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CPM: Tatas’ small car project on
IndianOil loses Rs 100 cr a day
TRAI acts tough with telecom cos
Arcelor fends off Mittal bid, merges with Severstal
Assocham for 100 pc FDI in SMEs
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RCoVL emerges victorious
Kingfisher connects Srinagar
SBI chief charged with fudging DoB records
Sebi bans Karvy for new issues
CORPORATE RESULTS
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CPM: Tatas’ small car project on
Kolkata, May 26 "Land inspection does not mean everything," CPM state secretary Biman Bose said reacting to yesterday's farmers' agitation at Singur village in Hoogly district before a team of Tata Motors officials. "Industry can't be set up in the air," Mr Bose said, adding that the project was final, but the interests of land-owning farmers would have to be looked into. He said land owners would get compensation as also a complete package. Dismissing suggestions that the incident might sent wrong signals to prospective investors in the state, he said, "Industrialists are coming to West Bengal not out of their love for the state, but to make a profit." Mr Bose refused to comment on the former Chief Minister Jyoti Basu's criticism of the way the "entire issue" was handled in Singur. He said the government officials would visit the proposed site and discuss the issue with farmers. Meanwhile, expressing annoyance at the agitation that Tata Motors officials faced yesterday, veteran CPM leader Jyoti Basu today blamed the administration for the unwanted incident that caught an 'investor-friendly government' on the wrong foot. "What has happened is very bad. I have asked Buddha (Bhattacharjee) why no preparations were made in advance before the visit. Such incidents should never happen,'' he said. — Agencies
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IndianOil
loses Rs 100 cr a day
New Delhi, May 26 “If the government does not come to the rescue of oil marketing companies, we are likely to suffer an under recovery of around Rs 8,300 crore in the first quarter of this fiscal due to spurt in crude oil prices,” said IOC Chairman Sarthak Behuria here today. Releasing the company’s financial results, he said, the Rs 3-4 per litre hike in auto fuels planned would not be sufficient to cover the deficit. We hope that it would offer a solution to deal with the situation. Petrol is currently being sold at a loss of Rs 10.55 a litre, diesel at Rs 9.88 a litre, kerosene at Rs 16.78 per litre and LPG at a loss of Rs 120 per cylinder, Mr Behuria said. However, the company’s net profit has marginally improved to Rs 4,915.12 crore in 2005-06 from Rs 4,891.38 crore in 2004-05, as the government released oil bonds amounting to Rs 6,571 crore and it got refinery discounts worth Rs 2,666 crore. The government is expected to take a decision on hike in oil prices by next week. Meanwhile, IOC has informed the BSE that scheme of amalgamation for merger of Indian Oil Blending Ltd with the company has been approved by the Ministry of Company Affairs. After the completion of statutory formalities, Indian Oil Blending Ltd, has ceased to exist with effect from May 12. Further, the company has informed that the Board of Directors of the company has accorded 'in-principle' approval for amalgamation of Bongaigaon Refinery & Petrochemicals Ltd with the IOC and the process for amalgamation has been initiated. Mr Behuria said as part of its Rs 30,000 crore investment plan by 2011-12 towards integration into petrochemicals,
Indian Oil is developing mega petrochemical hubs with world-class plants at Panipat in Haryana and Paradip in Orissa. IOC's subsidiary, Lanka IOC, has also recorded a growth of 20 per cent in turnover in 2005-06 over the previous year. |
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TRAI acts tough with telecom cos
New Delhi, May 26 The regulator issued directions in this regard to all the telecom operators - cellular, basic and unified access service provider - following a large number of complaints. The directions, TRAI said, had been issued to “protect the interests of consumers and also to promote efficiency in handling consumer grievances.” These include assigning a unique docket number for all calls made to the customer care helpline numbers and special numbers for registering complaint and convey the same to the customer at the time of such a call; to adjust the security deposit against any pending bills or outstanding dues at the time of request for termination of service; and to terminate the service within 24 hours of the receipt of a request for termination of service, which may be made through SMS, e-mail, fax, etc. TRAI said it had been receiving representations from consumers expressing concerns regarding their inability to correlate their previous interaction with the customer care helpline as service providers did not give any identification number for the calls made to the customer care helpline. In many cases service providers did not keep a record of the interaction with the customer and action agreed in their Customer Relationship Management system. It had also received a number of representations from consumers regarding raising of bills by some of the service providers even after a request is made for termination of service. According to these representations, the service providers do not implement the request for termination of service until all the dues are settled.
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Arcelor fends off Mittal bid, merges with Severstal
Brussels, May 26 Mittal Steel Co immediately criticised the deal as a "second-class combination," saying Arcelor's Board seemed to be manipulating shareholders to their own ends. Arcelor fought hard against Mittal's bid, complaining about the company's corporate governance, which is heavily weighted towards the Mittal family. Arcelor also complained that Mittal's original offer of 18.6 billion euro undervalued the company. Mittal offered last week to raise its bid to 25.8 billion euro. Under the deal announced today, Severstal's controlling shareholder Alexei Mordashov will pay Arcelor 1.25 billion euro in cash and give it his stake in all of Severstal's steel assets and Italian steelmaker Lucchini SpA, according to an Arcelor statement. In exchange, Mordashov will own 32 per cent of the enlarged Arcelor group. Existing shareholders, who will own the remaining 68 per cent, can vote on the deal at a shareholders' meeting next month. Arcelor Chief Executive Guy Dolle said the deal— worth 44 euro per share, excluding a planned 1.85 euro per share dividend — represents the "real value" of the company. Arcelor said the transaction would go through by the end of July unless more than 50 per cent of the current outstanding shares voted against. Mr Dolle expressed confidence that shareholders would approve the bid. Mittal said this was unprecedented and prevented shareholders from having a real choice in the future of the company. Mittal spokesman Paul Weigh said the way the deal had been structured — and Arcelor's plans to spend up to 7.6 billion euro buying back shares — meant that Mordashov could quickly have a large say in how the company is run. Under the planned terms, Arcelor Chairman Joseph Kinsch and Dolle would keep their posts in the company to remain based in Luxembourg. Mordashov would become non-executive president of Arcelor's Board of Directors and would have the right to nominate six out of 18 Board members. — AP
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Assocham for 100 pc FDI in SMEs
New Delhi, May 26 In a presentation to Finance Minister P. Chidambaram, Assocham has urged the government to allow 100 per cent foreign investment in the SME sector. Mr Anil K. Agarwal, Assocham President, said increased competitiveness and better business environment would prevail and the projected manufacturing growth would be achieved with these aforesaid recommendations. Current labour laws were counter-productive and discouraged productivity and employment and, therefore, changes in these laws had become most crucial for employment generation and investment promotion, added the Assocham chief. Assocham said that the projected 12 per cent growth in the manufacturing sector should not be a dream provided increased competition was generated among all industrial sectors with a conducive policy and business environment. Mr Agarwal said attempts should be made to increase FDI inflows. Infrastructure alone requires $150 billion in FDI. As far as the energy sector was concerned, it had received less than $3 billion of FDI so far. The chamber called upon the government to exempt income up to Rs 200,000 from income tax to improve consumer spending and boost domestic demand, besides reducing the corporate tax rate to 30 per cent, including surcharges. The sectors which need emphasis include food processing, textiles and clothing, leather goods, automobiles, auto components, minerals, steel, cement, electronic products and components, paper and paper products, chemicals and allied products and polymers and plastics.
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RCoVL emerges victorious
Mumbai, May 26 According to RCoVL, the dispute was before an international arbitrator. Flag has also been allowed to have access to the landing stations at Mumbai, which was till now under the control of VSNL exclusively. Sources, however said the development may not have any financial impact on VSNL. According to sources, access to landing stations would make a very little difference as it handles a very little portion of international bandwidth at Mumbai landing station. The dispute was taken to the International Court of Arbitration in December, 2004, after VSNL refused to let Flag Telecom use its facilities. VSNL has not yet indicated what its stand would be after the arbitrator’s decision.
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New Delhi, May 26 With the launch of these new services, Kingfisher will offer more than 70 flights daily connecting 16 cities .The fares on these routes range between Rs 5,875 and Rs 29,175. — UNI
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SBI chief charged with fudging DoB records
New Delhi, May 26 Interstingly, the petition alleged that though a complaint was lodged with the Central Vigilance Commision in November 2002, no action was taken as one of the Central Vigilance Commissioner at that time happened to be himself a former Chairman of the SBI. The petitioner, All India Labour Welfare Association, through counsel Sugriv Dubey and Namita Roy have alleged that Purwar joined the SBI as Probationary Officer on October 1, 1966 with a false date of birth claim that he had completed 20 years of age. It was alleged that Purwar was at that time only 19 years and four months old, but made a false claim as it was mandatory for a person to be of a minimum 20 years to join the SBI as a Probationary officer.
— PTI |
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Sebi bans Karvy for new issues
Mumbai, May 26 However, KCS can act as registrar and transfer agent to mutual funds, SEBI said in its directions issued in lieu of the directions in the interim order last month. SEBI said the stockbroking arm of the group, Karvy Stock Broking (KSBL), will not trade in its proprietory accounts, and banned it from acting as a depository participant, other than carrying out the instructions of existing clients. "KSB is directed not to act as a depository participant, pending inquiry and passing of final orders, except for acting on the instructions of existing beneficial owners (BO), so that the interests of existing BOs remain unaffected. It shall transfer the demat accounts of the existing BOs to another Sebi registered DP, on their request," SEBI said.
— PTI
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HPCL net jumps three-fold
Mumbai, May 26 The Board recommended a dividend of Rs 3 on shares of Rs 10 each (30 per cent). For the year ended March 31, the company posted a net profit of Rs 405.63 crore as compared to Rs 1277.33 crore a year ago and total income (net of excise) increased to Rs 71366.37 crore for the financial year 2005-06 from Rs 60188.27 crore in 2004-05. The group posted a consolidated net profit of Rs 452.07 crore for the year ended March 31 as compared to Rs 1415.64 crore a year ago and the consolidated total income of the group (net of excise) increased to Rs 75652.88 crore for 2005-06 from Rs 63404.81 crore in 2004-05. ITC profit dips
ITC Ltd today posted a 26.41 per cent decline in profit after tax at Rs 567.89 crore for the quarter ended March 31 as compared to Rs 771.75 crore for the same quarter in 2004-05. Total income however, rose 27.84 per cent to Rs 2859.08 crore for the fourth quarter in the year 2005-06 from Rs 2236.43 crore in the year-ago
period, the company said. The Board has recommended a dividend of Rs 2.65 per share of Re 1 each for the financial year ended March 31. For the year ended March 31 the company registered a net profit after tax of Rs 2235.35 crore as against Rs 2191.40 crore for the year 2004-05. The total income increased to Rs 10,076.61 crore in 2005-06 from Rs 7875.26 crore in 2004-05. The group posted a consolidated net profit after minority interest of Rs 2295.38 crore for the year 2005-06 as compared to Rs 2245.42 crore for the year 2004-05. The consolidated total income of the group rose to Rs 10637.99 crore during FY 05-06 from Rs 8316.71 crore in FY 04-05. RCF net up 31.87 pc
Rashtriya Chemicals & Fertilizers Ltd (RCF) has posted a 31.87 per cent rise in net profit at Rs 79.72 crore for the quarter ended March 31 as compared to Rs 60.45 crore for the same quarter in 2004-05. Total income (net of excise) increased to Rs 860.05 crore for the fourth quarter in the year 2005-06 from Rs 703.57 crore in the corresponding quarter in 2004-05, up 22.24 per cent, the company said. The Board has recommended the payment of final dividend of Re 1 per share of Rs 10 each (10 per cent) for 2005-06. For the year ended March 31 the company registered a net profit of Rs 147.96 crore as against Rs 140.96 crore for the year 2004-05. The total income (net of excise) increased to Rs 3114.89 crore for FY 05-06 from Rs 2840.08 crore in FY 04-05. |
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Swift record Swift, which was launched exactly a year ago has so far clocked 61,200 units, which is the best by any model in its first year in India, the company said. In the first week of its launch, Swift had clocked bookings of more than 15,000 units and the company had to increase production subsequently.
— PTI
Eleven Tech Harley-Davidson New IT forms Inflation up S. P. Apparels |
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