Tyre production up 10 per cent in Dec '05
New Delhi: Tyre production in the country increased 10 per cent year-on-year in December 2005 at 59,47,292 units, helped by healthy sales of passenger cars, motorcycles and commercial vehicles. Exports however, dipped by 9 per cent to 4,50,495 units.

Figures released by the Automotive Tyre Manufacturers Association (ATMA), reveal that motorcycle tyre production in December last year grew 18 per cent at 18,89,116 units against 16,04,130 units in the same month in 2004. Production of passenger car tyres rose 13 per cent from 11,27,619 units in December 2004 to 12,77,830 units in December 2005.

Production of commercial vehicles tyres moved up nine per cent to 10,52,270 units in December 2005 as compared to 9,68,239 units in December 2004, the ATMA said.

Production of scooter tyres, however, went down by 9 per cent to 8,34,582 units inn December 2005 as compared to 9,14,148 units in the same month in 2004.

On the export front, commercial vehicle tyres saw a 17 per cent fall in demand in December 2005 at 2,01,940 units against 2,43,720 in the same period a year ago.

Passenger car tyres export also went down by 22 per cent to 75,593 in December 2005 from 96,345 units, the ATMA said.
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Gold rebounds
New Delhi: Gold prices bounced back on the bullion market on revival of buying by stockists at the existing low levels and closed with a hefty gain of Rs105 at Rs7,935 per ten gram.

Buying interest revived after gold metal plunged by over Rs290 in last three trading sessions yesterday. Hectic trading activity discounted the weak overseas advices after the precious metal declined in London on indications that investment growth in the metal may be slowing after prices reached a 25-year-high almost two weeks ago.

Gold prices in London fell US$2.88, or 0.5 per cent, to US$544.67 an ounce. The metal reached US$575.35 on Feb2.

However, silver coins were down by Rs100 at Rs17,200 for buying and Rs17,300 for selling of 100 pieces.
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Chhatisgarh govt. declines to share Tata, Essar Steel MoUs
Raipur: The Chhattisgarh government has refused to disclose the contents of the memoranda of understanding (MoUs), which it has signed with Tata Steel and Essar Steel. The government has signed the MoUs for setting up steel plants at an estimated cost of Rs16,000 crore in tribal Bastar district.

The State commerce and industry deputy secretary, Shankar Rao Brahmane, refused to disclose contents of these MoUs to Shankar Mede, who sought the details under the provisions of the right to information Act 2005.

The deputy secretary pointed out that both the MoUs had a provision, which stipulated that no details contained in the MoUs could be disclosed to any 'third party' without the consent of the signatories. "Hence, it is difficult to make available the copies of these MoUs."

The former chief minister, Ajit Jogi said that the state government cannot include such a clause in any matters other than those related to national security. Such a provision in the MoU, which relates to investment, would only help create suspicion, he said adding that it was also against the sprit of the Right to Information Act.
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Govt to restart Dabhol phase I project from May 15
New Delhi: The Government will restart the 740 MW, phase I of Dabhol Power Project from May 15 according to govt. sources.

The government said 34,000 tonnes of naphtha was already in stock which could help the 740 MW phase I plant produce electricity for three hours everyday for two and half months.

The 1,444 MW Phase II of Dabhol would be completed by November and by then the project could be run on gas they said.
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Petrol, diesel prices likely to rise
New Delhi: Petrol and diesel prices are likely to rise by Rs1-2 a litre by the month end but LPG and kerosene are likely to be spared. The Finance Ministry has agreed to give oil firms a second tranche of bonds to cover for the losses suffered by them due to subsidised sale of the cooking fuels.

It is likely that the 2006-07 Budget, to be presented on February 28, may propose a Rs0.79-one a litre hike in petrol and Rs1.72-2 per litre increase in diesel prices after affecting a customs duty cut on the two products as suggested by the C Rangarajan Committee on petroleum pricing, government officials said.
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FM radio expansion on cards
New Delhi: The government plans to come out with a third phase in FM radio bidding to sell frequencies in up to 70 more cities said government sources. The government sold around 280 radio stations in about 90 cities in the second phase with assured revenues of about Rs1,100 crore. It is now firming up plans to expand the FM radio sector further in newer cities.

The second round of bidding may see frequencies being sold in about 60-70 'B', 'C' and 'D' cities, apart from some in 'A' cities.
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UP Govt. declares budget deficit of Rs.363.96-cr
Lucknow: Uttar Pradesh government has presented an Rs363.96 crore deficit budget for the 2006-07 fiscal in the State Assembly.

The budget estimates an income of Rs80,540.47 crore in the coming fiscal, which includes revenue receipts of Rs56,144.40 and capital receipts of Rs24,396.07 crore.

The estimated expenditure in the financial year is Rs82,849.96 crore.

After adjusting Rs2,448.70 crore from the public account and taking into account the negative opening balance of Rs503.17 crore, the net deficit stood at Rs363.96 crore.
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WB Govt to offer relief for Dunlop's revival
Kolkata: The West Bengal Government has agreed to extend all relief/concessions for the revival of the sick Dunlop India Limited (DIL) unit at Sahaganj in Hooghly district, the state's industrial reconstruction minister, Nirupam Sen, said.

Sen in a written statement said that the prospective management of the DIL under the Ruia Group, which acquired majority shares of the company from Jumbo Group has been advised to bilaterally discuss the issues of relief and concessions for revival of the unit. They have been further advised to send a comprehensive revival scheme to the State government as well as to others including the SBI/operating agency appointed by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) for finalisation.
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Rly. minister plans Jan Sadharan AC trains
New Delhi: After introducing Sampark Kranti Express trains last year, the railway minister is considering launching Jan Sadharan Express, a cheap AC train. The proposal to introduce these trains is likely to be introduced in the Railway Budget 2006-07.

A number of Jan Sadharan Express trains are likely to be introduced to connect various metros and big cities providing comfort travel to the 'Aam Aadmi' (common man) at affordable fares.

Speaking to the press on the function to launch the 150-kmph Delhi-Bhopal superfast Shatabdi Express, Laloo Prasad Yadav indicated he would be introducing new trains, more particularly the Jan Sadharan, keeping the needs of all sections in mind.
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Cong advises FM to scrap perks tax
New Delhi: The Congress, the largest party in the ruling United Progressive Alliance government, had advised the FM to remove the fringe benefit tax (FBT), terming it a "sheer hassle" involving an enormous amount of paperwork for the corporate sector, which is the biggest contributor to the government's revenue.

The demand was made during finance minister P Chidambaram's pre-Budget consultation with All India Congress Committee (AICC) office-bearers and senior leaders at the party headquarters here today.

The call to scrap the FBT was raised by AICC secretary Manish Tiwari who termed it a "big irritant" that needed to be done away with. "What you want is revenue. You certainly do not want to give headache to your biggest revenue contributor," he asserted.

He suggested that to make up for any shortfall in revenue that might be caused by the removal of the tax, the FBT be traded off with some increase, say, by one per cent, in minimum alternate tax. The government has collected over Rs2,700 crore in FBT in the first ten months of the current fiscal year.
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