Yougal Sons brings revolution with 9 branded stores
Kashmir Square mega
shopping mall opened

Excelsior Correspondent

JAMMU, May 3: "The Kashmir Square"—the first ever mega shopping mall offering....more

Gur up on fresh buying, poor supply

NEW DELHI, May 3: Gur prices today gained up to Rs 100 per quintal on the wholesale market following less arrivals against increased buying.Marketmen said ....more

UBI raises interest rates on NRE, FCNR deposits

MUMBAI, May 3: Public sector lender Union Bank of India (UBI), today said it has increased interest rates on its non-resident......more

Freight rates slips on poor demand

NEW DELHI, May 3: Freight rates for nine metric ton load section showed a downward trend on the local truck transport market here today due to easy...more

Gold declines on weak global trend

NEW DELHI, May 3: Gold prices fell by 25 to Rs 11,485 per 10 gram on the bullion market here today as firming US dollar against euro reduced its demand as a hedge against inflation.....more

Caustic soda flake up on better offtake

NEW DELHI, May 3: Wholesale prices of caustic soda flake today improved by Rs 25 per 50 kg here on restricted arrival against increase buying from consuming .....more

Rice moves down Rs 50 a quintal

NEW DELHI, May 3: Wholesale prices of rice today declined by Rs 50 to Rs 1,250-1,380 a quintal due to reduced demand from stockists and retailers.Following are today’s quotations per quintal: ’....more

Kicking and screaming, US capital's cabbies meet the meter

WASHINGTON, May 3: Washington's cab drivers are grudgingly succumbing to a new law forcing them to install ....more

     
     

Base metals remain steady ...

Allahabad Bank Q4 net up 34.8% at Rs 169.50 cr

Mahindra to raise Rs 700 crore through FCDs

Tata, ArcelorMittal, Essar in race to buy Krakatau

Yougal Sons brings revolution with 9 branded stores
Kashmir Square mega shopping mall opened

Excelsior Correspondent

JAMMU, May 3: "The Kashmir Square"—the first ever mega shopping mall offering Jammuites a store with an international flavor and enhanced shopping experience, was inaugurated by former Finance Minister Abdul Rahim Rather, near the Exhibition Ground today.

The mall offers big space and bid attitude shopping opportunity to the Jammuites with the luxury of hassle free shopping while on pleasure trip in centrally air conditioned environment.

Being the first of its kind, the Kashmir Square has high speed escalators on four floors of eye-catching ware and creative interior and exterior that give visual delight. Each floor has been designed with a distinct concept in mind to appeal to the target customers.

With ample parking space and uninterrupted power supply, the mall has state of art fire alarm, control and fire fighting systems to ensure extra safety.

Fabulous and exclusive food and beverages outlet of national and international standards area the area to relax during shopping spree and to have sumptuous refreshments and meals.

The mall has been built with the concept of bringing the top brands under the vast umbrella and displays fashion garments for men and women including formal, casuals, western and ethnic Indian wear; household and home furnishing, a collection of household products and accessories like linen and furnishing, glassware, crockery and cutlery, an extensive collection of children’s wear, toys, infant basics and nursery furniture and a footwear section with wide collection of shoes and related accessories.

Of the total 28 stores, Yougal Sons has nine stores in the mall—eight in the ground floor and one in the first floor. Yougal Sons already have two big showrooms at Apsra Road, Gandhi Nagar and Old Hospital Road, Purani Mandi.

Managing Director of Yougal Sons, Surinder Mahajan and Director Rajesh Langar said "our eight branded outlets are of Levis, Pepe, Numero, Adidas, Octave, Whistle, Monte Carlo and Madame", adding "YS Designs has complete ethnic wear solution for men and women on the first floor of the mall".

The YS Designs provides wedding suits, sarees, lehangas, sherwanis, ready-made wedding suits, accessories, under-garments, pure Kashmiri embroidery suits, pashmina shawls etc.

Among the brands that are readily available inside the mall include, Gitanjali Jewels, World of Titan, Levis Signature, Cat Moss, Recap, Whistle, Madame, Monti Carlo, Octave, Adidas, Levis, Pepe Jeans, Yougal Sons, Puma, Wrangler, Arrow, United Colors of Benetton, Kapkids, Kapsons Exclusive, Welhome, Blue Mount, Liberty Revolutions, John Player, Dominos Pizza, Moti Mahal Deluxe, Yo China and Bikano.

Chairman of The Kashmir Square, Subash Gupta said that it would be their effort to provide Jammuites with the great shopping experience and national and international food and beverage like never before with great line-up of brands in a wonderful relaxing environment.

Gur up on fresh buying, poor supply

NEW DELHI, May 3: Gur prices today gained up to Rs 100 per quintal on the wholesale market following less arrivals against increased buying.

Marketmen said poor arrivals against increased demand pushed up gur prices.

Muzaffarnagar and Muradnagar gur markets also witnessed a rising trend on paucity of ready stocks.

In Delhi gur pedi and dhayya marked ahead by Rs 50 each to settle at Rs 1,550-1,600 each a quintal on better offtake.

Shakkar price also found fresh support on low ready stocks and traded up at Rs 1,600-1,700 from Rs 1,500-1,600 a quintal.

At Muzaffarnagar, gur raskat edged up from Rs 1,125-1,175 to Rs 1,175-1,200 a quintal truck load on better offtake by alcohal makers and cattlefeed stockist.

Khurpa price too closed higher at Rs 1,275-1,310 instead of Rs 1,250-1,275 a quintal truck load previously on fresh buying support.

In Muradnagar gur pedi settled higher at Rs 1,375-1,425 from Rs 1,350-1,400 a quintal on pick up in demand.

Following are today’s quotations:

Chakku 1600-1650, Pedi 1550-1600 and Dhayya 1550-1600. Shakkar 1600-1700 and Khandsari 1500-1550.

In Muzaffarnagar: Raskat 1175-1200, chakku 1300-1525 and Khurpa 1275-1310.

In Muradnagar: Pedi 1375-1425, Dhayya 1350-1375. (PTI)

UBI raises interest rates on NRE, FCNR deposits

MUMBAI, May 3: Public sector lender Union Bank of India (UBI), today said it has increased interest rates on its non-resident external (NRE) in rupee term deposits and foreign currency non-resident (FCNR) deposits.

The upward revision in rates is with effect from May 1, a release issued here said.

Accordingly, for NRE deposits of one year to less than two years, the rate has been increased to 3.08 per cent from 2.49 per cent, while for two years to less than three years, it has been revised from 2.50 per cent to 3.18 per cent.

For three years and above, the new rate is 3.45 per cent, against the earlier 2.81 per cent, the release said.

For FCNR deposits in the US dollar terms for a maturity period of one year to less than two years and for two years to less than three years, the new rates applicable are 2.33 per cent and 2.43 per cent respectively, against the earlier 1.74 per cent and 1.75 per cent respectively.

For three years to less than four years and for four years to less than five years, the revised rates are 2.70 per cent and 2.93 per cent respectively as against 2.06 per cent and 2.36 per cent respectively.

For a maturity period of five years, the rate has been increased from 2.65 per cent to 3.11 per cent, it said.

The bank has also increased rates on its exchange earner foreign currency (EEFC) term deposits. (PTI)

Freight rates slips on poor demand

NEW DELHI, May 3: Freight rates for nine metric ton load section showed a downward trend on the local truck transport market here today due to easy availability of trucks against insufficient cargo movements.

Delhi to Kolkata, Mysore and Pondicherry freight went down by Rs 1,000 each at Rs 23,000, Rs 31,000 and Rs 35,000 respectively.

Rates to Mumbai, Chennai and Kochi also dipped by Rs 1,000 each at Rs 16,000, Rs 34,000 and Rs 41,000 respectively.

Vijaywada and Guwahati declined by Rs 1,000 each at Rs 23,000 and Rs 38,000 respectively.

Following are today’s freight rates for the nine metric ton load:

Ahmedabad 9,500 Hyderabad 21,000

Mumbai 16,000 Vijayawada 23,000

Baroda 12,000 Bangalore 30,000

Pune 18,000 Mysore 31,000

Surat 13,000 Pondicherry 35,000

Kanpur 7,500 Coimbatore 42,000

Kolkata 23,000 Chennai 34,000

Ludhiana 9,500 Kochi 41,000

Chandigarh 6,000 Thiruvananthapuram 48,000 Jaipur 4,500 Goa 25,000

Indore 10,500 Gwalior 6,500

Patna 19,000 Guwahati 38,000

(PTI)

 

Gold declines on weak global trend

NEW DELHI, May 3: Gold prices fell by 25 to Rs 11,485 per 10 gram on the bullion market here today as firming US dollar against euro reduced its demand as a hedge against inflation.

Reduced offtake by stockists in the domestic market triggered by a weak global trend, which normally sets the price pattern here, also influenced the market sentiment to some extent, traders said.

In the London market Gold fell below 850 dollars an ounce for the first time since January 2, to trade at 847.93 dollar an ounce.

The impact was felt in domestic markets as standard gold and ornaments lost Rs 25 each to Rs 11,485 and Rs 11,335 per 10 gram respectively. Sovereign held unchanged at Rs 9,825 per piece of eight gram.

Similarly, silver ready fell by Rs 210 to Rs 22,400 per kg and weekly-based delivery by Rs 300 to Rs 22,100 per kg. Silver coins remained unchanged at Rs 26,400 for buying and Rs 26,500 for selling of 100 pieces. (PTI)

Caustic soda flake up on better offtake

NEW DELHI, May 3: Wholesale prices of caustic soda flake today improved by Rs 25 per 50 kg here on restricted arrival against increase buying from consuming units.

Caustic soda flake closed at Rs 1,500 per 50 kg.

Traders said better industrial offtake helped caustic soda flake prices move up.

Following are today's quotations:

Ammonia bicarb (25 kg) 510, Ammonium chloride (50 kg) 1,800, acetic acid (1 kg) 45, boric acid technical (50 kg) 4,100-4,600, borex granular (50 kg) 2450.

Caustic soda flake (50 kg) 1500, citric acid (50 kg) (China) 3,150-3,400, citric acid deshi (50 kg) 3,100-3300, camphor slab (1 kg) 200, camphor powder (1 kg) 190, glycerine (1 kg) 60-85, hexamine (1 kg) 75, hydrogen peroxide (1 kg) 33-35, mercury (34.5 kg) 27,600, menthol bold crystal (per kg) 610, menthol flake (1 kg) 590 and Mentha oil (1 kg) 505. (PTI)

Rice moves down Rs 50 a quintal

NEW DELHI, May 3:Wholesale prices of rice today declined by Rs 50 to Rs 1,250-1,380 a quintal due to reduced demand from stockists and retailers.

Following are today’s quotations per quintal: wheat MP (deshi) 1290-1540, wheat dara (for mills) 1070-1120, chakki atta (delivery) 1110-1115, Chakki atta Rajdhani (10 kgs) 150, shakti bhog (10 kgs) 150, roller flour mill 1105-1110, maida 1150-1170 (90 kilos) and sooji 1200-1215 (90 kgs).

Rice basmati (lal quila) 7000, Shri Lal Mahal 7000, Basmati common 6400-6570, Permal raw 1250-1380, permal wand 1400-1500, sela 1900-2050 and rice IR-8 1175-1300, Bajra 675-680, Jowar yellow 680-730, white 1230-1280, Maize 770-790 Barley (UP) 1130-1140 and Rajasthan 1100-1110. (PTI)

Kicking and screaming, US capital's cabbies meet the meter

WASHINGTON, May 3: Washington's cab drivers are grudgingly succumbing to a new law forcing them to install ordinary meters in their taxis, and foresake a quirky decades-old fare system that left some clients confused.

Taxi drivers battled the city government for months to defend their cherished zone system, in which they charge customers depending on how many geographic sectors they travel through.

But a judge last month upheld Mayor Adrian Fenty's decision to order taxis to install meters. The cabbies now have until May 31 to install the meters and face a USD 1,000 fine if they fail to do so after that.

"Welcome to the 21st century," said Page, a taxi customer in her 40s who like many in this city were unhappy with the unique zone system. "It's a great idea. That's the way it's set up in all major cities."

About 50 taxis were lining up recently to buy the USD 400 metres at a shop in northeast Washington.

"The mayor is destroying 7,000 families," said one driver who refused to give his name, referring to the number of Washington taxis. "I'm really upset."

Cabbies complained that the metres cost the equivalent of three to four days worth of fares.

The change, ordered by Fenty last October, ends a system that divided the city into 23 zones -- a confusing maze for visitors from countries or other US cities used to cabs with meters. Some Washington residents were comfortable with the geographic system.

"I like the zone system because I know what my fare is going to be," said L Bertrand, 24, who works in communications. "I hope they can maybe switch back." (AGENCIES)

Base metals remain steady ...

NEW DELHI, May 3: Wholesale prices of base metals ended steady today due to poor demand against short supply.

Traders said reduced offtake by stockists and consuming industries amid tight money market conditions kept base metal prices unchanged.

Following are today’s quotations per kg (in Rs):

Tin ingot 1000, zinc ingot (Hindustan) 110, zinc dross 98.00, nickel plate (4x4) 1360-1450, cadmium plate 475, Rod 420, antimony (china) 275, gun metal scrap 250, bell metal scrap 245, copper wire scrap 348, copper super d rod 370, copper wire bar 355, copper mixed scrap 322, C C rod 352, Utensil scrap 307, Mixed scrap 302, Chadripital 240, brass sheet cutting 230, bullet scrap 245, bharat scrap 240, accessories scrap 243, brass boring 222-235, brass radiator scrap 218 and huny scrap 227.

Lead ingot (hindustan zinc) 125, Lead imported 140, Aluminium ingots 125, sheet cutting 120, aluminium wire scrap 120 and Aluminium utensils scrap 110. (PTI)

Allahabad Bank Q4 net up 34.8% at Rs 169.50 cr

NEW DELHI, May 3: Allahabad Bank today said its net profit for the fourth quarter ended March 31, 2008 increased 34.8 per cent to Rs 169.50 crore as compared to Rs 125.73 crore for the corresponding quarter a year ago.

The Bank said in a statement that its total income for Q4FY08 grew 30.33 per cent to Rs 1,980.16 crore as against Rs 1,519.29 crore in the same period a year ago.

For the year ended March 31, 2008, the Bank’s net profit witnessed a hike of nearly 30 per cent to Rs 974.74 crore, whereas it was Rs 750.14 crore last fiscal.

Its total income for FY08 increased 35.6 per cent to Rs 7,135.97 crore from Rs 5,260.26 crore last fiscal.

The Group’s net profit jumped 31 per cent to Rs 993.98 crore for the year ended March 31, 2008 as compared to Rs 758.75 crore for the year ended March 31, 2007.

The Group’s total income for FY08 increased 35.8 per cent to Rs 7,156.41 crore as against Rs 5,267.21 crore last fiscal.

The Bank said its Board of Directors had recommended 30 per cent dividend on the equity share capital, which is Rs three per equity share.

(UNI)

Mahindra to raise Rs 700 crore through FCDs

MUMBAI, May 3: Automobile major Mahindra and Mahindra is planning to raise Rs 700 crore by issuing fully and compulsorily convertible debentures to an entity owned by Goldman Sachs, the global financial service major.

The company will utilise the amount raised through the preferential offer for its auto and tractor business, a company release said today.

The company will be seeking shareholders’ approval for the issue through a postal ballot.

The company will issue 93.95 lakh unsecured fully and compulsorily convertible debentures of the face value of Rs 745 each aggregating to little over Rs 700 crore.

Each FCD which will carry interest of 9.25 per cent per annum will be convertible into one equity share of Rs 10 each at a price of Rs 745 including a premium of Rs 735, anytime within 18 months from the date of allotment at the option of investor.

FCDs are anyway mandatorily convertible into equity share on the date falling 18 months from the date of allotment.

The company said the issue price is at a premium of 7.91 per cent to the closing price of Rs 690.35 traded on the BSE on May 2.

With this investment, Golboot Holding, the entity owned by Goldman Sach will own 3.68 per cent of the post issue paid up equity share of the company.

The board of the company which met today has fixed May 3 as the cut off date for ascertaining the list of shareholders to whom postal ballot forms will be issued. The results of the postal ballot will be declared on June 11. (PTI)

Tata, ArcelorMittal, Essar in race to buy Krakatau

NEW DELHI, May 3: World’s fifth largest steelmaker Tata is likely to join the race to acquire Indonesia’s state-run steel mill P T Krakatau alongwith ArcelorMittal and Australia’s BlueScope, the country’s leading daily The Jakarta Post reported.

According to the Director General for Metal, Machinery and Textiles in Indonesia Ansari Bukhari, Tata has sent a letter to the Ministry inquiring how it could take part in the privatisation process.

"Tata Steel’s Chief Executive Indranil Sengupta, plans to meet with Minister of Industry Fahmi Idris sometime on May 5 or 6. He has some questions on the Government’s plan to privatise Krakatau Steel," the daily quoted Bukhari as saying.

Another report quoted Bukhari as saying that Essar has also evinced interest in acquiring Krakatau.

BlueScope has also expressed its desire to meet the country’s Industry Minister on May 8 or 9 to discuss the privatisation, it said and added that Tata would have to compete with these companies, especially ArcelorMittal that has already offered to acquire 40 per cent stake in Krakatau.

On April 10 ArcelorMittal CEO L N Mittal met Indonesian President Susilo Bambang Yudhoyono and expressed his interest to invest 3 billion dollars in the country’s mining and steel companies, it said.

"With so much interest in Krakatau Steel, we will make the choice based on investors’ ability to provide up-to-date technologies and financial support," the daily quoted Ansari as saying.

The Indonesian Government has been considering to privatise Krakatau through an IPO or by conducting a strategic sale. (PTI)



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