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THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

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B U S I N E S S

Spectrum Allocation
Govt accepts TEC report
GSM players upset; COAI challenges norms
New Delhi, November 1
The government today accepted the report by DOT’s technical wing, a move that will make it difficult for players like Airtel and Vodafone to get additional spectrum and which has upset the GSM industry in the country.

TDSAT order on AGR Centre moves SC
New Delhi, November 1
The Centre today moved the Supreme Court challenging TDSAT’s order that held that income from dividend and interest on savings, capital gains as well as benefits from foreign exchange should not be a part of the adjusted gross revenue (AGR) of telcom companies.

Exports grow despite strong rupee
New Delhi, November 1
Withstanding the rupee pressure, the country’s exports showed a healthy growth of 19.26 per cent while imports posted a moderate 2.31 per cent expansion in September.

RBI had factored in US fed rate cut: Chidambaram
New Delhi, November 1
Union finance minister P. Chidambaram said today that the RBI had factored in the expected interest rate cut by the US federal reserve in its quarterly review of the monetary policy on Tuesday.



EARLIER STORIES

 
A model launches Kodak Easy Share M-series range of zoom digital cameras in New Delhi on Thursday.
A model launches Kodak Easy Share M-series range of zoom digital cameras in New Delhi on Thursday. These cameras are in the price range of Rs 10,000 to Rs 14,000. — Tribune photo by Mukesh Aggarwal

Govt defers NELP launch again
New Delhi, November 1
The government has pushed back by a month the launch of the much-delayed seventh round of auction of oil and gas areas under New Exploration Licensing Policy (NELP).

Oil touches $ 96 a barrel
Deora meets Manmohan, Chidambaram
New Delhi, November 1
Caught in a difficult situation of steering clear of resorting to a fuel price hike, union Petroleum minister Murli Deora today met Prime Minister Manmohan Singh and union finance minister P Chidambaram to discuss measures to check the losses of the state-owned oil companies due to the record increase in crude oil prices.

Loan rates to remain stable, say bankers
New Delhi, November 1
Housing, auto and personal loan seekers can relax as major bankers have said that interest rates are not likely to go up following the Reserve Bank of India’s (RBI) decision to suck out more funds from the banks which normally makes borrowings costlier.

RBI norms for bank directors
Mumbai, November 1
The RBI today tightened the norms for appointment of directors on boards of banks and asked the nationalised banks to lay down appropriate criteria for elected directors.

SBI raises select FDR by 0.75 pc
Mumbai, November 1
The State Bank of India has increased fixed deposit rates on select maturities. The Reserve Bank had on October 30 increased by 50 basis points the proportion of deposits that banks have to keep in reserve to 7.5 per cent. As per the changes, one year to 550 days fixed deposit would attract interest at 8.75 per cent as against 8 per cent paid earlier.

SEBI told to resolve Reliance Power row
Mumbai, November 1
The Bombay High Court today refused to intervene in a matter alleging fraud of more than Rs 9,000 crore being committed by Reliance Power and disposed off the petition with direction to the SEBI to decide the complaint concerned.

M-cap tops 2 trillion
NMDC, MMTC most valued PSUs
Mumbai, November 1
National Mineral Development Corporation (NMDC) and MMTC have entered the coveted Rs 2 trillion market cap club, thus becoming most coveted PSUs after ONGC.

Glodyne acquires US firm
Mumbai, November 1
Technology services organisation, Glodyne Technoserve, has entered into a stock purchase agreement to acquire a 100 per cent stake in US-based Front Office TechnologiesInc at an estimated $ 3.34 million in an all-cash deal.

Corporate Results
BoB net rises 13.5 pc at Rs 327 cr

Mumbai, November 1
Bank of Baroda (BoB) has posted a 13.5-per cent growth in its net profit at Rs 327 crore in Q2 FY08 as compared to Rs 288.4 crore in the corresponding period last year.

Auto Scene
Maruti sales in Oct up 15 per cent
New Delhi, November 1
Maruti Suzuki India (MSIL) has reported a 14.96 per cent rise in its domestic sales during October at 64,258 units against 55,894 units in the same month last year.

 

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Spectrum Allocation
Govt accepts TEC report
GSM players upset; COAI challenges norms

New Delhi, November 1
The government today accepted the report by DOT’s technical wing, a move that will make it difficult for players like Airtel and Vodafone to get additional spectrum and which has upset the GSM industry in the country.

The move comes in the wake of GSM lobby, Cellular Operators Association of India (COAI) challenging the norms set by the Telecom Engineering Centre (TEC) on spectrum allocation and allows rival CDMA operators to offer mobile service under GSM technology.

The TEC recommended more than eight times increase in subscriber base for GSM operators to become eligible for additional spectrum and has lowered the subscriber base in certain areas.

Reacting to the news, Bharti chairman Sunil Mittal expressed anguish on behalf of the GSM operators. In a letter to Telecom Secretary D S Mathur, Mittal said the “outcome of the numeric exercise at TEC is a sad commentary on how international and time tested norms for spectrum allocation are being ignored.” He said the start up spectrum for new operators should be a fraction of the proposed 4.4 Mhz, given that Bharti is serving 50 million customers with an average spectrum of less than 8 MHz.

“Before the department moves ahead with the revised norms for spectrum allocation I would like to urge you to direct the department to demonstrate and guide the industry for efficient spectrum use by immediately withdrawing a large part of spectrum from MTNL each in Mumbai and Delhi and then run an efficient high quality network meeting all quality parameters laid out by TRAI and show the way to the world how best to manage spectrum without compromising the customer’s interest,” Mittal said in his letter to the telecom secretary.

TEC had submitted last evening its report on TRAI’s subscriber-linked spectrum allocation criteria to the Telecom Commission, which will be presented to Communication Minister A Raja later this week.

The much-awaited report has suggested higher thresholds for spectrum allocation across circles and has set stringent spectrum efficiency reforms.

It has retained TRAI’s recommendations of increasing subscriber base for awarding additional radio waves.

Some of the highlights of TRAI’s recommendations include increasing subscribers number 2-6 times for allocating additional spectrum beyond 4.4 MHz in case of GSM players and 2.5 Mhz for CDMA players, which was accepted by DoT.

The report said that there is ample scope of enhancing efficiency of spectrum utilization further by adopting increased use of the following In-Building Solutions (IBS). This is as per TRAI recommendations on spectrum related issues of May 13, 2005 in-building traffic of the order of 60 per cent.

The report has also suggested that new techniques such as Single Antenna Interference Cancellation (SAIC) are likely to become available in 2-3 years. This futuristic measure is expected to enhance capacity substantially. — UNI

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TDSAT order on AGR Centre moves SC

New Delhi, November 1
The Centre today moved the Supreme Court challenging TDSAT’s order that held that income from dividend and interest on savings, capital gains as well as benefits from foreign exchange should not be a part of the adjusted gross revenue (AGR) of telcom companies.

Under the National Telecom Policy, operators have to pay 15 per cent of their revenue to telecom department as revenue share or licence fee under the AGR regime.

The petition, filed through the DoT, seeking a stay on the tribunal’s order, was today mentioned before a bench headed by Justice Ashok Bhan.

However, Additional Solicitor General Gopal Subramanium did not press for an early hearing saying it was a statutory appeal and requested the bench to post the matter for hearing on November 19, the actual date of listing.

The sector tribunal’s ruling in August had excluded dividend, interest income among others from telecom companies’ AGR for calculation of licence fee to the government.

However, it had included income earned from telecom handsets given to subscribers bundled with their services in AGR for the purpose of licence fee. Besides, income earned from property rent, sale or lease of telecom towers, dark fibre line were also included in cellular operators’ AGRs. — PTI

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Exports grow despite strong rupee

New Delhi, November 1
Withstanding the rupee pressure, the country’s exports showed a healthy growth of 19.26 per cent while imports posted a moderate 2.31 per cent expansion in September.

Reflecting a squeeze in the margins for exporters, the export growth in rupee terms was only 4.31 per cent while imports, measured in domestic currency, declined by 10.51 per cent in September this year over the same month in 2006-07.

Exports improved to $ 12.79 billion in September from $ 10.73 billion in the corresponding month of last year. Imports rose to $17.21 billion from $16.82 billion, according of official data released here today.

The country narrowed its trade deficit to $ 4.42 billion in September from $ 6.09 billion in the year-ago period on the back of sharp drop in imports.

While the export growth has more than halved since last year, commerce and industry minister Kamal Nath maintained his optimism about touching the $ 160 billion target for 2007-08. “I am still confident that exports will pick up in the next few months,” Nath said.

He said slowdown in imports could be due to “seasonal factors” and did not reflect slackening of demand.

The Federation of Indian Export Organisations (FIEO) expressed satisfaction over the export performance despite rupee gaining over 10 per cent since March this year.

“It is good under the present scenario but many of the sectors are in bad shape. Besides, the trend during this period is better because the Christmas shipments start leaving,” FIEO director general Ajay Sahai said.

Exports for April-September period this year increased to $ 72.28 billion from $ 60.98 billion in the same months last year, showing a growth of 18.52 per cent.

However, in rupee terms the growth for the cumulative period of the first six months was only 5.34 per cent.

Imports for the first half of the year were $ 109.20 billion against $ 87.01 billion, showing a growth of 25.51 per cent. Measured in rupee terms, the growth was 11.66 per cent.

The total trade gap for first half of the year is placed at $ 36.92 billion against $ 26.02 billion.

Oil imports went up by 7.98 per cent in September at $ 5.49 billion against $ 5.09 billion. For the six-month period, the oil imports were $ 31.39 billion showing a growth of 8.26 per cent. — PTI

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RBI had factored in US fed rate cut: Chidambaram

New Delhi, November 1
Union finance minister P. Chidambaram said today that the RBI had factored in the expected interest rate cut by the US federal reserve in its quarterly review of the monetary policy on Tuesday.

The US federal reserve yesterday announced a 0.25 per cent cut in benchmark interest rate, which is expected to increase capital flow from foreign institutional investors in the stock market.

“I think the RBI has already factored that while announcing the monetary policy,” Chidambaram observed while commenting on the decision taken by the US federal reserve.

He said it was too early to comment about the impact of the US fed rate cut on the capital flows into the equities market. The FIIs have pumped in more than $ 3 billion in Indian stocks after the US fed reduced the discount rate.

He felt it was also too early to assess the impact of the US fed rate cut on inflation and rupee appreciation. — TNS

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Govt defers NELP launch again

New Delhi, November 1
The government has pushed back by a month the launch of the much-delayed seventh round of auction of oil and gas areas under New Exploration Licensing Policy (NELP).

NELP-VII was to be launched on November 5 but it would now be launched not before December 10, petroleum secretary M S Srinivasan said.

“Petroleum Minister Murli Deora had felt that the advancing of winter session of Parliament would make it difficult for him to attend any roadshows to be held to attract foreign participation in oil and gas exploration, if NELP-VII was to be launched on November 5,” he said.

NELP-VII, in which 57 oil and gas blocks would offered for bidding, would now be launched after winter session of Parliament ends on December 7.

“The present thinking is that the round may be announced soon after Parliament session and data rooms opened for viewing by interested companies. Roadshows in US, Europe and Australia be held only after the annual Christmas and New Year holidays get over. Alternatively, NELP-VII may itself be launched in January,” Srinivasan said.

The new round would be largest ever. In NELP-VI, India had offered 52 blocks with a gross area of 3,52,000 square km, which itself was many times bigger than earlier rounds.

NELP-VII had been postponed several times. It was originally due in March-April, but the controversy over pricing of gas from blocks won under earlier NELP rounds and shortage of drilling rigs forced the government to defer it several times. —PTI

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Oil touches $ 96 a barrel
Deora meets Manmohan, Chidambaram
Tribune News Service

New Delhi, November 1
Caught in a difficult situation of steering clear of resorting to a fuel price hike, union Petroleum minister Murli Deora today met Prime Minister Manmohan Singh and union finance minister P Chidambaram to discuss measures to check the losses of the state-owned oil companies due to the record increase in crude oil prices.

“We came here to discuss solutions (to high oil prices),” Deora said after meeting but declined to give details of the meeting.

Oil prices barrelled through new records of more than $ 96 in Asian trade today after the Federal Reserve lowered interest rates and following news of a surprise decline in US crude stocks.

Even though the state-owned oil companies had sought an increase in the prices of petrol, diesel, domestic LPG and kerosene for the public distribution system, the government last month had decided not to raise fuel prices. Instead the government had devised a package to take care of two-third of the Rs 55,000 crore revenue loss.

“Oil prices have gone up so much that we need to urgently find a solution,” Deora emphasised. He disclosed that the revenue loss would be nearly Rs 70,000 crore if prices remained at the present level.

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Loan rates to remain stable, say bankers

New Delhi, November 1
Housing, auto and personal loan seekers can relax as major bankers have said that interest rates are not likely to go up following the Reserve Bank of India’s (RBI) decision to suck out more funds from the banks which normally makes borrowings costlier.

Moreover, on deposit front, some bankers have said they are likely to maintain the current rates.

“I don’t see much pressure on housing loan and personal loan front although a few thousand crore from banks are going to be impounded by the Reserve Bank,” Punjab National Bank Chairman and Managing Director K C Chakrabarty said.

The RBI in its mid-term review of the credit policy, raised the Cash Reserve Ratio (CRR) by 0.5 per cent to 7.5 per cent appropriating Rs 16,000 crore of bank funds.

However, the RBI decision, the PNB chief said, would put pressure on Net Interest Margins of the banks which can be met by reducing cost of deposits or lowering the administrative cost.

“Anticipating the hike in CRR, we had already slashed deposit rates on selective maturities by 25 basis points a day before the policy announcement,” he said.

Some bankers are of view that since the busy credit season has started, increased credit off-take would take care of the impact of the CRR hike.

According to Oriental Bank of Commerce (OBC) Executive Director Allen C A Periera, housing, personal and auto loans are likely to remain at this level for time being. — PTI

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RBI norms for bank directors

Mumbai, November 1
The RBI today tightened the norms for appointment of directors on boards of banks and asked the nationalised banks to lay down appropriate criteria for elected directors.

The criteria for elected bank directors will include education qualification, experience and field expertise, track record and integrity.

The candidates who have defaulted on loans from any bank or financial institution would become unfit for the post of director on a bank board. Similarly, candidates who have faced adverse notices from any authority or regulatory agency will not be eligible for election as bank a director.

Each nationalised bank will be required to set up a committee comprising at least three independent or non-executive directors to determine the criteria for elected directors. — PTI

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SBI raises select FDR by 0.75 pc

Mumbai, November 1
The State Bank of India has increased fixed deposit rates on select maturities. The Reserve Bank had on October 30 increased by 50 basis points the proportion of deposits that banks have to keep in reserve to 7.5 per cent. As per the changes, one year to 550 days fixed deposit would attract interest at 8.75 per cent as against 8 per cent paid earlier.

For senior citizens, fixed deposits of the above mentioned tenure would be paid interest at 9.25 per cent, an increase of 0.75 per cent. The new rate would come into effect from November 7.

For term deposit of 13 months and 15 days, the new rate would be 9.25 per cent as compared to the previous rate of 9 per cent.

The current rate reduction is mainly a reflection of similar rate revision throughout the industry, it added. — PTI

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SEBI told to resolve Reliance Power row

Mumbai, November 1
The Bombay High Court today refused to intervene in a matter alleging fraud of more than Rs 9,000 crore being committed by Reliance Power and disposed off the petition with direction to the SEBI to decide the complaint concerned.

An investors association, Rajkot Shahar/Jilla Grahak Suraksha Mandal, had filed a PIL alleging that the promoters of Reliance Power had tried to subvert SEBI rules to evade more than Rs 9,254 crore required to be invested by them towards promoters contribution under SEBI norms.

The court pointed out that the petitioner association had filed complaints with the SEBI on October 18 and with the Company Law Board on the next day and there was no reason to believe that the SEBI would not act on their representations.

Counsel for Reliance Energy questioned the motive behind the petition, saying the second and third petitioners had became shareholders of the company only while filing the complaints. — UNI

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M-cap tops 2 trillion
NMDC, MMTC most valued PSUs

Mumbai, November 1
National Mineral Development Corporation (NMDC) and MMTC have entered the coveted Rs 2 trillion market cap club, thus becoming most coveted PSUs after ONGC.

They are now ahead of NTPC, SBI and BHEL, the other three PSUs, which are among the top companies in the 30-share Sensex. However, the share prices of NMDC and MMTC at about Rs 16,000 and Rs 40,500 respectively, virtually made brisk trading prohibitive.

NMDC surged 3.11 per cent to close at Rs 15,833.95 taking its market cap to Rs 2,09,261 crore, while MMTC gained 5 per cent to end at Rs 40,460 with a valuation of Rs 2,02,301.5 crore. — PTI

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Glodyne acquires US firm

Mumbai, November 1
Technology services organisation, Glodyne Technoserve, has entered into a stock purchase agreement to acquire a 100 per cent stake in US-based Front Office TechnologiesInc at an estimated $ 3.34 million in an all-cash deal.

Front Office Technologies has rich expertise across different verticals in the infrastructure management services space and the acquisition will add key new relationships in the banking and finance, media and FMCG domains in the US to Glodyne’s technology IMS business, Glodyne Technoserve’s CMD Annand Sarnaaik today said.

Front Office has clients such as American Express Bank, Standard Chartered Bank, Ogilvy and Mather Worldwide, Bartie Bogie Hegarty, Sotheby’s and Alchemy, among others. — PTI

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Corporate Results
BoB net rises 13.5 pc at Rs 327 cr

Mumbai, November 1
Bank of Baroda (BoB) has posted a 13.5-per cent growth in its net profit at Rs 327 crore in Q2 FY08 as compared to Rs 288.4 crore in the corresponding period last year.

"The profit is flat due to the impact of higher provisioning towards retirement benefits under new accounting norms AS 15. The bank has provided Rs 100 crore for transition liability for meeting the norms," BOB's CMD, Anil K Khandelwal said.

The total income was up by 35.8 per cent at Rs 3,334 crore in Q2 FY08 as compared to Rs 2,455.1 crore in the corresponding period last year.

Central Bank

The Central Bank of India has posted a modest 3.26 per cent growth in its net profit in first half of FY 08 at Rs 222 crore from Rs 215 crore in the year-ago period.

"The profit in H1 has not come up to our expectations, partly owing to the disbursal of over Rs 2,500 crore short- term loans to corporates, which will mature only in the latter half," the bank's CMD H A Daruwalla said.

Its capital adequacy ratio, however, increased to a comfortable 12.38 per cent from 11.52 per cent in the last fiscal, which the bank attributed to its recent Rs 800-crore initial public offering.

Birla Corp

Birla Corporation has reported its profit after tax a rise of 53 per cent at Rs 103.13 crore for the quarter ended September 30, as against Rs 67.54 crore in the corresponding period previous year.

The company also registered a turnover of Rs 455.83 crore as against Rs 417.06 crore in the corresponding quarter for the previous year. A company release said here today that its operating profit soared to Rs 159.73 crore from Rs 103.16 crore.

Punj Lloyd

Punj Lloyd has posted an over two-fold jump in consolidated net profit at Rs 89.44 crore for the quarter ended September 30 due to good execution of projects and substantial earnings from overseas. The company had earned a consolidated net profit of Rs 33.55 crore a year ago.

Net income of the group rose by 60.78 per cent at Rs 1,924.71 crore during July-September, compared to Rs 1,197.08 crore in the same period last fiscal.

The consolidated net income rose by 65.27 per cent at Rs 3,342.66 crore as against Rs 2,022.55 crore in the review period.

Shreyans Inds

Shreyans Industries has performed well for the half year ended September 30. The first half year turnover of the FY 2007-08 is Rs 11,678 lakhs, higher by 16 per cent against Rs 9,276 lakhs in comparison to last year.

The profits are at Rs 840.98 lakh up by 84 per cent from the first half cash profits of Rs 451.18 lakhs last year. The net profits is at Rs 542.48 lakhs are up by 230 per cent from the first half net of Rs 163.93 lakhs in the last year. — PTI, TNS

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Auto Scene
Maruti sales in Oct up 15 per cent

New Delhi, November 1
Maruti Suzuki India (MSIL) has reported a 14.96 per cent rise in its domestic sales during October at 64,258 units against 55,894 units in the same month last year.

The company’s exports during the month grew by 20.8 per cent at 5,157 units compared to 4,269 units in October a year ago.

Sales of MSIL’s flagship hatchback M800 in October fell by 29.5 per cent at 4,477 units against 6,354 units, while sales in the C segment comprising multi-utility vehicles, Omni and Versa, rose by 4.6 per cent at 8,110 units compared to 7,753 units in October 2006.

In the A2 segment comprising hatchbacks Alto, Wagon-R, Zen and Swift, the company's sales grew by 20.9 per cent in October at 47,077 units compared to 38,940 units in the same month a year ago.

GM India

GM India has reported a staggering 95 per cent increase in its vehicle sales during October at 6,139 units as against 3,153 units in the same month last year.

During the January-October period, the sales grew by 58 per cent to 48,367 units as against 30,686 units in the corresponding quarter last fiscal.

Bajaj Auto

Bajaj Auto Ltd has reported almost flat bike sales during October as it managed to overcome interest rate blues on the back of its newly-launched bike.

The company sold 2,48,307 units during the review month as against 2,51,022 units in the same month last year. Sales were primarily driven by its new model 125cc XCD DTS-Si.

“Despite the industry showing negative growth of 4-5 per cent during October, our sales are almost flat primarily on account of increased consumer interest in XCD, which sold nearly 45,000 units in the month,” BAL GM (marketing) Amit Nandi said.

TVS bike

TVS Motor Co has reported a 26.61 per cent dip in motorcycle sales during October as potential customers deferred plans to buy vehicles in the wake of higher interest rates.

Bike sales fell to 67,752 units in October as against 92,328 units in the corresponding month last year.

The company's total two-wheeler sales during the month also slipped nine per cent to 1,29,614 units as against 1,42,325 units in October last year.

"Sales are expected to move upwards with the launch of TVS Flame that will strengthen the company's presence in the executive segment, which accounts for over 50 per cent of the motorcycle market," the statement said.

M&M

Mahindra & Mahindra’s farm equipment sector has registered an overwhelming 87 per cent increase in exports in October. It clocked total sales of 11,186 tractors, including exports in October as against 13,384 in October 2006. The domestic sales volume for the month stood at 10,500 against 13,017 in FY07, while exports in October 2007 was 686 against 367 in October 2006.

Honda sales dip

Honda Siel Cars India (HSCI) has reported a 5.06 per cent dip in vehicle sales during October at 5,287 units compared to 5,571 units in the same month last year.

The company sold 3,553 units of sedan City ZX, 1,421 units of premium sedan Civic, 188 units of luxury sedan Accord and 125 units of sports utility vehicle CRV.

Cumulative sales during April-October period increased marginally to 34,578 units as against 34,524 units in the corresponding period last fiscal.

Hero Honda

Hero Honda Motors Ltd (HHML) has reported a marginal increase in its domestic vehicle sales during October at 3,65,022 units as against 3,63,480 units in the same month last year.

The company said sales in October are its highest ever in a single month. HHML has more than doubled its volumes and share in this segment between January and September this year. — Agencies, TNS

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BRIEFLY

Gold 28-year high at $800
Singapore, November 1
Gold hit a 28-year high on Thursday on investor buying after the dollar tumbled to a record low against major currencies and crude oil rallied to an all-time high. — Reuters

SBI gold coins
Chandigarh, November 1
The State Bank of India, Chandigarh circle, today launched sale of gold coins at four branches in Chandigarh Circle and main branches at Chandigarh, Jalandhar, Ludhiana and Amritsar centres. At present, only coins of five gms denomination will be available for sale. Coins of denomination of 2,4,8,10,20 and 50 gms will be available from the next quarter. — TNS

PGCIL in Dubai
New Delhi, November 1
Power Grid Corporation is eyeing up to 20 per cent stake in Philippines' transmission company, estimated to cost $800 million, while setting up an office for consultancy services in Dubai. The company has submitted the Expression of Interest for picking a stake anywhere from 5-20 per cent in Philippines' National Transmission Company, whose total valuation is being estimated to be at $4 billion, PGCIL chairman and managing director R P Singh said. — PTI

Environ energy
Kolkata, November 1
Environ Energy Global Pvt Ltd has taken over from Shell Overseas Investments B.V-- their solar business in India and Sri Lanka. Company CEO Jyoti Poddar said the acquisition made Environ the largest and most experienced solar photovoltaic solution providing company globally.— UNI

Milkfed alliance
Chandigarh, November 1
Big dairy farmers of Punjab have agreed to supply their entire milk produce to the Milkfed to help it improve its capacity utilisation and remain viable. Almost 250 dairy farmers under the banner of Progressive Dairy Farmers' Association have started supplying 50,000- 60,000 liters of milk per day to Milkfed. — PTI

Airtel Punjab
Chandigarh, November 1
Airtel has announced a ‘Win A Car’ contest for its postpaid and prepaid customers in Punjab in which the grand prize is a Ford Ikon. Airtel customers also have an opportunity to win a LG laptop every 10 days and a Philips Video Ipod and five Titan Watches every day. The contest will close on November 16. — UNI

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