 |
|
Govt under pressure to cut oil duties
Mittal claims Arcelor shareholders’ support
TUs’ demand for higher EPF rate skirted
Silver, gold at all-time high
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
RBI issues securitisation norms
M&M launches Bolero variant
Rajesh Exports keen to acquire Oyzterbay
Hexaware announces 30 per cent dividend
Ashok Leyland set to enter armoured vehicles segment
|
|
Govt under pressure to cut oil duties
New Delhi, February 2 The Left parties have categorically told the government that it should not dare to touch the kerosene and LPG prices. It has asked the government to bring down oil taxes, which is one third of the total Central revenue, to bail out the oil marketing companies. Sources in the Petroleum Ministry said oil companies were pinning their hopes on the report of the Rangarajan Committee, an inter-ministerial committee set up to recommend a pricing and taxation policy for petroleum products. The committee is expected to submit its report before the Budget. Union Minister of Oil and Natural Gas Murli Deora has held discussions with Dr. C. Rangarajan heading the committee, and urged him to submit the report at the earliest. He also held discussions with CPM leader Sitaram Yechuri last night on the issue of prices of the petroleum products in view of the rising international oil prices, now hovering around $ 68 per barrel. He tried to press upon the Left parties for working out an acceptable solution to safeguard the interests of the oil companies. “Considering that international oil prices are still at a high level and that there is no intention to increase kerosene and LPG prices ... the recommendation of the (taxation) committee would help the government find a balanced solution,” Mr Deora said. The sources said the Rangarajan Committee was expected to recommend the restructuring of oil taxes in the coming Budget, besides suggesting ways to provide support by the refineries to the oil marketing companies. Meanwhile, the Finance Ministry is resisting the move, claiming that any move to cut down oil duties would adversely impact the government’s social projects like the Rural Employment Guarantee Scheme and Bharat Nirman project. Finance Minister P.Chidambaram has said: “One should not be worried about the financial health of the oil companies too much. It is up to the government whether to show the oil subsidy in the balance-sheets of oil marketing companies or in the Budget.” The Petroleum Ministry is worried that oil marketing companies, including IOC, BPCL, HPCL and IBP, have incurred a cumulative loss of about Rs 2898 crore during April-December, 2005, against a net profit of Rs 5223 crore during the corresponding period of previous year. Notably, the upstream companies, including the ONGC and GAIL, have provided Rs 9751 crore assistance to them during that period. Public sector oil firms are losing over Rs 130 per LPG cylinder and about Rs 12 on sale of every litre of kerosene, as input cost (crude oil) has shot up sharply. IndianOil Corp, Bharat Petroleum Corp and Hindustan Petroleum Corp together lost about Rs 18,000 crore on account of selling petrol, diesel, LPG and kerosene below their production cost in April-December 2005. The sources said the Petroleum Minister was expected to meet the state Chief Ministers soon to convince them about bring down state taxes on petrol and diesel, and at least abolish levies like octroi and turnover tax.
|
|
Mittal claims Arcelor shareholders’ support
Madrid, February 2 Mittal’s chief financial officer, Mr Aditya Mittal, a son of Chief Executive Lakshmi Mittal, spoke after meeting with officials from Spain’s Asturias region, where Arcelor’s Spanish operations are based. Arcelor employs 15,000 persons in Spain, although the Spanish government has no stake in the company. He said that over the past four days company officials have met with “key shareholders and institutional shareholders” since announcing the takeover bid last week. “They have expressed their support for this transaction. They appreciate the industrial logic. They like the value-creation that this transaction offers,” Mr Mittal said. Mittal said his company has yet to meet Spanish shareholders. Steel magnate Lakshmi Mittal is in Spain in the latest leg of his European tour to win support for his $24 billion bid for Arcelor, as French and Luxembourg leaders try to organise opposition to it. The Indian-born billionaire has vowed not to be intimidated by politicians as he strives to build a steel-making colossus that would control about 10 per cent of the global market. The Indian government is concerned about France’s strong opposition to Mittal Steel’s hostile bid to take over European group Arcelor, Commerce and Industry Minister Kamal Nath said today. India has “concerns” about this, he told a joint press conference following a meeting in London with EU Trade Commissioner Peter Mandelson to discuss wider trade issues. “India is watching closely the issue of the takeover of Arcelor made by Mittal Steel and the comments being made and the reactions of the French government
on this.” The bid has come up against fierce European resistance to the bid, notably from France. “It’s a business to business issue and when (French building materials group) Lafarge was taking over much of our cement industry, India’s government welcomed it,” Mr Nath said.
— Agencies
|
|
TUs’ demand for higher EPF rate skirted
New Delhi, February 2 Parrying a direct reply on whether the rate would be revised in keeping with the demand of trade unions and Left supporters of the UPA Government, Union Minister of State for Labour Chandra Shekhar Sahu merely said “the Cabinet Minister (K. Chandrasekhar Rao) is out of town.” Mr Sahu was replying to questions from mediapersons soon after assuming his new office. The Central Board of Trustees of the Employees Provident Fund has decided to slash the EPF rate for 2005-06 by 1 per cent from 9.5 per cent in the previous year.
— PTI
|
|
Silver, gold at all-time high
Mumbai, February 2 Silver opened high at Rs 13,375 and closed at Rs 13,435 with a massive gain of Rs 95 from its yesterday’s close. There was an increase of fresh demand from local industrial users along with encouraging advice from the overseas markets, they said. In London, the white metal was quoted high at $ 9.80/9.85 per troy ounce from $ 9.70/9.75 per troy ounce from its previous close. The prices of standard mint gold (99.5 purity) and pure gold (99.9 purity) opened high at Rs 8,210 and Rs 8,255 per 10 gm, respectively. Later, both the prices closed high at Rs 8,225 and Rs 8,270 and had a huge gain of Rs 65 and Rs 70, respectively, from their last close.
— UNI
|
|
RBI issues securitisation norms
Mumbai, February 2 These guidelines come into force with immediate effect, a RBI notification said. The regulatory framework provided in the guidelines covers securitisation of standard assets by banks, all India term lending and refinancing institutions and NBFCs, including RNBCs. Securitisation is a process by which assets are sold to a bankruptcy remote special purpose vehicle (SPV) in return for an immediate cash payment. The cash flow from the underlying pool of assets is used to service the securities issued by the SPV. Securitisation thus follows a two-stage process. In the first stage, there is sale of single asset or pooling and sale of pool of assets to a ‘bankruptcy remote’ special purpose vehicle (SPV) in return for an immediate cash payment. The second stage envisages repackaging and selling the security interests representing claims on incoming cash flows from the asset or pool of assets to third party investors by issuance of tradable debt securities.
— UNI
|
|
M&M launches Bolero variant
Mumbai, February 2 The SLX, an upgraded variant of the Bolero GLX in the passenger vehicle category, has been conceived by Mahindra & Mahindra (M&M) based on customer feedback and will cater to the needs of the status-conscious urban customer, affording them dual benefits of a luxurious and comfortable drive, a company press note said. The SLX variant comes equipped with a powerful 2.5 litre, 72.5 bhp diesel engine and a synchromesh five-speed gearbox.
— UNI
|
|
Rajesh Exports keen to acquire Oyzterbay
New Delhi, February 2 The Bangalore-based Rajesh Exports had earlier announced plans to enter retail business with a dedicated chain of jewellery stores. Oyzterbay, which began operations in February 2001 by launching its first retail store at Bangalore, has a network of 36 showrooms spanning 25 cities across the country. The present market value of Oyzterbay is estimated to be over Rs 70 crore. Mr Rajesh Mehta, Chairman of Rajesh Exports, had once declared that the company had drawn up a plan to launch a Rs 800-crore expansion programme involving the setting up of 100 jewellery stores in the southern states at a cost of Rs 450 crore.
— PTI
|
Hexaware announces 30 per cent dividend
Mumbai, February 2 Total income has increased 26.38 per cent to Rs 106.59 crore for the fourth quarter ended December 31, 2005, from Rs 84.34 crore in the year-ago period, the company informed the Bombay Stock Exchange. The Board of Directors has proposed 30 per cent (Re 0.60 per share) final dividend on equity shares of Rs 2 each/ The company has posted profit after tax of Rs 77.53 crore for the year ended December 31, 2005, as compared to Rs 43.77 crore for the year ended December 31, 2004.
BHEL gains
Power equipment major Bharat Heavy Electricals Ltd (BHEL) third quarter profit was up by 78 per cent. BHEL posted a net profit of Rs 423.19 crore for the third quarter ended December 31, 2005, as compared to Rs 237.40 crore for the corresponding quarter previous year.
M&M profit up
Auto major Mahindra & Mahindra Ltd has posted a 75 per cent increase in net profit for the third quarter ended December 31, 2005, at Rs 233.50 crore as compared to Rs 133.20 crore in the corresponding quarter previous fiscal. Net sales and income from operations during the reporting quarter increased 25 per cent to Rs 2,207.20 crore as compared to Rs 1,772.30 crore in Q3 of FY-05, the company said in a release here today.
Neyveli Lignite
State-owned Neyveli Lignite Corporation Ltd has reported a 42.19 per cent decline in net profit at Rs 137 crore for the quarter ended December 31, 2005, as compared to Rs 237 crore for the corresponding quarter during the previous fiscal. Total income decreased to Rs 688 crore for the third quarter this fiscal from Rs 776 crore in the year-ago period, down 11.34 per
cent, the company informed the Bombay Stock Exchange.
Gujarat Ambuja
Gujarat Ambuja Cements Ltd has posted a 1.84 per cent dip in net profit at Rs 87.90 crore for the quarter ended December 31, 2005, as compared to Rs 89.55 crore for the same quarter in the previous fiscal. Total income (net of excise), however, increased 15.99 per cent to Rs 765.56 crore for the second quarter in current fiscal from Rs 659.98 crore in the year-ago period, the company informed the Bombay Stock Exchange. The group has posted a consolidated net profit of Rs 121.45 crore for the quarter ended December 31, 2005. The net profit of the group was at Rs 90.32 crore for the quarter ended December 31, 2004.
Patni Computers
Patni Computer Systems has clocked a 37.9 per cent increase in its revenue at Rs 2,024 crore in the last calendar year, as against Rs 1,413 crore in CY ’04. The company’s gross profit increased by 30.4 per cent at Rs 727 crore for the same period, as against Rs 537 crore in 2004, a press note issued here today said. Its net income shot up by 11.3 per cent to Rs 273 crore, as against Rs 236 crore. Meanwhile, the company’s Board has declared a dividend of 125 per cent for CY ’05, as against cent per cent the previous year.
Godfrey Phillips
India’s second largest cigarette manufacturer, Godfrey Phillips, has posted a 12.4 per cent increase in net profit at Rs 18.45 crore for the quarter ended December 31, 2005 as compared to Rs 16.42 crore from the year-ago period. The company’s gross sales rose by 9 per cent at Rs 363.4 crore for the third quarter of the current fiscal, the company said in a statement. Revenues from the cigarettes and tobacco products stood at Rs 350.08 crore and tea and related products amounted to Rs 13.39 crore of the total gross sales.
— Agencies
|
Ashok Leyland set to enter armoured vehicles segment
New Delhi, February 2 “The first indigenously-built water carrier, meeting General Staff Qualitative Requirements, has a capacity of 5 kilolitres and can carry potable water for army personnel in all terrains. The tanker has been designed to keep the temperature under control and maintain the purity of water,” Ashok Leyland Managing Director R Seshasayee said at a press conference at DefExpo. The delivery of vehicles would begin in this quarter and would be completed over the next six months.
Cummins, Tata Motors sign pact
Cummins Inc and Tata Motors has signed an agreement that will allow their joint venture Tata Cummins Ltd (TCL) to begin manufacturing the ISB engine in the near future. The expansion, estimated at around $60 million, will significantly increase the number of engines produced by the joint venture and strengthen Cummins position as a producer for the growing medium and heavy-duty commercial vehicle market in India, Cummins said today. Meanwhile, Tata Motors aims at higher growth opportunities from the “pick up” category of Small Commercial Vehicles (SCV) segment showing exponential growth in recent times.
Indian gearbox for Toyota
Global car giant Toyota will be sourcing as many as 1,40,000 gearboxes from its Indian joint venture by March this year which is expected to go up by 5 to 10 per cent in the coming fiscal, a company official said today. “We have been supplying gearbox to Toyota and hope to complete the financial year with about 1,40,000 units,” Toyota Kirolskar Motor (TKM) Vice-Chairman Vikram Kirloskar said on the sidelines of the Delhi Sustainable Development Summit organised by Teri. Kirloskar said the quality levels of the suppliers were found acceptable.
— Agencies
|
bb
Nahar to raise $40 million Arcadia offices in Punjab Deepak Fertilisers retailing project Singapore Airlines upbeat on Punjab Shreyans captive power plant soon IOC arm India Infoline BHEL solar plant JK Paper Order from Heinz Syndicate Bank Dr Reddy’s pact |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
