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PM assures help to textile sector
MS cuts Windows Vista prices
Tata Motors gets $3 bn loan from Citi, JPMorgan
Doctorate for Ratan Tata
Tata jobs bloom in North America Fed cuts US interest rate |
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Export of edible oils banned
20 IPOs hit SEBI clarification hurdle
Novel initiative to bail out handloom industry
Kisan Credit Card Scheme
Swift sedan drives in on March 29
Air Deccan’s new cancellation policy
Aircel lifetime validity offer
Bathinda refinery to open
Central, Allahabad Bank lower rates
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PM assures help to textile sector
New Delhi, March 18 Prime Minister Manmohan Singh today said at the golden jubilee celebrations of the Confederation of Indian Textile Industry: “I assure you that our government will be there to help you because I do believe the textile sector has a strategic role in our industrial economy.” The Prime Minister assured the textile industry that all its legitimate concerns would be addressed. “I am aware that the strengthening of the rupee has created some strains for our exporters,” he said. However, the Prime Minister exuded confidence that the textile sector has enterprise and business acumen to deal with the challenges posed by the rupee appreciation and improve its competitiveness. He said with the dismantling of multi-fiber agreement (MFA), there is a new opportunity, but "we must make up for lost time". The new growth areas like technical textiles will be actively promoted, he said, adding, “I have already made clear our intention to launch a technology mission and technical textiles to support growth in this area.” Singh said challenge in the 11th Plan is to increase skill base to make the sector competitive. “We need innovative responses to increase jobs in our country and the textile industry, which has great potential to generate new jobs.” The Prime Minister has been suggesting the idea of linking guaranteed employment for a certain number of days in a policy framework that can respond adequately to the genuine demands of the sector. Dr Manmohan Singh said his government has focused on ensuring a stable policy environment, supporting modernisation through financing technology upgradation, and building global brands for Indian textiles to make the textile industry globally competitive, especially in the post-MFA regime. The textile industry will be one of the major beneficiaries of a consumption boom due to Budget proposals, which will leave more disposable income in the hands of the masses. Elaborating on the fiscal steps taken by the UPA government to strengthen the textile sector, Singh said the excise duty structure has been completely revised with large scale concessions, customs duty for a number of textile machinery items has been reduced and hosiery and knitwear items have been dereserved from the small-scale sector.
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MS cuts Windows Vista prices
Bangalore, March 18 The estimated retail price for Windows Vista home basic edition is now at Rs 4,000 while Windows Vista home premium is available at Rs 5,300 and Window vista ultimate at Rs 11,500, the company said in a release here. Traditionally, most customers buy the windows operating system as a part of a new PC purchase, it said. However, with the boom in the Indian retail segment and an increasing inclination to buy original software, there is a growing uptake for retails packs of the windows operating system.
— PTI |
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Tata Motors gets $3 bn loan from Citi, JPMorgan
Hong Kong, March 18 The source, who was not authorised to speak to the media on the matter, declined to provide further details including the duration of the loan, noting details had yet to be worked out. "It is signed, but it's still at an early process," the source said. Bridge loans tend to be of short-term duration. Citigroup, JPMorgan and Tata Motors all declined to comment. Tata is expected to agree on a deal by the end of the month to purchase the two well-known UK brands from US auto maker Ford Motor, according to media reports in India. Tata Motors could raise up to $4 billion on domestic and overseas debt markets, based on its previous announcements and media reports. Tata is believed to also need money to help pay for the manufacturing of the world's cheapest car, or the Nano, that it will launch in the second half of the year. But
Tata will face a tough debt market environment, as a global financial
crisis has raised the premiums demanded by investors, especially from
riskier Asian issuers.
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Tata jobs bloom in North America
New Delhi, March 18 The centre located in Milford, Ohio, a suburb of Cincinnati, can accommodate up to 1,000 associates, TCS said in a statement. “Most of them will be locally hired from the region and its universities,” the statement added. “The Cincinnati campus is a strategic investment to create an information technology eco-system in the state together with our customers and local universities. It reflects our long-term commitment to customers in one of our key markets globally,” TCS chief executive officer and managing director S. Ramadorai said. The company has selected Cincinnati and the Ohio region as it met all its criteria in terms of proximity to customers, strong talent pool, and a significant economic base that includes 10 Fortune 500 Companies.
— PTI
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Fed cuts US interest rate
Washington, March 18 The Fed’s action takes the bellwether federal funds rate to 2.25 per cent, the lowest since February 2005, and comes two days after the central bank announced the latest in a series of emergency measures to stem a fast-spreading global financial crisis. Many in financial markets had expected the Fed to chop the overnight rate by The Fed has now cut rates by 3 percentage points since mid-September, including 2 points since the start of the year.
— Reuters
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New Delhi, March 18 The restriction is effective from March 17 for a period of one year, Directorate General of Foreign Trade said in a notification on its website. India mainly exports groundnut oil and coconut oil. The country exported about 30,000 tons of groundnut oil and 5,000 each of coconut oil and mustard oil during the first four months of edible oil year, a Mumbai-based vegetable oils trade body the Solvent Extractors' Association (SEA) said. Edible oil year runs from November to October. India annually consumes about 10 million tons of edible oils, with imports contributing half of that. Last month, the country's vegetable oils imports surged by nearly three-fold to 4.30 lakh tons compared to 1.50 lakh tons in the previous year. While non-edible oils went up by four times at 84,237 tons, SEA data said. — PTI
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20 IPOs hit SEBI clarification hurdle
Mumbai, March 18 Besides, at least 21 other IPOs are currently awaiting the clearance from Securities and Exchange Board of India, which includes 15 offers whose bankers have replied with clarifications sought from them. While some bankers said responses to the SEBI are being delayed deliberately in some of the cases in view of the turbulent market conditions prevailing on the bourses, those associated with some of these deals said these are "routine" clarifications and would be responded in the due course. According to the latest processing status as on March 14 of draft offer documents filed with SEBI, clarifications are currently awaited from lead managers in relation to 20 IPOs. Out of these firms, the notice has been issued over the MCX IPO recently, while the clarifications are awaited on IPOs like Reliance Infratel, Oil India Ltd, Mahindra Holidays & Resorts and National Hydroelectric Power Corporation for more than at least two weeks. Other such IPOs include Jaiprakash Power Ventures, PNC Infratech, Pipavav Shipyard and Sea TV Network. As per the existing guidelines, SEBI may issue its observations, which are necessary for the IPOs to proceed, on a draft offer document filed with it within 30 days from the date of receipt. However, it may seek any additional information or clarification in relation to the draft offer documents from the merchant bankers and issue its observations within 15 days from the date of receipt of satisfactory reply. Among the companies whose IPO documents are currently under process for SEBI observations, merchant bankers of 16 issues have recently replied to the clarifications sought from them. These IPOs include Cox and Kings (India), JSW Energy, Nu Tek India, Khadim India and RNS Infrastructure. In addition, the offer documents for IPOs of five other companies are also currently under process for the SEBI observations. These include Kishore Biyani group's Future Ventures, Fineotex Chemical, Vishal Information Technologies, 20 Microns and ARSS Infrastructure Projects. — PTI
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Novel initiative to bail out handloom industry
Hyderabad, March 18 The Balaji temple at Chilkur, popularly known as “Visa God” as several believe that paying obeisance to the presiding deity will fulfil their wish to go abroad, has asked the devotees to wear only handloom apparel on Saturdays. “We are doing this to help weavers who are in dire straits. About one lakh devotees visit the shrine on Fridays and Saturdays,” the temple chairman and hereditary trustee Prof M V Sounder Rajan said. The dress code will come into effect from next month. Lakhs of weavers, particularly in the backward Telangana region, have been leading a life of extreme penury, unable to cope with the changing market dynamics. Big power-loom units, churning out a wide range of modern fabrics to cater to the changed tastes of people, have virtually spelt death knell for the traditional weavers. “In this scenario, we have taken a decision to encourage handloom sector by asking our devotees to stick to handloom at least once a week. There is no restriction on colours or designs,” Rajan, a former university teacher, said. The temple managing committee is also mulling over banning plastic bags and replacing them with handloom bags. "We want to build awareness about the health hazards and pollution associated with the plastic goods. The devotees will be encouraged to carry puja material in handloom bags,” the trustee said.
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Kisan Credit Card Scheme
Chandigarh, March 18 While Nabard has pulled up the banks for failing to make the scheme fully operative, the latter claim that the scheme is a huge success. Nabard has claimed that various studies conducted under KCC reveal that the benefits of flexibility under the scheme have not reached the farmers in various respects like drawals and repayments. In the State Focus Paper released for Haryana, the bank has claimed that the drawals and repayments are being made on a seasonal basis — once or twice a year, and not on a need-based approach. Nabard further said that the banks have failed to make flexibility of availing kind component in cash to the KCC holders. In fact, a number of KCC holders are not even availing credit against the cards, thus making the scheme inoperative. Officials in State Level Bankers Committee (SLBC) of Haryana maintain that the scheme has met with a stupendous success in Haryana. Figures available from SLBC reveal that the number of KCC holders in Haryana till December 31, 2007 was 17,08,391 as against 16, 56,725 till March 31, 2007. “The total amount disbursed by banks to KCC holders has increased from Rs 7,589.41 crore to Rs 8,252.73 crore during this period, thus showing that the scheme has been a huge success,” said an official. The official also said that all bank branches are authorised to issue KCCs and as per the norms and there is no delay in issue of KCCs. However, Nabard contends that inspite of the increasing number of kisan credit card holders, farmers are not availing credit against these cards, thus making it inoperative. It also says that the KCC format has been devised to show details of short-term loans, long-term loans ad consumption loans issued to farmers. But banks are only indicating disbursements under short-term loans. The commercial banks have now been advised to suitably revise their approach and delivery mechanisms, besides sensitising farmers to avail maximum benefits under the scheme.
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Swift sedan drives in on March 29
New Delhi, March 18 “The image of a hatchback and styling of Swift is carried forward to the sedan. The new car will be available in both petrol and diesel variants,” Maruti Suzuki India Ltd executive officer (marketing and sales) Mayank Pareek told reporters here. On the pricing of the new car, Pareek declined to share details. However, according to the company sources, the petrol variant is expected to be priced between Rs 4.75 to Rs 5 lakh, while the diesel variant would be available for above Rs 5.5 lakh.
— PTI |
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Air Deccan’s new cancellation policy
Bangalore, March 18 As against the earlier policy where passengers wishing to cancel their tickets were provided credit voucher, passengers under the new cancellation policy would receive cash back against all ticket cancellations, a Deccan release said here today. Passengers can now cancel tickets up to four hours prior to flight departure. A cancellation charge of Rs 750 per passenger, per sector and transaction fee (10 per cent of basic fare) would be deducted and the balance will be refunded. There will be no cancellation charge for infants. Passengers had the option of modifying the date and time of travel. The new cancellation and rescheduling policy came into effect from March 17.
However, for tickets booked on or before March 16, 2008, the old policy would apply, the release said.
— PTI
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Aircel lifetime validity offer
Shimla, March 18 The customers will be able to enjoy Aircel lifetime services by buying a starter pack priced at Rs. 49. In addition, the new offer provides an opportunity for making all local calls for 99 paisa. Chief operating officer of Aircel Gurdeep Singh said launch of lifetime prepaid for Rs. 248 was a step towards affording good value to subscribers and help retain and broaden the customer base. New subscribers would need to buy a starter pack of Rs 49 and recharge with Rs 248 to avail lifetime. Existing prepaid subscribers could also recharge with Rs. 248 and get lifetime validity. Under the offer, call charges will be at Rs.0.99 per minute for local calls and Rs.2.75 per minute for STD. SMS charges will be Re 1 (local) and Rs 2 (national). Singh said Aircel was the fifth largest GSM mobile operator with over 10 million customers in the country and the latest offer was in line with its innovative product offerings to bring mobile services closer to the common people. |
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Bathinda refinery to open training centre
Chandigarh, March 18 Managing director, GGSRP, Prabh Das, stated this while he called on Punjab Chief Minister Parkash Singh Badal today to apprise him about the status of the Rs 18,900 crore-refinery project. He assured that the plant would start functioning from January 2011.The proposed training centre would primarily train youth according to the requirements of the refinery and cater to the needs of downstream and ancillary units, based on the byproducts of the project. He said all the modalities in respect of setting up this training institute would be finalised within a fortnight. Das also pointed out that the management of the project was also contemplating to adopt one of the Industrial Training Institutes within the proximity of the refinery to run short as well as long-term courses on the same pattern. |
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Central, Allahabad Bank lower rates
Mumbai, March 18 "The reduction in interest rate has been given to customers as the bank has been able to reduce the cost of incremental deposits, the general market scenario and to boost the demand in housing loan sector, particularly among small and medium category borrowers," Allahabad Bank said in a statement to the Bombay Stock Exchange today. The above reduction will be effective from April 1, on all fresh sanctions, it said.
Accordingly, the minimum interest on housing loan for five-year period will be 9.5 per cent per annum and maximum would be 10.50 per cent a year for a period of 15 to 25 years in PLR-linked loans, it said. Meanwhile, the Central Bank of India has also revised downward the interest rate on various retail loans, including housing loans effective from April 1. The bank said that the interest rate on housing loans would be reduced by 25 basis points on floating rate to 9.25 per cent and 50 basis points to the fixed rate. On educational loan, the interest rate has been reduced by 50 basis points to 12 per cent for male students and 11.5 per cent for female students.
— Agencies
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Tata Motors has signed a deal to receive a $3 billion bridge loan from Citigroup and JPMorgan to help finance a potential purchase of luxury brands Jaguar and Land Rover, a source familiar with the deal said on Tuesday.
Tata Group chairman Ratan Tata has been conferred an honorary degree of Doctor of Science by the prestigious engineering institute IIT
Kharagpur.
The award was given in recognition of Tata's outstanding leadership in globalising India and transforming the Tata group as a formidable corporate entity, a press release issued here today said.
— PTI
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