Promoters thwart DCM takeover bid
R. SURYAMURTHY
New Delhi, April 24: DCM Shriram Industries appears to have thwarted a hostile takeover bid by HB Stockholdings Ltd.
The promoters of DCM Shriram have increased their stake in the company to 40.71 per cent by converting the warrants allotted to them on a preferential basis earlier this month. DCM Shriram has allotted 9,45,000 equity shares of Rs 10 each at a premium of Rs 80 per share.
Sources said the company had informed the Bombay Stock Exchange (BSE) of the board’s decision. “These shares shall rank pari passu (equal in status) with the existing equity shares of the company,” a resolution taken by DCM Shriram said. HB Stockholdings has informed the BSE that it has increased its stake in DCM Shriram to 25.05 per cent through open market purchases.
Apr 29, 2008
Apr 17, 2008
Disputed dam sparks Indo-Pak race
R. SURYAMURTHY
New Delhi, April 15: India is planning to speed up work on a dam on the Jhelum to wrest the advantage from Pakistan, which recently awarded a contract for a power project on the river to a Chinese consortium.
The Kishenganga power project in Jammu and Kashmir is to be put on the fast track as it is of strategic importance, junior power minister Jairam Ramesh said.
India and Pakistan have been locked in a dispute over the dam for years. Kishenganga, the largest tributary of the Jhelum, flows across the Line of Control and is called Neelum in Pakistan.
Islamabad’s opposition to Delhi’s proposal to build a dam on the ground that this would impact its hydro-power project downstream has stalled the project so far.
But recently, Pakistan awarded the contract for a $1.5-billion power project on the river to a consortium of China’s Gezhouba Water and Power Company and China National Machinery and Equipment Import and Export Corporation. The 960MW project is to come up in eight years.
R. SURYAMURTHY
New Delhi, April 15: India is planning to speed up work on a dam on the Jhelum to wrest the advantage from Pakistan, which recently awarded a contract for a power project on the river to a Chinese consortium.
The Kishenganga power project in Jammu and Kashmir is to be put on the fast track as it is of strategic importance, junior power minister Jairam Ramesh said.
India and Pakistan have been locked in a dispute over the dam for years. Kishenganga, the largest tributary of the Jhelum, flows across the Line of Control and is called Neelum in Pakistan.
Islamabad’s opposition to Delhi’s proposal to build a dam on the ground that this would impact its hydro-power project downstream has stalled the project so far.
But recently, Pakistan awarded the contract for a $1.5-billion power project on the river to a consortium of China’s Gezhouba Water and Power Company and China National Machinery and Equipment Import and Export Corporation. The 960MW project is to come up in eight years.
Apr 7, 2008
Duty cut high on trade plan agenda
R. SURYAMURTHY
New Delhi, April 6: The foreign trade policy, to be announced on Friday, could make the import of food articles, commodities and metals cheaper, both to check inflation and make industry competitive globally by allowing firms access to raw materials at a lower cost.
To check prices, the government has scrapped import duties on edible oils, banned the export of non-basmati rice, cut duties on maize imports to zero from 15 per cent and extended the ban on pulse export by a year. It has also banned the export of edible oils and scrapped the export refund schemes in steel and cement.
With inflation touching a more-than-three-year high of 7 per cent, the government is expected to boost imports and encourage exports of only those value-added products that do not push inflation.
Analysts said inflation in commodities such as rice and pulses was because of a shortage in the supply of rice of up to 4 million tonnes and pulses of up to 2 million tonnes.
Fiscal measures such as reducing customs duties for a short period of time until prices stabilise will help to bridge the gap between demand and supply. There could be a similar move in metals and metal products.
R. SURYAMURTHY
New Delhi, April 6: The foreign trade policy, to be announced on Friday, could make the import of food articles, commodities and metals cheaper, both to check inflation and make industry competitive globally by allowing firms access to raw materials at a lower cost.
To check prices, the government has scrapped import duties on edible oils, banned the export of non-basmati rice, cut duties on maize imports to zero from 15 per cent and extended the ban on pulse export by a year. It has also banned the export of edible oils and scrapped the export refund schemes in steel and cement.
With inflation touching a more-than-three-year high of 7 per cent, the government is expected to boost imports and encourage exports of only those value-added products that do not push inflation.
Analysts said inflation in commodities such as rice and pulses was because of a shortage in the supply of rice of up to 4 million tonnes and pulses of up to 2 million tonnes.
Fiscal measures such as reducing customs duties for a short period of time until prices stabilise will help to bridge the gap between demand and supply. There could be a similar move in metals and metal products.
Inflation march gathers pace
JAYANTA ROY CHOWDHURY & R. SURYAMURTHY
New Delhi, April 4: Inflation spiralled to a more-than- three-year high of 7 per cent for the week ended March 22, setting alarm bells ringing within the ruling alliance, which decided to crack down on hoarding.
Rising vegetable and cooking oil prices were behind the high rate of inflation.
Vegetable prices shot up by nearly 5 per cent in just one week, while onion prices rose 22 per cent in two months.
Ten years ago, when onion prices rose sixfold, the BJP was voted out of power in two states.
According to Arun Jaitley, spokesperson for the BJP, which now hopes to play the price card in coming elections, “Inflation is a UPA tax on the aam aadmi.”
This year will see elections in Delhi, Madhya Pradesh, Rajasthan, Chhattisgarh, Karnataka and Jammu & Kashmir, while the Lok Sabha polls will be held next year.
Besides onions and vegetables, grain prices have jumped 17-20 per cent, pulses by 20-35 per cent and sugar by over 18 per cent in a little over two months.
Rising food prices have cost politicians their jobs in the past.
“Inflation has always proved to be a vote loser for ruling parties. ‘India Shining’ or ‘aam aadmi’ rarely work in inflationary situations,” said S.P. Gupta, former member of the Planning Commission.
JAYANTA ROY CHOWDHURY & R. SURYAMURTHY
New Delhi, April 4: Inflation spiralled to a more-than- three-year high of 7 per cent for the week ended March 22, setting alarm bells ringing within the ruling alliance, which decided to crack down on hoarding.
Rising vegetable and cooking oil prices were behind the high rate of inflation.
Vegetable prices shot up by nearly 5 per cent in just one week, while onion prices rose 22 per cent in two months.
Ten years ago, when onion prices rose sixfold, the BJP was voted out of power in two states.
According to Arun Jaitley, spokesperson for the BJP, which now hopes to play the price card in coming elections, “Inflation is a UPA tax on the aam aadmi.”
This year will see elections in Delhi, Madhya Pradesh, Rajasthan, Chhattisgarh, Karnataka and Jammu & Kashmir, while the Lok Sabha polls will be held next year.
Besides onions and vegetables, grain prices have jumped 17-20 per cent, pulses by 20-35 per cent and sugar by over 18 per cent in a little over two months.
Rising food prices have cost politicians their jobs in the past.
“Inflation has always proved to be a vote loser for ruling parties. ‘India Shining’ or ‘aam aadmi’ rarely work in inflationary situations,” said S.P. Gupta, former member of the Planning Commission.
Apr 3, 2008
Price-bitten Centre faces grain tussle
- Farm lobby calls for higher procurement rates
JAYANTA ROY CHOWDHURY AND R. SURYAMURTHY
New Delhi, April 2: The Congress-led government at the Centre is caught between the devil and the deep sea over grain prices.
Farmer groups and political parties are demanding an increase in the procurement price of wheat even as the Centre is trying to check an inflationary spiral fuelled by rising grain and food prices.
Sukhbir Singh Badal, the head of the Shiromani Akali Dal that rules Punjab, said: “Our farmers should get global prices for the wheat and rice they grow.”
The global price for wheat stands at over Rs 1,800 a quintal and paddy at about Rs 2,800 a quintal. The government had last year set a procurement price of Rs 1,000 a quintal for both and is likely to increase this by offering a bonus of Rs 100 a quintal.
- Farm lobby calls for higher procurement rates
JAYANTA ROY CHOWDHURY AND R. SURYAMURTHY
New Delhi, April 2: The Congress-led government at the Centre is caught between the devil and the deep sea over grain prices.
Farmer groups and political parties are demanding an increase in the procurement price of wheat even as the Centre is trying to check an inflationary spiral fuelled by rising grain and food prices.
Sukhbir Singh Badal, the head of the Shiromani Akali Dal that rules Punjab, said: “Our farmers should get global prices for the wheat and rice they grow.”
The global price for wheat stands at over Rs 1,800 a quintal and paddy at about Rs 2,800 a quintal. The government had last year set a procurement price of Rs 1,000 a quintal for both and is likely to increase this by offering a bonus of Rs 100 a quintal.
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