Business

New Delhi, July 14: Finance Minister Pranab Mukherjee Tuesday said the Indian economy was showing signs of recovery even as he defended the government’s high fiscal deficit and borrowing programme as necessary to fund welfare schemes and spur growth.

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`NHPC, Oil India IPO this year; RITES divestment deferred`
Replying to the debate on the national budget in the Lok Sabha, the lower house, he also categorically said the United Progressive Alliance (UPA) government remained committed to divesting stakes in state-run firms without diluting their public sector character.

Mumbai, July 14: Strong global cues and a forecast of favourable rainfall in July today propped up the BSE Sensex as the benchmark bounced back after a four-day losing streak by a whopping 453 points, the biggest gain since June 9.

Market sentiment was also bolstered by reports that Singapore upgraded its growth forecast after the construction and pharmaceutical sectors registered growth.

The Bombay Stock Exchange 30-share barometer settled the day at 13,853.70, netting a rise of 453.38 or 3.38 per cent over its previous close.

Mumbai, July 14: The BSE Sensex rebounded 3.4 percent on Tuesday after four straight falls, riding a global rally as encouraging economic data in Asia and optimism on the financial sector from a prominent U.S. analyst boosted confidence.

Private-sector lender ICICI Bank, energy giant Reliance Industries, and top mortgage lender Housing Development Finance Corp led the gains in the main

index, a day after it fell to its lowest close in two months.

Washington, July 14: Microsoft is giving a select group of technology-savvy testers an early peek at its Office 2010 software, but it’s keeping a key development – free web-based versions of programs such as Word and Excel – under wraps a little while longer.

The launch of this “technical preview” indicates Office 2010 is still on track for release in the early part of next year.

Mumbai, July 14: Buoyed by positive cues from other Asian bourses, a key index of the Indian equities markets was holding on to early morning gains Tuesday afternoon, and was ruling 260 points above its last closing figure.

Around 12.40 p.m., the 30-scrip benchmark index of the Bombay Stock Exchange (BSE), the Sensex, which opened lower at 13,549.42 points, was at 13,661 points – 260.68 points or 1.95 percent higher than Monday’s closing figure.

New Delhi, July 14: Government on Tuesday said that national carrier Air India is estimated to suffer a loss of around Rs 5,000 crores in 2008-09 due to operating losses, high oil prices and debt servicing.

“National Aviation Company India Ltd (NACIL) expects to register a loss of approximately Rs 5000 crores in 2008-09, Minister of State for Civil Aviation Praful Patel said in a written reply to a question in Rajya Sabha.

New Delhi, July 14: Government is planning to extend the activities of the Nehru Yuva Kendras in the remaining 122 districts during the current financial year, Sports and Youth Affairs Minister M S Gill told the Lok Sabha today.

Nehru Yuva Kendra (NYK) scheme is at present functioning in 501 districts, he said.

Replying to supplementaries, Gill said it would be his endeavour to get more funds sanctioned for the NYKs.

He said enrollment of about 32 lakh National Service Scheme volunteers has been sanctioned for 2009-10.

New Delhi, July 14 : The Reliance Anil Dhirubhai Ambani Group has tied up the finances for the Rupees 50-billion (1-billion dollars) Rosa power project in Uttar Pradesh and hopes to start the first phase of operations this year.

Announcing the financial closure with IDBI Bank as the lead institution, the group said the project, coming up in Shahjahanpur district, some 180 km from state capital Lucknow, would supply 900 MW to the state-run Uttar Pradesh Power Corp.

The rest will be fed to the grid, the group said in a statement.

New Delhi, July 14: New additions slowed for Vodafone Essar in June, according to figures released by the Cellular Operators Association of India (COAI). The company’s monthly subscriber addition dipped to 2.36 million, from 2.53 million in May.

Among other global systems for mobile communications (GSM) players, Bharti Airtel and Aircel have maintained their subscriber base, the figures showed. Bharat Sanchar Nigam Ltd (BSNL), which has been showing a decline in subscriber growth over the past several months, doubled the number of user addition in June.

New Delhi, July 14: The government on Tuesday said it would divest its holding in NHPC Ltd and Oil India through Initial Public Offer in the current financial year, but has deferred public issue of RITES Ltd.

The government also approved disinvestment of the two loss-making companies– Tyre Corporation of India Ltd (TCIL) and Central Inland Water Transport Corporation Ltd (CIWTC), Finance Minister Pranab Mukherjee told Rajya Sabha in a written reply.

New Delhi, July 14: The Reliance Anil Dhirubhai Ambani Group has tied up the finances for the Rs.50-billion ($1-billion) Rosa power project in Uttar Pradesh and hopes to start the first phase of operations this year.

Announcing the financial closure with IDBI Bank as the lead institution, the group said the project, coming up in Shahjahanpur district, some 180 km from state capital Lucknow, would supply 900 MW to the state-run Uttar Pradesh Power Corp.

The rest will be fed to the grid, the group said in a statement.

New Delhi, July 14:Government is contemplating capital infusion by way of equity and soft loans for the cash-strapped Air India which has deferred the future aircraft delivery in the backdrop of mounting losses of Rs 7,200 crore.

“….An equity infusion and soft loan by the government as a measure of softening the adverse financial situation (of Air India) is contemplated,” Civil Aviation Minister Praful Patel told the Rajya Sabha.

Responding to a Calling Attention Motion on Air India, he said the airlines has adopted various measures to improve its financial position.

New York, July 14: A Russian Internet company is offering to buy USD 100 million worth of stock from Facebook employees in a deal which values the fast-growing social network at USD 6.5 billion.

The Russian company, Digital Sky Technologies (DST), which invested USD 200 million in Facebook in May, is offering USD 14.77 per share of Facebook common stock.

The tender offer will close “some time in August,” said Jennifer Gill, a DST spokeswoman.

Washington, July 14: The federal deficit has topped USD 1 trillion for the first time ever and could grow to nearly USD 2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.

Mumbai, July 14: The Bombay Stock Exchange benchmark Sensex recovered over 297 points in opening trade today, reversing a four-session losing streak, on fresh capital inflows by foreign funds in tandem with firming global trends.

Covering up of short positions by speculators also influenced the trading.

The BSE-30 share index, Sensex, which had lost over 1,510 points in the past four sessions, surged by 297.69 points, or 2.22 per cent at 13,698.01 in opening trade with the sectoral indices trading in positive with gains up to 4.43 per cent.

Mumbai, July 14: The Indian rupee today surged by another 32 paise to 48.76 against the greenback in morning trade in tandem with a strong rally in stocks amid steady dollar overseas.

In quiet trade at the Interbank Foreign Exchange (forex) market, the capital market resumed firm at 48.83/85 a dollar against its last close of 49.08/09 a dollar and later spurted to 48.76 before being quoted at 48.81/82 a dollar in late morning deals.

Forex dealers said the rupee drew support as the equity market rallied sharply in morning trade.

New Delhi, July 14: India on Monday reimposed a ban on wheat exports and set up a ministerial group to ensure food security- on a day when the Prime Minister reviewed crop situation as also Monsoon, which the weatherman says will improve this week.

“The briefing that India Meteorological Department made this morning (on monsoon situation, I can say the) entire week will be a good week. If this prediction is correct, then I can definitely say we are out of trouble,” Agriculture Minister Sharad Pawar told reporters.

Abuja, july 14: Oil prices rose above $60 a barrel on Monday, halting last week’s falling trend, as investors turned to commodities for protection against a weaker dollar and after attacks on oil facilities in Nigeria.

By mid-afternoon in Europe, benchmark crude for August delivery was up 19 cents to $60.08 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, the contract fell 52 cents to settle at $59.89.

Earlier Monday, prices fell as low as $58.88, as investors continued to fret about global economic growth and crude demand.

Mumbai, July 14: Employees of IDBI Bank would go on strike on July 15 to press for higher salary package.

The bank authorities have received of a strike notice stating that a section of officers and non-officers propose to go on strike on July 15 and indefinite strike from July 29, IDBI Bank informed the Bombay Stock Exchange.

–PTI

Mumbai, July 14: Mahindra Satyam on Monday said it has allotted 45,222 shares to its employees under the stock option plans of the company.

“The board has allotted 45,222 shares under the stock option plans of the company,” it said in a filing to the Bombay Stock Exchange.

Post allotment, the paid-up share capital of the company stands at Rs 235.10 crore from earlier Rs 235.09 crore, the filing added.

–PTI

New Delhi, July 14: The government on Monday ruled out banning the export of meat and said doing so would not be in the interest of the livestock sector.

“Considering the overall development of livestock sector, the government is not in favour of ban on the export of meat,” Minister of State for Commerce and Industry Jyotiraditya Scindia said in a written reply to Lok Sabha.

Mr. Scindia said representations were received from Maharaja Kumarapal Jeevadaya Trust, Munoth House and Dhahraj Baid Jain College for imposing ban on the export of meat.

Kolkata, July 13: The country’s largest lender, State Bank of India (SBI), will raise interest rates by 25 to 100 basis points after Diwali, a top company official said here Monday.

‘If there is huge amount of credit growth, which I believe would happen with economic growth picking up, the interest rates will go up,’ said SBI Chairman O.P. Bhatt.

‘I see interest rates going up by 25-100 basis points after Diwali. It all depends on the management of liquidity,’ Bhatt told reporters on the sidelines of an ongoing banking conference.

Mumbai, July 13: Honda Motor Co plans to launch its CR-Z hybrid sports car in February next year, as it aims to bring more hybrid models to market quickly to tap growing demand.

Honda, Japan’s No.2 automaker, also plans to launch its Fit Hybrid compact model in Japan by the end of 2010, Takanobu Ito, who took over as CEO last month, said in an interview with select media.

Sales of Honda’s Insight flagship hybrid car have far outpaced Honda’s monthly target of 5,000 units in Japan since its launch in February.

New Delhi, July 13: Reliance Industries’ eastern offshore KG-D6 natural gas field will have a peak output of 80 million cubic metres per day for six years beginning 2011-12, Minister of State for Petroleum and Natural Gas Jitin Prasada said.

“Currently gas production from KG-D6 is 31 mmcmd,” Prasada informed the Rajya Sabha here.

RIL started gas production from the KG-D6 fields on April 2 and has signed contracts with 15 fertiliser plants to sell close to 15 mmcmd gas. Additionally, it will also supply over 25 mmcmd to 19 power plants and 3.3 mmcmd to steel plants.

Mumbai, July 13:The BSE Sensex provisionally fell 0.8 percent on Monday, as sentiment across Asia and Europe was hit by jitters about the global economy and corporate results.

The 30-share BSE index provisionally ended down 105.97 points at 13,398.25, with 21 stocks declining.

The 50-share NSE index provisionally closed down 0.7 percent at 3,976.35.

—-Agencies