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Suzuki investment shot in arm for PC
A-I gears up for open sky policy
DEPB rates for textiles slashed
Inflation stable, says Lahiri
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Indiabulls debuts at Rs 25
Spice introduces slew of features
Region lacks latest technology, says packaging expert
Border trade hit as China imposes added customs duty
Microsoft upbeat on One Note
Govt firm to bring down drug prices
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Suzuki investment shot in arm for PC
New Delhi, September 24 Being the first major investment announced by a foreign investor for the country after the UPA government took over, the Rs 6,000 crore plan would also make the two companies take further control of the automobile market, especially the car market in the country. In fact the Finance Minister could not hide his excitement over the investment plans and was also expressive about it during his meeting with MUL top officials yesterday. According to official sources, MUL Managing Director Jagdish Khattar, along with some other company officials had met the Finance Minister yesterday. During the meeting Mr Chidambaram is believed to have been positive towards the plans as he had been watching the proceedings between the SMC, MUL and the Heavy Industries Ministry closely. Apparently, Mr Chidambaram was very keen and anxious for the matter to get resolved in a positive manner so that the investment could flow in. Significantly, shortly after he took over as the Finance Minister, Mr Chidambaram had said he would prefer be known more as Minister of Investment rather than a Finance Minister. As part of the investment plans, both SMC and MUL would be investing a total of Rs 6,000 crore in various plants in the country. In this the MUL will hold a 70 per cent stake in the new joint venture plant to be set up. As part of new plans more models of cars will also be brought into the country which would help MUL take control of the automobile industry. Suzuki will also foray into the Indian motor cycle market next year besides setting up a plant for manufacturing deisel engines. MUL's Gurgaon plant currently has a capacity to manufacture 3.5 lakh units. The new plant would be put up near Manesar in Gurgaon.
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A-I gears up for open sky policy
New Delhi, September 24 While the Boeing 747-400s would be used for its own long-haul operations, the state-owned international airlines is also looking at leasing another 11 Boeing 737-800s for its new subsidiary, Air-India Charters Limited. As the Indian skies open up for a limited period from November to March 2005, more than 5 million Indians are expected to go overseas this year. International arrivals are likely to be in the region of 3.1 to 3.3 million people, throwing up huge opportunities for airlines. Incidentally around 75 per cent of international traffic from India is currently routed through foreign airlines. But Air-India is thinking big, partly because private domestic airlines like Jet Airways and Air Sahara are likely to get permission to fly to global destinations. Also, the government is signing new air service bilaterals to increase flight frequencies.
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DEPB rates for textiles slashed
New Delhi, September 24 The decision has been taken following a meeting among Prime Minister Manmohan Singh, Finance Minister P Chidambaram and Commerce and Industry Minister Kamal Nath last week. The neutralisation rates have been revised to 6.1 per cent for blouses, children’s sweat shirts, cotton-knitted socks, tracksuits and jeans, 4.4 per cent for cotton socks and in the range of 3.30 per cent and seven per cent for other items. The DEPB rates for the textile sector have also been aligned with those of the plastic and chemical items. Without making any change in the DEPB rates of chemicals like miconazole nitrate, carbon black of all grades, industrial or automotive lubricants and napthalene acetic acid, their value caps have been fixed at Rs 3,400 per kg, Rs 45, Rs 140 and Rs 800, respectively. The Commerce and Industry Ministry is also working out new rates for the steel sector in coordination with the Steel Ministry. These rates will be notified soon. Traders criticise Reacting sharply to the drastic reduction in the DEPB rates for textile products, Federation of Indian Export Organisations (FIEO) today said the reduction is without any basis as there has been no change in basic customs duty on inputs used by the textiles industry. The reduction has been notified at a time when textiles industry is realigning itself to face the challenges in post MFA scenario and such announcements send wrong signals, FIEO Vice President Shubash Mittal said in a statement. The reduction in DEPB rates by about 45 per cent across the board will not only erode profitability of the exporters but will also make textile products less competitive abroad.
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Inflation stable, says Lahiri
New Delhi, September 24 After falling substantially in the previous week, the point-to-point Wholesale Price Index (WPI) inflation rose by 0.06 per cent to 7.87 per cent for the week ended September 11 mainly due to costlier manufactured products. Market analysts said inflation would moderate by the end of this month once the “partial” effect of RBI’s hike in Cash Reserve Ratio (CRR) comes into play. The central bank had announced hike in CRR in twin tranches beginning September 18 and October 2, totally raising it to 5 per cent of Net Demand and Time Liabilities of banks to suck out excess liquidity of Rs 8,000 crore. —
PTI
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Indiabulls debuts at Rs 25
Mumbai, September 24 The subscription of the issue opened on September 6 through 100 per cent book building process, and was oversubscribed by 18.5 times. The lead managers were SBI Capital markets and DSP Merril Lynch. The IPO was listed at National Stock Exchange (NSE) also. —
UNI
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Spice introduces slew of features
Chandigarh, September 24 Addressing mediapersons here today, DGM (Marketing) Mr Mukul Khanna said the subscribers can now retain their number in a roaming network and have instant access to services there by just dialling *555# from his mobile. Claiming it to be the first of its kind to be launched by any GSM operator in the country, Mr Khanna said to begin with ‘Cricket Score’ and ‘Top Tones’ will be offered through the USSD platform wherein the corresponding download menu will be flashed on the mobile screen instantaneously, on a real time basis, without the subscriber having to wait for a reply SMS or call. As a part of yet another initiative, it has launched the Spice Bill on Screen service for its post-paid subscribers to make available online information about balance, validity and last call charges.
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Region lacks latest technology, says packaging expert
Chandigarh, September 24 Talking to TNS, Mr Jacob George, CEO, Press Ideas, said: “In the region, there are over 7,500 printers (offset, flexo and packaging/converging), 5,000 individual entrepreneurs who take on printing jobs on a contract basis, 10,000 screen printers, 700 advertising agencies, 2,500 converters and around 50 newspapers/editions. It is estimated the production costs incurred by the printers and packaging units in the region is up to 15 per cent higher than the more advanced units set up in Delhi and other parts of the country. This is mainly because of low volumes, wastage of consumables and paper and inefficiencies in the production process and flow. At the same time, the units here get a significantly lower price from buyers. He said despite such infrastructure in the region large orders of companies for printing and packaging material go to Delhi and further upcountry because of lack of the latest technologies in the region. The scope for the printing and packaging industry is tremendous as Baddi alone has attracted nearly 1,300 industrial units, because of its tax-free status and other financial sops offered by the central government. As a result demand for various printing and packaging items would be generated. One of the leading packaging companies of India, Borkars of Goa, have already planned to set-up a state-of-the-art packaging unit at Baddi to cater to this growing demand. “Some of the engineering colleges in Punjab are also considering having printing technology as a specialised field of engineering,” Mr George added. Meanwhile, over 75 reputed companies will be participating in a three-day North Print 2004, region’s first major exhibition for the printage and signage industry, which opens here tomorrow.
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Border trade hit as China imposes added customs duty
Dehra Dun, September 24 Upset with China over the shifting of the Billetheka trade centre to another place, where a rent of 2000 yuan is being realised, the Indian traders in the border areas have decried the decisions of Taklakot administration on the Chinese side. In a decision taken at a meeting to discuss the issue, the ‘Darma Trade Council’ officials said they would boycott trade with China if the Chinese authorities do not restore the arrangement. Even as Billethrka was the traditional mandi for trade for the last 12 years, this year the Taklakot administration on the Chinese side directed the traders to shift from the traditional mandi to a new shopping complex, trade officer Bhawan Singh says. At the complex developed recently by a private company, the traders do not have space to keep the beasts of burden apart from acute water scarcity, he said. According to trade officers, the Trans-Himalayan trade agreement mentions the provision for a three-room shop at the Billetheka trade centre, along with enough space for cattle, water supply and other facilities. At the new trade centre, traders have been paying a rent of Rs 12,000 for four moths now, the officials added.
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Microsoft upbeat on One Note
New Delhi, September 24 "The feedback is very exciting. We could be adding additional features in local languages. It could be a Hindi interface or something similar", an official of Microsoft Corporation (India ) Pvt Limited said. One Note 2003 is a note taking application and is part of Microsoft Office System offering.
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Govt firm to bring down drug prices
New Delhi, September 24 It has asked the pharmaceutical industry to reduce the prices on its own otherwise it would be forced to take legislative measures. Union Minister of Fertiliser and Chemicals, Mr Ramvilas Paswan, asked the industry to evolve self regulating code of conduct to reduce prices of drugs in the interest of consumers as well as industry. He said , “the drug manufacturers cannot be allowed to charge exorbitant prices as India is a developing country and a large number of people are living below poverty line.” Talking to mediapersons, he said, “the industry representatives have given an undertaking to us that they would ask members of their associations to bring down trade margins, which were to the tune of 1000 to 2000 per cent in some cases.”
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