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| BJP charges UPA Govt with failure on economic front NEW DELHI, Oct 27: The BJP today expressed grave concern over spiralling inflation and charged the UPA.......more FDA
directs Parle MUMBAI, Oct 27: Maharashtra Food and Drug Administration (FDA) has directed Parle exports.....more Honda Q2
profit up TOKYO, Oct 27: Honda Motor Co posted a 9.2 percent rise in quarterly operating profit on Wednesday as better.....more Sal steel
to hit cap NEW DELHI, Oct 27: Sal steel today said it will hit the capital market on November 1 with a public issue of 4.2 crore........more |
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Aiyar to meet Left leaders on fuel price issue NEW DELHI, Oct 27: Petroleum Minister Mani Shankar Aiyar will meet Left party leaders this week to arrive at a........more PNB to
implement MUMBAI, Oct 27: The Punjab National Bank will implement the Real Time Gross Settlement (RTGS) solutions......more Heidelberg
to set CHENNAI, Oct 27: Heidelberger druckmaschinen AG, the world’s leading solution provider for commercial and......more Gaur
stresses on BHOPAL, Oct 27: Maintaining that tourist spots should be well-equipped with facilities, Madhya Pradesh Chief .........more |
BJP charges UPA Govt with failure on economic front NEW DELHI, Oct 27: The BJP today expressed grave concern over spiralling inflation and charged the UPA Government with "abject failure" in formulating a coherent economic policy, which has led to disruption of growth momentum in the economy. An economic resolution passed by the BJP national council meeting here alleged that the Congress had allowed the communists to do backseat driving at the Centre and was neglecting infrastructure, agriculture and infrastructure development. "The BJP national council is distressed to note that within less than six months of assuming office, the UPA Government has disrupted the growth momentum in the economy, achieved by the Vajpayee Government. Inflation, which was around 4 per cent during the NDA rule, has nearly doubled to levels that are the highest among important emerging economies," it said. "If not corrected, these will push many sectors like housing, auto, construction and manufacturing into recession." While bank deposit rates were 2 per cent below inflation, tax-free saving schemes were being "abruptly withdrawn", the BJP said. "The UPA Government’s abject failure to formulate a coherent economic policy and to implement it resolutely is because, for the first time since independence, the Congress has allowed the Communists to do backseat driving at the Centre. They (Left) are arrogantly using their veto card on practically every important economic policy or decision." The BJP expressed concern over the fall in agriculture production this year and said progress on infrastructure development in power, railways, ports, highways and rural roads has "come to a stop." "The NDA Government’s ambitious river-linking project has been given a burial," the party said. Pointing at the spiralling inflation and ‘unprecedented rise’ in the prices of all essential commodities, the resolution said "the Congress party’s election slogan ‘Congress Ka Haath, Aam Aadami Ke Saath’ has proven to be as hollow as the party’s earlier slogan of ‘Garibi Hatao’," In view of the steep hike in India’s oil import bill, the BJP asked the Government to speedily promote the production of bio-diesel and ethanol, a measure that would also help farmers. Referring to worsening fiscal situation of almost all states, the BJP asked the Centre to seriously consider a one-time waiver of all the old debts incurred by the State Governments. "The party urges the Centre to remove restrictions on States to raise non-budgetary finances for development projects that are commerically viable," it said. The BJP and all the BJP-ruled State Governments, would soon write to the 12th Finance Commission to raise the states’ share in the central pool of tax revenues to 35 per cent, it added. The party was also of the view that the Commission should allocate a separate, dedicated stream of at least 5 per cent of Central resources directly to Panchayati Raj institutions. (PTI) |
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FDA directs Parle not to release Bisleri in the market MUMBAI, Oct 27: Maharashtra Food and Drug Administration (FDA) has directed Parle exports, manufacturers of ‘Bisleri’ bottled water, not to release the product in the market till further orders. The company has failed to conduct required microbiological tests as a quarantine procedure as per Bureau of Indian Standards’ (BIS) norms, FDA Commissioner A Ramakrishnan told reporters here today. Simultaneously, the FDA Commissioner has also directed the local licencing authority, Brihanmumbai Municipal Corporation (BMC), not to allow the production and sale of the product until the company fulfills the BIS norms. The company has violated the mandatory procedure laid down by the BIS as it requires them to store the bottled water for five days before certifying it free from microbiological contamination for safe consumption, he said. Although the bottled water company managed to re-acquire the permission from bis to label its product with BIS mark a few hours after the FDA had ordered two of its units to suspend production on October 25, the FDA Commissioner said "we have written a letter to the BMC to suspend the production of bottled water until the quarantine norms are met with." FDA had carried out a surprise check yesterday at the Suburban Andheri unit of Parle exports and found that the company did not have the facility for quarantine procedures. "The company authorities pointed out lack of space in the Andheri unit," Ramakrishnan added. Meanwhile, general manager of the company’s Andheri unit, Sanjay Nair said "we are trying to make arrangements for storage space for manufactured bottles as per BIS directives but will take some time." So far, the company was manufacturing and dispatching the water on the same day for its consumers in Maharashtra. "Usually, we do the shelf-life test in our premises for upto six months," Nair added. (PTI) |
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Honda Q2 profit up on domestic sales, raises forecast TOKYO, Oct 27: Honda Motor Co posted a 9.2 percent rise in quarterly operating profit on Wednesday as better domestic sales and an accounting change offset currency losses, and it lifted its full-year forecast. Japan’s third-biggest car maker said operating profit rose to 172.93 billion yen ( 1.62 billion) in the second quarter to Sept 30 from a revised 158.43 billion yen a year earlier, beating a consensus estimate of 155.1 billion yen from 11 brokerages. Honda, also the world’s top motorcycle maker, raised its operating profit forecast for the year to March to 620 billion yen from 580 billion yen and now expects net profit of 447 billion yen instead of 417 billion yen. Net profit dropped 7.5 percent to 127.12 billion yen in the quarter after last year’s earnings were exaggerated by gains on financial derivatives. The fall was smaller than expected. Honda has enjoyed the strongest growth in Japan of the country’s top five car makers thanks to its popular fit compact car, but sales in the crucial North American market have slowed. A cut-throat US price war might affect profits for the rest of the year. Honda shares rose 1.5 percent in the second quarter, outperforming most Japanese car makers and a 2.5 percent fall in Tokyo’s transport sector subindex iteqp.Ahead of the results, Honda shares closed up 0.4 percent at 5,040 yen. (AGENCIES) |
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Sal steel to hit cap market on
Nov 1 with NEW DELHI, Oct 27: Sal steel today said it will hit the capital market on November 1 with a public issue of 4.2 crore equity shares for a backward integration project to manufacture sponge iron, ferro alloys and set up rolling mills. The entire issue will be made through a book-building process and the price-band has been fixed between Rs 12-14 per share with a face value Rs 10, Sal steel chairman Rajendra Shah told newspersons here. The books will close on November 5. Sal steel, promoted by Shah Alloys Ltd with 67.87 per cent stake, said the project costs Rs 203.31 crore and is being funded through Rs 51 crore of promoters’ contribution, Rs 114 crore of term loans and the proceeds of the public issue. Of the 4.2 crore shares on offer, the company has reserved 10 per cent for allotment to the shareholders of Shah alloys. From the balance net offer to the public of 3.78 crore shares, 50 per cent will be allotted on a discretionary basis to institutional buyers and 25 per cent to non-institutional investors. The remaining 25 per cent will be available for retail investors, the retail portion being allotted on a proportionate basis. The public offer constitutes 44.48 per cent of the post paid-up equity capital of the company. Post-issue Shah alloys’ holding in Sal steel will decline to 34.33 per cent. Optimistic on the increasing demand for stainless steel, Mr Shah said the Indian Stainless Steel Development Association is in talks with the railways to use only stainless steel to manufacture coaches for distance trains. (UNI) |
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Aiyar to meet Left leaders on fuel price issue NEW DELHI, Oct 27: Petroleum Minister Mani Shankar Aiyar will meet Left party leaders this week to arrive at a consensus on raising petrol and diesel prices that has been necessiated due to crude oil prices touching a historic high of 56 dollars a barrel. Petrol and diesel prices have not been raised since August 1 despite raw material cost (crude oil) surging by over 33 per cent, resulting in heavy losses to public sector oil firms. "I have already held discussions with CPI leaders A B Bardhan and A Raja on the issue. I also spoke over phone with CPM leader Sitaram Yechury and asked him if leaders of all Left parties can be brought together to discuss the issue on October 29 or 30," Aiyar told PTI here. The Cabinet Committee on Economic Affairs (CCEA) had on October 15, the last due date for reviewing petrol and diesel prices, not taken any decision on the issue pending wider consultations with the UPA allies, particularly the Left. Petrol and diesel prices are due for a review on October 31. Aiyar said he has informed the Prime Minister’s Office about the meetings with key allies for an "appropriate decision for further intra-Government consultations." He did not say if duties on crude and products may be cut to contain the impact of surge in crude oil prices. "I cannot say anything on that. The Ashok Lahiri Committee (constituted by the Finance Ministry) is looking into the duty structure." (PTI) |
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PNB to implement synergy Log-in’s RTGS solutions MUMBAI, Oct 27: The Punjab National Bank will implement the Real Time Gross Settlement (RTGS) solutions developed by Chennai-based Synergy Log-in Systems Ltd. Speaking to UNI, synergy Log-in Systems managing director V Sanjay Kumar said the RTGS solutions, named Liquidity Assurance Management and Payment System (LAMPS), will be implemented in a comprehensive manner at all the bank’s branches. "Lamps would act as a messaging hub in managing the intra-day liquidity system. It will also automate the operations of the reconciliation of accounts and other functions", he said. He added that LAMPS, worth 100000, is equipped with middleware enabling the new changes coming in the RTGS system. "We have got positioning for our RTGS solutions by having PNB as our first customer. May more banks are keen on this product. We are looking for the performance of lamps after the implementation in the PNB", Mr Sanjay Kumar said. Synergy Log-in is the agent of the US-based bankserve for swift payment and over eight Indian banks are the clients of the company. Synergy Log-in has development and resource centres in Chennai, Mumbai and Kuala Lumpur besides operations in sales and support offices in London, New Jersey and Kuala Lumpur. Synergy Log-in’s clientele includes HDFC bank, Ing Vysya Bank, Kotak Mahindra Bank, Peoples Bank (Sri Lanka), Gruppo Banca Sella (Italy), Symtec Solutions (UK) and Cerberus Software (UK). (UNI) |
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Heidelberg to set up print media academy in Chennai CHENNAI, Oct 27: Heidelberger druckmaschinen AG, the world’s leading solution provider for commercial and industrial customers in the print media industry, will set up a print media academy in the city to educate Indian printers on quality printing. Announcing this at a press conference here last night to coincide with Heidelberg’s 50 years of uninterrupted presence in the Indian market, company chairman Bernhard Schreier said the academy would come up as soon as the company’s facility was relocated within the city. He said Heidelberg had already opened such an academy in Kuala Lumpur, Tokyo and Sydney. Mr Schreier also announced that for the next five years the company would take ten graduates per year from various printing schools in the country to its facilities in Germany so that the graduates could learn how quality printing was being done. Noting that Heidelberg’s Indian operations were lagging far behind the operations in China, he expressed the hope that India could well become the print nation of Asia as it had English as its business language, besides having better communication linkage and transfer facility. Stating that there was no possibility of digital printing replacing offset printing in the next ten years, he said the internet boom would not have any adverse impact on the print. Both internet and print would co-exist with mutual benefits, he added. Mr Schreier said Heidelberg generated 85 per cent of its sales through its own sale companies and around 87 per cent of its sales abroad. In fiscal year 2003-04, heidelberg achieved sales of euro 3.114 billion in division press, postpress and financial services. Heidelberg India, headquartered in Chennai with branch offices in Bangalore, Kolkata, New Delhi and Mumbai, holds a total market share of about 50 per cent of the Indian graphic art industry. (UNI) |
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Gaur stresses on ecotourism policy BHOPAL, Oct 27: Maintaining that tourist spots should be well-equipped with facilities, Madhya Pradesh Chief Minister Babulal Gaur stressed on formulating an ecotourism policy in order to increase employment. Addressing an ecotourism workshop organised by a state-level committee in collaboration with the Madhya Pradesh State Tourism Development Corporation Ltd yesterday, Mr Gaur pointed out that the state boasted of landscapes that have been centres of attraction. "The concept of no-profit-no-loss could be tried initially to enhance tourist flow and there’s a need for an ecotourism cell," the Chief Minister said while emphasising on joint efforts by tourism and forest departments. The Chief Minister released a book on community-based tourism, authored by Dr A K Bhattacharya. (UNI) |
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Vietnam raises coffee output to 13-13.5 mln bags HANOI, Oct 27: Vietnam, the world’s top robusta producer and exporter, on Wednesday raised its output forecast for the ongoing coffee crop by about 8 percent to between 13 million and 13.5 million 60-kg bags. "Along with 100,000 tonnes in stock carried over from the previous crop, Vicofa thinks the export would be between 750,000 tonnes and 800,000 tonnes (12.5-13.3 million bags)," Van Thanh Huy, chairman of the Vietnam Coffee and Cocoa Association (vicofa), told . In June, the industry body estimated Vietnam’s new coffee crop, which lasts between this month and September 2005, would produce 12 million bags, or 720,000 tonnes. (AGENCIES) |
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Matrix lab awards 1:1 bonus
shares, NEW DELHI, Oct 27: Matrix Laboratories Ltd has recommended a liberal bonus issue in the ratio of 1:1 and also announced sub division of equity shares into a face value of Rs 2 each against the current face value of Rs 10 each. The Board of Directors recommended a final dividend of 60 per cent for the financial year ended March 2004, in addition to the 50 per cent interim dividend paid in January this year, taking the total dividend to 110 per cent. The Hyderabad-based bulk drugs and intermediates company said it will take necessary shareholders’ approval for these proposals at the ensuing AGM to be held in December. "The decisions are in line with matrix’s belief in enhancing the wealth of its shareholders. The sub-division of shares is expected to make the stock affordable to the retail investors, thereby increasing the market depth to the stock," matrix CEO N Prasad said yesterday. Matrix posted a net profit of Rs 42 crore, up 30.79 per cent, for the second quarter ended September 30, 2004. Gross sales in the quarter grew by about 20 per cent at Rs 170.9 crore. For the six months ended September 2004, matrix recorded a net profit of Rs 82.7 crore, up 31.68 per cent over the corresponding period last year. Gross sales in the same period stood at rs 334 crore, up 24.09 per cent over the same period last year. Exports accounted about 54 per cent of sales. (UNI) |
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NEW DELHI, Oct 27: Auto ancillaries maker Bharat Forge Ltd has posted a 29 per cent rise in net profit to Rs 37.83 crore in the second quarter ended September 30, 2004, against Rs 29.35 crore a year earlier. It said total income rose 40 per cent to Rs 291 crore in July-September from Rs 208 crore in the same period last year. (UNI) Shanghai auto to buy Ssangyong for 522 mln-source SEOUL, Oct 27: Creditors of Ssangyong motor co have agreed to sell the South Korean sports utility vehicle maker to Shanghai Automotive Industry Corp for 522 million, a source close to the deal told on Wednesday. Ssangyong has been up for sale since creditors took control of the debt-ridden Korean carmaker in 1999, when its parent, Daewoo group, failed under a mountain of debt. China’s State-run Shanghai Auto (SAIC), general motors corp.’s main Chinese partner was named in July as preferred negotiating partner to buy a 48.9 percent stake in Ssangyong. "There are a lot of terms and conditions on the deal but (it) will be signed at 10,000 won per share," the source said. "By year-end, all settlements will be completed, with current management handling issues raised by the union." The source said creditors planned to sign a final deal, worth 590.7 billion won ( 522.2 million), at 0800 gmt on Thursday. In 2002, gm, SAIC and Japan’s Suzuki corp. Bought control of South Korea’s Daewoo motors. SAIC has a large joint venture with Volkswagen AG and is currently considering listing its entire business, possibly overseas. A deal to sell the troubled carmaker to chinese state chemicals firm blue star collapsed in March over the price. Ssangyong, which builds Rexton, Korando and Musso Suvs as well as the luxury chairman Saloon, has annual capacity to make 200,000 vehicles and plans to double production by 2007. The South Korean carmaker has a market value of 714 million, but is mired in 1.32 trillion won of debt. Its net profit jumped 84 percent last year to 589.6 billion won on cost cutting measures and robust sales. Shares in ssangyong edged up 0.14 percent to 6,770 won as of 0522 gmt, after earlier dropping as much as 4.6 percent. The wider market was down 0.16 percent. (AGENCIES) |
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