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Friday,
April 18, 2003, Chandigarh, India  
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Wipro net
profit declines 7 pc NIIT net
up 216 pc
Govt to
invite fresh bids for Puncom Iraq war,
SARS to hit India’s GDP growth |
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FIPB
paves way for Maruti IPO Liquor
prices vary across Punjab Role of
arhtiyas under the scanner LG to
invest Rs 500 cr 47 FDI
proposals cleared Justice
Bhagwati to conduct probe for ICICI Bank Park
Hotel wins award Graphic: INDUSTRIAL PRODUCTION INDEX — FEBRUARY 2003
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Wipro net profit declines 7 pc
Bangalore, April 17 Net profit stood at Rs 225.4 crore, an increase of 2.5 per cent over the Rs 220 crore recorded during fourth quarter of 2001-02, a company statement said today. Though Wipro surpassed market expectations of over 30 per cent growth in revenue, the profits fell significantly short of the expected 5 per cent growth over the corresponding quarter. Wipro, the country’s second largest IT services firm, reported a revenue of Rs 4,338.3 crore during 2002-2003, up by 24 per cent over Rs 3492.6 crore during 2001-02. The company reported a net profit of Rs 820.5 crore during 2002-03, down 7 per cent as compared to Rs 885.4 crore posted during the previous financial year. “2002-03 was a year of bold initiatives. We successfully integrated and grew three acquisitions — Spectramind, Global Energy practices of AMS Inc and R and D labs of Ericsson. We will look for opportunities to create sustainable competitive advantage through future acquisitions,” Wipro Chairman Azim Premji said. Commenting on the outlook for the first quarter between April and June 2003, Premji said “We expect our revenue from Wipro Technologies and Wipro Spectramind to be approximately $ 172 million and $ 16 million, respectively”.
PTI
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NIIT net up 216 pc
New Delhi, April 17 NIIT’s global revenue during the quarter was up 14 per cent at Rs 216.3 crore out of which IT services revenue was Rs 119.8 crore while NIIT Education contributed Rs 90.1 crore to the revenue, CEO of NIIT Vijay Thadani told reporters here. However, NIIT Ltd’s revenue during the quarter did not post any increase as it remained at Rs 89.4 crore against Rs 89 crore during the same period a year ago. GTL net at 80 cr
GTL Ltd has posted a consolidated net profit of Rs 80.26 crore for full year ended March 31, 2003, compared to Rs 109.42 crore registered during the previous year. GTL’s total net sales and services rose to Rs 640.49 crore in FY-03, compared to Rs 547.80 crore posted during the previous year. The group posted a net profit of Rs 20.12 crore in fourth quarter ended March 31, 2003, compared to Rs 28.41 crore posted during the same period a year ago.
Agencies
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Govt to invite fresh bids for Puncom
New Delhi, April 17 In the earlier round of disinvestment the government received only one bid for the company and that too was rejected as the price quoted by the bidder, Shyam Telecom, was too low. “We will call the bids for Punjab Communications (Puncom) again. Though the company’s technology may not be the latest, it has assets that are worth much more than the bid of Rs 24 crore,” state Chief Minister Amarinder Singh told UNI here today. “Even the cash balance of the company is 90 crore,’’ Chief Minister said. The Punjab Government holds 70 per cent stake in Punjab Communications. “The state government, which has also put the Punjab Tourism Development Corporation on block, said that the sale has generated a lot of interest among the investors. Many Expressions of Interest have been received,” the chief minister said. “The interest some of the properties of the corporation have generated has been very good,” a sate government official said. However, the state government is itself not clear on the issue of management control of Punjab Tractors Ltd (PTL). The bidders for the 23.49 per cent government stake in the PTL are not sure whether they would automatically get management control if their bid is accepted as Life Insurance Corporation (LIC) and Unit Trust of India (UTI) jointly hold 27 of company’s shares. The successful bidders (for PTL) can buy the equity required for effective management control through other sources or we would see what can be done (regarding management control), Punjab Chief Minister Capt Amarinder Singh said.
UNI
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Iraq war, SARS to hit India’s GDP growth New Delhi, April 17 The United Nations Economic and Social Survey of Asia and Pacific 2003 released here today showed that although the survey projects India’s GDP growth for 2003 at 6 per cent, latest available estimates (IMF and national) indicate that the growth rate will be 5.1 per cent. “Escap region performed well in 2002. Growth was based on stimulative fiscal and monetary policies and on strong intra-regional trade. However, prospects for 2003 are conditioned by war in Iraq and its aftermath, impact of SARS, growth in the US, Japan and EU”, the report said. At the same time, the report noted that despite severe weather disturbances and unfavourable external factors, the growth momentum in India remained relatively strong. “GDP expanded by 4.4 per cent in 2002 compared with 5.6 per cent in 2001. Higher levels of economic activity came largely from the industrial and service sectors, which, in turn, were underpinned by government spending, and by measures to boost industrial production and infrastructure development as well as to liberalise capital and money markets and encourage private and foreign investment”, the report said. The report said that Pakistan was likely to post an GDP growth rate of 4.5 per cent in 2003, China 7.5 per cent, Bangladesh 4.9 per cent and Sri Lanka 5 per cent. The world economic growth rate has been projected at 2.3 per cent. While the US is projected to clock a GDP growth rate of 2.2 per cent, Japan was likely record growth rate of 0.6 per cent and EU as a region could post 1.8 per cent GDP growth rate. While in the short term, the war and aftermath in Iraq, SARS and faltering growth in US, Japan and EU have been identified as the main risks and challenges, in the medium term, limits to domestic growth stimulating measures and limits to intra-regional trade could be the main limiting factors. Maintenance of momentum of structural reform, maintenance commitment to trade liberalisation, enhance productivity and competitiveness by improving the delivery of education and health services, ensuring macro-economic stability and improvement of public and private sector governance are the main policy prescriptions of the survey.
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FIPB paves way for Maruti IPO
New Delhi, April 17 As part of the programme to divest 25 per cent equity in car Joint Venture through IPO in the next three months, the government had asked Suzuki to take a generic clearance from Foreign Investment Promotion Board to facilitate foreign investors to buy the equity from the domestic issue. Earlier, through a split the Rs 100 share of Maruti was broken into Rs 5 a share and a total of 7.2 million shares were to be divested through the first phase of IPO, sources involved with the divestment process in Maruti told PTI. As per the proposal for divestment, oversubscription of 10 per cent equity sale through IPO was permissible and accordingly Suzuki had sought clearance for sale of 6.58 million shares.
PTI
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Liquor prices vary across Punjab Ludhiana, April 17 Ludhiana is the only city in Punjab where countrymade liquor is being sold at the official rate fixed by the state government — Rs 80 per bottle — whereas in other cities and rural areas, it is being sold for Rs 100 to Rs 120 per bottle. In Ludhiana, on the Ferozepore road, countrymade liquor is being sold for Rs 80 per bottle, Rs 45 for half bottle and Rs 25 for a pint, respectively. In the old city of Ludhiana, the same liquor is being sold for Rs 90, Rs 50 and Rs 30 in the three categories, respectively, by liquor contractors. Ferozepore road vends are controlled by a cartel of local liquor contractors while the old city vends are now with an Uttar Pradesh UP liquor baron. Countrymade liquor in Jalandhar is being sold for Rs 100, Rs 55 and Rs 30 per bottle, half bottle and pint,
respectively, while it is sold for Rs 110, 60 and Rs 35 in Kapurthala, for Rs 120, Rs 65 and Rs 35 in Amritsar. In Hoshiarpur it is being sold for Rs 100, Rs 55 and Rs 30 . In Ferozepore, Faridkot and Bathinda, the liquor is sold for Rs 100, 65 and Rs 35. As far as Indian-made foreign liquor (IMFL) sale is concerned, medium range liquor like Director’s Special and Bagpiper is sold for Rs 150 per bottle — the official rate fixed by the state government on the Ferozepore road in Ludhiana. The same is being sold for Rs 160 per bottle in the old city. In Jalandhar, the price for the two brands is Rs 160 per bottle while in Amritsar, it is being sold for Rs 200 per bottle. Premium Indian Whiskies like Royal Challenge are being sold for Rs 325 per bottle in Ludhiana against the official price of Rs 285 while in Jalandhar it is being sold for Rs 400 per bottle. Peter Scot in Ludhiana is priced at Rs 350 whereas in Amritsar, it is sold for Rs 450 per bottle against the official price of Rs 290 per bottle. Even Scotch whisky is being sold cheaper in Ludhiana compared with Amritsar and other districts. Teachers Scotch brand whisky is being sold at the rate of Rs 850 per bottle in Ludhiana whereas in Amritsar and Jalandhar, it is being sold for Rs 1,200 per bottle. Black Dog is being sold in Ludhiana for Rs 1,400 to Rs 1,500 per bottle while in Amritsar and Jalandhar, it is available for Rs 1,800 per bottle. Beer is also being sold at a higher price compared with the official price. It is being sold for Rs 50 per bottle in Ludhiana against the official price of Rs 45. The prices are Rs 55 per bottle in Jalandhar and Rs 60 in Amritsar. Inquiries showed that liquor smugglers stored large quantity of cheap liquor before March 31 when the rates had come down owing to the end of the financial year. A bottle of countrymade liquor was sold for Rs 25 and that of Bagpiper for Rs 75. The smugglers allegedly bought good quality of liquor and were now selling it. Meanwhile, liquor barons have also formed their own “mafia” groups to check the alleged illegal sale of liquor.
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Role of arhtiyas under the scanner Chandigarh, April 17 However, of late, cracks have appeared in their relationship. Arhtiyas are indirectly being blamed for the suicides that farmers have committed — not so much due to crop failure as due to the debt burden. According to Dr H. S. Shergill, an economist, the present debt on farmers is around Rs 9,000 crore, against Rs 5,700 crore in 1995-96. Of this, the share of arhtiyas is close to Rs 5,500 crore, who charge high rate of interest — 24 per cent to 35 per cent per annum. In the past, such high rate of interest was justified due to degree of risk in agricultural production and recovery. Now, as commission agents are also money-lenders and the payment of marketed produce is made by them, the risk of recovery is practically nil. Therefore, the rate of interest should have gone down rather than having increased. Also, cooperatives must lower their rates of interest and branch out into other loans, apart from fertilisers and pesticides. Farmers will also have to learn to live within their means rather than get into competitive spending on social functions, say Dr Joginder Singh and Dr P S Rangi, both economists. Arhtiyas, who number around 25,000 in Punjab today, are emerging as a powerful lobby that the politicians, whether Congress men or Akalis, cannot afford to ignore. The previous Akali-BJP government and the present Congress government have hiked the commission of arhtiyas. The validity of licence of arhtiyas has now been enhanced to several years, besides promising to have their nominee on the Mandi Board. There is a debate whether arhtiyas can be sidelined, since government procurement agencies now buy bulk of the produce. The arhtiyas’ high rates of interest and “dalali” is a heavy burden on the marketing system which, economists say, is avoidable. Bureaucrats contest this argument. A committee, constituted on the directions of the Punjab and Haryana High Court, headed by the Principal Secretary, Food and Supply, Mr B. R. Bajaj, had observed in its report that there was a symbiotic relationship between the arhtiya and the farmer. In a short span of a few weeks, about 100 lakh tonnes of wheat and 115 lakh tonnes of paddy, besides other farm produce, that arrives in markets are procured by public agencies at the minimum support price. It is estimated that in the case of grains, producers get only 50 to 60 per cent share of consumers’ rupee, as against 25 to 30 per cent in the case of fruit and vegetable growers. Arhtiyas are supposed to watch the interests of the farmer-seller in the market. Their commission on different commodities ranges from 1.5 to 5 per cent. For wheat and paddy, the commission is 2.5 per cent ad velorum. Arhtiyas are now a recognised agency through which the government is disbursing bonus to farmers, as they fill in J form that gives complete details of produce received from farmers. While economists say that this leads to exploitation of farmers, bureaucrats maintain that given the in-built system constraints, the elimination of ahrtiyas and leaving handling of produce to “babus” will have a devastating effect.
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LG to invest Rs 500 cr Ludhiana, April 17 Disclosing this here today, the Managing Director of the LG Electronics India Pvt Ltd, Mr K.R. Kim claimed that the LG had become number one brand in the consumer electronics and home appliances industry after capturing the top position in colour television, frost free refrigerators, washing machines, air conditioners and microwave oven segments.
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47 FDI proposals cleared
New Delhi, April 17 Finance Minister Jaswant Singh approved these proposals which were recommended by the Foreign Investment Promotion Board in its meetings on March 27 and April 3, according to an official statement here. The proposals pertain to business of outsourcing/back office operations, transportation, airfreight and oceanfreight forwarding and development of integrated townships, it said.
PTI
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Justice
Bhagwati to conduct probe for ICICI Bank Mumbai, April 17 Justice Bhagwati has consented to probe the episode related to ICICI bank, a bank release said here today. An ICICI Bank team led by
H.N. Sinor, Joint Managing Director, would assist the one man committee, it added.
PTI |
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Park Hotel wins award New Delhi, April 17 The Park was adjudged the winner for being well-represented by key decision-makers of the organisation. The location of the booth as well as the profile of buyers visiting the booth contributed towards The Park Hotels winning this prestigious award. The participating team was comprised of Mr Vijay Dewan, Managing Director, The Park Hotels, Mr S. H. Rahman, regional director, sales and marketing, The Park Hotels, Mr Tejpal Uberoi, general manager, The Park, New Delhi, Mr Rohit Arora, rooms division manager, The Park, New Delhi, Mr Vijay Subramanian, director, sales and marketing, and Mr Ramnik Choudhary, assistant manager, sales, The Park, New Delhi.
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Oracle
e-Business Chandigarh, April 17 |
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Markets closed FICCI delegation |
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