BEML Ltd net up 11% to Rs 59.24cr

Banking, trade settlement stalled as banks go on strike..

Chemicals and Chemical products fuel inflation to 3.83%

MMTC invites bids for supply of 30,000 tons of coke...

Black pepper prices decline

NEW DELHI, Jan 25: Black pepper prices declined by Rs 100 a quintal in the wholesale kirana market today on fall in demand.

Traders said adequate stocks against lack of demand brought down black pepper prices.

Black pepper common lost Rs 100 at Rs 14,900-15,000 a quintal.

Following were today's quotations (in Rs per quintal):

Ajwain 5,200-7,500 Black pepper common 14,900-15,000 Betelnut (kg) 105-115, cardamom brown

(Jhundiwali)16,400-16,500

and cardamom brown (Kanchicut) 18,000-21,000.

Cardamom small (kg): Chitridar 480-570, cardamom (colour robin) 620-640, cardamom bold 645-665, cardamom extra (bold) 695-705 and cloves (kg) 290-305.

Chirounji (new) (kg) 165-200

Dry mango 4,500-22,000

Dhania 4,300-7,000

Dry ginger 7,400-10,000

Kalaunji 7,500-8,000

Mace-Red (kg) 480-500

Mace-Yellow (kg) 460-465

Methiseed 3,500-4,000

Makhana (per kg) 175-220

Nutmeg 270-290

Poppyseed (KG Turkey) 395

Poppseed (KG MP-RAJ) 395-425

Poppyseed (KG U.P.) 350-365

Red chillies 2,700-7,000

Soya bari pariwar (20 kg) 350-400

Saffron (kg) Irani 105000-107000

Saffron (kg) Kashmiri 124000-132000

Soanf 4,400-11,000

Turmeric 3,200-4,500

Tamarind 8,00-1,200

Tamarind without seed 2,000-3,500

Tea (kg) 65-120

Watermelon kernel 8,300-8,400

Jeera common 10,300-10,700

Jeera dollar 10,600-10,700. (PTI)

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BEML Ltd net up 11% to Rs 59.24cr

NEW DELHI, Jan 25: Heavy earth-moving machinery maker BEML Ltd today said its net profit increased 11 per cent to Rs 59.24 crore for the third quarter ended December 31, 2007 as compared to Rs 52.97 crore in the corresponding quarter last year.

The total income also increased 14 per cent to Rs 640.76 crore for the third quarter ended December 31, 2007 from Rs 559.11 crore in

the same period last year.

(UNI)

Banking, trade settlement stalled as banks go on strike..

NEW DELHI, Jan 25: Banking services and stock market trade settlements were paralysed, as bank employees under the umbrella of United Forum of Bank Unions went on a day’s strike to protest outsourcing and merger of state-owned banks.

The United Forum of Bank Unions (UFBU) claimed that about 10 lakh employees of all the nationalised banks staged sit-in protests across cities and towns, including in front of State Bank of India’s northern zone head office in the national capital.

The merger of SBI’s seven associate banks with itself was the main trigger for today’s strike. The union also plans to go on strike on February 25 and 26 if its demands are not met.

Banking services will be out of reach of customers in almost all the 50,000 branches of state-run financial institutions for the next two days, as the strike today is followed by a holiday tomorrow on account of Republic Day which will be followed by a regular holiday on Sunday.

Stock market investors, including the NSE and BSE, were also at the receiving end as no settlement of cash and derivative trades were possible.

Earlier in the week, a conciliation meeting held in the office of Chief Labour Commissioner between Indian Banks Association and the employee association failed to yield any positive result.

UFBU’s other demands include a second pension option, appointment on compassionate ground and early settlement on wage revision.

"Merger of the public sector banks would be of no help as the merged banks together too cannot stand against the global banks in terms of capital", V K Gupta, Convenor UFBU said.

The union has also threatened that employees would strike work indefinitely from the fourth week of March if their demands were not met.

Commenting on the irrelevance of outsourcing in the sector, Gupta said: "It (outsourcing) is not needed in the banking sector as the banking services need secrecy and fidelity which cannot be achieved through outsourcing".

The bank staff alleged that the government has turned a deaf ear to their demands.

While shouting slogans against Finance Minister P Chidambaram, the leaders regretted that the minister was not even ready to talk to the bank employees.

Reports from Thiruvananthapuram said the strike called by banking sector unions paralysed operations of public sector and scheduled commercial banks across Kerala today.

Union sources claimed that the response to the strike was total. Bank employees took out marches in the state capital and at other centres protesting the neo-liberal policies of the Centre.

New generation private sector banks, however, functioned normally. (PTI)

Chemicals and Chemical products fuel inflation to 3.83%

NEW DELHI, Jan 25: The inflation rate for the week ended

January 12 stood at 3.83 per cent as compared to its previous week’s

level of 3.79 per cent, on account of higher prices of Chemical and

Chemical products.

The annual inflation rate was 6.15 per cent during the corresponding week of the previous year, an official statement said here today.

It is the 32nd successive week that inflation has remained below central banks comfort zone of five per cent.

However, a key government meeting to decide a hike in the retail prices of oil is expected to fuel inflationary pressures with the number expected to move towards four per cent in the near-term.

The wholesale price index for ‘All Commodities’ for the week ended January 12, rose by 0.05 per cent to 216.7 (Provisional) from 216.6 (Provisional) for the previous week.

The index for ‘Chemicals and Chemical Products’ group rose by 0.6 per cent to 205.7 (Provisional) from 204.5 (Provisional) for the previous week due to higher prices of acid (all kinds fifteen per cent), epoxy rasins (two per cent) and liquid chlorine (one per cent).

However, the prices of synthetic resins (six per cent), vitamin tablets A, B, C, D and others (five per cent), resins (all kind three per cent) and varnishes and bopp film (two per cent each) declined.

The index for ‘Manufactured Products’ group rose by 0.1 per cent to 188.7 (Provisional) from 188.5 (provisional) for the previous week.

The index for ‘Primary Articles’ declined by 0.1 per cent to 222.1 (Provisional) from 222.2 (Provisional) for the previous week.

The index for ‘Food Articles’ group declined by 0.2 per cent to 219.9 (Provisional) from 220.3 (Provisional) for the previous week due to lower prices of gram (five per cent), fish marine (two per cent each), jowar, condiments and spices and masur (one per cent each).

However, the prices of maize and rice (one per cent each) moved up.

The index for ‘Non-Food Articles’ group rose by 0.4 per cent to 211.7 (Provisional) from 210.8 (Provisional) for the previous week due to higher prices of soyabean (seven per cent), sunflower(three per cent) copra, raw tobacco and raw rubber (one per cent each). However the prices of fodder (two per cent), safflower (kardi seed) one per cent declined.

The index for ‘Fuel, Power, Light and Lubricants’ group remained unchanged at its previous week 334.1 (Provisional). (UNI)

MMTC invites bids for supply of 30,000 tons of coke...

NEW DELHI, Jan 25: State-run MMTC Ltd today invited global bids for import of 30,000 tons low ash metallurgical coke, which is used by steel companies.

Prospective suppliers can submit their bids by February 5 next, the MMTC said, while issuing the tender for supply of coke.

Suppliers having an annual turnover of 25 million dollars would be eligible to participate in the tendering process, the trading firm said, adding the entire quantity would have to be supplied in a single shipment.

The bidders would be required to submit their offers for the supply of coke at New Mangalore Port.

The successful bidder would have to execute a performance guarantee bond in the form of a Bank Guarantee for an amount covering three per cent of the contract value.

The coal and hydrocarbons business of MMTC mainly comprises Lam coke, coking coal and steam coal. (PTI)