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Air Sahara joins price war
Industry seeks shorter negative list for FTA
Textile growth figures disputed
Silk saree with 50,000 colours
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ADAE to invest Rs 2,300 cr
in RCL, Rs 1,500 cr in REL
Punjab clears 5 projects worth Rs 891
cr
Cut in interest rates on export finance sought
Lufthansa to add six flights
GE, Bechtel take back legal cases
Bank IPO in October
Zigma Software plans 1:2 bonus issue
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Air Sahara joins price war
New Delhi, July 19 Just a few days ago Indian Airlines had announced its Easy Fares scheme offering up to 60 per cent discounts on air tickets which was separate from the Monsoon Super Saver offer it brought out earlier. Doing away with all its previous offers like Fly Select fares, Apex fares and positioning Flight fares, the airline brought out Easy Fares which gave the passengers greater flexibility of time limit on advance purchases. Air Sahara has launched a scheme similar to that of Indian Airlines. The only difference being that it is offering another 10 per cent extra discount and seven levels instead of four on offer with Indian Airlines. But it is going a little harder on the passengers in case of cancellation just one hour before and in the case of “no show”. In case of a cancellation just one hour before the flight, the airline would refund Just Rs 500 and in the case of a “no show” only the taxes on the ticket would be
refunded. It will also charge passengers Rs 500 for a change in date for flying with the airline. However, Air Sahara in this scheme has put on offer seven levels where the class G would offer as much as 70 per cent discount. The lowest
discount would be offered in the T class where a 20 per cent discount would be available. After that the normal K class would be available. Similar to the Indian Airlines scheme, the number of seats available in each of the class would be dynamic and once the allocation for a level is over, the next higher level would come into force. At the lowest level, a Delhi-Mumbai or Delhi-Kolkata ticket will cost Rs 3,333 while a Delhi-Bangalore ticket will cost Rs 3,555. Flying from Delhi to Chennai will cost Rs 4,999. Meanwhile, Air Deccan has announced the release of over 9,000 tickets priced at Rs. 500 plus taxes for reservations in September and October on ATR routes. The bookings on the internet opened this morning.
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Industry seeks shorter negative list for FTA
New Delhi, July 19 At an interactive session on BIMSTEC free trade agreement jointly organised by the FICCI and Ministry of Commerce and Industry, the industry representatives asked for shorter 'negative' or 'sensitive' lists of other member countries of the BIMSTEC (Thailand, Bangladesh, Sri Lanka, Myanmar, Nepal and Bhutan). The member countries of BIMSTEC had exchanged their initial sensitive lists on June 24 in Thailand and negotiations are underway for the finalisation of these sensitive lists. The FICCI said India had strong export interest in BIMSTEC countries for many sectors like dairy, rice, processed food, steel, automobiles, auto parts, electronics, paper etc. These items need to be deleted from the negative list of Bangladesh, Thailand, Sri Lanka and Nepal under the BIMSTEC free trade agreement. In terms of exports, significant proportion of India's exports to these countries is in those sectors which are covered in the negative lists. Today's exercise scrutinised item-by-item products of export interest to India so that these could be taken up by the government for deletion from the sensitive list drawn up by each of the BIMSTEC member nations. The list contains items that do not qualify for tariff concessions.
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Textile growth figures disputed
New Delhi, July 19 Inaugurating the 35th India International Garment Fair (IIGF) here today, Mr Vaghela said:’’
Made in India brand is getting popular abroad and in the next two years our exports are expected to double. In the current financial year we are expecting an investment of over Rs 20,000 crore in the industry, of which Rs 10,000 crore have already been invested.’’ Of the 85 billion dollars, the minister said, the domestic market’s share would be 45 billion dollars. Mr Vaghela disagreed with the figures released by the Director- General of Commerce Intelligence Statistics (DGCIS) that the growth of the textile sector has come down after the dismantling of the quota regime in the view of the lack of proper infrastructure to meet global competition, He said during the first quarter of the current financial year, the industry registered a growth of 20 per cent as against the DGCIS projection of a 25 per cent decline. The ministry is setting up a committee to find out the facts about export figures provided by the DGCIS and that of industry that painted a different
picture. The committee would be asked to submit its report within one month of its inception, Mr Vaghela added. He said a special purpose vehicle costing Rs 10,000 crore had been finalised for setting up infrastructure for the industry. The Minister further informed that tenure of the Technology Upgradation Fund Scheme (TUFS) set up in April ,1999, for five years, with an increase in allowance to Rs 435 crore, had been extended till March, 2007. Textiles Secretary R Poornalingam said Rs 1,000 crore would be spent on setting up of 25 apparel parks in the textile manufacturing hubs of the country with modern production facilities and five of them would be functional by the end of this
year. Mr Poornalingam also said exports from this sector were expected to be around 35 per cent during 2005-06. An international apparel mart was coming up at Gurgaon and would be completed by year -end.
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Silk saree with 50,000 colours
Chennai, July 19 This is the second time that the Tirunelveli headquartered “RmKV” has come out with such a design claimed by it to be first of its kind. Last year the company had produced the longest saree measuring 214 metre in long, 1.39 metre wide and weighing 26.5 kg. It was crafted by 16 master weavers and claimed its place in the record book. The “colourful” saree, available for sale on order at a cost of Rs 50,000, has been designed by one of the “RmKV” partners K. Viswanathan, an Engineering graduate in textile technology from IIT, Delhi. The company’s handpickeed masterweavers wove them together in a special check pattern to create 50,000 different colours. Traditional motifs of horses and elephants woven with the purest of zari adorn the border and “pallu” portion, the press note said. It took four months for the entire dyeing process to be completed and it took two weavers working continuously for 45 days to bring out this beautiful work. The cost of producing the saree was Rs 25 lakh, the company said. — PTI
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ADAE to invest Rs 2,300 cr in RCL, Rs 1,500 cr in REL
Mumbai, July 19 Addressing the EGM after taking over the Chairmanship of RCL, Mr Anil Ambani said here today that the new investment would be made in accordance with SEBI guidelines, at Rs 228 per share in RCL and Rs 573 per share in REL. Following the capital infusion, the net worth of REL would grow to Rs 8,200 crore from Rs 6,500 crore, he said adding the borrowing capacity would enhance to Rs 20,000 crore. He said the two foreign institutional investors — Ironbound Capital and Passport Capital — had decided to infuse capital in RCL. ''They represent FIs which hold over 15 per cent of the equity in Reliance Capital,'' he said. REL Q1 net up
Reliance Energy Ltd has posted a 42.37 per cent rise in its net profit at Rs 156.63 crore for the quarter ended June 30, 2005, as compared to Rs 110.01 crore for the corresponding quarter in the previous fiscal. The total income has increased by 6.34 per cent to Rs 1084.44 crore for the quarter ended June 30, 2005, from Rs 1019.70 crore in the year-ago period.
— Agencies
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Punjab clears 5 projects worth Rs 891 cr
Chandigarh, July 19 While pharmaceutical giant, Ranbaxy, will pump in Rs 365 crore in three separate units, the AB Grains Spirits — backed by liquor baron Ponty Chadha — will invest Rs 57 crore for a grain-based alcohol unit. The Empowered Committee on Industries met here today under the chairmanship of Chief Minister Amarinder Singh and approved these projects. The Punjab Government claimed this would generate employment to about 28,000 persons, besides providing large-scale indirect employment. Sources said it was not known what will be the specifics of the investment by Ranbaxy, which by far is the biggest investor in the latest move. AB Grains and Spirits is a major player in the liquor business. Another company coming to Punjab is Everest Buildwell. The group will invest Rs 100 crore to set up six multiplexes, shopping malls, cinema houses, speciality malls. These malls will come up in and around Amritsar, Jalandhar, Patiala, Bathinda and Mohali. Abhishek Industries Ltd (a sister concern of the Trident group, Ludhiana) will pump in Rs 229 crore for setting up another spinning yarn unit. The group exports various items to Europe, including towels to leading retailers across the globe. Another major investor is Dynamic Continental. They will be putting in Rs 140 crore. The company will announce its plans soon. Since its constitution, the Empowered Committee had approved 43 projects in its various meetings with total investment of more than Rs 10, 000 crore. These projects were sanctioned in the districts of Ludhiana, Amritsar, Bathinda, Fatehgarh Sahib, Ropar, Patiala, Hoshiarpur, Ferozepore and Sangrur and were under various stages of implementation. Out of the projected Rs 10,000-crore investment, over Rs 2,000 crore had already been invested.
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Cut in interest rates on export finance sought
New Delhi, July 19 In a representation to the RBI ahead of next week's review of the monetary policy, the industry chamber also sought solution to credit-related problems of exporters to check a possibility of their competitiveness weakening in the international markets. It also underlined the need to extend export credit at par with international rates and not to associate them with prime lending rate (PLR) or the current bank rates. Although the Indian banking structure is large enough, the banking customer, in terms of the global scenario, has to bear the burden of much higher interest rates since the PLR is around 8 per cent. Also, the Libor (London inter-bank offered rate), which is the basis for major international banking system, is much lower in comparison. ''Therefore, in the case of rupee export credits, the RBI could plan out a Libor-related lending so that the Indian exporter is truly standing at par with their global competitors,'' it said. The PHDCCI also requested the RBI to take necessary measures so that interest rates on INR loans could be linked to Libor-related lendings. There was a need for the RBI intervention to ensure that exporters were not deprived of the form of currency in which they wanted to seek credits, it said, exhorting the RBI to make credit available in other currencies like euro, pound and yen. — UNI
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Lufthansa to add six flights
New Delhi, July 19 ''The Indian market is steadily growing with a dramatic spurt in number of corporate travellers,'' said its director for south Asia Werner Heesen. ''India is one of fastest growing markets and it's our aim to further enhance the service we offer to passengers.'' Lufthansa currently has daily flights from Frankfurt to Delhi, Mumbai and Chennai, five flights to Bangalore and three flights to Chennai. It also flies thrice a week to Delhi from Munich. The new air services agreement between India and Germany provides for 46 flights a week by designated carriers of each country.
Jet Airways
Chennai: Jet Airways got its 50th aircraft yesterday when the next-generation Boeing 737-800 flew into Delhi to join the airways fleet. The fuel-efficient Boeing 737 aircraft with winglets is in an all-economy configuration of 175 seats. It is to be deployed on high-density routes.
— UNI
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GE, Bechtel take back legal cases
London, July 19 "The arbitration that took place between GE, Bechtel and Government of India concluded with a consent award yesterday in London," the sources said. The two companies had filed arbitration claims worth over $ 6 billion (over Rs 25,000 crore) at the London panel for breach of investment protection pacts. Maharashtra Power Development Company Ltd, which controlled 15 per cent stake in DPC, signed a deal with Bechtel last week involving a payment of $ 160 million to settle its dues. GE and Bechtel controlled the balance 85 per cent stake
in DPC.— PTI
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Mumbai, July 19
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Zigma Software plans 1:2 bonus issue
New Delhi, July 19 Indo Rama Textiles
Indo Rama Textiles Ltd (IRTL) has registered a quantum leap in its net profits for the first quarter ended June 30, 2005, at Rs 4.15 crore as against Rs 0.85 crore registered in the corresponding quarter last fiscal. The company’s net sales have, however, declined to Rs 96.5 crore as against Rs 99.5 crore in the first quarter of last fiscal, the company said in Mumbai.
Nucleus Q1 net up
Nucleus, a software solutions provider for financial services industry, has reported a 192.14 per cent year-on-year increase in its net profit in the first quarter to Rs 8.59 crore and said it would start work on the 700 person facility in this quarter. Managing Director of Nucleus Software Exports Ltd Vishnu Dusad said in Delhi that the company’s revenues during the April-June quarter were up by 56.96 per cent to Rs 32.84 crore. He attributed the whopping increase in its net profit to 35 per cent rise in product-related service revenues. Nucleus’ 35 per cent revenues come from products and 65 per cent from services.
Hexaware Tech
Hexaware Technologies Ltd has reported a 104 per cent rise in its net profit at Rs 15.14 crore for the quarter ended June 30, 2005, as compared to Rs 7.42 crore for the corresponding quarter in previous year. The total income has increased by 40 per cent to Rs 85.53 crore for the quarter ended June 30, 2005 from Rs 61.05 crore in the year-ago period, the company said in Delhi. The group has posted a consolidated profit after tax at Rs 19.45 crore for the second quarter ended June 30, 2005. The total Income has increased to Rs 167.01 crore for the second quarter from Rs 132.74 crore in the same period previous fiscal.
Deepak Fertilisers
Riding on the back of growth in chemical business, Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) has posted a 71 per cent rise in its net profit at Rs 22.62 crore for the quarter ended June 30, 2005 against Rs 13.20 crore in the quarter ended June 30, 2004. The company has also declared a dividend of 30 per cent, including 5 per cent special dividend, in the event of DFPCL’s silver jubilee year
celebrations, Deepak Fertilisers said in Mumbai today. The total income from operations grew to Rs 138.27 crore in first quarter of 2005-06 against Rs 111.96 crore in the corresponding period of previous fiscal, it said.
Wockhardt net up
Wockhardt Ltd has reported a 72.19 per cent rise in its net profit at Rs 79.9 crore for the quarter ended June 30, as compared to Rs 46.4 crore for the corresponding quarter in 2004-05. The total income has increased by 32.93 per cent to Rs 278.1 crore for the second quarter from Rs 209.2 crore in the year-ago period, Wockhardt said. The group has posted a consolidated profit after tax of Rs 77.5 crore for the quarter ended June 30 as compared to Rs 50.1 crore for the quarter ended June 30, 2004. The total income has increased to Rs 380.4 crore for the quarter ended June 30, from Rs 293.1 crore in the same period last year.
Castrol India
Castrol India Ltd has reported a 4.98 per cent rise in its net profit at Rs 49.49 crore for the quarter ended June 30, as compared to Rs 47.14 crore for the corresponding quarter ended June 30, 2005. The total income has increased by 9.28 per cent to Rs 398.42 crore for the quarter ended June 30, from Rs 364.58 crore in the year-ago period, Castrol said. The Board of Directors has decided to pay an interim dividend of Rs 4 per equity share on 12,36,40,298 equity shares for the year ending December 31. — Agencies
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