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NEW DELHI, Nov 13: Equities erased earlier gains as optimism displayed at the opening session of Samvat 2056 could not sustain at the local bourse last week with investors ....more Corsa to be launched in NEW DELHI, Nov 13: Eyeing 12 to 15 per cent of the expected 50,000 to..more
India targets exports worth 60 bln dlrs through IT: Pant SILICON VALLEY (US), Nov 13: The Government of India has chalked out a ....more |
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Looting
continue unabated CUTTACK, Nov 13: The Federation of All Orissa....more MUMBAI, Nov 13: India’s Foreign Currency Assets....more
Maran to inaugurate NEW DELHI, Nov 13: The seventh meeting of India-Romania.....more NEW DELHI, Nov 13: General Motors is open to.....more Haryana to instal 55,000 CHANDIGARH, Nov 12: To encourage saving....more |
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NEW DELHI, Nov 13: Equities erased earlier gains as optimism displayed at the opening session of Samvat 2056 could not sustain at the local bourse last week with investors resorting to profit booking time to time. However, IT and entertainment shares did rise, former due to rise of values of leading software companies’ ADRs at Nasdaq. The DSE index (base 1983), which rose ten points during the ‘Muhurat’ trading, struggled to inch up by 0.35 points at 983.19 at the close of the week on November 12. The bourse was closed on monday as is the usual practice with the stock exchanges to observe a holiday after the Muhurat trading. With nothing major happening at the policy level, players offloaded or purchased stocks according to their positions. Leading IT companies’ ADRs touched new heights at Nasdaq, enthusing domestic operators and FIIs to pick up these shares at the local bourse. ADRs of Insosys Technologies and Satyam Infoway have hit all-time highs for two consecutive sessions of Wednesday and thursday. Infosys touched 186 dollars and Satyam Infoway 62 dollars in the mid-session on Thursday. Besides, entertainment shares also gained, while Pharma Scirps ended mixed. Hughes software systems soared by 157 per cent at Rs 1625 a share in their first day after the hughes electronics group company became the first in India to offer its initial public offering through the book-building route. The information technology company, which focusses on internet-based technologies and services, first traded at Rs 1700 at the Delhi Stock Exchange, 170 per cent above the IPO price of Rs 630. Meanwhile, DSE issued a statement stating that 54 scrips would be put on a demat trading from November 19. With this, altogether 160 sctrips would be traded in a paperless form. On January 14, 40 more scrips would be traded on demat form, thereby complying with the SEBI’s guidelines to bourses to put 200 scrips on compulsory paperless trading. Zee Telefilms jumped by Rs 785 at Rs 5100, while Satyam Computer flared up by Rs 162 at Rs 1688. SSI gained Rs 73 at Rs 1068 and ITC went up by Rs 48.05 at Rs 766.55. Ranbaxy Lab closed at Rs 996, up by Rs 44.75, while Silverline settled at Rs 1068, up by Rs 39.40. Pentafour Software settled at Rs 697.80, higher by Rs 35.55. Atpech Limited moved up by Rs 32.90 at Rs 1104.90. Among other gainers, Glaxo rose by Rs 31 at Rs 519.90, Apollo Tyres by Rs 21.15 at Rs 176.65, Gujarat Ambuja Cement by Rs 22.10 at Rs 582.10 and HCL Infosys by Rs 18.20 at Rs 456. Hindustan Lever, on the other hand, dropped Rs 59.40 points at Rs 2320, while Hero Honda shed Rs 46 at Rs 1175. Dabur India declined by Rs 44 at Rs 940. (UNI) |
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Corsa to be launched in January in 2 variants NEW DELHI, Nov 13: Eyeing 12 to 15 per cent of the expected 50,000 to 55,000 lower end mid-size car market next year, General Motors India Limited (GMIL) today unveiled notchback Sedan version of 1.4 and 1.6 litre Corsa. The Corsa, benchmarked against Maruti Esteem, Ford Ikon, Hyundai Accent and Fiat Siena, would be launched in January next at the auto show here, GMIL President and Managing Director Richard C Swando told mediapersons here. Corsa will be simultaneously launched across three continents—South America, Africa and Asia. The company would start dispatching the car during the first quarter of the next year and taking orders after the auto show. Refusing to divulge prices of the two versions, which will be available with power steering, Mr Swando said prices would be competitive vis-a-vis rivals. Prices would be announced at the time of the launch. While base model of Maruti Esteem with power steering is priced at Rs 5,32,081 (ex-showroom) in Delhi, base model of Ikon PS is available at Rs 5,20,119. On the other hand, accent base model with PS is priced at Rs 5.60 lakh, while Fiat Siena is available at Rs 6.1 lakh. Mr Swando’ s statement indicated that prices of Corsa would also be priced somewhere between this range. Both the variants would be offered with ‘E-tec’ engines. They are microprocessor controlled multi-port fuel injected engines. The maximum power and torque of the 1.6 litre engine would be 92 PS and 126 nm respectively. The versions will have 50 per cent indigenisation level to start with. While worldwide two box version of Corsa is popular, the company will launch three box car. Worldwide, GM has sold one million Corsa last year. Mr Swando said the company is studying market conditions for introducing diesel version. If diesel version is launched, it will be introduced in two variants—1.5 litre and 1.7 litre, he said. On hunch-back and station wagon versions, he said the company will take a decision after a study conducted for this purpose is completed. The study is due to be completed soon, he said. The company ruled out the launch of Corsa with manual steering. He denied that unveiling of Corsa was preponed because of launch of Accent and Ford. Earlier, the company had stated that the car will be unveiled the year-end. Meanwhile, General Motors Corporation president and Chief Operating Officer G Richard Wagoner denied that GMIL’s Opel Astra is failure in the Indian market, stating that the vehicle caputures 12 to 13 per cent of the top-end mid-size market. GMIL’s plant at Halol in Gujarat has capacity to manufacture 25,000 units of Corsa and Astra per annum. The company had earlier stated that it will achieve breakeven next calender year if it, with its kitty of Astra and Corsa, is able to capture around 20 per cent of the expected total mid-size market of 70,000 units. (UNI) |
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India targets exports worth 60 bln dlrs through IT: Pant SILICON VALLEY (US), Nov 13: The Government of India has chalked out a multi-pronged strategy for the development of the IT sector in the country for annual export earnings of 60 billion dollars by the year 2008 from software and computer and telecom hardware. India needs to further consolidate its position as the leading provider of offshore IT services and therefore our emphasis is on developing strategy and policies which facilitate and enable entrepreneurs on one side and deployment of public and private resources on the other, Deputy Chairman, Planning Commission, K C Pant said. Addressing a meeting of Indo-US entreprenures on ‘future of ecomnomic reform process in India’ at Silicon Valley here on Wednesday, Pant said Government had provided Rs 100 crore towards setting up a venture capital fund for the IT industries, for which all legal formalities had been completed. The Government was encouraging Indian software companies to invest abroad for acquisition of software/IT companies in order to increase India’s market presence abroad, he said. Reserve Bank of India (RBI) had approved up to 50 per cent of their foreign exchange earnings in the past three years subject to a maximum of 25 million dollars for Indian companies to undertake investments abroad, Pant said adding proposals to liberalise this limit further was being considered. Inviting foreign participation in the IT sector through joint venture route or through setting up of units in India, Pant said India was formulating a policy to achieve the target of a 50 billion dollar worth of annual export of IT software and IT services by the year 2008. Another 10 billion dollars of revenue is being targeted by India through computer and telecom hardware exports, he said adding India must create products as well as shrink-wrapped software packages for the global markets. In order to realise a goal of IT for all by 2008 in India, we would require rapid spread of IT awareness among the citizens, propagation of IT literacy, networked Government and IT led economic development, Pant said. He said that the country was also working on a drive for setting up a world class info-infrastructure with an extensive spread of fibre optic network, Satcom networks and wireless networks for seamlessly interconnecting the local informatics infrastructure and national informatics infrastructure. Stating that Government was providing a corpus of Rs 100 crore towards setting up a venture capital fund for the IT industry, Pant said a number of other venture capital funds particularly from Unit Trust of India (UTI) and Satyam were in the pipeline. Pant said the Cabinet had already approved a bill for establishing the legal framework for facilitating E-commerce in India and the bill would be introduced in Winter session of Parliament. (PTI) |
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Looting continue
unabated in Orissa CUTTACK, Nov 13: The Federation of All Orissa Traders’ Associations (FAOTA), the apex body of the trading community in Orissa, has demanded police protection for traders as looting of shops, godowns and trucks continued unabated in the cyclone-hit coastal belt of the state. The traders feared their life and property were at stake for the rampant anti-social activities at most of the places after the cyclone. Federation general secretary B K Mohanty said unless protection was provided to the traders, they would not be able to open their shops and carry normal business to help the administration. In a letter to Chief Minister Giridhar Gomang, he said the traders of the cyclone-ravaged areas had suffered irreparable loss as the roofs of their shops and godowns had been blown away and commodities and books of accounts damaged. Taking advantage of the cyclonic storm and floods, the miscreants had looted their shops, godowns and even trucks carrying the goods on the way, Mr Mohanty said, adding the traders had been completely ruined by nature’s fury. Even after a fortnight of the devastatiing cyclone, traders did not dare to open their shops and business establishments. The federation also urged the Government to waive interest on bank loans for the current financial year and extend time for submission of sales tax and income tax returns because of the loss suffered by the trading community. Meanwhile, Orissa State Non-gazetted Offiers’ Coordination Committee has demanded payment of one month’s salary as assistance and another 12-month salary as advance to all the Government employees and teachers of the cyclone-hit districts of Orissa coast. A spokesman of the Committee said it was preparing a detailed report about the loss suffered by the Government employees and teachers in the catastrophic cyclone and it would be submitted to the Government soon for taking appropriate rehabilitation measures. (UNI) |
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MUMBAI, Nov 13: India’s Foreign Currency Assets (FCA) depleted by US dollar 62 million to US dollar 30,516 during the week ended November 5, but the total foreign exchange reserves were up by US dollar 437 million due to US dollar 499 million accretion to gold reserves. The total foreign exchange reserves as on November 5 stood at US dollar 33,743 million, according to Reserve Bank of India’s weekly statistical supplement. Gold reserves total US dollar 3,216 million, an increase of US dollar 256 million since end-March 1999. Bank credit to the commercial sector increased by Rs 11,885 crores in the month ended October 29, 1999, while the addition to term deposits during the period amounted to Rs 5,535 crores. Inclusive of banks’ investment in corporate paper, the total accommodation provided to the commercial sector in the current year upto October 22 amounted to Rs 25,699 crores, against Rs 18,227 crores in the corresponding period last year. (PTI) |
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Maran to inaugurate India-Romania JBC on Monday NEW DELHI, Nov 13: The seventh meeting of India-Romania Joint Business Council will be inaugurated by Commerce and Industry Minister Murasoli Maran on Monday. The meeting will also be addressed by Mr Nripendra Misra, Additional Secretary, Ministry of Commerce, Mr Radu Berceanu, Minister of Industry and Commerce of Romania, Dr P V Venugopal, Chairman, India Romania JBC, Mr Aunel Vainer, Vice President of the Chamber of Commerce and Industry of Romania and Mr Petru Petra, Ambassador of Romania in India. To coincide with the JBC meeting, fourteenth session of India-Romania Joint Commission will also take place. There is good opportunity for entrepreneurs to invest in larger measures and set up joint ventures in both countries which would also boost third country exports. The thrust areas of industrial and technological cooperation identified are textiles and garments, leather garments, oil field equipment, chemical installations, energy and power and fertiliser. The volume of bilateral trade presently was not commensurate with the potential that existed and there was a need to achieve more balanced trade. Greater efforts were needed by both sides to diversify the structure of bilateral trade. There are more than 14 Indo-Romanian joint collaborations in India since 1950. Around 150 small Indo-Romanian joint ventures are also reported to be functioning in Romania, most of which are funded by NRIs based in Middle East, Europe etc. It is also under the consideration of both India and Romania to review the already existing convention on the avoidance of double taxation and prevention of fiscal evasion with reference to taxation on income between the two countries. (UNI) |
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NEW DELHI, Nov 13: General Motors is open to taking a stake in Maruti Udyog Limited (MUL) if the Government decides to disinvest its holding in the country’s largest car manufacturer, GM President and Chief Operating Officer G Richard Wagoner indicated today. The company’s options are open if the Goverment of India comes forward to dilute its 50 per cent holding in MUL, Mr Wagoner told reporters on the sidelines of GM’s latest launch, Corsa, here. Suzuki Motor Corporation (SMC) had recently stated that it would prefer GM as an equity partner in MUL in case the Government decides to offload its holding in the company. SMC sources had stated that company’s worldwide partnership with GM in small cars may be extended to India. All this, however, is contingent upon the Government deciding to get out of the business of cars. The Finance Ministry is reportedly mulling to sell the Government stake in Maruti as it is broadly committed to divesting its stake in non-strategic business. Mr Wagoner said General Motors India Limited (GMIL) would build new plants in India. The 100 per cent subsidiary of GM currently has a plant in Halol in Gujarat with capacity to produce 25000 cars per annum. Mr Wagnoner stated that company would concentrate on organic expansion as well as new alliances and acquisition to expand its market share in Asia-Pacific region. The opportunity offered by the region is vast considering that the company has only four per cent of the market share compared to its worldwide share of 16 per cent. GM is going to develop an asian-based core product portfolio made up of high-volume, high value vehicles that specifically meet the people’s needs. The company last month introduced a production concept vehicle, YGM, at the Tokyo motor show. This will be the first GM vehicle designed in the Asia-Pacific region to be built in the region for consumer in the area, including India, he said. On the company’s bid to takeover Daewoo Motors of South Korea, Mr Wagnoer said talks are currently on and it would be premature for him to conclude on the subject. It is a very complicated issue and unless something concrete emerges, it would not be wise to comment on it, he said. He parried a reply on whether this bid includes takeover of Daewoo Motors India. He said company will strengthen alliances with Suzuki and Isuzu by taking ownwership level upto ten and 49 per cent respectively. He refused to give further details of the alliance. He said GM has taken several significant steps in the Asia-Pacific region, including building new plants in China, Thailand and Indonesia, opening up of sales and marketing operations in the region and establishing a regional headquarters in Singapore. (UNI) |
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Haryana to instal 55,000 hearths in rural areas CHANDIGARH, Nov 12: To encourage saving of fuel and to control deforestration, the Haryana Government will instal 55,000 fixed and portable metallic hearths (chulhas) in rural areas during the current financial year. State Social Welfare Minister Krishna Gahlawat said here today that Rs 69 lakh has been earmarked for the purpose. A subsidy of Rs 50 and Rs 60 per chulha on fixed and portable chulhas respectively was being provided to people belonging to Scheduled Castes and those residing in hilly areas, she added. (PTI) |
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