New Delhi, March 28
Commerce and Industry Minister Anand Sharma today said cartels of multi-national corporations were denying availability of life-saving drugs to people in poor regions like Africa.

Speaking at the CII-Exim Bank Conclave on India Africa Project Partnership 2011, Sharma said: “India will not allow this to happen where life-saving medicines are out of the reach of poor people. We will ensure that whatever new molecules develop, the benefit must reach the poor people”.

He pointed out that Indian generic drugs have played a pivotal role in bringing down the cost of treatment of diseases like HIV AIDS from above $11,000 to less than $400.

He added: “We see some signs of that again, the campaigns that have been carried out and the backdoor manipulations.....with the new medicines that are coming out that will happen again.”

He said India has one of the finest IPR regimes, at the same time, “The intellect of the world must be for the benefit of humankind.”

He said that trade between India and Africa has reached close to $45 billion and is well on the path of meeting the target of $70 billion by 2015. Trade engagement with Africa is an area of high priority for India.

Speaking about the challenges being faced by Africa and India, the Minister highlighted food and energy security in the backdrop of fragile global recovery from the financial crisis and unrest in Africa and West Asia. He said sustained efforts needed in the direction of food security as food inventories across the world have reached dangerous levels.

Mumbai, March 28
German luxury car-maker, Audi, today announced the launch of the Audi Q5 2.0 TDI quattro, the most recent addition to the highly successful luxury SUVs in India. It is priced at Rs 3,905,000 (ex-showroom Maharashtra).

Deliveries to customers will begin in April, the company said in a press relesae issued here.

"We are confident that the addition of the powerful 2.0 TDI q engine to the Audi Q5 range in India will strengthen and sustain our leadership position in the luxury SUV segment.

The all new Audi Q5 2.0 TDI q, resonates higher efficiency and dynamic performance with its new engine and refreshed array of characteristics...," Audi India Head Michael Perschke said.

The Audi Q5 range is also powered by a petrol engine — the 2.0 TFSI q and a diesel engine — the 3.0 TDI q. The new 2.0 TDI q engine would be available as CKD.

Audi India sold 3003 cars in 2010, exceeding targets yet again to achieve a record growth of 81 per cent.

"This encouraging performance reinforces the increased aspiration for technical finesse and progressive sophistication among luxury automotive customers in India.

Audi India will continue to expand its product line-up and deliver path-breaking and award winning cars to cater to this rising need," Perschke said.

The Audi model range in India includes the Audi A4, Audi A6, Audi A8, Audi Q5, Audi Q7, Audi TT, the super sports car Audi R8 and the recently launched Audi R8 Spyder. — PTI

Mumbai, March 28
Gold traders are gearing up to meet rising demand for the metal, following a good winter harvest and the beginning of the new wedding season.Jewellers at Mumbai’s Zaveri Bazaar, the nerve centre of the trade in the country, said gold demand was expected to be higher this year, despite soaring bullion prices. “There is no sign of demand for gold jewellery slowing down. Though prices are high people’s income has also increased,” says Vasantbhai Jhaveri, a gold jeweller.

Gold prices are hovering a shade below Rs 21,000 per ten gram as global investors fret over the impact of rising oil prices on the economy, according to analysts. Data from the Bombay Bullion Association (BBA) shows India’s gold imports are likely to exceed 800 metric tonnes this year. Estimates for gold imported in 2010 is around 750-800 MT, according to the BBA.

Rough data available indicates that there has been no slow down in demand for gold during January and February. According to the World Gold Council which has data till the third quarter of 2010, India imported 624 MT during this period as against 559 MT during the whole of 2009.

With gold showing no signs of easing, those in the market to buy gold are taking the plunge, say jewellers. India is the world’s biggest consumer of gold. Much of the gold bought by Indians is imported as the country’s production is negligible.

New Delhi, March 28
Reliance Infrastructure Ltd (R-Infra), part of the ADAG group, today announced that it will buy-back its equity shares from April 5, for an aggregate amount of up to Rs1,000 crore. The company will buy-back shares up to a maximum price of Rs 725 per equity share, representing a premium of over 47% to the 52-week low of Rs 493 per equity share, and a premium of approximately 11% to the last closing share price.

The company has done three buy-backs till date for an aggregate amount of Rs 923 crore and the current buy-back offer reflects more than 100% of the aggregate amount invested in three previous buy-back offers. On a consolidated basis, the book value of the company is Rs 860 per share as on December 31.

R-Infra will buy-back shares on the Bombay Stock Exchange and National Stock Exchange, through open market purchases, from time to time.

The share buy-back will be made from the investments made by the company in liquid and marketable securities and is expected to reduce short term volatility in the company’s share price and reiterate the confidence of management in future growth prospects of R-Infra. 

Fazilka, March 28
Fazilka’s wool trade is on the verge of extinction. Government apathy and no improvement in wool quality over time has led to slow disintegration. This has led to low arrivals of wool in the market. Official sources nearly 900 to 1000 quintals a year arrives in the two seasons, nowdays.

“The state government had announced abolition of 4 per cent market fee on wool, but it has not been given a practical shape. The market fee in neighbouring Rajasthan state is only 1 per cent,” said Ghagar Singh, a villager from Roherianwali in Muktsar District.

He added the lower tax led to shepherds and wool traders from Punjab preferring to sell their wares in Hanumangarh in Rajasthan.

“The government must import healthy hybrid Australian sheep to improve the breed of local sheep by scientific cross-breeding methods to improve wool quality,” a sheap rearer said.

Gurbachan Singh of village Jandwala Kharta of Fazilka subdivision says that even as the rate of wool this year has increased to around 50 per cent from about Rs 2,000-Rs 3,000 a mound (40 kg), the trade is no more viable with low arrivals of wool.

White Wool prices range from Rs 2,900-3,100 per mound, Creamy wool from Rs 2,700-2,900 and yellow wool from Rs 2,500-2,700 a mound. The daily arrival during the peak season in Fazilka has been reduced to a paltry 15-20 quintal a day.

Notably, most of the wool is purchased by the woolen mills located in Rajasthan.

New Delhi, March 28
The Supreme Court today asked the Securities and Exchange Board of India (SEBI) to clarify its stand on whether it was going to accept the report of a high-powered committee, which had probed IPO scam of 2006 and the role of NSDL in it.

A bench of Justice R V Raveendran and Justice A K Patnaik asked the to take a decision over the admission of the report, which has also passed some remarks over functioning of the market regulator during the scam.

It asked: “SEBI to consider whether its board will reconsider the special committee’s December 4 order in respect of National Securities Depository Ltd (NSDL) and DSQ securities and to pass an appropriate resolution and place before this court". The Supreme Court also pulled up Attorney General Goolam Vahanvati appearing for Sebi for not giving any stand in this matter.

It was also not satisfied with his reply that the SEBI board has already taken a decision on the report of the committee, which had declared it as "non-est(does not exist)." After the IPO scam, Ministry of Finance had constituted a committee consisting of two SEBI members G Mohan Gopal, presently Director of National Judicial Academy, and V Leeladhar.

The Committee in its report had passed three orders and found that NSDL had failed in its duty. It had also passed remarks against the manner in which Sebi had functioned in the IPO scam.

The apex court was also not convinced by submissions of Sebi that the committee exceeded its limit. The bench had shot back, "We would like to see. Show us a single order given by the committee in NSDL matter (where it) exceeded its jurisdiction.

“Whatsoever they (committee) said (against SEBI) was self retrospection and this is not wrong. You could not have ignored," the bench had said. The committee passed three orders and found that NSDL had failed in its duty of supervising, investigating, monitoring data and directed (it) to conduct an independent inquiry to establish individual responsibility. Moreover, the committee had given serious remarks over the manner in which Sebi was functioning and handled the entire episode. It noted that the Sebi had failed to carry out its’ regulatory role adequately and recommended the market regulator to make a Code of Conduct for depositories. —PTI

BRIEFLY

Hi-Bird Group foray
Ludhiana: Ludhiana-based cycle maker Hi-Bird Safari Group on Monday announced its foray into the Rs 600-crore electronic two-wheelers market and plans to sell 10,000 e-bikes in one year. "New electric scooters in line with the go-green goal have been launched to complement efforts to reduce air polluting vehicle emission and we plan to sell 10,000 units in one year," Hi-Bird Safari Group MD R D Sharma said. — TNS

RCom’s Star Talk
Chandigarh: Reliance Communications has introduced Star Talk - a unique mobile voice platform service to reach out to your favourite celebs. The service will allow a select group of callers at a time to connect with a celebrity for a live conversation. To activate your Reliance Star Talk service, customers have to call 53031. Charges will be Rs 10 /month for 20 mins. Star Talk Live Pack is available at a subscription of Rs 30/ celebrity and 10p browsing. — TNS