NEW DELHI, June 9: Guarseed prices fell by Rs 70 to Rs 4,910 per quintal in futures trading on reports of higher production estimates along with huge carryover stocks.
At the National Commodity and Derivatives Exchange counter, guarseed prices for delivery in current month June contracts fell by Rs 70, or 1.41 per cent, to Rs 4,910 per quintal, with an open interest of 11,877 lots.
Most-active delivery in July month contracts fell by a similar margin to trade at Rs 5,055 per quintal, in an open interest of 12,765 lots.
Marketmen said in addition to rising stocks on the back of ample supplies from growing regions, weak export demand also weighed on guarseed prices at futures trade.
India is the key grower and exporter of the commodity and produces almost 80 per cent of the world’s total. (PTI)
Guarseed futures decline on mounting stocks, weak export
New govt will come out with a National Energy Policy:
Pranab NEW DELHI, June 9: The new government will soon come out with a National Energy Policy that will focus on balancing power generation through conventional and non-conventional sources, President Pranab Mukherjee said today. Addressing the first Joint Sitting of the Parliament, Mukherjee said: “My government will come out with a comprehensive National Energy Policy and focus on development of energy related infrastructure, human resource and technology.” The aim of the government will be to “substantially augment” electricity generation capacity through a judicious mix of conventional and non-conventional sources, he added. The government will also work towards expanding the National Solar Mission. The mission which was launched on the 11th January, 2010 has a target of deploying 20,000 MW of grid connected solar power by 2022 and reduce the cost of solar power generation in the country through long term policy, large scale deployment goals, aggressive R&D and domestic production of critical raw materials, components and products. Mukherjee further said: “The international civil nuclear agreements will be operationalised and nuclear power projects for civilian purposes will be developed. “By the time the nation completes 75 years of Independence (2022), every family will have a pucca house with water connection, toilet facilities, 24×7 electricity supply.” The new government also intends to address the important issue of pollution through the use of cleaner fuels. “Cleaner fuels will be promoted to bring down pollution levels in our cities. The government will take up mitigation works to meet the challenges posed by climate change and will work with the global community in this regard,” Mukherjee said. The government will formulate clear and transparent policies on allocation of critical natural resources such as coal, minerals and spectrum, he added. (PTI)
Dell Services ropes in former MphasiS EVP Ganesh Murthy as CFO
NEW DELHI, June 9: Technology giant Dell has appointed former MphasiS Executive Vice President Ganesh Murthy as VP and Chief Financial Officer of Dell Services.
Based in Bangalore, Murthy will report to Dell Senior Vice President and CFO Thomas Sweet and Dell Services president Suresh Vaswani, the firm said in a statement today.
Murthy joins Dell from Mphasis, a subsidiary of Hewlett-Packard (HP), where he worked for five years serving as executive vice president and CFO.
Previously, he was finance director for HP GlobalSoft Limited in Bangalore and has also held leading finance positions at Texas Instruments and Thomson Multimedia.
“Ganesh’s deep business and finance acumen, impressive track record of financial leadership and strong services background make him a great fit for his new role with Dell Services,” Vaswani said.
His appointment will help execute Dell Services’ long-term strategy of innovating and driving value for customers and the transformation of business with disciplined cost management, he added.
On his appointment, Murthy said: “Dell has begun a new chapter as a private company. That, along with the tremendous market potential that Dell Services offers, makes this a very exciting opportunity”.
Last week, Dell Services had announced that Prasad Thrikutam, who was in charge of strategic sales, marketing and alliances at Infosys, would join the firm as president and global head of its Application Services division from July 28.
In September last year, Dell stockholders approved the proposal in which Michael Dell, Dell’s Founder, Chairman and CEO, acquired Dell in partnership with global technology investment firm Silver Lake Partners.
The merger transaction closed on October 29, 2013, and the firm’s common shares were subsequently delisted from the NASDAQ stock market.
According to the company’s last filing to the exchanges, Dell Services accounted for USD 2.13 billion (over 14 per cent of the company’s total revenues of USD 14.5 billion) for the quarter ended August 2, 2013. (PTI)
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SMIL inks JV pact with Magneti Marelli for shock absorbers biz
NEW DELHI, June 9: Auto components maker Samvardhana Motherson International Ltd (SMIL) has inked a 50:50 joint venture pact with Italy’s Magneti Marelli Spa to enter the automotive shock absorbers segment in the Indian market.
SMIL will enter the JV through the acquisition of 50 per cent stake in Magneti Marelli Shock Absorbers India Pvt Ltd, the Italian firm’s arm in India, SMIL said in a statement.
The JV will leverage Magneti’s manufacturing facility in Chakan, Pune, with state-of-the-art product and automation technology, it added.
“It further strengthens our relationship with Magneti Marelli, our partner since 2008. In line with our philosophy of increasing content per vehicle, this JV adds a new product line – shock absorbers, to our portfolio,” Samvardhana Motherson Group Chairman V C Sehgal said.
SMIL and Magneti have a JV in India for lighting systems, air intake manifolds and pedal assemblies since 2008.
“This new JV is the most appropriate way of maximising the Magneti Marelli’s investment in the shock absorbers sector in India. The partnership will accelerate the process to become a leader in the shock absorbers Indian market and also a supply source for clients on a global scale,” Magneti Marelli Spa CEO Eugenio Razelli said.
SMIL is the principal holding company of the Samvardhana Motherson Group (SMG) while Magneti Marelli is part of Fiat Spa. (PTI)
Shielding the culprits
It may not be the real intention of the Government to shield the culprits of Khyber Agro Farms Ltd. of Budgam but the manner in which it has failed to appoint Standing Counsel for Food Safety Department of Budgam strengthens the belief that there are covert efforts to let the indicted company go scot free. Last year a random sample of this company’s milk product was found contaminated with detergent and a case was registered against it by the Food Safety Department before a magistrate of Budgam. Even the court remarked that if the Department has become so poor as not to afford a Standing Counsel, let it apply to the court and the court would do the rest of it. This is a clear case of an attempt at shielding the culprits. May be the Khyber Agro Farms Ltd. enjoys a strong political clout and would want that the case is hushed up by dragging it on indefinitely. It will be a sad day if the Government plays with the health of hundreds of thousands of people in such a brazen case. Interestingly in the March last the Srinagar Municipal authorities lifted at random a curd sample from this company which was also found to be contaminated by the testing laboratories in Kolkata. Even then the Standing Counsel has not been appointed. This is not the way how things can improve. Somebody has to be held responsible for delaying the judicial process in this case.
Special efforts will be made for KPs’ dignified return: Prez
NEW DELHI : The Narendra Modi Government has flagged the return of Kashmiri Pandits to the Valley with “dignity, security and assured livelihood,” an issue on which it will lay special emphasis during its tenure.
Perhaps finding a mention in President Pranab Mukherjee’s joint address to the Parliament for the first time, it was welcomed by Kashmiri Pandit organisations which have been fighting for the lakhs of people from the community who fled the Valley in 1990 due to ethnic cleansing during militancy.
“Special efforts will be made to ensure that Kashmiri Pandits return to the land of their ancestors with full dignity, security and assured livelihood,” the President said while outlining the agenda of Modi government for the next five years.
The BJP had mentioned return and rehabilitation of Kashmiri migrants to the Valley in its manifesto.
According to official data, 24,202 families migrated after militancy raised its ugly head in the Valley in 1990. A total number of 38,119 families are registered with the Jammu and Kashmir Revenue and Relief Ministry till now.
The Kashmiri Pandit organisation, however, put the number of total displaced people anywhere between six to seven lakh now.
Kashmiri Pandit organisations welcomed the move of the Government and said it was for the first time that the plight of the displaced community had been flagged by the Central Government as its priority.
General Secretary of All India Kashmiri Samaj (AIKS) Romesh Raina while welcoming the step said finally the serious issue of displacement of Kashmiri Pandits has got its rightful place in the mainstream politics of the country.
“Our request to the Government would be that while framing the blue print for the return and rehabilitation of the community, they should take the aspirations and needs of the displaced into the consideration and must ensure the political rehabilitation of the people through Constitutional mechanism lest its not refouled again,” he said.
“We appreciate the statement of the Government to ensure Kashmiri Pandits return to the land of their ancestors with dignity,” Raina added.
Terming this as a “most important” statement, General Secretary Jammu and Kashmir Vichar Manch Manoj Bhan expressed hope that the Government will consult the community on various aspects at the time of framing up the return policy.
Social activist Ajay Bharti welcomed the decision of the Government as he said the Kashmiri Pandit community is happy that the issue has been brought as a “priority” by the new government at the centre.
“We are confident that steps will be taken in this direction so that we can go back to the land of our ancestors. The community is really upbeat that somebody has talked about it now,” Bharti said.
Jammu-based Kashmiri Sabha Ambphalla’s vice president Ashok Baru said he expected that the government talks to the community members before taking decisions in this regard.
“Successive governments ignored our problems. We welcome the decision and the way forward is long and this is not a small thing but we are hopeful,” Baru said.
Another prominent figure of the community, Surender Ambardar said there there has to be a roadmap, module and time frame for implementing the welcome measures that the Central Government plans to do.
“There should be a threadbare discussion on the issue and prior to this we need to create a conducive environment in the Kashmir Valley for the return of the community members,” Jammu-based Ambardar, also the convenor of the Jammu and Kashmir Nationalist Movement said.
He said the community thanks the Government for taking the issue seriously. (AGENCIES)
23 killed as Pak militants attack Karachi airport
KARACHI, June 9: At least 23 persons, including 10 terrorists, were killed when heavily armed militants attacked the Jinnah International Airport in Pakistan’s commercial hub Karachi even as fresh firing was heard early today, hours after security forces declared an end to the assault.
“All 10 terrorists have been killed, the airport secured and they were unable to damage any aircraft or installations,” a spokesman of the military’s Inter Services Pubic Relations (ISPR) said.
The terrorists were cornered and killed after they attacked the old airport terminal building late last night, posing as Airport Security Force (ASF) personnel.
However, Express News reported that three militants are still present inside the airport as fresh firing was heard near Isphani Hangar, which is the aircraft overhaul facility of the airport.
Meanwhile, Geo TV reported that the Tehreek-e-Taliban Pakistan (TTP) has claimed responsibility for the attack.
The ISPR spokesman said that army units from the nearby Malir cantonment base, ASF commandos, paramilitary rangers and police had carried out the joint operation to clear the old airport area.
Sophisticated machine guns and rocket launchers were recovered from the slain terrorists who were being identified, he said.
For nearly six hours the Jinnah international airport which is close to the old airport terminal was shut down and all flights diverted as exchange of gunfire took place and heavy plumes of smoke and fire could be seen rising from inside the runaway area where the terrorists took cover in the hanger and engineering workshops.
Several loud explosions were also heard but the spokesman confirmed that no aircraft was damaged nor any important assets or installations damaged during the operation.
Sagheer Ahmed, the Sindh minister for health, told reporters that 13 people were killed in the attack.
“Those martyred include the ASF personnel, civilian engineers and personnel of CAA and PIA and a police officer while a dozen have also been injured and are admitted to hospital,” he said.
Defence Minister Khawaja Asif described the attack as cowardly and said it was another example of how terrorists were trying to destroy important installations and locations of the government.
“But I can tell you these terrorists will not succeed in their aims and will be defeated,” Asif said.
The attack was reminiscent of the deadly raid carried out by some 15 militants of the Tehreek-e-Taliban in May, 2011 on the Mehran naval airbase here in which the attackers killed some 18 personnel and damaged aircraft before being killed in a counter-attack. (PTI)
Kirsten Dunst does not want famous kids
LONDON, June 9: Actress Kirsten Dunst would not encourage her children to pursue a showbiz career.
Dunst, 32, who is in a relationship with her ‘On The Road’ co-star Garrett Hedlund, said she struggles with the idea of her future kids wanting to pursue acting, reported Contactmusic.
“I would obviously like them to be happy and if being actors makes them happy, great, I wouldn’t stop them. But I wouldn’t push them into it. Especially as young kids. Even though it worked out for me, it’s still very hard.
“I also wouldn’t want to bring my kid up in Los Angeles. If I hadn’t grown up there, I think I would hate that city. I’m filming in New Orleans at the moment and it reminded me how lovely it is to walk around without being followed by a gang of paparazzi,” she said. (PTI)
Lead futures down on sluggish demand
NEW DELHI, June 9: Lead traded a shade lower at Rs 123.65 per kg in futures trade today after participants reduced their exposures amid sluggish demand from battery makers in the spot market amid a weak trend overseas.
At the Multi Commodity exchange, lead for delivery in June shed 35 paise, or 0.28 per cent, to Rs 123.65 per kg in business turnover of 442 lots.
Metal prices for delivery in the July fell by a similar margin to trade at Rs 124.75 per kg in eight lots.
Market analysts said subdued demand from battery-makers in the domestic spot market and a weak trend in base metals at the London Metal Exchange led to the fall in lead futures prices. (PTI)
Jake Gyllenhaal, Rachel McAdams dating?
LOS ANGELES, June 9: Rachel McAdams and Jake Gyllenhaal were spotted together on a dinner date, fuelling dating rumours.
McAdams, 35, and Gyllenhaal, 33, are filming ‘Southpaw’ in Pittsburgh, Pennsylvania and were snapped having meal together at a local eatery called Meat And Potatoes, reported Radar online.
McAdams previously datied Michael Sheen. She had a long term romance with her ‘The Notebook’ co-star Ryan Gosling.
Meanwhile, Gyllenhaal’s high-profile relationships include Kirsten Dunst, Reese Witherspoon, Taylor Swift, Alyssa Miller and Natalie Portman. (PTI)