Wednesday, November 17, 1999
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B U S I N E S S | Wednesday, November 17, 1999 |
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Time ripe for action on
reforms: Jalan |
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Markfed faces woes of plenty
IA eases check-in |
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Time ripe for action on reforms: Jalan NEW DELHI, Nov 16 (PTI) — RBI Governor Bimal Jalan said today the country’s economic situation was ripe for carrying out fundamental reforms and hinted at creation of new financial sector intermediaries as part of the financial sector reforms. “We now have a window of opportunity as the economic circumstances are ripe. We are not fire fighting any more. This really is the time for action,” Jalan said inaugurating a seminar on “Mid-term review of Indian economy here organised by Assocham.He said RBI was working on creating new institutions in the financial sector for financial intermediation. “We need financial intermediaries of new sort. We will accomplish it over a period of time,” the RBI Governor said. Stating that the Indian economy has done well in the last six months despite the backdrop of problems both on the domestic and external front, he said “when things are good it is time to undertake some basic reform measures.” There was a long agenda on reforms, he said adding that the government would immediately get on with issues where there was a wide consensus. He identified public administration, legislative and judicial and institutional reforms as areas where there was consensus. Jalan said the Indian economy was looking good with (GDP) projected to grow at about 6 to 6.5 per cent in the current fiscal. “Things are looking good. In the backdrop of sanctions, downgrading, the South East Asian crisis and the Kargil conflict, we have done well when very few gave us a chance,” he said. On the strategy to be followed for reforms, RBI Governor said there was no “golden rule of management”. “Golden rules have to be evolved by us. The most important thing to take things as these evolve. We may make mistakes but we will learn from those mistakes,” he added. He said the outcome of Indian economic reforms would have been different if the country had carried on a pre-determined path. Warning against complacency, he said: “Don’t be too confident. A crisis can happen to the best of the economies. It will be a mistake for us not to attend to fundamental issues.” Earlier, NK Singh, secretary in the Prime Minister’s Office, said though there was a consensus in the country on reforms, there was a wide divergence on implementation strategy of reforms. “Everybody agrees
on disinvestment but there is a total lack of consensus
on the method of disinvestment,” he said. |
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NEW DELHI, Nov 16 (PTI) — The controversy over the Telecom Regulatory Authority of India’s proposal for making incoming calls free on cellular phones today took a new turn with the Department of Telecom (DoT) in the Delhi High Court challenging the regulator’s power to decide tariff for fixed phone users. Intervening in MTNL plea
against TRAI’s proposed calling party pays (CPP)
regime in which fixed phone subscribers will have to pay
extra charges for a call made to mobile phone, DoT
claimed the regulator has no powers to issue directives
under the Telecommunication Interconnection (Charges and
Revenue Sharing First Amendment) Regulation. A Division
Bench directed TRAI to file reply by November 22.
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Markfed
faces woes of plenty AMRITSAR, Nov 16 — The Punjab Government has decided to take up the ‘problem of plenty’ with the Food Corporation of India (FCI) as more than 45 lakh metric tonne of foodgrain is lying with Markfed. Due to the delay in movement of the foodgrain, Markfed is facing acute shortage of space for storing fresh stock due to which profit of Markfed, Asia’s biggest cooperative agency, is being reduced. This was stated by Mr Ranjit Singh Brahmpura, Cooperation Minister, while speaking at the 46th cooperative week here today. He said last year’s paddy was still lying unmilled with Markfed. As a part of the paddy procured last year had still not been milled and rice had not been moved out of the state, invested funds had been blocked. He said the procurement of paddy was not profitable business for Markfed but keeping in view interests of farmers, Markfed came forward and made a record purchase of paddy this year. Regarding the supply of urea, he said 2 lakhs mt urea was available and 40,000 tonnes more would be received shortly by Markfed to meet the demand of farmers. The minister distributed dividend of Rs 13.37 lakh to member societies of the district. Mr Jagdish Singh Walia,
Chairman, Markfed, said the institution, which had been
started with a capital of Rs 54,000, had an annual
turnover of Rs 4500 crore now. |
Visesh
issue opens on Nov 24 NEW DELHI, Nov 16 — Visesh Infosystems Limited, a 10-year old profit-making IT company, engaged in providing ERP solutions, E-commerce Services, IT consultancy, on-site and off-shore projects and educational services, is entering the capital market with a public issue of 27,75,000 equity shares of Rs 10 each for cash at a premium of Rs 40 per share aggregating Rs 1,387.50 lakh. Visesh is an ISO 9001 company and its clients include Tata Honeywell, Galaxy Surfactants, British Telecom, National Panasonic, Gabriel India, Hindustan Vegetable Oil, Marico, Max India, SRF, Phil Corporation, Verifone, and JCT. The issue opens on
November 24 and closes on November 27, according to a
company release issued here today. |
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NEW DELHI, Nov 16 (PTI) — Indian Airlines today introduced city check-in facility for passengers travelling with only hand bags and without registered baggage. Executive and economy class passengers of IA flights from Delhi can now check-in and obtain the boarding cards for their flight at the airlines’s main booking office at Safdarjung, the airlines said in a press release. Check-in for passengers at Safdarjung is permitted for flights up to two hours prior to the scheduled departure on the same day and the following day up to the last departure from Delhi at 11 pm. After collecting the
board card, the passenger only has to report at the
airport for security clearance and boarding 30 minutes
prior to the departure of the flight. City check-in
facility is also available in Mumbai, Calcutta and
Chennai.
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4 models
of Honda City car launched NEW DELHI, Nov 16 — Honda Siel Cars India Limited (HSCI) today launched four upgraded versions of the mid-sized car Honda City. The President and CEO of HSCI, Mr T Fujisaki said the upgraded versions have exterior features of multi-reflector head lights, sharply raked hood, redesigned fender, wider front bumper and broader front grill. The interior enhancements include central console with rotary AC control and extended wood finish dashboard. The new variants will be available in four products grades — 1.3LXi, 1.3 EXi, 1.5EXi and 1.5 EXi-AT (auto transmission). The average increase in the prices has been by Rs 9,000 only. The Ex-showroom (Delhi)
price of 1.3 LXi is Rs 6,05000, 1.3EXi is Rs 6,76000, 1.5
EXi is Rs 7,57000, and 1.5 EXi/AT is Rs 8,16000. |
LML, Piaggio part ways NEW DELHI, Nov 16 PTI) —Warring partners in the scooter joint venture LML — Piaggio and Singhanias — today announced an out-of-court settlement with the Singhanias buying out the entire stake of the Italian partner. LML would purchase 23.6 per cent of the capital held by Piaggio Vespa B.V at a price of Rs 14.06 per share and the Italian company would also transfer its entire 28 per cent shareholding in Vespa Car Company Ltd (VCCL) to LML or its nominees, LML said in a statement. A settlement agreement between the two companies was executed yesterday, subject to required approvals and compliance of certain obligations by the respective parties. Piaggio would also pay LML in consideration of termination of all contracts including cessation of non-competition obligations $5.5 million (about Rs 23.65 crore) and would not claim any refund of the advance share application money at Rs 8.8 crore paid earlier. The statement said the Italian company would become free to set up any business in India, including competing business of LML, except manufacture of motorised two- wheelers powered with lateral engine till the end of 2007. As per the settlement, the joint venture agreements of LML and VCCL with Piaggio would be terminated with LML’s exclusivity also getting cancelled. Piaggio would pay a sum
of Rs 13.55 crore as subversion payment in its capacity
as co-promoter of VCCL. LML would be free to export all
vehicles, except the four-stroke scooter (ET-4) which
would be permitted to export only after December 31,
2007. |
CA-Escosoft joint venture NEW DELHI, Nov 16 — Computer Associates today joined hands with Escosoft Ltd, a software subsidiary of Escorts, to develop solutions for telecommunications and health-care industries in the country. The two companies will develop, market, license and service telecommunications and health-care solutions based on Unicenter TNG, and Jasmine ii. “CA will provide sophisticated technology and financial support,” the Chairman and CEO of CA, Mr Charles B Wang, said. “Escorts will provide extensive knowledge of the Indian telecommunications and health-care markets,” Mr Rajan Nanda, Chairman of Escorts, said. The two companies have
entered into a 50:50 joint venture with an initial
start-up investment of around Rs 60 million. |
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CHENNAI, Nov 16 (PTI) — Ashok Leyland has posted a whopping 50 per cent spurt in sales during October aided by the overall economic revival and the pick up in core sectors like cement. The company sold 2,642 vehicles during October as against 1,674 vehicles a year ago and looked set to notch-up a growth of between 18 and 20 per cent for the current financial year, a company official said here. The company sold 1,713 medium-duty goods vehicles during the month under review compared to 1,059 vehicles a year ago, he said while ruling out any long-term impact from the recent hike in the diesel prices. “The hike will only have a temporary marginal impact on sales and there is no likelihood of it affecting sales in the full year. The company will achieve a 20 per cent growth in 1999-2000 over the last fiscal year. The company had sold 15,450 vehicles in the first six months of the current financial year as against 12,086 vehicles in the same period of 1998-99. In the passenger bus segment, Ashok Leyland sold 911 buses during the month compared to 584 a year ago with total production moving up from 761 vehicles to 1,052 vehicles in this period. In the light commercial
vehicles segment, the company sold 18 vehicles in October
compared to 31 last year.
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