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April 16, 2001, Chandigarh, India   
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Reliance largest wealth creator with 24 pc hike in market cap New Delhi, April 15 Reliance Industries has emerged as the largest wealth creator for 2000-01, with Rs 8,050.7 crore hike in market capitalisation, in a year when scrips were hammered across the board.
Farewell to tech guru
How to climb the corporate ladder
Panipat refinery gets nod for expansion |
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| AWICS opens office in Chandigarh Chandigarh, April 15 Canada-based immigration consultancy—Around the World Immigration Consultancy Services of Canada (AWICS) Inc — opened its first office here today. The inauguration was done by noted Punjabi pop singer Harbhajan Mann. Rs 20 cr IT
institute for Mohali North no
longer fertile for cotton
FIIs continue shopping
Repayment not made in time
IA adjudged best by Sharjah
Q: I am working as Veterinary Officer at Civil Veterinary Hospital Sheron (Sangrur). I have joined this post on Sept 2, 2000. Before joining this post I had been working as Research fellow at P.A.U., Ludhiana, from February 4, 1999 to Sept 1, 2000. I was getting Rs 10,120 p.m. as fellowship there. Should I include the amount of fellowship for calculating income-tax for 2000-2001? What is the rebate of standard deduction for ladies for the year 2000-2001? Is this rebate Rs 25,000 or Rs 20,000? Is there any difference for getting this relief between men and women?
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Reliance largest wealth creator with 24 pc hike in market cap New Delhi, April 15 ITC and HDFC followed close on the heels of RIL with market cap hikes of Rs 1948.59 crore and Rs 1946.92 crore respectively. Surprisingly, four among the top 10 wealth creators last fiscal were PSUs. HDFC saw its market capitalisation grow from Rs 4,543.01 crore to Rs 6,489.93 crore resulting in an increase of Rs 1,946.92 crore or 42.9 per cent during 2000-01. Bharat Petroleum saw its market capitalisation go up from Rs 3,952.5 crore to Rs 5,717.54 crore — an increase of Rs 1,765.04 crore or 44.7 per cent — to take up the fourth slot. The fifth position was taken up by Nestle India, which recorded a growth of 35.2 per cent in its market capitalisation during 2000-01. The losers Hindustan Lever, with a market capitalisation of Rs 46,421 crore, has replaced Wipro which was the leader at the beginning of the period with Rs 56,252.42 crore. Infosys, which was occupying the fourth position earlier, is now down to the sixth position with a loss in market capitalisation of nearly Rs 19,000 crore. The worst performers are however, stocks belonging to the infamous K-10 group companies in which the now arrested market operator, Ketan Parekh, had significant exposures. HFCL, which was quoting at Rs 718 on March 1 was last quoting at Rs 90, a drop of a whopping 90.25 per cent, followed by DSQ Software which went down from Rs 362 to Rs 58 — a fall of 84 per cent. While Global Telesystems saw its share falling by 73.11 per cent from Rs 372 to Rs 100, Silverline Industries stock crashed by 70 per cent to Rs 52 from Rs 173 in
beginning March. Among the other losers in the K-10 group is Satyam Computers whose shares fell from Rs 313 to Rs 168 — a drop of 46.32 per cent. The shares of media-major Zee Telefilms, on the other hand, plunged by 47.54 per cent from Rs 162 to Rs 85 in a span of just 45 days. Hughes Software Hughes Software Systems (HSS) has decided to recruit 800 more professionals by the end of 2001. “We will induct 800 more software professionals by the end of this year to focus more on the client-dedicated product and technology
development”, Arun Kumar, President and Managing Director of HSS, told PTI. Hughes’ decision to recruit 800 more professionals comes at a time when most Indian companies and India subsidiaries are cutting down employees due to US slowdown. Pfizer Pfizer India has identified new dosage formulations, manufacturing technologies and animal health as future focus areas for its research and development programme. The over Rs 380 crore company, which is the only pharma multinational having a ‘Global Research and Development Unit’ in the country, spends 4.34 per cent of its annual turnover on R and D, it said in its annual report.
PTI |
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Farewell to tech guru New Delhi, April 15 The 38-year-old Mehta, President of Nasscom, died of a heart attack on Thursday in his Sydney hotel room, while on a networking trip to Australia. Finance Minister Yashwant Sinha led a host of top ministers and officials in paying their last respects to Mehta whose body was brought to New Delhi late on Saturday. Chiefs of India's tech firms also flew into the capital for the funeral of the artful Mehta, described among others as a one-man public relations machine of the tech industry. Some friends and colleagues of Mehta — who was single with no immediate family— broke down as priests chanted prayers and a cousin lit his pyre according to Hindu tradition at a central Delhi crematorium. Mr
N.R. Narayana Murthy, Chairman and Chief Executive of Infosys Technologies, said it would be tough to replace Mehta who was known for his missionary zeal for technology. "He was the number one brand equity creator for India's software industry," Murthy told reporters. "He did the work of 10 persons and such a young man, full of energy and enthusiasm, has been taken away from us." A darling of the stock markets and government policy makers, the software sector has been boosted by friendly government polices and tax concessions which industry leaders said was helped by Mehta's effective lobbying.
Reuters Struck by diabetes? Dr Trehan, a “close friend” of Mehta, said the nerve-endings of the IT expert’s heart had died due to his diabetic condition because of which he might not have felt any pain if he had suffered minor heart attacks in the past. As a result, his illness remained undiagnosed, he said.
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How to climb the corporate ladder London, April15 2. Watch the leaders in your field and try to work out the stresses they face and the way they cope. Perhaps they are capable of sitting through five-hour meetings, able to cope with endless moaning from colleagues, and do not want to spend much time with their partner or family. 3. Decide whether you want to carry on liking yourself. It is often easier to rise if you trample on others. Unfeeling types will be untroubled by decisions which give sleepless nights to others. Middle managers have to decide if they will sacrifice underdogs to appease senior managers. 4. Keep notching up achievements if you want to progress. You need to demonstrate why you should be
promoted. Bureaucrats could be impressed if your section wins a business award or some other supposed testimony. Signs of increased productivity will appeal to bosses in more commercial roles. 5. Don’t let the developing ruthless side of your nature get you into trouble. If you are discovered fiddling your tax, tape-recorded slagging off your boss or suspected of taking bribes, you could find your promising career is over. Many high-fliers do these things and worse — but their biggest skill is ensuring they do not get caught. 6. Recognise that the unpleasant side of your nature will need to be balanced by something which resembles principle or affability. You will need allies. Many military generals have been seen eating with their men and wandering around near the front line, occupations which imply that they still care. But this camaraderie should not run too deep: true egalitarians are seen as lacking ruthlessness. 7. Understand that you probably need to take calculated risks to mark yourself out. Entrepreneurs such as Virgin boss Sir Richard Branson are constantly taking risks and frequently lose out as a result. But they make sure they win more than they lose —and, whatever happens, pay a lot of attention to maintaining the confidence of people around them.
The Observer |
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Panipat refinery gets nod for expansion Panipat, April 15 Mr Jaspal Singh said basic design of all process units and other facilities have been completed. Lump sum turnkey bids for engineering, procurement, construction, commissioning received for the project are under evaluation. In the direction of other related major projects, Mr Jaspal Singh said IOC plans to install a petro-chemical complex at a cost of Rs 4,228 crore by using feedstocks from refineries in Panipat and Mathura for production of paraxylene and PTA. A joint venture of 360 mw power project using the petroleum coke from the expanded refinery is also planned. Speaking on the refinery performance, Mr Jaspal Singh said 57 lakh crude oil was processed during 2000-2001. The production of petrol with less than 1 per cent benzene was started for NCT in September,
2000.
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AWICS opens office in Chandigarh Chandigarh, April 15 AWICS offers a complete transition package consisting of immigration, placement and settlement in Canada at economical rates. The company also promises money back to the clients who are not able to settle in Canada after immigration . Mr Arvi Bhullar, President, AWICS, said the company plans to set up a network of 15 offices and counselling centres in the Northern region shortly. "We will also provide judicial reviews for erroneous rejections, immigration back-up for virtually all kinds of professionals" , said Mr Bhullar. He said within a few weeks of landing in Canada , AWICS will provide an immigrant a temporary job with and follow up with a permanent
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Rs 20 cr IT institute for Mohali Chandigarh, April 15 The IT institute is expected to start functioning within one year thereby giving a boost and imparting quality education in IT in Punjab. Stating this while inaugurating a private computer institute here today, the state Finance Minister, Capt Kanwaljit Singh, said the government had introduced an innovative scheme for imparting computer education in all colleges, high schools and middle schools of the state. Under the scheme, top notch private sector computer training institutes will be provided a class room in the college or school, and they will impart IT education to the students at a reasonable fee. UNI
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North no
longer fertile for cotton Hisar, April 15 Inaugurating the meeting, Mr. Vinay Kumar, Vice-Chancellor, appealed to the participants to give top priority to improvement of quality of and reducing cost of its production. He said that in view of globalisation and liberalisation, improvement in quality and reduction in cost of its cultivation had become imperative as cotton was the most important crop for the country’s economy. He congratulated the cotton scientists of HAU, and Dharwad whose contributions to cotton research had been recognised by the ICAR by conferring upon them the ICAR Team Research Award for the year 2000. He said climatic conditions for growing cotton crop were not favourable in Haryana and other northern states. Dr Mangla Rai, Deputy Director-General, ICAR, in his presidential address said that 75 per cent of the raw material of textile mills comprised cotton and India was second largest exporter of cotton. Yet cotton production had gone down over the years. He suggested that the Annual Report on Integrated Pest Management be published and made available in all reference libraries in the country.
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J.C. Anand FIIs continue shopping Last week the market slumped heavily and the sensex was lower by 11 per cent. Satyam Computer, Infosys Technologies and Hughes Software Services came out with excellent results. Satyam’s net profit for the accounting year zoomed by 134 per cent (to Rs 316.16 crore as against Rs 134.86 crore last year), Infosys’s net profit rose by 114 per cent to Rs 629 crore, and Hughes reported a gain of 84.16 per cent over last year’s net profit. But the market not only overlooked these results but also rejected them. Some other companies like Global Tele, Pentasoft Technologies and Pentamedia Graphics also came out with very good results. What does this development presage? The stock market is in such a mode of depression and doubt about the future earnings of the corporate sector that there are no buyers. Even in a regulated market where no “naked sales” are possible, the market continues to slip lower and lower every week. There is a lack of confidence among the investors. There is however some justification for the view that the corporate sector would not be performing well during the financial year 2001-02. The recent statement (broadcast over the cable news) of the Finance Minister that the government was not worried over the rise and fall of the stock market and that it was best to leave it to the pulls and surges of the market forces is very unfortunate and is likely to further unnerve investors and traders. It is also a fact that during February 2001, there was a very low rate of industrial growth, and slump conditions prevail in almost all major sectors of industry. Competition from the import of foreign goods due to the lifting of quantum restriction on imports is sure to eat into the sale proceeds and the profitability of the corporate sector in our country at least for some time. The continuing economic and industrial depression in the USA and Japan would affect our exports,
particularly in the ICE sector. This week too the market is expected to be in bad shape. In case the market is able to maintain itself around the current levels, it may be considered a distinct gain. Parliament is meeting this week and it is not expected to have a smooth sailing. Even some of the vital recommendations of the Budget proposals may be pruned drastically. The
divestment of PSU cannot be pursued by the government unless the Balco tangle is resolved. Even Hindalco has closed its three mines in Chhattisgarh due to some violent incidents. The remaining two mines may also be closed is case the situation does not ease. In the present market, the FIIs are the only significant buyers. There are not many top bulls left in the market for most of them are either in jail or embroiled with the income tax authorities. Mutual funds are losing their lure and the NAVs of almost all their schemes are even below the par value of the units. The UTI, which in the part used to act as the white knight to salvage the sinking market, itself needs support to stand by itself. There is a report that the NAV of the UGS-64 is now below Rs 10. The UTI should contradict it in case this report is incorrect. In this market, there are quite a number of blue chips at rock bottom prices for long-term investors but to recommend their purchase at this time would be foolish. Let the market settle down for some time and only then it would be wise to recommend purchase of even the best of the blue-chips. For the present, the best advice is: keep away from the market and do not try to average your investment in shares purchased at much higher market rates. |
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by A.K. Sachdeva Repayment not
made in time
Q. We are engaged in the business of manufacture and sale of medicines and pharmaceutical preparations being a dealer registered under the provisions of the Haryana General Sales Tax Act, 1973 and the Central Sales Tax Act, 1956. Our unit is holding eligibility certificate under rule 28-A of the Haryana General Sales Tax Rules, 1975 and the exemption certificate stands renewed
up to June 30, 2001 for the purpose of grant of the benefit of tax exemption. Due to recurring losses in the business we could not repay timely the amount of loan advanced to our unit for which proceedings for recovery have been initiated. In fact we are unable to continue with the production activities because of huge losses and therefore we want to discontinue the business activities. We are given to understand that the Punjab and Haryana High Court has delivered a ruling in the context of the provisions contained in rule 28-A (10) (v) to the effect that whole amount of the benefit availed of by the eligible industrial unit cannot be recovered in the event of cancellation of the exemption certificate. Kindly advise with reference to the case law as to whether our unit can be called upon to pay back the entire amount of the benefit of tax exemption if production activities are discontinued?
— Rajeev Mehta, Sonepat Ans: If the business comes to be discontinued during the period of exemption or deferment, the exemption or the entitlement certificate issued by the Deputy Excise and Taxation Commissioner to the unit becomes liable to be cancelled. Clause (v) of sub-rule (10) of rule 28-A of the Haryana General Sales Tax Rules, 1975 says “on cancellation of eligibility certificate or exemption/entitlement certificate before it is due for expiry, the entire amount of tax exempted/deferred shall become payable immediately in lump-sum, and the provisions relating to recovery of tax, interest and imposition of penalty shall be applicable in such cases”. The interpretation of this particular clause was the subject-matter of the case which recently came up for consideration before a Division Bench of the Punjab and Haryana High Court in what has come to be known as A.S. Fuels (P) Ltd v. State of Haryana, Civil Writ Petition No 19870 of 1998 decided on July 04, 2000. The precise question was “whether upon cancellation of Exemption Certificate under sub-rule 9 (i) of Rule 28A of the Rules the dealer could be required to deposit the tax benefit availed of by it for all the earlier years or only for the year during which the default had occurred?” Therefore, in the event of cancellation of the exemption certificate upon closure of production activities the benefit of tax exemption of the earlier years cannot be recovered back from the unit but it is only for the year during the default occurs that the department is entitled to claim back the benefit of tax exemption as has been held by the High Court. |
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K.R. Wadhwaney IA adjudged best by Sharjah Indian Airlines flights to the Middle East have become exceedingly popular both with expatriate Indians and the United Arab Nationals who travel to this country as tourists. These flights are comfortable and facilities on board flights are satisfactory. Indian Airlines has been adjudged the best in both passenger and cargo services by the Sharjah Civil Aviation and the Sharjah Airport Authority. This is a prestigious award which IA had won last in 1998. Indian Airlines’ Director (cargo) and now Commercial Director Anil Goyal was presented the award by the Chairman of the Sharjah Civil Aviation Sheikh Abdullah Bin Mohammed Al Thani. The national carrier operates as many as 20 flights a week of Sharjah from 13 cities. As many as 3 lakh passengers travel by these flights and 800 tonnes of cargo is transported. “We are examining the possibility of adding flights on this sector as there is demand for more flights”, said an official of the airline. IA started operations to Sharjah in 1992. In nine year, the airline has gone from strength to strength. The flights provide a lot of revenue to the airline which, on certain domestic sectors, has been losing money. The airline and its subsidiary Alliance Air have been planning to augment flights to tourists destinations with promotional fares. Soon, the airlines will announce schemes to woo passengers before summer vacations begin. At least three other airlines are endeavouring to fly on domestic sectors in the next month or two. They have completed all formalities. Cock-pit crews and cabin crews have been trained. Jet Airways has however been flying high along with Indian Airlines. There is increasing smuggling activities between Russia and India. As economy has touched rock bottom in Uzbekistan and some other countries in the region, corruption and smuggling have increased. For the past 2-3 years, there has virtually been fish market at Indira Gandhi International Airport when Aeroflot or some such flight from the region lands. Passengers, particularly hefty Russian women, use their muscle power to get past Customs without paying duties on dutiable articles. The Customs authorities have lodged complaints with the External Affairs Ministry but not much has been done in this regard on the plea of ‘maintaining good relations’. |
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R.N. Lakhotia Q: I am working as Veterinary Officer at Civil Veterinary Hospital Sheron (Sangrur). I have joined this post on Sept 2, 2000. Before joining this post I had been working as Research fellow at P.A.U., Ludhiana, from February 4, 1999 to Sept 1, 2000. I was getting Rs 10,120 p.m. as fellowship there. Should I include the amount of fellowship for calculating income-tax for 2000-2001? What is the rebate of standard deduction for ladies for the year 2000-2001? Is this rebate Rs 25,000 or Rs 20,000? Is there any difference for getting this relief between men and women? Savita Jindal, Sangrur Ans: The fellowship amount received by you will be liable to income tax. The standard deduction for the salaried employee for the financial year 2000-2001 would be @ 331/3 per cent of the salary subject to maximum of Rs 25,000 when the salary does not exceed Rs 1.00 lakh. If the salary exceeds Rs 1 lakh, but does not exceed Rs 5 lakh then the standard deduction would be Rs 20,000, if, however, the salary exceeds Rs 5.00 lakh, then the standard deduction would be reduced to NIL. Q: What is the procedure of creating HUF? Whether son is must to create HUF? Adesh Agnihotri, Tarn Taran Ans: New Hindu Undivided Family file can be created even today if some person makes a gift or contribution for such HUF. A son is not must for creating HUF. This has also been the view of various High Courts and the Supreme Court. Q: I am serving as an Addl Superintendent Engineer in the PSEB, Patiala. I am suffering from hypertension, diabetes and orthopaedics. For these, it is submitted that there is no permanent cure but these can be kept under control for a considerable period with the help of medicines. I take regular medicines for these ailments which cost about Rs 1,000 per month to me. Besides, I have also undergone bypass surgery of heart for blockage of arteries from Escort Heart Hospital, New Delhi, in 1995. I have also to incur certain expenditure on taking medicines relating to heart. Can I take any rebate from Income-tax authorities and under which section? Can D.D.O. give me the relief? If so, upto what amount? Are there any other diseases for which income-tax rebate is granted by the Government? K.K. Bhardwaj, Patiala Ans: The Drawing & Disbursing Officer can grant tax deductions under various provisions of the Income-tax law. However, on the facts stated by you, you are not eligible to claim any tax deduction on account of the expenditure incurred by you for medicines.
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