NEW DELHI, Oct 21:

A rising trend prevailed at the local oils and oilseeds market today.

Among industrial oils, linseed went up by Rs 150 to Rs 200 and rice bran improved by Rs 30 per quintal on tight stock positions...more

NEW DELHI, Oct 21:

The GSM MoU Association, an international body comprising of the GSM network operators, regulators and administrative members, today agreed to open its doors to the GSM manufacturing and supplier industry. .. more

IMF postpones bailout package to Pakistan

ISLAMABAD, Oct 21:

International Monetary Fund’s decision to indefinitely postpone negotiations with Pakistan over a 1.6 billion dollar bail out package was almost predicted by noted magazine‘ Economist’.more

TNWSDB signs
MoU with HUDCO

CHENNAI, Oct 21:

In a bid to give a fillip to urban water supply schemes in Tamil Nadu, the state water supply and drainage board...more

"We are awaiting a good feedback from the market towards the recently-launched diesel Zen before putting the same heart in other models," Mr Bhaskarudu told in an interview.

Though the diesel Zen has been well accepted, he said, the company would watch the market for some more time before deciding on the launch schedule for the other two diesel variants. "I am not in a hurry to launch the models. I know my product is state-of-the-art and the best around."

The Zen’s peugeot-fitted diesel version is selling about 250 to 300 cars every month and company has deliberately kept the output low.

Meanwhile, company sources pointed out that tests have already been conducted on the Esteem and Gypsy with the diesel heart. "Both the vehicles are almost ready to move out," the sources said. But Mr Bhaskarudu firmly stated that there are no immediate plans to bring out diesel versions of the two models. "I do not want to send any wrong signals to the consumers."

In a bid to counter the imminent competition from new small car entrants, Maruti has launched a fresh Salvo in the form of an improved service set-up under which the vehicles would be picked up for service and delivered back at the doorsteps.

Besides, a lot of effort is being put into increasing productivity levels at the workshops and improving the the front office operations at workshops, Mr Bhaskarudu said.

"We are also working towards bringing down the complaints per 10,000 vehicles from 13 at present to ten. Moreover, the entire lay-out of workshops, the environment and the attitude of dealers are going in for a sea change," he added.

The dealers have also been asked to work out an individual promotional activity to push forward sales. "It would vary from dealer to dealer. We have already informed them to come up with individual campaigns. The dealers are presently preparing these initiatives."

The company has also increased the warranty on its vehicles from one-year 20,000 km to one-year unlimited km.

These incentives are in addition to the several fiscal sops which the company had recently announced to counter the impending competition in the small car segment pursuant to the launch of Hyundai Santro and Daewoo Matiz. Jolted by the two back-to-back aggressive launches, Maruti had doubled the interest payment on bookings to 20 per cent per annum. Besides, cash sops are being offered to dealers to prop up sales.

Riding on these initiatives, the company expects to surge ahead in volumes but with the market expanding, its share is likely to come down. Maruti is, in fact, now looking at a market share of around 70 per cent over the next two years as against the present 84 per cent.

"Our products have been widely accepted and are time-tested. Under the present circumstances, we feel the company will continue to grow in volume terms. Our sales growth will not drop. But with new entrants, the market will also expand and our share of the market will drop slightly," Mr Bhaskarudu said.

The company, he said, is totally geared up to meet any competition. "We have total access to any new technology from Suzuki Motor Corporation, which is a global leader in small cars. And at an appropriate time, we will roll out the new models."

The company presently has a capacity to produce 3.50 lakh vehicles per annum and another one lakh vehicle capacity is being added to it. "So we are looking at producing half-a-million vehicles by 2000-01 and we are confident of selling the entire lot."

He further stated that once the automobile industry comes back on the growth track, the company is confident of growing at 15 per cent. During the current fiscal, when the industry has recorded a negative 2.6 per cent growth, Maruti has grown at two per cent.

Mr Bhaskarudu also reiterated that Maruti will not resort to any price cuts to meet the competition. (UNI)

There are 447 commodities that constitute the basket to calculate the Wholesale Price Index. Of these 156 commodities showed variations in their prices during the period.

Of the 110 commodities that became dearer, 59 commodities became costlier by less than five per cent, the prices of 24 commodities rose between five per cent and ten per cent, 13 commodities witnessed a hike in their prices between 10 per cent and 15 per cent,seven commodities recorded a prices hike between 15 per cent and 20 per cent, six commodities showed an increase in their prices between 20 per cent and 25 per cent and only one commodity became dearer by 30 per cent.

However, during this period, 40 commodities became cheaper. Of these, 26 commodities’ prices fell by less than five per cent, seven commodities became cheaper between five per cent and ten per cent, five commodities prices declined between 10 per cent and 15 per cent one commodity each became cheaper between 20 per cent and 25 per cent and 30 and 35 per cent respectively. However, the prices of four commodities remained unchanged because the rise in their prices in certain weeks was neutralised by the decline in prices in other weeks.

Lathes were the costliest commodity during this period whose prices went up by a whopping 30 per cent. Zarda and imported edible oil became dearer by 24 per cent each castor oil and raw jute prices soared up by 23 per cent each, cycle tubes prices shot up by 22 per cent, log and timber prices rose by 21 per cent.

The official Wholesale Price Index for all commodities (base 1981-82) rose by 8.9 points to 356.6 during the week ended September 26 from 347.7 at the end of last week of last quarter (June 28).

The index for food articles, under the primary articles group, shot up by 24.7 points to 456.1 from 431.4 because gram became the costliest commodity whose prices rose by 15 per cent, arhar and poultry chicken became dearer by 10 per cent during this quarter. Maize, masur, fruits and vegetables prices became cheaper by six per cent, milk prices fell by two per cent and barley and mutton became cheaper by one per cent each each during the period. The prices of pork and eggs remained unchanged because the rise in their prices in certain weeks was neutralised by the decline in prices in other weeks.

A sharp 23 per cent increase in prices of raw jute and 21 per cent hike in prices of logs and timber were mainly responsible for the index for non-food articles to go up by 13.9 points to 381.3 from 367.4 at the end of last quarter. Gingelly seed prices moved up by 15 per cent, lac and fodder prices rose by 14 per cent each, six commodities became dearer between five per cent and ten per cent. Four commodities prices went up by less than five per cent. Raw rubber became the cheapest commodity whose prices fell by 13 per cent while raw skins prices came down by 11 per cent. Three commodities became cheaper by less than five per cent and the prices of kardi seed came down by six per cent.

The index for minerals fell by 7.7 points to 160 from 167.7 during this quarter. This decline was mainly due to 25 per cent slump in the prices of imported petroleum crude. But gypsum prices shot up by 13 per cent, steatite prices went up by three per cent and chromite prices fell by one per cent. The index for fuel, light power, lubricants showed a minuscule fall to 379.9 from 380.4 because naptha prices dipped by three per cent during the quarter. Mineral oil also showed a unsteady trend in its price.

NEW DELHI, Oct 21:

The GSM MoU Association, an international body comprising of the GSM network operators, regulators and administrative members, today agreed to open its doors to the GSM manufacturing and supplier industry.

During its landmark 40th plenary meeting here, the GSM Association’s 323 members from 128 countries and areas of the world officially ratified a proposal which will provide all GSM industry players an opportunity to have input and access to technical development and promotion of GSM.

"Our membership has unequivocally agreed to the instigation of a new associate membership category," said Mr Richard Midgett, Chairman of the GSM Association. "It paves the way for GSM players of the world to participate in the development of our world leading technology as it evolves toward the next generation of mobile communications."

The proposal is driven by Association members’ desire to instigate closer cooperation with the GSM supplier community.

Manufacturers and suppliers from certain sectors of the industry have participated in the Association on a variety of initiatives at working and regional group level in the past.

"We have always recognised the valuable contribution of GSM suppliers and manufacturers in the creation and development of products supporting the GSM standard," said Mr Midgett. "We have now simply crystalised that recognition by creating a body which ensures that all players will have a share of the voice in discussions as well as an alignment of mutual purpose."

The GSM Association is currently drawing up the new category membership agreement and aims to accept applications in early 1999.

GSM is the world’s leading digital wirele s standard, the Association’s 323 members currently provide GSM services to 120 million customers — a figure which equates to 64 per cent of the world’s total digital wireless market. There are 296 GSM networks operating live commercial services in 111 countries. (UNI)

ISLAMABAD, Oct 21:

International Monetary Fund’s decision to indefinitely postpone negotiations with Pakistan over a 1.6 billion dollar bail out package was almost predicted by noted magazine‘ Economist’.

Reacting to Pakistan’s Premier Nawaz Sharif’s move to slash electricity charge despite an IMF warning to the contrary, the magazine had termed Sharif’s decision as lunacy.

This is lunacy of a high order Pakistan’s utilities are already losing enough money to sink the foundering economy, it had commented.

Incidentally, during his meeting with Sharif in New York only last month, World Bank President James Wolfensohn had also expressed concern about controversies surrounding the Independent Power Producers (IPPs) and the Pakistan Government.

But barely a fortnight after his return from New York, Sharif announced a slash in electricity charges by 30 per cent and terminated a power purchase agreement with the Karachi-based Hub Power Company (HUBCO) and also a court order to drastically reduce the electricity tariff of another company, Kot Addu Power Company (KAPCO).

HUBCO is owned by a multinational consortium which includes companies from the U.S., Japan,France, Italy, Malaysia and Saudi Arabia while KAPCO is run by a British company.(PTI)

CHENNAI, Oct 21:

In a bid to give a fillip to urban water supply schemes in Tamil Nadu, the state water supply and drainage board (TNWSDB) today signed a Memorandum of Understanding (MoU) with the Housing and Urban Development Corporation (HUDCO) to secure a five-year loan of Rs 500 crore.

The MoU was signed in the presence of Chief Minister M Karunanidhi by State Rural Development Secretary R C Panda and HUDCO Chairman V Suresh at the State Secretariat here.

Mr Suresh also handed over a sanction latter for extending a loan assistance of Rs 59.40 crore for six water supply schemes in Tenkasi, Nagercoil, Kumbakonam, Mayiladuthurai, Tambaram and Chitlapakkam municipalities.

The loan would be extended at an average of Rs 100 crore per annum at 15.5 per cent interest, repayable in easy instalments over a 15-year period, an official release here said. (UNI)

NEW DELHI, Oct 21:

A rising trend prevailed at the local oils and oilseeds market today.

Among industrial oils, linseed went up by Rs 150 to Rs 200 and rice bran improved by Rs 30 per quintal on tight stock positions.

In edible oils, cottonseed subdued by Rs 20 on lack of buyers support while mustard expeller gained Rs 50, rice bran and palmolein improved by Rs 30 each and sesame flared up by Rs 100 per quintal on tight arrivals.

Vanaspati, oilseeds and oilcakes were traded at previous closing range in the absence of bulk buyers.

The rates:

non-edible oils: Castor 4550 Linseed 4550/4600 Mahuwa 3400 Rice Bran 1930 Neem 2600

edible oils: Groundnut 5900 Cottonseed 4380 Mustard expeller 5350 Soyabean 4000 Mustard solvent (no stocks) Sesame 4950 Rice bran 3480 Palmolein 4480 Vanaspati: (per 15 litre tin) ex mills Rs 725/770 oilseeds: Mustard 1925/2300 Sesame 2100-2500 oilcakes: Cottonseed 750-810 Mustard 520-580 Sesame 800-950(UNI)