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Oil cos may get nod to adjust prices
Cairn Energy upgrades oil reserve forecasts
DCM Shriram to operate BP outlets
HM rolls out LPG Ambassador
China a threat in semi-fashion textile market too: experts
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Indian designers to shun wool from Australia
No decision yet on BHEL divestment
ISD call rates cut soon
PAN card at “Paan” shop!
Farm sector role pivotal: Shriram
TCS quarterly profit below expectations
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Oil cos may get nod to adjust prices
New Delhi, April 19 “It is hoped that when international prices stabilise, or the government so decides, the price band mechanism might be resorted,” he said in a written statement in reply to a question in Rajya Sabha here. Although, with effect from August 1, 2004, the government had worked out a price band mechanism, allowing oil marketing companies freedom to revise the prices of petrol and diesel within the prescribed price band, the steep and volatile increase in the international prices of crude oil resulted in the ceiling of the price band being breached within weeks of its being made operational resulting in the mechanism being placed in abeyance, he said. The Indian basket of crude oil touched an all-time high of $ 52.83 per barrel on April 4, 2005 compared to an average price of $ 27.96 per barrel in 2003-04 and $ 39.21 per barrel in 2004-05. “There has since been some softening, the Indian basket having declined to around $ 47 per barrel in the week ending April 16, 2005,” he said. “With a view to containing the burden of the increase in international prices on consumers of diesel and petrol, it was decided that the burden should be equitably shared also by the Government and oil companies,” Aiyar said. The government had last fiscal reduced duties twice while oil companies are bearing losses for not revising prices since November 2004. — PTI
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Cairn Energy upgrades oil reserve forecasts
New Delhi, April 19 Cairn now estimates recoverable reserves of 500 million barrels of oil at its Mangala, Bhagyam and
Aishwarya fields in Rajasthan. Production could last more than 30 years, assuming that secondary recovery methods are undertaken to capture as much as 40 per cent of the oil in place. “The oilfields in Rajasthan will foster a sharp increase in oil production in 2007 after a 25 per cent slump in output last year,” Chief Executive Bill Gammell said.
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Women who made it
Chandigarh, April 19 However, this is not all. Gick proved to be an artiste with a business sense and on the side, while performing on stage and screen, set up her own theatre costume company literally in a shed at the backyard of her house in Sector 21. Looking back with her charming smile, she says: “It all started nearly 12 years ago. I was organising a cultural function on the Air Force Diamond Jubilee Day. Costumes were required for a qawwali presentation.” So Gick recalled her student days and went looking for the old bhangra house that used to let out costumes. However, the owner of the store in Sector 40, who had grown old, simply pointed to the rusty trunks. Gick adds: “I opened the trunks and found rags inside. This is what got me started on the idea that I could start a theatre costume company. My friends encouraged me to do so and I got a couple of tailors to stitch bhangra and giddha costumes.” Luck seemed to smile on her and even as the costumes were being stitched, the first order came from Lawrence School, Sanawar, for the dance dresses. Today Gick’s Theatre Costume Company is the most sought after in the town for cultural function, fashion shows and video musicals. It still functions from the backyard but there are proper storage cupboards, two tailors in attendance and her back-lawn which was earlier used for parties has a thatched cover. Various accessories needed for dance and drama are kept there. Packing a massive local order, Gick says: “I built it up very slowly. After dance costumes, I started adding fancy dresses which proved popular in schools. Then I started keeping trendy clothes for fashion shows. The demand grew and I have also been designing costumes for video films. The publicity was entirely by word of mouth. But since I was in this area so there were friends supporting me.” This year, Gick has added another dimension to her business and has started supplying uniforms to schools. “I had built good contacts in schools with costumes and so requests started pouring in for uniforms too. So I learnt the working of yet another area.” Gick had a nomadic childhood moving through different towns along with her civil servant father. She did her Master’s in music and B.Ed from Panjab University. After that it was marriage and some years in London. Mother of two teenaged children, Gick has shown grit in providing for her son’s education abroad single-handedly. “By God’s grace, friends and my sisters have been very encouraging to give me the strength to carry on. I remember I had started with second-hand cupboards and the roof would leak and I would place buckets there and carry the costumes in.” This artiste with a business sense has done well but now finds competition tough as many such ventures have come up. However, she says: “I am still at an advantage of being the first. I make it a point to give a personalised touch and offer suggestions. Many happy parents and teachers bring me sweets when their wards or children win a prize.”
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DCM Shriram to operate BP outlets
Chandigarh, April 19 Buoyed by the success of their pilot projects launched earlier in Shahjahanpur (UP) and Ferozepore in Punjab, the company has decided to run these pumps, located next to their Kisan Hariyali bazaars, though the capital investment would be by the BPCL. Mr Ajay S. Shriram, Chairman and Managing Director of the company, told TNS that 16 more Kisan Hariyali bazaars would be set up in the main agricultural districts of the region, including Punjab, Haryana, Uttar Pradesh, Rajasthan and Uttaranchal. All needs of a farmer, from farm implements to fertilisers, technical assistance and crop finance, will be met under one roof. The 10,000 sq ft departmental stores, which would come up in the countryside will offer farmers a complete range of quality inputs, objective technical guidance, easy crop finance and vital output linkages. While the number of petrol stations would go up to 12, the number of shops would also go up to 32 following this addition. Mr Shriram said: “The farmers can also avail the benefits of expertise of agronomists at these stores for better productivity.” The company has also tied up with Mahyco (parent Monsanto US) for producing good quality Bt Cotton. “The same would be introduced by 2007 after the gene acquired from them is added to our product,” said Mr Shriram. The trials for the procedure were on at Hyderabad.
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HM rolls out LPG Ambassador
Chennai, April 19 “We are the first company to get the Bharat Stage III
certificate on LPG vehicle. The new Ambassador 1.5 LPG will be positioned for intra-city travel with the fleet operators from all over Chennai and Tamil Nadu,” Executive Vice-President, Ashwini Dubey, Hindustan Motors told reporters at the launch here. The new ambassador LPG comes with a ex-showroom price tag of Rs.3.53 lakh. With an objective of encouraging the use of LPG vehicles, HM will offer a special price of Rs 2.99 lakh for the first 100 vehicles. “If the scheme, which is valid till June 30, goes well, we will look at offering an intermediate price,” he said. HM has been in the forefront of introducing environment- friendly vehicles — whether it was CNG cars in the
National Capital Region, Delhi or LPG run taxies in Kolkata, he said adding “Ambassador is the most-suited for alternative fuels. Its three box design ensures the maximum safety of passengers in case of any
unforeseen circumstances.” HM sold 15000 cars, including 300 with alternative fuel, last year.
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China a threat in semi-fashion textile market too: experts
Ludhiana, April 19 Local entrepreneurs, while admitting their inability to compete with China so far as attracting the global mass market for textiles is concerned, continue to say it is global semi-fashion markets they are eyeing. But given the highly volatile nature of semi-fashion markets, retaining this segment would be a tough task for Indian manufacturers. “This segment requires continuous modifications along with high quality standards,” says Mr J.N.Vohra of Professional Textile Consultants (PTC). The vibrant and growing up-market fashion segment is characterised by short production runs, fast-changing fashions and designs, aggressive marketing and high mark-ups, points out the CII. This requires quick alteration of product designs apart from being updated about global trends, factors the domestic industry, particularly in Punjab, lags in. Market experts also emphasise on improving marketing and selling efforts. “Better visibility in global markets cannot be ignored This can be done by participating in trade fairs and creating individual or collective brand images,” says Mr Vohra. Another complementary strategy could be expansion of the domestic market and competition in the domestic market through design and fashion. Expertise built in the domestic market could help build competitiveness in global premium segments, says Mr Manish Bagrodia, a former Chairman, of the CII Punjab Council and Managing Director, Winsome Yarns.
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Indian designers to shun wool from Australia
New Delhi, April 19 The designers have submitted signed statements to the Mumbai based People for Ethical Treatment of Animals (PETA), pledging the boycott of Australian merino wool until live exports and lamb mutilations end. Jatin Kochar has also joined the designers in refusing to use leather and wool altogether. According to a press release issued by PETA here on Tuesday,
Australian sheep farmers use gardening shears to cut flesh from lambs’ back sides without giving them painkillers. Millions of older sheep suffer horrific conditions in the live export trade, mired in their own waste aboard “death ships” bound for the Middle-East.
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No decision yet on BHEL divestment
New Delhi, April 19 “No specific decision in regard to BHEL has been taken,” Minister of State for Finance S.S. Palanimanickam said in the Rajya Sabha. The current policy of the government envisages that the existing navratna companies will be retained in the public sector and profit-making companies will not be generally privatised, he said. The government may — ensuring that it retains at least 51 per cent of the equity and the management control of the public sector enterprise — sell minority shares either in conjunction with the proposal of the PSEs concerned to raise funds from the market or otherwise, he said. To another question, Mr Palanimanickam said no decision had yet been taken disinvestment of any specific public sector
enterprise in 2005-06. Mr Palanimanickam said the government had not yet taken any decision on the recommendation of the expert committee headed by then SEBI Chairman G.N. Bajpai to link the rate of interest for small investors to inflation.
— PTI
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ISD call rates cut soon
Thiruvananthapuram, April 19 “The matter is being considered by our corporate head office. The announcement is likely to be made in a few days,” Mr Thomas said here. According to BSNL estimates, 92 per cent of all ISD calls from its network in India are made to the Middle-East countries. The reduction would be “drastic”. However, he declined to give further details. The ISD call rates to Gulf countries currently are Rs 18 per minute as against Rs 7 per minute to the USA.
— UNI
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PAN card at “Paan” shop!
New Delhi, April 19 On a complaint filed by the Income Tax Department, the crime branch of the Delhi Police arrested Vinod Kumar for acting as a conduit for preparing fake PAN cards. This information was given by Minister of State for Finance S.S. Palanimanickam in the Rajya Sabha in a written reply.
— UNI
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Farm sector role pivotal: Shriram
Chandigarh, April 19 Addressing mediapersons for the first time after taking over as chairman, Mr Shriram, expressing happiness over the improving Indo-Pak relations, said that the northern region would specially play a key role in developing relations with the industry on the other side of the border. He listed out 10 key priorities for the year ahead with a special thrust on reforms and implementation at the state level. Acknowledging the pivotal role of agriculture in the region’s economy Mr Shriram observed that there was substantial scope for developing agriculture and allied sectors in states in the northern region. Welcoming the introduction of VAT, Mr Shriram said that it should be uniformly implemented all over the country.
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Corporate results
Mumbai, April 19 Its results come five days after Infosys Technologies Ltd., TCS’s nearest rival, warned of flat first-quarter revenues as US customers slow orders while they comply with new accounting rules. Analysts say Indian outsourcing firms are lagging US rivals such as IBM and Accenture Ltd. in ensuring their back-office services provide the record-keeping necessary to meet the new rules. TCS, General Electric Co.’s largest offshore IT services provider, said its January-March net profit rose to Rs 6.12 billion from Rs 4.7 billion a year earlier. Fourth-quarter revenue rose 27 per cent to Rs 25.85 billion. The result was below expectations for a net profit of Rs 6.73 billion on revenue of Rs 27.44 billion, according to a Reuters poll. TCS shares fell as much as 11 per cent to Rs 1,180 after the result, while the Bombay Stock Exchange index was down half a per cent. TCS, which raised $1.17 billion in an initial public offer last August, earns about 40 per cent of its revenue from banking and financial services customers. Some 20 per cent comes from manufacturing clients and about 16 percent from telecom customers. It mainly manages computer systems, develops software to manage customers and automate business processes for its clients. ONGC net up 40 pc
The Oil and Natural Gas Corporation (ONGC) has achieved a handsome net profit of Rs 12,500 crore in the financial year 2004-05, showing a more than 40 per cent jump over the previous year’s profit, according to company chairman-cum-managing director Subir Raha. With this performance the company has posted a Rs 30,000 crore net profit in the last three years. “Our growth in the hydrocarbon sector and as an oil and gas exploration company during the period was satisfactory,” Raha told reporters here last night. ONGC had shown a dip in net profit in the previous year at little over Rs 8,600 crore against the Rs 10,000 crore net in 2002-2003. The company’s provision financial results were finalised at its board three days ago. ONGC has set a target of Rs 50,000 crore net profit in five years of which the company has already achieved Rs 30,000 crore in three years. Raha said that despite these profits the company was suffering a loss of about Rs 200 crore per annum in Tripura due to its
inability to sell huge recoverable gas reserves due to transportation problems.
Castrol net up
Castrol India has posted a 19 per cent rise in net profit to Rs 31.96 crore for the first quarter ended March 31, 2005 against Rs 26.82 crore in the year-ago period. Total income has increased 10 per cent to Rs 325.11 crore during January-March 2005 from Rs 296.50 crore in the corresponding quarter last year, Castrol said today.
HCL Infosystems
HCL Infosystems Ltd has posted a net profit after tax of Rs 413.10 million for the quarter ended March 31, 2005 as compared to Rs 363.50 million for the quarter ended March 31, 2004. Total income (net of excise) has increased from Rs 4,089.00 million in Q3-04 to Rs 5,282.20 million for the quarter ended March 31, 2005. As per the consolidated results, the group posted a net profit after tax of Rs 654 million for the quarter ended March 31, 2005 as compared to Rs 554.70 million for the quarter ended March 31, 2004. Total income (net of excise) has increased from Rs 11,793.20 million in Q3-04 to Rs 20,053.90 million for the quarter ended March 31, 2005. The Board of Directors approved a payment of 70 per cent 3rd interim (quarterly) dividend on the paid up share capital of the company for the year 2004-2005.
Daikin posts loss
Japanese air-conditioning major Daikin is restructuring its Indian subsidiary to enable it to post a turnaround this year. The third largest AC maker in the world has so far invested Rs 70 crore in Daikin Air-conditioning India Pvt Ltd. The investment includes an equity infusion of Rs 50 crore to wipe out accumulated losses. For the fiscal ended March 31, 2004, the company posted an operating profit of Rs 3 crore, but a net loss of Rs 1 crore, which it hopes to wipe off by year-end. “For this fiscal, Daikin India is targeting a topline of Rs 150 crore, up 15 per cent from Rs 130 crore last year, as well as a turnaround in bottomline,” its Managing Director Hayashi Toshiki today said. To turn to black, the company initiated a complete restructuring of its operations last year. It sold off its assembly unit at Silvassa as well as its stake in the water-cooler business and ‘Shriram’ brand of air-conditioners to Usha. Instead, it acquired the remaining 20 per cent stake from its Indian partner Shriram to become a wholly-owned subsidiary of Daikin Japan. — Agencies
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Chandigarh, April 19
