Open up, Pakistan tells India
NEW DELHI, May 12 — India should dismantle its closed trade regime and allow more imports of Pakistani goods for trade in the region to prosper, the Pakistan Commerce Secretary, Mr Mansoor Elahi, said here today.

Telco net profit dips 67 per cent
MUMBAI, May 12 — Telco has reported a steep 67 per cent decline in the net profit during the 1998-99 fiscal at Rs 97.46 crore as against Rs 294.66 crore in the previous year.

Hero Honda net up
NEW DELHI, May 12 — The Board of Directors of Hero Honda Motors Limited today recommended a 50 per cent dividend for 1998-99 on its post-bonus equity, besides an additional 25 per cent ‘’special millennium’’ dividend on total equity following a 58 per cent spiral in the net profit during the year.

IT whizkid
ALLAHABAD, May 12 — Thirteen-year-old Tarun Sachdeva of Allahabad has become the youngest Microsoft certified professional in the country having successful cleared the online Microsoft examination.

Havell’s net rises
NEW DELHI, May 12 — Havell’s India Ltd has posted an increased turnover of Rs 82.48 crore in the fiscal ended March 1999 and its net profit jumped a substantial 65 per cent from Rs 2.45 crore during the year from Rs 1.48 crore last year.

India’s first wired city soon

BANGALORE, May 12 (UNI) — Bangalore, the 10th growing city in the world, will soon become the first wired city in India by linking about 12 lakh cable users.

The State Information Secretariat and a local cable operator have set up a pilot project with the help of a consortium of electronics industries of Karnataka for providing the internet, video conference and data networking through cable TV.

State Information Secretary Sanjay Das Gupta told UNI that about 40 MB band is available for exploitation through the cable network and with this project, about 12 lakh cable subscribers will be able to have their Internet connected to their TV set, besides receiving entertainment programmes on other channels.

Under the proposed cyber city concept, the cable operator, in collaboration with the Internet service provider (ISP) will provide a package to interested subscribers. The package will consist of a cable modem, a computer and other network accessories. This package would be given on a monthly rental basis so that no huge investment is necessary on computers for having an internet connection.

With the cyber city online, any person who has a computer connected to a cable line can establish contact with any other destination for cable talk, video conferencing and data transfer, besides browsing the Internet.  

The present cable network has unidirectional facility and now this can be converted into a two-way communication network with the help of an amplifier and some software for exploiting the Internet, video conferencing and data transfer.

The cable operators will have three types of subscribers based on their requirement and volume of service .

Order to PSIDC

NEW DELHI, May 12 (PTI) — The Board for Industrial and Financial Reconstruction (BIFR) has directed Punjab State Industrial Development Corporation Ltd (PSIDC) to restore Druckgrafen India Ltd’s manufacturing unit which had been taken over by the former.

Considering the submissions made by PSIDC, BIFR said it (PSIDC) had not given any valid reason for not handing over the possession of the manufacturing unit to the company, especially in the light of on-going efforts for revival of Druckgrafen.

The Board order follows the company making a presentation to the operating agency, Industrial Finance Corporation of India (IFCI) that it would be in the interest of the revival of the company that possession of the factory is restored to them by PSIDC.

PSIDC took over the Druckgrafen factory in July’98 exercising its power under the State Financial Corporation Act.

The two member Bench in its order said that PSIDC could not take possession of the factory as BIFR had not given its consent for any coercive action or legal action against the properties of the sick company for recovery of dues.

Punjab Tractors to pay 250 pc
Tribune News Service

CHANDIGARH, May 12 —Punjab Tractors’ Board of Directors today recommended its highest-ever dividend of 250 per cent against 125 per cent paid last year with the net profit surging by 30.4 per cent.

Registering a growth of 22 per cent which took the total revenue to Rs 963.2 crore, PTL reported record net earnings of Rs 125.8 crore for the fiscal which ended on March 31, 1999. A 19.6 per cent rise in the volume of tractors (48,336) and a 45 per cent jump in harvester combines (280) enabled the company to scale a new high in pre-tax profit at Rs 176.8 crore, an improvement of 33 per cent over the previous fiscal.

The company registered impressive gains at the operating level. While the cash profit at Rs 190.5 crore has jumped 33 per cent over the previous year, PBT at Rs 176.8 crore, represents a margin of 18.4 per cent for the whole year against last year’s 16.8 per cent. The EPS has moved up to Rs 62.1 against last year’s Rs 47.7.

On expectations of an improved performance, PTL share rose to Rs 1,510 today compared to Rs 826 on May 12 last year.

Said Mr Yash Mahajan, Managing Director: “We have strengthened our balance-sheet, increased the dividend and year-to-year, our return to shareholders has outperformed the market.”

Commenting on the sales performance, Mr Mahajan said: “By cruising at 19.6 per cent (7911 tractors) in a market that grew 3 per cent (7742 tractors), PTL has demonstrated the strength of its customer focus built through years of efforts. It is this competitive edge that has raised the company to the No 2 slot in the industry”.

The company’s expansion programme to 60,000 tractors will be completed by September ‘99.

Union Government, Maruti ask for time

NEW DELHI, May 12 (PTI) — The Union Government and Maruti Udyog Limited have moved the Supreme Court seeking more time for implementation of the apex court’s order on strict emission norms, albeit on different grounds.

The Supreme Court said today that the two applications moved yesterday along with that filed by the Delhi Government would be heard on Thursday.

The three-member Bench, headed by Chief Justice A.S. Anand, fixed the hearing after Additional Solicitor General Kirit N. Raval mentioned before the court about the applications.

In its application, moved by Sanjeev Sen, MUL said that though the company would comply with Euro-II emission norms by stipulated April 1, 2000, it was impossible to conform to Euro-I standards before June 1, 1999.

Though welcoming the apex court’s order, MUL said it would take six months to import the components from Japan and then it could slowly indigenise these.

The Union of India in its application said the Supreme Court order could not be implemented in such a short time as there were only two testing agencies in India.

MUL said that it was following the notification of the Surface Transport Ministry of 1997 for conforming to Euro-I emission norms by April 1, 2000 for indigenous production of the components (multi point fuel injection system).

Honda City

Honda Siel Cars India Ltd, manufacturer of Honda City cars in the country, today said the company was awaiting the government’s guidelines on Euro-I and Euro-II emission norms to ascertain whether its vehicles comply with the stringent emission norms.

The company said all its variants conform to the emission norms for year 2000 as notified by the government.

Daewoo cars

The Delhi Government has permitted unrestricted sale of passenger cars of Daewoo Motors India Ltd in the National Capital Region as all of its vehicles comply with Euro-II emission norms.

The Delhi Transport Department yesterday issued a circular and allowed registration of Daewoo vehicles conforming to Euro-I and Euro-II emission norms.

Santro cars

Hyundai Motor India Ltd is planning to restrict supply of its Santro cars, compatible with Euro-II emission norms, initially to the National Capital Region and continue to dispatch Euro-I norms-compliant vehicles to the rest of the country.

Open up, Pakistan tells India
Tribune News Service

NEW DELHI, May 12 — India should dismantle its closed trade regime and allow more imports of Pakistani goods for trade in the region to prosper, the Pakistan Commerce Secretary, Mr Mansoor Elahi, said here today.

Mr Elahi, who is here to take part in the first consultative meeting of South Asian Association of Region Cooperation (SAARC) secretaries on World Trade Organisation issues, said that India holds the key in boosting trade in the region. It should give greater access to products from SAARC region as it is the biggest country in South Asia, he added.

He indicated that the outstanding political and trade issues between India and Pakistan was the main stumbling block in the way of the creation of a South Asian Free Trade Area (SAFTA) by the year 2001.

He felt that SAFTA may not come into existence for at least the next eight to 10 years as there were many pending issues which had to be resolved. There was also a need to fully open up the markets within the region, he added.

As a move towards SAFTA, the SAARC countries have so far identified 2000 products under the SAARC Preferential Trade Arrangement (SAPTA) for trade concessions.

Pakistan, which has yet to reciprocate India’s gesture of according it the Most Favoured Nation status, a mandatory requirement under the WTO regime, has blamed India’s closed trade regime as one of the reasons for it not according MFN status to India.

Mr Elahi said India should create an enabling environment for building trade relationships with Pakistan and this largely depended on the political environment prevailing in the sub-continent.

One problem in the Indo-Pakistan trade is that the economies of the two countries are not complimentary and the strength of these countries lies in the production and export of similar products such as textiles.

According to the President of the India-Pakistan Chamber of Commerce and Industry, Senator Illyas Ahmed Bilour, this was not a valid argument as both European Union and ASEAN were groups of competitors in similar products and yet they keep in view the advantages of extension of market.

The chamber has said that import of products like iron ore, machinery and steel products, chemicals and dyes from India would meet Pakistan industry’s requirements for capital goods, raw material and other manufacturing inputs at lowest possible resource cost. It could also benefit from import from agricultural products like wheat, spices, tea and other edibles to meet the production shortfalls at competitive prices.

According to some estimates, Pakistan can get machinery, iron ore, wheat and some other items 25 per cent to 40 per cent cheaper from India as compared to other countries.

From the Pakistan side, it could export with advantage products like cotton yarn and textile fabrics, leather products, surgical instruments, sports goods, electric fans, water coolers, vegetables and fruits.

Telco net profit dips 67 per cent

MUMBAI, May 12 (UNI) — Telco has reported a steep 67 per cent decline in the net profit during the 1998-99 fiscal at Rs 97.46 crore as against Rs 294.66 crore in the previous year.

In line with the substantial drop in the profit after tax, the company’s Board of Directors met here today and recommended a lower dividend of 30 per cent as against last year’s 55 per cent.

According to a company release, its total income stood at Rs 6739.43 crore, down 8 per cent from the previous year. The total profit before tax at Rs 107.16 crore (including the profit of Rs 102.38 crore on the transfer of its construction equipment business) was 67 per cent lower as compared to Rs 327.66 crore for the previous year.

After a lower tax charge of Rs 9.70 crore, the profit after tax was down by 67 per cent, at Rs 97.46 crore.

The company significantly improved its position in the fourth quarter of the fiscal and was able to turn the cumulative loss at the end of the third quarter into a modest profit before tax of Rs 4.78 crore before considering the profit on the sale of construction equipment business unit.

The results reflect the effects of its ongoing programmes of cost reduction, restructuring exercises, greater fiscal discipline and improved market share.

Hero Honda net up

NEW DELHI, May 12 (UNI) — The Board of Directors of Hero Honda Motors Limited today recommended a 50 per cent dividend for 1998-99 on its post-bonus equity, besides an additional 25 per cent ‘’special millennium’’ dividend on total equity following a 58 per cent spiral in the net profit during the year.

Announcing the results at the board meeting here, Chairman and Managing Director Brijmohan Lall said the company’s net profit for the year stood at Rs 121.37 crore from Rs 76.60 crore a year ago.

It has posted a turnover of Rs 1,553 crore in 1998-99 as compared to Rs 1,156 crore in the previous year, thereby registering a growth of over 34 per cent. The profit before tax increased to Rs 172.73 crore, up 57 per cent from Rs 109.54 crore in the previous year.

Hero Honda has a market share of 37.5 per cent in the motorcycle industry. It has grown from 35.7 per cent in 1997-98.

IT whizkid

ALLAHABAD, May 12 (UNI) — Thirteen-year-old Tarun Sachdeva of Allahabad has become the youngest Microsoft certified professional (MCP) in the country having successful cleared the online Microsoft examination.

Earlier, Govind Jaju (14) of Jaipur held the record of being the youngest MCP. Institute of Psychological and Educational Measurement Director L.G. Liddle said the Microsoft online examination is one of the toughest in the world, and maintains high standards of excellence.

Tarun Sachdeva will get a certificate of excellence signed by none other than Bill Gates himself.

Havell’s net rises

NEW DELHI, May 12 (PTI) — Havell’s India Ltd has posted an increased turnover of Rs 82.48 crore in the fiscal ended March 1999 and its net profit jumped a substantial 65 per cent from Rs 2.45 crore during the year from Rs 1.48 crore last year.

The company’s profit before tax and depreciation stood at Rs 4.02 crore and profit before interest depreciation and tax stood at Rs 7.40 crore.

Gilat base
NEW DELHI, May 12 (TNS) — Israeli VSAT and satellite equipment major, Gilat Satellite Networks, today set up its South Asian operational base in the capital.

Bank of Punjab
YAMUNANAGAR, May 12 (FOC) — Bank of Punjab will accept electricity bills in Yamunanagar and Jagadhri from today. The facility was inaugurated by Mr Arvinder Singh Vice-President of the bank.