 |
|
|
IA to negotiate with Airbus
Andhra for CBI probe
Global uncertainties higher than estimates: RBI
Infosys to branch out to Asia, Europe
Mukesh meets Chidambaram
49 pc FDI in retail sector under study
EPF Board to meet on July 30
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
Malaysia invited to invest in agriculture
Maharashtra wants Dabhol power by next summer
Sharp to end war for TV remote
Corporate results
BPCL eyes DTH operations
|
|
IA to negotiate with Airbus
Mumbai, July 14 The Prime Minister has constituted a committee to look into the proposal and a decision would be taken shortly, Mr Praful Patel said here. “The Finance Ministry has asked us to further negotiate with Airbus for better price deal compared to the other international deals. We think that there was a fair assessment and we are looking for a further decrease in the price,” Mr Patel said. Recently, the Finance Ministry sent back the draft Cabinet note on the Ministry of Civil Aviation’s proposal to buy 43 Airbus aircraft for Indian Airlines, which had been pending before the Centre for the past five years. The Finance Ministry has also asked the IA to get a confirmation from Airbus that this was the “best price.” The IA plans to acquire 19 A-319, four A-320 and 20 A-321 aircraft from Airbus. Meanwhile, just two weeks before the new civil aviation policy is unveiled, the Union Government said today there would not be any revision in its stand of not allowing foreign airlines to invest in the Indian domestic carrier. “We will not allow any foreign airlines to invest in Indian carriers,” Union Civil Aviation Minister Praful Patel told mediapersons here. The government was not considering any such proposals at this time, he added. He was referring to the Naresh Chandra Committee’s recommendation to allow foreign carriers to take stakes in Indian carriers. The ministry had increased the FDI in the aviation sector to 49 per cent but debarred foreign carriers from equity participation in domestic air transport operations. He denying media reports about the government planning for increasing the entry barriers for domestic airlines. There were speculations in the aviation circles that the Centre, in its new aviation policy, was planning to increase the entry barrier for new airlines from the present Rs 30 crore to Rs 250 crore and a fleet of airlines from the present five to 10.
|
|
Andhra for CBI probe
Hyderabad, July 14 Heads have also started rolling with Chief Minister Y S Rajasekhar Reddy deciding to shift his colleague,Mr B Satyanarayana, from the Major Industries portfolio, who is facing flak from the Opposition. The Congress Government in the state has been in the dock over the alleged swindling of 2 million euros (Rs 11 crore) that were deposited in an account of Vashist Wahan (P) Limited. There are now serious doubts over Vashist Wahan as being a front company floated by Dr Helmuth Schuster, head of Volkswagen India project, who has since been terminated by the parent company on corruption charges. The money has disappeared from the account, while VW professed no knowledge about Vashist Wahan. ” There is nothing to hide as far we are concerned. We have not done anything wrong. We have been transparent in our dealings with VW and it is to prove our innocence in the whole affair that I am requesting the CBI to look into the
matter, Chief Minister Y S Rajasekhara Reddy told a packed press conference at his camp office here today. Disclosing that Mr B Satyanarayana, Minister for Industries, was also being shifted in view of the inquiry, Mr Reddy said that the CBI investigation was intended to end all speculation and clear up the air. Asserting he was still confident that the proposed car manufacturing plant would come to Vizag, the Chief Minister said after the scandal broke out in the German company, Volkswagen wrote to the state government affirming its continued strong interest in the project, the internal developments not withstanding. Any act done by Dr Schuster as the head of the India Volkswagen project prior to June 22, the date on which VW conveyed the withdrawal of services of Dr Schuster, would, ipso facto, be an act done by VW itself as the Principals, the Chief Minister said, reading from a note distributed at the press conference. Mr Reddy revealed that VW had written a letter even today referring to the proposed facility as our common India
project and asserted that he was absolutely confident that Rs 11 crore deposited by the government as nominal equity in the proposed joint venture was safe. Meanwhile, stepping up offensive against the government, TDP supremo and former Chief Minister N Chandrababu Naidu demanded the dismissal of
Mr Satyanarayana and wanted the CBI to look into the ‘dubious land deals’ by his associates near the proposed project site.
|
|
Global uncertainties higher than estimates: RBI
Chennai, July 14 “As far as the outlook on the economy is concerned, a formal response will come during the monetary policy review (later this month). As of now, we are sticking to the basic projections, but the global uncertainties have certainly increased than what we estimated,” Reddy told reporters, after the RBI’s Central Board of Directors meeting here. He said the RBI was analysing the situation at this stage and hoped to come out with the update on the economy and policy at the quarterly review at the end of this month. Reddy said the financial markets were “by and large” stable in the country and this was “good news”. Asked about the impact of the monsoon on the economy, Reddy said there was nothing to show that there would not be a normal monsoon. With respect to money markets, Reddy said the RBI was taking all steps to ensure the stability of the markets. “For liquidity management, the size of MSS (market stabilisation scheme) and the size of LAF (liquidity adjustment facility) have to be consistent with the liquidity management that is appropriate to maintain stability. Therefore you would find that the emphasis is on stability,” he said. Reddy said the results of RBI’s efforts to maintain stability was there “for everyone to see.” RBI Board meeting comes ahead of the quarterly review of credit and monetary policy, which is slated for July 26. The meeting, which was chaired by Reddy, was attended by Deputy Governors-Rakesh Mohan, V Leeladhar, Shyamala Gopinath-and other directors including Y H Malegam, Infosys’ Chief Mentor N Narayana Murthy, Prof Mihir Rakshit, K Madhav Rao, Amrita Patel and D S Brar. — PTI
|
|
Infosys to branch out to Asia, Europe
New Delhi, July 14 CEO of Infosys Technologies Nandan Nilekani told newspersons here that Infosys Consulting would increase its footprint out to Europe and Asia over the next two to three years.Infosys Technologies would also increase its headcount in its subsidiary in China where the company has an initial investment plan of five million dollars. “The number of people employed in Infosys China will increase from 100 to 1000 over the next several quarters”, Mr Nilekani said. The company would increase its headcount to 500 over the next two years. At present, there were 120 consultants employed in the company and located in the United States. “The headcount will be increased to 500 by March 2007,” Mr Nilekani said.
|
|
Mukesh meets Chidambaram
New Delhi, July 14 He also met with Economic Affairs Secretary Ashok Jha. Mukesh also met Revenue Secretary K M Chandrashekhar after his meeting with Mr Chidambaram, which lasted for about half an hour. The senior Ambani scion dodged all questions related to the settlement and the companies that came under his fold-Reliance Industries and IPCL. Mukesh is slated to be part of the business delegation accompanying the Prime Minister Manmohan Singh during his US visit this weekend.
|
|
49 pc FDI in retail sector under study
New Delhi, July 14 A study undertaken by the Indian Council for Research on International Economic Relations (ICRIER), has advocated allowing FDI of up to 49 per cent in retail sector backed with reforms such as repeal of Essential Commodities Act. “In the initial stage, FDI up to 49 per cent should be allowed which can be raised to 100 per cent in 3-5 years depending on the growth of sector. The FDI cap below 49 per cent would not bring in desired foreign investment,” said Ms Arpita Mukherjee, senior fellow, ICRIER. Pointing that the retail sector, which contributed 10 per cent of country’s GDP, was highly fragmented, the ICRIER had suggested a 3-5 year timeframe for complete opening of the sector.
|
|
|
EPF Board to meet on July 30
New Delhi, July 14 With only over Rs 200 crore in its reserves, the sources view that any rate suggestion by the CBDT would have to be based on rationality, considering the expected returns on investment. Bowing to pressure from the Left parties and the Finance Ministry, which refused subsidies, the EPF board had on May 28 recommended a 9.5 per cent interest rate for 2004-05, leaving a Rs 716 crore deficit, which would be covered by dipping into its special reserves. The board had earlier suggested an “interim” return of 8.5 per cent, which was subsequently raised to 9.5 per cent.
— PTI
|
|
|
Malaysia invited to invest in agriculture
New
Delhi, July 14 She was addressing
a conference on “Transformation of Agriculture and Agro-Based Sector
and Cooperation among Asian Countries,” organised at the 6th Malaysia
International Food and Beverages Trade Fair (MIBF’05) at Kuala Lumpur,
Malaysia, an official press note said. India and Malaysia had
opportunities to cooperate in the fields of agricultural mechanisation,
seeds, fertilisers, joint research and development and institutional
tie-ups, she emphasised. She drew the attention of Malaysian investors
to the vast range of opportunities available in India and said they
could invest in the processed food sector, establish food processing
units for third country export.
|
|
Maharashtra wants Dabhol power by next summer
Mumbai, July 14 GE and Bechtel, the main stockowners of the Dabhol Power Corporation which owned the project, have been bought out by the NTPC and GAIL. A special purpose vehicle , Ratnagiri Gas and Power Ltd(RGPL), has been formed to take over the assets of the old DPC and restart the
power plant The Maharashtra Government has signed a deal with RGPL to buy power at Rs 2.30 per unit for the first five years. Meanwhile, the state government has asked the Maharashtra State Electricity Board to pay Rs 495 crore to the new company to clear outstanding bills.
|
|
Sharp to end war for TV remote
Tokyo, July 14 And so one person can be surfing the Internet, using the display as a PC screen, while another watches a downloaded movie or TV broadcast. It also works for watching two TV channels: one person can watch baseball while another watches a soap opera. The display, which costs roughly double the standard kind, will go into mass production this month. Sharp will offer the product for worldwide sale, but the Osaka-based firm will also supply other manufacturers with the new displays for various products expected later this year, said spokeswoman Miyuki Nakayama. She declined to disclose specifics. —
AP
|
|
|
PTC profit up by 63 per cent
New Delhi, July 14 A press statement issued by the company stated the total income had come down by 10 per cent to Rs 443.97 crore from Rs 495.78 crore reported in the corresponding quarter. CMC Q1 net drops CMC Ltd has for the quarter ended June 30, 2005, posted a profit after tax of Rs 15.33 crore as compared to Rs 17.82 crore for the quarter ended June 30, 2004, a decline of 13.97 per cent. Announcing the results in Mumbai, the company said its total revenue had increased from Rs 184.77 crore in Q1-05 to Rs 204.50 crore for the quarter ended June 30, 2005. As per the consolidated results, the group has posted a profit after tax of Rs 15.97 crore for the quarter ended June 30, 2005 as against Rs 18.74 crore for the quarter ended June 30, 2004. Total revenue has increased from Rs 190.97 crore in Q1-05 to Rs 215.18 crore for the quarter ended June 30, 2005.
HDFC Bank Q1 net up HDFC Bank today reported a 31.12 per cent rise in its net profit at Rs 183.53 crore for the first quarter of this fiscal compared to Rs 139.97 crore for the corresponding period of 2004-05. HDFC’s total income has increased by 42.81 per cent to Rs 1,157.68 crore during the quarter ended June 30, 2005, against Rs 810.59 crore in the company period last year the bank said in New Delhi. iGate Global Solutions iGate Global Solutions has posted a net profit of Rs 1.42 crore for the quarter ended June 30, 2005, as compared to Rs 0.11 crore for the same period in the previous fiscal. Revenues have increased from Rs 141.56 crore in I1 of last year to Rs 147.49 crore for April-June period of the current financial year, up 4.19 per cent. The Board of Director has inducted Mr Karl Heinz Achinger, a former member of the Board of Management of Daimler Chrysler Services AG and Cap Gemini, as a Director of the company. iGate said it had added 11 clients during the first quarter, including nine in the global 1000 space.
UTI Bank UTI Bank Ltd has posted a 31.07 per cent rise in its first quarter net profit at Rs 92.63 crore as against Rs 70.67 crore in Q1 of 2004-05. The total income for the reporting quarter rose to Rs 771.85 crore from Rs 537.63 crore in April-June 2004, the bank said in Mumbai today. The bank’s net interest income rose by 33 per cent to Rs 222.48 crore as against Rs 167.14 crore posted in the first quarter of last fiscal while its fee and other income grew by 45 per cent to Rs 114.88 crore (Rs 79.03 crore Q1-FY’05).
Industrial Organics Industrial Organics Limited, which incurred loss of Rs 72.42 lakh during April-June, 2004, has recorded a net profit (before taxes) of Rs 110.50 lakh for the quarter ended June 30. The company said in Ludhiana it recorded an increase of 118 per cent in net sales at Rs 2,762.49 lakh this quarter from Rs 1,267.69 lakh during the corresponding quarter last year. — TNS, Agencies
|
|
|
BPCL eyes DTH operations
New Delhi, July 14 With revenue sharing between cable operators and broadcasters at 83 per cent and 17 per cent, BPCL hopes to rope in broadcasting community as there is a huge revenue loss to them.
— PTI
|
|
|
Tata Steel rules out price revision
Mumbai, July 14
|
|
|
Solaris plan
New Delhi, July 14
|
bb
CIL-coal unions’ pact today NTPC plant shut down ICICI Bank branches Bank of Baroda Ecco Shoes Dabur India 175-cr contract Raddison Hotel opens in Shimla Seminar for DDOs on July 19
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
