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Dhumal blames Congress for playing ‘politics of apple’ SHIMLA, June 12: Himachal Pradesh Chief Minister Prem Kumar Dhumal today accused the Congress of playing the ‘politics of apple’ in the state...........more IA
expands foreign flights DUBAI, June 12: Going aggressive in its international operations, Indian Airlines is planning to expand its network to connect more stations in the hinterland of India to the United Arab Emirates while working towards flying to Saudi Arabia and Hong Kong and increasing frequency to Kuala Lumpur.....more India,
Russia to NEW DELHI, June 12: India and Russia have agreed to set up a joint organisation "Brahmos" to develop high-tech military products for the world market......more Govt
investments up, NEW DELHI, June 12: Despite investments by Government and state-owned corporations going up by 4.3 per cent to about Rs 2,50,000 crore during 1999-2000, the number of psus running into red rose to 116 with an aggregate net loss of Rs ........more |
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J&K Cements achieves 12 per cent growth in sales turn over Excelsior Correspondent SRINAGAR, June 12: The Cement Production in the J&K Cements Ltd, has registered.....more J&K
Bank opens its Excelsior Correspondent NEW DELHI, June 12: Jammu and Kashmir Bank, one of India’s leading banks today.......more
Jaya
orders probe into CHENNAI, June 12: Tamil Nadu Chief Minister J Jayalalitha today said rice.......more
75
million US dollar line LONDON, June 12: India’s Power Finance Corporation Limited and Export Development.........more |
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IA expands foreign flights to connect more stations DUBAI, June 12: Going aggressive in its international operations, Indian Airlines is planning to expand its network to connect more stations in the hinterland of India to the United Arab Emirates while working towards flying to Saudi Arabia and Hong Kong and increasing frequency to Kuala Lumpur and Singapore, senior officials said here. Buoyed by the foothold it has gained in Dubai since starting a thrice weekly direct flight from Hyderabad on Friday last, the carrier is hoping to use the strength of its domestic network to cash in on the passenger traffic that goes beyond Dubai to the United States and Europe, the officials said. The Airline’s unique selling proposition in the Gulf and UAE markets is its direct operations to interior points in India as opposed to the operations to traditional gateways by other carriers. Dubai Civil Aviation chairman and Emirates Airlines chief Sheikh Ahmed Bin Saeed Al Maktoum welcomed Indian Airlines adding Dubai to its network and said he had asked Indian authorities to operate more to the city. Speaking to reporters here, Sheikh Ahmed said Emirates which was beginning eight flights a week to Hyderabad from July 1 was also keen on more gateways in India especially Bangalore and in Kerala but much would depend on the bilateral air agreement. Despite making its first appearance in the UAE in 1992, it was only on Friday that Indian Airlines got permission to fly to Dubai, one of the world’s top hubs from where over 100 airlines serve 130 destinations around the world. Till now it had been connecting 12 cities in India from neighouring Sharjah and three destinations from Ras Al Khaimah and Fujairah. Indian Airlines Deputy Managing Director V P Arora and Regional Director, Morth, Manet Paes, here on the occasion of the inaugural flight, told newspersons that 30 per cent of its Rs 4,000 crore total revenue came from the international operations and this helped cross-subsidise the losses it made on some of the routes in India. Since long-haul operations brought profit it was thought fit to focus on the international operations of the carrier. "There has been some stagnation and the disinvestment process is taking a long time", Mr Arora said while replying to a question on why the national carrier was getting into the aggressive mode on the eve of disinvestment. Faced by the strong competition on the domestic sectors, the Airline which flies 6,000 people daily on the international routes is looking for more capacity to operate to the Gulf and South East Asia. Although Indian Airlines’s fleet expansion has been held back by the disinvestment process, the domestic carrier is going to add 6 Turbo Prop planes and 4 Airbuses on dry lease to cater to the expansion of its service, including internationally, in the winter schedule. The Indian Airlines officials said as part of the ongoing efforts to improve the current international network and expand at the same time it was hoping to add Riyadh in Saudi Arabia and Hong Kong. Besides, the Airline plans to make their Bangalore-Singapore and Chennai-Kuala Lumpur a daily flight just as it did to the Delhi-Bangkok and Delhi-Singapore services. Meanwhile, Indian Airlines is not overly worried about Emirates Airlines flying eight times a week to Hyderabad from Dubai from July 1. On its thrice weekly flight, Indian Airlines is hoping to have a seat factor of over 70 per cent. Mr Paes said the market was strong enough for two carriers to be there, flying between Dubai and Hyderabad. He said Indian Airlines would be able to match the competitions as far as fares went. "The situation is very dynamic and we look at what the market can bear". The national carrier has come a long way as far as its presence in the Gulf region is concerned. From a twice-weekly flight between Sharjah and Calicut since December, 1992, it today operates 58 flights per week from India, including 12 joint venture flights. The Airline flew 175,000 people from UAE alone to India in 2000-2001. In the total Gulf region, the Airline’s passenger carriage was 260,000.(UNI) |
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India, Russia to set up ‘Brahmos’ NEW DELHI, June 12: India and Russia have agreed to set up a joint organisation "Brahmos" to develop high-tech military products for the world market. A high-level supervisory council consisting of representatives of the two Governments is being constituted to control the activities of the joint organisation to comply with the obligations resulting from the international agreement. The "Bramhos" does not contradict the obligations assumed by the two states under the existing international agreements.. The "Brahmos" — a joint stock company registered in India —was formed in accordance with the strategic partnership agreement on military and technical cooperation upto year 2010 with an aim to finance, develop and produce anti-ship missile complexes. The joint organisation was established by the Defence Research and Development Organisation (DRDO) and the federal state unitary enterprise NPO Mashinostroyenia of Russia. (UNI) |
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Govt investments up, more PSUs run into red NEW DELHI, June 12: Despite investments by Government and state-owned corporations going up by 4.3 per cent to about Rs 2,50,000 crore during 1999-2000, the number of psus running into red rose to 116 with an aggregate net loss of Rs 10,904 crore, the Comptroller and Auditor General (CAG) has said. Total equity investment by Government and state-owned corporations, banks and financial institutions in 256 psus during 1999-2000, amounted to Rs 87,226 crore while loans given to them aggregated Rs 1,62,229 crore, CAG said in its latest ‘PSUs review of accounts’ report. The budgetary outgo to the PSUs also went up to Rs 18,390 crore in 1999-2000 as against Rs 16,325 crore in the previous year on account of subsidy related to administered prices, equity and loans, it said. Despite these investments, the number of PSUs incurring loss went up to 116 during 1999-2000 with an aggregate Rs 10,904.34 crore net loss as against 111 psus in 1998-99 with a total net loss of Rs 9,689.61 crore, according to the report. However, the positive part of PSUs performance is that the total profit earned by the 176 PSUs amounted to Rs 33,845 crore during 1999-2000 as against about Rs 31,000 crore in the previous year. (PTI) |
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J&K Cements achieves 12
per cent growth Excelsior Correspondent SRINAGAR, June 12: The Cement Production in the J&K Cements Ltd, has registered an increase of 70,000 Mts in last 4 years. The production has touched 1.10 lakh Mts during last fiscal year against 40, 000 Mts in 1996-97. The Corporation has registered over 3-fold increase in its sales turn over. Against the sales turn over of Rs 12.93 crores in 1996-97, the Corporation’s turn over has a reached record of Rs 39.36 crore during last year. The Corporation has sold 1.13 lakh Mts of cement during last financial year against 36800 Mts in 1996-97. The Corporation has witnessed a 12 per cent growth rate in turn over despite reduction in price, off-season discount and part-liquidation of outside loans. The Corporation has a target of producing 1.25 lakh Mts of cement during the current year besides, producing 1.05 lakh Mts tonnes of clinker. The Corporation have adopted a multi pronged strategy to promote its sale and production . The strategies include rationalization of distribution channels for pushing its qualitative products in the market, organising promotional campaigns and offering off-season discounts and supplies to defence organisation on DGS and D contracts. |
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J&K Bank opens its 19th branch in Delhi Excelsior Correspondent NEW DELHI, June 12: Jammu and Kashmir Bank, one of India’s leading banks today inaugurated its 19th branch in Delhi at Rohini. The branch is fully computerised. It is bank’s 429th branch. The branch was inaugurated by Mr Omar Abdullah, Union Minister of State for Commerce and Industry. Speaking on the occasion, Mr M Y Khan, chairman of the Bank said, "today we have added another branch to reach our customers in the national capital. The Bank had opened its first branch in Delhi more than three decades ago. So far we had 18 branches in Delhi. Delhi with 19 branch is the third city after Srinagar and Jammu where the bank has large network. Mr Khan further added the J&K Bank is not new to the people of Delhi". He said that the fully computerised branch equipped with modern facilities will ensure service of high quality and speed. Highlighting the financial strength of the bank, Mr Khan said that J&K Bank stated that Banks Capital ratio stands strong at 17.44 percent. The capital and reserves of the Bank stood at Rs 700.00 crores at the end of March 2001. The Bank business turnover touched 16,000 crores during the financial year ended March 2001 and is expected to cross Rs 20,000 crores by the end of the current financial year. During the year ended March 2001, the deposits recorded growth of 19 percent to Rs 11188.00 crores against the average national growth of 17.8 percent. The advances increased by 35 percent to Rs 4763.00 crores during the said period. |
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Jaya orders probe into rotten rice in PDS stock CHENNAI, June 12: Tamil Nadu Chief Minister J Jayalalitha today said rice worth Rs 65 crore procured during the previous DMK regime for supply through the Public Distribution System (PDS) had rotten and the Government had ordered a Directorate of Vigilance and Anti-Corruption (DVAC) probe into it. Talking to newspersons after a review meeting of the Food, Cooperation and Civil Supplies Departments here, she said the rotten rice would not be supplied to the public and the Government had no other option but to throw it away. "The DVAC has been asked to complete the probe and submit its report to the Government before the budget session ( of the state Assembly)," she said. Ms Jayalalitha also told the meeting that it was found that there were several defaults in the transaction, and the Government would publish a White Paper on the floor of the House during the budget session. To a question, she said the Government had decided to streamline the entire PDS. The farmers would be advised to grow better quality of rice to be supplied through the PDS, she added. Ms Jayalalitha had earlier stated in the Assembly that the entire Rs 1,000 crore worth of rice procured by the DMK Government were found to be rotten. This was, however, denied by former Chief Minister M Karunanidhi and an FCI official.(UNI) |
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75 million US dollar line of credit signed: Prabhu LONDON, June 12: India’s Power Finance Corporation Limited and Export Development Corporation of Canada have signed a 75 million US dollar line of credit to finance the supply of goods and services by Canadian exporters in India, Minister of Power, Suresh Prabhu has said. "Indian Government is encouraging private participation in all aspects of power generation, transmission and distribution. Opportunities exist for Canadian companies in areas ranging from power generation to modernisation of old power plants," Prabhu, who had a transit halt here after attending the Canada-India Business Council meeting at Ottawa, said yesterday. The new financing will benefit companies selling goods and services to the power industry in India. "The PFC has been a leading financial institution in India in directing the power industry to the next era. It has collaborated with various international institutions in order to execute its mandate to provide most efficient and effective financing to Indian power sector projects," PFC Chairman, A A Khan said, adding the EDC Line of Credit increases Canada-India cooperation in the power sector. There has been a significant increase in activities by Canadian companies in the Indian power sector and several Canadian firms are engaged in the generation, renovation, engineering, transmission and distribution areas both with private and public sector entities in India using EDC finance. India has also undertaken to upgrade its power sector in a major way, and is expected to spend over 100 billion us dollars over the next five years. EDC has so far financed over 800 million US dollar worth of projects in the power sector in India alone. With an expected annual growth of between 10 and 12 per cent in the sector, EDC expects to finance even more projects through this line of credit facility. While the line of credit is intended to be used for a wide range of projects and counter-guarantees in India, it would be particularly useful for pursuing projects with the State Electricity Boards (SEBs). Meanwhile, the International Trade Minister of Canada Pierre Pettigrew announced that he would lead a trade mission to India later this year to further explore opportunities for Canadian enterprises in different sectors including energy. "There are many excellent opportunities for Canadian companies in India, including energy, which is one of the most promising sectors for canadian exporters," Pettigrew said. "We want Canadian companies to take a serious look at the significant trade and investment opportunities in India so that we can realise our full trade potential," he said Prabhu is the first Indian Minister to visit Canada since the Canadian Government announced last March that it intends to pursue the broadest possible political and economic relationship with India. The Power Minister also held separate meeting with Dr Rey Pagtakhan, Secretary of State (Asia-Pacific) who said "broadening our relationship with India, one of the largest markets in the world, promises to be quite beneficial for canadian businesses." "The Government of Canada is actively promoting our increasing trade presence in India through a series of seminars across canada," Pagtakhan said. (PTI) |
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