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IMF says it got 'good price' for gold from India
The International Monetary Fund, which sold 200 tonnes of gold for about $6.7 billion to the Reserve Bank of India, today said it got a "good price," and wants to be similarly "lucky" in the next phase sale of the precious metal.

Novartis gains on hopes of flu vaccine order
Novartis India surged over 4% to Rs 447. The scrip touched a high of Rs 450 and a low of Rs 434 during the day. The counter witnessed a volume 13,914 shares, which is more than two-fold increase in its two-week average traded quantity of 5,919 shares.

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Cooperative banks seek tax exemption
A body of urban cooperative banks has appealed to Finance Minister Pranab Mukherjee to restore the income tax exemption they enjoyed till 2006.
International Business

MP govt to slap notice on IOC

In the wake of the deadly fire that ravaged the Indian Oil Corporation’s (IOC’s) depot in Jaipur, the Madhya Pradesh governemnt has woken up to the realisation that the company’s Bhopal depot is a ‘nuisance’. The state government will soon serve a notice on the company under Section 133 of the CrPC (removal of nuisance). - IOC shows Rs 284 cr Q2 profit on cheaper crude, drop in losses - Rs 150-cr products destroyed in IOC fire - Deora says fire at IOC depot has to die down on its own - Five killed, 150 injured in IOC depot blaze - OMCs may buy biodiesel at Rs 34 a litre - NEWSALERT: IOC appoints K K Jha as director Local self-governance minister and ex-CM of MP Babulal Gaur has pulled up IOC officials for ignoring his demand on removal of IOC depot with a lethal capacity of 20,000 kilolitre, immediately. He recently inspected the depot site at Nishatpura and demanded the arrangement of proper safety measures at the depot. Surrounded by dense population, the Nishatpura depot of IOC is also in the close proximity of the HPCL depot. “We have a long pending demand of removal of this depot since the last two years. Had it been a state government case, I would have removed it in 24-hours,” Gaur said. He also instructed district collector Shivshekhar Shukla to issue a notice under Section 133. Shukla said he had asked the IOC officials to shift the depot or at least share its capacity with other locations. The IOC depot officials assured the minister of safety arrangements and available fire retardants but could not satisfy him. Gaur has said he would soon call IOC officials as the depot is not only posing risk but leakage of petrol has also polluted the ground water in the area. “I have instructed Bhopal Municipal Corporation to discontinue water supply in Nishatpura area as people are drinking polluted water. Now the water will be supplied through water-tankers,” he said. IOC depot manager Prabhakar Kumar said, he was not authorised to speak about his company’s plan in this regard but he would inspect the location offered by the state government to shift the depot. “We will transfer half the quantity of the depot to other locations,” he said.


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