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India, Mekong nations NEW DELHI, Nov 5: An ambitious Ganga-Mekong Suvannaphoom linkage project to .......more
Textile Ministry NEW DELHI, Nov 5: The Union Textile Ministry will be making a strong case before ....more FIIs net sellers of MUMBAI, Nov 5: The Foreign Institutional Investors (FIIs) were net sellers of equities on....more Globalisation policy VADODARA, Nov 5: The globalisation policy of government have seen about 50 per.....more |
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Firm restrained from using Asian Paints trademark NEW DELHI, Nov 5: A city firm manufacturing paints has been restrained by the Delhi High Court from using the trade mark similar to Asian Paints. The leading paints firm in a suit had alleged that Metro Paints, having ....more Inflation rate declines NEW DELHI, Nov 5: The annual inflation rate dipped minutely by 0.08 percentage points to 6.78 for ......more Interest rate shots up to MUMBAI, Nov 5: The overnight interest rate, which ruled easy above 8 per cent cent level initially......more
Growth in finished NEW DELHI, Nov 5: Finished steel production in the country has registered a 12.1 per cent rise...more MMTC cheated of Rs 1.14 crore, CBI case against 4 officials NEW DELHI, Nov 5: CBI has registered a case against four top officials of Minerals and Metals Trading Corporation of India (MMTC) and two .....more |
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India,
Mekong nations to launch tourism NEW DELHI, Nov 5: An ambitious Ganga-Mekong Suvannaphoom linkage project to promote tourism, culture and education between India and Mekong basin countries of Mayanmar, Thailand, Cambodia, Laos and Vietnam would be formally launched in Laosian capital Vientiane on November 10. External Affairs Minister Jaswant Singh, who is embarking on a week-long tour of Vietnam and Laos tomorrow, would launch the project along with his counterparts from the five Mekong basin countries during their historic meeting. A decision to launch the project was taken by the six ministers at a meeting held on the margins of ASEAN post ministerial conference in Bangkok last July. The project in its second phase is expected to take up cooperation among these countries in transport and infrastructure sector, including railways, roads and air travel as well as greater cooperation in science and technology and human resources, a senior External Affairs Ministry official said. Higher education and areas relevant to knowldege-based industries within the ambit of cooperation in the education sector have been included on India’s suggestion. In this sector, cooperative efforts would draw on India’s experience in information technology and various other high technology areas, the official said. In the tourism sector, focus would be on promoting it based on cultural resources and the common heritage of the region. The project envisages package tours to the region focussing on Buddhist pilgrimage sites in the six countries. India is likely to be a major beneficiary in this project. Given the commonalties of cultural traditions, including the Buddhist heritage, there is good scope for India and these countries to join hands to promote tourism as well as educational and cultural interaction, the official said. Revival of these links is expected to have tremendous mutual benefits for trade and commerce, tourism, science and technology and environmental conservation. As most of the countries of the Mekong basin are relatively poor and conscious of the need to catch up with asean standards of economic prosperity, there was tremendous potential for development projects based on the common culture, the official said. During his visit to Vietnam and Laos, the External Affairs Minister would also attend Bilateral Joint Commission meeting besides holding wide-ranging discussions on regional and international issues of mutual concern. Singh would be in Vietnam on a three-day bilateral visit from tomorrow during which he would attend the 10th meeting of the Indo-Vietnam Joint Commission to explore avenues for giving new thrust to the existing trade and economic ties between the two countries. Vietnam has been pressing for more Indian investments in that country. Negotiations in this regard were underway at various levels, the spokesman said. Bilateral trade, heavily weighing in favour of India, stood at 154 million dollars in 1999-2000. Indian exports to vietnam accounted for 143 million dollars, while imports were to the tune of 11 million dollars during this period. Several Indian investment projects have been licensed in vietnam. These included a sugar processing plant by the Nagarjuna Group. ONGC is involved in offshore oil and natural gas exploration in the southern part of Vietnam. In addition Godrej, Shiva Plastics, Arihant Oil Mills have plants in the country. Some Indian companies have shown interest in tea, coffee and paper and pulp industries in vietnam. Ranbaxy Group is pursuing a license to set up a pharmaceutical unit and the united phosphorous, a pesticide plant. On the political front there has been close identity of views on several international issues between the two countries. Vietnamese leaders have publicly expressed their full support for New Delhi’s stand on Kashmir, terming it a sacred and integral part of India and have criticised Pakistan’s interference in India’s internal affairs. Vietnam also supports a permanent seat for India in an expanded UN Security Council. Singh, who will be arriving in Vientiane on November 8, would be attending Indo-Laos Joint Commission meeting on trade, economic, scientific and technological cooperation besides inaugurating the Ganga-Mekong project along with his counterparts from Thailand, Cambodia, Vietnam, Laos and Myanmar. A number of Indian companies including textile, pharmaceutical, electrical and leather goods manufacturers like TATA, PEC, Batliboi, Balmer and Lawrie and Greaves International Ltd are seeking trade opening in Laos. The Kirloskars have received an order to export pumps worth 3.14 million dollars to Laos. Similarly the laos Ministry of Agriculture has placed order for irrigation pumps worth 4.1 million dollars with WPIL of Calcutta. (PTI) |
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Textile Ministry to seek duty cuts NEW DELHI, Nov 5: The Union Textile Ministry will be making a strong case before the Finance Ministry for a special package for for the textile industry seeking reduction in duties and parity of rates for the composite and independent mills in the next budget. "We will be trying to bring duty rates at par with the world trends. We hope the Finance Ministry will cooperate with us as we are in the process of rationalisation of duty structure", Minister of State for Textile V Dhananjya Kumar said here. Since the Indian textile industry is quite fragmented,varying rates exist for various segments and sub-groups. "There are varying rates of duty so far as the manufacturing is concerned. We will try to achieve a partly between the composite and independent mills", Mr Kumar said on the sidelines of a seminar organised by the Textile Association (India) yesterday. The minister also said that the Government would explore if it was possible to "soften " the hank yarn obligation on the mills. "We have promised to explore the possibility to soften the hank yarn obligation", he said. Even after the liberalisation of the textile policy, the obligation on the part of mills to buy certain quota of hank yarn continues with the intention of protecting the handloom sector. The textile industry, like most other sectors, is subjected to the Central Value Added Tax (CENVAT) of 16 per cent. While this rate itself is expected to come down to 12 per cent in the next budget, the industry and the Textile Ministry would continue to press for duty cuts and harmonisation. "Our endeavour will be to ask for competitive rates", Mr Kumar who was earlier the Minister of State for Finance said. The new policy has provided for the venture capital fund investment in the textile industry. "Finance Minister has already provided tax exemptions to the venture capital funds which will now be available to the textile industry as well",Mr Kumar said. With the announcement of the new policy dereserving the garment sector, the Indian textile industry is aiming high setting the export target of 50 billion US dollar by 2010 against the present level of 11 billion USD. "The world textile market is expected to grow to a massive 550 billion USD by 2005",the minister said. President of the Textile Association (India)-Delhi R C Kesar said that the dereservation of the garment industry would open the flood gates for setting up of composite state of the art textile units for value added yarns, fabrics and garments. (UNI) |
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FIIs net sellers of equities in October MUMBAI, Nov 5: The Foreign Institutional Investors (FIIs) were net sellers of equities on the Indian bourses to the tune of Rs 271.70 crore (USD 59.2 million) in the month of October which saw the benchmark Bombay sensitive index plunge below the 4,000 mark. FIIs pressed the sell button on 10 days out of the 20 days of equity trading that took place last month while they were net buyers on the remaining days. On the first day of trading this month, October 3, FIIs offloaded equities worth Rs 174.7 crore though the BSE sensex was up by 45 points and the same trend continued the next day with them being net sellers at Rs 111.5 crore, as per the data available with the Securities and Exchange Board of India. On October five and six the foreign investors were net buyers at Rs 36.7 crore and Rs 60.3 crore respectively while on October nine they sold equities amounting to Rs 91.9 crore. The FIIs were net buyers at Rs 78.1 crore on October 10 when the move on rolling settlement affected the stock market sentiment leading to the sensex falling by 110 points to 3945. Next day again the foreign investors turned buyers at Rs 135.1 crore though the sensex plunged to a 16 month low of 3803.72 points on the back of information, communication and entertainment stocks taking a severe beating. On five consecutive days beginning October 12 the FIIs offloaded equities worth Rs 228.7 crore, Rs 129.4 crore, Rs 195.4 crore, Rs 9.5 crore and Rs 110.2 crore. (PTI) |
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Globalisation policy leads to closing down of 50 pc SSI VADODARA, Nov 5: The globalisation policy of government have seen about 50 per cent of Small Scale Industries (SSI) in the southern part of the state close down their shutters. Now the State Government owned Gujarat Communication and Electronic Limited (GCEL) have also issued 90 days notice to employees for closing the plant. The company has written a letter to the Labour Commissioner, Ahmedabad under Section 25 (O) of Industrial Act for closing down the units here due to financial crunch, the company Managing Director N C Dave told UNI here today. He further informed that the company has already despatched the copy of the notice to its employees’ and union. However, the company is ready to pay the sum to the employees according to the labour law, he added. Elaborating the causes of the shut-down of the company, Mr Dave said there were several factors which includes the high wages of employees, unions objection for privatisation, enhancing global competition and so on. Since 1998 the company had two rounds of the talks with private firms for privatisation. But, unfortunately the talks did not materialise following unions objection and conditions which were put before them were not not acceptable to them, he added. The company which was launched way back in 1975 has a total strength of 1400 workers. In 1998 the company announced the Voluntary Retirement Scheme (VRS) and kept option for the alternative employment opportunity, in which about 350 VRS and others availed of the alternative job opportunity and some retired by rotation. Now, the strength of the company is 740 which includes 109 executives and remaining workers, Mr Dave pointed out. Now, the union has send the proposal to provide alternative employment to workers, Mr Dave said and added that the alternative employment scheme has been discontinued by the Government since last one year. We are pursuing the matter with the Government, let’s see what the Government says. Mr Dave believes that in this globalisation and liberalisation era "we have to change ourself according to global economic policy for the survival, otherwise we will be perished in this global competitive world," giving several example of their other developing countries, Mr Dave has asked "whether we will able to dump the material at lower cost as compared to other countries, are we ready for any type of work at any remuneration, are we ready for the global competition with good quality of goods to remain competitive in the global market, if not we have to," he remarked. (UNI) |
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Firm restrained from using Asian Paints trademark NEW DELHI, Nov 5: A city firm manufacturing paints has been restrained by the Delhi High Court from using the trade mark similar to Asian Paints. The leading paints firm in a suit had alleged that Metro Paints, having branches in several cities, was using its trade mark Apcolite and logo Gattu to sell its products. Justice S K Mahajan in an interim injunction restrained metro paints from using Asian Paint’s trade mark and logo and appointed a local Commissioner to visit its premises to seal and take into possession the alleged counterfeit products. The product manufactured and marketed by the defendant (Metro Paints) is stated to be counterfeit and the plaintiff (Asian Paints) states that it has not supplied any material to any one of them, the court recently said. I have seen the original product of Asian paint as well as the counterfeit product of the defendant, Justice Mahajan said. Asian Paints’ counsel Man Mohan Singh said his client had exclusive right over its synthetic enamel under the trade mark Apcolite with a specially designed container and packaging having the picture of a boy named Gattu on it. Metro was manufacturing counterfeit material under the same name and with the similar trade mark, Singh claimed. (PTI) |
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Inflation rate declines marginally to 6.78 pc NEW DELHI, Nov 5: The annual inflation rate dipped minutely by 0.08 percentage points to 6.78 for the week ended October 21, despite continuing rise in fuel prices. The point-to-point inflation rate based on the Wholesale Price Index (WPI) for all commodities (base: 1993-94 - 100) fell from the previous week’s level of 6.86 per cent and 3.44 per cent a year ago. Inflation had fallen by 0.53 and 0.17 percentage points in the previous two weeks. The WPI, however, rose by 0.1 per cent to 157.5 from the previous week’s mark of 157.3 and 147.5 a year ago. The final WPI for the last week of August stood at 153.7 as against the provisional figure of 153.4. The final inflation rate during August end was at 6.15 per cent compared to provisional figure of 5.94 per cent. Although prices of fuel moved up by 0.9 per cent during the week, primary articles were cheaper by 0.3 per cent with manufactured products group index remaining unchanged. The index for primary articles group fell by 0.3 per cent to 164.2 due to cheaper food items although prices of non-food items rose by 0.1 per cent. Primary articles’ group index stood at 164.7 points in the previous week and at 162.4 a year ago. The index for food articles group declined by 0.5 per cent to 173.5 from the previous week’s figure of 174.3 on account of a drastic fall in prices of fish-inland (16 per cent) and moderate fall in ragi (four per cent), arhar (two per cent) and rice, jowar, fruits and vegetables and eggs (one per cent each). However, prices escalated in the case of bajra (five per cent), milk (two per cent), gram and fish marine (one per cent each). Non-food articles’ group index rose by 0.1 per cent to 144.7 from the previous figure of 144.6 due to costlier soyabean (six per cent), fodder (three per cent), copra (two per cent), gingelly seed and raw hides (one per cent each). But cotton seed became cheaper by six per cent, mesta by three per cent, raw rubber by two per cent and groundnut seed kardi seed by one per cent each. However, minerals’ group declined sharply by one per cent to 114.7 from 115.9 a week ago due to other minerals becoming cheaper by two per cent and metallic minerals by one per cent. Fuel, power, light and lubricants rose 0.9 per cent due to a two per cent increase in price of mineral oils. The index for the group stood at 219 as compared to the previous week’s level of 217 but was much higher than 167.2 in the previous year. (PTI) |
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Interest rate shots up to touch high of 10.50 pc MUMBAI, Nov 5: The overnight interest rate, which ruled easy above 8 per cent cent level initially during the week later shot up to touch high of 10.50 per cent on reporting Friday, due to liquidity tightening on account of heavy demand for funds and reduced supply at the interbank call money market during the week ended November three. According to the credence analysis report, call rates opened easy amid ample liquidity and ruled around 8.25 per cent initially in the week as demand for funds was nominal as most of the players had covered their position last week itself due to the intervening Diwali holidays. The easy trend continued through most part of the week as call rates were range-bound between 8.10-8.60 per cent. Most of the banks also preferred to stay liquid due to the volatility in the forex markets and flatness in the G-SEC markets. However rates unexpectedly tightened towards the week-end and even remained tight at the close of the reporting fortnight. The rates shot upto 10.25 per cent on reporting Friday with some stray deals reported even at 10.50-11.00 per cent. Dealers believe that this was because some foreign and private banks kept their positions open till the end expecting the rates to drop below the 8.00 per cent levels. Some major lending were also abstaining from lending funds in the market, puting severe pressure on the liquidity. Subscriptions to the Repo auctions dried up towards the week-end, inspite of RBI maintaining the repo rates at 8.00 per cent throughout the week. This was probably because the call rates had been high for the last two days of the fortnight. The G-SEC market had also turned bullish with a smart rally in the prices that resulted in players preferring to park their funds in the G-SEC markets instead of the repos. Total collections from repo auction amounted to over Rs 14900 crores, however there was nothing outstanding by the close of the week in the repo auctions. Again players were borrowing in call to invest in the gilts as they expect the market to firm up in the coming week due to the inflows from the IMD issue, the credence report added. The Government securities, the report said, had opened the week on a cautious note wary of any further depreciation in the rupee. Security prices moved in a very narrow range at the start of the week due to the continued depreciation in the rupee against the dollar, which had even touched a record low of Rs 46.91 on Monday. Market was mostly stagnant with no aggressive bidding from buyers or panic selling from sellers. Again fears of an auction announcement towards the end of the week also kept sentiments low in the market. Traded volumes were lower as players mostly kept to the sidelines waiting for the rupee to settle. However inspite of the volatility in the forex markets yet traders did not panic much in the G-SEC markets as they were hopeful that the inflows from the imd issue should help the markets to stabilize. Markets witnessed a turnaround on Thursday when the it saw a massive rally as prices of securities gained after the rupee started showing signs of stabilizing at Rs 46.75 levels and even appreciated to Rs 46.59 by close of the week. Traded volumes also improved due to an overall buying interest in the markets, as players seemed to be building positions with the auction fear nearly put to an end. RBI announced a price-based auction of 11.99 per cent 2009 paper for Rs 3000 crores on November 6, 2000. Market traders have been expecting one especially after the overwhelming response received at the 12-year paper auction conducted on October 25, 2000. The assurance from SBI chief that the IMD issue should be able to collect over 4 billion dollars and a stable rupee has helped to improve sentiments in the market that has been low after the steep depreciation in the rupee. The 11.40 per cent 2008 paper began the week at a low of Rs 99.95 but revived to close around Rs 100.80. The bond market remained dull during the week with no major issues reported throughout the week. Of the existing issues, the issues from KBJNL, which was to close on October 30, was extended till November 10, 2000. Also the issues from hutti gold mines and Tamil Nadu Electricity Board have been extended till November 10 and 30 respectively. The secondary markets were also dull throughout. There were no major deals reported during the week. Some smaller deals did take place, but they were not sufficient enough to convert the general market sentiments. In the commercial paper market, there were two issues with very huge volumes from public sector giants IPCL and BPCL for a 90 day paper targeting Rs 105 and Rs 100 crore respectively. The other major deals were from Raymond, ESAB, Grasim, and Wockhardt and LT, at various levels targeting small amounts ranging from Rs 5 crore to Rs 20 crore. The average yield for the week was around 10.65 per cent points. The last day saw many deals from corporates such as Sun Pharma, LT and Nirma. The deal from Nirma was a surprising one at just mibor plus 0.50 basis points. "The rupee has stabilized and is likely to be range-bound in the near future on account of good inflows from India millennium deposits of over Rs 18,500 crores. The inflows from the issue would add to the liquidity in the markets as a part of the inflows around 40 per cent are expected to be invested in the gilts markets which should witness a further improvement in prices. Moreover, the smaller notified amount of the upcoming auction has also improved the sentiment in the market. Market players had discounted an auction for an amount of over Rs 4000-5000 crores considering the liquidity in the markets. Market players would wait for the auction results to get some direction of the markets before taking any further positions. Traders expect the auction to float through comfortably at a cut off price in the range of Rs 103.40 -103.60 as most of the market players are likely to bid aggressively at the auctions. Call rates are expected to open firm and hover in the range of 9.00-9.50 per cent since it is the beginning of the new fortnight and there is likely to be some demand for funds. Players are expecting some tightness initially in the next week due to the auction outflows. Also there are nominal inflows into the banking system of Rs 1,033 crores from redemption’s of T-bills and interest payments on State Government loans and Government securities," the credence report added. (UNI) |
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Growth in finished steel surges to double figures NEW DELHI, Nov 5: Finished steel production in the country has registered a 12.1 per cent rise during April to September, 2000 over the corresponding period last year. Official sources said the public sector Steel Authority of India Limited (SAIL) had shown a growth of 12 per cent, TATA Iron and Steel Company Limited (TISCO) has registered a growth of 9.6 per cent and other steel majors 11.3 per cent. Vizag Steel Plant (VSP) outperformed all by registering 26.4 per cent increase during these 6 months. During the period, secondary sector grew by 11.2 per cent. During the first half of this fiscal, production went up to 15 million tonnes from 13.47 mt during the corresponding period last year. Out of the 15, SAIL contributed 3.76 mt, TISCO 1.88, VSP 0.97, Steel Majors 1.6 and other producers 7.37 mt. During September growth in production was 16.5 per cent over the corresponding period the previous year. VSP has shown spectacular growth of 55.74 per cent while SAIL has registered a growth of 21 per cent, TISCO 10.16 per cent, Steel Majors 12.1 per cent and others 12.2 per cent. During this period production of crude steel was 13.49 mt against 12.24 mt during the same period last year, registering a growth of 10.2 per cent. Similarly, the production of pig iron had also gone up to 1.5 mt from 1.48 mt, the sources added. (UNI)
MMTC cheated of Rs 1.14 crore, CBI case against 4 officials NEW DELHI, Nov 5: CBI has registered a case against four top officials of Minerals and Metals Trading Corporation of India (MMTC) and two executives of a Delhi-based company for allegedly cheating the state-owned trading agency of over Rs 1.14 crore in 1993. The FIR registered by the Economic Offences Wing (EOW) of the agency last Thursday named MMTC Chief General Manager (CGM) Y N Bhargava, Deputy General Managers (DGMs) Chandramauli and P K Mohan Rao and its ex-Director R Khosla and Devender Singh Makan and his wife Anjali Makan. The Makans are Directors of M/S Makan Gold Overseas Ltd (MGOL) which has also been named as accused in the case. According to the CBI FIR, under the Domestic Tariff Area (DTA) schemes, MMTC was authorised to import gold of 0.995 or 0.999 fineness which could be made available to units in the DTA or Export Oriented Units (EPUs) in the Export Processing Zones (EPZs) on the condition that they would complete the exports within 120 days of drawing the duty-free gold. The 1992-97 EXIM policy provided for export on the basis of Cash on Delivery (CoD) or delivery against Acceptance of Documents (DA) and the payment was to be made by the importer through MMTC banker in India. MGOL, which was unauthorisedly sanctioned 20 kg gold on loan and packing credit of Rs 75 lakh by MMTC officials, exported jewellery worth 4,19,872 dollars to M/S United States & Wholesale Distributors, Los Angeles during May-Sept 1993 and dishonestly collected and retained the export proceeds which were actually payable to MMTC, CBi alleged in the FIR. The MMTC officials abused their official position as public servants and entered into a criminal conspiracy with the makans to cause wrongful gain of over Rs 1.14 crore to MGOL and corresponding loss to MMTC by illegally sanctioning 20 kg gold and Rs 75 lakh packing credit limit, CBI alleged. According to the FIR, MGOL’s application for sanction of credit facilities for export of jewelleries on DA basis to the Los Angeles firm was processed by DGM Chandramauli who had recommended for sanction of the limit of Rs 1.48 crore. DGM (Finance & Accounts) P K Mohan Rao after holding discussions with D S Makan had recommended for DA limits of Rs 1.50 crore to the company despite the fact that such power was not vested with any officer, CBI alleged. On the basis of recommendation made by Chandramauli and Rao, CGM Y N Bhargava had recommended DA limits of Rs 75 lakh which was finally approved by the then MMTC Director R Khosla on May 18, 1993. In fact, Khosla had no power to sanction packing credit limit beyond Rs 75 lakh, the agency alleged. On the basis of unauthorised sanction, MGOL exported to the Los Angeles firm jewellery worth 4,19,872 dollar which was covered by seven invoices. CBI has sought to prosecute them under Sections 120-B (Criminal Conspiracy), 420 (Cheating) of IPC and many other sections of Prevention of Corruption Act. The case has been entrusted to DSP A K Singh for investigation. (PTI) |
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