 |
|
Trade unions to push for 9.5 pc interest
Punjab to review OTS policy
Anil meets TRAI chief
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
IT Roundup
ONGC may pump Rs 7,967 cr in Rajasthan refinery
Textile items to attract VAT
Asahi to pump $ 140 m in Uttaranchal
Oil cos begin ethanol procurement
Punjab aims to be medical tourism hub
Corporate Results
|
|
Trade unions to push for 9.5 pc interest
New Delhi, July 21 An official committee deliberating on the issue is understood to be of the opinion that a 9.5 per cent interest rate for the current financial year may not be possible as the Going by the potential financial implications and that too after “substantially” depleting its reserves, sources said the EPFO might not be in a position to offer over 8 per cent interest rate this year. Already sore over the Finance Ministry’s delay tactics in ratifying the 9.5 per cent interest rate for 2004-05, the trade unions, especially those belonging to the Left parties, have made it clear that any returns less than 9.5 per cent for 2005-06 was not acceptable to them. This assertion comes amidst the coming assembly elections next year in Kerala and West Bengal, the traditional strongholds of Left parties extending crucial outside support to the Centre. The trade unions, which are one among the tripartite body comprising central and state government representatives, have alleged lack of transparency in CBT’s accounts, saying that 9.5 per cent was payable if the EPFO could use the unclaimed funds. Already the EPFO has dipped into reserves for paying the 9.5 per cent interest in 2004-05 since the Finance Ministry shot down subsidies and a proposal to allow re-investment and high returns on Special Deposit Scheme, in which it parks over 65 per cent of its funds. 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.
|
|
Punjab to review OTS policy
Chandigarh, July 21 It may be recollected that two weeks ago OTS policy had come under fire from the Accountant General of Punjab, who said the policy was deficient, as the government did not differentiate between the profit-making and loss-making units when the dues were cleared up. Mr Singla said when the investment grows at a fast pace nobody points a finger. There are persons who need this equity participation of the government, he said while adding that the new policy would be declared soon.
|
|
Anil meets TRAI chief
New Delhi, July 21 During the discussion, the Reliance Info boss raised the issue of Tatas-controlled Flag and the access to VSNL’s landing stations in Mumbai, an issue on which Infocomm and Tatas have crossed swords, sources said. In their response to the consultation paper on bandwidth issue brought out by TRAI, Reliance Infocomm had accused VSNL of “monopolistic tendencies”, a charge that was denied by the Tata-controlled entity. “It was a courtesy call,” Mr Baijal said. — PTI |
|
Now ‘palace in sky’
Bangalore, July 21 Mr Wadiyar said here today that the unique selling point of the airline would be the stress given to food, service and space. “We will provide our own food service relying on cuisine of the Mysore royal house, besides giving a feeling of luxuriousness and royalty to the planes by going in for appropriate décor”, he said. My Wadiyar insisted that the airline could still be cost- effective, saying that the project profile for making it so had already been worked out. Mr Wadiyar said though his name would be associated with the project from the very start, he would invest capital in the project later. “My friend in Dubai with whom I have started the University of the Maharaja of Mysore” as well as an associate from Hong Kong will invest money at the initial stage”. Mr Wadiyar said the new airlines would have two Boeing planes initially and would go in for two more in the second stage of expansion. He said planes would be taken on a wet lease with the entire project entailing an investment of Rs 30 crore in the initial phase. He said the airline would initially concentrate on South India with flights to Hyderabad, Chennai and Kerala. He said later flights would be initiated for Mumbai and Delhi, besides smaller cities.
|
|
IT Roundup
New Delhi, July 21 The acquisition of Knowledge Dynamics is an all-cash deal involving a consideration of $ 3.3 million, of which $ 1.8 million is initial payment and the balance would be paid over two years. An additional sum of $ 2.2 million would be made as earn out payments based on certain set revenue and profitability targets over the next three years, Satyam informed the Bombay Stock Exchange. Synergies between the two companies will lead to the company emerging as a partner of choice for its customers globally, as it now offers the entire Business Intelligence and Data Warehousing (BI and DW) footprint of intelligence, insight and integration. The company will further leverage this acquisition to offer solutions on Knowledge Process Outsourcing (KPO) through Nipuna, its BPO subsidiary, it said. Meanwhile, Satyam Computer Services Ltd today reported 18.76 per cent rise in net profit at Rs 206.04 crore for the quarter ended June 30, 2005, as compared to Rs 173.48 crore for the corresponding quarter in the previous fiscal. The consolidated profit after taxation and share of loss in associate company is Rs 190.19 crore for the first quarter ended June 30, 2005 as compared to Rs 163.74 crore for the quarter ended June 30, 2004. Hughes-Kingfisher deal
Hughes Network Systems (HSS) today announced partnering with Kingfisher Airlines to set up the company’s networking backbone for all its airport offices across Mumbai, Bangalore and Delhi. The backbone will provide a framework for airline’s online booking engine for customers and business partners. The implementation that was completed in a short span of three months helped the airline go live with all its services from the first day of operation and was able to handle strong sales on the very first day of ticket bookings.
HCL Comnet
IT infrastructure solutions provider HCL Comnet today said it would increase its headcount to 5,000 from 1,800 in next three years and announced a tie-up with Trend Micro to offer network security solutions. “In last two years, we have doubled our headcount from 900 to 1,800 and in three years the number of persons we have will go up to 5,000,” said Sanjeev Nikore, Chief Operating Officer of HCL Comnet, a fully-owned subsidiary of HCL Technologies. Under the agreement with Trend Micro announced today, HCL Comnet, which also manages IT infrastructure of clients from remote locations, will now get into remote management of viruses in networks. HCL Comnet and Trend Micro together launched India’s first remote anti-virus management solution called expert service offering (ESO).
— Agencies
|
|
ONGC may pump Rs 7,967 cr in Rajasthan refinery
New Delhi, July 21 The ONGC proposes to build the refinery in joint venture with Cairn Energy of the UK, the firm which has discovered 2.5 billion barrels of oil reserves in Barmer district of Rajasthan, and Mangalore Refinery and Petrochemicals Ltd (an ONGC subsidiary). “Given the physical properties of the crude, the only feasible and cost-efficient option is to refine the crude at the well-head that is at the production site,” ONGC-Cairn said in a joint proposal to the Ministry of Petroleum and Natural Gas. The proposal states that the Rajasthan fields would start producing oil from 2007-end.
— PTI
|
|
New Delhi, July 21 “From April 1, 2006, the decision is that all textile items would be brought under the framework of VAT. States have agreed that the rate will not exceed 4 per cent,” Empowered Committee Secretary Ramesh Chandra said at a traders conference here. However, a formal notification to this effect would be issued by the Centre, he said. Earlier, additional excise duty (AED) had been imposed on textile at the fabric level, sugar and tobacco under the Additional Excise Duty (Goods of Special Importance) Act in lieu of sales tax. The AED collected by the Centre was given entirely to states. However, the 2004 Budget withdrew the duty on textiles as a result of which the item does not attract either AED, sales tax or VAT at present. The white paper on VAT has given exemption to sugar, textile and tobacco for this fiscal, after which it is expected to be reviewed. The Confederation of All-India Traders Secretary-General Praveen Khandelwal raised the issue of discrepancy in VAT rates on towel, shawl and blanket in Delhi and other states. While Delhi has imposed a 4 per cent tax on these three items, neighbouring states like Haryana has exempted them, he said. — PTI
|
|
Asahi to pump $ 140 m in Uttaranchal
Tokyo, July 21 Asahi India Glass Ltd. will invest some Rs 6 billion to build the factory in Uttaranchal. The investment will boost the joint venture’s daily production from 500 tons to 700 tons, said an Asahi Glass spokesman. “India’s economic growth has increased demand for glass for automobiles and buildings. We figure that this market will continue to expand in the future,” he said. “We want to prepare for future growth of demand by expanding the capacity of the company,” he said. Asahi Glass owns 22.2 per cent of the Indian joint venture, which is the top manufacturer in India for automobile glass products. According to PTI report, Citigroup will provide $ 65 million loan to Asahi India Glass for building its second float glass plant in Uttaranchal. “It provides significant financial flexibility to Asahi India by adding a new dimension to their debt financing alternatives,” Citigroup Country Officer Sanjay Nayar said after signing the deal. Asahi, a joint venture between the India’s leading car maker Maruti Udyog, Asahi Glass of Japan and Labroo family, is India’s largest manufacturer of automotive safety glass. Asahi India will invest a total of $ 140 million or Rs 600 crore to build its second plant in Roorkee. — AFP, PTI
|
|
Oil cos begin ethanol procurement
New Delhi, July 21 In UP, oil firms procured 72,895 kilolitres of ethanol to resume supplies of petrol doped with ethanol by this month- end. However, in other eight major sugarcane- producing
states, these are expected to resume the supply of ethanol by September after fresh tenders for procuring ethanol are issued. The
programme had been launched about three years ago by the previous NDA Government with much fanfare.
|
|
Punjab aims to be medical tourism hub
Chandigarh, July 21 He was attending a seminar on “sustainable urban development through public private partnership,” here at the Confederation of Indian Industry (CII). Mr Harpal Singh, who is also the Vice-Chairman of the CII, Punjab State Council, said, with healthcare in India being cheaper than the developed countries, more and more persons are expected to come to here for their medical requirements, he added. Already, Fortis is in the process of tie up with hospitals in the UK and USA which will handle the patients once they go back home, Mr Harpal Singh said. Talks are on with the Punjab Government for setting up the Punjab institute for Medical Sciences. Meanwhile angered over the slow pace of the proposed partnership between the government and the private sector, Fortis may be forced to look at other states.
|
|
Corporate Results
Mumbai, July 21 Alembic net up 47 pc
Pharmaceutical company Alembic Ltd today said its net profit jumped 47 per cent for the quarter ended June 2005, compared to the corresponding quarter last year. The net profit stood at Rs 10.83 crore in the first quarter of the current fiscal as against Rs 7.35 crore in the same period a year ago, the company statement said. The net revenue was also up by 8 per cent in the quarter at Rs 142.50 crore, it said.
Mastek nets 84 pc
IT company Mastek Ltd today reported 84 per cent rise in its net profit for the fiscal ended June 30, 2005 at Rs 53.4 crore as against Rs 29.1 crore in the previous fiscal. The Board of Directors has recommended a final dividend of Rs 5.50 per share and including the interim dividend of Rs two per share, total dividend comes to Rs 7.50 per share. Net profit for the quarter ended June 30, 2005, rose seven per cent to Rs 14.7 crore as against Rs 13.8 crore in the same period in 2003-04 while the total income during the reporting quarter stood at Rs 155.9 crore (Rs 150.1 crore).
Lakshmi Overseas
Lakshmi Overseas Industries Ltd (LOIL), one of India’s largest integrated processor of non-basmati rice, today announced the first quarter results. The company’s sales rose by 136 per cent to Rs 1,424 million as compared to sales of Rs 602 million in June 2004. Net profit rose to Rs 104.2 million during the same period. The EPS for the quarter ended June 2005 rose to Rs 10.04 against Rs 3.31 in the quarter ended June, 2004. LOIL is also planning to set up a Rs 1,200 million power plant of 30 MW in two phases.
— Agencies, TNS
|
bb
IA invites bids Stake in Jelfa Yes Bank’s tie-up Airtel data card Mittal shuts units SIDBI signs MoU with OBC Presentation made on MRTS Modular switches launched |
| 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 | |
