Saturday, October 3, 1998
today's calendar
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B U S I N E S S | Saturday, October 3, 1998 |
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spotlight today's calendar |
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Mobile trunking NIIT’s
exports touch |
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Ministry’s seminar
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PM for separation of KVIC
from Ministry
Tata
Steel records good improvement TVS
Suzuki launches 4-stroke scooter Sanctions
‘no deterrent’ to US industrialists Iranian
exports to UK picking up ASSOCHAM
proposes foundation of judiciary |
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Mobile trunking getting popular LUDHIANA, Oct 2 — Mobile radio trunking is finding acceptance in most of the major industrial and business houses here. Mobile trunking is a powerful communication tool that allows a group of people to communicate with one another even when all or some of them are mobile by using a two-way mobile trunked radio. “Communications is instantaneous and two-way, which means that you can actually converse with other members of your group at any point of time,” says Mr Aman Roy Chowdhary, Manager, Procall, a joint venture between Punwire (51 per cent) and Motorola (49 per cent) which has licence to provide public mobile radio trunked services (PMRTS) in 15 cities of India. The licensed cities in Punjab include Chandigarh, Ludhiana, Jalandhar and Amritsar. Explaining how radio trunking works, Mr Chowdhary says this communication system uses radio frequencies to communicate between two points. The service is provided in the city by an operator and licensed by the Government which is similar to cellular and paging services. The operator installs all the necessary infrastructure which electronically links all members of the organisation who need to communicate. Subscribers can communicate with other subscribers who are part of their organisation within the coverage area which is usually city limits. Mr Chowdhary claims that mobile radio trunking had several advantages over other available means of mobile wireless communication i.e. paging and cellular. While paging is ideal for people who need one-way communication, cellular phones can be used only for a person-to-person calls, radio trunking can be used simultaneously by several people. It is also cost-effective and reliable communication, hence, its popularity. Mobile radio trunking has other applications also. An effort to facilitate medical help for the residents of Ludhiana and trauma services for the road accident and other disaster victims has been initiated in Ludhiana by pooling and equipping the ambulances of Civil Hospital, DMC, CMC and Satluj Hospital with Procall service using Motorola wireless equipment, by a concentrated effort of the district administration, the Police Department and the Civil Hospital, through a committee comprising of Mr Arun Goel, Deputy Commissioner, Mr Dinkar Gupta, Senior Superintendent of Police, Dr G.P. Chander, Chief Medical Officer, Mr Amardeep Singh Rai, SP Traffic and the Medical Superintendents of the hospitals. The distress call goes to Tel No. 102 specially set up at the Civil Hospital for this purpose and within a short period an ambulance reaches its destination. The control room is also
linked to the police control room to ensure the presence
of police if so required. The Procall service facilitates
instant communication between the Central control room
and the ambulances. As soon as the ambulance picks up the
patient it radios the nearest hospital about the
condition of the patient. In case the injury is
determined the same is reported over the radio to the
hospital for necessary preparation. |
Ministry’s seminar on
‘safer cities’ NEW DELHI, Oct 2 — The Ministry of Urban Affairs and Employment is organising a two day seminar from October 5 to evolve a strategy for safer cities. The Chairman and Managing Director of HUDCO, Mr V. Suresh, said that the theme “Safer Cities” would not only be discussed from law and order angle alone but in terms of all round safer habitat. This would mean that cities which “are safe from crime, violence, have safe civic amenities, and construction which are safe from fire and other man made hazards as also safe for vulnerable groups like women, children and the poor”, Mr Suresh said. The seminar has been organised to mark the World Habitat Day, he said. The theme selected by the United Nations for current years’s celebrations, reflects the growing concern for escalating urban violence and insecurity among citizens around the world, Mr Suresh said. The common policy response to urban violence of looking exclusively at the police’s role, remains insufficient if it is not accompanied by crime prevention policies supported by a coalition of civil society and organisations. The issue of a safe city has to be tackled in a comprehensive manner, Mr Suresh said adding that creation of adequate infrastructure for all sections of society is an urgent necessity. The seminar, to be
attended by Urban Affairs and Housing Ministers and
Secretaries of the states and union territories would be
inaugurated by the Union Urban Affairs and Employment
Minister, Mr Ram Jethmalani. The Union Home Minister, Mr
L.K. Advani, would be the chief guest. |
AFTER seemingly barking up the wrong tree in pursuing the case of the alleged insider trading by HLL, the SEBI has once again returned onto track with a series of new, albeit much belated primary market initiatives. To start with, it has relaxed the norms for infrastructure companies planning initial public offers. The prime objective behind the move is to woo infrastructure companies away from conventional sources of funding like long-term debt, and help them raise funds without having to worry about issues like minimum subscription. According to SEBI, infrastructure companies, as defined under Section 10(23G) of Income Tax Act 1961, will be exempted from the requirement of making a minimum public offer of 25 per cent of its securities. Current rules make it compulsory for all companies to offer at least 25 per cent to the public in an issue. Infrastructure companies will be able to avail of these relaxations only if their project is appraised by a developmental financial institution, IDFC or IL&FS. The appraising institution will also have to participate in the project to the extent of at least 5 per cent, either through equity or debt. Furthermore, the minimum subscription limit of 90 per cent will not be mandatory if the company discloses its plans and ability to raise funds through alternate sources in case the issue is not fully subscribed to. SEBI has also waived the requirement of 5 share holders per Rs 1 lakh of offer. Companies will be able to freely price their offering, subject to the promoters subscribing to 50 per cent of the equity at the same or higher price. In another significant step, SEBI has undertaken to rid the capital markets from the perils of paper. Henceforth, it has recommended that all new issues will have to be made in the demat (electronic book-entry) form. However, a date for its commencement is yet to be set. At the same time, SEBI has short listed shares of 8 companies in which, commencing from January 4, traders will have to be compulsorily settled in electronic book-entry form by institutional and retail investors. In another move aimed at lowering the cost of raising capital, the regulator has lowered the threshold for issues that can be sold through the book-building route. The corporate scenario in India is fast changing. The doyens of the yesteryears like the Birlas, the Tatas and the Ambanis are no longer insulated from competitive pressure, which coupled with the recessionary trends prevalent worldwide have rendered them more vulnerable than they ever have been. Now, such a scenario calls for initiative and foresight to innovate and keep up with the times. Given such a backdrop, the recent move by the A.V. Birla group assumes more significance than it otherwise would have. This move aims at consolidating the cement businesses of the A.V. Birla group under one company, which in turn will result in better synergies. Now, the crux of the matter here is — how will the proposed merger affect the fortunes of the group’s two major companies, namely Grasim and Indian Rayon. In Grasim’s case, the merger should prove beneficial, while in the case of Indian Rayon, it should be a while before the benefits really begin to accrue. Indian Rayon proposes to sell its cement businesses to Grasim, with the quid-pro-quo coming in the form of Grasim’s shares. The group’s view is that Grasim’s profitable and dominant fibre business will subsidise the cement division of the company. Grasim will have 10.5 million tonnes of cement capacity after the merger. Although it will be a while before the effectiveness of this move becomes clear, the attempt to innovate, if nothing else, appears to be a step in the right direction. Buoyed perhaps by the resounding success of State Bank of India’s recent Resurgent India Bonds issue, the Unit Trust of India (UTI) too has got into the act and announced the finalisation of its plans to launch the India Millennium Fund. This fund will comprise both equity and debt and target a mop-up of around $ 500 million. This will thus be the second major government exercise to boost inflows post-sanctions. Expected to be launched by the end of this year, UTI is targetting an enhance its fund base to more than Rs 72,000 crore by June 1999, from the present level of UTI is bullish about the capital market and vows to play a having opined that the government should aggressively pursue that the UTI has replaced the FIIs as the “prima donna” at the for the market augurs well. Now, whether the UTI
Millennium Fund is well received remains to be seen, but
the fact is that it could well hold the key to the much
awaited market revival. So, keep your fingers crossed. |
That's
IT NEW DELHI (PTI): IMB experts have come up with a software that makes display of mathematical and scientific expressions in electronic media documents far easier and is expected to initiate a new generation of interactive textbooks and journals on Internet. The software, ‘Techexplorer hypermedia browser’, can be used to design document pages on the world wide web (www) over Internet and CD-Rom-based textbooks, according to a report in the journal ‘IBM research? Mathematical symbols are conventionally depicted on web pages using graphic images which are embedded in the text using hyper text markup language (HTML) the accepted standard for displaying text on web pages. The new software makes the creation and display of equations easier and more interactive. It is available in two versions, the introductory version lets users read interactive documents and the commercial professional version offers additional feature like searching and printing facility, communication with other software applications and writing computer programmes in Java, one of the popular computer languages in the world today. Researchers can even solve problems using the new Browser software, the report adds. IEC NEW DELHI (TNS): IEC Softwares Limited, known for expertise in the world of Information Technology have opened their regional office in Chandigarh. The opening of the office in Sector 17 is part of IEC’s strategy to make information technology and computer education accessible to everyone, according to a Press release. This premier Software organisation which has about 50 centres in Punjab, Haryana and Himachal Pradesh, plans to set up an engineering college in Uttar Pradesh and a Centre of Advanced Technology in the Capital. IEC also plans to set up an office in USA. Gateway facility TIRUCHIRAPPALLI (PTI): Software gateway facility will soon be extended to Coimbatore, Madurai, Tiruchirappalli and Pondicherry, Director-in-Charge of Software Technology Park of India (STPI), R. Rajalakshmi has said. The facilitiy was currently available only in Chennai, she told a seminar on ‘Information technology’ organised by District Industries Centre here. She said the centre has taken several steps to overcome various difficulties faced by software industries in the country. Ileap BANGALORE, (PTI): Centre for Development of Advanced Computing (C-DAC) launched a new internet and E-mail ready Indian language word processing software called “Ileap”. According to C-DAC Executive Director R.K. Arora, “Ileap” which was capable of sending E-mail messages and creating web pages, is available on the shelf from October 1. “Ileap”, a new version of leap range of Indian language word processor for windows, could send multi-lingual E-mail and incorporated features, including online keyboard, multi-lingual spelling checker and language sensitive multi-lingual editor, he said. The languages supported in “Ileap” package were Assamese, Bengali, English, Gujarati, Hindi, Kannada, Malyalam, Marathi, Oriya, Punjabi, Sanskrit, Tamil and Telegu with 10 fonts of each language. ‘Telebras’ NEW DELHI, (PTI): Brazilian telecom major “Telebras” has evinced interest in the “Cordect” wireless in local loop (WLL) technology developed by India following recent test trials by the Midas Technologies, partner of the Indian Institute of Technology (IIT), Chennai in the project. Midas technologies was asked to give trial runs since it responded to the Brazilian company’s global invitation for this upcoming technology, Director of the company, Shirish B Purohit, told PTI. Based on the results of
the trials Telebras may consider “Cordect”,
jointly developed by the IIT and Midas communications on
support from the mulitnational analog devices
incorporated. Telebras may opt one or more of the WLL
technologies for deployment in that country. |
NIIT’s exports touch Rs 70 crore NEW DELHI, Oct 2 (PTI)
— Leading information technology service
organisation, NIIT has earned Rs 70 crore from export of
its educational multimedia titles during the year ended
March 31, 1998. In the packaged software sales segment,
which includes software retailing and development of
educational multimedia, the company contributed Rs 143
crore, thereby emerging as the number one Indian company
in the segment, a company release said. Meanwhile, the
company has set a growth target of 80 per cent per annum
and plans to add 100 titles every year to its existing
portfolio. |
New
issue analysis Issue: IDBI
Flexibonds Analysis: There are four types of bonds on offer in this issue and the face value of the bonds is Rs 5,000, except in the case of the deep discount bonds. Similarly, the minimum investment figure is Rs 10,000 in all cases. The bonds on offer here are Regular Income bond, Growing Interest Bond, Deep discount bond and Education bond. The regular income bonds have a tenure of seven years with there being two variants of these bonds. Under Option A, the coupon rate is 14 per cent payable annually, while under option B, the coupon rate offered is 13.5 per cent payable semiannually. There is a put (exit) option exercisable at the end of five years. The put option with investors is at a discount to face value so as to result in a yield of 13.75 per cent per annum. Under the Growing interest bond, the coupon rates on offer are 11 per cent for the first year which increases to 12 per cent for the second year, 13 per cent for the third year, 14 per cent for the fourth year, 16 per cent for the fifth year, 18 per cent for the sixth year and 20 per cent for the seventh year. The YTM for the seventh-year period amounts to 14.09 per cent. This bond also offers investors an exit option which can be exercised once a year. The Deep discount bond has a tenure of 17 years and 6 months. An investment of Rs 10,000 in these bonds would be redeemed at Rs 1,00,000 at the end of the specified tenure. There are also two put and call options in this instrument, which are exercisable at Rs 25,000 at the end of 7 years and at Rs 50,000 at the end of 12 years and 3 months. The Education bond offers investors the facility of payments in five equal instalments at the end of a specified wait period. There are three sub-options available in this instrument. Under the first option the wait period is five years, and a bond worth Rs 5000 would fetch an annual return of Rs 2450 for five years after this wait period. Under the second option, five annual instalments of Rs 3200 are payable to investors for an investment sum of Rs 5000. The wait period in this case is seven years. Under the third option, the wait period is ten years. The annual payment in this case is Rs 4800 for each bond of Rs 5000. Here, an exit option can be exercised at the end of the specified wait period, that is, investors can opt for redemption instead of the annual instalments. The amounts payable are Rs 9500, Rs 12,500 and Rs 18,500 for the first, second and third options respectively. Now, barring the Education
bond, the bonds on offer and the yields thereon are
pretty much similar to the ones offered by ICICI in its
Safety Bonds issue earlier in the month. Chances are,
this issue too will receive a fair response from the
investing public, especially considering that the equity
offers in the primary segment are hardly competitive,
while the secondary market continues to remain volatile.
Investors averse to riding the turbulence in the
secondary market, but looking for fair returns could line
up to invest in this issue. |
PM for separation of KVIC from Ministry NEW DELHI, Oct 2 (PTI) — Prime Minister Atal Behari Vajpayee today suggested separation of Khadi and Village Industries Commission (KVIC) from the Industry Ministry to give this sector due importance in tackling growing unemployment. “KVIC falls under the Small Scale Industry Department of the Ministry and hence does not get its due importance. This is not correct and the government will review this situation,” the Prime Minister said launching the KVIC’s “intensive rural employment generation programme” here. Pointing out that there was lack of coordination between autonomous bodies like KVIC and various rural development organisations and projects, he said “this aspect also needs to be reviewed and proper coordination ensured.” Referring to the report of a high-powered committee set up in 1994 to beef up Khadi and Village Industries sector, Vajpayee said the Government would review its recommendations and ensure implementation by next January of those which could be immediately put into action. He said this sector had to be strengthened keeping in view the swelling numbers of educated unemployed. The Prime Minister said the downtrodden sections and Dalits should be given proper opportunities for harnessing and displaying their age-old craftsmanship and skills and developing their economic livelihood. He said for this purpose, these groups should be provided with capital, new technology and help to market their products, modern management techniques should also be imparted to them, Vajpayee said. Stressing that Gandhian philosophy and concepts were gaining more relevance whether in the context of war and peace or improving the livelihood of the people, he said the Mahatma had always stressed the importance of production by masses instead of mass production. Mass-produced goods would not be sold if the purchasing power of the people was not developed. Earlier, KVIC Chairman Mahesh Sharma stressed the need to impart training to downtrodden sections in the use of modern technology and management techniques to improve on cost and quality of their products. The intensive rural
employment generation programme (IREGP), intended to
intensify and upgrade industrialisation in identified
regions and high potential sectors, would be implemented
in Chhotanagpur and Santhal Parganas in Bihar in the
first phase. |
FICCI for ordinance on buy back of shares NEW DELHI, Oct 2 (PTI) — The Federation of Indian Chamber of Commerce and Industry (FICCI) today called for allowing corporates to buy-back their own shares through an ordinance and remove restriction on their inter-corporate investment and loans. “It is quite sometime that law relating to buy-back of shares was on cards but so far nothing has been done in this regard,” FICCI said in a statement here. It said buy-back should be permitted for reissuance as recommended by the working group on companies Act, 1956. The group had provided for suitable safeguards regarding buyback for treasury operations by recommending that such shares will not be issued for 24 months after the date of last buy-back and will have no voting and dividend rights till the time they are held by companies. FICCI observed that several countries allow buy-back as a treasury function where shares bought back are in effect treated as investment. “This has been found useful particularly by companies when their share prices become unduly low and are an attractive buy” FICCI statement said. When a company can buy shares of other companies for investment purpose why not allow the company buy its own shares at an attractive price with greater certainty of future growth, it said. FICCI also called for the removal of government permission for inter-corporate investments over 30 per cent of subscribed capital and free reserves. “These stipulations are totally irrelevant in today’s scenario. The Indian corporate sector have over the last four decades considerably matured to take sound financial decisions and government approval are uncalled for when the enlightened class of shareholders and financial institutions are involved in these decisions,” it said. The Section 372 of the companies Act restricts aggregate investments of a company in other corporate bodies to the extent of 30 per cent of its subscribed capital and free reserves. Investments and loans over 30 per cent require the sanction by a resolution of the investing company in general meeting and the approval of the Central Government. It has also said that all
applications seeking approval under Section 372(4) of the
Act for intercorporate investments in excess of the
prescribed limit and currently pending with the
government should be cleared and approval granted
expeditiously. |
Tata Steel records good improvement JAMSHEDPUR, Oct 2 (PTI) —Tata Steel has recorded significant improvement in all critical performance indices in the first six months of the current fiscal from April 1 to September 30. Sale of steel registered a 5 per cent increase from 11,69,513 tonne to 12,31,800 this year. Saleable steel also recorded 5.7 per cent rise from 14,40,692 tonne in April-September, 1997 to 15,23,100 tonne in this year. However, inventory of
steel stockyards and steel in transit as on October 1
decreased by 11 per cent from 2,83,106 tonne during the
period last year to 2,52,800 tonne this year. Similarly,
production of crude steel and hot metal increased from
15,70,043 tonne and 17,20,312 tonne in the corresponding
period last year to 16,42,500 tonne and 18,02,900 tonne
respectively this year. The company also recorded
increased welded tube sales from 55,520 tonne last year
to 62,600 tonne months this year |
TVS Suzuki launches 4-stroke scooter NEW DELHI, Oct 2 (PTI) — Two wheeler company TVS Suzuki today launched its new generation state-of-the-art four stroke scooter, “TVS Spectra”, amidst a spectacular illusion show here.The sleek and futuristically designed scooter, powered by a 150 cc engine, was launched by Defence Minister George Fernandes. One of the greatest
illusionists of all times, Franz Harary, wove thunder and
magic at the Indira Gandhi stadium to make the
eco-friendly machine appear from nowhere, which belied
the hardwork involved in making the scooter.He also
levitated the scooter for a brief moment keeping the
distinguished audience spellbound.TVS Suzuki Chairman and
Managing Director Venu Srinivasan said the scooter was
totally developed in-house at the company’s plant
near Bangalore, leveraging the expertise of consultants
all over the world. |
Sanctions ‘no deterrent’ to US industrialists WASHINGTON, Oct 2 (PTI) — Industry Minister Sikandar Bakht has said that the economic sanctions which the Clinton administration had imposed on India after its May nuclear tests have not affected American industrialists who continue to be as keen as before on investing in India. Talking to newspersons after his meeting with some leading members of the US-India joint business council here yesterday, Mr Bakht said the attitude of the US Government was not as tough as it had been in the earlier stages of the nuclear tests. “I don’t have any feeling that the sanctions would come in the way of the American business community coming to India for investment,’’ he said adding “we are wide open in infrastructure sector.’’ He said there was a general appreciation of what the Vajpayee Government had done on the economic front in the last six months. The Government was seeking to broaden the economic reforms, introduced in 1991. The market-oriented economic reforms were not only being implemented but were being intensified. The minister listed a series of measures he had taken to promote investment in the vital sectors of the economy. Asked about the ruling BJP’s concept of “Swadeshi’’, a term which is being used to oppose foreign investment, he said the investment in infrastructure sector and high-tech area was outside the concept of Swadeshi which was primarily concerned with the consumer goods. Mr Bakht, Surface Transport Minister Thambi Durai and Information and Broadcasting Minister Sushma Swaraj are here to participate in a world economic conference. They have all been making a strong pitch for American investment. He said, “we dispelled all doubts about our commitment to liberalisation and economic reforms process. We not only continued the reform process which is already in place. But imparted to it, if I may say, a turbo-charged momentum.’’ “We have not gone back on any of the reform initiatives of the earlier governments. On the contrary, we have added significant initiatives of our own,’’ he remarked. Mr Bakht said the BJP-led coalition had shown its commitment to the protection of intellectual property rights by acceding to the Paris convention on September 7 and “further declared our resolve to meet our obligations of trips under the WTO.’’ Mr Durai and Ms Swaraj joined him in listing facilities that their respective ministries have provided to woo foreign investors. Mr Bakht said,“we are
opening the Indian economy to further inflows of FDI.
Proposals with 100 per cent foreign equity are welcomed
in most sectors including auto and white goods sector,
basic and immediate goods sectors and in all areas of
infrastructure except telecommunication where the FDI is
subject to a cap of 49 per cent. |
Iranian exports to UK picking up LONDON, Oct 2 (ANI-IRNA) — Iranian exports to Britain have started a slow road to recovery this year after plummeting to an all-time low of $ 47 million in 1997 due to the UK not purchasing a drop of Iranian oil. The latest British figures show Iran’s exports reaching £ 21 million in the first six months of 1998. The increase is due mainly to a rise in sales of manufactured goods, particularly iron and steel and in industrial machinery. The first half-year trade figures also include Britain purchasing nearly £ 3 million worth of Iranian crude in June, the first in over 18 months. Previously, the UK bought quantities over £ 100 million a year on an average and far higher two decades ago. British exports to Iran
were recorded at £ 179 million, a slight reversal of
1997’s growth to £ 397 million for the full year.
To address the decline, Britain decided in August to
restore short-term state cover for the first time in
several years. |
ASSOCHAM proposes foundation of judiciary NEW DELHI Oct 2 (PTI) — The Associated Chamber of Commerce and Industry (ASSOCHAM) today mooted setting up of a “foundation for modernisation of judiciary” (FMJ) to study and facilitate upgradation of the country’s legal system vis-a-vis the rest of the world. The foundation will identify and evaluate consumer response to the dispensation of justice in the country and follow up remedial actions, the chamber said in a statement. “The FMJ will promote modernisation of the judicial process with particular emphasis on the administration of justice at the grassroots level,” ASSOCHAM said. The proposal to set up the foundation is sequel to a seminar on “judiciary in the new economy” organised by the chamber recently. The seminar had deliberated the need to assimilate modern management techniques in the administration of justice and evolving a complimentary consensual dispute resolution system for the country. India needs to develop an impartial and independent judiciary that will render speedy justice and synchronise it with the country’s ethos in the context of rapid globalisation, ASSOCHAM said. The foundation, according to the chamber, will have a Board of Governors to provide a vision and to guide it in the formulation of policies and monitor the progress in achieving the declared objectives. The Board of Governors will consist of legal experts and eminent people from different walks of life, who will have the stature and independence to shape policies and public opinion. The management of the foundation will vest with the dean of legal studies, a senior professional, who will be appointed by the Board of Governors and act as an ex-officio member of the board, ASSOCHAM said. The dean will be responsible for highlighting issues, providing factual and research support, recommending solutions and following up with administrative agencies for implementation, the chamber said. “Constant vigilance
and monitoring will be required to ensure successful
implementation and this will be a long term
process,” ASSOCHAM added. |
Sharif wary of tough IMF conditions ISLAMABAD, Oct 2 (AFP) —Pakistan Prime Minister Nawaz Sharif said he had asked his team visiting Washington to negotiate an economic bailout package with the International Monetary Fund (IMF) without tough conditions attached. “We want a package which is acceptable to the people of Pakistan and which does not pose difficulties to our economy,” the News Daily quoted Mr Sharif as saying to reporters on Wednesday. A high-level Pakistan delegation was to start a new round of talks with the IMF in Washington today. Pakistan, hit by crippling balance of payments problems in the wake of international sanctions over its may nuclear tests, is seeking a $ 5 billion rescue package. The first round of talks between Pakistan and the IMF here in September were inconclusive. Mr Sharif said “tough conditions” by the IMF would not be acceptable to the “hard-pressed” people of Pakistan. “Pakistan needs
financial assistance from the IMF, but the other people
are confronted with economic difficulties. We are trying
to find a middle way and that is what I have told the
team,” he said. |
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| Autoroam CHENNAI, Oct 2 (PTI) —The city’s leading cellular service provider Skycell Communications Ltd and the Singapore-based Singtel Mobile, have tied up to launch India’s first Autoroam service between Chennai and Singapore. Indian stone Launched |
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