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Food Ministry wants sugar export ban to go
India open to FDI from China, rules out FTA
FDI inflows up 100 pc
Tatas may sweeten bid for Corus
Reliance keen to take over Dabhol power plant
Now, future trading in gold for even 100 gm
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SBI’s novel strategy to recover loans
HIMSWAN contract awarded to HP
EU takes row with India to WTO
3 banks go for alliance
Reliance Comm may sell 24 pc in tower biz
Realty firms plan Rs 22,500-cr IPOs
Indian to add more seats
M&M set to drive into US
Do-not-call register soon
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Food Ministry wants sugar export ban to go
New Delhi, November 20 “We have sent our suggestions favouring sugar exports as the international prices could start declining after March this year,” a top ministry official said today. As per the firm estimates, sugar production is targeted to reach 227 lakh tonnes in 2007, leaving the country with adequate domestic supplies. According to another official, it was possible to permit exports of 20-25 lakh tonnes of the sweetener due to large supplies in the next few months and an estimated bumper sugarcane production of over 313 million tonnes this year. Experts feel the government will have to take a decision in favour of phased exports of sugar to prevent fall in international prices. Since India is the world’s second largest sugar producer and the biggest consumer of sugar at 190 lakh tonnes, any shipment from the Indian shores will impact the global prices. Meanwhile, Finance Minister P Chidambaram said in an interview to Bloomberg in Melbourne that the government would take a view on lifting of sugar exports after the estimates of sugarcane production were firmed up and the sugar stocks come to the market. The Finance Ministry is cautious on allowing huge releases of sugar for exports keeping in mind the inflationary impact as it formed a part of the essential commodities basket. It is also felt that a sudden rush in sugar exports would not be possible due to the constraints at the domestic ports, which are already congested due to booming exports from India. — PTI
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India open to FDI from China, rules out FTA
New Delhi, November 20 “An FTA with China is not on the cards for now, though it is worth examining… Instead we would look at the prospect of a comprehensive economic agreement,” Commerce Minister Kamal Nath told newspersons here. Stating that ''investment is a two-way street'', Mr Kamal Nath said he would meet with his Chinese counterpart in this connection during his visit here as part of the high-level delegation accompanying President Hu Jintao. On Chinese investments in India, he said: ''We welcome Chinese investments in India.” The India-China trade has seen a huge growth in recent years from $1 billion four years ago to $20 billion in recent times. About the spurt in imports, especially from China, the Commerce Minister said “till there is import of capital goods there is no cause of worry as it would spur industrial and manufacturing activities.” Meanwhile, the minister said the Centre would put in place a regulatory framework in a couple of monthslike western and European countries to address security concerns linked to FDI. Asked whether it could be in the form of legislation, the minister said :“We are looking at other countries and are pondering over whether it should be through legislation or any other regulatory framework.” Asked whether such a regulatory framework is being made to check FDI from China, the minister shot back saying that “it will be for all countries…In India it may be new, but in other countries like the US it is already there.”
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FDI inflows up 100 pc
New Delhi, November 20 The impressive growth in FDI equity inflows is the highest recorded in any six-month duration and is higher than the total yearly inflow in any period prior to 2005-06 (which, however, received a higher FDI inflow of $5.5 billion), Commerce Minister Kamal Nath said today. Singapore has emerged as the second largest investor in India, pipping the US and the UK with a total investment of $481.7 million, a growth of 305 per cent compared to FDI inflows in the corresponding period last year.
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Tatas may sweeten bid for Corus
New Delhi, November 20
"The revised offer could be made after CSN makes a formal bid," according to investment banking sources. The Tatas, however, remained tight-lipped, declining to reveal their next move. Brazil's Companhia Siderurgica Nacional SA, which last week bettered Tata Steel's $ 8.1 billion bid to take over Corus, has already started the due diligence process ahead of launching a formal bid. CSN offered Corus shareholders 475 pence a share subject to due diligence as against Tatas’ cash offer of 455 pence. The Tatas have already completed the due diligence process and are understood to have readied the money for the takeover. The Tatas are likely to decide over the bid price once they are informed about the counter offer, the sources said. — PTI
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Reliance keen to take over Dabhol power plant
Mumbai, November 20 The government is presently trying to revive the 2,184 MW Dabhol power plant and the adjacent LNG terminal through NTPC and GAIL. But if attempts to source fuel for the power plant on a long-term basis fail, it may consider either hiving-off the LNG terminal and selling it to a company capable of sourcing fuel or selling off the entire plant itself. The official said RIL would be keen to take over the LNG facility and even the power plant if offered by the government. “RIL had originally planned to construct an LNG import facility at Jamnagar in Gujarat. But after BP Plc of UK walked out of the project and the company finding huge gas reserves in Krishna Godavari basin off east coast, the plans were put on hold,” he said. The Dabhol terminal would offer an opportunity to balance the gas source on the east coast. “RIL plans to pipe gas from KG-D6 field to Maharashtra and Gujarat through Kakinada-Baruch pipeline and to south through Kakinada-Chennai-Coimbatore- Bangalore line. It will also be taken to eastern India through the Kakinada-Haldia pipeline. But the company needs imported fuel to balance the indigenous source,” the official said. — PTI
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Now, future trading in gold for even 100 gm
Chandigarh, November 20 Beginning tomorrow, the NCDEX has allowed for trading of 100 grams and above gold for the months of December, January and February. As of date, the NCDEX was offering futures trading in not less than 1 kg of gold contracts. Sources say attractive returns vis-à-vis other asset classes has made bullion an ideal investment option and an effective portfolio diversifier. The absolute cumulative returns on gold have seen more than five-fold increase from 4.5 per cent in 2004 to 24 per cent in 2006. “Gold is appealing to the investor for its stability and predictability of returns. Its low correlation with other assets makes it an ideal option for reducing the risk in one’s portfolio. Thus, trading in small quantities of gold will help bring in a number of small investors,” said an NCDEX official. Moreover, the retail investor in bullion in India holds the metal primarily as an investment in jewellery, to be realised in economically distressed times. He added with the introduction of 100 grams gold futures on the NCDEX, investors can take positions in gold and will have to give or take physical delivery on the expiry of the contract.
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SBI’s novel strategy to recover loans
Chennai, November 20 The bank is advertising names along with passport size photographs and the amount of loan taken, amount due from them and their addresses in popular Tamil dailies and branding them as “dishonest”. The SBI in this southern state is facing mounting debts due to these defaulters, majority of whom are businessmen but also include a school principal and a reputed orthopaedic surgeon. Sources here said the publication of names of defaulters, which was believed to be causing resentment and embarrassment, had started paying dividends. They said several defaulters had approached respective branches of the bank and promised to make repayments fearing that their images would get tarnished.
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HIMSWAN contract awarded to HP
Shimla, November 20 This techno-commercial offer made by HP with networking equipment from Juniper and Nortel is considered to be the lowest anywhere in the country and is expected to set new benchmarks in SWAN pricing. The dedicated network will provide connectivity right down to the block and sub-tehsil level through which over 3,000 offices down to the lowest rung of administrative hierarchy will be connected. The scope of work covers vertical connections from the state to district and further to sub-division, tehsil, sub-tehsil, and the block levels with 131 points of presence (POP), wireless connectivity and more than 1000 horizontal offices. BSNL will provide connectivity up to the points of presence for which the government has already signed a memorandum of understanding with it. Video-conferencing, which is already available in all districts and tribal sub-divisions in the state, shall now be possible even to the remote areas of the state. After the state data centre is established, updating and transmission of data will be instantaneous. The network will be in place by April, 2007.
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EU takes row with India to WTO
Brussels, November 20 The European Union's Executive have sent a letter to Indian officials, saying that it was requesting formal consultations at the WTO. "We will always respect genuine sensitivities in India's development but this is out-and-out protectionism which even the Indian Government has not been able to justify in the past," said Mr Peter Power, a commission spokesman for trade issues. Consultations at the WTO are a first, 60-day stage in a process that could eventually lead to retaliatory tariffs being imposed by the EU on Indian exports. EU Trade Commissioner Peter Mandelson had warned India he would turn to the WTO if there was no move to address the EU's concerns during his visit to the country last week. — Reuters
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3 banks go for alliance
Mumbai, November 20 Under the MoU, the banks will jointly foray into the capital market and other financial ventures, Corporation Bank said. These will collaborate for market research and product development and undertake sharing of treasury & IT/Infrastructure resources. The three banks will build a payment system and share a network for selling financial products on behalf of the alliance partners. Further, they will build in a common approach to delivery channels like ATMs, card business, bancassurance etc.
— PTI |
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Reliance Comm may sell 24 pc in tower biz
New Delhi, November 20 The Anil Dhirubhai Ambani Group firm is in talks with US-based private equity firms Blackstone and Carlyle as well as Singapore’s Temasek, while it is also talking to two strategic investors, American Towers and Crown Castle, regarding its capital raising plans, investment banking sources said. Out of the five investors that the company is currently in discussions with, it is most likely to finalise two investors, one strategic investor and another private equity player, they added.
— PTI |
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Realty firms plan Rs 22,500-cr IPOs
New Delhi, November 20 The presence of Indian property sector has been negligible on the Dalal Street so far with a handful of listed realty firms accounting for less than one per cent of the country’s overall stock market capitalisation. However, it could be a different scenario altogether with more than a dozen companies finalising their plans to hit the capital market. Out of these, at least five companies are likely to hit the market with their IPOs on the domestic or international stock exchanges before the end of this fiscal year, which could generate a collective amount of Rs 18,000 crore (over $4 billion). Besides, two already listed real estate firms, Unitech and Ansal Properties, are believed to be mulling over plans to raise further capital from the international markets or through the follow-on public offerings (FPOs). Investment bankers close to the developments said the two companies could collectively generate over Rs 4,500 crore from the domestic or international markets, which would take the combined total proceeds for the sector to Rs 22,500 crore. DLF Ltd, one of the largest players in the space, is currently reviving its IPO plans after failing in its first attempt earlier this year. The total proceeds from the much-hyped IPO, which was shelved in August this year, was being pegged at above Rs 15,000 crore and could have been the largest ever public issue in the country. DLF is expected to restart the process by a filing a new draft red herring prospectus by this year-end after resolving the minority share issue recently, which was termed as a major roadblock in its IPO plans.
— PTI |
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Indian to add more seats
New Delhi, November 20 Indian is eying destinations like South Africa, Australia, China and the UK by the winter of 2007 after new aircraft join its fleet. However, Indian does not intend to increase the number of destinations and the increase in the number of seats would be carried out by increasing the frequencies in the existing 54 destinations. Besides new recruitment, Indian has already worked out a settlement with the Indian Commercial Pilots Association (ICPA) recently with the increase in their pay packets. The pilots will now perform a fourth landing of A320 aircraft with the stipulated flight and duty time limitation. Indian is also setting up a comprehensive passenger service system involving a host of measures, including details of passengers information. |
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Mumbai, November 20 With this development, M&M would be the first Indian auto major to break into the North American passenger vehicle market. “As the market changes, we realise that even to stay on top of the Indian market, we need to be a global player and the US forms a crucial part of our strategy to make Mahindra a truly global company. Close to half of the global sales in SUVs and pickups is in the US and we want to capture at least a small fraction of that to start with,'' a statement quote Dr Pawan Goenka, President (Automotive), M&M, said.
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Do-not-call register soon
New Delhi, November 20 Considering the growing dissatisfaction among consumers, the regulator has initiated a consultation process aimed at reducing the bulk of unsolicited commercial communications (UCC), the TRAI said in a release. UCC includes telemarketing calls, SMSes, or other commercial or marketing messages. The authority is aware that it cannot enforce a perfect solution due to jurisdictional limitations, but seeks to provide immediate relief to consumers through a low cost and simple solution. — PTI |
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Hutchison Essar Tata Indicom Aditya Birla Nuvo Tax- saving fund |
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