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India Inc backs UPA
Major power projects line up for J&K
Excise duty collection dips in Punjab
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GJR Group to invest $30 m in Indonesia
Tata Power buys 26 pc in Bhutan hydro project
Pharma Industry
Corporate Results
Petronet close to striking LNG deal
WTO talks may be called off if Indian govt falls
Audi bullish on India
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India Inc backs UPA
New Delhi, July 21 According to the survey, 72 per cent of the 400 CEOs contacted have exuded confidence that the UPA government would win the trust vote. The survey, which was carried in four metros and in Hyderabad, Bangalore, Lucknow, Pune, Ahmedabad, Chandigarh, Dehra Dun etc. clearly showed that 288 CEOs have full confidence in the government.
Assocham president Sajjan Jindal said a good deal of veteran politicians are there with the UPA, which would be able to persuade even the dissenting voices in Parliament to vote in favour of the motion. Of the 400 CEOs, however, only 112 were not too confident that Prime Minister Manmohan Singh could take the trust vote to a logical conclusion. Their apprehension is due to the conflicting reports emanating from various political parties, including splinter groups and dissenters. India Inc feels that with signing of nuclear civil agreement with the US, India would be able to generate $40 billion worth of investment in the field of nuclear energy as leading industrialists have already commenced negotiations for joint venture agreements with their prospective counterparts to produce nuclear power. Among those 112 CEOs that did not foresee the motion being smoothly sailed on Tuesday, nearly 65 of them are in favour of signing nuclear civil cooperation subscribing to a view held by 288 hopeful CEOs. According to the findings of the survey, 288 CEOs, who are optimistic about Dr Singh’s winning the vote of confidence, argued that since nuclear civil agreement with the US was in the interest of the nation, a good sense would prevail among majority of MPs. The agreement, according to Assocham, will also facilitate setting up of joint venture agreements between domestic corporates and their counterparts for nuclear power generation in the nuclear energy sector. The survey holds that any opposition to the Indo-US civil nuclear pact will send wrong signals to investors and hamper its plans for consistently scoring double-digit growth for economic prosperity and employment generation and will consistently suffer a deficit of thorium, the main input required to produce nuclear energy. |
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Major power projects line up for J&K
New Delhi, July 21 Stating that the Prime Minister was keen on ensuring development in J&K, minister of state for power Jairam Ramesh said the power ministry had moved a proposal for the approval of the Cabinet Committee on Economic Affairs (CCEA) for cost revision and implementation of the 330-MW Kishen Ganga project. The project had been hanging fire since a long time and had got a formal nod in July, 2007, at a cost of Rs 2,239 crore. However, due to objections raised by Pakistan, the project got delayed and now a revised cost of Rs 3,634 crore had been sought. “The approval is expected in the next few weeks and work will then begin on this important project,'' he added. On the 450 MW Baglihar project, Jairam said the first 150 MW unit of the project would be commissioned in September this year. Another 150 MW would be streamlined in October and another 150 MW in November. The project is being jointly implemented by Jammu and Kashmir Power Development Corporation and JP Associates. This project is also facing the cost escalation of almost Rs 1,200 crore from the original cost of Rs 4,000 crore. Out of this, Rs 674 crore would be sanctioned by the Central Government and rest will be in the form of a loan from the shareholders. Ramesh said 690 MW Rattle power project in Kashmir was being taken up for fast-track implementation. The Detailed Project Report (DPR) of the project has been carried out by the National Hydro Power Corporation (NHPC) but the project will be taken up by the Jammu and Kashmir Government under the Independent Power Producers (IPP) regime. The Jammu and Kashmir Government and the NHPC are also expected to sign a memorandum of understanding (MoU) for implementation of another set of 2,000 MW of hydropower projects in the state. |
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Excise duty collection dips in Punjab
Ludhiana, July 21 Among other factors, a fall in collection from cement companies has led to reduced excise duty collections, said P.C. Jha, chairman, Central Board of Excise and Customs here today. Giving details, he said collection from excise duty in the first quarter were Rs 140 crore, while this amount was Rs 700 crore in case of customs duty and Rs 133 crore for service tax. The collection so far have been Rs 443 crore. Total collection last year was Rs 2,800 crore and the department expects to meet its targets, added Jha. He asked the industry to pay its taxes honestly keeping in view "a significant reduction in tax rates". Industry will have to face an action if it fails to honestly come forth, he said. Various industry associations met Jha today and presented their problems pertaining to service tax, Cenvat and other matters related to the department. Stating that industry was being denied Cenvat paid on various business auxilliary services, Apex Chamber of Commerce and Industry president P.D. Sharma said the department was taking a narrow view that Cenvat credit of input services was restricted to services related to or used in connection with manufacturing of final products only. The industrial representatives also urged the chairman to increase exemption limit to at least Rs 3 crore as cost of inputs had risen manifold in the past five years. "The exemption limit of Rs 1.5 crore and eligibility limit of Rs 4 crore is very less. This should be increased to atleast Rs 3 crore and eligibility limit to Rs 10 crore," said industrialists. |
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GJR Group to invest $30 m in Indonesia
Bangalore, July 21 It has partnered with overseas company PT Earthstone Resources to develop and explore a mining project near Nalo Baru village, Sumatra. With a total mining area of 438 hectares, the mine has estimated reserves of 100 million metric tons of high grade iron ore. As part of the agreement, GJR Group will invest about $30 million in the project. T Boyd Company of the USA is engaged in evaluation for the Nalo Baru Iron Ore Tenement, mining plan and reserve estimation study of the area is expected to be completed by September. The estimated sale value of the iron ore is $10 billion. The production work will commence in October with initial production target of 3 million tons per annum. “This joint venture provides good synergies for both groups to tie-up for development of the mine. Two special purpose vehicles (SPVs) shall be floated to structure the transaction. The first SPV shall carry out mine development and the second SPV would carry out marketing of the iron ore produced”, Reddy said. “GJR Group will employ its experience and technology to exploit and develop the iron ore mine for captive use as well as selling of iron ore in the international market.” Reddy, who is CMD of GJR Group of companies, added. “We are happy to partner with the GJR Group. Earthstone’s extensive network in the Indonesian and international mining industry will assist in strengthening GJR Group’s regional and international presence.” Mahran Nasution, MD of PT Earthstone Resources, said. |
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Tata Power buys 26 pc in Bhutan hydro project
Mumbai, July 21 The company has bought 26 per cent stake in the project, while Tata Power trading has negotiated to purchase all the power generated from the project, the private sector power utility said in a filing to the Bombay Stock Exchange. "Tata Power Trading will off-take power from the project for a period of 25 years and the power will be delivered at India-Bhutan border," it added. Tata Power has entered into a partnership with the Royal Government of Bhutan through Druk Green Power Corp (DGPC) for developing the said project. The project would be executed by the special purpose vehicle Dagachhu Hydro Power Corp, it said. However, the financial details and the terms of the partnership were not disclosed. "This partnership consists of equity participation and off-take of power by the company and Tata Power Trading Company respectively," Tata Power managing director Prasad Menon said. The power is expected to be evacuated through the Tala Transmission Link into India's Eastern Region
Grid. — PTI |
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Pharma Industry
Solan, July 21 R.K. Arora, chairman of Federation of Pharmaceutical Entrepreneurs, comprising states of Himachal Pradesh, Uttarakhand and Jammu and Kashmir, while expressing concern at the situation, said, “Since the major bulk manufacturers are dependent on intermediate chemicals imported from China, their manufacturing has come to a standstill. According to an estimate, nearly 30 to 40 per cent of the manufacturing process has been affected.” Not only this, with curtailed exports from China, the raw material available here has registered a sharp hike in its prices. “The prices of some raw materials have hiked anywhere between 20 to 250 per cent. This has enhanced the manufacturing cost manifold and even made some products unviable”, said Kishore Pathak, factory manager of Cipla’s Baddi-based plant. Inquiries from the industry revealed that cost of commonly used items like nimesulide, vitamins, paracetamol, niacinamide, amoxicillin, cetrizine, levofloxacin, etc., have gone up from 30 to nearly 450 per cent in the past three months. The worst affected are the bulk drug manufacturers, who have been forced to bear the brunt of spiralling cost of the raw materials. Even those doing manufacturing work on licensing basis have been hit hard. They were unable to meet orders procured earlier. |
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Corporate Results
New Delhi, July 21 The company, however, said the figures were not comparable owing to the additional impact of Rs 61.9 crore resulting from the new depreciation policy introduced in the fourth quarter of fiscal 2008. Total sales during the quarter grew by 13.5 per cent at 1,92,584 units during the quarter. SAIL PAT up 20 pc
State-run Steel Authority of India today announced a profit after tax (PAT) of Rs 1,835.19 crore for the quarter ended June 30, 2008, a growth of 20.33 per cent in the corresponding period a year-ago. The total income rose by 36.85 per cent to Rs 11,421.99 crore in the latest quarter, from Rs 8,346.40 crore in the year-ago period. Dr Reddy's Labs
Pharma firm Dr Reddy's today announced a profit after tax (PAT) of $31 million (about Rs 130 crore) for the first quarter ended June 30, a 28 per cent decline over the corresponding period a year ago. The total revenue rose 25 per cent to Rs 1,500 crore in the latest quarter, from Rs 1,200 crore in the same period a year ago. Indian Bank
Nationalised bank, Indian Bank has recorded a operating profit of Rs 436.63 crore for the quarter ended June 2008 as compared to Rs 329.73 crore for the corresponding period last year, registering a growth of 32.42 per cent. "The total incomed also improved by 26.75 per cent to Rs 1,744.99 crore from Rs 1,376.74 crore", he said. Canara Bank
Canara Bank today reported a 49 per cent drop in net profit for the first quarter (April-June 2008) at Rs 122.68 crore compared to Rs 240.55 crore in the same period last year. Total income rose by nine per cent to Rs 4099.05 crore from Rs 3760.07 crore, the Bangalore-based bank said in a communication to the Bombay Stock Exchange. LIC Housing Finance
LIC Housing Finance today announced a net profit of Rs 104.66 crore for the first quarter of current fiscal year, an over two fold jump from the corresponding period a year ago. The total income of the company rose to Rs 622.01 crore in the latest quarter, from Rs 461.82 crore in the year-ago period. PTL net up 3-fold
Punjab Tractors, a subsidiary of Mahindra & Mahindra, today announced a net profit of Rs 22.4 crore for the quarter ended June 30, a three-fold growth over the corresponding period a year ago, despite escalating prices of raw material. The total revenue rose 82 per cent to Rs 316.70 crore in the first quarter from Rs 173.90 crore in the corresponding period in FY'08. Welspun-Gujarat
Saw pipe maker Welspun-Gujarat Stahl Rohren today announced a net profit of Rs 71.14 crore for the quarter ended June 30, a growth of 2.62 per cent in the corresponding period a year ago. The total income rose to Rs 1,096.73 crore in the latest quarter, from Rs 817.28 crore in the year-ago period. Nucleus Software
Nucleus Software Exports today announced consolidated net profit of Rs 8.03 crore for the first quarter ended on June 30, 2008, a 43 per cent decline over the corresponding period a year-ago. The consolidated total revenue of the company rose to Rs 82.90 crore in the latest quarter, from Rs 66.66 crore in the year-ago period. Federal Bank dividend
The Federal Bank today declared 40 per cent dividend for 2007-08 with the total business of the bank growing by 22.84 per cent to Rs 44,818.02 crore. It achieved a record net profit of Rs 368.05 crore against Rs 292.73 crore in the previous year.
— Agencies |
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Petronet close to striking LNG deal
New Delhi, July 21 "PLL Board today gave its go- ahead for a 10-year deal to import LNG for the Bawana power plant near Delhi," company CEO Prosad Dasgupta said. He, however, refused to name the country or the company PLL is talking to. "The deal is yet to be closed and we are in advanced stage of negotiations. We hope to conclude it in next couple of weeks," he said. If the deal goes through, Petronet will import 1.8 million tons in the first year beginning August 2008 and 3.5 million tons from 2009 onwards. Bawana power plant, being built to cater to electricity demand of 2010 Commonwealth Games, will need the gas from November 2009 and till then the company will retail it to different customers.
— PTI |
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WTO talks may be called off if Indian govt falls
Geneva, July 21 "Everybody is watching closely developments in India. If the government collapses, it is possible that they may wrap up the talks," a senior official said. Those keenly watching the high voltage political events in India include the US, EU, Brazil, South Africa, China and the WTO director general Pascal Lamy. Asked whether the mini-ministerial meeting convened to work out a final framework for completing the Doha Round may be called off for the sake of one country, he said, "India is important in WTO and there cannot be a deal without it". If the Geneva talks are suspended, it could be blamed on the fallout of the political developments in New Delhi. "It suits those who do not want a deal at the moment. At least, there will not be a blame game," the official said. After a few bilateral meetings, commerce and industry minister Kamal Nath has already returned to New Delhi for the confidence vote. The country would be represented by Commerce Secretary
G.K. Pillai at the negotiations. — PTI |
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Audi bullish on India
Bangalore, July 21 "We will launch R8 in October-November in the last quarter. We already have the first order (in India)", Audi India vice-president marketing Martin Birkner told PTI here. Audi sold 350 cars in India in 2007 and has a target to nearly triple that number, mainly driven by sales of A4 sedan that was launched in India this month. "As we target sales of 1,000 cars in India by December, the new Audi A4 will be a crucial product to help us achieve this goal", he said.
— PTI |
Canara Bank’s insurance JV Azingo investment plan ICICI's German arm product 'Smart Credit Gold Overdraft' Health insurance for artisans Bilcare acquisition
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