NEW DELHI, June 16: Caustic soda prices rose by Rs 50 per 50 kg in the national capital today largely on the back of pick up in demand from consuming industries amid fall in supplies from producing belts.
Caustic soda flake rose by Rs 50 to conclude at Rs 1,950- 2,050 per 50 kg.
Marketmen said apart from rising demand from detergent manufacturers and other consuming industries, fall in supplies from producing belts also pushed up caustic soda prices on the wholesale chemical market here.
The following are today’s quotations:
Ammonium chloride (50 kg) Rs 850-2,200, acetic acid (1kg) Rs 42-45, ammonia bicarb (25 kg) Rs 450-625, boric acid technical (50 kg) Rs 3,500-4,300, borex granular (50 kg) Rs 2,000-2,300.
Caustic soda flake (50 kg) Rs 1,950-2,050, citric acid (50 kg) (China) Rs 3,200-3,600, citric acid deshi (50 kg) Rs 3,000-3,600, camphor slab (1 kg) Rs 360, camphor powder (1kg) Rs 325, glycerine (1 kg) Rs 150-200, hexamine (1kg) Rs 96, hydrogen peroxide (1 kg) Rs 50-75, menthol bold crystal (per kg) Rs 2,325, menthol flake (1 kg) Rs 1,650 and mentha oil (1kg) Rs 1,480.
Paraffin wax (1 kg) Iran Rs 90
Paraffin wax (1 kg) China Rs 106
Paraffin wax (1 kg) Indian Rs 107
Soda ash (50 kg) (Tata) Rs 1,200
Soda ash (50 kg) (Gujarat) Rs 1,150
Soda ash (50 kg) (DCW) Rs 1,150
Soda ash (50 kg) (Birla) Rs 1,150
Soda Hydro Sulphate (1 kg) Rs 130-160
Sodium hydro sulphite (1 kg) damosha Rs 115 Sodium hydro sulphite (1 kg) china Rs 108 Sodium hydro sulphite safolite (1 kg) Rs 125-150 Sodium silicate (Qtl) Rs 1,050-1,200
Sodium nitrate (50 kg) Rs 1,900-2,000
Sodium nitrite (50 kg) Rs 2,000-2,300
Sodium bio-carbonate (50 kg) Rs 1,050
Stable bleaching powder (25 kg) Rs 350-400 Tartaric acid france (1 kg) Rs 440
Thymol (1 kg) Rs 1200
Titanium dioxide (1 kg) Rs 170-300
Oxalic acid (pcpl) 50 kg Rs 2,700-3,000 Zinc oxide (Kg) 110-120.
(PTI)
Caustic soda rises on pick-up in demand
Sales Tax dept unearths Rs 1,000 cr VAT evasion; files FIRs
MUMBAI, June 16: Raids conducted by Maharashtra Sales Tax department have unearthed tax evasion of Rs 1,000 crore, involving 1,150 hawala dealer and 37,000 beneficiaries.
“The checks were carried over last six months and FIRs have been filed in several cases,” sales tax commissioner Sanjay Bhatia told.
The official attributed the accomplishment to the computerisation of the department.
Of the total amount, Rs 400 crore have already been collected and the process to collect the remaining amount is underway, Bhatia said.
The sales tax department formed a special cell called Economic Intelligence Unit three years ago. It looks into cases of dealers claiming false credits, hiding turnover, and even hawala transfers.
Hawala entails making bogus invoices to allow a trader to claim tax credits. In this racket, the hawala operator, posing as the ‘seller’, exists only on paper and gets a cut in return.
Some beneficiaries had even dragged the department to the Bombay High Court challenging the provisions of VAT Act, but the transparency and handling of voluminous transactions with precise accuracy as a result of the IT initiative, led to the Court upholding the actions of the department, he said.
The department raided major beneficiaries who have evaded a huge quantum and also sent notices to around 37,000 dealers across the state, giving them an opportunity to make payment and escape actions like prosecution, another department official said. (PTI)
ECB’s Coeure banking union could revive money markets
FRANKFURT, June 16: A European banking union could help revive money markets by restoring confidence in the creditworthiness of banks and governments, European Central Bank Executive Board member Benoit Coeure said.
Coeure, who is in charge of market operations on the ECB’s board, called for closer integration as ‘uncoordinated national reactions to heightened uncertainty could be collectively lethal to the single market for capital’.
The ECB is one of the main supporters of such a union, which would involve the introduction of a single European supervisory body, a pan-euro area deposit guarantee scheme and a resolution fund to wind down banks if necessary.
European Commission president Jose Manuel Barroso said he believed a banking union could be in place within a year, but European paymaster Germany says it will not support one unless it is preceded by fiscal union within the euro zone.
‘Restoring proper market functioning requires a series of actions to rebuild confidence in the creditworthiness of banks and governments, as well as the taking of decisive steps towards a banking union,’ Coeure said in a text of a speech released on Saturday and prepared for Morgan Stanley’s annual global investment seminar.
Money markets have been impaired since the onset of the financial crisis as banks began to lend less to each other in the market for fear of not getting their funds back, relying instead increasingly on central banks.
To ease such strains, the ECB injected more than 1 trillion euros into the banking system with twin 3-year loan operations in December and February, but there is growing concern that banks are becoming too reliant on central bank support.
‘Central bank intermediation of interbank funds was necessary to ensure a smooth transmission of monetary policy across the euro area and to avoid a major credit crunch. However, it may have come at the cost of crowding out some market activity,’ Coeure said.
A banking union could help revive the market by restoring trust among market players, Coeure said.
‘The adverse feedback loop between banks and sovereigns – in which doubts about the solvency of the sovereigns feed doubts about the solvency of the banks, and vice versa – will be broken more readily by the establishment of a true banking union,’ he said.
Coeure also said Europe’s permanent rescue fund, the European Stability Mechanism, should be able to inject capital directly into banks.
‘The emergence of truly pan-European banking institutions, provided they are properly controlled, would attenuate asymmetric shocks within member states and favour risk-sharing,’ Coeure said.
Another key aspect was to strengthen banks’ balance sheets and Coeure called upon regulators to make sure that banks would have sufficiently high capital buffers in place.
‘Leverage in the euro area banking system must be reduced. The aggregate leverage (asset-to-equity) ratio of large euro area banks remains comparatively high by international and historical standards,’ Coeure said.
(agencies)
Tata Steel to complete projects ‘before time’: Nerurkar
JAMSHEDPUR, June 16: Tata Steel Managing Director H M Nerurkar today claimed that despite the economic slowdown the company’s ongoing projects would be completed either in time or even before schedule.
Mr Nerurkar told reporters here on the sidelines of a felicitation function that the production and sales of his company were as per the maximum capacity despite the general downward trend in the economy.
“The effects of slowdown is visible everywhere. Economic growth is not good particularly in last two months. But due to our better product quality and delivery mechanism we are not feeling the heat of slowdown as yet and are still at our maximum level of production and sales. Even if we are affected we would be last one to feel the heat,” he said.
His chairman had commanded him to complete the ongoing projects as soon as possible even before schedule, he added.
To a query regarding Standard and Poor’s lowering of the India’s credit rating, Mr Nerurkar said it would affect us as the borrowing rates would go up. Regarding Euro Zone crisis he said it was affecting everybody.
The ambitious capacity expansion project of Tata Steel’s sole operational Indian plant here from 6.8 MTPA to around 10 MTPA is in the last stages while it is expected to expedite its two phased six MTPA greenfield steel plant project in Kalinganagar in Odisha soon after the completion of expansion.
The mega greenfield project in Saraikela-Kharsawan district of Jharkhand and Jagdalpur in Bustar region of Chhattisgarh are seemingly in dormant stages at present due to land acquisition issues, he said.
(UNI)
Insurance employees seeks merger of four PSU firms
KOLKATA, June 16: A section of insurance employees has demanded that four PSU general insurers—National Insurance, Oriental Insurance, New India Assurance and United India Insurance—be merged into one to bring down costs.
The President of All India Insurance Employees Association, the largest body of insurance employees, Amanullah Khan said that unhealthy competition among the four PSUs would prove detrimental to the interest of the public sector institutions.
“The government should take a call and initiate immediate steps for merger of the four PSU general insurance companies into a single corporation akin to LIC,” Khan told reporters here last night.
The four companies together collected a premium of Rs 30,560.74 crore in the financial year 2011-12, an increase of Rs 5,408.49 crore over the previous year, registering a combined growth of 21.50 per cent.
These four PSUs posted a combined gross profit of Rs 1334.19 crore for the financial year 2011-12 as against a loss of Rs 24.73 crore in the previous year.
The public sector general insurance industry has retained the market dominance with a share of 58.46 per cent, he said.
The association also opposed the proposed move of the government to disinvest public sector general insurance companies.
He said that PSU insurers were financially very sound and they have a large asset base and reserves. They are capable of meeting the capital needs through internal resources as and when required. (PTI)
HC cautions flat buyers to verify properties before purchase
MUMBAI, June 16: Disposing of a clutch of petitions seeking regularisation of illegal floors in a building at Navi Mumbai, the Bombay High Court has cautioned the flat buyers to verify properties they intend to buy before purchasing them and refrain from approaching the courts to seek redressal.
The observation was made by Justice A M Khanwilkar and Justice S S Shinde on June 11 while hearing petitions filed by a developer and some others seeking regularisation of “illegal” structures/floors in building ‘Green Heritage’ at Khargar in Navi Mumbai, near here.
Referring to an earlier judgement of the same court, the bench held that although flat buyers may be aggrieved but their interests cannot override those of the members of public at large. Their individual rights and interests are subservient to the concerns for public health and safety.
“Ultimately, if they purchase flats without bothering to make inquiries and seeking details of the construction at site, then, they are themselves to blame”, the judges said.
“In this era, where science and technology have advanced to a great extent so enactments such as Right to Information Act are in place, it is not unreasonable to expect that the flat purchasers should avail of the same and seek appropriate and relevant details of the construction before booking and purchasing flats in large scale building projects”, the bench opined.
If they (flat buyers) are carried away by the brochure and the public advertisements and do not make such inquiries, then, they cannot turn around and seek assistance of the Courts, the bench said. (PTI)
Presidential candidate
Deck seems to have been cleared for Pranab Mukherjee to move into the Rashtrapati Bhavan after President Patil relinquishes the office this month. For last couple of weeks there has been large scale speculation about who would be the next incumbent of Presidential House. Several names propped up, including that of the Prime Minister at a later stage. Eyes were focused on two mainstream parties namely Congress and BJP to announce their candidates. But strangely entire exercise of choosing a candidate was wrapped in an air of widespread speculation and guess work. Only now has the Congress Chairperson come out with the nomination of Pranab Mukherjee. The BJP has still not been able to nominate their candidate. It shows how much a divided house picture emerges from BJP sources.
Pranab Mukherjee is a veteran politician who has spent his whole life in politics. He has been called the troubleshooter in Congress. Owing to his vast experience as a parliamentarian and as minister, he is best qualified to hold the prestigious office of the President of India. Soon after his name was announced by the Congress Chairperson, SP and BSP both endorsed it without loss of time. This strengthened the position of Pranab Mukherjee (respectfully called Pranab Da). Among strong leaders only Mamta Banerjee remains to announce her support to the candidature of Pranab Da.
Pranab Mukherjee is known to be a pragmatist and realist in the context of contemporary Indian politics. He has carved out his way for the distinguished position of President through dedication and a sense of great responsibility. The most endearing thing about him is that he can handle critical situations with finesse and has been called the troubleshooter of Congress party. He will be assuming the office at a time when India is passing through a very critical stage of post-independence period. We really needed a person of his stature and standing to be the President of India.
Militancy down not out
Of late political observers have held that militancy is down in Kashmir but it is not out. Various reasons are given for the downward graph of militancy. But notwithstanding that, the gun remains the source of threat to the civilians. Gunning down of National Conference office bearer Abdul Rahman Ganai in Natipora by two bike riding gun shooters shows that militants have changed tactics of carrying out fatal attacks and secondly they have moved their operative base to the peripheries of Srinagar city.
It is true that security bandobasat has been tightened for the city of Srinagar and militants are unable to find opportunity of attacking their targets. They might have chosen to move out of city but not to very far off places and after striking go back to their hideouts. Whatever the case, the big question that springs from sporadic acts of militancy is whether it is feasible to withdraw bulk of troops from the summer capital and also focus on withdrawal of AFSPA. Gunning down of the NC activist is not the lone case. In the last month, there have been some cases of militancy in the valley. Early this month, militants shot at a former militant commander, Ghulam Hassan Mir, at Saderbal, Srinagar. Hailing from Tral area, he had shunned the path of violence and was doing his business in Saderbal. Last month, militants also fired at Central Reserve Police Force (CRPF) personnel at Khanyar injuring 7 CRPF men.
According to informed sources militants are under pressure from their handlers to be pro-active in Kashmir. Therefore these attacks take place sporadically to disrupt peace and normalcy. It is true that voluntary recruitment to the rank and file of militants has dried up just because they have understood the futility of fighting against the might of the state. Moreover easy movement across the LoC has been manifestly arrested by the border security force personnel. Many misguided youth still lured to gun culture have lost their lives either because of the vagary of weather and hardship of the mountainous trekking or by the retaliatory and effective action of the security forces. Return of some militants from PoK along with the families they raised during the past two decades is also indicative of bad treatment they are receiving at the hands of their handlers and mentors in Pakistan. Recently the supremo of the Jihad Council in Muzaffrabad lamented that Pakistan had backed out from her commitment of support to jihad in Kashmir. He said that his jihadis would continue their mission in Kashmir. Occasional incidents of violence could also be the sequel to the desperation overtaking the remnants of militant organizations. Nevertheless, our security forces and civilian administration cannot afford to lower the guard. State Government would be well advised not to push the matter of withdrawal of bulk of army and security forces from Kashmir back to barracks that soon.
A serious situation caused by the militants is the threat they are handing over to the elected Panchs and Sarpanchs. It is a direct challenge to the democracy and freedom of the state to run its administration judiciously. We are told that as many as 15 Sarpanchs have decided to resign owing to threatening from the militants, mostly in South Kashmir. These instruments of democracy are scattered over the length and breadth of rural Kashmir. Is it possible to provide security to each of them? No not so. Therefore the Government will have to do some serious thinking on the question of functioning of Panchayats without the fear of gun. Challenging the administration and the Government is clear indication that law and order in the state are still deficient of teeth and claws. The Government must come down with a heavy hand against those who want their writ to run in the State. Elected bodies need to be assured that nothing will be allowed to disrupt their social or political activities. One cannot rule out the possibility of militants trying to re-group at new venues and new hideouts and also adopting different strategy. Busting a militant module some days ago in the same vicinity where Abdul- Rahman Ganai was gunned down should have been taken very seriously. Deep probing into that incident might have helped security forces and the police to tumble on other conspiratorial plans of the militants including one that took the precious life of Abdul- Rahman Ganai.
Lucky to be part of ‘Les Miserables’: Hugh Jackman
LOS ANGELES, June 16: Actor Hugh Jackman says he still can’t believe his luck in landing the role of Jean Valjean in upcoming film adaptation of “Les Miserables”.
The 43-year-old said he is enjoying each day of shooting the film alongside Amanda Seyfried, Russell Crowe and Anne Hathaway, reported Access Hollywood.
“It’s great. We have one more week of filming and I pinch myself every day. It’s the first time a movie-musical has been done with live singing. We are singing every single take of the song,” he said.
A Tony Award-winning Broadway star, Jackman is no stranger to singing and was happy to bring music to the big screen.
“As a performer, it’s fantastic. It’s challenging, especially when the call is at 8 in the morning, but it is so immediate. ‘Les Miserables’ is one of the greatest stories ever told, and it really is an uplifting story about the human spirit. It is a rare feeling to be in something that you know you will look back on as one the highlights of your life,” he added.
“Les Miserables” is slated for theatrical release on December 14. (PTI)
Madonna takes team of 200 people on tour
LONDON, June 16: Queen of pop Madonna reportedly takes an entourage of 200 people on tour, including 30 bodyguards, personal chefs, an acupuncturist, a yoga instructor and an on-site dry cleaner.
The 53-year-old, who is currently on her ‘MDNA’ world tour, also requests 20 international phone lines backstage and insists on only vegan snacks, reported Contactmusic.
Madonna is also said to be particular about the look of her dressing room, which must be draped in a particular fabric and filled with white and pale pink roses and lillies, with the stems on each flower trimmed to exactly six inches.
The singer also has her own furniture shipped into the hotel suites.
“Madonna requires all furniture be removed from the rooms and replaced with her own pieces that she has shipped in,” a source said. (PTI)