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Thursday,
May 3, 2001, Chandigarh, India  
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Maruti April sales dip 12 pc First C-Class Merc in
city
CII to set up WTO helpline
Change of guard at CII (NR) Zuari back in the black |
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Infosys sticks to profit
forecast Amritsar focal point size reduced CAG pulls up NFL for losing 39.60
cr Ranbaxy eyes tie-ups in USA,
China JK Tyres launches campaign in
Punjab J&K Bank to enter insurance Transport industry corners bulk of
FDI Free Connect surfing offer
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New Delhi, May 2 Reflecting on the general slowdown in the car market, Maruti’s sales during April were down by 30.7 per cent as against 37,900 units sold in March 2001, a company statement said today. It sold 11,687 units of the entry level car ‘Maruti 800’ and 4,921 ‘Omni’ vans. Sales of premium small cars ‘Zen’, ‘Alto’ and ‘Wagon-R’ stood at 4,372 units, 1,453 units and 2,779 units respectively, during April this year. Daewoo Matiz The April sales were also down by 9.7 per cent compared to 2,287 cars sold in March this year, a company statement said. It said the premium small car ‘Matiz’ has recorded a dip in sales during April due to sluggish market conditions but did not give figures. HM Lancer The April sales were also down by 55.8 per cent compared to 2,877 cars sold in March 2001. Sales of the premium mid-size car ‘Lancer’ fell by 36.3 per cent at 350 units over 550 units sold in April 2000, an HM spokesperson said. HM sold 920 ‘Ambassador’ cars in April this year, down 8.2 per cent over 1,003 sold in the year-ago month. Hyundai Santro The April sales, reflecting on the downtrend in the Indian car market, were also down by 28 per cent as against 10,008 cars sold in March this year. HMIL has sold 33,017 cars in 2001 till April-end, a company statement said. HMIL, a subsidiary of Hyundai Motor Company of South Korea, manufactures the premium small car ‘Santro’ and mid-sized ‘Accent’ car. Total cumulative sales of HMIL cars since the launch of ‘Santro’ in September 1998 has touched 1,87,716 units. HMIL has also shipped 5,932 cars to the overseas markets since it commenced exports in 1999, the statement said. “We are now very close to rolling out the fastest 2,00,000th car,” HMIL Managing Director Y.S. Kim said. Hero Honda The April sales were, however, down by 138 units (0.14 per cent) compared to 96,810 motorcycles sold in March this year.
PTI
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First C-Class Merc in
city Chandigarh, May 2 The first C-Class car was delivered here today by Mr Manjit Singh
Bala, Managing Director, Tai-Pan Traders Ltd, to Mr Gurdarshan Singh of Gurnam Singh & Company. Smaller than E-Class, the new ‘‘pin-up girl of the automotive world’’ comes in two models in Classic and Elegance packages. The petrol variant— C-180 — costs Rs 21 lakh in Chandigarh inclusive of local sales tax, while the diesel variant — C-200 CBI — 24
lakh. The nearest competitive model is Honda Accord whose launch in India is still uncertain. A special feature of the C-Class is its ABS (anti-lock breaking system) which prevents the car from skidding, explained a company
official. Mr Bala said there are 67 orders in hand for this car which will be officially launched on May 27 in
Ludhiana. Tai-Pan Traders is opening a branch in Ludhiana at Dhandri Kalan on the Ludhiana-Ambala road. There are 170 Mercedes-Benz cars on road in
Ludhiana. Mr Bala said he hopes to sell at least 100 C-Class cars by December this year. |
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CII to set up WTO helpline Chandigarh, May 2 "Focus on competitiveness will be our primary theme — be it in the area of manufacturing, agriculture or the services sector," he said. To attract new industries, he said, existing investment must be made more fruitful. Local "symbols of success" can attract investment. "If your existing industry is not in good health, how can you attract new industries," he asked. Mr Bhartia said the CII (Northern Region) has set up sub-committees to focus on retailing, digital media and entertainment, healthcare, tourism and hospitality, IT and IT-enabled services, real estate, brand marketing, fashion, beauty and fitness, supply chain management and customer relationship management. He said the CII would work for manufacturing competitiveness, energy audit and waste minimisation. The CII would also help NGOs in getting finance and teach them best practices of management. A major conference on NGOs later this year also forms a part of the CII agenda. Mr I.S.Paul, Chairman of the CII, Chandigarh Council, said a CII delegation would accompany the Punjab Chief Minister during his visit to China starting on June 1 this year. Another CII delegation will go with the Haryana Chief Minister on his visit to the USA in July.
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Change of guard at CII (NR) Chandigarh, May 2 This was announced by Mr Hari Bhartia, Chairman, CII (Northern Region) at a press conference here this afternoon. Mr Bahl was instrumental in relocating the CII (Northern Region) headqarters from Delhi to Chandigarh in 1993. The CII (Northern Region) membership has grown from 500 to over 1,000 companies and the turnover from Rs 50 lakh to Rs 14 crore. Mr Bahl is moving to New Delhi as the Head of the Trade Fair Division of the CII Central Office. Mr Banerjee, who was earlier Regional Director of CII (Southern Region) in Chennai, was also present at the press conference.
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Mumbai, May 2 The Board has declared a 15 per cent dividend. The company’s total income for the year stood at Rs 1,223.7 crore and that for 2000 it was Rs 1,412.88 crore. The figures for the year ended March 31, 2001 were not comparable with those of the previous year which included the operations of the cement division. As per a Bombay High Court verdict, ZIL had hived off its cement undertaking from April 1, 2001 and accordingly all assets and liabilities in respect of the undertaking were transferred to Zuari Cement Ltd. MELSTAR INFORMATION has posted a 10.22 per cent drop in its net profit at Rs 9.05 crore as against Rs 10.07 crore in the corresponding year last fiscal. The Board has recommended a 12 per cent dividend on its equity. Total income for the year was up by 86.71 per at Rs 68.56 crore as against Rs 36.72 crore. For the quarter ended March 31, the company’s net profit fell by 63.71 per cent at Rs 2.54 crore as against Rs 7 crore in Q4 ended March 31, 2000. WOCKHARDT has won its domain name back from a US-based company in a legal battle at the World Intellectual Property Organisation (WIPO) Arbitration and Mediation Centre, Geneva. The company has recovered the international rights for its domain name “wockhardt.com” after WIPO recognised its rightful ownership over the corporate name, brand equity and identity, wockhardt said in Mumbai on Wednesday. The company had filed a complaint with WIPO against the USA’s Margold Associates in December, 2000, for forcing WL to temporarily use a modified domain name, it said. In its verdict, WIPO said “the international reputation and goodwill in the trademark ‘Wockhardt’ as being created and possessed by Wockhardt for several decades, goes beyond doubt, to establish the legitimacy of the company, as a lawful owner of the domain name ‘wockhardt.com.” GTB: Badly shaken out by the recent stocks scam, the Global Trust Bank (GTB) has brought down its capital market exposure drastically from over 15 per cent in January to 7.8 per cent by April 10, 2001, gtb Executive Director Sridhar Subasri said here today. Addressing a press conference, Mr Subasri said the bank which had a total capital market exposure at Rs 560 crore (15 per cent of its total advances) in January, 2001, brought down it to Rs 327 crore (7.8 per cent of its advances).
PTI, UNI
Infosys sticks to profit forecast Hong Kong, May 2 Chief Executive and Chairman of Infosys Narayana Murthy said the 30 per cent forecast growth in annual sales and the net profit would hold for now but added that the outlook would be commented on when first quarter results are released in July. Last week a Commerce Department report showed surprisingly strong US economic growth at an annualised 2 per cent pace for the first quarter of this year. “I am happy that there has been growth but it is too early to say anything,” Murthy told mediapersons during a speech at the Foreign Correspondents Club. “We have not seen any material changes at this point of time. We have not seen any data to revise that (forecast),” Murthy said. The US growth numbers had defied analysts predictions of 1 per cent growth — the same pace as the fourth quarter of last year. On Wall Street, the tech-heavy Nasdaq index and Dow Jones rallied in response to the figures amid speculation the slowdown in the USA and global economies would not be as harsh as many thought. Three weeks ago Infosys said the net profit was more than double in the year to March to Rs 6.28 billion ($ 136 million) from Rs 2.93 billion in the previous year.
AFP |
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Amritsar focal point size reduced Chandigarh, May 2 It is learnt that the decision has been taken estimating a lower demand for the area. Earlier 316 acres had been earmarked for this focal point has now been reduced to 200 acres. With this, the corporation will save at least Rs 12 crore . PSIEC had, reportedly, invited applications for the industrial focal point and due to a dull response, the date was extended. So far, it has received 80 applications for the allotment of land . Officials expect to receive a good response this time. "Recessionary trend in the market was mainly responsible for the lower demand . However we expect it to be tremendous this time", said Mr Kulbir Singh, Managing Director, PSIEC. Work on the focal point is likely to be started soon after the scrutiny of the applications next month. Following the change in the land area, the corporation is in the process of re-calculating the plot sizes. "We will also inform the industrialists regarding our decision through advertisements", stated the MD. Of the total 200 acres, a food park will be developed by the Punjab Agro Industries in 25 acres. This land which the corporation has decided to offer at lower rates (Rs 475 per square yard), will further be allotted to agro industries by PAIC. Food processing industries will be mainly promoted apart from the other dyeing units, handicraft units, etc , say the officials. "The food park will also help increase demand for the land here due to the agrarian nature of the state. It will be the first one of its kind in the region". The land for other plots will be
given (on lease) for Rs 750 per square yard. "However, we will definitely consider cases under the off the shelf scheme", stated Mr Kulbir Singh. As per this, anyone can apply without the offer (advertisement ) given by the corporation for the land in this area. Depending upon the availability of plots, cases will be dealt with by a committee headed by top officials. Apart from having a food park, a housing sector scheme is also being considered." If approved, it would mean that industrialists will also be provided residential accommodation within the said area". The completion of the project will take nearly 2 years. Meanwhile the PSIEC has also decided to readvertise for the Ladhowal (Ludhiana) industrial focal point which will be developed in 1500 acres. This land, where industrialists were sceptical to move to fearing water seepage , will now have new features. According to the officials, improvements will be done and meetings with the industrialists are being conducted for the purpose. The corporation will allot plots between 200 square yards and 500 square yards. This focal point will have unique facilities, including a golf course in 150 acres and housing facility for the industrialists. |
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CAG pulls up NFL for losing 39.60 cr New Delhi, May 2 NFL suffered aggregate loss of Rs 39.60 crore “by making inadmissible payment of rebates and discounts, permitting credit sales without ensuring adequate safeguards against non-realisation of sale proceeds and allowing cash rebate despite delay in receiving payments,” CAG said its latest report. Although NFL’s sales rose from 2.17 million tonnes in 1992-93 to 3.02 million tonnes in 1999-2000, overall rate of growth in sales was only 38.79 per cent even as marketing expense per tonne of urea sold had shot up three folds from Rs 142.60 to Rs 415.37 per tonne during the period, it said. During 1998-99 and 1999-2000 the company incurred a phenomenally high expenditure of Rs 19.76 and Rs 35.90 per tonne, respectively, on sales promotion and publicity, CAG said adding, that “this increase was mainly due to payment of incentive to private dealers at the rate of Rs 50 per tonne from October 1998 onwards”. NFL, which sold urea through private dealers and institutional agencies, added a new category of bulk buyers in 1991-92 without laying down any ground rules. “The company allowed bulk buyers additional margins by way of administrative charges and cash rebates aggregating Rs 9.30 crore over and above the normal discount/rebates allowed to private dealers,” it said. NFL granted rebates and discount amounting to Rs 2.29 crore to Tata Chemicals (TCL) which sold this urea under its own logo, thus bestowing a status different from normal dealers, CAG said. “Overlooking this important difference, the company treated TCL as a normal dealer and allowed it a distribution margin at the rate of Rs 130 per tonne as per the standard terms and conditions meant only for the regular dealers,” it said adding that NFL did not claim interest rate of Rs 34.56 lakh though payments were not made on due dates. Stating that NFL was unable to market its products effectively in the absence of a clear marketing strategy, CAG said “despite the fact that recovery from the Jammu and Kashmir Federation was irregular, the company continued to supply urea to it without receiving its old dues.” Consequently, the company had to make a provision of Rs 14.76 crore in its accounts for 1997-98 towards bad and doubtful debt, the report said. “There was a loss of Rs 2.81 crore on account of interest on delayed payments and cash rebate and special incentive granted irregularly on sale of urea to three institutional agencies,” it pointed out. NFL appointed 38 bulk buyers during 1992-93 to 1996-97 on the grounds of channelising production during off-season and sales were made on credit. While only 23 bulk buyers actually channelised stock during off-season, yet additional discounts and rebates at the rate of Rs 60 per tonne were allowed to bulk buyers over and above prescribed limit which resulted in an avoidable expenditure of Rs 9.30 crore, CAG said.
PTI
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Ranbaxy eyes tie-ups in USA, China New Delhi, May 2 “We are examining possibilities of collaboration with companies in the USA, Russia and China,” Mr J.M. Khanna, President, R&D Ranbaxy Laboratories told PTI. Khanna said the company was also talking to various government research institutes and companies in the country for a tie-up for the foray. “We are also talking to some government-owned research institutes under the Council for Industrial and Scientific Research and also companies for a possible tie-up,”Khanna said and added that it was likely to be concretised in about 3-4 months. The company was eyeing tie-up with companies both for R and D and for licensing or co-marketing products. Stating that Ranbaxy had identified certain areas in the biotech sector, Khanna said the company would also evaluate the biotech sector as a whole. The company had identified areas like enzymes therepeutic proteins, interferons, cell culture, cancer and diabetes as the focus areas. While the company was still examining the possibility of aligning with research institutes for R and D in biotech, it had already firmed up plans to expand it existing research facility to accommodate biotech research. Ranbaxy was also in the process of setting up a R and D facility in the USA and had hired a consultant to advise on the issue. The company would also look at acquiring an already existing research facility or entering into a joint venture with a research-based company which synergises well with the company culture. “We are looking for something which suits our requirement and synergises well with the company culture. However, we may also consider setting up the centre on our own if nothing worthwhile comes our way,” he said. The research laboratory would focus on early stage drug discovery, he said and added that the company wanted to make use of the high quality of the research fraternity existing in the USA. The company would also initiate brand marketing in key developed markets and also further strengthen its branded product portfolio in developing markets.
PTI
JK Tyres launches campaign in
Punjab New Delhi, May 2 JK Tyre plans to increase its market share in the state by at least 6 per cent more by its personalised marketing campaign, Mr T K Banerjee, the Marketing Director, told The Tribune. “The campaign is aimed at building relationship between the farmer and the company. It is an attempt aimed at not only introducing the company’s products, but, also helping them in overcoming the problems created by farm equipments,” he said. Stating that the company has launched ‘Sona’ and ‘Vikrant’ tractor tyres, which have a unique ‘mudshaker’ between the treads, he said the new tyre is being introduced to the farmers while building a long term bond with them. The new tyre ensures that no loose mud sticks to the tyre resulting in smoother movement, stronger grip and better fuel efficiency, he said. Mr Banerjee said the company officials were visiting villages and explaining to them the importance of tractor maintenance and its positive impact.
J&K Bank to enter insurance New Delhi, May 2 He said with the increase convergence between banking and insurance globally, this partnership with MetLife is a logical step for our bank. The bank with MetLife and Pallonji Group have applied to the Insurance Regulatory and Development Authority for life insurance licence.
Transport industry corners bulk of
FDI New Delhi, May 2 The largest recipient of FDI was the transport industry which received Rs 6,236.34 crore from August 1991 to October 2000 followed by electrical equipments Rs 5,754.76 crore, chemicals Rs 4,406.46 crore, telecommunications Rs 4,333.20 crore, services sector Rs 4,225.41 crore and fuels Rs 4,112.20 crore. The other sectors which received FDI of over Rs 500 crore in the post-liberalisation period were food processing industries, paper and pulp, mechanical and engineering items, textiles, trading, metallurgical industries and glass. The Assocham, which carried out the analysis of the FDI flow, said macro-economic scenario should be made conducive to attract foreign investment on a continuous basis. It has called for speedy implementation of projects and removal of post-investment problems faced by investors. Steady improvement in GDP, lower levels of inflation and stable exchange rate and a well regulated capital market would help reduce the risk perception of investing in India.
Free Connect surfing offer Chandigarh, May 2 All those using Internet services can avail of this offer by sending e-mail to freesurfing@comeconnect.com through their existing ISP mail account. The e-mail mentioning the respondents’ name, address and telephone number will get the respondents a login name and password within this month. The offer closes on May 6, 2001, said Mr Aasheesh Verma, General Manager Comeconnect, in a press release here today.
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Dr R. K. Jain BIS team DSB centre Surya Group Spice coverage |
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