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Wednesday,
August 15, 2001, Chandigarh, India  
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Price uncertainty hits wheat exports
Cyberspace director
granted bail
Rice millers offer to store paddy
CCEA clears forestry project AirTel launches mobile phone card in HP |
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Kinetic launches Zx Zoom TKA Nair gets second term
in PESB Carpet exports
on the rise ICICI Lombard gets IRDA nod
Madura doubles turnover target
Bill Gates sold 7.7m shares in July
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Price uncertainty hits wheat exports New Delhi, August 14 “We are only lifting small quantities. If our demand for lowering of wheat export price to Rs 4200 per tonne is met by the government, it will result in saving of Rs 100 per tonne on the amount lifted after the decision,” a
State Trading Enterprise (STE) official said. He said the agency had two vessels lined up for export to South-East Asia including Philippines for a total of 45,000 tonnes and had delayed despatches in anticipation of the price being lowered and thereby saving of Rs 45 lakh. A trial shipment of 3000 tonnes was also scheduled to leave for a Burmese customer who could later come up with bigger orders. Official sources said at a secretary-level meeting held on August 2 it had been decided to forward the proposal to the High Level Inter-Ministerial Committee (HLC) for reducing ex-FCI wheat export price to Rs 4200 per tonne and for the current crop to Rs 4150 per tonne from Rs 4300 per tonne and Rs 4150 per tonne respectively. While earlier STEs were opting for bulk purchase from FCI upto one lakh tonne, now only small amounts were being lifted to fulfil immediate export commitments. “Trade enquiries were coming from certain quarters but news about impending revision in export price inevitably led to jostling on quotations by the two sides,” the STE official said. Other exporters said the price should not have been fiddled with in the first place and kept at the earlier level of Rs 4150 per tonne. “Inconsistency in pricing affected the plans of traders who were soliciting new customers for whom the rate quoted was critical,” an exporter added. STE official said it was not surprising that India’s wheat exports which had touched an all-time high of 5.8 lakh tonne in March this year had dipped to below one lakh tonnes in July. Most of the volumes sent earlier were of feed grade which was acceptable to importers due to favourable price vis-a-vis corn or maize. Corn was now available at about $ 93 per tonne free on board (FoB) compared to $ 104 per tonne FoB which was the going rate for
Indian wheat. Volumes now being shipped though less were mostly for milling and were to countries in the Gulf and South-east Asia (Philippines, Malaysia and Indonesia). While new markets were wary of trying Indian wheat, the existing customers were squeezing the exporters on the price issue. In these circumstances early decision on the demand for lowering the price was imperative, the official added.
PTI" |
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Cyberspace director granted bail Mumbai, August 14 Additional Sessions Judge S.R. Mehra, while granting bail to Johari, ordered him to deposit Rs 7.50 lakh in cash or surety of the like amount. Johari was also directed to cooperate with the investigating agencies and not to tamper with the evidence against him. He has also been restrained from visiting any of the offices of UTI, LIC, SBI, capital markets and the Bombay Stock Exchange till September 15 this year. Johari, who is accused of colluding with UTI officials and causing a loss of Rs 32 crore to the mutual fund, was arrested by the CBI on July 24, 2001. Johari was arrested as per the first information report under Sections 409, 420 and 120(B) of IPC read with Sections 13 (2), 13 (1)(C) and 13 (1)(D) of the Prevention of Corruption Act. Arguing on behalf of Johari, senior counsel Mahesh Jethmalani along with advocate P.R. Mala and Rahul Moghe told the court that their client was in CBI custody for the last 21 days and no purpose would be served to keep him in custody longer as the investigations in this case was already over. Mr Jethmalani also pointed out that all accused in the case were out on bail including former UTI Chairman P.R. Subramayam, and others and Johari was also required to be present in a local court at
Luckhnow on August 17. CBI sources revealed that Johari was already in custody of the
Luckhnow wing of the CBI in connection with a Rs 70 crore fraud complaint filed by the investors and is also facing a complaint filed by Bank of India.
UNI |
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Rice millers offer to store paddy Ludhiana, August 14 The association has taken exception to the decision of the state government to make alternative arrangements for the storage of paddy in the stores owned by the state procuring agencies to avoid any “confrontation” with the rice millers. It maintained that the rice millers have always cooperated with the government in the hour of crises by storing paddy in the premises of the rice mills. Mr Tarsem Saini, president of the association, said yesterday that the millers had not shown any reluctance to store the paddy this year and the move of the government to make alternative arrangements would entail double transportation charges. Inquiries shows that the rice mills in the state have milled almost entire stocks of paddy procured last year, with only about 15 per cent stocks left. The official agencies had procured 110 lakh tonnes of paddy last year. The government has allowed them to mill the remaining stocks by August 31. The new crop would start arriving in the mandis by the first week of next month. The government is expecting more than 120 lakh tonnes this year. The rice millers have been pressing upon the government to enhance the milling charges which have not been revised for the past two years. The government is paying Rs 12 per quintal for raw rice and Rs 18 for parboiled as milling charges to the millers. These rates are fixed by the Government of India. The Government of India is understood to have got the milling cost analysis done which has recommended a hike in the milling charges. However, there is a conflict between the rice millers and the government over the fixing of the out-turn ration of rice from paddy. The government has fixed 67 per cent as out-turn ration out of 10 quintals of paddy. This was relaxed to 64 per cent last year as paddy was not conforming with the specifications. The rice millers want that this year too, the Government of India should allow them 64 per cent outturn ration. On the other hand, it is learnt that the CFTRI Bangalore has reported, after analysing, that the out-turn ration could be fixed at 72 per cent instead of 67 per cent. The rice millers are reported to have earned good money last year, particularly with parboiled rice as the problem of broken rice was less. The millers are also upset that the Punjab State Electricity Board is not treating them as a regular industry but as seasonal industry. They now work round the year due to rise in the production of paddy. Moreover, they also want that they should get the benefits of the farmers as this is an agro-based industry. Another point which the millers want government to concede pertains to the retention of bardana (empty gunny bags). Paddy used to be put in the gunny bags of 65 kg weight. But under instructions from the ILO (International Labour Organisation), the size of the gunny bag has been reduced to 50 kg. The millers want that they should be allowed to retain the gunny bags as was the practice in the past. Mr Saini stressed that the PSEB should abolish the minimum charges of rice milling and withdraw the arbitration cases pertaining to the sale of paddy of 1994-95. Besides, there are some criminal cases against certain rice millers in the state wherein they are alleged to have sold the government paddy and misappropriated funds. Mr Madan Mohan Mittal, Minister for Food and Supplies, has promised that all arrears would be cleared before August 31. |
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CCEA clears forestry project New Delhi, August 14 The CCEA, which met last evening, felt the project would bring about sustainable development of natural resources and bio-diversity conservation, Cabinet spokesperson and Union Minister, Mr Pramod Mahajan told newspersons here today. The CCEA also cleared the purchase of two Dauphin helicopters by Pawan Hans at a cost of Rs 49.56 crore to augmment its fleet of 30 helicopters. The Government also cleared two Railway projects involving over Rs 203 crore and a power evacuation scheme at a cost of Rs 390.12 crore. Approval was also given to a two-year pilot project for Hepatitis B immunisation in infants on the lines of polio eradication programme. It would be launched in the country with a Rs 23.89 crore grant from UNICEF. |
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AirTel launches mobile phone card in HP Shimla, August 14 According to Mr V.K.Bhalla, COO, Bharti Telenet, the card will be available at Rs 595, including Rs 295 worth of airtime. The ready mobile phone card can be recharged on denominations of Rs 300, Rs 600 and Rs 2,500. The airtime rates applicable on magic card will be 60 paise per 30 seconds on incoming call and Rs 1.50 per 30 seconds on outgoing call. The magic card has the facility of STD and ISD free messaging anywhere in the country, free caller line identification facility, free information and entertainment services, no security deposit and no monthly rentals. According to Mr Bhalla, magic card will be a mass brand and key growth engine for the cellular market. |
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Kinetic launches Zx Zoom Chandigarh, August 14 Kinetic has always been the leader in the modern scooter segment. The 110cc Zx Zoom scooter is priced at Rs 37,950 and has the mileage of 50 km per litre with lean burn technology said Mr Ajay Kapila, Sr Vice-President of Kinetic (Sales & Marketing) at the launch. Mr Kapila said despite recording a declining trend in the scooter and two-wheeler market during last two years, the sale is expected to go up with the improvement in country’s rural economy and the need for greater mobility. He said there has been 33 per cent decline in the sale of scooters and 28 per cent decline in the sale of other two-wheelers during last years. But the two-wheeler segment is yet to penetrate in optimum. However, he claimed that the sale in Kinetic’s different range of scooters have shown upward trend and during last fiscal, the company registered a growth rate of 18 per cent. The annual turnover of the company is Rs 1200 crore. |
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TKA Nair gets second term
in PESB New Delhi, August 14 The Appointments Committee of the Cabinet approved reappointment of Mr Nair as Chairperson of PESB for a second term of three years with effect from August 20, 2001 and up to August 19, 2004. The Committee also approved the appointment of Mr Dhirendra Swarup, IA&AS (68), presently Joint Secretary in the Department of Economic Affairs as Additional Secretary in the Budget Division of the Department of Economic Affairs. |
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Carpet exports on the rise Srinagar, August 14 It is estimated that carpet industry has an available skilled manpower of about one lakh artisans who are capable of manufacturing 120 lakh sq ft carpet valued at Rs 600 crore which is much lower than the actual demand in the world market, officials here said. Carpet is the main export commodity of Kashmir constituting about 80 per cent of the total exports from this part of the country. Kashmiri carpets have a big market abroad and according to the findings of the Economic Advisory Group of London (EAG), the demand for Kashmiri carpets in western Europe is around 10 lakh square meters which is about 20 per cent over what is manufactured in the state. The production of carpets, at present, had crossed the mark of Rs 4 billion per year and the export had touched a high of Rs 292 crore mark last year, the officials said. The potentials were still far from utilised. The office of the Development Commissioner, Handicrafts, has assigned to the IIT, Delhi, the task of developing improved tools, measuring devices, small-size washing and finishing plants to facilitate the production of quality carpets with value addition, the officials said.
PTI |
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ICICI Lombard gets IRDA nod New Delhi, Augst 14 “We have obtained licence from IRDA for general insurance foray,” ICICI Managing Director K.V. Kamath told reporters here today. With the general insurance licence, ICICI becomes the third company to get licence for both life and non-life af Allianz. ICICI would hold about 74 per cent stake while Canadian insurer Lombard would hold the maximum permissible 26 per cent. Kamath declined to furnish details of the minimum capital the company would start with. So far, 20 companies have applied for licence and at least 15 have obtained licence
till date. Companies which have obtained licence from IRDA are HDFC Standard Life, Reliance General Insurance, Royal Sundaram Alliance, Prudential ICICI Life, IFFCO Tokio Marine General Insurance, Max New York Life, Tata AIG General, Tata AIG Life, Birla Sun Life, Old j Allianz General, Bajaj Allianz Life, SBI Life, ING Vysya Life and
Metlife. Bonds issue ICICI is making its third public offering of Rs 400 crore unsecured reedemable bonds from August 16. The issue, made under the umbrella prospectus and approved by SEBI for 2001-02, would open for subscription on August 16, 2001 and close on September 5, 2001, an ICICI release said. Rating agencies ICRA have assigned the highest safety ‘LAAA’ rating for the bonds, while CARE assigned ‘AAA’, it said. The issue would offer various options under five types of bonds — Tax Saving Bond, Encash Bond, Regular Income Bond, Multiplier Bond and Children Growth Bond. ICICI said Non-Resident Indians were also eligible to invest in these bonds (except for Encash bonds) on both repatriable and non-repatriable basis.
PTI |
Madura doubles turnover target New Delhi, August 14 The company has earmarked 12-13 per cent of its sales turnover for advertising on six leading brands — Allen Solly, Van Heusen, Louis Philippe, Peter England, San Frisco and Byford — this fiscal against 7-8 per cent it has been spending on advertising till date, President of Madura Garments Prakash Nedungadi told PTI adding that last fiscal the company spent about Rs 40 crore on advertising these brands. After the Aditya Birla group acquired Madura Garments in 1999, the company has become a strategic business unit under Indian Rayon and has grown by 36 per cent last fiscal “against about 32 per cent growth till before the acquisition”. Madura Garments today opened its first “Trouser Town” retail outlet in Connaught Place and another one will be opened in Delhi by next month. Balaji & Mukta Arts The Bombay Stock Exchange will transfer two media stocks, Balaji Telefilms and Mukta Arts to “trade to trade” transaction mode (a delivery-based transaction) from August 20. The trading and settlement in two scrips will be based on delivery of shares and no trading will be allowed in rolling settlement. The trading members should take adequate precautions as there will be no netting off positions for two media scrips. Sterlite buyback Sterlite Industries has decided against acquiring of any securities under buyback programme until the company clears certain clarification sought by Sebi. Tata Chem The Board of Tata Chemicals has recommended a buyback of up to 15 per cent of the share capital at a price of up to Rs 60 per share, involving a maximum cash outflow of Rs 162.58 crore. The company’s total subscribed capital comprises 18,06,38,651 shares of Rs 10 each, TCL said in a release here yesterday.
Agencies |
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Bill Gates sold 7.7m shares in July Washington, August 14 Gates sold the shares from July 24 to July 31 for $ 65.70 to $ 67.75 a share, according to the filing. At the end of July, he directly owned 664,049,300 shares and indirectly owned 214,628 shares, the filing said.
AP CII workshop on
contract farming Chandigarh The Joint Secretary, Ministry of Commerce, Mr R. Gopalan, the Vice-Chancellor of PAU, Dr K.S. Aulakh, and several officials from the Ministry of Food Processing will address the workshop. Besides, elaborating the concept and application of contract farming, the workshop will cover issues like new opportunities in the WTO regime.
TNS Design your
own Lancer Hyderabad The company’s initiative for Mitsubishi Lancer has already been launched in New Delhi, Bangalore and Chennai. The consumers can now choose from a multitude of features such as the colour of the vehicle, type of wheels, and embellishments, and create a Mitsubishi Lancer according to their needs and specifications. “my Lancer” has been positioned as the fourth variant of Mitsubishi Lancer. The customers, willing to buy “my Lancer”, need to visit a Mitsubishi Lancer showroom, browse through “my Lancer” kiosk, select the specifications from the host of available options, add them to the existing GXL, SLX, or SFX models and place an order.
UNI Microsoft contest for students New
Delhi “The contest would require the participants to build business applications using extensible markup language (XML) web service,” Rajiv Kaul, Managing Director of Microsoft India said. He said that the .Net Campus Challenge was a programme for students and developers across India to create valuable intellectual property which can be a business opportunity. The winner of the contest would represent India in the Asia Pacific finals in Seoul, Korea, in October, 2001.
PTI |
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Opel Swing GIC Housing Traders forum Samsung growth ST-38 forms |
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