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US lifts import certification norms for India
$400 m World Bank loan for PowerGrid
Alchemist acquires Kaiser Hospital
TRAI seeks monthly report on ILD traffic
RCVL acquires RIL stake in Reliance Capital
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Budget session from Feb 16
Toyota Kirloskar Motor to lift lockout today
Smokers want scan at company’s cost
Merc variants launched
Forex reserves up by $158 m
Maruti net up 41 pc at Rs 339 crore
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US lifts import certification norms for India
Washington, January 20 The announcement made by the US Department of Commerce exempted six other east European nations as well from this requirement — Bulgaria, the Czech Republic, Hungary, Poland, Romania and Slovakia. The removal of the requirement for India was on account of the actions taken by New Delhi under the Next Steps in the Strategic Partnership (NSSP) with the United States. “In light of the actions taken by the government of India with regard to controlled goods or technologies it imports from the United States pursuant to the US-India Next Steps in Strategic Partnership, this rule removes the Import Certificate requirement for exports to Indian government entities...”, an official notification said. The US decision means that India is now exempt from the requirement of submitting an import certificate in support of an export or re-export license. Washington had in 2004 made a commitment to review the Import Certificate Requirement for India as part of the United States-India High Technology Group discussions. In the course of the discussions about the barriers to hi-tech trade, the import certificate requirement was identified as a non-tariff barrier to expanded trade. The new facility has been extended to the six east European nations for their membership in the NATO and in multiple export control regimes like the Wassenaar Arrangement, the Australia Group of the MTCT and the Nuclear Suppliers Group.
— PTI
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$400 m World Bank loan for PowerGrid
Washington, January 20 The allocation has been made for the Power System Development Project. The loan is backed by a Government of India guarantee. The bank noted that India has identified the power sector as key to achieving its goals of high and sustainable economic growth and to reduce poverty. However, with peak time power shortages of a little more than 12 per cent the power sector is currently “inadequately” positioned to support these goals, it said, “India continues to face severe power shortages that translate into substantial losses to the economy. It stifles development of industry and commerce, increases the cost of doing business, and reduces productivity,” Mr Michael Carter, World Bank Country Director for India, said. “The reform agenda is a complex one; while progress has been mixed, this project will help realise the goal of optimal utilisation of electricity resources across the country.” According to the bank, the project for which the allocation has been made will improve service delivery of the PowerGrid Corporation of India by strengthening transmission system in power deficit regions and increasing inter-regional transmission capacity. It would also help develop institutional capacity to facilitate implementation of open access and inter-regional trading. “The large distance between generating stations and load centres necessitates power transfers across the country and, therefore, a strong transmission network,” said Mr Sunil Khosla, World Bank Senior Energy Specialist and Task Team leader for the project. “This project will help improve the level of grid integration, and strengthen the transmission network,” he added. The bank said the growth in power exchanges between the regions would be used as the key indicator to measure the performance in achieving the development objectives of the project. The World Bank has been actively involved in the reform of the transmission sector in India, and specifically in the creation and development of the PowerGrid Corporation of India. In the last 10 years funding support has been provided to Central government entities for generation, transmission and renewable investments, and to select state electricity boards (SEBs) for investments associated with sectoral reform.
— PTI
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Alchemist acquires Kaiser Hospital
Chandigarh, January 20 Mr K.D. Singh, Chairman and Managing Director (CMD) of the group, said the hospital had been renamed as Alchemist Multi-speciality Hospital. “We propose to invest Rs 50 crore to upgrade the existing facilities in the hospital during the next three months. We will charge Rs 500 per bed in the general ward for 24 hours”, he said. He said the Panchkula hospital would be made a central hub for satellite towns like Baddi within a radius of 60 km. It was also proposed to set up satellite clinics in some rural centres here. The company declared a total income of Rs 710.84 crore in the second quarter ending December 31, 2005. Profit before depreciation, interest and tax showed an increase of 96.02 per cent, while profit after tax increased by 30.53 per cent. The EPS stood at Rs 31.10.
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TRAI seeks monthly report on ILD traffic
New Delhi, January 20 An expert group set up by TRAI recommended that consistency should be ensured for incoming international traffic minutes as well as outgoing traffic minutes. Therefore, for checking consistency of inbound and outbound ILD traffic minutes, the regulator has asked the access providers, national and international long distance operators for furnishing of ILD traffic minutes monthly. The expert group also recommended that if on quarterly basis, the variance between traffic minutes furnished by ILDOs, NLDOs and access providers goes above 2 per cent, then it should be investigated. All cases of variance of more than 2 per cent in a particular month should be reported.
— PTI
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RCVL acquires RIL stake in Reliance Capital
Mumbai, January 20 RCVL acquired over six crore shares aggregating to 28.98 per cent of the total paid-up capital of RCL from Mukesh Ambani’s RIL on January 11, RCL said. The RCL communique comes just a day after another group company Reliance Energy, said that Reliance Energy Ventures Ltd had acquired RIL’s entire 45.03 per cent stake in REL. Consequently, RIL does not have any stake in RCL and REL now and the entire stake has been transferred to RCVL and REVL, respectively.
— PTI
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Budget session from Feb 16
New Delhi, January 20 The session will begin on February 16 and continue till March 17. The second part of the session will resume on April 3 and end on April 28, instead of third week of May. The three-week recess has been curtailed to two weeks. The change in date was announced by Speaker Somnath Chatterjee while briefing reporters after an all-party meeting to discuss the Supreme Court notice on the expulsion of MPs. Sources said the sitting had been advanced in view of the impending elections in four states and the requests by leaders of political parties.
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Toyota Kirloskar Motor to lift lockout today
Bangalore, January 20 TKM has decided to lift the lockout and start production at its plant from tomorrow, and workmen are being requested to resume work amid adequate security arrangements there, the company’s General Manager (Corporate Planning) Mr A.R. Shankar, said. Due to the lockout, TKM could not produce the earlier targeted around 600 vehicles (both Innova and Corolla models) during this period. “We hope to make up the loss,” Mr Shankar added. The employees, affiliated to the Toyota Kirloskar Motor Employees Union, went on strike on January 6 after the company dismissed three workers who, TKM said, had been found guilty of certain acts of serious misconduct, including assault on supervisors, after holding an inquiry. The management of TKM, a joint venture between Japan’s Toyota Motor Corporation and the Kirloskar group, declared the indefinite lockout on January 8. Asked if TKM would reinstate the three employees, Mr Shankar replied in the negative. “The status quo will continue.” During the strike, the TKM management said, it received several requests from a majority of the workmen and their families, who wanted to return to the plant and did not want to be part of the “illegal and unjustified strike.” “Considering the interests of workmen and its business, Toyota Kirolskar Motor has decided to lift the lockout and resume production at the plant,” the company said. According to TKM, the lockout was declared after the striking workmen threatened to blow up the LPG storage tanks located in the factory premises, endangering the lives of people and property. Toyota started its Indian operations in 1997 with an investment of Rs 700 crore. It currently has a production capacity of 60,000 units annually.
— PTI
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Smokers want scan at company’s cost
New York, January 20 Like other tobacco lawsuits, the complaint filed by four plaintiffs in federal court yesterday, alleges they were victims of deceptive marketing of a deadly product. It seeks class action status for anyone over the age of 50 who has smoked the equivalent of one pack a day for at least 20 years. The plaintiffs have demanded yearly spiral CT X-ray lung scans at the company’s expense. The suit claims the procedure — which can cost up to $500 and is not normally covered by health insurance — could save thousands of lives by detecting lung cancer before it becomes deadly. “Philip Morris is obligated morally, not just legally, to make a health investment to help prevent death and suffering caused by the Marlboro smoke,” said the smokers’ attorney Jerome H. Block. Philip Morris USA Inc., the nation’s largest cigarette company, had no immediate comment. Tobacco companies have won two other so-called medical monitoring suits that went to trial. In a 2001 case brought against Philip Morris, a West Virginia jury found that the manufacturer had no obligation to provide cancer screening for the state’s healthy and former smokers; a Louisiana jury made a similar finding in 2003. The new suit describes a
CT scan as a simple procedure that can detect small tumours on the lungs far more effectively than conventional chest X-rays.
— AP
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Merc variants launched
Bangalore, January 20 “The world over, including India, the E-Class remains one of the most popular models, with around 825 units of E class being sold in 2005. The new E-280 and E-280CDI will further strengthen the product line,” MD and CEO of DaimlerChrysler India Wilfried Aulbur said in a statement here today. The E-280 (petrol) boasts of enhanced capabilities compared to its predecessor, the E-240. It delivers 170 kw at 6300 RMP, an enhancement of 50 per cent compared to E-240. Additional features are parametric steering for enhanced steering comfort, new V-6 engines, seven-speed automatic transmission and electro hydraulic braking system. The E280 is available across India at all Mercedes-Benz authorised showrooms at the ex-showroom price of Rs 40,57,828. The E-280CDI is available at an ex-showroom price of Rs 39,31,361.
— PTI
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Forex reserves up by $158 m
Mumbai, January 20 The reserves had increased by $2.14 billion during the preceding week ended January 6, 2006, compared to a week- ago period. Foreign currency assets increased by $154 million to $133.308 billion during the seven-day period ended January 13, according to figures released by the RBI. Gold reserves and SDRs remained static at $5.27 billion and $5 million, respectively, it added.
— PTI
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Maruti net up 41 pc at Rs 339 crore
New Delhi, January 20 Total income (net of excise) stood at Rs 3,220.7 crore during October to December 2005, a growth of 9.6 per cent compared to the same period of the previous year. In the nine months of the fiscal, Maruti’s profit stood at Rs 828.1 crore, up 39.4 per cent over April-December 2004. Total income in the period stood at Rs 9,095.1 crore during the first nine months (April-December) of this fiscal, a growth of 10.8 per cent over the same period of the previous year.
ICICI Bank gains
Rs 640 cr
ICICI Bank has posted a healthy 24 per cent increase in its net profit at Rs 640 crore in the third quarter ended on December 31, as against Rs 518 crore for the corresponding period in 2004. The bank’s operating profit, too, rose steeply by 55 per cent to Rs 1,194 crore, from Rs 771 crore for the same period in 2004, a press note issued here today said. While its net interest income increased by 59 per cent to Rs 1,167 core in Q3 FY-06 from Rs 733 crore in Q3 FY-05, the fee income increased by 52 per cent to Rs 846 crore from Rs 558 crore for the same period in 2004. The bank’s retail assets increased by 70 per cent to Rs 78,495 crore by December last year, as against Rs 46,194 crore by the end of 2004.
Satyam net zooms
182 pc
Satyam Computer Services Ltd today posted a 182.10 per cent jump in net profit of Rs 493.07 crore for the quarter ended December 31, 2005, as compared to Rs 174.78 crore for the corresponding quarter in previous fiscal. Total income has increased 69.88 per cent to Rs 1,518.48 crore for the third quarter ended December 31, 2005, from Rs 893.84 crore in the year-ago period, the company informed the Bombay Stock Exchange. The group has posted a consolidated profit after taxation and share of loss in associate company and minority interest of Rs 429.54 crore for the quarter ended December 31, 2005, as compared to Rs 164.87 crore for the corresponding quarter in 2004-05.
Indo Rama net dips by 78 per cent
Indo Rama Synthetics Ltd today reported a 78.39 per cent decline in net profit at Rs 4.63 crore for the quarter ended December 31, 2005 as compared to Rs 21.43 crore in the same period last fiscal. The total income decreased 12 per cent to Rs 418.11 crore for the third quarter ended December 31, 2005 against Rs 476.31 crore in the year-ago period, the company informed the Bombay Stock Exchange.
Sasken revenues at Rs 75.94 cr
Sasken Communication Technologies Limited, a telecom and R and D outsourcing company, has registered a net profit of Rs 16.63 crore for nine months ended December 2005, as against Rs 11.83 crore last year, registering a growth of 40.5 per cent. The consolidated revenues for the nine months ended December 2005 stood at Rs 230.08 crore as compared to 167.22 crore for last year, registering a growth of 37.6 per cent, a company statement said. Consolidated revenues for the quarter ended December 2005, stood at Rs 75.94 crore and profit after tax stood at Rs 0.18 crore, after providing for an “exceptional item”. The profit after tax exclusive of the “exceptional item” was Rs 6.94 crore. This was in comparison to revenues of Rs 86.39 crore and profit after tax of Rs 11.67 crore in Q2 FY06.
Five-fold rise in Orchid Chemicals’ profit
Orchid Chemicals & Pharmaceuticals Ltd has reported a five-fold rise in net profit at Rs 28.96 crore for the quarter ended December 31, 2005, as compared to Rs 5.76 crore for the quarter ended December 31, 2004. The total income increased to Rs 238.10 crore for the third quarter this fiscal as against Rs 173.18 crore in the year-ago period, up 37.48 per cent, the Chennai-based company informed the Stock Exchanges.
— Agencies
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