Wednesday, June 2, 1999
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B U S I N E S S | Wednesday, June 2, 1999 |
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HP seeks investment in
hydro power |
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 Sudanese President Omar el-Bashir (right) ex-President Gaafar Nimeiri (center) and Hassan Turabi (left) during the inauguration of an oil pipeline on Monday, in Heglig, central Sudan. Sudan expects to begin pumping 150,000 barrels per day in the coming months, exploiting vast oil reserves for the first time. — AP/PTI |
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Pepsico bottled water by October Euro-II Santro costs Rs 12,000
more ‘Restore sops’ to khadi
udyog Essar Oil net down 6.52 pc |
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HP seeks
investment in hydro power NEW DELHI, June 1 — The Himachal Pradesh Chief Minister, Mr Prem Kumar Dhumal, today called for massive investments in tourism and power projects in the State. “My government is committed to bring about a radical change in the power policy so as to speed up the process of development of projects, particularly hydro projects,” Mr Dhumal said while addressing the PHD Chamber of Commerce and Industry (PHDCCI) on ‘Accelerating Industrial and Economic Development — A vision for HP’. The State Government has come out with global bids for seven medium sized projects with a total installed capacity of 346 MW comprising of Keshang (70 MW), Chirgaon Majhgaon (46 MW), Tangnu Romai (44 MW), Paudital Lassa (36 MW), Bharmour (45 MW), Harsar (60 MW) and Kugli (45 MW), the Chief Minister said. A prospective plan for the hydro electric projects, extending over a period of five years, has been prepared for carrying out survey and investigation works and the preparation of detailed project reports with an identified potential aggregating 4000 MW, he said. “The small hydro potential in the form of mini/macro and small hydro projects is estimated to be in excess of 500 MW. For the implementation of these projects in the private sector Him-Urja has been made the nodal agency,” the Chief Minister said. He said the State has abundant hydro-electric potential, an estimated total of more than 21,000 MW, which is about 1/4 of the total hydro potential of the country. Appealing for investments in tourism sector, the Chief Minister said there were numerous opportunities available in the State for investment purpose. Mr Dhumal said the total tourism product of the State is estimated at Rs 2200 crores and is growing at an estimated rate of 10 per cent every year. He said the State had made a beginning in this sector by attracting tourists for adventure sports like hand-gliding, paragliding, mountaineering and rock climbing, trekking. The Chief Minister said Himachal Pradesh is the only State which had heli-skiing and it has brought the State on the world map of tourism. The State Government further plans to expand in the area of heli-skiing by introducing, activities like heli-trekking, ski-tourism, water sports complex at Maharana Pratap Sarovar (Pong Dam). The complex envisages promotion of adventure sports and bird watching, setting up of an aquarium, snake park and organising entertainment and cultural programmes on boats in the lake. The PHDCCI president, Mr
Ashok Khanna, said the foundation of sustainable high
growth is focusing on development of infrastructure as a
long term strategy a perspective infrastructural
development plan for 20 years should be on physical
infrastructure of power, road, telecom and industrial
parks apart from the social infrastructure. |
Sinha for
taxing rural rich NEW DELHI, June 1— The Union Finance Minister, Mr Yashwant Sinha, today suggested taxing the rural rich by states as a resource for improving their fiscal health. “Taxing the rural rich is one area where the state governments can look up to improve their resources”, the Finance Minister said at a meeting on evolving a consensus economic agenda which was attended among others by senior Congress leader and former Finance Minister, Mr Pranab Mukherjee and CPM Politburo Member, Mr Sitaram Yechury. The meeting organised by the FICCI here to forge a consensus among major political parties on the country’s economic agenda, however, did not yield much as both Mr Sinha and Mr Mukherjee said their parties were in the process of evolving their respective economic policies. Mr Pranab Mukherjee said the economic agenda of the Congress would be listed in the election manifesto and till that time he was not in a position to speak for the party. Personally he felt that the consensus among political parties regarding reduction of fiscal deficit, taxing of agricultural income and imposing tariffs on power was important to carry the economic reforms forward. Mr Yechury said India had one of the lowest tax to GDP ratios and expansion of the tax base by taxing the rural rich could be considered as a viable option. The Finance Minister, while endorsing the views of Mr Yechury, said the bulk of the domestic demand should come from the rural areas and land reforms constituted an important part of reforms in rural areas. Mr Sinha said consensus seem to be eluding political parties on the crucial issue of subsidies and user charges and there was a need for better targeting and streamlining of subsidies. Mr Pranab Mukherjee, said subsidies in certain areas was required, but a more important issue was whether the economy could afford high level of subsidies.The subsidy level in 1994, according to a paper brought out by former Finance Minister, Mr P Chidambaram was 14.7 per cent of the GDP, he said. On the issue of better fiscal management, Mr Mukherjee said efforts should be made to attract more foreign direct investment and at the same time generate internal resources in order to bridge the resource gap. “The current rate of domestic savings ( 26 to 27 per cent of the GDP) would still leave a gap of 3 to 4 per cent if we are to achieve a GDP growth rate of 7 per cent.” He said this gap could not be bridged by external resources as statistics showed that developed countries did not have the required amount to spare.” Substantially it has to be through our own effort”, Mr Mukherjee pointed out. It was also important to adequately empower the National Development Council (NDC) and the Inter-State Council to hasten the process of reforms in the states, he added. Terming the fiscal
deficit problem as a structural bottleneck, Mr Yashwant
Sinha said the Centre was having discussions with state
governments and certain degree of consensus was already
emerging between the Centre and the states to clean up
the fiscal mess. |
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NEW DELHI, June 1 (PTI) — India’s exports went up by 2.09 per cent in April, 1999, at $2.63 billion compared to $2.57 billion recorded in the same period in 1998. Imports, however, fell by 8.66 per cent at $3.15 billion against $3.45 billion in April, 1998, mainly due to a dip in non-oil imports, an official release said today. The trade deficit for the month is estimated at $ 523.76 billion which is 40 per cent lower than the $876.80 billion recorded in April, 1998. Non-oil imports during
April, 1998, are estimated at $ 2.57 billion, a 13.43 per
cent drop from the $ 2.97 billion in April last year. Oil
imports during April, 1999, are valued at $580.53 million
which is 20.88 per cent higher than 480.27 million in the
corresponding period last year. |
Tourism
award for HRANI CHANDIGARH, June 1 — The Hotel and Restaurant Association of Northern India (HRANI), has been awarded “Best Travel and Tourism Promoters’ Award” by, the Travel Media Forum. Other prominent awardees are Mr Mark Tully, journalist, Mr Anil Baijal, Alliance Airlines and Mr Bindehswar Pathak, Sulabh International. The award was presented by Mr Ashok Pradhan, DG Tourism, Government of India and received by Mr Deepal K. Sharma, Secretary General, HRANI in New Delhi. The association with over 850 members is today rated as one of the model trade associations . It has set up a Tourist Reservation and Information Centre in New Delhi to assist small hotels and restaurant in far off places who do not find it financially viable to set up a separate office in the capital. It has promoted new
Northern India circuits - “A Winter Paradise”
covering Himachal, Chandigarh, Haryana and Punjab and
“Monsoon in Desert” covering Rajasthan and also
joined the launch of explore India Millenium Year”. |
‘Restore
sops’ to khadi udyog PANIPAT, June 1 — Mr Mahesh Dutt Sharma, Secretary of the Bharatiya Khadi Gramodyog Sangh Northern Zone and Chairman of Punjab, Haryana and Himachal Pradesh Gandhi Smarak Nidhi said, in a statement here today that Khadi Udyog was struggling for survival due to the indifferent attitude of the Central Government and State Governments. The instruction of the Central Government to XVI institutions to return the consortium bank working capital loan which was given to Khadi institutions to create additional employment opportunities as recommended by the committee chaired by the then Prime Minister, Mr P.V. Narasimha Rao and withdrawal of facilities for KVI institutions in stages will adversely hit the khadi udyog. He condemned the stopping of rebate to Khadi customers from April 1 and non-payment of rebate claims. Mr Sharma said that the
Central Government provides working capital loan to khadi
and V.I. institution for production of V.I. products
provided the same are produced in villages to create
additional employment opportunities. Due to these
reasons, the V.I. loans were being provided at the
concessional rate of earlier but recently 14 per cent
rate of interest has been imposed on V.I. loans which has
made it impossible for V.I. units to function in the
villages. Mr Sharma appealed to the Central Government to
restore the 4 per cent concessional rate of interest. Mr
Sharma further appealed to the Central Government to
restore the practice of rebate as it existed during the
previous years and withdraw its instructions of returning
the consortium bank loan. |
Pepsico bottled water by October NEW DELHI, June 1 (UNI) — The Atlanta-based beverages major Pepsico is all set to foray into the bottled drinking water market in India. Pepsico has been examining the possibility for around three years and has formalised plans to launch its bottled water brand in the Indian market by October this year, company sources said here today. “This is as part of our global strategy. We have already introduced the soft drinks and the diet cola in India and the next in line is drinking water,’’ the sources said. However, the company is yet to finalise the product brand name, pricing and bottle sizes in which it would be available. A final decision to this effect is likely to be arrived at within the next three months. “We will start with a soft-launch in select towns in a few months and by the year-end would make it commercially available across the length and breadth of the country.’’ It would be marketed as
bottled drinking water and not mineral water. “It
would be a pure drinking water but would not contain
minerals and neither would it be sourced from a
spring’’. |
Euro-II Santro costs Rs 12,000 more NEW DELHI, June 1 (PTI) — Hyundai Motor India Ltd has come out with the first Euro-II emission norms compliant Santro car which costs Rs 12,000 more than the existing Euro-I car models. To mark the occasion, the company donated its first Euro-II compliant car to “Panchavati green movement’’ supported by the United Nations Environment Programme (UNEP). “We have introduced the Euro-II compliant Santro cars nearly a year ahead of the Supreme Court mandated deadline of April 1, 2000,’’ HMIL Managing Director Y.S Kim told reporters here yesterday. The Supreme Court order to ban registration of private cars not conforming to Euro-I emission norms in the national capital region (NCR) comes into effect from today. The apex court has further directed that after April 1, 2000, only Euro-II compliant non-commercial cars would be allowed to be registered in the NCR. The three variants of
Euro-II compliant Santro cars would be available at a
price of Rs 3,05,294 (ex-showroom, standard model),
3,54,368 (DX1 model) and 3,73,998 (DX 2 model). |
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Essar Oil has reported a 6.52 per cent slump in net profit at Rs 18.92 crore for the year ended March 1999 on sales of Rs 236.59 crore, which is up 15.10 per cent over that of previous year. Other income, which has come down steeply to Rs 8.51 crore from Rs 23.41 crore the previous year, and total expenditure, which went up by 12.62 per cent to Rs 192.94 crore, have contributed to lower profitability, the company said. Essar Steel Essar Steel has reported a Rs 496.45 crore loss for the financial year 1998-99 as against a net profit of Rs 24.7 crore in the previous fiscal. The company’s total income dwindled 7.5 per cent to Rs 2452.12 crore during 1998-99 from Rs 2652.45 crore in 1997-98. Net income also shrunk 10.2 per cent to Rs 2262.91 crore in 1998-99 from Rs 2519.47 crore in the previous financial year. Tata Honeywell to pay 40 pc The Board of Directors of Tata Honeywell has recommended a 40 per cent dividend on the equity capital of Rs 8.84 crore for the 1998-99 fiscal. Its net profit for the year was Rs 11.11 crore from Rs 5.36 crore in 1997-98. On a higher sales turnover at Rs 232.17 crore from previous year’s Rs 177.23 crore, the company has achieved an operating profit before interest, depreciation and income tax of Rs 21.85 crore (Rs 14.99 crore). Titan turnover up 9 pc Titan Industries Limited has posted a net profit of Rs 17.04 crore in 1998-99, up 16.04 per cent from the previous year. Total turnover of Rs 484.45 crore during 1998-99 was up 9 per cent from the previous year’s Rs 445.22 crore. The company’s operating profit at Rs 90.97 crore was 3.35 per cent higher than previous year. With the fall in interest costs to Rs 51.92 crore, gross operating profit before depreciation and taxes was 11.35 per cent higher than in the previous year. Century Plyboards turnover up Calcutta-based Century Plyboards (India) Limited has reported a higher turnover of Rs 63.90 crore during the financial year ending 1998-99 representing a 48.29 increase over the previous year’s turnover which stood at Rs 43.09 crore. Gross profit of the company also showed an increase of 12.60 per cent from Rs 6.11 crore to Rs 6.88 crore while profit before tax also increased to Rs 5.68 crore compared to Rs 5.55 crore in 1997-98. The company has recommended a dividend of 30 per cent. Warren Tea net falls Warren Tea Limited have recommended a final dividend of 40 per cent which together with the interim-dividend of 40 per cent already paid make a total of 80 per cent on equity shares.Despite registering an increase in turnover to Rs 119.65 crore from Rs 116.23 crore in the previous year, company’s net profit declined to Rs 18.57 crore from Rs 22.90 crore. Total expenditure during the year stood at Rs 89.48 crore against Rs 79.69 crore last year and gross profit at Rs 31.23 crore (Rs 37.63 crore) after providing Rs 2.42 crore (Rs 1.39 crore) for interest. Jindal Strips net Rs 32.79 Jindal Strips Limited
net profit for financial year 1998-99 dipped to Rs 32.79
crore, down 30 per cent from Rs 46.78 crore a year ago. A
company statement said interest payments surged to Rs
87.6 crore. The provision for depreciation shot up to Rs
62.1 crore from Rs 44.3 crore last year. Net sales and
income from operations was Rs 974 crore, up 20 per cent
from Rs 811 crore a year earlier. |
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