New Delhi, September 30
Eight infrastructure industries posted a 7-month high growth rate of 3.7 per cent in August on the back of good performance by power, cement, steel and fertiliser sectors.

The growth of the core sectors was, however, lower as compared to 6.1 per cent recorded in the same month last year, according to the data released here today.

The core industries, which also include coal, natural gas, refinery products and crude oil, having a weight of about 38 per cent in the Index of Industrial Production (IIP), grew at 3.7 per cent January this year. The growth in output of the core sectors remained below this mark till July.

During the April-August period of 2013-14 fiscal, the growth of core industries has slowed to 2.3 per cent from 6.3 per cent in the same period during 2012-13.

Power generation grew by 6.7 per cent in August as against a meagre 1.9 per cent in the same month last year. It registered a cumulative growth of 4.1 per cent during April to August this fiscal, compared to 4.9 per cent in the same period in 2012-13.

Cement production grew by 5.5 per cent in August compared to 0.4 per cent in the same month last year. However, growth in the sector slowed down to 3.2 per cent in April-August period this fiscal, compared to 8.3 per cent in 2012-13.

The output of steel also grew by 4.3 per cent in August as compared to 2.9 per cent in the same month last year. The production was up by 4.1 per cent in April-August period, compared to 2.8 per cent in same period in previous fiscal.

The fertiliser production grew by 1.7 per cent in August as against a contraction of 2.1 per cent in the same month last year. During the April-August period, the output grew by 1.8 per cent compared to a contraction of 7.9 per cent in the same period last fiscal.

Crude oil and natural gas production contracted by 1.5 per cent and 16.1 per cent respectively in August compared to decline in output by 0.6 per cent and 13.5 per cent in the same month last year.

During the April-August period, crude oil production declined by 1.6 per cent as compared to a contraction of 0.6 per cent in the output. Similarly the output of natural gas in the five month period contracted by 17 per cent as compared to decline in production by 12 per cent in the same period last year.

During the first five-month period of this fiscal, the output grew by 4.8 per cent compared to 25.6 per cent.

The production of coal grew by 5.5 per cent in August as compared to 11.8 per cent in the same month last year. During April-August, the production grew by 0.5 per cent compared to 7.4 per cent in the same period last fiscal. — PTI

Mumbai, September 30
High imports of gold and oil pushed current account deficit (CAD) to 4.9 per cent of GDP to $21.8 billion in the April-June quarter of the current fiscal, RBI said today.

CAD, the difference between inflow and outflow of foreign exchange, was 4.4 per cent or $16.9 billion in the same quarter of last fiscal, 2012-13.

"The trade deficit, coupled with a slow recovery in net invisibles (income and services), led to widening of CAD to $21.8 billion in Q1 of 2013-14 from $16.9 billion in Q1 of 2012-13," RBI said in its Balance of Payments statement.

CAD had declined to 3.6 per cent in the January-March quarter after touching a record high of 6.5 per cent in the October-December quarter.

The government plans to bring down CAD to 3.7 per cent or $70 billion in the 2013-14 fiscal, from 4.8 per cent or $88.2 billion in 2012-13.

Gold imports increased by $7.3 billion in the first quarter of current fiscal. The imports stood at about 335 tonne in the April-June quarter.

"Excluding the increase in gold imports of $7.3 billion in Q1 of 2013-14 over the corresponding quarter of the preceding year, CAD would work out to $14.5 billion, which translates into 3.2 per cent of GDP," the RBI said.

RBI said there was a small draw down on country's foreign exchange reserves to finance the CAD.

"On BoP basis, there was a slight draw down in foreign exchange reserves of $0.3 billion in Q1 of 2013-14 as against an accretion of $0.5 billion in Q1 of 2012-13," it said.

During the quarter, while exports declined by 1.5 per cent, imports recorded an increase of 4.7 per cent. The trade deficit widened further to $50.5 billion in Q1 of 2013-14, from $43.8 billion a year ago, it said. — PTI

Bangalore, September 30
Infosys boss Narayana Murthy today told Punjab Deputy Chief Minister Sukhbir Singh Badal that the company would send a top-level team to Punjab to consider the establishment of a campus at the Knowledge Park in Mohali.

Sukhbir Badal, who is on a two-day investment-seeking tour of Bangalore, also met Biocon chief Kiran Majumdar Shaw and offered to enter into joint ventures with her company for cancer and diabetes treatment.

Naryana Murthy, according to Sukhbir Badal’s spokesman, told the Punjab Government team that the company could establish a 100-acre campus at Mohali. Murthy asked Infosys senior vice-president U Ramadas Kamath to visit Mohali in October and check out the place for this purpose.

Badal assured Murthy that the Punjab Government had ready land in the Knowledge Park at Mohali and that it would give all necessary clearances required by the company within 15 days.

Punjab Chief Secretary Rakesh Singh, who accompanied the Deputy Chief Minister, said the Punjab Government wanted Infosys to become the anchor unit for the Knowledge Park. The government was ready to offer land to it at a special price, he said.

Murthy said in case the company created a campus in Mohali, it would work towards having a capacity of 25,000 employees.

Sukhbir also held separate talks with Infosys executive vice-chairman S Gopalakrishnan and Board member V Balakrishnan.

He also asked the company to take up the cities of Ludhiana and Amritsar for complete transformation by integrating all utilities and services. He said the state government was ready to offer them this proposal on the Swiss Challenge pattern whereby the project could be bid and they would have to match the lowest bid.

The Deputy CM also proposed that Infosys could help in modernising the functioning of the Punjab State Power Corporation Limited (PSPCL).

Badal invited Kiran Majumdar Shaw to invest in the Medicity at Mullanpur to which she agreed. She said her company would also look into investing in manufacturing in Punjab. Industries Secretary Karan Avtar Singh told Shaw that the Punjab Government was ready to allot land to reputed companies for a single SEZ in Mohali.

Other points of discussion between the Punjab team and Shaw included Biocon’s help in establishing bio toilets in Punjab. The Deputy CM said Punjab was open to adopting the technology perfected by Biocon as it had a mandate to construct more than 1 lakh toilets in the rural areas.

Shaw accepted Badal’s invitation to attend the Investor Summit to be held in Chandigarh on December 9 and 10.

New Delhi, September 30
The Supreme Court today issued notice to Centre, Reliance Industries Ltd (RIL) and others on a PIL seeking cancellation of contract for exploration of oil and gas concerning the KG block and to impose penalty for failure in adhering to commitments.

A Bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by civil society members, including former Cabinet Secretary TSR Subramanian and ex-Naval chief Admiral L Ramdas, seeking probe by the agency in the alleged "collusion between RIL and the political establishment".

The Bench, which had earlier also issued notice to the Centre on a PIL filed by CPI MP Gurudas Dasgupta, asked the parties to file their response within four weeks and tagged the case with Dasgupta's petition.

The petitioners, also including former Secretary Ramaswamy Iyer and NGO Common Cause, challenged the Centre's decision to raise the price of natural gas.

"Issue order directing a thorough investigation by an SIT or CBI under the supervision of this court, into the high-level collusion between RIL and the political establishment and the corruption involved, as has been highlighted in the instant petition, including on the aspects of not taking any action against RIL for its misconduct," the petitioners said.

They also sought direction for a thorough audit by CAG of the working of the production sharing contract (PSC) governing KG block, gold plating by RIL, the underproduction by RIL and all related issues. — PTI

New Delhi, September 30
The stage is set for a showdown between broadcasters and the TRAI over the latter’s move to bring a 12-minute advertisement cap per clock hour for TV channels from tomorrow.

The move has been opposed by the news channels and others, barring the top notch entertainment channels, who feel this arbitrary ceiling would kill the business viability 
of channels.

News channels, who feel the most threatened by the restriction as their revenue flow is not like that of top entertainment channels, have gone to the TDSAT against the TRAI order.

The appellate authority has stayed the TRAI order and directed that no coercive action be taken against the news channels by regulator.

The next hearing on the issue is slated for November 11.

The TRAI, on the other hand, is confident of imposing the advertisement cap. Its officials point out that the regulation is very much in place, in spite of few broadcasters approaching TDSAT and getting a stay order for the time being.

TRAI has also threatened that it will take a legal recourse against channels that do not adhere to the ad cap. As per the act, it can bring the matter to the notice of the Chief Metropolitan Magistrate and get an order from there for the implementation.

Officials point out that these regulations have been in place since 2005. As per cable TV rules, they have been flouted all these years and since they have been there for a long period of time, there is no question of any such excuse this time.

Information and Broadcasting Minister Manish Tewari has also asked the TRAI to reconsider the issue of imposing the 12- minute advertisement cap on news channels, but the regulator is set to go ahead.

Although it is still unclear how the situation would emerge but taking advantage of the impending advertisement cap, few channels have already hiked their advertisement rates, but given the current economic scenario, this move has been ill received by advertisers.

New Delhi, September 30
The nine-member committee set up by the DoT to examine TRAI’s recommendations on the third round of spectrum auction in the 800 Mhz, 900 Mhz and 1,800 Mhz bands, is likely to submit its report tomorrow to the Telecom Secretary.

While the committee had been given one month to come out with its suggestions on the recommendations of the TRAI, sources said with the report ready, it is expected to be submitted tomorrow.

The report will also be circulated to the members of Telecom Commission, reports suggested.

TRAI had come out with recommendations on spectrum pricing and trading on September 9. The DoT had formed an internal committee, headed by Member (Technical), on the same day to study TRAI recommendations.

According to the terms of reference, the panel headed by Anil Kaushal, of DoT, "shall hold detailed deliberations" and may "co-opt or invite any expert or person, which, in its opinion, would be helpful". The panel will be a "standing committee" and will continue to advise the government on the subject even after submitting its report, till a final decision is taken.

New Delhi, September 30
Telecom operator Vodafone is set to bring International Toll Free Services (ITFS) here to meet the need of Indian enterprises and provide a convenient and free method to their customers, business partners and employees travelling abroad to communicate with them.

Vodafone Business Services (VBS), the enterprise arm of Vodafone India, would help its enterprise subscribers to communicate toll free through an international toll free number. The benefit of this service for Indian enterprises would be that billing would be done in Indian rupees instead of in foreign currency, which is the case when calls are routed through international operators.

Besides, Vodafone will provide this service to multiple countries by eliminating the need for enterprises to talk to multiple service providers.

It would help the telecom operator to tap the potential business opportunities in the Rs 70-crore ITFS market and empower the enterprises across sectors - cater to their international customers, call support centres in India or conference bridges hosted in India.

ITFS is a part of the wireline suite of offering customised solutions for Indian enterprises, over and above other services offered by Vodafone Business Services under wireline portfolio.

BRIEFLY

‘Archibuild 2013’ concludes
Chandigarh: A three-day exhibition on architecture, building materials and technologies, ‘Archibuild 2013’, organised by PHD Chamber and supported by the Indian Institute of Architects concluded here on Sunday. Over 70 exhibitors, including ACC, Orient Ceramics, NCL Industries, Everest Industries, Jindal Steel and Power, Tata Bluescope, Saint Gobain, Godrej Securities, Cora Performance, among others, participated in the event. — TNS

LG launches smartphone G2
New Delhi: LG Electronics on Monday launched its high-end smartphone, G2, in India. It is priced at Rs 41,500 for the 16GB version and Rs 44,500 for the 32GB variant. The phone comes with a 5.2-inch screen, 13 MP rear camera with optical stabilisation and a 2.1 MP front camera. — TNS

SanDisk offer
Jalandhar: SanDisk Corporation has launched a scheme under which customers buying the company’s products get a chance to win a trip for two to Hong Kong every week or a get a Cruzer Force USB Flash Drive every hour. The scheme is valid throughout the country till November 2. — TNS

CPI-IW up 2 points at 237
Chandigarh: The All-India Consumer Price Index for Industrial Workers (CPI-IW) for August, 2013, rose by two points and is now pegged at 237, according to the Labour Ministry statement. — TNS

PHD Chamber awarded
Chandigarh: The PHD Chamber of Commerce and Industry has been awarded by Pakistan President Mamnoon Hussain for its initiatives to boost and promote bilateral trade relations at Islamabad. RS Sachdeva, co-chairman, Punjab Committee, PHD Chamber, received the award. — TNS