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Global firm selected for BIS restructuring
Poor housing loans in villages worry RBI
That’s IT
Corporate news
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Sensex flirts with 5000
mark Mumbai, May 19 Investors’ enthusiasm over the likely candidature of a former Finance Minister, Dr. Manmohan Singh, for the job of Indian prime minister continued to buoy the markets as buyers outnumbered sellers. The Sensex closed 2.65 per cent higher at 5,006.27 points as brisk trading say 129 million shares change hands. The National Stock Exchange also ended 4.38 percent ahead at 1,569.75 points. The growth comes after a sharp fall of 564.71 points on Monday after statements by the Communist party caused fears that the new government may halt the country’s economic reforms programmes. According to analysts here the stock market may actually begin to boom if the Common Minimum Programme being formulated by the political coalition set to take office turns out to be investor-friendly. “The good days may be back soon since there are indications that global oil prices may fall,” an analyst said. Surfing on strong sentiments, the Sensex opened 65 points higher at 4,942 and soon touched an intra-day high of 5,060 points before profit-taking dragged down the index to a low of 4,892. PSU stocks, which took a battering in the past few days, were back in the forefront as buyers flocked to their counters. ONGC shot up 9.75 per cent to Rs 702. SBI spurted 7.11 per cent to Rs 526. BHEL soared 14.76 per cent to Rs 502 and HPCL was up 2.46 per cent at Rs 327.
NDTV scrip debuts at Rs 100
Mumbai, May 19 The issue price for the initial public offering (IPO), which was hugely oversubscribed, was fixed at Rs 70 per share. The IPO, which opened for bidding on April 21, was oversubscribed within 15 minutes of opening of books. The bidding closed on April 28.
— PTI
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Auto scene GM launches Tavera, Merc makers roll out E 270 CDI
New Delhi, May 19 Speaking to newspersons here during the launch of its multi-utility vehicle, Chevrolet Tavera, the President of GM Daewoo, Mr Nick Reilly, said due diligence process of the acquisition exercise was presently underway. Chevrolet Tavera was also launched in Mumbai simultaneously. “It is likely to be settled over the next 3-4 months,” he said but did not divulge anything on the amount of the deal. “I do not wish to guess till the detailed process is completed,” he said adding the assembly line unit of Daewoo would be used for developing a compact car, which is expected to be launched next year. “After striking the deal with DMIL, it will take more than a year to enter into the small car segment in India,” he said. General Motors is only interested in the car assembly unit, which effectively rules out any plans to acquire the engine and transmission units of Daewoo Motor India Limited (DMIL). “So far as the need for power trains are concerned, we are increasing production capacity at our Halol (Gujarat) facility, which produces 33,000 units in a year,” he said adding that the company plans to increase the capacity of the plant to 100,000 units a year. The company today launched the Chevrolet Tavera - a multi-utility vehicle which would be available in six different variants carrying a price tag between Rs 5.44 lakh and 8.45 lakh. Tavera is powered by a turbo charged diesel engine and is the third Chevrolet model after Forrester and Optra unveiled by GM India and the second one to be manufactured. The company expects to sell 10,000 units this year and treble the sales figure by the next year. DaimlerChrysler
Continuing its strategy of introducing new cars into the Indian market, DaimlerChrysler India Ltd, today announced the launch of the E 270 CDI in the country. The E 270 CDI emphasises the continuous evolution of the E-Class and packs a phenomenal power punch of 425Nm at 1800-2300 rpm and Power output of 127 kw. This is a substantial enhancement from the outgoing E220 CDI’s rated engine torque of 315 Nm and power rating from 105 Kw. The Mercedes-Benz E 270 CDI will be the trendsetter for top technology, design and driving enjoyment, according to the officials of DaimlerChrysler. Its ex-showroom price in Mumbai is 34.7 lakhs while in New Delhi it is 35.46. “The E-Class points the way to the automotive future. The immense appeal of our E-class range in India can, to a large extent, be attributed to the superior aesthetics, performance and power that this vehicle delivers,” said Hans-Michael Hubber, MD and CEO of DaimlerChrysler India while talking to reporters at its plant near Pune. The new E-270 CDI will further boost the popularity of the E-Class range in India, he added.
Volkswagen
Volkswagen AG’s premium unit Audi wants to sell roughly 1,000 cars in India by the end of 2008 and plans to start building up a dealership network to achieve this goal, Audi said on Tuesday. Starting in July, Audi will sell its Audi TT 1.8T and the Audi all road 2.5 TDI at two dealerships in Delhi and Bombay. In the autumn, the new Audi A6 saloon will also be offered. “A sporty premium brand like Audi cannot be absent from a growth market like India,” sales and marketing chief Ralph Weyler said in a statement. In the last five years, the luxury passenger car market has tripled in India, the carmaker added.
— TNS, Agencies
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SBI Life chief offers Edu Shield Chandigarh, May 19 Speaking during an exclusive interview with The Tribune, Mr S. Krishnamurthy, Managing Director and CEO, SBI Life, said that the new players have taken away 13 per cent of the market share from the monolith PSU. “In this, SBI Life share is one per cent,” he said and added that the industry as such is growing at 11 per cent. He was in the city to announce SBI Life first ever life insurance policy covering student education loans. SBI Life is a joint venture between the State Bank of India and
Cardiff SA, France. “SBI Life showed an increase of more than 180 per cent in the first premium income last fiscal and registered a growth of 210 per cent,” Mr Krishnamurthy said. He disclosed that 1/5th of the premium was derived from the northern region. “That way the total business done during the last fiscal was 40 crore,” he said. He said that FIIs pulling out during the recent mayhem at the bourses did not have any impact on the company. “We are as such governed by very tight IRDA-dictated policy and have just a minimal amount invested in the share market. So while there was mass slump, SBI was pretty cool,” he stated. He said that SBI Life was basically targeting the youth segment. Later, during a press conference, the MD-CEO announced the launch of life insurance policy aimed at covering education loans- Edu Shield, a term assurance policy.
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Global firm selected for BIS restructuring New Delhi, May 19 Mr Nirmal Singh, Director General, BIS, said, “the final report is expected to be submitted in the next three months and will be later submitted to the government for consideration and implementation of its recommendations.” The consultant has been asked to study the
structure of the organisation and to suggest required changes in the structure keeping in view the growth of different industries in the country. It has also been asked whether a comprehensive Act is required to bring standards for food products and industry into the BIS fold.
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Poor housing loans in villages worry RBI New Delhi, May 19 Experts in the banking sector admit that due to high variation in the agriculture income and obsolete land laws, they are unable to provide housing loans in villages. The RBI has also expressed concern about the lack of growth of credit in the rural areas for housing and other construction activities. Official said, “the data collected from around 5,000 villages across the country reveals that on construction undertaken in rural areas, about 66 per cent of the amount is spent by the household savings and 10 per cent borrowed from money lenders as well.” He wondered if the banking sector could finance around Rs 80,000 crore annually for housing in the urban areas, why it was hesitant to come forward in the rural areas. He said the study was
undertaken to obtain information regarding the conditions of the dwelling in the rural and urban population.
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Digicams get affordable Chandigarh, May 19 Speaking to TNS about a range of issues concerned with digital imaging market space in the county, Ms Manisha Sood, Business Manager, Digital and Applied Imaging Kodak India Ltd, said in contrast to the Indian market scene, 80 per cent of the total cameras sold in mature markets like US, Singapore and Australia are digital. With the reduction in prices the product has increased its acceptance among home users. “Price of an entry level model has come down from Rs 13,900 to Rs 6,900 within a year’s time, she said while adding that this was happening because of increase in volumes and innovations in technology. The company targets increasing penetration in the northern region, where it registered the highest sales. Eyeing a 55 per cent market share in the country, the company intends to focus on 12 cities, including the metros, Hyderabad, Chandigarh, Ludhiana, Kochi, Coimbatore, Pune and Ahmedabad. Besides, making the prices affordable, the company has also offered easy payment schedule for prospective consumers. “We have tied-up with Citibank to provide easy and lucrative EMI-based payment option to consumers,” she said. Another reason for digital cameras becoming popular is due to its non-recurring costs. “The 18-25 years age group, not traditionally into photography, is also taking to it,” she said.
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That’s IT Kolkata, May 19 This is the first worldwide business award to recognise the significant role business houses can play in the implementation of the UN’s targets for reducing poverty around the world by 2015. The award, announced in Paris yesterday has been instituted jointly by the International Chamber of Commerce (ICC), the HRH Prince of Wales International Business Leader’s Forum (IBLF) and the United Nations Development Program (UNDP). The award will be presented at the ICC World Congress on June 8, 2004, in Marrakesh. Zenith PC for students
Zenith Computers today launched the Topper Desktop for students, packed with a host of features ranging from subjects in the curriculum to Vedic mathematics to ‘“Junior Crorepati”. Launched jointly with Intel, Topper has been created for school and college students at an affordable price of Rs 23,000, which is 10 per cent less than the market price, a release said. Zenith Topper Desktops are Multimedia PCs with a CD writer, modem, speakers, free Internet and a Topper 18-CD pack.
— UNI
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Corporate news Mumbai, May 19 Apollo Tyres
Escalating rubber prices squeezed the margins of Apollo Tyres Ltd, with its net profit slipping 35 per cent to Rs 18.78 crore during the quarter ended March 31, 2004, as against Rs 28.96 crore during the same period last year. Apollo Tyres also announced a dividend of 45 per cent after the Board of Directors approved the company’s audited results today.
Essar Steel
Essar Steel Ltd (ESL) has achieved a 45.4 per cent increase in net profit at Rs 98-crore for the fourth quarter-ended March 31, 2004 as against Rs 67.4-crore in the same quarter last year. Announcing the results, the company said its sales for the reporting quarter showed a 43 per cent increase at Rs1,323-crore as against Rs 925-crore last year.
— Agencies
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Automobile major General Motors India is expecting to complete the deal of acquiring the car assembly unit of Daewoo Motors India Limited within the next three to four months and is planning to enter the mini-car segment next year.
Chandigarh, May 19
