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CURRENCYCURRENCY* (IN RUPEES)US $ 63.65EURO 87.89UK POUND 107.12YEN 0.62SW FR 72.99CAN $ 58.35SING $ 51.75MAL RIN 20.23THAI BAHT 2.03

*THOMAS COOK’S SELLING RATES

Inflation: Retail infla-tion for industrialworkers remained flatat 6.70 per cent inMarch this year onlower food prices.It stoodat 6.73 per cent in Feb-ruary,a labour ministryPress release said onWednesday. PTI

Hotel brand: CygnettHotels,a hospitality man-agement company,unveiled on WednesdayUS budget hotel brandJameson Inn in Kolkatawhich will be the entrypoint of the Ameri-can hospitality chainin India. SNS

Design centre:Hafele,Germany-based leaderin architectural hard-ware and interior solu-tions provider haslaunched its state-of-the-art design centrein Kolkata. Our focusis on the city, said MrJurgen Wolf, MD. SNS

STATESMAN NEWS SERVICE Kolkata, 30 April

Alstom is considering aproposal for acquisition ofits energy activities by GE.“The board of directors ofAlstom announced todaythat it has received a bind-ing offer from General Elec-tric (GE) to acquire its ener-gy activities. The proposedprice is a fixed price rep-resenting an equity valueof euro 12.35 billion,”Alstom said in a statement.

Should this offer beapproved and completed,Alstom would refocus onits transport activities,for which it is a globalleader. The companywould use the sale pro-ceeds to strengthen its

transport business andgive it the means of anambitious development,pay down debt andreturn cash to its share-holders

The board of directorsof Alstom, acknowledg-ing unanimously thestrategic and industrialmerits of this offer andhaving noted the publiclyannounced undertakingsby GE, has decided to setup a committee of inde-pendent directors, led byMr Jean-Martin Folz, toreview before the end ofMay the proposed trans-action, taking into con-sideration all stakehold-ers interests. Should theboard conclude positive-ly, the information and

consultation of Alstomemployees' representa-tive bodies will be con-ducted before enteringinto a definitive agree-

ment, the Alstom state-ment said.

Completion of thetransaction would be sub-ject to merger control

and other regulatoryclearances in accordancewith the AFEP-Medefcode. The final approvalof the transaction will be

submitted to the share-holders.

In the context of thisbinding offer, Alstommay not solicit offersfrom third parties for theacquisition of all or partof its energy business. Ithas, however, reservedthe right to respond tounsolicited offers for itsentire energy businessand engage in discus-sions with biddersdemonstrating a seriousinterest that could lead toa superior offer forAlstom.

Shares of AlstomIndia surged almost 12per cent today after itsparent French firm saidit is considering an offerof more than 12 billion

euros from US-basedGeneral Electric for itspower business and hasreviewed a declaration ofinterest from Siemens,PTI adds from Mumbai.

Alstom India's stockshot up by 11.87 per centto settle at Rs 456.60 onthe BSE. During the day,the scrip gained as muchas 17.82 per cent to Rs480.90. On the NationalStock Exchange, thestock zoomed 10.25 percent to close at Rs 449.50.

While over 15 lakhshares were traded on theNSE, 4.22 lakh AlstomIndia shares changedhands on the BSE.

Shares of Alstom T&DIndia rose 3.6 per cent toRs 274.75 on the BSE.

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Alstom considers GE’s euro 12.35b offer

STATESMAN NEWS SERVICE Mumbai, 30 April

The Election Commission'sorder to the Gujarat admin-istration to book BharatiyaJanata Party's Prime Min-isterial candidate Mr Naren-dra Modi for violating thePeople's Representation Actpulled down the equityindices sharply today aspanic-gripped investors wenton a selling spree.

The S&P Bombay StockExchange Sensitive Indexcrashed 395.50 points fromits intra-day high of 22,680.46and the CNX Nifty of theNational Stock Exchangecollapsed 123.35 points fromthe day's high of 6,780.15.Once again the equity mar-kets displayed weakness tothe fast unfolding politicaldevelopments, say analysts.They also expect risk aver-sion to guide trading until16 May.

Interestingly, investorstargeted politically sensitveAdani Group and DLF stocksto book profit which analystssay was to stay safe andsecure a fortnight beforethe outcome of Election2014 is known. Mr GautamAdani is perceived as closeto the Gujarat chief minis-ter Mr Modi and DLF isalleged to have given hugeunsecured loans to MrRobert Vadra, son-in-law ofthe Congress president MrsSonia Gandhi.

Brokerages and investors,inclusive of foreign funds,are playing safe as the lasttwo phases of polling are due.The markets, a majority ofbrokerages feel, are likelyto be range-bound althoughhopes of a Modi-led Nation-al Democratic Alliance gov-ernment coming to powerstill appear positive. Themarkets may also not see anysignificant movementbecause foreign funds haveput further investment onhold. They have net-invest-

ed $10 billion in the first fourmonths of the calendar year2014.

The markets overcamemid-session jitters as indicescut down losses 20 minutesbefore the closing bell onDalal Street.The 30-shareBSE benchmark was down0.22 per cent at 22,417.80 (-48.39) point. The 50-shareNifty was below 6,700-levelfor the first time since 7 April.It ended down 0.28 per centor 18.85 points at 6,699.40. InSensex 12 shares advanced

and 18 declined. In Nifty 19were up, 29 down and twounchanged.

All sector indices were inthe red in the afternoon.TheRealty has been the biggestloser with a five per centdrop.DLF traded about nineper cent down with an intra-day low of Rs 139 on both theBSE and the NSE amid panicselling.

On the BSE it closed at Rs140.25,down 8.66 per cent andon the NSE at Rs 140.15,down 8.85 per cent down.The

Adani flagship,Adani Enter-prises shares declined bymore than five per cent atRs 397.30 on the BSE and Rs397.70 on the NSE.

Adani Power crashed 8per cent. Adani Enterpris-es closed 3.65 per cent downat Rs 418.05 on the BSE andat Rs 417.85 or 3.65 per centdown on the NSE. Otherrealty shares such as Unitechand HDIL also suffered sell-ing pressure as these weredown four per cent whenchips were down.

STOCKS CRASH ON ECORDER TO BOOK MODIMARKETS OVERCOME MID-SESSION JITTERS TOWARDS CLOSE

STATESMAN NEWS SERVICE New Delhi, 30 April

Commenting on the banimposed by the EuropeanUnion (EU) on import ofselect fruits such as mangoesand vegetables from India,Mr Sidharth Birla,presidentof the Federation of IndianChambers of Commerce(Ficci), said: “This is anunfortunate development.The way it has happenedleaves open the question ifthis is the only measure orsome more could be expect-ed”.

He added: “We under-stand that this matter wasunder discussion for sometime and it is therefore sur-prising that the EU side hastaken such a decision uni-laterally. This defies thespirit of cooperation that onewould expect.

“This move would havea bearing on the farmers andexporters from India as wellas impact trade and con-sumers in the UK and other

countries in the EU.”Mr Birla said the ecosys-

tem for exports in India isgeared to meet the qualityand safety requirements ofcountries across the world.“Our farmers, packers andexporters supply agri-com-modities to different coun-tries. There may have beena few isolated cases in thepast,but the way to deal withsuch a situation is throughdiscussion.

“We would have arrivedat a constructive solution.What we have got now is apunitive solution that doesnot bode well for the largereconomic relations betweenthe two sides,” he said.

EU ban on mangoesunfortunate: Ficci

PRESS TRUST OF INDIANew Delhi, 30 April

The country’s core sectorgrowth slowed to 2.5 percent in March from seven percent in the same month ayear ago as output of crudeoil, natural gas and fer-tiliser declined.

The eight core indus-tries ~ fertilisers, cement,steel, electricity, crude oil,coal, petroleum refineryproducts and natural gas ~have a combined weight ofabout 38 per cent in theIndex of Industrial Pro-duction.

For the financial year2013-14, core sector growthslowed to 2.6 per cent from6.5 per cent in 2012-13,accord-ing to data released by theministry of commerce andindustry.

In March, crude oil, nat-ural gas and fertiliser out-put fell 1.6 per cent, 9.3 percent and 6.1 per cent, respec-tively.

The rate of growth in theproduction of coal, petro-leum refinery products andsteel slowed to 0.7 per cent,2.8 per cent and 5.4 per centin in the month of March asagainst 1.7 per cent, 24.3per cent and 11.6 per cent inthe same month a year ear-lier, respectively.

Cement output wasunchanged in March. Onlyelectricity generationincreased to 5.4 per centfrom 3.5 per cent in March2013.

In January and February,the eight sectors grew by 1.6per cent and 4.5 per cent,respectively, the official datareleased today said.

Core sector growthslows to 2.5% in Mar

STATESMAN NEWS SERVICE New Delhi, 30 April

Bharti Airtel today said itwill continue to cut dis-counted minutes and mayraise tariffs to meet risingcosts.

“I think we will contin-ue to see an opportunity toraise voice realisationthrough continued cut backof discounted minutes... Wewill deter to touch headlinetariff but at some pointthere may be some oppor-tunity to raise headline tar-iffs,” Bharti Airtel manag-ing director and CEO (India& South Asia) Gopal Vittalsaid.

The current levels ofvoice pricing are absolute-ly unsustainable with inputcosts going up, he added.

“With the rising cost ofdiesel, network cost, thecost of spectrum, the cost

of fibre, the cost of actual-ly rolling out networks, Ithink there is no questionbut to reduce discountedminutes,” Mr Vittal said.

Airtel has recentlyincreased mobile servicesrates of both Internet andvoice calls under certainschemes.

It has been consistentlycutting down freebies for thelast few quarters in order toincrease voice realisationand improve profitability ofthe company.

Mr Vittal said due to theefforts of the company, thevoice realisation per minutehas improved to 37.07 paisaas compared to 35 paisafour quarters ago.

Asked about the seniorlevel exits from the compa-ny, he said 80 per cent of thevacancies created by thesepeople have been filled inter-nally.

Airtel may raisetariff rates

STATESMAN NEWS SERVICE New Delhi, 30 April

Three leading ladies of thecorporate world, Ms NainaLal Kidwai, Ms ManishaGirotra and Ms Dipali Goen-ka, today held out a multi-pronged ‘mantra’ for womenfor overcoming the chal-lenges of competition andsocietal pressures in achiev-ing high stations at theworkplace.

At a panel discussion on‘Rising Power of Womenin the Corporate Sector:The Journey, Issues andChallenges’ organised byFicci Ladies Organisation,the corporate divas felt thatin order to carve a niche ina male-dominated corpo-rate world, women need towork out and maintain awork-home balance wherethey are able to collaboratewith peers and their fami-

ly members in a gender-neutral environment.

Flexible work culture,quota in manufacturing andmarketing companies toencourage women employ-ees to take up leadershiproles, a supportive familystructure and the use oftechnology advancement,were highlighted as some ofthe essentials for women tobe successful in the corpo-rate world.

Speaking on the subjectof women-centric policies incorporates, Ms Kidwai,immediate past president,Ficci, and country headHSBC India, said her organ-isation formulates policieswhich are gender-neutral toavoid discrimination. Forinstance, HSBC offers thealternative of working inflexible hours to both menand women. Besides mater-nity leave, her organisation

offers paternity leave tomale employees who wantto take time off to be withtheir newborns.

Ms Girotra, India Head,Moelis Investment Bank,believes in outsourcing ofwork. In Indian society, awoman is expected to be aperfect homemaker and athorough professional atwork. To achieve this, shesaid,one needs to create anddevelop a good successor anda team which can take onresponsibilities in one'sabsence.

Ms Goenka, managingdirector, Welspun GlobalBrands Ltd, considerswomen natural managers,as they have the ability tomultitask and are deter-mined in their approachtowards work.To succeed ina corporate world, womenneed to take ownership andbecome accountable.

Mantra for women to succeedin corporate world

STATESMAN NEWS SERVICE New Delhi, 30 April

Welcoming the decision todispense with the minimumvalue addition for re-exportof food, medicines and med-ical equipment to Iran,which have been importedagainst payment in freelyconvertible currency, Mr MRafeeque Ahmed,president,Federation of Indian ExportOrganisations (Fieo), saidbesides meeting the demandof the bilateral trade, themove will help in increas-ing exports in a big way in2014-15.

India’s exports to Iranhave already touched $4.56billion which is a 60 per centgrowth as against the over-all export growth of four percent.

India has more than dou-bled its exports to Iran dur-ing the last two years. This

was following the benefitfrom the rupee paymentmechanism, the Fieo pres-ident said.

Exports to Iran were amere $2.4 billion in 2011-12and it has crossed $5 billionin 2013-14.

Apart from food prod-ucts, the country is export-ing other goods such aspharmaceuticals, machin-ery, transport equipment,organic & inorganic chem-icals, man-made yarns &fabrics, steel.

However, the trade bodychief said issues regard-ing remittance for openingof offices in Iran and itsrecurring expenses, per-formance guarantee for bid-ding for projects in Iranand commission to agentsfor furthering the businessneeds to be addressed so thatIndia can build on the oppor-tunities.

‘Value addition willincrease exports’

New Delhi,30 April: Small andmedium enterprises (SMEs)will play a leading role inimplementation of SMAC(social, mobile, analyticsand cloud) technologies inIndia, not only to grow rev-enues by increased mar-keting to new customers,butalso bringing operationalefficiency, said Mr R Chan-drashekhar, former secre-tary,Department of Telecomand president of NASS-COM.

Inaugurating a nationalseminar on ‘IT World ForumPresents SMAC:for BusinessTransformation’ organisedby the Associated Chambersof Commerce and Industryof India (Assocham), MrChandrashekhar hoped thenew government would takeurgent steps to push growthof the SME sector in IT ser-vices. SNS

SMES GROWTHIN IT SERVICESSTRESSED

New Delhi,30 April:The Unionfinance minister P Chi-dambaram is leaving forKazakhstan on 2 May toattend the annual meetingof the Asian DevelopmentBank (ADB).

The minister would beaccompanied by financesecretary Arvind Mayaramand other finance ministryofficials.

Mr Chidambaram,according to sources, is like-ly to return on 5 May. ADBis holding its 47th annualmeeting in Astana in Kaza-khstan.

India is a member-coun-try of the ADB, which pro-vides soft loans to tacklepoverty as well as technicalassistance and grants for arange of development activ-ities. PTI

CHIDAMBARAMTO ATTEND ADB MEET

BJP EFFECTThe S&P Bombay Stock Exchange SensitiveIndex crashed by 395.50 points from its

intra-day high of 22,680.46 and the CNX Nifty ofthe National Stock Exchange collapsed by123.35 points from the day's high of 6,780.15

1

All sector indices were in the red in theafternoon. The Realty has been the

biggest loser with a five per cent drop. DLFtraded about nine per cent down with anintra-day low of Rs 139 on both the BSEand the NSE amid panic selling

2

The 30-share BSE benchmark wasdown 0.22 per cent at 22,417.80

(-48.39) point at close3

23 APR 25 28 29 30 APR

SENSEX

23 APR 25 28 29 30 APR

NIFTY GOLD SILVER

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New Delhi, 30 April: Video-con Telecom today said it willinvest Rs 1,240 crore main-ly in network expansionand infrastructure in fourservice circles.

“We will be investingover 1,240 crore in our exist-ing four circles in FY 2014-15 primarily on networkexpansion, IT infrastruc-ture, service platforms, andother technological advance-ments,” Videocon Telecomdirector and CEO ArvindBali said in a statement. Itis targeting consolidatedrevenue of Rs 2,500 crore inFY 2014-15, it added.

Videocon Telecom haspermit for telecom servicesin seven out of 22 circles butcurrently operates in four~ Gujarat,Madhya Pradesh,Haryana and Punjab. PTI

VIDEOCON TELETO INVEST�1,240 CRORE

Mumbai, 30 April: Stock mar-ket regulator the Securi-ties and Exchange Board ofIndia (Sebi) has said in a noti-fication that a non-residentIndian (NRI) will not beallowed to seek registra-tion as a foreign portfolioinvestor (FPI).

However, a fund that hasNRIs as investors will notbe prevented from obtain-ing registration as an FPI.

FPIs would encompass allforeign institutionalinvestors (FIIs), their sub-accounts and qualified for-eign investors (QFI) undera new regime that comes intoforce on 1 June.

Existing overseasinvestor classes such asFIIs, sub-accounts and QFIswill have to convert to thenew regime eventually.

“An NRI cannot seek reg-istration as FPI,” accordingto information available onthe Securities and ExchangeBoard of India (Sebi) web-site. PTI

NRIS CAN’TREGISTERAS FPIS: SEBI

MERGER AND ACQUISITION� Should this offer be approved and complet-ed, Alstom would refocus on its transportactivities, for which it is a global leader

� The board of directors of Alstom, has decid-ed to set up a committee of independentdirectors, led by Mr Jean-Martin Folz, toreview before the end of May the proposedtransaction

� Completion of the transaction wouldbe subject to merger control and otherregulatory clearances in accordancewith the AFEP-Medef code