Financial Daily from THE HINDU group of publications
Friday, September 09, 2005
Markets (Sept 8)
BL 2502424.71 (+21.14)
BSE Sensex8052.56(+105.78)
S&P CNX Nifty2454.45 (+25.80)
US Dollar (Buy/Sell)43.85/43.98
Gold Std (10 gm)6380 (+5)


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INDUSTRY & ECONOMY

CLIMATE & WEATHER


Bay set for season's first migrant system
FOR the first time during the ongoing monsoon season, the Bay of Bengal is tipped to host a cyclonic circulation migrating in from the South China Sea, signalling hope for the rain-starved north and northwest regions of the country. South ... More

ECONOMY


Commodity prices touch 24-year high in Aug — India, China glitter in gold sales
IN August, commodity prices surged to a record 24-year high; India and China were commonly identified as the driving force behind copper, crude and gold rally. Today, the gold price has hit a record high, and the two Asian countries have helped ... More

Sensex zoom: India Inc upbeat on healthy economy
WITH the Sensex touching a new landmark of 8,000 points on Thursday, India Inc remained upbeat on the zooming markets and attributed the growth to healthy performance of the economy of the country. The Associated Chamber of Commerce and ... More

UNDP human development report focuses on India's mixed record
THAT India ranked 127th in the 2005 Human Development Report of the United Nations Development Programme (UNDP) focussing on three measurable dimensions - living a long and healthy life, being educated and having a decent standard of living ... More

No change in growth assessment says Dy Governor
OIL prices, at the current levels, could lead to a slowdown in world economic activity. However, there is no change in the Reserve Bank of India's assessment of growth, as of now, according to Mr Rakesh Mohan, Deputy Governor, RBI. The apex bank ... More

AP GDP set to rise 7.6 pc
THE Andhra Pradesh's State Domestic Product is set to witness a sharp rise of 7.65 per cent with the agriculture sector propelling the growth supported by impressive performance by the industrial and services sectors. According to a forecast ... More

Over 1,200 manufacturing cos registered in June
THERE seems to be a lot of interest in the manufacturing sector of late. The manufacturing sector witnessed 1,295 new companies being registered during June this year. Manufacturing was followed by finance, insurance, real estate and business ... More

FOREIGN TRADE


India, UK agree on economic ties — Pacts on air service, oil, gas signed
INDIA and the UK on Thursday agreed to cooperate on a wide range of economic issues including civilian nuclear energy and the hydrocarbon sector. "We have agreed to cooperate in civilian nuclear energy. We have also agreed that our collective ... More

India emerges as Dubai's top trading partner in gold, diamonds
INDIA has emerged as Dubai's leading trade partner in gold and diamonds, accounting for 42 per cent of the Emirate's direct trade in precious and semi-precious stones and metals in 2004. The growth resulted in India overtaking the US and Iran ... More

JETCO to help boost trade with UK: Minister
THE India-United Kingdom Joint Economic and Trade Committee (JETCO) would be a key instrument in further strengthening trade and economic cooperation between the two countries, the Union Commerce & Industry Minister, Mr Kamal Nath, has ... More

INFRASTRUCTURE


Cabinet gives approval for alternative route to Leh
THE Cabinet Committee on Security (CCS) has approved construction of an alternative route to Leh through Manali in Himachal Pradesh. Briefing presspersons after the meeting, the Defence Minister, Mr Pranab Mukherjee had said the new ... More

PETROLEUM


Crude prices unlikely to come down: ONGC chief
THE ONGC Chairman, Mr Subir Raha, today said that crude prices are unlikely to come down. He was speaking to newspersons after meeting the Chief Minister, Mr Buddhadeb Bhattacharjee. "I personally feel that the oil prices should remain firm in ... More

Spurt in world oil prices unjustified, says Chidambaram
THE Finance Minister, Mr P. Chidambaram, on Thursday said that the spurt in world oil prices was totally unjustified and that the developing countries like India were being impoverished due to the surge in global oil prices. He made these ... More

GAIL ventures into marketing of crude oil
GAIL (India) Ltd has announced its foray into marketing of crude oil with the flagging off of the first tanker of crude oil produced by it from the block in Cambay basin. According to a company release, in the block CB-ONN-2000/1 in Cambay ... More

Cairn consortium block — ONGC combine beats HPCL for crude oil purchase
IN a close contest ONGC and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) have beaten Hindustan Petroleum Corporation Ltd (HPCL) for being nominated by the Ministry of Petroleum & Natural Gas to get crude from Rajasthan oil ... More

POWER


Power Ministry mulls importing silicon steel in bulk
Transformer manufacturers such as BHEL, Crompton Greaves, Alstom, EMCO and TELC have been severely hit by the rising prices of silicon steel, as also other inputs like copper. More

TEXTILES


Synthetic, rayon textiles exports up 12 pc
SYNTHETIC and rayon textiles exports shot up to an all-time high of Rs 9,681 crore for the year 2004-05. In dollar terms, the growth in exports was about 12 per cent. According to Mr R.L. Toshniwal, Chairman, Synthetic & Rayon Textiles Export .. More

SSI


Andhra Bank, SIDBI to focus on financing SMEs
IN tune with the Small and Medium Enterprises (SMEs) focus announced by the Union Finance Minister in his Budget speech, Andhra Bank and SIDBI (Small Industries Development Bank of India) have entered into an agreement to co-finance SMEs, service ... More

PERSONAL PRODUCTS


`Organised retail can put FMCG cos' sales margins under pressure'
THE emergence of modern trade (or organised retail) is currently the biggest challenge facing FMCG manufacturers, who could see increasing pressure on sales margins as a result. This was stated by the CEO and Executive Director of FMCG company, ... More

EDUCATION


B.M. Khaitan group plans to replicate Assam Valley School model
AFTER the success of the Assam Valley School in Tezpur, the Rs 2,000-crore B.M. Khaitan group plans to replicate the model in other parts of the country. Though the programme is in an infant stage, Mr Deepak Khaitan, Vice-Chairman and Managing ... More

FOODS & FOOD PROCESSING


SPS pact requirements loom over food sector exports
INDIA is losing out on export opportunities as domestic producers are unable to meet the requirements of the SPS (sanitary and phytosanitary) agreement signed during the Uruguay round of WTO negotiations to safeguard the health of plant, animal ... More

REAL ESTATE & CONSTRUCTION


CII report upbeat on construction sector — 'Scope for project exporters to tap new markets'
AN increased investment in infrastructure has led to a surge in the activities of the construction industry, according to a report by the Confederation of Indian Industry (CII). The growth wave in the sector is evident from the financial ... More

PRECIOUS METALS


Gold likely to consolidate in range
SPOT gold prices ended marginally higher on Wednesday, as the dollar strengthened against the major currencies. Sell-off in the crude oil futures markets affected sentiment in gold, as it is considered a hedge against inflation. The US ... More

DISINVESTMENT


Suzuki Motor chief calls on Chidambaram
The meeting comes at a time when the company is firming up plans to set up its second plant in Haryana. More

FOREIGN DIRECT INVESTMENT


`Chennai bests China'
WHY did Nokia choose Chennai for its manufacturing plant with an investment of $150 million? Government sops? Or the lovely Chennai heat? Maybe. Maybe not. But you could leave the realms of conjecture if you read a recent report that Nokia ... More

Taiwan-based hardware cos show interest in Chennai
ASUSTeK Computer and Foxconn Electronics (a trade name for the Hon Hai Precision Industry), both Taiwan-based hardware manufacturers, are considering investments in hardware plants to be located in Chennai. Revealing this to Business ... More

WTO


Meet on WTO & engg profession at Mangalore
MANGALORE: The Officers' Association of Kudremukh Iron Ore Company Ltd will conduct a seminar on `WTO and engineering profession' here on September 13. A press release by the association said here that Mr P. Tamilvanan, Chairman of New ... More

SOCIAL WELFARE


FAPCCI to form NGO
HYDERABAD: The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), the 90-year-old chambers representing thousands of businesses in the State, has decided to form a non-governmental organisation (NGO). The NGO, which ... More

RURAL DEVELOPMENT


Manufacturing excellence in India — Implications for a rapidly integrating economy
THE World Bank Quarterly Update on China (August 2005) has some interesting facts that throw light on China's experience in pursuing rapid economic growth while ensuring social upliftment, especially in the rural areas. ... More

EVENTS


Kochi B2B meet generates orders worth Rs 22 crore
THE three-day Business-to-Business (B2B) meet, which concluded here today, generated business orders worth Rs 22 crore from customers across the world for products ranging from processed food to construction materials. The State Industries ... More

INCOME TAX


`Govt will address inconsistencies in FBT'
REMOVING certain doubts over the constitutional validity of the Fringe Benefit Tax (FBT), Dr Parthasarathi Shome, Advisor to the Union Finance Minister, on Thursday sought to make it clear that FBT was not a tax on expenditure and that it was ... More

EXPORTS & IMPORTS


Tea Board to tackle quality issue to raise exports — Sets 200 million kg export target for 2005
THE Indian Tea Board has set an overall export target of 200 million kg (mkg) for 2005. Plans are on to produce more orthodox tea and address issues of quality and packaging to garner a bigger share of the global export market, said the Board's ... More

NATURAL CALAMITIES


Katrina effect: Insurance cost for projects set to harden
HURRICANE Katrina has sent the jitters down the domestic non-life insurance companies who fear a major hardening of the reinsurance markets worldwide. Industry sources said that non-treaty reinsurances have already hardened in the aftermath of ... More

TOURISM


Ban on late night music worries Goa hotels
RECENT Supreme Court directives to States to strictly control noise pollution after 10 p.m. and the latest directives of the Goa Bench of the Bombay High Court to State Government Departments concerned to implement the said Supreme Court ... More

Travel film fest on Kerala from today
THE first international travel film festival of Kerala will begin here on Friday. Called `Journeys', the three-day event is possibly the first of its kind in Asia, the State Tourism Minister, Mr K.C. Venugopal, said. The festival will become ... More

ECONOMIC OFFENCES


Magadh SE: SEBI to take up issue with DLF
THE Stock Exchange Board of India (SEBI) is likely to look into the workings of DLF Commercial Developers, the Delhi-based group that was named as the acquirer in the Bhoruka Financial Services dealings — the counter that was unlawfully ... More

CARTOON


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Commodity prices touch 24-year high in Aug — India, China glitter in gold sales


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In Focus

BHEL Disinvestment
The Yuan Revaluation
Dabhol power regenerated
Tracking the rains
Sethusamudram Canal Project
India Inc's overseas acquisition
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In Depth

Gender Justice
Simple Economics
Tax Talk
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Looking back
Aug. 28-Sep. 3
TCS pilot project for efficient functioning of rural job scheme

Hike petrol price, not diesel: Montek

Tonnage tax boosts fleet strength — Outlook positive for shipping cos

GAIL to begin drilling in Bengal basin in Oct

No monsoon revival soon; South benefits from `break monsoon'

'As mobile base grows, so does service tax kitty'

Oil Ministry not for price stabilisation fund — `Cess funds can be used to share subsidy burden'

The burden of farmers' debt

Money in the air

Farm GDP growth declines to 1.1 pc

MFs keep away from oil stocks

Funding still a roadblock for biotech start-ups

RBI notification on dual pricing not to impact hotels' margins

China unlikely to be major steel exporter

Maharashtra wants ban on kesari dal to go

Cashew exports may gain on dip in global output — Delay in Indonesian, Brazil crops seen pushing up demand for Indian produce

Not just wine, but beer too would flow freely!

`States with VAT in place may earn higher revenues'

Paper makers set to hike prices

Reliance gets Rs 10,500-cr excise notice

`Warning signal' on world economy

Monsoon exits West; fresh southern pulse brewing


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