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| Thursday,
May 10, 2001, Chandigarh, India   
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Duty hike to save farming: PM
Baddi to have
software park
IL&FS to develop
towns in HP Bata plan to improve performance NHPC nets 443 cr profit |
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Tata Infotech, TCS merger on cards Corporation Bank to link all branches E-book awards Plan for Sugarfed Kuoni Travel plans public issue Car that runs on kitchen waste
Wockhardt pact with Eisai
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Duty hike to save farming: PM Loni (UP), May 9 “Though we have opened up the markets to foreigners under
compulsions of an agreement signed by the previous government, we have imposed high rate of duties that would make foreign products costlier than the domestic ones,” Mr Vajpayee said at a public rally after dedicating to the nation the world’s longest exclusive LPG pipeline constructed by Gas Authority of India Ltd (GAIL) here. The Prime Minister said: “We can hike the Customs duty further to provide cushion to farmers and protect their interests.” The government had in the General Budget for 2001-02 announced an increase in Customs duty on tea, coffee, copra and coconut and dessicated coconut oil from 35 per cent to 70 per cent. Similarly, the rate of duty on crude edible oils was increased from 35-55 per cent to a uniform rate of 75 per cent and on refined oils from 45-65 per cent to 85 per cent. “I wish to assure you that in order to safeguard the interests of our farmers we shall move swiftly whenever any perceptible threat on account of imports is noticed”, he said. Mr Vajpayee said the government was bound by the World Trade Organisation (WTO) agreement signed by the previous government and had to open up markets under
compulsion. The economy was shaping up well and there was no need for desperation, Vajpayee said adding “we are today a food surplus country and are exporting foodgrains.” Economic reforms have not only brought prosperity and progress but have also created employment opportunities. “Though some people don’t agree, statistics show employment opportunities have increased manyfold,” Vajpayee said. Small industries would be encouraged as they are a medium of providing mass employment, he said. While increasing production farmers should shift to cash crops like pulses, fruits and vegetables and look for export markets, he said, adding that a cold-storage chain was being established in the country to keep perishable food products from rotting. Besides, investment in education, health, power and transportation would be needed for all round progress of the nation, the Prime Minister said. The government had taken up a massive programme of connecting the four corners of the country through quality road network. Special emphasis is being laid on rural roads, he said. He announced that the Centre would take up rehabilitation and widening of the 9 km Loni-Modi Nagar road stretch. The 1.7 million tonnes capacity Jamnagar-Loni LPG pipeline, built at a cost of Rs 1250 crore, would help in industrial progress of Uttar Pradesh, he added.
PTI |
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Baddi to have software park Chandigarh, May 9 The software park will be complete in itself. It will be designed and built to international standards with complete connectivity. The company has tied up with JTC International (JTCI), Singapore and CR Narayanana Rao (CRN), architects of Chennai, who will provide inputs for the project. JTCI is a joint venture partner in International Tech Park, Bangalore, and has provided consultancy services for Mahindar Industrial Park in Chennai, Gurgaon Technology Park and Noida Infotech Park. CRN Architects has designed a number of software technology parks, including Tidel Park in Chennai, IT campuses for Infosys in Mysore and Chennai, Software Development Centre for Tata Consultancy Services in Chennai and IT Park in New Kanchi. The state government has allotted 10 acres of industrial land at a concessional rate on a deferred payment basis. CDIL will construct multi-storyed IT towers having 200,000 sq.ft of covered area. The estimated capital outlay of this project will be over Rs 31 crore. The park will be fully operational within 18 months, said Mr Suresh Kumar, Managing Director of CDIL, here today. CDIL has diversified into 2D & 3D animation graphics by setting up a digital animation studio at Gurgaon. The company has already built up a modern, airconditioned building having 10,000 sq. ft of covered area for the development of multimedia content and services. CDIL will make animation television series and films based on Indian classics, mythology, folklore and legends, be sides providing training in computer animation and multimedia fields. The company is at the final stage of negotiations for setting up authorised training centres of Maya, Amino and US Animation for providing training in the animation field. |
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IL&FS to develop towns in HP Shimla, May 9 The MoU was signed by Chief Secretary, A.K. Goswami on behalf of the state government and Mr Hari Sankaran on behalf of the IL&FS. According to the MoU, IL&FS will develop new townships, alternate tolled highways, bypasses, railway projects, large tourism resorts, golf courses, winter sport resorts and commercial complexes. An official spokesman said that the state government has identified private sector participation in infrastructure as a major plank of its future development strategy for Himachal Pradesh. The most critical area in involving the private sector in infrastructure development is the project development stage. Properly handled, this enables a clean understanding of costs involved, prospects of return and the nature of concessions required of the government. Associating an agency possessing skills in this sphere brings additional benefits of ensuring selection of qualified private sector players while ensuring transparency in the process. Essentially, for another player to be involved financially in the infrastructure project development is to be a pro-active venture capitalist and take on risk while also developing an idea into a stage where some one else buys it. There are very few agencies active in the field of project development in India as yet in this fashion. The spokesman said that IL&FS has demonstrated maximum strength in this field by not only being involved in numerous projects in many states of India in the last few years (including the recently commissioned Noida toll bridge), but also by putting together a Rs 100 crore Infrastructure Project Development Fund (IPDF) supported by 12 co-sponsors, including major public and private sector banks and insurance companies. |
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Bata plan to improve performance Kolkata, May 9 “Steps are being taken to reduce costs, improve distribution logistics and focus on launch of new products in order to significantly improve the performance of the company,” the company said today. It also plans aggressive marketing to beat the rivals in a fiercely-competitive industry, Senior Vice-President M.J.Z. Mowla, had said. During 2000, Bata India achieved a turnover of Rs 760.15 crore and recorded profit before tax of Rs 25.30 crore, but fortunes slipped sharply during the first quarter of current year. “Although retail sales increased by 5 per cent, both in value and volume, wholesale sales declined primarily due to the restriction of supplies as a means to recover customers’ outstandings,” the company said in its annual report. Resistance of consumers to price rise in popular products as well as discounts to clear slow-moving stocks and under-utilisation of production capacity adversely affected the operational results though it managed a net profit of Rs 15.60 crore in the previous fiscal against Rs 30.46 crore in 1999. Total expenditure incurred on R & D was Rs 2.57 crore during the year.
PTI |
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NHPC nets 443 cr profit New Delhi, May 9 “This is the highest profit so far made by the corporation since its inception. The sales turnover of the corporation was Rs 1236.34 crore during the year as against Rs 1216.18 crore during the previous year,” said the Chairman and Managing Director of NHPC, Mr Yogendra Prasad here today. He said during the period the corporation has achieved financial closure of Rs 1901 crore for Chamera stage II in Himachal Pradesh by finalising the balance requirement of Rs 800 crore with various banks for a period ranging from 12 to 15 years at their PLR. The project which is being executed by Indo-Canadian Hydro Consortium is scheduled for commissioning in May 2004. Mr Prasad said emphasising that certain activities were completed ahead of schedule. Mr Prasad said the corporation has redeemed various series of bonds amounting to Rs 407.85 crore. The high cost series of bonds issued during 1994-95 have also been redeemed invoking the call option which resulted in saving of about Rs 5.68 crore in interest. A term loan of Rs 590 crore was raised from different banks at their PLR for a period ranging 5 to 7 years maturity to meet its debt service obligations. He said the corporation has in principle sanction from LIC for a line of credit of Rs 2500 crore to be utilised for execution of various projects entrusted to NHPC during the next five years at Rs 500 crore per year. The line of credit is for a period of 17 years with a moratorium of five years. The states and Union Territories owe NHPC Rs 2620 crore including surcharge as on March 31, 2001 as against Rs 3269 crore for the previous year. He said the corporation realised Rs 1908 crore during the year through cash and bonds against Rs 1100 crore realised during last year. On the proposed move of NHPC to freeze the dividend outgo to government, he said “we have been asking for minimum payment on account of dividend but at the same time increased budgetary support from the government was of great help to corporation to meet the capital expenditures.” In case of certain projects including Loktak in Manipur and Dul Hasti in Jammu and Kashmir, Mr Prasad said the progress was hampered due to militancy and non-availability of security cover especially in Loktak project. However, he said that seven new projects in Jammu and Kashmir has been given to the corporation. These are 330 MW Kishenganga, 280 MW Uri Stage II, 120 MW Sewa, 1020 MW Bursar, 1000 MW Pakal Dul, 30 MW The Nimmo Bazgo and 18 MW Chutak. The tasks of taking over of site and assets from the state government is in progress, he added. |
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Tata Infotech, TCS merger on cards New Delhi, May 9 Speaking to PTI, Managing Director of Tata Infotech Nirmal Jain admitted that the merger was on the cards but said “nobody knows when this is likely to happen”. “The two companies currently undertake a lot of operations jointly, on commercial terms and agreements,” he added. The proposed merger is expected to create the largest infotech monolith in India in terms of turnover, manpower and services, with TCS already the largest unlisted IT company in the country and Tata Infotech the Tatas’ listed IT venture. In Tata Infotech, Tata Sons holds 76 per cent equity while the remaining 24 per cent rests with the public. The company began operations in 1978 as Tata Burroughs Ltd, a joint venture between Tata Sons and Burroughs Corporation of the USA. In 1985 the company became Tata Inysis Ltd. In 1996, Tata Sons acquired the equity held by Unysis in Tata Unysis to become Tata Infotech Ltd. The company declared Rs 14 crore net profit for nine months ended December 31, 2000. New IT course Tata Infotech today introduced its new range of professional courses for skill upgradation in the advanced and introductory value-added computer training segment. The new courses under the brand name of “Ambition” cater to the IT training needs of professionals, across the industry segments. Mr Jain said the company in association with US-based SmartForce has brought out Ambition range of courses which has been either co-developed or
approved by 19 infotech vendors like Cisco, Microsoft, Oracle, Intel, SAP, Sun and IBM. Elaborating on the company’s expansion plans for the education division, Rahul Thapan, Head, Education Services, said the company will enter 35 cities across the country including metros and small cities by the end of the year. “We will have 100 centres with the capacity to train 20, 000
professionals by the end of the current fiscal”, he said. PTI |
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Corporation Bank to link all branches Chandigarh, May 9 The region where the bank has nearly 25 branches generated around Rs 750 crore of business. “The emphasis for the future is going to be on total computerisation and training of the human resources”, said Mr Verghese. He said that the National Institute of Bank Management has been contacted by the bank to conduct a detailed study of the HR environment in the bank. “On the basis of the results, people at all levels will be imparted training with main emphasis on the marketing aspect”. The computerised business which, presently is nearly 80 per cent will be increased to 90 per cent and the bank is also in the process of setting up a Wide Area Network wherein the branches will be connected to the cluster centres by leased lines to facilitate cluster banking. With this the officials expect the customer base to increase to 1 crore within the next five years. In the fiscal 2000-1, the bank achieved total business of more than Rs 25,000 crore with a deposit base of Rs 16,587 crore and advances of Rs 8,760 crore. Highlighting the housing loan schemes offered by Corporation Bank, Mr Verghese claimed that the interest charged by the bank is one of the lowest in the country and the same is charged on reducing daily balance. He further said that the bank’s Economic Development Foundation, formed for contributing towards Rural Development and Social Causes has undertaken important projects in villages in Gujarat and Karnataka. |
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E-book awards Chandigarh, May 9 The competition for the first Indian full-length single-author English e-book received over 1,700 entries from all over the country including, Delhi, Mumbai, Chennai and also from Himachal Pradesh. Entries have also been received from Malaysia, the USA, Canada and Pakistan. The winners were Rohit Gupta, a contributor to Gentleman, Man’s World, Mid-Day and flakmag.com; Roopa Swaminathan, a budding writer and filmmaker, who has a masters degree in mass communications from Kansas State University; Amrinder Bajaj, a gynaecologist, practising in Pitampura, Delhi; and Debapriya Paul, a B.E dropout with a masters in business administration. |
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Plan for Sugarfed Chandigarh, May 9 While stating this here today, a spokesman of Sugarfed said that a target had been fixed to cultivate sugarcane over an area of 1.70 lakh hectares so as to get more than 400 lakh quintal cane for crushing with an average sugar recovery of 10 per cent. He said the area under early and improved cane varieties would be enhanced from 58 per cent to 72 per cent in 2001-2002. He said it had been decided to introduce tissue culture technology, integrated pest management including biological control of pyrilla, ratoon management, judicious use of fertilisers besides educating and motivating the farmers to make optimum use of irrigation water. They would be apprised of water saving methods like furrow irrigation and drip irrigation.  |
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Kuoni Travel plans public issue New Delhi, May 9 “Kuoni Travel India is expected to be listed on Bombay Stock Exchange and the proposed initial public offer (IPO) will take care of the funding needs of the company in the near future,” Sita Executive Director, Arjun Sharma, told PTI after launching its website division `E-Holidays’ here today. He said the Swiss parent would dilute its stake by about 25 per cent stake in the wholly-owned Indian subsidiary. Sharma declined to give a time frame of the IPO saying “as of now, the market situation is not very encouraging but the company will watch the market for coming up with the IPO within the next 7-8 months.” The travel management major is currently talking to merchant bankers including DSP Merrill Lynch, for fixing the price of its share. Kuoni is also in talks with global consultancy major KPMG for its acquisition plan for which the parent company has earmarked
Rs 50-60 crore, Sharma said. Elaborating on the acquisition plans, Sharma said that the company will plan it one by one and it would depend on the price as well as the product and added that the acquisitions will be disclosed in coming two months.
PTI |
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Car that runs on kitchen waste Zurich, May 9 It can dash from 0 to 100 km or 60 miles an hour in less than six seconds and tops 205 km/h using Kompogas, a new type of fuel made from rotting organic waste, like kitchen scraps and compost from the garden. Manufacturers Rinspeed in Zumikon promise “guilt-free pleasure’’ and say the advantage R will cover 100 km using the energy from 100 kg of organic waste without contributing to the global warning. The biofuel option makes the Advantage R the cleanest sportscar in the world and when the trash supply runs low the owners can switch to conventional petrol power. The shark-nosed car, which has been showcased at the Geneva motor show, contains a number of other innovative ideas too. These include an exceptionally low-slung cockpit. The rear-view mirrors are also replaced by colour cameras whose images are transmitted to the driver via LCD monitors. DPA |
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Daewoo Motor posts first profit Daewoo Motor Co, the nation’s third-ranked carmaker, said today it had an April operating profit of 6.7 billion won ($ 5.15 million) or earnings before interest and taxes (EBIT) on sales of 466.1 billion won. However, for the first quarter, Daewoo said it had an operating loss of 45 billion won on sales of 1.45 trillion won. “The domestic sales have also increased at around 15 per cent month on month since February”.
Reuters
Cisco earnings slump 77 pc Toyota sees record pre-tax profit PIA to raise domestic airfares BSkyB pre-tax losses increase |
bb
HSIDC clears 26 projects Centurion Bank VSNL Director CII meet ESC gets award NIFD branch J&K Bank Sony flat TV IT & T FDI proposals |
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