NEW DELHI, Feb 9: Freight rates for 10-tonne load for Vijaywada and Hyderabad rose by Rs 1000 in the local truck transport market today on short position of trucks.
Transporters said besides busy cargo movements, tight position of trucks in the markets, mainly pushed up freights.
Delhi to Vijaywada rates moved up by Rs.1000 to Rs.51,000. Hyderabad freights also went up by Rs.1000 at Rs.48,000.
The following are today’s freights per 10-tonne load: Jaipur 14,000 Hyderabad 48,000
Chandigarh 15,000 Vijayawada 51,000
Ludhiana 18,000 Bangalore 63,000
Kanpur 19,000 Chennai 65,000
Indore 20,000 Mysore 68,000
Ahmedabad 22,000 Pondicherry 69,000
Baroda 24,000 Coimbatore 72,000
Patna 27,000 Kochi 74,000
Surat 25,000 Thiruvananthapuram 80,000 Mumbai 28,000 Goa 50,000
Pune 30,000 Gwalior 10,000
Kolkata 32,000 Guwahati 50,000. (PTI)

NEW DELHI, Feb 9: Mustard oil prices traded lower by Rs 50 per quintal in lacklustre trade on the wholesale oils and oilseeds market today due to subdued local demand against sufficient supplies.
However, other edible and non-edible oils moved in a narrow range on little doing and settled around previous levels.
In the national capital, mustard expeller oil (Dadri) shed Rs 50 at Rs 8250 per quintal.
The following were today’s quotations per quintal:
Oilseeds: Mustardseed 2,950-3,050 and Groundnut Seed 2,150-2,900.
Vanaspati Ghee (15-litre tin) 1,100-1,250.
Edible oils: Groundnut Mill Delivery (Gujarat) 12,250, Groundnut Solvent Refined (per tin) 2,100-2,150, Mustard expeller (Dadri) 8,250, Mustard Pakki Ghani (per tin) 1,300-1,380, Mustard Kachi Ghani (per tin) 1,385-1,485, Sunflower 6,300, Sesame Mill Delivery 11,100, Soybean Refined Mill Delivery (Indore) 7,550, Soyabean Degum (Kandla) 7,100, Crude Palm Oil (Ex-Kandla) 7,400, Cottonseed Mill Delivery (Haryana) 7,000, Palmolein (RBD) Rs 7,650, Palmolein (Kandla) 7,150, Rice Bran (phy) 3,800 and Coconut (per tin) 1,360-1,410.
Non-edible oils: Linseed 6,350, Mahuwa 4,000, Castor 8,750-8,850, Neem 4,950-5,050, Rice Bran 3,130-3,230 and Palm Fatty 3,225-3,300.
Oilcakes: Groundnut Dehusk 800-850, Sesame 950-1,150, Mustard (New) 1,000-1,025, Mustard 1,200-1,210 and Cottonseed 1,075-1,175. (PTI)

NEW DELHI, Feb 9: Barring a rise in bajra on scattered demand, the wholesale grains market today held steady in limited deals.
Marketmen said scattered demand mainly helped bajra prices to trade higher.
In the national capital, bajra inched up by Rs 10 to Rs 1,340-1,345 per quintal.
The following are today’s quotations per quintal:
Wheat MP (deshi) 2,050-2,250, Wheat dara (for mills) 1,580-1,585, Chakki atta (delivery) 1,590-1,595, Atta Rajdhani (10 kg) 210, Shakti bhog (10 kg) 210, Roller flour mill 850-870 (50 kg), Maida 900-950 (50 kg) and Sooji 950-980 (50kg).
Basmati rice (Lal Quila) 10,000, Shri Lal Mahal 10,000, Super Basmati Rice, 9,500, Basmati common new 7,900-8,000, Rice Pusa-(1121) new 7,000-7,800, Permal raw 2,150-2,250, Permal wand 2,425-2,475, Sela 2,650-2,700 and Rice IR-8 1,750-1,800, Bajra 1,340-1,345, Jowar yellow 1,400-1,425, white 2,225-2,425, Maize 1,430-1,460, Barley 1,400-1,410, Rajasthan 1,080-1,090. (PTI)

NEW DELHI, Feb 9: In limited deals, rajmah prices rose by Rs 50 per quintal on the wholesale pulses market today on firm demand from retailers against tight supplies following less arrivals from producing belts.
However, other pulses continued to move in a tight range on alternate bouts of trading and settled at previous levels.
Marketmen said besides firm demand, tight stocks availability due to less arrivals from producing regions mainly led to rise in rajmah chitra prices.
In the national capital, rajmah chitra moved up by Rs 50 to Rs 7,700-8,550 per quintal.
The following are today’s pulses rates per quintal:
Urad 3,300-3,650, Urad Chilka (local) 4,100-4,450, best 4,550-5,050, Dhoya 5,000-5,100, Moong 5,150-5,750, Dal Moong Chilka local 5,700-6,100, Moong Dhoya local 6,100-6,200 and best quality 6,800-6,900.
Masoor small 3,550-3,750, bold 3,700-3,900, Dal Masoor local 4,200-4,300, best quality 4,300-4,400, Malka local 3,825-3,925, best 4,025-4,125, Moth 3,400-4,000, Arhar 3,650-3,850, Dal Arhar Dara 5,150-5,350.
Gram 3,450-3,800, Gram Dal (local) 4,050-4,150, best quality 4,350-4,450, Besan (35 kg) Shakti bhog 1,760, Rajdhani 1,760, Rajmah Chitra 7,700-8,550, Kabli Gram small 3,500-6,000, dabra 2,700-2,800, imported 4,700-5,100; Lobia 3,500-4,600, Peas white 2,600-2,625 and green 2,700-2,800. (PTI)

NEW DELHI, Feb 9: The local steel market remained flat today as saria and other steel prices continued to trade in a tight range on lack of worthwhile buying support and settled around previous levels.
Traders said lack of worthwhile buying support from constructions units mainly kept steel prices flat.
The following are today’s quotations per tonne:
CTD saria (Kamdhenu): 8-mm 49,000, 10-mm 47,500, 12-mm 46,500, 16-25 mm 47,100.
Saria Jai Bharat (TMT): 8-mm 45,100, 10 mm 44,800, 12-mm 44,100, 16-25 mm 44,400.
Amba shakti (TMT): 8-mm 45,400, 10-mm 43,100, 12-mm 42,100, 16-25 mm 42,600.
MS Angle: (50×5) (50×6) 42,000, (40×5) (40×6) 42,800.
Angle Capital (ISI) (40X5) (40×6) 43,800, (35X5) (65X6) 33,900. Girder 125X65 RS 39,300. (PTI)

NEW DELHI, Feb 9: Prices of copper and nickel strengthened by Rs 2 per kg on the local metals market today due to increased industrial demand.
The rise in demand amid a firming trend in overseas markets mainly strengthen copper and nickel prices.
In the national capital, copper mixed scrap and nickel (4×4) advanced by Rs 2 each to Rs 450 and Rs 1078-1081 per kg respectively.
The following are metal rates per kg:
Zinc ingot 123-129, nickel plate (4×4) 1,078-1,081, gun metal scrap 227, bell metal scrap 229, copper mixed scrap 450, chadri deshi 285.
Lead ingot 145, lead imported 143, aluminium ingots 134, sheet cutting 135, aluminium wire scrap 139 and aluminium utensils scrap 134. (PTI)

HYDERABAD, Feb 9: LIC Nomura Mutual Fund today launched its Rajiv Gandhi Equity Saving Scheme (RGESS) Series 1, a close ended equity tax advantage savings scheme for equity investors in India.
The scheme offers tax benefits under Section 80 CCG over and above the tax rebate offered under Section 80 C of the IT Act, 1961.
The New Fund Offer (NFO) will open for subscription on February 9, 2013 and close on February 25, 2013. The units will be available at par (Rs.10) during the NFO and at NAV related prices thereafter.
The scheme will not be open for subscription on an ongoing basis.
Speaking at the launch, Director & Chief Executive Officer, LIC Nomura MF Nilesh Sathe thanked Ministry of Finance for such novel initiative and said ‘The scheme will encourage flow of saving in financial instruments and improve the participation in domestic capital market and will also provide tax rebate to the investors’.
The investment objective of the scheme is to generate opportunities for growth while providing income tax benefits under section 80CCG of the Income Tax Act 1961 by active management of portfolio investing predominantly in RGESS eligible equity and equity related instruments, the release added. (UNI)

MUMBAI, Feb 9: Not happy with CSO’s growth projection, Finance Minister P Chidambaram today said there are signs of upturn in the economy and it is likely to grow at a higher rate of 5.5 per cent this fiscal and further improve to 6-7 per cent in 2013-14.
“While 5 per cent growth rate of CSO is low and is a matter of concern…We believe growth will be closer to 5.5 per cent rather than CSO’s estimate of 5 per cent”, he said while launching the Rajiv Gandhi Equity Savings Scheme (RGESS) here.
The Minister further said that Central Statistical Organisation’s (CSO) estimate of 5 per cent was not the lowest of the decade.
“It is still higher than the two record lows of 2000-01 and 2002-03. There are signs of upturn and that will take us back to high growth path,” Chidambaram said.
The Minister further said: “We should without any reason, denigrate our own performance and record.
“I have no doubt in my mind that we will come out of trough and we will climb back to growth rate of between 6-7 per cent next year and then between 7 and 8 per cent in the year after.”
CSO’s advance growth estimate of 5 per cent for the current fiscal has evoked sharp reaction from Finance Ministry which said that it has based the projection on data available till November, and ignored the signs of uptrend. (PTI)

NEW DELHI, Feb 9: Mahindra and Mahindra today said it will acquire 26 per cent stake in its defence joint venture with BAE Systems, ending their three-year old partnership.
In a joint statement, they said that they have decided to end their three-year old partnership in the Indian defence sector with M&M set to acquire 26 per cent stakes of its partner in the joint venture company Defence Land Systems India (DLSI).
In DLSI, Mahindra Defence Systems– a part of the Mahindra and Mahindra group — has 74 per cent stakes while the global defence major holds the remaining 26 per cent.
The Joint Venture company had plans of supplying artillery howitzers and anti-mine vehicles to the Indian armed forces.
“Since the establishment in 2009 of the Joint Venture, DLSI, there has been significant evolution in the Indian Land Systems market.
“Developments in both the industry environment and in customer procurement frameworks and acquisition strategies have led the shareholders to conduct a strategic review of the DLSI business,” BAE Systems said in the statement.
“Following that review, it has been jointly agreed that Mahindra & Mahindra will acquire BAE Systems’ 26 per cent shareholding in the entity.
“This decision is a reflection of the shareholders’ belief that they can best meet emerging customer requirements and address the opportunities in this dynamic market with a flexible, tailored approach that was not easily facilitated by the structure of the existing Joint Venture entity,” it said.
BAE said the decision will enable both companies to consider each opportunity on a case by case basis, including continuing to explore opportunities for co-operating on specific defence projects.
Commenting on the development, Brigadier (Retd) Khutub Hai, Chairman and Managing Director, Mahindra Defence Systems, said” “In keeping with the Indian defence acquisition scenario and current market considerations, the managements of Mahindra & Mahindra and BAE Systems have decided that Mahindra’s 100 per cent subsidiary Mahindra Defence Systems will acquire BAE Systems’ 26 per cent shareholding in the Defence Land Systems India (DLSI) joint venture.”
“This is a strategic decision and will enable both the companies to approach opportunities individually and to offer customised solutions to meet the needs of the Indian defence land systems domain,” he said.
Dean McCumiskey, Managing Director and Chief Executive, India, BAE Systems, said, “Building domestic capabilities in partnership with Indian companies will remain a cornerstone of our strategy in India.
“We look forward to opportunities to collaborate with Mahindra and others to enhance the role of the private sector in the defence industry.”
As per India’s FDI policy, foreign vendors can invest only 26 per cent in the Indian defence sector to develop military hardware indigenously. (PTI)

MUMBAI, Feb 9: Union Finance Minister P Chidambaram, as part of his day long engagements in the Metropolis, inaugurated the newly constructed Punjab National Bank Corporate Centre, at the Bandra-Kurla Complex.
The Finance Minister also addressed a gathering of some of the
important customers of the bank.
Aptly named, PNB Pragati Tower, the new corporate centre houses
the New Delhi-headquartered bank’s Mumbai Circle Office.
It also houses the specialized branches dealing with stressed assets and retail loans.
A new general banking branch, equipped with 24×7 self service area, has also been started at the same premises.

(UNI)