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Siemens Ltd introduces Excelsior Correspondent JAMMU, April 12: Siemens Limited, a multinational company with annual turn over of Rs 1100 crores in the country, organised a function to introduce HiPath-3000......more Excelsior Correspondent JAMMU, Apr 12: With the objective of showcausing Samsung’s strength in digital technology and the unique benefits that Samsung products offer .....more Labour
Minister NEW DELHI, Apr 12: Labour Minister Sharad Yadav today opposed any interest rate cut on Employees Provident Fund even as the Finance Ministry ...more EPF
rates to remain NEW DELHI, Apr 12: The interest rate on Employees Provident Fund (EPF) will continue at 9.5 per cent for an "interim" period. ..more |
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India’s first zero
polluting Excelsior Correspondent NEW DELHI, Apr 12: The Reva Electric Car Company (RECC) has launched India’s first zero polluting city car, REVA, here in Delhi today. This marks ..........more 3A
Resources Excelsior Correspondent JAMMU, Apr 12: 3A Resources today launched Student Study Aboard and Permanent Immigration Abroad Services at 92 Shalamar Road, Jammu. It is for the first time in J&K that such services have been launched.....more Industrial growth slips to NEW DELHI, Apr 12: Showing no signs of revival, India’s industrial growth rate declined by more ....more US stocks slammed by NEW YORK, Apr 12: Stocks tumbled on Thursday as investors grappled with tepid financial results .. ....more |
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Siemens Ltd introduces HiPath-3000 in J&K Excelsior Correspondent JAMMU, April 11: Siemens Limited, a multinational company with annual turn over of Rs 1100 crores in the country, organised a function to introduce HiPath-3000, the next generation EPABX/KTS, the latest state of the art convergence solutions in the field of Telecommunications. Minister for Industries and Commerce for J&K, Dr Sheikh Mustafa Kamaal was the chief guest while Advisor to Chief Minister, Prof Satish Raina, Deputy Inspector General of Prisons- Mr S. Rafiq, President of Chambers of Commerce and Industry Mr Ram Sahai and Secretary State Pollution Control Board, Mr Inayat Khan were the special invitees. General Manager Marketing of the Company, Mr N. Viswanath and Manager Marketing for Northern India, Mr Vivek Vasishtha , Mr Arvind Gupta, the Company Executive and Mr Soami Bhatia, Director Gurusons and distributor for Siemens in Delhi, extensively spoke on the product and its increasing popularity in the country and abroad. The Industries Minister at the presentation session spoke on the advancement of the computer education, information and communication technology and complimented the officials of the company for the success and its contribution in the communication network especially in the major Government concerns/ offices. Mr Wishwanath told Excelsior about the achievements of the company and disclosed that this House of Siemens, ICN-EN, Information and Communication Networks -Enterprise Networks Division has launched several innovative products in the area of Telecommunications especially in the field of EPABX’s and Key Telephone systems. It has been company’s endevour to offer the benefits of latest technology to the customers and the latest series of the Siemens gives an opportunity to leverage the advantages of the convergence communications era. The company officers/ executives also organised a demonstration session of some of the products , viz. EPABX systems, Video conferencing solutions and Digitally Enhanced Cordless Telephony (DECT) solutions for the invitees, government functionaries, industrialists and other businessmen. Manager Marketing Mr Vivek disclosed that HiPath-3000 is the multifunctional communication system for integrated voice and data solutions. Depending on the particular system variant, Hipath 3000 can be configured for up to 250 conventional voice users and 50 data terminals. This system offers flexible migration from conventional communications systems to an IP-based multimedia communications platform. This advanced system was launched in the country in February this year but is being introduced in the J&K state first time. The Siemens equipment has already been installed in important J&K Government offices including Civil Secretariat Jammu and Srinagar, Police headquarters, Home department, Prisons, various Banks and other private concerns. The system has various functions, like automatic call distribution, computer telephony integration, mobilo communication, call charge management etc. The function was held at Hotel Jammu Ashok where visitors were introduced to this new system. |
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High definition TV,
mind boggling home theater on display Excelsior Correspondent JAMMU, Apr 12: With the objective of showcausing Samsung’s strength in digital technology and the unique benefits that Samsung products offer to consumers, Samsung India Electronic Limited has organised a four-day "Dream Home show" in Jammu. Having commenced in Rajasthan, this dream home today entered Jammu and during this show, the company will showcase latest, high-tech digital products like the Plasma Television, Multifunction TFT LCD Monitor in 17 inch size which is a stand-alone HDTC alongwith being a PC monitor, DVD players and Samsung’s digital ready, flat television "Plano" series of flat colour televisions. Mr Neeraj Sethi, AGM Sales of Samsung India Electronics Ltd said that the Plasma TV is ultra slim and light for wall mounting, has a 160 degree viewing angle and has a progressive scan for flicker free viewing. "All these products combined with Samsung’s `Bio’ range of home appliances— `Bio Fresh Regrigerators, `Bio Ceramic’ Microwave Ovens and `Instachill’ Air conditioners constitute the "Samsung Dream Home", on display at Dream Home Road Show at Jammu", AGM Sales disclosed. "The Samsung Dream Home Road shows, we hope, will serve to increase our brand awareness in smaller cities and towns, where we are seeking to increase our penetration this year", Mr Sethi said, adding "the company, which achieved a brand awareness level of 95 percent last year, is targeting a brand awareness of 97 percent this year. "The company is also substantially enhancing its dealer network in this year and is targetting a growth of 19 percent in its sales", Mr Sethi further disclosed and said that with the consumer electronics contribution expected to be Rs 114.5 crores this year. Home Appliances are expected to grow by 27.5 percent in year 2002 while the growth in the consumer electrnics business is expected to be around 13 percent. "The launch of new Plano and Tantus range coupled with the introduction of the Plasma TV is helping us establishing digital leadership in the country", Mr Sethi said, claiming that "Samsung India, which is currently occupying the No.2 slot in the Flat Colour Television market in India, is targetting the top slot by the end of this year". Mr Sethi asserted that the credit of Samsung’s success in Jammu is due to the hard-work of its authorised dealers—R K Viedo Digital Plaza, World Vision and Allied Business Corporation. For Samsung’s Dream Home show at City Palace, everyone can experience the breath-taking plasma television, the world’s only high definition television, mega refrigerators and the mind boggling home theatre. The AGM Sales said that Samsung Electronics, the parent company of Samsung India, is a global leader in semiconductor, telecommunication and digital convergence technology. Samsung Electronics employs approximately 64000 people in 89 offices in 47 countries. |
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Labour Minister opposes cut in EPF rates NEW DELHI, Apr 12: Labour Minister Sharad Yadav today opposed any interest rate cut on Employees Provident Fund even as the Finance Ministry indicated that the present 9.5 per cent rate is "not sustainable". " I am of the view that when the fund has earned the money (surplus earnings of Rs 411.49 crore) and has the capacity to declare 9.5 per cent interest, then Central Board of Trustees of EPF must strongly advocate the original recommendation of 9.5 per cent only," Yadav said in his opening remarks at the board meeting. Finance Ministry has recommended 0.5 per cent reduction in EPF to 9.0 per cent in line with that of small savings and general provident fund rates to move towards softer interst rate regime. "As trustees, we are responsible for proper investment of funds which belongs to over 26 million workers and the earnings must also go to them," he said, adding an appropriate view for reduction in rates could be taken if there is a fall in earnings in the next fiscal. Yadav, however, said it was for the members to deliberate on this issue further and take a view. (PTI) |
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EPF rates to remain at 9.5 pc for an interim period NEW DELHI, Apr 12: The interest rate on Employees Provident Fund (EPF) will continue at 9.5 per cent for an "interim" period. This was decided today by the Central Board of Trustees of the EPF, chaired by Labour Minister Sharad Yadav. "There was consensus among the board members to keep the EPF rate at 9.5 per cent for an interim period," Yadav told reporters after the meeting. He asserted that the EPF would still have a surplus of rs 115 crore if it continues with the existing 9.5 per cent rate. Otherwise, the surplus of the fund would be Rs 411 crore at 9.0 per cent interest rate, he added. Although Finance Ministry had proposed a 0.5 per cent cut in EPF rate in line with small savings and general provident fund rates, Yadav said "we will take up the matter with The government". He said the matter would be taken up at the cabinet soon and it was for the Government to take a decision. Asked about his stand if the Finance Ministry rejected the proposal of retaining the existing rate, Yadav said it was a "hypothetical question". "After all what can we do? the cabinet decision is collective and binding on all," the Labour Minister said. Yadav also said even after cut in the interest rate on Special Deposit Scheme (SDS), where EPF has about 80 per cent investment, the fund for 26 million workers could generate a surplus. The total corpus managed by the central board of trustees stood at Rs 1,02,163 crore last fiscal, of which provident fund amounted to Rs 59,988.42 crore and pension fund contributed Rs 39,049.82 crore. Of the Rs 59,988 crore EPF corpus, the trust invested 80 per cent (Rs 48,000 crore) in SDS and the remaining in Central and State Government papers and PSU bonds. The CBT had earlier asked Reserve Bank of India to take over the total investments of the fund and give an inflation indexed return of 6.0 per cent. Yadav said the RBI has expressed unwillingness to manage the fund. State Bank of India (SBI) would continue to manage the fund. (PTI) |
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Excelsior Correspondent NEW DELHI, Apr 12: The Reva Electric Car Company (RECC) has launched India’s first zero polluting city car, REVA, here in Delhi today. This marks the opening of the company’s first dealership in North India. Fucon Technologies has been appointed dealers for Delhi. Launched 11 months ago by Mr Krishna Kanth, the Vice-President of India, to mark the National Technology Day, Reva today has sold over 150 cars in Bangalore and Goa. Specially built to suit the requirements of city driving in India and presented in a variety of trendy colors, the REVA heralds a new era in the history of city mobility in India—the era of Zero pollution/cost effective modes to city mobility with zero pollution. Speaking on the occasion, Mr Chetan Maini, Managing Director, REVA electronics Car Company said "we are glad to bring India’s first electric car that has not just been built to suit Indian conditions, but one that is nearly 92 percent indigenised. That again goes to prove the highly skilled technical capabilities that are available in our country". "Since the REVA is a zero pollution city car, we have requested the Delhi State Government to provide concessions on road tax and offer sales tax wavier to REVA owners. This has already been extended by the Karnataka and the Rajasthan Governments", he added. With the running cost of just 40 paise per kilometer, the REVA will be priced at Rs 2, 54,240 lakh (ex-showroom) in Delhi. REVA’s power pack has a life of 40,000 kms, which should last 3-4 years in city driving. REVA gives 80 kms on a single charge and can be charged anywhere, anytime, at home or at work, using only a 220-volt, 15 amp power source. Mr Rahul Parikh, Managing Director, Fucon Technologies said "we have received a very good response from the customers in Delhi. Bookings have already commenced, and the first batch of cars will be handed over to the customers in two day’s time. We plan to sell 500 units in the first year which we hope to double in the second year", said Rahul Parikh. After the launch in Delhi, REVA will be launched in Rajasthan, Gujarat, Maharashtra, Tamil Nadu and Kerala. RECC plans to open more than 20 dealerships by the end of 2002. In addition to the domestic market, the potential for export of the REVA has already shown encouraging signs with several queries from buyers across the world including the UK, Japan, Mauritius, Nepal, Burma, Israel, Norway and Sri Lanka. The REVA is a rugged two door hatch back that can seat two adults and two children comfortable. It is the most eco-friendly and economical car in India and offers ease of driving (no clutch or gears), ease of parking due to easy maneuverability and safety and reliability on city roads. First conceived in 1995, the REVA has evolved significantly from the first prototype showcased in 1996. It has been tested for safety and reliability to withstand the most trying conditions. These include homologation and roadworthiness tests at ARAI Pune, that also cover all mandatory parameters. The REVA has been tested for over a million kilometres and comes with a 3 year warranty. |
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3A Resources launches
student study, Excelsior Correspondent JAMMU, Apr 12: 3A Resources today launched Student Study Aboard and Permanent Immigration Abroad Services at 92 Shalamar Road, Jammu. It is for the first time in J&K that such services have been launched wherein the compant will provide the services first and charge the services charges lateron. The company confirms of having tie-ups with more than 15 universities across the world in almost all sector of study like medical sciences, various fields of engineering technology, agricultural sciences, undergraduate, graduate and post graduate level studies including management, business administration, PhD levels, communications, life sciences, environmental sciences etc. According to the local heads Mr Sanjeev Gupta and Mr Dheeraj Dewan, this kind of services which the state was lacking will prove to be a boon for upbringing gloval education for the aspirants of the State who can now easily access the world corridors sitting in the State. "3A Resources" for the very first time in India is providing an opportunity to plus two students to take combined medical and engineering entrance tests in India only on behalf of world reputed medical universities and Budapest University of Technology and Economics. Moreover, it has proposed scholarships on merit basis only for Indian students. The company also undertakes permanent immigration abroad especially to the countries like Australia, New Zealand and Canada besides other countries. For this "3A Resources" has tied up with eminent solicitors in these countries who have immigration experience spanning over 2 decades. Apart from immigration, "3A Resources" also provides post-landing facilities whereby applicants are provided all the requisite facilities for settlement in the respective countries. Complete assistance will be provided by "3A Resources" for individual and family immigration abroad. |
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Industrial growth slips to 2.6 per cent in Apr-Feb NEW DELHI, Apr 12: Showing no signs of revival, India’s industrial growth rate declined by more than half to 2.6 per cent in the first 11 months of 2001-02 with all sectors including manufacturing, mining, capital and consumer goods registering lower growth rates. The quick estimates of Index of Industrial Production (IIP) released by the Central statistical organisation pegged the general index for April-February 2001-02 at 165.5 as against 161.3 during the year-ago period. While February saw higher growth in mining and electricity generation, the overall growth rate was pulled down by the dismal performance of the manufacturing sector. Industrial growth slowed to 2.3 per cent during February 2002 as against 3.0 per cent in the year-ago period. Manufacturing sector recorded 2.3 per cent growth in February as compared to 3.6 per cent a year ago, offsetting the significant growth rates in mining and electricity generation. Mining recorded 2.4 per cent growth as compared to a negative growth of 0.4 per cent in February 2001, while electricity generation registered 2.6 per cent growth as against stagnant growth in year-ago period. During April-February 2001-02, manufacturing sector growth was lower at 2.7 per cent, mining 1.5 per cent and electricity generation at 2.9 per cent, as against 5.7 per cent 3.9 per cent and 4.2 per cent respectively in the first eleven months of 2000-01. Growth rate in basic goods declined to 2.6 per cent, intermediate goods 1.8 per cent, consumer goods 5.7 per cent, consumer durables 11.6 per cent and consumer non durables 3.7 per cent in April-February 2001-02. Capital goods posted a negative growth rate of 4.2 per cent in April to February 2001-02 as against a growth rate of 2.1 per cent recorded in the same period of previous fiscal. Growth in basic goods segment was lower at 2.6 per cent in the first 11 months of 2001-02 when compared with a growth rate of 4.4 per cent in the corresponding period of 2000-01. Intermediate goods saw a lower growth of 1.8 per cent in April to February 2001-02 as opposed to 4.5 per cent growth in the same period of previous year, while in the case of consumer non-durables the growth slipped to 3.7 per cent as against 6.1 per cent in April-February 2000-01. Consumer goods witnessed a growth rate of 5.7 per cent in the first 11 months of 2001-02 which was lower than 8.6 per cent growth recorded in the same period of the previous year. Similarly, consumer durables ended the period with a growth of 11.6 per cent over 16.3 per cent growth in April to February of 2000-01. Ten out of 17 two-digit industry groups have shown positive growth during February 2002 compared with the corresponding month of the previous year. Beverages, tobacco and related products have shown the highest growth of 14.5 per cent followed by 13 per cent in other manufacturing industries and 12.4 per cent in paper and paper related products and printing, publishing and allied industries. On the other hand, leather and fur products have shown a negative growth of 13.4 per cent followed by negative growth of 12.6 per cent in wood and wood products, furniture and fixtures and negative 10.1 per cent growth in jute and other vegetable fibre textiles. (PTI) |
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US stocks slammed by GE, accounting worries NEW YORK, Apr 12: Stocks tumbled on Thursday as investors grappled with tepid financial results from heavyweight General Electric Co. and doubts about the quality of corporate America’s accounting methods. Stocks of GE and web media giant Yahoo Inc both fell sharply after posting their quarterly earnings. Investors are bracing for a rush of earnings reports next week, already shell-shocked by a slew of recent profit warnings. International Business Machines Corp, which on Monday warned profits would disappoint, sank 5 percent after a report of a preliminary inquiry into books of the world’s no. 1 computer maker reignited investors’ accounting jitters. Its shares jumped after the close, however, after federal regulators quelled those fears. "It’s a combination of accounting and earnings," said Owen Fitzpatrick, head of the US equity group at Deutsche Bank private banking. "People are very concerned about this quarter. People thought this quarter was going to be a better one." The blue-chip Dow Jones industrial average fell 205.65 points, or 1.98 percent, to 10,176.08, according to the latest available data. That marked the biggest percentage drop in the Dow in nine weeks. The broad standard poor’s 500 index tumbled 26.78 points, or 2.37 percent, to 1,103.69, and the tech-packed Nasdaq composite index slumped 41.82 points, or 2.37 percent, to 1,725.25. Traders also attributed some of the selling to massive large-cap growth funds that they believe are disposing of large holdings in firms like America Online Inc and Nokia Corp. "Those big growth funds have been terrible sellers," said Erik Gustafson, portfolio manager at Stein Roe Farnham. "They’ve just been puking it out." More than 1.5 billion shares changed hands on the big board, and more than 1.6 billion on Nasdaq in heavy trading. GE, the world’s most valuable company with a stock market capitalization of about 335 billion, fell 3.45, or 9 percent, to 33.75. It ranked as one of the Dow’s biggest losers and the most active stock on the New York stock exchange. GE posted a rare drop in first-quarter net income after taking charges for accounting changes. Its operating profits rose 17 percent and matched wall street’s consensus estimates, but traders said its revenues were smaller than expected. Yahoo tumbled 2.99, or 16 percent, to 15.45. The company posted its sixth straight quarterly loss but upped its yearly forecasts. Analysts said its results, which beat most expectations, were a sign the company was making progress, but they voiced concerns about the stock’s high valuation. IBM helped push the Dow lower by dropping 4.71, or 5 percent, to 84.30, its lowest level since December 2000. A newsletter, Sec Insight Inc, said the securities and exchange commission conducted a preliminary inquiry into IBM. An IBM spokeswoman would not immediately comment. After the close, IBM’s shares soared when the securities and exchange commission said it ended its preliminary inquiry into the computer giant without taking action. It jumped to 87.45 on the instinet electronic brokerage system from Thursday’s close of 84.30. Other tech shares followed suit, pulling the Nasdaq-100 after hours indicator up 1 percent. "It’s the IBM story again about accounting for one of their acquisitions, and then you’ve got the fact that GE earnings were ‘just’ in line and people were disappointed they didn’t beat the numbers," said James Volk, co-director of institutional trading at D A Davidson Co. At T Corp lost 1.15, or 8 percent, to 13.27, pressuring the Dow. The telephone and cable television giant said it plans a one-for-five reverse stock split to bulk up a stock price that has fallen 30 percent in the past year. Investors fled telecommunications companies after a recent slew of financial warnings by firms in the sector. Shares of sprint PCS group, the nation’s second-largest wireless phone service provider, fell 1.39, or 13 percent, to 9.23. Rival Nextel Communications Inc fell 42 cents, or 9 percent, to 4.34. Moody’s investors service warned it may cut the firm’s ratings, saying the debt-heavy no. 5 wireless company needs to increase cash flow to meet its capital expenses and interest payments. Aol Time Warner Inc fell 1.10 to 19.60, after hitting 3-year lows at 19.30. The media giant slumped nearly 7 percent Wednesday as concerns about its growth prospects intensified after the head of its internet unit was replaced. Finnish telecom gear maker Nokia dropped 1.06 to 17.94. (AGENCIES) |
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