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Wednesday,
October 2, 2002,
Chandigarh, India  
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IOC losing 350 cr per month on LPG, kerosene subsidy
Naik not against selloff in oil PSUs
DSE AGM ignores issue of merger with BSE
Entry tax on yarn, paper criticised
Insurance plan for Kisan card holders |
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Goa offers packages
for tourists
BPCL launches ‘Speed’
Hero Honda, TVS, Bajaj sales jump Samsonite launches trendy bag
Kawasaki posts $ 53.5m net loss
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IOC losing 350 cr per month on LPG, kerosene subsidy New Delhi, October 1 “IOC is incurring a loss of around Rs 350 crore every month as international prices have gone up significantly since March this year”, IOC Chairman M.S. Ramachandran told newspersons here today. He said that the government has not yet taken a decision on a flat-subsidy regime on kerosene and LPG and there was a need for a “speedy resolution of the issue” as it was putting pressure on the working capital requirements of the company. On pricing of petrol and diesel, Mr Ramachandran said that the oil companies are not exactly following a well-defined mathematical formula. IOC, however, is not incurring any losses, although he did admit that the revenue stream has got affected due to the mismatch in the quantum of increase in prices and the change in international prices. On the pressure on working capital due to a constant domestic retail prices of kerosene and LPG, he said that IOC was resorting to short-term borrowing from banks and financial institutions The IOC Chairman said that the government was looking at proposal of reducing IOC’s stakes in ONGC and GAIL and also the proposal to introduce an IPO. He also said that the IOC was close to monetising the oil bonds amounting to Rs 5,276 crore and discussions are on with various banks. Mr Ramachandran said that the 10th Plan outlay of Indian Oil Corporation will be more that Rs 25,000 crore for consolidation of the existing infrastructure and creation of new assets. Taking into account the current investments of Rs 13,000 crore in various projects under implementation, IOC’s total investment up to the terminal year of the 10th Plan will exceed Rs 40,000 crore. The turnover of the company during 2001-02 stood at Rs 1,14,864 crore and profit after tax has increased to Rs 2,885 crore this year compared to Rs 2,720 crore in the last year, recording a growth of 6 per cent. |
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Naik not against selloff in oil PSUs New Delhi, October 1 “I am not against
disinvestment. We (ministers in Government) are very much for disinvestment, but the desirability of strategic route in disinvestment is being discussed,” Naik told PTI here. The Cabinet Committee on Disinvestment (CCD) had last month postponed decision on privatisation of state-run refiners Bharat Petroleum and Hindustan Petroleum following sharp differences among ministers on the route to be followed. Naik said the government should get out of oil PSUs, other than where a decision has been taken to keep majority control, but strategic sale was not desirable. “We feel that shares should go to people at large instead of being sold to one group,” he said revealing his mind on the question of sale of government equity in BPCL and HPCL through public offer. Asked if public offer would not deprive the government of control premium it gets through the strategic route, Naik said “Government is not in the business of making profits or losses. Moreover, the cash investment in BPCL and HPCL has been less than Rs 43 crore way back in 1974 and today the two companies are worth Rs 20,000 crore each.” The government has not provided any budgetary support to the two PSUs, he said, adding the public offer can fetch good returns considering the high desirability of oil PSUs in the stock markets. Dismissing suggestions that he has been identified as the leader of “anti-disinvestment” lobby, Naik pointed out that Oil Ministry has given Rs 7,217 crore out of the Rs 9070 crore disinvestment proceeds garnered by Government since 1998. “When we have contributed nearly 80 per cent of the total disinvestment proceeds of the government, how can we be anti-disinvestment,” he asked. Naik proposed minority stake sale in Oil and Natural Gas Corporation, Indian Oil and Gas Authority of India Ltd, where the government has decided to maintain majority control, to meet the Rs 12,000 crore disinvestment target set for the current fiscal. PSUs under Petroleum Ministry, according to Naik, could give government Rs 7640 crore this fiscal as disinvestment proceeds. “While sale of 10 per cent equity each in ONGC and IOC and 5 per cent in GAIL could give Government Rs 6,500 crore at current prices, strategic sale in Engineers India Ltd and Balmer Lawrie would fetch Rs 1140 crore,” he said. Naik’s suggestions assume importance in the wake of Disinvestment Minister Arun Shourie’s remarks that it would be difficult to meet the divestment target for the year in view of the deferment of the decision to privatise HPCL and BPCL. Naik said his opposition to outright sale in BPCL and HPCL was also linked to the issue of completion of ongoing refinery expansion project of the two companies which the strategic partner may not undertake. HPCL and BPCL have spent almost Rs 500 crore on their 9 million tonnes Bathinda and 6 million tonnes Bina refineries. Privatise companies may not be inclined to complete the Rs 6354 crore Bina and Rs 9806 crore Bathinda refinery.
PTI |
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DSE AGM ignores issue of merger with BSE New Delhi, October 1 However, it seems the local bourse has now come to terms with the remote possibility of any merger with the Bombay Stock Exchange, the proposal for which was mooted last year. While Mr Vijay Bhushan, Chairman of the DSE Annual General Meeting which was held yesterday, apprised the members of various steps taken by the exchange to come out of the adverse scenario, he eschewed making any reference to the much-touted merger issue. “Since BSE has not made any positive response to a proposal on the merger, I did not take up the matter at the AGM,” Mr Bhushan told UNI here. The merger had run into rough weather after the BSE governing board had reportedly deferred the September 12 meeting on the issue, stating that it would consider the same after the SEBI approve its corporatisation plans. It was interpreted by the DSE members that BSE is not keen on the merger. While BSE had later denied having convened any such meeting, no further progress has been made on the issue. The two exchanges had signed a memorandum of understanding on the merger in September last year. While DSE governing board and its members had already approved the proposal in October last year, BSE members are yet to give their nod. Barring some, the DSE has witnessed zero business days for whole of this fiscal so far. SEBI move to ban carry forward from July 1 last year and the introduction of rolling settlement has adversely affected the margins of brokers, forcing them to shift their trading to the BSE and the National Stock Exchange. Most of the members have got their terminals deactivated and have applied for refund of their deposits lying in the Base Minimum Capital. Besides, a number of companies have been requesting for their securities to be delisted from the exchange. Stating that these developments have been a matter of deep concern, Mr Bhushan said DSE, in a bid to come out of the adverse situation, has floated a wholly-owned subsidiary-the DSE Financial Services Ltd. The subsidiary will take the membership of BSE and NSE so that DSE brokers could become sub-brokers of the subsidiary company and trade on the two premier exchanges. Mr Bhushan also talked about proposals by a DSE-constituted group to optimally utilise technological and other infrastructure of the exchange. The group had proposed that DSE and other regional exchanges be allowed to offer value added services to the investors which NSE and BSE are not offering or their infrastructure be used as a regional hub of NSE and members of regional exchanges could be admitted as trading members of NSE. The Group had also suggested that all scrips where NSE/BSE are not providing derivative trading should be shifted to the regional exchanges and urged SEBI to prevail upon RBI to allow members of regional exchanges to trade in government securities. These proposals had been sent to SEBI for its approval, he said. Meanwhile, the AGM appointed P Bolusaria and Company as auditors of the exchange in place of S.S. Kothari and Company.
UNI |
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Entry tax on yarn, paper criticised Chandigarh, October 1 A delegation of Ludhiana Hosiery industry led by Mr Ajit Lakra met Mr Mukul Joshi, Principal Secretary, Department of Industries, today to register its protest against the decision. In fact, the state government has decided to implement its decision last night without making much noise. Recently a delegation of paper units in the state had met Mr Sardul Singh, Minister for Excise and Taxation, to convince him to take back the decision. According to Mr Suresh Kumar, Excise and Taxation Commissioner, Punjab, ‘‘The Punjab government has decided to levy entry tax on paper at the rate of 8 per cent and on yarn at 4 per cent rate. The entry tax would be payable at the time of entry of these goods in Punjab and would be payable by all the dealers importing such goods whether registered or not under Punjab General Sales Tax Act, 1948.’’ Criticising the government’s decision, Mr Gurmeet Singh, General Secretary, Mohali Industries Association, said the decision had caused furore among thousands of packaging, printing, computer stationery and other paper conversion units. Most of them would be now forced to migrate to neighbouring states — Haryana, Delhi and Chandigarh, since there was no entry tax in these states. Condemning the government decision, Mr Vinod Thapar, President, Knitwear Club, Ludhiana, said,‘‘ The decision to impose entry tax by the Excise Department cannot be justified as the hosiery units were already paying heavy tax despite recession in business. Now the units working for Delhi and Noida manufacturers would soon shift outside the state to save tax. The HP government has already announced various tax exemptions to the industry. The state government should review its decision in the interest of industry and state.’’ |
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Insurance plan for Kisan card holders Chandigarh, October 1 The gross credit expanded by Rs 2,747 crore, from Rs 18,141 crore in June, 2001, to Rs 20,888 crore in June, 2002, thus exhibiting a growth of 15.1 per cent. The priority sector advances grew by Rs 1,088 crore to Rs 10,299 crore in June, 2002. Referring to advances to SSI during this period, he said it had shown an increase of Rs 294 crore to Rs 3,529 crore in June, 2002, showing a growth of 9.1 per cent as against an increase of Rs 123 crore or 4 per cent during the corresponding period previous year. Mr A.K. Bhargava said the banks had issued credit cards to 26,107 farmers amounting to Rs 169 crore. Since the inception of the scheme till June, 2002, credit cards have been given to 4,05,859 farmers amounting to Rs 2,058 crore. The banks are in process of implementing the personal accident insurance scheme for Kisan Card holders. In Punjab, Oriental Insurance Company is designated for the purpose. Mr U.S. Bhargava, General Manager, Punjab National Bank, and Convener, SLBC (Punjab), said the implementation of the government-sponsored schemes in Punjab is on top priority of all banks to bring rapid transformation in socio-economic status of the people in the state. Mr K.R. Lakhanpal, Principal Secretary, Finance, Punjab, was the chief guest. Mr Madan Lal, Regional Director, RBI, Mr A.Ramanathan, CGM, Nabard, Mr T.R. Sarangal, Director, Industries, also attended the meet. |
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Goa offers packages for tourists Chandigarh, October 1 If you do not wish to stay away from your hometown for so many days, you can opt for another package. For three nights and four days, you will have to spend less than Rs 2,000. According to the terms and conditions for different packages minimum booking of two persons will be done. Managing Director of the corporation Pramod K. Shetye, who is here for an audio-visual presentation for promoting tourism in Goa, revealed that the packages were being offered to promote Goa as a tourist-interest place not for any specific season, but for the entire year. A corporation official said now by spending less than Rs 3,400 you could stay for five nights, while earlier you were entitled to stay for a shorter duration by withdrawing the same amount from your bank. The officer said: "Chandigarh is considered the hub of activity for the entire northern region. Basically three governments are being run from the city and all administrative activities are being carried out from here. Our seminar will now enable the travel agents and tour operators to gather information about what all is being offered by Goa tourism," . Mr Shetye said, “Northern India has a tremendous potential as far as the tourism is concerned. Otherwise also, we would like a lot of North Indians to visit Goa. Last year about 13 lakh tourists visited the place which is more than the actual population of Goa. About 25 per cent tourist come from abroad". The Director ITFT, Dr Gulshan Sharma, gave some suggestions which were accepted by the corporation. He suggested that there should be Goa Tourism Festival in Chandigarh. Road shows should also be organised to promote Goa tourism. The Chief General Manager of CITCO, Mr N.S. Brar, adds, ''We will provide all kind of help needed to promote Goa as a tourist destination in the cities of northern region''. |
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BPCL launches ‘Speed’ Chandigarh, October 1 Imported from the USA, this is priced at Rs 31.40 per litre, just Rs 1.33 more than the price of the normal petrol in Chandigarh. Mr R.K. Chaturvedi, Executive Director, Retail, BPCL, said:
‘‘The new generation petrol is a multi functional fuel additive that will enhance overall engine performance to ensure smooth driving. It will remove carbon deposits and keep the engine clean and reduce emissions, thus extending the life of the catalytic convertor. All these will result in lower maintenance cost of vehicle.’’ Mr S.P. Mathur, GM, Retail ( North ), BPCL, said:‘‘The Speed is available at two outlets in Chandigarh, Sector 21 and Sector 9 petrol pumps, four outlets in Ludhiana, two outlets in Jalandhar and in Panchkula district. The company expects that about 75-80 per cent consumers, using normal fuel from company outlets, will shift to this new fuel by the end of this year, in the region.’’ Mr Chaturvedi disclosed that the dealership of Speed fuel was given to specific dealers after stringent checks. Only those dealers were eligible for the sale of that premium product, who could meet the stringent tests to provide “Pure for Sure”fuel. |
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Hero Honda, TVS, Bajaj sales jump New Delhi, October 1 Sales during April-September, 2002, went up by 30.2 per cent at 8,29,297 units over 6,36,830 units sold a year earlier, a company statement said. The September sales were, however, lower by 2.3 per cent as compared to 1.37 lakh units sold in August this year. The Munjals-promoted Hero group and Japan’s Honda Motor Co. own a 26 per cent stake each in Hero Honda. Hero Honda has recently launched a new 133cc four-stroke motor cycle ‘Ambition’ to expand its product portfolio and boost sales. The company’s highest selling motor cycle, the 100cc ‘Splendor’ and ‘Passion’ contribute about 80 per cent of its total sales. TVS Motor TVS Motor Company has set up a milestone in its history by selling 1,03,117 two wheelers in September. During the first half of the current fiscal, the company registered a cumulative sale of 5,57,308 units, a 44 per cent growth over the corresponding period last year. This is significant as the overall industry growth was only about 25 per cent, a spokesperson of the company said. The company’s landmark performance is attributed to synergistic contribution from its production units in Hosur and Mysore as well as the sustained sales and marketing efforts. Bajaj Auto Bajaj Auto Limited has recorded a 30.5 per cent growth in its motor cycles sale in September compared to the same month a year ago. The company sold 103,932 two-wheelers, including 69,359 motor cycles during the month leading to an 8.4 per cent overall sales growth. The company’s two-wheeler exports shot up by 138.3 per cent to 6,424 units during the month, a company release said today. For the April-September quarter, motor cycles sales rose by 51.8 per cent, while three-wheeler sales went up by 19.1 per cent. Exports during the quarter rose by 128.5 per cent to 40,329 units. Bajaj Auto has plans to introduce three motor cycle models in the October-December quarter which include an entry level bike called BYK and another in the “utility” segment.
Agencies |
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Samsonite launches trendy bag New Delhi, October
1 “India is an important part of Samsonite’s plans worldwide. Samsonite Corporation will continue to invest in the Indian operations”, CEO of Samsonite Worldwide Karlheinz Tretter told newspersons here today. While the organised luggage market was growing at the rate of 5 per cent, the casual luggage sector was growing in excess of 20 per cent in India. The company is also working towards improving its retail network. It intends to add another 38 outlets by the end of 2003. At present, the company operates 102 retail
outlets. Samsonite India is also in the process of opening casual bag boutiques. “We plan to have eight such boutiques in 2003 with the first one being in Mumbai slated to be opened shortly”, Director, Sales and Marketing, of the company
E.P.S. Menon said. The Hedgren range of products is aimed at “urban-minded youth”. The price range of the products starts from Rs 700. |
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Umeed Beema Yojna unveiled
Chandigarh, October 1 |
bb
Tunis Air Koshika Telecom BEL dividend Om Kotak TVS Proton Windshield outlet Reva gets ISO Hema Malini Markets closed |
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