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A total of 550 should be ideal: Virender Sehwag

India have a very good chance of winning the first Test against New Zealand, centurion Virender Sehwag said at the media conference here on Thursday.

The hosts are looking to post a mammoth total. And with Sachin Tendulkar and VVS Laxman at the crease, MS Dhoni must be a happy man.
“If we score about 500-550, we have a good attack to put pressure on them,” Sehwag said, before adding, “I guess the New Zealand team is a little inexperienced when it comes to playing on sub-continental wickets. They tried hard. The spinners (Jeetan Patel and Kane Williamson) were not able to exploit the conditions.”

The opener, who idolises Sachin Tendulkar, was upset when asked about the maestro’s imminent 50th Test hundred. “I will comment once he reaches that landmark. Abhi nazar tau nahi lagao (Don’t jinx it now),” he remarked.

Meanwhile, Jesse Ryder said the pitch was flat and letting Sehwag off thrice only made matters worse. “Dropping catches doesn’t help,” he said.

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Coal turned into gold for 15.2 lakh investors on Thursday, a day before Lakshmi Pooja on Diwali. Coal India soared 40% to Rs 342.35 on debut, creating many records, the biggest initial public offering, biggest coal producer in the world, and top trading on debut.





The wealth created by the issue ensures that investors will remain enthusiastic in bidding for subsequent share sales from the government stable, if the pricing is attractive. Reliance Industries made a paper profit of Rs 106.9 crore, Wipro chairman Azim Premji Rs 13.36 crore and Hero Honda Rs 4.45 crore, rough calculations by ET show.

"The strong response demonstrates appetite for quality issues and top-notch companies, and is a strong vote of confidence in the public sector space," says Saurabh Sonthalia, head of global capital markets, Bank of America Merrill Lynch. "It is a vote of confidence in the privatisation plan."

Finance minister Pranab Mukherjee may surpass his targeted Rs 40,000-crore fund-raising this year through share sale in state-run companies. That would help him narrow fiscal deficit for the year, which has already been funded through one-off revenues from sale of spectrum for telecom services.

Power Grid's $1.9-billion issue opens Monday. Those of SAIL, Indian Oil, Oil & Natural Gas , Shipping Corporation , Hindustan Copper and Manganese Ore will follow.

Coal India raised Rs 15,200 crore from sale of 63.16 shares at Rs 245 apiece. Retail investors were sold shares at a 5% discount. The issue was subscribed 15 times the offer, with funds such as Janus Capital, Fidelity, Franklin Templeton and Capital International buying into it.

The performance surpassed the expectations of bankers to the issue, such as Uday Kotak, vice-chairman of Kotak Mahindra Bank , one of the book runners. With the gains, Coal India becomes the fourth most-valuable company on the Indian stock exchanges with a market value of Rs 2,16,241 crore, behind Reliance Industries, ONGC and State Bank of India .

Its shares contributed to more than half the total cash segment trading on the exchanges at Rs 22,204 crore, of the total Rs 40,376 crore, data from the exchanges show. "Everyone in the market chain—from the retail investor to the HNI, to the grey market investor and leverage investor—has made money on Coal India's debut," said Dharmesh Mehta, head-equities, Enam Securities.

After its stellar debut, the prospects of Coal India gaining further look bright as index managers may be compelled to add the stock, forcing many investors who track the indices to buy it. Speculation is that FTSE, which manages indices like FTSE 100, is likely to include Coal India in two of its global indices effective Friday. It may form part of the FTSE All-World Index and FTSE All-Emerging Index.

MSCI, another leading index provider, is also said to be considering the inclusion during its semi-annual index review on Wednesday. Global equity strategists suggested that as such MSCI is likely to include Coal India's stock into the MSCI India index from December 1, 2010, and in other indices like MSCI Asia-ex Japan after some time.

It may have to wait for three months before joining the Sen*** and Nifty, which stipulate a three-month track record for inclusion in the indices. Coal India could be an exception.

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Actor Akshay Kumar has intervened in the dispute between Eros Worldwide FZ LLC and producer-director Vipul Shah to ensure the smooth release of his film Action Replayy on Friday.



The HIndu Akshay Kumar and Aishwarya Rai Bachchan in a still from the movie “Action Replay.” Photo: Special arrangement.

Ravi Kadam, counsel for Eros Worldwide FZ LLC, made a statement on Thursday that the actor has intervened to help reach a settlement. Kumar also requested that the release of the film not be stalled, said Kadam.
In view of this development, Eros Worldwide FZ LLC did not press for a stay on the release of the film.

Justice JH Bhatia has kept the suit for hearing after the Diwali vacation.
Eros had filed suit on Tuesday, through their legal firm M/S Manilal Kher Ambalal and Co, seeking restrain on the release of the film until its dues were cleared.

“The defendant (Shah) be restrained from exhibiting, causing to exhibit, releasing, communicating to the public in any manner, exploiting, delivering the prints to any third party or in any other manner exploiting or suffering the exploitation of the film ‘Action Replayy’ which is scheduled to be released in first week of November,” the suit stated.

“The suit is filed in respect of the two writings dated October 24, 2009 and October 26, 2009 executed by Shah in our favour, under which he undertook the obligation to pay us a principal sum of Rs 6.37 crore,” the suit states.

Eros has stated that Shah is in a bad financial condition and is facing pressure from creditors after his last movie didn’t do well at the box office.

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The former Chief of Army Staff, General Deepak Kapoor, on Thursday called on Defence Minister A.K. Antony to explain his position on the Adarsh Housing Society scam, following criticism against an allotment of an apartment to him.

Deepak Kapoor had written a letter to the then Maharashtra CM Vilasrao Deshmukh in 2008 seeking membership in the housing society.



Gen. Kapoor met the Minister at the South Block office. Defence Ministry officials said he had sought an appointment to clear the air over the criticism that he and fellow services Chiefs had got a flat for themselves in the upscale housing society, though a part of it was to be for Kargil widows and martyrs' families.


The Ministry of Defence is perusing reports submitted by the Army, Navy and the Directorate of Estates and action is expected to be ready by Monday, sources in the Ministry said.

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Akshay Kumar has come to the rescue of Vipul Shah, the producer-director of his latest film Action Replayy, to ensure that the film releases on Diwali, as scheduled earlier.



The HIndu Akshay Kumar and Aishwarya Rai Bachchan in a still from the movie “Action Replay.” Photo: Special

Kumar has assured he would settle the monetary dispute between Shah and UAE-based Eros Worldwide, which had come to the Bombay High Court on Tuesday seeking a stay on the release of the film until the money was returned or assured to be returned by Shah.



On Thursday, Eros Worldwide’s counsel Ravi Kadam informed Justice J H Bhatia, that Akshay Kumar had offered to settle the dispute between the two parties. As both sides agreed to the actor’s gesture, the judge decided to hear the suit filed by Eros Worldwide after the Diwali vacations and the plea for staying the release was not pressed.



Earlier, Justice Bhatia had on the last date issued a notice to Shah and asked him to reply to the suit on Thursday. He had also suggested both parties to settle their dispute in two days. Eros Worldwide in their suite had said it had lend Rs 6.37 crore to Shah in October last year and along with interest, the dues amounted to Rs 6.56 crore. The petitioner urged the judge for a direction to the film’s producer to deposit this amount in the court.