Life in many parts of the country may be disrupted on Monday with non-Congress political parties set to enforce a nationwide bandh against the increase in fuel prices.
"This may be the first time in the history of India's politics that almost all political parties will participate in the Bharat bandh," NDA working chairperson L K Advani said after a meeting of top NDA leaders on Sunday to chalk out the strategy for the strike.
The government was unfazed, with finance minister Pranab Mukherjee ruling out a relook at the decision to increase prices and Congress slamming what it called "cheap and opportunistic politics at the cost of the nation".
The assertion seemed to reflect the confidence of a regime which has won a series of elections despite continued
rise in prices, defying estimates and leading many to wonder whether inflation has ceased to be the issue which would in the past tilt electoral outcomes against the incumbent.
What can provide edge to the protest this time is that both the BJP-led NDA and Left are going to be part of the action on Monday, raising the possibility of serious disruptions in states where non-Congress governments are in power.
The BJP and the Left have worked hard to pre-empt any perception of a collaboration, to deny Congress an opportunity to accuse CPM of a partnership with "communal forces".
But the competition among Opposition parties to emerge as the main vehicle of the popular unease over price rise is likely to lead them to put their best agitational foot forward on Monday.
"It's not Bharat bandh but virodhi pakhand (it's not an all-India strike but Opposition play-acting)," party spokesman Manish Tiwari retorted. He recalled that the BJP had supported the government move in Parliament in 2006 when the petroleum and natural gas regulatory Act was passed. The purpose of the legislation was to institute an independent regulator in the oil sector. "The BJP supported in both Houses of Parliament," he said.
Attacking the Left for making common cause with the BJP on the issue, he said, "Secularism has never been an issue with the Left." He said the Left had often 'colluded' with communal forces if it served their political purpose.
Advani credited NDA convenor and JD(U) chief Sharad Yadav with bringing together non-NDA political parties for the strike. Though the Left parties have given a call for a 'Bharat bandh' separately on Monday, RJD, SP, LJP and some smaller parties will not be part of the strike.
Advani claimed the government had become "insensitive" to price rise and said that though UPA had been espousing the cause of the common man since 2004, prices were on the rise. "Despite so much increase in food prices, the government has increased prices of petroleum products," he said.
Price rise will figure in the forthcoming monsoon session, Advani said, adding that even if prices were not rolled back, it was the responsibility of the Opposition to voice the people's protest.
Yadav said Monday's agitation would be "extraordinary and unprecedented" as people were "completely fed up" with price rise.
Yadav gave figures of prices of petrol in different countries to argue that its cost in India was very high. He claimed that the cost of petrol was only Rs 16.50 but after several taxes, it was sold for Rs 53.05.
Emergency services will not be disrupted during the strike. Advani appealed to all NDA members participating in the strike to ensure that it was conducted peacefully.
Monday, July 5, 2010
Monday, December 7, 2009
GVK buys L&T’s stake in BIAL
The acquisition, the company said, was priced at Rs 105 per share. With this acquisition, GVK will now hold 29% stake in BIAL. Just last month, the company had also acquired 12%, of the total 17%, stake that Zurich Airport held in the Bangalore airport.
The price at which the L&T stake has been acquired is exactly the same at which the Zurich Airport stake was acquired. The latter was done at a cost of Rs 484.6 crore. At the time of buying the Zurich Airport stake, GVK had said it was keen on buying more stake in BIAL.
Siemens still holds the largest stake in BIAL at 40%. GVK now becomes the second highest stake holder. Zurich Airport holds 5%. The Airports Authority of India and KSIIDC, the financing arm of the Karnataka government for infrastructure projects, hold 13% stake each.
Both L&T and Zurich Aiport have made a return of over 700% on their investments in BIAL.
GVK is also the lead promoter of Mumbai International Airport. G V Krishna Reddy, CMD of GVK, said the acquisition of additional stake in BIAL is in line with “our objective of expanding GVK’s presence in the airports business”. “As BIAL embarks on the next phase of expansion, we wish to partner with all stakeholders to ensure that Bengaluru International Airport further consolidates its position as the leading airport destination in southern India,” Reddy said in a statement issued by the company. In the airports business, GVK competes with GMR Group, which controls the Delhi and Hyderabad airports.
GVK also has experience and expertise in power, roads, oil and gas and urban infrastructure. The company said it has invested over Rs 5,000 crore in its various businesses and has projects in the pipeline worth over Rs 18,000 crore.
The price at which the L&T stake has been acquired is exactly the same at which the Zurich Airport stake was acquired. The latter was done at a cost of Rs 484.6 crore. At the time of buying the Zurich Airport stake, GVK had said it was keen on buying more stake in BIAL.
Siemens still holds the largest stake in BIAL at 40%. GVK now becomes the second highest stake holder. Zurich Airport holds 5%. The Airports Authority of India and KSIIDC, the financing arm of the Karnataka government for infrastructure projects, hold 13% stake each.
Both L&T and Zurich Aiport have made a return of over 700% on their investments in BIAL.
GVK is also the lead promoter of Mumbai International Airport. G V Krishna Reddy, CMD of GVK, said the acquisition of additional stake in BIAL is in line with “our objective of expanding GVK’s presence in the airports business”. “As BIAL embarks on the next phase of expansion, we wish to partner with all stakeholders to ensure that Bengaluru International Airport further consolidates its position as the leading airport destination in southern India,” Reddy said in a statement issued by the company. In the airports business, GVK competes with GMR Group, which controls the Delhi and Hyderabad airports.
GVK also has experience and expertise in power, roads, oil and gas and urban infrastructure. The company said it has invested over Rs 5,000 crore in its various businesses and has projects in the pipeline worth over Rs 18,000 crore.
Saturday, December 5, 2009
Corus partly closes UK facility
Corus, Europe's second largest steel maker and owned by the Tata group, will shut down TCP's blast furnace, steel mill and one of the two coke ovens by the end of January 2010. However, it plans to keep open the wharf facility, the other coke oven and some of the power generating capacity. Corus said that the partial closure will result in the loss of about 1,700 jobs, which is about 600 fewer than previously thought.
Seven-month ago, Corus had said that the broken sale contract could lead to the closure of the Teesside steel mill in northeast England. Since then, the company had been diverting internal orders to TCP apart from securing external orders on an ad hoc basis in a bid to keep the plan open, while an alternative future for the plant was sought. This, Corus says, has cost the company about £130 million. The merchant slab plant can produce 3 million tonnes per year which, according to Corus, is not sustainable without a long-term strategic partner. The plant, with a workforce of 2,300 people, accounts for about 15% of Corus' steel production capacity.
In a statement, Corus chief executive officer Kirby Adams said, “We are acutely aware that this will be devastating news for our employees,
our contractors, their families and the local community. We extend our sincere gratitude to all of them, as well as to the management team and the trade unions on Teesside, who have all worked night and day to try and avoid this outcome.''
The company would spend £80 million to close down the plant besides covering redundancies and other contractual obligations.
Corus employee unions are unhappy over the company's move and said that it would have a disastrous impact on both the company and on the UK economy.
The company will continue to have a substantial presence in the Teesside area, employing more than 2,000 people at operations in Hartlepool, Skinningrove, the Teesside beam mill and Teesside technology centre.
Seven-month ago, Corus had said that the broken sale contract could lead to the closure of the Teesside steel mill in northeast England. Since then, the company had been diverting internal orders to TCP apart from securing external orders on an ad hoc basis in a bid to keep the plan open, while an alternative future for the plant was sought. This, Corus says, has cost the company about £130 million. The merchant slab plant can produce 3 million tonnes per year which, according to Corus, is not sustainable without a long-term strategic partner. The plant, with a workforce of 2,300 people, accounts for about 15% of Corus' steel production capacity.
In a statement, Corus chief executive officer Kirby Adams said, “We are acutely aware that this will be devastating news for our employees,
our contractors, their families and the local community. We extend our sincere gratitude to all of them, as well as to the management team and the trade unions on Teesside, who have all worked night and day to try and avoid this outcome.''
The company would spend £80 million to close down the plant besides covering redundancies and other contractual obligations.
Corus employee unions are unhappy over the company's move and said that it would have a disastrous impact on both the company and on the UK economy.
The company will continue to have a substantial presence in the Teesside area, employing more than 2,000 people at operations in Hartlepool, Skinningrove, the Teesside beam mill and Teesside technology centre.
Friday, December 4, 2009
RBI to tighten monetary policy
RBI deputy governor Usha Thorat and Prime Minister Economic Advisory Council chairman R Rangarajan on Thursday indicated that in the light of rising food inflation, which has crossed 17.5%, the country should expect a tighter monetary policy.
"Clearly now going forward, the accommodative monetary stance will have to be reassessed," Thorat said. When RBI reviewed its second quarter monetary policy in October, the country was facing a fragile economic recovery, which prompted the central bank to continue with the easy stance, she added.
However, as the economy has shown a strong growth of 7.9% in the July-September quarter, RBI got the space to tighten the money supply to contain increase in food inflation, which affected the poor badly.
Thorat said RBI is looking at WPI to reach 6-6.5% with an upward bias by end of 2009-10. Rangarajan also expressed concern over the rising food prices and said it must be checked, otherwise they will push up prices of manufactured items. "Food prices must be controlled, otherwise they have a tendency to lead to manufacturing inflation. This will require monetary action by RBI, especially money supply management," he said.
OECD secretary general Angel Gurria also argued for tightening of monetary policy by RBI to contain the inflation. However, economists feel that tightening of money supply would have little impact on the rising food prices as it is directly linked with the supply-side management.
Thorat said 7.9% GDP growth in Q2 may prompt RBI to review its 6% growth projection with an upward bias in January review.
Thorat also said the Dubai crisis will not impact the country's banking sector as the exposure "is not significant and not a matter of concern...It is not something that materially affects their balance sheets."
She, however, admitted that the Dubai crisis can have some impact on remittances and affect those parts of the country that receive inflows from the Gulf nation in larger quantity.
"Clearly now going forward, the accommodative monetary stance will have to be reassessed," Thorat said. When RBI reviewed its second quarter monetary policy in October, the country was facing a fragile economic recovery, which prompted the central bank to continue with the easy stance, she added.
However, as the economy has shown a strong growth of 7.9% in the July-September quarter, RBI got the space to tighten the money supply to contain increase in food inflation, which affected the poor badly.
Thorat said RBI is looking at WPI to reach 6-6.5% with an upward bias by end of 2009-10. Rangarajan also expressed concern over the rising food prices and said it must be checked, otherwise they will push up prices of manufactured items. "Food prices must be controlled, otherwise they have a tendency to lead to manufacturing inflation. This will require monetary action by RBI, especially money supply management," he said.
OECD secretary general Angel Gurria also argued for tightening of monetary policy by RBI to contain the inflation. However, economists feel that tightening of money supply would have little impact on the rising food prices as it is directly linked with the supply-side management.
Thorat said 7.9% GDP growth in Q2 may prompt RBI to review its 6% growth projection with an upward bias in January review.
Thorat also said the Dubai crisis will not impact the country's banking sector as the exposure "is not significant and not a matter of concern...It is not something that materially affects their balance sheets."
She, however, admitted that the Dubai crisis can have some impact on remittances and affect those parts of the country that receive inflows from the Gulf nation in larger quantity.
Wednesday, December 2, 2009
Govt will sell upto 10% in PSUs: FM
"Disinvestment of government shareholding in NTPC, SJVN and REC through public offering in domestic market, is under implementation. These public offerings are likely to be completed by March 31, 2010," Finance Minister Pranab Mukherjee said in a statement in Rajya Sabha.
While in NTPC and REC, 5 per cent stake each was being off-loaded, it was 10 per cent in SJVN through the capital market, he said.
This apart, the Department of Disinvestment has started dialogue with the administrative ministries and the central public sector undertakings (CPSUs) to assess their capital expenditure requirements to be raised through issue of fresh equity in case of other public sector undertakings.
While in NTPC and REC, 5 per cent stake each was being off-loaded, it was 10 per cent in SJVN through the capital market, he said.
This apart, the Department of Disinvestment has started dialogue with the administrative ministries and the central public sector undertakings (CPSUs) to assess their capital expenditure requirements to be raised through issue of fresh equity in case of other public sector undertakings.
Friday, November 27, 2009
Ranbaxy takes on GSK's Valtrex in US
Ranbaxy has introduced blockbuster drug Valacyclovir hydrochloride
on November 25, which may net around $200 million in revenues
during the six-month exclusivity period, as well as prop its bottomline from the fourth quarter this year itself.
The molecule represents its first major first-to-file (FTF) opportunity since the Daiichi acquisition, and its problems with US Food and Drug Administration last year. Ranbaxy’s generic Valtrex launch is on track, and comes even before GSK’s patent on the drug expires on December 23 this year.
The company holds a 180-day market exclusivity on the generic version of Valtrex, which was accorded after Ranbaxy and the innovator GSK reached a settlement in 2007. Also, it is the only generic company to market Valtrex, an anti-viral for herpes infection, during the period. (A Para IV FTF opportunity for a company ensures 180-day exclusivity in the market)
Analysts expect that the company may mop up around $200 million in sales during the six-month period, considering that there may be price erosion once the generic is launched in the market. Total market sales for Valacyclovir tablets stood at $2.2 billion (IMS MAT September, 2009).
Sources said that USFDA approval for the molecule has been granted to Ranbaxy’s US subsidiary Ranbaxy Pharmaceuticals for the product to be manufactured at Ohm Laboratories. Earlier the company had applied for approval from its domestic facility (possibly Dewas) which is facing an import ban from the FDA.
Recently Ranbaxy’s CEO and managing director Atul Sobti had told TOI in an interview that the company will protect and monetise its FTF opportunity.
When contacted a Ranbaxy offical said: “Ranbaxy Pharmaceuticals has introduced Valacyclovir Hydrochloride, 500mg and 1g tablets, having previously been granted US FDA approval for these oral dosage forms. RPI being the first to file and to successfully challenge the Valacyclovir patents, is the first generic pharmaceutical manufacturer entitled to offer an affordable alternative to the brand, Valtrex tablets by GlaxoSmithKline”.
With the launch, the company may beat its guidance of reporting a huge loss of around Rs 700 crore for the year, analysts said. For the nine-month period ended September 30, the company has already mopped a small profit of $10 million.
on November 25, which may net around $200 million in revenues
during the six-month exclusivity period, as well as prop its bottomline from the fourth quarter this year itself.
The molecule represents its first major first-to-file (FTF) opportunity since the Daiichi acquisition, and its problems with US Food and Drug Administration last year. Ranbaxy’s generic Valtrex launch is on track, and comes even before GSK’s patent on the drug expires on December 23 this year.
The company holds a 180-day market exclusivity on the generic version of Valtrex, which was accorded after Ranbaxy and the innovator GSK reached a settlement in 2007. Also, it is the only generic company to market Valtrex, an anti-viral for herpes infection, during the period. (A Para IV FTF opportunity for a company ensures 180-day exclusivity in the market)
Analysts expect that the company may mop up around $200 million in sales during the six-month period, considering that there may be price erosion once the generic is launched in the market. Total market sales for Valacyclovir tablets stood at $2.2 billion (IMS MAT September, 2009).
Sources said that USFDA approval for the molecule has been granted to Ranbaxy’s US subsidiary Ranbaxy Pharmaceuticals for the product to be manufactured at Ohm Laboratories. Earlier the company had applied for approval from its domestic facility (possibly Dewas) which is facing an import ban from the FDA.
Recently Ranbaxy’s CEO and managing director Atul Sobti had told TOI in an interview that the company will protect and monetise its FTF opportunity.
When contacted a Ranbaxy offical said: “Ranbaxy Pharmaceuticals has introduced Valacyclovir Hydrochloride, 500mg and 1g tablets, having previously been granted US FDA approval for these oral dosage forms. RPI being the first to file and to successfully challenge the Valacyclovir patents, is the first generic pharmaceutical manufacturer entitled to offer an affordable alternative to the brand, Valtrex tablets by GlaxoSmithKline”.
With the launch, the company may beat its guidance of reporting a huge loss of around Rs 700 crore for the year, analysts said. For the nine-month period ended September 30, the company has already mopped a small profit of $10 million.
Wednesday, November 25, 2009
How ideologues manipulated masses is unparalleled
The single-minded agenda of the RSS and VHP; and the extremely patient and focused manner in which the handful of ideologues and theologians manipulated the masses and turned them into a frenzied mob, capable of acts of the gravest depravity, is unparalleled.
It is established that the events of and leading up to the 6th of December in the birthplace of the virtuous Lord Ram were tainted by a joint conspiratorial enterprise... Lured by the prospect of power or wealth, a rank of leaders emerged within the BJP, RSS, VHP, Shiv Sena, Bajrang Dal, etc who were neither guided by any ideology nor imbued with any dogma nor restrained by any moral trepidation. These leaders saw the Ayodhya issue as their road to success and sped down this highway mindless of the casualties they scattered about. These leaders were the executioners wielding the sword handed to them by the ideologues.
The role played the chief minister and ministers of Uttar Pradesh and by individuals and organizations in connection with the destruction of the RJBM structure.
The BJP’s claim that it was carrying out the people’s mandate makes it inexplicable why it had to resort to subterfuge in order to effect the destruction of the disputed structure... Kalyan Singh, his ministers and his handpicked bureaucrats created manmade and cataclysmic circumstances which could result in no consequences other than the demolition of the disputed structure and broadened the cleavage between the religious communities resulting in massacres all over the country...The parallel government run by the RSS has also been exposed and analysed in my report. ... Paramhans Ramchander Das, Ashok Singhal, Vinay Katiyar, Vishnu Hari Dalmia, Vamdes, KS Sudarshan, H V Sheshadri, Lalji Tandon, Kalraj Mishra, Govindacharya and others named in my report formed this complete cartel led by Kalyan Singh and supported by the icons of the movement like Advani, Joshi and Vajpayee.
It is established that the events of and leading up to the 6th of December in the birthplace of the virtuous Lord Ram were tainted by a joint conspiratorial enterprise... Lured by the prospect of power or wealth, a rank of leaders emerged within the BJP, RSS, VHP, Shiv Sena, Bajrang Dal, etc who were neither guided by any ideology nor imbued with any dogma nor restrained by any moral trepidation. These leaders saw the Ayodhya issue as their road to success and sped down this highway mindless of the casualties they scattered about. These leaders were the executioners wielding the sword handed to them by the ideologues.
The role played the chief minister and ministers of Uttar Pradesh and by individuals and organizations in connection with the destruction of the RJBM structure.
The BJP’s claim that it was carrying out the people’s mandate makes it inexplicable why it had to resort to subterfuge in order to effect the destruction of the disputed structure... Kalyan Singh, his ministers and his handpicked bureaucrats created manmade and cataclysmic circumstances which could result in no consequences other than the demolition of the disputed structure and broadened the cleavage between the religious communities resulting in massacres all over the country...The parallel government run by the RSS has also been exposed and analysed in my report. ... Paramhans Ramchander Das, Ashok Singhal, Vinay Katiyar, Vishnu Hari Dalmia, Vamdes, KS Sudarshan, H V Sheshadri, Lalji Tandon, Kalraj Mishra, Govindacharya and others named in my report formed this complete cartel led by Kalyan Singh and supported by the icons of the movement like Advani, Joshi and Vajpayee.
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