ONGC’s royalty on Rajasthan field cut; possible obstacle to Vedanta-Cairn deal removed. ONGC Made to Pay Dlloar FIVE Hunderd Million a year for Cairns as Now We , the People have to Pay for Vednata!Cairn Energy says Vedanta deal not against India's i

ONGC's royalty on Rajasthan field cut; possible obstacle to Vedanta-Cairn deal removed. ONGC Made to Pay Dlloar FIVE Hunderd Million a year for Cairns as Now We , the People have to Pay for Vednata!Cairn Energy says Vedanta deal not against India's interest!

UID to be ''number for life'' for Indians: Nilekani,SEZ sops may continue till 2014.

FM confident of economy clocking over 8.5 pc growth in FY11

Govt. will regulate Private Sector in Education, says Chidambaram

Prosperity and higher savings are changing the way Indians perceive gold, driving them to invest in coins, bars and exchange-traded funds, a senior official in a prominent gold importing bank said on Saturday.

Indian Holocaust My Father`s Life and Time - Four Hundred SIXTY Seven

Palash Biswas

http://indianholocaustmyfatherslifeandtime.blogspot.com/


ONGC Made to Pay Dlloar FIVE Hunderd Million a year for Cairns as Now We , the People have to Pay for Vednata!

Delhi CWG will be better than Beijing Olympics: Kalmadi

Zee News - ‎11 minutes ago‎
Gurgaon: Organising Committee Chairman Suresh Kalmadi unveiled the Commonwealth Games 2010 theme song in the inaugural 'Swagatham' ceremony here on Saturday.
CWG will be better than Beijing Olympics: Kalmadi IBNLive.com

SEZ sops may continue till 2014

The direct taxes code (DTC) approved by the Cabinet gives a reprieve to special economic zones, or SEZs, till 2014 from the proposed regime, but has imposed a 20% minimum alternative tax, which is likely to be opposed by the industry. The SEZ developers say the tax regime approved by the Cabinet on Thursday does not reduce the uncertainty, which will make it difficult for them to attract units.

ONGC's royalty on Rajasthan field cut; possible obstacle to Vedanta-Cairn deal removed, the Economic Times reports. The report exposes the Fact Naked thatAs per a 1993 government regulation, PSU companies were meant to undertake the entire royalty burden to woo private companies in India's oil blocks. For a long time, this did not pinch the Indian companies as the oil blocks had not commenced full operations. ONGC, for instance, has so far paid just ` 1,200 crore as royalty for all its blocks. But following the successful operationalisation of the Cairn oil blocks, its royalty obligation from this block alone has shot up to $500 million a year.

The unique identification number will be a "number for life" for millions of Indians who at present do not have access to public schemes, according to Chairman of the Unique Identification Authority of India (UIDAI) Nandan Nilekani. "The domestic movement within India is slated to escalate due to development and climate change that would drive migration.Prosperity and higher savings are changing the way Indians perceive gold, driving them to invest in coins, bars and exchange-traded funds, a senior official in a prominent gold importing bank said on Saturday.

The Directorate General of Hydrocarbon (DGH) said that shale gas exploration acreages in the country will be available from next year.

Economic times reports:

NEW DELHI: State-run ONGC is set to get permission from the Centre to pay only a third of its total royalty obligation to the Rajasthan government on the revenues earned from the oil blocks owned by Cairn India, removing a possible obstacle to the Vedanta-Cairn deal and saving the oil explorer an annual outgo of $350 million.

A top finance ministry official told ET that the Centre has acceded to ONGC's plea that its share of the royalty outgo be restricted to 30% of the total amount, mirroring its corresponding interest in the oil block. The Centre will compensate the Rajasthan government for the remaining amount though the modalities of the compensation have not yet been finalised.

The official said ONGC was upset that while Cairn Energy was selling its stake in its Indian subsidiary to Vedanta for up to $8.5 billion, it was making just $2 per barrel from the oil blocks because of its high royalty payment. The settlement on the royalty issue is likely to result in ONGC dropping its objections to the transaction, even though it leaves the Centre with no option but to take care of a large part of the royalty bill.

"Restricting the royalty will come as a major relief to the shareholders of the company," said ONGC CMD RS Sharma.
The Vedanta-Cairn transaction, which was announced last Monday, had, besides upsetting ONGC, also miffed the petroleum ministry as its consent was not taken. Cairn Energy has now written to the ministry saying it will comply with all contractual obligations in the sale of its stake in Cairn India to the world's fifth-largest miner.

Cairn Energy chief executive Bill Gammell on Thursday wrote to oil secretary S Sundareshan that the proposed sale would not 'adversely affect the performance of obligations under the various production-sharing contracts'. Mr Gammell said Vedanta had a successful experience in executing and operating complex large-scale projects.

Mr Gammell said Vedanta also had a culture of empowering the management. London-listed Vedanta is buying 40-51% in Cairn India from Cairn Energy and up to 20% from minority shareholders for $9.6 billion.

Unhappy with its royalty outgo, which is estimated to be $2 billion over the life of the asset, ONGC had written to Cairn about two months ago expressing its desire to give up its interest in the Rajasthan oil block. The government-owned company had also written to the petroleum ministry that it was not commercially viable to remain invested as a licensee in this block as its returns on the investments were negative.

In fact, "with every barrel increase in production, the costs for ONGC went up further and led to higher losses", a senior company executive said.

The royalty issue was discussed at a meeting on August 16, the day on which the Cairn-Vedanta deal was announced. The meeting was attended by representatives from ONGC, finance ministry and petroleum ministry. It was decided then, in principle, that it was unfair for ONGC to remain invested in the block if was making losses.

While the option of ONGC exiting the oil blocks remains on the table, government officials said it was unlikely that Cairn, Vedanta or any other company would absorb the PSU's large royalty obligations. "The only way out is for the government to step in, cap ONGC's royalty burden and take the hit," said a petroleum ministry official.

Legal experts agree. "There is no legal case to transfer the royalty burden to Cairn. It is a part of the production-sharing contract that the licensee, in this case ONGC, has to pay. Cairn is on a strong footing," says corporate lawyer Gopal Jain.

As per a 1993 government regulation, PSU companies were meant to undertake the entire royalty burden to woo private companies in India's oil blocks. For a long time, this did not pinch the Indian companies as the oil blocks had not commenced full operations. ONGC, for instance, has so far paid just ` 1,200 crore as royalty for all its blocks. But following the successful operationalisation of the Cairn oil blocks, its royalty obligation from this block alone has shot up to $500 million a year.

Says former director general of hydrocarbons VK Sibal: "The royalty obligation is unfair on PSUs like ONGC in today's circumstances as they have also invested and borne a part of the cost."

ONGC pays royalty on the revenue earned on crude oil sold from the block. Assuming a global crude oil price of $70 a barrel and an average selling price of $60 a barrel for Cairn crude, the annual royalty payment by ONGC works out to $500 million a year or $40 per barrel with a production of 40 million barrels a year.

The cost of producing oil (opex, cess and capex) from this block works out to around $18 a barrel. Add to that the royalty burden which ONGC has to pay of $40 a barrel. It is left with just $2 per barrel as returns as opposed to Cairn's $42 per barrel.

http://economictimes.indiatimes.com/Oil--Gas/articleshow/6449380.cms


Seeking to placate the Oil Ministry's concerns on its deal with Vedanta Resources, the UK's Cairn Energy on Friday said it will comply with all contractual obligations in sale of its majority stake in Cairn India to the world's fifth largest miner.

With signs of discomfort at a non-oil firm taking control of a company whose main property is the Barmer district oilfields in Rajasthan, Cairn Energy said Vedanta has promised to keep Cairn India independent and meet all obligations.

Cairn Energy Chief Executive Bill Gammell yesterday wrote to Oil Secretary S Sundareshan saying Vedanta, besides having a successful experience in executing and operating complex large scale industrial projects, has a culture of empowering management as evident in its previous acquisitions.

London-listed Vedanta is buying 40 to 51 per cent in Cairn India from Cairn Energy and up to 20 per cent from open market, in a deal worth $9.6 billion.

Cairn Energy said the proposed sale of majority stake "will not adversely affect the performance or obligations under the various Production Sharing Contracts (signed by Cairn India) nor be contrary to the interests of India."

Also, Vedanta has promised continuity in operations at Cairn India, which will remain independent, Cairn Energy said adding it along with Vedanta was willing to company with any reasonable condition of the government to ensure performance of Cairn India's contractual liabilities.

"We can confirm that there are no planned changes in the Cairn India organisation, standards, policies and systems and that the transaction will have no effect upon Cairn India's knowledge and experience as a contractor, operating to accepted international petroleum industry practice," he wrote.

Cairn India, which has existed as an independently managed entity since 2007, holds 70 per cent in the Rajasthan block that holds 6.5 billion barrels of oil reserves besides two other producing properties and seven exploration areas. For all of these, it has signed PSCs with the government.

"Some of these PSCs have specific provisions requiring the consent of the Government of India in the event of a change of control. Cairn India is committed to complying with all such contractual obligations," Gammell wrote.

Gammell, who had previously written to the oil ministry on August 16 on the deal with Vedanta, annexed details of the share sale, Cairn India's assets in the country, Vedanta Group's credentials and benefits Cairn India will accrue.

Vedanta Resources, he said, had the wherewithal to takeover the parent company guarantees that Cairn Energy had given for performance of obligations under PSCs. Vedanta had 10 times better financial capabilities than Cairn Energy Plc.

Due to lack of identity proof, 100 million people are unable to avail of public schemes. It is here that the unique identification number will make a difference as it will be the ''number for life'' for them," Nilekani said here last evening.

"With technological development, as the paper work reduces, the cost of technology also goes down and capability goes up. Once you make everything electronic, the prices drop.

It is when more number of people make use of technology," Nilekani said. The UID would be given to all Indians irrespective of their financial or residential status, he said, adding, the main aim of issuing these numbers is to ensure better service delivery to those who have been excluded from public schemes, be it related to finance or food.

Nilekani said the UIDAI will roll out a biometric database of beneficiaries which could be used by banks and post offices for generating their own UID numbers. As banking services cannot reach each of the six lakh villages in India, there will be micro ATMs where people will be able to withdraw or deposit money, he said.

FM confident of economy clocking over 8.5 pc growth in FY11

Finance Minister Pranab Mukherjee today exuded confidence that the economy would grow by more than 8.5 per cent this fiscal, despite partial roll back of stimulus measures. Addressing heads of Indian Missions here, Mukherjee said the economy is likely to continue the high growth trajectory in the coming years as well.

Mukherjee said fundamentals of the Indian economy are strong and explained to the heads of Indian Missions how India coped with economic challenges. Indian economic growth slowed down to 6.7 per cent during 2008-09 from nine per cent in the previous three years after the deepening global financial crisis hit the economy.

To blunt the impact of global crisis, the Government provided stimulus to the economy by cutting taxes and stepping up public expenditure. This catapulted economic growth to 7.4 per cent last fiscal, despite just 0.2 per cent farm growth because of drought in many parts of the country.

This fiscal, economy is expected to grow by 8.5 per cent despite the government partially rolling back stimulus by raising excise duty by two per cent to 10 per cent. In fact, the Finance Minister expressed confidence that the economy would grow faster than 8.5 per cent.

The data for the first quarter of this fiscal will be released on Tuesday. The figures will actually show whether the economy faced any adverse impact of partial withdrawal of economic stimulus.

Govt. will regulate Private Sector in Education, says Chidambaram

Union Home Minister P. Chidambaram said here on today that the Centre would bring forward Bills in Parliament to regulate the private sector in the field of education.

He said education could not be allowed to become a money-spinning exercise.

Addressing at the Loyola World Alumni Congress 2010, Mr. Chidambaram said, as education for children is uppermost in the minds of every Indian family, it led to the mushrooming of institutions.

He also said that secularism and tolerance were important for the country and urged educational institutions to impart these values to students.

"I think what is important is we must ensure that the institutions impart quality education as well as impart the right values. And believe me friends, in India today, the most important value that has to be inculcated in everyone is the value of secularism and tolerance; every other value will follow," added Chidambaram.

Meanwhile, 73 personalities, all of them alumni of Loyola College, were honoured at the Loyola World Alumni Congress 2010, which was inaugurated by Chidambaram.

The awardees of the Congress, included prominent personalities from various walks of life including world chess champion Viswanathan Anand, politicians like Chidambaram and Union Textiles Minister Dayanidhi Maran, and film personalities like Radharavi, Sarath Kumar, and Vikram. (ANI)

Significant decline in inflation by year end: Ahluwalia

Kolkata, Aug 28 (IANS) Inflation will come down significantly by the year-end, Planning Commission Deputy Chairman Montek Singh Ahluwalia said here Saturday.
Averring that the government was 'very concerned' about the price rise of essentials, Ahluwalia said inflation has started to decline, though it was still high.
'From data, you will know inflation is beginning to come down, but is still high,' Ahluwalia told media persons on the sidelines of a programme at the Netaji Research Bureau.
He exuded confidence that the measures taken by the government will ease inflation.
'We are quite confident that the steps taken by the government will moderate the inflation. By the end of the year it will come down significantly,' Ahluwalia said.
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Jet hauled up for 'serious lapses', 10 staffers suspended

MUMBAI: The Directorate-General of Civil Aviation (DGCA) Saturday hit out at Jet Airways for "serious procedural lapses" in dealing with an emergency evacuation aboard its Mumbai-Chennai flight Friday night in which 14 passengers were injured.

It has also ordered the suspension of 10 Jet Airways crew members, including the flight commander, a co-pilot, four crew members and four additional crew members after holding them responsible for the near-stampede that occurred inside the aircraft Friday night.

The DGCA said in a statement that 14 passengers were injured during the evacuation.

The DGCA said the action against the crew of the Jet Airways flight 9W-2302 was taken after a preliminary inquiry report found they were at fault and charged them with "serious procedural lapses".

Its preliminary inquiry has indicated lapses in dealing with the emergency and evacuation of the passengers as per existing procedures laid down in aircraft rules and regulations.

Terming the incident as "serious", the DGCA said it would be investigated under Rule 77C of Aircraft Rules, 1937 by a team comprising Director of Air Safety, Mumbai, Flight Operations Inspector and the Cabin Safety In-Charge of DGCA.

The DGCA said that Friday night, around 9 p.m., the scheduled flight with 131 passengers including one infant, four cabin crew, nine additional crew and one trainee pilot, was in the process of being operated on the Mumbai-Chennai sector.

While the aircraft was taxiing towards the runway, one of the additional crew members, travelling as a passenger, occupying seat no. 35A, apparently observed fire on the left engine of the aircraft and informed one of his colleagues on the next seat, who also claimed to have seen the fire.

The colleague, sitting on seat no. 35B, immediately went and contacted the captain from the right door location and also the cabin crew assigned to the left door.

The aircraft commander immediately asked the left side cabin crew to confirm the fire and report, which the lady crew did and confirmed to the captain.

On receiving the confirmation, the captain pulled the fire handles for left engine, the right engine and the auxiliary power unit, but did not discharge any of the fire bottles.

He also ordered the crew to launch the evacuation of the passengers from the aircraft.

Immediately, the escape slides on the exits, including the over-the-wing emergency exits, were deployed, while the Mumbai International Airport's emergency fire and rescue teams were rushed to where the aircraft was stationed.

During the evacuation, which involved the passengers sliding down the emergency chutes, the DGCA said that some passengers were injured.

Shortly after the emergency evacuation, which was completed within a few minutes, the aircraft was inspected by a team supervised by the DGCA.

"Both the engines were checked and boroscope inspection was carried out. No fire or smoke was observed in the engine area. No abnormality was observed in the engines and its systems," the DGCA asserted Saturday.

The DGCA has also retrieved the cockpit voice recorder (VCR) and the digital flight data recorder (DFDR) from the aircraft to facilitate further inquiry into the incident.

The DGCA has also summoned a meeting of the heads of training of all airlines to review the training procedures of cabin and flight crew, particularly during emergencies and evacuation procedures.

Whither urban development? Bleak future stares at India's cities

A New Delhi newspaper reported last Thursday that local authorities received 117 complaints of waterlogging, five of falling trees and six of building collapses, in one of which a four-year-old boy was killed. A school bus carrying 35 children became so deeply "embedded" in a road that a crane had to be called in, but it, too, got stuck. There was another report of a road caving in. Since it was in an area where several embassies are located, the incident will not send a flattering image of India abroad.

If this is the situation in the national capital, it is not difficult to imagine how dismal the conditions are in the other cities and smaller towns. Mumbai and Bangalore citizens have their own dismal tales to tell. The monsoon is undoubtedly the worst time because it aggravates the numerous existing problems, which include both overflowing drains and the accumulation of stagnant water, breeding mosquitoes.

Such pools near the unfinished construction sites for the Commonwealth Games have been blamed by Union Health Minister Ghulam Nabi Azad for the spread of dengue in Delhi, which has also highlighted the paucity of hospital beds. However, Urban (non?)Development Minister Jaipal Reddy wants the news to be kept under wraps lest it scare away the athletes. Reddy, however, was quick to blame the delay in Commonwealth Games preparations to the rains as well.

In Mumbai, the outbreak of malaria has given a fresh boost to parochial politics with Maharashtra Navnirman Sena (MNS) leader Raj Thackeray blaming the immigrants, who are mostly from Bihar, for the problem.

What these reports show is that the urban scene in India is one of unrelieved gloom. A citizen steps out every morning to contend with potholed roads, endless traffic snarls, unannounced diversions, beggars at every crossing, the unavailability of a sufficient number of public transport vehicles and their not infrequent breakdowns and general urban chaos.

For instance, on Raksha Bandhan day, Delhi Metro's promise to run more trains was blighted by a two-hour breakdown of a train near Connaught Place, causing breathing problems to passengers because of inadequate ventilation, and disrupting the entire system.

Delhi, of course, is the most pampered of all cities, with a massive amount of funds being spent for upgrading its infrastructure in preparation for the Games. Roads are being widened, flyovers being built and saplings being planted. Yet, there is hardly any lessening of the average citizen's plight.

It has always been a feature of Indian metropolises that except for the small areas where the affluent and the rulers live, the rest of the city bears the scars of persistent neglect. The reason is the almost total absence of urban planning due to lack of funds and lack of interest on the part of the so-called city fathers, whose proverbial corruption and incompetence made a Kolkata newspaper call them "city duds" in the 1960s.

The Calcutta Corporation was usually called "Chor-poration" by the disgruntled citizens just as another name for the Municipal Corporation of Delhi (MCD) is "most corrupt department".

There is little doubt that it is the conversion of these municipal bodies into political playgrounds which is partly responsible for their fecklessness. Since the elected councillors regard their entry into the municipalities as the first step (or the second, if they had also contested student union elections) towards the larger political field, they have little time or inclination to look after the crumbling urban infrastructure and city improvement that is their primary charge.

28 Aug, 2010, 02.36AM IST, Amiti Sen,ET Bureau

SEZ sops may continue till 2014

NEW DELHI: The direct taxes code (DTC) approved by the Cabinet gives a reprieve to special economic zones, or SEZs, till 2014 from the proposed regime, but has imposed a 20% minimum alternative tax, which is likely to be opposed by the industry.

The SEZ developers say the tax regime approved by the Cabinet on Thursday does not reduce the uncertainty, which will make it difficult for them to attract units.

"We have clients who have developed SEZs and got into serious talks with interested investors, only to have them back out when the first draft of the DTC was circulated," says Hitender Mehta, partner, Vaish Associates Advocates, a Gurgaon-based consultancy firm.

Developers are not sure whether investments that they have already made in zones under construction will attract units though the direct taxes bill approved by the Cabinet retains the tax exemptions available to them under the SEZ Act.

Developers and the units located in the SEZs are particularly opposed to the provision in the code that links tax exemptions to investments made rather than profits earned.

For sectors such as IT, where investments made is relatively low, it would definitely lead to lower exemptions. The finance ministry proposes to implement the DTC by April 1 2012.

The industry says the regulation were never settled. There have been nine amendments to the SEZ rules since they were notified in February 2006 and 64 instructions brought out by the commerce department.
"The instability in the policy regime is the main reason we have not been able to attract many foreign investors," a commerce department official said.

The bill approved by the Cabinet may not be the last word on tax laws for SEZs as it may be opposed by various interest groups once it is presented to the Standing Committee of Parliament for discussions.

"The uncertain environment continues as the draft DTC Bill will now be discussed in the Standing Committee of Parliament," a commerce department official pointed out adding that investments in SEZs slowed down sharply after the first draft was put out in August 2008.

SEZ developers may also take legal recourse against the provisions of the new tax code if they are adversely affected by it.

"The DTC Bill may violate the doctrine of promissory estoppel (which disallows governments from going back on promises made), as investments were made by developers based on certain tax relief promises made by the government," Mr Mehta said.

Under the present regime, SEZ units get 100% tax exemption on profits earned for the first five years, a 50% exemption for the next five years and another 50% exemption on re-invested profits in the following five years. SEZ developers, on the other hand, get 100% tax exemption on profits for ten years, which they can choose in the block of the first fifteen years.

28 Aug, 2010, 02.49AM IST, Deepshikha Sikarwar,ET Bureau

Final DTC bill a missed opportunity

NEW DELHI: The direct taxes code bill approved by the cabinet is far removed from the bold one put out by the government for debate in 2009, creating the impression that the entire exercise is a lost opportunity.

The final bill seems like just another finance bill, tinkering tax rates here and there to make taxpayers happy and the promise of a simple, rational tax system devoid of exemptions has certainly not been fulfilled.

However, experts and policymakers feel the bill has travelled a good distance within the political economy constraints faced by the government if the obsession with rates is set aside. "A tax code can do only as much as the people want to it to do. Any tax reform has to be politically accepted," said M Govinda Rao, a member of the Prime Minister's Economic Advisory Committee.

There is some truth in what Rao says. The exempt-exempt-tax regime suggested by the discussion paper is good in theory but was vigorously opposed by nearly every one.

In a country where there is no social security taxing retirement savings of individual in the EET regime (contributions and earnings are exempt but withdrawals are taxed) is always a difficult decision.

Corporates, too, wanted the lower 25% rate proposed in the first draft but were loath to give up the exemptions, a difficult proposition for a fiscally constrained government. So a higher 30% rate comes in but with exemptions that will be linked to investments and not profits.

"It is a welcome move if the government is planning to propose a cap of 30% on corporate taxes," said Amit Mitra, secretary-general of industry body Ficci.

But some ingredients make it evident that the spirit of reform may not have been lost completely even though opportunity for big bang has been.

"Some reforms are there in the bill as well...what was not acceptable to the public was shot down," said A J Majumdar, former member CBDT and a consultant with Ernst & Young.

Rewriting the tax law is an opportunity to undertake a big- bang reform, said a tax department official involved in the process of drafting the discussion paper, but added that it was not always easy. "It's a political call that a government has to take," he said adding that the government seems has opted for moderate speed.

Some of the measures in the new bill put India's tax system on a par with global standards. The General Anti Avoidance Rule, which fills a significant gap in enforcement in the domestic tax administration, is one such provision.
These are a broad set of provisions that can strike down an arrangement that has been entered into by a taxpayer with the main objective of obtaining tax benefit.

Tax experts and officials in the tax department admit that this will address the issue of misuse of a provision just for tax gains.

The concept of Controlled Foreign Corporation has been brought in the bill that will address the concerns of companies parking their revenues overseas in a low tax jurisdiction in an increasingly globalised world.
The rules will allow tax authorities to extend domestic laws for taxing profits of subsidiaries of Indian companies abroad.

The bill proposes to phase out profit-linked incentives and switchover to investment-linked ones to encourage investment in productive activities instead of the one that gave them tax benefits.

Most importantly, navigation through the tax laws will be much easier. Instead of a plethora of laws — income tax act 1961, wealth tax act, dividend distribution tax act — there will now be one Act.

"In a country like ours its ultimately reform by stealth," said Rao, underscoring the compulsions faced.
http://economictimes.indiatimes.com/news/economy/finance/Final-DTC-bill-a-missed-opportunity/articleshow/6448885.cms

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ONGC weighs Cairn-Vedanta deal, mum on counter offer

Financial Express - ‎Aug 26, 2010‎
New Delhi: State-owned ONGC on Thursday said it was examining all the legal and contractual implications of the proposed majority stake sale in Cairn ...
ONGC examining legal, contractual fallout of Cairn deal The Hindu
ONGC wants to split royalty payments mydigitalfc.com
Indian shares end firm; banks, ONGC up, Cairn drops Reuters
Times of India
all 934 news articles »
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Moneycontrol.com

ONGC up 3% on oil discovery in Gujarat

Indian Express - ‎Aug 27, 2010‎
Defying a weak broader market,shares of state-run ONGC surged nearly 3 per cent on a new oil discovery in Gujarat, making its investors richer by over Rs ...
ONGC up 1.36% on oil find at Vadatal-I Economic Times
ONGC strikes oil in western onshore basin Business Standard
ONGC strikes oil in western onshore Hindu Business Line
India Infoline.com
all 29 news articles »
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Stocks in News: IDBI, ONGC, Tech Mahindra...

Myiris.com - ‎6 hours ago‎
State-run ONGC is set to get permission from the Centre to pay only a third of its total royalty obligation to the Rajasthan government on the revenues ...
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Sensex lacklustre; ONGC, Tata Steel, RCom up

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Nifty under pressure; ONGC, Tata Steel, RCom up

Economic Times - ‎Aug 27, 2010‎
ONGC announced new oil discovery in the western onshore basin located in the Ahmedabad-Ankleshwar belt. This block was won under the sixth round of ...

ONGC a definite 'hold': Siddharth Sedani

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Oil spill from ONGC pipeline catches fire in Gujarat

Hindustan Times - ‎Aug 26, 2010‎
PTI Oil spill from a pipeline of ONGC passing through well number 55 in Ankleshwar accidentally caught fire on Thursday in Ardol village of Bharuch district ...
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Nifty in tight range ONGC SBI ITC Tata Motors gain

Moneycontrol.com - ‎Aug 25, 2010‎
At 11:30 hours IST, the 50-share NSE Nifty was trading in a narrow range of 5470-5481 with a positive bias led by rate sensitives. ONGC, ITC, L&T ...
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Govt may allocate gas to RCF from ONGC instead of RIL

Economic Times - ‎Aug 25, 2010‎
NEW DELHI: The government may give Rashtriya Chemicals and Fertilizers (RCF) natural gas from Oil and Natural Gas Corp's (ONGC) western offshore C-Series ...
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28 Aug, 2010, 07.02PM IST,REUTERS

Vedanta row puts environment in India policy focus

NEW DELHI: India's decision to reject UK-based Vedanta's plans to mine bauxite points to tighter enforcement of environment laws, a commitment to playing by the rules rather than a political campaign against mega-corporations.

In a landmark decision on Tuesday, the environment ministry blocked Vedanta's mining project in Orissa because the forest-hills it would have destroyed are intertwined with the lives and livelihoods of local primitive tribes.

It was a stunning victory for a four-year-long global campaign for the Dongria Kondh tribe against a giant mining firm that has been pitchforked into India's debate over environmental laws.

It also infused life into the environment ministry with its maverick minister, Jairam Ramesh, whose tussle with his cabinet colleagues on clearing forests for mining and roads underlines India's struggle for sustainable growth.

"What Jairam Ramesh is doing is saying if you have to do business here play it by the rule, no sidetracking environment, no backdoor, which is a good thing," said R K Gupta, managing director of Taurus Mutual Fund.

"The clear signal to overseas investors is that you can not take environmental clearance for granted. Things will not be done as they used to be in the past. This is course correction."

Commentators point out that thousands of factories get built in India every year and the government has clearly encouraged industrial projects - evidence analysts say that the ruling Congress party is not anti-development.

HERO OR VILLAIN?

Ramesh's stand in a country focused on development and raring to take the global high table has meant he is also scoffed at by some as an inflexible "green fundamentalist".

For years, the environmental ministry was seen as rubber-stamping projects. But Ramesh has scrapped or delayed clearance for some 100 mining projects, including those backed by South Korea's POSCO, drawing protests that he is hurting development in a nation short of power and raw materials.

A second airport in Mumbai is caught in the environment debate as are dozens of road and dam projects.

Ramesh has also cracked down on illegal mining, often done with help from local politicians, and brought more accountability in a sector that had minimal environmental regulations.

Underlying all this is a realisation in India that enforcing environmental rules does not have to hurt growth, can boost the idea of a rule of law and make government policies transparent.

"This not a problem typical to India, it is a developing country phenomenon; Brazil has realised, Australia faced this." said Paranjoy Guha Thakurta, an independent political economist.

Government sources say POSCO could be given permission for its $12 billion steel mill in Orissa in 2 months because its problems were not quite the same as Vedanta's.

POLITICAL DIVIDEND

Mining lobbies have accused Ramesh of witch-hunting multinational corporations, saying he is going after projects in states not controlled by the Congress ruling party.

Orissa is one of these non-Congress states and its chief minister, Naveen Patnaik reacted to the scrapping of the Vedanta project by saying: "I hope there was no politics (involved)."
27 Aug, 2010, 01.59AM IST, MV Ramsurya & Rakhi Mazumdar,ET Bureau

Vedanta halts refinery expansion, questions Govt's intentions

MUMBAI/KOLKATA: Vedanta Aluminium has halted its expansion programme at the alumina refinery at Lanjigarh, in Orissa, after the government issued a notification making it mandatory for companies to seek environment clearance for any major change in processes.

On August 24, the Central government said that Vedanta Aluminium had not sought prior approval for expanding the refinery capacity to 6 million tonnes from 1 million tonnes. Another government decision that day, announced by the minister of state for environment and forests Jairam Ramesh, stopping plans to mine bauxite at Nyamgiri near Lanjigarh, attracted much more attention but the brake on the refinery expansion could have a longer term impact on the fortunes of Vedanta. The bauxite was to be supplied to the refinery.

The chief operating officer of the Anil Agarwal-controlled company, Mukesh Kumar, expressed his doubts on Thursday over the "intention" behind these announcements in view of an earlier notification.

The ministry of environment and forests had said on August 19 that for all projects which were increasing capacity and where terms of references—the guidelines and scope for any expansion—have been mentioned and where construction activities have been started, the terms of references may be suspended or withdrawn.

"Instances have come to the notice of this ministry where project proponents have undertaken construction activities without obtaining requisite environmental clearance...No activity relating to any project covered under this notification, including civil construction, can be undertaken at site without obtaining prior environmental clearance," the notification added.

The notification relates to environment impact assessment (EIA)— a crucial part of the project approval process under the Environment Protection Act. The EPA is the umbrella legislation that regulates the impact of all industrial and commercial activities on environment.

The Vedanta official said that no prior approval for expansion was needed according to the rules in place—the Environment Impact Assessment notification of 2006—before the changes announced on August 19.

"There is no threshold limit given in the EIA notification for such a project," Mr Kumar told ET. "Hence prior environment clearance, as per the notification for our proposed expansion, is not mandatory before undertaking any construction activities."

Mr Kumar also referred to a section in the 2006 notification which stipulates that approval to the terms of reference for any project has to be announced within 60 days from the date of submission. "If the decision is not conveyed within 60 days, then the terms of references suggested by the applicant, "shall be deemed as final terms for the EIA study."

Vedanta had submitted its proposal for expanding the capacity to the ministry of environment and forests for approval on October 3, 2007. The company didn't get approval within 60 days, which is the mandatory period as per the notification.

Mr Ramesh did not respond to calls and text messages sent to his mobile.

While the expansion programme has been stopped, Vedanta Aluminium will continue with operations at the existing one million tonne refinery in Orissa. The unit is presently running at 90% capacity with bauxite purchased from outside the state. "Though Niyamgiri is off limit, we are hopeful of getting fresh allocation of bauxite reserves within 30 km of our refinery. There are some 500-600 mt of reserves in and around our refinery. Logistically, it won't be much of a problem," said Mr Kumar.

Vedanta needs three million tonnes of bauxite to operate its one million tonne refinery. The company has been sourcing 60% of its bauxite needs from group company Balco. It has also been using a blend of the ore using bauxite purchased from states like Maharashtra, Gujarat, Chhattisgarh, Madhya Pradesh, Andhra Pradesh, Jharkhand and Bihar.
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Feasibility study for India-Australia free trade pact done

    IANS - 08:09 PM
Kolkata, Aug 28 (IANS) Australia and India have completed a joint feasibility study for a free trade agreement (FTA) between the two countries, Australian High Commissioner Peter N. Varghese said Saturday.
   

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• Raid on Karnataka Congress MP's mine company in Bellary  IANS - 06:56 PM
• Cholamandalam signs MoU with VE Commercial for loan facility  PTI - 06:29 PM

       
   

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General

• Commerce & Industry Min to hold meeting on cotton productionPTI - 05:48 PM
• Chennai, Aug 28 (PTI) The Union Commerce and Industries Ministry would hold a meeting next week with Agriculture and Textiles ministries, to assess the domestic production of cotton and its export, a top government official said here today.
• SEBI permits bourses to go for Smart Order RoutingFE - 05:28 PM
• Market regulator SEBI allowed bourses to trade through Smart Order Routing (SOR), which is an exchange neutral trading platform for automatic searches for best prices for executing a buy-sell order.
• Sept numbers suggest volatile month aheadFE - 05:28 PM
• Investors hoping for clarity within financial markets next month after a summer of risk-on, risk-off drift may get more than they are bargaining for-September is as much about major losses as it is gentle gains.
• Pepper, jeera fall on subdued demandPTI - 05:16 PM
• New Delhi, Aug 28 (PTI) Black pepper and jeera prices fell up to Rs 200 per quintal in the national capital today owing to weak local and exports demand at existing higher prices.
• Cashew rises on fresh buyingPTI - 05:06 PM
• New Delhi, Aug 28 (PTI) Cashew prices rose up to Rs 10 per kg in the national capital today on the back of fresh buying by retailers and stockists.

India

• Bangalore adds plush Mercedez buses to city fleetIANS - 06:29 PM
• Bangalore, Aug 28 (IANS) After air-conditioned Volvo and Tata-Marcopolo buses, commuters in Bangalore will now get Mercedes-Benz buses to make their city rides comfortable.
• Punjab moots master plans for all cities, townsIANS - 05:41 PM
• Chandigarh, Aug 28 (IANS) The Punjab government has decided to prepare master plans for all the towns and cities in the state by the end of this year, Chief Minister Parkash Singh Badal announced Saturday.
• Damage to Himachal roads due to rain Rs.332 croreIANS - 04:29 PM
• Shimla, Aug 28 (IANS) Heavy rains in Himachal Pradesh this season have damaged roads and bridges that may require at least Rs.332 crore for repairs, a minister said here Saturday.
• Kerala comedian Jagathy not to endorse lotteryIANS - 04:08 PM
• Kochi, Aug 28 (IANS) Malayalam comedian Jagathy Sreekumar Saturday vowed not to endorse lottery tickets, a day after Kerala Chief Minister V.S. Achuthanandan urged celebrities to look into the merit of products promoted by them.
• Shale gas exploration acreages from next yearIE - 04:05 PM
• The Directorate General of Hydrocarbon (DGH) said that shale gas exploration acreages in the country will be available from next year.

International

• HP raises 3PAR offer to $2 bnIE - 11:29 AM
• Hewlett-Packard Co raised its offer for 3PAR Inc to $2 billion, once again topping Dell Inc's bid and showing it had plenty of ammunition in a bidding war for the data storage company.
• Microsoft co-founder sues major IT cosIE - 11:29 AM
• Microsoft co-founder and billionaire Paul Allen is suing nearly a dozen major technology companies, including Google Inc and Apple Inc, alleging that they infringed on four Web technology patents held by his company Interval Licensing LLC. Interval said it filed the suit in a US District Court in Seattle against the companies.
• Ford recalls 5,75,000 Windstar vansIE - 11:29 AM
• Ford says it is recalling 575,000 older model Windstar vans in the United States and Canada because of the possibility that the rear axles can corrode and potentially break.
• Economists hastily cut expectations for U.S. Q3 growthReuters - 10:10 AM
• A host of weak economic data has led economists to hastily scale back forecasts for U.S. growth and increase expectations the world's largest economy will fall back into recession, a Reuters poll found.
• Embattled airline Mexicana to stop flyingIANS - 08:20 AM
• Mexico City, Aug 28 (DPA) Mexicana, Mexico's largest airline by passengers carried, will halt all flights Saturday, Transportation Minister Juan Molinar Horcasitas announced in Mexico City.

Personal-Finance

• Ford recalls over 460,000 mini vansIANS - 02:44 AM
• New York, Aug 28 (IANS) Ford Motor Co. is recalling a total of 462,750 Windstar mini vans made during 1998-2003 over concerns that the rear axles could corrode and fail.
• Markets correct, Sensex closes below 18,000IANS - Fri, Aug 27
• Mumbai, Aug 27 (IANS) Selling pressure built up late at Indian equities markets, pushing a benchmark index 227 points down Friday, below the 18,000-level. The correction in the market was broad-based with analysts expecting further downtrend in the coming days.
• Toyota recalls 1 mn Corolla and Matrix modelsIANS - Thu, Aug 26
• Washington, Aug 26 (DPA) Japanese carmaker Toyota Thursday ordered a recall of more than 1 million Corolla and Matrix models in North America, adding to safety woes that have plagued the world's largest carmaker for the past year.
• Etihad, Virgin to launch Australia-Abu Dhabi flightsIANS - Thu, Aug 26
• Abu Dhabi, Aug 26 (IANS/WAM) Australian airlines Virgin Blue and the United Arab Emirates-based Etihad Airways Thursday agreed to operate joint flight services between Abu Dhabi and Australia next year.
• Workers rally in South Africa, government offers talkIANS - Thu, Aug 26
• Pretoria, Aug 26 (IANS) Thousands of government workers, including teachers and health staff, took out rallies across South Africa Thursday after nine days of strikes over salary hike, forcing authorities to call for negotiation.

Markets

• SCENARIOS - Gold at $1,300 may crimp Indian importsReuters - 05:21 PM
• India's gold imports almost doubled in the first half of this year, boosted by a good monsoon and pent-up demand from the previous year when a drought hit consumers' spending capacity.
• INTERVIEW - MMTC-PAMP gold refinery start delayedReuters - 04:07 PM
• India's state-owned MMTC Ltd expects production from its upcoming gold refinery, being jointly built with Switzerland's PAMP S.A., to be delayed by three months as more time had to be spent on installing modern technology, a senior official of the joint venture said.
• INTERVIEW - Prosperity fuels gold investment demand in IndiaReuters - 03:55 PM
• Prosperity and higher savings are changing the way Indians perceive gold, driving them to invest in coins, bars and exchange-traded funds, a senior official in a prominent gold importing bank said on Saturday.
• Japan's Noda says ready to use all measures on yenReuters - 12:36 PM
• Japanese Finance Minister Yoshihiko Noda said on Saturday he was ready to employ "all possible measures" to tackle the rise of the yen, which was having a "big impact" on the country's economy.
• Wall St Week Ahead - Investors embark on treacherous monthReuters - 01:11 PM
• Beaten-up investors go into September, historically a weak month for stocks, facing key reports on jobs, manufacturing and services.

Business News

       

   

SEBI permits bourses to go for Smart Order Routing

FE - 05:28 PM
Market regulator SEBI allowed bourses to trade through Smart Order Routing (SOR), which is an exchange neutral trading platform for automatic searches for best prices for executing a buy-sell order.
       
        View:         Headlines Only |         Include Summaries |         Include Photos        
            
       

•             Sept numbers suggest volatile month ahead FE - 05:28 PM
• Investors hoping for clarity within financial markets next month after a summer of risk-on, risk-off drift may get more than they are bargaining for-September is as much about major losses as it is gentle gains.
•        
•             More firms to hit the MAT floor FE - 04:19 AM
• Contrary to expectations, the new tax code cleared by the Cabinet virtually retained the minimum alternate tax (MAT) that corporates need to pay on their book profits at the current level.
•        
•             Ford recalls 5,75,000 Windstar vans FE - 05:28 PM
• Ford says it is recalling 575,000 older model Windstar vans in the United States and Canada because of the possibility that the rear axles can corrode and potentially break.
•        
•             Microsoft co-founder sues major IT cos FE - 05:28 PM
• Microsoft co-founder and billionaire Paul Allen is suing nearly a dozen major technology companies, including Google Inc and Apple Inc, alleging that they infringed on four Web technology patents held by his company Interval Licensing LLC. Interval said it filed the suit in a US District Court in Seattle against the companies.
•        
•             HP raises 3PAR offer to $2 bn FE - 05:28 PM
• Hewlett-Packard Co raised its offer for 3PAR Inc to $2 billion, once again topping Dell Inc's bid and showing it had plenty of ammunition in a bidding war for the data storage company.
•        
•             PNB launches PNB NRI REMIT-India FE - 05:28 PM
• Public sector lender Punjab National Bank, said it has launched 'PNB NRI REMIT-India', an online cross-border remittance solution to send money from the US to India.
•        
•             Prosperity fuels gold investment in India FE - 05:28 PM
• Prosperity and higher savings are changing the way Indians perceive gold, driving them to invest in coins, bars and exchange-traded funds, a senior official in a prominent gold importing bank said on Saturday.
•        
•             Shale gas exploration acreages from next year FE - 05:28 PM
• The Directorate General of Hydrocarbon (DGH) said that shale gas exploration acreages in the country will be available from next year.
•        
•             Inflationary pressures easing: RBI FE - 05:28 PM
• Reserve Bank of India Governor D Subbarao said the country's economic growth is getting broad-based and inflationary pressures are easing.
•        
•             Markets end worse week in 3 months FE - 04:19 AM
• Indian equities plummeted on Friday amid volatile trade on concern that the US will lower its second-quarter growth estimate.
•        
•             PFC's stock rises on stake sale announcement FE - 04:19 AM
• The share price of Power Finance Corporation's (PFC) rose 1.29% to Rs 341.35 at the Bombay Stock Exchange on Friday on the news the company would divest up to 20% stake through a public issue.
•        
•             New Sebi system for best order pricing FE - 04:19 AM
• The Securities and Exchange Board of India (Sebi) on Friday approved the introduction of Smart Order Routing, a system which helps in best price execution of trades.
•        
•             Tatas to sell mothballed UK plant to Thai co for $500 m FE - 04:19 AM
• The world's eighth-largest steelmaker Tata Steel Friday said it will sell Teesside Cast Products (TCP) in the UK to Thailand's largest steelmaker Sahaviriya Steel Industries (SSI) for $500 million.
•        
•             PSU banks to woo customers with cheaper loans this festive season FE - 04:19 AM
• In a sign of how intense the competition in the consumer banking space has become, banks are planning to woo individuals with cheaper loans even as interest rates are on the rise.
•        
•             Canon eyes 25% growth from MPS FE - 04:19 AM
• Canon India, a 100% subsidiary of Canon Singapore Pte Ltd, which forayed into managed print services (MPS), a year ago, expects 25% y-o-y revenue growth from the sector.
•        
•             Quick view FE - 04:19 AM
• Dell bids $1.8 billion for 3Par, matches HP's offer Dell matched Hewlett-Packard's acquisition bid for 3Par by agreeing to pay $1.8 billion for the computer-storage company, marking the fifth public offer in an escalating bidding war.
•        
•             Auto part firms ramp up output to meet demand FE - 04:19 AM
• Auto component manufacturers are scurrying to meet the rising demand from automakers by significantly ramping up production across product portfolios.
•        
•             Toll contracts get poor response FE - 04:19 AM
• National Highways Authority of India (NHAI) has received poor response from private companies for a chunk of contracts to collect toll on public-funded plazas.
•        
•             Sasan coal diversion against public interest, Tata Power tells SC FE - 04:19 AM
• The government's decision to allow Reliance Power to divert surplus coal from the 3,960 mw Sasan power project in Madhya Pradesh to its another 4,000-mw project at Chitrangi in the same state is detrimental to the public interest, Tata Power Company Ltd on Friday told the Supreme Court.
•        

       
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Business News

       

   

PwC upbeat on media, entertainment growth

HT - Mon, Aug 23
Mumbai, Aug. 22 -- Price water house Coopers is upbeat in its growth predictions for the Indian media and entertainment industry in 2010, after 2009 saw it limping at a growth rate of a mere 2.2 per cent.
       
        View:         Headlines Only |         Include Summaries |         Include Photos        
            
       

•             'We have technology to tame rivers' HT - Mon, Aug 23
• India, Aug. 22 -- As the chairman of Bhakra Beas Management Board (BBMB), A.B. Agrawal talked to Hindustan Times about his plans to develop a consensus amongst northern states for new capacity addition.
•        
•             Curated consumption HT - Mon, Aug 23
• New Delhi, Aug. 22 -- There's a lot of talk about the recent ambush advertising by Hindustan Unilever's soap and shampoo brand Dove, and how it pulled a cheeky number on Procter & Gamble's shampoo brand Pantene.
•        
•             Beauty, for men HT - Mon, Aug 23
• Mumbai, Aug. 22 -- Half a decade ago, when Shah Rukh Khan took a dip in a bathtub to endorse Lux, he did much more than just endorse a soap brand. He set a precedent. Back then, the male grooming market was almost non-existent and the Indian market had few dedicated products to. Fair game Advertising has ensured that men's desire to look good is out in the open.
•        
•             Nokia dials India with dual-SIM phones HT - Mon, Aug 23
• Kolkata, Aug. 22 -- Nokia is ready with its dual SIM phones for India. The Finnish giant is preparing to launch its C1 and C2 models of entry-level dual SIM phones in two-three months. Both models would be launched simultaneously in India, following its global launch in the third quarter of the current fiscal year.
•        
•             Stepping on minefields HT - Sun, Aug 22
• India, Aug. 21 -- Vedanta Chairman Anil Agarwal is known as a man of few words and more action. He has been relentless in the expansion of his various group companies that mostly deal in copper, zinc, aluminium and iron ore with operations in India, Autralia and Zambia.
•        
•             Soon, no fixed interest from fixed deposits HT - Sat, Aug 21
• Mumbai, Aug. 20 -- Your fixed deposits (FDs) are not what they used to be. They are turning tricky as bankers line FDs to match fluctuating interest rate cycles. Which means you cannot take the rate you get on your deposits for granted. In the new scheme of things, you can choose to have a fixed rate term deposit.
•        
•             Tata Tele, RCom also get nod? HT - Sat, Aug 21
• New Delhi, Aug. 20 -- Tata Teleservices and Reliance Communication have received the government's approval to buy telecom equipment from Chinese firms, sources with direct knowledge of the matter said on Friday.
•        
•             Jairam to take final call on Vedanta project HT - Sat, Aug 21
• New Delhi, Aug. 21 -- In a big blow to Vedanta bauxite mining refinery project in Orissa, the environment ministry's Forest Advisory Committee (FAC) on Friday accepted the N.C. Saxena Committee report and left the final decision on the project to Environment and Forests Minister Jairam Ramesh.
•        
•             Rel Comm to offer Nokia's services suite HT - Sat, Aug 21
• New Delhi, Aug. 20 -- Reliance Commun-ications and Nokia joined hands on Friday to offer value-added services in entertainment, education and agriculture in their effort to tap a larger pie of the mobile data services business.
•        
•             Sun rises on solar products HT - Sat, Aug 21
• New Delhi, Aug. 20 -- Left your mobile phone charger at home? How about some sunshine? Did you know that you could charge up your handset with a solar-powered handset that taps sunlight on its panels? Outside of the conventional electric wires and batteries that run up power bills or add to climate change, a brave new world of gadgets and gear is coming up, showing a new potential in solar energy.
•        
•             Hospitals' body to discuss cashless insurance package HT - Fri, Aug 20
• Mumbai, Aug. 20 -- The Association of Hospitals (AOH), Mumbai, has decided to meet on Friday to discuss fixed rates for medical procedures as determined by insurers.
•        
•             Radio gaga HT - Fri, Aug 20
• New Delhi, Aug. 20 -- Right now, nothing is going on. We are critical," whispers Zahir Karodia. He stands behind fellow engineer Bala-chandran Chandrasekharan in the dark control room of the radio station Gurgaon ki Awaaz, or 107.8 FM, a community radio station that serves Gurgaon's drivers, construction workers and migrants.
•        
•             Govt gets ambitious on shale gas HT - Fri, Aug 20
• New Delhi, Aug. 19 -- Taking a cue from the US and China, the government is finalising a roadmap for large-scale commercial exploitation of shale gas - natural gas trapped in rocks - in the country's sedimentary basins.
•        
•             Donedeal HT - Fri, Aug 20
• Mumbai, Aug. 18 -- There are car deals that you just shouldn't miss. Our experts pick out the best bargains. Ford Fiesta 1.4 EXi - Rs 4.60 lakh, August 2007; 46,000 km. Comprehensive insurance till August 28, 2010, first owner. Contact: Krishnan Seshadri - 9820536317. Maruti Suzuki Zen Estilo VXi - Rs 2.50 lakh, July 2007; 43,000 km. Comprehensive insurance till July 01, 2011, first owner.
•        
•             Roomy, peppy interiors HT - Fri, Aug 20
• Mumbai, Aug. 18 -- I want to buy my first car, a petrol-engined hatchback within a Rs 4.5-5.25 lakh budget.
•        
•             Vroom with a view HT - Fri, Aug 20
• New Delhi, Aug. 18 -- Always dreamt of a Hayabusa, but ended up buying a 100CC motorbike? That's the case with most of us, for the simple reason that the pocket doesn't permit it.
•        
•             States get one more month to study GST Bill HT - Fri, Aug 20
• New Delhi, Aug. 18 -- The roadmap to implement a countrywide goods and services tax (GST) has got delayed by a month.
•        
•             Arshiya to invest R7,468 cr HT - Fri, Aug 20
• Mumbai, Aug. 18 -- Supply chain and logistics player Arshiya International will invest around R7,468 crore over 3 years on setting up warehousing and railway infrastructure across the country.
•        
•             Is FD power on the wane? Not really, say experts HT - Fri, Aug 20
• Mumbai, Aug. 19 -- As floating rate fixed deposits (FDs) take over, is the sturdy old savings instrument losing its charm? Experts say not.
•        

       
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Prosperity fuels gold investment demand in India

IE - 04:05 PM
Prosperity and higher savings are changing the way Indians perceive gold, driving them to invest in coins, bars and exchange-traded funds, a senior official in a prominent gold importing bank said on Saturday.
       
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•             Shale gas exploration acreages from next year IE - 04:05 PM
• The Directorate General of Hydrocarbon (DGH) said that shale gas exploration acreages in the country will be available from next year.
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•             SEBI permits bourses to go for Smart Order Routing IE - 11:29 AM
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•        
•             Ford recalls 5,75,000 Windstar vans IE - 11:29 AM
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•             Inflationary pressures easing: RBI IE - 11:29 AM
• Reserve Bank of India Governor D Subbarao said the country's economic growth is getting broad-based and inflationary pressures are easing.
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•             HP raises 3PAR offer to $2 bn IE - 11:29 AM
• Hewlett-Packard Co raised its offer for 3PAR Inc to $2 billion, once again topping Dell Inc's bid and showing it had plenty of ammunition in a bidding war for the data storage company.
•        
•             Microsoft co-founder sues major IT cos IE - 11:29 AM
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•        
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•        
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•        
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•        
•             Indian pharma cos shun EU, route goods via SA ports IE - 06:33 AM
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•        
•             Press Council acts on Sebi woes about private treaties IE - 06:33 AM
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•        
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•        
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•        
•             Ministry of Power devises a China deterrent: 21% duty on equipment IE - 06:33 AM
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•        
•             Corus to sell TCP unit to Thai firm IE - 06:33 AM
• Corus UK Limited, the European arm of Tata Steel, has signed an agreement with Sahaviriya Steel Industries Public Company Limited, Thailand's largest steel producer, to sell its Teesside Cast Products (TCP) business in a transaction valued at around US$ 500 million (GBP 320 million).
•        
•             Briefly Business IE - 06:33 AM
• US Q2 growth 1.6%, below expected 2.4%
• New York: US economic statistics released Friday offered the clearest sign yet that the recovery, already acknowledged to be sauntering, had slowed to a crawl. The Obama government lowered its estimate of economic growth in the second quarter to an annual rate of 1.
•        
•             On AI revamp menu: Non-stop daily flights to Toronto, Chicago IE - 06:33 AM
• In an attempt to re-invent itself, national carrier Air India may introduce a brand new product in the market by launching non-stop daily flights from New Delhi to Toronto and Chicago.
•        
•             Sharma for faster Services talks with Asean bloc IE - 06:33 AM
• Commerce and Industry Minister Anand Sharma today said the negotiations on services and investments should be expedited so as to enhance India's economic integration with the 10 Asean member countries.
•        
•             Seoul shares end down 0.01 pct IE - Fri, Aug 27
• Seoul shares trimmed earlier losses to end nearly flat on Friday helped by firm gains in shipbuilders, but tech exporters such as LG Electronics declined amid continued global economic concerns.
•        

       
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SCENARIOS - Gold at $1,300 may crimp Indian imports

India's gold imports almost doubled in the first half of this year, boosted by a good monsoon and pent-up demand from the previous year when a drought hit consumers' spending capacity.
The real test of consumer appetite will come in the second half when India's festival season tend to encourage a spending spree, though much will depend on what happens to the gold price .
Following are three scenarios on future gold prices and their impact on imports, posited by industry players at a conference in Varca in India's western state of Goa.
GOLD NEAR CURRENT LEVELS OF $1,240-$1,250/OZ
Gold prices hovering around current levels would lead to higher purchases at festivals and imports could rise by 10-25 percent year on year, industry members said.
"As the monsoon is good, rural buyers should demand more gold," Ved Prakash, marketing director at MMTC Ltd said. "And we have been seeing good investment demand for gold (from people saving) for marriages and education."
GOLD ABOVE $1,300/OZ
Gold at $1,300 would mean a new high in the foreign markets and would lead to new highs in the local market as well. This could bring down import growth to a range of 10-15 percent.
"High prices would give a bit of pullback in (rising) imports as customers would take time to accept the high level," Naveen Mathur, associate director, Angel Commodities said.
GOLD BELOW $1,200
Gold below this level would be welcomed by Indians and they might revise upwards the volume they planned to purchase, possibly boosting imports by over 25 percent.
"At every fall there will be (fresh) demand," said a gold dealer in a large bank who could not be named due to company policy.
(Writing by Ruchira Singh; Editing by John Stonestreet)

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India troops thwart Kashmir separatist rally

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PM should sack Chidambaram if he does not resign: BJP

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Suspicion of 'racist' thinking on Roma expulsions

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