Friday, February 14, 2003, Chandigarh, India






National Capital Region--Delhi

THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS
B U S I N E S S

Bidders for PTL to be shortlisted in 2 days
New Delhi, February 13
The Punjab Government will soon shortlist bidders for offloading a 23.4 per cent stake in PTL. Ms Vini Mahajan, Director, Disinvestment, Punjab, said pre-qualification bids for disinvestment in Punjab Tractors would be invited within two days.

India’s deficit not sustainable: IFC
New Delhi, February 13
The International Finance Corporation (IFC) today termed India’s burgeoning fiscal deficit as “unsustainable” while the slow and bureaucratic regulatory framework could impede growth and slow down foreign investment flows.

Maruti, Hyundai, Telco sales jump
New Delhi, February 13
Buoyed by an increase in sales of Maruti, Hyundai and Telco, the sales of cars in India clocked a 10.15 per cent growth in January, 2003, even as the sales growth rates of General Motors, Fiat and Hindustan Motors declined during the period.

Maruti IPO not this fiscal
New Delhi, February 13
The government today ruled out the completion of Maruti Udyog Ltd’s initial public offering in this financial year, and said that the disinvestment of Air India is virtually off the privatisation list.

Security system for US-bound cargo
New Delhi, February 13
US Embassy Customs Attache James Dozier today described the US Customs Service’s new “24-Hour Vessel Manifest Rule,” which is designed to ensure that US bound cargo is free from weapons of mass destruction.

New food supply corporation
Ludhiana, February 13
The Punjab Government has decided to set up a corporation or a company in order to ensure smooth procurement of paddy and wheat in the state. This new organisation will work under the aegis of the Punjab Food and Civil Supplies Department.

Spice offers two tariff plans
Chandigarh, February 13
Spice Punjab, today announced two tariff plans for its post-paid subscribers offering unlimited free outgoing as well as incoming calls at a one time price.



Bollywood actress Esha Deol shows her valentine gift
Bollywood actress Esha Deol shows her valentine gift, a Swatch watch, at the launch of a new range of Swatch watches to coincide with valentine, in Mumbai on Wednesday. — PTI

EARLIER STORIES

 
A rendering of the revised plan of the Shanghai World Financial Center building is shown next to China's tallest building
A rendering of the revised plan of the Shanghai World Financial Center building (L) is shown next to China's tallest building Jinmao Tower (R) on Thursday. Shanghai is set to house the world's ultimate symbol of capitalist success by 2007, as work restarted on Thursday on the 101-storey, 492-metre tall skyscraper that its Japanese builders hope will be the tallest on the planet. — Reuters

Gold tumbles
New Delhi, February 13
Gold prices tumbled across the country today on emergence of heavy selling by stockists in line with a weak trend in international markets ranging from Rs 80 to Rs 160 per ten grammes.

ROUND-UP

Unilever profit jumps 13 pc
London, February 13
Unilever Plc reported a 13 per cent rise in the 2002 net profit on Thursday and set an underlying earnings growth target of just over 10 per cent for this year.

  • Fortis hospital for Noida
  • VIA to launch cell phone, PC
  • Nabard power project in Palwal
  • Connect Valentine message service
  • Syndicate Bank cuts housing rates
  • Plastic industry expo from Feb 15



Top








 

Bidders for PTL to be shortlisted in 2 days
Tribune News Service

New Delhi, February 13
The Punjab Government will soon shortlist bidders for offloading a 23.4 per cent stake in PTL.

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. 
Top


 

India’s deficit not sustainable: IFC
Tribune News Service

New Delhi, February 13
The International Finance Corporation (IFC) today termed India’s burgeoning fiscal deficit as “unsustainable” while the slow and bureaucratic regulatory framework could impede growth and slow down foreign investment flows.

“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.
Top


 

Maruti, Hyundai, Telco sales jump
Tribune News Service

New Delhi, February 13
Buoyed by an increase in sales of Maruti, Hyundai and Telco, the sales of cars in India clocked a 10.15 per cent growth in January, 2003, even as the sales growth rates of General Motors, Fiat and Hindustan Motors declined during the period.

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.
Top


 

Maruti IPO not this fiscal

New Delhi, February 13
The government today ruled out the completion of Maruti Udyog Ltd’s initial public offering in this financial year, and said that the disinvestment of Air India is virtually off the privatisation list.

“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
Top


 

Security system for US-bound cargo
Tribune News Service

New Delhi, February 13
US Embassy Customs Attache James Dozier today described the US Customs Service’s new “24-Hour Vessel Manifest Rule,” which is designed to ensure that US bound cargo is free from weapons of mass destruction.

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.
Top


 

New food supply corporation
K.S. Chawla

Ludhiana, February 13
The Punjab Government has decided to set up a corporation or a company in order to ensure smooth procurement of paddy and wheat in the state. This new organisation will work under the aegis of the Punjab Food and Civil Supplies Department.

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. 
Top


 

Spice offers two tariff plans

Chandigarh, February 13
Spice Punjab, today announced two tariff plans for its post-paid subscribers offering unlimited free outgoing as well as incoming calls at a one time price.

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
Top


 

Gold tumbles

New Delhi, February 13
Gold prices tumbled across the country today on emergence of heavy selling by stockists in line with a weak trend in international markets ranging from Rs 80 to Rs 160 per ten grammes.

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
Top


 

PSB camp

Jalandhar, February 13
To accelerate the recovery of loans, the Punjab and Sind Bank has decided to organise a special recovery camp at Jalandhar on February 15. The camp would cover defaulters from Punjab, Haryana and Chandigarh. The pending loan cases would be settled amicably during the camp. OC
Top


 
ROUND-UP

Unilever profit jumps 13 pc

London, February 13
Unilever Plc reported a 13 per cent rise in the 2002 net profit on Thursday and set an underlying earnings growth target of just over 10 per cent for this year.

Unilever, with top food brands such as Hellmann’s and Knorr and personal care top-sellers Dove and Calvin Klein, reported the net profit before exceptional items and amortisation of goodwill and intangibles (BEIA) for 2002 of 4.006 billion euros ($4.30 billion) compared with forecasts of 3.966-4.272 billion euros. Reuters

Fortis hospital for Noida

New Delhi: In an expansion mould, Fortis Healthcare is setting up a super-speciality hospital in Noida with an investment of about Rs 120 crore. To be set up on the lines of its first super-speciality cardiac hospital in Mohali, final investment in the unit will be close to Rs 120 crore, he said and added that work on this orthopaedic and neurology super-speciality institute will commence in two weeks. PTI

VIA to launch cell phone, PC

New Delhi: VIA Technologies is all set to launch a slew of new products in India, including eNotes(88 Mhz) laptops, hi-fi personal computer, random number generator and cellular phone-cum-PDA from April. The laptops will be introduced by May, VIA Country Manager Ravi Pradhan said in a statement here today. UNI

Nabard power project in Palwal

Chandigarh: Nabard has sanctioned a project to the Haryana Government for system improvement in the power sector to be implemented by the HVPN. The project envisages construction of two new 66 KV sub-stations in Aurangabad and Prithla as well as augmentation of the 220 KV sub-station at Palwal in Faridabad district, a Nabard release said here today. PTI

Connect Valentine message service

Chandigarh: On the eve of Valentine, a special Valentine voice messaging service has been launched by Connect in Punjab. A Connect subscriber has to simply dial 1777 to leave a 30 second message for a loved one anywhere in Punjab or within the country along with the destination number (with STD code) and time of delivery. The recorded message would then be sent to the destination number at the specified time and date. Messages sent within Punjab will be charged at Rs 1.20 while those sent outside Punjab will cost Rs 3.60 per message. TNS

Syndicate Bank cuts housing rates

Hyderabad: Syndicate Bank has further reduced its interest rates on home loans by 0.25 per cent to 1 per cent and waived processing fees for the next two months to make them more affordable. While fixed rate for repayment up to five years had been reduced from 9.75 to 8.75 per cent per annum, the floating rate had been reduced from 9 to 8.50 per cent per annum. For above five years to 10 years, repayment fixed rate has been lowered from 10.50 to 9.50 per cent and the floating rate from 9.50 to 9.25 per cent. UNI

Plastic industry expo from Feb 15

New Delhi: More than 1,200 exhibitors, including 200 from 35 countries, will showcase their products and technology during the six-day PlastIndia 2003, the fifth international plastics exhibition and conference, which will be held here from February 15 to 20. Over 10 lakh visitors are expected to attend the show. Business worth Rs 600 crore is expected to be generated during the fair. TNS
Top

 
MARKET GOSSIP

* 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
Top

  bb
BIZ BRIEFS


Nassocom chairman Arun Kumar with model on ramp during CEO fashion show
Nassocom chairman Arun Kumar with model on ramp during CEO fashion show organised in Mumbai on Wednesday. — PTI

Royal Enfield
Chandigarh, February 13
Royal Enfield has won the ICICI-Overdrive “Hall of Pride” Award for “Bullet” for the year 2003. This special award has been conferred on Royal Enfield Bullet for defining motor cycle in the Indian perspective and for impressively retaining its iconic status in the minds of Indian bikers for years. This category has been introduced for the first time in the history of the awards. TNS

HFC loan
Yamunanagar, February 13
The Haryana Financial Corporation has provided approximately Rs 8 crore to cooperative societies and corporations being run in the Yamunanagar district during the last three years. Mr Vijayender Kumar, DC, said here today that according to the instructions of the present government to ensure the success of welfare schemes being launched by the administration these facilities had been provided to people so that the people living below poverty line could be benefited. OC

Tanishq
Chandigarh, February 13
Tanishq walked away with the prestigious Best Jewellery Brand award at the third Images Fashion Award. TNS

Mahamaza offer
Chandigarh, February 13
Mahamaza has entered into an alliance with Titan and Archies for special Valentine’s goodies. Customers can log on to Mahamaza.com and buy Titan watches of various models at attractive prices with considerable discounts. TNS

IOB net up
Chandigarh, February 13
Indian Overseas Bank’s global net profit for the third quarter of the year 2002-03 increased by 157 per cent over the corresponding period last year. The global net profit for Q3 was Rs 116.95 crore as against Rs 45.57 crore. TNS

Markets closed
Mumbai, February 13
The Bombay Stock Exchange the National Stock Exchange the interbank foreign exchange the call money and cotton markets remained close today on account of ‘Id-ul-Zuha’. UNI

UTI Bank
Mumbai, February 13
UTI Bank has issued more than five lakh Visa Electron debit cards since the launch of this programme in June 2002. The bank issues between 60,000 to 70,000 debit cards each month, the private sector banking entity. PTI
Top

Home | Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial |
|
Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune
50 years of Independence | Tercentenary Celebrations |
|
123 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail |