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MUMBAI, Nov 2: The city-based Jaipan Industries Ltd has launched Jaipan Multi Level Marketing (MLM) by Union Minister of Petroleum and Natural ....more JB Chemicals achieves MUMBAI, Nov 2: J B Chemicals and Pharmaceuticals Ltd, the flagship of the unique group of companies has achieved....more
FM announces NEW DELHI, Nov 2: Finance Minister Yashwant Sinha today announced modification in the guidelines....more |
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Cabinet
defers decision NEW DELHI, Nov 2: The Cabinet today deferred a decison on the proposed Antyodaya (food for poor) scheme following objections from various .....more NEW DELHI, Nov 2: Following are the highlights of the new textiles policy announced today:.......more Mixed response at CALCUTTA, Nov 2: Different varities of tea generated a mixed response at this week’s Calcutta tea auction here. .....more Govt announces new national textile policy NEW DELHI, Nov 2: In a landmark decision, Government today dereserved garments sector and lifted Foreign Direct Investment (FDI) cap of 24 per cent ......more Sensex climb 2.8 pc as economy stocks made strong rally NEW DELHI, Nov 2: The benchmark index climbed nearly 2.8 per cent after traditional economy stocks continued their rising tempo for the second ...more |
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MUMBAI, Nov 2: The city-based Jaipan Industries Ltd has launched Jaipan Multi Level Marketing (MLM) by Union Minister of Petroleum and Natural Gas Ram Naik here recently. In a statement here today, Mr Jai Narain Agarwal CMD of Jaipan said that Jaipan Multi Level Marketing (MLM) is getting started with Goregaon branch. But they have planned to open 200 branches within three months’ all over Mumbai. Multi Level Marketing (MLM) is a new concept in India and it provides self employment to all the people who are involved in it by owing their independent business. One can earn as much money they want by appointing new members under them. Jaipan is initially offering 15 products in categories like food processor, juicer mixer grinder with blender, gold foaming jewellery, silver gold plated jewellery, to earn without investment in MLM, Mr Agarwal added. (UNI) |
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JB Chemicals achieves increase of 62 pc in net profit MUMBAI, Nov 2: J B Chemicals and Pharmaceuticals Ltd, the flagship of the unique group of companies has achieved an increase of 62 per cent in its net profit at Rs 7.52 crore for the second quarter ended September 30, 2000 as compared to Rs 4.65 crore in the corresponding period of the previous year. The company has posted net sales of Rs 55.44 crore for the second quarter ended september as against Rs 40.65 crore for the corresponding period in 1999-2000, registering a healthy sales growth of over 36 per cent. During the same period, the company has posted a total income of Rs 58.17 crore (Rs 41.92 crore). The earnings per share for the second quarter ended September 30, is Rs five as compared with Rs three of the corresponding period in 1999-2000, which is higher by 67 per cent. According to a news release here today, the scheme for merging the pharmaceutical divisions of Ifiunik Pharmaceuticals Ltd and Unique Pharmaceutical Laboratories Ltd from April one, 2000, as the appointed date with the company are presently pending. Upon giving effect there to additional equity shares in terms there of will have to be allotted and pending the same the board of directors have deferred the question of recommending and paying interim dividend as in the past and the same time will be considered after such shares are allotted and the consolidated profits ascertained. (UNI) |
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FM announces modification in guidelines for VCF NEW DELHI, Nov 2: Finance Minister Yashwant Sinha today announced modification in the guidelines for venture capital funds following requests by the IT sector, but asked trade and industry to "get out of the mentality" of seeking sops and concentrate on productivity. Sinha said the Securities and Exchange Board of India (SEBI) will soon issue guidelines to do away with stipulation on removing "tax pass through" status for Venture Capital Fund (VCF) within 12 months after being listed on the stock exchange. "I am happy to tell you that we have decided to do away with this stipulation and there will be no need for a VCF to exit from the tax-pass-through incentive after 12 months irrespective of whether they are listed or unlisted", he told a meeting organised by NASSCOM. Sinha, however, said the Government will be maintaining a strict vigil on the misuse of the incentive and "we will take action if there is any misuse". The Finance Minister who was inaugurating "the Ind-US entrepreneurs conference" said the IT industry could prepare their "wish list" in time for the pre-budget discussion and said he was not in favour of making modifications between budgets. Sinha also asked the trade and industry to avoid seeking incentives for staying competitive and asked them to work out strategies to enhance productivity. "We should get out of the mentality of sops in the form of interest rate or other ones and if we increase our productivity this will not be necessary", Sinha said. The Finance Minister said the various schemes for information and technology sector were being worked out as this had a potential to generate jobs for the teeming millions in India. Lauding the IT first generation entrepreneurs on their achievements, Sinha said it was always very difficult to start an enterprise as compared to the advantages enjoyed by the established business group families. Asking the IT sector to take the benefits of technology to the poor and downtrodden, Sinha said it should not be confined to a few. Sinha also said the country could ill-afford to neglect the brick and mortar or the older economy such as agriculture and core industries and these would continue to receive Government’s attention. Speaking on the occasion, the NASSCOM President Dewang Mehta said India had make rapid strides in the IT sector to increase its exports to 8.6 billion dollars and that would increase to about 50 billion dollars by 2008. Similarly the number of engineers in the country was expected to go up fro,000 by 2008, he said. (PTI) |
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Cabinet defers decision on Antyodaya scheme NEW DELHI, Nov 2: The Cabinet today deferred a decison on the proposed Antyodaya (food for poor) scheme following objections from various ministers, who pointed out the various difficulties regarding its implementation. "The Cabinet may take up the issue again at its next meeting likely to be held next week", highly placed sources said. The Finance Minister has no objection to provide the subsidy, they added. Under the proposed scheme, the Government will supply foodgrains below the BPL (Below Poverty Line) rates to ten million of the poorest in the country. The scheme has been designed to clear the huge food grain stocks, which if not consumed within one year, would get damaged. Ministers belonging to the farmers community drew the attention of the cabinet to the various problems. If foodgrains stocks were sold below the BPL rates, a large number of beneficiaries may not get the same as these be diverted to trade channels. This will result in lower prices for farmers and a glut situation may arises following the launch of the Antyodaya scheme. On the other hand, a few ministers said some other steps should be taken to liquidate foodgrains stocks, which had touched an all time high. They said efforts should be made to export the goods with a one time subsidy, which will not disturb the marketing system of the country. According to sources, the Cabinet discussed the issue for about half an hour. Since no concrete suggestions emerged, Prime Minister Atal Behari Vajpayee went on to the next item in the agenda. A senior Cabinet Minister pointed out that the existing PDS had already come under criticism from certain sections as the foodgrains distributed through State Government networks were not reaching the targeted. Instead, the stocks were getting diverted to the market and traders were making huge profits. The antyodaya scheme, a brain child of Food Minister Shanta Kumar, involves a subsidy of Rs 10,000 crore. However, according to reports, the Finance Ministry has opposed the move, saying that it will affect the economy, which is already facing several problems. The Food Ministry supporting the scheme had said that the foodgrains stocks in the country is more than 40 million tonnes. This is 22 million tonnes more than the actual requirements as determined by the department on the basis of consumption through the PDS route. The storage of excess stocks would cost more than Rs 5,000 crore and also affect the procurement. At present storage is a problem for the Food Corporation of India (FCI). Under the proposed scheme, the Government will supply the rice at Rs three and wheat at Rs two per kg to the poor through NGOs and socio-religious organisations. (UNI) |
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NEW DELHI, Nov 2: Following are the highlights of the new textiles policy announced today: * Ready-made garments fully dereserved from small scale. * venture capital fund to be set up ED on garments * 50 per cent mandatory export obligation for garments removed. * Handloom Reservation Act and the hank yarn obligation to stay. * Textile exports to be stepped up from the present level of 11 billion US dollars to 50 billion USD by 2010. * Garments exports to touch 25 billion USD annually. * Launch the technology mission on jute. * Private sector integrated textile complexes to be encouraged. * Shuttle-less looms to be increased to 50,000 from 8000 looms by 2005. * Restructure AEPC and other export promotion councils. (PTI) |
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Mixed response at Calcutta tea auction CALCUTTA, Nov 2: Different varities of tea generated a mixed response at this week’s Calcutta tea auction here. Though there was fair demand for the CTC variety, price of the good quality Assam brokens and fannings were lowered by Rs 2 to Rs 3. Medium and plainer varieties were also irregular and met with some withdrawals, particularly the smaller brokens and fannings. Major blender lend good support while other packeteers were selective. Tea in western India also lend good support for better liquoring sorts at reduced price limits. CIS operated selectively. Darjeeling’s good category whole leaf witnessed less demand amidst less competition. Medium and plainer sorts sold till the last level, brokens and fannings also eased following less competition. Major blender was again the mainstay of the market. There was selective support from UK and continent while local dealers lent some support. In orthodox variety there was good demand for good quality tippy whole leaf tea while remaining whole leaf and larger brokens were irregularly lower. Smaller brokens eased further. Fannings continued to be a weak feature. Some internal enquiry was done for cheaper whole leaf and smaller brokens. Good demand was also recorded for dust assam which was firm to occasionally dearer. Better medium tea witnessed fair enquiry at irregular rates following quality. Remainder saw easier trend and some withdrawals particularly the very brown and non-liquoring sorts. Major blender and western india tea lent good support for better liquoring sorts. Limited enquiry was also witnessed from one of the packeteers for similar sorts other internal fair support. (UNI) |
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Govt announces new national textile policy NEW DELHI, Nov 2: In a landmark decision, Government today dereserved garments sector and lifted Foreign Direct Investment (FDI) cap of 24 per cent to bolster India’s exports five-fold to 50 billion dollars by 2010. The dereservation which is part of the new National Textile Policy (NTP) approved by the cabinet today will help India face competition from neighbouring countries in the garments sector and push up its exports from five billion to 25 billion dollars in ten years, Textile Minister Kanshiram Rana told reporters here. The policy which replaces the 1985 textile policy lists several measures to strengthen the handloom sector and Government has therefore not accepted two recommendations of the Satyam committee to abolish the Handloom Reservation Act and remove the hank yarn obligation. With the approval of the NTP, Rana said the entire duty structure will be reviewed to promote the industry and the next year’s budget is expected to reflect the new duty structure which will be growth oriented. Until now, garments sector is reserved for SSIs and there is a ceiling on investment of Rs three crore and the cap of 24 per cent FDI equity. With the dereservation, the garment industry will be able to grow unhindered to face competition particularly from bangladesh, Sri Lanka and Pakistan. The policy also provides for setting up a venture capital fund for tapping knowledge-based entrepreneurs and assist private sector to set up specialised financial arrangements to fund the diverse needs of the textile industry. It also seeks to increase cotton productivity by at least 50 per cent besides upgrading its quality to international standards through effective implementation of the cotton technology mission. The policy aims at redesigning and revamping schemes and programmes during the tenth five year plan for handlooms, sericulture, handicrafts and jute sectors to ensure better returns, particularly for disadvantaged categories in the north-east and backward regions. It proposes to launch a technology mission on jute to increase productivity and diversify the use of the environment-friendly fibre. (PTI) |
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Sensex climb 2.8 pc as economy stocks made strong rally NEW DELHI, Nov 2: The benchmark index climbed nearly 2.8 per cent after traditional economy stocks continued their rising tempo for the second straight session on the stock market today following aggressive purchases by institutional investors and bull operators and scored hefty to sizeable gains. Information Technology (IT), telecom and media sector stocks too remained in fine shape on the back of persistent purchases by FIIs despite the overnight decline in the technology-high NASDAQ composite index. Mirroring the upbeat mood of the market, the Delhi Stock Exchange (DSE) sensitive index shot up by a whopping 22.95 points to close the session at 806.36 points following significant gains in index-related old economy stocks. Stock brokers said the turnaround particularly in economy stocks was mostly attributed to announcements of stronger-than-expected second quarter working results by several blue-chip companies. Reports that the country’s exports have registered a 22 per cent growth during the first half of the current fiscal and software exports by a whopping 63 per cent to Rs 13,100 crore against Rs 8,060 crore in the previous year further buoyed the trading sentiments. Institutional investors were seen accumulate Reliance Industries, TATA Steel, TATA Loco, State Bank of India, MTNL and few Front-line cement companies while FIIs snapped up infotech majors such as Infosys Technologies, Wipro Ltd and NIIT Ltd. "It seems that players were moving back to concentrate more on economy-linked stocks, available at attractive levels," a DSE broker said, adding that "encouraging performance by blue-chip companies brought buoyancy back in old-economy stocks". Petrochemicals giant Reliance Industries after moving in a tight range for the major part of the session on selective buying and selling made a strong late rally to close Rs 7.65 up at Rs 316 following re-emergence of buying by domestic financial institutions amidst some short-covering. Tata Loco stocks after witnessing a long bearish-phase, staged a comeback on revival of buying by knowledgeable circles and ended Rs 3.95 higher at Rs 77.30 while TATA Steel shares surged Rs 4.70 to close at Rs 104.20. HDFC bank shares traded heavily and ended Rs 3.25 higher at Rs 250.50, while HDFC Ltd rose Rs 6 at Rs 485 on the back of increased buying by institutional investors. MTNL stocks also remained in positive territory in reaction to the company’s excellent working results spurting by Rs 16.45, at Rs 161.15 off the day’s high of Rs 162. Cement sector stocks Associated Cement Co rose Rs 1.80 at Rs 99.80, Larsen and Toubro up Rs 1.75 at Rs 154 on persistent buying by Finawas up Rs 39.05 at Rs 1635.05. (PTI) |
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