The Tribune, Chandigarh, India

Workers go downstairs near the high-speed train named Sapsan at a locomotive shed in Saint-Petersburg on Friday. Russia on Thursday unveiled its first high-speed train linking Moscow and Saint Petersburg. It will carry around 600 passengers between Russia's two biggest cities in three hours 45 minutes. — AFP

Oil nears $74
Singapore: Oil prices rose to near $74 a barrel on Friday amid expectations OPEC plans to leave production levels unchanged at its meeting next week. A slightly weaker dollar and cold weather on the US East coast also helped support prices.

Punjab industry against extension of sops to HP
Ludhiana, December 18
The industrialists in this part of region believe if various concessions were granted to Himachal Pradesh and Uttarakhand, then Industry in Punjab will suffer adversely. Originally, the concessions were to expire in 2013 but UPA government reviewed it and allowed them to be continued till March 31, 2010. The business community here feels that concessions had hit the industry in Punjab both directly and indirectly, and these must not be given further extension.

Technology to make guava bars developed
Ludhiana, December 18
Like mangoes, guava can now be consumed as bars/leather throughout the year, courtesy Central Institute of Post Harvest Engineering and Technology (CIPHET), an institute of Indian Council of Agricultural Reseach. The technology for the same has been standardised by the CIPHET and patent has been filed.

Fortis completes buyout of Wockhardt Hospitals
New Delhi, December 18
Fortis Healthcare today said it has completed the acquisition of 10 Wockhardt Hospitals in metro cities of Mumbai, Bangalore and Kolkata for Rs 909 crore. Fortis completes the acquisition of Greenfield Hospitals division of Wockhardt Hospitals comprising 10 hospitals in metro cities of Mumbai, Bangalore and Kolkata, including two under construction, for Rs 909 crore, on a going-concern basis, Fortis said in a statement.

Essar bags 3 more CBM blocks
New Delhi, December 18
Ruias-owned Essar Oil has bagged three more coal bed methane (CBM) blocks and Arrow Energy of Australia two areas after a panel of secretaries rejected the bids by Deep Industries-led consortium. An Empowered Committee of Secretaries (ECS) yesterday rejected bids by Deep Industries-led consortium as it did not meet the qualifying criteria, sources in know said.

JLR hiring plan
London: Tatas-owned Jaguar Land Rover will hire over 100 graduates and under-graduates in 2010 to fill up vacancies across different verticals as sales return on track after a prolonged bumpy ride. "We plan to recruit more graduates in 2010 than we did in 2009 to be in the best possible position as the economy improves," JLR director said. — PTI

	Mid-year Review Economy to grow by over 7.75%: Govt New Delhi, December 18 Riding high on last quarter's stupendous performance, the government today said economic growth could exceed 7.75 per cent in the current fiscal but expressed concerns over rising prices of essential food items. In its mid-year review of the economy, the government said the gross domestic product (GDP) growth rate in 2009-10 could exceed the optimistic projection of 7.75 per cent. The mid-year review of the economy was presented in Parliament by Finance Minster Pranab Mukherjee. Impacted by the global financial crisis, the GDP growth rate had slipped from 9 per cent to 6.7 per cent in 2008-09. The Economic Survey in July had given the optimistic estimate of 7 per cent growth this fiscal, give or take 0.75 per cent. But the real surprise came when the economy grew by 7.9 per cent in the July-September quarter of the fiscal, beating every official level projection. On the flip side, the review expressed serious concerns over rising food inflation which has soared to decade's high of close to 20 per cent. It underlined the need to take steps on "urgent basis" to tackle the menace of rising inflation. The food inflation surged 19.95 per cent during the first week of December, driven mainly by rising prices of potato, other vegetables and pulses. Among other essential items, sugar prices have continued to move northwards because of shortage of the sweetener. "The rise in prices of primary articles of consumption of the common man that has been occurring in recent times is indeed a cause of concern, and this needs to be attended on an urgent basis", the review stressed. "The growth outlook for the next two quarters and for the whole year is likely to be in the upper bound of the range (7.5 per cent) predicted; and may exceed it," the review said. The review also said neither the government nor the Reserve Bank should withdraw the stimulus given to the industry to tide over the financial meltdown, till the economic recovery is sustained. "The timing of the exit and the pace at which it should be carried out will depend on the strength of the recovery and its sustainability without fiscal stimulus," it added. On steps to contain rising prices, the review said the supply shortages in certain commodities could be met by imports. It, however, pointed out that import option would have limitations as items like pulses are available only in limited quantities in the international market. "Moreover, there is always the risk that these imports will not materialise at the time of our greatest need," it said, adding the solution lies in encouraging food production and increasing domestic availability of essential commodities. Expressing concern over rising prices, Mukherjee had said yesterday, "We have to take appropriate measures to see what best could be done by augmenting the supply through imports." — PTI
	Gas Row: SC reserves verdict R Sedhuraman Legal Correspondent New Delhi, December 18 The Supreme Court today reserved its verdict in the gas dispute case between Mukesh Ambani-led RIL and RNRL after the government contended that it was not an issue only between the two companies as it was the owner of the gas. “It is unfortunate that there are agreements, understandings, arrangements, schemes, mergers and de-mergers on the basis of my property,” Solicitor-General Gopal Subramanium argued before the Bench, comprising Chief Justice KG Balakrishnan and Justices B Sudershan Reddy and P Sathasivam. The arguments in the case, involving RNRL’s claim to supply of 28 million units of gas by RIL at a price of $ 2.34 a unit against the government fixed rate of $4.2 a unit, lasted 27 days spread over nine weeks. Senior counsel Harish Salve appeared for RIL and Ram Jethmalani and Mukul Rohtagi argued for RNRL. The SG said the two companies could not be disputing over the pricing without calling upon the government to play its role. “It is my property for which I pay 100 per cent cost. My calculations show that I am under-recovering the cost,” he said, explaining that pricing was different from the cost of production. The price was decided to enable the contractor to recover the cost over a reasonable period. Clarifying that the government had taken an “independent” stand in the case, he said RNRL could approach the Gas Authority of India Ltd (GAIL) for ensuring bankability of its power projects, instead of squabbling over the gas price fixed by the empowered Group of Ministers (eGoM). Wrapping up RNRL’s contentions, Rohtagi diluted the company’s claim. Earlier, RNRL had stuck to the demand for supply of 28 million units over 17 years at $ 2.34. Today, he said RNRL was willing to pay whatever price was offered to the state-run NTPC.
	‘Futures trading not behind price rise Tribune News Service New Delhi, December 18 The futures trading in essential commodities is not responsible for price rise in the recent time. The government today said this quoting the case of Urad and Tur, where futures trading is suspended since January 2007 and still prices of these commodities had shown sharp increase during 2008-09 and 2009-10. In a written reply in the Rajya Sabha, Minister of State for Consumer Affairs, Food and Public distribution KV Thomas today said there was year-on-year price increase (in terms of Wholesale Price Index) at the end of financial year. At the end of year 2008-09 the price rise was 14.7 per cent for Urad and 17.1 per cent for Tur. During 2009-10 (as on November 28, 2009), the year-on-year increase was 59.46 per cent and 72.25 per cent for Urad and Tur, respectively. As against this there is futures trading in Gram where year-on-year change of prices of Gram was negative at minus 6.8 per cent in 2008-09 and 4.32 per cent during 2009-10 (as on November 28, 2009) respectively. “Therefore, the increase in prices of commodities need not necessarily be attributed to future trading,” Thomas said. He added that an expert committee appointed by the government under the Chairmanship of Planning Commission member Abhijit Sen to examine whether futures markets was responsible for rise in the prices of essential commodities in its report submitted in April 2008 also did not find futures market responsible for the increase of the prices of essential commodities.
	Oil nears $74 Singapore: Oil prices rose to near $74 a barrel on Friday amid expectations OPEC plans to leave production levels unchanged at its meeting next week. A slightly weaker dollar and cold weather on the US East coast also helped support prices. By early afternoon in Europe, benchmark crude for January delivery was up $1.22 to $73.87 in electronic trading on the New York Mercantile Exchange. On Wednesday, the contract fell 1 cent to settle at $72.65. — AP
	Punjab industry against extension of sops to HP Shivani Bhakoo Tribune News Service Ludhiana, December 18 The industrialists in this part of region believe if various concessions were granted to Himachal Pradesh and Uttarakhand, then Industry in Punjab will suffer adversely. Originally, the concessions were to expire in 2013 but UPA government reviewed it and allowed them to be continued till March 31, 2010. The business community here feels that concessions had hit the industry in Punjab both directly and indirectly, and these must not be given further extension. The president of Apex Chamber of Commerce and Industry, PD Sharma said some industries had presence in Himachal only for its peripheral operations, the main operations were done in Punjab itself. As a result, they got concessions for the entire product. “This affects the other industry which fails to compete with them,” he said further adding that there was 100 per cent exemption on excise duty for 10 years and 100 per cent income tax exemption for the first 5 years. Besides, there was also an investment subsidy that manufactures enjoyed at the rate of 15 per cent of the total investment. The industrialists feel that government should extend the negative list of industries, which should not be given incentives. Sunil Aggarwal, an industrialist from Mandi Gobindgarh said steel industry had no economic base in Himachal Pradesh whereas in this part of region, it had established itself well. “Of course, we will be in losses if incentives were given to our competitors from here, who start fresh plants in HP or Uttarakhand,” said Aggarwal. He also said concessions should be allowed only for industries which were based on local endowments and resources. “Pharmaceutical, cement and like industries can be viable in Himachal and other hilly states. The concessions on peripheral operations should be withdrawn for our betterment. These operations relate just to preservation, cleaning, packing, levelling and sorting,” he said. The industrialists have also written to the Prime Minister in this regard. PD Sharma said fast moving consumer goods industry should also be not entitled for concessions. Punjab’s industry had to be saved at any cost as it had already suffered a lot. Moreover severe competition was also arising out of large number of free trade agreement with different countries. “The cheap imports with nil import duty is in itself a great threat to the Punjab’s industry,” he said.
	Technology to make guava bars developed Charu Chhibber Tribune News Service Ludhiana, December 18 Like mangoes, guava can now be consumed as bars/leather throughout the year, courtesy Central Institute of Post Harvest Engineering and Technology (CIPHET), an institute of Indian Council of Agricultural Reseach. The technology for the same has been standardised by the CIPHET and patent has been filed. The shelf life of fresh guava is not more than a week. So far, processing of guava has been confined to traditional food items like jelly due to its gritty texture which is the main hindrance in developing into a better and cheaper product. To counter the challenge, CIPHET has developed blended guava leather/bars and the process technology for the same has been standardised. The products were prepared by mixing various fruits blends, sugar, citric acid and permissible preservatives. The developed product is rich in nutritional quality and retains original flavour. Dr Ramesh Kumar, scientist, horticultural division, CIPHET, Abohar, said "The developed product can be stored for two to three months under normal conditions and more than nine months under dry conditions." The cost of production of one kg guava bars is around Rs 100 to Rs 120 and a unit can be set up with Rs 5 to 6 lakh (excluding land cost). Meanwhile, CIPHET has also standardised the process for green chillies puree for making powder of chillies available in green colour similar to that of red chillies. The production cost of one kg of chilli powder is pegged at around Rs 150 and a small production unit is likely to cost around Rs 7 lakh. Dr RT Patil, director, CIPHET, informed that the profitable technologies are ready for transfer.
	Fortis completes buyout of Wockhardt Hospitals New Delhi, December 18 Fortis Healthcare today said it has completed the acquisition of 10 Wockhardt Hospitals in metro cities of Mumbai, Bangalore and Kolkata for Rs 909 crore. Fortis completes the acquisition of Greenfield Hospitals division of Wockhardt Hospitals comprising 10 hospitals in metro cities of Mumbai, Bangalore and Kolkata, including two under construction, for Rs 909 crore, on a going-concern basis, Fortis said in a statement. The acquisition was made under a wholly-owned subsidiary, Fortis Hospitals and was funded partly by the recently concluded rights issue, internal accruals and debt. The acquisition expanded Fortis bed capacity by 1,902, including 534 beds in two under construction projects, and provides significant presence in south, west and east India. — PTI
	Essar bags 3 more CBM blocks New Delhi, December 18 Ruias-owned Essar Oil has bagged three more coal bed methane (CBM) blocks and Arrow Energy of Australia two areas after a panel of secretaries rejected the bids by Deep Industries-led consortium. An Empowered Committee of Secretaries (ECS) yesterday rejected bids by Deep Industries-led consortium as it did not meet the qualifying criteria, sources in know said. Deep Industries-led group walked away with seven out of the eight CBM blocks, bids for which were received at the close of auction on October 12. The panel of top bureaucrats decided to award the blocks where Deep Industries-led group was provisional winner, to the second highest bidder. Essar Oil got the Talcher, IB Valley and Sohagpur blocks on top of the one block it had bagged on October 12, making it the biggest CBM player. — PTI