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Hike in fuel prices on the cards
Inflation fight may keep GDP growth at 8.5 pc: Pranab
Vietnam assures early clearance to Tata Steel project
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Jet asked to pay Rs 478 cr to Sahara
PNB ups lending rates by 50 bps
K R Kamath
Asian economies to account for 45% of global GDP: ADB
Hero Honda earmarks Rs 800 cr capex for FY'12
Extension of DEPB scheme unlikely
Unitech to invest Rs 2K cr in FY12
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Hike in fuel prices on the cards
New Delhi, May 4 "An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee is scheduled to meet on May 11 to mull over a hike in diesel prices," a top government official, refusing to be named, told reporters here. A Rs 3-4 a litre hike in the price of petrol, which had been freed from government control last June, is also on the cards immediately after polling in the last phase of Assembly elections is completed on May 10. "Petroleum Ministry officials yesterday discussed with the Election Commission the issue of raising prices before Assembly election results are announced on May 13. The Election Commission is believed to have cleared the move," he said. Officially on the EGoM's agenda is ways of mitigating the over Rs 180,000 crore revenue loss state-owned oil firms have projected in 2011-12 on selling diesel, domestic LPG and kerosene at current rates. An increase in domestic LPG prices may also be discussed at the EGoM meeting that will decide on how the oil firms will be compensated for their losses, he said. The hike need to take petrol prices to international parity is about Rs 8.50 per litre, but the entire burden will not be passed on to consumers in one go. "Oil companies will be asked to stagger the hike over a couple of months," the official said. Indian Oil, Bharat Petroleum and Hindustan Petroleum will "at current international crude oil prices lose Rs 1,80,208 crore in revenues on selling diesel, domestic LPG and kerosene below their imported cost in the 2011-12 fiscal", the official said. "Losses on petrol are not included in the under-recovery figures for 2011-12 as it is a decontrolled commodity," the official said. — PTI
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Inflation fight may keep GDP growth at 8.5 pc: Pranab
Hanoi, May 4 "It may be around... 8.5 per cent. So, it will be about half a percent," he told Reuters when asked about the impact of stubbornly high inflation on gross domestic product growth. The RBI stepped up its fight against rising prices on Tuesday, raising interest rates by a bigger-than-expected 50 basis points and vowing to battle price pressures even at the cost of some economic growth. The government had been expecting economic growth this year of 8.75 per cent to 9.25 per cent, Mukherjee said. Vietnam, which has the highest inflation among the main Asian economies, signalled on Tuesday that the government had lowered its expectations for economic growth because it was focusing on reining in prices. Mukherjee, in Hanoi for the Asian Development Bank's annual meeting, said it was too early to tell if further measures would be needed to check inflation. "We have already taken steps. I do hope it will have its impact," he said. More tightening may be taken "if it is needed", he said, adding "I can't predict right now." The RBI has been among the most aggressive central banks anywhere with nine rate rises since March 2010, but its gradual policy tightening has failed to cool inflation initially driven by high food and fuel prices, and more recently by demand pressures. The target is in excess of most private forecasts and the central bank's expectation for growth of about 8 per cent, which assumes a normal summer monsoon and global crude oil prices of $110 a barrel. The economy grew by an estimated 8.6 per cent in the fiscal year that ended in March 2011. — Reuters
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Vietnam assures early clearance to Tata Steel project
Hanoi, May 4 The assurance was given by Vietnamese Prime Minister Nguyen Tan Dung when India's Finance Minister Pranab Mukherjee called on him here. "The Prime Minister of Vietnam said he has already asked the concerned officials to resolve the matter at the earliest," an Indian official said. Mukherjee asked Dung to ensure that a level-playing field is provided to Tata Steel for its 4.5 million tonne project and that there is "no discrimination against Indian investment". Mukherjee is here in connection with the annual meeting of the Asian Development Bank. The project is facing delay in obtaining the investment licence for which Tata Steel had applied in 2008 and again in the next year. The project requires about 4,000 acres of land and re-settlement cost is one of the major issues. Mukherjee hoped that the issue of re-settlement costs for the land would be resolved and the investment certificate for the project would be "issued soon". The project is to be set up by a joint venture, in which Tata Steel holds 65 per cent stake. Vietnam Steel Corporation holds 30 per cent stake and the balance by Vietnam Cement Industries Corporation. An initial pact for the project was signed among the three companies in 2007 and a final agreement was reached in August 2008. — PTI
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Jet asked to pay Rs 478 cr to Sahara
Mumbai, May 4 Justice Dhananjay Chandrachud, however, rejected the petition filed by Sahara claiming Rs 2,000 crore as the total sum for the takeover instead of the renegotiated amount of Rs 1,450 crore agreed between Jet and Sahara. The judge held that Jet Airways was liable to pay Sahara Rs 478 crore, which includes interest at 9 per cent per annum. This amount was computed on the principal amount of Rs 402 crore, the court said in an oral order. Jet bought Sahara Airlines in April, 2007, for Rs 1,450 crore after an arbitration award. It paid Rs 900 crore and agreed to pay the balance in four instalments. Jet contended that in March, 2008, the Income Tax Department had demanded tax dues of Rs 107 crore from Sahara. According to Jet, this amount was due from Sahara Group as it pertained to the period before the acquisition. While paying Sahara an instalment of Rs 137 crore in March, 2008, Jet deducted Rs 37 crore against I-T dues. Again in 2009, Jet deducted another Rs 50 crore toward tax dues. Sahara contended that it was not liable to pay tax dues since the airline had been taken over by Jet Airways. During the course of the hearing, certain properties of Jet were attached. — PTI
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PNB ups lending rates by 50 bps
New Delhi, May 4 "The board of directors has decided to increase interest base rate and BPLR by 50 basis points effective tomorrow," PNB CMD KR Kamath told reporters after announcing the bank's annual results here. With the increase, the base rate or the minimum lending rate will be 10 per cent and the BPLR will be 13.50 per cent with effect from tomorrow, PNB said. Both new and existing housing, auto and other loans will become costlier by at least 50 basis points. Okays 220% payout
Punjab National Bank today posted a 5.8 per cent increase in net profit to Rs 1,201 crore for the March quarter on account of higher provisioning against bad debts and wages related issue. Total income during the fourth quarter, however, grew by 31.2 per cent at Rs 8,586 crore against Rs 6,460.7 crore in the same period during 2009-10. The bank board has recommended a dividend of 220 per cent at the rate of Rs 22 a share for full year ended March. — PTI |
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Asian economies to account for 45% of global GDP: ADB
Hanoi, May 4 "Asia's rise will be led by China, India, Indonesia, Japan, the Republic of Korea, Malaysia, and Thailand," the ADB's report, 'Asia 2050 - Realising the Asian Century', said. In 2010, these seven economies had a combined total population of 3.1 billion, or 78 per cent of Asia, and a GDP of $14.2 trillion. The report compares the potential outcomes for Asia under two competing scenarios - the 'Asian Century' and the 'Middle Income Trap'. In the more optimistic Asian Century scenario, the region's gross domestic product (GDP) would soar to $148 trillion and account for 51 per cent of global output in 2050. On a purchasing power parity basis, GDP per capita in Asia would rise to $45,800, compared with the projected 2050 global average of $36,600, as per the report. The report released on the second day of ADB's annual meeting further said that as the global economy's centre of gravity shifts toward Asia, the region could account for about half of global output in 2050, up from the current 27 per cent. Asia is also likely to contribute half of global trade and investment. — PTI
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Hero Honda earmarks Rs 800 cr capex for FY'12
New Delhi, May 4 The company also said it expects sales to touch a total of 6 million units during this fiscal, up from 5.4 million units it had clocked in 2010-11.
"For this fiscal, the capex will be around Rs 600 crore to Rs 800 crore and the majority of that will be for setting up of our fourth plant," Hero Honda Motors Ltd (HHML) CFO Ravi Sud said. The company said it will soon finalise the location for its fourth plant, to add to the existing facilities at Dharuhera and Gurgaon in Haryana, and Haridwar in Uttarakhand, which have also been expanded. As on April 2011, the company's total production capacity stood at 6.15 million units per annum as against 5.4 million units in the same month last year. "We want to take a well-considered decision on our new plant, and hence we are not hurrying into it. We are almost at the final stage, having shortlisted a few locations," HHML Managing Director and CEO Pawan Munjal said. On the sales front, HHML senior VP Anil Dua said the company is targeting a total of 6 million units in the ongoing fiscal. The company, which earlier had restrictions on exports, can now sell its products in the overseas markets after the exit of its erstwhile promoter Honda from it. — PTI
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Extension of DEPB scheme unlikely
New Delhi, May 4 However, sources said that this time around, the Finance Ministry is not yielding to exporters' demand, which was supported by the Commerce Ministry. According to the Federation of Indian Export Organisations (FIEO), the DEPB scheme should continue for at least five more years in light of tough conditions in the international market. — PTI |
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Unitech to invest Rs 2K cr in FY12
New Delhi, May 4 Unitech has also fixed a target to achieve a 20 per cent growth in sales booking this fiscal to about Rs 5,500 crore as it plans to launch more projects this year in cities where it is already present as well as new locations. "We have a land bank of about Rs 7,500 acres across the country. We want to monetise our land bank and therefore the company has decided to focus this year on getting approvals for more projects and then launching it," Unitech vice-president (Corporate Planning and Strategy) R Nagaraju said. — PTI |
Akai LED TV Gold coins Tata Photon Plus Amway growth Silver plunges
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A day after the RBI raised policy rates, PNB today raised lending rates by 50 basis points, making home, auto and other loans more expensive.
"The board of directors has decided to increase interest base rate and BPLR by 50 basis points effective tomorrow," PNB CMD KR Kamath told reporters after announcing the bank's annual results here.
