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Emerging Asia FX-late SINGAPORE, Oct 29: Asian currencies posted modest gains on Wednesday as they ......more Spices
board enforces THIRUVANANTHAPURAM, Oct 29: The Spices Board (SB) has imposed strict norms to ensure that only quality ...more Maharashtra
Govt bows MUMBAI, Oct 29: Bowing to the pressure from ruling party members, the cash-strapped Maharashtra Government .....more Kawasaki
asks Bajaj TOKYO, Oct 29: Japanese two wheeler giant Kawasaki has asked its alliance partner Bajaj ...more |
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India, Nepal to KATHMANDU, Oct 29: India and Nepal will jointly construct a 600-megawatt hydro-electric power plant costing .......more Dalmia
makes foray CHANDIGARH, Oct 29: Recognising the immense potential and to fuel growth in the edible olive oil sector, Dalmia ......more Rabi
oilseeds sowing NEW DELHI, Oct 29:Prolonged southwest monsoon, which withdrew from the country last week, has proved beneficial for rabi oilseeds cultivation as ....more SBI hints
at further NEW DELHI, Oct 29: Expecting RBI to maintain stable and soft interest rates in credit policy, State Bank of India today...more |
Emerging Asia FX-late rally led by yen, stocks SINGAPORE, Oct 29: Asian currencies posted modest gains on Wednesday as they overcame domestic woes and were bolstered by rising domestic stock markets and the Japanese yen’s rise to three-year highs. Analysts said the yen’s rally to the higher side of 108 per dollar proved hard to resist for Asian currencies which have been weighed down this week by heavy cross-border investment outflows, irregularities at an Indonesian state-owned bank and political problems in the Philippines. As stock markets rallied around the region, the US dollar got sold ahead of US Treasury Secretary John Snow’s testimony before the senate on foreign exchange policies. "The immediate emphasis is on snow. And that has coincided with the stock market revival and the pick-up in the tech sector," said Philip Wee, strategist with DBS bank. North Asian currencies benefited, with the Korean Won KRW= KRW=KFTC shrugging off inertia and data showing domestic consumption had not picked up in September. The Indonesian rupiah idr= came off three-month lows near 8,600 per dollar, although the risks from export credit irregularities at state-owned PT bank Negara Indonesia TBK bbni.Jk and delays in other asset sales by the Government remained. The Philippine peso PHP= was higher after bouncing back from two-month lows on Tuesday and the Taiwan dollar TWD=TP recovered to close onshore trade higher. The Tthai baht THB= was listless. Volumes were thin and recent restrictions on offshore positions have made trading difficult. The Singapore dollar SGD= rose as demand for US dollars for investment by Singapore companies in the Philippines and Australia waned. With gains of nearly a cent in a day, the currency seemed to be benefitting from an unwinding of regional carry trades involving selling the low-yielding sing dollar to invest in the rupiah and baht. (AGENCIES) |
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Spices board enforces strict quality norms on Chilli exports THIRUVANANTHAPURAM, Oct 29: The Spices Board (SB) has imposed strict norms to ensure that only quality Chillies are exported from the country following widespread complaints from importers about the presence of textile dye in consignments. The board is toying with the idea of entrusting to an agency, the task of enforcement of the norms and inspection of the consignments, according to SB sources. Chilli exporters have been directed to strictly adhere to the new norms which came into effect from October 23. The SB would inspect consignments and samples and circulars have been issued to exporters suggesting that the board be informed at least 48 hours ahead of any export of Chillies or Chilli products from anywhere in the country. Exports were to be made either on obtaining clearance from the SB after inspection and analysis or on the condition that the importer would be forthwith directed to destroy the consignment in case any prohibited material was found on inspection. The stringent steps on the Rs 300 crore Chillies export market follows rejection of consignments from the country by several importers due to the consignments containing Sudan Red-1, the carcinogenic dye used in the textile industry. The SB, last month, was therefore constrained to suspend licenses of five exporters— Gautam exports, Baton exports, Volga Masala, Spice mills, Taha enterprises and AK export corporation— all based in Mumbai. The cancellation called for a Central decision, which was awaited, the sources added. (UNI) |
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Maharashtra Govt bows to pressure, raises CMPS price for cotton MUMBAI, Oct 29: Bowing to the pressure from ruling party members, the cash-strapped Maharashtra Government today announced Rs 2500 per quintal for cotton under its Cotton Monoploy Procurment Scheme (CMPS). The decision taken by the cabinet was announced by the Chief Minster Sushilkumar Shinde. Earlier in the day two separate delegations of Congress and NCP led by MPCC chief Ranjit Deshmukh and State Excise Minister Anil Deshmukh, all hailing from Vidharaba, met the Chief Minister on the issue. The State Government’s move will cost Rs 900 crore to the state exchequer, the Chief Minister said adding that due to the decision the Government has to cut the annual plan size. He, however, refused to quantify the cut. Earlier, the Government had announced that it would be paying cotton cultivators Rs 1925 as per the support price announced by the Union Government. Following the pressure from the ruling front members the Government announced hike in the cotton prices. However, the Chief Minister denied there was any political pressure and said the decision has been taken keeping in mind the interest of the farmers. (PTI) |
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Kawasaki asks Bajaj to improve quality to tap export Mkt TOKYO, Oct 29; Japanese two wheeler giant Kawasaki has asked its alliance partner Bajaj to improve quality to tap enormous motorcycle export potential while indicating that Indian partner could consider pumping in more money in the venture as they had no plans for financial participation. "Quality is most crucial issue... At the moment Bajaj may be satisfied with domestic market... We are talking to Bajaj for improving quality to export successfully," Shinichi Morita, managing director and president of Kawasaki Heavy Industries, told PTI during the ongoing Tokyo motor show. Asked if Kawasaki would be satisfied only as technology provider in the fast growing motorcycle market in India or consider buying equity in the venture with Bajaj, Morita said "Bajaj is a strong partner...They have enough money to make more investment if the need be." Morita had come to India last month to talk to Indian partners to explore various growth possibilities both in the domestic and export market. On what was the response of Bajaj, the undisputed king of the scooter market which is placed second after Hero Honda in the motorcycle market, on more investment, Morita said "it was both yes and no. "Yes because we talked as collaborator and no because Bajaj is an independent entity and they make their own business decisions," he added. Taking note of the renewed interest of global two wheeler players like Yamaha, Suzuki and Honda for augmenting their respective position in India and using the country as a promising export base, Morita said that Indian venture was manufacturing lower end products while Kawasaki was making higher quality and more powerful two wheelers. "We recently introduced a new 125 cc motorcycle wind in India earlier this year... We may consider introducion of more models," he added. Satisfied with Indian alliance, Morita said "Bajaj is a strong partner with a good production base... We are fully satisfied with our association." As to why Kawasaki was not considering financial partnership in India, Morita said "we have our own priorities. As such their is no guarantee that new investment would prove good...No investment is needed now." Morita said that he had visited the Bajaj facilities in September and was impressed by the networking and infrastructure created by the Indian partner. Stating that Indian market was growing fast, he said that his company could consider introduction of more powerful vehicles for domestic consumers in future but did not give details or any timeframe. (PTI) |
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India, Nepal to construct hydro-power project in Nepal KATHMANDU, Oct 29: India and Nepal will jointly construct a 600-megawatt hydro-electric power plant costing approximately one billion dollars in the Himalayan kingdom, officials here said today. Officials from Nepal’s Water Resources Ministry and their Indian counterparts have started preliminary discussions for constructing the Budhigandaki hydro power project at Budhi-Gandaki, about 100 kms north of the Indo-Nepal border. At their three-day meeting here, officials will aim at reaching an understanding on preparing a detailed project report of the project, according to Water Resources Ministry offficials. To get first hand information, the Indian delegation today conducted an on-the-spot inspection of the site. The five-member Indian team is being led by Ministry of Water Resources Commissioner M L Goel while the seven-member Nepalese team is headed by the Director General of the Electricity Development Department, Lekh Man Singh Bhandari. The Indian team also comprises the Chief Engineer of the Central Electricty Authority, S N Dhiman, Director of the Central Waters Commission S C Gupta and Chief Engineer of the Water and Power Consulant Service India, N Kumar. During yesterday’s parleys, Nepal proposed that India sign a Memorandum of Understanding as soon as possible. "India has agreed to send the draft to the Nepalese Ministry of Finance before its signing in the next three to four weeks," the official said. (PTI) |
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Dalmia makes foray into olive oil CHANDIGARH, Oct 29: Recognising the immense potential and to fuel growth in the edible olive oil sector, Dalmia Continental Pvt Ltd has launched the world’s healthiest cooking medium— olive oil under the brand name Leonardo. Addressing a news conference here today, Mr Narayanan Rajagopalan, president and COO, Olive products division, Dalmia Continental Pvt Ltd, said, " with more and more Indians becoming more health conscious, our entry in the olive oil business is very strategic and well-orchestrated. We have conducted extensive research worldwide that shows that internationally consumers are switching to olive oil as it is considered to be the healthiest cooking medium." "Unfortunately, in India usage of olive oil is restricted owing to misperceptions regarding its flavour and steep price. Keeping the Indian palate in mind, we have launched Leonardo olive pomace oil, which is neutral in taste and flavour and would be ideal for all Indian cuisines. We have already made a substantial investment in this venture and have plans to emerge as a national player by the end of this fiscal," he added. He said Leonardo would be available in the Chandigarh market by December end or January next year. The product had already been launched in Delhi on September 29 and the company would primarily focus on introducing it in metro cities only, he informed. He said Leonardo has no smell or taste and it is very thin as well. He said at present Leonardo was being imported from Italy, but the company was expected to set up its bottling plant in Haryana or Rajasthan by the end of the next year. He further said, " our single-minded objective in this venture would be to try and induce Indian homes to take up the usage of olive oil for day-to-day cooking. Our strategic alliance with a leading Italian company has enabled us to offer our olive oil at an affordable price. Olive oil is also a rich source of Vitamins A, D, E and K and plays an important function in preventing coronary diseases and is effective for digestive system, bone structure, brain and nervous system." Mr Rajagopalan added,’’ we have introduced olive pomace oil in India. We will also introduce extra-virgin olive oil, which is a finer quality oil best used for flavouring. Olive pomace oil will be positioned as regular day-to-day cooking oil. Priced at Rs 290 for one litre, Rs 170 for 500 Ml and Rs 90 for 250 Ml, Leonardo would be launched in a phased manner starting from north India and would be available nationally by March next year. We have an ambitious sales target to the tune of 60,000 litres and we foresee that the market will grow exponentially in this product category in the near future.’’ (UNI) |
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Rabi oilseeds sowing crosses last year’s mark NEW DELHI, Oct 29:Prolonged southwest monsoon, which withdrew from the country last week, has proved beneficial for rabi oilseeds cultivation as the area under them touched 11 lakh hectares, almost double the coverage in the corresponding period last year. Normal to excess monsoon this year, its delayed withdrawal and the subsequent moderate temperature in north has provided congenial conditions for the forthcoming rabi crops, says the Agriculture Weather Watch Group (AWWG). Sowing of oilseeds, particularly rapeseed and mustard, herald the rabi crops operations in northern India. Normal area under rabi oilseeds in the country is 79 lakh hectares. Rapeseed and mustard accounts for 52 lakh hectares of the normal area. All India weighted rainfall for the post-monsoon season so far was 21 per cent above normal. Northeast monsoon rains commenced over Tamil Nadu and Pondicherry, Kerala and the adjoining Andhra Pradesh and Karnataka on October 19. Monitoring of the live storage of the 71 important reservoirs of the country by the Central Water Commission reported that they were containing 79 per cent of Full Reservoir Level (FRL) of 131.28 Billion Cubic Meters (BCM). The present total water storage is 122 per cent of the last year’s level and 83 per cent of last the last 10 years’ average. Sowing of kharif rice is still continuing in parts of peninsular India, particularly in Tamil Nadu. The kharif rice area is likely to be about 1.5 million hectares less than normal on account of likely lower area coverage in southern states. Overall kharif rice production is, however, estimated to be 75.05 million tonnes, marginally lower than normal production of 76.7 million tonnes. Satisfactory kharif rice production in northern India is getting reflected in the market arrivals and procurement. No gregarious locust activity has been noticed during the surveys conducted by locust warning organization in various localities of scheduled desert area of Gujarat and Rajasthan. Intensive surveys are being conducted to detect any locust activity in the whole scheduled desert area. (UNI) |
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SBI hints at further cut in interest rates NEW DELHI, Oct 29: Expecting RBI to maintain stable and soft interest rates in credit policy, State Bank of India today hinted at further cut in home and consumer loan rates. "I am a strong advocate of stability in interest rates with a soft bias. With global trends, the soft interest bias will continue in India as well," SBI Chairman Arun Kumar Purwar said after inaugurating a new industrial finance branch here. Asked whether he expected a cut in bank rate, repo rate and cash reserve ratio in the forthcoming busy season credit policy, he said "it is for RBI to decide. Let us wait till November 3." Market expects RBI to slash bank rate by 0.5-1.0 per cent and repo rate by 0.5 per cent on account of excess liquidity and decline in yields on 10-year Government papers to less than 5.0 per cent. RBI had slashed bank rate by 0.25 per cent to 6.0 per cent in the April slack season credit policy and repo rate by 0.50 per cent to 4.5 per cent a month ago. The CMD of the country’s biggest commercial bank said further cut in interest rates on home loans and consumer loans can’t be ruled out in the medium term. "If interest rates come down, we have to have a relook at our rates," he said. On retail loans, Purwar said "SBI has always stressed on retail segment. Retail loans are secure and recovery is high. Where NPAs are lower at 2.0 per cent, interest on such segments should come down." (PTI) |
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Germany to invest in infrastructure in India: Borchardt KOLKATA, Oct 29: Germany is interested to invest in infrastructure in India, specially in energy and financial sectors, to help strengthen Indo-German Trade Relations. This was observed here today by Mr Berndt Borchardt, Director, South Asian affairs, Federal Foreign Office, Berlin, while addressing a joint meeting of Indian Chamber of Commerce and Indo-German Chamber of Commerce. Mr Borchardt said German-India Commission for Economic and Industrial Cooperation (GICEIC), a joint body to oversee trade prospects in the two countries, has set up three task forces to look into the opportunities in coal, infrastructure and tourism in India and observed that investment proposals would come from Germany as soon as the findings were submitted. He informed that at present Indo-European Union (EU) trade stood at 27 billion euro while Indo-German trade was estimated at 5 billion euro. By 2005, GICEIC is committed to materialise the Indo-EU trade target of 35 billion euro, Mr Borchardt observed. He regretted that there was some lack of attention in India for the European Union (EU) as a whole and maintained that Indo-German trade relations would not improve unless this attitude was reversed. High import duty in India is also affecting Indo-German Trade while bureaucratic wrangles are coming in the way of prospects of Indian business community, Mr Borchardt remarked. (UNI) |
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TRAI announces new IUC; cell to cell, WLL to WLL spared NEW DELHI, Oct 29: The prevailing telecom tariffs are likely to undergo a change with the Telecom Regulatory Authority of India (TRAI) today announcing its much-awaited revised interconnect charges for the sector. TRAI, in its revised IUC regime, has spared the WLL mobile and cellular operators to pay any additional charge for using each others’ network for calls within the circle. In the case of inter-circle calls (calls from one state to another), the network charges have been imposed ranging between 30 paise per minute for calls upto 50 kilometres, 50 paise for calls in a distance of 50-200 kilometres and 80 paise for above 200 kilometres. On all the International Long Distance calls (ISD), a charge of Rs 4.25 has been fixed between all types of services. The new IUC regime would be come into effect from December 1, 2003. TRAI said, "with this IUC regime, the authority has also forborne with respect to the tariffs or basic service except for rural tariffs and PCOs/ village phone tariffs,." This means that the basic telecom tariffs would be determined by competition in the market. As per the revised regime, TRAI has estimated the access deficit of state-owned BSNL at Rs 5,340 crore, which is lower than the earlier estimates. (PTI) |
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Instanex Skindia DR, P/E premium
indices MUMBAI, Oct 29: The Instanex Skindia Depository Receipts (DR) index recovered smartly on October 28, 2003 by 1.13 per cent to 84.16 points from the previous day’s 834.74 points. According to the daily update provided by city-based Instanex Capital Consultants Pvt Ltd, Instanex Skindia DR Index P/E also gained slightly by 0.95 per cent to 16.64 points from 16.48 points. Similarly, the Instanex Skindia DR Index Premium, also hiked sharply by 2.44 per cent to 23.14 per cent from 22.59 per cent during the same period, the release stated. Out of 15 adrs and GDRs, there were eight (nine) gainers and six (five) losers, while only one scrip (one) was unchanged. Hindalco (GDRgdr), DR Reddy’s lab (ADR) and Infosys tech (ADR) were the top gainers, while Ranbaxy labs (GDR), Itc (GDR) and MNTL (ADR) were the major losers, the release added. (UNI) Gold, silver open weak on thin
demand, MUMBAI, Oct 29: Prices of gold and silver today drifted lower at the opening session on bearish global advice along with improved offerings by stockists, traders at the local bullion market said here. Prices of standard mint gold 99.5 purity and gold 99.9 purity grades crashed by Rs 45 each at the opening session and touched a low of Rs 5,730 and Rs 5,775 per ten Gm respectively. Traders said that there was sustained heavy offerings by stockists while demand was very thin mainly from jewellery makers. Amidst weak advice from international markets, spot gold was trading at USd 385.40/385.45 down from 387.65/388.15 at Monday’s close in New York. Similarly, silver .999 fineness grade, was also down slightly by Rs 10 to Rs 8,310 per Kg in line with yellow metal prices, traders said. At London and Hong Kong bullion markets, silver was quoted lower at around USd 5.15/5.15 per troy ounce from its earlier rates, traders added. Following were today’s opening rates at local market: silver (per Kg) .999 fineness grade : Rs 8,310, gold (per 10 Gm) 99.5 purity standard mint: Rs 5,730, gold (per 10 Gm) 99.9 purity variety : Rs 5,775. (UNI) |
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