|
|
|
|
PM wants oil cos to go overseas
Tribune Impact
Maruti, Hyundai, Hero Honda see record sales in October
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
RBI hints at tightening monetary policy
Tatas to launch first India-made copter cabin
Poultry owners continue hatcheries’ boycott
Havells completes Sylvania restructuring
Indonesian envoy meets Punjab CM
Corporate Results
|
|
PM wants oil cos to go overseas
New Delhi, 1 November Inaugurating the Petrotech oil and gas conference, the Prime Minister said that India seeks to build strong economic partnerships with other producing countries and their oil and gas industries. He said that like other emerging economies, India needs adequate supplies of energy at affordable prices to meet the demand of its rapidly growing economy. “Hydrocarbons will continue to be our major source of energy for quite sometime in the future. Most of our requirement of hydrocarbons is met through import, “ he said. The Prime Minister said that there is a need to rethink on the traditional energy basket for the country, which is presently loaded in favour of fossil fuels. He said many mature fields are declining in production and some energy endowed countries have problems in augmenting production because of various reasons, including lack of the required technology and sometimes political uncertainty. Another challenge that faces all countries is one arising out of the challenges of climate change, he said. He said that the challenges faced by most of the emerging economies today are similar as their domestic sources are often inadequate to meet their growing demand for energy and developing domestic sources involves huge capital investment. The Prime Minister said that oil and gas today are not seen merely as commodities to be traded freely but are often used by countries to meet their political objectives.”We have to take into account the changing pattern of growth in the demand for oil. In the last two decades or so, Asia’s share in the growth in demand for hydrocarbons has risen substantially while that of the OECD countries and the European Union has declined.
ONGC eyes Exxon’s stake in Angola block
State-run explorer Oil and Natural Gas Corporation is examining a proposal to buy US energy major Exxon Mobil's holding in an oil block in Angola, a top official said on Monday. "The proposal has come to us. We keep getting such proposals and we are examining," said RS Butola, MD, ONGC Videsh, the overseas investment arm of ONGC. "Definitely, we are interested."
Butola said the talks were at initial stages and declined to comment on the valuation of the deal. Analysts said the Angolan field stake buy would be a welcome acquisition for India, which has been lagging China in the hunt for natural resources as both countries seek to feed their fast economic growth. — Reuters
|
||
|
Tribune Impact
New Delhi, November 1 “The issue of takeover of Indian pharma companies by MNCs, is of serious concern and needs to be tackled effectively in terms of FDI Policy for the sector. Therefore, FDI needs to be revisited immediately and such investments shifted from automatic to FIPB route to ensure healthy growth of pharmaceutical industry and availability and access of our people to quality and affordable medicines, which is so critical from the requirement of public health,” Health minister Ghulam Nabi Azad said in a letter to Commerce minister Anand Sharma. The letter follows two Tribune reports highlighting six acquisitions of Indian drug firms by foreign pharma makers over the past four years — a move that reduced the domestic availability and affordability of medicines. The second report highlighted scarcity of anti-cancer and anti-AIDS drugs in India, when export is exponentially growing. In 2008-2009, export growth rate of pharma was 29 per cent against the industry growth rate of just 8 per cent; this when 65 per cent Indians have no access to critical medicines. While the country needs anti-cancer medicines worth Rs 5,000 crore annually, it has just drugs worth Rs 150 crore. Anti-AIDS drugs too are in short supply. Taking cognizance of the adverse impact of foreign mergers on Indian markets, Azad has asked the commerce ministry to shift investments from automatic route to Foreign Investment Promotion Board (FIPB) route, which allows the government to screen merger proposals. The minister also stated that publicly funded Indian research organisations must stipulate, while selling or transferring patents to private sector companies that ownership of patents would revert to these organizations if these companies are taken over by foreign firms. Some recent takeovers by foreign firms have involved Indian companies whose patents have either been supported by the Government (CSIR) or who have been transferred the patent by an Indian research organization. Azad's reply follows a discussion paper on the issue by the Department of Industrial Policy and Promotion — which The Tribune earlier reported. On compulsory licensing (CL) under the Indian Patents Act, 2005, the Health Ministry has clarified that the Controller of Patents, whenever he considers an application for CL, particularly for public health emergencies under Section 92 A of the Act, should dispose of the application on a fast-track basis. The ministry wants that while the government can issue a CL by notification in cases of emergency, extreme urgency and public non-commercial use, it should also have such power for invention purposes. Ironically, while most of the developed nations including the US, Canada, UK, Italy have long been issuing CLs (a system whereby the Government allows third parties — other than the patent holder — to produce and market a patented product without the consent of the patent owner especially in cases of epidemics), India has not issued a single CL under its Patents Act ever. Even the least developed countries have issued CLs for anti-AIDS drugs.
|
||
|
Maruti, Hyundai, Hero Honda see record sales in October
New Delhi, November 1 The country's largest car-maker, Maruti Suzuki India, clocked its highest-ever monthly sales of 1,18,908 units, translating into a robust 39.21 per cent growth vis-a-vis the year-ago period. The previous sales record of 1,08,006 units was registered in September, 2010. What is more, the national capital-based company witnessed its best-ever sales of 1,07,555 units in the domestic market in October, crossing the one lakh units milestone for the first time. The domestic sales numbers for October, 2010, were 50.32 per cent higher vis-a-vis the corresponding month of the previous year. Rival Hyundai Motor India Ltd (HMIL) also reported its best-ever monthly domestic sales of 34,725 units in October, a 22.70 per cent jump compared to the same month last year. "The market has been on an upswing for the last few months, but the introduction of the new Next Gen i10 has really pepped up things for HMIL with the new i10 sales growing as much as 26 per cent in the last two months," HMIL Director (Marketing and Sales) Arvind Saxena said. Auto-maker Tata Motors also saw its sales climb 21.26 per cent during October to 64,757 units, while another homegrown firm, Mahindra & Mahindra, reported a 34.38 per cent jump in total sales to 34,495 units. General Motors India saw its sales rise 35.59 per cent to 10,051 units in October this year, while car-maker Ford India reported an over two-fold jump in October sales to 9,026 units on the back of a good response to its small car, Figo. Toyota Kirloskar Motor also registered 16.85 per cent jump in sales to 6,602 units during October, 2010. On the two-wheeler front, market leader Hero Honda posted its highest-ever monthly sales of 5,05,553 units in October, up 42.75 per cent vis-a-vis the same month last year. This bettered its previous sales record of 4,35,933 units, which was achieved in May this year. Chennai-based TVS Motor Company's total two-wheeler sales grew by 46 per cent year-on-year to 1,91,822 units in October, 2009. India Yamaha Motor reported a 19.21 per cent increase in total sales to 37,251 units. Another two-wheeler manufacturer, Honda Motorcycle & Scooter India, reported an over two-fold increase in sales to 1,48,861 units in October. — PTI
|
||
|
RBI hints at tightening monetary policy
Mumbai, November 1 "Elevated inflation remains a challenge for monetary policy," RBI said today in its report on macroeconomic and monetary developments, ahead of tomorrow's second quarter review of this fiscal. Overall inflation was 8.62 per cent in September, although the government expects it to slip to 6 per cent by December. "Food inflation continues to remain high despite a good monsoon, as price pressures have amplified for certain non-cereal items like milk, eggs, fish and meat whose output is less responsive to monsoon," the central bank said. Food inflation was 13.75 per cent for the week ended October 16. It has remained in double digit for the past three months. RBI also noted that credit to non-food sectors was healthy, although loan disbursals to the agriculture sector had declined. The bank its objective was to maintain growth and moderate inflation -- a hint that a nominal hike may be on the cards tomorrow. The RBI's professional forecasters' survey pegged GDP growth at 8.5 per cent, which is a tad higher than the 8.4 per cent it had forecast at the last review. RBI Governor D Subbarao will announce the busy season credit policy tomorrow, and he is widely expected to go for another hike in the short-term lending (repo) and borrowing (reverse repo) to rein in inflation. The central bank has raised the key rates five times so far this year. While there are lots of factors to propel economic growth, the RBI indicated a few downside risks such as weak external demand, pressure from capital inflows, some moderation in capacity utilization and persistent inflation in food items needed to be kept in mind. "The uncertain global outlook, and the dominance of supply rigidities in certain sectors that impart rigidity to the inflation path, pose greater challenges for monetary policy in its objective of anchoring inflationary expectations without hurting growth," the report said. — PTI
|
||
|
Tatas to launch first India-made copter cabin
Hyderabad, November 1 The project is part of the 250-acre aerospace SEZ being promoted by Andhra Pradesh government. The TAS project, for the cabin, was conceived in collaboration with US-based Sikorsky Aircraft Corporation, a subsidiary of United Technologies Corp. The first cabin for Sikorsky-92 helicopters, made here, will be exported to the Sikorsky's assembly unit in the US on November 23. Two more cabins are scheduled to be delivered by the end of this year. Tata Group Chairman Ratan Tata would be present at the launch, officials said. He is also expected to meet Chief Minister K Rosaiah to discuss the Group’s investment plans in the state. The project is expected to generate 1,000 jobs directly and another 4,000 indirectly. |
||
|
Poultry owners continue hatcheries’ boycott
Jalandhar, November 1 President, Punjab Broilers farmers Association, Amrik Singh Sehmbi, said farm owners had decided not to procure chicks for another 10 days from November 1-10 from hatcheries. There was a boycott from October 21-31, too. Sehmbi added hatcheries had formed a cartel. They had raised the price of one-day chick to Rs 32-34, from Rs 12-14 earlier. “We were cornered by owners of hatcheries and were left with no alternative except to boycott them,” said Sehmbi. As a result of the boycott, broiler price has gone up in the whole-sale market by Rs 15 per Kg to Rs 55 per kg from Rs 35-40 a kg. Analysts say that the price of chicken would shoot up in about 20-30 days because the impact of not procuring the chicks by farm owners would be felt in about 30 days from now in the retail market. With the onset of winter, broiler demand moves up, leading to price rise. Sources said leading poultry farm owners and management of hatcheries held a meeting at Karnal in Haryana, recently. However, the issue of prices could not be resolved. Some of the hatcheries have brought down the price to Rs 24 per one-day chick. Farm owners want the price to be back to Rs 14-15 per chick. Hatcheries sell about 3 crore chicks in Punjab, Haryana, Rajasthan, Western Uttar Pradesh and J and K in a month. In Punjab alone about 80 lakh chicks are procured a month. J&K is considered one of the biggest market for poultry birds in the region. In Punjab and Chandigarh, the per capita consumption of meat especially of broiler meat was highest in the country, said Sehmbi.
|
||
|
Havells completes Sylvania restructuring
Chandigarh, November 1 This is the first time since its acquisition in 2007, that Havells Sylvania has managed to earn a profit. After launching a restructuring programme, rationalizing product portfolio and increasing prices along with cutting down loss making customers, the Havells management hs managed to get the company on track. Speaking to TNS, Ravinder Mantoo, business head, said that the restructuring got completed early this year. “It has improved operational efficiency and now the next task is to resume growth. The fact that the losses were affecting the profitability of the whole group, had everybody talking that this acquisition of Sylvania will sink the whole company. But we remained persistent with our efforts in reviving the subsidiary, and now it has yielded results,” he said. With Sylvania making its maiden profit for the quarter ended September 30, it has also contributed to consolidated earnings for Havells from hereon. “The net sales on consolidated basis increased increased by six per cent to Rs 1401 crore in this quarter from Rs 1319 crore in the corresponding period last year,” he added.
|
||
|
Indonesian envoy meets Punjab CM
Chandigarh, November 1 Badal told the group that Punjab’s economy could benefit from the experience and expertise in the field of agro-processing and hi-tech farming with Indonesia. Galib said that the closeness of economic, trade and investment relations are indicate that bilateral trade rose from $4 billion (2005) to S $10,55 (2009) within four years after signing a strategic partnership. |
||
|
Corporate Results
Mumbai, November 1 “This quarter's business performance was fuelled by a strong business performance in the US and Japan, solid domestic growth and increased activity in all key pharmerging (emerging pharma) markets, including South Africa and Australia," Lupin MD Kamal K Sharma said. Jaiprakash Associates net dips 87%
Cement maker Jaiprakash Associates today reported a decline of 86.72 per cent in its standalone net profit for the quarter ended September 30. The net profit of the company stood at Rs 115.52 crore in the second quarter ended September 30, as against Rs 870.19 crore in the same period a year ago, Jaiprakash Associates said in a filing to the Bombay Stock Exchange (BSE). However, net sales of the company increased to Rs 2,993.26 crore from Rs 1,843.78 crore in the same quarter last year, it added. HM loss declines
Hindustan Motors has reported a lower than anticipated loss for the second quarter of the current financial year at Rs 16.77 crore, compared to Rs 28. 13 crore in the corresponding period last fiscal. After earning Rs 28.94 crore from sale of property and investments, the company earned a net profit of Rs 11. 65 crore during the second quarter, HM said. — Agencies |
Steel prices slashed S Tel launches data services in HP KFC expansion October gold imports up BoI raises fixed deposit rates Working on subsidy targetting: Deora
|
|||||
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
New Delhi, November 1
