Friday, July 24, 1998
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B U S I N E S S | Friday, July 24, 1998 |
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Flash strike in Bata India BATANAGAR (WB), July 23 — The Bata Mazdoor Union today went on a flash strike in protest against the dismissal of three employees by the management of Bata India Limited even as tension prevailed after yesterday’s assault on company’s Managing Director Keith Weston... Maruti offers new Zen at same price NEW DELHI, July 23 — Maruti Udyog today launched a slightly upgraded version of its popular 1000 cc Zen car, offering better features at the same price... Bajaj auto wins shares battle NEW DELHI, July 23 —The Supreme Court today directed Bajaj Tempo Ltd (BTL) to register its 13,200 shares bought by Bajaj Auto Limited (BAL) and Bajaj Auto Holdings Ltd (BAHL) while setting aside a Company Law Board (CLB) order... |
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Sugar glut feared NEW DELHI, July 23 — A sharp depreciation in the Pakistani rupee has triggered fears of sugar from Islamabad flooding the Indian domestic market and creating a glut, industry experts said today...
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Amritsar traders to protest AMRITSAR, July 23 — To oppose the power tariff hike, over 250 representatives of the business community here today formed an action committee which gave a call for a protest rally to be held outside the residence of the Deputy Commissioner on July 27 followed by a “bandh call” on July 29 throughout the district... Join hands on issues, MPs urged NEW DELHI, July 23 — The (CII) has called upon MPs to adopt a consensus approach on key economic issues like the opening up of the insurance sector, restoration of 100 per cent Modvat and speedy development of infrastructure... ABB income up by 13 pc ZURICH, July 23 — ABB, a leading international electrical engineering company, today said its net income increased by 13 per cent to reach $ 638 million in the first half of 1998... Asian diary  |
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Flash strike in Bata India |
| Sugar glut feared NEW DELHI, July 23 (PTI) — A sharp depreciation in the Pakistani rupee has triggered fears of sugar from Islamabad flooding the Indian domestic market and creating a glut, industry experts said today. “The fall in the Pakistani rupee will give additional handle to push sugar from that country into India and it could hit the Indian industry badly,” Indian Sugar Mills Association Director General S.L. Jain told PTI. Food and Consumer Affairs Minister S.S. Barnala, Addressing a meeting of consultative committee members attached to the ministry here today, said the ex-factory levy prices for the 1997-98 sugar season marked a 2.2 per cent rise over last season’s prices and zonal levy prices were being notified shortly. The government will purchase 12 lakh tonnes of sugar from the free sale account of the sugar industry in a phased manner based on domestic requirements, an official release said. |
| Maruti offers new Zen at same
price NEW DELHI, July 23 (PTI) — Maruti Udyog today launched a slightly upgraded version of its popular 1000 cc Zen car, offering better features at the same price. The Zen VX offers a 120 watt Kenwood Maruti stereo, has a new frontal appearance, better insulation from noise, internally adjustable rear view mirrors, body reinforcements, side impact beams on all doors and better upholstery. Speaking to newsmen, Managing Director RSSLN Bhaskarudu said the company is absorbing about Rs 30,000 per car, currently priced at about Rs 3.5 lakh in Delhi. The Budget had made the car dearer by about Rs 10,000 and upgradation cost per unit worked out to about Rs 20,000.The company has stopped production of the old version and the new model is available in the showrooms across the country from today, he said. Asked whether utility vehicle Gypsy would be upgraded next, Bhaskarudu only said: “Our next main programme will be the launch of diesel Zen, which is currently undergoing tests. Gypsy is a low volume vehicle.”Zen diesel is doing test running with a ‘TUD 5’ engine of Peugeot Citroen of France. This engine would be compatible for the Gypsy as well as the Esteem, he said. |
| Bajaj auto wins shares battle NEW DELHI, July 23 (PTI) —The Supreme Court today directed Bajaj Tempo Ltd (BTL) to register its 13,200 shares bought by Bajaj Auto Limited (BAL) and Bajaj Auto Holdings Ltd (BAHL) while setting aside a Company Law Board (CLB) order. A Division Bench comprising Justice B.N. Kripal and Justice S.S.M. Quadri in a 22-page judgement yesterday set aside a 1986 CLB order and directed Bajaj Tempo Ltd controlled by the Firodia group “to register shares in question within four weeks from July 22. ”The Bajaj Tempo board had decided not to approve the transfer of shares fearing it was a move by Bajaj Auto to destabilise the company management and termed the acquisition of shares as not for the purpose of genuine investment but with ulterior and oblique motives. |
| Amritsar traders to protest From Our Correspondent AMRITSAR, July 23 — To oppose the power tariff hike, over 250 representatives of the business community here today formed an action committee which gave a call for a protest rally to be held outside the residence of the Deputy Commissioner on July 27 followed by a “bandh call” on July 29 throughout the district. Briefing newsmen, the president of the action committee Mr Narinder Kumar Jain, said that the Punjab government was trying to divide the people of the state on the basis of urbanites and ruralites and alleged that most of the benefits were being doled out to the people living in villages. A spokesman of the action committee, Mr Dilbir Singh, said the government should take into account the present recessionary trend. The PHD Chamber of Commerce & Industry has said that the steep hike in the power tariff will result in a serious setback to the Industry. A delegation led by Mr Amarjit Goyal, Chairman, Punjab Committee, Phdcci, met the PSEB Chairman in this regard. The industry has appealed to the Punjab Chief Minister to come to its rescue. |
| Join hands on issues, MPs urged Tribune News Service NEW DELHI, July 23 — The (CII) has called upon MPs to adopt a consensus approach on key economic issues like the opening up of the insurance sector, restoration of 100 per cent Modvat and speedy development of infrastructure. In two separate interactive sessions with MPs from Punjab and Himachal Pradesh here last evening, the CII underlined the need for speedy industrial clearances, greater inter-departmental coordination and administrative reforms. Expressing disappointment over the modifications announced in the Finance Bill,the Chairman of the Hero group, Mr Brijmohan Lall said the key issue of restoration of 100 per cent Modvat has not been addressed. Highlighting the bottlenecks affecting private investments in the state, the Chief Executive of Morepen Laboratories, Mr Arun Suri, said that there were delays in the process of land acquisition and problems which were specific to truckers and taxi unions. The MPs from Punjab were Mr Vinod Khanna, Mr Satnam Singh Kainth, Mr Raj Mohinder Singh, Mr Prem Singh Chandumajra, Mr Sukhdev Singh Dhindsa, Mr Kamal Chaudhary,Mr Balwinder Singh Bhunder and Mr Satwinder Kaura.Himachal Pradesh was represented by Mr Shanta Kumar, Mr Suresh Chandel, Mr Maheshwar Singh, Ms Chandresh Kumari and Mr K.D. Sultanpuri. |
| Asian
diary Governments may backtrack on trade reform HONG KONG, July 23 (AFP) — Asian governments may be tempted to backtrack on promises to liberalise trade due to the regional economic crisis, a report released today warned. The Asian Intelligence Report by Hong Kong-based Political and Economic Risk Consultancy (PERC) said although regional economies may open to foreign investment following the crisis, they were unlikely to do the same for imports. “Governments are changing laws and permitting foreign investment in industries where none was permitted before or where relatively low ceilings on foreign equity stakes existed,” the report said. But “most liberalisation that will arise out of the Asian economic crisis is likely to relate to investments not trade,” it added. Moody’s blow TOKYO (AFP): US ratings agency Moody’s Investors Service today warned it may cut its gilt-edged ratings for Japan in the face of the nation’s deep economic troubles. Moody’s said it would review its ‘AAA’ ratings for Japan’s foreign and domestic currency ceilings, which set top rating limit for any firm based in Japan dealing in bonds, notes and deposits. The review includes the government issued or guaranteed yen securities, which include bonds. “The review is prompted by deep, structural problems in Japan’s economy that have defied conventional policy remedies,” the agency said. Workers deported SINGAPORE (DPA): Singapore contractors have been hiring private security firms to deport foreign workers left jobless by the country’s economic slump.Most of the labourers come from India and Bangladesh. Many work in the construction industry, the Straits Times newspaper said yesterday.One contractor, identified only as Dass, said he paid guards $ 1000 to haul 10 Indian workers to the airport because he could not afford the $ 10,000 he owed them in wages. China’s reserves China’s foreign exchange reserves increased to a $ record 140.51 billion up to June 30 despite the lingering Asian financial crisis and the Japanese yen’s sharp plunge, latest figures show.China’s foreign exchange reserves hit $ 140.51 billion by the end of June, $ up 620 million at the beginning of the year,’ a foreign exchange spokesman said yesterday.Expanding reform and policy adjustments had enabled China to record “positive progress” in efforts to increase investments, improve infrastructure, promote exports and use foreign capital.China enjoyed balanced international payments over the first half of 1998 in spite of certain negative effects resultant from the Asian financial crisis, the drastic devaluation of the Japanese yen in particular.China’s import and export value touched $ 151.4 billion in the first half — up 5.2 per cent over the same period in 1997. Of this exports accounted for $ 87 billion, a rise of 7.6 per cent, while imports amounted to $ 64.4 billion — up 2.2 per cent. IMF funds for Pak WASHINGTON (PTI): The IMF is expected to intensify talks with the Pakistani authorities to reactivate its Fund-supported economic programme and funds to Pakistan could be available by the end of August.Though State Department and treasury officials had indicated at a briefing on July 21 that things could be speeded up by an IMF official flying to Islamabad promptly and negotiating a new package, but the IMF has its own procedures.IMF officials said before scheduling a board meeting, they would have to consult G-7 industrial powers, the World Bank and the Asian Development Bank. Pakistan is unlikely to receive new IMF money before the end of August, despite the U.S. Decision not to stand in the way of the deal. |
| ABB income up by 13 pc ZURICH, July 23 (UNI) — ABB, a leading international electrical engineering company, today said its net income increased by 13 per cent to reach $ 638 million in the first half of 1998. Orders received for the ABB Group in the first half of 1998 amounted to $ 17.9 billion and revenues were $ 14.48 billion in the first half of 1998, both less 5 per cent than in the same period last year.Group operating earnings totaled $ 1.05 billion against $ 1.047 billion in 1997. The operating margin increased to 7.2 per cent from 6.9 per cent in the first half of 1997. |
| Biz
briefs Tisco net profit falls sharply MUMBAI, July 23 (PTI) — The net profit of Tata Iron and Steel Company Ltd (Tisco) in the first quarter of 1998-99 has declined sharply to Rs 27.09 crore from Rs 65.69 crore for the corresponding period in the previous year. Net sales and income from operations too was lower at Rs 1,352.76 crore compared to Rs 1,395.77 crore in 1997-98. The decline was despite steel production being higher by 9 per cent at 725,120 tonnes and sales up by 11 per cent. Tisco said in consonance with the general economic situation prevailing in the country, the price of steel products continued to remain under pressure and the declining trend which started two years back has continued. As a result the turnover and profits of the company declined during the quarter ended June 30, 1998. Reliance, Essar refineries by ’99 NEW DELHI, July 23 (PTI) — The two oil refineries to be set up by Reliance Industries and the Essar Group are expected to be commissioned next year, the Rajya Sabha was informed today. “These companies have reported that the refineries are likely to be commissioned in 1999,” Minister of State for Petroleum and Natural Gas Santosh Kumar Gangwar said in a written reply. Validity of the letter of intent (LOI) extended for three years to Reliance had lapsed in June, while Essar’s LOI, also extended for three years, expires in January next, he said. Reliance was granted the LOI for three years on June 3, 1992 before the extension and Essar was given the LOI for three years on January 6, 1993. Reliance had obtained LOI to set up a 15 million metric tonnes per annum (MMPTA) refinery and Essar a nine MMPTA one. ICICI net grows 17 pc MUMBAI, July 23 (PTI) — The Industrial Credit and Investment Corporation of India Ltd (ICICI) has posted a profit after tax of Rs 261 crore for the first quarter of 1998-99 as against a net profit of Rs 223 crore (excluding the Rs 37 crore loss of ITC Classic’s merger with it in 1997) in the previous year. Approvals, during the three-month period, aggregated Rs 9,135 crore and disbursals amounted to Rs 4,225 crore, an increase of 140 per cent and 53 per cent over corresponding period of last year. During the said period,ICICI mobilised resources of about Rs 4,100 crore, comprising on-tap wholesale rupee resources of about Rs 3,700 crore and structured private placement of preference shares worth Rs 150 crore. Funds mobilised through the public issue of bonds amounted to Rs 432 crore. ICICI has over the last quarter continued its efforts in improving asset quality and its net NPA (non performing asset) ratio has declined marginally from 7.6 per cent to 7.4 per cent. Marico net up 18.5 pc NEW DELHI, July 23 (PTI) — Marico Industries Ltd recorded a growth of 18.5 per cent in net profits which rose from Rs 6.76 crore to Rs 8.01 crore in the first quarter of 1998-99 over corresponding period last year. The company recorded sales of Rs 109.3 crore during the first quarter ended June 1998 registering a growth of 8.5 per cent over the first quarter in the previous year, a company release said here today. UB net zooms up 58 pc MUMBAI, July 23 (PTI) — United Breweries (UB) has reported a net post tax profit of Rs 4.75 crore for the first quarter of this financial year, showing a smart rise of 58 per cent over the profits for the corresponding period last year. During the period, the net sales of the company rose to Rs 98.17 crore compared to Rs 90.46 crore in the first quarter of 1997-98. According to the details of the company’s first quarter performance released here today, total expenditure was at Rs 83.62 crore as against last years figure of Rs 78.51 crore. Sales of the company’s leading brand of beer, “Kingfisher”, continued to rise in all markets and its market share in the country was now estimated at 41 per cent. McDowell reports higher sales MUMBAI, July 23 (PTI) — McDowell & Company Ltd, a company of the UB group, has reported a net post-tax profit of Rs 48.3 million in the first quarter of 1998-99, an increase of 239 per cent over the same period in the previous year. The company achieved an increase of 30 per cent in sales during the first quarter and its net operating revenue for the quarter was Rs 2.15 billion (previous year Rs 2.06 billion). McDowell’s total expenditure amounted to Rs 1 billion, down from previous year’s Rs 1.88 billion, according to a release here today. VST sales improve by 18 pc NEW DELHI, July 23 (UNI) — The Hyderabad-based VST Industries has registered Rs 1.5 crore profit for the quarter ended June 30,1998, helped by sales of a new cigarette brand. The company had reported a loss of Rs 6 crore for the second quarter last year. With the launch of Charms Blues Kings, VST sales have improved by 18 per cent to Rs 188.37 crore in the second quarter of this fiscal, compared to Rs 159 crore in the same period last year. The sales for the year ending March 1998 were Rs 645.27 crore, a company release said.  |
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