Jeera up on increased offtake

Ansal’s housing plot scheme under MRTPC scanner

After Mahatma, it’s Bharti-MTN deal for
India, SA: Economist

Fiat India plans CNG variant of Palio by early next year

Shakkar rises on increased
buying by retailers

NEW DELHI, May 7: In restricted dealings, shakkar prices improved by Rs 50 a quintal in the national capital today due to low ready stocks position amid better offtake.

Marketmen said poor arrivals against increased offtake, mainly pushed up shakkar prices.

Murad Nagar gur market also attracted buyers attention on poor ready stocks and prices of gur chakku and khurpa went up by 25 a quintal.

In Delhi, shakkar price marked ahead from Rs 1600-1700 to Rs 1650-1750 a quintal on poor supply.

Turning to Muradnagar, gur chakku rose from Rs 1300-1525 to Rs 1300-1565 a quintal truck load on better offtake.

Khurpa price also posted higher from Rs 1275-1300 to Rs 1300-1325 a quintal truck load on increased buying support.

However, slackness in buying from alcohol maker and cattle-feed stockist demand pulled down prices of gur raskat from Rs 1175-1200 to Rs 1150-1200 a quintal truck load.

Meanwhile, gur pedi and dhayya prices at Murad Nagar gur market ruled flat on little buying at Rs 1375-1425 and Rs 1350-1375 a quintal truck load respectively.

Following were today's quotations:

Chakku 1600-1650, Pedi 1550-1600 and Dhayya 1550-1600. Shakkar 1650-1750 and Khandsari 1500-1550.

In Muzaffarnagar: Raskat 1150-1200, chakku 1300-1565 and Khurpa 1300-1325.

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

Instanex Skindia GDR Index eases further

MUMBAI, May 7: The Instanex Skindia DR Index eased further by mere one point or 0.03 per cent to 3,098.04 on May 6 as against 3,099.04 previously.

However, the P/E Ratio moved up to 25.42 from 25.26 previously, an Instanex Capital release said here today.

Following are the GDR and ADR rates for May 06 in US dollars with differences in percentage from the previous level given in brackets.

Dr Reddy'S (ADR) 15.81 (+0.96)

GAIL (GDR) 64.00 (+1.59)

Grasim Ind (GDR) 58.20 (-1.36)

ICICI Bank (ADR) 45.34 (-1.93)

Infosys Tech (ADR) 45.80 (+3.25)

ITC (GDR) 5.50 (-0.90)

L&T (GDR) 75.92 (-1.84)

Mahindra & Mah (GDR) 16.49 (-3.28)

Ranbaxy Labs (GDR) 11.60 (-3.33)

Reliance (GDR) 131.50 (-2.23)

Satyam Comp (ADR) 27.26 (+1.30)

SBI (GDR) 93.50 (-5.10)

Sterlite Ind (ADR) 21.46 (+4.63)

Tata Communi (ADR) 24.89 (+2.85)

Tata Motors (ADR) 16.88 (+0.24)

(PTI)

Polymers prices remain steady

NEW DELHI, May 7:The wholesale prices of polymers today remained unchanged in the national capital due to fall in demand from plastic moulding units.

Traders said considerable fall in demand from plastic moulding units mainly kept polymer prices steady.

Meanwhile, prices of Low Density (LD) No 40 and LD No 400 polymers remained unchanged at Rs 100 and Rs 99 a kilo respectively.

Following were today’s quotations in Rs per kg:

LD No 40 - 100, LD No 400 - 99.00 LLDP blowing 85.00, colour 75.00 HD Blowing 82.00, HD moulding (deshi) 81.00, HD moulding (colour) 85.00, PP No 100 83.00, PP Colour 107, ABS (Indian) 97, acrylic 130-140, colour 139-144, crystal (Indian) 80, colour 90, poly carbonate 180-190, Nylon No-6 165, Nylon No 66 -181-191, PVC resin deshi 60.00, PVC pest grade 80. (PTI)

Jeera up on increased offtake

NEW DELHI, May 7: Barring a rise in jeera due to restricted arrival from Gujarat, prices of other spices fluctuated in a tight range here today following scattered buying and selling before winding up at last levels.

Jeera common and dollar prices were edged up to Rs 10,000-10,400 and Rs 10,400-10,500 from yesterday's close of Rs 9,800-10,200 and Rs 10,200-10,300 per quintal respectively in the wholesale market here.

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

Ajwain 4,200-8,000 Black pepper common 14,400-14,500 Betelnut (kg) 95-110, cardamom brown (Jhundiwali) 15,000-15,100 and cardamom brown (Kanchicut) 16,500-20,000.

Cardamom small (kg): Chitridar 460-530, cardamom (colour robin) 530-540, cardamom bold 525-555, cardamom extra (bold) 590-615 and cloves (kg) 225-280. (PTI)

Ansal’s housing plot scheme
under MRTPC scanner

NEW DELHI, May 7:Ansal Housing & Construction Ltd’s residential plots project in Karnal has come under fair trade practices body MRTPC’s scanner, as advertisements promoting the scheme withhold the true cost of plots while inducing potential buyers to seek loans only from a particular bank.

The Monopolies and Restrictive Trade Practices Commission (MRTPC) has directed its investigative unit DGIR to look into the claims made by Ansal Housing and Construction Ltd for its upcoming modern township in Karnal.

Deepak Ansal-headed Ansal Housing and Construction advertised in newspapers inviting bookings for 166 sq.Meter plots in the township for just Rs 1.25 lakhs.

Deepak Ansal headed Ansal Housing and Construction has offered to book a 166 sq Meter plot in that township by just paying Rs 1.25 lakhs. Buyers would then have to pay Rs one lakh within 30 days from booking and thereafter Rs 15,000 per month for 15 months and the balance at the time of possession.

According to MRTPC sources, the company did not even bother to mention the actual price of the plot and tried to keep its customers in dark.

"When details about payments are mentioned, the price details should also have been mentioned in advertisement," a source said.

The Commission suspects that the company has not disclosed the rates of plots with a motive of "possible unfair manipulation of prices", sources said.

Moreover, the Commission has also noticed that the real estate developer has exclusive tie up with HDFC Ltd for financing the scheme. As per the advertisement, the scheme was available only to those availing loans from HDFC Ltd.

Sources said the tie-up with a particular lender could mean that plots would not be available to those seeking loans from other banks at competitive rates or those who can self finance it.

This ‘tie-up sales’ reduces competition in the market by reducing the choice available to consumers and such practice is also banned under the MRTP Act, 1969, sources pointed out.

The Commission has directed the Director General of Investigations and Registration to submit the investigation report within 30 days. (PTI)

After Mahatma, it’s Bharti-MTN deal
for India, SA: Economist

LONDON, May 7: Indian telecom giant Bharti Airtel’s acquisition of MTN in South Africa, if successful, would be the biggest thing to happen to the two countries since Mahatma Gandhi, says international business magazine Economist.

"It would be the biggest thing to pass between India and South Africa since Mahatma Gandhi moved from one country to the other," Economist said in a report on its website.

Earlier this week, Bharti Airtel and MTN said separately that the two firms have initiated "exploratory discussions" for a possible buyout of the South African mobile player. If successful, the deal could catapult Bharti among the world’s five biggest mobile operators.

While Bharti has denied having made any bid so far, saying the talks are only exploratory as yet, a report in the British daily Financial Times said yesterday that the Indian firm has put in an indicative bid worth about 19 billion dollars for a controlling 51 per cent stake in Africa’s largest mobile phone operator.

"That would make it the heftiest overseas acquisition ever made by an Indian firm, more than Tata Steel paid for Corus, a British steelmaker, and seven times the amount India invested in the whole of Africa over the ten years to 2004," Economist report said.

"The deal would unite the leading companies in the world’s two most promising mobile markets. In neither market have penetration rates yet exceeded a third of the population. India is adding more subscribers per month than any other country," it added. (PTI)

Fiat India plans CNG variant of
Palio by early next year

NEW DELHI, May 7: In a bid to grab larger market share, car manufacturer Fiat India plans to launch the CNG variant of its bread and butter model Palio in the country by early next year.

"We will launch the CNG variant of the Palio by early next year," Fiat India President and CEO Rajeev Kapoor said here today. The car is currently available in both petrol and diesel variants.

The company has also planned a slew of car launches in the next 12 months starting with the introduction of ‘500’ next month.

It will unveil ‘Linea’ in September and ‘Grande Punto’ early next year. The ‘Grande Punto’ will come with a "price differential" than the existing cars in its segment.

"The ‘Grande Punto’ is a bigger car than others in its segment so there will be a price differential," Kapoor said.

However, he declined to give further details about the pricing of the car.

Other cars in that segment currently are Maruti’s Swift, Hyundai’s Getz and GM’s U-VA. The base model of Swift is around Rs 4 lakh ex-showroom in Delhi.

While ‘500’ would be imported as completely built units from Italy, ‘Linea’ and ‘Grande Punto’ would be manufactured in the company’s Ranjangaon facility in Maharashtra. (PTI)