|Tuesday, April 18, 2000,
UN tech bureau takes up
22 projects in Punjab
Matiz enters Guinness
Portal on travel launched
French firm eyes Bathinda refinery
Asian markets bleed
TOKYO, April 17 Asian markets logged huge losses today after investors savaged Wall Street, slicing 8 per cent from Tokyos key Nikkei index and setting the stage for a steep tumble in Europe.
Panic-selling swept Asia after the biggest ever point-loss in the Dow Jones Industrials on Friday, driving Tokyo down 8.6 per cent, Seoul 11 per cent, Hong Kong and Singapore around 8 per cent, and stripping 5 per cent off Sydney.
The key thing is that investor psychology has changed from greed to fear, said HSBC Australia equity strategist John Banos, suggesting there was more pain to come for new economy stocks.
Asias new economy technology stocks took their cue from a 9.67 per cent slide in the Nasdaq composite index and plunged in nearly every market.
I think the trend for new economy, or technology, stocks will not only be weaker this week, but over the next three months, said Banos.
The three key U.S. Indices the Dow Jones Industrials, Nasdaq and SP 500 recorded their biggest ever one-day point declines on Friday, sliding 5.66 per cent, 9.67 per cent and 5.78 per cent, respectively.
Spurring the rout was economic data showing the U.S. inflation running at its fastest in five years.
Evidence that inflation is looming in the USA prompted the panic sell-off, said Lee Hae-Ho, an analyst at Daewoo Securities in Seoul.
In Chicago, June Nasdaq 100 Futures fell the overnight limit of 110-points on Globex Trae, setting the scene for more possible losses in the U.S. trading later in the day.
The dollar dropped more than 1.5 yen from early highs by midday in Tokyo as fears mounted over a possible further slide in the U.S. Stocks later in the day in response to sharp losses in Japanese share prices.
A part of the Greenbacks retreat was due to the absence of Bank of Japan dollar buying intervention despite wariness after Saturdays statement by Finance Ministers of the Group of Seven rich countries omitted mention of concern over yen strength.
Tokyo stocks plunged by midday on Monday, battered by a one-two punch from sharp losses in the U.S. Stocks and a planned reshuffle in the components of the Nikkei average, traders said.
Hong Kongs benchmark Hang Seng stock index punched below the 15,000 level for the first time since January 25, reaching 14,818.66 a drop of 8.2 per cent or 1,324 points after two minutes of trade.
bureau takes up 22 projects in Punjab
CHANDIGARH, April 17 They all talk of promoting agro-industry in Punjab. Here is a UN body offering small units help in sourcing technology, providing global market access and forging international partnerships. And agro-industry is on its priority.
Yet, barring two large units, none of the agro-based enterprises in Punjab has come forward to accept the UNIDO offer because, leave alone small units, even district-level officials of the Punjab Industries Department are not aware of its existence or role.
Punjab is one of the four States the other three being Gujarat, Andhra Pradesh and Orissa where this Vienna-based UNIDO body called the Technology Bureau for International Industrial Partnerships (TBIIP) has set up its focal point.
The objective, as Mr Rajiv Bhatnagar, National Project Leader of the TBIIP, puts it, is to facilitate the flow of investment and technology to and from India. The four-member team has 40 Indian projects on its hands.
Any small or medium enterprise wishing to upgrade or buy new technology or looking for global market access can approach the TBIIP focal point located at Udyog Sahayak in Punjab Udyog Bhavan here. Udyog Sahayak sends the project proposal to the TBIIP, New Delhi, through the Internet. The TBIIP flashes the technology, the product or the joint venture offer whatever it is globally on the Internet and brings the two parties together. The TBIIP helped a Hoshiarpur unit upgrade its polish technology from an Italian firm. A Mohali unit was assessed, but found too small for a joint venture and was instead advised to go in for agency service.
The TBIIP has at present 22 Punjab projects on fast track. The success rate of joint ventures is very small just 4 to 5 per cent, says Mr Bhatnagar.
Admitting general lack of awareness about the TBIIP focal point, Mr D.S. Guru, Director of Industries and Commerce, said this is a new concept. Four officials of the Industries Department have been sent to Hyderabad for training.
To familiarise the General Managers at the district level with the UNIDO role, the Department of Industries organised an interaction of TBIIP officials with industrialists whose project proposals are with the Udyog Sahayak at the CII complex here today.
A participant from Sangrur said: Many NRIs want to invest in Punjab, but they are sent back from Chandigarh. He asked the TBIIP officials to hold such meetings in the interior of Punjab.
Mr Guru clarified that Udyog Sahayak was not a regulator, but only a facilitator, a mediator to bring the two parties together.
NEW DELHI, April 17 (UNI) Daewoo Motor Corporations best-selling car Matiz broke a world record by driving into the Guinness Book of Records as the most fuel efficient car with a fuel efficiency of 32.01 km to a litre of petrol.
With this, the car broke the General Motors group company Holdens model Barinas world record of 29.11 km to a litre of petrol, a statement issued here said today.
Matiz entered the
Guinness Book of World Records for an economy drive from
Melbourne in South Darwin in the North on 121.83 litres
of regular unleaded fuel covering a distance of 3,899.8
km. Against Barinas record of 1,019 km, Matiz
stretched 1,111 km from Kulgera to Elliot on 34.44
NEW DELHI, April 17 A portal showcasing travel information on destinations worldwide was launched in the capital today.
According to Deepak Agarwal, promoter of myvaluetravel.com, to start with, Destination Mauritius is being offered and more destinations will be added every fortnight.
The experience in the travel industry has helped us identify the needs of a prospective traveller and host a site which gives him relevant content on his chosen destination and offers tailormade packages at value-for-money prices, Mr Aggarwal said.
firm eyes Bathinda refinery
NEW DELHI, April 17 Work on the proposed Rs 11,000 crore Punjab refinery in Bathinda is likely to begin soon with Hindustan Petroleum Corporation Ltd (HPCL) zeroing in on a French company, Totalfina, as its joint venture partner.
HPCL sources told TNS here that the company has signed a confidentiality agreement with the French firm for conducting further negotiations on the project.
The project had been delayed after the multinational giant Exxon pulled out of the Punjab refinery venture at the last minute. The PSIDC had stepped in as a make-shift arrangement to keep the project going.
It is understood that if the talks with Totalfina succeed, then the PSIDC would divest its 26 per cent stake in the venture in favour of the French partner.
The Punjab refinery had run into problems after the Planning Commission in a report pointed out that the refinery was not feasible as there was excess refining capacity in the country. Foreign joint venture partners were also hesitant to join hands with HPCL as during the last couple of years the prices of petroleum products had crashed which had resulted in low refining margins.
The land for the nine
million tonne refinery at Bathinda has already been
acquired by the Punjab Government and the refinery is
expected to process crude oil that would be carried
through an inter-state pipeline from the Gujarat coast.
DSQ posts 53 pc rise in net
DSQ Software has posted a net profit of Rs 22.4 crore for the quarter ended March 2000, which was 53 per cent higher than the immediate previous quarter ended December 31, 1999. The company achieved a sales of Rs 90.57 crore, 25 per cent higher than the last quarter.Ballarpur Indus
Ballarpur Industries recorded an over 200 per cent rise in the net profit at Rs 15.24 crore during the third quarter of this financial year against Rs 5.26 crore in the corresponding period last year.
Reliance results: Reliance Industries will announce results for the fiscal year ending March 31, 2000 on April 18 after the close of stock market hours. The results will be available on the Reliance website at http://www,ruk,cin frin 4.30 p.m. onwards on Tuesday.
Shree Krishna Petro: Shree Krishna Petro Yarns Ltd has posted a 24 per cent higher net profit of Rs 60.51 crore during the fiscal year ended March 31, 2000.
The company has declared an interim dividend of 18 per cent and fixed May 15 as the record date.
Surya Roshni: Surya Roshni has registered a 9.59 per cent growth in the net profit for the financial year ended March 31, 2000, at Rs 14.17 crore against Rs 12.93 crore in the fiscal 1998-1999. Surya had also declared an interim dividend of 15 per cent for 1999-2000.
Salora dividend: The Board of Directors of Salora International Limited today declared an interim dividend of Rs 2.50 per share for 1999-2000 and fixed May 25 as the record date.
Nagarjuna Fert: Nagarjuna Fertilisers and Chemicals plans to restructure its equity capital to unlock value for shareholders.
The Board of Directors has approved a scheme of arrangement for exchange of equity shares of NFCL for shares of its wholly owned subsidiary Nagarjuna Oil Corporation Ltd.
Panacea Biotech: Panacea Biotech today reported a rise of 143.25 per cent in the net profit to Rs 25.93 crore in the year ending March 31, 2000, from Rs 10.66 crore in last fiscal.
The company which announced an additional dividend of 50 per cent also witnessed a jump of 70 per cent in its turnover to Rs 195.13 crore in 1999-2000 from Rs 113.93 crore.
The Punjab-based pharma company recorded a growth of 66 per cent in the fourth quarter of 1999-2000 with its turnover going up to Rs 51.58 crore from Rs 31 crore in the previous year, a company statement said here.
The companys net profit shot up by 185.22 per cent to Rs 8.30 crore in the fourth quarter of 1999-2000, from Rs 2.91 crore in the corresponding period in the previous year.
Panacea Biotech is planning to enter the branded formulations market to maintain its growth rate.
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