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Markets up on Infosys guidance, Sensex gains 346 pts
Mumbai, Apr 15 (PTI) The stock markets witnessed a strong rally after a shaky start today, following IT bellwether Infosys Technologies's improved guidance for 2008-09 and the benchmark Sensex closed the day at above 16k level.
The 30-share Bombay Stock Exchange barometer bounced from early lows of 15,573.03 to settle the day at 16,153.66, a gain of 346.02 points, or 2.19 per cent, over its previous close.
The broader 50-share S&P CNX Nifty of the National Stock Exchange also spurted by 101.85 points, or 2.13 per cent, to close at 4,879.65.
Among the global indices, bourses in Asia closed in positive territory while European markets traded mixed in their early trade after a weak close on Wall Street yesterday.
Infosys, the country's second largest software exporter, has come out with a higher guidance in earnings per share and revenue for the current financial year.
Marketmen said investors, which awaited a major trigger in the fourth quarter earnings, were enthused with the Infosys announcement that raised hopes of a robust earning season.
They said investors made heavy commitments in IT shares throughout, shrugging off a host of negative factors, including steady-to-subdued global cues.
IT stocks were the biggest gainers of the day. Infosys surged 6.21 per cent, while TCS Ltd was up 7.37 per cent. Satyam Computers rose 4.35 per cent and Wipro 4.52 per cent.
Away from IT counter, pharma major Ranbaxy Lab soared 8.62 per cent following a settlement with Anglo-Swedish drugmaker AstraZeneca on the patent infringement litigation over its top-selling generic version of ulcer drug Nexium in 2014 in the US. MORE
CCP meet put off: differences over steps to check prices
New Delhi, Apr 15 (PTI) Amid sharp differences between ministries of Commerce and Finance over measures to control spiralling steel prices, the government today postponed the meeting of Cabinet Committee on Prices (CCP).
The CCP was scheduled to meet today to delve on measures including imposing an export duty and lowering excise on steel to check prices.
According to sources, the meeting has been postponed as the Finance Ministry is not in favour of reducing excise duty on steel fearing loss of revenue.
The Finance Ministry, sources said, is of the view that duty alone will not be able to check rising prices of steel as domestic prices are largely influenced by the international prices.
There was a proposal from the steel makers to ban export of iron ores to ensure cheaper raw material for domestic production and future expansion.
While pressure is mounting from certain quarters for either increasing the export duty or banning the iron ore shipments, the commerce ministry is against any such move, sources said.
Commerce and Industry Minister Kamal Nath had said last week that the iron ore variety, which is being exported, is not of use to domestic steelmakers and a ban would serve no purpose to contain inflation.
The iron ore prices have seen a sharp rise in the global market, leading to the revision of rate by the domestic miners.
The CCP was scheduled to meet in the backdrop of inflation rate touching a 40-month high of 7.41 per cent, much above the Reserve Bank's target of five per cent. PTI
Force India tries new tyres, aero package during testing
Barcelona, Apr 15 (PTI) Force India's three-day testing at the Circuit de Catalunya got off to a hiccup-free start with Tonio Liuzzi putting to trial their 'slick' 2009 tyres and the new proposed aerodynamics package.
After three long haul races kicked off the season, yesterday was the first time the team tested at a European track since VJM01's debut in February this year.
The team tested the ungrooved 'slick' 2009 tyres in preparation for their reintroduction next year.
Tonio focussed on establishing a strong baseline set-up with the 2008 aero package and tyres in the morning before moving over to compare the runs with the 2009 slicks and wings in the afternoon.
Throughout the day the car ran reliably with Tonio completing 91 laps in total with the best lap-time of 1min 22.846.
"Today was a good day of testing with quite a few kilometers and no real mechanical issues. The car was good from start to finish and responded well to the changes we made. In the morning we tested the 2008 configuration and then the 2009 aero package in the afternoon," Liuzzi said. PTI
India to coach Brazilians in cricket; seeks help for soccer
Sumir Kaul
Rio de Janerio, Apr 15 (PTI) You help us in cricket and we will help you in soccer! This was the message as President Pratibha Patil visited this soccer-obsessed, Latin American country as part of her 13-day, three nation tour to Brazil, Mexico and Chile.
Under an understanding arrived between Brazil and India, Board of Control for Cricket in India (BCCI) will soon send a coach to train the cricketers here.
"BCCI will soon be sending a coach as Brazil wants the status of a cricket Test playing nation," Indian Ambassador to Brazil Hardeep Singh Puri said here.
While a coach from India, which ranks number two in Test cricket in world, has been selected to train the Brazilians, search for a football coach for India was still on, he added.
"Football in this part of the world is highly professional and coaches charge a large amount. But something will be worked out shortly," Puri said.
Brazil became an ICC member in 2002 and its international debut came in 2006 when it participated in Division Three of the ICC Americas Championship in Suriname.
It lost all three games in the tournament and remains in Division Three in 2008.
India had signed a cultural agreement in 2006 with Brazil, which ranks Number 2 in soccer in FIFA rankings, under which the two countries would cooperate in promoting exchanges in the field of football and training of Indian players and coaches.
Meanwhile, Puri added, Union Information and Broadcasting minister P R Dasmunsi, also the president of All India Football Federation, was working closely for finding a coach for the Indian soccer team. PTI
India, Brazil to ink four agreements
Sumir Kaul
Rio de Janerio, Apr 15 (PTI) India and Brazil will sign four bilateral agreements, including an extradition treaty, to bolster bilateral relations.
Besides overseeing the inking of the agreements, President Pratibha Patil, now on a three-day visit to Brazil, will address the country's Senate today before leaving for Mexico on the second leg of her three-nation tour.
On the second day of her visit, Patil had an early morning meeting with a business delegation at the Federation of Industry of the State of Sao Paulo (FIESP) during which she discussed ways and means to boost the bilateral trade.
During the meeting in Sao Paulo, in which a 14member Indian business delegation accompanied her, Patil said: "Both sides have the acumen, desire, will and the skill to take (the trade relation between the two countries) forward." It was the suggestion of Brazilian President Luiz Inacio Lula da Silva that the President should meet the FIESP delegation during her trip to Brazil, said Indian Ambassador Hardeep Singh Puri.
During the meeting with the Brazilian trade delegation, the two sides, while noting that bilateral trade touched 3.12 billion dollars, agreed that the figure was nothing going by the opportunities the two countries have.
"We want Brazilian companies to take advantage of the opportunities in infrastructure development, which has a scope of 500 billion dollars," Puri said appreciating Patil's move in engaging both sides in discussions.
Secretary (West) in the External Affairs Ministry Nalin Surie said the country has a lot to learn from Brazil in agriculture -- especially in harvesting, storage and hybrid varieties. "The discussions were a good beginning. The President has herself taken the initiative for underpinning the economic cooperation," he said. PTI
Egypt to discuss FTA with India
New Delhi, Apr 15 (PTI) Egypt today said it will explore the possibility of a Free Trade Agreement with India to boost trade and investment between the two countries.
"An FTA could be the best move to boost trade and investment. This is what we will discuss with India," Egyptian minister of trade and industry, Rachid Mohamed Rachid, said at a CII meeting here.
Rachid would be meeting Commerce and Industry Minister Kamal Nath today and discuss the possibilities of India-Egypt trade agreement with him.
He said if not an FTA, the two countries should have a framework agreement in trade and investment to cater to the need of both sides.
Bilateral trade between India and Egypt currently stands at around 3 billion dollars.
Rachid said the two countries need to enhance cooperation in areas of manufacturing goods, pharma, oil and gas, mining, renewable energy, auto, construction materials and textiles.
Inviting Indian companies to explore partnership in Egypt's steel sector, Rachid said companies like Tata and Essar are have shown interest in the sector in the country.
"There were some auctions for licenses which they participated in. They did not win because ArcelorMittal had won the licenses. But there will be more to come," Rachid said.
Besides improving connectivity between major cities of India and Egypt, Rachid said banks should also be allowed to set up branches in both the countries. PTI
Iran, India ink MoU on rail cooperation
Dubai, Apr 15 (PTI) In an effort to boost bilateral ties, India and Iran have inked an MoU for cooperation in the field of railways and start work on the India-Iran-Russia railway line.
The agreement apart from initiating the work on the proposed rail line involving India, Iran and Russia will also 'promote a joint effort to increase cooperation with International Union of Railways', a media report said today.
Iran also sought India's partnership and cooperation for a new track which will connect the Free Trade Zone of south eastern Chabahar and the city of Fahrej situated in central part of the country, Tehran Times said, adding the agreement will incorporate investment plans for the track.
Iran is also keen to cooperate with Indian Railways in its port connectivity plan and will accept the offer after examining the financial viability of the proposed projects in Iran, it said.
The MoU was signed by Indian Railway Board Chairman K C Jena and Hassan Ziari, the managing director of Iran's Railway Company on Sunday.
It seems to be a good opportunity for Iran to work with India which is an independent country in producing equipments and tools necessary for building locomotives, Ziari said.
A team of Indian experts will travel to Iran in mid May to discuss the agreements, he added.
The agreement also deals with issues of technical training of the personnel, railroad signaling projects, supplying locomotives and spare parts, as well as setting up a joint working group between the two countries. PTI
US says it will help Pak reconcile with India
Washington, Apr 15 (PTI) The US has said it will support the new Pakistan government's efforts to reduce tensions and reconcile with India and pushed Islamabad to wield a "very solid" civilian control of its powerful military.
"The United States will support Pakistan's efforts to develop fruitful links with its neighbours and with the community of responsible nations," US Secretary of State Condoleezza Rice said accepting her first first honorary degree at Air University, Maxwell-Gunter Air Force Base in her home state of Alabama.
This includes, Rice said, "intensified Pakistani-Afghan dialogue on regional security, continued efforts to reduce tensions and reconcile with India, and closer economic integration with the nations of South and Central Asia".
Replying to a question from the cadets, she said " Pakistan now will need to find a way to have very solid civilian control of the armed forces." Stressing that the region was of vital interest to the US, she noted growing strategic partnership with India as factors which reflected the US' improved position across South and Central Asia.
"From our partnerships with the newly democratic Pakistan and a free Afghanistan that is fighting the Taliban, not governed by it, to our growing strategic partnership with India and our improved relationships all the way across South and Central Asia, the United States is in a dramatically different and better position in this region than we were in 2001." PTI
China hopes for smooth run of Olympic torch in India
Raghavendra
Beijing, Apr 15 (PTI) China today said it hoped that India would attach "great importance" to the Beijing Olympic torch relay in New Delhi and take "effective" measures to ensure its smooth run.
China has maintained close "contact and cooperation" with India on the relay, which would pass through New Delhi on April 17, Foreign Ministry spokesperson Jiang Yu told a regular bi-weekly news briefing here.
"On the holding of the torch relay, India has expressed many times that the relay in India... It is the pride and glory of Asian people, including people of India and so India attaches great importance to the relay," she said.
"We hope the Indian side will attach great importance to the torch relay there and take affective measures to ensure a smooth relay in India," she said.
Jiang, who was asked if China was satisfied with the security arrangements made by India and if any disruption of the relay would impact ties between the two countries, said Sino-India relations had enjoyed a "good momentum of development" in recent years.
Responding to another query whether China expected protests during the torch relay in India, she said, "We believe that with the cooperation and support of the Indian side, we will have a smooth torch relay".
"If anyone wants to disturb or interrupt (the relay) in India, it will again show the true nature of sabotage of the separatists", she said, apparently referring to Tibetans in exile in India. PTI
Actress Soha Ali Khan opts out of Olympic torch relay
Mumbai, Apr 15 (PTI) The Olympic torch relay in New Delhi on Thursday suffered yet another casualty with Bollywood actress Soha Ali Khan today announcing she was pulling out of the event citing "very strong personal reasons." Soha's decision came signficantly on a day when the new Sports Minister M S Gill said he was not in favour of stars or politicians to be associated with the relay due to take place on Thursday and that only real athletes should carry the torch.
The actress' announcement also came close on the heels of football captain Baichung Bhutia and the country's first woman police IPS officer Kiran Bedi boycotting the event though for different reasons.
"I fully support the Olympic relay and am saddened at the disruptions in its path in various parts of the world as well as the violence in Tibet. But I can't run due to very strong personal reasons," Soha, who was initially a part of the relay with actor brother Saif Ali Khan and 'Rang de Basanti' co-star Aamir Khan, told reporters here.
On suggestions from sports fraternity that only sportspersons should run the Olympic torch relay, Soha said representatives from various fields belonging to the country through which torch relay passes, should be welcomed to run.
Bhutia had said his action was to express solidarity with Tibetan protestors while Bedi felt she did not carry the Olympic flame in a "suffocating security" environment, a reference to a massive security drill that will be in place to keep Tibetan protestors at bay.
Indian cinema catching up with international standards: Baweja
Chandigarh, Apr 15 (PTI) The Hindi film industry is fast "internationalising itself," noted director-producer Harry Baweja said today.
"We are catching up fast with international cinema. The quality, special effects and content are attracting overseas markets," Baweja told reporters here.
Baweja, who had a meeting with Punjab Governor and Chandigarh Administrator General SF Rodrigues (Retd), said the latter was keen to project the city as a film destination.
"The Governor feels more films should be shot in Chandigarh and Punjab," he said.
Baweja also spoke on his forthcoming big budget film, which would mark the debut of his 27-year-old son, Harman Baweja.
"The film, 'Love Story 2050,' is a Rs 50-crore budget science fiction to be released on July 4. Priyanka Chopra has been cast opposite Harman. We hired the services of top special effect studios from Canada, US and Australia to shoot the film," he said.
He said the services of John Cox, who had won an Oscar for animation, has been hired for the movie, while Anu Malik has composed the music score.
On decline of the Punjabi film industry over the years, Baweja said, "The quality of films has definitely gone down, but with more multiplexes opening in Punjab, it would attract more audiences and film makers would also churn out quality stuff". PTI
Evidence of first Indian settlers found in Tamil Nadu
Annie Samson
New Delhi, Apr 15 (PTI) A team of Indian scientists have discovered genetic evidence that tribal villagers living in Tamil Nadu were among the first migrants from Africa to settle down in India.
Geneticists led by Prof Ramaswamy Pitchappan of Madurai Kamaraj University have found out that the marker gene in the group of people from a small village Jyothimanickam near Madurai matched those of the first settlers in India. The findings point to the fact that the villagers are among the direct descendants of the first settlers.
Pitchappan who conducted the research in collaboration with Oxford Research University found that DNA of Virumandi Andithevar, a 30-year-old systems administrator from the village, matched M130, the chromosome marker, which gives proof that the first human migration into India took place around 70,000 years ago.
"The M130 is the oldest marker in India and there is no other marker older than that for India. The DNA samples from, Virumandi and others were found to have this marker and we were able to deduce that they were among the first human settlers in India, who obviously spread from Africa," Pitchappan who is Prof Emeritus at the Madurai Kamraj University told PTI.
The findings will be aired on Discovery Television, where historian Michael Wood will narrate the story of the world's most ancient civilization in the six part series 'The Story of India' beginning on April 16. PTI
Music directors facing the music
New Delhi, Apr 15 (PTI) It's no longer the monopoly of themes, storylines or titles of Bollywood flicks that hog the headlines. Bollywood music directors too are in the news many times for wrong reasons, the latest being the 'Krazzy4' case.
If it was the "Choli ke peeche kya hain" song that had the judiciary intervening, the use of the title "Sholay" too reached the corridors of courts for justice, along with plagarism which is as old as the industry, but now it is the increasing boldness in use of suggestive words and slang that for sure will keep Bollywood music in the limelight for reasons other than melody, feel experts.
The lingo of Indian music industry is changing. While this new phraseology is inevitable, there is a line of difference between being classy and crass, feels expert.
While words like 'mirchi', 'bidi', 'daru' etc are being used, suggestive words like 'kiss me', 'touch me', 'craving for your body' etc are also being extensively used nowadays in Bollywood music, especially in item songs.
"There is a clear demarcation between what is contemporary and what's crass. I'm all for experimentation but certainly there should be no allowances for undermining the diginity of a language. If the intent itself is wrong or undiginfied then that will get reflected in the language the lyrics the expressions and the entire song," says Prasoon Joshi, lyricist of 'Fanna', 'Rang de Basanti' and 'Taare Zameen pe.' Agrees lyricist Neelesh Misra. "'Mukhdas' or the opening verses are sometimes peppered with such words to make them catchy -- and, perhaps, because there might be a view that shock value might work better for the song," he says. PTI
Here even the Speed Post takes months
Leh, April 14 (PTI) Two months after getting his bundles of clothes worth some five lakh rupees booked at Grand Post Office, New Delhi, to be sent to Leh through 'Speed Post' Namgyal, a petty cloth merchant from Ladakh, is still waiting for his parcels to be delivered.
After purchasing his clothing stock for the coming summer season, he booked it at Speed Post at GPO New Delhi in the month of February but there is no sign of the parcel. "I purchased the stock looking at the demands from different schools for uniform;there is now risk of losing the business," he says.
Namgyal's is not an isolated case.
Another retailer Togo has some 80 parcels undelivered even after months of getting booked for Speed Post service of the Indian Postal Service. There are many other such complaints from the small business community of the Ladakh region.
According to Sonam Jorgais, President, Merchant Association, Leh, such postal packages belonging to petty businessmen from both Leh and Kargil districts that remain undelivered for months run in thousands. The issue has been taken up with the J&K Government.
Jorgais says, the parcels through different postal services including speed post are normally dumped at Chandigarh to be airlifted in chartered flights to Leh. When things go smooth we receive our parcel in three to four days, he says adding that such 'prompt' deliveries, however, are rare.
The Ministry of Communication of the state government recently shot off a letter saying the undelivered parcels belonging to traders from Ladakh should be airlifted without further delay. PTI
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The sensex closed at 16153.66, up 346.02
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1 Euro = 63.152 INR
1 Qatar Rial = 10.955 INR
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