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Remove infrastructure constraints, says PM
Maruti seeks ‘Swift’ apology from Hyundai
PNB not to hike home loan interest rates
McDonald’s eyes key Shimla sites
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ONGC chided for Mangalore project
Rs 35,000 car developed
IFC provides $ 50m loan to IDFC
Toyota Kirloskar eyes 10 pc market share
Corporate results
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Remove infrastructure constraints, says PM
New Delhi, June 17 “We have suggested that infrastructure bottlenecks and rigid labour laws should be addressed,” Chairman of the reconstituted Board of Trade, Kumaramagalam Birla told reporters after the first meeting with the Prime Minister. “We placed before the Prime Minister both industry-specific issues and general issues of concern of trade and industry. We had a good discussion with the Prime Minister and the Commerce Minister,” Mr Birla, who is the Chairman of AV Birla Group, said. He said the board also called for a change in mindset, faster growth in the manufacturing sector and strengthening the ‘Made in India’ brand in global markets. Mr Birla, after the first meeting, formed six working groups for select areas, including evaluation of various export promotion schemes, manufacturing sector, trade facilitation, SEZs and EoUs, RTAs and PTAs, and sectoral studies. These groups will submit their reports in the next two months. The board will examine these reports before its meets for the second time in the next three months. Minister of Commerce and Industry Kamal Nath called upon the Board of Trade to strategise in order to achieve a quantum leap in India’s exports and enhance India’s engagement with the world economy to a level of $ 500 billion by way of trade in the next four years. Inaugurating the first meeting of the reconstituted Board of Trade — a high-level forum for dialogue between government and the trade & industry on India’s external trade — here today, Mr Nath said three things needed to achieve this were — vision, strategy and implementation. “While the government is there to provide vision, and the bureaucracy is in place to implement, it is the second step of ‘strategising’ in which there is a hiatus, a vacuum. I see the Board of Trade essentially as a body which will provide us with these strategies — both short-term as well as medium-term and long-term,” he said. Stating that exports were the most efficient instrument for generation of employment, he said exports had created one million incremental jobs in the last financial year and said by the expected achievement of over $ 150 billion worth of merchandise exports over the next four years, one crore additional jobs would be added. The minister said the Board of Trade had been revitalised so that it could become the most potent instrument for realising India’s trade objectives. The members of the board later also had an interactive session with the Prime Minister, Dr Manmohan Singh. “Prime Minister has asked the different ministries to work on the ideas suggested by the Board of Trade to address constraints faced by trade and industry,” the Commerce and Industry Minister said after the meeting.
FICCI for more FDI
Industry chamber FICCI today called for substantial increase in FDI inflows and developing world-class infrastructure to achieve $ 825 billion worth of exports by 2015. The federation presented its eight-point agenda at the Board of Trade meeting chaired by Prime Minister Manmohan Singh. Mentioning that promotion of exports would require substantially higher inflows of FDI as over half of global trade is intra-firm trade, FICCI said “India has the inherent advantages to become one of the leading hubs for outsourcing of manufactured goods and services. But to make India a more attractive destination for investments we need regulatory
reforms...
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Maruti seeks ‘Swift’ apology from Hyundai
New Delhi, June 17 “We have asked them to appologise and withdraw the campaign,” MUL Managing Director Jagdish Khattar told PTI on the phone from Europe while taking strong exception to Hyundai’s advertising brochure called Xing ahead of the Swift. A Hyundai spokesperson said “our legal department is looking into the legal notice sent by Maruti yesterday. We will reply to them.” Asked about the course of action in case Hyundai sticks to its ground, Mr Khattar said “we have informed them that we will take necessary action.” Close on the heels of launch of Swift, Hyundai announced a price cut of up to Rs 22,000 in some of its Santro models
coinciding with the release of new brochure comparing its recent version of Santro Xing with MUL’s latest launch. Reacting to the campaign, MUL demanded a public clarification from Hyundai and asked for a “written undertaking within seven days of receipt of the notice that you will henceforth not disparage their (MUL’s) products in any manner whatsoever.” In its legal notice sent through solicitor firm Amarchand Mangaldas, MUL warned against failure of compliance. After the launch of Swift on May 25 with an introductory base price of Rs 3.87 lakh, MUL hiked its price by Rs 8,000 for all bookings after June 8. The solicitor firm said in its notice that “Hyundai’s advertisement is false, misleading and deceptive and falsely represents that Swift is not a good car. Hyundai has, therefore, disparaged the goods of MUL and has committed unfair and restrictive trade practices against MUL and is accordingly liable in law for this.” Stating that the comparison between Xing and Swift projected by Hyundai was not based on objective, relevant or verifiable material, the notice said “this is nothing but an attempt to discredit and denegrade MUL’s product and to portray it in a derogatory manner by stating that Swift is a product of low value or merit.” In its brochure, Hyundai claimed superiority of Xing over Swift on 10 counts, saying that its product was ahead in terms of space, convenience and global technology and sought to make a case that MUL’s Indian product was inferior to the same product launched in the European market by the parent company, Suzuki Motor Corporation.
— PTI
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PNB not to hike home loan interest rates
Sirhind (Punjab), June 17 “We have no plans to increase our rate of interest at present,” PNB Chairman and Managing Director S.C. Gupta told PTI here. ICICI Bank and HDFC Bank yesterday raised the home loan rates by 0.5 per cent across the maturity slabs. Mr Gupta said PNB targeted to bring down its gross non-performing assets (NPA) to 4 per cent from the current 5.96 per cent of the total advances by 2006. Mr Gupta said PNB was actively promoting various programmes to improve the performance of the agriculture sector. “Credit to agriculture increased by 24.5 per cent during 2004-05 and its ratio of agriculture credit improved from 18.49 per cent to 18.98 per cent in 2005, surpassing the national average of 18 per cent.” Meanwhile, Finance Minister P. Chidambaram today sought to allay fears that interest rates will go up in the face of the decision of ICICI Bank and HDFC to hike home loan rates by 0.50 per cent. “I do not think the hike announced by two private sector banks on home loans indicate there will be a general rise in interest rates,” he told Zee Business television channel in New Delhi. “They (HDFC and ICICI Bank) are seizing an opportunity for profit... All I can say is that in the medium term the interest rates would remain benign,” he said in an interview to be telecast tomorrow. Ruling out dilution of government holding in public sector banks below 51 per cent, he said four entities — Central Bank of India, Punjab & Sind Bank, United Bank of India and Indian Bank — would eventually be listed on bourses.
ICICI Bank
ICICI Bank would review the interest rates on consumer loans after it hiked the home loan rates by 0.5 per cent last night to protect margins. “We have increased the home loan rates to protect our margins. This is lag correction” as the deposit rates went up by 0.5 per cent in the previous few months, ICICI Managing Director and Chief Executive K.V. Kamath told reporters on the sidelines of the annual conference on risk management organised by the Institute of Internal Auditors in Mumbai on Friday.
— PTI
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McDonald’s eyes key Shimla sites
Shimla, June 17 McDonald’s has so far made the highest bid amongst many private companies for taking over the imposing Ashiana and Goofa Bar in Shimla, the sources say. The property is currently run by the Himachal Pradesh Tourism Development Corporation (HPTDC). “The tenders have already been invited to lease out the Ashiana and Goofa restaurant and bar and the bidding will take place on June 27,” said Shimla Mayor Sohan Lal. The prime property located in the heart of Shimla is owned by the Shimla Municipal Corporation, which has been wanting to oust the HPTDC from the premises as it is paying only Rs 19,000 per month. The premises have been with the HPTDC for the past 30 years. After PIL was filed in a court here against the occupation of the restaurant by the HPTDC, the court ordered the Shimla Municipal Corporation to lease out the building by June 27. Official sources said fast food giant McDonald’s is the highest bidder so far with Rs 4 lakh per month.
— IANS
Ford resort near Manali
New Delhi, June 17 The state Cabinet has cleared the proposal and the company has been asked to submit a detailed project report in this regard, an official statement quoted Chief Minister Virbhadra Singh as having told a US industry delegation that called on him today. The tourist resort, which would have three five-star hotels besides cottages and chalets, would be set up in a 200-acre area on the banks of Beas, the statement said.
— PTI
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ONGC chided for Mangalore project
New Delhi, June 17 The ministry wants the ONGC to focus on finding oil and gas while leaving the implementation of the Mangalore project to other state-run oil firms. ONGC’s MoU with Karnataka for the Mangalore project “was signed not only without approval of the government board but also against the specific advice of the ministry,” said a Petroleum Ministry note on the subject. The ministry wants ONGC’s subsidiary, Mangalore Refinery and Petrochemicals Ltd, to take a lead role in setting up of the LNG import and regasification plant and petrochemical complex while leaving the power plant for implementation by the Central power utility. The ministry note said the commitments made in the ONGC MoU with the Karnataka government should be honoured by the oil
industry. — PTI
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Rs 35,000 car developed
Meerut, June 17 The petrol-driven, 1.6 metre-long and 0.9 metre-wide car weighing 180 kg has been developed by a team of mechanical engineering students of the college, the students told a press conference here. The car can reach a maximum speed of 60 km per hour with a mileage of 35 km per litre. The
development cost of the car is estimated at Rs 20,000 although its commercial price is tagged at Rs 35,000, they said.
— PTI
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IFI President
Pune, June 17
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No to Nalco divestment
New Delhi, June 17 The assurance was given to the leaders of parties, including CPI (M)
and CPI, when they called on Dr Singh to convey their strong objection to the privatisation of the profit-making company.
— PTI
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IFC provides $ 50m loan to IDFC
New Delhi, June 17 “The IFC’s loan will expand IDFC’s financing capacity, thereby promoting the implementation of private infrastructure projects,” IFC Director for Global Financial Markets Mr Jyrki I Koskelo said in a statement. The IDFC, in which IFC has an equity stake of about 6 per cent, is a specialised financial intermediary. “India’s infrastructure needs are massive and estimated at over $ 150 billion over the next decade. We expect the IDFC to play a key role in financing private infrastructure over the coming years,” IFC’s South Asia director Iyad Malas said.
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Toyota Kirloskar eyes 10 pc market share
Ludhiana, June 17 After increasing its plant capacity from 45,000 to 60,000 units a year, the company was now expanding its distribution network. Mr Swamy said TKM increased the number of its dealers from 44 to 60 last year and would further increase this number to 90 by 2007. He said the company had already sold 1,750 cars in the North and expected to sell 5,000 units this year as against 4,400 last year. Mr Swamy, who was here in connection with a lucky draw for Toyota Corolla customers, said: “In 2004, Corolla global sales increased by 10 per cent to 1.20 million units and replicating the growth in India, its sales increased by 25 per cent to 10,195 units, making it the largest selling car in the executive segment in India.”
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Swaraj Engines moots 2:1 bonus issue
Chandigarh, June 17 The Board of Directors recommended a dividend of 225 per cent and a bonus issue of 2:1. The AGM has been fixed for July 18. ITC equity
ITC Ltd said today it will subdivide its equity shares in 1:10 ratio and issue bonus shares. The Board of Directors has recommended the subdivision of equity shares in 1:10 ratio i.e. one ordinary share of the face value of Rs 10 into ten shares of Re 1 each. The board will issue bonus shares in the ratio 1:2. The board has also approved an increase in the authorised share capital of the company from Rs 300 crore (divided into 30 crore ordinary shares of Rs 10 each) to Rs 500 crore (divided in to 500 crore ordinary shares of Re 1 each.
EIL net up
Engineers India Ltd (EIL) today reported a 40.48 per cent raise in net profit at Rs 112.64 crore for the year ended March 31, 2005, as compared to Rs 80.18 crore last year. The total income has decreased by 13.36 per cent to Rs 967.78 crore for the year ended March 31, 2005, from Rs 1117.12 crore in 2003-04. The Board of Directors has recommended a 75 per cent dividend for the accounting year 2004-2005.
GNFC net Rs 224 cr
Gujarant Narmada Valley Fertilisers Company Ltd (GNFC) has posted a net profit of Rs 93.41 crore for the quarter ended March 31, 2005, as compared to Rs 34.82 crore for the quarter ended March 31, 2004. The total income (net of excise) has increased from Rs 373.72 crore in 04-04 to Rs 547.44 crore for the quarter ended March 31, 2005. It has posted a net profit of Rs 224.02 crore for the year ended March 31, 2005, as compared to Rs 116.91 crore for the year ended March 31, 2004. The Board of Directors has recommended a dividend of Rs 3.75 per equity share of Rs 10 each (37.50 per cent) for the financial year ended March 31, 2005.
IDFC dividend
The Infrastructure Development Finance Company Limited (IDFC) Board has approved a dividend of 10 per cent for the fiscal year 2004.05. This translates into Rs 1 for each fully paid-up share of IDFC. IDFC said it had recorded a profit after tax (PAT) in fiscal 2005, an increase of 17 per cent to Rs 304 crore from Rs 250 crore in the fiscal, 2004. It had posted the highest-ever approvals of Rs 6,414 crore for 59 projects as against Rs 5,720 crore for 83 projects in the fiscal 2004, representing an increase of 12 per cent.
— TNS, Agencies
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