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Wednesday,
July 2, 2003, Chandigarh, India  
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Exports
clock 13.53 per cent growth Bids for
PTL to be submitted by July 21 Govt fails
to check tax evasion Rush for
free tickets to Hong Kong |
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Eveready
open to demerger plans Suzuki
chief to visit India on July 7 BSNL
scheme SBI
Chandigarh Circle net at 475 cr
Ind-Swift
Labs net up 25 pc
IFC
gives $200 m loan to HDFC
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Exports clock 13.53 per cent growth in May New Delhi, July 1 Official data released here today showed that exports during May, 2003, were valued at $ 4520.93 million — higher by 13.53 per cent as compared to the export figure of $ 3982.21 million in the corresponding month of the previous year. India’s exports during the first two months of the current fiscal (April and May, 2003) were valued at $ 8,863.59 million which is 11.12 per cent higher than the level of $ 7,976.88 million in the
corresponding period of the previous year. In rupee terms, the exports were Rs 41,858.94 crore during April-May, 2003-04, which is 7.19 per cent higher than the value of exports during the same period last year. The trade deficit for April to May 2003 is estimated at $ 2,359.89 million, which is higher than the deficit during the same period last year which was valued at $ 1,411.32 million. Oil imports during the first two months of the current fiscal were valued at $ 2,917.75 million which is 4.48 per cent higher than oil imports valued at $ 2,792.58 million in the corresponding period last year. Non-oil imports during April-May, 2003-04, were estimated at $ 8,305.73 million — up by 25.93 per cent higher than the level of such imports during the same period last year.
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Bids for PTL to
be submitted
by July 21 Chandigarh, July 1 The decision was taken by the state Cabinet Committee on Disinvestment (CCD) last night. The global adviser for the company, KPMG, has been asked to submit the reserve price on July 21, at the time of opening the financial bids. If all things go on the expected line the final name of the bidder would be approved by the CCD on July 22, and the selected bidder would have to sign the share purchase agreement (SPA) by July 30. The PSIDC is expected to receive the amount by August 30. The shares will be transferred to the selected bidder by November 30. Interestingly, the CCD has reportedly deferred the decision how the received money will be utilised. The Disinvestment Directorate had invited nine companies for the plant visit. It included CNH Italia SPA, Escorts Ltd, Mahindra and Mahindra, SAME, TAFE and Agco, Consortium of Newbridge Capital, Eicher Motors and Eicher Ltd, Kirloskar Oil Engines Ltd. Sources said though Warburg Pincus, USA- based company, and its affiliates had submitted expression of interest (EoI), it did not participate in the checking of documents at the data room. Similarly, the SAME group visited the plant but did not attended the data room exercise. According to a senior official in the Directorate of Disinvestment, the Board of Directors of PTL has already informed the BSE and SEBI seeking approval to amend articles of association. this would enable the acquirer to nominate two members on the company board.\ The meeting was attended by Capt Amarinder Singh, who is the Chairman of the committee, and Cabinet Ministers, including Ms Rajinder Kaur Bhattal, Mr Lal Singh, Mr Jagjit Singh, Mr Pratap Singh Bajwa, Mr Avtar Henry and special invitee Mr Surinder Singla. The committee also cleared the tentative schedule of the disinvestment.
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Govt fails to check tax evasion Solan, July 1 With big pharmaceuticals firms like Cipla, Ranbaxy, etc. shifting their market to the manufacture of generic medicines which fetch a handsome margin the scope of tax evasion has also increased. Under the prevalent norms existing in the state tax is paid in the first stage for generic medicines while the price displayed is inflated. Retailers not only charge an extra 8 per cent local sale tax on this inflated displayed amount but also pay nothing to the government. As per an estimate commonly used generic medicines cost as much as 40 to 200 per cent more than ethical medicines, opine chemists here. General Secretary of the district Solan Chemists Association C.S. Thakur said the government should, in the first place, check the inflated price on such medicines. HP Drug Controller Sher Singh, who assessed the pharmaceutical industry at Rs 1,000 crore, opined that the increasing competition led the big companies to introduce generic drugs in the market. Highly placed officials in the Excise and Taxation Department stated that a major chunk of Rs 1,000 crore industry was involved in generic drugs and hence tax evasion to the tune of crores. It was regrettable that despite the department detecting such cases no action was taken against offenders. It was reliably learnt that as many as four cases, including three retailers and one wholesaler, were booked for tax evasion in Parwanoo on July 16, 2002. These cases were submitted to the Assistant Commissioner, Solan, but nothing was done. The Commissioner Excise and Taxation Narender Chauhan stated that though the department was aware of the problem, till a mass policy was chalked out to rationalise tax payment little could be done to check the menace.
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Rush for free tickets to
Hong Kong New Delhi, July 1 Rushed with inquiries regarding the availability of the free tickets, Cathay Pacific, in a release issued here said that the majority of these free tickets had been allocated to the main sponsor for the “Hong Kong Welcomes You”, the Hong Kong Tourism Board (HKTB). The tickets would be made available by the HKTB through its various promotional programmes which are expected to be launched in the coming few days. The tickets on offer are for the main “Welcome Day” event in mid-August.
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Eveready open to demerger plans
Kolkata, July 1 “We are still open to the demerger plan to split the two divisions. But this is not the right time as both businesses are doing well. But if we get good investment offers for the battery division, we will go for it,” Company Vice-Chairman and Managing Director Deepak Khaitan told newspersons after the annual general meeting here. The company, a part of the B. M. Khaitan group, had earlier postponed the demerger plan based on the valuations by Rabo Bank, which according to Khaitan was not as per expectations. Coming out of the red in 2002-3 by registering a profit after tax of Rs 11.13 crore, the company has charted out ambitious growth plans for battery and tea divisions by 2005 - the hundredth year of existence of the Eveready brand in India. “We are aiming to maintain over 16 per cent growth to touch the battery sales mark at 1.5 billion units and packet tea at 10,000 tonnes by 2005,” Khaitan said.
— PTI
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Suzuki chief to visit India on July 7
New Delhi, July 1 Although there is time uptil July 15 for listing of the MUL shares at the two bourses after sale of 7.9 crore government shares in MUL, it could be done by July 7-8, 2003, sources associated with the disinvestment process said. The Japanese automaker has a majority control of Maruti in which the government had put on sale 25 per cent of its equity through a just-concluded initial public offer. When contacted, Disinvestment Minister Arun Shourie said “I think Suzuki is coming on July 7 to Delhi. I will be meeting him”. He said the remaining 20 per cent stake of the government was expected to be divested within the next one year. “We are limited by the SEBI rules of one year,” he said. The Cabinet Committee on Disinvestment (CCD) headed by Prime Minister A.B. Vajpayee is expected to meet early this month to finalise the offer price for the shares.
— PTI
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BSNL scheme
Chandigarh, July 1 |
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SBI Chandigarh Circle net at 475 cr
Chandigarh, July 1 He was speaking at a meeting organised to commemorate the 48th anniversary of the SBI at local head office. He claimed that the total deposits increased from Rs 15,943 crore in 2001-02 to Rs 17,504 crore in 2002-03 registering a growth of 11.3 per
cent. The advances of the circle has gone up from Rs 11, 597 crore to Rs 11,651 crore during the same
period. Regarding the fall in non performing assets (NPA), he said, it had come down from Rs 731 crore ( 6.3 per cent) as on March 31, 2002 to Rs 607 crore (5.18 per cent) as on March 31, 2003.
— TNS
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Iffco NHPC SBP branch Cement prices dip L&T cement Uco Bank BEL new EDs IDBI Bank |
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