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T-Series
foraying NEW DELHI, Oct 31: The Rs 350 crore Super Cassettes Industries Limited (SCIL), owners of the T-Series brand name, has decided to foray into production of airconditioners in the next fiscal.....more BPCL posts handsome MUMBAI, Oct 31: Bharat Petroleum Corporation Ltd, has posted a handsome growth of 73.55 per cent in its net profit at Rs 358.9 crore during.....more Delphi receives $ 7 mln
export order from NEW DELHI, Oct 31: Delphi Automotive Systems India, the wholly owned subsidiary of Delphi Automotive Systems, has received a seven million dollar ....more Shanmugham emphasises need to increase investment in Indian coal sector NEW DELHI, Oct 31: Minister of State for Coal N T Shanmugham today emphasised that the Indian coal industry, which is now in the process of .....more |
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Interest-free
loans for SC, CHANDIGARH, Oct 31: Haryana Government today announced interest-free loans of upto Rs 50,000 to the Scheduled Caste (SC), marginal and small farmers for redemption of their mortgaged agricultural land........more MRTPC allows jet to NEW DELHI, Oct 31: Monopolies and Restrictive Trade Practices Commission (MRTPC) has restrained Air India (AI) from compelling Jet .....more Sun F&C draws up plans MUMBAI, Oct 31: Sun F and C Asset Management India Limited, a joint venture between the Hypo Foreign and Colonial Group and Sun Securities ......more TVS-Suzuki to invest NEW DELHI, Oct 31: Enthused by the growing demand for its bi-wheelers, TVS-Suzuki Limited (TSL) has decided to invest Rs 150 crore in its Mysore ...more |
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T-Series foraying into AC production NEW DELHI, Oct 31: The Rs 350 crore Super Cassettes Industries Limited (SCIL), owners of the T-Series brand name, has decided to foray into production of airconditioners in the next fiscal. In addition, the company has also initiated talks with the six billion dollar Sichuan Changhong Electric Company Limited of China for a collaboration to produce colour televisions in India, a company spokesman said here. "We have initiated talks with changhong for colour TVs and with a few other international companies for producing airconditioners. However, we are firm on looking at merely a technology agreement with the foreign partners and not at any equity participation from them," he added. While the AC venture is likely to be operational by the next fiscal, the company intends to commence production of colour televisions by the end of 2000 calendar year itself. As part of its growth strategy, the company has already joined hands with warner music, Malaysia, for distribution of T-Series branded gods in South-East Asia. It has also forayed into multiplexes, music retailing and international music marketing to take a leadership position in the global entertainment arena, the spokesman added. SCIL has an existing tie-up with changhong to produce its range of DVD and video CD players in India. In addition to the venture, the company will continue to market indigenously produced audio systems and colour televisions under the existing T-Series brand. The company also has an existing tie-up with Hyundai Corporation for producing video CD players. "We will continue to market these products directly through SCIL. They will complement the changhong range and not compete with it," he said. (UNI) |
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BPCL posts handsome growth of 73.55 pc MUMBAI, Oct 31: Bharat Petroleum Corporation Ltd, has posted a handsome growth of 73.55 per cent in its net profit at Rs 358.9 crore during the second quarter ended September 30, 2000 as against Rs 206.8 crore reported in the corresponding period a year ago. The company has recorded total income growth also higher to Rs 10896.8 crore during the second quarter as against Rs 7600.1 crore of the previous year, a company release stated here today. For the half year period ended September 30, 2000, the company’s total income also registered a higher to Rs 21706.5 crore as against Rs 13510.7 crore and net profit also increased to Rs 546.5 crore as against Rs 408.4 crore. During the quarter, pool claim on account of delivery charges, as approved by the Union Government, including for the prio period has been accounted. Higher procurement of LPG cyclinders during the period April-September 2000 has mainly contributed for the increase in depreciation. The cylinder have been depreciated at 100 per cent in line with previous years, the release added. (UNI) |
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Delphi receives $ 7 mln
export order NEW DELHI, Oct 31: Delphi Automotive Systems India, the wholly owned subsidiary of Delphi Automotive Systems, has received a seven million dollar export order from Daimlerchrysler to supply wiring door harnesses for the e-class model of Mercedes- Benz in Germany. Wiring harness for the E-class model of Mercedes are manufactured at the Delphi packard plant in Gurgaon, near Delhi, India. The plant complies with stringent VDA standards for manufacturing the product. Mr Anil Verma, Managing Director of Delphi Automotive Systems Limited, India said. "The export order from Daimlerchrysler is a testimony of the commitment by Delphi to produce the highest quality products for our global customers, from any of our facilities worldwide. It is also an endorsement of the world-class standard of quality and technology followed at our plants." All Delphi packard electric facilities in India are QS 9000 certified, and are also now rapidly getting ISO 14001 certification. Dr Rainer Balbach, Chief of Daimlerchrysler Purchasing Office in India said, "we are sourcing wiring harnesses for our E-class cars in Germany from Delphi India. Reliability, absolute quality levels and the ability to measure up to the exacting standards set by Daimlerchrysler worldwide were the reasons for choosing Delphi in India. The export from the India plant will meet our requirements for the entire production of E-class Mercedes-Benz vehicles around the world." In India, Delphi Automotive Systems has been operating as a wholly owned subsidiary of the Parcent Company since 1995. There are four manufacturing facilities and five divisions in the country. These are located in Bangalore, Noida and Gurgaon. The corporate office is locatedin Gurgaon, near Delhi. Delphi’s key customers in India include Maruti Udyog Limited, General Motors India. Daewoo Motors, Fiat, Hindustan Motors. Volvo and TELCO. (UNI) |
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Shanmugham emphasises need
to increase NEW DELHI, Oct 31: Minister of State for Coal N T Shanmugham today emphasised that the Indian coal industry, which is now in the process of deregulation and liberalisation could learn a lot from the british experience of privatisation. The coal industry in UK has successfully transformed itself from a nationalised monolith to private operations, functioning in efficient smaller number of units producing coal in a competitive market. There is a need to increase investment in coal mining, coal handling and coal cleaning to overcome the anticipated demand supply gap over the next decade. The public sector will not be in a position to privide the infusion of requisite funds on the scale needed to achieve the targets in the 10th and 11th plans. Therefore, channelisation of private sector resources into the coal industry has become imperative, the minister added. Shanmugham was addressing the 6th meeting of the Indo-British Coal Forum (IBCF) here. Secretary, Coal, Mr V N Kaul, and other senior officials of the Ministry of Coal and Public Sector Undertakings under the ministry attended the meeting. The British delegation was led by Ms Patricia Hewitt, Minister for Small Business and e.Commerce. Mr Shanmugham said there was tremendous scope for collaboration with the British coal industry, especially in joint ventures which public sector coal companies in India can explore. Within the public sector also, restructuring is under way to improve the efficiency and viability of the existing coal companies, which are also now operating more autonomously. The pricing of coal has been fully deregulated. The marketing of coal has been liberalized. Consequently, the indigenous coal is now bench marked, in terms of quality and price, with imported coal. Since from now on the dynamics of the market would determine the future of coal industry and its structure. The public sector companies will also have to evolve new strategies to be in a position to cope up with the new challenges as well as to exploit new opportunities. They will have to find innovative ways to mobilise capital for investment in new projects, the minister said. Recently, the members of the inward mission from India, who visited uk, noted the excellent work done in the area of reclamation and restoration of opencast coal mine sites in UK. The expertise available in UK in the area could be utilised profitably in India, an office release said. (UNI) |
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Interest-free loans for SC, marginal, small farmers CHANDIGARH, Oct 31: Haryana Government today announced interest-free loans of upto Rs 50,000 to the Scheduled Caste (SC), marginal and small farmers for redemption of their mortgaged agricultural land. This loan would be granted to only those farmers who were bonafide residents of haryana and had not taken any loan earlier from Haryana Scheduled Caste Financial and Development Corporation (HSCFDC), an official spokesman said here. The loan would be given for the reged before December 31, 1997 and whose mortgage deed was registered with the Revenue Department, he said. Such applications, as were not recommended by the concerned District Manager HSCFDC, would not be considered. The loan would be recovered in 20 half-yearly equal installments, he added. (PTI) |
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MRTPC allows jet to handle ground SVC at Cochin Airport NEW DELHI, Oct 31: Monopolies and Restrictive Trade Practices Commission (MRTPC) has restrained Air India (AI) from compelling Jet Airways to avail its ground handling services at the Cochin International Airport. Permitting Jet Airways to provide ground handling services in respect of its flights operating from the airport, MRTPC asked both the respondents, AI and Cochin International Airport, to file affidavits of compliance within two weeks. Granting interim injuction on a petition of the complainant Jet Airways, the Commission said the respondents were restrained from compelling Jet Airways to avail of the ground handling services till the final disposal of the complaint petition. Jet Airways in its petition had sought self-handling of ground services at the airport saying "why it be compelled to accept AI’s services when it had its own services." The ground handling was the option of the airline concerned, it said. "The petitioners are not questioning the validity of the contract but the impact of the contract (between AI and Cochin Airport) on the third parties. Contract may be procedurally correct, yet they may give rise to restrictive trade practices actionable under the MRTP Act, it said. The Commission comprising members Sardar Ali and R L Sudhir said "the inescapable conclusion is that the petitioners not only have a good prima facie case in their favour, but also have balance of convenience in their favour." It further said "multiplicity of agencies is likely to generate competition which may result in qualitative improvement in ground handling services available at the airport for the benefit of the consumers." Jet Airways had claimed that the exclusive contract for providing ground handling services given to Air India by the Cochin Airport had proved financially crippling to it. "Against the estimated expenditure of Rs 10,000 per flight for self handling, jet has to shell out Rs 35,000 per flight to AI which is being further raised to Rs 60,000 per flight," Jet said and added it had already invested in the infrastructure for providing ground handling services. Meanwhile, AI submitted to the Commission that it was an international practice to have ground handling managed by a single agency for reasons of better and guanranteed security and optimum space utilisation. It further contended that "any interlocutory order in favour of the petitioners at this stage would lead to huge loss to public exchequer and retrenchement of employees." Last year, the Commission had issued notice of enquiry and an interim injunction, directing the respondents not to impose the restrictions, was also granted. (PTI) |
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Sun F&C draws up plans for rapid expansion MUMBAI, Oct 31: Sun F and C Asset Management India Limited, a joint venture between the Hypo Foreign and Colonial Group and Sun Securities India Limited, has drawn up plans for rapid expansion of its mutual fund business in the country. To start with, Sun F and C will shortly be opening a dedicated branch at Kochi to broadbase the mutual funds business and on the retail side, position it as a middle-class saving vehicle, company Chief Executive Officer Nikhil Khattau said. The Kochi Branch will be the first of a series of 18 new branches planned over the next 12 months. The expansion exercise will increase the company’s branch network to 26 across the country from the current eight, Mr Nikhil added in a statement. At present, Sun F and C’s offices are located at Ahmedabad, Bangalore, Chennai, Hyderabad, Calcutta, New Delhi, Pune and Mumbai. Hypo Foreign and Colonial Group manages the world’s oldest investment trust: Foreign and Colonial Investment Trust PLC. (UNI) |
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TVS-Suzuki to invest Rs 150 crore in Mysore facility NEW DELHI, Oct 31: Enthused by the growing demand for its bi-wheelers, TVS-Suzuki Limited (TSL) has decided to invest Rs 150 crore in its Mysore facility to expand production capacities of scooters and scooterettes and add motorcycle manufacturing lines in the units. With growing demand in the region for mopeds, the company has already commenced production of mopeds in the mysore facility. In the first phase, the company will produce 3,500 mopeds per month at Mysore, a statement issued here today said. Speaking at the roll-out of the first moped from its Mysore facility, Mr C P Raman, president, TVS-Suzuki said, "the investment in Mysore will not only cater to the growing demand, but also generate direct and indirect employment in Karnataka." He said, "TVS-Suzuki is committed to providing personal transportation for its customers with its high value and environmentally friendly products." TVS-Suzuki recently recorded a growth of 17 per cent in total income from the six months April-September 2000. The total income for the six-month period is Rs 931 crores as compared to the corresponding period last year of Rs 792 crore. TVS-Suzuki’s new products ‘Suzuki Fiero’, the 4-stroke 150 cc bike and ‘TVS Sport,’ the new mini bike have shown a commendable performance in states these have been launched. TVS-Suzuki, is the second largest two-wheeler manufacturer in India with 24 per cent market share in the two-wheeler industry. With a turnover of Rs 1600 crores, the company manufactures the entire range of two wheelers - motorcycles, scooters, mopeds and scooterettes. The company has over five million customers nation-wide. (UNI) |
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