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FEMA Bill introduced NEW DELHI, Nov 29: Finance Minister Yashwant Sinha today introduced....more
Infotech stocks remain NEW DELHI, Nov 29: Bucking the downward trend...more Chinese silk exports to BANGALORE,
Nov 29: Chinese
silk exports to India grew by 121 per cent in ...more Tender for const of NEW DELHI, Nov 29: The tenders for construction of the 8000-km long new...more |
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‘Govt
should not allow FBI NEW DELHI, Nov 29: Senior BJP member K R Malkani.....more
Petroleum Minister NEW DELHI, Nov 29: The Government today ...more
MUL launches Baleno with price tag of Rs 6.74 lakh NEW DELHI, Nov 29: In order to give customers....more IISC developing remote BANGALORE, Nov 29: Indian Institute of Science...more |
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FEMA Bill introduced amidst oppon from CPM NEW DELHI, Nov 29: Finance Minister Yashwant Sinha today introduced in Lok Sabha the Foreign Exchange Management Bill, 1999 amidst opposition from CPI(M) members but strongly denied the charge that the measure would benefit only money launderers and Hawala operators. Dismissing the apprehensions of members, who raised objections at the introductory stage, as baseless and a figment of imagination, he said the bill was needed in terms of a new situation that has arisen as a result of liberalisation in foreign exchange management. The house later gave leave to the minister to introduce the bill by a voice vote. Sinha said the Government has already introduced a bill to prevent money laundering and it would be in fitness of things that both were taken up for consideration together. Allaying fears of left members, he said the foreign exchange reserves stood at USD 34 billion which was unprecedented. The current account deficit was less than 1.5 per cent of the GDP in 1998-99 and it would not cross two per cent in the current year despite pressure on account of oil import bill, he added. He rejected criticism that the house did not have the competence to legislate the bill saying it was up to the Speaker to refer the measure to the parliamentary standing committee to consider it afresh. Raising objections to introduction of the bill, CPI(M) members Basudev Acharia, N N Krishnadas and Moinul Hasan said it was intended to benefit the black marketeers in foreign exchange and hawala operators. They said the measure was also aimed at scuttling the Foreign Exchange (Regulation) Act. Rupchand Pal (CPI-M) questioned the legislative competence of the house saying the bill has been brought forward on the basis of recommendations made by a standing committee in the 12th Lok Sabha and it was necessary that the measure be considered afresh by the present house. (PTI) |
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Infotech stocks remain bullish, economy stocks decline NEW DELHI, Nov 29: Bucking the downward trend, Information Technology and Pharma sector stocks continued their upward journey on the stock market today on the back of sustained purchases by foreign institutional investors amidst speculative buying by domestic players. Shares of media major, Zee telefilms also stole the limelight largely after some knowledgeable circles accumulated stocks in substantial quantity lifting stock prices to close at a record high of Rs 6375.10 against previous closing of Rs 5906. On the other side, index-related infrastructure sector stocks, however, faced mid-way selling to close lower despite reports that combined production in country’s six infrastructure industries such as steel, cement, electricity, coal, petroleum refinery products and crude petroleum registered a hefty rise of 8.9 per cent in October 1999, compared to rise of 2.4 per cent in October,1998. The Delhi Stock Exchange sensitive index after crossing 97 points in early trading, fell back to close 3.87 points down a 965.90 points largely due to fall in heavy-weighted Hindustan Lever and some core sector stocks. "Stocks of Information Technology sector were generally in the limelight on aggressive buying by foreign funds, said a DSE broker. Pentafour Software and Silverline Industries, amongst soft ware computer sector stocks were seen hitting upperside circuit breaker at Rs 787.65 and Rs 538.40 against previous closing of Rs 729.80 and Rs 500.15 respectively on all-round buying. Rolta India shares also freezed at Rs 190.80 after exhausting daily limit of 8 per cent on frenzied purchases. The share had closed at Rs 178 on Friday. Satyam Computer stocks also in similar fashion soared to touch an all-time high of Rs 2000 after FIIs made large-scale purchased amidst some short-covering but profit-taking towards the middle of session pared most of earlier gains to close Rs 4.95 higher at Rs 1939.95. However, shares of Infosys Technologies came under nervous selling largely from speculators after reports that the company announced a sub-division of Rs 10 paid up shares into two shares of Rs 5 each and share prices plunged Rs 400 to close at Rs 92 50. The market was expecting split stock ratio into 10 shares of Re 1 for share of Rs 10 paid-up. Zee Telefilms, an entertainment and media major stocks continued to rise following steady inflow of buying by some knowledgeable circles followed by huge short-covering and spurted by Rs 469.10, or 8 per cent to close at Rs 63.75.10, a record high. Cement major stocks such as Associated Cement Co lost Rs 2 at Rs 194.25, Larsen and Toubro Rs 10.85 down at Rs 398.05 but Gujarat Ambuja Cement rose Rs 9 at Rs 575 on funds buying. Tata Steel shares declined by Rs 1.80 to Rs 144.20, Tata Loco lost Rs 3.65 at Rs 227.65 and Tata Tea shares declined sharply by Rs 30 to Rs 498. The undercurrent at close remained bullish and volume of business good.(PTI) |
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Chinese silk exports to India grow by 121 pc BANGALORE, Nov 29: Chinese silk exports to India grew by 121 per cent in volume and 74 per cent by value during the first half of this 1999 even as the world silk market held out both promises and worries. According to an International Silk Association report, Silk export was the hardest hit following the Asian financial crisis in 1997 with the world silk consumption decreasing by 16 per cent in 1997-98 from the previous year’s level. In Asia alone the consumption was down by 23 per cent, with Japan, considered to be one of the highest silk consumers in the world showing a 38 per cent slump. Since the beginning of the year, the report said, world silk consumption had remained at a relatively low level. However, the sustained economic growth in the United States and economic recovery in Asian region has brought hope. According to ISA statistics, the world silk market remained inactive in the first seven months of the current calender year. However, there was a tendency towards gradual recovery as compared with the same period last year. The sale of some of the silk products had increased significantly in some major markets with India and Japan importing higher quantity of silk from China. Exports to Japan from China rose to 75 per cent volume wise and 33 per cent value wise. Chinese exports to Korea and Thailand, other leading consumers in the region also showed a significant upward trend. The world body, however regretted that the industry was not not able to achieve a uniform recovery. The impact of the Kosovo crisis on the European economy, the weak Euro and the influx of some low priced silk madeups were stated to be the reasons for the continued slump in the European market. Chinese exports to Europe fell by 34 per cent. Though the signs of recovery in certain countries indicate that the world silk market would show some sort of a recovery, it would take sometime before the full recovery of the world economy and witness a strong growth in silk consumption. (UNI) |
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Tender for const of 8000-km NH to be finalised next month NEW DELHI, Nov 29: The tenders for construction of the 8000-km long new national highways linking the metropolitan cities would be finalised next month, Surface Transport Minister Rajnath Singh said in the Lok Sabha today. Replying to a supplementary by Mr Rajesh Pilot during the question hour, he said construction of these fast link roads would be mainly financed from the rupee one a litre diesel cess recently imposed. The Minister estimated that the diesel cess would generate Rs 5000 crore during the current financial year. Half of it would go for rural development. Of the rest, only Rs 1750 crore would be available for highway development as the collecting states would have to be given 30 per cent of the highway’s share. Mr Rajnath Singh said the four-lane highway link would considerably reduce the distance between the metropolitan cities. He told Mr Ummareddy Venketeswaralu that 7000 National Highway bridges would get rehabilitation attention during the current year. The minister told Mr Ashok Mohol that only stretches of the national highway network were in bad condition for want of timely repairs. The funds constraint was holding up such repairs. He pointed out that his ministry got only Rs 750 crore for highways maintenance against the demand for Rs 1250 crore. (UNI) |
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‘Govt should not allow FBI to open office in India’ NEW DELHI, Nov 29: Senior BJP member K R Malkani, along with left opposition members, today demanded in Rajya Sabha that the Government should not allow FBI, the US investigating agency, to open its office in India as it will compromise the sovereignty of the country. Raising the matter through a special mention, Malkani said as per newspaper reports FBI was earlier working in India unofficially but had now sought permission from the Government to open an office. He was supported by Gurudas Das Gupta (CPI), Mohd Salim (CPM) and many others. Leader of the House Jaswant Singh said there was no FBI office in India yet nor was there any application pending before the Government for this purpose. However, Gurudas Das Gupta demanded a categorical statement from Singh who is also the External Affairs Minister, that FBI would not be allowed to open an office even if it sought for it. To this the minister replied, whatever happens it will be in the interest of the country and not for dishonouring the country. Opposition members, however, asserted they were not satisfied by the minister’s assurance. (PTI) |
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Petroleum Minister clarifies position on GAIL shares price NEW DELHI, Nov 29: The Government today refuted the opposition’s charge that it undersold GAIL shares and said that it secured seventeen per cent higher return from the Global Depository Receipt (GDR) market compared to the domestic price of Rs 60 a share earlier this year. In a written answer in the Lok Sabha today, Petroleum Minister Ram Naik said the price of Rs 70 a share at which disinvestment was carried out in the GDR market earlier this month was 17 per cent higher than the domestic price of Rs 60 it secured in February this year. Maintaining that there was no undervaluation of these shares as alleged by some opposition leaders, Mr Ram Naik said the book value of a GAIL share was about Rs 48 while its face value was Rs 10. The government offered around 80 million shares to domestic investors of which only 30 million shares could be sold at a price of Rs 60 a share in February this year. He said the pricing of GAIL shares was based on book building process and this meant market-driven prices. This was being followed for deciding the issue price for GDR markets. The Government had diluted its equity in GAIL by selling away 270 million shares since 1991, he said. The Uttar Pradesh State Electricity Board continued to owe the state-owned National Thermal Power Corporation the largest arrears followed by Delhi Bihar and West Bengal, according to Power Minister P R Kumaramangalam. The largest defaulters were Uttar Pradesh (Rs 2284 crore), Delhi (Rs 2257 crore) and Bihar (Rs 2145 crore) as on October 31 this year, the minister said in a written reply As many as 748 civilians and 945 militants were killed in terrorist violence this year in the Kashmir Valley while 295 security personnel laid down their lives, according to Home Minister L K Advani. To another question, Mr Advani said till date no new financial package had been worked out to enable the Centre to take over the security expenditure of the state. Minister of State for Home Ch Vidyasagar said M/S Tata Consultancy had been entrusted with the task of preparation of a feasibility report regarding the introduction of multi-purpose national identity cards to citizens. The Government had constituted an advisory committee comprising senior officers of the Home Ministry to interact with that firm in this regard, he said. (UNI) |
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MUL launches Baleno with price tag of Rs 6.74 lakh NEW DELHI, Nov 29: In order to give customers a choice beyond the Esteem segment, Maruti Udyog Limited today launched 1.6 litre Baleno with a price tag of Rs 6.74 lakh ex-showroom in Delhi. MUL expects to sell 800-1,000 Balenos for the last quarter of this financial year and 10,000 cars for the whole of the next fiscal, a company spokesman told reporters here. This is a first step of the company’s new launches in the near future, MUL Managing Director Jagdish Khattar said, but refused to divulge detalis, recent reports in a section of the press suggested that the next offerings next year would be Suzuki’s Alto Model and Wagon R. When asked why has MUL decided to launch another vehicle in the crowded mid-size segment, company’s Managing Director Jagdish Khattar said, "our customers were telling us that Maruti vehicles should also be in the top-end of the mid-size segment and hence we have introduced Baleno." Baleno is benchmarked against ford Escort, Mitsubishi Lancer, Honda City and Opel Astra. While Mitsubishi Lancer’s entry level price is Rs 7.35 lakh ex-showroom in Delhi, Honda City’s 1.5 litre version is available at Rs 7,57,000. On the other hand, Ford Escorts starts from Rs 7,00,431 and Opel Astra is available at Rs 6,77,632. Driven by 16 valve engine, Baleno is available in five colours: milky white, riviera red, exotique green, atlantic blue and pearl silver. To a question on why has MUL chosen Suzuki’s model name for the Indian version which is at variance with the company’s policy so far, Mr Khattar said Baleno is internationally known and the company thought it proper to retain that name. He evaded direct reply whether MUL would choose Suzuki’s models name for its other launches in future, stating that it would depend on the situation at that point of time. Mr Khattar claimed that MUL would sell 4,00,000 units of vehicles this fiscal compared to 3,35,000 last fiscal. When asked reasons of slow down in maruti’s market share of passenger vehicles, he said because of the new entry, total market size has increased which led to this trend. According to the recent figures by society of Indian automobile manufacturers, MUL’s share came down to 65.95 during the first seven months of this fiscal against 65.95 per cent last fiscal. Mr Khattar parried questions on the indigenisation level of baleno, stating that it is within the clause of MoU with the Directorate General of Foreign Trade. However, an MUL official disclosed that indigenisation level at present stands at 25 per cent, which will be increased to 75 per cent in a two-year time. (UNI) |
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IISC developing remote controlled micro air vehicle BANGALORE, Nov 29: Indian Institute of Science (IISc) here is developing remote controlled Micro Air Vehicle (MAV) which can be used for aerial surveillance of border and disaster-struck area. Weighing just one kilogram, the MAV named Sarika is scheduled to fly sometime next year, Aerospace Engineering Professor S P Govindaraju, who is heading the team conducting the research, told PTI. Measuring 70 cms in length and 40 cms wide, Sarika is small and ideally suited for aerial reconnaissance without attracting much attention, he said. It will have a range of 15 km. Govindaraju said Sarika project was started at the request of Aeronautical Research and Development Board for designing a MAV with on-board camera for aerial reconnaissance applications. While the Aerospace Engineering Department is designing and developing the MAV, the on-board electronic components are being prepared at IISC’s centre for electronic design technology. The Sarika project follows intensive research conducted by the Aerospace Engineering Department on three prototypes of MAVs named Research Aircraft-1 (RA-1). The RA-1 is used for testing and improving parameters like flight mechanics and aerodynamics of Aeronautical Development Agency (ADA)’s LCA project, he said. (PTI) |
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