Wednesday, May 5, 1999
today's calendar
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B U S I N E S S | Wednesday, May 5, 1999 |
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spotlight today's calendar |
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Delhi Govt to challenge
S. Court order on cars |
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Punjab, Haryana improve
rankings |
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Goldman Sachs ups
Reliance Ind rating Bachchan case not before mid-June Honda products unveiled Santro to adopt Euro-II
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Delhi Govt to challenge Supreme Court order on cars NEW DELHI, May 4 (PTI) — The Delhi Government today said the Supreme Court order restricting registration of petrol and diesel private non-commercial vehicles to 1,500 per month in the National Capital Region (NCR) was “unimplementable” and would soon move the court for modification. “The order directing registration of cars on a first come, first serve basis was unimplementable as there are 21 registration points in the NCR of which nine are in the Capital,” Delhi Chief Secretary Omesh Saigal told PTI. “We will suggest the court to centralise registration of all vehicles once a month at one point by drawing lots through computer,” he said. The Chief Secretary said at present vehicles were registered after the consumer had bought it and if the Supreme Court order was to be implemented then those vehicles owners who do not get the registration “after the first come, first serve” facility was exhausted he would suffer a huge loss. The Supreme Court had said that only 250 diesel and 1250 petrol private non-commercial vehicles complying with Euro-I emission norms would be registered from June, 1, 1999, till March 31, 2000 in the NCR. No such vehicle would be registered if it did not conform to Euro-II norms. Saigal said: “We will be discussing the matter with the Attorney General tomorrow and thereafter move the court for modification of the April 29 order.” Saigal said several car manufacturers claimed before the court that their cars conformed to Euro-II norms at present while some others said their cars were Euro-I compliant at present. “However, only Hyundai and Matiz today give certificates that their products conform to Euro-I emission norms,” the Chief Secretary said. The court had directed the registration authorities to register only those vehicles which possessed certificates from the manufacturers on the emission norms. Saigal said if the first
come, first serve principle was to be followed,
registration would be decided by a draw of lots and the
owners who did not get registration for their vehicles
should get back their money from the dealers. |
Punjab,
Haryana improve rankings NEW DELHI, May 4 — States and Union Territories in the northern region — Delhi, Haryana, Punjab, Rajasthan and Uttar Pradesh — have improved their rankings in terms of per capita income during the 16 year period (1980-81 to 1996-97), with Delhi continuing to occupy the top slot, according to Assocham. The analysis showed that Delhi which topped the list with a per capita income of Rs 4,030 in 1980-81 held to its first position in 1996-97 with Rs 19,779. Goa enjoyed the second rank both in 1980-81 and 1996-97. Punjab, Haryana, Rajasthan and Uttar Pradesh improved their state-wise rankings. While Punjab moved from the fourth position to number three (Rs 2,674 to Rs 18213), and Haryana from seventh to the fifth position. Its per capita income went up from Rs 2370 to Rs 16199 during the period. Rajasthan’s per capita income rose from Rs 1,222 to Rs 8,481. Its ranking improving from the 27th position to 19th, while Uttar Pradesh went up from the 26th position to 23rd. Its per capita income improved from Rs 1278 to Rs 6733. Jammu and Kashmir and Himachal Pradesh , however, performed poorly, going down from the ninth to 26th position and 11th to 18th position, respectively. Their per capita income in 1980-81 was Rs 1776 and Rs 1704, which rose to Rs 6181 and Rs 8747, respectively in 1996-97. Bihar had per capita income of Rs 917 only in 1980-81 and it was at the bottom of the list of 28 States and the Union Territories . In 1996-97 also, Bihar was at the bottom with per capita income of Rs 3835. No less that 10 States were downright losers with J&K putting up the worst performance having slipped from the ninth position to 26 th position. J&K, however, scored over Bihar by two points. Haryana and Rajasthan
were top winners in the case of state domestic product at
current prices as they improved their ranking by two
points each. |
Goldman Sachs ups Reliance Ind rating NEW DELHI, May 4 (UNI) — Goldman Sachs and Company Investment Research today upgraded the rating of Reliance Industries Limited’s shares to the Asia recommended list from market outperformer on expectation of a significant generation of the company’s free cash this fiscal. The investment research arm of Goldman Sachs and Company said Reliance will generate free cash of around Rs 1450 crore during 1999-2000. It has put the target price of Reliance’ domestic share at Rs 200 by the end of the next fiscal, which would still place it at the low end of its global and regional peers and represents 53 per cent upside. The research body kept the target price of the GDR issue at $ 9.65. The research body said Reliance’ dividends is expected to rise to Rs 6 per share by 2001 from Rs 3.8 in 1999. Net debt to capital should fall to 24 per cent by March 31 next from 41 per cent currently The research wing said,’’ though we are trimming our estimates for the company’s earning growth to 6 per cent at Rs 1998 crore during this fiscal and 11 per cent at Rs 2312 crore during 2000-2001, Reliance will still compound earnings by 16.5 per cent over the next two years’’. Goldman Sachs and
company said in a statement here that the estimates were
reduced on account of later than expected commissioning
of new units at Jamnagar and a stronger rupee. |
Bachchan case not before mid-June NEW DELHI, May 4 (PTI) — The case of AB Corporation Ltd, formerly Amitabh Bachchan Corporation Ltd (ABCL), is unlikely to come up for hearing before the Board for Industrial and Financial Reconstruction (BIFR), at least till mid-June due to the long list of companies pending with the board in 1999. The loss making ABCL’s case was registered with the BIFR on March 22, wherein the corporation sought to be declared as sick company claiming that its net worth had been eroded. ABCL, with net worth (share capital and reserves) of Rs 60.52 crore, has so far accumulated losses of Rs 68.51 crore. BIFR sources said. They said ABCL is the
60th company registered with the BIFR. |
Honda
products unveiled NEW DELHI, May 4 — Honda Siel Power Products Limited today launched new products including portable generators, general purpose engines, water pumpsets, outboard motors (for fishing boats), lawn mowers and agri-appliances like tillers and reapers. The brand name has been
changed from Shriram Honda to Honda. Siel Chairman
Siddarth Shriram said the company has set a growth target
of 20 per cent during the current financial year and the
current capacity utilisation is 65 per cent. |
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NEW DELHI, May 4 (UNI) — Hyundai Motor India today announced its plan to introduce Euro-II compliant Santro this month. The company has decided to start customer orders for the Euro-II compliant Santro from now, the deliveries are expected to commence shortly. While the cost-push
factors are expected to result in an upward pressure on
prices in the range of Rs 25,000, the company is yet to
decide the extent that can be passed on to customers.
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| results |
Tata Info declares 1:2 bonus, to pay 70% MUMBAI, May 4 (PTI) — Tata Infotech Ltd today declared a bonus in the ratio of 1:2 and hiked its dividend by 10 per cent to 70 per cent for the year ended March 31, 1999. The net profit grew by 34.13 per cent to Rs 46.05 crore on a turnover of Rs 392.78 crore, up from Rs 324.26 crore in the previous year. Videocon MUMBAI, May 4 (PTI) — Videocon International has reported a 6.7 per cent growth in net profit in 1998-99 at Rs 132.07 crore, compared to Rs 123.83 crore in the previous year. The total turnover during the year was Rs 2434.52 crore as against Rs 2107.76 crore in the previous year. Hero Honda NEW DELHI, May 4 (PTI) — The net profit of Hero Honda Motors Ltd (HHML) is likely to go up by over 65 per cent to Rs 120 crore during the just-ended fiscal year as compared to the Rs 77 crore net profit in the previous year. The leading four-stroke two-wheeler manufacturer of the country is expected to record Rs 170 crore profit before tax (PBT) in 1998-99 as its turnover is likely to be Rs 1,500 crore during the year, top company officials told PTI. Glaxo India MUMBAI, May 4 (UNI) — Pharmaceutical major Glaxo India Limited today said its net profit in the first quarter of financial year 1999 (Jan-Dec) was Rs 13.32 crore. Glaxo said its sales in the latest period were Rs 170.7 crore. The company did not provide comparable figures for the same period of the previous year. Glaxo India has entered into an agreement with ICI India Ltd, during the period for the purchase of ICI’s veterinary product brand together with its goodwill and manufacturing recipes. Crisil MUMBAI, May 4 (UNI)
— Credit Rating Information Services of India
Limited (Crisil) today said its net profit for the
financial year 1998-99 (Apr-Mar) was Rs 12.5 crore, up by
26 per cent from Rs 9.92 crore in the previous fiscal
year. The net profit has gone up despite taxation
provisions of Rs 8.3 crore in the latest year against Rs
5.5 crore last year. The company has also recommended a
dividend of Rs 5.50 a share. |
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| Forex rates MUMBAI, May 4 (PTI) — The following were interbank forex and RBI rates (in rupees per unit) US $ Rs 42.74/75 The RBI reference rate was Rs 42.75. Silver falls VIP website |
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