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Two more A-I flights to Los Angeles
Bulls ride into the new Samvat year
Dutch body to aid textiles sector
Bank policy hits rice shellers
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Microsoft CEO to visit Hyderabad
Firms may cut oil rates tomorrow
Aviation Notes
Investor guidance
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Two more A-I flights to Los Angeles by December
New Delhi, November 13 From 10 flights a week — seven to New York and three to Chicago in November 2002, it has marked a 150 per cent jump with 23 flights a week now — seven to New York, the same number to Newark, six to Chicago and three to Los Angeles. By next month, it will add two more flights to Los Angeles via Frankfurt. “We plan to have a daily flight to these four US destinations by April 5,” said an airline director. A-I currently flies to New York and Chicago via London, to Newark via Paris and to Los Angeles via Frankfurt. The international carrier operates Boeing 747-400s on the US sector. On the London route, A-I flies 18 flights a week — 14 from Mumbai, three from Ahmedabad and one from New Delhi. It is planning to lease two Boeing 777s for induction on this route, taking its total fleet size to 37. “The flights to US destinations via London has improved A-I’s product profile,” the official said. “It is a high-density, long-haul sector with the average load factor hovering above 80 per cent.” By May 5, the airline plans to add new destinations in the USA. A-I is emboldened by the seriousness with which the government is looking at its aircraft acquisition plan, which seeks to double its aircraft strength in the next two years. Due to the acquisition plan under way, the average age of the fleet is also expected to stabilise around five to six years by the year 2006-07. At present, the average age of the fleet is 12 to 15 years. Airline officials say negotiations are currently on for leasing 17 medium capacity long-range (MCLR) aircraft which could be a combination of A-330, A-340 and B-777 planes. Besides, it plans to lease 13 ultra long-range (ULR) aircraft. All new planes will be equipped with modern inflight entertainment systems. As and when the airline gets new planes, the older ones will be phased out. As far as route expansion is concerned, six more flights a week to Britain and four to Canada are expected to be pressed into service. A-I currently has two terminator flights to London. It has already started talks for slots for six new flights to Europe. New destinations in Britain could include Manchester and Birmingham with large Indian population.
— UNI
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Bulls ride into the new Samvat year
Mumbai, November 13 “FII investments look healthy and should continue to look up in the coming months,” says Abhay Shah, a stock market operator. However, a fall in the short-term is expected as traders book profits when the bourse opens on Tuesday. On Friday, during Muhurat trading, the Sensex moved up 1.23 per cent to cross the 6000 mark before falling slightly to end at 5,964 points — a 39-week high. The Sensex had spurted past the magic 6,000 mark to close at 6,041.36 points in February last but suffered a severe meltdown after the National Democratic Alliance government’s defeat in last May’s Lok Sabha elections. The volume of business on the BSE and the NSE during Friday’s trading was relatively low at Rs 7,106 crore and Rs 16,215 crore, respectively, as against last week’s turnover of Rs 8,643 crore and Rs 20,019 crore, respectively. Analysts are riding high on reports of industry displaying a growth of 7.9 pc during the first half of the current fiscal. According to the Securities and Exchange Board of India (Sebi), 625 FIIs have collectively invested a little more than $ 6 billion till end-October during the current year. Observers say the real joker in the pack is the global oil prices.
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Dutch body to aid textiles sector
Ludhiana, November 13 As per the MoU, the NMCP would work at institutional co-operational level with the Textiles Committee, which comes under the Ministry of Textiles, and share its expertise with the Indian textile industry. “It is a part of our endeavour to implement the Cluster Development Programme and make expert services available to the industry. As a result of this agreement, small and medium enterprises will get services of experts who will not charge for their services. The Dutch government will bear the cost of their international travel. Local enterprises will have to take care only of the local logistics within the country,” a spokesperson of Textiles Committee informed. This assumes special significance for the textiles industry, which is preparing to face global competition in the post quota era. He said in view of limitations of small enterprises to directly approach the NMCP the Textiles Committee decided to facilitate the process of filing applications and arranging the visits of experts to the beneficiary units. The NMCP has several experts who have core competence in the area of textiles and clothing, including processing and manufacturing. The experts may revisit the companies after six months or so. Each such programme would last two to three weeks. Training in Netherlands would also be arranged, if required.
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Bank policy hits rice shellers
Chandigarh, November 13 As many as 700 new rice shellers 40 rice bran processing units have come up in Punjab in the past one year or so. This follows the policy of banks to finance the setting up of such units. The total number of shelling units has gone up to 3500, leading to an adverse effect on the sector. Feeling upset over the " irrational" approach of the banks in this regard, Mr Sanjeev Nagal, convener of the Agricultural Reforms Panel of the CII (Punjab region), told The Tribune today that before the addition of new units, the capacity utilisation of earlier rice shellers was below 50 per cent. With the new units coming up, it had gone down to 33 per cent. He said that no unit could be viable by operating at a 33 per cent capacity utilisation. He said most of the rice mills would only be operating for four months in a year. “Most of the rice units would become sick because of the capacity utilisation factor,” said Mr
Nagpal. “Banks should first study the viability factor before going for financing any industry,” he added. The way banks have financed the setting up of new rice mills and rice bran processing units, it would also hit the boiler industry, and cattle feed industry, oil refining units down the line, he added. Husk was used as raw material in the boiler industry and it would be available only for limited period of four months.
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Microsoft CEO to visit Hyderabad
Hyderabad, November 13 Coming up on a 42-acre site, the Microsoft India Development Centre (MIDC) will house about 3,000 staffers when all its phases are completed, official sources said here today. Apart from inaugurating the first phase of the campus, Ballmer will lay the foundation for the second phase of the project. At present, Microsoft is running its operations from a rented facility. It became operational in 1998 and has been playing a key role in developing products and services for a string of strategic areas like .net platform and Windows and Enterprise Storage. During his daylong visit, the CEO is likely to have a one-on-one meeting with Andhra Pradesh Chief Minister YS Rajasekhar Reddy. — PTI
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Firms may cut oil rates tomorrow
New Delhi, November 13 Highly-placed sources said prices since the last revision on November 4 had declined between $1 and $3 of various products. Crude prices in international markets are ruling 15 per cent lower against a peak of over $ 55 in October. In the case of petrol and diesel, the fall of more than $1, translates into a reduction of around Re 1 in terms of retail prices. — UNI
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Move to convert Safdarjung Airport into green belt
by K.R. Wadhwaney There is a move from the Urban Development Ministry to convert Safdarjung Airport, a 180-acre land, into a green belt and landscaped garden. The airport, where flying began decades ago, has been lying unused as it is located in the vicinity of VVIP bungalows. The Delhi Flying Club, which has produced many renowned pilots, has been shifted to Hisar where flying, in essentiality, is stagnating. The airport is equipped with precious machinery and gadgets. It is an ideal strip for pilots to undergo training as India needs competent pilots. Those connected with aviation, are of the view that the airport should be rendered operational for training purposes. Currently, some VVIP flights operate from this airport. There have been instances when Prime Minister Manmohan Singh has flown from here to Indira Gandhi International Airport so that traffic jams in he city are avoided. There is, however, a proposal to construct a helipad within the PM’s official residence at 7, Race Road. The aviation diehards, however, feel that it will be easier to shift some VVIP bungalows instead of shifting the airport. They argue that it should be further developed to enhance flying facilities, which has declined considerably. Private airlines While Indian civil aviation is passing through a critical phase, private airlines may get the government’s approval to fly on several international routes, except Gulf. No one objects if private carriers get the rights for additional global flights. But, while extending this facility to private operators, the government should consider the needs of the two national carriers. The open-sky policy should benefit all and not a few operators. The Naresh Chandra Committee, in, its second report, has suggested clipping of the wings of the Airports Authority of India (AAI). It suggests that large airports should be managed by corporate entities and revenue generated through these airports should be utilised for upgrading small airports which, according to seasoned aviators, are no more than ‘barren strips’ or, at best, air-fields instead of airports. Whatever may be the committee’s findings and recommendations, it will take years before they are implemented.
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A slick trick on US-64 investors
by A.N. Shanbhag Q: I had bought some US-64 units in May 2000 @ Rs 14.85 per unit. In June 2003, the UTI adjusted the aforesaid US-64 units @ Rs. 12 per unit. Thereby, I sustained heavy long-term capital loss. Can I calculate by indexation capital loss so sustained by me and show this loss as a carry forward for future adjustment against any future long-term capital gain? — Rahul Singh A: The authorities have played a slick trick on the investors in US-64. FA03 replaced Sec. 10(33) exempting any income arising from transfer of US-64 units on or after the April 1, 2002. The retail investor, by and large, gets happy when he hears the word ‘exemption’, without realising that if the gain is tax-free, the loss is also tax-free. In other words, the loss arising from US-64 cannot be setoff. I am under the impression that there is hardly anyone who has earned long-term gains on US-64. No Rs 2-lakh bar
Q: I have a query regarding
SCSS. The GPO here says that they will only accept deposits of up to Rs 2 lakh per month, in the same number. And so we have to open a new account each month, and deposit Rs 2 lakh only, per month. 1. Is there any way around it? 2. More importantly, is there any risk involved in this opening of multiple accounts, one each month in the same name. — K R D Prasad A: There is no such rule stating that they can only accept deposits up to Rs 2 lakh per month. You have to be firm with the officials concerned. If not agreeable, draw the attention of the Small Savings Commissioner to this atrocity.
Senior citizens
Q: I am a retired woman government employee and after retirement at the age of 60 years, I deposited all my settlement proceeds within 10 days in RGESS (Retired Govt. Employees Saving Scheme) of 1989 in SBI and am running my house with the meagre interest paid every six months. However, I received a letter from the SBI that the RGESS is closed and no interest will be paid. Money is still with the
SBI, and copies of all my settlement papers are also with the bank. This SBI branch also operates PPF of other persons. Now you have written that public sector banks will also operate the new SCSS scheme of August 2, 2004.Kindly advice if my SBI branch, which is holding my money in the RGESS of 1989 scheme can open new account of SCSS of 2004 as all my settlement papers are with them. I am an old lady and it is not possible to go to the post office for opening this new SCSS account and produce all old settlement papers again which are already with the
SBI. I am already having an MIS account of small amount with the post office and have a very bad experience of their service. I wish our Finance Minister Mr P. Chidambaram should have continued RGESS Scheme of 1989 instead of closing it and putting hundreds and thousands of old women, who are retired employees, in trouble of searching and producing old settlement papers for the SCSS scheme. — Mira G. Bhatia A: On July 9, 2004, one day after the presentation of the Budget-04, the 6.5 per cent RBI tax-free bonds were discontinued and so was the RGESS. Those who have already invested and their term of five years is not yet over (three years in the case of RGESS), continue to get the benefit of the old rate. I am afraid that the same is the case for you, unless the term is over. The SBI might have just informed you about the discontinuance of the scheme to allow you plan for reinvestment of the proceeds of the proceeds of RGESS at its normal maturity. Kindly enquire from the bank. As regards the opening of Senior Citizens Scheme with the bank, it is possible to do so only after the bank has its related procedure in place. It might take about a fortnight more to open the window for the scheme.
Section 88
Q: What exactly is the working of the rebate u/s Sec 88 under the head Mutual Fund. — Ankur Sharma A: Sec. 88(2xiiib) gives rebate on subscription, up to Rs. 10,000, within the overall limit of Rs. 70,000, to any units of any MF notified under Sec. 10(23D) under any notified plan. Sec. 88(2xvii) also offers the rebate on subscription to any units of any MF notified u/s 10(23D) and approved by the Board on an application made by such mutual fund in the prescribed form. The approval can be obtained only in case the funds are invested in equities of new infrastructure companies.
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