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Investors cautioned about zooming Sensex
India, Pak press for free trade
Govt to review E&P licensing policy
Atlas to diversify into pharma sector
Regulatory body in food-processing sector on anvil
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Airtel-ICICI Bank launch mobile credit card
Mallya to raise issue in Parliament
Eveready keen on acquisitions abroad
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Investors cautioned about zooming Sensex
New Delhi, September 19 “Investors, Watch Out,” screamed an advertisement issued in newspapers by the Bombay Stock Exchange (BSF), which asked the public to follow a list of dos and don’ts before putting their money in the market. “There are attendant risks associated with it (market)” the advertisement said. “Be cautious about stocks, which show a sudden spurt in price or trading activity, especially low priced stocks... don’t deal with unregistered brokers...don’t deal based on rumours generally called itips’,” it read. But even such blatant warnings do not seem to cower down the market, whose benchmark 30-share index rose by 63.88 points to close at a new high 8,444.84 today. The current spurt in the market contradicts the way it reacted to some unfriendly statements by members of the ruling coalition and shed 565 points on May 17, 2004 — a day that has come to be known as Black Monday. Today, the market seems to have learnt to ignore remarks that have negative conotations. The index has been rising despite the CPI, a key supporter of the UPA government, demanding a probe into the bull run, which it suspects to be a result of manipulation by notorious syndicates. Even Finance Minister P Chidambaram had advised investors to take “informed decisions” after the Sensex touched the 8,000 mark on September 8, this month. The Reserve Bank of India (RBI) has asked the banks to investigate individual loans, suspecting manipulation of individual shares, in the wake of the Sensex’s bull run. According to sources, the Foreign Institutional Investors (FIIs) alone were not moving the stock markets at such a rapid pace. The BSE also warned investors against “blindly” following media reports on corporate developments, saying these could be misleading. “Don’t get carried away by the onslaught of advertisements about the financial performance of companies in print and electronic media.” It also cautioned investors against blindly imitating the investment decisions of others. Further, under the dont’s list, it warned investors against being misled by companies showing approvals from government agencies, “as the approvals could be for certain other purposes and not for the securities you are buying. — Agencies
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Sensex crosses 8,400 points Mumbai, September 19
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India, Pak press for free trade
New Delhi, September 19 Both countries agreed to consider opening of more road trade routes — including through Husaaniwala border in Ferozepore district in Punjab, easing of visa norms and bilateral agreement in civil aviation and shipping sector shortly to boost bilateral and multi-lateral trade. The wish list of the business communities of two countries is receiving the highest priority and bilateral talks will soon be held on visa regimes and civil aviation, Pakistan Commerce Minister Humayun Akhtar Khan said. Both governments are also ready to take a fresh look at the outdated shipping agreement to align it with today’s business needs, he told a meeting organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) and PHDCCI here today. Pakistan Commerce Minister said: “ I am surprised as there is lack of knowledge about Pakistan not only among business community but other communities. So, visits to Pakistan will help them understand the neighbouring country in a better manner.” Mr Khan said India and Pakistan had also committed themselves to a South Asian Free Trade Area, which would be operational from January 2006. The pact will be a stepping stone towards greater and freer trade in the region, he said. Indian Commerce Minister Kamal Nath said regional ties were the cornerstones for gains from global trade under the World Trade Organisation regime. He said the government has already taken steps to enhance imports from Pakistan. Consequently, the imports from Pakistan had gone up by 150 per cent during April-June period this year as against just marginal increase in exports. Ficci President Onkar S. Kanwar announced on the pattern of Pakistani exhibition in India, Indian industry would hold “ Made In India” exhibition in Lahore from November 10 to 16 this year. Mr K.N. Memani, President, PHDCCI, also said that a joint exhibition of Indian and Pakistan manufacturers would be held in Amritsar by November end this year.
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Govt to review E&P licensing policy
New Delhi, September 19 Speaking at an interactive meeting with the industry representatives organised to discuss a study paper “Review of E&P Licensing Policy”, Petroleum Minister Mani Shankar Aiyar lamented that the ONGC had failed to commercially exploit the oil and gas from 150 oil wells discovered by the
company. The study, brought out by PriceWaterHouse Coopers on the behalf of the Petroleum Federation of India, has suggested that to encourage competitive environment in the oil
sector, the government should immediately set up an independent upstream regulator in addition to offering the undeveloped ONGC fields to the private sector on a commercial basis. Taking a dig at the ONGC performance, the minister asked why the company should not be asked to share its data and information with other players since it had failed to develop all oil fields in the country. Asking a review of the licensing
policy, the private players demanded that the government should consider an “ open acreage policy”, besides expediting the creation of a national data repository. The minister pointed out the government might consider making it mandatory for the private and public sector companies to share their data after a specific time if they failed to develop oil or gas fields. The Petroleum Ministry had asked the industry to prepare a study paper on its recommendations to review the new licensing policy.
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Atlas to diversify into pharma sector
New Delhi, September 19 The company is in talks with the leading pharmaceutical players for joint venture. “We hope to finalise on that within a few weeks,” Atlas sources told UNI. The diversification is an independent venture by two of Atlas’s promoters who handle the company’ Malanpur unit. The bicycle manufacturer plans to start off with contract manufacturing in the first phase and then gradually establish their own brand presence in the sector. Initially, the new venture will produce tablets, ointments and syrups. “Later on, we have plans to also manufacture injectibles,” the sources said. The pharma unit will be set up in a 10-acre plot in Hardwar in Uttaranchal. The plant will be ready by the middle of next year. Commenting on the new plans, Atlas Cycles President Salil Kapur said: “We had been exploring a number of sectors but have short-listed the pharma sector primarily because the Indian pharmaceutical industry is growing at an impressive rate and we feel that this is the right time to be a part of this growing industry.” However, he said, “bicycle manufacturing still remains our core business and we are looking at introducing more new models for all age groups.” — UNI
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Regulatory body in food-processing sector on anvil
New Delhi, September 19 A Vision Document, Food Policy and an integrated agri-business document are also under consideration at the Cabinet level,” said Mr. Subodh Kant Sahai, Minister of State for Food Processing Industries, at the national seminar on the Food Safety and Standards Bill, 2005, — Implications for the Food Industry “ organised by the CII here today. He said the Bill is expected to be passed during the winter session. While elaborating on the initiatives of the Ministry to enable the food processing industry to take off on a growth trajectory, Mr Sahai said: “The Ministry is proposing a mega food park and tax concessions for the industry. A National Institute of Food Training and Management has also been proposed. A new excise policy is expected to be announced soon.” A state-of-the-art lab, integrated law, a single ministry and a regulatory authority are on the anvil.
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Airtel-ICICI Bank launch mobile credit card
New Delhi, September 19 The new service — mCheque — allows Airtel customers and ICICI Bank Visa cardholders to make payment through Bharti’s Airtel mobile service. Claiming to be the first mobile-to-mobile payment option, Mr Akhil Gupta, Joint MD, BTVL, said the service eliminates the need of carrying cash for making a purchase. Bharti will issue mCheque enabled 128K SIM cards free of cost to its existing subscribers for the first three months and ICICI Bank on its part would issue an add-on card to their existing visa credit card customers. Users of Airtel opting for this card would have to pay normal SMS charges for sending, receiving and confirming the transaction, a monthly charge of Rs 10, which have been waived off for first three months as a promotional measure.
— PTI
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Mallya to raise issue in Parliament
Bangalore, September 19 Mr Mallya, who was talking to newsmen at the annual general meeting of the UB group in which an interim dividend of 15 per cent was announced, said the situation had become such that the city as well as the country was being humiliated internationally. Concrete time- bound short and long- term plans were needed to tide over the crisis and ensure that multinational companies did not lose faith in the city as an investment centre. The UB group Chairman also asserted that it was the responsibility of the government to build and maintain roads in the city and not that of the corporate sector. Mr Mallya also announced that his company would spend Rs 100 crore in the next five years to set up brewery units in Orissa, UP and Rajasthan.
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Eveready keen on acquisitions abroad
Kolkata, September 19 Eveready Industries Executive Vice-President and Managing Director Deepak Khaitan said the company was planning to appoint a well-known merchant banker to do the necessary groundwork. “Only after they identify the prospective companies we would start talking to them about the acquisition primarily to capture the alkaline battery market of not only South and South-East Asia but also that of the Middle East, Africa and parts of Europe,” Mr Khaitan said.
— UNI
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New Delhi, September 19 “We are planning to launch this service in November. Our subscribers would be able to get all three — voice telephony, broadband and cable TV —along with video-on-demand on single telephone line,” MTNL’s CMD R S P Sinha said. Asked about the charges for all these services, Mr Sinha declined to give figures saying that these were yet to be finalised but assured affordability. — PTI
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Slaps Rs 15-cr notice on Karnataka Govt
The UB Group has sought a “reimbursement” of about Rs 15 crore from the Karnataka Government, blaming it for the failure in taking off of the elevated light rail transit system that was sought to be promoted by a consortium led by it.
According to UB Group Chairman Vijay Mallya, the project was abandoned (during the previous S.M. Krishna Government) after the state government failed to come up with its share of the equity and guarantees. Mr Mallya said UB was seeking a certain cost from the government for ‘futile’ pursuit of the project.
— PTI
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Oil price Samsung’s first Cadbury’s MD UTV Software New oil reserves Bank Directors Westend to open shopping malls Samra re-elected PHFCA chief Reliance Info to procure handsets FIHPA convention
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