Air India receives its 5th Boeing, names it ‘Haryana’

Govt open to revisit ECB curbs, if situation improves:FM

FM asks industry to hold price line..

193 sick industrial units revived: Govt

Further sharp fall in Instanex Skindia DR Index

MUMBAI, Mar 5: The Instanex Skindia DR Index fell further sharply by 103.74 points or 3.65 per cent to 2,739.38 on March 4 from 2,843.12 previously.

The P/E Ratio also declined to 24.22 from 25.18, Instanex Capital release said here today.

Following are the GDR and ADR rates for March 4 in US dollars with differences in percentage from the previous level given in brackets.

Bajaj Auto(GDR) 56.70 (+1.25)

Dr Reddy (ADR) 14.15 (-2.48)

HDFC Bank (ADR) 102.02 (-1.61)

Hindalco (GDR) 4.80 (+1.05)

ICICI Bank (ADR) 46.91 (-6.70)

Infosys Tech (ADR) 37.43 (-2.04)

ITC (GDR) 4.65 (-3.12)

L&T (GDR) 79.50 (-5.75)

MTNL (ADR) 5.75 (-0.52)

Ranbaxy Labs (GDR) 11.05 (+3.95)

Reliance (GDR) 110.25 (-5.03)

Satyam Comp (ADR) 24.31 (-1.06)

SBI (GDR) 101.00 (-0.49)

VSNL (ADR) 23.20 (-7.20)

Wipro (ADR) 11.39 (-1.30)

(PTI)

)

BMW India announces opening of Delta Motors

HYDERABAD, Mar 5: BMW India today announced opening of Delta Motors, its dealership in Hyderabad.

In a release, BMW India President Peter Kronschnabl said, "Our partnership with Delta Motors is reflective of BMW’s endeavour to reach out to its consumers and provide high quality services that are on a par with international standards. We are confident that this new partnership in Hyderabad, a very important market and one of India’s most historic and vibrant cities, will help fuel BMW’s growth plans in India."

Like other BMW dealers, Delta Motors will be provided intense training in management of sales, service, spare parts and business systems to ensure its customers the best-in-class pre and post sales ownership experience. Delta Motors’ team of service engineers will be trained at BMW’s Training centres in Singapore, Malaysia and Germany.

Delta Motors Managing Director Viren Choudary said, "We are fully committed to this partnership with BMW India and look forward to a fulfilling relationship."

(UNI)

Air India receives its 5th Boeing, names it ‘Haryana’

NEW DELHI, Mar 5: National carrier Air India has taken delivery of its fifth Boeing 777-200LR aircraft, and named it ‘Haryana’.

The four aircraft received earlier have been named ‘Andhra Pradesh’, ‘Assam’, ‘Bihar’ and ‘Gujarat’.

The 238-seater Boeing’s unique feature is a nose wheel camera which allows the passenger to see the aircraft taxiing and taking off while he is seated inside, an AI statement said today.

The B777-200LRs are equipped with all modern passenger amenities like flat beds in First and Executive Class and state-of-the-art inflight entertainment system offering a wide choice of programmes.

The aircraft will have eight seats in First Class, 35 seats in Executive Class and 195 seats in Economy Class.

In a departure from the conventional fixed meal timings, a passenger travelling First Class will have the facility of convenio service-meals at times preferred by a passenger.

First Class and Executive Class passengers also receive Pierre Cardin designer nightwear as complimentaries.

Air India had ordered eight Boeing 777-200LR aircraft. The remaining three will be delivered in mid 2009.

Other aircraft that form part of the 68 aircraft order placed in 2005 are 15 B777-300ER, 27 B787 Dreamliners and 18 B737-800.

Apart from the Boeing aircraft, the merged Air India also has 43 Airbus aircraft on order-- 20 A321, 19 A319 and 4 A320 -- 12 of which have already been inducted. (UNI)

NEW DELHI, Mar 5: The Government toady said it was open to revisit the restrictions imposed on bringing money raised through Commercial Borrowings (ECBs) to India, erected in the wake of unbridled capital inflows, if the situation that led to rupee appreciation eased.

"Only restriction (on ECB), that we have placed, which I hope would be temporary, is that you must spend the money abroad on capital expenditure... If things get better, we shall certainly revisit these restrictions," Finance Minister P Chidambaram said during his post-budget interaction with industry body FICCI.

He said restrictions on ECBs were imposed because the Government was struggling to moderate capital inflows in most part of last year.

In fact, it is the industry itself which complained about the appreciating rupee, because of which measures were taken to moderate capital inflows, he said, adding that now the industry was complaining about restrictions on these inflows.

"You (the Government) are damned if you do, you are damned if you don’t do," he said.

He asked the industry to understand RBI’s compulsions in this regard.

"RBI Governor’s task is an unenviable task. He has to balance a number of interests, especially containing inflation, managing money supply and maintaining monetary and financial stability. I think RBI has struck a balance (with regard to ECBs)," he said.

The Government had announced that not more than USD20 million raised through ECBs can be brought back to India for rupee expenditure purposes. To remit even 20 million dollars, prior approval of the RBI is needed.

To a query that this restriction is hurting small and medium enterprises, Chidambaram asked which small firms need more than 20 million dollars or about Rs 80 crore. (PTI)

FM asks industry to hold price line..

NEW DELHI, Mar 5: Finance Minister P Chidambaram today asked the industry to be more competitive and hold the price line.

"There is a lesson for the manufacturing sector. You have to become more competitive and hold the price line," Chidambaram said during his post-budget interaction with industry body Ficci, while pointing out that contribution of the manufacturing sector to inflation is not insignificant.

He said the industry would hurt itself in the long run if it exploits short term supply-demand mismatches.

When there are pressures brought on by growth and high commodity, oil and food prices in the world and slowing down of consumption, industry should rise to the occasion and become more competitive and more efficient to hold the price line.

The Finance Minister in particular appealed to industries like pharma, two-wheelers, auto, buses, chassis and paper, which have benefited from deep fiscal cuts announced in the Budget to hold the price line and try to lower them if possible.

"Expand volume of production and gain in volume what you might lose in not increasing prices" he said.

Exuding confidence that demand will definitely rise in 2008-09 the Finance Minister said, now it is for the industry to take a challenge and produce goods and services to meet the rising demand.

Referring to oligopolistic (less sellers in the market) tendencies in some industries, the finance Minister said Monopolies and Restrictive Trade Practices Commission has come out with two judgements on the cement industry, pointing out that the cement firms are acting like a cartel.

Confident that 2008-09 would also witness high growth, Chidambaram said, "I have said that my batting average is 8.8 per cent in four years. I have no intention to close my innings with lower batting average." (PTI)

193 sick industrial units revived: Govt

NEW DELHI, Mar 5: The Government today informed the Rajya Sabha that 193 sick industrial units have been discharged from BIFR/SICA consequent upon their networth turning positive.

As on May 2004, a total of 4,943 industrial units were registered with BIFR and during May 1, 2004 to 31st January, 2008, a total of 193 industrial units have been discharged from the BIFR, Minister of State for Commerce Ashwani Kumar said in a written reply to the Rajya Sabha.

On Foreign Direct Investment (FDI), the Minister said up to 100 per cent is allowed under the automatic route in the manufacturing sector subject to the sectoral guidelines.

FDI inflows in the manufacturing sector during April 2000 to December 2007 were 19,038 million dollars and during the same period inflows in the manufacturing sector in the north eastern region were 1.44 million dollars.

(UNI)