 |
|
India holds
symbiotic talks with Iran Havell’s to
switch on production in Baddi by July European firms
ask Patel to review tenders Chinese dragon
doesn’t intimidate Indian traders any more GoM okays
minister’s FDI stand Corporate news
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
India holds symbiotic talks with Iran New Delhi, June 28 An Iranian delegation led by Deputy Oil Minister Sayed Mohammad Hadi Nejad-Hosseinian, called on Petroleum Minister Mani Shankar Aiyar before talks began at the official level. After meeting Mr Aiyar, Mr Nejad-Hosseinian told reporters that he was hopeful the deal would be finalised by tomorrow but declined to give details. India plans to import 5 million tonnes of LNG from Iran provided its high price is cross-subsidised through a return from a producing oilfield. Iran has offered equity in Husseinieh-Khush oil field but India’s flagship ONGC Videsh Ltd will have to bid for the share. However, New Delhi insists that Iran give OVL the field on nominal basis as had been agreed in the MoU signed in January 2003. Sources indicated that supply of LNG, Sale Purchase Agreement and pricing would be discussed at the two-day meeting after clarity on the stake being offered in the field. Iran has proposed to pay 15 per cent return on OVL investment in developing the field. While OVL would be able to recover its investment cost in about 8-10 years, India’s obligation to buy LNG would last for 25 years.
|
|
Havell’s to switch on production in Baddi by July New Delhi, June 28 Talking to the TNS here today, Mr Qimat Rai Gupta, CMD of the company disclosed: “The plant has been set up at a cost of Rs 20 crore and will employ around 450 persons. The production will start by mid-July and later will be expanded to earth leakage circuit breakers (ELCB) as well. It will add to the production facility at the company’s Delhi plant.” He said with the boom in the housing sector and rising demand for safety installation equipment, the company expected a rise in the domestic demand. Havell’s is already one of the top 10 players in the industry internationally. “We plan to export 6 million MCB switches this year. The company is already exporting the electric products to 42 countries,” he added. Havell’s had exported the electric equipment worth Rs 34 crore that would increase to Rs 100 crore this year, he said. Company has recently entered into the manufacturing of consumer appliances like fans, light and bath fittings and compact fluorescent lamps. Regarding North Indian markets, the company aims at the consolidation of the market share by expanding the distribution network at a rapid pace, with increased focus on smaller towns.
|
|
European firms ask Patel to review tenders New Delhi, June 28 While the AAI has rejected the review of the technical bids, there is a growing feeling the tenders of certain proven companies dealing with PBBs have been rejected on flimsy grounds. The letter to Mr Patel has sought his intervention so that a “fair chance” is given to companies who have provided proof of their work at reputed airports around the world. Such a representation was also made to Mr Patel’s predecessor Rajiv Pratap Rudy. AAI sources were categoric that the date of submission and opening of the technical bids had expired in January this year and there was no question of reviewing the tender documents of the four bidders. Therefore, whatever decision the AAI takes is final and binding. The 15 hydraulic power drive PBBs are for airports in the country at Ahmedabad, Srinagar, Amritsar, Calicut, Varanasi, Gaya, Guwahati and New Delhi at an estimated cost of Rs 30 crore. Experts said it might have been advantageous for the AAI to seek technical bids of both the hydraulic and electromechanical type of PBBs for a better assessment of the price as well as the performance of the PBBs.
|
|
Chinese dragon doesn’t intimidate Indian traders any more
New Delhi, June 28 While this trend started sometime last year, the rejection was fuelled by recent reports from China that their goods were not meeting national standards, those in the industry say. The findings of China’s General Administration of Quality Supervision, Inspection and Quarantine in May confirmed a widely held belief that China’s poorly monitored markets offer increased risks for consumers. According to reports, spot checks in China on a range of domestically made consumer goods in the first quarter of the year showed more than 20 per cent failed to meet national quality standards. The threat of Chinese invasion, which seemed like a reality some two years back, is almost over. The poor quality goods were driven out of the market not by government policies but by market itself, because of poor quality, says a FICCI official. By improving our efficiency and quality, the Indian industry has been able to end the threat perception of the Chinese invading our markets, he says. Chinese electronic toys, e-diaries, notebooks were so much in demand that we had stopped keeping goods from Singapore and Thailand. But as there is no warranty and once damaged, there is no way to repair them. So most consumers today think twice before buying them, says Mr Sanjeev Kumar, a Karol Bagh retailer. Today Chinese electronic items are popular only in smaller towns or cities or rural people who want to buy phoren goods at cheap prices, says Mr Kumar. Agrees Kulwinder Singh, a cycle dealer: “The fear of Chinese bicycles and exercising cycles no longer haunts Indian manufacturers. Around four years back, the Chinese had entered the Indian markets with their products. Their cycles have been rejected by many countries in the West as they are not made of steel but an alloy which is not very strong. There have hardly been any repeat orders for these cycles here, rather we continuously get complaints, he says. Chinese are present in everything, wherever fakes are possible. A Calvin Klein or a Rolex look alike watch, Reebok shoes look alikes are available at a low price. Same is the case with dry-cell batteries, electric iron, ceiling fans, toys, cycles and even locks, says Mr Tushar Bhattacharya, an expert on consumer durables. The Indian brands have changed successfully according to market needs, he says noting besides quality, the Indians beat the Chinese at their game of aggressive pricing. The prices of Indian bikes, TVs, and other products are all competitive with Chinese ones, he says noting, the Indian industry associations too lobbied vigorously to block the onslaught.
— PTI
|
|
GoM okays minister’s FDI stand New Delhi, June 28 The decision was taken by the GoM headed by Defence Minister Pranab Mukherjee at a meeting in his office
here. In an effort to placate the various trade unions opposing the modernisation move the GoM said at least 40 per cent of the employees of Airports Authority of India will be absorbed in the new joint venture company for three years on deputation and the rest will remain with the authority. The GoM also approved the proposal of the Civil Aviation Ministry to allow 10 per cent stakes to the scheduled Indian carriers in joint ventures for restructuring and modernisation of Delhi and Mumbai airports. The other members of the GoM are Union Law Minister H. R Bhardwaj, Union Civil Aviation Minister and Union Finance Minister P. Chidambaram.
|
| Corporate news
New Delhi, June 28 “We will turn our attention on the oral care business in the country as the Indian tooth brush market is the second- biggest in the world and continue selling alkaline battery as the niche market is growing,” Gillette India Managing Director Zubair Ahmed told media persons. The oral care division of the Indian unit of the US shaving-systems major grew by 44 per cent last year, he said, launching the shaving system ‘Mach3Turbo’. The company, which acquired the Geep battery brand in 2000, exited the business in late 2002 but continued selling alkaline battery under Duracell brand name. With the discontinuation of ‘Geep’, Gillette India also stopped manufacturing ‘Duracell’ batteries in the country. Now, the company imports the alkaline batteries from Europe.
TVS Hit by a negative growth of 1.7 per cent in its motor cycle sales, two-wheeler major TVS Motor Company has posted a modest 8.2 per cent rise in net profit to Rs 138.40 crore in the year ended March 31, 2004, compared to previous year’s Rs 127.95 crore. Announcing this at a press conference today, its Chairman and Managing Director Venu Srinivasan said the company’s total sales grew by 4.8 per cent to Rs 2856.42 crore, up from previous year’s Rs 2725.40 crore. He said the company’s motor cycle segment showed a negative growth, compared to a 15 per cent rise in volume in the segment in 2003-04. The TVS Motor Company has also declared two interim dividends totalling to 130 per cent for the year 2003-04.
NIIT NIIT Ltd has posted a net profit of Rs 32.44 crore for the quarter ended March 31, 2004 as against Rs 6.36 crore during the same quarter of the fiscal 2002-03. Its total income was Rs 96.54 crore for the quarter ended March 31, 2003 against Rs 83.78 crore in the quarter ended March 31, 2004. The company has posted a net profit of Rs 45.75 crore for the 18-month period ended March 31, 2004, while the same was Rs 9.09 crore for the year ended September 30, 2002. The Annual General Meeting of the Company will be held on July 29, 2004.
—TNS and Agencies
|
bb
Export issues Steel prices Longest flight Aftek Hindalco ECIL demerger |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
