New Delhi , January 4
Maruti Suzuki India Ltd (MSIL) today said that December sales jumped 17.01 per cent to 99,225 units from Rs 84,804 in December 2009.

Domestic sales were 89,469 units last month, a 26.01 per cent increase from 71,000 units in December 2009.

However, sales dropped 12.87 per cent from the November sales of 1.12 lakh unit out of which 70,000 were sold in the domestic markets.

Company officials put drop in sales as a result of people opting to buys cars in the new year, rather than in the last month of the year and also to the fact that the Maruti factories remained shut for the last ten of 2010 for maintenance.

Exports, however, fell 29.32 per cent from 13,804 units to 9,756 units. Sales of Maruti 800 declined 30.15 per cent from 2,574 units to 1,798 units.

The A2 segment (comprising Alto, WagonR, Estilo, Swift, A-Star and Ritz) witnessed 23.46 per cent growth at 64,492 units in December 2010 compared with 52,236 units in the same month a year ago.

Sales in the A3 segment (consisting of SX4 and DZiRE) increased by 19.37 per cent to 9,362 units from 7,843 units. Total passenger car sales rose 20.75 per cent to 75,652 from 62,653 units.

MSI’s total passenger car sales rose by 20.75 per cent to 75,652 in December as against 62,653 units in the same month in 2009, it added. 

New Delhi, January 4
Canadian manufacturer of the BlackBerry smart-phone, Research in Motion (RIM), is trying its best to avoid its services being terminated in the country by providing a credible solution to security agencies, which want real-time interception facility.

Facing a deadline of January 31, RIM has now offered lawful interception in its security architecture through cloud computing from Indian operators.

RIM infrastructure is ready to receive and process through a cloud computing-based system, lawfully intercepted BlackBerry Messenger data from Indian service providers, the firm said in the letter to the government.

Cloud computing is an internet-based service, whereby shared servers provide software and data to computers and other devices on demand. Reports said that the Ministry of Home Affairs (MHA) has asked the Intelligence Bureau (IB) to validate the technology (cloud computing) being offered by RIM.

Earlier, RIM had assured the Government that they will provide the ‘final solution’ for the lawful interception of BlackBerry Messenger services by January 31, 2011. MHA had informed the Canadian manufacturer of BlackBerry that this deadline was the final one and in the event of a solution not being provided some of the services on the smart-phone would have to be discontinued.

This would mean that BlackBerry would then become like any other mobile phone. Besides, there was further pressure on RIM for providing the solution as its competitors with similar smart-phones have already provided the security agencies with solutions for real time interception. The company has made it clear that its security systems are still cutting edge.

New Delhi, January 4
Public sector lenders IDBI Bank, Oriental Bank of Commerce (OBC) and Bank of India (BOI) today hiked interest rates on certain retail term deposit schemes on account of the higher interest rate scenario, in line with steps by some of their peers.

While IDBI and BOI hiked interest rates on retail deposits by up to 75 basis points - depending on maturities, OBC went for an upward revision of 25 basis points on certain offerings. The rate hike has been done in view of ‘credit demand, inflation and liquidity scenario’, IDBI said.

The rate hike announced by the bank is to be immediately effective and with the revision, the highest interest on retail term deposits would be 9.25 per cent. For deposits of up to Rs 15 lakh, the maximum hike is of 75 basis points.

The interest rate on deposits with a maturity period of 270 days and above, but less than one year, has been increased by 75 basis points to 8 per cent.

Furthermore, the rates for deposits with a tenor between 366 days and 499 days have been hiked by 35 basis points to 8.50 per cent, it added.

For retail term deposits with a maturity period of 500 days, the bank has revised the interest rate to 9 per cent, up 50 basis points from the prevailing rate. Another major hike will be effected on deposits with a tenure between 500-1,099 days. The rate of interest on such retail term deposits has been increased by 75 basis points to 9 per cent. For deposits with a maturity of 1,100 days, the new rate will be 9.25 per cent, up 50 basis points.

For deposits of up to Rs 15 lakh with a duration of seven year to 10 years, rates have been revised upward by 25 basis points to 8.75 per cent.

Similarly, deposits between Rs 15 lakh and Rs 1 crore have also been put under rate hike.

Meanwhile, the Mumbai-headquartered BOI announced revision of rates effective yesterday for certain deposit of minimum Rs 1 lakh. The bank has made revisions across deposit sizes, starting from those under Rs 15 lakh to Rs 5 crore and above.

Under the revised interest rates, a 180-269 days deposit under Rs 15 lakh will fetch an interest of 7.25 per cent as against 6.50 per cent earlier, while one for 270-364 days will earn the depositor 7.50 per cent per annum compared to 6.75 per cent earlier.— PTI

Fazilka, January 4
Cotton prices (Narma) in the Fazilka market have risen to a historical high of Rs 5,100 per quintal, an increase of more than 40% over last year. The Central government has fixed the Minimum Support Price (MSP) at Rs 2,800.

“We are finding ready buyers of our produce,” said Pritam Chand of village Farmanwala of the sub-division.

The demand for cotton can be assessed from the fact that these days, cotton is not unloaded, instead the tractor trailers after getting weighted are directly sent to the cotton factories for ginning.

“Cotton farmers are buoyant and they consider the high rates of their produce as windfall in their farming history,” says Harjit Singh of village Dhani Mohna Singh.

Due to steep rise in raw cotton prices, the price of ginned cotton bales is around Rs 4,400 to 4,500 per old mound (about Rs 12,000 per quintal) as compared to Rs 2,900 per old mound (Rs7,300 to 8,300 per quintal) during peak season last year.

Rakesh Rathi, President, Northern India Cotton Association, told this correspondent on phone that the main reason attributed to the remunerative prices was good international market support.

Data provided by cotton traders there is increased demand for cotton bales in China where the crop yield is reported to be low this year. Fifity lakh cotton bales (Each bale weighing 180 kg) have already been exported to China so far and yet another 25 lakhs bales are to be exported, confirmed sources.

New Delhi, January 4
Uninor, a joint venture between Unitech and Norway’s Telenor, today moved telecom tribunal TDSAT against the Department of Telecom(DoT), which has sought damages from the company for not meeting its roll-out obligations.

While the company has paid, under protest, Liquidated Damages (LD) for missing roll-out deadlines for four circles, it is yet to pay for 6 other circles, for which it has been served notices.

Uninor is one of the new operators which was allotted 2G spectrum, or radio waves, by former Telecom Minister A Raja and is under scanner on eligibility criteria. The company has challenged DoT’s demand notice, issued on December 14, for not fulfilling roll-out obligations, although it has been allotment spectrum.

The matter was listed for hearing today but due to some 'technical reasons', it has been adjourned to January 6.

DoT sent notices to several firms, which got new 2G licenses bundled with start up spectrum but have not started offering services in various circles.

As per the conditions of the Unified Access Service License (UASL), the telcos are required to roll-out their networks within one year from the date of allocation of spectrum. — PTI

New Delhi, January 4
The Supreme Court today said Sebi was entitled to seek all necessary information from two Sahara group firms on how resources were being raised but refused to stay the companies' ongoing fund-mopping exercise.

The apex court was hearing market regulator's petition against an Allahabad High Court order staying Sebi's ban on two Sahara group firms, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation from raising funds from the public through OFCDs (Optionally Fully Convertible Debentures).

A bench headed by Chief Justice SH Kapadia said that SEBI can call for information from the two Sahara group firms regarding their investors.

“We make it clear that Securities and Exchange Board of India (SEBI) is entitled to call for any information which it deem to fit including names of the investors who have invested in OFCDs,” the bench said.

The apex court further said,"We express no opinion in this case. We direct High Court to dispose off the case expeditiously." However, the bench declined the plea of SEBI's council to stay Sahara group companies from raising money from the open market through OFCD.

"The investors are very clever now a days. If they invest then that should be at their own risk," the bench said asking SEBI to bring out an advertisement regarding the ongoing case.— PTI