India News Etc. Page-1

India News Etc. Page-1

PM Manmohan Singh to China's Wen Jiabao: Back off on South China Sea, 19 Nov, 2011, 03.37AM IST, TNN

BALI: India firmly rejected China's objections to its presence in the South China Sea, with Prime Minister Manmohan Singh telling Chinese leader Wen Jiabao that Indian interests were "purely commercial" and sovereignty claims must be settled according to international law.

Questioned by Wen Jiabao on projects involving India in the marine zone that China sees as its strategic backyard during their meeting here on Friday, Singh said India's oil exploration activities were legitimate commercial ventures. Wen raised the issue during a 55-minute meeting with Singh on the sidelines of the Asean summit here and Singh gently but firmly told him, "issues of sovereignty should be resolved according to international laws and practice".

Sources said the PM's response came during the interaction that saw Wen seek greater coordination between India and China on the agenda of the East Asia summit.

Wen's raising of the South China Sea issue with Singh signaled Beijing's growing concerns particularly as it has fought hard to keep this out of the purview of both Asean and East Asia Summits, preferring to deal with the matter bilaterally.

Addressing Asean leaders during the Asean-China summit later this morning, Wen warned "outside forces" from getting embroiled in the South China Sea dispute. The Chinese uneasiness reflects increased preoccupation with neighbours like Vietnam with whom the Asian giant has not always had peaceful relations.

"The dispute which exists among relevant countries in this region over the South China Sea is an issue which has built up for several years," Wen told Asean leaders. "It ought to be resolved through friendly consultations and discussions by countries directly involved. Outside forces should not, under any pretext, get involved," he added.

China has reason to sweat. Not only is India exploring for oil in areas Beijing feels lie in its territory. China's Asian neighbours and rival claimants to South China Sea want the differing perceptions to become a multilateral issue so they together have a stronger case. And now the US has jumped into the dispute as well by pushing maritime security to the forefront of the East Asia summit.

US President Barack Obama, attending his first East Asia Summit here, told PM Singh that this forum should be the premier one to discuss maritime issues, despite China's objections. The gathering "can be the premier arena for us to be able to work together on a wide range of issues: maritime security or nonproliferation," Obama told Singh.

India has raised China's hackles because of an oil exploration agreement with Vietnam, signed during the Vietnamese president's recent visit to New Delhi. A joint statement after that visit said pointedly, "disputes in the East Sea/South China Sea should be resolved by peaceful means... in accordance with universally recognized principles of international law, including the 1982 UN Convention on the Law of the Sea and the 2002 Asean-China Declaration on the Conduct of Parties in the South China Sea."

The Singh-Wen meeting was characterized as "warm and friendly", with each showering compliments on the other. They covered a range of bilateral and regional issues, said Sanjay Singh, secretary (east), MEA. Both acknowledged business and trade ties to be at the heart of their relationship.

Trade is expected to touch $70 billion this year, though Singh pushed for a greater balance. India and China will resume defence dialogue from December, and both leaders hailed the new border mechanism to maintain peace and tranquility.

Singh told Wen, "We are neighbours and large growing economies of Asia. We should cooperate bilaterally and globally. Whenever we have worked together, say on climate change, we have had a positive impact on the global stage."

Singh also briefed Wen on his meeting with Pakistani premier Yousaf Raza Gilani during the SAARC summit in Maldives. In turn, Wen briefed the PM about his meeting with Gilani on the sidelines of the SCO summit. But the PM refrained from bringing up China's activities in PoK, while Wen himself said that the official "resolution" of the stapled visas issue was underway.

Manmohan Singh meets Australian PM Julia Gillard, discuss uranium issue, 19 Nov, 2011, 01.24PM IST, IANS

NUSA DUA (BALI): Prime Minister Manmohan Singh and his Australian counterpart Julia Gillard met here Saturday for a brief interaction to take forward discussions on selling uranium to India and also to review their strategic partnership.

The unscheduled pull aside, on the sidelines of the India-Asean and East Asia summits, saw the two leaders interacting for seven-eight minutes.

"Prime Minister Gillard apprised on the steps she's planning to take on selling uranium to India," external affairs ministry spokesperson Vishnu Prakash told journalists.

"I am taking the change of policy to my party conference in December," the Australian prime minister was quoted as telling journalists after her meeting with the Indian prime minister.

The issue of Indian students also came up at the interaction here Saturday with Manmohan Singh appreciating how the issue was handled.

There had been a spate of attacks on Indian students in Australia in 2009-10 but the problem was curtailed due to a series of measures announced by the Australian government.

Manmohan Singh and Gillard had spoken on the phone, a day after the Australian prime minister had signalled the plan to lift a long standing ban on uranium sales to India and pushed her Labour Party to change its stance, citing New Delhi's growing economy and its ambitious atomic energy plans.

She had also written to him, citing three points for the proposal - India's growing energy needs, its impeccable non-proliferation record and the strategic partnership between the two countries.

The final decision rests with Gillard's Labour party, which will meet next month.

Gillard will be under pressure to get her party to agree to her proposal even though India is not a signatory to the Nuclear Non-Proliferation Treaty (NPT).

India had quickly hailed Gillard's move, announced Nov 15.

"We must, of course, expect of India the same standards we do of all countries for uranium export - strict adherence to International Atomic Energy Agency arrangements and strong bilateral and transparency measures which will provide assurances our uranium will be used only for peaceful purposes," Gillard had written in the Sydney Morning Herald.

For the past four years, the Labour government has linked uranium exports to India signing the 1970 NPT.

Gillard also held a press conference in Melbourne and pushed her Labour Party colleagues to change their stand on selling uranium to India.

She argued that selling uranium to India "will be good for the Australian economy and good for Australian jobs".

Gillard went on to add that India plans to increase the share of nuclear power from its current three percent of electricity generation to 40 percent by 2050 - a fact that should benefit Australia, the world's third largest supplier of uranium.

Secondly, she said the uranium sale will be "another step forward" in Australia's relationship with India, the world's largest democracy and a rising economic giant.

Thirdly, she argued that the US-India civil nuclear agreement has effectively lifted the de-facto international ban on cooperation with India in this area and added that in view of changed global circumstances, "for us to refuse to budge is all pain with no gain and I believe that our national platform should recognise that reality".

Government Not To Permit Mining Activities In Tribal Areas (28-Nov-2011)

The Central government would not permit mining activities in tribal areas in the country. The Union Minister of Tribal Welfare and Panchayat Raj V Kishore Chandra Suryanarayana Deo has said that the tribal lands cannot be converted into non-tribal activities and as of now, the government has not given permission for mining in tribal areas to any company in the country.

The minister said that it is compulsory to conduct gram sabhas to pass any resolution to take up any work in tribal areas. He further said that the government is planning to make it mandatory for villages to conduct gram sabhas on four days in a year, of which two should be held on October 2 and January 26 and two other days in the year and these sabhas should be recorded on video.

Recently, the proposal to allow bauxite mining in the eastern ghats of Visakhapatnam district was shelved. The minister has informed that it is not possible to take up bauxite mining or any other mining without holding gram sabha and obtaining the consent of the local Girijans.

The Central government is trying to put in place a system, which will not only ensure minimum support price to tribal produce but will also get maximum remunerative price and is working on a policy paper on minor forest produce.

PM says no plan for 'supra state' in NE, appeals for peace, 3 Dec, 2011, 05.26PM IST, PTI

IMPHAL: Prime Minister Manmohon Singh on Saturday said that there was no plan for a 'supra state' for Nagas in the Northeast and appealed to militants to ensure peace in Manipur for speeding up development work.

"Manipur needs peace and tranquillity for all round development. Different communities have been living here for centuries and there should not be any misunderstand among them," Singh told a public meeting here.

On recent media reports that the Centre was planning a 'supra state' for Nagas in the Northeast, he said "there is no such proposal. Integrity of Manipur will be protected and the state is an important part of the union."

There was applause from the crowd when he said that the protection of the territorial issue in Manipur was a very 'sensitive one'. Singh said "there is no issue which cannot be solved in a democratic set up like in our country."

Referring to the crippling economic blockades on two national highways the state had faced, the Prime Minister said "There were no winners. The only the losers were the common people."

Pointing out that the economic blockades had severely affected the economy of the state he questioned whether it brought any benefit. "No such thing has happened." He urged the people to live in peace and harmony as the Centre was prepared to do anything for the all round development of the state.

The UPA government at the Centre wanted Manipur's rapid development for which it was closely working with the state government, Singh said. Singh also said he was happy that projects in Manipur were being implemented properly and mentioned the names of the newly-constructed buildings which he and UPA chairperson Sonia Gandhi inaugurated during the day.

He also expressed happiness over the conduct of elections to the autonomous district councils in the hill districts after a gap of about 20 years saying it would give power to local bodies. Congratulating the sportpersons of Manipur, Singh they had excelled in many fields.

The UPA chairperson said the people had suffered during the recent economic blockades and wanted all youths to work for normalcy in the state. Stating that the central government was working closely with the people of Manipur, Gandhi said "New Delhi may be far away from Imphal, but UPA government under Prime Minister Singh is sensitive." She said all aspirations could be accommodated through dialogue.

Gandhi thanked the state government for bringing some militant organisations, including Kuki militants to the negotiating table and said all problems could be solved through dialogue. Manipur Chief Minister O Ibobi Singh sought more central help which the central leaders assured.

FDI row: PM Manmohan Singh not able to use authority, says Advani, 3 Dec, 2011, 05.32PM IST, IANS

NEW DELHI: Bharatiya Janata Party (BJP) leader LK Advani on Saturday said Prime Minister Manmohan Singh has not "been able to exercise all authority" by accepting the communist model of government under which party chief is more important than the government head.

"Many people say what you had said earlier has proved correct now," Advani said. "Today, I would say one reason why prime minister has not been able to exercise all authority in office was his acceptance of communist model of government... that party chief is more important than prime minister or president," Advani said.

Attacking Congress president Sonia Gandhi, Advani said a leader should be known to people in a democracy. "I am yet to come across a journalist or a bureaucrat who had occasion to interact with her at some length," Advani said.

Showering Gujarat Chief Minister Narendra Modi with praises like "remarkable administrator" and "excellent political leader", Advani said: "He has been maligned consistently. I have not seen any other leader as much maligned as Modi."

Asked if he would again be the party's prime ministerial candidate in the next general elections, Advani said: "(It is) for the party to decide. I don't decide." He said that accepting such a role will also depend on his "inclination" and "health at that point of time".

In his address, Advani said the government had taken "sudden" decision to allow Foreign Direct Investment (FDI) in multi-brand retail and his party was opposed to it as it will increase unemployment. He played down a question about the National Democratic Alliance's (NDA) manifesto for 2004 elections having promised 26 percent FDI in retail.

"To the best of my recollection, BJP's own approach in terms of FDI in retail has always been opposed to it. I do not exactly recollect how NDA document came up," he said.

Advani said the party discussed the issue of FDI in retail ahead of 2009 elections. "We decided we will continue to oppose it," he said.

New Delhi (03 Jul , 2011),(News Sources)

The Lokpal Bill has seen a series of unsuccessful meetings between the government representatives and civil society members of the drafting panel. And today's meeting of all political parties at the PM's residence failed to evolve a consensus that the Government would have hoped for.

In his opening remarks, Singh said that the government is committed to a Lokpal Act which provides for strong, effective, quick institutional arrangement for tackling corruption in high places.

"Good law and strong institution is necessary to tackle corruption but these alone would never suffice. Lokpal has to work in harmony with other institutions and laws; it has to function within the framework of basic structure of Constitution,"said Manmohan Singh.

Opposition parties put the ball back in the Government's court, urging it to bring an official draft, which can then be discussed.

Leader of the Opposition in the Lok Sabha, BJP's Sushma Swaraj said,"We did not discuss specific provisions of the bill in today's meeting. We clearly said we want a strong Lokpal. The government should bring a bill and send it to the standing committee so that all the parties can give their points of view."

The Lokpal Bill is intended to help rout corruption among politicians and bureaucrats. Five ministers and five activists led by Anna Hazare were assigned to draft the Bill. But so dramatic were the differences between the two sides that India now has two drafts of the same Bill.

Both the sides have had eight rounds of meeting so far. The key sticking points are the inclusion of the PM and the higher judiciary under the ambit of the bill, something that Team Anna has been demanding from the very beginning.

Apart from Anna and his team of activists, today meeting was attended by parties across the political spectrum. The Bharatiya Janata Party (BJP), the Left parties (CPI and CPM), Janata Dal (United) (JD-U), Shiromani Akali Dal (SAD), Dravida Munnetra Kazhagam (DMK), All India Anna Dravida Munnetra Kazagham (AIADMK), Nationalist Congress Party (NCP), Trinamool Congress, Rashtriya Janata Dal (RJD), Telegu Desam Party (TDP), Telangana Rashtra Samithi (TRS), and Rashtriya Lok Dal (RLD) attended the meeting. Shiv Sena and Janata Dal (Secular) (JD-S), however, stayed away.

The lack of consensus could prove to be a major headache for the Government which is already at loggerheads with members of the civil society in the draft panel over various points, primarily, the inclusion of the PM and the higher judiciary under the purview of the Lokpal.

This is a point which also has the Opposition divided - Left parties, AIADMK have said they want the Prime Minister to be included in the Lokpal, but parties like the TRS, SAD and the DMK are opposed to any such move.

New Delhi (03 Jul ,2011),(PTI).

Affirming Government's commitment to enact Lokpal Act that will provide for a strong and effective way to tackle corruption in high places, Prime Minister Manmohan Singh today said such an institution will have to work within the framework of Constituation.

He told the all-party meeting on Lokpal Bill that strong laws to tackle corruption were a necessary but these would not suffice as there was a need to focus on"simplifying procedures, reducing discretion, eliminating arbitrariness and increasing transparency in the way government functions."

Singh noted that there was a feeling that institutional arrangements in place are not strong enough to ensure that the guilty, especially those occupying high positions, are brought to book swiftly and given deterrent punishment.

"I must make it clear at the outset that we, in government, are committed to the enactment of a Lokpal Act, which provides for a strong, effective and quick institutional arrangement for tackling corruption in high places,"he said in his opening remarks at the meeting.

"We are also committed to bringing the bill before Parliament in the coming Monsoon Session,"he said.

Apparently acknowledging concerns over certain demands by the civil society which are considered to be creating a"parallel structure", Singh emphasised that"the institution of the Lokpal has to work in harmony with other institutions and laws and it has to function within the framework of the basic structure of our Constitution."

He said the Lokpal will have"to add to and not detract from the legitimate role and authority of other institutions in our democratic structure."

Underlining that the Constitution provides for an"intricate system of checks and balances", he said the new institution of Lokpal has to find an appropriate place in that matrix."

Planning Commission Trims Down Fiscal Deficit targets For The 12th Five-Year Plan (23-Aug-2011)

The Planning Commission chaired by the Prime Minister Manmohan Singh, has reduced its fiscal consolidation targets compared to the recommendations given by the 13th Finance Commission. The planning commission estimated the government fiscal deficit to come down to 3% of the gross domestic product (GDP) by 2014-15, third year of the next five year plan and then to stay there for remaining years of 12th plan. However, the onetime payments such as spectrum sale or disinvestment in the Public Sector Units (PSUs) are not likely to give this much of revenue as a proportion of the GDP.

On the other hand, the Finance Commission wanted the government to reduce its fiscal deficit to 3% by 2013-14, the second year of the next five year plan, a year ahead than the Planning Commission projection. For 2013-14, the planning commission expected the deficit to be 3.5% of the GDP. Initially, as per the Fiscal Responsibility and Budgetary Management (FRBM) Act, the central government fiscal deficit was expected to reduce at 3% of GDP by the 2008-09. However, because of the global financial crisis, the government was forced to give stimulus packages, doubling the fiscal deficit to more than 6%.

The approach paper to the 12th Five-Year Plan assumes that the fiscal deficit figures to decline, mainly on the back of the healthy tax collections. The fiscal deficit estimations are based on the assumption of 14% nominal GDP growth rate a year on an average in the 12th plan, including 9% GDP growth and 5% inflation.

For the first year of 12th Five-Year Plan i.e. 2012-13, the approach paper, estimates fiscal deficit to be around 4.10% of the GDP. For the current financial year, government has targeted fiscal deficit to be around 4.6% of the GDP, for the 2010-11, fiscal deficit was 4.7%. The approach paper of 12th plan, also estimates that the net revenue of the central government is likely to increase to 8.91% of GDP in 2016-17, the terminal year of 12th plan from 7.4% of GDP on 2011-12.

However, the approach paper, expects non-tax revenue to decline from the current level of 1.4% in 2011-12 to 0.88% in 2016-17. This estimated decline in non-tax revenue would be because of absence of any prospect of large revenues from one time sale such as spectrum. The planning commission also expects that the share of non-debt capital receipts, which includes disinvestment of PSUs process.

The central government aggregate resources are also likely to decline from 14.01% of GDP in 2011-12 to 13.11% of the GDP in 2016-17. As per the approach paper of the 12th plan, the subsidies or non planned expenditure that are likely to account for 18.8% of the total non-plan expenditure in the 12th plan are estimated to reduce from an estimated 1.6% of the GDP in 2011-2012, which is based on the Budget estimates, to 1.24% of the GDP in the terminal year. The decline in subsidies is serious from the resource point of view as in the past subsidies have been increasing as a percentage of GDP. Other alternative solution would be to increase the Tax GDP ratio by more than 12% of the GDP.

Black money will be brought back: Manmohan Singh, 4 Nov, 2011, 10.21PM IST, IANS

CANNES: Prime Minister Manmohan Singh Friday said every effort will be made to bring back black money stashed away abroad and expressed satisfaction the G20 leaders endorsed the process involved.

"I am no astrologer. We have to operate in a world where things are not entirely to our own liking. We are dealing with sovereign countries," the prime minister told a press conference here when asked how long it will take to bring black money back.

The prime minister said these sovereign countries will cooperate only to the extent their laws permit them to do so, which are being addressed through new agreements and pacts on exchange of information.

"It is a work in progress. I don't know what is the magnitude of black money abroad," he said, soon after conclusion of the G20 Summit in this town in French Riviera.

At the G20 Summit the leaders endorsed in a joint communique their commitment to ensuring that the deficiencies in some jurisdictions, often referred to as tax havens, that lead to imprudent tax policy standards, are addressed.

"I am particularly happy to note that the communique endorses our call for increased banking transparency and exchange of information to combat tax fraud and evasion and other illicit flows," the prime minister said.

"This was an important part of our agenda."

The government has been under pressure to act against people who have money stashed away in tax havens across the world. It had set up several bodies, including a directorate under Central Board of Direct Taxes, to unravel these secret bank accounts.

India has made a commitment to G20 that it will remain an active member of the global battle against black money and will soon sign the Convention on Mutual Administrative Assistance in Tax Matters to curb this menace through sharing of information.

The treaty aims at automatic exchange of information among signatory countries so that tax evasion and illicit flows can be detected early. China and Saudi Arabia also said they will join the treaty soon.

Ten countries such as Argentina, Brazil, Germany and Russia, signed the pact Thursday, while six others, including Britain and the US, had joined the convention earlier.

Sensex down 89 pts in opening trade on profit-booking, PTI | Aug 11, 2011, 09.40AM IST

MUMBAI: Failing to sustain yesterday's gains, the Bombay Stock Exchange benchmark Sensex fell by over 89 points in opening trade on Thursday, after funds and retail investors booked profits, amid a weak trend overseas on worsening European financial crisis.

The 30-share Sensex, which gained 272.60 points in the previous session, fell by 89.41 points, or 0.52%, to 17,041.10 in the first few minutes of trade. In a similar fashion, the wide-based National Stock Exchange Nifty index shed 27.40, or 0.53%, to 5,133.60.

Stocks of IT, auto, realty, metals and banking sectors came under selling pressure, which dragged down the Sensex.

Market experts said sentiments turned weak on profit-booking by funds and retail investors on the handsome gains recorded in the previous session and a subdued trend on the other Asian bourses in line with overnight huge sell-off on US markets, amid worries over the economy and Europe's worsening financial crisis.

Meanwhile, in the Asian region, Hong Kong's Hang Seng Index was down 2.52%, while Japan's Nikkei lost 1.29% in morning trade today. The Dow Jones Industrial Average in the US fell by 4.62% in the previous session on Friday.

Sensex closes 243.73 points lower, IANS | Aug 12, 2011, 04.25PM IST

MUMBAI: A benchmark index for Indian equities markets on Friday closed 243.73 points lower as selling pressure built up again on heavyweights. The 30-scrip sensitive index ( Sensex) of the BSE, which opened at 17,246.88 points, closed at 16,815.67 points, down 243.73 points or 1.43 percent compared to its previous close at 17,059.4 points.

The markets were battered in the first two trading days of this week over the US sovereign debt rating downgrade and fears of a double dip recession in the largest economy of the world. The 50-scrip S&P CNX Nifty of the National Stock Exchange too ended lower at 5,071.4 points, down 1.3 percent.

Mid-to-smaller stocks too gave up early gains. The BSE midcap index closed 0.68 percent down and the BSE smallcap index ended 0.51 percent lower.

Sensex gains 127 points in opening trade, PTI | Aug 17, 2011, 10.16AM IST

MUMBAI: The Bombay Stock Exchange benchmark Sensex gained over 127 points in opening trade today on the back of bargain buying by funds and retail investors, ignoring a weak trend overseas.

The 30-share index, which lost nearly 400 points in the previous three sessions, rose by 127.35 points, or 0.76%, to 16,858.92 in the first few minutes of trade today. In a similar fashion, the wide-based National Stock Exchange Nifty index moved up by 37.30 points, or 0.74%, to 5,073.10 in the first few minutes of trade.

Banking, metal, oil and gas and PSUs stocks led the recovery. Brokers attributed the recovery to fresh buying by funds and retail investors at prevailing levels.

In addition, covering up of short positions by speculators also helped stocks trade in the positive zone.

In the Asian region, Japan's Nikkei index was trading 0.65% lower, while Hong Kong's Hang Seng Index rose by 0.63% in early trade today. The US Dow Jones Industrial Average ended 0.67% down in yesterday's trade amid escalating concerns over the euro zone debt crisis.

Sensex slid for 4 weeks in row, TNN | Aug 20, 2011, 01.47AM IST

MUMBAI: The day's slide in the sensex added up to nearly a 700-point loss on a weekly basis, making it the fourth consecutive week of lower closings. In 11 of the 14 trading sessions so far this month, the sensex has closed lower, during which investors' wealth, measured by the BSE's market capitalization, has gone down by nearly Rs 7 lakh crore to the current level of Rs 59.3 lakh crore.

In Friday's session, software stocks were the worst hit, mainly because of fears of another recession in the US, the biggest export market for Indian IT companies. As a result, compared to a 2% drop in the sensex, BSE's IT index closed 4.4% lower with most leading software companies deep in the red.

In Friday's session on the BSE, laggards outnumbered winners by a wide margin with 2,083 declines to 773 advances.The day's session also witnessed foreign funds stepping up their selling, with BSE data showing a net outflow of a little over Rs 900 crore. This took the current month's net outflow from the secondary market to close to Rs 9,000 crore.

Institutional dealers said exchange traded funds (ETFs), registered as FIIs here, led the selling on Friday. "When they (ETFs) have inflows, they buy blind. When they have outflows, they sell blind," said an institutional dealer with a domestic brokerage.

Sensex drops 139 points on rate fears, PTI | Aug 25, 2011, 05.19PM IST
MUMBAI: Ignoring strong global trends, the BSE Sensex on Thursday dropped 139 points to 16,146.33 as investors offloaded long positions, mainly in IT, metals and banking on the expiry of August derivative contracts and renewed fears of interest rate hike as food inflation neared double digit.

Sustained selling by Foreign Institutional Investors also dampened the market sentiment. FIIs sold shares worth Rs 883.48 crore yesterday as per provisional data. They have sold shares worth Rs 9,000 crore so far this month.

The Bombay Stock Exchange 30-share index, Sensex, moved erratically between 16,373.84 and 16,104.34 before closing at 16,146.33 -- down 138.65 points or 0.85 per cent. Yesterday, it had dipped over 213 points or 1.29 per cent.

The broad-based NSE 50-issue Nifty fell 49.30 points or 1.01 per cent to end at 15-month low of 4,839.60, level not seen since May 25, 2010. Brokers attributed the market fall to the settlement of pending positions by investors on the last day of the expiry of the derivative contracts.

Besides, food inflation shot up to 9.80 per cent for the week ended August 13, from 9.03 per cent in the previous week, worrying investors that RBI may further hike key rates making loans costly, hitting corporate margins, they said.

IT stocks fell for the second day in a row on concerns over another recession in the US as well as in Europe, major overseas markets for Indian IT companies.

Fall in heavyweights like Infosys, HDFC, HDFC Bank and RIL contributed nearly 100 points to the Sensex slide.

Sensex up 432 points around noon, IANS | Aug 29, 2011, 12.08PM IST
MUMBAI: A benchmark index for Indian equities markets was trading 432 points higher a little before noon Monday, as a relief rally swept the markets on positive global cues and some bargain buying after last week's sell-off.

The 30-scrip sensitive index (sensex) of the BSE, which opened at 16,080.74 points was ruling 16,281.75 points, up 432.92 points or 2.73 percent from its previous close at 15,848.83 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading higher, 2.62 percent up at 4,872.2 points.

Broader markets were also ruling in the green. The BSE midcap index was ruling 1.84 percent higher, while the BSE smallcap index was up 1.58 percent. All 13 sectoral indices on the BSE were in the green, while IT, banking and metal scrips were among major gainers.

At the BSE, the market breadth was positive with 1,903 stocks advancing, 518 scrips declining and 75 remaining unchanged.

Among major gainers on the sensex were Jindal Steel, TCS, Tata Motors and Tata Steel, while the only two losers at this time were Maruti Suzuki and Cipla.

Asian markets rose were mostly in the green taking hopes from a speech by Federal Reserve chief Ben Bernanke Friday where he said the ailing US economy would eventually return to robust health.

The benchmark Japanese Nikkei was up 0.28 percent at 8,822.79 points, while Hong Kong's Hang Seng was trading 1.28 percent higher at 19,833.72 points.

However, the Chinese Shanghai Composite index was down 1.25 percent at 2,579.47 points

Sensex surges over 350 points; trades above 16,000 level, 28 Nov, 2011, 01.32PM IST,

NEW DELHI: The BSE Sensex surged over 370 points in the afternoon trade on Monday tracking positive Asian markets that rallied on renewed euro zone hopes to tackle the eurozone debt crisis.

Buying activity was seen across the board with metals, realty and capital goods space leading the up-move.

Retail stocks such as Pantaloon Retail Ltd, Shoppers Stop Ltd, V2 Retail Ltd, Trent and Koutons Ltd slipped 5-11% following reports the UPA may face pressure from opposition parties over reforms in FDI for retail.

By 01:00 p.m., the main 30-share BSE index was up 2.4 per cent at 16,067.78, after rising more than 2 per cent.

The National Stock Exchange's Nifty was at 4817.95, up 107.40 points or 2.2 per cent. The broader index touched a high of 4823.70 and low of 4766.40 in trade so far.

BSE Mid-cap Index was up 1.3 per cent and BSE Small-cap Index added 1.35 per cent.

Amongst the sectoral indices, BSE Metal Index was up 2.4 per cent, BSE Realty Index gained 2.7 per cent, BSE Capital Goods Index advanced 0.9 per cent and BSE Power Index was 1.82 per cent higher.

Hindalco Industries (5.7%), Sterlite Industries (3.70%), Tata Motors (4.3%), BHEL (2.4%) and DLF (2.7%) were the top Sensex gainers.

Asian shares jumped on hopes that Europe will come up with some concrete steps this week towards activating a crucial euro zone bail-out fund.

Japan's Nikkei 225 index was trading higher by 1.5% at 8,287.49 and Hong Kong's Hang Seng index was trading higher at 18,010.06, up 1.8%. South Korea's Kospi index was trading 2.2% higher at 1815.12. China's Shanghai index closed at 2386.14, up 0.2%.

30-Sep-2011, Friday, 3.33.26 P.M., News Sources, BSE SENSEX 16444.88 -254.19 +1.52% | NSE NIFTY 4939.75 -75.17 -1.51%

04-Oct-2011, Tuesday, 11.35 A.M., News Sources, BSE SENSEX 16139.29 -12.16 +0.08% | NSE NIFTY 4863.85 +14.35 +0.30%

14-Oct-2011, 03:57:46 AM, Friday, News Sources, BSE SENSEX 17082.689 +198.77 +1.18% | NSE NIFTY 5132.30 +54.45 +1.07%

21-Oct-2011, 04.00.00 P.M., Friday, News Sources, BSE SENSEX 16785.64 -151.25 -0.89% | NSE NIFTY 5049.95 -41.95 -0.82%

Rupee Down By 26 Paise Against US Dollar, PTI | Aug 8, 2011, 10.08AM IST

MUMBAI: The Indian rupee depreciated by 26 paise to trade at Rs 45 per US dollar for the first time in five weeks in early trade on the Interbank Foreign Exchange today, weighed down by dollar gains against other Asian currencies overseas and a subdued trend in the equity market.

Forex dealers said strengthening of the dollar against other Asian currencies overseas and a lower opening in the domestic stock market mainly put pressure on the rupee. They said the rupee depreciated for first time in five weeks after a global equities rout following the US rating downgrade, which triggered concerns about foreign fund outflows.

The rupee ended 20 paise lower at Rs 44.74/75 against the American currency in the previous session on the back of dollar-selling by exporters and some banks. Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 512.80 points to 16,793.07 in opening trade today.

Rupee loses 9 paise against US dollar in early trade, PTI | Aug 11, 2011, 10.07AM IST

MUMBAI: Continuing its slide for the eighth straight session, the Indian rupee fell by another 9 paise to Rs 45.34 per US dollar in early trade on the Interbank Foreign Exchange today on steady demand for the American currency from importers and euro weakness overseas.

A weak opening in the equity market also put pressure on the rupee. Dealers said sustained dollar demand from importers, the weak euro overseas and a lower start in the stock market did not permit an improvement in the rupee sentiment.

In yesterday's trading session, the rupee closed down by 5 paise at an 11-week low of Rs 45.25/26 against the dollar as strong demand for the US currency eroded early gains, despite a smart recovery in the stock market.

Meanwhile, the Bombay Stock Exchange benchmark Sensex fell by 89.41 points, or 0.52%, to 17,041.10 in opening trade on Thursday.

Rupee up 8 paise against US dollar, PTI | Aug 12, 2011, 10.33AM IST

MUMBAI: The Indian rupee, which dipped to a five-and-a-half month low in yesterday's trade, recovered by 8 paise to Rs 45.33 against the US dollar in early trade on the Interbank Foreign Exchange today, boosted by a higher opening in the stock market and euro gains overseas.

However, sustained dollar demand from importers capped the rupee''s rise. The rupee weakened by 16 paise to close at a five-and-a-half month low of Rs 45.41/42 against the dollar in the previous session due to sustained dollar demand from importers and weak stocks.

Forex dealers said a higher opening in the stock market and the euro''s rebound overseas mainly supported the Indian rupee recovery, but sustained dollar demand from importers restricted the rise. The Bombay Stock Exchange benchmark Sensex shot up by 187.48 points, or 1.10 per cent, to 17,246.88 in opening trade today.

Rupee up 2 paise against US dollar in range-bound early trade, PTI | Aug 17, 2011, 10.14AM IST

MUMBAI: In range-bound trade, the Indian rupee opened marginally higher by 2 paise at Rs 45.35 per US dollar on the Interbank Foreign Exchange today, supported by a higher opening in the stock market.

The rupee had depreciated by 3 paise to close at Rs 45.37/38 against the US dollar in the previous session due to late dollar demand amid weakness in the domestic equity markets.

Forex dealers said the higher opening in the stock market mainly helped the rupee rise against the US dollar in morning trade today, but the weakness of other Asian currencies against the American greenback capped the gains.

Meanwhile, the Bombay Stock Exchange Sensex was up by 127.35 points, or 0.76%, at 16,858.92 in opening trade today.

Rupee down 28 paise at 9-month low against USD in early trade

Mumbai, Aug 22, 2011(PTI) The Indian rupee depreciated by 28 paise to a nine-month low of Rs 46.02 against the US dollar in early trade on the Interbank Foreign Exchange today, largely on capital outflow concerns.

Dealers said weakness in the equity market and capital outflow concerns continued to exert pressure on the Indian rupee, which dipped to its lowest level since November 30 last year in opening trade today.

The rupee closed down by 33 paise at a nearly six-and-half month low of Rs 45.74/75 against the US dollar in Thursday's trade due to sustained dollar demand amid a steep fall in equity markets. The forex and money markets remained closed on Friday in observance of'Pateti'.

Meanwhile, the BSE benchmark Sensex fell by 73.15 points, or 046 per cent, to 16,068.52 in opening trade today.

Rupee jumps 35 paise to Rs 45.80 per US dollar

Mumbai, Aug 29, 2011(PTI) The Indian rupee shot up by 35 paise to Rs 45.80 per US dollar in early trade today on fresh selling of dollars by banks and exporters amid hopes of a resumption of capital inflows.

In tandem with a rally in the equity market, the rupee resumed higher at Rs 45.95/96 per dollar on the Interbank Foreign Exchange vis-a-vis last weekend's close of Rs 46.15/16 per dollar and shot up further to Rs 45.80 per dollar before quoting at Rs 45.81/82 per dollar at 1030 hours.

Selling of dollars by banks and exporters on hopes of a resumption of capital inflows in view of the sharp recovery in the equity market mainly boosted the rupee value against the dollar, a forex dealer said.

Rupee gains 7 paise against US dollar in early trade, PTI | Oct 25, 2011, 10.20AM IST

MUMBAI: The rupee strengthened by 7 paise to Rs 49.75 against the US dollar in early trade on the Interbank Foreign Exchange today, boosted by higher openings in the stock market.

However, sentiment turned cautious ahead of the Reserve Bank of India's monetary policy review later on Tuesday.

The rupee ended 19 paise higher at Rs 49.82/83 against the dollar in the previous session following smart rebound in stocks and fresh dollar selling by exporters.

Cabinet to discuss Lokpal bill today, TNN | Jul 28, 2011, 03.12AM IST

NEW DELHI: In keeping with the government's promise to bring Lokpal legislation to Parliament in the monsoon session, the Cabinet will consider a bill to set up the anti-corruption ombudsman at its meeting on Thursday.

The draft bill, framed by five ministers, who were on the joint drafting committee with the Anna Hazare-led group of representatives, does not contain the references to the prime minister, higher judiciary and actions of MPs in Parliament as demanded by the activists.

Having convened an all-party meeting that discussed the bill, the government is looking to introduce it early in the monsoon session, beginning next week, well ahead of the threatened fast by Hazare, who is insisting that the prime minister, higher judiciary and MPs be brought under the ambit of the proposed Lokpal.

Sources said the bill is expected to be taken up by the Cabinet and some of the contentious issues could come up for discussion. On July 22, HRD minister Kapil Sibal had announced that the bill would be ready for the Cabinet at its next meeting. There are differences between activists and government and even among political parties about the structure and selection process of the Lokpal.

The bill once introduced in Parliament is almost certain to be referred to a standing committee, where it is likely to be subjected to intense discussion. The debate in the panel is expected to further shape the bill as Opposition parties, also some regional outfits, favour inclusion of PMO with safeguards. Conditions include keeping national security and foreign policy outside the purview of the Lokpal.

Although Hazare is not likely to be deflected from his fast, the government is firm about keeping the bill outside the domain of activists and within the political process and is banking on this view being shared across party lines.

Experts appeal govt to pass BRAI, Seeds Bill in Parliament, Mumbai, Aug 17, 2011(PTI)

To double food production by 2025, experts today appealed the government to get passed the Bio-technology Regulatory Authority of India Bill (BRAI) and the Seeds Bill, in the Parliament.

New technologies and plant biotechnologies are powerful tools that can help farmers increase productivity, and at the same time protect biodiversity, said agriculture bio-technology scientist and founder of ABLE-AG (Association of Biotech Led Enterprises) C Kameswara Rao here.

He also appealed for granting approval to biotech crop trials and commercialisation under the existing system till BRAI is approved.

"Biotechnology requires fewer resources and produces greater yields than old-fashioned cotton, bringing prosperity to many farmers. With more than 90 percent of India's farmers taking advantage of biotechnology, I would appeal to the government to replicate the benefits in other crops,"he said.

Biotech crops undergo rigorous safety assessments following international and national guidelines and no verifiable cases of harm to human or animal health have occurred, he said.

Plan panel for civil society reviewing quality of governance, New Delhi, Aug 20, 2011 (PTI)

At a time when some sections of the society and the government are at loggerheads over the issue of eliminating corruption, the Plan panel today said the civil society and independent agencies should take up the charge of reviewing programmes.

"It is important that perceptions of public services and quality of governance are measured and evaluated by independent institutions in terms of citizens'report cards or social audits.

"An analysis of levels of public satisfaction and reasons thereof would be extremely useful if done concurrently as programmes get implemented. Civil society and other independent agencies must be charged with this responsibility,"the Planning Commission said in the approach paper to the 12th Five Year Plan (2012-17).

There are examples of surveys focusing specifically on the satisfaction from a public service to citizens and they show the areas where people have felt relatively satisfied and those where they felt a great need for improvement, it added.

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