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| IETE signs MoU with ISTE for content creation NEW DELHI, Sept 20: The Institution of Electronics and Tecommunication Engineers (IETE) has signed a Memorandum of Understanding with Indian Socety of ............more Oil India
says fire in NEW DELHI, Sept 20: Oil India Ltd, country’s second largest oil producer, today said the six-day old fire at an oil well in Dibrugarh district of Assam will take another week to be put out. "Efforts to put out the fire and cap the well ......more India and
Pakistan to NEW DEHLI, Sept 20: India and Pakistan will seek third party certification of Iran’s gas reserves before moving ahead on the 7.4-billion dollar Iran-India-Pakistan pipeline, which ........more PNB
launches farmers NEW DEHLI, Sept 20: The Punjab National Bank (PNB) has launched a website, pnbkrishi.Com, that will carry the basic information on crops, cultivation, seeds, sowing, water, pest and .........more |
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Railways’ freight earnings on upswing NEW DELHI, Sept 20: Maintaining the spiralling growth in revenues, the railways earned Rs 14125.13 crore from freight during the first five months of the current ......more Dabhol
power to cost NEW DELHI, Sept 20: Smooth take-off for the revival of Dabhol Power Project (DPC) slated to produce electricity next year has been marred by a series of last mile hurdles that are expected to be cleared this ........more Embraer
business jet NEW DELHI, Sept 20: Defence Minister Pranab Mukherjee today inducted a Embraer business jet in the fleet of the Indian Air Force for VVIP travel.It is one of the three Embraer-135 Legacy business jets India received from .........more Eureka
Forbes launches SURAT, Sept 20: Market leader in water purification technology Eureka Forbes Ltd has launched its new state-of-the-art purifier.'Aquaguard Ultra' is based on Ultrafiltration (UF) technology, a company release said here..........more |
IETE signs MoU with ISTE for content creation NEW DELHI, Sept 20: The Institution of Electronics and tTlecommunication Engineers (IETE) has signed a Memorandum of Understanding with Indian Socety of Technical Education (ISTE) for creation of content for the engineering programmes it runs at all its 52 centres in the country. "We have signed an MoU with ISTE to create content for engineering courses that we run," President of IETE P Sehgal said. The MoU was signed last week. He said that the institution was also talking to Indian Space Research Organisation (ISRO) for connecting all its 52 centres through its education satellite edusat. "This would enable creation of a virtual classroom spread across India," Sehgal said. The institution is organising it’s 48th annual convention on ‘ICT - the road ahead’ from 23-25 September. Along with the convention, the institution is also organising IETE-expo-2005. The annual convention will be inaugurated by Minister of Heavy Industry and Public Enterprises Santosh Mohan Dev. During the three-day convention seven technical sessions will be held, which will be addressed by 45 experts from India and abroad. Two sessions each will be dedicated to telecom and broadcasting, one session will deal with it and convergence, one session will deal with regulator issues and one with technology growth and services.(PTI) |
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Oil India says
fire in Assam well will take NEW DELHI, Sept 20: Oil India Ltd, country’s second largest oil producer, today said the six-day old fire at an oil well in Dibrugarh district of Assam will take another week to be put out. "Efforts to put out the fire and cap the well have been delayed because of equipment shortages," said an oil official, who wished not to be identified. Oil called in Texas-based boots and coots international well control to douse the blaze. However, the equipment and machinery needed for the fire-fighting were not available in Assam. "We are moving equipments by road from various parts of the country and they are expected to arrive later in the week and only then can the actual work to douse the fire begin," the official said. The Dikon-15 well was damaged last Tuesday, allowing oil and gas to escape. The gas ignited on Thursday afternoon. Oil has shut operations at the field, which produces about 6000 barrels of crude oil per day. "We hope to bring the fire under control by early next week," the official said. (PTI) |
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India and Pakistan to seek 3rd
party NEW DEHLI, Sept 20: India and Pakistan will seek third party certification of Iran’s gas reserves before moving ahead on the 7.4-billion dollar Iran-India-Pakistan pipeline, which is to meet the growing energy needs of both nations. At the second meeting of the India-Pakistan joint working group on the pipeline project in Islambad earlier this month the two sides agreed to approach Iran for third party certification of gas reserves, confirmation of allocation of gas reserves for the project, identification of alternate/back up gas reserves and time line for the Development Plan of Allocated Reserves, sources said. Iran holds the world’s second largest gas reserves after Russia but the reserves have not been independently certified. Iran had completed in-house studies on gas reserves which showed that after allowing for gas re-injection in wells for boosting oil production and for domestic consumption needs, it would have 14 trillion cubic meters gas reserves available for exports, including the demand for the IPI project. Sources said the Iranians have designated phase 9, 10, 15, 16, 17 and 18 of the south Pars field for the IPI Project which is to transport 150 million standard cubic meters per day of gas from the Persian Gulf to Pakistan and India. Pakistan’s Minister for Petroleum and Natural Resources Amanullah Khan Jadoon was likely to visit New Delhi on October 2-3 for further discussions on the project and the two sides would exchange broad outlines of the project structure at the next JWG meeting in the second week of November, they said. Pakistan has indicated that on the basis of their revised gas demand projections, they would now need 30 Million Standard Cubic Meters per Day (MMSCMD) of gas in 2010-11 which would ramp upto 60-70 MMSCMD in 2014-15. India has stated a minimum requirement of 90 MMSCMD of gas through the proposed pipeline. Sources said the two sides agreed that the project would have inbuilt internationally acceptable pipeline safety design features which would ensure a safe and secure world class project. While India has already appointed ernst & young as its financial advisor to advise on project structure, pipeline security matters covering all aspects and basis for gas price negotiations with iran, pakistan would engage a consultant by end of this month. The three sets of bilateral dialouge between India and Pakistan, India and Iran and Iran and Pakistan would culminate into a tripartite agreement by mid-December, sources said.(PTI) |
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PNB launches farmers website on NEW DEHLI, Sept 20: The Punjab National Bank (PNB) has launched a website, pnbkrishi.Com, that will carry the basic information on crops, cultivation, seeds, sowing, water, pest and fertiliser managment and hybrid verietal improvments. It will also carry up-date information relating to stocks and prices of foodgrains, vegetables, fruits, pulses, cash crops and floriculture. On-line details about the prices of agro products in various mandis and the whole-sale market on day-to-day basis will also be provided on the website besides reply to the queries on weather forecast, a PNB release said here today.(UNI) |
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Railways’ freight earnings on upswing NEW DELHI, Sept 20: Maintaining the spiralling growth in revenues, the railways earned Rs 14125.13 crore from freight during the first five months of the current financial year, ended august, as compared to Rs 11944.43 crore during the corresponding period of last year. The earnings from freight during August this year amounted to Rs 2786.25 crore from 51.56 million tonnes of revenue freight as compared to Rs 2326.10 crore from 46.19 million tonnes of such traffic during august last year, registering an increase of 19.8 per cent in rupee terms and nearly 11.7 per cent in terms of million tonnes. Of the total earnings, Rs 1149.04 crore came from transportation of 23.00 million tonnes of coal, followed by Rs 137.24 crore from 3.94 million tonnes of raw material to steel plants, Rs 144.84 crore came from 1.46 million tonnes of finished iron and steel, Rs 213.23 crore from 3.94 million tonnes of iron ore for export and Rs 197.55 crore from 4.10 million tonnes of cement. In addition, the railways earned Rs 236.06 crore from 3.34 million tonnes of foodgrains, Rs 143.67 crore from 2.82 million tonnes of fertilizers, Rs 234.82 crore from 2.71 million tonnes of Petroleum, Oil and Lubricant (POL) and Rs 329.78 crore from 6.25 million tonnes of other goods.(UNI) |
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Dabhol power to cost more,
consent terms NEW DELHI, Sept 20: Smooth take-off for the revival of Dabhol Power Project (DPC) slated to produce electricity next year has been marred by a series of last mile hurdles that are expected to be cleared this Friday. The tariffs will also go up 20 per cent against the backdrop of fluctuating fuel prices and experts say it will be anywhere between Rs 2.50 to Rs 2.75 a unit. The 'consent terms' between lenders, Ratnagiri Gas and Power Limited and Dabhol Power Company will be signed this Friday and would initiate the process of asset transfer from Dabhol to Ratnagiri Gas, the Special Purpose Vehicle created for this purpose, sources said The parties concerned have yet to arrive at a consensus on how to Treat the project completion cost which has delayed the signing of the crucial consent agreement. Several outstanding issues have dogged the restart of the project like how to handle the issue of Interest During Concern (IDC) and Engineering Procurement and Construction (EPC) costs. The lenders have agreed to finance the cost of completion. The problem persists on how to award the EPC contract and who would take the hit after the increase on the completion of the project. It is still undecided whether to award the contract on a "firm or variable basis", sources say. The Dabhol project is yet to be completed has an estimated total cost of over Rs 10,000 crore includes a loan component of around Rs 7,200 to Rs 7,600 crore which would be procured from banks and financial institutions. There is also a degree of differences on whether cost of variation After completion would be absorbed by Ratnagiri Gas. But as no party involved in the restart process wants to take a hit, they want these issues to be sorted out threadbare before they sign the consent agreement. GAIL which has been tasked with sourcing of fuel for Dabhol anticipates the price of Liquefied Natural Gas (LNG) to be between 4.5 to five dollars per mBTU ( million British thermal unit) which would translate into a tariff in the range of Rs 2.50 per kwh to Rs 2.75 per kwh a unit. The oil PSU has said that during the restructuring process the cost of crude oil was 34 dollars per barrel as compared to the current price of 60 dollars a barrel. Previous tariff of Dabhol was estimated at Rs 2.30 a unit as GAIL was confident of sourcing LNG at 3.65 per mBTU. Ratnagiri Gas which is promoted by GAIL and National Thermal Power Corp would import 0.64 million tonnes per annum of LNG in 2006, which would go up to 2.83 mmtpa in 2007 and 5 mmtpa from 2008. The two phases of the power plant, 740 for Phase one and 1444 MW for phase two recquires 2.1 mmtpa. The empowered Group of Ministers (eGoM), headed by Defence Minister Pranab Mukherjee has granted mega power project status to the Dabhol project and waived capital gains tax on transfer of assets from Dabhol Power Co to the SPV, Ratnagiri Gas and Power Pvt Ltd. RGPPL is a company promoted by gas firm GAIL and power utility National Thermal Power Corp (NTPC), who have been tasked to complete the unfinished portion of the power plant and restart the project by end of 2006. (UNI) |
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Embraer business jet inducted into IAF fleet NEW DELHI, Sept 20: Defence Minister Pranab Mukherjee today inducted a Embraer business jet in the fleet of the Indian Air Force for VVIP travel. It is one of the three Embraer-135 Legacy business jets India received from the Brazilian manufacturer a fortnight ago. Two more jets are expected to come in the next couple of years. The cost of the five Embraers ordered in September 2003 is about Rs 750 crore. The aircraft has self-protection suites to guard against missile attacks and other threats and the anti-missile defence systems were retrofitted in the US. The aircraft, which are in special executive class configuration with 14 seats, have large cabin volume providing room for work and relaxation of VVIPs. While four of the five aircraft would be placed under the IAF headquarters' Communication Squadron, which caters to VVIP travel, the fifth will be under Home Ministry and the BSF. Government has recently cleared the purchase of three Boeing business jets which will be fitted with anti-missile defence system and will start arriving in the country by January 2009. (PTI) |
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Eureka Forbes launches 'Aquagaurd Ultra' SURAT, Sept 20: Market leader in water purification technology Eureka Forbes Ltd has launched its new state-of-the-art purifier. 'Aquaguard Ultra' is based on Ultrafiltration (UF) technology, a company release said here. Ultrafiltration is a special membrane that removes small colloids, bacteria, viruses, molecules, (upto 0.01 micron) thus providing water which is crystal clear, microbiologically pure and safe, the company stated.(UNI) |
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Gold may extend rally on jewelry demand, survey says NEW YORK, Sept 20: Gold, trading at its highest since 1988, shows no sign of retreating as production fails to keep pace with jewelry demand and investors buy gold for a hedge against inflation, a survey showed. Thirty-four of 49 traders, investors and analysts surveyed last week from Seoul to New York advised buying gold, which today reached a 17-year high in London and New York. Supply from mines and recyclers will fall short of demand this year by 14 per cent, or 459 metric tons, up from a deficit of 35 tons last year, Citigroup said. Gold prices were up 14 per cent in the past year as jewelry demand soared in India, China and Turkey, and the record-high cost of oil sparked concern inflation will accelerate. "Sure, gold is at a 17-year high, but we are well off the 700 dollar figure seen in 1980," said an analyst in New York who has about 20 per cent of his money in gold equities. "Just like crude oil doubled within a year, as investors started valuing the demand level as well as making 1980s inflation comparisons, I believe gold prices will skyrocket next year and end 2005 around 500 dollar." Gold rose 14 per cent in 2004. In New York, for December delivery rose to a 17-year high, touching a level around 468.65 dollar an ounce on the New York Mercantile Exchange. Mining output, which fell to an eight-year low of 2,464 tons in 2004, will be little changed this year at 2,495 tons, while jewelry demand climbs 7.1 percent to 2,801 tons, London-based researcher GFMS forecasted. Investors, who sold a net 76 tons of gold last year, are expected to make net purchases of 43 tons, with most of the buying in the second-half of this year, GFMS said. "I have not seen a better fundamental atmosphere for gold since the early 1980s," said a partner at Logic Advisors in Upper Saddle River, New Jersey. "This metal is increasingly being viewed as an asset class and an alternative asset. Gold futures climbed to 873 dollar an ounce in 1980, when U.S. Consumer prices rose than more than 12 per cent from the previous year. Last month, US consumer prices rose at an annual rate of 3.6 percent, the Labor Department said. European central banks, which helped to fill the global supply deficit by selling gold from their reserves, said that they had already exceeded their 500-ton maximum for sales in the year. That means, central banks were out of the market. Gold is up 5.7 percent in London in the three weeks since Hurricane Katrina touched land on Aug 29, causing crude oil prices to surge to a record 70.85 dollar a barrel on Aug 30. The oil might gain this week on concern output in the Gulf of Mexico after shutdowns caused by Katrina. Ten-year US treasuries fell last week, pushing yields to a four-week high on concern inflation might accelerate. "Seventeen-year highs are impressive, with the bond market showing that inflation will be returning with a vengeance," said president of Prospector Asset Management, who had been negative on gold since Apr, now expects it to rise this week. The biggest risk to a drop in prices this week is the dollar, which may rally if the Federal Reserve boosts interest rates today, said a trader in New York. Since the Fed starting to raise rates in June 2004, gold has climbed five times and dropped five times on the day after each of the 10 rate increases. Gold has climbed 6 percent in the third quarter, heading for the biggest quarterly gain since July through September in 2003. (AGENCIES) |
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Kotak eyes Rs 150 cr life insurance business LUDHIANA, Sept 20: Kotak Mahindra Old Mutual Life Insurance is eyeing life insurance business worth Rs. 150 crore from the northern region within next two years, a senior company official has said. "We have set a target of achieving a business of Rs 150 crore from northern part including Delhi, NCR, Punjab, Haryana and Himachal Pradesh as there is a huge potential of life insurance business in this region which should be capitalised upon," Yog Raj Sharma Vice-President (Northern Region), told PTI here. The company has decided to focus on rural markets to achieve the target. "There is a potental in rural market where people are grossly under insured," he said. Kotak Life Insurance, a joint venture between Kotak Mahindra Bank and UK based Old Mutual Plc, has also plans to increase the number of its branches in this year. "We have plans to open four offices in UP and New Delhi in this year," he added. Kotak is also planning to hire at least 1,200 insurance advisors to peneterate into the rural market, he said. (PTI) BSNL, COAI file caveats in SC against Tata's Walky NEW DELHI, Sept 20: State-owned Bharat Sanchar Nigam Limited and Cellular Operators Association have filed a caveat in the Supreme Court to ensure that they are heard as and when Tatas move the Apex Court against TDSAT order on Walky service. Last week TDSAT had dismissed Tata Teleservices' petition against the Government classifying fixed wireless phone service "Walky" as limited mobile, making the private operator liable to pay huge levy to state-owned BSNL. BSNL is estimated to raise a demand of upto Rs 300 crore on Tatas towards Access Deficit Charge with retrospect effect. The COAI has also filed a separate caveat in the Apex Court. COAI is of the view that Walky phone was nothing but a mobile phone and the operator should be made to pay ADC like other mobile service providers. By not paying ADC, Tata Teleservice was being given 'undue' advantage, COAI had alleged. Once the TDSAT order is implemented Tatas would have no option but to increase the call rates to Rs 2.10 for a three minute call compared to Rs 1.20 now. The company had also approached the Department of Telecom (DoT) seeking three months time to implement TDSAT's order, sources said, adding the DoT did not agree to this. When contacted Tata Teleservices officials confirmed that they decided to challenge TDSAT order and they would formally approach the Supreme Court soon. (PTI) Videocon bags oil block in Nigeria MUMBAI, Sept 20: Videocon Industries today said it had bagged an oil block in Nigeria. The company has received the Oil Prospecting License (OPL) block no OPL 471 by the Ministry of Petroleum Resources, Nigeria, under the Nigeria 2005 Licensing Round for Oil & Gas Exploration and Production, it informed the Bombay Stock Exchange. The details of the participating interests of the consortium members in the block were being finalised, it said. However, names of the participating members in the consortium, being led by Videocon Industries were not mentioned in the communique. (PTI) |
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