Tatas moves HC

Tata Motors on Wednesday moved against the West Bengal Government challenging its controversial Singur land bill in the Calcutta High Court. The Bill effectively scrapped the Tata-Singur deal returning land to the unwilling farmers.

The Calcutta High Court, however, refused to hear ex-parte Tata Motors' petition challenging the Singur Land Act and Justice Soumitra Pal directed the Tata counsel to serve copy of petition to the state Advocate General for hearing at 12:05 pm.

The Bill also ensures redistribution of land from anywhere in the 997-acre plot allotted to Tata Motors in 2008 by the Left Front government. The Singur Land Rehabilitation and Development Bill was passed on June 14, with the Left staging a walkout. The Bill has already received governor's assent.

The government meanwhile made amendments to the bill to ensure that land can now be redistributed from anywhere in the 997 acre plot - even the 600 odd acres that was leased to Tata Motors.

"We will move the high court tomorrow," Barrister S Pal, who is representing Tata Motors, told said. Asked which part of the Singur Land Rehabilitation and Development Bill, 2011, would they will be challenging, he said, "We are challenging the whole act."

Sensex see-saws

Equity benchmarks were lacklustre in trade today after seeing a jump in early trade. However, the broader indices were witnessing some selling pressure, with falling half a percent. Even the market breadth was in favour of declines - two shares declined for every one share advancing.

European as well as select Asian markets too were quiet in trade while only Nikkei outperformed other markets, with gaining nearly 2%.

The 30-share BSE Sensex was trading at 17,556, down 4 points while the 50-share NSE Nifty gained just 6 points at 5,282.

Euro stabilises after Greek vote

The euro stabilised below USD 1.44 in early Asian trade on Wednesday after the Greek government, under pressure to pass spending laws as it grapples with a debt mountain, won a vote of confidence as expected.

The next key moment for investors will the US Federal Reserve's news conference at 1815 GMT, when chairman Ben Bernanke will give his views on US growth.

The euro last traded at USD 1.4366 , extending its recovery from a three-week low of USD 1.4073 it hit last Thursday, but below the high of USD 1.4435 it touched after the vote in Athens.

Japan's Nikkei average was up 1.2% at 9573.38, and MSCI's index of Asia-Pacific stocks excluding Japan was up 0.6%.

Brent crude oil for delivery in August was largely flat at USD 111 a barrel after falling more than 70 cents on Tuesday, largely on ongoing worries about the euro zone.

Gold inched up to USD 1,545.10 per ounce by 0027 GMT, little changed from Tuesday's close. Gold, one of the chief beneficiaries of worries about the security of currencies and other assets, set a record high of USD 1,575.79 per ounce in early May.

Stocks in news today

Sun Pharma announces USFDA approval for generic Imitrex® injection

• First ANDA approval for a Sumatriptan AutoInjector 
• Annual sale for Sumatriptan Succinate Injections in the US is approximately USD 190 million.

Tata to challenge Bill scrapping Singur deal
Tata Motors at this point of time we have no guidance on this. 

Read more:  Here are stocks that are in news today

Anna to fast from Aug 16

After acrimonious meetings, the last two meetings were cordial and both sides "agreed to disagree".

Law Minister M Veerappa Moily said the mandate of the committee was to prepare a Lokpal Bill and not to rewrite Constitution.

While government claimed that discussions with civil society have helped to bring out a "strong and robust" bill, the Hazare camp expressed "deep disappointment" with the government draft.

"The government has no intention to bring a strong Lokpal Bill. It is misleading the people. Now, there is no option but to go on fast from August 16 as announced earlier," Hazare told reporters after the meeting.

"People will teach them (government) a lesson," he said adding his agitation will be against the government and not Parliament as contended by Union Minister Salman Khurshid.

The Hazare camp said major differences persisted with government rejecting all their major demands like inclusion of Prime Minister, higher judiciary, MPs'' acts inside Parliament under the ambit of Lokpal and procedure for selection and removal of the ombudsman.

The various proposals in the government draft include powers to take suo motu cognizance of act of corruption, powers to investigate cases against officials above Joint Secretary rank, recommend transfer and suspension during the course of probe and provision for time-bound trial by special courts.

The government draft does away with provision for securing sanction for prosecuting a public servant.