Biz12:Pg12 3/9/2011 11:21 PM Page 1
OHERALDO
Pg 12 India targeting 40 pc jump in trade with ASEAN: Govt PTI NEW DELHI, MARCH 9
India is targeting a 40 per cent jump in its trade with the ASEAN to USD 70 billion in 2012 with the signing of Free Trade Agreement with the 10-
nation trade grouping, Commerce and Industry Minister Anand Sharma said today. He told the Rajya Sabha during Question Hour that India's trade with ASEAN has grown to USD 50 billion in 2010 from USD 41 billion after New Delhi signed a Trade in Goods Agreement with the South East Asian block on August 13, 2009. "We have to take care that there is a balance...If imports have increased, India’s exports (to ASEAN) have also increased," he said. ASEAN consists of Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The agreement that provides for both India and ASEAN reducing tariff on agreed goods, has come into force with all but Cambodia and Philippines. "The agreement mainly con-
sists of exchange of tariff concessions by India and ASEAN countries during January 1, 2010 and December 31, 2024," he said. Allaying fears that the FTA will harm domestic agriculture, he said majority of the agriculture items are protected by placing them in exclusion of negative list where no tariff concessions are available to ASEAN countries. Items on the negative list include vegetables, fruits/nuts, spices, cereals/grains, oilseeds/oil, natural rubber and tobacco. "The agreement also provides for a safeguard mechanism to address sudden surge in imports on account of tariff concessions," he said. "When such a surge is likely to hurt the domestic market, safeguard measures including imposition of safeguard duties can be initiated to prevent or remedy se-
rious injury and to facilitate adjustment for the domestic market." Sharma said 1,297 products including 689 agriculture goods, have been kept in the negative list. On reduction of tariff on tea and coffee, he said the tariff on tea and coffee will be 45 per cent each and that on pepper will be 50 per cent in 2020, a 1.8-5 per cent reduction from present import duties. To a separate question, Sharma said the government plans to formulate a manufacturing policy to increase the
PTI MUMBAI, MARCH 9
The Bombay Stock Exchange benchmark Sensex today closed up by 30 points to extend gains for the second day in a row, helped by abating political worries and softening global crude oil prices. After a highly volatile trade, the 30-share barometer settled at 18,469.95 points, a gain of 30.30 points, or 0.16 per cent, from its last close. The index touched a high of 18,583.30 points during the day. However, early sharp gains attracted profit booking and the barometer fell by over 130 points in the day trade, marketmen said.
Aban Offshor, 619.05, 625.8, 605, 617.35 Abb Ltd., 715.05, 736, 714.2, 726.2 Abg Shipyard, 358.4, 362.8, 353.4, 358.2 Acc Limited, 994.95, 1009.45, 990.1, 1004.45 Adani Enterp, 595.4, 602.9, 591.05, 592.85 Aditya Birla, 763, 775, 758.7, 762.7 Allahabad Ba, 207.5, 208.8, 205.8, 206.9 Alstom Proje, 524, 524, 514.15, 520.4 Ambuja Cemen, 124.45, 128.9, 123.3, 128.2 Andhra Bank, 137, 139.85, 137, 138.95 Ashok Leylan, 52.8, 53.9, 51.75, 52.25 Asian Paints, 2521.95, 2526.9, 2500, 2501 Axis Bank Li, 1317, 1329.55, 1292, 1300.95 Bajaj Hindus, 70.5, 71.4, 69.5, 71 Bank Of Baro, 912.4, 924, 902.15, 909.9 Bank Of Indi, 463.1, 472.25, 463.1, 470.2 Beml Limited, 642.5, 672, 642.5, 662.45 Bharat Elect, 1669.95, 1674, 1651.65, 1655.3 Bharat Forge, 323.55, 324.85, 315.8, 319.5 Bharat Petro, 569.8, 572.45, 543, 551.5 Bharti Airte, 334.35, 336.8, 330.5, 332.5 Bhel, 2051.95, 2055.8, 2036.35, 2042.25 Bhushan Stee, 420, 434, 419.8, 431.8 Biocon Limit, 324, 325, 314.75, 320.15 Bombay Dyein, 352, 367, 351.5, 364.5
Bosch Limite, 6100, 6100, 6000.25, 6022.3 Brigade Ente, 96.25, 97.2, 96, 96.35 Cairn India, 351, 351, 341.55, 342.35 Canara Bank, 628.9, 636.3, 619, 621.2 Central Bank, 156, 158.5, 152.05, 155.05 Century Text, 316, 325, 313.65, 323.15 Cesc Ltd, 317.1, 329, 317.1, 326.35 Chambal Fert, 75, 75, 71, 72.55 Chennai Petr, 193.85, 193.85, 188.15, 189.45 Cipla Ltd, 308, 309.4, 300.1, 301.5 Colgate Palm, 850, 861, 845, 848.3 Container Co, 1181.05, 1194.95, 1178, 1185.75 Crompton Gre, 254.05, 262.85, 252, 259.95 Cummins Indi, 655.45, 679, 655.45, 673.05 Dabur India, 99.1, 99.7, 97.05, 97.5 Deccan Chron, 73.6, 73.7, 71.1, 71.8 Dish Tv Indi, 60.8, 62.85, 60.7, 62.15 Divi’s Labor, 624.8, 627, 612.3, 622.95 Dlf Limited, 224, 227.6, 223.8, 225.45 Dr. reddy’s, 1605, 1626, 1581.05, 1619.45 Edelweiss Ca, 36.55, 37.4, 36.15, 37.1 Educomp Solu, 457, 458.8, 449.1, 452.45 Eih Limited, 79.9, 80.35, 78.55, 78.85 Engineers In, 301, 301, 290, 290.1 Essar Oil Lt, 116, 121, 114.2, 120
tor between 2004-05 and 2008-09 has been between 4.14.3. Cost of labour as percentage of the total cost of production in organised manufacturing sector was 4.2 per cent in 2004-05. It fell to 4.1 per cent in 2006-07 and climbed to 4.3 per cent in subsequent two years. He said the total investment in capital intensive industries has increased from Rs 1.94 lakh core in 1990-91 to Rs 15.35 lakh crore. Labour has also increased from 82.79 million in 1990-91 to 113.27 million currently.
Airlines owe Rs 1,122 cr to AAI PTI NEW DELHI, MARCH 9
Airlines operating in the country owe Rs 1,122 crore to Airports Authority of India, Lok Sabha was informed today. The dues of Airports Authority of India (AAI) against Air India as on January 31, 2011 are Rs 720 crore, Minister of Civil Aviation Vayalar Ravi said in a written reply. For Kingfisher, the figure is 257.62 crore, Go Airlines - 6.77 crore, Interglobe Aviation Ltd. (Indigo)- 13.29 crore, Jet Airways - 38.49 crore, Jet Lite (India) Ltd 13.96 crore, Spicejet Ltd -16.99 crore and Paramount Airways - 4.88 crore.
Kunbi saree fabric on revival path HERALD REPORTER PANJIM, MARCH 8
With Goa’s fabric on the verge of extinction, here’s a person who is zealous to revive the dying tradition. The traditional Kunbi tribe collection that was showcased at the Wills Lifestyle India Fashion week, in October 2010 is being used as a tool not only to revive Goan weaving but also to train rural women for selfemployment. Poonam Pandit, a Mumbaibased textile designer has decided to take the project ahead on her own with the help of local organisations. She was associated with the internationally acclaimed fashion designer Wendell Rodricks giving the whole collection a very modern and an elegant look, which was displayed at the prestigious fashion show. “Wendell has assured me to market the product. It can be sold at emporiums although Goa does not have any emporium of textile at present,” she said. She said that not only the Kunbi saree is at the diminishing stage in Goa but also the weavers are no more existing, except one at Pernem. Kunbi saree was originally worn by Kunbi and Gawda tribe women, who were basically paddy field workers. But in the present era, the tradition to drape Kunbi saree has faded away. During their research in sourcing the weavers and working with tribals, Wendell and Pandit came across one person from Pernem taluka, who incidentally is the lone person weaving these sarees. Baburao Babaji Tilve, 73, fondly called as ‘kaka’ was roped in to help the fashion designers to display the ethnicity of the group. It was then modified with today’s contemporary style of clothing and presented at Delhi fashion show. Along with kunbi saree fabric, the stress is also laid on reviving generation old products like nine-yard sarees, panchas, pudwe (dhoti) and kashti (lace).
Sensex up 30 points
share of manufacturing in the nation's gross domestic product (GDP). Share of manufacturing in India's GDP is 16 per cent as compared to 26 to 33 per cent in other fast growing economies, he said. Though there is no decline in industrial production, the share of manufacturing in GDP has remained almost stagnant at 16 per cent over last few years, he said. Sharma said the cost of labour as percentage of the total cost of production in the organised manufacturing sec-
BIZ
GOA, THURSDAY, 10 MARCH, 2011
Essar Shippi, 92, 92, 88, 88.65 Exide Indust, 137.1, 139.5, 135.8, 136.35 Federal Bank, 378.1, 382, 373.95, 380.15 Financial Te, 792.45, 793.05, 781.05, 784.75 Gail (india), 444.5, 444.6, 434.1, 441.15 Gammon India, 118, 118.85, 116, 116.65 Glaxosmithkl, 2169.9, 2203.3, 2162, 2182.75 Glenmark Pha, 291, 291.9, 275.55, 279.35 Gmr Infrastr, 40.05, 40.8, 39.8, 40.5 Godrej Indus, 172.95, 173.4, 169.3, 172.4 Grasim Indus, 2300, 2328, 2300, 2312.45 Great Offsho, 237, 237.75, 231, 236.75 Gtl Infra.Lt, 36.5, 36.6, 36, 36.45 Gujarat Mine, 122.8, 125.75, 122, 124.8 Gujarat N R, 48.9, 48.95, 47.5, 48 Gujarat Stat, 94.4, 96.4, 93.25, 95.2 Gvk Pow. & I, 26.3, 26.7, 25.7, 26.55 Hcl Technolo, 461.75, 469.5, 459.6, 464.5 Hdfc Bank Lt, 2210, 2238.7, 2195, 2206.05 Hdfc Ltd, 677, 683.1, 665, 672.7 Hero Honda M, 1510, 1548.2, 1492, 1537.7 Hindalco in, 212.35, 215.4, 211.2, 213 Hindustan Co, 35.35, 35.55, 34.75, 35.05 Hindustan Ma, 61.9, 62.55, 60.6, 61.35 Hindustan Pe, 325.95, 328.4, 308.25, 319.65
Crude oil prices likely to calm down: Kaushik Basu PTI NEW DELHI, MARCH 9
The government today said it is hopeful that the rally in crude oil prices due to the ongoing political turmoil in MENA (Middle East and North Africa) region will be short-lived. "If you look at futures market also, there is expectation that this (crude oil prices) is going to go down. So overall, my expectation is that this very high price regime is not going to last," Chief Economic Advisor Kaushik Basu told PTI. Crude prices, which, has become a big concern for the government fighting inflation, softened to about USD 104 to a barrel on the New York Mercantile Exchange after touching USD 107 a barrel, its highest level since September 2008. While pointing out that rising crude price in international market was indeed a concern for the government, Basu expressed the hope that the rise driven by political problems in the Middle-East will be short-
Hindustan Un, 283.4, 283.9, 278.5, 279.7 Hindustan Zi, 138, 138, 130.9, 134.1 Housing Dev, 164.95, 166.2, 161.7, 164.7 Icici Bank L, 1029.7, 1040, 1021.3, 1035.25 Idea Cellula, 61.9, 62.55, 61.4, 61.85 Ifci Ltd, 54.95, 55.5, 53.4, 54.3 India Cement, 92, 94, 91.45, 93.45 India Infoli, 74.2, 74.2, 70.55, 71.9 Indiabulls F, 143.4, 145.35, 141.4, 142.3 Indiabulls R, 109.9, 113.85, 109.5, 113.3 Indian Bank, 225.45, 230.25, 224.5, 229.15 Indian Hotel, 84, 84.3, 81.65, 83.05 Indian Oil C, 315, 315, 302.5, 307.8 Indian Overs, 141.8, 148, 141.8, 146.2 Indus Dev Ba, 137.05, 139.5, 136.8, 138.3 Indusind Ban, 248.4, 252.25, 243.1, 244.5 Infosys Tech, 3120, 3132.8, 3071, 3095.5 Infra. dev., 145.1, 146.8, 142.2, 144.95 Ispat Indust, 22.45, 22.6, 22.15, 22.45 Itc Ltd, 172.4, 173.15, 170.6, 171.75 Ivrcl Infras, 73.95, 77.2, 73.8, 76.7 Jai Corp Lim, 171.05, 174.85, 168, 170.45 Jaiprakash A, 85.1, 85.85, 83.1, 85.35 Jet Airways, 444, 459.3, 444, 455.35 Jindal Saw L, 197.8, 198.5, 195.4, 197.7
lived. "The reason is (that) this is being driven largely by MiddleEast crisis. And if you look at crude spot price in US, (they are) lower than the price in Middle East and usually such a big diversion (does not exist)", he added. However, he added, India's growth could be impacted if the crude oil prices rise to USD 130-140 a barrel and remain there for sustained period of time. "If we get into very high sustained oil price regime, because the Middle Eastern crisis become more serious and continues for a long time, then that would be a matter of great concern, more for the growth than for the inflation. "If it crosses USD 130-140 a barrel mark like it did in 2008...if it gets into those kinds of figures, and sustains somewhere, then that will begin to make a dent on our growth figures", Basu said. India has been trying to combat inflation, which has
Jindal Steel, 670, 677.7, 660, 665.9 Jsw Steel Li, 939.9, 972.4, 935, 967.05 Kotak Mahind, 425, 436.9, 424.9, 431.75 Lakshmi Mach, 2135, 2150, 2111.15, 2144.7 Lanco Infrat, 38.2, 38.85, 37.55, 38.7 Larsen & Tou, 1580, 1585.9, 1557.6, 1570.45 Lic Housing, 197, 202.6, 197, 201.65 Lupin Limite, 392.75, 396.7, 390.25, 394.55 Mahanagar Te, 42.5, 42.9, 41.9, 42.35 Mahindra & M, 665.35, 673.75, 664, 669.1 Maruti Suzuk, 1262, 1283, 1260.1, 1266 Max India Lt, 143, 145.5, 142.8, 144.25 Moser-baer (, 41.5, 42, 40.3, 41.55 Mrpl, 61.5, 62.35, 60.3, 61.9 Nagarjuna Co, 101.8, 102.4, 100.2, 100.65 Nagarjuna Fe, 28, 28, 25.3, 27.45 National Alu, 454.65, 468.4, 454, 460.3 Neyveli Lign, 102.9, 105.4, 102.75, 103.75 Ntpc Ltd, 180.6, 181.1, 177.2, 177.75 Oil And Natu, 273, 274.95, 266.3, 271.3 Omaxe Limite, 136.5, 136.95, 133.3, 135.15 Oriental Ban, 353, 366.9, 352, 365.05 Pantaloon Re, 269.25, 275.6, 264, 265.35 Parsvnath De, 30.8, 31.5, 29.75, 30.3 Petronet Lng, 115, 119.25, 112.5, 116.05
Power Fin Co, 255.85, 258, 253, 254.4 Power Grid C, 98, 98.5, 97.6, 98.05 Praj Industr, 66.9, 68.8, 66.5, 68.35 Punj Lloyd L, 62.8, 64.05, 62.6, 63.4 Punjab Natio, 1092, 1098.7, 1070.05, 1076.15 Rajesh Expor, 122.7, 123.4, 120.15, 120.55 Ranbaxy Labs, 459, 460.6, 448.1, 453.05 Rashtriya Ch, 82.1, 83, 81.45, 81.7 Reliance Cap, 487.15, 506, 487.15, 503.3 Reliance Com, 91, 100.2, 90.85, 99.35 Reliance Ene, 1075, 1080, 1070, 1070 Reliance Ind, 641.85, 667, 633.25, 649.4 Reliance Ind, 988.7, 1004.4, 968.1, 993.85 Reliance Pow, 123.3, 125.6, 121.45, 124.6 Rolta India, 149.9, 150, 146.05, 147.85 Satyam Compu, 65.3, 66.5, 64.1, 65.3 Sesa Goa Ltd, 277.9, 281.95, 274.2, 280.45 Shipping Cor, 106.95, 108.45, 106.25, 107.45 Siemens Ltd, 858, 860, 854.4, 857.1 Sintex Indus, 153.4, 154.2, 148.55, 149.65 Sobha Develo, 267.9, 272, 265.05, 267.3 State Bank O, 2659.7, 2665, 2617.2, 2627.35 Steel Author, 152.8, 155.9, 152.6, 155.3 Sterlite Ind, 169, 169.9, 165.3, 166.7 Sun Pharmace, 423.55, 429, 411.4, 415.55
been hovering at above 8 per cent, much above the comfort level of 5-6 per cent. India has recovered fast from the impact of the global financial meltdown recording a growth of 8 per cent in 2009-10, up from 6.8 per cent in the previous fiscal. The growth in the current fiscal is projected to be at 8.6 per cent and 9 per cent in 2011-12. India was growing at over 9 per cent, before the crisis pulled down the growth rate to 6.8 per cent in 200809.
Sun Tv Netwo, 424, 440.05, 420, 426.85 Suzlon Energ, 48.5, 48.7, 47.05, 47.6 Tata Communi, 212.65, 216.9, 210.1, 214.6 Tata Consult, 1122.55, 1138, 1118.5, 1126.7 Tata Motors, 1171.3, 1176.5, 1153, 1163.3 Tata Power C, 1234, 1244.8, 1222.7, 1231.75 Tata Steel L, 618, 620.55, 607, 612.95 Tata Teleser, 15.1, 15.3, 15, 15.2 Tech Mahindr, 745, 745, 725.35, 733.95 The Ge Shpg., 262.5, 268.3, 262.5, 264.25 The Phoenix, 174.7, 174.7, 168.4, 170.2 Thermax Ltd, 610.5, 614.9, 601, 607.35 Titan Indust, 3499, 3519, 3460.75, 3492.95 Torrent Powe, 228.05, 233.75, 228.05, 232.15 Triveni Engg, 100, 102, 100, 101.4 Tv18 India L, 78.85, 78.85, 76.1, 77.5 Uco Bank, 99, 100.6, 98.5, 100 Ultratech Ce, 1034.45, 1034.45, 1014, 1020 Union Bank O, 334.95, 336, 330.1, 331.75 Unitech Ltd, 38, 38, 36.25, 37.55 United Phosp, 138, 138.4, 135.1, 135.55 Videocon Ind, 189.6, 190.45, 187.1, 188.1 Vijaya Bank, 76.1, 77.25, 75.7, 76.55 Voltas Ltd, 158.05, 159.75, 157.2, 157.75 Wipro Ltd, 448, 453.15, 443.55, 450.95 Yes Bank Lim, 275.05, 280, 274.1, 275.45 Zee Entertai, 126.5, 127.45, 125, 126.1