 |
Friday,
May 30, 2003, Chandigarh, India  
|
CORPORATE NEWS
Germany to raise investment in India
Ambanis get month’s reprieve
|
|
||||||||||||||||||||||||||||||
|
Staff to bid for 51 pc stake in NFL
Subsidy for potato exports Airtel cuts
rates Video games boost visual
skill
Set top box to cost less Aftek, UK firm
enter pact
Cut in land use charges hailed
HDFC Bank, AmEx tie up
|
|
CORPORATE NEWS Mumbai, May 29 The Board has recommended a dividend of Rs 8 per share for the year ended March 31, 2003, the company informed the BSE here today. Consolidated total income of the group has increased to Rs 9,183.74 crore in this financial year, as against Rs 7,511.36 crore in the last year, it said. On a stand-alone basis, Tisco has reported a higher net profit at Rs 1,012.31 crore in this fiscal (Rs 204.9 crore in last year) while total income rose to Rs 8,771.71 crore (Rs 6,783.12 crore). For the fourth quarter ended March, net profit and total income grew to Rs 469.08 crore (Rs 122.47 crore) and Rs 2,677.74 crore (Rs 1,942.36 crore) respectively, it added. Reliance offer to Lanka Reliance has submitted the best offer into Sri Lanka’s tender to buy gas oil and gasoline for June 16-17 delivery, a company source said in Singapore on Thursday. Reliance had offered to sell 25,000 tonnes of gas oil to Sri Lanka’s state-owned Ceylon Petroleum Corp (Ceypetco) at a premium of 81 cents per barrel over Singapore quotes, said the source. Two other offers came from Petroplus Dubai and Vitol. Subex Ranger for Bharti Subex Systems today announced in Bangalore that it had signed a contract with Bharti Cellular to deploy its flagship fraud management system, Ranger. Ranger aids wireless and wireline telecom carriers to curb fraud through the use of innovative subscriber profiling techniques and advanced analytical capabilities, a Subex statement said, announcing the contract. Thermax issues bonus shares Thermax Ltd has posted a 101 per cent rise in the next profit at Rs 55.70 crore on a consolidated basis for the financial year ended March 31, 2003, compared to Rs 27.62 crore registered during the previous fiscal. The company’s board has recommended a 120 per cent dividend, including a 50 per cent special dividend, for the year under review. Thermax informed the BSE today. The board has also recommended a bonus issue of 6 per cent redeemable preference shares to shareholders in the ratio of two preference shares (face value of Rs 10 each) for every one equity share held.
Agencies
|
|
|
Germany to raise investment in India Munich, May 29 In an effort to reverse the trend of falling investment in India, Germany today assured India on raising its level of investment and, at the same time, promising to put in place a liberal visa regime for Indian IT professionals to facilitate better exchange of technology. The German assurance was given at a high-level bilateral delegation meeting led by
Germany's Minister for Economy and Labour Wofgang Clement and Indian Commerce and Industry Minister Arun Jaitley here last night. The areas of interest for greater German participation in India could be: renewable energy, infrastructure and national highways. On the other hand, Germany could provide a fertile ground for investments by Indian industry in the areas of information technology, auto components, tractors and bi-cycles. Prime Minister Atal Bihari Vajpayee told German captains of industry that India just couldn’t push through reforms as a shock therapy. “What is required is the tonic of compromise and consensus that supports a more equitable growth”, he said. He said India’s economic fundamentals remained strong, coupled with a huge market of one billion people and an average growth rate of 5 per cent since 1980. The country’s strength lay in information technology, biotechnology and entertainment technologies. Laws in India were transparent. India also had a strong tradition of independent judiciary. Addressing German business and industry of the Asia-Pacific community here this evening, Mr Vajpayee impressed upon them to take a fresh look at India, which had one of the fastest growing telecom, insurance and financial services market in the world. He said India’s market for biotechnology products was expected to rise to about 2.2 billion euros in the next three years and the demand of the German IT industry was a staggering 67 billion euros. He pointed out India was also upgrading a network of highways connecting major cities with one another. It amounted to building of more than 13,000 km of highways from Helsinki to Istanbul and Gibraltar to Moscow. In steering the billion-strong Indian population towards greater prosperity, Mr Vajpayee said “we value the cooperation of Germany.”
|
|
Ambanis get month’s reprieve New Delhi, May 29 While issuing fresh summons to the brothers, the court of Delhi Chief Metropolitan Magistrate (CMM) had on May 26 given them a deadline of July 7 to appear before it, failing which it had warned of taking
coercive action against them. The one months’ reprieve was given to RIL Chairman Mukesh Ambani and the company’s Managing Director Anil Ambani by Justice R. C. Chopra after they moved the high court seeking further time for appearing before the CMM’s court. The CMM had issued summons to RIL top brass making them liable as the company headed for the alleged procurment of classified official documents of at least four Union Ministries by some of the company functionaries in 1998. CMM Sangeeta Dhingra Sehgal had told Ambani’s counsel Dinesh Mathur that the brothers should positively appear on July 7.
|
|
Staff to bid for 51 pc stake in NFL Ropar, May 29 It was for the first time after the ministry issued guidelines on April 25 allowing the management or employee bids in the strategic sales of public sector units (PSUs). Coordinator of the committee, Gurmail Singh told this correspondent that the employees had submitted the expression of interest with the ministry on May 5. As per the terms and conditions issued by the ministry for employee participation in bids at least 15 per cent of the total employees or 200 employees in a PSU whichever was lower, should participate in the bid. The committee represented 3,529 out of the total 5,031 employees. The committee was fulfilling the conditions of the ministry and had submitted the expression of interest. The committee would now wait for the acceptance of its expression of interest by the ministry. Till date four companies, Indo-Gulf, Tata Chemicals, Chambal Fertilizers and Kribco had given expression of interest for buying government equity in NFL. |
|
Subsidy for potato exports Chandigarh, May 29 Minister for Finance and Cooperation Lal Singh, who made the announcement here, said a subsidy at Rs 250 per MT would be available on potatoes for inter-state movement. To begin with, Rs 1.50 crore had been earmarked for the purpose. Potato was a low value, high volume produce and the transportation element was a major cost in its trading. Countries all over the world were allowing up to 100 per cent transport subsidy for export of potatoes. Potatoes from Punjab and other parts of India were, therefore, placed at a considerable disadvantage when they had to compete with the same commodity from these countries in the export markets of Sri Lanka and West Asia. At present, subsidised potatoes from Holland were giving a tough time to potatoes from India and Pakistan in Sri Lanka. Since Punjab was located far away from the ports, cost on its transportation added to the final price of potato. This was one of the major reasons why Punjab was unable to export potatoes despite the fact that the state produced world class potato seed. The average yield of Punjab was the highest, 30 per cent, more than the world average. While the world average was 160 quintals per hectare, that of Punjab was 200 quintals. The Punjab farmer could earn up to Rs 20, 000 per acre for potatoes against Rs 11,500 per acre in the case of wheat. Less inputs and less water was required for this cash crop. Mr Lal Singh said Markfed would act as the nodal agency for the disbursement of freight subsidy on potatoes meant for exports as well as for inter-state movement. Six hundred farmers had been registered in Ludhiana, Patiala, Bathinda and Jalandhar for the potato Agri Export Zone. Pre-harvest training is being imparted to the farmers in collaboration with the Horticulture Department.
New Delhi, May 29 The company is also offering Nokia 3315 handset for Rs 3,315 against
the market price of Rs 4,700 to all new AirTel subscribers. UNI
|
|
|
Video games boost visual skill
London, May 29 Whether it's Spiderman or Grand Theft Auto 3 or others, the fast-moving action of the games seems to improve a range of visual skills. "Although video-game playing may seem to be rather mindless, it is capable of radically altering visual attentional processing," Daphne Bavelier, of the University of Rochester in New York, said in a letter to the science journal Nature. In four experiments Bavelier and her colleague C. Shawn Green discovered that people who played video games several times a week for six months could monitor complex visual information more easily than non-game players. But when the researchers gave novices 10 hours of training on the game Medal of Honor, they improved their visual processing skills.
Reuters |
|
Set top box to cost less New Delhi, May 29 The cut in duty is expected to bring down the prices of set top boxes from Rs 4000 to Rs 2700, according to industry sources. A Finance Ministry notification issued here today said the set top boxes will attract only 5 per cent basic customs duty from May 28 to July 31. The CAS is to come into force in Chennai, Delhi, Kolkata and Mumbai following the recent amendment to the Cable TV Networks Regulation Act, 1995, which makes it mandatory for cable operators to provide pay channels only to subscribers who have set top boxes.
|
|
Aftek, UK firm
enter pact
Bangalore, May 29 “It is a 50-50 joint venture with the UK firm. They are one of the leading third generation telecom firms,” Aftek Infosys Chairman and Chief Executive Officer Ranjit Dhuru told reporters here. Without naming the joint venture partner, Mr Dhuru said a formal announcement would be made soon. Mr Dhuru said the firm had acquired 49 per cent stake in Arexera Information Technologies GmbH, a German firm with expertise in knowledge management.
PTI
|
|
Cut in land use charges hailed New Delhi, May 29 Its President, P. K. Jain, said “such a pragmatic approach to attract industry through various policy initiatives will improve the competitiveness of the industry in Haryana both in the domestic and global markets.” The CLU charges ranged from Rs 50, Rs 25 and Rs 8.50 per sq yard to Rs 10, Rs 5 and Rs 2 per sq yard.
|
Dabur and Punjab Markfed have initialled an agreement to set up a honey project. Dabur will pump in Rs 16.18 crore. The project will have its central facility in Patiala district. Besides, district satellite centres are also proposed to be set up in Ludhiana, Fatehgarh Sahib, Hoshiarpur, Nawanshahr, Jalandhar, Moga and Amritsar. Shareholders of Infosys Technologies
will use postal ballot to give assent to all proposals that are being tabled at its annual general meeting on June 14. This is the first time in the corporate world that a firm will seek response of all its shareholders. Asian Paints has posted a 7.7 per cent fall in the net profit to Rs 29.5 crore during the last quarter ended March 31. The Board of Directors has recommended a bonus issue in the ratio of 1:2 and a final dividend of Rs 6.50 per share taking the total dividend to Rs 11 per share. Tata Power's consolidated net profit has dropped 33 per cent at Rs 324.78 crore in the financial year ended March 31, 2003. The board has recommended a 65 per cent dividend. Godrej Industries has reco-mmended a final dividend of Rs 2 per share on the equity shares of the face value of Rs 6 per share. Reliance Industries has approached Tata Power to sell natural gas from its
Krishna-Godavri gas find on the Eastern Coast to Tata Power's Trombay power generation units. |
|||||
bb
MBA course Taxation pact Taxi camp Mukesh Ambani NIIT gets award |
 |
| 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 | |
