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Harshad and family still CALCUTTA, Dec 1: Big bull Harshad Mehta appears....more WASHINGTON, Dec 1: India is one of the six mostly...more
AAIFR admits Canara Bank appeal in ABCL case NEW DELHI, Dec 1: Apellate Authority for...more
Govt taking steps to check dumping of steel products NEW DELHI, Dec 1: Government is taking all necessary....more |
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‘No decision yet NEW DELHI, Dec 1: Government has not yet taken any decision on takeover of National Hydel Power Corporation by National Thermal Power Corporation and the proposal is only one among the options being considered, Power Minister Rangarajan Kumaramagalam said in Rajya Sabha today......more GMRT starts operation, to PUNE, Dec 1: With Giant Metrewave Radio Telescope (GMRT), the world’s largest radio telescope, starting operation, a completely new face of the universe would be seen soon, scientists say....more Govt proposes to introduce IT Bill in current session NEW DELHI, Dec 1: Government proposes to introduce Information Technology Bill in the current session of Parliament to provide the legal framework for business transactions on internet to give a fillip to E-commerce activities in the country, Lok Sabha was informed today....more Exports growth up NEW DELHI, Dec 1: Indian export growth jumped to an impressive 21.65 per cent in October 1999 compared to the same period last year. Exports had grown by 12.01 per cent in August 1999.......more |
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Harshad and family still Gujarat Ambuja Cements shareholders CALCUTTA, Dec 1: Big bull Harshad Mehta appears to be still extremely bullish in cement scrips at a time when it scrips are buzzword of the capital market. This was evident from the list of distribution schedule released recently by Gujarat Ambuja Cement Limited which indicated that the total holding of Harshad Mehta and his family in the company’s shares and debentures was 1.1031 per cent as on October 16 last. The list revealed that Mr Mehta’s family comprising Jyoti Harshad Mehta, Deepika Ashwin Mehta, Hitesh Shantilal Mehta, Pratima Hitesh Mehta and Rasila Shantilal Mehta hold 8,14,124 shares of the total 73576539 paid up shares of the company. The Mehta family also tops the list of 50 top shareholders of the company other than foreign holders, financial institutions and bodies corporate, the schedule revealed. The holding company, subsidiary companies and other bodies corporate together hold 26.1897 per cent shares in the company while Government sponsored financial institutions had a holding of 18.6191 per cent. Foreign financial institutions, including non-domestic companies, hold 18.8999 per cent while NRI’s hold 2.8778 percent shares in the company. About 14.1652 per cent shares of the company is held by GDR holders. Incidentally, the big bull’s interest in cement scrips was well known since the 1993 securities scam when stocks, specially cement scrips, touched dizzy heights. (UNI) |
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WASHINGTON, Dec 1: India is one of the six mostly unfree economies of the world with a complex regulatory framework and a slow judicial system resulting in its being a complicated and frustrating country to do business, according to a report by a leading US think-tank. According to the office of the US trade representative, industries have expressed concern with Indian Government’s stringent and non-transparent regulations and procedures.... This practice makes India an expensive, complicated and frustrating environment in which to do business, The "2000 index of economic freedom", published by the heritage foundation and the Wall Street Journal (WSJ) said. The survey said India’s high tariffs make it very profitable to smuggle foreign goods into the country and adds that though some freedom has been made there continues to exist a massive black market. The report, quoting US Department of Commerce, said that Indian courts provide adequate safeguards for the enforcement of property and contractual rights, but case backlogs frequently lead to procedural delays. Investors, foreign and domestic, still complain that the regulatory system allows far too much leeway for bureaucratic discretion. Indian industry remains highly regulated by a powerful bureaucracy armed with excessive rules and broad discretion, the report added. According to the standards adopted by the foundation and the WSJ there are only 10 free economies in the world. In South Asia, Sri Lanka gets the mostly free certificate. (PTI) |
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AAIFR admits Canara Bank appeal in ABCL case NEW DELHI, Dec 1: Apellate Authority for Industrial and Financial Reconstruction (AAIFR) today admitted an appeal from the Canara Bank against declaration of Amitabh Bachchan Corporation Ltd as sick company and directed BIFR not to sanction any revival package. Admitting Canara Bank’s appeal challenging the BIFR order which had declared ABCL a sick entity, AAIFR, however did not grant a stay as sought by the bank counsel. In the appeal filed under Section 25 of Sick Industrial Companies (Provisions) Act, 1985, the Canara Bank has sought quashing of BIFR order and directions for appointment of special auditors to probe ABCL’s accounts for last three years. BIFR had on July 9 this year declared ABCL a sick company and appointed Industrial Development Bank of India as its operating agency to frame a revival scheme. The Appellate Authority will issue notice to the company to file its reply in the next four weeks and will hear the case next on January 27, 2000. Canara Bank, in consortium with Allahabad Bank, had given a credit of about Rs 14 crore to ABCL, promoted by mega star Amitabh Bachchan, which included its share of Rs 10 crore. (PTI) |
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Govt taking steps to check dumping of steel products NEW DELHI, Dec 1: Government is taking all necessary measures to check dumping of steel products into the country under the anti-dumping law, Lok Sabha was informed today. Replying to queries during question hour, Minister of State for Steel, Dilip Ray, who came under fire from the opposition for reducing import duty on steel which was affecting the domestic industry as it led to dumping, countered saying the prices were fixed based on average export price of these items from European Union and Japan as reported in metal bulletin. Jaipal Reddy (Congress) alleged there was a scam in the move to reduce the import duty on steel products and sought an half hour discussion on the issue which was agreed to by Speaker GMC Balayogi. Former Steel Minister Santosh Mohan Dev (Cong) sought an assurance from Commerce and Finance Ministries that poor quality products would not be dumped by countries like Russia. (PTI) |
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‘No decision yet on takeover of NHPC by NTPC’ NEW DELHI, Dec 1: Government has not yet taken any decision on takeover of National Hydel Power Corporation by National Thermal Power Corporation and the proposal is only one among the options being considered, Power Minister Rangarajan Kumaramagalam said in Rajya Sabha today. Replying to questions in the Upper House, Kumaramangalam said no decision has been taken. These are the options. I am open to any advice as the problem is big and no single person can take a decision. Stating that about 35,000 mw of additional capacity of hydel power had to be installed in the next 10 years to increase the share of hydel power compared to thermal power, Kumaramangalam said this would require an investment of about Rs 1,100,000 crore. NTPC with reserves to the tune of Rs 12,000 crore has the ability to raise about Rs 45,000 crore compared to NHPC, which is a nascent organisation, he said. The other options included merger of NHPC and NTPC, hiving off of NTPC’s assets to a subsidiary company and to keep both the companies independent but allow purchase of equity, he said. Kumaramangalam had earlier said that the Government was considering a proposal to allow NTPC to buy the entire stake of the Government in NHPC. (PTI) |
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GMRT starts operation, to show new face of universe PUNE, Dec 1: With Giant Metrewave Radio Telescope (GMRT), the world’s largest radio telescope, starting operation, a completely new face of the universe would be seen soon, scientists say. Built in a 13-year effort by the National Centre for Radio Astrophysics (NCRA) here at Narayangaon, about 90 km from here, the giant telescope will throw light on the mysteries of universe including its origin. Astronomical events that happened at the beginning of the universe can be observed by the telescope which will definitely change our perception about the universe, Govind Swarup, noted astrophysicist and the mastermind behind GMRT, told PTI here. A completely new face of the universe, which can be seen only by observing celestial events and objects at low radio frequency, would be visible. Events invisible to optical can be discovered by this facility, Swarup said. As many exotic celestial objects like pulsars, quasars and some galaxies emit powerful radio waves but little visible light, studying the radio waves has fundamental bearing on the understanding of the universe. Radio waves, like light, are also electromagnetic waves but with much longer wave length. Even the space between stars is filled with many gas clouds containing atoms and molecules which emit strong radio lines and can be studied only by using a radio telescope, Swarup said. GMRT is one of the world’s most powerful and versatile radio telescopes and is equipped with state-of-the-art electronics. It consists of 30 fully steerable parabolic dish antennas, each of which is 45 metres in diameter. The antennas are spread over an area of 25 km so that the entire area acts as a huge radio telescope with a 25 km diameter. By the end of 2000, the facility would be made open to international scientific community for carrying out frontline research activities, S Anantha Krishnan, Dean of NCRA, said. One of the major purposes of the telescope would be to look for signs of protocluster - a large gaseous mass from which all stars and galaxies are believed to have been evolved, he said. The protocluster, if found, would help determine the age of the universe, he said. Apart from it, the GMRT would also be exploited to study other astrophysical phenomenon such as distant quasars, radio galaxies, clusters of galaxies, pulsars, remnants of supernovae and the solar system, Swarup, who was the project director of GMRT from 1987 to 1996, said. To mark the operationalisation of GMRT, NCRA is organising an international seminar on the universe at low radio frequencies which is being attended by about 200 astronomers across the globe. The five-day seminar, that began here yesterday, aimed at identifying areas where GMRT could be used most productively, Swarup said. (PTI) |
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Govt proposes to introduce IT Bill in current session NEW DELHI, Dec 1: Government proposes to introduce Information Technology Bill in the current session of Parliament to provide the legal framework for business transactions on internet to give a fillip to E-commerce activities in the country, Lok Sabha was informed today. In a written reply, Minister for Information Technology, Pramod Mahajan said the ministry would facilitate all the initiatives in the Information Technology sector including internet, E-commerce, IT education and IT-based education. He said all Government departments are required to spend two to three per cent of their budget towards implementation of IT. To induce more investment in research and development in computers, a weighted deduction of 125 per cent on the sums paid to any university, college or institution or a scientific research association for the purpose of scientific, social or statistical research has been provided, he said. (PTI) |
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Exports growth up 21.65 pc in October NEW DELHI, Dec 1: Indian export growth jumped to an impressive 21.65 per cent in October 1999 compared to the same period last year. Exports had grown by 12.01 per cent in August 1999. Cumulative exports from India in dollar terms grew by 10.02 per cent during April-October compared to the same period last year, according to the latest trade data released here today. Trade deficit for the first seven months was 5.8 billion dollars, which is slightly lower than the deficit in the comparable period of 1998. (PTI) |
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