|
|
L and T launches HYDERABAD, Aug 2: The Electrical Standard Products (ESP), a business unit of Larsen and Toubro, introduced a new line of switching devices, the ....more India’s
forex reserves MUMBAI, Aug 2: India’s foreign exchange reserves inched closer towards the US dollar 85 billion mark following record inflows ......more Gr’nut
seeds setback, MUMBAI, Aug 2: Prices of groundnut seeds eased modestly on thin demand while edible oils remained . ....more Advani
asks minister PUNE, Aug 2: Deputy Prime Minister L K Advani today publicly admonished Union Minister of State for Banking Anandrao V Adsul for openly criticising ........more |
|
RBI to issue new Rs 10 notes in Mahatma Gandhi ‘M’series MUMBAI, Aug 2: The Reserve Bank of India (RBI) will shortly be issuing Rs 10 notes in Mahatma Gandhi series with capital letter M inset in numbering ......more REC
to finance major HYDERABAD, Aug 2: Rural Electrification Corporation Limited (REC), a Central Government Undertaking, plans to tentatively extend Rs 1,100 crore ...more Sugar prices maintain upward trend on brisk demand NAVI MUMBAI, Aug 2: Sugar prices continued its firm trend today on renewed heavy demand from bulk consumers ...more WTO
chief forbids SAO PAULO, BRAZIL, Aug 2: The Director General of the World Trade Organisation........more |
L and T launches M-line contactors HYDERABAD, Aug 2: The Electrical Standard Products (ESP), a business unit of Larsen and Toubro, introduced a new line of switching devices, the M-line range of contactors, the lightest device of its type in the world. Commenting on the launch of the M-line contactors here last night, L and T electrical and Electronics Division senior vice president (operations) R N Mukhija said the M-line range consisted of contactors in six compact frame sizes with 18 different current ratings, thermal overload relays in four frame sizes with 43 different current ratings and motor protection circuit breakers in two frames. The contactors incorporated a number of high-tech features to meet customer needs. "The design is the outcome of extensive research into real-life user needs," he added. The range of products were priced on par with mn range and would be available from Rs 500 to Rs 30,000 each. The product is targetted at industrial users. (UNI) |
 |
Gr’nut seeds setback, edible oils flat MUMBAI, Aug 2 : Prices of groundnut seeds eased modestly on thin demand while edible oils remained steady on scattered offerings by stockists, traders at the Bombay Commodity Exchange (BCE) said here today. Among oilseeds (per quintal) groundnut javas prices dropped by Rs ten each on poor demand and improved stocks. However, nigerseed variety looked up slightly by Rs five on improved demand from millers, traders said. Rest all other prices including sesame whitish and castorseed prices remained unchanged in the abence of fresh interest demand mainly from exporter, traders said. Among oils (per ten kgs), groundnut raw also was steady at Rs 538 on moderate demand from bulk consumers and retailers and sufficient stocks. Mowra oil grade however gained by around Rs five each on scattered demand from industrial users’ traders said. Among imported oils, RBD palmolein, soyabean refined, rapessed crude also quoted around at the previous levels on sufficient stocks supply from Malaysia and Indonesia and thin offtake, traders added. (UNI) |
|
Gr’nut seeds setback, edible oils flat MUMBAI, Aug 2: Prices of groundnut seeds eased modestly on thin demand while edible oils remained steady on scattered offerings by stockists, traders at the Bombay Commodity Exchange (BCE) said here today. Among oilseeds (per quintal) groundnut javas prices dropped by Rs 10 each on poor demand and improved stocks. However, nigerseed variety looked up slightly by Rs 5 on improved demand from millers, traders said. Rest all other prices including Sesame whitish and castorseed prices remained unchanged in the absence of fresh interest demand mainly from exporter, traders said. Among oils (per ten kgs), groundnut raw also was steady at Rs 538 on moderate demand from bulk consumers and retailers and sufficient stocks. Mowra oil grade however gained by around Rs 5 each on scattered demand from industrial users’ traders said. Among imported oils, RHD Palmolein, Soyabean refined, rapessed crude also quoted around at the previous levels on sufficient stocks supply from Malaysia and Indonesia and thin offtake, traders added. (UNI) |
|
Advani asks minister not to openly criticise RBI policies PUNE, Aug 2: Deputy Prime Minister L K Advani today publicly admonished Union Minister of State for Banking Anandrao V Adsul for openly criticising the Reserve Bank of India’s policy towards cooperative banks. "If the minister has any greviance, he should raise it in the Cabinet or take it up with the Finance Ministry. As a minister he should not publicly raise such issues," Advani said after inaugurating the Pune Cooperative Bank Limited, headed by former BJP MP Anna Joshi. Earlier, in his address, Adsul criticised the RBI norms with regard to cooperative banks. He demanded the appointment of a Deputy Governor for RBI exclusively to take care of cooperative banks in the country. Advani expressed concern over the image of cooperative banks in the country and emphasised on the need to rectify it. (PTI) |
|
RBI to issue new Rs 10 notes in Mahatma Gandhi ‘M’series MUMBAI, Aug 2: The Reserve Bank of India (RBI) will shortly be issuing Rs 10 notes in Mahatma Gandhi series with capital letter M inset in numbering panel bearing the signature of Dr Bimal Jalan, Governor, according to official statement here today. Except for the change in inset letter, the design of the new notes is similar in all respect to those issued earlier in the Mahatma Gandhi series. All the Rs 10 domination notes in the Mahatma Gandhi series issued by the bank in the part will continue to be legal tender, the release added. (UNI) |
|
REC to finance major thermal, gas based units in AP HYDERABAD, Aug 2: Rural Electrification Corporation Limited (REC), a Central Government Undertaking, plans to tentatively extend Rs 1,100 crore loan to Andhra Pradesh during the current year, even as the corporation is considering to finance major thermal and gas-based power generating units in the Godavari delta belt of the State. Andhra Pradesh, which has been "an active State" with REC, was provided Rs 1,100 crore loan last year besides extending Rs 730 crore facility to the transmission corporation of Andhra Pradesh Limited (Aptransco) under one-time debt swapping initiative of the REC to cut down the high cost loans given to Aptransco. Saying that State has been accounting for about 25 to 30 per cent of the loans disbursed by it over the last two years, REC Executive Director (Finance) Abhay Misra told reporters here today that it was also considering financing the expansion scheme of the Vijayawada Thermal Power Station(VTPS) of Aptransco with Rs 130 crore aid. The Rs 2,800-crore expansion programme aimed at augmenting VTPS capacity by 600 Mw and will be part financed by the consortium of public sector undertakings like REC, Power Finance Corporation and Life Insurance Corporation of India. The German group would provide assistance by way of equipment supply. Mr Misra, who has been on a road show for the REC’s latest venture, the 54 capital gain tax exemption bonds, said the corporation was looking at mopping up Rs 4,500 crore from the market. The corporation which has been given a ‘triple a’ rating by CRISIL has been offering the capital gain tax exemption bonds with a 5.6 per cent annual interest with no tax deduction at source. The corporation was also awaiting the approval of the Central board for direct taxes to issue infrastructure bonds under section 88 later this year. (UNI) |
|
Sugar prices maintain upward trend on brisk demand NAVI MUMBAI, Aug 2: Sugar prices continued its firm trend today on renewed heavy demand from bulk consumers amid lesser stocks, traders at the APMC complex, Turbhe, said here. Prices of small and medium grades hiked further by around Rs 20 and Rs five per quintal respectively. Local demand improved in view of the forthcoming festivals like the Raksha Bandhan. Ex-factory rates of small and medium varieties also hardened by around Rs 10 per quintal each in line with the bullish trend in the open market, traders added. Following were the rates in rupees per quintal here today: small grade 1,375/1,441, medium grades 1,421/1,497, ex-factory rates: small grade 1,370/1,405, medium grade 1,415/1,440. (UNI) |
|
WTO chief forbids extension ofpeace clause SAO PAULO, BRAZIL, Aug 2: The Director General of the World Trade Organisation on Friday ruled out an extension of the "peace clause," which bars the challenge of farm subsidies. "There’s no decision to extend the peace clause beyond the end of the year. It must expire on January 1, 2004," Mr Supachai Panitchpakdi said at a meeting with Brazilian agribusiness leaders. European and US trade officials said in Buenos aires on Monday that the clause, which bars wto members from challenging each other’s farm subsidies, should be extended. Brazil and other commodity exporting countries disagreed. "I believe that ending the peace clause will put pressure on countries to reach a wide ranging farm trade agreement," Mr Panitchpakdi said. The WTO Director said he believed that the end of 2004 was a realistic target date for completing the Doha round of world trade negotiations. "Member countries set this deadline because they believed that negotiations should be quick. The sense of urgency is still there," he said. WTO’s Chief Agricultural Negotiator Stuart Harbinson, said that he saw progress in the negotiations. "The positions of the US and EU, for example, were much further apart. Although still far from agreement, they have at least identified issues that need to be resolved. That is a step forward," he said. Brazil’s WTO negotiator, Luiz Felipe De Seixas Correa, said that the September meeting in Cancun, Mexico, would be an excellent opportunity to make progress on farm issues, one of the most contentious sectors. Mr Seixas reiterated that Brazil wouldn’t sign an overall trade agreement unless it included agriculture. "My gauge for the success of the Doha round is whether it liberalises farm trade," he said. (AGENCIES) |
|
Strike at component supplier plant may hurt Maruti exports NEW DELHI, Aug 2: Even as Maruti Udyog Ltd (MUL) is aiming a 55 per cent jump in exports this fiscal, the company’s plans seems to be running into rough weather very early after a prolonged strike at a major engine component vendor. The newly-listed company informed the Bombay stock exchange that it has been having problems with a major vendor, DCM, which supplies the bulk of its requirement of an important engine component meant for exports. "Yes, there has been a strike in the DCM plant since June this year and it is expected to carry on for some time. "If the strike prolonges for long, it may effect our export orders. However, I will add that even in the face of the strike, MUL managed to export 5,250 units in July this year which is substantially higher than the number of units exported in the same month last year," a company spokesman told UNI. He said the much-required component was now being imported to meet export targets. Highly-placed sources, however, said if the strike prolonges, the company’s plans to export 50,000 units this fiscal (against 32,340 units in 2002-03) may be hit. "As the component is being imported for now, the company may be forced to increase the price of the car being exported which may hit orders," they added. MUL told the BSE today, "the company is making alternative arrangements to source the component. But it may not be able to obtain all its requirement from alternative sources. Production for exports may be particularly affected." (UNI) |
|
Japan stocks mixed as market braces for more data TOKYO, Aug 1: Japanese stocks were mixed by mid-afternoon on Friday, retreating from highs on upbeat US GDP figures as investors braced for more crucial economic data and sold pioneer and others whose earnings disappointed. But Toshiba corp and several other battered high-techs stabilised after hefty falls following their earnings announcements, while funds continued to flow to liquid shares in the steel and construction sectors. The nikkei average was down 0.11 percent at 9,552.70 by 0443 GMT after having risen as high as 9,652.19 in the morning. The broader topix index was up 0.25 percent at 941.78. Both indexes had firmed in morning trade after data released on Thursday showed the US economy grew at an annualised rate of 2.4 percent in the latest quarter, easily beating wall street economists’ forecasts of a 1.5 percent rise. But analysts said investors were starting to pull back in afternoon trade, taking a wait-and-see attitude ahead of key reports on the US labour market and the manufacturing sector due on Friday. "Part of the afternoon dip is due the looming data, while I think the fact that the nikkei broke below its 25-day moving average yesterday is also a factor," said Ken Masuda, senior dealer in equities at Shinko securities. "For a while it had been staying above the 25-day average, but now it has broken it we could be seeing a trend that will take us down to 9,300, if normal trends hold." Investors continued to take their cue from a slew of recent earnings results, punishing Pioneer and other firms who failed to live up to expectations. The audio equipment maker slumped 5.99 percent to 2,670 after its first-quarter results fell short of a market consensus. Nomura holdings was down 1.44 percent at 1,577 yen as Thursday’s solid first-quarter earnings unveiled by the nation’s biggest brokerage had already been factored in. But NEC Corp, which had been under pressure after its peer electronics conglomerates Toshiba and Fujitsu Ltd unveiled disappointing earnings results, firmed 2.16 percent to 758 yen after its own quarterly announcement. NEC, Japan’s biggest mobile phone maker, revised up its six-month profit estimates on Thursday after growing overseas demand for its phones and healthy profits from its chip unit spurred a strong performance in the April-June quarter. Toshiba also stabilised, ticking up 0.95 percent to 426 yen after falling over eight percent in each of the last two sessions following quarterly results on Wednesday that shocked investors. And while some still fretted about whether Toshiba and Fujitsu’s results signified that recent heady gains in techs had been overdone, they continued to gravitate towards steelmakers, whose prospects are seen bright on demand from Asia. Nisshin Steel Co Ltd climbed 5.56 percent to 152 yen, extending gains into a third session after Japan’s sixth-largest steelmaker said it would quadruple output capacity at its stainless sheet joint venture in China by the end of 2005. All of Japan’s big four general contractors also hit year-to-date highs, as sentiment towards the troubled sector continued to be boosted by solid first-quarter orders and hopes for a shift in Government policy towards public works spending with elections looming. Kajima corp was the biggest gainer, rising 5.92 percent to 340 yen and earlier hitting its highest level since November. (AGENCIES) |
|
Temporary jobs buoy hopes for future US hiring WASHINGTON, Aug 2 : A surge in the number of temporary workers hired by US employers since April offers a glimmer of hope that the bleak job market may be starting to improve, analysts said on Friday. While there were few bright spots in the Government’s unemployment report for July, employers boosted short-term hiring for the third month in a row, suggesting they may soon be ready to look for more permanent help. "This is the first time I think in the history of the data that you’ve seen three consecutive months of such strength in temporary help, and usually it’s a leading indicator of future hiring," said Anthony Chan, Chief Economist at banc one investment advisors. Employers added 41,900 temporary jobs in July, taking gains since April to 122,000 — the strongest three-month stretch since labour department records in the current form began in 1990. While the gains are not enough to offset the nearly 200,000 overall jobs that have been lost since April, analysts believe temporary hiring is often the last resort of still-cautious employers before opting for real, full-time hiring. "I’d be inclined to view it as firms starting to want to take on new workers, not quite committed to take them on full time, and our turning to temporary employment agencies to fill the need," said Paul Ferley, Assistant Chief Economist at Bank of Montreal/Harris Bank. "Going forward, as we see further signs of strengthening, I think you’ll start seeing an improvement in terms of full-time employment," Ferley said. But Rory Robertson, interest-rate strategist at Macquarie equities, warned there was some risk the temporary hiring was nothing more than a stop-gap measure by manufacturers, who have laid off 2.7 million workers in the last three years. "It may be that manufacturing has been shedding jobs and every now and then they bring on some people. But net-net, manufacturing is losing jobs even if you add in the 40-odd thousand people they put on on a temporary basis," he said. Chan also cautioned that employers may be turning to temporary workers to help fill the jobs of some 200,000 military reservists called up for duty in Iraq and elsewhere. "We have all those people going off to war, so there’s the possibility that some of those people were replaced with temporary help. I’m not saying that that explains it all, but it takes some of the lustre off the good news of this increase we’ve seen over the last few months," Chan said. (AGENCIES) Interest rates for SSI units to be reduced: Sikdar KOLKATA, Aug 2: The Centre would reduce loan interest rates for Small Scale Industries (SSI) to 11 per cent to help set up more such units across the country, Union Minister of State for Small Scale Industries(SSI) Tapan Sikdar said today. Speaking at the review meeting on National Small Industries Corporation (NSIC) here, the minister said 394 new bank branches would come in different parts of the country which would specially look after the SSI units. The Government is slashing the interest rates for SSI units to bridge the gap between them and large industries which are receiving loans at six per cent interest, he observed. Mr Sikdar said his department was aware of the problems of SSI units in Durgapur and Asansol, adding required steps would soon be taken in the industrial belt. Referring to the industrial scenario of West Bengal, he said the State mechanism was not very good here which was partly responsible for making West Bengal the State of largest number of sick industries. Quoting a report of the Rreserve Bbank of Iindia(RBI), Mr Sikdar said, West Bengal has the burden of 5,400 sick industries at present and some of them are also facing closure. (UNI) |
|
|
