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Sensex at
five-week high, Nifty regains 5,000 level
Mumbai, Mar
02:
The Bombay Stock Exchange benchmark Sensex rallied by over 340
points to close at five-week high of 16.772.56 on Tuesday on
aggressive buying by institutional investors, who appeared
enthused by the Budget proposals presented by Finance Minister
Pranab Mukherjee on Friday.
The 30-share
Sensex spurted by 343.01 points to 16.772.56, while the National
Stock Exchange index, Nifty, regained the crucial 5,000-level by
adding 94.70 points to end at 5,017.00.
For both the
indices, these are the highest levels seen since 25th January.
Marketmen said
January exports rising for the third straight month further
boosted the sentiment.
Auto, metal and
banking shares recorded handsome gains. Manufacturing output
climbing the most in 30 month in February also helped, they
added.
Besides a
growth-oriented Budget and encouraging exports data, a higher
opening in Europe was additional factor for the upsurge.
Asian stocks
were, however, mixed.
In its last
session on Friday, markets had closed up by 175 points.
In the 30-BSE
index kity counters, 25 closed with gains while five ended in
negative zone.
All the
sectoral indices closed up, led by auto index.
Nissan in talks with Ashok Leyland for global small car
Geneva, Mar
2 (PTI):
Japanese carmaker Nissan today said it is in talks with Hinduja
flagship company Ashok Leyland for developing a small car for
the global market that could be priced around USD 4500-5000. The
company, which is also a partner in the development of an ultra
low cost car with Bajaj Auto and Renault, said the project is
yet to find a solution to produce such a cheap car.
“We have a
formal agreement with Ashok Leyland for making light commercial
vehicles in India.
in addition to
that we also use Ashok Leyland’’s engineering services for
various purposes.
At the moment
we are talking to them and many other partners in China,
Indonesia.
for a price
centric vehicle,” Nissan Motor Co Executive Vice-President
Collin Dodge told reporters at the Geneva Motor Show here.
He said the
global small car is aimed at tapping the price bracket of USD
4500-5000, which is set to grow substantially and account for
around “20 per cent of the total global car sales in due course
of time”. “There may be an opportunity with Ashok Leyland on a
price centric car,” Dodge added.
He said none of
the big global cramakers like Volkswagen, General Motors or Ford
could produce a small car at such a cheap price without
partnering with local firms already engaged in low-cost
production.
Crude oil
futures down on global cues
New Delhi,
Mar 2 (PTI):
Crude oil prices fell by Rs 39 or 1.05 per cent to Rs 3,675 per
barrel in futures market today as traders reduced their
positions on the back of weakening global trend.
Crude oil for
far-month May contract fell by Rs 39 or 1.05 per cent to Rs
3,675 per barrel at the Multi Commodity Exchange, with an open
interest of 142 lots.
Similarly, the
oil for delivery in the current-month March shed Rs 2 or 0.06
per cent at Rs 3,622 per barrel in 14,852 lots.
The fall in
crude oil prices is mostly due to weakening global trend,
traders said.
Meanwhile,
crude oil for April delivery was at 78.61 USD a barrel, down 9
cents on the New York Mercantile Exchange.
January
exports jump 11.5 pc
New Delhi, Mar 2 (PTI): India’s exports grew for the third straight month in January
at 11.5 per cent to USD 14.34 billion, helped by pick up in
demand for marine products, tobacco, man-made yarn and fruits
and vegetables.
However, for
the period between April-January 2009-10, exports showed a
decline of 17.8 per cent to USD 131.93 billion from USD 160.4
billion in the corresponding period last year, an official
statement said here today. Imports, which showed an increase in
December 2009, continued the momentum in January and rose 35.5
per cent to USD 24.70 billion compared to USD 18.22 billion a
year ago. The trade gap in the month under review increased to
USD 10.36 billion against USD 5.35 billion in January 2009. The
Commerce and Industry Ministry sources said fruits and
vegetables, marine products, tobacco and man-made yarn did
exceedingly well in January, while sectors like tea, coffee,
gems and jewellery, drugs and plastics improved their
performance.
However,
engineering goods, textiles, jute, carpets, handicrafts and
leather continued to fare badly.
After falling
for 13 months in a row since October 2008, exports re-entered
the positive zone in November 2009.
Pak Taliban say Zafar killed in drone attack; vow more strikes
Peshawar,
Mar 2 (PTI)
Pakistani Taliban’s key commander Qari Muhammad Zafar was killed
in a recent US drone strike in North Waziristan tribal region,
the militant outfit acknowledged today and vowed to carry out
attacks to avenge his death. Qari Zafar was among 14 militants
killed in a drone strike at Dargah Mandi near the army camp in
Miranshah on February 24, said a statement issued by the
Taliban.
He was buried
at a “secret location” after funeral prayers, it said, adding
the Taliban “will soon take revenge for his killing from the
government of Pakistan anywhere in the country.” “The government
of Pakistan is responsible for the killing (of militant
commanders) in drone strikes and the arrest of Afghan Taliban
leaders Mullah Baradar, Mullah Kabir, Mullah Abdul Salam, (Jundullah
chief) Abdul Malik Rigi and Afia Siddiqi, a Pakistani doctor now
in the custody of the US,” the statement said.
The US had
offered a reward of five million dollars for Qari Zafar, who was
linked to al-Qaeda and Fidayeen-e-Islam terror group. He was
wanted in connection with a March 2006 suicide attack on the US
consulate in Karachi that killed an American diplomat and three
Pakistanis. Qari Zafar alias Qari Abdul Majeed led his own
faction of the Taliban known as the Qari Zafar group.
The Taliban
statement said Mufti Abuzar Khanjari had been appointed the new
chief of the Qari Zafar group.
Rajya Sabha to have ‘time clock’ to ensure maximum business
New Delhi,
Mar 2 (PTI)
A “time clock” will be put into operation for the first time in
the Rajya Sabha from tomorrow to ensure maximum business in the
minimum possible time. The electronic board is the latest
innovative practice being adopted by the Upper House for better
time management, Rajya Sabha Secretary General V K Agnihotri
said. The new device would be operational when the House takes
up discussion on the Motion of Thanks on the President’s Address
to the joint sitting tomorrow, he said. It would show names of
the members participating in the debate and discussion of Bills,
their party affiliation, division numbers and also the time
taken by them.
The display
board would indicate the total time allotted to different
parties including members coming under ‘nominated’ and ‘others’
categories, and time taken by different speakers whose names
have been sponsored by their parties or who are participating in
that debate. “
The display
board will indicate the time consumed by members individually as
also by their political parties in case of Short Duration
Discussion and discussion on Bills,” Agnihotri said.
As regards
Calling Attention and discussion on Private Members’ Bills, the
time consumed by the participating members would be indicated
individually on the display board.
The innovative
ideas have been thought of by Rajya Sabha Chairman Hamid Ansari
whose endeavour to restrict within three minutes the submissions
during Zero Hour has been effective and widely welcomed. Ansari
had last year streamlined proceedings during Zero Hour by
restricting members to raise their mentions only for three
minutes after which the microphone will go off automatically. In
order to put Question Hour to maximum use, the Rajya Sabha Rules
Committee had recently amended the rules under which even if the
mover of the question was absent, it would be taken up. Under
this initiative, if the main questioner is absent, the Chair
will allow three other members to put supplementaries during
Question Hour, considered an important avenue to get the
government’s response on various issues.
Russia’s 5th generation fighters to undergo 2,000 test flights
Moscow, Mar
2 (PTI)
Russia’s fifth generation all composite stealth fighter
aircraft, in which India has a stake, would undergo over 2,000
test flights before its serial production commences, Prime
Minister Vladimir Putin has said. “Before the jet goes into
production, it should complete over 2,000 test flights,” Putin
was quoted as saying by agencies at a meeting last night with
the defence industry officials. The T-50 technology demonstrator
developed by Sukhoi Corporation would be Russia’s answer to
America’s F-22 Raptor and J-35 fighters and is expected to be
the next generation fighters for both India and Russia. The T-50
made its maiden flight on January 29 and the standard flight
tests programme of its three prototypes lasting couple of years
would begin in April.
The Russians
are keeping a veil of secrecy on the new fighter and have said
that it would not take part in this year’s Faranborough air show
in UK.
In his upcoming
talks in New Delhi on March 12, Putin is expected to give a new
fillip to the FGFA programme in which India’s Hindustan
Aeronautics Ltd and the fighters division of Russia’s United
Aircraft Corporation (UAC) are 50-50 partners.
Although the
airframe of the fighter would be of the Russian design it would
be further developed with the contribution of Indian experts and
engineers, who would provide composite materials for the hull
and ‘artificial intellect’ for the FGFA.
According to
sources Russia would begin the induction of single seater
fighter beginning from 2015, while the twin seater jet designed
exclusively for the IAF is expected to be inducted from 2017
onwards.
Select base metals gain on better industrial offtake
Mumbai, Mar
2 (PTI)
Nickel, copper and brass prices firmed up moderately at the
non-ferrous metal market here today due to increased offtake
from industrial users. But, tin, aluminium and lead prices
declined on the back of reduced demand from consumer industries.
Nickel rose by Rs 8 per kilo to Rs 1,035 from last Saturday’s
closing level of Rs 1,027. Copper cable scrap, copper scrap
heavy, copper wire bar and brass utensils scrap all moved up by
Rs 2 per kilo each to Rs 363, Rs 357, Rs 391 and Rs 255
respectively. Copper armiture, copper utensils scrap and brass
sheets cutting all advanced by a rupee per kilo each to Rs 352,
Rs 331 and Rs 263.
However, tin
dropped by Rs 12 per kilo to Rs 915 from last weekend’s closing
level of Rs 927 and aluminium utensils scrap by Rs 3 per kilo to
Rs 88 as against Rs 91 previously. Lead also eased by a rupee
per kilo to Rs 108 from Rs 109 earlier.
Gold rises
on firm global cues; silver declines
New Delhi,
Mar 2 (PTI)
Gold prices rose by Rs 100 to Rs 17,050 per 10 gram in the
bullion market here today on heavy demand from stockists and
retailers in tandem with a firm trend overseas. However, silver
rates declined by Rs 250 to 26,050 per kg on reduced industrial
offtake.
Gold rates
increased by 0.1 per cent to 1,119.90 dollar an ounce in the
London. Following the trend, price of the precious metal also
rose in the domestic market. Gold prices in the local market
usually follows the patter set by the overseas market.
Also demand for
the metal increased as local traders took to heavy buying for
the coming marriage season. Standard gold and ornaments rose by
Rs 100 each to Rs 17,050 and Rs 16,900 per 10 gram respectively
while sovereign remained steady at Rs 14,000 per piece of eight
gram.
However, silver
ready lacked sheen amid reduced offtake by industrial units and
lost Rs 250 to Rs 26,050 per kg but weekly-based delivery
spurted by Rs 765 to 26,560 per kg on speculative buying. Silver
coins also gained Rs 100 to Rs 33,300 for buying and Rs 33,400
for selling of 100 pieces.
Business houses owes Rs 898 cr as tax money to J&K govt
Jammu, Mar 2 (PTI) The Jammu and Kashmir government today said the state
business houses owes it Rs 898 crores on account of tax arrears.
In a reply to a
question of Congress legislator Gulam Ahmed Mir in the
Legislative Assembly, the state Finance Minister Abdul Rahim
Rather said in written reply that the tax amount recoverable
from various individuals, firms and traders has piled up to Rs
898 crore in Jammu and Kashmir. Of the total, as far as the
commercial tax department is concerned, approximately an amount
of Rs 885.11 crore is recoverable from various business houses
and individuals till now.
He also said
that Rs 800.89 crore arrears have piled up as general sales tax
or other and Rs 84.22 crore as Value Added Tax. Similarly,
excise tax to the tune of Rs 13 crore is pending with 259
business houses and individuals till now in the state. However,
he added that steps have been taken to recoverthe tax amount.
Notices have
been issued to various traders and individuals for recovery of
the tax amount and some of these cases are sub-judice in the
court of law. | 
