Troubled Galaxy Destroyed Dreams, Chapter 307
Palash Biswas
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Ambani Gas Dispute | ||||||
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Gorshkov bargain on |
| OUR SPECIAL CORRESPONDENT |
| New Delhi, July 29: A.K. Antony today told Parliament that negotiations were on with the Russian government which was demanding a "substantially huge amount" for aircraft carrier Admiral Gorshkov and the deal had not been finalised yet. The defence minister clarified the government's position during a discussion in the Rajya Sabha on a question from the NCP's Y.P. Trivedi on indigenous manufacturing of aircraft-carrier vessels. "At the present stage, only negotiations are going on. Nothing has been decided finally," Antony said. |
Anil for early end to dispute |
| OUR SPECIAL CORRESPONDENT |
| New Delhi, July 29: Anil Ambani has decided to push for a quick resolution of the gas dispute with his brother Mukesh. Reliance Natural Resources (RNRL) — Anil's Rs 417-crore minnow that is locked in a bitter battle with Reliance Industries, the Rs 152,000-crore leviathan — plans to request the Supreme Court tomorrow to hold a final hearing in the case on September 1. The court has already posted the case for hearing on that date, but the younger Ambani doesn't want to give RIL (Reliance Industries Limited) or the petroleum ministry the opportunity to use dilatory tactics to prolong the case as that will hurt RNRL's economic interests. A day after his fire-and-brimstone speech at the RNRL annual general meeting in Mumbai, Ambani told reporters at a conference call: "Today, RNRL has served notice on the petroleum ministry and Reliance Industries informing them that the RNRL counsel will raise its demand for a speedy hearing in the case." It may be tough to complete the hearing within a day because the court is due to hear cross-appeals filed by RNRL and RIL against the June 15 order of Bombay High Court as well as the petroleum ministry's special leave petition in the case. "Since the petroleum ministry has said on several occasions that the matter is of national importance, RNRL will request them to support our demand for an early final hearing and not get misguided by RIL which, we believe, only wants to delay the matter," Ambani said. According to a late night agency report, Reliance is unlikely to oppose Anil's move. "I have nothing to say. If the court decides to hear it, why should I oppose," RIL counsel Harish Salve told PTI. The government, too, seems to prefer an early resolution. "No, we have no objection. Why should we oppose. Even the government would want an early hearing and early resolution of the matter," an official connected with the case said here on the condition of anonymity. The government has also been crafting its own legal strategy as it plans to escalate its own role in the gas dispute by becoming a party to the suit. Sources say the government is likely to drop its plea to the court to nullify the family pact between the Ambani brothers in 2005 that served as the basis for the demerger of the Reliance group. Earlier, it had planned to ask the Supreme Court to declare null and void those bits in the family pact that damaged the government's interests — especially the provision relating to the supply of gas from the Krishna-Godavari basin. The government may also urge the court to initiate contempt proceedings against Anil Ambani who accused the petroleum ministry of acting in a "partisan and biased manner" when the matter was sub judice. While Anil Ambani was pushing for an early resolution of the case, the gas dispute raised a din in the Lok Sabha where Samajwadi Party MPs demanded the resignation of petroleum minister Murli Deora forcing the House to be adjourned thrice during the day. Meanwhile, Anil met officials in the finance ministry to explain his position and lobby for support. Sources said the younger Ambani scion met finance secretary Ashok Chawla and other top officials to drive home the point that gas to Reliance Natural Resources at $2.34 per mBtu would not result in any loss of revenue to the government. |
Mukesh refuses to join issue with Anil on family pitch
NEW DELHI: RIL Chairman Mukesh Ambani today refused to be drawn into a public quarrel with his younger brother Anil, who accused him of seeing no
"We do not wish to comment on baseless, malicious and wrong accusations," said a spokesperson for Mukesh Ambani, when asked about Anil's statement that his elder brother did not visualise any role for mother Kokilaben in settling disputes.
Anil had also accused RIL of forgetting the vision of their father and Reliance founder-chairman Dhirubhai Ambani "in pursuit of corporate greed."
'CBI clean chit is proof of covering up Omar's role'
Email this storyPost-Godhra killings: SC asks SIT to complete probe by Dec 31
Orissa passes Vedanta University Bill with amendments
It's official: Anil Ambani group to build Metro-2 tooExpressindia.com - 20 hours ago Mumbai Two months after Anil Ambani's Reliance Infrastructure-led consortium emerged the sole bidder for the city's second Metro rail corridor, ... Reliance Infrastructure to build second Metro Trading Markets (press release) (press release) Decks cleared for Metro-II, work to begin soon Daily News & Analysis Reliance Infra bags bid to construct Metro II Times of India Reliance Infra Q1 net up 25 pcEconomic Times - 2 hours ago 30 Jul 2009, 1819 hrs IST, PTI MUMBAI: Anil Ambani group firm Reliance Infrastructure on Thursday reported a net profit of Rs 316.57 crore for the first ... Reliance Infra Q1 net profit up 25% yoy India Infoline.com FIIs up ante on Ambani stocks; small investors pull outHindu - Jul 25, 2009 On the other hand, the Anil Ambani group's Reliance Power saw the shareholding of both FIIs and domestic individual small investors remain unchanged during ... Govt happy to let SC resolve Ambani tangle Times of India Sensex lacklustre ahead of July series expiryEconomic Times - 7 hours ago Anil Ambani has again upped the ante in the long-standing and controversial gas supply row with his elder brother. The Opposition is crying foul against the ... Economy can't be held hostage by Ambanis bros: GovtTimes of India - - Jul 18, 2009 While the stinging comments could seriously hurt the pride of the Ambani brothers, it is also a serious setback to Anil Ambani's claim over an agreed supply ... Centre scales up role in Ambani brothers' gas row Economic Times Financial services sector has bright future: Anil AmbaniEconomic Times - Jul 21, 2009 21 Jul 2009, 1622 hrs IST, PTI MUMBAI: Painting a bright future for the Indian financial services sector, Anil Dhirubhai Ambani Group (ADAG) Chairman, ... Government plea in Ambani gas war may be misleading Daily News & Analysis Rel Cap plans to foray into investment banking Times of India Options open on listing of Reliance Entertainment: Anil AmbaniEconomic Times - Jul 15, 2009 15 Jul 2009, 2053 hrs IST, PTI NEW YORK: Industrialist Anil Ambani on Wednesday hinted at listing his group's media and entertainment business Reliance ... Deal done, Ambani, Spielberg speak to CNN-IBN IBNLive.com Anil Ambani, Spielberg ink $825m deal; Adlabs stock surges Moneycontrol.com Anil Ambani's AGM speechIndian Express - Jul 29, 2009 A warm welcome to each one of you to the 9th Annual General Meeting of our company. It has been a little over three years since we first came together to ... |
Govt plans to get black money backTimes of India - 19 hours ago NEW DELHI: Finance minister Pranab Mukherjee said in Rajya Sabha on Wednesday that the government, as promised before the general elections, was working on ... Finance minister links price hike to low output Economic Times Trade policy: Anand Sharma to consult PranabHindu - 18 hours ago NEW DELHI: Union Commerce and Industry Minister Anand Sharma on Wednesday announced that he would be meeting Union Finance Minister Pranab Mukherjee and ... Mukherjee snubs CPI-M on nuclear doctrinePress Trust of India - 2 hours ago New Delhi, July 30 (PTI) Snubbing the CPI-M in the Lok Sabha, Finance Minister Pranab Mukherjee today said the country had rejected its nuclear doctrine ... Pranab holds meeting with Petroleum, Law MinistersHindu - Jul 28, 2009 ... and industrialist Anil Ambani over the gas dispute, Finance Minister Pranab Mukherjee on Tuesday held a meeting with Petroleum and Law Ministers here. ... Pranab calls meeting with Deora, Moily on Ambanis' gas tangle Press Trust of India Steps on to get back money stashed abroad: PMHindu - 4 hours ago The Prime Minister referred to Finance Minister Pranab Mukherjee's remarks on Wednesday stating that he (Mr. Mukherjee) had"specifically dealt" with the ... Pranab remains upbeat on growth, but with fingers crosseddomain-B - 8 hours ago Finance minister Pranab Mukherjee on Wednesday told the Rajya Sabha yesterday, "We have ended 2008-09 at 6.7 per cent. I do hope that we will be able to ... Action to bring back black money started The Statesman egom on 3G telephony may meet tomorrowHindu - 1 hour ago ... Group of Ministers on 3G spectrum are likely to hold their first meeting on Friday under the chairmanship of Finance Minister Pranab Mukherjee. ... Efforts on to break TMC-Congress deadlockHindu - Jul 27, 2009 "Pranab Mukherjee [Union Finance Minister and president of the West Bengal Pradesh Congress Committee [WBPCC]] and Keshava Rao [general secretary of the All ... Seat-share chink in Mahajot Times of India Cong-Trinamool still in a standoff over bypolls Indian Express BJP attacks Krishna, alleges foreign policy not safe in his handsIndian Express - 2 hours ago Government fielded Finance Minister Pranab Mukherjee to intervene in the debate. For the FM to intervene in the debate when the External Affairs Minister ... BJP targets Krishna, likens him to Shivraj Patil Press Trust of India |
Mkts close flat; oil & gas, pvt banks dip, FMCG, power upMoneycontrol.com - Jul 27, 2009 On the one side, FMCG, realty, power, metal and select telecom stocks witnessed buying interest while on the other side, oil & gas, private banking and ... Subdued Sensex ends flat India Infoline.com BSE Sensex little changed; Reliance disappoints Reuters India Sensex trades positive Myiris.com India's Billionaire Feud Flares UpForbes - - 4 hours ago He was alluding to an ongoing natural gas supply dispute between the brothers that has now reached the country's Supreme Court. Anil's accusation, made at a ... Anil Ambani says KG gas price will increase power cost by Rs 1 Daily News & Analysis Cairn to commence oil production from Rajasthan in AugustLivemint - 9 hours ago Cairn's Rajasthan oil fields will bring down India's oil import bill by $6.8 billion or 7%, Goldman Sachs said, adding that peak output from the fields is ... Cairn to start crude output from Rajasthan field in Aug Business Standard Indian Oil 1Q Net Beats Mkt Estimates; Shares Up Wall Street Journal Gas sector needs clear-cut policiesEconomic Times - Jul 29, 2009 Most oil and gas companies have to pump in equity investments into such projects at the initial stage till there is a discovery. ... RIL net slips 12% as refining margins halveEconomic Times - Jul 24, 2009 The availability of gas in India will double in December when RIL production reaches a peak level of 80 mmscmd. Deepak Pareek, an analyst with Angel Broking ... RIL net dips 12%, 3rd time in row Times of India RIL net profit falls 11.5% Business Standard Recession spoils RIL show Calcutta Telegraph Andhra Pradesh govt to bid for oil and gas blocks under Nelp-8Livemint - - Jul 27, 2009 This would make Andhra the second state in India after Gujarat to bid for oil and gas blocks through Nelp. Energy hunt: Andhra Pradesh chief minister YS ... Andhra to ask for own gas fields Daily News & Analysis OIL eyes acquisition of blocks in India, abroadHindu Business Line - - Jul 28, 2009 Its upstream counterpart Oil and Natural Gas Corporation led the way with Rs 429 crore. Unlike in the past, OIL and ONGC will now only have to support the ... IOC-OIL JV close to acquiring Gulf KeystoneTimes Now.tv - Jul 29, 2009 IOC and OIL, who had overseas ambitions, were in December 2005 allowed by the government to jointly bid for oil and gas properties. ... IOC to acquire Gulf Keystone? Indopia Top oil companies to report lower Q1 profitsEconomic Times - Jul 22, 2009 Reliance, the country's largest listed company with a market value of $60 billion, began pumping gas from its vast, newly developed field off India's east ... Refiners hope LPG, kerosene losses will be made good Hindu Business Line GAIL to buy ONGC gas at $5.5 mBtu Times of India India looks for gas in distant Papua New GuineaThaindian.com - 6 hours ago It had ultimately unsuccessful talks with Exxon Mobil but now has begun discussions with InterOil, an integrated private oil and gas firm with licences in ... |
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Anil Ambani puts Deora in gas chamberEconomic Times - Jul 28, 2009 MUMBAI: Anil Ambani on Tuesday launched a bare-knuckled verbal assault targeting Murli Deora, India's petroleum minister and an old friend of Dhirubhai ... Ambani gas case to come up for mentioning in SC today Moneycontrol.com RNRL shareholders join Anil Ambani in bashing Deora Press Trust of India Anil meets key ministers, govt officials Business Standard Under UP welfare garb, SP pushes Anil case in HouseEconomic Times - 18 hours ago All this while, his party colleagues kept gunning for petroleum minister Murli Deora, demanding his resignation for meting out "a grave injustice to UP". Mr ... Ambani war rocks politics again Daily News & Analysis Ambanis gas war rocks Lok Sabha Deccan Herald RIL-Niko invest $5.98 bn in KG-D6: DeoraSify - Jul 27, 2009 Reliance Industries (RIL) and its Canadian partner Niko Resources have invested '5.98 billion in the oil and gas fields in the Krishna Godavari basin block ... Fuel price cut if oil falls below $50 Hindustan Times Profit from KG Basin Petroleum Press Information Bureau (press release) (press release) Government gets first share of profit from KG-D6 gas fielddomain-B - 43 minutes ago The government has earned its first profit share from Reliance Industries' eastern offshore KG-D6 gas fields, with the operator and its Canadian partner ... Govt gets first share of profit from KG-D6 Hindu Business Line No bowing to pressure on IPI pipeline project: DeoraHindu - Jul 20, 2009 The problems included finalisation of tariff, transportation cost and security concerns, Petroleum and Natural Gas Minister Murli Deora said in the Rajya ... India will not bow to pressure on Iran gas pipeline Tehran Times India takes new look at IPI United Press International (subscription) Hurdles delaying IPI line: India The News International Deregulation of oil prices with human face: DeoraHindu - Jul 12, 2009 Photo: PTI Minister for Petroleum and Natural Gas Murli Deora (right) interacts with Bohra industrialists and traders at an international exhibition at the ... 'Deregulation need to have a human face' Financial Express Marxists & BJP find common cause in petroleum pricingEconomic Times - Jul 21, 2009 Minister for Petroleum and Natural Gas Murli Deora failed to respond to queries from Opposition on the government's policy for pricing petroleum products ... July price hike fails to cheer up oil firms Calcutta Telegraph Oil PSUs lose revenue despite prices hike: Deora Commodity Online Deora: decontrol of oil prices will hit common manHindu - - Jul 5, 2009 With the international crude oil prices on the rise this is not the time to decontrol, according to Minister for Petroleum and Natural Gas Murli Deora ... Eco-friendly plans of CPCL commendable: Murli Deora Express Buzz Worry remains on OMCs' health: Deora Business Standard Govt justifies fuel price hike NDTV.com FDI inflow risesCalcutta Telegraph - Jul 27, 2009 New Delhi, July 27: Reliance Industries and its Canadian partner Niko Resources invested $5.98 billion in the oil and gas fields in the Krishna Godavari ... Rationalise tax on petrol, diesel: DeoraHindu - Jul 3, 2009 NEW DELHI: Petroleum and Natural Gas Minister Murli Deora has written to Chief Ministers of all States to rationalise the tax structure on petrol and diesel ... |
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Gas sector needs clear-cut policies
http://economictimes.indiatimes.com/Opinion/Comments-Analysis/Gas-sector-needs-clear-cut-policies/articleshow/4833071.cms
IOC Q1 net profit at Rs 3,682.83 crore
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Agencies
Posted: Jul 30, 2009 at 1343 hrs ISTMumbai Indian Oil Corporation reported a net profit of Rs 3,682.83 crore for the first quarter ended June 2009.
The company had a net profit of Rs 415.13 crore in the corresponding period a year-ago.
Total income of the state-run company declined to Rs 60,683.97 crore in the April-June quarter from Rs 89,148.57 crore in the corresponding period last fiscal, IOC said in a filing to the Bombay Stock Exchange.
In March 2009, IOC merged Bongaigaon Refinery and Petrochemicals (BRPL) with itself. Hence the figures of the corresponding period last fiscal are not comparable with that of the quarter under review.
Average gross refining margin was USD 7.36 per bbl, against USD 16.81 per bbl in the June quarter last fiscal.
The company's revenue from sale of petroleum products stood at Rs 52,853.68 crore against Rs 79,172.81 crore in the same quarter last year.
Shares of IOC were trading at Rs 549.50, up 2.81 per cent in the afternoon trade on BSE.
WASHINGTON — Americans are more likely to disapprove than approve of how President Barack Obama dealt with the racially tinged dispute between a white Cambridge, Mass., police officer and a well-known black Harvard scholar — with disapproval especially strong among white voters, according to a poll released Thursday.
The July 16 arrest of Henry Louis Gates Jr. for disorderly conduct in his own home sparked a national debate over racial profiling and police conduct. The controversy intensified after Obama last Wednesday said police "acted stupidly" when they arrested Gates, who is a friend of his.
The poll by the nonpartisan Pew Research Center found that 41 percent disapproved of Obama's handling of the Gates arrest, compared with 29 percent who approved. The poll also found the incident and Obama's reaction saturated the public consciousness. As many as 80 percent of Americans said they are now aware of Obama's comments on the matter.
The president's approval ratings fell, especially among working class whites, as the focus of the Gates story shifted from details about the incident to Obama's remarks, the poll said. Among whites in general, more disapprove than approve of his comments by a two-to-one margin.
The poll was conducted Wednesday to Sunday last week. Among those interviewed on Wednesday and Thursday, 53 percent of whites approved of Obama's job performance. This slipped to 46 percent among whites interviewed Friday through Sunday as the Gates story played out.
Obama's overall job approval in the poll was 54 percent, down from 61 percent in a mid-June Pew poll.
White House aides had sought to play down the president's comment, but the subsequent outcry and constant commentary reached such a pitch that Obama acknowledged publicly that he should have been more diplomatic with his words.
"Over the last two days as we've discussed this issue, I don't know if you've noticed, but nobody has been paying much attention to health care," Obama told reporters on Friday when he surprised them in the White House briefing room to revisit the Gates issue.
Gates, who is black, was taken into custody by Cambridge Sgt. James Crowley, who is white, after Crowley accused him of disorderly conduct for protesting the policeman's actions in responding to a mistaken report of a possible burglary at Gates' home. The charges were later dropped.
White House aides said it became clear the matter was not going away.
So Obama made phone calls to each participant and invited them to join him for a beer at the White House. The meeting is set for Thursday evening.
Pew re-contacted 480 of the poll respondents on Monday, July 27, to ask them more questions about the Gates matter. They found that people are divided as to who should be blamed for the Gates arrest: 27 percent blame Gates and 25 percent Crowley. Another 13 percent of respondents say both or neither are at fault.
A separate poll said almost a third blame both the scholar and the sergeant. An NBC News/Wall Street Journal poll found 27 percent think Gates was at fault, 11 percent blamed Crowley and 29 percent said each was equally at fault.
The Pew poll of 1,506 adults was conducted July 22-26. It has a margin of error of plus or minus 3 percentage points. For the re-interview survey of 480 adults on July 27, the margin of error is plus or minus 5.5 percentage points.
The NBC News/Wall Street Journal poll of 1,011 people was conducted Friday through Monday. It had a margin of error of plus or minus 3.1 percentage points.
Centre looks to avoid face-off with ADAG
While a government official hinted that the Centre may modify its special leave petition (SLP) filed in the Supreme Court on the KG basin Gas dispute, Anil Ambani on Wednesday requested the petroleum ministry and Reliance Industries, controlled by elder brother Mukesh Ambani, to work towards a speedy resolution of the issue.
An official directly involved in the legal process told ET NOW that the government would file an application for leave at the Supreme Court to modify the SLP.
"There is a wrong perception that has gone out that the government is entering a private dispute between the two brothers ; so, some changes may be made to the SLP to dispel that perception," he said, requesting anonymity.
The changes in SLP may pertain to the petroleum ministry's statement on the MoU. The ministry has, in its SLP, stated that the MoU between the two brothers should be declared null and void. But the view emerging from the law ministry and legal counsels is that it is this statement that has given rise to all the trouble.
A day after firing the first salvo at Reliance Industries (RIL) and the petroleum ministry at the RNRL annual general meeting on Tuesday, ADAG chairman Anil Ambani requested the petroleum ministry and elder brother firm RIL to join him to seek an expeditious final hearing of the legal dispute.
Mr Ambani, while addressing a media conference call on Wednesday, said RNRL informed the petroleum ministry and RIL that RNRL's counsel will request the Supreme Court on Thursday to take up the matter for final hearing on September , 1, 2009. "Since the petroleum ministry has reiterated on several occasions that the matter is of national importance, RNRL hopes that they would also agree to our request for an expeditious final hearing of the matter, and will not be misguided by RIL—who we believe only want to delay the matter indefinitely to the detriment of public interest," Mr Ambani said.
"I will be personally happy to be proven wrong if RIL also agrees to our request tomorrow — if they genuinely want the matter to be resolved expeditiously ," he added.
http://economictimes.indiatimes.com/News/News-By-Industry/Energy/Oil-Gas/Centre-looks-to-avoid-face-off-with-ADAG/articleshow/4836182.cms
Creating a subaltern stimulus
Generally, three types of income transfer strategies - providing cash grants, distributing vouchers, and giving cash for work - are used in
India has mainly experimented with the cash for work model and the National Rural Employment Guarantee Act (NREGA), is an example.
One way to create a subaltern stimulus is to broaden the NREGA to other productive sectors: for example, extension to the farm sector will mean that the government pays Rs 100 to cultivators to hire field workers and the balance wage is paid by the farmers.
Besides employing unemployed workers, this is also likely to make the farm sector more competitive. Moreover, inclusion of conditionalities is expected to account for specific and general contextual details of local areas. Generally, conditionalities are decided on a case-by-case basis and are included to reduce specific types of poverty and disadvantage; deal with different types of risk; incentivise desirable types of consumption and promote positive spending; develop markets for products and services; remove social, market, and administrative discrimination that prevent the poor to engage more fully in development processes; and achieve goals emanating from wider public interests.
Extension of NREGA (called NREGA plus) to other productive sectors combined with conditionalities as add-ons (e.g., additional cash or vouchers for children regularly attending school) provides an opportunity to design a development doctrine, in the way used by Andreas Faludi, whose core consists of NREGA plus and cash transfer with alterable conditionalities surrounding the core. The conceptual foundation of the doctrine is provided by Amartya Sen's entitlement theory - that lack of access to food (goods and services), rather than failure in food supply leads to famines.
The reinvented development doctrine has several advantages. First, apprehensions about outflow of capital from productive activities to meet domestic shocks and stresses (eg, serious health ailments) are expected to be reduced. Second, multiplier effects on agriculture and livelihoods are likely to increase the demand for local goods and services. Third, administrative cost will be less, corruption opportunities reduced, and the need to establish complex monitoring mechanisms will be eliminated. Fourth, the life of the poor will become dignified.
They will no longer have to stand as supplicants before development administrators. Additionally, women and the aged will be empowered if the cash transfer is made in their favour. Finally, increased choices available to the poor will account for variations in preferences for goods and services from poor to poor (eg, family decides how much to spend on food and education).
Some of the intensively investigated transfer programmes are: Oportunidades (Mexico), Social Protection Network (Nicaragua), Bolsa Escola and PETI (Brazil), Family Assignment Program (PRAF - Honduras), Chile Solidario (Chile), and Program of Advancement through Health and Education (Jamaica). Brazil has a bunch of transfer programmes.
The BPC is a continuous cash benefit programme that transfers cash, unconditionally, to the extremely poor with disabilities; the PETI transfers cash to eradicate child labour from hazardous and dangerous activities; the Bolsa Familia is the main conditional cash transfer programme targeting poor families with income less than $40; the Bolsa Escola targets children between six and 15 years of age; the Bolsa Alimentacao fights infant mortality in poor families; the Auxilo Gas compensated poor families after ending food subsidies in 2001; and the Cartao Alimentacao was created to provide food security to the poor in 2003.
The Mexican government started the Oportunidades in 1997 (then called Progresa) to replace traditional supply-side subventions with demand-side interventions through direct cash transfer to poorest families with conditionalities, such as enrolment of children in schools. Evaluation of the Mexican programme has showed that most important reductions in poverty took place among the poorest households and substantial general equilibrium welfare impacts by switching to a better targeted transfer scheme.
Implementing the NREGA plus is likely to pose several challenges. Simple and transparent targeting is expected to be a major issue. An innovative way could be to conduct a referendum, with a yes/no option, to determine eligible beneficiaries. We trust the local community and if they feel that a family requires help, perhaps that is the best decision.
Moreover, robust delivery mechanisms and transparency about peoples' entitlements will require creative solutions based on the lessons learnt from the implementation of development programmes during the last 50 years. Furthermore, development administrators will have to understand that people are capable of exercising their judgements to make best use of the money.
Additionally, politically difficult choices will be required because secure regular source of funding can only be found by collapsing several programmes. Finally, appropriate conditionalities and other institutional responses - to regulate misuse of money (eg, alcoholism, gambling) - will require innovative policy responses.
http://economictimes.indiatimes.com/Opinion/Creating-a-subaltern-stimulus/articleshow/4835926.cms
Emotional Reliance Out Burst!
PRANAB Set to Bail Out Murali Deora!
Ruling Hegemony Defends the Cup Boards Full of Skeletons! anil Ambani Demand to Probe HUGE SCANDAL UNHEARD!
A two-day debate in parliament on a controversial India-Pakistan joint statement that sought to delink terrorism from dialogue ended Thursday with the government reiterating that there was no dilution in its stand on countering cross-border ...
Questioning clearance by junior Oil Ministry officials to the near four-fold hike in costs to Rs 45,000 crore for gas fields by Mukesh Ambani-led RIL, Anil Ambani demanded a probe into the "huge scandal."
"I am deeply concerned that RIL's capital expenditure of nearly Rs 45,000 crore on KG-D6 fields as confirmed in Parliament by the Petroleum Minister and which is nearly 33 per cent of India's total defence budget was cleared by a management committee..." he said in an e-mailed interview.
"The committee comprised of one junior level official each from the Petroleum Ministry and Director General of Hydrocarbon and two representatives of the contractor (RIL)...talk about conflict of interest," he said, adding that any expenditure above Rs 150 crore by any arm of government goes to the Cabinet Committee of Economic Affairs for approval.
Given the incredibly high stakes involved, the Comptroller and Auditor General and Central Vigilance Commission should examine relevant facts and find out if capex was overstated, Anil said, pointing that budgeted expenditure of RIL for peak production of 40 mmscmd was only Rs 12,000 crore in 2004.
Anil alleged that Petroleum Ministry, particularly after the changes in 2006 (when Murli Deora took over as minister), was colluding with RIL in its quest to make "super-normal profits of Rs 50,000 crore" at the cost of power and fertiliser sectors.
Meanwhile,the Supreme Court refused to take up a gas dispute between Reliance Industries and RNRL for final hearing on September 1, rejecting the prayer of Anil Group company for expeditious proceedings.
In Indian parliament, the Ruling Hegemony and the Adjusted Co Opted SC ST OBC and Minority EUnuchs continue the hate Pakistan campaign Diluting all major Basic and economic Issues! Thus, Disinvestment of Oil Companies in Profit has become a continuous Economic Process with wings of Manipulated MANDATE!
Reliance saga threatens to EXPOSE the political ECONOMY Naked, thus the discussion is preempted in every forum and brancjes of so called DEMOCRACY!
Pranab, ultimately takes CARE to defuse the HUGE SCANDAL!
What does he deal with?
just see!
Ruling out war as an option, finance minister Pranab Mukherjee on Thursday reinforced Prime Minister Manmohan Singh's position that
"Neither have we succumbed to terrorism nor will we stop talking," Mukherjee told the Lok Sabha during a debate on issues arising from the Prime Minister's foreign visits, including his trip to Egypt where he met Pakistan Prime Minister Yousaf Raza Gilani. Action on terror was independent of any composite dialogue, he asserted.
"The NDA did it. The UPA did it. This is the way the world of diplomacy moves," Mukherjee said while reminding Parliament that over the last 10 years, governments across the political spectrum in India kept talking to Pakistan despite brief disruptions after terrorist attacks.
"We can't erase Pakistan. It's going to exist. War is no solution," Mukherjee said while underlining the importance of keeping talks going with Pakistan.
Mukherjee, who was foreign minister when the Mumbai attacks took place, clarified that talking did not mean the resumption of a full-fledged dialogue.
"Keeping channels open does not mean surrendering our position on terrorism," Mukherjee stressed, adding that Pakistan must act credibly and verifiably to dismantle the terrorist infrastructure operating from it's soil.
During his intervention in the debate on Wednesday, Manmohan Singh asserted that there was no dilution or rupture of national consensus on terrorism emanating from Pakistan but made it clear that the only alternative was to continue the engagement with Islamabad.
What a COVER UP game played by our ELECTED Representatives!
A bench headed Chief Justice K G Balakrishnan said it will decide on the date of final hearing on September 1 when it will consider various petitions related to the dispute.
The RNRL prayer came up for mentioning and the company's counsel Mukul Rohtagi requested that final hearing be taken up on September 1 as the entire Bombay High Court record was before the apex court and nothing was left to be filed.
"All parties are here," he said, referring to Mukesh Ambani-led RIL, the government and gas users.
RIL counsel Harish Salve, however, questioned the need for early final hearing, saying "what public interest would this serve?"
The court enquired whether the petitioner wanted interim arrangement on the September 1 or the final order, Rohtagi said that RNRL was not looking for interim arrangement.
At this point Salve requested the court that there should be complete silence from all parties as people are going to the media.
Additional Solicitor General Mohan Parasaran said the government also wanted early resolution of the dispute.
The court said it will try to give an early date but the first week of September is not possible.
Seeking early resolution to the gas supply dispute involving Mukesh Ambani led RIL and Oil Ministry, Anil Ambani said that his group firm RNRL would approach the Supreme Court for final hearing on September 1.
The Supreme Court is scheduled to hear on September 1 cross-appeals by both Ambani group firms, as also a petition by the Petroleum Ministry against a Bombay High Court order that asked RIL to supply gas to RNRL at USD 2.34 per mmBtu against the officially prescribed USD 4.2 per mmBtu.
Economic Times reports:
The Supreme Court  "The matter will be taken up on Sep 1. On that day we will give a short date for early decision in the case", said a bench headed by Chief Justice KG Balakrishnan. The court in its brief order said, "List the matter on Sep 1 for directions". RNRL counsels Mukul Rohatgi and Mahesh Agrawal mentioned the matter before the bench seeking an early decision in the case. In its mentioning note, the RNRL said, "we will be requesting honourable court (SC) to clarify/direct that the main petitions (RIL and RNRL) may also be taken up for final hearing and disposal on and from Sep 1, 2009, the date already fixed by the court". The court inquired from RNRL counsel whether the the petitioner want an interim order of the court in the case? Rohatgi then replied, RNRL was not looking for any interim order but final disposal of the matter. Rohatgi further said, all the records of the Bombay high court were before the apex court. It may look into those and decide the matter expeditiously. However, if any party want to file any additional document, they are at liberty to do it, said Rohatgi. Rohatgi further submitted that all the concerned parties were here. They should not have any difficulty in fast tracking the case. RIL counsel Harish Salve did not objected to the plea. He however, drawn attention of the court towards the procedural difficulty in constituting a three judge bench to hear the case. All these will take time and matter may go up for final disposal after Diwali holidays in Oct, said Salve. The court is scheduled to resume on Oct 19 after Diwali holidays. However, RNRL counsel Rohatgi wanted the case should be given a primacy and decided in the month of Sep itself preferrably within 20 days from Sep 1 onwards as the apex court is scheduled go for the Durga Puja holidays from Sep 21 onwards. Government's counsel and additional solicitor general Mohan Parasaran also did not objected to the plea of RNRL. After hearing all the three concerned parties, the court said, in order to fast track the matter, it will give a short date on Sep 1. On July 20, a two judge bench of the apex court had issued notices to RIL and RNRL on a Special Leave Petition filed by Ministry of Petroleum and Natural gas seeking quashing of the Bombay high court order directing RIL to supply gas to RNRL at $2.34 per mmBtu. The government in its SLP had said, the high court contradicted its gas allocation policy that favoured priority sectors like fertiliser and power. The Union government also sought the MoU between the Ambani brothers, according to which the Anil Ambani-led ADA Group is entitled to a share of the gas from the KG basin, to be quashed on the ground that the Ambani brothers don't own the gas. The court seeking replies from both RIL and RNRL on centre's SLP had posted the matter for further hearing on Sep 1 before a three judge bench. The main petitions, however, were filed earlier in the apex court by both RIL and RNRL. Subsequentlu government had also moved a SLP in the apex court on the issue. RIL had moved the apex court challenging the Bombay High Court order that asked it to supply 28 mmscmd of gas to RNRL at USD 2.34 per mmbtu. Reliance Industries Ltd in its appeal had alleged that the High Court had erred in deciding the three term s -- quantity, tenure and price of gas supply -- to power plants of RNRL affiliates. RNRL on the other hand appoched the Supreme Court against the part of the high court judgment. RNRL had said, the high court while directing that the Gas Supply Agreement ought to be amended should have given final and effective directions for amendment of such agreement to make it bankable. | |
Govt considers up to 74 pc disinvestment in HMT Bearings Ltd
The government is planning to offload stake in HMT Bearings Ltd (HBL) and is scouting for joint venture partners in some other
"Disinvestment up to 74 per cent equity in HMT (Bearing) is under consideration of the government," Minister of State for Heavy Industries and Public Enterprises Arun Yadav said in a written reply to a query in Lok Sabha.
HBL, set up in 1964, is 97 per cent held by HMT Ltd and makes ball and roller bearings.
On whether the government has any proposal to reduce its equity in other companies, Yadav said, "the government has invited expression of interest (EoI) for joint venture partner in Tungabhadra Steel Products Ltd, Triveni Structural Ltd, Nepa Ltd and Hindustan Cables Ltd, which may have an impact on government's equity in these PSEs."
The minister said the government has provided funds worth Rs 5,521.73 crore for 12 units including HMT (Bearings) Ltd, Andrew Yule and Co, Bridge and Roof Co Ltd, Heavy Engineering Corp Ltd and Braithwaite and Co Ltd.
Further, Yadav said the government did not have any fixed target to revive sick units for the current Five Year Plan period or in the current financial year.
Yadav added that the department undertakes restructuring of Central Public Sector Enterprises under its administrative control in line with the overall Public Sector Policy of the government.
So far, 27 loss-making PSE cases have been submitted to the Board for Reconstruction of Public Enterprises (BRPSE) which has given its recommendations in all cases.
Out of these 27 PSEs, the government has approved revival or restructuring for 15 of them and joint ventures/closure for 4 of them.
Yadav added that the department undertakes restructuring of Central Public Sector Enterprises under its administrative control in line with the overall Public Sector Policy of the government.
So far, 27 loss-making PSE cases have been submitted to the Board for Reconstruction of Public Enterprises (BRPSE) which has given its recommendations in all cases.
Out of these 27 PSEs, the government has approved revival or restructuring for 15 of them and joint ventures/closure for 4 of them.
Mittal not mulling acquisitions in India
ArcelorMittal chief L N Mittal has said he will not give up his Rs 1 lakh-crore India projects though he is disappointed at the delays the company is facing in securing regulatory approvals.
"We are not going to give up," Mittal said, expressing disappointment at the "progress made so far."
ArcelorMittal wants to cash in on the demand for steel in India but said it is constrained by the delays in getting mining and environmental clearances for the projects.
"We are losing the opportunity of participating in India's growth. We are committed to the country. We have been working on this project for several years. We have a team already in India which is all the time working on it," he said over phone.
Asked if the company is considering acquisitions, Mittal said, "takeover is not the idea for India."
The world's largest steel producer is working on modalities to set up two 12-million tonnes per annum steel mills, one each in Jharkhand and Orissa.
"I think we are in constant dialogue with all the government authorities and bureaucrats. Whenever I have a chance I appraise them of the progress that we are making," Mittal said
Overseas borrowing rises four-fold to $1.9 bn in June
Indicating some recovery in the global scenario, overseas borrowings by India Inc have increased phenomenally by nearly four-fold to USD
The total overseas loans raised by 48 companies through external commercial borrowings (ECB) moved up from USD 494 million in May to USD 1.9 billion in June, according to the ECB data, released by the RBI today.
Of the total overseas borrowings, USD 573 million were raised through automatic route and USD 1.3 billion was mopped up through approval route.
"This is in consistent with the recovery in the global scenario," rating agency Crisil Principal Economist D K Joshi said.
The ECB data for June showed that most of the companies raised overseas funds for import of capital goods, modernisation, projects, among other things.
HDFC Bank Economist Jyotinder Kaur said it is largely due to pull and push factor in favour of India.
"While the push seems to be supported by stabilisation in international financial markets, the robustness in Indian economy is creating the pull factor," she said.
Out of USD 1.9 billion, the National Aviation Company of India Ltd (NACIL) borrowed USD 830 million through approval route for import of capital goods, while DLF mopped up USD 300 million during the month.
Food inflation goes up by 1.2% in just one week
Higher vegetables and pulse prices pushed up the country's food inflation by 1.2 per cent during the week ended July 18, giving no relief to consumers, even as the overall price level for the seventh week in a row remained below zero.
The maximum increase was seen in the wholesale price of vegetables, which rose by 4.9 per cent, followed by pulses that went up by 4.2 per cent and meat/egg/fish rose by 3.5 per cent in just one week, according to official data.
Food inflation rose even as India's annual rate of inflation fell marginally to minus 1.54 per cent for the week ended July 18 from minus 1.17 in the previous week.
According to economists, prices of vegetables are ruling high due to short supply of key items like tomato amid delayed monsoon in most states.
Similarly, prices of most pulses are ruling high owing to supply-demand mismatch. Currently, there is a shortage of four million tonnes of pulses in the country, they said, adding the impact of late monsoon on the planting of Kharif pulses is also weighing on prices.
In the pulses category, the wholesale prices of arhar (tur) went up 9 per cent, gram by four per cent, moong and masur by three per cent each and urad by two per cent during the week in the wholesale market, the data showed.
Currently, arhar has breached a psychological mark of Rs 100 a kg in most retail counters in the country.
Consumers are hit badly as retail prices of most food commodities are ruling about 50 per cent higher than the wholesale market, experts said.
According to the data, the wholesale price of mutton has also shown a sharp rise of about 14 per cent, while some cereals like maize and ragi have increased marginally by one per cent each during the week ended July 18.
However, the prices of condiments and spices showed a decline of 1.4 per cent, it said.
The country produced about 233.88 million tonnes of foodgrains in 2008-09, compared with 230.78 million tonnes in the previous year.
Price rise in pulses worry Pawar
The government attributed the skyrocketing prices of pulses to less production and supply and said there is a "little serious problem"."The problem is because of less production. Even this year also, the areas where we generally get pulses have less rain. These are essentially rain-fed areas and that's why definitely there is a little serious problem," Agriculture Minister Sharad Pawar told reporters on shooting prices of pulses like arhar dal, which is now selling around Rs 90 a kg.
Pawar, however, said the government would take measures to resolve the problem. "Actually it's a question of availability.... We are also working on how to resolve it. We are consulting some of the states. We are in process of making some schemes," he said.
But the minister declined to share details, fearing repercussion in markets. "I do not want to disclose it now, because it will create impact or repercussion in some market." India has produced 14.66 million tonnes of pulses in the 2008-09 season against its annual domestic consumption of over 18 million tonnes. The gap between demand and supply is bridged through imports.
According to the official data, retail prices of pulses have shot up by up to 40 per cent in major cities across the country. Arhar rates have gone up to Rs 88 a kg in the national capital from Rs 63 a kg just a month ago.
Pensionary benefits only after 20 years of service: CAT
Government employees can claim pension only if they have completed a minimum of 20 years of service, the Central Administrative
"The applicant, Mukesh, cannot claim pension, only for the reason that he had opted for the VRS. Qualifying service is essential for a government servant to claim pension as there is no relaxation permissible," the CAT, headed by Vice Chairman M Ramachandran, said.
The Tribunal passed the order on a plea of a Delhi Transport Corporation (DTC) employee who alleged that he had not been given the pensionary benefits after he opted for voluntary retirement scheme (VRS) and sought directions for relief.
The CAT noted that the pension scheme was there as per the Central Civil Services (Pension) Rules and minimum incumbency of 20 years of service was required for a person to claim pension as a matter of right.
"Since Mukesh had to his credit only 10 years of service, it would not have been possible for the DTC to extend him the pension benefits," the Tribunal said.
"Mukesh had been given the benefits legally due to him and as authorised by the scheme," the CAT said, adding, that the provident fund and the gratuity was refunded to him.
Mukesh had been in service as a conductor with DTC from 1982 and he had opted for VRS in 1993. He was grieved after he had not been given the pensionary benefits following retirement.
'India's foreign policy not based on whims of one party'
Even as the ruling UPA emphatically and vociferously defended the signing of the recent India-Pakistan joint statement in Sharm-el-Sheikh, Egypt, the Bharatiya Janata Party (BJP)-led opposition walked out of the Lok Sabha on Thursday afternoon, specifically protesting on the issue of Balochistan and the de-linking of terror from the composite dialogue process.
Defending Prime Minister Manmohan Singh's stand on the statement, Finance Minister Pranab Mukherjee, who was an external Affairs Minister not too long ago, said India's foreign policy was an extension of national interest, and New Delhi had not compromised on this at any stage in the past or at the recent Red Sea resort summit meeting.
"Our stand on terror remains undiluted. Our country's foreign policy is not based on the whims of one political party. We have not compromised India's sovereignty," said a highly charged Mukherjee in spite of constant heckling from the opposition benches. Stating that India's foreign policy is of nearly 5000 years standing, Mukherjee echoed Dr. Singh's stand on the joint statement saying that it was necessary.
"Pakistan must dismantle the terror mechanism operating from its soil. India is not interested in Balochistan. The reference to Balochistan in the Indo-Pak Joint statement was a unilateral mention by Pakistan," Mukherjee added.
In apparent reference to an opposition jibe that the present government was made to ink the joint statement in Egypt because of pressure from Washington, Mukherjee said there was no pressure from anyone or any country.
The opposition BJP took on the government saying that they did not believe that the UPA felt that foreign policy was an extension of national interest.
Leader of Opposition L.K. Advani asked what was the need for the government of the day to agree to have Balochistan mentioned for the first time in a joint statement by India and Pakistan?
Endorsing former External Affairs Minister Yashwant Sinha's warning that India would find it very difficult to live down this particular aspect of the joint statement for years to come, Advani said it was not enough to say that New Delhi's hands were clean on the issue. He said the government's reply did not justify the inclusion of Balochistan in the statement.
When External Affairs Minister S.M. Krishna endorsed the Prime Minister and Mr. Mukherjee's stands on the joint statement and on the issues of terror and Balochistan, the BJP said there was no point in participating in the debate any further and walked out.
The government's defence of the joint statement came after Congress President Sonia Gandhi and party General Secretary Rahul Gandhi came out in full support of Manmohan Singh.
Addressing the meeting of the Congress Parliamentary Party (CPP) here on Thursday, Sonia said, "The party fully supports and welcomes the Prime Minister's reply on the Indo-Pak joint statement."
"Talks with Pakistan can resume once it actually takes action on terror and not allow its soil to be used for anti-India activities," she added.
Supporting the Prime Minister's statement, Congress spokesperson Manish Tiwari said: "The party had made its stand very clear on PM''s reply. I don''t think that after the Party President has spoken, there is any need for anyone to add or subtract from it."
Several parliamentarians complimented Dr. Singh for his convincing speech in the Parliament on the Indo-Pak joint statement, at the dinner hosted by Sonia Gandhi for the party MPs on Wednesday.
Party General Secretary Rahul Gandhi also praised Dr. Singh by describing his speech as convincing. "The speech was very good and the Prime Minister is always convincing," Rahul had said.
Intervening in Wednesday's debate on the Indo-Pak joint statement in the parliament, Singh said it was "in our vital interest to make sincere efforts to live in peace with Pakistan" and emphasized that India wanted good relations with Pakistan.
Singh said: "Unless we talk directly to Pakistan, we will have to rely on third parties to do so. That route has severe limitations as to its effectiveness".
He, however, added that "despite the best of intentions, we cannot move forward if terrorist attacks launched from Pakistani soil continue to kill and injure our citizens, here and abroad. That is the national position."
Action to recover black money in Swiss banks initiated: PM
Prime Minister Manmohan Singh told the Rajya Sabha on Thursday that "action has already started" for getting back black money belonging to Indians from Swiss banks.
His remark came after Prakash Javadekar (BJP) sought to know from the Prime Minister what the UPA government was doing to bring back the money within 100 days.
As Javadekar's supplementary was not related to the main question on G-8 meeting, Chairman Hamid Ansari asked him to stick to the subject.
But, the Prime Minister stood up and said, "yesterday when Finance Minister was replying to the Finance Bill in this House, he specifically dealt with this aspect and had said that action has already started on it."
Gujarat High Court approves petition seeking RPL-RIL merger
It's official: Anil Ambani group to build Metro-2 too
| AHMEDABAD: The Gujarat High Court The court however, stayed its order for two weeks after three shareholders requested time to approach a higher authority. Justice Jayant Patel, hearing the petition filed by RPL for approval to merge RPL with RIL, observed that the share exchange ratio of 16 RPL shares for one of RIL, proposed by the company was just, while the Valuation and Fairness Report of the merger was fair. The court also rejected the objections raised by three shareholders- Vishweshwar Raste, Sailesh Mehta and Rasiklal Maradia- that the report submitted by RPL in the court had weaknesses. The three raised questions on the infirmity of the valuation report submitted by RPL in the court. They questioned the share exchange ratio proposed by RPL saying that it was improper as there was no mention in the valuation report how the ratio was worked out. They also alleged that the valuation report was not done by an independent agency. | |
Express News Service
Posted: Jul 30, 2009 at 2355 hrs ISTMumbai Two months after Anil Ambani's Reliance Infrastructure-led consortium emerged the sole bidder for the city's second Metro rail corridor, the Mumbai Metropolitan Region Development Authority's executive committee awarded it the Rs 8,250-crore contract on Wednesday. Reliance Infrastructure is already building the first Metro corridor from Versova to Ghatkopar via Andheri.
"The bid they submitted was a reasonable one and we've awarded it to them after evaluation," said Dilip Kawathkar, joint project director (PR). Reliance Infrastructure will spend Rs 5,952 crore, with the Centre providing a viability gap funding (VGF) of Rs1,532 crore and the remaining Rs 766 crore coming from the MMRDA.
The 32-km corridor, with 27 elevated stations, will run from 5 am till midnight after commissioning. "The letter of intent is expected to be submitted in a couple of days. We expect them to sign the concession agreement by September 15," said Ratnakar Gaikwad, metropolitan commissioner.
This elevated design for the corridor has seen several protests from residents of Juhu, Vile Parle, and Linking Road. MMRDA officials say an underground route involves too high a cost; it would mean getting all designs passed again from authorities.
Two roads were cleared for development under the extended Mumbai Urban Infrastructure Project - Vasai to Kaman via Sativali (15 km) and Arnala to Ambadi via Virar, Kaner and Shirsad (19 km). A rail over-bridge will be built along with a link road on the first corridor at Vasai. "The development of a 34-km road network and the bridge will cost Rs 285 crore," Kawathkar said.
The committee named Louis Burger Inc as consultants to study the feasibility of developing 14 underground stations between Colaba and Bandra, in the third Metro corridor.
http://www.expressindia.com/latest-news/Its-official-Anil-Ambani-group-to-build-Metro2-too/495698/
Nothing personal, strictly business: Anil Ambani
In an exclusive interview to ET, Anil Ambani says Mukesh "has already made it amply clear, both within the family, and externally, that he does
There's nothing personal, it's strictly business, says Anil Ambani, chairman of the Anil Dhirubhai Ambani Group, a day after he lashed out at his elder brother and Reliance Industries Ltd (RIL) chairman Mukesh Ambani, and the petroleum ministry. Speaking exclusively to ET's Soma Banerjee on what forced him to deliver that impassioned speech, Mr Ambani says his "respected elder brother's" stand on the K-G basin gas sharing dispute subverts what all group patriarch Dhirubhai stood for. Petroleum ministry's intervention is a throwback to the "licence-raj" era, says Mr Ambani, asking why the ministry chose to intervene in the issue only after the Bombay High Court ruled in favour of his stand. Excerpts:
What were the factors that played on your mind when you were preparing for the speech?
There was emotion, sentiment and regret...but thankfully, no anger. And above all, there was great sadness, and even greater pain.
Sadness...that to enforce the gas supply agreement in the interests of shareholders in my group, I have been left with no choice but fight a court case against my very own respected elder brother — the person who I most looked up to, loved and respected, second only to my beloved parents.
Sadness... reflecting on the proud legacy of trust and fair play on which Reliance Industries was founded by my visionary father Dhirubhai Ambani, and how far RIL appeared to have moved away from those original values.
Sadness... that today, gas produced by RIL was flowing to others, before it could be used within the group - simply because RIL, for four long years, has denied us a bankable supply agreement on the terms that my respected elder brother and I shook hands on, with the blessings of my mother Kokilaben Ambani, who is God for me.... As I prayed before the meeting and sought blessings of Lord Shiva and my father from heaven, I asked them forgiveness.
Is this entirely a corporate dispute and not at all a personal one? Was the MoU ever discussed at the company boards?
I am quite surprised by the question. If the MoU was not discussed and approved by the RIL board, how did the entire reorganisation of the Reliance Group, including the scheme of demerger, take place in the manner that it did? How did RIL's board publicly thank my respected mother for facilitating the reorganisation in that fashion? How did RIL, even in its unilaterally executed version of the Gas Supply Agreement of January 2006, incorporate every aspect of the gas supply arrangements as recorded in the MoU? And how did board minutes filed by RIL before the Bombay High Court reflect that the board was provided full and complete knowledge of the MoU? All information relating to the gas supply arrangements are in the public domain. We are not keeping anything hidden.
Are you open to putting these differences aside and starting a fresh dialogue with your brother to take both the businesses ahead?
I have already spoken to my elder brother personally and requested him in the interests of over 8 million shareholders of my companies to arrive at a fair and amicable solution. I was disappointed at the outcome. It is undoubtedly frustrating, but my respected late father, my only guru, taught me - by lesson and example - not to be daunted by adversity, but to diligently pursue my karma, and leave the results in God's hands.
How do you interpret the supreme court's notice to RIL and RNRL?
As per the legal advice received by us, RIL cannot sign any new contract. In case RIL proceeds with signing of new contracts, we will take appropriate legal steps to protect our interests.
Have you tried resolving the matter at your personal level after the Bombay High Court order? Was there any meeting with your mother who played a crucial role in the family settlement?
I have, at every stage, made sincere efforts to amicably resolve all issues, but to no avail. To give you just one example, I offered to personally appear at a time and place of the Bombay High Court's direction, at an hour's notice, and sit across a table with my respected elder brother to amicably resolve all issues. Unfortunately, RIL's counsel informed the court that it was not convenient for my brother to participate in any such discussions.
My respected elder brother has already made it amply clear, both within the family and outside, that he does not visualise any further role for my respected mother in resolving this matter or any other matter.
What is the way forward? And how do you think policy loopholes could be plugged to avoid such cases in future?
There is only one way forward: Contractual obligations have to be respected and honored. There are no policy loopholes to be plugged. What has to be curbed are attempts to subvert policy to benefit RIL. I am also concerned that the Petroleum Ministry's stance is, in effect, that it will solely decide: who should sell gas, to whom, at what price, in what quantity, and when... without any heed to commercial considerations or contractual provisions!
http://economictimes.indiatimes.com/Markets/Analysis/Nothing-personal-strictly-business-Anil-Ambani/articleshow/4836111.cms
Govt stake sales to please market; no deficit cure
MUMBAI: Power firm NHPC Ltd will kick off a $1.25 billion IPO next week in the first share sale by a state company since the Congress party's
Despite opposition from labour groups and leftist parties, the government is forecast by some watchers to offload roughly $5 billion a year in state shares, which could hearten a bond market worried about fiscal responsibility but do little to address a yawning deficit and $90 billion borrowing plan.
Uncertainty over how stake sale proceeds can be used also clouds the outlook for any benefit to government finances.
"It is not a huge amount given the size of the government borrowing. But I think it could substantially change sentiment in the debt market," said Abheek Barua, chief economist at private sector lender HDFC Bank.
"What the market is likely to price in is the prospect of larger disinvestments going forward," he said.
Investors are expected to lap up shares in government firms, given attractive pricing, a record of outperformance relative to IPOs by private firms, and a roaring stock market run since March that has been fueled by an influx in foreign funds.
NHPC opens its IPO on August 7 in what would be the first for a state firm in India since Feb. 2008. Oil India is expected to follow with a $500 to $600 million issue in September.
Also in the works could be a multi-billion-dollar IPO by telecoms firm Bharat Sanchar Nigam Ltd and secondary offerings by power equipment maker Bharat Heavy Electricals, Rural Electrification Corp, trading firm MMTC Ltd and mining firm NMDC Ltd.
"Government deals typically have done well. Government a couple of times has been credited with reopening the IPO markets," said Vedika Bhandarkar, head of India investment banking at JPMorgan.
The pipeline of equity from state firms promises to top the record $6 billion raised from government asset sales between 1999 and 2004 when the pro-business Bharatiya Janata Party (BJP) was in power. During that period, shares were sold in firms such as Oil and Natural Gas Corp and Maruti Suzuki.
Since then, the government raised just $1.4 billion as allies of the ruling coalition and labour unions thwarted plans for stake sales.
"We could see issuances in infrastructure, power, mining and agricultural sectors followed by banks and insurance companies," said A. Murugappan, executive director at ICICI Securities.
FIIs bet big on real estate stocks
COIMBATORE: FIIs, who resumed their buying spree after a brief pause in the run up to the Budget, are placing their bets on realty stocks. FIIs,
FIIs have more than doubled their stake DLF, in the country's top real estate company. FII holding in DLF stands at 15.4% for June, the highest since its listing. FIIs have more than trebled their stake in Unitech, which has raised $900 million between April and June.
BSE Realty index, which is among the top performers in the current rally, gained most last week moving up 13.3% while sensex registered 4.3% increase. The rally was led by DLF, which zoomed 18.3% followed by HDIL and Unitech that gained 15.9% and 14.3% respectively.
"Stock prices (of realty firms) had corrected 90-95 % from their peaks. But the latent demand (for property) is still high," says Gopal Agrawal , head, equity, Mirae Asset global investments. "Now , big investors have come in and realty firms have also reduced debt and as a result equity values have gone up."
FII holding in Unitech, the country's second largest property developer have jumped from 5.96% in December to 22.79% in June, the highest exposure in more than three years. FII stake in the top two realty majors has hovered between 6-8 % in the past two years. FIIs have also increased their stakes in Indiabulls Real Estate (from 41.73% in March to 61.71% in June), Housing Development and Infrastructure and Orbit Corporation.
"Most of the sector's problems started due to lack of liquidity. But when global liquidity began easing out in early April the risk appetite went up," reckons Sameer Narayan, head, equity, Fortis Investments. Top realty companies are on a capital raising spree to reduce debt levels. They have raised $2.7 billion in stake sale in last few months and others are in the process of raising capital.
Morgan Stanley includes Rel Infra and DLF in its focus list
KOLKATA: Research firm Morgan Stanley has included Anil Dhirubhai Ambani Group firm Reliance Infrastructure and realty major DLF in its focus
"With an $8 billion order book and its 45% stake in Reliance Power, Reliance Infrastructure may be the cheapest way to play the infrastructure story in India," says a Morgan Stanley analyst in a research note.
"Companies engaged in building infrastructure should witness upgrades to earnings given the increased focus on that sector from the government," adds the Morgan Stanley note.
| Adani Power IPO subscribed 7 times 30 Jul 2009, 1955 hrs IST, PTI |
The Adani Power issue, the second biggest public offer after that of Reliance Power in 2008, attracted good investor response and received bids for over 170.69 crore shares against 24.87 crore shares on offer, achieving a demand for 6.86 times the shares on offer.
The portion reserved for qualified institutional investors got subscribed 13 times, non-institutional investors and retail investors 2.16 times and 0.55 times respectively for the shares on offer.
The issue, which has roped in leading institutional investors like Credit Suisse and T Rowe Price International Inc, is the first issue to have anchor investors.
Anchor investors, the qualified institutional investors for whom bidding process is carried out a day before the issue opens, has subscribed to 5.28 crore shares at Rs 95 a piece.
Marketmen said the attractive price band of the IPO enthused investors besides the overall recovery in the secondary market that is getting reflected in the primary market.
The price band of the IPO has been fixed between Rs 90-100 and the company plans to raise Rs 3,160 crore at the upper end of the band.
India Inc plans IPOs worth more than Rs 16,000 cr: Study
With global recession showing signs of easing combined with an upsurge in the stock market, India Inc is going on an expansion binge and is
As per the Assocham Financial Pulse (AFP) analysis of the emerging IPO trends for the remaining part of the current fiscal, infrastructure has emerged as the top sector with more than Rs 10,000 crore to be mopped up from the primary market by nine companies in the sphere of power, energy, shipping and construction.
Assocham president Sajjan Jindal says, 'During first half of 2009, due to the superior performance of the Indian stock market -- second only to China in the Asia-Pacific region -- companies are weighing higher expectations from renewed investor sentiments to raise funds from the primary market."
As venture capital investment in India has also dropped nearly 72 per cent during the first half of 2009, Indian companies are seeking to finance their activities through the IPO route, says the study.
Among the infrastructure sub-sectors, power sector has been found to be the leading fund raiser with an estimated sum of Rs 6,236 cr to be raised from the forthcoming IPOs. The study stated that the power companies are adding huge investments for their capacity addition, leading to an increased demand for funds.
Major runners looking to raise funds through IPO in power generation & supply sector business are NHPC Ltd, Adani Power Ltd, India Bulls Power and Usher Eco Power Ltd.
The dismal performance on the power generation front has a tremendous scope for catching up to the likes of China, which is adding capacity at the rate of about 1,00,000 megawatt a year. India has not been able to add even 10,000 megawatt in any single year. Several companies in the private sector are coming to invest in the sector to take advantage of a fast-developing market.
In the energy sector, Oil India Ltd, engaged in the activities of oil exploration, drilling & refining, is next to power sector opting for public listing in the current fiscal with an expected amount of Rs 1,400 crore. It is followed by the JSW group which is planning to raise Rs 1,000 crore for its infrastructure and logistics business.
Among other expected forthcoming public offers in the infrastructure sector, ARSS Infrastructure Projects Ltd and Godrej Properties Ltd, engaged in business of housing, civil construction and real estate, are likely come up with Rs 870 crore public offer, while Pipavav Shipyard Ltd is planning to raise Rs 700 crore.
IT/ITeS is the next major sector after infrastructure which plans to raise funds through public offers of Rs 4,858.60 crore by 2009-10. In this segment Excel Infoways Ltd has emerged as a big runner with other players like Euro Multivision Ltd, Radiant Info Systems Ltd and Infinite Computers Solutions (India) Ltd.
Among other major sectors which are planning to raise funds from the capital market by the end of FY'10 are hospitality (Rs 301.12 crore), gems & jewellery (Rs 300 crore) and textiles (Rs 275 crore).
NHPC IPO: First issue of state-run firm in 17 months
This is also the first stake sale by a state-run company in 17 months after REC went public in February 2008 to raise over Rs 1,600 crore.
"We have decided a price band of Rs 32-36 for the IPO," NHPC Chairman and Managing Director S K Garg told a news channel.
The issue will open on August seven and close on August 11. The company would sell 168 crore shares comprising of five per cent stake divestment of the government and infusion of 10 per cent fresh equity.
The company plans to raise between Rs 5,040 crore and Rs 6,048 crore from its IPO.
The public issue is also the by a government-run entity since the September 2008 global financial meltdown. There have, however, been five issues by private sector companies.
SAIL plans to raise fund via FPO
NEW DELHI:The country's largest steel producer, SAIL, is mulling issuing fresh equity by way of Follow-on Public Offer to part finance its Rs
"We may look at issuing additional equity to part fund our capital expenditure," SAIL Chairman S K Roongta told reporters here today after announcing the first quarter results of the company.
The government currently owns 85.82 per cent stake. Besides, about 4.59 per cent is with the Life Insurance Corporation of India and the rest is with the public.
SAIL shares today ended the day at Rs 175.65, up 3.26 per cent over the previous close on the Bombay Stock Exchange.
However, Roongta did not specify any time-frame for the Follow-on Public Offer (FPO).
FPO is a way of raising funds by offering additional shares after a firm has had an initial public offering.
The firm has a capital expenditure programme of about Rs 10,300 crore for the current fiscal, half of the amount would come from debt.
A sum of Rs 1,300 crore has been raised during the first quarter itself. The company hopes to maintain a debt-equity ratio of 1:1 in the current fiscal.
Meanwhile, in a written reply to the Lok Sabha, Minister of State for Steel A Sai Prathap said that SAIL has an outstanding loan of Rs 8,796.87 crore as on June 30, 2009, and would be repaid in full by the year 2042.
"The loan burden is expected to go up during the implementation of (expansion) projects," he added.
SAIL is in the process of expanding its annual production capacity to about 23 million tonnes by 2012 from the present 14 million tonnes. Roongta said that the company "is firming up plans to take it to 26 million tonnes" thereafter.
With pace of projects under expansion picking up, the capital expenditure during the quarter at Rs 2,469 crore was more than three times higher than incurred in Q1 of fiscal 2008-09.
Sonia silences party snipers, strongly backs Manmohan
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Agencies
Posted: Jul 30, 2009 at 1609 hrs IST
New Delhi Congress chief Sonia Gandhi on Thursday strongly backed Prime Minister Manmohan Singh on the issue of the Indo-Pak joint statement and told partymen that there should be no confusion or misunderstanding on it among them.
She also said that India's foreign policy vis-à-vis Pakistan has not changed.
"Till Pakistan shows concrete steps on anti-terror front there is no point of dialogue," she told a Congress Parliamentary Party meeting in New Delhi, a day after the Prime Minister addressed Parliament on the issue of the joint statement with Pakistan in Egypt.
Resumption of dialogue with Pakistan depends upon whether it fulfills its promises on taking action against perpetrators of Mumbai attacks and does not allow its soil to be used for terror activities against India, Congress spokesperson Manish Tewari quoted Gandhi as saying in the meeting.
Asked if the party fully endorsed the Prime Minister's statement in Parliament on Wednesday, another party spokesman Abhishek Singhvi said Singh had spoken extensively on the issue.
On whether the party would now back the statement and whether it would be wrong for the party not to defend him, Singhvi said, "It is a loaded question" and walked away.
He said Gandhi also touched upon issues like the Bill on Food Security and Education in the meeting and exhorted the MPs to be in touch with their constituents.
Those who attended the CPP meeting included the Prime Minister, Leader of the Lok Sabha Pranab Mukherjee, Cabinet ministers and over 200 MPs.
At the meeting, Gandhi stressed on the need for fulfilling the commitments made by the party to the people during the elections.
She also asked the ministers to give attention to the problems of party workers and the aspirations of the people in their constituencies.
http://www.expressindia.com/latest-news/Sonia-silences-party-snipers-strongly-backs-Manmohan/495971/
MNCs steering clear of IIT/IIMs?
NEW DELHI: The economic slowdown has also slowed down campus hiring of IIT/IIM graduates by multinational corporations but this is not the case
A written reply by Kapil Sibal in the Rajya Sabha shows that while in 2008, MNCs hired 3,031 IITians through campus selection, Indian private sector companies employed only 1,621 students.
But in 2009, hiring by MNCs fell dramatically to 1,606, whereas there was a marginal increase by Indian private sector companies who hired 1,718 students.
A similar trend can be seen in six IIMs. In 2008, MNCs hired 920 students whereas Indian private sector companies employed 493 through campus interview. This year, hiring by MNCs came down substantially to 497 but that by Indian companies increased to 658 students.
In case of IITs, all seven suffered loss when it came to hiring by MNCs. In 2008, 643 students of IIT, Kharagpur, were selected by MNCs through campus selection. But it came down to 44 in 2009. Even IIT, Delhi, suffered a substantial loss — from 633 in 2008 to 390 in 2009.
IIT, Madras, was also among the major losers — from 458 in 2008 to 282 in 2009. But IIT, Kharagpur, made up by increased hiring by Indian private sector companies — from 334 in 2008 to 586 in 2009. If not for IIT, Kharagpur, there is decline in hiring by Indian private companies in other IITs.
As for IIMs, the one in Calcutta suffered a big loss when it came to campus placement to MNCs — from 240 in 2008 to 121 in 2009.
The hiring by MNCs in IIM, Ahmedabad, also came down from 155 in 2008 to 92 in 2009. In IIM, Bangalore, hiring by MNCs came down to 119 in 2009 from 203 in 2008.
IIM, Lucknow, saw a nearly 50% loss from 169 in 2008 to 82 in 2009. Asked about steps to attract talent in public services, Sibal said recruitment is done in a very transparent manner through a selection process in which all the relevant attributes of the applicants including their intellectual abilities are evaluated to ensure that the selected candidates are best suited to discharge the functions as would be assigned to them.
SBI Q1 net profit up 42 pct at Rs 2,330 cr
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Reuters
Posted: Jul 30, 2009 at 1705 hrs ISTMumbai State Bank of India, the country's largest lender, reported a 42 per cent rise in quarterly profit, beating forecasts, on gains from trading in bonds and currencies.
The bank, which along with its associates controls almost a quarter of Indian bank loans and deposits, said on Thursday net profit rose to Rs 23.3 billion ($480.4 million) in fiscal first quarter ending June, from Rs 16.41 billion reported a year ago.
That beat a Reuters poll forecast of a net profit of Rs 20.1 billion for the fiscal first quarter.
State Bank, which has close to 12,000 branches across India and abroad, has the lowest cost of funds among the nation's lenders.
The bulk of its funds comes from savings bank deposits that pay annual interest of 3.5 per cent, compared with 11.75 per cent a year it charges on loans to its best customers.
Shares in State Bank, which the market values at $21.8 billion, have risen 31.6 per cent so far this year compared with a 58.6 per cent rise in the main share index <.BSESN> and a 50.6 per cent increase in the bank index.
Stocks up 1.4 pct; SBI, ICICI gain
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Reuters
Posted: Jul 30, 2009 at 1655 hrs ISTMumbai Equities shrugged off a shaky start and rose 1.4 per cent on Thursday, snapping a three-day fall, as investors covered short positions on the final day of monthly derivatives and strong overseas markets provided support.
Sentiment across Asia and Europe was lifted after China's central bank pledged to maintain loose monetary policy to support economic recovery and ensure sustainable credit growth without resorting to heavy-handed quotas to rein in a surge in lending.
Fears that China may seek to regulate credit growth had dragged down Chinese stocks 5 per cent on Wednesday and weighed on markets across the globe.
Even though possible regulatory action in China was unlikely to affect India directly, investors used it as an excuse to take profits on a recent rally after some results from top firms disappointed during the week, traders said.
However, on Thursday, government-run State Bank of India reported a better-than-expected 42 per cent jump in quarterly profit, boosting its shares 4 per cent to Rs 1,722.80.
The news also helped private-sector lender ICICI Bank, which rose 3.1 per cent to Rs 755.35, while rival HDFC Bank added 3 per cent to Rs 1,459.80.
Other major gainers included top mortgage lender Housing Development Finance Corp, which climbed 4.3 per cent to Rs 2,464.75, while consumer-goods firm Hindustan Unilever advanced 5.2 per cent to Rs 281.85 after falling 10.3 per cent over the previous two sessions.
"The futures and options expiry helped the market today. Overseas markets were up too," R.K. Gupta, managing director at Taurus Mutual Fund, said.
"Also, some company results yesterday and today have come in above expectations, giving a fresh confidence to investors."
The 30-share BSE index ended up 1.41 per cent, or 214.50 points, at 15,387.96, with 22 stocks advancing, after falling as much as 0.7 per cent during trade.
Upbeat earnings reports in the past few weeks have driven global stock markets higher and prompted investors to take on more risk in their portfolios as they grow increasingly confident that the world economy is on the path to recovery.
However, India's benchmark is little changed this week following its 14 per cent rise over the previous two weeks as disappointing results from Reliance Industries, Hindustan Unilever, Sun Pharmaceutical and Tata Steel weakened the market momentum seen since mid-July.
Sun Pharmaceutical fell 3.6 per cent to Rs 1,145.25, while Reliance Industries, which has the most weight in the main index, eased 1.4 per cent to Rs 1,899.90 on Thursday.
In the broader market, gainers led losers 1,521 to 1,175 on relatively light volume of 392.7 million shares.
The 50-share NSE index rose 1.3 per cent to 4,571.45.
India's wholesale price index remained negative in annual terms in mid-July but analysts said inflation would soon return and the central bank was right to leave interest rates steady at a policy review this week.
Most Asian markets recovered from lows on Thursday, with Japan's Nikkei rising 0.5 per cent, while MSCI's measure of other Asian markets was up 0.9 per cent.
At 1024 GMT, the FTSEurofirst 300 index of top European shares was up 1.4 per cent.
Oil firms see big fall in profits
 Shell's fall in profits has been seen industry wide |
Royal Dutch Shell and Exxon Mobil have both reported a big fall in quarterly profits, due to the sharp decline in oil prices since mid-2008.
April-to-June profits at Anglo-Dutch group Shell slumped 70% from a year earlier to $2.3bn (£1.4bn).
Exxon's profits for the same period declined 66% to $3.95bn.
Global crude prices hit a record $147 a barrel last year, before falling back as the world recession took hold. US light crude is currently about $64.
Shell's sales for the quarter totalled $63.9bn, down 51% on a year earlier, while Exxon's declined 46% to $74.5bn.
Cost cutting
Looking ahead, Shell's chief executive Peter Voser said global demand for oil remained "weak".
"Shell is adapting to this new situation, and we must do more. We are sharpening our focus on delivery and affordability," he said.
 |  Conditions are likely to remain challenging for some time, and we are not banking on a quick recovery  Sheff chief executive Peter Voser |
The company said it would continue to cut costs after achieving savings of $700m in the first half of 2009. It said it had now trimmed 20% of senior management positions.
Despite the fall in profits, Shell said it would be maintaining its dividend to $0.42 per share, an increase of 5% from a year ago.
Oil analyst Nick McGregor of Redmayne Bentley, told the BBC that the only disappointment from Shell's results was the fact its crude production was down 6% from a year earlier.
"Production figures are closely watched, and I think this fall was down to external factors, such as Shell's Nigerian output being cut [due to the attacks on oil facilities in the country]," he said.
"It simply means Shell hasn't been able to pump as much oil as it would like, which contrasts with BP's figures earlier in the week, as BP's production was up."
'No quick recovery'
Exxon said its quarterly crude production was down 3% from a year earlier, and that weak oil demand remained.
"Global economic conditions continue to impact the energy industry both in the volatility of commodity prices and reduced demand for products," said Exxon chairman and chief executive Rex Tillerson.
World oil prices fell back from record highs last summer as the global economic bubble burst, and the recession took hold, sparked by the crisis in the credit markets.
Crude prices fell as low as $30 a barrel at the start of the year, but have since recovered to around the $63 level.
Shell's profits are reported under the current cost of supply basis. Excluding one-off items, including reduced staff healthcare costs in the US, its latest quarterly profits totalled $3.2bn, ahead of market expectations.
"Conditions are likely to remain challenging for some time, and we are not banking on a quick recovery," added Mr Voser.
Shell and Exxon's results come two days after fellow oil giant BP also reported a big fall in profits.
Rollercoaster ride An extraordinary year of volatility on the oil markets
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Protest held against Indian mine
 Bianca Jagger has led protests against Vedanta |
Activists have demonstrated outside the annual general meeting of British mining company Vedanta, protesting against its plans for a mine in India.
The Kondh tribe says the opening of the bauxite mine will destroy a large part of the Niyamgiri Mountain in the eastern Indian state of Orissa.
An elder of the tribe was to attend the meeting, while environmental campaigner Bianca Jagger protested outside.
They have appealed to investors to stop Vedanta going ahead with the mine.
Vedanta says the project is ethically and environmentally sound.
| We have been living in harmony with this mountain, these forests, these animals for generations. Vedanta has been here for less than 10 years. Sitaram Kulisika, Kondh tribe elder |
Ms Jagger is supported by UK-based campaign groups, including ActionAid and Survival International.
They held a demonstration outside the meeting the venue of the Vedanta meeting in London, with a yellow digger to illustrate the kind of mining assault they say the firm will launch on the Niyamgiri hills, which many tribal peoples believe to be sacred.
Way of life
ActionAid bought a single share in Vedanta for tribal activist Sitaram Kulisika so that he could attend the meeting on behalf of the Kondh tribe.
"Last year Vedanta directors promised not to mine without our consent. I am here to request all shareholders to honour that promise and save our livelihood and our god," he said ahead of the protest.
"We have been living in harmony with this mountain, these forests, these animals for generations. Vedanta has been here for less than 10 years.
 Critics say that the Vedanta operation is a social and environmental disaster |
"They cannot tell us what is best for our future."
Ms Jagger has called on investors, including the Church of England and some borough councils, to rethink their involvement with Vedanta.
The Church has shares in Vedanta worth £2.5m ($4.1m).
Mining giant Vedanta is based in the UK but has most of its operations in India.
It is about to start mining bauxite in the Niyamgiri hills, to be processed at a refinery that has already been built in the area.
Bauxite is used to make aluminium.
The company and its Indian partner have been accused of forcing people to move from the land.
Vedanta has said it is committed to developing the project "in line with the best international standards for environmental management", and has noted that the project has been approved by India's Supreme Court.
http://news.bbc.co.uk/2/hi/south_asia/8170328.stmThere is scope for banks to reduce lending rates: Subbarao
Unlike his predecessors, RBI governor D Subbarao is quite direct on what action banks should take place on the interest
 |
On the scope for bank lending rates to come down...
There is scope for a reduction in lending rates within the policy rate adjustment already done by RBI. Even if we take into account the inflation rate and returns to depositors, the lending rate should be around 9.5%, but they are 10.5% and above... so there is scope for banks to reduce lending rates. We have also said in the policy statement that as deposits mature and get re-priced, the cost of funds will go down for
banks and they will have room for reduction of lending rates.
On when can the market expect a reversal of the exapansionary monetary policy...
We will look at non-oil imports, we will look at credit growth, we will look at inflation and we will look at manufacturing. However, it will be inappropriate and improper to speculate on the future. We have been debating to exit strategies in our internal meetings, but are not in a position to give any more details. In fact, central banks around the world have been talking of exit strategies... you must have heard Fed chairman Ben Bernanke's statements and US president Barack Obama's roadmap.
On the math behind RBI's 6% growth rate estimate...
We debated a lot internally on the growth rate for the economy. Besides numbers, we also looked at when the forecasts were made. Several of the forecasts were made before the monsoon situation became clear. But let us first consider the risk factors for the economy. A lot will depend on agriculture. We all know the rainfall situation at present is 19% below normal. The foodgrain production-weighted rainfall index number is at 69 against 129 at this time last year. The agriculture performance could spill into industry and services, with a lag effect. Exports have been negative for the past eight months. Although exports only account for 15% of the economy, they are significant, but they will depend on the state of the global economy. Lastly, investments (in the economy) also have to pick up, although some bankers said credit from the housing and retail side have picked up. ( Watch )
On RBI's stance on open market operations...
We will follow the calendar that we have laid out in respect of OMOs and MSS desequestering. But let me clarify that the calendar is only indicative. It is very difficult to predict liquidity, but we do try to estimate it regularly. Should the numbers deviate from our estimates, we will tailor the OMO programme accordingly. But, by and large, we will stick to the calendar. We want to give the market as much certainty as we have, but cannot give you what we do not have.
On the need for a government roadmap for fiscal consolidation...
The government has given a number of 6.8% for the current year and I believe in the medium-term policy document, there are numbers for the next year and the year after.... we have said it will be good for the economy, the government, the central bank for everybody if those numbers are fleshed out. They have to be backed up by expenditure and revenue numbers. Also, in the process, the focus is on the quality of fiscal adjustment, i.e, how much do you spend on capital expenditure and how much do you spend on plan expenditure. Since I have been with the finance ministry in the past, now I can step back and speak more comfortably about fiscal adjustments from the Centre. But, it's really the quality of fiscal adjustments that will be important. We do not expect market borrowings to be higher than what was mentioned in the Budget. Even the fiscal implications of the measures announced this week are small. Having said that, should there be any increase in borrowings from the government, RBI should (be able to) manage that.
On analysts' concerns that restructuring is dressing up of books...
The focus on restructuring is not to hide anything. It is to provide liquidity to sectors that would have found it otherwise unviable. It's so that they can get over difficult conditions and get back to business. Besides, its not that restructuring does not require provisioning. In fact, we are providing floating provisioning facility to banks for the restructured assets. So, the risk management systems are still in place. Some of the restructured loans could turn sour, but bankers tell us these are at acceptable levels. However, there is no proposal to extend the restructuring deadline from hereon. On continuation of floating provisions facility, we have an open stance and are awaiting international norms.
On the weakening correlation between CPI and WPI inflation indices...
Historically, the CPI has tracked WPI. The last time when I had come for the April policy, we had done some research which showed that the tracking has somewhat lagged. Now, we find that the correlation between CPI and WPI is further weakening. I had said earlier that all four CPI indices are at an elevated level and in the past month have moved up. So there is concern over prices that ordinary consumers are seeing in the market and that is a concern that we have kept in our mind while formulating this policy.
http://economictimes.indiatimes.com/News/Economy/Policy/There-is-scope-for-banks-to-reduce-lending-rates-Subbarao/articleshow/4832549.cms
Current market rally raises optimism
MUMBAI - The recent market rally supported by quarterly earnings, liquidity and global cues is not yet considered as a bull-run but market men
On July 28, S&P CNX Nifty touched a high of 4,599 from a low of 3,918 on July 13. Unlike the post election rally which was based on sentiments without any fundamentals, the current rally seems to have spawned optimism among traders and brokers. According to provisional figures, on Thursday around 12.10 pm Nifty rollover was around 70 per cent. It signifies that traders expect good time ahead.
Further, Relative Strength Index is at 54.48 per cent as against the ideal RSI of 50 per cent. This means that the market is a little overbought. In post election rally, the RSI was above 70 per cent.
According to Alex Mathew, head - research, Geojit BNP Paribas, 4,394 is a very good support level for Nifty. "In another two trading days this level is expected to be touched. Irrespective of that, long terms investors should start buying taking advantage of market corrections."
Dealers feel that market could correct by 5 per cent to the maximum possible extent. "Short term traders can go ahead with a stop loss, which should be equal to one-third of their targeted profit on any scrip. However, long term investors can get into market right now. They need not to be worried over day to day market movement," said Rajesh Jain, Head - Research, SMC Global,
For example, JSW Steel, a largely recommended stock, touched a low of Rs.475 but is currently quoting at Rs.697. "Such short term movement hardly impacts a long term investor," added Jain.
Fertilizer stocks are currently available at attractive valuations, with all stocks being traded at less than 10x PE. Rashtriya Chemicals & Fertilizers as well as Chambal Fertilizers & Chemicals are good bets, suggests Geojit's Mathew who also advises PSU banking stocks like State Bank of India, Punjab National Bank and Bank of Baroda along with to Reliance Industries.
Some stocks as suggested by SMC's Jain, wherein one can buy at the current levels with long term perspective are, SBI, Jaiprakash Associates, Tata Power, Power Finance Corporation, Polaris etc.
Meanwhile, market optimism has once again brought back penny stocks into the lime light. "Penny stocks supported by dependable promoters' background, is worth buying. Going forward, one can expect very good returns from these stocks," said Manish Innani, a NSE listed member and founder of Prayas Securities.
Geometric in the software space and MRF in auto ancillary space are two stocks with significant future potential, said Innani.
PM's peace war Duel or dialogue, Singh asks country and cites Atal to silence BJP | |
| SANKARSHAN THAKUR | |
New Delhi, July 29: The occasion seemed tailor-made for leader of Opposition L.K. Advani to fling his favoured adjectives at Prime Minister Manmohan Singh yet again — weak, ineffective. But Advani didn't bother with them today and Singh ensured they'd have fallen flat on the floor even if he had. The Prime Minister made a resounding rebuttal to the Opposition's charge of a sellout to Pakistan at Sharm-al-Sheikh in the Lok Sabha this afternoon, claiming unprecedented admissions from Islamabad on the terror issue, keeping the peace door ajar, yet assuring the nation that comprehensive dialogue won't resume until Pakistan takes credible and sustained action to dismantle the terror infrastructure. "It is in our vital interest to make sincere efforts to live in peace with Pakistan, but despite the best of intentions, we cannot move forward if terrorist attacks launched from Pakistani soil continue to kill and injure our citizens, here and abroad. That is the national position. I stand by it," he told the House. The treasury rippled in applause, as it would many a time as he continued; the Opposition, eager to see Singh trip, lay increasingly silent and neutralised. So much, that when the BJP's Sushma Swaraj rose at the end of the Prime Minister's persuasive intervention, her doubts only concerned climate change and nuclear fuel enrichment and reprocessing. It was as if Singh had swayed the Opposition his way only a day after it had gone lobbying to Rashtrapati Bhavan against the foreign policy "surrender" to Pakistan. He did that playing politically astute peacenik. He cleverly posited war as the only option to dialogue, but even more cleverly, named former Prime Minister Atal Bihari Vajpayee as inspirer of his theme. "Unless we want to go to war with Pakistan, dialogue is the only way out. But we should do so on the basis of trust but verify….To his great credit, Vajpayee was not deterred (by setbacks like Kargil and Kandahar), as a statesman should not be. In 2004, he went to Islamabad, where a joint statement was issued that set out a vision for a co-operative relationship. I must remind the House that Opposition parties supported these bold steps. I, for one, share Shri Vajpayee's vision, and I have also felt his frustration in dealing with Pakistan," he said, blunting the fiery attack that had earlier issued from Yashwant Sinha and his NDA colleague, Sharad Yadav. Singh wasn't cavalier on promises, but hung on to hope. "There are uncertainties on the horizon, and I cannot predict the future in dealing with neighbours, two nuclear powers. We have to begin to trust each other, not blindly, but trust and verify…. I believe that there is a large constituency for peace in both countries. The majority of people in both countries want an honourable settlement…. People say that we have broken the national consensus. I refuse to believe that we have broken the national consensus." Perhaps, the only faultline in his defence was the inclusion of Pakistani threat perceptions over Balochistan in the joint statement. It has been widely interpreted as India's "indirect admission" on encouraging Balochi separatists. Indeed, Yashwant Sinha of the BJP quoted a top Pakistani journalist to say Pakistani premier Yousaf Raza Gilani had handed a dossier on alleged Indian involvement in Balochistan to Prime Minister Singh at Sharm-al-Sheikh. Singh immediately rose to deny he had received any such dossier, but his "we-have-nothing-to-hide" clarification left anxieties on the Balochistan reference unassuaged. Even so, the Prime Minister wasn't conceding Pakistan more room than what the quest for a just peace requires. He had clearly arrived with two arrows on his bowstring — just as he allayed domestic concerns over signing off Indian interests in the joint statement at Sharm-al-Sheikh, he sharply reminded Pakistan that the onus for securing peace now lay with Islamabad. "I have to say that (the steps taken by Pakistan) do not go far enough. We hope that the (Mumbai attack) trial will make quick progress and that exemplary punishment will be meted out to those who committed this horrific crime against humanity. We need evidence that action is being taken to outlaw, disarm and shut down the terrorist groups and their front organisations that still operate on Pakistani soil and which continue to pose a grave threat to our country," he said. The Prime Minister didn't name names or pin blame — close advisers say he does not want to fritter gains made behind closed doors with blustery speech-making — but few in Islamabad could have missed the message. New Delhi isn't pleased with Pakistan's consistent nit-picking on punishing terror plotters, latest proof of which was interior minister Rehman Malik's blunt refusal yesterday to act against Jamaat-ud-Dawa chief Hafiz Sayeed on the grounds that there "isn't enough proof" against him. Even so, the Prime Minister appears determined to give peace, rather than war, a chance. Even as he goaded Islamabad on to more credible action, he claimed unprecedented success in coaxing Pakistan out of denial on terror. He boasted that Pakistan had hitherto neither formally briefed India on terror investigations, nor even admitted that "their nationals and a terrorist organisation based in Pakistan" had carried out attacks in India. "The reality is that this is far more than the NDA government was ever able to extract from Pakistan during its entire tenure despite all their tall talk. They were never able to get Pakistan to admit what they have admitted now. So the UPA government needs no lessons from the Opposition on how to conduct foreign affairs or secure our nation against terrorist threats," he asserted to extended thumping of desks behind him. Singh detailed some of the information contained in the 34-page dossier handed over to India. "The document gives details of the planning and sequence of events, details of the investigations carried out by the special Federal Investigation Agency team of Pakistan, a copy of the FIR lodged and the details and photographs of the accused in custody and those declared as proclaimed offenders. "It provides details of the communication networks used, financing of the operation and seizures made in Pakistan, including maps, lifeboats, literature on navigational training, intelligence manuals, backpacks etc.," the Prime Minister said. He added — with the rider that these steps aren't enough — that five of the accused, including Zaki-ur-Rehman Lakhvi and Zarar Shah, had been arrested, thirteen others declared proclaimed offenders and a chargesheet filed against them under the Pakistani Anti-Terrorism Act. "We have been asked for more information, we will provide this shortly," he said, affirming that, as agreed at Sharm-al-Sheikh, the two foreign secretaries will meet in the run-up to a foreign minister-level exchange on the sidelines of the UN General Assembly in September. There was, as he emphasised time and again today, no option but to go on talking. And today, Advani patiently heard. |
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