Australians have no humanity: Victim's uncle

Hyderabad: As Sravan Kumar battles for life in Australia after being brutally attacked, his family is battling odds back home, struggling to fund his medical treatment. Sravan's uncle, Dr Srinivas, has finally left for Australia, after CNN-IBN intervened and helped him get a visa.

"We are very grateful to CNN-IBN for approaching the Australian High Commission on our behalf and lending a helping hand," said Dr Srinivas.

"Sravan's father is in a state of shock and does not wish to go to Australia. I am going there on his behalf," he said.

The Andhra Pradesh-based family's world turned upside down when news came that their son 25-year-old Sravan Kumar Theerthala became the victim of a racist attack, and has suffered extensive brain damage, after his assailants drove a screwdriver into his head.

Sravan's father, Chidambara Rao Teerthala said, "Australians call themselves a developed nation, but have no humanity. If their police had responded the right way one month ago when an Indian was attacked on a train, then this would not have happened to my son."

Chidambara Rao is a farmer and cannot afford the foreign trip. A greater concern now is the cost of Sravan's treatment. His family has now approached the Andhra Pradesh Finance Ministry for help.

"We met the state Finance Minister, Roshegaru and he has promised to help. He said that they have put the matter on file," said Sravan's relative, Lakshmi Narsimha.

The big challenge for Sravan's family remains getting over legal procedures and finances to reach Australia. With Sravan remaining critical, the nightmare for his family is yet to end.

After four attacks on Indian students in just three weeks, the Indian student community has taken to the streets in Australia, protesting against the brutality.

The students gathered outside the Royal Melbourne Hospital where Sravan Kumar is currently admitted. The protets were vocal, but peaceful. The students stood outside the hospital holding placards.

Shocked by the attacks, the protesters say Indians who plan to come to Australia must think twice before taking a decision.

Kalam sees India as a developed country by end of next decade

Rajkot: “India will be a developed country by the end of the next decade through sustainable GDP growth fueled by agricultural growth through scientific means and technology development,” said former President Dr APJ Abdul Kalam in response to a school student’s question on when and how India could become a developed country. He was present at the inauguration of a state-of-the-art Balbhavan building at Race Course Ground here on Wednesday. The building was dedicated as part of Rajkot Balbhavan’s golden jubilee celebrations.

Kalam took 15 questions from the students who wanted to know everything from space technology, nuclear energy, global warming to rocket science. Later, he went to Sat Sai Hospital, a heart specialty hospital, to meet children who have recently undergone surgery. On the occasion, Kalam said that he likes to visit Gujarat, which is the state of his mentor, Vikram Sarabhai. Besides, for him, it is always a pleasure to come to Rajkot, where Mahatma Gandhi studied. Kalam said Gandhi, along with scientists like Thomas Alva Edison, Charles Darwin and Albert Einstein, were four great men who have left their lasting influence on mankind.

The new building has been constructed at a cost of Rs 3.5 crore and lies adjacent to the old Balbhavan at Race Course complex. The building is equipped with better facilities and will redefine learning and recreation for children in Rajkot. It has been christened as Dr Ashok Mehta Arts and Science Centre, after its major donor and former president of Lions International, Ashok Mehta. Based in Mumbai, he donated Rs 70 lakh to the project as Rajkot is his hometown.

Of the total 55,000 square yards, the activity centre of the Balbhavan spreads over 50,000 square yards. It packs in a library, an indoor sports complex, art gallery, museum, auditorium, computer laboratory, painting and crafts hall, a lounge and an administrative office.

Don't come to Australia: race attack victim

New Delhi: The recent spate of attacks on Indian students in Australia has come as a rude shock to the student community and authorities in both the countries.

Increasing cases of racist attacks against Indian students in Australia are making members of the community jittery with some of them claiming that such attacks are making life difficult for them.

One of the victims 25-year-old Baljinder Singh, who was robbed and stabbed in Melbourne on May 25, said that Indian students are being specifically targeted in Australia.

"I think this is a racial attack. I want to know if the Indian government is doing anything for the students. Lots of students are being attacked in Melbourne. I am just recovering right now. The police say they will speak to me on Monday (June 1) about the compensation," Baljinder told CNN-IBN.

He also said Indian students should not come to Australia.

“One of my friends got his visa. He is from Karnal (Haryana) but now he is very scared to come here. I don't want to continue in Australia after this incident. I am very scared. I am very, very scared after the incident. I want to advise every student who is planning to come to Australia not to come here. There is no life here," he added.

However, Welfare of Indian Students in Australia chief Dr Yadu Singh, while admitting that Indians have been a victim of racial attacks declined to categorise all attacks as instances of race attacks.

We are in touch with the families of the victims. Indian victims are over represented in such cases. But all incidents are not racists," claimed Dr Singh.

There are many more attacks which do not get noticed. We have met the students and we are talking to the police and government," he said.

Over the past one month there have been four reported race attacks on Indian students.

While Baljinder was robbed and stabbed in Melbourne on May 25; Shravan Kumar, a 21-year-old student, and his three Indian friends were attacked with screwdrivers by a group of drunken teenagers in the early hours of May 24.

On May 9, 21-year old Sourabh Sharma was assaulted in a train by a group of criminals who asked the boy to give them a cigarette while cab driver Balraj Singh was attacked on May 20, 2008, by two men who had hired his cab.

In April last year, 23-year-old Indian student Jalvinder Singh was stabbed four times in the chest. Jalvinder was working as a part time cabbie in Melbourne.

Fresh attack in Aus, petrol bomb hurled at Indian

In a fresh attack targetting Indians in Australia, a student suffered up to 30 per cent burns after a suspected petrol bomb was hurled at him in his home in Sydney.

According to local newspaper for Indian community, South Asia Times, 25-year-old Rajesh Kumar was quickly covered by a blanket by his flatmate after the attack on Thursday, an act which saved him from further injuries.

Kumar was sitting on his bed in the front room of his rented house when an unknown person threw what neighbours say was a small petrol bomb through his window. The explosion and subsequent fire left Kumar with burns to a third of his body.

The latest attack came as Shravan Kumar, a 25-year-old student from Andhra Pradesh, is fighting for life in a Melbourne hospital after being stabbed by a screwdriver by a group of teens in a weekend attack that also left three of his friends injured. Doctors have said they were not very optimistic about Kumar's recovery.

Another student Baljinder Singh, stabbed by two attackers with a screwdriver early this week, has been released from hospital on Friday

A New South Wales Fire Brigades spokesman said Rajesh Kumar's flatmate Arminder Singh did the right thing when he grabbed a blanket and threw it over his friend, extinguishing the flames.

"He was crying, on fire. He lay down on the ground and I put the blanket on him," Singh said, adding, "I told him everything was going to be OK. He was asking: 'Is my face OK?"

Singh, 33, said he was halfway between the laundry and kitchen when he heard the sound of smashing glass and his friend screaming. He and another flatmate, Chander Mohan, said they saw Kumar run out of his bedroom and out the front door with his back and arms on fire.

Singh and Mohan said the attack was terrifying.

"We could not sleep, we could not eat all night," Singh said.

They had moved into the house with Kumar and two other flatmates in February but were moving out again as soon as possible, Mohan said.

He said Kumar had no enemies and had not been in any trouble. "We don't know why," Mohan said.

Singh said he had been robbed on the street three times in the past two months.

Australia: Gang beats up Indian for refusing cigarette

New Delhi: Police in Australia have released images of an Indian student being beaten up by “a gang of thugs” after he refused to give them a cigarette in a Melbourne train.

Sourabh Sharma, 21, was attacked by a group of seven men. The Herald Sun reports on its website that Sharma was attacked when he was travelling alone along Melbourne's Werribee train line on May 9.

The seven men aged approached Sharma as he sat listening to the radio. The youths took Sharma's backpack, which contained Australian $650 for his tuition and rent, along with his mobile phone. Sharma was taken to hospital with a fractured cheekbone and a broken tooth.

The attack was dubbed as 'Indian Hunting' but authorities believe it was not racially motivated.

Australian Foreign minister reacts to attack on Indian students

Reacting to the attack on Indian students in Australia, which took place on Wednesday (May 27), Australian Foreign Minister for foreign affairs, Stephen Smith in a statement to the media on Thursday said, "As Foreign Minister, I'm appalled by these attacks and I condemn them absolutely. Australia takes very seriously its reputation as a safe destination for Indian students. Indian students have faced problems in one particular location in Melbourne. Action is being taken. The police are giving particular focus to this issue. They have launched a police operation specifically to investigate allegations of attacks on students. And a hotline, staffed by volunteers who are fluent in English and Hindi, has been established to provide support, information and advice to Indian students."

The reactions from the Australian government came after Indian Foreign minister S M Krishna asked Australia to ensure that such incidents do not recur. Foreign minister S M Krishna reminded Australia about its responsibility to ensure the well-being and security of Indian students studying in that country. "I am appalled at the attack on our students in Melbourne," Krishna said in a statement in New Delhi while commenting on the assault on four Indian students, one of whom is battling for life in a hospital there.

A group of teenagers attacked four Indian students while they were partying here over the weekend, leaving Shravan Kumar in a serious condition. It is said the attackers abused them and said they should go back to India.

They were hit with a screwdriver by the attackers who apparently were in drunken state. While three were discharged after medical treatment, Kumar is still fighting for his life.

Satyam Australia chief quits

THE head of Satyam Computer Services in Australia, Deepak Nangia, has resigned.

Mr Nangia told The Australian he left the company around three weeks ago to pursue other opportunities.

During his seven-year tenure, Mr Nangia built Satyam Australia into a $200 million company, securing blue chip clients such as Telstra, National Australia Bank and Qantas.

However, the actions of Satyam founder and chairman B. Ramalinga Raju, who admitted to over-inflating the value of the company's cash and bank balances by more than $US1 billion ($1.28 billion), has hurt its reputation and bottom line.

A Satyam spokeswoman said Mr Nangia's successor will be named soon.

Like many of his counterparts in other countries Mr Nangia has been battling to retain Satyam's clientele. However some clients, including Telstra and NAB, have either decided to cut all ties or reduce their engagement with the Indian firm.

Satyam's bid to build a $75 million, 10 hectare software facility at Deakin University in Geelong remains in limbo more than a year after it was first trumpeted.

Late last year Mr Nangia said that Satyam employed around 1000 people locally, with an additional 700 workers in India servicing Australian customers.

Despite being acquired by Tech Mahindra, Satyam's finances are still in bad shape, with revenue on a downward spiral.

"Without a doubt, revenue is on a downward trend -- there is definitely stress on the bottom line," Satyam chairman Kiran Karnik said after a board meeting last week.

"We are not looking at mass lay-offs. There is a distinct possibility of where we could do rationalisation manpower, rentals," Mr Karnik said.

Is it the Indian Premier League or Australian?

There's something about the Australians, and the way they play their cricket.

And when the stakes are high, they take their level a few notches above the usual -- the Indian Premier League being a case in point.

That probably explains why they have been so successful in the tournament.

The IPL was launched with the objective of unearthing Indian talent and giving the exiting ones an opportunity to play with the best of the world.

And before you presume we are being unnecessarily critical, we admit a few Indians did definitely come up the pecking order.

While the likes of Yusuf Pathan, Ravindra Jadeja, Venugopal Rao and Shikar Dhawan raised their heads in the inaugural edition, talents like Manish Pandey, Pragyan Ojha and Shadab Jakati came to the fore in the just-concluded edition.

But, then, how many of them (from the first list, inaugural edition) were able to repeat their efforts the second time around?

And, why is it that a team led by an Australian has gone on to become champion in these two years, despite so many Indian captains being in the fray?

Before you cry fowl let's just glance into the titles that matter at the end of the IPL.

While on the one hand we have two Australians -- Shane Warne and Adam Gilchrist -- captaining Rajasthan Royals and Deccan Chargers to glory, the coaches of the said teams were also from Down Under.

The player of the tournament in both the editions was an Aussie, and so was the holder of the Orange cap (best batsman).

It is only the Purple cap that eluded the Australians -- Sohail Tanvir (Rajasthan) won it in 2008 and R P Singh (Hyderabad) this year.

But, then, it can be argued that Australian bowlers did not bowl as much in the tournament vis-a-vis bowlers from other countries.

While Warne was extremely successful with 33 wickets (19 + 14) spanning two editions, the other bowlers did not play as much.

So, while the likes of Brett Lee had to go on national duty after a good start last season, in the second year the opportunities were lacking.

Glenn McGrath didn't get to play a single match, Nathan Bracken got injured before the tournamet started and some other Aussie bowlers were busy tackling Pakistan.

But, despite that, Dirk Nannes -- notwithstanding the fact that he will represent the Netherlands in the T20 World Cup -- secured 15 wickets for Delhi.

Besides, there have been other significant contributions from the Aussies.

On the one hand we have Andrew Symonds, with 410 (@ 45.55) spanning two editions, contributing immensely to the Hyderabad cause despite limited appearances, on the other we have Brad Hodge, with 365 runs in 12 matches (@ 40.55) fighting a valiant battle for a down-and-out Kolkata outfit.

If the addition of David Hussey bolstered the Kolkata line-up, Punjab played with rekindled spirit once Brett Lee joined their squad.

For the sake of figures alone, let's point out that out of the eight hundreds scored so far in the tournament, four have come from an Aussie blade.

Before you wonder, this piece is not about eulogizing the Australian achievements but stating facts as they are. And we definitely agree there have been a few Aussies who have failed to shine.

However, if one assesses the performances on a country-wise basis, the achievements of the players from Down Under are far more prominent.

Overall, after two editions, the Indian Premier League is more about an Australian triumph than anything else.

High-profile exits continue at Satyam

The exodus of high-profile employees from fraud-hit Satyam Computer Services[Get Quote], which got a new owner in Tech Mahindra, continues.

Deepak Nangia, head of Satyam's Australia unit who, in his seven-year stint, brought the company a long list of clients, including National Australia Bank, Qantas and Telstra, is the latest to quit. Confirming the development, a Satyam spokesperson said Nangia had resigned two months ago to "pursue better opportunities outside the company."

"If there is any back-up or alternative to Nangia in Australia, it will be known in a day or two," the spokesperson said, adding there has not been any impact on the customer front with his resignation.

This is the third high-profile departure of a Satyam global head since the January revelation by its founder, Ramalinga Raju, that he had cooked the company's books.

Earlier in February, Anil Kumar, a senior vice-president based in the US who handled the banking, financial services and insurance sectors, left the organisation.

Last week, three senior employees of Satyam BPO, the business process outsourcing arm of Satyam, also resigned -- Naresh Jhangiani, global head (human resources), V Satyanandam (head of corporate services) and Kulwinder Singh (head of marketing, Asia Pacific).

New directors' appointment effective from May 27

Satyam Computer Services announced on Wednesday that the appointment of four nominee directors of Tech Mahindra's subsidiary Venturbay Consultants Private Ltd -- Vineet Nayyar, vice-chairman, managing director and chief executive officer of Tech Mahindra; C P Gurnani, head (global operations, sale and marketing functions); Sanjay Kalra, president (strategic initiatives) of Tech Mahindra; and Ulhas N Yargop, president (IT sector) -- will be effective as of May 27, 2009.

Accordingly, the board now comprises 10 directors, including the six directors appointed by the Central government in January, pursuant to the orders of the Company Law Board.

Satyam had previously announced on May 22 that the appointment of the Venturbay directors to its board would be effective June 1, 2009.

A check on state laws?

It is shameful that Binayak Sen had to be in jail for nearly two years, on charges that the state has so far failed to establish, before he could get bail. It is equally scandalous that Dr Sen should have been denied access to medical care of his choice, after it was established that he suffered from a heart condition. The Supreme Court finally stepped in on Monday to decide, in a minute, that this was a fit case for granting bail. But if it was such an open and shut case that the court could come to a view in a minute, should it have taken so long to get bail for Dr Sen—especially since it has been manifestly clear to everyone with an open mind that he is not a candidate for extreme rendition? The charge that he was waging war against the state (by carrying a letter from a Maoist whom he was treating in jail, with the permission of the jail authorities) will eventually stand or fall on the basis of the evidence that is produced, but the truth is that the state government has so far been able to do little to establish its charge, despite the passage of two years. Dr Sen’s record, as someone who has devoted his life to providing medical care for the poor, as someone who has been a human rights activist, and as someone who had voluntarily gone to answer a summons rather than running from the law, should have been seen as relevant factors and helped him get bail a long time ago. If a draconian state law could be first enacted and then used against such a person in the manner that it has, then the right to pass such laws should be questioned.


This is of a piece with the treatment being meted out to Nimesh Kampani, the investment banker whose misfortune it has been that he was on the board of Nagarjuna Finance many years before the company ran into trouble and failed to repay creditors. Just as Madhya Pradesh has a draconian law that made it so difficult for Dr Sen to get bail, Andhra Pradesh too has a law that has so far made it impossible for Mr Kampani to get anticipatory bail—despite his approaching the Supreme Court for relief. It hardly needs pointing out that no financial genius can peer several years into the future and therefore be held responsible for events that are well over the horizon. It is this kind of absurd logic that has resulted, in recent months, in a mass exodus of non-executive directors from company boards. Who, after all, would want to risk personal liberty for taking on a fiduciary responsibility that does not carry with it any executive powers?

The heart of the issue is the kind of laws that are passed by state governments. The technicality is that the President has to approve and sign a Bill into law, and therefore the Centre can in theory intervene to prevent crazy laws from being passed. Indeed, the President has on occasion refused to sign on the dotted line. But it should be obvious that this cannot be made into a routine occurrence. Nevertheless, there is a case for drawing up some markers that state assemblies should be advised to not cross, if they expect presidential assent. The Sen and Kampani cases should be used to bring about this necessary change.

NDTV Hindu: Local fare for Chennai

Chennai has just got its own news and entertainment channel, courtesy a 50:50 joint venture between NDTV Ltd and The Hindu.

After the launch of MetroNation, this is NDTV's second attempt at launching a city-specific channel and NDTV Hindu Managing Director & CEO Rajiv Lulla is convinced marketers will bite. He believes that an advertiser has the advantage of creating a national campaign and tailoring it to the needs of different cities.

Contrary to perception, it's not just local advertising that the venture is relying on to make money, but the big spenders. Says Lulla, "We're looking at half a dozen city channels and that gives an advertiser the national reach he's looking for. He can negotiate one rate for the spots but can always customise the advertising to suit regional tastes and preferences."

Lulla points out that the bulk of television advertising revenues is garnered from the top six cities with Mumbai and Delhi accounting for close to 75 per cent. He's clear that the business model will be built around advertising revenues rather than subscription revenues.

And that's where The Hindu comes in. Explains Lulla, "Almost everyone advertises with The Hindu and so we get access to over a hundred advertisers." The idea, of course, is to bundle the print and television advertising and come up with an attractive package for marketers. Of course, The Hindu will contribute to the content which will focus on local issues and topics of interest.

Industry watchers say teaming up with NDTV is probably a good way for The Hindu to enter the television space. The spoils at NDTV Hindu will be shared equally between the two partners as will the costs.

Lulla says NDTV is talking to potential partners for tie-ups in other cities, including Delhi, where MetroNation doesn't seem to be doing too well. The CEO's reluctant to talk revenue targets but adds that such channels typically take between two and three years to break even. Chirag Negandhi at Enam Securities believes it could take longer. "Unless local advertising comes in, it could be tough in the current environment," he points out.

Wipro: World Bank report to affect biz

NEW YORK: IT major Wipro has warned that its businesses could be "adversely" affected due to the disclosure made by World Bank nearly four month

s ago that the Indian company was ineligible to work with the international lending institution.

"Disclosure about our vendor status with World Bank could adversely affect our business and results of operations," India's third largest IT exporter has informed its American shareholders and market regulator Securities and Exchange Commission.

Wipro has further warned that the "negative publicity" from the disclosure could lead to its existing and potential customers altering their business relationship with the firm.

In a disclosure about ineligible firms in January this year, World Bank had barred Wipro from any direct contract with it for a period of four years, starting June 2007, and cited "providing improper benefits to Bank staff" as the reason.

After the World Bank disclosure, Wipro had said in a regulatory filing on January 13, 2009, that its revenue from World Bank was insignificant and its "inability to get future business from World Bank will not adversely affect our business and results of operations".

However, in its latest communication to US regulator SEC, which is the company's annual report filing for the financial year ended March 31, 2009, Wipro has said that the negative publicity emanating from the World Bank disclosure could adversely affect its business.

"Even though our revenue from the World Bank is insignificant and our inability to contract future business from the World Bank will not adversely affect our business and results of operations.

"The negative publicity resulting from this disclosure could cause existing and potential customers to alter their relationship with Wipro in a manner, which could adversely affect our business and results of operations," Wipro has said.

While the World Bank's debarment came into effect way back in June 2007, it was disclosed nearly one-and-half years later in January 2009. For

its action, the bank had charged Wipro of providing improper benefits to its staff, which was contested by Wipro.

The debarment of Wipro coincided with the disclosure about two other Indian IT firms -- Satyam and Megasoft. This happened after Satyam's founder and then chairman Ramalinga Raju admitted to the country's largest-ever corporate fraud.

Satyam was debarred for eight years, starting September 2008, for "providing improper benefits to Bank staff and failing to maintain documentation to support fees charged for its subcontractors."

Besides, Megasoft was debarred for four years, beginning December 2007, for "participating in a joint venture with Bank staff while also conducting business with the Bank."

In its statement post-Word Bank action in January, Wipro had said, "In 2000, in connection with its Initial Public Offering (IPO) of American Depository Shares (ADS) in the United States, Wipro offered a commonly utilised and Securities and Exchange Commission approved Directed Share Program (DSP) that allowed employees and clients to purchase ADSs at the IPO market price.

"The programme's objective was to involve employees and customers with the public offering to expand our recognition and brand. A majority of the shares sold under the DSP were allotted to our employees," the company said.

"Pursuant to this programme, Wipro representatives offered the World Bank, through its Chief Information Officer (CIO) and a senior staff, participation in the programme and they directed this offer to members of their family and friends.

The aggregate number of shares purchased by them was 1,750 for approximately $72,000 at the IPO price.

"All participants in the programme signed a conflict of interest statement that their purchase did not violate any ethics or conflict of interest policies of their company," Wipro had said.

Fidelity calls off India unit sale

ET NOW: Fidelity Investments has called off the sale of its back-office unit in India. Sources close to the development have told ET NOW that the decision to put off the sale of the captive unit, Fidelity Management and Research (FMR), was taken by Fidelity’s executive management committee in the US, led by chairman Ned Johnson. The senior management team in India was briefed about the development on Wednesday evening and an official mail was sent.

When contacted by ET NOW, the Fidelity spokesperson said: “After an intense review and thorough evaluation, it was decided that we will maintain the FMR India IT organisation at this time. It continues to be business as usual for FMR India.”

ET NOW had first reported on Fidelity’s move to divest the IT captive in its edition dated December 15, 2008. The captive unit employs 2,000 people across units in Bangalore and Chennai and provides back-office technology support to Fidelity’s US operations.

While Infosys and Wipro, had expressed interest to buy the unit, Hewlett Packard-owned EDS and Accenture made it to the final shortlist of bidders. The information memorandum sent to interested parties last year by Fidelity had clearly stated that it was looking at a player of global standing.

The firm had also factored in certain geo-political risks associated with the South Asian region, while taking a call on which bidders to shortlist, one of the major reasons why firms like Infosys had to step out of the race.

The EDS deal was supposed to be completed by May-end, but a company executive, speaking on condition of anonymity, said that issues pertaining to valuation became a stumbling block in the parties coming to any sort of agreement. FMR’s value had been pegged at $150 million and the acquirer was to walk away with a $500 million outsourcing deal.

Fidelity is a significant client for Infosys Technologies, which has over 3,000 people working on the account. The company generates roughly $50 million revenue from outsourced work to the world’s largest investment manager.

Taxman says DLF diverted funds, questions role of auditors

NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability was raised after a special audit by the Income Tax department in the accounts of DLF for the year 2005-06. With the kind of discrepancies found in the books of the company, it appears that the auditor of the company has not done its job properly, sources said. A written query e-mailed to the company remained unanswered. The company, sources said, took loans from banks for some residential and shopping mall projects but diverted the funds to subsidiaries which essentially were involved in land bank building. This activity led to an addition of Rs 120 crore to the taxable income head of the company.

The action is in violation of Section 58-A of the Companies Act and also the agreement between the banks which gave loans. Among bankers which have given loans to the company are ICICI Bank, ABN Amro, GE Finance and Citibank.

Tax authorities have also claimed that Rs 230 crore which DLF took from subsidiaries (DLF has about 900 of these) should be deemed as taxable income and not loans as claimed by the company. MORE

Under Section 222 (e) of the Income , any surplus taken by a company from its subsidiary, in which it has a substantial holding is taken as 'deemed dividend' and added to the taxable income of the parent company.

DLF showed such dividend as loans from subsidiaries and even claimed interest expenses on this account, sources said, adding that the special auditor appointed by the department also did not point this out.

The department is also understood to have added about Rs 230 crore from its income based on the projects completion method (PoCM) to the taxable income head.

In a filing to the BSE, the company had said that it will appeal to a higher authority - the Commissioner of Income (Appeals in this case) - against the order of the tax department.

U.S. immigration curbs may impact business growth: Wipro

New York (PTI): With the Obama administration turning the wave against outsourcing activities, Indian IT major Wipro fears that restrictions on foreign workers in the U.S. could hamper its growth.

IT bellwether Infosys Technologies, too, had raised concerns that curbs on movement of working visa holders could affect its business activities.

"Restrictions on immigration in the U.S. may affect our ability to compete for and provide services to clients in the US, which could hamper our growth and cause our revenue to decline," Wipro said in its annual filing to the U.S. Securities and Exchange Commission.

In a move that could have wider future repercussions on the Indian IT sector, the American government has restricted the hiring of H-1B visa holders by entities which have received taxpayers' money.

Moreover, the Obama regime has floated a plan to end tax incentives for US companies creating jobs overseas.

According to Wipro, a major chunk of its workers in the U.S. hold H-1B or L-1 visas. An H-1B vias is a temporary work permit for highly skilled people to work in the country whereas the L-1 is an intra-company transfer visa, which only allows the employee to remain in the U.S. temporarily.

Lalu's 'rasgulla diplomacy' at its best

It was 'rasgulla diplomacy' at its best by RJD Chief Lalu Prasad out of the corridors of power.

Lalu Prasad, whose RJD received a drubbing at the hustings and was kept out of the government for not being part of the UPA coalition, sought to reach out to Rahul Gandhi by thrusting a 'rasgulla' in his mouth.

Prasad was interacting with Congress President Sonia Gandhi and CPM leader Sitaram Yechury at the Rashtrapati Bhavan, after the swearing-in ceremony, when Rahul joined them and greeted the leaders.

This was opportunity enough for Prasad to force a 'rasgulla' into to the young Gandhi's mouth when he was asking sister Priyanka to come over to wish the RJD chief.

Satyam's revenue in downward slope: chairman

NEW DELHI, May 22 (Reuters) - Revenues of India's Satyam Computer Services are in a downward slope, but the fraud-hit outsourcer was not looking at layoffs to tide over the slowdown, its chairman said on Friday.

The company discussed cost control measures, including wage cuts, at its board meeting, Kiran Karnik told reporters after the meeting.

Last month, Indian outsourcer Tech Mahindra Ltd won an auction for a controlling stake in New York-listed Satyam . Satyam's founder and former chairman shocked investors in January by saying profits had been overstated for years, putting in doubt the survival of a company once ranked as India's fourth-largest software services exporter.

(Reporting by Devidutta Tripathy; Editing by John Mair)

((sumeet.chatterjee@thomsonreuters.com; +91-80-3982 7450; Reuters Messaging: sumeet.chatterjee.reuters.com@reuters.net)) Keywords: SATYAM/REVENUE

UN Chief asks Lanka to address needs of Tamil refugees

Geneva: UN Secretary-General Ban Ki-moon says he is relieved the war appears over in Sri Lanka. But he wants the government to address the "concerns and aspirations" of its minority Tamil population.

Ban told a news conference on Tuesday that "we urgently need to treat the wounds of a war that has alienated the communities on the island for almost three decades."

The UN chief said he would travel to Sri Lanka on Friday. He hoped to visit camps for the thousands of people uprooted by the war.

"We have at the moment, basically the largest number of refugees in a camp in the world, currently here in Sri Lanka. At the same time, the number of people has quadrupled in just the last few weeks. It has gone from around 65,000 to more than quarter of a million. That is putting overbearing strain on the basics of water sanitation, nutrition.. in what are already overcrowded camps." —UNICEF Spokesperson James Elder

Ban said "the legitimate concerns and aspirations of the Tamil people and other minorities must be fully addressed."

Sri Lanka's president declared victory over separatist Tamil Tiger rebels on Tuesday, calling it was the first time in 30 years the country was unified.

Top 10 MPs with criminal background

The number of MPs with a criminal record has gone up this year. While the Bharatiya Janata Party tops the list with 43 MPs, the Congress comes a close second with 41 such MPs. In all there are 153 MPs with a criminal record and 74 of these MPs have serious charges levelled against them.

Here is a list of top ten MPs with a criminal background, compiled by the National Election Watch.

Name: Kameshwar Baitha (56)
Constituency represented: Palamau, Jharkhand
Party: Jharkhand Mukti Morcha
Criminal background: Accused in 35 cases and has 50 serious charges against him under the IPC
Convicted: Never

Name: Jagadish Sharma, (58)
Constituency represented: Jahanabad, Bihar
Party: Janata Dal-United
Criminal background: Accused in 6 cases and has 17 serious charges against him under the IPC
Convicted: Never

Name: Bal Kumar Patel (48)
Constituency represented: Mirzapur, Uttar Pradesh
Party: Samajwadi Party
Criminal background: Accused in 10 cases and has 13 serious charges against him under the IPC
Convicted: Never

Name: Prabhatsinh Pratapsinh Chauvan (67)
Constituency represented: Panchamahal, Gujarat
Party: Bharatiya Janata Party
Criminal background: Accused in 3 cases and has 10 serious charges against him under the IPC
Convicted: Never

Name: Kapil Muni Karwariya (42)
Constituency represented: Phulpur, Uttar Pradesh
Party: Bahujan Samaj Party
Criminal background: Accused in 4 cases and has 8 serious charges against him under the IPC
Convicted: Never

Name: P Karunakaran (64)
Constituency represented: Kasargod, Kerala
Party: Communist Party of India-Marxist
Criminal background: Accused in 12 cases and has 6 serious charges against him under the IPC
Convicted: Never

Name: Kunvarji Mohanbhai Bavaliya (54)
Constituency represented: Rajkot, Gujarat
Party: Indian National Congress
Criminal background: Accused in 2 cases and has 6 serious charges against him under the IPC
Convicted: Never

Name: Vittalbhai Hansrajbhai Radadiya (51)
Constituency represented: Porbandar, Gujarat
Party: Indian National Congress
Criminal background: Accused in 16 cases and has 5 serious charges against him under the IPC
Convicted: Never

Name: Ramkishun (49)
Constituency represented: Chandauli, Uttar Pradesh
Party: Samajwadi Party
Criminal background: Accused in 10 cases and has 5 serious charges against him under the IPC
Convicted: Never

Name: Lalu Prasad Yadav (60)
Constituency represented: Saran, Bihar
Party: Rashtriya Janata Dal
Criminal background: Accused in 7 cases and has 5 serious charges against him under the IPC
Convicted: Never

Accenture falls short of India hiring target

The Indian arm of global IT consulting giant Accenture, which was hiring furiously to scale up operations, has fallen short of meeting its hiring targets in the country. When he visited India last April, when Accenture's India headcount was 37,000, the company's chairman and chief executive officer William D Green had said that the country headcount would reach 50,000 in a year's time.

"Managing supply and demand of our resources remains a top priority in Accenture and we balance the skills of our workforce against client changing needs and to improve efficiency. We continue to recruit in skill areas where we need additional capacity to meet client demand," an Accenture spokesperson said in response to HT's query.

Last year, Dell also backtracked on its hiring plans for the country.

HP profits lower, to cut nearly 6,400 workers

WASHINGTON: US computer giant Hewlett-Packard reported a 17-per cent fall in quarterly net profit on Tuesday and said it plans to cut two per cent of its workforce, or nearly 6,400 workers, over the next year. HP said net profit fell to 1.7 billion dollars, or 86 cents per share, in the second quarter of its fiscal year from 2.1 billion dollars, or 87 cents per share, a year ago, in line with the expectations of Wall Street analysts. The Palo Alto, California-based company, the world's largest manufacturer of personal computers, said revenue was down three per cent in the quarter which ended on April 30 to 27.4 billion dollars. Chief financial officer Cathy Lesjak announced the planned layoffs in a conference call with analysts after the release of the results. “We will be taking some targeted action to structurally change and improve the effectiveness of our product businesses,” she said. “These actions will result in the elimination of approximately two per cent of the HP workforce as we further streamline and simplify our organization and supply chain. “These actions will be implemented over the next 12 months.” The only bright spot for HP in the quarter was in its services business, which notched up an operating profit of 1.17 billion dollars in the quarter due to its purchase last year of EDS. “Our services business continued to deliver strong profitability with an increased deal pipeline and the EDS integration tracking ahead of schedule,” said HP chairman and chief executive Mark Hurd. HP said revenue from its enterprise storage and servers division fell 28 per cent to 3.5 billion dollars while software revenue declined 15 per cent to 880 million dollars. Computer shipments were flat in a “challenging environment” and the division saw revenue fall 19 per cent to 8.2 billion dollars. Revenue from laptop computers was down 13 per cent while desktop computer revenue fell 24 per cent. Operating profit for the division fell to 374 million dollars from 544 million dollars a year ago. The imaging and printing group saw revenue decline by 23 per cent to 5.9 billion dollars annd operating profit fall to 1.1 billion dollars from 1.2 billion dollars a year earlier. HP said revenue grew nine per cent in the Americas to 12.1 billion dollars and declined by 11 per cent in Europe, the Middle East and Africa to 10.6 billion dollars. Revenue fell 10 per cent in Asia Pacific to 4.7 billion dollars. HP said it expects third quarter revenue to be flat and full fiscal year revenue to decline by four per cent to five per cent with full-year earnings per share of between 3.76 dollars to 3.88 dollars. HP shares shed 4.62 per cent to 34.89 dollars in after-hours electronic trading.

US, land of dreams? 20,000 slots left for H1B visas

Washington: The most sought after H-1B American work visa still has nearly 20,000 slots open seven weeks after the US Citizenship and Immigration Services (USCIS) started receiving applications for the financial year 2010 beginning October this year.

The USCIS on Tuesday said it has so far received approximately 45,500 H-1B petitions counting toward the Congressionally-mandated 65,000 cap. As such, the USCIS would continue to accept petitions subject to till the cap is reached.

This is in contrast of the previous few years when the USCIS had to resort to computerised draw of lots as it received petitions outnumbering several times more than the Congressional mandated cap of 65,000 within the first few days after it started receiving H-1B applications.

USCIS said it has received approximately 20,000 petitions for the advanced degrees category. However, it would continue to accept advanced degree petitions since experience has shown that not all petitions received are approvable, the USCIS said in a statement.

Congress mandated that the first 20,000 of these types of petitions are exempt from any fiscal year cap on available H-1B visas.

For the fiscal 2010, the USCIS started receiving H-1B petitions from April 1. In the first five working days, it received 42,000 H-1B petitions. In the month-and-half since then, USCIS has received juts 3,500 more H-1B petitions, indicating the slump in demand for H-1B work visas.

This is mainly attributed to the current economic crisis, high unemployment rate in the US and also partly to the anti-H-1B sentiment prevailing in the United States at present.

Under the stimulus package, US companies which receive federal money are prevented from hiring foreign workers under H-1B visas.

Further the US Department of Homeland Security has launched investigations into alleged fraud cases related to H-1B visas and has tightened the application approval process.

At least two legislations are also pending in the US Congress, which if passed would make H-1B visas tougher for foreign technology professionals

India election results top trend on Twitter worldwide

NEW DELHI: The excitement of the Indian elections has transferred online to one of its most popular social messaging sites - Twitter - where it emerged as the top topic posted Saturday.

The Twitter tag "#indiavotes09" was the number one topic on the trends list of Twitter search, demonstrating once again the strength of Indians using these new technology tools.

Congress winner from Thiruvananthapuram Shashi Tharoor was keeping track of the margin level of his victory through Twitter. "Looking good! My lead has crossed 30,000 with half the votes counted," he tweeted from his Blackberry.

An hour later, he messaged: "A lead of over 59,000 now! It's almost a done deal".

Finally, the triumphal message: "I have won with a majority greater than any Congress candidate in Tvm in 30 years...Truly humbling. Now the real work begin".

At 2.35 p.m., he again tweeted: "Still sinking in - a majority of over 100,000 votes!"

Twitter is a micro-messaging tool, which became a global phenomenon in 2008, growing by an estimated 900 percent last year.

The 26/11 Mumbai attacks had been the major turning point for Twitter in India, with Mumbai residents flashing the latest news from television or eyewitnesses on the social media channel.

India's election result becoming the top trend did solicit puzzled reactions from other Twitter users around the globe, but most of them were positive. 'Jill H' from Indianapolis wrote: "i personally love seeing #indiavotes09 as the top trending topic as it shows how much we are a global community!!"

A few minutes later, an Indian, 'abhijitkumar' wrote: "It also shows how Indians are taking to social media seriously! First time an Indian topic is trending!"

Another user, 'pranay01' wrote: "#indiavotes09...the power of India...when india tweets it tops the charts ...:)...."

Meanwhile, Twitter was not just used to broadcast news from television and other media sources, there was also instant analyses and opinion in 140 words.

"No surprise in loss of BJP. they had no leader, agenda, aim, nothing. they looked lost. BJP says they are shocked. im not," said 'amit3d'

According to 'gauravkanoongo': "BJP is not losing as much seats as Third front n others are losing, Congress's gain is due to loss of others but not of BJP".

Seeing the interest online, 'indreshtwit' wrote: "Just how many of you twitter birds voted anyway? Just curious".
As per ViziSense, which analyses web visitor statistics, there are about 533,000 India-based users of Twitter. In fact, according to Alexa, India ranks third after United States and Germany in the number of twitterers.

Apart from Tharoor, independent candidate from Gandhinagar Mallika Sarabhai had used Twitter in her campaign.
On Google trends Saturday, "India elections results 2009" was the top search term on Google India, which peaked at 10.20 a.m. Saturday. As per the statistics, 16 percent of the searches was done by net users from Chennai, followed by 10 percent each from Delhi and Mumbai.

In fact, Indian netizens seemed to be interested only in knowing about the results Saturday, with the top 20 search items in Google India all related to the elections, with media sites featuring prominently in them. This contrasts with Friday's hot search, which was "Maruti Ritz", with only one media site being in the top ten searched items.

Rahul handpicks young MPs for the Lok Sabha

New Delhi: The Election 2009 Verdict has not just established Rahul Gandhi as the leader of the youth but also catapulted other young leaders handpicked by the Congress Yuvraaj into the Lok Sabha.

Verdict 2009 has unveiled the Congress's young and dynamic face. Of the 266 MPs under the age of 50 elected to parliament this tme, 77 are from the Congress. And leading the charge of the yuvabrigade is Rahul Gandhi.

Congress leader Rahul Gandhi says, "I have a job to do, it is to help the youth join politics and change the way politics works in this country."

And he began this change with the Youth Congress, as general secretary, the 39 year old overhauled the NSUI and youth congress. He introduced interviews and elections for NSUI posts.

Congress MP Sachin Pilot said, "We must thankRahul Gandhiji for enthusing the youth to be part of the political process- more and more young people will be given an opportunity."

Rahul himself handpicked 10 youth congress leaders to contest the general elections. The formula worked, 8 out of them have become MPs.

Sirsa MP, president of youth Congress, Haryana Ashok Tanwar said, "He gave us a free hand and fixed accountability. The youth cong has shown that given a chance we can spin success stories."

However, with Rahul himself reluctant about a cabinet berth, will these young turks get key positions?

Congress’ Sandeep dikshit said, “Age should not be a category, capability should be a category, if you're capable you should be a minister, doesn’t matter if you're 35 or 90."

It was perhaps the youth card that charmed 10 crore first timers into voting and the youths can take heart in the fact that they've elected a young and vibrant parliament.

Australian banks plan to cut back IT offshoring ops to India

BANGALORE: Top Australian banks Westpac and Commonwealth Bank plan to curb offshoring of back office and IT projects to India in an attempt to address local sentiments over a shrinking economy and rising joblessness . The banks are likely to demand that more projects be delivered onsite.

Westpac, which is Australia’s biggest bank by market value, is evaluating outsourcing vendors for a contract estimated to be anywhere between $200 & 300 million, and is demanding that more work be delivered from Australia instead of shifting jobs to anoffshore delivery centre in India or elsewhere.

“Westpac is in discussions with TCS, EDS, IBM, Infosys and Wipro,” said a person familiar with the bank’s outsourcing decisions. “Westpac chief executive Gail Kelly said few days ago that her bank would stop offshoring of IT jobs until the economic situation improves,” he added.

The bank’s decision against offshoring follows an announcement by Ralph Norris, chief executive of Commonwealth Bank of Australia (CBA), last month that his bank would not send any jobs offshore for three years. CBA did not respond to an email query sent by ET last week.

Poor economic growth and rising joblessness is stirring sentiments against offshoring in developed countries especially the US, the UK and Australia. US president Barack Obama said earlier this month he would favour policies that would create jobs in Buffalo rather than Bangalore, a remark widely interpreted to mean that he is cracking down on offshoring per se.

Australia, which witnessed its worst unemployment rate of around 5.7% in 18 years during March, also saw its gross domestic product decline by 0.5% in the fourth quarter. Apart from outsourcing its IT application development and maintenance activities , Westpac is also seeking to replace its existing core banking system.

“Westpac is being advised by Booze Allen Hamilton and McKinsey on restructuring of operational and IT systems, and outsourcing of activities such as backoffice work, application maintenance and development is a part of the exercise,” an outsourcing expert told ET on conditions of anonymity. Westpac currently has a 10-year outsourcing contract with IBM, due to expire in 2010, but the bank is seeking to revisit its outsourcing strategy after its merger with St George’s Bank last year.

However, not all Aussie banks are seeking to reduce offshoring of IT projects. For instance, both ANZ and NAB have made it clear that they will pursue offshore outsourcing in order to gain operational efficiencies.

In fact, ANZ is the only one among big four Australian bank to have a captive centre in Bangalore with around 3,500 professionals. “ANZ will continue to look at the business case for developing Bangalore on a case by case basis,” said Paul Edwards, a spokesman for ANZ.

The Australian banking industry, with potential customers such as Westpac, NAB, CBA and ANZ will invest almost $4 billion on technology this year, according to the industry experts. NAB also continues to look at offshore outsourcing in order to lower operational costs.

“NAB has not made an announcement about offshoring along the lines of the recent announcements by CBA and Westpac. We continue to look at a range of ways we can deliver further efficiencies to the business,” Felicity Glennie-Holmes, a spokeswoman for NAB told ET last week.

Citi, HSBC among biggest subprime loan originators

As the world continues to reel under the financial turmoil that started with risky subprime lending, a new study has found that Citigroup, HSBC and AIG are among the 25 biggest originators of such loans worth about $1 trillion.

The study conducted by the US-based non profit organisation Center for Public Integrity has revealed that these 25 entities accounted for a whopping 72 per cent of subprime loans during the 2005-07 period.

Topping the list is Countrywide Financial Corp which shelled out subprime loans worth $97.2 billion while CitiFinancial/Citigroup Inc' is at the 16th place and had generated $26.3 billion in such loans.

At the ninth spot, HSBC Finance Corp/HSBC Holdings Plc had raised $50.3 billion in subprime loans. According to the study, the entity has stopped lending now.

American General Finance Inc/American International Group, with $21.8 billion subprime loans, was ranked 18th.

Wells Fargo placed at the eighth position which raised $51.8 billion in high risk loans.

". . . the top 25 originators of the high-interest loans, accounting for nearly $1 trillion and about 72 per cent of industry-reported subprime loans during that period (2005-07)," the CPI said.

The study is based on the analysis of government data on nearly 7.2 million 'high-interest' or subprime loans made from 2005 through 2007 -- a period marked 'the peak and the collapse of the subprime bottom'.

During that period, Ameriquest Mortgage Co/Acc Capital Holdings Corp, which is at the second spot, raised $80.6 billion in subprime loans, followed by New Century Financial Corp ($75.9 billion), First Franklin Corp/National City Corp/Merrill Lynch ($68 billion), Long Beach Mortgage Co/Washington Mutual ($65.2 billion).

"The top subprime lenders whose loans are largely blamed for triggering the global economic meltdown were owned or backed by giant banks now collecting billions of dollars in bailout money -- including several that have paid huge fines to settle predatory lending charges," the report said.

Going by the study, at least 21 of the top 25 subprime lenders were financed by banks that received bailout money -- through direct ownership, credit agreements, or huge purchases of loans for securitisation.

The Centre said banks that funded the subprime industry were not victims of an unforeseen financial collapse, "as they have sometimes portrayed themselves, but enablers that bankrolled the type of lending threatening the financial system".

Meanwhile, 20 of the top 25 subprime lenders have closed, or stopped lending, or been sold to avoid bankruptcy. Most were non-bank lenders, it added.

Other names in the list include WMC Mortgage Corp/General Electric Co ($49.6 billion), BNC Mortgage Inc/Lehman Brothers ($47.6 billion), IndyMac Bancorp ($26.4 billion), and Wachovia Corp ($17.6 billion).

American Express to cut 4,000 jobs

NEW YORK: American Express Co, the credit card and travel services company, on Monday said it plans to eliminate 4,000 jobs, or 6 percent of its workforce, as the weakened economy causes higher customer defaults.

The cuts are part of the New York-based company's plan to save $800 million over the rest of 2009. They are in addition to 7,000 job cuts and an expected $1.8 billion of savings from a restructuring it announced in October.

Like many rivals, American Express has been hurt by rising delinquencies among cardholders, with the US unemployment rate having risen to its highest level since 1983.

On Friday, American Express said its net charge-off rate, or debt it does not expect to be repaid, rose to 10.1 percent in April from 8.8 per cent in March.

"We continue to be very cautious about the economic outlook," Chief Executive Kenneth Chenault said in a statement. He said the cost savings "will be reinvested in the business to make sure we can take competitive advantage of opportunities as the economy begins to rebound."

American Express expects to take an after-tax charge of $117 million to $163 million in the second quarter, largely for severance and other costs tied to the job cuts. It said the cuts will occur throughout the company, saving $175 million.

The company also plans to cut spending by $500 million on marketing and business development and $125 million on consulting and other services, travel and overhead.

Michael O'Neill, a company spokesman, said the "vast majority" of the earlier 7,000 job cuts have taken place, and that the latest cuts will take place over several months.

In the first quarter, American Express's net income fell 56 per cent from a year earlier, while the amount set aside for credit losses increased 49 per cent, a regulatory filing shows.

American Express was one of 19 banking companies to undergo government "stress tests" of their ability to weather a deep recession.

It was among nine told it did not need more capital. The company has said it would like to pay back the $3.4 billion it took from the government's Troubled Asset Relief Program.

American Express shares fell 5 cents to $26.08 after-hours, after rising $1.90, or 7.8 per cent, in regular trading. The company is part of the Dow Jones industrial average.

Infosys to cancel home loan facility

BANGALORE/CHENNAI: The cup of troubles for tech employees is overflowing. After companies have cut-back on salaries and perks given to employees, Infosys Technologies is planning to withdraw its home loan facility for employees with effect from 1 July, according to an internal mail from the company.

Infosys, which values each employee at nearly Rs 1 crore, has been providing interest free home loans to needy employees for several years. So far over 2,000 employees (with experience of five years and above) have availed the loan facility accounting for a cumulative disbursements of Rs 80 crore, company officials said.

However, later the scheme was converted into an ‘‘interest allowance,’’ wherein a portion of the home loan interest is borne by the company, which could be considered as an equivalent of a perk.

Investors' wealth swells by Rs 4 lakh cr within seconds

MUMBAI: Investor wealth soared by a whopping Rs four lakh crore within seconds of opening of trade on the Bombay Stock Exchange, as the markets were elated at the decisive win of the ruling UPA government in the general elections.

The total investors' wealth, measured in terms of combined market capitalisation of all the listed companies, has increased by over Rs 4,08,410.60 crore in the opening trade to Rs 42,15,354.29 crore.

The 30-share Bombay Stock Exchange Sensex zoomed 1,305.97 points at 13,479.39, hitting the upper circuit within seconds of opening of trade, following which trading was halted for two hours.

Ashika Stock Brokers Research Head Paras Bothra said "the buying spree is likely to continue after the market reopens and may touch another circuit limit."

He further said "very low volumes were traded as most investors could not engage in any buying activity as the markets hit its upper circuit within seconds."

The combined market capitalization of the 30-blue chip stocks rose to Rs 20,33,564.40 crore today, from Rs 18,36,841.33 crore at the end of trade on Friday.

Among the Sensex companies Reliance Communication, Reliance Infrastructure, Larsen & Toubro, ICICI Bank and Jaiprakash Associates were among the major gainers with their stock prices surging between 18 per cent and 20 per cent.

From the beginning of the year, the benchmark 30-share index Sensex has made gradual recovery and has been on a gaining spree for the 10th consecutive week at the end of trade on Friday.

With today's upper circuit, the index crossed the 13,000 milestone again. It is for the first time that the Sensex has hit the upper circuit of 10 per cent.

While the National Stock Exchange 50-share Nifty increased 600 points or 14.48 per cent at 4,271.40.

All the major sector-indices were in the positive zone with realty surging the most by 15.84 per cent, bankex by 13.63 per cent, consumer goods by 12.83 per cent, power by 12.39 per cent among others.

Markets were expected to surge today in the first trading day after the announcement of the general election results, which showed that the UPA is set to form the next government without the Left support this time.

Further, the 30 Sensex companies, which account for over 47 per cent of the totalmarket capitalization of all the companies, saw their combined market valuation rise by nearly two lakh crore in the opening trade today.