 |
|
|
FDI caps in aviation, petro sectors raised
Sensex slips on global concerns
Corporate
Results |
|
||||||||||||||||||||||||||||||||||||||||||||
HCL to build pocket computer
No initial fee for close-ended MFs
MFs emerge as preferred investment option
Govt to infuse Rs 900 crore in RRBs
Spice gave false finance statement: DoT
Airtel gets extra spectrum in 5 circles
|
|
FDI caps in aviation, petro sectors raised
New Delhi, January 30 The amended FDI policy, which was deferred several times earlier and approved by the Cabinet Committee on Economic Affairs (CCEA) today, put a number of areas on automatic route, especially in the Civil Aviation Sector. The amended policy allows 100 per cent FDI in maintenance, repair and overhauling (MRO) facilities for aircraft as also aviation training units, Information and Broadcasting Minister Priya Ranjan Dasmunsi told newspersons after the CCEA meeting, chaired by Prime Minister Manmohan Singh here. Significantly, the amended policy also allows FDI up to 100 per cent in the mining of titanium-bearing minerals and up to 49 per cent in credit information companies. However, the permission of the Reserve Bank of India (RBI) will be required for FDI in credit information firms. The government has also decided to allow FDI up to 26 per cent and FII up to 23 per cent in Commodity Exchanges, subject to no single investor holding more than 5 per cent. Apparently with an eye on the New Exploration Licensing Policy VII, under which 57 blocks have been put for international bidding, the new FDI policy has done away with compulsory divestment of 26 per cent equity in fuel and gas trading ventures. Hitherto, 100 per cent FDI was allowed through the automatic route on the condition that 26 per cent equity in such ventures be divested in favour of an Indian partner within five years. The government also raised FDI in public sector refineries to 49 per cent from the current 26 per cent. A few months back, the government had made a one-time exception to allow steel baron Lakshmi Mittal to pick a 49 per cent stake in HPCL’s Bathinda refinery. On FDI in Credit Information companies, the government has further said that FII investment will be permitted up to 24 per cent only in the CICs listed at the Stock Exchanges, within the overall limit of 49 per cent for foreign investment. Besides, the government has also decided to delete ‘Credit Reference Agencies’ from the list of Non-Banking Finance Companies (NBFC) activities permitted for FDI up to 100 per cent on the automatic route. On FDI in Mining, foreign investment up to 100 per cent shall be allowed for mineral separation only if value-addition facilities are set up within India along with transfer of technology; and disposal of tailings during the mineral separation shall be carried out in accordance with regulations framed by the Atomic Energy Regulatory Board such as Atomic Energy (Radiation Protection) Rules, 2004 and the Atomic Energy (Safe Disposal of Radioactive Wastes) Rules 1987. |
|
Sensex slips on global concerns
Mumbai, January 30 Among the major losers today were oil and gas, realty, information technology banking and metal
scrips. All refinery shares, including heavyweights Reliance Industries and ONGC, dropped sharply by 4.12 per cent and 4.94 per cent respectively on heavy selling even as the government decided to liberalise FDI norms in petroleum and natural gas towards the end of the trading session. The Indian markets followed the Asian markets, which took a hammering. South Korea's Kospi lost 3 per cent while Hong Kong's Hang Seng and Japan's Nikkei ended more than 1 per cent lower. A handful of scrips like BHEL, Housing Development Finance, Tata Steel and Ambuja Cements ended in the green closing a meager 0.8 per cent higher. |
|
|
Airtel net up by 42 pc
New Delhi, January 30 DLF profit up
DLF today posted a consolidated net profit of Rs 2,144.98 crore and total revenue of Rs 3,651.25 crore for the quarter ended December 31, 2007. On a standalone basis, the company reported a net profit of Rs 605.84 crore and total revenue of Rs 1,812.59 crore for the third quarter of this fiscal, DLF said. Dabur Pharma
Dabur Pharma today said it has reported a 7.84 per cent decline in its net profit at Rs 8.23 crore for the quarter ended December 31, 2007, as compared to Rs 8.93 crore in the same period last fiscal. The total income also dipped by 11.57 per cent to Rs 69.04 crore in the third quarter, against Rs 78.07 crore during the corresponding period a year ago. Aditya Birla Nuvo
Aditya Birla Nuvo today said its net profit increased to Rs 84.01 crore for the third quarter ended December 31, 2007, as compared to Rs 52.71 crore in the corresponding quarter last year. Its total income increased to Rs 1,099.37 crore for the third quarter ended December 31, 2007. Bajaj Auto
Bajaj Auto today posted a 16.61 per cent decline in net profit at Rs 273.82 crore for the third quarter ended December 31, 2007, as against Rs 328.35 crore in the same period a year ago. The total income of the group decreased by 2.33 per cent to Rs 2,633.26 crore for the quarter under review, from Rs 2,696.03 crore during the corresponding period last year. M&M net up
Mahindra & Mahindra today posted a 67.63 per cent increase in profit after tax at Rs 405.15 crore for the quarter ended December 31, 2007, compared to Rs 241.68 crore for the same quarter in 2006. Total income of the company grew by 13.86 per cent to Rs 2,980.25 crore this fiscal from Rs 2,617.30 crore for the corresponding quarter of the previous fiscal, the company said. Tata Chemicals
Tata Chemicals today said it has registered a 7.45 per cent jump in its net profit at Rs 125.48 crore for the quarter ended December 2007, as compared to Rs 116.77 crore over the same quarter previous year. Total income has decreased by 6.23 per cent to Rs 1,236.52 crore for the quarter ended December 2007 from Rs 1,318.81 crore during the corresponding period last year.
— Agencies |
|
HCL to build pocket computer
Chandigarh, January 30 Presently, tasting success with its low-cost, hand-held computers launched last week, the company is now developing a pocket-held computer. It will have limited functionality, but will have an expandable hard disk, says Ajai Chowdhry, chairman and CEO, HCL Infosystems. In town to sign an MoU with the Punjab government for launching a state-wide area network, Chowdhry said presently HCL was working with its partners amongst disk drive manufacturers, motherboard manufacturers and chip makers to create new generation pocket-held computers. “The idea is to create low-cost computers, which in turn will increase computer penetration in the country,” he said. “We have just launched the next generation of personal computers — MiLeap — which are hand-held computers and cost Rs 14,000-30,000,” he said, adding that these low-cost computers will help them in penetrating the untapped rural and semi-urban market. He added that new variants of both models would be launched later this year with the high-end model having an optical disk drive. He said though the company had launched laptops only 18 months ago, they had managed to grab a 7 per cent market share. “This year, we are looking at a higher growth with the launch of these low-cost computers. With our facility in Uttaranchal now functional, we will have a capacity to manufacture two million units per annum — one million units each in Puducherry and Uttaranchal facilities,” he informed. |
|
No initial fee for close-ended MFs
Mumbai, January 30 “This decision of removing initial issue expense will make close-ended mutual fund schemes less expensive for retail investors,” Sebi chairman M Damodaran said, while briefing reporters after the board meeting. The SEBI board also cleared the draft proposal for listing of debt securities; ease disclosure norms for existing debt market securities and paved the way for permanent registration of capital market intermediaries. Replying to questions on introduction of short-selling by institutional investors, Damodaran said, “It would be introduced in the first week of February if not on February 1.” Damodaran further said guidelines for Real Estate Investment Trust (RITES) and real estate mutual funds would be taken up in the next meeting. SEBI has invited public comments on the draft guidelines for REITS, which would allow people to invest in real estate in an organised manner. Referring to the issue of reducing cost and time of IPOs, Damodaran said a sub committee of Primary Market Advisory Committee has gone through various issues and submitted its report, which will be considered by PMAC sometime in February. Once the PMAC firms up its recommendations, it would be considered by SEBI, he added. — PTI
|
|
MFs emerge as preferred investment option
Mumbai, January 30 “India has not ended and bull phase not over,” said Reliance Mutual Fund head of equities Madhusudan
Kela, adding that investors should stay invested in good stocks because fluctuation are good opportunity and should not be perceived as a threat for long-term investments. Reliance Mutual Fund invested around Rs 2,000 crore in last few days and got over 1 lakh new investors in last seven days as markets corrected, he
added. Kela further added that any sharp correction in the markets provide long-term strategy to buy good companies at proper good valuation.
— PTI |
|
|
Govt to infuse Rs 900 crore in RRBs
New Delhi, January 30 “The total amount of re-capitalisation for the 27 RRBs, having negative networth, has been assessed at Rs 1,795.97 crore. In view of the 50 per cent stake of the Centre, its contribution will be Rs 897.98 crore towards their re-capitalisation,” finance minister P Chidambaram told newspersons after the meeting of CCEA here. The re-capitalisation funds will be released to the RRBs along with the contribution of respective state governments and sponsor banks, he said. “Re-capitalisation would improve the viability of the RRBs having negative networth,” Chidambaram added. |
|
Spice gave false finance statement: DoT
New Delhi, January 30 In its reply, the government said Spice Telecom was considered for award of telecom licences only for four additional circles as it has a networth of Rs 350 crore only, making the company eligible only for six circles. Appearing on behalf of the DoT, Solicitor General G A Vahanvati said the company was making losses and did not have any reserve and hence not suited for licences for 22 circles. Spice had claimed a networth of Rs 1,254 crore in its application submitted in 2006. The company had included the networth of its stakeholders Modi Wellvest, Super Infosys and TMI (Indian arm of Telekom Malaysia). However, the government found that in the calculations of Spice had not taken into account the debit balance of profit and loss account-negative free reserves.
— PTI |
|
Airtel gets extra spectrum in 5 circles
New Delhi, January 30 “We have received formal communication by the Department of Telecom for getting additional spectrum in five circles and we expect to receive airwaves in the other five circles in a couple of months,” Bharti Airtel president and CEO Manoj Kohli told reporters here. Bharti Airtel applied for additional frequency in 10 circles, and has received the radio waves in West Bengal, Gujarat, Assam, Haryana and UP (West). It is awaiting additional airwaves in Rajasthan, Andhra Pradesh, Karnataka, Bihar, and Tamil Nadu and Chennai.
— PTI |
|
Bank of Baroda nets profit
New Delhi, January 30 |
StanChart Jindal SAW Somani Worsted MSP for jute Trident Inds Mela Group |
|||||
|
| 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 | |
Chandigarh, January 30
