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Saturday,
January 12, 2002, Chandigarh, India   
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Speed up
power reforms: PM IOC open
to buying Birlas in MRPL Petrol,
diesel
prices slashed |
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Connect
cuts cost of mobile services HDFC net up by 21.92
pc
Godrej
Consumer buyback at Rs 100 Industrial
growth slips to 2.2 pc Afghan
delegation visits small units Haryana
offers sops for food units
J&K
Bank enters life, non-life sector
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Speed up power reforms: PM New Delhi, January 11 “Despite 10 months having passed, 11 of our 28 states have still not taken the first step of setting up a regulatory commission”, Mr Vajpayee said while inaugurating the Northern Region Unified Load Despatch and Communication Scheme (NRULDC) here today Calling upon all states to accelerate the pace of electricity reforms, the Prime Minister said many states have not yet initiated reforms in the power sector. “Even where this has been done, the successor companies of SEBs in many states have not yet moved fast to implement the agreed reforms. In some states, these companies are still not free from political and bureaucratic interference, defeating the purpose of reforms”, he said. This was despite the fact that state Chief Ministers and Power Ministers had resolved to ensure energy audit at all 11 KV feeders and elimination of power theft in the next two years during a meeting convened by him in March, 2001, he said. Dedicating the Rs 661 crore NRULDC to the nation, Mr Vajpayee said a concerted effort needs to be made to reduce the high level of transmission and distribution (T&D) losses and check electricity theft. Stating that an investment to the tune of Rs 8,00,000 crore would be required over the next 10 years for adding capacity to the extent of 1,00,000 mw, Mr Vajpayee said investment would not be made unless the major technical and institutional shortcomings were overcome. Power Minister Suresh Prabhu said the creation of unified load despatch and communication schemes would help supply power from any corner of the country to other places. The NRULDC scheme will be the first in the series of ULDC schemes being implemented by PGCIL in all the five regions of the country. The scheme comprises modernisation of load despatch with dedicated communication facilities at central and state level power utilities of the entire northern region in a unified manner. The scheme involves establishment of 33 control centres, 369 remote terminal units, 2,100 km of optic fiber cable and, 3000 km of microwave communication network for real time data monitoring and control of major generating stations and substations.
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IOC open to buying Birlas in MRPL
New Delhi, January 11 IOC has renewed its interest in the nine million tonne refinery after Birlas failed to strike a deal with equal partners Hindustan Petroleum Corporation Ltd (HPCL) for their exit from the loss making joint venture. M.A. Pathan, IOC Chairman, said the state-owned company was "open" to such acquisitions. "We would be happy to look at any project," Pathan said here today.
PTI
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Petrol, diesel prices slashed New Delhi, January 11 The following is the price of petrol and diesel in the four metros after today's reduction.
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Connect cuts cost of mobile services Chandigarh, January 11 Speaking at a press conference today Mr Ashwani Gupta, Managing Director, HFCL Infotel, said, “mobile phone users can now save up to 90 per cent on the monthly mobile phone usage. On an average a 3-minute outgoing call costs more than Rs 15 while a similar call from Connect mobile costs only Rs 1.20. Similarily a 3-minute incoming call costs Rs 12 while on a Connect mobile it is totally free. The security deposit of Rs 1,000 has also been waived off while CLIP and value added services will now be provided free of cost. So you end up saving more than 90 per cent on your call charges.” An individual cellphone subscriber whose current billing was around Rs 3,000 would pay less than Rs 1,000 by subscribing to Connect mobile services. Mr Gupta said: “We are also launching innovative financing schemes with easy payment plan options for handsets wherein a subscriber can acquire an activated handset for Rs 4,999 and pay the balance in easy instalments of a maximum of Rs 499”.
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HDFC net up by 21.92 pc
Mumbai, January 11 Income from operations has increased by 14.73 per cent from Rs 597.81 crore in the quarter ended December 31, 2000, HDFC said in a statement here today. Other income for the quarter stood at Rs 1.06 crore as against Rs 0.02 crore in the corresponding period a year earlier, it said. Both approvals and disbursements in respect of individual loans increased by 55 per cent during the quarter ended December 31, 2001, as compared to the corresponding period in the previous year. The loan portfolio, inclusive of investment in preference shares and debentures for financing real estate projects, as on December 31, 2001 amounted to Rs 16,918.57 crore, representing an increase of 32 per cent as compared to the corresponding figure as on December 31, 2001. Jindal Photo Films
Jindal Photo Films Ltd (JPFL), country’s largest manufacturer of photographic products today announced the launch of Fujifilm Pix 2800 Zoom and Fujifilm FinPix 301, two highly advanced digital cameras at the photofair 2002 today.
Mastek India
Mastek India Limited has posted a net profit of Rs 9.41 crore for the quarter ended December 31, 2001 as compared to Rs 2.80 crore for the corresponding period the year earlier.
Biopac India
Biopac India Corporation Limited, has recorded its first quarterly profit of Rs 40.80 lakh (previous year — loss of Rs 34.26 lakh) and a cash profit of Rs 78.13 lakh (previous year — loss if Rs 0.68 lakh). This was achieved due to outstanding sales performance of Rs 315 lakh during this quarter October — December, 2001, representing an increase of 155 per cent.
Agencies
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Godrej Consumer buyback at
Rs 100
New Delhi, January 11 Created by the demerger of erstwhile Godrej Soaps’
consumer products business, GCPL came into existance in November 2000. Its board of directors said while announcing the equity buyback plan: “we believe that the company’s shares are undervalued by the market. The buyback would provide an additional exit route to those shareholders who so desire and would enhance shareholder value of the continuing shareholders of the company”. GCPL proposed to buy back its own shares through the open market route for a maximum amount of Rs 9.3 crore, amounting to approximately 1.55 per cent of the company’s pre-buyback equity share capital. The equity buyback announcement follows the approval of GCPL’s shareholders via a postal ballot. The company’s board of directors have also approved the proposed buyback.
PTI
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Industrial growth slips to 2.2 pc
New Delhi, January 11 The index of industrial production (IIP) grew by a mere 0.9 per cent in November, as compared to 7.4 per cent in the corresponding month last year, growth figures released today by the Central Statistical Organisation (CSO) showed. During the April-November period, the growth was measured at 2.2 per cent, just a little over one-third of the 6 per cent registered during the period last year. Manufacturing, which has a considerable weightage in the index, grew by 0.5 per cent in November (against 7.5 per cent in November 2000), mining by 4.4 per cent (6 per cent in November, 2000) and electricity by 1.7 per cent (7.5 per cent last year). For the April-November, the growth rates were registered at (with corresponding figures for last year in paranthesis): Mining 1.2 per cent (4.4), manufacturing 2.3 per cent (6.3) and electricity 2.5 per cent (4.9). Six out of 17 two-digit industry groups have shown positive growth during November, 2001, as compared to the corresponding month last year.
UNI
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Afghan delegation visits small units Panipat, January 11 Mr Nurzai, who along with a high-level delegation, visited certain small-scale industries here, said the setting up of industries in Afghanistan in collaboration with India would go a long way in the rehabilitation and providing employment opportunities to the people. The Minister was on a tour to Delhi and adjoining areas to explore the possibilities of setting up small-scale industries to rehabilitate the people of the war-ravaged country. Adarsh Woollen Mill, Swaraj Wollen Mill and Luxmi Overseas were among the units which were visited by the delegation. Besides the Chairman of the Small-Scale Industries, Mr Hayyat, the minister was accompanied by Mr Aga Mohammad Rahmani, Mr Abdul Sattar, Mr Matin, Mr Jetha Nand Kukreja, Mr Ganga Ram Mutneja, Mr Nanak Singh Wadhwa, Mr Vajinder Singh Khurana, Mr Syad Mohammad Shah and Mr Amin. They had fled to Delhi when Taliban came to power.
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Haryana offers sops for food units Chandigarh, January 11 The Haryana Agriculture Minister, Mr Jaswinder Singh Sandhu, inaugurated the seminar. He expressed concern over the extent of malnutrition in the country. He invited the industry to set up food processing units in Haryana as a step towards eliminating hunger and malnutrition. He told members of the PHD Chamber of Commerce that land was earmarked in Haryana in Rai area. He also offered incentives and support to industry to set up food processing units on the lines of Israel Government. Mr P.K. Jain, Vice-President of the PHDCCI, highlighted the urgent need for meeting the nutrition requirement of 26 per cent of the population which lived below the poverty line. He urged the industry to undertake food processing with renewed thrust. He said this was important because India had a natural advantage in production of food. He regretted that only 2 per cent of this was commercially processed. There was increasing demand for processed and packaged convenient food from 250 million middle class and the N.R.I.s
abroad.
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Huda business Seminar Garment exporters Meeting held Krishna Bank |
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