 |
| Saturday, July 29, 2000, Chandigarh, India   
|
Industrial upsurge comes to a halt CII survey: industry slipping back into recession NEW DELHI, July 28 — Showing signs of slipping back into recession, the Indian industry recorded dismal growth in the first three months of 2000-01 with basic goods, including steel, cement and fertiliser as well as consumer non durables and intermediate goods, depicting less than ten per cent growth in production, a CII survey said today. Hind Lever
net profit rises 26pc Himachal to setup ‘land bank’
& simplify laws
|
|
|||||||||||||||||||||||||||||||||||
| Khusro: zero deficit for states by 2004-5 NEW DELHI, July 28 — The 11th Finance Commission has recommended structural reform and other fiscal measures which aim to make zero revenue deficit for state governments by 2004-05, its Chairman, Prof A M Khusro, said today. Nirma records 32pc net growth CALCUTTA, July 28 — The Rs 8,000 crore ITC Limited today unveiled its future growth strategies with major forays into the information technology (IT) and retailing business but virtually ruled out the possibility of venturing into the aviation sector.
|
|
Industrial upsurge comes to a halt NEW DELHI, July 28 (PTI) — Showing signs of slipping back into recession, the Indian industry recorded dismal growth in the first three months of 2000-01 with basic goods, including steel, cement and fertiliser as well as consumer non durables and intermediate goods, depicting less than ten per cent growth in production, a CII survey said today. Predicting a gloomy picture of the industry for the next six months of 2000-01, the CII Ascon survey said a majority of core sectors like cement, crude oil, steel, fertiliser reported single-digit growth during April-June, 2000, over the corresponding period of the previous year. The only exception to the trend was consumer durables with sub-sectors like motor cycles, audio products, personal computers and air conditioners which recorded excellent growth rates of over 20 per cent. Even within consumer durables, medium and heavy commercial vehicles, scooters, colour televisions showed negative growth rates. While crude oil production recorded negative growth of 5 per cent, petrol recorded 7.6 per cent growth during April-June 2000-01 even as steel recorded 9.3 per cent growth followed by cement at 4.1 per cent. The growth prospects for these sectors in the next six months were also pessimistic with cement, oil and natural gas and steel poised for below double-digit growth. Among intermediate goods, 13 of the 19 sub-sectors recorded moderate to negative growth in production which was aped by capital goods like machine tools, telecom equipment, boilers and electrical cables and wires. A majority of consumer non durables like cigarettes and tobacco, tea, processed food, alcoholic beverage, newsprint and detergents also showed single-digit growth. Sugar at the 25 per cent production growth rate and vanaspati at the 20 per cent growth rate bucked the trend followed by drugs and pharmaceuticals and personal healthcare at 16 per cent and 15 per cent, respectively. The survey which covered about 65 per cent of total industry output said the services sector covering construction, thermal, hydro and nuclear electric generation were also below the 10 per cent mark. However, software cellular services and housing finance were the high growth sectors at 50 per cent, 84 per cent and 25 per cent production rates in the first quarter of 2000-01. |
|
Hind Lever net profit rises 26pc HINDUSTAN Lever Limited (HLL) has posted a net profit of Rs 286.74 crore in the second quarter of 2000, an increase of 26.4 per cent compared to the same period of the previous year. The FMCG company announced an interim dividend of Rs 1.5 per share of Re 1, an increase of 25 per cent over last year’s interim dividend of Rs 12 per share of Rs 10 each. The net sales of Q2 was Rs 2,879.72 crore as against Rs 2,752.78 crore. The net profit in the first half of 2000 has shown a 25 per cent growth at Rs 549.35 crore, Chairman M.S. Banga told newsmen on Friday after the board meeting. The volume growth in the first half was at 5.3 per cent while turnover (net of excise) is up by 5.8 per cent at Rs 5,493.79 crore as prices remained stable. Financial results for the quarter include an estimated business restructuring cost of Rs 30 crore charged in the three month period as compared to Rs 33 crore in the same quarter last year. Banga said the growth of premium brands, coupled with continuing improvement in productivity and supply chain efficiencies had led to strong profit growth. Other income rose by 33 per cent to Rs 77.37 crore on account of efficient treasury management, he added. Overall sales growth in the June quarter had,
however, been dampened by flat ice cream sales and a decline in oils and fats. Exports business, however, registered a growth of 19 per cent, he added. Apollo Tyres Apollo Tyres has recorded an increase of 44 per cent in the net profit at Rs 12.93 crore for the quarter ended June 30, 2000 as against Rs 8.98 crore registered during the corresponding period last year. The profit before depreciation and tax moved up 29 per cent to touch Rs 20.98 crore as against Rs 16.23 crore for the corresponding quarter in the previous year. Net sales increased to Rs 350.88 crore from Rs 326.49 crore recording an increase of 7.4 per cent during the quarter.
— PTI, UNI |
|
Himachal to setup ‘land bank’
& simplify laws SHIMLA, July 28 — The Himachal Government today unfolded its new tourism policy carving out a greater role for the private sector in tourism. The policy released by Mr P.K. Dhumal, Chief Minister, here, lays emphasis on the development of special interest infrastructure with the help of the private sector to create entertainment facilities like amusement parks, ropeways health resorts and botanical gardens and promote adventure sports like white water rafting, paragliding, heliskiing, mountaineering and trekking for which the state had immense potential. One of the key objectives of the policy is to break the seasonality factor associated with tourism in the state and to disperse the industry from the congested destinations like Shimla, Manali, Dalhousie and Dharamsala to less known areas. It also proposes to harness the tourism potential of forests, wildlife sanctuaries and nature parks by developing camping sites, trekking trails, watch towers and other necessary facilities. A special action plan will be formulated for the integrated development of centres of pilgrimage which abound in the state. In the area of basic infrastructure, the thrust will be on improving access by upgrading the existing air, rail and road network in the state. Integrated area development projects will be accorded high priority and special efforts will be made to promote natural and man-made lakes as tourist destinations. The government will endeavour to create and upgrade manpower skills in the tourism industry in collaboration with the private sector. Within the government sector also, the policy and work culture will be oriented to facilitate the promotion of tourism. Specially trained policemen will be deployed at all major tourist destinations. Award will be instituted for excellence in the promotion of tourism. In the field of adventure tourism, the government will provide training opportunities to the youth and at the same time ensure enforcement of internationally accepted safety standards through appropriate legislation and regulatory frame-work. The policy also seeks to encourage the development of souvenir industry, to project a distinctive image of the state outside its borders. To facilitate shooting of films in Himachal Pradesh, the policy proposes to declare the Directorate of Tourism as the nodal agency for all type of clearances required by film-makers. The development of accommodation, transport and catering has been reserved basically for the private sector with the state intervening only in exceptional cases. However, the policy proposes that all new construction will be regulated to harmonise with the natural environment and the architectural ethos of the state. The policy recognises the immense tourism potential of heritage buildings and old monuments and proposes to exempt heritage buildings developed as tourist accommodation from the luxury tax for a period of five years. The state government will also endeavour to promote the creation of convention facilities at par with best in the country to grab its share of business convention and hospitality industry. The laws to purchase land are proposed to be simplified and the Department of Tourism will be providing escort services for all the clearances. The government will also create a land bank of private land by taking consent of the private owners. Tourism clusters designed and developed as tourism cities and tourist villages will be identified at new destinations for setting up tourism clusters. Small village units with less than five guest rooms and tourism cooperatives will be exempted from luxury tax. |
|
Stop payment: why charge customers? OF late banks have started charging a specified amount to their customers in case they issue “stop payment” instructions after issuing a cheque. For example, one bank charges Rs 50 for stopping payment of a particular cheque while another bank charges Rs 25 per cheque. Such charges for “stop payment” are totally unjustified. What is more, regardless of the amount for which the cheque is, the charges for stop payment are uniform. So if a customer draws a cheque for Rs 25 on his current account with one bank and subsequently the bank receives instructions to stop payment, the customer is charged Rs 50. In such a case, a customer would rather allow the cheque of Rs 25 to be cashed rather than pay a penalty of Rs 50 for stopping the payment. Another bank debits the customer’s account with Rs 25 on receiving stop payment instructions. The matter requires to be carefully examined by the Reserve Bank of India. In carrying out customers’ instructions for stop payment a bank renders hardly any service and yet, heavy charges are made for carrying out routine instructions to stop payment. It appears that this practice has sprung up presumable because of the inefficiency of the banks to make profits from normal banking business and that is why a new source has been found to earn income by unjustifiably penalising customers. In carrying out such instructions, what is the effort made by the bank? How much does it cost the bank in carrying out such instructions? Is the value of such service commensurate with the work done? Why this different rates by different banks for the same “so-called” service? To crown it all, while acknowledging the receipt of the instructions regarding “stop payment”, the banks also unashamedly say that they assume no
responsibility or liability while carrying out the instructions. In these circumstances what right has the bank to charge the customer and yet in the same breath say that it would assume no liability or responsibility? In other words, as pointed by Mr M.R. Pal, Hon Secretary of the All-India Bank Depositors Association (Mumbai), service charges are charged with no guarantee of rendering the service. Another pernicious practice
which has sprung up amongst bankers is that they charge customers for supplying cheque books. So if I ask for a cheque book of 100 leaves, my account is debited with Rs 100. Now what possible justification can be there for such a charge? Very large amounts are lying in the current accounts operated by drawing cheques and no interest is paid on such large amounts running into crores of rupees used by the banks in giving out loans from these large amounts and interest at 16 and 17 per cent per annum. It is suggested that the banks may pay interest on the current account as in some other countries at a stipulated rate, say 6 to 7 per cent on minimum amount standing to its credit on 30th June and 31st December each year. On making inquiries I am told that in foreign countries the banks do not charge for the issue of cheque books to their customers holding current accounts but in India it seems to be a different proportion. According to a Supreme Court ruling, a customer need not use the cheque leaves issued by banks. It is open to him to write a cheque on a blank paper of his choice. There is no provision in the Indian Negotiable Act requiring any particular form. If people start doing this, the problem will be for the banks and not for customers. The Reserve Bank of India should look into these matters and not allow banks to act according to their whims. (The writer is a senior partner of a Mumbai-based firm of solicitors and an authority on corporate laws) |
|
NEW DELHI, July 28 (PTI) — Ranbaxy Laboratories today reported a 12.8 per cent fall in the net profit at Rs 79.5 crore for the first half of the current fiscal ended June 30, 2000 as against Rs 91.2 crore in the corresponding period last year. However, the company’s turnover rose by 9.2 per cent to Rs 799.2 crore in the six months as against Rs 731.7 crore in the corresponding period last year. In the second quarter ended June 30, 2000, Ranbaxy’s net profit stood at Rs 40.4 crore down by 5.4 per cent from Rs 42.7 crore in the corresponding quarter of the previous year, while its turnover was up by 14.6 per cent at Rs 423.6 crore from Rs 369.5 crore SKF Bearings SKF Bearings India Ltd on Friday reported a net profit of Rs 6.9 crore for the first half of the fiscal ending June 30 as against a loss of Rs 5.6 crore in the corresponding period last year. The company’s operating profit grew by 20 per cent from Rs 17.6 crore to Rs 21.1 crore in January to June, 2000, while profits before extraordinary items and tax grew by an impressive 117 per cent from Rs 3.5 crore in the first half of the current fiscal. It said the strong improvement in results was due to an increase in sales income by 6 per cent at Rs 181.2 crore in the first six months of 2000 compared to Rs 171.2 in the same period last year.
|
|
Khusro: zero deficit for states by 2004-5 NEW DELHI, July 28 — The 11th Finance Commission has recommended structural reform and other fiscal measures which aim to make zero revenue deficit for state governments by 2004-05, its Chairman, Prof A M Khusro, said today. “We have so tailored our recommended structural reform and other fiscal changes that by the end of our reference period
i.e. 2004-05, the state governments should reach an era of zero revenue deficits,” Khusro told newspersons here. The Commission’s recommendations provide the states a sum of about Rs 96,000 crore this fiscal, which would be 37.5 per cent of the tax and non-tax revenue of the Centre. The Chairman said the implementation of the structural reforms programme recommended by the commission would bring down the combined fiscal deficit of states and Centre to 6.5 per cent from 9.8 per cent by 2005 and could achieve zero Central revenue deficit within the next seven to eight years. |
|
Nirma records 32pc net growth NEW DELHI, July 28 (UNI) — Nirma today reported a 32 per cent jump in its net profit at Rs 67.60 crore during the first quarter ended June 30, 2000 as against Rs 51.15 crore during the same quarter last year. Nirma registered gross turnover of Rs 648.08 crore registering a growth of 55 per cent from Rs 419.30 crore for the corresponding quarter of the previous financial year. The detergent and personal care segments of the company continue to grow at
substantially higher rates than the growth in the respective industry segments. Operating profit (profit before depreciation interest and tax) grow by 79 per cent to Rs 127.01 crore from Rs 70.92 crore for the corresponding quarter of the previous year. This is in spite of interest for the first quarter being Rs 25.25 crore, higher from Rs 4.90 crore during the corresponding quarter, due to capitalisation of the project expenditure. Depreciation was also higher at Rs 28.29 crore, up by 242 per cent from corresponding figure of Rs 8.27 crore. The company has on June 19 allotted equity shares on conversion of warrants issued to the shareholders. As a result, equity share capital stands increased to Rs 79.38 crore from Rs 33.88 crore. EPS (annualised) on enlarged equity share capital for the quarter has been at Rs 34.06, a growth of 32 per cent over the fully diluted EPS (annualised) of Rs 25.77 for previous financial year 1999-2000, a company statement here said. |
|
ITC says no to aviation CALCUTTA, July 28 (PTI) — The Rs 8,000 crore ITC Limited today unveiled its future growth strategies with major forays into the information technology (IT) and retailing business but virtually ruled out the possibility of venturing into the aviation sector. Mr Y.C. Deveshwar, Chairman of ITC, told the annual general meeting of the company here that infotech and retailing are the company’s “recent initiatives” born out of its corporate strategy “to pursue new avenues of growth without diluting the focus of its existing lines of business”. He said, the explosion of IT the world over had opened up, “exciting opportunities” for the ITC and referred to the recent launch of virtual soya market on the website by the company in Madhya Pradesh for soya farmers. During the current year the company would set up 300 such e-hubs in nearly 1,000 villages in the MP, Andhra Pradesh and Karnataka for other products like leaf tobacco, marine products and coffee. Later the AGM also approved a proposal to restructure the IT division of the company for launching a wholly-owned subsidiary for exclusively IT business. Deveshwar said retailing business was another area that could draw upon and combine the strength of ITC’s trademarks, branding and marketing skill. But later while responding to the queries of the shareholders, the ITC Chairman virtually ruled out possibility of buying stake in the Air India for the time being saying, “I do not see ourselves at this stage going for the airlines business in an aggressive manner.” Deveshwar’s comment on ITC’s present stand on its possible entry into the aviation sector came after a number of shareholders urged the board to consider buying stake in the Air India for which the government had already announced the disinvestment plans. |
rc
‘Software’ man dead NEW YORK: John Wilder Tukey, one of the most influential statisticians of the last 50 years and a wide-ranging thinker credited with inventing the computer terms “bit” and “software”, died on Wednesday in New Jersey. The cause was a heart attack after a short illness. Tukey developed important theories about how to analyse data and compute series of numbers quickly. He spent decades as both a Professor at Princeton University and a researcher at AT T’s Bell Laboratories, and his ideas continue to be a part of both doctoral statistics courses and high school math classes. In 1973, President Richard M. Nixon awarded him the National Medal of Science. But Tukey frequently ventured outside of the academy as well, criticising Alfred C. Kinsey’s research on sexual behaviour in the 1950s and warning in the 1970s that aerosol spray cans damaged the ozone layer. “The best thing about being a statistician,’’ Tukey once told a colleague, “is that you get to play in everyone’s backyard.’’ An intense man who liked to argue and was fond of helping other researchers, Tukey was also an amateur linguist who made significant contributions to the language of modern times. In a 1958 article in American mathematical monthly, Tukey saw that ‘’software’’, as he called it, was gaining prominence. “Today,’’ he wrote at the time, it is “at least as important’’ as the ‘hardware’ of tubes, transistors, wires, tapes and the like.’’ Twelve years earlier, while working at Bell Laboratories, he had coined the term “bit’’, an abbreviation of “binary digit’’ that described the 1’s and 0’s that are the basis of computer programs. Both words caught on, to the chagrin of some computer scientists who saw Tukey as an outsider. ‘’ “Not everyone was happy that he was naming things in their field,’’ Steven M. Schultz, a spokesman for princeton, told The News York Times.
— DPA NEW DELHI: In a first-ever venture that is bound to create renewed interest in the epical story of Lord Krishna, the popular teleserial “Mahabharat” is to be converted into a computer game. The games will be created using existing audio and video footages and the characters from the serial produced and directed by renowned filmmaker B. R. Chopra which had set new standards of viewership when first telecast on Doordarshan and which has since been telecast in channels all over the world. Video and audio cassettes and discs of the series are also selling all over the world. Following the signing of an MoU between BR Films and Indiangames, the computer game when ready will be available on a CD-ROM, on the websites www.indiagames.com or
www.brfilmsindia.com. — UNI From waste
to wealth NEW DELHI: India spends Rs 700 crore to maintain its fly ash ponds, to prevent the ash from flying out, the ground has to be kept wet round the clock by either using sprinklers or watering continuously, says Vimal Kumar, Mission Director, Fly Ash Mission. If this is not done, the fly ash flies around, causing respiratory problems wherever it spreads. While in its dry form it flies around, in its wet form it seeps in to pollute the groundwater. According to researchers the introduction of a bio-fertiliser not only helps fly ash lose its negative aspects, but it also transforms fly ash into a soil capable of bearing floriculture, crops and even trees. The USA, the world’s largest producer of fly ash, which contains arsenic, cadmium, mercury and other toxic minerals, spends millions of dollars on creating and lining fly ash dumping grounds so that groundwater is not polluted. According to the Fly Ash Mission, the addition of mycorrhiza, a bio-fertiliser, enables fly ash to sustain vegetation. — PTI
|
bb
Dot coms NEW DELHI, July 28 (UNI) — SEBI has constituted a committee under Mr Y.H. Malegam for determining a system for valuation of dot com companies. It has also initiated discussions with market analysts and editors of leading publications to put in place norms regarding “motivated market analysis”, SEBI Chairman D.R. Mehta told newspersons here today.
Group on IT NEW DELHI, July 28 (PTI) — The working group on “IT for Masses” under the Ministry of Information Technology (MIT) will submit its set of recommendations on an eight-year strategy for IT proliferation at the grassroots level tomorrow. “The working group has finalised its recommendations and these will be submitted to the government tomorrow,” official sources said here.
Income tax NEW DELHI, July 28 (UNI) — More banks have now been authorised to collect income tax. These include Punjab National Bank and Corporation Bank. Seventytwo more computerised branches of PNB spread all over country will be collecting income tax from August 1, 2000 under 1/6 scheme of the Income Tax Department.
PHDCCI CHANDIGARH, July 28
(TNS) — Welcoming the decision of the Punjab Government to constitute a disinvestment commission and a public expenditure reforms commission, Amarjit Goyal of the PHDCCI today suggested that the government should set a time-bound programme for the disinvestment of state PSUs particularly the loss-making units and introduce a voluntary retirement scheme for surplus employees both in the departments and PSUs. A renewal fund should be created and a human resource development policy put in place.
Gifts fair NEW DELHI, July 28 (UNI) — The government today denied reports that the Textiles Ministry is in clash with the Commerce and Industry Ministries on holding the handicrafts and gifts fair by the India Trade Promotion Organisation (ITPO).
Exporter dead PHAGWARA, July 28
(FOC) — A leading exporters and educationist Mr S.K. Uppal founder of local Bharati Engineering Corporation, died in New Delhi this morning. He was 70. Returning from a foreign business trip, sat in a car waiting for him outside Indira Gandhi International Airport when he collapsed and died of heart failure. He will be cremated tomorrow.
Amway CHANDIGARH, July 28
(TNS) — Amway India has launched India’s first leather & vinyl cleaner which contains abrasive-free formulations that
protects all types of leather, vinyl, plastic and rubber material. |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 120 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
