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Sensex conquers 20K; Nifty at 6,097
Issue of sops to exporters in PM’s court
Orient-Express rejects Tatas’ bid
To roll
out global car ‘A-Star’
Chairman of Suzuki Motor Corporation (SMC) Osamu Suzuki (L), flanked by managing director, SMC, Jagdish Khattar (R) and managing director-designate, SMC, S. Nakanishi after delivering the special address on ''Suzuki's ausiness activities — manufacturing in India'' organised by Ficci on Japan-India relations, in New Delhi on Tuesday. Tribune
photo by Manas Ranjan Bhui
Pranab: Existing IPR regime must go
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Organised retail to touch $30 b in 3 years: Ficci
Nominations invited for e-governance awards
Coleman targets North Indian market
Reliance inks exploration pacts in Colombia
Nokia to unveil low-cost handsets
‘No move to ease land cap for SEZs’
RCom awarded
Mastercard, SBI tie up for money transfer
UTI Securities’ Stake
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Sensex conquers 20K; Nifty at 6,097
Mumbai, December 11 The Sensex closed at 20,290 after touching an all-time high of 20,333 in intra-day deals. In the broader markets, Nifty also closed at 6,097 after touching a high of 6,111. Analysts expect between 25 and 50 basis points rate cut. A reduction at the higher end would see a big surge in fund inflows, they said. The Sensex achieved this feat for the first time, with blue-chips Reliance Industries and Bharti leading a surge. Telecom, banking and metal stocks were in heavy demand as market sentiments turned positive amid reports the US Federal Reserve would cut its key interest rates later today to limit the impact of the turmoil in global financial markets on the world's biggest economy. The 1.81 per cent gain in BSE's 30-share barometer boosted total invested wealth on the bourses by close to Rs 1 trillion to Rs 67.8 trillion. Market breadth remained strong as 1,981 stocks gained while 894 ended with losses. Domestic brokerage firm SMC Global's Vice President Rajesh Jain said: "The uptrend is more of an euphoria before the Fed meet... Considering there is a Fed rate cut, dollar would depreciate... Given the strong fundamentals of Indian market, FIIs are going to put in their money here." While noting there was resistance at 20,000 level, Jain said the strong fundamentals and the broad-based rally could soon push the Sensex to 21,000-point mark. |
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Issue of sops to exporters in PM’s court
New Delhi, December 11 The minister disclosed that the government was considering the refund of some duties as a relief measure. The government had last month cut customs duty on man-made fibers and reduced interest rate on loans to leather, textile and handicrafts exporters. In October, the government had announced subsidised loans and tax breaks to exporters for the second time to help jute, cashew nuts and coffee exporters. Nath’s statement comes close on the heels of Federation of Indian Exporters Organisation (FIEO) seeking more relief to exporters to tide over the rupee crisis. “There is an urgent need for the government to take measures to bring relief for exporters and help them not lose their markets,” FIEO president Ganesh Kumar Gupta said. “There is need for holistic relief measure than the piecemeal relief to address the crisis, which has resulted in lay off in many export sectors,” he said. Indian rupee has appreciated more than 12 per cent against the dollar this year, hitting hard Indian exports, which account for 15 per cent of India’s economy. Sources said the commerce ministry has already pitched for hiking the Duty Drawback from the present level of 3 per cent to 5 per cent As per the data released by the commerce ministry on December 3, India’s export rose 35.7 per cent to $13.3 billion in the first two quarters of the current fiscal, while imports rose 24.3 per cent to $20.8 billion, widening the trade deficit to $7.5 billion from $7 billion a year earlier. Meanwhile, at PEPC export awards function, Nath stressed on the vitality of technological upgradation for Indian project exporters for competing in the international markets. “In order to further accelerate exports growth, we should look out for product diversification and newer markets,” he said, adding more efforts were needed to explore emerging opportunities in the African, Caribbean and CIS regions. He expressed satisfaction over the fact that project exports were increasing and the value of project exports from India has touched Rs 11,381 crore during 2006-07 while its growth over the previous year was more than 87 per cent in dollar terms.
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Orient-Express rejects Tatas’ bid
New York, December 11 "We do not believe that there is a strategic fit between your predominantly domestic Indian hotel chain and our global portfolio of luxury hotels," Orient-Express CEO Paul White said in a letter to Indian Hotels vice-chairman R.K. Krishna Kumar while replying to Tatas' proposed strategic alliance. "We believe any association of our luxury brands and properties with your brands and properties would result in a reduction in value of our brands and business and would likely lead to erosion in RevPar (revenue per available room) premiums currently achieved by our properties," White added. This comes within a week of the US dealers association of global car major Ford's Land Rover brand, currently on Tatas' takeover radar, saying that an Indian ownership could make the viability of this luxury brand doubtful. Tatas have established a significant global presence with $12.1 billion acquisition of Anglo-Dutch steelmaker Corus and other takeovers like Tetley in the UK and Ritz Carlton hotels in the US, but their low-cost business model seems to be hampering their move towards high-end premium markets. Earlier on Friday last week, Indian Hotels said in a regulatory filing that they had accumulated an 11.5 per cent stake in Orient-Express and sought discussions to explore a "business combination." Orient owns New York's prestigious Club 9 Restaurants and a number of luxury hotels. — PTI
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To roll out global
car ‘A-Star’
New Delhi, December 11 SMC chairman Osamu Suzuki today said his company planned to build its next world car in India and would be showcasing it at the Auto Expo in January. The car is targeted as a family car and will be exported to the European market. The decision to produce the car in India from autumn of 2008 is a part of Suzuki’s strategy to make India a production hub for its global operations. Earlier in the day, when asked specifically about the SMC’s preparedness to take on Tata Motors’ proposed Rs 1 lakh car, Suzuki said the quest for lower pricing should not lead to a compromise on quality and safety norms. Responding to Suzuki's statement, a Tata Motors’ spokesperson told news agencies that it was conscious of its responsibilities. Suzuki added that based on the Concept A-Star, 1-litre car will be manufactured at Manesar facility from the autumn of 2008. The Concept A-Star car will be Euro- V compliant and with an aluminium petrol engine with Co2 emission levels lower than those of European competitors, he asserted. He said the company also had plans to launch ‘Splash’, a 1.2-litre petrol and diesel vehicle, in India. He, however, clarified that ‘Splash’ would be sold only in the domestic market. Suzuki said the Manesar facility capacity was being increased from present 1 lakh units to 3 lakh units per annum. “We will be manufacturing 1 lakh units of Concept A-Star for the export and 50,000 units for the domestic market,” he stated. He ruled out any plans to phase out WagonR with the launch of new models. He further said that the company was looking forward to manufacture one million units per year by 2010. He added that the company was keen to invest over $ 1 billion in R&D in India.
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Pranab: Existing IPR regime must go
New Delhi, December 11 “The existing IPR and technology denial regimes must go with collaborative R&D between industrialised and developing countries,” external affairs minister Pranab Mukherjee said addressing the 2nd Sustainability Summit: Asia 2007 here. Pointing that a rapid increase in energy use is imperative to realise national development goals and the
millennium development goals, Mukherjee asserted that India is determined to ensure that Green House Gases (GHGs) emissions will not increase beyond those of industrialised countries. “To sustain our projected GDP growth rate of 9 per cent we require energy, and our per capita energy consumption is less than a third of the global average,” he said adding “India is not a big contributor of GHGs as her per capita GHG emissions are around a quarter of the global average.” Later on the sidelines of the Summit, Mukherjee told newspersons that India needs a sustainable fuel retail pricing policy that ensures energy is available at affordable prices for the common man. |
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Organised retail to touch $30 b in 3 years: Ficci
New Delhi, December 11 “World over it has been proved that organised retail has in no way impacted the unorganised retail… In India, which has huge market, there can only be parallel growth in both organised and unorganised retail,” Mittal said after the release of Ficci-E&Y survey on retail supply chain. According to a report on “Winning with intelligent supply chains’, organised retail is set to grow by leaps and bounds in India, from $14 billion now to $30 billion in three years. The sector, which now accounts for a meagre 5 per cent of the total market (worth $280 billion, inclusive of unorganised sector), is projected to account for 30 per cent of the market size in the next 10 years, it said. The highlights of the report released here mentions that: “The low penetration levels of organised retail in India and the fact that the market size is set to grow at a frenetic pace, provide a huge potential for retailers to tap a highly unexplored market.” “In a bid to find answers to the problems bedeviling the organised retail sector in India, Ficci is organising a global conference on backend retail supply chains. ‘Winning with intelligent supply chain 2007’ here on December 17-18,” Mittal said. |
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Nominations invited for e-governance awards
New Delhi, December 11 In addition to the six categories in which awards were presented last year, this year (2007-08), it has been decided to award exemplary work in a ‘focus sector’, which shall be selected every year. Agriculture has been selected as the focus sector for 2007-08. The Department of Administrative Reforms and Public Grievances (DAR&PG) present these awards every year. For the year 2007-08, a total of 24 awards will be presented. The DAR&PG has invited nominations for the national awards from central ministries/ departments, states/UTs, districts, local bodies, PSUs and industry and the last date for nominations is December 25. |
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Coleman targets North Indian market
New Delhi, December 11 Coleman, a wholly owned subsidiary of the Jarden Corporation, will be marketing its outdoor leisure equipment like iconic lanterns, stoves, coolers, tents, sleeping bags, electric lights and barbecues. Michael Strophair, export manager of Coleman, said the company would target “cash-rich cities” of Punjab, besides Chandigarh and Panchkula. Eagle Group of Companies CEO Parmeet Singh Sawhney said the company would soon appoint sub-dealers in Chandigarh, Ludhiana, Amritsar, Jalandhar and Panchkula to sell multiple outdoor leisure equipment of Coleman. Once market grows, Coleman would contemplate on setting up a manufacturing unit in India, Strophair added. |
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Reliance inks exploration pacts in Colombia
New Delhi, December 11 The agreement is for the exploration of two offshore blocks, Borojo North and Borojo South, said a statement. These contracts will, in due course, be assigned to REP DMCC, a 100 per cent subsidiary of RIL. Signed on December 10 at Bogota, Colombia, the contracts envisage exploration of two blocks located in the Pacific Ocean, west of Colombia in water depths reaching upto 1,500 metres. Each block size is about 4,000 sq km and RIL said it has carried out comprehensive geological studies before selecting these blocks.
— UNI |
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Nokia to unveil low-cost handsets
Amsterdam, December 11 "We are planning to bring internet access to all the masses in India through our low-cost handsets... the company is working diligently towards it," Nokia's senior vice president (entry business unit —mobile phones business group) Soren Peterson told PTI. Noting that accessing internet through GPRS was time consuming, he said the company was working on a new business model as there were "100s of millions of users" for internet. "More than half of the new handsets sold every month in India come from Nokia," he said when asked how many phones Nokia was selling in India. India, which has overtaken the US to emerge as the second largest market by sales for Nokia after China, has been adding over six million new mobile users every month. Nokia also aims to be the world number one in bringing the internet to mobile devices. According to estimates, the total internet services market will be approximately Euro 100 billion in
2010. — PTI
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‘No move to ease land cap for SEZs’
New Delhi, December 11 This was disclosed by minister for commerce and industry Kamal Nath on the sidelines of the TiE Entrepreneurial Summit here. His statement comes a few days after commerce secretary G.K. Pillai had hinted at the possibility of a case-to-case relaxation on the land cap for multi-product SEZs. He had, however, insisted that the government would have to take a call on the issue. Meanwhile, on the review of foreign direct investment, Nath said it was likely to come up before the Cabinet next week.
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RCom awarded
New Delhi, December 11 A statement issued by the company here said, "Reliance Communications is the fastest-growing CDMA operator in the Asia-Pacific region that has deployed one of the largest networks in the world to serve more than 25 per cent of India's mobile market share".
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Mastercard, SBI tie up for money transfer
Mumbai, December 11 Mastercard Moneysend will allow its consumers with person to person money transfer facility using their recognised debit or credit card. The instant money transfer facility will be available to the existing network of 8,000 ATM channels of the State Bank of India. A maximum amount of Rs 50,000 can be transferred in one day, where Rs 20 to 30 will be charged per transaction depending on the amount. Mastercard will gradually increase the money transfer service to other banks.
— UNI
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Nod to Stanchart proposal
Mumbai, December 11 An agreement to acquire strategic stake in the broking firm, wholly-owned by Securities Trading Corporation of India (STCI), for a consideration of Rs 147 crore was entered in August. According to Standard Chartered, the bank has the option to acquire another 25 per cent in 2008, and the final 26 per cent in 2010, subject to regulatory approvals. — PTI
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Infosys centre Pidilite Ind Gremach Infra IT company Cognizant pact Nicco JV Satyam centre |
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Suzuki Motor Corporation, the parent company of Maruti Suzuki India Limited, is looking at making India its production hub for the global operations. To start with, it would be launching its next world car at the Auto Expo, starting here next month.
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