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Suzuki says no to NEW DELHI, Dec 25: Suzuki Motor Corporation (SMC) president...more Tripura accepts AGARTALA, Dec 25: The Tripura Government has accepted...more HC gives direction on Phul Co-op Society election CHANDIGARH, Dec 25: Punjab and Haryana High Court today....more A fresh dose of action in pharma industry NEW DELHI, Dec 25: Along with the IT scrips, it were.....more |
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Earlier gains trim as FIIs start squaring off position NEW DELHI, Dec 25: Earlier gains were trimmed as FIIs started squaring off their position ahead of Christmas holidays and domestic operators offloaded stocks on profit booking at the local bourse last week....more NPCIL all set to enter 21st century with realistic figure MUMBAI, Dec 25: With successful criticality and commissioning of nuclear power plants at Kaiga (in September) and Rajasthan today, the Nuclear .....more MUMBAI, Dec 25: Foreign Currency Assets (FCA) increased by US dollar 68 million to US dollar 31,347 million during. .....more RAPP Unit-3 MUMBAI, Dec 25: Rajasthan Atomic Power Project’s (RAPP) unit three achieved first criticality last night after the ....more |
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Suzuki says no to transfer of gear box technology to MUL NEW DELHI, Dec 25: Suzuki Motor Corporation (SMC) president and Chief Executive Officer O Suzuki today refused to transfer the crucial gear box technology to Maruti Udyog Limited, stating that MUL does not require the technology as it does not manufacture gear boxes. "Why does Maruti need gear box technology?," he asked, adding that MUL manufactures cars and not gear boxes. Mr Suzuki was talking to mediapersons after unveiling of the MUL’s new car, the 1.1 litre Wagon R, here. The visiting SMC president and CEO refused to comment on whether SMC would float a subsidiary to manufacture gear boxes in India. At one time, Mr Suzuki got angry and shouted at mediapersons as to why are they raising queries on gear box technology again and again. The issue of transfer of gear box technology had led to deterioration of relations between the Government of India and SMC, joint venture partners in MUL, during the regime of United Front Government. Heavy Industries Minister Manohar Joshi yesterday requested Suzuki to transfer entire technology, including that of gear boxes, to MUL to help it meet indigenisation targets. "I have requested Mr Suzuki to extend greater support to Maruti so that full transfer of technology takes place and indigenisation targets are achieved," Mr Joshi had said. MUL currently does not have indigenised gear box technology in any of its model. On the other hand, indigenisation level ranges between 83.30 per cent to 95 per cent in its existing models except Baleno. Indigenisation level in Baleno and the proposed Wagon R is supposed to be quite low as MUL has signed a memorandum of understanding with the Government in this regard. On talks of alliance between General Motors and SMC, Mr Suzuki said negotiations are on between the two companies but they do not include the Indian market. He replied in a negative when asked whether GM, Daewoo and SMC would be merged into one company in future. Mr Suzuki had stated in his address at a seminar on December 23 that all automobile alliances will merge into four or five automobilie groups world over which will be the driving force of the new millennium. (UNI) |
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Tripura accepts uniform floor rates of ST AGARTALA, Dec 25: The Tripura Government has accepted the uniform floor rates of sales tax and would implement it in the state regarding 44 taxable items with effect from January one, excluding diesel and motor fuel, which would continue at the existing rate of five per cent and eight per cent respectively. Stating this State Finance Minister Badal Chowdhury told newspersons here today that at present there are 92 items in the schedule of Sales Tax Act. Out of these 92 items, 13 items would have the same uniform floor rates recommended by Finance Ministers’ Committee while that of 33 items are above the recommended rates. Relating to 46 items the sales tax rate in the state was below the recommended floor rates of Finance Ministers’ Committee, Mr Chowdhury added. Following implementation of the uniform floor rates, existing rates of sales tax regarding 44 items would increase slightly, Mr Chowdhury said adding that the tax revenue of the State Government would increase by about Rs 1.5 crore annually after implementation of uniform floor rates. During the meeting of the State Chief Ministers and Finance Ministers on November 16 in New Delhi, the State Government while agreeing to implement the decision of uniform floor rate expressed its reservation regarding uniform floor rate of sale tax for diesel and motor spirit. The floor rates recommended for these two items by the committee of state Finance Ministers was 12 and 20 per cent respectively as against the existing five and eight per cent respectively applicable in the state, Mr Chowdhury pointed out. (UNI) |
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HC gives direction on Phul Co-op Society election CHANDIGARH, Dec 25: Punjab and Haryana High Court today fix the responsibility of the Registrar of Punjab Cooperative Societies and the Deputy Commissioner Bhatinda to ensure that elections to the Managing Committee of Phul Co-operative Agriculture Service Society, Phul, slated for January four, are held fairly and smoothly. The court gave its direction on a petition by one Kaka Singh, who approached the High Court with the grievance that Punjab Irrigation Minister Sikander Singh Malooka who was elected from the Phul constituency exerts his extraneous influence in election to various bodies in Bhatinda district. According to the petitioner, the minister had openly declared in Phul town that he will get a particular returning officer appointed as the registrar of State Co-operative Societies, in the election to the Managing Committee of the Co-operative Society and that person shall reject the nomination papers of all Congress and communist candidates. Counsel for the petitioner argued before the court that the petitioner had no other remedy except to invoke the writ jurisdiction of the High Court as the minister concerned had recently asserted his clout by getting the Deputy Commissioner and Senior Superintendent of Police transferred. (UNI) |
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A fresh dose of action in pharma industry NEW DELHI, Dec 25: Along with the IT scrips, it were the pharma companies that acted as one of the pillars of strength in the Indian stock market as the pharma stocks became hot favourites at the bourses and industry and Government both turned their focus on research to meet the challenges in the next century. The year witnessed a major breakthrough on the R&D front as Ranbaxy Laboratories clinched a mega deal worth 65 million US dollars with bayer AG of Germany, selling worldwide marketing rights for its new drug delivery system for the antibiotic ciprofloxacin to the German major. Pharma sector followed the general industry trend of restructuring and consolidation even as the takeover of American remedies by the Hyderabad-based Dr Reddy’s lab stole the limelight. The company however suffered a setback in Russia where it lost a court battle against Pfizer Inc and Glaxo Wellcome PLC alleging patent infringement for two products namely ondansetron and amlopidine, selling them under a new name. Pfizer Inc won its battle in India too, where its chambers and shareholders of its existing subsidiary crying foul. After being initially turned down by the Foreign Investment Promotion Board, the proposal was later cleared by the Industry Ministry. (PTI) |
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Earlier gains trim as FIIs start squaring off position NEW DELHI, Dec 25: Earlier gains were trimmed as FIIs started squaring off their position ahead of Christmas holidays and domestic operators offloaded stocks on profit booking at the local bourse last week. A host of positive developments, including easing of sanctions by the United States, acquisition of Madura Garments by Indian Rayon, selling of 7.2 per cent stake in ACC by TATAs to Gujarat Ambuja cement and restructuring plan by ACC triggerred off a major buying spree at the Delhi Stock Exchange during the week ended December 24. The DSE index which crossed the psychological level of 1,000 points on Wednesday closed at 977.72 points, up by 11.19 points against the previous closing of 966.53. Meanwhile, experts predicted that current rally in Indian bourses has not reached its highest point as yet and the next year may see continuation of the current boom. While one stock flared up by more than Rs 1,000, two shares rose by more than Rs 200. However, four stocks came down by more than Rs 100 as well. FIIs were quite active and picked up substantial amount of infotech shares. They began pulling out only in the later sessions ahead of Christmas holidays. In fact, FIIs were net investors during the first three weeks of December, a pleasant exception as generally they start offloading stocks after December 15 on end-account considerations. They had invested Rs 1,165 crore during the first three weeks of this month. While cement stocks flared up, IT scrips closed mixed. Infosys technologies zoomed up by Rs 2351 at Rs 12,600. Digital equipment climbed by Rs 271 at Rs 1055, NIIT jumped by Rs 219 at Rs 2920. Satyam Computers rose by Rs 74 at Rs 1974 and HCL Infosys closed at Rs 633, up by Rs 69. Larsen and Toubro, which has a significant exposure in the cement sector, moved up by Rs 67.55 at Rs 472.80, while ACC gained Rs 44.70 at Rs 277.10. Gujarat Ambuja Cement’s ex-bonus share settled at Rs 368.15. Global Telesystems, on the other hand, plummetted by Rs 168.90 at Rs 721, while SSI declined by Rs 151.10 at Rs 1915. Pentafour fell by Rs 112 at Rs 1396 and Hindustan Lever shed Rs 114.90 at Rs 2255.10. Dabur India settled at Rs 1133, down Rs 81 and Grasim Industries was down by Rs 32.80 at Rs 407.20. (UNI) |
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NPCIL all set to enter 21st century with realistic figure MUMBAI, Dec 25: With successful criticality and commissioning of nuclear power plants at Kaiga (in September) and Rajasthan today, the Nuclear Power Corporation of India Limited (NPCIL) is all set to enter the 21st century with a realistic figure of 2060 mwe installed capacity in the electric power sector contrary to the projected ambitious target of 10,000 mwe by the year 2000. It is also in 1999, for the first time NPCIL has given a dividend of Rs 50.5 crore to the Government of India proving their functioning as a true commercial venture unit of the Department of Atomic Energy (DAE). NPCIL is presently engaged in the construction of two 500 mwe pressurised heavy water reactors at Tarapur, and two units of 220 mwe at Rajasthan atomic power station. NPCIL says the nuclear power programme has to have a strong long-term financial support of Rs 100,000 crores to reach the ambitious target of 20,000 mwe by the year 2020 projected by the DAE. Despite the recent funding increase by the Government of India for nulcear power programme after a gap of ten years, the Government does not have enough funds to match the DAE’s ambitions. However, the Director, Finance, of NPCIL K J Sebastian told PTI "fifty per cent of the funds will be mobilised as debt, substantially from the domestic capital market and the balance in the form of equity capital to come through the budgetary support of the Government as well as internal generation of sources from the operating power plants". Since our debt market is developing well over a period of time, we will be able to increase the proportion of the debt and reduce the equity substantially, Sebastian said adding that NPCIL has been credit rated by CRISIL and CARE and presently stands at AA and AA". While DAE has in the past been projecting various ambitious targets which were never met, NPCIL wants to be very realistic in its projections, its officials say. So far, the total direct investments in the nuclear power stations including the projects under construction is about Rs 10,400 crore which is equivalent to about Rs 22,100 crore at 1999 rupee value, according to Sebastian. To achieve the target for 2020, NPCIL has plans to set up 220 mwe and 500 mwe PHWRs, Fast Breeder Reactors (FBRs) and 1000 mwe advanced light water reactors. However, a detailed plan covering the entire period upto 2020 is yet to be drawn, Sebastian said. But a target of 20,000 mwe by 2020 may remain a dream. There is a herculian task ahead for NPCIL in terms of making concrete plans (which is yet to start), training of human resource and motivate people for better performance, Sebastian said. (PTI) |
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MUMBAI, Dec 25: Foreign Currency Assets (FCA) increased by US dollar 68 million to US dollar 31,347 million during the week ended December 17, 1999. As a result, the total foreign exchange reserves have gone up to US dollar 34,389 million, according to Reserve Bank of India’s weekly statistical supplement. The Central Government further increased its dependence on Ways and Means Advances (WMA) from RBI by Rs 2,016 crores to Rs 7,951 crores during the week ended December 10. (PTI) |
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RAPP Unit-3 achieves criticality MUMBAI, Dec 25: Rajasthan Atomic Power Project’s (RAPP) unit three achieved first criticality last night after the clearances from Atomic Energy Regulatory Board (AERB), Nuclear Power Corporation of India Limited (NPCIL) said today. RAPP-3, a 220 mwe Pressurised Heavy Water Reactor (PHWR), one of the twin units, attained criticality at 2359 hours yesterday, Chief Engineer, Directorate of Health Safety and Environment of NPCIL, M Das told PTI here. The project, located at Rawatbhata in Chittorgarh district of Rajasthan, will be connected to Northern grid in a few weeks time and then will go into commercial operation, he said. The other unit of the plant RAPP-4 is scheduled to achieve criticality next year. Das said the plant has been totally based on indigenous resources, design, construction and manufacturing including nuclear materials. The Rajasthan plant uses state-of-the art technology. Design features also include maximum flood level due to unlikely failures of Gandhi Sagar and Rana Pratap Sagar dams. The plant is also designed to withstand high seismic intensity corresponding to a maximum possible earthquake having a return period of one in 10,000 years, he said. Prime Minister Atal Behari Vajpayee, in a message, congratulated NPCIL for the achievement. Vajpayee said It is a matter of pride that this fully indigenous 220 mwe PHWR has been built to meet latest safety standards and being fully computerised, it will provide much needed electricity to the Northern Grid. Dr R Chidambaram, Chairman, Atomic Energy Commission, said Rawatbhata has a special place in our nuclear programme—our first PHWR, our first successful en-masse coolant channels preplacement and now the commissioning of the state-of-the-art PHWR. Chairman and Managing Director of NPCIL said commissioning of RAPP-3 is the second nuclear power unit becoming operational within a short span of three months. On September 24, Kaiga-2 went critical and in the first week of December it was synchronised to the Southern grid. Nuclear power is an inevitable source of energy not only to meet the growing energy demand of the country but also for long-term energy security, Prasad added. The total cost of the two RAPP units-three and four- is about Rs 2511 crore including the interest of Rs 800 crore, Das said. The two units of RAPP-1 and RAPP-2 have so far supplied 27114 Million Units (MUs) of electricity to the Northern grid and all the operating nuclear power plants have supplied 1,41,417 MUs since commencement of their commercial operation, he added. (PTI) |
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