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Gold closes higher, MUMBAI, June 28: Gold prices recovered on gains at the end of session today on fresh demand from yesterday’s lower levels from dealers, traders at ......more J-K
eyes Rs 1000 cr JAMMU, June 28 : The excise and sales tax separtments have fixed a target to collect more than Rs 1000 crore .....more MPM
signs MoU with SINGAPORE, June 28 : Melchers Project Management Pte Ltd (MPM) has signed a ....more Forex
reserves slip MUMBAI, June 28: The forex reserve of the country, snapped its few months gaining streak and fell by US dollar...more |
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BSNL’s cellone subscriber base climbs over 30 lakh NEW DELHI, June 28 : Bharat Sanchar Nigam Limited’s mobile services cellone has achieved a subscriber base of more than 30 lakhs in eight .........more Bina
refinery project BHOPAL, June 28: As part of the ambitious Bina Refinery Project, Deputy Prime Minister Lal Krishna Advani will lay the foundation of its marketing .....more Mysore cement approves issue of equity shares on preferential basis MUMBAI, June 28 : The Mysore Cements Ltd (MCL) have approved the issue of equity shares of Rs 10 each and...more Bajaj tempo registers impressive growth in net profit NEW DELHI, June 28: Leading automobile manufacturer Bajaj Tempo has......more |
Gold closes higher, silver suffer MUMBAI, June 28: Gold prices recovered on gains at the end of session today on fresh demand from yesterday’s lower levels from dealers, traders at the local bullion market said here. Silver price, however, suffered slightly, mainly on bearish advice from global markets. Gold standard mint 99.5 and 99.9 purity grades gained slightly by Rs 10 and Rs 15, respectively, during the weekly half day session. Both the prices closed at Rs 5,310 for 99.5 variety and for 99.9 grade at Rs 5,345 per ten Gms, on fresh demand at lower levels from local customers along with firm advice from London and Hong Kong markets. At the London and Hong Kong markets, spot gold gained slightly to US dollar (USd) 344.10/344.80 an ounce against the previous day’s levels at USd 343.60/344.40. Silver .999 fineness grade however, eased modestly by Rs five to Rs 7,585 per Kg owing to subdued advice from overseas markets, traders said. At London and Hong Kong markets, the white metal touched negative level at USd 4.52 per troy ounce against USd 4.54 of the previous day, traders added. Following were the closing rates: silver (per Kg) .999 fineness grade : Rs 7,585 (7,590), gold (per 10 Gm) 99.5 purity standard mint: Rs 5,310 (5,300), gold (per 10 Gm) 99.9 purity variety : Rs 5,345 (5,330). (UNI) |
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J-K eyes Rs 1000 cr indirect tax mop during this fiscal JAMMU, June 28 : The excise and sales tax separtments have fixed a target to collect more than Rs 1000 crore during the current financial year. This was diclosed at a meeting of officers here last evening by the Financial Commissioner M S Pandit while reviewing the performance of the two departments. The meeting was informed that during the first two months of the current financial year, the sales tax and excise departments had collected Rs 113.58 crore and Rs 57.88 crore, respectively, UP by 19.65 per cent and 2.92 per cent, respectively over the corresponding period of the last year. By the end of May 2003, the sales tax collections in Jammu division was up by 25.96 per cent at Rs 87.18 crore as compared to Rs 69.20 crore of the corresponding period last year. While outlining the measures announced in the budget proposal, the Financial Commissioner said that transparency and accoutability had to be the watchword. (UNI) |
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MPM signs MoU with STB for developing Singapore flyer SINGAPORE, June 28 : Melchers Project Management Pte Ltd (MPM) has signed a Memorandum of Understanding (MoU) with the Singapore Tourism Board (STB) to develop the Singapore flyer, the must-see, must-do tourist attraction in Asia. The 200 million project will be a landmark concept, which is set to become the ultimate waterfront dining and entertainment themed attraction for Singapore. Passengers will enjoy a 35-minute journey to experience unparalleled 45-Km panoramic views of Singapore and view of Indonesia and Malaysia. Located within the Marina Central Business District, the Singapore flyer is a rotating giant observation wheel with 32 fully air-conditioned capsules, each capable of handling 25 passengers at a time. "It will be a technologically advanced engineering and design marvel, scaling new heights as it gently cruises to 170 metres above ground," said the STB in a statement. Commenting on the project, Senior Minister of State for Trade Industry and Education, Mr Tharman Shanmugaratnam, said: "The Singapore flyer will be a compelling attraction, a first in Asia." The Singapore flyer is expected to draw more than 2.5 million visitors, of which half is expected to come from overseas, in its first year. (UNI) |
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Forex reserves slip by USD 301 million from record high MUMBAI, June 28: The forex reserve of the country, snapped its few months gaining streak and fell by US dollar (USd) 301 million to USd 82,120 million during the weeks ended June 20 from a record high of USd 82,421 million a week ago. According to the Reserve Bank of India (RBI) weekly statistical report, the entire decline in forex reserve was caused by a drop in foreign currency which fell by USd 301 million to USd 78,446 million while, while the gold reserves and the Special Drawing Rights (SDRs) remained unchanged at USd 3,673 million and USd one million respectively. Foreign currency assets expressed in US dollar terms include the effect of appreciation and depreciation of non-US currencies such as Euro, sterling and yen, held in reserves. In the financial year forex reserve rose by USd 6,692 million while it gained USd 11,675 million from January one, 2003. Loans and advances of the Central Government moved up by Rs 4,430 crore to Rs 6,537 crore while that of the State Governments dropped by Rs 275 crore to Rs 2,215 crore. The aggregate deposits of the scheduled commercial banks rose by Rs 2,791 to Rs 13,31,373 crore as on June 13, while total bank slipped by Rs 523 crore to Rs 7,30,130 crore. (UNI) |
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BSNL’s cellone subscriber base climbs over 30 lakh NEW DELHI, June 28 : Bharat Sanchar Nigam Limited’s mobile services cellone has achieved a subscriber base of more than 30 lakhs in eight months since its launch. Meanwhile CMD, BSNL, Prithipal Singh announcd the launch of a twin offer scheme for promotion of cellone service in Andhra Pradesh, Gujarat, Orissa, Kerala, Punjab, UP (West) and Chennai. Under this scheme, a new cellone subscriber will get Rs 200 talks time free along with a connection with free activation.The scheme is valid from July one, to July 31 on first come first serve basis. For BSNL’s fixed line phones, the subscriber registration fee of Rs 500 and security deposit of Rs 1000 has already been done away with. (UNI) |
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Bina refinery project to get a kickstart BHOPAL, June 28: As part of the ambitious Bina Refinery Project, Deputy Prime Minister Lal Krishna Advani will lay the foundation of its marketing terminal and Bina-Jhansi-Kanpur pipeline at Bina in Madhya Pradesh tomorrow. Madhya Pradesh Governor Ram Prakash Gupta, Chief Minister Digvijay Singh, Union Petroleum and Natural Gas Minister Ram Naik and Minister of State for Petroleum and Natural Sumitra Mahajan would be present at the function. The foundation of this Oman- supported project, was laid by the then Prime Minister P V Narsimha Rao in 1995. The project had therefater been delayed on account of environment clearances. Official sources maintained that the project entailed laying of 935 kilometer pipe line from Agasaud to Vadinagar in Gujarat. The refinery is aimed at Churning out 60 lakh tonne petroleum products annually. Confirming that Oman had not withdrawn itself from the project, sources said it was still uncertain on whether it would continue supplying fiscal assistance besides the requisite raw material. While the terminal Centre would be set up at a cost of Rs 463 crore, the Bina-Jhansi-Kanpur pipeline was likley to cost Rs 453 crore. (UNI) |
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Mysore cement approves issue of equity shares on preferential basis MUMBAI, June 28 : The Mysore Cements Ltd (MCL) have approved the issue of equity shares of Rs 10 each and other financial instruments including debentures for an amount of Rs 250 million on preferential basis. The board meeting of MCL the equity shares or any other financial instruments may be allotted to members of industrial development bank of India and other financial institutions, banks, mutual funds, asset management companies, non-resident Indians, overseas corporate bodies (OCB’s), foreign institutional investors, companies, other entities and to other persons for an aggregate amount. The board has also decided, subject to relevant approvals that equity shares of the company be delisted from the Madras Stock Exchange and the Calcutta Stock Exchange Association. (UNI) |
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Bajaj tempo registers impressive growth in net profit NEW DELHI, June 28: Leading automobile manufacturer Bajaj Tempo has registered an impressive net profit of Rs 32.17 crore during the last fiscal as compared to Rs 1.6 crore in the previous year. Its gross turnover increased to Rs 854 crore, 31 per cent more than the previous year. According to Company Chairman and Managing Director Abhay Firodia, the board has recommended a dividend of Rs five per share of Rs 10 each. (UNI) |
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UP to close down 58 handloom showrooms KANPUR, June 28: The Uttar Pradesh Government has decided to shut down 58 of the 158 state-owned handloom showrooms due to the mounting losses. "Owing to the losses being incurred by the handloom showrooms, the Textile Department has decided to close down 58 showrooms out of the 158 in the state," Uttar Pradesh Handloom and Textile Minister Sukhdev Rajbhar said here yesterday after inaugurating a one-day national workshop organised by the UP Industrial Consultants Ltd. In reply to a question, Mr Rajbhar said Rs 102 crore has been set aside by the centre as well as the State Government for revamping the handloom sector in the state, while additional amount, if needed, would be taken as loan from the banks. He called upon the textile industry in the state to upgrade technology to produce better products while expressing concern over the poor performance by the industry. Mr Rajbhar said the textile industry with obsolete technology can not compete in the world market. "There should be buyers for textile products," he said adding it could be marketed only if it was of standard quality. However, he agreed that high interest rates and non-availability of quality raw material was another factor for the bad performance by the industry. (UNI) |
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Chronic borrower India now provides credit to IMF MUMBAI, June 28: Once a chronic borrower...Now a creditor. That’s the journey India has made in the last one decade to become an international lender for the financial crisis-ridden under developed nations. According to figures provided by Reserve Bank of India (RBI), the country has transferred 205 million Special Drawing Rights (SDRs) to the International Monetary Fund (IMF) to meet the Balance of Payment (BoP) needs of least developed countries. The first transfer of SDR 5 million under India’s participation in the IMF’s Financial Transaction Plan (FTP) was effected on May 7 and the second (of SDR 200 million) on June 17, 2003, thereby making India a creditor to the IMF. The payment was made by the Union Government by purchasing an equivalent foreign exchange of US dollar 291.17 million from the RBI. Foreign assets held in the form of Reserve Tranche Position (RTP) with IMF are akin to other components of foreign exchange reserves and are given a rate of return by the IMF. They can also be used by India when required, to deal with any bop needs entirely at India’s discretion. In fact, IMF selected India to become a FTP member from the September-November quarter of 2002 because of the country’s strong bop and comfortable forex reserve position. This selection sends strong signals regarding India’s strength and resilience of its external sector to the international community, an RBI communiqui said here. (UNI) |
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Cummins product division to produce ‘c’ series engines CUNE, June 27 : Cummins India Ltd (CIL) is all set to produce the ‘C’ series engines for the automotive industry and a plan for opening technology centres is being drawn out informed CIL Chairman, Ravi Venkatesan here today. In an informal interaction with the press, Mr Venkatesan said that the Cummins product division produces engines of 150-300 HP which cater to variety of applications in power generation, excavators, compressors, pumps, automotive and other markets. The ‘X’ series ready to use generator sets for 15, 20 and 25 KVA was launched in the fourth quarter of 2002-03. With it the retail market is being targetted for small businesses, residential segments and its product line is being extended and tapped for exports. Orders to the tune of Rs 3-5 crore are expected initially. Orders from Cyprus and Kenya have been received and exports to China will begin shortly, the small products are doing well, he said. Mr Venkatesan said that discussions are on regarding the setting up of a technology centre, he declined to talk about its location saying that it could be in Pune, Hyderabad or Bangalore. "The company has been working on bringing down the costs in an environment where falling duty levels have put pressures on pricing and competition, yet we are not outsourcing business processes," he said. Cummins India Ltd is the country’s largest manufacturer of diesel engines and part of the US 5.7 billion dollar Cummins INC. In India, the group has 9 companies across 200 locations with a combined turnover of Rs 2000 crore employing more than 4000 people. Under the VRS schemes, 176 employees have retired. (UNI) |
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