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| Saturday, December 16, 2000, Chandigarh, India   
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Cotton on come-back trail in Punjab Free Kathmandu trip, courtesy Markfed Maruti staff refused
interim relief by HC Bids for IA,
AI selloff by Jan 31 Chautala shocks industry |
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BSNL to open nine exchanges PNB
Punjab zone’s net up 128 pc Govt offers 25 blocks
for oil exploration
Microsoft expects
5-6 pc dip in profit
Global growth may slow down to 3.4 pc OFFBEAT Khae, peeye & khiske No subsidies, says Shobha De UK Indians face job losses CORPORATE
NEWS FIIs sell telecom, media & tech stocks
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Cotton on come-back trail in Punjab CHANDIGARH, Dec 15 — Cotton once again is on a come-back trail in Punjab. Among the contributory factors for this happening are yield gain, better price, receding water logging and paddy problems, price and market, faced by farmers last season. The best cotton year was 1992-93 when area was 7 lakh hectares, average yield 570 kg per hectare (lint) and production 23.50 lakh bales. The worst year for cotton was 1998-99 when area shrunk to 5.62 lakh hectares, average yield dipped to 18 kg per hectare (lint) and production was 5.95 lakh bales. It was around that time a project to tackle menace of water logging was launched in the Malwa cotton-belt comprising of Mansa, Bathinda, Ferozepur (Fazilka, Abohar and Khuian Sarwar blocks), Muktsar (Lambi and Gidderbaha blocks) and parts of Moga (Kotkapura) and Sangrur. Consequently, various agencies, government and private, made efforts to revive cotton resulting in sowing an area of 4.75 lakh hectares that yielded 340 kg per hectare (lint) and a production of 9.50 lakh bales (1999-2000). The current crop in the mandis has come from 4.69 lakh hectares, averaging 440 kg per hectare yield (lint) and a production of 12 lakh bales. Incidentally, the ruling price is good varying from Rs 1,450 to 1,600 per quintal for “desi” and Rs 2,025 to Rs 2,275 per quintal for “American” variety. The ruling price was almost the same for “desi” and Rs 1,550-Rs 1,900 per quintal for “American” cotton last year. The Director of Agriculture, Capt Deep Singh Sahota, is optimistic that cotton—white gold—will replace paddy in Malwa districts. The crop requires a dry climate, no intermittent rain at flower and ball-formation stage (August-September, integrated pest management techniques, quality seed and high-yielding varieties and hybrids. The average cotton yield in Punjab is 15 quintals per hectare. The varieties (including hybrids) sown are either evolved by Punjab Agricultural University or introduced by private companies. While 80 per cent area is under desi or American cotton, the rest—20 per cent— is under hybrids. Agricultural experts repeatedly stress cotton be revived and rice cultivation curtailed, barring Basmati, to check Punjab’s ecological degradation. The wheat-paddy crop rotation is making farming unsustainable. Country’s food security zone is in danger of loosing its fertility and economy. “Unless corrective are applied now, Punjab may gradually turn from a granary to a grave yard of grains”, warned Capt Sahota. There is countrywide concern over the future of cotton to which is linked the future of textile industry. In view of the serious threat faced by cotton at home turf and lurking shadow of World Trade Organisation (its regime will be effective January 2005), a wake-up call has been given with formation of Technology Mission on Cotton, effective February 2000. According to Mission Adviser, Mr M.B. Lal, this has been set up on the basis of results obtained by Mission Mode approach on oil seeds in 1990s. The mission, he told TNS, is to increase production, per unit productivity, improve quality, bring research and extension, including technology transfer, marketing and processing under one umbrella. The Mission is divided into four “mini” Missions dealing with cotton research and technology generation, transfer of technology and development (extension), improvement of marketing infrastructure and modernisation and up gradation of ginning and pressing factories. Mr Lal said India has the largest area under cotton, 90 lakh hectares, making it third largest producer of cotton in the world with a production of 156 lakh bales (1999-2000). But the country has one of the lowest yields, around 300 kg, per hectare, compared to the world average of 650 kg. Quality is poorest. Cotton is also contaminated. Besides affecting quality of textiles, growers do not get remunerative price. Imports are continuing despite a carry-over of 39 lakh bales. The total outlay for the four mini-Missions is Rs 593 crore. The state’s share is 141.50 crore. Punjab is covered under mini-Mission II: technology transfer through demonstration and training. Under this, Capt Sahota said, Punjab’s share is Rs 765.50 lakh with state contributing Rs 191.37 lakh. The latter awaits sanction of the Department of Finance. The Mission is a modified form of Integrated Cotton District Programme, as Capt Sahota put it. The farmers will get de-linted certified seed for which de-linting units will be set up. Integrated pest management will be accelerated and timely information provided on inputs. Indian cotton, says the Textile Commissioner, Mr B.C. Khatua, gets discounted by 10 per cent to 15 per cent in the international market because of poor quality seed and poor handling. The fact is that eight of the most contaminated 14 varieties in the world belong to India. Though textile exports constitute 35 per cent of India’s total exports, its share in the world market is still around 3 per cent. Therefore cotton has a long way to go. The crop has to be saved from insects and pests, farmers given remunerative price and textile industry clean, quality cotton. |
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Free Kathmandu trip, courtesy Markfed CHANDIGARH, Dec 15 — Markfed has decided to honour two secretaries of the Punjab Agricultural Cooperative Service Societies for their performance in the sale of fertilisers, agrochemicals and other Markfed products. This was announced by Mr D.S. Bains, MD, Markfed, here today while addressing the secretaries of cooperative societies and officials of Markfed. Mr Bains said those who stood first would have a free trip abroad and those who came second would be honoured with a refrigerator each. The secretaries who stood first will have a free trip of Kathmandu for three nights and four days. Mr Bains handed over the return air tickets from Delhi to Kathmandu to the secretaries and District Manager who will be the team leader. Transportation will also be provided for sight-seeing at Kathmandu, besides arrangements for stay and food, he added. |
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Maruti staff refused
interim relief by HC CHANDIGARH, Dec 15 — Mr Justice S.S. Sudhalkar of the Punjab and Haryana High Court today declined to give interim relief to the employees of Maruti Udyog Ltd (MUL) seeking directions to the state of Haryana directing its Labour Secretary and Labour Commissioner to commence prosecution of the MD, MUL under Section 10 of the Industrial Dispute Act for unfair labour practices and the petitioner workers should be allowed to join work at the MUL without insisting that they should sign the good conduct bond. In a 45-pages interim order, Mr Justice Sudhalkar observed: “The petitioners are ready to give the undertaking as mentioned in the letter of the Minister for Heavy Industries and Public Enterprise dated November 29, 2000. If the undertaking can be given as suggested by the minister, the undertaking as asked by the respondent (MD) also can be given at this interim stage”. The judge further observed, if the undertaking as wanted by the respondent MD is given at this stage it shall be deemed to be an interim arrangement subject to the final decision of the petition and if the petitioners succeed, the undertaking can be said to be non-existent. Therefore I do not find it proper to grant ad-interim injunction as prayed for and the prayer for relief is rejected”, the judge observed.
The case has been adjourned to February 7 for further hearing. |
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Bids for IA,
AI selloff by Jan 31 NEW DELHI, Dec 15 (PTI) — The government today set January 31, 2001 as the deadline for qualified bidders for Indian Airlines and Air India to finalise and submit their initial technical proposal consisting of details of consortium and business plan. With this the process of disinvestment in India’s both national and international carriers entered the second phase with the government qualifying parties after scrutinising Expression of Interest. Three parties in AI and two in IA were not found to be fulfilling the criteria and thus were excluded from the process, official sources said here. One of the pre-qualification criteria, laid down for IA and AI, was that the strategic partner should have a combined net worth in excess of $ 225 million as at the last audited balance sheet. |
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Chautala shocks industry GURGAON, Dec 15 — Haryana Chief Minister Om Prakash Chautala today left the industrialists high and dry over his noncommittal stand to the demands of the industry. Rather, his industry friendly speech, laced with reminder to the industrialists that they had not paid their arrears of power tariff, set the alarm bells ringing among them. The Chief Minister was here along with horde of bureaucrats from Chandigarh including the state’s Chief Secretary and his Principal Secretary and other top officers relating to trade and industry as a chief guest at the 21st annual general meeting of Gurgaon Chamber of Commerce and Industry (GCCI). The presence of the Finance Minister, Prof Sampat Singh and the Deputy Speaker, Mr Gopi Chand Ghelot on the occasion further contributed to the illusion of the industry. What disturbed the entrepreneurs was Mr Chautala’s siding with the farming community in the oft-raised debate as to who was important to society: the industry or farming community? The major portion of his speech was devoted to farmers. He said that the Bhajan Lal and Bansi Lal governments had to open fire on the adamant farmers who did not want to pay the arrears of power tariff. He made a stinging observation that along with the domestic sector, it was the industry which was, unlike the farming community, not cooperative. This was the response of Mr Chautala to the complaint of the GCCI of erratic and low quality of power supplied. It also complained that there were power cuts even though Gurgaon had been declared “Zero cut power
zone". Without setting any time frame he said that Gurgaon will have no power cuts. Referring to the demand of the GCCI to abolish the area development tax, he made it obvious that he would not oblige. He said that he had already reduced taxes on 21
items. The charter of demands was submitted to Mr Chautala by the founder president of the GCCI, Mr P.K. Jain. Another salient point of Mr Chautala’s speech was his emphasis on cordial relationship between the factory managements and the labour force. Comparing the industry to farming, he reminded the entrepreneurs that unlike them the farmers were not able to procure the cost price of their produce. |
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BSNL to
open nine exchanges SONEPAT, Dec 15 (PTI) — Bharat Sanchar Nigam Ltd (BSNL) has decided to open 60 new telephone exchanges and fixed a target of providing 1.50 lakh new telephone connections in Haryana during the current financial year. Stating this, N.K. Mangla, Chief General Manager, Telecom, BSNL, Haryana, told reporters here today that the department has already opened 96 new exchanges and provided 70,000 telephone connections in the state. The company plans to open nine new telephone exchanges and provide about 13,000 new telephone connections in Sonepat district by the end of the current financial year, he added. He said that all the telephone exchanges would be electronic and connected in optical fibre cable.
CHANDIGARH, Dec 15 — Punjab National Bank, Punjab zone, has achieved a record net profit of Rs 97.60 crore at the end of September, 2000, thereby recording a growth of 128 per cent over the previous half year. Announcing this in a statement here today, Mr P.N. Khurana, General Manager of the bank, said the aggregate deposit of the zone surged at Rs 8849 crore as on 30.9.2000, up by Rs 1038.93 crore, thereby showing a growth rate of 13.30 per cent. The average low cost deposits have increased by 12 per cent upto September 22, 2000 over 99-2000. The zone has set a deposits target of Rs 9860 crore for the remaining part of the current financial year.
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Govt offers 25 blocks
for oil exploration NEW DELHI, Dec 15 — The government today offered 25 blocks under the second round of New Exploration Licensing Policy (NELP), which includes for the first time deep water blocks on the West Coast and blocks in the petroleum rich prolific states of Assam and Gujarat. The offer of 25 blocks, which are in addition to the equal number of blocks offered under the first round of NELP in April this year, is to attract private investment in the area of exploration of oil and gas so that more reserves can be added to sustain and even increase the domestic production. Petroleum Minister, Mr Ram Naik said the blocks include eight deep water blocks on West Coast and eight shallow water blocks both on East (5 blocks) and West Coast (3 blocks) and nine onland blocks with two blocks each falling in the states of Gujarat, Uttar Pradesh and West Bengal and one block each in Assam, Orissa and Rajasthan. Mr Naik said these blocks are located in proven and promising sedimnentary basins.
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REDMOND
(Washington), Dec 15 (AFP) —Microsoft announced that second quarter sales and profits would be 5 to 6 per cent lower than it had expected because of weak global economic conditions and a slowdown in personal computer sales. The software giant said yesterday revenue for the second quarter would likely be in the range of $6.4 billion to 6.5 billion with earnings per share of 46 or 47 cents. Actual results for the quarter ending December 31 will be released on January 18. Based on its current economic outlook,
Microsoft warned that full-year fiscal 2001 revenue was now expected to be in the range of $25. 2 billion to 25.4 billion about 5 per cent lower than previous expectations. Earnings per share for fiscal 2001 are likely to be between $1.80 to 1.82 . “We believe, like many other technology companies, that the current weakness in worldwide economic conditions is resulting in a slowdown in pc sales, corporate
IT (information technology) spending, and consumer online services and advertising,” said Microsoft Chief Financial Officer John Connors. “However, while our short-term results will continue to be affected by the current economic environment, our long-term outlook on the information technology market and the pc industry remains positive.” With the us economy loosing momentum and consumers keeping a tighter hand on their pocketbooks, several other computer-related companies have recently warned of disappointing earnings, notably Apple, Gateway, Compaq and Intel.
LONDON, Dec 15 (Reuters) — World economic growth will slow down in 2001, reflecting an overdue easing in the booming North American economy, but still remain healthy, the Economist Intelligence Unit (EIU) said on Friday. The EIU said in a report the world’s real gross domestic product would grow at 3.4 per cent next year after 4.2 per cent this year — the fastest since 1984 — and 2.9 per cent in 1999. It said in the report “2001: Country by Country” that all this deceleration would be accounted for by lower growth in North America and western Europe, which between them made up 50 per cent of global output. The EIU said the biggest single threat to growth in 2001 was a U.S. recession. It saw a 20 per cent chance of this happening. Economists are anxiously watching to see whether the U.S. Economy slows in a controlled manner — the so-called soft landing — or whether output drops more sharply, hitting economic prospects across the world. The EIU said the U.S. economy was suffering from two major imbalances — the current account deficit and extremely high private-sector borrowing. It forecast North American growth would fall to 3.2 per cent from this year’s 5.2 per cent. It said moderating U.S. demand growth and the impact of earlier monetary tightening would see western European growth slow to 3.0 per cent from 3.4 per cent. The fastest growing euro zone country in 2001 would be Ireland at 7.3 per cent. Of the bigger countries,
France would grow by 3.0 per cent, Germany and Italy by 2.8 per cent. The EIU said the fastest growing region in 2001 would be the West Asia and North Africa, with growth picking up to 4.4 per cent from 3.6 per cent this year and 2.0 per cent in 1999. Large oil-producing countries were starting to spend again and this would transform the economic outlook, by boosting corporate profits and the non-oil sector. North Africa’s economic prospects were bright and Algeria and Libya would also benefit from strong oil revenue. Latin American growth would pick up to 3.9 per cent from 3.7 per cent. Brazil would do relatively well but Mexico would slow with the USA Short-term prospects were good for Chile but less so for Argentina, Colombia, Venezuela, Peru and Ecuador. Structural weaknesses, particularly low domestic savings would prevent growth topping the 5.0 per cent rate needed to tackle poverty and social exclusion. Asia and
Australasian would ease to 3.9 per cent from 4.0 per cent. Japanese growth would edge up slightly to 1.9 per cent in 2001 but would continue to drag down the region. An expected slowdown in exports, as U.S. Demand slows, will contribute to moderate growth in the rest of the region. The transition economies of Eastern Europe would see growth fall to 3.8 per cent from 4.9 per cent, reflecting deceleration in countries such as Hungary, Poland, Russia and
Ukraine. The EIU said this would be due either to the short-term impact of restructuring or macroeconomic tightening or because factords underpinning strong growth this year, such as high oil prices in Russia, were not a basis for sustainable growth. Expansion in sub-Saharan Africa will pick up to 3.3 per cent from 2.6 per cent. Zimbabwe will be the worst performing country covered in the report, with GDP falling 2.9 per cent, followed by Gabon with a 2.2 per cent fall and Comoros down 1.0 per cent. |
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Khae, peeye & khiske LONDON: He chatted with the regulars and washed down the food with half a pint but at the end of the improptu visit to a London pub, the outgoing President of the United States failed to reach for his wallet. Challenging the adage “there’s no such thing as a free lunch”, he polished off gambo prawns, smoked trout and pecan nut pate, a club sandwich, half a pint of organic lager and a diet Coca Cola, costing a total of £ 24.70 ($36) in the Portobello Gold. After antique shopping in the Portobello Road with Hillary and Chelsea, Mr Clinton spent 40 minutes standing at the bar chatting to a few of the regulars about Bush’s victory and the preceding tussle for the top job. Mike Bell, owner of the pub, only learned that the President wanted to drop in when more than 20 of his dark-suited security men came in and looked around. “They bloody well did not pay the bill, but I have got an address of someone in America I can send the bill to,” Mr Bell said. “He told me: ‘I’m in the last stretch of my presidency so I can relax a little.”’ A power cut earlier in the morning had left the pub without electricity and the staff rallied around to make a cold meal. After putting on a long woollen coat over his dark suit, the President and his entourage slipped back into the waiting fleet of black limousines.
— Guardian THIRUVANANTHAPURAM: Columnist Shobha De says “providing subsidies will not help women. What has to actually happen is that women should come up on merit. I know this might be slow and it would take a long time, but this is the best way for empowering Indian women”. She while delivering the first G.G. Irchandani memorial lecture at the Press Club here. The function also coincided with the presentation of the first U.R. Kalkur Award to Mehoob Khan, the Jammu correspondent of UNI. The award carries a cash prize of Rs 10,001 and a citation. Khan won the award for his feature on a peepal tree” on the India-Pakistan border. “Today what we see is that women in politics are either widows, sisters or daughters. This is no qualification and even Indira Gandhi came up because she was the daughter of Jawaharlal Nehru. This type of gender politics should end and if it continues, it is self-defeating”, added De. Asked why sex played an important role in all her books, De said sex is the best way to articulate one’s feelings since it is a very strong subject. “Of late, many have started commenting on this without even reading my books. I am surprised why nobody asks Khushwant Singh the same question,” she said.
— IANS LONDON: “Last to be hired, first to be fired” Indians and other South Asians will be severely hit by the Vauxhall car company’s decision to end production of the Vectra at its plant in Luton. Britons of Indian, Pakistani, Bangladeshi and Afro-Caribbean origin make up nearly 25 per cent of the 180,000-strong community that lives in the area, north of London, where the General Motors-owned plant produces its cars. The company says it will continue to produce the four-wheel drive Frontera at Luton, but production of other models like the Astra and Vectra will be relocated to another site near Liverpool. Vauxhall chief executive Nick Reilly has told workers that more than 2,000 jobs could go in 15 months’ time when production lines at Luton stop working. —
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TELECOM, media and technology (TMT) stocks bore the brunt of FIIs’ selling mainly influenced by negative corporate earning reports by major US companies, economic growth worries and Nasdaq’s gloomy close last night. Nasdaq and Dow Jones tumbled by over 94 and 119 points respectively last night. A feeble trend in the South East Asian markets also partly dampened the sentiment. ICI India shareholders at an extraordinary general meeting in Calcutta on Friday, shareholders gave the nod to allow the company to sell the PU business to a subsidiary of Huntsman Corporation, as well as to form a 50:50 Joint venture with Berger Paints for its M&I unit located at Rishra in West Bengal. The twin transaction would fetch the company around Rs 100 crore out of which Rs 82.5 crore would be realised from PU and Rs 16.5 crore from the JV with Berger. ICI MD Aditya Narayan said that after the transactions the company would have a total of Rs 150 crore (Rs 50 crore as carry forward) in cash. Tata Finance is looking at the option to convert itself into a bank, subject to necessary approvals from the Reserve Bank of India. Dilip Pendse, Managng Director, told reporters at the launch of Tata Finance American Express credit card in Mumbai on Friday. He said it would take Tata Finance about 12-18 months for the conversion after all policy clearances come through. L and T has commissioned its newest cement plant at Arakkonam in Tamil Nadu on December 13. With the commissioning of this plant, L & T’s total cement capacity will increase to 15 million tonnes per year. Reliance Petroleum has signed an agreement with a Venezuelan oil company PDVSA for the purchase of 20 million barrels of crude oil in 2001. Pentamedia Graphics has embarked upon an aggressive $ 100 million global acquisition spree of taking over as many as 10 companies by march 31 next. An extraordinary general meeting of the company’s shareholders held in Chennai on Friday gave the green signal for the acquisitions which would help the company to expand its global operations base substantially. V. Chandrasekharan, CEO, told newsmen that out of the 10 companies four were based in India and the rest overseas which included the US-based ‘Film Roman’, the acquisitions proceedings of which were almost complete. The investments by Pentamedia for these acquisitions would be mainly through the GDR or ADR. The companies identified for acquisition were those having substantial digital assets and related business in the global entertainment segment, he added without naming the companies. Today’s meeting also approved the company’s plans to come out with GDR/ADR offering for at least $ 250 million with a green shoe option of 15 per cent. The meeting also approved Pentamedia’s plans for preferential allotment of six million shares at a base price of not less than the minimum price determined as per SEBI guidelines which at present was Rs 490 per share. |
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