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Sunday,
December 15, 2002, Chandigarh, India  
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For Asia,
India a bond trade model Decision
on airport privatisation soon Cheaper
SBI loans for teachers |
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Hindustan
Lever the best bet
Advani
for private participation
Deemed
tenant
City man
wins bike in BSNL draw
PWC suggests plan for
IT security
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For Asia, India a bond trade model New York, December 14 The paper said some Asian governments trying to develop world-class domestic bond markets could look to India for guidance. Quoting analysts, it said India's rupee bond markets had more to offer foreign investors than some of its counterparts in Asia, including Singapore and Hong Kong, even though the "junk-rated subcontinent" was not the most intuitive choice. The article compared the 16.2 per cent yield of government bonds in India with 12.5 per cent in South Korea and 11 per cent in the USA and said India's economic fundamentals were "sound". Quoting Phoon Chiong-tuck, Singapore-based chief investment officer for the $380-billion Deutsche Asset Management, it said because of improved fundamentals, India's interest rates which were high in January had steadily declined. Among the bond traders that have been described as "fans" of the Indian debt market were JP Morgan, Alliance Capital, Templeton, Zurich Asset Management and Prudential. These funds and insurance firms, it said, were early movers and caught on the popularity for the debt market among local individual investors. The report also had some words of caution for investors:
Yet, the headline for the article seemed to suggest what the underlying sentiments expressed by analysts were: "For Asia, India fits Bill of Bond - Market Guru."
IANS |
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Decision on airport privatisation soon
New Delhi, December 14 "The ministry yesterday forwarded the recommendations on privatisation of airports to the Cabinet Committee on Security (CCS)," Hussain told reporters on the sidelines of an international meet organised by Assocham and the Middle East Aviation Journal. For airports, the minister indicated that expressions of interest will be invited within a month from consortiums in which a domestic company held at least 5 per cent equity. The Cabinet will decide on the pattern of foreign participation in the management of airports after taking into account security concerns, said Civil Aviation Secretary K. Roy Paul. The ministry is keen to privatise operations at airports in the four metros and 10 other cities. It is also looking for private investment for upgrading 122 airports and setting up smaller airports in places that have tourist or commercial potential. On the fleet expansion of Indian Airlines and Air-India, Hussain said: "The CCS will have to take a decision given the financial outlay involved." While Indian Airlines is looking at acquiring 43 Airbus aircraft, Air-India hopes to add 17 medium capacity aircraft to expand and modernise its fleets. To the demand made by the aviation and tourism industries for adopting an open sky policy, Hussain said there are several security concerns that have first to be addressed. India recently announced an open sky policy till March, 2003, to cater to the increased demand. This has seen some airlines like Lufthansa increasing their services to India.
IANS |
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Cheaper SBI loans for teachers Chandigarh, December 14 The bank is targeting to provide loans for cars, two-wheelers and housing to at least 10 lakh teachers by the end of this financial year, said Mr D.L. Manwani, General Manager ( Development and Personal Banking), Chandigarh circle here today. He said the scheme has been launched throughout the country at all branches. Under the scheme, all permanent teachers and administrative staff serving in educational institutions, including deemed universities, will be able to avail personal loans at a lower rate of interest than applicable for other categories. Mr Manwani said:
"The SBI will offer housing loans to teachers at the 9 per cent rate of interest up to 5 years in comparison to 9.25 per cent to the other category of borrowers. For above 5 years and less than 10 years, the rate of interest will be 9.50 per cent, again 0.25 per cent lower than offered to the other categories. Similarly, for 10 years and above, the bank will offer the loans at 10 per cent— 1.25 per cent below the medium-term lending rate of the bank which is 11.25 per cent." The offer on housing loans which is valid till March 31, 2003, the bank has already waived off processing fee worth 0.5 per cent of the loan amount from all borrowers. In case of personal loans, the teachers will be offered loans at a 13.50 cent rate of interest against 13.60 per cent for others. The SBI will also offer a discount 0.25 cent in processing fee on personal loans. The bank will demand just 10 per cent margin money from teachers on car loans, as compared to 15-20 per cent margin money demanded from other category.
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Hindustan Lever the best bet WITH Arun Shourie announcing that the Cabinet had “unanimously” decided to give a go ahead to the stalled divestment programme, hopes have been rekindled in the market. As the new goes, HPCL will be divested through a strategic sale while BPCL might take the public issue route. While it is undoubtedly a big step forward, there still has to be some skepticism about the abrupt unanimity. While the chances of another major derailment of the process appear less likely now, the fact is, it is unlikely to be all smooth sailing. Hence, we have advised our clients to take this announcement with a pinch of salt and not go overboard by reacting to every price upheaval at these counters. Instead, we have recommended staying invested in these stocks with a longer term perspective as, in our opinion, they always were and will remain
multi-baggers. Another stock we had backed once it dipped below the Rs 160 level, purely as a pedigree play was the index heavyweight and traditional favourite, Hindustan Lever Limited (HLL). Notwithstanding the gloomy forecasts of a stagnant topline and a bottomline under pressure, what made this pivotal stock click? The upward revision in weightage for this FMCG giant from 8 to 11 per cent has enhanced its prospects, given that this came about largely on account of its increase in the FII investment limit from 24 to 49 per cent. Furthermore, this company is expected to rebound during FY 2003-04 on the back of several initiatives that it has undertaken and its focused product mix. All in all, it remains among the best defensive investment bets. Finally, a sector that is inching ahead forcefully of late has been the banking sector. Hitherto, it was only the private sector banks that had caught the fancy of investors, but of late, PSU banks have become the new market favourites. The NPA Ordinance has changed the equations in the banking sector. Armed with sharper teeth, the PSU banks are now flexing their muscles at defaulters and there is an expectation that many of them will recover a fair amount of NPAs through settlement which will substantially boost their bottomlines. Furthermore, their handsome dividend payout policies make many of these banks excellent dividend plays too. While the undercurrent seems even stronger than before following the PSU divestment announcement, it must be realised that much now hinges on the election results in the Gujarat. Furthermore, the correction which had begun to set in was short-lived following the PSU announcement. Hence, it will be prudent to continue to be cautious and keep booking partial profits at successive upswings. Furthercome, the American markets are displaying nervousness following the sharp upswing in their markets and this coupled with the even increasing probability of America initiating a war on Iraq threatens to disrupt the party even before it actually sets in. The bottomline — keep taking partial profits and re-enter at lower levels. This way, one can protect one’s gains, without losing the opportunity to ride the momentum. |
Advani for private participation WHATEVER be the pitfalls and hazards, all countries, particularly India, will have to pursue aviation and tourism because these two segments lead to unification and shrinking of the world. The bottomline is “there is light at the end of the tunnel and this has to be the philosophy of all aviation and tourism experts and organisers.” This was the mood of renowned speakers, delegates, participants and others at the two-day international conference on “Aviation and tourism: strategy in changing business environment”. While advocating greater participation by the private sector in aviation and tourism, Deputy Prime Minister L.K. Advani, who inaugurated the conference, called for synergy of efforts by the government and the private sector with decisive participation from people. Mr Advani’s theme was straightforward. “We have the resources and talent and, therefore, we should make earnest efforts to bring the country to the forefront of the international comity in the 21st century”. “The global environment has changed and will continue to change and the private sector is now acceptable unlike in the past”, he stressed. Advocating ‘removal of despair, negativism and self-flagellation’, Mr Advani said: “Aviation and tourism cannot develop without active participation of the people. The country has immense natural resources and there is tremendous scope for growth”, he said. Dr S.S. Sadhu, whose brainchild has been the Foundation for Aviation and Sustainable Tourism, was immensely satisfied with the outcome of the two-day conference which made several far-reaching and meaningful recommendations, suggestions and observations. |
Deemed tenant Q: Whether a deemed tenant’ could be evicted in the purported exercise of the powers U/s. 91 of the Societies Act, without taking recourse to the provisions of the Rent Act in spite of the express bar engrafted U/s. 28? Ans: In Narendra K. Kochar v Sind Maharastra Co. Op. Housing Society Ltd. (2002 (2) R.C.J. 89) the S.C. expressed the view thus. It was laid down in (1990) (2) SCC 288) that the submission that the appellant cannot seek protection against the society as his entry into the flat was in violation of the bylaws would have been valid, had the statute not intervened. To take such a view would tantamount to carrying out an exception in S.15.A of the Rent Act that the provision would not apply to licences in occupation of flats owned by tenants co. partnership societies. The language of S.15-A read with S.5 (4-A) of the Rent Act does not warrant such a construction. The mere fact that there was a violation of the bylaws would not make any difference for it is not unknown that even in cases of breach of statute, the legislature has conferred protection on those guilty of breach if the prevailing circumstances so warrant e.g. subletting was prohibited by S.15 but when the legislature realised the need to protect the subtenants it did so by an Ordinance promulgated in 1959. Similarly, when the Legislature felt the need to protect licensees in occupation on February 1, 79, it intervened by enacting S.15-A. The Legislative policy is quite evident from S.15. A and the protection given to licensees cannot be taken away on the plea that the initial entry of the licensee in that flat was in breach of the bylaws. If the occupant-licensee who is a protected tenant U/s. 15.A. Can be evicted by the society on the plea of absence of privity between the society and the protected tenant, it would render the protection of S.15.A redundant. The Supreme Court did not see any merit in the contention that notwithstanding the protection given by S.15.A, the society can proceed to evict him U/s. 91 of the Societies Act on the plea that such a protection is not available against the society. Such a view would defeat the Legislative object of S.15. A of the Rent Act. In that way, the Supreme Court allowed the appeal and quashed the impugned orders and petition filed U/s. 91 of the Societies Act is dismissed as not maintainable.  |
City man wins bike in BSNL draw
Chandigarh, December 14 Mr S.C. Chaudhary, Chief General Manager, Punjab circle,announced the names of lucky winners. According to him, Mr Gurdev Singh (643637), Chandigarh, won a Hero Honda bike. Other winners at the area level, who would be given India Telephone Cards worth Rs 5,250 each included Ms Kavita Kumari Bhadhwa (0183-291555), Mr Deep Kumar Goel (0164-237396), Mr Gurcharanjit Singh (01882-250494), Mr Phula Singh (1632-240951), Mr Hardial Singh (0181-753310), Mr Raj Kumar Kaushal (01628-262452), Mr Rajinder Kumar (01765-225646), Mr Baldev Raj Sharma (0186-25379), Mr Bakhtawar Singh (1881-40600) and Mr Kartar
Singh (0167-3617645). Mr Chaudhary added that Dr Natha Singh and Mr Baba Sajjan Singh of Bathinda and Anandpur Sahib, respectively, also won 20 per cent discount of the amount of arrears paid, adjustable in the next bills, in the category of subscribers who had paid their arrears.
TNS Forex reserves cross $ 67b
Mumbai: India’s foreign exchange reserves surged ahead to a record high of $ 828 million to $ 67,753 million during the week ending December 6, 2002. The foreign currency assets also rose substantially by $ 803 million mainly due to export remittances, fresh inflows and revaluation of the Euro vis-a-vis dollar to $ 64,443 million, according to the RBI weekly statistical supplement. Foreign exchange reserves since April have grown by $ 2,368 million. While gold reserves increased by $ 25 million mainly due to revaluation to $ 3,303 million, special drawing rights remained static at $ 7 million, the RBI said.
PTI Bank loans only on Relief Bonds
Mumbai: The RBI today clarified that banks are allowed to sanction loans against Relief Bonds only as per government rules and this facility is not available against Savings Bonds, 2002. The Savings Bonds, which were introduced in October 1 this year, are not eligible as collateral for loans from banks, financial institutions and non-banking financial institutions, the RBI said in a statement here.
PTI
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PWC suggests plan for IT security New Delhi, December 14 PWC recommends a 10-point action plan for the companies to ensure IT security. “The top management should plan about security systems in advance and should look at it as an essential ingredient of business”, Mr Ratan said, adding that, “It is equally important to identify the risk areas and create a security policy for one’s organisation”.
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