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Tuesday,
March 25, 2003, Chandigarh, India  
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IT business
in Gulf not hit . . .
but craze for gold continues ‘Invader’
invades the market Kotak Mahindra
now a bank
Petro prices may
fall: Ram Naik |
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Deposits in
banks rise
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HOPES FOR A SHORT
WAR FADE London, March 24 The price of benchmark Brent North Sea crude oil for May delivery rose 93 cents to $ 25.28 per barrel in early trading. New York’s benchmark light sweet crude for May delivery climbed 67 cents to $ 27.58 in out-of-hours electronic trading, after slumping more than a dollar on Friday. Traders said the rise was inevitable given the way that the market had
previously assumed the war would be over relatively quickly and simply. “There is no doubt we are due up because of the activities over the weekend, because the Americans have found it more difficult to move forward, they have run into considerably more resistance than they first thought,” said GNI trader Robert Laughlin. Prices were bouncing back following a sharp drop of almost 20 per cent over last week as traders saw minimal threat to global oil supplies from the start of a coalition military campaign which they saw as likely to end swiftly. Reports that Saddam Hussein had been injured or even killed also exerted downwards pressure.
AFP |
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Rupee looks up Mumbai, March 24 The domestic currency opened on a bullish note at 47.66/67, ruled in a three-paise range between 47.65-68, amid strong week-end dollar inflows and occasional short covering by banks. The rally of the other global currencies against the vulnerable US dollar in overseas markets on dashing hopes of a quick end to the war after Iraq showed stiff resistance to advancing US-led forces, also boosted the sentiment, dealers said. The rupee finished at 47.65/66, the strongest closing level since March 13 and two paise up from its previous
session’s close of 47.67/68.
UNI |
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Gold buoyant New Delhi, March 24 The yellow metal was back in demand as stockists enlarged their positions, fearing a hike in its prices in the next few sessions following reports of a swift victory for the US-led forces fading slightly after casualties mounted and some troops were taken prisoners in Iraq. Gold in Hong Kong gained almost $ 4 at 329.30 an ounce. A trader said gold which had witnessed declining interest after the launch of the US-led attack on Iraq, saw a reversal in trend on fresh developments. “The trend reversed as reports of resistance by Iraqi troops came in last evening”, he added.
PTI |
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Punjab garment exporters feel war heat Chandigarh, March 24 Mr Sanjeev Gupta, President, Apparel Exporters Association of Ludhiana says, "Most of the garment exporters are facing a cut in orders and queries from buyers of America and Latin American countries. During March, the orders are so far down by 25-50 per cent this year as compared to the corresponding period last year." Industry sources say since most of the shipments to Europe pass through the Dubai route, shipment companies have indicated to increase freight rates that would be difficult to pass on to the buyers. Though the Navy is reportedly accompanying the Indian cargo ships, cargo ships are taking the longer routes to reach their destinations to the avoid war zone. According to information available from the Apparel Export Promotion Council (AEPC), the total garment exports from Ludhiana to quota countries are expected to slightly decline this year against Rs 850 crore exports registered last year. Mr Vinod Thapar, President, the Federation of Knitwear Textile and Allied Industries Association, lamented that instead of providing any relief to small scale garment units, the Finance Minister had rather imposed excise duty on all units. |
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IT business in Gulf not hit New Delhi, March 24 India’s high-profile software industry, which has built up a vast customer base in West Asia as their clients in the USA cut back orders, says the US attack on Iraq does not have it overly concerned about business in the region. “We have not asked for a general evacuation yet. At the moment, we are adopting a wait and watch policy,” said Atul Takle, vice-president (corporate communications) of Tata Consultancy Services (TCS). “TCS does not have a very large presence in the Gulf. Overall, the total number of people is approximately 20 to 25. They are located in the UAE and some in Saudi Arabia,” Mr Takle said in a message from Mumbai headquarters. “We have ensured that they and their families have the freedom to take a decision on the ground if their continued stay is unsafe.” Satyam Computer Services said its business activities in the West Asia region are “normal” despite the ongoing US attack on Iraq. “Satyam’s business presence in the West Asia is predominantly in the UAE and Oman, which are considered to be safer locations,” said a company statement. “A team is constantly monitoring the situation and all arrangements have been made for the rapid evacuation of the people if that becomes necessary,” said the Hyderabad-based software development major. Infosys Technologies refused to disclose the impact of the war on the West Asia business, saying it is in a “silent period” as annual results are due early next month. Others, however, emphasised that they have already put in place measures to ensure the continuity of businesses in the region even if they have to evacuate their professionals for safety reasons. Indian software makers realised the need for setting up disaster recovery centres, also known as business continuity centres, after India and Pakistan came close to the brink of war in May 2002.
IANS |
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. . . but craze for gold continues New Delhi, March 24 US-Iraq war is no different, they say, noting “the craze for buying jewellery is too much for any war, especially which is miles away, to shadow it.” “This can also be gauged from the fact that jewellery exhibitions are a big hit these days... One national exhibition cum sale is currently going on in Delhi, from where it will travel to Mumbai,” says Syed Zakir Ahmed, organiser of Jewels 2003, noting “in three days we plan to do a business of more than 60 lakh here.” The aftermath of September 11 attacks and the Indo-Pak standoff last year notwithstanding, jewellery exports went up by over 13 per cent this year, says Ahmed. “The uncertainty was more before the war when the prices of gold went over Rs 6,100, and there was some slowdown in domestic buying... But war has rather calmed down the markets and the prices are now down, which means that Indian women can add more to their collections,” says Hema S. Kothari, a Mumbai-based exporter. “Exports to the western countries will also not be much affected as most of the exports are to the USA, the UK, Hong Kong and other European countries where December and April are the two selling seasons”, says Ms Kothari. However, Mr P.K. Ganguly, an industry analyst, is not all that optimistic. He says “war will definitely affect gold. Though in the initial stages, it is going down due to speculative selling. If war goes on it is certainly going to rise the yellow metal which fell during the first few days of the gulf war.” And this will directly affect the buying of gold by Indian women. At present the effect cannot be much because it is not the wedding season. But come April and we would know. “In that case, only their choices will change... From heavy jewellery, they would go in for light weight jewellery. Gold forming jewellery is also in great demand during these times — a set costs between Rs 1,000 and Rs 5,000,” says Anil Jain, a Mumbai-based jeweller.
PTI
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‘Invader’ invades the market Developed in-house at Nasik, the Invader comes in open-top and soft-top, diesel versions initially and will cost Rs 3.81 lakh, ex-showroom, in Chandigarh, Punjab and Haryana. The AC and four-wheel drive features are optional and cost extra. Mr Alan Durante, Executive Director & President of the automotive sector of M &M, said the Invader was aimed at those who want the excitement of a sporty open-top vehicle along with power of a utility vehicle and comforts of a car. The Invader is powered by a 2.5 litre IDI-diesel engine which produces 72.5 bhp power. There is also a DI diesel engine model available which costs Rs 4.2 lakh, ex-showroom, Chandigarh. The Invader is available in sunrise red, dark green, grand black and silver.
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Kotak Mahindra now a bank
Mumbai, March 24 With this, Kotak Mahindra has acquired the distinction of becoming the first Indian company to convert into a bank. Announcing the decision, Kotak Mahindra Bank’s Executive Vice-Chairman and Managing Director Uday Kotak said that the bank will continue to strive to build greater trust for its customers, shareholders, employees and also the stake holders. The new bank will also acquire some other banks in the future. “We are open to the idea of acquisitions in future,’’ Mr Kotak told a news conference. Backed by 20 years of expertise in the financial services business, Kotak will offer complete practical financial solutions from retail finance, stock broking, mutual funds, life insurance to investment banking. The bank will open its doors to retail and corporate clients on March 31. On the same day details like the minimum balance that one needs to maintain with the bank besides other information will be divulged. From the first day of operations, bank customers will have access to over 800 ATMs free of cost, through a sharing arrangement with the UTI Bank. Similarly there will be arrangements with other banks for use of ATMs in future. Additionally customers will have access to the entire Visa network of 4,500 ATMs in India and 8,00,000 ATMs worldwide at a nominal cost and will get visa debit cards, accepted in more than 56,000 establishments across India, and over 10 million establishments worldwide. To a question, he said initially the bank would issue debit cards and hinted that in future the company may also enter the credit cards sector.
UNI |
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Deposits in banks rise
Chandigarh, March 24 The overall CD ratio of the banks in the state increased to 42.3 per cent during that period. Agricultural advances increased to Rs 5,309 crore registering an increase of 22.1 per cent between December, 2001, and December, 2002.
TNS
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Budget hailed Bharat Bandh Wipro solutions Sanat drugs Videocon CTV Bandh today Maruti manager Crude output up Hyundai Accent Markfed dividend |
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Mumbai, March 24