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National Steel
Policy soon, says Paswan
Ease norms,
exporters to Kamal Nath Rs one lakh car
in 3 years: Ratan Tata India, USA to
develop drought-resistant crops Farm advances
rise by 30 pc EPF rates may be
untouched at 9.5 per cent Centre asks
states to enact clean fuel laws |
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Ind-Swift net
rises 44 pc Corporate
news
Graphic: Performance of Infrastructure Industries
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National Steel Policy soon, says Paswan New Delhi, June 29 Addressing a press conference here he said, “ministry has already received proposals from public and private steel producers, consumers and other stake holders. A draft policy has been prepared and the final policy document will be announced shortly.” When asked about the broad framework of the policy, Mr Paswan said the policy will address the issues of “stabilisation of steel prices in the domestic market, increase in production up to 100 MT by 2020 and long term economical viability of the steel sector.” Regarding the issue of setting up a regulator to monitor steel prices in the domestic market, he said, in the National Steel Consumers Conference held on June 12 here, he had received the proposal of setting up a regulator to monitor the prices. “I am not in favour or against of setting up the regulator. The steel industry can itself consider evolving some code of conduct in the national interest to regulate the prices. They cannot indiscriminately export steel for shorterm gains and at the same time asking for not lowering import duty,” he said. When asked about the proposed merger of SAIL and IISCO, he said: “I am not ruling out the merger. But before that, IISCO must be made healthy.” He disclosed that he had talked to trade unions of IISCO in this regard, and they too agreed to his position. IISCO came out of red last year, earning a net profit of over Rs 27 crore. A Rs 1,000 crore revival package has already been approved for the company, of which Rs 341 crore will be invested to modernise it. The modernisation plan includes setting up modern blast furnaces in the company. On the other hand, SAIL earned a net profit of Rs 2,500 crore last fiscal, wiping out all the accumulated losses. Because of this, Mr Paswan announced a payment of Rs 1,000 to each employee of SAIL before August 15, which will cost SAIL about Rs 15 crore.
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Ease norms, exporters to Kamal Nath New Delhi, June 29 The exporters include Pepsi, MMTC and Reliance among others. During the meeting with these exporters yesterday, Mr Nath asked representatives to identify the areas in which policy intervention was required at his level, including tariff-related issues, so as to achieve a quantum jump in the country’s exports. Commerce Secretary Dipak Chatterjee was present at the meeting along with senior officials in the Ministry. Representatives of the major trading houses flagged off various issues such as simplification of procedures, connectivity problems in special economic zones and duty-free credit for stakeholders. They also raised the issue of rupee appreciation which was affecting the exports. The representatives of food processing industries requested for the reduction of excise duty on the equipment required for the industry.
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Rs one lakh car in 3 years: Ratan Tata
New Delhi, June 29 “The Rs one lakh car is being developed by us. It will hit the road in three years,” Tata group Chairman Ratan Tata told PTI. The proposed peoples’ car would not be a stripped down version of any existing car, rather it would be a ground- breaking experience for Tata Motors, he said. Contesting the claim of the Tatas to develop the Rs one lakh car, Maruti Udyog, which makes the cheapest car ‘M800’, said it would be impossible to make the car at such a price point while India’s second-biggest carmaker Hyundai said the vehicle would not be able to meet safety and emission norms. Brushing aside the speculation on the feasibility of the car, Tata said its upcoming car would not be a no-frills car, rather it would be a car which could accommodate 4-5 people and adhere to all the requisite safety and emission norms. Earlier, a senior Tata Motors official had remarked “All the best to Maruti,” when asked about Maruti’s assertion that it would meet the challenge of Tata Motors to develop the Rs one lakh car. A top Maruti official doubted the idea of an entry-level car with Rs one lakh price saying it did not look feasible. However, Maruti would meet any challenge posed by the Tata group company at the entry-level car, he said. “We are breaking new grounds and have set a hard task ahead in terms of cost,” Tata said. The proposed Rs one lakh car would not be fancy, but one that would bridge the gap between two-wheeler and current passenger cars, he said. “The car will have an identity in itself which will meet global safety and emission norms,” he had said.
— PTI
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India, USA to develop drought-resistant crops New Delhi, June 29 Union Minister for Science and Technology Kapil Sibal and US
Ambassador David Mulford inked a letter of intent in this regard. After signing the agreement, Mr Sibal told reporters that the two sides would not take any matter involving issues of intellectual property rights (IPR). Under the agreement, the Department of Biotechnology in the ministry would be a nodal agency and University of Cornwell would work together to develop new varities in the Indian conditions. “Initially, the terms of agreement will be of five years and focus will on developing such rice and wheat varieties that can survive in drought conditions in states like Andhra Pradesh and have better nutritious elements. Later the scope of research will be extended to other crops like potato, tomato and sunflower as well. Further there will be no issue of IPRs and the farmers will be free to use the seeds,” he added. The US Ambassador said “The US has earlier played a great role in the green revolution of Punjab through collaboration with Punjab Agricultural University, Ludhiana. Now we want to extend this collaboration further to boost the agricultural production.” Moreover, he said, “the agreement will also provide an opportunity to the US to have strategic relationship with India in developing agricultural knowledge, besides an access to Indian market and investment opportunities.”
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Farm advances rise by 30 pc Chandigarh, June 29 Mr D.L. Rawal, General Manager, PNB, Head Office, reviewing the performance of banks in lending to the agriculture sector in Haryana, said the priority sector advances increased from Rs 7,192 crore to Rs 9,297 crore during 2003-04 showing a growth of 29.3 per cent. The growth during the corresponding period last year was 20.3 per cent. Agriculture advances increased from Rs 3,275 crore to Rs 4,266 crore during the financial year 2003-04, thus showing an increase of 30.3 per cent as compared to the increase of 22.3 per cent during the corresponding period last year. Prof Sampat Singh, Finance Minister of Haryana was the chief guest of the meeting. Mr K.S. Bhoria, Financial Commissioner and Secretary, Agriculture, Haryana, Mrs Umesh Nanda, Commissioner & Secretary, Institutional Finance and Credit Control, Haryana, Mr Ramesh Chander, Regional Director, RBI, New Delhi, Mrs Keshni Anand Arora, Special Secretary & Director Institutional Finance and Credit Control, Haryana, Mr D.L. Rawal, General Manager, PNB, New Delhi, Mr B.P. Chopra, General Manager, PNB, Northern Zone, Chandigarh were among those who attended the meeting.
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EPF rates may be untouched at 9.5 per cent New Delhi, June 29 Trade unions, cutting across party lines, have pitched for higher 12 per cent, saying that it would still be well within the “limits” and not lead to deficit for the country’s largest provident fund, totalling about Rs 75,000 crore. The Finance and Investment Sub-committee, which met here today, is of the view that interest cannot be more than 8 per cent for the three crore
subscribers in view of EPFO’s declining returns from its investments. The decision of the sub-committee will now be taken up at the meeting of the Central Board of Trustees of EPFO tomorrow.
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Centre asks states to enact clean fuel laws New Delhi, June 29 “What is the justification of wasting precious power in illuminating hoardings and signboards in cities, when most of the villages have no access to power,” he said at a conference of Renewable Energy and Power Ministers of States here. Later talking to the reporters, he said, country could save up to 10,000 MW power through energy conservation measures. The Centre and state should provide incentives to encourage people to use energy efficient equipment. He called upon the states to come forward with good proposals for the promotion and use of non conventional energy sources. “ We are targeting to provide power supply to 25,000 villages by 2007 through solar and other non-conventional sources. In the current we will provide electrify 500 villages through non-conventional energy sources.” He added there was no shortage of funds, as Rs 650 crore allocated to the Ministry had not so far been utilised due to lack of demand from states. Referring to his Ministry’s plans, he said Planning Commission had already identified 1.73 lakh isolated villages in forest areas across the country, where it was almost impossible to provide electricity through traditional means. The Ministry has been assigned the task of providing electricity to these villages through biomass and other sources, he said.
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Ind-Swift net rises 44 pc Chandigarh, June 29 The Board of the company which met here to adopt audited results also declared a maiden dividend of 10 per cent on the equity capital of the company. Dr G. Munjal, Chairman said that the dividend outflow is estimated at Rs 1.76 crore which is approximately 20 per cent of the net profits for the year. The company’s domestic business also saw a jump of 51.90 per cent over the figures of the corresponding period. Company client list includes the several leading formulation players such as Cipla, Wockhardt, Ranbaxy, Lupin, Glenmark, Unichem, USV, Dabur, IPCA Labs, Ind-Swift Ltd. Cadilla Pharma, Alkem and Aristo.
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Ipca Laboratories has posted a net profit of Rs 18.5 crore for the quarter ended March 31, 2004 as compared to a net profit of Rs 11.39 crore for the quarter ended March 31, 2003, an increase of 62.42 per cent. The Board of Directors of Ipca Laboratories have declared second interim dividend of 60 per cent for the financial year ended March 31, 2004.
— UNI
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Corporate news
New Delhi, June 29 The group plans to invest Rs 100 crore for expansion of current businesses which includes a university and additional software development and BPO centres. In the first financial year ended March 31,2004, NTL recorded consolidated revenue of Rs 484.5 crore from operations. The company has also proposed a maiden dividend of 50 per cent. Dabur Pharma to allot shares today
Dabur Pharma Ltd (DPL) will begin the allotment of its shares to shareholders of the parent company, Dabur India (DIL), tomorrow, even as the drugmaker awaits a nod from Sebi for its listing. “As per the scheme of arrangement approved by the Delhi High Court, Dabur Pharma shares will be issued to DIL shareholders in the ratio of one share of DPL for every two shares held in the parent company,” Dabur spokesman Sharad Goel told UNI here. Earlier, Dabur India had fixed the record date for paying the final dividend to its shareholders as well as for issuing shares of Dabur Pharma on June 22. While DIL shareholders will receive the final dividend and Dabur Pharma shares as per the record date, there is no clarity yet on when DPL shares may be traded on the bourses.
Eveready Ind
Eveready Industries India (EVI) said today it had decided to hive off its bulk tea division and investors’ shares will be split equally between the two entities. Eveready will remain a consumer goods manufacturer, making dry cell batteries, flashlights and packaged tea, while the bulk tea business will vest in Eveready Company India Ltd, EVI added.
Britannia Ind
Britannia Industries has posted a 19.87 per cent rise in the net profit at Rs 118.8 crore for the fiscal ended March 31, 2004, compared to Rs 99.1 crore reported in the previous financial year. The board has proposed an equity dividend of Rs 11 per equity share for FY-04, subject to the shareholders approval at the annual general meeting to be held on August 17, the company informed Bombay Stock Exchange today. The board also
decided, subject to necessary approvals, to buy back up to 25 lakh equity shares of the company from the open market at a price not exceeding Rs 650 per share, resulting in a maximum outgo of Rs 76 crore.
Jindal Iron
Jindal Iron & Steel Company has posted a net profit of Rs 124.52 crore for the quarter-ended March 31, 2004 as compared to Rs 66.16 crore for the quarter-ended March 31, 2003, an increase of 88.21 per cent. Announcing the results, the company said its total income (net of excise) has increased from Rs 533.45 crore in the quarter-ended March 31, 2003, to Rs 696.35 crore in the quarter-ended March 31, 2004.
Colgate dividend
Colgate Palmolive India ltd has posted a net profit of Rs36.68 crore for the quarter-ended March, 2004, as compared to Rs 29.77 crore for the quarter-ended March 31, 2003, an increase of 23.21 per cent. Announcing the results, the company said its total income (net of excise) has decreased from Rs 251.74 crore in the MQ-03 to Rs 236.84 crore in the quarter-ended March 31, 2004. The board of directors of the company at its board meeting held today declared a first interim dividend of 15 per cent, equivalent of Rs1.50 per share for the current fiscal year — ending March 31, 2005.
— Agencies
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New Delhi, June 29
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