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Friday,
July 26, 2002, Chandigarh, India  
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Work suffers as govt dithers over PTDC selloff
SSIs suffer for want of subsidy
France feels the pinch as foreign investment collapses
Centre gives subsidy to mustard oil units
Tatas plan VSNL revamp
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Satyam net profit dips 10.7 pc
Trade
between India & Latin America to double
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Work suffers as govt dithers over PTDC selloff Chandigarh, July 25 A section of PTDC employees is still hopeful that government may not wind up the corporation despite disinvestment commission’s recommendations, but majority of them are trying to reconcile with the ultimate truth of retrenchment. A section of employees has, in fact, submitted a proposal to the commission that the corporation should be wound up at the earliest in a transparent manner since some of the ministers in the ruling party are allegedly waiting to grab PTDC properties at throw away prices. The insiders claim that out of 18 hotels owned by PTDC, restaurants at Khanori, Malout, Bhagha border and Sanghol have been already closed due to heavy losses and internal
problems. The income from other restaurants have also declined due to low morale of employees’ and their participation in agitation. Majority of employees agree that the government would like to sell the properties of the corporation worth Rs 100-125 crore, but it should take the decision at the earliest. Mr V.K. Janjua, Managing Director, PTDC, admits, ‘‘The business at Amritsar hotel has badly suffered but due to police raids recently. It has badly affected our business. We have also submitted to the commission not to wind up the PTDC.’’ Mr Kulwant Singh, President, PTDC Employees Association, says, ‘‘The corporation is earning substantial operating profits, and has not taken any loan or grant from the government over the past many years. The losses have been accumulated due to heavy losses incurred during terrorism and wrong decisions taken by political masters. The corporation has been forced to invest Rs 1.25 crore in an unviable hotel at Anandpur Sahib and crores in the backward areas.’’ The disinvestment commission has observed that PTDC has incurred Rs 4.60 crore accumulated losses by 2000-01, and has recommended the winding up and retrenchment of workers by paying about Rs 10.54 crore to 514 employees. Lamenting disinvestment commission’s recommendations, he says,‘‘In case the government has finally decided to wind up the corporation, sufficient payments should be made to the employees. including 90 days salary for each completed year of service, encashment of accumulated earned leave for 360 days, payment of gratuity, provident fund and pensions to about 200 employees, who had absorbed from the Department of Tourism in 1978. In a separate memorandum submitted to disinvestment commission, Mr R.N. Goyal, President, Punjab Tourism Officers Welfare Association, claims, ‘‘The winding of PTDC should be pursued so as to serve the common good of employees, society and the economy of the state. However, employees should be offered handsome amount to blunt the criticism of trade unions and political parties.’’
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SSIs suffer for want of subsidy Bathinda, July 25 While hundreds of industrialists are still awaiting their cases to be taken up, an equally large number of them whose cases were accorded sanction earlier, are awaiting the release of subsidy. Sources reveal that due to paucity of funds, the release of SCS amounting to about Rs 520 crore have been pending since June 1996. As per available information, over 200 SCS cases from all over the state are pending with the Department of Industries for preliminary scrutiny and screening for sanction of subsidy. Some of these which include about six cases from this district, were submitted as long as 10 months ago. This is despite the fact that these cases are to be processed on a monthly basis within a stipulated time. Although the department amended its SCS policy to keep the provisions of capital subsidy and interest subsidy in abeyance with effect from June 3, 2002, local industrialists maintain that there is no reason for the government not to process the cases submitted before the date of notification. Talking to TNS, the president of the Bathinda Chamber of Commerce and Industry, Mr V.M. Garg said the liabilities of the industrialists, who had submitted their cases long ago, were increasing on account of the government inaction. No cases had been processed for the past eight to 10 months and as a result the activities of small scale industrialists and entrepreneurs had been affected. Sources reveal that only about Rs 32 crore was released by the government during the past five years towards this scheme. A section of affected industrialists said they also took up the matter with the local MLA, Mr Surinder Singla, recently, who reportedly told them that while the government may not be able to make cash available to them a “collective security” would be provided to them under a Rs 500-crore bond issue.
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France feels the pinch as foreign investment collapses Paris While the number of new investment projects remained roughly the same in 2001, the number of new jobs fell to 25,480 in 2001, compared with 35,359 in 2000 giving the newly re-elected Jacques Chirac much food for thought as he contemplates his next five years in office. The French IT and computer sectors, in virtual free-fall throughout the world, led the downward chase reporting 70 per cent fewer jobs created last year as compared with 2000 and the figures suggest the downturn is much more marked in the large investment projects. French officials, determined to put a good gloss on the situation, stressed the number of foreign investment projects in 2001 remained much the same as in 2000 and that small investment projects, creating between ten and 20 jobs, had risen by about 30 per cent. They had to concede, however, the proportion of major investment schemes — those generating upwards of 500 jobs — was much lower. Nevertheless, European business remains stunned after September 11 and few analysts see an early return to the better days. In France AFII officials say French industrial and services investors were cautious about going for large projects and preferred to take a ‘wait and see’ line. Traditional sectors of the economy, however, had seen some recovery. The automobile industry, manufacturing, and other sectors such as the electrical and electronic industries, as well as medical-surgical equipment manufacturing, had experienced improved job-creation rates linked to foreign investment. The United States led the field, according to the AFII, with US investment creating 8,000 jobs, followed by Germany (3,900 jobs), and Britain (2,160 jobs). Taken as a whole, investment from EU countries created 13,000 jobs in France in 2001, bringing the total number of new jobs created by foreign cash between 1993 and 2001 to 2,21,000. Overall, if this trend continues, 2002 direct foreign investment into the OECD group will be down 25 per cent on 2001 levels to their lowest level since 1997.
Guardian
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Centre gives subsidy to mustard oil units
Chandigarh, July 25 Mr K.K. Puri, chief patron of the consortium, disclosed that the total production of mustard in India was around 52 lakh tonne annually. Since kachi ghani mustard oil was 100 per cent safe as compared to other oils, there was a need to promote its consumption. Since, no chemicals or other synthetic additives were used in the process, the food value of mustard oil was much higher. He maintained that the medical studies had shown that mustard oil reduced bad cholesterol, while helping of maintain good cholesterol. Mr Puri pointed out that the MFPI had also recognised its importance, and had announced incentives in the form of reimbursements, which would be available up to 10 per cent of the total purchase made by processors in a given years, limited to Rs 10 lakh per year, for a maximum period of five years, for strengthening of backward linkages of food processing industries.
TNS
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Tatas plan VSNL revamp
Mumbai, July 25 According to VSNL sources, marketing activities have been divided into several divisions such as retail and corporate accounts, carrier relation management, construction coordination centre, product and services solution and channel sales division. Expressing concern over the fast changing market scenario following the drastic tariff reduction by competitors like Bharti Teleservices, a senior VSNL official said, “We need to stop fire fighting and bring alignment and coordination in the functioning”.
UNI
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Satyam net profit dips 10.7 pc Hyderabad, July 25 Satyam’s net profit dropped by Rs 13.02 crore on a month to month basis in the first quarter as against Rs 121.46 crore posted in the Q1 of last year. The dip in the net profit of the NYSE-listed company comes even after the company showed an increase of Rs 50.46 crore in the total income in the first quarter this year, compare to the previous corresponding year last year, amounting to an increase of 12 per cent. However, the company’s expenses increased by 57.55 crore from Rs 262.98 crore to Rs 320.53 crore in Q1 of the current fiscal, showing an increase of more than 21 per cent over the corresponding period last year. Cipla net up 36.55 pc Total income during this period also rose by 34.11 per cent to Rs 407.73 crore as compared to Rs 304.01 crore last year. Amtrex Hitachi Hind Motor The company had reported a net loss of Rs 25.77 crore in the corresponding quarter of previous fiscal, sources said. Its cash profit during the quarter stood at Rs 9.55 crore after providing Rs 10.41 crore towards depreciation. Moser Baer Sales rose 32.58 per cent to Rs 193.1 crore in April-June when compared with Rs 145.1 crore sales revenues in the Q1 of 2001-02. The company projected 23 per cent to 27 per cent growth in the net profit for 2002-03. Moser Baer had posted a net profit of Rs 223.7 crore in 2001-02. Cadila Healthcare Total Income has increased from Rs 144.17 crore in quarter ended June 01 to Rs 167.93 crore in the quarter ended June 30. SKF Bearings Grasim Industries The diversified company’s net turnover was nearly flat at Rs 1,135.5 crore against Rs 1,117.2 crore in April-June 2001.
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HDFC net up 20 pc The Housing Development Finance Corporation (HDFC) today reported a 20 per cent rise in net profit during April-June 2002 to Rs 137.30 crore from Rs 114.06 crore a year earlier. During the first quarter of 02-03, the housing finance giant approved loans aggregating Rs 2,104.62 crore and disbursed loans aggregating Rs 1,607 crore, against Rs 1,593.12 crore and Rs 1,225.43 crore respectively a year earlier. HDFC said approvals and disbursements in respect of individual loans increased by 35 per cent and 37 per cent during the quarter ended June 30, 2002. HDFC’s loan portfolio as on June 30, 2002 amounted to Rs 18,834.79 crore against Rs 14,760.36 crore a year earlier, an increase of 28 per cent. The housing finance company’s total assets as on June 30, 2002 amounted to Rs 22,488.79 crore against Rs 18,402.75 crore a year earlier. HDFC said its deposit base as on June 30, 2002 was Rs 9,710.44 crore, against Rs 7,844.57 crore a year earlier. |
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Telco posts 28.03 cr profit Tata Engineering has posted a first quarter profit of Rs 28.03 crore, its best in the last 5 years and has reported a profit before tax of Rs 38.85 crore for the first quarter ended June 30, 2002. This positive swing has been achieved through an improvement in Operating Profit of Rs 75 crore and a reduction in interest cost of Rs 22 crore. The results reflect a further significant improvement in the performance, both as compared to the same period last year and compared to the fourth quarter last year. With increased volumes, better product mix and continued cost reduction efforts, the Operating Margin (net of excise) increased to 11.5 per cent (8.9 per cent same period last year and 11.3 per cent in the fourth quarter last year). The profit after tax for the first quarter, after making a provision of Rs 10.82 crore towards deferred tax, is Rs 28.03 crore. The total revenue for the quarter was Rs 2,087 crore (Rs 1,697 crore same period last year), representing a 23 per cent growth. Sales of commercial vehicles in the quarter increased to 21,376 units, an increase of 45.7 per cent over 14,694 units in the same period last year. Agencies |
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Trade between India & Latin America to double New Delhi, July 25 Mr Shashank said though at present, the country not realising its full potential with this increasingly important region, the coming days were likely to witness an improvement over the existing situation. “Entrepreneurs in India as well as in Latin America can set up joint projects in diverse fields like telecommunications, tourism, construction, bicycles and mopeds, bio-technology, food processing , sugar, pharmaceuticals and fisheries, including aquaculture”, he said. Ms Vera B. Machado, Ambassador of Brazil to India, said strong business partnership could be established between the countries in the area of tourism. Mr Julio F. Carlisle, Ambassador of Mexico to India, Mr Arun Kapoor, President PHDCCI, and Mr Deepak Pahwa, Chairman, International Affairs Committee for Americas, PHDCCI, were also
present. TNS
MTNL starts Internet telephony New Delhi: Mahanagar Telephone Nigam (MTNL) today announced entry into international long distance telephony with ISD call to USA and UK costing just Rs 4.80 per minute. The service would be available from Personal Computer (PC) to phone for 168 countries in the brand name “BOL-ANMOL”. The tariffs for USA, UK, Canada, Singapore and Australia have been fixed at Rs 4.80 per minute for an ISD call from PC to phone in these countries, MTNL CMD Narinder Sharma told reporters while launching the service. The new service, however, would benefit only PC holders but would give an option to make a call on phone connection on the terminating end. PTI
BMW, Peugeot plan joint project FRANKFURT: German carmaker BMW will team up with France’s PSA Peugeot Citroen to develop a new family of gasoline engines for BMW’s British-built Mini compact and for Peugeot and Citroen brand vehicles, the companies announced today. The two companies will invest some 750 million euros ($ 745 million) initially in design and development for the project, which would produce up to one million engines a year and reduce costs, the firms said in near-identical statements. BMW’s research and development department is to design the engines, with Peugeot Citroen handling manufacturing and procurement. The project team will be headquartered in Munich, where BMW is based. AP
7,25,000 subscribers surrender phones New Delhi: The requirement to file an income tax return on possession of a telephone and economic slowdown are among the different reasons for 7,25,894 subscribers of the Bharat Sanchar Nigam Ltd (BSNL)to surrender their connections in 2001-2002. The surrender by subscribers has resulted in an annual rental loss of Rs 87 crore to BSNL, Minister of State for Communications Sumitra Mahajan said. The highest number (216,753) of subscribers surrendering their telephones was in Karnataka, followed by Tamil Nadu (153,908) and Gujarat (91,551). The minister said that easy availability of telephones has also led to the customers surrendering telephones at old stations and getting new connections at the new stations while shifting from one place to another. She said subscribers also surrendered their second telephone connection because of improvement of services. UNI
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