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| Friday,
August 10, 2001, Chandigarh, India    |
Moody’s
lowers foreign currency outlook HDFC to go
for US listing ICICI,
IDBI downgraded |
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110 cr
malt plant for Punjab soon LIC,
Corpn Bank tie-up likely HP move
to ‘net’ tax defaulters |
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Sopore
to have industrial estate Indians
may soon get cheaper Scotch Indica
posts 19 pc growth in sales
Tractor
unit at Baddi soon
Net
worm speeds up in China
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Moody’s lowers foreign currency outlook
New Delhi, August 9 Moody’s Investors Service has said the outlook has been lowered mainly on account of missing an opportunity to implement second generation of economic reforms in spite of their oft-declared appreciation of the difficult economic situation. According to a statement issued by Moody’s, the additional downward pressure on the government’s domestic currency rating may arise from the absence of a coherent and realistic strategy to curtail the Budget deficit and thereby reduce the public debt and debt service burden, even when domestic economic performance was relatively buoyant. Moody’s pointed out that recent financial problems at the UTI and IFCI highlighted the need to improve corporate governance at state-controlled institutions, and the urgency was not limited to lowering the fiscal costs of recurrent public sector bail-outs. Meanwhile, the agency said, the approval of the Fiscal Responsibility and Budget Management Bill also has been postponed as political scandals and attempts to apportion blame for financial irregularities took centre stage in Parliament. Moody’s recognised that the current account deficit, measured against nominal GDP, appeared very small, but warned that this was attributable to the relatively closed economy and provided no guarantee that the external debt finances were healthy. The agency, however, acknowledged that the substantial foreign exchange reserves and quite low short-term government debt indicated a favourable liquidity position. “Nevertheless, the decision to remove the positive outlook on the foreign currency country ceiling (assigned in October, 1999) reflects its analysis that current and capital account inflows on the balance of payments will be insufficient to prevent a further rise in the country’s external debt liabilities,” it said in a statement issued from New York. According to the agency, the long-anticipated deepening of macro-economic reforms have not materialised and the worry was that the future implementation of needed adjustments would be imperiled by the domestic and global economic slowdown and the fractured cohesion of the coalition government. Infrastructure shortages, the complex regulatory regime, and lapses in contract enforcement allowed by bureaucratic discretion as illustrated by the imbroglio over the Dabhol Power Corporation, have dampened domestic and foreign investor confidence. In summarising the rationale for its outlook changes, Moody’s emphasised that its main concern was the credit risk represented by the growing domestic debt burden and the longer-term consequences of past profligacy, thereby warranting a negative outlook on rupee-denominated debt securities of the government. In addition, the diminished prospects for structural improvements in the Indian economy posed risks for the health of the external finances, and therefore Moody’s has determined that a positive stance on the foreign currency country ceiling was no longer appropriate.
PTI
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HDFC to go for US listing
New Delhi, August 9 “We will definitely go for US listing within the next 1-2 years. At present, we do not require to raise fresh capital. We will go for overseas listing when we require capital,” HDFC Chairman Deepak Parekh told PTI here today. HDFC, whose scrip is quoting at about Rs 667 a share, has a capital of Rs 120 crore while its reserves and surplus stood at Rs 2,252 crore. It had a capital adequacy ratio (CAR) of 12.7 per cent in 2000-01, which was lower than 14.1 per cent in 1999-2000. The corporation mobilised deposits worth Rs 7,250 crore till March 2001 while its total borrowing stood at Rs 15,470 crore. The decision for overseas listing comes close on the heels of HDFC Bank’s proposed listing at New York Stock Exchange this fiscal. Before its listing, HDFC intends to improve its fiscal health. “We are targeting a 30-40 per cent growth in sanctions and disbursements of loans this fiscal,” Parekh said. The HDFC’s loans approval was up 30 per cent to Rs 6,880 crore last fiscal as compared to Rs 5,305.15 crore in the previous year, while the cumulative figure stood at Rs 31,094.56 crore. The overseas listing will be part of the HDFC’s expansion plan, HDFC sources said PTI
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ICICI, IDBI downgraded
Mumbai, August 9 S&P’s action today comes after the agency had downgraded India’s long-term foreign currency outlook from stable to negative on August 7. The “BB” — long term and short-term counterpart credit ratings on all three financial outfits have been affirmed. India’s local currency long-term on was also lowered from “BBB” to “BBB-” two days ago. The downgrade of country’s
sovereign rating reflected unchecked budget deficits and rising domestic indebtedness, the agency said.
PTI
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110 cr malt plant for Punjab soon Chandigarh, August 9 According to Mr A.R.Talwar, Managing Director, PAIC, Punjab produced nearly 1.20 lakh tonnes of barley during 1999-2000 primarily for use as a fodder for milch cattle. The area under the crop has remained static for the past few years. In the absence of a food processing and value addition industry, growing malting barley has never been given a serious consideration by farming community of the state. But after setting up of the plant at Machhiwara, the barley cultivation will get a boost. Messes Seeger of Germany will supply equipment and contribute in the equity capital of the project. Mr Talwar said the MoU had been signed with Mr Barinder Pal Singh Grewal of Ludhiana. The plant, once commissioned in 2003, would manufacture 34,500 tonnes of malt and 8,000 tonnes of malt extracts from barley per annum. A new company for the implementation of this project has already been incorporated. Land has been purchased, construction of the factory building has started and it would be ready by the end of 2003, Mr Talwar said. Malt and malt extracts find extensive use in production of beer, malt whisky, various food products, bakery and confectionary items, ice creams, pet foods, pharmaceuticals and other items. The proposed project envisages to procure 50,000 tonnes of malting barley every year, covering around 20,000 to 23,000 acres of land. The farmers will grow malting barley on contract faming basis. The proposed project would go a long way in diversifying the cropping pattern from wheat to malting barley, Mr Talwar claimed.
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LIC, Corpn Bank
tie-up likely Amritsar, August 9 Mr Sharma claimed that the first quarter result of the LIC have shown a tremendous growth of 11 per cent and the total collection of the premium stood at Rs 4916 crore. The Bima Nivesh policy which was started last year with an expected return of around 10 per cent have to suffer on account of heavy drop in the sensex but still the LIC would expect the returns to around 9 per cent. In case if there is an upswing in the stock markets the returns would also increase. The MD said unlike the UTI the LIC invested a nominal amount in the equities as large segment of its investment is put into government secured
securities with an assured return as such there was literally no risk with its investments. |
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HP move to ‘net’
tax defaulters Shimla, August 9 The names of 830 businessmen and companies, with tax arrears in excess of Rs 1 lakh, have been included in the list of defaulters displayed at the web site www hptax.nic.in. The aggregate outstanding amount of about Rs 85 crore against them accounts for 90 per cent of the total tax arrears. As many as 158 defaulters owe more than Rs 10 lakh each to the department. The total amount recoverable from them is a staggering Rs 63.12 crore, which constitutes over 75 per cent of the total arrears. J.K. Leatherite, Mehatpur, tops the list with arrears of Rs 3.80 crore. It is followed by Shiwalik Castings, Barotiwala, (Rs 3.03 crore) and Village Paper Mills, Mehatpur (Rs 2.18 crore). This exhaustive list, the department hopes, will have social pressure on defaulters, resulting in quicker realisation of government dues. It is an interactive database from which one can sort out the tax defaulters by name, tax account, amount and district wise and queries can be raised. The list of top defaulters in each district has also been put on the web. However, petty offenders have been left out. This database, to be updated periodically, will reflect on the performance of the officials. The frequently asked questions’ section is the biggest compendium, running into over 100 web pages, on the state tax laws. The assessees will be able to file their sale tax returns through the Internet. The site also has a few advices for the common public. One can send information regarding evasion of tax connivance with officials and secure financial benefits under the reward scheme of the vigilance department. Mr Sanjiv Gupta, the Excise and Taxation Commissioner, who got the site developed through the National Informatics Centre, feels that with computerisation of tax barriers and provision of online filing of returns, there will be little scope for accumulation of arrears in future. Himachal Pradesh, he claimed, was the only state in the country where
transactions taking place at the barrier could be seen online by the assessing authorities. |
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Sopore to have
industrial estate Srinagar, August 9 The Minister was speaking at a joint meeting of officers of the Industries and Commerce Department and district administration, Baramula, held at Sopore yesterday. The meeting was convened on the initiative of the Speaker, J&K Legislative Assembly, Mr Abdul Ahad Vakil, to take on the spot assessment of the problems of entrepreneurs. The District Development Commissioner, Baramula, Sheikh Mohd Hussain, Chairman J&K Khadi and Village Industries Board, Mr G.N. Naik, Director, Industries and Commerce, M. Salim Beg, MLA Sangrama, Mr Mohammad Maqbool and representatives of the Chamber of Industries and Commerce were also present. Dr. Mustafa Kamal reiterated the government’s resolve to revive the militancy-ravaged industrial sector in the state adding that almost all functional industrial estates have been vacated from the occupation of security forces. The Centre has provided a grant of Rs.10 crore for upgradation of existing infrastructure in various industrial estates during the current financial year. The state government has requested for a provision of Rs.27 crore for this purpose. The Minister said that the government was committed to provide marketing and raw material support to the SSI sector and the J&K Small Scale Industrial Development Corporation (SCIOP) would be directed to provide due share to the industrial units at the district level. The SCIOP has assisted about 1000 units last year in respect of marketing and raw material support. Mr A.A. Vakil emphasised the need to introduce new technologies in the industrial sector so that the local industries get boost. The promotion of the local industries was vital for economic prosperity and survival of the state. He called upon the officers of the Industries Department to take effective measure for providing strong backup support to the local Industry.
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Indians may soon get cheaper
Scotch London, August 9 The European Union
(EU) had sent the letter on a representation from the Edinburgh-based Scotch Whisky Association
(SWA). Official sources say the Indian Government is expected to cut at least one of the duties levied on Scotch. But that might not end the dispute. The Scotch Whisky Association is looking for a reduction of duty to about one-tenth of the present levels. An SWA spokesman said it was important for the wider international trade that India operates by trade rules. "We are concerned about the uncertainty over this and want to see this resolved quickly,"he added. The bunch of duties imposed on cheaper Scotch whiskies adds up to more than 700 percent. This heavy duty was imposed this April, when the limitation on the quantity of Scotch import was lifted. But with the end of the ban, the Indian Government invoked sovereign claims to impose high tariff rates to keep Scotch out. At present, Scotch is imported for sale to license holders in hotels and bars.
IANS
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Indica posts 19 pc growth in sales Mumbai, August 9 Indica sales were up by 19 per cent at 4,205 units in July, 2001, as compared to the corresponding period last year. The company reported a sale of 5,832 commercial vehicles in July this year as against 5,530 in the same month last year, an increase of 5.5 per cent, Tata Engineering said in a release here today. Sales of medium and heavy commercial vehicles also showed a 18 per cent growth at 4,115 (3,483 last year) but sales of light commercial vehicles declined by 16 per cent at 1,717 (2,047). In case of Indica, the company said this performance came on the back of a 16.5 per cent growth in June this year and the car ended the first four months of current financial year with a total sale of 16,973. Indica’s market share stood at 18.2 per cent, an increase over 16.8 per cent that it had last year, the company said. Utility vehicle sales were at 1,744 in July while Safari sales grew by 21 per cent with newly launched Ex model finding wide acceptance in the market, Tata Engineering said.
PTI
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Net shopping depends on stars London, August 9 What a person buys on the Internet might depend on his star sign rather than the goods up for sale, reveals the survey by Pricerunner.com, a company that compares prices and deals. "Taureans go at bargains like a bull in a china shop — and that's official," a Pricerunner spokeswoman told IANS. Librans and then Scorpions follow the Taureans as the keenest Internet shopping fans. At the far end of the astrological shopping scale, Aquarians are "more likely to fish around before jumping in at the deep end and parting with their money," the survey says. Aquarians are most likely to give online shopping the thumbs down. The report said they were also the most superstitious shoppers. In the order of the most superstitious to the least, the list is: Aquarius, Capricorn, Libra, Virgo, Cancer, Leo, Gemini, Pisces, Taurus, Sagittarius, followed by Aries/Scorpio that share the same spot. Referring to the results, Ron Gwynn, a well-known London-based astrologer, said: "I am not surprised that Taureans are the top online shoppers; ruled by Venus, the planet of material and financial wealth, to them the Internet is a dream because it provides them with 24-hour shopping." "Librans, also top shoppers online, are concerned with acquiring the goods rather than considering the price. They are therefore top of the league in using their credit card instead of handling cash." "Aquarians were found to be the most superstitious and this too makes sense as they are the most individualist sign of the zodiac. They have a very original approach in all that they do and their prime purpose is to do their own thing and not to conform. "No wonder they top the survey for browsing on the Net, but to entice them to actually purchase the product would be a greater feat." Jamal Hirani, Managing Director of Pricerunner in Britain said: "We commissioned the survey because we wanted to find out whether a correlation between being superstitious and shopping online existed. As a rule of thumb it appears the more superstitious you are the less likely you are to shop online."
IANS |
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Tractor unit at Baddi soon Kasauli, August 9 The project in charge Mr Y.C. Aggarwal, while talking to this correspondent, elucidated the plan and stated that the Managing Director, Mr R.S. Kharwalia, conceived this idea in April last year. This 50 crore venture is expected to start manufacturing tractors from February next year and will start with 250 tractors a month. A Poland -based company, Ursus, will provide the engines designed by a UK based company, Perkin, Mr Aggarwal said. |
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Net worm speeds up in China Beijing, August 9 “Based on the figures, the speed is picking up,” said Liang hong of the government-run Computer Virus Treatment Centre in Tianjin, 100 km from Beijing. But the number of cases reported to the Centre by Wednesday night was less than 100, Liang said. Beijing Rising Technology Corp, a virus protection company, yesterday said it had learnt of 180 confirmed cases. The Code Red II worm, which has struck systems in the USA, Europe and Asia, targets computers using Microsoft’s Internet Information Server program and running the Windows 2000 and NT operating systems.
Reuters
Fast cars make watchdog frown London: Say "yes" to wrinkles and drive your boring old saloon — or have your skin "re-pulped" and speed away in a motor with "fire in its belly". It all boils down to personal choice — but a British advertising watchdog on Wednesday clamped down on Christian Dior's claim that its new face cream stops skin from ageing. It also told carmaker MG Rover to amend adverts for its latest Z series cars because they place too much emphasis on speed. The Advertising Standards Authority (ASA) said Dior did not have the scientific evidence to back up its promise that skin would be "visibly repulped and retextured" by "NoAge Essential" cream. "The authority took expert advice and concluded that the advertiser's evidence did not substantiate the claimed efficacy of the product," the ASA said on its website. The watchdog also told MG Rover that its advertisements for Z series encouraged unsafe driving.
Reuters
Robots may replace scribes London: Some readers could be forgiven for believing it to be the case already, but within a few years this newspaper could be written not by human journalists but by a piece of software trained to pluck text off the news wires and rearrange the words into punchy stories. More than three decades after former Guardian columnist Michael Frayn wrote The Tin Men, a novel which envisioned reporters being replaced by machines, a team of American scientists has predicted that the technology to make the vision a reality is just around the corner. An intelligent system, called Author, has already passed what some cynics might believe to be the crucial test of modern journalism: the ability to write convincing fairy stories. Author, which was originally developed to help children get over literacy problems, can generate new versions of traditional fairy tales by changing details about the characters, props and plot.
The Guardian |
bb
Kenwood Aptech in pact BoI smart cards J & K Bank STG plan Kribhco MD |
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