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Sensex scales past old peak
in bull charge
FM happy if market driven by economy
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REL asks directors to reconsider resignations
Ambani feud impacts UP power reforms
Mukesh to open Infocom
States
want 50 pc of service tax kitty
Jet, Sahara to fly abroad
Nath calls meeting to boost exports
Gujarat pavilion tops, Punjab 2nd
Now, trace Spice friends
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Sensex scales past old peak
in bull charge
Mumbai, November 30 Riding on the back of a broad-based rally, the Sensex touched its highest at 6249 points during intra-day trades before closing lower at 6234 points. Though the Sensex looked like breaching the highest intra-day point touched in January 9 this year, it slipped down on profit booking on some counters. Today's closing saw the BSE sensitive index at 6,234, a gain of nearly 76 points. The Nifty also closed at 1,958 points. Despite positive signals emanating from Reliance, all the scrips from the Ambani stable made only marginal gains. REL closed marginally higher while Reliance Industries gained just 1 per cent over the previous close to touch Rs 516. The counter of Reliance Capital also attracted strong buying with the scrip posting gains of over 1 per cent. Market analysts attributed today's bull run continued inflows from foreign institutional investors. The rally is being led by FIIs, who have pumped in $1.3 billion so far in November and a record $6.9 billion during this year. The major gainers today were Infosys, Bharti, Hero Honda, HLL, L&T and Ranbaxy. However, the momentum in banking stocks was mixed as profit taking dragged down several scrips in the latter half of the trading day. Expectations of higher interest rates helped boost sentiments. Punjab National Bank was the biggest gainer closing 5 per cent higher. Federal Bank, the Oriental Bank of Commerce, Vijaya Bank, Andhra Bank and the Bank of Baroda posted gains of over 2 per cent each. However, the Bank of India, Bank of Punjab and IndusInd Bank lost over 2 per cent each. Though mid-cap tech scrips took a beating, blue-chip counters made health gains. Infosys surged over two per cent on the back of seven per cent ADR gains. Satyam and Wipro closed with marginal gains. I-flex Solutions also closed 3 per cent higher. However, oil PSUs witnessed profit booking. BPCL shed over 4 per cent while HPCL, IOC and Bongaigaon Refinery lost over 2 per cent each.
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FM happy if market driven by economy
New Delhi: Finance Minister P. Chidambaram today said he would be happy if the current bullish trends in the stock markets are driven primarily by the fundamentals of the economy.
"I don't react. As long as the Sensex is driven by the fundamentals of the economy, I am very happy," he said. The BSE Sensex has crossed the 6,000 mark in recent days and has been spurred on by heavy buying activity by foreign institutional investors.
— TNS
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REL asks directors to reconsider resignations
Mumbai, November 30 The Board of Directors of Reliance Energy Ltd (REL) today asked six of its members who quit last week to reconsider their decisions. According to a statement by the REL, the board which met for three hours today "asked the directors to reconsider resignations and reposed full trust and confidence in the existing management of the company". Till then, the six directors will continue to function as before, REL said. REL’s board of directors also decided to separately consult the board of Reliance Industries Ltd, the principal shareholder in the energy utility "on several matters concerning the future prospects of the company and related issues," the statement said. Sources say, the resignations of the six REL board members may be considered after consultations with RIL are complete. The battle between Reliance Industries Group Chairman Mukesh Ambani and Vice-Chairman Anil Ambani took another turn today with a board member openly criticising them. Y. P. Trivedi, a veteran Reliance hand and close associate of founder Dhirubhai Ambani, said the quarrel between the two brothers was a battle of egos. However, he expressed the hope that the differences between Mukesh and Anil Ambani will be resolved soon.
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Ambani feud impacts UP power reforms
Lucknow, November 30 Earlier, the UP Power Corporation Limited (UPPCL) had fixed December 1, 2004, as the last date for accepting bids through an advertisement on November 1. Reliance Energy Ltd, headed by Chairman and MD Anil Ambani, had purchased bid documents for acquiring majority equity stake in the five electricity distribution companies (discoms) early this month. The UPPCL was already in selecting mode between eight bidders for the Anpara-C thermal power project, which was completed on November 1. According to power department sources, the date for submission of bids for five discoms were extended to enable “quality private players” get opportunity for bidding. Sources said 15 companies have already submitted their Request for Qualification (RFQ) and few more could be expected to do so given the fact the last date of submission of the RFQ have been extended till December 15. The state government said the disinvestment is a part of an extensive power reform programme under taken by the UP government and supported by the World Bank. Pricewaterhouse Coopers is the privatisation consultants for the power sector in the state.
— UNI
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Mukesh to open Infocom
Kolkata: Infocom 2004, the biggest annual extravaganza for the ICT industry in the Eastern region, will kick off tomorrow with the inauguration by Reliance Industries Chairman Mukesh Ambani.
Infocom 2004, jointly organised by Nasscom and Businessworld, will be held in the city from December 1 to 5. The theme this year is ‘Harnessing ICT for global competitiveness’. Speaking about the programme, Nasscom president Kiran Karnik said: “Infocom 2004 is an ideal platform for companies in the IT industry to not only showcase their products and services but also interface with end users and educate them on cutting edge technology.”
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States want 50 pc of service tax kitty
New Delhi, November 30 "A variety of views were expressed. We will examine the views carefully... I have no doubt, we will reach a consensus," Mr Chidambaram said after the meeting with state Finance Ministers on the issue of service tax. The Finance Minister said that some of the ideas suggested by the state government were "very interesting" and several important issues were highlighted. "It's an encouraging process," he said. Under the existing formula, 29.5 per cent of total taxes under the divisible central pool is received by states in accordance with the devolution formula worked out by the Eleventh Finance Commission. "All states have said that Central Government should collect service tax but it should be shared on 50:50 basis," West Bengal Finance Minister Asim Dasgupta said. While the 95th Constitutional Amendment Bill allows the Union Government to levy service tax, no decision has been taken on how to distribute the Bill among the states and the Central Government. It has been pointed out by some states that there were certain services for which states were already charging sales tax, but the introduction of the service tax these fall under the Central list. This would adversely affect the revenue of the states.
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A Cymbal of Punjabi enterprise in IT world
Ludhiana, November 30 The enterprising 36-year-old Neeraj Gupta would be among very few to attain such meteoric heights, merely within a span of six years of starting a company. After completing his schooling from this city and later engineering (electronics and communication), he went for higher studies to the USA in 1989. After working for a couple of companies, including Lucent and
Octel, Neeraj started his own company, Cymbal, along with Amitabh Nagpal, who too graduated from PEC, Chandigarh in 1998. Then on there was no looking behind. In June 2004 Cymbal recorded $ 32 million of revenue. And the company had on its list names like Virgin Mobile, Hutchison Telecom and Comcast, telecom service providers that are among the largest in the world, apart from an employee and consultant base of over 500. “I believe it was our decision to focus on one segment that helped us perform well,” a modest Neeraj gushed. Talking to The Tribune, Neeraj, who was here to attend a family function, said he was more than happy to now be a part of one of India’s largest IT services company. “The merger will allow us to serve our existing clientele with an enhanced value proposition. Patni’s wide network and Cymbal’s expertise, we believe, will prove an excellent combination.” According to him, Indians not only have the expertise they are quite intelligent to tap business opportunities and “after identifying the challenges the need is to provide solutions to those segments. These segments could be small but it is this focus that helped our company grow and there are many more segments that are yet to be tapped,” he feels. At macro level, he says, opportunities lie in industries like life cycles
(pharma) with majority population in the Western countries ageing. Outsourcing, he opines, still holds tremendous potential. Moreover, when it comes to designing and engineering skills, given the fact that a lot of manufacturing takes place in our country, India can emerge as a winner.
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Jet, Sahara to fly abroad
New Delhi, November 30 Civil Aviation Secretary Ajay Prasad said the decision to allow the domestic private airlines to fly abroad could come during the winter session. While the government's nod is still awaited, Mr Prasad said the Civil Aviation Ministry favours allowing government-owned domestic carrier Indian Airlines (IA) as well as private carriers to fly abroad and supplement flag carrier Air-India's operations. At present, Jet Airways and Air Sahara have been allowed to fly to destinations in member countries of the South Asian Association for Regional Cooperation (Saarc), including Nepal and Sri Lanka.
Malaysia Airlines
The Malaysia Airlines today announced the introduction of five additional direct flights from India to Malaysia, adding over 1800 seats on the airline per week. A release issued by Tourism Malaysia said the additional flights would start from tomorrow for the Mumbai, Bangalore and Hyderabad sectors and from December 16, it will connect Ahmedabad as well with Kuala Lumpur. The Mumbai-Kuala Lumpur route will now operate a daily flight.
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Nath calls meeting to boost exports
New Delhi, November 30 The purpose of the meeting is essentially to review the country’s export performance in the light of the new Foreign Trade Policy (2004-09). An export target of 16 per cent growth corresponding to a level of $ 73.4 billion has been fixed for the year 2004-05, which is higher than the target for the last two years of 12 per cent. This will help exports to reach a level of $ 150 billion in 2009-10. According to the latest available aggregate data, India’s exports during the first seven months of current financial year 2004-05(April-October) have crossed US $ 40 billion. India’s exports during April-October 2004-05 are valued at $ 40291.08 million ($ 40.02 billion), which is 23.73 per cent higher than the level of $ 32564.32 million ($ 32.5 billion) during April-October 2003-04.
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Gujarat pavilion tops, Punjab 2nd
Chandigarh, November 30 The Government of Gujarat had entrusted the responsibility to GNFC to prepare a theme pavilion on the subjects of agriculture and IT. The Punjab Pavilion has received silver trophy for the 2nd best display among the State Pavilions says an official press note. Over 30 state pavilions competed for the awards.
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New Delhi, November 30
