General Affairs
Winter Session Schedule To Be Decided After Bihar Polls: Venkaiah Naidu
Centre to Announce Major Reforms in Power Sector Soon: Arun Jaitley
High Court Dismisses Plea Against Stopping of National Anthem by Ram Naik
Rahul Gandhi to Visit Punjab Tomorrow
Sensex ends 38 points down; Nifty below 8,050-mark; Tata Motors up 6%
SunEdison to supply cheapest solar power in India
Oct services industry PMI at 8-month high on boost from new business
Nestle says Maggi noodles on shelves this month, all tests cleared
Birla Corp's net profit falls by 43 per cent in Q2
Winter Session Schedule To Be Decided After Bihar Polls: Venkaiah Naidu
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NEW DELHI: The government will take a call on Parliament's Winter Session schedule after Bihar polls, Parliamentary Affairs Minister M Venkaiah Naidu today said.
"Once the Bihar election is over we will be interacting with our colleagues in the Opposition. People are now occupied with Bihar election which will be over on November 8," Mr Naidu said.
The Centre will try to impress upon the Opposition the need to have important legislations passed in Parliament, he said, naming the Goods and Services Tax Bill, land bill, the real estate regulation and development bill and negotiable instruments arbitration bill.
"All these bills are pending. Last session, we could not pass some of the bills for whatever reasons. But now the entire country is looking at Parliament, particularly for the GST bill....There is a broad consensus (on GST)," he said.
On Congress seeking to corner the government over the "climate of intolerance", he said most of these bills had originated when the Opposition party was in power and sought their passage.
NEW DELHI: The government will take a call on Parliament's Winter Session schedule after Bihar polls, Parliamentary Affairs Minister M Venkaiah Naidu today said."Once the Bihar election is over we will be interacting with our colleagues in the Opposition. People are now occupied with Bihar election which will be over on November 8," Mr Naidu said.
The Centre will try to impress upon the Opposition the need to have important legislations passed in Parliament, he said, naming the Goods and Services Tax Bill, land bill, the real estate regulation and development bill and negotiable instruments arbitration bill.
"All these bills are pending. Last session, we could not pass some of the bills for whatever reasons. But now the entire country is looking at Parliament, particularly for the GST bill....There is a broad consensus (on GST)," he said.
On Congress seeking to corner the government over the "climate of intolerance", he said most of these bills had originated when the Opposition party was in power and sought their passage.
Centre to Announce Major Reforms in Power Sector Soon: Arun Jaitley
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NEW DELHI: The National Democratic Alliance (NDA) government in the next couple of days will announce a major policy for the stressed power sector, which has been reeling under high debt, Finance Minister Arun Jaitley said today.
"Power is a stressed sector. In the next couple of days, we are likely to announce some major policy decisions in that regard to take the sector out of stress. Once that happens, I am quite sure the private sector will also start participating," he said at the National Strategy Day on India, jointly organised by the World Economic Forum and Confederation of Indian Industry (CII).
While Mr Jaitley did not elaborate, it is believed that the cabinet at its next meeting may consider recasting Rs. 4.3 lakh crore of loans of nine power distribution companies subject to states agreeing to raise electricity tariff over a period of time.
"The big problem area for us is the power sector. I think that is an infrastructure issue which we are going to be addressing literally in the next couple of days, if not in the next couple of hours itself. We have almost finalised an approach in that direction," the minister said.
Mr Jaitley said India is generating more power than it needs. "First time in history, we have surplus resource. The generation companies are in difficulty because there are no takers of power," he said.
While an electricity transmission grid can take the electricity to every part of the country, discoms have now become extremely vulnerable because some of the states are not charging people adequately for user charges.
"It wasn't good politics, but simply bad economics. And those discoms are not in a position to lift that power because of that financial condition. So, unless we are able to revive their health, the whole chain itself will suffer," Mr Jaitley said.
NEW DELHI: The National Democratic Alliance (NDA) government in the next couple of days will announce a major policy for the stressed power sector, which has been reeling under high debt, Finance Minister Arun Jaitley said today."Power is a stressed sector. In the next couple of days, we are likely to announce some major policy decisions in that regard to take the sector out of stress. Once that happens, I am quite sure the private sector will also start participating," he said at the National Strategy Day on India, jointly organised by the World Economic Forum and Confederation of Indian Industry (CII).
"The big problem area for us is the power sector. I think that is an infrastructure issue which we are going to be addressing literally in the next couple of days, if not in the next couple of hours itself. We have almost finalised an approach in that direction," the minister said.
Mr Jaitley said India is generating more power than it needs. "First time in history, we have surplus resource. The generation companies are in difficulty because there are no takers of power," he said.
While an electricity transmission grid can take the electricity to every part of the country, discoms have now become extremely vulnerable because some of the states are not charging people adequately for user charges.
"It wasn't good politics, but simply bad economics. And those discoms are not in a position to lift that power because of that financial condition. So, unless we are able to revive their health, the whole chain itself will suffer," Mr Jaitley said.
High Court Dismisses Plea Against Stopping of National Anthem by Ram Naik
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LUCKNOW: The Lucknow bench of the Allahabad High Court (HC) today disposed off a writ petition alleging that Uttar Pradesh Governor Ram Naik had stopped the national anthem mid-way.
At the swearing-in ceremony of new ministers at the Raj Bhawan in Lucknow last week, Mr Naik stopped the national anthem and went ahead with administering the 'oath of unity' taken on the birth anniversary of first deputy prime minister Sardar Vallabh Bhai Patel.
While the Raj Bhawan soon after issued a clarification that the governor did not know that the anthem had begun, a lawyer Vinod Kumar had brought the matter before the High Court.
The bench of chief justice DY Chandrachud and Justice SN Shukla dismissed the petitioner's request of making the principal secretary to the governor the opposite party as "unconstitutional and unnecessary".
The HC said that if the petitioner wanted he could ask the state government to issue directions and guidelines of conduct during the playing of the national anthem.
Mr Naik's action on October 31 created a furore with opposition parties and the ruling Samajwadi Party (SP) raking up the issue against the governor and calling it an insult to the national anthem.
LUCKNOW: The Lucknow bench of the Allahabad High Court (HC) today disposed off a writ petition alleging that Uttar Pradesh Governor Ram Naik had stopped the national anthem mid-way.At the swearing-in ceremony of new ministers at the Raj Bhawan in Lucknow last week, Mr Naik stopped the national anthem and went ahead with administering the 'oath of unity' taken on the birth anniversary of first deputy prime minister Sardar Vallabh Bhai Patel.
While the Raj Bhawan soon after issued a clarification that the governor did not know that the anthem had begun, a lawyer Vinod Kumar had brought the matter before the High Court.
The bench of chief justice DY Chandrachud and Justice SN Shukla dismissed the petitioner's request of making the principal secretary to the governor the opposite party as "unconstitutional and unnecessary".
The HC said that if the petitioner wanted he could ask the state government to issue directions and guidelines of conduct during the playing of the national anthem.
Mr Naik's action on October 31 created a furore with opposition parties and the ruling Samajwadi Party (SP) raking up the issue against the governor and calling it an insult to the national anthem.
Rahul Gandhi to Visit Punjab Tomorrow
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CHANDIGARH: Congress Vice President Rahul Gandhi will visit the Punjab's Faridkot district tomorrow and meet the families of victims of police firing during a protest there against a sacrilege incident.
He will also meet farmers in Bathinda district during his two-day visit.
The Congress leader is likely to visit the families of Gurjit Singh and Krishan Singh of Sarawan and Niamiwala village respectively.
Both the Sikhs were killed in police firing at Behbal Kalan near Kotkapura when the Sikhs were protesting against the sacrilege of Guru Granth Sahib at Argari village in Faridkot on October 14.
Police drew flak for the firing on the protesters from the opposition Congress and Aam Aadmi Party (AAP).
Later, the government set up a Special Investigation Team (SIT) to probe the incident and booked "unknown" police officials under charges of murder and Arms Act.
AAP leader and Delhi Chief Minister Arvind Kejriwal have already met the family of the two victims last month.
"Rahul will meet the families of the victims on his two-day programme of Punjab starting tomorrow," Punjab Congress President Partap Singh Bajwa said.
Hardliners and Sikhs owing allegiance to different organisations have sought exemplary punishment for the cops involved in the firing incident.
Series of incidents of sacrilege had put Punjab under turmoil with protesters blocking road traffic last month. Sikh preachers and hardliners had mulled the idea to set up a memorial of the two Sikhs killed in police firing at Bargari, the site of incident.
Bargari was the epicenter of the Sikhs' protests against the incidents of sacrilege of the holy book in the state.
Police have so far arrested over seven people, including two brothers Rupinder Singh and Jaswinder Singh, for their alleged involvement in the acts of sacrilege.
Majority of those arrested for sacrilege were either Sikh priests or employees working in Gurdwaras. However, they were all later released due to lack of evidence against them.
Congress, AAP, and Peoples Party of Punjab (PPP) have been seeking imposition of President's rule in Punjab for the alleged failure of law and order machinery in the state.
Besides, Mr Gandhi will also meet the farmers at Bathinda. At present, paddy procurement is going on in the state. Earlier, Rahul had visited Punjab via train in the month of April. He had then visited three Mandis of the state, including Asia's largest grain market at Khanna.
CHANDIGARH: Congress Vice President Rahul Gandhi will visit the Punjab's Faridkot district tomorrow and meet the families of victims of police firing during a protest there against a sacrilege incident.He will also meet farmers in Bathinda district during his two-day visit.
Both the Sikhs were killed in police firing at Behbal Kalan near Kotkapura when the Sikhs were protesting against the sacrilege of Guru Granth Sahib at Argari village in Faridkot on October 14.
Police drew flak for the firing on the protesters from the opposition Congress and Aam Aadmi Party (AAP).
Later, the government set up a Special Investigation Team (SIT) to probe the incident and booked "unknown" police officials under charges of murder and Arms Act.
AAP leader and Delhi Chief Minister Arvind Kejriwal have already met the family of the two victims last month.
"Rahul will meet the families of the victims on his two-day programme of Punjab starting tomorrow," Punjab Congress President Partap Singh Bajwa said.
Hardliners and Sikhs owing allegiance to different organisations have sought exemplary punishment for the cops involved in the firing incident.
Series of incidents of sacrilege had put Punjab under turmoil with protesters blocking road traffic last month. Sikh preachers and hardliners had mulled the idea to set up a memorial of the two Sikhs killed in police firing at Bargari, the site of incident.
Bargari was the epicenter of the Sikhs' protests against the incidents of sacrilege of the holy book in the state.
Police have so far arrested over seven people, including two brothers Rupinder Singh and Jaswinder Singh, for their alleged involvement in the acts of sacrilege.
Majority of those arrested for sacrilege were either Sikh priests or employees working in Gurdwaras. However, they were all later released due to lack of evidence against them.
Congress, AAP, and Peoples Party of Punjab (PPP) have been seeking imposition of President's rule in Punjab for the alleged failure of law and order machinery in the state.
Besides, Mr Gandhi will also meet the farmers at Bathinda. At present, paddy procurement is going on in the state. Earlier, Rahul had visited Punjab via train in the month of April. He had then visited three Mandis of the state, including Asia's largest grain market at Khanna.
India Slams Pakistan at UN Support to Terror Groups in Jammu and Kashmir
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UNITED NATIONS: Reacting sharply to Pakistan raking up Kashmir issue at the UN, India has asserted that Islamabad's unabated support for terror groups operating in Jammu and Kashmir is the main challenge to safeguard human rights of its citizens in the state.
"Pakistan's continued support for terror groups operating in Jammu and Kashmir is the main challenge to protecting the human rights of our citizens in the State," First Secretary in the Indian Mission to the UN Mayank Joshi said in the Right of Reply at United Nations yesterday.
"In spite of this, India remains committed to resolving all outstanding issues with Pakistan in an atmosphere free from terror and violence," he said.
He was responding to Pakistan's envoy to UN Maleeha Lodhi raising the Kashmir issue and right of self-determination of the Kashmiris in the UN General Assembly's Third Committee debate on rights of people to self-determination.
In her statement to the committee, Ms Lodhi had repeated Pakistan's call for UNSC resolutions to be implemented in the state and said fulfilling promise of self-determination to the Kashmiri people is "indispensable" to establishing lasting peace and stability in South Asia.
Mr Joshi termed her comments as "totally out of context and baseless" and said the misuse of the UN forum by "making tendentious references to the Indian State of Jammu and Kashmir constitutes a clear interference in the internal affairs of India."
Hitting back at Pakistan, visiting lawmaker Rattan Lal Kataria rejected the "unwarranted" references to Kashmir, saying it is "ironical" that comments on Kashmir and self-determination "come from a country which is persisting with its illegal occupation of part of the Indian State of Jammu and Kashmir and consistently denying human rights of the occupied territory."
"Pakistan should first stop human rights violations in Pakistan occupied Jammu and Kashmir and ensure the right of self-determination for the victims before sermonizing others on it," he said in his statement.
Pakistan, exercising its Right of Reply, termed the allegations of terrorism against it as baseless.
"The purpose of Indian allegations is to force Pakistan to stop raising the issue of Kashmir at the UN," Minister in the Pakistan Mission Diyar Khan said.
He rejected India's remarks that Pakistan was occupying parts of Kashmir, saying this question should be left to the people of Kashmir.
"If only India would agree to the UN plebiscite, as we do, the exercise of free choice by the people of Jammu and Kashmir would clarify as to who is the real occupying force in Kashmir," Mr Khan said.
Mr Joshi retorted that Pakistan would "do well to introspect before casting baseless allegations against India, lest it will be drawn into its own created vortex."
He said there is no room for self-determination to be distorted and misinterpreted as a right of a group, on the basis of ethnicity, religion or racial criteria, or any other such categorisation, and use it to attempt to undermine the sovereignty and territorial integrity of state.
UNITED NATIONS: Reacting sharply to Pakistan raking up Kashmir issue at the UN, India has asserted that Islamabad's unabated support for terror groups operating in Jammu and Kashmir is the main challenge to safeguard human rights of its citizens in the state."Pakistan's continued support for terror groups operating in Jammu and Kashmir is the main challenge to protecting the human rights of our citizens in the State," First Secretary in the Indian Mission to the UN Mayank Joshi said in the Right of Reply at United Nations yesterday.
"In spite of this, India remains committed to resolving all outstanding issues with Pakistan in an atmosphere free from terror and violence," he said.
He was responding to Pakistan's envoy to UN Maleeha Lodhi raising the Kashmir issue and right of self-determination of the Kashmiris in the UN General Assembly's Third Committee debate on rights of people to self-determination.
In her statement to the committee, Ms Lodhi had repeated Pakistan's call for UNSC resolutions to be implemented in the state and said fulfilling promise of self-determination to the Kashmiri people is "indispensable" to establishing lasting peace and stability in South Asia.
Mr Joshi termed her comments as "totally out of context and baseless" and said the misuse of the UN forum by "making tendentious references to the Indian State of Jammu and Kashmir constitutes a clear interference in the internal affairs of India."
Hitting back at Pakistan, visiting lawmaker Rattan Lal Kataria rejected the "unwarranted" references to Kashmir, saying it is "ironical" that comments on Kashmir and self-determination "come from a country which is persisting with its illegal occupation of part of the Indian State of Jammu and Kashmir and consistently denying human rights of the occupied territory."
"Pakistan should first stop human rights violations in Pakistan occupied Jammu and Kashmir and ensure the right of self-determination for the victims before sermonizing others on it," he said in his statement.
Pakistan, exercising its Right of Reply, termed the allegations of terrorism against it as baseless.
"The purpose of Indian allegations is to force Pakistan to stop raising the issue of Kashmir at the UN," Minister in the Pakistan Mission Diyar Khan said.
He rejected India's remarks that Pakistan was occupying parts of Kashmir, saying this question should be left to the people of Kashmir.
"If only India would agree to the UN plebiscite, as we do, the exercise of free choice by the people of Jammu and Kashmir would clarify as to who is the real occupying force in Kashmir," Mr Khan said.
Mr Joshi retorted that Pakistan would "do well to introspect before casting baseless allegations against India, lest it will be drawn into its own created vortex."
He said there is no room for self-determination to be distorted and misinterpreted as a right of a group, on the basis of ethnicity, religion or racial criteria, or any other such categorisation, and use it to attempt to undermine the sovereignty and territorial integrity of state.
Business Affairs
Sensex ends 38 points down; Nifty below 8,050-mark; Tata Motors up 6%
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The domestic markets wiped out all its intraday gains and ended lower in trade on Wednesday on global growth concerns as a survey in Europe showed euro zone business growth remained tepid in October, with the European Central Bank's massive stimulus program having little apparent impact on economic activity or price pressures.
The S&P BSE Sensex ended the day 37.67 points down at 26,552.92 after rising over 200 points in the morning trade, while broader CNX Nifty settled below its crucial psychological level of 8,050 after reclaiming 8,100 level in the early trade.
Investors also remained wary ahead of the outcome of the upcoming Bihar Assembly election results, due on November 08.
Market breadth turned negative with 19 of the 30 Sensex stocks ending the day in green.
Tata Motors was the best-performer on both the benchmark indices and rose over 6 per cent hitting its highest intra-day level since July 13, driven by strong Jaguar Land Rover sales in North America in October.
Among Asian markets , China's Shanghai Composite ended the day 4.17 per cent higher after the government unveiled its five-year plan to boost the economy and investors speculated on the start of a trading link between Shenzhen and Hong Kong. Hong Kong's Hang Seng index closed 2.17 per cent up, while Japan's Nikkei added 1.30 per cent.
Overnight, US stocks climbed higher as a surge in oil prices fueled a rally in energy companies. The Dow Jones rose 89.39 points, or 0.5 per cent, the S&P 500 gained 5.74 points, or 0.27 per cent, and the Nasdaq Composite added 17.98 points, or 0.35 per cent.
Lowdown on markets today
12:30 pm
Sensex at 26,682.06, up 91.47 points
Nifty at 8,078.05, up 17.35 points
11:00 am
Sensex at 26694.15, up 103 points
Nifty at 8076.80, up 16 points
9:30 am
Sensex at 26,744.67, up 154.08 points
Nifty at 8,099.65, up 38.95 points
The domestic markets wiped out all its intraday gains and ended lower in trade on Wednesday on global growth concerns as a survey in Europe showed euro zone business growth remained tepid in October, with the European Central Bank's massive stimulus program having little apparent impact on economic activity or price pressures.
The S&P BSE Sensex ended the day 37.67 points down at 26,552.92 after rising over 200 points in the morning trade, while broader CNX Nifty settled below its crucial psychological level of 8,050 after reclaiming 8,100 level in the early trade.
Investors also remained wary ahead of the outcome of the upcoming Bihar Assembly election results, due on November 08.
Market breadth turned negative with 19 of the 30 Sensex stocks ending the day in green.
Tata Motors was the best-performer on both the benchmark indices and rose over 6 per cent hitting its highest intra-day level since July 13, driven by strong Jaguar Land Rover sales in North America in October.
Among Asian markets , China's Shanghai Composite ended the day 4.17 per cent higher after the government unveiled its five-year plan to boost the economy and investors speculated on the start of a trading link between Shenzhen and Hong Kong. Hong Kong's Hang Seng index closed 2.17 per cent up, while Japan's Nikkei added 1.30 per cent.
Overnight, US stocks climbed higher as a surge in oil prices fueled a rally in energy companies. The Dow Jones rose 89.39 points, or 0.5 per cent, the S&P 500 gained 5.74 points, or 0.27 per cent, and the Nasdaq Composite added 17.98 points, or 0.35 per cent.
Lowdown on markets today
12:30 pm
Sensex at 26,682.06, up 91.47 points
Nifty at 8,078.05, up 17.35 points
11:00 am
Sensex at 26694.15, up 103 points
Nifty at 8076.80, up 16 points
9:30 am
Sensex at 26,744.67, up 154.08 points
Nifty at 8,099.65, up 38.95 points
SunEdison to supply cheapest solar power in India
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US-based SunEdison has won a bid to sell solar power in India at a record low tariff, which could boost the appeal of the renewable source at a time when Prime Minister Narendra Modi is pushing for clean energy to combat climate change.
Solar energy still has a long way to go before it can effectively compete with coal, given questions over consistent supply and transmission. But falling rates could unlock more government support for solar and wind energy.
PM Modi's government expects clean energy to yield business worth $160 billion in India in the next five years, and established US companies like SunEdison and First Solar are likely to be the biggest beneficiaries.
"SunEdison won the auction for a 500 megawatt project in Andhra Pradesh, bidding to supply power at Rs 4.63($0.0706) per kilowatt-hour", Upendra Tripathy, new and renewable energy secretary, told Reuters on Wednesday.
Maryland Heights, Missouri-based SunEdison did not immediately reply to requests for comment.
"Delighted that an all time low solar tariff ... has been achieved during reverse e-auction conducted by NTPC ," tweeted power, coal and renewable energy minister Piyush Goyal, referring to India's biggest power utility.
The previous lowest solar tariff in India was about Rs 5.05 per kilowatt-hour for Canadian company SkyPower's project in Madhya Pradesh state in central India. Coal power costs anywhere between Rs 1.5 to Rs 5, according to a government official who declined to be named.
India is providing cheap loans to set up solar projects and helping companies buy land to meet its ambitious target of multiplying renewable energy generation to 175 gigawatts by 2020. Solar energy is targeted to leap five-fold to 100 gigawatts.
The country is relying on renewables to fight climate change rather than committing to emission cuts like China, arguing that any target could hinder economic growth vital to lifting millions of its people out of poverty.
Deep-pocketed investors like Japan's Softbank and iPhone maker Foxconn have already pledged to invest about $20 billion in solar projects in India.
US-based SunEdison has won a bid to sell solar power in India at a record low tariff, which could boost the appeal of the renewable source at a time when Prime Minister Narendra Modi is pushing for clean energy to combat climate change.
Solar energy still has a long way to go before it can effectively compete with coal, given questions over consistent supply and transmission. But falling rates could unlock more government support for solar and wind energy.
PM Modi's government expects clean energy to yield business worth $160 billion in India in the next five years, and established US companies like SunEdison and First Solar are likely to be the biggest beneficiaries.
"SunEdison won the auction for a 500 megawatt project in Andhra Pradesh, bidding to supply power at Rs 4.63($0.0706) per kilowatt-hour", Upendra Tripathy, new and renewable energy secretary, told Reuters on Wednesday.
Maryland Heights, Missouri-based SunEdison did not immediately reply to requests for comment.
"Delighted that an all time low solar tariff ... has been achieved during reverse e-auction conducted by NTPC ," tweeted power, coal and renewable energy minister Piyush Goyal, referring to India's biggest power utility.
The previous lowest solar tariff in India was about Rs 5.05 per kilowatt-hour for Canadian company SkyPower's project in Madhya Pradesh state in central India. Coal power costs anywhere between Rs 1.5 to Rs 5, according to a government official who declined to be named.
India is providing cheap loans to set up solar projects and helping companies buy land to meet its ambitious target of multiplying renewable energy generation to 175 gigawatts by 2020. Solar energy is targeted to leap five-fold to 100 gigawatts.
The country is relying on renewables to fight climate change rather than committing to emission cuts like China, arguing that any target could hinder economic growth vital to lifting millions of its people out of poverty.
Deep-pocketed investors like Japan's Softbank and iPhone maker Foxconn have already pledged to invest about $20 billion in solar projects in India.
Oct services industry PMI at 8-month high on boost from new business
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The services industry expanded at its fastest pace in eight months in October as new business rose with discounting probably stoking demand, a survey showed on Wednesday.
The survey results are likely to provide some comfort to policymakers after a sister survey on Monday showed manufacturing growth cooled to a 22-month low in October.
The Nikkei/Markit Services Purchasing Managers' Index rose to 53.2 in October from September's 51.3, marking a fourth month above the 50-level that separates growth from contraction.
Growth was underpinned by a surge in new business, which hit its highest since February.
But the improved activity came as firms cut prices again in October - the second month in a row companies have had to resort to discounting to drum up new business.
A sub-index measuring prices charged was 49.6, just marginally higher than the previous month's 49.5.
The last time firms reported cutting prices in consecutive months was in early 2009, when overall business activity was below-50 levels.
"Services companies saw a faster rise in new business than their manufacturing counterparts, with data implying that price discounts supported growth of new projects," said Pollyanna De Lima, economist at Markit.
Lower prices charged to consumers will probably help further cool retail inflation, currently at 4.41 per cent.
The Reserve Bank of India, however, is not expected to ease policy anytime soon after it cut the benchmark lending rate four times since January, most recently in September, in an effort to boost growth.
Firms reported no change in payrolls, with no new job additions being made since July.
The services industry expanded at its fastest pace in eight months in October as new business rose with discounting probably stoking demand, a survey showed on Wednesday.
The survey results are likely to provide some comfort to policymakers after a sister survey on Monday showed manufacturing growth cooled to a 22-month low in October.
The Nikkei/Markit Services Purchasing Managers' Index rose to 53.2 in October from September's 51.3, marking a fourth month above the 50-level that separates growth from contraction.
Growth was underpinned by a surge in new business, which hit its highest since February.
But the improved activity came as firms cut prices again in October - the second month in a row companies have had to resort to discounting to drum up new business.
A sub-index measuring prices charged was 49.6, just marginally higher than the previous month's 49.5.
The last time firms reported cutting prices in consecutive months was in early 2009, when overall business activity was below-50 levels.
"Services companies saw a faster rise in new business than their manufacturing counterparts, with data implying that price discounts supported growth of new projects," said Pollyanna De Lima, economist at Markit.
Lower prices charged to consumers will probably help further cool retail inflation, currently at 4.41 per cent.
The Reserve Bank of India, however, is not expected to ease policy anytime soon after it cut the benchmark lending rate four times since January, most recently in September, in an effort to boost growth.
Firms reported no change in payrolls, with no new job additions being made since July.
Nestle says Maggi noodles on shelves this month, all tests cleared
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Nestle India on Wednesday said Maggi noodles has clearedthe tests ordered by the Bombay High Court at three accredited laboratories and that the effort will now be on to re-launch the popular snack within this month.
"We have received the results from all the three NABL (National Accreditation Board for Testing Calibration Laboratories) mandated by the Bombay High Court to test newly-manufactured Maggi noodles samples," the company said in a regulatory filing with stock exchanges.
"All the samples of the Maggi noodles masala have been cleared with lead much below permissible limits," the statement said, adding this has validated their stand, maintained all along, that the noodles were and continue to be safe.
"We will make our best effort to commence the sale of Maggi noodles masala within this month, as well as continue engaging with the states where permissions are needed or specific directions may be necessary."
The company said Maggi was currently being manufactured at Nanjangud in Karnataka, Moga in Punjab and Bicholim in Goa, and that it was engaging with the state governments of Himachal Pradesh and the Uttarakhand for commencing production at Tahliwal and Pantnagar, respectively.
Nestle India on Wednesday said Maggi noodles has clearedthe tests ordered by the Bombay High Court at three accredited laboratories and that the effort will now be on to re-launch the popular snack within this month.
"We have received the results from all the three NABL (National Accreditation Board for Testing Calibration Laboratories) mandated by the Bombay High Court to test newly-manufactured Maggi noodles samples," the company said in a regulatory filing with stock exchanges.
"All the samples of the Maggi noodles masala have been cleared with lead much below permissible limits," the statement said, adding this has validated their stand, maintained all along, that the noodles were and continue to be safe.
"We will make our best effort to commence the sale of Maggi noodles masala within this month, as well as continue engaging with the states where permissions are needed or specific directions may be necessary."
The company said Maggi was currently being manufactured at Nanjangud in Karnataka, Moga in Punjab and Bicholim in Goa, and that it was engaging with the state governments of Himachal Pradesh and the Uttarakhand for commencing production at Tahliwal and Pantnagar, respectively.
Birla Corp's net profit falls by 43 per cent in Q2
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M.P. Birla Group's flagship company Birla Corporation(BCL) on Wednesday posted a decline of 43 per cent in net profits at Rs.18.48 crore for the quarter ended September 30 this fiscal year.
The same in the similar quarter of the last fiscal year stood at Rs.32.46 crore.
Its net revenue increased by 4.5 per cent at Rs.801.78 crore in the quarter under review as against Rs.767.11 crore in the July-September timeframe of 2014.
Expenses also increased by three per cent at Rs.788.83 crore when compared to Rs.766.16 crore in the second quarter of 2014-15.
Its cement business was hit hard in the quarter as profitability fell by 70 per cent at Rs.14.19 crore while revenue remained flat at Rs.713.43 crore. The same in the July-September months of the last fiscal year stood at Rs.47.39 crore and 719.45 crore.
Its jute business, however, registered a 90 per cent increase in its revenue at Rs.85.06 crore as against Rs.44.77 crore in the second quarter of 2014-15 while it made a profit of Rs.7.20 crore as compared to the loss of Rs.2.43 crore in the corresponding period of 2014.
The M.P. Birla Group, in August this year, had stated to be acquiring the cement business of Lafarge India for Rs.5,000 crore through a combination of internal accruals and fresh debt to add another 5.5 million tonnes in annual capacity.
Under this transaction, BCL and its subsidiaries will acquire the integrated cement unit of Lafarge India at Sonadih (Chhattisgarh) and a cement grinding unit at Jojobera (Jharkhand) along with Concreto and PSC brands and the management team.
These units have a cement capacity of 5.15 million tonnes per annum (mtpa), with mineral rights over adequate reserves of limestone.
M.P. Birla Group's flagship company Birla Corporation(BCL) on Wednesday posted a decline of 43 per cent in net profits at Rs.18.48 crore for the quarter ended September 30 this fiscal year.
The same in the similar quarter of the last fiscal year stood at Rs.32.46 crore.
Its net revenue increased by 4.5 per cent at Rs.801.78 crore in the quarter under review as against Rs.767.11 crore in the July-September timeframe of 2014.
Expenses also increased by three per cent at Rs.788.83 crore when compared to Rs.766.16 crore in the second quarter of 2014-15.
Its cement business was hit hard in the quarter as profitability fell by 70 per cent at Rs.14.19 crore while revenue remained flat at Rs.713.43 crore. The same in the July-September months of the last fiscal year stood at Rs.47.39 crore and 719.45 crore.
Its jute business, however, registered a 90 per cent increase in its revenue at Rs.85.06 crore as against Rs.44.77 crore in the second quarter of 2014-15 while it made a profit of Rs.7.20 crore as compared to the loss of Rs.2.43 crore in the corresponding period of 2014.
The M.P. Birla Group, in August this year, had stated to be acquiring the cement business of Lafarge India for Rs.5,000 crore through a combination of internal accruals and fresh debt to add another 5.5 million tonnes in annual capacity.
The M.P. Birla Group, in August this year, had stated to be acquiring the cement business of Lafarge India for Rs.5,000 crore through a combination of internal accruals and fresh debt to add another 5.5 million tonnes in annual capacity.
Under this transaction, BCL and its subsidiaries will acquire the integrated cement unit of Lafarge India at Sonadih (Chhattisgarh) and a cement grinding unit at Jojobera (Jharkhand) along with Concreto and PSC brands and the management team.
These units have a cement capacity of 5.15 million tonnes per annum (mtpa), with mineral rights over adequate reserves of limestone.
General Awareness
India, Sri Lanka bilateral naval exercise SLINEX 15
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India and Sri Lanka began their bilateral naval exercise off Lanka’s Trincomalee focusing on anti-piracy exercisesSLINEX 15, gun firings, cross-deck helicopter operations and anti-surface operations on 27th Oct 2015 in Sri Lanka.
Duration : October 27 to November 1
Aim : To enhance the capability of the two navies to work together at sea and contribute towards maritime security in the region.
Participation :
- Indian Naval ships Kora, Kirpan (both missile corvettes) and Savitri (offshore patrol vessel) along with ship-borne integral helicopters entered Trincomalee.
- An Indian Naval maritime reconnaissance aircraft will also participate in the exercise.
- The Lankan Navy will be represented by Sayura, Samudra, Sagara, six Fast Attack Crafts, two Fast Gun Boats and one Fast Missile Vessel.
Two Phases :
- Harbour Phase :The participants will engage in professional, cultural and social interactions.
- Sea Phase :It will include complex operations including anti-piracy exercises, gun firings, cross-deck helicopter operations and anti-surface exercises.
About SLINEX :
SLINEX series of bilateral maritime exercises were initiated in 2005 and since then three successful engagements have been conducted.
Key points :
- Sri Lanka President : Maithripala Sirisena
- Sri Lanka Prime Minister : Ranil Wickremesinghe
- Sri Lanka Capital : Colombo
- Sri Lanka Currency : Sri Lankan rupee
- India and Sri Lanka began their bilateral naval exercise off Lanka’s Trincomalee focusing on anti-piracy exercisesSLINEX 15, gun firings, cross-deck helicopter operations and anti-surface operations on 27th Oct 2015 in Sri Lanka.Duration : October 27 to November 1Aim : To enhance the capability of the two navies to work together at sea and contribute towards maritime security in the region.Participation :
- Indian Naval ships Kora, Kirpan (both missile corvettes) and Savitri (offshore patrol vessel) along with ship-borne integral helicopters entered Trincomalee.
- An Indian Naval maritime reconnaissance aircraft will also participate in the exercise.
- The Lankan Navy will be represented by Sayura, Samudra, Sagara, six Fast Attack Crafts, two Fast Gun Boats and one Fast Missile Vessel.
Two Phases :- Harbour Phase :The participants will engage in professional, cultural and social interactions.
- Sea Phase :It will include complex operations including anti-piracy exercises, gun firings, cross-deck helicopter operations and anti-surface exercises.
About SLINEX :SLINEX series of bilateral maritime exercises were initiated in 2005 and since then three successful engagements have been conducted.Key points :- Sri Lanka President : Maithripala Sirisena
- Sri Lanka Prime Minister : Ranil Wickremesinghe
- Sri Lanka Capital : Colombo
- Sri Lanka Currency : Sri Lankan rupee
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