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Farmers put brakes on Tatas’ small car
Sober Rah retires as ONGC chief
Empowered panel for national trade policy
Double blow to Tate Power
Infosys misses out on 100 fastest-growing tech cos’ list
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Rupee weakens
Gold loses Rest 270
MRTPC pulls up bullying pharma dealers
MTNL pays Rest 314 cr to BSNL
Revival package for IISCO
BANK ACCOUNT
CORPORATE NEWS
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Farmers put brakes on Tatas’ small car
Collate, May 25 The Tate officials were later rescued by the police and they returned to Collate without completing their task. At a meeting with the Chief Minister, Mr. Buddha Bhattacharjee, at the Writers Building on May 18, the day Mr. Bhattacharjee was sworn in, the Tate Industries supreme, Mr. Rattan Tate, had announced his decision to set up the Tate Motor small car plant at Singh to produce a small car for the common man priced at Rest 1 laky. Accordingly, the Tate officials were visiting Singh, along with the BID Chairman and other officials, today for the selection of the site, but as soon as they reached the spot, a large number of farmers and other local people geared them and started raising “go back” slogans. The BID Chairman and CAM leaders tried to persuade them, but in vain. The demonstration lasted an hour, with people protesting against their land being “transferred” for the purpose. Soon the Singh police arrived at the spot and rescued the Tate officials. Though several other Chief Ministers, including Capt Amarinder Singh of Punjab, were keen to get the project in their respective states, Mr. Tate finally responded to the Bengal Chief Minister on the condition that there would be no labour unrest and trade problems. However, today’s protest shocked the Tate officials. The Chief Minister was shocked that the Tate officials had faced demonstrations during the site selection for their proposed car plant, which would provide employment to about 10,000 persons. He expressed regret over the incident. Mr. Bhattacharjee reiterated that the interests of the farmers would not be sacrificed at any cost by allowing private industries to grow. He hoped that the company officials would soon find a suitable day for the site selection. The proposed plant would need some 1,000 acres in the area.
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Sober Rah retires as ONGC chief
New Delhi, May 25 Mr. Raha’s five-year contract expired yesterday though earlier indications were that he would be given a two-year extension. While Petroleum Minister Murli Deora said that the services of Sober Rah as the ONGC chairman had not been terminated but allowed to expire in a “very natural way”. “He has not been sacked. His term as CMD of the ONGC was for five years or till the age of 60 years, whichever is earlier. His contract expired yesterday,” Mr. Deora said. The government did not extend Mr. Raha’s tenure till August, 2008, when he reaches the retirement age of 60 years. Mr. Deora said he wanted a young and dynamic person to head India’s most valuable company. “Consequent upon the expiry of the five -year term of Mr. Sober Rah as CMD ONGC on May 24, 2006, the competent authority has decided to give additional charge of the post of CMD, ONGC, as an interim arrangement, to the seniormost full- time functional Director of the ONGC, Mr. R.S. Sharma, Director (Finance),” said a statement issued by the Ministry. It had also been decided to initiate the selection process for a new CMD, ONGC. Several reasons are being cited for the Petroleum Ministry deciding against giving an extension to Mr. Rah. Primarily, sources said, Mr. Rah failed to abide by the Oil Ministry’s directive to focus more on exploration and increase oil and gas production .He also rubbed former Petroleum Minister Mani Shankar Aiyar the wrong way with a series of remarks against his political boss in the media and in public and had been constantly courting controversy, officials said. But the most damaging issue against him was the report by an expert panel headed by former Petroleum Secretary T.N.R. Rao, blaming the ‘lackadaisical attitude’ of the ONGC brass for the fire at Mumbai High North platform and rig on July 27 last year. The fire led to 22 reported deaths and hit oil production.
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Empowered panel for national trade policy
New Delhi, May 25 “The trading community of the country deserves its due dignity and honour in national stream and now it is high time for formulation of a national trade policy," said Dr Asim Das Gupta, Finance Minister West Bengal, and Chairman, Empowered Committee of state finance ministers, here today. Speaking at a meeting organised by the Confederation of All-India Traders (CAIT), he said, “When we are formulating policies pertaining to agriculture, industry, import and export and for other sectors, it is equally important that a national trade policy is framed for growth of domestic trade and it is the high time for such a policy.” Dr Das Gupta categorically advocated that traders needed to be consulted at every appropriate forum and needed to be taken into confidence with regard to issues concerning trade. He also lauded the role of traders in adopting VAT taxation system in India and complimented them for phenomenal increase in VAT revenue in almost all states. He assured the traders that disparities in VAT would be removed to make it a 'trade and revenue- friendly' tax system. The CAIT secretary-general, Mr. Praveen Khandelwal, stressed the need of phasing out of CST as promised by Empowered Committee and the Union Government. He also demanded formation of VAT Lokpal and VAT amendment Committee in each state on the pattern of West Bengal. Meanwhile, the official panel on VAT today decided to ask the Centre to cut Central Sales Tax (CST), imposed on inter-state movement in goods, to 3 per cent from the current 4 per cent from October this year, subject to a package for compensating states for the resultant revenue loss. For meeting the revenue loss, that will amount to around Rest 2,500 crore for the second half of the this fiscal, the Empowered Committee of state finance ministers demanded increase in states share in devolution of services tax from 30.5 per cent to 50 per cent and power for them to impose tax on 68 services of intra-state nature.
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New Delhi, May 25 In its judgement, the Tribunal accepted REL's contention that Tate Power did not have the licence to supply electricity to retail consumers in Mumbai. In another case, the Tribunal set aside an order by the Maharashtra Electricity Regulatory Commission (MERC) on a plea by Tate Power, which had barred Anil Ambani-controlled firm REL from giving rebate to its consumers in Mumbai. In the first case, Reliance Energy had approached the Tribunal against an MERC order that allowed Tate Power to distribute electricity to retail consumers in Mumbai within the licence area of the Anil Ambani group firm. In its judgement, the Tribunal observed that although Tate Power had acquired four licences (in 1907, 1919, 1921 and 1953), it was authorised to sell power only to other distribution firms within their area (such as to REL) and quashed the MERC order. "What has been granted to Tate Power is only a bulk licence in so far as the area to which REL has been licensed to distribute electricity," the two-member bench comprising Justice E Padmanabham and Technical Member H.L. Bajaj, said.— PTI
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Infosys misses out on 100 fastest-growing tech cos’ list
New Delhi, May 25 The country’s second largest software exporter Infosys Technologies, which was ranked eighth in last year’s list, was surprisingly absent from this year’s rankings. Infosys was the only Indian company in the list in 2005. US-listed Infosys had skyrocketed to the eighth position last year ahead of global IT majors like Apple Computer, eBay Inc and Cognizant Technologies, registering a big leap over its 59th rank in 2004. In contrast, two Chinese companies - Sohu.com and Sina - have entered the list of 100 fastest- growing technology companies this year at the 32nd and 52nd positions, respectively. Nam Tai Electronics was the single Chinese entry in the list in 2005, but it has lost out its position this year. The CNN-Time Warner group magazine has published this year’s ranking, dubbed as B2 100 list, in its latest issue for the month of June, which will hit the news stands on May 29. Infosys was ranked second last year in the sub-list of companies focussed on the business services sector, thanks to a 43.1 per cent growth in revenue and 86.7 per cent stock return. Infosys was ranked at the seventh position in the stock-return list. US-based biotechnology firm Celgene Corp tops this year’s annual list of businesses, whose inventiveness and quick reflexes are helping them set the pace for economy, followed by Red Hat, Apple Computer, SanDisk and ValueClick, Business 2.0 said today while releasing the 2006 ranking. Biotech companies have dominated this year’s list with 40 entries, up from 29 a year ago. — PTI
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Rupee weakens
Mumbai, May 25 Earlier in the morning, the rupee dipped sharply to a five-month low of 45.93/94 due to demand from foreign institutional investors (FIIs) and crude importers. The Indian unit opened 17 paise weaker at 45.91/93, as compared to the last close of 45.74/76. The RBI fixed the reference rate at 45.85, which is 12 paise down from the previous close of 45.73.
— UNI |
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Gold loses Rest 270
New Delhi, May 25 Silver ready lost by Rest 350 at Rest 19,250 per kilo while weekly-based delivery fell by
Rest 115 at Rest 19,600 per kilo. Silver coins were asked at previous levels of
Rest 22,800 for buying and Rest 22,900 for selling of 100 pieces. — PTI |
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MRTPC pulls up bullying pharma dealers
New Delhi, May 25 Disposing a petition filed by a Mysore-based pharma dealer, the MRTPC held that circulars issued by the Karnataka Chemist and Druggists Association (KCDA) to boycott the applicant was against the nature of fair trade. "Any boycott of any dealer and/or association, in any manner, shall be treated as a restrictive trade practice and shall be stopped," said Justice B.K. Rathi, Chairman of the Commission. The KCDA, which clocks business worth
Rest 3,000 crore, had banned Ramakrishna Services, a distributor and stockist of Novartis from carrying on business. The association had also directed pharma-company Novartis not to supply its drugs to him.
— PTI |
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MTNL pays Rest 314 cr to BSNL
New Delhi, May 25 "Regarding the remaining amount, both PSUs have exchanged data with each other to verify each others' claims and discussion is going on," the official said, adding that not much should be read into it as it is the same with private operators also. BSNL had earlier stressed on the need of a regular and routine dues payment mechanism saying it should be done PSU-to-PSU basis as is the case with private operators.
— PTI |
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Revival package for IISCO
New Delhi, May 25 Talking to mediapersons on the completion of the UPA government's two-year term at the
Centre, the Steel Minister, Mr. Ram Vilas Paswan, said the revival package would also enable SAIL in achieving greater heights as a global steel player, while making the IISCO plant go in for a large-scale
modernisation, upgradation and expansion. Apart from this, it would also help SAIL to have direct access to IISCO's various captive mines and would enable it to increase its production simultaneously reducing the cost of production. The SAIL has made an ambitious corporate plan to increase its technological capabilities and production capacity from 12 MT to 22.5 MT by 2012 at an estimated investment of
Rest 35,000
crore, he added. — UNI |
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Karur Vysya Bank to issue bonus shares
Chennai, May 25 Commemorating the 90th year celebrations of the bank, the Board had proposed a special dividend of 20 per cent in addition to 100 per cent dividend recommended for the third consecutive year. Meanwhile, the bank today said it would issue 1,79,99,784 bonus shares in the ratio of 1:1 and an equal number of shares on rights basis in 2:1 ratio. The Board decided to issue 1,79,99,784 shares of Rest 10 each as bonus shares, where one share would be issues for every equity share held by the shareholders of the bank. The shares would be issued on rights basis in the ratio 2:1, where one share would issued for every two shares held by the shareholders, it added. Bank of Baroda The Bank of Baroda has posted a 20.62 per cent increase in the consolidated net profit at Rest 904.69 crore for the year ended March 31 as compared to Rest 750.02 crore for financial year 2004-05. The consolidated total income of the group increased to Rest 8,661.37 crore for 2005-06 from Rest 8,035.44 crore in the previous fiscal, up 7.78 per cent, the bank said. — Agencies
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L&T Q4 net up 40 pc at Rest 466.85 cr
Mumbai, May 25 The total income (net of excise) increased by 8.7 per cent to Rest 4744.97 crore for the quarter under review, from Rest 4364.95 crore in the corresponding quarter in 2004-05, the company said. The Directors recommended a dividend of Rest 22on an equity share of Rest 2 each. For the year ended March 31, the company posted a net profit after tax (after extraordinary items) of
Rest 1,012.14 crore as against Rest 983.85 crore a The total income (net of excise) of the company increased to Rest 15198.63 crore for financial year 2005-06 from Rest 13748.26 crore in 2004-05. The income attributable to consolidated group was Rest 1317 21 crore for the year ended March 31, as compared to Rest 1049.5 crore a year ago and the total income (net of excise) increased to Rest 17,018.55 crore for the year ended March 31, from Rest 15,037.59 crore in 2004-05. SAIL profit down
Steel Authority of India Ltd said its profit after tax for the fiscal ended March 31, 2006, was down by 41 per cent at
Rest 4,013 crore as against Rest 6,817 crore in the year- before fiscal. The company’s turnover during 2005-06 increased by 1.5 per cent to
Rest 32,800 crore as compared to Rest 31,805 crore in FY’05. The results reflect the earnings of IISCO, which was merged with SAIL during the year under review. The company also declared a dividend SAIL has posted a net profit of
Rest 1103.20 crore for the quarter ended March 31, whereas the same was Rest
2677.99 crore for the corresponding quarter in the year 2004-05. The total income stood at
Rest 9378.92 crore for the fourth quarter in the year 2005-06 where as the same was
Rest 9533.88 crore in the year-ago period. The group registered a consolidated net profit after minority interest of
Rest 4,061.01 crore in fiscal 2005-06 whereas the same was Rest 6,894.22 crore for the year ended March 31, 2005.The consolidated total income of the group was
Rest 29,599.08 crore during FY’06 whereas the same was Rest 31,382.85 crore in FY’05. Mahavir Spinning
Mahavir Spinning Mills Ltd today posted a 61.35 per cent rise in net profit at
Rest 76.16 crore in the quarter ended March 31, 2006, as compared to Rest 47.2 crore during the same quarter in 2004-05. Total income increased to
Rest 533.77 crore in the fourth quarter during the year 2005-06 from Rest
486.31 crore in the year-ago period, up 9.75 per cent, the company informed the BSE. For the year 2005-06, the company registered a net profit of
Rest 196.32 crore as against Rest 120.76 crore during the year 2004-05. The total income stood at
Rest 1,937.59 crore in FY 2005-06 as compared to Rest 1,878.11 crore during FY 2004-05. Artifex stake
Lupin Ltd said today it would acquire a 51 per cent stake in Belgium-based Artifex Finance CVA for an undisclosed sum. The company has entered into a memorandum of understanding for acquiring the stake in the Belgian company along with its subsidiaries, including Dafra Pharma Ltd (Dafra). Lupin Chairman D. B. Gupta said Lupin planned to jointly develop new anti- malaria therapies for use by the WHO and Roll Back Malaria (RBM) along with Dafra, an anti-malarial company providing a complete basket of artemisinin- based combination therapies (ACTs). The acquisition would provide Lupin access to the existing infrastructure and distribution network of Dafra in Africa to market its range of products, it said, adding that Dafra’s ACT basket included a paediatric suspension and held a patent on a new combination therapy that cured the disease in 24 hours.
— Agencies |
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Dell’s plant Gas reserves CBoP branch |
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