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Steel Minister Beni Prasad Verma has been dissatisfied with the Steel Authority of India’s (SAIL) organization of the modernization programme.

SAIL has been working on its West Bengals, 3 mt Greenfield Plant at Burnpur and the work has already been delayed by 6 months along with the increase in cost from Rs. 14,443 crore to Rs. 16,408 crore.

The Prime Minister Manmohan Singh has given his approval to the long awaited 2.4-billion proposal for upgrading 51 Mirage 2000 fighter planes. Till now, a price negotiation was the main reason for the delay in approval.

The Indian Air Force has proposed for the overhaul nearly four years back but the government has now given its assent to the most expensive program. The proposal will be focusing on intensifying the life of the French-origin multi-role fighters by around 20 years.

The market remained a bit slackened in demand for the reason of blasts in Zaveri Bazaar yesterday; the metals still gained a considerate high.

Backed by immaculate growth in China’s economy, copper prices increased in futures trade by Rs. 1.25 per kg at Rs 434.25 per kg.

On Thursday, Bajaj Auto declared a 20.48% or 711.06 crores (7.11 billion rupees or $160.1 million) leap in its net profits for the first quarter ending June 30 against net profit of 590.15 crores which was posted by the company for same quarter last year. According to the average of estimates, the market was expecting 7.52 billion rupees profit for the company.

Bajaj Auto traded down 2.31 per cent from its previous close on the BSE at Rs 1,415.60 per share at noon today.

With the increase in the Wholesale Price Index (WPI) by 9.06% and a total inflation by 9.44%, the Reserve Bank of India will be increasing its interest rates so as to bring down the inflation, which may further result in lower growth.

The main reason for the arrival of inflation in the Indian economy is claimed to be the increase in the prices of diesel, petrol, LPG and kerosene, revealed by the Government. The constant increase in the petroleum goods and power, constituted 15% of the WPI, which was marked at a rise by 12.85% from June 2010-11 and had increased by 12.32% in the month of May this year.

The radio broadcaster Derryn Hinch, 67-year-old will be undergoing ERCP or endoscopic retrograde cholangiopancreatography, a minor surgery, due to a blockage found in his bile duct. The patient was going to be discharged after his recovery from the liver transplantation operation, at Austin Hospital, but the doctors detained the procedure.

The liver transplant surgeon Graham Starkey revealed that the blood test reports of Mr. Hinch reveal that his lower bile duct did not function properly. This problem was quiet common with the patients who underwent a liver transplantation.