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B U S I N E S S

Import duty on gold up at 6%
New Delhi, January 21
The government today hiked the import duty on gold and platinum to 6 per cent from 4 per cent with immediate effect, pushing up the price of the yellow metal by Rs 315 to Rs 31,250 per 10 grams. The move is aimed at curbing imports of the precious metals to check the widening current account deficit.

FIPB approves Rs 10,000-cr proposal of IKEA
New Delhi, January 21
The FIPB today cleared Rs 10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias. "The proposal will now be placed before the Cabinet Committee on Economic Affairs (CCEA) for final approval," sources said.



EARLIER STORIES


Sensex at fresh two-year high; RIL spurts 2.35%
Mumbai, January 21
Riding on a surge in RIL shares, the BSE benchmark Sensex today ended 63 points higher at 20,101.82 points to complete three days of gains, amid positive trends in European markets.

Dreamliner probe widens after excess battery voltage ruled out
Washington, January 21
US safety investigators yesterday ruled out excess voltage as the cause of a battery fire this month on a Boeing 787 Dreamliner jet operated by Japan Airlines (JAL) and said they were expanding the probe to look at the battery's charger and the jet's auxiliary power unit. Last week, governments across the world grounded the Dreamliner while Boeing halted deliveries after a problem with a lithium-ion battery on a second 787 plane, flown by All Nippon Airways Co (ANA), forced the aircraft to make an emergency landing in western Japan.

RIM mulls licensing out software
Frankfurt, January 21
Research in Motion will look into strategic alliances with other technology companies once it has launched its new BlackBerry 10 models, its chief executive told a German newspaper.

JLR to assemble new XF variant in India
New Delhi, January 21
Tata Motors-owned Jaguar Land Rover (JLR) today said it will start assembling of one variant of its luxury sedan XF in India, thereby bringing down the starting price of the model by over Rs 12 lakh.

HDFC Q3 net up 27.5% at Rs 1,706 cr 
Mumbai, January 21
Housing finance major HDFC today reported a 27.55 per cent jump in net profit at Rs 1,705.83 crore for the third quarter ended December 31, 2012. Total income of the bank increased to Rs 10,128.58 crore during the third quarter of the current fiscal, from Rs 6,379.96 crore in the corresponding period a year ago, HDFC said.

Govt to auction 700Mhz spectrum for 4G services next year
New Delhi, January 21
The government today said it would auction spectrum in 700 Mhz band, which is used for offering high-speed Internet services through fourth generation technologies, in 2014.

NTPC to get three coal blocks today
New Delhi, January 21
In a breather to NTPC, the government today said it would re-allocate its three forfeited coal blocks by tomorrow after Law Ministry's approval.

Citibank brings in paperless payment system for cardholders
Mumbai, January 21
Citibank India today announced a new paperless mobile payment system for all credit and debit card customers in India that would do away with the charge slips. 

 





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Import duty on gold up at 6%
Move aimed to check widening current account deficit

New Delhi, January 21
The government today hiked the import duty on gold and platinum to 6 per cent from 4 per cent with immediate effect, pushing up the price of the yellow metal by Rs 315 to Rs 31,250 per 10 grams. The move is aimed at curbing imports of the precious metals to check the widening current account deficit.

"Government has decided to increase import duty on gold and platinum from 4 per cent to 6 per cent with immediate effect," Department of Economic Affairs secretary Arvind Mayaram told reporters.

He said the government will link Gold Exchange Traded Fund (ETF) with gold deposit scheme, which will enable mutual funds to unlock their physical gold and invest in gold-linked schemes offered by banks.

"The changes proposed to the gold deposit scheme will make it attractive for individuals to deposit their idle gold with the banks under the gold deposit scheme," Mayaram said.

He said the changes would help moderate import of gold and help in bridging the current account deficit (CAD).

Gold imports in 2011-12 amounted to $56.5 billion and in the current financial year, till December, they are estimated at $38 billion.

Mayaram further said the government will effect consequential changes in the additional customs duty and excise duty on gold bars, gold ores and refined gold.

"The duties will be reviewed after sometime if there is a moderation in the quantity of gold that is imported into the country," he said.

Gold was trading at Rs 30,935 per 10 grams today.

The move to link Gold ETF with deposit schemes will help increase physical availability of gold in the market, as a part of the gold lying in stock will be brought into circulation meeting the demand of gems and jewellery trade.

"Consequently, there will be a moderation in the quantity of gold that is imported into the country," Mayaram said.

He said the minimum quantity of gold that may be deposited into the gold deposit scheme would be reduced and the minimum tenure would be brought down to six months, from the present three years.

Market regulator SEBI and RBI will come out with notifications on Gold ETF and gold deposit schemes in two to three weeks. Gold ETF is provided by Mutual Funds (MF), in which the units are backed by physical gold held by the MFs. — PTI 

 

Yellow metal zooms

The gold prices spurted by Rs 315 to reach Rs 31,250 per 10 grams on Monday

India has been the world's largest consumer and importer of gold

Gold imports in 2011-12 amounted to $56.5 billion

The govt will link Gold ETFs with gold deposit scheme to enable MFs unlock their physical gold and invest in banks

The changes proposed will make it attractive for individuals to deposit their idle gold with banks under the gold deposit scheme

The duties will be reviewed if there is a moderation in the quantity of gold imported into the country

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FIPB approves Rs 10,000-cr proposal of IKEA

New Delhi, January 21
The FIPB today cleared Rs 10,000 crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias.
"The proposal will now be placed before the Cabinet Committee on Economic Affairs (CCEA) for final approval," sources said.

The Foreign Investment Promotion Board (FIPB), the nodal agency for approving FDI proposal, had earlier permitted IKEA to invest Rs 4,200 crore for opening single-brand retail stores.

With today's FIPB approval, IKEA would be able to open cafeterias in their stores.

"IKEA's case for investment is cleared, which is a positive development. The government is committed to playing a constructive role in enhancing FDI, especially in areas which create jobs and provide technological enhancement," Commerce Minister Anand Sharma said.

IKEA had originally sought approval for investing up to Rs 10,500 crore in the country. Following the part approval, the company made a representation to the (DIPP), which forwarded the request to FIPB seeking a review of its November 20 decision.

IKEA Group, which manufactures and sells home and office furnishing products, proposes to invest in single-brand retail trading in India through a 100 per cent subsidiary.

The Swedish furniture major's proposal was withdrawn from the agenda of the meeting on December 31 of the FIPB, as more information was sought from the company regarding its FDI plans in India. — PTI

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Sensex at fresh two-year high; RIL spurts 2.35%

Mumbai, January 21
Riding on a surge in RIL shares, the BSE benchmark Sensex today ended 63 points higher at 20,101.82 points to complete three days of gains, amid positive trends in European markets.

The BSE 30-share Sensex resumed higher and moved in a positive terrain of over 100 points before settling 62.78 points higher at fresh two-year high of 20,101.82. The last time the index settled at this level was on since January 6, 2011. In the previous two days, it had gained over 221 points.

The broad-based S&P CNX Nifty of the NSE also improved by 17.90 points to end at 6,082.30.

Brokers said firm European cues and continued capital inflows aided the sentiment, while mixed Asian cues restricted the rise in Sensex.

"While the undertone remains bullish, indices appear to be consolidating...Corporate results have brought in some cheer, but the movement seems restricted to select counters only," said Amar Ambani, Head of Research, IIFL.

Reliance Industries (RIL) with a spurt of 2.35 per cent was the top gainer from the Sensex pack. It alone contributed over 40 points to the index gain after the company on Friday evening announced 24 per cent jump in the October-December profit. This was the first increase in profit after four quarters of declining returns.

RIL logged a new 52-week high of 954.80 during intra-day.

The sentiment also got a boost after global credit rating agency Moody's Investors Services on Saturday retained India's sovereign rating at Baa3, with a stable outlook.

"The quarterly results of Reliance Industries did beat the street expectation. However, the stock saw profit booking for most part of the day. The stock gained more than 10% in last five days," said Milan Bavishi, Head of Research, Inventure Growth & Securities.

Among the major sectoral indices, capital goods and oil & gas sectors were the top performers, up by about 1.50 per cent each.

Realty sector was the worst hit, down by 1.23 per cent followed by healthcare and banking which, according to Amar Ambani, witnessed some profit booking.

Of 30-share Sensex pack, 17 finished with gains, while 13 others ended in the red. — PTI

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Dreamliner probe widens after excess battery voltage ruled out

Washington, January 21
US safety investigators yesterday ruled out excess voltage as the cause of a battery fire this month on a Boeing 787 Dreamliner jet operated by Japan Airlines (JAL) and said they were expanding the probe to look at the battery's charger and the jet's auxiliary power unit.
Last week, governments across the world grounded the Dreamliner while Boeing halted deliveries after a problem with a lithium-ion battery on a second 787 plane, flown by All Nippon Airways Co (ANA), forced the aircraft to make an emergency landing in western Japan.

A growing number of investigators and Boeing executives are working round the clock to determine what caused the two incidents which the US Federal Aviation Administration says released flammable chemicals and could have sparked a fire in the plane’s electrical compartment.

There are still no clear answers about the root cause of the battery failures, but the US National Transportation Safety Board's statement eliminated one possible answer that had been raised by Japanese investigators.

It also underscored the complexity of investigating a battery system that includes manufacturers across the world, and may point to a design problem with the battery that could take longer to fix than swapping out a faulty batch of batteries.

"Examination of the flight recorder data from the JAL B-787 airplane indicates that the APU (auxiliary power unit) battery did not exceed its designed voltage of 32 volts," the NTSB said.

On Friday, a Japanese safety official had told reporters that excessive electricity may have overheated the battery in the ANA-owned Dreamliner that was forced to make the emergency landing at Japan's Takamatsu airport last week.

US investigators have already examined the lithium-ion battery that powered the APU, where the battery fire started in the JAL plane, as well as several other components removed from the airplane, including wire bundles and battery management circuit boards, the NTSB said.

While the 787 is the most aggressive user of lithium-ion battery technology, the industry at large is testing it, and the FAA has approved its use in several different planes, each governed by "special conditions." — Reuters

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RIM mulls licensing out software

Frankfurt, January 21
Research in Motion will look into strategic alliances with other technology companies once it has launched its new BlackBerry 10 models, its chief executive told a German newspaper.

German-born CEO Thorsten Heins told daily Die Welt in an interview published on Monday that the group's strategic review could lead to the sale of RIM's hardware production or the sale of licences to its software, among other options.

"The main thing for now is to successfully introduce Blackberry 10. Then we'll see," Heins was quoted as saying.

RIM hopes its re-engineered line of Blackberry 10 touch-screen and keyboard devices will win back market share lost to rivals such as Apple's iPhone and devices powered by Google's market-leading Android operating system. — Reuters

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JLR to assemble new XF variant in India

New Delhi, January 21
Tata Motors-owned Jaguar Land Rover (JLR) today said it will start assembling of one variant of its luxury sedan XF in India, thereby bringing down the starting price of the model by over Rs 12 lakh.

The variant, which will be the second JLR model in India, with a 2.2 litre diesel engine will be introduced in India for the first time at an entry price of Rs 44.5 lakh (ex-showroom, Mumbai) and will be assembled at Tata Motors' Pune facility.

"The initial Pune-built Jaguar XF models will feature the company's acclaimed 2.2-litre diesel engine, which is coming to the Indian market for the first time. The Jaguars will be built alongside Land Rover Freelander 2 vehicles, which have been produced in Pune since May 2011," the company said.

Jaguar's currently available diesel and petrol XF variants with 3.0 litre and 5.0 litre engines are priced between Rs 57.15 lakh and Rs 1.03 crore (ex-showroom).

JLR India VP Rohit Suri said, "Our best-selling models in India are the Land Rover Freelander 2 and the Jaguar XF and this has driven the move to build these products locally.” — PTI

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HDFC Q3 net up 27.5% at Rs 1,706 cr 

Mumbai, January 21
Housing finance major HDFC today reported a 27.55 per cent jump in net profit at Rs 1,705.83 crore for the third quarter ended December 31, 2012.
Total income of the bank increased to Rs 10,128.58 crore during the third quarter of the current fiscal, from Rs 6,379.96 crore in the corresponding period a year ago, HDFC said.

NTPC net up 22%

National Thermal Power Corporation (NTPC) today reported nearly 22 per cent jump in net profit at Rs 2,596.76 crore in the third quarter ended December, 2012. The total income in the third quarter of current fiscal rose to Rs 16,529.55 crore from Rs 16,244.41 crore in the three months ended December, 2012.

Spicejet profit

Low-cost carrier SpiceJet today reported a net profit of Rs 102 crore for the third quarter ended December, 2012 mainly helped by more international flights and relatively lower fuel expenses. — PTI

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Govt to auction 700Mhz spectrum for 4G services next year

New Delhi, January 21
The government today said it would auction spectrum in 700 Mhz band, which is used for offering high-speed Internet services through fourth generation technologies, in 2014.

"We will auction the 700 band in any case by 2014," Telecom Minister Kapil Sibal said during the commissioning of country's first lab for measuring specific absorption rate (SAR) for mobile handsets.

The 700-Mhz spectrum band ranges from 698 Mhz to 806 Mhz and has been identified by the International Telecommunication Union for telecom services.

"We have set up a lab in the country so that mobile phones can be tested here for electromagnetic radiations," Sibal said. He added more such labs will be set up across the country starting with Mumbai.

The Telecommunication Engineering Centre SAR lab, which has been commissioned at a cost of Rs 2.5 crore, is the first lab in the country for independent audit of SAR value, self-certified by mobile handset manufacturers and importers in India.

It is capable of making SAR measurement for CDMA, GSM 2G and 3G mobile handsets. — PTI

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NTPC to get three coal blocks today

New Delhi, January 21
In a breather to NTPC, the government today said it would re-allocate its three forfeited coal blocks by tomorrow after Law Ministry's approval.

The three coal blocks - Chatti-Bariatu, Kerandari and Chatti-Bariatu (South)- would be re-allocated to NTPC by tomorrow after getting the Law Ministry's approval. "The whole issue of coal blocks that have to be re-allocated to NTPC will be done by tomorrow ... blocks will be re-allocated to NTPC post Ministry of Law's opinion on that matter," Power Minister Jyotiraditya Scindia said. — PTI

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Citibank brings in paperless payment system for cardholders

Mumbai, January 21
Citibank India today announced a new paperless mobile payment system for all credit and debit card customers in India that would do away with the charge slips. 

The development makes Citibank India the first country franchise within Citigroup to launch an industry innovative mobile payment solution, which has been developed with its technology partner Ezetap.

Citibank said it has already partnered with seven leading brands for the launch of this service in India, where it would help its more than 320 million card customers to make payments through their debit and credit cards at the point of payment.

The new payment solution would help customers purchase a wide range of goods and services, pay insurance premiums, mobile phone bills, recharge mobile phones or buy movie, theatre and event tickets at the convenience of their home or office with their cards.

It would also allow customers to make card payments at the point of purchase itself at the retail outlets, thereby avoiding long queues at payment counters in these stores.

"The secured paperless transaction not only does away with managing charge slips but also combines the many benefits enjoyed by Citibank card customers, including instant redemption of reward points, ability to opt for EMI payment option while using this new payment alternative," said Anand Selvakesari, Country Business Manager, Global Consumer Group, Citibank India.

Flipkart, Shoppers Stop, Bajaj Allianz and Bookmyshow are among the brands that are at various stages of testing and implementation of this solution. The new system can work through a dongle, which can be plugged into smart phones and tablets and is compliant with the global security standards. — PTI

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