Monday, February 11, 2002, Chandigarh, India






National Capital Region--Delhi

B U S I N E S S

Y O U R  M O N E Y
A GUIDE TO PERSONAL FINANCE

Tax-free relief bonds the best option
8.5 per cent tax free relief bonds are absolutely safe — the government guarantees payment of interest and repayment of principal. But the real kicker is that the interest earned on them tax-free. These bonds are available at offices of Stock Holding Corp. of India Ltd, authorised banks, financial institutions and market intermediaries.

  • Infrastructure bonds — tax-saving bonds
  • Capital gain saving bonds
  • REC 54 EC bonds issue
  • Tax benefits
  • Nabard Bonds
BUDGET-2002

Tax, small savings rates may be cut in Budget
New Delhi, February 10
Bold and drastic measures including a cut in corporate tax and peak customs duty to 30 per cent and reduction in small savings rate by 1-1.5 per cent, besides steps to boost investment in infrastructure and rural sectors are likely in the forthcoming Budget.



EARLIER STORIES

THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS

HOW I STARTED

Take calculated risks to succeed
Ludhiana
Mr Ramesh Mago may not fit in the traditional class of entrepreneurs, who start their career as self-employed youth, but his life has seen unusual ups and downs. A person, who was once forced to sell even his house and commercial property to cope up with the business losses, he has once again emerged as a serious player in the food products’ market of the region.

  • How did I start my career
  • Any setbacks?
  • Market response
  • Industrial environment in state
  • Scope for new entrepreneurs

TAX & YOU

Income from FD
R. N. Lakhotia

Q: I am having a minor son aged 16 years. He is having a fixed deposit Rs 90,000 in a bank. His income is accrued in my account. Now TDS is likely to be cut. Should I give the form to the bank not to deduct tax at source? Or should I claim the tax deducted at source in my income tax slab.

  • House rent

MARKET SCAN

Will the market rally continue?
J. C. Anand
D
URING the last week the stock market staged a rally. In two trading sessions, the market moved up from 3205 points to 3494.92 points on the Sensex Index. At one time, last Friday, it even closed at the 3514.75 points mark. Many technical analysts believed that the market is poised for a further rise of 300 points.

SBI Life’s Sukhjeevan policy a good option
S.C. Dhall
P
EOPLE have started finding good avenues for investment and SBI Life’s Sukhjeevan is a single premium saving policy which guarantees you high tax-free returns and gives highest return for the time being and is considered one of the best schemes at present.

FIIs net buyers in equities at 98.1 cr
Mumbai, February 10
The Foreign Institutional Investors (FIIs) have netted purchases of Rs 98.1 crore ($ 20.4 million) in equities with the Mutual Funds (MFs) remaining net sellers at Rs 23.36 crore for the trading week ended February 8, 2002.

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Tax-free relief bonds the best option

8.5 per cent tax free relief bonds are absolutely safe — the government guarantees payment of interest and repayment of principal. But the real kicker is that the interest earned on them tax-free. These bonds are available at offices of Stock Holding Corp. of India Ltd, authorised banks, financial institutions and market intermediaries.

These bonds can be subscribe by individuals, HUFs, NRIs (principal cannot be repatriated) and the minimum subscription is Rs 1000 and in multiple of 1000 thereof and there is no maximum limit and tenure of the scheme is five years and premature encashment is not available and interest: 8.5 per cent tax free payable half-yearly for non cumulative or on maturity for cumulative and these bonds are also exempt from wealth tax. The bonds are transferable by execution of transfer deed and these bonds are also eligible security for availing loans from banks.

Amount  Half yrly int.  Cumulative option

1000

42.5

1516

5000

212.5

7580

20000

850.5

30320

50000

2125.0

75800

100000

4250.5

151600

500000

21250.0

558000

Infrastructure bonds — tax-saving bonds

These bonds are issued by Financial Institutions/infrastructure companies, and are popularly known as tax saving bonds of ICICI or IDBI etc.

Investors can avail of rebate under section 88 of the income tax act, by investing in these bonds. The proceeds from this bond shall be deployed towards infrastructure projects in accordance with the income tax rules.

Under section 88 of the income tax act, the subscription to the tax saving bonds would entitle individual and HUFs to rebate from income tax @ 20 per cent of the aggregate of sum deposited upto Rs 80,000 in a financial year out of his income chargeable to tax.

In case subscription to these bonds is made by an individual whose income is derived from the exercise of his profession as an author, playwright, artist, musician, actor or sportsman would be entitled for rebate from income tax @ 25 per cent of his total income under Section 88.

To avail of the benefit under Section 88, such investment need to be held for a period of at least three years.

Capital gain saving bonds

Before we start, a brief backgrounder on these bonds. FA00 deleted Sections 54EA and 54EB which exempted tax on long-term capital gains and replaced these with a new Section — 54EC. This new Section offers similar exemption on bonds of NABARD or National Highway Authority of India (NHAI) with a lock-in of 3 years. FA01 has extended the benefit of Section 54EC to bonds of Rural Electrification Corporation Limited (REC) also.

REC 54 EC bonds issue

This offer is being made on a private placement basis and cannot be acted upon by any person other than the one to whom the offer has been made. Only some specialised agencies appointed by REC for distribution of these bonds like SHCIL etc are offering these bonds on private placement basis.

These bonds carries the highest Credit Rating ‘AAA’ by Crisil. Coupon Rate (upto 36 months). There are two options available to investors. Option I annual Option II semi-annual Option III cumulative 8.70 per cent p.a. 8.50 per cent p.a. 8.70 per cent p.a. on principal and 10 per cent on accumulated interest compounded annually. These bonds comes with a put option i.e. at par at any time amount payable on exercise of put option shall be Rs 10,000 + accumulated interest till the date of exercise of put option @ 8.70 per cent p.a. on principal and 10 per cent on the accumulated interest compounded annually upto a period of 36 months from the date of allotment and thereafter at the prevailing coupon rate.

Minimum application size is ten bonds of Rs 10,000 each and in multiple of one bond thereafter and the investor has to pay full amount on application and the interest on application money at 8.50 per cent p.a. will be paid from the date of credit of application money and upto one date prior to the date of allotment REC allots these bonds on daily basis i.e. on the date of realization of cheque. Further REC reserves the right to revise the terms of the instrument at its absolute discretion.

Tax benefits

Deposit of long-term capital in bonds exempts gains computed after indexation under Section 54 EC. Interest on these bonds is fully taxable, not even covered by Section 80L.

Nabard Bonds

This bonds issue is open for subscription throughout the year, till the issue is closed and the minimum subscription is Rs 10,000 and in multiples of Rs 10,000 thereafter and the tenure for these bonds is 5 years with put & call option & lock-in period 3 years.

Payment of interest: April 1 every year. The first interest will be from the date of allotment to 31 March. The last interest payment shall be made along with the redemption. The cumulative (compounded annually) option of payment of interest is also available for both 3 years as well as for 5 years. Once this option is exercised. This is irrevocable. In case no option is specified, the interest would be paid annually.

The bond duly discharged by the holders on the reverse may be submitted for redemption at least one month before the date of maturity at the office of Nabard where the application was submitted. It can also be submitted for redemption at any other regional/head office of Nabard at least two months before redemption.

Put and call option if Nabard exercise option, Nabard will send a notice to this effect to the investors at the end of 34th month from the deemed date of allotment and if the investor decides to exercise the put option, he would have to return the bond certificates duly the discharged to Nabard at the end of the 34th month from the deemed date of allotment.

(Investors are advised to read offer document before making any investment decision)
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BUDGET-2002

Tax, small savings rates may be cut in Budget

New Delhi, February 10
Bold and drastic measures including a cut in corporate tax and peak customs duty to 30 per cent and reduction in small savings rate by 1-1.5 per cent, besides steps to boost investment in infrastructure and rural sectors are likely in the forthcoming Budget.

The fifth Budget to be unveiled by Finance Minister Yashwant Sinha on February 28 is also expected to announce the much awaited Asset Reconstruction Company for reducing non-performing assets in banks and financial institutions, official sources told PTI.

Hit by economic slowdown, Sinha is left with little choice, but to go in for some innovative measures to pump-prime the economy even at the cost of higher fiscal deficit, as low inflation rate and comfortable forex reserves gave enough cushion to take a modest risk, the sources said.

To increase revenue, the sources said, more services are likely to be brought within tax net besides simplifying procedures further for better compliance.

In order to pull the industry out of the slump, the sources said, Finance Minister may accept the demand of industry for slashing corporate tax to 30 per cent from the present 35 per cent.

The government may reduce rates on small savings to move towards softer interest regime for reducing cost of capital.

As part of tax reforms, the sources said tax on perks, exemptions, particularly in excise and customs, and export incentives like duty entitlement passbook schemes, are likely to be rationalised to plug leakage of revenue and misuse.

The thrust would be mainly on increasing direct tax to 10 per cent of GDP in coming years from 3.4 per cent in 2000-01.

Mr Sinha has already insisted that the budget will have measures to spur investment, particularly in infrastructure besides steps to boost agriculture growth to generate much needed rural demand and income.

In the light of the announcement, sources said the Budget may see a jump in gross budgetary support for Plan Expenditure by about Rs 10,000-13,000 crore.

The government may also increase defence allocation by 10 per cent from the present level of Rs 62,000 crore.

On agriculture reforms, Mr Sinha had said that numerous impediments to price flexibility and movement of farm products, would be removed to make the agri sector “market-oriented”.

In particular, the Budget may see some initiative in the development of modern spot and future markets in agriculture besides additional incentives for setting up of cold-storages and warehouses.

Mr Sinha has also given enough hints about the increase in investment in roads, power and civil aviation.

The budget will also set in motion measures to take care of the subsidies after dismantling of Administered Price Mechanism in the oil sector.

It is likely to lay the roadmap for a slew of legislative measures to carry forward labour, power and financial sector reforms.

Industry had asked for reintroduction of 25 per cent investment allowances and removal of minimum alternative tax (MAT) in the wake of recessionary trends.

It is not yet clear whether Sinha would consider both of these demands.

Textiles industry had sought excise duty cut to enable reduction in cost and make them competitive in the international market.

The industry, which accounts for one-third of the country’s exports, targets to increase its exports to $ 50 billion by end of Tenth Plan with the phasing out of quota systems.

In the light of this proposition, the industry wanted government to come up with fiscal measures in the Budget to enable it to come out of recession.

Small-scale industries today demanded hike in investment limit to Rs 5.0 crore from Rs 3.0 crore, enhancement of exemption limit for excise duty to Rs 2.0 crore, lower duties on raw materials, increase in basic exemption limit for income tax to Rs 75,000 and 100 per cent income tax exemption on export earnings. PTI

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HOW I STARTED

Take calculated risks to succeed

Ludhiana
Mr Ramesh Mago Mr Ramesh Mago may not fit in the traditional class of entrepreneurs, who start their career as self-employed youth, but his life has seen unusual ups and downs. A person, who was once forced to sell even his house and commercial property to cope up with the business losses, he has once again emerged as a serious player in the food products’ market of the region. A person, who feels that the life is just a game of accepting new challenges, he had dared left a secured bank job in early 70s, and started a small departmental store and a bakery here. His business has grown to new heights. He is today considered among the top players in bread, bakery and other traditional Punjabi products’ market in the region, with an annual turnover of Rs 14 crore. Mr Mago, the man behind Kitty Food Products chain, shares his experiences:

How did I start my career

When I was transferred from Ludhiana to Mansa in 1970 by the bank, where I was working as clerk, I thought it better to quit job as I was ready to leave the city due to emotional attachment. My wife, who was then working as a school teacher, helped me set up a departmental store and a bakery. I started this work by taking money from my father and a bank loan worth around Rs one lakh. The decision proved a turning point and business started growing. The substantial margins in the trade enthused me take a calculated risk and I set up a full-fledged manufacturing unit, Kitty Food Products, to make bread and other related products. In 1998, we launched a chain of traditional Punjabi delicacies such as shakarpara, phirni, mathis and bhujia, with assured quality, taste and attractive packaging. It proved our master stroke, which helped us reach neighbouring states including J& K, HP, Haryana, Delhi, western UP and Rajasthan.

Any setbacks?

In late eighties following other industrialists, I also ventured into export of hosiery garments to erstwhile Russia, which resulted in heavy losses in the aftermath of rouble devaluation and that country’s break up. I almost lost everything, and was forced to sell my house, shops and other property to clear my debts. Despite this severe set-back, I was determined to save my credibility in market. With sheer hard work, care of our customers, and innovative approach to launch branded Punjabi delicacies, we again came up. Interestingly, after the debacle, our business has rather increased by more than four times. In fact, I have loved to accept challenge of failure, and have become perhaps more intelligent and practical.

Market response

The domestic food product industry, I feel, is among those few industries, which have grown steadily despite recession and foreign competition. The increasing rural incomes, changing life style, demand for qualitative, branded but traditional products have boosted its growth. There is a tremendous scope for expansion in the near future. The rural and urban people are now looking for superior eateries at affordable price. The opening of market has also helped us import new machines, chemicals, preservatives and required technology to provide world-class food products in the domestic market at reasonable rates. The next target is exports and to set up a new plant with more capacity.

Industrial environment in state

I personally feel that the state government should relax labour laws besides doing away with the inspector raj, which are hampering the growth of small units. The PSEB, and banks would have to put their house in order to promote industrialisation. The state units are looking forward to capture the foreign markets provided we get the cooperation of the government. The limit on the SSIs should also be enhanced to at least Rs 10 crore.

Scope for new entrepreneurs

Indeed, it is very difficult today to start one’s own business without necessary education, training and capital, as compared to ten or twenty years ago. But I am still optimistic despite wide spread depression. The new entrants should try to find out how they can add value in any product chain with their innovative ideas, to cater to the changing needs of the market. 

(As told to Manoj Kumar — TNS)
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TAX & YOU

Income from FD
R. N. Lakhotia

Q: I am having a minor son aged 16 years. He is having a fixed deposit Rs 90,000 in a bank. His income is accrued in my account. Now TDS is likely to be cut. Should I give the form to the bank not to deduct tax at source? Or should I claim the tax deducted at source in my income tax slab.

- Dr P.S. Jassal, Ludhiana

Ans: Income from bank fixed deposit in the name of your minor child will be added to your income. Let the tax be deducted at source on this interest income for which you can claim credit when you file your income-tax return.

House rent

Q: I am a government employee having a family of my own but residing with my parents in their house. I have been availing house rent allowance from my office and am contributing some money for the annual maintenance-upkeep of the house. However, this HRA is taxable and it is included in my total income I want to know whether I can enter into a tenant-landlord relationship with my parents and submit a rent receipt from them for availing rebate in house rent allowance?

- Om Parkash Dhiman, Panchkula

Ans: You can enter into a tenant/landlord agreement with your parents and after making payment of rent to them you may obtain a rent receipt, submit a copy of the said receipt to your employer and thus avail the benefit of tax exemption in respect of the house rent allowance received by you from your employer.

Q: I am the disabled ex-serviceman. The Government of India, Ministry of Finance vide their letter No. 200/51/99-ITA-1 dated May 6, 2000 has intimated that the entire disability pension i.e. disability element and service element will be exempted from income-tax for the Armed Forces Pensioners. But section of I.T. has not mentioned.

On enquiry from the Income-tax Deptt. it is not cleared under which section the said exemption can be claimed? Could you let me know and pensioners of this category. Under which section of Income-tax we can claim this exemption?

- S.P. Shori, Ludhiana

Ans: As per communication No. 2000/51/99-ITA-1 date May 6, 2000 issued by Ministry of Finance, Deptt. of Revenue, Central Board of Direct Taxes, the entire disability pension i.e. disability element and services element will he exempt from income-tax. By citing the reference of this letter you should have no problem in claiming income-tax exemption on the said pension amount.
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Will the market rally continue?
J. C. Anand

DURING the last week the stock market staged a rally. In two trading sessions, the market moved up from 3205 points to 3494.92 points on the Sensex Index. At one time, last Friday, it even closed at the 3514.75 points mark. Many technical analysts believed that the market is poised for a further rise of 300 points. I do not agree with this analysis. In fact, the rally had been caused by two different factors: the disinvestment in IBP and BSNL, and a new Drug Policy announcement. Both these factors were of momentary importance. The sale of IBP to the Indian Oil Corporation was made at very high rates. It was really transfer of ownership from one PSU to the other PSU rather than privatisation of IBP. The real gainers were those who held IBP shares before the deal. For them, the market price of IBP shares has been doubled.

The new Drug Policy led to a kind of euphoria and the market price of almost all multinational drug companies scrips rose. Now, when more details are available, the market price of many of these shares has slumped. Perhaps the real gainers would be Glaxo, Wyeth and Pfizer. Novartis may be a looser.

This week, when the impact of these two factors which had scaled up the Sensex, has been neutralised, there is little scope for the rally to continue. In fact all the major companies have announced their third quarter results and there is a general realisation that the fourth quarter results may even be poorer. The GDP growth has slowed down to the lowest 5-year rate for two decades. The Indian rupee has depreciated in its exchange value to the dollar to the lowest point so far. The foreign debt payments of India have grown considerably with the fall in the exchange value of the Indian rupee.

The advance tax payment by the corporate sector is much below the government estimates. The economic situation is rather grim. The market may look up in case BJP and its allies win the UP Assembly elections. In case it suffers a set back, it would affect the market sentiments. It is generally believed that there may be small rally before the Budget date for the corporate sector expects substantial relief in some form in the Budget.

The Textile sector has performed very poorly so far. The net profit of Vardhman Spinning for nine months (April-December) is only Rs 4.60 crore (as against Rs 13.02 crore during the corresponding period last year). For the same period, the net profit of Mahavir Spinning is only Rs 18.57 crore as against Rs 46.40 crore. Vardhman Polytex’s net profit for nine months is only Rs 3.11 crore as against Rs 5.55 crore. Nahar Spinning’s net profit for nine months is about Rs 23 crore (as against Rs 42.50 crore during the corresponding period last year). Eurotex, another export oriented company, is in loss. Gwalior Rayon alone has done well. Reliance would have been in the red but for the other income that accrued from the sale of Larsen & Toubro shares to Gwalior Rayon. Tata group companies are not doing better. Tisco and Telco are in the red. Tata Chemicals is able just to maintain its profitability.

There is some news for the shareholders of Vikas WSP. The company has declared its nine months results with an EPS of Rs 6.93 (for its Re. 1/- face value share). It also indicates net profit of Rs 98.86 crore for the year ended 31.3.2001 with an EPS of Rs 9.92. Surprisingly, these audited results have not been communicated to the shareholders. Not even the interim dividend, declared earlier, has been sent to the shareholders. The company appears to have excellent fundamentals but a shabby management.

Good news about market is that there are indications of industrial recovery in the USA and the American President expects revival by the end of year 2002. In India too, a survey indicates that confidence level among the leaders of Indian industry is up and they expect the corporate sector to perform better during the next financial year.
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SBI Life’s Sukhjeevan policy a good option
S.C. Dhall

PEOPLE have started finding good avenues for investment and SBI Life’s Sukhjeevan is a single premium saving policy which guarantees you high tax-free returns and gives highest return for the time being and is considered one of the best schemes at present.

Since LIC has already slashed the rate of return on its single premium product — Bima Nivesh and where rate of interest are heading south, and where old trusted funds like UTI have led down over millions of investors and there is no other scheme better than SBI life’s Sukhjeevan policy.

Sukhjeevan which was launched in October 2001 guarantees a return of Rs 80 per thousand annually, plus a loyalty addition of Rs 200 per thousand to be paid on maturity.

One can choose a sum assured ranging from Rs 10,000 to Rs 50 lakh and term assured could be for 5, 7, or 10 years. And the cover is available upto a maximum of 75 years of age.

One need not to undergo a medical examination if he/she is of 60 years of age and below and opt for a policy upto Rs 15 lakh or if you are above 60 years and opt for a policy upto Rs 2 lakh only.

The best thing in this policy is if one is not satisfied with the features of policy he/she can return it within 30 days of the date of the policy and will get full/complete refund and no questions will be asked.

If one opt for a 5-year policy which covers for 1,00,000 policyholder will receive a total sum of Rs 1,37,500 at the end of 5 years. All he/she has to do a premium of Rs 95500 and Rs 95300 in the case of women upfront in the first year. In the case of a 10-year policy the maturity value is more than double the premium paid.

Special rebate is available to SBI/Associate banks officials and their family members Rs 10 off per 1000 sum assured of Rs 25000 to 1,00,000 and Rs 20 off per 1000 sum assured of Rs 1,00,000 and above.

Every year insurance cover increases, resulting in a higher insurance cover at the end of the term. For example if one opt for a 5 years policy which covers for Rs 1,00,000 in the second year you will be insured for Rs 1,07,000 and in the 3rd year for Rs 1,14,000 and so on.

In the case of death by accident during the term of policy, the nominee will get double the sum assured.

One can also get a loan against the policy after completion of one year.

Bima Nivesh which used to be considered to be best policy has now reduced the rate of return by LIC from Rs 75 to Rs 80 to Rs 60 to Rs 65, respectively. With this decline in rate of return, most of the people have stopped investing in this scheme.

Now people are going in large number accept Sukhjeevan policy of SBI’s life.

But the big question, if Bima Nivesh life many other policies has fallen prey to dwindling interest rates, can SBI sustain its rate of return.

For the time being it is a safe and one can sleep comfortably after investing in Sukhjeevan policy.
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FIIs net buyers in equities at 98.1 cr

Mumbai, February 10
The Foreign Institutional Investors (FIIs) have netted purchases of Rs 98.1 crore ($ 20.4 million) in equities with the Mutual Funds (MFs) remaining net sellers at Rs 23.36 crore for the trading week ended February 8, 2002.

FIIs and MFs, both, were net sellers in debt at Rs 0.1 crore (0.1 mn) and Rs 312.11 crore in the reporting week, according to the data available with SEBI here.

The foreign funds were net sellers in equities for three trading days and recorded their highest net outflow of the week on February 4 at Rs 47.9 crore ($ 10 mn).

On February 8, FIIs bought and offloaded equities worth Rs 362.1 crore and Rs 255.5 crore respectively, thus remaining net buyers at Rs 106.6 crore ($ 22.2 mn).

FIIs were net sellers and net purchasers on two trading days each while abstaining from any activity on last day of the week. MFs were net sellers on all three days and recorded their highest outflow at Rs 50.53 crore on February 7.

On the debt front, MFs were very active and remained net sellers on the four days. They bought debt instruments of Rs 122.35 crore while offloading worth Rs 251.42 crore, thus remaining net sellers at Rs 129.07 crore on February 7.

The BSE Benchmark 30-share index crossed 3500-mark moving widely in a range between 3514.25 and 3290 before ending the week at 3493.92 as against last weekend’s close of 3333.92, netting a sharp gain of 160 points. PTI
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BIZ BRIEFS

Inflation dips
New Delhi, February 10
Inflation rate touched an almost two decade low of 1.26 per cent during the week ended January 26 compared to 8.56 per cent a year ago. The inflation rate, based on Wholesale Price Index for all commodities (WPI), was lower than previous week’s 1.32 per cent mainly due to cheaper food and non-food primary articles although manufactured product prices inched up and fuel prices remained static. The WPI declined by 0.1 per cent to 160.6 from previous week’s 160.7 points as prices of fruit and vegetables, tea, gram, raw cotton and raw silk dipped. Final WPI during the week ended December 1, stood at 162 as against the provisional figure of 162.2, while the final inflation rate stood at 2.14 compared to 2.27 per cent. PTI

IT exports up
New Delhi, February 10
India’s electronics hardware and computer software exports have registered a 26.4 per cent growth in the first nine months of the current fiscal (April to December) to Rs 33,429 crore from Rs 26,438 crore in the same period previous year. PTI

Kesoram Ind
Kolkata, February 10
B.K. Kirla flagship Kesoram Industries Limited has purchased 25,64,980 shares from open market operation through stock exchanges pursuant to its buy back scheme. “All the purchases have been made at an average rate of Rs 25.67 per share excluding brokerage,” Kesoram officials said. PTI

Carpet Expo
New Delhi, February 10
Carpet Expo India 2002 today opened with over 1500 delegates from across the globe taking part in it. The four-day fair is expected to generate business worth Rs 500 crore and will showcase creations from over 150 leading manufacturers, a release said here. PTI

HPMC
Shimla, February 10
The Himachal Pradesh Horticulture Produce Marketing and Processing Corporation (HPMC) has entered the global market in big way exporting its surplus stock of apple juice concentrate besides roping in new institutional buyers during past three years. The HPMC cleared its entire surplus stock of apple juice concentrate by exporting 780 MT to Germany, USA and Ghana besides selling 400 MT to Nestle India. PTI

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