The Tribune, Chandigarh, India

	Energy, urbanisation key challenges: PM Outlines broad contours of the 12th Five Year Plan Sanjeev Sharma Tribune News Service New Delhi, April 21 The Prime Minister has asked the Planning Commission to examine challenges relating to energy, water and urbanisation while preparing the 12 th Five Year Plan.In his opening remarks at the meeting of the full Planning Commission, Prime Minister, Manmohan Singh said that challenges in these areas were likely to become more severe and need to be addressed in the next plan. The PM added that there was a need to tap private sector investments for meeting Plan targets. He said that a critical issue in any Plan was the availability of resources. The Planning Commission and the Finance Ministry should work to come to an agreed position on the resources that would be available for the 12th Plan, consistent with the objective of ensuring fiscal viability. “However, we do know that resources will be a constraint. This underlines the need to focus more on efficiency of resource use, and also supplement public resources with private investment, wherever feasible,” he said. He asked the Planning Commission to prepare estimates of poverty based on the latest data and make them available for public discussion as soon as possible. The PM said that the Twelfth Plan’s objective must be faster, more inclusive and sustainable growth. “We need to identify the critical areas where existing policies and programmes are not delivering results, and should, therefore, be strengthened or even restructured. We also need to consider what new challenges have emerged which call for altogether new initiatives,” he said. The Planning Commission presentation brings out the fact that Eleventh Plan will end with about 8.2 per cent GDP growth which is short of the 9% target.
	RIL net profit up 14% to Rs 5,376 cr Flat production from gas blocks impacts results Mumbai, April 21 India's largest listed firm Reliance Industries said fiscal fourth-quarter net profit rose 14 per cent to its highest ever, but it lagged estimates as flat production from gas blocks and lower-than-expected refining margins weighed on results. Billionaire Mukesh Ambani's Reliance Industries, with interests in refining, petrochemicals, oil and gas exploration and retail, said quarterly net profit rose to Rs 5,376 crore ($1.2 billion) from Rs 4,710 crore a year ago. A Reuters poll of brokerages had forecast quarterly net profit of Rs 5,530 crore. Reliance, which operates the world's biggest refining complex in western India, saw gross refining margins in its fourth quarter inch higher to $9.20 per barrel, up from $7.50 per barrel a year earlier and $9 in the previous quarter. Analysts had expected refining margins of $10 a barrel. Shares in the company, valued at $75.7 billion, have declined nearly 2 per cent in 2011, contributing significantly to the comparative 4.4 per cent fall in the main index, in which the stock has the heaviest weight. Investors have been concerned in recent months about the group's ability to boost gas production from its blocks off the east coast. Reliance last month warned the upstream regulator that gas output from key fields in its main producing block could drop 12 percent next year. It currently pumps about 53 million standard cubic metres per day (mscmd) from its D6 block off the east coast — already less than the 60 mscmd it produced last year, and far off peak capacity of 80 mscmd. The upstream regulator has refused to approve Reliance's spending on gas fields in its main producing block unless the company agrees to drill more wells, a media report said on Wednesday. In February, the company agreed to sell stakes in 23 oil and gas blocks to BP Plc in a $7.2 billion deal, but analysts said it would benefit from BP's deepwater exploration expertise only in the medium term. — Reuters
	Silver, gold prices continue to rise Mumbai, April 21 Silver hit a new milestone of Rs 69,410 a kg at the bullion market here today on heavy speculative build-up and rising industrial buying triggered by uninterrupted overseas rally. Gold also marched ahead to climb new peaks on persistent buying from stockists and firm jewellery off-take. Silver ready (.999 fineness) jumped by a hefty Rs 2,230 per kg to end at Rs 69,410 from Wednesday's closing level of Rs 67,180. Standard gold (99.5 purity) rose Rs 40 per 10 gm to finish at Rs 21,760 from Rs 21,720 previously. Pure old (99.9 purity) added by Rs 35 per 10 gm to conclude at Rs 21,860 compared to Rs 21,825 yesterday. In international market, gold and silver prices continued to soar on the back of dollar falling to three-year low against basket currencies amidst rising oil prices. In Europe, spot gold was bid at $1,506.80 an ounce in early trade as against $1,498.15 late in New York yesterday. US gold futures for June delivery strengthened by $8.90 an ounce to $1,507.80. Silver was bid at $6.21 an ounce as compared to $45.20.— PTI
	TCS net up 31.1% Mumbai, April 21 The country's largest software company Tata Consultancy Services (TCS) today said its net profit for the fourth quarter ended March 31, 2011 rose 31.1 per cent to Rs 2,623 crore. It posted 31.3 per cent increase in quarterly revenues at Rs 10,157 crore, TCS said in a statement. "Excellent execution and a constant focus on the customer has helped TCS round off a sterling performance in FY11, with strong growth in the fourth quarter, while maintaining margins at historic highs," TCS CEO and MD N Chandrasekaran said in the statement. Its net profit for 2010-11 jumped up by 29.5 per cent to Rs 9,068 crore as compared to the previous fiscal. Its revenue during the period stood at Rs 37,325 crore, up 24.3 per cent as compared to 2009-10, it said. "Looking ahead, the demand environment continues to be vibrant. There are opportunities across markets and industries," Chandrasekaran said. "Our nimble organisation structure, together with our full-services strategy and domain-intensive solutions gives us a great platform to sustain growth," he added. During the Janury-March quarter, the company added 11,700 employees (net), taking its total headcount to over 1.98 lakh, the statement said. “We continue to shape the adoption of next generation technologies by investing in new areas like mobility, analytics, social media and sustainability solutions," Chandrasekaran said. The company has proposed a final dividend of Rs 8 per share on the face value of Re 1, the statement added. Shares of the company were trading at Rs 1,200 on the BSE in the late afternoon trade. — PTI
	Vodafone plea against Essar, ISL merger rejected Chennai, April 21 In a setback to Vodafone, the Madras High Court today ruled in favour of Essar on the proposed merger of Essar Teleholdings with its another listed entity, ISL, and said the British telecom firm has no locus standi to oppose it. The Essar proposal aimed at finding out the fair value of its stake in the joint venture with Vodafone, which had opposed it saying that this may distort the valuation. The judgement comes on the heels of Vodafone agreeing to buy 33 per cent of Essar in the JV for $5 billion. By merging Essar Teleholdings, which holds 11 per cent stake in Vodafone-Essar JV, with the listed entity India Securities Ltd, Essar can find market value of its stake and if found to be higher than estimated it may force Vodafone to pay over and above $5 billion. — PTI
	UTI MF declares 1:10 bonus for 3 schemes New Delhi, April 21 UTI Mutual Fund today said it has declared a 1:10 bonus on the face value of Rs 10 per unit under three of its schemes - UTI-Children’s Career Balanced Plan, UTI Unit Linked Insurance Plan and UTI Retirement Benefit Pension Fund. The quantum of bonus will be in the ratio of 1:10 (1 additional unit for every 10 units currently held). The record date of bonus is April 25. As on April 19, 2011, the net asset value (NAV) per unit of UTI-Children's Career Balanced Plan was Rs 15.5918, UTI ULIP was Rs 18.6852 and UTI-Retirement Benefit Pension Fund was Rs 19.7351, UTI MF said. UTI Children's Career Balanced Plan invests about 60 per cent of its corpus in debt and the remaining in equity related instruments. UTI Retirement Benefit Pension Fund is an open-end tax saving-cum-pension fund. The scheme invests minimum 60 per cent and maximum 100 per cent in debt and balance in equity. — PTI
	Retrospective vat order baffles traders Manav Mander Tribune News Service Ludhiana, April 21 A public notice by the Excise and Taxation Department asking traders to charge 10 per cent additional tax on all declared goods on which VAT is 4 per cent now has baffled the community. The notice is applicable from April 8, while traders have already issued bills. The department has issued a public notice stating that Government of India has amended Section 15 (1) of the Central Sales Tax Act, 1956, in which the maximum rate of tax leviable on declared goods has been increased from 4 per cent to 5 per cent. Now an additional tax of 10 per cent is automatically applicable on all the declared goods on which VAT is charged at the rate of 4 per cent. “There is a lot of confusion regarding the additional tax on declared goods. The department issued a public notice in this regard today. It will be applicable from April 8. Traders have already issued bills and under such circumstances it will become very difficult for them to revise rates,” said Jatinder Khurana, president, Taxation Young Lawyers Association. Some declared goods l Coal, including coke in all its forms, but excluding charcoal. l Cotton yarn, but not including cotton yarn waste. l Crude oil, that is to say, crude petroleum oils and crude oils obtained from bituminous minerals. l Pig iron and cast iron including 15lingot moulds, bottom plates, iron scrap, cast iron scrap, runner scrap and iron skull scrap. l Steel semis (ingots, slabs, blooms and billets of all qualities, shapes and sizes) Jute
	SSTL reports Rs 605 crore loss Tribune News Service New Delhi, April 21 Sistema-Shyam Teleservice Ltd (SSTL), today reported a net loss of Rs 605 crore during the fourth quarter ended December 31. The company had a net loss of Rs 383.9 crore in the same period a year ago, SSTL said in a release. Declaring the results SSTL, a JV between Russian firm Sistema and India 's Shyam group, became the first unlisted private telecom operator having a foreign partner to disclose their country specific financial performance. The Russian government also has a stake in SSTL after invested in the company last year. SSTL said that there was a 192 per cent increase in its consolidated revenues which rose to Rs 193.7 crore during the October-December period, against Rs 66.3 crore in the same quarter previous year. For the year ended December 31, 2010, the company has posted a net loss of Rs 2,168.6 crore, against Rs 1,256.5 crore in the same year-ago period. The company's mobile subscriber base for the quarter and year went up by 27 per cent and 190 per cent respectively standing at 8.4 million. The company said that it had made capital investments in India to the tune of Rs 5,600 crore till date. This includes the investment of Rs 571 crore made for the FY10. Despite the Russian Federation (RF) taking up some of the equity in the company, Sistema still continues to be the majority shareholder with 56.68 per cent stake. — PTI
	USV’s second Baddi unit starts operations Ambika Sharma/TNS Baddi, April 20 USV Ltd, the country’s leading anti-diabetic drug manufacturing company, has started operations at its second unit at Baddi. The facility will produce oral solids for anti diabetic and cardio-vascular therapies. At Rs 80 crore, 2.5 billion tablets annually will be manufactured. Spread over 3 acres, the plant is built to meet USFDA standards. MD Prashant Tewari said with 69 per cent revenue drawn from domestic markets and 31 per cent from international sales, the company was banking on operations in Europe to double growth to Rs 600 crore. Tewari said R&D remained an exorbitant and risky proposition in India as it required lots of money. The company spends around 8 per cent of revenues on R&D.