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Sensex attains new peak
The index screen of the Bombay Stock Exchange shows share value of major companies, in Mumbai on Friday. Mumbai, October 26
With the Securities Exchange Board of India (SEBI) clearing all doubts on P-Notes, the Sensex today resumed its upward march closing 472 points or 2.5 per cent high at 19,243 points. The Sensex touched a high of 19,276 levels in intra-day deals before slipping lower. In broader markets, the Nifty closed 133 points up at 5,702 levels.

The index screen of the Bombay Stock Exchange shows share value of major companies, in Mumbai on Friday. — PTI photo

SEBI’s PN Move
Too early to assess impact: FM
New Delhi, October 26
Favouring steps that control capital flows without hurting investment, finance minister P Chidambaram today said it was too early to assess the impact of market regulator SEBI’s move to tighten norms for participatory notes.

Investors wealth crosses Rs 60 lakh crore

BHEL to set up power project in TN
New Delhi, October 26
Bharat Heavy Electricals Limited has made its entry into the area of executing thermal power projects with supercritical technology with the signing of an MoU to form a joint venture company with the Tamil Nadu Electricity Board.



EARLIER STORIES

 
A pump attendant checks the meter at a petrol station in Singapore on Friday. Oil topped $91 in Asian trade on rising geopolitical tensions in the West Asia following Turkey's military threat against Kurdish rebels and new US sanctions on Iran, dealers said.
A pump attendant checks the meter at a petrol station in Singapore on Friday. Oil topped $91 in Asian trade on rising geopolitical tensions in the West Asia following Turkey's military threat against Kurdish rebels and new US sanctions on Iran, dealers said. — AFP

Stop special deposit schemes, RBI to banks
Mumbai, October 26
The Reserve Bank of India (RBI) today came down heavily on banks trying to procure funds under special deposit schemes, which forfeit interest on premature withdrawal, and asked them to discontinue all such schemes immediately.

18 coal blocks to boost power output
New Delhi, October 26
Expressing concern over the slow progress of the infrastructure projects in the country, Prime Minister Manmohan Singh today directed an experts committee to speed up progress in in power, roads, ports, telecom and railway sectors.

Reliance unveils wellness store
Hyderabad, October 26
Reliance Retail has made Hyderabad its launching pad for unveiling Reliance Wellness store, the country's first one-stop speciality shop for health and beauty care products.

Bank Account
Kotak Bank nets Rs 262.4-cr profit
Mumbai, October 26
Kotak Mahindra Bank has posted a 147 per cent increase in net profit at Rs 262.4 crore for the second quarter ended September 30, as compared to Rs 106.4 crore for the corresponding period a year ago.

Corporate Results
L&T net soars 73 pc to Rs 348 crore
Mumbai, October 26
Larsen & Toubro (L&T) today posted a 73 per cent leap in its net profit at Rs 348 crore for the quarter ended September 30 against Rs 201.22 crore in the same quarter in the previous year.

Export promotion dept for Markfed
Patiala, October 26
The government of Punjab would soon institutionalise agriculture export in the state. As a first step in this direction, an export promotion department would be set up in Markfed. The department would act as a facilitator for the farmers, who want to export their produce. It would inform them regarding markets available for agriculture export and help tie up with international distributors.

SC defers hearing against Jet chief
Jet Airways chairman Naresh Goyal speaks at a press conference in New Delhi on Friday. Jet announced the launch of a daily flight from New Delhi to New York John F Kennedy international airport via its hub in Brussels. New Delhi, October 26
The Supreme Court today deferred hearing on a petition alleging that Jet Airways chairman Naresh Goyal has links with the underworld. An appeal filed by M Furquan, a Delhi-based journalist, has alleged that funds for Jet Airways was given by underworld don Dawood Ibrahim. He has also sought a CBI inquiry into the matter.

Jet Airways chairman Naresh Goyal speaks at a press conference in New Delhi on Friday. Jet announced the launch of a daily flight from New Delhi to New York John F Kennedy international airport via its hub in Brussels. — Tribune photo by Mukesh Aggarwal

Pak delegation’s visit rescheduled
Jammu, October 26
The proposed visit of a 14-member trade delegation from Pakistan and Occupied Kashmir to Jammu and Kashmir from November 6 to 9 is being rescheduled, according to official sources.

Gold at 17-month high
New Delhi, October 26
Gold prices zoomed to a 17-month high on bullion market today to close at Rs 10,050 per ten gram, up by Rs 130, on aggressive buying by stockists and jewellery fabricators to meet the high seasonal demand. Gold touched the level last seen on May 24, last year, as stockists indulged in enlarging their positions ahead of the festivals and current marriage season.

TVS sues Bajaj Auto
New Delhi, October 26
Bangalore-based TVS Motor Co has filed a Rs 250-crore defamation suit against Bajaj Auto Ltd (BAL) in the Bombay High Court, against the latter's allegation of patent infringement.

 

 

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Sensex attains new peak
Tribune News Service

Mumbai, October 26
With the Securities Exchange Board of India (SEBI) clearing all doubts on P-Notes, the Sensex today resumed its upward march closing 472 points or 2.5 per cent high at 19,243 points.

The Sensex touched a high of 19,276 levels in intra-day deals before slipping lower. In broader markets, the Nifty closed 133 points up at 5,702 levels.

Among the biggest gainer today was Larsen & Toubro which surged 12.2 per cent or Rs 420 after strong second quarter results. The company reported a net profit of Rs 348 crore for Q2, an increase of 73 per cent.

Other gainers included SBI, BHEL, Mahindra & Mahindra, ONGC, ICICI Bank, Satyam Computer, NTPC, Reliance Industries, Tata Motors, Maruti Suzuki India and TCS.

Among the losers today were Bharti Airtel, which fell 2.6 per cent at Rs 993. Hindustan Unilever, Ambuja Cements, ITC Limited, Ranbaxy, Cipla and Dr Reddy’s were the other losers.

Among sectoral indices, the BSE capital goods index closed 7.2 per cent or 1,239 points higher at close.

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SEBI’s PN Move
Too early to assess impact: FM
Tribune News Service

New Delhi, October 26
Favouring steps that control capital flows without hurting investment, finance minister P Chidambaram today said it was too early to assess the impact of market regulator SEBI’s move to tighten norms for participatory notes (PN).

“I have said one of the concerns is very sharp increase in capital flows. Without hurting investments, we will like to take some measures to moderate the inflows. Some measures have been taken by the SEBI. We will have to wait and see what impact do they have,” Chidambaram said.

“The idea of SEBI’s move on PNs was to moderate capital flows. As a by-product, the SEBI also achieved the objective of greater transparency,” Chidambaram said refusing to say whether the government or the RBI is contemplating steps to moderate capital flows.

The finance minister’s comment comes a day after the SEBI announced new rules that prohibit FIIs and their sub-accounts from issuing fresh derivates-based PNs and require them to wind up current positions in 18 months.

Investors wealth crosses Rs 60 lakh crore

Mumbai: Investors' wealth today crossed the Rs 60,00,000-crore mark for the first time with the benchmark Sensex attaining a new peak amid strong buying by funds. Investors' wealth, measured in terms of total market capitalisation of all listed companies, rose to a new peak of 60,43,188.92 crore, gaining over Rs 1,53,000 crore from yesterday's Rs 58,89,943 crore. — PTI

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BHEL to set up power project in TN
Tribune News Service

New Delhi, October 26
Bharat Heavy Electricals Limited (BHEL) has made its entry into the area of executing thermal power projects with supercritical technology with the signing of an MoU to form a joint venture company (JVC) with the Tamil Nadu Electricity Board (TNEB).

The JVC is being set up for the execution of the first 2x800 MW supercritical thermal power project in Tamil Nadu, with principal equity stake from BHEL and TNEB. The JVC is expected to be in place in about three months and work on the project is expected to commence shortly thereafter, the company said.

The land for the project, to be set up at Udangudi in Tamil Nadu, has already been identified. The project, with a total capital outlay of around Rs 8,500 crore, will be the first supercritical power project to be installed in the state of Tamil Nadu and will strengthen the power availability in the state.

The present installed power generating capacity in Tamil Nadu is 10,122 MW, which includes 2,970 MW of thermal generating sets. The proposed 1,600 MW capacity to be contributed by the Udangudi power project will give a tremendous boost to the developmental efforts in the state.

BHEL is building capacity and capability to contribute fully for meeting the power forecast for the 11th Plan and beyond. For this, the company is enhancing its manufacturing capacity in the next three years, from 6,000 MW to 15,000 MW per annum.

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Stop special deposit schemes, RBI to banks

Mumbai, October 26
The Reserve Bank of India (RBI) today came down heavily on banks trying to procure funds under special deposit schemes, which forfeit interest on premature withdrawal, and asked them to discontinue all such schemes immediately.

“The special schemes, with lock-in periods and other features which have been floated by some banks, are not in conformity with our instructions... Banks are, therefore, advised to discontinue the schemes with immediate effect and report compliance,” the RBI said in a communication to all banks.

The RBI stated that non-payment of interest, in case of premature withdrawal, is not in conformity with its instructions.

Many banks, including state-owned lenders, have floated schemes with different lock-in periods without the facility of premature withdrawal. Some banks even forfeit accrued interest in case of premature withdrawal.

The RBI noted that interest rates, offered under the special deposits schemes, are often not in tune with the normal deposit schemes.

The central bank issued the notification while taking strong view of the special deposit schemes being floated by banks for maturity varying from 300 days to five years with several restrictive features.

It also stressed that as per the guidelines, banks cannot discriminate on interest rates between different deposits with same maturity period accepted on the same date, except for senior citizens and single deposit of Rs 15 lakh and above. — PTI

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18 coal blocks to boost power output
Tribune News Service

New Delhi, October 26
Expressing concern over the slow progress of the infrastructure projects in the country, Prime Minister Manmohan Singh today directed an experts committee to speed up progress in in power, roads, ports, telecom and railway sectors.

The Prime Minister was reviewing the implementation of various programmes taken up under the National Common Minimum Programme (NCMP) at a meeting here today.

The meet discussed implementation of the recommendations of the Radhakrishnan Committee on agricultural indebtedness, Vaidyanathan Committee report on co-operative sector and the Sachar Committee report on empowerment of Minorities.

Coal blocks

The government has freed 18 coal blocks to set up 68,000 MW power generation capacity in the country. The allocation of these coal blocks will enhance energy security in the country.

Twelve coal blocks, with geological reserves of about 6.4 billion tonnes, have been allocated to 18 central/state government companies, which is expected to sustain power generation of approximately 30,000 MW.

Moreover, 31 private companies have been allocated 15 coal blocks, with geological reserves of 3.6 billion tonnes to support additional generation of 16,000 MW.

The allocation follows the decision of the Energy Coordination Committee to de-reserve such coal blocks that could not be taken up by Coal India Ltd and its subsidiaries for mining in the near future.

An official statement said 81 coal blocks with geological reserves of about 20 billion tonnes were identified by the coal ministry for allocation to companies, both government and private, for permissible end uses. Out of these, 41 coal blocks, with geological reserves of about 15.7 billion tonnes, were earmarked for the power sector.

The government has also decided to facilitate the development of ultra mega power projects of about 4,000 MW capacity each under tariff-based competitive bidding route using super critical technology.

Four coal blocks, with geological reserves of 1857 million tonnes, have been allocated to two ultra mega power projects being set up in Orissa and Jharkhand.

In addition, two coal blocks have been earmarked for ultra mega power project of 2,000 MW capacity each in Chhattisgarh.

Eight coal blocks, with geological reserves of more than 2,650 million tonnes, are also to be allocated through competitive bidding route and will further enhance power generation capacity by 10,000 MW.

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Reliance unveils wellness store
Tribune News Service

Hyderabad, October 26
Reliance Retail has made Hyderabad its launching pad for unveiling Reliance Wellness store, the country's first one-stop speciality shop for health and beauty care products.

Spread over 2,500 sq ft and featuring 8,000 products, including pharmaceutical drugs and personal care products, Reliance Wellness store was opened at Somajiguda here

The health and medicinal products offered at the store cover all systems of medicine, while the optical section also offers free eye testing facilities.

“We are targeting India’s Rs 38,400-crore health and medical products market and the Rs 16,000-crore personal care and beauty care products market through this new retail venture," Ninu Khanna, president and chief executive officer (FMCG and wellness division), Reliance Retail, said.

The store retails both domestic and international brands in the health and personal care section also has books on health issues. The second Wellness store will be opened in Bangalore soon.

Reliance Wellness has lined up several add-on features to attract customers, which include providing health insurance, free medical compliance programme and a reminder service to customers about their medicines and other requirements based on the standalone data of customer purchases through an electronic card.

Besides offering a wide range of health products, including general nutrition, sports nutrition, skin and personal care, books, music and pharmaceuticals, Wellness store also houses an optical shop backed by a qualified ophthalmologist to test and prescribe lenses.

The store, which comprises a pharmacy, offers medicines and remedies in allopathic, ayurvedic and homeo-medical systems. 

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Bank Account
Kotak Bank nets Rs 262.4-cr profit

Mumbai, October 26
Kotak Mahindra Bank has posted a 147 per cent increase in net profit at Rs 262.4 crore for the second quarter ended September 30, as compared to Rs 106.4 crore for the corresponding period a year ago.

Total income of the company increased by 107 per cent to Rs 973.3 crore, as compared to Rs 469.8 crore for the same period in 2006, company chairman Uday Kotak said.

ING Vysya Bank

ING Vysya Bank today said it would raise about Rs 350 crore by way of private placement to augment its capital base to maintain its capital adequacy ratio above 11 per cent during the year.

“We hope to raise about Rs 350 crore by way of private placement and to qualified institutional buyers. The issue is likely to be complete by November,” ING Vysya Bank CEO Vaughn said. He also announced setting up of skill training development centre at Mohali.

Bank of M’rashtra

Bank of Maharashtra today posted a 47.57 per cent jump in net profit at Rs 90.45 crore for the quarter ending September 30, against Rs 61.29 crore in the corresponding period last year.

The total income of the bank rose by 33.36 per cent at Rs 912.86 crore for the quarter ended September 30, against Rs 682.96 crore a year ago, it said.

Bank of Rajasthan

Bank of Rajasthan today said it will raise Rs 150 crore through preferential issue of equity shares to US-based Indus Capital Partners and New Delhi’s Max India. The board of directors approved the preferential issue at its meeting, the company said.

The board has approved allotment of 65 lakh shares to Indus Capital and 35 lakh shares to Max India at Rs 150 per share or the price calculated in accordance with SEBI guidelines, whichever is higher, it said.

Federal Bank

Federal Bank has posted a 37.24 per cent rise in net profit at Rs 95.33 crore for the quarter ended September 30 as compared to Rs 69.46 crore for the corresponding period last year. The total income of the bank surged to Rs 675.06 crore for the quarter under review as compared to Rs 506.32 crore for the same quarter last year, up 33.33 per cent, the company said. — Agencies

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Corporate Results
L&T net soars 73 pc to Rs 348 crore

Mumbai, October 26
Larsen & Toubro (L&T) today posted a 73 per cent leap in its net profit at Rs 348 crore for the quarter ended September 30 against Rs 201.22 crore in the same quarter in the previous year.

“Profit has gone up because we have been spending considerable time in selecting the right jobs," L&T CFO Y.M. Deosthalee said. L&T’s gross sales and revenue for the second quarter has also jumped by 47 per cent. The company reported Rs 5,574 crore in sales against Rs 3,804.3 crore for the same time last year.

Tata Steel

Tata Steel Ltd has posted a 8.11 per cent rise in net profit at Rs 1,190.83 crore for the quarter ended September 30 as compared to Rs 1,101.49 crore in the corresponding quarter last year.

Total income jumped by 11.41 per cent to Rs 4,879.41 crore for the second quarter ended September 30 from Rs 4,379.51 crore in the year-ago period.

i-flex Solutions

i-flex Solutions has posted a decrease of 6.52 per cent in net profit at Rs 87.4 crore for the quarter ended September 30, as compared to Rs 93.5 crore for the reviewed quarter last fiscal. The total income of the company rose by 15.34 per cent at Rs 575.8 crore for the quarter, against Rs 499.2 crore for the comparable period last year.

Apollo Tyres

Apollo Tyres Ltd today said its net profit for the second quarter ended September 30 has jumped by 164 per cent to Rs 51.1 crore as compared to Rs 19.37 crore in the same quarter last fiscal.

Its total income has increased by 10.46 per cent to Rs 847.79 crore for the quarter from Rs 767.5 crore in the same quarter last fiscal.

ITC net up

ITC Ltd has posted a rise of 13.42 per cent in net profit at Rs 770.87 crore for the quarter ended September 30, as compared to Rs 679.6 crore for the reviewed quarter last fiscal.

The total income of the company rose by 18.2 per cent at Rs 3,481.63 crore for the quarter ended September 30, against Rs 2,945.36 crore for the comparable quarter last year.

Chambal Fertilisers

Chambal Fertilisers & Chemicals Ltd today said its net profit increased by 53.9 per cent at Rs 59.36 crore for the quarter ended September 30 as compared to Rs 38.56 crore for corresponding period last fiscal. The company’s total income dropped by 4.4 per cent to Rs 747.26 crore from Rs 782.3 crore in the said period. — Agencies

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Export promotion dept for Markfed
Lalit Mohan
Tribune News Service

Patiala, October 26
The government of Punjab would soon institutionalise agriculture export in the state. As a first step in this direction, an export promotion department would be set up in Markfed. The department would act as a facilitator for the farmers, who want to export their produce. It would inform them regarding markets available for agriculture export and help tie up with international distributors.

The minister for cooperation, Kanwaljit Singh, who returned from the trip to Europe yesterday, gave this information to The Tribune.

He said he visited Germany and Holland along with the officials of Markfed. The distributors of European market were given samples of the processed foods prepared by Markfed, which met European standards. The demand of Indian processed foods is increasing in Europe due to increasing number of Asians there.

Many of distributors have shown interest and supply line in Europe would hopefully start in the near future, he said.

The minister also visited Holland to explore the possibilities of potato export and met the representative of biggest potato trading company of Europe. He said the cost of potato in European market varies between 40 to 50 Euro. At that price, the farmers of Punjab can give good competition. The only hurdle in the way of exporting vegetables from Punjab to Europe is their strict procedure for screening imported food products for pathogens. The matter would be taken through the government of India to ease restrictions, he informed.

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SC defers hearing against Jet chief

New Delhi, October 26
The Supreme Court today deferred hearing on a petition alleging that Jet Airways chairman Naresh Goyal has links with the underworld. An appeal filed by M Furquan, a Delhi-based journalist, has alleged that funds for Jet Airways was given by underworld don Dawood Ibrahim. He has also sought a CBI inquiry into the matter.

A bench headed by Chief Justice KG Balakrishnan deferred hearing after Jet counsel Ankur Chawla sought adjournment on the ground that senior counsel Harish Salve, who had appeared for Jet in Bombay High Court on the matter, was not available.

Furquan has challenged the Bombay High Court judgement that dismissed its public interest litigation alleging that Goyal had links with underworld dons Dawood Ibrahim and Chhota Shakeel and this nexus could jeopardize national security. He alleged that Goyal had illegally received investment from Dawood and used it to buy assets for the carrier.

Opposing the PIL, Jet had denied sources of funding for the acquisition of Air Sahara were 'legitimate' and the allegations that its chairman Naresh Goyal has underworld links were 'false'. — PTI

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Pak delegation’s visit rescheduled
Our Correspondent

Jammu, October 26
The proposed visit of a 14-member trade delegation from Pakistan and Occupied Kashmir to Jammu and Kashmir from November 6 to 9 is being rescheduled, according to official sources.

President of the Jammu Chamber of Commerce and Industries Ram Sahai said here yesterday that since the Pak trade delegation was to meet traders and industry leaders in Jammu on November 8 and 9 “we have conveyed to the agencies concerned that the dates were not suitable for us as we all will be busy in Diwali celebrations.

He said the foreign office in Pakistan would meet the leaders of the Chamber of Commerce and Industries of Mirpur and Muzaffarabad on November 4 for redrawing the schedule of the trade delegation's visit to the state.

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Gold at 17-month high

New Delhi, October 26
Gold prices zoomed to a 17-month high on bullion market today to close at Rs 10,050 per ten gram, up by Rs 130, on aggressive buying by stockists and jewellery fabricators to meet the high seasonal demand. Gold touched the level last seen on May 24, last year, as stockists indulged in enlarging their positions ahead of the festivals and current marriage season.

Standard gold and ornaments surged by Rs 130 each to Rs 10,050 and Rs 9,900 per ten grams respectively. Sovereign gained Rs 25 at Rs 8,000 per piece of eight gram. Silver ready jumped up by Rs 190 at Rs 18,600 per kilo and weekly-based delivery by Rs 250 at Rs 18,500 per kilo. — PTI

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TVS sues Bajaj Auto

New Delhi, October 26
Bangalore-based TVS Motor Co has filed a Rs 250-crore defamation suit against Bajaj Auto Ltd (BAL) in the Bombay High Court, against the latter's allegation of patent infringement.

Earlier, BAL alleged that TVS had copied its patented DTS-i (digital twin spark plug ignition) technology in the 125 cc TVS Flame, slated to be launched in December this year.

TVS Flame is fitted with the CCVTi technology (acronym for controlled combustion variable timing intelligent) which Bajaj alleges is an infringement of its patent on DTS-i. The south India-based auto maker had earlier threatened Bajaj of a defamation suit on the issue.

Reacting to TVS' suit, BAL vice-president business development Ravi Kumar told PTI: "We have not yet seen the papers. We would study the papers first and would then take the necessary course of action." — PTI

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BRIEFLY

TCS subsidiary
Mumbai, October 26
Tata Consultancy Services (TCS) has said it is launching a new subsidiary - TCS South Africa - to expand its operations there. “We see South Africa as a key strategic market for TCS and as a gateway to southern and central Africa,” TCS CEO and managing director S Ramadorai said. — PTI

Tanishq store
Bangalore, October 26
Tanishq has reached the century mark with the unveiling of its 100th store in Patna. A Tata Group company Tanishq has presence in 70 cities across the country and has registered a turnover of Rs 1,250 crore last fiscal. — PTI

Microsoft tie-up
Mumbai, October 26
Tata Group’s retail venture, Infiniti Retail, has tied-up with Microsoft to launch MS@Retail, a joint initiative which would provide networking solutions for every room in a house. To start with, Microsoft would make its software available for each room through the Tata group’s ‘Croma store’ at Juhu. — PTI

Tata Sky offer
Chandigarh, October 26
Tata Sky has announced a special festive offer across India. ‘The bigger, the better’ offer is for buyers of new television sets this festive season. A consumer, buying a new television, can avail of a discount on the Tata Sky digicomp proportionate to the size of the new television set. The offer is valid up to November 15. — TNS

Kotak Bank
Chandigarh, October 26
Kotak Mahindra Bank has announced the launch of its salary2wealth account — a comprehensive product suite to cater to the financial needs of the Indian professional. The account would comprise a bouquet of offerings like savings accounts, reimbursement accounts, investment accounts and demat accounts facility to transfer funds to and from the linked online. — TNS

Vodafone Essar
Chandigarh, October 26
Vodafone Essar today introduced validity extension for its prepaid customers. Subscribers, who recharge with the Rs 99 valid for 30 days, can now get the dual benefit of carrying over unused validity period of their current recharge to the successive one along with the benefit of full talk time on subsequent recharges. — TNS

LG awarded
Chandigarh, October 26
LG Electronics India Pvt Ltd (LGEIL) has bagged the award for excellence in exports of electronic hardware by the electronics and computer software export promotion Council of India. — TNS

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