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Oil import will witness NEW DELHI, Oct 30: With the likely spurt in domestic oil demand, India’s net oil imports will witness a significant growth in the next millennium ...more Third
time in this year NEW DELHI, Oct 30: With prices abating, the inflation rate...more |
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WB will sanction Rs 5000 crore to UP Govt LUCKNOW, Oct 30: The World Bank will sanction Rs 5000 crore to the Uttar Pradesh Government for its economic and financial restructuring.....more Crash
at local bourse NEW DELHI, Oct 30: Equities dropped values significantly as investors’ ...more |
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Oil import will witness significant growth, says IEA NEW DELHI, Oct 30: With the likely spurt in domestic oil demand, India’s net oil imports will witness a significant growth in the next millennium, according to an official of the International Energy Agency (IEA). While the country’s oil import stood at 62 per cent in 1996, it is set to rise to 86 per cent by 2020, Mr Pierre Audinet of IEA said while delivering a keynote address at the World LP Gas Forum here yesterday. He said the LP Gas industry will be the fastest growing segment in the energy basket in the country. The LPG demand is predicted at 6.4 million tonnes in 2001-2002 and 10.8 million tonnes by 2011-2012, registering a consistent annual growth of about 30 per cent in the first decade of the new millennium. The consumption of LPG was growing at a rate of ten per cent since 1984 due to a large scale expansion in the domestic sector. However, the vast rural market continues to remain untapped. A strong potential in rural areas will herald a booming opportunity in the growth of LPG industry in the country with the expected implementation in reforms in the petroleum sector. While the expansion in refining capacity in India has provided a stable source of LPG production to cater to the growth in demand, it will fall behind to meet the rising appetite of the consumption of LPG by the beginning of the next millennium. He said India’s energy share in the world will witness a rise from three per cent in 1995 to five per cent by 2020. (UNI) |
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time in this year NEW DELHI, Oct 30: With prices abating, the inflation rate based on Consumer Price Index, which is the real barometer of retail prices, plummeted by 1.01 per cent to touch 2.14 per cent in September from 3.15 per cent in the previous month. This was for the third time this year that the inflation rate fell sharply. The other two occasions were in July and June when it dropped by 2.10 per cent and 1.45 per cent respectively. The inflation rate has been witnessing a steep decline for the last six months since April. Only in March this year, it managed to go up marginally by 0.31 per cent to 8.95 per cent from 8.64 per cent in the earlier month. The drop in recent months was on account of fall in prices of vegetables and other essential commodities. Continuing its slump for the fifth successive month, the purchasing power of rupee dropped by 0.16 paise to 23.31 paise from 23.47 paise in the previous month. A consumer who was paying just a rupee for a commodity in 1982, but today, he has to shell out of his pocket four times more of the prices for the same commodity. The purchasing power of rupee which was 23.81 paise in January, rose for next two months to touch 24.10 paise and 24.15 paise, before it began its downward journey for the next five months. The All India Consumer Prices Index for Industrial Workers (CPI-IW) (base1982) rose by three points to 429 in September from 426 in the previous month. According the labour bureau, Shimla. The rise and fall in the index varies from Centre to Centre. In 47 centres, the increase in the index was between one and 17 points, in ten centres, it remained static and in 13 centres, it recorded a fall of one to 10 points when compared with previous month. The index in six main centres stood at Ahmedabad 433, Bangalore 407, Calcutta 443, Chennai 446, Delhi 483 and Mumbai 471. After showing an erratic phase for the first four months of the year, the All India Consumer Price Index for Industrial Workers rose in regular interval since May when the index stood at 419. In June, it went up by a just one point to 420, in July, it jumped by four points to 424, in August, it touched 426 and in September it climbed up by three points to 429. (UNI) |
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WB will sanction Rs 5000 crore to UP Govt LUCKNOW, Oct 30: The World Bank will sanction Rs 5000 crore to the Uttar Pradesh Government for its economic and financial restructuring programme. The first instalment of Rs 800-1000 crore would be received during the current financial year, an official release said. Here State Chief Secretary Yogendra Narain, and met the World Bank team here yesterday. Informed the delegation, that after issuing a white paper on the financial condition of the state in 1998 the UP Government had decided to rationalise its economic structure by implementing economic and financial reforms. The State Government had submitted a proposal to the World Bank through the Central Government for taking loans under programme support loan. The Union Government had granted approval to this proposal in principle. (UNI) |
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Crash at local bourse with index going down NEW DELHI, Oct 30: Equities dropped values significantly as investors’ mood remained subdued at the local bourse last week with uncertainty over IRA Bill, lower than expected corporate results and FII’s end-year considerations completely overshadowing effects of Government’s resolve to carry on the second phase of reforms. Even one per cent cut in Cash Reserve Ratio announced by the Reserve Bank of India in its credit policy could not enthuse investors at the Delhi Stock Exchange during the week ended October 29. The DSE index (base 1983), which analysts were earlier anticipating will continue to remain above 1,000 points for some time more, crashed by 82.31 points during the week at 971.03. The pace of gloom can be gauged from the fact that one scrips plunged by more than Rs 1,000 and six pivotals plummetted by over Rs 100. While the Government announced its programme to implement second phase of reforms, including liberalised foreign investment scheme, bears remained in limelight at DSE. The Government also exhibited its firmness when it succeeded in pursuading trucker associations to call of their strike without reducing diesel prices. However, all this could not be translated in the capital market as FIIs offloaded huge stocks as they have started closing their accounts for this year. Besides, fears that overseas orders on y2k will now slow down with the beginning of the new millennium also dampened FIIs spirits. Besides, coporate results did not match market expectation. Major blue chip companies, including ACC, Larsen and Toubro, SBI, Glaxo and Dabur India reproted losses. Good performance by Hindustan Lever, TELCO, BPL, Ranbaxy and Nestle also could not lift the sentiment. While the Government introduced the Insurance Regulatory Authority Development Bill in the Lok Sabha, apprehensions were expressed that passage of the Bill will not be a smooth affair in the Rajya Sabha as the National Democratic Alliance does not enjoy majority in the Upper House and the Congress might not support it as the Government did not budge from its stand on the Bofors issue. With the noticeable exception of SSI, there was mad rush to offload stocks at it counters. Zee Telefilms was the most prominent losers, crashing by Rs 1055.60 at Rs 4434.40. Satyam Computer plunged by Rs 189 at Rs 1273, while Ranbaxy Lab plummetted by Rs 153.75 to close at Rs 868. Aptech Limited was down by Rs 140 at Rs 875 and Global Tele Systems settled at Rs 524.10, lower by Rs 135.90. Pentafour Software shed Rs 109 at Rs 592, while Hero Honda declined by Rs 100 at Rs 1150. BPL dropped Rs 96 at Rs 158.25. Among other major losers, Digital Equipment fell by Rs 89.50 at Rs 583, SSI by Rs 88.10 at Rs 933.10, HCL Infosystems by Rs 80.15 at Rs 429.95, ABB by Rs 80 at Rs 390, Glaxo by Rs 75 at Rs 726, ITC by Rs 69.50 at Rs 700, Gujarat Ambjua Cements by Rs 67 at Rs 560 and ACC by Rs 50 at Rs 202. Only SSI was noticeable exception and gained Rs 88.10 at Rs 933.10. (UNI) |
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