 |
Monday,
April 28, 2003, Chandigarh, India  
|
Credit & Monetary
Policy on April 29 Punjabis
abroad remit Rs 100 cr annually Jalandhar
sport units still not out Sensex
awaits Credit Policy
|
|
|||||||||||||||||||||||||||||||
Hindujas
7th richest in UK
Don’t
play with safety rules
|
|
Credit & Monetary Policy on April 29
Mumbai, April 27 The bank rate, which is already at a three decade low of 6.25 per cent, is likely to be revised downwards to give a fillip to nascent industrial recovery in the economy while CRR may see a cut as part of the apex bank’s plan to bring it down to 3 per cent over the medium-term period, banking sources said here today. “A 1 per cent CRR cut from the current 4.75 per cent will free up more funds for lending to the industry as also the government’s borrowing target of Rs 1,66,000 crore for the year ending March, 2004,” they added. On growth in India’s gross domestic product for FY-04, analysts pointed out that RBI Governor Bimal Jalan had last week expressed confidence that the economy would grow by 6 per cent compared to the 4.4 per cent estimated for 2002-03. “The GDP growth of 6 per cent is based on the Indian Meteorological Department’s forecast of 96 per cent rainfall in the coming monsoon,” Jalan had said. The agriculture is also expected to rebound with 4-4.5 per cent growth with better monsoons, he had said. On inflation, Jalan had said inflation would be around 6-6.1 per cent during the first quarter of FY-04. But the apex bank expects it to soften in the second quarter starting from July and expects inflation to end this fiscal at about 5-5.5 per cent. Bond market analysts said the policy might also lay a roadmap to initiate the second phase of negotiated dealing system (NDS). The second phase would enable on-screen auctions of government securities (G-secs). However, this was contingent to the passing of the Government Securities Act, which has been presented in Parliament, they said. On the home loans front, bankers said given the fierce competition among banks in the interest rates, the RBI may like to bring some discipline by issuing “broad” guidelines. The RBI had recently conveyed a meeting of bankers as it was concerned with the practice of some banks extending housing loans at the rates which were below the cost. The apex bank might also allow trading in bonds used as collateral in repo deals and rolling over of repo contracts, moves that would give investors greater flexibility in managing their portfolios, the bond market analysts said. These measures are expected to deepen the market for repos and help boost volumes in the repo segment and make it an effective tool to manage risks. At present, the RBI does not allow bonds used as collateral in a one-day repo transaction to be traded on the same day and the next, thus preventing investors from benefiting from price rise for two days.
PTI
|
|
Punjabis abroad remit Rs 100 cr annually
Chandigarh, April 27 Conversely, back home, in many cases, families of non-resident Indians can't help but be emotionally pained at the physical distance from their loved ones. Garib Das, a teacher from a village adjoining Chandigarh, visits the money changer in the city every month for the remittance sent by his son, an engineer in the USA. It's a regular, straightforward process. Checks are made, computerised transfers are completed, and Garib Das gets his money according to latest rates of exchange. For Garib Das and thousands like him, this remittance has helped him keep up more than a decent standard of living. The other aspect has been the rise of a gamut of agencies, catering to a market that is growing by the year. Rajneesh Bansal, who owns a money transfer business in Chandigarh, says: "Of the remittances coming into India, Punjab had a share of 29 per cent in 2001 - 2002. In 2002 - 2003, this has gone up by 140 per cent. So we say Punjab is one of the emerging markets for money transfer." Rural interiors of the fertile Doaba region in Punjab boast of the largest number of its sons settled abroad, who send in funds for transformation of the landscape and standards of living of the residents. Figures suggest an estimated $ 21 million (Rs 100 crore) come here every year as remittances. At least one person from each family here, it is said, lives in the developed nations of the West. What they send back for parents or relatives stems from an intrinsic attachment to home, found among Punjabis more than anyone else. It is all put forward by Lt Col (Retd) B S Sandhu of WWICS " When they leave home, the feeling to do something for their village grows stronger. What they seek is the motherland feels proud of their illustrious sons. Like a son who leaves home and sends remittances for his parents and they are proud of him. The feeling they want from their own people back home is that their son has gone abroad and done hugely well for himself. "Also, somewhere at the back of their minds, there is a doubt that one day they might need to come back to their own country. For this day, they buy assets, property, even set up industry in the care of relatives. That is also one point of view as the reason why NRIs send home huge remittances," he tells us. There is, however, a converse aspect, one strongly felt by parents and family of members staying abroad. The Singhs in Chandigarh own all comforts for a good life, a good living. Yet a certain emptiness has come to fill their lives, the absence of their children, their daughters, both of whom were married to NRI husbands and now stay abroad. On the outside all-round prosperity is more than apparent, and both sides are happy too.
ANI
|
|
Jalandhar sport units still not out Jalandhar, April 27 The units here have added another feather in their cap by cornering almost half of 65 awards instituted by the council this year. This has warded off the fears lurking in the minds of people that the Jalandhar- based industry headed for closure, particularly, for recent shifting of a number of units to Meerut due to shooting up of labour costs and flooding of the market by China made goods. Two of three Highest Export Awards-2001-2002 have been cornered by Jalandhar Soccer International Limited and Mayor & Co, mainly engaged in manufacturing of inflatable balls, for their outstanding export performance during the year 2001-2002. Similarly, 24 of 45 Export Excellence Awards, followed by three Outstanding Export and two Indian Brand Promotion Awards, have also been bagged by Jalandhar-based units, for their excellence in the field of exports. This may be mentioned here that India is at present exporting traditional sport goods like inflatable balls worth Rs 105 crore, cricket protective gears(Rs 25 crore) , boxing equipments (Rs 23 crore), cricket bats (Rs 16 crore) of which Jalandhar has a major chunk to its credit with 90 per cent share of total exports in these sports goods. Talking to The Tribune, a number of winners were optimistic that the lost glory of the industry would be regained in near future. Mr Vinod Mahajan, Managing Director of Soccer International Limited, who was known for its supremacy in production of footballs throughout the world, said it was a matter of pride that Jalandhar had bagged maximum number of awards. “My company has registered a turnover of about Rs 25.53 crore during the year 2001-2002 to top the list of awards,” he said. Mr. Satish Wasan, the Regional Director of the Sports Goods Export Promotion Council here and owner of Wasan Exports said his company was awarded Export Excellence award for the year 2001-2002. A visibly jubilant Mr Wasan, who was in this business before the Partition and whose father had set up a unit here after migrating from Sialkot (Pakistan), reveals, “The consistent efforts to improve quality standards of the sport goods, being exported to Australia, West Indies,have led my company to win this award for the consecutive 15th time in a row.” He saw a great future for the export of Indian sport goods. Mr P.C.Sondhi, Managing Director of F.C.Sondhi & Co. (India) Private Limited, whose company
also bagged the Export Excellence award, said they had been manufacturing hockey sticks, cricket bats and balls and protective gear equipments since 1967. “Keeping in view, the drastic changes in playing conditions, particularly in hockey, we have set up a special research network to develop new materials, designs and products. This in turn resulted in improvement in our exports during the past one decade,” Mr. Sondhi added. Rajan Mayor, Vice-Chairman of the council and owner of the local Mayor & Co, said there was need to diversify and make inroads into the world of monopoly in the international sports market. Mr. Sanjay Kohli of R.K.International was of the view that India’s share in international sport goods market was only 0.5 per cent and time has come to explore the potential in other sport goods segments like para-gliding, hunting, camping, scooba diving, gliding, cycling and mountaineering.
|
|
Sensex awaits Credit Policy The markets have continued to display weakness coupled with volatility on the Indian bourses last week. The 30-share Bombay Stock Exchange Sensitive Index lost 60.47 points to settle at 2,924.03. The S&P CNX Nifty shed 1.7 per cent to close at 924.30. Dismal quarterly results by the corporates and fears of a delay in the government’s reforms process following an uproar in Parliament on Thursday against the divestment of profit-making state-run oil companies like HPCL was the main cause of this weakness. The volatility in the market was triggered by squaring-up of positions in the derivatives segment on the expiry on April, 2003, contracts. Satyam Computers The results met the lower end of analysts’ expectations and were in line with the guidance given by the company. Shares of the software major surged 13.7 per cent for the week to Rs 164.
Hindustan Lever Forecasts of the monsoon being less than normal weighed heavily on the FMCG major scrip and it lost 4.8 per cent for the week to Rs 136. HLL derivers about 45 per cent of its revenue from the rural population, so any drop in agriculture output directly impacts the topline of HLL. According to analysts the scrip is still looking overvalued and may even drop to the Rs 120 levels, where value based buying may emerge.
Forecast for the market On Fundamentals:
With many results yet to hit the market in the coming days, the activity on the bourses is likely to be stock specific. Thus select stocks can surge or slip, based on the results. Market players are also eagerly awaiting the Reserve Bank of India’s mid-term review of monetary policy on April 29 when the Central Bank is expected to announce a 25-50 basis point cut in the bank rate. On Technicals:
The market may hit the bottom soon, though it witnessed a pull-back from around the 2900 level. The bounce after hitting the bottom is likely to move the index up and test 2972 or 2984. Frontline tech stocks may lead the bounce back.
|
|
Hindujas 7th richest in UK
London, April 27 The Bofors case, in which they are charged with corruption in a multi-million arms deal in India in the mid-1980s, "seems to have done no harm to the Hinduja empire," The Sunday Times said. Most of the increase in their wealth is attributed to their business success in India. The
Hindujas, seventh on the list of 1,000 richest Britons, are reported to have a 200 million pound stake in Ashok Leyland, whose revenue has risen 33 per cent. Their technology company HTMT has seen its shares soar to 159 million pounds, and their cable company in India has trebled revenue, with the Hinduja stake in it valued at 400 million pounds, the report said. The Hindujas have assets worth about 1.366 billion pounds in India. The Sunday Times added 400 million pounds for their company Gulf Oil and 70 million pounds of other
wealth.
Lakshmi Mittal
The fortune of Lakshmi Mittal (12th on the list) was estimated to be 1.310 billion pounds, far higher than the 900 million pounds estimated last year. His company
LNM, believed to be the world's second biggest steel company, is now estimated to be worth close to a billion pounds in the improved steel market. He is also believed to have a 77 per cent share in
Ispat, which is worth 136 million pounds after the share price falls of last year. Other assets are reported to add 185 million pounds to his wealth. The Indian touch is also reported to have revived the fortunes of composer Andrew Lloyd-Webber. After losses for his Really Useful Theatre Company, the musical "Bombay Dreams" marks a "turning point" for Lloyd-Webber, the rich list report says. He is now valued at 400 million
pounds.
Bhikhu and Vijay Patel
Bhikhu and Vijay Patel are valued at 350 million pounds. Their company Waymade Healthcare is now expanding to Europe, West Asia and
Australasia. They were estimated to be worth 298 million pounds last
year.
Jasminder Singh
Jasminder Singh, Chairman of the Edwardian group of hotels is also valued at 350 million pounds. He has hotels around Heathrow and in Central London. Valuation for him is slightly down from 400 million pounds last year. Both Singh and the Patel brothers are joint 89th on the list.
Tom Singh
Tom Singh, who has found much success with his New Look Fashion, is worth about 250 million pounds. His wealth was estimated at 160 million pounds last year. New Look has seen a 12 per cent surge in sales since last October. The firm took 44 million pounds profit last year.
Lord Swraj Paul
None of the Indian millionaires is reported to have lost as much as Lord Swraj Paul, down to 302nd position with an estimated 105 million pounds, a sharp fall from the estimated 280 million pounds last year.
IANS
|
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 123 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
