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Friday,
May 2, 2003, Chandigarh, India  
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PSIEC scheme for defaulting firms
SBI, BoB, Union Bank cut rates
Hero Honda bike sales skid 1.2 pc
WB predicts 5.5 pc growth  Models pose with BMW Z4 during the 2003 Korea Import Motor show in Seoul on Thursday. — AP/PTI |
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CII flays VAT postponement
Beltek unveils DVD
Gold looks up,
gains Rs 100
Trains to have cyber cafes
Plan to popularise khadi products GRAPHICS:
Domino’s offers jobs to CRY wards
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PSIEC scheme for defaulting firms SAS Nagar, May 1 Out of the total amount of around Rs 125 crore, which defaulting industrial units across the state owe to the PSIEC, industries in SAS Nagar alone owe about Rs 70 crore. Interestingly, out of these Rs 70 crore, Rs 55 crore are owed by six major industries in SAS Nagar. Since 1993, the PSIEC had been sending notices to industries that had bought land from it for the establishment of small industrial units. But over the years, many of these units have failed to pay the amount resulting in accruing penalty interests. Starting from today, the PSIEC has offered a one-time clearance of pending amounts by industries to the PSIEC. It has reduced the penalty interest from a rate which ranged between 17 and 25 per cent per annum to a flat rate of 15 per cent per annum. Other than, this the revised amounts calculated according to the new rate of interest can be paid by the defaulting allottee in four equal instalments starting from July 31, 2003. Sources in the PSIEC said out of the six major defaulters in the township, they are on the verge of a settlement with the biggest defaulter, Ranbaxy, owing about Rs 19 crore to the PSIEC, and another has surrendered the land back to the PSIEC. There are, however, still four industries that owe over Rs 25 crore to the PSIEC. The Godrej unit in SAS Nagar alone owes about Rs 12 crore to the PSIEC. The Punjab Government venture ELTOP (Punjab Infotech) owes about Rs 8.5 crore to the PSIEC. Incidentally, many of the sub-units established by ELTOP on the land it bought from the PSIEC are now up for disinvestment. About Rs 5 crore are owed by ICI Paints Limited. Shivalik Telecom, reportedly owned by Aadesh Singh Kairon, son-in-law of Parkash Singh Badal, former chief minister Punjab owes Rs 3.92
crore to the PSIEC. About 30 acres reportedly owned by the company related to Mr Ravi Inder Singh, a former Vidhan Sabha Speaker, for starting an
industrial unit named Brahma Styres has been surrendered to the PSIEC. Owners of Continental Devices have paid up Rs 2.25 crore to the PSIEC. |
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SBI, BoB, Union Bank cut rates
Mumbai, May 1 While the SBI, the Bank of Baroda (BoB) and the Union Bank of India decided to lower their PLR and deposit rate by 0.25 percentage point to 10.25 per cent each, Bank of India (BoI) would take a decision in its coming Board meeting in the third week of May. The SBI has cut its prime lending rates (PLR) and deposit rates by 25 basis points each. Following this, the State Bank advance rate has been brought down to 10.5 per cent from 10.75 per cent and the State Bank medium term lending rate to 11 per cent from 11.25 per cent. The State Bank short term advance rate has been reduced to 10 per cent from 10.25 per cent. The interest rates payable on domestic term deposits for Rs 15 lakh and above have been revised downwards by 25 basis points. For one year to less than two years, the rate is now 5.5 per cent (5.75 per cent), for two years to less than three years, 5.75 per cent (6 per cent), for three years and above 6 per cent (6.25 per cent). Senior citizens will continue to be offered a differential interest rate of 50 basis points over and above the rates offered for the maturities of one year to less than two years (6 per cent), two years to less than three years (6.25 per cent), and three years and above (6.5 per cent). BoB and Union Bank will hold the Board meeting and Asset Liability Management (ALM) meeting tomorrow. “We have decided to lower the PLR and deposit rate and a formal announcement will be made after tomorrow’s Board meeting,” said Union Bank CMD V Leeladhar. “We will revise our two-tier PLRs by 0.25 percentage point while for deposit rate cut, it will not to be across-the-board,” said Bank of Baroda CMD P S Shenoy. BoI CMD K V Krishnamurthy said it was irrelevent for the bank to adjust the PLR rate since a majority of the borrowings was currently done on the basis of the Libor rate and the sub-PLR rate. BoI plans VRS
The BoI is planning to introduce a second round of voluntary retirement scheme (VRS) and has set a target of 25 per cent growth in profit for the year 2003-04. The total number of employees is around 44,000 and with the bank looking at completely outsourcing its IT needs, there is a scope for reduction, K.V. Krishnamurthy told reporters here today. He said at least 5,000-6,000 employees might be interested in taking voluntary retirement and that the government had no problem with VRS but the bank was waiting for a clearance from the income tax department. Agencies
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Hero Honda bike sales skid 1.2 pc
New Delhi, May 1 The April sales were, however, higher by 16.06 per cent as compared to 1,15,722 units sold in March this year, a company statement said. Hero Honda, said it would launch a new 200cc plus motor cycle this month. The company recorded an 18 per cent growth in sales volume during the fiscal 2002-03 selling 16,77,575 motor cycles. It also achieved an all-time high revenue of Rs 5,000 crore during the fiscal. TVS sales up 16 pc
TVS Motor Company said today its motor cycle sales have grown by 16 per cent in April to 58,291 units from 50,283 units a year earlier. The Chennai-based company’s total two-wheeler sales, including scooters and mopeds, rose by 5 per cent to 84,757 units from 80,686 units in the same month last year. TVS Motor said the growth was achieved despite the 10-day truckers’ strike last month. The sale of its sub-100cc scooters fell by 9 per cent to 9,880 units while mopeds dipped by 15.2 per cent to 16,576 units during the review month. The company said sales of the 110cc motor cycle “Victor” continued to rise for the seventh straight quarter and now stood at over 5 lakh units. Now, TVS Motor plans to increase its market share in the vital Northern and Western India markets .
PTI
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WB predicts 5.5 pc growth
New Delhi, May 1 “The official estimates of GDP growth is 5.5 per cent during 2003-04. The World Bank agrees with this number,” Managing Director of the World Bank, Mr Peter Woicke, told reporters at a press conference here. The country’s economy is estimated to have grown by 4.4 per cent in the last fiscal, mainly due to a negative growth of 3.1 per cent in agriculture. Mr Woicke said the Indian economy had the potential to grow faster at 7-8 per cent in the coming years. “It will generate more employment and reduce poverty,” he added. He said SARS would not affect India’s economic growth potential to a large extent. As many of the industrial sectors are accounted in the GDP estimate, he said the actual growth could be much higher. “Reforms are still slow. Regulations are still twisted. We have to work with the government to make regulations easier,” Mr Woicke, who is also Executive Vice-President of the International Finance Corporation, said. He said there had been a perceptible change in sentiments and the Indian industry was becoming more competitive. “Lot of Indian companies are looking outside,” he added. He, however, stressed on public-private partnerships in certain infrastructure sectors like public transport, as it would be difficult for private sector to manage it alone.
PTI
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CII flays VAT postponement
Chandigarh, May 1 Addressing mediapersons, he said, “We understand the government’s political compulsions, but it has postponed a decision that would have paved the way for tax reforms. Though some of the countries have taken 10-15 years to implement VAT, yet we are hopeful that the consensus will emerge in the near future.” He agreed that a large section of traders had perception that the new tax system would affect them but manufacturers were in its favour.
TNS
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Beltek unveils DVD Chandigarh, May 1 Breaking all price barriers of the market, Beltek's new range is a blend of attractive prices, latest international technology and excellent performance. Mr Rakesh Bhalla, General Manager, Beltek, said, "In CTV segment, we offer TVs ranging from 14 inch to 29 inch. This also includes our latest offering that is 29 inch super flat and 21 inch true flat CTV. Both these products have been attractively priced at Rs 16,990 and Rs 9,990. On the occasion, "scratch 'n' sure win", an inaugural offer on which every single purchase entitles customers for an on the spot cash benefit up to Rs 5,000 or mega gifts like Maruti car, motor cycle, Beltek products, a set of 3 video CDs and a Pierre Cardin pen set was also announced. The launch of new digital range in Chandigarh is part of Beltek's renewed thrust towards the Punjab market.
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Gold looks up, gains Rs 100
New Delhi, May 1 The yellow metal in overseas market zoomed to a 6-weekhigh level on the back of weaker US dollar and traded around $ 340 an ounce against last level of $ 335.60. The buying was more confined to the European markets as the major Asian markets like Singapore and Hong Kong were closed for “Labour Day”. Since the buying interest was diverted to the limited European markets, the yellow metal faced a tight stockposition and this helped the prices to go up. Standard gold and ornaments notched up significant groundand closed higher by Rs 100 each at Rs 5,380 and Rs 5,230 per 10 gram. Sovereign was also better by Rs 25 at Rs 4,450 per piece of eight gram. Silver ready was in demand and gained Rs 40 at Rs 7,750 per kilo. Weekly-based delivery rose by Rs 50 at Rs 7,730 per kilo. Silver coins continued to be asked at unchanged level of Rs 11,700/11,800 per 100 pieces.
PTI
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Trains to have cyber cafes
New Delhi, May 1 RailTel Corporation, set up to modernise and make optimal use of the railway's communication infrastructure, tested the technology for providing broadband Internet on a train running between the Capital's Tughlakabad station and Faridabad between April 15 and 26. "With the experience of having successfully tested the wireless LAN technology for moving connectivity and the vast optical fibre cable network, RailTel has the necessary ingredients to make this dream come true," the corporation said in a press statement on Thursday. Passengers can either carry a laptop and plug it into the power socket provided next to the seat and access the Net using a prepaid RailTel card or use the Internet café on board.
IANS
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Plan to popularise khadi products New Delhi, May 1 Minister of State for Agro Industries Sanga Priya Gautam has launched a plan to popularise khadi and other products being produced by the rural and cottage industry across the country. Apart from initiating steps to modernise the production of khadi products and infusing new designs in clothes made of khadi, the minister has a novel plan to popularise khadi gram udyog goods. The minister has been approaching Chief Ministers all over the country urging them to appeal to the people in general and state government officials, in particular, to buy at least one khadi item on the Republic Day, the Independence Day and Gandhi Jayanti.
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PNB ATMs Depts merged PNB Gilts ST Micro Nerolac Paints CEAT net up NFL sales Videocon profit ING Vyasa |
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