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BSNL posts Rs 5,976-cr profit
Nasscom flays Baazee CEO’s arrest
Mukesh calls RIL board meeting on December 27
Follow 3C mantra, FM advises banks
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Irish firm plans to acquire stake in Dainik Jagran
Jindal Steel raises $ 50 m through FCCB
Bharouli becomes seed cultivation hub
FIIs can buy shares of Ind-Swift, Swaraj
Kashmir apples beat imported ones
Lakshmi declares 15 pc dividend
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New Delhi, December 20 In 2002-03, the telecom PSU had posted revenue of Rs 28,000 crore and the net profit was Rs 1,400 crore. The company gave a total dividend of Rs 481 crore to the Department of Telecom — Rs 281 crore for the last fiscal and Rs 200 crore as interim dividend for the current fiscal. The cheque was presented by Mr A K Sinha, CMD, BSNL, to Union IT and Telecom Minister Dayanidhi Maran today. Announcing the financials, Mr Sinha said BSNL achieved remarkable cellular growth in 2003-04. It has added 30 lakh additional cellular connections and has connected 702 more cities during the period. “The increase in net profit was achieved due to increased revenue and expenditure reduction,” he said. Mr Sinha said BSNL has paid a licence fee of Rs 3,300 crore for current fiscal and has demanded reimbursement of the same. The PSU hopes to cover 5000 cities by 2005 through its cellular service. Advisor on MTNL merger
Terming the merger with Mahanagar Telephone Nigam Ltd as “too big,” Bharat Sanchar Nigam Ltd (BSNL) today said it will appoint in the next two days an advisor, which will assist the telecom giant in synergising operations with MTNL. The Department of Telecom (DoT) has already appointed a consortium of consultants for synergising the operations of BSNL and MTNL. The advisor is yet to submit its report to the government. “The BSNL will also appoint an advisor in the next two days. It will assist the existing body (DoT consortium) because the task is too big and the time given is too short,” BSNL Director (Finance) S.D. Saxena told reporters here. The government has said the merger would be completed by the end of this fiscal.
— Agencies
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Nasscom flays Baazee CEO’s arrest
New Delhi, December 20 “We are extremely dismayed. To arrest someone in a situation like this moves towards a draconian approach. If it is because of the wording in the IT Act that such a thing can happen, then we surely need to amend the Act,” Nasscom President Kiran Karnik told reporters at The IndUS Entrepreneurs Conference (TiECon) 2004 here. He said as per police officials, the company and the CEO were cooperating fully in the case. “To arrest him and put him behind bars is not a good sign at all; something which we opposed when one of our nationals was arrested abroad. If this is the law of the land, let us please change the law of the land,” he said. On approaching Communications Minister Dayanidhi Maran over the issue, Mr Karnik said, “We will do all that we can to first release him. I am sure courts will do a fair trial.” Quoting an instance where an Indian IT professional was arrested by a foreign nation, he said at that time, the “Indian government worked very closely with us and conveyed strongly that such a step is not acceptable. Why should we do it, being a mature democracy?” Asked if the arrest would deter e-commerce, he said: “Auction sites need to be cautious about what they put up and they need to check what they do. Sometimes, something's get in. But such an arrest is not called for.” — UNI
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Mukesh calls RIL board meeting on December 27
New Delhi, December 20 For the first time since the family feud became public in the middle of November, the RIL board will meet at the company’s headquarters at Makers Chambers in Mumbai at 11 am a week from now with a one point agenda “to consider, inter alia, proposal for purchase of company’s own equity shares, that is buyback of shares.” Anil, the company’s Vice-Chairman and Managing Director, had sought a board meeting to discuss the investment of Rs 12,000 crore in Reliance Infocomm since July 2002, besides future of Reliance Energy Ltd, where RIL has majority stake. He had written to his elder brother on December 6 in this regard. Instead, Mukesh has summoned the board only to discuss buy back of equity, perhaps up to 10 per cent of it, which should arrest the steep fall in the share price. RIL shares have already fallen by over nine per cent resulting in erosion of about Rs 6,000 crore in its market capitalisation. However, it was not clear as to what position Anil Ambani would take on the issue of buyback of shares from the RIL’s reserves, estimated at over Rs 30,000 crore. RIL could buy the shares at a premium over the prevailing market rates, sources said.
— PTI
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Follow 3C mantra, FM advises banks
New Delhi, December 20 Replying to a calling attention motion in the Lok Sabha today, he said there was need to carry forward the reforms process. The Finance Minister said the consolidation in the banking sector was suggested by the Narsimham Committee in its report way back in 1991 as a part of wider financial sector reforms, initiated first by the Congress and carried forward by every subsequent government. He said that five nationalised banks, including UCO Bank, Union Bank of India and Allahabad Bank, which were not in the best of financial health, have turned around primarily because of the reforms process. The Finance Minister there should be at least five to six Indian banks in the list of top 100 banks of the world. Presently, however, only State Bank of India figures in that list and is ranked 82nd among the top 100 banks of the world. He disagreed with CPI leader Gurudas Dasgupta who said that consolidation would make banks less competitive. Mr Dasgupta had moved a calling attention motion of the Finance Minister regarding the “situation arising out of the move of the government to change the banking policy, to dilute the government stake in public sector banks, merge the public sector banks to form giant banks and enhance FDI limit in private to the detriment of interests of the common people.” In an earlier statement, the Finance Minister said all changes in the banking policy are being contemplated to strengthen the banking sector for the benefit of customers.
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Irish firm plans to acquire stake in Dainik Jagran
London, December 20 O’Reilly is expected to make an official announcement within the next few days, the report said. “The deal is likely to cost several tens of millions of euros,” the newspaper quoted one person involved in the talks. Based in Kanpur, Jagran is wholly owned by the Gupta family. “They have been in talks with O’Reilly about the sale of a stake since 2000 but, in recent weeks the talks have hotted up,” the report said. Gupta family members are said to have held negotiations in Ireland and India with O’Reilly and his son, Gavin, IN&M’s Chief operating officer. Jagran prints the Dainik from 25 sites and owns one of India’s most popular online information portals. According to the report O’Reilly is said to have negotiated an agreement that will allow him to quit the Indian deal if it proves unsuccessful. Equally, he will have the option of increasing the company’s stake if things go well. Reuters
Reuters Group Plc said today it is acquiring Moneyline Telerate, a market news provider, for $ 100 million in cash and the transfer of its 14 per cent stake in Savvis Communications. The stake in Savvis is convertible into approximately 75 million shares of common stock, valued at $ 75 million on Friday. Reuters and Quick Corp. also agreed for Reuters to acquire Quick Moneyline Telerate (QMT), division of Quick Corp. that its the exclusive distributor for Telerate in Japan.
— AP, PTI
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Jindal Steel raises $ 50 m through FCCB
New Delhi, December 20 The issue attracted subscription of $ 108 million from around 20 global investors, the company said in a statement. The five-year foreign currency convertible bonds, carries 0.5 per cent coupon and can be converted into company’s shares at Rs 119.872 per share i.e. a 28 per cent premium to Friday’s closing price of Rs 93.65 per share. Investors can also redeem the bonds at maturity on December 23, 2009, giving a yield of 5.75 per cent. In addition there is a green shoe option of $ 10 million. Morgan Stanley was the sole book runner for the deal. Jindal Stainless Ltd’s integrated ferro alloy and stainless steel unit in Orissa is expected to be completed. The Orissa project will be completed in various phases, the first of which will consist of the construction and installation of smelting furnaces for the production of 1,50,000 MT per annum of ferro-chrome, 40,000 MT per annum of ferro-manganese and 60,000 MT per annum of silico-manganese.
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Bharouli becomes seed cultivation hub
Chandigarh, December 20 After the Department of Forests, Haryana, constructed a 14-m high earthen dam in this village under a European Union-funded project, life has undergone a sea change for the 1,000-odd villagers. Today, with round-the-year abundance of water, agro giants like Solan-based R.K. Seeds, Durga Farms and Sangro, are flocking the village for vegetable seed cultivation ranging from onion and cauliflower to radish and carrot. Explains Dr S.S. Grewal, Consultant, Haryana Community Forestry: “This dam retains an average of 30 ham (hectare area metre) of water. It can irrigate 96 hectares of farmland. Farmers, who earlier were following the wheat-maize cropping pattern, were unable to meet their needs because of paucity of water. They couldn’t even dream of marketing their produce. After shifting to vegetable cultivation, they are earning as much as Rs 40,000 per acre within six months. Nearly 80 per cent of the village land is now under vegetable cultivation.” Amarjit, a farmer, for example used to earn barely Rs 300 per acre when he used to grow wheat. With carrot seed cultivation, his earnings are Rs 35,000 per acre. “Is dam ne hamari jaan bacha lee, Sa’ab,” he says. Ratan, another farmer, is now known as “Mooliaan wala baba” in the village as he has a large landholding under radish seed cultivation. Last year, the profit was Rs 17,000 per acre for cauliflower seed crop. The figures may be higher this year. Agro firms have tied up with farmers under the contract farming system. The prices of the seeds vary around Rs 180 per kg for cauliflower and Rs 500 per kg for onion. Subhash Mahajan, proprietor, Durga Seeds, says “Both farmers and the seed companies are benefiting. The seed produce is purchased and sold by us in the open market,” he says. The Chief Conservator of Forests, Haryana, S.K. Dhar, discloses farmers are getting confident. They are taking loans from banks because they are sure they’ll be able to repay. They are purchasing tractors and also diversifying into dairy farming. He adds: “Our target is to construct 18 such dams along Haryana Shivaliks. Out of these, 12 have already been constructed.” Dharam Singh, sarpanch of the village, plans pisciculture and fish rearing in the dam water. His next target, however, is to rope in big-time dairies in the region now. And going by the village’s present reputation in the agro-sector, it won’t be a difficult task.
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FIIs can buy shares of Ind-Swift, Swaraj
Mumbai, December 20 The approval of RBI was given after these companies passed resolutions in their respective boards to enhance the FIIs holding up to 74 per cent of the paid up capital in case of Hexaware and 49 per cent each for the remaining three companies. FIIs can now purchase, under portfolio investment schemes, equity shares and convertible debentures of these companies through primary markets and stock exchanges, said an RBI press note. — UNI
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Kashmir apples beat imported ones
New Delhi, December 20 They said the state had sold about 1.72 crore boxes in Delhi alone this season, followed by 30.27 lakh boxes in Kolkata, 4.63 lakh in Mumbai, 3.56 lakh in Uttar Pradesh and 2.21 lakh in Chandigarh. To ensure a better quality of produce, the Jammu and Kashmir Government has implemented the MIS scheme that has facilitated withdrawal of C grade fruits from the market, the sources said. The state government was also implementing a technology mission with an investment plan of Rs 1 crore to strengthen pre- and post-harvest management, besides improving infrastructure. — UNI
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Lakshmi declares 15 pc dividend
Chandigarh, December 20 Mr Balbir Singh Uppal, Chairman and Managing Director, said the company reported net sales of Rs1598.3 million during the first half of the year ending September 30, 2004, up by over 100 per cent as compared to the net sales figure posted last year for the same period at Rs 796.9 million. The company has decided to offer and issue up to 4,94,000 equity shares of the company and up to 9,88,000 warrants to the promoter group on a preferential basis.
— TNS
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