 |
|
Tea prices generally COIMBATORE, Aug 7: With fair demand only at lower levels, tea prices ruled lower by Re one to Rs three per kg, in the Coimbatore auction held last .......more Basel
II to trigger M&A NEW DELHI, Aug 7: The approaching deadline for implementation of Basel II norms, which require increased capital base for banks, will trigger ...........more UK
firm to pick up MUMBAI, Aug 7: World's largest supplier of nanotechnology information, Cientifica Ltd, UK will pick up 20 per cent stake in Mumbai-based ...........more Cotton
lint prices COIMBATORE, Aug 7: Despite limited purchases from the mill sector, cotton lint prices continued to be steady during the second fortnight of July, according to the South India Cotton Association (SICA). .........more |
|
Toyota keen to enter small car segment in India KOLKATA, Aug 7: Leading Japanese automobile company Toyota is keen to enter the small car segment in the country, now dominated by ..........more US firm to unveil world's first single-chip mobile in India NEW DELHI, Aug 7: US-based chip-maker Texas Instruments (TI) will roll out in India tomorrow the world's first single-chip mobile phone, which will be .......more Mitsubishi-HM to launch a series of models in India NEW DELHI, Aug 7: Aiming to increase sales in the burgeoning Indian car market, Japan's Mitsubishi Motors will launch a slew of models in the ........more FICCI
suggests measures NEW DELHI, Aug 6: In the wake of reports about widespread corruption in a much-hyped public employment programme, industry body FICCI has suggested a string of measures to make the proposed National Rural Employment Guarantee (NREG) bill fool-proof. . ......more |
Tea prices generally rule lower COIMBATORE, Aug 7: With fair demand only at lower levels, tea prices ruled lower by Re one to Rs three per kg, in the Coimbatore auction held last week, trade sources said. Depending on quality, Orthodox leaves were firm to dearer by Re one, while secondary grade brokens were mostly absorbed at steady rates, with CIS exporters operating selectively, the sources said. However, the prices of CTC leaf ruled lower by Rs two to Rs three per Kg, with only fair enquiry, including exporters, at lower levels. In the Dust category Orthodox all sorts sold lower by Re one to Rs two, despite fair support from internal and local buyers while good demand for liquoring sorts witnessed CTC dust price maintaining a firm level. But medium liquoring dust prices wer lower by Re one to Rs two, they said. Best Orthodox broken quoted at Rs 55 to Rs 77 and fannings at Rs 45 to Rs 55, medium brokens at Rs 40 to Rs 50, while best and good CTC brokens ruled at Rs 40 to Rs 46 and medium broken at Rs 26 to Rs 33 and fannings at Rs 26 to Rs 31 per Kg. Best CTC dust ruled at Rs 52 to Rs 65, good at Rs 39 to Rs 50, medium at Rs 27 to Rs 32. Of the total offerings of about 5.90 lakh kgs, dust teas comprised 3.13 lakh Kgs, the sources said. (PTI) |
|
Basel II to trigger M&A in banks, SMEs to face credit squeeze NEW DELHI, Aug 7: The approaching deadline for implementation of Basel II norms, which require increased capital base for banks, will trigger consolidation in the industry and make banks more risk averse towards credit dispensation, especially to SMEs and the rural sector, a FICCI survey has said. Basel II norms have to be implemented by March 31, 2007. The framework aims to provide adequate capitalisation of banks and encourage improvements in risk management, strengthening the financial system's stability. As per the FICCI survey on the state of preparedness of public, private and foreign commercial banks on the implementation of Basel II norms, majority of the respondents agree that since the complexity of the new framework may be out of reach for many smaller banks, it would trigger a need for consolidation in the banking system through mergers and acquisitions. While most of the respondent banks stated that increased capital requirements imposed by the Basel accord will not make their banks more risk averse towards credit dispensation, there is every likelihood of Small and Medium Enterprises (SMEs) and the farm and rural sectors being left out of the loop, said the survey. All the respondents believe that there are sufficient resources available for raising the higher amount of capital needed. Sixty two per cent banks would prefer to raise the requisite capital by a combination of Tier I and Tier II. On the need for further regulatory relaxation, 50 per cent of the banks said IFR (Investment Fluctuation Reserve) surplus and hybrid capital should be considered in Tier I. They also called for treatment of Investment Allowance Reserve as Tier I since it is created from post-tax profits and foreign currency translation reserve as Tier II capital. Some banks also stressed upon consistency in implementation of these norms in terms of timing and approach and favoured greater consultation with internationally active banks that face significant cross-border implementation challenges. On the comfort level with the stricter disclosure requirements, 50 per cent respondents said they were completely comfortable while the rest felt that they were comfortable to some extent. Seventy three per cent respondents said capital allocation to operational risk will not be counter-productive. The remaining, however, felt that in the Indian context, capital requirements are too high as the Indian banks, unlike their foreign counterparts are not much involved in speculative activities such as derivatives. Hence, the capital requirement for operational risk should be lower for the Indian banks than what is specified in Basel II accord, the survey said. (UNI) |
|
UK firm to pick up 20 pc state in Indian company MUMBAI, Aug 7: World's largest supplier of nanotechnology information, Cientifica Ltd, UK will pick up 20 per cent stake in Mumbai-based Yashnanotech. Cientifica, which is the international partner of Yashnanotech, will invest Rs 10 crore and the joint venture would aim at tapping global contract research opportunities in the area of nanotechnology, of Yashnanotech Managing Director Anurag Gupta told UNI here. Yashnanotech had recently entered into a technical, consulting and marketing tie-up in the field of Nanotechnology with Cientifica. Nanotechnology is the design, characterisation, production and application of structures, devices and systems by controlling shape and size at nanometer scale, where properties differ significantly from those at a larger scale. The company will increase its equity base of Rs eight crore to Rs 50 crore through conversion of 9.50 lakh warrants at par value of Rs 10 each. The new joint venture, to be established in two months , will set up nanotech manufacturing facilities at Hyderabad and in Maharashtra with an initial investment of Rs 50 crore. Of this, Rs 15 crore will be from internal accrual, Rs 5 crore of loan from financial institutions and the remaining Rs 30 crore will be raised from IPO or issue of preferential shares, Mr Gupta said. The company plans to commercialise research technology available from the Indian Universities for which Yashnanotech has signed an agrement with three educational institutions in the country, according to Yashnanotch chief operating officer Paramjyothi Chowki. ''In the first phase, we are focussing on biomedical and material applications of nanotechnology. We have already signed agreement with IIT Bombay, National Chemical Laboratory, Pune, and Jawaharlal Nehru Centre for Advanced Scientific Research, Bangalore. These institutions will provide research assistance,'' she added. ''We are in talks with companies, includiong CEAT , for providing nanotech applicatiions for their new generation tyres. This will be to provide navigational sensors to new generation technology tyres,'' Paramjyothi said.. Both the marketing and contract research facilities would be directly linked to the needs of firms abroad, she added. The company plans to invest Rs 150 crore in the second phase of the project and Rs 500 crore in the third phase. (UNI) |
 |
Cotton lint prices continue to be steady COIMBATORE, Aug 7: Despite limited purchases from the mill sector, cotton lint prices continued to be steady during the second fortnight of July, according to the South India Cotton Association (SICA). The lint prices maintained a firm trend in Punjab, Haryana and Rajasthan where Bengal Deshi ruled at Rs 1,400 to Rs 1,520 and J-34 Saw Ginned at Rs 1,670 to Rs 1,800 per maund spot, SICA in its market report for the period, said. Prices continued to rule steady in Gujarat and Madhya Pradesh. The ruling price of Shankar-6 was Rs 16,400 to Rs 1,750 and V-797 at Rs 11,110 to Rs 12,200 in Gujarat, while MECH1 and H4 quoted at Rs 16,600 to Rs 17,000 per candy spot in Madhya Pradesh. Maharashtra State marketing federation had further reduced its offer prices from the beginning of the fortnight and was trying to dispose of the stocks either by domestic sales or through exports, the report said. Cotton lint prices continued to maintain a steady trend in Andhra Pradesh and with increased demand for MCU5 lots, the prices ranged between Rs 19,500 and Rs 21,700 per candy spot. With prices maintained at Rs 31,000 to Rs 31,500 per candy for DCH-32, a steady to firm trend prevailed in Karnataka. With increased Kappas arrivals from districts, lint prices continue to rule steady in Tamil Nadu, SICA said. (PTI) |
|
Toyota keen to enter small car segment in India KOLKATA, Aug 7: Leading Japanese automobile company Toyota is keen to enter the small car segment in the country, now dominated by Suzuki and Hyundai, for which it is currently carrying out a feasibility study. India's small car market is a huge one and the company is eager to tap it, according to T Ino, Director (Marketing) of Toyota Kirloskar Motor Pvt Limited. Toyota produces small cars like Vios, Platz and Passo for the Japanese market. Toyota Kirloskar, a subsidiary of Toyota Motor Corporation of Japan, started production in the country in 1999. Asked about the company's financial performance, Ino said that Toyota Kirloskar would achieve break even in the current year, adding that all the accumulated losses were expected to be wiped out during 2005. He said the company would invest around Rs 130 crore during the current year to enhance efficiency. Toyota would also enhance
the production capacity at its existing plant near
Bangalore. The current capacity is 60,000 units per
annum. Asked about the sales of the company, he said the company sold 36,000 units of Qualis, 10,000 Corollas and 1000 units of Camry last year. In the current year, the company expects to clock 40,000 units of Innova, 10,000 units of Corolla and 1000 units of Camry. The company had recently withdrawn Qualis from the Indian market and replaced it with the Innova. Corolla's global sales had increased by 10 per cent to 1.2 million units in 2004, he said claiming that it was the largest selling car in the executive segment in India. (PTI) |
|
US firm to unveil world's first single-chip mobile in India NEW DELHI, Aug 7: US-based chip-maker Texas Instruments (TI) will roll out in India tomorrow the world's first single-chip mobile phone, which will be smaller, cheaper and less power-hungry than handsets being used currently. Mobile phones presently include two chips. While one contains all the analogue elements for handling the voice capability, the other has radio frequency circuits. The single-chip will integrate the analogue, digital and radio frequency building blocks on the same slab of silicon. This will result in a smaller handset, which will also consume less power. Texas Instruments Inc Chairman Thomas J Engibous will announce the single-chip solution and launch the phone here at an event organised by the Cellular Operators Association of India (COAI). ''This key worldwide announcement to be made from India is an indicator of the possibilities ahead for all of us. This becomes even more relevant with the recent announcements by many global telecom players setting up their manufacturing units in India,'' COAI said in a statement here. Texas Instruments is the leader in the wireless market for chipsets for mobile phones. In India, it has pioneered semiconductor design over the last 20 years. It was the international company to start a development centre in India. The Texas Instruments India development centre at Bangalore has been instrumental in bringing the single chip mobile phone solution to the market. It has played a pivotal role in enabling Indian companies to design and manufacture mobile handsets in India. (UNI) |
|
Mitsubishi-HM to launch a series of models in India NEW DELHI, Aug 7: Aiming to increase sales in the burgeoning Indian car market, Japan's Mitsubishi Motors will launch a slew of models in the country over the next few months in partnership with Hindustan Motors. "We have lined up a series of launches for the Indian market, though these would be through the completely-built unit (CBU) route to begin with," Hindustan Motors president R Santhanam told PTI. The models, which the ailing Japanese carmaker plans to bring in India include 'Lancer Cedia', SUVs 'Montero' and 'Outlander' and mini-van 'Grandis'. "Apart from these new ones, we will enhance focus on the Pajero in India," Santhanam said, adding that through these new products, the two automakers would widen their customer base. However, he conceded that these would be "limited volume, high-price products." The companies, he said, would look at the market response to these models before taking a call on options like assembling them in India. In May this year, Mitsubishi, Japan's only unprofitable automaker, announced plans to broaden its alliance with Hindustan Motors to boost sales and reduce costs. It has also said that it may source parts from India in a bid to cut costs. Hindustan Motors currently sells in India the 'Lancer' sedan and Pajero. Santhanam said the 'Cedia', which is likely to come in completely-knocked down (CKD) format, may come into the market in the next four months while the Montero in the first quarter of 2006 calender year. (PTI) |
|
FICCI suggests measures to give teeth to NREG Bill NEW DELHI, Aug 6: In the wake of reports about widespread corruption in a much-hyped public employment programme, industry body FICCI has suggested a string of measures to make the proposed National Rural Employment Guarantee (NREG) bill fool-proof. There were reports, from six states, that money was being drawn to pay the wages applicable for 60 days, whereas workers were employed only for three days and paid for as many days. The rest of the money was directed to somebody else, FICCI alleged in its report "National Rural Employment Guarantee Bill: A SWOT Analysis." A recent survey revealed that the leakages could be to the tune of 95 per cent. Unless significant changes are made in public employment programmes, things are not going to change for better, the report said. It suggested building accountability and commitment through roping in elected representatives from Parliament, state legislatures in the districts, state and national level committee and councils, it said. Public employment programmes have had the dubious distinction of being misdirected and corruption-prone, so much so that late Prime Minister Rajiv Gandhi had pointed out that out of one rupee spent under public programmes, a measly 15 paise actually reached the intended population, it said. The analysis underlines the need for integration of employment programme with other rural development schemes, provisions for repair and maintenance of the assets created and selective implementation of programmes in 150 districts before replicating them in the entire country. Lack of serious efforts to introduce innovative structures and procedures to overcome implementation problems, large costs, ambiguity in representation of stakeholders, experts and officials in top monitoring bodies were some weaknesses in the provisions of the Bill, the report said. The report, however, says that the Bill presents a host of opportunities which includes: scope for effective use of IT for enhancing the monitoring and evaluation of projects, possibilities to integrate NREG programme with other rural development schemes. The bill, if cleared, would offer a platform to re-establish credibility of employment programme and the effectiveness of government machinery in implementation and delivery and potential for reducing inter-state disparities in income levels, the report added. (PTI) |
|
Gold to firm up due to currency fluctuation and high oil price MUMBAI, Aug 7: Prices of gold will continue to firm up this year because of growing uncertainties caused by fluctuation of major currencies, including US dollar , and also soaring crude oil prices, analysts said. In domestic market, prices will harden further with the onset of Festival seasion and improved purchasing power of farming community following government focus on agriculture growth and rural economy. Last week, the yellow metal shot up to a five-week high at Rs 6260 per ten grams in local market on firm overseas advices. ''The start of the festival season in a month's time is expected to drive up India’s sluggish demand for gold...... Demand in the country has dropped now because farmers, who account for two-thirds of retail gold purchases, are sowing winter crops'', says a report prepared by the National Commodity Exchange. Moreover, wedding-related purchase has been down due to a seasonal drop in the number of marriages, report added. (UNI) |
|
Traders suffer losses but edible oils prices did not rise MUMBAI, Aug 7: Prices of popular soyabean and mustard oil did not harden in the rain-battered city thanks to increased supplies from neighbouring Gujarat and Madhaya Pradesh. On the contrary, prices of Soyabean oils eased by Rs 0.50/1 per kg to Rs 37 per kg, traders said. However, many of over 1500 traders engaged in edible oils business suffered huge losses due to flooding of their godowns and stores in the city suburbs during heavy rains last month. According to Bombay Commodity Exchange, these traders are currently assessing their losses and a final figure would emerge next week. Many traders lost their entire inventories of soyabean and mustard oils and have stopped trading. Meanwhile, the Exchange has called a meeting of its members this weekend to discuss the issue of seeking compensation for the losses suffered by the trading community. (UNI) |
|
Flood-hit CONCOR to move cargo via barges at JN Port MUMBAI, Aug 7: Rail PSU and multimodal logistic operator Container Corporation of India Ltd (CONCOR) will launch barge operations to clear the container backlog at Jawaharlal Nehru Port Trust (JNPT) as the rail link to the port has been damaged due to floods in Maharashtra. "CONCOR will operate five barges from JN Port to Mumbai Port Trust (MbPT) for moving 500 twenty feet equivalent units (TEU) of import and export cargo per day to clear the backlog created following the torrential rains in the state," Additional Secretary, Commerce & Industry, Christy Fernandez told PTI today. Fernandez, who has earlier constitued Container Cordination Committee (3C) to monitor and check congestion at JN Port, said these containers would be tranported to northern hinterland and other destinations from MbPT through western Railway route. "There will be at least two special CONCOR rakes running daily from Mumbai Port to clear these cargo in addition to six trains at JN Port," he said. Fernandez said the 3C is also exploring the option to run one train from Mulund Container Freight Station (CFS) to evacuate the cargo destined to northern hinterland. This would make a total of nine trains against the requirement of 12 per day to ease the backlog, he said. Asked about the cost of
re-routing the containers, he said it would be spread out
to trade while 3C would be taking alternative
arrangements such as utlising additional space at Central
Warehousing Corporation (CWC) at Nhava Sheva and road
movements. "Each constituent of the maritime industry should be proactive in playing role to address the problem at JN Port. Though JN Port has done everything possible to check the backlog, the flood situation has spoilt everything," he said. CONCOR chief general manager Arvind Bhatnagar said it would move 500 TEU of import and export cargo via MbPT daily till rail links towards JN Port are restored. "The rail link at Vasai-Panvel has been damaged. Moreover, the rail bridge at Bhivandi towards JN Port has also weakened due to torrential rains during last week. We are expecting these links will be restored," Bhatnagar said. (PTI) Rains slow down Schedule M norms inspection of pharma units MUMBAI, Aug 7: Heavy rains in Maharashtra have slowed down the inspection of pharmaceutical units by the Maharashtra Food and Drug Administration (FDA) even as the agency hopes to complete the process within a month. The inspections are carried out to ensure whether pharmaceutical units in the state are complying with good manufacturing practices (GMP) required under the schedule `M' norms of the Drugs and Cosmetics Act. "The heavy monsoon and shortage of staff has slowed down our inspection work of pharma units for compliance of Schedule M norms. We believe that the process would be completed within a month and we will issue show cause notices and shut down units which have not complied from August 25," a senior FDA official said here today. The Centre had set a deadline of July one by which all pharmaceutical units in the country had to adopt GMP in an effort to set up a basic standard in drug manufacturing practices. The FDA had earlier said that out of the 950 pharma units in the state, 380-400 units have already complied with the norms while 330 units were in the process of doing so. "Wherever we find that units have failed to upgrade their plants and technology according to the schedule M requirement, we will cancel their manufacturing licenses," FDA commissioner M Ramesh Kumar had said. Under rising pressure from the drug manufacturing industry, the Health Ministry had granted three extensions to the deadline for implementation starting from 2001. (PTI) |
|
|
