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| IA offers leave travel concession of 30 per cent NEW DELHI, Dec 11: Indian Airlines has offered leave travel concession of 30 per cent for economy class travel on its domestic flights upto March 31 next year. ...more Shares register uptrend NEW
DELHI, Dec 11: An
upward trend continued unabated on the stock market today
following steady..more NEW
DELHI, Dec 11 :
The Supreme Court today dismissed a special leave
petition challenging.....more MUMBAI,
Dec 11 : The
Reserve Bank of India’s (RBI) reference rate for the
U.S. Dollar (USD)....more |
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K P Singh takes
over as ASSOCHAM president NEW DELHI, Dec 11 : Mr K P Singh today took over as president of the Associated Chamber of Commerce.....more Rupee ends mildly MUMBAI,
Dec 11 : Rupee
ended mildly higher against the U.S. dollar in extremely
narrow and lethargic. .....more GENEVA,
Dec 11 : India
today lodged a strong protest at the World Trade
Organsiation (WTO) against......more NEW
DELHI, Dec 11 :
Gold and silver continued to gain glitter at the local
bullion market keeping pace...more |
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IA offers leave travel concession of 30 pc NEW DELHI, Dec 11: Indian Airlines has offered leave travel concession of 30 per cent for economy class travel on its domestic flights upto March 31 next year. The concession is available to employees of Central and State Governments, public sector organisations and educational institutions who are entitled to reimbursement of full normal air fare while travelling on leave, an IA release said. The concession will however not be applicable to and from Agatti, Leh and Port Air. The IA has also liberalised its student concession scheme under which the students can now travel from any place to any place within India, it said, adding that earlier travel between home town and place of study only was permitted. A discount of 50 per cent is allowed to students of recognised educational institutions. (PTI) |
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Shares register uptrend after steady buying NEW DELHI, Dec 11: An upward trend continued unabated on the stock market today following steady inflow of buying by overseas funds coupled with sizeable short-covering in heavy-weighted stocks. The Delhi Stock Exchange sensitive index ended 3.68 points higher at 660.66 points after hitting day’s high of 666.33 points at mid-way but profit-selling in most-weighted Hindustan Lever shares pared early gains. Marketmen said 24-hour nation-wide general strike by non-Congress opposition parties against Government’s economic policies and opening up of Insurance sector to foreign investors did not have any negative impact on market sentiments. They said, however, squaring-up of long positions by major players cut most of early gains in several stocks, especially high-priced ones. Hindustan Lever, the multi-national consumer goods giant st new peak of Rs 1785 on aggressive buying by foreign funds coupled with huge short-covering, met with domestic funds massive selling at higher prices and fell back to close at Rs 1744.50, still showing a gain of Rs 5. Nestle India, another multi-national company stocks also founds some buying support and finished Rs 5.95 higher at Rs 454.10 while Colgate Palmolive India shares finished Rs 8.50 higher at Rs 188.05. Castrol India shares also attracted sizeable buying support and ended Rs 5.95 higher at Rs 678.40 after rising to Rs 682. Tata Co,the leader in the commercial vehicles segment evoked sizeable buying support mainly from domestic funds and ended Rs 3.10 high4er at Rs 142.95. Tata Steel,a largest private sector steel company stocks also found some buying support and quoted Rs 3.65 or nearly 4 per cent higher at Rs 103.10. Associated Cement Co shares on some short-covering by speculators gained Rs 7.50 to Rs 862.50. Among Information and Technology stocks software solution integrated gained Rs 7.50 at Rs 862.50 while HCL Infosystems shares up Rs 4.05 at Rs 244.60 on selective buying by some overseas investors. In the Pharmaceutical sector, Glaxo India shares shot up by Rs 11 to Rs 637 and Ranbaxy Laboratories rose Rs 3.50 at Rs 267.50 on fresh buying. Other gainers were MTNL, BHEL, Silverline Industries, Rolta India, Digital Equipment, Tata Tea, BSES Ltd and Vashshti Detergents on some support. The undercurrent at close was firm and volume of business satisfactory.(PTI) |
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SC dismisses petition against pipeline laying by Reliance NEW DELHI, Dec 11 : The Supreme Court today dismissed a special leave petition challenging laying of pipeline by Reliance Petroleum Ltd through national marine sanctuary to carry crude oil from the shores in Gujarat to its refinery at Vadinagar. By dismissing the petition, a Division Bench comprising Justice S P Bharucha and Justice A P Mishra vacated the status quo on laying the pipeline through the sanctuary. A public interest litigation filed by Gujarat Navoday Mandal had alleged that laying of pipelines through the sanctuary would Irreversibly damage and destroy invaluable flora and fauna. The bench observed that the Reliance Petroleum Ltd has laid the pipeline after obtaining due permission from Gujarat Government. It said if the petitioners intended to challenge the new permission obtained by Reliance, it was open for them to approach appropriate forum through a new petition. The PIL had challenged the August 8, 1997, order of the chief wildlife warden permitting Reliance Petroleum Ltd to lay pipelines to carry crude oil from ships to the petroleum refinery on the shores through areas covered under national marine park as well as marine sanctuary at the coast of Gulf of Kutch near Jamnagar. (PTI) |
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RBI reference rate for U.S.Dollar MUMBAI, Dec 11 : The Reserve Bank of India’s (RBI) reference rate for the U.S. Dollar (USD) today is 42.59 as against Rs.42.58 on December 10, 1998. The reference rate is based on 12 noon rates of a few select banks in Mumbai. The sdr-rupee rate will be based on this rate, a RBI press release said. Based on the RBI reference rate for usd and middle rates of the cross currency quotes at 12.00 noon, the exchange rates of U.S.Dollar, pound sterling, Deutsche mark (dem) and Japanese yen against Rs.100 are 2.3480, 1.4042, 3.8753 and 274.877 respectively, the release added. (PTI) |
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K P Singh takes over as ASSOCHAM president NEW DELHI, Dec 11 : Mr K P Singh today took over as president of the Associated Chamber of Commerce and Industry of India (ASSOCHAM). Mr Singh, who was alternate president of ASSOCHAM, has also been past-president of the PHD Chamber of Commerce and Industry (PHDCCI) and deputy president of ASSOCHAM. As a chairman of DLF group- a group with diverse interests ranging from real estate development including hispitality services to core industries, Mr Singh has given a thrust to the nascent housing and construction industry. He has also spearheaded a national movement to bring ethics and code of conduct to the profession of real estate. The movement has resulted in the formation of the National Real Estate Development Council (NAREDCO) by the government and private sector to self regulate the real estate industry with Mr Singh as the founder member of its governing council. (UNI) |
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Rupee ends mildly higher against dollar MUMBAI, Dec 11 : Rupee ended mildly higher against the U.S. dollar in extremely narrow and lethargic trade at the interbank Foreign Exchange (FOREX) market here today. The Indian currency closed at Rs.42.57/58 per dollar, a one paisa gain from thursday’s finish of Rs.42.58/59 after it was confined to a narrow band of Rs.42.57/59 for the better part of the day’s listless business present during the voting blamed the defeat on the failure of the floor management of the alliance partners. The UNP which has not asked for division on similar motions of other Ministries suddenly insisted the speaker on voting after live stock development and estate infrastructure Minister S.Thondaman rejected an amendment proposed by UNP member Susil Moonasinrices and plan to allow foreign companies to invest in India’s insurance industry. The rupee initially came under mild pressure and edged down to Rs.42.5850/5950 on some scattered demand for dollars from foreign banks. But, fresh dollar sales and unwinding of long dollar positions built earlier enabled the rupee to rebound and inch up to Rs.42.57/58 at the close, dealers said. "The rupee remained under pressure in early trade due to genuine corporate demand for dollars. But, the rupee later bounced back because banks unwound positions, as they were reluctant to go long on the dollar at the weekend," a FOREX dealer commented. (PTI) |
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India lodges protest in WTO against U.S. list GENEVA, Dec 11 : India today lodged a strong protest at the World Trade Organsiation (WTO) against the U.S. decision to slap export restrictions on 40 companies and their 200 entities, saying it was violative of multi-lateral trading regime. It is India’s view that the restrictions imposed by the United States are without justification. The imposition of export restrictions is not only unjustified, it is also, in our view, violative of U.S. obligations under WTO, India said in a statement at the WTO General Council here. The U.S. had banned technology transfer to the 40 companies, including institute of mathematical sciences, Chennai, Institute of Physics, Bhubaneswar, Indian Institutes of Technology, and a range of public sector companies, after India conducted nuclear blasts in May. The entities were not eligible to receive exports or re-exports of items subject to U.S. export administration regulations without license and the unilateral action cut at the very root of WTO, it said. India notes with regret the fact that some developed countries have been taking recourse to unilateral action in various situations, thus making multilateral trade disciplines and rules increasing irrelevant, It said. (PTI) |
Gold, silver continue to glitter again NEW DELHI, Dec 11 : Gold and silver continued to gain glitter at the local bullion market keeping pace with the international markets today. Gold, standard and ornaments, gained rs 15 at Rs 4,365 and Rs 4,215 per 10 gm as prices at london opened with a gain of 30 cents at 294.30 dollars per troy ounce. Silver .999 ready also went up by Rs 15 at Rs 7,250 per Kg despite prices at London opened one cent lower at 4.81 dollars per troy ounce. Besides, emergence of good demand further improved sentiments and prices soared. Silver weekly delivery also improved by Rs five at rs 7,275 per Kg. Bittur gained by Rs 15 at Rs 4,355 per 10 gm. Sovereign and silver coins remained static. The rates : gold (per 10 gms) standard Rs 4,365 ornaments Rs 4,215 bittur (per ten gms) Rs 4,355 sovereign (per eight gms) Rs 3,750/3,800 silver .999 ready (per kg) Rs 7,250 silver weekly delivery (per Kg) 7,275 silver coins (per 100 pieces) buyers 10,600 sellers 10,700 (UNI) |
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