“I am calling a meeting of all the recognised trade unions of Air India next week to discuss the career progression issues, including promotions also,” Civil Aviation Minister Ajit Singh told reporters here.

The move is aimed at checking further labour trouble and garnering support for the process of implementing the post-merger integration of Air India employees, as resentment is expected over salaries and career progression issues.

The Dharmadhikari Committee, which has recommended several measures on HR integration issues in post-merger Air India, is likely to be taken up for discussion at the meeting.

However, the Indian Pilots Guild (IPG), which has been de-recognised by the airline for leading the pilots’ stir over similar issues, is not likely to be part of the discussion as only “recognised” unions are being invited.

With the Civil Aviation Minister offering to hold talks unconditionally and promising that the airline would not be vindictive, the IPG has also stated they were open to talks to resolve the deadlock, but wanted the sacking of 71 of their colleagues and its derecognition to be revoked.

Source : http://tiny.cc/dfbgew

As per the plan, railways is likely to give at an approximate rate of Rs 1,500 per hour per locomotive of 3,000 HP to Pakistan for leasing purpose.

Besides leasing out, railways will also provide training facilities for Pakistan railwaymen to run Indian locomotives.

“The Ministry of External Affairs has already okayed the proposal and now the modalities of supplying locomotives are being worked,” said a senior Railway Ministry official.

“If the supply takes place, it will be for the first time that Indian Railways will come to the aid of Pakistan,” the official said.

Though railways regularly supply locomotives to Bangladesh, Sri Lanka, Vietnam, Myanmar, Mozambique, Tanzania and Ghana, it will be for the first time that railways will supply locomotives to Pakistan, said the official.

“Railways supply about 10 locomotives on an average in a year. Generally, we sell locos on outright purchase basis to other countries but this will be for the first time that we are considering to give it on hiring basis because Pakistan Railways is preferring leasing to buying,” said the official.

Currently, railways manufacture about 250 diesel locomotives in a year. With the continuous growth in traffic volume, there is a demand for the production of more locomotives.

The three-member team of the Pakistan Railways Advisory and Consultancy Services Limited (PRACS) had earlier held preliminary discussions with the officials of Railway Infrastructure, Technical and Economic Services (RITES).

RITES have received request from Pakistan Railways regarding the supply of locomotives from India. “A formal agreement will be signed between RITES and PRACS after the finalisation of modalities,” said the official.

Pakistan is facing an acute shortage of locomotives as it has about 520 locomotives out of which about 450 are under repair.

Source : http://tiny.cc/ocbgew

“A Coordination and Monitoring Committee (CMC) co-chaired by secretary Ministry of Corporate Affairs and chairman Sebi has been set up to identify and monitor the state of affairs of vanishing  companies,” Minister of State for Corporate Affairs RPN Singh said in a written reply to the Lok Sabha today.

The CMC will also take appropriate action against such companies in terms of the Companies Act and SEBI Act, he said.

“…Norms for incorporation of companies have been made more stringent by introduction of Directors Identification Number (DIN), mandatory filing of all details of directors etc,” he added further to a query whether norms for vanishing companies had been tightened in view of the multi-crore Satyam fraud and to protect the interest of small investors.

He said, “As on date 86 prosecutions have been filed against companies presently identified as ‘vanishing companies’,” the minister said.

Source : http://tiny.cc/s9agew

Italian Trade Commissioner Erica Di Giovancarlo said businessmen of both the countries can collaborate in sectors like automobiles, fashion and textiles through joint ventures.

“This decision (allowing 100% FDI in single- -brand) of the government is a revolution in this market. I am sure it will catch interest of lot of companies…,” Giovancarlo told PTI.

The decision has paved the way for global Italian chains like Armani, Gucci and Prada to have full ownership of their India operations.

Italy, a world leader in fashion designing, is interested to setting up businesses here. “Italy is known for fashion. Indian designs are growing very fast. It will be interesting to see how two countries can match. We are working hard on this,” she said.

She said in order to bolster trade ties between the two countries, Italy is also organising a three-day ‘Expo Riva Schuh Fair’ here from June 5.

The exhibition will offer high-end products which include bags, belts, footwears and leather accessories. “Its a good meeting point of local needs and Italian products,” she said.

However, the third-largest economy in Europe, will wait for the economic situation to recover in its region, before making investments here.

The Italian companies, mainly the SMEs are facing tough situation due to slowdown. “We have to wait as situation in Italy is very tough but the interest in this country (India) is very high,” Giovancarlo added.

The bilateral between India and Italy stood at USD 8.8 billion during 2010-11.

Source : http://tiny.cc/u6agew

Besides, the government has set a revenue realisation target of Rs 73,000 crore for this fiscal, he said.

After deliberations at top level development, the agenda has been finalised in which 100 points related to agriculture, power, industry, education, medical and health, infrastructure and social welfare have been included, he said.

For speedy development and to make schemes effective, proposals and suggestions have been invited from the departments concerned.

The spokesman said the government would frame new agricultural policy to increase production.

The existing agriculture policy was framed in the year 2005, which would be reviewed and a new policy would be framed accordingly, he said.

Similarly, new policies would be framed for horticulture, food processing and integrated development of potato farming.

To create industrial atmosphere in the state and speedy development of industries a new policy would also be framed by the government.

The spokesman said that last time industrial policy was framed in 2004, which would be reviewed and a new policy would be framed.

As per the agenda construction and maintenance of roads on public private partnership model would be promoted.

On this basis expressway between Agra and Lucknow and northern peripheral road would be constructed.

He said that effective steps would be taken to construct an international stadium at Lucknow and international airports at Kushinagar and Agra.

On power front while under-construction generation units would be completed efforts would be made to set up new units on priority basis.

Under this Jawaharpur, Anpara D, Harduaganj extension, Panki and Obra C thermal projects would be completed.

Besides, a new generation policy based on solar power would be framed and implemented.

To ensure that the agenda was implemented as per the intentions of the government a quarterly review of points incorporated would be done by Chief Minister Akhilesh Yadav.

Besides, chief secretary would also review progress of the agenda on monthly basis.

Source : http://tiny.cc/s2agew

Today: 16/05/2012 011-42008442/41/45/08
Nifty Intraday Chart: Nifty 4858.25 - 1.71 % Nifty(Fut-May) 4853.00 - 1.81 % Bank Nifty (Fut-May) 9111.00 - 1.87 % Derivative Watch: Underlying Option Type/Contract LTP Turnover in Rs. Lakhs Nifty 31-May-2012 4853.00 852602.07 Nifty PE-4800 66.70 1244123.07 Nifty CE-4900 63.65 1236898.50 Nifty CE-5000 29.90 1162389.50 Nifty CE-5100 12.20 804688.88 Top 5 Gainers LTP(% Change) Top 5 Losers LTP(% Change) BPCL 747.20 (+2.53) TATAMOTORS 268.00 (-7.70) POWERGRID 104.60 (+1.65) TATASTEEL 399.75 (- 4.40) CAIRN 319.75 (+1.30) SAIL 84.85 (- 4.18) BAJAJ-AUTO 1,626.00 (+1.08) RELINFRA 451.30 (-3.73) KOTAKBANK 550.00 (+1.02) JPASSOCIAT 60.45 (-3.59) Most Active Securities: Symbol LTP Turnover (Rs.lakhs) TATAMOTORS 268.00 62464.67 SBIN 1824.00 52853.74 HDFC 624.90 49805.34 ICICIBANK 796.55 36929.14 LT 1208.10 34914.01		News of the day: Key benchmark indices trimmed intraday losses amid late volatility. The barometer index, BSE Sensex, regained the psychological 16,000 mark, having alternately moved above and below that level in intraday trade. The market breadth was weak. All the 13 sectoral indices on BSE were in the red. The Sensex was provisionally down 295.77 points or 1.81%, up about 60 points from the day’s low and off close to 100 points from the day’s high. NSE’s INDIA VIX, was Up 6.42 % level, at 23.71 Amongest the Indices S&P CNX DEFTY was Down 2.62 % closed at 3101.40 Nifty Direct Performance: Segment Graph Tips Today Returns(Rs.) Capital on Per Calls Returns(%) Equity Market 3 Calls - 2810.63 1 Lac - 2.81 % Stock Future 1 Call + 2375.00 1 Lot + 1.42 % Nifty Future 1 Call 00.00 1 Lot 00.00 Nifty Option 1 Call 00.00 1 Lot 00.00 Bank Nifty 1 Call + 800.00 1 Lot + 32 Points Daily Trends in FII Investments (Rs. in crores): Reporting Date Debt/Equity Investment Route Purchase Sales Net Investment 16-May -2012 Equity Stock Exchange 1834.30 1969.90 (135.60) Stock Specific news: Times Group to fight it out with Anandabazar Patrika in Bengal Dettol’s ‘Health 100% Marks 100%’ ad misleading: Regulator Honda’s mass market bike to take on former partner Hero Trai strongly defends auction proposals ED probing Bharti Airtel, says FinMin Pirojsha Godrej’s trial by fire BCCI suspends five players after hasty discussion Aditya Birla Nuvo net falls 42% Unitech net profit down 98% Pantaloon posts 76% drop in profit, to hive off Home Town MMTC Q4 profit touches Rs 89 cr Technical Points for 17-May-2012 Underlying (Fut-May) Pivot Resistance 1 R2 Support 1 S2 NIFTY 4852.95 4878.60 4904.20 4827.35 4776.10 BANK NIFTY 9093.00 9201.00 9291.00 9003.00 8805.00 4800 Call 121.40 139.80 164.40 96.80 53.80 4800 Put 68.10 79.85 93.00 54.95 30.05 Blog Posts : Live & Exclusive 1. Antrix deal a case of public investment for pvt profit: CAG 2. Govt considering export of skimmed milk powder 3. Today’s crash Greece’s fault but buck stops with me:FM 4. Not just local, global factors too led to rupee fall: RBI 5. EPS has enough cash to fund itself till 2075: report Did you Know: The value of “pi” used in mathematics was first calculated by the Indian mathematician Budhayana in 6th century.
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A CAG report, tabled in Parliament on Tuesday, found the Department of Space guilty of concealing facts from the Cabinet and violating various rules and procedures. It also accused Nair of “conflict of interest”, and said his role had affected the system of checks and balances in the decision-making process, leading to the award of the contract to Devas.

“The Antrix-Devas deal is a classic instance of failure of the government structure in which selected individuals, some serving and some retired public servants, were able to successfully propel the agenda of a private entity by arrogating unto themselves, powers which they were not legitimised to exercise,” the report said.

The report said the Cabinet’s approval for introducing the Devas service was not secured. The department had also failed to bring crucial facts to the notice of the Space Commission, responsible for formulating policies related to the development and application of space science.

“Of the 70 MHz of S Band spectrum, 10 MHz was intended for strategic use, and was not to be shared for commercial applications. Even this band was earmarked for Devas,” the report said.

The CAG said undue favours extended to Devas by the Department of Space resulted in a loss of considerable revenue to the government. “The Devas service had considerable fiscal potential for the government, and by not following the due process for this new service, the revenue interest of the government seems to have been totally ignored.”

Terming the method of allocation of the contract to Devas “cherry-picking”, the CAG said the Department of Space chose agreements that benefited Devas, not the government.

On Nair’s role, the report said, “There was concentration of many roles in one person.”

Source : http://tiny.cc/gyfeew

However, officials said the fact that the supply of milk usually declined in the summer was making the government think hard before taking a formal decision on the issue.

Nevertheless, industry players said the export of skimmed milk powder would help absorb the excess stock of 70,000-90,000 tonnes of the commodity spread across various dairies in the country and support domestic prices, which had dropped about 26 per cent since November.

“The situation has become so bad that if the government does not allow some export of skimmed milk powder immediately, we would be forced to cut our annual purchases of milk from farmers from June,” said Kuldeep Saluja, managing director of Sterling Agro Industries, which manufactures the Nova brand of dairy products like ghee, butter oil and skimmed milk powder.

He added because of the sudden ban on the export of skimmed milk powder and the subsequent rise in production of the commodity, Indian dairies were now saddled with massive quantities of milk powder with no outlet to sell.

“We are ready to export SMP (skimmed milk powder) at a loss of about 10-20 per cent, but first the government should allow its export,” he said. The domestic demand for skimmed milk powder was about 100,000 tonnes a year. However, current stocks stood at almost 180,000 tonnes, he said.

India, the world’s largest milk producer, currently has an annual milk production of about 121.8 million tonnes. Its production in 2011-2012 rose 12-13 per cent, while the growth in demand during the same period stood at eight-nine per cent.

The government had prohibited the export of milk powders (including skimmed milk powder, whole milk powder, dairy whitener and infant milk foods), casein and casein products in February 2011 to augment domestic supplies. It had also allowed the National Dairy Development Board to import 50,000 tonnes of skimmed milk powder and whole milk powder and 15,000 tonnes of butter, butter oil and anhydrous milk fat at no concessional duty under the tariff rate quota for 2011-12.

These imports, along with the rise in domestic production, had led to a situation of excess supply, traders said.

There is strong demand for India’s skimmed milk powder in Bangladesh, Pakistan and other east Asian countries.

If approved, the commodity would be the fifth major farm produce, exports of which have been eased in the last few days. The government had earlier freed the export of sugar, abolished the export floor price for onions and removed the restriction on the export of cotton and high-value milk casein.

Source : http://tiny.cc/svfeew

While presenting the Finance Bill in the Parliament, Mukherjee blamed today’s stock market crash on the ongoing Greece crisis.

He said that the government is definitely concerned about the Growth Domestic Product which has fallen to 6.9 percent, but added that global events cannot be ignored.

“Greece has taken a decision to upset the apple cart. I am not trying to pass the buck on to someone else, I know that the buck stops with me, but I cannot be unrealistic, Pranab Mukherjee said today.

He reiterated that India’s growth story is intact and the government has taken measures to boost growth. He, however, tried to reassure the House that the Indian market’s fall was in line with that of Asian markets which too fell due to weak global cues.

Source : http://tiny.cc/psfeew

“The RBI is aware of the situation. We have taken steps and will take further steps if necessary,” he said at the sidelines of a summit of South Asian Association for Regional Cooperation in Nepal.

The rupee slid to a record low of 54.46 to a dollar, succumbing to the steep risk aversion hitting global markets and highlighting the vulnerabilities of a country facing challenging fiscal and economic outlooks.

Repeated currency intervention by the Reserve Bank and a rash of other measures targeting deposits and exporters have failed to stem the slide in the currency, the worst performing emerging Asian currency by far since March.

The rupee dropped as low as 54.46 per dollar, breaching its previous record low of 54.30 in December. It was last trading at 54.34/36 compared to a close of 53.79.

The downturn in global markets raises the prospect of capital outflows when India needs inflows to shore up its balance of payments, which slipped into the red in the December quarter for the first time in three years.

Stalled policymaking in government ahead of general elections due by 2014 are also playing a key role in undermining confidence in the currency.

Source : http://tiny.cc/aqfeew