B U S I N E S S

India likely to export petrol, diesel this year
NEW DELHI, May 5 — Government said today that India was likely to export petrol and diesel during the year on account of surplus availability of the products in the country.

Now Eros for women
FOR the first time, the US government has officially licensed a sexual aid for women. The device will be available on prescription from today for women who suffer sexual arousal problems.

Users log in at an Internet kiosk on Friday at one of Jakarta's shopping malls as many Internet kiosk owners opened their doors to customers reportedly unaware of the "ILOVEYOU" computer virus which has already struck more than 2.9 million computer files worldwide — AFP photo

‘ILOVEYOU’ wreaks havoc A COMPUTER virus which exploits office workers’ yearnings for love shut down computer systems from Hong Kong to the Houses of Parliament yesterday and caused untold millions of pounds worth of delays and damage to stored files across the world.

HPMC gets orders from USA, Germany
SHIMLA, May 5 — While the HPMC, the largest State-owned fruit processing unit, has achieved a major success by securing orders for supply 500 tonnes of apple juice concentrate to Germany and the USA, it is finding it impossible to compete in prices with product of other countries because of the exorbitantly high rate of processing grade fruit.

NHPC projects face trouble
New Delhi, May 5 - Several joint venture projects with National Hydroelectric Power Corporation have run into rough weather with venture partners demanding higher stakes in the proposed projects, the Chairman and Managing Director of NHPC, Mr Yogendra Prasad, said here today.

India likely to export petrol, diesel this year

NEW DELHI, May 5 (PTI) — Government said today that India was likely to export petrol and diesel during the year on account of surplus availability of the products in the country.

“This is the first time that the country will become self-sufficient in diesel and petrol and we might either export the products or might even store it,” Petroleum Minister Ram Naik told reporters here at the sidelines of the National Petroleum Management Programme award function.

Naik said that the refineries were operating at full capacity and due to the excess availability of the products even the crude imports could come down.

He, however, did not specify as the how much of the diesel and petrol could be exported during this year.

Asked whether the refineries had been asked to curtail diesel production, Naik said the diesel production must have been cut as the drought conditions had led to less demand for the product as farmers were not using their generators for agricultural purposes.

Declining to estimate the oil import bill for the year 2000-01, Naik said any decision or assessment on the oil import bill could be made only after the meeting of the Organisation of Petroleum Exporting Countries in June.

Government could also look into the possibilities of storing the surplus diesel and petrol products so that imports of crude to that extent could be reduced.

Asked about the variations in the oil import bill projected by the Commerce Ministry and the Petroleum Ministry, Naik declined to comment saying “we had made our estimates and no statement can be made without going into the details of the issue.”

The Commerce Ministry had last week projected an oil import bill for 1999-2000 at $ 9.6 billion while the Petroleum Ministry had worked it out to be over $ 12.5 billion.

Petroleum Ministry sources indicated that the Ministry might not have taken into account the import of crude and petroleum products by the private sector refineries.

Earlier, speaking at the award function, Naik said there was need to realise the importance of developing innovative mechanisms in the oil industry to give the best quality products and services to the consumers.

“Oil companies must always try to achieve excellence and gear up to the competition so that they could provide the best services to its consumers,” he added.

Now Eros for women
From Duncan Campbell in Los Angeles

FOR the first time, the US government has officially licensed a sexual aid for women. The device will be available on prescription from today for women who suffer sexual arousal problems.

While Viagra, the drug developed to help men who suffered from impotence, is now sold over the Internet and has become a staple of the comedian’s routine, sexual aids for women have not received the same public attention.

The manufacturers of the device called Eros CTD (clitoral therapy device) believe that there is an equally large market awaiting their product.

The Food and Drug Administration announced yesterday that it had approved Eros, made by UroMetrics, a small private company in St Paul, Minnesota. It will cost $359 and will only be available on prescription — not because it is deemed to be dangerous or to have risky side effects but because the FDA believes it should only be used with a doctor’s advice.

Eros is essentially a soft plastic cup that it placed over the clitoris and operated by a hand-held vacuum tube.

It is similar in principle to vacuum pumps used by men to achieve erections in that it stimulates the blood flow into the genital area. Viagra is used by many women but there has as yet not been significant research on its effects on women.

The National Institutes of Health estimate that about 40m American women suffer from ``female sexual dysfunction’’.

Testing of Eros by the FDA showed that 80 per cent of those using it experienced increased sexual satisfaction. Tests are now due to be carried out in France, Norway and Italy.

It is estimated that as many as 2m women will have been prescribed Eros within its first year of licensing in the USA.

“This is not going to be a panacea,” said Dr Diane Mitchell, the FDA gynaecologist responsible for the tests. “It does not help every woman.”

It might not be effective for women whose sexual problems were of a psychological nature, she said.

Although Eros will initially be available only on prescription, it is possible that eventually it will be available over the counter.

A spokeswoman for UroMetrics said that they had developed the device after realising that although they had produced two sexual devices to help men, there were none in the marketplace for women. — By arrangement with The Guardian

‘ILOVEYOU’ wreaks havoc
From James Meek in London

A COMPUTER virus which exploits office workers’ yearnings for love shut down computer systems from Hong Kong to the Houses of Parliament yesterday and caused untold millions of pounds worth of delays and damage to stored files across the world.

The virus, nicknamed “the love bug” and “the killer from Manila” after its apparent Philippine origins, is carried in an e-mail with the heading “ILOVEYOU”.

The text of the message reads: “Kindly check the attached love letter from me!’’ A click on the attached file launches the virus, which promptly spreads by sending itself to everyone in the recipient’s e-mail address book, overloading e-mail systems.

Once embedded in a host computer, the virus can download more dangerous software from a remote website, rename files and redirect Internet browsers.

“It’s a very effective virus. It’s one of the most aggressive and nastiest I’ve ever seen,’’ said Kieran Fitzsimmons of MessageLabs, which screens millions of company e-mails for viruses. “It manifests itself almost everywhere in the computer.”

One tenth of the world’s mail servers were down as a result of the love bug, he said.

Estimates suggested that between 10 and 30 per cent of UK businesses were hit.

Among the firms and organisations affected in the UK yesterday were Microsoft, News International - publishers of The Times and The Sun - the BBC, a number of FTSE-100 companies and Parliament.

In an announcement to the Commons, Margaret Beckett, leader of the House, said that the parliamentary e-mail system had crashed. “I have to tell you that, sadly, this affectionate greeting contains a virus which has Immobilised the house’s internal communication system,” she said.

The virus spread west from Asia as offices opened and workers checked their e-mails. The only clue to its origins lies in the first few lines of the code which makes it work. They are headed: “I hate go to school.” The next line identifies the author as “spyder” and the next refers to “Manila, Philippines”. — By arrangement with The Guardian

HPMC gets orders from USA, Germany
From Rakesh Lohumi
Tribune News Service

SHIMLA, May 5 — While the HPMC, the largest State-owned fruit processing unit, has achieved a major success by securing orders for supply 500 tonnes of apple juice concentrate to Germany and the USA, it is finding it impossible to compete in prices with product of other countries because of the exorbitantly high rate of processing grade fruit.

The corporation explored the export market to dispose of its unsold stocks of juice concentrate and its efforts yielded results as it got orders to supply 360 tonnes to Germany 100 tonnes to the USA and 20 tonnes to Ghana. However, prices at which the juice was to be supplied ranged from Rs 32 to Rs 36 per kg as against the production cost of Rs 49 per kg. After taking the cost of transporation and packing into account the corporation will lose about Rs 20 to Rs 25 per kg in the deals. But it has no option but to export the product as all the major juice manufacturers in the domestic market are already procuring their requirement from it and there is no further scope in the market.

The main reason for the high cost of production is that the Government, which procures apples from growers at a support price of Rs 3.75 per kg, supplies it to the corporation at Rs, 2.25 per kg which was quit exorbitant for processing grade fruit, senior officers point out. Since fruit accounted for over 50 per cent of the cost of juice concentrate, its price could be internationally competitive only if the cost of fruit is reduced to about Re 1 per kg, they add.

The HPMC process about 10,000 tonnes of apple every year whereas the Government procurement range anywhere from 20,000 tonnes to 70,000 tonnes depending on the crop. The rest of the fruit is sold off at an average price of 60 to 70 paise per kg. Thus it loses over Rs 3 for every kg of apple procured on support price to ensure remunerative returns to growers. If the rate of apple supplied to the corporation is reduced from the present 2.25 per kg to Re 1 per kg it will put an additional burden of Rs 1.25 crore but enable it to make its product internationally competitive price wise.

The entry of China which flooded the global market with one lakh tonnes of juice has made things worse, more so because it is supplying the product on consignment basis without negotiating the price.

Ever since its inception the corporation had been finding it difficult to dispose of its juice concentrate and thus incurring losses which crossed the Rs 22 crore mark during the last financial year. However, the breakthrough made by it in the export market may enable it to dispose of its entire unsold stocks of 1100 tonnes for the first time. If all goes well the corporation is likely to secure orders for another 400 tonnes from the USA and with a steady domestic demand of 300 to 400 tonnes, its stocks will be completely exhausted.

The large variation in apple crop also affect the corporation. For instance in 1998, when there was bumper crop, it processed over 10,000 tonnes of fruit to produce 913 tonnes of juice cencentrate. However, last year, when the crop failed, it got only about 600 tonnes of fruit to process and produced just about 60 tonnes of concentrate.

NHPC projects face trouble
Tribune News Service

NEW DELHI, May 5 - Several joint venture projects with National Hydroelectric Power Corporation have run into rough weather with venture partners demanding higher stakes in the proposed projects, the Chairman and Managing Director of NHPC, Mr Yogendra Prasad, said here today.

There are 21 respondents for the joint venture projects to be finalised by NPHC which includes contractors and equipment suppliers.

“Once the joint venture is finalised, we would float global tenders,” Mr Prasad told newspersons.

But the problem has cropped up as the proposed partners are insisting on a majority stake. The corporation has commissioned SBI Caps and ICICI for consultancy and they would be presenting a feasibility report soon.

“Some of the partners even want to be involved in the survey stage too,” he said.

Mr Prasad said the whole issue of majority stakes will take three months to be finalised.

The CMD, however, denied report that NHPC would be purchased or merged with NTPC. He said the reports of ICICI or SBI Caps have not suggested this.

Mr Prasad said the government has given an equity support of Rs 614 crore in 1999-2000 and another Rs 640 crore will be given by the end of the year.

He said the corporation has registered a net profit of Rs 417.90 crore during 1999-2000 as against Rs 302.80 crore in the previous year. This is the highest profit made by the corporation. The sales turnover was Rs 1267 crore during the year.

The operating power stations has generated 8690.73 million units and has achieved 91.05 per cent machine availability.

Construction of the 390 MW Dulhasti project in Jammu and Kashmir are on and the project is scheduled to be completed by December 2003. The 300 MW Chamera stage II project in Himachal Pradesh will be completed by March 2004.

The 200 MW Dhauliganga Stage-I project in Uttar Pradesh with an estimated cost of Rs 1779 crore is scheduled for commissioning by March 2005. The 45 MW Kurichu project in Bhutan is going on full swing and will be completed by 2001 March, while the 5.25 MW Kalpong project in Andaman and Nicobar will be commissioned by June 2002, four months ahead of schedule.

Investigation work is on the following new projects - 2051 MW Parbati River Basin in Himachal, Teesta stage-V in Sikkim estimated to cost Rs 2730 crore will be ready by February 2007.

However, following the killing of chief engineer, Lokta project, and due to non-availability of security arrangement, the project work had been stalled.

Website to promote youngsters’ talent
Tribune News Service

NEW DELHI, May 5 — Mindzones.com, a talent search website among the youth across the world, said it plans to promote, nurture and reward exceptional talents in the field of music and dance, sports, art, creative writing, fashion designing and computer technology.

“The site has been designed with the basic philosophy that academic performance is not the only criteria of grading any student,” Chairman of Mindzone Infocom Technologies Neeraj Batra, said.

“His/her other creative pursuits are also equally important. Mindzones.com has created products which identify, promote, nurture and reward the young talents and provide them a strong platform to grow through different tools and modules such as IQ tests, creative club activities and so on,” Mr Batra added.

ECL Telecom plans test service by July
Tribune News Service

CHANDIGARH, May 5 — ECL Telecommunication Ltd., which is the licensee for basic telecom services for Punjab and Chandigarh, is in the process of constructing both wireline and wireless local loop (WLL) network in major cities and towns of Punjab.

Formerly known as Essar Commvision, ECL Telecom plans to run a test service in Chandigarh, Patiala and Ludhiana by July, 2000.

Permission for laying the fibre optic cables and copper cables in the ground has been obtained and construction work is in full swing, a company release said here today.

This will increase the telephony penetration and provide telecom infrastructure to support high speed Internet applications, private business communications networks for the Government, trade and industry, intelligent network application e.g. calling cards, freephone services etc.

Usha unveils products

CHANDIGARH, May 5 — Usha International Ltd., a Siddharth Shriram group company launched a host of new products with the help of models at a dealers meet here this evening. The products include fans, sewing machines and home appliances.

Mr Prakash Narayan, Vice-President, Usha International, said, Usha will launch a range of new fans and a sewing machine collection. Agricultural products slated to be launched include a new 0.5 H.P. economy model of mini-mono-block pump.

EU eases rules for exports
From Surender Bhutani

WARSAW: The European Union has relaxed its rules for exporting data-encryption products for its 15-nation group, a new benefit over US competitors who also got the right to export sophisticated data-scrambling technology to 24 states in the world.

It was only in January that the Clinton Administration allowed exports of basic encryption products, tacitly admitting that controls cost the US computer industry a lot while doing little to stop organised crime and terrorists getting hold of encryption technology.

The group of 24 nations, consists of 15 nations of the EU, plus the the USA, Canada, Australia, Norway, Japan, New Zealand, Switzerland and three east European states, Poland, Hungary and the Crech Republic, who are likely to join the EU in 2003. All these countries will have to obtain only a general licence for their company by promising that end-user of the products is one of the 24 states, being an exporter state.

Now, the reopening of the gap between regulations on each side of the Atlantic in particular, will rekindle a stiff competition and can enlarge into new trade tensions among the allies, who are also fiercely good competitors. Analysts fear a more friend-liberal US regime in the offing in order to outmatch the EU competition.

Wheat, Basmati decline

NEW DELHI, May 5 (PTI) — In thin trading, wheat (MP) and rice Basmati common quality declined on the grains and pulses market today on stockists selling amid increased arrivals.

Elsewhere, the prices of other commodities continued to rule steady on scattered demand.

The volume of business was small.

Wheat (MP) quoted lower at Rs 900-1030 per quintal on increased arrivals of fresh stocks in the markets against reduced offtake.

Rice Basmati common quality quoted Rs 50 down at Rs 2300-2850 per quintal owing to slackness in demand.

The following were today’s quotations per quintal:

Grains: Wheat desi 647-697, wheat (MP) 900-1030, wheat dara 635-640, chakki atta (90 kg) 650, roller mill atta (90 kg) 595-605, maida 680-690, sooji 730-735, rice basmati (Lal Mahal) 5,400, rice basmati (Lal Quila) 4,850, rice basmati common 2300-2850, rice IR-8 850-875, permal raw 950-1100, kabli gram 2100-2700, peas white 1000-1150, peas green 1010-1060, bajra 590-630, jowar yellow 530-585,jowar white 940-1000, maize 600-650, barley 550-650 and gowar white 1100-1200.

Pulses: Urad 1925-2300, dal 2300-2350, urad dhoya 2450-2700, moong 2070-2120, dal 2220-2520, moong dhoya 2250-2550, masoor 1330-1500, dal 1850-1950, malka masoor 2000-2300, moth 1800-1900, dal moth 2220-2420, dal 2525-2925, arhar 1675-1900, dal 2100-2400, rajma (chitra) 1750-2200, rajma (lal) 1575-1875, gram kabli 1800-2200, gram 1325-1400, gram dal 1475-1675, besan (70 kg) 1410.

Oils & oilseeds Sesame and soyabean mill delivery oils strengthened on the oils and oilseeds market today on millers and stockists buying and closed with moderate gains.

However, selective non-edible oils declined on account of reduced industrial demand.

CORPORATE NEWS

Ceat posts 20 pc rise in net

MUMBAI, May 5 (PTI) — Ceat Ltd, a company of RPG Enterprises, has posted a 20 per cent increase in its net profit at Rs 20.11 crore on a 15 per cent rise in sales at Rs 1,347 crore for the year ending March 31, 2000 as against previous year. The company’s board has approved a dividend of Rs 2 per equity share, Ceat said in a statement here today. Ceat has achieved a growth rate of 15 per cent during 1999-2000 compared to that of the industry, which grew by 7 per cent in value and 9 per cent in volume, it said.

Dabur Nestle pact on divesting jv stake

MUMBAI, May 5 (PTI) — Dabur India Ltd today said it has reached an agreement with Nestle SA to divest its stake in Excelcia Foods to the latter. “An agreement has been reached between Dabur India Ltd and Nestle SA yesterday under which Dabur will be existing from the joint venture company Excelcia Foods Ltd by transferring its entire 40 per shareholding to the Swiss Food giant”, Dabur. With this divestment, Excelcia would become a wholly-owned subsidiary of Nestle SA.

Oriental Bank net up 21 pc
Tribune News Service

NEW DELHI, May 5 — Oriental Bank of Commerce recorded a net profit of Rs 278.62 crore for the year ending March 31, 2000, a growth of 21 per cent over the corresponding period last year. The operating profit has gone by Rs 119.86 crore to touch Rs 505.91 crore. The gross income amounted to Rs 2679.43 crore as against Rs 2046.41 crore, registering an increase of 30.9 per cent, a company release said today. The dividend on the equity shares has been maintained at 35 per cent at the level of the previous year with a view to strengthening the reserves to meet the capital adequacy requirements in future.

Corporation Bank declares 20 pc interim

NEW DELHI, May 5 (PTI) — Corporation Bank has declared an interim dividend of 20 per cent for the fiscal 1999-2000. In a statement here, the bank said it has made arrangements for distribution of interim dividend from May 10, 2000 onwards. “With the despatch of dividend warrants, the bank has been able to distribute the interim dividend within the shortest possible time,” it said.

ICICI invests in Internet firm

NEW DELHI, May 5 (PTI) — Internet company Khuljasimsim .com today announced that Internet company Khuljasimsim.com today announced that ICICI’s e-commerce division has invested Rs 9 crore in the firm. “ICICI invests in companies in which a combination of focused management team, unique product offering, large potential market and well-formulated operating plans. Our partnership with Khuljasimsim is based on this principle,” Renuka Ramnath, General Manager of ICICI’s e-commerce group said in a statement here.

Kalyani group plans to float 2 cos

MUMBAI, May 5 (PTI) — Pune based Kalyani Group in alliance with ICICI and PricewaterhouseCoopers Ltd has firmed up plans to float two companies for starting business to business (B2B) electronic markets devoted exculsively to the engineered steel and auto component sectors at an estimated cost of Rs 50 crore.

Bajaj Electricals to invest 100 cr

MUMBAI, May 5 (PTI) — Bajaj Electricals Limited (BEL) has announced a major capital expenditure plan involving a total outlay of Rs 100 crore in Maharashtra. “BEL will invest Rs 100 crore in the current and next year which includes setting up of manufacturing plant and wind farms in Maharashtra”, company President R. Ramakrishnan told newsmen here today.

Unichem Lab nets Rs 3.79 cr

MUMBAI, May 5 (PTI) — Unichem Laboratories has reported a net profit of Rs 3.79 crore in the fourth quarter ended March 31, 2000, as against Rs 1.33 crore recorded in the corresponding period of 1998-99. Sales in the period went up to Rs 51.92 crore from Rs 45.87 crore registered in the same period the previous fiscal.

BIZ BRIEFS

Star TV

NEW DELHI, May 5 (PTI) — Mumbai-based internet firm baazee.com today claimed that Star TV has invested $ 11 million (about Rs 47 crore) in the company in Returpartners and affiliates of Newbridge Asia, a leading American private equity group.

UTV

MUMBAI, May 5 (PTI) — United Television (UTV) has introduced an employee stock option scheme (ESOP) by reserving 8 per cent of its post-initial public offer (IPO) equity for its employees.

Economist

NEW DELHI, May 5 (PTI) — Brazil has honoured Indian economist Parthasarathi Shome with its highest award accorded to foreign nationals for contribution to economic reforms in the South American country in the 90’s.

Toothpaste

NEW DELHI, May 5 (UNI) — Hindustan Lever Limited (HLL) has launched a new product targeted at undertapped rural and small towns. Around 50 per cent of the country’s population does not use toothpaste, offering a huge opportunity for the company’s new toothpaste, aim, Mr Mukul Deoras, Marketing (Oral Care), HLL told mediapersons here.

P&G

Mumbai, May 5 (PTI) — Procter and Gamble (P&G) has launched its 56-year-old detergent brand “Tide” in India as part of its global restructuring process.

PSB branch
Tribune News Service

AMRITSAR, May 5 — Punjab and Sind Bank today opened its rural development division at Jandiala Guru here. The division was inaugurated by Mr S.S. Johal, Additional Deputy Commissioner (Development), Amritsar.

ADB meet

NEW DELHI, May 5 (PTI) — Finance Minister Yashwant Singh will lead the Indian delegation to the ADB 33rd annual general meeting beginning tomorrow at Chiang Mai, Thailand. Sinha will address the Board of Governors of the ADB on May 7, besides meeting his counterparts from Japan and other countries.

Microsoft

NEW DELHI, May 5 (PTI) — Microsoft Corp today announced the launch of its Indian website which gives information on the company’s products and technologies, besides offering features like Hindi chat, newsletters and mail. The website www.Microsoft.com/India which offers customised content for specific needs of Indian users also provides technical information on the company’s products.

Surya Soft

NEW DELHI, May 5 (PTI) — Surya Soft Tech Ltd, a 100 per cent subsidiary of Surya Roshni has acquired two Bangalore-based software companies and plans to tap the capital markets to raise funds for expansion. The company is planning to come out with a public issue at par, a company statement said today.