 |
|
|
Industry scoffs at forced job quota
Global giants violate FERA
Left divided on use of farm land for industry
$125 b exports targeted
UP woos investors
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Forex reserves up
Mobile network congestion on the rise: TRAI
CBoP hikes deposit rates
CORPORATE RESULTS
PHARMA UPDATE
|
|
Industry scoffs at forced job quota
New Delhi, July 28 Having made it clear that any legislation from the government to implement quotas in the private sector would be “unwelcome” and “counter- productive”, the industry, which has already submitted its plan for affirmative action to the Prime Minister has assured it will expand its employee base through a variety of measures. The action plan brought out by the CII-Assocham committee headed by Dr J J Irani, Director Tata Sons outlines the actions that will be taken by the Industry to live up to its social obligation. It was mentioned a Code of Conduct for the inclusion of SC/STs into the private sector is likely to be adopted by October this year. The report on affirmative action, which was released on Friday, has proposed mentoring 100 SC/ST entrepreneurs a year, providing for 50,000 scholarships in reputed institutes of higher learning, and setting up special coaching centres to improve the quality of schools in select districts, among other measures. Reiterating that merit should not be a casualty in the wake of the proposed reservation for SC/STs and OBCs, the report lays emphasis on the need to provide access to quality education, thereby making the candidates capable of competing. The proposed programmes will not be applicable to the “so-called creamy layer of SC/STs”. The report says the Industry will “help establish coaching programmes in universities to lower the dropout rate among SC/ST students, partner government in modernising the apprenticeship training scheme and induct more apprentices from SC/ST sections”. Industry will also expand existing partnerships with NGOs for assistance to mid-day meal programmes and establish 50 of the proposed 100 new scholarships for students from the reserved sections in national institutes of excellence like IITs and IIMs and create five scholarships for them to study overseas.” Releasing the report, Mr R. Seshasayee, President of the CII, said: “the Prime Minister was complimentary on the report when we met him day before yesterday. He was happy that the industry would be accountable for its work. He commented that the industry should continue competitiveness while saying that the SC/ST economically backward should also progress forward.”
|
|
Global giants violate FERA
New Delhi, July 28 In its ruling earlier last week, Appellate Tribunal for Foreign Exchange also confirmed a penalty of Rs 36.12 crore imposed by the Enforcement Directorate (ED) on them, official sources said here today. Terming this as an important case for the Directorate of Enforcement, they said violation by the Indian arms of the foreign companies related to payment of salaries to their expatriate employees working here in foreign currency. This was done without the permission of the RBI and the Enforcement Directorate had issued various show-cause notices to Motorola India (P) Ltd, Nokia India (P) Ltd, Sony India, Fuji Bank, Bank of Tokyo-Mistubishi Ltd, Sumitomo Mitsui Banking Corporation and Deutche Bank AG on the ground that they had contravened the provisions of Section 8(1) of FERA, 1973. The Act "casts the responsibility on the persons resident in India who have any amount of foreign exchange due or accrued in their favour to get the same realised and repatriated to India within the specific period and the manner specified by the RBI." — PTI
|
|
Left divided on use of farm land for industry
Kolkata, July 28 However, the Chief Minister of West Bengal, Mr Buddadeb Bhattacharjee, will be signing an agreement with Salim Group of Industries on July 30 for transferring 10,000 acres of agricultural land at Uluberia, south 24-Parganas and other places for new industries and infrastructural development. After the meeting, the Left Front Chairman, Mr Biman Bose, who is also the CPM's state committee secretary, disclosed that there had been no unanimity among the partners on transferring of land to Salim Group vis-à-vis the compensation package for the present land owners. He, however, said there would be a scope for changing and amending clauses of agreements, when the final agreement would be signed. He said the Left today okayed the new industrial proposal in the state with private investments and transferring of unused agricultural land to the Salim Group for new industrial projects. But, the front chairman admitted that not only the front partners like the CPI, RSP and Forward Bloc raised objections, even some ministers and other veteran leaders in the CPM were against handing over the agricultural land to industries. Meanwhile, the TMC leader, Ms Mamata Banerjee, once again reiterated that they would continue their fight to stop transferring of agricultural land to Salim Industries and Tata Motors.
|
|
$125 b exports targeted
New Delhi, July 28 Chairing a meeting of the Export Promotion Councils, Commerce Minister Kamal Nath today urged the exporters to aim at achieving $125 billion exports during the current financial year, thereby almost doubling India’s merchandise exports in three years from $63 billion in 2003-04. “With the sustained 20 per cent plus export growth witnessed in the past couple of years, I am confident that $150 billion merchandise exports will be achieved well before the target date of 2009, enabling India to increase its share in world trade to at least 1 per cent”, Mr Kamal Nath said. Imports during 2005-06 were valued at $142.4 billion as compared to $111.5 billion in 2004-05. Excluding oil imports, India has a favourable trade balance. The councils and commodity boards raised several sector-specific issues ranging from the creation of a corpus of Rs 1,000 crore to focus on export promotion in the handicraft sector (EPCH) to withdrawal of duty on imported diamonds and for devising a mechanism to save exporters from heavy incidence of the fringe benefit tax (EEPC). They asked for reintroduction of the Target Plus scheme and extending the benefits under the Focus Market scheme to all countries in Latin America and Africa.
|
|
UP woos investors
Lucknow, July 28 ''The government is a continuous process and the political parties come and go, but policies remain in place'', he said in his inaugural address at the two-day seminar on strengthening of food processing and marketing facilities in Uttar Pradesh. If Mr Amar Singh has his way, vodka made from the state's surplus potato crop may soon become a reality. Uttar Pradesh, which is the top most producer of potato in the country, has not been able to provide the farmers adequate returns, specially in districts like Farukhabad and Etawah, as most of the surplus goes waste when the bumper crop floods the market.
|
|
Mumbai, July 28 Besides, in keeping with the international best practices, the RBI has included $76.3 billion as a reserve in the IMF. — UNI
|
|
Mobile network congestion on the rise: TRAI
New Delhi, July 28 Kolkata, Anand, Tarn Taran and Hoshiarpur recorded 100 per cent congestion levels, the telecom regulator said, adding that the worst affected PoIs, where congestion levels was 80 per cent or more, came from private operators to BSNL. The congestion in percentage for calls from Bharti, Hutch, Reliance Infocomm, Idea Cellular, and Tata Tele to BSNL in Sasaram (86.21 per cent), Himantnagar (93.03 per cent), Junagarh (89.17 per cent), Surendernagar (88.26 per cent) and Jammu (80.24 per cent).
— UNI |
|
CBoP hikes deposit rates
Mumbai, July 28 The rates have been increased from 5.75 per cent to 6.1 per cent and from 6.25 per cent to 6.6 per cent respectively, a CBoP spokesperson said here today. For senior citizens, the rates stand revised at 6.85 per cent and 7.35 per cent from 6.5 and 7 per cent, respectively.
— PTI |
|
NHPC net up 20 per cent
New Delhi, July 28 The corporation registered profit after tax of Rs 742.75 crore in 2005-06 as against Rs 684.58 crore last year. The sales of the corporation have gone up from Rs 1,668 crore to Rs 1,714 crore. During the first quarter ended June 30, 2006, NHPC earned a net profit after tax of Rs 229 crore as against Rs 191 crore during the corresponding quarter previous year, registering an increase of 20 per cent. NFL profit grows
National Fertilisers Limited (NFL) has posted an increase of 67 per cent in its net profit at Rs 37.48 crore for the quarter ended June 30 as compared to Rs 22.45 crore for the same quarter in 2005-06. The total income increased by 21 per cent to Rs 833.48 crore for the quarter ended June 30 from Rs 689.03 crore for the corresponding period last year. SAIL net up 23 pc
Steel Authority of India Limited (SAIL) has reported a 23 per cent increase in its profit after tax for
the quarter ended June 30 at Rs 1,386 crore as against Rs 1,126 crore in the corresponding period last fiscal. SAIL Board also gave an in-principle approval to six capex plans, involving an expenditure of Rs 11,000 crore. The sales turnover of the company for the quarter under review grew by 29 per cent at Rs 8,412 crore as compared to Rs 6,520 crore in the year-ago quarter. Petronet net up
Petronet LNG Ltd has reported an a 43 per cent jump in its net profit in the first quarter of current fiscal. The company has reported net profit of Rs 56.08 cr in Apri-June, up from Rs 39.13 crore in the same quarter last year. The company's net
sales rose by 10 per cent to Rs 1,019.08 crore as against Rs 921.23 crore in the previous year. BPCL posts loss
Bharat Petroleum Corporation Ltd (BPCL) has posted a net loss of Rs 677.30 crore for the quarter ended June 30, as compared to net loss of Rs 431.30 crore for the same quarter in 2005-06. The total income (net of excise) increased by 34.93 per cent to Rs 21,717.90 crore for the quarter ended June 30, from Rs 16,095.30 crore for the corresponding quarter a year ago, the company said. East India Hotels
East India Hotels Ltd, a part of the Oberoi group, today posted an increase of 44.66 per cent in net profit at Rs 24.68 crore for the quarter ended June 30 as compared to Rs 17.06 crore for the same quarter in 2005-06. The total income increased by 30.62 per cent to Rs 203.35 crore for quarter ended June 305 from Rs 155.67 crore for the corresponding quarter a year ago.—
TNS, Agencies |
|||||
|
Wockhardt Q2 net dips
Mumbai, July 28 The total income increased by 5.28 per cent to Rs 292.7 crore for the second quarter ended June 30 from Rs 278.1 crore for the corresponding quarter a year ago. The group posted a net profit of Rs 63.4 crore for the quarter ended June 30 as compared to Rs 77.5 crore for the same quarter in 2005-06. The total income of the group increased to Rs 414.5 crore for the quarter ended June 30 from Rs 380.4 crore for the corresponding quarter a year ago. Cadila Healthcare
Cadila Healthcare Ltd has posted a 2.71 per cent rise in net profit at Rs 49.2 crore for the quarter ended June 30 as compared to Rs 47.9 crore for the same quarter in 2005-06. Total income (net of excise) increased by 7.81 per cent to Rs 375.4 crore for the first quarter in 2006-07 from Rs 348.2 crore in the year-ago period. The group reported a consolidated net profit of Rs 58.4 crore for the quarter ended June 30 as against Rs 34.2 crore in Q1 05-06. Merck Q2 net Rs 84.23 cr
Merck Ltd has posted a net profit at Rs 84.23 crore for the quarter ended June 30 as against Rs 24.23 crore for the corresponding quarter in 2005-06. The total income (net of excise) was Rs 87.01 crore for the second quarter ended June 30 whereas the same was Rs 114.89 crore for the corresponding quarter a year ago. Ipca Laboratories
Ipca Laboratories Ltd has posted a decline of 5.87 per cent in net profit after tax at Rs 24.34 crore for the quarter ended June 30 as compared to Rs 25.86 crore for the same quarter in 2005-06. The total income net of excise and sales tax increased by 7.08 per cent to Rs 222.18 crore for the first quarter ended June 30 from Rs 207.48 crore for the corresponding quarter a year ago. Dr Reddy’s net up
Dr Reddy’s Laboratories has posted a net profit of Rs 139.8 crore for the quarter ended June 30 as compared with Rs 34.7 crore for the corresponding quarter last year, reflecting an increase of 303 per cent. Its revenue rose to Rs 1,400 crore for the quarter ended June 30 as against Rs 560 crore for the quarter ended June 30, 2005, witnessing a growth of 151 per cent. The growth was driven by combination of growth in core businesses, contributions from acquisitions and authorised generics opportunity. Unichem Labs
Unichem Laboratories has posted a lesser net profit at Rs 25.20 crore in Q1 FY 07 as against Rs 32.3-crore in the previous corresponding quarter of last fiscal. The company’s sales in Q1 FY 07 stood at Rs 141.70-crore, an increase of 16 per cent over the previous corresponding quarter’s figure of Rs 122.3-crore.
— Agencies |
|||||
bb
Calsoft to buy 66 pc stake in Japanese Co Toshiba relief Expansion plan Inflation down
|
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
