Govt. to import wheat to curb rising prices
New Delhi: After almost six years, India will import wheat. The country will import five lakh tonnes (lt) this year to curb the rising wheat prices, especially in the South.
The public sector State Trading Corporation (STC) is the executing body for duty free import of wheat, which is expected to land in 60 days. India last imported wheat in 1998-99.

The imported wheat is likely to be routed for open market sale, though the Government has a right over the wheat as it is waiving off the 60 per cent import duty.

The present wheat stock of 47 lt (as on February 1) in the Central pool is adequate to meet the needs of public distribution system and other welfare schemes till fresh procurement starts by the last week of March. The import would be allowed only through the southern ports of Chennai, Kakinada, Tuticorin and Visakhapatnam and will be sold primarily in Kerala and Karnataka where prices have touched Rs1,100-1,200 a quintal.

In the North, wheat prices are also rising. The prices in Hapur market have increased to Rs957 a quintal from Rs890 on Monday for the dara variety. On January 13, it hit a record of Rs1,102.50.

Wheat output was estimated at 74-75 million tonne (mt) during the current Rabi season and wheat prices were expected to decline in June or July, both in the domestic and the international market.
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Gold continues to set records
New Delhi: Gold set new records on the bullion market on Thursday due to high offtake by customers for the marriage season and stockists in view of a steep rise in overseas markets.

Stockists began buying the metal after it rose to 25-year high levels in overseas markets on geo-political concerns.

Gold in other Asian markets rose as much as US$2.22, or 0.4 per cent, to US$571.57 an ounce influenced by increased uncertainty in the Middle East.

In India standard gold and ornaments went up by Rs50 each at Rs8,260 and Rs8,110 per 10 gram respectively. Sovereign also rose to record high level of Rs6,325 per piece of eight gram.
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IFC to invest Rs.50-cr in JK Paper
New Delhi: World Bank's private lending arm International Finance Corporation (IFC) plans to invest Rs.50 crore in JK Paper, which has embarked on a Rs250 crore expansion plan.

The promoters will also bring in a matching Rs50 crore through preferential equity in JK Paper at a price of Rs65 per share. Post allotment, the share of the Washington-based lending institution would be 10 per cent, while promoters share would go up to 43.9 per cent from 42.15 per cent.

The company's expansion plan consists of setting up a 60,000 tonne capacity multilayer packaging board unit at our Gujarat-based paper mill, said managing director Harsh Pati Singhania. The project would be financed through a combination of debt and equity, he added.

In due course, the promoters would bring in Rs50 crore additional equity and raise Rs100 crore debt.
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Left trade unions warn Govt. over airports issue
New Delhi: The major Left trade unions, signaling support of striking AAI employees, targeted civil aviation minister Praful Patel accusing him of 'selling the country' and threatened the government that its survival could be at stake.

CITU President M K Pandhe and AITUC General Secretary Gurudas Das Gupta addressed the striking workers at the airport here and announced that they would 'confront' the Government in Parliament and force it to reverse the decision to ''privatise'' Mumbai and Delhi airports.

He said the striking workers would intensify their agitation in the coming days and take all possible steps to reverse the Government decision and indicated that Left trade union leaders may also begin a hunger strike in support of the AAI employees' stir.
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TN cuts electricity tariff for powerlooms
Chennai: The TN government has reduced electricity tariff for power-looms with immediate effect, the chief minister, Ms Jayalalithaa, said. Tariff would be reduced to Re.one for the first 1,000 units, Rs2.25 for the next 500 units and Rs2.50 for the rest, she said in a statement.

The prevailing rates were Rs1.40 for the first 500 units, Rs2.25 per unit from 501 units to 1,500 units and Rs2.50 for the rest, she said.

The reduction would benefit over 85,000 power-loom weavers, costing the exchequer Rs30.73 crore, she said.
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IIF report puts India's corporate governance above average
Washington: A report published by the Institute of International Finance (IIF) has said that India is implementing important corporate governance reforms that position the country's corporate governance framework above other emerging market economies. However, it adds that as is the case with many other countries there are flaws in the enforcement of the rules and regulations in the process.

The chief investment officer of global emerging markets, Alliance Capital Management, and chairman of the Equity Advisory Group (EAG) of the IIF, Edward Baker, said, "Our report is being published as the new Indian regulations are coming into effect with the aim of significantly strengthening the system of corporate governance. The Securities and Exchange Board of India (SEBI), the independent capital markets regulator, has made significant efforts to keep up with changing corporate governance practices in leading equity markets around the world, namely the United Kingdom and the United States. We welcome the actions that the Indian authorities are pursuing."

The IIF is the global association of financial institutions comprising more than 340 member institutions headquartered in over 60 countries operating across the world.

India has 22 stock exchanges and approximately 6,000 publicly listed companies with a total market capitalisation of around US$546bn, as of December 30, 2005. Over 40 million people invest in shares and mutual funds in the country.
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