Maruti wage deal: Workers to get Rs 16,800 per month average salary hike

Under the 3-year agreement, to be implemented with retrospective effect from April this year, the workers will receive 50 percent of the increased salary in the first year and the 25 percent each in the remaining two years.
   
"For the first time, the unions of both Gurgaon and Manesar plants, including those of Maruti Suzuki Powertrain, reached an amicable agreement with the management late last evening," Maruti Udyog Kamgar Union General Secretary Kuldeep Janghu said.  http://post.jagran.com/maruti-wage-deal-workers-to-get-rs-16800-per-month-average-salary-hike-1443173714

Source:Business News

Long way to go for India to become global growth engine: Raghuram Rajan

The comments assume significance in the wake of a China-led slowdown hurting the markets worldwide in the recent days, which has led to calls in India for taking this crisis situation as an 'opportunity' as the global economy may need alternative growth engines.
  
Asked whether India can replace China as a new growth engine, Rajan said, "India is one-fourth to one-fifth of China's size. Even if we can overtake China in terms of growth rates, the magnitude of the effect will be far smaller for a long time to come."
  
As per the latest data available with the World Bank, GDP of the US is over USD 17 trillion. This compares with China at over USD 10 trillion and India USD 2 trillion. http://post.jagran.com/long-way-to-go-for-india-to-become-global-growth-engine-raghuram-rajan-1440584721

Source: Business News 

File Your Income Tax Return In Just 8 Easy Steps Latest

ध्‍यान दें भरने से पहले इस बात का
इनकम टैक्‍स रिटर्न को भरने की प्रक्रिया से पहले आपको एक बात का खास ध्‍यान रखना होगा। वह ये कि रिटर्न को भरने से पहले अपना बैंक स्टेटमेंट अपने पास ही रख लें। सिर्फ यही नहीं इसके साथ कंपनी की ओर से दिया गया फॉर्म 16 व बीते साल का इनकम टैक्स रिटर्न फाइलिंग भी अपने पास में ही रख लें। अब इसके बाद लॉग इन करें www.incometaxindiaefiling.gov.in पर और करें नीचे दिए गए स्‍टेप्‍स का बराबर से फॉलो।

1 . सबसे पहले वेबसाइट पर सीधे हाथ की तरफ आपको तीन ऑप्शन मिलेंगे। इनमें से सबसे पहला विकल्‍प होगा 'रजिस्टर योर सेल्फ' का। इस ऑप्शन पर क्लिक करके यहां खुद को रजिस्टर करा लें। इसके बाद यहां आपसे यूजर आईडी के बारे में पूछा जाएगा। अब यहां आपको ध्‍यान देना होगा कि पैन कार्ड नंबर ही आपकी यूजर आईडी है।

2 . इस जगह पर आप करंट फाइनेंशियल ईयर की टैक्स क्रेडिट स्टेटमेंट को साफ-साफ देख भी सकते हैं। इस विकल्‍प में आपको 'Form 26AS' भी मिलेगा। यहां पर आपको वह सारे टैक्स मिलेंगे, जो आपकी सैलरी से कंपनी की ओर से काटा जा रहा है। अब यहां पर फॉर्म 16 के हिसाब से आपको जितना टैक्स भरना है, इस ऑप्शन में दिए गए टैक्स से उसका मिलान कर लें।

3 . इसके बाद अब आपको डाउनलोड ऑप्शन पर क्लिक करना होगा। इसकी मदद से करंट फाइनेंशियल ईयर का टैक्स रिटर्न फॉर्म आपके सिस्‍टम पर डाउनलोड हो जाएगा। अब ध्‍यान दें कि अगर आपकी इनकम के महज 5000 रुपये ही इनकम टैक्स के दायरे में आते हैं, तो आपको ITR-2 फॉर्म भरने की जरूरत है। इसके अलावा अगर आप इससे ज्यादा टैक्स के दायरे में आ रहे हैं तो ITR-1 या ITR 4S फॉर्म भरना होगा, लेकिन इससे पहले आपको 'Quick e-file ITR' पर इससे संबंधित पूरी जानकारी भरनी होगी।

4 . इसके बाद अब आपको मिलेगा रिटर्न प्रिपरेशन सॉफ्टवेयर का विकल्‍प। आपको करना होगा इसको डाउनलोड। इसमें आपको एक फॉर्म मिलेगा, इसे फॉर्म 16 के आधार पर पूरी तरह से भर लें।

5 . इस क्रम में 'Calculate Tax' का विकल्‍प आपको मिलेगा। ध्‍यान दें कि इसकी मदद से आप टैक्स को पूरा कैलकुलेट कर सकते हैं। इसके बाद Pay tax (if applicable) के विकल्‍प पर क्लिक करें। ध्‍यान दें कि इसके साथ ही टैक्स रिटर्न के लिए चालान फॉर्म भी भर लें।

6 . यहां अब आपको 'Validate' के नाम से विकल्‍प मिलेगा। अब तक आपने जो भी जानकारी भरी है, उसे कंफर्म करने के लिए आपको इसपर क्लिक करना होगा। अब XML फाइल को जनरेट करने के लिए आपको ऑप्‍शन मिलेगा। इसको आप अपने कम्‍प्‍यूटर पर सेवा कर लें।  http://inextlive.jagran.com/file-your-income-tax-return-in-just-8-easy-steps-latest-201508250015

Source: Business News

Commodity Markets Suitable For India In This Slump

अंतरराष्ट्रीय जिंस बाजार में मंदी ग्लोबल अर्थव्यवस्था के लिए भले ही चिंता की बात हो, लेकिन क्रूड और खाद्य तेल जैसी जिंसों की कीमतों में गिरावट फिलहाल भारतीय अर्थव्यवस्था के लिए मुफीद है। जिंसों की कीमतों में कमी आने से उपभोक्ताओं, उद्योगों और सरकार सभी को लाभ होगा। कच्चे तेल (क्रूड) की कीमतें साढ़े छह साल के निम्नतम स्तर पर आ गई हैं। भारतीय बास्केट के कच्चे तेल के दाम 21 अगस्त को समाप्त पखवाड़े में 45.21 डॉलर प्रति बैरल पर आ गए। जबकि सोमवार को ब्रेंट क्रूड छह फीसद गिरकर 43 डॉलर प्रति बैरल से नीचे आ गया। इसी तरह अमेरिकी बेंचमार्क क्रूड के दाम 39 डॉलर प्रति बैरल से नीचे पहुंच गए हैं। क्रूड कीमत घटने से देश का निर्यात बिल कम होगा। इससे सरकार को चालू खाते का घाटा कम करने में मदद मिलेगी। वहीं घरेलू बाजार में पेट्रोल और डीजल के दाम भी घटेंगे, जिसका फायदा आम लोगों को होगा। साथ ही खुदरा महंगाई भी कम होगी। विशेषज्ञों का कहना है कि इससे भारत को एक लाख करोड़ रुपये का लाभ हो सकता है। भारत में मौजूदा खपत स्तर के हिसाब से कच्चे तेल की कीमत में प्रति एक डॉलर की गिरावट से देश पर आयात का भार 6,700 करोड़ रुपये कम हो सकता है। साथ ही सब्सिडी बोझ में भी 600 करोड़ रुपये की कटौती संभव है।

सस्ता खाद्य तेल भी पहुंचायेगा फायदा
घरेलू और ग्लोबल बाजार में मांग कमजोर रहने के कारण खाद्य तेल के दाम में भी गिरावट आई। राजधानी में पामोलिन ऑयल 50 रुपये घटकर 5,250 रुपये प्रति क्विंटल पर आ गया। भारत अपनी मांग को पूरा करने के लिए खाद्य तेल आयात करता है। इसलिए इससे आयातित खाद्य तेल सस्ता हो जाएगा। इससे महंगाई भी कम होगी। http://inextlive.jagran.com/commodity-markets-suitable-for-india-in-this-slump-201508250005

Source: Business News

SpiceJet offers discounted fares on over 100,000 seats

"We are known as the airline that has made air travel more affordable for more Indians than ever before, revolutionising the industry and driving record growth in passengers in the process," said Shilpa Bhatia, senior Vice President and head of sales and distribution for SpiceJet.

Under the new discount scheme, single one-way fare between Delhi and Mumbai or Mumbai and Chennai will work out at Rs 1,899 (excluding taxes). With taxes, the fare on these routes will stand at Rs 2,999 for one-way ticket.

Similarly, for Mumbai-Kolkata, the complete fare including taxes stand at Rs 3,799 for one-way. The airline pointed out that the lowest fare of Rs 799 excluding taxes is available on routes such as Delhi-Chandigarh, Mumbai-Goa, Bengaluru-Kochi, Madurai-Chennai, Jammu-Srinagar and Kolkata-Agartala.

The scheme will be available from August 20 to 22 midnight. The travel period covered under this sale period starts from August 25, 2015 to March 26, 2016.  The sale is valid only for direct flights within SpiceJet's domestic network.  http://post.jagran.com/spicejet-offers-discounted-fares-on-over-100000-seats-1440072460 

Source: Business News 

Chinese yuan strengthens

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day, a local news agency reported.

The People's Bank of China reformed the exchange rate formation system on August 11 to better reflect market development in the exchange rate of the Chinese yuan against the US dollar.

The central parity rate of the yuan against the US dollar is based on a weighted average of prices offered by market makers before the opening of the market each business day and also refers to the closing rate on the previous day, in conjunction with supply and demand condition and movement of major currencies. 

Source: Business News 

Hero Cycles founder OP Munjal passes away

From a modest beginning of bicycle spare parts business in Amritsar in 1944 with his brothers to being one of the largest bicycle manufacturers in the world, OP Munjal, known as the father of cycle industry in the country, scripted a successful business story.

The Hero Cycles factory was set up in 1956 in Ludhiana with a capacity for producing 25 cycles a day. It now produces nearly 19,000 cycles daily. See more - http://post.jagran.com/hero-cycles-founder-op-munjal-passes-away-1439469399

Source:Business News

Gold regains Rs 26,000-mark, zooms Rs 600 per ten gram

The precious metal again topped USD 1,100 an ounce mark in the global market. The depreciation in rupee, which plunged to almost two-year low against the dollar, also supported the upside in the global prices as it would make imports costlier.

In the forex market, rupee was trading 75 paise lower at 64.94 (intra-day) against the American currency. Silver also rose sharply by Rs 640 to Rs 35,700 per kg on increased offtake by industrial units and coin makers. See more - http://post.jagran.com/gold-regains-rs-26000mark-zooms-rs-600-per-ten-gram-1439356539

Source:Business News

Middle class driving iPhone sales in emerging markets: Tim Cook

Tech News - Cook, under whom the California-based tech giant sold 61.2 million iPhones in January-March 2015, said emerging markets accounted for almost 40 percent of Apple's revenue for the second quarter.

  
Apple follows October-September period as fiscal year. On Monday, Apple had said that its net profit stood at USD 13.6 billion in the January-March quarter, while revenue was at USD 58 billion.
  
About 69 percent of the revenue came from international sales. Speaking at an investor call, Cook said "We also continue to see a reasonable percentage of first time buyers, particularly in some of the emerging markets.”

 "And if you look at emerging markets in general, revenue from emerging markets, just for the March quarter, was up 58 percent year on year. And a big piece of what is driving that is iPhone.
  
"Obviously, those results would have been higher without some of the FX (currency) headwinds..."
  
Apple chief further said: "And as I mentioned before, in emerging markets, we did extremely well. And so, I feel really good about where we are, and you can hopefully tell with the strong guidance that we provided, that we're very bullish on the current quarter as well."
  
Apple said 'swappers' -- who changed their last smartphone with an iPhone -- also contributed to the growth in iPhone sales.
  
To a separate query on iPhone purchases by the middle class in emerging markets, he said: "...And so as I look at that, without having market research data on the demographics that you are asking, it is clear to me that it has to come from the middle class.
  
"Because the upper income earners, there's only so many of those. And you cannot grow those kind of numbers without getting significantly into the middle class.

Source:  Gadgets Reviews India and Auto News  

 

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69th UN General Assembly session to start on Tuesday

The main aim of Post-2015 Development Agenda is to help define the future global development framework that will succeed the UN Millennium Development Goals (MDGs), a set of eight global development targets which will come to an end in 2015.

The MDGs, agreed upon by world leaders at a UN summit in 2000, set specific targets on poverty alleviation, education, gender  equality, child and maternal health, environmental stability, HIV/ AIDS and malaria reduction, and a global partnership for development.

According to President of the General Assembly's 68th session, John Ashe, over 300 resolutions and 80 decisions has been adopted during this session, which started last September.

The session covered a wide range of issues, including nuclear disarmament, rule of law at national and international levels, financing for development, the peaceful use of outer space, the right to privacy, the safety of journalists and peacekeeping missions budgets.

Source:Latest News from World News

Important to have FII debt limits: Raghuram Rajan

"We are limiting our reliance on foreign debt. It is important we keep it this way and manage the economy in way that is careful and that is circumspect," he said during an address at the 55th foundation day celebrations at the Somaiya Vidyavihar.

According to reports, the additional headroom is almost exhausted and FIIs' debt investments in the country are already nearing the USD 25 billion, leading to expectations that there might be an increase in the cap again.

Rajan said that the country has benefited from the foreign flows into the country, but advised caution, while dealing with such investments, which chase the best yields.

"We have to be careful about this money because if we say, 'this is wonderful, they all like us, we follow tremendous policies and that's why we got this money', and we go and spend, we run large current account deficits based on these foreign borrowings," he said.

"But this foreign borrowing cannot be taken for granted. At some point these investors will find greater usage of their money back home and they want to go out once again," he added.

Rajan, however, said that through various measures we have been successful in "substantially" containing the current account deficit (CAD), which narrowed to 1.7 percent in FY'14 from an all time high of 4.8 percent in the previous fiscal.

Source:Latest News from Business News

NSE to auction government bonds worth Rs 3,117 crore tomorrow

The auction would be conducted for overseas investors at 'nse-ebid' platform for government debt securities, as per information provided by the bourse.

The total overseas investments in government debt securities through auction route has touched Rs 1,21,315 crore as on September 9, which is 97.5 percent of total permitted limit of Rs 1,24,432 crore.

"Consequently, exchange shall conduct an auction for the allocation of unutilised debt limits on September 11, 2014," NSE said in a circular.

The auction will begin at 1530 hours and close at 1730 hours. A mock bidding session would be conducted on Wednesday to check the system performance.

In last month's auction conducted by BSE, government bonds had attracted bids worth Rs 3,640 crore, higher than the amount of such securities on offer at Rs 3,208 crore.

In July, market regulator Sebi had tweaked the investment limits for foreign investors in government securities by increasing the threshold for such investors from USD 20 billion to USD 25 billion.

At the same time, the sub-limit for longer time overseas investors such as sovereign funds has been reduced by USD 5 billion as there was less demand in this category. The overall cap remains unchanged at USD 30 billion.

Source:Latest News from Business News

CCI gives green signal to Larsen & Toubro-CPP Investment deal

According to the fair trade regulator, the proposed deal "is not likely to have an appreciable adverse effect on competition in India".

Under the deal, CPP Investment Board, part of Canada Pension Plan Investment Board, would subscribe to compulsorily convertible preference shares and nominal equity shares of Larsen & Toubro Infrastructure Development Projects Ltd (L&T IDPL).

The subscription would entitle CPP Investment Board to acquire a stake not exceeding 49 per cent in L&T IDPL, post conversion of the securities.
In an order dated August 21, the Competition Commission of India (CCI) noted that L&T IDPL is engaged in undertaking infrastructure projects developed under the public-private partnership mode through special purpose vehicles.

CPP Investment Board, on its part, is into the business of making investments in various companies.

Noting that CPP Investment Board has some minor stake in a few infrastructure development companies as a part of its investments, the Commission said: "The horizontal overlaps and vertical relationships in the operations of the parties are too insignificant in terms of raising any competition concern in India".

The deal was entered on June 21, 2014, following which CPP Investment Board on July 18, this year approached CCI for approval.

CPP Investment Board is registered as a foreign venture capital investor with the Securities and Exchange Board of India.

Source:Latest News from Business News

Insurance Company to pay around Rs 1 lakh for breach of obligations

New Delhi Consumer Disputes Redressal Forum, presided by CK Chaturvedi, noted that the insurance company ‘deliberately acted with mala fide intention and deserved to be burdened with heavy compensation to deter it'.

Forum's bench, also comprising its members SR Chaudhary and Ritu Garodia, asked the firm to pay Rs 96,179, including Rs 50,000 as compensation and Rs 20,000 as litigation expenses to Delhi resident Gian Chand Hans for deliberately violating policy terms by not paying Rs 26,179, which he had spent during his treatment.

"We are shocked at the breach of obligations by insurance company after giving policy and collecting premium. It has deliberately acted with mala fide intention and deserved to be burdened with heavy compensation to deter it. We direct Opposite Party (Insurance Company) to pay claim of Rs 26,179 and pay Rs 50,000 as the compensation for deficiency and deliberate violation of policy and Rs 20,000 for litigation expenses," it said.

Hans had told the forum that he was covered under mediclaim insurance coverage of the firm from last 15 years and was lastly insured with effect from February 19, 2006 to February 18, 2007, under the domiciliary hospitalisation.

Hans was admitted to a hospital in 2006 where he was diagnosed and treated for vertebrobasilary insufficiency, which is a condition characterised by poor blood flow to the back portion of the brain, he said.

He claimed that he spent Rs 26,179 in his treatment, and later sought claim from the company, which was denied.

Therefore, he filed the complaint with the forum, he said.

The company, however, contended before the forum that the claim was denied on the ground that hospitalisation was only for d iagnostic purpose and not for treatment.

Source: Latest News from Business News

Ericsson wins Vodafone India's contract for payment solutions

Financial details of the deal were not revealed. The five-year contract covers new circles of Uttar Pradesh (W), Uttar Pradesh (E), Punjab, Haryana and Himachal Pradesh, besides Mumbai and Maharashtra.

"Ericsson Charging platform to be launched across 7 Vodafone circles, enabling new revenue-generating features and potential payment convergence across prepaid and postpaid segments," it said in a statement.

The system enables a host of new services like flexible refill, community charging and real time balance notifications among several other different voice and data offerings for over 75 million prepaid customers, it added.

It will also enable Vodafone to provide personalised offers to individual consumers by understanding their service consumption patterns, Ericsson said.

"As a part of the five-year agreement, Ericsson will be replacing legacy infrastructure with its new Charging System across five new circles of Uttar Pradesh (W), Uttar Pradesh (E), Punjab, Haryana and Himachal Pradesh, in addition to Mumbai and Maharashtra circles where it was already deployed," it said.

The deployment will enable convergence across payment methodologies and devices and enable Vodafone to activate enhanced data charging via mobile broadband charging in the future, Ericsson added.

Ericsson has been a long-term partner for Vodafone. In 2010, Ericsson was chosen by Vodafone as an exclusive 3G HSPA hardware, software and related service vendor to equip India's largest metropolitan cities Mumbai, Delhi and Kolkata with latest HSPA mobile broadband network.

Worldwide, Ericsson delivers more than 1,500 consulting and systems integration projects every year in multi-vendor and multi-technology environments and provides real-time charging solutions with more than 280 charging and billing customers globally.

Source: Latest News from Business News

IT stocks drag Sensex, Nifty down as markets fall for second day

With over 1.5 percent fall each, heavyweights Infosys and TCS lead the losses in both benchmark indices. Weak global cues also persisted as Asian markets mostly dipped as concerns over the European economy and international conflicts, including in Ukraine, grew, said brokers.

The BSE 30-share barometer resumed stable and later moved erratically in a range of 25,778.05 and 25,526.05 before settling at 25,589.01, a fall of 76.26 points or 0.30 percent. On Wednesday it has plunged 242.74 points or 0.94 percent.

Similarly, the 50-issue CNX Nifty of the NSE also gyrated in a range of 7,708.95 and 7,630.40 before concluding down by 22.80 points or 0.30 percent at 7,649.25. It had slipped by 74.50 points or 0.96 percent in the previous session.

US-headquartered Cognizant, which has a large employee force in India, yesterday lowered its 2014 year revenue guidance to at least 14 per cent from 16.5 percent earlier.

This sparked off worries IT sector may face challenges ahead. Infosys and TCS were the top losers from the Sensex with fall of 1.68 percent and 1.56 percent respectively. The sectoral BSE-IT and BSE-Teck indices were the biggest lowers, dropping by 1.27 per cent and 1.14 per cent respectively.

Banking, realty, power, capital goods, healthcare, metal and FMCG sector stocks also came under selling pressure.

Bucking the overall weak trend, shares of companies related to railways saw buying interest after the government on Wednesday approved FDI liberalisation in the sector.

Shares of some defence equipment makers initially moved up but succumbed to selling. The Cabinet on Wednesday cleared the proposal for raising FDI limit in defence to 49 percent.

Second-line stocks were also on the selling list.

A mixed closing in the other Asian markets and a lower opening of European markets on signs of deepening Ukraine crisis also dampened trading sentiments, brokers said.

Meanwhile, Foreign portfolio Investors bought shares worth Rs 283.87 crore on Wednesday.

Read more Latest News from Business News

Unscrupulous builders should not be spared: NCDRC

A bench of National Consumer Disputes Redressal Commission (NDCRC), also imposed punitive damages of Rs five lakh on the builder Emaar MGF Land Ltd, out of which Rs 2.5 lakh would be given to the buyer as compensation and Rs 2.5 lakh to be deposited in Consumer Legal Aid Account of the commission.
   
The bench pulled up the builder for filing an appeal against Chandigarh State Consumer Commission order and said it was well settled that no leniency should be shown to such type of litigants who in order to cover up their own fault and negligence, go on filing meritless appeal in different foras.    

"Unscrupulous builders like appellants who after taking almost the entire cost of the plot, do not perform their part of obligation, should not be spared. A strong message is required to be sent to such type of builders that this Commission is not helpless in such type of matters," a bench presided by Justice VB Gupta said.
   
The bench passed the order on the appeal of the builder challenging the state commission's decision of directing it to refund Rs 62,60,750 to the complainants along with interest, to pay Rs two lakh compensation for causing mental agony and physical harassment to them and a cost of Rs 20,000 to them.
   
A complaint was filed by Chandigarh residents Karnail Singh and his son Harmeek Singh, submitting that they had booked a plot in the builder's 'Mohali Plots at Mohali Hills' project in Sector 104, Mohali by paying a booking amount of Rs five lakh on February 12, 2011.
   
The builder had assured them that development activity at the site was in full swing and if they booked the plot, the possession would be given to them within 18 months from the date of execution of the Plot Buyer's Agreement, it said.    

It said the basic price of the plot was Rs 55 lakh and apart from this, the buyer had to pay Rs 6,87,500 towards Preferential Location Charges (PLC) plus additional charges.
   
After some discount, Singh had to pay Rs 65,30,250 towards the plot.

Source: Business News

Bank conversion to weaken IDFC profitability: India Ratings

"The successful conversion from an infrastructure non- banking finance company into a commercial bank with a strong retail deposit franchise and a diversified loan book will be a major challenge for IDFC," the rating agency said in a note.

   

IDFC's return on assets and return on equity (RoE) are likely to "drop sharply" due to requirements to maintain the statutory liquidity ratio at 23 percent, cash reserve ratio at 4 percent and 40 percent priority sector lending, it said.

   

The city-based firm has RoE of 14.2 percent and RoC employed at 11.4 percent and a core capital of 22.1 percent.

   

RBI has given three options to NBFC to carry out banking operation. One of the options is to convert NBFC into a bank. IDFC, which is among the biggest infra financiers, on Thursday bagged the coveted banking licence along with micro lender Bandhan, beating corporate biggies like Aditya Birla Group and Anil Dhirubhai Ambani Group.

   

India Ratings said the operational costs for IDFC will increase significantly as it invests in the branch network and employees. Also, maintaining credit costs at low levels will be important as it starts lending to non-infra sectors.

   

IDFC will also be tested on the risk management front as the loan book becomes more diverse, and is expected to maintain a robust capital buffer, it said.

   

The other key challenge for the lender will be building a retail deposit franchise, it said and maintained that competitive market and a mandatory requirement to have branches in non-urban areas will be a drag on this front.

   

On IDFC's rating, it said the banking licence will be helpful to the credit profile in the long term "provided the transition is managed appropriately."

    

The company scrip dropped 2.38 percent to Rs 124.95 a piece on the BSE on Friday after rallying nearly 13 percent intra-day.

(Agencies)

Source: Business News

Rupee eases by two paise vs dollar in late morning trade

The Indian unit resumed slightly higher at 62.11 per dollar as against the last weekend's level of 62.12 on the Interbank Foreign Exchange (Forex) Market and hovered in a restricted range of 62.10-62.15 per dollar before quoting at 62.14 per dollar at 1045hrs.

    

In New York market, US dollar rose against the Japanese yen and Canadian dollar last Friday as investors considered another piece of US housing data that missed expectations. Meanwhile, the Indian benchmark sensex declined by 17.50 points or 0.08 percent to 20,683.25 at 1045hrs.

(Agencies)

Source: Business News

AAP’s Medha Patkar may make it difficult for NCP to retain Mumbai-NE

Patkar's name is in the list of 20 candidates announced by AAP for the general elections on Sunday.

   

NCP sources said that sitting MP Sanjay Patil, who is also the president of the Sharad Pawar-led party's city unit, was facing resentment from inside the party and from Congress.

   

"Congress accused him of sabotaging its candidates in the municipal elections two years ago. NCP corporators and senior leaders are also not in favour of him," a source said.

   

The constituency has a sizable Dalit population, which had helped Republican Party of India (RPI) leader Ramdas Athawale in the past. But now Athawale, recently elected to Rajya Sabha, is with Shiv Sena-BJP alliance.

   

Patkar, who shot to fame with Narmada Bachao Andolan, has some base in the constituency as her National Alliance of Peoples Movement (NAPM) works in the slums of Mankhurd.

   

"We had done well in this area in the last Lok Sabha polls, but Patkar will eat into our votes. Ghatkopar East and West as well as Mulund have Gujarati population, and BJP is likely to do well there given the Narendra Modi factor," said an NCP leader.

   

Former MP and BJP leader Kirit Somaiya could be the Sena-BJP alliance's candidate from the constituency.

   

NCP sources said that the party had already realised that it could be difficult to retain this seat, but Patkar's entry had made it difficult further.

Of the six Lok Sabha seats in Mumbai, last time Congress won five seats and NCP won one seat.

   

Congress sources said that it is too early to say whether Patkar would eat into Congress-NCP's votes or BJP's votes.

   

State Congress spokesman Anant Gadgil said that Raj Thackeray's MNS and AAP had disappointed the middle-class which was looking for an alternative to BJP and Congress.

   

"AAP was given a chance to govern in Delhi, but they have not been successful. AAP and MNS in their initial stages were media creations. In politics, such creations do not last," he said.

   

Congress-NCP leaders felt the other AAP candidates namely Meera Sanyal (Mumbai South, against Union minister Milind Deora), Mayank Gandhi (Mumbai North West, against AICC General Secretary and CWC member Gurudas Kamat), Vijay Pandhare (Nashik), Subhash Ware (Pune) and Anjali Damania (Nagpur, against BJP leader Nitin Gadkari) will not have much

impact.

   

"AAP has no leadership in the state and will not make a difference. Sanyal had unsuccessfully contested against Deora as Independent candidate last time, while Damania's presence in the fray might help sitting Congress MP Vilas Muttemwar to retain Nagpur for the eight consecutive time," a source added.

(Agencies)

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