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A day of zooming Sensex, plummeting inflation
Anil Ambani meets Chidambaram
J&K minister courts South Indian tourists
$ 250 m ADB loan for Valley
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Patent Amendment Bill discussed
Telecom snippets
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A day of zooming Sensex, plummeting inflation
Mumbai/New Delhi, December 24 The 30-share Bombay Stock Exchange index ended up 0.87 per cent at 6,498.06 points, just off a new intra-day high of 6,507.94 points. Gainers beat losers 1,183 to 827 in heavy trade of 356 million shares. The index rose 2.4 per cent this week. The 50-issue National Stock Exchange index also ended at a new record high of 2,062.70 points, up 0.86 per cent, and just off a new intra day high of 2,065.60 points. “Reliance was the major driver today, and foreign fund flows have been strong, supporting the index at these high levels,” says Nimish Shah, chief executive of Parag Parikh Financial Advisory Services Ltd. “Besides, investors are beginning to look forward to a strong corporate earnings season in January,” he adds. The broad-based rally was led by index heavyweight Reliance Industries Ltd, India’s largest petrochemicals maker, which rose 3.5 per cent to 523.60 after its chairman Mukesh Ambani said late on Thursday he is giving up a 12 per cent stake in the group’s telecom arm, Reliance Infocomm. Sentiment was also boosted by strong foreign fund inflows and a fall in inflation. Offshore funds have bought nearly $ 8.2 billion of Indian shares this year, helping boost the index more than 11 per cent.
Inflation falls
Continuing its fall for the third consecutive week, inflation dipped to 6.73 per cent for the week ended December 11, mainly due to cheaper vegetables and fuels, after remaining over 7 per cent since July. The point-to-point Wholesale Price Index (WPI) inflation was down by 0.29 per cent, to a 21-week low in the latest reported week, from the previous level of 7.02 per cent. It was 5.80 per cent in the year-ago period. The Reserve Bank, in its report yesterday, said with the easing of oil prices and improved Rabi crop, inflation was expected to moderate over the coming months in line with 6.5 per cent projection made in the mid-term policy review and Finance Minister P Chidambaram’s assertion that “worse is over” on the price line.
— Reuters, TNS
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Anil Ambani meets Chidambaram
New Delhi, December 24 Anil did not comment on what he discussed with Chidambaram in the hour-long meeting. He also did not take any questions on the on-going developments in the Rs 90,000 crore Reliance Group. Asked if Mukesh Ambani’s announcement of giving up Rs 50 crore shares of Re 1 at par answered his query on changes in equity pattern of Reliance Infocomm, Anil did not comment. Earlier, emerging from a meeting with Mr Chidambaram, Sebi Chairman G N Bajpai said: “We are keeping a close watch (on developments in Reliance).” Asked about the alleged breach of corporate governance in the Reliance Group of companies,
particularly RIL, Bajpai said “corporate governance issues are being looked into by stock exchanges as per clause 14 of listing agreement.” However, he did not elaborate on any specific issue. Anil, who also met Economic Affairs Secretary Rakesh Mohan prior to his meeting with the Finance Minister, left for Mumbai later. Meanwhile, Reliance Infocomm has been slapped a penalty of Rs 150 crore by the Telecom Department on the charge of routing incoming international calls as local ones leading to evasion of payment of levy to two telecom PSUs. “We have pased the order imposing the penalty of Rs 150 crore,” Telecom Commission Chairman Nripendra Misra told PTI adding that the private operator has been asked to make the payment immediately. Misra said the order has been delivered to Reliance Infocomm.
— PTI
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J&K minister courts South Indian tourists
Chennai, December 24 The J& K government is trying to promote tourism from the southern states in an aggressive manner and the J&K Tourism Minister, Mr Jugal Kishore, is currently touring south India for the purpose. During his maiden visit, Mr Kishore has succeeded in striking a deal between Jammu and Kashmir Tourism Development Corporation (JKTDC) and Tamil Nadu Tourism Development Corporation (TTDC) to promote package tours. All formalities of the agreement were discussed and have been finalised. Talking to The Tribune, Mr Kishore said according to the arrangement, TTDC would promote package tours to J&K while JKTDC would take care of package tours to Tamil Nadu. “Package tours covering important tourist destinations and pilgrim spots will be designed and made available at competitive rates from TTDC in association with JKTDC,” he said. The JKTDC had already signed similar agreements with tourism development corporations of Punjab, Maharashtra and Karnataka, he added. Mr. Kishore said from Chennai he would go to Hyderabad and make a similar tie-up with Andhra Pradesh Tourism Development Corporation and next month visit Kerala. “Kashmir is an integral part of India we want help from all states to boost our economy and tourism is our main plank. We want people from all states to visit Kashmir,” he said. The JKTDC would promote pilgrimage tours other than normal tour packages. He said religious tourism had picked and as many as 54 lakh people visited Vaishno Devi shrine last year and 60 lakh pilgrims were expected to visit the shrine in 2005. Other than religious tourists five lakh tourists visited J&K in 2003-04 but this year the figure was likely to touch 8 lakh. The government is also developing a new religious destination called Shivkhodi, a cave with a Shivalingam, situated 80 km from Vaishno Devi shrine. “Both centres can be linked as pilgrims visiting Vaishno Devi might want to visit Shivkodi too,” he added.
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$ 250 m ADB loan for Valley
New Delhi, December 24 The ADB loan, which is the first major aid by any multi-lateral agency in the terror-torn state in recent years, would be used for urban development and transport sector. Although rehabilitation and infrastructure development in the state is estimated at $ 4 billion, the Manila-based bank said: “They need to be addressed in programmatic manner.” “Unless attended to now, the deterioration of the state’s existing assets will get to the point where the only way forward will be their total reconstruction from scratch, which is both expensive and disruptive,” ADB mission leader Shunso Tsukada said in a statement.
— PTI
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Patent Amendment Bill discussed
New Delhi, December 24 “The Cabinet discussed the Patent Amendment Bill. Various options were discussed and we will take a final decision shortly,” Commerce and Industry Minister Kamal Nath told newspersons after the Cabinet meeting. The government may have to bring about an Ordinance to meet the January 1, 2005 deadline and Mr Nath said that Cabinet discussed all options about how to fulfil the WTO obligations. Asked if the government would take the ordinance route, he said: The Parliament has been adjourned sine die. A decision will be taken in due course and shortly.” The Cabinet also discussed steps to establish Pension Fund Regulation and Development Authority, but did not take any decision.
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Spice launches Mobile Tambola
Tribune News Service
Chandigarh, December 24 Cutting across technologies, the subscribers can now play with the ticket, send via sms to them, with numbers broadcast on Zee News on specified days. All this promises 200 odd prizes, including a Ford Ikon car as the bumper prize during the next two and half months. Spice already offers its subscribers a host of other such games, like Khelo No 902, Sawaal ek lakh ka, besides other quiz and cricket-based games like Spicy 7 and Howzzat. Hutch
Hutch today launched Roaming eTop-Up facility, a convenient service that allows Hutch users to recharge their pre-paid accounts, by paying cash or through credit card, at any of the 30,000 Hutch outlets in the country. This was announced by Mr. Harit Nagpal, Chief Marketing Officer, Hutch. By extending the eTop-Up service to all roaming users, Hutch users will be able to recharge their pre-paid accounts even without recharge slips. Roaming eTop-Up is simple to use and provides greater convenience to pre-paid users. Speaking about the launch of roaming eTop-Up facility, Mr Nagpal said: “Hutch users can now recharge their pre-paid accounts anywhere in the country, without the need to carry recharge slips. A large proportion of our pre-paid users are using the eTop-Up facility to refill within their hometowns. This facility ensures that we remain within reach of our users even while they roam.”
Cellular service provider Airtel today forged an alliance with Web portal MSN India, allowing its cell users to access their Hotmail accounts on mobile and chat on MSN through SMS. The facility is being provided in arrangement with MSN India and Mobile 365, a global player in delivery, billing and settlement of mobile messaging services, a company statement said here today.
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M&M inks pact with Jiangling Tractors
Mumbai, December 24 This joint venture would acquire 100 per cent assets of JTC. M&M would chip in $ 8 million while JMCG would bring in $ 2 million, Anjanikumar Choudhari, who will take over as President of the farm equipment unit of the company in January 2005, told reporters here today. “The joint venture will also acquire the Fengshou (good harvest) brand under which JTC tractors are sold. The Fengshou range of tractors is complementary to the M&M range and will have balanced product portfolio for China,” he said. — PTI
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