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Industrial growth declines to 5.4
pc Indonext market on the cards Govt to check stock market
irregularities Google to open R&D centre in Bangalore HCL Infosystems offers package |
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Now British legal jobs moving to India Samsonite launches American Tourister Special funds for HP growth
demanded
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Industrial growth declines to 5.4
pc
The quick estimates of the Index of Industrial Production (IIP) released today showed that the growth in the manufacturing, mining and electricity sectors was lower as compared to October last year. The growth in the first seven months this fiscal was, however, higher at 5.9 per cent as compared to 5.6 per cent in the previous year. During October, 2003, the growth in the mining sector was 2.1 per cent, which was less as compared to 4.2 per cent a year earlier. In the manufacturing sector, the growth was lower at 6.2 per cent in October, 2003, as against 7.3 per cent in the previous year. The growth in the electricity sector was also lower at 1.6 per cent against the growth of 7.1 per cent last year. For the first seven months this fiscal, the manufacturing sector, which carries the highest weight in the IIP basket, grew by 6.5 per cent, which was more as compared to 5.8 per cent in the year-ago period. Growth in the mining sector during April-October, 2003, was less at 3.9 per cent as compared to 6.2 per cent last year while in the electricity sector, it was lower at 2.8 per cent as against 4 per cent recorded in the same period last year.
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Indonext market on the cards Ludhiana, December 12 An agreement has reached between the federation and the BSE and SEBI is being approached to get its approval. The Indonext pattern of market for the regional stock exchanges was suggested by the Justice Kania Committee and is based on the pattern of Euro countries which have the Euronext system of trading. Mr Jaspal Singh, general secretary of the federation, says its representatives held a meeting with officials of the BSE to find the details of the new agreement. The introduction of the Indonext market will help the regional stock exchanges and the BSE in enhancing their financial status. The federation has suggested that a separate fully empowered management council will consist of 11 members — six from the BSE and five from the participating exchanges. It should have full authority to decide on all operational, technical and development matters relating to the Indonext market within the overall guidelines of the BSE where matters relating to the Indonext market will be discussed. The federation has further suggested that all members of the participating exchanges should be allowed to trade in the Indonext market without fresh registration. The existing infrastructure of the participating exchanges, including their subsidiaries and learing houses should be utilised for clearing and settling all trades of the Indonext market. The BSE will provide its own VSAT connectivity to the main buildings of the participating exchanges. Regarding the transaction fees, the federation has suggest that the charges in respect of the transactions done by members of the participating exchanges in the Indonext market should be shared by the BSE and the participating exchanges concerned in such as proportion as be decided by the management council subject to a minimum of 25 per cent to the participating exchanges.  |
Govt to check stock market
irregularities New Delhi, December 12 Several Opposition members, including Mr Ramjilal Suman (SP) and Mr Pawan Kumar Bansal (Congress), expressed dissatisfaction over the ATR and sought a discussion on the issue. The Finance Minister said the government was ready for a “full-length discussion.” This pacified the Opposition members. Mr Sinha told the House that the JPC had submitted its report on December 19 last year and the ATR was presented on May 9 this year. He added that as desired by the JPC, the government would continue to submit periodic reports of action taken at six-monthly interval till Parliament was fully satisfied. The Finance Minister said it was the government’s “endevour to see that wherever any action is pending, it is most expeditiously completed”. He recounted several measures that the government had taken since the submission of the last ATR six months ago. These included the setting up of additional institutional mechanisms to keep a regular watch on the financial markets, establishment of a coordination mechanism with regulators and investigating agencies and reference to SEBI regarding the secondary market investment decisions of the UTI in 89 companies identified by the Tarapore Committee. The Finance Minister pointed out that the government had also set up a Serious Frauds Investigation Office. Action on some more JPC recommendations would follow after necessary legislative changes, while investigations were yet to be completed in others. |
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Google to open R&D centre in Bangalore
Washington, December 12 “We just want more really great engineers,” Google Vice-President of engineering Wayne Rosing told the Wall Street Journal. “It’s clear there are a significant number of really talented computer scientists in India.” Google hopes to hire about 100 engineers for its Bangalore centre, which would be the first of its type outside the US for the company based in California. Google has been looking to expand the pool from which it selects employees with computer-science and engineering backgrounds, he said. The company realised that it will be restricted in that goal if it requires those employees to work in the US, because many people cannot obtain work visas, he added. —
PTI |
| HCL
Infosystems offers package for students Jalandhar, December 12 HCL Info has entered into an agreement with PNB, which will sanction a loan amounting to a maximum of 90 per cent of the total cost of a PC within 24 hours after submission of an application by a customer. Regional Manager of HCL Infosystems Arvind Happa said a PC, equipped with a 15” colour monitor, would now be available on easy instalments of Rs 499 per month. Under “Mera Supna Hua Sakar” scheme, jointly launched in association with PNB, a customer will will get a PC worth Rs 23,460 on a down payment of Rs 2,346 while the remaining amount would be payable in 60 monthly instalments. The interest rate will be 15 per cent under this scheme. The scheme was launched in Jalandhar and Amritsar. |
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Now British legal jobs moving to India London, December 12 Reports say lawyers in England and Wales are moving legal document production overseas, particularly to India. The move of legal paperwork to India can threaten the jobs of some of the estimated 20,000 legal secretaries. Advances in technology mean that solicitors can drastically reduce the
number of legal secretaries they employ and shift their jobs to India for less than half the cost, the BBC reported. Legal secretaries produce legal documents dictated by solicitors, prepare legal files and liase with clients. A number of law firms are cutting jobs and moving legal document production to India, where transcription centres can offer graduates to do the work. The Law Society, which regulates solicitors, said any outsourcing had to ensure security and confidentiality. Liability remains with the British firm, it said. Some solicitors believe clients might be unhappy about their legal work not being done directly by the firm they employ. But those who are promoting the idea say the cost savings will prove increasingly attractive.—
IANS |
Samsonite launches American Tourister New Delhi, December 12 Announcing the launch of American Tourister, Mr E. P. Suresh Menon, Executive Director, Samsonite said the company had achieved an 80 per cent market share in the premium segment after entering India in 1996. The company was now looking at becoming the market leader even in the mid-segment, which was estimated at 200 crore with this second brand of luggage. It is aiming for a 40 per cent market share in this segment by 2005 and thereby achieve overall market leadership in the luggage market. Samsonite has also decided to make fresh investments in manufacturing and marketing of American Tourister. The installed capacity of the Nashik plant is being increased from 0.5 million units per annum to 0.8 million units per annum and the company is looking at setting up another manufacturing unit in the “Special Economic Zone” near Mumbai. |
Special funds for HP growth
demanded Shimla, December 12 During a meeting with Mr C. Rangarajan, Chairman of the 12th Finance Commission here today, Mr Dhian Chand, chairman of the state committee of the PHDCCI, said to target the growth rate of 8 per cent as had been suggested by the Planning Commission, a perspective infrastructure development plan focusing on power, roads, telecom, industrial parks, industrial estates and export promotion zones had to be developed. To develop Kinnaur, an expressway between Chandigarh to Rodu serving Solan, Shimla and Sirmaur be developed and an expressed highway connecting the main highway between Naya Sehar and Jalandhar extending up to Manali should be constructed to serve Una, Hamirpur, Sundernagar and adjoining districts and finally connect Lahaul Spiti up to Rohtang pass. |
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Chandigarh, December 12 Connect has announced a reduction in the intra-Punjab STD call rates by 25 per cent for calls made beyound 100-km. A one-minute intra-circle call will cost 1.80 instead of the existing rates of Rs 2.40 per minute. The pulse rate has been changed to 40 seconds from the current rate of 30 seconds for this slab, said Mr Jayant Keswani, General Manager, Connect. — TNS Inflation up J&K plan
ATM at 13,200 ft Fruit vodka PTU placement Tax Bill Windshield outlets |
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New Delhi, December 12
