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Saturday,
August 30, 2003, Chandigarh, India  
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Steel consumers
to get relief,
Uco Bank
issue to hit market on Sept 3 Service
tax revenue at Rs 1,800 crore Target
to export 30 lakh tonnes of sugar Procter
& Gamble declared best employer Marketing network to be
strengthened |
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Notice issued to
plastic units WTO cover
note to carry G-20 proposal on farm
India,
Australia sign MoU on telecom
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Steel consumers to get relief, says govt Ludhiana, August 29 This was announced here today by the Union Steel Minister, Mr B.K. Tripathy, at the conclusion of the 17th National Steel Consumers' Council Meet. With this, the steel industry will be able to import steel from different countries at cheaper prices. The mandatory BIS standards had hampered the import of steel. The industry had been maintaining that the BIS clause was arbitrary and unjustified and had allegedly been introduced at the behest of top five steel manufacturers of the country. At the same time, the minister expressed helplessness of the government in regulating or monitoring the rising steel prices in the country. He pointed out after the deregulation was introduced in 1992, the government had no control over the prices. "Prices in a liberal economy are determined by market forces only and the government has little say", he said. He, however, assured that the government was evolving a mechanism to ensure that the industry did not suffer because of rising prices. He said, once the supply of steel was adequate, the industry could not be held to ransom on the issue of prices. Defending the export of steel to China from India, the minister said India produced about four million tonnes of surplus steel. He said while the country produced 33 million tonnes of steel, it consumed 29 million tonnes. He pointed out that the surplus steel had to be exported. He said in the modern economy, the country also needed to export but not at the cost of domestic industry. Mr Tripathy said the domestic industry would get preference on the supply of steel. Moreover, public sector undertakings like the Steel Authority of India (SAIL) and Rashtriya Ispat Nigam Limited (RINL) would be asked to expand the memoranda of understanding with major end users. Among those who accompanied him were the Union Steel Secretary, Mr V.K. Duggal, and joint secretary, Mr J.P. Singh, SAIL Chairman, Mr V.S. Jain, RINL CMD, Mr B.K. Panda and senior BJP leader and MP, Lala Lajpat.
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Mukesh vows to make Reliance last centuries
New Delhi, August 29 “There are a few companies in the world that have lasted centuries. And I think that’s a commitment I have made to him (father), to myself and to everyone at Reliance,” he said participating in BBC World’s ‘Face to Face’ programme hosted by Karan Thapar. Mr Ambani said he would continue with the legacy of his father, “making sure that whatever he spent his life on is institutionalised, is my commitment to him, my commitment to Reliance and all our people”. The Reliance chief, who was accompanied by his wife Nita Ambani, said Dhirubhai was a devoted father and always spent ample time with his four children. “He always found time for us. He spent an awful lot of time with us. His general view was never to have an inferiority complex. For each one of us in the family, and for me particularly that whole relationship is a lesson on a life-long basis,” he said. Nita Ambani said both she and her husband, who are one of the richest couples in the country, feel that neither money nor wealth was an end in itself. “It’s how you use your wealth that is more important. I tell Mukesh all the time that life is not about making money or making wealth. Life is actually about making memories. For that’s all that you leave behind,” she said. She described Mukesh Ambani as a very intense person “who believes in long lasting relationships”.
— PTI |
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Uco Bank issue to hit market on Sept 3 Chandigarh, August 29 “The bank will use IPO proceeds primarily to augment long-term resources in line with estimated growth in assets and maintain a comfortable Capital Adequacy Ratio (CAR) in line with the estimated growth in assets”, Kalyan Mukherjee, General Manager, Uco Bank said here today. The bank’s current CAR is 10.04 per cent as on March 31, 2003 and post-IPO, the CAR would go further. The IPO will take the bank's equity capital to Rs 799.36 crore and after the IPO issue, the holding of the government will come down to 74.98 per cent, said Mr Mukherjee. He said the book value per share of the bank as on March 31, 2003 was Rs 15.18. As compared to the issue price of Rs 12 per share, it represents discount of 21 per cent to the book value. Mr Mukherjee said over the past three years, the bank maintained a consistently high growth rate. The business of the bank increased to Rs 47,926.63 crore in 2002-03 from Rs 39,857.61 crore in 2001-02. The operating profit increased to Rs 600.15 crore from Rs 495.54 crore, the net profit increased to Rs 243.6 crore from Rs 228.50 crore. Total deposits of the bank grew by 16.74 per cent to Rs 31,343.39 crore in the year 2002-03 from Rs 26,848.77 crores in the year 2001-02. Total advances of the bank grew by 27.48 per cent to Rs 16,583.24 crore from Rs 13,008.84 crore a year back. During the same period, investments increased by 11.4 per cent to Rs 14,137.51 crore from Rs 12,695.34 crore. Uco Bank has a nationwide presence with a large network of 1,705 branches including four overseas branches, besides the 172 extension counters and 14 ATMs across India. The bank has achieved a high level of automation covering 80 per cent of the branch network.
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Service tax revenue at Rs 1,800 crore
Mumbai, August 29 New services have been added under the tax net from July and the department has collected about Rs 1,800 crore till date, Central Board of Excise and Customs (CBEC) member S. K. Misra told reporters on the sidelines of seminar organised by Indian Merchants Chamber here today. “CBEC expects to collect Rs 8,000 crore in 2003-04 and do not intend to scale down the target due to addition of new activities”, Misra said, adding the tax credit facility, hike in the rate from 5 per cent to 8 per cent and extended coverage should increase revenues. Services accounted for 52 per cent of India’s Gross Domestic Product and the sector has to be tapped for the resources which the government requires, the member added. “Service tax registrations have touched 2.25 lakh as on March 31, 2003 but we are not satisfied with this number, it should be above 10 lakh”, he said adding “we believe that people would pay tax voluntarily”. “The board has search and seizure powers and when there is information that some persons were wilfully avoiding the payment of tax, we will take action”, Misra said.
— PTI
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Target to export 30 lakh tonnes of sugar
New Delhi, August 29 "No doubt sugar sector was in a crisis last year with low prices and huge stocks of over 100 lakh tonnes. Preparations are being made on a war footing to double sugar exports from 15 lakh tonnes to 30 lakh tonnes next season which will help reduce the carry forward stocks", Yadav said. Addressing the Fourth Annual Editors' Conference on social sector issues, he said a number of incentives are being given including reimbursement of inland transport and ocean freight for sugar exports. He said sugar production which earlier used to be cyclic, two years of high output alternated with two years of low output. However, production of sugar has been continuously high for the last four sugar
seasons. There are no quantitative restrictions on sugar exports, he added.
— PTI |
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Procter & Gamble declared best employer
Mumbai, August 29 The study, ‘Best Employers in India 2003’, ranked American Express (India) Pvt Ltd in second place and NTPC in third place among all Indian corporates, Hewitt Associates Managing Director (South Asia), Ravi Virmani told reporters here today. The company also shortlisted the country’s 25 best employers, with Johnson & Johnson and Glaxo SmithKline Consumer Healthcare in fourth and fifth places, respectively. This was followed by Tata Steel, Colgate Palmolive India, Wipro and Indian Oil Corporation in descending order. Tata Consultancy Services (10th place), Mind Tree Consulting (11th),
ST Microelectronics Pvt Ltd (12th) and Philips India (13th) also featured in the list. Hewitt conferred special award on Nestle India for long-term approach towards talent management, Dr Reddy’s for creating value through its philosophy, products and services, Infosys for providing world class working environment to employees, he said. Special awards were also given to Gillette for employee communication systems, Bharti Tele-Ventures (HR department) and Mindtree Consulting for “most admired senior management team”.
— PTI
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Marketing network to be strengthened
Shimla, August 29 This was stated by Chief Minister Virbhadra Singh while addressing a deputation of the Kumarsain segment which called on him to thank him for appointing Mr Devender Shyam, Chairman of the Agro Produce Marketing Committee of Shimla and Kinnaur district here today. The Chief Minister said the interests of farmers and fruit growers were on the top agenda of the government and all-out efforts would be made to provide them maximum benefits. He said the state had agro based economy and over 92 per cent of the population of the state was associated with agricultural related activities for their livelihood. He said the agro sector had vast potential for self-employment besides strengthening the economy of the state. He said the agricultural sector was the only sector which served the people at the grass roots level. He said Himachal Pradesh was the first state in the country to introduce support price to fruit growers to facilitate them to get cash incentives for their unmarketable fruits. He said the government would be expanding the marketing committee network throughout the state to save the growers from exploitation at the hands of middlemen and get competitive rates for their produce at their doorsteps, and for this the local marketing system would also be strengthened.
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Notice issued to plastic units
Shimla, August 29 An official release here today said according to the notice, no person would manufacture, stock, distribute or sell polythene carry bags made of virgin or recycled plastic bags, which are less than eight by 12 inches in size and are less than 20 microns in thickness. Besides, no vendor would use carry bags made of recycled plastic for storing, carrying or packing of foodgrains. Non-compliance of the provisions would attract legal penal action, according to the provisions of environment (Protection) Act, 1986,the notice added.
— UNI
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WTO cover note to carry G-20 proposal on farm New Delhi, August 29 “While the draft text will be submitted as it is, a cover note will be added which will mention the differences and the G-20 paper”, Mr S.M. Menon, Additional Secretary in the Ministry of Commerce, said here. Mr Menon said India was not in a position to accept the proposal of the developing countries to reduce tariff without a commensurate decrease in subsidies as a large number of population depended on the farm sector. Till the developed countries brought down the subsidies, no formula for tariff reduction would be acceptable to India. |
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Price index Traders protest 'Student power' AirTel bonanza PAN not received Office-bearers Bajaj Life |
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