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Disclosure norms for listed Cos eased
New Delhi, July 10
Market regulator Securities and Exchange Board of India (SEBI) today simplified disclosure norms for listed companies by amending Clause 41 of the Equity Listing Agreement.

Reliance Energy plans nuke power generation
To invest $15 billion in five years
Mumbai, July 10
Reliance Energy Ltd (REL) is planning a major foray into nuclear power generation, the company’s chairman and managing director Anil Ambani told shareholders at annual general meeting.

BSNL cuts roaming rates for foreigners
New Delhi, July 10
BSNL has reduced international roaming tariff for foreigners using its network in the country by up to 40 per cent.

Venugopal Dhoot Videocon eyes US market
New Delhi, July 10
Consumer goods major Videocon plans to list in the US market in two years by when it dreams of putting its products in American homes. 
                             Venugopal Dhoot 



EARLIER STORIES

 

ABS for Harleys

In this photo, Harley-Davidson Inc. shows the 2008 Night Rod Special. Harley-Davidson is offering customers the chance to put a little bit more safety into their rides by making anti-lock braking system (ABS) an option on 10 new models for the first time in 2008. The braking system will be invisible, so the classic motorcycles keep their cool looks, the company says.
In this photo, Harley-Davidson Inc. shows the 2008 Night Rod Special. Harley-Davidson is offering customers the chance to put a little bit more safety into their rides by making anti-lock braking system (ABS) an option on 10 new models for the first time in 2008. The braking system will be invisible, so the classic motorcycles keep their cool looks, the company says. — AP/PTI photo

GMR consortium wins Rs 11,000-cr Istanbul project
New Delhi, July 10
Amid stiff global competition from major airport construction companies, a consortium led by Indian developer GMR has bagged an about Rs 11,000-crore (two billion euros) project to modernise Istanbul’s second airport.

Infrastructure sector clocks 8.7 pc growth
New Delhi, July 10
The six core infrastructure industries have recorded a growth of 8.7 per cent in May thanks to a better performance by cement, steel, electricity and petroleum products.

Rupee Rally Fallout
Exports may miss target: Study
New Delhi, July 10
India witnessed second highest appreciation in its currency of 8.35 per cent between January and June 2007 after 9.28 per cent of Brazil among emerging economies that are in direct competition with Indian exporters, revealed Assocham Eco Pulse Study.

Yuan rises to highest since 2005
Shanghai, July 10
China's yuan had its biggest advance against the dollar in almost a month after Asian currencies that the central bank uses to monitor its exchange rate rose.

In this file photo, chairman of the French food group Danone Franck Riboud speaks to shareholders at the company's general meeting in Paris.
In this file photo, chairman of the French food group Danone Franck Riboud speaks to shareholders at the company's general meeting in Paris. The French dairy and mineral water giant Danone plans to make an offer for Dutch baby food group Numico valued at 12.3 billion euros ($16.7 billion), the companies said on Monday in a joint statement. — AFP photo

WB assures high loan momentum to India
New Delhi, July 10
At a time when India is focusing on integrated development approach to enhance its growth rate, the World Bank has assured to maintain high engagements with New Delhi by funding a number of new and innovative projects in the current fiscal.

Metro Tyres set to roll out in Europe
Chandigarh, July 10
After consolidating its operations in India and other Asian markets, Metro Tyres is now eyeing European markets with its wide range of two-wheeler and bicycle tyres.

Focus on agriculture, manufacturing sectors: Assocham
New Delhi, July 10
Assocham has cautioned the government against “excessive focus” on IT and ITeS and advocated the need for larger concentration on manufacturing, agriculture, services and other allied sectors.

India, Russia to set up task force on trade
Moscow, July 10
India and Russia will set up a joint task force (JTF) to boost bilateral trade to a level of $10 billion by 2010 from the present $2 billion, a senior official of the Indian government said.

RBI Governor meets FM
New Delhi, July 10
Amidst demand from exporters for special package to tackle the adverse impact of hardening of rupee against dollar, RBI Governor Y.V. Reddy today met finance minister P. Chidambaram here.

GAIL in pact with Apollo Tyres
New Delhi, July 10
GAIL and Apollo Tyres today signed an agreement for a steam conversion project based on waste heat recovery system from GAIL’s gas turbines. This rare, multi-benefit project would not only utilise Clean Development Mechanism (CDM) for power generation, but would also lead to conservation of gas and increased energy efficiency.

HDFC Bank’s net soars 34 pc
Mumbai, July 10
HDFC Bank today posted a 34.23 per cent increase in net profit at Rs 321.23 crore for the quarter ended June 30, compared to Rs 239.30 crore for the same quarter last year. The total income grew by 47.15 per cent to Rs 2,641.70 crore for the quarter ended June 30 from Rs 1,795.21 crore for the corresponding quarter a year ago, HDFC Bank informed the BSE. — PTI

In video
ICICI Bank joins Rs 1-trillion club.
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Disclosure norms for listed Cos eased

New Delhi, July 10
Market regulator Securities and Exchange Board of India (SEBI) today simplified disclosure norms for listed companies by amending Clause 41 of the Equity Listing Agreement.

"The revised Clause 41 of the Equity Listing Agreement shall come into force for all filings made to stock exchanges in respect of accounting periods commencing on or after July 1, 2007", SEBI said in a communication to all stock exchanges.

Under the revised norms, the companies furnishing unaudited financial results will be required to file a copy of the limited review report to the stock exchanges within two months from the end of the quarter.

With a view to enable investors know the performance as early as possible, companies have the option to furnish either unaudited or audited quarterly and yearly financial results to the stock exchanges within a month from the end of the quarter. These unaudited results, however, are subject to a limited review.

SEBI has also decided to simplify the provisions for explanation for variation between items of unaudited and audited quarterly/yearly annual results by restricting it to net profit, loss after tax and for exceptional/extraordinary items.

The regulator, however, has reduced the percentage of variation for revision from '20 per cent or more' to '10 per cent or Rs 10 lakhs, whichever is higher'. — PTI

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Reliance Energy plans nuke power generation
To invest $15 billion in five years
Tribune News Service

Mumbai, July 10
Reliance Energy Ltd (REL) is planning a major foray into nuclear power generation, the company’s chairman and managing director Anil Ambani told shareholders at annual general meeting.

The foray would be part of a $15 billion expansion plan, which would see REL generate a fourth of India’s fresh power capacity over the next five years, Ambani said. The company, he added, plans to generate 15,000 MW power by 2012. At present, REL generates 941 MW of power.

Ambani added that REL is awaiting rules on private participation in nuclear power generation to become clear before venturing into the field. The company, he said, planned to invest in the generation of 2,000 MW of nuclear power.

Ambani informed that the company would bid for the construction of two ultra mega power projects (UMPP), which would require an investment of Rs 40,000 crore. REL had been pre-qualified for the final bid for Krishnanpattanam UMPP, while it has submitted its request for the Tilaiya UMPP in Jharkhand, Ambani said.

REL, he said, planned to become an all-round player in the power sector. Apart from generating nuclear power, REL is bidding in the power transmission business and would bid for captive coal blocks to ensure fuel supply at reasonable cost.

Ambani said he wanted the government to reform the policy framework that governs the production and supply of natural gas and coal so that fuel is supplied at a reasonable cost and financial interests of the lenders are protected.

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BSNL cuts roaming rates for foreigners

New Delhi, July 10
BSNL has reduced international roaming tariff for foreigners using its network in the country by up to 40 per cent.

The reduction, effective from July 1, is likely to put pressure on private operators to replicate the reduction.

Currently, if a tourist using services of a European operator was to use BSNL’s network while on roaming in India, the average tariff is about Rs 50 per minute for an outgoing local or STD call, Rs 99 per minute for an ISD call and Rs 75 per minute for an incoming call.

For foreigners visiting India, the tariff for outgoing local/STD call is slashed to about Rs 30 per minute from Rs 49, while an ISD call will cost Rs 70 per minute from the earlier Rs 99. — PTI

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Videocon eyes US market

New Delhi, July 10
Consumer goods major Videocon plans to list in the US market in two years by when it dreams of putting its products in American homes.

"My dream is to enter the US market... we would like to enter the market as soon as we are ready. Probably in two years’ time. Once we enter the market, we will ring the Nasdaq bell," Videocon Group chairman Venugopal Dhoot told PTI.

Videocon could then join the likes of IT giants Infosys, Wipro and Satyam, which are listed on US bourses. While Dhoot himself could be rubbing shoulders with tech czars N.R. Narayana Murthy and Azim Premji, who rang the opening bell at the NYSE and Nasdaq.

"You cannot go haphazardly or half heartedly in the US market, because it is 'the market'. It is 40 per cent of the world's market. So when you want to enter the US market you have to be very cautious," he said.

The company's plant in Mexico could serve as the route to the US, he added.

Currently, 17 Indian companies are listed on the US bourses, six on Nasdaq and the remaining 11 on NYSE.

Infosys was the first Indian company to tap US exchanges with a listing on Nasdaq in March 1999. — PTI

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GMR consortium wins Rs 11,000-cr Istanbul project

New Delhi, July 10
Amid stiff global competition from major airport construction companies, a consortium led by Indian developer GMR has bagged an about Rs 11,000-crore (two billion euros) project to modernise Istanbul’s second airport.

“We have to pay a license fee of 1.93 billion euros ($2.57 billion) and we will invest 400 million euros in the beginning as part of the project cost,” GMR CFO Madhu Terdal said today.

The GMR Infrastructure Limited-led consortium faced stiff competition from Fraport, Venice Airport, Chicago Airport and two other local companies.

The consortium, in which GMR and Turkish firm Limak Insaat Sanayi own a 40 per cent stake each and Malaysia Airports Holdings Berhad the remaining 20 per cent, would develop the Sabiha Gokeen International Airport, which is second one at Istanbul after the Attaturk Airport.

“With this deal, we have made our first global footprint,” Terdal said, adding that “we have to take over the Sabiha Gokeen airport within the next three months.” He said Istanbul’s main airport, Attaturk, has already reached its peak capacity of 20 million passengers.

The Sabiha Gokeen project, to develop a new international terminal among other things, would be built on build-operate-transfer basis within 30 months and BOT concession would be for 20 years, he said.

The GMR-led consortium would also have to manage the existing domestic and international terminals till the new terminal is constructed. The existing terminal would become the domestic terminal once the new international terminal comes up, Terdal said. — PTI

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Infrastructure sector clocks 8.7 pc growth
Tribune News Service

New Delhi, July 10
The six core infrastructure industries have recorded a growth of 8.7 per cent in May thanks to a better performance by cement, steel, electricity and petroleum products.

The index of the infrastructure industries having a combined weight of 26.7 per cent in the Index of Industrial Production (IIP) and registered a growth of 8.7 per cent as compared to a growth of 7.2 per cent in May.

Better performance by cement, steel, electricity and petroleum products also helped the overall growth figures in first two months of 2007-08 to touch 8.1 per cent as against 7.2 per cent during the corresponding period in the previous year. In April, the index had risen to 7.4 per cent.

According to the official data released here today, production in the cement sector grew by 9.4 per cent in May as against 6.8 per cent in the same month in 2006.

Petroleum refinery production grew by 14.9 per cent as compared to 12.1 per cent in May last year.

Electricity production registered a growth of 9.3 per cent in May this year as against 5.1 per cent in the corresponding period last year.

Finished steel production was up by 11.8 per cent. The growth displayed by the sector in May last year was 10.7 per cent.

However, the production of crude oil went down by 1.6 per cent in May while the sector had grown 1.2 per cent in the same month previous year.

The growth of coal production declined to 0.9 per cent from 8.3 per cent in the same period previous year.

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Rupee Rally Fallout
Exports may miss target: Study
Tribune News Service

New Delhi, July 10
India witnessed second highest appreciation in its currency of 8.35 per cent between January and June 2007 after 9.28 per cent of Brazil among emerging economies that are in direct competition with Indian exporters, revealed Assocham Eco Pulse Study.

The fallout of rupee appreciation against dollar is expected to amount to deceleration of India’s exports proceeds to $145 billion against targeted figure of $160 billion for 2007-08, concludes the chamber.

The Assocham had undertaken a study on currencies of competing countries comprising China, Taiwan, Brazil, Indonesia, Malaysia, Hong Kong, Pakistan, Russia, Thailand, Bangladesh, Indonesia, South Korea and Singapore.

The appreciation of rupee from January to June 2007 is one of the second highest in developing countries taken for the study.

The Indian rupee has appreciated by around 8.35 per cent, Brazil by 9.28 pr cent, Thai by 7.56 per cent, Russia by 2.08 per cent, Malaysia by 1.98 per cent, China by 1.82 per cent whereas the appreciation in Singapore, Bangladesh, Indonesia, Pakistan and South Korea is less than 1 per cent and quiet insignificant.

On the other hand, the currencies of Hong Kong and Taiwan are depreciating which is a major concern as India competes with both these countries.

Releasing the study, Assocham president Venugopal N Dhoot forecast that modest rupee appreciation would contain export growth and if corrective measures are still missing, the rupee might fall below 40 against dollar in the next few weeks.

According to the study, the major export sectors that come directly under appreciation threat are IT & services, textiles, leather, sugar and pharmaceuticals.

Pakistan and China are performing better than India in textiles sector, as their currencies are not appreciating as high as Indian rupee. 

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Yuan rises to highest since 2005

Shanghai, July 10
China's yuan had its biggest advance against the dollar in almost a month after Asian currencies that the central bank uses to monitor its exchange rate rose.

The currency also ended a four-day decline as a government report showed the nation's trade surplus almost doubled from a year ago to a record $26.9 billion in June.

The yuan rose 0.23 per cent to 7.5838 in Shanghai, the strongest since the end of a dollar link in July 2005. The gain matched that of June 15, which was the biggest since June 12. — Bloomberg

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WB assures high loan momentum to India
S. Satyanarayanan
Tribune News Service

New Delhi, July 10
At a time when India is focusing on integrated development approach to enhance its growth rate, the World Bank has assured to maintain high engagements with New Delhi by funding a number of new and innovative projects in the current fiscal.

“We hope to maintain a similar momentum during the current year when a number of new and innovative projects, designed in India are likely to come up,” World Bank’s executive director Dhanendra Kumar has assured in a letter to the finance ministry.

The World Bank had extended a loan of $3.8 billion during 2006-07, which was 169 per cent more than previous year’s lending of $1.4 billion. This was the largest ever in the history of engagement of India and the World Bank for any single country.

This included concessional IDA (International Development Association) credits of $2.32 billion and IBRD (International Bank for Reconstruction and Development) loans of $1.5 billion. In addition, the IFC (International Finance Corporation) has funded $700 million in different projects in India.

Nearly one-third of IBRD lending during 2006-07 ($470 million) was designed to improve the quality of road networks in the states of Himachal Pradesh ($220 million) and Punjab ($250 million), Kumar said in his letter, a copy of which is available with The Tribune.

These projects are aimed at ensuring speedier movement of agriculture products to markets, help in reducing travel costs for people and improving their access to social service.

The project pertaining to strengthening rural credit cooperatives, with $600 million funding by the World Bank, one of the largest single projects funded in India or elsewhere by the World Bank during 2006-07, would support the programme to reform and revitalise the rural cooperative banks enabling significantly enhanced access to formal finance, especially for the small and marginal farmers, he said.

Since 1995, IDA has supported India with $11 billion through 62 projects. Three quarters of IDA lending has gone to rural development (28 per cent), health and nutrition (26 per cent), and education (20 per cent).

A major portion of the World Bank’s FY07 total lending — $1.6 billion — will support government rural development initiatives and one third of IBRD lending for infrastructure, including components of Bharat Nirman.

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Metro Tyres set to roll out in Europe
Amrita Dhaliwal
Tribune News Service

Chandigarh, July 10
After consolidating its operations in India and other Asian markets, Metro Tyres is now eyeing European markets with its wide range of two-wheeler and bicycle tyres.

The company is all set to enter the European market under its own brand ‘Ortem Tyres’ for two-wheelers. It already had a presence in the European market through Continental AG of Germany - the technology partner of Metro Tyres - and has now set up an overseas office in Barcelona.

Commenting on the development, Rummy Chhabra, managing director, Metro Tyres, said: “With the start of our operations in Europe, the company is taking a decisive step in establishing a platform for growth in Europe and it will allow us to remain close to our strategic customers in the region, develop local market and increase the profitability of our operations.”

“Our European strategy is similar to that pursued in the other overseas market, which centres on creating partnerships with well established companies having extensive product range, sales networks in their target markets. In addition, we intend to continue forming new agreements with original equipment manufacturers,” he added.

Metro has also signed up an agreement with Continental AG to roll out tubeless motorcycle tyres, which would be manufactured in India, primarily for overseas markets to cater to the demand of tubeless tyres among the global two wheeler players like Honda, BMW and Yamaha. It also plans to roll out these tubeless tyres in the domestic market.

Besides this, the company is also planning to set up a new manufacturing facility for motorcycle, scooter and three-wheelers tyres at an estimated cost of over Rs 50 crore in the tax free zones in north India. 

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Focus on agriculture, manufacturing
sectors: Assocham

Tribune News Service

New Delhi, July 10
Assocham has cautioned the government against “excessive focus” on IT and ITeS and advocated the need for larger concentration on manufacturing, agriculture, services and other allied sectors.

Policy makers should lay their focus more on manufacturing, agriculture, services and other allied sectors that contribute about 95 per cent to Gross Domestic Product (GDP) rather than confining to IT and ITeS, which contribute a meagre 5 per cent to the national GDP, Assocham president Venugopal N Dhoot said in a statement here.

“In view of Assocham, a focussed attention needs to be deviated from IT and ITeS to sectors such as manufacturing, which in totality contributes 17 per cent to GDP and agriculture whose contribution to it is less than 22 per cent,” Dhoot said.

He emphasised that India needs to understand the importance of the balance of 95 per cent of the economic activity which hover around manufacturing, wholesale and retail, tourism and travel, healthcare, education, construction and retail business worldwide.

The chamber also suggested encouraging the growth of small and medium enterprises (SMEs) to boost the manufacturing sector, giving successful examples from the US, Japan, Taiwan, Europe, South East Asia and Brazil.

Policies should be formulated in a way so as to attract maximum amount of investments and modern technology in sectors such as textiles, engineering, auto components and machine tools, he said, adding effective steps should also be taken to leverage the amount of foreign capital inflows in the country.

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India, Russia to set up task force on trade

Moscow, July 10
India and Russia will set up a joint task force (JTF) to boost bilateral trade to a level of $10 billion by 2010 from the present $2 billion, a senior official of the Indian government said.

The JTF would be set up by the end of this year when Prime Minister Manmohan Singh would visit Moscow for summit talks with President Vladimir Putin, commerce secretary G.K. Pillai informed at a meeting of Joint Study Group (JSG) on economic cooperation here.

According to Pillai, the proposed task force would monitor implementations of recommendations, covering goods, services and investments, as given in a 150-page-report prepared by the JSG.

The JTF would be a time-bound mechanism with the final goal of signing comprehensive economic cooperation agreement and free trade agreement with Russia, once it joins WTO, Pillai told reporters. — PTI

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RBI Governor meets FM

New Delhi, July 10
Amidst demand from exporters for special package to tackle the adverse impact of hardening of rupee against dollar, RBI Governor Y.V. Reddy today met finance minister P. Chidambaram here.

Both Chidambaram and Reddy refused to comment on what transpired during their hour-long meeting.

The meeting assumes significance as the Prime Minister’s Office would hold a meeting to clear a relief package for exporters.

The meeting also assumes significance as after 20 days, the RBI Governor is scheduled to announce the quarterly credit policy. — TNS

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GAIL in pact with Apollo Tyres

New Delhi, July 10
GAIL and Apollo Tyres today signed an agreement for a steam conversion project based on waste heat recovery system from GAIL’s gas turbines. This rare, multi-benefit project would not only utilise Clean Development Mechanism (CDM) for power generation, but would also lead to conservation of gas and increased energy efficiency.

B C Tripathi, director (marketing), GAIL and Mahesh Sharma, chief (legal), Apollo Tyres signed the agreement, a release said.

A first-of-its-kind project, it will be implemented by GAIL at its Vaghodia compressor station for supply of steam to Apollo Tyres within two years at a cost of about Rs 35 crore. The project is conceived as a CDM project under the Kyoto Protocol. TNS

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BRIEFLY

Ranbaxy Labs
Mumbai, July 10
Ranbaxy Laboratories today said it has received final approval from US Food and Drug Administration to make and sell hypertension drug, amlodipine besylate tablets, in America. The approval was given for multiple strengths of tablets in 2.5 mg, 5 mg and 10 mg, Ranbaxy said in a filing to the BSE. — PTI

Garware arm
Mumbai, July 10
Garware Offshore today said it has incorporated a subsidiary in Singapore for tapping potential business opportunities in oil and gas space. The 100-per cent subsidiary was christened as ‘Garware Offshore International Services Pvt Ltd’. The subsidiary was incorporated in view of the potential business opportunities that Garware Offshore Services is attempting to take advantage of in the oil and gas space, it said. — PTI

Vardhman plan
Mumbai, July 10
Vardhman Polytex today said it would raise $10 million through the issue of Foreign Currency Convertible Bonds (FCCBs) in overseas market. Yesterday, the company had received shareholders approval for raising $15 million through FCCBs. However, as per the suggestion of lead managers, the company at present proposes to issue FCCBs to the tune of $10 million with green shoe option of $2 million. — PTI

MSPL plans
New Delhi, July 10
MSPL Limited will invest more than Rs 18,000 crore to increase its capacity and set up steel and pellet manufacturing plants within the next five years, its top official said today. “We will be investing about Rs 18,184.5 crore in the next five years to increase mining capacity and fructify our business diversification plans, including setting up a five million tonne steel plant for forward integration,” MSPL executive director Rahul N Baldota said. — PTI

IndianOil order
Mumbai, July 10
Larsen & Toubro (L&T) today said it has bagged a Rs 542 crore order by Indian Oil Corporation Ltd (IOC) for construction related works at its Panipat refinery. The order is for the Motor Spirit Quality upgradation unit located at IOC’s refinery at Panipat, its associated utilities and offside facilities to meet Euro IV norms, L&T said in a filing to the BSE. — PTI

Orient Fans
Amritsar, July 10
Orient Fans has recorded an export growth of more than 25 per cent during the last financial year. According to N.N. Sharma, senior sales manager of the company, they have exported fans to countries like the USA, Europe besides West Asia and Africa. Addressing conference of dealers here, he said the company, with a market share of 25 per cent in the country, has produced more than 32 lakh units in its factories and were expected to grow by another 5 per cent during the current year. — OC

Mediaware
New Delhi, July 10
Mediaware Infotech has launched single ERP (Enterprise Resource Planning) for the entire advertising, broadcasting, publication and outdoor media industry. For businesses to take full advantage of Internet’s connectivity, it makes sense that today’s software should be designed as inter-locking modules for an entire industry, a release from the company said. — TNS

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