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Hi mr Rakesh malik.
You have rightly pointed out Mr Harkishan Surjit as ' Chanakya' of indian politics. Because of him only congress came into power.
thanks.

IAEA passes India safeguards agreement with consensus

Vienna, Aug 01: The International Atomic Energy Agency has cleared the India specific nuclear safeguards agreement. The draft was passed by consensus by the members of the international nuclear watchdog. India’s bid at getting IAEA agreement had earlier got a boost when chief ElBaradei came out in support by pronouncing that the agreement with India conforms to the Agency’s rules.

India will now proceed to the 45 member Nuclear Suppliers Group for a nod to allowing trade with a non-NPT country, followed by ratification from the US Congress, to finalise the deal. That the agreement was passed with consensus is of importance as India was facing obstacles in form an obstinate Pakistan which wanted a similar deal as also reluctance of Australia to support India.

Overcoming some reservations from a few countries like Iran and Brazil, the 35-member Board of Governors of the International Atomic Energy Agency(IAEA) adopted by consensus the agreement under which a total 14 of India's 22 reactors, six of which are already subject to other agency safeguards agreements, are expected to come under agency supervision by 2014--the first ones as early as 2009.

Baradei's support

Speaking at the start of the IAEA meet to decide on India specific safeguards Baradei said that the basic inspection plan for India met safeguards standards and talks had begun on a system of extended checks, boosting prospects for the Indo-US nuclear deal.

The accord would open up to India the world market in atomic materials and technology for civilian use.

ElBaradei sought to address doubts by some on the 35-nation board about possible ambiguities in the plan applied to India's declared 14 civilian nuclear reactors, phrasing they said might blur distinctions between its civil and military atomic sectors.

"These are not comprehensive or full-scope safeguards (unlike with NPT member states)...," he said. "(But) it satisfies India's needs while maintaining all the agency's legal requirements," he told the closed Vienna meeting.

"As with other safeguards agreements between the agency and member states, the agreement is of indefinite duration. There are no conditions for discontinuation ... other than those provided by the safeguards agreement itself," he said.

ElBaradei touched on another area of concern by announcing that talks with India on a system of short-notice, wider-ranging inspections, known as the IAEA's Additional Protocol, had begun.

The debate

In a debate preceding the decision to approve the safeguards text, several countries, including Brazil, Iran, Japan, Ireland, Austria and Switzerland voiced reservations about the agreement, diplomats said.

Iran, which the West has accused of seeking atomic weapons under the cover of a civilian nuclear program, accused the US of double standards in its dealings with nuclear powers.

"Iran expesses its serious concern about the double standard policy of the United States which has and shall undermine the credibility, integrity and universality of the NPT, " the Iranian ambassador to the IAEA, Ali Aghar Soltnieh, told the Board of Governors.

US ambassador to the IAEA Gregory Schulte urged the Board to approve the agreement, saying it was "little different" from those between the IAEA and other countries "which have invariably been adopted by this body swiftly, and by consensus".

France, which holds the rotating EU presidency, said the agreement would help "strengthen" the international non-proliferation regime.

"The deal will allow new facilities to be placed under supervision. The Agency will thus be able to give assurances about the peaceful use of a greater number of facilites," France said in a statement.

What's next for Deal


Approval required from 45-member Nuclear Suppliers Group.

Congress to approve deal before President Bush signs it into law.

All this to happen before Mr Bush's tenure expires on 3 January 2009.

Hectic Indian lobbying won

Under the ‘Vienna spirit’, the IAEA clears all its agreements by consensus and even if one member country does not agree, there is a provision for vote. The obstacle before India was propped by Pakistan who is also a member of the Agency.

Pakistan had written to 60 member countries, lobbying for its own case of an agreement for nuclear energy; the US however squarely rejected a deal like that of India’s for Pakistan. The latter announced on Thursday that it will not push for a vote for the India specific safeguards agreement.

Even Australia had repeatedly expressed its objection to the agreement, lobbying with a group of countries. But on Friday morning, it came on-board- paving way for a consensus.

Undoubtedly, ELBaradei’s statement would come as music to the high-level Indian contingent that is in Vienna to lobby amongst the members. The Indian pressure group includes Foreign Secretary Shiv Shankar Menon, Union minister Kapil Sibal amongst others.

Important day for India: PM

Prime Minister Manmohan Singh, arguably the chief architect of the nuclear deal, tonight thanked all the members of the IAEA for their support.

Singh said he was "deeply appreciative of the historic significance of the milestone in our cooperation with the IAEA and the international community in peaceful uses of atomic energy." world."

US hails passage

Welcoming the approval of the India-specific safeguards agreement by the IAEA, the United States on Friday said it is looking forward to discuss granting an exemption for New Delhi at the NSG this month.

"Indeed we welcome it (the passage of safeguards at the IAEA). We believe the Agreement to be consistent with the high standards used by the IAEA for safeguards," a White House official told agencies over phone. "We also look forward to discussing the exception for India at the NSG (Nuclear Suppliers Group) this month," the official added.

’World with India’

Jubilant at the achievement that cost the UPA much in political terms, Science and Technology Minister Kapil Sibal has said the clearance indicated the world stands with India.

Congress Spokesperson V Moilly said it was India’s victory. “Congratulations go to PM Manmohan Singh, Congress chief Sonia Gandhi. This is the greatest diplomatic victory for India ever. We were in apartheid, now the entire world is with us.”

Will keep fighting: Left

Coming as a blow to the Left front that pulled support from the UPA government over India going to IAEA, CPI’s D Raja said his party will continue to fight. “We will mobilise people. The deal is far from done,” he said.

Adding in the same vein the CPI went ahead and alleged that the Prime Minister was misleading the nation on the Indo-US nuclear deal after former American pointsman to the deal Nicholas Burns said the 123 agreement was consistent with the Hyde Act and US could terminate the pact if India carried out nuclear tests.

"Our apprehension has come true with the statement by the former special envoy to US State Secretary on the Indo-US deal. The Prime Minister has misled the nation by making a statement that Hyde act will have no impact on the agreement," CPI MP Gurudas Dasgupta said.

IAEA nod illegitimate step by govt: BJP

The BJP today termed the approval of India-specific safeguards agreement by IAEA as an "illegitimate step taken by the government shrouded by ambiguities" over nuclear sovereignty of the country.

"It is shrouded by the ambiguity of nuclear sovereignty of the country, which was not addressed by the government till date while highly placed officers in US have suggested that Hyde Act would prevail," party spokesperson Rajiv Pratap Rudy said here today.

Indian nuclear industry upbeat with IAEA nod

Indian nuclear industry today welcomed the approval of the India-specific safeguards agreement by the IAEA board of governors at Vienna.

"We in the nuclear industry other related industries are thrilled about the outcome as this was a very important step towards nuclear commerce with outside world to improve India's energy scenario," Chairman of Nuclear Power Corporation S K Jain said.

"We welcome the support we got from Board of governors and we look forward for similar support from Nuclear Suppliers group in the coming days," Jain said.

The entire nuclear industry is celebrating and is keeping its fingers crossed "for the entire process is completed soon so that the real ground level activities can be started" he said.

Mahindra`s Q1 net up 36.7%

Mumbai, Aug 01: Mahindra group on Friday reported a consolidated profit after tax of Rs 409.5 crore for the quarter ended June 30, a jump of 36.7 percent from Rs 299.6 crore recorded in the same period a year-ago.

The group's gross revenues grew 29 percent to Rs 7,557.3 crore for the reporting quarter against Rs 5,858.2 crore in Q1 last year, Mahindra said in a statement.

The company had an exceptional profit of Rs 31.1 crore out of private placement of shares by a group subsidiary, Mahindra First Choice Wheels.

The revenues in the automotive segment in the current Q1 grew by 22.3 percent to Rs 2,190 crore against Rs 1,791.3 crore, a year ago.

The farm equipment segment registered a revenue growth of 48.2 percent to Rs 1,786.4 crore.

Profit from the IT business for Q1 stood at Rs 275 crore against Rs 175.2 crore, a jump of 57 percent. Revenues for the reporting quarter stood at Rs 1,159.7 crore against Rs 908.9 crore, a year ago, recording a jump of 27.6 percent.

Financial services profit recorded a jump of 31.7 per cent jump to Rs 43.2 crore against Rs 32.8 crore year-on-year. Auto-component company Systech's profit doubled to Rs 81.5 crore from Rs 40.9 crore.

HCL Technologies Q4 loss at Rs 13.54 cr

Mumbai, Aug 01: Leading software exporter HCL Technologies on Friday announced a net loss of Rs 13.54 crore for the fourth quarter ended June 30, whereas it had a net profit of Rs 391.23 crore in the year-ago period.

The total income rose 16.43 percent to Rs 1,142.56 crore in the June quarter from Rs 981.29 crore in the corresponding period previous fiscal, HCL Tech said in a filing to the Bombay Stock Exchange.

For the financial year ended June 30, HCL Tech reported a consolidated net profit of Rs 1,051.41 crore, a 20.25 percent decline over the corresponding period a year-ago. The firm had a net profit of Rs 1,318.31 crore in Q4 of FY'08.

The total income rose 25.53 percent to Rs 7,755.50 crore in FY'08 from Rs 6,178.11 crore in the previous fiscal. The board has declared a dividend of 150 percent at the rate of Rs 3 on shares of face value of Rs 2 for FY'08.

On a standalone basis, HCL Tech announced a net profit of Rs 780.65 crore for the fiscal ended June 30, a 29.15 percent decline from that in the year-ago period, which was Rs 1101.82 crore.

Further, the board has approved the appointment of the company's Chief Executive Officer Vineet Nayar as a wholetime director with effect from today.

Shares of HCL Technologies closed at Rs 207.30, up 3.13 percent on the BSE.

130 dead, over 200 injured in stampede at Naina Devi temple

Shimla, Aug 03: At least 130 people have been killed and over 200 injured in a stampede at the famous Naina Devi temple in Himachal Pradesh's Bilaspur district. Authorities have so far managed to recover 90 bodies. The temple is located about 160 kms from Shimla.

Helpline no: 01887-232671, 01978-288048, 288021

The stampede reportedly occurred at around 10:45 am after rumours of a landslide in the area spread. Others said the stampede began after a railing outside the temple collapsed.

According to the Bilaspur police, at least 30 children are among those killed in the stampede, while many of the other dead include women.

Relief operations are underway at the site of the incident and the injured have been rushed to various hospitals in nearby towns. Teams of doctors are also being sent to the site from nearby areas.

The devotees had gathered at the temple, which is located at a hill-top 160 km from Shimla, in huge numbers to attend the 10-day Sharavan Navratras fair that began on Saturday. As it was Sunday, the number of devotees present there had reportedly risen to nearly 50,000.

Chief Minister Prem Kumar Dhumal has announced a compensation of Rs 1 lakh to the kin of the dead, while those critically injured will get Rs 50,000 and those with minor injuries will receive Rs 25,000 each.

The state government has also ordered a magisterial enquiry into the incident.

Grasim Ind gains 3%, RIL falls by over 2%

Mumbai, Aug 04: Shares of Aditya Birla Group company Grasim Industries gained over 3 percent on Monday while the scrip of Mukesh Ambani-led Reliance Industries fell more by than two per cent on the Bombay Stock Exchange.

Stocks of Grasim Industries closed at Rs 1,894.40, up 3.18 per cent after touching an intra-day high of Rs 1,904.

Drug-maker Ranbaxy Laboratories' shares shot up nearly three per cent to settle down at Rs 524. It had reached an intra-day high of Rs 526.90 and more than 24 lakh shares of the company changed hands.

Shares of Action Construction Equipment shot up over 10 per cent. The scrip soared 10.62 percent to Rs 81.80 after reaching an intra-day high of Rs 87.50.

Earlier in the day, the firm announced that it has entered into a memorandum of understanding with a Chinese firm to acquire the same. However, further details were not disclosed.

Shares of infrastructure firm JaiPrakash Associates closed at Rs 174.50 up 2.38 percent.

Meanwhile, Mukesh Ambani-led Reliance Industries declined 2.49 per cent to Rs 2,242.50. The scrip had touched an intra-day high of Rs 2,310 and over 10 lakh shares of the company were traded on the bourse.

Country's largest software exporter Tata Consultancy Services closed at Rs 816.30, down 2.73 percent after touching an intra-day low of Rs 812.50.

State-run BHEL tumbled 2.41 percent to end the day at Rs 1,174.15 after reaching an intra-day low of Rs 1,700.

Besides, state-run ONGC, engineering and construction major Larsen Toubro, realty firm DLF and mortgage lender HDFC also ended in the negative territory.

FMCG, Oil & Gas and capital goods indices recorded marginal losses during the day's trade.

VW aiming for 10% of Indian car market: Director

Frankfurt, Aug 04: Volkswagen, the biggest European car maker, is aiming to bag 10 percent of India's burgeoning market within five years, a director said Monday in the business daily Handelsblatt.

"We want to move quickly in terms of volume," VW's president in India Joerg Mueller said.

The group currently has less than one percent of the Indian market.

VW planned to move up the launch of its first wholly-owned Indian factory by six months to early 2009.

It is to invest 580 million euros in a site in Pune, near the financial capital Mumbai, to increase output of the Fabia car built by VW's Skoda unit to 50,000 vehicles per year.

In 2011, the plant is expected to raise that figure to 110,000.

VW also wants to launch its planned low-cost car "up" in India, which has become a priority market for boss Martin Winterkorn.

The Indian auto market is currently dominated by Suzuki and Hyundai.

Allahabad Bank raises BPLR to 14%

Kolkata, Aug 08: Public sector lender Allahabad Bank has raised its benchmark prime lending rate by 50 basis points to 14 percent with effect from Friday.

The hike will, however, not be applicable to new housing loans upto Rs 30 lakh and all existing housing, personal, educational and auto loans, the bank said in a release here.

The benchmark prime lending rate (BPLR) has been raised in view of the increase in cash reserve ratio requirement, cost of funds and the overall economic scenario, the bank said.

Allahabad Bank has also raised its term deposit rates of various maturity brackets from August 11.

The maximum interest rate will be 9.75 percent for the period between one to three years. It will be 50 basis points higher interest for senior citizens, the release added.

I-Tax e-filing grows 7 times this fiscal

New Delhi, Aug 10: In an indication of the growing tech-savvy taxpayers opting for e-payment for filing tax returns, the Income Tax department has registered a seven-fold increase in the number of people using the paperless facility since last year.

While 8.85 percent tax payers filed their returns through the electronic payment facility this year, it was only 1.16 percent last year.

The facility is also secured against possible data loss. The number of e-returns also grew by 12 times as 12.49-lakh tax payers chose the electronic medium to pay their taxes as compared to a mere 1.46-lakh tax payers during last year.

Maharashtra topped the list of e-returns with 278,112 returns while Delhi contributed 153,992 and Karnataka with 144,287. Tamil Nadu registered 118,354 e-returns and 115,798 filed e-returns in Gujarat till July 31 this year.

The tally comprises both voluntary returns (individuals and non corporate) and mandatory returns (corporates &large firms). Transmission of data through this facility is processed through a fully encrypted website and has a Secure Socket Layer (SSL) authentication.

The servers of the department received 31,740 returns per hour at peak rate, utilising a peak bandwidth of 53 mbps of the internet to receive the same data.

The e-returns are filed in a one-page ITR-V form which also bears acknowledgment and verification details along with the PAN number of the tax payer, an official said.

Through the e-return facility, payments can be made electronically through the internet with the help of credit or debit cards. The e-payment scheme is mandatory for all corporate assesses and assesses (other than company) to whom provisions of section 44AB of the Income Tax Act are applicable, according to a notification issued by the Central Board of Direct Taxes (CBDT).

Bullseye! Bindra shoots gold; ends 28 year Olympics drought

Beijing, Aug 11: Abhinav Bindra ended India’s drought at Olympics by clinching first ever gold in individual 10m freestyle shooting. With this gold India jumps to 10th place in overall Olympics medal tally in Beijing.

Bindra won by scoring 700.5 points, 596 in the qualifier and 104.5 in the final to claim the gold.

India's other entry in the event, Gagan Narang, came ninth in the qualifier and failed to make it to the final.

However, Gagan Narang failed to make the final cut in the same event finishing ninth with a score of 595/600. Narang shot a series of 97, 100, 100, 100, 98 and100.

Bindra, a Khel Ratna awardee, finished the qualifying event joint fourth with Romania's George Alin Moldoveanu after the duo shot a score of 596/600.

The bespectacled shooter managed a series of 100, 99,100, 98, 100 and 99.

Meanwhile, Finland's Henri Hakkinen qualified first for the event with a score of 598/600 after shooting a series of 100,100, 99, 100, 100 and 99.

China's Qinan Zhu was a point adrift of Hakkinen with a series of 100, 100, 100, 100, 99 and 98.

Bindra leading the way for India’s shooting contingent the spotlight will now move to Rajyavardhan Singh Rathod who is a hot contender for gold when he takes to field on Tuesday.