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Railway earnings up by 16.73%

New Delhi, May 07: Continuing its growth trend, Railways earned Rs 6420.59 crore during April this year compared to Rs 5500.40 crores during the same period last year, registering an increase of 16.73 percent.

The total goods earnings have gone up from Rs 3680.64 crores in April 2007 to Rs 4391.55 crores in April 2008, increasing by 19.31 percent.

The earnings from passengers during April were Rs 1793.98 crores compared to Rs 1616.69 crores during the same period last year, registering an increase of 10.97 percent, an official release said.

The total number of passengers booked during April 2008 were 572.64 million compared to 538.42 million during the same period last year, showing an increase of 6.36 percent.

Industrial Development Bank of India is now `IDBI Bank`

Mumbai, May 07: Industrial Development Bank of India on Wednesday said it has changed its name to IDBI Bank with immediate effect.

In this regard, the bank has received the fresh certificate of incorporation issued by the Registrar of Companies, Maharashtra, it said in a filing to the Bombay Stock Exchange.

Earlier this month, the bank said it had received shareholders` approval through postal ballot for the name change. Around 99.96 percent of the votes were cast in favour of the proposal.

Shares of the bank closed at Rs 103.85 at the BSE, down 1.98 percent from the previous close.

SC strikes down AIIMS Act, orders Venugopal’s reinstatement

Zeenews Bureau

New Delhi, May 08: In what can be termed as a landmark judgment, the Supreme Court on Thursday quashed the AIIMS Amendment Act that led to the removal of noted cardiologist Dr Venugopal as AIIMS director, and ordered his immediate reinstatement. The verdict came after Dr Venugopal challenged his removal as AIIMS Director following an amendment moved by Union Health Minister Ambumani Ramadoss to fix 65 years as the upper age limit for the post.

The AIIMS Amendment Act was passed by the Parliament in August 2007.

The Supreme Court while hearing the arguments of senior advocate Manendra Singh, pursuing the case on behalf of Dr Venugopal, observed that AIIMS Amendment Act was flawed. The apex court also send a clear message to the government that there should be no intervention in the autonomous institutions like AIIMS.

It also agreed that Centre’s decision to fix 65 years as the upper age limit for the post of AIIMS director was actually intended to remove the distinguished cardiologist Dr Venugopal from office.

The Supreme Court’s ruling has brought major relief to Dr Venugopal and all the doctors who lobbied in support of their former director. It also comes as a major embarrassment for Union Health Minister Ambumani Ramadoss, who had made the issue of removal of the AIIMS director personal.

As per the ruling, Dr Venugopal will now remain in office till July 3 this year and enjoy all powers and privileges as the director.

During a hearing on Venugopal’s petition, Singh said, “The amendment to the AIIMS Act pertaining to fixation of upper age for the Director at 65 is discriminatory against the distinguished cardiologist and needs to be quashed."

Legal Battle

Venugopal`s lawyer contended that the Act was illegal as the High Court had in March last year okayed his continuance in the post. While the matter was pending in the apex court, the Centre brought about an amendment to the Act, abruptly ending his services, he alleged.

The case came up before the apex court after a tussle between Venugopal and Health Minister Ambumani Ramadoss, who accused the former of not being an able administrator.

Earlier, on December 3 last, the apex court had expressed displeasure over the removal of the Director and described it as "unfortunate".

"Why was such a reputed person humiliated in this way," the Court had asked while questioning the motive behind bringing about an amendment to the AIIMS Act when Venugopal`s tenure as Director was coming to an end after six months.

The Court, however, had expressed "difficulty" in staying the operation of the law passed by Parliament.

The Centre, on the other hand, had defended the legislation saying that malice could not be attributed to Parliament for making the law as it was a policy and not discrimination against any individual.

The government had further contended that it was merely addressing the directive of the High Court for removing the ambiguity in the appointment of AIIMS Director by making a statute.

Tata Steel raises Rs 2,000 cr for long-term financing

Mumbai, May 08: The world's sixth largest steel maker Tata Steel on Thursday said it has raised Rs 2,000 crore through private placement of rupee debentures as part of its long term financing plan.

"Tata Steel has raised Rs 2,000 crore including Greenshoe option through private placement of redeemable non-convertible rupee debentures," the company said in a filing to the Bombay Stock Exchange.

The issue, which closed on May 6, opened with an initial size of Rs 750 crore and the deemed date of allotment for the debentures was May 7.

An application has been made to list the debentures on the wholesale debt market segment of the National Stock Exchange (NSE), Tata Steel added.

Each debenture carries a face value of Rs 10 lakh.

The debentures were assigned a rating of AAA (Ind) by Fitch Ratings India Private Limited for the aggregate amount of Rs 2000 crore. The rating agency also affirmed the national issuer rating of AAA (Ind) for the company.

Shares of Tata Steel were trading at Rs 828.20, up 0.39 per cent on BSE in morning trade.

Pak, India to sign gas transit fee agreement soon

Islamabad, May 08: Pakistan Petroleum Minister Khawaja Asif has said that Pakistan and India will soon sign gas transit fee agreement for the transmission of gas to India under the Iran-Pakistan-India (IPI) gas pipeline deal.

"The progress on the gas transit fee issue has been made between India and Pakistan on positive note and two countries would soon sign the gas transit agreement," the Daily Times quoted Asif as saying.

He said five to six communicative exchanges have been made between Pakistan and India during the recent days and all matters regarding the gas transit fee agreement would be settled within next few days.

Meanwhile, a senior official in Petroleum Ministry said that Pakistan and India are expected to agree on 40 cents per million British thermal unit (MMBTU) gas transit fee that would generate around 148 million dollars per annum for Pakistan from India as transit fee.

When asked whether the government would cap the oil prices in the country before the upcoming budget to facilitate the consumers, minister did not make any commitment for keeping oil prices unchanged before the announcement of next budget. "It is not right to presume some thing about the hike in oil prices before the next budget," he said.

Microsoft strategy chief assuming ***** deal is over

Jakarta, May 08: Microsoft has no plans to re-submit its USD 47.5 billion bid for ***** Inc, which was pulled earlier this month, Microsoft's Chief Research and Strategy Officer Craig Mundie told on Thursday.

"Our view is that we made our best offer," Mundie said in an interview in the Indonesian capital.

"So the market may wish that the ***** deal may come back together, but Microsoft at least at this point assumes it's over," he added. "***** could always come back again and say please buy us for $33 (a share) and I'm sure we might reconsider it but we're not assuming that's going to happen," he said.

BHEL to expand capacity

New Delhi, May 08: Energy equipment maker Bharat Heavy Electricals Ltd is spending 10 billion rupees ($240 million) to expand the capacity of a boiler plant in Tamil Nadu, an official said on Thursday.

When the expansion is completed by July next year the plant at Tiruchirappalli in Tamil Nadu will be able to make boilers that can totally produce 10,000 megawatts, up from 5,750 megawatts now, R.N. Misra, executive director of the unit, said.

"This will get commissioned in June-July 2009," Misra told reporters on the sidelines of an industry summit. He said the plant had orders worth 170-180 billion rupees, and expects orders for two 800 megawatt boilers from a joint venture with Tamil Nadu's state-run utility.

MTNL to offer TV channels on cellphones

Mumbai, May 08: Telecom operator Mahanagar Telephone Nigam on Thursday said from next month onwards it would launch mobile TV for which it is carrying out field trials now.

"We have tied up with a technology partner, who is carrying out the field trials. We would provide 21 channels," MTNL Executive Director J Gopal said.

The company, today launched express alert, a value-added service for its dolphin and trump mobile subscribers. Subscribing to express alert would give MTNL customers updates on astrology, cricket scores, news and stock.

Going ahead, MTNL would launch one value-added service every month. Telecom operators are seeing a fall in their revenues because the tariff is coming down.

So, they are launching value-added services that is popular among subscribers.

For the value-added services, telecom operators have tied up with a technology partner and both decide to share the revenues. The lion's share of the revenue goes to the operator.

Samtel to manufacture avionic systems for fighter aircraft

New Delhi, May 08: Venturing into the Indian defence market, electronic display panel maker Samtel on Thursday announced plans to manufacture highly sophisticated cockpit helmet mounted displays and other avionics for fighter aircraft.

The Delhi-based company, which has a manufacturing unit in Germany, signed a joint venture agreement with European defence and aerospace company Thales at a proposed initial investment of Rs 60 crore in next three years.

The new joint venture, in which Samtel will hold a 74 per cent stake, proposes to bid for mounting of these specialised helmet pilot displays for the proposed upgrade of the Indian Airforce's frontline mirage 2000 fighters.

The company's bid to float a joint venture comes after the government last week announced a one billion euro project to upgrade IAF's 51 mirage fighters to the level of those flying with the French Airforce.

Samtel and Thales are already joint partners for supply of similar head mounted sight and display for Indian Navy's soon-to-be-acquired carrier borne MIG 29K fighters.

Though the Mirage upgrade deal is still to be finalised, according to Thales Vice President Francois Quentin, the first four Mirages would be upgraded in France and the rest 47 in India by creating special facilities at Bangalore-based Hindustan Aeronautics Ltd.