 |
|
|
Big investment in petrochem sector
Merrill Lynch, Citigroup buy 10 pc in MCX
Inflation dips to 3.23 pc
Infra sector needs $492 b: Montek
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
Gold zooms in global markets
ONGC turns down Lankan block offer
ADAG may foray into loan biz
Maruti to strengthen spare parts network
Bharti to rope in Del Monte for FieldFresh
42 lakh tonne sugar for Oct-Dec
UCO Bank plans follow-up issue
IFCI shortlists 8 bidders for stake sale
|
|
Big investment in petrochem sector
New Delhi, September 28 Releasing “National policy on petrochemicals” here, he said the investment will increase ethylene capacity, the basic raw material for the industry, from the current level of 2.7 million tonnes to 6.9 million tonnes. Expressing hope that the policy will help India to become a major global sourcing centre in petrochemicals and plastics, the minister said the implementation of Assam Gas Cracker project with an investment of Rs 5,460 crore ethylene capacity of 2.20 lakh tonnes per annum is being monitored by the ministry. He said domestic petrochemical industry employs about 3.4 lakh persons, both in upstream as well as downstream processing industry, and has high potential to generate employment to the tune of 3.3 million more people during the 11th Plan. The policy aims to increase investments in the sector, capture a slice of resurgent Asian demand in polymers, creating quality infrastructure to ensure value addition and increase exports. The other objectives include to increase the domestic demand and consumption of plastics and synthetic fibres and to increase the use of petrochemicals in thrust areas. The existing per capita domestic polymer consumption of 4.7 kg is likely to be enhanced to 12 kg as compared to the existing world average of 25 kg. per capita. Earlier speaking on the occasion, minister of state for chemicals & fertlisers B.K. Handique said in view of the country’s advantageous position in research and development front, the global companies from developed countries might look to India for investment and outsourcing their research requirements and we must be ready to seize the opportunity. |
|
Merrill Lynch, Citigroup buy 10 pc in MCX
Mumbai, September 28 Financial Technologies (India) Ltd, the parent company of Multi Commodity Exchange of India, sold the stake. FTIL has also entered into agreements to offload 3 per cent and 2 per cent stake to two foreign funds — Passport India Investment (Mauritius) and GLG Financials Fund, respectively. The transactions put the enterprise value of MCX at over $1.1 billion (Rs 4,400 crore). FTIL will get about Rs 720 crore from selling 15 per cent stake in MCX, an exchange official said. The divestment by FTIL in MCX has come even though the government is yet to formulate guidelines on regulating foreign equity in Indian commodity exchanges. However, MCX officials said necessary approval has been taken from FMC and other authorities.
— PTI |
|
|
Inflation dips to 3.23 pc
New Delhi, September 28 The annual inflation rate was 5.27 per cent during the corresponding week of the previous year, according to official data released here today. The decline in inflation was due to cheaper fruits, sugar, egg, fish meat, and a few manufactured items. The Wholesale Price Index (WPI) for all commodities for the week ended September 15 declined by 0.1 per cent to 214.4. The index for primary food articles declined by 0.7 per cent to 226.4. The index for the food articles group declined by 1.1 per cent to 225.7 due to lower prices of fish-marine and fish-inland (11 per cent each), eggs (5 per cent), fruits and vegetables (2 per cent) and moong, urad and maize (1 per cent each). While some of the analysts feel that the RBI might go for marginal cut in interest rates to maintain growth momentum, some others feel that in the wake of large inflow of foreign capital and spurt in crude prices would force the central bank not to alter its present monetary policy. |
|
|
Infra sector needs $492 b: Montek
New York, September 28 Addressing the fourth India Investment Forum here, he highlighted the steps the Indian government was taking to attract investments in the infrastructure sector, saying it is open to suggestions which they might have to offer to make the investment process smoother. "The Indian economy is doing well but the dynamism has put the infrastructure under great strain and if the country has to maintain a high level of growth rate, it is imperative that it develops the infrastructure at a fast pace," he said. The spending on infrastructure sector last year — the base year for 11th five-year plan — was 5 per cent of the GDP which would be increased to 9 per cent over the next five years, he said. This, he said, means India would need $492 billion over five years for this sector. If it was business as usual, the total investments would be around $300 billion. Thus the country would need to find extra $192 billion. Pointing out that substantial part of investments would still be made by the public sector, he said private sector investments too are poised for a major expansion. He said the private sector contribution in the 5 per cent of GDP spent on infrastructure sector last year was only 0.9 per cent. "We hope the private sector investments would grow to 2.2 per cent as spending goes up to 9 per cent of the GDP. The public sector investments are estimated to go up from 4.1 per cent to 6.8 per cent.
— PTI |
|
|
Gold zooms in global markets
New Delhi, September 28 The yellow metal gained Rs 75 at Rs 9,595 per 10 grams despite the ongoing ‘shraddh’,- an inauspicious fortnight during which Hindus do not indulge in buying. Gold in London shot up to $740 an ounce, a level last seen in January 1980 when the US inflation rate rose to record heights. Silver also moved up on increased offtake from industrial users and higher overseas advices. Standard gold and ornaments shot up by Rs 75 each at Rs 9,595 and Rs 9,445 per 10 grams respectively. Sovereign was unaltered at Rs 7,800 per piece of eight grams.
— PTI |
|
|
ONGC turns down Lankan block offer
New Delhi, September 28 "We did not find the prospectivity. Moreover, they were asking for a fantastic signature bonus for that. So we are not interested," ONGC chairman-cum-managing director R. S. Sharma told reporters on the sidelines of an industry seminar. The Island nation earlier this year offered block 1 on a nomination basis to the Indian firm. On the situation in Myanmar, he said it faces no pressure to withdraw or freeze operations in Myanmar. "No, not at all," said Sharma, when asked if his company faced diplomatic pressure to withdrawal from the military-ruled nation, which has criticised internationally for its crackdown on pro-democracy protest by Monks. ONGC has stakes in two gas fields and three exploration blocks off Myanmar. The company holds 20 per cent stake in gas discovery blocks A-1 and A-3, operated by South Korea's Daewoo International. He said ONGC was earning about $77 per barrel of crude oil it produces, over 16 per cent more than what it got in the last fiscal. "Gross realisation is about $77 a barrel,'' Sharma. During April-June, ONGC's gross realisation was $71.77 per barrel but net realisation was $50.2 1 after it gave refiners a discount of $21.4 for subsidising prices of domestic cooking gas, LPG, and kerosene. In 2006-07 fiscal, ONGC's net realisation in crude sale was $44.22 per barrel while gross realisation was $66.33 per barrel. "The rupee appreciation (against the US dollar) has been a dampener (as per ton realisation in rupee terms has come down) but the rise in international oil prices has brought us higher prices,'' he said. Meanwhile, the country’s largest liquefied natural gas importer, Petronet LNG Ltd, is in talks with Sonatrach of Algeria for a 25-year contract to import 1.25 million tonnes of LNG per annum. |
|
|
ADAG may foray into loan biz
Mumbai, September 28 Reliance Capital, ADAG’s financial services arm, is targeting disbursals of about Rs 6,000 crore ($1.5 billion) in its consumer loan business by the year-end, analysts at DSP Merrill Lynch wrote in a research note for their institutional clients. The company is targeting all the major segments, including home loans, car loans and personal loans. Its current disbursal mix is 30 per cent personal loans, 20 per cent mortgage, 25 per cent business and 25 per cent car loans. Projecting a rosy picture for the company in this market, DSP Merrill Lynch said: “R-Cap, being a new entrant, is not affected by any legacy credit issues and is managing to capitalise on the growth opportunities, especially as banks seek to reassess their overall portfolios.” Projecting R-Money as another strong driver, analysts said Reliance Money continues significant traction in its broking and distribution venture. Within a few months of its launch, Reliance Money has already acquired 1,50,000 customers and is adding almost 25,000 customers per month. R-Money plans to expand its distribution network to 10,000 by 2008, from over 3,000 currently.
— PTI |
|
Maruti to strengthen spare parts network
New Delhi, September 28 It has already opened exclusive Maruti genuine parts (MGP) retail outlet in cities like Amritsar, Chandigarh and Jalandhar and is looking at opening more such outlets in other cities across the country. By opening such dedicated outlets, it seeks to ensure round the clock availability of MGP’s to its customers. Until recently, the distribution of MGP to Maruti authorised service stations (MASS) and other customers was primarily done by dealers. Inspired by the FMCG pattern, the decision to create an alternate network for distributing MGP to MASSs and others came forth as a major policy shift. As many as 80 dedicated MGP distributors will be operational across the country, by the end of third quarter this year. With dedicated MGP distributors in the vicinity, the service outlets can place orders almost every day and maintain a low inventory. The distributors will provide door-to-door service to MASS’s and other service outlets. This would increase productivity and profitability of service stations with low working capital requirement for spare parts, said C.K.Dave, executive director (spare parts) . “With this intermediary channel, we expect to bring in standardisation in prices of spare parts and margins enjoyed by intermediaries for MGP. This will discourage the unorganised market and give relief to the customer,” says Dave. |
|
Bharti to rope in Del Monte for FieldFresh
New Delhi, September 28 “Having created the basic building blocks of the business in the fresh produce category, we are looking at upscaling our operations through processing and value added products. Del Monte will bring to FieldFresh its immense strength and experience in the area of processing and branded food products. Going forward, our aim is to emerge as a significant player in this segment,” Rakesh Bharti Mittal, vice-chairman, Bharti Enterprises said. |
|
42 lakh tonne sugar for Oct-Dec
New Delhi, September 28 |
|
UCO Bank plans follow-up issue
Shimla, September 28 Stating this here today, UCO Bank CMD S.K.Goyal said the bank wanted to pay back Rs 300 crore from its rather heavy capital of Rs 850 crore, but the Government of India did not agree. Now, the bank has taken up the matter for converting the amount into preferential capital which has been agreed to in-principle. A proposal has been submitted and a final decision would be taken over the next few months. Once the capital restructuring was approved, the bank would come out with a follow-up issue either in the last quarter of the current financial year or first quarter of next year. The bank has set a target to increase its profit from Rs 316 crore last year to Rs 450 crore this year. The bank would soon launch “nari zama yozna”, a deposit scheme exclusively for women, in which bank would employ women to tap deposits from women by visiting their houses and workplaces. The bank also plans to start “samagrah gram vikas yojna”, under which loans would be provided not only for agriculture, but also for school buildings, roads and other common amenities. The model scheme would be launched in five villages in the first phase. Goyal admitted that the non-performing assets of the bank were on higher side at 3.88 per cent and effort was to bring the figure down to 2.5 per cent. The board of directors of the bank, which met here today, sanctioned loans to the tune of Rs 200 crore. |
|
IFCI shortlists 8 bidders for stake sale
New Delhi, September 28 Letters have been issued to interested parties for the next round of stake sale process, a senior IFCI official said. The pre bid meeting is scheduled to take place on October 3 and the company is likely to float request of proposals by mid-October. Earlier, as many as 10 domestic and foreign financial institutions and consortia have evinced interest in picking up a 26 per cent stake in IFCI. Out of 10 suitors, seven are standalone, including domestic financial institution IDFC, Kotak Mahindra Bank, GE Capital, Cargill, French banking company Nataxis, US-based private equity fund manager Blackstone and Newbridge. — PTI |
CPI-IW up Oil prices UB plan Lodha Group Naftogaz India Blackberry Wipro NFL dividend Infinite buyout |
|||||
|
| 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 | |
Videos
