NEW DELHI, May 23: Citing its robust economic indicators and expressing confidence that the strong fundamentals of its economy will help it return to a sustained growth path of about 8-10 per cent per annum in the coming years, India has invited the Arab nations to participate in its growth story.
“Your participation will be mutually beneficial,” Minister of State for External Affairs E Ahamed said speaking at the 3rd India-Arab Partnership Conference held in Abu Dhabi yesterday.
He also expressed India’s desire for stability in the Arab world.
The minister pointed out that despite adverse international environment, India had managed to maintain a growth rate of over 7 per cent per annum.
“We have robust economic indicators including high domestic saving rate, increasing direct and indirect tax revenues, high agricultural growth, a strong manufacturing base and a booming service sector spearheaded by the information and communication technology sector,” Mr Ahamed said.
He also pointed out to India’s assets including its very young population with over half of them being in their twenties, growing rural market and a rapidly growing middle-class, investments in education and asserted that India was poised to continue to be a frontline player in the global knowledge economy.
“We have very ambitious plans for the development of our infrastructure. We are planning to secure investment of almost 1 trillion dollar in the next 5 years in new projects in highways, power plants, mass transport systems, ports and airports. This will be achieved through both public and private investment and Public-Private Partnerships,” he said.
Mr Ahamed said India was committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix.
“This makes India one the most attractive destinations for foreign direct investments. India invites our longstanding friends from the Arab world to participate in India’s growth story which would be mutually beneficial,” he said.
The Arab world had been home to millions of Indians, who had been earning a living, at the same time, contributing their share through hard work and dedication in developing the respective economies, he added.
“Continued peace and stability in the region is of interest to all of us. We support addressing of all issues through peaceful dialogue and negotiations with countries being free to determine their own pathways to national development,” he said.
“The focus this year was on investment projects which could be identified in the development of Small and Medium Enterprises, infrastructure facilities such as rail, road, airport, ports, power, water, real estate business, healthcare, tourism, transportation, education & human resource development, IT & IT-enabled services, chemicals & petrochemicals, minerals and metals, oil and gas,” he said.
There is a tremendous need for development of these sectors both in India, with its vast population to cater to and the Arab world, the minister said.
(UNI)

NEW DELHI, May 23: IT firm Tech Mahindra today announced the launch of its delivery and development centre in Noida.
Set up with an investment of Rs 100 crore, the facility is spread over 2.5 acres of land and is Tech Mahindra’s sixth SEZ unit.
“The new facility at NSEZ Noida underscores our commitment to invest and build world-class infrastructure and provide best-of-class delivery to our clients,” Tech Mahindra Vice-Chairman, MD and CEO Vineet Nayyar. Said.
The centre, with more than 2,000 work spaces and close to 120 training spaces, was inaugurated by Tech Mahindra Chairman Anand Mahindra. (PTI)

MUMBAI, May 23: Tata Power Company has posted a consolidated net loss of Rs 628.75 crore for the quarter ended March 31, 2012 as compared to net profit of Rs 625.02 crore for the quarter ended March 31, 2011.
Total consolidated income has increased 39.17 percent from Rs. 5121.06 crore for the quarter ended March 31, 2011 to Rs. 7127.69 crore for the quarter ended March 31, 2012.
On standalone basis, the company has posted a decline of 56.55 percent in net profit of Rs 116.97 crore for the quarter ended March 31, 2012 as compared to Rs 267.71 crore for the quarter ended March 31, 2011, a release said.
Total revenue has increased 34 percent from Rs 1630.22 crore for
the quarter ended March 31, 2011 to Rs. 2184.02 crore for the quarter ended March 31, 2012.
The board of directors of the company has recommended a dividend of Rs 1.25 on a share of Rs 1 each to the shareholders for the year ended Mar 31, 2012.
(UNI)

NEW DELHI, May 23: Aurobindo Pharma today said it has received final approval from the US health regulator for its generic Nevirapine tablets and oral suspension used for treating human immunodeficiency virus (HIV).
The company has received final approval from the United States Food and Drug Administration (USFDA) for its Nevirapine tablets in the strength of 200 mg and Nevirapine oral suspension in the strength of 50 mg/5ml, Aurobindo Pharma said in a statement.
The company plans to launch the products manufactured at its Hyderabad facility soon in the US market, it added.
According to IMS health data the products have a market size of approximately USD 125 million for the twelve months ending December 2011, Aurobindo Pharma said.
Nevirapine tablets and oral suspension are generic equivalent of Boehringer Ingelheim Pharmaceutical Inc’s Viramune tablets and oral suspension in the same strengths.
“The products are indicated as part of antiretroviral combination therapy for the treatment of HIV infected adults,” it added.
The company said it currently has 151 abbreviated new drug application (ANDA) approvals from the USFDA.
(PTI)

DUBAI, May 23: India and the Middle East trade corridor is expected to grow by 34 per cent to become one of the world’s fastest-growing by next year, UAE’s Minister of Foreign Trade has said.
“The India-Middle East corridor is expected to grow by 34 per cent to emerge as one of the world’s fastest-growing trade corridors by 2013,” said the Minister, Sheikha Lubna bint Khalid Al Qasimi.
“Given that it is the second-most populous country in the world with an enormous consumer base of over 1.2 billion, India is definitely among our priority partners moving forward,” she said at the Third Arab-India Partnership Conference which got underway in Abu Dhabi yesterday.
According to India’s Foreign Ministry officials, trade between India and the Arab world increased from USD 114 billion in 2008-09 to USD 144 billion in 2010-11.
She added that capital flows from the Gulf Cooperation Council (GCC) to India amounted to around USD 2.6 billion from April, 2000 to January, 2012, while India’s FDI contribution to the GCC for the same period was at USD 2.4 billion.
The Minister said it would be ideal for both the countries to ink an Free Trade Agreement to boost commercial partnership.
“To date, power, services and construction account for the majority of inflows from the GCC to India, which has emerged as one of our major sources of FDI.
“…It would be ideal for both our parties to reach a Free Trade Agreement that can further increase and expand our bilateral FDIs,” she said.
The two countries should also work on initiatives to fully optimise business and investment partnerships, such as boosting the frequency of delegate visits, removing some non-tariff related barriers, and expanding trade beyond traditional exports and imports, she added.
“India is also the first trade partner of the UAE, with our bilateral exchange topping USD 144 billion last year,” the minister said.
Over 40 leading Indian companies have established a presence here and almost all major Indian banks are represented locally, Sheikha Lubna said.
There are 500 weekly flights between the UAE and various Indian cities that has helped facilitate dynamic business ties as well, aside from encouraging more travel between the two countries, she added.
“We would like to encourage our Indian partners to consider investments and ventures with our more than 208,000 small and medium enterprises or SMEs which comprise almost 80 per cent of the UAE’s private sector,” she said.
The conference is being organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with India’s Ministry of External Affairs, the Secretariat of Arab League and Abu Dhabi Chamber of Commerce and Industry. (PTI)

MUMBAI, May 23: The Reserve Bank of India (RBI) has cancelled the licence of Bhimashankar Nagari Sahakari Bank Ltd of Ausa in Latur district of Maharashtra.
In view of the fact that Bhimashankar Nagari Sahakari Bank Ltd had ceased to be solvent, all efforts to revive it in close consultation with the Government of Maharashtra had failed and the depositors were being inconvenienced by continued uncertainty.
RBI on May 3, 2012 delivered its order dated April 25, 2012 to the bank cancelling its licence to carry out banking business, an RBI statement said.
‘The Registrar of Co-operative Societies, Maharashtra State has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank,’ the statement said.
On liquidation, every depositor is entitled to repayment of his/her
deposits up to a monetary ceiling of Rs one lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms
and conditions. The bank was granted a licence by RBI on January 27, 1997 to commence banking businessm a release said.
The bank was granted a licence by Reserve Bank of India on January 27, 1997 to commence banking business. (UNI)

UNDATED, May 23: Two top US financial regulators said on Tuesday the issues around the initial public offering of Facebook should be reviewed, putting fresh pressure on the company, its lead underwriter, Morgan Stanley, and the Nasdaq stock exchange.
Facebook shares closed 8.9 per cent lower at 31 dollar, following an 11 per cent plunge on Monday. At that price the company has shed more than 19 billion dollar in market capitalization from its 38 dollar-per-share offering price last week.
Reuters reported late Monday that the consumer Internet analyst at lead underwriter Morgan Stanley cut his revenue forecasts for Facebook in the days before the offering, information that was not disclosed to the market before the stock was listed.
Facebook itself had urged analysts working for some of the 33 underwriters to lower their estimates ahead of the IPO, according to four sources with direct knowledge of the conversations that were held during the week prior to the IPO.
‘Facebook changed the numbers. They didn’t forecast their business right and they changed their numbers and told analysts,’ said another source at one of the underwriters with knowledge of the situation
The company had issued a revised prospectus on May 9 in which it cautioned about the possible negative impact of Facebook users shifting to mobile platforms, but the vague language fell well short of an explicit warning of lower revenues or earnings. Facebook has yet to make much revenue from mobile advertising.
The disclosure of lower forecasts to certain big institutional investors left both Facebook and Morgan Stanley open to accusations of selective disclosure. Many smaller investors who bought Facebook shares in the IPO were left in the dark.
A Facebook spokesman declined to comment.
‘Morgan Stanley followed the same procedures for the Facebook offering that it follows for all IPOs,’ Morgan Stanley spokesman Pen Pendleton said in a statement. ‘These procedures are in compliance with all applicable regulations.’
JPMorgan Chase and Goldman Sachs, which were also lead underwriters on the deal, and another underwriter, Bank of America Merrill Lynch, also all revised their estimates during Facebook’s IPO roadshow, according to sources familiar with the situation.
The new estimates showed reductions in revenue and earnings projections for both the second quarter of 2012 and the full year, according to detailed figures reviewed by Reuters.
The issue of selective disclosure drew the attention of the main regulator of U.S. Brokerages.
‘That’s a matter of regulatory concern to us and I’m sure to the SEC,’ said Richard Ketchum, the Financial Industry Regulatory Authority’s chairman and chief executive. ‘And without saying whether it’s us or the SEC, we will collectively be focusing on it.’
Securities and Exchange Commission Chairman Mary Schapiro said investors should be confident in investing, but she conceded there were questions to answer as well.
‘I think there is a lot of reason to have confidence in our markets and in the integrity of how they operate, but there are issues that we need to look at specifically with respect to Facebook,’ she told reporters as she exited a Senate Banking Committee hearing.
The state of Massachusetts also said it would examine the issues. Secretary of Commonwealth William Galvin issued a subpoena to Morgan Stanley in connection with its analyst’s discussions with investors about Facebook.
A Los Angeles law firm filed a lawsuit seeking class action status against Facebook and its underwriters alleging inadequate disclosure of key information.
The legal issues surrounding the disclosure obligations of a pre-public company and its underwriters are murky, securities lawyers said. Public companies are subject to a rule known as Regulation Fair Disclosure, which requires that material information be disclosed to all investors at the same time.
But that rule would not apply to information that Facebook provided to its underwriters before it went public, according to securities law experts. Underwriters also may not have a legal obligation to disclose their proprietary research to all clients at the same time.
Adam Pritchard, a securities law professor at the University of Michigan and a former SEC enforcement attorney, said that in general, information disseminated pre-IPO cannot be inconsistent with what is provided in the prospectus. But Pritchard added that there is a big exception to these so-called ‘gun-jumping rules’ for oral communications.
Facebook’s guidance to analysts, and the subsequent revised estimates communicated to some investors, were delivered in telephone calls and conference calls rather than emails or written reports, the sources said. The conversations took place shortly after Facebook filed its revised prospectus.
The legal subtleties, though, did little to ease the anger of some investors and brokers who say the Facebook IPO now stands as an ugly example of a system rigged against the little guy.
‘Night and day the institutional clients get things that we don’t get,’ said a Morgan Stanley Smith Barney adviser who works with retail clients. ‘It’s a huge issue for the entire industry.’
(AGENCIES)