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Hike in petrol, diesel prices on cards
Oil price hits $65 a barrel mark
SpiceJet late-night flights by August 17
Bathinda refinery on revival path |
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Tupperware to buy Sara Lee unit
Make SSI registration mandatory, says panel
ICICI Bank mulls knowledge hub in Kolkata
CMIE revises growth forecast upwards
Colgate Asia plans to buy Indian sister’s share
Corporate News
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Hike in petrol, diesel prices on cards
New Delhi, August 11 Petroleum Minister Mani Shankar Aiyar is scheduled to meet the Left parties next week to apprise them of the growing losses of oil- marketing companies and seek their support for the proposed hike. Referring to the critical situation on the oil front, the minister informed the Lok Sabha today that due to the freeze in the retail prices of the four fuels, “ liabilities of the state-owned oil- marketing companies have reached Rs 20,000 crore so far. If the current trend continues, their liabilities would mount to Rs 40,000 crore by year-end.” The government’s income had also come down by Rs 4,000 crore, he claimed, adding that the government was continuously monitoring the price situation. “ We are trying to control the impact on people. But people may have to share some burden.” Looking towards the Left party members, the minister said: “ We cannot even think to increase the prices without your consent. We are exploring all possibilities of asking the stand-alone refineries under the Essential Commodities Act and export-import regulations to cut aviation fuel exports to meet the demand of the oil- marketing companies first.” Incidentally, the average price of India’s basket of imported crude has increased from $ 38 a barrel in 2004-05 to over $ 58 per barrel this year. During the last fiscal, India’s oil import bill reached Rs 1,20,000 crore. The industry is expecting the international crude price to cross $ 70 per barrel in the near future.
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Oil price hits $65 a barrel mark
London, August 11 The International Energy Agency said meanwhile that the price of crude has risen to $ 65 due to uncertainty on all fronts and low spare production capacity in the Organisation of Petroleum Exporting Countries (OPEC). New York’s main contract, light sweet crude for delivery in September, climbed 21 cents to $ 65.11 per barrel in electronic trade. It earlier hit $ 65.30 — the highest point since it was first traded in 1983 — after soaring past $ 65 yesterday. The price of Brent North Sea crude oil for delivery in September gained 10 cents to $ 64.09 per barrel today. Brent crude earlier touched a record $ 64.57, after surging through the $-64 barrier for the first time the previous day.
— AFP
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SpiceJet late-night flights by August 17
New Delhi, August 11 The flights originating from Delhi will initially operate thrice a week on Wednesday, Friday and Sunday. The flights from Mumbai will operate on Thursday, Saturday and Monday. Spicejet Director Ajay Singh said here that the airline would by next month further expand its late night operations and would increase the frequency to six days a week, except Tuesdays for Delhi-Ahmedabad-Mumbai and Wednesdays for Mumbai-Ahmedabad-Delhi routes. The airline has also introduced its Red Hot special fares on late night flights. These would be available at the reservation systems at fares of Rs 999 for Delhi-Ahmedabad, Rs 599 for Ahmedabad-Mumbai and Rs 1,599 for Delhi-Mumbai routes. SpiceJet operates in six markets of Delhi, Mumbai, Ahmedabad, Goa, Pune and Bangalore utilising Boeing B737-800 new generation aircraft with an all economy configuration of 189 seats. Meanwhile reports here suggested that the plans of Magic Air to launch its operations from November might run into rough weather with the government saying it cannot permit Person of Indian Origin (PIO) to operate an airline. The airline was to be started by a PIO and as per the existing civil aviation requirements a scheduled or non-scheduled air transport operators permit could be only granted to Indian citizens. Civil Aviation Minister Praful Patel said in a written reply in Lok Sabha that under the rules, a permit could also be provided to a company or a body whose effective control was vested with Indian nationals. “Hence, Persons of Indian Origin (PIO), who are not Indian citizens, cannot be permitted to operate air transport services in terms of the present regulatory,” he said. The new airline was proposed to be launched from November by a PIO, Neera Radia.
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Bathinda refinery on revival path
New Delhi, August 11 Petroleum Minister Mani Shankar Aiyar, Punjab Chief Minister Amarinder Singh and state Finance Minister Surinder Singla will be present on the occasion to stamp the deed of assurance about the proposed financial concessions from the state and the execution of the project by HPCL within time. After the Bhakra dam , the refinery is likely to be the first mega project in the border state. Like the Panipat refinery in neighbouring Haryana, industry experts said, it would help the state attract hundreds of ancillary units as well in the petrochemicals sector ,offering employment opportunities for the youth in the cotton-belt. The Punjab Council of Ministers had approved the revised terms and conditions of the deed of assurance on January 31, the package of concessions to HPCL for refining nine million tonnes of crude oil per annum. The project, announced by the previous NDA Government at the Centre in 1996,was mired into one controversy after another, when present the Congress Government in the state declined to honour the commitments given by previous Akali-BJP Government regarding 15 year sales tax concessions to HPCL. After the intervention of Prime Minister Manmohan Singh and the Petroleum Minister, the state and HPCL agreed on lower financial concessions. HPCL, said officials in the Petroleum Ministry, has finally agreed to drop the demand for deferment of sales tax and has instead asked for an interest- free loan of Rs 250 crore every year for five years. This amount would be repaid without interest to the Punjab Government. At one time, the HPCL management had threatened to shift the project to neighbouring Rajasthan, but the Centre government and State governments have finally succeeded to prevail upon the state- owned corporation to invest in Punjab. Expected to be commissioned in four years, the project may undergo cost escalation from its initial 1998 estimate of about Rs 9,806 crore.
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Tupperware to buy Sara Lee unit
New York, August 11 Chief Executive Rick Goings said the acquisition would increase beauty and personal care products to 35 per cent of the direct selling company’s sales, up from 12 per cent, and boost annual sales by about 38 per cent to $ 1.8 billion. He said a more diversified portfolio would lessen risk, as demand for durable goods was closely tied to economic cycles, while beauty and personal care goods were replaced more often and offer higher growth opportunities. ‘’This gives us great scale in markets like Australia, Mexico, Japan and the Philippines in the personal care and cosmetic categories,’’ Mr Goings told a Tupperware expects the deal to boost annual earnings per share by 20 per cent after it closes in the fourth quarter, as 900,000 independent consultants from Sara Lee join its sales force of one million who are already out in the field. — Reuters
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Make SSI registration mandatory, says panel
New Delhi, August 11 “Tiny enterprises have not been classified in the Bill along with small and medium enterprises. The Committee recommends that the tiny sector may also be classified in the Bill,” the Standing Committee on Industry has said. It was of the view that manufacturing units with an investment of up to Rs 25 lakh and service providers with investment Rs 10 lakh be put under the tiny sector. The Bill puts units with investment up to Rs 5 crore in plant and machinery in small-scale sector and units with investment up to Rs 10 crore in medium sector. So far, the small and tiny enterprises have the option of not getting registered. The committee has recommended that registration of units in small and tiny sector be made mandatory.
— PTI
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ICICI Bank mulls knowledge hub in Kolkata
Kolkata, August 11 Once the land was allotted, the hub would be made operational within two years. The bank planned to scale up the number of employed from 2500 to 5000 in the next two to three years. The bank’s centralised hub was located in Mumbai. The bank has identified rural credit as the next growth platform for which it had decided to leverage the role of micro-credit organisations. With initial focus on consumer credit, the bank would now focus on agricultural credit to boost growth, ICICI Bank managing director and CEO K V Kamath told reporters here today. Meanwhile, Mr Kamath informed that the bank was willing to exit from Federal Bank and South Indian Bank, but at an appropriate time.
— PTI
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CMIE revises growth forecast upwards
Mumbai, August 11 The manufacturing sector was likely to grow at 8.2 per cent as against previous estimate of 8 per cent in the 2005-06, the CMIE said in a statement here today. The edible oil production would show 1.2 per cent decline as against 13 per cent drop projected earlier, it said. Expecting a near-deficit scenario for the sugar sector towards the end of 2006, the CMIE said this situation was likely to keep the sugar prices firm. Cement consumption rose by 11.6 per cent to 330.5 lakh tonnes in April-June quarter. — PTI
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Colgate Asia plans to buy Indian sister’s share
Mumbai, August 11 According to a press note issued by Colgate-Palmolive (India) to the NSE today, the date of proposed acquisition is on or after August 18, 2005, and the mode of acquisition is inter-se transfer. “The proposed acquisition price is the prevailing market price on the date of acquisition,” the note added. — UNI
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Corporate News
New Delhi, August 11 Sumitomo Corporation has proposed to acquire 16,38,000 shares aggregating to 15.62 per cent stake of Swaraj Mazda from Mazda Motor Corporation, also a foreign collaborator in the company, subject to conclusion of the share transfer agreement, the automobile maker informed the National Stock Exchange. The proposed acquisition price per share is Yen 768 per share and the shareholding of Sumitomo Corporation after the proposed acquisition will be 43,03,000 shares aggregating to 41.03 per cent of the voting rights of Swaraj Mazda Limited, it added. The date of proposed acquisition is August 18, 2005 or later. Rs 26-crore order for BHEL
Bharat Heavy Electricals Ltd (BHEL) has bagged a Rs 26-crore order from the Ethiopian Electric Power Corporation (EEPCO) for setting up 230-KV substations in Ethiopia. The World Bank-funded contract is a part of the rural electrification programme initiated by the Ethiopian Government. BHEL’s scope of work in the project includes design, supply, erection, civil construction and commissioning of 230 KV Nefas-Mewucha and Gashena substations, apart from the expansion of Couitebe substation. The substations are to be completed in a schedule of 14 months. Under its power development programme, EEPCO has identified a series of substation and generation projects in the country. BHEL is working towards securing these projects and associate with EEPCO on a long-term basis.
Kamdhenu pact with Belgium co
Kamdhenu Ispat Ltd (KIL) today announced tie-up with CRM — the Belgium-based joint research centre for European iron and steel majors — to manufacture tempcore TMT bars by installing the technology in its production unit at Bhiwadi in Rajasthan. Anticipating a boom in the construction and infrastructural activities in India, Kamdhenu Ispat Group has focused attention on conversion of unbranded steel bars market into branded and has increased its production to 3,75,000 MT in the current fiscal compared to 1,83,330 MT in 2004-05, KIL Managing Director Satish Agarwal said.
Ashok Leyland, GAIL join hands
GAIL India Ltd has signed a cooperation agreement with Ashok Leyland Project Services Ltd (ALPS) yesterday for pursuing business opportunities in compressed natural gas (CNG) and related sectors in India and abroad. The concerned companies informed the Bombay Stock Exchange about this agreement today. As a part of the co-operation agreement, GAIL and ALPS will jointly identify and evaluate business opportunities in CNG and related areas in India and other countries in Asia and Africa such as Iran, Indonesia, Philippines, Malaysia and South Africa.
— Agencies
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