Withdraw CTT, demands ASSOCHAM

TRAI asks MRTPC for info on notice to telecom troika

Triveni Engineering net profit soars six fold to Rs 34 cr

IGNOU to launch course on retailing

Marico bets big on int'l biz; open to acquisition

MUMBAI, Apr 27: Skin and hair-care major Marico is betting big on its international business and is open to acquisitions provided they fit in with its overall growth strategy.

"We are always open to acquisition opportunities... certainly the intentions are there, but there is nothing specific presently," Marico's Chief (HR and Strategy) Milind Sarwate, said here, adding that "funds would be no constraint for the right buy".

Marico was open to acquisitions in its core business areas of skin and hair-care and health, he said. The buyout could be in both domestic or international markets, he said.

The company is betting big on its international business and plans to increase its contribution to close to 20 per cent of its total revenues this fiscal.

"Last year, our international business contributed around 15 per cent to our total revenues. This fiscal (FY'09), this should increase to 18-20 per cent," Sarwate said.

With a presence across several geographies such as Africa where the company sealed an acquisition - Enaleni Pharmaceuticals Consumer Division Pty Ltd - in November last, Bangladesh, Egypt and the Middle-East, Marico is now strongly positioned in the international market, he said.

The company had earlier acquired two brands Fiancee and HairCode in Egypt.

"Our focus now is to consolidate our international business," Sarwate said, adding the company found "Africa an interesting market."

Overall, Marico had fared well in FY'08 with its revenues expanding 22 per cent at Rs 1,907 crore, while its PAT grew 50 per cent at Rs 169-crore. (PTI)

Demand for gold surges despite rising prices

BANGALORE, Apr 27: This price rise has raised no heckles, on the contrary the market is as glittering as ever with both buyers and sellers scrambling to make maximum out of the prevailing situation.

Yes, we are talking about the bullion market where gold prices have zoomed by about 35 per cent in a shot span of five months. But such a sharp jump in prices astonishingly have not had any dent in physical buying of the metal.

Jewellers say age-old notion of high prices deterring sales have been proven wrong in the case of gold. They said high prices are attracting even more buyers as they see gold as the safest investment options with attractive returns.

"In fact, whenever there is volatility, sales go up. The sales being inversely proportional to the price is very old phenomenon, which does not hold good today," Bangalore Jewellers' Association President Mahesh Pati told PTI.

"In less than six months, gold prices have gone up from Rs 9,250 per 10 gram in October 2007 to Rs 12,458 per 10 gram in March 2008 and are Rs 11,730 per gram as on April 24," he said.

With returns being assured, gold in increasingly seen as the safest bet and its traditional role as ornaments is a bonus.

"With globalisation and IT revolution, people have deep pockets and they are spending on gold not just for adornment but as an investment also," Pati said.

"People who had bought bars and coins are rushing to sell them. They see it as the next best investment after real estate," said bullion trader Hiramal Jain.

The rise in gold prices has only increased the demand, and sale of heavy jewellery is still more as compared to the lightweight jewellery, another trader said. (PTI)

Northern states lag behind in developing softwares: PHD

NEW DELHI, Apr 27: The northern states of the country lag behind the southern and western region in terms developing softwares meant for exports as well as domestic consumption, a study says.

While the southern states contributed nearly 61.54 per cent towards development of software followed by the western states at 19.4 per cent, the northern states contributed only 16 per cent to the total software development, industry body PHD chamber said.

The total worth of softwares developed in the country during 2006-07 was around Rs 1,83,151 crore, out of which the share of the northern states was Rs 28,936 crore.

For increasing the share of northern region to the total production of software, the chamber suggested that the tier-II and tier-III cities in Uttranchal and Punjab should be developed as software development centres.

The chamber also called for increasing the share of domestic consumption of software.

In 2006-07, the percentage of software exports to the total software development in the country was 79 per cent.

"The domestic consumption of software should be the driving force to gauge the buoyancy in the sector since increasing number of cliffhangers are developed in the export market," PHD Chamber President L K Malhotra said.

"Against the backdrop of increasing hardships of the software developers on account of the hardening rupee and increasing resistance from the software and ITeS importing countries, it is necessary that domestic opportunities are opened up for software firms, which will help them to the hedge the risk in the export market," he added.

Software exports for the year 2006-07 worked out to be Rs 1,44,214 crore while domestic consumption stood at Rs 38,937 crore. (PTI)

Withdraw CTT, demands ASSOCHAM

NEW DELHI, Apr 27: Industry body Assocham today demanded withdrawal of the Commodity Transaction Tax saying the proposed levy will render futures market unviable.

The chamber in a representation to the Finance Minister has also sought withdrawal of excise duty on cement and imposition of levy on mineral export including iron ore.

Assocham President Venugopal Dhoot emphasised that if Commodity Transaction Tax (CTT) is imposed at 0.017 per cent and the annual turnover of all commodities exchanges remains at the current level of around Rs 40 lakh crore, the maximum revenue collection would be Rs 680 crore.

"If the turnover drops to the level of 10 per cent of the current figure, the revenue collections would drop to Rs 68 crore per annum only. Therefore, the CTT is uncalled for as with its imposition, the annual turnover of commodities exchange is bound to fall down and government is unlikely to collect much of revenues through CTT," said Dhoot.

Taking up the issue of hike in excise duty on bulk cement by Rs 50 per tonne and by Rs 100 per tonne on clinker, the chamber pointed out that cement manufacturers would pass on this burden to end-users adversely affecting the real estate sector.

He also urged the Finance Minister to impose heavy export duty on minerals, including iron ore. In case, heavy export duty is not possible on ore exports, a cess at Rs 500 per tonne be levied, said Dhoot.

On the issue of mineral wealth exports, particularly those of iron ore, the industry chamber holds that steel sector might witness a price hike as global steel prices are set to rise and have been rising. (PTI)

TRAI asks MRTPC for info on notice to telecom troika

NEW DELHI, Apr 27: Telecom regulator TRAI has sought information from fair trade practices watchdog MRTPC that recently issued 'notice of enquiry' to Bharti Airtel, Vodafone -Essar and Idea Cellular for forming a cartel and hiking tariffs simultaneously.

TRAI has been saying that tariffs are under forbearance, which means that service providers are free to set tariffs depending upon the market situation.

The Telecom Regulatory Authority of India, according to sources, has written a letter to the secretary of MRTPC seeking a copy of the preliminary investigation report submitted by its investigative unit DGIR.

In its report, the Director General of Investigation and Registration (DGIR) said that the telecom troika has formed a cartel and distorted competition by simultaneously hiking the tariffs.

The report contradicts the stand of the sector regulator as in Auguest last year, when the tariffs were hiked, TRAI had said that tariffs are market driven.

When contacted, officials in the Monopoly and Restrictive Trade Practices Commission (MRTPC) offered no comments.

TRAI had also submitted before sector tribunal TDSAT that there was no need to interfere in this issue as the tariff was much below the expected limit. The regulator had also said that it had no right to instruct on these issues. (PTI)

Triveni Engineering net profit soars six fold to Rs 34 cr

NEW DELHI, Apr 27: Triveni Engineering and Industries today reported a net profit of Rs 34.28 crore for the quarter ended March 31, an over six fold increase in over the same period last year.

The company had a net profit of Rs 5.40 crore in corresponding period previous year.

The total income for the quarter under consideration also jumped by 4.74 per cent to Rs 382.83 crore, compared to Rs 365.49 crore during the corresponding period in the previous fiscal, the company said in a statement.

The net profit for the October-March half year period rose to Rs 59.96 crore from Rs 27.29 crore in the year-ago period. Its total income for the period soared to Rs 732.01 crore from Rs 672.51 in the last fiscal.

Triveni Engineering & Industries is engaged in sugar production and engineered-to-order mechanical equipment such as steam turbines, high speed gears and water and wastewater treatment equipments.

"The overall performance is reflective of improved outlook in the sugar business and our continuing growth in the engineering business with an overall profit after tax growth of 120 per cent at Rs 60 crore," Triveni Engineering & Industries Chairman Dhruv Sawhney said. (PTI)

IGNOU to launch course on retailing

NEW DELHI, Apr 27: With the retail sector growing in India generating more opportunities, the Indira Gandhi National Open University (IGNOU) will launch a diploma course on the subject from July this year.

IGNOU, in collaboration with Retailers Association of India (RAI), Mumbai, will start a Diploma in Retailing in which plus-two pass-out students can get admission, a release issued by the university said here. The one-year course will also involve internship of six months. The last date for receiving application is May 31. (PTI)