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.
Showing posts with label news. Show all posts
Showing posts with label news. Show all posts
Apr 29, 2008
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.
Mar 31, 2008
Myanmar message to Bangla
R. SURYAMURTHY
Way out
New Delhi, March 30: India will send a strong message to Bangladesh with a proposed transit transport project in Myanmar.
Earlier this week, the Union cabinet approved the Rs 535.91-crore project that will give the landlocked Northeastern states access to the sea. The project involves the development of the Sittwe port in Myanmar and facilities along the river Kaladan that runs through the Indian state of Mizoram as well as Myanmar and meets the sea at Sittwe.
New Delhi’s move to invest in the Myanmar port assumes significance in the wake of Dhaka’s reluctance to give India access to the Chittagong port, which is closer to the Northeast. The cabinet note, to which The Telegraph has access, said, “Bangladesh has practically held India, especially the Northeast, to ransom by denying transit through its territory.”
New Delhi plans to roll out the red carpet to the vice-chairman of Myanmar’s State Peace and Development Consul, Maung Aye, who will visit the capital on April 4 to formalise the deal. The State Peace and Development Consul is the ruling junta of Myanmar, and Maung Aye is the second highest ranking member of the consul after Than Shwe.
R. SURYAMURTHY
Way out
New Delhi, March 30: India will send a strong message to Bangladesh with a proposed transit transport project in Myanmar.
Earlier this week, the Union cabinet approved the Rs 535.91-crore project that will give the landlocked Northeastern states access to the sea. The project involves the development of the Sittwe port in Myanmar and facilities along the river Kaladan that runs through the Indian state of Mizoram as well as Myanmar and meets the sea at Sittwe.
New Delhi’s move to invest in the Myanmar port assumes significance in the wake of Dhaka’s reluctance to give India access to the Chittagong port, which is closer to the Northeast. The cabinet note, to which The Telegraph has access, said, “Bangladesh has practically held India, especially the Northeast, to ransom by denying transit through its territory.”
New Delhi plans to roll out the red carpet to the vice-chairman of Myanmar’s State Peace and Development Consul, Maung Aye, who will visit the capital on April 4 to formalise the deal. The State Peace and Development Consul is the ruling junta of Myanmar, and Maung Aye is the second highest ranking member of the consul after Than Shwe.
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