The Tribune, Chandigarh, India

	Core sectors grow 6.6 pc in Dec New Delhi, January 31 The output of the six core infrastructure industries grew by 6.6 per cent in December, 2010, vis-a-vis 6.2 per cent expansion in the year-ago period, driven by the robust performance of the crude oil and petroleum refinery sectors. The December data for six industries - crude oil, petroleum refinery products, coal, electricity, cement and finished steel - shows revitalised growth in these sectors following a slowdown in November, when output rose by just 3 per cent as against 5.9 per cent expansion in the corresponding period of 2009-10. According to economists, the healthy growth in the month under review will have a positive impact on the December Index of Industrial Production (IIP), which is likely to be released next month. "It (the December, 2010, figures) will push the industrial growth next month," credit ratings agency CRISIL Principal Economist D K Joshi said. HDFC Bank chief economist Abheek Barua concurred with this view. "The better core sector numbers would help the IIP recover from the lows of November, 2010," he said. The core infrastructure industries have a weight of 26.7 per cent in the Index of Industrial Production (IIP). The IIP had sunk to an 18-month low of 2.7 per cent in November, 2010. Crude oil output registered significant growth of 15.8 per cent, while petroleum refinery output rose by 8.3 per cent in December, 2010, as against 1.1 per cent and 0.9 per cent expansion, respectively, in the same period last year, data released by the Commerce Ministry today said. While production of coal registered 3 per cent growth in December, 2010, finished steel output increased by 11.2 per cent. In December, 2009, coal and finished steel production grew by 1.2 per cent and 9.6 per cent, respectively. However, electricity production slowed down in December, 2010, growing by just 4.3 per cent during the month as against 6.6 per cent expansion in December, 2009. On the other hand, cement production declined by 2.2 per cent in the month under review, whereas it had expanded by 11 per cent in December, 2009. During April-December, 2010-11, the six core industries registered average growth of 5.3 per cent, compared to 4.7 per cent expansion in the same period last year. During the first nine months of this fiscal, the output of the crude oil sector grew by 12 per cent, as against a 1.1 per cent contraction in the same period last fiscal. Growth in coal output slowed to 1 per cent in April-December, 2010-11, from 8.4 per cent in the corresponding period last year. Growth in electricity and cement production also slowed to 4.5 per cent and 4.4 per cent, respectively, during the first nine months of the ongoing financial year, from 5.9 per cent and 11 per cent in the same period last year. — PTI
	Pesky calls: Telecom cos get time till March 1 New Delhi, January 31 Mobile subscribers looking for respite from unsolicited marketing calls and SMSes will now have to wait for another month, as telecom regulator TRAI has extended the date for implementation of guidelines to check the pesky calls to March 1. The delay is on account of change in allocated series from '70' to '140' for telemarketers, who have now been given time till March 1 to adhere to the new rules on pesky calls. "On January 31, 2011, DoT has communicated a fresh numbering series beginning with the number '140' in place of '70' number series. Communicating the same to all the access providers and carrying out the required changes would require time," TRAI said. In view of the new series, telecom operators will have to effect a number of technical changes like configuration of networks and putting in place filtering solutions to stop Unsolicited Commercial Calls (UCC). "Therefore, the Authority is compelled to change the date of implementation of operationalisation of the 'Telecom Commercial Communications Customer Preference Regulations, 2010' to March 1, 2011," the TRAI added. Earlier, it had set a deadline of January 1, 2011 for operators to implement the UCC or telemarketing guidelines. This was, however, extended to January 31. As per the new order, customer preference registrations would begin from February 10, which would be effective within seven days. Unlike the previous guidelines, which only provided for a 'Do Not Call' Registry, the new regulations give customers different options to list under the 'fully blocked' category (Do Not Call Registry) or the 'partially blocked' category. The second option will allow subscribers to receive SMSes in the categories chosen by them. — PTI
	TRAI computing charges for excess spectrum Girja Shankar Kaura Tribune News Service New Delhi, January 31 The Telecom regulatory Authority of India (TRAI) is working on the calculations using which mobile phone service providers would be charged for the excess spectrum held by them. With demand in Metros having reached the saturation point, the B-circle states are fuelling growth now. Sources said that the spectrum cost for Eastern Uttar Pradesh would be the most expensive at Rs 7.7 crore, followed by Rajasthan and other circles. The spectrum cost in Rajasthan is expected to be Rs 617 crore. The extra spectrum cost for Delhi and Mumbai might be around Rs 376.81 crore and Rs 240 crore, respectively. Experts have not ruled out the possibility of mergers in this scenario with smaller operators looking to remain profitable by merging with big players with huge subscriber base. However, they ruled out the possibility of increase in mobile service costs. Existing competition would hold the prices down, they say. Reports also suggested that TRAI may link spectrum costs to profits of telecom operators. Sources said the Department of Telecom (DoT) said that the system on which the calculations were being made was market-driven and could be an expensive proposition for telecom operators holding 2G spectrum beyond the 6.2 MHz limit.
	Siemens to buy 20% stake in Indian arm New Delhi, January 31 German infrastructure solutions company Siemens AG today announced an open offer to buy nearly 20 per cent stake in Indian arm Siemens Ltd at a price of Rs 930 per share, which entails a total cost of Rs 6,200 crore. This would increase the parent company's stake in Siemens Ltd to 75 per cent, the company said. "The offer includes acquiring up to 6.68 crore equity shares of the company, constituting 19.82 per cent at a price of Rs 930 per equity share in order to consolidate its shareholding in the target company," it said. Siemens is expanding its stake with the aim of further developing its business in India," it added. The offer price is 28 per cent higher than the closing price of Rs 728 on the Bombay Stock Exchange. The offer will open on March 25 and close on April 13. HSBC Securities and Capital Markets Private will manage the issue. For the year-ended September 30, 2010, Siemens Ltd earned a revenue of more than Rs 9,000 crore and a profit from operations of about Rs 1,200 crore. — PTI
	Rs 8,000 crore subsidy to oil firms okayed New Delhi, January 31 The government today approved Rs 8,000 crore in cash subsidy to state-owned fuel retailers to make up for half of the revenues they lost on selling diesel, domestic LPG and kerosene below cost in the third quarter. "The Finance Ministry has issued a letter approving Rs 8,000 crore in cash compensation for the October-December quarter," an oil ministry official said. Indian Oil Corporation (IOC), the nation's largest fuel retailer, will get Rs 4,442.45 crore, Bharat Petroleum Corp (BPCL) Rs 1,809.85 crore and Hindustan Petroleum Corporation (HPCL) Rs 1,747.70 crore. — PTI
	Fiscal deficit down 44.75 pc in Apr-Dec New Delhi, January 31 The Centre's fiscal deficit narrowed by 44.75 per cent year-on-year to Rs 1.71 lakh crore during the first three quarters of the current fiscal on the back of better-than-expected revenue from the sale of spectrum and robust tax collections. The central government's fiscal deficit stood at Rs 3.10 lakh crore in the corresponding period FY10. The sharp fall in the Centre's fiscal deficit was also due to the fact that despite the enhanced flows to the central exchequer, there was not a commensurate increase in government's expenditure and the RBI has blamed this for the present cash crunch in the system. Expenditure by the central government rose by 11.21 per cent during the period to Rs 7.86 lakh crore from Rs 7.07 lakh crore in the year-ago period. — PTI
	India, Italy to set up joint trade panel Rome, January 31 India and Italy today decided to set up a joint business council (JBC), a bilateral trade cooperation body, to work together in 10 areas like ICT, infrastructure and manufacturing. The two sides agreed to constitute the JBC during the meeting here of visiting Indian Commerce and Industry Minister Anand Sharma and Italian Minister for Economic Development Paolo Romani. According to Sharma, the 10-areas in which cooperation can be increased include, infrastructure, manufacturing, ICT and textiles. "Italy is an important trading partner for India and is in the top 6 trading partners in the European Union," Sharma said. The current trade between the two countries is $7.5 billion. The JBC, will be managed by Ficci from the Indian side and by CONFINDUSTRIA from the Italian side. It will meet once a year, coinciding with the bilateral ministerial meeting. The two ministers also discussed the importance of SMEs and it was agreed that soon industry chambers of both the countries will organise workshops and seminars. Seeking closer cooperation in infrastructure sector, Sharma informed Romani that India will soon come out with a manufacturing policy aimed at increasing the contribution of manufacturing to 24 per cent of the GDP, from 16 per cent now. Romani assured India that Italian entrepreneurs will take huge advantage of the investment opportunities in India. Later, Sharma said India is committed to the successful conclusion of the Doha Round of talks for a global trade deal. Briefing on his meeting last week in Davos with key WTO members, Sharma said, "We have recognised that 2011 provides a window of opportunity (for conclusion of the talks)". He said all members will "collectively endeavour" to close the remaining gaps accepting the mandate and the spirit of G-20 Summit declaration. At the last G-20 meeting in Seoul in November, leaders of the world's most influential countries, India and Brazil had pressed for concluding the WTO talks for a multilateral agreement in 2011. — PTI
	Corporate Results Colgate-Palmolive Q3 profit down 43 pc New Delhi, January 31 FMCG firm Colgate-Palmolive (India) today reported a 43.09 per cent decline in net profit-after-tax for the quarter ended December 31, 2010, to Rs 66.24 crore, mainly due to high spending on advertising activities. The company's revenue, however, was up 12.86 per cent to Rs 576.64 crore in the third quarter, compared to Rs 510.95 crore in the year-ago period, it added. IDFC net up 19 pc Infrastructure Development Finance Company Limited (IDFC) today reported 19 per cent growth in the third quarter net profit at Rs 321.47 crore ending December 31, 2010. IDFC's total income rose to Rs 1310 crore during the October-December quarter, from Rs 997.6 crore in the same period last fiscal, it said in a filing to the BSE. NTPC profit up The country's largest power producer, NTPC, today posted a meagre rise of 0.25 per cent in its net profit at Rs 2,371 crore for the quarter ended December 31, 2010. However, NTPC reported 20 per cent jump in its net sales at Rs 13,421 crore from Rs 11,183 crore in the corresponding quarter of the previous financial year, it said. The Board of Directors have recommended an interim dividend of 30 per cent on Rs 10 face value of the share. Dabur net up 11 pc Boosted by good sales growth across segments, homegrown FMCG firm Dabur India today reported a 10.9 per cent increase in its consolidated net profit at Rs 154.45 crore for the quarter ended December 31, 2010. Dabur's net sales during the third quarter this fiscal grew by 16.6 per cent for the three-month period under review at Rs 1,079.97 crore, up from Rs 925.84 crore in the same quarter last fiscal. Indian Hotels Indian Hotels Company that operates Taj hotels, resorts and palaces today posted a 22.48 per cent decline in its net profit at Rs 50.29 crore for the quarter ended December 31, 2010. The company's net sales for the quarter under review saw an increase of 14.92 per cent at Rs 485.34 crore, as against Rs 422.31 crore in same period of prior fiscal. Sun Pharma Sun Pharmaceutical Industries today posted a consolidated net profit (after minority interest) of Rs 350.15 crore for the third quarter ended December 31, 2010. Net sales of the company stood at Rs 1,601.07 crore for the third quarter ended December 31, 2010, while the same was at Rs 1,020.86 crore in the same period last fiscal. Ind Swift Lab net up Ind Swift Laboratories today said its net profit rose by 82.97 per cent to Rs 24.61 crore for the third quarter ended December 31, 2010, over the same period previous fiscal. The company's turnover also rose by 42.9 per cent to Rs 310.11 crore for the third quarter ended December 31, compared to Rs 216.90 crore in the same period last fiscal. Central Bank The Central Bank of India today reported a 31.68 per cent increase in its net profit to Rs 403.52 crore for the quarter ended December 31, 2010. The bank’s total income also registered a growth of 19.65 per cent to Rs 4,182.59 crore in the third quarter if this fiscal, as compared to 3,495.42 crore in the same quarter a year ago, it said in a filing on the BSE. Canara Bank Public sector lender Canara Bank today reported a jump of 5.05 per cent in its net profit at Rs 1,105.73 crore for the quarter ending December 31, 2010. In a BSE filing, the bank said its total income in the third quarter of the fiscal was Rs 6,444.55 crore, up from Rs 5,469.10 crore in the corresponding period of 2009-10. J&K Bank J&K Bank has registered a net profit of Rs 167.88 crore for the third quarter ending December 2010, up 20 per cent (approx) from a net profit of Rs 139.99 crore earned during the corresponding quarter previous fiscal. During the quarter, the bank's total income rose by 18.06 per cent to Rs 1,012.22 crore as against Rs 857.36 crore in the year-ago period. — PTI/TNS

BRIEFLY

CPI-IW rises by three points
Shimla: The All-India Consumer Price Index for Industrial Workers (CPI-IW) with base 2000-100 registered an increase of three points during December 2010 to stand at 185 due to increase in prices of foodgrains, fruits, vegetables and onion. The point-to-point rate of inflation for December increased to 9.47 per cent as compared to 8.33 per cent in November 2010 while food index rose to 7.98 per cent against 5.35 per cent in November 2010. — PTI

Jet fuel prices up 4.5 pc
New Delhi: State-owned oil firms on Monday hiked jet fuel prices by a massive 4.5 per cent, the biggest hike in almost a year, on the back of spiralling international oil prices. This is the eighth straight increase in jet fuel prices since October 2010, when international crude oil prices started soaring. — PTI

HCL bags Rs 250-cr BSNL project
New Delhi: HCL Infosystems Ltd on Monday said it has bagged a Rs 250 crore project from BSNL for deploying facilities to manage the telecom operator's billing system and upgrade the existing infrastructure for higher efficiency. The company will manage BSNL's billing system process for two zones (north and west zone) for a period of seven years. — TNS

Solar-powered mobiles
Chennai: Mobile service provider Vodafone-Essar on Monday said it has launched its solar-charging mobiles in Tamil Nadu. Priced at Rs 1,500, the handset "VF-247" uses solar-powered solution to benefit users in areas with adequate sunlight, Vodafone-Essar said in a statement here. With an extended solar-powered battery, the phone addresses problems in hilly and regimented forest areas. — PTI

Per capita income rises 14.5 pc
New Delhi: Per capita income of Indians grew by 14.5 per cent to Rs 46,492 in 2009-10 from Rs 40,605 in the year-ago period, as per the revised data released by the government on Monday. Per capita income means earnings of each Indian if the national income is evenly divided among the country's population at 117 crore. — PTI

Airtel money service
Gurgaon: Bharti Airtel on Monday announced the launch of Airtel money - India’s first mobile wallet service by a telecom operator. Aimed at offering customers with an efficient alternative to cash transactions, it will provide customers with a convenient and secure way of making payments through the mobile platform. Now available in Gurgaon, the service will soon be launched across several other key cities in a phased manner. — TNS

PNB, PSB, Allahabad Bank hike rates
New Delhi: State-run Punjab National Bank (PNB), Allahabad Bank and Punjab & Sind Bank (PSB) raised lending rates by up to 50 basis points. While PNB raised its benchmark prime lending rate (BPLR) by 50 basis points to 13 per cent, Allahabad Bank increased it by 25 basis points to 13.50 per cent. PSB raised its BPLR by 25 basis points to 14.25 per cent. All the three also raised their base rates by 50 basis points each to 9.50 per cent. The new rates are effective today. — PTI

Airtel money service
Gurgaon: Bharti Airtel on Monday announced the launch of Airtel money - India’s first mobile wallet service by a telecom operator. Aimed at offering customers with an efficient alternative to cash transactions, it will provide customers with a convenient and secure way of making payments through the mobile platform.The service will soon be launched across key cities soon. — TNS