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Friday,
March 22, 2002, Chandigarh, India
  
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RBI plans to set up gold exchange
Maruti opens True Value outlet
‘Plug loopholes on allotment of shares’
Environment Dept to clear sites
‘Kinetic Nova’ unveiled
Rs 1,113 crore FDI proposals cleared
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‘Jeevan Sneha’
Enron units file for
bankruptcy protection
In graphic: Sate-wise foreign direct investment
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RBI plans to set up gold exchange
New Delhi, March 21 “The establishment of a gold exchange would help in efficient price discovery and emergence of healthy and transparent practices in the market,” Mr Reddy said at a conference organised by the World Gold Council here. He asked the banks to come forward with their ideas. “Once banks start trading among themselves along with MMTC, STC and other bid traders according to the demand-supply dynamics, a formal move towards a gold exchange is appropriate.” “They can use the infrastructure of the National Stock Exchange (NSE) for this purpose,” he said. Mr Reddy said a gold exchange was theoretically sound and policy-wise viable. “As far as the RBI is concerned, if there is a firm proposal, we will surely examine it,” he added. An RBI standing committee on precious metals, along with Forward Markets Commission, was currently studying the feasibility of starting futures trading in gold, he said. Mr Reddy also proposed a self-regulatory body under the banner “Gold Market Development Agency” with representation from traders and the Bureau of Indian Standards (BIS). The RBI Deputy Governor said research should be stepped up for integrating the Indian gold market with the international market and then with the financial market. Admitting that the gold deposit scheme initiated in 1990s was not successful in hiking reserves, Mr Reddy said it could mop up only 8.0 tonnes of gold and there was a need for setting up an exchange. The Reserve Bank of India also ruled out selling gold from its reserves, as has been done by some central banks in Europe following the lacklustre price of the precious metal. “At this moment, our reserve management as regards to gold can be termed as passive and conservative as RBI does not trade in gold,” Reddy said. PTI
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Maruti opens True Value outlet Chandigarh, March 21 He was here to inaugurate the first Maruti True Value outlet at Joshi’s Autozone (Maruti dealer) in Industrial Area, Phase 1. Mr Khattar said the company was emphasising on cost cutting and productivity improvement. “The post disinvestment scenario would not have any adverse impact on the functioning of the company which has witnessed changes in the share-holding patterns thrice earlier”, he said. Talking about the performance of Maruti following the increase in competition, he said the company had been the market leader and despite the entry of several other players in the market, there was no negative impact on its performance. Nearly 36 lakh cars have already been sold till February this year. “While most market leaders across the globe do not hold more than 30 per cent share in their markets, we have almost 60 per cent share in the Indian car market where 12 manufacturers, including global players , are competing”, he said. The company is also emphasising on export business where it has recently received an order for supply of 16,000 Altos for 2002-03 following the participation by the company’s dealers in the Geneva Motor Show. During 2000-01, as many as 15,025 vehicles were exported, raising the cumulative tally of exported vehicles to 2,35,000. Through Maruti True Value — the brand name for the business of pre-owned cars the company has entered into is one of the four service businesses, said Mr Khattar. The True Value outlets were started by Maruti around two months ago. Under this business, Maruti cars which less than four years old, have been driven upto 60,000 km and have not changed two previous ownerships are accepted for purchase by the True Value outlets. A standard 120-point check-up is conducted on the vehicle. While the seller has the option to be paid in cash or get a True Value car or a new Maruti car in exchange, the cars bought under True Value carry one-year warranty and three free services. Maruti True Value outlets would be set up at 10 places within a few weeks and this number would shortly be increased to 40, said Mr Khattar. |
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‘Plug loopholes on allotment of shares’
New Delhi, March 21 Raising the issue during question hour, Kirit Somoiya said there were several multi-national companies where promoters were making preferential allotment at the lower rate and selling it in the open market when the rates were high, raking in huge profits. Mr P.H. Pandian of AIADMK asked whether SEBI has powers to deal with erring stock exchanges indulging in insider trading while V Radhakrishnan, CPI-M, sought more transparency on preferential allotment. Law Minister Arun Jaitely said there were no restrictions on sale of shares by the preferential allottees in the open market other than the lock-in requirements. He said companies can make preferential allotment by passing a special resolution of shareholders under Sec.81(1A) of the Companies Act, 1956 and in compliance with conditions imposed by SEBI such as minimum pricing, disclosure to shareholders and lock in of shares allotted on preferential basis, if they desire to seek listing at stock exchanges. Companies have been making such preferential issue to persons including overseas entities, he said. PTI
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Environment Dept to clear sites Chandigarh, March 21 Stating this here today, a spokesman for the Environment Department said the Union Ministry of Environment and Forests had recently delegated its
powers to appraise the projects to be set up in specified areas of the Aravalli region and to accord environment clearance for the same. He said the state government had set up an expert committee and a monitoring committee in this regard. He said the Haryana State Pollution Control Board had set up an assistance cell at its headquarters for providing general guidance to industries, especially in small-scale sector, about treatment technologies. The spokesman said the board had recently finalised a programme for the management of hazardous substances for proper implementation of the Hazardous Waste (Management and Handling) Rules, 1989, and the Manufacture, Storage, Import of Hazardous Chemical Rules, 1989. He said there were 309 industries which require to obtain authorisation under Hazardous (Waste Management and Handling) Rules, 1989. |
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‘Kinetic Nova’ unveiled Chandigarh, March 21 Announcing the launch of the scooter Mr Ajay Kapila, Senior Vice-President of Kinetic said, “With Nova, the Indian scooter industry will take another leap. He said the growth in scooter industry is declining by 28 per cent whereas the Kinetic’s growth is up 15 per cent. In North India its growth is 40 per cent and has 20 per cent market share. Apart from its drop dead looks, Nova features a 115 cc four stroke engine — the most powerful engine in the modern scooters segment in the country. It is also a highly fuel efficient scooter with a mileage delivery of up to 60 kmpl of road conditions, said Mr Kapila. Nova’s price in Chandigarh is Rs 35,900. They company estimates to sell about 50,000 number of Nova scooters, in 12 months and will spend over Rs 10 crore on large scale advertising campaign. |
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Rs 1,113 crore FDI proposals cleared
New Delhi, March 21 Toyota Motor Corporation’s Rs 106.50 crore plan to increase its equity in Toyota Kirloskar Motor Pvt Ltd to 99 per cent is among the FDI proposals cleared by Commerce and Industry Minister Murasoli Maran on the recommendations of the FIPB. DHL Worldwide Express B.V of The Netherlands is putting a fresh investment of Rs 91 crore for a 51.85 per cent in DHL Worldwide Express (India) Pvt Ltd. Other proposals cleared related to telecom
services, petroleum and natural gas and tourism.
UNI |
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‘Jeevan Sneha’
Chandigarh, March 21 In case a policyholder insured under Jeevan Sneha Plan (Table No. 128) now opts to take Survival Benefit at a later date, LIC will offer an interest rate of 11 per cent per year compounding yearly for completed number of months as originally stipulated under the plan. In respect of premium payment in advance the policyholder will have the flexibility to pay the next yearly premium in advance in instalments not exceeding three during the year. The policyholder will be eligible for a premium rebate of 10 per cent per year for completed number of months on the portion of premium paid.
TNS |
Enron units file for bankruptcy protection
New York, March 21 The subsidiaries hold Enron’s 65 per cent stake in the Dabhol power project, a gas-fired plant on India’s west coast that is rusting away while creditors and shareholders battle over its sale. The plant is one of Enron’s major assets still left on the block following its bankruptcy filing last December. Reuters
Philips to make 6 m CTVs this year Kolkata: Electronics major Philips India Limited has targeted the production of six million colour televisions in 2002 and hopes to emerge as the leader in the segment in the country by 2005. Stating this at a press conference here, the company’s Senior Vice-President, (consumer electronics division) Rajeev Karwal said last year the company had produced 5.4 million colour television sets. PTI
Birlas submit bids for HZL New Delhi: Sterlite and A.V. Birla group company Indo-Gulf today submitted financial bids for securing control of Hindustan Zinc by buying 26 per cent government stake in the metal PSU even as Binani-Korea Zinc, and Glencore kept out of the race on the last date of bidding. The bids were evaluated at a meeting of the Core group of Secretaries on disinvestment and government would take a decision on selecting the new strategic parnter next week, sources close to HZL privatisation process said here. The Cabinet Committee on Disinvestment (CCD) is likely to meet here on March 28 to decide on the financial bids, they said.
PTI
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IMM award Aaj Tak Form ST-38 SBP counters Sugar recovery PNB public issue
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