Saturday, October 10, 1998
today's calendar
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B U S I N E S S | Saturday, October 10, 1998 |
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spotlight today's calendar |
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'Dereservation of |
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Onion tech mission on anvil Hyundai
plant commissioned |
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'Plantation
cos can’t raise funds' |
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Government: dereservation of NEW DELHI, Oct 9 — The Government is seriously considering opening up of the garment sector to medium and large-scale industries to infuse the much-needed investment, Textile Minister Kanshiram Rana said today and ruled out any review of the decision to allow raw cotton exports. Rana told a Textile Industry meeting that his Ministry would like to go ahead with dereservation of the garment sector, which is now reserved for the small-scale sector, and was examining it. Later, he told PTI that the Ministry would consult the small-scale sector on the issue before taking a decision. The move is seen as a step to boost value-added textile exports with garment exports fetching around $ 5 billion during 1997-98. The new textile policy is expected to be put in place by January next year, Rana said. The Government has already set up an expert group to review and evaluate the impact of the existing textile policy and suggest policy measures for the industry to focus on changes resulting from overall trade policy reforms. Speaking at the annual general meeting of the Northern India Textile Mills Association here today, Mr Rana said that the Government is very keen to launch the Technology Mission on Cotton Development. Regarding the proposed Technology Upgradation Fund (TUF) for the textile sector, the Minister said it is expected to be put in place soon. The TUF of Rs 2,5000 crore is primarily meant to facilitate loans for the textile units for technology upgradation and is expected to give a fillip to the indigenous weaving and processing industry by making them more competitive. Financial institutions like IDBI and ICICI have agreed to contribute to the corpus.The Government is going to bear the burden of the interest subsidy which would be to the tune of Rs 3,000 crore. The Textile Ministry is
taking up the matter with the Finance Ministry relating
to rationalisation of fiscal duty structure, he added. |
Have cars, forget onions CHANDIGARH, Oct 9 — Consumer Show ’98, Chandikrit and Product Expo ’98 began in Sector 17 here this morning offering consumers products ranging from Matiz and Santro to dog biscuits and underwears, leaving out, however, the precious onions. All these will offer moneybags a wide choice, women a thrilling shopping experience, men a hard time in convincing there spouses not to buy this and that, and critics another opportunity to deplore consumerism . Consumer Show As Lt-Gen (retd) B. K. N. Chhibber cut the red ribbon to open Consumer Show, organised by the CII, the morning heat was becoming unbearable. The Governor went from stall to stall for half an hour. At many stalls goods were still being unpacked. Policemen outnumbered visitors. Perhaps the entry fee of Rs 10 was a deterrent too. Auto Show was the main attraction. Trusted Maruti vehicles stood in competition with Santro — whose bookings started today — and Matiz — whose price was repeatedly asked. Also on display were the latest Yamaha YBX 125 and LML’s Trendy bikes, Daewoo’s 702 litre refrigerator and Godrej GE’s washing machines BPL is the official sponsor of the show. Left high and dry were vintage and classic car owners who looked for shelter and water. Chandikrit Better organised, though on a much smaller scale, was Chandikrit — the annual show of consumer goods produced in the Union Territory. Inaugurated by Mayor Gian Chand Gupta at the Sector 17 plaza, the exhibition had a few new stalls and products, including children’s favourite toy train and herbal products. Accompanying the Mayor was UT Home Secretary Anuradha Gupta. Chandikrit used to be held in February or March. This year it has been advanced to save local industrialists the hurry to participate in the Delhi trade fair. About 70 units are participating in the exhibition, besides Punjab National Bank, the Bureau of Indian Standards, the Pollution Control Committee and the Delhi Financial Corporation. Product Expo Organised at Hotel Shivalik View in Chandigarh and Welkom Palace in Ludhiana, this four-day exhibition did not have any official blessings. However, it also had major participants like Philips, Usha International, Oriflame, Samsung and Impact Creations.A special feature is the sale of imported natural plants from Singapore. According to Mr Sanjeev Pubra of the Blue Chip group, which has organised the show, after every hour prizes like blankets, shawls, sweaters, T-shirts and jeans will be given to lucky visitors. Taking a cue from the
tremendous response to the just-concluded “Tawa N
Tandoor” festival, Hotel Shivalik View has extended
the festival from October 9 to 12. |
Onion tech mission on anvil NEW DELHI, Oct 8 (IANS) — To avert an onion crisis in future, The Agriculture Minister is thinking of launching a technology mission to help farmers with modern cultivation techniques and marketing support. The onion crisis this year was apparently caused by a drop in production in 1997-98 to 3.9 million tonnes, against 4.4 million tonnes in the previous year, owing to bad weather. But officials are baffled that the relatively slim shortfall led to prices of onions shooting up to Rs 55 a kilogram. “How a shortfall of 4000,000 to 500.000 tonnes could cause such a crisis is unbelievable,” Horticulture Commissioner H.P. Singh said, adding that there could be “other factors” responsible, hinting at hoarding and manipulation by vegetable traders. The country was forced to import onions from Iran and the UAE for the first time in many years to tide over the immediate problem. The Agriculture Ministry is considering a proposal to launch a technology mission for onions — on the pattern of earlier technology missions in oilseeds, drinking water, telecommunications, etc — to ensure production on a sustained basis improve the per hectare yield. provide market support to farmers and build proper storage for the highly perishable commodity. As official explained that
the proposed technology mission would involve all
ministries, departments and state agricultural
universities engaged in production, research and
marketing of onions. The idea is to have an integrated
approach to cover all activities including seed supply,
evolving high-yielding varieties, technology transfer,
price structure, marketing and processing.
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Hyundai plant commissioned CHENNAI, Oct 9 — Korean car major Hyundai Motor Corporation commissioned its largest overseas plant in the outskirts of Chennai at Irrungatukottai today. The sprawling plant erected in record 16 months was commissioned by the simultaneous press of a remote control button by the Tamil Nadu Governor, Ms Fatihma Beeve, the Chief Minister, Mr M. Karunanidhi, and the Chairman of the Korean company, Mr Chung Mong Gyu. The function also saw a special invitee and former Union Industry Minister, Mr Murasoli Maran, taking a dig at the Maruti-Suzuki company for its failure to indigenise its production line. Praising Hyundai Motor India Limited’s decision to achieve more than 90 per cent indigenisation, including that of the engine and gear box, Mr Maran said it was unfortunate that some major car companies who have been in India for more than 16 years have failed to go in for indigenisation of their engine and transmission lines. Mr Karunanidhi said Tamil Nadu had signed memoranda of understanding for 33 industrial ventures envisaging an investment of Rs 35,000 crore. The new ventures are expected to provide direct employment to about 125,000 people and indirect employment to 250,000 people. Hyundai is the 11th project to take off. Mr Moran pointed out that Hyundai was Korea’s 12th largest company whose annual turnover of more than Rs 3,35,000 crore was more than India’s budget. The South Korean Ambassador to India, Mr Dae Whe Choi, said the Asian currency crisis would not affect South Korea’s foreign investments plans. Korean exports increased by 50 per cent last year. Trade between India and Korea was at around $ 2 billion and the year alone Korean investments in India was expected to touch $ 1.6 billion. Built at a cost of $ 614 million, the plant has an annual production capacity of 120,000 engines and transmission sets. The plant also has a 130,000 annual capacity aluminium foundry that manufactures cylinder heads for the sophisticated Hyundai epsilon engine to be used in its debut product, the Santro. The engine production line will manufacture the New Hyundai, alpha engine from next year when Hyundai Motor India launches its second model for the Indian market. In keeping with its export
commitments, Hyundai plans to begin from this year
exports of epsilon engine parts and components from its
Chennai plant to Korea.
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Plantation cos can’t raise funds: court NEW DELHI, Oct 9 (PTI) — The Delhi High Court has barred all 591 plantation and collective investment scheme companies from raising funds through new schemes without the Court’s permission. A Division Bench comprising Justice Anil Dev Singh and Justice Mukul Mudgal also directed these companies to get themselves credit rated from a recognised credit rating agency approved by the SEBI. The court direction came on a petition filed by S.D. Bhattacharya on behalf of forum for investors in agro-plantation companies. The Bench asked the companies and its directors not to transfer their immovable properties and furnish details of their assets and liabilities with the date of their acquisition to the Court. The Court also made all 591 plantation companies as party in this case. The order also clarified that the companies intending to refund the money to investors can do so. The Bench also directed these firms to comply with SEBI directions issued from time to time. The case will come for further hearing on October 13. The Court also directed the SEBI to issue a public notice highlighting main features of the order. Petitioner alleged that majority of these companies had defaulted on repayment and were not in a position to honour their commitments. These companies included
Golden Forests, Sterling Tree Magnum, Okara Agro
Industries, Parasrampuria Plantations, Anubhav
Plantations and Enbee Plantations, petition said. |
Archies to pay 20 per cent NEW DELHI, Oct 9 (PTI)
— The Board of Directors of Archies Greetings and
Gifts Limited has recommended an interim dividend of 20
per cent, as a divali gift to its shareholders. The
company has also announced a 34 per cent increase in
turnover and 83 per cent in net profit in the first half
of this financial year, according to a press release here
today. Also, Archies has been listed on the NSE and
trading commenced on September 2, the release said. |
NEW DELHI (PTI): American computer giant IBM will set up a “centre for electronic government for computerising administration in Hyderabad. This was decided after Andhra Pradesh Chief Minister Chandrababu Naidu’s talks with company officials during his recent visit to the USA. Microsoft will set up an independent Microsoft campus in Hyderabad, while Hewlett Packard will set up an “HP Lab” at the Indian Institute of Information Technology (IIIT) being set up at Hyderabad. Conference NEW DELHI (PTI): Around 1,000 information technology professionals from 70 countries will meet here next week at the 49th Congress of the International Federation for Information and Documentation (FID) based in the Netherlands. The conference, being held for the first time in South Asia, is being hosted by the Indian National Scientific Documentation Centre. ‘HP World’ CHANDIGARH (TNS): Hewlett-Packard India and Larsen & Toubro Limited have opened their first “HP World” retail showroom in this region at Alfa Netcom Pvt. Ltd., Sector 35-B and Juneja Trading Agencies in Sector 17-C, Chandigarh. These will serve as one-stop-shop to provide turnkey IT solutions for Small Office Home Office segment and provide the entire range of HP computers, printers, scanners, supplies etc. Besides, the showrooms will also showcase products from American Power Conversion, Microsoft, Creative etc. Microsoft NEW DELHI (UNI): Microsoft Corporation (India) Pvt. Ltd. has announced that India has the second highest number of Microsoft certified professionals in the world, after the USA in the past year. A total of over 35,000 certifications have been awarded since the company launched its education and certification programme in 1996. Of the 10,000 certifications awarded in the first quarter of the new financial year 1999, 40 per cent have been on Windows NT, Microsoft’s popular network operating system. Medical software BANGALORE (PTI): The
Manipal Academy of Higher Education, a deemed university,
has introduced a postgraduate course in medical software
in collaboration with Wipro Ge Medical Systems Ltd. The
three-semester Masters in Science (MS) course, stated to
be the first of its kind in the country, has
industry-oriented syllabus. |
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| Poultry birds CHANDIGARH, Oct 9 (TNS) — The Haryana Government has decided to regulate the sale and purchase of poultry birds and eggs under the Punjab Agricultural Produce Markets Act, 1961 by including these two items in the schedule of the Act. An official spokesman said that this step had been taken with a view to protecting the poultry farmers from exploitation. Safety
course SBP strike Exhibition Art jewellery Divali mela Forex rates US $ Rs 42.34/35 Gold weak NEW DELHI, Oct 9 (PTI)
— Silver plunged on the bullion market today on
heavy selling by stockists influenced by lower advices
from foreign markets and closed with big losses. Gold
also fell back on lack of buying by local parties
following rising prices and finished lower. The
quotations: Silver .999 (ready) 7540, delivery 7510,
coins buyer 11,100 and seller 11,200. Standard gold 4410,
ornaments 4260 and sovereign 3700. |
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