 |
|
|
Interest rates hike not to stunt growth: EAC
M&M to invest Rs 1,500 crore in Maharashtra
ONGC to restart Hazira on Aug 19
|
|
||||||||||||||||||||||||||||||
|
UB eyes Scottish grain distillery
Sahara: talks with Jet speculative
5.7 to 10 tcf gas reserves in 3 Myanmar
fields: GAIL
|
|
||||||||||||||||||||||||||||||
|
Malaysian co may set up automobile plant in TN
MTNL STD rate may be lowered
Indian economy to be 3rd largest by 2020: FM
SBI Cards told to pay damages
Arcelor Mittal shuffles US division
|
|
Interest rates hike not to stunt growth: EAC
New Delhi, August 16 The council, headed by renowned economist C. Rangarajan, said that even as monetary tightening would curb a part of the leveraged consumer demand, the overall growth still be high. While admitting that the tightening of credit market would definitely restrain consumption demand, the council in its report, however, said, this need not necessarily result in a growth downturn. A consumption boom that lasts a period has the potential to create an investment boom. In fact, the growth momentum can be accelerated if the government responds with a strong and credible policy to create a climate conducive for investment, the council said. It said the government would have to supply more and better infrastructure. Investment in the infrastructure can come by way of direct public investment or through public private partnership. Also, investment capital needs to be made available at reasonable rates of interest. A critical requirement for the government is to reduce its fiscal deficit, particularly revenue deficit. The council also cautioned the government for the maintenance of stable macroeconomic conditions as sharp increases in demand-supply gaps, together with increase in money supply, can fuel inflationary spiral. — PTI
|
|
M&M to invest Rs 1,500 crore in Maharashtra
Mumbai, August 16 The company today signed an MoU with the state for extending its Nasik facility for manufacturing its multi-purpose vehicle "Ingenio", with an investment of Rs 550 crore. The Ingenio project will almost double Mahindra's vehicle capacity from present 80,000 units to 1,50,000 units a year. "We have lined up two SEZ projects near Pune, which will bring in Rs 1,000 crore and the biotech SEZ near Thane will fetch Rs 150-200 crore. We have also earmarked Rs 400 crore for IT business, Tech Mahindra," Mahindra Group chairman Keshub Mahindra said. The company will also infuse Rs 200 crore at its Igatpuri engine manufacturing plant in Maharashtra to ramp up its production capacity in the next one year. "At present, we manufacture around 450 engines... with this investment, this number will reach to 800 per day," Mahindra automotive sector president Pawan Goenka told reporters. M&M is also exploring an option of setting up another manufacturing facility with atleast 1,00,000 units a year capacity, as it expects need to increase its output to a larger extent by 2009, following rapid growth of country's auto sector. "The proposed plant will commence production with 1 lakh units a year and we are designing the project in a manner that when needed it can even be raised to 4 lakh," Mr Goenka said. It has shortlisted five states namely Maharashtra, Tamil Nadu, Andhra Pradesh, Uttranchal and Karnataka, he added. The automotive division of M&M is also in talks with the Indian Institute of Technology, Kanpur, for developing a bio-diesel technology.— PTI
|
|
ONGC to restart Hazira on Aug 19
New Delhi, August 16 “The situation is better than anticipated. We think we will be able to restart the Hazira gas processing complex earlier than the previously anticipated date. We are hoping the plant may come alive on August 18,” ONGC Chairman and Managing Director R.S. Sharma said after visiting the marooned facility. Mr Sharma, who took a chartered flight from Dehra Dun to visit the plant as soon as the 18-21 feet water receded, said Hazira would restart in phases, six million standard cubic meters per day to begin with. The shutdown of the plant, which received 40.5 mmscmd gas from the ONGC’s Bassein and B-55 fields and ONGC-Reliance-BG operated Panna/Mukta and Tapti fields, cost ONGC Rs 21 crore in revenues and Rs 16-17 crore in profits per day. “Preliminary estimates put the revenue loss during the entire shutdown period at about Rs 500 crore and profit loss at over Rs 200 crore,” he said. Hazira, whose shutdown tripped half of India’s gas supplies, would be back just in time before stocks for CNG operations in Delhi and some power plants run out. Mr Sharma said the Hazira plant would resume its normal operations by second or third week of September. The ONGC had to shut its Bassein, B-55 and Panna/Mukta and Tapti gas fields on August 8 as the water- marooned Hazira complex could not take any gas. About 40.5 million standard cubic meters per day of natural gas went out of the system as a result of the closure, affecting operations of industries. ONGC’s Hazira produced 1,650 tonnes of LPG, 3,350 tonnes of aromatic naphtha, 417 tones of kerosene and 48 tonnes of diesel and supplied 40.5 mmscmd gas to Hazira-Vijaipur-Jagdishapur (HVJ) pipeline for shipment to industries in the north. Officials said natural gas supplies up north had been rationed with power, transport sector (CNG in Delhi) and fertilizer sectors getting priority. —PTI
|
|
UB eyes Scottish grain distillery
Mumbai, August 16 Though there was no official confirmation of the bid, industry sources said the offer could be around 200 million British pounds (nearly Rs 1,700 crore). The bid for Invergordon, the grain distillery unit of Whyte and Mackay, is aimed at overcoming opposition from European Scotch makers to UB’s molasses-based whisky products and establish itself in the European markets, the sources said. Located in the mouth of the Cromarty Firth in northern Scotland, the Invergordon facility is the largest grain distillery in Europe. Whyte and Mackay had in December announced it was selling the unit. “The other potential buyers include Diageo, and a couple of other European firms. But UB’s bid is understood to be the highest,” investment banking sources said. UB group declined to comment on the issue. Whyte and Mackay’s production facilities consist of four single malt whiskey distilleries Dalmore, Isle of Jura, Fettercairn and Tamnavulin - the grain distillery. Sources said the UB group had also approached Whyte and Mackay for a marketing tie-up. — PTI
|
|
Sahara: talks with Jet speculative
New Delhi, August 16 "We find these reports as a mere speculation. The disputes between Sahara and Jet are sub-judice and we do not wish to comment on any speculation," Sahara Group said in a statement. The statement from Sahara comes amid reports last week that the top brass of the two airlines were holding discussions to settle their differences out of court. "As of now, Sahara is concentrating on further strengthening its airlines operations", the statement added. Though both sides did not officially say anything, sources familiar with the development had then said they were talking to each other on settling differences over the failed Rs 2,200-crore deal for takeover of Air Sahara by Jet out of court. Sources had said that discussions had narrowed down to the exit fee to be paid by Jet. As part of the deal, reached in January, Jet Airways had paid Rs 180 crore for revival of Air Sahara and Rs 500 crore in lieu of Air Sahara shares pledged with it. Besides, it had deposited Rs 1,500 crore in the escrow account opened for the purpose.
|
|
5.7 to 10 tcf gas reserves in 3 Myanmar
fields: GAIL
New Delhi, August 16 “The estimated gas resources in the three discovered gas fields Shwe and Shwe Phyu in Block A-1, and May field in Block A-3, have been certified by Gaffney Cline and Associates (GCA). The resource certification by the third party indicates the total estimated gas initially in place is of the order of 5.7 to 10 trillion cubic feet (tcf) of gas,” the company said. GAIL holds a 10 per cent stake each in Block A-1 and A-3 while ONGC Videsh Ltd, the overseas arm of the ONGC, has 20 per cent interest. South Korea’s Daewoo is the operator of both blocks with a 60 per cent stake and the remaining 10 per cent is with KOGAS of Korea. “The recently concluded feasibility study for field development forecast that the three fields from A-1 and A-3 can produce about 16 million cubic meter of gas per day for 20 to 25 years.
— PTI |
|
Malaysian co may set up automobile plant in TN
Kuala Lumpur, August 16 A delegation led by Malaysian Works Minister Samy Vellu would hold discussions with Tamil Nadu Chief Minister M Karunanidhi, the Bernama news agency said. The delegation will include Naza Group of Companies Chairman S.M. Nasimuddin. Samy Vellu said the discussions would centre on the possibility of securing land from the Tamil Nadu Government for the assembly plant. “Nasimuddin met me recently to seek my help to meet the Tamil Nadu Chief Minister since I will be in Chennai to attend an international conference tomorrow,” Samy Vellu said in a statement. Samy Vellu will be in Chennai to deliver a paper on “Sharing Experience Among Smart Partners: India and Malaysia” at the Infratech 2006 Conference organised by the IIT, Madras, and the All-India Manufacturers’ Organisation. The Malaysian minister is also likely to discuss with Mr Karunanidhi other investment projects in the construction sector.
— PTI
|
|
New Delhi, August 16 What this means is the STD tariffs of MTNL will have the scope to come down in the rest of the country. The carriage charge is 70 per cent of the cost of STD tariffs of any NLD operator. BSNL is currently carrying the NLD traffic of MTNL for the rest of the country. But with private operators willing to offer lower rates to MTNL, the NYSE listed company had asked BSNL to offer a competitive price to retain the traffic routes. MTNL has already issued a letter of intent (LoI) to Reliance Communications Ventures Ltd for carrying its domestic long-distance traffic, other than between Delhi and Mumbai for those calls, which originate on MTNL and terminate on Reliance. MTNL sources said Reliance’s bid was the lowest for the above specified type of calls and it was negotiating with BSNL to offer lower rates to carry NLD traffic, which did not terminate on Reliance for the rest of the country and BSNL had indicated to offer ‘competitive’ rates matching the private operators although it was yet to come up with the specific rate for the same. MTNL sources declined to put a time-frame when the discussion with BSNL will come to a logical end. — PTI
|
|
Indian economy to be 3rd largest by 2020: FM
Tiruchirapalli, August 16 Addressing a public meeting to mark the 104th birth anniversary of Congress leader late Kamaraj here last night, Mr Chidambaram said the country had registered 7.5 per cent growth at the end of the first year rule of Congress-led UPA government at the Centre. The growth rate, which was 8.4 per cent at the end of the second year, was 8 per cent during the first quarter of the current year. After the UPA government assumed office, the economy was on the rise every month. If the present trend continued, India would emerge as the third largest economic power in the world by 2020. China was expected to corner the first place, followed by the USA, he added. The Union Government would take stringent action against bank officials, who denied educational loans to the eligible students, he warned. When the UPA government assumed office, educational loan to the tune of Rs 3,000 crore was disbursed, while it was Rs 10,014 crore now. Similarly, the UPA government had disbursed Rs 85,000 crore as short-term crop loans, when it assumed office. Now, the government had doubled the quantum of short-term loan. This year, he hoped that the short-term loan might touch the magic figure of Rs 1,85,000 crore, though the target was fixed at Rs 1,75,000 crore. The draft proposal of the Tamil Nadu government for development of more than 26,000 water bodies across the state had been forwarded to the World Bank for clearance. The World Bank would clear the proposal soon, the Finance Minister said. Mr Chidambaram said had former Chief Minister and AIADMK chief J Jayalalithaa cooperated with the Centre, lot of development projects would have come to Tamil Nadu. Meanwhile, confident of "deeper and broader" political consensus on reforms, the government said it would smoothen out policy and regulatory shortcomings in infrastructure to sustain high growth. "The (infrastructure) policy and regulatory shortcomings are being smoothed out... Our policy thrust in this regard is on creating efficient regulatory structures and enhancing investment," Finance Minister P Chidambaram has said. Infrastructure bottleneck is feared to be impeding growth and the country has capacity to absorb up to $150 billion of foreign direct investment (FDI) in the next five years. Irrespective of political differences, the Central and state legislatures have worked together for furthering reforms. "I am confident that his consensus will hold and become broader and deeper," Mr Chidambaram said in his Independence Day message, which deals in detail the country's experience on economic reforms since 1991. — Agencies
|
|||||||
|
SBI Cards told to pay damages
New Delhi, August 16 "It is well-known to everyone that credit card companies often indulge in unfair trade practices and the opposite party (SBI Cards and Payments Services Pvt Ltd) is no exception," District Consumer Forum (North) headed by K.K. Chopra said, ordering the unit to pay Rs 20,000 as token compensation. The complainant, Ms Pratibha Sharma, a resident of Darya Ganj here, was issued an SBI credit card in the year 2000 on the condition that the service was free of rent. The department, however, duly started levying heavy fees on the card and also charged Ms Sharma for some "purchases" that she had never made. Even after final settlement by the complainant, she started receiving obscene calls from recovery agents of the bank's unit asking her to pay a due of Rs 16,737 on the card.
— PTI |
|||||||
|
Arcelor Mittal shuffles US division
London, August 16 Mr Lou Schorsch, outgoing President and CEO of Mittal Steel USA, has been appointed CEO Flat Products, Americas, and will report to Arcelor Mittal CFO Aditya Mittal. In his new role, Mr Schorsch will lead the integration and executive management of flat-rolled operations in the US. Meanwhile, Mr Mike Rippey has been selected to succeed Mr Schorsch in the role of President and CEO of Mittal Steel USA. He earlier served as Executive Vice-President, Sales and Marketing, in the same
company. Executive Vice-President of Operations, Mr Bill Brake, who is leaving the company, will be succeeded by
Mr Len Chuderewicz, who currently heads operations at Mittal Steel - Indiana |
|||||||
bb
Kumar Birla quits Tata Steel, Maruti Boards Suvidha Plus Strides Arcolab Acordis stake Gulf Oil order Shaw Wallace UTI dividend
|
| 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 | |
