Daily Excelsior...Business

Oil price remains quiet in thin trade

US co forced to recall a batch, Bindi in India goes unchecked

MSIL to set up car terminal at Mundra Port for exports

India’s export revenue from oilmeals to soar by 46 pc in FY’08

LG Electronics poised to achieve a
growth rate of 15 pc : Dr Verma

Excelsior Correspondent

JAMMU, Feb 20: LG Electronics Ltd, which started its operation in India over a decade back is poised to achieve a growth rate of 15 percent in its annual turnover during this year.

This was stated by Dr Yasho V Verma, Director (HR&MS) of the Company in an exclusive Interview to Excelsior here, today. He said the Company had a turn over of Rs 9,500 crore in last year.

The Company’s over all turnover in J&K during the last year was Rs 80 crore and it is all set to achieve a target of 100 crore in the state this year, he said.

Maintaining that company offers no gifts and discounts to the customers on its items, Dr Verma said , LG gives main thrust on production of quality products and after sale, service. "Our focus is on marketing to get latest marketing tools and branding more premium,. No doubt L G Products are five percent higher in price but they give full value for money", he added.

He said a customer does not purchase the products for gifts but for their quality and durability. This is the reason that the Company took a decision last year not to offer the Diwali gifts to the customers on its products. Terming it a landmark decision in the industry, he said as a result of this LG’s market share increased.

He said the Company is also focusing on consumer insight and this is the key to its success.

The another reason for LG’s success in India is that the products manufactured by it in Korea were changed as per Indian need. Moreover, the Company is focusing on innovation of system processes and introduced a culture of discipline in industry. LG’s R D is strong enough and this is the main factor in localizing its products, Dr Verma added.

He said the company deals in manufacturing of Colour TV, refrigerators, washing machines, ACs, vacuum cleaners, Audio Systems, GSM, mobile handsets, I T Products, LCD & FCD etc. Except GSM and Lap Top, the Company has number one position all over India, he added.

To generate the confidence among the customers, the company took an initiative this year by making 100 percent calls to its customers. "The customers are called by our corporate office and asked about the response given by its service engineers. Moreover, we also focus on showroom renovation and marketing." he said.

Dr Verma said the ten commandments introduced by the company have yielded good results. These included billing on daily basis. foster clean working environment, transparency with trade partners, communication with branch, display at dealer counters and shop innovations etc.

REL emerges front runner for Mumbai trans-harbour link project

MUMBAI, Feb 20: Anil Ambani group's Reliance Energy is understood to have emerged as the top bidder for the Rs 6,000 crore trans-harbour link project here, for which elder brother Mukesh Ambani-led Reliance Industries group is also in the race.

Financial bids were opened today for the 25 kilometer six-lane project of Maharashtra State Road Development Corporation (MSRDC).

No official confirmation could be obtained from either MSRDC or REL. (PTI)

India's first power trading portal to begin in two months

NEW DELHI, Feb 20: Country's first power trading platform, Indian Energy Exchange (IEX), will start operations in next two months.

"We have not fixed any specific date, but the exchange would be operational in a couple of months," IEX Director Joseph Massey told reporters here.

Massey said the exact date of commencing operations would be decided after consulting all stakeholders.

He said the tariff price of trading would be decided by market forces. (PTI)

Sun Pharma ups stake in Israeli firm Taro

MUMBAI, Feb 20: Drug maker Sun Pharmaceutical today said it has increased its stake in Israel-based Taro Pharmaceutical Industries Ltd to 34.4 per cent.

Sun Pharmaceutical's indirect subsidiary, Alkaloida Chemical Company Exclusive Group Ltd, has bought over 37.12 lakh shares from Brandes Investment Partners for an undisclosed amount.

Brandes Investment Partners is an investment advisory firm, which holds stake in Taro.

Pursuant to the purchase of the said shares equivalent to an additional 9.4 per cent stake, the company has raised its stake in Taro to 34.4 per cent, Sun Pharmaceutical said in a filing to the Bombay Stock Exchange.

In May 2007, Sun Pharmaceutical along with its subsidiaries, had signed definitive agreements to acquire Taro Pharma in an all-cash deal for 454 million dollar.

Taro has a strong franchise in dermatology and topical products, in addition to product baskets in cardiovascular, neuropsychiatric and anti-inflammatory therapeutic categories. It has established subsidiaries, manufacturing and products across US, Israel, Canada and North America.

(PTI)

Base metals rise further on strong global cues

NEW DELHI, Feb 20: Nickel, copper and lead prices strengthened further by Rs 5 a kg in the non-ferrous metal market here today on renewed buying by industries on the back of higher overseas advices.

Marketmen said pick up in demand from industries in line with higher advices from overseas front mainly pushed up select base metal prices.

At London Metal Exchange, nickel rose 600 dollar at 28200, copper by 216 dollars at 8189 and lead by 120 dollar at 3145 dollar per metric tonne respectively.

In local market, nickel plate (4x4) (9x9) and (4x24) posted higher further by Rs 5 each to Rs 1,320-1,420, Rs 1,325-1,435 and Rs 1,325-1,455 a kg respectively.

Copper wire scrap, copper super d rod, copper wire bar, copper mixed scrap and C C rod all went up further by Rs 5 each to close at Rs 345, Rs 368, Rs 365, Rs 325 and Rs 357 per kg respectively.

Lead ingot and lead imported also marked ahead by Rs 5 each at Rs 117 and Rs 150-155 a kg respectively.

Zinc slab and zinc dross quoted higher by Rs 2 each at Rs 137 and Rs 117 a kg in line with general trend. (PTI)

Select pulse prices up on increased offtake

NEW DELHI, Feb 20: Prices of gram, moth and arhar dal rose between Rs 25 and Rs 100 per quintal in the wholesale pulses market today on poor supply against fresh buying.

However, other pulse prices moved in a tight range on small buying and selling activities.

Marketmen said better offtake by stockists mainly pushed up gram, moth and arhar prices.

Gram and its dal local and best moved higher further from Rs 2,475-2,500, Rs 2,750-2,850 and Rs 2,850-3,000 to close at Rs 2,500-2,525, Rs 2,775-2,900 and Rs 2,900-3,100 a quintal respectively on poor supply.

Arhar dal dara and pataka gained from Rs 3,400-3,600 and Rs 3,550-3,900 to finish at Rs 3,500-3,700 and Rs 3,650-3,950 a quintal respectively.

Moth price also rose from Rs 1,650-1,800 to settle at Rs 1,750-1,850 a quintal on rise in demand.

Following were today’s quotations (per quintal):

Urad Maharashtra 2050-2400, Rangoon 2300-2375, Urad chilka (local) 2650-2800 , best 2800-3100, dhoya local 2800-3000, best 3100-3350, Moong Maharashtra 2250-2550, Rajasthan 1875-2250, dal moong chilka local 2600-2800, best 2800-3150, moong dhoya local 2700-2850, best quality 2950-3300, masoor small 3000-3150, bold 2850-2950, dal masoor local 3200-3400, best quality 3400-3650, Malka local 3250-3400, best 3450-3600, Moth 1750-1850, Arhar Maharashtra 2600-2700, Rangoon 2450-2550, dal arhar dara 3500-3700 and patka 3650-3950.

Gram 2500-2525, gram dal (local) 2775-2900, best quality 2900-3100, besin (35 kg) shakti bhog 1180, rajdhani 1200, Rajmah chitra Pune 3150-3900, China 3550-3900, red 2900-3000, kabli gram small 2800-3475, dabra 2775-2875, imported 4600-4700, lobia 2200-2600, peas white 2125-2200 and green 2175-2225. (PTI)

Wheat dara price softens on reduced offtake

NEW DELHI, Feb 20: Wheat dara prices declined nearly by Rs 10 per quintal in the wholesale grains market today on lack of buying interest against sufficient stocks position.

Atta prices too slipped in line with wheat and settled lower by Rs 5 a 90 kg.

Wheat dara price shed from Rs 1,120-1,125 to settle at Rs 1,110-1,120 a quintal respectively on reduced offtake.

Atta chakki delivery price also fell by Rs 5 to settle at Rs 1,110-1,115 a 90 kg bags.

Rolling flour mills price quoted at Rs 1,105-1,110 from Rs 1,120-1,122 a quintal in line with wheat.

Following were today's quotations per quintal (in Rs): wheat MP (deshi) 1300-1575, wheat dara (for mills) 1110-1120, chakki atta (delivery) 1110-1115, Chakki atta Rajdhani (10 kgs) 145, shakti bhog (10 kgs) 155, roller flour mill 1105-1110, maida 1180-1200 (90 kilos) and sooji 1200-1210 (90 kgs).

Rice basmati (lal quila) 6800, Shri Lal Mahal 7000, Basmati common 5700-5850, Permal raw 1250-1350, permal wand 1425-1475, sela 1725-1775 and rice IR-8 1125-1175, Bajra 610-620, Jowar yellow 615-660, white 1110-1200, Maize 800-825 Barley (UP) 1170-1185 and Rajasthan 1180-1185. (PTI)

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Oil price remains quiet in thin trade

NEW DELHI, Feb 20: Steady condition persisted in the wholesale oils and oilseeds market today as prices after moving narrow range in restricted trade, finished at last levels.

Marketmen said the price movements were limited as stockists refrained from enlarging their position in the absence of festival season.

They said tight money market was another factor which kept the movement restricted and also reduced the volume of business.

Following were today’s quotation per quintal:

Oilseeds: mustard seed 2325-2500 and Groundnutseed 2700-3000.

Vanaspati ghee (15 litres tin) 875-975.

Edible oils: Groundnut mill delivery 7,200, Groundnut Solvent refined (per tin) 1235-1260, Mustard Expeller 5,750, Mustard Pakki ghani (per tin) 875-975, Mustard kachi ghani (per tin) 925-975, Sunflower 5,350, Sesame mill delivery 7,500, Soybean Refined mill delivery 6,200, Soyabean degum (Delhi) 6,050, Crude Palm Oil (Ex-kandla) 5,100, Cottonseed mill delivery 5,550, palmoline (RBD) 5,900, Rice bran (phy) 4,850 and coconut (per tin) 900-950.

Non-edible oils: linseed 4700 Mahuwa 4250, castor 5050-5150, Neem 3800-3850, Rice bran 3800-3900 and palm fatty 3125-3200.

Oilcakes: groundnut dehusk 770-820, Sesame 925-1125, Mustard (new) 1000-1025, Mustard 975-980 and Cottonseed 975-1100. (PTI)

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US co forced to recall a batch, Bindi in India goes unchecked

NEW DELHI, Feb 20: The ‘bindi’, the ubiquitous mark on the forehead of Indian women is facing a problem in the distant United States where a manufacturer has been forced to withdraw a batch along with other cosmetics products from the market owing to its high lead content.

In the land of its birth, the bindi, however, continues to be manufactured unchecked as there is no agency to monitor the usage and harmful effects of spurious products.

"The cosmetics industry is not at all regulated in India. There’s no apex body to control this in India", says Dr Deepak Vohra, a cosmetologist.

"What’s worse is the fact that most of the branded products in the market do not carry the mandatory label of ingredients, colouring agent (chemicals used) and Bureau of Indian Standards (BIS) mark and no declaration whatsoever that that the products are manufactured from any carcinogenic or any harmful ingredients", Dr Vohra says.

According to experts, ‘sindoor’ or ‘kumkum’ readily available in market often contains high amount of lead, which heightens the risk of poisoning. Lead exposure can result in a wide range of biological effects, depending upon the level and duration of exposure.

Synthetic sindoor can cause serious dermatological disorders like irritation, skin toxicity, eczema, leucoderma. Long-term exposure to even low levels of lead can cause irreversible learning difficulties, mental retardation, and delayed neurological and physical development, doctors say.

"It has been proved repeatedly that the metals like lead and mercury, used in such cosmetics, can be absorbed through skin and permeate into internal organs causing irreparable damages," says Dr Rishi Parashar of Sir Ganga Ram Hospital.

"These toxic elements after entering human body can harm every organ in the human body, especially the brain, kidney and reproductive system. Thus it can even cause several defects to pre-natal babies," he explains.

"It can also permanently damage the central nervous system, resulting in learning difficulties in school children as well as cause other long-term health hazards," supports Dr Vohra.

But, the Indian women have been using kumkum without knowing possible health hazards it can cause, he says.

It is all because of these reasons that Raja Foods of Skokie, Ilinois (United States) has recalled its cosmetics product containing kumkum and sindoor because of its high levels of lead content, according to the US Food and Drug Administration (FDA).

The company’s products like Abil, Gulal, Kanku, Kum Kum, Lagan Samagri kit, Pooja Samagri kit - distributed through Indian grocery stores in Colorado, Georgia, Iowa, Illinois, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, New York, Ohio, Oregon, Tennessee, Texas, Washington and Wisconsin, have been recalled.

According to Dr Parashar, the presence of lead in cosmetics is strictly prohibited in countries like UK and USA. But, the Indian government seems to be least bothered about all these health issues.

"Even the Drug Controller General of India does not have any regulation in this regard nor do they pay heed to safety standards for consumers", he says.

Adding to the toxicity problem there’s a flood of unbranded products in the Indian market. Even big shops in urban markets sell spurious or unbranded products without a list of ingredients, he adds.

The emergence of synthetic dye industry now offers a variety of brilliant and fast red dyes at a cheaper price. Nowadays, sindoor is produced from chemical dyes, synthetic materials and lead salts. Some of the manufactures produce it by powdering crude red lead (Pb3O4), reveal dermatologists.

Even imported products may not be free of such toxic metals. "The Chinese cosmetic products readily available in the market at lower price have cheaper chemicals and lots of ‘fish gelatin’ in them which damage the skin very badly," says the consmetic manufacturer Nanda.

"The multinational cosmetic companies, claiming wonders to consumers, have considerable amount of lead content and lead can well cause toxicity in human body", says Saurabh Nanda of Nature’s Essence Pvt. Ltd.

"The known and proven cases of cancer and other diseases in females arising from the consistent use of kumkum are known to us but there may be other unnoticed malfunctions as well," Dr Parashar points out specifically who is also the Secretary of Indian Association of Dermatologist Venerelogist Leprologist (IADVL).

The regulations regarding the acceptable limits of lead concentration or ingredients must be fixed, asserts Dr Vohra adding that here should be a constant monitoring of sources and implementation of regulatory norms should be followed mandatorily. (PTI)

MSIL to set up car terminal at Mundra Port for exports

MUMBAI, Feb 20: Country’s largest car maker Maruti Suzuki India Ltd today said it has signed an agreement with Mundra Port and Special Economic Zone Ltd (MPSEZL) for setting up a mega car terminal at Mundra Port in Kutch, Gujarat for exports.

The initial investment in the terminal is estimated at Rs 100 crore, of which MPSEZL will invest Rs 60 crore for setting up infrastructure at the port. Maruti Suzuki (MSIL) would invest the remaining for a pre-delivery inspection centre, the company said in a communique to the Bombay Stock Exchange.

The new terminal would have a car stockyard spread over 35 acres and a dedicated buffer area for parking cars just before their loading on ships.

The terminal is expected to be operational by December this year and Maruti Suzuki would commence export operations from Mundra Port from January next year.

"We have the technology and skills to build top quality cars for the international market. But our export ambitions need infrastructure support on the ground and this initiative will be a big step forward in filling that gap," MSIL Managing Director and CEO S Nakanishi said.

However, keeping in mind the increasing volumes, the company would continue to exports cars from Mumbai as well, MSIL said.

Maruti Suzuki’s exports are expected to touch 50,000 units in 2007-08.

MSIL will also launch a new model called ‘A-Star’ by the end of this calendar year and is expecting to export over two lakh cars annually to Europe and the rest of the world by year 2010, it added. (PTI)

India’s export revenue from oilmeals to soar by 46 pc in FY’08

NEW DELHI, Jan 20: India is likely to achieve the highest ever value realisation of Rs 5,000 crore from the export of oilmeals during the current fiscal, up by 46 per cent as compared to the last year, Solvent Extractors Association of India said.

"The spurt in prices of oilmeals in the international market is increasing the value realisation of our exports," Association’s Executive Director B V Mehta said.

Inspite of dollar depreciation, exports revenues are projected strong because of the improving export price for Indian oilmeals, he said, adding that in value-terms, the country’s overseas sale of oilmeals would touch its highest level of Rs 5,000 crore in 2007-08 financial year from Rs 4,100 crore previous year.

Currently, the export prices of castor meal have surged by 85 per cent to 120 dollars a tonne from 65 dollars a tonne last year. Ricebran extraction has shot up to 212 dollars a tonne from 118 dollars. Groundnut meal has jumped to 315 dollars a tonne from 182 dollars, he said.

While prices of soyabean meal-used in animal feed-have touched 416 dollars per tonne, up by 69 per cent from last year.

Mehta said, "Prices of oilmeals have shot up in the global market due to short supply of the commodity in the major markets like Brazil and Argentina which boosted our exports this year."

According to the SEA data, the major buyers of oilmeals --- Vietnam and China --- have scaled up their orders to the tune of 35 per cent till January, this year.

Vietnam, South Korea and China together have purchased over 20 lakh tonnes of oilmeals while the total exports from India stood at 37.98 lakh tonnes till January 2008, it said. (PTI)

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