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Friday,
July 12, 2002, Chandigarh, India  
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US stocks recover after hitting 1997 lows
Punjab in dilemma over WB loan
Sale of Manganese Ore, Nalco cleared
First-class price war in skies |
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LML Freedom for Rs 40,050 New Delhi, July 11 LML Ltd will introduce motorcycles in 125cc and other engine displacements and 4-stroke gearless scooters shortly, LML Managing Director Deepak Singhania said today. With these introductions, the company would extend its product coverage to around 89 per cent by 2003, he said after launching their latest 4-stroke motorcycle Freedom.
Mastek nets 38 cr
Jet reduces fares
on more sectors
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US stocks recover after hitting 1997 lows
New York, July 11 Technology stocks eked out small gains amid some bargain-hunting in battered stocks. But lack of confidence in Corporate America was still casting a pall. The list of companies suspected of alleged involvement in financial shenanigans grew larger. Bristol-Myers Squibb Co. confirmed its sales practices are being investigated by U.S. regulators. Bristol-Myers shares fell as much as 10 per cent and were last down $1.75 at $21.40. Economic data ahead of the open gave little solace to investors with one report showing a small uptick in producer level inflation and another showing the weekly number of Americans lining up for first time jobless benefits rising to 403,000, the highest level in six weeks. The Dow Jones industrial average was up 5.61 points, or 0.06 per cent, at 8,819.11, having hit a session low of 8,699.83. On Wednesday it posted its largest one-day percentage loss since September 2001. The tech-loaded Nasdaq Composite was up 12.02 points, or 0.89 percent, at 1,358.03. It ended Wednesday at its lowest level since May 1997. The broad S&P 500 index added 1.80 points, or 0.20 percent, to 922.27, vs. a session low of 906.84. It hit its lowest level since October 1997 at Wednesday's close. Asia feels the
heat
Despite expectations that investors dumping U.S. stocks might park their money in Asia, the region was unable to ignore the fear that the market turmoil could hurt the U.S. economy and have a knock-on effect in the East. Tokyo's benchmark Nikkei average was down 1.45 per cent to 10,596.78 by late morning. Hong Kong's Hang Seng Index was off 1.3 per cent at 10,645.20,
Dollar slides to
10-month low
The weakness of the dollar, hurt by foreign investors pulling money out of the USA, has compounded problems for some Asian economies by strengthening their currencies and threatening the price competitiveness of their exports. The dollar slid to another 10-month low against the yen on Wednesday, at 117.37 yen, and rebounded by less than three decimal points in Asian trade. The euro held around the 98.8-cent level. Reuters
Sensex falls below 3300-mark
Mumbai: Led by technology stocks, equities declined sharply on the BSE today as the meltdown in global share markets pulled down the key index Sensex. Rumours regarding the alleged accounting scam in Rolta India aided the downtrend with the company’s scrip registering a sharp fall, accompanied by huge volumes on the counter. The recent accounting scandals in the USA have made a deep dent in investor confidence, dealers said. Rumours of accounting scam in Rolta India badly affected trading on the company’s counter and further aggravated the concerns over the scandals, the dealers said.
UNI
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Punjab in dilemma over WB loan Chandigarh, July 11 Sources reveal that Punjab’s interaction with the World Bank in New Delhi was a ‘’big disappointment’’. The only point the Bank’s Country Director Edwin Lim conceded was to send a team of agricultural experts to Punjab to study ways and means to enable the food-basket state to shift from wheat-paddy to other crops. The sources told TNS that Punjab had a list of eight projects. The World Bank agreed to an ‘’engagement’’ with Punjab on three projects: 1. Augmentation and extension of water supply, sewerage, sewage treatment and sanitation facilities for towns having a population of more than 0.10 million. 2. Water resources management project (drinking water supply and environment sanitation in the rural areas) and 3. Road network upgradation project, including construction of railway over bridges. The first project, costing Rs 1,103 crore, is to be implemented by the Local Government Department. The second project has an estimated cost of Rs 2,450 crore (Phase-1 is Rs 617 crore and Phase 2, Rs 1833 crore). This project was appraised and cleared for final negotiations in April 1997. Negotiations were stopped by the bank on account of supply of free water and power to farmers. The Centre has communicated that if user charges were levied for the items, this project could be immediately cleared. The third Rs 2,628 crore project is for upgradation of state roads and construction of railway over-bridges. Punjab is now exploring possibilities with the International Financial Consortium through the United Nations Office for Project Services (UNOPS). The period for clearance of financial projects is much shorter than what it takes to get the projects cleared in the World Bank, as also the money comes as a grant not a loan. Sources say Punjab is billing for nearly $ 1 billion for a project aimed at ‘’poverty alleviation and quality life for poor’’. Capt. Amarinder Singh is likely to proceed to New York later this month to discuss the project with UNOPS before being finally submitted to the consortium, which is approved by the IMF and is a bi-lateral institution. One important aspect that has emerged following July 5 meeting that Punjab has had with the World Bank is clear: Punjab has no choice but to implement what it has proposed in the Budget. Will Punjab’s political executive listen to Lim? Reservations are in the air over government exercising its will to impose user charges, face employees agitation over ‘’harsh measures’’ and on
disinvestment.
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Sale of Manganese Ore, Nalco cleared New Delhi, July 11 The Ministry of Finance, in consultation with the Ministry of Disinvestment, will prepare a detailed paper on the concept. “The paper will go into all details of the subject, including the possible functions of the company and how it will operate in co-existence with the
administrative companies and departments”, Arun Shourie said. The paper will be submitted within a month’s time and will be taken up for discussion in the first meeting of the Cabinet Committee for Disinvestment (CCD) after the conclusion of the Monsoon Session of Parliament, Mr Shourie said. The Finance Minister has also proposed that a small group should be formed specifically for financial institutions. The group will comprise Jaswant Singh, K.C. Pant and Arun Shourie. The CCD today set in motion the process of strategic sale of Nalco simultaneously with domestic/ADR issue. The domestic ADR issue will be completed first, followed immediately by strategic sale. Mr Shourie said an adviser will be appointed soon to assist and advise the government on the implementation of the decision. In the inter-ministerial group to be set up, representatives of the governments of Maharashtra and Madhya Pradesh will also be invited to participate, he added.
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First-class price war in skies New Delhi, July 11 Although the largest private sector airlines, Jet Airways, said they had no immediate plans to cut the fares in the first/executive class, but industry sources said the Sahara move was likely to get a similar reaction from the other airlines too. Air Sahara has launched its “super sixer” scheme, under which travellers can fly to six destinations across the country for Rs 36,000 in the executive class. The effective tariffs are 30 per cent to 60 per cent less than the executive-class fares of other airlines. Currently, the Delhi-Mumbai one-way tariff for the executive class in Air Sahara and Indian Airlines is Rs 8,765, while Jet Airways charges Rs 9,175. On the Delhi-Bangalore route, Air Sahara and IA charge Rs 12,935, while Jet Airways charges Rs 13,230. On the Mumbai-Kolkata sector, Sahara and IA charge Rs 9,990, while Jet offers this sector for Rs 10,355. The new programme, which will benefit the frequent first-class corporate and business travellers, is expected to be launched on Friday. Under the super sixer scheme, customers will have the flexibility to travel to any six destinations in the Air Sahara network by paying an upfront Rs 36,000. Travellers are not required to book tickets in advance. The airline is also working on an attractive scheme under which travellers will be offered free night-stay in a five-star hotel as part of its strategy to expand the market in certain key sectors.
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LML Freedom for Rs 40,050
New Delhi, July 11 He said the company was working towards the use of alternate energy technologies,for which direct government assistance was essential. The new motorcycle, priced at Rs 40,050, ex-showroom, Lucknow, will be available in UP and in the rest of the country during August-September. The vehicle, powered by the all aluminium engine technology, will have a fuel consumption of 85 kmpl. With the launch of Freedom, LML’s total product coverage in the two-wheeler market would go up to 56 per cent from the present 16 per cent, he claimed, adding that during the current fiscal, the company would manufacture 100,000 scooters and 150,000 motorcycles. The extensive coverage of the two-wheeler market would help make up for the losses suffered earlier, he said.
UNI
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