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BSNL slashes STD, ISD rates by 25 pc
Sensex jumps 150 pts |
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Reliance launches power sector fund
Metro to produce tubes for
Continental
SAIL produces highest-ever steel
Sony retaliates, sues Kodak for patent infringement
Children’s Gift Growth Fund Scheme, 1986
Maruti’s sales graph a happy one
PNB plans to set up farmers training centre
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BSNL slashes STD, ISD rates by 25 pc New Delhi, April 1 The STD rates for calls beyond 200 km have been reduced to Rs 3.60 per minute from the existing rate of Rs 4.80 per minute. The ISD rates have also been reduced by up to 25 per cent. Calls made from India to the USA, Canada and the UK will be charged at the rate of Rs 7.20 per minute. Significantly, the company has done away with the existing notion of differential tariffs for peak and off-peak periods and the rates will be the same for all the 24 hours. The new reduced rates will be effective from April 10, 2004. The subscribers opting for BSNL’s “Alternate Packages” will get further discounted rates for inter-circle STD calls beyond 200 km. Effective charges per minute for a subscriber to the company’s “Super Package” which involves a monthly rental of Rs 1650, will be Rs 2.40 per minute. ISD calls made to Europe (excluding the UK), Singapore, Thailand, Malaysia, Indonesia and Hong Kong will be charged at the rate of Rs 9.60 per minute — down from the earlier existing tariff of Rs 24 per minute. Calls to Australia, New Zealand, the Gulf region, African countries and SAARC nations will be charged at Rs 18 per minute. Except for the SAARC nations, existing call rates for other countries in this category stand at Rs 24 under promotional scheme as well as normal scheme for peak hours and Rs 21.18 for off-peak hours. New call rates to the SAARC region is the same as are being charged under the present scheme for off-peak hours. Calls to SAARC nations
are being charged at Rs 21.18 for peak hours and Rs 18 for off-peak hours irrespective of the promotional and normal schemes. The company also launched introduced a special pilgrimage calling card for which will entitle pilgrims a discount of 10 per cent on local, STD and ISD rates. These cards will be made available in denominations of Rs 100 and Rs 200 with a validity of 30 days and will be available through STD/PCO franchisees from
pilgrimage locations only. Chairman and Managing Director of BSNL Mr V.P. Sinha said that the lower rates have been enabled by the lower rates charged by international long distance carrier VSNL (a Tata-managed company) for calls
originating from the BSNL network and also because of the reduced access deficit charge (ADCs) fixed by regulator Telecom Regulatory Authority of India (TRAI) for basic phone service providers. On an average, VSNL is presently Rs 5.40 per minute for calls from the BSNL network to other countries. This is more than 50 per cent lower than the earlier rate of Rs 11 per minute. A loss of around Rs 300 crore could result from the reduction in ISD rates, but the company is hoping that it would be offset by a significant increase in the volume of traffic. In fact, company officials said that the traffic could increase to the extent of 20 to 25 per cent due to the reduced rates. Non-commercial users of high bandwidth (2mbps and above) will now enjoy 60 per discount on the standard tariff. Under the new tariff structure, a 2 mpbs
subscriber will the charged at the rate of 8.8 lakhs per annum, a massive reduction from the existing rate of Rs 22 lakh. The new rates will come into force with immediate effect and the subscribers who have already paid as per the existing tariff for the year 2004-05, will be given refund or their amount adjusted.
Net profit up 107 pc
With revenue per unit of connection falling drastically, the state owned BSNL witnessed just a marginal
increase in turnover at Rs 29,000 crore, but its net profit more than doubled to Rs 3,000 crore due to reduction in operating cost last fiscal year-on-year. The company’s net profit, on the other hand, rose by a 107 per cent over the previous fiscal’s figure of Rs 1,444 crore.
— UNI
Acting CMD gets extension
Bharat Sanchar Nigam’s Chairman and Managing Director V.P. Sinha has been granted an extension of three months with effect from March 31. Sinha had taken charge as acting CMD of BSNL on January 1 this year, after Prithipal Singh retired on December 31, 2003.
— PTI
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Sensex jumps 150 pts
Mumbai, April 1 The Sensex which ended the fiscal year 2003-04 with a record gain of 2,541.88 points or 83.37 per cent, added another 150.25 points (2.69 per cent) in the very first day of the new fiscal year. The strong 10.4 per cent GDP growth, the improved liquidity after huge funds blocked in the recent IPOs returning back into the system, expectation of better corporate results as well as the rising rupee against dollar, which could witness a spurt in foreign fund inflows, boosted investor confidence, Sameet Lala, an analyst at the Asit C. Mehta Intermediaries Ltd said. further, big players who liquidated positions earlier due to year-end tax considerations, also took strong positions on the new fiscal year, he added. The 30-stock Sensex opened 9 points higher at 5,599.12 points, which itself was the day’s low, pierced the 5,750-barrier to touch an intra-day high of 5750.29 points, ended at 5740.85 points, gaining a whopping 150.25 points or 2.69 per cent from Wednesday’s close of 5590.60 and its highest single day gain since March 1 when it rallied by 155 points. The CNX Nifty of the National Stock Exchange rose sharply by 47.75 points to 1,819.65 points.
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Forex reserves grow by $ 26.4 bn
Mumbai, April 1 The capital account (net) comprising foreign investment, banking capital, short term credit, external commercial borrowings and other items recorded a rise of $ 17.8 billion ($ 9.7 bn in the same period of FY-03), according to the data released by Reserve Bank of India here today. The current account balance and valuation change contributed $ 3.2 billion ($ 2.9
bn) and $ 5.4 billion ($ 3.7 billion) respectively, it said. The major sources of accretion to forex reserves during April-December 2003 were foreign investment (38.3 per cent), comprising foreign direct investment (9.5 per cent) and portfolio investment (28.8 per cent). Foreign investment inflows rose by $ 10.1 billion ($ 3.1
bn). — PTI
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Reliance launches power sector fund New Delhi, April 1 Minimum application amount will be Rs.10, 000 for resident and non-resident Indian investors and in multiples of Re 1 thereafter. After the launch of the new fund, Mr. Amitabh Chaturvedi, Chief Executive Officer of the Reliance MF, said: “Since power sector is poised for high growth after power reforms, we have launched the power-sector fund. It will be ideal for those investors who are looking for an investment horizon of 2 to 5 years.” He said it will be an open-ended power sector scheme that will invest in equity/equity-related or fixed income securities of power and other associated companies to tap the growth potential of this sector.
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Metro to produce tubes for Continental New Delhi, April 1 As per the agreement, Metro Group will manufacture all types of automobile tubes including that for trucks, bus, light commercial vehicles, cars and tractors in India for Continental AG of Germany. While 50 per cent of the production will be exported to Germany under the Continental brand name, the rest will be sold in India under co-brand of both companies. “The offtake will start from December this year and Continental will source its entire automobile tube supply for the world market from India. This will be for both replacement as well as the OEM market”, Head, Automobile Tubes of Continental Mr Thomas Peter told The Tribune. Mr Peter, however, said the company has not discussed anything about a possible tie-up for the manufacture of four wheeler tyres in India in collaboration with the Metro Group. Elaborating on the tie-up, Managing Director of the Metro Group, Mr Rummy Chhabra, said: “Like our earlier tie-ups for two wheel tyres, the technology under this tie-up will also be provided by Continental only.” To this effect, the company is setting up a new manufacturing facility around Delhi to manufacture automobile tubes with an initial investment of Rs 30 crore. Five years ago, both companies had entered into an agreement to source bicycle tyres and tubes to be sold under the Continental brand name for its European and American markets. For this, Metro had set up a new line of production at its plant in Ludhiana.
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SAIL produces highest-ever steel
New Delhi, April 1 SAIL exported 1.16 million tonnes of steel in 2003-04, 36 per cent more than the previous fiscal, a company release said here. “Our real satisfaction from the sterling performance comes from the fact that it is based on an impressive improvement of internal efficiencies and achievements... We are now tuned to a growth plan to provide support for faster industrial development,” SAIL Chairman V.S. Jain said. The state-run firm cut its debt by Rs 4,000 crore to Rs 4,500 crore, thereby reducing the outgo on interest payments by Rs 400 crore in 2003-04.
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Sony retaliates, sues Kodak for patent infringement
San Diego, April 1 The salvo comes three weeks after Kodak filed a similar suit against Sony. Sony’s suit, filed yesterday in US District Court in New Jersey, says Kodak violated 10 patents covering digital camera features from an indicator that displays the number of pictures taken to an electronic shudder with adjustable speeds. A Kodak spokesman, Gerard Mewchner, said he hadn’t read the suit and declined comment. In a suit filed March 9, Rochester, New York-based Kodak accused Sony of violating 10 digital camera patents issued from 1987 to 2003. The suit names Tokyo-based Sony and two US subsidiaries, Sony Corp. of America and Sony Electronics Inc, which is based in San Diego. Last year, digital cameras outsold traditional film cameras for the first time in the United States, according to IDC, a market research firm in Framingham, Massachusetts. Sony ranked first in sales with a 22 per cent market share. Kodak, which ranked second with an 18 per cent share, recently introduced six new digital camera models in an effort to top Sony as the leader of the digital-camera market.
— AP
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Children’s Gift Growth Fund Scheme, 1986 Tribune News Service Chandigarh, April 1 The Commission’s orders, made available today, dismissed the complaint and an injunction application moved by a unit holder claiming that the scheme could not be terminated. In her complaint, Ms Kiran Midha, had alleged that under the scheme, a gift made to a child under 15 years of age was converted into units. Even the dividend on such units was automatically reinvested in units so that the gift grew at a compound rate and became 15-and-a-half times the original investment in 21 years. The scheme is said to have assured dividend of 14 per cent every year. Ms Midha claimed she had purchased five separate unit certificates for 9,000 units in her minor children’s names with maturity period ranging from 2006 to 2011. She alleged that she received letters dated December 15, 2003, intimating the termination of the scheme from April1, 2004. She said there was no termination clause in the scheme before maturity.
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Maruti’s sales graph a happy one New Delhi, April 1 The company, which remains the marker leader in the car industry in the country also achieved the highest ever export figure which was 51,175 units. As a result, the MUL’s annual sales also achieved a growth rate of over 30 per cent over the 2002-03 sale figures. During March 2004, the company sold 52,700 units, including 8,282 exports, which again was the highest-ever sale in the domestic market in a month by the company and also the highest-ever exports in a month. The record sale performance was, in fact, a fitting end to an eventful year during which the company’s public issue was oversubscribed 10 times and became a landmark for the Indian stock markets and the government’s disinvestment programme. During the year, Maruti earned further customer appreciation, being ranked first in J D Power Customer Satisfaction Survey for a record fourth year in a row. The company’s WagonR, Zen and Esteem models topped their categories in the J D Power Initial Quality Study 2003. Quality improvements along the chain, notably by the company’s component suppliers, contributed to this achievement. The year also saw Maruti make major strides towards its goal of becoming Suzuki Motor Corporation’s R&D hub for Asia outside Japan. It introduced upgraded versions of WagonR and Zen, the latter completely designed and styled in house. India’s most popular car, Maruti 800, strengthened its leadership with a 17 per cent growth even as Maruti’s partnership with State Bank of India and its Associate Banks enabled it to reach car finance to smaller towns and cities across the country. During the year, Maruti consolidated its leadership in the A 2 (premium compact) segment, with Alto growing by over 130 per cent and finishing as the country’s fastest growing A2 Segment model for the year. The new car sales network grew from 243 outlets to 280, with coverage expanding from 160 cities to 182. Maruti’s service network, known for its size and quality, expanded to a landmark 1000 cities and towns during the year.
Ford sales soars
Indian arm of the second-biggest US automaker Ford India today reported a whopping 41.8 per cent sales growth during the last fiscal due to rising sales of mid-size sedan ‘Ikon’. The company sold 21,700 units during 2003-04 over 15,300 units in the previous fiscal, said its Vice-President (Sales and Marketing) Vinay Piparsania.
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PNB plans to set up farmers training centre Shimla, April 1 Stating this at a press conference, here yesterday, Mr B.P. Chopra, zonal manager of the bank, said that the new branches would be opened at Bajaura and Sultanpur in the Kulu district. With this the total number of branches would go upto 216. He said the PNB was the lead bank in six out of 12 districts and it had branches in all districts except the tribal Lahaul and Spiti. He said effort were on to open a branch in Lahaul-Spiti. He said the bank proposed to open a vocational training institute in collaboration with the Ambuja foundation on the lines rural development institutes at Daralaghat.
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Dalal Street kickstarted the fiscal year 2004-05 with a big bang today, and the Bombay Stock Exchange Sensex cruising above the 5,700 mark today with the strong economic data and hopes of handsome corporate earnings.
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