Friday, September 25, 1998
today's calendar
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B U S I N E S S | Friday, September 25, 1998 |
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spotlight today's calendar |
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Capital market link for
1,000 cities by 2000
NABARD
raises |
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Software parks to Indianising
Santro Andhra
Bank to |
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MUL
adopts villages
BCW
workmen seek more relief Coop
bank credit for floriculture Best
& Crompton jv with Alstom |
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Capital market link for 1,000 cities by 2000 GHAZIABAD (UP), Sept 24 (PTI) — Capital markets across the country will be connected to over 1,000 towns and cities by the year 2000, SEBI Chairman D.R. Mehta said here today. ‘‘The move will benefit small investors who at present can access stock markets only through unauthorised dealers and this involves huge expenditure,’’ Mehta said here at the opening of Delhi Stock Exchange’s first trading terminal outside the national Capital. With this, DSE has become the second regional bourse in the country after the Bombay Stock Exchange to have trading terminals on the wide area network (WAN) outside their respective cities. He said SEBI would soon bring about more reforms such as increasing the number of shares to be traded in the paperless (Demat) segment and a disclosure system. DSE President Deepak Chowdhry said the bourse planned to have 100 cities and non-urban centres linked to it within the next three months. The exchange initially selected 57 non-exchange centres in eight North Indian states for setting up these terminals. The cities were selected where no exchange exists. SEBI approval for WAN came in the wake of the exchange starting its trade guarantee fund (TGF) on July 27, which is mandatory under SEBI norms for expansion of trading service outside the city. DSE plans to set up
terminals in semi-urban areas to channel funds that go
into debt instruments and then into capital market. The
exchange will set up terminals in 11 centres in Haryana,
five in Punjab, 20 in Uttar Pradesh, six in Madhya
Pradesh, one each in Jammu and Chandigarh, nine in
Rajasthan and five in Himachal Pradesh. |
Sinha: buy-back of shares soon NEW DELHI, Sept 24 (PTI) — Finance Minister Yashwant Sinha said today buy-back of shares by companies would be permitted soon. “Necessary amendments to the Companies Act and the modalities are being completed,” he told reporters on the sidelines of a conference of the International Board on Books for Young People here. Asked whether buy-back would be implemented this month itself, Sinha said a decision would be taken only after Prime Minister Atal Behari Vajpayee’s return from the USA. He asserted that there was no second thoughts on the introduction of share buy-back and the government was determined to implement it. Law Minister M. Thambidurai had said on Friday that his Ministry was seeking reaction of various ministries on the proposal to allow buy-back of shares. “No Cabinet note on
this has been prepared yet as we have received reactions
from some ministries and the whole thing is at the
discussion stage,” the minister told PTI. |
Indianising Santro NEW DELHI, Sept 24 (UNI) — The perfect “phirangi” car suited to meet Indian tastes and requirements. That’s how Hyundai would like its 999cc Santro to be known. And a lot of efforts and money have gone into making this “phirang” car really Indian. To start with, the car was unveiled amidst the chanting of mantras and the company intends to commencing deliveries on “dhanteras”, which is an auspicious date by Hindu calendar. But to top it all was the grand “muhurat” last night where the first five Santros to be produced in the world were auctioned to eager customers and the proceeds donated to the wives’ welfare associations of the three defence wings. And the company managed to raise Rs 76.5 lakh through the auction. Though the company’s mascot — screen Idol Shah Rukh Khan was missing, they had managed to rope in Bollywood’s very own “Gora” Indian film star Tom Alter for auctioning the cars. Talking of the muhurat,
most of the town’s who’s who were present,
ready to put their hands deep into the pockets and dish
out a few lakhs. And that’s exactly what happened,
for a car priced ex-showroom at Rs 3.69 lakh, the highest
bid went up to Rs 9 lakh. |
Software parks to be set up in JK SRINAGAR, Sept 24 (PTI) — Dr Farooq Abdullah has asked industrial tycoons to set up units in the state, especially in food processing. At a meeting of the Board of Directors of the State Industrial Development Corporation (SIDCO) here yesterday, the Chief Minister was informed that a food processing unit is expected to come up at Khonamo, near here, for which the Centre has given a technical clearance. SIDCO proposes to set up
software technology parks in Jammu and Kashmir. SIDCO has
signed a memorandum of understanding with the National
Horticulture Board and the Ministry of Agriculture for
joint financing and appraisal of horticulture projects in
the state. |
NABARD raises refinance limit CHANDIGARH, Sept 24 — NABARD has taken measures to boost the flow of credit to the farm and non-farm rural sector. It has been decided to raise the maximum amount of NABARD refinance under the composite loan scheme from Rs 50,000 to Rs 2 lakh. This will encourage the primary lending institutions and borrowers to go in for activities with a higher investment limit up to Rs 2 lakh. In a statement today Mr Sukhbir Singh, General Manager, said NABARD refinance will now be available to the financing banks for all public goods as well as passenger transport vehicles, including light motor vehicles and auto-rickshaws having GVW up to 16.2 tonnes. Such loans are available up to two vehicles per operator and repayable in five years. Cent per cent refinance
will be available for wasteland development
(individuals), nursery schemes, farm forestry, tree patta
scheme and dryland activities and the SC/ST action plan. |
Andhra Bank to launch agri-card CHANDIGARH, Sept 24 — In an interface with the Mohali Industries Association, Andhra Bank General Manager A. Krishna Moorthy said that “specialised” banking would be introduced in Punjab. The bank would open at least 10 branches in the state in the near future. Later talking to TNS, Mr Moorthy said agri-card would be launched in Punjab to ensure ready and timely credit to farmers. Andhra Bank’s experience of “specialised banking” in floriculture, mushroom growing, pisciculture etc has been promising. Now the bank proposes to opt for “auto tech”, which means financing the purchase of trucks. Rice millers in Punjab
have much to learn from the bank’s business with
millers in Andhra Pradesh, whose rice was of
“good” quality. He invited Punjab millers to
Andhra Pradesh. |
US team offers technology transfer CHANDIGARH, Sept 24 — Ms Margaret Hanson-Muse, Commercial- Attache of the US Embassy, offered technology transfer and training facilities in environment to Punjab, Haryana and Chandigarh at a meeting here yesterday. She is leading a US delegation. During a separate meeting with Haryana officials, Mr M.L. Tayal, Secretary, Industries, said development of integrated model townships with a cluster approach having infrastructure facilities of international standards would be given priority in his state. During her meeting with
the Principal Secretary to the Chief Minister of Punjab,
Mr R.I. Singh, the US Commercial Attache expressed
possibilities of joint venture between Punjab and US
business groups. |
MUL adopts villages GURGAON, Sept 23 —
Maruti Udyog Limited has decided to adopt three villages
here to help solve their drinking water and sewerage
problems at a cost of about Rs 65 lakh. Chief Manager
S.M. Kapoor has said MUL will spend Rs 2.25 lakh each on
the sinking of tubewells in Dundahera, Mollahera and
Sarhaul villages. The laying sewerage in the three
villages will cost Rs 14.25 lakh, Rs 7.75 lakh and 10.80
lakh. |
Bank audit shows irregularities TALWANDI SABO, Sept 24 — An internal audit of the local Punjab Agriculture Development Bank (PADB) has revealed that a bank manager has purchased stationery worth about Rs 1 lakh from private parties at exorbitant rates by violating the bank rules. The manager has also made “double payment” of a bill of stationery to a private firm. In another case, he has advanced a loan of Rs 50,000 in his own name for setting up a flour mill. An employee of the state government or its agency cannot start his private business. Official sources said
incentives and bonus amounting to lakhs of rupees were
given to bank employees without any authorisation from
the higher authorities. When the recovery of such bonus
was made, the manager transferred a part of the amount
from the sundry account the bank to the bonus account. |
BCW workmen seek more relief CHANDIGARH, Sept 24 — Former workmen of Bhupendra Cement Works (BCW), Surajpur, a unit of ACC, have alleged that they were paid “only 50 per cent compensation” by the company at the time of its closure. The company was closed on the order of the Punjab and Haryana High Court passed on an application moved by the Union Government in January, 1997, to protect the ecology of the region. In representations made to
the Haryana Labour Commissioner and the Assistant Labour
Commissioner (Central), the workers have alleged that the
company “wrongfully” applied a “15 per
cent discounting formula” with the result that a
worker was paid only for 61 months instead of 120 months. |
Coop bank credit for
floriculture CHANDIGARH, Sept 24 — The Haryana State Cooperative Land Development Bank will lend Rs 255 crore during the current financial year under various development schemes, while loans worth Rs 70.71 crore have already been disbursed up to last month. Stating this here today
the Haryana Cooperative Minister, Rao Narbir Singh, said
that the bank had entered into hi-tech areas like
floriculture and Rs 1.01 lakh per acre was being advanced
for floriculture crops like gladiolous, cornation,
marigold roses and tube-rose. The repayment period was
six years. |
Best & Crompton jv with Alstom CHENNAI, Sept 24 (PTI) — Best and Crompton Engineering Co Ltd has signed a joint venture agreement with multinational utility Alstom to revive its subsidiary in the hydel power sector. The agreement cleared the
decks for the resumption of operations at Beacon Nyerpic
Ltd, whose holding companies on both sides had been
subjected to takeovers, president and director S.K.
Mahajan said here after Best and Crompton’s 86th
annual general meeting today. Nyerpic, the subsidiary
company’s French stakeholder, had been acquired by
Alstom and named Alstom Hydro. Best and Crompton had
decided to change the subsidiary’s name to Beacon
Alstom Ltd. |
HAVE you ever come across medicines showing signs of degradation, even while they are well within the date of expiry? And wondered whether it is safe to consume it? Well, the advice from experts is that you should either discard such medicines or check with your doctor or pharmacist before taking it. The Drug Information and Pharmacoepidemiology Centre (DIPC), University of Pittsburgh, USA, says that storing medications near a significant source of heat and moisture, particularly the bathroom medicine cabinet or the kitchen, increases the likelihood of your taking an altered medication, without realising it. If stored under wrong conditions, the therapaeutic effects of the ingredients may well get altered, or the effectiveness of one or more of the ingredients may become negligible or in some rare cases, the medicine may even become toxic, warns DIPC. Says DIPC: Over-the-counter pain relievers such as aspirin, ibuprofen and acetaminophen as well as prescription medicines and antibiotics deteriorate quickly when exposed to heat. If they have to remain safe and effective, the tablets must maintain their original size, shape, weight and colour under normal handling and storage conditions. Excessive powder or solid particles at the bottom of the container, cracks or chips on the face of a tablet or the appearance of crystals on the surface, are all indications of the chemical deterioration of the product. Also if a product has a distinct odour it has probably degraded and should not be used. Some pills that are coated with a gelatin substance have a tendency to become soft and stick together or harden and crack under slight pressure, thus reducing the effectiveness of the product, says DIPC, in an article on the subject. Dr N.G. Wagle, a chemical technologist, who has been demanding that the drug industry consider indicating the “date of discarding” along with the date of expiry, recently quoted a case of a paediatric multivitamin formulation to emphasise his point. In this case, when the child began to suddenly reject the preparation, the parents checked out the solution and found that its colour had changed, so also its flavour and taste. According to the manufacturer, the product contained an antioxidant besides a nitrogen blanket, but once the bottle was opened and the contents got depleted, more and more air entered as a result of which the nitrogen blanket was lost and the antioxidant became ineffective. This acclerated the decomposition of Vitamins A and C in the formulation. Says Dr Wagle, who is also the Chairman of the Testing Committee of Consumer Guidance Society of India: The expiry date indicates the shelf life of a formulation in its original, unopened container. All this brings us to the need for pharmaceutical companies to give more precise and detailed instructions on storage and usage of medicines. As in the case of ophthalmic drops, where the consumer is asked to discard the solution after a month of opening, manufacturers should give specific information on the effective life of medicines once they are opened. Meanwhile, here are some tips for consumers on safe usage of drugs: 1. Always try to buy from chemists who store medicines in a cool place. In places where heat and humidity are high, a chemist should keep the medicines in an airconditioned shop. 2. Check the date of manufacture and buy those closest to the date. Buy the exact quantity prescribed by the doctor. 3. Never keep medicines in the kitchen or in the bathroom, where they are exposed to heat and humidity. Or near a window or even in shelves exposed to sunlight. 4. Do not leave the cotton
plug in a medicine container that has been opened, since
it may draw moisture into the container. |
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| Anti-dumping NEW DELHI, Sept 24 (PTI) — The government today constituted an anti-subsidy and anti-dumping investigation cell to assist the domestic industry as well other parties by providing help on procedure and technical information. DGQA Day Award NBFC Indusind Bank Forex rates Gold up MIG refund Trophies |
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