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| Monday, February 7, 2000, Chandigarh, India  
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Planning to take car, housing
loans? Wait
Rel Petro redeems TOCDs Maruti Udyog, 110 dealers face
probe Panel for venture funds AI
to pay 10,000 for harassment |
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IT growth alright, but
where is equipment? Net-based training for students K.M. Cap Chairman arrested Govt borrowing to overshoot target Digital studio for S.A.S. Nagar M.J. Enterprises to set up new
unit
Planning to take car, housing
loans? Wait ANYONE interested in taking housing or car loans should wait for some time. It is likely that the interest rates may fall further. Even a small decline in the housing/car loan rates can make a big difference in the payout over the 10 to 15 year period. People should go in for completing all types of formalities but execute the loan deed only after the rate of interest falls. After reducing the rates of interest on small savings, the Government of India expected the banks would also reduce the rates of interest on deposit and lending. Bankers are of the view that if lending rates are cut once again during the current financial year, a dent could be created in their earnings. There is speculation that the RBI may trigger a round of rate cuts once the Finance Minister delivers his annual Budget on February 29. Housing finance companies expect the coming Budget to give a boost to the growth of the housing sector by raising the income tax exemption limit on housing loans. Experts feel since RBI has doubled the limit on priority sector loan to Rs 10 lakh, it is likely that the exemption limit on the interest paid on loans for self-occupied houses may also be raised. The government is
proposing to amend the National Housing Bank Act to
tighten the procedures of foreclosure. The amendments
would pave the way for the opening up of Rs 20,000 crore
to Rs 30,000 crore securitisation market, facilitate
insurance mortage, provide security to lenders, reduce
NPAs, speed up loan recovery and enhance lending capacity
in the system since it would increase the pool of
lendable funds which are currently locked up in
litigation. The proposed amendments would empower the
National Housing Bank with quasi-judicial powers to
recommend attachment of properties against which loans
were taken. |
Indian roses for Europe’s lovers BANGALORE, Feb 6 (ANI) — Indian roses are in great demand in Europe for the first Valentine Day of the millennium. For the first time, a cargo flight has been chartered by the South Indian Floriculturist Association (SIPA) to airfreight the first consignment. The SIFA has sent the cargo in Boeing 707 of 29 tonnes of flowers to Amsterdam with 1 million stems worth $ 1 million from Bangalore airport. One more shipment of 30 tonnes of flowers will be sent by a special flight to Europe very soon. The Rs 150 crore cut flower business in India is growing fast with a high demand in European countries for red roses. The quality, being the main criterion, floriculture farms have 90 per cent concentration in the States of Karnataka and Tamil Nadu. According to K.S.
Ramakrishna, President of SIFA, the demand for Indian
roses is growing and especially for the Valentine Day.
For him the collection efforts of the 32 floriculturists
made this venture possible of chartering a flight for the
first time to dispatch cut flowers to the European
market. |
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NEW DELHI, Jan 6 (PTI) — Reliance Petroleum Ltd (RPL) today said it had redeemed the non-convertible portion of its outstanding triple option convertible debentures (TOCDs), aggregating to Rs 960 crore that would reduce its interest costs and enhance financial strength. “Redemption of outstanding TOCDs will improve RPL’s debt-equity ratio to around 0.9:1, and would contribute to substantial reduction in company’s overall interest costs, and significantly enhance the company’s financial strength and flexibility,” a company statement said here. RPL, which redeemed TOCDs at a 5 per cent premium of Rs 2.50 at Rs 50.50, had made the payment of the redemption proceeds on February 3 to over nine lakh holders, almost two years in advance, the release said. The final payment includes second instalment of Rs 30 per TOCD, payable on November 22, 2000, and the third instalment of Rs 30 per TOCD, payable on November 22, 2001, the release said adding that the first instalment of Rs 20 per TOCD, aggregating to Rs 321 crore, had already been paid. Reliance, which is targeting a turnover of over Rs 25,000 crore this fiscal, said its equity share capital stands at Rs 3,869 crore. RPL’s 27 million
tonne grassroots Rs 24,000 crore refinery at Jamnagar
went on stream recently, accounting for over 25 per cent
of the country’s refining capacity. |
Maruti Udyog, 110 dealers face probe NEW DELHI, Feb 6 (PTI) — The MRTPC has ordered an inquiry against Maruti Udyog Ltd and its 110 authorised dealers across the country for allegedly indulging in restrictive trade practices. Issuing a notice of inquiry, the MRTPC directed MUL and its dealers to file their reply 10 days before the next date of hearing on February 21. The Director General of Investigation and Registration (DGIR) had filed a complaint with the commission alleging that MUL had signed an agreement with its dealers restricting them from selling MUL models outside the specified territory thereby indulging in a restrictive trade practice. The authorised dealers were being prevented from taking up any business other than that of MUL or its licensor Suzuki Motor Corporation of Japan even when the agreement between MUL and the dealers was on principle to principle basis and the latter had invested large funds as capital, DGIR alleged in its complaint. “The said practice also obstructs the flow of capital into the stream of production and it is a restrictive trade practice... Which has an inevitable effect of distorting competition in passenger cars market, imposing unjustified costs on the authorised dealers as well as on ultimate consumers,” it alleged. Asking the MRTPC to direct MUL and its dealers to amend the impugned clauses of the dealership agreement, the DGIR pointed out that the 110 dealers were allegedly not allowed to advertise or promote sales without the written approval of MUL. The agreement allegedly barred MUL dealers from appointing their agents for collection of deposits from customers, delivery of vehicles or their servicing. It also restricted the
authorised dealers from opening new outlets and investing
any capital in them. |
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MUMBAI, Feb 6 (PTI) — Nasscom has asked the Centre to join the information and technology (IT) industry to form a standing committee with a mandate to pave way for a conducive environment for venture capital (VC) funds to flourish, and to enable greater wealth and employment generation in the country. In a memorandum submitted to the Finance Minister Yashwant Sinha recently, Nasscom said the standing committee should have representatives of the Ministry of Information Technology (MIT), the Securities and Exchange Board of India (SEBI) and venture capitalists, apart from the association, Nasscom President Dewang Mehta told PTI here today. Nasscom has submitted a 21-point plan to provide a thrust to entrepreneurship and start up companies, he said. The association asked the Government to emulate Mauritius in providing investment friendly environment to enable venture funds set up shop in India, instead of making them register themselves in countries considered as tax havens, he said. The association has proposed setting up an Israeli kind of Yozma venture capital funds for ensuring ease in availability of government facilitated venture funds for the IT sector, he added. The government should set up an organisation on the lines of the BIRD Foundation of Israel to encourage technical collaboration between Indian IT companies and the US and helping Indian-high tech companies to tie-up with US companies to cater to that market. The association has also suggested providing a strong institutional mechanism to VC companies and IT companies interested in setting up venture incubators to provide guidance and business support on including business planning, management team, public positioning and valuations for new entrepreneurs, he added. Course content on entrepreneurship and venture development must be introduced in at least 25 business schools to start with, he said adding it would facilitate exposure to budding entrepreneurs and management practitioners to the dynamics of business. To give boost to venture
funding, about which awareness is not as wide as is
required to be, Nasscom suggested organisation of venture
investment fairs to provide platforms for VC funds and
new entrepreneurs. |
IT growth alright, but where is equipment? NEW DELHI, Feb 6 (PTI) — The high-profile infotech sector may not be able to attain projected growth potential over the next three years as electronic equipment production is likely to fall short by Rs 38,418 crore from the targeted Rs 82,050 crore by 2001-02, official sources have said. The sector, which requires massive investment of $160 billion over the next eight years for achieving production of $137 billion worth software and hardware, will face staggering equipment and component shortfall, according to the “Vision Statement” of the Ministry of Information Technology. The projected shortfall has been estimated on the assumption that equipment manufacturing would sustain an average 20 per cent annual growth rate over the next three years. However, certain sectors like consumer durables and strategic electronics are projected to show a slump in growth this fiscal. Growth in consumer electronics is projected to fall steeply to 12 per cent at Rs 10,300 crore this fiscal against the 21 per cent grossing Rs 9200 crore last year. Another pointer to equipment shortfall is a mere 31 per cent growth in strategic electronics this fiscal at Rs 1,700 crore, much lower than the 44 per cent jump seen last fiscal at Rs 1,300 crore, according to the MIT report. Overall this fiscal, infotech equipment production shortfall is estimated at Rs 18,400 crore on a targeted demand estimate of Rs 48,700 crore, the Ministry forecasts. This shortfall is likely to shoot up to Rs 26,490 crore in 2000-01 if the targeted Rs 62,850 crore worth of equipment production does not materialise, as per the Ministry’s statement. But equipment
requirements likely to show a quantum jump in production
include the essential computer, which is projected to
grow over three-and-a-half times at Rs 9,250 crore
against the dismal negative growth of 18 per cent in
1998-99. |
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NEW DELHI, Feb 6 (PTI) — An information technology and communication exhibition, IT Asia 2000, showcasing latest advances in the area of network applications, the Internet, e-commerce and telecommunications, will begin here on February 8. The event, to be organised by CII, will be inaugurated by Minister for Information Technology Pramod Mahajan. The exhibition will be attended by leaders of the industry like Prof Michael Dertouzos, Director, Laboratory for Computer Science, Massachusetts Institute of Technology and Jorma Ollila, Chairman and CEO of Nokia Corp. IT Asia 2000 will see
the participation of 88 companies from India and
overseas, including Australia, Canada, Finland, the USA,
Singapore, South Korea and Germany. |
AI to pay 10,000 for harassment NEW DELHI, Jan 6 (PTI) — A Delhi consumer court has ordered Air India (AI) to pay Rs 10,000 to a man for the mental agony caused to him and his family members due to the last-minute cancellation of their tickets. “In such an event it was incumbent on AI to inform the complainant in advance about the cancellation to avoid harassment and inconvenience to him and his family members,” the Consumer Disputes Redressal Forum, New Delhi, observed in a recent order holding AI guilty of “deficiency in service”. Complainant J.P.Garg, a resident of Sector 14, Rohini in West Delhi, had booked four tickets with AI for himself and his family members for travel from New Delhi to Chennai on May 29, 1995 at 4 a.m. The tickets were conferred with “Ok Status”. Garg reached the airport on the relevant date three hours before the scheduled time of departure of the flight. However, the AI counter refused to issue boarding passes to the complainant and his family members saying their tickets had been booked erroneously. Garg, who came back “harassed and humiliated”, had sought compensation for the same. In its reply, AI contended it was a common practice for the airlines to have over-booking to effect economy in their operation to avoid losses due to last minute cancellation. Boarding cards are issued at the airport on “first come first serve” basis. AI denied any
“deficiency in service” saying Garg himself
reached the airport very late. The court,however,
rejected AI contention as it was proved that the tickets
were cancelled as the same were booked
“erroneously”. |
Net-based training for students NEW DELHI, Feb 6 (PTI) — IT Major, NIIT, has launched a new Internet-based training programme — IGNIIT — with a mix of classroom and home training. The company delivered a multimedia personal computer (PC) along with printer. Internet connection and modem to students by offering a seven-year bank loan worth Rs 1.25 lakh covering the fees of the programme and cost of the multi-media kit but with no initial payment. During the first four semesters of the course, students are not required to make any repayment. At the beginning of the professional practice, the loan would rollover into equal monthly instalments for the next 60 months, Ms Madhulika Tripathi, Vice-President of NIIT’s Northern Operations, said. In all over 6,000
students appeared for the first IGNIIT entrance exam held
in Ahmedabad, Bangalore, Calcutta, Chennai, Delhi,
Hyderabad, Mumbai and Pune, in which around 800 qualified
for enrolment into the programme, Tripathi said. NEW DELHI, Jan 6 (UNI) — Kuldip Mansukhani, Chairman-cum-Managing Director of K.M. Capital Ltd., who had been evading arrest after duping crore of rupees from investors, was arrested yesterday, the Delhi Police said today. Mansukhani floated shares of K.M. Capital Ltd in 1995, collected Rs 2 crore from the public and siphoned off the whole money. The deposits in K M Capital and another company Bhawna Financial Services ran into crore, the police said. In 1998, about 20 investors had filed a complaint with the police. Mansukhani went underground as soon as he found that a case had been registered against him. The case was transferred
to the economic offences wing of the crime branch which
arrested three Directors of Mansukhani’s company,
Anoop Kumar, Ashok Sikka and Zile Singh, in September
last year. |
Govt borrowing to overshoot target NEW DELHI, Jan 6 (PTI) — The Government is likely to overshoot its gross borrowing target of Rs 84,000 crore in the current fiscal by about Rs 10,000 crore, PNB Gilt has said. “Taking into account the treasury bill auction in the remaining part of the year, the gross borrowing will be exceeding the Budget by Rs 10,616 crore to Rs 94,630 crore,” the Gilt said in its latest debt market review. It said with the latest tranche of borrowing, the Government has exceeded its budgeted gross borrowing programme of Rs 84,014 crore by Rs 8,616 crore (or 10.2 per cent) to Rs 92,630 crore. The net borrowing amounted to Rs 70,277 crore against the budgeted amount of Rs 57,461 crore, it added. The Gilt report said of the aggregate Rs 92,630 crore, about Rs 52,500 crore was raised through auction of dated securities, while Rs 27,000 through private placements and Rs 11,000 crore through treasury bills. “An important feature of the market borrowing during the current year so far is that the Government has been able to exceed its budgeted borrowing without any upward pressure on the interest rates,” the Gilt said. With additional government borrowing likely to be around Rs 5,000 to 10,000 crore, what measure the Reserve Bank takes in sustaining the low interest rates, need to be watched. About the fiscal deficit, PNB Gilt said that the Government’s finances during the current fiscal have been adversely affected by the post-budget commitments like the Kargil issue, the general election and additional allowances to government employees and pensioners. The government’s interest burden on the existing debt still continues to be high with primary deficit amounting to Rs 11,329 crore at the end of December 1999. This indicates that the government is borrowing mainly to meet interest liability. Referring to the
likelihood of the Centre not achieving the disinvestment
target, the Gilt report said despite the buoyant stock
market, the Government has not been able to meet the
target of Rs 10,000 crore and so far mopped up only Rs
1,400 crore. |
Digital
studio for S.A.S. Nagar SAS NAGAR, Feb 6 — To cater to the needs of the learners, amateurs, professionals and art directors a Saxsons digital studio and photographic institute was inaugurated in Industrial Area, Phase III here today. Mr Neeraj Gupta, Regional Business Manager of Kodak, was present. Having the technical support of Kodak, the studio is equipped with facilities to click indoor and outdoor shots and digital imaging. Covering an area of 8000 sq ft it was equipped with a top rail system, overhead trolleys fork lifts and cranes to photograph a car indoor. Mr Neeraj said Kodak would hold workshops, exhibitions, short term courses at the institute. The institute, a joint venture of Mr Navneet Saxena and Mr Vikramjeet Singh, both leading photo artists of the region, will cater to the needs of industry, advertisers, fashion industry and architectural photography of the region. Apex Info Tech, a
venture of the Usha group, is providing the virtual
immersive imaging technology to the institute for the
first time in the region. The technology creates a 360
degree panoramic movie from the professional still
photographic images. |
M.J. Enterprises to set up new unit M.J. Enterprises Ltd, a Baddi-based company engaged in offset printed mono cartons, corrugated boxes, allied paper & paper board products is setting up its third unit for new state-of-art offset printing and packaging. The project cost will be Rs 3 crore. The bhoomi puja was performed on Sunday. The project is expected to commence commercial production by July 2000. Maharashtra Seamless: Maharashtra Seamless, a D.P. Jindal company, has reported net profit, for the quarter ended December 31, 1999, at Rs 425 lakh as against Rs 234 lakh in the corresponding previous quarter, having an upward rise of 82 per cent. The company’s new project of electric resistance welded (ERW) pipes in Maharashtra, is likely to commence commercial production by March, 2000. Sintex
Industries: Sintex Industry’s Plastics
Division has come up with prelaminated plastic sections
which are bound to replace the conventional materials
such as timber, plywood, particles board, block board,
MDF etc in many applications like doors, kitchen covers,
loft covers, work stations, false ceilings, wall
panelling, partitions, furniture article, etc. —TNS |
ty
by R.N. Lakhotia Q: I am Punjab Government employee. My total basic pay and dearness allowance for the year 1994-95 was Rs 28,000 and Rs 31,330, respectively. I have received house rent for the year 1994-95 Rs 7000 and paid to the house owner was Rs 8400. How much my tax liability on house rent. Please clarify. — Subash Chander Singla, Patiala. Ans: On the facts stated by you maximum amount which will be exempt in respect of house rent allowance will be the minimum of the following, namely:- (a) The actual amount of house rent allowance which is Rs 7,400 or (b) excess of the rent paid over 10 per cent of the salary=Rs 8,400-5,930=2,470 or (c) 40 per cent of the salary which comes to Rs 2,370. Thus, out of the house rent allowance received by you of Rs 7,000 the maximum which is exempt in Income Tax will be Rs 2,370. The balance amount, however, will be liable to payment of Income tax. Q: I request you to please clarify for the following for deposit in PPF and oblige:- 1. Whether any person can deposit in PPF beyond Rs 60,000 in a financial year? 2. If so whether he/she is eligible for interest earning above deposit of Rs 60,000? 3. If interest is payable, whether it is totally exempted from income tax or to be counted under Section 80L? 4. No doubt rebate of 20 per cent is given for the investments in approved schemes of the Government upto Rs 60,000 on but please clarify that deposit in PPF and other schemes can be upto Rs 60,000 or Rs 60,000 can be deposited in PPF alone besides investments in other schemes such as LIC, GPF, ULIP, NSC etc. irrespective of the deposits made in these schemes. — Neena Goyal, Patiala Ans: A person cannot deposit in PPF Account beyond Rs 60,000 in one Financial Year. If by chance he has deposited the amount he is not eligible for earning interest on the excess deposit in excess of Rs 60,000. The question of exemption of the interest will not arise because no interest will be paid in respect of PPF Account where the deposit has been made more than Rs 60,000 in a year. The deposit in PPF Account can be to the tune of Rs 60,000 in one year in addition to investments in LIC, GPF, ULIP etc. However, the total tax rebate will be restricted to Rs 60,000 only. The deposit in PPF Account of minor children as well as wife will be treated as a separate deposit for the purposes of making investment with PPF. If the investment in the name of minor children and wife has been made out of the funds of the husband, then also the interest from PPF A/c will be exempted. However, later on when the maturity takes place in respect of the PPF A/c in the name of minor children and the wife, the income earned therefrom will, however, be clubbed with your income because the original investments were from out of your own funds in the PPF A/c. Q: I am a Punjab Government retiree. My yearly pension income is Rs 45,976/- (after deducting Standard deduction) and interest accrued from banks and NSC is Rs 39,437. Please guide for the following points: (1) I have submitted I.T. return for 1998-99 (Financial year). While filing the return, the NSC purchased in 97-98 for Rs 15000 was mistaken for Rs 10,000. So the interest and reinvested interest were shown according to Rs 10,000. The I.T. is nil even if the interest would have been taken for 15000 as my saving under PPF and NSC is Rs 25000. Please guide if I should file the return again or what is the remedy. 2) What is the yearwise interest on Kisan Vikas Patras. 3) I got the payment of Rs 5560 for Rs 4000 deposited in SBI Mutual Fund in March 92, after six years. The interest Rs 1560 will be exempted under 80-L additional 3000 or not. 4) LTC Rs 1900 received is to be added in taxable income or exempted. I have not spent this money for travelling. Also guide if I spend such money for travelling which documents are to be produced to take exemption. —Dharam Paul Lakhanpal, Jalda Nawanshahr Ans:
You may file your revised Income-tax return and claim the
tax rebate on the additional amount. The interest which
is to be accrued in respect of Kisan Vikas Patra is
mentioned on the back side of the Kisan Vikas Patra. Just
like Indira Vikas Patra in respect of the old Kisan Vikas
Patra, the accrued interest will be 13.43 per cent per
annum. In respect of the new Kisan Vikas Patra issued
after 1.1.99 the rate of interest will be 12.25 per cent
per month. The Mutual Fund income for the earlier year
will be exempted u/s 80-L. However, please remember that
for the current financial year entire income from Mutual
Fund is completely exempt from Income-tax. The LTC
received by you and not spent will be taxable. It should
be included in your Income tax return. |
ms
by J.C. Anand Market ignores good results DURING the last fortnight, the corporate sector has, on the whole, reported good results but the market has not responded to them. The Sensitive Index is down by about 115 points. The software scrips alone are doing well and remain the market favourites. This downturn is, of course, in line with what had been anticipated in this column almost a month back. It was expected that the market would lose its momentum in February. The closer the election and the Budget presentation dates, the weaker would be the market. For the present, there is little prospect of any upward movement in the market. Both Prime Minister and Finance Minister have declared that there are no soft options left and the coming Budget would be a hard one. Traders as well as mutual funds are not making any long-term commitments. FIIs are also keeping away form the market. How the market is ignoring good results may be illustrated with reference to some case studies. BASF India has reported reasonable improvement in its results but its market price has declined from Rs 130 to Rs 119 for its Rs 10 face value scrip. Colour Chem has reported an increase of 165 per cent in its third quarter results and its annual results are likely to be substantially better than its last year’s results but the scrip has declined from Rs 2100 to Rs 1950, Rs 2050 for its Rs 100 face value scrip. Clariant’s (India) third quarter results have moved up from Rs 368 lakh to Rs 439 lakh but the market has lately taken notice of them. The results of Ciba Specialities have been substantially better but the market has relapsed to the pre-results market rates. As has been stated in this column previously, the speciality chemical scrips are at present quoted at very low market rates and are underpriced in terms of their worth and long-term market prospects. A wise investor can invest in these scrips now. Colour Chem is particularly attractive as a long-term investment. It is also a strong bonus candidate. Again, Sundram Clayton has reported substantially better results but these have been ignored by the market. Its nine-month results stand at Rs 1664.82 lakh as against Rs 1118.34 lakh for the corresponding period last year but its market price has declined from Rs 370 to Rs 330. This scrip too is a good long-term investment. Similarly, Sundram Fastners has reported good results but the market has not taken much notice of the results. It is on the cards that the aluminium scrips would stage an upsurge in the market during this calendar year. In spite of the fact that the Government has raised the aluminium prices (which is less than the international price) but aluminium scrips are quoting lower than during the previous weeks. Hindalco and Nalco are good medium-term investments. Some multinational pharma scrips too are quoting at relatively low and, therefore, attractive market prices at present and should be rated as good medium-term investments. Novartis, in spite of good results that it has reported, has declined by more than Rs 150 for its Rs 10 face value scrip and it has good prospects. It is also a good bonus candidate. Glaxo is quoting at Rs 615, which is rather low and has sufficient strength to move up by about Rs 100 in the post-Budget period during the present year. Indian Rayon and Gwalior Rayon too have reported good results but the market prices have declined. The Vardhman group textile companies have reported satisfactory, though not much better, results. Vardhman Spinning, Mahavir Spinning and Vardhman Poly are expected to repeat their profitability and dividend record. Those who hold these scrips should continue to retain them. No fresh investment is recommended. Some of the scrips
recommended earlier in this column are doing very well.
Global Tele, Sterlite Industries, Cyber Tech, Vikas WSP,
Hindustan Inks are maintaining their high prices and
gaining more momentum. There is still further scope for
appreciation in these scrips. |
if
Reliance Cap I was allotted 100 shares of Reliance Capital and got certificate No 0228568 (Distinctive No 091698893 to 091698992) Master Folio No. 77808779. The allotment amount was deposited vide cheque No. 0351138 dated 31.3.95 drawn on SBI, Sector 17 B Chandigarh. I have not stickers the sofar. S.K. Dhammi IndusInd Bank I was allotted 100 shares of IndusInd Bank Ltd. and got the certificate No 255910. After that I deposited the allotment money on 9.2.98 amounting to Rs 2250 vide cheque No. 2380143 dated 6.2.98 drawn on Vijaya Bank Sector-17B, Chandigarh. IndusInd Bank (Pune) wrote back to deposit the amount which I had already deposited. I have neither received stickers nor dividend deposit reminders. Parkash Devi Rhone-Poulenc I sent Rhone-Poulenc original debenture allotment letter duly discharged in respect of 5 debentures No 00216771-75 L/F No. 026446 to N.D. Management Services Pvt. Ltd. Fort Bombay on 14.01.95. Despite reminders, I have not received redemption so far. Dev Raj Dhingra UTI Non receipts of redemption warrants of 2000 units of UTI (MEP-1993 & 1994) bearing particulars CFT. No. 1993-MEP-0340097278 & 1994-MEP-404-94-153012360) of 1000 each sent to Bombay office in June 1997. Despite many reminders, fate of said units are in question. Krishnadevi |
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