HM unwraps retro Amby
Jolt to DSE merger move
Robust growth in HPL’s sales turnover
Rating rap for Bharti
City to host -day bank experts’ meet

New Delhi, Jan. 12: 
Hindustan Motors today took the wraps off the retro Ambassador which is touted as a vintage classic with all the modern luxuries possible.

The 50’s model in its original curvy lines but dazzling colours, new grille, taillight pods and alloy wheels is presented as a worth while option in the mid-size car segment.

Featuring a 1.8 litre strong Isuzu MPFi petrol engine and 2-litre diesel engine and Isuzu MSG5T five-speed gearbox, the new Amby will be priced between Rs 5-6 lakh.

The interiors have also been spruced up and it features a moulded roof, wood finish fascia and dash panel and a revamped instrument cluster. Complete with leather seats, arm rest, glass holders and ashtrays, the new model will also have a Blaupunkt music system with 4-way speakers.

“We have not set any numbers to the new model. But we are hoping that the retro model will find favour not only with the Indian people but also the international market. Looks along with technology should make it acceptable,” said HM president and executive director B.K. Chaturvedi. The classic luxury boasts of remote gearshift arrangement, power steering and a new acoustic package that has been developed in association with Treves of France. The rear suspension has been revamped and a Sailsbury Axle has been used instead of rigid split axle.

HM is also providing CNG and LPG versions of the Amby. It also displayed the Pushpak—a soft-top multi-utility vehicle in 6- and 10-seater capacity for the semi-urban and rural areas.


New Delhi, Jan. 12: 
The attempts of Delhi Stock Exchange (DSE) to reverse its flagging fortunes by taking up the membership of Bombay Stock Exchange (BSE) through the subsidiary route has hit a roadblock.

Sources say work on setting up the subsidiary—DSE Clearing Corporation Ltd—has been suspended amid protests by practically all interested members who have insisted on getting an equal control over the subsidiary in return of the money invested by them.

DSE had already received the initial non-refundable money of Rs 1 lakh each from over 100 members and was planning to ask for the next tranche of Rs 1.5 lakh from the members which would have permitted them to trade on the BSE as sub-brokers of DSE Clearing Corporation.

However, with all members making the initial contribution equally, the issue of control became a major hurdle as in the demutualised environment, shareholders of the exchange would be different from the managers of the exchange. This, in effect, meant that despite obtaining membership of BSE via the subsidiary route, the members would have practically no control over the subsidiary as they would not be given a shareholding in the subsidiary despite putting in money.

With members raising their objections and some of them wanting their money back, the exchange is now planning to look at other ways of overcoming the problem, including setting up the subsidiary company as one limited by guarantee instead of one limited by shares.

“We are exploring the legal angles of overcoming this problem, which I feel is genuine as every member who would put in his money would obviously want an equivalent controlling stake too,” DSE president Vijay Bhushan told The Telegraph.

The formation of the subsidiary has been bedevilled by problems from the start. It first hit a roadblock when the DSE Karamchari Union, which opposed the plan, alleged “misuse” of exchange reserves to set up the subsidiary.

At the last AGM, a committee headed by then president Sudhir Joshi was formed to look into the issue which finally decided not to adopt the subsidiary route by using the exchange funds due to stiff resistance from public-nominee directors.


Calcutta, Jan. 12: 
Haldia Petrochemicals Limited has registered a gross sales turnover of Rs 1874 crore up to December in this current financial year—a growth of 105 per cent over the same period last year.

The total sale of polymers and chemicals during this period in domestic and export market was to the tune of 546,000 tonne. A release issued by the company said against the overall industry stocks of 39 days sales by the end of December, the company’s inventories were optimised to just 12 days sales.

The release added that a strong volumes sale in December has ensured that HPL’s all-India market share has remained steady at 22 per cent while in the eastern region it was as high as 65 per cent.


Mumbai, Jan. 12: 
The Credit Rating Information Services of India Ltd (Crisil) has downgraded Bharti Cellular Ltd’s (BCL) Rs 175-crore non convertible debenture (NCD) programme from high safety to adequate safety.

The rating downgrade reflects the strategic restructuring of the cellular operations of the Bharti group which has heightened Bharti Cellular’s business and financial risk, Crisil said in a release here today.

Crisil views this restructuring as highly strategic in nature designed to position the group’s cellular business on a consolidated basis which would significantly strengthen the coverage and market position of its cellular operations.

Given this, and in line with the agency’s policy of consolidating the financials of the subsidiaries with the holding company, Crisil has viewed BCL and its subsidiaries on a consolidated basis.

Meanwhile, Crisil has downgraded Apollo Tyres’ Rs 104.45-crore NCD programme and Rs 105-crore commercial paper programme from high safety to adequate safety.


Calcutta, Jan. 12: 
The chiefs of banks and financial institutions along with renowned economists will meet in Calcutta next week at the Bank Economists’ Conference (Becon) to discuss the emerging trends in financial markets and how the Indian banking system had experienced a paradigm shift in the post-reform period.

The three-day meet, organised by the city-based Allahabad Bank, begins on Monday and will be attended by Reserve Bank governor Bimal Jalan.

Addressing a press conference here today, Allahabad Bank chairman B. Samal said, “Every year, Becon discusses relevant contemporary issues pertaining to the banking industry. ”

The main theme of this year’s conference has been divided into three parts—structural aspect, functional aspect and governance aspect. Eminent persons in their respective fields will chair the technical sessions.


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