MUMBAI, July 11: A benchmark index of Indian equities markets on Wednesday closed 129 points lower on profit booking and weak European cues. Auto, FMCG and realty stocks came under selling pressure.

The index ended at a four-month closing high on Tuesday, gaining 226 points.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), opened at 17,553.97 points, closed 17,489.14 points, down 0.73 per cent or 129.21 points from its previous close at 17,618.35 points.

The BSE mid-cap was down 7.72 points and small cap was down 16.02 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange closed at 5,306.30 points down 0.73 per cent.

Traders said a correction in US stocks on Tuesday due to poor earnings was the reason for fall in Asia and Europe.

They also said that reports of below average monsoon which might affect measures to boost economy and company earnings during the quarter led to the bearish market sentiments.

The BSE auto index was down 122.46 points. And so were the FMCG index, down 56.58 points, and the realty index, down 18.65 points.

The main losers were Hindalco Inds, down 2.74 per cent at Rs 124.10; Wipro, down 2.68 per cent at Rs 374.20; Tata Motors, down 2.03 per cent at Rs 241.40; Sterlite Inds, down 1.89 per cent at Rs 106.25; and Bharti Airtel, down 1.87 per cent at Rs 315.45.

The only five Sensex gainers were Larsen and Toubro up 1.20 per cent at Rs 1,434.75; NTPC, up 0.44 per cent at Rs 160.45; Infosys, up 0.29 per cent at Rs 2,466.35; Gail India, up 0.25 per cent at Rs 357.90; and Coal India, up 0.03 per cent at Rs 353.65.

In the Asian region, the Japan’s Nikkei closed 0.08 per cent down, Hong Kong’s Hang Seng closed 0.12 per cent up and China’s Composite index was 0.51 per cent up.

At closing bell here, European markets were trading mixed. France’s CAC was down 0.24 per cent while Germany’s DAX was, up 0.60 per cent, Britain’s FTSE 100 was down 0.12 per cent. (IANS)

WASHINGTON, July 11: The International Monetary Fund (IMF) has said that Italy’s economy would remain vulnerable to downside risks, urging the country to keep reform momentum.

“The economy is expected to continue contracting through the year owing to tight financial conditions, the global slowdown, and the needed fiscal consolidation,” the IMF said on Tuesday.

It expected the recovery would take hold in early 2013, led by a modest pickup in exports, but would lag behind the rest of the region, reported Xinhua.

The IMF warned the downside risks to the outlook which would stem mainly from an intensification of the euro area crisis, predicting that Italy’s economy would decline by 1.9 per cent in 2012 and 0.3 per cent in 2013.

The report noted the pressure on Italian banks, saying despite progress made in strengthening their capital positions and raising private capital, the banks still relied heavily on support from European central bank and faced increasing sovereign risk and rising funding costs.

The IMF emphasized that locking in prudent medium-term policies to reduce the high level of public debt would further improve confidence. It welcomed the government’s increased focus on targeting a structural balance to ensure flexibility in fiscal policy and encouraged the government to rebalance the adjustment towards expenditure cuts and lower taxes.

“The recently announced package of spending cuts is a step in the right direction,” it noted.

The IMF forecast that the country’s deficit-GDP ratio would decline further to 2.6 per cent from 3.9 per cent last year, stressing that more should be done over the medium-term to strengthen the fiscal outlook.

The global lender also noted that reviving growth will require not only comprehensive reforms in Italy, but also progress at the European level in strengthening the currency union. (IANS)

GUWAHATI, July 11: Oil India Limited (OIL), a premier national E&P company has a significant presence in the petroleum sector in Assam. As an integral part of its Corporate Social Responsibility (CSR), OIL has over the years made substantial socio-economic contribution in its operational areas. OIL has a defined CSR policy through which proactive programmes are charted for the development of education, infrastructure, health care, environment, etc so that the society benefits from its CSR programmes. Over and above this, the company has always taken pioneering initiatives to come to the aid of the people of the State at the time of unfortunate natural calamities.

The floods this year have wrecked havoc across the State bringing with it untold suffering and misery to the people. To help alleviate the sufferings of the flood affected people, OIL has made a contribution of Rs 70 lakh to the Chief Minister’s Relief Fund. The cheque of the said amount was handed over to Chief Minister of Assam, Tarun Gogoi, by SK Srivastava, Chairman and Managing Director of Oil India Limited at Chief Minister’s official residence at Koynadhora, Khanapara on Wednesday. Srivastava expressed his deep concern over the grave situation and the hardship suffered by the people due to the floods in the State.

During the meeting, Chief Minister Tarun Gogoi inquired about the natural gas reserves of the State and impressed upon the importance of natural gas based economy in Assam. He hoped that cities of Assam will be fed by natural gas as main source of fuel in the near future.

The Chief Minister lauded OIL’s benevolent gesture to the flood affected  people, and wished the company success in its hydrocarbon exploration and production ventures in the State. This was stated in a press release.

JOHANNESBURG, July 11: South Africa and other BRICS members should prioritize the development of small and medium enterprises as a way of quick job creation to benefit communities and people, an Indian diplomat said here.

“There is nothing more effective than the smaller and medium enterprises when it comes to job creation. Small businesses generate effective and real economic empowerment,” said India’s High Commissioner to South Africa Virendra Gupta.

“At one time, particular items could only be made by medium and smaller enterprises with large industries prohibited from entering certain sectors. The government nursed these businesses by giving them support in marketing, funding as well as aiding their technological needs,” Xinhua quoted Gupta as saying on Tuesday.

BRICS grouping comprises Brazil, Russia, India, China and South Africa.

The Indian diplomat said his country has been able to reap massively from the resources spent on developing small and medium businesses.

“Small and medium enterprises today contribute close to 50 per cent of our industrial output and between 50 and 60 per cent of our exports. They also contribute a great deal to our gross domestic product as well as to the industrial and manufacturing activities,” he said.

The high commissioner said his country is ready to share its experiences with other BRICS members in terms of the kind of industries suited to small and medium enterprises and the required policy framework.

Gupta hailed the economic and social cooperation between India and South Africa.

He said: “Despite the economic down-turn which is affecting all countries including India, South Africa and other BRICS countries, India and South Africa economic exchanges have seen very robust expansion.”

He revealed that tourism between the two countries has increased by nearly 20 per cent, and added that social cooperation has also followed the historic route characterised by strong cultural exchanges enhanced by a large presence of the Indian community in South Africa.

“I can’t think of any other two countries that enjoy the kind of a special relationship that exists between India and South Africa. We are constantly striving to promote a better and more comprehensive relationship,” the high commissioner added.

He said India is sourcing large amounts of coal from South Africa while providing high quality but cheaper and more competitive pharmaceuticals to South Africa.

Gupta said that nearly 70 Indian companies will take part in this year’s South African international trade exhibition, which will take place near Johannesburg from July 15-17.

The Indian diplomat hoped the exhibition will improve its trade relations with South Africa and other fellow BRICS members, especially in the area of small and medium enterprises. (IANS)

NEW DELHI, July 11: Marketing services agency Impact Marketing Services will organize a three-day entertainment and shopping extravaganza in London that will feature top Bollywood artists and showcase Indian goods and services.

“India Utsav” will be held from October 5-7 at Harrow Leisure Centre in London.

“India Utsav is an initiative by Impact to bridge the emotional and physical gap between an Indian and his/her home country, India,” Impact Marketing Services said in a statement.

The event is aimed at providing complete family entertainment and give the Indian diaspora an opportunity to buy traditional Indian goods like handicraft, jewellery and garments.

It will also have food court serving Indian cuisines and there will be exhibition showcasing best of Indian properties, medical facilities, educational options among others.

Rajesh Menon, managing director, Impact said the event is aimed at providing rewarding opportunities for participants as well as visitors. These include puppet show, mehendi application, shopping for saris, bangles, pickles and handicraft, and even exploring options for booking property, exploring advanced and affordable medical facilities and educational opportunities.

Entrance to the exhibition will be free. However, there will be charges for attending evening shows like music and dance performances.

“We will bring popular artists from Bollywood for the evening shows. They will include music, theatre and dance performances. These shows will be ticketed but the amount will be such that it will suit every budget,” said Sanjeev De, director with Impact.

De said his company decided to organize the event on its own after executing this high-profile international events for clients.

“After having successfully executed international events for our clients, we decided to work backwards this time and launch an event of our own, an event or a brand property that becomes synonymous with Impact,” De said.

“It is an organic growth for us. We have always wanted to fill in this gap that we know exists between an NRI and India. It is, in fact, a matter of pride that we can do something like this.” (IANS)

NEW DELHI, July 11: The overseas arm of Oil and Natural Gas Corporation (ONGC Videsh), in partnership with other government-run firms, plans to invest $3 billion to explore oil and gas in Venezuela, according to Minister of State for Commerce and Industry Jyotiraditya Scindia.

ONGC Videsh has already invested $350 million and intends to invest an additional $500 million in the San Cristobel oil field in the South American country.

In addition, ONGC Videsh with an Indian consortium that include other state-run firms like Indian Oil Corporation and Oil India proposes to invest $2.2 billion in the Carobobo project. This takes the total proposed investment to over $3 billion.

Scindia, who is on an official visit to South American countries, discussed the investment proposals during his meeting the Venezuelan commerce minister Edmee Betancourt in Caracas.

The minister informed that the Gas Authority of India Ltd (GAIL) was keen to explore opportunities in the natural gas value chain.

Bharat Petroleum Corporation Ltd (BPCL) is also keen to explore opportunities to export base oil to Venezuela and its marketing, according to a statement released by the ministry of commerce and industry here on Wednesday.

Engineers India Limited (EIL) would like to provide its design and engineering services in the hydrocarbon sector, it said.

Scindia said relations between India and Venezuela was a complementary one as India’s energy deficit could be tackled by Venezuela which, in turn, needs Indian help in manufacturing and engineering sectors.

The minister also stressed the need to expedite finalisation of the Double Taxation Avoidance Agreement (DTAA) between between the two countries. The Indian government has also desired to attract investments from Venezuela. It has forwarded a proposal to Venezuela for participation in a refinery joint venture with Indian Oil Corporation in Odisha. (IANS)

NEW DELHI, July 11: Union Water Resources Minister Pawan Kumar Bansal has called for moving towards “transparent and participatory mechanisms” of pricing of water by independent water regulatory authorities.

He also said that there was need for a comprehensive legislation for optimum development of inter-state rivers.

Addressing a meeting of the ministry’s consultative committee here on Wednesday, Bansal said development and management of water resources had to keep pace with current realities.

According to an official statement, Bansal said there had been a suggestion that an overarching national legal framework of general principles on water was necessary to pave way for essential legislation on water governance in every state.

“There is a need to move towards transparent and participatory mechanisms of pricing of water by independent water regulatory authorities,” he said.

The minister said draft National Water Policy recommended that the management of irrigation systems should move away from a narrow engineering construction centric approach to a more multidisciplinary and participatory approach.

He said water security of the future would depend on efficient management of water. The goal of National Water Mission was to increase water usage efficiency by 20 per cent, he added.

Expressing concern over the decline in the ground water table in the country, Bansal said the present legal situation gave every land holder the right to pump unlimited quantities of water from a borewell. He said there was no regulation of groundwater extraction and no coordination among competing uses.

The minister said “inadequate and sub-optimal pricing of power and water was promoting the misuse of groundwater” and suggested moving to a situation where groundwater could be treated as a common property resource held by the state under public trust doctrine. He said there was a need to map aquifers to quantify the water availability and allow a community to manage its aquifer for ensuring water security. (IANS)

The urban development ministry’s National Capital Regional Planning Board will use the imagery in the implementation of its Regional Plan 2021 for the region. “We have signed a MoU with the National Remote Sensing Centre (NRSC) which will provide us best satellite imagery to review the regional plan of 2021,” said an official. Based in Hyderabad in Andhra Pradesh, NRSC is a government organization. The Regional Plan 2021 was notified in 2005 has to be reviewed every five years. The plan, which covers Delhi and its neighbouring areas of Uttar Pradesh, Rajasthan and Haryana, aims to promote growth and balanced development of the whole region by focusing on transport network, physical infrastructure, rational land use pattern, improved environment and quality of life. “Through the satellite data we will get to know where the the proposed land use in the region has been changed. It will help us analyse the land use and urban sprawl between 1999 and 20011,” the official said.  (IANS)

NEW DELHI, July 11: The government will use satellite imagery to observe the pattern of land use in Delhi and adjoining states and monitor the implementation of environmental norms, as also the quality of life, to step up growth in the region, it was announced here on Wednesday.

The urban development ministry’s National Capital Regional Planning Board will use the imagery in the implementation of its Regional Plan 2021 for the region. “We have signed a MoU with the National Remote Sensing Centre (NRSC) which will provide us best satellite imagery to review the regional plan of 2021,” said an official. Based in Hyderabad in Andhra Pradesh, NRSC is a government organization. The Regional Plan 2021 was notified in 2005 has to be reviewed every five years. The plan, which covers Delhi and its neighbouring areas of Uttar Pradesh, Rajasthan and Haryana, aims to promote growth and balanced development of the whole region by focusing on transport network, physical infrastructure, rational land use pattern, improved environment and quality of life. “Through the satellite data we will get to know where the the proposed land use in the region has been changed. It will help us analyse the land use and urban sprawl between 1999 and 20011,” the official said.  (IANS)