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Friday,
February 14, 2003, Chandigarh, India  
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Bidders
for PTL to be shortlisted in 2 days India’s
deficit not sustainable: IFC Maruti,
Hyundai, Telco sales jump Maruti IPO
not this fiscal Security
system for US-bound cargo New food
supply corporation Spice
offers two tariff plans |
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Gold
tumbles
Unilever
profit jumps 13 pc
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Bidders for PTL to be shortlisted in 2 days New Delhi, February 13 Ms Vini Mahajan, Director, Disinvestment, Punjab, said pre-qualification bids for disinvestment in Punjab Tractors would be invited within two days. In case of Punjab Communications Ltd, Ms Mahajan said financial bids would be invited by February 21 and the government was hopeful of completing the privatisation process by March 10. “While the demerger process of various units of the PTDC is already on we have decided to invite expression of interest within a month. The government has already decided on the list of properties under the PTDC for disinvestment”. These developed properties include Sukhchain Tourist Complex, Jalandhar, Amritsar International Hotel in Amritsar, Amaltas Hotel in Ludhiana, Lajwanti Tourist Complex, Hoshiarpur, Queen’s Flower Tourist Resort at Neelon (Ludhiana) and several others. Among various PSUs approved for disinvestment are Punjab Communications Limited (Puncom), Punjab Alkalies and Chemicals Limited (PACL), Punjab Tractors Limited (PTL) and the PTDC, which are at various stages of disinvestment. Ms Mahajan said in case of PunCom, financial bids have been invited by the third week of this month. The state government has taken up fast track disinvestment to release capital assets blocked in the PSUs and ensure efficient utilisation of the assets. “Even the bus terminals will be privatised and expression of interest has been invited from the interested parties. The Cabinet Committee on Disinvestment has also decided to take up the co-operative sector for disinvestment, she said, adding that an amendment to the Act was awaited. “We are expecting an Ordinance or there may be a new Act in the coming Budget”. Following the approval for dis-investment of co-operatives, next on the list will be Sugarfed and Spinfed. The government has also decided to introduce a scheme for utilisation of disinvestment proceeds. “The scheme, which will focus on utilising the amount for capital formation and infrastructural development in the state is being finalised. There are also plans to set up a capital formation fund for the purpose. The draft proposal will soon be placed before the CCD,” she said.
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India’s deficit not sustainable: IFC New Delhi, February 13 “The high fiscal deficits remain an invisible deadweight on the private sector, crowding out public investment in infrastructure as tax revenue is swallowed up by debt payments and power subsidies,” IFC Vice- President (Operations), Mr Assaad J. Jabre said at a conference organised by CII here. “India’s combined fiscal deficit, at over 10 per cent of GDP, is clearly unsustainable. I think fiscal deficit should come down significantly,” he said adding that it was likely to act as a brake on faster growth and “renders even more difficult the unfinished process of restructuring the financial sector,” Jabre said. He said that current GDP rate of five to six per cent is good but enough to eliminate poverty in the country within a short span of time. On the country’s regulatory framework, he said that it was too slow with different layers of bureaucracy which leads to corruption. Regarding the IFC strategy and value in its worldwide operations in the light of new business opportunities and challenges, Mr Jabre said that certain events such as the Afghan war, US corporate bankruptcies, OECD downturn, global sectoral recession, and the threat of war in Iraq has led to a rethink on investment policies and frameworks.
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Maruti, Hyundai, Telco sales jump New Delhi, February 13 According to figures made available by the Society of Indian Automobile Manufacturers (SIAM), the total car sales increased for the eighth successive month and a total of 54,825 cars were sold during January, 2003, as compared to 49,769 cars sold during the corresponding month of the previous year. Cumulative sales during the first 10 months of the current fiscal (April 2002-January 2003) increased by 8.61 per cent to 4,36,475 cars from 4,01,845 units a year earlier. Sales of commercial vehicles also registered a robust growth notching a 35.32 per cent rise in January, 2003, at 18,650 units over 13,782 units in the corresponding month of the previous year. Cumulative commercial vehicle sales stood higher by 32.67 per cent at 1,49,506 units against 1,12,684 units in the corresponding period last fiscal. Domestic two-wheeler sales increased by 6 per cent to 4,05,967 units in January, 2003. Cumulative two-wheeler sales during April, 2002, to January, 2003, went up by 19.43 per cent to 41,19,034 units, primarily due to robust demand of motor cycles during this period. Sale of motor cycles went up by 11 per cent to 3,08,667 units in January, 2003, while cumulative sales stood higher by 33.81 per cent to 31,15,972 units. Scooter sales increased by 4.5 per cent to 70,076 units during January, 2003, even though cumulative sales of this category during the first 10 months of the current fiscal decreased by 7.55 per cent to 7,20,927 units. Sale of mopeds fell by 24 per cent to 27,224 units . The growing utility vehicle segment recorded a 28 per cent jump in sales during January, 2003, at 11,491 units while its cumulative sales increased by 5.75 per cent to 89,555 units. However, the sale of multi-purpose vehicles dropped by 7 per cent to 5,390 units during the review month. Three-wheeler sales rose by 17.48 per cent to 20,668 units with both passenger and goods carriers posting higher sales figures.
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Maruti IPO not this fiscal
New Delhi, February 13 “Maruti IPO will not hit the market this fiscal as we have not received the approval from the SEBI for the prospectus,” Disinvestment Secretary Pradip Baijal told reporters here. He, however, said that the IPO would materialise in April-May this year. The government had hoped to complete the disinvestment of the country’s largest car maker in the current financial year and had expected to raise Rs 700 to Rs 800 crore from the IPO. On the disinvestment of Air India, Mr Baijal said, “the market is not ripe for it.” He also said that no date has been finalised for the meeting of the Cabinet Committee on Disinvestment. The next meeting of the CCD is expected to review the progress of the disinvestment in the Engineers India Ltd and Shipping Corporation of India. It may also decide to formally take off the aviation sector for the disinvestment schedule. The Civil Aviation Ministry has already asked for the CCD approval for striking off the Air India privatisation since it is coming in the way of the fleet acquisition of the national carrier. Mr Baijal said that the global
advisors for the HPCL will be appointed in the next five days.
TNS
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Security system for US-bound cargo New Delhi, February 13 According to the US official, the new system, which went into force on February 2, 2003, requires exporters of file a cargo declaration, 24-hour in advance of a vessel’s berthing Mr Dozier said the new information is of utmost importance to Indian exporters, shipping lines, freight forwarders and other logistics providers. Addressing the Indo-American Chamber of Commerce North India Council, Mr Dozier, who is supervisor Customs clearance in India, Nepal, Bhutan, Sri Lanka and Pakistan, said this counter terrorism measure was conceived as a result of the US experience with the September 11, 2001, terrorist attack.
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New food supply corporation Ludhiana, February 13 The need for setting up the new organisation has been felt after the RBI raised objections to the misuse of funds (cash credit limit) granted for the procurement of paddy and wheat. The RBI sanctions funds worth more than Rs 6,000 crore twice in a year for the procurement of the two major crops of the state. The state officials agencies namely Markfed, Punsup, Punjab State Warehousing Corporation and the Punjab Agro-Industries Corporation have been making procurement of foodgrains alongwith the department of State Food and Civil Supplies and the Food Corporation of India. The sources close to the State Government admit that the funds were diverted to some purposes other than the procurement of wheat and paddy... and as a result the Punjab Government becomes defaulter of the banks too. The RBI is reported to have objected to the diversion of funds and has shown reluctance to sanction further cash credit limit for the procurement of paddy and wheat. Mr K.R. Lakhanpal, Principal Secretary, Finance, Punjab when contacted confirmed that the Finance Department had advised the State Food Supplies Department to set up a corporation or a company to have procurement of
foodgrains through the banks independently. Mr Lakhanpal disclosed that the funds worth about Rs. 4000 crore were meant for procurement of foodgrains had been diverted during the past six-seven years. Enquiries further show that the existing cadre of the state food supplies department would man the new corporation or company as the state government has properly trained staff for the procurement of the two crops. The new company or
corporation will come into being within the next few days as the procurement of wheat would be taken up by the same.
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Spice offers two tariff plans
Chandigarh, February 13 Apart from pre-activated STD, ISD and national roaming, the plans called plan “unlimited 12” and “unlimited 18”, offer a bundle of free value-added services, according to Mr Ashok Goyal, Executive Director of Spice Telecom. Subscribers opting for these plans will be able to enjoy free SMS, free voice mail, free CLI , free e-mail and zing mail, free unified messaging, free call management services and free Spice Infoline services. Further, he told media persons here today, Spice “unlimited” subscribers could avail of discounts of over Rs. 10,000 at select popular stores across Punjab. These unlimited plans come at a one time price of Rs 10,000. This amount could either be paid upfront or in convenient installments under an easy finance scheme.
TNS
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Gold tumbles
New Delhi, February 13 In Mumbai, the yellow metal suffered the most when it plunged by Rs 160 at Rs 5665 per ten grammes followed by Delhi where it recorded a fall of Rs 140 at Rs 5710 per ten grammes.
PTI
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PSB camp Jalandhar, February 13 |
* Andhra
Bank may remain firm on sustained buying by domestic as well as foreign
institutions. * Given the
lack of free float on Wipro, operators find it a great counter to push,
even if there is no news coming out on the company. *
Dena Bank is the latest story doing the rounds. Punters can
opt for some pillion riding and might get off when interest gets
sufficiently generated, says a broker. *
Though Corporation Bank has enjoyed a good run, the bank has
a lot more in store for investors in the long term, according to a
domestic brokerage. * A
foreign brokerage has reiterated its buy call on Bajaj Auto, brushing
off higher competitive pressure in its core segments. *
With the Hughes Software stock having received the
acknowledgement of a couple of leading fund houses, some more may follow
suit. Or perhaps the same set of players would have come back for fresh
purchases, in a bid to stir action at the counter. *
Supporters of the I-flex stock appear to be betting on the
company bagging some more significant orders shortly. However, they will
have to exercise a bit more caution from current levels. *
Disinvestment of HPCL is taking place at a time when the
world economy is coming out of recession. Therefore, the bidding is
likely to be aggressive for buying this company, according to a research
house. * Jindal Steel may
gain further ground on reports that increased domestic demand and an
improving steel market is expected to soon push domestic steel prices to
international levels.
— Ashok Kumar
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bb
Royal Enfield HFC loan Tanishq Mahamaza offer IOB net up Markets closed UTI Bank |
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