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Thursday, October 3, 2002,
Chandigarh, India  
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BSNL may offer free incoming on mobile
George, Naik, Joshi against PSUs’ selloff
Punjab begins contract farming
FII net buyers in equities in Sept
A modest man on a mission |
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Capital Local Area Bank net at Rs 116.32 lakh IA to fly ATR planes in
North-East
17 Asians among 50 most powerful women
Dr Reddy’s to double spending on R&D
Metro ties up with Continental GRAPHIC: Trends in India's external trade
Coca-Cola, Delta to offer discounts
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BSNL may offer free incoming on mobile
New Delhi, October 2 According to highly placed sources in BSNL, the corporation would have to offer something different from the existing cellular operators which were offering free incoming within their own cellular networks. Asked whether BSNL had filed its tariff proposals with the Telecom Regulatory Authority of India (TRAI), officials said the numbers were being worked out and a final decision would be taken soon. They, however, said it should not be difficult for BSNL to offer free incoming from the landline phones as the corporation owns more than 90 per cent of the market share of landline subscribers in the country. BSNL is the licence holder for offering cellular services in the entire country except in two metros of Delhi and Mumbai where another state owned Mahanagar Telephone Nigam Ltd (MTNL) is offering cellular services. BSNL last month had announced launch of its cellular services under the brand name “CellOne”. When contacted BSNL Chairman and Managing Director Prithipal Singh said the cellular services would be launched on October 19 from Lucknow by Prime Minister Atal Behari Vajpayee. Earlier the corporation had announced launching services from October 2. Meanwhile, BSNL has started negotiations with MTNL for offering national roaming to its cellular subscribers from day one of its launch. Singh had earlier said the corporation was hopeful of signing the roaming agreement with MTNL before the launch of its nationwide cellular services. “We do not foresee any problem for a full-fledged roaming agreement with MTNL and we feel it would be beneficial for both the sides,” Singh had said adding that the move would also allow MTNL cellular customers to roam across various circles.
PTI
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George, Naik, Joshi against PSUs’ selloff New Delhi, October 2 During an half-an-hour meeting held by them, ahead of a meeting with the RSS Chief K.S. Sudarshan, the three ministers have also been understood to have suggested inclusion of oil sector in the strategic sectors list which now includes Railways and Atomic Energy due to its inherent economic importance for the country. The meeting, held nearly a month after the Cabinet Committee on Disinvestment postponing for three months a decision on disvestment in BPCL and HPCL, assumes great significance as the reforms programme of the government has suffered heavily due to strong opposition within the NDA government and pro-reforms group led by Disinvestment Minister Arun Shourie finding it difficult to push through the disinvestment plan. Soon after the meeting, Dr Murli Manohar Joshi left his residence for a discussion with RSS Chief K.S. Sudarshan, who also is believed to be opposed to strategic sale of equity in oil PSUs. It is an open secret that the RSS is consulted before all major decisions taken by the Vajpayee Government and interestingly, today’s meeting has taken place even as Prime Minister Atal Behari Vajpayee asking the Deputy Prime Minister L.K. Advani recently reign in on the Sangh Parivar from blocking the reforms process. While none of the participants were willing to comment on the nature of the discussion, Petroleum Minister Ram Naik told newsperson that “we met for exchange of information over a cup of tea. We are getting feedback from various quarters including economists.” However, he emphasised that it would be wrong to presume that “we are against disinvestment. We are discussing the route that should be take for disinvestment.” Disinvestment Minister Arun Shourie said that it was for the Prime Minister Atal Behari Vajpayee and Deputy Prime Minister L.K. Advani to decide on the contentious disinvestment issue. “Everything depends on Prime Minister and Deputy PM. I am confident that they feel satisfied as far as arguments are concerned”, Mr Shourie told newspersons today.
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Punjab begins contract farming Bhadson (Patiala), October 2 Disclosing this here today, Dr R.K. Rampal, Director (Agriculture), Punjab, said, ‘‘The state government has decided to introduce contract farming that will be implemented by the Punjab Agro Industries Corporation ( PAIC) and the Department of Agriculture in collaboration with other departments and private organisations. In this regard, a high-powered committee headed by Mr P.K. Verma, Financial Commissioner (Development), which met here yesterday decided to introduce contract farming in the state for the current cropping season. The meeting was also attended by the cane commissioner, Punjab, the MD, Punseed and Special Secretary Agriculture Mr R. Venkatratlam. Outlining the scheme, he said, “it will initially be implemented for barley, mustard and winter maize crops. PAIC will entered into contract with farmers and provide hybrid seeds and the required support. The farmers will be provided assured price for the crop, at least equivalent to the minimum support price for these crops. The farmers will be selected by the Department of Agricultural during the next few days.’’ He said special meetings would be held on October 5 and 6 to select the farmers by the Chief Agricultural Officers at the district level meetings. On October 5, he said, the meetings would be held in Hoshiarpur, Kapurthala, Ludhiana, Gurdaspur, Nawanshahar, Jalandhar, Ropar and Amritsar.
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FII net buyers in equities in Sept
Mumbai, October 2 Mutual Funds (MFs) were net purchasers in equities at Rs 28.14 crore while they recorded heavy net inflows in debt instruments at Rs 981.99 crore in the ninth month of 2002, according to the data available with SEBI here. FIIs were net sellers in equities for 13 trading days while remaining net purchasers on only seven days. On September 27, the FIIs bought and sold equities worth Rs 1,337.5 crore and Rs 70.4 crore respectively, thus netting the highest purchases of the month at Rs 1,267.1 crore ($ 260.8 mn). This was largely due to erstwhile ICICI selling 10.14 crore shares of ICICI Bank held in a special purpose vehicle to investors, including three foreign entities, for about Rs 1,318.2 crore. FIIs were, however, very subdued in their activity in the debt market and did not indulge in any trade on 14 trading days in September. On September 9, they only participated in offloading debt instruments of Rs 145 crore ($ 29.8 mn), which was the highest for the reporting month.
PTI
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A modest man on a mission London To political opponents the answer is clear. He has been a donor to the ruling Labour Party since 1995. He is a member of its 1,000 club for leading contributors. Last year he gave more than $8,000. And he is a friend of Tony Blair. According to Theresa May, opposition Conservative Party Chairman, the appointment indicates how donations are linked to influence. Neither is last week’s appointment his first — in October, 2001, he was appointed to Blair's own “Blue Sky” think tank, the Forward Strategy unit, headed by Lord Birt. But to friends and competitors who know Dr Banerji from the city — where he moved after a car accident robbed him of a career as an eye surgeon — there is more to it than just plain cash. His CV suggests a high flier: Banerji ascended from pharmaceuticals analyst at Schroder Investment Management in 1983, through Nomura where he was the deputy head of research in 1986, to the Chief Investment Officer at F&C Management. Downing Street is quick to add that Conservative Trade Secretary Ian Lang appointed him to the Advisory Board of the Export Credit Guarantee Department in 1997— although this was not a political position — and he has been touted as a possible Deputy Governor of the Bank of England. Former colleagues paint a uniform picture of a quick-witted man with a wide range of interests from medicine to finance to Ancient Egyptian history. “He is extremely bright, very sharp and very well read,”says one. “He can speed read a book and throw back at you 20 key statisics from it.” But, although independent financial advisers say the Foreign and Colonial Investment Trust, F&C’s flagship, is a “steady and solid performer”, they do not go much further. But politics is not all about counting beans. Does Banerji demonstrate the qualities to be successful in Whitehall? There is an evidence of media savvy— he judged that last week was not the time to be interviewed. And he has given friends clear instructions too. One says: “He told me you are not to say anything to the press. They will simply twist it.” Of his intellect there appears to be little doubt. But will he be more successful than his former boss Lord Birt in translating his thinking to ideas which gain political support? A former F&C colleague says: “He is a bit of an intellectual bully. He is not easy to argue against. Some people find intellectual fencing difficult, so that may be a challenge for him.” He will not, in short, be prepared to look for easy ways out. He is likely to be uncompromising on health, too. “Everybody knows you have to ration healthcare. Someone has to decide whether you keep one person alive for $75,000 or do 10 operations. We all know you go for the greatest number. As a
politician you can’t say that. But Arnab works logically and can’t avoid saying that.” Despite his logical fundamentalism, he is reportedly politically astute. A Labour-supporting city friend says: “I used to disagree with him about the Labour Government. I did not believe it was radical enough. He said you have to be re-elected before you can be radical. He seems to have known what he was talking about.” Banerji clearly has close ties, even a close friendship with Blair and some of his tightest political friends such as Peter Mandelson. One friend attended a lunch with Mandelson and Banerji. “They were talking about financial issues. Arnab was speaking, and Mandelson said typical Arnab, all facts and figures at his fingertips”. He clearly knew the man well. “Arnab has a strong emotional and intellectual interest in politics, social justice and equality.” “He is not a conspicuous consumer,”says another. His preference for a budget Daewoo car over a more expensive executive model that will befit so senior a city figure is often cited as evidence. He does not wear a flashy watch. In addition to a flat in the West End, he has a large house in Berkhampstead, bought, it is said, so his wife and children can live outside the city. But by city standards, it is said to be modest. He is said to be a driven man, who, having arrived from India at the age of three, wants to see the opportunities he has had more widely available. “He was hurt more than anything by the thought that contributing a few thousands pounds might have bought him a position as an adviser. I don’t think a few grand is going to get you a job as an adviser. And think of the money he has given up. If he wasn’t so naturally abstemious, I would say: ‘How is he going to pay the mortgage?’.” By arrangement with The Guardian |
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Capital Local Area Bank net at Rs 116.32 lakh Chandigarh, October 2 In this short period of less than three years the bank has registered a robust growth in all spheres. The total business of the bank on the eve of half yearly closing of the current financial year 2002-03 is Rs 101.88 crore. The bank has achieved a high CD (Credit Deposit) Ratio of 57 per cent as against very low CD of all other banks of 18 per cent, prevailing in the area of Operation. In a strong indication of economic turnaround the bank has achieved as on June 30, 2002 priority sector lending of 53.60 per cent and weaker section lending of 10.73 per cent as against target of 40 per cent and 10 per cent respectively. The bank has posted a net profit of Rs 116.32 lakh for the financial year 2001-02. The bank’s first branch (Nakodar branch) has carried out a total business of Rs 17.70 crore and is ranked 3rd among the 18 total bank branches in Nakodar town with regard to advances. The CD ratio of this branch is as high as 85 per cent as against the average CD ratio of only 8.21 per cent of all other banks.
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IA to fly ATR planes in North-East New Delhi, October 2 Stating this, Minister of Department for Northeast Development Arun Shourie told reporters here that provisions have been made from the non-lapsable Central pool to provide Rs 35 crore subsidy each year to improve air connectivity. The aircrafts would be taken on dry lease. “The aircraft will be functional before the winter schedule of IA becomes operational,” he said, adding that facilities like night-landing and navigation in 12 existing airports in the region were being augmented. Civil Aviation Minister Shahnawaz Hussain would this week inaugurate the operationalising of Lilabari airport in North Lakhimpur district of Assam to provide long-needed air connectivity to Arunachal Pradesh. The Minister, who also launched a dedicated website for the region called ‘www.northeast@nic.in’, said the government would move a bill in the ensuing winter session of Parliament to amend the North Eastern Council (NEC) Act to include Sikkim as a member, among other things.
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17 Asians among 50 most powerful women
Hong Kong, October 2 Vidya Chabria, Chairwoman of the Jumbo group of India took 44th place, while Naina Lal Kidwai, Executive Vice-Chairman and CEO of HSBC Securities and Capital Markets in India was listed as the 50th most influential woman. Four Asian women were ranked in the top 10, including Mary Ma, CFO of China’s Legend Group Holdings at five, followed by Ho Ching, Executive Director of Singapore-based Temasek Holdings, Lien Siaou-Sze, Senior Vice-President of Hewlett-Packard Services Asia Pacific in Singapore in eighth place and Eiko Kono, president of Recruit (Japan) in 10th place. Marjorie Scardino, chief executive officer of Britain’s Pearson, was ranked the number one woman in international business, followed by Belinda Stronach, CEO and President of Canada’s Magna International, Anne Lauvergeon, Executive Chairman of France’s Areva, and Patricia Barbizet, Chief Executive of France’s Artemis. In compiling the list, Fortune said although power was difficult to quantify, women are indeed a force to be reckoned with in the traditionally male-oriented business arena. Other Asians on the list include Xie Qihua, Vice-Chairman and President of the Shanghai Baosteel Group, ranked 18, Nita Ing, chairman of Taiwan High-Speed Railway Corp. who was ranked 23, followed by Juliet Wu Shihong, Vice-President of China’s TCL Holdings and Chua Sock Koon, CFO of Singapore Telecommunication. Pansy Ho, Managing Director of Shun Tak Holdings in Hong Kong was in 31st place, while Nina Wang, Chairwoman of Chinachem (Hong Kong) came in at 35 followed by Marjorie Yang, Chairman and CEO of Hong Kong’s Esquel group.
AFP
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Dr Reddy’s to double spending on R&D
New Delhi, October 2 The company’s expenditure on research in the last financial year stood at Rs 98 crore out of its turnover of Rs 1,652 crore. This itself was more than double of Rs 41.54 crore it spent during 2000-01, according to DRL’s annual report. It said Dr Reddy’s will set up two more R&D labs in Bangalore and Boston, USA, to take the total number of research laboratories of the company to five.
UNI
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Metro ties up with Continental
New Delhi, October 2 Metro Tyres will manufacture and market the “Continental- Metro” brand of two-wheeler tyres in India with technology from Continental, Continental Managing Director (Motor cycle Tyres) Jorg Essiger told a news conference here. Metro will set up a new line at its Ludhiana plant having capacity of 1 lakh tyres and tubes per month, out of which 50 per cent will be exported to the German company while the rest will be sold in India, Metro Tyres Managing Director Rummy Chhabra said. The Metro group company will invest Rs 30 crore for the new production line at the Ludhiana plant.
PTI
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GAIL pays 256 cr BHEL bags orders Polaris |
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