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New generation TVS Victor GX 110 CC rolled out Excelsior Correspondent NEW DELHI, Oct 24: TVS Motor Company—India’s leading two-wheeler manufacturer, has launched the new ......more IBA agrees
to look into THIRUVANANTHAPURAM, Oct 24: The Indian Banks’ Association (IBA) has agreed .....more Weak
dollar overseas, MUMBAI, Oct 24: Notwithstanding the high oil prices, the rupee is expected to rise against the US dollar during the.....more RBI likely
to keep MUMBAI, Oct 24: With banks reporting a strong credit demand, Reserve Bank of India is ........more |
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India-Myanmar to discuss trade during Gen Than Shwe’s visit NEW DELHI, Oct 24: Myanmar’s military ruler, senior Gen Than Shwe, will begin a five-day state visit to India from........more Nut king
enters NEW DELHI, Oct 24: Nut king, one of the leading cashewnut brands, is entering the dry fruit market in a big way under......more Air Deccan
connects NEW DELHI, Oct 24: No-frills carrier Air Deccan will launch its first ever Hyderabad-Goa flight tomorrow, just in time for......more RBI to
clear deck for MUMBAI, Oct 24: The rising oil prices and high inflation rate may influence the Reserve Bank of India (RBI) to clear the.........more |
New generation TVS Victor GX 110 CC rolled out Excelsior Correspondent NEW DELHI, Oct 24: TVS Motor Company—India’s leading two-wheeler manufacturer, has launched the new generation TVS Victor GX 110 CC, an upgrade of Victory GL 110 for the two wheeler customers across the country. The new version Victor GX will boast of a slew of improvements including Dura Life engine, to enhance the engine life of the motorcycle. Victor GX will also sport a new look with vibrant colours and lazer streak body graphics that will be a stunner on the roads. Having sold over one million vehicles in a short span of time, TVS Victor brand is today a testimony of one of the greatest success stories in the automobile industry, and the new Victor GX will provide further impetus to the trust and reliability it enjoys in the market. This TVS Victor upgrade is a result of an extensive market research conducted on requirements of customers in the emerging popular segment. The new Dura Life engine of Victor GX has been built with coated anti-friction piston rings for long trouble free engine performance, easier kick-start with longer kick lever and improved kick mechanism, mapped digital ignition and optimised carburetor for consistent good mileage, new all up gear system for comfortable gear shifting and new clutch plate design provides smoother power transmission and low maintenance. TVS Motor Company will unleash a new aggressive advertising campaign across the country to mark the launch of Victor GX. This new motorcycle will bring in bigger volumes for the company and enhance its presence in the popular segment. It will come in 6-colours and is aggressively priced at Rs 39,000 ex-showroom Delhi. In addition, the Victor GX will continue to possess other qualities of its predecessor. |
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IBA agrees to look into package for Seafood industry THIRUVANANTHAPURAM, Oct 24: The Indian Banks’ Association (IBA) has agreed to "seriously" consider the plea by the Seafood Exporters Association of India (SEAI) for a rehabilitation package for the crisis-stricken Seafood processing units in the country. Preliminary talks between the top brass of SEAI and IBA in this regard at Mumbai recently were quite encouraging, SEAI sources said. Another meeting is scheduled to be held for follow-up discussions in November. Besides representatives of the newly-formed forum for revival of sick seafood units, the chairman of the Marine Products Export Development Authority (MPEDA) and Helmsmen of major banks are also being invited to the proposed meeting, sources said. The forum already held talks with the Kerala State Industrial Development Corporation (KSIDC) regarding the rehabilitation scheme. The proposal is to enhance seafood exports from the present 1.3 billion dollars to two billion dollars during the first phase of the rehabilitation scheme and then to five billion dollars during the second phase. About 120 seafood processing units in the country, most of them in Kerala, are at various stages of sickness. Out of them, 25 are European union-approved units. They are now facing action by the debt recovery tribunal. MPEDA had already written to over 25 banks. The rehabilitation package proposed by SEAI envisaged a one-time settlement for those opting for an exit option, a rehabilitation package and a consolidation through merger options. In regard to closed units, which had gone beyond the RBI guidelines, an exit option by way of a one-time settlement at 15 per cent of the net loans where all interest, including penal, be totally waived had been suggested. The principal could be reduced by the sum of repayments and export credit guarantee council options could be exercised. A rehabilitation package to units found potentially viable could be considered where all interest could be waived from the date the accounts turned NPA as well as 50 per cent of the principal relating to working capital and term loans. The repayment could be over seven years and alternatively MPEDA could give 50 per cent of additional working capital, which could be treated, as margin for banks to lend for the balance amount. The third proposal is consolidation or merger of two or more units. Already eight units have readied a merger plan and a few others were working on these lines. In this case interest may be waived and reduced from the principal amount. The total combined loans of the merged units could be waived by 50 per cent on principal and the working capital funded by MPEDA. The repayment could be through deduction of two per cent of every export consignment. The assets of the merged units could be pledged as collateral to MPEDA. (UNI) |
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inflows to drive rupee up MUMBAI, Oct 24: Notwithstanding the high oil prices, the rupee is expected to rise against the US dollar during the week, taking cue from the sharp fall in greenback and strong portfolio flows towards the recently concluded 1.17-billion NTPC public issue, forex dealers said. The market is expecting an inward remittance of about 350-million by Monday towards the NTPC public issue for which foreign funds have made large bids. The slump in dollar against major overseas rivals also provides an underlying support to the local currency, dealers said. Although the record prices of over 55 for crude oil, India’s biggest import items, continues to be a major negative factor for the rupee in the medium-term, huge foreign fund inflows into the primary and secondary markets and the broad-based fall of the dollar could help the rupee to stay firm in the short-term, they said. The market will closely watch the credit and monetary policy announcement on Tuesday for direction on the interest rate, which would influence the foreign fund inflows. The US dollar has hit fresh eight-month lows against the euro, an eight-year low versus the Swiss Franc and a 12-year low against the Canadian dollar in New York on Friday, with the confluence of mixed US economic data, a record trade deficit and waning capital inflows, dragging the US currency. Foreign funds continued their buying spree in the domestic equities markets despite rising oil prices. FIIs have also made net purchases worth 493-million in October so far after putting in 556.30-million in September. The forex reserve also maintained its gains for the seventh straight week and rose by 332-million to 119.636-billion during the week-ended October 15, boosting the sentiment, they added. In the week-ended October 21, which was shortened by Friday’s holiday, the rupee ended 12 paise stronger at a 3-month high of 45.73/74, amid strong trade and capital dollar inflows and subdued demand for the dollar which stayed weak in overseas. The market also ignored the spiralling oil prices and eyed the NTPC-IPO inflows and falling dollar inflows with exporters stepping up dollar supplies and importers staying in the sidelines. Opening the week on a firm note at 45.83/84, the rupee steadily appreciated in each and every session of the week and closed at 45.73/74, its strongest closing since July 12. It registered a gain of 12 paise from its previous week’s close of 45.85/86. The rupee has gained 28 paise (0.6 per cent) in October so far, after rising 36 paise (0.77 per cent) in September. Forward dollar premiums, however, moved up on paying pressure as the soaring oil prices prompted importers to cover unhedged forward dollar positions. Despite the 12-paise gain in spot rupee, the sixth month annualised premium rose to end the week at 2.66 per cent, 21 basis points higher than previous week’s close of 2.45 per cent. In cross currency deals, the rupee closed the week 83 paise weaker against the euro at 57.69 (56.86), 64 paise lower against the Swiss Franc at 37.83 (36.89), 118 paise down against pound sterling at 83.65 (82.47) and 63 paise down vs the Japanese yen at 42.58 (41.95) as the US dollar fell sharply in overseas markets. (UNI) |
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RBI likely to keep interest rate
untouched MUMBAI, Oct 24: With banks reporting a strong credit demand, Reserve Bank of India is likely to keep key interest rates untouched to support industrial growth in its mid-term review of its annual policy for 2004-05. RBI is however, in its policy review on Tuesday, likely to revise the inflation estimate upwards and peg economic growth at lower level due to less than expected monsoon and rise in prices of oil products and commodities, analysts said. Though the rise in inflation gives strong indication for the need to hike interest rates like bank and repo rate, bankers are of the view that RBI may not opt for any upward revision in rates to sustain the recent pick up in the demand for credit from industry. Any hike in rates would be a signal to increase lending rates which may adversely impact the investment sentiment, they said adding, RBI had left the bank rate and repo rate unchanged at six per cent and 4.5 per cent respectively in policy announced in May. However, the Delhi-based National Council for Applied Economic Research (NCAER), in its recent report has said that RBI is expected to hike rates by 0.5 per cent in its busy season credit policy due to concerns on inflation which is likely to remain over 7 per cent in the near future. Analysts said that financial system has still sufficient liquidity to postpone any hike in interest rates. On the inflation front, analysts said the soaring global crude oil prices would make RBI to revise its estimate upwards from five per cent projected in May. The average inflation measured by Wholesale Price Index for the first half has been above 6.5 per cent but the upward revision would not be that drastic since the base of second half of last year was low, they added. Analysts said this year the Gross Domestic Product (GDP) may be impacted marginally due to less than monsoon, inflation and slowdown in the farm sector growth. On this backdrop, RBI may revise its estimates downward from 6.5-7 per cent which it had projected in may assuming a normal monsoon, sustained growth in farm sector and good performance in exports. About RBI’s draft proposal to place restrictions on foreign ownership in Indian private banks, analysts said the policy review may elaborate on revision to its earlier draft norms. RBI has received feedback on its first draft which had placed a restriction of 10 per cent on the foreign investment while Government appeared to be in favour of higher limits, they added. The Central Bank may heed to demand from bankers to extend some sops to cushion the effect of rise in interest rates and declining yields on Government securities which has already made dent into bottomlines of some banks in second quarter ending September 2004. Following RBI’s directive, banks have built Investment Fluctuation Reserves (IFRs) to manage sudden change in the interest rate environment and it may comment on performance of bank on this, they said. RBI may also discuss the preprations necessary for banks to adopt basel II norms, espcially provisions for risks. The emphasis would be more on initiative by banks than directives from the Central Bank, analysts added. (PTI) |
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India-Myanmar to discuss trade
during NEW DELHI, Oct 24: Myanmar’s military ruler, senior Gen Than Shwe, will begin a five-day state visit to India from tomorrow during which he will have discussions with Indian leaders on expanding trade and commercial ties and on stopping activties of northeast insurgents operating out of Myanmar. The visit, which will be first by a Myanmar head of state to India during the past 24 years, is significant from both trade and security points of view as Myanmar is the only ASEAN country that shares a land as well as maritime border with India and where Naga insurgents of the Khaplang faction (NSCN-K) have found sanctuary. Gen Than Shwe who arrives here today, will begin his official engagements from Monday when he will hold talks with Prime Minister Manmohan Singh and sign key agreements for strengthening bilateral cooperation. The meeting between the two leaders, which will be followed by delegation-level talks, will focus on bilateral, regional and global issues of mutual concern. Thereafter, the two countries will sign a cultural exchange programme (2004-2006) and Memoranda of Understanding (MoU) for cooperation in the field of non-traditional security issues and on the Tamanthi hydroelectric project in Myanmar. Gen Than Shwe will be accompanied by a high-level delegation comprising eight cabinet ministers including the ministers for industry, energy, rail transportation, communications, science and technology and health. He will also meet President A P J Abdul Kalam, Vice-President Bhairon Singh Shekhawat, leader of the opposition L K Advani and External Affairs Minister K Natwar Singh. The President will host a banquet in his honour on Monday night. He will also visit Agra, Bangalore, Sarnath, Bodh Gaya and Kolkata during the visit. India is also expected to put pressure on the Myanmar leader for a crackdown on NSCN(K) insurgents, which New Delhi claims are operating from their bases in jungles along Myanmar’s border with India. Myanmar has repeatedly assured New Delhi that it would not allow its territory to be used for any anti-India activity and that Yangon would take all measures to remove them if they are in that country. Home Minister Shivraj Patil who was to visit Jammu and Kashmir from today, rescheduled his visit till November, believed to be because of the Myanmar leader’s visit. On October four, at the tenth national-level meeting held in New Delhi, India and Myanmar resolved to strengthen cooperation in tackling insurgency, arms smuggling and narcotics trafficking. The problems, alongwith the spread of HIV/AIDS, have compounded insecurity along the 1640-km border between the two countries. After flushing out insurgents from Bhutan, India is making concerted efforts to ensure that the rebels do not find sanctuary in Myanmar. During his visit to India in December 2003, Myanmar’s Foreign Minister U Win aung said at a press conference that his Government would take action and cooperate with the Indian Government against northeast insurgents in Myanmar, if any. "We will flush out Indian insurgent camps, if any, in our country," he said. The then External Affairs Minister, Yashwant Sinha, who was also at the press conference, said India had the fullest assurance from Myanmar. As part of New Delhi’s ‘look east policy’, India has also been exploring the possibility of transport corridors through Myanmar, a potential gateway to east asian countries with which it is considering a free trade region. India’s Border Roads Organisation (BRO) has already constructed a highway—the TKK highway—from the border village of Tamu in Manipur to Myanmar’s commercial centre Mandalay. India has friendly relations with Myanmar. In recent years, the relationship has grown based on the mutual desire to establish a long-term cooperative partnership. The visit is historic in nature, being the first head of state level visit from Myanmar in 24 years and the first head of state-head of Government level interaction in 17 years, an External Affairs Ministry release said. "It is expected to contribute signficantly to further consolidation and expansion of bilateral relations," the release added. India which has supported Myanmar’s pro-democracy movement, realised that constructive engagement with Yangon was in New Delhi’s interest mainly because of security of the northeast, economic interests in the ASEAN region and increasing influence of China over Myanmar. Relations between the two countries started moving on an upswing since 2003 when seven bilateral ministerial visits took place. The Vice President visited Myanmar from November 2 - 5 in 2003. The then Commerce and Industry Minister Arun Jaitley visited the country from July 14-16 to sign an MoU on establishing a joint trade committee. Communications and Information Technology Minister Arun Shourie also visited Myanmar from August 25-30 and signed an MoU on IT cooperation. Two defence visits took place in September last year when Navy Chief Admiral Madhavendra Singh visited myanmar and the Air Chief of Myanmar visited India. A meeting between India, Myanmar and Thailand on transport linkages held in New Delhi in December last year reviewed the progress made in the project for construction of the trilateral highway from Moreh in Manipur to Mae Sot in Thailand to Bagan in Myanmar. India is assisting Myanmar in a number of development projects in the road and rail sector, inland water transport, human resources development, information and communications technology and energy. The Indian consulate general at Mandalay was re-opened in July 2002 while the Myanmar Consulate General in Kolkata started functioning from September 2002. Both countries are also exploring possibilities for cooperation in oil and gas sector. Experts from India and Myanmar will also shortly undertake a survey for completing the rail route between the two countries by 2005. Tracks have already been laid till Kalay in Myanmar and another 135 km are yet to be constructed. This was disclosed at a conference of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, Thailand Economic Cooperation (BIMST-EC), the United Nations Economic and Social Council for Asia and the Pacific (UN-ESCAP) and the Asian Institute of Transport Development which recommended measures for increasing the connectivity of railway networks of BIMST-EC countries. (UNI) |
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Nut king enters dry fruit market, launches ‘happinutz’ NEW DELHI, Oct 24: Nut king, one of the leading cashewnut brands, is entering the dry fruit market in a big way under a new brand happinutz this diwali. Mr J Rajmohan Pillai, chairman of Beta industries, the manufacturer of Nut King, told UNI here today that "happinutz" range of products would be available mostly in Maharashtra this diwali season. "It will be expanded to other areas from next season onwards." He said a new plant had been recently commissioned in Maharahstra at a cost of Rs 14 crore for the manufacture of dry fruits and packaging. Mr Pillai, the younger brother of late biscuit tycoon J M Rajan Pillai, said the company expected sales of Rs 15 crore in Maharashtra alone during this diwali. He said happinutz products were priced in the range of Rs 400 to Rs 17,000. The ‘crystal tower’ priced at Rs 17,000. "Is a tri-level stand of crystal, framed in gold and silver plating, each displaying its own plate of cashews, almonds and pistochios." Among the wide ranges, the one that may attract the nature lovers was a special tray holding an assortment of raw cashews, raw almonds, raw walnuts and dried apricots, cranberrys and dates. It is appropriately named "nature lovers tray" Mr Pillai said advance orders for 1,600 crystal towers had already been received. Nut king registered a sales turnover of Rs 28 crore last year. Beta group has a total turnover of Rs 2,400 crore. (UNI) |
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Air Deccan connects Hyderabad to Goa from today NEW DELHI, Oct 24: No-frills carrier Air Deccan will launch its first ever Hyderabad-Goa flight tomorrow, just in time for the goan season. For the first four days, there is inaugural offer of Rs 2,000 per passenger. "Hyderabad is growing very rapidly with a lot of multinationals setting shop here," said Airline’s Managing Director G R Gopinath. "we have a huge market of young professionals and businessmen with disposable incomes but no connections to the most sought after holiday destination Goa." The new connectivity also opens up the vast tourism potential that Andhra Pradesh has to offer to over two million foreign leisure travellers who visit Goa in chartered flights, Capt Gopinath said. Air Deccan offers dynamic pricing on the entire seat inventory. The pricing is a function of demand and supply of seats. The earlier one books, the less one pays. Typically 45 days ahead seats are priced from Rs 500 (plus passenger service fee) and upwards. The low-cost carrier presently connects Goa from Mumbai and Bangalore. All the flights are registering a 90 per cent passenger load factor. (UNI) |
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RBI to clear deck for upward interest rate bias MUMBAI, Oct 24: The rising oil prices and high inflation rate may influence the Reserve Bank of India (RBI) to clear the deck for an upward interest rate bias in the mid-term review of annual policy statement for the year 2004-05 to be announced on October 26. The economists and corporate world say that the rising oil prices in the international market may influence RBI Governor Dr Y V Reddy to place all the indicators in the mid-term review to mentally prepare the country to break the trend of soft interest rate regime continuing for the past four years. The oil prices touched a high of 55 per barrel on Friday on rising fears of winter fuel supply crunch. The prices jumped 35 per cent compared to the beginning of the year. It is expected to hit 60 per barrel in the international market in the coming months. According to the Government data released yesterday, the inflation rate based on Wholesale Price Index (WPI) slowed to 7.1 per cent from 7.2 per cent week earlier. However, economists feel that it would again bounce back in view of the high oil prices. The inflation rate vacillated between 7 to 8 per cent for the last 12 weeks compared with 4.32 per cent in April. The inflation rate has reached a three-and-half year high of 8.33 per cent at the end of August. (AGENCIES) |
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JK tyre plans to enter 2-3 wheeler tyre mart NEW DELHI, Oct 24: Four-wheeler tyre manufacturer JK tyre is planning to foray into the two and three-wheeler tyre markets. "We are examining the possibility before taking the plunge in the new segment, where the growth has been absolutely great. "Our agenda is to have a presence in every segment of the tyre market. That is why, we are looking at the two and three-wheeler tyre markets," JK industries vice chairman and managing director Raghupati Singhania told UNI here. Mr Singhania, however, refused to divulge whether this would be achieved through a marketing alliance or a technological tie-up with an existing two-wheeler tyre company. He said the growth is in line with the company’s goal to cross one billion dollars turnover by 2008. The Rs 2,300-crore J K industries has registered an export turnover of about Rs 400 crore for the year ended September 30, 2004, up 23.08 per cent over Rs 325 crore in the same period in the previous year. "Our export performance continues to be strong both in volume and value terms," he added. The company is investing Rs 170 crore this year to increase production capacity at its car and truck radial facilities. The Chennai-based MRF tyres is the leader in the two-wheeler tyre market with a 34 per cent share in motorcycles and 41 per cent in scooter tyres. TVS is the second biggest player with a 23 per cent market share in motorcycles followed by falcon and ceat. (UNI) |
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Mobile infrastructure revenue to
reach NEW DELHI, Oct 24: The worldwide mobile network infrastructure market revenue will grow by 9 per cent to reach around 39 billion dollars in 2004, analyst firm Gartner has said. "Overall, the worldwide mobile network infrastructure market’s revenue will remain stable during the next 3 years, with a slight decline in 2008," said Gartner principal analyst Jason Chapman. In western Europe, revenue is forecast to reach almost 9.7 billion dollar in 200, an 8 per cent increase compared to last year. The growth is primarily driven by mobile operators investing in WCDMA and GSM networks. "Price erosion will be higher in 3G than the more mature 2G technologies. However, equipment volumes for 3G technologies will rise. This growth, due to the additional capacity and software upgrades like HSDPA, will help boost revenue. "From a technology standard point of view we will see WCDMA revenue exceeding that of GSM-related technologies by 2007," he said. (UNI) |
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Swiss life closed life book set for sale: Newspaper LONDON, Oct 24: Swiss life has attracted four bidders for its 200 million pound ( 365.3 million) closed life insurance book which is expected to be sold within weeks, the Sunday Express said. The company was being pursued by insurers britannic plc, South Africa’s old mutual and Swiss re, as well as resolution life group, the newspaper said without identifying its sources. Another potential bidder was former Goldman Sachs investment banker Christopher flowers, it said. Final bids are due by the end of October. Swiss life, which swung to profit last year, has been rebuilding itself over the last two years to focus on its core life insurance business. (AGENCIES) AJMER, Oct 24: The Pushkar Kartik fair will be held from November 22 to 26 this year, official sources said. The annual fair will begin with the Ekadshi bath and conclude on Purnima. Lakhs of pilgrims mostly from adjoining rural areas are expected to participate in the fair, which will also include a cattle fair, the oldest in north India. (PTI) |
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