He also clamped a ban on transport of iron to other states.

Yeddyurappa told reporters here that the ban will be in force till the completion of a state Lok Ayukta (ombudsman) probe into illegal mining in the last 10 years, between 2000 and 2010.

He had on Wednesday banned issue of permits for transporting iron ore for exports.

The chief minister’s decision comes against the backdrop of a raging controversy in the state over illegal mining and export of iron ore.

Between 2000 and 2010, over 30 million tonnes of iron ore was illegally mined and exported from Karnataka, according to data provided by Yeddyurappa to the state assembly.

The Congress has dubbed it a ‘scam of the century’ involving up to Rs.600 billion (Rs.60,000 crore).

The Congress is on a march from Bangalore to iron ore rich Bellary, 320 kms away, demanding a Central Bureau of Investigation (CBI) probe into illegal mining.

Bellary is the political base of Reddy brothers, powerful mine owners and ministers in Yeddyurappa’s cabinet.

The Congress began the march on July 25 and will reach Bellary on Aug 9 for a rally. The party leaders and workers are walking 20 kms a day to cover the 320 kms in 16 days.

Yeddyurappa has rejected handing over the probe to CBI saying it will only delay the findings and credibility of the agency is in doubt.

The Congress and the other opposition party in the state Janata Dal-Secular alleged that the Reddy brothers are involved in largescale illegal mining and export of iron ore.

The Reddys, Tourism Minister G. Janardhana, his elder brother Revenue Minister G. Karunakara and younger brother and assembly member G. Somashekara have denied the charges.

The brothers, who own the Obulapuram Mining Company, on Thursday launched ‘swabhiman’ campaign in Bellary to counter what they called Congress and JD-S attempts to malign not only them but the district also.

Their loyalist, Health Minister B. Sriramulu on Wednesday tonsured his head and announced he will walk barefoot and eat only fruits till Aug 26 when senior BJP leader Sushma Swaraj is expected to visit Bellary.

The Reddy brothers and Sriramulu call Swaraj as their ‘thayi’ (mother). She had brokered a compromise in October-November last year when the Reddy brothers led a revolt against Yeddyurappa.

The Reddys became close to Swaraj when she contested the 1999 Lok Sabha election against Congress president Sonia Gandhi.

Since then Swaraj has been visiting Bellary almost every year to perform ‘Varamahalakshmi pooja’ (worship of wealth goddess Lakshmi). The festival, a major one in Karnataka, this year falls on Aug 26.

[Story Source]

CBI interrogated the former Gujarat Minister Amit Shah

…

After the Commonwealth Games, go for the Olympics

…

“India are predominantly a batting side but their bowling is not strong enough”

…

Tips for steamy sex

…

Murali a good human being: Bedi

…

This post was submitted by virendra kumar yadav.

NEW DELHI: The six core sector industries grew at the slowest pace in eleven months at 3.4% in June from a year ago, confirming fears that the ebbing shift in industrial growth that surfaced last month is for real.

Factory output eased to 11.5% in May, the slowest in seven months, after which experts said the country is headed for waning industrial growth. The latest infrastructure numbers released by the government seem to validate their thinking because crude oil, petroleum refining, coal, electricity, cement and finished steel have a combined 26.7% weight in the index of industrial production, or IIP.

The core sector data is released about two weeks before the IIP figures are. IIP data for June are due on August 12.
“The June core sector numbers are considerably weaker compared to earlier data and suggest that the IIP figures for the month is likely to register a single digit growth,” said Sonal Varma, economist at Nomura Holdings.

Within the core sector, cement and steel are considered better indicators of industrial activity as they are vital to a number of industries. Their production moves in line with the demand from industries dependent on them.

Cement production increased 3.6% in June from a year ago, again at the slowest clip in 22 months. The data are a pointer to a drop in the construction activity.

Production of finished steel increased 3.5% in June, but it is difficult to read much into these numbers given the erratic growth in recent months. After peaking to 15.3% in January, steel production fell to 0.9% in February, only to rise the next month to 9.2%.

“A lot of the sectoral production data is getting skewed because of a base effect. For instance, finished steel was growing at double digits in 2009,” said Ms Varma.

Sunil Sinha, head of research and senior economist at rating agency, Crisil, said the decline could be an aberration.

“Some of the decline in production is cyclical as with the arrival of the monsoon, construction activity goes down. This would explain the lower growth in sectors like cement, steel and coal, he said.”

The sluggish growth in production of others four products — crude oil, petroleum refining, coal, electricity — points to supply-side issues.

There is a shortage of all these products and a below-par growth indicates a greater reliance on imports or a drag on production.

“If this trend (slow growth) continues, it can create a bottleneck for overall industrial output as many of the core sectors like electricity and cement are essential raw materials,” Mr Sinha said.

Between April and June, the six core industries grew 4.6% against 4.3% a year earlier. In June 2009, the six core industries grew by 6.3%.

[Story Source]

This post was submitted by Rishi Kumar Maurya.

Accompanied by a 90-member strong delegation comprising six ministers, 50 leaders of some of Britain’s largest companies, Olympic gold medallists and academics, prime minister Cameron is pulling all stops to woo an old neglected partner with a booming economy. Britain was the fifth largest exporter to India in 2005, but has since fallen to eighteenth. Exports to India dropped from $6.4 billion in 2008 to $4.5 billion in 2009.

On Wednesday, Mr Cameron will be addressing a gathering at the Infosys headquarters. On the itinerary is also a visit to the Narayana Hrudayalaya Health City, a collection of hospitals spread over a 25-acre campus known for its high volume of low-cost operations and HAL, which has signed contracts with British military and aerospace company BAE Systems.

As the British prime minister navigates through the Garden City, his chancellor of the exchequer George Osborne will be with a delegation in the country’s financial capital, Mumbai. A visit to the BSE, which includes ringing the opening bell, introducing a new solar-powered mobile handset from the British telecommunications company Vodafone and delivering a speech titled “UK and India: A New Economic Partnership” to a crowd of bankers and businessmen are part of Mr Osborne’s day. Members of the official delegation will be visiting Chennai, where IIT Madras is a port of call.

The entire British delegation will be in New Delhi on Thursday. Prime minister Cameron’s meeting with Prime Minister Manmohan Singh is expected to be dominated by India’s concern over the process of the reconciliation of the Taliban in Afghanistan.

Besides the meetings with Mr Singh and other ministers, the British delegation will interact with business leaders in interactions organised by industry chambers Ficci, CII and Assocham.

While the emphasis is unmistakably on trade, there will be focus on education, another area of vast opportunity. The two countries will unveil the second phase of the UK India Education and Research Initiative. While the UK will commit 2.5 pounds sterling over the next five years, India will make a matching commitment of Rs 17.5 crore. The initiative will focus on skill development, institutional collaboration, student mobility and professional leadership at the school and higher education levels.

The British government has shown an interest in the proposed innovation universities, and would like to collaborate on at least one of these universities. Sources said that the British were open to discussion on whether the collaboration would be on a public innovation university, a private one or one set up as a public private partnership. This would be one of the areas of discussion during the official meetings. The British delegation is expected to participated in a televised debate and a round table on education as well.

Prime minister Cameron is being accompanied by secretary of state for foreign and Commonwealth affairs William Hague, chancellor of the exchequer George Osborne, secretary of state for business, innovation and skills Vincent Cable, and others.

[Story Source]

After the Commonwealth Games, go for the Olympics

…

“India are predominantly a batting side but their bowling is not strong enough”

…

Ban on export of iron ore from Karnataka

…

Tips for steamy sex

…

Murali a good human being: Bedi

…

This post was submitted by Harshit Agrawal.

New Delhi, July 25 – State-run power utility NTPC has added 490 MW, commissioning the second unit of its Dadri plant near here, to power the 2010 Commonwealth Games, beginning Oct 3.

‘NTPC has kept its promise to power the Commonwealth Games by bringing on stream the second unit of 490 MW at the Dadri project,’ a company official told IANS.

NTPC, official power partner of the Games, began commercial operation of its second coal-based power unit in the second stage of the Dadri project on July 17.

The Games-specific second stage of the three-in-one power plant at Dadri runs on two coal-based power units. Both the units have an installed capacity to generate 490 MW each.

‘The power output of this stage is especially meant for the national capital which will get 100 percent of the total power for the Commonwealth Games,’ said the official.

In December 2009, NTPC had signed a memorandum of understanding (MoU) with the organising committee of the Games.

As per the MoU, NTPC will add around 1,500 MW of power from its Dadri (980 MW) and Jhajjar (500 MW) projects in time for the Games.

NTPC has contributed Rs.50 crore for the Games as well.

The company plans to use the Games as a platform to enhance its brand value as a world class integrated power major.

‘NTPC’s vision to be a world class integrated power major and power India’s growth match with that of the Commonwealth Games (which denotes vitality, health and achievement). This association shall provide NTPC visibility across the country and the globe,’ said R.S Sharma, chairman and managing director.

NTPC operates 27 power stations across the country. It has over 17,000 MW capacity under construction at 17 locations.

[Story Source]

Suresh Kalmadi denies corruption in Commonwealth Games 2010

…

After the Commonwealth Games, go for the Olympics

…

Aiyar will keep shut on Games but not for long

…

Commonwealth Games linked to country’s prestige: Congress leaders

…

Aiyar slams Commonwealth Games, Kalmadi calls him anti

…

This post was submitted by Harshit Agrawal.

Idea Cellular Ltd., a part of the $24 billion Aditya Birla Group and India’s leading GSM mobile services operator, announced financial results for the first-quarter, reporting lower net profit, both on consolidated and stand-alone basis.

Idea said it opened the first-quarter of the new fiscal year with a 13% Q-o-Q growth of Minutes on Network, on the back of similar percentage growth in the preceding two quarters, demonstrating the burgeoning size of the company’s operations. Hyper-competitive market conditions caused a 5.4% decline in the average realized rate to Re.0.44 per minute, in spite of which, revenue was up 11.8% Q-o-Q.

Consolidated Results

Gandhi Nagar-based company posted first-quarter consolidated net profit of Rs.201.40 crore or Re.0.61 per share, 32% lower than by Rs.297.06 crore or Re.0.96 in the first-quarter of 2009. Net profit and earnings per share dropped by 32% and 36% respectively.

The company’s quarterly net revenue, including other operating income, amounted to Rs.3,653.70 crore, up by 23% from the Rs.2,975.90 crore in the corresponding quarter last year.

Stand-alone Results

On a stand-alone basis, the company’s net profit was Rs.201.64 crore, 37% lower than by Rs.321.13 crore in the year-ago quarter. On a per share basis, earnings per share fell 36% to Re.0.61 from Re.0.96 in the corresponding quarter last year.

Its quarterly net revenue, including other operating income, amounted to Rs.3,626.41 crore, up by 28% from the Rs.2,830.11 crore in the corresponding quarter last year. At the BSE, Idea Cellular closed Thursday’s trading at Rs.65.40, up by Re.0.70 or 1.08% on a volume of 13,72,000 shares. The scrip hit an intraday high of Rs.65.65 and a low of Rs.63.

[Story Source]

This post was submitted by komal.

it of Rs 210 crore for the quarter ended June 30, down by 14.3 per cent from Rs 244 crore in the first quarter of the previous fiscal.

Revenues for the quarter stood at Rs 1,683 crore, down by 7 per cent from Rs 1,818 crore in the corresponding quarter of the previous year.

Though Dr Reddy’s MD and COO K Satish Reddy agreed that this is a fairly slow start, he was quick to add that this does not reflect the year’s performance.

“Delayed launches and slow takeoff of some of the new products is one of the reasons for the poor performance from North American markets. Also, currency fluctuations have shown effect,” Reddy told mediapersons after announcing the quarterly results.

He said the company is looking at legal remedies to counter the injunction order issued by an USA court against the launching of Allegra-D drug in that country.

Revenues from North American markets stood at Rs 502 crore against Rs 718 crore last year, down by 30 per cent over the corresponding period of the previous year. The overall revenue from foreign operations, recorded at Rs 1,342 crore, was down by Rs 174 crore over the previous year.

GV Prasad, Vice Chairman and CEO, said that while the revenue from European markets grew at 29 per cent over the previous year, Betapharm, the company’s German arm, continued to dent the revenue from that region at Rs 131 crore — down by 18 per cent over the previous year.

“The German market is stabilised now. Germany has turned around, compared to the last year. Cost-cutting measures have been taken there. Manpower rationalisation is one of the measures taken there. We also won small quantities in tender market,” Prasad said.

The Indian and Russian markets to some extant continue to support the loss of revenues at other places. The company earned Rs 341 crore and Rs 255 crore from Indian and Russian markets up by 13 and 36 per cent respectively.

He said they are planning to launch 11 new products in USA and 25 to 30 in the Indian market by the end of this year. Speaking on the USD 3-billion revenue target by 2013, Prasad said the USA market continues to be a growth factor for the company, and they expect around one third of their total revenue to be from that market by then.

[Story Source]

The case of the Toledo terror cell

…

Tennis | Somdev ousted from ATP Farmers Classic

…

Indian wines are light on the palate

…

India agrees to buy 57 Hawk jets worth about $800 million

…

We can run through Indian batting: Jayawardene

…

This post was submitted by komal.

IDBI Bank has dropped its plan to sell its housing finance unit—IDBI Homefinance—and has decided to merge it with itself.

The board of the state-owned lender has approved, in-principle, to merge a wholly-owned subsidiary of the bank, with the bank itself.

Talking to FE on the sidelines of the sixth annual general meeting of the bank, which was held in Mumbai on Thursday, executive director of the bank RK Bansal said it made a better sense as the company was small having an outstanding loans of Rs 3,000 crore only at the moment.

“On the other, at IDBI Bank, we are having a home loan portfolio of Rs 1,6000 crore. So, it will help us strengthen our home loan portfolio. Also, we thought that when we had taken it over from Dewan Housing Finance , then we were a development finance institution and now we have come a long way by developing ourselves as a full-fledged bank.

Hence, we felt that we were competing somewhere with our own entity. Therefore we decided to merge it with ourselves,” he said Bansal. The bank passed resolutions at the AGM, for increasing the authorised capital of the bank to Rs 2,000 crore fromRs 1,250 crore, and to raise additional capital.

Accordingly, the board of the bank considered and approved preferential issue of 2,59,509,110 equity shares of Rs 10 each at a price of Rs 120.19 per share (comprising of Rs 10 face value and Rs 110.19 share premium amount) aggregating to Rs 3119.04 crore to the government.

[Story Source]

RBI effect: Banks hike deposit rates up to 75 bps

…

Banks hike deposit rates, but lending rates may stay unchanged

…

FIIs lap up banking, healthcare scrips

…

Bank borrowing from RBI crosses Rs 60,000 crore

…

This post was submitted by komal.

“If the law of the country changes, we can open hundreds of stores, but this is possible only if FDI is allowed,”
Bharti-Walmart Managing Director and CEO Raj Jain told reporters.

Bharti-Walmart, which is a 50:50 cash and carry joint venture between Bharti Enterprises and WalMart, runs the ‘BestPrice Modern Wholesale’ stores in North India.

Jain said additional manpower will be required as it plans to open more cash-and-carry stores in the country. “By the end of the year, we will be recruiting up to 1,100 people (for our cash-and-carry stores),” Jain said.

He, however, added, “As far as cash-and-carry is concerned, we can open 7-8 more stores,” though the company had earlier announced it will open up to 15 more cash-and-carry stores in the country over the next three years.

At present, it has two stores in India (in Punjab) and employs 450 workers. The company had earlier this year said it will enter the southern and western parts of India within the next 18-24 months as it looks to expand its presence.

Earlier this month, the government had thrown open for debate the issue of opening up the politically-sensitive multi-brand retail sector for FDI, saying it would not only help farmers earn more, but also keep the price-line in check.

At present, up to 51 per cent foreign investment is allowed in single brand retail and 100 per cent FDI in wholesale, but none in multi-brand.

Jain was speaking while inaugurating the second Bharti-Walmart Training Centre in the Capital.

For launching the training centre, the company has entered into a public-private partnership with the Delhi government. It had earlier tied-up with the Punjab government to open its first centre at Amritsar.

Jain said the centre can enroll up to 2,000 students a year, where training in several sectors, including retail, BPOs and hospitality, will be imparted free of cost.

Bharti Enterprises and US-based Wal-Mart Stores entered into a joint venture in August, 2007, and started cash-and-carry stores named, ‘BestPrice Modern Wholesale’, last year.

Besides, Bharti Retail is also looking at doubling its retail outlet network to 140 from 80 odd stores now, Jain added.[Story Source]

Two Is The Magic Number – Science News

…

Kylie inspires Paris Hilton

…

Scientists find gene that causes Parkinson`s disease

…

Ortem Sogo – The new style of cooking

…

Scoop: ‘Idol’ may have Jessica Simpson judge

…

This post was submitted by komal.

Khazanah Nasional Bhd., Malaysia’s sovereign wealth fund, sold a 581.3 million ringgit ($181 million) stake in state-controlled Telekom Malaysia Bhd. as part of the government’s plans to reduce its local business holdings.

Khazanah sold 178.9 million shares, or 5 percent of the fixed-line phone and Internet service provider, at a fixed price of 3.25 ringgit apiece, according to a statement by joint placement agents Maybank Investment Bank Bhd. and Nomura Singapore Ltd. today.

That’s a 2.7 percent discount to the stock’s 3.34 ringgit closing price in Kuala Lumpur yesterday. Maybank rose 0.4 percent to close at 7.70 ringgit today. “There was strong demand from both domestic and foreign institutional investors for the placement,” the statement said.

Prime Minister Najib Razak said on March 30 that state- linked institutions will cut public-company holdings to free up shares and attract foreign investors to Malaysia, part of a plan that may also almost halve its budget deficit in the next five years, reduce expenses and make Malaysia more competitive.

The divestiture plan “has been on the agenda for a while. They’re just timing it rightly,” said Pankaj Kumar, who oversees about $560 million as chief investment officer of Kurnia Insurans Malaysia Bhd. “It shows that investors now have an appetite for it.”

Asset Sales

Khazanah, a state investment agency whose investments climbed 63 percent in value to 54.1 billion ringgit last year, trimmed its holdings in power producer Tenaga Nasional Bhd., toll-road operator PLUS Expressways Bhd. and Malaysia Airports Holdings Bhd. in 2009. It also plans to sell its 32.2 percent stake in Pos Malaysia Bhd., a national postal company.

The Employees Provident Fund, a state-controlled pension fund, accounts for half of daily trading volume in Malaysia’s local equity and bond markets, Najib said.

The investment agency may raise 3 billion ringgit to 3.5 billion ringgit from divestments this year, Managing Director Azman Mokhtar said in January.

The agency, which currently makes 12 percent of its investments outside Malaysia, will explore more international acquisitions in Asia, Azman said on March 23. It is currently competing with Fortis Healthcare Ltd. to take over Singapore- listed Parkway Holdings Ltd., Asia’s biggest hospital operator.
Khazanah Nasional Bhd. , Malaysia’s sovereign wealth fund, sold a 581.3 million ringgit ($181 million) stake in state-controlled Telekom Malaysia Bhd. as part of the government’s plans to reduce its local business holdings.

[Story Source]

This post was submitted by Harshit Agrawal.

Sources tell NDTV that HCC chairman Ajit Gulabchand has appointed Kotak and ICICI Securities to manage the Lavasa initial public offering, which will be about Rs 2000 crore.

Lavasa, India’s first planned hill city, is spread over 20000 acres and is about 60 kilometers from Pune.

Sources say the Lavasa IPO, at 15-20 per cent of total valuation is slated to hit the market by 2010-end and the DRHP with SEBI is likely to be filed in the next two months.

HCC holds 65 per cent in Lavasa though its subsidiary HCC Real Estate. Other big investors in the project are Avantha Group and Venkateshwara Hatcheries.

Lavasa is completing the first phase and people will start occupying the township this year itself. This would be a fillip for HCC which has been languishing due to low margins.

Shareholders of the construction company could see some value unlocking if investors take well to the IPO, one of many real estate IPOs planned in the coming year.

“There will be value unlocking for the HCC shareholders when the IPO hits the market,” said Upendra Kulkarni, director and CEO of Fortress Fin Services.

The first phase of Lavasa has been successful and the work has started on the second phase, which spells good things for HCC. However, Lavasa is no less than a 15 year project, for total value to come in.

[Story Source]

This post was submitted by Anil Kumar Chaudhary.