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CEA clears 44 MW power plant in Kargil
Competition hots
up in ice cream market ITFT formula to
check unemployment |
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Terex Vectra to
sell construction equipment in India Terex Vectra Equipment Pvt Limited, a 50:50 joint venture between Terex Corporation of USA and Vectra Limited of UK, today announced the launch of its operations in India to manufacture and sell construction equipment.
Property builders
fleece investors Fleecing of industrialists at the hands of property dealers in the region has become a cause of concern for the administration and officials of the revenue department. Dunlop India’s
net worth slips further Dunlop India Limited’s net worth slipped further to negative Rs 491.40 crore as on March 31, 2004 from negative Rs 460.79 crore as on March 31, 2003, according to the latest figures available. Sensex nosedives
as Congress stock up in exit polls The Bombay Stock Exchange (BSE) Sensex closed 70.10 points down at a 5-week low at 5,584.99 points today as the brewing worries of a hung Parliament, fears of slowing down Chinese demand continued to drive the market downwards, even as some select buying index heavyweights helped the indices to come off from the day’s lows in highly volatile trade, brokers said. Bangalore, May 3 ABB India, the electrical distribution and transmission giant, is entering the household switch, socket and other end-point electrical distribution products market, with an investment of Rs 15 crore and installed capacity to make millions of these products. New Delhi, May 3 In its bid to become a techno-savvy financial powerhouse, State Bank of India will add 2,000 ATMs and 1,000 Internet-enabled branches by the end of this fiscal.
Allahabad Bank net jumps 179
pc
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CEA clears 44 MW power plant in Kargil
New Delhi, May 3 Both the projects would be executed by state-owned National Hydroelectric Power Corporation (NHPC) at a total investment of Rs 1,300 crore. “The Ladakh region is a high altitude plateau devoid of vegetation and having severe winters. The area remains cut off from the rest of the country for vehicular traffic for most part of the year. Setting up of these two plants will give an impetus to the economic development of the region,” CEA said. When contacted, Yogendra Prasad, CMD of NHPC, told PTI “we will complete both the projects within four years from the date of government approval.” CEA said that besides Rs 1,300 crore investment in setting up these two plants, another Rs 480 crore would be invested in transmission lines. “The proposed 220 KV single circuit line from Srinagar to Leh along with 220/33 KV sub sub-stations at Kargil, Drass, Khalsi and Leh would enhance the reliability of power supply in the region and enable full absorption of energy from these projects, CEA said in a release.
NTPC to trade 3 bn
power units
Still awaiting to get the licence of inter-state trading
of power, NTPC today said that it would transact around three billion
units of electricity in the current fiscal, reflecting a growth of 130
per cent business done by its wholly owned subsidiary during
2003-04. The subsidiary — NTPC Vidyut Vyapar Nigam (NVVN) — did a
business of Rs 200 crore during 2003-04 through trading of 1.3 billion
units of electricity to earn a net profit of Rs 1.91 crore, the
corporation said in a statement releasing the provisional figures for
the year. The corporation said it was exploring possibilities to
purchase over 2500 mw power from Independent Power Producers including
Jindal. However, it is yet to receive a licence for inter-state
trading, the statement added. — PTI |
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Competition hots up in ice cream market New Delhi, May 3 Mother Dairy and Amul have already announced their
intention to enter Punjab, Haryana and UP during this season, by opening
new outlets and by introducing new flavours to attract consumers to
their fold. Amul is introducing a new range in the lichi, pineapple and
other fruit flavours. On the other hand, the Baskin Robbins, has
decided to remain focussed on the upper segment. It has plans to open new
outlets in the malls and multiplexes that are coming up in almost all
the cities of the North India. Mr Pankajj B. Chaturvedi, CEO, South
Asia, Baskin Robbins says, “there is a huge potential in the north
market in comparison to other regions. So all the leading players in the
organised sector are focussing on this region. We have also plans to
open new outlets in Ludhiana, Amritsar and Jalandhar towns, besides in
all the leading malls.” At present, he said, the Baskin Robbins had
just 3 per cent market share in the Rs 700 crore annual market, where
Amul and Kwality of Hindustan Livers Ltd are market leaders. The
industry experts say that the domestic ice cream market worth over Rs
3,500 crore is growing at about 20 per cent annually as far as volumes
are concerned, but the growth in value is not significant, as the market
leaders like Amul and Kwality are pushing the sales by slashing the
price. On the potential of the market, said Mr Chaturvedi, “The per
capita consumption of ice cream in India is just 200 ml as against 20
litres in the USA implying a huge potential. The income level and food
habit of consumers are also changing creating a demand for ice cream
even during winter season.” According to Mr R.S. Sodhi, General Manager
Marketing, Gujarat Cooperative Milk Federation, the Amul have decided to
reduce higher incentives of dealers and franchises with effect from
April 1, to pass on more value to the customer. Unlike in the past, the
company has plans to push its ice cream brand in Delhi and other towns
in the North India market, where other cooperatives like Verka, Mother
Dairy, Vita have remained market leaders in their regions. |
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ITFT formula to check unemployment Chandigarh, May 3 The Director, ITFT , Dr Gulshan Sharma, while releasing
the paper said yesterday the focus of the paper was on how the northern
Indian business could multiply and help solve the unemployment problem.
As a step in this direction, 300 students from the North-East, on
completion of their training programmes in the services industry here,
had got suitable placements in leading corporate houses of the country,
including Oberois, Taj group of hotels, ITC, Welcome Group, GE Capital,
Convergys, Jet Airways to name a few. Dr Sharma has drawn out an
econometric model for training and placement of 2,000 unemployed youths
from the North-East in the service industry, which according to him
would generate a revenue of Rs 30 crore to the city and Rs 50 crore to
the region. As service industry was labour intensive, the proposed
training programme would focus on the youth and attempt to generate
direct, indirect and induced employment opportunities. It would also
equip them for entrepreneurship activities to enable them to set up
their own ventures. Giving details, Dr Sharma said telecom agencies,
transport, paying guests, houses, books and stationery shops,
transporters, including rickshaw-pullers, retailers, medical shops,
restaurants, cafes would be the direct beneficiaries of this proposed
venture. |
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Terex Vectra to sell construction equipment in India New Delhi, May 3 The joint venture hopes to capture 10 per
cent of the backhoe loader market in India over the next two years. The
JV will focus on manufacturing and selling construction equipments such
as backhoe loaders, skid steer loaders, vibratory compactors and midi
excavators to Indian consumers. The company has built a manufacturing
facility with an initial investment of $12 million at Greater Noida near
New Delhi. “The Indian government and businesses have shown deep
commitment towards infrastructure development and Terex Vectra sees huge
potential India, which is one of the fastest growing economies in the
world at present”, Mr Ron DeFeo, Chairman, President and CEO of Terex
Corporation told newspersons here. |
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Property builders fleece investors Solan, May 3 With the state
having no law to check the mushrooming of property dealers it has become
the most lucrative business in the region. Political henchmen, chartered
accountants, businessmen and contractors are the latest to join the
brand of property dealers. This is in addition to the already existing
employees of the revenue department who help facilitate land deals.
Sources revealed that Doon area has become an important area of
operation. Officials in the revenue department opined that these dealers
first bought land from the gullible locals at lower rates and then sold
them to the industrialists at much higher price pocketing lakhs in the
bargain. Though no formal complaints are lodged by the original land
owners but it was learnt that at times the locals were forcibly made to
sell land to these dealers. Inquiries made from the revenue department
revealed that the price of prime land at Baddi, which is the favourite
choice of industrialists has touched as high as Rs 10-15 lakh per bigha.
This land earlier fetched a modest Rs 2-2.5 lakh to the sellers.
Similarly land available in the interior areas is now selling at a rate
of Rs 6-7 lakh per bigha while it cost a mere Rs 1- 1.5 lakh earlier.
The Deputy Commissioner, Mr Rajesh Kumar, while expressing concern
over the matter said fleecing of industrialists was common knowledge and
therefore the investors had been advised to consult the district
administration before buying land. The district accounted for more than
70 per cent of the industrial growth in the state. |
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Dunlop India’s net worth slips further Kolkata, May 3 The figures were made
available after its Board of Directors met last week to consider
unaudited accounts for the quarter ended March, 2004. The company has
reported a net loss of Rs 20.75 crore during the fourth quarter ended
March 31, 2004 against a net profit of Rs 0.41 crore in the
corresponding quarter of previous fiscal. The turnover during the
quarter was nil. It had reported a net loss of Rs 30.61 crore during
the fiscal 2003-04 as against Rs 39.23 crore in 2002-03. DIL was
declared a Sick Industrial Unit on June 22, 1998 by the Board for
Industrial and Financial Reconstruction under Section 3(1)(o) of Sick
Industrial Companies (Special Provisions) Act, 1985 and State Bank of
India had been appointed as the Operating Agency by the AAIFR. Consequent
to being declared a sick company, the management had tried to restart
operations at its units in Ambattur in Tamil Nadu and at Shahgunj in
West Bengal in 2000 after negotiations with workers and infusion of Rs
26 crore as loan, which was subsequently converted into equity, by the
promoters. — PTI
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Sensex nosedives as Congress stock up in exit polls Mumbai, May 3 The 30-stock Sensex which opened 10 points lower at
5655.09 points, which itself was the day’s high, dipped below the
5,600-barrier to hit a low of 5506 points, before ending at 5584.99
points, its lowest close since March 30, and shedding 70.10 points or
1.24 per cent from last Friday’s close of 5655.09 points. The CNX Nifty
of the National Stock Exchange was closed 29.40 points or 1.64 per cent
down at 1666.70 points, after recovering from an intra-day low of
1742.80. Markets opened on a bearish note, lost ground heavily towards
afternoon, with both the foreign and domestic funds unwinding positions
due to uncertainty of election results, Sameer Lala, analyst at Asit C.
Mehta Intermediaries Ltd said. Public-sector stocks were the biggest
losers as players feared a slowdown in the economic reforms including
the privitisation if the ruling party fails to get majority, sold
heavily in PSU counters. — UNI |
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ABB enters household market Bangalore, May 3 Mr Ravi Uppal, Vice-Chairman and Managing Director of
the Zurich based Swiss multinational, said here today that the ABB range
will encompass both premium and regular varieties, and will be
“competitively priced” across the range. |
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SBI to open 2,000 more ATMs
New Delhi, May 3 |
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