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BSNL questions TRAI jurisdiction
Govt earns Rs 1,000 cr through FBT
Oswal Group ties up with Austrian firm
Nokia bags BSNL deal
US drops quota decisions on Chinese textiles
RBI cautions banks
ICICI Bank to mop up Rs 8,050 cr
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Licence of coop bank cancelled
Hitachi looking for Indian partners
GM slashes prices of spare parts
Microsoft to open 500 retail stores
FDI proposals cleared
Top US team coming
Japan welcomes Indian poultry
Su-Kam enters battery segment
Century Plywood to set up unit in Hoshiarpur
Tata Chem pact
Gillette chief is FICCI President
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BSNL questions TRAI jurisdiction
New Delhi, November 24 It has also challenged TRAI’s show-cause notice, which had alleged that BSNL did not adhere to the telecom regulator’s directions, in TDSAT. “The show-cause notice is without jurisdiction, contrary to law and contrary to orders passed by TDSAT apart from being otherwise arbitrary, irrational and unsustainable,” BSNL said in its petition and urged the tribunal to set aside TRAI’s show-cause notice. Interconnection is considered to be crucial for providing telecom services and TRAI has issued guidelines from time to time to enable two operators to sign interconnection agreements amicably. BSNL had published its reference Inter-connection order (RIO) within time prescribed by the TDSAT with the changes as mutually agreed between the parties and adjudicated by the tribunal and the same could not be alleged to be in violation of any regulations of TRAI, BSNL said. According to TRAI show-cause notice, BSNL published its RIO without obtaining prior approval of TRAI, leading to the violation of the regulator’s directions and thus calls for an appropriate action under relevant clause of the TRAI Act. Since the publication of RIO is completely in accordance with the judgement of TDSAT dated April 27, 2005, there is not even a whisper in the impugned show-cause notice sent by TRAI on November 12 to the effect that BSNL had failed to comply the direction by the TDSAT, the PSU said. It is, therefore, submitted that why the present show-cause notice has been issued by the TRAI after almost four months of the publication of the RIO by BSNL completely in accordance with the direction of TDSAT, it claimed. Even for the sake of argument that BSNL did not comply with the TDSAT directions, the only course permissible to TRAI was to approach the TDSAT.
— PTI
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Govt earns Rs 1,000 cr through FBT
New Delhi, November 24 Stating this at a conference on service tax and CENVAT credit organised by the Assocham, Revenue Secretary K M Chandrasekhar, however, said government’s revenue collections on excise have shown little buoyancy from April- October 2005. Without divulging the exact amount of revenue collections in the areas of personal income tax, service tax and other indirect taxes, the rate of revenue collections in the first seven months of the current fiscal have gone up considerably and this momentum would continue in the remaining months of the current fiscal, said Mr Chandrasekhar. He also said the amount of service tax collection would be within the range of Rs 17,500 crore by the end of current fiscal. The Finance Ministry, he said, was awaiting the report of one of its committees on EET (Exempt Exempt Tax) which is expected in next few weeks and after the report is submitted, the Ministry would reveal its strategy on EET, he indicated. On the issue of FBT, Mr Chandrasekhar said it would be further simplified as the ministry was engaged in detailed discussions with the industry and other bodies and after the consultation process is over, the government would further simplify the FBT. He, however, warned that the simplified tax structure which the Finance Minister would announce in the next year Budget proposals should not be misused by the Indian industry by way of discovering leakages in it so that the government does not loose its revenue collections. Assocham President Anil K. Agarwal in his address demanded that the government should withdraw the FBT and widen the service tax base so that the contribution of services to the GDP goes up from existing level of 52 per cent.
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Oswal Group ties up with Austrian firm
New Delhi, November 24 Popularly known as YDS, the “yarn-dyed shirting fabric” is used to make high-quality, high-value premium shirts by top of the line Indian as well as international brands. Addressing a press conference here today, Mr Ashok Oswal, CMD, Oswal Group, said, “This joint venture is significant not only from the Indian textile industry’s perspective, but also for us as it marks our entry into the weaving sector, which hitherto was the only missing link in our value chain i.e. spinning, dyeing, garmenting and retail.” With the technical support of FMH, the company will set up a new state-of-the-art manufacturing facility at Kagal near Kolhapur (Maharashtra), for which it has acquired 50 acre of land from MSIDC. The total project cost is estimated to be Rs 200 crore in a phased manner and gestation period of the project is 12 months. FMH is picking up 30 per cent equity stake in the new JV, while the balance 70 per cent will be held by VPL initially.
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Nokia bags BSNL deal
New Delhi, November 24 The deal for the GSM/EDGE and GPRS network expansion is an extension of a $284 million deal signed by the two companies last year. The expansion will include core and radio network equipment and an extensive range of services. The expansion will enable BSNL to increase its network coverage and capacity in Jammu and Kashmir, Haryana, Uttaranchal, UP (east and west), Himachal Pradesh and Rajasthan, BSNL Director (Commercial and marketing) G.S.Grover said.
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US drops quota decisions on Chinese textiles
Washington, November 24 The Commerce Department yesterday said all 24 outstanding requests by the US industry groups for so-called safeguards on textile imports had been scrapped in light of the agreement reached two weeks ago. "The agreement establishes conditions on trade in the vast majority of products covered by these cases and provides a general framework for textile trade between the United States and China," Franklin Lavin, Under Secretary of Commerce for International Trade, said in a statement. On November 8, the two countries signed a three-year deal to limit 34 types of Chinese exports of textiles and apparel to the US market, after they had rocketed this year to stoke trade tensions between the major
economies. — AFP
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Mumbai, November 24 In its latest report on the banking sector released today, the RBI also warned that further sharp rise in international oil prices could affect inflationary expectations and interest rates with its attendant implications. However, the apex bank said main risks to corporate sector and banks' balance sheets emanate from their domestic operations and near-term outlook in this respect continues to be positive. Global financial imbalances continue to grow with the US current account deficit now ruling above six per cent of its GDP, said the report on trend and progress of banking in India 2004-05. There is a risk of currency re-adjustments that could cause heightened volatility in the financial markets through changes in exchange rate and interest rate, it said. In the event of a sharp rise in interest rate, banks may suffer significant market losses on their investment portfolio, the report said, adding banks may also face increased risks on account of their exposure to the asset market. There is a risk that rise in interest rates, in general, could impact the housing prices and expose the balance sheets of the households to interest rate risk, the RBI said. "This, in turn, could impact banks' balance sheets through increase in loan losses," the report on the banking sector said. Likewise, the equity market has also seen a sustained uptrend. Reversal of capital flows could impact the equity market and some of the advances extended for investments in the equity market might turn non-performing. "Some banks also have a direct exposure to the equity market," the banking regulator said. Pointing out that global oil prices continue to remain high and volatile, the RBI said rise in oil prices could affect the Indian economy directly as India is dependent heavily on oil imports. Although the impact has been moderate so far, further sharp rise in prices could affect inflationary expectations and interest rates, the report said. "Also, industries with high intensity of oil use are exposed to high oil prices, which could generate some credit losses for banks," the apex bank said. It is expected that the credit risk environment would continue to be favourable in the near-term. " The economy is expected to grow at a robust rate of 7-7.5 per cent during 2005-06, " the report
added. — PTI
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ICICI Bank to mop up Rs 8,050 cr
Mumbai, November 24 The issue will have an additional allocation of shares up to Rs 750 crore under the greenshoe option to work as a price stabilisation mechanism during post-listing. ‘’This along with a 5 per cent discount will act as a safety net for retail investors,’’ said Bank CEO K. V. Kamath. While the domestic issue size is Rs 5,000 crore with Rs 750 crore greenshoe option, the ADS size is about Rs 2,000 crore with greenshoe option of Rs 300 crore. Retail bidders also have the option to pay Rs 150 per share on application with the balance payable on allotment. While the price band will be announced prior to the opening of the issue on December 1, merchant banking sources said the pricing of the issue would be done in a range of Rs 550 to Rs 600.
— UNI
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Licence of coop bank cancelled
Mumbai, November 24 On liquidation every depositor is entitled to repayment of his deposits up to a monetary ceiling of Rs 1 lakh from the Deposit Insurance and Credit Guarantee Corporation
(DIGC), the central bank said. — PTI
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Hitachi looking for Indian partners
New Delhi, November 24 The company, which started its distribution in India two years ago, is betting on the growing plasma television market and looking to expand its distribution network in India. “By the end of 2006 we are aiming to have 300 outlets from the present 60. Also, we will increase exclusive Hitachi galleries to 12 from the present two,” he said. Mr Jain said the demand for flat panel televisions in India was expected to touch 42,000 sets in 2006 and to 84,000 sets by 2007. “As of now we have about 12 per cent market share in the plasma television market, but we expect it to be 15-20 per cent,” he said.
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GM slashes prices of spare parts
New Delhi, November 24 While a few key service parts like front strut/shock absorber, front disc brakes, clutch and pressure plates have been targeted in Chevrolet Optra, in Chevrolet Tavera, the prices of two key components — oil filter and fuel filter, which need to be changed periodically, have been slashed. This has brought down the cost of ownership by almost one fourth — from 39 paise per kilometre to 30 paise per kilometre, GMI President and Managing Director Rajeev Chaba said.
— UNI
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Microsoft to open 500 retail stores
New Delhi, November 24 ''The Microsoft retail centres are being set up to address the growing demand of urban consumers. It is also aimed at increasing the access and availability of its consumer offerings,'' Microsoft Group Director, Consumer Business, Ranjivjit Singh said.
— UNI
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FDI proposals cleared
New Delhi, November 24 Vodafone's plans of picking up to 49 per cent stake in Bharti for Rs 32.90 crore was also among the major FDI proposals approved by Investment Promotion Board (FIPB) in its meeting held on November 11, according to a Finance Ministry press note. Gujarat State Petronet Ltd will see an inflow of Rs 138 crore from FIIs, NRIs and other foreign investors who have subscribed in its initial public offer. Rabobank's proposal of picking up 20 per cent stake in Yes Bank for Rs 8.37 crore was also approved. The government also gave a green signal to UK-based Mothercare for setting up a wholly-owned subsidiary in India at an investment of Rs 32.25
crore. — PTI
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Top US team coming
Under Secretary of Commerce David McCormick will lead a delegation to India later this month to help build on the “enormous opportunity” for progress in the area of high-technology trade.
Top US and Indian Government officials and high-technology industry leaders will discuss ways to increase bilateral trade in defence technology, information technology, biotechnology and nanotechnology during a two-day meeting of the High-Tech Cooperation Group (HTCG) in New Delhi on November 30 and December 1. Besides New Delhi, Mr. McCormick and his delegation will visit Bangalore and Mumbai. Officials from the State Department, Defence Department, National Science Foundation and the Commerce Department are part of the team. American industry leaders will also accompany the delegation. Established in 2002, the HTCG’s objectives include working to reduce barriers to high-tech trade on both sides and facilitating growth of dual-use technology and high-technology trade. The dialogue also focuses on export control policies in both the USA and in India that fulfil the non-proliferation objectives of the countries. He noted that the discussions had yielded positive results. “Over this period the US exports to India have grown from roughly $4 billion to $7.5. billion,” he said. He also said the time required for companies to receive export licences for dual-use technologies has dropped 40 per cent to 50 per cent over the period, while the approval rate on those licences has climbed to 91 per cent which, he said, was comparable to the approval rates enjoyed by the US’ closest allies.
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Japan welcomes Indian poultry
New Delhi, November 24 For the first time, Japan has approved India as a poultry meat supplying country without inspecting plants in India. According to the Ministry of Commerce and Industry, Japan’s Ministry of Health, Labour and Welfare (MHLW) has completed the evaluation of India’s standards for export of poultry meat and its products and has conveyed its approval for Indian poultry. Japanese importers will accept hygiene certificates issued by the Indian Government in this regard with effect from October 13 this year. “This is something that we have been pushing for the whole of last year”, said Mr Kamal Nath, Minister of Commerce & Industry, welcoming the decision of the Japanese Government. One of Asia’s top poultry importers, Japan has been importing almost 90 per cent of its requirements from Brazil. But it is desperately looking to diversify its sources as prices in the South American supplier have been rising sharply on demand from some Asian countries and Europe. Japan currently bans raw poultry imports from countries such as Thailand and China, which have reported outbreaks of the deadly poultry disease. India has no reported cases of the virus. India produces around 1.5 billion birds, about 44 billion eggs and about 13 million tonnes of poultry feed a year. Punjab and Haryana are major players in this sector.
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Su-Kam enters battery segment
Chandigarh, November 24 Mr Kunwer Sachdev, CEO, Su-Kam, said here today that the battery manufacturing plant would be fully functional by March, 2007, with the production capacity of 2.5 lakh units. He also unveiled ‘Power on Wheels’, a light commercial vehicle mounted with a 100 KVA inverter, at Chandigarh. Stating that the company planned to target big generator houses, marriage palaces and corporate bigwigs, Mr Sachdev said it planned to dabble with solar panel charging for this inverter-in-vehicle. “We have 10 KVA and 20 KVA inverters mounted on a three-wheeler and a van, respectively, to target smaller segments,” he stated, adding that the whole project was still in the fine-tuning stage. “After manufacturing batteries for the inverter segment, we would like to foray into making batteries for the auto sector,” he added.
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Century Plywood to set up unit in Hoshiarpur
Chandigarh, November 24 The Department of Industries has received a proposal in this regard, which is working out modalities to offer them 15 acre of land near Tanda. The Managing Director of the company, Mr Sajjan Bhajanka, said survey of the area has shown that there is a vast scope of
agro forestry in Punjab, especially in the areas around Hoshiarpur and the kandi area. At present, 70 per cent of the timber from this area is being transported to Jammu and Kashmir and Yamunanagar. The setting up of the facility here will ensure better utilisation of timber as it is a voluminous commodity and its transportation is not economically feasible. Century, which manufactures the entire range of commercial, marine, concrete, shuttering and
decorative plywood, will not only meet the local demand, but also of the neighbouring areas. "With construction and infrastructure development activity in full swing in the Northern region, particularly Punjab, the demand for quality plywood at affordable prices is growing significantly,'' he said.
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Tata Chem pact
Mumbai, November 24 Tata Chemicals said it had inked two agreements with the UK company and investment would be made directly or through a subsidiary.
— PTI
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Gillette chief is FICCI President
New Delhi, November 24 Mr Poddar will take charge of the office at the 78th annual session to be held next month, a chamber statement said. Mr Poddar would succeed Mr Onkar S
Kanwar. — PTI
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RBI to issue new Rs 1,000 notes Suzuki decision |
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