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AGM clears ’99-00
results NEW DELHI, Sept 20: The workers’ union of Maruti Udyog Limited (MUL) today threatened to go on an indefinite strike and stall production if demands for revision of incentive scheme and new pension schemes were not met, even as the company’s shareholders met here and approved 25 per cent dividend payout for 1999-2000......more OPEC to increase JAKARTA, Sept 20: OPEC secretary general Rilwanu Lukman said here today that the organisation will increase oil production again in October if prices continue to spiral....more Cement production CALCUTTA, Sept 20: Construction materials producing Lafarge Group intends to augment its cement producing capacity to....more |
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JK Bank sponsors symposium at Women’s College Gandhinagar Excelsior Correspondent JAMMU, Sept 20: As part of the bank’s "deposit mobilisation fortnight" launched from September ........more
NEW DELHI, Sept 20: Gold prices picked up further on the bullion .......more
Special additional NEW DELHI, Sept 20: Government may cut Special Additional Excise Duty (SAD) on petroleum.......more |
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AGM
clears ’99-00 results NEW DELHI, Sept 20: The workers’ union of Maruti Udyog Limited (MUL) today threatened to go on an indefinite strike and stall production if demands for revision of incentive scheme and new pension schemes were not met, even as the company’s shareholders met here and approved 25 per cent dividend payout for 1999-2000. The hurriedly-called AGM was held for only 30 minutes, the shortest in the company’s history. The shareholders also approved the financial results for the 1999-2000 fiscal, senior company sources told UNI here. Even as the AGM was underway, around 1500 plant workers from the MUL’s Gurgaon facility were agitating outside the company’s corporate office demanding commencement of production linked incentives, a better pension scheme and other benefits. Slogans like ‘management down down’, Jagdish Khattar must go’ rent the air. The union leaders stated that in case their demand for an early settlement of the dispute is not met, the workers will resort to a tools-down strike and even go in for indefinite closure of the factory and sit on fast unto death. "We are not bothered if the factory runs or not. We do not want to promote such unfair labour practices where promised benefits are not being delivered to the workers...We are open to meeting the management and exploring all avenues of settlement through dialogue. But if our demands are not met, we will intensify the agitation," Mr Mathew Abraham, general secretary of Maruti Udyog Employees Union (MUEU) said. The MUEU members have also threatened to seek support from national trade unions like AITUC, CITU and INTUC for the purpose. The management, he said, has already convened a meeting with the union members on September 23. Stating that the union was willing to commence unconditional talks with the management, Mr Abraham said, "Mr Khattar has also asked us to meet him today. But he wants the agitation to be withdrawn first. We are willing to start talks with the management but wuill not withdraw the agitation. There will not be any pre-condition for the talks." The union has also demanded reinstatement of its president Dinesh Kumar and executive committee member J K Sharma, who were suspended on charges of misbehaviour on August 15. "This is unfair labour practice and we want this to be reversed immediately," Mr Abraham said. Meanwhile, the shareholders today approved the 36.7 per cent decline in MUL’s net profit for the 1999-2000 fiscal at Rs 330 crore as against Rs 522 crore a year ago. However, its turnover, riding on increased sales of its passenger car models, was higher at Rs 9,673 crore, up 19.1 per cent from Rs 8,118 crore a year ago. The members of the company’s board of directors noted that the net profit has been plagued by depreciation on its huge investments made for introducing new models and upgrading existing models following implementation of stricter emission norms during the year, the company sources said. The company yesterday suspended prodution for two days in a desperate bid to clear stock build-up at the factory, while the workers union threatened to go on a tools down strike and mass casual leave terming the management’s move as "illegal". Regarding the demand for revision of incentive scheme, Mr Abraham said, "under the memorandum of understanding between MUL and Government of India in 1986, the Government had agreed to share 65 per cent of the additional gain of productivity with the employees. Following several board resolutions, a scheme was later floated under which the base productivity level was set at 43 vehicles per direct employee. As against this, we had last year achieved production levels of 92 vehicles per employee. But if we cannot get the incentives of this extra production, we will have to go back to the levels of 43 vehicles per employee." Meanwhile, the union has been in talks with the management over the issue since March 1999, when the previous incentive scheme expired. In addition, the previous wage settlement also expired in march 2000. "But we want the incentive scheme to be settled first before the other issues are taken up." Mr Abraham further alleged that the pension scheme and promotion policy are not being implemented. Further, the scheme of rewarding jobs to employees’ children is also not being implemented. "We want these issues also to be settled." The management has refused to pass on the benefits citing increased competition and lower margins. "But we have helped the company save Rs 58 crore directly by increasing productivity. As per the MoU, we should be getting 65 per cent of this saving, but the management is not prepared to distribute it." The management, he alleged, is using pressure tactics and has suspended MUEU president Dinesh Kumar and executive member J K Sharma on charges of misbehaviour. (UNI) |
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OPEC to increase output in Oct if prices keep climbing JAKARTA, Sept 20: OPEC secretary general Rilwanu Lukman said here today that the organisation will increase oil production again in October if prices continue to spiral. "If during the month of October prices remain stubbornly high, then we will do something in October, if necessary," Lukman told a press conference. "We stand ready if necessary to put an extra 500,000 barrels within October," he said. "If the markets continue to be strong, stronger than we want ...We are going to do something before the 12th of November (the next scheduled OPEC meeting). We don’t need a meeting," he said. Lukman’s statement appeared to support a separate statement made in Caracas yesterday by the current president of the Organisation of Petroleum Exporting Countries (OPEC), Venezuelan Energy Minister Ali Rodriguez. Rodriguez told Globovision television yesterday that the cartel could pour another 500,000 barrels of oil into the marketplace in the next 20 days if prices do not fall. In New York yesterday the cost of light sweet crude eased just 37 cents to 36.51 dollars a barrel. The benchmark brent north sea crude oil for November delivery was trading at 34.05 dollars a barrel yesterday, against 34.46 dollars at the close on Monday. (AFP) |
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Cement production capacity
being raised to CALCUTTA, Sept 20: Construction materials producing Lafarge Group intends to augment its cement producing capacity to 4.5 million tonnes in India in next one year as they were yet to reach at a stage of complete acquisition of Raymond’s plant, said Chief Executive Officer Lafarge India Thomas Farrell today. Mr Farrell was inaugurating the Lafarge Homebuilding Centre, the first of its kind in the country, here as a part of its expansion programme to provide wide ranging information and technical advices on the civil constructions. Mr Farrell said they had invested Rs 224 crores so far in India and had been operating through two modern and efficient plants in Raipur and Jamshedpur since 1999. Lafarge India had made an agreement with the Raymond Cement Division in the recent past. They might involve in brick manufacturing in this country in future, he said. The company had been borrowing from State Bank of India, Housing Development Financing Corporation of India and ICICI. Talking to the media, Mr Lafarge said they find this part of the country a potential market for transferring practical and affordable technology and its innovations related to home building. Lafarge had its 160 years of experience in the construction business worldwide to provide customers with international quality products and services. The Lafarge CEO claimed that they intended to focus on customer based services in guiding process of homebuilding suitable to local conditions. Professionals like architects, builders, contractors, developers and engineers would be benefited through its exhaustive technical documentation and informations to be provided through different channels, he said. The company also designed a catalogue of websites on the subject which would facilitate surfing to access revelant information. Mr Shailendra Mundra, head-strategic marketing said they would also form self help groups in the process of interacting with the subjects.(UNI) |
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JK Bank sponsors symposium
at Women’s Excelsior Correspondent JAMMU, Sept 20: As part of the bank’s "deposit mobilisation fortnight" launched from September 18 to September 30, Jammu and Kashmir Bank sponsored a symposium on the topic " responsibility on society towards orphans, disabled and destitutes", which was organised in the auditorium of Government College for Women, Gandhinagar today. At the outset, Prof Nikhet Qureshi, convener Literary Committee of the college welcomed the chief guest, D V Gupta, General Manager of Jammu and Kashmir Bank. She appreciated the role of JK Bank in organising such symposiums in connection with the deposit mobilisation fortnight and lauded the Bank and its schemes for the upliftment of the down-trodden people of the society. Twelve participants took part in the symposium and every one was given about five minutes to express the views. They stressed upon the need to do something for the orphans, destitutes and disabled as mere sympathy will not serve any purpose. The speakers also asked the Bank to give financial assistance through especially designed schemes of self-employment so that they may become economically self-sufficient. Reeta Jatindra, an educationist, who was also present on the occasion, highlighted the role of J&K Bank and asked the audience and the participants to act sincerely on what was discussed on the topic. She also spoke in detail on the topic and urged the speakers to to spread their message amongst the masses. D V Gupta, General Manager, J&K Bank appreciated the views expressed by every participant on the topic. He also apprised about various schemes of the Bank and urged the student community and staff to avail the schemes for the welfare of every individual. Gupta apprised that the Bank has formulated a loan scheme for the bright students with good academic background who desires to go for higher studies. He urged the College staff to come forward to avail loan for house construction, purchase of consumer goods, car loan facility and also personal loan against salary. On the occasion, he also highlighted the achievements of JK Bank in other spheres. The first prize in the symposium was bagged by Aaiesha Kak. Shahida and Neha shared the second prize, while’s the third prize was bagged by Ruchika Sharma. Two consolation prizes were distributed to Vilma Rajput and Shubra Jamwal. Prizes and certificates of merit were presented by the College Principal Prof Gurdeep Kour and Chief guest D V Gupta, General Manager of the Bank. S A Khan, Deputy General Manager of J&K Bank presented a vote of thanks. He also highlighted Bank’s various loan schemes and appealed that the feelings conveyed by various speakers in their speeches should trigger a process of thinking in the society. |
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NEW DELHI, Sept 20: Gold prices picked up further on the bullion market today on increased buying by stockists as the Bank of England gold auction went at cheaper rates. Marketmen said the BOE gold auction (allotment) of 25 metric ton, in a series of sale to reduce country’s reserve, was cheaper at 270.60 US dollar an ounce, more than a dollar lower than the spot gold price in international markets. They said a recovery trend in Indian rupee against US dollar after hitting a record low of Rs 46.36 previous day was another boosting factor. A similar trend in upcountry markets pushed up the prices of gold and silver to some extent, they added. Standard gold and ornaments gained further by Rs.10 each at Rs.4520 and Rs.4370 per ten gram respectively. Sovereign was unchanged at Rs.3800 per piece of eight gram. Silver .999 (ready) improved by Rs.5 at Rs.7875 per kilo and weekly delivery by Rs.20 at Rs.7880 per kilo on speculators buying. Silver coins continued to be asked at Rs.10,800/10,900 pe 100 pieces, unchanged from the previous levels. Following were today’s quotations: Silver .999 (ready) 7875 and delivery 7880. Silver coins buyer 10,800 and seller 10,900. Standard gold 4520, ornaments 4370, sovereign 3800. (PTI) |
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Special additional excise duty on oil may be cut: Kumar NEW DELHI, Sept 20: Government may cut Special Additional Excise Duty (SAD) on petroleum products besides a possible reduction in customs duty in a bid to deal with the burgeoning oil import bill due to surge in international prices. "There is no scope to bring down excise on petroleum products as we have moved on to a single rate duty structure in this year’s budget and hence only SAD provided some leverage for cutting down," Revenue Minister V Dhananjay Kumar told reporters here. Kumar also said the ministry was not averse to reducing customs duty on crude but all factors would have to be taken into consideration before taking a decision. There are three parameters which needed to be considered before taking a decision — value of rupee, volume of oil imports and customs duty collections, he said. He also said there is no proposal presently to issue oil bonds saying "who will buy these bonds".(PTI) |
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