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CCIOA for early revival NEW DELHI, Oct 28: The Cement Corporation of India Officers’ Association has urged the Minister of Industries and Public Enterprises Manohar Joshi ...more IFC to invest $ 9 mn in mini-power plant in Andhra WASHINGTON, Oct 28: The International Finance Corporation (IFC) will ....more NEW DELHI, Oct 28: PNB Gilts Limited, a fully-owned subsidiary of Punjab .....more Separate MTNL subsidiary for cellular under study NEW DELHI,Oct 28: Government is examining whether ...more |
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Sinha confident Parliament will pass IRA Bill NEW DELHI, Oct 28: Finance Minister Yashwant Sinha today expressed ...more PNB
deposits go up Excelsior Correspondent JAMMU, Oct 28: The Punjab National Bank (PNB) deposits have gone up...more Japan provides CALCUTTA, Oct 28: Japan has provided a special grant-in-aid of 83,165 US.....more
ICICI’s
net profit climbs MUMBAI, Oct 28: ICICI Ltd has reported a six per cent...more |
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CCIOA for early revival of sick PSUs NEW DELHI, Oct 28: The Cement Corporation of India Officers’ Association has urged the Minister of Industries and Public Enterprises Manohar Joshi to appoint a full-time Chairman and Managing Director for early revival of the sick Public Sector Unit. In a meeting with the minister here yesterday, the Association also urged the Government to fill up the vacant functional directors’ posts at the earliest. The delegation was led by association president Ravi Verma and general secretary F A Khan along with BJP secretary P L Khandelwal. They also appraised the critical financial status of CCI and the revival proposal being prepared by the BIFR. CCI has 5,000 employees. (UNI) |
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IFC to invest $ 9 mn in mini-power plant in Andhra WASHINGTON, Oct 28: The International Finance Corporation (IFC) will invest upto nine million dollars in a 28-megawatt co-generation power project coming up in Andhra Pradesh, an IFC release has said. Agreements to this effect were signed recently, the release issued here yesterday said. The project is in line with the country’s (India’s) strategy to promote high efficiency co-generation power generation projects, the release quoted Vivek Talvadkar, Director of IFC’s Power Department, as saying. The 25.8 million dollar project, being developed by the private sector Astha Power Corporation Limited, will be located in a park of the AP Industrial Infrastructure Corporation at Pashamylaram, 40 km from Hyderabad, it said. It will encourage power sector reforms in Andhra Pradesh as it introduces competition in the state’s electricity sector leading to better service for consumers, Talvadkar said. IFC’s financing consists of an equity investment of up to 1.9 million dollars and a loan of 7.1 million dollars for its own account, the release said. IFC played a lead role in bringing this project to a financial close and assisted Astha in structuring a local currency swap for its loan to reduce foreign currency risk. Bank of India and Dena Bank are the other lenders. Astha has entered into a fixed price, date certain Turnkey contract with ABB generation of sweden to develop the project. Bharat Petroleum Corporation Ltd will be the fuel manager of the project while the sponsors are the Kundalias of Hyderabad. (PTI) |
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NEW DELHI, Oct 28: PNB Gilts Limited, a fully-owned subsidiary of Punjab National Bank, today reported a 13.75 per cent increase in net profits at Rs 26.8 crore for the half-year ended September 30, 1999 against Rs 23.5 crore for the same period last year. Its total income increased by 49.6 per cent at Rs 104.95 crore compared to Rs 70.1 crore for the half-year under review. The company has said the active secondary market operations helped PNB Gilts maintain its marketshare of seven per cent in the G-secs and T-bills segment despite an increase in the number of players. PNB Gilts issued bonus shares in the ratio of 1:2 to its parent bank and a rights offer in the ratio of 1:3 in September this year, enhancing its paid-up share capital to Rs 100 crore at the end of the first half of the current financial. While the tangible net worth of the company increased from Rs 131.94 crore to Rs 183.73 crore, leading to a pre-tax return on net worth of 76.82 per cent, carnings per share also showed a corresponding surge, increasing to rs 9.45 from the previous figure of Rs 8.52. "The results are commendable because they have been achieved despite an increase in the number of PDS in the market. Aslo, the average call money rates ranged higher this year, apart from yields on Government securities showing declining trends, thereby leading to a squeeze on margins," a statement issued by the company said. The total outright turnover in the T-bills and Government securities market was Rs 13,215 crore during the half year under review, against Rs 5,527 crore in the previous year. At the same time, the company was also able to achieve a turnover ratio of 11.97 times of treasury bills and 12.27 times for Government dated securities against the RBI stipulation of 10 times and five times, respectively. (UNI) |
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Sinha confident Parliament will pass IRA Bill NEW DELHI, Oct 28: Finance Minister Yashwant Sinha today expressed confidence that the much-delayed bill to open up the insurance sector to private and foreign investors would be passed by Parliament. I am confident that we will get it approved in Parliament as except for a small section who are opposed to the bill, there is a general consensus for its passage, He told reporters after introducing the Insurance Regulatory and Development Authority Bill in Lok Sabha amidst a protest walkout by left, Samajawadi Party and RJD members. Allaying fears in certain quarters, Sinha categorically assured that the premier public sector Life Insurance Corporation and General Insurance Corporation would continue to be 100 per cent Government-owned companies. The bill did not have any provision to dilute or alter this status of LIC and GIC as alleged by certain opposition parties, he added. Meanwhile, representatives of LIC Employees Union met Lok Sabha Speaker GMC Balayogi to express their opposition to the opening up of the sector and submitted a memorandum in this regard. (PTI) |
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PNB deposits go up to Rs 697 cr in J&K Excelsior Correspondent JAMMU, Oct 28: The Punjab National Bank (PNB) deposits have gone up to Rs 697 crores and advances to the tune of Rs 139 crores in the Jammu and Kashmir region. Giving figures, the Senior Regional Manager, Mr K S Bajwa disclosed here today that the profit of the Bank in the region has increased by 159 per cent in the first half of this financial year, as compared to the corresponding period last year. The Bank achieved a profit of Rs 2.80 crores during this half year as compared to Rs 1.08 crores during the same period last year. Mr Bajwa, was reviewing the performance of his Bank in the J&K region in the meeting of all the managers here. He expressed satisfaction over improved performance of the Bank in the region. According to him, the PNB in the state has registered half yearly growth of 9.73 % and 8.96 % in deposits and advances respectively, as compared to 6.83 % and 6.79 % , respectively, in corresponding period of last year. He disclosed that Bank has achieved a Priority Sector figure of Rs 80.78 crores and also has made lending of Rs 6.74 crores under credit thrust activities during this half year. The PNB sanctioned Rs 2.47 crores for consumer durables, Rs 1.80 crores for conveyance, Rs 1.97 crores for trading to various sectors of the society. The Bank has launched Kissan Credit Scheme in the state with a target of 500 cards to be issued during the current year to give a fillip to the Agriculture sector. The PNB is in the process of computerising its network of branches in the urban Centres of the state during the current year and providing excellent customer service to the people here. The Bank is in the process of getting ISO 9002 certificate for its Jain Bazar and Shastri Nagar Jammu branches and shall be the first in the state to get this certificate showing commitment of the Bank to quality customer service. |
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Japan provides grant-in-aid for disabled CALCUTTA, Oct 28: Japan has provided a special grant-in-aid of 83,165 US dollars to a Karnataka-based NGO for making rehabilitation for disabled people under its latest scheme to support humane projects in India, Japanese Consulate General sources here said. The grant was provided to mobility India by the Consul General of Japan, Noboru Kawagishi here yesterday for the NGO’s Calcutta project which supports and trains disabled people, especially from poor socio-economic background. The NGO, working to strengthen rehabilitation AIDS, appliances and facilities for the challenged people in several states, including West Bengal and Orissa in Eastern India, was chosen by the Japanese Government for its emphasis on enabling people with disabilities to become mobile, the sources said. The grant-in-aid contract was signed under the Japanese Government’s financial assistance programme for development projects called ‘grant assistance for grassroots projects.’ Altogether 19 projects in the fields of primary education, healthcare, women’s development, safe drinking water facilities and income generation in Eastern India have been awarded grants till the last fiscal year by the consulate, the sources added. (PTI) |
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ICICI’s net profit climbs 6 pc to Rs 540 crore MUMBAI, Oct 28: ICICI Ltd has reported a six per cent increase in net profit to Rs 540 crore in the first half of 1999-2000 against Rs 507 crore in the same period last year, despite a 30.85 per cent increase in provisions and write-offs to Rs 246 crore. Net profit rose by 12 per cent to Rs 278 crore during the second quarter ended September 30, 1999. ICICI’s net Non-Performing Assets (NPAs) ratio declined from 7.8 per cent as on March 31, 1999 to 7.6 per cent on June 30, 1999 and further to 7.4 per cent on September 30, 1999, with its special asset management group driving initiatives in respect of recovery and settlements from problem cases. During April-September 1999, ICICI settled dues aggregating Rs 226 crore from 55 cases against Rs 108 crore from 41 cases in the same period last year and also filed 111 recovery suits aimed at expeditious enforcement of collatoral. The net NPAs outstanding at September 30, 1999 was Rs 3,583 crore, down from Rs 3,623 crore on March 31, 1999, according to a statement by ICICI after its Board of Directors approved the half-yearly audited accounts at Hyderabad. The financial institution’s fund-based income increased by 13 per cent to Rs 3,716 crore compared to the first half of 1998-99. During 1999-2000 first half, ICICI’s approvals aggregated Rs 24,075 crore increasing 13 per cent from Rs 21,225 crore in the same period last year, while disbursements rose by 31 per cent to Rs 10,910 crore. (PTI) |
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Separate MTNL subsidiary for cellular under study NEW DELHI,Oct 28: Government is examining whether Mahanagar Telephone Nigam Ltd can float a separate company for its cellular operations within the telecom policy without attractiving any legal barrier, MTNL Chairman and Managing Director S Rajagopalan said here today. Ruling out the possibility of any cross-subsidisation for its cellular business, Mr Rajagopalan said the company has to be cautious about floating a subsidiary for the mobile phone operations since the licence has been given to the MTNL. "With great difficulty I have got back this licence and I do not want somebody to jeopardise it by going to court interpreting that the third operator has to be MTNL and not its subsidiary",he told reporters after his presentation for the ‘IT world ’99 Comex India’ exhibition to be held next month. However, in case the domestic monopoly carrier floats a subsidiary for cellular, the Government would be asked to provide it the advantage given to the private operators like the equity participation by foreign companies."I must also get a level-playing as talked about by others",the company chief said. MTNL has already got a name registered for its 100 per cent owned internet business company called ‘millennium telecom’.The paid-up capital of this company is Rs 100 crore. Mr Rajagopalan said the future emphasis of MTNL would be internet and cellular businesses. "I would like to be known as an it company",he said adding that the mission statement of MTNL is to be "among the fourtune 500 companies". Encouraged by a phenomenal response for its cellular phones,MTNL would soon go in for GSM technology as well and would have a capacity of 100,000 lines each for Mumbai and Delhi. The capacity has to increase to 450,000 lines by 2002. The company would aim to capture 40 per cent of mobile business in Delhi and Mumbai coming out with "innovative tariff packaging". While the MTNL mobile phone would not be meant "exactly for the poorman" but for everyone "who needs it - be it auto-rickshaw driver,taxi-driver and other people on the move. It does not have to be elitist product which it had become unfortunately because of the excessive tariff", he said. Mr Rajagapolan reiterated, though "politely" that in case private cellular operators like BPL, Bharti and Hutchison do not pay security deposits for internet connection charges,the interconnection facility could be held up."I may have to reduce the service(inter-connection). How long can you continue to give this service without this payment", he asked. "I have been politely asking them for the past few years and the operators were giving no thought to it and it became a serious audit issue. It became a nuisance for me. But still I have not issued any threat. There has not been a single letter of threat. I was only telling them to please resolve this issue", MTNL chief said. If MTNL withdraws the inter-connection facility, users of cellular phones of private operators would not be able to reach land phones nor would they be able to receive calls from land phones. Sharing his business plans with the media, Mr Rajagopalan said internet and cellular telephony would be the emphasis area as part of the company’s strategy to emerge among the global telecom and IT companies. "Of course there would be operational efficiency but that is not enough to be a leader. We need a strategy as well". (UNI) |
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