 |
|
|
Sells residual stake for Rs 2,360 cr
Himachal Pradesh impresses RBI
Iran may put LNG deal on backburner
TRAI for lower FDI in Internet services
BHEL eyes revenue of $10 b by 2012
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
Crores go down the drain due to piracy: Study
PNB opens subsidiary in UK
Lupin takes majority stake in Symbiotec Pharmalab
Allengers plans overseas expansion
Electrolux unveils highest-priced refrigerator
Whirlpool to invest $20 m
|
|
Sells residual stake for Rs 2,360 cr
New Delhi, May 10 "We have sold the entire shares held by the government in Maruti at an average price of Rs 797 a share to raise Rs 2,360 crore," minister of heavy Industries and public enterprises Sontosh Mohan Dev told newspersons after the bids were opened. Maruti shares today closed at Rs 764.65 on the bourses. The government had fixed a floor price of Rs 760 for the sale. The government had offered 2.96 crore shares in the company, representing 10.27 per cent stake. Of this, LIC got all 1.3 crore shares it had bid for at a price of Rs 800 per share. The country's biggest insurer, which earlier held 8.1 per cent, now controls 12.5 per cent and has become the second-largest shareholder in the company. "The shares would, however, be transferred to LIC in September when the shareholders of Suzuki Motor Corporation, which owns the company, amend the Articles of Association. Suzuki officials have already given a go ahead to LIC increasing its stake in the Maruti to over 10 per cent," P.V. Bhide, secretary in the department of disinvestment said. In all, 32 financial institutions and mutual funds were alloted shares. State Bank of India was the second most successful bidder and got 83 lakh shares at Rs 775 per
share. — PTI
|
|
Himachal Pradesh impresses RBI
Shimla, May 10 RBI Governor Y.V. Reddy, who is on three-day visit to the state, discussed plans at a high-level meeting with the government here today. He said with e-banking becoming order of the day, school children must have knowledge of basic principles of economics, financial and banking sectors. To achieve this, financial education will have to be introduced in some form or the other at an early stage in the schools. To make this dry subject interesting and comprehensible, the study material can be in the form of comic books, he suggested. The apex bank will fund any such scheme, he suggested. The bank will provide all necessary assistance to the state so that it could take full advantage of the expanded reach of banking network by switching over the electronic clearing system (ECS) for making payments. To beign with, social security pensions and other social welfare schemes will be brought under the ECS. The beneficiaries can voluntarily opt for the ECS mode and will not be mandatory initially. The Governor also acceded to the state’s request for converting the remaining 23 non-banking treasuries into banking ones. He also assured that the state’s request for opening a branch of the bank at Shimla will be considered favourably. He also promised to look into the possibility of allowing the state cooperative bank to carry out commercial banking like scheduled commercial banks. Chief Minister Virbhadra Singh urged Reddy to approve the merger of the liquidated Mandi Urban Cooperative Bank with the state cooperative bank to secure the money of the depositors who had posed faith in the cooperative banking system. He urged the RBI authorities to relax the norms for opening more state cooperative bank branches within and outside the state. The CM also raised the matter pertaining to grant permission to multi-national companies keen to invest in industrial and hydro-electric projects in the state. He said that a liberal attitude needed to be adopted in case of foreign companies generating income and employment. |
|
Iran may put LNG deal on backburner
New Delhi, May 10 In a report to the Prime Minister's Office on his meeting with Iranian President Mahmoud Ahmadinejad last month, petroleum minister Murli Deora said Tehran has assured it was committed to the Iran-Pakistan-India pipeline project and the LNG contract on equal terms. But the ministry's assessment was Iran would prioritise the IPI project and continue to push for a renegotiation of the LNG deal on the price or will put in on backburner, Deora said in the report. Sources said Deora told Ahmadinejad that Iran should supply 5 million tonnes a year of LNG at the June 2005 agreed price of $3.215 per million British thermal unit (mBtu) and New Delhi was willing to pay a higher price for an additional 2.5 million tonnes a year of LNG. The June 2005 contract had LNG prices linked the Brent crude oil price with a cap at $31 per barrel. Now Iran wants to raise this ceiling to $55 raising the LNG price to $4.78 per mBtu. India, sources said, has offered it is willing to pay $4.78 per mBtu for additional LNG, thereby averaging the cost for 7.5 million tonnes of LNG to $3.74 per mBtu. Tehran was willing to honour the June 2005 price only if the additional 2.5 million tonnes bought at $7.92 per mBtu, so as to average the price to $4.78 per mBtu. Deora, however, said reneging on the LNG contract by Iran would signal a setback not only for the energy relationship between the two countries but would also be a dampener on the prospect of Indian private sector participation in other sectors of the Iranian economy. The agreement signed in June 2005 for supply of 5 million tonnes per annum of LNG by Iran is a legally complete and binding contract, which should be honoured, he said in his report. Ahmadinejad's expression, during his meeting with Deora had given a renewed, albeit faint, ray of hope to an otherwise hopeless position of the LNG contract, he added.
— PTI |
|
TRAI for lower FDI in Internet services
New Delhi, May 10 TRAI said the ISPs (Internet Service Providers) having 100 per cent FDI equity should be given two years for reducing foreign holding to 74 per cent. In its recommendations to the Department of Telecom (DoT), the regulator suggested levying an entry fee of up to Rs 20 lakh along with a uniform licence fee of 6 per cent of gross revenue. TRAI recommended replacing the free entry fee by Rs 20 lakh for the national level ISPs and Rs 10 lakh for state level ISPs licences. A uniform licence fee of 6 per cent of AGR was recommended along with minimum annual licence fee of Rs 50,000, Rs 10,000 and Rs 5,000 for national level, state level and district level service providers. This could increase the cost of internet and broadband services if the regulator’s suggestions are accepted. “Out of 700 licences issued within three years of opening of ISP sector to private service providers, only 389 licences exist on Thursday. As per the performance monitoring report with TRAI, only 135 Internet service licences are functionally active,” TRAI said. Internet services in India should be at par with the global standards and the interest of consumers in terms of affordability and reliability should be uppermost, it added.
— UNI |
|
BHEL eyes revenue of $10 b by 2012
New Delhi, May 10 The company unveiled a ‘Strategic Plan 2012’ that would enable it to grow at a 20 per cent compounded annual growth rate (CAGR) and achieve a turnover of $10 billion by 2011-12, which is two and a half times its present turnover of $4 billion, a company release said. The power plant equipment industry, which constitutes a major chunk of BHEL’s business, anticipates rapid growth. The growth plan is driven by capacity and capability enhancement that will leverage the company’s efforts in its core area of power, supported by its industry, transportation, transmission, exports and spares and services businesses. In order to retain its competitive edge in the face of mounting competition, various capability-building initiatives will shortly be put in place across the country. BHEL will position itself as a regular EPC contractor in the international markets besides pursuing the mergers and acquisitions (M&A) route to avail inorganic growth opportunities to enlarge the company’s operations and reach in the export markets. The company has gained high growth momentum in the international business and is now targeting a seven-fold increase in physical exports from current levels. With the establishment of manufacturing capacity of 10,000 MW per annum by the end of 2007; BHEL has embarked upon an ambitious plan of enhancing its manufacturing capacity to 15,000 MW per annum with a total investment of around Rs 3,200 crore, for the XI Plan. |
|
Crores go down the drain due to piracy: Study
New Delhi, May 10 In a study conducted by Assocham on `Combating counterfeiting: brand protection’ which will be released here tomorrow, it has been pointed out that other counterfeit products such as gear parts, oil seals, filters, gaskets, brake liners which are very expensive are flooding the market with estimated adverse impact of 25-30 per cent to their genuine manufacturers. Smuggled cigarettes, as per findings of study in India, are estimated at Rs 1,700 crore in value and account for 5 to 7 per cent of the market. The revenue loss estimated on account of this stands at Rs 1,500-Rs 2,000 crore. Assocham president Venugopal N. Dhoot said petroleum adulteration was estimated to be worth more than Rs 15,000 crore and kerosene meant for distribution under public distribution system (PDS) is many a times, used for adulterating petroleum. Counterfeit automotive parts worth appox Rs 200 crore are sold annually in India, which constitutes nearly 35 per cent of the market share of automobile parts. These counterfeit parts are of low quality and hence the consumer’s safety is at stake, Dhoot said. The annual financial impact on entire fabric industry that goes into making of suitings and shirtings is Rs 1,000 crore and the way this menace is increasing, the impact is going to be more and more in future. The study has suggested that a tribunal type of authority should be created, comprising experts for presiding over the proceedings and deliver judgements like sales tax, excise, customs etc. as in the remote areas, this subject is new for the lower judiciary. This rampant duplication is also affecting India’s reputation in the area of IPR protection. The study, therefore, has also recommended changes in law, trial, rules & procedures believed necessary to check the menace of duplications. The study also found that 61 per cent of computer software sold in the market was pirated since the prices of genuine software were so high that the end users find it difficult to afford and hence they resort to pirated version of the software. |
|
PNB opens subsidiary in UK
New Delhi, May 10 “We are pleased to have received the authorisation from the Financial Services Authority, UK, for starting operations of our bank’s subsidiary in London and unveiling our range of services to the UK market,” CMD of PNB S.C. Gupta said, according to a press note issued by the bank here. Vinod Rai, secretary (financial sector), ministry of finance, Government of India, who was the chief guest, said “UK is India's second largest trade partner, accounting for about 5 per cent of India's total foreign trade in goods. With bilateral trade between India and the UK set to grow further, PNBIL will provide an essential link between these two diverse markets.” For business customers, PNBIL will offer tailored banking facilities, trade and loan finance. PNBIL will also enable customers to transmit remittances to and from India. With connectivity throughout India via computerised network, PNBIL has a comparative advantage over other banks in UK.” |
|
|
Lupin takes majority stake in Symbiotec Pharmalab
Mumbai, May 10 In a communique to the Bombay Stock Exchange, Lupin said it has signed a memorandum of understanding with SP for a joint venture by making an equity investment for a majority stake. "This alliance enables us to aggressively pursue our strategic initiative to participate in the Steroids formulation business in chosen global markets including the US and Europe," Lupin chairman Desh Bandhu Gupta said. The company, however, did not disclose the financial details of its investments in Symbiotec Pharmalab. "We have proven track record of having achieved global position in every therapy we have entered at API (active pharmaceutical ingredients) level. We would endeavour to repeat the same in the field of steroids as well," Gupta added. The global steroid market is estimated to be worth over $10 billion in size and is growing at about 8 per cent annually.
— PTI |
|
Allengers plans overseas expansion
Chandigarh, May 10 This was stated by the MD, Suresh Sharma, and director overseas operations, R.S.Kanwar, while addressing media persons here today. The duo said though the export turnover of the company was around Rs10 crore, they were planning to double their target for exports during this year. “With the opening of the overseas offices, we will be able to market our goods better in South East Asia, Europe, South America and Africa, and get a strong foothold in the global market,” they said. The company will also be expanding its manufacturing facilities at Dera Bassi and Baddi in order to cater to its global expansion plans. |
|
Electrolux unveils highest-priced refrigerator
Mumbai, May 10 The range will be exclusively available to customers only in metros and state capitals. Speaking on the occasion, Anirudh Dhoot, CEO of Electrolux, said, “The main focus of Electrolux is to cater to the consumer needs and wants, just as our brand philosophy ‘Thinking of you’.” Electrolux conducted an extensive research across India on the specific requirements of Indian consumers for food
preservation. — UNI |
|
|
Whirlpool to invest $20 m
Hyderabad, May 10 The company also announced that it will invest $20 million over the next 18 months for new product support in India.
— UNI |
Cairn India Indiabulls GDR DaimlerChrysler Intel launch Awarded |
||||||
|
| 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 | |
