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PM’s panel pegs growth at 6.5 pc Govt will terminate contract if gas is sold below $4.2, RIL tells SC Hero Honda net zooms 95 pc |
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MS to launch ‘Windows 7’ today Toyota’s small car in India by 2011 Rupee loses 37 paise SC suggests arbitration FDIC’s statement worries exporters Tata Motors buys Hispano Carrocera
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PM’s panel pegs growth at 6.5 pc New Delhi, October 21 “The stance of monetary policy will have to change from its highly accommodative position. But that has to wait, it will depend on the growth prospects of the economy and also inflationary pressures,” said C Rangarajan, head of Prime Minister’s Economic Advisory Council (PMEAC) in its Economic Outlook for 2009-10. The economy has weathered the financial turbulence quite well, he said, adding that the projected growth rate would make India’s economy possibly the second-fastest growing economy in the world. The government may hold off with monetary policy tightening until the end of March. Based on these measures and easy monetary policy, the PMEAC predicts that India will grow by about 6.5 per cent this fiscal and pick up speed the following year between 7 and 8 per cent. At another event, Finance Minister Pranab Mukherjee said it was premature to exit the fiscal stimulus as the global economy was not showing robust recovery. “Till now the global economic recovery is not as robust as we expected it to be. Unless this recovery takes place, the government would not think of an exit policy for the stimulus,” he said. “I would like to watch the situation for some more time,” the FM said when asked whether fiscal concessions given to the industry to overcome the global financial crisis would be withdrawn on inflationary concerns. However, inflation would climb to around 6 per cent by the end of March 2010, the panel predicted. “Unless the inflationary pressures become very strong towards the end of the fiscal year, there will be no need for a change in the stance of RBI policy,” said Rangarajan, who is also a former RBI Governor. The RBI is expected to keep rates on hold at its quarterly policy review on October 27. The FM is expected to take a meeting ahead of the policy review. However, bankers predict that rates will hold steady for the time being and will start rising in early 2010. The RBI slashed its benchmark rate by 425 basis points to 4.75 per cent between October 2008 and April 2009 and the government cut import and factory gate duties and boosted spending to shield India from the worst of the global downturn. The Indian economy grew by 6.7 per cent in the last fiscal year, less than the 9 per cent or more in the previous three years. The PM’s panel also forecast a consolidated fiscal deficit, which includes state finances, of 10.09 per cent of GDP in the current fiscal year, compared with 8.6 per cent last year, and urged a return to fiscal consolidation. The panel said poor summer monsoons would cut farm output in the current fiscal by 2 per cent, although 8.2 per cent growth in both industrial and services sectors would help offset that, taking overall economic growth to 6.25-6.75 per cent. Fuel prices The government does not need to raise fuel prices, if global oil prices remain in the range of $70 to $75 a barrel, a government panel member said on Wednesday. “I don’t see the need to raise prices till international crude prices remain around $70 to $75 a barrel,” said Govinda Rao, a member of the Prime Minister's
Economic Advisory Council.
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Govt will terminate contract if gas is sold below $4.2, RIL tells SC New Delhi, October 21 For these reasons, RIL was not in a position to sell gas to RNRL at a price lower than the government fixed rate of $4.2 a unit, he said. The counsel made the statement in response to a clarification sought by the Bench whether RIL would be making profit even at the rate of $2.34 agreed in the family MoU signed by the two brothers as part of the demerger pact. "The challenge is not the price of $2.34 per mmbtu, but the government’s approval. The policy states that RIL would have to supply gas to Dadri only once the plant was ready." Also, RIL could not have different rates for various clients and commit itself to supplying gas for 17 years to RNRL at this rate. Salve told the Bench, which included Justices RV Raveendran and P Sathasivam, that he would take about a week, till October 29, for completing his arguments. At this rate, the hearing is expected to last till the middle of November. At one point of time, Justice Raveendran wanted to know why the two parties did not opt for mediation or arbitration, rather than approaching the judiciary. Salve's main contention today was that RNRL could not have sought relief from the Bombay High Court under Section 392 of the Company Act that was meant for aggrieved shareholders or creditors. RNRL was neither and was rather a third party. The HC had thus erred in granting the relief and directing RIL to supply gas as agreed in the family MoU that did not have the approval of the RIL Board. Justice Raveendran said the court was in the process of deciding whether the dispute "falls under Section 392 or 394." Nevertheless, RIL could not decide the issue itself as any arrangement should be acceptable to both parties. Salve, however, contended that the government's Gas Utilisation Policy was the solution and the Division Bench of the HC was wrong in saying that the MoU "over-rides every thing," including the gas-sharing formula. "The court cannot say RIL shareholders should suffer a loss." |
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Mumbai, October 21 Nasdaq-listed software company iGate today posted a minor increase in its net income for quarter ending September 2009 at $8.9 million. Revenue from continuing operations, however, declined to $49.1 million during the quarter from $55.4 million made in the corresponding quarter of FY 2008, the company said. Chambal Fertilisers
Chambal Fertilisers & Chemicals today reported a 36 per cent growth in net profit at Rs 64.61 crore for the second quarter ended September 30, 2009. Yes Bank Yes Bank today reported 75.6 per cent growth in net profit at Rs 111.71 crore for the second quarter ended September 30, 2009. The total income of the bank rose to Rs 678.49 crore during the second quarter, up from Rs 569.93 crore in the corresponding period a year-ago. Sterlite Tech Sterlite Technologies has reported nearly nine-fold jump in its net profit at Rs 54.67 crore for the second quarter ended September 30 on the back of increased orders and better margins. However, the company's net revenue dropped by 30 per cent in July-September declined to Rs 465.83 crore from Rs 665.56 crore in the same period the previous fiscal. — PTI
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MS to launch ‘Windows 7’ today
New Delhi, October 21 The new operating system allows increased usage of multimedia applications and is helpful for users who prefer to store data on the internet. The Redmond-based company that had earlier launched its another operating system — Vista, which failed to elicit much response is pinning hopes on this launch. "We are extremely excited about the launch. Windows 7 has received rave reviews from industry analysts and early reviewers of the product for its simplified, faster, smarter and more secure experience," Windows Client Director Ramesh G told PTI. "The product will now be available commercially to all enterprises across India and consumers in retail via several new OEM machines tomorrow onwards," he added. Personal computers users feel their computing experience will see a change with the launch of the latest Windows operating system. Windows 7 is the latest version of Microsoft Windows, a series of operating systems produced by Microsoft for use on personal computers, including home and business desktops, laptops, netbooks, tablet PCs and media center PCs. Windows 7 is being released less than three years after the launch of Vista. The operating system will be released in six separate editions including Home Premium and Professional editions.
— PTI |
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Toyota’s small car in India by 2011
Tokyo, October 21 "For our upcoming small car we have set the benchmark with Maruti's Swift and Hyundai's i20. We are targeting to develop the car with 10 per cent more fuel efficiency than the Swift and i20," Toyota Motor Corporation Chief Engineer The company would introduce the car with a four-cylinder engine that will be Bharat Stage IV emission norm compliant. Asked about engine specifications, Noritake said: "Though we have not decided, we are finalising the engine capacity to make it suitable for enjoying the excise duty benefits for the small car." The company is planning to launch both hatchback and sedan versions of the car. The base model of the car will also have options to select various high-end safety features like ABS (anti-braking system). Prius by early next year
Meanwhile, the company said today it would launch its hybrid car 'Prius' in India early next year. "We will be introducing our hybrid car (in India) sometime in the beginning of next year and it will be Prius," Toyota Motor Corporation (TMC) vice-chairman Kazuo Okamoto told a group of visiting Indian journalists here. He, however, said there are no plans yet to bring in a hybrid small car. Prius is the highest selling hybrid model of TMC with a cumulative global sale of over 1.4 million units since 2000. Nissan may launch electric vehicles
Japanese car maker Nissan today said it will consider launching electric vehicles in the Indian market within the next few years as part of its global plan to roll out cleaner and alternative fuel technology. The company, which is part of French auto giant Renault Group, on Wednesday showcased three electric vehicle (EV) models and announced plans for a concept car at the ongoing Tokyo Motor Show here. Nissan said it would mark its entry into the EV segment with launches in the US, Japan and European markets in 2010. Asked if the company plans to introduce the EV models in India, Nissan Motor Corporation Chief Executive Carlos Ghosn said: "If there is a market, yes sure. There is absolutely no limitation for where the car will go."
— PTI |
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Rupee loses 37 paise
Mumbai, October 21 Forex dealers said the rupee fell sharply in tune with sluggish trend in stocks. The benchmark Sensex today dipped by a whopping 213.84 points or 1.24 per cent. Dollar buying by importers, mainly oil refiners, also weighed on the rupee sentiment, they said. The global crude oil prices were quoting below $79 a barrel in Asian trade today. Meanwhile, the dollar was firm in Asia from a 14-month low but fell back in London as minutes of the Bank of England latest policy meeting pushed it lower against a basket of currencies. Rupee's fall today is in sharp contrast to the smart gains it had posted in the recent days on sustained capital inflows, which saw the benchmark Sensex on BSE regaining the 17,000-level after more than one year. In fairly active trade at the Interbank Foreign Exchange (Forex) market, the local unit opened weaker at 46.45/46 a dollar from its overnight close of 46.11/12. It moved in a range of 46.32 and 46.52 before concluding the day at 46.48/49 per dollar, a fall of 0.80 per cent. It had gained 18 paise yesterday.
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SC suggests arbitration
The Supreme Court on Wednesday asked the Ambani brothers' group firms RIL and RNRL why they cannot settle their gas supply dispute through arbitration or mediation. During hearing of the dispute over supply of gas by RIL to RNRL at $2.34 per mmBtu, the bench headed by Chief Justice K G Balakrishnan said the two parties could arrive at a "suitable arrangement" through arbitration, as the Bombay High Court that approved the Reliance empire's demerger cannot spell what is the ideal arrangement. To this, Mukesh Ambani-run RIL, which continued its arguments for the second day today, told the court that it considered the government's gas utilisation and pricing policy as the "suitable arrangement." Senior counsel Harish Salve also opposed RNRL's plea for dismissing RIL's petition, saying only his client's creditors or members of the Board can challenge maintainability of the petition. Salve said RNRL was a third party and hence, cannot seek dismissal of RIL's plea. RNRL has also separately challenged the government's petition in the dispute. RIL, however, contends that it cannot do so in view of the government policy, which in 2007 approved $4.20 per mmBtu as price for gas from the KG-D6 fields.
— PTI |
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FDIC’s statement worries exporters Ludhiana, October 21 Still struggling with recession, the exporters were hopeful that by January, things would progress as the US market improves but the statement by FDIC suggests otherwise. Talking to The Tribune, SC Ralhan, chairman of the Northern Region of Export Engineering Promotion Council said 400 more banks were to be closed down due to losses. He said recession had not cast its shadow over the domestic market, but exporters were at the receiving end. “We were expecting that US and European markets will start recovering by January next but the situation seems to be grim. About 40 per cent of the country’s exports trade is with US and Europe. In case there are no signs of improvement, then government must think seriously to provide incentives to exporters,” he said. Ashwani Kumar from Victor Forgings Jalandhar said 70 per cent of the units in the region had already been closed down due to recession. Remaining 30 per cent units were badly hit due to power cuts. “We are facing problems with the banks. Orders are being cancelled by customers. We used to run units in three shifts but now we run just one shift,” he said. Former vice-chairman Sports Goods Promotion Council, Surjit Singh Jolly said business had come down between 35-40 per cent since September last and there were no signs of improvement either, for the next six-eight months. |
Areva T&D India inks
Rs 900-cr deal
United Spirits raises Rs 1,615 cr Yahoo! net jumps 3-fold Ind-Swift eyes buyouts ITDC dividend
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