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Amitabh Bachchan’s Excelsior Special Correspondent NEW DELHI, Oct 29: The Star TV programme, ‘Kaun Banega Crorepati’, conducted by the matinee idol, Amitabh .....more New Zealand wants NEW DELHI, Oct 29: New Zealand, a major apple producing country, wants to buy Indian apples to....more FIIs net buyers MUMBAI, Oct 29: The Foreign Institutional Investors (FIIs) were net buyers in both equities ....more NEW DELHI, Oct 29: After reigning above seven per cent consecutively for two weeks, the annual.....more |
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FIIs return to
market to greet the new Samwat 2057 NEW DELHI, Oct 29: Foreign Institutional Investors greeted the festival week ended October 27 by speeding up their buying in the Indian capital and debt markets. .......more Overall business MUMBAI, Oct 29: Prices of silver and gold biscuit were quoted below Rs 8000 and Rs 53,000, touching a low of Rs 7970 per kg and Rs 52,800 per ten tola respectively during the mid-week, while overall business volume was very thin due to weak global and upcountry advices and poor demand at the local bullion market last week. ....more BARC evolves hi-tech MUMBAI, Oct 29: Bhabha Atomic Research Centre (BARC) here has evolved three inter-linked....more GM unveils Hydrogen1, plans alternate fuel thrust in India BEIJING, Oct 29: The US-based General Motors Corporation (GM) unveiled its concept hydrogen fuel cell car ‘Hydrogen1’ and announced plans to introduce alternate fuel-powered vehicles in India....more |
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Amitabh
Bachchan’s blockbuster show Excelsior Special Correspondent NEW DELHI, Oct 29: The Star TV programme, ‘Kaun Banega Crorepati’, conducted by the matinee idol, Amitabh Bachchan, has become the source of major attraction for the Income-Tax Department sleuths. Both Amitabh Bachchan and Union Finance Minister, Mr Yashwant Sinha, know it very well, according to official sources. The blockbuster Diwali episode of Kaun Banega Crorepati (KBC) was, expectedly, followed by some "definite movement" within the Income-Tax Department, these source revealed. The episode had been widely advertised, primarily in view of the participation of two well-known film stars, Sonali Bendre and Amir Khan, in it. Immediately after the episode was over, a question was raised: Apart from St. Catherine Home Society and Child Relief and You, who are the other beneficiaries of philanthropic gesture of Sonali Bendre and Amir Khan of donating their prize money won from Kaun Banega Crorepati episode? KBC’s producers will not gain for sure. Neither would the two celebrity stars, as the liability to cough up tax on the prize money rests on them. A partial relief though may be available to these stars as the Income-Tax Act provides for tax breaks on donations made to certain funds and charitable institutions. This leaves the tax authorities who would benefit from the transaction. Currently, prize money winners of KBC or similar windfall shows are required to pay up 40 per cent of the total income accruing to them from the game as tax along with the surcharge of 15 per cent on this. The liability would be the same whether it is Sonali Bendre, Harsvardhan Nawate or Amir Khan. The Tax Department earned Rs 46 lakhs from Nawate, who emerged as KBC’s first crorepati recently. In technical parlance, the principle of ‘application of income’ works on winners donating their proceeds. This principle is frelevant in this case as the two stars would have asked producers of KBC to draw cheques in favour of the two charitable institutions. Donations of this sort cannot be treated as diversion of income, according to tax officials. Deductions are, however, available under Section 80 G of the Income-Tax Act to assessees (the prize winners in this case) in respect of donations to certain funds and charitable institutions. A 100 per cent deduction is now available on donations made, among others, to the Prime Minister’s Relief Fund, the National Foundation for Communal Harmony, a University or any educational institution of ‘national eminence’ as may be approved by the prescribed authority, National Blood Transfusion Council, the Army Central Welfare Fund, any fund set up by the State Government to provide medical relief to the poor and a few others. A recent addition to this category is any donation made to the Fund for Technology Development and Application set up by the Government of India. In other cases, the deductible amount is up to 50 per cent of the donation. Presuming that they have no other income assessable to tax, Amir Khan’s tax liability would work out to Rs 11. 5 lakhs and Sonali Bendre would be poorer by Rs 5.75 lakhs. |
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New Zealand wants to buy Indian apples NEW DELHI, Oct 29: New Zealand, a major apple producing country, wants to buy Indian apples to meet its domestic demand during the off-season period. Mr Adrian Simcock, New Zealand High Commissioner, told UNI that he was keen to promote an India-New Zealand two-way trade in this highly traded fruit variety. India has emerged as a significant buyer of New Zealand apples in the face of a poor crop last year. About 20 containers of New Zealand apples were imported this year to meet the domestic short supply. Mr Simcock said the Indian apple producers and exporters should take advantage of the emerging liberal trade opportunites and cater to the New Zealand market, which buys lot of apples from South Africa and France during the months just before Christmas. However, the Indian exporters would have to adhere to New Zealand’s quality specifications and packaging norms, he pointed out. Mr Peter Healy, New Zealand Trade Commissioner in Delhi, said that there could be good seasonal complementarity in the apple trade between the two countries as the crop in each country gets ready in different months. The apple crop in India is harvested in September-October when New Zealand depends on apples from other countries. Likewise, the New Zealand apples are harvested in February-March when apples are absent in the Indian market. Mr Healy pointed out that New Zealand firms would provide the necessary technological back up for growing, grading and exporting of apples from India. Some of those companies are world leaders in this business. This would also help India to export its apples to other sophisticated markets like the Europe and Japan, he added. (UNI) |
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FIIs net buyers in both equities and debt markets MUMBAI, Oct 29: The Foreign Institutional Investors (FIIs) were net buyers in both equities and debt to the tune of Rs 558 crore (USD 121.5 million) and Rs 64.7 crore (USD 14.2 mn) respectively during the week ended October 27, 2000. According to the data provided by the Securities and Exchange Board of India, FIIs were net buyers in equities on October 23, 25 and 27 while they were net sellers on October 24 at Rs 57.5 crore (USD 12.5 mn). During the four days of trading during the week, the BSE sensitive index declined on the first and last day by 73.22 and 28.04 points respectively. On October 24, it rose by 32.46 points followed by a gain of 91.62 points the next day. FIIs purchased equities amounting to Rs 525 crore on October 23 and offloaded them to the extent of Rs 205.5 crore, thereby turning into net buyers of Rs 319.6 crore (USD 69.6 mn). On Oct 25, they were net buyers at Rs 260.8 crore (USD 56.8 mn). FIIs bought and sold equities amounting to Rs 337.4 crore and Rs 76.7 crore respectively. On October 27, a day after the ‘Muhurat’ trading was conducted, they purchased equities of Rs 230.5 crore while offloadingcrore of equities, thus turning net buyers of Rs 35.1 crore (USD 7.6 million). In the previous week ended October 20, FIIs were net sellers in both equities and debt at Rs 271.1 crore (USD 59.1 mn) and Rs 121.9 crore (USD 26.6 mn) respectively. (PTI) |
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NEW DELHI, Oct 29: After reigning above seven per cent consecutively for two weeks, the annual inflation rate fell 0.17 percentage points to 6.86 per cent for the week ended October 14, despite costlier fuel and primary items. The point-to-point inflation rate based on the Wholesale Price Index (WPI) for all commodities (base: 1993-94 - 100) stood at 6.86 per cent as against the previous week’s level of 7.03 per cent and 3.88 per cent a year ago. The WPI rose by 0.3 per cent to 157.3 from the previous week’s figure of 156.9 and 147.2 points last year. The final WPI for the week ended August 19, stood firm at the previous week’s figure of 153.2. The final inflation rate during the third week of August was 5.73 per cent. The week witnessed price escalation in primary articles and fuel, power, light and lubricants while manufactured goods continued to remain unchanged at the previous level. Primary articles’ index was 163.2 points a week ago and 161.1 a year ago. The index for food articles’ group surged up 1.3 per cent to 174.3 points in the previous week due to rise in prices of fruits and vegetables (six per cent), bajra (four per cent), maize and fish-marine (three per cent each), jowar and mutton (two per cent each) and barley, gram, eggs and condiments and spices (one per cent each). However, there was a decline in the prices of arhar (four per cent), ragi and urad (one per cent each). Non-food articles’ group index declined on account of cheaper gingelly seed (six per cent), raw silk and castor seed (two per cent each), groundnut seed and copra (one per cent each). But, fodder became costly by three per cent while linseed and kardi seed by one per cent each. Costlier bitumen (four per cent), furnace oil (three per cent) and kerosene (one per cent) led to further increase in the index for fuel, power, light and lubricants group by 0.2 per cent. The fuels group index rose to 217 during the week from the previous 216.6 points and was much higher than the level of 166.7 points a year ago. (PTI) |
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FIIs return to market to greet the new Samwat 2057 NEW DELHI, Oct 29: Foreign Institutional Investors greeted the festival week ended October 27 by speeding up their buying in the Indian capital and debt markets. FIIs turned buyers for the first time in a week in the capital markets this month by net pumping in Rs 558 crore. In the debt market also, their investment rose to Rs 64.7 crore during the week, slightly up over Rs 64.6 crore in the first week and in exact contrast to net selling of Rs 16.1 crore and Rs 121.9 crore during the second and third week respectively. Even when local operators unwound positions in the equity market on October 27, the first full trading session of the new samwat 2057, FIIs continued to pick up stocks, though select ones, and net bought scrips worth Rs 35.1 crore. During the whole week, FIIs’ net investment in equities stood at Rs 558 crore as against net selling during the preceding three weeks. These investors net sold stocks worth Rs 189.2 crore, Rs 236.8 crore and Rs 271.1 crore during the first three weeks respectively, according to figures released by the Securities and Exchange Board of India. During the whole month so far, foreign funds net sold stocks worth Rs 130.2 crore against Rs 102.8 crore worth of net buying in the corresponding period of September. FIIs net sold maximum stocks worth Rs 228.7 crore on October 12, while their maximum net buying stood at Rs 319.6 crore on October 23. The foreign funds gross purchased stocks worth Rs 3,893.3 crore in October so far, down around 42 per cent against Rs 6,700 crore in September’s corresponding period. Gross sales slid by around 39 per cent per cent at Rs 4032.5 crore compared to Rs 6,597.3 crore. In September, FIIs remained net buyers for the second consecutive month, but the amount of funds that flowed in the Indian capital markets declined by whopping 89 per cent compared to the previous month. In the entire September, these funds pumped in Rs 142.4 crore against Rs 1438.2 crore in August. In August, FIIs had turned net buyers after remaining net sellers for the previous two months. Except for June, July and now October, foreign funds remained net investors every month this year with maximum net purchase standing at Rs 2,784.5 crore in February. So far as debt markets are concerned, FIIs net invested Rs 53.1 crore in October so far, down 12.23 per cent against Rs 60.5 crore in the corresponding period of last month. The gross purchase fell by 39.80 per cent at Rs 81.5 crore compared to Rs 135.4 crore whereas gross sales inched up by 2.26 per cent at Rs 76.6 crore against Rs 74.9 crore, the SEBI figures revealed. The foreign funds were net sellers in debt markets during three months: April, March and August, while remaining net buyers in the rest of the period this year so far. These investors net invested maximum amount of Rs 299.7 crore in February. There are 551 FIIs registered with SEBI. (UNI) |
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Overall business volume very thin due to weak advices MUMBAI, Oct 29: Prices of silver and gold biscuit were quoted below Rs 8000 and Rs 53,000, touching a low of Rs 7970 per kg and Rs 52,800 per ten tola respectively during the mid-week, while overall business volume was very thin due to weak global and upcountry advices and poor demand at the local bullion market last week. The Bombay Bullion Association Vice President Vijay Sarda attributed this bearish phase on both the precious metals due to weak dealing in silver and gold at London and New York markets coupled with reports of declaration of gold release of around 150 tonnes and 1,300 tonnes by the British and Swiss Governments respectively during the financial year 2000-2001. London gold was quoted lower at US dollar 268.65 compared to 271.85 per troy ounce during the earlier week-end. London silver also touched a low level of US dollar 4.70 against 4.81 per troy ounce on the previous week-end which also contributed to the downward trend. Prices of silver .999 and raw grades resumed on a lower level of Rs 8000 per kg on Monday due to lack of fresh seasonal demand from local buyers. However, both the prices metals were quoted below Rs 8000 on Muhurat trading day on October 26. Finally silver .999 and raw grades crashed by Rs 130 and Rs 145 to Rs 7970 and Rs 7855 per kg respectively owing to sustained heavy selling pressure by local stockists induced by weak global advices. Similarly, gold biscuit also crashed by Rs 400 to Rs 52,800 per ten tola while standard mint and 22 carat varieties also eased by Rs 20 each to Rs 4530 and Rs 4190 per ten gm respectively due to lack of fresh seasonal demand from local customers and jewellery makers. London and New York gold was also quoted at lower level at US dollar 268.65 and 269.85 per troy ounce respectively which contributed to the downward sentiments, a leading trader said. The prices of Government securities inched up slightly at the start of the week. But apprehensions of an auction announcement loomed large resulting in players treading a cautious path. Volumes were thin as traders were awaiting the imd issue before taking a view on the market position. Further investors kept to the sidelines with depreciation in the rupee against the dollar. However the market has not reacted strongly to the massive depreciation in the rupee and prices too did not drop much compared to the fall in the rupee. Activity in the bond market gained slightly after the RBI reduced the repo yields by 50 basis points during the week and bringing it at par with the bank refinance rate of 8.00 per cent. Keeping with market expectations and after testing the waters at the last auctions RBI held an auction of another long dated paper, the 11.03 per cent 2012 paper on October 25, 2000. With this price based auction for Rs 3000 crore, the Government completed over 67 per cent of the Government’ annual borrowings program. However, the Government’s borrowing programme for this fiscal seems to be way behind compared to 87 per cent that was completed in the previous year during the corresponding period. Trading during the week was restricted to more liquid longer-term stocks, including the 11.40 percent 2008 and 11.30 percent 2010 bonds. The 11.40 per cent 2008 paper was dealt at Rs 99.88 at the start of the week and firmed up by closing to Rs 100.04, the credence report said. In the bond market, only few issues hit the market during the week as the weakening of rupee against dollar created a fear in the minds of the corporate issuers. Primary market saw certain deals from majors such as HOCL for a 3-year paper at 13.00 per cent. The festive mood being prevalent into the markets, there were no no other major issues reported during the course of the week. The issues already into existence in the markets fared well. Of these, the issue from Tamil Nadu Urban Development Fund (TUDF) could garner more than the targeted amount of 100 crore, and came to a closure on the 25th of this month, while the issues from HP Health System Corporation Limited (HPHS) and Tamil Nadu Electricity Board (TNEB) have been extended to November 13, 2000 and October 31, 2000 respectively. The commercial paper markets remained in an active mood during the week. The decline in the call rates on Monday was a good chance for the investors to borrow money from call and invest into the CPS. The first two days of the week did not not see any major issues from the regular market players. There were, however, some deals reported on wednesday which included issues from GE capital, an issue for a 90-day paper targeting Rs 20 crore at a stated coupon of 11.00-11.05 per cent. The other issue was from Larsen and Toubro (L&T) for a 90-day paper, with a stated coupon between 10.60 - 11.00 per cent points. The last day of the week, saw some new issues, from Sundaram Fasteners at 10.75 per cent, LT at 10.60-10.65 per cent and Aurobindo Pharma at 10.75 per cent. "The outlook for the coming days is positive, with many new issues reportedly in the pipeline from L &T, GE Capital, etc. The secondary markets also are expected to rise in the following month. The yields are anticipated anywhere between 10.20-10.60 for the large players, and 10.50 - 11.10 for the smaller issuers. The only cause of worry could be the fall in the rupee value. The G-SEC market should perk up in the next week after the festive holidays. Market traders expect a recovery in the G-SEC market in the next week as buyers are likely to enter the markets amidst comfortable money supply and easy call rates. However, the market is likely to closely track the movements in the forex markets but the imd mobilizations should help to contain any further depreciation in prices. Liquidity will be comfortable with inflows of over Rs 7640 crore are expected on repo reversals, interest payments on gilts and State Government loans’’, the credence report added. (UNI) |
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BARC evolves hi-tech
computerised internal MUMBAI, Oct 29: Bhabha Atomic Research Centre (BARC) here has evolved three inter-linked basic hi-tech computerised security systems for an effective high level security management in the country. The three basic security systems — phonetic identification, anthropological coding and watch dog index— can be best implemented through a pocket size electronic watchdog machine and a network of computers, Dr D N Srivastava, of the Control Instrumentation Division of BARC said. High level security management involves continuous, extensive and minute observations and multiple correlation of the collected information. "Security management is a multidisciplinary science and its most important feature is the intelligence," Srivastava said. Strengthening of intelligence, especially the one related to internal security, can provide a practical solution to eliminate security lapses but it required multiple correlation of collected information, Srivastava stressed. BARC’s three inter-linked systems could considerably reduce the degree of error in the judgement since it is very accurate to ascertain the adversary by computerised correlation of multiple information, he claimed in the latest issue of "nuclear India", a Department of Atomic Energy Publication. The phonetic identification system has a novel mathematical feature that permits unique identification of every citizen with only six digits, called phonetic code. These codes are mathematically self-checking and contain information of state, district, tehsil, year of birth and sex of an individual, Srivastava said. Highlighting its features, he said, in respect of brevity and memorisability, the phonetic identification system surpasses any identification system designed so far and the decimal equivalent increases the scope of their application and makes them universal. "The phonetic codes are mathematically generated and are compiled in the 16 volumes of phonetic code-books prepared by BARC and they cycle after every 128 years," Srivastava said adding that hence once adopted, the scheme of phonetic identification can be made perpetually running. Talking about the watch dog index, Srivastava said it is a new scientific technique conceived in BARC for detection of maximum number of adversaries by minimum observation. "It is based on the principle that the place-time pattern (PT-pattern) of an adversary is very different compared to the PT-pattern of a normal person unconditions",he said. Srivastava said all these systems of security management can be best implemented through a pocket size electronic watchdog machine and a network of computers. The main constituent of the watchdog machine is a microprocessor coupled with a simple keyboard, a small monochrome display screen and a camera. (PTI) |
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GM unveils Hydrogen1, plans alternate fuel thrust in India BEIJING, Oct 29: The US-based General Motors Corporation (GM) unveiled its concept hydrogen fuel cell car ‘Hydrogen1’ and announced plans to introduce alternate fuel-powered vehicles in India. Though the company is planning a thrust on alternate fuel vehicles as part of its efforts for a greener environment, GM is yet to finalise a timeframe for introducing the same in India, a General Motors Asia Pacific spokesman told UNI here. "We are looking at introducing CNG and LPG versions of our passenger cars in India, but a timeframe is yet to be set," the spokesman said. Regarding Hydrogen1, he said, the zero-emission vehicle is based on the Zafira compact van and a step forward in the development of environmentally compatible motor vehicle. "It is entirely pollution free, emitting only water vapour." Developed on the Zafira van, the same model can be used for all GM passenger vehicles and even big trucks and commercial vehicles. The company has targeted to commence commercial production of hydrogen1 between 2005 and 2008. According to Dr Erhard Schubert, co-director of GM Alternate Propulsion Centre, "for us, hydrogen clearly represents the fuel of the future. A propulsion system using hydrogen and fuel cells offers optimum efficiency, produces no pollutants or climate-relevant exhaust emissions, is virtually silent and is a lot of fun to drive." The Hydrogen1 is powered by an electric motor supplied with electricity from a fuel-cell unit that runs on pure hydrogen. The car is powered by a 55-kw, three-phase electric motor. A fuel stack that consumes pure hydrogen generates the electric current. The stack, which is about the same size as a conventional gasoline engine, consists of 200 individual cells arranged in a series. The operation of Hydrogen1 is similar to that of an automatic transmission car. The five-seat, 1,575kg car goes from 0-100kmph in 16 seconds. It can attain a top speed of 140kmph and an operating range of about 400km. Hydrogen1 was developed a GM’s global alternate propulsion centre in Germany and US. Meanwhile, as part of plans to increase presence in the Asia Pacific region, GM has evinced interest in picking up stake in India’s largest carmaker Maruti Udyog (MUL) if approached by the Indian Government. In addition, the company is upbeat about acquiring the South Korean car maker Daewoo as part of its plans to ensure a sizeable presence in India, a spokesman for GM’s Asia Pacific operations said here. The spokesman said, if we are approached and offered (stake in Maruti), we are very interested in taking it. However, he stated that the US-based carmaker is not making any pro-active efforts towards the same. We are looking at a greater presence in Asia Pacific and India is a key market for US. GM eyed Maruti as a perfect fit into its portfolio and expected the alliance to help it grow in India. Global consolidation and global alliance is the order of the day and we feel the best way to grow is through alliances. The company has been pushing ahead with plans to expand in Asia. Last month, it doubled its stake in Japan’s Suzuki Motor Corporation to 20 per cent for 600 million dollars. (UNI) |
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