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Friday,
May 31, 2002, Chandigarh, India  
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Maruti
formally handed over to Suzuki Indo-Canadian
Business Chamber meeting held AirTel
introduces mobile expressway |
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Spice
offers Soccer World Cup bonanza Govt nod
for IOC’s IPO plan likely next week
HPCL net
slips 27.58 pc, pays 100 pc dividend
PNB net
up 21.3 pc PSB net
spurts 74 pc Haryana
has edge on other states: study Rs
957-crore FDI proposals okayed Haryana
Warehouse Graphics
Work on
LNG ship for India begins
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Maruti formally handed over to Suzuki
New Delhi, May 30 O Suzuki, Chairman of Suzuki Motor Corp, presented a cheque of Rs 1000 crore to Suresh Prabhu, Minister for Power and Minister-in-charge of Heavy Industries, to gain control of MUL. Mr Suzuki, however, ruled out any immediate changes in the MUL’s existing set up. “Maruti is an Indian company and successful because of it. We do not feel any necessity to change Maruti immediately. Only thing I can say today is Maruti Board can take faster decision and immediate reaction to various market requirements”, he told The Tribune. The payment of the “control premium” is the first step in the convoluted process of privatising the automaker which holds 59 per cent market share. Mr Jagdish Khattar will continue as the Managing Director of the company. “Maruti has been developed by Indian Government, Indian management and employees with Suzuki’s technical support. Accordingly, Maruti can survive only as Indian company and under Indian management. We appreciated Mr Khattar’s professional ability and asked him to continue as Managing Director”, Mr Suzuki said. On fresh investment proposals, he refused to divulge any details an said that such decisions will be taken by the Board. “Investment is the matter for the Maruti’s Board to decide. But I have no objection to continue investment in India because India has a great future”, he said. On MUL, facing increasing competition from new entrants in the market, he said that it has not eroded MUL’s competitive edge. “No I do not think so. We welcome the competition as competition makes the industry automatically cost and quality conscious and improves the competitiveness which will be a key to its become a global player. Maruti has learned much from the experience and now it is a time to use it”, he said. The company has turnedaround in the last fiscal year and clocked a net profit of Rs 55 crore in 2001-02 on a total turnover of Rs 9295.3 crore. The company has registered a net loss of Rs 269 crore in 2000-01 on a total revenue turnover of Rs 9219.6 crore. “Although the year 2000-01 was special year for Maruti to absorb much depreciation for many new models introduced at once, there was huge effort of Maruti related people to reduce the cost and improve customers satisfaction. Now, I hope that Maruti will continue as a profitable market leader”, Mr Suzuki said. Suzuki paid Rs 400 crore to buy 1.2 million newly issued Maruti shares for Rs 3,280 per share, that would take its shareholding to 54.2 per cent and dilute the government’s holding to 45.54 per cent from present 49.7 per cent. In the second step to disinvestment, the government would offload a 20 per cent stake through an initial public offering (IPO) of shares this fiscal to exit the venture entirely by March 2004.
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Indo-Canadian Business Chamber meeting held Chandigarh, May 30 In his opening address the Canadian High Commissioner, Mr Peter Sutherland, commended the response by the Indian business persons in Canada and vice versa. He said there was a lot of enthusiasm among both Indian and Canadian business people for joint partnerships with each other. Mr P. Chidambaram, former Finance Minister, gave a detailed overview of the Indian economy. He stated that although India’s GDP was among the leading 10 countries of the world but considering the magnitude of our population, this was not adequate to arrest the surmounting problems like unemployment, basic necessities in the rural area and health care. He also stated that “what India gets in the FDI in a decade, China gets that in one year”. Lt-Col. B.S. Sandhu, Chairman and Managing Director, WWICS and Mr Bruce Condie, Programme Director, CICST, Mohali, members of Indo-Canadian Business Chamber, also attended the meeting.
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AirTel introduces mobile expressway Chandigarh May 30 AirTel also announced that the 32K SIM will be integrated to a Delivery Platform 5 (DP5) server, thereby ensuring ready access of SMS based information, enhanced memory of the SIM, benefits of a fully laid-out and customisable menu and other benefits in terms of special value-added services on the handset device. Announcing the launch of the 32K SIM, Mr I.B. Mehra, Chief Executive Officer, Bharti Mobile Limited, (Northern Region) said: “Customers will experience faster, simpler, easier access to information services in three simple steps – scroll, send and receive.”
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Spice offers Soccer World Cup bonanza Chandigarh May 30 All that a subscriber needs to do is to send an SMS to the
number ‘2002’ and get the latest on world cup soccer sitting right here in Punjab. Subscribers will also be able to get updates on live matches and the day’s goals scored. To subscribe to the Spice Soccer World Cup update, Spice subscribers should call the toll free number ‘2002’ from their Spice mobile, said Mr Ashok Goyal Executive Director, Spice Telecom.
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Govt nod for IOC’s IPO plan likely next week
New Delhi, May 30 “Ministry of Petroleum and Natural Gas is likely to give its stamp of approval to the proposed IPO plan, which would bring down government holding in IOC by 10 per cent to 72.01 per cent, sometime next week,” sources said. IOC would part-fund the Rs 9,800 crore Panipat Refinery project and Rs 4,200 crore Petrochemical complex project at Panipat through the IPO, which was cleared at its board meeting on May 17, sources said adding raising the capital base from the present Rs 780 crore would also help company maintain its debt-equity ratio at the present level of 1.25:1. Sources said size and number of shares to be issued would be finalised after government approval. Meanwhile, the government has given the go-ahead to Bharat Petroleum Corporation Ltd’s IPO of about 50 million equity shares to part finance its capital projects. Size of the issue and premium would be decided after merchant bankers to the issue are appointed, sources said. The public offer, which would also include an issue of fresh equity, would bring down the government’s stake in BPCL from 66.2 per cent to 56-57 per cent and increase the company’s capital base by Rs 50-60 crore, sources said. Gas Authority of India Ltd (GAIL) too has approached the oil ministry for nod to divest 5 per cent of government stake in the open market to raise funds for future projects. IPO plans of IOC, BPCL and GAIL would need a Cabinet nod after Ministry of Petroleum and Natural Gas gives its stamp of approval, sources said. PTI
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HPCL net slips 27.58 pc, pays 100 pc dividend Mumbai, May 30 For the fourth quarter ended March 31, HPCL’s net profit was up by 30.14 per cent at Rs 424.9 crore as compared to a net profit of Rs 326.48 crore for the corresponding period last fiscal. Total income has decreased from Rs 12,792.1 crore in Q4 FY’01 to Rs 11,050.62 crore in the reporting quarter.
PTI
Tisco net falls Tata Iron and Steel Company (Tisco) has posted a 41.40 per cent decline in net profit for the fourth quarter ended March 31, 2002. Net profit for the financial year 2001-02 also declined by 62.98 per cent.
UNI
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PNB net up 21.3 pc Chandigarh, May 30 The gross profit of the bank has touched s 1473.80 crore, including Rs 438 crore from treasury operations, at the end of March 2002 as compared to Rs 945.21 crore in the previous year, registering a growth of 56 per cent. The bank’s capital and reserves increased to Rs 3216 crore compared to Rs 2669 crore last year, registering a growth of 20 per cent. Mr Kohli further added that PNB came out with an IPO in the end of March 2002 and raised Rs 164.49 crore. Total business stood at Rs 98,492 crore at the end of March 2002 as compared to Rs 84,160 crore last year registering a growth of 17 per cent. Total deposits of the bank amounted to Rs 64,123 crore as compared to Rs 56,131 crore in March 2001 showing an increase of 14.2 per cent.
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PSB net spurts 74 pc New Delhi, May 30 As on March 31, the net profit of the bank stood at Rs 23.04 crore — up from Rs 13.26 crore in the previous year. Chairman and Managing Director of the bank, Mr
N.S. Gujral said that cost of the deposits of the bank dropped by 0.32 per cent to 7.59 per cent from 7.91 per cent during the previous fiscal. This is mainly due to shedding of Rs 100 crore of costly deposits and the mobilisation of Rs 132 crore of low cost deposits by launching a special drive to open over one lakh new savings bank accounts. Mr Gujral said that the bank has now planned to issue Kisan Credit Cards to all eligible farmers in the command area of its
branches in the current fiscal and has also targetted disbursement of Rs 575 crore in priority sector advances.
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Haryana has edge on
other states: study Chandigarh, May 30 Real GDP growth in 1999-00 picked up to 6.9 per cent at constant prices as compared to the 6.4 per cent achieved at all-India level. The per capita state domestic product (SDP) at current prices at Rs 21114 in 1999-00, is higher than the national per capita income by about 20 per cent. Haryana ranks sixth in terms of per capita income, and is ahead of the progressive states of Tamil Nadu, Gujarat, Karnataka and Andhra Pradesh. Among the north Indian states, its position is next only to Chandigarh and
Punjab. The gap between average monthly per capita consumption expenditure between rural and urban areas is 28.4 per cent in Haryana as compared to 74.1 per cent at the all-India level. Haryana is the next state after Punjab and Kerala regarding this. As regards agriculture, Haryana ranks among the top 10 agrarian states of the country with agriculture contributing around 35 per cent of the GDP and employing 53.4 per cent of the population. The gross irrigated area in Haryana as a percentage of gross cropped area at 79.8 per cent in 1996-97 which is more than double the all-India average. On the industrial front, with the industrial sector contributing 27 per cent of state income. Haryana is set to rank among the 10 most industrialised states in the country. Haryana is the third largest state behind Gujarat and Maharashtra in terms of per capita gross factory output. The per capita value added in industries is also higher than the all-India average. Between 1991 and 2000, Haryana was first among states in terms of FDI approvals in prime movers and scientific instruments. Regarding to infrastructure development, as per infrastructure index developed by (CMIE), Haryana ranks fourth in terms of infrastructural facilities which are 33 per cent higher than the national average.
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Rs 957-crore FDI proposals okayed
New Delhi, May 30 The proposals were cleared by the Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board. Toyota intends to invest Rs 303.75 crore for picking up 90 per cent equity in a joint venture with Toyota
Kirlosker. PTI
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Haryana Warehouse
Chandigarh, May 30 |
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Haryana Dairy Wills sportswear SunTec Punj Lloyd CBI raids |
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