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| Thursday, December 7, 2000, Chandigarh, India   
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Lobby out to grab Haryana
mines Rs 700 cr business
done at Agro Tech NABARD offers
loan to Haryana Ensure equity, social
justice, says Sinha PNB opens corporate branch |
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Fiscal Bill
approved Retirement age lowered
Export councils
urged to tap IT Govt to focus on IT
hardware: Mahajan
Nasdaq-led tech stocks back in
demand
Write Ram nam for
loan Greetings
and viruses Protest at
Comdex show
Hind Lever a good pick
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Lobby out to grab Haryana
mines FARIDABAD, Dec 6 — Haryana Minerals Limited (HML), the 28-year-old company owned by the state government, will cease to “own” hundreds of acre of precious mine area spread in Faridabad, Gurgaon and Mahendergarh districts from the midnight today. The state government plans to allot several of these mines on a short-term permit basis to individuals and companies. In its letter dated November 22 last had allowed acquisition of the mines area (plots), and had given about 15 days time to clear the material lying in the vicinity of these mines. Instructions had been issued to get clear all the machines and workshops set up by HML within three months. The two-weeks time period came to an end today and the government was free to allot these mines to any other party. While it is learnt that to release these on a lease basis is not possible, it is speculated that these would be released on a short-term-permit basis to persons close to those in power. On the other hand, some experts believe that these mines could be handed over to the agency like HML for the time being. It may be recalled that HML had been owning 414.45 hectares of silica sand, general sand and rock in Rojka Gurjar, 32.31 hectare in Sehsola, 208.10 hectare in Matdoon, 102.15 hectares in Chittora, 33.15 in Pingawa, 13.36 in Akbarpur 0.94 hectare in Gagani I and II, 18.15 hectare in Hyderpur, 40.70 in Rajgarh, 0.95 in Manethi and 1.64 in Lagumanethi of Gurgaon district. Similarly the mines owned by HML in Mahendergarh district include 301.4, 89.73, 275.34, 86.2 and 23.61 hectares respectively in Antari Behari, Belbhas, Danota Dhanchali and Danoja Ramvaas. Seventy hectares of mine area of Khori Jamalpur in Faridabad district had been used by HML through its labour contractors. The state government had reportedly made a move to get the mine area back, a few months ago, and the Chief Minister is reported to have taken active interest in the move. It is learnt that an influential lobby has been working over time to make the move successful as many persons close to the corridors of power had been desiring to make a stake in mining business, which seems to have become quite lucrative” over the years. But on the other hand, bleak future awaits about 814 employees of HML who would be on road due to the “closure” of work for HML. Of the 419 officials 225 are reported to be permanently employed. |
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Rs 700 cr business
done at Agro Tech CHANDIGARH, Dec 6 — The five-day Agro Tech fair, which concluded here yesterday, generated business inquiries worth Rs 700 crore, CII Regional Director Piyush Bahal said today. Over 250 business-to-business meetings were conducted during the fair which was visited by over 10 lakh people, including 10,000 business visitors. REI Agro Ltd, Haryana, signed an MoU with Instapro International, USA. Another MoU was signed by the Fisheries Department of Haryana and Haryana Agro Industries Corporation with a French company, Krud Consultancy Service. Punjab Agro signed five MoUs with foreign companies in the presence of Mr Parkash Singh Badal, High Commissioner of Canada Peter Sutherland and C.L. Bains. Financial Commissioner (Development) Punjab. The first MoU was signed with Datar Agro Vet Feeds Limited. Ontario. Canada for the manufacture of milk replacers. The second with Insta-Pro International, Iows. USA, for the manufacture of breakfast cereals and snack food from cereals, Legumes, oilseeds and agricultural by-products. The third MoU was signed with Peekay Farm Equipment Pvt Ltd, licencees of Suncue Co Ltd. Taiwan, for the manufacture and setting up of paddy dryers, the fourth with Indo American Llybrid (India) Pvt. Ltd. Bangalore and the fifth with Mariental India Pvt. Ltd. New Delhi, for post-harvest management, development of infrastructure for storage and preservation and distribution of fruits and vegetables. |
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NABARD offers
loan to Haryana CHANDIGARH, Dec 6 — Mr Y.C. Nanda, chairman of the NABARD, told the Haryana Chief Minister, Mr Om Prakash Chautala, today that the state could initially seek a loan of Rs 200 crore from the bank for projects in different areas, an official press note stated. While underlining the need for financial assistance for roads, power, education and irrigation, Mr Chautala assured Mr Nanda of speedy utilisation of funds as well as regular and timely repayment. He said that Haryana had suffered heavily due to unprecedented floods in 1995, which badly damaged roads, water works and buildings of schools. The government would like to repair these roads and other infrastructure, the Chief Minister said. Mr Chautala told Mr Nanda that NABARD may divert toward Haryana the funds of those states which had not been able to utilise them . He said that the government would not confine the NABARD funds to the irrigation sector only (which was the practice earlier), and utilise its assistance for various areas. While referring to the steps being taken by the state government to give momentum to the cooperative movement, Mr Chautala said that he had directed the district administration to check irregularities committed by cooperative societies and take action against the erring personnel. The Chief Secretary, Mr Vishnu Bhagwan said that the state government should take financial assistance from NABARD for specific projects in three phases of Rs 200 crore each to speed up developmental activities. Mr M K Miglani, Financial Commissioner, Cooperation Department, said that in case NABARD provided an assistance of Rs 200 crore, all cooperative institutions would improve considerably. |
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Ensure equity, social
justice, says Sinha NEW DELHI, Dec 6 — The Union Finance Minister, Mr Yashwant Sinha, today said that India has put social justice and equity as the guiding principles of the country’s economic development and called upon the international community to ensure that the fruits of globalisation reach the poor. He was addressing the international conference on Globalisation and Democracy, organised jointly by Inter-Parliamentary Union and FICCI, here. The minister remarked that in today’s world, international trade is regarded as a harbinger of speedy economic growth. For this, the international trade regime has to be transparent, fair and equitable, he said. However, he felt, the reality is different. “Goods from developing countries attract tariffs which are four times higher than those applicable to goods from developed countries. The total annual subsidy extended by industrialised countries for the agricultural sector is almost twice the amount of total agricultural exports of developing countries put together. Unreasonable anti-dumping actions by developed countries are squeezing exports of developing countries. Developed countries collect tariffs in excess of $ 50 billion on account of imports from developing countries. This is probably higher than the total quantum of development assistance that developing countries receive”, Mr Sinha pointed out. The above facts highlight that we are far from being equal in the international arena as far as globalisation is concerned, he reiterated. He said that though the process of globalisation was inevitable, each nation had to find ways to cope with its impact at the national level and fend for itself. Mr Sinha recalled the time when there was pressure on India to bring about full capital account convertibility and expressed satisfaction that India was being held out as an example of financial stability for having resisted the same, especially in the light of East-Asian crisis. |
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PNB opens corporate branch NEW DELHI, Dec 6 — Punjab National Bank has embarked on an organisational restructuring plan to reposition itself as a most profitable universal bank. As a part of this initiative, PNB has decided to establish relationship oriented outlets to exclusively cater to large corporate borrowers having aggregate credit facilities to the tune of Rs 25 crore and above. The Chairman and Managing Director of the bank, Mr S.S.Kohli inaugurated the first such office in Central Delhi today. Mr Kohli disclosed that the bank would be introducing similar six more corporate outlets at Chandigarh, Ludhiana Mumbai, Calcutta,
Chennai, and Bangalore covering approximately 75 per cent of corporate credit business of the bank. NEW DELHI, Dec 6 (UNI) — In a far-reaching move which will have a major impact on the economy, the Union Cabinet has approved the fiscal responsibility and Budget Management Bill 2000, which seeks to put a cap on government borrowings. Parliamentary Affairs Minister Pramod Mahajan told reporters today that details of the Bill, that was approved yesterday, would be provided at the time of its introduction. It is likely to be introduced next week. According to highly placed sources, the Bill has been proposed to check the galloping revenue and expenditure deficit. Retirement age lowered NEW DELHI, Dec 6 (UNI) — The Cabinet has approved the rollback of retirement age from 60 to 58 years in Hindustan Steel Works Construction Limited. Parliamentary Affairs Minister Pramod Mahajan today said the decision will help the company save Rs 28 crore in six years. Following this, 157 employees will retire, effecting a savings of Rs 2 crore during 2000-2001. The Cabinet last night also approved the upward revision of rates of pension admissible to the Non-Official Chairman and members of the Public Service Commission. |
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Export councils urged to tap
IT NEW DELHI, Dec 6 — Export Promotion Councils (EPCs) must be proactive and innovative to keep up with the recent changes in the global trading environment, the Minister of State for Commerce and Industry, Mr Omar Abdullah said here today. Inaugurating the 42nd annual general meeting and the export awards distribution function of CAPEXIL (Chemicals and Allied Products Export Promotion Council), Mr Abdullah said the export promotion councils should make use of Information Technology and step up promotional activities with pioneering marketing. He said the advent of e-commerce and other such tools had revolutionalised international trading and welcomed CAPEXIL’s initiative to come up with B-to-B portal. The government on its part, Mr Abdullah said, was making continuous efforts to deregulate and simplify procedures in the Exim Policy and create a genuinely supportive environment for the exporting community. The Department of Commerce has already started the process of consultations with the Industry for bringing further changes in the Exim Policy for 2001-2002, he said. The Minister urged the CAPEXIL as also all the other councils to prepare the mid-term export strategy along with a concrete action plan for the coming five to six years in which they should identify thrust countries and thrust markets. In order to gain global acceptance, there was a need to build up a favourable image for the Made in India label, Mr Abdullah said. Complimenting the award winners, the Minister also stressed the need to be conscious about environmental matters such as waste management as this had the dual benefit of contributing to sustainable development and productivity as well as reduction of costs. “Environmental parameters must not be ignored for the sake of accelerated profits and technology upgradation for the development of eco-friendly processes and products is the need of the moment to make our products economically viable”, he said. The minister awarded the top CAPEXIL award to MMTC —MMTC’s award for the ninth time in a row for exports in minerals and ores. About one-third of India’s total export of minerals and ores is handled by MMTC. Mr S.D. Kapoor, CMD, MMTC received the award on behalf of MMTC.
Govt to focus on IT hardware: Mahajan NEW DELHI, Dec 6 (PTI) — In an effort to spruce up the dismal hardware performance, the government said today it would undertake a major initiative to devise strategies for the growth of the IT hardware sector in 2001. “The hardware sector in India has long been neglected and there is a mismatch between the hardware and software sectors in the country. The government has decided to focus its attention towards the hardware sector next year,” the Minister for Information Technology Pramod Mahajan said while inaugurating IT World 2000 Comdex India Exhibition here. Outlining the various IT projects currently underway for proliferation of technology in the country, he said that IT Ministry was also planning to connect 100,000 centres across the country under the community information centre project, over the next few years. “We have undertaken the project in the North eastern states under which we would connect 400 blocks in eight states initially and equip them with computers, internet and telecom facilities,” he said adding that the project would soon be taken up at a national level. Addressing the conference Dewang Mehta, President of National Association for Software and Service companies (Nasscom), said Nasscom would initiate a workshop to address the policing and judicial elements of the IT Act 2000 in association with various state governments from January to April 2001. The four-day exhibition, commencing today, is expected to see the participation of about 150 infotech companies from India and abroad. Some major organisations participating in the exhibition include Intel, Polaris,
MTNL, VSNL, and Aptech.
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co
Nasdaq-led tech stocks back in demand The stock market on Wednesday reacted positively to the strong comeback on Nasdaq where the tech-high composite index rallied by a whopping 274.04 points, or 10.5 per cent last evening and the Dow Jones industrials surged 338.62 points, or 3.21 per cent. With the turnaround on the Wall Street, brokers turned active and accumulated stocks of frontline technology, pharmaceuticals and to some extent traditional blue-chips, having strong fundamentals. “There was all-round buying at one stage, but lost steam in the afternoon session and surrendered part of earlier gains in counters”, said a
DSE broker, adding that “short-covering by bear operators added fuel to the rising stock prices”. Silverline Technologies remained highly volatile for the second straight session on reports that the company had tied up with US-based Niku Corporation to develop products for Niku in India and share prices soared to Rs 337.90 on DSE but large-scale selling by profit-taking at higher levels reversed an early gains and ended Rs 5.95 down at Rs 313.75. European shares rose in early trade on Wednesday amid rekindled investor appetite for riskier techs, media and telecoms (TMT) after the Federal Reserve signalled the next move in US interest rates could be down. “I think it’s entirely plausible that you can have a decent relief rally at this point,” said Ben Funnell, European strategist at Morgan Stanley Dean Witter. “The Fed, in the light of Greenspan’s comments, looks increasingly likely to change its interest rate bias in December, and we are getting close to a resolution in the US election, two worries that have been hanging over the market,” Funnell said. Reliance Industries
has emerged as the first Indian private sector company and the only Indian chemical company to cross the $ one billion operating profit mark for the fiscal year ended March 2000. According to the latest annual survey published in international industry magazine Chemical, Reliance recorded chemical sales of $ 4823 million and a chemical operating profit increase of 43 per cent to Rs 47.5 billion. Operating profit rose by 50 per cent to Rs 40.6 billion. Reliance, over just one year, has jumped 21 places to rank 41st this year. The weekly has listed 154 of the world’s largest chemical companies in terms of chemical sales. This year, the magazine widened the scope of its survey to include rankings for chemical profitability, innovation and investment. Hindustan Lever would disclose the outcome of its open offer for acquiring 24.62 per cent stake in International Bestfoods Ltd (IBL) in a week, the company’s chairman said here today. HLL’s parent company, Unilever had made an offer on October 12 to acquire the remaining stake in IBL at Rs 173 per share to make it a wholly owned subsidiary. Oswal Chem:
Orissa Minister of State for Labour and Employment Bimbadhar Kuanr on Wednesday assured the state Assembly that the Oswal Chemical and Fertiliser Industry in Paradeep would be allowed to resume production only after it complied with all the safety norms. |
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Write Ram nam for
loan VARANASI: Ram Rampati Bank here offers a unique banking experience. There is no money transacted, yet people from all walks of life rush to seek “loans,” whether they are simple village folk or affluent Indians settled abroad. There is no collateral required for a “loan” — no proof of fixed deposits, nor mortgage of property. One doesn’t even need a guarantor. At the 73-year-old “bank” in this holy town, everything runs on faith. All one really needs to do to get a “loan” from the bank is to fill a simple application form and make a wish. An applicant needs to state his or her life’s wish and fulfil the only conditions: Write Lord Rama’s name 125,000 times and practice vegetarianism. “That is the mode of repayment — by writing Ram 500 times every day,” said a bank spokesman. Since this has to be done with unfailing consistency, the “repayment” is completed in exactly eight months and 10 days. The only security the bank asks for in return for the “loan” is personal details of the applicant and a promise to repay in the manner prescribed. The application form, once filled, is never read again and the bunch of sheets with “Ram” written on them find their way to the bank lockers after being displayed during prayers at a temple here. According to Prasad, the loan can be returned in any script, such as those used by Hindi and English, but not in Urdu as that is written from right to left. While the bank pays all other expenses, a creditor is required to feed 11 holy men on the day he returns the loan and attends prayers with his “Ramnaam” papers. The “Ramnaam loan” is the bank’s most popular scheme, the others being working a rosary string and reciting mantras. The registrations for the three schemes have crossed the 70,000 mark. The number of applicants for the “Ramnaam” scheme is growing every day, with letters from across the globe pouring in. Even NRIs keep sending requests for loans against wishes for job promotion or just a peaceful settled life there. “The NRIs in particular are definite about sending the loan papers well in time through post facility provided by bank to creditors at long distances,” the manager says.
— IANS LONDON: Christmas goodwill in cyberspace might not be as sincere as it seems, virus experts are warning. Malicious season’s greetings look set to cause the latest computer bug scares, with the first two Christmas viruses already spreading fast. “Music”, which masquerades as a Christmas tune programme, is a bug that can update and mutate itself by connecting to its creator’s Web site. “Navidad”, aimed at Spanish speakers, has swiftly become the second-most troublesome virus to clients of British-based anti-virus firm Sophos. But Sophos technology expert Graham Cluley says the most damaging viruses may be the ones you never know you have. “The damage may not be noticed for months and if it’s your company’s annual results, for example, this could be highly embarrassing.” Mr Cluley told a news briefing. A thousand new viruses are detected each month round the world — up from just 400 a year and a half ago.
— Reuters NEW DELHI: More than 100 employees of the Business India Group today held a protest demonstration against its “unfair” labour practices and lock-out of TVI, a news and current affairs channel, at Pragati Maidan where the group has organised a IT World 2000 Comdex India Exhibition and conference. The journalists and non-journalist employees, under the banner of the Business India Group Employees Union, raised slogans and distributed pamphlets inside the hall, alleging that the group chairman and publisher Ashok Advani had been “resorting to unfair labour practices, including the non-payment of salaries, termination of services without notice and illegal lockout”. The protesters, who had assembled there in the morning, regretted that IT Minister Pramod Mahajan chose to inaugurate the exhibition despite the fact that the Delhi Journalists Association and the Group’s employees union had urged him yesterday to refrain from sharing the platform with Mr Advani and the management of Business India Group who had allegedly not paid salaries to the group staff since January this year.— UNI |
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Hind Lever a good pick THE markets appear to be inching forward slowly but steadily, although the lengthening of long positions suggests that it is more an anticipatory build up rather than one based on fundamentals. Moreover, there seems to be considerable nervousness at tech counters following the Nasdaq meltdown. There are still trading opportunities for the taking and bull operators could consider taking up long positions at the counters of Hindustan Lever at Rs 181 (square up at Rs 194) and Zee Telefilms at Rs 288 (square up at Rs 299) while traders with a berish sentiment could consider short positions at the counters of Wipro at Rs 2948 (cover up at Rs 2793) and Television Eighteen at Rs 397) (cover up at Rs 382). The portfolio pick of the week in Kodak and the optimal strategy for the week is — start unwinding long positions if the market rallies. |
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