New Delhi, November 8
Global investment banker Goldman Sachs today came under attack from government and the Congress over upgrading Indian markets on a likely Narendra Modi's election win but the US-based firm stood by its report.

In its justification, Goldman Sachs said the report was prepared on the basis of investor sentiments and does not reflect political bias.

Irked by the report, which suggested a victory of Modi-led BJP in the next year's General Election, Commerce and Industry Minister Anand Sharma said it is "most inappropriate and objectionable".

The 18-page report titled 'Modi-fying our View: Raise India to Marketweight' also described the BJP's prime ministerial candidate as more business-friendly.

Sharma retorted saying India's growth story is intact.

"We don't need these kinds of daily certification or assurances. We are a self confident nation ... We surely would not be entertaining prescriptive approaches or prescriptions from those who are totally disconnected....

"Do we tell other countries that what their voters should decide. Respect democracy and respect the country," he said.

Congress general secretary Digvijay Singh added his bit saying investment bankers should stick to what they specialise in -economy - and not indulge in political speculation.

"It is for the people of the country who will decide (about electing a new government) not these agencies. They should confine themselves to economy," he said.

In its report earlier this week, Goldman Sachs had upgraded India's rating to marketweight from underweight and equity investors view Modi as an "agent of change".

"Currently, the macro challenges that India faces in terms of external and fiscal imbalances, high inflation and tight monetary policy are being dominated by expectations of political change," it had said.

In a statement today, Goldman Sachs said its report contained "no political bias nor any political opinion by Goldman Sachs or its analysts.

"It simply notes that investor sentiment is being influenced by party politics. We stand by that assertion and by our research".

Talking to reporters in Mumbai, Goldman Sachs India CEO Bunty Bohra said: "Research is independent, and it is not like it is my view. It is the research department independently saying what is going to happen." — PTI 

on the anvil ITC would manufacture biscuits, juices and confectionery products in the food park The company could also invest in the IT sector in Mohali Punjab Govt could engage ITC to connect the e-service centres proposed to be established in more than 12,000 villages of the state

New Delhi, November 8
FMCG major ITC has evinced interest in setting up a food park in Ludhiana and committed to setting up four luxury hotels in Punjab.

This assurance was given by ITC chairman YC Deveshwar and executive director Kurush Grant during a meeting with a Punjab government team headed by Deputy Chief Minister Sukhbir Singh Badal which held a meeting with the top brass of the company.

ITC has evinced interest in signing an MoU with the Punjab Government for establishing a food park in Ludhiana district besides asserting that it was committed to establishing four luxury hotels in Punjab under its brand name.

Badal told the ITC management that the Punjab Government was taking proactive steps to invite investment in the state and besides agro processing and hotels, ITC could also invest in the IT sector in Mohali.

“We have 600 acres of land available alongside the upcoming international airport and we are ready to give out parcels to leading companies in the quickest possible time to give a kick start to the IT industry in Punjab”, he added.

According to a Punjab Government statement, ITC would manufacture biscuits, juices and confectionery products in the food park on 30 acres of land in Ludhiana district. Badal asked Financial Commissioner Development Suresh Kumar to facilitate the establishing of the food park.

Kumar also asked ITC to process flour from Punjab wheat and offered that the state was ready to advise farmers to sow the varieties needed by the company. Similarly, he requested ITC to consider maize production.

Badal said the state government could engage ITC to connect the e-service centres proposed to be established by the government in more than 12,000 villages in the state in the next six months with their e-chaupal programme. The programme offers advice on agriculture related issues to farmers. Badal also urged ITC to consider participating in the textile hub being established by the government.

The Deputy CM also met Ranbaxy chairman Tsutomu Une and CEO Arun Sawhney. Sawhney informed that the company was looking for expansion in Punjab.

New Delhi, November 8
Indian Oil Corporation today reported a 82.5% drop in net profit for the July-September quarter due to foreign exchange losses and the government not fully compensating it for losses on fuel sales.

Net profit fell to Rs 1,683.92 crore during the second quarter of the 2013-14 fiscal, from Rs 9,611 crore in the same period a year ago.

"The decrease in profit is mainly on account of exchange loss of Rs 2,158 crore in the quarter, as against the exchange gain of Rs 2,289 crore in the corresponding quarter of the previous year," IOC chairman RS Butola told reporters here.

New Delhi, November 8
India has asked Kuwait to lend its weight for early conclusion of talks for the proposed Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC).

Commerce and Industry Minister Anand Sharma urged the visiting Kuwaiti Prime Minister for the early conclusion of the FTA currently under negotiation with the Gulf Cooperation Council (GCC).

Sharma was addressing a meeting of Indian business chambers with Kuwait Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah here.

India is pursuing a free trade pact with the GCC, which is its third largest trading partner. The council is a customs union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

Applauding India's efforts for unleashing economic reforms, the Kuwaiti Prime Minister said, "The stage is now set for building strong bilateral and business relations. India is a grand country with an open market for investment". He urged Kuwaiti businessmen to forge partnerships with their Indian counterparts.

Sharma also invited Kuwait to invest in infrastructure projects and national manufacturing investment zones (NMIZs). The manufacturing sector was poised to grow at a healthy rate and under the New Manufacturing Policy, new industrial cities and township will come up. The scope for global investment was huge as 13 industrial townships had already been approved, eight of which are to be developed along the Delhi-Mumbai Industrial Corridor which covers six Indian states.

New Delhi, November 8
ICICI Bank MD Chanda Kochhar has been named as the most powerful businesswoman in India for the third consecutive year by Fortune magazine.

Shikha Sharma of Axis Bank and Aruna Jayanthi of Capgemini India have taken the second and third place in the Fortune list of 50 most powerful businesswomen ranking for 2013. — PTI

New Delhi, November 8
Looking to cut its expenses after reporting a weak performance for the September quarter where sales fell 23% and the company plunged into a loss as high discounts and raw material costs hit margins, the Hinduja Group flagship company, Ashok Leyland, today announced a Voluntary Retirement Scheme (VRS) for its employees.

Country’s second largest commercial vehicle producer announced the scheme which is conceived as a response to the continuing slowdown, and aims to reduce manpower costs and align fixed costs to reduce activity levels. Yesterday, it announced a net loss of Rs 25 crore for the quarter ended September 30, 2013.

"While the company maintained market share in the last quarter, volume pressures continue and we need to take some definite steps to manage the slowdown. The VRS package will be fair and would provide adequate compensation to any employee who opts for it," said Vinod K Dasari, managing director, Ashok Leyland.

BRIEFLY

PNB hikes term deposit rates
New Delhi: Punjab National Bank has hiked interest rates on select maturities by up to 0.50% effective from November 11. Fixed deposits for less than Rs 1 crore between 271 days to less than one year would yield interest rate of 8%, up from 7.50% earlier, the bank said. Term deposits in the maturity bucket of 91 days to 179 days would attract an interest rate of 7%, up from 6.75%. — PTI

Canara Bank hikes deposit rates
New Delhi: Canara Bank on Friday hiked interest rates on fixed deposits by up to 0.50%. Fixed deposits in the maturity bracket of 46 days to 60 days and 61 days to 90 days would now fetch interest rates of 7.5%, up from 7% earlier, effective November 8, the bank said. — PTI

Surya Roshni eyes Rs 400 cr revenue
Mumbai: Surya Roshni is foraying into the business of fans and is eyeing Rs 400-crore revenue. It will launch a range of ceiling, table, pedestal, wall-mounted and exhaust fans that will be energy-efficient and environment-friendly, company’s managing director B Raju said. — PTI

State Bank’s payment gateway
Chandigarh: The State Bank of India and State Bank of Patiala on Friday launched payment gateway through site to site integration with HUDA. The site was inaugurated by AK Singh, Chief Administrator, HUDA. — TNS