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PNB to exit PNB Gilts
Need to curb ‘tainted’ foreign fund inflow
India at receiving end of blame game at WTO
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Mobile user base reaches 286 million
Indian Hotels enters China
Maruti to roll out M800 ‘Uniq’
Sistema wants to invest $5 bn in India
Fly and earn free tickets, courtesy AI
Special offer for students
Anti-dumping duty on CTV picture tubes
‘Follow uniform practices to avoid disputes’
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PNB to exit PNB Gilts
New Delhi, July 25 The bank will invite bids from those interested in buying the stake, PNB sources told PTI. "In the next two days we will invite bids through a public notice. We at present hold 74 per cent, we are going to divest the entire stake," sources said. Earlier, media reports have said the state-run bank would sell only 26 per cent stake in PNB Gilts. The sources also said the bank has appointed Enam Securities as the merchant banker for the sale process. In a filing on the Bombay Stock Exchange, PNB said the bank has initiated the process of selling its stake in PNB Gilts Ltd. The same information was also filed by PNB Gilts on the exchange. PNB Gilts, a subsidiary of PNB, is a primary market dealer. It derives its revenue from brokerage arising out of dealing in government securities and interest income besides from trading profit in the same. The sources said PNB can undertake these activities through the bank itself. As such, there is no relevance in having a subsidiary for the purpose. PNB Gilts shares were down 1.54 per cent at Rs 19.15 today on the BSE. —
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Need to curb ‘tainted’ foreign fund inflow
New Delhi, July 25 The Reserve Bank of India has always held a view that most of the money coming into the country through tax havens and P-Note route in the stock market, real estate market, and through Foreign Venture Capital Investment in the country is questionable. Extending this view, the RBI and SEBI (stock market regulator) together put a curb on P-Note investment into the country. Now, the scanner is extending on the Foreign Venture Capital Investment (FVCI) that is being received from tax havens like Mauritius, Cyprus and Singapore. Recently, there was a discussion held between the finance ministry, SEBI and RBI on curbing the liquid route of Foreign Venture Capital flowing from the tax havens. The discussion included tightening of FVCI norms as it has been observed that these entities invest in domestic VCFs and then indirectly invest in areas like real estate (where they are barred) and other strategic sectors like airports, ports etc. The finance ministry is of the view that investment in all sectors should be governed by a uniform set of guidelines and any exceptions should be sector-specific. Keeping this view in mind, SEBI may amend the FVCI regulations, restricting the eligible investment under this route, both in domestic venture capital funds as well as a domestic venture capital undertaking, only to a positive list of certain important sectors. These could be the same as those already identified in the Budget of 2007-08 in the context of tax framework, biotechnology, IT relating to hardware and software development, nanotechnology, seed research and development, R&D of new chemical entities in the pharmaceutical sectors, among others. The ministry has also urged that SEBI should put in place a screening mechanism for all proposals received for registration as FVCI from a fit and proper perspective. The FVCI route was accorded a preferential status presumably in view of the need for an affirmative policy action to encourage development of entrepreneurial capabilities in high-risk, technology-intensive ventures and in greenfield projects. In effect, however, the term venture capital investment in this case has become a misnomer since it allows for direct and indirect investment in all sectors, including real estate, which have nothing to characterise them as venture fund activity. In fact, FVCI route has opened up a parallel channel for investment, besides the FDI route and presents a classic case of regulatory arbitrage. |
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India at receiving end of blame game at WTO
Geneva, July 25 "They (developed nations) are charging me that I am breaking the talks," commerce and industry minister Kamal Nath said here. Developed countries, mainly the US, EU and Canada, are mounting criticism on India stating it remains the main stumbling block. Nath said when he came here on July 23 after his UPA government's winning the confidence vote, his counterparts in the rich nations were expecting a breakthrough. "They are telling me that since you arrived, you are making things more difficult. We were moving alright. When you won the trust vote we were happy and thought you would come and help us," Nath said. Director General of World Trade Organisation (WTO) Pascal Lamy said "time is running out". In an informal meeting of the Trade Negotiations Committee he said, "some convergences have been recorded but progress remains painfully slow after four days of ministerial-level negotiations". Expressing his disappointment, Lamy said "the world outside will not understand if we fail to grasp this opportunity to conclude a Round that already has a great deal on the table". Sources told PTI that India is holding its ground because it is not happy with the way the developed countries have "managed" Brazil and China, the key members of different alliances of the developing nations. In the backdrop slow progress, the talks may be extended to another day, officials said — PTI |
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Mobile user base reaches 286 million
New Delhi, July 25 As per the latest figures released by telecom regulator, TRAI, as many as 8.94 million wireless subscribers were added by mobile operators in June this year as against 8.62 million in May. It pushed the figure of the total mobile user base to 286.86 million in the country, with Bharti Airtel remaining the largest telecom operator with a 69.38 million mobile phone user base. As per the data, about 8.81 million telephone connections, including wireline and wireless, have been added during the month as compared to 8.46 million connections added in May 2008. The total wireless subscribers - GSM, CDMA and WLL (F) - base stood at 286.86 million in June, making India the second largest wireless market globally after China. The total number of telephone connections reached 325.78 million in June from 316.97 million in May 2008, TRAI said. The overall teledensity was 28.33 per cent in June as against 27.59 per cent in May. As has been the trend in the past few months in the wireline segment, the subscriber base again decreased to 38.92 million in the month of June 2008 as against 39.05 million subscribers in May 2008. The broadband subscribers reached 4.38 million mark. India's mobile user base rose 25 times in the past five years and research firm Gartner expects it to touch 737 million by 2012. |
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Indian Hotels enters China
New Delhi, July 25 The Taj International Hong Kong, a wholly-owned subsidiary of Indian Hotels Company Ltd, has signed a management contract with Cuiting Hotspring Management Company, Tatas said in a statement barely weeks before the Olympic Games in China. Under the agreement, Taj would operate the latest Temple of Heaven Park property in Beijing and the Hainan Hotel project. — PTI |
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Maruti to roll out M800 ‘Uniq’
New Delhi, July 25 Although the overall look of the car would not change but the limited edition model is aimed at attracting the young with special features. The new “Uniq” car will come at an extra cost of Rs 5,200 over the regular AC model which is priced at Rs 2,11,176 (ex-showroom Delhi). The company has already started the dispatch of the car, which will come only in AC variants, to its nationwide sales network, from yesterday. It will be formally available in company showrooms from August 4. The company has loaded the limited edition of Maruti 800 Uniq with a range of new features such as body graphics, all new beige upholstery, trendy door trims with fabric patch, smart lower console box, rear package tray, stylish dome decal to attract young consumers. Almost an iconic brand in India the M800, launched 25 years ago, has sold over 25,00,000 units till date. Besides, the company has exported over 183,000 units of this model. The new launch is expected to boost sales of M800, which saw a decline of 13.72 per cent at 5,362 units as against 6,214 units in the same month last year. So far, in April to June period this year, the company has sold 16,649 units as against 17,994 units in the corresponding period a year-ago, down by 7.47 per cent. |
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Sistema wants to invest $5 bn in India
New Delhi, July 25 Sistema chairman Vladimir P Evtushenokov yesterday evening briefed the Prime Minister about his company's strategic plans for India, said petroleum minister Murli Deroa who facilitated the meeting between the two. Evtushenokov, a close aide of Russian President Vladimir Putin, has also assured to help Indian oil firm ONGC get a stake in Russia's giant Sakhalin-3 project. "Evtushenokov, along with First deputy chairman Alexander Goncharuk and Member of the Board Sergey Cheremin, told the Prime Minister that Sistema was willing to invest more than $5 billion in the Indian telecom sector," Deora said. —
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Fly and earn free tickets, courtesy AI
New Delhi, July 25 The offer is on till November 25 and open to passengers travelling on revenue tickets in any fare class on AI and IC domestic and international flights. Travel undertaken on AI and IC flights, including code-share flights, will qualify for accrual of points. However, travel on Air India's budget carrier, Air India Express, will not fetch any points. For the purpose of awarding points and their redemption, the scheme has been structured into four groups A, B, C and D, each specifying the region and sectors of travel. Group A specifies non-metro sectors, Group B metro sectors and South-East Asia, Gulf, Africa, West Asia and Saarc countries, Group C covers Europe, the UK, Far-East, Australia, part of Asia- Pacific and Group D covers the USA and Canada. While accrual is on individual basis only, an exception has been made for travel to Group C and D destinations where the points of a family travelling together may be combined to claim the award tickets. All international travel must commence from India. A passenger must accrue a minimum of 40 points to qualify for free return tickets or upgrade. Passengers will need to submit their boarding cards and ticket jackets/copies of tickets, alongwith the redemption form at any Air India reservation office. The last date for submission of the redemption form is January 15, 2009. While the award ticket will be valid for one year from the date of the first leg of travel, the first leg must commence on or before March 31, 2009. The passenger will have to pay for all applicable taxes, fees, fuel surcharge and departure tax on award tickets. |
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Special offer for students
New Delhi, July 25 An AI statement yesterday said students travelling on Air India to Frankfurt/ Paris/ London/ Birmingham or via Frankfurt/ Paris/London to interior points in the UK/Europe can avail additional free baggage allowance of 20 kg, that is total 40 kg. The additional baggage allowance will also be applicable to students travelling from interior points in India on IC flights and connecting to Air India flights to UK/Europe, provided they are travelling on a through ticket. Students travelling to Singapore/China/New Zealand on Air India/Indian Airlines flights will be allowed to carry a total free baggage of 40 kg in their outbound journeys. Students travelling on one way tickets to Australia on Air India flights can avail a free baggage allowance of 40 kg plus extra baggage allowance of 10 kg. Students travelling from India to gateway points in the USA can carry one additional piece weighing 23 kg on Air India flights i.e. total free baggage allowance of 69 kgs for three pieces. This is applicable for travel commencing on or before March 31, 2009. The additional baggage allowance will also be applicable to students travelling from interior points in India on Air India/IC domestic flights and connecting to Air India flights to the USA, provided they are travelling on a through ticket. |
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Anti-dumping duty on CTV picture tubes
New Delhi, July 25 The punitive duty will range between Rs 878 and Rs 4,369 on a cathode ray colour picture tube (CPT) depending on the size of screen. The companies affected by a notification of the Department of Revenue include Samsung (Malaysia), LG Philips (Korea), Irico Group Electronics (China), Shenzen Samsung (China). The decision to impose the anti-dumping duty was based on preliminary findings of the designated authority in the commerce ministry. The findings showed that the goods were being exported to India below their normal value causing "material injury to the domestic industry". — PTI |
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‘Follow uniform practices to avoid disputes’
Ludhiana, July 25 Citing a case of an exporter who failed to get the letter of credit amended, following which the buyer refused to make payment, he said there was no dearth of such problems faced by exporters on a routine basis. The ICC, a France-based organisation, brought out the rules to facilitate international trade transactions. The latest version of these rules, called Uniform Customs and Practices 600, came into effect from July last year, he revealed. He said ICC, that has been interacting with exporters from various parts of the country, was conducting awareness programmes on these rules, followed in 175 countries, keeping expansion of global trade in view. In this direction, a seminar on ''Letter of Credit and UCP 600' was also organised by the PHDCCI along with ICC and Oriental Bank of Commerce here today. |
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Corporate Results
Mumbai, July 25 The consolidated total income stood at Rs 80.55 crore in the latest quarter, Reliance Power said in a filing to the Bombay Stock Exchange. On a standalone basis, the company reported a profit after tax of Rs 59.70 crore and a total income of Rs 77.67 crore for the June quarter of this fiscal. Tata Power profit 190 cr
Tata Power today announced a net profit of Rs 190.55 crore for the first quarter of the current fiscal, against a net profit of Rs 190.20 crore in the corresponding period last fiscal. The revenue rose to Rs 2,026.13 crore in the latest quarter, from Rs 1,511.48 crore in the year-ago period, the power utility said in a filing to Bombay Stock Exchange. HUL net up 13 pc
On the back of robust growth in personal care and food products category, FMCG major Hindustan Unilever today reported a 13.18 per cent rise in net profit at Rs 558 crore for the second quarter ended June 30, against Rs 493 crore during the same period last year. The company also posted a total income of Rs 4,299 crore for the quarter ended June 30, 2008, compared to Rs 3,508 crore a year-ago, up 22.54 per cent. An interim dividend of Rs 3.50 per share of Re 1 for the period of 15 months ending on March 31, 2009 would be paid to shareholders, Hindustan Unilever (HUL) said in a statement. MRPL net jumps 2-fold
Mangalore Refinery & Petrochemicals Ltd, an ONGC group company, today posted a net profit of Rs 845 crore for the first quarter of this fiscal, a growth of over two-fold from the year-ago period on account of spiralling crude oil prices and inventory gain. Ambuja Cements
Ambuja Cements today reported a 33 per cent decline in its net profit at Rs 577 crore for the first quarter ended June 30, 2008. The company in a release today said the sales had increased by eight per cent at Rs 1,570 crore. The board of directors of the company have recommended an interim dividend of 60 per cent i.e Rs 1.2 per share, the release said. Grasim Industries
Grasim Industries today reported a marginal increase in consolidated net profit at Rs 672 crore for the first quarter ended June 30, 2008, as against Rs 670 crore in the corresponding period previous year. According to a release issued to the Bombay Stock Exchange here today, the net revenue increased by 9 per cent to Rs 4,430 crore from Rs 4,060 crore in the quarter ended June 30, 2007. HCC net dips 12 pc
Infrastructure firm Hindustan Construction Company (HCC) today announced a net profit of Rs 30.84 crore for the first quarter ended June 30, a decline of 11.83 per cent over the corresponding period on account of foreign exchange losses. Total income of the company rose to Rs 878.33 crore for the quarter ended June 30, 2008, from Rs 760.80 crore for the previous year. HCC further said the company plans to raise 100 crore through the issue of Secured Redeemable Non-Convertible Debentures (NCDs) to Life Insurance Corporation on preferential allotment basis and in accordance with regulatory guidelines. i-flex net up 3-fold
IT solutions provider i-flex Solution today announced consolidated net profit of Rs 105.56 crore for the quarter ended June 30, 2008, a nearly three fold jump from its corresponding period a year-ago. Total income of the group increased to Rs 631.83 crore for the quarter ended June 30, from Rs 513.34 crore for the previous fiscal. Exide net up 17 pc
Lead storage batteries manufacturer Exide Industries today announced a net profit of Rs 82.20 crore for the quarter ended June 30, a growth of 17 per cent over the same period a year-ago. Total income of the company rose to Rs 908.88 crore for the first quarter of this fiscal from Rs 664.58 crore in the previous financial year. — Agencies |
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New Delhi, July 25
