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| Friday, March 24, 2000, Chandigarh, India  
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Budget anti-industry: traders
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100 pc FDI in refining sector
mooted NEW DELHI, March 23 — A new hydrocarbon policy statement recommending 100 per cent foreign direct investment in the refining sector and disinvestment in a phased manner in oil public sector units was submitted to the Prime Minister, Mr Atal Behari Vajpayee today. The policy statement called “Hydrocarbon Vision-2025” has been prepared by a high-powered group headed by the Union Finance Minister, Mr Yashwant Sinha, and comprising the Minister of Petroleum and Natural Gas, Mr Ram Naik, Minister of External Affairs, Mr Jaswant Singh, Deputy Planning Commission Chairman, Mr K.C.Pant and Secretary in the PMO, Mr N.K.Singh. The group was set up by the Prime Minister early last year to work out a specific framework for assuring energy security by 2025. The Petroleum Minister, Mr Ram Naik, told mediapersons here that he would be placing the report before Parliament in the current session and the Vision Statement would work as a policy guideline for the oil sector. To achieve the objectives in the medium term, the group has recommended continued exploration in producing basins, taking up exploration in non-producing and frontier basins, and finalise a programme for appraisal of the Indian sedimentary basins to the extent of 25 per cent by 2005, 50 per cent by 2010, 75 per cent by 2015 and 100 per cent by 2025. It has also recommended that internationally competitive fiscal terms be provided in order to attract major oil and gas companies in exploration and optimise recovery from discovered and future fields. The long term action plan involves 100 per cent exploration of the Indian sedimentary basins by 2025, leapfrog to technological superiority and conserve resources and adopt clean technologies. On restructuring and
disinvestment, the group said there was a need to
announce a policy in regard to specific PSUs in alignment
with the overall disinvestment policy of the Government,
complete the internal restructuring of oil PSUs,
implement proposals of mergers and alliances of oil PSUs
with the objective of enhancing shareholder value and
disinvest in a phased manner in oil PSUs down to
appropriate level to realise best shareholder value. |
Budget
anti-industry: traders LUDHIANA, March 23 — The Chamber of Industrial and Commercial Undertakings here today described the Punjab Budget as anti-industry and anti-trade. Mr Inderjit Singh Pardhan, president, and Mr Avtar Singh, general secretary of the chamber, said the revised registration fee and levy of sales tax on bakery goods would burden the industry and trade. He said these Budget proposals should be withdrawn to save the industry which was passing through a financial crunch. The Federation of Tiny and Small Industries flayed the levy of electricity duty on sale of power. It also condemned the registration fee for grant of sales tax registration certificate. Mr Joginder Kumar, president of the federation, said the industry was already reeling under recessionary trend and was unable to absorb these levies. The Ludhiana Motor Parts Manufacturers Association said the Budget had frustrated the industry and trade as no incentives were announced. The association said certain positive steps to improve the fiscal health of the state were proposed but the negative steps would add to the troubles of the industry and trade. The hike in registration fee, steep hike in the prices of LPG and kerosene by the central government was also condemned by the association. The state unit of the Bharti Kisan Union welcomed the Rs 200 crore state government plan as “mission for a second push in agriculture” in the Budget. Mr Ajmer Singh Lakhowal, president, and Mr Manjit Singh Kadiyan, general secretary of the union, said the plan would go a long way to give boost to the agriculture production and improve the financial condition of farmers. The BKU also appreciated the proposal to boost milk production and creating the Punjab Livestock and Dairy Development. The Government Pensioners’ Association in a press release today said that the Punjab Budget presented in the Vidhan Sabha had disappointed pensioners. It alleged that nothing had been done to implement the long-pending recommendations of the Punjab pay panel report. The association alleged that only one of the 10 recommendations of the panel had been implemented. AMRITSAR:
Mr Amrit Lal Jain, president, Punjab Pradesh Beopar
Mandal on Thursday termed the Punjab Budget as
“anti-beopar” Budget. He said the government
should withdraw new taxes imposed in the Budget. The
traders threatened to launch an agitation if the
government did not withdraw it. |
India
Gypsum forays into housing segment CHANDIGARH, March 23 — India Gypsum Limited, a C.K. Birla group company, here today announced the launch of its “Gyphome centres” to mark the company’s entry into the housing segment. Gyphome centres will be set up in six cities. The Gyphome centre, located in Sector 22-C, is designed in the form of a room with the walls, ceilings, cornices, skirting etc made by using Gypboard sculptures. Also on display are
designs that were traditionally done by skilled labour
using “Plaster of Paris” on walls and ceilings.
These are now imparted on gypsum walls or ceilings
through a special technology. Mr S.K. Kejriwal,
Manager-marketing, said “India Gypsum will for the
first time in this industry provide a one-stop solution
to modern designing and construction needs”. |
Three UT
units get awards CHANDIGARH, March 23 — Ms Vineeta Rai, Adviser to the UT Administrator, has emphasised the need for hi-tech, electronically well- equipped and pollution-free industries to develop and grow here. Speaking at a function organised by the UT Department of Industries to honour outstanding small units at the UT guest house today, Ms Rai invited entrepreneurs to establish more IT centres and IT-related services because Chandigarh has well developed infrastructure, pollution free environment and skilled manpower. She said the administration is considering the creation of a software technology park for which land is being identified. The State Awards winners are: Mr H L Mahajan of Rama Health Care Ltd. first, Mr. L D Gupta of Manu International Ltd. second, and Mr. R S Narang of Punjab Agro Industries, third. The recipients of the award got trophies, certificates and cash prizes of Rs 15,000, 10,000 and Rs 5,000 respectively. Ms Rai also asked the industry office-bearers to come up with more suggestions for improving the industrial performance of the region. Home Secretary M.P.
Singh Industries Director R.K. Kaushik and CITCO MD
Satish Chandra were also present. |
Credit
offtake picks up in Haryana CHANDIGARH, March 23 — Mr K.R.Chabria, Executive Director, Punjab National Bank, said here today that 40 mini banks and four branches of cooperative banks are likely to be opened in Haryana. Addressing the 72nd meeting of the State level Bankers Committee of Haryana, Mr Chabria observed that credit off-take is gradually picking up and the State registered a satisfactory growth of 13.8 per cent in December, 1999. From December 1998 to December, 1999, Mr Chabria said 28 new branches of commercial banks and regional rural banks were opened. The total deposits of the banks in the State increased from Rs 13,365 crore to Rs 15793 crore during the same period. Mr R.S.Verma, Chief Secretary, Haryana said that the State Government has launched a drive for developing infrastructure, including roads and power sector reforms. While lauding the performance of banks, he expressed concern over the low credit-deposit ratio in the State and urged the participants to draw strategies to reach a minimum level of 60 per cent. The meeting was also
attended by Ms Keshani Anand Arora, Special Secretary and
Director, Institutional Finance and Credit Control, Mr
N.R.Kanan, CGM, NABARD, Mr A.K.Bhargava, G.M., PNB,
Northern Zone, Chandigarh and Mr C.P. Swarankar, PNB GM,
Head Office. |
Canam
signs MoU with Punjab Electronics Corpn CHANDIGARH, March 23 — Canam Technologies Ltd., an associate concern of Canam Consultants Ltd., is diversifying into high end IT education and training in collaboration with the Electronics Corporation of Punjab (ECP). Mr Gurnihal Pirzada, MD, PSEDPC, signed the MoU with Canam said India has become the largest provider of skilled software professionals worldwide and the IT industry is likely to witness a significant upsurge in the demand of computer professionals in the domestic as well as international job market. Mr S. Grewal, Vice President, Canam said that technical collaboration with CAL-C will stimulate the growth of IT industry in North India. The training centres would also focus on developing communication and interpersonal skills to prepare students as per the international IT standards. The students graduating
from Compu-College centres will get an opportunity to
work on international software development projects. The
venture will set up its franchisee centres in all major
cities of India. |
co
by Ashok Kumar Zee Telefilms, TV 18 good for long term Big Bill is here, but the big bulls are still missing! That statement, in many ways sums up the current scenario at the Indian bourses. With the bull war resulting into a bear trap, the markets have bled but with the bears now covering up their positions and there being no immediate signs of fresh blood-letting between the injured bulls, it does seem that the markets are poised for a technical correction. However, the same could be deferred by another week given the proximity of the financial year end. The markets thus seem fated to be stuck in a trading zone where every upside as well as downside is promptly corrected. Volumes can be expected to drop and given this backdrop bear operators could sharpen their knives and consider taking up short positions at the counters of Hindustan Lever at Rs 2919 (cover up at Rs 2842) and ITC at Rs 744 (cover up at Rs 696). Long positions could be considered at the counters of Zee Telefilms at Rs 997 (square up at Rs 1074) and TV 18 at Rs 1199 (square up at Rs 1284). The dark horse bet of this week is BHEL while discerning portfolio investors can pack a punch in their portfolio by taking a closer look at the price movements of Britannia and pouching it if its share price declines any further. Yet, given the thinning
trading volumes, it would be prudent to take a profit
when you see one. Perhaps, Big Bill may have a kind thing
or two to say that may cheer the bourses — may be! |
cr
Hindalco to buy Alcan stake NEW DELHI, March 23 (PTI) — Hindalco has decided to buy 54 per cent stake of Canadian multinational Alcan in Indian Aluminium Company (Indal). The Aditya Birla group company will acquire the 54 per cent stake at Rs 190 per share. When contacted senior officials in Hindalco and Indal confirmed the deal. There had been rumours of Alcan selling its stake in the Calcutta-based company and the bidders included Sterlite Industries. Reddy’s Lab to pay 25 pc interim HYDERABAD, March 23 (UNI) — Dr Reddy’s Laboratories has declared an interim dividend of 25 per cent for 1999-2000. Its Board at a meeting here today passed a resolution to raise $ 200 million through American depository shares (ADS). The company will decide the exact size of the ADS at the time of the issue. Tata Steel declares 40 pc interim MUMBAI, March 23 (UNI) — The Board of Tata Steel today declared an interim dividend of 40 per cent for the financial year 1999-2000. The record date for payment of this interim dividend has been fixed as April 24. Maars Software eyes 2 foreign cos CHENNAI, March 23 (PTI) — Maars Software is all set to acquire a UK-based company “Technical director” and Belgium-based “company benelux” through its subsidiary in the UK. The total value of the acquisition will be around $ 6 million, company press release said here today. Citicorp acquires 74 pc stake MUMBAI, March 23 (PTI) — Citicorp Finance India Ltd today picked up a 74 per cent stake in Nation Wide Finance Ltd for $ 3.4 million. Nation Wide, which offers consumer durable financing, has branches in New Delhi, Mumbai, Chennai, Bangalore, Pune and Coimbatore. Pfizer, Shantha to market vaccine NEW DELHI, March 23
(PTI) — Pfizer India and Hyderabad-based Shantha
Biotechnics today entered into an alliance to co-market
the latter’s Hepatitis B vaccine. Pfizer will market
the vaccine under the brand name “Hepasheild”. |
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