Daily Excelsior...Business

Govt committed to unlock investment potential in PSUs : PM

HYDERABAD, Dec 5: Prime Minister Manmohan Singh today asserted that his government was 'fully' committed to unlocking .........more

More than 30 protected monuments, sites untraceable

NEW DELHI, Dec 5: Rapid urbanisation, multi-storeyed buildings and development ........more

Govt to approve gas pricing formula: Deora

NEW DELHI, Dec 5: Natural gas producers like Reliance industries will need Government approval for the formula used to ......more

Rajshri ties-up with US-based Brightcove for Vivah online premiere

NEW DELHI, Dec 5: Rajshri media, the digital entertainment arm of the 60-year old Rajshri, has tied up with Cambridge-based internet TV service provider brightcove, for the online premiere of the .........more

Rise of ‘Chindia’ to alter global economy: Investment experts

BEIJING, Dec 5: The rise of Chindia - a combination of China and India - will alter the world economy and generate investment ........more

Govt committed to unlock investment potential in PSUs : PM

HYDERABAD, Dec 5: Prime Minister Manmohan Singh today asserted that his government was ......more

Polymers rule flat in thin trade

NEW DELHI, Dec 5: A steady trend was noticed in the wholesale plastic market today as most polymer prices moved in a narrow range on little doing and settled around ......more

Edible oils remain down on sluggish demand

NEW DELHI, Dec 5: The downslide in edible oil prices continued unabated in the wholesale oils and oilseeds market today largely on slowdown in buying by vanaspati units and retailers and lost further ground............more

Menthol, thymol up on industrial demand...........

Sugar closes lower..........................

Urad, gram weaken on stockists selling..................

Wheat strengthens on pause in selling, millers buying............

Govt committed to unlock investment potential in PSUs : PM

HYDERABAD, Dec 5: Prime Minister Manmohan Singh today asserted that his government was 'fully' committed to unlocking the investment potential in the public sector.

'We want to create a culture that rewards risk taking, innovation and product development in the public sector to compete effectively at the global level,' Dr Singh said while delivering his address at the golden jubilee celebrations of Administrative Staff College of India (ASCI) here.

Stating that it was high time to enter into public-private partnership and enable the public sector to build on core competencies, he said 'we must review the governance structures of the PSUs, while maintaining accountability by putting them on a sound financial footing and giving them opportunities to restructure and rationalise.

Pointing out that there was a postitive turn around in the performance of Indian Railways after inviting private investments, Dr Singh said 'we have to also tone up the management of other large PSUs, including Food Corporation of India and oil PSUs' to strengthen them in future.'(UNI)

More than 30 protected monuments, sites untraceable

NEW DELHI, Dec 5:

Rapid urbanisation, multi-storeyed buildings and development projects have led to disappearance of 35 Centrally-protected monuments and sites across the country.

Tourism and Culture Minister Ambika Sonia told the Rajya Sabha in a reply that Delhi’s Bara Khamba cemetery, Moti Gate of Sher Shah and Nicholsan statue were among the untraceable sites and monuments.

"The major causes for the disappearance of these mounuments are rapid urbanisation, construction of multi-storeyed residential and commercial buildings and implementation of development projects," she said.

A 12^{th-century
temple at Baran in Rajasthan, gunner Burkill’s timp
at Rangaon in Uttar Pradesh, guns of emperor Sher Shah in
Assam’s Tinsukia, ruins of Copper Temple near Paya
in Arunachal Pradesh, Mughal Kos Minar in Haryana’s
Faridabad and Kutumbari temple at Dwarahat in Uttaranchal
also figure in the same list.}

^{Security Cover:
The government has selected eleven sites, including the
Ramjanambhoomi/Babri complex in Ayodhya and Taj Mahal,
under its special security cover plans.}

^{Khajuraho, Red
Forts in Delhi and Agra, Rumtek Monastery,
Krishnajanambhoomi in Mathura, Delhi’s Rajghat and
National Museum, Salarjung Museum in Hyderabad and Kashi
Vishvanath temple are also proposed to be provided with
special security covers.}

^{The Home Affairs
Ministry has made a budgetary provision of Rs 24.91 crore
for the security cover plan, Soni said in another reply.
(PTI)}

Govt to approve gas pricing formula: Deora

NEW DELHI, Dec 5: Natural gas producers like Reliance industries will need Government approval for the formula used to calculate the price of the fuel, Petroleum Minister Murli Deora said today.

"Formula on the basis of which gas pricing is done... Shall be approved by the Government," Deora told the Rajya Sabha here.

Deora said a committee headed by Joint Secretary and Financial Adviser in his ministry, had recommended formulation of transparent guidelines for approving natural gas pricing basis for the purposes of calculating government revenue from gas fields (profit petroleum and royalty).

The committee was constituted after the ministry rejected Mukesh Ambani-run Reliance industries’ proposal to sell gas from its kg-d6 fields in Bay of Bengal to Anil Ambani’s company saying the price of 2.34 dollars per Million British Thermal Unit (MBTU) was not arrived at arms-length basis.

"The committee being a departmental one and entrusted with the task of valuation of Government take under the Production Sharing Contracts (PSCs), did not include members of other ministries," he said while replying to supplemetaries.

However, the committee had sought the views of various stakeholders across different sectoral industries and users.

To a separate question, Minister of State for Petroleum and Natural Gas Dinsha Patel said valuation of gas would be done based on most recent competitively determined price in the region duly indexed to the present.

Patel said typically long-term gas contracts have a clause for periodic gas price reviews.

"If price is reviewed as per the contract, that may become the new reference price. For interim period, it may be linked to percentage increase in price of Furnace Oil (FO). Fo is not only the cheapest liquid fuel, but has also shown least price volatility in recent years."

"If the actual price at which any producer supplies to any consumer happens to be higher than the one arrived at by above methodology, then the higher price shall be reckoned for the Government take," he said.

Director General, Directorate General of Hydrocarbons (DGH) and Director, Petroleum Planning and Analysis Cell (PPAC) would jointly calculate and determine the valuation based on committee’s recommended methodology.

"DGH shall also be responsible to ensure that the gas producer remits government’s take (profit petroleum and royalty) accordingly," he said.

Profit petroleum is the percentage of oil/gas produced from a field that the Government is entitled to as the owner. Besides, Government also gets a fixed royalty from the field. (PTI)

Rajshri ties-up with US-based Brightcove for Vivah online premiere

The movie can now be downloaded with a 72-hour rental license at the company’s just launched portal Rajshri.Com and Brightcove.Com.

"The audience for Indian entertainment content is growing very rapidly outside India, with an estimated 25 million strong Non-Resident Indian population and an equally large non-Indian audience consuming Indian movies and TV shows on a regular basis."

"We are breaking a new ground by the online premiere of ‘Vivah’ and are thereby making our new movie available online, in a secure manner," said Rajjat a Barjatya, managing director, Rajshri media.

Coinciding with the online release of ‘Vivah’, Rajshri media has launched Rajshri.Com. The company plans to expand its broadband video programming, distribute new and old Indian entertainment and Infotainment content across multiple genres worldwide and introduce original programming conceptualised and created for new media.

Brightcove chairman and chief executive officer Jeremy Allaire said, "Rajshri is taking full advantage of the brightcove service to expand its reach, while at the same time retaining full control over pricing, rental policies, and content distribution, which are all crucial ingredients for a successful broadband business.

Brightcove is a private company led by a management team that includes senior executives from Allaire, Macromedia, ATG, Comcast, MTV Networks, News Corp, Lycos, Mediavest, and Discovery Networks. (UNI)

Rise of ‘Chindia’ to alter global economy: Investment experts

BEIJING, Dec 5: The rise of Chindia - a combination of China and India - will alter the world economy and generate investment opportunities in several sectors, international investment experts forcasted.

The high economic growth in China and India will change the world economy and generate investment opportunities in the consumer, agricultural, industrial, banking and logistics sectors, the China Securities Journal quoted the managing director and head of markets, China of JP Morgan Chase & Co, Jing Ulrich as saying.

Her remarks were echoed by Timothy J Bond, analyst with Merrill Lynch & Co, who pointed out in a report that the Indian stock market had grown much faster than the Chinese market in recent years but the latter had enormous potential.

Jing Ulrich said overseas fund managers were looking at the two countries as key investment destinations following Chinese President Hu Jintao’s recent state visit to India.

Ashburton, an asset management company based in Jersey, the United Kingdom, launched in November a Chindia Equity Fund that invests in Chinese and Indian companies, the report noted.

The company decided to launch the fund as China is expected to grow at a rate of eight per cent to 10 percent per year for a long period, while a growth rate of eight per cent is projected for India, fund manager Jonathan Schiessel said.

He said consumer demand would grow exponentially in both countries, driven by an expanding generation with higher aspirations, offering investors tremendous opportunities.

China’s economic growth mainly relied on investments and exports, while consumption provided great impetus to India’s economy, Jing Ulrich said.

Investment and consumption contributed 43 per cent and 40 per cent of China’s gross domestic product (GDP) in 2006, compared with 27 per cent and 60 per cent of India’s GDP, Jing Ulrich said.

The high savings rate of 45 per cent in China led to a fast increase in investment and a decline in investment returns, while the opposite case in India made the country more favourable for overseas investors.

India needs better infrastructure, more investment and greater openness to foreign trade and investment, Bond said, adding that China should encourage consumer spending and boost the service sector.

Jing Ulrich said the younger generation in China is eager to buy luxury goods and tends to consume on credit, which gives banks an opportunity to develop consumer credit services.

The country’s expanding senior population are potential customers for service companies, travel agencies, hotel chains and insurance companies.

In India, where families will mainly spend on food, education and housing with their limited disposable incomes, she predicted business opportunities for department stores and supermarkets.

Consumer credit is still underdeveloped in China and India where banks prefer to loan money to companies rather than individual clients. But the situation will change as consumers in both countries gradually change their traditional attitudes towards debt, she said.

Mortgage loans will become popular in both countries due to booming real estate markets.

Bullish commodity markets are expected in both countries as a result of the continuous growth in demand for farm products and industrial raw materials. (PTI)

Edible oils remain down on sluggish demand

However, mahuwa and palm fatty oils, in the non-edible section, strengthened on industrial demand.

Marketmen said today's fall in edible oil prices was mostly due to considerable fall in demand from vanaspati units.

They said subdued advices from producing centres too dampened the trading sentiments here.

In the edible section, groundnut mill delivery oil fell by Rs 100 at Rs 5,400 a quintal on poor offtake while groundnut solvent refined shed Rs 10/20 at Rs 990-1010 per tin of 15 litre.

Mustard expeller oil, in line with weak trend, traded sharply lower at Rs 4670 a quintal against last close of Rs 4750.

Sesame and cottonseed mill delivery oils were down by Rs 50 each at Rs 4750 and Rs 4350 a quintal respectively.

On the other hand, mahuwa and palm fatty oils were up at Rs 4500 and Rs 3125-3225 per quintal respectively on tight stocks against pick up in demand from consuming industries. (PTI)

Menthol, thymol up on industrial demand

NEW DELHI, Dec 5: In restricted activity, prices of menthol and thymol rose in the wholesale chemical market today on increased offtake by consuming industries amidst restricted arrival from UP mandies and closed with gains.

Elsewhere, other chemicals remained flat in limited deals.

Traders said increased offtake by consuming industries amidst restricted arrivals mainly pushed up menthol and thymol prices.

They said firm advices from UP mandies also gave push to rising methyl prices.

Menthol bold crystal, flake and mentha oil quoted higher at Rs 865, Rs 825 and Rs 675 against previous level of Rs 860, Rs 820 and Rs 670 per kilo respectively.

Thymol prices also rose by Rs 10 to finish at Rs 590 per kilo on increased demand from consuming units.

Following were today's quotations:

Ammonia bicarb (25 kg) 325 Ammonium chloride (50 kg) 760-1250, acetic acid (1 kg) 42, boric acid technical (50 kg) 2,850-3,000, borex granular (50 kg) 1250-1400.

Caustic soda flake (50 kg) 1,350 citric acid (50 kg) (China) 2,400-2,600 citric acid deshi (50 kg) 2,500-2,900, camphor slab (1 kg) 185-195, camphor powder (1 kg) 170, glycerine (1 kg) 57-59, hexamine (1 kg) 60, hydrogen peroxide (1 kg) 31-32, mercury (34.5 kg) 31,500, menthol bold crystal (per kg) 865, menthol flake (1 kg) 825 and Mentha oil (1 kg) 675. (PTI)

Sugar closes lower

NEW DELHI, Dec 5: The downslide in sugar prices continued on wholesale sugar market today following increased supplies against reduced offtake by bulk consumers and closed losses.

Marketmen said adequate stocks following increased supplies against reduced demand from bulk consumers mainly pulled down select prices.

At wholesale market, sugar ready medium and second grade drifted to Rs.1720-1810 and Rs.1710-1800 a quintal respectively.

Mill delivery medium and second grade prices also eased to finish at Rs.1580-1680 and Rs.1570-1670 a quintal respectively.

Among mill gate section, sugar Mawana dropped by Rs.10 at Rs.1665 and Khatauli traded lower at Rs.1670 a quintal respectively.

Simbhawali, Khatauli, Titabi and Modi nagar also shed to settle at Rs.1670, Rs.1670, Rs.1675 and Rs.1675 a quintal respectively.

Following were today quotations in rs. Per quintal.

Sugar ready M-30 1710-1820 and S-30 1710-1800.

Mill delivery M-30 1580-1680 and S-30 1570-1670.

Sugar mill gate prices (excluding duty): Modi Nagar 1675, Bagpat 1655, Daurala 1665, Chandpur 1630, Titabi 1675, Mawana 1665, Simbhawali 1670, Khatauli 1670, Badaiu 1640, Sattha 1630, Ruderavilash 1640, Bijnor 1630 and Amroha 1620 and samali Rs 1670. (PTI)

Urad, gram weaken on stockists selling

NEW DELHI, Dec 5: Select commodities continued to seek lower level on the wholesale pulses market today on increased selling by stockists in the face of sluggish demand from local parties and ended in negative zone.

Traders said apart from stockists selling, reduced offtake by local parties, also pulled down select commodity prices.

Urad Maharashtra and Urad Rangoon lost Rs 50 each at Rs 3125-3350 and Rs 3125-3150 a quintal respectively.

Gram and its dal (local) traded Rs 40 each down at Rs 2830-2840 and Rs 3100-3150 a quintal respectively on increased arrivals from producing belts.

Following were today's quotations (in quintal):

Urad Maharashtra 3125-3350, Rangoon 3125-3150 Urad chilka (local) 4575-4675, best 4875-5075, dhoya local 4975-5175, best 5675-5975, Moong Maharashtra 2475-2525,Moong (old) 1800-1925, UP\Bihar 2800-3025, Rajasthan 3200-3300,dal moong chilka 4000-4200, best 4450-4700, moong dhoya local 4300-4400, best quality 4600-4900, masoor small 2400-2600, bold 1800-1850, dal masoor local 2250-2350, best quality 2450-2550, Malka local 2250-2350, best 2450-2650, Moth 2800-2900, Moth dagi 2750-2775, best 2650-2700, dal moth 3100-3250, Arhar Maharashtra 1900-1975, (Karnataka) 1900-1975, Rangoon 1825-1830, dal arhar dara 2850-2950 and patka 3050-3100.

Gram 2830-2840, gram dal (local) 3100-3150, best quality 3400-3450, besin (35 kg) shakti bhog 1430, rajdhani 1430, Rajmah chitra Pune 3600-4150, China 3800-3900, red 3100-3200, kabli gram small 2950-3000, dabra 2780-2980, imported 4600-4700, lobia 3200-3350, peas white 1500-1510 and green 1550-1575. (PTI)

Wheat strengthens on pause in selling, millers buying

NEW DELHI, Dec 5: Wheat prices continued to rise in the wholesale pulses market today largely on pause in selling by stockists against increased demand from rolling flour mills and ended higher.

However, maize weakened due to reduced offtake by consuming industries.

Traders said pause in selling by stockists mainly pushed up wheat prices.

Wheat MP (deshi) and wheat dara (for mills) remained firm and quoted higher at Rs 1650-1850 and Rs 1140-1142 a quintal respectively against last close of Rs 1,610-1,810 and Rs 1,120-1,125.

However, maize lacked necessary buying support and fell by Rs 10 at Rs 800-830 a quintal.

Following were today's quotations per quintal:

Wheat MP (deshi) 1650-1850, wheat dara (for mills) 1140-1142, chakki atta (delivery) 1140-1145, Chakki atta Rajdhani (10 kgs) 150, shakti bhog (10 kgs) 150, roller flour mill 1120-1130, maida 1230-1240 (90 kilos) and sooji 1250-1260 (90 kgs).

Rice basmati (lal quila) 4400, Shri Lal Mahal 4600, Basmati common 3435-3685, Permal raw new 1100-1150, old 900-930, permal wand 1260-1350, sela 1250-1400 and rice IR-8 1025-1050, Bajra 700-705, Jowar 740-750 (yellow), Maize 810-840 Barley (UP) 890-900 and Rajasthan 645-655. (PTI)