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Tuesday,
June 19, 2001, Chandigarh, India  
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Cabinet to
clear A-I, IA selloff Yarn
export to China to grow Fuel cell
hybrid vehicles from Toyota
ICICI
largest debt mobiliser |
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Central
Bank of India nets Rs 46.46 crore Daewoo
chief Kim quits Colgate
net rises 21 pc Server
market posts 9 pc growth
HLL
looks for partners in shoe business
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Cabinet to clear A-I, IA selloff New Delhi, June 18 Bidders for government stakes in both companies have completed their financial assessment of the airlines and are looking to move to the next stage, finalization of technical collaborations and submitting final technical bids. The government is selling 40 per cent its equity in the airlines to a strategic partner. The foreign equity content in A-I will not exceed 26 per cent. "A-I and IA are among the select companies for which security clearance by the Cabinet is mandatory and part of the procedure," Disinvestment Secretary Pradeep Baijal told IANS. Baijal said the committees would take up the issue before mid-July, when the bidders would be asked to submit final technical bids. The move is evidently part of a "routine", but with the string of problems faced by the Department of Disinvestment in the course towards part-privatization of the two airlines, the cabinet's nod may be crucial. The suspension of Michael Mascarenhas from the post of Air-India's Managing Director led to apprehensions about the future of A-I's privatization. However, the Civil Aviation Ministry has denied that the move affected the process. "You do not need the managing director to open the doors to the airline's data room. We have completed the procedure without a hitch and fulfilled our part of the bargain," Civil Aviation minister Sharad Yadav said. Yadav asserted: "After disinvestment of A-I and IA is over, the government will forfeit its control and the new management under the private partner will take independent decisions." The government would, however, retain control on "security, safety and national crises," he added. At the same time, resentment has not fully subsided within the ranks of A-I about the protection of employee's interests. Units of A-I's countrywide Scheduled Castes and Tribes Union have passed resolutions against divestment in April. The process has also come under a cloud with the Hinduja brothers participating in the bidding, raising a furor among the lawmakers of opposition parties and trade unions affiliated to the BJP, which is leading the ruling coalition. The Tata-Singapore Airlines combine is the other bidder for A-I. The Cabinet committees will also scrutinize the security aspects of selling IA stakes, where both bidders - Hindujas and Videocon — are "tainted". While Hindujas are facing charges in a controversial arms deal, Videocon was recently banned from accessing capital markets by a Finance Ministry order.
IANS |
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Yarn export to China to grow Chandigarh, June 18 China's policy to shift its emphasis from spinning to garment will help India increase its yarn exports by 10 per cent every year, say the manufacturers here. "The demand of yarn will increase due to the closure of the spinning mills in China and an emphasis on garment will further increase the demand for yarn", said Mr Hardyal Singh Cheema, Joint Managing Director of Lalru based Cheema Spintex Limited. China has started a reform programme under which a total of 10 million spindles are to be eliminated in cotton mills. While the wool manufacturing sector will eliminate one million outdated spindles by next year, the demand for yarn will thus be met by importing it from other countries. Recently, the eight-member Northern India Textile Mills' Association (NITMA) business delegation visited China to study facets of the Chinese textile industry and identify the sub segments in which the Indian textile industry can enter into mutually beneficial relationships. It was learnt that China (including Hong Kong) had a 17 per cent share in the international textile trade whereas the share in clothing was 29 per cent in 1998. China plans to give a quantum jump to its share by 2005 when its clothing exports would be 40 per cent of the world trade. Though the country is the world's largest manufacturer and exporter of textiles however, its old and unproductive units (mainly spinning mills) resulted in accumulated losses of $ 1.3 billion in 1997. A decision to close the old spinning units has thus been taken. China is now progressively concentrating more on value added items , the demand for import for intermediate progress namely yarn and grey fabrics is increasing substantially. "India can take advantage of this trade by increasing its textile trade with China and exporting intermediate textile goods to the Chinese market", the delegation has suggested. However, India will have to specialise in the field of value-added products. Compared to 29 per cent of China's share in the world clothing market India had a meagre of 2.41 per cent share. China exports $ 25.85 billion, while India's share was only $ 5.24 billion during the same period. Experts studied the competitive advantages China has which include an interest rate varying between 6.138 per cent and 6.534 per cent, lower power rates than India. "Not only the rates are lower but also the power supply is sufficient, which majority of the Indian industry is deprived of. Other advantages they have include closure of economically unviable units. The country has, moreover declared software and textiles as the thrust industries to meet the challenges of globalisation by 2004. If India is to progress in this field which can help us earn more foreign exchange, a clear cut plan for textile restructuring and concomitant policy measures as adopted by China (with suitable modifications) is required, they suggest. Other measures that we need to adopt include replacement of discarded spindleage and a cash subsidy for it; amendment of the Labour laws; option to close sick units within 60 days of notice to the government; proper power supply and good infrastructure etc. |
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Fuel cell hybrid vehicles from Toyota Tokyo, June 18 The environment-friendly vehicles — a 63-seater bus and a five-seater passenger car — promise to be three times as efficient as conventional gasoline-powered vehicles, Japan's top carmaker said. The news comes just days after Toyota unveiled its new four-wheel-drive Estima Hybrid minivan — the world's first hybrid minivan — for the Japanese market. Automakers are increasingly turning to hybrid technology, which combines two or more sources of power, such as a gasoline engine, an electric motor or a fuel cell. The goal is lower emissions of toxic gases and greater fuel efficiency. The development of "greener" cars is seen as the key to surviving global competition under stricter environment laws. Toyota said it and Hino Motors had come up with a low-floor city bus powered by a high-pressure hydrogen fuel cell hybrid system. Known as FCHV-BUS1. The bus has a cruising range of 300 km (186.4 miles) and can reach a top speed of 80 km per hour. Road tests will begin as part of the bus's ongoing development, the company said without elaborating. The FCHV-BUS1 uses a hybrid system that includes secondary batteries to store energy while braking. It also has roof-mounted high-pressure hydrogen storage tanks and a high-performance fuel cell stack, Toyota said. Fuel cells work by combining hydrogen and oxygen via a catalyst that converts chemical energy into electrical power to feed an electric motor. Advanced car Toyota also announced the development of its hybrid FCHV-4 passenger car which is powered by hydrogen held in high-pressure tanks and can reach a maximum speed of 150 km per hour, with a cruising range of 250 km. Developed together with the FCHV-3, a more basic fuel cell hybrid unveiled in February, it has been approved for road tests by the transport ministry. Those tests will help Toyota launch an advanced version in the autumn. "We believe that hybrid technology will be one of the core technologies in the 21st century," Toyota President Fujio Cho told an environmental forum organised by the carmaker on Monday. Toyota aims to meet Japanese 2010 auto emissions standards in all weight classifications of gasoline-powered passenger vehicles by 2005, he said. Some 34 per cent of Toyota's vehicles currently meet those standards. The company also hopes to achieve ultra-low emissions vehicle status for the majority of its passenger vehicles in 2005. That means producing cars with emissions that are 75 per cent below regulated levels for 2000. "We'll endeavour to install hybrid technology in as many vehicles as possible," Shinichi Kato, Toyota's Executive Vice-President, told the forum. Last Friday, the carmaker said it aimed to boost output of environment-friendly hybrid-powered vehicles to 300,000 in 2005, up from 19,000 in 2000. It currently has two hybrid vehicles on the market — the Estima Hybrid minivan and the Prius compact sedan, first launched in Japan in December 1997. Toyota has sold about 60,000 Prius vehicles in Japan, Europe and North America, it said.
Reuters |
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ICICI largest debt mobiliser New Delhi, June 18 After ICICI and SBI, was Power Finance Corporation with Rs 1,780 crore, followed by APPFC with Rs 1,548 crore, IFCI with Rs 1,508 crore, IDBI with Rs 1,455 crore, IRFC with Rs 1,093 crore, rural electrification
corporation (REC) with Rs 1,080 crore, HPCL with Rs 1,000 crore and Gujarat
Electricity Board (GEB) with Rs 981 crore, Prime said. On the overall private debt placement, Prime said the mobilisation of debt funds through private placements showed a 14 per cent rise with 251 corporates and institutions mobilising Rs 62,462 crore in 2000-01 as compared to Rs 54,701 crore in the previous year. On industry-wise basis, the financial services sector continued to dominate the market cornering 51 per cent of the total amount mobilised, it said. “Financial services, continued to dominate the market, collectively raising Rs 26,386 crore or 51 per cent of the total amount,” it said adding power sector stood second with 14 per cent share (Rs 7,407 crore) and followed water resources and petroleum with
Rs 3,151 crore and Rs 2,079 crore respectively. Among all government organisations, all India financial institutions/banks led with a 41 per cent share (Rs 21,673 crore) followed by state level undertakings with 22 per cent (Rs 11,466 crore), PSUs with 15 per cent (Rs 7,839 crore) and state financial institutions with four per cent market share (Rs 2,286 crore), Prime said. “Mobilisation by all FIs/banks witnessed a huge increase by 59 per cent to Rs 23,073 crore in 2000-01 as compared to Rs 14,539 crore in the previous fiscal,” it said. Out of the Rs 23,073 crore, debt with more than one year tenure comprised Rs 21,673 crore and those with less than one year tenure was Rs 1,400 crore, it said. State level undertakings’ mobilisation, however, fell by 31 per cent to Rs 11,526 crore in 2000-01 as compared to Rs 16,780 crore, it said adding majority of the funds were for the infrastructure sector, mainly power, roads and water resources. Prime noted that private sector mobilisation had grown by 35 per cent to Rs 17,012 crore in the last fiscal as against Rs 12,595 crore in all tenor in the 1999-2000. Of the Rs 17,012 crore mobilised, debts with more than one year tenure constituted Rs 9,169 crore and those with less than one year tenre was Rs 7,843 crore, Prime said. “Leading the pack of more than one year tenure, mobilisers were GE Capital with Rs 904 crore, Reliance Petroleum with Rs 635 crore, Reliance Industries with Rs 630 crore and Nirma with Rs 400 crore,” it said.
PTI |
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Central
Bank of India nets Rs 46.46 cr Chandigarh, June 18 The total deposits increased to Rs 41,518 crore from Rs 35,872 crore recording a growth of 15.74 per cent. The net advances increased to Rs 18,833 crore recording an increase of Rs 3,028 crore with a growth rate of 19.16 per cent and total investments reached the level of Rs 19,277 crore recording a rise of 12.84 per cent. The bank’s operating profit for the current year increased to Rs 609.56 crore as compared to Rs 391.36 crore recorded in the previous year, an increase of 55.8 per cent. However, after absorption of the amortised cost of VRS Rs 139.08 crore, the operating profit for the current year worked out to Rs 470.48 crore. The net profit for the year ended March 2001 was Rs 46.46 crore after absorbing the cost of VRS. The Capital Adequacy Ratio worked out to 10.02 per cent much above the minimum ratio of a per cent prescribed by the RBI. The average business per employee increased to Rs 110.38 lakh. |
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Daewoo chief Kim
quits New Delhi, June 18 The mantle has been handed over to Mr Y.T. Cho, the company said today after announcing that “Mr Kim put in his papers and is moving back to the United States due to health reasons”. The company is already in a serious condition with sales dropping considerably and losses nearly trebling in the last fiscal. Regular production of its
prestigious models, Cielo and Nexia, has been stopped. The company is surviving on its small car Matiz, which also is losing sales in numbers.
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Colgate net rises 21 pc COLGATE Palmolive (India) Ltd has posted a 21 per cent rise in the net profit at
Rs 62.5 crore for the financial year ended March 31, 2001, compared to Rs 51.8 crore in the previous fiscal. The board has
recommended a 17 per cent increase in dividend to 35 per cent for 2000-01, the company said in a release here today. Net sales in FY-01 were higher by 8 per cent at Rs 1,176.9 crore (Rs 1,089.6 crore in 1999-2000), while other income increased to Rs 29.5 crore (Rs 22.9 crore), it added. Net profit for the year includes a non-recurring gain of Rs 5.5 crore on sale of real estate, excluding this amount, the net profit increased by 10 per cent over the previous fiscal, it said.
PTI |
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Server market posts 9 pc growth New Delhi, June 18 According to preliminary results for Q1 2001, overall Asia Pacific (excluding Japan) server market growth slowed as market grew by 9 per cent year-on-year to post revenues of $ 1.38 billion IDC, said in its latest study. “India grew at the industry average, helped by 52 per cent annual revenue growth in the SIAS market in Q1 2001,” the study said. During the period in reference the non-SIAS market was down 23 per cent, as compared to the same period the previous year. IDC defined SIAS as a system designed and marketed as a server, built around Intel architecture processors running on generic IT industry chipset. Servers, in turn, are computers that provide services over a network of multiple, simultaneous users communicating with it through intelligent (personal computers) and non-intelligent (terminals) client system. According to IDC, in Asia Pacific market, SIAS servers underpinned the growth as they surged 19 per cent by revenue over Q1, 2000 to reach $ 591.2 million.
PTI |
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NIIT centres ZDNet India Aviation journal Office-bearers Spice Cell SBI branch Airtel SRF sales up |
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