Daily Excelsior...Business

India has second
biggest motorcycle
market in world

CHANDIGARH, July 17: India will be the second largest base of Yamaha Motor India Ltd for its operations after Japan, Director (Marketing), India Operations, K Harada...........more

Haryana Govt
signs MoU with STPI

CHANDIGARH, July 17: The Haryana Government would sign a Memorandum of Understanding (MoU) with Software Technology Parks of . .........more

UTI may offload
portfolio to FIs

MUMBAI, July 17: Unit Trust of India (UTI) is considering the proposal of offloading its portfolio to the domestic financial and investment institutions to .....more

IWAI launches
cargo services

PATNA, July 17: Inland Waterways Authority of India (IWAI) formally launched its cargo services in the Ganga from West Bengal.....more

SC allows BALCO to raise issue of discrimination

NEW DELHI, July 17: The Supreme Court today allowed BALCO to raise the issue of discrimination regarding issuing of various notices by........more

CPI demands Yashwant Sinha’s resignation on US-64 issue

BANGALORE, July 17: CPI today demanded the resignation of Union Finance Minister Yashwant Sinha for the UTI’s US-64 muddle, saying he must take responsibility for the fiasco. ......more

India has second biggest motorcycle market in world

CHANDIGARH, July 17: India will be the second largest base of Yamaha Motor India Ltd for its operations after Japan, Director (Marketing), India Operations, K Harada said.

"India has the second biggest motorcycle market in the world after China. In the year 2003, we will target sales of 5.5 lakh units. Moreover, we are looking at making India a major export base for our global markets," Mr Harada told reporters here last night.

He was here on the occasion of opening of the company’s new showroom in the city today.

He said that the company is the largest exporter of morotcycles from India. "During the last financial year, Yamaha exported 20,000 units of motorcycles across 26 countries including South America, Europe, Africa, and to South Asian nations like Sri Lanka, Bangladesh and Nepal."

"With the alignment of the Indian operation and the parent company in Japan, India has become the only country in Asia to have 100 per cent subsdiary of Yamaha Motor Corporation, Japan," he said.

Mr Harada said the motorcycle industry continues to grow in the country and it was this growing demand which the company wants to be tapped. "Currently, we have a market share of ten per cent which we want to take upto 15 per cent by the end of this fiscal."

He said the company plans to introduce new models at regular intervals. "The company is planning an all India launch of yet-to-be-named four-stroke 100 cc model very shortly. Its price may be kept to suit all segments that may be around Rs 42,000. The bike will have a fuel efficiency of around 70-75 kmpl," Mr Harada added. Sameer Sharma, business manager of the company for North India, said that at present eight models-Crux, YBX-125, YD-125 (four stroke), RX-135 (four gear), RX-135 (five gears), Rajdoot, Rajdoot Ace and RXZ with disc brakes (all two stroke)-are available in the market.

He said that Crux had already sold 33,000 units since its launch early this year.

"The company reintroduced RX-135 (four gear) this June after it was phased out last year. But the customers just wanted it back and we had to give in to their demands," Mr Sharma said.

He said there was a definite shift among the liking of consumers especially the younger generation, who were now preferring motorbikes over scooters. "The youth want more comfort, style, mileage and easy maintenance which modern bikes adequately provide. So the industry is poised to grow."

The company has a countrywide network of over 430 dealers, out of which it has 15 showrooms in Punjab, and will be adding another one in Ferozepur this month. It is also likely to open its first showroom in Himachal in Mandi district next month, Mr Sharma said.

Founded on July one, 1955, Yamaha Motor Co, Ltd is the second largest motorcycle manufacturer in the world after Honda. It made its initial foray into India in 1985, and subsquently entered into a joint venture with the Escorts Group, whose stake has now been acquired by the parent company. (UNI)

Haryana Govt signs MoU with STPI

CHANDIGARH, July 17: The Haryana Government would sign a Memorandum of Understanding (MoU) with Software Technology Parks of India (STPI), Union Ministry of Information Technology here tomorrow in the presence of Haryana Chief Minister Om Prakash Chautala to set up an earth station and STPI office at Gurgaon.

Stating this here today, an official spokesman said that the setting up of the earth station and STPI office would provide an impetus to the IT industry in Haryana by providing reliable high speed data communication facility as well as single window clearances required for their day-to-day operation. This would further boost future IT investment in the state.

The state has formulated a comprehensive information technology policy with an objective to encourage the IT and related industry in the state also, the focus is on the development of related it infrastructure conducive to achieving the said objective. The signing of an MoU for setting up of earth station and STPI office is a right step in this direction.

The high speed data communication is the best ingredient for IT industry. The present communication requirements of the IT industry in the region is met by VSNL from its earth stations at New Delhi and Noida. The units are being provided data communication linkages through radio links. This facility besides being costry also reduces the reliability of the link. More so, units have to go to Delhi or noida for various day-to-day clearances from the office of STPI. Hence, at present, the comfort level of the IT industry in Gurgaon is not very high. Setting up of fully high speed data communication facility would make Gurgaon region as the preferred destination for the IT industry as well as increase the comfort level of the existing IT units. Haryana at present has become one of the leading states in the country in terms of softwae exports. The software exports from the state has grown from about Rs 180 crore during the year 1997-98 to Rs 1100 crore during the year 1999-2000 and to Rs 2075 crore during the year 2000-2001, thus registering a growth rate of over 90 per cent, viz-a-viz the country’s average growth rate of 55 per cent. With the setting up of earth station and STPI office in Gurgaon, the software exports are expected to increase manifold.

STPI, an autonomous society of the Union Ministry of Information Technology, has so far set up 19 earth stations in the country. The MoU would be signed by Director General, STPI and secretary, Information Technology Department, Haryana. Land measuring one acre at sector 18 in electronics city, Gurgaon would be transferred on long-term lease of 90 years at Rs one per year by the State Government to STPI for setting up of an earth station and office. (UNI)

UTI may offload portfolio to FIs

MUMBAI, July 17: Unit Trust of India (UTI) is considering the proposal of offloading its portfolio to the domestic financial and investment institutions to arrange for adequate liquidity for the limited redemption announced for small investors recently.

The Investors’ Grievances Forum (IGF), however has cautioned the new chairman of the UTI, Mr M Damodaran, with regard to the fallout of the decision, said, Bharat Kotecha, Vice President of the Forum.

He further said the offloading by UTI may distort the market prices of shares, which in turn, will go against the interests of small investors.

The Forum has welcomed the resumption of limited redemption in US-64 scheme for small investors. They also feel that the limit of selling must be increased to 5000-10000 units gradually. The prices of re-purchase should also be increased for the benefit of small investors, Mr Kotecha said.

The Forum feel that all the schemes of UTI should come under the Securities and Exchange Board of India (SEBI) regulations. It has also demanded the recovery of losses suffered by the UTI from the scamsters.

The Chairman has also accepted the proposal of the Forum to meet investors association representatives all over the country to explain the present status and future strategy of the UTI, Mr Kotecha added. (UNI)

IWAI launches cargo services

PATNA, July 17: Inland Waterways Authority of India (IWAI) formally launched its cargo services in the Ganga from West Bengal to Uttar Pradesh.

Before launching the services, yesterday IWAI Chairman B N Jha told newspersons here that the centre had made an elaborate scheme to revive its all inland waterways cargo services, the and launching of the service in the Ganga was part of it.

He said the specially designed ships were capable of carrying over 600 metric tonne of goods the ships, which required only 40 metre wide area with 10 metre vertical clearance, were well equipped with the facilities to remove siltation for its smooth flow in the river.

Mr Jha admitted that the IWAI would have to face problems during summers when the water availability in the Ganga was low, but maintained that it would never dampen their spirit and hoped the services would continue despite all odds. He claimed that the transportation through inland waterways was cheaper than the existing roadways transportation.

He said the IWAI would soon construct a permanent terminal in Patna at an expenditure of Rs 25 crore. The Centre had already cleared the project the IWAI had approached the Union Government for fifty per cent financial assistance likely to be incurred on the project, he added.

He also announced to start cold chain cargo service to transport fruits and other agriculture yields in demand in other countries. Besides minerals and other industrial goods would be transported from Jharkhand. Cargo services. Apart from this, the ships were equipped to carry the dangerous products like ammonia gas, LPG cylinders and other such chemicals.

To a query he said the iwai would spend Rs 10 crore on maintenance and cleanliness of river Ganga annually. (UNI)

SC allows BALCO to raise issue of discrimination

NEW DELHI, July 17: The Supreme Court today allowed BALCO to raise the issue of discrimination regarding issuing of various notices by Chhattisgarh Government to it on the land use plan following the sale of 51 per cent equity by the company to Sterlite Industries for Rs 551.5 crore.

Allowing BALCO’s application for amending its petition against a series of notices to the company on alleged change of non-tribal land use plan, a bench headed by Justice B N Kirpal directed the company to file amended writ incorporating the issue of discrimination witthin one week.

The bench, having Justice N Santosh Hegde and Justice B N Agrawal as the other two judges, also directed Chhattisgarh Advocatte General to file additional affidavit giving names of the other private parties including companies, to whom the tribal land had been allotted by the Government.

Accusing State Chief Minsiter Ajit Jogi of "singling" out BALCO for action, company’s counsel senior advocate Ashok Desai said "the Chief Minister in his public pronouncements had said that he would not allow the company to function."

BALCO in its application said though tribal land had been given to nine other companies including Daewoo Power Ltd, Essar Steels, Kelkar Products, Jindal Steel Ltd and Bagmar Bauxite Industries, the State Government had chosen to issue notices to BALCO following the disinvestment decision.

The court, which had stayed action of the notices issued to BALCO on May 12, directed all the parties in the case to submit their replies to the amendment petition within two weeks of its filing, and fixed the matter for final hearing on August 28. (PTI)

CPI demands Yashwant Sinha’s resignation
on US-64 issue

BANGALORE, July 17: CPI today demanded the resignation of Union Finance Minister Yashwant Sinha for the UTI’s US-64 muddle, saying he must take responsibility for the fiasco.

A resolution adopted by the party’s three-day national executive committee meeting which concluded here today, alleged that ‘it is the deliberate inaction of the Government that has allowed huge funds of nearly Rs 60,000 crore to be mismanaged leading to collapse of the US-64 scheme’.

CPI urged the Government to undertake measures without delay to restructure and revive UTI, safeguard the interests of small investors, amend immediately the UTI Act of 1963 and put it under effective regulatory mechanism, preferably SEBI.

‘It is dangerous to allow UTI to continue as unregulated, unregistered investment institution playing with enormous public funds’, the national executive felt.

The party also demanded penal action against those in UTI who had ‘gambled with public money and perpetrated the worst crime of the recent period’, party general secretary A B Bardhan, who briefed reporters here, said.

CPI came down heavily on Government’s move to privatise Air India, and questioned its decision to ‘ask one of the former employees of Tata to evaluate the property of AI’.

Bardhan said trade unions and mass organisations would take out a ‘massive march’ to Parliament on July 24 denouncing Government’s disinvestment policies and seeking action in the UTI muddle.

On August nine, protests would be organised in district headquarters to highlight ‘ill-effects on agriculture sector by Government’s policies. Demonstrations and rallies would be organised on October 16, which would be observed as ‘save PDS day and food security day’, Bardhan said. (PTI)