13 Indian firms make it to Forbes rating for best Cos

NEW YORK, Oct 19: Thirteen Indian companies - six software, two financial and one each media, chemical, pharmaceutical, food and paints - are among 200 best companies outside the US with revenues less than one billion dollars, according to rating done by financial magazine, ‘Forbes.’

The 200, the magazine says, were selected from among 20,000 companies worldwide.

The Indian companies which make the grade are Asian Paints (paints), Britannia Industries (foods), Dr Reddy’s Labs (pharmaceuticals), HDFC Bank and ICICI Bank (financial services), Indo Gulf, Infosys Technologies, Mastek, Polaris Software, Rolta India, Satyam Computers and Visualsoft (software) and Zee Telefilms (media).

In terms of sale, ICICI banks tops the list with 563 million dollars closely followed by Indo Gulf at 559 million dollars and Infosys Technologies at 534 million dollars.

These are followed HDFC Bank (418 million dollars), Satyam Computer (355 million dollars), Britannia Industries (297 million dollars), Asian Paints (274 million dollars), Dr Reddy Labs (195 million dollars), Zee Telefilms (99 million dollars), Rolta India (62 million dollars), Polaris Sofware (57 million dollars), Visualsoft (22 million dollars) and Mastek (17 million dollars).

In terms of net income, Infosys tops with 165.6 million dollars followed by Satyam Computer with 100.5 million dollars and Dr Reddy’s Labs with 94.2 million dollars.

Almost 31 countries are represented in this year’s list, including Britain, France and Japan which have well-developed markets. But Latin America and most of Africa is absent because of tough economic times and historically underdeveloped small-company exchanges, Forbes said.

It says included in the list are companies which may have stumbled recently but have a unusual competitive edge. About half of the companies make the grade on the basis of numbers alone.

But for the rest, Forbes says it drew upon "expertise and insight" of its network of source fund managers, analysts and entrepreneurs as "number do not tell the whole story." (PTI)

PM launches BSNL’s cellular services

LUCKNOW, Oct 19: Prime Minister Atal Bihari Vajpayee today termed the rapid strides made in the field of telecommunications in the country in the recent past as a major achievement of his Government and said that this has made the entire world easily accessibile.

He was speaking after launching the countrywide cellular services of the Bharat Sanchar Nigam Limited (BSNL) here by making the inaugural call to Deputy Prime Minister L K Advani in New Delhi from the Raj Bhawan here.

Vajpayee lauded this initiative of BSNL describing it as a great step forward in the field of telecommunications.

Observing that there are people who still thought that the country needed more food than telephones, Prime Minister said it is a fact that the facility has improved the living standard of the people and brought them closer to each other.

The Prime Minister recalled the times when telephones were a scarce commodity. But now there was no scarcity of either the instruments or of immediate availability of phone connections, both mobiles and the traditional ones.

The Prime Minister said he was happy to observe that today there were as many as one crore mobile phone users in the country and they were gradually becoming more popular than the stationary phones.

The main emphasis of the country was to continue to make strides in the fields of science and technology where India today has made place for itself, Vajpayee said, adding today there was a lot of competition in the field of science and technology which has helped the country win laurels and helped its rapid development and progress.

Earlier, Union Minister for Telecommunications Pramod Mahajan highlighted the salient features of the mobile service started by BSNL.

While the private companies in the field of mobile service were confilar areas, BSNL services would be available throughout the country, he said, adding that by March next this service would be extended to every district in the country.

Pointing out that BSNL has decided to keep its tarrif at the lowest, he said this has been done in order to bring this service easily affordabale by the common people.

Mahajan exuded confidence that the cellphone facility of BSNL would also prove to be number one service in the country and hoped that BSNL would live upto the expectations of the people.

Mahajan said the country has taken great strides in the field of telecommunications ever since the present Government took over at the Centre.

While there were only 2.50 lakh mobile users in 1998, today the figure of those using this facility has soared to 82 lakhs. (PTI)

Shourie says disinvestment programme
has come to a halt

NEW DELHI, Oct 19: In a significant statement in the face of dissensions against the Government’s disinvestment process, Disinvestment Minister Arun Shourie today said the entire programme had come to a halt and the Rs 12,000 target set for the year was unachievable.

"Nothing can be done at all if at every step objections are raised and motives questioned... As far as I am concerned, there are no targets and nothing can be met if things continue this way," Mr Shourie told reporters here when asked about the controversies over the sale of PSUs, including BPCL, HPCL and NALCO.

Asked whether the whole disinvestment process had resulted in political mudslinging, he agreed, saying that at every step of disinvestment, parties were raising issues for political mileage.

"Around one-and-a-half months of the three-month review period sought for the strategic sale in oil majors BPCL and HPCL have passed.

"However, no one has come forward with any suggetions or queries to my ministry on the issue and all I can say is that the issue is in the hands of the Prime Minister and the Deputy Prime Minister," he said.

He said if the disninvestment of NALCO, which is till now making profits, was delayed further, it would go the way of the Steel Authority of India Ltd (SAIL).

"SAIL, which was making huge profits at one time, had to be bailed out by a Rs 10,000 crore grant by the Central Government so that it doesn’t go into the red," he pointed out. Speaking on the opposition to privatisation in NALCO, he said if the process were delayed further, it would be not be good for the company as for well as the entire disinvestment process.

Orissa Chief Minister Navin Patnaik had yesterday apprised Minister of State in the Prime Minister’s Office Vijay Goel about the latest developments on the controversial issue of disinvestment of NALCO.

Commenting on the meeting, he said Mr Patnaik had been briefed of the Government’s stand on the issue.

"We should not forget that the disinvestment programme is a test for the Government as well as for the country to stand up to its policies and announcements.

"The entire world is following the process and needless opposition to it will hurt the country’s image and the flow of foreign investments," he said.

Giving an example of what he called "needless opposition" to the disinvestment process, he said the same Chhattisgarh Government which was once tooth-and-nail against the sale of BALCO to Sterlite, was today hailing the company as an engine for the state’s growth.

"We are in a logjam and need to break out of it if the reform process has to be carried forward successfully," he said. (UNI)

PM directs Sethi to expedite Subarnarekha project work

NEW DELHI, Oct 19: Prime Minister Atal Behari Vajpayee has directed the Union Water Resources Minister Arjun Sethi to expedite the completion of Subarnarekha hydro-electric project in Orissa and sort out the problems, if any, by convening a meeting of the riparian states.

Talking to presspersons here today Orissa Chief Minister Naveen Patnaik said Mr Vajpayee directed Mr Sethi to convene a meeting of Orissa, Jharkhand and West Bengal to sort out the problems faced by the authorities in completing the multi-purpose project on the river Subarnarekha.

During a meeting here last night, Mr Patnaik told the Prime Minister that despite spending Rs 450 crore, orissa could not reap the benefits as neighbouring state Jharkhand did not complete some portion of the project.

"The benefits of the project do not accrue to the people of Orissa due to non-completion of some works in Jharkhand," he informed Mr Vajpayee by suggesting that a Subernarekha Development Authority should be formed to complete the balance work.

Mr Patnaik said he also had a detailed discussion with Jharkhand Chief Minister Babulal Marandi about the project.

The Chief Minister urged Mr Vajpayee to release more funds to start drought relief programmes as khariff crop had failed and severe drought conditions prevailed in the state.

Mr Patnaik also requested the Prime Minister to review the decision of the centre to disinvest Orissa-based aluminium giant NALCO.

"Mr Vajpayee said the State Government’s views in the matter would be given appropriate consideration," said Mr Patnaik.

Mr Patnaik also had a lengthy discussion with Deputy Prime Minister L K Advani and Defence Minister and NDA convener George Fernandes on the NALCO issue. He also urged the Prime Minister to release the money given by the World Bank and DFID expeditiously so that ongoing development projects were not starved of funds. "Clear the loan immediately so that disbursement can take place within this financial year," he told the Prime Minister.

Mired in a debt burden of Rs 24,000 crore, Mr Patnaik said bonus, leave travel concession and other benefits to the Government staff should be scrapped as a national policy.

Addressing the conference of the Chief Ministers’ on fiscal problems here yesterday, Mr Patnaik said, there should also be no announcement of Dearness Allowance (DA) and any other increments for the Government servants beyond 49 per cent at least for three years.

The debt burden of Orissa is around Rs 24,000 crore, which is more than 61 per cent of the gross domestic product of the state as on March 31, 2002. Even the state’s revenue collection was not enough to meet the debt-servicing liabilities.

By the end of 2006-7, the debt-servicing liabilities would be Rs 52,000 crore and the debt Rs 38,000 crore, he said, adding that the state would be in debt-trap unless the centre came into its rescue.

Special debt relief measures are necessary for Orissa to tackle the problems of high-cost loan of Rs 8,289.80 crore with an interest of 13 to 14.5 per cent.

Mr Patnaik requested the centre to write off at least 50 per cent of the high cost loan and rest might be swapped by granting low interest loans. All future loans to the states should be granted at eight-10 per cent interest, he suggested. (UNI)

4 Jet Air flights for Pune to operate today

NEW DELHI, Oct 19: Jet Airways will operate four Boeing 737 flights to Pune tomorrow after some flights were cancelled today due to the closure of the runway at Pune airport.

The B737 Flight 9W101 (Mumbai-Pune) will depart Mumbai at 1625 hours and arrive at Pune at 1710 hours, the return flight 9W 102 will depart Pune at 1740 hours and arrive in Mumbai at 1825 hours. The B737 flight 9W 363 (Delhi-Pune) will depart Delhi at 1630 hours and arrive Pune at 1835 hours, the return flight 9W 364 will depart Pune at 1905 hours and arrive Delhi 2110 hours. (UNI)

Gold, silver regain shine

NEW DELHI, Oct 19: Both the precious metals prices recovered at the local bullion market keeping pace with the overseas trend today. Gold standard, ornaments and bittur improved by Rs 30 per ten gms on short arrivals coupled with emergence of demand from consumers and jewellers.

Silver .999 ready and weekly delivery prices also went up by Rs 65 and Rs 40 per kg respectively in sympathy with the yellow metal.

Sovereign and silver coins prices, however, remained unchanged as demand matched supplies.

The rates:

Gold standard (per ten gms) Rs 5,180 ornaments Rs 5,030 Bittur (per ten gms) Rs 5,170 Sovereign (per eight gms) Rs 4,125/4,150 Silver .999 ready (per kg) Rs 7,480 Weekly delivery (per kg) Rs 7,480 Silver coins (100 pieces) buyers Rs 11,600, sellers Rs 11,700. (UNI)

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