RBI :Rupee hits over one-month high, ends 10 paise up

The rupee Wednesday rose to its highest level in over a month and closed 10 paise up at 61.75 against the dollar following sustained selling of American currency by exporters and some banks, amid firm local equities.

At the Interbank Foreign Exchange (Forex) market, the local currency commenced weak at 61.90 a dollar from previous close of 61.85. It eased to a low of 61.92 in early trades.

However, helped by positive cues, the rupee later rebounded to a over one-month intra-day high of 61.6650, before concluding at 61.75 - a rise of ten paise or 0.16%. On Tuesday, it has gained 19 paise or 0.31%.

The benchmark S&P BSE Sensex on Wednesday rallied 67.13 points, or 0.32%, while FIIs purchased shares worth $31.23 million on Tuesday, as per Sebi data.

The dollar index was up 0.1% against a basket of six major global rivals.

The US will be releasing its service PMI and ADP Nonfarm employment data, which will be very significant for the markets, said Abhishek Goenka, founder and CEO, India Forex Advisors.

Pramit Brahmbhatt, CEO, Alpari Financial Services, (India) said: "Taking cues from strong local equities, the rupee appreciated by 10 paise to end the day. Asian currencies traded positively as tensions between Ukraine and Russia lessened. The trading range for the USD/INR pair is expected to be within 61.40 to 62.40." Election Commission announced dates for the high-stakes Lok Sabha elections to be held between April 7 and May 12.

Meanwhile, forward dollar premium ended slightly weak on sustained receipts by exporters.

The benchmark six-month premium payable in August closed a tad lower at 256-257.5 paise from 256.5-257.5 paise previously.

Far forward contracts maturing in February 2015 also softened to 500-502 paise from 503-504.5 paise.

The RBI fixed the reference rate for dollar at 61.8550 and for the euro at 84.9195.

The rupee improved further against the pound to 103.02 from 103.20 and also strengthened to 84.70 per euro from 85.12 previously. It hardened to 60.32 per 100 Japanese yen from 60.75.

AAP IN DANGER ZONE : ATTACK IN DELHI N UP AGAINST AAP

Clashes broke out between workers of the Aam Aadmi Party and the Bharatiya Janata Party in half-a-dozen towns across the country hours after AAP chief Arvind Kejriwal was briefly detained by police in a north Gujarat town.

AAP leader Ashutosh with party supporters shouts slogans against BJP's PM candidate Narendra Modi in New Delhi. (Vipin Kumar/HT photo)

Protests by AAP workers outside the Delhi BJP office against Kejriwal's detention in Gujarat snowballed into a clash when BJP activists allegedly threw stones at them and the protestors retaliated. While both sides hurled chairs and sticks at each other, police intervened, using water cannons to disperse the crowd.

Angry AAP workers vandalised the BJP hoardings in the area. AAP leaders Shazia Ilmi, Ashutosh and Rajmohan Gandhi were present at the protest site. Ilmi told media persons it was a peaceful protest by them but the BJP workers indulged in violence.

In Gujarat's Kutch, former chief minister Kejriwal's car was attacked by a few unidentified people. The windscreen of his four-wheeler was damaged in the incident.

Armed with brooms, AAP workers also clashed with lathi-wielding activists of BJP in Uttar Pradesh's Lucknow. AAP activists allegedly attacked the BJP office with bricks, drawing retaliation as the saffron party workers, carrying canes, took to the streets.

Several people were mercilessly beaten up by canes after being knocked down on the road as rival groups chased each other away.

BJP supporters clash with AAP supporters outside the BJP office in Lucknow on Wednesday. (PTI Photo)

Read: Kejriwal slams Modi after brief detention in Gujarat

Reports of similar clashes also came in from other UP towns such as Jhansi, Kanpur and Allahabad.

Reacting over the New Delhi clashes, BJP leaders said the AAP was responsible for the fracas.

"Do they believe in Maoism?" asked BJP spokesperson Ravi Shankar Prasad while another spokesman Nirmala Sitharaman said: "No one should indulge in this kind of destructive politics. What's happening is completely unwarranted, highly condemnable."

While the police were able to round up a few protesters, the violent episode led to traffic snarls outside the BJP office, which is located in the heart of the national capital. The area is a high security zone and both the BJP and AAP supporters claimed the cops did not take immediate action against the aggressors.

A Twitter storm also broke out after AAP leader and former journalist Ashutosh was pictured climbing the gate of the BJP office in New Delhi. While the AAP leader claimed he was requesting his supporters to stay calm, BJP leaders charged him with inciting violence. "Why was Ashutosh leading the violent protests? We demand action against him," BJP spokesperson Nalin Kohli said.

Read: Kejriwal, supporters detained briefly in north Gujarat

BJP leader Anurag Thakur retweeted a photo of Ashutosh climbing the entrance of the BJP headquarters.

Speaking to reporters after the incident, the AAP leader said, "BJP workers attacked me from inside their office, I have been injured. They even hurt our women workers."

The incidents of violence took place barely hours after Kejriwal, who began a four-day tour of Gujarat to check chief minister and BJP prime ministerial candidate Narendra Modi's claims that the state was a model of development, was detained by police in a village in north Gujarat. The former Delhi chief minister was released after 30 minutes.

Minutes after the clashes, Kejriwal appealed to his volunteers to stay calm and not resort to any kind of violence.

Money laundering case: ED attaches Rs 863 crore

New Delhi: The Enforcement Directorate (ED) on Wednesday attached assets worth Rs 863 crore of YSR Congress leader Jaganmohan Reddy and his associates in connection with its probe into alleged corruption in an infrastructure project in Andhra Pradesh. 

The ED slapped separate notices against Jagan and Nimmagada Prasad whose companies were allegedly favoured by the then AP government (when Jagan's father Y S Rajasekhara Reddy was Chief Minister) in the Vadarevu and Nizampatnam Industrial Corridor (VANPIC) project whose aim was to develop sea ports and a green field airport in coastal areas of the southern state and industrial corridors in Prakasam and Guntur districts.

The ED had in 2012 registered a criminal probe under the Prevention of Money Laundering Act (PMLA) against the individuals and associated firms based on a CBI FIR in this case. The ED probe said there was 'quid pro quo' in this deal and hence illegal money exchanged hands. 

"Various concessions were extended to the VANPIC project in the form of alienation of huge chunks of assigned government land to the companies floated by Nimmagadda Prasad, development of shipyard, green filed airport, exemptions from levy of stamp duty and registration charges, seigniorage (deed-signing) fee and other undue benefits were extended," the ED probe report said. 

The CBI chargesheet, which the ED relied upon, said "illegal gains to the tune of Rs 1426.17 crore was made to Prasad in the acquisition of lands and Rs 854.54 crore was made to Jagan and his companies as quid pro quo by Prasad and his companies." 

"This is one of the biggest attachments done by the ED in a money laundering case. The assets will now be seized," sources privy to the development told PTI. 

The properties which have been attached, the ED notice said, are in the name of "Jagan and his companies Ms Carmel Asia Holding Pvt Ltd and Jagathi Publications Ltd" along with Prasad and his firms "G2 corporate services Ltd, Alpha Villas Pvt Ltd, Alpha Avenues Pvt Ltd, Gilchrist Investment Pvt Ltd, Suguni Constructions Pvt Ltd and Beta Avenues Pvt Ltd." 

Sources said the attached assets are broadly divided into various financial instruments. 

While Rs 365.45 crore of shares, plant and machinery of the project have been attached, fixed deposists of Rs 4.14 crore in the name of Jagathi Publications Public Ltd, Rs 10.44 crore shares of Indira Television Pvt Ltd and Jagan's various properties worth Rs 11 crore have been attached among others. 

This the fourth PMLA attachment order issued by the ED in this case and the three earlier such orders had a value of approximately Rs 265 crore. 

Under the latest order, Rs 57 crore shares of Sandur Power Co Ltd, another set of shares of Sandur Power Public Ltd worth Rs 35 crore and immovable assets of Rs 2.55 crore held by Prasad, shares of JPPL held by Alpha Avenue of Rs 97.81 crore, shares of JPPL held by Alpha Villas of Rs 35.89 crore, shares of JPPL held by Gilchrist Investment Pvt Ltd of worth Rs 44.78 crore, land worth Rs 5.80 crore owned by Ms G2 Corporate Services Pvt Ltd, shares of Silicon Builders Pvt Ltd held by G2 Corporate Services Pvt Ltd worth Rs 44.20 crore, shares of Silicon Builders Pvt Ltd held by Ms Suguni Constructions Pvt Ltd worth Rs 7 crore, lands of value Rs 23.23 crore, 561.20 acres held by Ms Vanpic Ports Ltd and land worth Rs 27.72 crore and area of 855.71 acres held by Ms Vanpic Projects Ltd have been attached. 

An attachment order under PMLA laws is an enforcement action to restrict the accused from taking benefit out of the properties or assets they have created through illegal means. 

Jagan was released from jail after 16 months in September 24 last year following bail in the case of corruption. The 40-year- old Jagan had been in jail since being arrested in a disproportionate assets case on May 27, 2012. He had been lodged in Chanchalguda jail. 

Jagan's father died in a helicopter crash in September 2009, a few months after he led Congress party to a second consecutive term in power. Following differences with Congress leadership, Jagan quit the Congress party in 2010 and floated the YSR Congress. 

The Andhra Pradesh High Court in 2011 ordered CBI investigations into Jagan's alleged illegal assets when Congress leader P Shankar Rao wrote a letter to the chief justice. 

MARADONA : Messi doesn`t need to win the World Cup

Buenos Aires: Lionel Messi does not need a World Cup winners` medal to be considered among soccer`s all-time greats, fellow Argentine Diego Maradona said on Tuesday.

"Messi doesn`t need to win the World Cup to be the best player in the world," Maradona, who inspired Argentina to the title in Mexico in 1986, told La Nacion.

"(If he did) it would be great for Argentina, the fans and Lio, but (winning) a World Cup or not won`t take away any of his achievements up to now to be among the greatest."

Twice World Cup winners Argentina face Romania in a friendly in Bucharest on Wednesday as they begin to crank up their preparations for this year`s finals in Brazil.

Former captain and coach Maradona said everything appeared in place for Messi to shine although Argentina`s task would be tough with hosts Brazil, title holders Spain and Germany among the sides to beat.

Maradona said Messi had had a great World Cup in South Africa in 2010 despite not scoring any goals. The Argentina team coached by Maradona lost 4-0 to Germany in the quarter-finals.

"Messi had an exceptional World Cup with me... and no-one said so. (Was it) because he didn`t score? He turned all the goalkeepers into stars," he said.

Maradona said he could not forget Messi`s sobs when Argentina were eliminated.

"I approached him and told him he`d have many World Cups to get revenge. I said it with all my heart. While the rest were thinking about our return (home) he was there, head bowed, crying."

Argentina are in Group F with Bosnia, Iran and Nigeria at the finals starting on June 12.

"There`s Spain, Germany and there`s Brazil with a tremendous defence. You think of Brazil`s defence and six or seven names come to mind, you think of their attack and there`s only Neymar," Maradona said.

"For Lio it will be a test of character, to bring out all that crying he has in his heart. Brazil can be his great revenge," added Maradona, who will commentate on the tournament for a Venezuelan television programme

Male hormones important for female fertility

Washington: Researchers including and an Indian origin researcher has said that male hormones, also called androgens, help drive the development of follicles - structures that contain and ultimately release an egg that can be fertilized by a man's sperm.

The research also details how male hormones boost the production of follicles in mice. Authors believe the study provides potential biological targets to enhance fertility in women with diminished ovarian reserve, who produce few or no follicles in response to IVF drugs designed to boost follicle development.

Using multiple animal models and cell experiments, Stephen R. Hammes, M.D., Ph.D.,senior study author and professor of Endocrinology at the University of Rochester School of Medicine and Dentistry, and lead study author Aritro Sen , Ph.D., research assistant professor of Endocrinology at the medical school found that male hormones promote follicle development in two ways.

First, they prevent follicles from dying at an early stage. They do this by ramping up a molecule that stops cells from self destructing, a process called apoptosis. Hammes and Sen speculate that if a woman doesn't have enough androgens (male hormones), more of her follicles may be dying and fewer progressing to a mature stage when they produce and release an egg.

Second, androgens make ovarian cells more sensitive to follicle-stimulating hormone or FSH, which promotes follicle growth. They do this by creating more FSH receptors - molecules on the surface of ovarian cells that jumpstart the follicle making process in response to the hormone.

When the team administered small doses of androgens to mice that were taking the equivalent of medications given to women undergoing IVF therapy, they developed more mature, egg-containing follicles than mice that didn't receive androgens.

The androgen-treated female mice also released larger numbers of eggs with ovulation.

The study has been published in the Proceedings of the National Academy of Sciences.

Micromax Canvas Knight octa-core smartphone launched at Rs 19,999

New Delhi: Domestic handset firm Micromax on Wednesday launched its first octa-core smartphone 'Canvas Knight' for Rs 19,999, which will be sold only through its website.

The device has a MediaTek 2GHz tru octa-core processor with 2GB RAM and has a 5-inch full high definition display.

"Canvas Knight is another milestone for Micromax to bring the best combination of technology, style and affordability for the masses," Micromax co-founder Rahul Sharma said in a statement.

The phone comes with a 16 megapixel rear camera and voice command capabilities wherein a user can click images by saying 'cheese' or 'capture' while on-the-move.

It runs on Android 4.2.2 Jelly Bean operating system and has a 2350 mAh battery and equipped with 32GB of internal storage.

"With MediaTek's Tru Octa-Core MT6592T, users can enjoy heavy web downloading, hardcore gaming, high-quality premium video viewing or other types of rigorous multitasking without experiencing lag times or excessive battery consumption," MediaTek General Manager (International Sales and Marketing) Finbarr Moynihan said.

Micromax, which is the second largest smartphone player in India, has 18.2 percent market share. 

GLOBAL GIANT Google unveils 'URL Shortener' app for free

Washington: In yet another service, Google has reportedly unveiled an Android app for shortening URLs - goo.gl. 

Users can log in to the site and paste a long URL, where it will be shortened by Google. 

Google URL Shortener app would also provide analytic details as to who has been clicking on the links.

According to Cnet, Google released an Android app for the service, taking link shrinking and tracking mobile, earlier this week. 

The best thing is that the app is free and can be downloaded from the Google Play Store.

With Agency Inputs