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WB to extend $4 b for power sector
BSE market-cap breaches 50-trillion mark
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| Power Equipment Manufacturing New pre-qualification norms in the offing New Delhi, September 21 In a move to resolve difficulties faced by new entrants in power equipment manufacturing, the Central Electricity Authority (CEA) has constituted a group to formulate new pre-qualification criteria. America’s Richie-Rich
ADAG seeks city gas distribution licence
FDI limit may be hiked
Direct tax collection up 41.5 per cent
SC restrains Atlas Products from using ‘Atlas’ brand name
HFCL Infotel launches ‘Ping’
Exporters seek RBI intervention
Suzuki to invest Rs 150 crore
Inflation at five-year low of 3.32 pc
Tea Board in pact with Russia to boost exports
HDFC may cut interest rates
CLB order on HPL shares set aside
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WB to extend $4 b for power sector
New Delhi, September 21 "The 11th Plan has an ambitious plan for power generation and to achieve that goal we will provide an assistance of up to $4 billion to India," the World Bank sector manager, energy, (South Asia) Salman Zaheer told PTI on the sidelines of the international conference and exhibition on power sector here. The financial package would be in the form of loan and half of the lending would be spent in generation and the other half would be spent in building capacities for transmission and distribution, he said. "We have sanctioned around $400 million for the 412 MW Rampur Hydro Power project," Zaheer said. Another $400 million will be provided for setting up 440 MW Vishnugarh Pipalkoti hydro-electric power project in Uttarakhand on Alaknanda River. Besides, it would also extend loans to two 'thermal rehabilitation of old coal plants' in West Bengal and Maharashtra. "Total financial assistance involved in these two projects will be around $150 million," World Bank financial analyst (South Asia) Ashish Khanna said. The World Bank would also assist in 700 MW Luhri hydro power project in Himachal Pradesh, Zaheer said, adding, "We are waiting for the request and it will be about $400 million," Khanna said.
— PTI |
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BSE market-cap breaches 50-trillion mark
Mumbai, September 21 The cumulative market capitalisation of all 4,500-odd companies listed on the Bombay Stock Exchange, the world's biggest bourse in terms of listed firms, today soared to a new peak of Rs 50,18,265.06 crore. BSE's benchmark 30-share index, Sensex, rose to a new peak of 16,616.84 points before settling 1.32 per cent higher at a new closing high of 16,564.23 points. Today's gain added more than Rs 70,000 crore to investors' wealth. The collective market cap of 30 Sensex scrips today stood at Rs 21,66,048 crore, led by the country's most-valued firm RIL with over Rs 3 trillion. The total market cap of all companies listed at the National Stock Exchange, which has relatively lower number of listings, also rose to a new high of Rs 47,16,035 crore. — PTI
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New pre-qualification norms in the offing
Tribune News Service
New Delhi, September 21 The authority is also working on model contract guidelines with proper sharing of risks in a bid to tide over the shortage of civil contractors in hydro projects said Rakesh Nath, chairman, CEA, here today. Nath said the CEA has been having regular interaction with power equipment manufacturers. After meeting with manufacturers in Chennai, a CEA team is headed for Chandigarh next week to apprise themselves of the problems faced by the prospective manufacturers and determine the support that could be extended by way of tax concessions and other sops. He said new entrants in the power equipment manufacturing were getting bogged by the existing pre-qualification criteria. This, he said, is being taken up by a group, which will simplify the criteria to enable new companies to enter the field. The CEA chairman said the management of hydro plants was up against a huge shortage of contractors, particularly on the civil side. The CEA, he said, was working on a model contract agreement, which will assess and determine the sharing of risks in an objective manner. The model guidelines will be formulated soon and discussed at a conference to be held on November 15. “We need about 10 lakh persons for construction, operation and maintenance of power plants and distribution. Even private plants were plagued with shortage of manpower. This was causing delay in the commissioning of the plants from nine months to a year,” he said.
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Gates richest 14th year in a row
New York, September 21 The pair’s fortunes each grew by $6 billion in the past year, Forbes said today, with Gates’ fortune $59 billion and Buffett $52 billion. Buffett has pledged 85 per cent of his net worth to the Bill and Melinda Gates Foundation and family charities. Casino magnate Sheldon Adelson ($28 billion), head of Las Vegas Sands Corp and software tycoon Larry Ellison ($26 billion), chief executive of Oracle Corp, remain at No 3 and No 4 on the 25th annual ranking of 400 rich Americans, which now requires a minimum net worth of $1.3 billion for inclusion. “The collective net worth of those listed on the 400 this year rose $290 billion to $1.54 trillion,” Forbes said. “Despite market jitters, nearly half of the 45 new members come from hedge fund and private equity investments.'' For the first time since 1989, there are no members of the Walton family, descendants of Wal-Mart Stores Inc founder Sam Walton, in the top 10. Four members - Jim, Christy, Robson and Alice - slipped to 12th and 15th place. The Waltons were displaced by Google co-founders Sergey Brin and Larry Page, who came in at No 5 with fortunes of $18.5 billion, and brothers Charles and David Koch, who run Koch Industries, the world’s second largest private company, and are each valued at $17 billion, earning them 9th place. There were 82 American billionaires who did not make the list. — Reuters
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ADAG seeks city gas distribution licence
New Delhi, September 21 RFRL group president A N Sethuraman, on September 3, filed three separate applications with the petroleum and natural gas regulatory board for licences to sell CNG to automobiles and piped gas to households in Mumbai, Delhi, Gurgaon, Faridabad, Ghaziabad and Noida. On the same day, he also filed a separate application seeking permission to build a Rs 16,000-crore gas pipeline from Kakinada in Andhra Pradesh to Dadri in Uttar Pradesh. “A large portion of the gas, transported by the proposed pipeline, will be utilised by the 7,480 MW gas-based power project near Dadri,” the application stated. RFRL had last year applied for CGD and pipeline approvals. The 1,594-km pipeline would have a capacity of 50 million standard cubic meters per day (mmscmd), 60 per cent of which would be used for the Dadri power plant. RFRL’s application for CGD licences cited RIL’s KG basin gas fields and other producers in the region as sources of gas. The petroleum ministry officials said authorisation for CGD and pipelines are contingent upon the proposer showing gas tie-ups through gas sales and purchase agreement. ADAG and RIL are in court over gas supplies. RFRL pipeline would travel from Gadimoga (Kakinada) to Nagpur to Vijaipur and finally to Dadri. It will connect GAIL’s Hazira-Vijaipur-Jagdishpur pipeline at Vijaipur. After using 30 mmscmd capacity for transporting gas for the Dadri power plant, RFRL would offer the balance capacity to other gas producers in the KG basin. In phase-II, capacity in the Kakinada-Vijaipur stretch would be enhanced to 70 mmscmd, the application said. — PTI
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Insurance Sector Tribune News Service
New Delhi, September 21 The foreign equity up to 26 per cent is allowed in the insurance sector. The entry of foreign partners has resulted in the sector attracting FDI of $543 million as on March 31. The private companies have created a niche for themselves, Bansal said while addressing a meeting of Insurance Australia Group in Sydney today. An official release quoting him said they have been able to increase their share in the insurance market in competition with their counterparts in the public sector. As a part of the reform process, premium rates for non-life insurance products have been de-tariffed. Bansal said in insurance sector though the growth in recent years has been significant, India is far behind the world averages and ranks 78th in terms of insurance density and 54th in terms of insurance penetration. Bansal said Insurance Regulatory and Development Authority (IRDA) has granted registration to 37 insurance companies, which include 17 life insurance, 19 non-life insurance companies and one re-insurance company. At present 17 insurance companies are operating in the general insurance side and 17 insurance companies on the life side. Bansal said the banks also have entered the insurance sector in the form of corporate agencies or under referral arrangements to utilise the extensive and broad reach for marketing of insurance products. He said IRDA has also notified micro insurance regulations facilitating insurers to tap the potential of rural markets. He said India offers a stable investment climate as well as a huge market with a growing middle class. He said investor confidence in India was at an all-time high today. A.T. Kearney in 'The FDI Confidence Index 2005' has ranked India as the 2nd most attractive investment destination, just behind China.
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Direct tax collection up 41.5 per cent
New Delhi, September 21 "The net direct tax collection figures can touch Rs 3,00,000 crore this fiscal, crossing indirect tax collection for the first time, if the current growth of over 40 per cent is maintained," sources said. During April 1-September 15 this year, the advance tax collection is estimated to have touched Rs 57,000 crore as against Rs 43,000 core last year, they said. Public sector oil major ONGC has emerged as the highest tax payer so far by depositing Rs 3,400 crore advance tax by September 15, the sources said. The gross tax collection is estimated to be Rs 1,26,000 crore by September 15 this year, as against about Rs 94,000 crore in the same period last year. Meanwhile, refund of overpaid taxes was at the same level of around Rs 17,000 crore, the sources said. The government has set a target Rs 5,48,122 crore tax collection as against Rs 4,67,848 crore (budget estimates) in the previous fiscal, representing an increase of over 17 per cent. The targeted amount includes Rs 2,67,490 crore through direct tax collection.
— PTI
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SC restrains Atlas Products from using ‘Atlas’ brand name
New Delhi, September 21 A Bench headed by Justice S H Kapadia dismissed Atlas Products' plea challenging a Delhi High Court order that restrained it from using the trade name 'House of Atlas'. However, the apex court allowed the company to use the name for statutory purposes like in correspondence and for sales tax payment, besides other purposes. The high court had passed the order on a petition filed by Atlas Cycles (Haryana) Ltd to restrain Atlas Products from using the trade mark. Atlas Products' counsel Harish Salve contended before the Supreme Court that the company had already changed its trade mark to 'Premium Gold' and suggested the court to allow the petitioner to clear its stock of 67,000 cycles using an opaque sticker on the trade name 'House of Atlas'. He further contended that there had been a dilution in the name and 'Atlas' as such was being used for a lot of other products like toys and prams, import-exports business etc. Atlas Cycles' counsel Soli Sorabjee and Sudhir Makkar said the petitioner was trying to piggyback on 'Atlas' tag to market its products under 'Premium Gold'
brand. — PTI
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HFCL Infotel launches ‘Ping’
Chandigarh, September 21 With the launch of this service, the company has become the third player on CDMA platform and seventh mobile service provider in Punjab. The company also introduced two sim-based mobile sets at Rs 999 on which Ping mobiles service would be available to the customers. Under this service, the company would allow the customers to pay for the time of using the mobile service. “Ping will offer call charges of one paisa per second with the benefit of single second billing.” This SIM-based stylish colour mobile handset has a speaker phone feature with a large phone book and voice recording facility. The sleek colour mobile handsets have been procured from ZTE and
Huawei. The service would be available in 150 towns and 5,000 villages of Punjab and Chandigarh on the CDMA platform, for which nearly Rs 100 crore have been invested, stated G D Singh, COO, HFCL Infotel Ltd. HFCL Infotel has been allotted mobile series of 9,877 for this CDMA service by the Department of Telecom. The existing Connect landline subscribers have been offered ‘valued customer advantage’, under which the bundled Ping mobile handset, with connection costing Rs 1,298, would be available to them for an effective amount of Rs 698 only. The company has already set up a statewide distribution network of 8,000 retail outlets to reach out to the market of Punjab.
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Rupee Surge
New Delhi, September 21 Federation of Indian Export Organisations (FIEO) president Ganesh K Gupta said the RBI should not only intervene directly in the foreign exchange market to support the falling dollar but also cut the interest rates to check the foreign fund flows. Besides checking the overseas fund flows, a cut in the PLR would reduce exporters’ cost of borrowing. “The advantage of pre-shipment and post-shipment credit at 4.5 per cent below PLR has been offset by the increase in the benchmark interest rates,” the FIEO chief said. Gupta said the government has not implemented the package for exporters announced in June. “The announcement simply remained on paper and arrears of increased DEPB and drawback have not been given to exporters,” he said. The IT sector is also feeling the brunt of rupee appreciation with a fall in margin from offshore business, which forms bulk of its revenue. Industry body Nasscom said the government should extend the tax benefits under the Software Technology Park of India scheme for another 10 years. — PTI
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Kolkata, September 21 The company aims to capture a market share of 10 per cent in the scooter segment, which is dominated by home-grown Bajaj Auto, Suzuki India vice-president (sales and marketing) Atul Gupta said here. He said the company would invest around Rs 150 crore in the next few years. It has already invested Rs 350 crore at its manufacturing plant at Gurgaon in Haryana. Suzuki would launch two new products in the coming months, he said. — PTI
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Inflation at five-year low of 3.32 pc
New Delhi, September 21 The annual rate of inflation, calculated on point to point basis, stood at 3.32 percent for the week ended September 8 compared to 3.52 percent for the previous week. The inflation stood at 5.22 percent a year ago. The decline in the price index is likely to give a much-needed breather to the country’s ruling coalition UPA government, which has been battling rising prices for over a year now. |
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Tea Board in pact with Russia to boost exports
Moscow, September 21 The MoU signed last night by the chairman of the Tea Board Basudev Banerjee and Ramaz Chanturiya, the general director of 'Roschaikofe' association of Russian tea and coffee traders and packers, provides for creating favourable conditions for activities of tea organisations to boost trade
turnover. — PTI |
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HDFC may cut interest rates
Mumbai, September 21 “The funding costs have come down by 50 basis points and we are reviewing our lending rates in a week’s time,” HDFC chairman Deepak Parekh said here. “There is a case for an interest rate cut. A decision in this regard will be taken next week but we have not yet decided on the quantum of the cut,” HDFC executive director Renu Karnad said.
— PTI |
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CLB order on HPL shares set aside
Kolkata, September 21 A Bench of Justice Jayanta Biswas also dismissed the CLB order that asked the state government to transfer its 155 million shares in HPL to Purnendu Chatterjee-led TCG. The court, however, upheld Indian Oil Corp's entry into HPL.
— PTI
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Chandigarh, September 21
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Satyam plans Oil prices IIFCL inks MoU Suzlon Energy ICRA tie-up Simplex Infra |
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