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NEW DELHI, Sept 8: DCM Shriram Consolidated Limited (DSCL) has decided to join the bandwagon of old economy companies foraying into the information technology sector......more Japan files criminal TOKYO, Sept 8: Japan’s transport Ministry filed an unprecedented criminal claim today against Mitsubishi Motors Corp for concealing at least 64,000 complaints about vehicle defects....more HUDCO to access CALCUTTA, Sept 8: HUDCO, the premier financial institution, is raising 20 million US dollars from the US capital market at an interest rate of libor plus 0.035 per cent, its Chairman V Suresh said today.....more
IOC doubles its MUMBAI, Sept 8: Indian Oil Corporation (IOC) has doubled its domestic borrowing limit to Rs 10,000 crore to meet its increased funding requirement due to rising international oil prices and higher capital expenditure......more |
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Technology stocks NEW DELHI, Sept 8: Sentiments turned bullish with shares of Information Technoloyg (IT), telecom and media sectors staging a remarkable recovery .......more CHENNAI, Sept 8: Equities continued to improve on buying support on the Madras Stock Market today though a few counters moved....more Give developing UNITED NATIONS, Sept 8: Prime Minister Atal Behari Vajpayee today warned of conflict and strife if "asymmetry" in benefits of globalisation ....more FIPB clears 76 proposals NEW DELHI, Sept 8: Government today cleared 76 proposals worth Rs ....more |
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Japan files criminal complaint against Mitsubishi Motors TOKYO, Sept 8: Japan’s transport Ministry filed an unprecedented criminal claim today against Mitsubishi Motors Corp for concealing at least 64,000 complaints about vehicle defects. Company President Katsuhiko Kawasoe said he would resign. "We filed a criminal complaint today against the company for violating the road trucking vehicle law," said Transport Ministry Consumer Bureau official Yukikazu Komiyama. "Given its extremely malicious acts of breaking the road trucking vehicle law, the Transport Ministry filed a criminal complaint with Tokyo Metropolitan Police Department," he said. The ministry also urged the Tokyo district court to fine Mitsubishi Motors for hiding recalls. Police would take over the investigation after the ministry discovered Mitsubishi Motors officials had falsified documents to cover up the customers’ complaints. The car maker’s President met with Transport Minister Hajime Morita in the morning and told him of his plan to resign, said a spokeswoman for the troubled manufacturer. Kawasoe confessed last month that Mitsubishi Motors failed to inform Japan’s Transport Ministry about customer complaints over faulty vehicles since at least 1977. The scandal erupted in July after a Transport Ministry inspection found documents on faulty vehicles stashed away in employees’ lockers at Mitsubishi Motors’ Tokyo head office. It failed to report the defects of about 800 vehicles in the past two years and concealed 64,000 of a total 88,000 customer complaints in the same period, said Kyodo news service. (AFP) |
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HUDCO to access US capital market CALCUTTA, Sept 8: HUDCO, the premier financial institution, is raising 20 million US dollars from the US capital market at an interest rate of libor plus 0.035 per cent, its Chairman V Suresh said today. HUDCO will sign an MoU with American investors during Prime Minister Atal Behari Vajpayee’s current visit to the USA, Suresh told reporters here. The company is also negotiating with Japanese Bank of Industrial Cooperation, formerly OECF, for more resources for financing infrastructure and housing in India, he said, adding HUDCO will mobilise another 30 million dollars from the US market within the next six months. Suresh said 15 per cent of HUDCO’s financial requirements - both for housing and urban development were being met from overseas market and the balance raised domestically. For the current year, HUDCO’s total resource requirement was Rs 10,000 crore divided equally between housing and urban development, he said. From the domestic market, HUDCO raises money from bonds, banking sector funds and refinance from National Housing Bank in addition to public deposits, he said. The institution is also proposing to float a mutual fund, which was recently approved by the HUDCO board, he added. (PTI) |
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IOC doubles its domestic borrowing limit MUMBAI, Sept 8: Indian Oil Corporation (IOC) has doubled its domestic borrowing limit to Rs 10,000 crore to meet its increased funding requirement due to rising international oil prices and higher capital expenditure. ‘There is a higher need for availability of funds not only to meet day to day demands or for expansion purposes but also because IOC is a sole canalising agent for petro products in the country’, Chairman and Managing Director M A Pathan said at the annual general meeting here today. However, the Corporation has not increased its foreign borrowings which are limited to USD 5,514 million for availing foreign currency loans, he added. The working capital requirements of IOC had increased due to rise in oil prices and huge capital expenditure envisaged in the ninth and tenth plan period, Pathan said. Keeping in view the large size of aforesaid domestic borrowings up to the limit of Rs 10,000 crore, it may be necessary for ioc to create a security or a charge on its assets for the purposes of issuing bonds, debentures, notes for any combination thereof for raising funds, he said. According to the Finance Director, P Sugavanam, IOC was planning to raise USD 200 to 250 million from overseas market through a bond issue by the year-end. On hedging in petro products, Pathan said, IOC would look at 25 per cent of availability as 75 per cent was bought through tenders. ‘We are waiting for guidelines from the Reserve Bank of India for the same’, he added. Sugavanam said the oil co-ordination committee’s dues to IOC have risen to Rs 5,500 crore against Rs 2,900 crore in March this year. (PTI) |
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Technology stocks bounce
back, economy NEW DELHI, Sept 8: Sentiments turned bullish with shares of Information Technoloyg (IT), telecom and media sectors staging a remarkable recovery to close with sharp to moderate gains on the stock market today following renewed buying by players in reaction to overnight rally on the technology-high nasdaq stock exchange. Selective old-economy stocks, especially pharma companies too participated rally on the back of sustained buying by domestic financial institutions amidst some short-covering. The Delhi Stock Exchange benchmark index after rising to 962.14 points in early trading following all-round rise in stocks value, surrendered most of earlier gains to close a shade higher at 958.97 points against previous closing of 958.06. Stock brokers said recovery in technology sector stocks was mostly attributed to a significant recovery of 85 points in the nasdaq composite index last evening. They said market even discounted reports that FIIs were net sellers on the Indian bourses in the past two trading sessions. Acceleration of reforms in the telecom sector by the government too had positive impact on the trading sentiments and shares especially of telecom giants such as Himachal Futuristic and Global Telesystems scored hefty gains, they added. FIIs made sizeable purchases at pharmaceutical majors such as Ranbaxy Laboratories and Glaxo India apart from front-line IT stocks while domestic financial institutions accumulated traditional blue-chips such as reliance industries, State Bank of India and a few others. "Today’s rally was widespread with old as well as new economy stocks rising", felt a DSE broker, adding "revival of buoyancy in it stocks kept market bullish". The telecom-giant global telesystems remained in the limelight for yet another session following sustained buying by knowledgeable circles amidst massive short-covering by bear operators and share prices soared to Rs 1543 and concluded at Rs 1540.05, scoring a hefty rise of Rs 111.05 or almost seven per cent. Himachal Futuristic also made a strong rally in the tandem and share prices spurted to Rs 1672.15 following a flurry of buying by some US-based funds and concluded at Rs 1669, disclosing a sharp rise of Rs 46 but shyam telecom failed to maintain initial strength due to profit-taking at higher levels towards the close of session and ended Rs 2.90 down at Rs 375.10. Infotech giant infosys technologies shares traded heavily through out the session and after bouncing between Rs 8405 and Rs 8619 ended Rs 150 higher at Rs 8530 in line with overnight rise of about five dollars in the company’s ADRs (American Depository Receipts) at Nasdaq. Silverline technologies and Satyam Computer stocks were also in bullish form on revival of buying and ended Rs 20 and Rs 26.95 higher at Rs 444 and Rs 636.95 respectively. DSQ software at Rs 810 (793.45), HCL Infosystems at Rs 375 (359.50), Rotla India at Rs 332.05 (325) and SSI Ltd at Rs 2989 (2875). Amongst old-economy stocks reliance industries turned distinctly bullish following fresh spell of buying by bull operators amidst short-covering and rallied to Rs 374 and concluded Rs 12.40 higher at Rs 372.50. State Bank of India shares up by Rs 6.50 at Rs 213.50 and Ranbaxy Laboratories surged Rs 27.80 at Rs 722.80 on renewed buying. (PTI) |
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CHENNAI, Sept 8: Equities continued to improve on buying support on the Madras Stock Market today though a few counters moved down to finish with moderate losses. The MSE index improved further by 23.37 points to close at 5385.39 over the previous close of 5363.02 points. Fortune informatics spurted by Rs 6.55 to Rs 89.75. Cirlac data improved by Rs 1.90 to Rs 27.15, helios & mathesson by Rs 2.30 to Rs 31.30 and pentagon global by rs 2.75 to Rs 37.50. Archan soft, computer power, info drive, octagon tech, Q flex cable, shapre global, tele data informatics and telephoto all posted modest gains. Kashyap Radiant was a shade lower at Rs 63 while fore C soft edged down to Rs 8.50. Rajapalayam declined by Rs 25 to Rs 1475. GV films moved down fractionally at Rs 45. Exquisite exports gained Rs 1.15 at Rs 11.50 while Thirumalai chemical shed Rs 1.45 to Rs 55. (PTI) |
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Give developing nations its due for equitable growth: PM UNITED NATIONS, Sept 8: Prime Minister Atal Behari Vajpayee today warned of conflict and strife if "asymmetry" in benefits of globalisation between developed and developing countries was not bridged and asked the UN to focus on equitable development. "Development is not the preserve of a few" Vajpayee said adding United Nations has a signal role to play in global effort by focussing its attention on ensuring this. "The reality we see today is an asymmetry in the benefits from globalisation between the developing and developed worlds. This asymmetry has further accentuated income disparities, thus increasing the scope of conflict and strife," he said addressing the UN’s millennium summit. He said developing nations should be allowed greater participation in decision making in forums dealing with the international financial system. "An inter-dependent world calls for greater participation by developing countries in the major forums of decision making. There is a need to increase the share of developing countries in decision making in international forums dealing with the international financial system," he said. "Economic inter-dependence is best when it is based on the principle of non-discrimination and only then nations benefit equitably from global trade and commerce," he said. Stressing the need for a fresh global initiative to fight poverty Vajpayee said its eradication cannot be treated as the exclusive responsibility of individual nations. "If one in four of the world’s people still live in severe poverty, there is something wrong somewhere in the manner in which we have been managing global development issues," the Prime Minister said. He said the situation was made worse due to decreasing resources, both natural and financial, of developing countries who are finding it increasingly difficult to meet their social obligation. "Therefore removing economic inequality, both between and within nations, and assuring that development does not suffer for want of funds are two of the challenges that we have to collectively meet in the new century," the Prime Minister said. Vajpayee said debt burden was yet another universal concern of developing nations as this resulted in a continual "haemorrhage of wealth that further debilitates the developing world." On trade issues, he said genuine economic multilaterlism could be achieved only if the tendency of some to rely on non-tariff barriers and perpetuate current balance of trade was resisted by all. "This can be best guaranteed by ensuring, especially, for developing countries free access to markets and services through more transparent and predictable standards and requirements," the Prime Minister observed. Cautioning that global financial integration has encouraged an unregulated and volatile capital mobility across national boundaries and currency zones, vajpayee said the new century needed a new "financial architecture" to ensure stability of international financial system. "The resources of International Monetary Fund should be augmented to deal with economic crisis created by the globalisation polices being pursued by member countries," he said adding its role in anticipating major crises through improved disclosure standards and enhanced information system needed to be strengthened. This would be applicable to both developed and developing countries, he said. Multilateral cooperation should focus more clearly on the need for better policy coordination among developed countries to avoid "policy mis-alignment", which could have a destablising effect on international capital movements. He said in the emerging world order of the 21st century "economic multipolarity" would be a critical factor as globalisation has given birth to an ever expanding web of inter-dependent economies linked by trade and commerce apart from unprecedented flow of capital across borders backed by the information technology revolution. "The rapid spread of information technology, riding a crest of knowledge revolution, has virtually led to creation of a digital world where the click of a mouse can span vast distances in less than a fraction of second. A new economy drives the world today," he said. (PTI) |
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FIPB clears 76 proposals worth Rs 2416 crore NEW DELHI, Sept 8: Government today cleared 76 proposals worth Rs 2416 crore for Foreign Direct Investment (FDI) including one from Grasim Industries to set up a Rs 1917 crore LNG and power company besides proposals of Bharti Tele-ventures, Reebok India and Microsoft Corporation. Commerce and Industry Minister Murasoli Maran on the recommendations of Foreign Investment Promotion Board (FIPB) approved a proposal by Grasim Industries Ltd to set up a LNG and Power Company in India with 100 per cent FDI inflow of Rs 1917 crore. Bharti Tele-ventures Ltd was allowed to increase its paid up capital by Rs 61.57 crore for promotion of activities relating to telecom sector. Another proposal of Bharti Global Ltd for induction of additional foreign collaborators, involving a fresh FDI flow of Rs 3.97 crore for manufacturing and marketing of telecommunication equipment was also approved. FIPB also cleared Microsoft Corporation India Pvt Ltd and Reebok India’s applications for amendments in the existing foreign collaboration approvals. No fresh inflow was involved in both the proposals. Ontario-based Engineering Power Systems Ltd’s proposal to set up small power plants with a 100 per cent FDI of Rs 66 crore was approved by Maran at today’s meeting. A proposal by Shv Energy India to operate LPG terminals for blending and bottling plants by way of prefernce shares in downstream ventures for Rs 21.735 crore was also cleared. Greenwich-based International Telephone and Satellite Holdings Ltd proposal to set up a joint venture and a holding company with an investment of Rs 31.5 crore was among those cleared. In the financial services sector, Edelweiss Capital’s proposal to set up investment banking services with a total investment of Rs 18.20 crore was approved. The foreign equity for this will be 18.07 per cent while NRI equity will be 7.37 per cent. A Rs 59.18 crore proposal to offer institutional and non-institutional broking and corporate finance services with 49 per cent FDI equity by SSKI Investor Services Pvt Ltd was also approved. FIPB cleared Investmart India Ltd’s Rs 15 crore proposal for distribution of wide range of financial products covering primary and secondary market which will involve public isue of equity shares. (PTI) |
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