 |
Thursday,
May 22, 2003, Chandigarh, India  
|
Maruti
records 40 pc growth in net BSNL
employees’ fate hangs in balance Judgement
on WLL case reserved HPCL cuts
Bathinda refinery capacity Tobacco-free
products to hit market
Real
estate market to remain stable |
|
|||||||||||||||||||||||||||||||
|
Barriers
for IT men become tougher FICCI
seeks restoration of US GSP benefit
ONGC
bids for 2 oil blocks in Sudan
|
|
Maruti records 40 pc growth in net New Delhi, May 21 The company’s net profit was Rs 146.4 crore in 2002-03, a growth of 40 per cent over the net profit of Rs 104.5 crore in 2001-02, a release said. The total revenue was Rs 9,426 crore in 2002-03, compared to Rs 9,398.9 crore in 2001-2. The company sold 3,62,426 vehicle units during the year, a growth of about 2.8 per cent over 2001-02. The vehicle sales included exports of 32,240 units, a growth of 163 per cent over 2001-02. The growth in net profit was brought about by measures to enhance productivity and reduce costs across the company, the release added. Following a series of initiatives the company’s expenditure on consumption of raw materials and stores was lower by Rs 79.7 crore over the previous year. Employee costs went down by Rs 15.3 crore, primarily because of the reduction in the number of employees as a result of the voluntary retirement scheme during the year, the release added.
Roadshow for IPO
Suzuki chairman Osamu Suzuki would visit Mumbai during May-end to kick-off roadshows for public offering of Maruti Udyog Ltd, on the strength of the robust financial results announced by the Japanese auto major and its Indian venture in the last two days. A series of roadshows have been planned both within and outside India to woo investors to the forthcoming public issue, which would see government offloading 25 per cent stake in the car major. The IPO via book-building route is part of the ongoing disinvestment programme of Maruti, a joint venture between the government of India and Suzuki. According to sources involved with the divestment process in
Maruti, the roadshows would be held in Mumbai and Delhi between May 29 and June 1, and thereafter in London, Amsterdam, Boston, New York, Singapore and Dubai, with a view to take the domestic issue to an international platform. Last year, the government ceded control of Maruti to its joint venture partner Suzuki following a Rs 400 crore rights issue. Suzuki acquired about 4 per cent equity in the company for a consideration of around Rs 1,400 crore including a renounciation premium of Rs 1000 crore. Under the deal, the government is required to exit the company following a two-stage divestment process, involving a public offering of shares. It proposes to shed 25 per cent of its 45 per cent equity in the first phase and another 20 per cent during the second phase by 2004. Sources said the roadshows outside India would be held between June 2 and June 15.
|
|
BSNL employees’ fate hangs in balance Chandigarh, May 21 Trade unions of BSNL are demanding job security and an increase in pay scales equivalent to other public sector units. They also want assured pension and other benefits in case the government decides to disinvest its share in the coming years. Interestingly, the government has already transferred about 2.90 lakh Class C and D employees of the department to BSNL by raising their salaries and other allowances. Mr Amarjit Singh Chauhan, circle secretary of the Sanchar Nigam Executive Association, said the junior telecom officers (JTOs) and Sub Divisional Engineers (SDEs) numbering about 40,000 and 25,000 were waiting for the final settlement on the issue. He said:‘‘An agreement had been signed between the employees unions and the Board of Directors of BSNL in October last year under that employees would get transfers voluntarily and their scales would be revised upward, but the Centre has not taken any decision .’’ According to sources in the department, the Ministry of Personnel has cleared the file regarding the issue of transfer on Monday. Now Mr Arun Shourie, Minister of Communications, will have to get a sanction of the Ministry of Finance before implementing the decision. They disclosed that Centre had agreed to increase the pay scale of JTOs from Rs 6,500 to Rs 9,850 and of SDEs from Rs 7,500 to Rs 11,950. The employees would reportedly be given an option either to go for BSNL or they would be retrenched, in case they could not be adjusted in other departments within six months. The Board of Directors of BSNL has reportedly rejected the demands of the employees unions to guarantee the pension plan and amendment in the bonus rules and other facilities.
|
|
Judgement on WLL case reserved
New Delhi, May 21 Both parties — basic and cellular operators — would have to give written submissions to the tribunal by May 26-27,
TDSAT Chairman Justice D.P. Wadhwa said at the conclusion of the arguments. Speaking on behalf of basic telecom operators, senior advocate and former additional solicitor general Abhishek Singhvi said the cellular operators were currently arguing that WLL and cellular were substitutable services, although a few years ago, two of the cellular players had stated that the services were distinct. Allowing petitions filed by cellular operators against an order upholding the Centre’s decision to allow basic operators to provide mobility service on WLL, the Apex Court had asked
TDSAT to adjudicate the issue afresh.
PTI
|
|
HPCL cuts Bathinda refinery capacity
New Delhi, May 21 “We will set up a 6 million tonne refinery at Bathinda in the first phase by December, 2006,” HPCL Chairman and Managing Director M.B. Lal told PTI here. Construction on the Bathinda refinery, which was approved in November, 1998, at an estimated cost of Rs 9806 crore, had not taken off due to slowdown in demand for petroleum products. The government, while deciding to sell its 34.01 per cent stake in HPCL to a strategic partner, had promised completion of the politically important but the economically unviable Bathinda refinery through the IOC or the ONGC if the strategic partner did not pursue it. Lal said the 6 million tonne refinery, which would take 42 months from the date the construction began, would be upgradable to 9 million tonnes at a future date. “The capacity is being scaled down recognising the present slowdown in the growth rate of petroleum products,” he said.
PTI
|
|
Tobacco-free products to hit market
New Delhi, May 21 ‘’The non-tobacco products to be launched in the first week of July will resemble or suit the taste of tobacco as is used in bidis and cigarettes. These will be sold out from the self of cigarettes and bidis with a competitive price tag,’’ DCC Managing Director and CEO Sudershan Banerjee told UNI. ‘’We have developed products from a mix of flowers and herbs growing galore in the country which virtually imitates the different satiable indices of tobacco in a tobacco product,’’ he added. DCC of the Sanjay Dalmiya-owned GTC Group have developed the products based on mimicry and simulation of the prevailing tobacco products but with a healthy distinction as they provide a safer alternative. Mr Banerjee pointed out that the Central Tobacco Research Institute at Rajahmundry and the Arista Labs, Richmond, Virginia USA, have certified the absence of nicotine and tobacco specific nitrosoamines in the upcoming product range, being developed under project ‘’Vardaan’’. Besides, the non-tobacco products have also passed public tests. Among 1,03,222 consumers across the four metros who tested the tobacco-free products, 81 per cent rated the satisfaction level between ‘’good and excellent’’ while 63 per cent expressed ‘’willingness’’ to switch over to them, he claimed. The DCC CEO denied that after the non-tobacco products gained acceptance among the smoking class, these would affect the retailers and dealers. Given the mass tirade going on against tobacco across the globe, the tobacco-free products can have great potential for export, he added. Besides, DCC of the Rs 1,200-crore Dalmiya Group has also firmed up plans to target urban consumers with a rural mindset for its upcoming confectionery products among other foods and beverages. Mr Banerjee said a variety of foods and beverages are currently in the process of research and testing and they are likely to hit the market in the Rs 45,000-crore oral gratification space by July. Without divulging details, he said these could range from ‘Nimbu Pani’, ‘Biscuits’ and ‘Gur-based snacks’ to even the good old ‘Chyawanprash’. Mr Banerjee assured that the products would carry a price advantage over rivals like HLL, Dabur and Britannia in various categories and they would come with a health tag. He clarified that manufacturing would either be outsourced or undertaken locally.
UNI
|
|
Real estate market to remain stable New Delhi, May 21 However, in the country’s financial capital, Mumbai, the rental and capital values for commercial office space are expected to remain soft in the near future and will witness a downward trend in few suburban market due to supply dynamics. “Demand for office space will remain steady and will be primarily driven by ITES and insurance companies,” the report said. The global real estate
solutions firm said “owing to favourable factors such as permission to repatriate the sale proceeds, demand from NRIs is likely to be steady in the near future.” Demand from NRIs has been predominantly been concentrated in the NCR of Delhi, Gurgaon and Noida witnessed the maximum number of transactions as they offer a variety of products across all ranges including flats and penthouses in high-rise complexes, independent villas and tenthouses as well as plotted development. The report said this increase in demand has also led to slight firming up of capital values for high-rise apartment complexes in Gurgaon and Noida. The agency in its report said the month of April witnessed a few significant transactions in Gurgaon and contributed to increased positive sentiments in the market.
|
|
Barriers for IT men become tougher
New Delhi, May 21 “The ‘Green Card’, which was introduced in 2000 and enabled IT workers to stay and work in Germany, will no longer be available to Indians from July 1,” Chief Economist of Confederation of Indian Industry Onkar Goswami said at a Nasscom-organised seminar on impact of IT growth on economy. “Britain has also made a change in laws and removed IT workers from the list of professionals who can be given work permits on priority basis,” Mr Goswami said. “Resistance to Indian IT workers is real with quota for H1B coming down and rules for L1 visas becoming tough in US,” he said. He said that it would be tough for Indian companies to crack markets in Continental Europe and Japan due to local politics and other factors. “The German Green Card was mostly availed of by professionals from East Europe while Japanese prefer Chinese developers,” Mr Goswami said. Indian IT professionals have suffered high handedness of authorities in countries like Indonesia, Malaysia and Netherlands in the past six months.
UNI
|
|
FICCI seeks restoration of US GSP benefit New Delhi, May 21 The Federation said that in view of India’s compliance with the WTO agreements on TRIPS, there is no rationale behind the US denial of duty free benefit to Indian exports of these products.
|
bb
New Coop Act Morepen Labs TeleTech CEO Shared ATMs Hummingbird IBM Technology |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 123 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
