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| UB’s spirits stares SAARC, ASEAN, plans Rs 100-cr investment NEW DELHI, Oct 8: The UB group spirits division is looking at the SAARC and ASEAN markets to boost its sales.....more Inflation
dips 0.42 NEW DELHI, Oct 8: Inflation dropped by 0.42 per cent to 7.38 per cent, for the second week.....more Maran
invites foreign NEW YORK, Oct 8: Inviting foreign entrepreneurs to invest in the fast growing telecommunications sector in India.....more SGS to
expand its BANGALORE, Oct 8: Fuelled by the growth in the life sciences, textile and food sectors in India, SGS India, a leading......more |
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Tax collection up 19 pc at Rs 1,14,400 cr in H1 NEW DELHI, Oct 8: Tax collection grew by only 19 per cent to Rs 1,14,400 crore in the first half of this fiscal mainly due.......more India can
become BANGKOK, Oct 8: India has a strategic position in south Asia and it can become a gateway for Thailand in the region.......more Skindia
DR, P/E, MUMBAI, Oct 8: The Instanex Skindia Depository Receipts (DR) index eased modestly by 1.54 per cent to 994.90 on.....more Centre
unveils special NEW DELHI, Oct 8: The Centre has decided to rechristen the previous BJP Government’s Pradhan Mantri Bharat Jodo.........more |
UB’s spirits stares SAARC,
ASEAN, plans NEW DELHI, Oct 8: The UB group spirits division is looking at the SAARC and ASEAN markets to boost its sales further and plans to invest Rs 100 crore over the next 2-3 years in order to become the third largest spirits player in the world. "Currently, our growth is very much country-centric, but we are also eyeing SAARC nations like Nepal, Pakistan, Bangladesh and Myanmar to expand our market and boost sales," UB group spirits division president Vijay Rekhi told UNI here. Mr Rekhi said the company is in talks with a Pakistani partner for the bottling of its premium 12-year-old Scotch Whiskey brand ‘Black Dog’ there. "Prohibition notwithstanding, about 3 per cent of the Pakistani population consumes liquor. And we targeting this only." He said, "we are also exploring opportunities for spirits in ASEAN countries like Malaysia, Cambodia, Laos and Vietnam. We have plans to set up distillery and manufacturing facilities based on the arrangements available in the countries, be it contract or toll manufacturing, acquisition or greenfield projects." The company will invest Rs 25-35 crore, which is either replacement or new capacities, in the next three years, he said, adding that the volume of demand in the markets will decide whether it will be sub-contracting or wholly own those capacities. The UB group, which sold 35 million cases this year alone, targets 50 million cases in the next two years. Besides, the company also aims at boosting its exports of rum to the US and the UK markets. "Our export target is one million cases to these markets in three years," he added. The Vijay Mallya-promoted UB group is all set to foray into the Australian beer market with its flagship brand, Kingfisher, as the contract manufacturing agreement with local breweries kicks off this month. The company is also planning to set up a manufacturing facility in Sri Lanka within the next six months. (UNI) |
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Inflation dips 0.42 pc to 7.38 pc NEW DELHI, Oct 8: Inflation dropped by 0.42 per cent to 7.38 per cent, for the second week in succession, in the week ended September 25, mainly due to fall in prices of vegetables and essential commodities. The point-to-point Wholesale Price Index (WPI) inflation rate fell from the previous week’s level of 7.80 per cent even as manufactured items and fuel prices stood firm. The inflation rate in the year-ago period was 5.39 per cent. The WPI also declined by 0.1 per cent to 189.1 points. It was 176.1 points in the previous year period. Inflation will come down in October after the full effect of the CRR hike is felt, market analysts had told PTI. The Reserve Bank had hiked the CRR in two tranches of 0.25 per cent each on net demand and time liabilities of banks with effect from September 18 and October two. Government revised upwards inflation to 8.02 per cent for the week ended July 31 as compared to the provisional level of 7.61 per cent. The WPI stood corrected at 187.3 points during the last week of July as against provisional level of 186.6 points. The index of primary articles’ group was down substantially by 0.6 per cent to 191.5 points due to cheaper food and non-food articles. It stood at 182.8 points in the previous year period. Food articles’ group index fell by 0.4 per cent to 188.1 points due to lower prices of fish-marine (four per cent), fruits and vegetables, moong, condiments and spices, maize, bajra and mutton (one per cent each). However, prices rose for poultry chicken (five per cent), tea and masur (two per cent each), and ragi and barley (one per cent each). The index for non-food articles’ group was down by 1.1 per cent to 193.6 points due to a fall in prices of raw cotton (five per cent), niger seed and sunflower (four per cent each), groundnut seed, safflower and cotton seed (one per cent each). But prices increased for gingelly seed (three per cent, copra, castor seed and soyabean (two per cent each). Despite rising oil prices in international markets, the fuel, power, light and lubricants’ group index stood firm at 281.6 points. It was 254.6 points in the year-ago period. Crude prices have touched a record high of 53 dollars a barrel on concerns of supplies from Nigeria and increased winter demand in the west, but Government here has not allowed raising of fuel prices. The Organization of Petroleum Exporting Countries (OPEC) president Purnomo Yusgiantoro yesterday said the oil cartel had no immediate plans to raise output despite the surge in prices. (PTI) |
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Maran invites foreign entrepreneurs to invest in IT sector NEW YORK, Oct 8: Inviting foreign entrepreneurs to invest in the fast growing telecommunications sector in India, Communications and Information Technology Minister Dayanidhi Maran has said the Government would provide the policy framework for sustaining momentum. Addressing India investment forum and later a luncheon meeting of the investors here yesterday, Maran said the telecommunications sector needs huge investment over next several years as mobile phones, broadband services and internet expand exponentially and large number of technology savvy young people join the work force. Though the telecommunication sector has experienced a high growth rate during the last few years, the tele density is still very low and is expected to go up two-and-half times over the three years, he said. Allaying fears of some investors that change in Government could affect telecommunications policy, Maran urged them to see the record of the last three Governments. The change in administrations, he said, did not change the direction. Nor did that affect the momentum. The environment for foreign investment would continue to become more and more conducive, he said. Replying to questions from investors, he said the rural areas, in which 70 per cent of India lives, provide a lucrative market for the new as also existing players in this sector. stating that rural sector is still mostly untapped, maran said 700 million people live in 600,000 villages and they contribute 50 per cent gdp. Besides, 50 per cent of very rich and well off households are in the rural areas. the indian policy, he said, is to encourage entrepreneurs bring latest and state of art technology in the country especially as mobiles phones and broadband are expected to be engines of growth. Stating that the Government is committed to creating a healthy industry structure, Maran said "significant investment" is required to unleash its potential and foreign investment will be the key source of capital. Giving future projections, he said the number of telephone users is expected to go up to 200 million by 2007, of internet to 40 million by 2010 and of broadband 20 million 2010. This, he said, would require more than 20 billion dollars worth of investment, the major part of which, he expects, to come from foreign investors. Stating that the Government is keen on foreign investment in manufacturing sector, he told the investors that domestic production of telecom equipment is already sizeable 3 billion dollars. "India is recognised as a key supplier of rural telecom technologies and most leading telecom equipment manufacturing firms already use software from India," he said adding the country has at a potential to emerge as an attractive destination for handset manufacturing. (PTI) |
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SGS to expand its quality control services BANGALORE, Oct 8: Fuelled by the growth in the life sciences, textile and food sectors in India, SGS India, a leading provider of testing and quality control services, aimed at expanding in a big way over the next few years and anticipated a 50 per cent jump in its revenue for the current year. SGS chief operating officer for Asia Pacific Christian Jilch told newspersons here last night that huge investments were in the offing in the life sciences and textile sectors. The company, which was started in 1950, had investments over 10 million dollars and had hived life sciences into a separate division, starting at a new facility in the New Biotech park in Chennai. With over 1500 qualified professionals in 40-odd centres in the country, SGS aimed at exploiting the life sciences sector in which it would be investing about seven million dollars within the next three to five years to take up certification and set up clinical research testing facilities. Currently into the pharmaceutical sector, the company was taking up only quality control services and an investment of 1.7 million dollars had already been made, Mr Jilch said. The life sciences division, sixth in the SGS group, was the first in Asia. Similar labs were being set up in Singapore and Taiwan too, he added. In life sciences, SGS provided full spectrum of contract development services to the global healthcare industry, he informed. SGS India opened a state-of-the-art testing facility for textile and consumer products here yesterday, with an investment of about 500,000 US dollars. Mr Jilch said there was an increasing awareness among the Indian exporters and also domestic suppliers about quality, especially in the textile sector. With the quota regime ending, more business would flow into India and the country should be prepared to take up huge volumes, he added. He said the more than a century old SGS, which had built itself a brand name across the globe as a leader in testing and certification of products and commodities, enabled Indian exporters gain in value in their exports, besides providing a quality tag. In the food sector, he said the company already had facilities for testing in Kolkata, Kochi and Chennai. It provided not only testing facilities but also private label services, hygiene auditing and range of hygiene training courses and certificates for food handlers. It also provided for oil gas and chemical services, besides minerals. Both were growing sectors in India and had a huge potential, he added. Company managing director for India Claude Lanouhe said India had a huge potential for growth in all sectors. The company had set up on build, own and operate basis coal testing facilities for the Raichur Thermal Power Station and also a few other pharmaceutical companies. (UNI) |
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Tax collection up 19 pc at Rs 1,14,400 cr in H1 NEW DELHI, Oct 8: Tax collection grew by only 19 per cent to Rs 1,14,400 crore in the first half of this fiscal mainly due to lower-than-expected mop up in corporate tax, excise and customs duties. While direct taxes grew by a robust 35.4 per cent, indirect tax mop up was sluggish at 9.5 per cent during April-September 2004-05, official sources told PTI here today. "As against the Finance Ministry’s estimate of 40 per cent growth in the first half, the actual tax collections were less than 20 per cent," an official said adding tax mop up would pick up in the second half of 2004-05 on account of securities transaction tax and service tax on new items. Service tax, whose rate was hiked to 10 per cent and extended to eight new items, came into effect from September while STT was effective from October. Direct tax collections were up by 35.4 per cent to about Rs 44,800 crore mainly on the strength of impressive growth in income tax. Income tax mop up was higher by 74 per cent to about rs 24,700 crore during April-September 2004, they said. Corporate tax collections were lower than expected at Rs 20,100 crore till the end of the month, showing a mere 5.8 per cent growth. Indirect tax mop up was lower than expected as both excise and customs collections fell short of target after the duty cuts on petroleum, steel, polymers and other items to check inflation, sources said. The excise and customs collections totalled Rs 69,611 crore during April-September 2004, which is 9.5 per cent higher than Rs 63,576 crore in the same period last fiscal. Excise mop up was at Rs 44,463 crore till September this fiscal, which is 10.3 per cent higher than Rs 40,409 crore in the year-ago period, he said. Customs collections were at Rs 25,148 crore in the first six months of 2004-05, up by 8.5 per cent from Rs 23,167 crore in the year-ago period. The excise and customs duty cuts on petroleum products like petrol, LPG and diesel, apart from steel, edible oils and polymers was estimated to cost the exchequer a little over Rs 5,075 crore. The Government cut duties on these items to check the inflation that peaked to 8.33 per cent in August before stabilising at 7.8 per cent in the week ended September 18. However, an official said the initial revenue loss would be more than made up in the coming months and both excise and customs collections would be much higher than expected. Government also expects to recover a substantial amount from tax arrears, he said. (PTI) |
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India can become gateway for Thailand BANGKOK, Oct 8: India has a strategic position in south Asia and it can become a gateway for Thailand in the region, a Thai minister said here as the two countries began negotiating 5,600 items in the second phase of the free trade agreement. The first phase of the 82 items under the early harvest scheme of the India-Thailand FTA came into effect from September this year. "This is a perfect time when Thailand is advocating `look west policy’ and India its `look east policy," Thai Vice Minister for Commerce Parnpree Bahiddha Nukara told the India-Thai business forum last night referring to the interest both the countries have expressed in recent times in trading with each other’s region. With Thailand’s strategic location in south east Asia, the country can become a vital base for India for its trading in ASEAN region, Parnpree noted. Referring to the next phase in consideration of items under FTA, Parnpree said with 5,600 items to be negotiated, the negotiating team from both the countries would try to keep sensitive products to the lowest level position. "We will ensure that the items on the normal track will be useful to both the sides," he told the gathering of top businessmen and executives. Parnpree admitted it would not be very easy to achieve this by March next year but hoped with frequent meetings between the two sides it could be achieved. "Elections would be held in Thailand shortly, politicians would not have time to concentrate. We will try to complete the negotiations by march if possible depending on the frequency of meetings. "If we come to terms on key issues, on sensitive items and rules of origins, we could end negotiations by the deadline," he added. He also referred to plans by India’s Tata group to introduce the "cheapest car in the world." "If this really happens in India, on the Thai side we can export some parts to India and have a joint venture or maybe import your cars instead of spending our money on Japanese cars," the minister said. "We hope the FTA will bring about free trade and also fair trade and the two countries are able to reap mutual benefits together." The minister said that it was too early to see the results of the first phase of FTA of early harvest items effective from September one, 2004 but said that studies by both sides had shown that it positively impacted trade. He admitted to achieve the success of ambitions of businessmen from both sides, the Government should encourage the business sectors. He said the Government needed to organise mechanisms to ensure business growth. He said he had adopted an open system by inviting several sectors to discuss their problems and to gather information. "We need to have an official mechanism to introduce any item to be put forward on the table of negotiations." (PTI) |
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Skindia DR, P/E, premium indices ease MUMBAI, Oct 8: The Instanex Skindia Depository Receipts (DR) index eased modestly by 1.54 per cent to 994.90 on Thursday from 999.50 points of the previous day (Oct 6). According to a daily update provided by the city-based Instanex Capital Consultants Pvt Ltd, the Skindia DR Index P/E also dropped by 1.52 per cent to 18.01 points from 18.12. Similarly, the Skindia DR index premium came down by 1.00 per cent to 19.60 per cent from 21.16 per cent during the same period. Of the 15 GDRs/ADRs, five gained and ten declined. Wipro (ADR), Hindalco (GDR) and Ranbaxy Labs(GDR) were the top gainers, while L T (GDR), Satyam Computer (ADR) and ICICI bank (ADR) were prominent among the losers, the release stated. (UNI) |
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Centre unveils special road projects for north-east NEW DELHI, Oct 8: The Centre has decided to rechristen the previous BJP Government’s Pradhan Mantri Bharat Jodo Pariyojana (PMBJP) as "phase III of the National Highways Development Project (NHDP)" and formulate a special package for the development of surface transport in the north-east region. Union Shipping, Road Transport and Highways Minister T R Baalu today said the two proposals would most likely be approved by the cabinet next week. In an interface with reporters on the sidelines of a seminar on "design, construction and maintenance of cement concrete roads", organised by the Indian Roads Congress (IRC) at Vigyan Bhavan here, Mr Baalu said the two plans would make phenomenal changes in the country’s road transport sector, especially in the north-east. Mr Baalu, whose scheduled breakfast meeting with the Prime Minister this morning was cancelled at the last minute, said both Dr Manmohan Singh and United Progressive Alliance (UPA) chairperson Sonia Gandhi had shown keen interest in the two proposals. "A cabinet approval should be coming next week," he exuded confidence. Under phase III of the NHDP, additional 10,000 km of roads will be constructed and four-laned on a "Build, Own and Transfer" (BOT) basis. The phase I is golden quadilateral that seeks to connect the four metros of Delhi, Mumbai, Kolkata and Chennai. The phase II comprises east-west and north-south corridors. About the special package for the north-east, Mr Baalu said 6500 km of roads would be constructed to link district headquarters with the state capitals in the region. The estimated cost of the project is pegged at Rs 7600 crore. "it is a good concept. There is no flaw in it. I hope it is going to be approved by the cabinet when it takes up the issue next week," the minister said. (UNI) |
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Ethnic and trendy designs to glitter in festival of gold NEW DELHI, Oct 8: As many as 50,000 ornamental pieces, crafted by over 5000 craftsmen from across India will be on display at a seven-day glittering jewellery festival from October 18 in the national capital. The collections on display will be a mix of ethnic and new-age designs, fabricated by craftsmen from distinct regions across the country. The varieties of gold and precious stone studded jewellery are all certified and guaranteed for purity by metals and mineral trading corporation, the organiser of the show. The gold extravaganza, onto its seventh edition, is timed "perfectly" in Sync with the festive season, MMTC said. It will be an exciting opportunity for traders and consumers alike to transact in a large range of precious stones and designer jewellery, "hallmarked for quality and purity", the PSU said. The Indian jewellery market is growing at a rate of 15-20 per cent each year. The gems and jewellery exports shot up by 24 per cent to touch Rs 54, 000 crore last fiscal. Festival of gold 2004 will be a step towards meeting MMTC’s objectives of creating a market for quality goods at competitive prices. MMTC and BIS have been working in unison to enhance customer awareness in this area. MMTC is one of the nodal agencies nominated by the Government for importing gold, silver and platinum for supply to exporters and domestic customers. With annual business turnover of over 2 billion dollars, MMTC contributes significantly to India’s international trade by opening export opportunities across the globe for Indian products. MMTC is one of Asia’s largest bullion traders, importing over 100 tonnes of gold and 500 tonnes of silver every year. (UNI) |
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Swadeshi fair to begin on Oct 14 ALLAHABAD, Oct 8: The 61st Swadeshi mela, organised under the auspices of the centre for Indian Marketing Development, a unit of Swadeshi Jagran Foundation will open here on October 14. As many as 200 companies from the field of agriculture, food processing, textiles and khadi, handicraft and artifacts, garments, engineering and electronics, automobiles and home appliances will display their products in the six-day fair. Fair regional coordinator Sanjay Kumar today said so far 6,000 companies have participated in these fairs which have become popular for providing marketing platform and popularising ‘Swadeshi’ consumerism. Various programmes including seminars, school paintings, essay writing, debate and cooking competitions and cultural programmes including classical and folk music/dances, kavi sammelan and other events will be attractions of the fair. (UNI) |
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International trade fair gets off to a start CHENNAI, Oct 8: More than 300 exhibitors, including 45 foreign companies, have set up stalls to showcase a variety of products at the Chennai International Trade Fair (CITF) which was inaugurated here today. Tamil Nadu Government Industries Secretary Rameshram Mishra inaugurated the fair to be held from October nine to 17 at the Chennai trade centre at Suburban Manapakkam. Giving details of the fair, Tamil Nadu Trade Promotion Organisation (TNTPO) managing director R Sudalaikannan said a range of items - from telecommunication products to medicines, cosmetics, handicrafts, furniture, knitwear and sports equipment - would be displayed at the fair organised by the TNTPO. The total display area was 6,160 sq metre, he said adding that Sony, Samsung, Intel, LG electronics, Nitra furniture, LIC of India and Kusal Flora would be some of the major participants in the fair. Malaysia, Sri Lanka and Korea would be the international participants and the foreign products on display would include enamelled winding wires, ceramic glazed floor tiles, precious stones, cosmetics, abrasives, precision gears and furniture, he said. (UNI) Silver eases on weak global advice gold flat MUMBAI, Oct 8: Silver prices today opened low at Rs 11,295 per kg mainly on bearish advice from international markets, while gold was flat at Rs 6,365 per ten gm due to moderate demand, traders at the Bombay bullion association said. Silver .999 fineness grade crashed by Rs 60 from its last finish and opened low at Rs 11,295 per kg. There were increased stocks with dealers due to discouraging advice from global markets. There was also thin demand by industrial users. The white metal was quoted low at around USD 7.16/7.17 per troy ounce from its earlier rates in the global markets like London, New York and Hong Kong. Values of standard mint gold 99.5 purity and gold 99.9 purity grades, however, were unchanged at Rs 6,330 and Rs 6,365 per ten gm respectively at the opening session. There was moderate demand mainly by local dealers. Sellers were keen to sell their stocks in view of weak advice from international markets. The yellow metal was quoted negative at USD 418.50/418.85 per troy ounce from its last finish in the global markets, traders added. Following were the spot opening rates today: Silver (per kg) .999 fineness grade : Rs 11,295, Gold (per 10gm) 99.5 purity standard mint: Rs 6,330, Gold (per 10gm) 99.9 purity variety : Rs 6,365. (UNI) |
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