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High prices fail to rob gold of shine
ONGC begins deep water exploration
Chidambaram refuses JPC probe into
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Tata Steel hikes prices
A girl holds a Simputer, a low cost hand device developed by Encore Software, at a press conference in Bangalore on Wednesday. — PTI
photo
Microsoft to open research facility in India
Dabur to set foot in Pakistan
Emerald isles to boost eco-tourism
ADC to be cut: Trai
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High prices fail to rob gold of shine
New Delhi, December 1 The industry experts have claimed that sale of gold jewellery in North India’s market, both in the rural areas and towns like Ludhiana, Amritsar, Chandigarh, Gurgaon and Delhi, has been substantially higher this year as compared to sales during previous year. Encouraged by the booming economy, the Indian customers have rather spent 28 per cent more money during first nine months of this fiscal as against the amount spent during corresponding period last year, claims the latest statistics released by the World Gold Council. The rise in the share market, end of three-year long drought this year coupled by fast growth in manufacturing and service sectors have also fuelled the demand for yellow metal. Marketing campaigns of the organised gold sellers have also helped the market to grow. Commenting on the increase in sales in Indian market, Mr Sanjeev Agarwal, Managing Director, Indian Sub Continent, World Gold Council, said: “The gentle upward trend in the price during the quarter does not seem to have deterred jewellery purchases in India. Our reports from main consuming market centres indicate that buyers are not only accustomed to prices in excess of $ 400 per ounce but also that they are prepared for possible further price rises.” He said though the demand for gold jewellery may be marginally affected in November-December due to sharp rise in gold prices, but the year-on-year growth rate will not be affected much. Interestingly, rise in gold prices have also encouraged investors to invest in the metal, who are hopeful of further strengthening the gold prices. It is pertinent to note that the gold prices have increased from about Rs 4,800 per tola in 2002 to around Rs 5,500 next year, and over Rs 6,700 per 10 gram this week. The total sales of gold, excluding exchange of old jewellery, is expected to rise from about Rs 3,000 crore to over Rs 5,000 crore this year. In India, states the World Gold Council, the net retail investment in gold has increased by 10 per cent in volume terms and by 21 per cent in dollar terms during July-September 2004, as against the corresponding period during last year. The rise in oil prices and increasing inflation has also fuelled investment in the gold, said another market analyst.
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ONGC begins deep water exploration
Mumbai, December 1 Under the $ 215.35 million contract, one million tonnes of low-sulphur crude oil and six billion cubic metres of natural gas in G1-GS15 field located 28 km offshore in the Krishna-Godavari basin would be recovered. The reserves are located in depths ranging from 155-500 metres, according to the company. The contract is for the expected life of the field of 15 years, it said. Five production wells would be drilled with sub-sea completions and the well-fluids would be transported by dual sub-sea pipelines rising from water depths of 429 metres to the processing facilities onshore. ONGC Chairman Subir Raha said the investment was not viable under the prevailing controlled pricing of natural gas, and the board has approved the decision on the understanding that the output gas would be sold at market rates.
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Chidambaram refuses JPC probe into GTB collapse
New Delhi, December 1 Replying to a Calling Attention Motion, he said the government "will not sit idle but a criminal case will be registered against any employee responsible (for financial mismanagement) before the month is out". "There is no need for a JPC probe. If I fail (to punish the guilty), then only will the question of a JPC probe arise. Complete action will be taken. Nobody is being soft to anyone indulging in the criminal act." The Finance Minister said the bank (GTB) did not collapse suddenly and the poor financial health of the bank had come to the notice of the RBI during the performance review of the bank during July-October 2002. Subsequent to this, the RBI had taken some action to help revive the bank and an opportunity to the GTB management was given to mobilise additional capital. It is only when these efforts did not elicit the desired results, the bank was placed under a moratorium on recommendations of the RBI. Mr Chidambaram was responding to the charges made by leaders of the Left parties, particularly Gurudas Dasgupta and C K Chandrappan (both CPI) and Mr Basudeb Acharia (CPM), that the RBI had failed to take corrective measures in respect of GTB. They demanded that a JPC be constituted to look into the whole matter that they said was a case of corruption.
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Reliance to invest Rs 1,000 cr in WB
Kolkata, December 1 He was speaking at the third annul conference of Infocom 2004 here today, organised by Nasscom and Business World. It was attended among others by the country's several top IT barons, including managing director of Infosys Nandan Nilekani, IBM's Sankar Annaswami, Nasscom chairman Kiron Karnik, ONGC's Subir Raha and Josef Dafi of PricewaterHouse Coopers. Though Mukesh refused to make any comment on his differences with brother Anil, his aides, accompanying him, indicated to media persons that their differences had been resolved and the two brothers would work together as they had been doing in the past. Incidentally, referring to his relations with Anil, Mukhesh remarked at a function in Mumbai yesterday that nothing was thicker than the blood relations. The RIL Chairman announced in Kolkata that Reliance Infocom would be developed in West Bengal with a larger investment but he wanted that a congenial industrial climate be created in the state for drawing more investment. The RIL chairman said RIL would invest Rs 1,000 crore for the development of infocom in the state, which would provide jobs to some 2,500 educated youths immediately. He announced that a technology institute would also be set up in Kolkata in the name of Dhirubhai Ambani.
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Tata Steel hikes prices
New Delhi, December 1 "The price hike of Rs 500 per tonne has been effected due to sudden increase in freight charges by the Indian railways which is likely to hit the input costs of steel," a Tisco spokesman said. Tata Steel Managing Director B. Muthuraman had recently said that Tisco might consider revision of its earlier cap on any price increase till March 2005. The freight hike announced on November 25 had pushed up the transportation costs of companies by Rs 200-300 per tonne. The Railways increased freight rates by up to 7.7 per cent. The steepest hike of 7.7 per cent has been in the freight rates of coal, iron ore and manganese ore, essential ingredients of the steel industry.
— UNI
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Encore ‘Simputer source’ code opened up
Bangalore, December 1 Not anymore, if Encore Software's new initiatives succeed. While targeting the retail market in a big way is still some distance away, the company's Founder Chairman and CEO Vinay Deshpande stated today that sales of 50,000 units and upwards were possible this year, with several big orders both within India and abroad in the offing. The company is throwing open the product's source codes and hardware specifications to the open source community at large, with the intention of generating more applications. It will be available on their website, and every delegate at the Linux open source conference which began here in Bangalore will get a free copy on disc. The disc also includes a 'simpulator' that will simulate the working of the simputer on desktop, in order to make developing and testing applications easier. "The idea now is to generate more solutions, better the software through peer review, and enable greater control over the product for the customer," said Samyeer Metrani, General Manager.
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Microsoft to open research facility in India
Seattle, December 1 The latest Microsoft Research campus will open in January 2005, the Redmond, Washington-based software giant said yesterday. Researchers in India will focus on ways to create, store and search information in multiple languages as well as technology for use in emerging markets and other specialties. Microsoft already operates research campuses in Beijing, Cambridge, England, Redmond, San Francisco and the Silicon Valley. The company decided to add an Indian campus to take advantage of promising computer science students coming out of universities there, said Mr Rick Rashid, a vice-president in charge of Microsoft Research. The company hopes to hire many researchers over the next year, he said.
— AP
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Dabur to set foot in Pakistan
Chandigarh, December 1 “Ayurvedic products will be the fulcrum of our ventures abroad,” he said. With the Pakistani Government having given its nod to set up the subsidiary marketing venture there, the products would be available to the consumers at a cheaper rates. Earlier, the same were being exported through Dubai. Mr Duggal said Dabur India will also set up an export-oriented unit (EoU) in 2006-2007 and invest Rs 230 crore as part of its strategy to become a Rs 2,000 crore company in the next two years. The company will also sign a distribution joint venture in Russia and set up subsidiary group companies in other Commonwealth of Independent States. While the plant at Nigeria would be expanded, a third plant would be set up in Dubai to capture the markets there. On the domestic front, the manufacturing facility at Baddi would be expanded and nearly 20 products would be manufactured from this unit, including toothpastes and Glucose, said Mr Duggal. The company has registered growth of 19 per cent during the first six months against 13 per cent last year.
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Emerald isles to boost eco-tourism
New Delhi, December 1 Talking to The Tribune on the sidelines of deliberations on the conservation of biodiversity in the islands, Lieut-Governor of the Andaman and Nicobar Islands, Prof Ram Kapse, said the local administration had taken several steps to boost eco-tourism in the emerald islands. From January, regular chartered flights would operate between Bangkok and Port Blair. He said efforts were also on to extend the apex fare facility for airline travellers in this sector. Professor Kapse said all these were a part of efforts to provide employment opportunities for the local population, keeping in mind the ban on tree-felling and stone and sand quarrying in the islands "Development and economical needs of the 3.54 lakh population have to be catered to with an equal emphasis on protecting the unique terrestrial and marine biodiversity of the islands. With 81 per cent literacy rate, the younger lot definitely wants more and better opportunities. As much as 87 per cent of the land is under the forest cover. Eco-tourism would necessarily translate in greater employment opportunities without distorting the existing ecological equilibrium," he added. The Space Applications Centre at Ahmedabad, has mapped the rich coral reef, on the basis of which navigation routes and fisheries would be planned.
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ADC to be cut: Trai
New Delhi, December 1 "We will reduce ADC. We are submitting recommendations next week," he said. ADC is a payment made by private telecom operators to BSNL for undertaking rural telephony. At present, the private players pay Rs 5000 crore per annum as ADC.
Airtel to cut tariff
Gearing up for yet another round of
tariff war, Airtel today said it would reduce cellular rates after
telecom regulator TRAI reduces Access Deficit Charge (ADC) next week.
"Whenever there has been a cut in charges, we have passed on the
benefit to the customers," Bharti Tele-Ventures JMD Rajan Bharti
Mittal told reporters at a conference organised by Ficci here.
— PTI, UNI
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Hyundai price up by Rs 8,000
Chandigarh/New Delhi, December 1 Hyundai's 'Accent GLE' sedan would cost Rs 6,000 more while compact car 'Santro' would be expensive by Rs 8,000, its president B V R Subbu said. Maruti Udyog Ltd Managing Director Jagdish Khattar said, "we are in the process of working out the quantum of price rise, which will be announced next month. The price increase will be on most of the models". Both Maruti and Skoda Auto India prices would be hiked due to rising input costs and the impending Euro III norm, which would come into force next year. — TNS, Agencies
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