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| Friday, June 2, 2000, Chandigarh, India   
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Government lays down conditions for sale of sugar
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Grasim hit by
drought Reebok opens
outlet in city
Government lays down conditions for sale of sugar NEW DELHI, June 1 — The Government today laid down conditions for the advance freesale of sugar. “Sugar factories will be permitted advance freesale of sugar releases if they are in arrears of sugarcane payment and/or having constraint of storage space,” an official release said. Even this criterion is subject to certain guidelines which include that the entitlement of advance release of freesale quota should not exceed 500 MTs per month. Further, the release of advance freesale quota to all sugar factories including the incentive sugar factories would be subject to additional levy obligation of 5 per cent of the advance freesale releases made for the respective month. The advance freesale release would be subject to adjustment from the freesale quota of the factory on the basis of the All-India pro-rata releases. The adjustment of the advance freesale quota would be carried out normally during the same sugar season. The total advance freesale release to all categories of sugar factories put together in a month would not exceed 25,000 MTs. The eligibility of sugar factories for advance release of sugar would be determined by a committee chaired by Joint Secretary (Sugar) with Chief Director (Sugar) and Director (Sugar Control) as members. The release said the government has been making advance allotment of freesale sugar with effect from January 1, 2000 to such sugar factories which do not have cash credit limit sanctioned to them by banks, factories affected by natural calamities, sick sugar factories under BIFR sanctioned revival schemes as per certain guidelines. The proceeds of such advance releases were to be utilised exclusively for payment of cane price arrears to farmers.
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Grasim
hit by drought NEW DELHI, June 1 (PTI) — Leading investment bank HSBC Securities has said India Cements and Grasim Industries have been the most affected due to a fall in cement consumption in the drought-hit states. “India Cements and Grasim have suffered the most in relative terms (due to the concerns of drought),” HSBC said in its report on domestic cement sector adding that the concerns on drought coupled with expectations of lacklustre results for 1999-2000 have hurt share prices of India Cements. It said conglomerates were also relatively worse off, with Grasim share prices down 16 per cent in relative terms while L&T was down 4 per cent. The acquisition of Raymond’s cement unit by Lafarge will act as sentiment boosters for the sector. The correction in share prices of cement companies has once again made the stocks attractive, HSBC said adding that at current prices India cements was its preferred stock. |
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BBMB top consultants for hydro projects CHANDIGARH, June 1 — On the strength of the experience its engineers possess, the Bhakra Beas Management Board (BBMB) — that manages and operates the largest hydro electric projects in the country — is headed to become the top-most consultation service providers for other hydro-electric projects across the country. To utilise the services of his engineers better, the Chairman of the BBMB, Major Gen R.R. Oberoi (retd), mooted the idea of a consultancy service which was eventually opened in July last year. Within 10 months the BBMB is busy providing consultation to 17 clients across the country for renovation, modernisation and uprating (RMU) of hydro-projects. And all this is also bringing in revenue, as the BBMB is charging for the experience it parts away with. Each client means a few lakhs, depending upon the nature of the job. Scope for consultancy covers RMU studies, reservoir and flood control, technical problems related to civil, electrical and mechanical fields, dam safety inspection, design fabrication, testing and inspection of various hydraulic and general steel structures, testing facilities for concrete and soil and problems relating to operations and maintenance of hydel channels and tunnels, among some other works. To top it all the Power Finance Corporation (PFC) that has invested around Rs 20,000 crore in the power sector in the country signed a Memorandum of Understanding (MoU) with the BBMB on May 19 to obtain technical expertise in the field of Hydro power. The contract shall be for two years but it is extendable. This means the BBMB will be the technical adviser to inspect hydro projects and advise the PFC on the loans and connected technical risks, explains Mr K.S. Sahota, Secretary of the consultancy services and Deputy Chief Engineer of the BBMB. Sahota and his team are now working to sign an MoU with Japan India Business Core Committee for renovation, modernisation and uprating of Hitachi, Fuzi and Toshiba units installed in India. There are around 75 units of the three companies in the country. Another MoU was signed in March with Bharat Heavy Electrical Limited (BHEL) to jointly execute renovation and uprating projects in the country. The consultancy cell, located in Sector 35, is awash with requests from various state electric boards and corporations. Madhya Pradesh, wants a Residual Life Assessment
(RLA) — required to know what more life is left in the dam, or its equipment — carried out for one of its projects. The Punjab authorities have asked for consultancy on finalising the requirement of manpower for operation and maintenance of its Ranjit Sagar project. West Bengal wants BBMB’s support in preparing a bid document for global tendering for a massive project near Siliguri in the eastern state. Tamil Nadu wants an RLA carried out for its power house. Himachal Pradesh wants crucial repair carried out by the BBMB for its 450 MW Chamera project, Maharashtra, Andhra Pradesh, Haryana, Karnataka and Orissa are the other states that seeking assistance from the BBMB. To tender engineering services the cost is 1 per cent of the project while costs for providing assistance are decided after seeing the nature of work. Mr Sahota admits shyly that this is bringing in revenue. But more important than that, he adds, is quality assistance for all works to everyone. Teams of the BBMB are sent to make an on-the-spot assessment of the work report back. The client is then informed about the nature of job and requirements.
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Reebok opens
outlet in city CHANDIGARH, June 1 — With an aerobic show by young attractive girls, Reebok India opened a Rockport store in Sector 17 here this morning which is the first in this region and 11th in the country. Ludhiana and
Jalandhar are next on the agenda. Reebok is the brand for sportswear — shoes, T-shirts etc — while Rockport is for a premium range of footwear and apparel marked by 3 Rs — rugged, refined and relaxed, explained Mr
Manish Dawar, Country Manager, Rockport. Entering India in 1995, Reebok has captured a market share of 50 per cent followed by Nike. “The company broke even last year with a turnover of Rs 70 crore”, said Mr Dawar. Reebok shoes are imported and cost between Rs 1990 and Rs 5,500. Targeting the upper middle class, the price range for shirts is Rs 799-1699 and trousers Rs 999-1899. As a marketing tactic, the MNC promotes fitness through aerobics. The girls are trained for six months by an expert from the
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NEW DELHI: Ford India Limited on Thursday announced plans to introduce a new model of its Josh machine — Ikon EXI — in July and stated that the prices of the existing models would be hiked by Rs 8,000-9,000 following certain upgradations that have been carried out on the models. However, Ford was tightlipped on the price of the new variant saying, “it will be competitive and will be announced shortly”. The Ikon 1.3 CLXI petrol model is now priced at Rs 515,240, while the 1.6 ZXI petrol is priced at Rs 629,321 and the 1.8 ZXI diesel at Rs 708,977 (all prices ex-showroom Delhi). Matiz sales up Daewoo Motors India Ltd (DMIL) has recorded a 19 per cent increase in sales at 6,033 units in May this year against 5,067 units in the previous month. However, the sales was 2.7 times higher compared to 2250 cars sold in the same month last year, a company release said here today. During May, Matiz accounted for 5830 units of the total sales. The Indian subsidiary of Korean auto maker Daewoo has sold 25,975 cars in January-May 2000 over 6,053 cars sold in the same period of 1999. Uno sales drop Fiat India Limited has recorded a 31.7 per cent drop in passenger car sales during May, 2000, having sold 1,101 units as against 1,614 cars a year ago. The company attributed the sales drop lower production during the month due to a two-week plant
maintenance shutdown. During May, 2000, the company sold 901 units of its small car Uno and 200 units of the mid-sized Siena. It sold 1,365 units of Uno and 249 units of Siena during the same month last year. City sales up Honda Siel Cars India Limited recorded a 24.3 per cent surge in sale of its mid-sized car City in May, 2000, to 903 units as against 726 units a year ago. The sales surge had been on account of the rush for
cars in the first fortnight of May 2000 as buyers wanted to purchase vehicles before the sales tax hike. The May, 2000, sales were however, 2.1 per cent lower than 923 units in April, 2000. During the first two months of the current fiscal, the company has sold a total of 1,826 units, up 38.9 per cent from 1,314 units a year ago.
— UNI, PTI Award for MUL NEW DELHI: Maruti Udyog Limited has been awarded the highest exporters award for its export performance during 1998-99 in the motor vehicles — non SSI sector, by the EEPC. In 1998-99, Maruti exported 24,100 vehicles to over 60 countries and earned foreign exchange of more than $ 90 million.
— TNS Lancer CHANDIGARH : Mr S. Vasudevan, General Manager (Sales and Service), HM inaugurated Premier Motor Garage’s Mitsubishi Lancer showroom at Industrial Area, Phase I here on Wednesday Mr Nalin Mehta, GM (Marketing) was also present on the occasion. — TNS |
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Hyundai founder quits SEOUL: Chung Ju-Yung, the founder of South Korea’s Hyundai group, on Thursday bowed to pressure from the government and investors and said he and his two sons would step down from management roles. However, his sons seemed surprised by the decision and appeared set to defy their father and fight for their executive jobs. Chung (84) said in a statement read by his deputy that he and his two sons — group Chairman Chung Mong-Hun and Hyundai Motor Co. Chairman Chung Mong-Koo — would resign from management of the sprawling empire. “From now on, I will secede from the forefront of management. And Mong-Koo and Mong-Hun will follow suit,” the father said, adding the group’s structure should be restructured and controlled by professional managers. The patriarch said the only exception to the family members stepping down from their executive positions would be that Chung Mong-Hun would take care of the group’s economic project in North Korea.
— AFP He’s different NEW YORK: Ravin Agrawal, a partner at EastWest Venture Group, is different in more than one way from other Indian Americans in Silicon Valley. He was born in New Jersey, brought up between New Orleans and Calcutta, did business in India after graduating from Harvard and joined a venture capital start-up, not an
information technology (IT) start-up. The EastWest Venture Group was founded in November 1997. Agrawal (31) is one of the four partners. The company controls about $250 million in early-stage capital. And it also has a late-stage fund in collaboration with New York-based Wasserstein Adelson Ventures. Though he describes himself as “a schizophrenic adolescent,” Agrawal is anything but that. He received his bachelor’s in economics from Harvard College and a management degree from Harvard Business School. “EastWest Capital group attracted me because they were
focused on media enabling technologies,” Agrawal said. It was right up his alley. While earning his MBA, he was selected by the Walt Disney Company as the first student producer in its new electronic entertainment unit, Disney Interactive. There he designed original video-game, PC and online product concepts. Prior to joining EastWest Capital, he was a New York-based business consultant for McKinsey & Company, the global management consulting firm, where he helped major global banks respond to the opportunities presented by start-ups with new business models and technologies. He also managed several programmes to improve the operations of media and entertainment companies, and international business development efforts for technology clients. Before joining McKinsey, Agrawal had founded and served as the chief executive of SouthAsia.com, a pioneering web design firm in Bangalore, India. EastWest was different from other venture capitals, Agrawal contends, “because we have largely avoided the B2C (business-to-customer) investment craze and the B2B (business-to-business) vertical investment fashion.” Agrawal works 12 to 15 hour days in what he describes as “a very self-driven industry,” but he loves it. “If you love technology and if you love being at the cusp of what’s new and love watching new markets grow, its an incredible vantage point,” he says.
— IANS New IMF chief BANGKOK: Neither the idea of an Asian Monetary Fund (AMF) nor controls on capital movement are “taboo” to the new Managing Director of the IMF, he said on Thursday. However, IMF MD Horst Koehler added caveats and qualifications to his comments on both issues. Koehler told reporters after meeting Thai Prime Minister Chuan Leekpai he was not opposed in principle to the AMF idea but it should be complementary to the IMF, not against it. The AMF idea was proposed some years ago by Japan and has gained sympathy in Asian countries that feel they have insufficient say in the running of the Washington-based and largely western-controlled IMF. But no formal proposal for an AMF has yet been made. On capital control measures, Koehler said they were not “taboo” but ought to be imposed only under special circumstances. Control of capital movement discouraged inflow of capital when countries assessed their internal situation was “not mature enough to absorb this capital.”
— Reuters |
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Aptech to give training in 16 colleges CHANDIGARH: Aptech Computer Education, the flagship division of Aptech Limited, has been awarded the task of training students on IT skills in 16 colleges in Punjab. The Punjab Government has taken the initiative to take computer education & training to the remotest places in Punjab and Aptech is partnering with the government in this endeavour. Aptech is setting up computer labs in 16 colleges, which will have hi-tech equipment and trained faculty from Aptech Computer Education and the latest courseware. The 16 government colleges are at Gurdaspur, Muktsar, Fazilka, Gidarbaha, Ajnala, Sathiala, Zeera, Kala Afgana, Dhudika, Faridkot, Kapurthala, Tarn Taran, Govt. Mohindra College Patiala, Govt. Bikram College of Commerce, Patiala, Govt College for Girls, Amritsar and Govt College of Education, Faridkot. Mr Ravi Khanna, Sr. Vice President & Zonal Head, Aptech Computer Education (North) said, “Aptech is already involved in major Training and Education initiatives in various states of India, including Tamil Nadu, Andhra Pradesh, Maharashtra and Gujarat. And now we are to partner with the Government of Punjab to bring about computer literacy in this state.” Aptech Computer Education has 101 centres in Punjab, Haryana, Himachal Pradesh, Jammu & Kashmir and Chandigarh. Recently the company inaugurated its regional office in Sector 8-C in Chandigarh.
— TNS Philips site MUMBAI: Philips India Ltd on Thursday launched a voice activated e-commerce website equipped with an auto payment gateway for its consumer durable products. The company also plans to open about 200 kiosks at dealer points by the end of this fiscal, to enable customers without Internet access to transact business with it, Senior Vice-President Rajeev Karwal told reporters here. The business to business (B2B) and business to consumer (B2C) website, that can be accessed through the company’s site “philipsindia.com” has in-built customer relations management (CRM) model for increased transaction flow between it and the customers. Business worth Rs 3.5 crore was expected to be done in the first year on the web through Philips’ “e-shop”, he said adding business worth about Rs 7 to 8 lakh per month was taking place on the web now.
— PTI IBM Global NEW
DELHI: US major AT&T on Thursday announced the completion of its acquisition of IBM Global Network in India, getting the latter’s existing assets, management and employees based in Mumbai, Delhi and Bangalore in the process. At a total cost of $ 5 billion AT&T’s acquisition of the IBM Global Network business has been done in phases throughout 1999 and 2000, as per legal and regulatory requirements in the 59 countries the company operates in, a company statement said.
— TNS IBM solutions CHANDIGARH: IBM India has provided Solutions Forum 2000, targeting small and mid-market businesses. The Forum brought to the doorstep of key decision-makers and business-persons, IBM’s cost-effective solutions for all sizes of businesses. Experts from IBM made presentations on solutions like ERP, retail, e-business, supply chain management and CRM. Mr Ashish Kumar, Country Manager, Small & Mid-Market Business, IBM India said, the IBM Solutions Forum will cover 12 cities across the country.
—TNS Nasscom NEW
DELHI: The National Association of Software and Service Companies (Nasscom) on Thursday asked the government to permit international leased lines to connect with fixed land lines and reduce tariff for international connectivity to meet the increasing Internet bandwidth demand of the country. “One of the key requirements today is to change the government policy and allow international leased lines to be connected to land lines in India. The policy of not allowing such connectivity is making India loose export opportunities”, Nasscom President Dewang Mehta said here while launching ‘Operation Bandwidth’. Oracle NEW DELHI: Oracle Corp on Thursday launched its applications suite which allows companies to completely automate their e-businesses from web selling and marketing to Internet supply chain and procurement. “The oracle e-business suite 11i provides out-of-the box integration of e-business applications throughout the extended enterprise from customers and partners to suppliers,” the company said. As Oracle’s third-generation Internet applications solution, the suite leverages net business practices that allow companies to put their customer interactions.
— PTI |
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TV18 picks personal finance portal Tata Chem net down 35 pc Tata Honeywell net up 74 pc SRF exits bearings business Tata Refractories posts 5.32 cr net
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Godrej FCI chief ISO-9002 Com Secy IDBI
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