Direct-to-home services from Doordarshan?
NEW DELHI, Feb 2 — The government is toying with the idea of providing direct-to-home services through Doordarshan, Union Minister of Information and Broadcasting, Pramod Mahajan said here today.

Strike in Escorts Yamaha plant
NOIDA, Feb 2 — The tool down strike by over 800 employees of Escorts Yamaha Motor Ltd unit at Surajpur entered 69th day today with the management reluctant to negotiate a fresh agreement after the expiry of earlier one in April 1997 with the recognised Escort Yamaha Employees Union.

Central Bank profit up CHANDIGARH, Feb 2 — Central Bank of India earned an operating profit of Rs 231.70 crore for the nine months period ended December 31, 1998 as against Rs 177.35 crore for the corresponding nine months period ended December 31, 1997.

PF code must for factories
CHANDIGARH, Feb 2 — An establishment/factory having 20 employees is required to get code number from the Regional Commissioner’s office, Chandigarh or sub regional offices and start compliance with the provisions of the Employees Provident Fund and Misc.

Punjab may review Coop Act
CHANDIGARH, Feb 2 — Mr N.R Kannan, Chief General Manager of NABARD, today stressed the need for adopting improved crop production technology, cash crops and horticulture.

No soft options: FM

DAVOS, Feb 2 (PTI) — Indian Finance Minister Yashwant Sinha has hinted at a harsh general Budget later this month saying India was left with no “soft options” to tackle the current economic situation beset by some “problem areas”.

“Over the last many years India has been exhausting, one by one, the softer options and then you come to a point where no soft options are left to deal with the situation”, Sinha told PTI in an interview here after attending the annual meeting of the World Economic Forum (WEF) here yesterday.

Identifying fiscal deficit, revenue deficit and current account deficit as “problem areas”, the minister said they could be improved only if “we are able to control expenditure and improve our revenue compliance and collection.”

“We will be enunciating steps in this direction to tackle these problem areas,” said Sinha, who is due to present his second consecutive general Budget (1999-2000) on February 27.

Asked for his assessment of the Indian economy, Sinha said it was under some “pressure” but the situation was “well under control”.

“India’s economy can only improve in future and it is not likely to deteriorate,” he said.

To a question, the minister said the fiscal deficit would “marginally exceed” the budgeted target of 5.6 per cent of the GDP for 1998-99.

“It (fiscal deficit) may not stay at 5.6 per cent,” he said adding the deficit “has not slipped out of my hands”.

On the government’s projection on the growth rate of the indian economy for 1998-99, Sinha said “We have projected a safe figure of around 5 per cent. It could be even 5.5 per cent of the GDP.”

Sinha ruled out scrapping the Foreign Investment Promotion Board (FIPB) in the wake of automatic route for approvals to foreign investments being expanded to cover almost all areas of industry.

“We do not have the latest figures to show the extent to which the automatic route for foreign investment approval has been expanded because of some of the policy changes made only recently,” he said.

Sixty per cent of the industry was covered some time back for automatic route approvals and this should be increased to 95 per cent at a future stage, Sinha observed.

Sinha declined to comment whether a decision had been taken to abolish the existing zero import duty on on some capital goods saying zero duty imports should not be encouraged.

‘Diesel engines not fit for small cars’

NEW DELHI, Feb 2 (PTI) — Justifying its decision to go in only for petrol version of its Santro car, Hyundai Motor India Ltd today claimed that diesel engines are not fit for small cars since they generate lot of heat and vibration.

“Diesel engines are not a fit case for small cars. They reduce driving comfort by giving jerks while driving, besides having several other disadvantages. We did not introduce a diesel version of our Santro model due to these reasons,” J.H. Kim, Executive Director, Hyundai, told PTI.

Diesel engines take much more space and need an additional cooling system compared to the petrol engines, he said.

They were best suited for mid-size and big cars, Kim said adding there was no plan to introduce a diesel version of Santro at the moment.

At present Tata Indica, Fiat Uno and Maruti Zen in the small car segment have diesel variants.

Though in the diesel segment, Indica could perform well, in the petrol segment Santro faces challenge only from Maruti’s Zen, he said.

However, according to a recent study conducted by the Association of Indian Automobile Manufacturers, modern diesel engines meeting “euro-i” norms are as environment friendly as a contemporary petrol engine.

Though the study does not distinguish small car and big car segments, it says diesel engines consume less fuel, emit lower carbon dioxide and hydrocarbons and have better cold start emission performance.

Direct-to-home services from Doordarshan?

NEW DELHI, Feb 2 (PTI) — The government is toying with the idea of providing direct-to-home (DTH) services through Doordarshan, Union Minister of Information and Broadcasting, Pramod Mahajan said here today.

Recently, the government had announced licence fee norms and revenue sharing arrangements for DTH service providers, Mahajan said, and a comprehensive DTH policy formulated for the purpose would be taken by a group of ministers.

Mahajan was talking to reporters after inaugurating a three-day international conference on broadcasting and satellite communication. DTH essentially means delivery of television service direct to television sets through inexpensive receiving terminals and small size antenna.

Strike in Escorts Yamaha plant
From Our Correspondent

NOIDA, Feb 2 — The tool down strike by over 800 employees of Escorts Yamaha Motor Ltd unit at Surajpur entered 69th day today with the management reluctant to negotiate a fresh agreement after the expiry of earlier one in April 1997 with the recognised Escort Yamaha Employees Union which is spearheading the agitation here. The management has been equally unresponsive to the Deputy Labour Commissioner’s efforts to resolve the dispute and did not attend two dates.

The UP Governor’s notification on January 8, “prohibiting a strike or lock out for 180 days” in this unit has further added to the management remaining adamant on negotiating a fresh agreement. Faridabad units too were on a tool down strike since November 23, 1998, the Haryana government declared the strike there as illegal as some of the demands were under adjudications. So the workers there are reported to have resumed production after negotiations by the HMS leaders on January 1.

Central Bank profit up
Tribune News Service

CHANDIGARH, Feb 2 — Central Bank of India earned an operating profit of Rs 231.70 crore for the nine months period ended December 31, 1998 as against Rs 177.35 crore for the corresponding nine months period ended December 31, 1997.

Aggregate deposits of the bank recorded an increase of 18.08 per cent on annualised basis from Rs 24,544 crore as on December 31, 1997 to Rs 28,983 crore as on December 31, 1998.

Gross credit of the bank increased to Rs 12,815 crore from Rs 10,345 crore registering a point to point growth of 23.88 per cent.

Net investments stood at Rs 15,047 crore reflecting an increase of 10.61 per cent over the level of December 31, 1997.

PF code must for factories
Tribune News Service

CHANDIGARH, Feb 2 — An establishment/factory having 20 employees is required to get code number from the Regional Commissioner’s office, Chandigarh or sub regional offices and start compliance with the provisions of the Employees Provident Fund and Misc. Provisions Act, 1952 and schemes framed thereunder in order to avoid legal complication, said Mr S.K. Aggarwal, Regional President Fund Commissioner in a press note today.

A flying squad has been constituted for conducting a survey of factories for coverage in Punjab & UT Chandigarh. If a factory is found coverable from back period, employers will have to pay both share of contribution without deducting contribution from the wages of the employees.

Punjab may review Coop Act
Tribune News Service

CHANDIGARH, Feb 2 — Mr N.R Kannan, Chief General Manager of NABARD, today stressed the need for adopting improved crop production technology, cash crops and horticulture.

Addressing a “State credit seminar for Punjab” here today, he said the State should go in for the development of fisheries, poultry etc in a big way.

Mr Rajan Kashyap, Principal Secretary (Finance), appreciated NABARD’s efforts for rural development. Emphasising the need for restructuring cooperatives, he said the State government was considering a review of the Cooperative Act. The government had decided to privatise some of its functions and had invited global tenders for a consultancy company for infrastructure projects. The banks should extend credit support.

Dr Reddy’s Lab net up 29 pc
NEW DELHI, Feb 2 (PTI) — Dr Reddy’s Laboratories grew by 29 per cent to Rs 13.37 crore during the third quarter of the current fiscal as compared to Rs 10.40 crore in the same period last year. Total income of the company increased to Rs 90.63 crore in October-December 1998 as against Rs 76 crore in the corresponding period of 1997. Net profit for the first nine months of the current financial year increased by 30 per cent to Rs 51.66 crore from Rs 37.25 crore in the previous year, a company release said. During the first nine months of 1998-99, sales grew by 27 per cent touching Rs 313.40 crore from Rs 247.73 crore in 1997-98.

Ashok Leyland net falls 32 pc
Tribune News Service
CHANDIGARH, Feb 2 — Ashok Leyland has reported a reduced net loss of Rs 130.87 million in the third quarter of the current fiscal year, compared to Rs 192.40 million in the corresponding quarter of the previous year. Sales volume, at 6,359 vehicles, was up marginally, from 6,160 in Q3 previous year. Sales Turnover improved to Rs 4,300.54 million from Rs 4,133.36 million. The company registered a gross profit of Rs 61.47 million as against a loss of 14.16 million in Q3 previous year. Interest cost was lower at Rs 234.66 million (Rs 265.57 million) while depreciation amounted to Rs 192.34 million (Rs 178.24 million). The net loss has been reduced by 32 per cent.

Bullion (Delhi)
Standard gold (10 gm) 4410
Ornaments 4260
Sovereign 3775
Silver (.999) 7850
Silver (.716) 7900
Coins buying 10,700
Selling 10,800

Forex rates
US $ 42.4950/50
Sterling £ 69.91/93
Yen (per 100) 37.35/55

Workshop
Tribune News Service
CHANDIGARH, Feb 2 — A workshop on status of technology for treatment of dyeing effluent was organised at Ludhiana. Er F. Lal Kansal, Chairman, Punjab Pollution Control Board, presided over the workshop. The function was attended by other dyeing associations, effluent treatment consultants and pollution board members.

PNB branch
Tribune News Service
LUDHIANA, Feb 2 — Punjab National Bank today opened its 33rd branch in Ludhiana city at Haibowal Kalan. Mr Arun Goel, Deputy Commissioner, Ludhiana inaugurated the new branch and Mr S.K. Chawla, General Manager, PNB Punjab zone presided over the function.

Office-bearers
Tribune News Service
LUDHIANA, Feb 2 — The following have been elected office-bearers of Ludhiana Small Scale Manufacturers Association for the year 1999-2000. President — Mr Harish Khanna; Sr Vice-President — Mr Narinder Setia; Vice President — Mr Kamal Jain; Vice President Mr Raj Kumar Lekhi; General Secretary — Mr B.S. Channa; Secretary — Mr Jagdish Rai Monga; Joint Secretary — Mr Parminder Singh; Finance Secretary — Mr Ajit Singh Chhabra and Secretary (PR) – Mr Sanjay Metha.

Ambuja Cements
MUMBAI, Feb 2 (PTI) — The Board of Gujarat Ambuja Cements was expanded yesterday to include four of its senior executives as wholetime directors. The four new directors P.B. Kulkarni (President), A.V. Rao (Chief Executive -Projects), B.L. Taparia (Company Secretary and Chief Financial Officer) and Anil Singhvi (Treasurer) would report to the Managing Director.

UTI scheme
Tribune News Service
CHANDIGARH, Feb 2 — The UTI has relaunched Children’s Gift Growth Fund from February 1, 1999. The gift can be given to any child under 15 years of a5ge. It matures when the child reaches the age of 21 years. There is an assured income of 12 per cent p.a. An investment of Rs 10,000 grows to a minimum of Rs 1,08,000 in 21 years. The minimum investment under the scheme is Rs 2,000.

Jute bags
Tribune News Service
CHANDIGARH, Feb 2 — Build India Group, Chandigarh has decided to distribute jute bags at no profit no loss basis on February 6 between 5 p.m. to 7 p.m. at Japanese Park, Sector 5, Panchkula. This is to persuade people to use jute bags and boycott polythene bags.