New Delhi, December 1
The Telecom Regulatory Authority of India (TRAI) has issued new terms and conditions governing telemarketing calls. One of the guidelines is imposition of a penalty of up to Rs 2.5 lakh on telemarketing companies which abuse customer privacy. The regulations also mandate that no commercial communication, even for unregistered customers, shall be made between 9.00 pm and 9.00 am.

Companies could also face the prospect of getting blacklisted. The new guidelines come into effect from January 1.

The regulator has been forced to act due to rampant complaints by customers in Do-Not-Call (DNC) register, who were being bombarded with unsolicited messages and calls.

To help unregistered subscribers identify commercial calls, telemarketers will be issued a different set of numbers starting with ‘70’.

Now, those registering for DNC would see their registration effective within seven days of registration unlike in the past, when it used to be 45 days. The customer can register by ringing up 1909 or sending an SMS to 1909.

This service will be toll-free and the customer will be given a registration number. Customer currently on the DNC register will continue to be registered under the ‘fully blocked’ category and need no re registration.

The user can also choose the ‘Partially Blocked’ category, in which case he will receive SMSes in the categories chosen by him. TRAI has identified seven categories -banking, and financial products, real estate, education, health, consumer goods, automobiles, communication and entertainment, tourism and leisure.

TRAI will also ask telcos to install software to track violations by telemarketing firms that have multiple connections from different service providers.

To ensure that telemarketing firms do not take fresh connections on cancellations, the registration process of these firms would include all details of the firms, including PAN cards. As a further protection for the mobile phone users, TRAI is also making efforts to ensure that telemarketers don’t make commercial calls from unregistered numbers. In such a case, the operator will be mandated to cut off any connections to those numbers after the second complaint. To prevent bulk SMS-based spam messages, the new rules will also cap the number of text messages from a single number to 100 per day. So, a telemarketing firm may have to register 1,000 numbers to send out a million text messages a day.

In case of violations, telemarketers would have to pay a fine of Rs 25,000 for the first offence which would go up to Rs 75,000 in case of a second violation, Rs 80,000 for the third, Rs 1.25 lakh for the fourth, Rs 1.50 lakh for the fifth and Rs 2.5 lakh for the sixth offence, following which the number will be blocked by all service providers.

New Delhi, December 1
The gold price today crossed the all-time high level of Rs 21,000 per 10 grams in the national capital, with demand from jewellers drastically picking up amid a busy marriage season.

Silver, also used in jewellery, spurted to the record high level of Rs 43,950 per kg, as demand from industrial units and coin makers went up.

The prices of 99.9 per cent purity gold shot up by Rs 200 to Rs 21,020 per 10 grams, as stockists and jewellers created fresh positions to meet the current marriage season demand, traders said.

Prices of 99.5 per cent purity gold rose by Rs 210 to Rs 20,910 per 10 grams. — PTI

New Delhi, December 1
The government today is understood to have approved a share split in oil and gas major Oil and Natural Gas Corporation (ONGC) and issue of bonus shares as a prelude to the company's follow-on public offer in March 2011.

Sources said the Cabinet Committee on Economic Affairs (CCEA) approved splitting a share of ONGC with a face value of Rs 10 into two shares of Rs 5 each. Besides, it is believed to have approved a 1:1 bonus issue (1 share for every share held).

However, no official comments could be obtained.

State-owned Oil and Natural Gas Corporation (ONGC) had suggested to the government that the company's stock be split ahead of the FPO - through which the government plans to sell 5 per cent of its shares and expects to mop up Rs 10,800 crore.

Post offer, the government shareholding in ONGC would come down to 69.14 per cent from current 74.14 per cent.

Shares of ONGC closed up by Rs 40.30, or 3.23 per cent, at Rs 1,288.50 a piece on the BSE today.

ONGC had appointed two international auditors - DeGolyer and MacNaughton and Gaffney, Cline and Associates - to certify its oil and gas reserves. ONGC, which usually gets its reserves audited every five years, is getting a certification in the third year because of the planned FPO. — PTI

New Delhi, December 1
Mirroring their faith on the Indian economy, overseas funds have infused a staggering $4.78 billion in the capital market in November, taking the year-to-date total to $39 billion.

With an investment of $4.78 billion in November, the total inflow of money from foreign institutional investors (FIIs) in 2010 has crossed a record $38.76 billion.

Data the the capital market regulator Securities and Exchange Board of India (Sebi), shows that FIIs have made investment worth $4.11 billion in equity and poured $667.71 million in the debt market.

Analysts say FIIs have been pumping funds into emerging markets like India because of strong growth potential. Besides, rising concerns over the Korean conflict and Ireland’s debt issue are driving foreign funds into the equity market.

“FIIs inflow will increase in the coming days and 2010 will break all the record,” SMC Capitals Equity Head Jagannadham Thunuguntla said.

Indian bourses picked up significant momentum during the second quarter of current fiscal, driven by FII inflows. This helped the stock market in breaking out of the tight range it was confined to in the previous three quarters.

Analysts believe the government’s plans to disinvest in public sector companies, including state-run MOIL and Shipping Corporation of India will give more investment opportunities to FIIs. The huge FII inflows have pushed up the stock market benchmark Sensex 11 per cent so far this year.

Last year, FIIs were net purchaser of shares worth Rs 83,423 core ($ 17.45 billion), the highest ever in the Indian equity market. During the same year, the Sensex had recorded a gain of over 80 per cent. — PTI

New Delhi, December 1
The government today informed Parliament that the European Union has banned import of honey from India on account of presence of heavy metals in the consignments.

"The EU has banned the export of honey from India on account of positive detection of heavy metals and other contaminants...," Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to the Rajya Sabha. Following the ban, a detailed action plan was prepared by the Export Inspection Council and communicated to the European Commission.

The action plan addresses all the raised issues and puts in motion a system to ensure that honey export from India to the EU is free of contaminants, Scindia said. “...the steps undertaken include: rigorous testing of samples, educating bee producers on the contamination arising from lead tins, discouraging the use of tetracycline and sulphonamides at the primary level," he added.

The Drug Controller of India has issued instruction to state authorities with regard to prohibition of sale of these drugs to farmers without prescription, the minister added. — PTI

New Delhi, December 1
Automobile sales in the country continued in top gear in November with almost all manufacturers recording higher sales than last year.“For the second consecutive month, the company crossed sales of 1 lakh units in the domestic market in November 2010,” Maruti Suzuki said.

Domestic sales were at 1,02,503 units, an increase of 34.2 per cent from 76,359 units in November 2009. Exports, however, fell 12.2 per cent to 10,051 units from 11,448 units.

Sales of the company’s once bread-and-butter model M800 declined 19.7 per cent to 2,440 units from 3,040 units in November 2009, the statement added.

The country’s second-largest car maker Hyundai Motor India reported 12 per cent jump in domestic sales for the month at 31,540 units compared with 28,162 units during the same period last year. However, there was a major fall in exports for the company. Total sales, including exports dipped 19.4 per cent with 44,542 units sold, compared to 55,241 units in the same month last year.

Exports fell 52 per cent to 13,002 units from 27,079 units in the year-ago period, the statement said.

Tata Motors reported 1 per cent increase in sales at 54,622 units compared with 54,108 units in the year-ago period.

A company statement said total passenger and commercial vehicle sales in the domestic market stood at 50,419 units in November this year, up 1 per cent from 50,114 units during the corresponding period last year.

Nano sales stood at 509 units, down 85 per cent. The Indica range reported sales of 5,716 units, down 37 per cent. The Indigo range recorded sales of 6,009 units, a rise of 1 per cent.

In the commercial vehicles segment, the domestic sales were up 19 per cent to 35,079 units compared with 29,408 units. Exports in November this year grew 5 per cent to 4,203 units from 3,994 units in the same month last year, it added.

SkodaAuto India said that it has clocked a sales growth of 29 per cent in November this year at 1,841 units.

The company sold 1,425 units in the same period last year, it said. SkodaAuto India is a fully-owned subsidiary of SkodaAuto a.S. Czech Republic.

"Skoda has registered impressive growth in this year riding on the success of the two new launches - the new Skoda Fabia and Skoda Yeti," the release said.

General Motors (GM) India said its sales climbed 17.67 per cent to 8,376 units compared to 7,118 units in the same month last year.

For the 11-month period ended November this year, the company has crossed one lakh units mark registering an increase of over 63 per cent, as against the same period last year. Two-wheeler maker India Yamaha Motor reported 23.2 per cent increase in its total sales in November at 30,310 units. The company had sold 24,600 units in the same month last year, India Yamaha Motor said.

New Delhi, December 1
Wipro Chairman Azim Premji will transfer company shares worth Rs 8,846 crore to his endowment trust later this month to fund philanthropic activities taken up by the body.Once the share transfer is complete, the promoters' stake in Wipro would come down to 72 per cent from 79.36 per cent at present, according to a company official.

“Azim Premji will transfer 213 million equity shares (valued at approximately at Rs 8,846 crore at the current market price) of Wipro, held by certain entities controlled by him, to an irrevocable trust,” Wipro said in a statement today. The share transfer would be concluded on December 7.

Asked if the move was aimed at bringing down the promoter s participating interest to 75 per cent, in line with proposed new norms making it mandatory for the public to hold a minimum 25 per cent stake in listed companies, Azim Premji Foundation CEO Dileep Ranjekar replied in the negative.

“The trust will fund the philanthropic activities of the Foundation and not (for) any other purpose,” Ranjekar told PTI.

The foundation, which was set up in 2001, works largely for the cause of education in rural India.

“We believe that good education is crucial to building a just, equitable, humane and sustainable society. We want to contribute significantly towards improvement of education in India and through that, towards building a better society,” Premji said.

Premji, who is also Wipro founder, plans to set up the Azim Premji University, which is expected to start operations next year. The university will offer programmes and conduct research in the field of education and other related areas.

“All our efforts, including the university that we are setting up, are focused on the underprivileged and disadvantaged sections of our society,” Premji said. — PTI

BRIEFLY

Govt to infuse addl `6,000 cr in PSU banks
New Delhi: The government on Wednesday approved additional capital infusion of Rs 6,000 crore in 10 public sector banks with an objective to raise its holding to a minimum 58 per cent in all state-run banks. The government has already announced infusion of Rs 15,000 crore in the Budget to ensure that capital adequacy ratio of all the public sector banks increase to 7 per cent. — PTI

ŠkodaAuto sales grow by 29%
Chandigarh: ŠkodaAuto India on Wednesday announced a sales growth of 29% for the month of November 2010. Škoda’s total sales for November stood at 1,841 units as against 1,425 units in November 2009. The company has registered impressive growth in this year riding on the success of the two new launches; the new Škoda Fabia and Škoda Yeti. — TNS

SBI hires 2,178 clerks
Chandigarh: The SBI, Chandigarh Circle, comprising the states of Punjab, Haryana, HP, J&K and UT of Chandigarh is recruiting 2,178 clerks. The offer of appointment is being dispatched and will reach the selected candidates by December 7. — TNS

Allahabad Bank
Chandigarh: Allahabad Bank has revised rate of interest to 8 per cent per annum on domestic term deposits for a fixed period of 300 days with effect from December 1, 2010. The revised rates will be applicable for deposits less than Rs 1 crore only. — TNS

PNB revises interest rates
Mumbai: Punjab National Bank on Wednesday revised interest rates on fixed deposits above Rs 1 crore to 8 per cent for maturity over one year. The bank has decided to revise interest rates on single domestic term depsoit for Rs 1 crore to Rs 10 crore from December 1, 2010, PNB informed the BSE. — TNS

CPI-IW up 2 points
Shimla: The All India Consumer Price Index for Industrial Workers (CPI-IW) for the month of October 2010 stood at 181, two points above the previous month mark. — PTI