Fw: Cygnus Daily Business Update 08 Apr,10
G.V.Sandeep
G.V.Sandeep
DY Manager
Cygnus Business Consulting and Research Pvt ltd
Hyderabad
9849427085
040-23430203-114
Indian Economy
CCEA approves Rs 282.25 cr-support for Indian Maritime University
The government approved a Rs 282.25-crore proposal for providing financial support to the Indian Maritime University (IMU) in Chennai. The capital support will be utilised for constructing academic block, administrative block, hostel block etc at the IMU head quarters. The Ministry of Shipping had set up the IMU in November 2008 in Chennai as a central university with campuses in other cities like Chennai, Kolkata, Mumbai and Visakhapatnam. The fund provided by the government will also be utilised for implementation of reservation for other backward classes in the existing maritime institutes merged with the university in compliance with the Central Educational Institutions Act, 2006. The total estimated revenue and expenditure over a period of five years from 2009-10 to 2013-14 of IMU are Rs 449.44 crore and Rs 436.04 crore, respectively. Although there will be a surplus of Rs 13.40 crore in five years, during the first two years, there will be a deficit of Rs 6.92 crore, which will be met through the financial assistance provided by the government. The total fund requirement is envisaged at Rs 282.25 crore out of which Rs 275.33 crore would be the capital support and Rs 6.92 crore would be the financial assistance to meet the deficit.
Govt clears highway projects worth Rs 4,355 cr
The government today approved highway construction works worth over Rs 4,355 crore in various states, including Bihar and Rajasthan. The Cabinet Committee on Infrastructure (CCI) gave its nod for the four-laning of Beawar-Pali section and Pali-Pindwara section of national highway (NH) 14 in Rajasthan at an estimated cost of Rs 1,102.10 crore and Rs 1,326.54 crore, respectively. The concession period, for which the developer will own and operate the road, will be 21 years for the first project and 19 years for the second one. The CCI also cleared the Rs 658.64-crore project for four-laning of Deoli-Kota section of NH 12 in Rajasthan and the Rs 605.82-crore project for four-laning of Patna-Bhaktiyarpur stretch of NH 30 in Bihar. It also approved the Rs 662-crore project for improvement of Yamunanagar-Saha-Barwala-Panchkula stretch of NH 73 in Haryana. The CCI further gave its nod for construction of 28 roads in the north east region at a total estimated cost of Rs 6,866 crore. Many of these roads are in the planning stage so far.
Industry News
Automobile
Bikes may not sport Bajaj tag in future
Motorcycle maker Bajaj Auto is turning on its head its sales strategy to remodel itself as a garage of independent brands, a la Hindustan Unilever, its most radical restructuring exercise since the decision to exit scooters. The company will distance itself from the parent brand and focus on just four motorcycle brands—Boxer, Discover, Pulsar and KTM—as well as the rear-engine three-wheeler brand, phasing out the rest, said Bajaj Auto managing director Rajiv Bajaj. The Bajaj brand is much diffused, covering everything from heaters and hair oil to insurance and financial services. Bajaj has already stopped making bikes such as the XCD 125 and 135, Wind and Caliber. Others like the CT100 will be made for some export markets, but Mr Bajaj said these models will migrate to the Boxer brand vertical in a year.
Banking
Daily interest on savings may make add-on services costlier
Banks may raise charges on a host of services linked to your savings account, as they look to offset higher cost of deposits due to daily calculation of interest. You may have to shell out more for services such as duplicate statements and pay heftier fines for not maintaining minimum balance in your account. The new RBI guidelines in effect from April 1 stipulate adoption of the daily average method for calculation interest on saving accounts. The issue may be discussed at the next meeting of the Indian Banks Association (IBA). Banks may not take unilateral action for fear of losing customers to competition. The increase in the cost of deposit for State Bank of India, the country’s largest lender, is around Rs 1,200 crore per annnum as it has started paying interest on daily balance in accounts from April 1. The impact is expected to be higher for banks that have a dominant share of salary accounts with highly fluctuating balances.
Power
Suzlon gets order from Italian firm to supply wind turbines
Wind power major Suzlon Energy’s subsidiary REpower Systems AG has bagged a contract from an Italian company for supplying 18 wind turbines. REpower will be responsible for the supply, erection and commissioning of these wind turbines at Savignano wind farm in Southern Italy. The company would be supplying MM92 turbines having a rated output of 2.05 MW for the wind farm. The capacity of the project would be expanded by 36.9 MW via the 18 new turbines.
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