 |
|
Bullish Sensex not a cause for concern, says FM
Ethanol-blended petrol can offset oil import bill: BKU
ADB forecasts higher GDP growth for India
|
|
||||||||||||||||||||||||||
MacRitchie, Istithmar invest $ 20 million in SpiceJet
Govt reviewing distortions in FBT: Dr Shome
|
|
|||||||||||||||||||||||||||
TN unveils ITES Policy
TRAI fixes tariffs for IPLC services
HCCI pleads for uninterrupted power supply
|
|
Bullish Sensex not a cause for concern, says FM
New Delhi, September 8 “The Sensex rise is not a cause for worry or concern. Stock market movement is orderly,” Mr Chidambaram said, asserting the government and market regulator SEBI were carefully looking at Price to Earnings (P/E) ratio of Nifty and Sensex. Mr Chidambaram, however, said he would like to suggest to every investor in the stock market that he should take informed decisions. The Finance Minister said he expected second quarter results of business houses and banks to be as good as the first quarter’s. The Sensex, supported by blue chips like Infosys, Reliance Industries, Satyam Computers Reliance Energy and Tata Motors, closed at 8,052, gaining around 105 points. Marketman said the Sensex took almost 55 days to travel to 8,000 level from 7,000 mark as foreign funds remained aggressive buyers in index related shares. The P/E ratio is presently between 14.5 and 15.5. “At this level, they look comfortable,” Mr Chidambaram said. Mr Chidambaram said Sensex crossing 8,000 mark also showed business confidence was “very high”. “We are still in comfort zone.” he added. Oil bonds
He today indicated that the government would not issue oil bonds worth over Rs 10,000-12,000 crore to petroleum companies before November, as the move required Parliamentary approval. “We are working out (oil bonds). They will be issued after getting the approval of Parliament,” Mr Chidambaram told reporters on the sidelines of a micro-finance function here. Issue of oil bonds would require appropriation of required amount from the consolidated fund of India, which meant seeking approval of Parliament. Withdrawal of such amounts could therefore only be through supplementary demands for grants and the next winter session of Parliament is expected to start only after middle of November, sources said. The government announced on September 6 that bonds are likely to be issued to oil retailers — Indian Oil, Bharat Petroleum, Hindustan Petroleum and IBP to compensate them for not raising LPG and kerosene prices in line with the rise in global crude prices. Of the Rs 19,634 crore revenue loss on LPG and kerosene, Rs 3,600 crore would come from direct budgetary subsidy. For the remaining amount, oil bonds were expected to be issued. — PTI
|
|
Ethanol-blended petrol can offset oil import bill: BKU
New Delhi, September 8 Concerned over the delay in project, the farmer unions have called upon the government to promote ethanol-blended petrol and bio-diesel in the country to meet the challenge and to raise farm income. They have claimed that otherwise the country would have to pay a heavy price for neglecting the ethanol-blending project. Due to rise in price of diesel and other inputs linked with petro-prices, they claim, would further aggravate the crisis in farm sector. Talking to The Tribune here today, Mr Ajmer Singh Lakhowal, president, Bharatiya Kisan Union, Punjab unit said: “ With the increase in international crude oil prices, now touching $ 70 per barrel, country’s oil import bill is likely to touch Rs 1,75,000 crore. It would have an adverse impact on the income levels in farm sector, where the profit margins have already dipped to below 1 per cent of the total cost of production.” Lamenting over the government’s dilly-dallying approach to implement 10 per cent ethanol-blending petrol project, Mr Lakhowal said, “by offering sufficient incentives to the ethanol producers, the government could have easily address the problem of adequate supply of ethanol at reasonable price." In states like Punjab, he said, the Centre and state could offer a financial package to set up separate ethanol-preparing plants directly from sugarcane.
|
|
ADB forecasts higher GDP growth for India
New Delhi, September 8 In an upgrade released Thursday, the Manila-based ADB said: “Developing Asia’s healthy expansion is expected to continue, with growth projection of 6.6 per cent in both 2005-06 and 2006-07.” The Asian Development Outlook (ADO) 2005 Update, a supplement to ADB’s flagship publication that forecasts economic trends in the region, maintained an expectation of 6.9 per cent growth in 2005-06, same as in the previous year. However, for 2006-07, the multilateral body has raised expectations from 6.1 per cent to 6.8 per cent. “Growth in South Asia is on track for 2005, with India continuing to expand at a brisk pace, Pakistan posting its fastest growth in more than two decades, and Bangladesh growing steadily,” the report states. “India’s outlook continues to look bullish in 2006, lifting the sub-regional average for South Asia to 6.6 per cent compared to the 6.2 per cent forecast in ADO 2005.” It has also revised growth projections for China, which carries a large weight in the regional aggregate, for both 2005-06 and 2006-07. As a large net oil importer and a comparatively energy-inefficient region, Asia is particularly vulnerable to high oil prices. Even net oil exporters such as Kazakhstan, Papua New Guinea and Vietnam face challenges when oil prices soar. Across Asia, countries need to adjust to the possibility that high oil prices are here for some time. “Oil prices have risen by almost 75 per cent since the beginning of 2005. Across the region, signs of strain are beginning to show. Failure to adjust could put prospects at risk,” ADB’s chief economist Ifzal Ali said. Other risks include the possibility that growth might slow in the US and threats of virulent diseases and terrorist attacks. “Despite all of this, we continue to be cautiously optimistic on developing Asia,” Mr Ali added. — IANS
|
|
MacRitchie, Istithmar invest $ 20 million in SpiceJet
New Delhi, September 8 SpiceJet officials here said that although the agreement between the airline and the two investment companies had been reached but it was subject to necessary approvals. The investment would be made as per the pricing formula laid down by market regulator SEBI. The airline would soon seek the required permissions for accepting these investments, including shareholders approval for allotment of equity shares on a preferential basis. The company officials had been making presentations abroad to seek investment. The company has also floated its Foreign Convertible Currency Bond (FCCB) issue some weeks ago. The issue is likely to be completed shortly. MacRitchie has investments in a varied range of industries worldwide, including Singapore Airlines, SingTel, DBS Bank besides ICICI, Matrix Laboratories, Tata Consultancy, Mahindra & Mahindra and Punj Lloyd in India. It is a wholly-owned subsidiary of Temasek Holdings headquartered at Singapore. Istithmar, whose first investment in India is in SpiceJet, also has a global reach and has interests in large investments in Dubai Ports, customs, real estate firm Nakheel and Dubai Metals among others. It is a major investment house based in the UAE focusing on private equity, real estate and alternative investments.
|
|
Govt reviewing distortions in FBT: Dr Shome
New Delhi, September 8 Declaring this at a seminar on `Fringe Benefit Tax: Rules and Implications’ organised by the Associated Chambers of Commerce and Industry of India (Assocham) here today, Dr Parthasarthi Shome, Adviser to Finance Minister, said the review package would be made public after intensive and comprehensive consultations with trade bodies. “Inconsistencies in Fringe Benefits accorded to a large section of employees by their employer such as medical benefits and LTA, which currently fall under FBT is a serious issue before the government. Other inadequacies too are there and still others should be brought to its notice so that these can be corrected and removed”, said Dr Shome.
|
|
TN unveils ITES Policy
Chennai, September 8 Tamil Nadu Chief Minister J, Jayalalithaa, today announced the policy and promised to bring a new legislation for combating crimes and violations to protect the ITES companies and their customers on safety of their data. While inaugurating the two-day IT and ITES meet, Connect-05, organised jointly by the CII and the state government here she said: “The launch of the ITES policy by me today takes the state’s initiative towards IT and ITES sector to a qualitatively higher plane.” She said that a subsidy of Rs 25 lakh would be given for Rs 50 crore to Rs 100 crore investments on new units in the sector.
|
|
Telecom Snippets
New Delhi, September 8 Apart from promoting a level playing field in the industry, the decline in tariffs for IPLC half circuit services in India is substantially less than the extent of decline in other parts of the world. The Telecom Regulatory Authority of India (TRAI) said that a skewed market structure is detrimental to competition. Tariff regulation would also promote a level playing field in the industry and such a regulation of tariff, by the regulator, will not hamper competition, TRAI said. Briefly, the authority has fixed the ceiling tariff for three most commonly used capacities—E-1 (speed of 2 mega bits per seconds), DS-3 (speed of 45 mega bits per seconds) and STM-1 (speed of 155 mega bits per seconds). The ceiling tariff of IPLC (half circuits) in respect of E-1, DS-3 and STM-1 capacities are Rs 13 lakh, Rs 104 lakh and Rs 299 lakh per annum, respectively. The ceiling tariff will take effect from September 16. BSNL cable to Lanka through Tuticorin
Telecom service provider BSNL is in the process of laying a submarine cable between India and Sri Lanka to provide overseas connectivity, BSNL Chairman and Managing Director A.K. Sinha said today. “We are in the process of laying a submarine cable between India and Sri Lanka. Tenders have been finalised and we have also had talks with Sri Lankan Telecom. Rs 50 crore will be spent on the project,” Mr Sinha said at an interaction here with members of the Merchants Chamber of Commerce.
— Agencies
|
|
HCCI pleads for uninterrupted power supply
Panchkula, September 8 Mr Gupta said while the industry understood the pressing need for power by the agriculture sector at the time when the rains had failed and the paddy crop was maturing, the authorities were unable to ensure uninterrupted power supply to the industry even for seven hours. He said while the power supply to the large industry had been shut off, the tiny and small units, which run during the day time, were not getting uninterrupted power. These units were plagued by unscheduled cuts, forcing them to lay off the labour. Because of the power shortage in the state, the industrial production had gone down by 30 per cent and about 50 per cent export orders had been affected.
|
bb
Himatsingka GDRs Cipla dividend BoI villages Order from RoC Karur Vysya J&K Cements earns Rs 430 lakh profit Ranbaxy to mull disinvestment Delhi-Rewari rail project contract Rs 15 cr textile project in HP Implement SEZ project, govt asks CII |
| 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 | |
