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Jojoba oil is cleaner substitute for diesel AL-AIN, UNITED ARAB EMIRATES, Apr 23: A nut oil widely used in cosmetics and shampoos could one day be powering cars and trucks......more VIENNA, Apr 23: OPEC will work to ensure that oil prices remain in its target range of 22-28 dollars a barrel at its extraordinary meeting in Vienna, Saudi .....more Reliance
profit at MUMBAI, Apr 23: Reliance Industries Ltd has reported a 26.54 per cent rise in net profit at Rs 4,104 crore for the financial year ended March 31, 2003, .....more Karnataka software exports up 25% to Rs 12,350 crore BANGALORE, Apr 23: Software exports from Karnataka grew by an impressive 25 per cent during 2002-03, compared to the previous fiscal, .......more |
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TDSAT adjourns hearing NEW DELHI, Apr 23: The Telecom Dispute Tribunal, TDSAT, today adjourned the hearing on WLL case to Monday in view of the Supreme Court .....more International status for KOPARGAON, Apr 23: The Centre has allocated Rs 7,500 crore to accord international status to Nhava-Sheva and Kochi ports, which will operate on......more NEW DELHI, Apr 23: Investment Information and Credit Rating Agency (ICRA) has reaffirmed the MAAA (M triple A).....more Marico forays into NEW DELHI, Apr 23: leading FMCG company Marico Industries Ltd (MIL) today forayed into the skin care services.....more |
Jojoba oil is cleaner substitute for diesel AL-AIN, UNITED ARAB EMIRATES, Apr 23: A nut oil widely used in cosmetics and shampoos could one day be powering cars and trucks. Scientists have found that jojoba oil is a viable alternative to diesel fuel. In early tests, jojoba-fuelled engines performed just as well as diesels. They also produced fewer pollutants, and ran more quietly and for longer. Jojoba is a desert shrub that can reach up to 4.5 metres high and typically lives more than 150 years, producing nuts that yield half their volume in oil. The oil is used as a non-greasy skin-smoothing ingredient in cosmetics, and as a base for shampoos and make-up. Engineers believe it has potential as a motor fuel because it releases a lot of energy when it burns, and is chemically stable at high temperatures and pressures, "New Scientist" magazine reported. A team of scientists from the United Arab Emirates and Egypt tested the idea by attaching an array of sensors to a diesel engine. The engine was run both with regular diesel and a fuel made by adding just a dash of methanol and a catalyst to raw Jojoba oil. Jojoba fuel matched diesel for torque and power over the tested engine speeds of between 1,000 and 2,000 revolutions per minute. The fuel contains less carbon than diesel, which means lower emissions of carbon monoxide, carbon dioxide and soot. Jojoba also contains no sulphur, which normally shortens the lifespan of diesel engines because of the corrosive effects of sulphuric acid. It is also safer to store and transport, having a higher "flashpoint" than diesel so that it is less likely to explode. The major obstacle in the way of Jojoba fuel is growing enough Jojoba plants. The use of Jojoba as a fuel needs huge quantities of seeds, which would require large investment, probably by the Government or private sector, said Mohamed Selim, from the United Arab Emirates University at Al-Ain, who led the research. But he said Jojoba fuel could become popular in regions where the shrub can be grown easily. The plant has been grown for decades in the American South-West and NorthWest Mexico, and is now cultivated throughout South America and in several Middle Eastern countries. Farmers in Egypt had already started planting Jojoba shrubs specifically to use the nut oil as a fuel, "New Scientist" reported. (DPA) |
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VIENNA, Apr 23: OPEC will work to ensure that oil prices remain in its target range of 22-28 dollars a barrel at its extraordinary meeting in Vienna, Saudi Arabian Oil Minister Ali Al-Nouaimi today said. "Tomorrow we will make sure we keep the market where it is in the band," he told journalists in Vienna, a day ahead of a meeting in the Austrian capital of the 11-nation organisation of petroleum exporting countries. He said that if the cartel had not increased production beyond its quota of 24.5 million Barrels Per Day (BPD) in reaction to falling oil production from a strike in Venezuela and the looming war in Iraq earlier this year "prices would have shot up." He said that "you have to give opec some credit, a very big credit," recalling that analysts had feared as the war in Iraq approached in March that prices could shoot to 100 dollars a barrel. In fact they had stayed below 40 dollars a barrel. "OPEC is healthy," Al-Nouaimi said.(AFP) |
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Reliance profit at Rs 4,104 cr MUMBAI, Apr 23: Reliance Industries Ltd has reported a 26.54 per cent rise in net profit at Rs 4,104 crore for the financial year ended March 31, 2003, compared to Rs 3,243 crore posted in the previous fiscal while for fourth quarter profits were up by 31.85 per cent. The board of the country’s largest conglomerate has recommended a 50 per cent dividend (Rs five per share) for FY-03 resulting in a total payout of Rs 787 crore. Excluding the extraordinary income, the net profit for FY-03 has gone up by 45 per cent at Rs 4,104 crore compared to Rs 2,831 crore, RIL said in a release here today. Net turnover in the period under review also increased to Rs 45,898 crore as against Rs 42,089 crore posted in 2001-02. Exports during FY-03 have also gone up to Rs 11,510 crore (Rs 11,200 crore in the last fiscal). For the fourth quarter ended March 2003, the net profit was higher at Rs 1,101 crore (Rs 835 crore) while net sales jumped to Rs 12,755 crore (Rs 9,993 crore). RIL said the net profit after consolidating the subsidiary and associate companies is Rs 4,003 crore. The figures for FY-03 are prepared based on Accounting Standard (AS) 21 - consolidated financial statements and Accounting Standard (AS) 23 - accounting for investments in associates in consolidated financial statements and are therefore not comparable with those of previous year. The company’s production of oil & gas and petrochemicals, including toll conversion, increased to 11.8 during FY-03 (11.5 MN tonnes), representing a three per cent growth. Increase in sales reflects the impact of rise in product selling prices compared to previous fiscal, it said adding raw material prices remained volatile in 2002-03 and domestic product prices also did not keep pace with the changes in raw material prices. The company was able to maintain operating margins at 13 per cent despite highly volatile raw material prices. Ril chairman and managing director Mukesh Ambani said "the discovery of world’s largest gas find in 2002 in India, acquisition of IPCL and BSES and the countrywide launch of infocomm services, all in span of one year, are significant milestones in Reliance’s growth". RIL vice chairman and MD Anil Ambani said "we are enthused with the company’s strong financial performance, in a year that saw unprecedented volatility in feedstock and product prices, and renewed pressures on global business and consumer confidence as a result of increased geo-political uncertainties in several regions of the world".(PTI) |
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Karnataka software exports up 25% to Rs 12,350 crore BANGALORE, Apr 23: Software exports from Karnataka grew by an impressive 25 per cent during 2002-03, compared to the previous fiscal, reaching Rs 12,350 crore on the back of a quantum jump in the Business Process Outsourcing (BPO) sector. B V Naidu, director of software technology parks of India, Bangalore, briefing reporters here today, said the BPO segment was growing fast, with 41 new companies having been approved in 2002-03 and exports in the area growing by 275 per cent to touch Rs 988 crore. Exports from the BPO sector in the State, estimated to employ 18,000 people, constitute eight per cent of the overall exports from Karnataka and this figure was expected to grow to 14 to 15 per cent in the current fiscal, he said. Though India’s overall exports for 2002-03 was yet to be compiled, it is assumed that Karnataka’s share is between 28 per cent and 30 per cent, Naidu said. Bangalore attracts three foreign equity companies every fortnight, with as many as 79 new ones having been registered during 2002-03.(PTI) |
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TDSAT adjourns hearing on WLL issue to Apr 28 NEW DELHI, Apr 23: The Telecom Dispute Tribunal, TDSAT, today adjourned the hearing on WLL case to Monday in view of the Supreme Court fixing April 25 as the date for hearing the Centre’s plea against the Tribunal’s order asking the Government to make public official notings pertaining to its policy on the WLL issue. The TDSAT is hearing cellular operators plea on WLL based limited mobiilty to basic telephone service providers. The Centre had on April 17 filed a petition in the Apex Court challenging a TDSAT order directing the Government to give cellular telephone operators copies of certain "sensitive documents" relating to the contentious WLL issue, saying the disclosure of such papers would harm public interest. The petition stated that the direction of TDSAT to give copies of the privileged documents to the contesting private litigating parties, who had "commercial and other interests", would be against public interest. The Government’s appeal in the Supreme Court follows TDSAT’s order of April 8, 2003 directing the Centre to file certain documents for which privilege had been claimed.(PTI) |
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International status for two ports: Gandhi KOPARGAON, Apr 23: The Centre has allocated Rs 7,500 crore to accord international status to Nhava-Sheva and Kochi ports, which will operate on "construct-use-and-handover" basis, Union Minister of State for Shipping Dilip Gandhi announced today. The ports would become operational soon, Gandhi told reporters at Shirdi, near here. The ports would be equipped with modern facilities on the lines of those adopted in USA and Japan, and once developed would be similar to Jawaharlal Nehru Port Trust (JNPT). The upgradation was part of the Centre’s programme to develop 12 major ports and 28 other ports on international routes, which were expected to go on stream in two years, Gandhi told PTI. Meanwhile, the Government was contemplating restarting the Mumbai-Goa service, the minister said. The Centre was also looking into problems created due to excessive sedimentation, Gandhi said, adding Rs 2,745 crore has been allocated to deal with the matter. Gandhi informed that in Mumbai the Chembur to Mantralaya route via national chemical and fertiliser factory would be made a four-lane passage and a proposal for the 20 km stretch has been sent to the Centre. He said the Shipping Corporation of India was earning a profit of Rs 168 crore and had this year distributed a dividend of 30 per cent.(PTI) |
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NEW DELHI, Apr 23: Investment Information and Credit Rating Agency (ICRA) has reaffirmed the MAAA (M triple A) and A1" (a one plus) ratings assigned to the term deposit programme and certificate of deposit programme respectively of the State Bank of Patiala (sbop) the raising indicated highest safety. The rating action takes into account sbop’s improvement in profitability, reduction in NPA levels and low cost deposit base. The ratings also factor in the comfortable capital adequacy level of sbop, which provides it ample scope to expand its asset base. ICRA has also considered the ownership by State Bank of India, while reaffirming the highest safety ratings. Sbop is an associate of State Bank of India and has operations mainly in the northern parts of the country. It has higher proportion of savings and demand deposits as compared to the peer banks resulting lowr cost of deposits. Sbop’s credit growth in 2001-02 as well as in the first nine months of 2002-03 was mainly driven by its personal banking segment, which recorded substantial growth in housing finance. Meanwhile, ICRA has assigned an A1" (a one plus) rating to the Rs ten crore commercial paper programme of Warren Tea Limited (WTL) indicating highest safety in the short term. The rating takes into account the ability of WTI to command a premium for tea in the market because of its superior quality and the high degree of financial flexibility derived from a favourable capital structure. The rating also factors in the ongoing downturn in the domestic tea industry, adversely impacting the volumes and profitability of tea companies including WTI. WTI produces premium quality bulk tea, and has gardens in upper Assam. The company sells its produce both inh the domestic markets through auctions and agents (for its private sales) and also in the export markets. (UNI) |
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Marico forays into beauty business NEW DELHI, Apr 23: leading FMCG company Marico Industries Ltd (MIL) today forayed into the skin care services business under the brand ‘Kaya Skin Clinic’ (KSC) with the launch of its new venture Kaya Aesthetics Ltd (KAL). Kaya offering is Marico’s attempt to fill the existing gap in the effective skincare services in the country. "With this market in mind, we aim to exploit the potential of moving up the value chain in the personal care business," MIL CMD Harsh Mariwala told newspersons at the launch of the new project here. First of its kind with a corporate back-up, Mr Mariwala said, the venture will offer consumers advanced, safe and effective cosmetic dermatology services in the country to capitalise on the burgeoning business of beauty. About plans, he said in addition to the three clinics launched in Mumbai, Kaya is planning to open three in Delhi and two in Dubai in the first phase of its expnsion by July. The first clinic in the national capital will open on April 28, he said adding that all the clinics will operate under the banner of Kal — a joint venture between Marico and ADIL and associates with the former’s contribution being 76 per cent. "We have invested around Rs 10 crore in the new business. Each clinic costs around Rs 1 crore," he added. Pointing out that KSC as a concept has been well received by the consumers in Mumbai, KSC chief executive officer Rakesh Pandey said, "As we scale up the idea nationally depending on the response, we could open between 50 to 100 clinics within the next three years. "At Kaya, our goal is to make a real difference to men and women by offering them worldclass skincare services in a comfortable SPA like ambience. Besides, our treatments are non-invasive and effective." Mr Pandey said the treatment and procedure at Kaya clinics has to be US FDA approved and they are very stringent about safety and quality control standards. "All our skin practitioners undergo a very stringent certificate process before they come on to machines and start treating our valuable customers," he added. Mr Pandey clarified that Kaya products will not be available in the market as they are on offer at KSC counters.(UNI) Geometric’s net profit up by 33 per cent NEW DELHI, Apr 23: Geometric Software Solutions’ (GSS) reported a 32.67 per cent increase in its net profit at Rs 170.56 million for the year ended March 31 as compared to Rs 128.56 million during the same period last year. The consolidated revenues of the company also increased by 32.33 per cent to Rs 877.14 million compared to Rs 662.86 million last year. Consolidated revenue for the quarter ended March 31, grew by 2.54 per cent to Rs 234.32 million as against Rs 186.65 million during the same quarter last year, a company release here said. (UNI) FDI liberalisation not taken up at cabinet meet NEW DELHI, Apr 22: The much-hyped issue of further liberalisation of FDI in various sectors, including civil aviation, did not come at the meeting of the Union Cabinet tonight. "It (FDI) did not come up or discussion," Parliamentary Affairs Minister Sushma Swaraj told reporters here after the meeting. She did not give further details. Ahead of the meeting, there were reports that in an endeavour to promote foreign investment in crucial areas of economy, the cabinet may approve liberalised FDI norms in aviation, telecom and petroleum sectors. (PTI) Exemption limit for traders for VAT raised to Rs 5 lakh NEW DELHI, Apr 23: Bowing to demand from traders, the empowered committee of State Finance Ministers today decided to exempt from value added tax small traders with a turnover upto Rs five lakh and pegged the tax on all drugs and certain local items at a low four per cent instead of 12.5 per cent. For traders and dealers with turnover of Rs 5-40 lakh, it was decided to introduce a simple composition scheme under which there would be one per cent tax on gross turnover, committee chairman and West Bengal Finance Minister Asim Dasgupta told reporters after its marathon meeting here. With the new scheme, Dasgupta said "majority of small traders will not be coming under the VAT net." Implementation of VAT by states to replace sales tax, which was postponed thrice, will now come into effect from June one. The panel’s decision to increase the upper limit of turnover from Rs 25 lakh to Rs 40 lakh, for a dealer to come under the tax system comes after the trading community held a nation-wide strike against VAT on March 31 and April one. The VAT panel would meet on April 29-30 to draw up the list of certain life-savings drugs, which may get further concessions, Dasgupta said. (PTI) Excise norms for powerloom sector relaxed NEW DELHI, Apr 23: The Government today said it has relaxed the pre-condition of registration for the traders of yarns and fabrics who pass on the credit on the duty paid on goods sold by them. A doubt was raised that the central excise registration was required by the traders of yarn and fabrics before they can issue invoices and transfer the credit. "The Government has also decided to allow the manufacturing activities without insisting on registration as a pre-condition," an official statement said here. The manufacturers in the textile sector have been allowed to pay the central excise duty without obtaining registration. "Thus it is not necessary to have this registration at the point of clearance of the goods," it said. However, the clearance documents like the numbered invoice with date will be accepted as proper document to claim credit. The Government also clarified that there is no requirement of central excise registration for selling yarn and fabrics. (UNI) |
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