cmyk
PAGE 16
NEW DELHI
FRIDAY 7 | OCTOBER 2011
QUOTE OF THE DAY
Employees are
scared about
their career in
the current
economic crisis
–– Rajesh Kumar
MyHiringClub.com CEO
briefs
ISB: SCHOLARSHIPS
UP TO `8 CRORES
New Delhi: The Indian
School of Business is plan-
ning to double the total
amount of student schol-
arships to `8 crore, as part
of efforts to lure good tal-
ent as well as provide
opportunities for wider
section of aspirants. “We
are planning to increase
the total amount of schol-
arships to `8 crore for stu-
dents of Class of 2013,
which runs from April 2012
to March 2013. — PTI
TDSAT DIVIDED OVER
PLEA AGAINST ZEE
New Delhi: Broadcast tribunal
TDSAT is split on a decision
over a plea of a multi-system
operator against the broad-
caster Zee group and Media
Pro Enterprises India regard-
ing subscription, thereby ren-
dering the parties confused.
The TDSAT bench gave split
orders over a petition of
Digicable Network Ltd, which
sought an interim injunction
against Media Pro Enterprises
India, distributor of the Zee
and Star group of channels,
to not to disrupt singals.
— PTI
at a glance
BANK OF INDIA
OPENS BRANCH
IN NEW ZEALAND
Mumbai, Oct. 6: Public sec-
tor lender Bank of India on
Thursday said it has
opened a branch in New
Zealand.
The bank will offer its full
range of retail banking
products, including savings
and current accounts,
cards, term and call
deposits, mortgages and
international funds trans-
fers to its New Zealand cus-
tomers, the bank said in a
statement.
“With trade increasing
between India and New
Zealand, it is the right time
for Bank of India to estab-
lish a presence in New
Zealand,” Bank of India
chairman and managing
director Alok Misra said.
“The bank will also lever-
age on its expertise in
financing agriculture and
small businesses for the
benefit of its clientele in the
Pacific Ocean nation,” Mr
Misra said, adding the bank
is now present in 19 coun-
tries across five continents.
The bank has 29 foreign
offices, in addition to three
subsidiaries and interna-
tional joint ventures, and
almost 20 per cent of the
bank’s business come from
its overseas operations, it
said.
— PTI
SEBI TO STUDY
STT IMPACT FOR
STOCK MARKET
New Delhi, Oct. 6: Capital
market regulator Sebi is
reviewing the impact on
the stock market turnover
from a possible scrapping
of securities transaction
tax (STT), which is levied
on all sale and purchase in
the equity market.
The regulatory authority
is in favour of a complete or
phased withdrawal of the
levy and it expects any
such move to positively
impact the market
turnover, a senior official
said.
The Sebi is assessing the
estimated gains in terms of
the overall stock market
turnover volumes as also
for the savings that
investors and traders
might realise from the
withdrawal of this tax,
which is being levied on
stock market transactions
since October 2004, he
added. The regulator would
submit the findings of its
review to the Finance
Ministry at the time of its
submissions for the next
year’s union budget propos-
als. — PTI
cmyk
Titan Raga ropes in
Katrina Kaif as its
brand ambassador
Amul to open 10 quick
service restaurants by
this fiscal year-end BUSINESS
Growth may be
below 8%: Citi
New Delhi, Oct. 6: India’s of abating despite slowing
India is in a
economic growth is likely global demand and second-
to remain below 8 per cent better place than ly, weakness in rupee,
in the coming quarters which adds to inflationary
owing to aggressive mone- its Asian peers. woes,” the report said.
tary tightening and wors- Positives for India “This puts the RBI in an
ening global prospects,
Citigroup said in a include the
unenviable position of bal-
ancing slowing growth and
research report. rising inflation,” Citigroup
“Recently-released macro country’s low said.
and sectoral data indicate a
clear slowdown in econom-
exports to GDP The central bank has
raised its key rates 12 times
ic activity,” Citigroup said, ratio in 18 months to control
adding that the “growth in inflation, with effective
the coming quarters will tightening at 500 bps.
likely remain in the sub-8 the United States. India is, somewhat, in a
per cent range and average The worsening global eco- better place than its Asian
7.6 per cent in FY’12.” nomic situation has taken a peers.
India’s GDP growth toll on the domestic curren- Positives for India
slipped to 18-month low of cy and equities. Moreover, include the country’s low
7.7 per cent in April-June higher deficits and peaking exports to GDP ratio,
quarter, the second consec- inflation is likely to further domestically financed fis-
utive quarter of sub-8 per add to the burden, cal deficit, limited exposure
AUSTRIAN President Pratibha Patil, along with her Austria counterpart, Mr Heinz Fischer, before a photo ses-
sion with Indian business leaders during an Austrian-Indian Economic Forum meet in Vienna,
cent growth. Citigroup said. to foreign liabilities, and a
MEET Austria, on Thursday. — PTI
“We expect this trend to
continue due to lagged
Over the last month, the
rupee has weakened 7.3 per
healthy banking system.
However, in times of risk
cent, and the BSE bench- aversion, India immediate-
effect of 500 bps of tighten-
ing, structural policy mark Sensex has dropped ly comes on the radar due
issues, and worsening 3.98 per cent. The headline to its reliance on external
MP DEFENDS
Home loans see drop
prospects on the global inflation for August stood capital, Citigroup said.
front,” the report added. at an uncomfortable 9.78 India’s April-July fiscal
BHEL, WRITES TO The domestic economy
had clocked 8.5 per cent
per cent.
“While we have been
deficit stood at `2,288 bil-
lion, compared to `909 bil-
growth last fiscal, following expecting inflation to lion in the year-ago period.
PRIME MINISTER which the government had remain elevated due to “Despite the announce-
New Delhi, Oct. 6:
Describing reports of
Chinese power equip-
ment being superior to
of 15-20% per month first projected a 9 per cent
growth in the Budget, but
revised it downwards to 8.2
per cent after the worsen-
ing of the Eurozone sover-
higher minimum support
prices of agricultural crops
and continued upward revi-
sions to past data; two fur-
ther price pressures have
ment of austerity mea-
sures, we expect the gov-
ernment to miss its deficit
target due to both lower
revenues and higher expen-
ditures,” the report added.
those made by BHEL as eign debt crisis and the fear emerged, firstly commodity
“shocking”, Rajya AGE CORRESPONDENT `15,000 crore per month demand from Hyderabad of a double-dip recession in prices have showed no sign — PTI
Sabha member Tapan MUMBAI, OCT. 6 during the previous finan- has been impacted largely
Sen has written to cial year to around `12,000 due to the political issues
Prime Minister With the residential prop- crore per month now,” said prevailing in the state.
INDO-PAK
Manmohan Singh seek-
ing to look into the
issue as it maligns a
erty prices remaining firm
and domestic interest rate
firming up further, fresh
Mr Ashwini Kumar Hooda,
managing director, India
bulls Housing Finance Ltd.
“Though there has been a
contraction in demand of
around 10-20 per cent in
Demand for cheap MULTIPLE-ENTRY
state-run entity.
Mr Sen’s recent letter
comes amid articles
that a Planning
home loan disbursement of
financial institutions has
taken a hit of almost 15-20
per cent per month in the
According to
Indiabulls has seen its
him,
fresh home loan off-take
drop to `1,500 crore per
Mumbai, the demand for
home loans from the tier–2
and tier–3 cities are looking
good,” said Mrs Rohini
products a challenge VISAS FOR
Commission report said
that Chinese equipment
current financial year. The
RBI had hiked the key-lend-
annum in Mumbai in the
current financial year com-
Upasani, general manager,
State Bank of India (SBI), AGE CORRESPONDENT
TRADERS: PAK
is better than those ing rate for the 12th consec- pared to `2,000 crore the largest public sector CHENNAI, OCT. 6 AUTO INDUSTRY
manufactured
Bharat
by
Heavy
utive time to 8.25 per cent
during the last 18 months
achieved last year. Mr
Hooda however said that
lender on the sidelines of
MCHI Property Expo 2011. The biggest challenge to the Calling for a greater polit-
REZAUL H. LASKAR
ISLAMABAD, OCT. 6
Electricals.
According to Mr Sen,
such a report is shock-
in a bid to contain infla-
tion. “The banks and finan-
cial institutions have taken
the home loan growth in
other cities like Bengaluru
and Chennai are seeing
The slackening demand
has however not resulted
in a corresponding decline
auto industry will come
from the low-income con-
sumers who will demand
ical will to execute such
projects with a vision, Mr
Seshasayee highlighted
India and Pakistan have
agreed to solve visa prob-
ing and reflect deliber-
ate “maligning and tar-
a hit of 15-20 per cent from decent growth while the in property price. smart mobility products at
cheaper price points.
that a broad and compre-
hensive public policy
lems faced by businessmen
of both countries by issuing
nishing” the image of a “The growing aspirations framework was the need of multiple-entry visas valid
government-owned of people to get a vehicle of the hour. for a year, Pakistani com-
company by an “author- their own, even with a low “Smart vehicle systems merce minister Makhdoom
ity appointed by the per capita income group, with better communica- Amin Fahim said on
same government”. will call for developing new tion, new dimensions of Thursday.
Mr Sen pointed out products at a challenging pedestrian and driver safe- Both countries had
that in 75 per cent of price points, said Mr R ty and sustainable solu- agreed on issuing multiple-
projects involving Seshasayee, executive vice- tions through effective use entry visas to traders dur-
BHEL, the state-run chairman, Ashok Leyland. of alternative fuels are the ing his recent visit to India,
company’s obligations This coupled with relent- three new dimensions of Mr Fahim told the media.
are limited to boilers, less rate of urbanisation the challenges of the auto All controversial issues
turbines and genera- will call for smart mobility industry,” he said. between the two countries
tors, which make up for solutions, which will call Reiterating the same will be discussed one by
40 to 45 per cent of total for confluence of technolo- thought, Mr Venu one, he said.
project work. gies, he said while speaking Srinivasan, CMD, TVS It had also been agreed
“In almost all those at the Asia Pacific Motor, said it was impera- during his visit that India
projects, delay in com- Automotive Conference tive for the auto industry to will not oppose the World
missioning, wherever it (APAC16), a three-day con- push for urban planning Trade Organisation waiver
occurred, had been due ference organised by for a sustainable growth of sought by the European
to delay in those ‘rest of SAEINDIA in Chennai. the industry. Union for granting duty-
the activities’ for which “Auto industry is often a This called for a political free access for certain
in no way BHEL can be whipping boy when it will and hence the auto goods from Pakistan, Mr
held responsible,” the comes to emission and pol- industry must join forces Fahim said.
letter said. lution. However, there is a with non-government Asked about Pakistan’s
The power equipment need for better urban plan- organisations working for invitation to Prime
giant is facing stiff com- ning with focus on pedestri- urban planning, he insisted Minister Manmohan Singh
petition from private an safety, better parking “We cannot sell our prod- to visit the country, Mr
players, especially and integrated multi-modal ucts if people cannot use Fahim said the invitation
Chinese entities such as DUSSEHRA A jeweller performs puja at his shop on the occasion of Dussehra in
Thane on Thursday. — PTI public transport system to them (without good had been accepted but
Shanghai
Group.
Electric
— PTI PUJA decongest roads,”
Seshasayee said.
Mr roads),” Mr
Srinivasan said.
Venu dates for the visit will be
decided later. — PTI
MOBILE HANDSETS TO BE COSTLIER
New Delhi, Oct. 6:
Prices of mobile hand-
very low and companies
will have to increase
Indian families richer than Europeans cent) and Singapore (20 per While the Chinese, Indian
sets marketed by home- price of their handsets,” New Delhi, Oct. 6: India and which have over $100,000 the top five countries
grown companies are national president of China have overtaken investible funds. where the affluent have cent), this falls to around (1 and German affluent are
set to increase by up to Indian Cellular Associ- European countries in the “India and China have more than $1 million per cent) in India and keen investors in precious
10 per cent due to a
depreciating rupee,
ation Pankaj Mohin-
droo said.
number of affluent house-
holds while the US remains
already surpassed major
European markets like
investable assets on aver-
age, alongside Singapore
China.
“This demonstrates a
metals, this falls to just 3
per cent in Sweden,
which has declined by
about 10 per cent in the
He added that compa-
nies are expected to
the most prosperous coun-
try in the world, according
Germany and France. It’s
interesting to see that the
and Hong Kong.
The only Europeans to
feature in top five are the
great contrast in wealth
distribution within emerg-
ing markets, even where
Norway and the
Netherlands, and 2 per cent
in Denmark and Israel.
last three months. increase prices in the to market research firm entrepreneurial spirit of
“The value of rupee
has depreciated by
range of 5-10 per cent.
Karbonn Mobiles
TNS.
According to TNS’
people in these markets is
already paying off in terms
Swedes, while the UK and
France are the least likely
the actual number of afflu-
ent households is high and
“Despite today’s pan-glob-
al financial trends, it’s
almost 10 per cent. executive director “Global Affluent Investor” of personal wealth,” TNS in Europe to have these lev- highlights a need for very important to recognise the
Almost all companies Shashin Devsare said study, India, China and Director Business and els of investable assets, the precise marketing strate- diversity in local prefer-
are about to run out of that his company is also Brazil have overtaken Finance Reg van Steen said. study said. gies to reach the right audi- ences when it comes to
their stocks which they looking at increasing many European countries While the US is ranked as The study also highlight- ence,” it said. asset allocation. We detect-
had booked months in the prices in the range in this measure of con- the world’s most prosper- ed that while incidence of The study also revealed ed big differences between
advance. “The margins of 7-10 per cent across sumer wealth with three ous country, with 31 mil- affluence would be higher regional contrasts in terms markets, even when they
in handset business are all its handsets. — PTI million affluent households lion affluent households, in small, wealthy countries of what the affluent actual- border each other geo-
each in these countries UAE and India appear in like Luxemburg (29 per ly invest in. graphically. — PTI
ATTRITION DECLINES CHEMICAL MISUSE GOVT TO REVIEW 236 SAIL SEEKS GAS FOR
BY 18% IN JULY-SEPT QTR MoUs OF STEEL PROJECTS U.P. POWER PLANT
New Delhi, Oct. 6: India Inc. has Ban ammonium nitrate New Delhi, Oct. 6: Unsatisfied with New Delhi, Oct. 6: State-owned steel
witnessed a significant decline in the progress of proposed steel pro- major SAIL has sought gas allocation
attrition levels during July-
September 2011 on the account of
bulk import, Sharma told jects, entailing estimated invest-
ment of `11 lakh crore, the govern-
of 5 million standard cubic metres
per day (MSCMD) for its proposed
uncertain job market, says a study. New Delhi, Oct. 6: Concerned over ment will review hundreds of MoUs 1,050 MW independent power plant
“Attrition outlook had declined in misuse of ammonium nitrate by anti- signed by companies in past 5-6 in UP’s Jagdishpur, near Amethi.
our second quarter study. Major social elements for making bombs, a years as most of them have “SAIL has submitted an application
reason for decline is uncertainty in member of Parliament has asked the remained only on paper. “Our com- to Central Electricity Authority for
getting new job. The major reason commerce ministry to ban bulk panies have mastered the art of allocating 5 MSCMD natural gas
for switching a job is dissatisfaction import of the chemical. Mukesh signing MoUs as most of them are from domestic sources for the power
with supervisor or senior. It clearly Gadhvi, the member of Lok Sabha, in on paper only. As many as 236 such plant project,” steel minister Beni
shows employees are scared about a letter to commerce and industry agreements have been signed in last Prasad Verma said. To prioritise gas
their career in current crisis,” minister Anand Sharma has said 5-6 years for setting up iron and allocation for the project, the minis-
MyHiringClub.com CEO Rajesh that the chemical often finds its way steel units but most of them have ter has also written a letter to power
Kumar said. According to the study, into the hands of anti-national people neither acquired land nor have got minister Sushil Kumar Shinde,
attrition rate in the second quarter through unregulated ammonium mining leases to set up their units,” whose ministry is preparing a list of
of current fiscal declined by 18 per nitrate, used mostly in the form of steel minister Beni Prasad Verma gas-based power plants to be commis-
cent compared to the first quarter of fertiliser grade. Mr Gadhvi said that said. Most of the MoUs have been sioned during the next Five-Year
FY’11. Among the 11 industries sur- the government should allow import signed between private corporate Plan (2012-17). “I’ve written to Mr
veyed, the IT and banking and of only explosive or industrial grade houses with several states includ- Shinde. He will prioritise it and
financial sector have witnessed dou- ammonium nitrate. — PTI ing Karnataka, Orissa, Chhattis- would pitch for gas allocation,” Mr
ble digit attrition rates. — PTI garh and Jharkhand. — PTI Verma said. — PTI