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Cellular firms
get sops
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Advisers for
ONGC, GAIL sell-off soon
Re appreciation
to hit export growth Oil production
rises 2.4 pc
SAIL turnaround
likely this fiscal Serving society
is also their motive PTL, ITC Hotels
in T group Haryana cuts
interest rates on industrial plots
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Cellular firms get sops New Delhi, December 24 The announcement of the government coincided with the decision of the Cellular Operators Association of India (COAI) to withdraw the case against WLL mobile services. The government has also decided no seek Cabinet approval for increasing the foreign investment cap from 49 per cent to 74 per cent. The license fee has been cut by 2 per cent across the board for service providers. While for the government it would result in an annual revenue loss of Rs 885 crore, the private cellular operators would be benefited to the
extent of Rs 225 crore, BSNL by Rs 550 crore and MTNL by Rs 100 crore. For the first and second mobile operators and additional concession of 2 per cent in the license fee has been announced for a period of four years beginning from April 2004. For the government the accumulated revenue loss would amount to Rs 332 crore over the four year period. Only service providers in the circles and not the four metros circle operators would be entitled to the 2 per cent additional concession. Addressing newspersons here, Communications Minister Arun Shourie said the minimum licence fee had been fixed at 5 per cent of the gross adjusted revenue which would go towards the universal service Obligation (USO) fund. "The Ministry of Finance will also facilitate a dialogue of cellular companies in financial distress with FIs for debt relief steps," Mr Shourie said. Even as the COAI said it would withdraw its case against the WLL services in the Supreme Court, Mr Shourie maintained that there were "no conditions from either side". The minister said the government had held discussions with service providers to "reduce the temperature in the industry" and added that the objective should be he attract more investment in the sector. He said a fresh and revised proposal on increasing the FDI limit after considering the points raised by intelligence agencies had been submitted to the Deputy Prime Minister. While the decision on reducing the license fee would be jointly approved by the Ministries of Communication and Finance, the decision on enhancing the FDI limit would be subject to Cabinet approval. "We will take the proposal to the Cabinet soon", Mr Shourie said.
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Advisers for ONGC, GAIL sell-off soon
New Delhi, December 24 “We will offload the 10 per cent stake in the ONGC and GAIL first and take up the cross-holding proposal next. The financial adviser will be appointed and we are in the process of that,” Disinvestment Minister Arun Shourie told reporters here. The Cabinet Committee on Disinvestment (CCD) at its meeting held yesterday decided to sell its 10 per cent stake each in the ONGC and GAIL valued at about Rs 12,500 crore going by the current market prices, to bridge the fiscal deficit. Asked about the government’s plans for residual stake sale in companies like VSNL, CMC, IBP and IPCL, Shourie said, “That is also going on very rapidly.”
CPM condemns proposal The Communist Party of India (Marxist) today termed as “scandalous” the government decision to offload its 10 per cent stake each in the ONGC and GAIL saying it showed the government’s failure to increase revenue. The CCD had yesterday decided to sell 10 per cent stake in ONGC and GAIL to make up for the 90 per cent shortfall in the Rs 13,200 crore revenue mobilisation target from disinvestment.
— PTI, TNS |
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Re appreciation to hit export growth
New Delhi, December 24 Announcing this here, Commerce Minister Arun Jaitley said he will hold a meeting with Finance Minister Jaswant Singh shortly in this regard. “We are taking up the issue...We have earlier also met Finance Minister... even he is very much concerned about it. We will be again meeting shortly to review the situation in the next few days,” Jaitley said kick-starting the government-industry consultations for Exim Policy. Emphasising the role played by the labour regime in competitiveness of exporters, he hoped that the recommendations of the Group of Ministers on Labour will soon translate into a legislation. At the interactive session organised by the Federation of Indian Export Organisations, he said while hardening of rupee had made production for exporters costlier, it was a test of their capacity to cut costs. However, he said there was a resurgence in the economy in all sectors including services, manufacturing and movement in infrastructure as also change in perception about the country outside and there was no better time to reap the benefit of this trend. Earlier, speaking at the open house, FIEO vice-president Subhash Mittal warned that unless there was a remarkable recovery in next three months, export growth could be just 6 per cent. |
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New Delhi, December 24 Crude production from the joint venture oil fields rose 7.5 per cent to 3,59,000 tonnes as opposed to 3,34,000 tonnes in November, 2002, according to latest data released by the Ministry of Petroleum & Natural Gas here today. Refinery production at 10.33 million tonnes was 20 per cent higher than 8.61 million tonne output a year ago. Refinery capacity utilisation was higher at 107.7 per cent as against 91.4 per cent capacity utilisation in November, 2002. Natural gas production, too, was marginally higher at 2,647 million cubic metres when compared with 2,624 million cubic metres last year. The crude oil production, however, slipped 0.5 per cent to 21.9 million tonnes in first eight months of current fiscal as compared to 22 million tonnes output in the corresponding period a year ago. Refineries operated at 101.7 per cent capacity to produce 79.33 million tonnes of refined petroleum products in April- November as against refinery output of 74.21 million tonnes at 96.8 per cent capacity utilisation in the corresponding period the previous year.
— PTI |
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Gold at all-time high
Mumbai, December 24 However, in the global markets, prices of both the metals moved in a narrow range ahead of long Christmas holidays and closed with minor gains, dealers said. Pure gold (99.9 purity) opened firm at Rs 6,165 and continued to rise on increased local demand and closed at Rs 6,170 as against the previous close of Rs 6,150. Standard gold (99.5 purity) also resumed firm at Rs 6,120 and rose further in line with pure gold, before closing at Rs 6,125, also a new high for standard gold.
— PTI |
SAIL turnaround likely this fiscal New Delhi, December 24 Since the domestic market had remained buoyant, prospects are brighter and the company looks forward to turnaround this year, said official sources. SAIL recorded a net loss of Rs 304 crore in 2002-03, which is about 82 per cent lower than loss incurred in the previous year. It recorded a net profit of Rs. 255 crore in the first quarter of the current fiscal. The company is planning to enhance investments in various projects to upgrade existing technology and has so far invested around Rs 12,000 crore to modernise its equipment. It now plans a further Rs 500- 600 crore investment every year for incremental upgradation, they said. In the last financial year, it reduced its borrowing level by more than Rs 1,000 crore and overall debt has been reduced from Rs 21,000 crore in 1998-1999 to less than Rs 12,000 crore now. The firm is also planning to exploit its full potential of the existing facilities by further enhancing its efficiencies. It has approved a project for implementation of long rails facilities at its Bhilai Steel Plant, costing Rs 320 crore.
— UNI |
Serving society is also their motive
New Delhi, December 24 The last few years have seen an explosion in the field of corporate social responsibility. Today, almost all big companies have specific guidelines on social responsibility and are consciously engaged in efforts to give back to society. Experts say there is evidence that many modern managers are discovering the importance of being socially responsible. Take for example Lupin Laboratories. The company has formed a special division, the Lupin Human Welfare and Research Foundation, to spearhead its initiatives for the betterment of socially backward people. In the last decade since it was set up, the foundation has set up 125 schools, provided drinking water facilities in 80 villages and helped in empowerment of women in rural areas. "We don't do all these with any profit motive. It is our way of giving back to the society in which we all live," said Sita Ram Gupta, executive director of the foundation. "We spent Rs 20 million, on an average, every year on our projects for empowerment of the people. We believe that every corporate has to be responsible for the society around them," Gupta told IANS. This year, Lupin has come up tops at the Corporate Social Responsibility awards, jointly constituted by BusinessWorld magazine and FICCI. Experts say both private and government companies now want to be rated as much by its contribution to society as by its improvement in the bottomline. Each of Canara Bank's 47,000 employees donates Rs 3 a month to a social cause of their choice — this comes to Rs.1.7 million annually. And that's besides the bank's allocation of Rs.100 million or 1 per cent of its profit to social causes. LG has announced an investment of Rs.2.5 million in India — not for increasing the market share of its products but to forge a stronger bond with society. The company has decided to donate the money to New Delhi-based NGO Prayas for the welfare of underprivileged children. Prayas will use the money to sponsor social activities and help children get access to education, healthcare, shelter, vocational training and rehabilitation programmes. "Being a leading consumer durable brand, we reiterate our commitment towards the social milieu by associating with Prayas," said Y.V. Verma, vice-president (human resources) of LG Electronics India. "Our association with Prayas is an effort to give impetus to such organisations as are dedicated to social causes and activities that will give India a brighter future," he added.
— IANS |
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PTL, ITC Hotels in T group
Mumbai, December 24 The trading in “T group” stocks would have to result in delivery of shares, BSE chief operating officer Rajnikant Patel said here today. “The exchange has decided to move 512 stocks from trade to trade group to normal trading settlement from December 30 after conducting a surveillance review and meeting with SEBI”, Patel said.
— PTI |
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Haryana cuts interest rates on industrial plots
Chandigarh, December 24 The government has also decided to give a rebate of 20 per cent on cost of land to those who will set up their units within three years of the allotment of the plot. This was disclosed by Haryana Chief Minister Om Prakash Chautala, while addressing entrepreneurs at a business meet-cum-interaction session at Udaipur, official sources here said. The meet was organised by the Udaipur Chamber of Commerce and Industry in collaboration with the Haryana State Industrial Development Corporation at Udaipur yesterday. Mr Chautala invited President of the Udaipur Chamber of Commerce and Industry K.S.Mogra to Haryana to see for themselves the pace of development and the number of incentives being given to the trade and industry. Regarding incentives available to the industry in Haryana, he said 25 per cent subsidy with a maximum of Rs 50 lakh is being given to the food processing industry. Mr Chautala assured them of adequate supply of power and said the state had an installed power generation capacity of 3357 MW. Another 3,000 MW power generation capacity will be added during the Tenth Five Year Plan.
— UNI
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