New Delhi, Nov. 5 Giving its disinvestment programme a big push, the Centre has asked all listed, profitable central public sector enterprises (CPSEs) to meet the mandatory listing norm of at least 10 per cent public ownership. It has also asked all unlisted CPSEs with positive networth, no accumulated losses and a net profit track record in the three preceding consecutive years to get listed. Both these decisions are likely to lead to a slew of equity offerings including follow-on public offerings (FPOs). The eligible candidates include behemoths such as NMDC, MMTC, Neyveli Lignite Corporation, Rashtriya Chemicals and Fertilizers, National Fertilizers, Coal India, BSNL and Engineers India.

Timing decision No time-frame has been specified for the CPSEs to comply with the decisions, but the timing decisions are likely to be governed by market conditions. The Government has also decided to change the rule on use of disinvestment proceeds by altering the basic scheme underlying the National Investment Fund (NIF) that was launched in 2005. While the disinvestment proceeds would continue to be channelled into the NIF, for the 2009-12 the mop-up would be used as capital expenditure in social sector schemes determined by the Planning Commission and the Department of Expenditure.

Special dispensation “In view of the tight fiscal situation and the need to fund social sector programmes, a special dispensation is being made for the three-year period 2009-12,” Mr P. Chidambaram, Union Home Minister, told reporters after the Cabinet Committee on Economic Affairs (CCEA) meeting here. He clarified that the money garnered so far this fiscal from the stake sale in NHPC and OIL India would not be governed by the new rule. An official statement said that the corpus comprising deposits from April 2009 till March 2012 would be available in full for investment as capital expenditure in specific social sector schemes.

Hitherto, disinvestment proceeds were channelled into NIF and the corpus handed over to fund managers. Only the returns from the corpus were used for social sector spending. The earlier position will be restored from April 2012.

HYDERABAD: Sachin Tendulkar wielded his willow like a magician, scoring a breathtaking 175 off 141 balls, but chasing 351, India fell short by an agonising three runs in the fifth One-day International on Thursday. In the process, Australia seized a 3-2 lead in the seven-game series at the Rajiv Gandhi International Stadium. It was a game India should have pulled off but they failed to hold their nerve yet again following Tendulkar's dismissal.

With the odds heavily stacked against them, Australia, whose first choice players were rendered non-combative because of injuries, went into the game hoping to pull off a miracle. What unfolded was a pulsating thriller which saw 697 runs being scored. Ricky Ponting had no hesitation in opting to bat first on a belter after winning the toss, before southpaw Shaun Marsh (112) struck a run-a-ball maiden century and handy knocks from Shane Watson (93) and Cameron White (57) carried the team to a formidable 350. Chasing this total was never going to be easy but one couldn't write off the much-vaunted Indian batting. The hosts began in right earnest with Virender Sehwag (38; 30 balls, 4x4, 1x6) setting the early pace but his departure on 66 shifted focus to Sachin Tendulkar.

Though the Indians lost a couple of wickets, the Little Master kept his side in the hunt with some enthralling strokeplay. He showed glimpses of the old Sachin who has terrorised bowlers for two decades now. The Mumbaikar went on to complete his 45th ODI century off 81 balls with a single to third man off Watson. From 162 for four, Sachin and Suresh Raina took the score to 299 to give the Aussies some food for thought. Ponting responded by bringing on Watson in the 43rd over and the medium pacer had Raina caught by wicketkeeper Graham Manou off a top edge, before dismissing Harbhajan Singh to bring the Aussies back into the game. In the end, India failed to hold their nerve once again in a tight game. At one stage, Ravindra Jadeja struck a couple of fours as the Indian score reached 332, with just 19 off 18 balls.

They still couldn't pull it off. To India's misfortune, Tendulkar tried to paddle-scoop a slower one from debutant Clint McKay over short fine leg but ended up hitting it down Nathan Hauritz's throat. Tendulkar's knock contained 19 fours and four sixes. With Jadeja and Nehra following Tendulkar to the pavilion, it was left to Praveen Kumar to do something miraculous. He struck a six and almost did the impossible before a run out did him in. In the afternoon, Watson and Marsh showed immense character and purpose as they strung together the best stand for the first wicket. Watson showed the way with some very sensible cricket. The duo paced the innings well without taking too many risks. At the death, White and Michael Hussey (31 not out) put the Indian bowling to the sword to help Australia reach 350.

BANGALORE: Wipro's consumer care division has acquired personal care brand Yardley's business in Asia, Middle East, Australia and north and west Africa for $45.5 million (about Rs 215 crore). This business was owned by UK-based Lornamead Group, which had bought Yardley from Procter & Gamble in 2005. In the regions that Wipro has acquired the brand for, Yardley has an annual revenue run rate of $24 million (about Rs 100 crore). About 70% of this comes from the Middle East and 20% from India.

The brand, first established almost two and a half centuries ago, in 1770, gives Wipro a range of products in the premium end of the personal care segment. Vineet Agrawal, president of Wipro consumer care, said it would complement the company's Santoor brand, positioned in the popular segment, and brands like Enchanteur that it acquired from Singapore-based Unza in 2007.

Santoor talcum powder (100 gm) is priced at Rs 36, Enchanteur is priced about 50% more than that, and Yardley at Rs 68. Santoor soap (100 gm) is priced at Rs 18 and Yardley at Rs 40. The target customer segment for each is therefore very different. "Yardley has a strong equity amongst discerning customers and has traditionally been a great gifting brand," Nagender Arya, regional director in Wipro, said. In 2008-09, Wipro's consumer care revenues grew by 37% to touch Rs 2,083 crore, accounting for about 8% of the IT major's total revenues. The division has an operating margin of 12-13%. Agrawal said Yardley is a profitable brand and could help to take the division's margins higher.

Talcum powder constitutes 40% of Yardley's revenues, deodorants 20%, soaps 14% and perfumes 9%. Arya said Wipro will give a greater push to deos to cater to the younger generation. "We also have a good understanding of soaps. So we'll see if we can manufacture some of that here to avoid duties," he said. Santoor is India's third biggest soap brand, after HUL's Lifebuoy and Lux. Yardley's business in India is currently small but Wipro plans to use its distribution reach in over 50,000 outlets in metros and class 1 cities to expand the business. Wipro's consumer care has made five acquisitions since 2003, the biggest of which was of Unza at a cost of $246 million. That deal took Wipro into global markets, especially those in South East Asia. Yardley now gives it a strong presence in the Middle East.

NEW YORK: The FBI has charged 14 people, out of which five have already pleaded guilty, in a case related to the $20 million hedge fund insider-trading scam, the largest ever such case in the US. Besides hedge fund managers, lawyers and corporate insiders, the newly charged persons included former employee of Moody's Investor Service Deep Shah who has been charged with conspiracy and securities fraud, the FBI said in a statement.

Of the 14, eight were arrested on Thursday while a ninth was being sought. Five other defendants had already been charged and have pleaded guilty in federal court in New York to insider trading crimes.

Atheros Communications Inc executive Ali Hariri has been charged with passing on confidential information to a hedge fund manager Ali Far who has pleaded guilty of fraud and is now reportedly cooperating with the investigators. "People will probably ask just how pervasive is insider trading these days? Is this just the tip of the iceberg? We aim to find out," said Preet Bharara, the US attorney for the southern district of New York.

Besides Tamil-origin billionaire Raj Rajaratnam, the founder of Galleon Group, the two Indian Americans identified as Anil Kumar and Rajiv Goel (both 51) were arrested last month for allegedly committing the fraud.