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Sansui presents world Sansui video / audio CD systems, todays, have created a tremendous impact in the Indian market. By virtue of providing state-of-the-art digitally....more San Motors readying NEW DELHI, Oct 8: Close on the heels of producing the country’s first sportscar, the Bangalore.....more Central Bank earns BHOPAL, Oct 8: The Central Bank of India has earned a distinction of being the first bank of the.......more Inflation rate surges NEW DELHI, Oct 8: The annual inflation rate crossed the six per cent mark after one and a half months to close at 0.5 percentage points higher at 6.06 per cent in the week ended September 23 due to sharp rise in manufactured products. ...more |
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Indian leather industry needs to broad base its export NEW DELHI, Oct 8: Indian leather industry needs to broad base its exports to new ........more
LG has no plans to SEOUL, Oct 8: Quite contrary to its strategy in Korea, LG Electronics (LGE) has ruled out "in the....more Bullion prices remain NEW DELHI, Oct 8: Bullion prices remained subdued while sugar firmed up and grains and oils...more CII outlines measures for NEW DELHI, Oct 8: Confederation of Indian Industry, while welcoming SEBI’s initiative...more |
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Sansui presents world class digital experience in video/audio CD systems Sansui video / audio CD systems, todays, have created a tremendous impact in the Indian market. By virtue of providing state-of-the-art digitally advanced video / audio CD systems at a price range that starts from Rs 3,990 to Rs 18,990. Thus, being able to reach all the cross sections of the market. Today, when you go even to the interiors of India, you'll find a Sansui product regaling the hearts of its proud owners. Sansui, having its roots in Japan, is renowned for its colour TVs & video / audio CD products. And ever since its entry into the Indian market, Sansui as a brand has kept its fingers on the pulse of Indian consumers. Nowadays, it is primarily known as a brand that has made superior technology accessible to millions. The company incorporates innovative features, moderns designs, user-friendly features, combined with solid performance in all its products. The latest range of video / audio CD systems that has created an impact in the market is the digitally advanced video / audio CD systems. Leading the pack is the Sansui MC 775V a Video / Audio system with 3 VCD / 3 CD changer and 1800 Watts PMPO, the features that can turn your home into a virtual theatre. The MC 675 delivers an awesome 2000 Watts PMPO sound output. The other models are MC 875 & MC 575. Each of the system is so powerful in its category, that a thrilling experience is undoubtedly, guaranteed. Furthermore, these systems come with an added feature of free latest software (Free CDs) on an average worth Rs. 5,000, that will swipe you off your feet. These system endowed with digital technology will be marketed all over India. Aggressive advertising has already been planned to launch the product in a big way, so as to capture the imagination of the masses. UGS 10000 Continues to Outperform the S&P CNX MNC Index over 12 months and Since Inception * Reopens for 7 days from October 3 to October 9, 2000 UGS 10000, the MNC fund of Unit Trust of India, is an interval fund and will be open for sale and repurchase from October 3 to October 9, 2000. The sale and repurchase price of the units will be based on the NAV of the day on which the application is accepted (upto 2 p.m. on that day). Information on NAV and prices would be available on the next working day. For applications received after 2 p.m. or on holidays, the sale/repurchase price will be based on NAV of the next working day at Mumbai. In accordance with the objectives, the Fund invests predominantly in stocks of Multi-National Companies (MNCs) and other liquid stocks. As on Sep 27, 2000 the MNC stocks account for 86.2% of the net assets. The performance of UGS 10000 is benchmarked against the S&P CNX MNC Index. The NAV of the Fund as on Sep 27, 2000 was Rs 10.89. The Fund has outperformed the benchmark S&P CNX MNC index by a substantial margin, over 12 months and since inception, as given below. As a mutual fund product we would like to offer a well-diversified portfolio to our investors which may ensure safe and steady returns. The Fund shall continue to maintain the predominant proportion of MNC stocks as well as use the enabling provision in Scheme Objective of being able to invest in non-MNC liquid stocks to enhance the return of the portfolio. As of September 27, 2000, 43.8% of the fund was invested in consumer goods (both non-durable and durable), 18.4% in pharmaceutical, 13.5% in IT, and 12.2% in engineering sectors. The top 6 stocks constitute 38% and the top 10 stocks make up 62% of the NAV of the fund. |
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San Motors readying sport recreationary vehicle NEW DELHI, Oct 8: Close on the heels of producing the country’s first sportscar, the Bangalore-based San Motors Limited is now contemplating launching a Sports Recreationary Vehicle (SRV) in the Indian marketplace. "The vehicle is presently on the design table and is likely to hit the streets over the next 12 to 18 months," San Motors Managing Director Milind S Thakker told UNI here. "We are working on the finer details of the models.. The engine size, the seating capacity and the rest of the things are presently being finalised," Mr Thakkar said. The company has already commenced production of its first offering for the Indian market — the sports convertible ‘storm’ sporting a price tag of around Rs five lakh. It is now working towards increasing the presence of the model across the country. "We are not looking at a nation-wide launch for the car. It has been targetted at niche markets and niche customers with the car. The company is expecting its presence in the main markets by November-end this year," he said. "We are regularising production at present and are looking at achieving three cars a day by Januray-February 2001." the car is initially being launched in Gujarat, Bangalore and Goa. The project has been delayed on account of some problem on the tooling and safety front. It was earlier scheduled for launch in July 1998. "We wanted to make a world class car for india..One which can be sold here as well as exported from the country. For the purpose, we had to redo the tooling and design as also enhance some safety features," he added. The car, being produced at a new Rs 12 crore factory set up in goa, would be powered by a petrol-driven 1200cc MPFI renault engine delivering a power of 60hp at 5250rpm. With an acceleration of zero to 100 kph in under 11 seconds, the car is likely to deliver a fuel economy of over 15 kmpl. The company, he said, are initially selling the car to a limited set of customers. "We already have a list of people who have been evincing keen interest in buying the car and the first few lots would be sold to them. Gradually, we would launch the car on a national scale." SML intends to sell around 1500 units in the first year of operations. Besides, it will also be targetting the export market with the cars. "We already have a lot of enquiries from UK and other countries and we feel this product would be targetted more at the export markets rather than India," Mr Thakker said. San Motors was initially floated as a business unit of San Engineering and Locomotives Company Limited. The division has now been hived off into a separate company, Mr Thakker said. (UNI) |
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Central Bank earns distinction of being disabled-friendly BHOPAL, Oct 8: The Central Bank of India has earned a distinction of being the first bank of the country to become "disabled- friendly". A branch of the bank here has meticulously charted out changes in its structure and configuration to suit the likes of disabled persons. The revised status has been achieved with the help of arushi, a voluntary organisation, working for the disabled. Observes Deputy General Manager, Mr Birendra Singh, realising the obstacles faced by the disabled, we endeavoured to make the bank barrier free for the disabled. "The change in banking operations will prove to be a milestone in integrating the disabled into the mainstream society" he said. Arushi Secretary, Mr Anil Mudgil maintained that their target was to make as many as 60000-70000 buildings disabled friendly. Besides opening a special counter exclusively for the disabled, ramps have been provided inside the bank building to enable the disabled to move freely. The counters have also been lowered for the person sitting on a wheel chair. Even the brochures pertaining to various investment schemes have been printed in braille language to cater to blind persons. "Although such minor alterations in building architecture, or materials do not require huge expenditure, they are rarely implemented , because of lack of awareness and will on the part of the authorities", says Mr Mudgil. The Disability Act which came into force in 1996, spelt that all public places should be made barrier free to enable them to become accessible to disabled persons. Despite the fact that the act was started four years back, the same was not being complied with sincerity, Mr Mudgil maintained. (AGENCIES) |
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Inflation rate surges up to 6.06 per cent NEW DELHI, Oct 8: The annual inflation rate crossed the six per cent mark after one and a half months to close at 0.5 percentage points higher at 6.06 per cent in the week ended September 23 due to sharp rise in manufactured products. The point-to-point inflation rate based on Wholesale Price Index (WPI) for all commodities (base: 1993-94 = 100) was 5.56 (provisional) in the previous week and 3.2 per cent a year ago. The WPI rose by 0.2 per cent to 154 during the week from the previous 153.7 points. The index was 145.2 poinear. The final WPI for the week ended July 29 stood at 153.3 as against the provisional figure of 153 points. The inflation rate, based on the final WPI, was 6.61 per cent in end July as compared to 6.4 per cent based on the provisional index. Despite a 0.1 per cent decline in prices of primary articles, the WPI went up during the week on account of a 0.4 per cent hike in manufactured products and sustained higher prices of fuel, power, light and lubricants as compared to previous year’s prices. The index for primary articles declined by 0.1 per cent to 162.3 points on account of a 0.5 per cent fall in prices of non-food articles despite 0.1 per cent rise in food articles. The primary articles’ index was 162.4 points in the previous week and 160.3 points a year ago. The index for food articles group moved up to 170.6 from previous week’s level of 170.4 points due to costlier fish-inland (four per cent), ragi, eggs, fruits and vegetables (one per cent each). However, there was a decline in prices of maize and tea (four per cent each), bajra, barley, fish-marine and poultry chicken (three per cent each), jowar (two per cent) and rice, moong, urad and mutton (one per cent each). The non-food articles’ group index fell to 145.1 from 145.9 on account of cheaper groundnut seed and gingelly seed (three per cent each), cotton seed and copra (two per cent each) and raw cotton, raw jute and mesta (one per cent each). The fall in the non-food articles index was partially offset by rise in prices of kardi seed (five per cent), fodder (four per cent), skins raw (three per cent), raw rubber, rape and mustard seed (one per cent each). The index of fuel, power, light and lubricants remained unchanged at 198.3 for more than three weeks but was much higher than 157.5 points a year ago. The manufactured products’ index was up 0.4 per cent to 141.3 points as against 140.7 in the previous week and 137.3 points a year ago, due to sharp rise in prices of chemicals, textiles, transport equipment, rubber and plastic products. (PTI) |
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Indian leather industry needs to broad base its export NEW DELHI, Oct 8: Indian leather industry needs to broad base its exports to new frontiers besides reorienting and restructuring its plan for growth to face increasing competition from other Asian countries like China, Indonesia, Thailand and Vietnam. The Rs 20,000 crore-leather industry which exports products worth Rs 7,000 crore showed a positive growth of 10.8 per cent in dollar terms during 1998-99 and constitutes only seven per cent in country’s export basket. According to an ASSOCHAM paper on the status of the Indian leather industry, exports of footwear and leather goods have grown at a faster rate than leather garments. The exports of finished leather remained more or less stagnant at around 300 million US Dollars while footwear have increased their value from 200 million dollars in 1993-94 to around 281 million dollars, garments from 350 million dollars to about 425 million dollars and leather goods from 230 million dollars to around 350 million dollars, it said. Indian leather industry has attained merited recognition in the international market with export of finished leather, leather footwear, footwear components, leather garments, leather goods and saddlery and harness. Present trends indicate that domestic demand for leather footwear has picked up significantly and is of the order of 200 million pairs per annum. The price in India is higher than the export price, so the Government and the industry will have to take cognizance of this aspect. At this jucture, with the complex problems on the export front like ban on the use of pentachlorophenol as preservative and the use of arylamine group of dyes alongwith increasing local demand at more lucrative prices, the leather industry has to reorient and restructure its plan for growth, the paper said. The annual availability of 166 million pieces of the hides and skins is the main strength of the industry which is expected to be 218 million pieces in 2000. India has a large raw material base with a population of 194 million cattle, 70 million buffaloes and 95 million goat and it ranks first among the major livestock holding countries in the world. With 48 million of sheep, it claims the sixth position. With tanning and finishing capacity for processing 192 million pieces of hides and skins per annum spread over different parts of the country mostly on modern lines, the capability of India to sustain a much larger industry with her raw material resource is evident. The ASSOCHAM paper indicated that direct and indirect employment of the industry is around two million. The skilled and semi-skilled workers constitute nearly 50 per cent of the total work force. Apart from a significant foreign exchange earner, leather industry has a vast potential for employment generation among weaker sections of the society and women is immense. With the proposed support to the unorganised/artisan sector by Government of India and National Leather Development Programme (NLDP), along with the Leather Technology Mission (LTM), productivity levels of artisans and small scale sector could change dramatically as, need of the hour, the quality of product. Nearly 70 per cent of India’s export of leather and leather products are to the European countries, besides this the industry continue to hold Germany, USA, UK, Italy and France as its major markets. Exports to Germany alone account to 22.2 per cent followed by the USA 15.6 per cent, UK with 14 per cent and Italy with 12 per cent. NLDP with assistance from UNDP and Government of India was launched in 1992 for integrated development of leather industry in areas of educations and technical training, research and development in effluent control, export expansion and coordination through select institutions in the country. The programme also upgraded the training system for design and manufacture of footwear, garments and leather products. As part of brand promotion under market development assistance programme, soft loans have been proposed for brand promotion of leather products. The status paper suggested that the tanneries need to adopt and change to industry-friendly chemicals in leather processing units so that they have ready acceptance abroad. The leather industry is much concerned over the duty drawback rates and recommended that separate rates for products manufactures using duty free finished leather be fixed. Tanners have also recommended ‘free-export’ policy for all types of leather to increase their global reach. The paper suggested that the ban on import of second-hand capital goods should be revoked as it would limit modernisation of tanneries, specially in small scale sector which cannot bear high cost of new machinery and also recommended injections of foreign investment into this sector. A case study on the footwear industry indicated that though the market size has been increase, the value of domestic consumption has been nearly stagnant. Though exports have increased, effort should be made to expand the domestic market too. According to industry experts, with the increase in middle class population, the consumption patterns are likely to change radically with the likes of brand names including foreign brand names. So, there is huge potential to expand the domestic market. As of today, in footwear, India has less than one per cent share of world trade. According to provisional figures available from DGCIS, value of exports of leather footwear has shown an increase but for footwear components it has declined. For leather products, the value of exports has increased from Rs 102 crore in April 1999 to Rs 126 crore in April 2000. But for leather components, the decline remained marginal from Rs 84 crore in April 1999 to Rs 82 crore in April 2000. In terms of export by the country, USA tops the list with imports worth Rs 35 crore in 1999 followed by UK with Rs 28 crore and Germany with Rs 11 crore of imports. In footwear components, Germany tops the list with Rs 18 crore worth of imports. The footwear industry needs to explore new potential markets like Brazil, Argentina, Chile, Peru and Colombia as these countries could also be used as source for quality hides and wet blues. Higher quality standards and adherence to eco-regulations are required to be maintained to ward off the threat of increasing competition from neighbouring countries. (UNI) |
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LG has no plans to merge
telecom, Consumer SEOUL, Oct 8: Quite contrary to its strategy in Korea, LG Electronics (LGE) has ruled out "in the immediate future" the merger between its two Indian subsidiaries-LG Electronics India Limited (LGEIL) and LG Information and Communications (LGIC), LGE President Byung-Chul Jung said today. The parent companies LGE and LGIC, Korea, decided to merge in September "to leverage the synergies between the consumer electronics and telecom segments". However, unlike Korea, LGIC is not a total system provider and telecom infrastructure builder in India and is engaged only in CDMA-based WLL System having acquired 49 per cent stake in Escorts Communications Limited, Mr Jung told visiting mediapersons here. The company is in the process of buying out around 70 per cent shares of the ailing Escorts Communications, for which FIPB’s nod has already been received. Unless LGIC diversifies into the other telecom operations in India, it is not viable for the two companies to merge. "The diversification is not going to take place in the immediate future," Mr Jung said. Korean Cheabol LG will pump in 150 million dollars in the two Indian subsidiaries over the next five years, LGE Worldwide Vice Chairman and Chief Executive Officer John Kooh had said recently. Of this, 50 million dollars will be invested in the local venture of LGIC and Escorts Communications India Limited, while 100 million will be invested in LEGIL. Meanwhile, LGIC has received Rs 250 crore of order to establish wll system, Mr Jung said. The company is not going to switch over to GSM technology worldwide including India as wll is more cost effective, he claimed. On LGEIL’s long-term targets, the LGE President said the the Indian unit will contribute ten per cent to the global sales revenue by 2005 against the present three per cent. Currently, LGE’s turnover stands at 12 billion dollars, which is targetted to cross 20 billion dollars by 2005. The Indian unit would grow by 50 per cent each year in terms of turnover in the next five years, he added. LGEIL, which earned Rs 1056 crore of turnover in the last calendar year, has revised its sales revenue target for this year from Rs 1500 crore to Rs 1750 crore. (UNI) |
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Bullion prices remain subdued,
grains, oils traded mixed NEW DELHI, Oct 8: Bullion prices remained subdued while sugar firmed up and grains and oils traded mixed at the local commodity markets during the week ended October seven. Yellow and white metal prices remained under pressure as trend in the international markets was also not so encouraging and bids moved in a narrow range during the week. Gold, standard and ornaments, declined by Rs 40 per at Rs 4,490 and Rs 4,350 per ten gms respectively while bittur shed Rs 60 at Rs 4,480 per ten gms following lack of demand amid easy availability. Sovereign remained unaltered at Rs 3,825/3,850 per eight gms. Silver .999 ready declined by Rs 63 at Rs 7,917 and weekly delivery slipped by Rs three at Rs 7,902 per kg for the same reason. Silver coins prices, however, did not witness any change and remained steady at Rs 11,100 for buyers and Rs 11,200 for sellers per 100 pieces as compared to last week’s closing range. Sugar prices spurted up due to onset of Navratras and the ensuing Dussehra and Diwali festivals during the month. Sugar mill delivery prices moved up by Rs 15 at Rs 1450/1535 per quintal owing to festival demand. As a result, spot prices for M-30 also went up by Rs ten to Rs 15 at Rs 1630/1660 and that of S-30 variety by Rs ten to Rs 20 at Rs 1620/1650 per quintal as compared to last week’s price level. Gur and khandsari prices remained intact during the week under review. Mostly a steady trend prevailed at the grains front. Wheat dara gained Rs five at Rs 585/590 per quintal on short arrivals while wheat desi remained intact at Rs 675/975 per quintal during the week. Rice IR-eight lost Rs 25 at Rs 700/725 per quintal on increased offerings coupled with lack of matching demand while prices of other varieties remained unaltered. In pulses, gram dipped by Rs five at the higher level at Rs 1500/1620 and dal arhar shed Rs 50 also at the higher level on increased arrivals while urad managed to go up by Rs 50 at the higher level on tight inventories as compared to last week’s closing price range. Other pulses and coarse grains prices remained unchanged as demand matched supplies during the week under review. Industrial and edible oils and oilseeds traded mixed while vanaspati recovered and oilcakes prices remained intact during the week. In non-edible oils, rice bran gained Rs 40 at the lower level and Rs 20 at the higher level at Rs 1200/1250 per quintal on demand from consuming units while castor slipped by Rs 20 at Rs 3150, palm fatty was down by Rs 50 at Rs 1550/1750 and acid oil shed Rs 60 at the lower level and Rs 50 at the higher level at Rs 1050/1100 per quintal on mounting inventories and lack of demand. Linseed, mahuwa and neem prices did not witness any change. In edible oils, rice bran flared up by Rs 130 at Rs 1830, sesame was up by Rs 40 at Rs 2570 and mustard expeller by Rs 30 at Rs 2500 per quintal on tight supplies while soyabean declined by Rs 100 at Rs 2250, cottonseed by Rs 30 at Rs 2350 and palmolein slipped by Rs ten at Rs 2250 per quintal on increased offerings coupled with slack demand as comapred to last week’s closing price range. Vanaspati gained Rs ten at the higher level at Rs 380/420 per 15 kg tin due to ongoing festival demand. In oilseeds, mustard improved by Rs ten at the higher level at Rs 1050/1150 while sesame shed Rs 100 at Rs 1900/2100 per quintal in a mixed trading activity. Oilcakes prices did not witness any change as demand matched supplies during the week under review. (UNI) |
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CII outlines measures for preventing insider trading NEW DELHI, Oct 8: Confederation of Indian Industry, while welcoming SEBI’s initiative in setting up an administrative framework of procedures and guidelines for preventing insider trading, said that the procedures should avoid undue administrative burden on the companies. CII acknowledged that the prohibitions against insider trading play an essential role in maintaining the fairness, health, and integrity of the capital markets. In fact it has been recognised that the fundamental unfairness of insider rading harms not only individual investors, but also the very foundations of our markets, by undermining investor confidence in the integrity of the markets. CII however emphasised that the procedures should be suggestive in nature giving a broad framework of what is expected. It should be up to the individual company to assess its needs and to come up with detailed policies and procedures tailored to its business, company structure and unique circumstances. CII stressed that a company’s code of conduct or compliance memos should set forth the salient points of the SEBI (insider trading) regulations and it is not necessary to give employees actual copies of the law. Employees may not be able to understand what is expected of them from a reading of the regulations. However, codes of conduct and compliance memos are specifically crafted to provide comprehensible guidance to employees. A general acknowledgement from an employee that he or she has read the code of conduct and understood it, should be a sufficient undertaking by the employee as to his or her understanding of the sebi (insider trading) regulations. This would avoid undue administrative burden, according to CII. CII has stated that the compliance department should be responsible for setting forth policies and procedures for the preservation of confidentiality of information and to monitor adherence to the rules regarding thereto as far as possible. As it is conceptually impossible for anyone other than the person who possesses the confidential information to be responsible for maintaining its confidentiality, CII said that it should be the responsibility of each employee of the firm to maintain the confidentiality of such information. On the issue of pre clearance of trades, CII said that not all employees in every firm would need to pre-clear traders and hence the need for pre-clearance of employee trades should be left to each firm to be decided. While only those employees who may be privy to inside information should be required to pre-clear their trades, other conflicts can be caught in the monitoring of trades post trade date, CII elaborated. CII pointed out that it is also important that supervisory personnel in the respective business units/departments pre-clear employees trades along with the compliance officer as it is the respective supervisors, and not compliance, who are best placed to know what information individual employees are privy to. Monitoring of trades is part of the compliance department function, but it is also something that the business unit management must do as they are best placed to spot conflicts, CII added. On the need for a confidentiality agreement CII said that requiring employees to sign a confidentiality agreements is not necessary and is not in accordance with international standards. An acknowledgement of the code of conduct is considered sufficient and to require a confidentiality agreement would unduly add to the administrative burden of the compliance department, CII pointed out. On unpublished price sensitive information, CII has suggested that it should be ensured that non-material events are not included in the definition. It should also be ensured that only unpublished price sensitive information, and not all confidential information, needs to be reported to the compliance department, which is in accord with international standards. Companies should also be allowed to maintain confidential files with adequate protection, according to CII. CII has also said that the international practice of putting securities on the grey list when the firm is associated with any material assignments for a client or is otherwise in possession of material non-public information as abuse of rating change information is usually detected through front-running surveillance reports. Securities that are being purchased or are being considered for purchase are not put on the grey list in most international firms. Employees in that business unit who can take advantage of this information are restricted to trade in the said securities by the pre-clearance process. Alternatively, front-running surveillance reports would detect such trading, CII said. (UNI) |
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