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Wednesday, February
13, 2002, Chandigarh, India  
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Industrial output dips
to 1.6 pc
Talks on MUL selloff begin
Chamber for bold steps to achieve fiscal stability
Philips net loss
at Rs 21.15 crore
Rs 2,040 cr Japan loan for 2 projects
LIC may withdraw two schemes |
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Licences for ILD segment soon Blue Star buyback
from Feb 15
Sun Micro, HCL Info join hands Haryana mills produce 17 lakh quintals of sugar
Jindal Strips to dilute stake in US firm
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Industrial output dips to 1.6 pc
The growth in the first nine months of the current fiscal was only 2.3 per cent compared to 5.8 per cent in the same period last fiscal as per quick estimates of the Index of Industrial Production (IIP). The mining sector declined to 0.5 per cent in December as against a robust growth of 4.0 per cent in the same period a year ago, while manufacturing sector posted a growth of 1.4 per cent against 3.5 per cent in December, 2000. Electricity registered a marginal fall to 3.8 per cent in December, 2001 as compared to 4.2 per cent in the same month in the previous year. During the first nine-months of the current fiscal, mining ticked 1.1 per cent growth, which was one-fourth the growth in the corresponding period in 2000. Growth in manufacturing and electricity was also lower than the previous year’s figure, which pulled down the overall industrial production to 2.3 per cent. Manufacturing clocked 2.4 per cent during April-December, 2001 compared to 6 per cent last year, while electricity posted 2.7 per cent growth against 4.8 per cent in the corresponding period a year ago. PTI
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Talks on MUL selloff begin
New Delhi, February 12 "We came here today for the first round of talks," Shinzo Nakanishi, Director (Board Member), overseas automobile marketing division of SMC told reporters here, but declined to comment further. When contacted Disinvestment Secretary Pradeep Baijal, said "the talks would continue", but did not divulge the details on the discussions between the two sides. Nakanishi was heading a three-member delegation of Suzuki, while the Indian side was represented by Pradeep Baijal and Heavy Industry Secretary, Ravindra Gupta. Sources, however, said Disinvestment Department was hopeful of floatation of the rights issue in early March, they said and pointed out that government would forego its right in the issue for consideration of a premium. Only after bringing down its equity to below 50 per cent through the rights issue before March, would government put its remaining stake on the block in the next financial year. The two sides were earlier scheduled to commence negotiations on January 28, but the meeting was put off in view of the Disinvestment Ministry officials’ preoccupation with closing of the price bids for VSNL and IBP, sources said. The valuers appointed by the government for valuation of stake in MUL had given their report to Disinvestment Ministry last month and the two partners would now decide on valuation besides the level of renunciation and control premium for the government in lieu of lowering its stake. PTI
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Chamber for bold steps to achieve fiscal stability Shimla, February 12 At the pre-Budget meeting with Mr Harsh Gupta, the Chief Secretary, Mr Satish Bagrodia, Chairman, of the H.P. Committee, PHDCCI, pointed out that the fiscal deficit was projected to be over 1500 crore this year as against Rs 548 crore last year. Since the tax rates and revenue offered marginal scope for increase, the government should raise non-tax revenue through imposition of user charges on urban services to cover up to 50 per cent of the cost of operation and maintenance, increase fee for college education and impose reasonable property tax. The tax revenue of the state was Rs 776 crore as against non-tax revenue of a far lower Rs 182 crore and as such quality of services could be improved provided the user paid part of the cost of services. He suggested that improve governance a committee on Administrative Reforms be set up, VRS be introduced for surplus employees and loss making PSUs be closed down. At the same time the profit making undertakings be distanced from government and allowed to be managed by an autonomous and professional board of directors. Mr Satish Bagrodia also suggested reduction in stamp duty on residential and non-residential properties, which came to 14 per cent alongwith charges, to encourage correct declaration of value. The PHDCCI urged the Chief Secretary to impress upon the Centre to extend the income tax holiday from March 2002 to March 2007. The state on its own should also grant incentives including exemption of stamp duty, reduction of registration charges for financial assistance besides special incentives for large projects as were being offered in developed state like Karnataka. Since tourism industry was passing through recession, the luxury tax be reduced from 10 per cent to 5 per cent and repayment of loans be rescheduled. |
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Philips net loss at Rs 21.15 crore
Mumbai, February 12 The total income for the FY’01 was at Rs 1,544.55 crore as against Rs 1,508.36 crore in the previous financial year, PIL Managing Director and Chief Executive Officer K. Ramachandran told reporters here today. The company has been able to reduce losses through cost control and rationalisation of operations and workforce in 2001, Ramachandran said. On the outlook for 2002, he said "PIL expects market conditions to continue to be difficult and as a company we enter this year on a cautious note but are prepared for any situation." The consumer electronics division has reported sales of Rs 622.9 crore in 2001 (Rs 561.6 crore in 2000), he said adding that "this business has stopped bleeding by showing higher turnover but the profitability is nowhere near what it should be." Lighting business division’s sales declined to Rs 685.03 crore in 2001 from Rs 699.8 crore in 2000. The profitability and revenue growth of this division were affected due to pressures on margins resulting from intense price competition, Ramchandran added. PIL has spent Rs 78.79 crore (net) as exceptional items, including payment of Rs 81.79 crore under employees voluntary retirement scheme and loss of Rs 5.62 crore on sale of PCB Machinery at Enabling Technology Group factory. PTI
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Rs 2,040 cr Japan loan for 2 projects New Delhi, February 12 The loan repayable in 30 years, including a grace period of 10 years, has been extended for the implementation of Simhadri Station Project of the NTPC in Andhra Pradesh and Delhi Mass Rapid Transport System Project of the Delhi Metro Rail Corporation. The sanction of the loans follows furthering of economic cooperation between the two countries after A.B. Vajpayee’s Japan visit in December. The loan, to be administered by the Japan Bank for International Cooperation, carries an interest rate of 1.8 per cent. Japan also agreed to extend Debt Relief Grant Assistance to the tune of Rs 2.3 crore to India for importing essential commodities. Notes on the 56.132 billion yen soft loan were exchanged here between Economic Affairs Secretary C.M. Vasudev and Japanese Ambassador Hiroshi
Birabayashi. |
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LIC may withdraw two schemes
Mumbai, February 12 The corporation could think of reintroducing these two schemes later, he told reporters. Jeevan Sanchay — a money back policy assures periodic payment of basic sum assured in instalments on survival with increasing benefits while Jeevan Shree scheme, which was withdrawn in January would be reintroduced with reduced return rate of Rs 70 per Rs 1,000, Sharma said. On investments made by LIC in the capital market, other Managing Director A Ramamurthy, “We have invested about Rs 35,000 crore till December 2001 and likely to cross this fiscal’s target of Rs 50,000 crore by March”. About 65 per cent of investments were in government securities, much above the floor requirement of 50 per cent, Ramamurthy said. The gross investments in the equity were close to Rs 3,400 crore, he added. PTI
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Licences for ILD segment soon
New Delhi, February 12 “We will issue licences for the ILD segment as soon as possible”, Telecom Secretary Shymal Ghosh told reporters, here. Ghosh said Bharti and NOW ISP were among the four contenders that had sought licences for the segment. Government has already hastened the date for opening international telephony for private participation by two years to April 1, 2002. On the issue of Internet telephony, Ghosh said the government was awaiting the recommendations of TRAI before finalising guidelines for it. “IT telephony will come soon, but certain issues like providing level playing field and universal access have to be sorted out before liberalisation can take place”, he said. On disinvestment of the government stake in MTNL, an inter ministerial group had been set up look into the issue. PTI
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Blue Star buyback from Feb 15 Mumbai, February 12 The maximum buyback price would not exceed Rs 75 per equity share payable in cash for an aggregate amount not exceeding Rs 260.40 million.
UNI Satyam Infoway Chennai, February 12
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Sun Micro, HCL Info join
hands New Delhi, February 12 The partnership will develop and market solutions and provide better products and services to customers, the companies said. With the new alliance, the two companies will focus on accelerating existing solutions such as mobile wireless service, portal and secure payments, CRM, supply chain management and high performance computing. |
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Haryana mills produce 17 lakh quintals of sugar Chandigarh, February 12 While stating this here today, a spokesman of Haryana State Federation of Cooperative Sugar Mills said on an average the sugar mills had attained 100.11 per cent capacity utilisation. The highest capacity utilisation of 144.74 per cent was attained by the sugar mill of Jind, followed by 130.24 per cent at Palwal and 126.22 per cent at Sonepat. Regarding recovery of sugar, he said average recovery of the sugar mills was more than 9 per cent. The Sirsa Cooperative Sugar Mill, set up by the present government recently, was running on trial basis. According to the spokesman, it has already attained capacity utilisation of 72.36 per cent and till date it has crushed 5.35 lakh quintals of sugarcane and has attained sugar recovery level of 8.60 per cent.
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Jindal Strips to dilute stake in US firm
New Delhi, February 12 “We are planning to bring down our stake in US subsidiary Massilon Stainless Inc from 62 per cent to below 50 per cent. This is being done in the wake of US policy to give advantage to a company having US promoter with a majority stake,” Arvind Parakh, Finance Director of Jindal Strips, told PTI here. Elaborating on the move, Parakh said as per this policy buyers give preference to a supplier having majority holding in the hands of a US promoter. “This will give us leverage in supplying to big auto companies and other established players in the US market,” he said. Even though the company would dilute its stake in Massilon in favour of strategic US investors, it would continue to control its management, he said.
PTI
Computer firm sues Microsoft, Sony
SAN FRANCISCO: A leading maker of technology that lets users feel explosions and other sensations while playing video games said it has sued Sony and Microsoft for patent infringement. San Jose, California-based Immersion Corp yesterday said in a statement it had filed a patent infringement lawsuit against the two computer gaming giants for the unauthorized use of their “haptic” technology. Based on the Greek word for touch (haptesthai), the technology puts the shimmy of gunfire, the strain of a steering wheel and other sensations into video games, which are transferred to the users via joysticks and other peripheral devices.
AFP
Reuters profit declines 34 pc
LONDON: The world’s biggest financial news and information provider, Reuters Group Plc, reported a 34 per cent fall in annual profit on Tuesday as weakness in financial markets caught up with the company. Reuters reported pre-tax profit before goodwill amortisation and one-off items of £ 304 million ($433 million) for calendar 2001, at the low end of market forecasts. The consensus of media analysts’ expectations was around £ 330 million. Annual revenues rose 8 per cent but they were flat in the final quarter, as a prolonged market slump, which began in early 2000, finally made an impact. Reuters takes time to feel the effect of a downturn because many clients are on term contracts.
Reuters
Ashok Leyland hikes prices
New Delhi: Ashok Leyland has hiked prices of its medium and heavy trucks and buses by up to 1.5 per cent from Monday, a company spokesman said today. “The increase in prices has been effected on only the medium and heavy vehicles. The light commercial vehicles have not been touched,” the spokesman told over phone from
Chennai. PTI
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Joshi Autozone Agri export zone RITES Milkfed Symposium GTB SBI road show ICICI Bank Kotak MF IA hikes fares |
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