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IPO Scam
RBI hikes CRR by 0.50 pc
Honeywell in talks with HAL for engines
PHDCCI proposes rural business hubs in HP
Price rise: MPs want ban on future trading in wheat
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Overseas liabilities of banks touch Rs 2,45,533 cr
ONGC to invest Rs 13,000 cr
Punjab may get
2 textile parks
Oracle offers Rs 2,100 for i-flex share
Bihar sugar industry attracts Rs 4,600 crore
Malaysia's IOI to buy Aditya Birla’s palm oil biz
GAIL buys 30 pc in Myanmar block
IFCI can sell Haryana Steel’s NPAs: HC
PNB to raise Rs 400 cr
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Illegal beneficiaries to be dislodged, says FM
Tribune News Service & PTI
New Delhi, December 8 "Irregularities have taken place and we have detected the beneficiaries of this... we have caught them and punished them," Finance Minister P. Chidambaram said in the Lok Sabha during question hour. "...But a system has been put in place to detect such irregularities in future so that no one could make multiple applications during any IPO. Now quoting the permanent account number (PAN) has been made mandatory for making any application," the minister said. He, however, said no bank had lost any money in the IPO scam and assured the House that all those participants who became illegally rich would be dislodged and fresh allotment of shares would be made in favour of those deserving. The RBI has imposed monetary penalties on 10 commercial banks, namely Bharat Overseas Bank, Indian Overseas Bank, Vijaya Bank, ICICI Bank, HDFC Bank, Standard Chartered Bank, Citibank, IDBI Ltd, ING Vysya Bank and Centurian Bank of Punjab, Mr Chidambaram said. Elaborating on steps taken by the government, he said all the Depository Account (DP) holders will have to submit their PAN by December 31 this year, failing which their DP accounts would be frozen. The modus operandi of those involved in the irregularities was that they opened multi-fictitious accounts to corner a major portion of shares reserved for retail investors. There were 105 IPOs that hit the market over the period. Last month, it asked depositories NDSL and CDSL and their eight participants to cough up about Rs 116 crore for not being alert to prevent these irregularities. Stake in banks not to fall below 51 pc The stake of the government in public sector banks in the country would not be diluted below 51 per cent and its proposed acquisition of the RBI’s holding in SBI would not adversely affect the capital raising ability of the country’s largest bank. The government's stake in public sector banks would always be at least 51 per cent, Finance Minister P Chidambaram said. To a question on government's efforts to acquire RBI's stake in SBI, he said the country's largest bank has a comfortable capital adequacy ratio of 12.63 per cent as on September 30 this year, which is well above the minimum regulatory requirement of 9 per cent. "Hence, transfer of RBI shareholding in SBI to the Government of India would not in any way adversely impact the capital raising ability of the bank," Mr Chidambaram said.
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RBI hikes CRR by 0.50 pc
Mumbai, December 8 The CRR, the amount of money and assets which banks must keep with the RBI at any given time, will be increased to 5.25 per cent on December 23 and to 5.5 per cent on January 6, 2007, from the current 5 per cent, the central bank said. The RBI decision could push housing and personal loans upward as all lenders would have to deposit a higher percentage of their assets with the apex bank. The hike would absorb about Rs 13,500 crore of resources of banks. The increase comes just a day after Finance Minister P Chidambaram said it was premature to talk about overheating in the economy. "The recent reduction in prices of petrol and diesel will moderate inflation, but the overall impact on inflation expectations requires to be monitored," the RBI said. It said conditions in financial markets were stable and orderly. The external sector was also strong and current account deficit is likely to be close to the trend, and will continue to be accommodated by net capital flows. The decision to increase CRR would be applicable to all banks, including commercial banks, regional rural banks, state co-operative banks. — PTI
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Honeywell in talks with HAL for engines
Bangalore, December 8 He expects the discussions to lead to a memorandum of understanding between the two firms. Mr Saxena said global aerospace major Pratt and Whitney was in dialogue with HAL to enter into a broad-based partnership agreement covering areas, including energy, research and development and manufacturing. HAL had already inked a pact with Pratt and Whitney Canada (P&WC) for an aircraft maintenance, repair and overhaul (MRO) centre in Bangalore. In the industrial and marine gas turbine area, HAL intended to go in a very big way and is looking for partnership with leaders, including GE and Pratt and Whitney. HAL is bullish on MRO opportunity. "We have never been in civil aircraft MRO business. This is going to be one of our key business areas. We intend to get into it in a bigger scale". The number of civil aircraft flying in India was expected to go up from the current 250-plus to nearly 600 by 2011-2012. "All aircraft will need servicing. MRO is going to be a very big business", he said. Mr Saxena also said HAL was making a "substantial investment" as it was undertaking a major upgradation of infrastructure at its units in various parts of India. "We are getting into export in a big way", he said, adding that "we will export components to P&WC". HAL would recruit 500 management trainees this year. He ruled out introducing a voluntary retirement scheme in HAL.
— PTI |
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PHDCCI proposes rural business hubs in HP
Shimla, December 8 Te state had immense potential for export of handicrafts and agro-based products, particularly organic agro produce which, if properly exploited, could transform the rural economy. Rural ‘haats’ should be set up in collaboration with the private sector and promoted through the Union Ministry of Tourism, and the state Tourism Department. The Centre had already launched an initiative to develop rural tourism hubs which should be integrated with panchayati raj institutions (PRIs) for effective functioning. The PHDCCI felt that besides promotion of cottage industries and handicrafts, a good network of engineering and foundry industries, agro-based and livestock-based industries could be created in Una, Hamirpur, Kangra, Bilaspur, Sirmaur and Solan districts. The districts of Kulu, Shimla, Chamba, Mandi, Bilaspur and Solan were suitable for horticulture and forest-based industries. The tribal areas of Kinnaur, Lahaul-Spiti and Chamba, besides Kullu and Shimla had scope for handicraft units. |
Price rise: MPs want ban on future trading in wheat
New Delhi, December 8 "Taking note of hardening of wheat prices in the market, the committee has recommended that the government should ban forward/future trading in wheat so as to contain the prices of foodgrains in the open market,", the committee report tabled in Parliament said. The Standing Committee on Ministry of Consumer Affairs, Food and Public Distribution, headed by Mr Devendra Prasad Yadav, "urged that the essential items of mass consumption need not be included in the list of items for which forward/future trading is permitted". "Sadly the purpose for which the future/forward market was permitted to trade in foodgrains, including wheat, has not yielded the desired results, especially to small farmers," the report said, adding that consequent upon the rise in future/forward price of wheat, the end retail prices had also risen. "On the one hand, the farmers have not been able to reap the benefit of future trading and on the other, the consumer is made to pay a high price, on account of speculation and other market manipulations," the report said. In its action taken report, the ministry said the Forward Markets Commission, the regulator for commodity futures trading, had been keeping a close watch on futures trading in wheat.
— PTI |
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Overseas liabilities of banks touch Rs 2,45,533 cr
New Delhi, December 8 In the mid-term review of annual policy statement for the year 2006-07, the RBI has proposed to modify the norms for authorised dealer banks to borrow funds from their overseas branches and correspondent banks (including borrowings for financing export credit, ECBs and overdrafts from their head office/Nostro account) up to a limit of 50 per cent of their unimpaired Tier I capital or $10 million, whichever is higher, as against the earlier overall limit of 25 per cent (excluding borrowings for financing export credit). Short-term borrowings up to a period of one year or less, however, should not exceed 20 per cent of unimpaired Tier I capital within the overall limit of 50 per cent. Mr Pawan Kumar Bansal, Minister of State for Finance, gave this information in reply to a question in the Lok Sabha today. Scheme for senior citizens
The government has constituted an expert group to ensure that the interests of small investors be protected and they be given new avenues for safe investment of their savings. The expert group on protection of interests of small investors has recommended a new scheme, to be called “Senior Citizens Inflation Protection Savings Scheme”, to ensure a certain real rate of return to senior citizens. |
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ONGC to invest Rs 13,000 cr
Mumbai, December 8 The ONGC has multibillion dollar infrastructure offshore consisting of platforms, rigs, pipelines, among other things. The offshore logistic provides support through marine logistic, air logistic, inspection and marine repair and pipeline division with an operating budget of $350 million.
— UNI |
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Punjab may get 2 textile parks
New Delhi, December 8 The Plan panel had recommended that at least two textile parks should be set up in Punjab while stipulating that the number of parks should not exceed 30 under the 10th Plan, they said. Till now, the government has cleared 26 textile parks under the current Plan period that ends in March 31, 2007. The Centre has received two proposals from Punjab-- Abhishek integrated textile park in Sangrur and Ludhiana integrated textile park, Ludhiana, a Textile Ministry official confirmed. Out of the 26 parks cleared under the SITP, none has come in Punjab. The Abhishek textile park would be set up with an investment of Rs 110 crore in around 75 acres in Sangrur district by the Trident group in association with six other promoters. The other park at Ludhiana has been promoted by 60 local entrepreneurs who have floated a company -- Ludhiana Integrated Textile Park Ltd --for the purpose. They plan to set up the park in about 150 acres of land.
— PTI |
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Oracle offers Rs 2,100 for i-flex share
Mumbai, December 8 Oracle would now shell out Rs 2,100 per share, a 42 per cent premium to the original offer of Rs 1,475 each. This is the highest price paid by Oracle for shares of
i-flex in which Oracle already owns 55.07 per cent. Oracle CEO Larry Ellison said in a statement "this is the last opportunity for
i-flex shareholders to tender their shares to Oracle”. Oracle Corporation has substantially raised the open offer price for
i-flex from Rs 1,475 per share to Rs 2,100 per share in its bid to raise its stake in
i-flex to 90 per cent. The open offer for the shareholders of i-flex will close on December 23.
— PTI |
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Bihar sugar industry attracts Rs 4,600 crore
Patna, December 8 Bihar has been included in the select list of states by the Petroleum Ministry which are allowed to produce ethanol, a purified form of alcohol, which would be used as additives in petrol. Bihar follows the Brazil model, which is known to be the largest producer of ethanol to use as additives in petrol to overcome its fuel shortage. The minister hoped that all new and renovated sugar complexes, once fully operational in the next two-three years, could produce around 500 MW of excess power to sell to the Bihar State Electricity Board. |
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Malaysia's IOI to buy Aditya Birla’s palm oil biz
Kuala Lumpur, December 8 The deal would make IOI the world's biggest vegetable oil-based fatty acid producer in the world. The proposed acquisition of Pan Century Edible Oils and Pan Century Oleochemicals will be funded by cash and borrowings, IOI said. The Pan Century Group first set up operations in Malaysia in 1978 and commanded a quarter of the country's market share in the 1990s. It competes with other refiners owned by Kulim, IOI Corp Bhd and the Kuok Group's Pasir Gudang Edible Oils Sdn Bhd. Pan Century owns one of the largest single location vertically integrated palm oil refinery and oliochemical complexes in the world. The proposed purchase is due to be completed by March 2007, subject to the approval of the Ministry of International Trade and Industry.— PTI |
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GAIL buys 30 pc in Myanmar block
Mumbai, December 8 The company now holds a participating interest in 17 exploration blocks, along with national and international consortium partners, Of these, seven are on-land blocks and 10 are offshore blocks. In India there are 13 blocks which are in basins such as Mahanadi, Bengal, Gujarat (Saurashtra), Mumbai, Cambay, Assam-Akaran and Cauvery. The company has also got a stake in the A-1 and A-3 blocks in Myanmar and Block No 56 in Oman.
— UNI |
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IFCI can sell Haryana Steel’s NPAs: HC
New Delhi, December 8 The judgment by a Division Bench of the court upheld the decision by a single judge Bench, which was challenged by HSAL, seeking that the IFCI be restrained from selling its non-performing assets to Kotak Mahindra Bank, the highest bidder with an offer of Rs 5 crore. HSAL had sought directions to the IFCI that it should reconsider one-time settlement (OTS) offer of Rs 5.2 crore instead of selling the company's assets.
— PTI |
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PNB to raise Rs 400 cr
Kolkata, December 8 Regarding his plan to go global to improve PNB's business portfolios further within the next one year, Mr Gupta said so far PNB had operated only one full fledged overseas branch at Kabul in addition to three representative offices in Shanghai, Dubai and London.
— UNI
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Federal Bank branch in Amritsar
Amritsar, December 8 |
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Inflation down
New Delhi, December 8
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UTV to buy stake in gaming Cos M&M sale
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