The Tribune, Chandigarh, India

	IT exports from Haryana touch Rs 21,000 cr Report projects 12 pc growth in current fiscal Sunit Dhawan Tribune News Service Gurgaon, March 10 Recession blues notwithstanding, the total exports from Haryana in the Information Technology (IT) and Information Technology-Enabled Services (ITES) sectors touched Rs 21,000 crore last fiscal. According to official sources, software exports from the state during financial year 2008-09 showed a growth of about 17 per cent. A Nasscom-Mckinsey report has projected a growth of 11-12 per cent in IT and ITES exports from Haryana in the current fiscal (2009-10) and the exact figures are expected by June. Gurgaon has the lion’s share in software exports as more than 90 per cent of IT and ITES units of the state are located in the district. As of now, there are around 400 IT and ITES companies operating in the district. “The IT and ITES industry is providing employment to nearly 2 lakh persons and indirectly benefiting many others,” said Gurgaon deputy commissioner Rajender Kataria, adding that to boost the IT industry, a regional IT industry promotion office had been set up in Gurgaon. Market observers point out that the volume of software exports from Haryana has shown a steady rise during the past several years. The IT and ITES exports from the state, which were about Rs 10,700 crore in 2005-06, went up to the tune of Rs 14,000 in 2006-07 and reached Rs 18,500 crore in 2007-08, before touching Rs 21,000 crore in 2008-09. Gurgaon has emerged as a preferred destination for the IT industry in the recent past. Numerous established companies like IBM, Microsoft, Genpact, Oracle, Dell, Samsung, Siemens, Fidelity, HCL, Wipro, TCS, Hughes, Silicon Graphics, Alcatel, Convergys, Google, Accenture, Aricent, Hewitt, Polaris and Sapient etc have a number of units in the city. The Electronic City located in Gurgaon is spread over an area of 40 acres for hi-tech export-oriented electronics/IT industry. A Software Technology Park, developed over an area of 14,000 square feet within the Electronic City, is dedicated to software units. A satellite communication link has also been provided here. An Information Technology and Telecommunication Complex within the Electronic City is also in place for computer/software exporters with world-class facilities of earth-station, teleconferencing, Internet-mail service and other communication services.
	Access to US Market NSE ties up with Dow Jones, S&P 500 New Delhi, March 10 In a major development that will allow Indian investors access to the American market, the NSE has decided to begin trading in futures contracts of Dow Jones Industrial Average (DJIA) and S&P 500 -- the two key indices of the US market. At the same time, Nifty -- the NSE's benchmark index comprising India's 50 top blue-chip stocks -- will be traded on the Chicago Mercantile Exchange of the US. The listing and trading arrangement for these indices, which are subject to regulatory approvals in India and the US, was announced by the National Stock Exchange and CME in a joint statement today. Besides the cross-listing and licensing agreements, the two bourses have also entered into a "memorandum of understanding with respect to other areas of potential co-operation, including related to development and distribution of financial products and services." The NSE's affiliate India Index Services and Products Ltd has granted exclusive licence for Americas and Europe to CME Group for trading of Nifty 50. Besides, the NSE also announced an agreement to explore listing and trading of more India-linked products on Singapore Exchange Ltd, which already has a licence to trade in Nifty 50. NSE MD and CEO Ravi Narain said: "This association with the CME Group will make the Nifty 50, and over time, potentially other products across various India-related asset classes, available to a much larger community of traders and investors. — PTI
	SBI prefers rights issue to raise capital: Bhatt Mumbai, March 10 The State Bank of India will prefer a rights issue to raise funds for business growth rather than diluting the government holding, bank's chairman O P Bhatt said today. "I want the government to continue to be the major stake holder in the SBI ... if there is an opportunity to raise capital quickly and efficiently, we would like to do that (rights issue) ... it gives us a lot of flexibility in future," Bhatt told reporters here. The government recently tabled the SBI Act Amendment Bill in the Lok Sabha with an aim to reducing the state-holding in the bank to 51 per cent from around 59 per cent now. However, Bhatt indicated that the bank as unlikely to go for the rights issue immediately as it had enough capital and good liquidity position at the moment. The SBI has a surplus liquidity of close to Rs 50,000 crore against Rs 75,000 crore in December. "I keep saying that we have a five-year perspective. We do not need capital immediately because our capital adequacy ratio is now around 14 per cent," Bhatt said. On the merger of State Bank of Indore with the parent, Bhatt said the proposal needed to be cleared by the government and boards of both banks. The entire process may take over a month to get completed. "I don't see that (the merger) happening at least till April-May at the earliest," Bhatt said. The Reserve Bank is learnt to have given its in-principle nod for the merger between the two entities. Bhatt said the bank would offer a one-time settlement for bad loans from small and medium enterprises to provide a relief to small firms hit by the global financial crisis. "We have got a large number of units which are stressed ... we are trying to incentivise them with a one-time settlement," Bhatt said. On the extension of the SBI's special home-loan scheme, Bhatt said the lender would take a call on the issue by end-March. Under the scheme, the bank offers an 8 per cent fixed rate for home-loans for a fixed period. The SBI had received good response to the scheme under which it disbursed around Rs 2,500-crore per month, he said. — PTI
	Under-Payment of Licence Fee Audit report on Airtel submitted Tribune News Service New Delhi, March 10 Special auditors, appointed by the government to look into alleged under-payment of licence fee by Bharti Airtel, have submitted their report to the Department of Telecom. Reports said the auditors, who had probed the books of Bharti Airtel, submitted their report recently. However, details of the reports were unavailable. The auditors had probed if the company had shown more revenue under heads that attracted lower licence fee. A similar audit has also been ordered on Vodafone-Essar, Tata Teleservices, Idea Cellular and RCom. While the report on RCom was submitted late last year, the others are likely to come out by March 15. According to senior officials in DoT, a special audit for all integrated telecom companies will be undertaken, as suggested by TRAI, once in 3-5 years. DoT's action comes after TRAI found a jump in revenue from the long distance segment in case of Bharti Airtel, which attracts only 6 per cent licence fee as against up to 10 per cent for other mobile services.
	Govt eyes Rs 1,495 cr from toll tax Tribune News Service New Delhi, March 10 The government has said it is expecting to collect Rs 1,495 crore as toll tax from highways during the current fiscal. Road Transport and Highways Minister Kamal Nath informed the Parliament that the tax would come from vehicles plying on a 5,434 km stretch. Nath said if truckers were evading toll tax in any particular state, the state government should take immediate measures to check it. “We are holding talks with various stake holders on different issues pertaining to toll tax,” he said. Pointing out the infrastructure deficit especially in the road sector which impacted agriculture, trade and industry, he said there was a need to bridge the gap by taking adequate measures. Meanwhile, the government has also decided to renumber the National Highways across the country as the system of numbering presently being used is not on scientific method. The government has accepted the recommendations of the Committee set up by it in this regard in 2009. As per the modified numbering system of National Highways, those predominantly along the north-south direction and along the east-west direction would be considered as primary routes. The primary routes along the north-south direction are being numbered in increasing order from east to west direction as even numbers in two digits and the primary routes along the east-west direction are being numbered in increasing order from north to south direction as odd numbers in two digits. The secondary routes are considered as those routes which are either circumferential routes around a primary route or a spur route originating from a primary route. The secondary routes are proposed to be numbered in three digits, with two digits as same as that of the primary route number and the third digit prefixing the two digits as either even number or odd number depending upon whether it is a circumferential route around the primary route or it is a spur route originating from the primary route. Suffixes, such as A, B, C, D, etc have also been proposed to be used for secondary routes with gap numbering in order to accommodate present as well as future such routes.
	No stake sale in IOC, ONGC: Govt New Delhi, March 10 The government has no immediate plans to sell stake in the Oil and Natural Gas Corp (ONGC) and the IndianOil Corp (IOC), Petroleum Secretary S Sundareshan said today. Both ONGC and IOC had opposed follow-on public offers (FPOs) as ambiguous fuel pricing was affecting their valuations. "There is no serious consideration (on the ONGC and IOC FPOs) at this juncture," he told reporters here. The Disinvestment Department had in December sought the Oil Ministry's comments on "public offerings from the government's shareholding" in the ONGC and the IOC. The Oil Ministry, however, was of the view that raising funds from the capital market was not prudent till issues like fuel pricing and subsidies, which were affecting share prices of the ONGC and the IOC, were resolved. "This is not the correct market time anyway," he said. The government does not allow the IOC and other retailers BPCL and HPCL to sell petrol, diesel, LPG and kerosene at a price in line with the cost and has also failed to compensate these fully for revenues lost. The ONGC is plagued by uncertainty on the net price it will realise on sale of crude oil as the government on an ad hoc basis asks it to make up for retailers' fuel losses. Also, revision of the natural gas price has been long pending. Both the ONGC and the IOC favoured debt route to raise money in view of the uncertainties plaguing their valuations. — PTI
	PMEAC for hike in petro prices New Delhi, March 10 The Prime Minister's Economic Advisory Council today favoured further increase in the petroleum prices in line with the global trend. Speaking at the National Institute of Public Finance and Policy (NIPFP), PMEAC member Govinda Rao also said inflation would not reach double digits in the remaining part of this fiscal. "There is a case for further fuel price hike with rise in crude oil prices. If, it is not passed, oil marketing companies will incur losses, which the government will have to pay and finally it will be an additional burden for the taxpayer," he said. Rao added that the hike in petrol prices should be borne by the consumers, who are buying the fuel and not the tax payers. Global crude price is hovering around $ 80 a barrel. The Budget had raised excise duty on petroleum by Re 1 a litre, which has increased petrol prices by Rs 2.71 a litre and diesel rates by Rs 2.55 a litre. This has already drawn flak from the Opposition. Rao also said inflation would not reach double digits in the remaining part of this fiscal, but it would still be above the Reserve Bank's projection of 8.5 per cent. "It (March end inflation) will be less than 10 per cent... it would not cross 10 per cent," he said. The RBI has projected 8.5 per cent inflation by the fiscal-end. However, high food prices and recent hike in fuel prices has already pushed up inflation to 8.56 per cent in January. — PTI
	Selloff in other PSUs next fiscal New Delhi, March 10 The government is likely to go ahead with divestment in 12-15 public sector units, including SAIL, Coal India, Hindustan Copper, SJVNL and EIL among others next fiscal to raise Rs 40,000 crore, as stated in the budget. The selloff roadmap for the next fiscal will be prepared by the end of next month and may include BSNL as well, a key finance ministry official said. “Roadmap will be prepared by April-end...We have earmarked 12-15 companies. We will have to raise Rs 40,000 crore so it will be 12-15 companies,” disinvestment joint secretary Sidhartha Pradhan said. He said divestment in some of these companies would be through initial public offers while in some others it would be follow-on public offers. Pradhan further said disinvestment in Satluj Jal Vidyut Nigam would be carried out in April, Engineers India in May-June, SAIL in August-September and Coal India around the end of the year. He pointed out that SJVNL has already filed the draft red herring prospectus with the Sebi and the approval from the market regulator is expected by this month-end. The cabinet has already cleared disinvestment in EIL. On a query whether divestment in telecom gaint BSNL can be done in the next fiscal, Pradhan said, “Yes it could (BSNL divestment). We are still waiting for the telecom ministry to formally inform us what is the extent of divestment.” The Budget has upped the revenue target from sale of government equity in CPSUs at Rs 40,000 crore in 2010-11 from the Rs 25,000 crore targeted in the current fiscal. The government has already diluted its stake in Oil India, NHPC, NTPC, Rural Electrification during the past two quarters, while mineral giant NMDC issue opened today. As per the cabinet decision, all listed profitable PSUs should have a public holding of at least 10 per cent and all profitable unlisted CPSUs should be listed. As per the criteria, 60 state-run companies are eligible for disinvestment. — PTI
	Hero group to invest in realty New Delhi, March 10 The Munjal family-promoted Hero group is investing around Rs 500 crore over the next two-three years in residential project in Haridwar, Uttrakhand, a top official of a group company said today. “We have already completed three industrial projects in Haridwar and now we are also setting up a 50-acre residential project ‘Haridwar Greens’,” Hero Corporate Services chairman Sunil Kant Munjal said. Asked about the investment, he said the initial investment would be to the tune of Rs 500 crore which would be made in the next two-three years. Speaking about the project he said it would have all amenities like schools and clubs and also it would be a zero affluent project. — PTI