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Tuesday,
September 23, 2003, Chandigarh, India  
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Rupee stronger by 18.5 paise Chamber
may market J&K farm products
Punjab Alkalies to approach BIFR |
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Unichem Lab plans to enter US market
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Citrus fruits greenhouse in Jalandhar
Core sector growth dips to 3.7 pc
Govt
blocks Yahoo site
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Rupee stronger by 18.5 paise Mumbai, September 22 The greenback fell to near a 3-year low against yen and a multi-year lows against other Asian currencies on speculation that Japan and other countries may stop trying to hold down their currencies after a weekend Group of Seven statement called for flexible currency regimes. Opening stronger by 8 paise at 45.86/88, the rupee further rallied in early tradings on bunched-up weekend dollar inflows and feeble demand after the sharp fall of the dollar in overseas markets, a dealer at a public sector bank said. Exporters, who held up their dollar supplies in the previous week on hopes of further fall of the rupee ahead of the Resurgent India Bond (RIBs) redemption, sold dollar heavily today after the rupee rose sharply, while importers stayed sideline expecting further appreciation of the rupee in view of the world currency rally after the G-7 call. Rupee closed at 45.75/76, sharply up by 18.5 paise, from its weekend close of 45.9350/9450 and off from its three year high of 45.7050 touched on September 11. Besides the G-7 statement, the ever increasing forex reserve and the strong foreign inflows also boosted the sentiment on the rupee. The sharp rise of the euro and yen, resulting huge dollar sellings from all quarters, and the absence of any dollar buying intervention by the central bank also helped the rupee to march ahead, a treasury head at a private brokerage firm said. Meanwhile, the RBI today fixed the reference rate for US dollar at Rs 45.79, 14 paise lower than last Friday’s fix of 45.93. —
PTI
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Chamber may market J&K farm products Srinagar, September 22 A visiting 16-member delegation of the chamber today held an interactive session with Agriculture Minister Abdul Aziz Zargar and senior officers of the agriculture production department. Various strategies were discussed to develop agriculture and allied sectors in the state with the main focus on revival of the traditional silk industry, wood-carving and fruit processing and value-addition products. The chamber offered support for marketing of various agriculture products in the country and abroad. A working group would identify areas where the PHDCCI would be requested to invest and provide support to the state. The chamber would shortly send its team of members associated with the silk industry here for exploring possibilities of investment in this sector. It would also send a delegation comprising tour operators, hoteliers and journalists to take on-the-spot assessment of the improving situation in the state so that big industrialists could be lured to invest in various fields, including agriculture and tourism. The
chamber also offered assistance for promotion of mushroom culture,
adding that mushroom cultivation could be developed as a viable
cottage industry. — UNI |
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Punjab Alkalies to approach BIFR Chandigarh, September 22 According to the audited financial results, the net worth of the company has been fully eroded after incurring losses of Rs 27.62 crore against the paid up equity capital of Rs 20.46 crore. The company has to pay more than Rs 200 crore to financial institutions, including the IDBI, LIC, Bank of Punjab and Punjab National Bank. Of the state government agencies, the Punjab State Industrial Development Corporation (PSIDC) holds 44 per cent share while Markfed holds 2 per cent share in the company. It has also issued 2.05 crore share of Rs 10 each worth Rs 20.53 crore to the public. The current price of its share is around Rs 8 in the market. The state government had earlier decided to disinvest PSIDC’s share but failed as no bidder came forward. Mr S.C. Aggarwal, Principal Secretary, Department of Industries, today admitted,”
Whether the management wants or not, it has to approach the BIFR and there is no other option since its net worth has been eroded. The power costs more than 60 per cent of the total expenses of the company, so we have taken up the issue with the Punjab State Energy Regulatory Commission (PSERC) to allow it to purchase power from Himachal Pradesh at a lower rate. The company can be saved only if it gets permission from the commission.” According to company officials, at present, out of Rs 212 crore expenses, the company was spending more than Rs 130 crore on power at Rs 3.80 per unit, while industrial units in Himachal Pradesh were getting power at Rs 1.7 per unit. Even with a relaxation of 10 paise per unit, the company would save Rs 2 crore annually, they said. Mr Aggarwal said the company could buy power through power trading corporation and even if it had to pay transmission charges, it could save substantial money. However, insiders said it would be difficult to revive the company since the imported caustic soda, the main product of the company, was available at a much lower rate in the market. Out of more than 40 plants in the country making caustic soda, a majority had already closed down and the remaining were finding it difficult to sustain themselves. Further, after the entry of Reliance through the IPCL plant, companies like Punjab Alkalies which were manufacturing limited products at a much higher cost, had bleak future. |
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Unichem Lab plans to enter US market
New Delhi, September 22 Unichem will invest Rs 80 crore for expansion of capacity. “To lessen dependence on contract manufacturers Unichem will expand its facility to Baddi in Himachal Pradesh,” Chairman and Managing Director of the company Prakash Modi told shareholders at the Annual General Meeting (AGM). Unichem has completed modernisation programme at its Ghaziabad plant. The company recorded Rs 166 crore turnover in first five months of this fiscal as compared to turnover of Rs 144 crore in same period last year. —
UNI |
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Running key to success in business Washington, September 22 The study shows entrepreneurs who run on a regular basis report more personal satisfaction, independence, and autonomy than those who do other exercises, such as weight lifting, or don’t run. And small businesses managed by runners report better sales than those directed by non-runners, according to a report in WebMd. “Entrepreneurs dedicated to exercise programmes are very goal-oriented,” researcher Mike Goldsby, an entrepreneurship professor at Ball State University, says a news statement. “The study found that running and weight training help entrepreneurs to be more effective in their jobs. However, entrepreneurs who only weight train should add running to their workouts to increase their effectiveness,” the researcher said. They found that more the business owners said they ran, the more rewards they reaped. “Attaining excellent physical condition requires developing a mindset that accepts and embraces hard work,” Goldsby says. —
ANI |
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Citrus fruits greenhouse in Jalandhar
Jalandhar, September 22 The greenhouse was inaugurated by Punjab Chief Minister Amarinder Singh in the presence of Pepsico India Chairman Rajeev Bakshi. The 9,600 square feet green house at the Agri Research and Development Centre at Jallowal, near here, has state-of-the-art climate control, including temperature, humidity and light, protected sheeting and steel frame as well as fully-automated water boom irrigation system, a Pepsico release said. Pepsi will soon make available various citrus saplings for plantation while also identifying some advanced cultivars of limes, lemons, grape fruits and mandarins with assistance from Tropicana, the USA, which can be imported by Pagrexco for citrus farmers. —
PTI |
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Core sector growth dips to 3.7 pc
New Delhi, September 22 The overall growth during April-August, 2003-04, plunged to 3.8 per cent from 7.3 per cent in the comparable five months of the previous year. The six infrastructure industries having a total weight of 26.68 per cent in the index of industrial production are: electricity, coal, steel, crude oil, refinery and cement. The production of crude oil suffered the maximum decline showing a negative growth of 1.9 per cent during the April-August period of the current fiscal against a positive show of 6.3 per cent in the same months of the previous year. Refinery grew at the rate of 5.2 per cent against 6.2 per cent while cement declined to 4.7 per cent from 11.6 per cent. —
UNI |
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