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A-I gets 3 more slots at Heathrow
Fingerprinting required for stock market investors
Remodel tax structure, demands HCCI
GoM clears SEZ legislation
Pact on Iran gas pipeline by June
Power crisis hits HP units
Binwa hydel project stone laid
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BSNL to penetrate in Haryana further
Jet IPO hits market on Feb 18
Industry grows by 7.9 pc in Dec
HLL net dips 28.38 pc
Nirula’s comes to Chandigarh
Indian-born Joshi in race for HP top post
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A-I gets 3 more slots at Heathrow
New Delhi, February 11 As a result, the two private airlines, Jet Airways and Air Sahara, which were eyeing these three conditional slots in the eventuality of Air-India not succeeding to get them, would have to be content with operating nine flights a week between them on the India-UK sector. Air-India, on the other hand would increase its flight schedule to 24 flights a week on the India-UK sector. The airline is looking at operating these three additional flights on the Kolkata-London sector, officials here said. The government while recently giving its approval to the private domestic airlines to fly to the UK had given three more flights to Air- India to Birmingham. It had also given three more flights to Air- India to London if it succeeds in getting these extra slots at the Heathrow. The government had said that if Air-India could not manage to get these extra slots at Heathrow airport by February 15, these would come back to the general pool and would be divided among the other two private airlines. While Jet Airways was allotted seven flights a week to Heathrow, Air Sahara was allotted two flights, one each to Heathrow and Gatwick. Air-India and the two private airlines are to launch new flights during the summer schedule which globally extends from March-end to October-end. The government has also warned the airlines that failure to launch these flights would mean a two-year ban on operating flights on this sector. Meanwhile, Air-India has also planned a series of food festivals to rev up its inflight catering and entertainment services. From next week, passengers on board flights from New Delhi to London, Frankfurt and the Gulf can savour exotic culinary fare of Awadh (Lucknow) region. The menus will be served for lunch and dinner in all three classes — first, executive and economy — and will be presented in collaboration with Ambassador's Sky Chef and Taj SATS Air Catering. Air-India serves 29,000 meals daily on its flights. In the next four months, the airline will serve special curries and kebabs, besides Maharashtrian food on flights from Mumbai, Thai food on flights to Bangkok, and Gujarati food on flights to Los Angeles. Punjabi and Chinese food festivals are also in the plans.
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Fingerprinting required for stock market investors
Mumbai, February 11 According to Sebi officials, 50 agents have been appointed to collect fingerprints, Pan Number, bank account information and other details from investors who apply for the Market Participant Identification Number (Mapin) card. No one would be allowed to purchase shares worth more than Rs 1 lakh without a Mapin number from March 31, 2005, according to Sebi. The exercise has been mooted by Sebi chairman G N Bajpai who is pressing for a database of investors’ biometric data. The authorities would make the data available to corporates and investigating agencies, sources say. The National Securities Depositories Ltd (NSDL), which was appointed by Sebi, has in turn appointed 50 points of service agents. The agents have already set up offices across the country to collect data from investors and allotment of MAPIN numbers have begun. High net worth individuals will have to personally visit one of the 50 agents for registration at a fee of Rs 300. The process would include fingerprinting, collation of data like bank acccount details, Pan number and other information. According to guidelines issued by Sebi, equity shares, mutual fund scheme and collective investment schemes would come under the ambit of the Mapin identification card.
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Remodel tax structure, demands HCCI
Chandigarh, February 11 In a memorandum submitted to the Union Finance Minister, the chamber president, Mr S.P. Gupta, said while tax exemption limit should be raised to Rs 1 lakh, only 10 per cent tax should be charged on income between Rs 1 lakh and Rs 3 lakh. Similarly, 16 per cent and 24 per cent tax should be charged on income between Rs 3 lakh and Rs 6 lakh and from Rs 6 lakh to Rs 10 lakh, respectively. Income above Rs 10 lakh may be charged at 30 per cent rate of tax. Mr Gupta also demanded that surcharge on income tax should be abolished and dividend tax be reduced from 12.5 per cent to 8 per cent. The maximum marginal rate of tax on the corporate sector and partnership firms should be 30 per cent. Mr Gupta said there should not be any TDS for senior citizens, and they should also be exempted from service tax. He said the withdrawal of deduction under Section 80HHC of the Income Tax Act had adversely affected the exports. He also urged that the wealth tax should be abolished as it was not contributing significantly to the state exchequer. On the value added tax (Vat), the chamber suggested that small traders with a turnover of up to Rs 10 lakh should be exempted from it or they should have an option for a lower Vat rate. Mr Gupta said 5 per cent additional modvat for large and medium units which purchase components from the small scale sector should be reintroduced to promote the latter. He said special excise and depreciation benefits should be given to the small scale sector for
modernisation.
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GoM clears SEZ legislation
New Delhi, February 11 The matter will now come up before the Union Cabinet which will discuss the minutes of the meeting of the GoM headed by Defence Minister Pranab Mukherjee, Commerce Minister Kamal Nath told newspersons here. The legislation will come up for discussion in the forthcoming Budget session of Parliament which commences on February 25. The proposed law will provide for single window clearance. In addition, it would provide fiscal incentives to developers of SEZs and banking units having offshore branches here. It also provides for establishment of designated courts and a single enforcement agency to ensure speedy trial and investigation of offences committed in SEZs. It also encourages state governments to liberalise state laws and delegate their powers to the development commissioners of the SEZS to facilitate single window clearance. Presently, there are eight SEZs in India. These are located at Kandla, Surat, Cochin, Sant Cruz, Falta, Chennai, Vishakhapatnam and Noida. In addition, 36 new SEZs have been approves. Three of these - Indore, Kolkata and Jaipur—are already operational. Exports from SEZs amounted to $1 trillion which is equivalent to 15 per cent of worldwide. Presently, there are 850 SEZs located across 116 countries. In the existing SEZs in India, there are over 700 units providing direct employment for about one-lakh persons, of whom 40 per cent were women. While domestic investment in these SEZs amounted to Rs 1500 crore, only Rs 500 crore worth of FDI had come into these zones. Exports from SEZs last year were $3 billion, which is about 5 per cent of India’s total exports.
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Pact on Iran gas pipeline by June
New Delhi, February 11 “I am going to Tehran in June and hope this would act as a catalyst in furthering an agreement on import of natural gas through pipeline passing through Pakistan”, Petroleum Minister Mani Shankar Aiyar told newspersons after a meeting with Iranian Ambassador Siyavash Zaragar Yaghoubi here. Mr Aiyar said that Iran will sign two different sets of agreements—one each with Pakistan and India. The agreement with India will envisage delivery of natural gas at India’s borders, “the second would be between Iran and Pakistan on how the gas is to be transported to the Indian border”. Meanwhile, Mr Aiyar also launched futures trading in crude oil initiated by the Multi Commodity Exchange of India Ltd (MCX). The Minister said that the importance in the external aspect of pursuing energy security has opened a plethora of opportunities. “As there is no fully matured Asian oil market at present, we need futures market to achieve that”, he said.
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Power crisis hits HP units
Solan, February 11 The president, Mr Dhyan Chand, while addressing government officials and members of the chamber at a resort near Parwanoo, said with the curtailment of the incentive period to 2006, handicaps in the form of inadequate power, frequent power cuts, truck union menace, etc., created undue hindrances in the development of industry. While dwelling upon the need to put in place a system of energy audits to check power thefts, he said quality power should be made available to the industrial units. With a view to target the state's growth rate of 8 per cent, an infrastructural developmental plan focusing on power, roads, telecom, industrial estates and agri export zones was the need of the hour, he said. Stressing the need for privatisation of services, he said the government should identify a strategic partner for power transmission and distribution. He stressed on the need for simplifying land conversion procedures for speedy clearance and emphasised the need to link departments like electricity, fire, labour, pollution etc., to the single window clearance agency. Problems like labour, lawlessness created by the truck unions, delay caused in settling objections by various departments, multiple market fee charged on agri products in Himachal, etc., were also brought to the notice of various government officials. The Chief Engineer (Commercial), Mr Sardana, while lamenting the shortfall in power due to adverse weather conditions, said against a requirement of 124 lakh units per day, only 107 lakh units per day were available in the state. He said various power augmentation schemes would be commissioned by March 2006 which would address the problem of industry. He said there was no dearth of power in Baddi and Kala Amb industrial estates. The former president of the chamber, Mr Ashok Khanna, while thanking the government for extending support to the units stressed on the need for developing better infrastructure in the industrial areas to encourage investment. The state Industry Minister, Mr Kuldeep Kumar, while emphasising the need to maintain an updated data on the amount of power available in the state as well as the type of technical hands available directed the Industries Department to display this information on the department's website. Addressing a meeting of the PHD Chamber of Commerce and Industry at Parwanoo today, he said the government's main aim was to promote sustainable industrial investment in Himachal. With the industry contributing as much as 14 per cent to the state domestic produce, it was imperative to put in place a proper infrastructure in place to encourage investment here, he said. He listed various incentives available to the industry in the new industrial package and the state's industrial policy and said employment generation was the main focus of the government. He assured a delegation of Poanta Sahib industrialists to check law and order problem caused by truckers’ strike.
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Binwa hydel project stone laid
Binwa (Palampur), February 11 The Binwa project is one of the four hydel scheme, being undertaken by the Subhash Group as an independent power project (IPP) in the state. The other three are located at Neogal, Awa and Luni, while clearance for a project at Iqu is awaited. The Subhash Group is a Rs 350 crore Kolkata- based company with business interests in water supply, sewage, disposal laying cross country pipleines, lift irrigation schemes, electrification, hydel projects and wind powers. The Chief Minister asked the management to adhere to the two-year completion deadline and urged if create more job avenues for the state youth. Talking to reporters here, Mr Anil
Sethi, chairman of the group the company had entered into a tie-up with the HP Government to sell power to the state. “The projects are expected to be completed-by-2008 and would produce 8,200 million units of electricity per year. Each project has a capacity of 3 MW, he said. The hydrology of the project offers it to run on an overload of 20 per cent during monsoon and the total cost is estimated to be Rs 100
crore. “For this, we are tapping various banks like IDBI, SBI Bank of Baroda and others,” he said. Mr Sethi added that the company had tied up exclusively with Himurja (HPSEB) to sell power at Rs 2.50 per unit. “This would generate employment opportunities for 2,000 local people” he added. The company which has entered into a 40-year agreement with the government plans to break even in the third year after the commencement of the project, which is tentatively scheduled to start by 2007.
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BSNL to penetrate in Haryana further
Hisar, February 11 This was stated by Mr Gokul Singh, Chief General Manager Telecom, Haryana, at a function organised to mark the release of 2005 issue of telephone directory of Hisar telecom district here
today. Mr Singh disclosed that in the first phase, broadband connections were being provided at six centres in Haryana, including Hisar, Gurgaon, Faridabad and Ambala. "We will receive the equipment required for the purpose by the end of this month and the service should be launched in March," he added. He maintained that efforts were being made to provide landline telephone connections on demand, without any waiting period. On being asked about the extensive damage caused to the telephone lines by the recent hailstorm and downpour, Mr Singh observed that the telephone services remained disrupted as the overhead cables were snapped due to bad weather. He said to overcome the problem, the overhead lines were gradually being replaced with underground cables. He admitted that the BSNL mobile subscribers had been facing problems regarding connectivity and low signal due to excessive load on the system. However, he asserted that with the introduction of the new system, such problems would become a thing of the past. The Chief General Manager also said that the BSNL mobile cards would be made readily available and the quality of service would also show a marked improvement under the new system.
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Jet IPO hits market on Feb 18
Mumbai, February 11 The public issue of 17,266,801 equity shares of Rs 10 each opens on February 18 at a premium to be decided through the book-built process. Of the total, Jet airways is making a fresh issue of 14,245,111 equity shares while the balance shares are on offer for sale by Tail Winds Limited. Announcing this at a press conference for the launch of IPO here today, the Chief Executive Officer, Mr Wolfgang Prock
Shauer, stated that the price band for the issue has been fixed at Rs 950 and Rs 1125 per share. Mr Shauer also disclosed that Jet airways would shortly start seven international flights each from Mumbai to Heathrow (London), Mumbai to Singapore and Chennai to Kuala
Lampur. He said that the airlines would purchase three new aircraft, configured for over-water international flights. Claiming that the airline industry had experienced a growth of 10 per cent in the Indian market and 12 per cent in the international market, Mr Schauer said there was still a huge opportunity for airlines to grow. Replying to a question on the debt-equity ratio, Mr Schauer said it would come down to a 1:1 ratio post issue, comparable to most international airlines.
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Industry grows by 7.9 pc in Dec
New Delhi, February 11 Overall growth in during the first nine months of the current fiscal year (April to December 2004) increased by 8.4 per cent, as per the quick estimates of the Index of Industrial Production
(IIP) released by the Central Statistical Organisation (CSO) here today. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of December 2004 stand at 162.4, 229.2, and 187.4, respectively, with the corresponding growths of 2.9 per cent, 8.8 per cent and 4.4 per cent as compared to December 2003. The cumulative growth during April-December, 2004-05 over the corresponding period of 2003-04 in the three sectors have been 4.8 per cent, 9.0 per cent and 6.4 per cent respectively, with the overall growth in the General Index being 8.4 per cent.
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Mumbai, February 11 The company's board has approved a final dividend of Rs 2.5 per share, in addition to the interim dividend of Rs 2.5 per share, making a total dividend at Rs 5 per share for the year under review, HLL Finance Director D Sundaram told reporters here today. HLL had posted a net profit at Rs 1,687.34 crore in the 12-month period of the previous fiscal. On a standalone basis, the company posted a net profit of Rs 1,197.36 crore in the 12-month period under review, compared to Rs 1,771.79 crore in previous year, he added. However, the company's net profit for the fourth quarter ended December 31, fell to Rs 333.67 crore from Rs 494.72 crore posted during the same period of previous fiscal, he said. — PTI
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Nirula’s comes to Chandigarh
Chandigarh, February 11 Appeasing the taste buds of Delhiites since 1934 with the 12-room Hotel India founded by L.C.
Nirula, Nirula’s is today a diversified corporate group with a chain of hotels, restaurants, ice cream
parlours, pastry shops and food processing
plants. Mr Mukul Sabharwal, franchisee-owner of the city outlet, told The Tribune that while providing a modern ambience with a sleek décor, they would serve the time-tested menu to the guests. Their mix of Indian tandoori fare and Continental pizzas and burgers, complemented by special ice creams and pastries prepared inhouse were sure to make both elders and youngsters happy. “By the next two years, we plan to open more outlets in the region. While Jalandhar is first in the pipeline, Ambala highway and
Jammu-Katra will follow thereafter,” said the young entrepreneur who has a masters degree in management from England. “I have experience in the hospitality industry at my father’s four-star Hotel President in Jalandhar,” he added. Sounding optimistic, Mr Vikas
Attri, technical advisor, Nirula’s said, ”The launch of the restaurant in Chandigarh on Sunday is in keeping with our expansion strategy. We hope to do as well as we are doing at our over 60 restaurants in Delhi, Gurgaon,
Ghaziabad, Agra, Ludhiana, Panipat and Dehra Dun, where we surpassed targets.”
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Indian-born Joshi in race for HP top post
San Jose (California), February 11 On Wednesday, directors ousted CEO Carly Fiorina as she didn’t execute the board’s strategy quickly enough. Directors said Fiorina, whose salary and bonus for 2003 totalled $ 3.5 million, failed to evenly boost profits across all divisions, ranging from printers and computer servers to technology consulting contracts with Fortune 500 companies. “While I regret the board and I have differences about how to execute HP’s strategy, I respect their decision,” said Fiorina, 50, who is expected to collect a severance package worth $ 21.1 million.
— AP
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