Govt reduces tariff
value on gold, silver


Forex reserves down by $ 810.7 million

Investor accounts at NSDL, CDSL cross 2 crore

India’s foreign exchange reserves declined by $810.7 million to $318.579
billion for the week ended August 22, 2014, on account of drop in
foreign currency assets, reports PTI.

The cumulative number of investor accounts at the country’s two depositories NSDL and CDSL
stood at 2.22 crore as of July-end — an addition of more than 9 lakh investor accounts year-on-year.
The total number of investor accounts at the depositories stood at 2.13 crore in July, 2013. — PTI

RIL seeks green nod for $13 b plan
to upgrade Jamnagar complex

Pharma players gear up to cash
in on overseas opportunities
Ramnath Subbu

● Top 20
companies will
crank up capital
expenditure by
around 40 per
cent to over
Rs. 50,000 crore
by 2017-18

MUMBAI: The Indian pharma-

ceutical industry can benefit
significantly from the huge
emerging export opportunity.
For long acknowledged as the
generic drug manufacturing
capital of the world, India
with its several low cost generic manufacturers, can exploit the fact that over the
next few years, a large number of drugs will be going
Ratings agency Crisil said
drugs worth $130-150 billion
will be going off patent between 2012 and 2017. To capitalise on this, it expects that
India’s top 20 pharmaceutical companies will crank up
around 40 per cent to over Rs.
A general view of Jamnagar refinery.
50,000 crore by 2017-18.
While the domestic indus— FILE PHOTO: AFP
try was at about Rs. 77,000
crore in 2013, exports ranged
around Rs. 90,000 crore, according to S. V. Veeramani,
President, Indian Drug ManRevenue collection was The fiscal deficit was over Rs. ufacturers’ Association (IDover Rs. 1.75 lakh crore or 14.8 5.08 lakh crore or 4.5 per cent MA).
per cent of the BE. Total re- of GDP in 2013-14. It was 4.9
Pharmaceutical patent filceipt (from revenue and non- per cent in 2012-13.
ings numbered around 2,500
For entire 2014-15, fiscal in 2013, growing at around 11
debt capital) of the government during the four months deficit — gap between govern- per cent.
was over Rs. 1.79 lakh crore. ment expenditure and reve"We require robust patent
The data said revenue deficit nue — for the whole fiscal has laws in place as there are apin the four months was over been pegged at Rs. 5.31 lakh prehensions about patent
Rs. 2.66 lakh crore or 70.4 per crore or 4.1 per cent of GDP.— protection in India.’’
cent of the budget estimates. PTI
In India, the industry has

The refinery will process cheap, heavy grades of crude
NEW DELHI: Reliance Industries

NEW DELHI: The government

on Friday reduced the
import tariff value on gold
and silver to $420 per 10
grams and $645 per kg,
respectively, taking cues
from firm global prices. For
the first fortnight of this
month, the tariff value on
imported gold stands at
$426 per 10 gram, while
that for silver at $650 per
kg. The import tariff value
is the base price at which
customs duty is
determined to prevent
under-invoicing. It is
revised on a fortnightly
basis considering volatile
global prices. — PTI

Malaysia Airlines to
cut 6,000 staff


Malaysia Airlines will cut
6,000 workers as part of an
overhaul announced on
Friday to revive its
damaged brand after being
hit by double passenger jet
disasters. The staff
reduction represents about
30 per cent of its current
workforce of 20,000. A
search for a new CEO for
the airline is underway.
Khazanah Nasional, the
State investment company
that owns 69 per cent of
the airline, said the
overhaul included the
establishment of a new
company that would take
over the existing Malaysia
Airlines business and its
reduced staff. The revamp
and new investment in the
carrier will cost about 6
billion Malaysian ringgit
($1.9 billion). — AP

Spice launches new
Firefox OS phone
for Rs.2,299

has sought environment ministry approval for a $13 billion
upgrade to its Jamnagar
complex, including a 400,000
barrels per day (bpd)
The refinery would process
cheap, heavy grades of crude
that are increasingly available
in Asia as the U.S. shale boom
has cut demand there.
Reliance Industries, controlled by Mukesh Ambani,
operates the world's biggest
refining complex in Gujarat,
where its two adjacent plants
can process about 1.4 million
bpd of oil.
The company last year

Fiscal deficit touches 61.2 % of BE in July-end
NEW DELHI: The fiscal deficit
touched 61.2 per cent of full
year Budget Estimates or
over Rs. 3.24 lakh crore in
During the April-July period of 2013-14 fiscal, the deficit
was 62.8 per cent of Budget
Estimates (BE) of that year.
The data released by the
Controller General of Ac-

capturing a larger chunk of
the booming affordable
smartphone market in
India, domestic handset
maker Spice, on Friday,
launched its new Firefox
OS-powered smartphone,
priced at Rs.2,299. “This
dual-SIM handset is
targeted at those looking to
upgrade from feature
phones without worrying
about the price or
complexity of a
smartphone. We are
confident that the device
will meet the demands of
those looking to move to
smartphone,” Spice
Mobility Chief Executive
Officer Prashant Bindal
told PTI.

Tide Water open
to setting up
plant in Canada
KOLKATA: Lubricants maker

Tide Water Oil, a part of
the diversified PSU Andrew
Yule Group, is looking at
the possibility of setting up
a manufacturing plant in
Canada, its Chairman
Kallol Datta said on Friday.
“Today, the Veedol brand
of lubricants is being
marketed through a
licensee agreement in
Canada. We are open to the
possibility of putting up
our own manufacturing
plant in that country”,
Datta told PTI after the
company’s annual meeting

counts on Friday shows that
the total expenditure of the
government during April-July was over Rs. 5.03 lakh crore
or 28.1 per cent of the entire
year estimates.
Of the total expenditure,
plan spending was over Rs.
1.32 lakh crore and under
non-plan head it was Rs. 3,71
lakh crore.

been facing increasing regulatory restrictions. The last
year saw headwinds from
price cuts imposed on a wide
range of essential drugs post
the new drug pricing policy
and higher research & development (R&D) costs.
But export-focused companies could benefit from recently
government guidelines to
evaluate applications for intellectual property rights
(IPRs) in the industry.
"There has been some
slowdown in granting patents
and the guidelines to revise
patent norms could be a response to the increase in
number of patent filings in
India,’’ Anuj Sethi, Director,
Crisil Ratings, told The
"The revised guidelines
could help lower the number
of patent infringements and
also ensure consistency and

UBI files caveat in SC Competition Commission of India puts
against Kingfisher
Sun-Ranbaxy deal under public scrutiny

Indrani Dutta

KOLKATA: State-owned United

Bank of India (UBI) has filed a
caveat in the Supreme Court
against Kingfisher Airlines
“We filed the caveat today
against KFA,” Executive Director of UBI D. Narang told
The Hindu.
The development comes a
day after the Division Bench
of the High Court dismissed a
KFA appeal against UBI.
A caveat would mean that
UBI would have to be informed of the Vijay Mallya
Group plans to appeal against
the High Court order.
UBI has an exposure of
around Rs.400 crore in Kingfisher Airlines
Earlier, UBI had identified
Vijay Mallya as a wilful defaulter, and asked him to ap-

pear before the bank’s panel
to hear him out before declaring him as a wilful defaulter.
Mr. Mallya later moved the
court seeking exemption of
his appearance before the
Having crafted a turnaround, UBI is now trying to
consolidate its position. It
clocked a 47.3 per cent rise in
its net profit in the first quarter which touched Rs.65.8
“We are on a strong wicket.
He has been identified as defaulter,’’ a bank official said.
Mr. Narang and Sanjay
Arya, also an Executive Director, now look after UBI’s affairs since the resignation of
the former Chairman and
Managing Director Anjana
Bhargava in February, 2014,
when the bank plunged into
huge losses.

Need practical reforms
in labour laws: Bhargava
NEW DELHI: Calling for practi-

NEW DELHI: Aimed at

sought the approval of the environment ministry to invest
773 billion rupees ($12.8 billion) to build a new refinery
and some polymer units, and
to switch the fuel for a 450
megawatt power plant from
gas to coal.
The environment ministry
wrote back in May this year
asking Reliance to meet certain conditions in order to secure a green light for the
projects, the documents
It was not immediately
clear if there had been further
Reliance and the environment ministry. — Reuters

cal reforms in labour laws,
Maruti Suzuki India Chairman R C Bhargava says policy
must allow employment of
temporary workers in such a
manner that the last to be
hired becomes the first to be
laid off during downturn but
they must be paid subsistence
The company, which is
looking at 25-30 per cent of
its total workforce to be temporary workers to provide
flexibility during downturn,

NEW DELHI: The Competition
Commission, which has put
the multi-billion dollar SunRanbaxy deal for public scrutiny, on Friday, said the major
issue is whether the combination would result in high market concentration of certain
“This is the first case” of
combination where the Competition Commission of India
(CCI) has gone for a public
scrutiny, the fair trade watchdog’s Chairman Ashok Chawla said. In April this year, Sun
Pharma and Ranbaxy had announced a $ 4-billion deal
that would create one of the
top five largest speciality generics company in the world.
Mr. Chawla said the major
issues related to the deal were
with regard to molecules

Sanjay Vijayakumar

Slow progress in renewable
energy capacity addition
CHENNAI: Renewable energy

sector in the country still appears to be riding in the slow
growth trajectory as the new
capacity addition during the
current fiscal has been lower
when compared with the corresponding period of the previous year.
The sector has added 722
MW of new capacity during
the first four months of this
fiscal against 835 MW added
during the same period in the
previous fiscal.
The industry missed the
capacity addition target for
the second consecutive year
in 2013-14. For the present
fiscal, annual capacity target
has been lowered to 3,770
MW from 4,325 MW set for
the previous year.
Of the 722 MW, wind sector contributed about 561
MW (608 MW), while the rest
was contributed by solar, ba-

gasse, co-generation and
small hydro at 106 MW (153
MW), 32 MW (nil) and 22.5
MW (74.5 MW), respectively,
according to Union Ministry
of New and Renewable Energy (MNRE).
The cumulative grid-interactive renewable energy installed capacity stood at
32,424 MW on July 31, 2014.
Presently, wind makes up
67 per cent of India’s total
green power installed capacity. Of the total capacity of
32.4 GW, wind sector contributed 21.7 GW, followed by
small hydro power at 3.8 GW,

The deal was
approved last month
by leading stock
exchanges BSE and

the Competition Act, 2002.
Under this section, if the
CCI is “prima facie of the
opinion that the combination
has, or is likely to have, an
appreciable adverse effect on
competition, it shall... direct
the parties to the said combination to publish details of
the combination within ten
working days of such direction...”
Such disclosure needs to be
made “in such manner, as it
(CCI) thinks appropriate, for

bringing the combination to
the knowledge or information of the public and persons
affected or likely to be affected by such combination.”
In case the CCI finds the
deal in the current form could
hurt fair competition in the
domestic pharma market, it
can even direct the companies to divest some assets as a
pre-requisite for approval.
Sun Pharmaceutical Industries would acquire Ranbaxy
Laboratories in a $ 4-billion
deal that includes $800 million debt. The transaction has
valued Ranbaxy at 2.2 times
its $ 1.8 billion revenue for
2013, or about Rs. 457 per
The deal was approved last
month by leading stock exchanges BSE and NSE. — PTI

Nokia’s HERE ties up with Samsung

CHENNAI: Nokia-owned digital
is already applying the last- maps company HERE has
come-first-go principle at its tied up with Samsung. This
will see the launch of the app
on Android platform. And, it
Temporary workers
will remain exclusive for
“The temporary workers Samsung Galaxy smartwhom we have recruited are phones for the time being.
HERE will also be available
exactly in the same manner,
including the basic qualifica- on smart devices powered by
tions and then their training, Samsung’s own operating
for the regular worker. When system Tizen, including the
there is a downturn, the guy Samsung Gear S smartwatch,
who came in last is the first to which was unveiled on
be laid off, there is no pick and Thursday.
HERE is a free app, and feachoose,” Mr. Bhargava told
tures maps for almost 200
PTI in an interview. — PTI

Special Correspondent

market. “The major issues obviously are that in many of the
molecules, the basic building
block in the pharmaceutical
industry, whether in some of
those molecules there is high
market concentration which
will emerge as a result (of the
consolidation). That is the
matter,” Chawla said here.
He was speaking on the
sidelines of an event organised by industry body
The CCI has asked Sun
Pharma and Ranbaxy to make
public details of their proposed transaction in a “prescribed format” within 10
working days. Both companies informed the stock exchanges, on Thursday, about
the CCI direction, which
comes under Section 29(2) of

solar at 2.7 GW, bagasse cogeneration power at 2.7 GW,
biomass at 1.4 GW, and waste
energy at 107 GW.
It may be noted that the
Union Finance Ministry has
not acted upon the recommendations by the Union
Ministry of Commerce for
levying anti-dumping duties
on import of solar cells and
As no official communication was issued by the Finance Ministry, the deadline
of August 22 for deciding on
duties had gone by.
Piyush Goyal, Union Minister of State of Power, Coal &
MNRE, in the meanwhile, has
assured solar manufacturers
that whatever capacities are
available for domestic cell
and modules in the country,
adequate market would be
made available so that they
can not only run to full capacity but also ramp up the

areas worldwide. For the
Samsung Gear S, HERE is developing an app called Navigator
turn-by-turn walk navigation
and public transit routing.
The app provides a complete stand-alone experience,
including the ability to store
map data locally on the device
and use it offline for navigation, directions and search.
countries with 100 of them
The deal will also enable to
featuring turn-by-turn walk- pair the app with the upcoming or driving navigation. ing Samsung Gear S and SamTraffic information is avail- sung smartphone, which
able for over 40 countries, means the routes can be synand public transport info is ced between wrist and phone.
available for over 750 urban
HERE apps will be avail-

The app provides a
complete stand-alone
experience, including
the ability to store
map data locally on
the device and use it
offline for navigation,
directions and search.

able for download from the
Samsung GALAXY Apps store
when the Samsung Gear S hit
stores, which is expected in
the fourth quarter.
“We believe that maps and
location-related functionality are essential for any operating system. HERE aims to
deliver fresh maps, platform
services, and location cloud
experiences to as many people and businesses as possible, independent of the device
and operating system they
are using,” Sean Fernback Senior Vice-President Everyday
Mobility, HERE, said in a

Apple may launch iPhone 6,
smartwatch on September 9
NEW DELHI: Tech giant Apple is

expected to unveil a larger
screen version of its popular
iPhone along with its first
smartwatch on September 9
in its hometown in Cupertino, California.
The iconic creator of iPods
and iPads has sent out a cryptic invite, in its usual style,
saying: “Wish we could say
more.” The invitation comes
on a simple black-and-white
background dominated by
the company’s corporate logo. These events have become
sort of an annual ritual since
2007, when the company
launched the first iPhone and
later the iPad as well.
The launch, which is expected to feature a largerscreened iPhone, will be held
in the same venue where Apple’s late co-founder, Steve
Jobs, unveiled the original
Mac computer 30 years ago.
The Mac is credited to have
changed the landscape for

streamlining of the filing
Exports are volume driven,
and even smaller players are
eyeing emerging markets,
said Mr. Veeramani. 
The U.S. accounts for 29
per cent of India’s pharma exports. and ratings agency
ICRA expects companies to
strong growth there over the
medium-term driven by the
sizeable generic opportunity
and the strong product pipeline of pending abbreviated
"In the U.S., the Affordable
Care Act will ensure that the
U.S. will seek to continue
sourcing medicines at affordable rates and Indian generic manufacturers will stand to
benefit, as more than 70 per
cent of drugs sold in the U.S.
are prescribed generics,’’ Mr.
Sethi said.

Tribunal stays
CCI order on
Adani Gas
NEW DELHI: The Competition

Appellate Tribunal has stayed
Competition Commission of
India’s (CCI) Rs.25- crore
penalty and modification of
the gas sale contract order
against Adani Gas Ltd., the
city gas distribution arm of
“No coercive steps shall be
taken for recovery of penalty
till further orders. There shall
also be a stay on the direction
of CCI on the modification of
the agreement,” said a twobench COMPAT order.
The next hearing of the
case is scheduled on September 10.
In July, the Fair trade
watchdog had slapped a fine
of Rs.25.67 crore on Adani
Gas for violating competition
norms by abusing its dominant market position.
Adani Gas is a subsidiary of
Adani Enterprises, which is a
part of the diversified Adani
Group. The Commission’s
ruling had come on a case related to supply and distribution of natural gas by Adani
Gas Ltd. in Faridabad.
Apart from directing Adani
Gas to cease and desist from
unfair practices, the CCI had
asked the company to modify
the Gas Sales Agreements
(GSAs). The Commission had
also found that Adani Gas to
be in “dominant position in
the relevant market of supply
and distribution of natural
gas to industrial consumers
in the district Faridabad, Haryana”. — PTI

Gold, silver up
on festive
season demand
NEW DELHI: Extending gains for

the second day, gold prices
moved up by another Rs. 70 to
● The launch will be
Rs 28,300 per ten gram in
held in the same
New Delhi on Friday on increased buying by jewellers
venue where Apple’s late
and retailers, driven by fesco-founder, Steve Jobs,
tive season demand coupled
unveiled the original
with firming global trend.
Mac computer
Silver also rose by Rs. 150
to Rs. 43,000 per kg on steady
30 years ago.
inflow of buying by industrial
units and coin makers.
Traders said sustained
personal computing, taking would mark Apple’s foray intechnology to the masses.
to the segment, where Sam- buying by jewellers and retailers to meet festive season
According to various re- sung has a major presence.
ports, the new iPhone may
Though Apple CEO Tim demand and a firming global
come in two variants — one Cook has indicated that wear- trend, as escalating tension
with a 4.7-inch, and the other able technology devices are between Ukraine and Russia
with a 5.5-inch screen to com- exciting, the company so far spurred safe-haven demand,
pete with large screen smart- has not provided any con- mainly boosted sentiment. —
phones made by Korean rival crete plans on what it is work- PTI
Samsung and others, which ing on. Reports also say Apple
are powered by the Android has obtained the trademark
operating system.
for the name ‘iWatch’ in sevApple enthusiasts are also eral countries, and has also
August 29 rates in rupees with
previous rates in brackets
keenly awaiting the launch of hired top talent from the
Apple’s smartwatch, which is world of fashion, including
43,000 (42,850)
expected to make its debut at the former CEOs of Yves
Standard gold
28,300 (28,230)
the event. A smartwatch or Saint Laurent and Burberry,
24,600 (24,600)
other wearable technology to offer stylish designs. — PTI