The Tribune, Chandigarh, India

	Sensex dives 292 points to four-month low Q4 worries, tension in Korean peninsula cast shadow Mumbai, April 4 Falling for the second day, the BSE Sensex today plummeted nearly 292 points to end at four-month low level of 18,509.70 on all-round panic selling, including ITC, Infosys and ICICI on concerns of corporates posting poor results and tension simmering in the Korean peninsula. Across market two stocks fell for every counter that rose and as a result Rs 1 lakh crore investor wealth was wiped off. Selling was so strong that all 13 sectoral indices closed with losses in 0.42 per cent and 3.39 per cent range with realty, IT, consumer durable, banking, metal and power hit maximum. After opening weak, the 30-share Sensex dropped by 291.94 points, or 1.55 per cent, to end at 18,509.70, a level last seen on November 23, 2012, as overseas funds remained net sellers. The index had lost 239 points yesterday. "Current market movement is driven by global worries over Korea and at the domestic front political inability of the government, as major key Bills which could open some positives for Indian economy are still pending," said a report by UK-based advisory company Equentis Capital. Besides worries over economic health of US, IT stocks saw selling ahead of FY13 earnings of Infosys next week. Infosys and TCS lost over 2 per cent each. Private banks, including ICICI Bank and HDFC Bank, fell on worries over loan growth amid a subdued economic scene. Sensex heavyweights Reliance Industries and ITC saw sharp losses on heavy selling by foreign funds, said brokers. The metal pack like Tata Steel, Jindal Steel and Sterlite faced steep losses of 3-4 per cent. The broad-based National Stock Exchange index Nifty plunged below 5,600 level by losing 98.15 points, or 1.73 per cent, to 5,574.75. Investors also feared the fourth quarter earning season give a gloomy picture, traders said. Total market breadth remained negative as 1,850 stocks ended down while 907 finished up. 111 scrips ruled steady. Total turnover dipped to Rs 1,551.16 crore from Rs 1,963.93 crores yesterday. — PTI
	Bank of Japan shocks markets with unprecedented stimulus To purchase government bonds worth $75 billion per month Tokyo, April 4 The Bank of Japan shocked markets today with a radical overhaul of its policymaking, adopting a new balance sheet target and pledging to double its government bond holdings in two years as it seeks to end nearly two decades of deflation. At Governor Haruhiko Kuroda's first policy-setting meeting, the central bank shifted its policy target to the monetary base - the total size of cash and bank deposits - from the overnight call rate, which is at zero to 0.1 per cent. The decision marks a return to the BOJ's five-year quantitative easing policy that ended in 2006, when it flooded markets with cash targeting excess reserves that financial institutions parked with the central bank. The scope of the changes Kuroda pushed through, and the fact he secured unanimous board support for them, drove the yen down sharply and knocked the 10-year bond yield to a record low. The Nikkei stock index unwound losses of more than 2 per cent to end up 2.2 per cent, just shy of a 4-1/2 year closing high hit last month. To meet its new 2 per cent inflation target, the central bank will boost asset purchases to double its holdings of government bonds and exchange-traded funds (ETF) in two years. In doing so, it will revert to open-ended asset purchases and buy over 7 trillion yen ($75 billion) of long-term government bonds per month, so that the balance of its bond holdings increase at an annual pace of 50 trillion yen. The monetary base is expected to expand to 200 trillion yen this year and to 270 trillion yen by the end of 2014, almost doubling from 2012 when it was 138 trillion yen, the BOJ said. — Reuters Yen sinks London: The yen sank across the board on Thursday after the Bank of Japan unveiled a set of bold easing measures, while weak euro zone business data piled pressure on the single currency before a European Central Bank meeting. It slumped by 2.5 per cent to around 95.40 yen to the dollar — its biggest daily move since October 2010.
	Ford plans to make India an export hub To raise production to 4.44 lakh cars by 2014 Sarbjit Dhaliwal/TNS Chandigarh, April 4 Ford India, which has raised its investment in India to $2 billon, is focusing on making the country a hub for exporting engines and automobiles across the Asian countries and other parts of the world. Speaking to The Tribune, Ford India’s president and managing director Joginder Singh, who was here today in connection with a promotional drive of Ford Ecosport, an SUV, said by 2014, the company’s manufacturing capacity would go up to 4,44,000 cars and 6,10,000 engines per annum. Of these, 25 per cent cars and 40 per cent engines would be exported to Asian and other countries. “As of now, we are exporting Ford Figo to 38 countries from India. We are certain that Ford Ecosport, which has been manufactured using latest green technology, will be exported to many more countries than Figo”, said Joginder Singh, who has spent 28 years in Europe, Canada and the US overseeing the company’s global operations. “By 2014, our plant in Gujarat will also be operational”, he added. “We have been providing employment to about 15,000 skilled workers, engineers and others in our production units in India”, he said. However, the multiplier effect of Ford India’s operations in the country was much larger. “At present, we have 260 outlets in the country and these would be doubled soon. We have also planned to move to the countryside by opening outlets in 2 and 3-tier cities”, he said. Talking about Ecosport, he said its main features were quality, smartness, safety and green technology. For the company, Figo proved to be a turning point and the Ecosport would be a game changer. He said from the price point of view, the Ecosport would be most competitive one in its segment. As it has been manufactured using most modern technology it would even provide Internet connectivity. Asked about the marketing drive of Ecosport, Joginder Singh said the company had come out with an innovative marketing strategy. “We have launched an Urban Ecosport Discoveries campaign across the country. Under this campaign, 100 consumers will be selected and provided with an opportunity to drive the SUV to important landmarks in their respective cities before its official launch.” He said after the conclusion of this campaign, the company would disclose its price and date of booking.
	National Shipping Board plans to introduce Indian Maritime Service Ruchika M. Khanna/TNS Chandigarh, April 4 The National Shipping Board is mulling over introducing a new national cadre known as Indian Maritime Service (IMS) on the pattern of the IAS and IPS. This service will come into existence by 2014. The idea behind having an IMS is to ensure better administration of various ports in the country by qualified maritime professionals. The idea was mooted by Sandeep Chandra, member of the National Shipping Board, at a meeting of the Board held recently. Chandra, who was in town today, told The Tribune that with a renewed global focus on protecting the seas, it was imperative to have a dedicated maritime service for efficient management of ports. “Many persons are appointed to head major ports from outside maritime sector, and they generally lack domain knowledge. A decision was taken to set up a sub-committee under DT Joseph, a former secretary in the Ministry of Shipping, and this sub-committee will shortly submit its recommendations about the feasibility of having a dedicated cadre to serve the interests of Indian maritime sector,” he said. He added the government was already working on creating an ecosystem for having an IMS by setting up a Maritime University, a vision of Shipping Minister GK Vasan. He said the government had realised the need to build up port capacity and was working on making India the foremost shipping powers by 2020. “The government has already sanctioned two new ports at Saagar in West Bengal and Ramiapatnam in Andhra Pradesh with an investment of Rs 5,000 crore to Rs 15,000 crore. These ports will become operational between five and 10 years,” he said. He said he was also involved in framing a policy for the inclusion of traditional fishermen in coastal transportation. “The fishermen are familiar with practical aspects of shipping but lack theoretical understanding. Setting up examination centres close to towns where fishing communities exist would help them graduate to handling bigger vessels. They could be given relaxation to overcome their language problems,” he said.
	HC lifts stay on Airtel’s 3G pact ban New Delhi, April 4 A panel of judges at the Delhi High Court today set aside the court's earlier order that had halted the execution of a government ban on mobile phone carrier Bharti Airtel’s 3G service pacts with rival carriers, a lawyer on the case said. Maneesha Dhir, a lawyer on the case for the Telecommunication Ministry, did not give any further detail. A Bharti Airtel spokesman declined any immediate comment. In a long-running dispute, the government had last month asked Bharti to immediately stop 3G services in zones where it does not have its own airwaves and is providing the premium services through pacts with other carriers. The Delhi High Court had temporarily halted the execution of the government order after Bharti appealed against it. The court had also said Bharti would not immediately need to pay a $65 million penalty imposed by the government. — Reuters
	RPower’s Sasan project begins operations New Delhi, April 4 Reliance Power today said it has started electricity generation from the first 660-MW unit of Sasan ultra mega power project. The first unit of the 3,960-MW Sasan UMPP in Madhya Pradesh was commissioned on March 30, the company said. Power generated from the project would be sold to 14 distribution companies across seven states. "The Sasan UMPP is the largest integrated power plant and coal mining project in the world with an estimated investment of over Rs 23,000 crore," Reliance Power said. — PTI
	Ficci’s advisory panel chief Tribune News Service Chandigarh, April 4 Rajinder Gupta, chairman, Trident Group, has been appointed chairperson of Ficci’s Punjab, Haryana, Himachal Pradesh and Chandigarh Advisory Council which has been set up to guide Ficci’s activities in these states. The appointment is co-terminus with Naina Lal Kidwai as president, Ficci. Gupta will be supported by co-chairman Yashovardhan Saboo, CEO & MD, KDDL Ltd.