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| FIIs net buyers in equities at Rs 261.2 crore MUMBAI, July 15: The Foreign Institutional Investors (FIIs) were net buyers in equities at Rs 261.2 ...........more 90 pc growth in software CHANDIGARH, July 15: The software export from Haryana had achieved a growth rate of over 90 .........more Debarring Hindujas LONDON, July 15: The decision of the Indian Government to debar NRI industrialists Hindujas from......more |
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Inflation rises
to 5.16 pc NEW DELHI, July 15: Annual inflation rate, after a three-week fall, was up 0.13 percentage points to .....more UTI creates MUMBAI, July 15: All US-64 investors holding units on June 30, 2001 may offer for repurchase upto ......more Is ‘option trading’ a right MUMBAI, July 15: The word "option" has been a new addition to the Lexicon of Indian equity investors but its success amid....more |
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90 pc growth in software export from Haryana CHANDIGARH, July 15: The software export from Haryana had achieved a growth rate of over 90 per cent as compared to the country’s average of 55 per cent. The state had achieved the distinction of becoming the second fastest growing region of the country in software exports which had touched the stagerring figure of Rs 2075 crore in 2000-2001 as compared to Rs 400 core in 1998-99. Another significant achievement of the state in the IT sector was that Haryana State Electronics Development Corporation (HATRON) had become the first Electronic Development Corporation in India to attain the ISO 9001 certification for software development. While claiming this here today, a spokesman of the Information Technology Department, said that as part of the Government’s commitment for making Haryana an it savvy state, it had decided to setup a hi-tech cyber city in Gurgaon which would be spread over an area of 100 acres. He said recognising the importance of private initiative in the IT sector the Government had decided to exempt the importers of IT goods from the local area development tax. Now no change of land dues permission was required if an existing industrial unit situated in an industrial ara converted into an IT industry. The State Government had taken another major step forward in this sector by implementing Haryana Registration Information System (HARIS) at 23 tehsils and three sub tehsils. This step has not only resulted in increase i revenue but has also cut down the time a person has to spend for registration of documents. By the end of august this year, HARIS would be introduced in all the 67 tehsils and 47 sub tehsils, he said. The state was also in process of setting up internet ‘Dhabas’ in rural areas. Besides this, the Jamabandi software was also functional at all 19 districts and 98 per cent data entry had been completed. Farmers were being given authenticated copies of Jama Bandi from the computer centres at Rewari, Rohtak, Sirsa and Panchkula. As many as 66 computers had already been purchased and installed, the spokesman said. Another scheme entitled ‘Gyanodaya Yojana’, especially aimed to benefit the rural areas of the state had also been prepared under which a facilitation-cum-information centre would be set up in every village. With the help of these centres, rural people would be able to get information about various Government programmes and developmental schemes. They would also be able to avail on the internet facility at village level. He said that the Union Government had also approved setting up of five women empowerment centres on pilot basis in Sonipat district. These centres would provide information about women related issues and would also act as information centres for the entire village. Another significant project was coming up under the NABARD aid. Under this project, computers would be installed at 1000 sitesn 19 districts and five villages each in all the 111 blocks would have cyber cafes, he added. (UNI) |
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Debarring Hindujas in their AI bid is unfair: Suri LONDON, July 15: The decision of the Indian Government to debar NRI industrialists Hindujas from bidding for a stake in Air-India is "very unfair", the NRI Institute has said. Asking India to follow the principle that "one is innocent unless proven guilty," Lalit Suri, Chairman of the NRI Institute (India) said "I feel it is very unfair that Government of India decided to debar the Hindujas from bidding for Air India." Suri was sharing a top table with G P Hinduja, President of the Hinduja Group of Industries at the 3rd Indo-British Cooperation Banquet where the High Commissioner for India Nareshwar Dayal and the British High Commissioner to India, Sir Rob Young were the guests of honour. He hoped "the High Commissioner (Dayal) who is here will convey my views to the Government." And that the Hindujas would overcome the difficulties they faced in India, specially regarding their effort to have a stake in Air India. (PTI) |
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NEW DELHI, July 15: Annual inflation rate, after a three-week fall, was up 0.13 percentage points to 5.16 per cent for the week ended June 30 even as fuel products remained firm for the last 15 weeks. The point-to-point inflation rate based on Wholesale Price Index (WPI) for all commodities (base: 1993-94 = 100) increased from 5.03 per cent in the previous week due to price hike for primary and manufactured articles. The index was 6.47 per cent a year ago. WPI rose marginally by 0.1 per cent to 160.9 from 160.7 a week ago. The index was 153 in the previous year. The final WPI for the week ended may five stood at 160.1 as compared to the provisional figure of 159.8 in the same period, while the final inflation rate stood at 5.61 per cent as against the provisional level of 5.41 per cent. A 0.1 per cent and 0.2 per cent rise in manufactured and primary items respectively accounted for increase in the rate of inflation. The index for primary articles’ group rose to 170.1 on account of costlier food items. The index was 169.7 in the previous weeks and 164.8 a year ago. Food articles’ group index rose by 0.4 per cent to 176.8 from 176.1 due to higher prices for fruits and vegetables (four per cent), fish-inland (three per cent) and bajra, gram, arhar and eggs (one per cent each). Prices, however, declined in the case of maize (four per cent), jowar, urad and condiments and spices (three per cent), ragi, fish-marine and mutton (two per cent each) and moong, milk and tea (one per cent each). The index for non-food articles’ group fell by 0.1 per cent to 157.6 from 157.7 on account of one per cent dip each in the prices of raw cotton and tobacco. But there was increase in the prices of fodder (three per cent), raw jute (two per cent) and rape and mustard seed and cotton seed (one per cent each). The index for fuel, power, light and lubricants’ group index stood firm consecutively for the sixteenth week at 222.7 and the index was 194.5 in the previous year. Manufactured products’ group rose marginally to 143.9 from 143.7 due to costlier food products, textiles, machinery and non-metallic mineral products and the index was 139.6 in the previous year. Food products rose by 0.5 per cent to 144.7 from 144 due to costlier gingelly oil (10 per cent), cotton seed oil (seven per cent), rice bran oil (five per cent), maida, sooji, sweet meat confectionery and sugar, atta and slovent extracted groundnut oil (three per cent each), skimmed milk powder (two per cent) and gur, rape and mustard oil, groundnut oil and soyabean oil (one per cent each). (PTI) |
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UTI creates liquidity option for US-64 small investors MUMBAI, July 15: All US-64 investors holding units on June 30, 2001 may offer for repurchase upto 3000 units per unit holder from August one, 2001 to May 31, 2003 at the price beginning with Rs 10 or the Net Asset Value (NAV) whichever is higher. The repurchase price of Rs 10 (face value) will be for the month of August and for the subsequent months it will increase by 10 paise till May 2003. But if NAV is higher, the US-64 units will be repurchased at this value (NAV), the board of trustees of UTI approved this measure at a meeting here today after M Damodaran was appointed as its new chairman, UTI officials said. US-64 scheme will fully reopen for sale and repurchases at NAV-based prices with effect from January one, 2002, they said. Adequate liquidity arrangements have been made to ensure that any funds needed for redemption will be made available to UTI without it having to resort to largescale sale of its investments in the market, the officials added. (PTI) |
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Is ‘option trading’ a right option for investors? MUMBAI, July 15: The word "option" has been a new addition to the Lexicon of Indian equity investors but its success amid the existing lacunae in the system and poor awareness level is a moot point, according to stock brokers here. Option trading, a derivative instrument being successfully used in major stock markets worldwide, has indeed certain added advantages over the ‘badla’ system but the present inadequacies in infrastructural set up and market system would certainly cast its shadow on immediate success of the system, the stock brokers feel. This system can cater to the needs of different classes of market players and investors with divergent market perspectives such as bullish, bearish, stable or range-bound movement unlike badla. However, investors and brokers would take time to acquaint themselves with the complex concept which requires a skilled approach to understand and use it, the brokers told UNI. For derivative instrument to be success, a well functioning system of margin trading is required, which in turn requires an efficient system of lending or borrowing of shares, access to bank funds and system for electronic transfer of securities which are at present not upto the mark, m mistry, a leading member of the Bombay Stock Exchange said. "Our market would not be ready for the new trading mechanism till the above issues are addressed and so the old carry forward system or at least T"5 settlement system should continue", said Mr Mantri. Options are deferred contract which assigns the writer the right but not the obligation and seller the obligation but not the right. This can facilitate trading, hedging and arbitrage in the market. The guidelines of regulatory authority making paying of upfront margin or collateral deposit mandatory before entering into a contract, has made it a relatively safe option with limited risk. The introduction of option trading accompanied by the compulsory rolling settlement system has led to a significant decline in the trading volume, said Dina Mehta, former President of the BSE. Brokers are protesting against the introduction of compulsory rolling settlement, which according to them has led to decline in trade volume, but it remains to be seen what measures the regulatory authority take to settle the issue. (UNI) |
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