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| Puri’s Exclusive inaugurated Excelsior Correspondent JAMMU, Oct 25: 60 years after making a humble beginning with Puri Cloth House, Radhey Shyam Puri and his sons are back in bussiness at Jammu Prime Market-Raghunath Bazar, with a class showroom "Puri Exclusive".......more HDFC on
acquisition MUMBAI, Oct 25: Housing Development Finance Corporation Ltd (HDFC) is planning.....more ISRO,
boeing reach BANGALORE, Oct 25: Indian Space Research Organisation and boeing satellite systems.....more India to
gain from US NEW DELHI, Oct 25: With the likely imposition of limits on textile imports from China next year........more |
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Rupee hits new three-month peak of 45.6050/6150 a dollar MUMBAI, Oct 25: Breaching key resistance levels, the rupee today spurted to a new over three-month peak of 45.6050........more S Korea
sees no SEOUL, Oct 25: South Korean Labour Minister Kim-dae-Hwan said on Monday the country’s job market was unlikely......more Malaysia’s
proton KUALA LUMPUR, Oct 25: Malaysia’s top car maker, Proton holdings bhd, is expected to sign a deal this week to......more NEW DELHI, Oct 25: Engineering major Bharat Heavy Electricals Ltd (BHEL) today said it will invest Rs 1,000 crore in.........more |
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Excelsior Correspondent JAMMU, Oct 25: 60 years after making a humble beginning with Puri Cloth House, Radhey Shyam Puri and his sons are back in bussiness at Jammu Prime Market-Raghunath Bazar, with a class showroom "Puri Exclusive". This showroom, which has taken almost 15 months to renovate, was inaugurated today morning by its founder Radhey Shyam Puri in the presence of Jammu’s prominent citizens from all walks of life. Also present to bless the family was Swami Chakrapaniji. The purpose of undertaking a massive effort was targeted only in gaining the showroom a cosmetic new look but primarily in making it customer friendly and responsive to the needs of shoppers in today’s time. Even a casual look at any corner of Puri’s Exclusive amply brings home their promise of giving their customers, vision, art, clothing, lifestyle, under one single roof. Behind some of the best and biggest brand names at the new showroom is the old tradition of serving their customers in sincerity and with utmost devotion. Above all is the motto of customer satisfaction-adopted and religiously followed by the Puri’s over a period of 60 years. With the arrival of the third generation in the family business the same tradition and commitment continue in all earnest. The journey from Puri Cloth House in 1944 to Puri’s Exclusive in 2004 has however not been an easy one. Like many Indians of his time, Radhey Shyam Puri migrated from Ambryala in Pakistan and began trading in Jammu under trying and difficult circumstances. But by the virtue of hardwork, endurance and loyalty to the purpose of trade bore fruit overtime with God’s grace. The culmination on this path of steady progress and achievement stands in the form of Puri’s Exclusive today. Radhey Shyam Puri and his sons Ashok, Vinod, Virinder and Sanjeev are deeply grateful to all the worth citizens of Jammu from extending a long and generous patronage to their business over a span of six decades. A dream come true for the family, the Puri’s resolve today to serve their patrons with still great zeal in meeting their expectation and needs in a new century. |
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HDFC on acquisition drive, to
take over MUMBAI, Oct 25: Housing Development Finance Corporation Ltd (HDFC) is planning to set up a company in the name and style of HDFC Venture Capital Ltd for undertaking the business of managing property fund subject to receipt of requisite approvals. The Board of Directors of HDFC, in their meeting held today, also approved to set up a company in the name and style of HDFC Ventures Trustee Company Ltd who will act as a trustee to HDFC Venture Capital Ltd. HDFC is planning for acquisition of 10,000 equity shares of Rs 10 each of Home Loans Services India Pvt Ltd (HLS) for cash at par aggregating to Rs 1,00,000. Hls undertakes the business of sale of home loans products of the corporation. Pursuant to the said acquisition hls would become a wholly-owned subsidiary of the corporation Informing this to Bombay Stock Exchange (BSE), the company officials said that it is also planning divestment of 44,25,000 equity shares of Rs 10 each of HDFC Securities Ltd representing 29.50 per cent of its paid-up share capital in favour of HDFC Bank Ltd. (UNI) |
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ISRO, boeing reach agreement to jointly develop satellites BANGALORE, Oct 25: Indian Space Research Organisation and boeing satellite systems have reached a broad agreement to jointly develop and market two-tonne class communication satellites for third-world countries, a top ISRO official said today. ISRO Chairman G Madhavan Nair told PTI here that boeing has a few proposals which it is evaluating for the purpose of joint collaboration with the Indian space agency in this context. "We have come to a broad agreement with boeing", he said, adding, a formal pact would be signed with the American company soon, with Government approvals required at hand. The Bush administration had recently approved a license authorising boeing to engage in discussions and share data with ISRO on the division of responsibilities for possible joint cooperation in the development and marketing of communication satellites. "We have exchanged some notes. But the concrete proposal has to come from the US side now. I have told boeing to find a customer. They say they are trying to look around. They are having a few proposals. When that’s sharply tuned, we will take it up", the ISRO Chairman said. He said under the agreement, boeing would make use of ISRO’s satellite bus and some of the former’s payload components would be integrated into it and that would then be launched for a third country. Satellites that boeing and ISRO plan to build for the global market are similar to Insat-class spacecraft that the Indian Space Agency had been developing over the years, ISRO officials said. Cost of building such a satellite would depend on the composition of the spacecraft. On the "smaller side" it could be around Rs 150 crore and if powerful transponders are to be fitted, it could be around Rs 400 crore, estimates Nair. Meanwhile, he said ISRO has completed technical discussions with raytheon on establishing in India a ground system for GPS (Global Positioning System) augmentation, required for aircraft navigation. "Government approval from their (raytheon) side is yet to come. We hope that in about a month’s time, we will be able to receive that", he said. Nair said investment in the venture would be close to Rs 110 crore which includes expenditure involved in installation and training by raytheon. ISRO would take care of the final operation and some of the software that’s needed. Officials said under the proposed commerical agreement, Bangalore-based ISRO would buy the system from Raytheon. "They have the technology and equipment. A lot of equipment needs to be bought", Nair said. (PTI) |
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India to gain from US cap on Chinese imports post: MFA NEW DELHI, Oct 25: With the likely imposition of limits on textile imports from China next year by the United States to safeguard the local industry, India may emerge as an alternative sourcing hub by international giants, according to an expert. This was clearly indicated by American Textile Manufacturers’ demand seeking new limits on textile imports from China in the post-MFA era, fearing market disruptions by Chinese dumping, said Dr H K Sehgal, editorial advisor, the Stitch Times. Mr grant Aldonas, under-secretary for trade at the US Department of Commerce, said at Beijing that he wanted to make it clear that Washington wouldn’t tolerate market disruptions after January 1, 2005, such as a surge in textile imports from China or a sudden expansion of manufacturing capacity. US textile makers already plan to seek limits based on the threat of such disruptions, he said. The Global Alliance for Fair Textile Trade (GAFTT), a coalition of 96 textile and clothing associations from 54 countries, has urged in their petition that the US Government must approve the petitions if millions of textile and clothing workers from around the globe are not to see their jobs destroyed and moved to China. The petition also states that 51 more countries are also planning safeguard measures against Chinese textile products. The fact remains that while the United States is under tremendous pressure from the domestic industry to put a cap on Chinese imports, China is also equally determined not to let the opportunity offered by post-MFA scenario slip out of its hands. Both have clout and bargaining power. The threat-based safeguard petitions cover 15 of the 91 product categories on which US quotas will expire on January 1, 2005, the safeguard petitions particularly covered goods in the categories 347 and 348, Dr Sehgal stated. The move by GAFTT follows threat-based petitions filed on October 8, 2004, by a coalition of six US apparel, textile and fibre producing trade associations and the labour unions. Nine additional petitions covering 13 more categories were also expected to be filed in the coming days which include man-made fibre trousers, cotton knit shirts, man-made fibre shirts, cotton and man-made fibre underwear and cotton sheets, the coalition said. China has made rapid strides particularly in textiles and apparel sector in the world market. Its share in global market has increased to an impressive 25 per cent, which it is seeking to enlarge to even 50 per cent. It is already enjoying the status of being largest exporter of textiles and apparels to the US and the EU and it will only strengthen with the opening of the world market after December 31, 2004. What can reasonably be expected is that there will be selective cap on some of the garments, where the local industry feels particularly threatened, Dr Sehgal said. There have been indications recently that a number of multinational retailers are evaluating India as a potential source of textile and garment supplies. Wal-mart has expressed an intention to source goods worth 7-10 billion dollars from India over the next two years, and textiles and garments are expected to form a large share of this total. More recently, it is reported that other large retailers such as JC Penney and Sears had sent their team to India to assess sourcing possibilities. How much share can India claim out of the space vacated by the China would depend upon, in the first instance, on the final settlement between the US and China. Though it is understood that the US and China have already reached an agreement, but it is a closely-guarded secret yet. It is true that, in western markets, some supplying countries will retain competitive advantages over China through market proximity as well as duty-free access under preferential trade agreements, Dr Sehgal said adding that India enjoys neither of these favours. India has to contend with whatever is vacated by China, which, in turn would depend upon finally emerges as Sino-US agreement on post-MFA scenario, he stated. (UNI) |
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Rupee hits new three-month peak of 45.6050/6150 a dollar MUMBAI, Oct 25: Breaching key resistance levels, the rupee today spurted to a new over three-month peak of 45.6050/6150 per dollar, driven up by robust trade and foreign portfolio investment inflows. In fairly active trade at the interbank foreign exchange market here this morning, the rupee surged by nearly thirteen paise from last Friday’s close of 45.73/74 per dollar with sentiments upbeat for further sharp gain, a dealer said. The rupee opened distinctly firm at 45.62/63 per dollar, reflecting the dollar’s lingering weakness against global rivals. Strong bunched up dollar supplies from trade and foreign fund inflows drove the rupee to new over three-month peak despite firm world oil prices at over 55 dollar a barrel, a forex dealer said. New York light sweet crude for December delivery was quoted at USD 55.24 a barrel at Nymex in early Asian trade. Meanwhile, India’s foreign exchange reserves rose by USD 332 million during the week ending October 15, compared to USD 28 million a week earlier. Foreign currency exchange reserves for the same period grew by USD 332 million to USD 1,19,636 million, according to the Reserve Bank of India’s weekly statistics. In cross currency trades, the euro was quoted at Rs 58.26/28, pound sterling at Rs 83.91/93 and the Japanese yen (100) Rs 42.72/74. (PTI) |
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S Korea sees no swift improvement in job market SEOUL, Oct 25: South Korean Labour Minister Kim-dae-Hwan said on Monday the country’s job market was unlikely to show a drastic improvement for the time being, indicating growing signs that depressed domestic consumption could last for a while. Kim told a meeting with foreign journalists that the current job market situation would persist for now. He did not elaborate. A ministry official at the lunch meeting said this year’s unemployment rate would probably reach 3.4 percent to 3.5 percent, versus 3.4 percent set in 2003. (AGENCIES) |
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Malaysia’s proton to sign VW deal this week:Report KUALA LUMPUR, Oct 25: Malaysia’s top car maker, Proton holdings bhd, is expected to sign a deal this week to assemble cars for Volkswagen AG (VW), a newspaper reported on Monday. VW, Europe’s largest car maker, said this month it was in talks with proton for a partnership that could give the German manufacturer a foothold in southeast Asia’s fast-growing auto market. German newspaper handelsblatt, quoting sources close to the talks, reported last week that VW and proton had agreed to form a 50-50 joint venture to assemble Volkswagen cars in Malaysia from next year, with a deal to be signed by end-2004. "(The potential deal) is not about the setting up of a 50-50 joint venture as speculated earlier," an unidentified source was quoted as saying by Malaysia’s business times on Monday. The newspaper did not say how the venture would be structured, but reported sources as saying a deal was expected this week. Analysts see a foreign alliance as vital for proton’s survival, especially when Malaysia cuts auto tariffs to between zero and 5 percent by 2008 under the ASEAN free trade agreement. Proton has been protected in its key home market for nearly 20 years as duties of over 300 percent put foreign models beyond the reach of most Malaysians. But deep-pocketed Japanese rivals Honda Motor Co Ltd and Toyota Motor Corp have made inroads with lower-priced models, cutting proton’s market share to below 50 percent in March from 70 percent. Proton reported a 2 percent fall in unit sales for its first quarter to end-June, after a 29 percent fall in the year to March. (AGENCIES) |
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NEW DELHI, Oct 25: Engineering major Bharat Heavy Electricals Ltd (BHEL) today said it will invest Rs 1,000 crore in the next two to three years for upgradation of its exising plants, besides diversifying into new markets. "We will invest Rs 1000 crore in next two to three years for modernisation and capacity expansion of our existing plants," said BHEL chairman and manging director A K Puri. On diversification, he said the company is looking at all the opportunities for furtherance of its business. He said funds are not a constraint and "if required we can easily borrow from the market". Mr Puri said the company is looking at diversification from two points. One, the BHEL is planning to enter new markets overseas as this will help "us in knowing the requirements of variety of markets so that we can upgrade ourselves." The company is planning to tap markets in Middle East, South East Asia, south Asia and South African countries. Secondly, BHEL is planning to develope auxiliary systems. "We will develop sub-sysytems instead of outsourcing them," he told reporters at a seminar on welding engineering for manufacturing industry here. He said as part of its diversification strategy, BHEL has partnered with multinational companies to bid for a mega project in Kuwait on a turn-key basis. He refused to give further details on the project. BHEL has recently made a foray in Romania by getting an order for fabric filters. The company’s other significant overseas successes included one of the largest overseas orders for transformers from Zambia Export Order for Electrostatic Precipitators (ESPs) on a Turnkey basis from Thailand and one of the largest orders for services business for overhauling of a 120 mw unit from Libya. BHEL also bagged orders from Greece, the Philippines, Germany, Australia, Italy, Finland, Malaysia, Oman, Indonesia, Azerbaijan, Kazakhstan, Bangladesh, Malta, Sri Lanka, Saudi Arabia and Japan, he added. (UNI) |
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Railways embark upon action plan on modernization NEW DELHI, Oct 25: Indian Railways have embarked on a high priority action plan for modernisation, development and expansion of physical infrastructure of rail network. The action plan, under formulation, will seek to increase investments on modernisation, track renewal and safety, an official release said. Modernisation will encompass replacement of rolling stock, enhancement measures, safety, track laying, maintenance, signalling system, workshop and production units, better training facilities, computerisation of freight and coaching train monitoring. The proposed action plan is a sequel to the UPA Government’s commitment in the Common Minimum Programme (CMP) to enhance rail infrastructure, modernise the system and increase line capacity as a priority area. (UNI) |
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Italy to host world Congress on high speed rail NEW DELHI, Oct 25: Touted as a high-level international gathering of the key stakeholders in the development of railways across the globe, the fifth world Congress on high speed rail —eurailspeed 2005 — will be held from November 7 to 9 next year in Milan, Italy. Besides the world Congress and the eurailspeed trade fair, the event, to be held under the aegis of International Union of Railways (IUC) and the Italian Railways, will showcase for the world market rail sector industries and companies, infrastructure and civil works sectors and institutions and service companies that collaborate with the railways in their high speed operations. "Eurailspeed will be an opportunity to exchange experience and obtain an overview on all crucial aspects of the future development of high speed train systems, including new advances in technology and operating methods, commercial strategies and new service types and their political and economic aspects," a railway ministry spokesperson said here today. The financing of high speed infrastructure in specific environmental constraints and cooperation with other transport modes would be of special interest for countries like India, he said. The Indian railways are also considering a high-speed rail service with a speed of 250 km per hour and above. The four previous eurailspeed Congress in Brussels, Lille, Berlin and Madrid were all a great success, he said. (UNI) |
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Cathay Pacific adds more flights from Delhi, Mumbai NEW DELHI, Oct 25: Cathay Pacific airways today announced addition of three flights each from Delhi and Mumbai schedule during the open skies period from November to March. The Hong Kong-based carrier currently operates four flights a week from the country’s busiest metros. With the addition of three new flights from both sectors, the airline will now have daily flights from Mumbai and Delhi, offering greater choice and flexibility to its customers. The first additional flight from Delhi to Hong Kong starts on November 1 and the Mumbai-Hong Kong flight, which is via Bangkok, will commence on November 16. Cathay Pacific’s country manager for India, Nepal and Bangladesh Rupert Bray said all flights have been performing well since the year began. "We have been working very hard to increase the frequency and schedules to a number of destinations on our network with the aim of making travel more convenient for our passengers. This new service of additional flights will give customers greater choice and further enhance Hong Kong as a global aviation hub." Cathay Pacific offers scheduled passenger and cargo services to 80 destinations in 30 countries and territories. It flies to Asia, North America, Australia, Europe and Africa. The aircraft deployed on the Delhi route is airbus a330-300 and on the Mumbai routes is the boeing 777-300. Cathay Pacific Airways also has a freighter network of 22 destinations with four flights to Mumbai and four flights to New Delhi per week. (UNI) Meghalaya Govt releases Rs 1.37 cr for SSA and OB SHILLONG, Oct 25: Meghalaya Government has released over Rs 1.37 crore for carrying out the Sarva Siksha Abhiyan (SSA) and ‘Operation Blackboard’ (OB) in different schools of the state. The amount was released to different deputy inspectors of schools in the state covering 645 adhoc lower primary schools under SSA with two teachers in each schools and 200 pre-primary teachers under OB for the period March to August 2004, official sources said here today. Out of the amount so released, Rs 1.16 crore was for SSA and Rs 21,60,000 for OB, the sources said. The amount due for each adhoc LP school under SSA was Rs 3000 per month - being Rs 1500 for one teacher - and for each pre-primary school under OB was Rs 1800 per teacher. The sources said the grant under OB was stopped by the Centre in the previous plan period. But after the State Government approached New Delhi, it agreed to provide it for 200 teachers till the end of the current plan period. (PTI) |
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