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Bajaj Auto records 16.6 pc surge in net profit NEW DELHI, May 11: The Board of Directors of Bajaj Auto Limited today announced an 80 per cent dividend for 1998-99 having recorded a 16.6 per ..more Mercedes targets $ 30 mn export turnover in 1999 NEW DELHI, May 11: Mercedes-Benz India Limited (MBIL) has targetted an export turnover of over 30 million dollars during 1999......more ASSOCHAM calls for dereservation NEW
DELHI, May 11:
The Associated Chamber of Commerce and Industry of India
(ASSOCHAM) has called for dereservation of the production
......more KOCHI, May 11: India’s first double hull oil tanker, the 92,500 dwt "Abul Kalam Azad," will be dedicated to the nation by Union Railway and Surface....more |
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Kinetic
announces NEW DELHI, May 11: The Board of Directors of Kinetic Motor Company Limited (erstwhile Kinetic Honda Motor Company Limited) today.....more Trade potential of India, Myanmar good: EXIM study NEW DELHI, May 11: A good potential exists for developing bilateral trade and investment between India and.....more Distribution tie-up MUMBAI, May 11: Lanbit India has entered into a distribution tie-up with ACI Computer (India) Ltd and Savex Ltd for its complete range of modems. To...more Ernst and Young launches EOY programme in India NEW DELHI, May 11: Ernst and Young, one of the world’s leading professional services organisations, has launched its globally successful.....more |
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Bajaj Auto records 16.6 pc surge in net profit NEW DELHI, May 11: The Board of Directors of Bajaj Auto Limited today announced an 80 per cent dividend for 1998-99 having recorded a 16.6 per cent surge in net profit during the year. The net profit stood at Rs 541 crore as against Rs 164 crore in the previous year. Its sales during the period was 3,642 crore, up 11.3 per cent from Rs 3,271 crore a year ago. Other income for the year stood at Rs 265.15 crore from Rs 232.79 crore while total expenditure was Rs 3,011.39 crore, up from the previous year’s Rs 2,662.95 crore. The company had in 1997-98 also paid 80 per cent dividend. (UNI) |
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Mercedes targets $ 30 mn export turnover in 1999 NEW DELHI, May 11: Mercedes-Benz India Limited (MBIL) has targetted an export turnover of over 30 million dollars during 1999. A major chunk of this would be achieved by exporting components from the Indian subsidiary, MBIL managing director and CEO till Becker De Freitas told UNI here. "A small percentage would be from exports of completely built units of the E-Class, he said adding that the share of CBUs in the export basket would be reduced to zero by next year. In 1997, MBIL had exported close to 2,000 E-Class cars from India and the number was brought down to around 650 units in 1998. "This year, it would be brought down further and we are looking at totally chalking off CBUs from the export list and substitute the entire lot with components," Mr De Freitas said. "It makes more sense...It simply does not make sense to produce the cars in our range here and export them. These cars are produced for the Indian market and they should remain here." This will also form part of the major restructuring which the German luxury car makers is undertaking in its Indian operations to make it more efficient. Daimler-Chrysler, he said, has, for the present, decided not to hike stake in its MBIL beyond the present holding of 86 per cent. The company is also not in favour of selling off the around ten per cent stake it holds in TELCO. "There is no move towards altering our equity holding in either MBIL or in TELCO. We are strategic partners and have been taking some key inputs from TELCO in our venture and vice versa...TELCO is a good partner and we intend to keep them with us," he added. MBIL was floated as 76-24 venture with the German luxury car maker Daimler-Benz (now Daimler-Chrysler) controlling the majority stake. However, later the foreign partner hiked its stake with fresh infusion of capital. Regarding plans to launch vehicles from Chrysler stables in India, Mr De Freitas said, a decision is expected within the next three months. "We are still exploring the feasibility at present...Talks are being held with Chrysler officials in detroit in this regard. Though no final decision has been taken on the matter, we expect to know the outcome of the feasibility report in the next two to three months." While the company is studying low priced vehicles from the chrysler line-up for India, it has decided against introducing its famed a-class small car here. "But for NTW, we will be concentrating on the E-Class." Mr De Freitas had recently announced that its E-Class cars in India conform to Euro-II emission norms since its launch in 1996. "Engineered for nature, the new E-Class fulfils the expectations of our customers for a greener and healthier environment. Preservation of environment and the protection of life are our basic responsibilities towards the individual, famity and society." Mercedes-Benz, he said, will continue to accord high priority to set new standards in environmental compatibility. The car, he said, not only keeps both fuel consumption and noxious emission values as low as possible, but also provides optimal conditions for subsequent recycling of materials used. In India, the E-Class is available in petrol (E230 and E200) and diesel (E250) versions. Mercedes-Benz India is a subsidiary of Daimlerchrysler AG. (UNI) |
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ASSOCHAM calls for dereservation NEW DELHI, May 11: The Associated Chamber of Commerce and Industry of India (ASSOCHAM) has called for dereservation of the production of industrial items to allow unfettered competition to boost the supply quality products in the domestic market and cater to exports. Chamber president K P Singh pointed out that the reservation policy formed with the objective of encouraging and protecting the SSI sector has failed to benefit the small units and is considered anachronistic in today’s context of a market-oriented, liberalised economy. An analysis of the data released by the president today reveals the futility of persisting with the policy of reservation for the SSI sector. Out of 1,076 items, there are only 60 items which contribute 80 per cent to the total production of reserved items in ssi sector. Out of these 60 items, the largest contribution is made by food products, which has ten items and contribute 28 per cent to the production. Followed by hosiery and garments (six items) chemical and chemical products (eight items), wood products (two items), metal products (12 items), rubber and plastic (eight items) and leather products (five items). Eighty per cent of the units are engaged in manufacture of 39 items only. And eighty per cent of the total reserved production is done in 60 items. Ninety items at the national level were manufactured by one unit only. A total of 529 items are being manufactured at national level by six or less number of units, out of 21 products in the large scale sector there was negative growth in at least in nine items, mainly industrial products and items such as bread, cakes, tooth powder and biscuits and ice cream. In high value, high utilisation items, 68 reserved items contribute 81 per cent to value of production and 83.4 per cent units producing reserved products are engaged in manufacture of these 68 items alone. In zero value, zero utilisation items, 233 items at nine digit level were not being manufactured at all (157 items were in chemical and chemical products category). Among low value, low utilisation items, 692 reserved items are such that at national level their production (at item level) is rs ten crore or less and less than 200 units are engaged in manufacturing. There are certain items which even today are being produced by large-scale industries (LSI) as well as by SSI sector. (UNI) |
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Double hull oil tanker to be launched today KOCHI, May 11: India’s first double hull oil tanker, the 92,500 dwt "Abul Kalam Azad," will be dedicated to the nation by Union Railway and Surface Transport Minister Nitish Kumar here tomorrow. Built at the public-sector Cochin Shipyard Limited(CSL) for the Shipping Corporation of India(SCI), the ship has ten cargo tanks that could carry 90,000 tonnes of crude oil. The double shelled vessel had been designed to meet the latest marine pollution regulation for prevention of oil pollution at sea as laid down by the International Maritime Organisation(IMO). The 237-metre-long tanker is powered by a 14,750 hp sulzer engine imported from Poland. The ship cruising at a speed of 14.37 knots would be deployed to transport crude from the Gulf countries to refineries on India’s West Coast and Haldia. About 15,000 tonnes of steel had gone into the construction of the tanker involving 440 km of welding, 90 km of cables, 40 km of pipes and 2.3 lakh square metres of painted surfaces. It was built in a record time of 16 months as compared to 24 months taken for constructing the last oil tanker "Jawaharlal Nehru" launched in 1992. (UNI) |
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Kinetic announces 15 pc dividend NEW DELHI, May 11: The Board of Directors of Kinetic Motor Company Limited (erstwhile Kinetic Honda Motor Company Limited) today recommended 15 per cent dividend for 1998-99 having registered a 70 per cent growth in net profit during the period. Net profit during the period stood at Rs 3.69 crore as against Rs 2.17 crore a year ago while gross profit was Rs 10.33 crore, up 35 per cent from Rs 7.64 crore in 1997-98, a statement issued here today said. However, the company witnessed over nine per cent drop in sales during the year at Rs 320.55 crore from Rs 353.51 crore a year earlier. Sales in the first half were reported at Rs 143 crore while in the second half, it rose to Rs 177 crore, an increase of 23 per cent. Exports from the company also rose 12 per cent during the financial year to touch Rs 28.22 crore. Kinetic attributed the improvement in profitability to improved productivity at all levels, optimisation of material costs and reduced interest costs through prudent credit policies. Presenting the results to the Board of Directors, company Chairman and Managing Director Arun H Firodia said further improvement in performance is expected during the current fiscal. The company has also taken effective steps to counter the Y2K problem. Most of the systems of the company are Y2K compliant and total Y2K compliance will be achieved by the end of July, 1999. The company plans to launch a 73cc scooterette and a four-stroke scooter during the current fiscal, said Firodia The 73cc scooterette would be called ‘Kinetic style’. These new introductions are expected to contribute to higher sales and higher profitability of the company, Mr Firodia said, in a statement issued here. Riding on these models, Kinetic expects to record a further improvement in its performance during the year. The company has also expanded its dealer network by adding 80 more dealers to its network by synergising with the existing Kinetic Engineering (KEL) moped dealers. During the current fiscal, the company plans to further strengthen its dealer network by tapping into the widespread distribution network of KEL dealers throughout the country. (UNI) |
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Trade potential of India, Myanmar good: EXIM study NEW DELHI, May 11: A good potential exists for developing bilateral trade and investment between India and Myanmar as the neighbouring country is well placed to become a dynamic economy in the medium term, a study has revealed. India with its locational proximity to myanmar can capitalise on its strategic location, cost competitive educated workforce, abundance of natural resources, said an occasional study by the Export Import Bank of India. Despite the potential, Indian investors’ interest in Myanmar is rather low due to the political uncertainties, low foreign exchange reserves, multiple foreign exchange rates, infrastructure bottlenecks and weak financial structure, the study pointed out. India’s trade relations with Myanmar have witnessed a rising trend in recent years. India’s exports to Myanmar, though small in relation to trade with its major trading partners, have increased from Rs 9.4 crore in 1991-92 to Rs 172.8 crore in 1997-98, while imports from Myanmar grew from Rs 125.6 crore to Rs 811.7 crore during the same period. As a result, India’s bilateral trade with Myanmar, which amounted to Rs 135.0 crore in 1991-92, increased to Rs 984.5 crore in 1997-98. Increased bilateral trade relations have been embodied in the border trade agreement formalised between the two countries in 1994. The agreement has paved the way for the residents on either side of the border to travel upto 40 kms across the border, which has encouraged increased trade in essential commodities. Trade is carried through the border points of Moreh in Manipur and Tamu in Myanmar. Volume of border trade has been estimated to be around Rs 130 crore annually. Considering the scare foreign exchange situation in Myanmar, barter trade can be a viable means of enhancing the level of trade. Thailand’s barter trade with Myanmar runs into millions of dollars. To further enhance the trade between the two countries Government of India extended a line of credit of ten million dollars to Government of Myanmar in March 1998, for importing capital goods, consumer durables and consultancy services from India. Myanmar offers opportunity for a wide range of Indian products. Besides iron and steel products and drug and pharmaceuticals, potential exists for promoting branded consumer goods, particularly kitchen items like pressure cookers, electronic ovens and steel utensils. Other products that have good export potential include agro-chemicals, two -wheelers, cotton garments and cotton yarn, auto components, construction materials, machinery and spare parts especially for sugar and textile industry. With the initiation of a programme for computerisation and office automation in different sectors in Myanmar, the study finds scope for software exports to Myanmar. Indian software companies can set up software training institutes/centres in Myanmar to train local manpower in computer systems and operations. In the field of banking, India can supply trained manpower to help Myanmar in its restructuring process. Other areas with scope for exports of service from India include engineering, marketing, insurance, auditing and accounting. In view of the strict import regulations, low level of foreign exchange reserves and a relatively narrow manufacturing base in myanmar, the study suggests that Indian companies could consider the investment route for increasing trading opportunities by setting up joint ventures or wholly-owned subsidiaries in Myanmar, particularly in sectors where local raw materials could be used, such as fisheries, agro and forestry-based industries. The study also finds that an important pre-requisite for enhancing bilateral trade is to establish direct shipping links between the two countries. Further, the opening of representative offices by Indian Banks in Yangon, holding of trade fairs of Indian goods at regular intervals and proposed opening of second border trade point at Champi in Mizoram would also facilitate enhanced trade between the two countries. (UNI) |
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Distribution tie-up by Lanbit India MUMBAI, May 11: Lanbit India has entered into a distribution tie-up with ACI Computer (India) Ltd and Savex Ltd for its complete range of modems. To coincide with this tie-up, Lanbit has also announced two new modems to be launched shortly, an internal modem to offer internet ready PCs and a modem based on Universal Serial Bus (USB) interface standards. According to Mr Manoj Kumar Managing Director Lanbit (India) the Modem and internet connections market in India is growing exponentially . This year, we expect sales to touch a figure of one million modems. Every second personal computer will now be equipped with a modem. We have entered into this tie up so that distribution to channels could be handled by ACI and Savex. Lanbit will concentrate on marketing, technical support and new product development. Through this tie up, lanbit will be able to reach out to its customers, manage distributors and also enhanced its market share in the modem market from 33 per cent to 45 per cent approx. Lanbit is also planning to start manufacturing modems in India by the end of this year Mr Kumar added. (UNI) |
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Ernst and Young launches EOY programme in India NEW DELHI, May 11: Ernst and Young, one of the world’s leading professional services organisations, has launched its globally successful Entrepreneur of the Year (EOY) programme in India. As part of the programme, Ernst and Young India will honour individual entrepreneurs each year in four categories: The entrepreneur of the year, a master entrepreneur of the year, the entrepreneur of the year in manufacturing and in services sector. "India’s entrepreneurs have been prospering and contributing even though they have constantly been on the run from systematic hurdles," said Chairman of Ernst and Young Chairman K N Memani. "The (EOY) programme is our way of telling these hundreds of entrepreneurs that we recognise their amazing fighting spirit." The winner of EOY award will be inducted as a lifetime member into the EOY hall of fame. She or he will also be invited to 13th annual Ernst and Young EOY international conference between November 11 to 14 at Palm Spring in California, the United States. The initial selection of finalists in each category based on objective financial criteria as well as the final selection of winners will be made by an eminent jury comprising of leaders from corporate India, economists and industry analysts. The ultimate winners will be arrived at after a screening process that will scan over 10,000 potential nominees from all over the country. Founded and produced by the 10.9 billion dollar Ernst and Young in 1986, the EOY programme is global in its scope with Britain and Japan joining India in their national launch this year. One of the highlights of EOY programme has been its ability to recognise entreprenuerial success stories early on in their careers. Ernst and Young is the fourth largest management consulting practice with more than 15,500 consultants aroung the world. It offers advisory services to companies in various sectors including automotive and energy industries, retail and consumer products, the life sciences, financial services, and the technology, communications and entertainment sectors. The firm employs over 85,000 people in 689 cities across 133 countries. It has 335 offices in Europe, 171 in the Americas, 60 in the West Asia and a growing practice in Asia Pacific where it now has 109 offices, including nine in India. (UNI) |
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