New Delhi, April 19
India’s exports for 2010-11 have clocked $245.9 billion registering a growth of 37.5 per cent. This is the first time exports have crossed $200 billion.

Anand Sharma, Commerce & Industry Minister said that the final tally has crossed $200 billion which was a target set for last financial year and exports have exceeded expectations. Imports for the same period were at $ 350.3 billion. The good news is that the trade deficit figure has come down to $104.4 billion, he added.

Sharma also talked about some of the sectors that have done well. Engineering goods by far constituted the largest component of exports entailing considerable domestic value addition and engineering exports crossed $60 billion registering a growth of 84.76 per cent.

Petroleum products export were in the range of $ 42.45 billion registering a growth of 50.58 per cent. Gems and jewellery exports from the country jumped 46.89 per cent to $43.14 billion in 2010-11, according to the Gem and Jewellery Export Promotion Council (GJEPC).

Drugs & pharmaceuticals sectors saw total exports of $10.32 billion showing a growth of 15 per cent. Readymade garments exports crossed $11.1 billion showing a growth of 4.23 per cent while cotton yarn fabrics saw an export of $5.66 billion registering a growth of 42 per cent.

Exports of carpet, jute and leather which are the labour intensive sectors were robust while agricultural exports and allied sectors including tea, coffee, tobacco, spices, cashew, oil meals, fruits and vegetables and marine products crossed $ 12.92 billion.

The Commerce Minister expressed the hope that based on the performance of exports, the target of exports of $450 billion in the draft strategy paper released by the Department of Commerce will be met.

Mumbai, April 19
The country's largest bank SBI today announced a hike in its base rate by 25 basis points, making home and auto loans from the lender dearer.

The lender also increased its benchmark lending rate by the same margin which would mean the existing borrowers also have to pay more for their loans. The rate hike would be effective from April 25, 2011, the state-run bank said in a statement.

After today's rise, State Bank of India's (SBI) base rate goes up to 8.50 per cent from 8.25 per cent. SBI's base rate, below which it cannot lend, is still lower than public sector banks' which have set their base rates at around 9 per cent.

The base rate of India's largest private sector lender ICICI Bank is 8.75 per cent.

To bring in more transparency, the base rate was introduced replacing the Benchmark Prime Lending Rate (BPLR) in July , last year.

SBI benchmark prime lending rate by 25 basis points to 13.25 per cent. This will make EMIs for the existing loans dearer by at least 25 basis points. The BPLR is used for determining interest rates on loans and advances sanctioned up to June 30, 2010. — PTI

Mumbai, April 19
Vedanta Resources Plc has bought an 11 per cent stake in Cairn India, a source said, pushing ahead with plans to take control of the Indian oil and gas company despite regulatory delays plaguing the $9.6-billion deal.

Vedanta's move to acquire Cairn India is part of London-based mining magnate Anil Agarwal's plans to grab a slice of India's oil reserves and get exposure to surging demand.

Its agreement to buy a 40 per cent to 51 per cent stake from Cairn Energy is yet to be cleared by the Indian government. Vedanta is also aiming to buy a 20 per cent through an open offer.

Vedanta bought the 11 per cent stake from Malaysia's national oil corporation Petronas, a source familiar with the matter said.

Petronas sold the remainder of its stake, almost 4 per cent, to some foreign portfolio investors, the source added. — Reuters

San Francisco/Seoul, April 19
Apple Inc sued Samsung Electronics claiming the South Korean firm's Galaxy line of mobile phones and tablets "slavishly" copies the iPhone and iPad, according to court papers, a move analysts say is aimed at keeping its close rivals at bay.

Apple is one participant in a web of litigation among phone makers and software firms over who owns the patents used in smartphones, as rivals aggressively rush into the smartphone and tablet market which the U.S. firm jumpstarted with iPhone and iPad.

"If Apple fails to fend off Android, it will within a year or two find itself in a situation like Research in Motion, even if at a higher level (initially)," said Florian Mueller, a technology specialist and blogger on patent battles.

Samsung's Galaxy products use Google's Android operating system, which directly competes with Apple's mobile software. However, Apple's claims against Samsung focus on Galaxy's design features, such as the look of its screen icons, the lawsuit said.

The lawsuit, filed on Friday, alleges Samsung violated Apple's patents and trademarks.

"This kind of blatant copying is wrong," Apple spokeswoman Kristin Huguet said in a statement.

Apple is bringing 16 claims against Samsung, including unjust enrichment, trademark infringement and 10 patent claims. "...Samsung has made its Galaxy phones and computer tablet work and look like Apple's products through widespread patent and trade dress infringement... By this action, Apple seeks to put a stop to Samsung's illegal conduct and obtain compensation for the violations that have occurred thus far," Apple said in the court document.

Samsung's shares closed up 0.9 per cent after slipping to their lowest level in one month in a broader market down 0.7 per cent. — Reuters

Chandigarh, April 19
Aircel is scouting for partners in telecom circles where it does not have a licence to operate to launch 3G services. The company will use the networks of these telecom service providers to provide 3G services to their own subscribers, when they go on to the networks of these partner telecom service providers.

Gurdeep Singh, COO, Aircel, said: ‘Talks with some of the operators are at an advanced stage. A tie-up is likely to be announced in the next 30- 45 days,” he said.

Aircel, which is a joint venture between Maxis Communications Berhad of Malaysia and Apollo Hospitals, had started rolling out its 3G services in the 13 circles it operates in, since February. With the roll out of 3G in 31 cities of Punjab today, the company will now have its 3G service in 90 cities across the country. “We already have 55 million subscribers and expect the subscriber base to grow to 100 million in the next three to four years. Since we expect that initially 10- 15 per cent of the subscribers will shift from 2G to 3G service, we are trying to provide them with seamless 3G connectivity, through these tie- ups,” he said.

Singh added the company will invest another Rs 200 crore next year, to augment its 2G service.

BRIEFLY

IDBI Bank net soars 62%
Mumbai: State-owned IDBI Bank today reported 62.13 per cent jump in net profit to Rs 516.25 crore for the quarter to March driven by lower provisioning and higher interest income which almost doubled and said the bank would focus on retail in the new fiscal. — PTI

HIPL pledges 2.6% stake
New Delhi: The country's largest two-wheeler maker Hero Honda today said its promoter group firm Hero Investments Pvt Ltd (HIPL) has pledged 2.6 per cent of the company's stake estimated to be worth over Rs 900 crore. — PTI

L&T seeks shareholder nod
New Delhi: Leading private infrastructure firm Larsen and Toubro today said it has sought shareholders' approval to transfer its electrical and automation business to a subsidiary. — PTI

IRDA relaxes accounting norms
New Delhi: Insurance regulator IRDA today relaxed accounting norms for insurance companies to take care of higher liability arising out of enhanced outgo towards gratuity for their employees. — PTI

Samsung Seagate deal
New York: Samsung Electronics Co today said it will sell its hard disk drive business to US-based Seagate Technology for $1.4 billion in cash and stock. Samsung will transfer the HDD business to Seagate and in return will get about 9.6 per cent stake or 45.2 million shares in Seagate which is valued at $687.5 million, the two companies said. — PTI

M&M’s new truck
Mumbai: Mahindra & Mahindra (M&M) today launched its 15 HP tractor - Yuvraj 215 - in Pune, priced at Rs 1,81,000. — PTI

HDFC bank appointment
Mumbai: Private sector lender HDFC Bank today said it has appointed Rakesh Singh as Head of its investment banking division. — PTI