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Gold remain better NEW DELHI, Nov 26: In thin trading, gold prices remained.....more Modi GBC Ltd will NEW DELHI, Nov 26: Modi GBC Limited, a joint...more NEW DELHI, Nov 26: The auto industry moved...more HDFC, Times banks MUMBAI,Nov 26: New generation private banks HDFC....more |
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Omar visits promotion Industrial Park Excelsior Correspondent JAMMU, Nov 26: Union Minister of State for Industries and Commerce......more ‘Neva
Quilt’ all set to Excelsior Correspondent NEW DELHI, Nov 26: The ‘Neva Quilt’—a breakthrough in knitting technology....more Trade issues hamper LONDON, Nov 26: Western Governments are.....more Need for comprehensive DEHRA DUN, Nov 26: A comprehensive action strategy leading to policy ....more |
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Gold remain better in thin trade NEW DELHI, Nov 26: In thin trading, gold prices remained better on the bullion market today on sustained buying by local parties in the absence of any worthwhile trade on the overseas market and closed slightly up. Silver and its coins were traded at last levels on small trading activities. Marketmen said a slight firm trend in gold prices characterised in thin trading on the market ahead of the much awaited gold auction in the UK. They said the market participants were uncertain on the future fluctuation in gold values as Bank of England would auction 25 tons of gold from its reserves, the third in a series of five bi-monthly auctions. A steady trend in the overseas markets also influenced the trading sentiment. The volume of business was small. Standard gold and ornaments gained further by Rs.10 each at Rs.4640 and Rs.4490 per ten gram respectively. Sovereign was unaltered at last level of Rs.3850 per pieces of eight gram. Silver .999 (ready) moved down by Rs.5 at Rs.7880 per kilo while weekly delivery was unchanged at Rs.7910 per kilo. Silver coins also traded at last levels of Rs.11,000/11,200 per 100 pieces. The following were today’s quotations: Silver .999 (ready) 7880 and delivery 7910. Silver coins buyer 11,000 and seller 11,200. Standard gold 4640, ornaments 4490 and sovereign 3850. (PTI) |
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Modi GBC Ltd will delist from stock exchanges by March 2000 NEW DELHI, Nov 26: Modi GBC Limited, a joint venture between Modicorp and US-based GBC Limited, will delist from the stock exchanges by March 2000 even as the company is firmly on a turnaround track. The company intends to buyback its Rs 10 a share at par. In the last 52 weeks, the share which is currently traded at around Rs 11 a share had reached a high of Rs 12 and a bottom of Rs 4. "We will give a buyback offer to our 3,400 shareholders at par to delist from the National Stock Exchange, Bombay Stock Exchange and Kanpur Stock Exchange", Mr Satendra Kumar, Managing Director, Modi GBC, said here. The delisting move is part of the recommendations given by global consultants McKinsey’s on production, financial and organisational restructuring. Two other consultants, inputs and solutions, had given suggestions on revamping human resources and channel partnerships. Talking to reporters last night, Mr Kumar said the company has loans of only Rs 4 crore while it has a paid-up equity of Rs 17 crore, leaving a lot of scope to raise debts. "It is much easier and cheaper to raise money through the debt route than equity," he added justifying the company’s resolution to delist. Modicorp and GBC Limited will have equal stake in the joint venture after the shares buyback. Over the last 15 months, the two partners had expanded the equity base by over rs 12 crore with each bringing in around rs six crore. The company involved in selling office automation systems was listed in late 1980s when it raised Rs 60 lakh from the public. Considering that the company will breakeven this year after it made losses of Rs 3.3 crore in 1998, it does not expect many of the shareholders to accept the buyback offer. Even though the feedback on buyback proposal has been lacklustre, "there is no move to sweeten the offer by giving a premium to the share", Mr Deepak Singhal, Chief Financial Officer, said. At most, about Rs 15 lakh worth of shares might be bought back, he added before delisting is done. Meanwhile, the company is revamping its entire operations beginning from logistic management to partnerships. "We have made a marginal operating profit in the third quarter and expect to make substantial profits in the last quarter this fiscal," Mr Singhal said. The company has increased its lines of business to five from three even while it has expanded its product range to higher-end. "Earlier, we used to cater to mid-range products beginning from Rs 8,000 to Rs one lakh. We have now expanded our range upto Rs 4 lakh." It has a manufacturing plant at Noida to produce binding, lamination machines and consumables. (UNI) |
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NEW DELHI, Nov 26: The auto industry moved on the top gear with passenger car market zipping past other segments in October, registering a 66 per cent sales rise compared to the same month the previous year. According to the figures released by the Society of Indian Automobile Manufacturers today, car sales went up by 19,092 units to touch 47,999 units in October. Car sales during the first seven months of this financial year ended October 31, 1999 grew by a 49 per cent at 348,418 units against 233,994 units. Two-wheeler sales were up 17 per cent at 326,162 units in October over 278,380 units the same month of the previous year. During the first seven months, two-wheeler sales were at 2,063,993 units, up seven per cent from 1,926,738 units. Reversing an earlier trend, scooter sales witnessed a 15 per cent rise in October to touch 123,000 units against 106,997 a year ago. April-October sales of scooters, however, continued to be on reverse gear, down by around six per cent at 723,642 units against 769,850 in the same period of the previous year. Sales in motorcycles rose by 28 per cent in October at 146,948 units. Sales during first seven months were at 935,192 units. Hero Honda Motors Limited was the most prominent in the bike segment, selling 404,389 units during the first seven months followed by Bajaj Auto Limited, which recorded sales of 213,845 units. In the three-wheeler sector, sales were up four per cent in October at 15,655 units. Sales were up two per cent during April-October at 115,354 units. Medium and heavy truck sales during October were up 72 per cent on year at 9,769 units. In April-October, sales were up 62 per cent at 57,764 units from 35,747 year ago. Light truck sales were at 4,706 units in October, up 14 per cent from 4,112 units in the same month last year. In the first seven months, light truck sales were up five per cent at 30,864 units. (UNI) |
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HDFC, Times banks to merge soon MUMBAI,Nov 26: New generation private banks HDFC bank and Timesbank today announced the first ever private sector merger in the Indian banking sector, to come into effect from December 1. The boards of the two banks met separately this morning and decided to proceed with the merger, to be worked out at a share swap ratio of one HDFC bank share for every 5.75 shares of Timesbank. The merged entity would be known as HDFC bank, while the licence issued to Timesbank would be extinguished or surrendered back to the Reserve Bank of India, HDFC Bank Chairman Deepak Parekh told newsmen after the Board meeting. He said the two banks would soon apply to RBI for permission for merger adding they would also approach their respective shareholders in Extraordinary General Meetings (EGM) early next year. HDFC Bank would have its EGM on January 1 and Timesbank, on January 7. HDFC Bank would make a preferential issue to its shareholders so that their stakes remain unchanged after the merger. Under the Indian Banking Act, this deal would be termed as an act of amalgamation, Parekh said, adding the two banks had already broached the matter informally with the Central bank.(PTI) |
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Omar visits promotion Industrial Park Excelsior Correspondent JAMMU, Nov 26: Union Minister of State for Industries and Commerce, Mr Omar Abdullah today visited Export Promotion Industrial Park, Kartholi Bari-Brahamana and took stock of the progress of the project. Speaking on the occasion, Mr Omar Abdullah said that the Union Government has agreed to provide all possible help to the State to promote the industrial sector in the State. He said that the EPIP project has not been completed within stipulated period due to some un-avoid circumstances and the SIDCO cannot be held responsible for delay. He said that this Central/State sponsored project will be completed as early as possible and he will himself remain in touch with the Chairman and Managing Director, SIDCO to monitor the progress of the project. Referring to the demands and problems of the industrial workers, the Minister stressed the need for conducive atmosphere and close liaison to avoid any confrontation between management and the workers. He said that the workers are the backbone of the industries and the production elements are the ultimate results for development, prosperity and creation jobs at this juncture. The Chairman, SIDCO, Mr N S Anand in his welcome address expressed the gratitude over the Union Minister of State for visiting Export Promotion Industrial Park. He also apprised the progress of infrastructure so far created for implementation of the project. The Managing Director, SIDCO, Mr G Q Wani speaking on the occasion highlighted the main features of the project and said that this Central/State sponsored project is being implemented at an area of 125 acres at a cost of Rs 13.88 crore. He said that an area of 50 acres have been developed for allotment. He said letters of intent/allotment orders have been issued in favour of 27 entrepreneurs in the food processing industries, sports goods, pharmaceutical, readymade garments, plastic house-hold items, mechanical tools and surgical cotton etc. Mr Wani further apprised about the infrastructure so far created in the project which include the construction of 2 lakh gallons water reservoir and a well designed water distribution system measuring 7000 metres in length. Besides a 10 MVA, 33/11 KV receiving station for the project presently under construction with 11/440 distribution network, Road network has been created. The facility of drainage system has been provided. The telecommunication system, social infrastructure, office cum commercial complex, land scaping and greenery, warehousing facilities and two blocks of Modular industrial flats will also be part of the project. Later, Mr Omar Abdullah was apprised about the lay out plan of the project by the MD, SIDCO. Among others, who were present on the occasion, include Minister for Industries and Commerce, Mr Bodh Raj Bali, the Minister of State for Industries and Commerce, Mr Aga Syed Mehmood, Principal Secretary, Industries and Commerce, Mr M S Pandit, Director, Industries, Mr M S Beg, General Manager, SIDCO, Mr Raman Soni, General Manager, DIC, Mr T K Sharma, the prominent citizens and industrialists. |
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‘Neva Quilt’ all set to take on the cold wave Excelsior Correspondent NEW DELHI, Nov 26: The ‘Neva Quilt’—a breakthrough in knitting technology developed for the first time in India, seems to be all set to take on the cold wave. Introduced by Duke in India for the first time, this ‘ Neva Quilt’ is a unique inner wear claimed to be as warm as ‘love’. True to its claim, it not only warms up the bodies but also many hearts—due to its amazing knit and softness that provides the wearers with exactly the comfort they needed during the cold season. In quilt knit, highly insulating polyfill yarn is embodied in layers of fine Egyptian cotton. This fabric taps air and retains the body warmth within, while the skin never loses touch with the fine cotton. This year, to take the comfort of ‘Neva Quilt’, it has further enriched with Lycra at the ribs. It has been identified with the market survey that Lycra is set to take the centre-stage of contemporary fashion at the turn of the century. ‘ Neva Quilt’ finely fits into the changing mode of fashion too. For instance, this inner-knitwear, under blouse and leggings allow today’s women to give a demn to cold and wear any ethnic outfit over it. Whereas, in men’s fashion, ‘ Neva Quilt’ full sleeves U-neck, V-neck and sleeveless and lowers give the flexibility to wear almost anything with never before ease and comfort. As the country braces up for the severe winters, nothing can be more heart warming than the news that ‘ Neva Quilt’ is now made available to the consumers through a vast dealer network spread across the country. |
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Trade issues hamper drug access in poor nations LONDON, Nov 26: Western Governments are pressuring poor nations not to import or produce cheap alternatives to life-saving drugs, the medical Charity Medicines Sans Frontiers (MSF) said today. The group, winner of the 1999 nobel peace prize, said US pressure in Thailand had limited HIV and AIDS patients’ access to affordable treatment there. In a report in the medical journal the lancet, the group urged the World Health Organisation (WHO) and other groups to stop Western countries, where the large drug firms are based, leaning on others not to make or import more affordable drugs. "What we want, first and foremost in the short term, is for the developed world to back off," Nathan Ford, one of the authors of the report, said in a telephone interview. The global TRIPS (Trade Related Aspects of Intellectual Property Rights) accord lets companies other than the patent holder produce drugs or import them from countries other than the original producer during health emergencies or because of unfair pricing. But poor nations are shying away under the threat of trade sanctions by the United States and West European countries. "The USA is the destination of a quarter of exports from Thailand so these threats are taken very seriously," MSF said. "Other less developed countries have been subjected to similar pressure, in particular South Africa." Producing drugs locally can make a tremendous difference in price, making them more affordable for those who need them most. MSF said Thailand had been producing the anti-AIDS drug zidovudine since 1993. Competition has reduced the monthly cost from 324 dollars in 1992 to 87 dollars in 1995. "Thailand is capable of producing good-quality cheap generic drugs, but local production has been limited by trade pressure from the US Government," MSF added. MSF launched a campaign in brussels this week to encourage the European Union to help developing countries get medicines. "For a number of years our doctors working in developing countries have not been able to treat their patients because the drugs available are either too expensive or too old and inefficient," said Mr Ford. The group also urged EU negotiators taking part in the World Trade Organisation (WTO) conference in Seattle next week to ensure that public health takes priority over trade interests. (REUTERS) |
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Need for comprehensive policy on oil recycling stressed DEHRA DUN, Nov 26: A comprehensive action strategy leading to policy and regulations for recycling of used oil is urgently required as India is the sixth largest consumer of lubricating oils in the world. This was stressed by Mr Sudhir Singhal, Acting Director of the Indian Institute of Petroleum (IIP) in his inaugural address at a workshop on "Used oil recycling in India" being held at the institute under the aegis of the Tribology Society of India. Mr Singhal said that serious attention needed to be given to the subject as it had environmental, health and conservation implications. Hazardous components in used oils make it extremely important that these used oils are re-refined properly, reducing the possibility of environmental pollution and health hazards besides conserving oil, a precious commodity the world over. Dr S K Goyal, Organising Secretary of the Workshop, said the lube oil consumption in India had been around one million tonnes per annum for some years now. Of this, about sixty per cent was indigenously produced while forty per cent was imported. Dr Goyal said about 1,50,000 to 2,00,000 tonnes of used engine oil was generated every year in the country. As there was no comprehensive policy for the management of used oil in the country, this workshop had been organised to focus attention on the subject, he added. Seventy five delegates from the re-refining industry, regulatory bodies of the Government, Ministry of Environment and Forests, Ministry of Petroleum and Natural Gas, Ministry of Industry and the Central Pollution Control Board are attending the workshop. Mr Karan Dutt, president of the Petroleum Re-refining Association of India (PTAI) said on the occasion that used oil was not only a valuable resource but also a renewable resource if not re-refined, used oil could be extremely toxic. "One gallon of used oil can contaminste one million gallons of water", he said. The workshop, which began yesterday, is also reviewing the experience of other countries in this field and willbring out a set of recommendations for action required to be taken in India regarding the process of re-refining. (UNI) |
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