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Infotech, cement NEW DELHI, Dec 11: Infotech and cement shares flared up as investors completely ignored apprehensions expressed....more AP against handling VIJAYAWADA, Dec 11: The Andhra Pradesh Government is against the handing over of Gangavaram to the Union Government for its development ...more Foreign exchange MUMBAI, Dec 11: Foreign exchange reserves of country continued to rose by US dollar 31 million (Rs 161 crore) to US dollar 34,288 million...more ‘Regulatory framework necessary for infotech’ NEW DELHI, Dec 11: India should expeditiously create the necessary regulatory framework and infrastructure if it wants to be a leader in ....more |
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CII hails Jaitley’s appointment NEW DELHI, Dec 11: The Confederation of Indian Industry has hailed the appointment of Mr Arun Jaitley as the Minister for Disinvestment. ....more Japan abandons troubled rocket programme WASHINGTON, Dec 11: Japan has abandoned its troubled current rocket programme H-2 but is launching a new H-2A series. ...more Steep fall in tea prices CALCUTTA, Dec 11: Free fall in almost all categories of tea, except the Darjeeling section, continued unabated ....more
ABC distress over withdrawal of Cogentrix NEW DELHI, Dec 11: American Business Council, an Association of American companies operating in India,....more |
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Infotech, cement shares flare up NEW DELHI, Dec 11: Infotech and cement shares flared up as investors completely ignored apprehensions expressed by WEF Managing Director Mr Claude Smadja on fiscal deficit and made a beeline to these counters and other select scrips at the Delhi Stock Exchange last week. However, Satyam Computer was major exception as speculators resorted to profit booking, substantially bringing down scrip’s value. The week ended December 10 was also marked by abrupt end of trading due to systems’ failure mid-way on Wednesday. The FSE index (base 1983) went down by 15.90 at about 1400 hrs when computers went off the hook that day. Overall, the index gained 13.62 points at 1005.84 points against the previous week’s close of 992.22. Prime Minister Atal Behari Vajpayee’s assurance at the India economic summit of the World Economic Forum that more economic reforms are on the anvil made much more positive impact on sentiments at the local bourse than any negative effect of Mr Smajda’s warning that total fiscal deficits of the centre and states would not be below nine per cent. Among IT shares, pentafour software continued to attract investors’ attention throughout the week. The company’s announcement that it will hive off its software development and multi-media business led to hectic buying by investors. The scrip flared up by Rs 364 at Rs 1248. Another software scrip NIIT zoomed up by Rs 379 to close at Rs 2661, while SSI climbed up by Rs 343.80. Moser baer gained Rs 101.05 at Rs 368.35, while HCL Infosys went up by Rs 70.95 at Rs 534.45. Rolta India closed at Rs 264.75, up by Rs 58.25 and digital equipment moved up by Rs 46 at Rs 782. Zee Telefilms, which announced implementation of its stocks split at 1:10 on Monday, opened at Rs 682 and closed at Rs 792.25. In cement counters, ACC gained Rs 46.90 to settle at Rs 239.10. Pharma scrips closed mixed. While Dabur India jumped by Rs 120 at Rs 1050, Ranbaxy Lab dropped Rs 74 at Rs 1005. Investors shunned Ranbaxy Lab after the company denied rumours of stocks split. Glaxo was down by Rs 21 at Rs 740. Elsewhere, Hero Honda was up by Rs 89 at Rs 1185, while Hindustan Lever gained Rs 55 at Rs 2480. Satyam Computer, on the other hand, was the major loser, shedding Rs 148.75 at Rs 1994. ITC dropped Rs 13.15 at Rs 664 and BPL fell by Rs 29 at Rs 304. Nestle India settled at Rs 482.25, down by Rs 27.75 and ABB declined by Rs 25.90 at 314. Glaxo moved down by Rs 21 at Rs 740, while Apollo Tyres shed Rs 20.25 at Rs 178.75. (UNI) |
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AP against handling over of Gangavaram to Union Govt VIJAYAWADA, Dec 11: The Andhra Pradesh Government is against the handing over of Gangavaram to the Union Government for its development as a satellite of the Visakhapatnam Port. However, it is not averse to the Centre’s participation in a joint venture to develop the port with the involvement of the private sector, State Ports Minister K Vijayarama Rao told reporters here yesterday. Mr Rao, heading the Cabinet sub-committee on infrastructure, said 12 ports, including Kalingapatnam, Nizampatnam, South Yanam and Machilipatnam, had been identified for development. Referring to the Machilipatnam Port, he said the Government was exploring the possibility of restoring anchorage operations at a cost of Rs 20 crore in the private or joint sector. A feasibility study would be taken up shortly for developing the port at a cost of about Rs 300 crore, he added. (UNI) |
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Foreign exchange reserves of India continue to rise MUMBAI, Dec 11: Foreign exchange reserves of country continued to rose by US dollar 31 million (Rs 161 crore) to US dollar 34,288 million (Rs 1,48,815 crore) during the week ended on December 03 as against US dollar 34,257 million (Rs 1,48,654 crore) of previous week, according to the Reserve Bank of India (RBI) weekly statistical report. During the week Foreign Currency Assets (FCA) also moved up by US dollar 209 million (Rs 937 crore) to US dollar 31,246 million (Rs 1,35,608 crore). Gold was declined by US dollar 178 million (Rs 776 crore) to US dollar 3038 million (Rs 13,189 crore) while the Special Drawing Receipts (SDRs) remained unchanged at US dollar four million (Rs 18 crore). (UNI) |
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‘Regulatory framework necessary for infotech’ NEW DELHI, Dec 11: India should expeditiously create the necessary regulatory framework and infrastructure if it wants to be a leader in information technology, according to experts who participated in discussions held during an international conference here. The discussions involving more than 50 experts from different countries were part of ‘Convergence India 99,’ an international exhibition and conference signifying convergence of broadcast and telecom, in which leading companies from more than 20 countries took part. An annual feature, convergence India is the new name of three different annual exhibits organised by the Delhi-based Exhibitions India: Sixth BCS India (Broadcast, Cable and Satellite), seventh comms India (communications), and fourth internet India. The meet, recognised by the Union Government, was held from December 8 to 10 at Pragati Maidan and included a seminar on ‘convergence of technologies’ which commenced a day earlier on December 7. The meet also gave an opportunity for the nation to learn about the thinking of the Government on various issues relating to telecom and the media. Inaugurating the meet on December 8, Minister of State for Communications Tapan Sikdar said the new National Frequency Allocation Plan (NFAP 2000) envisaged in the new telecom policy 1999 will be available on the website before the year-end. The NFAP will allocate the total frequency spectrum to different services. In a chat, he also said that the cabinet will decide on foreign investment in print media at an "appropriate time." The decision on foreign investment in the print media "may be taken by the cabinet within this financial year," he said. Information and Broadcasting Ministry Joint Secretary R C Mishra disclosed during one of the sessions that private FM radio transmission is likely to begin by the end of 2000. "We are in the process of finalising the auction of 100 channels latest by February 2000. After setting up the required physical infrastructure of studios and transmitters, the private stations are likely to go live by the end of next year," he said. And Prasar Bharati Chief Executive Officer Rajeeva Ratna Shah said Prasar Bharati had already launched plans for introducing video and radio on demand on the internet. He said India was moving ahead with digitalisation, and expected to become fully digital well before the cut-off date of 2012 set by the Government. He also said that digital signals will be available terrestrially in all the four metros by the end of next year. Chief Vigilance Commissioner N Vittal, an authority on information technology, said in another discussion that there was no need for a separate regulatory authority for telecom and broadcasting, but there was need for "convergence of mind set and regulatory authorities." Discovery Channel India Managing Director Kiran Karnik said it was unfortunate that the legislation about direct-to-home television had been unduly delayed as it could have been used to provide data bases and internet services as well. Mr David Belsen of Tefen Industries in the United States regretted that digital TV had failed to take off even in his country as people did not want to spend more on tv sets for the sake of a slight improvement in picture quality and only 88,000 digital sets had been sold in the US. Exhibitions India Managing Director Prem Behl told UNI that the event presented the futuristic technologies in an effort to map India as a transparent and secure environment for domestic and foreign investment in broadcasting, communications and internet applications. One of the key features of the meet was the internet pavilion ‘Internet India 99 which presented a live display of the exciting world of the internet and networking technologies. The leading commercial organisations in the field displayed the unlimited potential offered by internet and the cutting edge technology of today’s corporate world of electronic commerce. The pavilion showcased workstations, access equipment, intranet solutions, web designing and publishing, web-based software and tools. Users also accessed various solutions on how clear information designing, powerful search engines and multi-level directories can help easy and timely access of the right information to the right user. Dr Vinton G Cerf, vice-president of the MCI Worldcom and considered father of the internet, delivered the keynote address and launched a full-fledged discussion on the internet. Other sessions included those on global mobile personal communications, wireless and wireline technologies, digital video broadcasting, FM radio transmission, and internet over cable. The global VSAT forum organised a special workshop yesterday in coordination with the VSAT Service Providers Association of India. A large number of private and public sector companies in broadcasting, information technology and communications from the United States, Europe, and Australia apart from India and other Asian countries participated in the conference. Other participants includee Bharti Enterprises Chairman and Group Managing Director Sunil B Mittal, Satyam Infoway Managing Director R Ramaraj, Hewlett Packard President Ganesh Ayyar, CISCO Systems (Singapore) Managing Director Todd Abbott, Videsh Sanchal Nigam Limited Director-operations Amitabh Kumar, Mr Charles Kelly of the society of broadcast engineers, and BBC World Service Managing Editor Sam Miller. (UNI) |
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CII hails Jaitley’s appointment NEW DELHI, Dec 11: The Confederation of Indian Industry has hailed the appointment of Mr Arun Jaitley as the Minister for Disinvestment. The appointment of a separate Minister for Disinvestment would facilitate the process and would prevent each ministry to take its own path towards the privatisation of the public units under it, CII said. The chamber claimed that it had been campaigning for a separate body to oversee the disinvestment process and hoped that now a separate executing body would be set up by the minister, which would be completely responsible for the process. The process of disinvestment must be time bound and the executive body set up should be disbanded on the completion of the process along the lines of the highly successful treuhandanstalt model of disinvestment followed in Germany, CII said in a statement here. (UNI) |
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Japan abandons troubled rocket programme WASHINGTON, Dec 11: Japan has abandoned its troubled current rocket programme H-2 but is launching a new H-2A series, the New York Times reported. The credibility of the Japanese space effort had been severely damaged as many of its rockets failed, the paper said adding on november 15 the No 8 H-2 rocket, carrying a Government satellite, plunged into the ocean after the first stage engine stopped firing. It was the second H-2 rocket failure in two years, it said. The lost rocket and satellite were valued at 340 million dollars. Seven rockets had been built and an eighth one was being built under the current H-2 programme. The programme had incurred an expenditure of of 4.14 billion dollars. Japan’s space agency has now plans to launch the first and second H-2A rockets, which are scheduled to carry a European space agency communications satellite and Japanese military satellite, in the summer and winter of 2001. Japan’s H-2 rocket programme was meant to free itself from the restrictions that came with the US’ rocket technology. It also was designed to help the country compete in the commercial satellite-launching market, the paper said. The highly competitive launching industry is dominated by three players - Boeing’s Delta Rockets and Lockheed Martin’s Atlas Rockets, both from the US, and ariane rockets by Arianespace, a European consortium. Russia and China enjoy only small share of the market. (PTI) |
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Steep fall in tea prices at Calcutta auction CALCUTTA, Dec 11: Free fall in almost all categories of tea, except the Darjeeling section, continued unabated at the Calcutta auctions held this week. Total offering also came down to 95,132 packages from 100,018 packages in the last sale. CTC categories declined by Rs 4 to Rs 5 per kg while dust section witnessed a fall ranging between Rs 2 and Rs 4. The CTC categories witnessed a fair demand at lower levels where good and better Assams were lower. Medium assams followed a similar trend and often met with withdrawals. Major Blender Lent fair support with some inquiry from other packeteers. Darjeeling offerings met with good demand. Whole leaf grades came to a fully firm market with improved sorts appreciating following better export competition. Brokens and fannings also saw good support from traditional exporters as well as local dealers and sold readily around last levels. The orthodox categories met with less demand, particularly for stalky whole leaf, smaller brokens and fannings which were irregularly easier. Selected tippy and well made whole leaf and brokens were barely steady with a lower tendency. CIS and Middle East buyers were selective and there was limited continental inquiry. Dust categories met with good demand at lower rates. Good assams were easier by Rs two to Rs four and at times more while dooars varieties were lower by Rs two to Rs three. Major blender lent fair support and there was fair inquiry from other packeteers. Quotations:( In Rs per kg) CTC: Good Assam :- Brokens: 84-90 , Fannings: 80-86 Med Assam :- Brokens: 72-78 , Fannings: 71-76 Good Dooars:- Brokens: 73-83 , Fannings: 71-76 Orthodox: Good Assam:- Whole Leaf: 105-135, Brokens: 95-115, Fannings: 70-76 Dust: Good Assam: 81-87 Med Assam: 72-80 (UNI) |
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ABC distress over withdrawal of Cogentrix NEW DELHI, Dec 11: American Business Council, an Association of American companies operating in India, and whose main objective is to encourage US investments in India, is extremely distressed over the withdrawal of Cogentrix from the Mangalore power project. Inspite of the hurdles and the problems faced by Cogentrix during the last 7 years it showed extreme patience in continuing with their effort to get on with the project. However, at the end of seven years the project seems to have fallen apart and an estimated 1.3 billion US dollar investment has been wasted, the American Business Council said. According to the Council theis development is likely to send negative signals to prospective US and other international investors in India which could have long term implications in attracting large foreign investments, particularly the infrastructure sector. American Business Council sincerely urges the concerned authorities to take serious note of such developments and ensure that policies and procedures for foreign investments make the investors’ task easier for them to look at India as the preferred destination. Meanwhile, ASSOCHAM president K P Singh today said "announcement by the US-based power company to pull out of the 1.3 billion dollar infrastructure project is disappointing and unfortunate." Suggesting the Cogentrix to review its decision, the ASSOCHAM chief sought the immediate intervention of the Prime Minister to ensure that the company’s decision does not have a ripple effect and send negative signals to prospective investors. (UNI) |
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