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Hasbro Clothing eyes NEW DELHI, Dec 9: Outlining major expansion plans in the north and western parts of the country, Chennai-based Hasbro Clothing is targeting a turnover of Rs 130 crore by 2008. .........more Govt
against selling NEW DELHI, Dec 9: The Government has decided to call off the sale of its stake in auto lubricants maker .......more Inflation
a 'problem', NEW DELHI, Dec 9: Listing rising prices as a 'problem', Prime Minister Manmohan Singh today promised to contain inflation......more Infy
in NASDAQ-100 BANGALORE, Dec 9: Software major Infosys Technologies would be included in the coveted NASDAQ-100 index with effect from........more |
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Punjab asks Centre to NEW DELHI, Dec 9: The Punjab Government today suggested the Centre release funds to states for development without imposing conditions as it ........more Ma
Foi organises COIMBATORE, Dec 9: With a view to tap students’ potential, leading HR consultancy Ma Foi Management Consultants is organising a two-day Career Fair from ......more Moong,
arhar prices NEW DELHI, Dec 9: Select commodities strengthened in the wholesale pulses market today on fresh buying ......more Select
millgate NEW DELHI, Dec 9: Prices of select millgate sugar recovered on the wholesale sugar market today on scattered millers enquiries and ended a shade higher...........more |
Hasbro Clothing eyes Rs 130 cr turnover by FY 08 NEW DELHI, Dec 9: Outlining major expansion plans in the north and western parts of the country, Chennai-based Hasbro Clothing is targeting a turnover of Rs 130 crore by 2008. "We currently have 35 stores across the country and would take this number to 50 by end of the fiscal," Hasbro Director Mohammed Hanif told PTI. The firm clocked a turnover of Rs 35 crore last year and is looking to double the turnover in 2006-07 to Rs 70 crore, taking it to Rs 130 crore by end of fiscal 2008, he said. Looking at opening stores in malls, Hasbro would invest close to Rs 9 crore to set up another 15 stores in India by March 2007, he said adding that stores would come up in Mumbai, Chandigarh, Ludhiana, Lucknow, Nagpur and Aurangabad. The company would fund its expansion plans through internal debt and accruals, besides looking at marketing and monetary synergies with other business houses, he said. Dealing in men's apparel, Hasbro markets its formal and casual line of men's clothing under the brand name of Genesis and Basics. "While we are basically into men's wear, we are also considering the option of expanding our product portfolio and include women's wear as well. But that would be after at least another year," he said. Hasbro has manufacturing facilities in Chennai and Bangalore with an annual capacity of 1.5-1.75 million units, which would be increased by 30-40 per cent in a year, he said. Hasbro has stores in Colombo and the UAE and exports contributed about Rs 6 crore to the company's kitty. However, Hanif said the company would focus primarily on expanding its presence in the domestic market. (PTI) |
Govt against selling Tide Water stake to ONGC NEW DELHI, Dec 9: The Government has decided to call off the sale of its stake in auto lubricants maker Tide Water Oil to Oil and Natural Gas Corporation. ONGC had done due diligence for the company, which is a subsidiary of state-owned Andrew Yule, but its offer of Rs 50 crore was around half of what the government would get from the market, Heavy Industries Minister Santosh Mohan Deb told reporters here. "Now, the Government share in the company would be sold through open auction in the next two-three months," he said. The sale of Government equity in Tide Water is part of a plan to revive its parent company Andrew Yule. Apart from its lubricant business, Andrew Yule would also shed its electronic business. Deb said Andrew Yule would focus on its tea business. (PTI) |
Inflation a 'problem', but Govt determined to contain it: PM NEW DELHI, Dec 9: Listing rising prices as a 'problem', Prime Minister Manmohan Singh today promised to contain inflation below the five per cent mark and said that budgetary support to 11th Plan should not be "at the cost of fiscal prudence and stability." The Prime Minister's assurance comes a day after Reserve Bank raised the Cash Reserve Ratio, the amount of depositors' money that banks have to park with the central bank, by half a per cent to suck out excess liquidity as a means to check prices. "Inflation has presented a problem, but we are determined to control it within the 5 per cent level indicated in the (11th Plan) Approach Paper," Singh said, addressing the National Development Council here. Wholesale price-based inflation, which rose to a 18-month high of 5.45 per cent in the third week of November, was closer to the upper limit of the RBI's forecast of 5-5.5 per cent for this fiscal. As part of firefighting to contain inflation in the backdrop of 9 per cent GDP growth in April-September and robust credit growth, RBI raised the CRR to 5.5 per cent to moderate credit growth a bit. From its side, government also slashed petrol and diesel prices by Rs 2 and Re 1 per litre to moderate inflation rate. Besides inflation, Prime Minister also insisted on maintaining a sound macro economic framework to create an investor-friendly environment. (PTI) |
Infy in NASDAQ-100 Index from Dec 18 BANGALORE, Dec 9: Software major Infosys Technologies would be included in the coveted NASDAQ-100 index with effect from December 18, the company said here today. "We are delighted to hear about the inclusion of Infosys in the NASDAQ-100 index, especially so, when we are celebrating our silver jubilee year," the company's Chief Financial Officer V Balakrishnan said in a statement. "India is leading the global growth, and companies like Infosys are helping corporates worldwide to effectively compete in a flat world," the statement quoting Balakrishnan said. Infosys was one of the three issues added to the NASDAQ-100 as the United States-based stock market announced the annual re-ranking of the Index, it said. Expressing delight over being included in the index, the company said it was great recognition not only for the company but also for the whole country. "This is a great recognition not only for Infosys but for the whole country", it added. The NASDAQ-100 index, a global benchmark, is composed of 100 largest non-financial stocks on the NASDAQ. (PTI) |
Punjab asks Centre to give funds without strings NEW DELHI, Dec 9: The Punjab Government today suggested the Centre release funds to states for development without imposing conditions as it advocated decentralisation of the planning process. "The Government of Punjab is of the firm view that all Centrally-sponsored schemes, relating to subjects allocated to states under the Constitution, must be done away with and funds released may be unconditionally allocated to states under the Gadgil formula," Chief Minister Amarinder Singh said in his speech at the 52nd meeting of the National Development Council (NDC) here. He sought to draw the Centre's attention to what he called procedural rigidities that he insisted deprived his state of access to most national programmes. "Relatively developed states like Punjab are virtually excluded from accessing most of the national programmes because of the procedural rigidities and availment norms, which are fixed solely with an eye on the least developed states," Singh said. He suggested states that have achieved more than minimum national norms be suitably assisted to improve their performance further. His government, Singh said, also firmly believed in decentralisation of the planning process. (PTI) |
Ma Foi organises career fair from Dec 15 COIMBATORE, Dec 9: With a view to tap students’ potential, leading HR consultancy Ma Foi Management Consultants is organising a two-day Career Fair from December 15 here. The fair would assess the students individually, shortlist them for interview with various clients and give them appropriate feedback, company Centre Manager W Joky told reporters today. The students would be trained if needed and placed with the company’s major clients. The fair is jointly organised by Hindustan Educational and Charitable Trust. (PTI) |
Moong, arhar prices strengthen on stockists buying NEW DELHI, Dec 9: Select commodities strengthened in the wholesale pulses market today on fresh buying by stockists as well as local parties and ended in positive zone. Traders said apart from stockists and retailers buying, firming advices from producing belts also pushed up moong and arhar prices. They said, however, activity in other commodities remained restricted due to paucity of funds. Moong Rajasthan and dal moong chilka posted Rs 50 each higher at Rs 3250-3350 and Rs 3950-4150 per quintal respectively. Arhar Maharashtra in line with firm outside advices and pick up in demand posted Rs 25 higher at Rs 1925-2000 a quintal while dal Arhar gained Rs 20 at Rs.2,570-2,720. Following were today's quotations (in quintal): Urad Maharashtra 3125-3350, Rangoon 3175-3200 Urad chilka (local) 4400-4700, best 4800-5000, dhoya local 4800-5000, best 5500-5800, Moong Maharashtra 2475-2525, Moong (old) 1800-1925, UP\Bihar 2800-3025, Rajasthan 3250-3350, dal moong chilka 3950-4150, best 4400-4650, moong dhoya local 4200-4300, best quality 4500-4800, masoor small 2400-2600, bold 1800-1850, dal masoor local 2250-2350, best quality 2450-2550, Malka local 2275-2350, best 2450-2650, Moth 2800-2900, Moth dagi 2750-2775, best 2650-2700, dal moth 3100-3250, Arhar Maharashtra 1925-2000, (Karnataka) 1900-1975, Rangoon 1825-1830, dal arhar dara 2570-2720 and patka 2800-2900. Gram 2900-2910, gram dal (local) 3225-3250, best quality 3400-3450, besin (35 kg) shakti bhog 1430, rajdhani 1430, Rajmah chitra Pune 3600-4100, 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) |
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Select millgate sugar prices recover on scattered buying NEW DELHI, Dec 9: Prices of select millgate sugar recovered on the wholesale sugar market today on scattered millers enquiries and ended a shade higher. Marketmen said scattered enquiries from stockists and bulk consumers pushed up select millgate sugar prices. In the millgate segment, Baghpat and Badaiu were quoted higher at Rs 1650 and Rs 1670 against last closing of Rs 1645 and Rs 1660 per quintal respectively. Following were today quotations in rs. Per quintal. Sugar ready M-30 1740-1840 and S-30 1730-1830. Mill delivery M-30 1610-1710 and S-30 1600-1700. Sugar mill gate prices (excluding duty): Modi Nagar 1670, Bagpat 1645, Daurala 1665, Chandpur 1650, Titabi 1685, Mawana 1675, Simbhawali 1680, Khatauli 1680, Badaiu 1660, Sattha 1670, Ruderavilash 1665, Bijnor 1625 and Amroha 1630 and samali Rs 1670. (PTI) |
Select spices weak on lack of buying support NEW DELHI, Dec 9: The wholesale kirana market depicted a weak trend today as select spices remained weak on poor buying and closed in negative zone. Marketmen said poor buying against adequate stocks mainly pulled down select spice prices. Ajwain and Dhania both (superior quality) dropped by Rs 300/500 against last close of Rs 4000-6500 and Rs 3500-6000 to conclude at Rs 4000-6200 and Rs 3500-5500 per quintal respectively on reduced offtake. Cardamom brown (Jhundiwali) traded lower at Rs 11200-11300 instead of Rs 11400-11500 per quintal. Tamarind without seed (inferior quality) also dropped by Rs 200 to finish at Rs 2800-4000 from previous mark of Rs 3000-4000 per quintal. Following were today’s quotations (in Rs per quintal): Ajwain 4,000-6,200, black pepper golden Rs 10,300-10,400 Betelnut (kg) 95-110, cardamom brown (Jhundiwali) Rs. 11,200-11,300 cardamom brown (Kanchicut) Rs 12,500-16,500. Cardamom small (kg): Chitridar 170-270, cardamom (colour robin) 245-255, cardamom bold 260-275, cardamom extra (bold) 335-355 and cloves (kg) 225-260. Chirounji (new) (kg) 240-300 Dry mango 2,600-8,500 Dhania 3,500-5,500 Dry ginger 6,500-8,500 Kalaunji 8,000-9,500 Mace-Red (kg) 430-440 Mace-Yellow (kg) 425-430 Methiseed 2,600-4,000 Makhana (per kg) 115-150 Netmeg 220-230 Poppyseed (KG Turkey) 190 Poppseed (KG MP-RAJ) 190-210 Poppyseed (KG U.P.) 160-170 Red chillies 3,000-8,000 Soya bari pariwar (20 kg) 350-400 Saffron (kg) Irani 36,000-37,000 Saffron (kg) Kashmiri 44,000-50,000 Soanf 8,000-10,000 Turmeric 2,600-4,100 Tamarind 1,200-1,600 Tamarind without seed 2,800-4,000 Tea (kg) 70-120 Watermelon kernel 7,400-7,500 Jeera common 8,100-8,400 Jeera dollar 8,300-8,400 (PTI) |
Reps push bills through US House before Democrats take over WASHINGTON, Dec 9: Rejected by voters and limping off stage, the Republican-led House of Representatives passed a series of last-minute bills on issues like tax breaks and health insurance. But they dumped an unfinished budget on the Democrats about to take power, and the Senate planned a late-night vote to avoid a government shutdown. The failure to pass budget bills for domestic agencies on yesterday amounted to "a blatant admission of abject failure by the most useless Congress in modern times," said Democratic Congressman David Obey. Working into the night, the House also passed a package of trade bills and debated a measure to keep the government running into next February. Under a complicated procedural pirouette, the tax and trade legislation, along with a plan to open 8.3 million acres in the Gulf of Mexico to oil and gas drilling, was to be bundled together and sent to the Senate, where a handful of Republicans threatened delay. A weekend Senate session loomed as Republican budget hawks bridled at the measure's cost and textile state senators objected to trade provisions benefiting Haiti. The House passed the trade bill by a 212-184 vote. The 367-45 House vote on the tax bill reflected widespread bipartisan support for extending some expired tax breaks. Also driving the massive bill forward was an effort to prevent a five per cent cut in payments to doctors under the Medicare insurance program for the elderly. Lawmakers faced a midnight deadline to send President George W Bush a bill to keep domestic federal agencies from shutting down. (AGENCIES) Centre agrees for partial debt relief to state NEW DELHI, Dec 9: Seeking to provide partial debt relief to states, the Union Government today said it would lower interest rates of loans provided to them, besides allowing them to borrow from the market to repay central loans in advance. In its report, the Sub-Committee set up by the National Development Council under the chairmanship of Finance Minister P Chidambaram, agreed to reset interest on loans taken by the state governments from National Small Savings Funds from 1999-2000 to 2002-03 at 10.5 per cent from April 1, 2007. According to official estimates, it will provide a debt relief of Rs 6,000 crore to the states. During that period, the interest varied between 12.5 to 13.5 per cent. The Committee also agreed that small savings collections would be shared between the states and Centre in the ratio of 80:20 with effect from April 1, 2007, as against the present arrangement of 100 per cent transfer of collections to the states. However, states will have the option to access 100 per cent of their collections. The states will also be allowed flexibility to raise loans from the market to repay central loans. The interest rate on earlier loans will be reviewed if the interest rate on the current loans is reduced or after three years, whichever happened earlier. The states have been objecting to the high cost of central funds under NSSF, saying even the 12th Finance Commission did not provide any relief on this count. Besides, they demanded cut in share in small savings from the present 100 per cent. (PTI) |
Montek for investor-friendly policies in 11th plan NEW DELHI, Dec 9: Making unnecessary subsidies go away, creating investor-friendly environment and revitalising farm sector are key to achieving the ambitious target of nine per cent economic growth in the 11th Plan, Planning Commission Deputy Chairman Montek Singh Ahluwalia said today. With the 11th Plan (2007-12) envisaging five per cent higher investment at 35 per cent of the GDP and much of the investments expected to come from the private sector, it is important to create "an investor friendly environment," he said, addressing the National Development Council meeting here. The NDC meeting approved the Approach Paper to the 11th Five Year Plan. In his presentation, Ahluwalia said skill development remains a major challenge for which a Skill Development Mission would be launched in 2007. His presentation also highlighted the need for controlling non-productive expenditure, inessential subsidies and PSU losses. The public sector plan also has to be increased to meet needs of agriculture and related sectors. Focussing on the need to revitalise agriculture sector, Ahluwalia said the National Rainfed Area Authority would provide critical knowledge inputs to design watershed management programmes. He asked the states to implement recommendations of the Vaidyanathan Committee for reviving the cooperative credit. Ahluwalia said the funding pattern of the Sarva Shiksha Abhiyaan (SSA) would shift from the ratio of 75:25 to 50:50 in the 11th Plan requiring the States to increase their shares proportionately. He said reliance on the Public-Private Partnership (PPP) was necessary for funding infrastructure projects, as the public sector alone would not be able to meet the estimated investment of 350 billion dollars (Rs 16,00,000 crore) in the sector. As much as 40,000 km of highways would be developed by 2012 at an investment of 50 billion dollars (Rs 2,20,000 crore). Model Concession Agreement for the PPPs have been approved. Significantly, the National Highway Authority of India is being restructured, Ahluwalia said. As for ports, PPP for 54 new berths would add capacity of 640 million tonnes by the end of the 11th Plan. However, he expressed major concern over tardy progress in power generation and distribution. While the 10th Plan failed to meet the capacity addition target of 41,000 MW, the target for the next Plan should be 60,000-70,000 MW. "This calls for investment of Rs 500,000 crore," the Planning Commission Deputy Chairman said. (PTI) |
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