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Oil soars to $107.7
Trade policy may give relief to exporters
Regional bourses to set up trading platform
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GAIL to set up distribution arm
M’rashtra seeks loan waiver for all farmers
Tata Motors to raise Rs 4,000 crore
Hyundai gets mega export order for ‘i10’
Pepsi drops Priyanka
JBIC to lend Rs 7,074 cr
Dabhol power plant plans IPO
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Singapore, March 11 In morning trade, New York's main contract, light sweet crude for April delivery fell 19 cents to $107.71 a barrel from its record finish of $107.90 in US trading hours yesterday. The contract had surged to a new trading high of $108.21 in New York yesterday as investors bet on oil prices to continue marching north on expectations the greenback would remain weak. London's Brent North Sea crude for April delivery dropped 11 cents to $104.05 a barrel. The contract hit a trading high of $104.42 yesterday and closed at a new record $104.16. OPEC's decision last week to keep its daily production levels unchanged despite pressure from the United States, the world's biggest energy user, was also lending support to the market, dealers said. Investors are also rushing into the commodities markets, including oil, which they regard as safe havens, they said. Meanwhile, US President George W Bush's administration has signaled that vice-president Dick Cheney personally would urge OPEC kingpin Saudi Arabia to convince the cartel to boost output.— AFP
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Indian crude basket crosses $100
New Delhi, March 11 In Parliament, minister of state for petroleum and natural Gas Dinsha Patel said: "The government is closely monitoring international oil prices and will continue to protect the interests of consumers." Indian Oil Corp, which controls roughly half of the fuel market, said it was losing Rs 180 crore per day on sale of petrol, diesel, domestic LPG and kerosene through PDS. Public sector oil firms were losing Rs 9.68 a litre on petrol, Rs 12.21 per litre on diesel, Rs 20.95 per litre on kerosene and Rs 303.66 per 14.5-kg domestic LPG cylinder, a company official said.
— PTI |
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Trade policy may give relief to exporters
New Delhi, March 11 "We are examining measures to neutralise some of the levies which are not being refunded at the moment," commerce and industry minister Kamal Nath said at a function organised by the Ficci. According to the minister, there is a new scheme that will ensure that exporting sectors, which are hit by rupee appreciation but have potential for quantum growth, are given support. Besides this, the measures to be announced in the FTP review would be WTO-compatible. “We are examining what relief can be given to exporters especially in the employment generating sectors and the sectors to which we want to give a priority,” Nath said. On an optimistic note, the minister said he was hopeful the country would achieve a $160 billion target despite the fact that the US, which is the largest importer, is slipping into recession. “I am still hopeful... but we may be a little bit short” Nath said. However, he was confident that exports of $152-155 billion would be achieved as indicated by the present rate of above 20 per cent growth. Along with exporters’ body FIEO, Nath had expressed his disappointment over the Union Budget not giving any relief to the exporting sector.
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Regional bourses to set up trading platform
Ludhiana, March 11 Thousands of investors in the region, who were disappointed with their investment going down the drain as their shares in these companies held no value, can hope for some gains now. The regional stock exchanges (RSEs) have planned to complete the process and kickstart trading within the next four to six months. The companies listed on these stock exchanges had not been trading for the past 7-8 years. As a result, regional stock exchanges had been functioning more or less as broking houses for the NSE and BSE. These stock exchanges were also facing threat of closure due to inactive role in trading. The commencement of trading would also benefit sub-brokers of these RSEs who can become brokers and appoint sub-brokers further. Trading on a common platform would retain the entity of the concerned stock exchange but provide the facility of trading in shares of companies listed on the other exchanges as well. "We are in the process of completing the required infrastructure like software, hardware and manpower and expect to function on a common platform within 4-6 months," said S.P. Sharma, chairman of the Ludhiana Stock Exchange (LSE). The software which the RSEs would procure would help them interconnect. Companies like TCS and Financial Technologies have expressed interest in providing the software. An expenditure to the tune of Rs 10 crore is likely to be incurred by the LSE alone towards getting the process functional.
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GAIL to set up distribution arm
New Delhi, March 11 The company plans to set up city gas distribution projects in 17 cities at an investment of Rs 500 crore by 2012 and may transfer its natural gas marketing business to the new subsidiary in future, GAIL chairman and managing director U.D. Choubey told reporters here. “The setting up of the subsidiary is part of the compliance requirement of separating gas marketing business from gas transmission,” he said. The yet-to-be-named subsidiary company will take up distribution and marketing of CNG as fuel for vehicles, piped natural gas for domestic/ commercial/ industrial purpose and auto LPG as fuel for transport vehicles in various cities of India and abroad. GAIL’s existing city gas joint ventures like Indraprastha Gas Ltd (IGL) for the national capital and Mahanagar Gas Ltd (MGL) for Mumbai, will continue to operate as at present but Choubey did not rule out the possibility of transferring the company’s interest in IGL, MGL and other such companies to the new subsidiary. GAIL will infuse Rs 200 crore equity in the subsidiary, which would also borrow Rs 300 crore for its business. “Listing is a possibility in due course,” he said, but did not give any timeframe. GAIL is also studying the feasibility of setting up a joint venture with private pipe manufacturing companies for manufacture of pipelines and laying. “The board has asked us to prepare a feasibility report and then it will take a decision,” he said. Choubey said GAIL has identified 230 cities contiguous to existing and proposed pipelines for city gas distribution in a phased manner. The new unit will bid for CGD projects in cities put on offer by the Petroleum and Natural Gas Regulatory Board. — PTI
Plans bonus shares
GAIL today said it would consider issuing bonus shares in the next two to three months. “We are to consider the bonus issues in next 2-3 months,” GAIL chief U.D. Choubey told reporters here. The company plans to almost double investment in pipeline projects to Rs 4,200 crore in 2008-09 fiscal. |
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M’rashtra seeks loan waiver for all farmers
Mumbai, March 11 However, Deshmukh’s promise didn’t really wash with the Opposition, which raised slogans shortly after the Governor’s address. The loan waiver scheme hasn’t been welcomed in Maharashtra because of the numerous conditions imposed by the Centre. The opposition BJP and the Shiv Sena say more than 90 per cent of Maharashtra’s farmers, who have been burdened with loans, would not benefit because of the two-hectare limit imposed by the Centre as a condition for the loan waiver. It is alleged that only the farmers in Western Maharashtra, who have highly fertile land but below the two-hectare limit, would benefit from the loan waiver. Vidarbha, the stronghold of the Congress, has a large number of farmers who own land in excess of two hectares or five acres. However, much of the land is unirrigated or unfit for cultivation and the farmers are committing suicide in large numbers. But, according to the criteria announced by union finance minister P. Chidambaram, most of them would not be eligible for the loan waiver. Leaders of the Congress were vocal in alleging that the NCP has been benefited at their cost. Moreover, nearly half the farm loans in this area have been raised from moneylenders and alternative sources of finance that haven’t been covered by the scheme.
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Tata Motors to raise Rs 4,000 crore
Mumbai, March 11 "The board of directors of Tata Motors, at its meeting held today, has in-principle approved, subject to other approvals as may be required, raising of additional long-term resources up to Rs 4,000 crore by issue of appropriate securities in foreign or domestic market," the company said in a statement. Asked if the move was necessitated by the imminent acquisition of JLR, a company spokesperson said: "The funds are being raised to part-finance overall funding requirements to meet some of the strategic plans." The company said it had major growth plans for expanding its position in the domestic and global markets in both commercial vehicle and passenger vehicle business. "This will be achieved by upgrading and enhancing the company's product portfolio, expanding manufacturing facilities in India and strategic acquisitions or alliances in India and abroad," the company added. Whilst this may require incurring expenditure for organic growth over the next 3-4 years, the acquisition opportunities will have to be financed upfront, it said. Tata Motors said the funds would be raised by issuing securities in one or more tranches on terms to be decided by the board/committee of directors in due course as also the consequent increase in the authorised capital.
— PTI |
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Hyundai gets mega export order for ‘i10’
New Delhi, March 11 "HMIL started accepting export orders for the i10 from December, 2007, and received 60,000 orders from the overseas market creating a record of clocking the fastest 50,000 units of export orders in just three months," the company said in a statement. The company would ship around 26,000 units by March 2008, and subsequently it would be exported to all the major markets across the globe covering over 90 countries by the end of the year, it added. HMIL presently markets 34 variants of passenger cars across various segments. It is setting up its second plant with an additional capacity of three lakh units, raising HMIL's total production capacity to six lakh units a year.
— PTI |
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New Delhi, March 11 According to industry sources, instead of renewing the contract with the former Miss World which expired a few months back, PepsiCo has decided not to renew it. Chopra, who was signed in 2005 for two years, has been replaced by model-turned actor Deepika Padukone. Priyanka had featured in a television commercial with Kareena Kapoor, which was directed by Farah Khan.aWhen contacted Pepsi officials refused to comment on the matter.— PTI
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JBIC to lend Rs 7,074 cr
New Delhi, March 11 The loan agreements signed yesterday will support economic infrastructure development, pro-poor rural development and improvements in urban environment towards social and economic development in different parts of the country, including power transmission in Haryana, Delhi Metro and Kolkata Metro projects. As per the JBIC, overall figure of ODA loans in the current fiscal year has reached Rs 8,582 crore.
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Dabhol power plant plans IPO
New Delhi, March 11 The RGPPL board will consider converting the private limited company into a public limited firm and subsequently consider an IPO, said R.K. Goel, chairman, RGPPL. RGPPL currently has a paid-up equity of Rs 1,785 crore plus an additional Rs 1,200 crore sanctioned by the promoters — Gail India Ltd, NTPC and Maharashtra State Electricity Board. The total equity capital base of RGPPL is Rs 4,000 crore and the balance of unpaid capital is sought to be raised through the IPO, Goel added. The company will divest around 25 per cent of its authorised capital in the IPO, which is expected to be around Rs 2,000 crore. Of this, Rs 500 crore will be for private placement and the remaining will be issued to the public for subscription. |
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