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Oil floats slightly below $-50 mark
Reliance thermal plant at Yamunanagar soon
ONGC profit takes a plunge
Govt shortlisting advisers to synergise BSNL, MTNL
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PHD chamber for HRD strategy in Himachal
IMF bullish on Indian economy
Offset locational disadvantage, urges CII
Revised BPO taxation circular issued
Rs 9,000-cr govt aid to clean IDBI books
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Oil floats slightly below $-50 mark
London, September 29 The price of Brent North Sea crude oil for delivery in November fell 37 cents to $ 46.08 a barrel in late morning in London. On the New York Mercantile Exchange, the price of light sweet crude for November delivery dropped 29 cents to $ 49.61 a barrel in pre-opening electronic trading. Oil prices hit an all-time peak of $ 46.80 in London yesterday and $ 50.47 in New York after a separatist outfit in Nigeria threatened to attack international oil facilities and personnel in the Niger Delta region. However, the head of the Niger Delta People’s Volunteer Force, Mujahid Dokubo Asari, told AFP by satellite telephone that he had been invited to meet President Olusegun Obasanjo in Abuja. “Prices are lower on the fact that the Nigerian rebel leader is to have some talks with the president,” said Lee Elliott, a trader with GNI-Man Financial. Shell had yesterday announced that it had been forced to shut down one of its flow stations in Nigeria, but along with Italy’s Agip and Total of France, the company played down any real threat to its output of 2.3 million barrels per day in the African country.
Opec assurance
Prices began retreating after Opec kingpin Saudi Arabia undertook to increase oil production capacity by 1.5 million barrels per day (bpd) to 11 million within weeks. Opec can increase oil output by a further 1.5 to two million barrels a day to help ease pressure on the market but current high prices are not related to market fundamentals, the organisation’s president said today. “Opec is capable of bringing a further 1.5 to two million barrels per day of production to the market, if required, and in fact, some of our members have already taken steps to ensure that the market remains well supplied,” Purnomo Yusgiantoro said here. He said the cartel has been addressing problems associated with supply and demand and will continue to do so.
Re slips
The rupee ruled weaker against the US dollar at 46.16/17 in morning trade today, extending its overnight losses by another five paise as oil refining companies continued their dollar buying on the back of record crude oil prices. Resuming on a bearish note at 46.13/15, the domestic currency fell further as trading progressed, weighed down by the rising prices of crude oil, the country’s biggest import item, a dealer at the Development Dredit Bank said. Other importers also bought dollar heavily on month-end consideration and ahead of Thursday’s bank holiday on account of half-yearly-account close, he added. The Reserve Bank of India today fixed the reference rate for the US currency at Rs 46.1600 per dollar. The rupee snapped a two-sessions losing streak against the US
dollar and ended 11-paise stronger at 46.00/02 today on improved export dollar sales.
— Agencies
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Reliance thermal plant at Yamunanagar soon
Panipat, September 29 Mr Chautala admitted that the industrialists of the state were facing power shortage but at the same time he said the INLD government was leaving no stone unturned to provide as much power as it can to the people of Haryana. He said the Yamunanagar thermal plant would be built within a stipulated time as seventh unit of Tau Devi Lal Thermal Plant at Panipat had been built in a record time. INLD MP said the seventh and eight units of Devi Lal thermal plants would start producing power by the end of this year with which there would be no power shortage in the state and the people would get uninterrupted and regular power supply thereafter. Mr Chautala said he would bring the matter to the notice of the CM regarding the problems being faced by the rice-millers of the area. Earlier, the president of the PHDCCI, Mr Ravi Wig, secretary general BP Dhaka, Indian Oil Corporation GM K Govindarajan and President of Haryana Chamber of Commerce and Industry spoke on various industry-related issues.
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ONGC profit takes a plunge
New Delhi, September 29 However, the company would be paying a total dividend of Rs 3,422 crore for the last financial year, which is the highest being paid for the fiscal by any company in India. The company’s annual turnover has also declined from Rs 35,387 crore in 2002-03 to Rs 32,927 crore in 2003-04. Addressing a press conference after the annual general meeting of the company, Mr Subir Saha, CMD, ONGC, said: “The net profit has come down as the company had to pay Rs 2690 crore cash subsidy to the oil marketing companies on the directions of the government. Otherwise, our performance has improved.” He announced that ONGC would invest Rs 18,841 crore to ramp up its domestic crude oil production to 28-29 million tonnes by 2007. The company also said it would made six commercial discoveries in the last fiscal with two each in Assam and Andhra Pradesh, one in Rajasthan and one offshore discovery in Godavari basin. “By the end of the Tenth Plan, our crude oil production will see an increase of 20 per cent to 28-29 million tonnes,” he said adding that ONGC produced 26.07 million metric tonnes of crude oil and 25.70 billion cubic metres of natural gas in the last fiscal. He said the company would be investing Rs 18,814 crore by 2007. The oil and gas reserve of the country will last for only 18 to 20 years and only 30 per cent of the demand was currently being met, Oil and Natural Gas Corporation Director (Exploration) Dr Yogesh B. Sinha said at Khajuraho, Madhya Pradesh. “It is a matter of serious concern on how to increase our oil production to meet the growing annual demand,” Mr Sinha, a patron of petroleum geoscientists association said. Mr Sinha said the geoscientists were endeavouring to develop new methods for tapping non- conventional energy. A pilot project had been prepared with the Coal India for churning gas by burning coal, he said.
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Govt shortlisting advisers to synergise BSNL, MTNL
New Delhi, September 29 “We had called people to show interest to advise us in mergers and synergies. We have just got the letters of interest from them. A committee which is looking into it which will formalise it and identify the advisers. We will shortly shortlist them,” Minister of IT and Communication Dayanidhi Maran told newspersons here today on the sidelines of a conference organised by Microsoft India. Mr Maran, however, did not divulge the names of the firms that had applied. “Every eligible person, who is fit to advise,” was the cryptic answer of Mr Maran. Earlier this month, the minister had said the government was looking at possibilities to synergise the operations of BSNL and MTNL. Meanwhile, Microsoft Corp today unveiled Windows XP Starter Edition with a Hindi interface, designed for first-time home PC users. The offering, fully localised in Hindi, will be available in five more languages over the next few months and 14 languages will be covered in the next two years.
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PHD chamber for HRD strategy in Himachal
Shimla, September 29 It wants the state government to identify critical gaps in skilled manpower requirement of the new industries and evolve a strategy for human resource development Coming out with a number of suggestions on various issues which, it feels, should be addressed while framing the new industry policy, it underlined the need to formulate a perspective infrastructure development plan focussing on power, roads, telecom, industrial parks and expert promotion zones. For the development of specific sectors, it suggested the setting up of a special task force to identify problems of each industry, and crucial areas like tourism, hydro power and horticulture and formulate an action plan to enhance their competitiveness. The government should declare tourism and hotels and hydro power as thrust industries. Such units should be allowed higher moratorium period, lower debt equity ratio to become financially viable projects. Looking at the huge potential for attracting new investments, as a result of the union package of incentives, it suggested that a separate legislative framework be formulated to make the existing single window clearance authority a statutory status. Further, value added tax should be implemented for rationalisation from April 1,2005. With regard to infrastructure development, it stressed that existing industrial areas should be given high priority for upgradation and maintenance for which it suggested that special purpose vehicles be floated. A survey of all industrial estates be undertaken to list out of availability of various facilities and steps to remove deficiencies wherever noticed. The new industries which are coming up in the area need good social infrastructure including housing and medical facilities. Other suggestions included simplification of land conversion procedures to grant permission to non-operational units for offering their premises on rent or lease to new investors, prevision for special recognition to units exporting more then 50 percent of the production and setting up a nodal authority at the state level to coordinate the efforts towards promotion of exports. Besides, the harassment faced by industries due to truck unions should also be addressed in the new industrial policy.
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IMF bullish on Indian economy
Washington, September 29 “India’s GDP is projected to grow at 6.4 per cent in 2004 underpinned by the global expansion and supportive monetary conditions although unfavourable patterns in this year’s monsoon are raising concerns about agriculture growth”, the report said. The International Monetary Fund (IMF), in its annual World Economic Outlook released here, said current projections for 2005 was 6.7 per cent. The funding body, however, cautioned India against run-away expenditure without adequate revenue and called for pushing up farm and trade reforms. The newly-elected UPA coalition, it noted, “intends to effect ambitious fiscal adjustment to balance the current budget by 2009 (targeting annual adjustment of at least 1/3 per cent of GDP in the overall Central Government balance).” The government also proposed increased expenditure in priority areas including health, education and infrastructure investment, the IMF said.
WB hails India
The World Bank has said that despite facing various “difficulties”, India has been able to grow fast and reduce poverty in the financial year 2004. Though countries like India, China and Uganda had many roadblocks, they overcame these problems and increased their rate of growth. “Poverty was reduced through reforms in India, though there is still much to be accomplished,” Francois Bourgiognon, Senior Vice-President and chief economist of the World Bank and Warrick Smith, lead author of World Development Report 2005, told reporters here yesterday.
— PTI
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Offset locational disadvantage, urges CII
Chandigarh, September 29 The imperatives also urge the development of existing clusters and the formation of new ones, to enable industrial units to share learning and benefit from economies of scale. The imperatives have been presented to the Punjab Government, said Mr
Bagrodia. Detailing the imperatives, CII suggests the high transportation costs of imported raw material and goods for export market need to be offset by implementing policies. Further, to provide for adequate and reliable power, additional generating capacities need to be added during the 10th Five-Year Plan. CII has also stressed the urgency of providing cost-effective infrastructure support, especially when neighbouring states such as Himachal and J & K are offering lucrative incentives to industry. Physical infrastructure such as roads, telecom, power, airports and industrial parks, along with suitable social infrastructure would catalyse economic development.
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Revised BPO taxation circular issued
New Delhi, September 29 The draft of the revised circular was issued on August 10, which has now been given a final shape after receiving feedback from the industry and tax professionals. As per the revised circular, the profits attributable to an Indian entity constituting the permanent establishment (PE) of the non-resident or foreign entity would be determined on the basis of arm’s length principle.
— UNI
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Rs 9,000-cr govt aid to clean IDBI books
New Delhi, September 29 The money will be invested in non-interest bearing special securities of 20 year maturity with call option, a Finance Ministry statement said here. However, the transaction is budget neutral for the government, it said. The amount realised by SASF on the recovery of dues will be paid to the government annually. The government would redeem bonds of an equivalent amount, thus leaving IDBI with equivalent amounts of cash. With the cleaning up of IDBI’s books, the net non-performing assets position of IDBI is expected to improve leading to better credit rating and consequent ability to excess lower cost funds in the domestic and foreign markets to enable IDBI to compete aggressively for business.
— UNI
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