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| Tuesday,
April 17, 2001, Chandigarh, India   
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Cheap farm imports to be discouraged
Wireless solutions in demand Real estate business dips in Delhi
Morepen Lab net profit rises 44 pc |
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GoM report on limited
mobilty by April 30 Online ticket auction by Lufthansa Spice Talk 2 card
launched
Mukta Arts banks on ‘Yaadein’
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Cheap farm imports to be discouraged
New Delhi, April 16 Additional Secretary in the Commerce Ministry L.V. Saptarishi said aggrieved parties could approach the Directorate General of Anti-dumping and Allied Duties (DHAAD) (Commerce Ministry) for protection from such imports that debilitated local agriculture and distorted healthy trading. This mechanism was so far available only for domestic and industrial items. Mr Saptarishi said a designated authority was being created in the DGAAD for dealing with cheap farm imports. Farmers’ groups and interest lobbies are now free to approach DGAAD for stopping such imports. In addition, the government is to facilitate a National Convention on Anti-dumping of Farm Commodities with representations from farmers’ groups, agri-business industry and lawyers. This would help frame the norms and rules for such safeguard measures, he added. As long as the QRs were in force, there was no need for anti-dumping checks against import of agricultural items, as most of them were done through channeling agencies. These checks have now become necessary to control unrestricted inflow of such goods, particularly from countries that heavily subsidise their domestic agriculture. Most farm produce in India is price sensitive due to the negative subsidy for farming. Form groups L V Saptarshi said it would be difficult for the government to take up all cases individually and suggested that affected parties to form associations to represent their cases. He said no cases of dumping of agricultural goods has so far been reported. Officials in the Ministry of Commerce, said reports of dumping of some agriculture products in certain parts of the country has started trickling in. Complaints of flooding of Thai and Chinese rice have been received besides alleged dumping of edible oils in certain states, the officials said. The farming community has expressed fears about possible flooding of agri-products following the removal of QRs from April 1 this year. Sugar export quota “India is negotiating with the European Commission on all issues of common interest and the two main points taken up with them are retaining of duty-free quota of Basmati and restoring the same for sugar,” Agriculture Minister Nitish Kumar said. Speaking after an hour long meeting with the EU delegation led by its Commissioner for Agriculture Franz Fischler, he said India wanted its original quota of 25,000 tonnes of refined sugar exports with zero duty to be restored. As of now 10,000 tonnes each of raw and refined sugar were being exported to the EU with duty exemption while a 250 per cent duty was being imposed on the rest. In case of Basmati the EU’s duty free imports from India had gradually risen from 10,000 tonnes annually to around 1,40,000 tonnes. There were some moves to lift this concession with reference to the European Union’s proposed reworking of their own trade regime. He said India had objected to it on grounds of unique aroma, length, shape and size of its basmati which deserved duty exemption. Fischer said “I promise to take up India’s case with the member nations which have the required mandate to make the policy changes,” Kumar said efforts were being made to bring about greater bilateral cooperation in agriculture between India and the EU even as the multilateral negotiations were on. Fischer said all issues were being discussed in their totality and these included Article 20 of the WTO Agreement on agriculture which recognises the need for special and differential treatment of developing countries. The two sides should have a more diversified agriculture cooperation and with this end, sanitary and phytosanitary measures, veterinary related issues and rural development were delved upon. Total trade in agricultural products between India and the EU was worth 1.4 billion euros or 5.56 per cent of the total trade.
UNI, TNS, PTI
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Wireless solutions in demand Chandigarh, April 16 Mr Manpreet Khaira, who belongs to the city, is an industry-recognised expert in VLSI design and management, who before founding Mobilian in August, 1999, was principal engineer and director of an advanced design technology group at Intel Corporation. Incidentally he had been the youngest Principal Engineer with Intel. “Though walking out of Intel was hard, but I always believed in wireless networking,” he says. He received his B.S. in computer science and engineering from the Indian Institute of Technology, Kharagpur and won the distinguished President of India Gold Medal for academic excellence in 1988. He earned his M.S. in computer science at Carnegie-Mellon University. In 1991, he joined Intel. In 1994 he founded the advanced technology group at Intel and grew it to one of the largest and most advanced design technology groups in the industry. During this period, he invented the Technology Maturity Model and built a management system around it to enable rapid conversion of technology to products. Mr Manpreet Khaira began his career in the Intel super computer systems division where he developed validation and verification technologies to reduce the number of steps for chipsets to get high-volume manufacture. He then joined scalable systems division, where he was responsible for design management positions of increasing responsibility for interconnect and networking chipsets for high end servers, including the one used in the Teraflops machine. In addition, he established a new system to automate the management of the chip design operations. When he decided to leave Intel in 1999, he was joined by senior executives from Qualcomm to start Mobilian to address the increasing market demand for wireless connectivity to the Intenet, corporate data and personal information. “TrueConnectivity”, he says, “describes our vision. We enable computing and communication devices to automatically detect wireless networking opportunities, select the best ones, and connect to them reliably. This seamless connectivity is transparent to the end user, and provides a superior user experience.” Mr Khaira believes that wireless data networking revolution is here. “However, as with most emerging technologies, success creates its own set of issues. At the very moment when the wireless data networking is experiencing phenomenal growth, standards wars, uncertainly surrounding the role and viability of multiple ‘competing’ technologies, and concerns about overcrowding and interference in the heavily-used unlicensed bands, cast an ominous cloud. “There are three different technologies that are driving the wireless data networking revolution — wireless personal area data networks (WPAN), wireless local area networks (WAN), and wireless wide area networks (WWAN). Each has a specific purpose and functions in the networking ecosystem and should be viewed as largely complementary. It is extremely unlikely that any one wireless technology will render the others obsolete,” Mr Khaira said. He feels that it is hard to imagine how WPANs will not become the serial connectivity technology of choice. “Most common applications scream for wireless serial connectivity. Consider the tangled mess of wires around every PC: individual wires to the mouse, the keyboard, the printer, the digital camera, the joystick, the headset and the PDA cradle. WPANs can be implemented very cost effectively while also meeting the data rate and power consumption requirements for most seria applications.” Mr Khaira said that his company has also built a strong IP portfolio in the area of interference resistant radios that multiple standards to coexist in the unlicensed bands. The first product, TruRadio, is the first highly integrated multi-standard wireless solution that supports simultaneous operation of Bluetoth and Wi-Fi standards. Mobilian is
establishing itself as a world leader in multistandard radios that are key to making TrueConnectivity a reality. Talking about production of the new chips designed by his company, Mr Khaira said that production and shipping would start within four to six weeks. He said that while for data networking
wireless connectivity has started coming in a big way, wired connectivity for voice data transmission would continue for a while.
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Real estate business dips in Delhi Kolkata, April 16 The study report made available here says the decline was in continuation of the trend observed in previous month. Commercial property accounted for a mere 12 per cent of the total number of transactions of value above Rs 7.5 million in February as compared to 14 per cent in January. The study says HDFC has purchased the entire fifth floor measuring 14,400 square feet in Express Tower at the rate of Rs 17,000 per square feet (on built up area). Though the deal reportedly includes part debt-for-property settlement, the rate appears to be above market, it points out. The recent transactions, including the purchase of space at Hoechst House at a rate of Rs 16,810 per
square feet, Maker Chambers VI at a rate of Rs 14,419 per square feet (on carpet area), Bajaj Bhavan at a rate of Rs 12,000 per square feet and Nariman Bhavan at a rate of Rs 13,558 per square feet, are indicative of average values for prime buildings in Nariman Point, it observes. Residential sale transactions in Mumbai constitutes 63 per cent of all recorded transactions of value over Rs 7.5 million. South Mumbai accounted for 68 per cent of these, while Central and North Mumbai for 20 per cent and 12 per cent, respectively. The economic survey recognises the imbalance created by the “World War II era” rent control acts in the market for rented property. It has urged the state governments to reform the rent control laws, introduce forfeiture law and modernise the municipal rules and regulations. The study says the Budget has given a fillip to the real estate sector. The essence of the Budget for the real estate sector includes increase in the limit for interest on housing loans for tax exemption from Rs 100,000 per annum to Rs 150,000 per annum, enhancement in deductible expenditure on repair and maintenance of house property from 25 per cent to 30 per cent of the annual rent and discontinuation of mandatory 230-A clearance by owner of the property prior to sale. In New Delhi initial yields on the investments in the CDB area have steadily declined from 16-18 per cent to 10.5-12 per cent in light of limited capital appreciation expectations. The study says investments appear to be flowing to Gurgaon where the secondary investment market remains active over the last two to three months. Developments such as Global Business Park, Signature Towers, First India Place and Metropolitan, among others, continue to attract strong retail investor interest for average investments between Rs 50,00,000 and Rs 125,00,000 on initial yields ranging from 9 to 13 per cent. The study says leasing activities continue to be steady in most major districts, though at a more subdued level, compared to the last quarter. Many software companies have put expansion plans on hold or have reduced space in-take until the impact of the US recession is ascertained. Values continue to remain under pressure in areas such as Udyog Vihar, Mohan Cooperative Industrial Estate, Okhla and Noida, traditionally preferred IT users, owing to historically low occupancy costs. It says capital values in Grade A and B properties in Connaught Place and Gurgaon are likely to reflect the slight wickening of rentals over the medium term. Values in industrial districts within the city centre and suburbs such as Gurgaon and Noida will continue to be under pressure owing to excess supply and a rethink on fresh investments by major space users. The South Delhi residential leasing market continues to be active with demand being more for independent houses and Grade A builder developments. The supply of builder apartments remains consistent with demand, as private developers continue construction of three-storied apartment complexes. As a result, the study says, the market has reflected no change in rental values. However, greater demand for newer developments has led to an abundant supply of older constructions in colonies such as Vasant Bihar, Westend, Defence Colony, and Greater Kailash. The recent seismic disturbances have caused several
prospective investors, as well as, existing residents to review investments in high-rise buildings. Although, achievable values seem to have decreased by as much as 10 to 20 per cent reflecting this sentiment, it appears that this could very well be a short term phenomenon with values falling in line with general market parameters. Overall, rental and capital values are likely to remain stable, especially in the prime colonies of South Delhi. However, the increase in demand for newer constructions is likely to lead to a firming up of rentals for such
accommodations. On the other hand, the excessive supply of older constructions would probably lead to a marginal decline in their rental values. In Bangalore, due to a slowdown in the US economy and a bear hug in the Indian stock markets, a number of major corporations are reported to have put on hold their expansion plans. Some space, previously occupied by IT companies, has been released back into the market, leading to increased availability of fully furnished “Plug & Play” office options. Rental and capital values in prime locations are likely to stabilise in the short term. As the effects of the US slow down on Indian IT companies are discerned in the coming months, medium term rental values would realign to reflect changing demand for workplace solutions in the IT capital of India, the study hopes.
UNI |
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Morepen Lab net profit rises 44 pc Morepen Laboratories on Monday reported a 44 per cent rise in the net profit at Rs 73.25 crore from Rs 50.93 crore for the year ended March 31, 2001. Morepen’s turnover rose by 32 per cent at Rs 438.19 crore from Rs 332.67 crore in the same period, a company statement said in New Delhi. Leading generic drug manufacturer’s export turnover saw a jump of 37 per cent with its blockbuster Loratidine accounting for 66 per cent. The company registering a growth of 69 per cent in the branded formulations is in the process of increasing its presence in the domestic market through innovative products and new drug delivery system. Aksh Optifibre
Aksh Optifibre (AOL) has recorded a 258 per cent jump in the net profit at Rs 19.12 crore for the financial year ended March 31, 2001, as compared to Rs 5.33 crore in the previous fiscal. The Board has also declared a final dividend of Re 1 per equity share, AOL informed the Bombay Stock Exchange in a notice here today. The company’s net sales increased to 127.35 crore in FY’01 as against Rs 88.37 crore in the same period last year, up by 44.1 per cent.
Grasim
The Bombay Stock Exchange on Monday slapped a special 25 per cent margin on the scrip of Grasim Industries and revised rates of margin on 22 stocks, including ACC, Adani Exports, DSQ Biotech and DSQ Software. Among 22 scrips whose margin have been revised include Jayprakash Industries, Shyam Telecom and Saw Pipes.
Orchid Chemicals
Orchid Chemicals and pharmaceuticals, leading manufacturer of cephalosporin bulk drugs, has received the Certificate of Suitability from the European directorate for quality of medicines. According to a company release in Chennai on Monday the certification opens up new regulated markets of Europe for this ‘key, large selling molecule of the company’.
VST
The acquisition saga of tobacco major VST hit further roadblocks today when both, the open offer by investment outfit Bright Star and the counter offer by ITC failed to commence, with SEBI still not giving the go-ahead to either proposal. Bright Star Investments had announced an open offer for acquiring a 20 per cent stake in VST earlier this year and the offer was scheduled to open on March 30.
HDFC
HDFC said on Monday it will consider hiking FIIs shareholding in the company to 49 per cent from 40 per cent at present. In a notice to the Bombay Stock Exchange HDFC said a meeting of the Board of Directors has been convened on May 8 to “inter alia consider increasing the maximum shareholding limit by the FIIs from 40 to 49 per cent of the paid up equity share capital of the corporation”.
PTI
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GoM report on limited
mobilty by April 30 New Delhi, April 16 The Finance Minister, Mr Yashwant Sinha, who is heading the group, today held a meeting here today to take a view on the limited mobility issue. The meeting,
however, remained inconclusive and it was agreed to hold another meeting shortly. The Information Technology Minister, Mr Pramod Mahajan, told newspersons that GoM would be able to submit its recommendations within the stipulated time-frame of April 30. He said the Department of Telecommunications made a detailed presentation on various aspects of limited mobility but declined to give details of the meeting. Even as the matter was before the Telecom Dispute Settlement and Appellate Tribunal, the Centre, last week had referred the issue to the group on convergence. The high-powered group has been asked to give its report before April 30 to determine whether the New Telecom Policy ,1999, permitted limited mobility services to basic operators and parameters of introducing the same with regard to a levelplaying field, if the policy permitted it. If limited mobility is found not to be permitted under the
NTP, the recommendations would offer ways by which the policy can be suitably modified to facilitate limited mobility for ensuring faster achievement of
tele-density targets. |
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Online ticket auction by Lufthansa New Delhi, April 16 Commenting on the new strategy, Harald Hahn, General Manager (South Asia) of Lufthansa said “we are pleased to announce that Lufthansa will be the first airline to offer online ticket auction in India on April 18, 2001.” “By conducting periodic auctions online we hope to create awareness and attract attention of the growing number of `netizens’ in India to the website, which currently registers 35,000 hits a month,” he said adding that the website will also facilitate users to book their flights on-line. He said the launch of online ticket auction in India follows the success of these auctions conducted by Lufthansa in Europe, US and other Asia Pacific regions, where they have proved to be extremely popular. To participate in the auction, potential bidders have to register online at the website which will list the schedule an flight details a few days prior to the auction, a company statement said here today. The auction has been scheduled between 11 a.m. and 4 p.m. on April 18, 2001. Bidding for each new return ticket will start from zero value and incoming bids will be in increments of Rs 1000, Rs 3000 and Rs 5000, the statement said adding the destinations are Frankfurt, Munich, New York, Rome and other centres. The winner will be announced after the third strike of the virtual hammer, it said. Its website www.lufthansa.com had registered a total of 252 million hits last year which resulted in total bookings of 250,000 tickets, an increase of 140 per cent against the previous year, it said.
PTI
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Spice Talk 2 card
launched Chandigarh, April 16 All incoming calls between the parent card and the Spice Talk 2 card will be free whereas outgoing calls will be charged at the off peak rates. Moreover, the subscriber can also avail of the North roaming facility on both cards by paying security deposit for only one card. Those who have paid an initial security deposit of Rs 3,000 for the connection, their Spice Talk 2 card will automatically upgraded with North roaming facility . This will enable them to use their Spice connection in Delhi, Haryana and Himachal Pradesh. On request, the subscribers can also get a special number for their Spice Talk 2 card. The card can also have the same number as that of the parent card. Coolex 2001 Chandigarh, April 16 |
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by Ashok Kumar Mukta Arts banks on ‘Yaadein’ The pounding at teach counters continues unabated and my personal hunch is that it will continue till Infy bleeds itself to a more realistic price level. That of course will affect the other two front line IT stocks namely Wipro and Satyam Computer and hence, if one had to pick a defensive cum growth stock, my bet would be placed on Hughes Software Systems (HSS), which I think offers excellent value to discerning long-term portfolio investors at its current price level of around Rs 550. To buttress my point, I have detailed hereunder the concluding remarks of a recent research report our research team put out on Hughes Software Systems. For cornering a significant share of the market, the key elements of HSS’ future growth strategy are expansion of its reach, enhancement of product offerings, taking advantage of selective e-commerce opportunities, prudent mix of products and services, investment in R&D and strategic acquisitions. Growth in non-HNS business is expected to be a major growth driver for both, its topline as well as bottomline. About 25 per cent of its business is expected from the parent company, another 35 per cent will come from non-Hughes services and about 40 per cent of the business will come from the products. The stock can receive a re-rating as the contribution from products to total revenue increases, making it a possible long term carpet-bagger. While Hughes Software will perpetually be a fundamentally solid pick, my advise to those clients with the penchant for a punt and risk-taking is — give Mukta Arts a look in. There is a fair chance that this counter might witness some interest if Ghai’s “Yaadein” clicks at the box-office. However, given that box-office fortunes are nearly as fickle as the BSE Sensex and the NSE Nifty, there is a definite risk factor involved. But as Ukridge, yet another of good old PG’s unforgettable characters would probably have remarked “To accumulate, you must speculate”. Not at the infamous-counters of HFCL and Global Tele though, please!
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Pak bows to IMF on gas price Islamabad, April 16 Citigroup Q1 profit falls 7 pc New York, April 16 Satyam opens Hq in Singapore Singapore, April 16 Crackdown on illegal forex deals Karachi, April 16 Palm oil prices to remain low Jakarta, April 16 |
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