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Tuesday,
September 10, 2002,
Chandigarh, India  
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US-Iraq stand-off: oil, gold up
PSIEC cancels Ranbaxy, Godrej plots
Market cap of 18 PSUs slips 8 pc
Farmers taking to floriculture |
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Exports rise
21.14 pc
in April
HP growers exempt from commission
Dabur launches drug for cancer
Net exchange proposed for
4 metros
Women marshals
on Pak flights
Assocham, Sharjah chamber sign MoU
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US-Iraq stand-off: oil, gold up London, September 9 The dollar pushed higher against the euro and yen, extending gains made after Friday’s upbeat U.S. jobs data, but worries over possible U.S. action against Iraq kept the market nervous. Interest rate futures slid after European Central Bank President Wim Duisenberg said at the weekend that euro zone monetary policy was appropriate for the foreseeable future. Gold, viewed as a safe haven in times of geopolitical turmoil, topped the $320 an ounce mark for the first time since July with investors anxiously awaiting the anniversary of the attacks on New York and Washington. “The current environment remains clearly supportive to gold... The potential for major terrorist attacks remains extremely high,” said Kamal Naqvi, metals analyst at the Macquarie Research. The oil prices rose in Asia for the fourth consecutive session on fears that any escalation in the West Asia violence could
disrupt supplies from the region, which accounts for two-thirds of the world crude reserves. Brent crude futures for October delivery were 13 cents higher at $28.42 a barrel. Nervousness over a possible U.S. attack on Iraq also helped push European stocks lower, though dealers also blamed profit-taking after sharp price rises on Friday. “The move on Friday was very strong, largely due to short-covering, and we are seeing some profit-taking today, though the main worry of the market remains Iraq,” said Thierry Lacraz, a European strategist at Geneva-based bank Pictet & Cie.
Reuters
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Gold glitters, settles at Rs 5,150
New Delhi Marketmen said the gold prices continued to gain in day-to-day buying by retail customers and stockists influenced by a firm trend in the overseas markets. The yellow metal in other Asian markets hovered around $ 321 an ounce from previous level of $ 318. They said worries over the potential repeat of any terrorist attack together with continued attempts by the USA to draw up support for attacking Iraq lent gold a good bullish tone. Standard gold and ornaments gained further by Rs.20 each at Rs 5,300 and Rs 5,150 per 10 gram. Sovereign also jumped up by Rs 75 at Rs 4,150 per piece of eight gram. While silver ready rose by Rs 45 at Rs 7,770 per kilo and weekly-based delivery by Rs 40 at Rs 7,780 per kilo, silver coins gathered fresh support from the local parties and registered a gain of Rs 100 at Rs 11,600/11,700 per 100 pieces. The following were today’s quotations: Silver ready 7,770 and delivery 7,780. Standard gold 5.300, ornaments 5,150 and sovereign 4,150.
PTI
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PSIEC cancels Ranbaxy, Godrej plots Mohali, September 9 Industrialists allege that out of 111, who were allotted plots in 1999, more than 80 per cent have failed to start production over the past one year as the PSIEC has declined to issue “No objection certificates” to them due to controversy of the enhanced price of plots. A senior official in the PSIEC, on condition of anonymity admitted it had issued notices to the industrial units asking them to pay Rs 446 per square yard as the enhanced price in the industrial area, Phase VIII B, due to compensation paid to farmers on the orders of the Punjab and Haryana High Court. In the industrial area Phase VIII A, where large units were sanctioned undeveloped land at lower cost, the corporation has cancelled the plots of Ranbaxy (123 acres), Godrej (75 acres), ICI (34 acres), L-Top (50 acres), Continental (13 acres) and Shivalik group (23 acres) However, the industrialists have questioned the calculations of the corporation and urged the PSIEC to revise the costs as agreed at a recently held meeting. An official of the Godrej claimed that the company have offered the surplus land to the corporation at the quoted rate, but without any response. Other officials of the company seeking anonymity said they are considering various options, including to approach court and shift their plants to other states. Mr B.S. Baidwan, President, the Mohali Industries Association, says, “the PSIEC had called applications in January, 1999, to allot industrial plots in Mohali industrial area Phase VIII B at a price of Rs 700 per square yard, which were allotted and at Rs 721 per square yard. Next year, it sent notices to the units seeking Rs 285 per square yard as the enhanced price, on the recommendations of the court.” Later, when the industrialists raised questions, says Mr Gurmeet Singh, General Secretary of the association, the corporation agreed to cut down the enhanced cost by Rs 177 per square yard. However, they were shocked when they were issued notices to pay Rs 446 per square yard in lieu of the enhanced costs, despite deductions of the agreed amount. The industrialists claim that the corporation failed to justify the enhanced cost as the court had asked the corporation to grant Rs 11.82 lakh per acre as the total compensation to the farmers, but the corporation has already earned about Rs 36 lakh per acre from industrial units. Further it failed to provide promised infrastructure, including industrial effluent treatment plant. Officials in the PSIEC claim that they have provided sufficient time to the units to make the payments. |
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Market cap of 18 PSUs slips 8 pc
Mumbai, September 9 The shares in HPCL and BPCL were the biggest losers among the PSU after the government deferred their disinvestment. “The government’s decision was unexpected for the market as it has led to uncertainty about the whole disinvestment process among the investors as well as market players,” said a senior analyst with the leading foreign brokerage. The total market cap of the 18 PSUs has seen an erosion worth Rs 10,087 crore to Rs 1,156,40.24 crore today as compared to Rs 1,25,727.69 crore on the previous day.
UNI
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Farmers taking to floriculture Shimla, September 9 The cool climes of the hills provide ideal conditions for growing flowers. However, the farmers have been reluctant to go for commercial floriculture because of the lack of an assured market for flowers. The ever-increasing demand for flowers in Delhi, Chandigarh, Amritsar and other major cities of the region and the growing market within the state has provided the much-needed boost to floriculture in the state. Already 188 hectares has come under floriculture and the government plans to increase it 10 times over the next four years. So far, about, 1500 progressive farmers have taken to floriculture. They have been marketing their produce through 48 flower growers cooperative societies. An apex cooperative flower production and marketing federation is being set up shortly. A model floriculture centre is also being established at Mahog Bag in Chail to provide various facilities to the floriculturists. As many as seven floriculture nurseries have been established at Navbahar and Chharabra in Shimla, Mahog Bag and Parwanoo in Solan, Bajaura in Kulu and Dharamsala and Bhatoon in Kangra with the objective of imparting training to commercial flower growers. The Department of Horticulture in the state has been providing financial incentives to the growers, including subsidy to individual growers under the area expansion programme. In addition, model schemes for the cultivation of gladiolus, carnation and lilium have been approved by Nabard to provide funds. Besides, subsidy to the tune of 40 per cent of cost, subject to a maximum of Rs 40,000 per farmer for a maximum area of 500 square metres is being given for the establishment of a greenhouse plastic crates are also being provided at 50 per cent subsidy for handling flowers on the farm. During the year 2001-02, an additional area of 38.30 hectares benefiting 394 farmers has been brought under commercial floriculture under the area expansion programme. As many as four study tours have been conducted and 630 farmers trained in floriculture training camps. As many as 10 demonstration plots had been set up in various districts and assistance. The regional research stations of Dr Y.S. Parmar University of Horticulture and Forestry, the Institute of Himalayan Bio-Resource Technology, Palampur, and the National Bureau of Plant Genetic Resources, Shimla, have been conducting research in floriculture.
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Exports rise
21.14 pc
in April
New Delhi, September 9 Other than natural silk textiles, there has been an across the board rise in exports of all the segments with total textiles exports up at $ 809.09 million compared to $ 708.36 million in April last year, according to the provisional data prepared by the Commerce Ministry. There is a 56.06 per cent growth in gems and jewellery to $ 625.46 million from $ 400.79 million, indicating a turnaround in the sector which had been hit by low demand after the terrorist bombings in America last year. In engineering goods, the growth is 38.73 per cent to $ 282.8 million from $ 203.85 million on account of an increase in exports of machine tools, transport equipments, ferro alloys, aluminium and non-ferrous metals. The trade in iron and steel has beaten the otherwise healthy trend in exports of engineering goods and exports fell to $ 77.82 million from $ 81.66 million.
PTI
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HP growers exempt from commission
Shimla, September 9 Himachal Pradesh Horticulture Minister Narinder Bragta said the commission agents were charging 8 per cent commission from the sellers against 6 per cent fixed by the government and exploiting the growers by charging commission from them. He told newspersons at Pragati Nagar, 60 km from here, that the government had raised this issue with successive governments in Delhi. The government-led by Mr Sahib Singh Verma had amended the Marketing Act and rules to ensure that the growers were not exploited and the same were assented to by the President. He regretted that the decisions were not being implemented by the Delhi Government even after prolonged battle and urged the former state Chief Minister Virbhadra Singh and HPCC President Vidya Stokes to use their good offices to persuade the Congress-led Government of Delhi to act swiftly in implementing the decisions. Mr Bragta said he had written to the Horticulture Ministers of Punjab, Haryana, Chandigarh and Jammu and Kashmir and the Union Agriculture Minister Ajit Singh to work out a strategy to have a uniform pattern for the collection of commission and other charges in the fruit and vegetable mandis.
PTI
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Dabur launches drug for cancer
New Delhi, September 9 Dabur is the first Indian company to get approval from the Drug Controller General of India for manufacturing and marketing this new drug. Thalix, the brand name of Thalidomide by Dabur, has been launched in capsules. This prescription-based drug will initially be available in selected cancer hospitals and institutions and nursing homes only. This restricted availability of Thalidomide also follows guidelines by the DCGI wherein postmarketing surveillance study needs to be conducted for every new drug for an initial period of two years. “Patients suffering from these diseases are importing this drug at exorbitant rates in the past. It is now available in India at a very competitive price”, said Mr Ajai Vij, President, Pharmaceuticals Division, Dabur India Ltd. In the late 1950’s, use of Thalidomide by expectant mothers raised concerns worldwide when several deformities were reported in new born babies following the use by mothers during pregnancy. The drug was later banned and withdrawn from most markets.
UNI
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Net exchange proposed for
4 metros New Delhi, September 9 A Task Force constituted by the telecom sector watchdog has suggested an implementable methodology to establish Internet Exchange Points (IXP) to be named National Internet Exchange of India (NIXI) to route domestic traffic within the country to avoid its carriage abroad and back to India. The setting up of NIXI will result into various tangible benefits for Internet users as well as for the country, the Task Force recommended that the cost of Internet connections and bandwidth would be reduced and quality of service improved. Initially it has been proposed to set up four IXP nodes in Delhi, Mumbai, Kolkata and Chennai, which will be interconnected in ring architecture. It has also been suggested to take steps to make cheaper access devices for Internet like low cost indigenous PCs and Internet-enabled second hand PCs. Besides, initiatives should be taken for bringing ISP services under the infrastructure category to bring down capital and operational costs of ISPs.
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Punjab Tourism The value of the land on which the holiday homes have been constructed was worth about Rs 8-9 crore.
OC
Birla Institute Haryana export Beopar Mandal RBI Dy Governor Markets closed Security solutions Order for BHEL Eicher Motors |
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