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Saturday,
September 6, 2003, Chandigarh, India  
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GDP rate
likely to grow by 6 to 6.5 pc Organic
basmati yields profit BSNL may
set up call centres, says CMD BSE on
militants’ hit list Commodity
exchange to be functional by Oct Satyam
sells software to Malaysian firm Govt hauls
up Cipla, Ranbaxy for overcharging |
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Tata Chem
not to bid for NFL Reliance
Info offers new schemes National
Insurance nets 134.91 cr PAT In Graphic:
SOFTWARE EXPORT UNITS UNDER
SOFTWARE TECHNOLOGY PARKS
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GDP rate likely to grow by 6 to 6.5 pc New Delhi, September 5 ‘‘We are in a pretty strong economic position with low inflation, high forex reserves and good monsoons. As a result, we are expecting a growth not less than 6 per cent. It may be 6.5 per cent”, Mr Gupta said while speaking at a session of the ongoing India-Asean Business Summit here today. He said that with fiscal deficit under control, more resources would be made available for development which would propel growth. This, he said, was the result of a number of reforms introduced by the government including the Fiscal Responsibility Bill and Budget Management Bill which were “self-imposed” legislations on the government to prune expenditure. In the context of FDI, India Development Initiative Fund was announced in the budget that should held the flow of FDI to India. Stock markets and banks were doing well in the country and the Stock Securitisation Act will activate the non-performing assets by empowering lenders to recover their dues fast, he said. However, that the government was not in favour introducing legislations to misusing the
Securitisation Act. “A Lenders Liability Code has been worked out and RBI has circulated it to banks”, Mr Gupta said but added that the Securitisation Law has resulted in reduction of NPAs of banks. Secretary of Power, Mr R.V. Shahi said that the per capital power consumption was 400 kw per year, which was very low and had to be substantially increased. In the earlier years of reforms, the stress was on increasing power generation. Now the focus on reforms was on power transmission and distribution, he said. The current shortage of power was of the order of 30 per cent and the financial health of the power sector needed urgent attention. Energy conservation, formation of power grids, capacity addition etc would require an investment of $ 80 billion in the next ten years. Power distribution would require additional investment of $ 80 billion over the next ten years.
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Organic basmati yields profit Kurukshetra, September 5 Convinced with the results, they have raised farm area under cultivation of organic variety of basmati from 22 acre last year to 148 acre this year, which comes to an almost seven-fold increase in the area. While the produce has improved, marketing outlets have also opened. Recently a Pune-based firm has offered to buy back the entire organic basmati produced by these farmers at 18 per cent above the market rate. After monitoring the organic rice fields, Ion Exchange Environment Farms Limited has entered into an agreement to purchase organic basmati raised by 41 farmers from 14 villages falling in the North Haryana. Under the deal, the firm will buy back the entire produce from the farmers, paying them a premium of 18 per cent , thus offering them a huge profit margin at the time of harvest. The normal market rate of basmati ranges between Rs 1,700 and Rs 2,500 per quintal, depending on the quality. With the affidavits having been signed, the farmers are busy taking care of their paddy fields. It is learnt that they had largely taken to organic cultivation. So much so that they are regularly attending workshops to learn how to make organic manure like vermiwash and vermicompost for use in their farms. Gurnam Singh, Secretary, All-India Samaj Kalyan Samiti (active in organic farming), who is also the sarpanch of Budha village, that falls in the basmati rich Ladwan block of Kurukshetra, said: “Awareness of organic farming is fast increasing in our area. We have realised that chemical fertilisers have robbed the soil of its richness. It is to reverse the trend that we, through the Samiti, are encouraging organic farming in Karnal, Kaithal and Kurukshetra. Last year we produced 9.5 quintal basmati per acre. This year we have increased the area under organic rice cultivation to 148 acres. We are expecting over 12 quintals per acre. By the next year we will touch all 61 villages of the Ladwan block. We will see to it that all farmers revert to organic farming of wheat and rice.” In Sunehri village of Kurukshetra, farmer Zile Singh is encouraging others to get into cultivation of organic wheat in 15 acres. Harvinder Singh of Sanch village in Kaithal and Gurvinder Singh of Mehmal village in Karnal are spearheading the organic farming movement in their areas. A survey of some paddy fields confirmed that most of the Haryana farmers were happy to reject the chemical route of agriculture. They were encouraged by the fact that a firm from Maharashtra would buy back their basmati produce at an 18 per cent premium. Last year the farmers had marketed their produce to Manthan, a Chandigarh-based agency that made the organic rice purchase worth Rs 2.78 lakh. |
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BSNL may set up call centres, says CMD Chandigarh, September 5 This was disclosed here today by Mr Prithpal Singh, Chairman and Managing Director of BSNL, here today. One call centre will be set up in every circle where BSNL is operating in the country. All these call centres will be later interlinked. Eventually, the call centres will be treated as a separate business of BSNL and will handle calls from non-BSNL subscribers as well. He discounted the view that the rapid expansion of mobile telephony was spelling the doom for PCOs. “PCOs are here to stay,” said Mr Prithpal Singh. “Actually, we are trying to upgrade STD PCOs into information centres where Internet services will also be available.” Turning to J and K, he said 40,000 connections for mobile telephones are in the process of being issued in the first phase. BSNL will set up 60 sites in J and K for mobile phones. Of these, 38 are ready and will be commissioned as and when clearance is obtained from the government. India is on the threshold of a revolution that will “alter the way we communicate through massive adoption and integration of wireless and networking technologies”. These developments will not only be a boon for businesses but also help bridge the digital divide in India by bringing the information-deprived rural masses closer to information privileged urban masses. He said the telecommunications industry is in a state of flux. Changes are constantly reshaping the industry. Both wireless and networking markets are booming worldwide. There are more than 1 billion mobile users and every second, five new GSM subscriptions are added. It is expected that mobile users will overtake fixed users very soon. India is no exception. Wireless subscribers are being added at a growth rate of more than 100 per cent annually and BSNL is one of the prime drivers of this astounding growth.
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BSE on militants’ hit list
Mumbai, September 5 The information was revealed during the interrogation of JeM member, Atik Ahmed alias Nandey, by teams of Mumbai and Delhi police, a senior official of Thane police told PTI here today. Ahmed, arrested at Bulandshahr in western Uttar Pradesh on Sunday during a massive crackdown by special cell of Delhi police, was brought here from the national capital to probe on the presence of the group’s module here. The sleuths carried out a two-hour-long raid yesterday at the accused’s rented flat in Mira-Bhayandar, suspected to be a base of the extremist group, in adjacent Thane district. “The militants were expecting a huge consignment of explosives to be delivered at Mira-Bhayandar to carry out the blasts. However, with the busting of the module, we have averted a major tragedy,” he said adding Thane police have been put on high alert. Police have also identified the cybercafe which the accused had used during his four-month stay at Mira-Bhayandar and investigations into his e-mail account are in progress.
— PTI
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Commodity exchange to be functional by Oct Chandigarh, September 5 It would enable to traders and investors to enter into forward contracts for the purchase of commodities like cotton, sugar, wheat, paddy, soya and mustard at some future date. The quoted prices would be daily shown at the electronic terminals, like in the share market. The final deliveries would be made at selected centres with an assured quality. The NCDEX has signed an MoU with the Punjab Agro to set up warehouses at Bathinda for cotton in the region. Mr Gupta claimed that with the setting up of this exchange, the agricultural marketing of the country would enter into new era. He said according to industry estimates the traders were doing future trading at New York worth Rs 1000 crore daily through hawala channels. The exchange would try to get business of Rs 500 crore on the first day, he added.
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Satyam sells software to Malaysian firm Kuala Lumpur, September 5 Announcing the deal at a joint conference with the company, Konsortium Logististik Bhd, Mr Ramalinga Raju, Chairman Satyam Computer Services, said its was a milestone development, not just in terms of the technological competencies but also for the company’s strategy to grow operations in Malaysia and the region. “We are quite committed to this market place. We believe that there is an enormous opportunity for the growth of business. We find the government and economy here very responsive to the dynamics of market environment. This growth will be fuelled by the use of technology and knowledge-based approaches,” he said. This is the first major business contract for Satyam since it firmed up operations in Malaysia in April last year with the launch of a global development centre. The company expects a large growth from Malaysia. “By the end of the current financial year we expect to earn around $ 2 million,” Virender Aggarwal, Satyam’s Senior Vice-President, Asia Pacific, told reporters, referring to the company’s Malaysian operations. “We already have about 40 professionals based here and around 35 in India are dedicated to the Malaysian operations,” Aggarwal said, adding that this will be further enhanced as the business
increases. Satyam, which draws 98 per cent of its revenue from the global markets, believes the global economy is on a recovery path. It has accordingly revised full-year revenue forecast to 18 to 20 per cent in dollar terms from the earlier 15 to 17 per cent estimate. Satyam also believes that contribution from the domestic sector that currently stands only at about 2 per cent will also increase.
— PTI
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Govt hauls up Cipla, Ranbaxy for overcharging
New Delhi, September 5 Cipla said in a statement today it has received notices from the NPPA and the Ministry of Chemicals and Fertilisers to pay Rs 103.09 crore, which is 50 per cent of the amount on account of alleged overcharging in respect to four drugs for the period up to June 2000. The said amount is to be paid within four weeks, the release added. It said the NPPA and the Central Government had sent notices in 2000 to pay Rs 206.18 crore towards alleged overcharging in respect of four drugs. “The company had filed a writ petition in the Mumbai High Court, which had quashed the notices vide its judgement dated August 31, 2001. “The govt filed an appeal in the Supreme Court and the apex court has remanded the matter back to the Mumbai High Court for fresh determination. Meanwhile, the government has been given liberty to collect 50 per cent of the overcharged amount,” the statement added. The city-based Ranbaxy said it has received three notices from NPPA to deposit Rs 25.40 crore within four weeks. “The amount is 50 per cent of the allegedly overcharged money in respect of three products that is pending adjudication in the Mumbai High Court to whom the matter has been remanded by the Supreme Court,’’ Ranbaxy added. Notably, arrears have been calculated only till June, 2000. As a result, both the companies will have to cough up much more than what they have already been notified, as NPPA is preparing to recover arrears for the remaining period too.
— UNI |
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Tata Chem not to bid for NFL
New Delhi, September 5 An official letter to this effect was sent prior to the closure of bidding process”, the company said in a statement. Meanwhile, sources said the company opted out the race after a detailed evaluation revealed that acquisition of NFL would not add any significant value to its existing operations. The government is in the process of offloading 51 per cent stake in NFL to a strategic partner, the financial bids for which closed yesterday.
— PTI
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Reliance Info offers new schemes
Mumbai, September 5 Additionally, as a prelude to the festive season, new mobile customers who subscribe to its Reliance IndiaMobile services between September 4 and October 5 will be rewarded with a host of free festival benefits. ‘Free Talk Hungama’, the month-long scheme offers a five-point benefit to the RIM subscriber which include free unlimited local calls to one local RIM number of choice for 10 months at a nominal charge of Rs 50 per existing RIM connection, per month. This charge is waived for new RIM subscribers as a limited period offer. The benefit of free outgoing calls will be available to both users. The chosen free talk counterpart can either be a new RIM number or even an existing RIM number.
— UNI
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National
Insurance nets 134.91 cr PAT Kolkata, September 5 The jump in the profitability could be attributable to a reduction in the incurred claims ratio, a check on the increasing management expenses by cost control measure and a reasonable income from investments, company’s Chairman-cum-Managing Director H.S. Wadhwa said here today. During the year the company’s premium income grew by 21.06 per cent on Indian business as compared to the last year’s growth rate of 11 per cent. The industry reported an average growth of 12 per cent. The tie-up with Maruti for insuring cars manufactured by the company had also paid handsome dividends, he said. The company’s premium base increased to Rs 2,870 crore from Rs 2365 crore in the previous year.
— UNI |
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AirTel Pawan Hans HDFC MF HSBC branch K. R. Srikantan Satnam Overseas |
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