|
| The Maharaja spreads its wings really wide NEW DELHI, Nov 3: Air India (AI) has formally announced doubling it weekly frequencies to the United States from.......more Texas-based
BMC software MUMBAI, Nov 3: Texas-based BMC software INC (nyse:BMC) is planning to invest USd 3 million for expansions in India......more India to
export 100,000 cars LONDON, Nov 3: Showing its growing manufacturing prowess, India will export one lakh cars to Britain over the next four....more GAIL plans
Rs 20,000 NEW DELHI, Nov 3: GAIL India limited has drawn up plans for creating a national gas grid across 7,900 Km at a cost of.......more |
|
HCL revamps Government business unit expects it to stabalise NEW DELHI, Nov 3: HCL technologies has revamped its subsidiary, looking after Government business, and expects it to.........more Oracle to
initiate NEW DELHI, Nov 3: Oracle India part of the worlds largest enterprise software company today said that it would......more "Biggest
business park" of CHANDIGARH, Nov 3: The Punjab Government today signed an agreement with US software giant quark INC for setting....more RBI leaves
bank rate MUMBAI, Nov 3: Defying market expectations, Reserve Bank of India today left untouched key interest rates, including....more |
The Maharaja spreads its wings really wide NEW DELHI, Nov 3: Air India (AI) has formally announced doubling it weekly frequencies to the United States from December 4 and bi-weekly connections to Shanghai, the financial hub of China, from December 11. The national flagship carrier will offer 20 weekly frequencies to the United States, which translates to 8,600 seats touching New York, New Jersey and Chicago. In December 2002, it had 10 flights per week. Through code-share with Malaysian airlines and Singapore airlines, the airline will also link up with Los Angeles and San Francisco, respectively. Connectivity to the United States is also getting a leg up through its code-share arrangement with Lufthansa from Frankfurt. While it was operating ten services a week to the United States seven to New York and three to Chicago in December last, it will have from next month 20 services a week seven to New York via London, seven to Newark via Paris and six to Chicago, three of which will be via Frankfurt and the other three via London. AI has enhanced its presence significantly in Europe and United States in the past year. This has made the 120 million dollar US market the biggest playground for AI after the Gulf, which attracts close to a third of the airlines services. "We are on road to progress and expansion," said AIs Chairman and Managing Director K Roy Paul, who is also Secretary at the Civil Aviation Ministry. "The airline will expand areas of operations and add new routes on European and North American sectors." Added Minister of State for Civil Aviation Rajiv Pratap Rudy: "The Government will ensure that AI becomes a world-class airline. With aviation hubs in Delhi and Mumbai, a passenger will become the most important patron in the industry." From December 11, AI is also entering the dragon with two flights a week to Shanghai. Some flights to Singapore and Hong Kong, which were suspended during the SARS scare, are also being restored now. With the induction of these four dry-leased aircraft, AIs fleet size will rise to 33. The airline has recently recruited 400 cabin crew to meet its network and flight expansion programme this winter. The cabin crew recruitment by the airline in such large numbers comes after a freeze of nearly a decade to meet existing and future needs in the medium term. AI presently employs around 1,520 cabin crew personnel. In the past one year, AI has inducted dozens of pilots to cater to the same growth programme, which has taken their strength to around 450, which includes executive (management cadre) as well as line pilots. For its zero-frill service initiative to the Gulf and South Asia, the airline is looking at inducting a few hundred personnel beginning with some batches in Delhi and Kerala. But the employees are reportedly getting restive because engaging personnel on contract ostensibly to boost productivity and lower wage costs and other associated perks has the potential to cloud future careers. AI officials say the low cost initiative will save upto Rs 100 crore annually. (UNI) |
Texas-based BMC software to
invest USd 3 Mn MUMBAI, Nov 3: Texas-based BMC software INC (nyse:BMC) is planning to invest USd 3 million for expansions in India during the current fiscal through its Indian subsidiary BMC software India at Pune, BMC software president CEO Robert E Beauchamp today said. BMC software India is also planning to open a sales office in Mumbai by December. It is also planning to acquire 80,000 Sq Ft for developing state-of-the-art facility and planning to recruit 500 more people, he said. Speaking at a press conference on his first visit to the country, Mr Beauchamp said, "as BMC software continues the push into new technology frontiers and provides cutting edge products and services to its customers, we are increasingly looking at research and development through a global prism. As an emerging it superpower, India is a significant part of this scheme". "We are looking at investment over USd 3 million in this financial year to increase our offshore research and development activcities. We hope to achieve our target of an annual business trunover of USd 15 million from the country by the end of this financial year. The business expansion marks a new level of commitment by BMC software in India", he added. BMC software INC is a leading provider of enterprise management solutions that empower companies to manage their it infrastructure from a business perspective. Delivering business service management, BMC software solutions span enterprise systems, applications, databases and service manaagement. (UNI) |
India to export 100,000 cars to Britain over four years LONDON, Nov 3: Showing its growing manufacturing prowess, India will export one lakh cars to Britain over the next four years, a report said. Tata motors, Indias third-biggest carmaker, has bagged an order from Britains MG rover to export one lakh units of the hatchback car city Rover over four years, with the first consingment slated to reach Birmingham any day, the Sunday Times reported. "One in six cars rolling off the Tata manufacturing line in Pune is destined for Britain, with 100,000 scheduled to arrive over the next four years," the newspaper said. The City Rover, a modified version of the existing Tata Indica car, is produced in both 1400 cc petrol and diesel engines. The car which is made by Tata motors at its factory in the western Indian city of Pune, is the sub-continents first genuine indigenous car, designed and built by Indian engineers and workers with minimal foreign help, the report said. The car and its mid-size model Indigo has enabled Tata motors to emerge as the third-biggest passenger carmaker in India, Asias fourth-biggest automobile market estimated at about six lakh units annually. The city Rover/Indica will help plug a market gap for Rover, which has no small car of its own to sell. But for Tata and for Indian manufacturing, it is a giant leap forward. A car industry that was once the butt of jokes for still assembling the Ambassador, a copy of a 50-year-old Austin, is now making modern cars without outside aid and -delicious irony - exporting them to Britain, the report said. Tatas achievement should have western manufacturers shaking in their boots. It is one of many indications that Indian engineering groups may be about to do what Indian it and business-outsourcing companies have done to their rivals for the past decade: Thrashed them out of the market, the report said. As with it, cost is Indias unbeatable weapon. Production -line workers at Tatas Pune plant earn Rs 12,000 a month (155 pounds), a pittance by western standards, but salaries at other factories in the city run at about Rs 2,000, it stated. The decision to start the Indica project demonstrates a new-found confidence and aggression on the part of Indian industrialists. Since the country became independent in 1947, car companies have relied on foreign partners and simply churned out copies of the car giants global designs. Tata, a sprawling business conglomerate with sales of over 11 billion dollars, was in league with Mercedes, assembling E and C-class saloons. When Ratan Tata, chairman of Tata sons, told the Germans he wanted to make a Tata small car, they tried to cajole him into yet another collaboration. (PTI) |
GAIL plans Rs 20,000 crore national gas grid NEW DELHI, Nov 3: GAIL India limited has drawn up plans for creating a national gas grid across 7,900 Km at a cost of Rs 20,000 crore, its Chairman and Managing Director Proshanto Banerjee said today. "GAIL is geared up to implement the grid in a time-bound manner, matching the development of supplies as well as linked markets," he said. "This will be followed by subsequent phases of more trunk pipelines to support development of distribution networks in states." The grid will cover a scheme to include Dehej-Vijaypur (610 Km), Dahej-Pune (520 Km), Kakinada-Hyderabad-Pune (1,250 Km), Kakinada-Kolkata (1,150 Km), Kakinada-Chennai (580 Km), Chennai-Bangalore (500 Km), Dabhol-Bangalore-Coimbator-Kochi (900 Km) and Kolkata-Jagdishpur (980 Km). Mr Banerjee said associated spur lines of 1,400 Km will be laid later. GAIL is also examining various operational and efficient models of the national gas grid to help producers, importers and end users in optimising the sourcing as well as marketing. Certain specialised studies including need for underground gas storage, security and safety will be commissioned in due course, he said. "GAIL has developed tremendous expertise and experience in operating gas sector infrastructure." In the coming decade, natural gas is going to be available from multiple sources with varying quality specifications at different prices to be supplied to multiple users through an integrated grid, Mr Banerjee said. "In the emerging complex scenario, it is important to put in place an integrated world-class gas management system which is practised in several developed markets." The phase one of the national gas grid aims at supporting growth of existing gas market as well as concurrent development of new markets, mainly in southern, north and eastern regions. CNG is another important focus areas for GAIL, Mr Banerjee said. The company is gearing up to execute city gas projects in collaboration with oil marketing companies like BPCL, HPCL and IOC. Besides Delhi and Mumbai, cities where GAIL is concentrating are Agra, Faridabad, Kanpur, Lucknow, Pune, Bareilly, Vijaiwada, Sikanderabad and Hyderabad. GAIL has proposed to take shell, Botas of Turkey and IFCO of Iran on board as strategic parteners. Under the plan, CNG supplies are expected to start in Kanpur, Lucknow, Agra and Bareilly by mid-2004. In Q2, GAILs profit after tax jumped 20 per cent to Rs 487 crore in a year-on period on a turnover of Rs 3,083 crore which moved up three per cent. (UNI) |
HCL revamps Government business
unit NEW DELHI, Nov 3: HCL technologies has revamped its subsidiary, looking after Government business, and expects it to stabilise this year. The company has restructured the management team looking after Government business, whose losses in 2002-03 were to the tune of three million dollars. HCL technologies subsidiary HCL technologies (mass) headquartered at Quincy in Massachusetts in the US looks after Government business. "After change in management we expect that Government business should stabilise this year," HCL technologies corporate vice president (finance) S L Narayanan told UNI. "We have also focussed on building solutions around Government business," chairman of HCL technologies Shiv Nadar said. "We are also integrating HCL technologies (Mass) with HCL technologies and strong linkages with back-end should also help Government business to stabilise," Mr Narayanan said. Further ramp-ups and tight cost control measures should lead to improved profitability metrics in forthcoming quarters, the company said. In the first quarter ended September 2003, Government business of HCL technologies logged 12 per cent sequential revenue growth as well as positive gross margins. HCL (mass) offsite development and project centers are located in numerous sites throughout the United States while primary centre for software development is located in Mumbai. At present it has as clients in six states in the US. In Florida its clients are department of labor, division of workers compensa-tion, department of insurance, department of education and agency for workforce innovation. In Missouri it is working with Public Service Commission, in Georgia with department of revenue, in tennessee with department of labor and workforce development, in connecticut with department of labor and in Maryland with workers compensation commission. HCL technologies announced its first quarter results last week and its net profit increased by 22.17 per cent to Rs 89.6 crore during the first quarter ended September 30, 2003 as against Rs 73.34 crore for the same period last year. The companys total income increased to Rs 296.48 crore from Rs 217.55 crore in the July-September quarter of 2002, registering 36.28 per cent growth. (UNI) |
Oracle to initiate grid computing in India NEW DELHI, Nov 3: Oracle India part of the worlds largest enterprise software company today said that it would introduce in the country for the first time a software that would enable companies optimise usage of their IT infrastructure and cut management costs by nearly 50 per cent. To be launched next month, the Orcale 10g infrastructure software enables organisations to implement utility computing, based on grid computing technology that would increase productivity and return on IT investments. Oracle India, which has already 6,200 customers, can opt for free upgradation to the 10G software. "Oracle 10G is the only infrastructure software available for enterprise grid computing. The advantage is the acrhitecture which will be complete and integrated", Shekar Das Gupta, Managing Director, Oracle India said. The price of the new software, Mr Das Gupta added will depend on the size of the enterprise and their needs, but roughly would range between 300 to 1500 dollars. The new software is currently deployed by the National Stock Exchanges NSE.It limited"our business requires a software architecture that has high availability and facilitates intense, real-time processing.The new software gives us all these benefits with its grid computing capabilities,"G M Shenoy, senior vice president, NSE.It limited said. An agressive marketing strategy has been chalked out for the new product since it holds lot of promise for the SME organisations. Smaller organisations will have to invest less time and money on Managing their information within their organisation."With the introduction of Oracle database standard edition one 10G, the smaller organisations can also adopt Oracle database 10G technology at a bery low entry cost," Somesh Bhagat, Marketing Director, Oracle India said. Speaking on grid computing technology, Mr Das Gupta said that this allows Oracle Indias customers, to provide high quality of service at lowest cost by harnessing, as needed, th power of the total computing capacity present in a cluster of computers, so that any available server can rapidly process and solve problems."It creates an illusion that all servers on the network are one large computer, available to all users and applications. (UNI) |
"Biggest business park" of north to come in Punjab CHANDIGARH, Nov 3: The Punjab Government today signed an agreement with US software giant quark INC for setting up the "biggest business park" of north at Mohali, near here. The agreement was signed on behalf of the Punjab Government by Principal Secretay Industries S C Agrawal and on behalf of quark by president of the company Kamar Aulakh in the presence of Chief Minister Capt Amarinder Singh here. Speaking on the occasion, Quark INC. CEO Fred Ebrahimi said that the project would be implemented in two phases-an industrial park in Mohali in 46 acres of land allotted by Punjab Infotech and 5000 acres of land to be acquired by quark in the area northwest of Chandigarh. While phase one will be implemented over seven years, phase two will take 20 years. The total investment in phase one is likely to be more than Rs 300 crores, he said adding that both the phases would together create about 30,000 direct jobs. Describing the project as "mega", the Chief Minister said that the Council of Ministers had this morning given its formal approval to the agreement. Ebrahimi said "it is my dream to make the environment here as good as any other place in the world. The first 46 acre pilot project will be a self contained, self sustaining business-cum-housing complex that will be comparable to any place in the world." He said that the industrial park will include housing, commercial premises, hotels, resorts, city and regional level urban infrastructure facilities such as roads, and bridges and mass rapid transit systems. "The project is likely to create jobs for more than 22,000 persons," he claimed. He, however, said that the project would be environment friendly as plans are to plant at least a million trees in and around the park. Quark INC. president Kamar Aulakh said that the agreement had been a result of a careful study and a considerable endeavour made over the last one year by both the parties to make the project a success. On the occasion several ministeral colleagues of the Chief Minister, including Rajinder Kaur Bhattal, were present. (PTI) |
RBI leaves bank rate untouched,
revises MUMBAI, Nov 3: Defying market expectations, Reserve Bank of India today left untouched key interest rates, including the bank rate, even as it revised upwards the GDP growth rate to 6.5-7 per cent for 2003-04 against six per cent projected in April. The bank rate at six per cent, repo rate and cash reserve ratio at 4.5 per cent remained unaltered. Releasing his maiden mid-term monetary and credit policy, RBI Governor Y V Reddy said the monetary policy stance would continue to make provisions of adequate liquidity to meet the credit growth and would support investment demand. There will be a vigil on the price level with preference for soft and flexible interest rate environment, he said. Projecting an inflation rate of 4-4.5 per cent with a possible downward bias as compared to earlier projection of 5-5.5 per cent, he said the outlook remains benign. The RBI would, however, continue to closely monitor the price behaviour leaving no room for complacency on inflation front, Reddy said. The Governor said on the current reckoning, based on growth prospects across the sectors of the economy, and assuming the continuance of good performance in industry and some acceleration in exports, reflecting the anticipated global economic recovery, it is reasonable to expect an overall GDP growth of 6.5-7 per cent. Expressing concern over the large scale borrowings by Central and State Governments, Reddy said fiscal deficit as at end-September is higher compared to last year. Referring to concerns on the large borrowing programme, Reddy said "they arise both out of a possible adverse impact on desired acceleration in growth that is consistent with stability and also from possible implications for efficient monetary and debt management. "It is, therefore, essential to pursue promptly and with resolve, fiscal consolidation from a medium term perspective," he said adding, there is also a need for efforts in the direction of widening the revenue base, rationalisation of expenditures and above all enhancing productivity of public investments, in both commercial and social sectors. The RBI Governor also observed that while lending rates for prime corporates and housing have declined significantly, noticeable reduction is yet to take place in regard to other segments. On the foreign exchange market, he said the forex rate of the rupee, which was Rs 47.5 per US dollar at end-March 2003 appreciated by 4.8 per cent to Rs 45.32 by end-October but depreciated against euro, pound sterling and Japanese yen. "The exchange rate management is based, as in the past, on flexibility without a fixed or pre-announced target, but with ability to intervene," he added. Reddy observed that the financial market sentiments are stronger now compared to the beginning of the year and the health of financial sector continued to improve. However, there is a need for continous and careful monitoring providing for unforseen contingencies since in the upturn of business cycle, there could be overshooting of markets. On prime lending rate and spread, RBI Governor said banks may price floating rate products by using market benchmarks in a transparent manner. As Indian Banks Association has indicated a broad agreement on the proposed benchmark PLR, IBA may advise its members suitably, keeping in view the operational requirements, he said. He also indicated that though credit growth remained subdued till August 2003, there were some signs of pick-up in non-food credit. "Apart from subdued credit growth, which will continue to cause concern, the overall rigidity in the downward movement of lending rates as well as inadequacy in quality of service to some sections coupled with reduction in deposit rates requires introspection and immediate action on the part of all financial intermediaries", he said. In this regard, credible actions by banks would be essential to make adequate progress in credit delivery and appropriate transparency in pricing of credit, he said. Reddy, on the overall assessment, said the interest rates and foreign exchange reserves were at comfortable levels and there was adequate liquidity in the system. To provide full flexibility to exporters, Reddy said beginning January 1, exporters may write off outstanding export dues on their own and may also extend the normal period of realisation beyond 180 days provided the aggregate value of such write-off and delay in realisation did not exceed 10 per cent of their export proceeds in a single calendar year. (PTI) |
India seeks doubling of trade turnover with Myanmar YANGON, Nov 3: Asserting that Myanmar has a "special place" in its `look east policy, India today sought doubling of the trade turnover between them to one billion US dollars in the next three years and said joint projects in areas of information technology, telecom, hydrocarbons, engineering goods and pharmaceuticals held promise. "The India-Myanmar Joint Trade Committee has proposed to raise the turnover to usd one billion in the next three years through expansion and diversification of trade. This is a challenging but feasible task," Vice President Bhairon Singh Shekhawat told the captains of Myanmarese industry here. Shekhawat, who arrived here yesterday on a five-day visit at the head of a high-level delegation, said while the committee would focus on removing impediments and providing an appropriate framework at the policy level, a dynamic private sector, apex chambers of commerce and leaders of indistry should achieve the target. Observing that trade, including border trade, was a vital component of their relationship, he said the Tamu-Kalay road was a symbol of joint endeavours between the two neighbours. "It and telecommunications, hydrocarbons, light engineering goods, pharmaceuticals and food processing are areas of promise," he said adding human resource development had become a major field of cooperation between the two sides. Shekhawat, who is the first Indian Vice President to visit Myanmar in the last 16 years, said tourism was another area of economic activity that should be of common interest to create better understanding and enhance people-to-people contact. Referring to last months second Indo-ASEAN summit in Bali, he said Myanmar was Indias gateway to ASEAN as it is the only ASEAN country with which it shared a land border. "Therefore, it (Mynamar) has it own special place in Indias `look east policy," he said recalling the watershed free trade agreeemnt signed between India and the ASEAN at the Bali summit. Maintaining that India-ASEAN trade of 12.1 billion last year was "far below the potential", Shekhawat said diversification of the trade basket and more effective utilisation of existing opportunities would undoubtedly help in the trade turn over. "Indian industry is already working towards these goals. We are, at the same time, looking at measures to improve physical connectivity," he said while giving the example of Myanmar-India-Thailand trilateral highway as one such effort. Bangladesh-India-Myanmar-Sri Lanka-Thailand Economic Cooperation and the Mekong-Ganga cooperation also covered wide-ranging opportunities for mutually beneficial collaboration at the sub-regional level, the Vice President said. Stressing that a climate of peace and tranquility was an essential pre-requisite to trade and economic cooperation, Shekhawat told the meeting of Union of Myanmar Federation of Chambers of Commerce and Industry that "incidents of bombings in Bali, Jakarta and Mumbai require us to fight the menace of terrorism together. "Terrorism has assumed a trans-national character. It has become increasingly clear that we have to pool our resources and efforts to curb and eliminate this dangerous phenomenon in all its manifestations," he said. Contending that Indias economic fundamentals have always been strong and the economy has remained stable, he said investments made during the last five decades have begun to show effect and the reforms proces was on course. "The Indian economy is among the top 10 economies in the world. Confidence and optimism characterise the economic mood in my country. We expect more than 6 to 7 per cent economic growth this year and our target for the next five years is 8 per cent," he said addressing the Myanmarese business community. Shekhawat, who held wide-ranging talks last night with Vice Senior General Maung Aye, the number two in hierarchy in Myanmars ruling military Junta, said common interest in the further development of relations was underscored in his discussions with the Myanmarese leadership. During his stay, he would call on the top leader of Myanmar and senior general than shwe. Shekhawat also visited this morning the Shwedagon Pagoda, which has brought into sharp focus the common heriate bequeathed by Lord Buddha. (PTI) |
Gold opens low on poor demand,
silver high MUMBAI, Nov 3: Prices of gold opened low today on thin demand but silver was up in the wake of firm advice from global markets, traders at the local bullion market said here. Price of standard mint gold 99.5 purity and that of gold 99.9 purity grades resumed lower at Rs five each and were quoted at Rs 5,755 and Rs 5,795 per ten Gm at the opening session from their previous days finish. Traders said that there were increased offerings by stockists in view of subdued advice from international markets, due to which spot gold was trading at USd 383.35/383.55 from its previous rates. But, silver .999 fineness grade, was up modestly by Rs 10 to Rs 8,240 per Kg owing to firm global advice along with some good demand from dealers and industrial users, traders said. At London and Hong Kong bullion markets, silver was quoted higher at around USd 5.08/5.10 per troy ounce from its earlier rates, traders added. Following were todays opening rates at local market: silver (per Kg) .999 fineness grade : Rs 8,240, gold (per 10 Gm) 99.5 purity standard mint: Rs 5,755, gold (per 10 Gm) 99.9 purity variety : Rs 5,795. (UNI) |
Instanex Skindia DR P/E indices
high again, MUMBAI, Nov 3: The Instanex Skindia Depository Receipts (DR) index shot up again on October 31 by 2.32 per cent to 872.86 points from the previous days close at 853.07 points. According to the daily update provided by city-based Instanex Capital Consultants Pvt Ltd through a release, Instanex Skindia DR Index P/E also hiked by 2.39 per cent to 17.20 points from 16.80 points. But the Instanex Skindia DR Index premium declined steeply by 2.69 per cent to 22.13 per cent from 22.74 per cent during the same period, the release stated. Out of 15 ADRs and GDRs, there were twelve (eight) gainers and two (five) losers, while only one scrip (two scrips) were unchanged. HDFC bank (ADR), ICICI bank (ADR) and Hindalco (GDR) were the top gainers, while VSNL (ADR), MTNL (ADR) and Bajaj Auto (GDR) were the major losers, the release added. (UNI) New phone boosts Chinas home-grown 3G standard BEIJING, Nov 3: Chinas efforts to develop a high-speed telecoms technology that could compete with western standards in the worlds biggest mobile market have taken a step forward with the development of the first compatible phone. A Chinese university said on Monday it had developed a telephone for the home-grown standard known as TD-SCDMA, a milestone that could hasten the introduction of third-generation mobile licences in the country. How and when the Chinese Government issues 3G licences will help determine which equipment makers grab billions of dollars in contracts likely to be awarded by mobile phone companies. The Chinese technology is a competitor to the US CDMA2000 system, backed by qualcomm INC and Nortel Networks Corp, and Europes WCDMA, supported by Ericsson and Nokia Oyj. The new mobile phone was developed by the chongqing institute of posts and telecommunications in southwestern China. "The 3G mobile phone is not only the first in China, but also the first TD-SCDMA phone in the world," Zhen Jianhong, a Professor at the University and one of the phones main developers, told . "We plan to produce this kind of mobile phone in small scale next year and in large scale in 2005." Analysts have said Chinese regulators were likely to delay introducing 3G licences until the relatively new TD-SCDMA technology matured and vendors offered viable mobile phones. China is the worlds biggest mobile market by number of users. Zhen said his phone was tested on a trial network established by the datang telecom technology industry group and German telecoms equipment vendor siemens AG, which are both trying to develop their own versions of TD-SCDMA phones. The phone uses chips from several makers, including Texas Instruments INC, he said. The researchers had set up a company, Chongqing Chongyou Information Technology Co Ltd, to develop and market the phone. Samsung Electronics Co Ltd, Philips Electronics NV and Chinese equipment vendor Huawei Technologies Co Ltd, in partnership with Siemens, are all developing TD-SCDMA phones. (AGENCIES) |
|