

Sensex bounces back by 177 pts to fresh 32-month high

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Friday surged by 177 points to touch a fresh 32-month high as investors shrugged off the impact of Thursday's rate hike by the RBI amid a firming global trend.

With a seven-day rally broken by an 84 point decline in Thursday's choppy session, the Sensex bounced back today by adding 177.26 points to 19,594.75, a level last seen in January, 2008.

Similarly, the broad-based National Stock Exchange index Nifty rose by 56.25 points to 5,884.95, within sight of the 5,900-mark.

Marketmen said that reports of higher advance taxes paid by corporates helped investors overlook the Reserve Bank of India's hike of borrowing and lending rates yesterday to tighten the monetary policy, making loans more expensive.

A firming trend in the Asian region and a higher opening in Europe further drove the market upward.

The most valuable entity on the Sensex, Reliance Industries, rose by Rs 25.85 to Rs 1,026.75 on reports that the energy major is in talks with US-based Chesapeake Energy to buy a stake in the Eagle Ford shale gas project.

The second most valuable firm by weightage, Infosys Technologies, led the gains in the software export sector by gaining Rs 6.30 to Rs 2,974.10.

The two stocks together carry nearly 23 per cent weightage on the market.

The consumer durable sector index gained the most by rising 2.10 per cent to 6,154.17 as stocks of Titan, Whirlpool and Vip industries recorded handsome gains.

The healthcare sector index was the second-best performer by rising 2.05 per cent to 5,842.24 as Elder Pharmaceuticals shot up by Rs 20.95 to Rs 434.95 following UK-based NeutraHealth's approval of a takeover offer by the Indian drug-maker.

With buying activity spread over a wide front, the mid-cap sector index rose by 1.43 per cent to 8,104.28 and the small-cap index by 0.93 per cent to 10,238.91.

TOI

India to recharge bid for UN Security Council seat

NEW DELHI: India is set to accelerate its diplomatic effort for reform of the UN Security Council as external affairs minister S M Krishna gears up to meet his counterparts from other G4 countries, including Japan, Brazil and Germany, and those of other multi-nation groupings to seek their support.

Krishna leaves for New York on Saturday on a 10-day visit during which he will represent India at high-segment meetings of the 65th United Nations General Assembly (UNGA) and other associated events.

The G4 foreign ministers are expected to meet on the sidelines of the UNGA next week to review the progress in their campaign and rejig their strategy for accelerating the long-dragging reforms of the UN Security Council.

The meetings come at a hopeful moment for India as it readies to get elected to a non-permanent seat of the UN Security Council for 2011-12 in October with an overwhelming majority. If all goes well for New Delhi, India will be in the Security Council for a two-year term as a non-permanent member from Jan 1, 2011 -- the first time in 19 years it will get the prized seat.

With barely days to go before the UN General Assembly decides on India's bid for a non-permanent seat Oct 1, Krishna will be networking extensively and address multi-nation groupings, including G-77 foreign ministers meeting on Sept 24, the SAARC foreign ministers' gathering Sept 29, and the meetings of BRIC (Brazil, Russia, India and China), IBSA (India, Brazil and South Africa) and RIC (Russia, India and China).

In a positive development for India, some of the countries in the United for Consensus, informally called Coffee Club, who were opposed to the G4 bid, are now backing India's claim for a permanent seat.

Many countries in the Coffee Club did not have problems with India's candidature, but were hostile to their rivals in the G4 grouping. Pakistan opposed India's bid, Mexico opposed Brazil's candidature, and Italy was dead set against Brazil's UN ambitions.

Now, many of the Coffee Club countries are backing India for a non-permanent seat in the Security Council, an indication that many of them will finally veer around to supporting India for a permanent seat as well.

TOI

Sensex snaps 7-day rally; sheds 85 pts

Snapping a seven-day long rally, the Bombay Stock Exchange benchmark Sensex ended lower by 84 points on emergence of profit-booking amid the Reserve Bank increasing key policy rates.

The 30-share Sensex pared 135 points it gained during the day and closed 84.62 points lower at 19,417.49.

The broad-based National Stock Exchange index Nifty fell by 32.25 points at 5,828.70, after touching the day's high of 5,901.65 points. The Nifty crossed 5,900 points for the first time in 32 months.

In 30-BSE index components, 19 stocks fell and 10 gained, while ITC Ltd remained unchanged. Market leaders Reliance Industries and Infosys Technologies registered losses.

Reliance Industries fell by Rs 9.55 to Rs 1,000.90 and second-heaviest Infosys Technologies by Rs 82.35 to Rs 2,967.80. The two carry nearly 23 per cent weight on the Sensex.

http://www.indianexpress.com

India to launch four satellites in December

Chennai: The Indian Space Research Organization (ISRO) is gearing up to launch four satellites within a span of one week in December, a top space scientist said on Tuesday.

"We will be launching the satellites this December. Currently the two rockets are being assembled," Vikram Sarabhai Space Centre (VSSC) director P.S. Veeraghavan told reporters on the sidelines of a function here.

The two rockets that will fly towards the heavens are the polar satellite launch vehicle (PSLV) and the heavier geosynchronous satellite launch vehicle (GSLV).

According to Veeraghavan, the PSLV will carry three payloads -Resourcesat and two small satellites each weighing around 90 kg made in Singapore and Russia.

The GSLV will launch the INSAT series communication satellite.

Veeraghavan said the space agency is working towards the goal of doubling the number of rocket launches to eight per year.

He said the agency earns around Rs.1,000 crore from selling remote sensing data.

Earlier, at a function, Veeraghavan received the next generation strap on motor case - the PSOM-XL empty shell - fabricated by Ramakrishna Engineering Company that will be fitted on next generation PSLV rockets.

Strap-on motors are additional motors hugging the PSLV rocket to provide additional upward thrust during the initial stages of launch. IANS

Three people from India infected with 'superbug': US group

BOSTON: Three people, who returned to the US from India earlier this year, have been infected with the "superbug" that are highly resistant to antibiotics, the US Centers for Disease Control and Prevention has said. All three confirmed US cases - in Massachusetts, California and Illinois - involved people who had received medical care in India.

A person infected with the 'superbug' was treated earlier this year at Massachusetts General Hospital and isolated, a move that helped prevent the germ from spreading.

The patient had recently travelled from India.

The Illinois patient too recovered, and there is no evidence the infection was transmitted to other people.
The US Centers for Disease Control and Prevention said the Massachusetts patient survived, as did the only other two US patients with infections.

All three patients developed urinary tract infections that carried a genetic feature that made their cases harder to treat.

The superbug, also known as NDM-1 - short for New Delhi metallo-beta-lactamase -– allows bacteria to escape some of the strongest antibiotics available.

"It leaves treating physicians with few treatment options," the Boston Globe quoted Alex Kallen, a CDC medical officer, as saying.

All three of the US patients had been in India, and two underwent medical procedures in hospitals while they were there, Kallen said.

The patient treated in Boston was an Indian citizen with cancer who had undergone surgery and chemotherapy in that country before coming to Massachusetts, Kallen added.

Cases of NDM-1 infections have been reported in Asia, Europe and Canada. Experts have said the threat posed by the germs in the US is most acute in hospitals.

"They don't cause infection in people walking down the street," said Dr Alfred DeMaria, top disease tracker for the Massachusetts Department of Public Health.

"If somebody is in an intensive care unit on a ventilator with a tube in their trachea, they are at risk for these organisms. If someone has had extensive abdominal surgery with lots of open wounds, they are at risk."

Only two antibiotics possess a measure of effectiveness against bacteria riddled with NDM-1, doctors said: an old drug called colistin, and tigecycline.

TOI

Arjun Munda wins trust vote in Jharkhand Assembl Read more: Arjun Munda wins trust vote in Jharkhand Assembly

RANCHI: The four-day-old Arjun Munda government in Jharkhand today won the trust vote in the 82-member Assembly by 15 votes.

Forty five members voted in favour of the BJP-led coalition and 30 against.

Deputy chief minister Hemant Soren moved the motion on behalf of the new ministry, which assumed office on September 11, ending the President's rule imposed on June 1.

The state plunged into a political crisis after BJP withdrew support from JMM when Shibu Soren cross-voted in the Lok Sabha during cut motions in the Budget session in April brought by BJP and Left parties.

After the BJP threatened to withdraw support, Soren agreed on sharing power on rotational basis but later went back on his word.

Soren resigned from the chief minister's post on May 30 following withdrawal of support by the BJP and the state came under President's Rule the following day.

Governor M O H Farooq had asked 42-year-old Munda to prove his majority on the floor of the Assembly within a week of assuming office.

TOI

Sensex at fresh 32-month high, up 139 pts

MUMBAI: The BSE benchmark Sensex today rose for the sixth consecutive session, adding 139 points to a fresh 32-month high on the back of fresh capital inflows amid a firming global trend.

The Sensex, which has gained almost 1,000 points in the last five trading sessions, advanced further by 138.63 points to 19,346.96 today, its highest level since January 7, 2008.

In line with the bullish trend, the broad-based National Stock Exchange index Nifty crossed the 5,800 points level during trade, but closed 35.55 points higher at 5,795.55. During the session, it touched an intra-day high of 5,838.45 points.

The market sentiment has been buoyant ever since reports of higher industrial growth. The decline in wholesale price inflation has also fuelled the buying sentiment.

A mixed trend in the Asian region and a higher opening in Europe influenced the market sentiment to some extent.

In the 30-BSE index components, 19 stocks closed with gains, while 11 ended in the negative zone. The rally was led by the consumer durable, information technology and auto segments.

The consumer durable sector index gained the most, rising by 1.56 per cent to 6,047.75, while the information technology index advanced by 1.45 per cent to 5,804.72.

The second-heaviest scrip on the Sensex in terms of weightage, Infosys Technologies, a software services exporter that gets more than a fifth of sales from Europe, climbed for the seventh day to its highest level in at least 17 years after a forecast on faster European economic growth boosted confidence.

Infosys closed Rs 40.45 higher at Rs 2,975.95 today, after crossing the Rs 3,000-level during the day's trade.

However, a fall in metal, realty and power sector stocks partly reduced the gains.

TOI

Gold surges to all-time high at Rs 19,470 on festive demand

NEW DELHI: Gold prices scaled to a new peak of 19,470 per ten grams in the national capital today on brisk buying by jewelle rs to meet festival and marriage season demand amid a firm global trend.

Silver prices too followed the general bullish trend and jumped by Rs 200 to Rs 31,775 per kg, the highest level for this year, on increased offtake by industrial units and coins makers.

The gold prices surpassed all previous records as they spurted by Rs 145 to Rs 19,470 per ten grams, on increased buying by jewellers and retailers to accomodate the seasonal demand for upcoming festival and marriage season beginning next month.

The precious metals, silver and gold, normally witness a pick up in demand in the last quarter starting with Rakshabandhan and last till Dhanteras - the single biggest gold buying day in Hindu mythology.

The sentiment further bolstered after gold traded near its record level in overseas markets, as a drop in equities increased the precious metal's appeal as an alternate investment.

The investors also bought Gold to seek protection against financial turmoil in Europe and the prospect of slowing economic growth. The gold in London rose to an all-time high of 1,265.30 dollar an ounce on June 21.

The gold in overseas markets, which normally sets a price trend for the domestic markets here, gained 0.3 per cent to 1,259.45 dollar an ounce. Silver gained 0.6 per cent to trade above 20 dollar an ounce, its highest level since March 2008.

In domestic markets, the gold of 99.5 and 99.5 per cent purity jumped up by Rs 145 each to Rs 19,470 and Rs 19,370 per ten grams, respectively. Sovereign rose by Rs 100 to to an all-time high of Rs 15,100 per piece of eight grams.

Silver ready surged by Rs 200 to year's highest level of Rs 31,775 per kg and weekly-based delivery by Rs 110 to Rs 31,520 per kg.

Silver coins followed suit and gained Rs 100 to Rs 35,200 for buying and Rs 35,300 for selling of 100 pieces.

TOI

Infosys helps Sensex end 22 points higher

MUMBAI: Shrugging off weak global trends, the Bombay Stock Exchange benchmark Sensex today closed with a marginal gain of 22 points.

Helped by handsome gains made by IT stock Infosys Technologies, the 30-share Sensex recovered early losses to close higher by 21.65 points at 18,666.71.

Similarly, the broad-based National Stock Exchange index Nifty ended with a gain of 3.85 points at 5,607.85.

While Infosys Technologies, the second heaviest in the 30-stock Sensex pack, gained Rs 16.50 at Rs 2,872.05. Reliance Industries, which carries the maximum weigh in the Sensex, lost Rs 1.80 at Rs 960.05.

Brokers said trading activity was choppy as major market participants adopted a cautious approach amid Asian stocks tumbling.

Investors, however, later picked up fundamentally strong stocks such as ACC, Infosys, Hindustan Unilever, State Bank of India, Sterlite Industries and Tata Consultancy, which saved the market from deep losses.

ACC, the largest cement maker, extended gains after prices of the building material were increased. Its share price gained Rs 28.70 to settle at Rs 991.40,

On the other hand, Larsen and Toubro, the biggest engineering company, closed down by Rs 11.85 at Rs 1,864.40 and Reliance Infrastructure lost Rs 18.45 to end the day at Rs 1,023.25.

TOI