Srinivasan re-elected BCCI president

Defying intense criticism, N Srinivasan was elected unopposed as BCCI President for a third year during the Board’s AGM here on Sunday even though he will not take charge till further orders from the Supreme Court.

Mr. Srinivasan was the lone Presidential candidate put forward by the South Zone, from where he got the proposer and the seconder.

But he can resume his duties only after the Supreme Court gives its final verdict on the case filed against his candidature by the Cricket Association of Bihar secretary Aditya Verma.

Mr. Srinivasan’s election was on expected lines despite the fact that he is facing intense criticism on the issue of propriety after his son-in-law and Chennai Super Kings Team Principal Gurunath Meiyappan was charge-sheeted in the IPL betting and spot-fixing scandal.

Mr. Srinivasan’s company India Cements owns Chennai Super Kings.

During the first half of the AGM, other top office-bearers were also elected unopposed.

After Sudhir Dabir, vice President from the central zone and his west zone colleague Niranjan Shah were removed from their positions, Ravi Savant (west) and Rajiv Shukla (central) were brought in.

Another political heavyweight, Arun Jaitley, relinquished the vice-President’s position due to his political commitments and was replaced by his Delhi and Districts Cricket Association (DDCA) colleague Sneh Bansal.

While Mr. Dabir is considered close to former BCCI chief and Mr. Srinivasan’s adversary Shashank Manohar, Mr. Shah is perceived to be a confidante of another former Board head Sharad Pawar, someone who harboured the ambition to upset Mr. Srinivasan’s applecart.

Haryana Cricket Association chief Anirudh Chaudhary was elected as Treasurer, a post which was to become vacant after Savant was formally made vice-president.

Earlier, a defiant N Srinivasan, who braved scathing criticism on issues of propriety, arrived to attend the Board’s annual general meeting here on Sunday.

The Tamil Nadu strongman, who is vying for his third term as the President of Board of Control for Cricket in India (BCCI) president, was accompanied by his loyalists when he arrived at the hotel where the meeting took place.

Mr. Srinivasan, who was forced to step aside in the wake of the IPL spot-fixing scandal, avoided speaking to the waiting media-persons and walked into the hotel lobby.

Mr. Srinivasan was the lone presidential candidate put forward by the South Zone, from where he got the proposed and seconded.

Despite the Supreme Court making some serious observations like how he had continued being the president despite his son-in-law Gurunath Meiyappan being charge-sheeted by Mumbai Police in the IPL betting scandal, Mr. Srinivasan and his confidants have gone ahead with their plan of retaining power.

The Hindu

Manmohan slams Pakistan-based terror

Prime Minister Manmohan Singh on Saturday displayed a willingness to bat on the front foot on cross-border terrorism when he said, in his speech at the United Nations General Assembly here, that progress in resolving the Kashmir issue would require that Pakistan prevent its territory and areas under its control from being used to facilitate terrorism aimed at India.

Striking a strong note before the world body on the eve of his much-vaunted meeting here with Pakistani Prime Minister Nawaz Sharif, Dr. Singh said that even if Pakistan-based “terrorist machinery” were “shut down,” there must be a clear understanding that Jammu and Kashmir was an integral part of India, and in this context there could “never, ever, be a compromise” on India’s territorial integrity.

Epicentre of terror

Though Dr. Singh reiterated that India was “committed sincerely” to addressing this territorial question through bilateral dialogue on the basis of the Shimla Agreement, he underscored India’s persisting concerns at “state-sponsored cross-border terrorism,” particularly owing to the fact that the “epicentre of terrorism in our region is located in our neighbourhood in Pakistan.”

Underscoring some of the wider issues relating to terrorism and the nuclear threat, Dr. Singh said that 25 years after the former Prime Minister, Rajiv Gandhi, put forward a comprehensive Action Plan for a Nuclear Weapon-free and Non-violent World Order, “We must strengthen efforts against nuclear proliferation and pursue time-bound, universal, non-discriminatory, phased and verifiable nuclear disarmament,” and guard against “terrorists and non-state actors gaining access to sensitive materials and technologies.”

A dominant theme in Dr. Singh’s speech was India’s firm belief in multilateralism as the vehicle to tackle a variety of global policy challenges, from universal concerns such as growth and poverty in a post-recession world to specific strategic questions relating to recent developments in Syria, Palestine and Afghanistan.

In the context of multilateralism, Dr. Singh not only flagged India’s successful partnerships with other developing nations in Africa, for example, but also exhorted delegates to press ahead with long overdue reform of the United Nations, including the Security Council.

Dr. Singh said the U.N.’s 70th anniversary in 2015 would be the moment to ensure that “the U.N. is ready for this century by completing the much-needed reforms of the United Nations and its Security Council.”

Along with other BRICS nations, Dr. Singh’s efforts in this mission have gathered some momentum after U.S. President Barack Obama backed India’s bid to become a permanent member of the Security Council during his 2010 visit to India.

However, at the U.N. General Assembly this weekend, Dr. Singh cautioned: “Never has scepticism about the U.N.’s capacity… been higher, or the external environment less propitious for multilateralism.” The U.N. enjoyed the most success when it based its decisions on “the widest possible consent and balancing equitably the needs and responsibilities of nations at different stages… of development,” he said.

The Hindu

Philanthropy has to be spontaneous, can't be forced: Azim Premji

Referring to the issue related to Corporate Social Responsibility (CSR), which has been made mandatory by the new laws that govern companies, IT czar Azim Premji today said philanthropy cannot be forced and it has to be spontaneous.


Premji, founder-Chairman of WiproBSE -0.49 % - India's third largest software services exporter added however that efforts towards social good need to be "meaningful" and the government alone is not responsible for "social good".

"They are trying to force something. It should be spontaneous," Premji said while commenting on the issue of mandatory CSR during his address at the All India Management Association's (AIMA) 40th national convention here.

The billionaire philanthropist added that giving back to the society is important for the growth of a better world, but it should come from within.

Premji said the stipulation of spending 2 per cent of profits should not become a tax at a later stage.

Under the new Companies Act, 2013, all profitable firms with a sizable business will have to spend every year at least 2 per cent of three-year average profit on CSR works.

This would apply to companies with turnover of Rs 1,000 crore and more, or net worth of Rs 500 crore and more, or a net profit of Rs 5 crore and more.

The new rules, which would be applicable from fiscal 2014 -15, also require firms to set up a CSR committee of their board members, including at least one independent director.

However, Premji said: "If things have to change in the society then the involvement of the whole ecosystem is must. One cannot rely on government alone to do social good and one has to become a co-sharer of the goal and the outcome."

Outlining the key factors for making CSR successful, he emphasised on the need to define the purpose and scale of CSR activities and choose a focus area.

Premji, however, cautioned against making CSR a substitute for personal philanthropy.

"There should be a distinction between a company activity which is CSR and personal activity that is philanthropy," he added.

Known for his business acumen as well as philanthropy, Premji said the company's and entrepreneur's responsibility to the society are two different issues.

In 2010, Premji had donated 8.7 per cent from his personal stock-holding in Wipro for philanthropy forming the endowment for the Azim Premji Foundation, a not-for-profit organisation set up in 2001.

In February, he announced transfer of 295.5 million Wipro shares worth Rs 12,300 crore held by certain entities controlled by him to an irrevocable trust.

The Economic times

Manmohan-Obama meet boosts defence, nuclear initiatives

Within hours of the White House meeting between Prime Minister Manmohan Singh and U.S. President Barack Obama, the two countries released a joint statement that showcased the breadth of their cooperation as well as highlighted joint naval exercises, promised momentum on investment treaties, reaffirmed their commitment to specific energy-sector projects and counterterrorism strategies.

Among the key initiatives flagged in the joint statement, India particularly welcomed the U.S. offer of membership in its ‘Global Entry’ Trusted Traveler Network programme, a scheme only offered to select countries, which will expedite the entry of approved Indian travellers at the U.S. border.

Despite U.S. officials remarking on several recent occasions that they had “specific concerns” about India’s nuclear liability law, Friday’s joint statement welcomed the announcement that Indian Nuclear Power Corporation of India Limited and U.S. nuclear company Westinghouse had concluded a Preliminary Contract to develop a nuclear power plant in Gujarat. It also reiterated that both nations remained committed to a “full and timely implementation” of the bilateral civil nuclear agreement.

On the subject of fighting terrorism, the two leaders not only agreed to undertake even more cooperation intelligence sharing homeland security cooperation, but they concurred in their strong condemnation of the September 26 terrorist attack in Samba in Jammu and Kashmir. They further called upon Pakistan to “work toward” bringing the 2008 Mumbai terror perpetrators to justice.

Defence cooperation, considered by many to be the “centrepiece” of the bilateral relationship, was applauded by Dr. Singh and Mr. Obama, who said that the way to take this forward in terms of defence technology transfer, joint research, co-development and co-production was by endorsing a Joint Declaration on Defence Cooperation.

Significantly the U.S. President was said to have welcomed India’s decision to participate in the Rim of the Pacific (RIMPAC) naval exercise, which will be hosted by U.S. Pacific Command in 2014.

Another key area of bilateral interest, economic policy, got top billing in the discussions on Saturday. While the usual plaudits were issued on the volume and growth of two-way trade there also appeared to be a renewed vigour in the pursuit of a bilateral investment treaty, negotiations surrounding which appeared to have hit an impasse until recently.

Similarly despite growing international and lobbyist pressure on India to transition to the Montreal Protocol and scale down its use of certain gases the two leaders appeared keen to make progress on this front and agreed to “immediately” convene the India-U.S. Task Force on Hydro fluorocarbons to discuss options that based on “economically-viable and technically feasible alternatives.”

A number of third countries of strategic interest to New Delhi and Washington were also discussed on Friday, it was apparent, and in addition to covering ground on Syria, Iran and East Asia more broadly, Dr. Singh and Mr. Obama revisited the questions emerging on the endgame for Western powers quitting Afghanistan next year.

Specifically, the joint statement reflected a consensus on the view that violent extremists could only be countered by coordinated international support to build the capacity of Afghan National Defence and Security Forces an effort towards which both countries said they would remain committed during the critical transformation decade during 2015-2024.

The tone of the statement of the leaders themselves reflected a sustained warmth and personal chemistry that has been the hallmark of bilateral ties during the tenure of Dr. Singh. Variously the two nations alluded to each other as “partners of first resort” and underscored that their relationship had “crossed a threshold.”

The Hindu

Let zero schemes finance growth, RBI

The RBI has done immense disservice to industrial growth in the short term by asking banks not to offer popular financing schemes for consumer durables dressed up as zero-interest equated monthly instalment (EMI) schemes. Industrial growth has been extremely weak for an extended period and the forthcoming festival season is an opportunity for assorted consumer durable companies to step up their sales.

The zero-down-payment, zero-processing-fee, zero-interest EMI schemes an increasing number of companies offer on a variety of products are good for both consumers and for companies. The RBI's move scuppers this opportunity to a large extent.

It is not the case that consumers are unaware that these financing schemes entail real costs on account of interest and documentation. They are aware that credit card-issuing banks charge a financing cost that product companies bear, to tempt consumers with "zero" offers. But this is not their concern. Nor should it be the RBI's. If the RBI is worried about the rates banks offer, it is welcome to examine the banks' books and ascertain if any rule is being violated.

Why should the bank regulator interfere with the behavioural economics at work when consumers prefer "zero" finance options on a higher price that bundles financing cost with the product price to the transparencyof a lower product price and an explicit overlay of financing cost? Nor are consumers irrational. The cost would be lower, when borne by the company for multiple transactions all together, than when financing is offered to individual consumers.

The only beneficiary from the RBI's move is the buyer with sufficient purchasing power to not need a financing scheme, now that the product would be priced lower, taking out the financing cost by which price had been marked up earlier. Product sales and industrial growth would suffer, for the benefit of a tiny elite. This is a fetish for transparency that benefits no one except bean counters at the RBI. The RBI should withdraw these strictures gracefully and wish the economy a Happy Diwali.

source:Economic Times

Google's Motorola eyes BlackBerry employees

With Blackberry shedding staff in its hometown of Waterloo, Ontario, other tech companies, including Google's Motorola Mobility unit, are moving to take advantage of a growing pool of local talent. 

Motorola Mobility said it plans to set up a new hub in Waterloo, located about an hour's drive west of Toronto. 

"We have a small space right now and we're looking to grow considerably," said Derek Phillips, engineering director for Motorola Canada. 

He declined to specify the number of new hires expected, but said the company was seeking computer science and engineering talent. 

Google acquired Motorola Mobility last year in a $12.5 billion deal that gave it ownership of a large portfolio of communications patents. It has since moved to revamp the company's money-losing mobile phone business. 

Google separately has its existing Canadian development headquarters in Waterloo, which boasts an in-office slide. 

The company is one of hundreds of tech players with a presence the city, attracted in part by graduates of the University of Waterloo's highly ranked computer science, engineering and technology programs. 

The vast majority of local technology companies are small startups looking to make a splash such as the one BlackBerry, then called Research in Motion, made after it pioneered pocket email in the 1990s. 

But times have changed for BlackBerry, which said on Friday that it would cut about 4,500 workers, more than a third of its global workforce, and post a quarterly loss of nearly $1 billion. 

The job cuts are expected to strike a blow to the city and regional economy, given the knock-on-effect on retailers, the property market and local service providers. 

The latest layoffs follow other cuts over the past three years as Blackberry bled market share to competitors such as Apple Inc and phones that use Google's Android operating system. 

On Monday, BlackBerry said it agreed to sell itself for $4.7 billion to a consortium led by its biggest shareholder, Fairfax Financial Holdings Ltd. 

It is unclear if the sale, if it goes through, will result in further job cuts. 

Start-ups hiring

Phillips did not link Motorola's expansion to BlackBerry's troubles, but said the local talent pool was key to the area's appeal. 

"The goal is to try to get just as many people who are interested to come out and hire as many people as we can. I think as long as we can find really good people, we will find a way to hire them," he said. 

The hiring is not expected to come close to replacing the hole left by the BlackBerry cuts. But members of the local technology community noted that Motorola is not the only one looking to expand in the region. 

Mobile payments company Square Inc plans to establish a permanent office in the area in 2014, spokeswoman Lindsay Wiese told Reuters. 

Avvey Peters, head of external relations at Communitech, a non-profit that bills itself as a regional hub for the tech sector, said she knew of about 1,000 job vacancies in the industry. She estimates the sector employs about 30,000 people. 

"Certainly everybody's watching. Everybody's feeling for individuals who either have been laid off or are going to be," she added. "The local ecosystem created BlackBerry, not the other way around."

source:Times of India

Ford CEO leading race to head Microsoft: Report

 Ford CEO Alan Mulally has reportedly emerged as the lead candidate for the top seat at Microsoft.

Technology website AllThingsD said that Mulally has vaulted to the forefront of the candidates being considered to replace retiring Microsoft chief Steve Ballmer.

Earlier, there were reports that at least three of the top 20 investors in Microsoft want a turnaround expert to succeed Ballmer and have urged the technology giant's board to consider Ford Motor CEO Alan Mulally and Computer Sciences Corp CEO Mike Lawrie for the job.

Investors are keen on Mulally and Lawrie as both have histories of successfully turning around companies.

Under a succession plan at Ford outlined last November, Mulally, 68, is expected to stay on as CEO until at least the end of 2014. However, according to reports, Mulally may step down sooner than planned if he gets an interesting offer.

Microsoft recently inked a deal to buy Nokia's phone business. The deal also brings Stephen Elop, who ran Microsoft's business software division before jumping the ship in 2010, back to the company. Elop too is said to be among the list of contenders to succeed Ballmer.

source:Times of India

Tata Teleservices, Sistema and Aircel in merger talks

Tata Teleservices, Russia's Sistema JSFC and Aircel, controlled by Malaysia's Maxis, are in exploratory talks for a three-way merger to create India's third-largest telecom company by subscribers, said three persons familiar with the development. 

If the transaction materialises, it will allow the companies to cut costs, share infrastructure and pool capital. 

Deal could be complicated

It will create a combined entity with 13.5 crore subscribers. 

A person with direct knowledge of the development said a three-way merger would be complicated and will take some time to fructify. "There was a fair amount of discussion between Tata Teleservices and Sistema. The discussion between Tata Teleservices and Aircel is very new. These are early days," he said. 

Tata Tele, Sistema, Aircel in initial merger talks Another person familiar with the development said, "I know that a few weeks ago, the three companies were trying to put together this idea of a merger." Both these people declined to be named as the talks are confidential and still developing. 

Both Tata Teleservices, which is 26% owned by Japan's largest mobile company NTT DoCoMo, and Aircel have been struggling to pare their debt - around Rs 23,000 crore and Rs 22,000 crore, respectively. Standard Chartered Bank is advising Aircel on its debt-restructuring exercise. 

Sistema, on the other hand, is cash rich and would be the dominant shareholder if the three companies agree to merge. The company, which is partly owned by the Russian government and operates in India through a joint venture with Shyam Telecom, has identified consolidation as the route to growth in the Indian market. 

"The Indian telecom market was ready for consolidation and one shouldn't be surprised to see more than two operators come together," Sistema Global Chief Financial Officer Vsevolod Rozanov told ET recently. "One could expect the top seven players to shrink to just four and that foreign investors will lead the consolidation of this market." 

Rozanov, however, declined to comment on a specific query on the merger talks involving Sistema Shyam Teleservices (SSTL) with Tata Teleservices and Aircel. 

Spokespersons for both Aircel and Tata Teleservices said they would not comment on market speculation. 

Sistema Shyam's pan-India licence to offer CDMA services in 22 circles was cancelled by the Supreme Court last year. But the company won back airwaves for eight states earlier this year and now has more than 9 million customers. 

The government will shortly announce revised M&A guidelines for the sector, a move that is expected to trigger a shakeout in the industry. But foreign operators such as Sistema are concerned that the new policy might make it compulsory for the buyer to pay an additional amount to the government for the acquired airwaves, thereby increasing the total acquisition cost. Industry experts said consolidation was the way forward and any deal would be a win-win for the three companies. 

"Sistema will receive CDMA footprint of Tata and can strengthen its voice subscribers while Aircel and Tatas can cut their expenditure by pooling their capital and share infrastructure," said BK Syngal, senior principal at Dua Consulting. 

The country's leading telcos are also preparing for a wave of consolidation. Last week, SingTel chief Simon Israel urged Bharti Airtel, in which it holds a 32.34% stake, to lead such moves in the Indian telecom market while a few days before him, Vodafone India CEO Martin Pieters said he saw his company as the natural consolidator.

source:Times of India

India to build its first strategic oil storage by January 2014

 India will build its first strategic oil storage by January in an effort to insulate itself from supply disruptions, Oil Minister MVeerappa Moily said today.

India, which is 79 per cent dependent on imports to meet its crude oil needs, is building underground storages at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka to store about 5.33 million tonnes of crude oil. This is enough to meet nation's oil requirement for 13-14 days.

"The storage at Visakhapatnam is expected to be commissioned in January 2014," Moily said here.

Visakhapatnam facility would have the capacity to store 1.33 million tonnes of crude oil in underground rock caverns. Huge underground cavities, almost ten storey tall and approximately 3.3 km long are being built.

A similar facility in Mangalore will have a capacity of 1.55 million tonnes and would be mechanically completed by March 2014. A 2.5-million tonnes storage at Padur, near Mangalore, would be completed by end of current fiscal, he said.

With the commissioning of Visakhapatnam storage, India will join nations like the US, Japan and China that have strategic reserves. These nations use the stockpiles not only as insurance against supply disruptions but also to buy and store oil when prices are low and release them to refiners when there is a spike in global rates.

Originally, India Strategic Petroleum Reserves Ltd (ISPRL), the state-owned firm building the strategic stockpile, was to build the Visakhapatnam facility by October 2011 while the Mangalore storages were to be mechanically completed by November 2012. The storage at Padur was scheduled for completion in December, 2012.

"Visakhapatnam storage is 94.6 per cent complete, Mangalore is 89.2 per cent and Padur is 86 per cent complete," Moily said.

The Cabinet had in January 2006 approved building of the strategic crude oil storages at a cost of Rs 2,397 crore but due to cost and time overrun the capital required is now estimated at Rs 3,958 crore.

The Visakhapatnam facility will cost Rs 1,038 crore, Mangalore Rs 1,227 crore and Padur Rs 1,693 crore.

ISPRL has till date received Rs 2,529 crore from Oil Industry Development Board (OIDB) and Rs 100 crore from Hindustan PetroleumBSE 1.93 % Corp Ltd ( HPCLBSE 1.93 %), officials said adding that the firm requires Rs 1,195 crore either from OIDB or the Government to complete the projects.

ISPRIL would need Rs 490 crore in current fiscal and Rs 705 crore in the next, they said.

The Economic Times

India clinches bronze in Asia Cup hockey

Indian women defeated China via the penalty shootout to clinch the bronze medal in the eighth women’s Asia Cup hockey tournament here today.

India, which needed to win the tournament to qualify for next year’s World Cup to be held at The Hague, Netherlands, edged past China 3-2 in the shootout after both the teams were locked 2-2 at the regulation time.

By virtue of this win, the Indians managed to avenge their 0-1 defeat to the Chinese in the pool stages of the tournament.

India dominated proceedings in the first half and scored two field goals through Anuradha Devi Thokchom (16th minute) and Vandana Katariya (31st) to go into the breather with a comfortable 2-0 lead.

China pulled one back in the 51st minute through Yan Yan’s field goal to liven up the match.

The Indians had themselves to blame as some sloppy defending towards the end allowed China to draw parity when Wu Mengrong scored the equaliser in the 64th minute.

Thereafter, both the teams played cautiously in the last six minutes to take the encounter into the shootout.

In the shootout, the Indians came out on top, converting three of their chances as against the two by the Chinese girls.

Meanwhile, Japan stunned defending champion Korea 2-1 in the final to win the Asia Cup and secure a place in next year’s World Cup.
The Hindu

Political mood is pro-BJP, Modi tells Kerala cadre

Gujarat Chief Minister and the BJP’s prime ministerial candidate Narendra Modi, told members of the Kerala state unit that the political climate in the country was favourable to the BJP and they should work together to take advantage of the climate.

Addressing party workers on Wednesday evening here, he called on them to exploit the socio-political situation in Kerala. Urging a fight against corruption, Mr Modi said though the BJP does not have representation in the Kerala Assembly, the potential of the Right to Information Act should be used to fight corruption and claiming the rights of the downtrodden.

Mr Modi, who is on a two-day visit to Kerala, left for Kollam on Thursday morning to participate in the 60th birthday celebrations of Mata Amritanandamayi. Earlier, he visited the Padmanabha Swamy temple and called on the Travancore Royal family at the Kaudiar Palace.

Speaking to party workers, Mr Modi said the youth were angry about corruption and the potential of social media should be used for the election campaign. He claimed that 72 per cent of new jobs were now being created in Gujarat. Setting out the Gujarat government’s plans to set up a ‘statue of unity’ sculpture of Sardar Vallabhai Patel, he said farmers should contribute iron from their used implements for the statue.

State BJP leaders told Mr. Modi, that the party could win in Kerala if community organisations such as the NSS and the SNDP extended support.

Mr. Modi suggested that leaders should come up from Kerala to the national level so that issues of concern to the State could be raised at the national level. BJP national leaders Ram Lal and Bandaru Dattatreya, State president V. Muraleedharan, O. Rajagopal, P. S. Sreedharan Pillai, P. K. Krishnadas, K. Surendran and other leaders attended.

Earlier, he presented Rs. 5 lakh from the BJP’s central funds to the family of Indo-Tibetan Border Police constable P. G. Jomon who was killed during rescue operations in Uttarakhand.

The Hindu

Lull before the storm: Rupee seen at 69.50 against US dollar

The rupee has seen a smart recovery of near 10 per cent after Raghuram Rajan took over as the Reserve Bank chief. The Indian Rupee has stabilised for now after an extremely volatile August which saw the Indian currency test new all-time lows and lose over 20 per cent against major global currencies.

This was categorically due to the growth initiatives the market was expecting from Raghuram, something on which the new man in largely disappointed.

Barring this, as far as the Indian currency is concerned, uncertainty looms over what decision the US Federal Reserve takes on its much vaunted quantitative easing programme in October or later in the year.

"Previously, we were forecasting a value of 62 for the rupee against the dollar by year-end, but now we have raised that to 69.50. We think that the policy moves by the RBI are credible for both inflation and the currency, but that is at the cost of growth. Growth will be slower than expected," Clive McDonnell, Head Equity Strategy, Standard Chartered, told ET Now.

The pressure on the rupee is likely to build up ahead of the Fed meet in October, when a decision on quantitative easing ( QE) is expected.

"We are going to see increased pressure on emerging market currencies, particularly Indonesian rupiah and the Indian rupee. That is likely to intensify ahead of FOMC meeting," said Eric Fishwick, CLSA.

But then there is more to add pressure on the Indian currency. "I would also emphasise that there is more ... I would expect pressure on the Indian rupee and the Indonesian rupiah as a result of stronger European growth," added Eric Fishwick.

What about stock markets?

"Regardless of whether there is tapering or not, what has happened globally is that the liquidity, inter-bank liquidity is drying up pretty quickly and that is the reason why the US bond yields are volatile now and therefore bank liquidity is drying up. Equity markets cannot be very buoyant under those conditions and it is happening in India as well," says market analyst Satish Ramanathan.

"I do not think we are in for a hard rally from here," he adds.

So, the euphoria about cheap valuations, etc, has died out? 

"My interaction with investors at our conference reveals that the interest exists, but it is not that there is a kind of euphoria about the country, about the valuations, etc," says Mahesh Nandurkar, Executive Research, CLSA.

And why is so? "The reason is that most of the investors are a little worried about the direction of the rupee. While the currency has appreciated, it has been quite volatile and the markets have also been volatile. So, international investors are essentially looking for more stability in both the rupee and the market. It is the volatility which is really creating some issues for foreign investors about investing in India at this point in time," Mahesh Nandurkar adds.

The S&P BSE Sensex on Thursday was witnessing a rangebound session with positive bias as traders squared off open positions on the last day of September series. The trade is likely to remain choppy as the session progresses, say dealers.

Economic Times

Delhi gang-rape case: Death sentence for all four convicts

Four convicts in the December 16 Delhi gang-rape-cum-murder case were on Friday awarded death penalty by a Delhi court which said the gravity of the offence cannot be tolerated.

"Death to all," additional sessions judge Yogesh Khanna said while delivering the verdict in the Delhi gang-rape case that had evoked nationwide outrage and led the government to bring in a stringent anti-rape law.

"Besides discussing others offences, I straightaway come to section 302 (murder) of IPC. This falls under inhuman nature of the convicts and the gravity of offence they committed cannot be tolerated. Death sentence is given to all the four convicts," he said.

The offence committed by Mukesh (26), Akshay Thakur (28), Pawan Gupta (19) and Vinay Sharma (20) falls under the rarest of rare category warranting capital punishment, the judge said.

The four were convicted by the court on September 10 for the gang rape and murder of a 23-year-old paramedic student.

"Court cannot turn a blind eye to such a gruesome act," the judge said, while handing down the maximum punishment to the four convicts in the Delhi gang-rape case.

He said, "When crime against women is rising on day-to-day basis, so, at this point in time court cannot keep its eye shut."

"There should be exemplary punishment in view of the unparallelled brutality with which the victim was gang raped and murdered, as the case falls under the rarest of rare category. All be given death," the court said while reading out a portion of the order.

"This is a time when serious crime against a woman has come to the fore and now its judiciary's responsibility to instil confidence among the women," it said.

Besides murder, the four have been also convicted for offences including gangrape, unnatural offences, attempt to murder, dacoity, destruction of evidence, conspiracy, kidnapping or abducting in order to murder, while acquitting them of the charge of murder in dacoity.

Immediately after pronouncement of sentence, the victim's mother expressed satisfaction over the verdict.

"Halak mein saans atki thi, jo ab bahar nikli hai. Mein dhanywaad karti hu desh ke logon ka aur media ka' (We were waiting with bated breath, now we are relieved. I thank the people of my country and the media)," she said.

Besides her, the victim's father and two brothers were also present in the jam-packed court room when the sentence was pronounced.

Hearing that he will face the gallows, Vinay started crying in court while the other three convicts-Mukesh, Pawan, Akshay-started shouting for pardon, with one of the defence lawyers A P Singh also joining them in seeking mercy.

Advocate V K Anand, who appeared for Mukesh, said he has regard for the verdict and he will file an appeal in the Delhi high court.

Special public prosecutor Dayan Krishnan said, "I have done my job and we (prosecution) are happy with the verdict."

Soon after the Delhi gang-rape verdict was delivered, people waiting outside the courtroom started clapping.

The girl's mother said that no such victim should remain silent and must come forward to lodge a complaint.

Defence counsel A P Singh said he will move high court only "if no other rape takes place in next two months after this verdict".

"If the country wanted this case to be a deterrent, I will wait for two months to see the crime scene. If no rape takes place due to death being given in the instant case, I will give in writing that my clients be hanged," he said.

Vinay, who started crying and screaming after the order, sat down in the courtroom when the police personnel came to take him back to jail.

The post-lunch work at the Saket Court had come to a standstill with court staff members and litigants eagerly waiting for the pronouncement of the quantum of sentence.

The corridors of six-storeyed court building was crowded with people.

Victim, her family got justice: Sushilkumar Shinde 

"This was the rarest of rare crime...Damini and her family have got justice. I welcome the court ruling," Shinde told reporters here. 

"The 'nyay devta' has set a new example for such culprits that if you commit such a heinous crime, then you will get a stringent punishment," the minister said.

"There was an atmosphere in the country after this incident....We expected such a punishment," Shinde said. 

source:Times of India

Petrol costlier by Rs 1.96 a litre in Delhi, oil companies indicates a price cut in 15 days

State oil firms have announced a steep increase in petrol rates, raising pump price of the fuel by Rs 1.96 a litre in Delhi and Rs 2.05 a litre in Mumbai.

New rates, which are effective from Saturday, have raised pump prices to record levels across cities.

Companies raised petrol rates nine time in last four months citing devaluation of the rupee and rising international crude oil prices.

Indian Oil Corp, country's biggest fuel retailer, said companies may consider a downward revision of the fuel rates in future because the rupee is strengthening and international crude oil rates are softening after the Syrian crisis was averted.

"Should the recent trend of stabilization and appreciation of rupee-dollar exchange rate continue and international petrol prices also not move adversely, the beneficial effect of the same will be passed on to the consumers in the next fortnight," Indian OilBSE 2.17 % said in its statement.

The fuel is priced at Rs 76.06 a litre in Delhi and Rs 83.62 in Mumbai.

Metros	Old Rate	New Rate
Mumbai	81.57	83.62
New Delhi	74.1	76.06
Kolkata	81.57	83.63
Chennai	77.48	79.55

source:Economic Times