Daily Excelsior...Business

Paswan asks PM to re-classify steel as an essential commodity.......

Darjeeling tea garden opens with a museum.........

Saria up on better offtake..........

Prices remain flat in low trade..........

Excelsior Correspondent

JAMMU, Mar 20: Ford Fiesta today beat its own record by covering a distance of 996.7 kms by using only 29.8 litres of diesel giving an average of 33.4 km per litre to the vehicles, a press note of company claimed here today.

Earlier record of the car set by autocar is 31.48 km per litre which is entered in Limca book of record.

According to press note, the Ford India teamed up with Autocar to complete the Banglore to Mumbai drive through bumpy roads and traffic chaos in less than a tank of fuel. Autocar India’s team of three drivers drove Ford Fiesta 1.4 litre Duratorq TDCI diesal from Bangalore to Mumbai on February this year.

A teamm of experts from Ernst and Young and Motor Sports Association of India supervised and audited the challenge. Recording an average speed of 46.5kmh, the Fiesta took 24 hours and 20 minutes to cover the distance.

The company claimed that Ford Fiesta is a fantastic product with the most advance technology consisting of TDCI Duratorq Engine.

The model of car is also available at Ford Dealership at Akhnoor road Jammu

HTC, RComm enter strategic alliance

MUMBAI, Mar 20: High Tech Computer Corporation (HTC) and Reliance Communications have announced a strategic alliance with the launch of two high-end devices that empower Reliance customers to access e-mail, internet and data application on the move.

Reliance Communications President S P Shukla, speaking at the launch, said the aim behind launching the devices is to provie top-of-the-line integrated telecom network to the customers, and enabling a diverse suite of feature-rich voice, data and video applications for million of Indian consumers.

Mr Shukla said the handset HTC-S720 is priced at Rs 19,500 while HTC P3000 is priced at Rs 16,500.

HTC Chief Executive Officer and President Peter Chou, speaking on the occasion, said the alliance with Reliance would be a long-term one.

(UNI)

Art, the safest investment on long term basis, say experts

NEW DELHI, Mar 20: With volatile markets being the trend and interest rates low on return, art seems to have come back as the safest investment option for many, says leading art curators and investment analysts.

"Art is the only commodity other than gold which is constant in giving steady returns from the very beginning. Art can make its own money over a period of time," says Neville Tuli of Osian, one of the largest art auction houses in the country.

"This means, art should not be taken as a short investment of just few months. Give it some time and this does not mean lifetime but at least around three years. It will give you good returns," he adds.

While paintings were earlier bought because of interest in such forms of art, experts say that many are now coming forward for just pure investment purposes.

"If you pick out good paintings and study their progress in the last few years, you will find out that they have given very good returns. In some cases, certain pieces of art has given 100 per cent returns and more," says Minal Vazirani of Saffronart, an auction house cum gallery.

Agrees, S Kalra, a leather exporter who regularly invests in art. "I had a Rameshwar Broota’s painting with me which I had bought for a very small amount in 2000. I sold the painting in 2004 and it gave me a return of around 75 per cent," he says.

Though Kalra did make a decent profit, he ruefully adds, "I should have waited a little longer. The same painting would have given me more than 100 per cent return now."

In India, the organised art market today is valued at around Rs 800 crore a year, which experts say is growing at a rate of over 30 per cent per annum.

A number of financial institutions have come out with art funds or schemes, trying to cash in on this growing new market.

Art funds typically operate by pooling in money from select investors and use it to buy art objects that have huge appreciation potential in a short period of time.

Market sources say there are no estimates available on the number of art schemes in the market or the quantum of funds collected.

Hence, recently, Stock Market regulator, SEBI, had said that it would initiate action, including criminal case, against companies that operate Art Funds without its approval.

The regulator, in a statement, warned that the launching of Art Funds or schemes without obtaining registration amounts to violation and it could take civil or criminal actions against the erring funds.

"It is a welcome gesture. If you expect the market to grow on like this without the the tax men or regulator moving in, then you are not being smart," says Tuli.

He adds, "Art market is the biggest black market in the world. It is only now that white money is being pumped into this sector with coming up of auction houses and known galleries. With the regulators stepping in, the market would become more organised."

Artists point out that to sustain the phenomenal growth in the art market, proper steps should be taken to educate people.

"There are lot of things being said about art these days. People are confused and hence, at times, end up burning their fingers. Established auction houses and galleries should come forward to educate everyone from students to bankers about art is all about," says Goldy Malhotra, Pricipal, Modern School, New Delhi.

Malhotra, who herself is an artist adds, "A lot of hype is there. It need to be cleared."

Saffronart which recently held its Spring Online Auction of Contemporary Indian art closed at a total sale value of over Rs 27 crore (US$ 7.15 million), which was well above its total higher estimate of Rs 19.56 cores (USD 5.1 million).

The online auction which featured the work of painters, sculptors and installation artists, attracted art lovers and investment oriented people from 22 countries across the globe.

"There is a genuine interest among people about art these days. People wanted to know what art is and are very inquisitive about it, which is a good trend. From financial consultants to pure art lovers, everyone is getting on to the art bandwagon," says Vazirani.

But, he cautions, "Art is indeed a very good investment but then it is important to make correct investments. If one doe snot know about art, then take sound advice before putting your money into it." Agrees, Tuli, See, at times a, particular piece of art can cost equal to a house on Malabar Hills. So, such investment should be made with sound judgment or advice."

With Indian artists now fetching millions of dollars at international auctions, art curators in the country say, India art scene is said to change.

"It is nice that money is coming into art. Some may say, it is leading to marketing of products which might promote certain artists but I think it is wrong. If people are buying art for investment, then it is good. It is good for everyone and for the market," says Tuli. (PTI)

Rly surplus land goes under hammer at Rs 675 cr reserve price

NEW DELHI, Mar 20: Railway’s much awaited commercial development plan for surplus land is set to go under hammer in the second week of April.

In Delhi’s Sarai Rohilla, one of the ten sites selected for commercial development in the first phase on public-private partnership basis, the first railway property will be handed over to a private developer on April 11.

While eight bidders are in the race for getting about 25 acres of prime railway land in Sarai Rohilla, the reserve price is fixed at Rs 675 crores for the bidding.

The bidding will be opened in second week of April and the highest bidder will be entrusted with the responsibility of developing a group housing complex complete with all modern facilities including shopping complex and health services, said a senior railway official.

Besides the reserve price, the developer has to renovate 750 railway quarters near the site as part of the development agreement.

The report of the feasibility study for commercial development of the 10 sites spread over 265 acres of land has been submitted to the Rail Land Development Authority (RLDA).

The 10 sites are located in Delhi, Kanpur, Gwalior, Vizag, Kolkata, and Bangalore.

After Sarai Rohilla, the next bidding will be for Nirala Nagar land in Kanpur, the official said. (PTI)

Delhi Govt to go ahead with construction of BRT corridor

NEW DELHI, Mar 20: The Delhi Government would go ahead with the construction of the Bus Rapid Transit (BRT) corridor on all the proposed routes, the Rajya Sabha was informed today.

The Government of National Territory of Delhi has reported that on the BRT corridor from Ambedkar Nagar to Delhi Gate, the design has been made so that there is minimal dislocation, Minister of State for Urban Development Ajay Maken said in a written reply.

There is no plan by the Government of Delhi to hold back implementation of BRT construction on other proposed routes, he said.

Delhi government has sanctioned an expenditure of Rs 215 crore for the Ambedkar Nagar to Delhi Gate BRT corridor.

"No funds are being borne by the Union Government," he added. (PTI)

Govt to cut import duty on edible oils

NEW DELHI, Mar 20: The Government is understood to have decided to slash import duties on edible oils to make them cheaper in the domestic market, as it seeks to moderate inflation, which stood at 11-month high of 5.92 per cent for the week ended March 8.

In the wake of over 30 per cent increase in the retail prices of majority of cooking oils, the government may cut effective duties on palm oil to bring them down to 10 per cent, a senior official said here.

There may also be a similar cut on imported soyabean oil.

"The decision has been taken and the notification on the duty cuts can come any day," the official said.

At present, the government levies customs duties at 45 per cent on palm oil and 40 per cent on soyabean oil. However, due to retention of the base price at July 2006 level, the effective duty rates on imported edible oils are lower than the official ones.

"Prices have gone up and the duty cut is basically designed to moderate inflation. There will be cut in duties on a number of items, all sorts of edible oil to maintain the price," he said.

The government has recently banned the export of edible oils as it did not want to take any chances on the domestic availability.

Commerce and Industry Minister Kamal Nath had yesterday said the Government was considering duty cuts on imports of palm oil.

The Government is faced with an uncomfortable situation of rising prices of essential commodities.

"Palm oil duties are based on the international prices. If international prices rise, one does look at it to consider duty cuts to keep domestic prices all right," Nath had said. (PTI)

Maya Entertainment to deliver high-end animation projects

BANGALORE, Mar 20: The Mumbai-based animation studio Maya Entertainment Ltd (MEL) will be delivering two high-definition international television serials for the UK and the US markets.

In addition, MEL was working on 72 minutes of high-end animation for Bollywood feature ‘Toonpur Ka Superhero’, starring Ajay Devgan and Kajol. All these high-end projects have been taken up using NetApp storage system.

Briefing newspersons on the company’s plans and its high technology adoption, its EVP (Business Development) Jai Natarajan said "the company’s first in-house animated feature project, a mythological epic, has completed the promo stage and is moving into production rapidly."

Explaining the importance of IT infrastructure for the animation industry, he said it was critical to deliver high quantum of complex work in heavy formats like hi-definition and film. A major piece of MEL’s infrastructure was centralised data storage using enterprise-class NetApp FAS 3050 clustered storage system.

NetApp Marketing Director (India) Soumitra Agarwal said India had seen an explosion in data storage adding 75 terra bytes of data storage capacity during the last three years.

"The volume of data has grown ten times in the last five years. The main drivers behind the data explosion included internet, images and digitalisation," he said.

(UNI)

Paswan asks PM to re-classify steel as an essential commodity

NEW DELHI, Mar 20: Peeved at steel producers repeatedly hiking prices, Steel Minister Ram Vilas Paswan has asked Prime Minister Manmohan Singh to re-classify the alloy as an essential commodity, withdrawing DEPB benefits from them and constituting a regulator for the sector.

"In the three month period since December 2007, steel prices have risen by 20-24 per cent...Possibilities of setting up a regulatory mechanism for steel and its inputs and re-classifying steel as an essential commodity may be considered by the Government," Paswan said in a letter to the Prime Minister.

Suggesting a series of fiscal measures against the steel producers for hiking prices of their produce despite repeated appeals, Paswan said the Centre should withdraw export incentives offered to them in the form of Duty Entitlement Pass Book (DEPB) scheme, which if withdrawn would hit the the bottom lines of major steel producers by about Rs 600 crore.

The DEPB for the steel makers is slated to end this month.

"The net savings on account of DEPB withdrawal is estimated at around Rs 593 crore. Withdrawal of DEPB benefits will make exports less attractive, even though in most cases, export realisation will continue to be more than the earnings from domestic sales," Paswan said adding that his Ministry made this recommendation to disincentivise steel exports.

The steel makers currently enjoy DEPB benefits of 5 per cent in galvanised products, 4 per cent in billets, 6 per cent in TMT bars and 4 per cent in hot rolled coils.

Paswan pointed out that rise in prices of long steel products have increased 24 per cent, while those of flats rose between 20-22 per cent.

Repeated pleas by the Ministry have not yielded desired results and during the past one month as the steel producers have hiked prices of various products by Rs 3,000-4,000.

"Moreover, there is also a concern with the Government that the rising steel prices is also adversely affecting the Wholesale Price Index," a senior Steel Ministry official said.

The Steel Minister also suggested abolishing import duty, which is currently at 5 per cent, arguing that the reduced margins between domestic price and landed cost at zero per cent import duty would exert a downward pressure on domestic prices.

Making out a case for imposing an export duty of 10 per cent on steel products, Paswan is planning to ask Finance Minister P Chidambaram to evolve a mechanism on imposing the duty.

The ministry would seek export duty on hot rolled coils, cold rolled coils, plates and pipes, which are witnessing increasing demand within the country. The direct gain from duty to revenue on these products would be Rs 676 crore, he said.

The Ministry has suggested another mechanism on export duty where 10 per cent duty on exports on all semis, longs and hot rolled coils with 2 per cent duty on other items. If this was done, then together with the import duty waiver and withdrawal of DEPB would result in a net revenue gain of Rs 326 crore annually for the Government.

Domestic prices of steel in the first 10 months of the current fiscal has increased by 12.6 per cent, while production grew only 5.1 per cent resulting in imports rising steeply by 68 per cent year-on-year while exports grew by 9 per cent annually. (PTI)

Darjeeling tea garden opens with a museum

SILIGURI, WB, Mar 20: Happy Valley tea estate, after lying closed for about three years, reopened in Darjeeling Hills.

The 435-acre tea garden having more than 1500 employees, will now house a museum at the plantation.

"The purpose of the museum is to spread awareness about tea production and boost sales," S K Bansal, Chairperson of Ambotia Tea Group which owns the garden, said.

The museum will be an attraction for tourists visiting the garden, hosting century old artifacts and mementos.

Tourist turnout has been planned to be increased by a day-long tour, while making available items like tea cakes, tea breads, tea soups and tea rice.

The reopening of the garden is a harbinger of good news for the local workers. (PTI)

Saria up on better offtake

NEW DELHI, Mar 20: Saria prices rose by Rs.100 a ton on the local iron and steel market today on pick up in constructions activity.

Marketmen said increased offtake due to fresh enquiries from construction units mainly pushed up saria prices.

In the saria section, Kamdhenu 8-mm, 10-mm and 12-mm were traded higher by Rs.49,350, Rs.48,850 and Rs.47,650 per ton respectively.

Following were today's quotations in Rs per tonne:

CTD saria (kamdhenu) 8-mm, 49,350, 10-mm, 48,850, 12-mm 47,650, 16-25 mm 48,350.

Rathi tor steel : 8-mm 49,150, 10-mm 48,500, 12-mm 47,250, 16-20 mm 48,000 and 25-32 mm 48,250.

Saria Jai bharat (iso 9002) 8-mm 45,800, 10 mm 45,300 12-mm 44,500, 16-25 mm 45,000.

Amba saria (iso-9002) 8-mm 46,800, 10-mm 46,300, 12-mm 45,500, 16-25-mm 46,000.

Amba shakti: (TMT) 8-mm 47,100, 10 mm 46,300, 12 mm 45,500, 16 to 25 mm 46,000.

M S Angle: (50x5) (50x6) 39,700, (25x3) (32x3) (40x3) 39,200, (40x5) (40x6) 39,900. Angle capital (ISI) (50X5) (50X6) 41,500, (40X5) (40x6) 42,000, (35X5) (65X6) 42,200.

Garder (joist) (150x75) 44,000 (175x85) 44,200 (200x100) 44,000 (125x70) 44,200. T-IRON (40X5) (40X6)(50X6) 43,500.

Ingot and Scrap: Bhivari 37,500, Govindgarh 38,500, Ghaziabad 37,500, Muzaffarnagar 37,100. (PTI)

Prices remain flat in low trade

NEW DELHI, Mar 20: Prices hovered around previous levels on the chemical market today in limited deals.

Traders said negligible enquiries from consuming units against adequate supply mainly kept prices unchanged.

Following were today's quotations:

Ammonia bicarb (25 kg) 345 Ammonium chloride (50 kg) 1,800, acetic acid (1 kg) 42, boric acid technical (50 kg) 4,100-4,600, borex granular (50 kg) 2050.

Caustic soda flake (50 kg) 1210 citric acid (50 kg) (China) 2,650-2,800, citric acid deshi (50 kg) 2,600-2800, camphor slab (1 kg) 170-175, camphor powder (1 kg) 150, glycerine (1 kg) 78-80, hexamine (1 kg) 82, hydrogen peroxide (1 kg) 31-32, mercury (34.5 kg) 28,600, menthol bold crystal (per kg) 605 menthol flake (1 kg) 585 and Mentha oil (1 kg) 505.

Paraffin wax ( 1 kg)Iran 65

paraffin wax ( 1 kg)China 72

paraffin wax ( 1 kg) Indian 67

residue wax (p tonne) 34,000

soda ash (50 kg) (Tata) 880

soda ash (50 kg) (Gujarat) 870

soda ash (50 kg) (Dcw) 870

soda ash (50 kg) (Birla) 870

Sodium Nitrite (50 kg) 1400-1550

Sodium silicate (Qtl) 950-1100

stable bleaching powder (shriram) (25 kg) 310 stable bleaching powder (chambal) 330

stable bleaching powder (modi) 310

tartaric acid france (1 kg) 421

thymol (1 kg) 400

titanium dioxide (ttk) (1 kg) 98

titanium dioxide (k-brand) (1 kg) 89

titanium dioxide (china) (1 kg) 89

titanium dioxide (TR-92) 108

titanium dioxide (rc-822) (1 kg) 108

oxalic acid (pcpl-red) 50 kg 2500

oxalic acid (pcpl-blue)50 kg 2500

Zinc oxide (kg) 122-135. (PTI)