Tuesday, May 25, 1999
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B U S I N E S S | Tuesday, May 25, 1999 |
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PSU officers’ pay revised NEW DELHI, May 24 — The Union Cabinet today approved the revision of pay scales for executives in public sector undertakings, a move that will benefit over 3.60 lakh board and non-board level officers.
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 Japanese TV crews gather around a Nissan fuel cell vehicle mounted with a methanol reformer during a press gathering at the headquarters of Nissan Motor Co., Ltd. in Tokyo. Nissan announced that it has recently developed and begun driving tests of the methanol fuel cell vehicles equipped with a methanol reformer that produces hydrogen through the use of a catalyst to introduce chemical reactions between methanol and water. — AP/PTI |
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Toyota to raise stake in
jv with Kirloskar Textile sector to be competitive:
PM Ashok Leyland net rises 10.6 per
cent Godrej plea against Whirlpool
rejected ST relief for drugs urged |
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Ashok Leyland net rises 10.6 per cent Ashok Leyland today announced a 10.6 per cent jump in its net profit for 1998-99 at Rs 20.37 crore despite a 5.7 per cent fall in its sales volume. The Hinduja group flagship’s turnover was also marginally up at Rs 2,051.5 crore in the same period as against Rs 2,020 crore the company had registered in 1997-98. Announcing the audited financial results here, Ashok Leyland Managing Director R. Seshasayee ascribed the improved performance of the truck maker to a spurt in demand during the last quarter ended March 31. The company maintained a dividend of 10 per cent for the year which saw Ashok Leyland capturing its highest ever market share of 35 per cent — a growth of 2.3 per cent over 1997-98. “The year 1998-99 has been one of the most difficult year for the auto industry. We now hope the worse is over, and are hopeful of improving our performance in the current year,” Seshasayee said. Though the total industry demand had shrunk by 11 per cent during the year, Ashok Leyland sold 29,741 vehicles which represented a decline of 5.7 per cent over the previous year. Reliance Reliance Industries Ltd (RIL) has targeted a 200 per cent growth in export revenues to $ 480 million to $ 500 million by 2000-01. The company also expects to have substantial net foreign exchange earnings by 2000-01 as feedstock imports drop with the commissioning of the Jamnagar Petrochemical complex, RIL said in a statement here today. During 1998-99 RIL recorded aggregate exports (including deemed exports) of Rs 685 crore, up by 87 per cent. Total foreign exchange earnings of the company amounted to Rs 961 crore, an increase of 70 per cent from the previous year. In 1998-99, polyester products contributed the most to physical exports with chemicals accounting for 29.4 per cent, textiles 11.6 per cent, polymers 10.1 per cent and fibre intermediates 8.2 per cent. Morepen Lab Morepen Laboratories has shown a 38 per cent rise in its turnover during the fiscal ended March 31, 1999, with the net profit increasing by 46 per cent. While the sales figures rose to Rs 256.5 crore during 1998-99 from Rs 185.8 crore the previous year, its net profit stood enhanced at Rs 34.4 crore from Rs 23.4 crore of the previous fiscal. Morepen is the youngest Indian company to get the United States Food and Drug Authority (USFDA) approval for its bulk drug plant at Parwanoo in Himachal for manufacture of loratadine, a non-sedative, anti-allergic drug. The year 1998-99 also witnessed Morepen’s penetration in a number of therapeutic segments with the introduction of various brands like DOM-DT, Claridin, Lanzopen and Gastropen. The other products in the pipeline are sugar cure, a low calorie sweetner, as well as garlitone — garlic tablets, mintina — peppermint tablets — and slimwell, a weight reducing agent. Eicher Motors Eicher Motors Ltd today reported a 105 per cent jump in its net profit at Rs 7.8 crore in 1998-99 as against Rs 3.8 crore in the previous fiscal. The improved bottomline was despite a marginal rise in sales to Rs 269 crore during the year from Rs 265 crore in the previous year, according to company’s Managing Director S. Sandilya. The Board of Directors of the company have recommended a dividend of 15 per cent to its shareholders. Eicher Motors sold 5,321 units in the last fiscal compared to 5,275 units during the same period last year. Operating profits of the company also increased by 19.3 per cent to Rs 18.5 crore in 1998-99 from Rs 15.5 crore in 1997-98, it said. The Eicher group has dropped plans to pick up stake in DCM Limited’s engineering division, the group Chairman Subodh K. Bhargava said today. “Eicher is not pursuing the plan, we have dropped all plans in this regard,” Mr Bhargava told newspersons here. Eicher had earlier
initiated talks with DCM for picking up stake in the
latter’s engineering division as part of a
restructuring programme. The group was considering
participating either financially in DCM’s foundry
business either through equity or through loans as part
of consortium of OEM customers, Eicher itself buys
castings from DCM’s foundry. — PTI |
Toyota to raise stake in jv with Kirloskar NEW DELHI, May 24 (PTI) — The Foreign Investment Promotion Board (FIPB) today allowed Toyota Motor Corporation of Japan to increase its stake in the joint venture with Kirloskar to 87 per cent from the existing 74 per cent. This was among the 28 foreign investment proposals worth Rs 600 crore, including Enron India, Eaton Corporation of the USA and Cordiant Communications Group PLC cleared by the Board. The Japanese auto giant has been allowed to increase its stake in Toyota Kirolskar Motor Ltd to 87 per cent by infusing Rs 78 crore, Industry Ministry sources said. The total paid up capital of the venture, which manufactures cars and multi-utility vehicles, would go up to Rs 600 crore from Rs 462.8 crore. The sources said Kirloskar would have the option to repurchase the shares by December, 2004, at the prevalent prices. The Board also cleared
the proposal of Eaton Corporation to set up a
wholly-owned subsidiary for automotive components set up
in Bangalore. |
ST relief
for drugs urged CHANDIGARH, May 24 — The Haryana Pharmaceutical Manufacturers Association has demanded exemption from sales tax to life-saving drugs. Condemning the Haryana
Government’s medicines purchase policy, the
Association in a statement here today threatened to move
court if the government did not review its policy and
give price preference to SSI units of the State in
purchasing medicines. |
PSU
officers’ pay revised NEW DELHI, May 24 — The Union Cabinet today approved the revision of pay scales for executives in public sector undertakings, a move that will benefit over 3.60 lakh board and non-board level officers. The pay scale revision, recommended by the Justice Mohan Pay Committee in October end last year, would put an additional burden of Rs 2070 crore on the Government. The official spokesperson said the Cabinet had accepted in toto the recommendations of the Justice Mohan Committee report. The Cabinet also approved the establishment of Northeastern Space Applications Centre to enable States of the region to get access to satellite communication and a remote-sensing based natural resource information facility. The Cabinet decision on revising the scales of PSU officers comes two days before the deadline given by officers of the oil industry to go on indefinite strike to protest against the delay in the implementation of the Justice Mohan report. The revised pay scales would come into retrospective effect from January 1, 1997. Payment of the revised package will be subject to the capacity of the public enterprises to pay and no budgetary support will be made available to them by the Government. The revised pay scales of the PSU executives per month range from Rs 27,750 to Rs 31,500 for executives of Schedule A companies as against the existing scale of Rs 13,000 to Rs 15,000. Schedule B company executives will have their pay scales restructured to Rs 25,750 to Rs 30,950 as against the existing Rs 12,000 to Rs 14,000 followed by Schedule C and D companies at Rs 22,500 to Rs 27,300 and Rs 20,500 to Rs 25,000 respectively. A Cabinet note said 100 per cent neutralisation would be adopted for all employees covered by the Committee’s recommendations who are drawing index-linked rates of DA and the periodicity of adjustment will be once in three months as at present. House rent allowance to PSU employees would be at rates applicable to Central Government employees based on the reclassified cities as notified by the government. The city compensatory Allowance would be granted at enhanced rates and payment of allowances and perquisites would be allowed upto maximum of 50 per cent of basic pay. The pay scales for below board level staff of levels between E-0 to E-9 would range from Rs 6550 to Rs 11,350 per month to Rs 23,750 to Rs 28,550. In the non-unionised
supervisors scales, employees in level S-1 to S-4 would
now draw Rs 5200 to Rs 8000 and Rs 6400 to Rs 10,000
against the existing Rs 2800 to Rs 4830 and Rs 3375 to Rs
5875 respectively. |
Textile sector to be competitive: PM NEW DELHI, May 24 (PTI) — Mr Atal Behari Vajpayee today said the Government would make the domestic textiles industry competitive before the phase out of the multi-fibre agreement (MFA) in 2005 by continuing to help and protect the handloom and handicraft sectors. “Competition to the handloom and handicraft sectors will increase after 2005 when the domestic textile sector will be open to global competition (due to MFA phase-out). We will have to utilise the time available till then to protect and preserve our textile and handloom sectors,” he said after presenting the national awards to master craftspersons and weavers at a function here. The MFA is one of the accords under the World Trade Organisation (WTO) signed by India according to which all import restrictions in the textile sector will have to be dismantled. Stating that the
government was unaware of the impact of the MFA phase-out
on the handloom and handicraft sectors, the Prime
Minister said he was not happy with the the assistance
extended to the handloom and handicraft sectors, which
offer employment to millions of people in the country. |
Godrej plea against Whirlpool rejected NEW DELHI, May 24 (PTI) — The Monopolies and Restrictive Trade Practices Commission (MRTPC) has rejected a Godrej GE Appliances petition against rival Whirlpool India alleging violation of the commission’s earlier order. In its application, Godrej GE had alleged that Whirlpool continued to advertise and implement its “scratch a gift scheme” for promotion of sales of its refrigerators and washing machines even after the MRTPC had passed an order restraining it from doing so. However, an MRTPC Bench comprising Chairman A.N. Divecha and Member R.K. Anand ruled that “there has been no wilful breach by Whirlpool of the commission’s order as the company took steps for the removal of hoardings advertising the scheme.” Godrej had approached the MRTPC in 1996-97 charging Whirlpool of indulging in unfair trade practices within the purview of Section 36A of the MRTP Act by launching the gift scheme for promotion of sales of refrigerators and washing machines. It had also appealed for the commission’s order on immediate suspension of the aforesaid scheme. Acting on the
application, the commission in February 1997 restrained
Whirlpool from both advertising and implementing the
scheme till further orders. |
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NEW DELHI, May 22 (PTI) — An Indian television commercial has been nominated for the prestigious Cannes advertising awards this year. The commercial of 8-p.m. Whisky, nominated for the Cannes, considered to be the Oscars of advertising, was produced by Enterprise Nexus and shot by Prasoon Pandey of “Highlight” TV production house in Mumbai. The ad, which features
two Generals of rival armies across the border finding
time to share a drink at ceasefire, has already won the
gold medal at Delhi Advertising Club and silver in the
Ashby Advertising awards of Mumbai Ad Club.The commercial
features noted television actor Karan Chopra as one of
the Generals, and a leading theatre artist as the other.
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