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Indo-Pak talks on Iran gas pipeline today
Cabinet to take up Rs 500-cr NTPC funding
REL, RCL rule out new acquisitions
Ash-inspired Barbie dolls in UK soon
These fashion designers use anything
Ralson to supply cycle tyres, tubes to Pak
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IDBI to foray into insurance Kolkata, July 11 In a major move after becoming a universal banker from a development financial institution, IDBI Limited was in the process of floating an insurance company in the life category, its chairman V P Shetty said.
Cotton markets in Punjab to be upgraded
IA to expand global operations
Indiabulls Q1 net up at Rs 40.93 cr
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Indo-Pak talks on Iran gas pipeline today
New Delhi, July 11 A Pakistani delegation led by Oil Secretary Ahmed Waqar arrived here today. The delegation will meet Petroleum Minister Mani Shankar Aiyar at the beginning of the Joint Working Group meeting tomorrow, which will look at the options for financing the project in the backdrop of US sanctions against Iran. Last week, Pakistan and Iran had signed a memorandum of understanding for the implementation of the 2600-km project. Brushing aside the US pressure on the project, Prime Minister Manmohan Singh has already remarked:“This is a matter among Iran, Pakistan and us. It should be the end of the matter. We are not a client state.” Official sources said the government would also flag-off the issue of transit fee payable to Pakistan, besides the legal framework required for the project, technical parameters, security cover and steps to be taken for safe delivery of gas. The JWG would also discuss the inter-government guarantee and role of each state - Iran, Pakistan and India, their responsibility and duties. The sources said the Indian side would also re-confirm to Pakistan that beyond the Indo-Pak border, the title and risk of gas would get transferred to Indian firms and no trilateral or bilateral arrangement would be in operation at this stage. It would also discuss a common term sheet for India and Pakistan for purchase of gas from the National Iranian Gas Export Company (NIGEC).
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Cabinet to take up Rs 500-cr NTPC funding in Dabhol
New Delhi, July 11 NTPC and GAIL, which will invest Rs 500 crore each in the project, have urged that the Dabhol power project should be handed over debt-free or that the new SPV should be liability-free. The Maharashtra Government will also be asked to sign a new power purchase agreement with the company. The Centre will give Rs 180 crore every year for maintenance and renovation of the plant of which a large chunk will be owned jointly by NTPC and GAIL. The lenders have reached an agreement with Bechtel to settle the latter’s dues of $160 million from the Dabhol Power Company. Recently, General Electric Co. reached a settlement to sell its equity in the $2.9 billion plant that was shut down four years ago after a billing dispute with the Maharashtra State Electricity Board (MSEB), its sole customer. This left Bechtel Corp., an unlisted San Francisco-based engineering and construction company, as the only shareholder in Dabhol that had not reached a settlement. GE and Bechtel, initially holding a 10 per cent stake each in Dabhol, owned a combined 86 per cent of the plant after last year’s buyout of the stake of original owner Enron, which built the plant. The remainder is held by the MSEB. Settlement was reached by IDBI-led lenders with GE and Bechtel. The 2,184-MW Dabhol power plant is expected to restart by mid-2006. The tariff is expected to be at Rs 2.30 per unit.
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REL, RCL rule out new acquisitions
New Delhi, July 11 In two separate communications to the Bombay Stock Exchange, Reliance Energy said it had no plans to acquire Jyoti Structures while Reliance Capital ruled out acquisition plans for Crest Animations Studio Ltd, Saregama Ltd, Srinagar Cinema Ltd and Indusind Bank Ltd. The clarification comes in wake of recent media reports about the acquisitions. Jyoti Structures stock had surged almost 20 per cent on July 8 after a report in a multi-edition daily suggested that REL had planned to increase its stake in JSL. At 1.35 pm the stock has taken a stick from speculators as it was down 7.92 per cent at Rs 251.65 with huge volumes of 5,48,213 shares changing hands Reliance Energy Investment Pvt Ltd (REIPL) holds a 14.47 per cent stake (two million shares of JSL’s paid-up equity) purchased through private equity placement in 2004. — Agencies
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Ash-inspired Barbie dolls in UK soon
New Delhi, July 11 The dolls, based on the looks and costumes of the doe-eyed beauty, have been imported to the UK from India by Sai Mir, Managing Director of Mir Media, a noted designer house in Britain. “Aishwarya and all her outfits were a major inspiration for modelling these dolls, especially from her film Devdaas in which she looked mind-blowing,” said Mir. Aishwarya recently featured ninth in the poll of the 100 Most Beautiful Women of Today, which appeared in the July issue of Harpers and Queen. — UNI
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These fashion designers use anything but fabric
Chennai, July 11 In a novel fashion show here, the youngsters, all students of the city-based Institute of Design, made quite a fashion statement using all these waste material. Under the theme of “Using anything other than fabric”, the budding designers displayed clothes which captured varied moods with unlikely materials like empty cans, aluminium foils, metal scraps, newspapers, bamboo sheet, jute, dry leaves and flowers and even milk products like paneer. While bright colour papers and fresh flowers made up the ensemble for spring, the mood of autumn was captured in dry flowers, leaves and sand paper. The designers used scrap metals and jute to keep the body warmer in the winter and heavy cotton balls and jute to ward off snowfalls. Accessories made of broken bangles, crushed papers, buttons and “paneer” completed the striking ensemble. About 40 students received their diplomas on completion of their courses on fashion, interior and jewellery design at the Institute’s annual convocation here. — UNI
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Ralson to supply cycle tyres, tubes to Pak
Ludhiana, July 11 “We have explored Pakistan as an emerging market for our bicycle tyres and tubes and bagged some orders,” Managing Director Sanjiv Pahwa told PTI here. Anticipating a jump of 10-15 per cent in its total export proceeds through new overseas markets, Ralson had also zeroed in on eastern European countries for its tyres and tubes. Ralson had also diversifed into motor cycle tyres and was now holding talks with leading domestic manufacturers like Bajaj and Hero Honda for a tie-up. Targeting a market share of 25 per cent, the company was also working on innovative designs. “We hope to increase our turnover to Rs 300 from the Rs 270 crore by the end of this fiscal,” said Mr Pahwa. — PTI
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Kolkata, July 11 IDBI had already appointed an insurance consultancy firm Watson & Wyatt to work out a model, Shetty said, adding that the matter would be crystallised within two to three months. Shetty said IDBI would like to have a joint venture partner in the life insurance venture and that it could be either a domestic or a overseas company. Besides focussing on sectors like power, road and infrastructure, IDBI would also look at funding corporates going for acquisitions abroad, he said. — PTI
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Cotton markets in Punjab to be upgraded
Chandigarh, July 11 Besides this, the project report aimed at upgradation of five more markets at Bathinda, Kotkapura, Abohar and Gidderbaha, have also been forwarded by the Punjab Mandi Board to the Centre. Sources in the Mandi Board say the project at Mansa is near completion, while the one at Rampura Phul is under progress. The sources say that the projects for other mandis are in the pipeline. The total cost of the project at Mansa and Rampura Phul is 181.95 lakh and Rs 214.14 lakh, respectively. These mandis are also being equipped with hi-tech cotton grading laboratories for determining the grade standards of cotton by using sophisticated cotton-testing equipments, weigh bridge, besides a host of other facilities on the auction platform.
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IA to expand global operations
New Delhi, July 11 At a presentation before the Parliamentary Consultative Committee on Civil Aviation, the public sector carrier also announced plans to join a global alliance in the long run to enable it gain from the resultant access to new market through code-sharing and interline flows, enhance its global image, upgrade technology and service standards. The airline said it planned to start dedicated cargo operations by converting its Boeing 737s into freighters, with the proposal being approved by the IA Board, an official statement said. It said that it was evaluating 10 A-320s for lease. Five A-319s have been leased for IA subsidiary Alliance Air and would be inducted by October this year. Air Canada
Air Canada will serve Delhi via Zurich on a daily year-round basis from Toronto effective October 30. The transfer of flights to India via Switzerland will allow it to re-introduce year-round service to Zurich while improving its schedule to India with an increase to daily flights from its current three-times weekly non-stop service from Toronto. — Agencies Air-India revenue doubles Air-India (A-I) revenue have nearly doubled in dollar terms in the past five years and the country's international carrier proposed to achieve 8 per cent growth in revenue this year. Air-India, which had achieved $ 1 billion revenues in 1999-2000, has now touched $ 2 billion mark in 2004-05. As against the revenue of Rs 4,237 crore in 1998-99, the carrier had achieved a revenue of Rs 7,560 crore last year.
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Indiabulls Q1 net up at Rs 40.93 cr
Mumbai, July 11 Total revenues during the reporting fiscal increased to Rs 98.63 crore as compared to Rs 23.13 crore in June 2004, the company said. Rei Agro
Rei Agro Ltd has posted a 90 per cent increase in its net profit for the first quarter ended June 30 at Rs 19.20 crore as compared to Rs 10.10 crore for the corresponding period previous fiscal. The board has recommended a dividend of 10 per cent (Re 1 per share) for the reporting quarter, the company said.
S Kumars
Textiles company S Kumars Nationwide Ltd (SKNL) has posted a net profit of Rs 17.45 crore for the first quarter ended June 30 as compared to a net loss of Rs 33.73 crore in the same quarter of the previous fiscal. Revenue during the reporting quarter increased by 29 per cent to Rs 205.91 crore as compared to Rs 159.30 crore in June 2004, the company said.
Centurion Bank
Centurion Bank has reported a substantial rise in its net profit for this fiscal's first quarter ended June 30 at Rs 11.1 crore as against Rs 3.2 crore for the corresponding quarter last fiscal. The total income for the reporting quarter increased by 30 per cent to Rs 119.82 crore as against Rs 91.68 crore for the corresponding period last year, the bank said in a statement here today. The net retail advances showed a 66.6 per cent rise at Rs 2,319.6 crore as against Rs 1,392.7 crore for the same period last fiscal. Its deposit base during the first quarter of FY-06 grew by 18.6 per cent to Rs 3,564.2 crore.
NCDC profit
The National Cooperative Development Corporation (NCDC) has set up a perspective plan for disbursement of Rs 6,900 crore to the agro-cooperative production and marketing activities in the next three to five years with sanctioning of Rs 830 crore till now in the new financial year. After the NCDC Board Members meeting, Minister of State for Agriculture and Board Chairman Kanti Lal Bhuria informed mediapersons here in New Delhi that the corporation had a good recovery of 92 per cent with non-performing assets coming down to 1.26 per cent during 2004-05. The NCDC, which extends loans to cooperatives at a rate ranging between 7 and 10.5 per cent earned a profit of Rs 125.19 crore during 2004-05.
— Agencies
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Bajaj Hindusthan withdraws bid Oracle open to acquisitions FBT Raymond’s Toyota plans Oil price HDFC launches NRI homeland offer HPMC to launch
tea-apple juice blend Indira farmers’ institute opened |
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