Daily Excelsior...Business

CARE to undertake
prog of reconstruction
of houses in Gujarat

AHMEDABAD, Feb 12: The Co-operative Assistance and Relief Everywhere (CARE), a leading international voluntary organisation, in collaboration with FICCI would undertake the programme of reconstruction......more

Industrial growth slumps
to 5.7 pc during 9 months

NEW DELHI, Feb 12: Industrial growth slumped to 5.7 per cent during the first nine months of the current financial year as against 6.4 per cent during....more

Kirloskar multimedia plans to enter German IT market

BERLIN, Feb 12: In the first venture of its kind by an Indian software company in continental Europe, the Kirloskar multimedia group has....more

LIC settles 200 claims
of quake victims

NEW DELHI, Feb 12: Life Insurance Corporation (LIC) has settled 200 claims, worth Rs three crore, of Gujarat earthquake victims, LIC North....more

Asia defies Wall St to
inch up, but HK falls

SINGAPORE, Feb 12: Most Asian stocks looked to domestic factors to inch higher today despite the sharp drop in US technology shares, but blue.....more

Rs 4,665 crore mineral production during Dec 2000

NEW DELHI, Feb 12: The total value of mineral production excluding atomic and minor minerals in the country during December, 2000 was Rs 4,665 ...more

MTNL expects strong performance

NEW DELHI, Feb 12: Spearheaded by its cellular venture Mahanagar Telephone Nigam Limited (MTNL) expects annual profit.......more

Aggarwal Sammelan collects Rs one cr for
quake victims

NEW DELHI, Feb 12: All India Aggarwal Sammelan has collected Rs one crore for the Gujarat quake survivors and will start countrywide campaign to ......more

CARE to undertake prog of reconstruction
of houses in Gujarat

It would also build crucial community infrastructure, including schools, anganwadi centres, health, posts and panchayat offices.

Giving this information, Dr Renu Suri, State Director of CARE, said initially six villagers of Khudajampar, Barodai, Nilpar, Khankoi, Vanai and Varsamedi in Rapar, Bhachau and Anjar, Talukas having 1800 families would be rehabilitated.

Describing as baseless reports that the relief material was not reaching the needy and was being diverted to unknown destination, she said every relief material was accounted for and there was a holistic approach in the relief work in the Kutch area where the care team was operating.

She said national and international voluntary organisations were making relentless efforts to provide relief to the affected people. She also appreciated the active co-operation received from the Gujarat Government for the transportation of the relief material from the Ahmedabad Airport to Bhuj and for necessary security arrangements.

She said there was shortage of equipment for removal of debris an also shortage of tents but there was not. Short supply of food and essential commodities.

So far care had provided relief worth at six million US dollars in the Kutch district and would spend much more in the rehabilitation and reconstruction work, she said. (UNI)

Industrial growth slumps to 5.7 pc during 9 months

NEW DELHI, Feb 12: Industrial growth slumped to 5.7 per cent during the first nine months of the current financial year as against 6.4 per cent during the corresponding period of the previous year.

According to quick estimates of Index of Industrial Production (IIP), the industrial growth for December 2000 also went down to 3.4 per cent as against 8.1 per cent during the same period of 1999.

While electricity output stood at 4.8 per cent during the first nine months of the current fiscal as against 7.7 per cent during same period of the previous year, manufacturing grew up 5.9 per cent as against 7 per cent during the period.

However, the mining sector grew by 4.1 per cent during the period as against 0.5 per cent in the same period of April-December 1999, the estimates point out.

An analysis of the use-based index of industrial production reveals that the cumulative growth in the basic goods, capital goods, consumer goods, consumer durables and consumer non-durables stood at 5.7 per cent during April-December, 2000 as against a meagre 2.2 per cent during the same period of 1999.

The December figure for the same stood at 4.9 per cent as against 6.4 per cent during December 1999, the figures reveal.

The official press release also says that alongwith the quick estimates of IIP for December 2000, the indices for November, 2000 have undergone the first revision and those for September, 2000, underwent the second and final revision. (PTI)

Kirloskar multimedia plans to enter German IT market

BERLIN, Feb 12: In the first venture of its kind by an Indian software company in continental Europe, the Kirloskar multimedia group has drawn up plans to produce and market German version of their popular children’s education software.

The Bangalore-based group, which will be setting up its second overseas office in Berlin in the next four to five months, has been encouraged to tap the European market after getting a "positive response" to the launch of its products in the US just a fewbacks back, the group Managing Director Ajay Kirloskar told PTI in an interview here.

The group, which has made considerable investments in the products protfolio, will also offer its it services to meet the software requirements of the German business and industry, covering both off-shore and on-shore activities, he said. The German IT market is estimated at around 50 billion dollars.

Kirloskar multimedia group’s planned entry into the German market with Berlin as the base reflects a steady increase in Indian IT companies making a beeline to set up show in the German capital in the past few months. About a dozen small and medium sized it companies have opened offices in Berlin which is considered as among the major centres for multimedia activities in Europe.

Kirloskar was in Berlin on his way to India from the US in connection with a campaign by the US’s Fairfax Development Authority to bring German start up companies to Northern Virginia, near Washington. This authority had assisted the Kirloskar group to set up their American operations in fairfax just three months back.

"We always had Germany on our horizons," said Kirloskar, adding that the Berlin office would initially target Germany, Austria and Switzerland to produce and market their range of educational CD-ROME in German language for children in the age group of four to 12 years.

Preliminary market studies have shown a good response for these products and the group is planning to access the European market from Berlin, he said. The Berlin office would have the services of 25 to 50 Kirloskar personnel from India and will be backed up by German staff for translation and other related and administrative work.

The Kirloskar group is also scouting for a German partner to kickstart operations, Kirloskar said, adding that the Indian company will hold majority stakes.

The Berlin-based IQ international incubator is helping Kirloskar multimedia in its initial forays and in search of expansion opportunities. The Industrial Investment Council (IIC) in Berlin has also offered all assistance for the Kirloskar group.

Kirloskar did not rule out IQ international being roped in to become the group’s German partner. "We would be happy to structure a relationship with IQ," he said.

IQ’s Chief Executive Prof Burkhard Koch said Indian IT companies should have a "long term strategy" to overcome any difficulties they may face in penetrating the German market.

Kirloskar said it would be a "significant achievement" for an Indian company if it could make a breakthrough in tapping the children’s educational software market in Germany.

The German operations of the group is expected to be spearheaded by S L Kirloskar, who is Chairman of Kirloskar Multimedia. (PTI)

LIC settles 200 claims of quake victims

NEW DELHI, Feb 12: Life Insurance Corporation (LIC) has settled 200 claims, worth Rs three crore, of Gujarat earthquake victims, LIC North Zone Manager R Chandrasekaran said today.

The Corporation expects to receive in all 13,000 claims from such victims which will entail an outgo of Rs 200 crore, the LIC officials told reporters while announcing the launch of a new product, capital market-linked "Bima Plus."

Until last week, 500 claims had been filed with it, of which 200 were settled mostly within a few days, he said.

The ten-year Bima Plus policy three options to policy holders —secured fund in which not less than 10 per cent of the premium would be invested in equity, balanced fund entailing not less than 30 per cent in equity and risk fund (more than 50 per cent).

The policy holders could change their option twice during the ten year period. They would be entitled to rebate under Section 88 of the Income Tax Act. (UNI)

Asia defies Wall St to inch up, but HK falls

SINGAPORE, Feb 12: Most Asian stocks looked to domestic factors to inch higher today despite the sharp drop in US technology shares, but blue chips in hong kong were shaken by wall street’s woes.

Korea was boosted by the Government’s decision to allow pension funds to expand their stock investment, Australian shares were helped by news corp’s expansion plans and Taiwan gained on reports of new orders for tech companies.

Hong Kong was hit by telecom and tech heavyweights but China plays shined as funds rotated out of the telecom sector.

Japan was closed for national foundation day leading to thin trade in the foreign exchange market with the Yen losing ground against the Euro and the dollar.

Persistent gloom over the Japanese economy and a lukewarm response to the bank of Japan’s move last friday to boost liquidity, including its first discount rate cut in six years, pushed the dollar up to 117.78 yen jpy= .

Investors in Asia were also waiting with bated breath for Federal Reserve Chairman Alan Greenspan’s Congressional testimony on Tuesday which will set the tone for global markets this week.

Tech stocks slumped on Friday following negative outlooks from Cisco systems Inc Csco.O and Motorola Inc mot.N .

The tech-driven Nasdaq composite index .Ixic lost 3.56 percent to 2,470.97, while the blue chip Dow Jones industrial average .Dji shed 0.91 percent to 10,781.45.

The prior five trading days saw the Nasdaq fall 6.4 percent, its worst weekly decline since mid-December, wiping out this year’s gains as negative news from key stocks such as Dell Computer Corp dell.O and Nokia Corp nok.N sparked fears the slowing US economy will hit the high-tech sector.

European telecoms and tech stocks are expected to extend Friday’s weakness on concerns over slowing earnings and wall street’s fall.

Hong Kong telecoms hit, eyes on China.

Hong Kong’s benchmark Hang Seng index .Hsi ended the morning session down 1.75 percent at 15,596.04 as China mobile 0941.Hk , China’s largest mobile phone company, fell 2.86 percent. It dragged the Hang Seng information and technology index .Hsit down 2.14 percent.

Ports-to-telecoms conglomerate, Hutchison Whampoa 0013.Hk shares were down 2.51 percent to their lowest level in a month.

But China plays took centre stage as funds returned because market fears have subsided over Beijing’s recent crackdown on stock market manipulation.

The Hang Seng H-share index .Hsce , which monitors the performance of China-backed firms listed in Hong Kong, rose 2.26 percent. The red-chip index .Hscc with mainland companies incorporated in Hong Kong crept up 0.54 percent.

Most markets higher

Korean investors bought brokerage and pharmaceutical shares following a rate cut last week and after the Government said key pension funds would boost their stock investment to 25 trillion won ( 19.76 billion) over the next couple of years from eight billion won.

"Brokerages were seen the chief beneficiary of the fresh inflow of liquidity after the Central Bank of Korea cut its short-term interest rate last week," said Park Hyo-Jin, a senior analyst at Shinhan securities.

Korea Composite Stock Price Index (KOSPI) .Ks11 rose 0.63 percent at 599.20, after hitting a low of 584.37.

Australian shares shrugged off wall street’s fall, helped by interest in media giant News Corp’s ncp.Ax bid to take control of direct TV, the biggest TV provider in the united states, in a deal that could be worth US 70 billion.

Rupert Murdoch-controlled News Corp, which represents about 10 percent of the benchmark, rallied 3.3 percent to a 18.49. The S P/Asx 200 index .Axjo ended up 0.54 percent at 3,330.3.

Taiwan stocks closed higher on foreign fund buying and hopes local computer motherboard makers may win big foreign orders.

Taiwan’s dominant electronics .Teli rose 1.46 percent on hopes of new orders and healthy dividends for tech shares, while the benchmark taiex .Twii closed up 0.64 percent at 5,847.07.

Singapore stocks gained 0.74 percent in afternoon trade as investors bought banks and blue chip shares, while philippines ended almost one percent higher, supported by another central bank rate cut and a steady peso.

Thai stocks ended the morning almost two percent down on profit-taking in banks, finance and electronics shares as the market consolidated after the recent post-election rally. (REUTERS)

Rs 4,665 crore mineral production during Dec 2000

NEW DELHI, Feb 12: The total value of mineral production excluding atomic and minor minerals in the country during December, 2000 was Rs 4,665 crore as compared to Rs 4,378 crore in November, 2000.

The contribution of coal was to the tune of 39 per cent amounting to Rs 1,819 crore, an official release issued here today said.

Next in the order of importance followed crude petroleum Rs 1570 crore, utilised natural gas Rs 693 crore, iron ore Rs 192 crore, limestone Rs 99 crore and lignite Rs 92 crore. These six minerals together contributed 96 per cent of the total value of mineral production in December last year.

Production levels of important minerals in December, 2000 were coal 288 lakh tonnes, crude petroleum 28 lakh tonnes, utilised natural gas 2391 million cubic meter, iron ore 69 lakh tonnes, lignite 1944 thousand tonnes, manganese ore 158 thousand tonnes, chromite 171 thousand tonnes, bauxite 738 thousand tonnes, concentrate copper 13 thousand tonnes, gold 766 kilo grams, concentrate lead 4381 tonnes, concentrate zinc 28858 tonnes, limestone 101 lakh tonnes, apatite and phosphorite 130 thousand tones, dolomite 228 thousand tonnes and magnesite 25 thousand tonnes.

The index number of mineral production base 1993-94-100 in December 2000 was 139.72 as compared to 132.37 in the previous month showing an increase of 5.6 per cent, the release added. (UNI)

MTNL expects strong performance

NEW DELHI, Feb 12: Spearheaded by its cellular venture Mahanagar Telephone Nigam Limited (MTNL) expects annual profit for the year to increase by 30 per cent and a strong finish in the fourth quarter.

The fourth quarter growth could be between 25 to 30 per cent, a top company official said.

MTNL soon to be listed on the New York Stock Exchange had posted a net profit of 477 crore rupees, up 30.9 percent from the previous year.

With a subscriber base of 4.2 million the cellular business is expected to start paying back by the end of the first year of operation, breaking even with 50,000-60,000 subscribers in Delhi and Mumbai.

MTNL is planning to strengthen moves to increase its internet access business, which has just 40,000 customers in Mumbai and New Delhi after two years which is way behind Videsh Sanchar Nigam Ltd, with 557,000 subscribers. (UNI)