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Little solace for poor from health insurance scheme
L’Oreal to buy Body Shop for $1.14 billion
Suzlon to acquire Belgian company for Euro 465 m
RBI directive on March transactions
Birlas take the fight to CLB
LIC unveils two plans
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Virbhadra backs PHDCCI move
Corporate News
Cadila acquires stake in Nutralite
M&M Financial debuts on bourses
Mahindra Int to invest Rs 400 cr
Sick units owe Rs 30,000 crore
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Little solace for poor from health insurance scheme
New Delhi, March 17 The Parliamentary Committee on Public Undertakings, attached with the Ministry of Finance has, however, rapped the government for its failure to properly implement the scheme, while recommending to extend the scheme to the above poverty line families as well, as conceived in the original scheme of the NDA Government. It has asked the government to make it mandatory for the public and private insurance companies to “have a certain minimum percentage of their total business to be carried out in the rural health insurance portfolio”, besides fixing rural insurance targets for them. Minister of State for Finance Pawan Kumar Bansal in a written reply to the Lok Sabha today ruled out “any intention of the government to review the health insurance scheme” adding that re-designed UHIS, covering only BPL families has the same set of benefits and premia but provides for enhanced subsidy of Rs 200 for an individual, Rs 300 for a family of five and Rs 400 for a family of seven. Under the scheme aiming to provide health insurance to people living below poverty line (BPL), he said, the public sector and private insurance companies had been able to cover 65,718 families in 2004-05 and 68,296 families in 2005-06 across the country. It included 323 families in Punjab during 2004-05 and only 250 families during 2005-06. In Haryana, 656 policies were issued to cover 1150 persons in 2004-05 and 452 policies to cover 924 families in 2005-06. The Left parties and the Ministry of Chemical and Fertilisers have suggested to impose a 2 per cent health cess to raise the necessary funds on the pattern of education cess. Interestingly, as against Rs 2.80 crore premium collected in 2004-05 and Rs 2.98 crore in 2005-06, the insurance companies merely settled claims for Rs 64 lakh in the first year and Rs 1.12 crore next year. No medical claim was settled in several states, including Haryana, HP, J&K, Rajasthan, Orissa, Bihar and Punjab. Expressing its concern over the appalling state of health insurance coverage in the country, the parliamentary panel has called for an overhaul of the policy. “One or two hospitals in each district should be earmarked for treatment of major diseases and the Central and State governments should lend adequate budgetary support,” said the committee.
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L’Oreal to buy Body Shop for $1.14 billion
Paris/London, March 17 In a recommended offer that has the backing of 43 per cent of Body Shop shareholders, including founder Anita Roddick, L’Oreal said on Friday it would pay 300 pence cash per share, a 34 per cent premium over the share price on February 21, when press speculation over the deal began driving the stock higher. “Body Shop isn’t the wacky ethical business it once was and it has been going upmarket in recent years, selling more expensive ‘masstige’ (mass prestige) skincare and so on, so the approach from L’Oreal wasn’t that big a surprise,” analyst Nick Bubb of brokers Evolution said. L’Oreal said it planned to operate the British company as a completely separate entity, adding that Roddick, who opened her first store in the English south coast resort of Brighton in 1976, would retain her current role as consultant to Body Shop. “They (L’Oreal) understand what a maverick The Body Shop was in the business world and how we helped change the language of business, incorporating the action of social change, especially in human rights, animal welfare, the environment and community trade,” Mr Roddick said in a statement. The two companies — one the world’s most powerful cosmetics producer, the other a retail chain with deep roots in the “ethical” business movement, might seem unlikely bedfellows, but L’Oreal said there were clear advantages for both. The French company, whose brands include Garnier, Redken and Lancome, gains a 2,000-strong retail network in 54 countries with a 2004-5 turnover of £419 million and access to the rapidly-growing mass prestige sector.
— Reuters
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Suzlon to acquire Belgian company for Euro 465 m
Mumbai, March 17 Through this acquisition, Suzlon would get indirect 100 per cent ownership of Belgium’s Hansen Transmissions International NV, along with its subsidiaries in the UK, Australia, Brazil, the USA and South Africa. Hansen Transmissions is engaged in designing, developing, manufacturing and supplying industrial and wind turbine generator gear boxes.
Cairn to hive off
Indian operations
New Delhi: UK-based oil firm Cairn Energy plans to create a separate unit out of its Indian operations and sell at least 25 per cent shares of the new firm through an initial public offering. “We plan to split the company into two — one based in India focused on exploration and production and (the other) based in the UK focussed on (Cairn’s core competence) exploration,” a company spokesperson said. The Indian firm will hold the prolific Rajasthan block, where Cairn estimates it has found in-place oil reserves in excess of 3.5 billion barrels, the 22.5 per cent stake in the 50,000 barrels per day Ravva offshore oilfield and the Cambay Basin block CB/OS-2, home to 130 million standard cubic feet per day producing Lakshmi and Gauri gas fields and a potential oilfield. An IPO of at least 25 per cent shareholding would be launched in 2008.
— PTI
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RBI directive on March transactions
Chandigarh, March 17 The bank branches receiving direct tax, indirect tax collections, and transactions of departmentalised ministries have been asked to make special messenger arrangements for passing on the challans/scrolls to the nodal/ focal point branches by the end of this month. Beginning today, the receiving branches, which are at some distance from the nodal branches, have also been asked to use courier service for passing in the challans. The nodal branches receiving these payments have been asked to prepare separate sets of scrolls — one pertaining to March Residual transactions and another for April transactions during the first 15 days of April. These nodal branches will also ensure that the accounts for all transactions (revenue/ tax collections / payments) are effected at the receiving branches up to March 31, in the accounts for the current financial year itself, and not mixed with the transactions for the month of April. The main scrolls to be prepared for March 2006 transactions, prepared from April 1 to 15, will have to be distinctly marked by allotting serial number. These scrolls, along with daily summary of receipts and payments prepared separately for March 2006 transactions, will have to be forwarded to zonal accounts officers, pay and accounts officers and designated officers, and these would also have to be reported to the link cell of each bank at Nagpur, through daily memos. The RBI has also laid down that the same procedure be followed for reporting and accounting of transactions of non-civil ministries like defence, posts, railways and telecom.
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Birlas take the fight to CLB
Kolkata, March 17 Counsel for two sisters of late M.P. Birla, Laxmi Devi Newar and Radha Devi Mohta, submitted that the locus standi of his clients has already been recognised by the Calcutta High Court, which has admitted their caveats in the probate petition of Lodha. He said that even Lodha had named the two sisters as heirs and, therefore, possible owners and hence they had every right to protect their possible future interest. Counsel said that Lodha had failed to prove his right to get the shares registered in his name, which could be legally possible only after obtaining the grant of probate of the disputed will of late Priyamvada Birla. The two Birla sisters had earlier challenged the transfer of shares of East India Investment, an M.P. Birla group company, in the name of Lodha before the CLB without the production of probate of the will as required by the Articles of Association of the company. Lodha’s lawyer had earlier contested the locus standi of the two Birla sisters in challenging the transfer of shares. The Birla family had earlier challenged Lodha’s claim that the entire estate of M. P. Birla had been bequeathed to him by Priyamvada, who died in July, 2004, by a purported will made in 1999. Lodha’s probate application is pending before the Calcutta High
Court. — PTI
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LIC unveils two plans
Aurangabad, March 17 The plan could be taken by anyone in the age group of zero to 60 years and premium could be paid either as a single payment or on yearly, half-yearly, quarterly or monthly basis for a fixed term of 10, 15 or 20 years. The maximum age at which premium payment would cease is 70 years and during this period, the policy is eligible for reversionary bonus, if all the premia due are paid up-to-date, he added. The other plan ‘Jeevan Akshay’ is an immediate annuity policy. Under Jeevan Akshay-IV, annuity rates have been increased by 2 to 8 per cent. As per the plan, a 40-year-old policy-holder investing Rs 1 lakh would now be eligible for an annual annuity of Rs 6,820 for life, he said.
— UNI
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Virbhadra backs PHDCCI move Shimla, March 17 Interacting with the high-powered PHDCCI committee headed by Ms Sushma Berlia, he said that possibilities were being explored to create an industrial authority based upon the Noida pattern so that planned industrial development could by carried out in a planned way. He said the state was witnessing industrial boom and a record investment of about Rs 16,500 crore had been attracted in the past three years. Most of the big industrial houses and multinationals had set up their units in the state. He said an industrial friendly environment, good governance, best law and order and political stability were some of the major reasons for attracting big companies.
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Corporate News
Mumbai, March 17 Grasim Industries Ltd, Thai Rayon Public Co Ltd, Thailand, and PT Indo Bharat Rayon, Indonesia, will invest in the project as equity holders, the group said in a press note here. ICICI Bank loan Russia’s Vneshekonom bank has signed a $50 million agreement with India’s ICICI bank for structural financing its high-tech production companies. The two banks signed a Memorandum on Intentions within the framework of ongoing visit to India by Russian Prime Minister Mikhail Fradkov, the Russian bank’s press service reported on Thursday. The agreement will provide the enterprises of both countries ample opportunities in trade between Russia and India, it said. UTI Balanced Fund UTI Balanced Fund, formerly known as UTI US-95, has declared tax-free dividend of 18 per cent, Rs.1.80 per unit on face value of Rs 10, said a company press note. It said all unit holders registered under the dividend option of UTI Balanced Fund as on March 22, 2006, will be eligible for this dividend. Also investors who join the dividend option of the scheme on or before the record date will be eligible for the dividend. Xenitis IPO Xenitis, which came into limelight for being the pioneer of sub-Rs 10,000 personal computer, today announced that it will come out with an initial public offering of Rs 250 crore by middle of this year. “We are planning an IPO to raise Rs 250 crore in July-August this year. It will be for our IT business and the money raised from the offer will be spent on augmenting manufacturing capabilities,” Tathagatha Datta, Managing Director of Xenitis Infotech told newspersons here. Airtel’s BlackBerry Airtel and Ontario-based wireless solutions company Research In Motion, launched BlackBerry 8700g here today. The new BlackBerry, that features an Intel XScale cellular processor, a 64 MB flash memory and a 16 MB SDRAM, is equipped for enterprise applications like field service automation and sales force automation. — TNS and Agencies
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Cadila acquires stake in Nutralite
Mumbai, March 17 The pharma company has now made a public offer to acquire additional 20 per cent stake in Carnation Nutra-Analogue Foods Ltd to raise its holding, it informed the stock exchanges. “Over the past few years, our focus has been on supporting healthy lifestyles and this forms an essential part of our healthcare business,” Mr Pankaj R. Patel, Chairman and Managing Director of Cadila, said. “We have market leadership in the sweetener segment through our brand Sugar Free and we see this acquisition as an excellent synergistic opportunity to offer a healthy dietary supplement,” he said. The acquisition includes the manufacturing plant of Carnation Nutra-Analogue Foods Ltd besides its strong network of 350 distributors.
— PTI
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M&M Financial debuts on bourses
Mumbai, March 17 M&M opened at Rs 225 as against the issue price of Rs 200 for Rs 10 share on the NSE and touched a high of Rs 243.80 in the mid-morning trade so far. On the BSE M&M Financial opened at Rs 236 and touched a high of Rs 250 and a low of Rs 205.20 in the trading so far. Volumes were great with more than 51 lakh shares traded so far. Another company listed on the NSE today was B.L. Kashyap & Sons at Rs 800.50 as against the issue price of Rs 685 and touched a high of Rs 1,010. On the BSE it opened at Rs 749.90 and touched a high of Rs 1,005 and traded at Rs 966 at 1215 hrs. Over 23 lakh shares were traded so far. Visa Steel was also listed on the NSE at Rs 57 per share same as the issue price and touched a high of Rs 60.25 and a low of Rs 49.75. Visa Steel opened at Rs 58.90 on the BSE and touched a high of Rs 61.90 and a low of Rs 49.55, the scrip traded at 54.60 at 1218 hrs.
— UNI
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Mahindra Int to invest Rs 400 cr
New Delhi, March 17 vehicles in India, the first of which will be launched in the second half of next year. “The company has plans to launch the first commercial vehicle in the Indian market in the second half of the next calendar year,” M&M President Automotive Sector and Member Group Management Board Pawan Goenka said
here. — PTI
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Sick units owe Rs 30,000 crore
New Delhi, March 17 The amount outstanding in the books of scheduled banks in respect of sick industrial units other than in the small- scale industries sector as on March ,2003, was Rs 29,109.89 crore, Mr Chidambaram told the Lok Sabha.
— UNI
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Inflation falls
New Delhi, March 17
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Venus Remedies KLG Systel |
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