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Nifty has resistance at 5,300
The market opened weak and sustained selling pressure saw the benchmark indices, the Nifty and Sensex, lose their crucial support levels of 5,150 and 17,300, respectively. The spot Nifty closed at 5,094 while January futures closed at almost 10 points discount on profit-taking and short build-up. generic levitra

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HAL offers trainer aircraft to resolve IAF crisis
Not since the dark decade of the 1990s, when the Indian Air Force crashed 177 aircraft — losing 54 young pilots and some Rs 1,000 crore worth of equipment — has the air force faced such a pilot training crisis. The long-delayed Hawk trainers, which began arriving in India in 2007, have improved advanced training for IAF flyers. But the crucial introduction to flying, conducted in antiquated HPT-32 Deepak and HJT-16 Kiran aircraft, is taking a growing toll on pilots’ lives.

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Tata Motors: Positives priced in
Tata Motor’s future profitability hinges on its ability to scale up JLR volumes and execute a slew of cost-reduction measures.
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'Hot-rolled importers not following norms'

Steel producers facing pricing pressure are alleging that importers are circumventing import licensing requirements for hot-rolled (HR) products, which are included in the restricted list according to a Directorate General of Foreign Trade (DGFT) notification in November 2008. - Govt bans import of CDMA mobile without unique nos - Anand Sharma new Board of Trade Chairman - Exporters suffered loss worth Rs 8,982 cr: Scindia - 15% safeguard duty likely on steel imports - No FinMin nod needed for export obligation waiver - India relaxes ban on import of Chinese toys According to the producers, in the past couple of months, large volumes of non-alloy HR coils were being imported without licences as producers were adding small quantities of boron and reclassifying the pruduct as alloy steel. Addition of boron to steel ensures higher strength after hardening by heat treatment, but offers a workable material to fabricator or manufacturer. The quantum of boron used is very small, steel industry representatives say. According to industry sources, companies have been hit hard anyway with cheap imports and this has compounded problems. Traders are doing this because they cannot get a licence, only actual users can, they say. Imports of HR coils, sheets and plates during April-September 2009 increased 39 per cent to 2.01 million tonnes, compared with 1.45 million tonnes in the same period of the previous year. Assocham has taken up the matter with the DGFT. “The circumvention of import licensing requirements will result in increased imports at lower prices and adversely affect the domestic industry. Secondly, imports will now be effected by traders, who will further damage the domestic market by getting into speculative and low-quality imports,” said an Assocham letter to the DGFT. Industry sources say: “Non-traditional markets like France exported HRC to India during April-August at an average landing price of $456 (over Rs 21,200 crore) a tonne, while prices in West Asia and Far East were lower at $405-$420 (Rs 19,000-19,600) a tonne.” At present, HRC prices are on a par with international prices at Rs 28,000 a tonne. However, some imports are still happening at lower prices.


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