 |
|
PHDCCI moots north India
Indo-China trade set to touch $20 b by 2007
Cellular operators move TDSAT
NHPC developing biggest power plant
Reliance MF creates history
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Open offer for RNRL shares
PSEs’ net profit goes up
Birlas have no plan to sell stake in Tata Steel
Goldman Sachs eyes
AI-Indian merger next fiscal: Patel
IBP set to post loss despite oil bonds
Revival plan for Mecon
Zinc prices up
|
|
PHDCCI moots north India common economy
Shimla, March 16 Stating this at a press conference here today, Mrs Sushma Berlia, President of the PHDCCI said that in an era of globalisation economic development could not be accelerated without regional cooperation. She said as a first step in this direction the PHDCCI would bring the Chief Ministers, Chief Secretaries and the other officers concerned on a common platform. There were several areas of common interest like power generation, tourism and infrastructure development which would benefit all states. She said for a state like Himachal Pradesh the removal of barriers affecting trade and services and development of the requisite infrastructure was all the more important to make the industry sustainable without incentives. The package of incentives had brought much- needed investment to the state and the focus should now be on creation of the necessary facilities to retain the industries after the expiry of the package. She said more than incentives it was the basic infrastructure like roads, rail and air connectivity, availability of power, law and order situation and other such factors which attracted entrepreneurs. This was one of the reasons that new industries were coming up on peripheries. She lamented that the Chandigarh-Baddi- Nalagarh rail link had not been included in the Rail budget. The road to link Baddi and Chandigarh had also been hanging fire for the past many years. While expressing satisfaction over the first stage of economic reforms carried out at the level of the Centre, Mrs Berlia said the focus must now shift to the second generation reforms which were to be effected by the states. She said the PHDCCI was not against the state’s policy making it mandatory to
employee 70 per cent of the manpower from within Himachal Pradesh but some flexibility should be allowed to take care of trades for which skilled manpower was not available. The government should have a policy, which encouraged employment generation. She hailed the decision to set up industrial training institutes in each assembly constituency and said the PHDCCI could be a partner in managing such institutes to ensure that they produced manpower with the right skills.
|
|
Indo-China trade set to touch $20 b by 2007
New Delhi, March 16 ‘If the present annual growth of over 30 per cent, which in the past five years has even crossed 60 per cent, continues, China may be our largest trading partner in one year overtaking the USA, with which our trade is around $21 billion,’ said Mr Kamal Nath. Echoing similar sentiments, China’s Commerce Minister Bo Xilai said: ‘If the present trend of trade flow is maintained by 2010, the bilateral trade could reach $50 billion.’ Delivering the keynote address at the India-China Joint Business Forum here, Mr Nath said this year our bilateral trade would be in excess of $15 billion, reflecting rapidly expanding bilateral economic relationship. During 2000-01, the bilateral trade volume was barely $2 billion, which increased to $11.3 billion in 2004-05. The two ministers earlier co-chaired the 7th meeting of the India-China Joint Economic Group (JEG), which took place after six years. Both Mr Xilai and Mr Kamal Nath emphasised that trade and economic cooperation held the key to strengthening the overall bilateral relationship. Mr Nath stressed that the trade basket continued to be narrow and restricted to a limited range of goods “For instance, Indian exports are dominated by raw materials and products of natural resource-based industries. If our trade is to expand exponentially it is imperative for both partners to diversify the trade basket. Between us we produce practically everything - and produce it cheaply, and with good quality. We both have export growth rates that are 25 to 30 per cent. While our engagement with the rest of the world is galloping, we must make doubly sure that it gallops with each other”, he said.
|
|
Cellular operators move TDSAT
New Delhi, March 16 COAI moved TDSAT on March 10, saying in the absence of direct connectivity, a call between the two service areas terminating on the BSNL/ MTNL network involved a significant element of carriage charges, which was not there in the case of calls between private cellular operators. This necessitates differential tariffs for calls terminating on CellOne network. In a directive to private cellular operators on February 27 to the private cell operators, TRAI had asked them to stop charging differential tariffs for calls terminating on the BSNL CellOne network (in the neighboring service area like between Mumbai and Maharashtra) in the four states of Maharashtra, Tamil Nadu, West Bengal and Uttar Pradesh on the grounds that inter- service area connectivity had been permitted in these four states.
— PTI
|
|
NHPC developing biggest power plant
Mr S.K. Garg, Chairman and Managing Director of NHPC, informed that the company was in an expansion mode and proposed to generate Rs 5,000 crore by 2012, when most of its hydro electric power projects in Himachal, Uttaranchal, Jammu and Kashmir and Arunachal Pradesh, will be commissioned. As of date, the company is generating Rs 450 crore, and the profit in this fiscal will be an all- time high of over Rs 700 crore, he said. Talking to The Tribune on the sidelines of a seminar on Challenges in hydro power generation, held here today, Mr Garg said NHPC was also developing the biggest hydro power generation plant at Arunachal Pradesh with a capacity of 2000 MW. "Besides this, we have recently signed MoUs for two projects — a 960 MW project at Potli Behl and a 420 MW project at Lakhwar Vyasi — both in Uttaranchal. From a capacity of 3755 MW now, NHPC plans to increase its capacity to 10,000 MW by 2012," he added.
|
|
Reliance MF creates history
Mumbai, March 16 “We have created a record in the 40-year-long mutual fund history by making the single largest collection. The UTI had in the early 1990s set a record by collecting about Rs 4,800 crore in the Master Gain scheme,” Reliance Mutual Fund (RMF) CEO Amitabh Chaturvedi said. The Reliance Equity Fund, collected from 9.29 lakh investors across the country, would help more than double the total asset management portfolio of the RMF to over Rs 22,000 crore during the current financial year, he said. The new fund would become open ended by month-end.
— PTI
|
|
Open offer for RNRL shares
Mumbai, March 16 The open offer would constitute 20 per cent of the expanded equity share capital of RNRL and is in accordance with SEBI norms, RNRL said. This follows a decision by the RNRL Board yesterday, which also approved a preferential offer of 41 crore equity shares to
R-ADAG or long-term financial investors, to strengthen the company’s capital base and financial position. As part of the preferential offer,
R-ADAG will subscribe up to 41 crore shares for Rs 1,052 crore at a minimum price of Rs 25.65 per share. Post-allotment, the promoter holding will go up to 55 per cent from 40 per cent and RNRL’s net worth will rise to Rs 1,660 crore from Rs 608 crore
currently. RNRL is one of the four companies transferred to Anil after settlement with elder brother Mukesh Ambani.
— PTI
|
|
|
PSEs’ net profit goes up
New Delhi, March 16 According to Public Enterprises Survey 2004-05 laid in both Houses of Parliament, there has been a remarkable improvement in the overall performance of the Central Public Sector Enterprises (CPSEs). The cumulative net profit increased by 23.26 per cent in 2004-05. The CPSEs have declared a dividend of Rs 20,713 crore in 2004-05 as against Rs 15,288 crore during 2003-04 , an increase of 35.48 per cent. The dividend payout ratio has gone down to 31.66 per cent as against 28.80 per cent in the previous year. Profit before tax and extra ordinary items and prior period adjustments (PBTEP) has increased to Rs 86,062 crore in 2004-05 from Rs 71,285 crore in 2003-04 registering an increase of 20.73 per cent. The contribution to Central exchequer by way of excise duty, customs duty, corporate tax, interest on central government loans, dividend and other duties and taxes has gone up by Rs 21,564 crore. Investment in the CPSEs increased by Rs 7,855 crore, from Rs 3,49,994 crore in 2003-04 to Rs 3,57,849 crore in 2004-05. Foreign exchange earnings by exports of goods and rendering various types of services has increased to Rs 42,264 crore in 2004-05 from Rs 34,894 crore during 2003-04.
|
|
Birlas have no plan to sell stake in Tata Steel
Kolkata, March 16 “Entirely wrong,” was the curt response by Birla when his attention was drawn to media reports which stated the Birla group had decided to sell its stake in Tata Steel in the wake of the stand-off with the Tatas over holding in Idea Cellular. Eighty-six-year-old Birla, who heads the B.K. Birla group of companies, also said the Birlas’ holding in Tata Steel was with Pilani Investments, one of the oldest Birla companies headed by him with holdings in most of the Birla group companies. Birla, who along with his grandson, Kumarmangalam Birla, only last year consolidated his holding in Pilani, was categorical that there was no plan to exit Tata Steel. “At the moment we do not have any intention of selling our stake in Tata Steel,” he said. Birla, however, could not say what the exact holding of the group in Tata Steel was, but it was learnt that Birlas have around 41 lakh shares valued around Rs 200 crore. The Birlas’ holding in the Tata company is part of the 4.93 per cent (2.72 crore shares) held in the steel giant by private corporate
bodies. — PTI
|
|
|
Goldman Sachs eyes stock market
New Delhi, March 16 “The Indian market represents tremendous growth and opportunity. Now, more than ever, there is a compelling case for us to build an onshore presence which is fully integrated with our global businesses,” said Mr Brooks Entwistle, Chief Executive Officer of Goldman Sachs (India) L.L.C. The decision to build a wholly owned platform in India brings to an end the firm’s 10 year-old strategic alliance with Kotak Group. The termination of the strategic alliance will see Goldman Sachs sell to the Kotak Group its 25 per cent interests in both joint venture entities, Kotak Securities Limited and Kotak Mahindra Capital Company Limited. In addition to the creation of a full-service domestic presence, the firm’s India strategy will encompass businesses including principal investing and asset management.
|
|
AI-Indian merger next fiscal: Patel
New Delhi, March 16 The minister believes such a merger which creates a single carrier with about 130 aircraft is important to consolidate and optimise the assets of the two public sector carriers. It is likely to take shape in the latter part of fiscal 2006-07. The ministry is in the process of formulating the proposal after which it will go to the Cabinet for clearance. Considering the global aviation scenario, the minister felt the merger would facilitate face competition from global players.
|
|
IBP set to post loss despite oil bonds
Kolkata, March 16 A high-level IBP official said that Rs 400- crore oil bonds had been given on account of subsidy on LPG and kerosene. However, he said that the company was still suffering from under-recovery in diesel and motor spirit. Till December, 2005, the company had posted accumulated losses to the tune of Rs 500 crore, the official said. Going by this trend, the IBP
was all set to post loss again in the last quarter, he added. According to the official, Rs 400 crore worth of oil bonds would not be sufficient to offset the losses during the four quarters of 2005-06. The official said that this would be the first time that the IBP would be in the
red. — PTI
|
|
Revival plan for Mecon
New Delhi, March 16 The package includes Rs 24 crore for capital expenditure, restructuring of government loans and grant to pay the statutory dues of the employees. Of the Rs 24 crore that the company would spend for capital augmentation, Rs 8 crore will be for implementation of ERP while Rs 16 crore will be spent on acquiring additional space in the Delhi and Bangalore offices.
— PTI
|
|
Zinc prices up
New Delhi, March 16 He said the company has lowered the prices of lead by Rs 100 to Rs 62,000 per tonne.
— PTI
|
bb
Rajesh Exports buys OyzterBay Recaero plans ICICI Bank M.S. Pasrija is OIL Chairman TCI warehouse in Gurgaon Hutch cuts STD/ISD tariffs New Rs 50 note |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
.jpg)
.jpg)
.jpg)
Chandigarh, March 16
