 |
|
No revision in petro prices till March next year, says govt
ONGC posts Rs 4,138.25-cr profit
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||
US bank proposes Rs 1,000-crore investment in HP
US Aviation Authority to open office in India
AP woos IT giants
Ford to increase hybrid car output
Mauritian PM in Hitech city
Missed USA! You have UK option
Jet to buy 10 Airbus planes
CORPORATE RESULTS
|
|
No revision in petro prices till March next year,
New Delhi, October 26 “If prices of crude oil remained around the current level, there will be no revision in prices of petrol and diesel,” Petroleum Secretary S.C. Tripathi told reporters. He said the prices of crude oil in the international market had softened since September 1 and the Indian basket prices is hovering around $55 against an all-time high of $62.78 a barrel. Mr Tripathi said the government had taken several steps and working closely with Finance Ministry to issue bonds to oil marketing companies. “It is almost certain that the government will issue bonds of at least Rs 11,500 crore as a compensation to oil companies for the losses they have incurred in sale of petroleum products including LPG and kerosene,” he added. He announced setting up a high-power inter-ministerial committee to review the existing pricing mechanism of petroleum products as well as ensure that interests of government, consumers and oil companies be protected effectively. “The committee will look at all aspects including subsidies on LPG and Kerosene as well as transport fuels which goes into determination of prices of Petroleum products,” Mr Tripathi said. Mr Tripathi said the committee, headed by Dr C. Rangarajan, Chairman, Economic Advisory Council to the Prime Minister, will look into various aspects of pricing and taxation of petroleum products with a view to stabilise/rationalise their prices keeping in view the financial position of oil companies, the investment needed in the sector, need to conserving petroleum products and establishing a transparent mechanism for autonomous adjustment of prices by the oil companies. Dr Kirit S. Parikh, Member, Planning Commission, Petroleum Secretary, Dr Ashok Lahari, Chief Economic Adviser, Finance Ministry, Prof B H Dholakia, Director IIM, Ahmedabad and Saumitra Chaudhuri, Chief Economist, ICRA, will be the members of the committee and Petroleum Planning and Analysis Cell (PPAC) will provide secretarial assistance. The committee plans to submit its report within six months and recommend a comprehensive mechanism for pricing and taxation of sensitive petroleum products and other allied issues. The panel may also consider the issue of delinking import parity pricing and consider all recommendations of Petroleum and Natural Gas standing committee, which have been recommending the government to convert the cess collected by the government on crude oil production may be converted into a stabilisation fund to keep prices within the range of consumers. Meanwhile, the government plans to penalise Reliance Industries Ltd, India’s largest private firm, if it delays gas production from its field in Bay of Bengal beyond mid-2008, Mr Tripathi said. Reliance, which has discovered 14.5 trillion cubic feet of gas reserves in deep-sea block KG-DWN-98/3 (also known as KG-D6), had contracted to supply gas to National Thermal Power Corp’s plants in Gujarat by mid-2007 but subsequently postponed the delivery date to end-2007 and now to June 2008. “We have asked Directorate General of Hydrocarbons (DGH) to look into the reasons for delay (in commencement of gas production). We are looking at provisions of penalty in the exploration license,” he said. “There certainly will be penalties (if gas production is delayed beyond June 2008),” he said.
|
|
ONGC posts Rs 4,138.25-cr profit
New Delhi, October 26 The company has posted a net profit of Rs 4138.25 crore for the quarter ended September 30, 2005, as compared to Rs 3383.87 crore for the quarter ended September 30, 2004.The total Income (net of excise) has increased from Rs 12289.29 crore in Q2-04 to Rs 13543.31 crore for the quarter ended September 30, 2005. Beating forecasts, the company has recorded a 22 per cent rise in net profit over the previous quarter despite loss of output in Bombay High after a major fire and rising subsidy costs. The ONGC had to offer crude at a discount of $17.27 per barrel to state refineries, sharing the losses they face as a result of a government cap on fuel
prices. The company is also struggling to increase dwindling output, and this year Chinese buyers have repeatedly beaten it on takeover deals. The ONGC has paid out a subsidy of Rs 2827 crore to downstream companies, including Indian Oil Corp. Ltd., Bharat Petroleum Corp. Ltd. and HPCL.
|
|
US Aviation Authority to open office in India
New Delhi, October 26 Mr Norman Mineta, US Secretary of Transport, announced the decision at a conference on Indian infrastructure organised by Federation of Indian Chambers of Commerce and Industry (Ficci) and the US-India Business Council in Washington Tuesday night. In a press note, Ficci President Onkar S. Kanwar said: “Indo-US cooperation in infrastructure sector will offer a win-win situation for both countries.” The conference was organised as a follow-up to the memorandum of cooperation signed between India and the US in the roads, maritime and aviation sectors during Mr Mineta’s visit to India early this year. Minister for Road Transport, Highways and Shipping T.R. Baalu, Minister of State (Independent Charge) for Civil Aviation Praful Patel and key players in India’s infrastructure sector also attended the conference. ‘The aviation sector, one of the fastest growing sectors in India, needs an investment of $30-40 billion in the next five to seven years, Mr Patel told the conference. He also alluded to the signing of the ‘open skies’ policy with the US earlier this year and added that this pact showed growing cooperation in the civil aviation sector of the two countries. Mr Baalu highlighted the ambitious National Highway Development Programme, which will require investment worth Rs. 41 billion ($910 million) over the next five to seven years. He also referred to the $22 billion National Maritime Development Programme, which was being considered by the government to develop the country’s port infrastructure.
|
|
US bank proposes Rs 1,000-crore investment in HP
Shimla, October 26 This was revealed during a meeting between Mr Virbhadra Singh, Chief Minister, and a team of the bank headed by Mr Frank H. Pearl, Chairman and Chief Executive Officer, here last evening. Mr Pearl informed the Chief Minister that the company would soon come up with concrete proposals for producing world class products that could be marketed globally. The industrial friendly environment of Himachal had attracted them to invest in the state, Mr Pearl said. The Chief Minister said that more and more multinational companies were showing interest in various projects in the state. The state would welcome foreign investment in the hydel power sector. Chandigarh:
A high-level delegation from Washington DC, USA, led by Mr
Frank. H. Pearl, Chairman and CEO, Perseusllc, met the Finance Minister of Punjab, Mr Surinder Singla, and other senior officers here on Wednesday. The potential investment areas indicated by the delegation were energy (hydro and solar), water treatment and purification, urban development, biotechnology and technology transfer. Mr Pearl showed a keen interest in investing money in Punjab.
|
|
AP woos IT giants
Hyderabad, October 26 The IT mandarins in Hyderabad are working overtime to allot 100 acres of land in the city for the IT major’s second facility. Company founder and chief mentor Narayana Murthy had met Chief Minister Y.S. Rajasekhara Reddy in August last and sought more land for the proposed second facility. Officials in the ICT Department indicated that an announcement could be made very shortly about the allotment of the land. The land will be offered to Infosys at Maheswaram in the proposed 2,500-acre special economic zone near the international airport at Shamsabad under construction. The AP government also wants Narayana Murthy to be the anchor client or the co-developer of the proposed software SEZ. Another 6,19,000 sq ft of office space is under construction at the centre, which is spread over 50 acres of land with 4,000 employees and plans to recruit another 5,000. Hyderabad has been now put under a fast-track agenda in our plans for expansion, Mr Murthy had told Mr Reddy, seeking more land for the company. Only last week, the state signed an MoU with Wipro for allotting 100 acres of land at Gopannapally, Hyderabad, and seven acres in Vishakapatnam for its expansion.
|
|
Ford to increase hybrid car output
Chennai, October 26 Ford Chairman and CEO William Clay Ford Jr, who called on Tamil Nadu Chief Minister Jayalalithaa today, shared with her the company’s plans to ramp up production of these cars, which have already been rolled out in the US. Ms Jayalalithaa also enquired about the company’s plans on utilisation of biofuels in automobiles. Ford Jr informed the Chief Minister that biofuels were here to stay and they would be increasingly used in all markets and, therefore, it was necessary for automobile manufacturers to incorporate this development in their plans. He also visualised hydrogen as the fuel of the future and foresaw increased research to make this feasible. Earlier, the business plans and further financial investments to be made in India by the global automotive major came up for discussions when he had a meeting with his management team at the factory premises, about 45 km from here, before leaving for home. He also inaugurated a retail showroom facility in the city earlier. Speaking at the inaugural function, Ford India Managing Director and President Arvind Mathew said: “With the world debut of ‘Fiesta’, we are now set to rapidly accelerate our growth in the country.” — PTI
|
|
|
Mauritian PM in Hitech city
Mauritius Prime Minister Navinchandra Ramgoolam said today his country was giving priority to the service sector, which had great potential in terms of employment and economic development.
Speaking to reporters after visiting Hitech City, a hub of multi-national IT companies, Dr Ramgoolam said Mauritius would become a gateway to African countries in IT-related services once human resources were developed in the country.
— UNI
|
|
Missed USA! You have UK option
Bangalore, October 26 British High Commissioner Sir Michel Arthur told newsmen here on the first day of the IT.in fair that the UK High Commission in India had already issued three lakh visas and that the figure was expected to go up to four lakh by year- end. He said the High Commission was issuing multiple entry visas for a period of six months to 10 years. He said the High Commission was also in the process of coordinating the issue of work permits and visas in India itself.
|
|
Jet to buy 10 Airbus planes
New Delhi, October 26 “Deliveries of the A330s will begin in the first quarter of 2007, making Jet Airways the very first Indian carrier to receive brand-new airliners in this category,” the airlines said. “We have selected Airbus A330, which meets our requirements of international long-haul strategy and also in terms of passenger comfort, economy and style” Jet Airways Chairman Naresh Goyal said. Commenting on the deal, Airbus President and CEO Gustav Humbert said Indian air travel is expanding faster than many in the industry anticipated .
— PTI
|
|
Corporate Results
Mumbai, October 26 M&M’s Executive Director (Finance) Bharat Doshi told mediapersons here that the M&M Board, at its meeting held today, approved an offer of sale not exceeding 100 lakh equity shares, aggregating 14.25 per cent of the paid-up share capital of MMFSL through book building route. M&M, at present, holds 97.26 per cent of the paid up share capital of MMFSL. He also said the board meeting of MMFSL, scheduled to be held tomorrow, will consider issuing of equity shares through an IPO which would inter alia include an offer of sale of equity shares of MMFSL by the company. Commenting on the second quarter performance, Mr Doshi said M&M posted a “better-than-expected 27 per cent rise in quarterly profit” on strong exports and tractor sales. The company has posted a profit, after tax, of Rs 157.20 crore for the quarter ended on September 30, as compared to Rs 122.91 crore for the same quarter last year, an increase of 27 per cent. Its total income (net of excise) has increased from Rs 1,591.74 crore during the last year’s second quarter to Rs 1,944.24 crore for the same quarter this year. Tata Steel net up
Tata Steel Ltd, the country’s biggest private steel maker, today reported a 12.46 per cent rise in net profit during the second quarter this fiscal to Rs 1,045.42 crore compared to Rs 929.58 crore in the year-ago period. Total income rose about 5 per cent to Rs 3,983.89 crore during the July-September 2005 quarter as against Rs 3,795.40 crore in the corresponding period last fiscal, Tata Steel informed the Bombay Stock Exchange. The company posted a 17.57 per cent growth in net profit during the first half of 2005-06 to Rs 1,969.53 crore compared to Rs 1,675.07 crore in April-September 2004-05. Total income in the first half grew 7 per cent to Rs 7,478.74 crore as against Rs 6,987.5 crore in the first half of 2004-05, it said.
Asian Paints
Asian Paints Ltd has reported a 25.34 per cent rise in net profit at Rs 61.17 crore for the quarter ended September 30, 2005, as compared to Rs 48.80 crore for the year ago period. Total income has increased 15.58 per cent to Rs 609.61 crore for the second quarter of the current fiscal from Rs 527.43 crore in the same period last fiscal, the company informed the Bombay Stock Exchange. The Board of Directors (BoD) has approved the payment of interim dividend of 45 per cent that is, Rs 4.50 per equity share of Rs 10 each for the year 2005-06. The group has posted a consolidated profit of Rs 59.15 crore for the quarter ended September 30, 2005, where as the same was at Rs 48.73 crore in the corresponding period last fiscal.
Emami gains
Emami Limited has posted a 47 increase in post-tax profit in the first half of the current financial year at Rs 14.40 crore as compared to Rs 9.8 crore during the same period, previous fiscal. Emami chairman R.S. Agarwal said that the company is growing phenomenally and all its products had been accepted well in the market. Turnover of the company in the first half stood at Rs 98.4 crore, up 15 per cent as compared to the same period previous financial year. Mr Agarwal said that Emami was in the process of launching new products in the men’s health care segment.
Grasim net dips
Aditya Birla Group company Grasim Industries Ltd has posted a 14.68 per cent decline in net profit of Rs 187.65 crore for the quarter ended September 30, 2005 as compared to Rs 219.94 crore in the year-ago period. Total income has increased 6.77 per cent to Rs 1,669.93 crore for the quarter ended September 30, 2005, from Rs 1,563.94 crore in the corresponding quarter in 2004-05, the company informed the Bombay Stock Exchange. The group has posted a net profit of Rs 200.42 crore for the quarter ended September 30, 2005 as compared to Rs 215.21 crore in the same quarter last fiscal. Total income of group has increased to Rs 2,372.34 crore from Rs 2,259.90 crore in Q2 2004-05.
Ispat in red
Ispat Industries Ltd has reported a net loss of Rs 232.83 crore for the quarter ended September 30, 2005 as compared to a net profit of Rs 77.47 crore in the year-ago period. Total income has decreased to Rs 1,206.90 crore for the quarter ended September 30, 2005, from Rs 1,518.81 crore in the same period last fiscal, the company informed the Bombay Stock Exchange.
— Agencies
|
bb
IOB to dilute stake in BOB Glenmark’s deal Birla MF WB aid to Pak Orbital Corp Valson Ind Dividend given HDFC Bank branch Nepa CMD |
| 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 | |
In a significant step to boost cooperation between India and the US in infrastructure building, the US Federal Aviation Authority will soon set up its first liaison office here.
