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Thursday,
September 11, 2003, Chandigarh, India  
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NFL
selloff gets jolt Sony
Ericsson targets youth brigade Reliance
may be allowed to sell LPG directly Microsoft
signs MoU with Punjab Govt Trade ties
to top agenda of Indo-Russian summit SEBI
bars 4 firms from accessing markets |
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ICSI in
talks with banks for education loans Agra, September 10 The Institute of Company Secretaries of India is in talks with ICICI Bank, Punjab National Bank and Oriental Bank of Commerce for offering education loans to its students at concessional rates. AirTel,
Hutch charge Rs 49 for CLI service
IOC to
start oil derivative trade
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NFL selloff gets jolt
New Delhi, September 10 Sources associated with the disinvestment process in NFL confirmed that none of the bids were above the reserve price, but did not give details. Only recently, Tata Chemicals had opted out of the race saying acquisition of NFL would not add significant value to company’s existing operations. Even IFFCO had withdrawn from NFL disinvestment. With major contenders backing out, Birla Group promoted Zuari Chambal Fertilisers, Indo-Gulf Fertilisers and Kribhco were left in the fray for NFL, where government has decided to disinvest 51 per cent stake to a strategic partner along with management control and for which Rabo Bank has been appointed global advisor. The disinvestment of NFL has been embroiled in controversy for the last few years as government had to abort an earlier attempt to sell the company in the wake of policy initiatives leading to a new round of pricing. Earlier this year, the Centre decided to invite fresh bids for NFL, but the move was opposed by Chemicals and Fertilisers Minister S S Dhindsa who sought deferment of the process for two years. Dhindsa had argued that the time period would allow govt to assess the impact of the new fertiliser policy on the units located in Nangal, Panipat, Bathinda and Vijaypur. The government currently holds about 97 per cent stake in NFL which employs close to 5000 people.
— PTI
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Sony Ericsson targets youth brigade Chandigarh, September 10 Keeping with the latest trends, Sony Ericsson, one of the mobile handset operators that entered India more than a year ago, introduced four new mobile phone sets (T105, T230, Z200 and Z600) in the region. While the Asia-Pacific region has already emerged as the largest cellular market in the world, the key driver for handset sales will be replacement sales, as subscribers rapidly upgrade their handsets to take advantage of next-generation services. In an interview with The Tribune, Sony Ericsson’s General Manager (South Asia) Bjorn Almqvist avers that India is the fastest growing market in the Asia- Pacific region and 80 per cent of the untapped market lies in the entry segment. “Sony Ericsson aims to capture a sizeable chunk of the Indian market by playing in all categories. However, it’s the fun-loving youth brigade that we are specifically targeting. That is why our new handsets are economically placed and come with a lot of gaming features that only Sony is apt at producing,” he says. According to
IDC, Sony Ericsson is the sixth preferred mobile handset but Almqvist doesn’t agree to it. “I differ on this. All I can say is that our global market share is more than 6 per cent but for India, I will not reveal the market share. All I want to say is that we are among the top four players.” He, however, makes no bones in telling that his company considers Motorola and Samsung the key rivals. “We plan to eat into their market share,” he discloses with a wink. Almqvist says that the Indian market is largely voice-centric but is evolving. “Multimedia and games are the next big things that mobile phone users will be looking at and the way operators are investing in GPRS (General Packet Radio Service), it appears that MMS (Multimedia Text Servicing) will be the catchphrase by the next year.” Delving on the USP’s of his handsets, Almqvist says that connectivity, imaging and gaming will be key growth drivers. “We also intend to come out with personalised handsets. That means those with multicoloured jackets to suit the user’s dress, mood or ambience.”
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Reliance may be allowed to sell LPG directly
New Delhi, September 10 Ministry of Petroleum and Natural Gas is circulating a Cabinet note for allowing sale of indigenously produced LPG (in excess of public distribution system demand) by producers like RIL in domestic market as per their commercial considerations, official sources said here. If approved, the decision would also help state-run ONGC and GAIL sell bulk LPG produced by them (after meeting the commitment to oil marketing companies for PDS requirement) directly to consumers. Currently, four state-run oil firms — Indian Oil, Bharat Petroleum, Hindustan Petroleum and IBP — market subsidised LPG (domestic) under
PDS, constituting about 96 per cent of the total LPG being marketed by them. Indigenous producers of LPG like
ONGC, Gail, public sector refineries and RIL can only sell LPG to state-run oil retailers for meeting PDS demand. Sources said RIL was keen on offering surplus LPG to parallel marketeers as an import substitute in view of threat of production cut or containment problem due to high LPG inventory at its Jamnagar refinery, especially in lean season (April to September). Presently, parallel marketeers are allowed to sell only imported LPG to bulk consumers. “The proposal, being put before Cabinet Committee on Economic Affairs, would allow the producers to sell surplus LPG (after meeting PDS requirement) to domestic consumers,” they said.
— PTI
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Microsoft signs MoU with Punjab Govt
New Delhi, September 10 The MoU that would help initiate computer literacy in the next three years, entails building a network of 5,000 Master Trainers who in turn will impart IT education to school students. Two centres of excellence for e-governance one in Chandigarh and another in Jalandhar based on Microsoft technologies would be set up. These centres will also facilitate the state government to conduct technical training sessions for the government personnel. Microsoft will also provide its consulting
resources to Department of Information Technology (DOIT), Punjab for the development and implementation of the Sukhmani project which is aimed at delivering ‘integrated cistizens services’. As part of the project, IT applications will be implemented in areas of land record management, healthcare, police, transport, local bodies and citizen services. The company will initiate setting up of a steering committee that will facilitate the state
government to develop an IT road map for the next three years. The MoU was signed in the presence of Chief Minister of Punjab, Capt Amarinder Singh, Punjab Principal IT Secretary B R Bajaj and Managing Director, Microsoft Corporation India Rajiv Kaul.
— UNI
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Trade ties to top agenda of Indo-Russian summit Moscow, September 10 “Trade and economic relation is the area, which needs more attention. Bilateral trade with Russia is $ 1.2 billion dollars, which is as much as our trade with Sri Lanka,” Foreign Secretary Kanwal Sibal, who was here to prepare the groundwork for the summit, said in an interview to ‘Kommersant’ daily published today. Noting that the two countries have a strong cooperation in the field of defence, Sibal called for
enhancing bilateral trade ties. “We have a very strong cooperation (with Russia) in the field of defence, which is a very important area of cooperation, but should not be the only field. “The task in front of us is to take our bilateral trade (from rupee (rouble) to a freely convertible currency, simplify custom procedures, develop transport corridors, creation of banking channels to allow faster and effective transfer of funds etc,” Sibal said. Among the new areas of cooperation — fight against international terrorism is one of them and during the meeting of two leaders this area will assume a significant place. Sibal held talks on Monday with Russian Foreign Minister Igor Ivanov and first Deputy Foreign Minister Vyacheslav Trubnikov on the whole range of international and bilateral issues in the run up to Indo-Russian summit.
— PTI
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SEBI bars 4 firms from accessing markets
Mumbai, September, 10 The market regulator in its order barred Raj Investments Ltd, Manyog Investments Ltd of Mumbai, Vrushtu Financial Services Ltd of Ahmedabad and Galav Finance & Investments Ltd of Vadodara and their directors, including some women, under Section 11 (4)(b) and 11B of the SEBI Act and Regulation 11 of SEBI (prohibition of fraudulent and unfair trade practices relating to securities market) Regulations, 2003. A similar order has been passed against Vrushti Financial and its directors Shailesh Thakkar and Keyoor M. Bakshi, the release said. By another order, the SEBI chairman warned Delhi-based New Age Finsec Pvt Ltd and its director Sanjiv Mahajan to be more careful in future and let off saying as any violation of similar nature would invite serious action.
— PTI
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ICSI in talks
with banks for education loans
Agra, September 10 “We are in talks with ICICI Bank, PNB and OBC for educational loans to our students,” ICSI President P K Vijay said here today. The three-day 31st National Convention of the ICSI begins here tomorrow. Many students find it difficult to raise money for completing their company secretary course which is less expensive than other professional courses like MBA. Vijay, however, made it clear that the ICSI would not stand guarantee and the banks would take decision on the basis of merits and credit worthiness of individual students. At present, banks charge interest slightly over the prime lending rate of 11.5-12.0 per cent depending on the individual cost of deposits. The total fees for the company secretary examination comes to about Rs 10,000 and the registration is valid for five years. With the advent of modern technology and in the wake of heightened corporate governance concerns, the role of company secretaries would become increasingly important, especially considering that the government has in principle allowed video-conferencing of the board meetings. Indications are that the ICSI would talk with other banks, which are concentrated in various parts of the country, and it is also planning to incorporate cooperative sector in the course curriculum.
— PTI
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AirTel, Hutch charge Rs 49 for CLI service
New Delhi, September 10 This new billing, which will be applicable to post paid users, will initially be for customers in Delhi and then it would be introduced to other circles in phases. Meanwhile, the other private mobile operator, Idea, said that they have not yet started charging for the service and would communicate to their subscribers whenever they do so. Public sector companies, Mahanagar Telephone Nigam Limited (MTNL) and Bharat Sanchar Nigam Limited (BSNL) will not follow suit and would continue to offer CLI service free. AirTel sources said that they have started charging their customers Rs 49 from last night midnight. Hutch added that it too will bill the same amount from September 9, midnight. Hutch would, however, be charging customers in Delhi where it has a customer base of 8.5 lakh. AirTel has a customer base of 11.84 lakh in the national capital of which 30 per cent are post paid. Country-wide AirTel has 4.4 million customers. — UNI CHANDIGARH: AirTel, today launched a unique “Jodi” Pack for its Haryana pre-paid customers. The concept that is used in a Joint Bank Account has been used in a cellular service. The Jodi pack contains two AirTel Magic mobile numbers with one common account which is operated by both numbers.
— TNS
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CII on J&K SBI meet Bank of Punjab Reid & Taylor Recovery camp Garments export Rasna CMD |
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