Rather
inaugurates treasury, bank
branch, ATM in Kargil
Excelsior
Correspondent
JAMMU, Nov 29: In its
quest to reach out to people for
effective delivery of public
service, the Minister for Finance
and Ladakh Affairs, A.R. Rather
in presence of Minister for CAPD
and Transport, Qamar Ali Akhoon
today inaugurated a sub-treasury
at Tai-Suru and a business unit
of J&K Bank besides,
installing an ATM at Baroo- which
are remote areas of border
district Kargil.
Addressing
inaugural functions and a public
meeting at Kargil, Mr. Rather
asked the officers of Accounts
& Treasuries to dedicate
themselves for the service of
people to meet their urges and
development aspirations. He said
the treasuries are face of good
governance whose efficiency has a
direct bearing on the welfare of
people as well as financial
complexion of the State. Listing
politeness and friendly behaviour
as important qualities of a good
administrator, the Minister asked
the functionaries to ensure
better performance and good
service.
The
Chief Executive Councilor, Ladakh
Autonomous Hill Development
Council, Kargil, Kachoo Ahmad Ali
Khan MLA Zanskar, Feroz Ahmed,
MLC, Sayed Ahmed Razvi, President
Islamia School Kargil, Sheikh
Ahmed Mohammadi, Director
General, Accounts and Treasuries,
Wali Mohammad Bhat, District
Development Commissioner, Kargil,
M Raju, Vice President J&K
Bank (Ladakh Zone) Abdul Rashid,
Executive Councilors and
concerned district officers were
present on the occasion.
The
Sub- Treasury Tai-Suru is the
sixth treasury in district Kargil
and 115th in the State.
Mr.
Rather said that opening of
treasury at Tai-Suru has
fulfilled long pending demand of
the adding that it has been
sanctioned in relaxation of the
standard norms for opening of new
treasuries keeping in view
backwardness and difficult
geographical location of the
area. He announced that two more
branches of J&K Bank have
been sanctioned for Trespone in
TSG block and Wakha Mubak in the
district.
Responding
to the demands put forth by the
people, Mr. Rather said that
construction of 106 Kms long
Panikhar- Pahalgam road would be
taken up soon after the ongoing
survey is completed. He said
construction of Zojilla tunnel is
being explored vigorously to
provide round the year road
connectivity to the people of
Ladakh region.
Speaking
on the occasion, Qamar Ali Akhoon
said that Centre has agreed to
provide funds for upgradation of
Kargil Airport, adding that this
will go a long way in mitigating
the difficulties of the people of
Kargil. He said the authority for
priority of air tickets to Kargil
should be with the Ministry of
Ladakh Affairs for convenience of
the people.
Khandah gets JK
Bank ATM
Excelsior
Correspondent
SRINAGAR, Nov 29:
J&K Bank ensures
that its customers get world
class banking services and
facilities right at their
door-steps.
This
was stated by J&K Bank
President Tafazal Hussein while
addressing a gathering at the
inaugural ceremony of the Bank's
325th ATM here at Khandah,
Budgam. The inaugural function
witnessed a good gathering of
valuable customers, senior
citizens, traders and local
residents of the area.
He
said that J&K Bank is
primarily focusing on customer
convenience and technology
assumes unprecedented
significance in this context.
"We have plans to install
more ATMs across rural areas of
the State for the benefit of
rural population. As of now, more
than 8 lakh of our customers use
JK Bank ATM cards," he
added.
"The
Bank has forayed into various
technology driven services like
net banking, mobile banking and
scores of other services for
greater customer convenience. We
are considering to enable our ATM
network to receive electric
bills. The Bank is strong enough
to uphold all working parameters
as such safety standards are high
for the investors," said
Tafazal Hussein.
Tafazal
Hussein also handed over Scooter
keys financed by the Khanda
branch to a physically challenged
person working in one of the
government departments.
Thoor
dal,sooji moves up
CHENNAI, Nov
29: The prices
of thoor dal and sooji went up,
rest all other commodities
unaltered from their previous
rates in the wholesale foodgrains
market here today.
Thoor
dal rose by Rs.100 per quintal to
Rs.6,000 from Rs.5,900 and Sooji
(90 kg) moved up by Rs.50 to
Rs.1,950 from its previous rate
of Rs.1,900.
Urad
dal,moong dal,gram
dal,sugar,wheat and maida prices
remained unchanged.
Following
are today’s rates per
quintal: Thoor dal Rs 6,000, urad
dal Rs 6,500, moong dal Rs 6,500,
gram dal Rs 3,050, sugar Rs
3,000, wheat Rs 1,950, maida (90
kgs) Rs 1,750 and sooji (90 kgs)
Rs 1,950. (PTI)
Govt to
decide on Cairn-Vedanta deal by
Feb-end: Oil Secretary
NEW DELHI,
Nov 30: The
government will decide on giving
approval to the USD 9.6 billion
Cairn-Vedanta deal by
February-end, Oil Secretary S
Sundareshan has said today.
"I
had earlier given a timeline of
December-end (for deciding on
giving approval to Vedanta
Resources, buying majority stake
in Cairn India) on the
presumption that it will take 2-3
months to process (the case) from
the date we get all applications.
"But
given that we have got the
application (seeking approval)
only last week, we will certainly
be able to decide on the case by
February-end," he said here.
After
months of dithering, UK’s
Cairn Energy on November 25
applied for government nod to
transfer control in its three
producing assets, including the
prolific Rajasthan fields to
Vedanta Resources.
Sundareshan
said the oil ministry had told
Cairn that it would have to apply
for approval in all of its 10
assets for the government to
consider giving consent to the
deal.
Three
separate applications were made
for the Barmer oil fields in
Rajasthan, the eastern offshore
Ravva oil and gas fields and the
Cambay fields off the west coast,
which had previously been omitted
from the applications for
government approval.
"Yes,
we have got the applications in
last 2-3 days," Sundareshan
said.
Cairn
Energy had on August 16 announced
sale of 40-51 per cent stake in
its Indian unit to London-listed
Vedanta, but has been selective
in approaching government for
approval for the deal.
The
applications stated that the
company’s legal advisers had
stated that the consent of the
government was not required for
transfer of control in a company
holding interest in the three
blocks that were awarded prior to
advent of the New Exploration
Licensing Policy (NELP).
NELP
explicitly has such provisions
and so Cairn had sought
government nod for seven
exploration acreage it has.
Cairn
in its application last week had
stated that it was applying for
the government consent on being
asked to do so by the oil
ministry, which backed its claim
for prior approval based on an
opinion by the law ministry.
Sundareshan
said the law ministry has backed
oil ministry’s contention
that Cairn needs government
approval in all of it 10 blocks.
The
law ministry has given the
opinion that the transaction is
nothing but transfer of control
in all the 10- properties held by
Cairn India and so requires
government consent and trigger
pre-emption or right of first
refusal (ROFR) of ONGC that
partners the company in all the
three producing properties and
several of exploration acreage.
(PTI)
Instanex
Skindia GDR Index declines
MUMBAI, Nov
29: The
Instanex Skindia GDR Index moved
down by 36.34 points or 1.14 per
cent to 3,148.60 on November 26
from 3,184.94 in the previous
session.
However,
the P/E ratio inched up to 27.24
from 27.22 an Instanex Capital
release said here today.
The
following are the GDR and ADR
rates for November 26 in US
dollars, with the difference
vis-a-vis the previous level
given as a percentage in
brackets: Company: Price Percent
chg Dr Reddy’s (ADR) 39.47
(-0.75)
GAIL
(GDR) 63.30 (-1.33)
Grasim
Ind (GDR) 48.96 (+3.23)
ICICI
Bank (ADR) 50.23 (-1.22)
Infosys
Tech (ADR) 66.96 (+0.18)
ITC
(GDR) 3.90 (+4.50)
L&T
(GDR) 42.29 (-2.85)
Mah
& Mah (GDR) 16.50 (-4.24)
Ranbaxy
Labs (GDR) 11.99 (-0.42)
Reliance
(GDR) 42.84 (-1.29)
Satyam
Comp (ADR) 2.70 (-6.57)
SBI
(GDR) 125.80 (+0.40)
Sterlite
Ind (ADR) 14.23 (-6.13)
Tata
Commun (ADR) 11.54 (-8.05)
Tata
Motors (ADR) 35.27 (-2.03)
(PTI)
Pepper
futures surge on lower production
NEW DELHI,
Nov 29: Pepper
futures prices surged by Rs 234
to Rs 22,980 per quintal today on
rising demand against restricted
arrivals.
Estimates
of lower global productions also
influenced the trading sentiment.
At
the National Commodity and
Derivatives Exchange counter,
pepper for delivery in December
surged by Rs 234, or 1.08 per
cent to Rs 22,980 per quintal.
Likewise,
the spice for delivery in January
rose by Rs 229, or 1.04 per cent
to Rs 22,219 per quintal, while
February contract up by Rs 175,
or 0.79 per cent to Rs 22,331 per
quintal.
Analysts
said rising demand at spot
markets due to the ongoing
marriage season and fall in
arrivals pushed up pepper futures
prices. (PTI)
Castorseed
futures decline on profit taking
NEW DELHI,
Nov 29: Castorseed
futures prices fell by Rs 55.50
to Rs 3,442 per quintal today on
all round selling by traders at
prevailing higher levels, guided
by a weak spot market sentiment.
Reduced
offtake by industries along, with
increased arrivals in spot
markets, led to the fall here in
futures price of castorseed.
At
the National Commodity and
Derivatives Exchange counter,
castorseed price for far February
month contract tumbled by Rs
55.50 or 1.59 per cent to Rs
3,442 per quintal, with an open
interest of 2,500 lots.
Current
December month contract went down
by Rs 21, or 0.54 per cent to Rs
3,851 per quintal, clocking an
open interest of 5,050 lots.
While
most active January month
contract dropped by Rs 20.50, or
0.56 per cent to Rs 3,623.50 per
quintal, with an open interest of
5,480 lots. (PTI)
Turmeric
futures rise on firm spot demand
NEW DELHI,
Nov 29: Turmeric
futures prices rose by Rs 524 to
Rs 16,300 per quintal today on
fresh buying by traders,
supported by local demand in view
of the ongoing marriage season.
Restricted
arrivals from producing regions
also influenced trading
sentiments.
At
the National Commodity and
Derivatives Exchange counter,
turmeric for delivery in December
surged by Rs 524, or 3.32 per
cent to Rs 16,300 per quintal.
Similarly,
the spice for delivery in April
rose by Rs 302, or 3.34 per cent
to Rs 9,610 per quintal.
Analysts
said fresh buying by traders,
driven by rise in demand in the
spot market mainly led to an
upsurge in turmeric futures
prices. (PTI)
Vishal Bali
is CEO of Fortis Global
Healthcare Holdings
BANGALORE,
Nov 29: Fortis
Global Healthcare Holdings Ltd,
the international healthcare
company of Malvinder Mohan Singh
and Shivinder Mohan Singh, has
appointed Vishal Bali as its
Chief Executive Officer.
Mr
Bali, the incumbent CEO of Fortis
Hospitals in India, will assume
his new position with immediate
effect.
Fortis
Hospitals is part of the
50-hospital chain owned by the
Mumbai-listed Fortis Healthcare
Limited the company said in a
release here today.
Mr
Bali will lead Fortis Global
Healthcare in the creation of a
Pan-Asia integrated healthcare
business.
A
leader in the change management
of the healthcare sector in
India,
he
has spent 19 years running the
Wockhardt Hospitals Group in
India, until acquisition of its
substantive assets (10 Hospitals)
by Fortis in 2009.
His
expertise in management analysis,
integrating healthcare strategy,
operations
and management through
information technology, has set
industry benchmarks, the release
claimed. (UNI)
TouchMagix
launches two innovative B2B
products
MUMBAI, Nov
29: Techno-based
brand communication provider,
TouchMagix today launched its two
new revolutionary retail and
lifestyle related products.
The
‘MagixTable’- the
world’s thinnest multi-touch
surface table computer with HD
LED display has 40 simultaneous
touch points, at 50 hz tracking
rate.
The
product, priced at Rs 6.5 lakhs
can be used in corporate
presentations, home
entertainment, electronic
controlling console and in
lifestyle activities like web
surfing, bars and hotels,
restaurants and lounges. The
MagixTable, which supports both
Windows 7 and Mac operating
systems (OS) can also be used in
defence and simulation sectors.
The
‘MagixFone’- a novel
consumer engagement and gaming
module allows users to engage
with the display screen attached
to the device using their mobile
phone. A user can dial any of the
numbers shown on the screen and
be interactively connected to the
device. The Rs 1.5 lakh device
uses a SIM card connected to a
computer and display screen. The
product will be offered as
customer engager at retail
outlets and multiple point of
sales venue like shopping malls,
to help retail brands and outlets
engage consumers.
The
company spent three years
developing the MagixTable and
upto 18 months for MagixFone.
It
will distribute the products
across its existing B2B channels
across 20 countries.
Speaking
to UNI at the launch here today,
TouchMagix Media, founder, Anup
Tapadia said the company was
looking to engage more partners
in vertical platforms like
education and lifestyle. It also
planned to increase it’s
distribution network to upto
50-60 countries by 2011 end.
"
We are looking for partners in
content development and plan to
enter the consumer space in the
next six months. We are a
start-up company and have
invested Rs 8 to 10 crore in
developing the two products
alone. We plan to break-even by
FY 11 end," he said. (UNI)
Plan panel
to set up a body for uniform gas
price:Oil Ministry
NEW DELHI,
Nov 29: In an
effort to make prices uniform for
consumers, the Oil Ministry has
asked Plan panel to set up a
committee to suggest a mechanism
for averaging out price of
costlier imported LNG with
cheaper domestic gas.
"We
have suggested to the Planning
Commission that a committee be
formed on ‘Pooled
Pricing’ of gas," Oil
Secretary S Sundareshan said at a
FICCI conference here.
He
said the panel may be headed by
Advisor (Energy), Planning
Commission and may include
Chairman, Gail (India) Ltd;
Managing Director and CEO,
Petronet LNG Ltd; Secretary,
Petroleum and Natural Gas
Regulatory Board and Director
Finance, Oil and Natural Gas Corp
(ONGC).
A
pooled price or averaging out of
difference rates, for natural gas
may be necessary in view of the
limited domestic gas availability
and increasing reliance on
imported liquefied natural gas
(LNG) to feed the demand.
The
Oil Ministry had earlier
commissioned a study by Spanish
consultant Mercados International
on the feasibility of pooling of
over a dozen different rates at
which natural gas produced from
different fields in the country
is sold.
The
price for domestic natural gas
ranges from USD 2.71 to USD 5.73
per million British thermal unit,
while LNG on long term contract
is currently imported at USD 6.92
per mmBtu and from spot market at
close to USD 8.52 per mmBtu.
Mercados
has suggested separate pools for
fertiliser and power sector and
involved several complex
inter-ministerial issues.
Sundareshan
said Planning Commission has been
requesting an Inter-Ministerial
Committee under the Chairmanship
of its Advisor (Energy), to
formulate a policy for pooling of
natural gas prices and devise
pool operating guidelines to make
the policy operational.
Others
in the Committee could be
representatives of the Ministry
of Petroleum and Natural Gas,
Power, Fertiliser and Finance at
the level of the Additional
Secretary.
The
need for pooling of domestic gas
price with imported LNG has
arisen because LNG from Australia
will cost almost USD 14 per mmBtu
when it lands at Kochi in Kerala
in 2014.
"It
will be unreasonable to expect
consumers to pay (such a
price)," Sundareshan said.
Petronet
LNG Ltd, India’s largest
importer of liquefied natural
gas, has contracted 1.5 million
tons a year of LNG from Australia
for delivery at its
under-construction Kochi terminal
in Kerala from end 2014.
The
natural gas produced by
state-owned ONGC and Reliance
Industries, which together
account for over 80 per cent of
gas in the country, is priced at
USD 4.2 per mmBtu.
The
modalities of pooling will be
worked out in 6-8 months, he
said. (PTI)
Jeera
futures fall on subdued demand
NEW DELHI,
Nov 29: Jeera
futures prices fell by Rs 60 to
Rs 14,855 per quintal today, as
speculators reduced their
positions, following a drop in
domestic and export demand.
At
the National Commodity and
Derivatives Exchange counter,
jeera for delivery far-month
February fell by Rs 60, or 0.40
per cent to Rs 14,855 per
quintal.
Similarly,
the spice for delivery in January
declined by Rs 51, or 0.35 per
cent to Rs 14,585 per quintal,
while delivery for December
contract fell by Rs 21 or 0.15
per cent to Rs 14,299 per
quintal.
Analysts
said fresh offloading by
speculators on fall in domestic
and exports demand pulled down
jeera futures prices. (PTI)
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