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Industrial production grows 6.2 pc in Dec
RBI revises norms for loans to NRIs
Companies Act to be simplified
Air France to buy KLM Dutch Airlines |
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Tatas keen to invest in China
Sun unveils Java desktop in India
HM in talks with auto firms
Coke profit inches down
CORPORATE NEWS
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Industrial production grows 6.2 pc in Dec New Delhi, February 12 Industrial growth in December, 2003, was, however, less than the growth rate of 7.4 per cent registered in November, 2003. The quick estimates of Index of Industrial Production (IIP) for December, 2003, released by the Central Statistical Organisation (CSO) here showed that the IIP growth was primarily driven by a strong 6.5 per cent growth in manufacturing. The corresponding growth rates in 2002 were 6.2 per cent (December) and 5.5 per cent (Apr-Dec). Manufacturing grew 6.5 per cent in December, 2003, against 6.6 per cent during the same month in 2002, while mining saw a growth rate of 4.1 per cent (down from 6.1 per cent) and electricity 4.9 per cent, up from 2.9 per cent. During April-December, the three sectors recorded a growth rate of 6.8 per cent (manufacturing), 4 per cent (mining) and 3.4 per cent (electricity). As many as 12 of the 17 two-digit industry groups showed a positive growth in December. The highest growth of 16.8 per cent was accounted for by machinery and equipment other than transport equipment, followed by 16 per cent in paper and paper products and printing, publishing and allied industries and 13.6 per cent in leather and leather and fur products. Negative growth was seen by jute and other vegetable fibre textiles, except cotton (11.3 per cent), wood and wood products, furniture and fixtures (8.7 per cent) and textile products, including wearing apparel (8.5 per cent). As per use-based classification, the growth in December, 2003 is 4.7 per cent in basic goods, 9.8 per cent in capital goods and 9.2 per cent in intermediate goods. Consumer durables registered a growth of 10.8 per cent and consumer non-durables 1.9 per cent, while the overall growth in consumer goods was placed at 3.8 per cent. |
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RBI revises norms for loans to NRIs
Mumbai, February 12 Currently, banks and authorised dealers are allowed to grant loans in rupees to NRIs against security of shares or immovable property in India for personal or business purposes and housing loans against security of houses and flats to be acquired in India. However, on receiving representations from various authorised dealers seeking RBI approval for grant of rupee loans against acceptable security to NRI for purposes other than specifically prohibited, the RBI now decided to allow authorised dealers to grant rupee loans to NRIs as per policy laid down by the banks’ Board of Directors, other than for specified purposes. The repayment of the loan may be made by debit to NRE/ FCNR/ NRO accounts of the non-resident borrowers or out of inward remittances by the borrowers. The quantum of loan, rate of interest, margins on such loans may be decided by the authorised dealers based on relevant directives issued by the Department of Banking Operations and Development in this regard, a RBI circular here said.
— UNI |
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Companies Act to be simplified New Delhi, February 12 The objective was to ensure that a large number of actions could be done through the rule-making powers without infringing upon the sovereignty and without asking for too much delegated powers, the Secretary DCA, Mr M.M.K Sardana, said at a conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here. “The idea should be such that a senior executive understands the Act in the first reading”, Mr Sardana said. The concept paper would not only incorporate the essential features of the existing Companies Act, but also eliminate some of the confusions that had occurred because of the present Act. It would also have certain salient features of the Bill which was introduced earlier, certain amendments suggested by various bodies and also other relevant laws. “They will be placed together along with related rules because when the Act is made smaller, understanding the corresponding rules should be made easy”, the Secretary added. He said that the present Act was cumbersome and often incomprehensible to many people, especially in the first reading. |
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Air France to buy KLM Dutch Airlines
Brussel, February 12 The European Commission and the US Department of Justice backed the purchase after the carriers agreed to give flying over key routes, and France and the Netherlands agreed to let other airlines fly the trans-Atlantic routes. The creation of the world’s No. 1 airline by revenue and third-biggest by revenue passenger kilometers leaves Europe’s aviation industry with mainstream network carriers Air France, British Airways and Lufthansa that have alliances with other national airlines, plus a group of low-fares carriers. Air France, Europe’s second-largest airline, agreed in September to buy Amsterdam-based KLM, the region’s No. 4 carrier, for 784 million euros ($ 1 billion) in stock. The combined carrier, overtaking British Airways Plc as the biggest in Europe, will generate as much as 495 million euros in cost savings over 5 years, the airlines estimated.
— Bloomberg |
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Tatas keen to invest in China
Beijing, February 12 “In Tatas, we consider China to be a very important partner in our plans to internationalise our operations,” Tata said at a press conference to mark the first year of operations of Tata Consultancy Services (TCS) in China. “Therefore, apart from the commitment which we have already made where we intend to grow in information technology, we also are looking at investments in China in the hospitality area, in steel and in the automobile sector,” he said. Tata, who has visited Shanghai and Hangzhou cities so far, declined to give specific information regarding the group’s planned investments in China. “As far as steel is concerned, we are talking to some Chinese steel producers about collaborating,” he said, adding potential venture could include ship intermediary products from India and finish in China. In the telecom sector, the group was looking at hardware and at Chinese operators for investing in India, while in the automobile sector, Tata was looking at exporting, importing automobile components from China and even joint development of automotive products. “We are talking to some Chinese companies,” he said. In the hospitality sector, the group was looking at the prospect of starting a hotel venture in China. “We are looking at both countries together. We are not investing in China for China. It has to make business sense to both sides,” he said. “While many may consider China and India as competitors, we would consider China to be a very source of partnerships between our groups and companies in China,” Tata said. Noting that the combined population of China and India totalled over two billion, Tata said it was “one of the greatest opportunities” that existed between the two neighbours as they offered an enormous market and a big pool of skilled workers. “Tatas would therefore like to commit ourselves to making an investment in China and would also like to exploring ventures where Chinese companies would like to invest in India, promoting two-way investment and trade between the two countries,” he said. “We therefore hope that rising from this visit, which is only the start, we can come closer to China and that the Tata group can find a place in the Cchint deal of success together,” he said.
— PTI |
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Sun unveils Java desktop in India
New Delhi, February 12 “Java desktop was launched in October last year globally and is available to customers in India as shipments started in December for the enterprise users. Though, at present, we do not have any visibility on the home user for Java desktops, I am sure we should target that too. I cannot say when, but that’s part of the road map”, Anil Valluri, Director (systems engg), Sun Microsystems, said at the Linux Asia 2004 event. Sun is selling the Java desktops through its partners like Accel ICIM, Wipro Infotech, Tata Infotech, CMC with Wipro, HCL, Accel ICIM providing the box for the desktop. Valluri said home-user adoption depends on pricing and support infrastructure that Sun would provide. He did not give any time-frame for the launch of Java desktops for the home users. The Java desktops has the bundle for the entire suite of applications for the enterprise user — operating system, office automation, messaging, mail, etc. “We support and sell through partners. But the engineering work on the whole product was done by Sun, with some part being done out of its Bangalore centre”, he said. Claiming to be 60 per cent lower than the Microsoft Windows XP and Office, 2003, Java desktop is priced $ 100 per desktop per year; it is $ 50 per employee per year.
— PTI |
| HM in talks with auto firms New Delhi, February 12 The company currently had an installed capacity of 12,000 units per annum at the Tiruvallur plant, which is used exclusively to manufacture Mitsubishi Lancer cars in technical collaboration with Mitsubishi Motors, Japan. “According to our internal estimates, our requirement will be for about 4,000-4,500 units while we can lease out capacity for about 6,000-6,500 units. For this, we are in talks with around five automakers,’’ HM vice-president G Shyamsundar told newspersons here after unveiling a new variant of Lancer. The loss-making HM is also currently providing engines for Ford and General Motors from its Pithampore plant in Indore. — UNI |
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Coke profit inches down
Atlanta, February 12 The net income fell to $ 927 million, the first decline in almost two years, the company said. Sales increased 7.9 per cent to $ 5.18 billion, boosted by a declining U.S. dollar, while volume of beverages sold trailed the company’s goals. The amount of beverages sold in North America rose one per cent, hurt by a decline for Vanilla Coke, which debuted in May 2002 after PepsiCo started its vanila-flavored cola. Chief Executive Douglas Daft cut about 2,800 jobs last year, using savings to increase advertising and introduce products such as a Minute Maid juice that purports to reduce cholesterol and new flavors of Diet Coke.
— Bloomberg |
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CORPORATE NEWS
Mumbai, February 12 The board also recommended a dividend of Rs 7.5 per share for 2003, company Chairman Habil Khorakiwala said here today. The consolidated total income for 2003 rose to 21.09 per cent at Rs 981.6 crore from Rs 810.6 crore in 2002, he said, adding that the company had posted a net profit of Rs 142.6 crore as against last year’s Rs 105.1 crore. The board also approved a proposal to subdivide equity share of Rs 10 each into two shares of Rs 5 each. ONGC’s final document next week
The revised sale documents for public float of the 10 per cent government equity in the ONGC is expected to be filed with Sebi, next week. According to sources associated with the process, the sale document for the ONGC’s public offering will be submitted to Sebi early next week, while the documents for Gail will be filed with it during this week. The bids for the ONGC is scheduled to open on March 3 and close on March 12, while in case of Gail the bids will open from March 13 to March 19.
Havell’s profit likely to double
Havell’s India said its profit was expected to double this fiscal, helped by a 40 per cent growth in turnover to about Rs 410 crore. The higher profit would also be driven by an over three times jump in export earnings to Rs 50 crore during 2003-04 as the company cashed in on the rising global demand for Indian products due to low-cost and better quality, Havell’s India Director Anil Gupta told PTI. During 2002-03, the company posted a net profit of Rs 8.97 crore over sales of Rs 293 crore.
— PTI |
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