Government Clears 9 SEZs, By And Large IT - June 03, 2009

The government on Tuesday gave a green signal to the fresh proposals for setting up the special economic zones. However, most of the proposals related to IT and ITES followed by the bio-technology sector.

The Board of Approval in the Commerce Ministry gave its nod to Gulf Oil Corporation as well as L & T, Emaar MGF and MM Tech to set up IT/ITES tax-free enclave in Bangalore, Mumbai, and Chenagamanadu (Kerala), respectively. Moreover, the board also sanctioned three bio-technology SEZs for Bangalore, Anantpur (Andhra Pradesh) and Ratnagiri (Maharashtra).

However, two multi-product and multi-services SEZs would come up at Kotamandal in Andhra Pradesh and Nasik in Maharashtra.

Gold Cut Down Through 110 For Each Ten Grams - June 03, 2009

The gold prices fell by Rs 110 per ten grams to Rs 14,855 on the bullion market by snapping the four-day winning streak on Tuesday due to lack of demand at higher levels. Meanwhile, the silver also followed the same trend as its prices also reacted downwards after gaining by Rs 1,060 or 4.67 per cent per kilo in last four sessions on fresh stockists offerings.

The Gold in Europe edged higher as the dealers remained wary about the dollar outlook that hit its lowest level this year in the last session. In New York, the spot gold was quoted at $975.40 an ounce in early trade as against $973.95 an ounce late.

In the domestic arena, the standard gold (99.5 purity) dropped by Rs 110 per ten grams to Rs 14,855 as against Rs 14,965 the previous day.

Moreover, the pure gold (99.9 purity) also moved down by Rs 115 per ten grams to Rs 14,920 from Rs 15,035 yesterday. Silver ready (999 fineness) declined by Rs 120 per kilo to Rs 23,620 from Rs 23,740.

Rupee Stopped Up Weaker By The Side Of 47.01 And 02 - June 03, 2009

The rupee on Tuesday closed five paise cheaper at 47.01/02 against the US currency amid sustained capital inflows in bullish equity market. The dollar recovered smartly after hitting the year''s lowest level against the major currencies of the world, following the signs of recovery in the global economy.

In the last four days, the rupee had gained 96 paise or 2.0 per cent, taking advantage of the weakness in the US dollar. At the Interbank Foreign Exchange (forex) market, the rupee tumbled to a low of 47.24 a dollar as local stocks fell sharply in afternoon trade.

The domestic currency moved in a range of 46.91 and 47.24 during the day after resuming at 47.05/06 a dollar from its last close of 46.96/97 a dollar.

The rupee got the support from the expectations of heavy capital inflows as political stability is expected help the new government to push through speedy economic reforms.

Financial Firms Ups GDP Projections, Expect Another Stimulus - June 02, 2009

India''s economic growth forecast have revised upwards to 6.3 per cent this fiscal by the leading global financial firms on the back of possible fiscal stimulus in the Budget and more-than-expected investment in the country. Bank of America Securities-Merrill Lynch raised its growth forecast to 6.3 per cent as against 5.3 per cent for the current fiscal.

Moreover, BAS-ML has also revised the growth projection of the country to 7.3 per cent for the next fiscal as against 7.1 per cent earlier.

Besides this, it also said that the convincing re-election of the UPA has opened the door for disinvestment in public sector units to the tune of 0.5 per cent of GDP.

Moreover, Nomura also revised up the real GDP growth estimate for FY''10 to 6.3 y-o-y from 5.3 per cent.

Govt Imposed Anti Dumping Duty On CFL Imports - June 02, 2009

In order to prevent the domestic industry from cheap imports from China and Vietnam, the government has imposed anti- dumping duty of up to $1.90 per piece on the imports of compact fluorescent lamps (CFL), which would be levied with effect from November 21, 2008. The duty would be ranged between $0.36 per piece to $1.90 per piece, the finance ministry said in a notification.

The imports from China and Vietnam are taking place at dumped prices and have caused material injury to the domestic industry, the Directorate General of Anti-Dumping and Allied Duties (DGAD) had recommended anti-dumping duty on imports of CFL.

The government earlier had imposed duty on several other products including yarns as well as fabrics, colour picture tubes, some aluminum products and chemicals.

Macquarie Increase India Development Toward Anticipate - June 02, 2009

After a better than expected growth of the economy in the March quarter, Macquarie Research has raised its growth forecast for 2009/10 to 7 per cent and for 20010/11 to 7.5 per cent, it said in a recent note. Earlier, Macquarie had estimate growth of 5.5 per cent for 2009/10 and 6.5 per cent for 2010/11.

On Friday, the data showed the Indian economy grew 5.8 per cent from a year earlier in January-March, matching the upwardly revised rate in the previous quarter.

The growth for October-December was revised from 5.3 per cent. In the 2008/09 fiscal year to March 31, India''s economy grew 6.7 per cent, its weakest in six years and well below around 9 per cent of the previous three years.

The note also said that India''s low dependence on exports along with an aggressive double-barrelled fiscal and monetary response softened the blow to the economy from the global financing challenges.

Moreover it also said that the political risk is likely to decline and Prime Minister Manmohan Singh would be able to undertake more reforms than he did in his previous term.

Tamil Nadu Govt Equipment Revised Shell Out Construction - June 01, 2009

In order to adopt the recommendations of the Sixth Pay Commission, Tamil Nadu government has announced the revision in wages for its government employees, which will benefit about 12 lakh Tamil Nadu Government employees. The revised pay representing an additional outflow of Rs 5,155.79 crore will be effective notionally from January 1, 2006, with the monetary benefit accruing from January 1, 2007.

The revised pay scales will be implemented with immediate effect and the employees will get the revised pay next month, State Finance Secretary K Gnanadesikan told reporters in Chennai on May 31.

Currently the government has incurred Rs 14,000 crore on salaries per annum while Rs 7,000 crore for pensioners, totaling a sum of Rs 21,000 crore. After the revised pay, it will be Rs 26,155.79 crore, he said.

Some of the salient features of the revision: The annual increment is maintained @3 per cent of Pay + Grade Pay as in Government of India as well as Dearness Allowance will be sanctioned at the same rates and on the same date in the revised Pay Structure as sanctioned by Government of India.

Moreover, the existing slab rates of HRA and CCA will be doubled, allowances have been doubled, daily allowance has been doubled. Meanwhile, the Pension and Family Pension has been revised on the same pattern adopted by Government of India.

However, the minimum of the Pension/Family Pension will be raised to Rs 3,050 a month from Rs 1,913 with reference to the revision of the Pay + Grade Pay in the revised Pay Structure. The ceiling limit of DCRG has been enhanced from Rs 3.5 lakh to Rs 10 lakh as in Government of India, he said.

Expressway As For Every GFCA Procedure: UP Govt - June 01, 2009

The Uttar Pradesh government on Saturday said the construction of Ganga Expressway would be as per the recommendations of the Ganga Flood Control Authority (GFCA), a government spokesperson said in a statement. The Allahabad High Court on Friday restrained the state government from going on with the Ganga Expressway project and directed it to obtain prior environmental clearance.

The government is yet to receive a copy of the order issued by the Allahabad High Court. The spokesperson also clarified that at the time when the State Level Environment Impact Assessment Committee issued a no objection certificate, the Ganga River Basin Authority was not constituted. So, there was no question of obtaining a NoC from the GRBA, the statement said.

However, the provision of obtaining the required no-objections'' and clearances'' before implementing the project had already been made in the agreement signed with the developer, the statement said.

The construction of the expressway was conceptualised keeping in mind the increasing traffic on existing national and state highways and development of cities and towns.

Gold Regains 15K Intensity Resting On Worldwide Cues - June 01, 2009

The gold prices on Saturday shot up to a two-week high to trade at Rs 15,000 per ten gram on the bullion market on the back of firm global trend. The sentiment was also boosted on the back of a pick-up in buying by stockists and jewellery fabricators. The standard gold inched up Rs 125 to close at Rs 15,100 per 10 gram, a level last seen on May 14.

The ornaments rallied to Rs 14,950 per ten gram as against previous level of Rs 14,825. The sovereign also gained Rs 50 to Rs 12,450 per piece of eight gram. In New York, the gold rose to a three-month high of $981.50 an ounce as weak dollar raised its appeal as an alternate investment.

Similarly, the silver weekly-based delivery grew further by Rs 420 to Rs 24,170 per kg due to speculative buying but silver ready held steady at Rs 23,200 per kg on some support. The silver coins grew by Rs 200 to Rs 29,500 for buying and Rs 29,600 for selling of 100 pieces.