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Thursday, January 17, 2002, Chandigarh, India  
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CORPORATE NEWS
Telco unveils Indica Sedan
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VAT to improve economy
Hughes Software net dips 21 pc
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Telco unveils Indica Sedan
New Delhi, January 16
Unveiling the 3-box petrol and diesel versions of "Indica Sedan" at Auto Expo here, Tata group Chairman Ratan Tata said the car, to be positioned in the growing mid-size (Rs 5-6 lakh) segment, would be launched by September this year. "This is the first of the several new variants that will be built on the "Indica" platform. We have plans to have a turbo-diesel and other engines on the car. We hope that the Sedan will be preferred by consumers who want trunk space in their cars," Tata said. While petrol version of the Sedan would be powered by 85 brake horsepower (BHP), 1400CC engine like the one used in the existing hatchback version, the diesel version would have a 65 BHP engine. Hyundai price hike soon
Hyundai Motors India Ltd said it would soon hike prices by 2-3 per cent of some cars and that of others by 6-7 per cent to meet increasing production costs. "We will announce the price hike very soon and it is going to be in the brackets of 2-3 per cent and 6-7 per cent. An increase in the price has been long overdue," Hyundai India President A P Gandhi told reporters at the Auto Expo here. The hikes would vary for different variants of all three cars — Santro, Accent and Sonata. To launch Terracan
Elaborating on new launches, Hyundai is planning to bring in Indian market the sporty-utility vehicle "Terracan" as a completely-built-unit. "We may bring Terracan, which will carry a price tag of Rs 18-20 lakh in a CBU form in July or August," Gandhi said, adding initially Hyundai expects to sell 200-300 cars a month. Hyundai India would consider manufacturing Terracan in the country only after assessing the initial response for which a market study had been undertaken. 3 models of three-wheelers
Scooters India Ltd said it would unveil three new models of three-wheelers by this year-end and is working on a zero-emission fuel cell technology based vehicle slated to be launched in 2003. "The three new models of the three-wheelers will be brought out by this year," Scooters India Chairman A Sahay told reporters here. Out of the three vehicles, he said, two are based on electric battery while one is based on LPG and would be priced at Rs 1.25-1.6 lakh. The company was developing a fuel-cell technology based vehicle, which is likely to be unveiled by next year, Sahay said, adding that Scooters India was being assisted by the Ministry of Non-Conventional Energy Sources on this project. The new zero-emission vehicle is being developed with an initial investment of Rs 4-5 crore.
Agencies |
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VAT to improve economy Chandigarh, January 16 He said VAT enhances competitiveness of entrepreneurs as exports can be fully relieved from domestic or regional tax and domestic product will not have hidden taxes and hence can compete with the imported products. It will be good for producers, traders, politicians, bureaucrats as well as tax administrators, he said. Mr Amar Raj Singh, Chairman Working Group on VAT, CII (North) said successful implementation of the long awaited VAT regime in the country would improve the competitiveness of industry as well as the economy. Existing sales tax incentive, as committed by the states should be honoured. With the introduction of VAT from April this year, these incentives need to be modified suitably in the new regime so that the companies which had invested in the states based on the promises, are not at a disadvantage. With the introduction of VAT, various state taxes and other local levies like entry tax, sales tax, turnover tax, octroi and other tax on movement of goods need to be abolished, he said. Mr RM Khanna, Chairman Taxation and Finance Sub Committee , CII (North) said inter-state trade barriers have fragmented the large Indian market which has in turn, hampered the free flow of goods and services within the country. Mr D.S. Kalha, Commissioner Excise and Taxation, Punjab, Mr Yudhvir Singh, Additional Commissioner, Excise and Taxation, Haryana also made presentations during the seminar. Ericsson ties up with BPL Telecom
Bangalore: Ericsson today forged a marketing tie up with BPL Telecom for selling its enterprise products especially in the mobile telephony area. Ericsson Asia Pacific Region Director Prem Kumar told newspersons here that the move would enable the company to double its sales in the enterprise area to 14 per cent this year from 7 per cent amounting to 6.5 billion Swedish
kroners. UNI |
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SCL to introduce chip designing modules SAS Nagar, January 16 “These modules will be of immense benefit especially to the companies in the region involved in chip designing as there are no other such training institutes in this part of the country”, said and official from SCL . He said those already working with these companies can now update their skills regularly also saving their company from the additional manpower recruitment costs and other costs incurred due to following the old systems in absence of regular update. While major global semiconductor companies like IBM, Phillips, Analog Devices, Motorola, Wipro etc and many more have established their design houses in India, there are few design training centres. “Manufacturing requires heavy investment and the country has only two institutes including SCL which have both designing as well as manufacturing”. SCL, meanwhile will be starting it’s next batch of specialised training course in Very Large Scale Integration (VLSI) design technology. SCL which started this training in November last will be starting next batches from February onwards. The institute has decided to absorb a few students who are undertaking specialised training with it. Following the introduction of VLSI training, SCL has become the only institute in the country to have VLSI manufacturing, designing, as well as well as specialised training in design facilities, the official said. The training received tremendous response with increasing scope for VLSI design engineering in the rapidly increasing $200 billion chip manufacturing industry . The almost Rs 300 crore SCL, Mohali, at present has around 200 engineers including 40 VLSI design engineers. “Atleast ten VLSI engineers are required by us every year and we plan to absorb a few of those trained in our own institute”. Semiconductors, which are referred to as Integrated Circuits, contain numerous pathways which connect thousands or even millions of transistors and other electronic components. These transistors store information on the semiconductors. Almost of today’s chips are built on silicon wafers , silicon being a natural semi-conductor. It is the VLSI design engineer who designs these chips which are later sent for manufacturing. The last decade has witnessed a revolution in the miniaturisation of electronics- mobile phones, computers, aerospace etc. A VLSI design engineer’s efforts make this possible , thus making designing as one of the most sought after professions these days. |
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Hughes Software net dips 21 pc
New Delhi, January 16 However, net profit in the third qaurter was up 130 per cent over Rs 6.3 crore posted in second quarter of 2001. The company’s net profit during April-December 2001 was down marginally to Rs 39.5 crore as against Rs 40.8 crore during the same period last fiscal, a top company official told reporters here. Hughes, which is enagaged in communications software development, clocked a marginal growth in revenue to Rs 59.9 crore during October-December 2001 as compared to Rs 56.3 crore in the year-ago period
Digital GlobalSoft
Digital GlobalSoft today announced a 60 per cent increase in its revenue for the third quarter of the current fiscal with profit before tax growing by 57 per cent. According to the unaudited financial results for the quarter ending December 31, 2001, released here today, the company recovered a turnover of Rs 89.82 crore during the quarter as against Rs 56.15 crore earned during the corresponding period last year.
PTI |
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Panel clears way for Maruti's selloff
New Delhi, January 16 Disinvestment Minister Arun Shourie said the valuation for Maruti Udyog has been completed. It had been valued by KPMG, Ernst and Young along with S B Billimoria. CCD had last year cleared a proposal for diluting the government’s stake in MUL through a Rs 400 crore rights issue by which the government would divest its share in favour of its equal joint venture partner Suzuki. The CCD also finalised restructuring plans to expedite the privatisation of loss-making companies Paradeep Phospates and Jessops. Mr Shourie said financial and technical bids would be invited within four to five days for divesting 74 per cent in Paradeep Phosphates and 72 per cent in Jessops.
The CCD also approved share purchase and shareholders agreement for Paradeep Phospates. |
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