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Obuchi orders economic TOKYO, Oct 8: Japanese Prime Minister Keizo Obuchi.....more S Korea expects N Korea SEOUL, Oct 8: A South Korean Government report....more Transporters urge Govt NEW DELHI, Oct 8: A Local Transport Association....more
BSE sensex creates record, MUMBAI, Oct 8: The 30-scrip index of the....more |
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Nu-Cotts launched Excelsior Correspondent JAMMU, Oct 8: Parth Overseas-exporters of trousers, jeans and casual wears, launched Nu-Cotts ........more Infosys Techn Q2 net MUMBAI, Oct 8: Infosys Technologies today.....more New Govt needs NEW DELHI, Oct 8: With fiscal deficit looming......more
Jet Airways introduces NEW DELHI, Oct 8: Jet Airways, has introduced a unique.....more |
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Obuchi orders economic package of over $93.5b TOKYO, Oct 8: Japanese Prime Minister Keizo Obuchi has instructed his Government to draw up a comprehensive economic package worth more than 10 trillion yen (93.5 billion dollars) in an effort to boost the economy, chief cabinet secretary Mikio Aoki said today. The premier told ministers in a morning Cabinet meeting to draw up the package in early or mid-November, the top Government spokesman said at a Tokyo press conference. Ministers and agencies will make budget requests for the package by the end of the month, Mr Aoki said. Of the total, 2.5 trillion yen will be allocated for public works projects, Mr Aoki said. (DPA) |
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S Korea expects N Korea GDP gain in 10 years SEOUL, Oct 8: A South Korean Government report said today North Korea’s gross domestic product is likely to show growth this year for the first time in a decade, mainly due to international aid. "We think there is a high likelihood that the North Korean economy will show a small ‘plus’ growth this year, helped by international aid," the Unification Ministry report said. It did not forecast specific figures. Reclusive North Korea does not release official economic indicators, but Seoul’s Bank of Korea said in August the communist state’s GDP in 1998 was estimated to have contracted by 1.1 percent from a year before, the ninth straight yearly decline. The Unification Ministry report said the expected growth in North Korea’s GDP this year might be temporary and it could not be said to have entered a major recovery phase. "For North Korea to sustain a growth pace, structural reform needs to be combined with continued international aid," the report said, adding that it was inevitable that the North would have to expand economic reform and market opening efforts. South and North Korea fought each other from 1950-53 and remain technically at war. However, South Korea has adopted a policy of engagement with Pyongyang which has involved provision of humanitarian aid and fledgling economic cooperation. (REUTERS) |
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Transporters urge Govt to reconsider hike in diesel prices NEW DELHI, Oct 8: A Local Transport Association today urged the Government to reconsider the steep 40 per cent hike in diesel prices as truck owners already in slump will be severly affected. The hike has come at an "inappropriate time" since the truck owners are without enough work to operate their vehicles daily and it will be "impossible" to bear the burden of increased operational cost or to pass them on to the consumers, the Delhi Goods Transport Association said in a statement here. (UNI) |
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BSE sensex creates record, crosses historic 5000 mark MUMBAI, Oct 8: The 30-scrip index of the Bombay Stock Exchange (BSE) created a record today, surpassing the historic mark of 5000 points level this morning. BSE sensex, the barometer of the stock market opened at about 5008.86 (provisional) points, 46 points higher from the previous close of 4963.10 points and added 114.34 points till 1115 hrs by touching a high of 5077.44 points. The sensex had already posted 265 points gain yesterday when it closed at 4963.10 points as against the Wednesday’s close. This is the happiest moment on the stock market, said BSE President Anand Rathi. The investors spread across the country has shown their confidence in the new Government by pushing up the market barometer by continous purchases in shares for last two days, Mr Rathi said, and added that the rally is completely driven by important factors including stable Government, economic revival in the near future and expectations of quick addressal of pending issues by the new Government. The stability at the Centre and Moody’s outlook which have basically lifted the market sentiments at the BSE also helped to bring cheer with heavy buying spree by the foreign funds in several counters, dealers said. This was also the first time after the 1992-securities scam that the market witnessed such a bull run on the country’s premier bourse. Experts however, firmly believe that the current bull run in the stock market is an indicator of better future prospects for India. The BSE sensex which was ruling below 3000 level at the beginning of calander year 1999 posted a phenomenal increase of 2069 points during the year. The total market capitalisation at the BSE registered a whooping increase by Rs 3,59,721 to Rs 8,12,500 crore on October 7 as against the market cap of Rs 4,52,779 crore in October 1998. The total market capitalisation at the National Stock Exchange, the country’s largest exchange also reported an increase of Rs 3,01,026 crore yesterday to Rs 7,15,627 from Rs 4,14,601 crore recorded on October 7, 1998. The current rally on the stock markets have also broke the tradition of market which never saw a bull run in the July-December quarter since 1994. Analysts said and added that mainly every year, around this time the market starts falling. Since the year 1994, the ruturns during the July-December period have been negative. Successfully handling of Kargil crisis by the Government, continuation of market reforms in a speedy manner by the Centre, handsome corporate performance by select industries have strengthened confidence of retail investors as well as the institutional investors throughout the year, analysts said. The sensex reacted positively and even posted hefty gains at least on four occasions during 1999. The index rose by 216 points on April 16 when the DMK extended support to the BJP Government at the Centre in crucial situation, it was skyrocketed by 223 points on July 12 after the end of Kargil crisis and coming back to the power of BJP encouraged the market players on October 7 reflected into the 265 points zoom by the index yesterday. Noted economist Prof Ajay Shah at the Indira Gandhi Institute of Development and Research ruled out to link the bull run to the immediate economic revival in Indian economy but said that the Indian stock market has matured to indicate future prospect of economy. According to experts, the Indian stock market had been basically undervalued and under- priced —a combined outcome of the Asian currency crisis, the aftershocks of the nuclear tests, the policy muddles in the summer of 1998, less that robust state of the domestic economy and the prospects of defusing the nuclear tension improved the policy of the Government and demonstrated greater market wisdom. A return of investment interest— particularly from the Foreign Institutional Investors (FII), saw the stock market indices soar. Vasudeo Joshi, Director at the HSBC Securities Ltd said that the market has witessed a bull run as FIIs have returned to the market after the election results conveyed the signals of stability at the Centre. (UNI) |
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Infosys Techn Q2 net jumps 131 per cent MUMBAI, Oct 8: Infosys Technologies today said its net profit soared by a whopping 131 per cent during the second quarter of 1999-2000 to reach Rs 65 crore from Rs 28.4 crore for the same period last year. The software major’s income shot up by 82 per cent at Rs 218 crore for the quarter ending September 30, 1999. An interim dividend of Rs 3 per share with a face value of 10 rupees was also announced at an internet-based news conference. Income from software development products and services overseas moved up to Rs 205 crore from Rs 118 crore for the period under review. While total expenses increased to Rs 131.9 crore from Rs 78.4 crore, the interest component shot up to Rs 79 lakh from Rs 14 lakh for the period under review. The paid-up equity capital almost doubled to Rs 33 crore from Rs 16 crore during the quarters under consideration. (UNI) |
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New Govt needs to put fiscal house in order NEW DELHI, Oct 8: With fiscal deficit looming large and market borrowings disturbingly high, the new Government which will soon assume office is faced with the daunting task of setting its house in order. Experts say it may be forced to resort to measures to boost revenues such as surcharges and revision of petroleum product prices, held up during the elections. Fiscal deficit on a gradual decline reversed itself in 1997-98, and is set to rise to away levels in 1999-2000, with lower tax receipts, tentative pick up in industrial activity and a substantial increase in defence expenditure as a consequence of the Kargil war. Government’s market borrowings have been growing at an alarming rate, giving rise to fears that the entire year’s target may be covered five months ahead. Infact by August, 88 per cent of the market borrowings targetted for the entire fiscal have already been covered. The Government’s target for the year 1999-2000 was Rs 57,461 crore, out of which market borrowings of the order of Rs 50,803 crore have already been made. Till July the Government had raised from the market Rs 44,043 crore. Thus in one month alone the market borrowings increased by Rs 6,760 crore. If the market borrowings continue to show an upward trend at the same pace the entire years target would have been met by September. The share of central tax revenue collected to total budget estimates during the April-August period also shows that the collections are the worst in the last three years. On the expenditure side, the revenue expenditure during April-August has gone up by more than double the budget projections. Revenue spending went up by around 18 per cent during April-August 1999 as against the 8.6 per cent increase projected in the 1999-2000 budget. The problem on the revenue side, is mainly because a large share of both the taxes which show some bouyancy in collections in the current year—income tax and excise duties—are to be transferred to the states. And the figures for the first half of the year show that corporate tax collections—a major source of Central revenues—have declined by 8.2 per cent as against the projected 14 per cent increase in the 1999-2000 budget. Further, the ASSOCHAM president said the corporate figures show that squeezed profit margins makes any increase in corporate tax collections highly unlikely in the second half of the year. The slow increase in prices of manufactured prices in the current year even indicates the corporate profits may deteriorate further. Given such a bleak scenario the Government has no option but to mop additional resources through disinvestment if it has to cover the fall in tax revenue collection. The bouyant conditions in the capital market have brightened the prospects for a sharp step up in disinvestment in the current year unlike in the previous two years. (UNI) |
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Jet Airways introduces
unique scheme NEW DELHI, Oct 8: Jet Airways, has introduced a unique scheme for the first time in domestic aviation within India a "one time check-in" for same day return flights. With "one time check-in", passengers need not queue-up for the return flight from any destination to the originating destination if it is on the same day. Passengers can comfortably complete all their meetings and report from security check at the airport just 10 minutes prior to the flight departure. This "one time check-in" facility is available across the jet airways network of 30 stations for all passengers carrying only cabinet baggage. Jet airways introduced one time check-in for the same day return flight between Delhi and Mumbai in May and this has now been extended to all cities from where same day return facility is available. (UNI) |
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Nu-Cotts launched in City of Temples Excelsior Correspondent JAMMU, Oct 8: Parth Overseas-exporters of trousers, jeans and casual wears, launched Nu-Cotts in the City of Temples to provide export quality garments to the people. Mrs Nirmal Sharma, Deputy Commissioner, Sales Tax formally inaugurated launching of Nu-Cotts in State. Parth Wears, a unit of the Parth Overseas has appointed M/s Sumit Ready-made Garments as sole distributors of the Nu-Cotts jeans, shirts, denim and non-denim trousers and casual wears. Addressing the inaugural function, Mrs Nirmal Sharma, who was chief guest in the launching function, said that launching of export quality products in the local market would provide opportunity to the customers to get high quality garments from Jammu. She hoped that Jammuites would like new products of Parth Wears which is prominent garments exporter of the country. She congratulated M/s Sumit Ready-made Garments for bringing Nu-Cotts in the City of Temples. Addressing the function, Mr Sanjay Bhartia, director of the Parth Wears, who came all the way from Delhi to launch Nu-Cotts, said that they have decided to launch their products in the domestic market after proving their excellency in the international market. "We have been exporting trousers, jeans and casual wears in the international market for the last three years", he said and added that they have so far received over-whelming response in the domestic market. Parth Wears has launched their products in the domestic market just few months back and within a short span of time, Parth Wears has grabbed market of Punjab and some part of Delhi with its quality and designing. With an annual turn over of about Rs 7 crores, Parth Wears has launched its products in Rajasthan also. Mr Bhatia said that M/s Sumit Ready-made Garments has been appointed as sole distributor for entire Jammu and Kashmir State and hoped that people of the State would like their high quality and well designed products. Keeping in view the financial conditions of the customers of all classes, products of the Nu-Cotts cost between Rs 499 to Rs 795. |
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