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Electricity act to NEW DELHI, Oct 15: Union Power Minister Anant Geete today said the Electricity Act, 2003 will encourage private players as it contains the.....more India extends USd 15 Mn NEW DELHI, Oct 15: India today decided to extend a 15 million dollar line of credit to Senegal for the development of rural small and medium enterprises .....more Dabur
to file 10 drug NEW DELHI, Oct 15: The Rs 184-crore Dabur Pharmaceutical Ltd (DPL) will file more than ten Abbreviated New ....more No
decision taken NEW DELHI, Oct 15: Finance Ministry has kept options open to relax norms on .....more |
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Himachal Government to encourage herb plantation DHARAMSHALA, Oct 15: With a view to carrying out massive plantation of medicinal plants and generating ......more ICICI prudential life KOLKATA, Oct 15: ICICI Prudential Life Insurance, the country’s largest private sector insurance company, has earned a ......more Foreign
currency outlook NEW DELHI, Oct 15: Affirming ‘BB’ long-term foreign currency ratings on Reliance Industries Ltd, standard poor’s ratings services today said the....more Sahara
keen on flying to NEW DELHI, Oct 15: Domestic carrier Air Sahara today said it is keen to expand its operations beyond Indian shores. .....more |
Electricity act to encourage private players: Geete NEW DELHI, Oct 15: Union Power Minister Anant Geete today said the Electricity Act, 2003 will encourage private players as it contains the provision of open access to generation, transmission and distribution of power. The Act provides equal opportunity to all players in all segments of power, Mr Geete said at a CII-sponsored conference on "the power market post Electricity Act, 2003" here. The legislation will also remove bottlenecks in captive power plants, he added. The Act breaks the log jam in the power sector as it no longer mandates the generators to sell electricity to the monopoly buyers, the generation and distribution licensees are permitted to compete among each other to scout for their buyers. The Act has chalked out blueprint for growth and development of the power sector in the country. It is woven around three aspects of power reforms — competition, protection of consumer interests and power to all by 2012. The ambitious target of "power for all by 2012" calls for additional capacity of 1,00,000 Mw and cumulative investment of Rs 8,000 billion in the next 10 years, implying that the development in the sector has oo be five times of the pace in last 50 years. (UNI) |
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India extends USd 15 Mn line of credit to Senegal NEW DELHI, Oct 15: India today decided to extend a 15 million dollar line of credit to Senegal for the development of rural small and medium enterprises and for purchase of agricultural machinery and equipment as the two countries called for unconditional implementation of UN resolution on international terrorism. A joint statement, issued at the end of the four-day state visit by Senegalese President Abdoulaye Wade, said New Delhi agreed to extend the scope of ongoing cooperation under the Indian technical and economic cooperation programme. India has agreed to consider the possibility of deputing its ITEC experts in key sectors identified by Senegal. Condemning terrorism in all its forms and manifestations, the two sides emphasised the importance of "strict, total and unconditional" implementation of UN Security Council Resolution 1373. They also stressed the need to strengthen the international legal system to fight against terrorism by finalising and adopting the draft comprehensive convention against international terrorism at the earliest. The two sides agreed to intensify consultations to ensure that a double taxation avoidance agreement and a bilateral agreement for the promotion and protection of investments would be signed at the next meeting of the Joint Commission. The Indian side expressed special interest in road, ports and railway construction projects in Senegal. Welcoming the important role played by senegal in Africa, particularly within organizations like Weamu, Ecowas and the African union, India reinforced its support to New Partnership for African Development(NEPAD) programme for which it has announced a line of credit worth 200 million dollars. Both sides reaffirmed their commitment to promote the formation of an equitable multipolar world order based on the equality of states, principles of rule of law, territorial integrity and non-interference in the domestic affairs of states with a view to removing threats to stability and international security. The two sides expressed their deep regret over the failure of the recent WTO ministerial conference at Cancun and said they were determined to pursue contacts initiated to ensure that the basic concerns of developing countries were taken into account in future multilateral trade talks at WTO level, particularly those relating to agricultural subsidies and market access. Addressing the situation in the Middle East, they reaffirmed their support to the ‘roadmap’ for a global, fair, equitable and lasting solution to the Israel-Palestinian conflict. They reiterated their support to the existence of the Palestinian and Israeli states, living side by side, in secure and internationally recognized borders. Invitations to President A P J Abdul Kalam and Prime Minister Atal Bihari Vajpayee extended by wade to visit Senegal were accepted. (PTI) |
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Dabur to file 10 drug applications with USFDA NEW DELHI, Oct 15: The Rs 184-crore Dabur Pharmaceutical Ltd (DPL) will file more than ten Abbreviated New Drug Applications (ANDA) with the US Food and Drug Administration in the oncology segment over the next two-three years, with the maiden filing expected by the fiyst quarter of 2004-05. "We will make our first ANDA filings in the US during the April-June quarter of the next fiscal. The company has plans to file over ten drug applications in the anti-cancer segment to caputure a significant share in the national and global markets," DPL Chief Operating Officer (COO) Ajay K Vij told UNI in an interview here. Besides, Para IV filings, which give the "first to market advantage" in the US generics market, will also form a part of the company’s US growth strategy, Mr Vij said. He said the company has taken a strategic decision to concentrate on the oncology (anti-cancer) business, aiming to create a strong global footprint. Pointing out that DPL has formulated a long-term three-pronged strategy for its pharma business, Mr Vij elaborated, "first, we aspire to become a major player in the global generics market. Second, in the field of original reserach, we will focus on developing New Chemical Entities (NCEs) and New Drug Delivery Systems (NDDS) in the oncology therapeutic segment. "Third, we will grow our domestic branded generics business without committing huge investments into it." He clarified that the company has no immediate plans for fresh investments. "Rather we will use the export earnings, along with domestic profits, to invest in original research." At present, exports account for 36 per cent of the company’s pharmaceuticals sales and DPL will aggressively pursue opportunities both in highly regulated as well as less regulated markets. "We believe that there will be a 12 to 15 billion dollar opportunity in the global generic oncology market in the next ten years," he added. Dabur, which has obtained marketing approvals for oncology products in many key export markets of Asia, CIS, Central and South America and Africa, will increase its global footprint and set up further marketing networks throughout the world over the next few years. In addition to the US, which constitutes the ultimate destination for all pharma companies, the domestic drugmaker having a more than 20 per cent market share in India and presence in over 25 countries across the globe is eyeing the European market. After getting approval for the formulation manufacturing facility of the company’s wholly-owned subsidiary in UK — Dabur oncology PLC — by UK-based MCA, the COO said Dabur will apply for US FDA nod both for its UK plant as well as API manufacturing facility at Kalyani, West Bengal. He said the Dabur pharma business, which grew by 12.8 per cent from Rs 162.9 crore in 2001-02 to Rs 183.8 crore in the last fiscal, is poised to record a double-digit growth by the current financial year. Dabur has a strong presence throughout the entire pharmaceutical spectrum, ranging from cutting edge original research to manufacturing of Active Pharmaceutical Ingredients (API) and formulations to sales and distribution. In July 2002, with the objective of making the pharma business of the company more focused and efficient, all operations and functions of the pharmaceutical division were separated from the FMCG operations. (UNI) |
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No decision taken yet on ECB norns NEW DELHI, Oct 15: Finance Ministry has kept options open to relax norms on external commercial borrowings beyond 100 million dollar but said no decision has been taken so far. "We are neither encouraging nor discouraging corporates to raise funds through the ECB route. Whatever correction needs to be done, will be carried out after consultation with Reserve Bank," Finance Secretary, D C Gupta, said on the sidelines of a FICCI insurance summit here today. The ECB policy is reviewed every three months and the high level committee comprising top officials from Finance Ministry and RBI met for this purpose yesterday. "No decision has yet been taken on ECB norm relaxation. We have to reckon the fact that forex reserves are high and interest rates are low. We have to keep all these factors in mind before taking a decision," Gupta said. Forex reserves were at 87.74 billion dollar till October three even after redemptions of SBI’s Resurgent India Bonds (RIBs) in the first week of this month, while yields on 10-year Benchmark Government papers was about 5.0 per cent. Gupta made it clear that Government would be selective in permitting corporates to raise foreign loans. While approving ICICI bank’s 300 milion dollar ECB to be used for restructuring of ailing steel plants, the Government had thumbed down reliance industries’ proposal for raising 500 million dollars afresh. RIL, however, obtained permission for extending the maturity period for its previous EDCB of 750 million dollars. Gupta also said banks and FIS may be allowed to raise over 100 million dollars for debt restructuring of ailing textile units, as it was part of revival package. (PTI) |
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Himachal Government to encourage herb plantation DHARAMSHALA, Oct 15: With a view to carrying out massive plantation of medicinal plants and generating employment avenues, the State Government has launched a Rs five crore "Vanaspati Van Yojna" in Chamba and Kullu districts of Himachal Pradesh. The plantation of such saplings will be done on both Government as well as private land. Under the scheme, nearly one thousand farmers of the two districts will be provided medicinal saplings from various nurseries and will be imparted training in commercial cultivation and scientific exploitation of herbal wealth. The free training to the farmers envisages an informative course of one or two days. However, comprehensive training will be imparted at the herbal garden Jogindernagar. Each course normally accommodates 20 to 40 entrepreneurs for training. As many 73 as training courses have so far been held. Himachal is known for its precious herbal wealth and the state is no doubt a rich repository of rare medicinal plants. Varying topography and agro-climatic conditions from sub-tropical to extreme cold weather conditions have resulted in the diversified growth of flora and fauna in various tracts of the state. The state takes pride in becoming a hub of raw material for ayurvedic medicines. According to official sources, the State Government has proposed to set up two herbal stores one each at Jogindernagar in Mandi district and Chamba at a cost of Rs one crore, especially for collection of dry herbs from farmers of the area and also to facilitate the sale of their produce to the Government as well private pharmacy units. Due to increasing demand of the herbal plants as raw material in the pharmaceutical industries, a number of herbal species are facing extinction due to ruthless and unscientific extraction from the forests. In view of the threat, the State Government has taken several effective and positive steps to conserve the depletion of herbal wealth in the state so that sustained supply of raw material to the pharmaceutical units could be smoothly maintained. Having realised the seriousness of the problem, the Government has also started various programmes and activities aimed at conservation, cultivation and value added quality control of such medicinal plants. The activities will apparently lead to economic development and employment generation in the state. The State Government has already started the plantation of sandal, neem, ashwa-gandha, malhi, sarpa-gandha, ghritkumari besides serveral other herbs at the herbal gardens at Neri in Hamirpur district. The garden produced 40 Kg of Ashwa-Gandha last year. The first of its kind, a herbal garden was established at Jogindernagar in Mandi district way back in 1952 under the aegis of the research institute in Indian systems of medicines. Presently, it is a pioneer herbal garden in the entire Himalayan region. To crate market for the sale herbal produce, the Government has been consistently promoting the traditional Indian systems of medicines)ayurveda , the biggest consumer of herbs. Over the years, the ayurveda and homeopathic institutions have increased from 441 to 1168, sources disclosed. Official sources added the State Government had also decided to set up at least one herbal garden in each of the agroclimatic zones in the state. At present, there are six herbal gardens in the state. (UNI) |
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ICICI prudential life insurance earns Rs 300 crores in H1 KOLKATA, Oct 15: ICICI Prudential Life Insurance, the country’s largest private sector insurance company, has earned a little more than Rs 300 crores as premium income during the first six months of the current fiscal and sold about 100,000 new policies. Speaking to UNI, Chief Marketing Manger, ICICI Prudential Life Insurance, Abhishek Bhatia here today said since the inception, about three years ago, more than 4,50,000 policies had been sold to Indian customers with the sum assured exceding Rs 11,000 crores and the premium income of Rs 800 crores so far. Mr Bhatia was in the city today in connection with the distribution of prizes for ICICI Prudentail’s Safe Puja Contest this year where each of three wining Puja committees in Kolkata received a cheque of Rs 50,000 each. Stating that of the 17 odd products being offered to the public so far, the equity based policies had become the most popular enjoying about 46 per cent share of their total income, he said this was followed by the unit linked policies (26.7 per cent), policies with debt funds (14.4 per cent) and the pension fund (10.02 per cent) policy. Among others the newly clubbed smart kid unit linked policy and the children growth policy had evoked generous response from the customers, he said and claimed that income from this newly launched product had gone a long way in improving the ICICI Prudential’s first half results. Encouraged by the success of the product the company had launched a massive advertisement campaign both in print and electronic media for its growth even in far flung areas. Of the total about 100,000 new polies enrolled this year (2003-04), the smart kid policy accounted for more than 15 per cent and we look forward to a larger penetration during the current fiscal itself, Mr Bhatia emphasised. About the expansion programme this year, he said they planned to open a number of new centres in diffrent parts of the country, including those in Bhubaneswar, Jamshedpur and Ranchi in the eastern region to take their total number to about 65 in 45 cities and towns across the country. To a query, Mr Bhatia denied having any immediate plan to open any centre in the northeastern region. We are not looking that way at the present juncture, he said. We have also tied up with eleven banks, both in public and private sectors, so far in terms of the ICICI Prudential’s bankassurance prodcuts, he said and hinted that several more banks were in the pipeline for future such collaborations. With a wide range of flexible and open ended products that suits needs of average Indian consumer at every stage of life, ICICI Prudential Life Insurance had justifiably now become the number one private insurer in the country, Mr Bhatia said and claimed to maintain the present growth pattern in the coming years also. Last year we did a business to the tune of Rs 364 crores and hope to breakeven within the next two to three years, he said but refused to speculate further about the future performance because of strict SEBI guidelines. (UNI) |
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Foreign currency outlook negative for Reliance NEW DELHI, Oct 15: Affirming ‘BB’ long-term foreign currency ratings on Reliance Industries Ltd, standard poor’s ratings services today said the outlook is negative as the company’s business and financial profile is under pressures due to entry into telecommunication, besides risks in its petro product businesses. "One of the main risks affecting Reliance’s credit quality arises from the pressures on its business and financial profile due to its diversification into telecommunications, its plans to substantially expand the gas exploration and production business and its plans to set up a network for retailing petroleum products," the credit rating agency said in a statement. However, the credit quality of India’s biggest private business group has remained within the current rating parameters because of which SP affirmed the ‘BB’ long-term ratings. In the next three to four years, the Reliance group is expected to spend about Rs 20,000 crore on its capital programmes for these businesses. Furthermore, the returns from these businesses are less predictable than Reliance’s core petrochemicals and oil refining businesses. Exposure to volatile margins in the petrochemical and oil refining businesses and a moderate to aggressive capital structure remain the other main weaknesses in Reliance’s rating, SP said. "Reliance’s foreign currency rating remains constrained by the sovereign credit risk of the republic of India," said Mr Sharad Jain, credit analyst and Director in SP’s corporate and infrastructure ratings group. Mr Jain added: "Reliance, like other Indian corporate entities, is subject to the foreign exchange controls and regulations imposed by the Government of India. "India continues to exercise tight control over foreign exchange flows, despite substantial liberalization efforts in the past decade. Reliance remains highly dependent on the indian market, from which it generates about 85 per cent of its revenues." He said, "the weaknesses in Reliance’s credit profile are partly offset by its dominant position in the Indian petrochemicals market. Reliance is India’s largest petrochemical company, with market shares ranging from 50-80 per cent in most product "furthermore, Reliance has a record of setting and operating efficient, global-scale facilities. The Reliance group is among the top 10 petrochemical manufacturers in the world. It also owns the world’s largest grassroots refinery, which has the capacity to produce 27 million tons of oil per year." Reliance consistently has shown good cash flow protection measures, as reflected in its average funds from operations of 34 per cent of its debt in the three years to March 2003. The company has the ability to raise resources from domestic debt and equity markets due to its reputation for strong financial performance and consistent record in delivering shareholder returns, SP added. (UNI) |
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Sahara keen on flying to overseas destinations NEW DELHI, Oct 15: Domestic carrier Air Sahara today said it is keen to expand its operations beyond Indian shores. Company’s CEO Uttam Kumaar Bose said the airline is increasing its fleet size in anticipation of the Government’s decision to allow private airlines for flying abroad. He said Air Sahara will deploy seven more planes by March 2004, taking its fleet size to 24. "Once the Government allows us, we will be ready to overseas destinations within three months," he told reporters on the sidelines of a news conference here. Air Sahara has a fleet of 12 boeings — B-737-400s, B-737-700s and B-737-800s — besides five CRJ-200s and four helicopters. It is on the verge of acquiring two more CRJ-200s. Till the end of fiscal 03-04, it will get one CRJ-200 jet every month, taking the total number of planes to 24 — half of them boeings and half CRJ-200s. Private airlines have been clamouring for permission to fly overseas after Prime Minister Atal Bihari Vajpayee offered to open up Indian skies for carriers in the ASEAN region to expedite greater economic integration of the Indian economy with one of the fastest growing regions of the world. At present, seven out of 10 countries belonging to the Association of South East Asian Nations (ASEAN) do not have direct airlinks with New Delhi. They are: Myanmar, Brunei, Cambodia, Laos, Indonesia, Vietnam and the Philippines. But national carriers from Singapore, Malaysia and Thailand have 20 to 25 flights per week connecting all India metros. Aviation experts say Mr Vajpayee’s statement at second India-ASEAN summit in Bali recently meant that designated airlines of all ASEAN countries will be allowed to operate daily flights to Delhi, Mumbai, Kolkata and Chennai without having to enter into bilateral air-services talks with India. "We are gearing up to go international as and when the Government allows us," Mr Bose said. For short hauls in the Gulf and Southeast Asia, Air sahara already has the planes. But for flying on long hauls like to europe and the united states, it will need to acquire bigger aircraft. On September 9, Air sahara added 24 new flights to its network. It now operates 103 flights daily, offering 11,292 seats to 20 destinations across the country. "We hope to clock a turnover of Rs 800 crore in the current fiscal 03-04, up from Rs 300 crore in 02-03. Significantly, Rs 100 crore of business came through E-commerce." Rising demand in the current network of Air Sahara is also compelling it to increase the frequency between metros, Mr Bose said adding there is an acute shortage of seating capacity currently. The company is striving to tie up with hotels to work out package tours. Mr Bose said the airliner will come up with innovative ideas to boost the growth of the domestic tourism market which has a huge potential. Air Sahara introduced a scheme called steal-a-seat by which customers can bid for tickets for as low as one rupee. This has opened air travel to rail passengers. "In the recent past, the railways have twice cut fares for airconditioned trains. This shows that upmarket rail travellers are preferring to travel by air at a time when the difference between AC train coaches and airlines economy class is declining." But the 18 per cent sales tax on Air Turbine Fuel (ATF) is shaving profits of airlines, Mr Bose said. (UNI) |
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Gold opens high on brisk festival demand, silver flat MUMBAI, Oct 15: Gold prices opened high on renewed seasonal demand and firm advice from international markets, while silver remained steady on small demand, traders at the local bullion market said here today. Prices of standard mint gold 99.5 purity and gold 99.9 purity grade opened higher by Rs 25 each from their previous finish. Both the prices were quoted at Rs 5,670 for standard mint and for gold 99.9 purity variety at Rs 5,705 per ten Gm. Traders said that gold and silver future trading is likely to resume during the Diwali festival days which would give a boost to market trading at the current prices. There was good buying support from local dealers, in view of the fast approaching Diwali festival and the firm advice from international markets where it was quoted higher at around usd 375.35/376.55 per troy ounce, traders said. Silver .999 fineness grade, however, was unchanged at Rs 8,150 per Kg on stray modest demand from local dealers. At London and Hong Kong bullion markets, silver quoted steady at USd 4.93 5 per troy ounce, traders added. Following were opening rates at local markets: silver (per Kg) .999 fineness grade : Rs 8,150, gold (per 10 Gm) 99.5 purity standard mint: Rs 5,670, gold (per 10 Gm) 99.9 purity variety : Rs 5,705. (UNI) |
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RBI fixes dollar reference rate higher at Rs 45.71 MUMBAI, Oct 15: The Reserve Bank of India (RBI) today fixed the reference rate for US dollar at Rs 45.71, higher by 12 paise from Tuesday’s fix of 45.59. (UNI) |
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Instanex indices lower premium index high MUMBAI, Oct 15: The Instanex Skindia Depository Receipts (DR) index declined on October 14, 2003 by 1.15 per cent to 852.66 points from the previous day’s 862.55 points. According to the daily update provided by city-based Instanex Capital Consultants Pvt Ltd, Instanex Skindia DR Index P/E also eased by 0.54 per cent to 16.95 points from 17.04 points. However, the Instanex Skindia DR Index moved up 0.59 per cent to 22.01 per cent from 21.89 per cent during the same period. Out of 15 ADRs and GDRs, there were three gainers and ten losers, while two remained unchanged. Dr Reddy’s (ADR), Infosys Tech (ADR) and Hindalco (GDR) were the top gainers, while State Bank of India (GDR), Reliance (GDR) and Wipro (ADR) were the major losers, the release added. (UNI) Key shares opens high on fresh
speculative MUMBAI, Oct 15: After yesterday’s bearish phase, Indian bourses resumed positive on fresh bull support by FIIs along with firm trend in Nasdaq last deals, brokers said. BSE’s 30 share sensitive index rose by 41.32 from its yesterday’s finish and was quoted at 4823.35 points during the mid-morning session. Similarly, NSE’s 50 share’s P CNX nifty index also hiked by around eight points to 1,528.25 points during the mid session, brokers said. Specified shares like RIL, Tisco, ACC, Bajaj auto, Bob, HL, Telco and others were in limelight on fresh speculative buying support by FIIs in view of recently bearish phase in BSE and NSE, brokers pointed out. A few scrips particularly pharma and auto shares drifted lower till mid-session on profit-booking by local operators. BSE and NSE indices are expected to remain volatile today, after a bout of profit sales on Tuesday. Players said that the action is likely to be sector specific. Technology stocks are likely to slide, they added. "Indices are likely to remain volatile. Brokers expect the sensex to fall by another 50-60 points," said Sharmila Joshi, institutional dealer, LKP shares and securities. US stocks rose to fresh highs for the year on Tuesday after companies like Johnson. Johnson reported solid profits. However, worries that robust earnings are already factored into the market kept a check on gains. The tech-dominated Nasdaq composite index rose by 9.66 points, or 0.50 per cent, to 1,943.19. Meanwhile, the blue-chip Dow Jones industrial gained 48.60 points, or 0.50 per cent, to 9,812.98. The broad standard poor’s 500 climbed up 4.13 points, or 0.40 per cent, at 1,049.48. (UNI) |
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