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New Delhi, January 27 Reliance Industries announced today it would invest Rs 10,000 crore in setting up in Uttar Pradesh “the world’s largest gas-based power generation plant of 3,500 MW”.
India can achieve 8 pc growth: World Bank
Banks not interested in rural housing
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Gurgaon, January 27 The Oberoi Group today announced the opening of The Trident, owned by Punjab Akali Dal chief’s son Sukhbir Singh Badal, which would be positioned as a business hotel. Nifty pierces 1900-mark
MoU with Brazil signed
India’s gas demand to go up: GAIL
HP woos NRI entrepreneurs
GRAPHICS:
Zee Tele Q3 net profit up
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Reliance plans Rs 10,000 cr project
New Delhi, January 27 Dedicating the plan to his late father Dhirubhai Ambani, Anil Ambani, Vice-Chairman of Reliance Industries, said here after a meeting of Uttar Pradesh Development Council that “the project would be completed in phases with first phase to be completed within three years from starting.” About the tariffs, Ambani said, “Based on current techno-economic parameters of the project it will be possible for us to generate power at roughly Rs 2 a unit.” He said generating power at Rs 2 per unit would be globally competitive. That was possible because the gas would be sourced from Reliance Group’s Dhirubhai gas fields in the Krishna Godavari basin, off the coast of Andhra Pradesh, he added. Asked about the funding of the project, Ambani said the equity portion of the investment would come from internal acrruals while the rest of the money would be arranged from a mix of international borrowing and domestic debt. He said three-four possible locations for the project had been inspected and the company was in talks with UP Government for finalising the site. The project would require up to 2500 acres of land. Amabani hoped the project would be viable in view of peak shortage in the northern region to the tune of about 2000 MW and 1,250 MW alone in the state. Ambani, who earlier participated in the fourth meeting of UP Development Council chaired by Chief Minister Mulayam Singh Yadav, said that reserves of gas from KG Basin of Andhra Pradesh were sufficient for setting up generation plants of over 15,000 MW. —
PTI
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India can achieve 8 pc growth: World Bank
New Delhi, January 27 “Eight per cent growth is achievable. But India needs to address its fiscal deficit, hike investment in infrastructure and carry out major policy changes to make capital more productive”, Chief Economist (South Asia region) of the bank Shantayanan Devarajan told newspersons here. He said if India was able to achieve a growth rate of 8 per cent GDP, “other countries in the region will also grow by 1 per cent higher.” He said there was a case for better targeting of subsidies and more focus on the delivery mechanism of the education system, and other social services for improving the lot of the weaker sections. “Most subsidies are going to the non-poor. Failing service delivery has resulted in a situation where poor are looking towards the private sector for various social services,” Mr Devarajan said. The World Bank Chief Economist termed the South Asian Free Trade Agreement (SAFTA) as an “important step, especially when you have a bigger nation such as India”. He said benefits would accrue to smaller countries and it was a signal that the level of hostility would subside and promote trade and investment in the region. Meanwhile, Delhi-based economic think-tank RIS said South Asia was expected to register a growth rate of 6.9 per cent in the current fiscal year, which had the potential of going up to 7.2 per cent in the coming year.
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Banks not interested in rural housing
Chandigarh, January 27 Prof Sucha Singh Gill from the Department of Economics, Punjabi University, Patiala, says, “Since 1991, the share of rural credit in total banking credit is on a decline. After liberalisation, the banks are more concerned about profit margins and are offering loans mostly to the urban middle class with low risk and assured recovery.” He claims that despite vast potential in the rural areas of Punjab, bank officials are reluctant to do leg work and evolve innovative schemes to boost loaning for housing sector. He adds that since two third of the rural population comprised landless labourers and small and marginal farmers, the banks will have to come up with special schemes to tap that market. Experts claim that the demand for ‘decent’ housing is increasing with an increase in population and rise in income, especially due to non-agricultural activities in the rural areas of Punjab. Further, thousands of persons in armed forces, police, electricity board, educational institutions, unorganised sector besides pensioners are staying in rural areas. Banks can easily offer loans to them for housing and other activities. Bankers admit that the total demand for rural housing loans in the state can be in the range of Rs 10,000 crore annually. Officials at the Punjab State Cooperative Bank say cooperative banks alone offered about Rs 1,100 crore credit for rural housing last year. They claim that lack of clear land deeds, non-revision of ‘lal dora’ limit for the past many decades and any incentive were hampering the growth of rural credit. Officials at the SBI say the bank recently floated Gram Niwas and Sahayog Niwas schemes for the rural housing, under which housing loans up to Rs 2 lakh can be sanctioned for purchase of house, plot, construction and renovation purposes at 7.25 per cent annual rate of interest. In addition, the bank is providing free personal accident insurance cover to borrowers and has waived off mortgage of property for loans up to Rs 50,000. The borrowers can repay loans in monthly, quarterly and half yearly installments. Mr Ajmer Singh Lakhowal, President, Bharti Kisan Union (Lakhowal) says, “instead of keeping surplus funds, the banks should offer loans to the rural people for housing, education and other needs at 3 to 4 per cent rate, the prevalent interest rate in Europe and the USA. Whether private or public, the banks are interested in raising deposits from rural areas at lower rates, and not in offering credit.” Panchayats, NGOs and farmers' organisations could also be roped by the banks to penetrate the rural market, he added.
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Oberoi to manage Badal’s property
Gurgaon, January 27 The 136-room luxury property, spread over a seven-acre area, will see the Oberoi group entering the hotel management business for the first time in India. “We have a 30-year management contract and have a revenue sharing arrangement with the owners of the property. “Though this is the first such arrangement in India where we will be managing a property, we have similar tie-ups in Egypt apart from joint ventures in other countries,’’ Oberoi Group Chairman P. R. S. Oberoi told newspersons here. He said the group was also looking at developing an 11-acre land adjacent to the current property, also owned by Mr Badal. “We are currently studying ideas with regard to the vacant land and all I can say at this moment is that it will have an Oberoi brand hotel, service apartments for business visitors, a small shopping mall as well as space for offices,’’ he added. Mr Oberoi said The Trident was built at an approximate cost of Rs 50 crore, adding that the company expected good business from the property. “We expect an average 70 per cent occupancy here and expect the turnover to be in excess of Rs 25 crore in the first year of operation,’’ he said. The Trident Gurgaon will be rebranded as The Trident Hilton from March 1 this year as per the Oberoi Group’s agreement with the Hilton, which was signed last year. Dining options at the hotel, which also offers conference and meeting facilities and a 24-hour business centre, include Cilantro (an all-day dining restaurant offering international cuisine), Saffron (Indian restaurant serving North Indian and other specialities), The Bar and a Pool Bar. —
UNI
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Nifty pierces 1900-mark
Mumbai, January 27 The 50-stock Nifty opened at 1,847.55 points, touched the day’s high and low of 1,911.30 and 1,847.90 points, before ending at 1,904.70 points, up by 57.15 points or 3.09 per cent from its weekend close of 1,847.55 points. Market opened firm, briefly slipped into red in early trades, but recouped immediately on hectic buying support in old economy stocks. Sentiment remained extremely bullish in later part of the session with equities, across the board, posting handsome gains on sustained buying by foreign and domestic institution, Sumeet Lala, an analyst at the Asit C Mehta Intermediaries said. The regulator’s announcement over the usage of Participatory Notes which came after the market’s close on Friday, cheered the market today as the restrictions on P-Note would only apply to entities. The regulator has also granted a grace period of five years for liquidation of existing outstanding Participatory Notes. Along with SEBIs clarification that eased the panic in the market, the pouring quarterly results, Moody’s upgradation of Indias foreign currency rating to investment grade and the unabated foreign fund inflows, also helped the market to march ahead. —
UNI
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MoU with Brazil signed
New Delhi, January 27 The MoU was signed by Ms Lakshmi V Venkatesan of India’s leading NGO ‘Bharatiya Yuva Shakti Trust’ (BYST) and Mr Fernando Cesar Demetri, president of Brazil’s NGO Instituto Negocios daJuventude do Brasil in the presence of visiting Brazilian President Luiz Inacio Lula da Silva.
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India’s gas demand to go up: GAIL
New Delhi, January 27 GAIL is planning an estimated investment to the tune of Rs 50,000 crore over the next five to seven years, primarily for strengthening the distribution network. Of this, Rs 20,000 crore is likely to be invested for the establishing the proposed National Gas Grid while the balance amount would be pumped in for setting up the regional gas grids and distribution network. GAIL India Chairman Proshanto Banerjee told newspersons here today that the present consumption for gas is 27 BCM, while the demand for gas will increase manifold primarily from sectors such as power and fertiliser industries.
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HP woos NRI entrepreneurs
Shimla, January 27 The government will woo entrepreneurs during the investors’ meeting being organised by it in association with PHDCCI in New Delhi on January 28. The entrepreneurs have been showing interest in setting up units in the state ever since the Centre announced the special industrial package for the hill state last year.
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Zee Tele Q3 net profit up
Mumbai, January 27 Total income has increased from Rs 141.13 crore in the Q3-02 to Rs 179 crore in the quarter ended December 31, 2003. The group in consolidated results has posted a net profit of Rs 90.19 crore for the quarter ended December 31, 2003 as compared to Rs 70.88 crore for the quarter ended December 31, 2002.
ABB Ltd
ABB Ltd has posted a net profit of Rs 49.33 crore for the quarter ended December 31, 2003, as compared to a net profit of Rs 41.06 crore in the corresponding period last fiscal.
Shipping Corporation
Shipping Corporation of India Ltd has posted a 74.79 per cent rise in net profit at Rs 133.23 crore for the third quarter ended December 31, 2003, compared to Rs 76.22 crore reported in the same period previous fiscal. Net sales in the period under review also increased to Rs 731.23 crore as against Rs 594.71 crore in Q3 of previous fiscal, SCI said in a press note here today.
McDonald’s
McDonald’s Corp posted a fourth-quarter profit yesterday, compared with its first-ever loss a year earlier, but earnings were held back by costs associated with scaling back its non-hamburger brands.
Moser Baer
Moser Baer today reported a 65 per cent rise in net profit for the third quarter ended December 2003 at Rs 107 crore against Rs 64.89 crore during the same period the previous year. The company’s gross revenue increased by 69 per cent to Rs 503.96 crore in Q3 over the same period a year ago, Moser Baer said in statement.
Dabur Pharma
Dabur Pharma Ltd (DPL), today said it registered a growth of 3.5 per cent in net profit at Rs 7.7 crore in the third quarter of the current fiscal against Rs 7.4 crore in the same period a year ago.
IDBI Bank Ltd
IDBI Bank Ltd has posted a 32.5 per cent rise in its net profit at Rs 36.3 crore for the third quarter ended December 31, 2003, as against Rs 27.4 crore in the same period last fiscal. The total income of the reporting quarter stood rose to Rs 138.9 crore from Rs 111.8 crore in October-December 2002, the bank said in a statement here today. —
Agencies
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