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Indian
depository receipts on the cards Food
processing firms eye US market Industrial
output up 7.4 pc |
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Cotton
production to touch 10 lakh bales in Punjab Telecom
sector ‘scam-prone’: CPM Wockhardt,
Alembic issue bonus shares Freeze
on cable rates to continue, says TRAI US
court backs Pfizer
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Indian depository receipts on the cards
Jaipur, March 12 ‘’This will make the Indian markets totally global,’’ Mr Bajpai told newspersons here on the sidelines of an International Conference of Chartered Accountants (ICAI). ‘’Now we will work on this. SEBI will prepare draft proposals in this regard and after inviting comments from the public, it will be put before the SEBI board,’’ he said. Favouring the issue of Indian depository receipts (IDRs) by foreign companies, Mr Bajpai said if Indian companies are allowed to share their wealth with overseas public through ADR and GDR issues, ‘’why Indian investors are deprived of sharing the wealth of foreign companies?’’ Noting that Indian investors can subscribe to the share of foreign company through FIIs, Mr Bajpai said, ‘’direct access will be better.’’ He clarified that the proposed SEBI guidelines will supplement the Department of Company Affairs proposals in this regard. ‘’As a market regulator my role is protect the interest of issuers and investors,’’ he remarked. If foreign companies find that the Indian market is secure, cost effective and efficient they will certainly come to raise capital from the public. On the possibility of setting up a countrarian fund to counter large-scale
withdrawals from FIIs, Mr Bajpai said, ‘’It is up to the Finance Ministry to decide on the issue.’’ ‘’This is an idea where SEBI has no role to play in setting up of such a fund. However, the markets have an example of Hong Kong where industry and the government had set up the corpus,’’ he said. On demutualisation of stock exchanges, Mr Bajpai said SEBI has received proposals of stock exchanges and a Bill had been introduced in the last Lok Sabha. Any progress can only be expected after a new government assumes office following the general elections. Earlier addressing the conference, Mr Bajpai emphasised the need of convergence of national and international standards in the field of accountancy, corporate governance and systemic soundness. ‘’This is a challenge thrown by globalisation and we have to respond in a way that the world business community has confidence and full understanding of our markets.’’ The government, industry and professionals have to work hand-in-hand to achieve convergence, he said. The SEBI chief referred to market development framework of the Indian stock markets in the recent past and said the country is ahead of many of its practices, such as the T-2 settlement mechanism and margin systems.
— UNI
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Food processing firms eye US market New Delhi, March 12 US food processing firms are also showing keen interest in the fast growing food processing industry of India if the participation of the US companies in the ongoing Aahar, 2004, food exhibition here is any indication. Twelve US companies are exhibiting their products ranging from juices, almonds to California prunes and dried food. These are Florida Natural Growers, Blue Diamond Growers, Pear Bureau Northwest, Sun-Maid Growers and California Prune Board. Besides different boards and corporations, the Ministry of Food Processing Industries is also focusing the US market. Dawat Rice, Lal Kial, Coconut Development Board, Markfed, Nestle, Pepsi and other majors are exhibiting their products. Mr Vijay Setia, MD, Chaman Lal Rice Exports, claimed, “Due to our climatic conditions and vide variety of food items, we can produce a wide range of products for the US market. But the US will have to open up its markets by cutting down the subsidy on its agricultural items, and we will have to improve the quality of our items besides taking adequate safety measures.” US Ambassador David Mulford, who visited the exhibition today, said, “In agriculture, India enjoys an $857
million trade surplus with the United States in 2003. There is vast scope for increase in trade of food items between the two countries, he added. Experts said in future Indian food processing industry can prove second IT sector, that will raise the income level of farmers and create new employment opportunities. But the country will have to make an investment of over $28 billion to raise food processing levels by 8-10 per cent from the present level of about 2.5 per cent. Mr K.S. Money, Chairman, Agricultural and Processed Food Products Export Development Authority, felt that there is a vast scope of export of organic food and fruit items to the US and other markets. The authority is offering various incentive schemes to raise exports, he said. According to authority estimates, “ India produces 50 per cent of the world’s mangos,19 per cent of banana, 36 per cent of cashew nut, 11 per cent of onion, 38 per cent of cauliflower and 28 per cent of green peas. Once the subsidy to the agriculture sector comes down, more companies will shift to the export market.”
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Industrial output up 7.4 pc The growth in January 2004 is much higher than the corresponding month of previous year (6.5 per cent). Manufacturing registered an impressive 7.5 per cent growth in January, up from 7.2 per cent, and 7.1 per cent in April-January, against 5.9 per cent earlier, data released today by the Central Statistical Organisation (CSO) showed. Mining rose 7.4 per cent in January, representing an over three- fold growth of 2.4 per cent in the same month earlier, and 4.5 per cent in April-January, down from 5.4 per cent. Electricity also increased to 5.9 per cent in January, against 4.5 per cent, but had slightly declined at 3.7 per cent in April-January, from 3.9 per cent earlier. As many as 13 of the 17 two-digit industry groups showed positive growth in January. The highest growth of 19.6 per cent was recorded by machinery and equipment other than transport equipment, followed by 15.9 per cent in transport equipment and parts and 13.4 per cent in basic chemicals and chemical products (except products of petroleum and coal). A decline in growth was witnessed in jute and other vegetable fibre textiles (except cotton) at a staggering minus 37.2 per cent, followed by a slump of 4.7 per cent in leather and leather and fur products and 4.1 per cent in textile products (including wearing apparel). As per use-based classification, the growth in January was 7.1 per cent in basic goods, 13.7 per cent in capital goods and 6.4 per cent in intermediate goods. Consumer durables recorded a growth rate of 16.4 and non-durables four per cent, while the overall growth in consumer goods was placed at 6.6 per cent.
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Cotton production to touch 10 lakh bales in Punjab Ludhiana, March 12 There is an overall increase in the cotton production in the northern region comprising Punjab, Haryana and Rajasthan during 2003-2004. The prices of cotton (narma) remained in the range of Rs 2,600 to 2,700 per quintal during the procurement season and touched the highest at Rs 2,950 per quintal. The average price of cotton during the last year was Rs 1,800 per quintal. According to information available here the mandis of the northern states have received 25.5 lakh bales so far. Out of this Punjab mandis have received 9.75 lakh bales against 7 lakh bales last year. The total production of cotton this year is likely to touch more than 10 lakh bales against 6.84 lakh bales last year. The area under cotton increased to 5.25 lakh hectares against 4.5 lakh hectares of the last year. For the first time, one lakh bales of cotton is exported from Punjab at the international prices, according to Mr D.L. Sharma, President and Executive Director of the Vardhaman group of Mills. The total export of cotton from India this year has been 7 lakh bales. Cotton is also exported to Bangladesh, Indonesia, Thailand, China and the Philippines. Mr
D.L. Sharma estimated that the total cotton production in the country will touch 165 lakh bales against 135 lakh bales of the last year. India has imported about 3 lakh bales and another 4 lakh bales of cotton may be further imported. The total consumption of cotton by the cotton mills in the organised sector is 145 lakh bales, 11 lakh bales in the small scale sector and another 11 lakh bales in the non-mills sector.
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Telecom sector ‘scam-prone’: CPM New Delhi, March 12 Continuing with its ‘Lies, Damned Lies and Statistics’ campaign against government claims, senior party leaders Prakash Karat and Nilotpal Basu said “maximum number of swindles and scams” had occurred in the telecom sector, in which ministers were also removed for reasons “known to the government better”. Former Communications Minister Jagmohan “who wanted to curb the irregularities and non-compliance of government norms by private operators, was shifted ... and Pramod Mahajan was also shunted out of the ministry for favouring one major industrial house”, Basu said, adding that this major industrial house was asked to pay a “pittance of Rs 450 crore as fine and allowed to legitimise its operations”. “After foregoing Rs 50,000 crore as license fees from the private telecom operators, government also allowed them to violate the license terms and conditions with impunity”, he said. Quoting last year’s Economic Survey, Karat said the teledensity, especially in rural areas, was “abysmally low” and 1.1 phones per 100 persons in 1995 and 3.6 in 2001. The comparative figures for China was 13.8, Brazil 21.8, UK 58.8 and USA 66.5. The world figure was 17.2. On the road sector, the party said the tall claims that the NDA Government built several KMs road were contrary to the very own government statistics. “Official statistics suggests that between 1997-98 and 2000-01 the addition to the length of national highway was only 8,137 km as against 15,542 km added between 1994-95 and 1997-98. Out of this 11,145 km were built between 1996-97 and 1997-98 alone — during the tenure of the United Front Government,” he said. The CPM said there is an overwhelming reliance on external assistance and market borrowing for the National Highway Development Project which is bound to create extra pressure on the debt repayment burden in the future.
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Wockhardt, Alembic issue bonus shares
New Delhi, March 12 The Wockhardt board also recommended splitting the face value of shares from Rs 10 to Rs 5, subject to the approval of shareholders. The Mumbai-based pharma company announced a 75 per cent dividend (Rs 7.50 on a face value of Rs 10 per share). “The bonus and share split will boost liquidity and marketability of shares and will empower our loyal shareholders. “From the management’s point of view, the bonus issue reflects the robust performance in 2003 and its confidence to perform in the emerging global pharmaceutical market,” Wockhardt Chairman Habil Khorakiwala said in a statement. The Alembic board has accorded its consent to the issue of bonus equity shares in the ratio of 2:1 — two bonus equity shares of Rs 10 each for every one existing equity share of Rs 10 each held by the members. The company has fixed March 27, 2004, as the record date for bonus issue of equity shares.
— UNI
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Freeze on cable rates to continue, says TRAI
New Delhi, March 12 While recognising that after government denotified implementation of CAS, there are no separate CAS or non-CAS areas, the broadcast regulator said this distinction will be withdrawn and the freeze on cable rates at December 26 levels in non-CAS areas would continue. “For erstwhile notified mandatory CAS areas where CAS was implemented, the Authority recognise that CAS may continue on a voluntary basis and in such a case the ceiling would again be at the rates prevailing on December 26 2003, which the Authority recognises may have been lower than the rates in non-CAS areas,” TRAI said. It said this notification is not applicable to Chennai Metropolitan Area on account of stay granted by the Madras High Court. The freeze in rates applies to charges payable by consumers to cable operators, by cable operators to MSOs and by MSOs to broadcasters.
— PTI
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US court backs Pfizer
Washington, March 12 The US district court in Washington ruled last week that the six-month exclusivity awarded to Pfizer for testing the drug for use in children was valid and that Ranbaxy could not sell its cheaper generic versions in the United States until that period runs out. The ruling came in response to a suit filed by Ranbaxy contending that its generic version of Diflucan was not subject to the exclusivity period for Pfizer’s product.
— UNI
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New Delhi, March 12
