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Gold steady on NEW DELHI, Oct 11: Despite a weak trend in the international market....more BIFR rejects Atash NEW DELHI, Oct 11: The Board for Industrial and Financial....more Dundee Mutual NEW DELHI, Oct 11: Dundee Mutual Funds launched a bond fund...more |
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HMIL to
concentrate only on Santro, Accent for one year NEW DELHI, Oct 11: Hyundai Motors India Limited....more
Snowcem for expansion CALCUTTA, Oct 11: Snowcem India Limited has....more GEA for early phase NEW DELHI, Oct 11: India should push for phasing....more |
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Gold steady on festival buying NEW DELHI, Oct 11: Despite a weak trend in the international market, gold prices continued to rule steady on the bullion market today on emergence of festival buying and closed unchanged. Silver on the other hand, moved down slightly on reduced offtake but its coins were unchanged in scattered support. Marketmen said a weak trend in the Asian markets where gold prices declined by 1.25 US dollar an ounce at 318.75 US dollar failed to influence the market sentiment. They said trading began on a cheerful note in the domestic market today being the first day of the current festival and marriage season. The buying activity had totally dried up during the last fortnight following sharaads, considered to be inauspicious days in Hindu mythology for starting anything new. The volume of business was fair. Standard gold and ornaments were traded at previous levels of Rs.4760 and Rs.4610 per ten gram respectively. Sovereign was unchanged at Rs.3900 per piece of eight gram. Silver .999 (ready) quoted lower by Rs.10 at Rs.8340 per kilo while weekly delivery lost Rs.25 at Rs.8310 due to lack of speculators support. Silver coins also remained unchanged at Rs.11,300/11,500 per 100 pieces. The following were today’s quotations: Silver .999 (ready) 8340 and delivery 8310. Silver coins buyer 11,300 and seller 11,500. Standard gold 4760, ornaments 4610 and sovereign 3900. (PTI) |
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BIFR rejects Atash Industries’s plea NEW DELHI, Oct 11: The Board for Industrial and Financial Reconstruction (BIFR) has dismissed the case of Atash Industries Limited as non-maintainable concluding that AIL has "malafide intentions" in seeking sick industrial status. The BIFR concluded that the "sickness had been manipulated by falsification of accounts and adopting practices of deception which indicated that it was not a case of bonafide industrial sickness...AIL was not a sick industrial company to be covered within the ambit of the Sick Industrial Companies (Special Provisions) Act, 1985". The Board noted that AIL has lost sight of the fact that sizeable public funds were locked up in the company and it even attempted to divert sales proceeds from member banks to other banks. AIL had approached BIFR with "unclean hands" and all attempts to determine the correct position of the state of affairs of the company, particularly in relation to its sickness have failed to yield any fruitful results, observed a BIFR bench comprising Chairman P P Chauhan and member G Narayanan. The company delayed the Special Investigative Audit (SIA) inordinately by questioning the audit whether it fell within the realm of Section 16 of SICA. This only indicated that the company or its promoters were not interested in proving the facts claimed by them in respect of the sickness of AIL. Earlier, AIL employees said that Noida unit of the company was a franchisee of Parle and had entered into an agreement with the trade unions regarding voluntary retirement scheme. "The management of AIL are stripping the company of its funds for their personal gains in order to rob the financial institutions and the workmen of their dues and rights," Mr Nitendra Sharma, Advocate, representing Atash Employees Union, informed the Board. Several banks and FIs including IDBI, Canara Bank, Vijaya Bank, British Bank of Middle East, Bank of Tokyo Limited, Laxmi Vilas Bank, IIBI and ESIC raised strong objections against the company being declared sick. They said that the company is continuing with its operations but was shirking from paying its dues. AIL was making inappropriate use of the protection given by SICA to stop paying its creditors by indulging in dilatory tactics in giving information regarding its claimed sickness. AIL is a listed company at the Bombay Stock Exchange and National Stock Exchanges and is hardly traded.(UNI) |
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Dundee Mutual launches bond fund NEW DELHI, Oct 11: Dundee Mutual Funds launched a bond fund with two schemes for debt securities of public and private companies expecting to mop Rs 30 crore during the Intial Public Offer (IPO) period beginning today. The fund, an open-ended fixed income fund, will close on October 18 and latest on November 25. The fund reopens five business days after the close of the IPO and is open-ended thereon. "Dundee PSU Bond fund is the first fixed income fund in India investing only in debt securities of Public Sector Undertakings and Public Financial Institutions like IOC, HUDCO, IDBI, ICICI and MTNL," Mr Sunil Joseph, president, Dundee Mutual Funds, said. Talking to mediapersons here today, Mr Joseph said the second scheme - corporate bond fund - will invest in highly rated public and private sector debt securities and money market instruments. "We expect to attract Rs 60 crore in the first year of this open-ended fund which is likely to give a returns of about 14 per cent to the investors," he added. The two schemes offer investors a choice of two plans including an appreciation plan and a dividend plan with monthly, quarterly, semi-annual and annual dividend options. The fund has no entry load during the IPO, with the asset management company absorbing all initial issue expenses. The minimum investment amount is Rs 5,000 and in multiples of Rs 500 thereafter. Dundee mutual funds are sponsored by Dundee Bancorp Inc and Dynamic Mutual Funds Limited, Canada. This is their third offering with the earlier funds dedicated to gilts and liquidity. (UNI) |
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Snowcem for expansion of business CALCUTTA, Oct 11: Snowcem India Limited has initiated steps for setting up of subsidiaries in Vietnam, Nepal and Bangladesh shortly for expansion of its exterior paints business outside the country. Company Executive Director Prakash F Nagori told newsmen here today that the size of investments would be determined after conducting a market survey in those countries. Mr Nagori claimed that the company was also poised to finalise a ten-year agreement for technical collaboration with a German paints company for developing an exterior emulsion paint. (PTI) |
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Sitlee project being launched by Jan Excelsior Correspondent JAMMU, Oct 10: The prestigious Sitlee Water Filtration Project coming up at a cost of Rs 11.95 crore under Core Area Short Term Project is being commissioned by ending January 2000 to augment water supply to the Jammu city. This was stated by the Minister for PHE, Irrigation and Flood Control, Mr Ali Mohd Sagar during his inspection of 54 lakh gallons per day capacity Sitlee Water Filtration Plant here last evening. The Minister said that an amount of Rs 10.15 crore has been spent so far on the intake structure, filtration plant and construction of a service reservior with the capacity of 25 lakh gallon water at Manda. The Managing Director, JKPCC, Mr Safdar Mir assured the Minister that JKPCC will complete all the works allotted to the Corporation by November 7, 1999. He said that out of Rs 5.20 crore allotted to the Corporation, Rs 5 crore has been spent so far on the project. The Chief Engineer, PHE, Mr SK Kotwal informed the Minister that the works undertaken by the PHE Department on this project will be completed before the end of January, 2000. The Superintending Engineer, PHE, Mr IC Jandial also informed the Minister that with the commissioning of 10 tubewells during the current financial year an additional 30 to 40 lakh gallons of drinking water per day would be supplemented. With this, the people of Bakshi Nagar, Roop Nagar, Gujjar Nagar, Bathandi and Sainik Colony would be benefitted, he added. |
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GEA for early phase out of export quotas NEW DELHI, Oct 11: India should push for phasing out garment export quotas by the year 2002 at the forthcoming World Trade Organisation (WTO) round of ministerial talks, the Garment Exporters Association (GEA) said today. "The Indian industry is prepared for quota-free regime," said GEA’s newly-reelected president Rakesh Vaid. "The ten-year quota phase out schedule should be pre-poned by three years from 2005 to 2002." He said the growth rates in quotas on all categories should be increased from 2000 onwards so as to eliminate all quotas by January 2002. The GEA is an apex body of top 650 garment exporters in the country. The WTO round of talks are scheduled to be held at Seattle, the United States, from November 30 to December 3. Mr Vaid said India exported readymade garments worth 5.26 billion dollars (Rs 22,881 crore) in 1998-99, marking an increase of 7.31 per cent over last year’s performance. This was despite the national economy passing through a critical phase of transition and restructuring. At a time when major economies of the world are reeling under the impact of recession and the Indian economy is suffering from low business confidence and slowdown in exports, Mr Vaid said, the performance of garments sector has been satisfactory. However, there is a need for careful assessment of trends in global markets and identification of the areas of actual and potential Indian competitiveness. "To achieve a high rate of export growth, it is necessary to reorganise the economic set-up, remodel the development strategy and improve the infrastructure," Mr Vaid said. "It is essential that an export climate is created where the policies are procedures are made pragmatic and the exporters are able to produce and export quality goods of international standards with the least of procedures and policy regulations," he said. (UNI) |
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