Need To Know | Apollo Tyres cuts prices; JK Tyre to follow suit

Need To Know | Apollo Tyres cuts prices; JK Tyre to follow suit
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First Published: Thu, Jan 15 2009. 11 54 PM IST
Updated: Thu, Jan 15 2009. 11 54 PM IST
New Delhi: JK Tyre and Industries Ltd will cut prices by 3-3.5% on falling raw material prices, a senior official said on Thursday. The move comes after a cut in prices by rival Apollo Tyres Ltd.
Arun Bajoria, president, JK Tyre, said of the price cut: “This is all because the price of raw material has gone down.”
Earlier, Apollo Tyres cut product prices for the second time in two months to perk up demand amid softening raw material prices.
Reuters
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TDSAT rejects Trai order on cable tariff ceiling
New Delhi: The Telecom Disputes Settlement and Appellate Tribunal , or TDSAT, on Thursday rejected a tariff order issued by the Telecom Regulatory Authority of India, or Trai, proposing to put a ceiling on cable services charges in the country, saying that the regulator had violated principles of transparency.
TDSAT also asked Trai to study afresh the issue of allowing Multi-System Operators (MSOs) to choose channels for distribution in non-CAS areas in the next six months, saying the move would not ensure benefit to consumers.
“We set aside the Telecommunications (Broadcasting and Cable) Services Tariff order 2007 of Trai,” said the TDSAT bench headed by justice Arun Kumar.
Trai’s circular, issued on 4 October 2007, had proposed a price band of Rs132-260 for cable services and allowed MSOs to take channels from broadcasters on a pick-and-choose basis. It was opposed by media houses including Zee, Star, Sony and Sun, which approached TDSAT.
PTI
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India may lift ban on wheat export in March
New Delhi: India will review its ban on wheat exports in March, when India is expecting another bumper harvest, farm minister Sharad Pawar said on Thursday.
Expectations of a good harvest on top of a bumper crop last year have eased fears of food shortages while inflation has slumped. Asked if the government would lift the export ban, Pawar said: “We will review this in March.”
The government is also expected to raise the minimum support price for wheat by about 8%, trade officials say.
Reuters
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CreditSights : India may face financial crisis
London: India and Turkey are among developing countries facing potential financial crises as the slowing global economy weakens the ability of banks to refinance debt and reduces currency reserves, CreditSights said.
The chance of an emerging-market financial crisis during the next 30 days climbed to 3.17% as of last month, from 2.42% in November, CreditSights analysts Joey Bortfeld and Jim Baltz wrote in a research note on Wednesday.
India’s probability was 7.92% in December, while Pakistan topped the list of 25 developing countries with odds of 10.2% .
Bloomberg
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‘General election expected by early April’
New Delhi: India is to hold the general election in early April, an Election Commission official said on Thursday.
The country must go to the polls before May, the end of the five-year mandate of the Congress party-led United Progressive Alliance government, and the official confirmed the vote would be “in the first week or second week of April.” “These dates are decided by the commission in consideration with the government,” said the official, who asked not to be named.
AFP
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Qatar invites RIL, GAIL for talks on plant
New Delhi: Qatar has invited Mukesh Ambani-run Reliance Industries Ltd (RIL) and state-run gas utility GAIL (India) Ltd for talks on setting up a $1.3 billion (Rs6,383 crore) mega petrochemical plant in the gas-rich nation.
“I have been told about the interest of GAIL and Reliance in setting up a petrochemical plant in Qatar. They should come (to Doha) to discuss the project details with Qatar Petrochemical Company (Qapco),” Qatar oil minister Abdullah bin Hamad al-Attiyah said in an interview here.
The two entities will float a special purpose vehicle with equal stake to set up the overseas petrochemical plant.
PTI
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IOC may partially shut Chennai refinery in Sep
New Delhi:Chennai Petroleum Corp. Ltd, a unit of India’s biggest state-run refiner Indian Oil Corp. Ltd, said it will shut a third of its 9.5-million tonne (mt) refinery in September.
The 45-day closure is to allow for maintenance, managing director K.K. Acharya said in New Delhi on Thursday. The refiner plans to expand the plant’s capacity to 10.5mt a year, he said.
CPCL operates two plants in Tamil Nadu, one in Chennai and another at Nagapattinam.
Bloomberg
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President clears judges’ salary hike ordinance
New Delhi: The monthly salary of the Chief Justice of India, K.G. Balakrishnan, and judges of the Supreme Court and high courts has increased threefold with the President giving her assent to an ordinance on the issue. The revised salary will be Rs1 lakh for the Chief Justice of India, Rs90,000 for the other Supreme Court judges and high court chief justices and Rs80,000 for other HC judges.
“The President gave her assent to the ordinance late last week,” said a law ministry official on Thursday.
The proposed hike in salaries also means a substantial hike in pension for judges. Judges are entitled to 50% of their last drawn salary as monthly pension.
PTI
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Issue identity cards to citizens, SC tells govt
New Delhi: The Supreme Court on Thursday directed the government to issue identity cards to citizens and ensure that local authorities maintained records of residents to help identify illegal immigrants from Bangladesh.
The court asked the government to set up a national authority for the registration of citizens and the issue of identity cards. Such an effort will help in identifying illegal migrants for deportation, it said.
The court asked the government to file a status report in eight weeks after acting on the court’s direction during the hearing of a petition on illegal immigrants in India from Bangladesh and the 2005 striking down of the Illegal Migrants (Determination by Tribunals) Act, 1983.
Bloomberg
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Commexes turnover up 36% till December
New Delhi: Buoyed by futures trading in bullion, the turnover of commodity exchanges soared 35.62% to Rs36.8 trillion till December as against Rs27.2 trillion in the year-ago period.
Bullion contributed Rs20. 2 trillion to the total turnover in the first nine months of the current fiscal, the commodity market regulator Foward Markets Commission said. The turnover from farm commodities declined 31.6% to Rs4.4 trillion in the same period.
PTI
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IRFC raises Rs2,850 cr selling three bonds
Mumbai:Indian Railway Finance Corp. Ltd (IRFC), the financing arm of the country’s state-run rail monopoly, raised a total of Rs2,850 crore selling three bonds, according to data compiled by ‘Bloomberg’. The firm sold Rs830 crore of 8.46% notes maturing in five years and Rs1,705 crore of 8.55% securities maturing in 10 years. It also raised Rs315 crore from the sale of 8.65%, 15-year debt. The bonds were given the highest LAAA rating by ICRA Ltd.
Bloomberg
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IIFCL to raise Rs2,500 cr through tax-free bonds
Mumbai:Indian Infrastructure Finance Co. Ltd (IIFCL) plans to raise Rs2,500 crore through five-year tax-free bonds at 6.85%, people familiar with the transaction, said on Thursday. IIFCL’s issue opens on Monday and closes on Thursday. The lender has been allowed to raise Rs40,000 crore in tax-free bonds to finance projects worth Rs1 trillion.
Reuters
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Nuclear Power Corp to sell Rs1,500 cr of bonds
Mumbai: State-run Nuclear Power Corp. of India Ltd is looking to sell about Rs1,500 crore worth of bonds, people familiar with the deal said on Thursday. The nuclear power plant operator has invited bids for the 10-year notes and the bidding closes on Friday.
Reuters
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DRL shipment released by Dutch authority
New Delhi: The drug consignment that was held up in the Netherlands has been released, Dr Reddy’s Laboratories Ltd (DRL) said in a statement issued to Mint on Thursday. On 15 January, the newspaper reported that a DRL consignment of bulk drug, losartan, had been seized in transit at the Netherlands, on its way to Brazil from India on charges of patent infringement.
“A shipment was help up in Netherlands. We had discussed with various authorities and the issue has been resolved, and the consignment released. We have also informed the ministry of commerce of these developments,” the DRL statement said.
Though DRL did not give the date of release of the shipment, an industry member familiar with the incident suggested that the shipment was released after the story was published in Mint. “DRL had engaged a lawyer and there would have been a settlement. That the consignment has been released would mean that it is coming back to India and not going to its destination,” said this industry member.
DRL also said in the statement that the value of the goods was $55,000 (Rs27 lakh) and not $5,00,000, as reported in the story.
Staff Writer
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Mayawati announces welfare scheme
Lucknow: Uttar Pradesh chief minister Mayawati on Thursday announced schemes and projects worth Rs3,000 crore for her state ahead of the Lok Sabha elections. “For the Bahujan Samaj Party, it has been a tradition to offer ‘gifts’...on my birthday. Like previous years, the government has decided to launch a host of new schemes this time as well,” Mayawati said.
A Mahamaya Gareeb Balika Ashirwaad Yojna was being launched to aid poor girls born on or after 15 January, once they attain the age of eighteen.
PTI
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GTL Dec quarter net down 18% at Rs32 cr
Mumbai: Telecom equipment manufacturer GTL Ltd on Thursday reported a 18.11% decline in its consolidated net profit at Rs32.14 crore for the third quarter ended 31 December against a net profit of Rs39.25 crore in the year-ago period, GTL said in a filing to the Bombay Stock Exchange (BSE). Total income rose 4% to Rs467.81 crore from Rs450.31 crore in the year-ago period.
PTI
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Power Finance Q3 profit rises 5.8% to Rs339 cr
Mumbai:Power Finance Corp. Ltd third-quarter profit climbed 5.8% to Rs339 crore, or Rs2.95 a share, from Rs320 crore, or Rs2.79 a share, a year earlier, the New Delhi-based company said in a statement to the Bombay Stock Exchange on Thursday.
Bloomberg
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Infotech Enterprises Q3 net dips 32% at Rs14.5 cr
Mumbai: IT services provider Infotech Enterprises Ltd on Thursday said its consolidated net profit for the third quarter ended 31 December declined 32.16% at Rs14.47 crore over the corresponding period a year ago.
The firm had a consolidated net profit of Rs21.33 crore in the third quarter last fiscal, Infotech Enterprises said in a filing to the Bombay Stock Exchange.
PTI
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Bajaj Auto Finance Q3 net up 39% at Rs11.28 cr
Mumbai:Bajaj Auto Finance Ltd on Thursday reported a 39% growth in its net profit at Rs11.28 crore for the third quarter ended 31 December.
The Sanjiv Bajaj-led firm had a net profit of Rs8.12 crore, Bajaj Auto Finance said in a filing to the Bombay Stock Exchange (BSE).
The total income rose 22% to Rs157.46 crore from Rs129.34 crore in the same period a year ago. Bajaj Auto Finance closed at Rs59.80, down 1.64% on the BSE.
PTI
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Trai for improving quality of bandwidth
New Delhi: The Telecom Regulatory Authority of India, or Trai, has sought comments of service providers on the quality of high-speed Internet services and access speed in a bid to strengthen the existing regulations so as to provide high quality broadband connections.
In a consultation paper released on Thursday, Trai said that a need was being felt to identify easily monitorable and enforceable quality of service (QoS) measures for accessing speed to ensure that a bare minimum (floor) bandwidth is available with service providers for offering it to subscribers.
As the number of broadband subscribers rises and high-bandwidth demanding services like IPTV and peer-to-peer file sharing are introduced, the need to ensure high quality connections has been felt and QoS becomes very important. Trai has issued the Quality of Service of Broadband Service Regulations 2006.
PTI
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First Published: Thu, Jan 15 2009. 11 54 PM IST