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Market bullish on day one of STT
Panel for restructuring public sector oil firms set up
Developing nations to gain from textile quota removal: Unctad
Pulp industry gets eco-friendly
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DD News launches commodity price ticker
Navin Chawla, Secretary, Ministry of Information and Broadcasting (left) and K. S. Sarma, CEO, Prasar Bharati (next to him), during the launch of the national commodity exchange ticker service on DD News in New Delhi on Friday.
Pepsi more popular than Coke: survey
Trai favours status quo on cable tariffs
Customs duty on polymers cut by 5 pc
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Maruti 800 sales decelerate
New Delhi/Chandigarh, October 1 A total of 43,949 units were sold during the review month over 34,543 units sold in September 2003, a company statement said. Sales of Maruti 800 dived 28 per cent at 9,730 units. But sales of compact cars — Alto, WagonR and Zen — soared 79 per cent at 21,901 units. Sales of Omni van and multi-purpose vehicle Versa posted an eight per cent rise at 5,634 units while Baleno and Esteem sedans registered a rise of 137 per cent at 2,941 units. Gypsy and sports utility vehicle Vitara sales slipped 65 per cent at 116 units. Total domestic sales grew 24 per cent at 40,322 units. Exports of the company surged by a massive 82 per cent at 3,627 units. Total cumulative (April-September 2004) sales grew by 19 per cent at 2.53 lakh units. TVS Motors
Two-wheeler maker TVS Motor Co said today its sales dipped marginally by 1.08 per cent at 1.04 lakh units in September 2004 over 1.05 lakh units in the same month last year. Total motor cycle sales declined by 8.90 per cent at 59,172 units in the month under review over 64,958 units in September 2003, a company statement said. The launch of entry-level motor cycle TVS Star in mid- October would arrest the decline caused by fall in demand for two-stroke entry-level (Max) motor cycles, it said. Moped sales declined marginally by 1.37 per cent at 22,515 units against 22,830 units. The Chennai-based firm posted a 27 per cent rise in exports at 3,319 units.
Hero Honda
India's biggest motor cycle maker Hero Honda today reported a robust 38 per cent rise in sales at 2.17 lakh units in September 2004 over 1.57 lakh units in the same month last year. September sales jumped by 13.5 per cent over 1.91 lakh units in August 2004, a company statement said. Cumulative (April-September 2004) sales surged 35.20 per cent at 12.2 lakh motorcycles from 9.05 lakh units during the year ago period.
Bajaj Auto
Bajaj Auto today reported a 15 per cent rise in its total vehicle sales for September at 1,63,942 units as against 1,42,023 units in the same month last year while its recently-launched motor cycle Discover has registered sales of about 14,000 units during the month. Two-wheeler sales during the month rose by 16 per cent at 1,40,760 as compared to 1,21,072 units in the corresponding period last year while three-wheelers grew by 11 per cent at 23,182 units (20,951 units). Exports during the month grew by 37 per cent at 17,138 units (12,495 units). Motor cycle sales grew by 32 per cent at 1,26,420 during the month against 95,680 in September 2003. —
TNS, PTI
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Market bullish on day one of STT
New Delhi, October 1 According to a government notification, the STT is to be calculated on the net settlement of equity or mutual fund units purchased or sold on a trading day. The broking community accepted the new tax as it was levied at a marginal 0.075 per cent on both sellers and buyers of equities. Both BSE Sensex and NSE Nifty were up by about 1.7 per cent on the first day of STT regime. The Budget had originally proposed a 0.15 per cent STT on all securities transactions. But after representation from the investors and broker community, Finance Minister P. Chidambaram reduced the tax for day traders and arbitraguers at 0.015 per cent and exempted bonds and debt mutual funds from it. STT was pegged at 0.01 per cent for derivative traders (seller) in futures and options. It was further clarified that purchasers and sellers of equity shares or equity mutual fund units would have to pay STT at 0.075 per cent each if the contract is settled by actual delivery or transfer of shares. If the shares or MF units are not settled by actual delivery or transfer of shares, the seller would have to pay STT at 0.015 per cent. Sale of an equity mutual fund would also attract STT at 0.15 per cent for the seller. — PTI
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Panel for restructuring public sector oil firms set up
New Delhi, October 1 The Advisory Committee on Synergy in Energy will be headed by National Advisory Council member V. Krishnamurthy and would look at options of merging two or more companies to create oil behemoths that have financial capabilities to match the Chinese firms in the international arena. Talking to reporters, he said, “I have been concerned over the fact that there is a great deal of destructive competition among our public sector companies. There is too much recourse to the Ministry for arbitrating disputes between the CEOs. There is little coordination and virtually no pooling of the collective strength for securing energy security.” Mr Aiyar, who has held about 20 internal sessions with bureaucrats, industry officials, oil experts and editors, said the committee would give its recommendations in two months. “While our oil navratnas and mini-ratnas are strong financial entities in India, their individual strengths in the global financial market is somewhat limited even in comparison to developing countries like China,” he said. The panel includes Mr G. K. Arora, former disinvestment commission chairman G. V. Ramakrishna, former adviser to Finance Minister Vijay Kelkar, former ONGC chairman B. C. Bora and former BPCL chairman U. Sunderajan. “With a view to attain the twin objective of a strong and efficient public sector as well as energy security for the nation, I have been talking to all the stakeholders and other interested parties trying to establish the best way for security and synergy in energy,” he said.
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Developing nations to gain from textile quota removal: Unctad
New Delhi, October 1 According to a note by the Unctad Secretariat on the implications of MFA termination on December 31, 2004, developing countries with a comparative advantage in the sector should see their production and exports increase in a post-ATC world, and in developed countries, lower prices for clothing would mean that consumers should be big gainers. Such forecast are made on the premise that major developed countries will avoid filling the ATC void with a barrage of new barriers. Should they refrain from such trade distortions, developing country firms that respond to market demands, move up the value chain, and capture niche markets are poised to reap substantial gains in a post- ATC world. Officials in the Commerce Ministry said some countries and segments of the industry are likely to experience some level of dislocation and therefore would require assistance with post-ATC adjustment. However, the post-ATC picture needs to be seen in proper perspective as there are several factors and assumptions that come into play in determining the extent, type and scope of the post-ATC impact.
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Fire extinguisher sales go up
Chandigarh, October 1 “We are currently working to the full capacity and do not have time to take more orders,” says Mr Vikram Shah, properitor, Vaishali Fire Systems, Mumbai. Echoing similar sentiments, Mr K.V. Salvi of Krunal Engineering, Mumbai, who manufactures product under the brand name Fireteks, says that the orders are pouring in constantly, especially for the 5-kg capacity fire extinguishers. “There has been a 20 per cent rise in our sales,” he says. The reason is not hard to see. After the Kumbakonam fire tragedy, there has been a government directive to install fire extinguishers at schools, hotels, marriage places and other places of public gathering in Chandigarh, Punjab and adjoining areas. Fire extinguishers, whose prices vary between Rs 1,500 and Rs 4,000 for a 5-kg product depending upon the company, are selling like hot cakes and vendors in Chandigarh, who source the products from Western India say that sales have risen dramatically within the last two months or so. “Earlier, we hardly used to sell 10 fire extinguishers a month and now the average is nearly 100 pieces,” says Mr Ajaib Singh, a vendor. Mr Raj Kumar Jamwal, an executive with the Ceasefire brand of fire extinguishers, says that Chandigarh branch now earns nearly more than 20 per cent what it used to during the pre-Kumbakonam days. Schools, on an average, are placing orders worth Rs 50,000 each. However, Mr Balbir Chand Goel, a local vendor, rues that some schools are more bothered about getting a no objection certificate from the fire department than actually going for a quality product. “Sales has undoubtedly increased but fire extinguishers are merely serving as wall hangings to obtain NOCs,” he rues.
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Pulp industry gets eco-friendly
New Delhi, October 1 A majority of CEOs of various mills, who had gathered in the Capital yesterday for the presentation of the Five Leaves Award, appreciated the suggestions made by the CSE to help them become less “environmentally devastating”, but asked for ground realities of the complex problem to be also kept in mind. The sector, they said, was suffering environmentally due to bad technologies and policies that had been forced upon it. The ratings, released by the CSE under its Green Rating Project, by former President K.R. Narayanan showed a marked improvement in the environment performance of the participating mills. However, out of the highest five leaves that a company could earn for being the greenest best, only six mills could manage three leaves. The rest of the 28 participants had to be content with two leaves and one leaf based on various parameters evolved by the CSE to come up with environmental balance sheets of the companies. Leaders, who can change the fortune of the pulp and paper industry in the country participated in the CSE, seconded such efforts. The ratings, CSE’s Director Sunita Narain said, benchmark the present and point towards the future. The ITC Ltd Bhadrachalam unit was voted the greenest, followed by J.K. Paper Mills of Raygada in Orissa and Bilt Graphics in Maharashtra.
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DD News launches commodity price ticker
New Delhi, October 1 Secretary, Information and Broadcasting Ministry Navin Chawla, who launched the National Commodity Exchange ticker service on the channel, said it was a major step forward which would greatly benefit the farmers. Prasar Bharati CEO K S Sarma said the service would usher in a revolution in the countryside as, at present some channels only display bullion and metal prices. The service was launched as part of an agreement between Prasar Bharati and the National Commodities and Derivaties Exchange of India (NCDEX), whose chief Ravi Kumar, said no financial aspect was involved in the deal. — PTI
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Pepsi more popular than Coke: survey
New Delhi, October 1 Pepsi was ranked first in the brand recall survey of the top 200 individual brands in the country with 5 per cent aggregate preference while Coke lagged behind at the ninth position with three percentage points. Across vehicle ownership, luxury car owners preferred Pepsi rather than Coke but mid-size car owners liked Coke over Pepsi. —
PTI
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Trai favours status quo on cable tariffs
New Delhi, October1 Apparently aware of the controversy which surrounded CAS as well as coming up of new technologies like DTH and broadband, it said the state governments and local stakeholders need be consulted before transition to any new system. On the issue of pricing, Trai favoured maintaining the Rs 72 per month package for the basic service tier, which comprises free-to-air channels, till new rates are decided upon. It said no changes should be affected and the freeze should continue as per the rates prevailing on December 26, 2003. “The ceiling shall be reviewed from time to time to make adjustments for inflation,” Trai chairman Pradip Baijal said, adding that tariffs are expected to go up from December 26 this year after a one-year review. On the issue of new pay channels introduced after this cut-off date and the free-to-air channels converting to pay thereafter, Trai asked the broadcasters to furnish information in respect of charges for these channels as per a prescribed format. “After reviewing the information, the Authority would intervene in the matter, if necessary,” it said. Trai said to maintain the sanctity of the ceiling, it was decided that pay channels launched after December 26, 2003, should not be allowed to become part of bouquet of channels being provided on that date. “A similar rule would apply for those channels that were free-to-air and later convert to pay. It is expected that this would give choice to the operators,” it said. —
PTI
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Customs duty on polymers cut by 5 pc
New Delhi, October 1 A Central Board of Excise and Customs notification said the customs duty has been reduced on polymers from 20 to 15 per cent, on naptha from 10 to 5 per cent and PVC from 15 to 10 per cent. “With a view to control inflationary impact on polymer prices and provide this basic raw material to domestic industry at a reasonable price, the government has decided to reduce customs duty on specified bulk polymers and their inputs and feed stocks by 5 percentage points,” it said.
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