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Avon
aims to grab child cycle market CORPORATE
NEWS Satyam profit jumps
20 pc Bharti Tele Polaris Software Hindalco Tata Power IDBI Bank McDowell Grasim Arvind Mills Torrent Pharma Bata Shangri-La
to have 4 hotels in India |
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Private
airlines to fly to Sri Lanka Asian
Paints gets govt shares in ICI No
takers for self certification scheme Plywood
manufacturer raided Direct
tax collection grows 20 per cent
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Avon aims to grab child cycle market
Chandigarh, October 23 The share of fancy cycles out of total bicycles manufactured by the company has already crossed 60 per cent, as against 10-15 per cent in early 90s, said Mr Onkar Singh Pahwa, Executive Director of the company, here today. He was in the city to launch a new range of trendy bikes for the 3-15 year age group on the eve of Divali. These models include sleek and tough Avon Invader, Seven Star, Zing, Zip Ride, Gipsy, Mr Bond, Avon Butterfly and Avon Chief. Mr Pahwa, disclosed that government’s decision to withdraw 4 per cent excise duty in last Budget is likely to give a big jump to the bicycle and bicycle parts industry. The company is receiving big orders from traditional markets like the UP, MP, Andhra Pradesh besides other emerging markets. He claimed that under the empowerment of rural women programme of the state governments of Andhra Pradesh, Jharkhand and Tamil Nadu, the company had received orders to supply over one lakh bicycles. The Avon group, he said, with an annual turnover of Rs 300 crore, has registered an average annual growth rate of over 12 per cent in sales over the past three years, as against the average annual growth rate of 5-6 per cent shown by the bicycle industry in the country. Mr P.K. Mahajan, GM (Marketing) said the company has increased its production from 5,000 to 6,000 bicycles per day to over 8,000 cycles per day. About 30 per cent of the bicycles produced by the company were exported to over 82 countries across the world including to South Africa, Middle East and the USA. He said, the company has sold over its unit in Tanzania recently, and was now concentrating on its production base at Ludhiana. |
Shangri-La to have 4 hotels in India New Delhi, October 23 The Hong Kong based group is planning to set up four to five more hotels in India in the coming years. “India represents an exciting a new opportunity for Shangri-La and forms a turning point in our expansion strategy. The Shangri-La Hotel, Delhi will hopefully be the first of several hotels in India”, Shangri-La’s Chief Executive Officer and Managing Director Giovanni Angelini told newspersons here today. The Eros Group, which also owns the Intercontinental Park Royal Hotel in south Delhi, had acquired the ITDC managed Kanishka Hotel for a sum of $ 22 million. Presently, renovation is being undertaken in the 354 room deluxe hotel involving a cost about $ 23 million. An amount of Rs 26 crore has been paid as compensation to the 700 ITDC employees. Chairman of Hotel Excelsior Private Limited said that the Shangri-La was selected to operate the hotel on the basis of its “award winning strength and its reputation for highly personalised service’. Shangri-La Hotels and Resorts currently manages 41 hotels in Australia, mainland China, Fiji, Hong Kong, Indonesia, Malayasia, Myanmar, Philippines, Singapore, Taiwan, Thailand and United Arab Emirates. |
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Private airlines to fly to Sri Lanka New Delhi, October 23 Although the largest private operator Jet Airways refused to say anything officially but officials privately said that the decision was a landmark in the Indian civil aviation sector and would go a long way in promoting the private operators. Air Sahara on the other hand said that it was ready to fly to Colombo the day all the details were worked out. The airlines Chief Uttam Kumar Bose said that it was an important decision and the government had at least taken a decision to open up some foreign sector. The private airline operators have been pressing hard with the government for long time to open up some of the destinations abroad and are waiting for the presentation of the Naresh Chandra Committee report later this month. The Committee is expected to put forward suggestion not only in this regard but also about route rationalisation within the country. Presently just the public sector Indian Airlines has been flying to foreign destinations. However, both the Jet Airways and Air Sahara are also keen to fly to some of those destinations where the Indian Airlines has been flying. The government yesterday signed the Comprehensive Economic Partnership Agreement with Sri Lanka, where among other things the private operators would also be allowed to fly to the island country besides Indian Airlines. The move has been seen as a step towards allowing these airlines to even fly to destinations in the Gulf and the South East Asia. The Minister of State for Civil Aviation Rajiv Pratap Rudy had reacted by saying that it was an important step for the aviation industry in the country. Infact the industry on the whole said that it was a positive move. The CII while lauding the decision said that agreement to do away with the commercial agreements was a rational approach and India should have similar agreements with the other neighbouring countries. India’s offer include facility of operating daily air services between Colombo and Delhi, Mumbai, Chennai, Bangalore, Hyderabad and Kolkata and also unlimited access for air services to and from 18 tourist destinations in India. In return, Sri Lanka has agreed to provide access to airlines from India on Sri Lankan airspace. |
Asian Paints gets govt shares in ICI New Delhi, October 23 The decision, taken yesterday, will enable Asian Paints to acquire 37,60,783 government shares in ICI (India) for Rs 205 per share. Face value of each share is Rs 10. With this, the history of corporate battles between Asian Paints and ICI had repeated, though in the reverse order. Asian Paints had successfully thwarted an attempt by ICI to take over the company in late 1990s. The Cabinet had approved the proposal in 1998 for sale of government shares in ICI (India). An Empowered Committee, comprising the Fertilisers Secretary, the Secretary, Department of Public Enterprises and the Chief Economic Advisor in the Department of Economic Affairs was consulted for the purpose. The disinvestment secretary was also associated as a special invitee to the decision making process. The bid by Asian Paints is similar to the events of late 1990s. ICI Plc had then purchased one of the four promoters’ — Atul Choskey — 9.1 per cent stake in Asian Paints for Rs 128.7 crore through a deal brokered by Kotak Mahindra Capital Company. FIPB had refused to consider the application of the British company, saying that the deal could not be considered without a supporting board resolution from Asian Paints.
— UNI |
No takers for self certification scheme Chandigarh, October 23 Addressing a meeting of industrialists at the CII, he lamented, “Under the new industrial policy, the state government had announced to start self-certification scheme in June to check the harassment of industrialists by the factory inspectors in the name of inspections. Admitting the limitations of industry, Mr S.K. Bijalani, former Chairman, CII Punjab State Committee, said,” We will make efforts to convince our members to avail the scheme. The state government should also consider to relax the conditions imposed under the Factories Act.” |
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Plywood manufacturer raided
Chandigarh, October 23 The illegal products of Daleep Singh & Sons have been seized and sealed. Legal action shall be initiated against this firm. According to BIS Act, use of ISI Mark without valid licence is punishable with imprisonment up to one year or a fine up to Rs. 50,000 or both.
— TNS |
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Direct tax collection grows 20 per cent
New Delhi, October 23 Giving the latest direct collections, CBDT Chairman P.K. Singh told reporters here that corporate tax recorded a whopping 34.46 per cent growth at Rs 19,920 crore up to October 15 as against Rs 14,814 crore in the corresponding period last year. Income tax collection was Rs 16,812 crore up to October 15 as against Rs 15,690 crore in the corresponding period of previous year, recording a 7.15 per cent growth. On the indirect tax front, excise collections up to September 30 grew by 8.55 per cent at Rs 40,321 crore as against Rs 37,147 crore in the same period last year.
— PTI |
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Spice slashes
ISD call rates
Chandigarh, October 23 This slashed rate is applicable for both prepaid and postpaid subscribers, on all days of the week between 11 p.m. and 6 a.m., which is the time most ISD calls are made. This special rate is applicable only for a limited period starting October 24.
— TNS |
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