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CMP means cut
more points for market Consensus on VAT
may fall flat 2 Flex case
accused discharged
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Protinex makers
coming to Punjab Money transfer
scheme by Canara Bank M&M vehicles
for Afghanistan Benefits of Gold
Card listed
Chairman and Managing Director of Steel Authority of India Limited (SAIL) V.S. Jain addresses a press conference in New Delhi on Friday. — PTI
photo
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CMP means cut more points for market Mumbai, May 28 The markets have given thumbs down to the Common Minimum Programme (CMP) of the United Progressive Alliance (UPA) government by hammering down the Bombay Stock Exchange (BSE) Sensex. The last trading session of the week saw bears back in action pushing the Sensex way below the 5,000 mark as market players liquidated holdings. The Sensex, which opened lower Friday, fell 223.16 points to close at 4835.39. Analysts said the markets were pessimistic about the Common Minimum Programme, which they felt aimed to slow down disinvestment of public sector companies. The CMP is also believed to be disadvantageous to corporates since the government has mooted restrictions on dismissal of employees. Among those who went on a selling spree Friday included foreign funds, according to market sources. Among those who took a beating at the bourses included power and power equipment companies, public sector undertakings and banks. The Nifty also closed lower at 1508. Finance Minister P Chidamabaram’s statement that the government is committed to the reforms process failed to enthuse the markets. Mr Chidambaram said the government was committed to reforms but it would still give the highest priority to investment in agriculture and infrastructure and augmenting rural credit. Among those scrips, which took a beating, included cement companies like ACC and Gujarat Ambuja, which fell over two per cent each while Grasim dropped six per cent. Despite encouraging results SAIL fell over six per cent as did TISCO. PSUs, including oil companies, fell by over five per cent each while a few like IPCL and ONGC slumped over seven per cent to Rs 140, IOC and BPCL posted losses of over five per cent
each. Among power companies Tata Power posted massive losses of over seven per cent to close at Rs 275, BHEL slipped nearly four percent to Rs 563. Among banking scrips, Bank of Baroda shed over a whopping over 10 per cent to Rs 165. Among auto-scrips, Honda plunged over seven per cent to Rs 452 while Maruti, Tata Motors and M&M slumped over five per cent each. Tech scrip I-flex fell over nine per cent to Rs 502 while HCL Rolta and NIIT tumbled over seven per cent each. Wipro dropped over six per cent to Rs 1,504 while Infosys and Satyam lost over four per cent each.
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Consensus on VAT may fall flat New Delhi, May 28 Finance Minister P. Chidambaram is likely to make a policy statement on government’s intention to implement VAT in his Budget speech to be presented next month. But analysts say due to dilly-dallying by Mr Mulayam Singh Yadav, Mr Laloo Prasad Yadav and other smaller parties, it will not be easy for the government to evolve a consensus. Further, due to the commitment of the new government to implement various social welfare measures, it will face financial constraints to compensate states after VAT’s implementation. The previous NDA government had to postpone the implementation of VAT last year, scheduled for April 1 2003, after strong opposition from some of the states and a section of industrial and traders’ associations. The trading associations at all-India level, particularly from Punjab, Haryana and Uttar Pradesh have been opposing VAT and demanding merger of all state taxes, including entry tax, octroi and local area development tax (LAD) in VAT. Northern states, including Punjab and Haryana, where manufacturing units are dependent on imported raw material, collect substantial amount from entry tax. Unlike other states, Punjab has even imposed octroi. The small-scale industrial associations have also raised objections. In contrary to the spirit of VAT, certain states have proposed to levy VAT compatible entry tax to discourage industry from purchase of goods from other states. The Left government in West Bengal, which is now supporting the government at Centre, has proposed to reintroduce entry tax though it was abolished in the state in 1995. Presently, Haryana is the only state, which has notified and implemented the Act partially. Andhra Pradesh, Gujarat, Karnataka, Kerala, MP, Maharashtra and West Bengal though have obtained the assent of the President of India yet not notified the Act. Delhi, Punjab, Himachal Pradesh and J&K have not even submitted their draft bills to the Centre. On the other hand, industrial associations like PHD Chamber of Commerce and Industry , Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce and Industry (FICCI) have called upon the Centre to implement VAT at the earliest, keeping in view its huge benefits for the industry and economy.
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2 Flex case accused discharged
New Delhi, May 28 “This is a unique case in which neither there is any evidence of demand of bribe nor of its acceptance and despite screening the record of 34 years of service of Mishra, the prosecution could not lay hand on any document which could reflect that at any point of his career, he had shown official favour to Chaturvedi or that the amount sent by Chaturvedi was a reward for the same,” Special Judge Pratibha Rani said. “This is a case based on no evidence against the accused persons,” the order said adding “however, the circumstances do indicate that a conspiracy was hatched against Mishra by some vested interests in order to ruin his future prospects.” Mishra, a 1967-batch IRS officer, was at the time one of the seniormost Chief Commissioners and was due for promotion as Member, Central Board of Excise and Customs. CBI had arrested the duo in November 2001, following recovery of Rs 5 lakh from Mishra’s office.
— PTI
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Protinex makers coming to Punjab Chandigarh, May 28 The Union Ministry of Commerce and Industry in this regard has approved a proposal and the company had sought clearance from the Punjab, Department of Industries, before the finalisation of site. Mr Chris Stratton, Chief Executive Officer, who is responsible for this project, in the proposal sent to the government had stated that the cost of setting up this project would be Rs 100 crore. The installed capacity of the factory would be 10,000 —15,000 metric tonne annually and 2 lakh litres of milk would be required per day for manufacturing purposes. It further states that the food-processing factory would involve the processing of milk and other cereals, including de-oiled groundnut cake. The industry does not involve any chemical processing and that they would be setting up an adequate effluent plant at the site to meet the standards of treated effluents as per the prescribed standards by the authority, as applicable to their industry. The Secretary Industries, Mr S.K Sandhu, when contacted said the project stands approved in principle by the Department of Environment and Pollution Control and Forests. More details of the project would be known after the company submits a detailed project report in this regard. They also propose to shift their plant manufacturing Protinex from Thane in Maharashtra to Punjab.“The setting up of the unit will create competition amongst the existing milk plants and milk producers will be able to sell milk to them at higher rates,'” said Mr Sandhu. Sources reveal that Nestle India Limited at Moga and Milkfed, Ludhiana, had initially objected to the permission granted by the authorities concerned for setting up this plant in their vicinity on the grounds that it would infringe upon their milk shed area and that they would have easy access to good quality milk. However, the same were turned down as there is no legal provision under which a company can be prevented from setting up a processing facility on such grounds. Dumex India Pvt Ltd, besides manufacturing Protinex, makes several other ready-to-drink products for various age groups.
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Money transfer scheme by Canara Bank Chandigarh, May 28 The services were launched by General Manager, Canara Bank, Mr Y.L Madan, and Punjabi pop singer Mr Harbhajan Mann. Addressing mediapersons, Mr Madan said NRI's will now be able to send money to their families and relatives in India within the guidelines of the RBI. Money transactions will become easier for the visiting foreign tourists and foreign students studying in India. The beneficiary or the sender need not be a customer or account holder of the bank, but he is required to prove his identity to get the payment. Of the total 185 branches in the Chandigarh circle, the facility has been made available in 65 branches. The bank has been a major player in the rupee inward remittance segment of the Forex market. It has entered into rupee drawing arrangements with 19 international
exchange houses and 17 banks to cater to the remittance need of NRIs. Mr Madan said the fee for money transfer services is one per cent of the Indian rupee equivalent of the transfer amount.
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M&M vehicles for Afghanistan
Mumbai, May 28 The 80 Boleros and 40 MM 550 XD would be transported by the sea and land route to Kabul where they would be formally handed over by the Indian Embassy to the Afghan army in second week of June, M&M said in a release here. This order is being executed through Mahindra Defence Systems and is part of an aid package provided by the Indian government to Afghanistan.
— PTI
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Benefits of Gold Card listed Panipat, May 28 Mr Rao was here to participate in a seminar on “Export credit for financing banks and exporters” jointly organised by the RBI and Punjab National Bank. Earlier the General Manager of PNB, Mr Harwant Singh, said in the liberalised scenario, exporters could contribute effectively.
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Mumbai, May 28
