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Tuesday,
November 19, 2002, Chandigarh, India  
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Maruti, Hyundai car sales rev up
Chautala finds few investors from UK
SC’s tax relief for Mauritius firms |
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Wipro eyes $25 m revenue from Gulf
Rlys comes in way of Markfed exports
Jindal Poly to invest 150 cr
Withdraw tax on MRP, says chamber
Afghanistan, India to sign trade pact
ICICI ATM for Palace-On-Wheels
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Maruti, Hyundai car sales rev up
New Delhi, November 18 Total sales rose, for the fifth successive month, to 45,317 units from 33,871 in the same month last year, data released today by the Society of Indian Automobile Manufacturers (SIAM) showed. Cumulative (April-October, 2002) car sales stood higher by 7.6 per cent at 3.03 lakh units as against 2.82 lakh units a year earlier, it showed. Continuing with their good run this fiscal, commercial vehicle sales soared by 39 per cent to 16,755 units in October this year. Cumulative sales in this segment increased by 32 per cent to 99,873 trucks and buses. Sale of utility vehicles went up by 15 per cent to 9,730 units in October, 2002, while cumulative sales in this segment were a modest 3.6 per cent more at 60,767 units. Two-wheelers posted a 17.8 per cent rise at 4.75 lakh units during the review month. Cumulative sales were higher by 23 per cent at 28.76 lakh units. The rise in two-wheeler sales could be attributed to motor cycles whose sales jumped by 28.4 per cent to 3.67 lakh units during October. Scooter and scooterette sales, however, dropped by 4.1 per cent to 79,132 units while mopeds fell 17.6 per cent to 28,405 units. Car sales of Maruti Udyog jumped by 47.3 per cent to 23,011 units in October, 2002. Hyundai Motor India recorded a 31 per cent rise at 9,250 cars while that of Tata Engineering went up by 35 per cent to 7,192 units. Ford India and Honda Siel cars also clocked a 56 and 53.3 per cent surge at 1,252 and 1,135 units. Sales of Fiat India and Hindustan Motors, however, fell by 32.7 and 16.4 per cent to 1,385 and 1,308 units. Car sales traditionally maintain a positive trend during October. This coupled with cheap loans and heavy discounts by carmakers helped prop up sales this year. Sales of scooter and scooterettes fell during October due to a 32.3 and 36.8 per cent drop recorded by Bajaj Auto and LML at 27,726 and 6,367 units. TVS Motor Company and Honda Motorcycle and Scooter India bucked the trend posting an 8 and 119.5 per cent rise at 15,226 and 11,975 units during the review month. Sales of Kinetic Motor Company and Kinetic Engineering stood higher by 16.3 and 275.4 per cent at 11,500 and 5,424 units. In the motor cycle or step-thru segment, sales of Hero Honda and TVS Motor Company zoomed by 23.4 and 44.6 per cent to 1.62 lakh and 66,179 units. Sales of Bajaj Auto, Yamaha Motor India, LML, Kinetic Engineering and Royal Enfield were higher by 14.8, 23.4, 251, 65.5 and 15.1 per cent at 83,013, 32,792, 14,258, 6,738 and 2,319 units during the review month.
PTI
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Chautala finds few investors from UK
London, November 18 Mr Chautala’s officials have declared agreements made, but there is little yet on the ground. Mr Chautala addressed a meeting of the Haryana Association of Britain on Sunday to ask Punjabis and Haryanavis once again to invest in Haryana. He was last in London a month ago, and then two months earlier. Meetings with the Hinduja brothers had been high on his priorities in all visits. The Hinduja brothers signed five memorandums of understanding during the last visit for what officials said would be major new investments in Haryana. But as with many announcements made by the Hindujas, announcements had not been followed by projects on the ground. The five agreements were signed after a series of meetings between the Hinduja brothers and a team from Haryana led by Mr Chautala. They included the setting up of a state of the art hospital, a knowledge centre linked to the hospital, export of agricultural produce from Haryana, and infrastructure projects covering power, roads, irrigation and other areas. But with the announcement now that the Hinduja brothers would face prosecution in India for their involvement in the Rs 640-million Bofors arms kickback case, none of these projects were expected to go ahead in the near future.
IANS
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SC’s tax relief for Mauritius firms
New Delhi, November 18 After hearing Attorney General Soli J. Sorabjee, a Bench comprising Justice Ruma Pal and Justice B.N. Srikrishna issued notice to respondents and stayed the May 31 order of the high court which had quashed the April 13, 2000, notification of the Central Board of Direct Taxes (CBDT) terming it as violative of the Income Tax Act. The Bench directed respondents Azadi Bachao Andolan and a former tax official S.K. Jha, petitioners before the high court, to file their replies within three weeks and directed listing of the appeal filed by the Centre after eight weeks. The CBDT notification had put an embargo on probe by the Income Tax officials against FIIs which were routing their investments through Mauritius to save tax on capital gains on investments made in the Indian share market. The treaty provided for payment of tax in either of the two countries. The FIIs were paying a nominal tax in Mauritius and enjoying huge tax exemption in India, the petitioners had alleged before the HC in their PILs. The high court had held that since the government circular declared that certificates of “residence” issued by the competent authorities of Mauritius to be conclusive for the purposes of the Double Taxation Convention between India and Mauritius, it purported to whittle down the powers of the assessing authority and therefore, was bad in law.
PTI
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Wipro eyes $25 m revenue from Gulf
Dubai, November 18 Wipro, which set up its regional base in Dubai last year and then expanded into Saudi Arabia and Qatar, has just won a $ 1 million project of Dubai Drydocks and secured other contracts with Dubai e-government, Dubai Municipality, Riyadh Pharma and Doha Bank. “A lot of West Asian companies are paying global rates on their IT services requirements to various IT companies which are then developed in India at lesser costs,” said Wipro Chairman Azim Premji during a short visit here yesterday. He said, “by moving directly into these markets, we will seek to share the lower costs that come with developing these solutions in India with our clients,” Gulf News reported. “The West Asia has a much higher priority in our global operations and we are putting in the top management to develop our interests here. We have the credibility and success in competing with the top five in the global IT services market. “Our West Asia operations will start contributing to the bottomline from the next financial year onwards. I will be disappointed if we did not do $ 25 million next (financial) year,” he said. UNI
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Rlys comes in way of Markfed exports Patiala, November 18 Markfed has already exported 17.11 lakh tonnes of wheat. At present it urgently needs 150 rakes to carry wheat to the various ports for further export. It has now asked to the Centre to allow it to transport the wheat through road to the various ports in case the Railways is not able to provide it with the needed rakes. Markfed Managing Director S. S. Channy said this move was
necessitated as vessel owners had to pay demurrages ranging from $6,000 to 12,000 per day for delay in shipment. Meanwhile the PSU is making payment partly due to an arrangement with the port authorities, including those in Mundla, Kandla, Jamnagar, Vizag and Takinada under which it is allowed to stock 50,000 tonnes of foodgrains on rotational basis in the ports. It has also entered into agreements with international grain handlers Cargill, Bungi and Louis Therapis for export of wheat and even rice. It would also set up a special facility which would be open to exportors as at present exporters were finding it difficult to get the right quality as well as deal with different persons at various levels. The facility would take orders for different qualities of wheat and paddy needed by exporters. The exporter would be allowed to pack their order at the facility from where it would be directly transported for export to the vessel concerned.
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Jindal Poly to invest 150 cr
New Delhi, November 18 The Rs 150 crore project would be financed by an equal mix of debt and equity which would be generated through internal accruals. With this expansion, the total capacity of Jindal Polyester would increase to 65,000 MT per annum, 50 per cent of which would be earmarked for exports. The plant expected to commence production by November 2003, was being equipped with state-of-the-art technology from leading German manufacturers and suppliers of equipment, Dornier, Buckner and Kampf, a company statement said here.
PTI
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Withdraw tax on MRP, says chamber New Delhi, November 18 In a collective representation on behalf of various associations and industry representative Mr Sandeep Somany, Co-Chairman, Haryana Committee, the PHDCCI, said it was most surprising that such a fundamental change in the Sales Tax law was being considered at a time when the country stood committed to implement VAT by April, 2003.
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Afghanistan, India to sign trade pact New Delhi, November 18 Addressing a CII seminar on ‘Trade and Investment Opportunities in Afghanistan’, he said India and Afghanistan were close to signing a bilateral preferential trade agreement with a view to boosting bilateral trade. Mr Kazmi said Afghanistan offered tremendous opportunities for the Indian business community, especially as it was in the reconstruction process after more than two decades of war. Also, he asked the Indian Government for greater help in infrastructure development in the country.
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Videocon fridge K.K. Modi Nabard plan BHEL awarded J.B. Chemicals IDBI-Principal Exlservice Markets closed |
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