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Small scrips tumble as Sebi
Package for absorption of Group A officers into BSNL, MTNL okayed
BHEL roadmap for growth
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India to emerge as R&D hub, says UNCTAD New Delhi, September 29 India would emerge as the most attractive destination for R&D by 2009 after China and the US, according to the UNCTAD’s World Investment Report, 2005, released here today.
Nod to sale of UTI AMC
TRAI drafts norms for rural telephony
Birlas wrest jute mill from Lodha
Sino-US talks on textiles deadlocked
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Small scrips tumble as Sebi steps up vigilance
New Delhi, September 29 The blood-bath was among the small companies especially in the T-Group, where 442 companies saw their share prices falling to the maximum permissible level or the lower circuit. In the Z-Group, about 106 stocks skidded to the lower circuit, according to BSE data. As many as 97 scrips in the B2 Group stocks and 89 in TS Group hit the lower circuit during the day. In the S-Group, 24 stocks kissed the lower circuit while only 10 were down in B1 group. But amidst such a fall, 48 group stocks bucked the trend and were blocked at the upper circuit limit. Though the Sensex gained more than 44 points on the day to close at an all-time high of 8,650, negative sentiments prevailed all over the market as a result of sliding side counters. It might have reflected the hidden apprehensions of a probe by regulators Sebi, which barred two companies on Tuesday from trading their shares in the market. More companies are likely to come under Sebi scanner. In fact, Sensex was the only index in BSE to close with a positive market breadth. On BSE, the overall market was severely negative with almost 84 per cent of the stocks ending in red.
Demanding a thorough probe into the bull run in ‘penny stocks’, which have gone up from 100 per cent to 6,000 per cent, the BJP stressed on the need for creating a ‘P’ category in stock exchanges and list ‘penny stocks’ under it for the benefit of small investors. “In the current bull run, the prices of hundreds of penny stock have gone up by 100 per cent to 6,000 per cent. Abnormal trading, price manipulation, fraudulent share split have been observed in more than hundred companies shares...There is a need for strong action against such companies,” BJP’s Investor Cell Convenor Kirit Somaiya said here today. “As per the research done by BJP Investor Cell almost 984 companies share prices have gone up more than 100 per cent. The BJP is afraid that many such companies’ promoters with the help of operators seems to be manipulating prices of penny stocks,” he said warning that if immediate steps are not taken by the government and SEBI small investors likely to get trapped and shall lose crores.
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Package for absorption of Group A officers into BSNL, MTNL okayed
New Delhi, September 29 As per the terms of the ‘attractive’ package, it is made clear that these officers would not have any loss of emoluments (pay+DA) on absorption. Senior officers would be eligible for stagnation increments. The government has also offered a special allowance, resulting in about 25 per cent increase in emoluments (pay+DA) per month for each officer, calculated as on October 1, 2000 (the date of corporatisation), an official statement said. The government has also decided to extend the deemed deputation of Group A officers till October 15, 2005, in order to facilitate exercise of the option. It has also introduced a new provision whereby such employees would have an option to receive pro-rata retirement benefits for the service rendered by them in the
government, if so desired. The officers would also be entitled to the benefit of additional five years qualifying service for pension in case they seek voluntary retirement on completion of 20 years of service. However, if a sufficient number of Group A officers do not become available in BSNL and MTNL, the government has drawn up a contingency plan, including availing of the expertise of other Group B officers to look after the operations or seeking the services (on contract) of retired officers. The Cabinet took the decision after considering the matter regarding the absorption of around 3,000 Group A officers of the Indian Telecom
Service, the P&T Accounts and Finance Service and other services (Civil, Electrical, Telecom Factory, Architecture etc.) into BSNL and MTNL. After corporatisation of the Department of Telecom Services and the Department of Telecom Operations, around 4,00,000 employees were transferred on deemed deputation to BSNL and MTNL for periods up to five years. The period of deemed deputation ends on September 30, 2005. So far, Group B, C and D officers totalling about 3,97,000 have been absorbed into these two organisations.
The Indian Telecom Service Association (ITSA) has rejected the package for getting absorbed into BSNL and MTNL. “There is nothing new in this (package approved by cabinet). Core issues relating to career progression, upgradation, criteria for board level post selection issue and interference by the DoT in PSUs remain unresolved. We are not accepting this,” Mr S.C. Sharma, General Secretary, ITSA, said. Senior DoT
officials said after October 15, if they did not opt for either of the PSUs for absorption, they would have to go to the surplus cell of the DoT. They could not remain employees of the DoT after that date and it was the final opportunity for them to get absorbed. They said there was no interference from the DoT in any of these two PSUs and any such thing was a bogus issue freshly taken up by these officers.
— PTI
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BHEL roadmap for growth
New Delhi, September 29 BHEL CMD A.K. Puri today unveiled the roadmap to put the company on the double-digit growth trajectory path at the 41st annual general meeting (AGM) of the company,. “Brightening Lives and Powering Progress, in line with its vision - ‘committed to enhancing stakeholder value’, BHEL has recorded a surge in economic value addition (EVA), which catapulted to Rs.504 crore in 2004-05 from Rs 366 crore in the year before,” he said. With the surge in demand for power and improved performance, said Mr.
Puri, BHEL would make efforts to keep pace with the demand for compression of time cycles, enhanced quality and productivity, and the ongoing process of holistic modernisation of facilities would continue to result in manufacture of state-of-the-art products. To enhance BHEL’s competitive market positioning, an investment of Rs 155 crore was made under capital programmes during fiscal 2004-05. During 2004-05,BHEL has accelerated the momentum of double-digit growth achieved in the previous year, with an all-time high turnover at Rs 10,336 crore, growing by a healthy 19 per cent grossing a net profit at Rs 953 crore. Consequently, an enhanced equity dividend of 80 per cent- the highest so far, has been proposed by the company, he said. Notably, BHEL secured the highest-ever orders worth Rs 18,230 crore in a single year despite operating under intense competitive pressure in the domestic and international markets. With an all-time high order book of over Rs 32,000 crore at the close of the financial year, the company expected to achieve healthy top and bottom line growth in 2005-06 and beyond, said Mr Puri. The momentum had picked up pace in the current fiscal, with BHEL having already booked physical export orders worth Rs 1,175 crore. Major achievements included a landmark turn-key contract for two power projects from PDO Oman.
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India to emerge as R&D hub, says UNCTAD
New Delhi, September 29 As the ageing population in many developing countries are likely to result in an insufficient supply of specialised persons, the report said the availability of research staff with a range of specialisation, local entrepreneurship in R&D would favour India emerge as a major destination of R&D in the world. It has been estimated that firms can reduce costs by 20 to 30 per cent by moving their R&D activities to India, the report said. The new patent regime in the country has eroded the power of domestic pharma companies to absorb knowledge spill over through reverse engineering, Director-General of Research and Information System for Developing Countries (RIS) Nagesh Kumar said while releasing the report. So while the patent regime has reduced the power of domestic companies for absorption of knowledge dissemination, on the other hand it has made India an attractive country for clinical trials, said Kumar. India attracted a mere $5.33 billion of FDI in 2004 compared to $4.26 billion in 2003. China, on the other hand, managed to attract the same amount every month totalling $60.63 billion in 2004. However, outward FDI flows from India were higher at $2.22 billion compared to $1.80 billion by Chinese companies in 2004. India accounted for the majority of foreign investments in South Asia. Total FDI inflows to South Asia climbed for the fourth consecutive year in 2004 to $7.005 billion compared to $5.331 billion a year ago. The report said two surveys carrying responses of experts and transnational corporations (TNCs) conducted by the United Nations Conference on Trade and Development (UNCTAD) put China, India and the United States as the most favoured FDI nations. While experts put India behind China and US, TNCs gave India the second rating behind China and ahead of the United States. China is considered the most attractive location by 87 per cent of TNCs and 85 per cent of experts, the report said. As many as 42 per cent of experts and 51 per cent of TNCs called India as the most favoured destination. “India’s high ranking, albeit with 30 per cent few responses than China’s is even more remarkable, given that FDI flows to the country have been modest until recently,” the report said. India has developed certain resilience so that shocks like tsunami and surging oil prices are also dealt with comfortably, Mr Kumar said. Besides, India has English speaking and well-trained workforce, which make the country, a favoured destination for FDI inflows, he said.
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Yamaha forms sales subsidiary
New Delhi, September 29 The new entity, which will commence operations from October 1, will be a wholly-owned subsidiary of Japan’s Yamaha Motor Co and focus on domestic sales, marketing and after-sales services. “We plan to consolidate our position in India as it is a key market for us and we are bullish about growth here. Integrating our sales and marketing operations in the new company will enhance our business activity in India,” Yamaha Motor India CEO and Managing Director H. Yanagi said. The new company will be headed by Mr T. Maeda as Director for Marketing. He will be assisted by Mr Atul Gupta as Head of Sales and Marketing.
— PTI
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Nod to sale of UTI AMC
New Delhi, September 29 Finance Minister P. Chidambaram said: “The transfer will be completed in a few days, most likely by October 1”. The sale agreement had been signed on January 15, 2003, with these four sponsors. The minister said it would be wound up after the liquidation of assets. According to the decision, said the Finance Minister, all four stake- holders would have a 25 per cent share in the UTI AMC, but they would not be able to transfer their share to one another, or to sell to anyone else, without prior permission from the government.
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TRAI drafts norms for rural telephony
New Delhi, September 29 “It has been estimated that to cover 70 to 80 per cent rural population, about 15,000 base stations will be required by each operator costing Rs 7,500 crore to each operator,” TRAI said in its draft guidelines for rural telephony. If three operators share the passive infrastructure, the total cost of base stations would be Rs 10,500 crore, TRAI feels, adding that one time support from the Universal Service Obligation Fund would be crucial for the venture. “It is seen that through a support from the USO Fund of little over Rs 5,000 crore, it will be possible to install 15,000 base stations in rural areas with connectivity to the main network to cover about 80 per cent of the villages,” TRAI said. Also taking into account the difficult terrain the total support required in form of subsidy would be Rs 6,500 crore, it added. The regulator also favoured a business case, in which, while making a reasonable profit, the operators will be able to offer telecom services of the type required by rural population at price levels where cost-benefit ratio will clearly suit large masses.
— PTI
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Birlas wrest jute mill from Lodha
Kolkata, September 29 While the seven nominees of the Birla family, having majority stake in the company, were elected to the board of Rameshwara Jute Mills, the resolution seeking reappointment of S.N. Prasad as a director by the Lodha group was defeated.
— PTI
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Sino-US talks on textiles deadlocked
Beijing, September 29 The two sides agreed to hold the next round of negotiations as soon as possible. The negotiations, which started on Monday, were scheduled to end on Tuesday but got extended to a third day. So far, over 20 types of Chinese textile products, including skirts,
pajamas, swimming suits, tatting shirts and socks, have been put under US restrictions or are undergoing restriction-related investigations.
— PTI
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