Saturday, April 24, 1999
today's calendar
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B U S I N E S S | Saturday, April 24, 1999 |
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spotlight today's calendar |
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Govt to set up foreign
investment authority RIL, Enron project |
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Moody’s says India
is stable Concessions for 100% EOUs in
Punjab |
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SmithKline plans unit at Sonepat Power project for Panipat
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Government to set up foreign investment authority NEW DELHI, April 23 (PTI) — Government has proposed to set up a foreign investment implementation authority to curb any delay in the implementation of projects funded by foreign direct investment. The “government is committed to utilise whatever little FDI is coming to the infrastructure sector and therefore proposes to set up a foreign investment implementation authority after the instance of the regulatory mechanism introduced in the telecom, electricity and other sectors, Mr S.T. Devare, Secretary (ER), Ministry of External Affairs, said here today. While the main hurdles in infrastructure development remain the availability of funds, proper utilisation of FDI via setting up of regulatory boards is also necessary for assuring the investors, he said while addressing the concluding session of the Infrastructure and Investment India, ’99 conference here. The country has so far received only about $ 14 billion FDI in the last eight years, and half of the amount came in the infrastructure sector, which requires about $ 400 billion in the next 10 years, he said. Referring to the setting up of the regulatory boards, he said after the Central Electricity Regulatory Commission (CERC) and Telecom Regulatory Authority of India (TRAI), the government is going to set up a similar authority in the natural gas sector — the Natural Gas Regulatory Board. These authorities will clearly spell, among others, the conditions of repatriation and tariff rates, and help attract FDI by assuring investors of proper regulation in the sector, he said. Stating that total FDI received so far was “peanuts” as compared to the requirements, Devare said the government is looking for an “optimum combination of own resources and foreign investment” in the sector. Earlier, addressing the conference, R. Thabrew, Dy Director General, Board of Investment of Sri Lanka, called for increased capital flow within SAARC countries. “If the
multi-lateral and international commercial banks and
investors are willing to provide long-term infrastructure
financing to developing countries, then certainly it is
incumbent upon the local financial institutions and
investors to provide finances, even without direct
government guarantee, he said. |
Imported silk flower show opens
in city CHANDIGARH, April 23 — A two-day exhibition of imported silk flowers opened at Aroma Hotel here today. Multicoloured roses vie with white lilies, violet irises and yellow and purple sunflowers. And you picture your vacant wall and old mantlepiece being replaced by bouquets, creepers and wreaths artistically arranged in baskets and porcelain pots as you have a look at the exhibits. Spray painted vases in such shapes as shoes and sizes only serve to enhance the appeal of the the buds, carnations, tulips, hibiscus and pansies. And you can't miss the fresh dew drops and butterflies hovering over the sweetness of silken hues contrasted by green leaves, ferns, fruits and dry buds. They can be yours for anything between Rs 150 and Rs 1200. Mrs Baby Jakhar and Mrs
Dolly Shergill, the artistes behind the show, promise
that the flowers are everlasting provided you keep them
clean by wiping the dust with a cloth and occasionally
washing them with a detergent and drying them. |
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NEW DELHI, April 23 (PTI) — The Supreme Court today admitted a petition challenging Narasimha Rao Government’s decision in 1994 to transfer Mukta-Panna oil fields from Oil and Natural Gas Commission (ONGC) to a joint consortium of Reliance, Enron and ONGC at an alleged loss of over Rs 7500 crore to exchequer. A Division Bench
comprising Justice S.P. Bharucha and Justice R.C. Lahoti
admitted the special leave petition filed by centre for
public interest litigation (CPIL) directed against a
January 25 order of Delhi High Court dismissing
CPIL’s petition. |
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NEW DELHI, April 23 (PTI) — International rating agency Moody’s today reaffirmed its stable outlook for India’s sovereign rating despite the political turmoil following the fall of the Vajpayee-led coalition government. “This type of circumstance was within the boundaries of what we had anticipated when the rating was lowered by two notches in June 1998,” Moody’s said in a statement from New York. The rating agency said it was maintaining India’s ‘Ba2’ (speculative element) country ceiling on foreign currency bonds and notes assigned in June last. Moody’s said:
“Any coalition put together with a representation
from smaller or regional parties is unlikely to be much
more cohesive or long-lasting than the previous
one.” |
Concessions for 100% EOUs in Punjab CHANDIGARH, April 23 — At a meeting of 100 per cent export oriented units (EOUs) organised by the Punjab Small Industries & Export Corporation here today, Mr A.K. Kundra, Development Commissioner, Noida Export Processing Zone, said that the government has fixed time-limit of 45 days for the approval of any application submitted by 100 per cent EOUs. He said DTA sale entitlement has been linked with the value of exports and percentage raised to 50 per cent. Mr R.I. Singh, Secretary Industries & Commerce, announced that the Punjab Government would initiate suitable changes in the labour laws, sales tax, legislation, industrial policy for 100 per cent EOUs. The value addition norms of EOUs in the State would be fixed on the pattern of the Central Government. Mr H. Mittal, Deputy
Commissioner, Central Excise and Customs said that there
would be no problem to the EOUs regarding self-removal
procedure (SRP) and the procedure has been simplified. |
SmithKline plans unit at Sonepat NEW DELHI, April 23 (PTI) — Smithkline Beecham Consumer Healthcare Ltd (SBCH) today announced an investment of Rs 252 crore in setting up the first phase of a spray drying malted food plant at Sonepat, Haryana. Terming the project as among the largest spray drying plants the world over, a senior company official said the production capacity should be approximately 26,000 MT per annum. “The project will be among the largest 20 spray dryers in the world with a production capacity of 26,000 MT per annum of malted food products,” SBCH Managing Director Simon Scraff said at the foundation-stone laying ceremony here today. Terming it as another stepping stone in Indo-British partnership, the British High Commissioner Sir Rob Young thanked the Government of Haryana for facilitating the setting up of this state-of-the-art plant. “This project is a
shining example of Indo-British partnership which is the
focus area for the Governments of India and
Britain,” he said at the ceremony. |
Power
project for Panipat NEW DELHI, April 23 — Indian Oil Corporation Ltd (IOC) and Marubeni Corporation of Japan have joined hands for setting up a 301 MW power project at Panipat in Haryana. A memorandum of understanding for the formation of a joint venture company to undertake the project was signed here today by Mr Subir Raha, Director in-charge, Business Development of Indian Oil and Mr O. Noda, General Manager (power projects) Marubeni. Indian Oil has already entered into an agreement with the Haryana Vidyut Prasaran Nigam Ltd, which would absorb most of the power generated at the plant. The project estimated to cost Rs 1528 crore would use heavy residue from Indian Oil’s Panipat refinery as fuel, ensuring its continuous disposal and value addition. It would incorporate state-of-the-art integrated gassification combined cycle technology and conform to the highest standards in environment protection, the company said in a release here. Indian Oil and Marubeni would hold 26 per cent equity each in the joint venture and the balance 48 per cent would be offered to ONGC, financial institutions, public, project associates and others. It would have a debt equity ratio of 65:35. The project is planned to be completed in 33 months from financial closure. Indian Oil proposes
setting up of two more power projects in the joint
venture: a 500 mw project at Savli with Mitsubishi of
Japan and a 120 MW project at Bathinda in Punjab with
Punjab State Electricity Board. |
Reliance The general recessionary trends in the overall economy notwithstanding, Reliance Industries Limited (RIL) has clocked impressive figures for the year ended March 31, 1999, recording a sales growth of 9 per cent and recommending a dividend of 37.5 per cent per annum for the year. The sales for the year was Rs 14,553 crore against Rs 13,404 crore for the previous year, an increase of 9 per cent. The growth in dividend constitutes a payout of Rs 389 crore. Net profit increased to Rs 1,704 crore against Rs 1,653 crore for the previous year, an increase of 3 per cent. GSFC Gujarat State Fertilizers and Chemicals Ltd (GSFC) has registered the highest ever turnover of Rs 2,001 crore during 1998-99 and a gross profit of Rs 140 crore. Turnover during the first quarter of the current year is Rs 524 crore, an increase of Rs 132 crore over that of the first quarter of the previous year. Sterlite Ind Sterlite Industries India Limited has recorded a 19.7 per cent surge in net profit during the third quarter of its financial year (July-June) to touch Rs 37.58 crore from Rs 31.39 crore in the same period last year. Sales during the three-month period stood at Rs 510.07 crore, up 36 per cent from Rs 375.13 crore in the same period last year. Exide Ind Exide Industries Limited has recorded a 70.6 per cent surge in net profit during the 1998-99 fiscal to touch Rs 39.86 crore as against Rs 23.36 crore in the previous year. Sales during the year stood at Rs 655.32 crore, up 46.9 per cent from Rs 446.42 crore a year ago. Gross sales during the year stood at Rs 816.86 crore as against Rs 565.19 crore in the previous fiscal Shaving Products Indian Shaving Products Limited has registered a 16.6 per cent drop in net profit during the first quarter ended March 31, 1999 to touch Rs 3.81 crore from Rs 4.57 crore in the same period last year. Its sales during the quarter stood at Rs 44.01 crore, down 2.5 per cent from Rs 45.14 crore in the same period last year. The company stated that sales had slid because it had discontinued sales of its duracell brand of batteries. Shaw Wallace Shaw Wallace and Company Limited has reported a net profit of Rs 37.83 crore during the nine month period ended March 31, 1999 against a net loss of Rs 6.09 crore in the corresponding period last year. The company had received Rs 41.60 crore from Henkel-SPIC towards sale of one of its units in February last which had significant impact on the profit figure, official sources said. ABB India Electrical engineering company, ABB India Ltd, has posted a lower net loss of Rs 9.43 crore in the first quarter of 1999 compared to Rs 26.34 crore in the same period last year. The Indian subsidiary of Swiss-Swedish company had recorded a profit of Rs 37.73 crore in 1998, despite the first quarter loss. RPG Life Sciences RPG Life Sciences
Limited, formerly Searle India Limited, has reported Rs
87.82 per cent jump in net profit during 1998-99 to Rs
8.64 crore compared with Rs 4.60 crore in 1997-98. The
gross profit increased to Rs 16.83 crore from Rs 10.64
crore while provision on account of depreciation stood at
Rs 6.68 crore. — TNS, Agencies |
NEW DELHI (UNI): NIIT, has appointed Goldman Sachs and Kotak Mahindra as investment bankers for acquisition of a US based software company. ICICI group will be NIIT’s financial adviser and arranger for this acquisition, a company release said today. The takeover of the US company will be completed by the end of 1999, Mr Vijay K. Thadani, Chief Executive Officer of NIIT, said. The initiative taken as part of the company emerging as a leading global player will be led by NIIT’s manager in the USA C.N. Madhusadhan. CMC net up NEW DELHI (UNI): CMC limited, a public sector company, has registered about 33 per cent increase in its net profit at Rs 9.03 crore during 1998-99 compared to the previous year. During the last quarter of the year ended March 31 last, the company’s net profit grew by 12.70 per cent at Rs 4.90 crore as against the corresponding period of the previous year. CMC’s paid-up equity capital stood at Rs 15.15 crore as on March 31 last, same as that in the previous year-end. Cisco solution NEW DELHI (UNI): Cisco Systems unveiled data, voice and video integration technology on Friday to enhance emerging campus telephony solutions and improve wide area network (WAN) interoperability. The technology will enable customers to access to new applications such as Internet telephony and desktop video conferencing services, Cisco Country Manager for SAARC region Anil Batra told mediapersons here. HP servers NEW DELHI (PTI): Hewlett-Packard (HP) has launched its latest midrange server in India aimed at enterprise and service providers performing business-critical solutions. The enterprise server christened HP 9000 N-class delivers twice the performance of other midrange Unix based systems and even outperforms competitors’ high-end systems at a fraction of the cost, claims Jim Carlson, the company’s Director of Marketing Enterprise Systems. Pentafour centre CHANDIGARH (TNS):
Pentafour Communications Limited is soon opening a
Pentasoft Centre in Chandigarh. This will be the first
centre north of Delhi which will impart high end training
on IBM AS/400 computer and will include OS/400, DB2 data
base and integrated language environment, including RPG
and Cobol. |
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| Gold falls NEW DELHI, April 23 (PTI) — Gold prices continued to roll down on the bullion market today on persistent offering by stockists against restricted buying and shed further to finish lower. The quotations: Silver .999 (ready) 7760, delivery 7770, coins buyer 10,500 and seller 10,700. Standard gold 4360, ornaments 4210 and sovereign 3750. Kisan Card Lecture |
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