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Mustard price on upswing due to higher wheat & chana acreage NEW DELHI, Nov 22: Traditional mustard farmers are now shifting to wheat and chana (grams) cultivation, expecting better prices in the near future, analysts..........more Air Deccan to connect seven more cities soon PATHANKOTE, PUNJAB, Nov 22: Aiming to expand air connectivity on feeder routes, particularly those connecting small cities to a metropolis, low cost .......more India eyes seven billion dollar leather export NEW DELHI, Nov 22: The Government today said it is targeting an export of leather products worth seven billion dollars in the next five years. The present ......more Granules
India to raise MUMBAI, Nov 22: Pharmaceutical formulation intermediates manufacturer, Granules India today said it will consider raising up to 20 million dollar though. ........more |
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IOC losing Rs 40 cr NEW DELHI, Nov 22: Indian Oil Corporation, country’s largest oil firm, is losing about Rs 40 crores a day on fuel sale as domestic retail prices continue to remain below imported cost despite fall in international crude prices. .........more Reliance
MF launches NEW DELHI, Nov 22: Reliance Mutual Fund today said it has launched a new long term close-ended ...........more NEW DELHI, Nov 22: Punjab National Bank (PNB) today tied up with IDBI capital to provide advanced e-trading services to its customers. ......more Rites
helps Afghan NEW DELHI, Nov 22: Rites Ltd, a Public Sector Undertaking of the Railway Ministry, has assisted in getting first-ever ..........more |
Mustard price on upswing due to higher wheat & chana acreage NEW DELHI, Nov 22: Traditional mustard farmers are now shifting to wheat and chana (grams) cultivation, expecting better prices in the near future, analysts said. However, this shift in cultivation has led to rise in mustard price, they said. Mustard seeds futures for December delivery at commodity exchange ncdex went up by around 11 per cent in less than a month. Yesterday, it closed at Rs 405.60 per 20 kg after hitting a high of Rs 409 during intra-day trading. "The prices are continuously rising for the last six weeks without much correction and is expected to go up further," an analyst with commodities brokerage firm Karvy Comtrade said. He projected that the price would be hovering around Rs 410-415 per 20 kg levels in the near term after breaking at Rs 367-370 base levels. "Though prices are in the bull run, selling may be seen around 410-415 levels as the momentum indicators are already in the overbrought phase," the analyst said. Meanwhile, the country’s mustard acreage dipped by 7.73 per cent to 52.37 lakh hectare till the week ended November 16 against 56.76 lakh hectare a-year ago period. "Attractive prices for chana and wheat is forcing farmers to divert their mustard lands to these crops," a trader said. Chana acreage surged by nearly 19 per cent to 47.25 lakh hectare against 39.743 lakh hectare while wheat acreage went up by 44.88 per cent to 70.76 lakh hectare versus 48.84 lakh hectare during the review period. However, the sowing areas of mustard may recover as gap between acreages in current rabi season and last year is getting narrowed down, he hoped. Acreage under mustard was at 34.76 lakh hectare till November 10 against 47.65 lakh hectare in the same period last year. Mustard acreage, which was nil till November 10 in Uttar Pradesh, went up to 6.83 lakh hectare till last week. Another mustard growing state Madhya Pradesh has recorded a drop of more than 25 per cent to 5.9 lakh hectare from last year’s 7.95 lakh hectare. In Rajasthan, the rabi mustard is down to 26.75 lakh hectare from 27.53 lakh hectare while Haryana reported a 13 per cent drop to 6.10 lakh hectares against last year’s 7.05 lakh hectare. (PTI) |
Air Deccan to connect seven more cities soon PATHANKOTE, PUNJAB, Nov 22: Aiming to expand air connectivity on feeder routes, particularly those connecting small cities to a metropolis, low cost carrier air deccan will launch flights to seven new destinations soon. This initiative will help tap the market opportunities in regional routes, its Managing Director G R Gopinath told reporters here. The private carrier is launching a commercial flight to this city from today. "We are starting our flight service to Dharamsala, Jamshedpur, Bodhgaya, Kuchbihar, Mysore, Salem and Ludhiana. The facility will be in place within 2-3 month time," he said. Gopinath said the feeder routes have remained unexploited. About 60 per cent of the country’s aviation revenue is from the Delhi-Mumbai route. Now less than two per cent of the country’s population are travelling by air, he said. "You cannot have a Mumbai-Delhi economy. You have to look for the entire country and see that people from all parts get air connectivity. If the feeder routes are activated, they will supplement to the trunk routes," he said. Air Deccan has presently services to 61 airports. It has dropped its service on three routes due to "technical problems." (PTI) |
India eyes seven billion dollar leather export NEW DELHI, Nov 22: The Government today said it is targeting an export of leather products worth seven billion dollars in the next five years. The present export stands at 2.7 billion dollars. The new target is to be achieved before 2011, council for leather exports Executive Director K Elangovan told UNI, in an interview. As a first step, the Chennai-based Council, under the Ministry of Commerce and Industry, yesterday launched a three-day "India Leather Summit-2006" here to evolve an action plan to almost triple its leather exports. The summit, being attended by international experts in the field, leather industrialists and other stakeholders, would identify constraints in the way of achieving the goal and work out a strategy to overcome them, Council Chairman M Rafeeque Ahmed said. The speakers were unanimous that appropriate measures should be taken to increase the capacity for manufacturing leather products as there was no shortage of raw material, tanning capacity and human resource. This, according to them, could be realised by inviting more investment in leather manufacturing sector, including Foreign Direct Investment (FDI). There is no shortage of hide of buffalo and cow and skin of sheep and goats. India accounts for 21 per cent of cattle population in the world. At the same time, India’s exports of finished leather products accounts for only 10 per cent of the total global production. "This gap has to be filled to achieve the target of seven billion dollars worth foreign exchange earnings from leather product export. The only way out is to increase the production capacity which is possible only through huge investment," Dr Elangovan said. (UNI) |
Granules India to raise 20 mn dlrs in domestic MUMBAI, Nov 22: Pharmaceutical formulation intermediates manufacturer, Granules India today said it will consider raising up to 20 million dollar though issue of securities in domestic and international markets. In a communique to the Bombay Stock Exchange, Granules said an Extra Ordinary General Meeting (EGM) of the shareholders would be held on December 4, to consider the proposal of raising up to 20 million dollar through issue of Global Depository Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs) and equity shares. The shareholders approval would also be sought on another proposal regarding the borrowing of up to Rs 300 crore by way of advances, deposits, loans, non convertible debentures and bonds, it added. A proposal to increase the authorised share capital of the company to Rs 30 crore from Rs 20 crore would also be considered at the aforesaid meeting. Recently, Granules India and China-based Hubei Biocause Heilen Pharmaceutical Company Ltd, (Biocause) had signed an MoU to create a 50:50 joint venture entity to manufacture and sell pharmaceutical APIs (Active Pharmaceutical Ingredients), starting with Ibuprofen. (PTI) |
IOC losing Rs 40 cr per day on fuel sales NEW DELHI, Nov 22: Indian Oil Corporation, country’s largest oil firm, is losing about Rs 40 crores a day on fuel sale as domestic retail prices continue to remain below imported cost despite fall in international crude prices. "We are still making losses on diesel, LPG and kerosene sales though fall in international oil prices has helped us make marginal profit on petrol," IOC Chairman S Behuria said. IOC was making a profit of Rs 4.50 a litre on petrol but was losing about Rs 0.45 to Rs 0.50 a litre on diesel. The profit on petrol has risen from about Rs 4 a litre last fortnight while the loss on diesel has come down from Rs 1.62 a litre. Loss on kerosene was more than Rs 14 a litre and that on LPG Rs 102 per cylinder. Petrol, diesel, LPG and kerosene make up for 66 per cent of the total volume of petroleum products. Of this, petrol accounts for only eight per cent and the rest 58 per cent were still being sold at a price below imported cost. "Overall, we are losing about Rs 40 crores per day," he said. Despite fall in international prices to around 56 dollars a barrel from the highs of 75 dollars per barrel in August, IOC, Bharat Petroleum, Hindustan Petroleum and IBP together would suffer about Rs 2,400 crore loss on fuel sale this month. Petroleum Minister Murli Deora said the gains on petrol have not been able to wipe out the losses on diesel. Petrol volumes are just 23 per cent of the total diesel volumes. "We would like to cut prices once international prices come down further," he said. (PTI) |
Reliance MF launches long term equity fund NEW DELHI, Nov 22: Reliance Mutual Fund today said it has launched a new long term close-ended diversified equity fund. The new fund offer of the Reliance Long Term Equity Fund (RLTEF), which will invest in select small and mid-cap stocks, would remain open till December 11. "Given the robust growth displayed by the Indian economy, small and mid-cap companies have the potential to transform into large caps in the coming years. RLTEF endeavours to offer attractive growth potential to investors who have a long term horizon, " Reliance Mutual Fund president Vikrant Gugnani said. RLTEF is a 36 month fund with an automatic conversion into an open ended scheme at the end of the period, a company release said. Two funds managed by Reliance Mutual Fund — Reliance Growth and Reliance Vision have been recently ranked top global funds based on their five year performance track record by international fund intelligence agency lipper. Reliance Mutual Fund has an investor base of over 2.3 million and manages a corpus of Rs 31,572 crore that includes equity funds of Rs 14,600 crore. (PTI) |
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NEW DELHI, Nov 22: Punjab National Bank (PNB) today tied up with IDBI capital to provide advanced e-trading services to its customers. "With this tie up the bank will be able to provide comprehensive investment solutions to all their customers," PNB Executive Director K Raghuraman said here. Presently this initiative is being rolled out in two metros and will be available nationally at the earliest, he added. (PTI) |
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Rites helps Afghan unit get first-ever ISO 9001 certification NEW DELHI, Nov 22: Rites Ltd, a Public Sector Undertaking of the Railway Ministry, has assisted in getting first-ever ISO certification for the Afghanistan Reconstruction and Development Services (ARDS), a procurement unit of the Afghanistan Government. Since December 2004, Rites has been offering Advisory and Consultancy Services for providing procurement facilitation facilities to ARDS under the World Bank-funded public administration and capacity building project. The project is aimed at facilitating rapid and transparent utilisation of donor resources for reconstruction and development. "It is a matter of great pride for the Afghanistan Government as the first ISO 9001 certification in the country has been granted to a public organisation, involved in the vital area of channelising the donor resources for procurement of goods, works and services," a Rites official told UNI. The official said this was also a reflection on the seriousness and dedication of the Afghanistan Government for ensuring "the most transparent, effective, responsive and efficient utilisation" of donor resources for the reconstruction and development of the war-ravaged country. Mr Farhadi, Director of ARDS while praising efforts of Rites in achieving this certification, said the Afganistan Government would like to put similar systems in place in other important areas of functioning as well as mobilise the private sector to go in for ISO certification in a big way. (UNI) |
Videocon EGM on Dec 18 to mull raising Rs 1500 cr MUMBAI, Nov 22: Leading Electronics Firm, Videocon Industries Ltd today said an Extra Ordinary General Meeting (EGM) will be held on December 18 to consider raising Rs 1500 crore through issue of securities. The EGM would consider and pass a resolution authorising the Board of Directors to raise the amount through issue of securities other than warrants, which are convertible into equity shares under qualified institutional placement, Videocon industries informed the Bombay Stock Exchange. This is in supersession of the resolution passed on June 26, at an extra ordinary general meeting of the shareholders. Shares of the company were trading at Rs 439, up marginally 0.09 per cent on the BSE. (PTI) |
Probe ordered into missing wheat MADURAI, Nov 22: An investigation has been ordered into the missing of about 1.75 lakh tonnes of imported wheat while on transit between tuticorin port and two points in Kerala and Karnataka, official sources said here today. The stock went missing on the transit over a period of three months, according to a complaint lodged by the Food Corporation of India (FCI) Senior Regional Managers in Kerala and Karnataka. According to the sources here, there were records to show that wheat imported from Russia and Australia were unloaded at the harbour and taken delivery by the FCI officials in the last three months. Later they had been transported in buses and trains to Karnataka and Kerala. Meanwhile, the railway officials said they had not received any complaint about the missing stock. But the port officials said altleast two persons involved in the scandal have been identified. A loading and unloading contractor has been black-listed and licence cancelled in this connection. (PTI) Goa to be one stop destination for entertainment industry PANAJI, Nov 22: Goa, now the permanent venue of the International Film Festival of India(IFFI), will soon turn into one stop destination for national and international entertainment industry with the State Government having decided to set up state-of-the-art infrastructure for film production and create a network of high bandwidth to cover every home. "Goa is best placed to take the entertainment sector on a quantum jump. Within six months, every home in the state will be wired by fibre to give them a bandwidth of 100 mega bytes, that will make then virtual centres for production of entertainment software," announced State Chief Secretray J P Singh here. He was delivering the inaugural address ‘Goa and entertainment sector:the road ahead’ at the two-day CII conference on ‘India: the big picture’ ahead of the 37 th IFFI beginning here from tomorrow. The State Government has signed a Rs 100 crore agreement with the United Telecom Ltd(UTL) to provide the broadband facility which will be available for just Rs 500 per month to every home, Mr Singh said. The project will be completed by March 2007, he said. The Chief Secretary also informed that their ambition was to make Goa a film hub, not only nationally but also internationally, for production, tie-ups and networking. " By 2008, the State Government will organise the IFFI on its own when the new state-of-the-art convention center will come up at Dona Paula," he added. The work on the convention center will begin in December when a BoT agreement will be signed. Mr Singh said the crest animation has already decided to set up an animation production studio in the state and is in the process of acquiring 25 acre land, and filmmakers from the south are also keen to set up a film city here, but the State Government has not yet taken the final view. Apart from all this, the Government has already embarked on an infrastructure development project with the private sector, which includes development of inland waterways, building a cruise terminal, constructing a six-lane highway and introducing monorail connecting the capital city of Panaji with the neighbouring town of Mapusa. And to provide energy for all these actrivities, the State Government has planned to set up hydel project worth Rs 3 crore to enhance power supplies. All these projects are worth around Rs 1600 crore. (UNI) |
SBI Mutual Fund launches SBI One India Fund MUMBAI, Nov 22: SBI Mutual Fund, one of the leading mutual funds in the country, is launching a close-ended growth fund "SBI One India Fund" to primarily invest in diversified equity stocks of companies across all four geographical regions of India and in debt and money market instruments. Addressing a press meet on the launch of "SBI One India Fund", Managing Director and CEO SBI Mutual Fund Mr Syed Shahabuddin said "SBI One India Fund would be primarily focused on investing at least 15 per cent and not more than 55 per cent of its equity exposure in each of the four regions". "Our investment philosophy would be a robust bottom up approach identifying growth oriented companies across the four regions of the country without any sectoral or market capitalization bias", said Mr Shahabuddin. "SBI One India Fund will open for subscription on November 24, 2006 and would close on December 22 2006. The scheme will reopen for continuous repurchase from January 17, 2007. The scheme will have a minimum application of Rs 5,000 and in multiples of Rs 1 per application.The SBI One India Fund would have Growth and Dividend investment options. Dividends will be completely tax free", he added. (UNI) |
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