Fun of go-kart racing
CHANDIGARH, Jan 19 — After Delhi, Chandigarh has become the first city in the northern region to have a go-karting track with a private company launching the racing sport near the Nevedac Centre on the Chandigarh-Ambala road today.

Textile exhibition from February 2 NEW DELHI, Jan 19 — The Punjab Government in collaboration with India Trade Promotion Organisation is organising an exhibition “Textile India” at the Punjab pavilion from February 2 to 4 here.

Nabard cuts rates

Forex norms for students

Ropar boy is Mr Physique

BSE, NSE closed

Nicholas net up 11 p.c.

Draft telecom policy by Jan 23
Tribune News Service

NEW DELHI, Jan 19 — The draft national telecom policy is likely to be finalised by January 23 with the Department of Telecommunication (DoT) agreeing to proposed changes in the telecom licence agreement and a bailout package for private operators.

The department, which has been opposing the proposed changes in the telecom licence agreement and its replacement by a revenue-sharing agreement, has reportedly conveyed its decision to go along with the suggestions made by the government’s sub-group on telecom.

The six-member sub-group on telecom constituted by the PMO and headed by Mr K.V. Kamath, Chief Executive of ICICI, met here yesterday and is understood to have thrashed out its differences with the DoT.

The draft telecom policy is now all set to bring about sweeping changes in the existing telecom policy and would take into account the convergence among telecom, Information Technology and broadcasting industries. The policy is expected to allow more than two operators of basic and cellular services in an area and replace the Indian Telegraph Act with a modern law.

The draft proposals also envisage a review of the VSNL’s monopoly in international operations besides creating a two-tier structure of network and service providers across all telecom services.

The group has also recommended a greater private sector involvement in funding of future operations.

The group has also decided to work out a schedule for spectrum management and utilisation. This would enable more than two operators of basic and cellular services in an area.

Opening up of the interstate long distance (STD) services and strengthening of the Telecom Regulatory Authority of India are also likely to form part of the group’s recommendations.

Apart from the Mr Kamath, the group includes, Mr N.K. Singh, Secretary in the PMO, Mr Anil Kumar, Telecom Secretary, Mr Ratan Tata, Chairman of Tata Sons, Mr P.S. Saran, Member (services) in the Telecom Commission and Mr S. Kulkarni, Director at PMO.

The sub-group is expected to finalise the draft telecom policy by January 23. The proposals would be made public and finalised by February 19 when it would be submitted to the Prime Minister, Mr Atal Behari Vajpayee.

ITC net profit increases 16 p.c.

CALCUTTA, Jan 19 (PTI) — The net profit of ITC Limited, the tobacco major, has risen 16 per cent during the third quarter (Q3) ended December 31, 1998.

During the period, the company registered a net profit of Rs 135.70 crore, as against Rs 116.89 crore in the same period last financial year.

After releasing the results here today, a company source said that the gross income of ITC during the 1998 third quarter has risen marginally to Rs 1868.50 crore from Rs 1849.20 crore in the same period last year.

For the nine months ended December 31, the gross income of the company has risen to Rs 5768.74 crore as compared to Rs 5200.64 crore.

The net profit of ITC during the period stood at Rs 485.78 crore, which is 16 per cent more than last year’s figure of Rs 418.62 crore.

The interest burden of the company during 1998 Q3 stood at Rs 39.09 crore, which is higher than last year’s Q3 figure of Rs 26.67 crore.

Punjab Tractors net soars 40 p.c.
Tribune News Service

CHANDIGARH, Jan 19 — Punjab Tractors today reported a 40 per cent increase in its net profit for the nine-month period ending December 31, 1998, at Rs 89.7 crore compared to Rs 64 crore for the same period last year.

While the cash profit for the period jumped to Rs 137.2 crore from the corresponding last year level of Rs 98.8 crore with a margin of 19.8 per cent (last year 17.6 per cent), PBT rose 37 per cent, reaching Rs 126.3 crore (last year Rs 92 crore).

The third quarter EPS of Rs 15.31, when annualised, works out to Rs 61.23 against Rs 45.03 for the third quarter of last year.

Revenue growth, strong demand for Swaraj tractors, improved productivity and cost containment have led to the impressive results, said a company release issued here today.

“Our performance was pushed by a 20 per cent growth in Swaraj tractor volumes which reached 34,704 for the nine-month period”, said Mr Yash Mahajan, Vice-Chairman & Managing Director.

Fun of go-kart racing
Tribune News Service

CHANDIGARH, Jan 19 — After Delhi, Chandigarh has become the first city in the northern region to have a go-karting track with a private company launching the racing sport near the Nevedac Centre on the Chandigarh-Ambala road today.

The company, has laid a 450- metre wide go-karting track for offering the favourite European sport. A 12 single engine and four twin-engine karts have been imported from the UK, which can be hired by customers on an hourly or per lap basis.

According to Mr Ronnie Bath, one of the promoters, the go-karts have in-built state-of-the-art features for ensuring safety to drivers. Besides, a remote-controlled computer-operated “black-box” has been fitted in each racing vehicle, through which, all or any particular kart can be stopped instantly in the wake of an accident.

Textile exhibition from February 2
Tribune News Service

NEW DELHI, Jan 19 — The Punjab Government in collaboration with India Trade Promotion Organisation (ITPO) is organising an exhibition “Textile India” at the Punjab pavilion from February 2 to 4 here.

Principal Resident Commissioner of the State Government here, Mr Dinesh Chandra, said that textile, fabric, yarn, textile furnishing, hosiery and readymade garments from all over Punjab would be on display at the three-day exhibition, which would be an annual affair.

Capt Rajdeep Singh Kamboj, General Manager of the Punjab Bhawan, who is also the administrator of the forthcoming fair, said that all the basic infrastructure facilities would be provided.

Nabard cuts rates
Tribune News Service

CHANDIGARH, Jan 19 — NABARD has reduced the rate of interest to 8.5 per cent on its refinance for various agencies for minor irrigation development irrespective of the size of the bank loan. The revision will not be applicable to disbursements for minor irrigation under the integrated Rural Development Programme (IRDP) said a press release of the bank here today.

Simultaneously, the rate of interest on refinance to lending banks for the farm and non-farm sector has also been reduced. In the case of commercial banks, for bank loans above Rs 25,000 to Rs 2,00,000, the rate of interest has been reduced by 0.5 per cent and fixed at 10 per cent.

Forex norms for students

MUMBAI, Jan 19 (PTI) — The Reserve Bank of India (RBI) has further liberalised regulations relating to release of foreign exchange to students going abroad for studies.

The entire amount of exchange admissible can be released in favour of the student concerned against the current practice of remitting exchange towards tuition fees by means of a draft in the name of the overseas educational institution.

Ropar boy is Mr Physique
Tribune News Service

NEW DELHI, Jan 19 — Mr Abhijit Sanyal of Mumbai has been chosen as “Grasim Mr India” 1998-99 at Calcutta. The first runner-up title went to Mr Rakesh Bapat of Pune and that of the second runner-up to Mr Vishal Singh Yadav of Gurgaon. In the sub-contents the “Grasim Gwalior Photogenic” title was won by Mr Vishal Singh. Mr Rupinder P. Singh of Ropar won the “Grasim Mr Physique” title.

BSE, NSE closed

MUMBAI, Jan 19 (PTI) — All principal markets including the Bombay Stock Exchange (BSE), National Stock Exchange (NSE). Over the Counter Exchange of India (OTCEI), oilseeds, metals, grains and pulses will remain closed tomorrow, January 20 on account of “Id-ul-Fitr”. However, the bullion market will remain open.

Nicholas net up 11 p.c.

MUMBAI, Jan 19 (PTI) — Necholas Piramal India Limited (NPIL) has registered a 10 per cent increase in sales to Rs 101.9 crore and 11 per cent increase in net profit to Rs 9.16 crore in the third quarter ending December 31, 1998. For the first nine months of 1998-99 sales were up by 15 per cent and net profits up by 17 per cent. Sales of NPIL and its subsidiaries and joint venture companies together totalled Rs 752.5 crore.

Corporation Bank net up
MUMBAI, Jan 19 (PTI) — Mangalore-based Corporation Bank has reported 25.2 per cent increase in its net profit for the nine-month period ended December 31, 1998, from Rs 125.84 crore during the corresponding period of 1997-98. The networth crossed Rs 1,000 crore as on December 31, the bank said in a release here today after its board of directors took on record the unaudited financial results for April-December 1998. The operating profit of the bank was Rs 248.24 crore for the period, a growth of 7.80 per cent. The bank’s Chairman and Managing Director R.S. Hugar said the volume of business for the nine-month period witnessed a robust growth with deposits at Rs 12,114.26 crore, up by 48.6 per cent and advances at Rs 5,234.22 crore, increasing by 54.4 per cent.

Philips sales up by 9 p.c.
MUMBAI, Jan 19 (PTI) — Philips India Ltd has announced a 9 per cent growth in sales at Rs 1188.07 crore during the nine months ended September 30, 1998 as against Rs 1090.47 crore during the corresponding period last year. Ravi Pisharody, Vice President, Consumer Electronics, of Philips said in a release here today that December 1998 saw an upward trend in the colour television (CTV) business where sales doubled over the previous month with a sale of 35,000 sets as compared to an average monthly sale of 18,000 sets between September and December. In the audio industry, the Philips range of compact disc (CD) music systems also registered increased sales in December.

Britannia net up 34 p.c.
MUMBAI, Jan 19 (PTI) — The net profit of Britannia Industries Ltd rose by 34 per cent to Rs 28.7 crore during the nine months period ended December 31, 1998 as against Rs 21.5 crore during the corresponding period the previous year. During the third quarter of the same year, the company’s net rose by 32 per cent to Rs 9.9 crore as against Rs 7.5 crore in the corresponding period in 1997, a Britannia release said. Despite the continuing slow-down in economy, the corporate sales of the company rose by 22 per cent at Rs 760.4 crore during the nine month period ended December 31, 1998 compared to Rs 625.6 crore in the corresponding period in the previous year.

US $ Rs42.50/51
Stg £ Rs 70.46/48
Euro Rs 49.44/46
Jap Yen (100) Rs 37.30/32

The RBI reference rate was Rs 42.50.

VSNL Director
Tribune News Service
NEW DELHI, Jan 19 — Mr Ram Sharan Prasad Sinha has taken over as Director (Finance) on the board of Videsh Sanchar Nigam Limited with effect from January 14. Earlier Mr Sinha was Director (Finance) in Hindustan Organic Chemicals Ltd.

Coop bank
Tribune News Service
CHANDIGARH, Jan 19 — Mr Ranjit Singh Brahmpura, Punjab Cooperative Minister has said that as the RBI has relaxed certain conditions with regard to the deposit mobilisation scheme, the Punjab State Cooperative Agriculture Development Bank has decided to offer one per cent more interest than commercial banks on deposits and no income tax at source will be deducted under section 194-A of the Income Tax Act.

Farmers’ meet
Tribune News Service
PATIALA, Jan 19 — The SBI’s Nabha branch organised a farmers’ meet at Harigarh village, Mr D.P. Singhal, Assistant General Manager (R-I, Punjab) launched the Kisan Credit Card and explained credit facilities provided by the Bank to farmers. About 500 farmers participated. A free medical check up camp was also organised.

Oral-B
Tribune News Service
NEW DELHI, Jan 19 — At a time when the economy is going through a downslide and companies reporting cash crunch, Oral-B, the Oralcare brand of Gillete, is relaunching the Indicator toothbrush in the country with a cash offer promotion exercise.

Bank academy
Tribune News Service
GURGAON, Jan 19 — Mr M.P. Ramakrishan, chairman, State Bank, laid the foundation stone of a State Bank Academy here on Monday. The academy would be functional at the all-India level and would trained at least 5000 officers and employees of the bank every year.

C forms
Tribune News Service
CHANDIGARH, Jan 19 — Mr Sudhir Mittal, Excise & Taxation Commissioner, Punjab today assured a delegation led by Mr Amarjit Goyal, Chairman, Punjab Committee of the PHDCCI, that C forms which were in short supply would be made available in plenty.