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Thursday,
October 18, 2001, Chandigarh, India  
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WTO draft declaration short of expectations
Bush strong but economy worries
HDFC net rises by 14.3 per cent
Get a shave & a Net connection Maruti
sales fall, Telco up |
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Hero Honda to pay 150 pc
Californian grapes
Electronics Dept, Compaq sign pact
Wheat exports likely to be below
target
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WTO draft declaration short of expectations New Delhi, October 17 Mr Maran told the Economic Editors Conference here the draft declaration provided only very limited satisfaction in areas such as anti-dumping, subsidies and textile agreements and India had sought certain amendments. Charging the 142-member body with being “power-oriented” rather than being rule-oriented, Mr Maran said it was still a necessary evil as without it countries would have to sign thousands of bilateral agreements. Mr Maran also expressed doubts over the Doha meeting taking place on schedule saying he was not sure about the venue. The meeting would be definitely held, but whether it would be at Doha was uncertain. The Minister said many developing countries had backed India in its efforts to get the implementation issues resolved first before adding new agenda to the negotiations. On the domestic trade scenario, the Minister said a high-level committee was being set up for the next Five Year Exim Policy that would be coterminus with the 10th Plan period of 2002-07. The committee would review the policy instruments and package of export promotion schemes and procedures for exports and suggest steps to rationalise and channelise the schemes, he said. The committee would be headed by former Commerce Secretary, Mr P.P. Prabhu. On boosting foreign direct investments in the country, the Minister said the Secretariat for Industrial Assistance would contact foreign investors to ascertain progress of FIPB approvals. He said Indian embassies were being involved to monitor FDI cases. The Indian Mission have been authorised to accept FDI application, he added. He, however, cautioned against complacence in the wake of FDI inflows saying China, Argentina and Brazil still remained the favourite destinations for
FDI. Mr Maran said India would continue to follow a policy of gradualism while opening its doors and said the export policies would be employment-oriented. He said the lack of financial sector reforms, specially in the banking sector, was a major reason for the incomplete liberalisation.
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Bush strong but economy worries
Washington, October 17 “How strong is he? On a scale of one to 10, he’s at 9.8. I don’t see how he could be in a stronger position,” according to Allan Lichtman, a political historian at American University here. Bush will seek to enlist leaders of the 21-economy Asia Pacific Economic Cooperation (APEC) forum in the global war on terrorism during the group’s October 20-21 summit in Shanghai. September 11 terror strikes on the World Trade Center and the Pentagon have dramatically transformed bush’s nine-month old presidency and sent approval ratings from the mid-50 per cent range to near 90, according to recent polls. But the US economy, already struggling before the onslaught, saw disruptions in sales, air travel, and production, while also affecting the attitudes and expectations of consumers and businesses, making recovery hard to forecast. “If the extent of the economic damage inflicted by the attacks is unknown at this point, so too is the length of time before aggregate economic growth picks up,” US Federal Reserve Board Vice Chairman Roger Ferguson said yesterday. Reviving the ailing economy is the US public’s second priority, behind
combating terrorism, according to a recent poll by the Gallup organisation.
AFP
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HDFC net rises by 14.3 per cent
Mumbai, October 17 Income from operations rose by 14.53 per cent at Rs 671.49 crore in Q2 as against Rs 586.30 crore in corresponding period of last year, HDFC Managing Director Keki Mistry told newspersons here today. The company Board also approved an increase in the maximum permissible limit of holding of equity shares of HDFC by FIIs to 74 per cent from the current 49 per cent. At present, the FIIs holding stands at 44 per cent. Mistry said for the six months ended September, the net profit rose by 17 per cent at Rs 252.55 crore (Rs 216.80 crore) while income from operations stood at Rs 1,304.56 crore (Rs 1,138.62 crore). During the first half, the loan approvals amounted to Rs 4,083.59 crore (Rs 3,165.04 crore), a rise of 29 per cent. Disbursals grew at the same rate at Rs 3,207.57 per cent (Rs 2,484.67 crore), he said. The gross non-performing assets aggregated 1.13 per cent (1.18 per cent) of the housing loan portfolio, he said adding that, HDFC received Rs 1,760 crore by way of repayment of loans through monthly instalments and prepayments in H1.PTI
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Get a shave & a Net connection The next time a visit to a barber’s shop could be a different experience. You might come back home with a crew-cut, a hair conditioner and well, maybe an Internet connection. Though an after-shave lotion and a Net connectivity package are as different as a chalk and a cheese, yet they have found a common platform — the hairdresser’s shop that is, going by the latest marketing gimmick launched by Dishnet DSL. So shampoo your hair and surf the Net. An upmarket swank hairdresser’s shop on the geri route in Sector 11, Chandigarh, has been chosen by this ISP to promote their company. The shop is dotted with the company’s promotional posters and the shop-owner, who charges as much as Rs 70 for a men’s hair-cut has been asked to sell the product on a commission basis. The connections have been priced between Rs 149 and Rs 3,000 for varying time periods. “Till now, I have not sold any connection but have received enquiries from curious customers who visit my shop for a hair-cut. The company approached me just two days ago and I have been promised a 15 per cent commission on every connection sold,” Rashid Khan, the hairdresser reveals. Company officials said they chose a hairdresser’s shop to tap the customer at the grassroots level. “It would initially be about creating awareness through concept selling and grabbing some market share,” a marketing manager with the ISP says. “More such tie-ups may be in the offing,” he adds Chandigarh at present is a home to 10 odd ISPs. With fallen tariffs, falling hardware prices and an intense competition in the domestic market, the ISPs have been left with no option but to lure the customers through innovative sales strategy and have a cut in the market share. A cut in the market share? Well, shaving it off would be more precise, as the latest trend goes. |
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Maruti sales fall, Telco up
New Delhi, October 17 Total sales stood at 46,080 cars against 59,372 cars in the same month last year, data compiled by the Society of Indian Automobile Manufacturers (SIAM) showed today. However, Telco, Fiat and Honda Siel posted growth, while troubled Daewoo Motors did not disclose its sales figures for the review month. Sales during the first half of this fiscal (April-September 2001-02) went down by 6.1 per cent to 2.77 lakh cars against 2.95 lakh cars in the year-ago period. Commercial vehicles sales, a key indicator of economic growth, dropped 3.8 per cent to 11,842 units from 12,319 units in the year-ago month. This was due to a 22.7 per cent drop in light commercial vehicles (LCV) sales even as the medium and heavy vehicles segment recorded a 10.2 per cent growth. Multi-utility-vehicle (MUV) sales fell 5.8 per cent at 10,003 units (10,620 units in September 2000). Car sales of Hyundai Motor fell 26.4 per cent at 6,061 units in September this year (8,242 cars a year ago). Ford India, also witnessed a 36.6 per cent drop at 1,151 cars (1,817 cars) while the Indian arm of US auto giant General Motors posted a 30.7 per cent drop at 800 cars (1,156 cars) Sales of Telco increased by 50.1 per cent at 5,408 cars (3,602 cars) but Hindustan Motors recorded a 43.1 per cent decline at 1,630 cars (2,865 cars). Sales of Honda Siel cars and Fiat India increased 4.3 per cent and 53.3 per cent at 1,149 cars and 1,382 cars respectively during September this year. Sales of Mercedes Benz dipped 6.3 per cent at 103 cars during the review month. Telco recorded a 33.5 per cent rise in M&H vehicle sales at 5,355 units but posted a 32.7 per cent decline in LCV sales at 2,107 units. PTI
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Hero Honda to pay 150 pc
New Delhi, October 17 The company also announced a special dividend of 150 per cent (Rs 5 per equity share of Rs 2 each) for this fiscal, besides hiking FIIs limit to 40 per cent from the present 24 per cent. Net sales have increased by 28.8 per cent at Rs 1038.47 crore during July-September, 2001-02 over Rs 739.36 crore in the year-ago quarter. Talking to PTI after the Board meeting here, Hero Honda Director, Finance, Ravi Sud said the special dividend would result in a cash outflow of Rs 110 crore, including taxes. PTI
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Californian grapes New Delhi, October 17 The Commission plans to market more than 50 grape varieties grown in California. Each variety has its own season texture and flavour. They come in three different colours-green, red and black-blue. Mr Sumit Saran, India representative of the US firm, said California holds tremendous potential in the Indian market especially since the product if totally counter seasonal to the domestic produce. The consumers would not only have grapes all round the year but also get more varieties to choose from.
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IBM profit drops
New York, October 17 The company yesterday reported net income of $ 1.6 billion or 90 cents per share, compared with $ 2 billion, or $ 1.08 a share, in the year-ago quarter. Wall Street analysts surveyed by Thomson Financial/First Call predicted earnings of 89 cents per share. AP
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Electronics Dept, Compaq sign pact Shimla, October 17 The main thrust of the arrangement will be to make available genuine Compaq PCs to customers at competitive prices, Mr
T.C. Janartha, Managing Director of the HPSEDC, told reporters. Compaq will also provide the customers with a interest-free financing facility through banks on the pattern of the existing schemes. |
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Titan showroom
opens in Ambala Ambala, October 17 Talking to mediapersons, Deputy Managing Director of Titan Industries Bhaskar Bhat said plans were afoot to extending the Titan brand to other products. “We are planning to have our brand on products like small leather goods, writing instruments and snuglasses,” he said. Mr Bhat after inaugurating the Titan showroom said it is 125th Titan showroom in the country. The 125 Titan showrooms are spread across 78 towns in the country. |
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LML launches bikes in city Chandigarh, October 17 LML’s new bikes come fitted with 110cc, 9bhp, 3-valve engines.
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Wheat exports likely to be below target New Delhi, October 17 Market sources attributed this to the increasing competition from the USA, Canada and East Europe, stoppage of exports to Iraq and the short-term pricing policy. “In the remaining months of 2001-02, exports will be of only a lakh tonne or so, on account of sluggish demand and the only possibility of shipments picking up is on the resumption of wheat trade with Iraq,” Cosmos International’s Managing Director, Anil Agarwal, said. Adani Exports’ Vice-President, Atul Chaturvedi said though small cargoes were going to South-East and West Asia and 1.6 million tonne was shipped in April-September, nothing by way of big orders had been contracted in the recent past.
PTI
Hughes Escorts launches ASP New
Delhi HECL has also announced new ASP tie-ups in area of travel and expense management with Solix Inc and HR recruiting with Jobsahead.com. These augment its earlier tie-ups with Intelligroup for e-distribution, commerce one for e-procurement and Auctions, and Talisma for ecrm.
PTI
WLL rental cut to Rs 550 New
Delhi “We have already sent the proposal to TRAI for its approval. Rental has been reduced in the wake of increase in the number of WLL connections,” K.H. Khan, Chief General Manager, MTNL (Delhi) told PTI. TRAI had earlier notified monthly rental for WLL phone as part of basic telecom services in the range of Rs 450 to 600.
PTI
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bb
Kanbay Lamcon Fin Siemens Gillette Mr G.P.S. Sahi, a senior retired IAS officer of Punjab Cadre, who has been nominated as Chairman of Punjab Financial Corporation by
SIDBI. TNS
Shree Cement HDFC Bank Sanitiser Madura Garments
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