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IOC seeks hike in petro prices
Punjab EOUs seek VAT exemption
US nod to sale of undersea cables to VSNL
Food law to raise safety norms
Airtel completes nationwide network in all 23 circles
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India, UK sign MoU to hike flight frequency
Finolex targets North
CM beckons investment to Himachal
HDFC Bank profit up
France to invest in food processing
Star Cruise to launch super star Libra in India
Only 9 agri-clinics in Punjab last year
Sibal woos US funds in infrastructure
Jet Airways flight to Singapore today
Mitsubishi recalls 1.79 lakh vehicles
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IOC seeks hike in petro prices
New Delhi, April 13 “We have sought the increase, but the government has yet to take a decision. The matter is pending with the Cabinet,” IOC Chairman Sarthak Behuria said here today. Mr Behuria said the IOC was estimated to lose around Rs 650 crore in the first fortnight of April due to under-recoveries of petrol, diesel, kerosene and LPG. The price of petrol needs to be raised by about Rs 2.19 per litre and diesel by a little less than Rs 4 per litre as a fallout of crude oil touching historic highs of $ 58 a barrel. Besides, the increase in excise duty and the levy of an additional road cess, announced in the Budget for 2005-06, necessitate another Rs 2.20 per litre raise in petrol and a Rs 1.06 per litre increase in diesel prices. The supply of ultra low-sulphur fuel from April 1, also warrants a Rs 0.30 per litre raise in petrol and Rs 0.34 a litre hike in diesel prices, he said. Domestic LPG is currently being under-priced by Rs 82 a cylinder and PDS kerosene by Rs 10.4 a litre. Under-recoveries in the past financial year was Rs 8,455 crore — Rs 7,332 crore in the case of domestic LPG and kerosene for PDS and Rs 1,123 crore in the case of petrol and diesel. The IOC controls roughly half the retail market and the revenue loss for the industry as a whole would be double its under-recoveries. The IOC’s net profit had fallen 47 per cent in Q3 ended December 31, 2005 as it lost Rs 2,636.33 crore on selling domestic LPG, kerosene and diesel below the cost. Mr Behuria said the IOC would invest over Rs 5,800 crore in new projects and planed to set up 2,000 petrol pumps in 2005-06. The IOC would invest Rs 1,530.14 crore in refinery, Rs 2,022.99 crore in petro-chemical projects and Rs 953.78 crore in pipelines.
— UNI
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Punjab EOUs seek VAT exemption
Phagwara, April 13 Mr A.K. Kohli, senior vice-president of the Punjab Chamber of Small Exporters (PCSE), Phagwara, stressed the need for full exemption from VAT to 100 per cent export oriented units (EOUs) in Punjab like Central EOUs. Various towns and cities like Amritsar, Jalandhar, Phagwara, Ludhiana, Patiala, Bathinda and Barnala, which are known for exports in diesel engines, I.C, diesel engines, pumpsets for agricultural irrigation, auto parts, cutting tools, hand tools and agricultural machinery, seek immediate intervention of the state government in this connection. These 100 per cent EOUs of Punjab are not eligible to make local purchases without first paying VAT and then claiming its refund, which is very cumbersome. Punjab should issue a “notification” fully exempting 100 per cent EOUs from VAT. Mr Kohli underscored the need for the continuity of the H-Form for tax exemption to exporters of Punjab for local purchases after March 31. This would allow them to purchase exportable goods from within the state without paying VAT. This had been done in neighbouring states like Haryana.
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US nod to sale of undersea cables to VSNL
Washington, April 13 The committee on foreign investment in the USA told Videsh Sanchar Nigam Ltd., India’s leading telecommunications company, that it will not launch a full-scale investigation of the company’s plans to buy the undersea cables from Tyco International Ltd. The panel told Videsh Sanchar in a letter on Monday there were “no issues of national security to warrant an investigation.” The Justice Department, the FBI, the Homeland Security Department and the Defence Department signed a 32-page agreement with the company to guarantee the US Government can continue to install court-authorised wiretaps on the network and conduct background checks on Videsh Sanchar employees in the USA. The agreement also requires that Videsh Sanchar takes steps to prevent illegal eavesdropping on US customers and to guarantee that foreign governments can’t access classified or sensitive US Government information carried over the undersea network.
— AP
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Food law to raise safety norms
New Delhi, April 13 The Bill, seeks to establish a single regulator for the food industry and would repeal a number of legislation presently governing the industry in the country, including the Prevention of Food Adulteration Act 1954, Fruit Products Order, 1955; the Milk and Milk Products Order 1992; the Edible Oils Packaging (Regulation) Order, 1998; and any other orders issued under the Essential Commodities Act, 1955, relating to food. Experts and industry observers were of the opinion that the new law would set standards for self-regulation by the industry. Given the plethora of legislation it is almost difficult to identify the stage at which contamination may have taken place. “Globally, traceability guidelines are being implemented at the farmer’s level. In India, these guidelines should be made compulsory at least at the manufacturer’s level,” CEO of EAN India, Mr Ravi Mathur told The Tribune. EAN is a not-for-profit organisation under the aegis of the Ministry of Commerce and represents a joint
industry-government collaborative initiatives at bringing international best practices into India. The proposed law, Mr Mathur said, would help trace the entire product cycle right from the farmer to the final retailer. The guideline on labels would deal with listing ingredients in a processed food product, including pesticides in beverages.
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Airtel completes nationwide network in all 23 circles
Chandigarh, April 13 Airtel's journey to leadership, which started from one circle, single city mobile service in Delhi culminates in Assam, thereby claiming an all-India mobile footprint. It connects India from the Indus to the Indian Ocean and from Sabarmati to the Brahmaputra on a network of more than 10,000 base stations across the country and would be adding another with cumulative investments of more than Rs 16,000 crore. To mark the celebrations, Mr Tarun Gogoi, Chief Minister of Assam along with Mr Sunil Bharti Mittal, Chairman and Group Managing Director, Bharti Enterprises, made a commemorative call from Guwahati to the Prime Minister of India, Dr Manmohan Singh at Haryana Raj Bhavan in Chandigarh today. "Congratulations Sunil on the launch of your services for the people of Assam. You have added another feather in your cap. Your growth has been rapid and it serves as an example for all entrepreneurs in this country. My best wishes to all people in Assam on this happy occasion of Bihu, the Assamese New Year'', said Dr Manmohan Singh in response to the call. Speaking on the occasion, Mr Sunil Bharti Mittal announced an additional investment of $ 900 million in the current financial year to expand operations. "This is truly a proud moment for all of us at Bharti.
We have proved that a company with dreams and passion can make a difference", he said. According to Mr Manoj Kohli, President, Bharti Cellular Ltd, "The company has now started focusing on fixed line telecom services eyeing a major market share in the broadband segment.'' Mr Vinod Sawhney, Executive Director, Airtel, said rural penetration was another focus area of the company. `` We have planned to cover between 2.5 to 3 lakh villages and small towns in 2005-2006. Claiming to have a subscriber base of 12 million, the company would be reaching a mark of 15 million soon by offering more discounted tariffs on the roaming network. At present it provides connectivity to more than 2,300 towns and lakhs of villages.
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India, UK sign MoU to hike flight frequency
New Delhi, April 13 There can be 56 flights from Delhi and Mumbai to London-Heathrow and unlimited flights from India to Britain on all other routes like Gatwick and Birmingham. For Britain, there is a staggered increase of flights from London-Heathrow to Delhi and Mumbai — 42 in winter of 2005, 49 in summer of 2006 and 56 in winter of 2006. In addition, there can be 14 flights a week from Britain to Bangalore and Chennai and seven flights a week from Britain to any other city in India. The MoU was signed by Civil Aviation Secretary Ajay Prasad and his British counterpart.
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Finolex targets North
Chandigarh, April 13 The new thrust on North is strategic and in sync with the company's growth plans as it will bring in new customers and allow the company to penetrate newer markets, Mr Vivek Khandekar, President of the company told TNS today. ``The foray into North has been rewarding and today it accounts for almost 10 per cent of our sales. With recent thrust of the government to augment drip irrigation and other such initiatives to increase agricultural production, the demand for pipes would go up,'' said Mr Khandekar. While the demand from agricultural sector is encouraging, the booming construction in the region is emerging as a key market to the company and we are keen to supply our high quality products in this segment, he added. The pipe demand is expected to grow at about 20 per cent over the next few years and this would mean a demand growth of about 15 per cent per annum in PVC. The largest manufacturer of PVC pipes in India and leading player in PVC resins, claims a 20 per cent market share in the organised sector. The company, which has already trebled its distribution network in the past one year, has plans to further strengthen the dealer network to meet the growing demand. It has more than 300 outlets in the North alone and plans to create some more counters. Nearly 70 per cent of the demand comes from the rural markets as they are much more buoyant than a decade before.
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CM beckons investment to Himachal
Kolkata, April 13 The Chief Minister was participating in a discussion here organised by the
CII. Himachal would encourage entrepreneurs to harness fully the tourism potential in the state. Mr Virbhadra Singh commended Bengal for its industrial growth, particularly in the software and IT sectors.
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HDFC Bank profit up
Mumbai, April 13 The bank has posted a net profit of Rs 665.56 crore for year ended March 31, 2005 as compared to Rs 509.50 crore for year ended March 31, 2004. Total Income has increased from Rs 3028.96 crore to Rs 3744.83 crore for year ended March 31, 2005. The Board of Directors has recommended dividend of Rs 4.50 per equity shares of Rs 10 each (45 per cent) out of the net profits for the year ended March 31, 2005. According to the bank’s release, the retail banking business continued to be the fastest growing of the bank’s businesses in 2004-05. Expansion in the distribution network was stepped up with, the number of branches (including extension counters) increasing from 312 (in 163 cities) to 467 (in 211 cities) and the size of the bank’s ATM network expanding from 910 to 1147. The bank’s credit card business continued to be on a healthy growth trajectory with the total number of cards issued crossing 1.25 million as of March 31, 2005. The bank further expanded its presence in the ‘’merchant acquiring’’ business with the total number of point-of-sale (P0S) terminals installed, by the bank at over 41,000, up from 26,000 in the previous year. The bank also achieved, strong growth in its distribution of third party insurance and mutual funds. The bank further consolidated its position as a leading depository participant with over 7,00,000 retail investor accounts. The bank’s commercial banking business, focused primarily at the top end of the corporate sector, has been supplemented by currently small, but growing SME and agri-based lending businesses.
— UNI
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France to invest in food processing
New Delhi, April 13 Speaking at a seminar here today, Mr Nicolas Forissier, Minister of Agriculture, Food, Fisheries and Rural Affairs, France said: “There is a fertile area for cooperation between French and Indian professionals, and genuine convergence of interests between the two countries. However, he described India as a difficult market for French industry because of high tariffs and technical barriers, marked by lack of operational transparency. Earlier Minister of Food Processing Industries Subodh Kant Sahai invited French companies to collaborate with India to develop suitable varities of grapes for wine-making, processing of grapes, marketing of wines and to set up an institute of enology and viticulture.
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Star Cruise to launch super star Libra in India
New Delhi, April 13 Star Cruise Chief Executive Officer Chong Chee-Tut, who is in India to promote "Super Star Libra", the ship dedicated to the Indian coastline, said that his company was looking to be part of the growing tourism in India and provide quality service to the Indian domestic traveller at an affordable price. Super Star Libra will arrive in Mumbai, which will also be its home port, on September 25 from Singapore after calling at Phuket in Thailand, Chennai and Colombo en route. After a series of one-night cruises to introduce and showcase the ship in Mumbai, she will commence regular four-night destination cruises to Kadmat (Lakshadweep) and Goa, two-night cruises to Goa and one-night weekend getaway cruises from October 2 till April next year.
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Only 9 agri-clinics in Punjab last year
Ludhiana, April 13 Against the target of 170 clinics, banks in Punjab fell grossly short and managed to finance merely nine such clinics till December 2004. Going by the low performance, the banks are likely to lower the target for this year. Attributing this performance to a lukewarm response from young agriculture graduates in the state, the banks say these graduates are preferring routine jobs and other lucrative business options making it difficult for them to attain their targets. "In
Amritsar, for instance, we interviewed 20 agri-graduates who were trained by
Nabard. Strangely, only one candidate expressed interest in setting up an
agri-clinic," disclosed Mr Harwant Singh, General Manager, Punjab Zone, Punjab National Bank. The concept of
agri-clinics was mooted with a view to generate self-employment and to provide expert advice to farmers . Banks are providing easy loans for the purpose to farm graduates. Mr Singh said farmers in the state needed guidance in various areas and in most cases, it were sellers of pesticides etc who advised them on various issues. "An expert advice can make all the difference. People have begun to understand its importance." While the achievement has been abysmally low in comparison to targets, banks have now intensified their efforts in this direction. Besides approaching universities, banks are approaching agriculture officers to obtain lists of
agri-graduates. Employment exchanges are also being contacted for the purpose. "We are trying to approach as many
agri-graduates as possible. Though the job is tough, we are making them aware of the opportunities available and of the facilities that are being provided," Mr Singh added.
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Sibal woos US funds in infrastructure
Silicon valley, April 13 “We want Americans to invest in a much bigger way than you have in the past. All the infrastructure developments: roads, ports, airports don’t have the kind of American participation we would like,” Mr Sibal, who is heading a five-city road show in the US, told a business symposium here yesterday. Recent legislation gave businesses a good protection over intellectual property and patents as in the USA, the minister said. The Indian delegation painted an upbeat picture of India’s biotech industry, saying that it is projected to reach $5 billion in annual sales by 2009, constituting 10 per cent of the global industry. Indian Government had subsidised several biotech incubator parks and would continue to roll out a handful more over the next few years.
— PTI
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Jet Airways flight to Singapore today
Mumbai, April 13 The inaugural flight will take off from Chhatrapathi International Airport here at 10.50 p.m. and land at Changi airport in Singapore at 6.55 a.m. (local time) the following day. In the return direction, it will leave Singapore at 6.25 p.m. (local time) and arrive here at 9.10 p.m. The special economy fare on the Mumbai-Singapore sector was Rs 14,000. Jet Airways has been operating flights to Colombo and Kathmandu from India. Taking advantage of the opening up of the skies, Jet Airways is all set to launch services to Kuala Lumpur also.
— UNI
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Mitsubishi recalls 1.79 lakh vehicles
Tokyo, April 13 Mitsubishi Motors’ reputation has been badly tarnished after acknowledging five years ago it had systematically hidden auto defects for decades. Since then, it has issued several recalls, further driving down sales and hampering attempts to revive the company. The latest recall — reported to the government yesterday — covers three sedan models, including the
Galant, manufactured from 1996 to last year. A wiring defect in the airconditioning fan can cause a fire in the glove compartment, the automaker said today. In 2001, a man
sitting in the passenger seat suffered a minor burn in the hand. In 2002, a woman’s shin was slightly burnt, a company spokesman said on condition of anonymity. Some of the models were exported to Asia but none was exported to Europe or the USA.
— AP
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The Rs 1,000-crore Finolex Industries Ltd is on an expansion spree to meet increased demand for the polyvinyl chloride ( PVC) pipes in the northern markets, owing to construction boom in Punjab, Chandigarh and Himachal Pradesh.
