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| Credit-cum-recovery camp organised by SBI Kathua Excelsior Correspondent KATHUA, Nov 5: A credit cum recovery camp was organized at Agriculture Development Bank (ADB) of State Bank of India (SBI) Kathua in which all the three....more Grid
collapse hits MUMBAI, Nov 5: Large parts of western Maharashtra and Gujarat today went without power for several hours following ......more Lupin
promoters NEW DELHI, Nov 5: The promoters of Lupin Ltd, Mr Desh Bandhu Gupta and associates......more ICRA
reaffirms rating NEW DELHI, Oct 4: Credit rating agency ICRA has reaffirmed the A1" (a one plus) rating.......more |
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SAIL to invest Rs 1,000 KOLKATA, Nov 5: The Steel Authority of India limited would invest Rs 800 to Rs 1,000 crore each year for upgrading technology in its integrated steel ........more Centre
puts cane NEW DELHI, Nov 5: Centre today hit out at Uttar Pradesh Government over the cane price issue saying "it can and .....more Unique product to check tyre pressure launched CHENNAI, Nov 5: For the first time in India, Sally Techpro Private Limited, a group....more Penang
hardware BANGALORE, Nov 5: Penang Consortium today signed a Memorandumof ....more |
Credit-cum-recovery camp organised by SBI Kathua Excelsior Correspondent KATHUA, Nov 5: A credit cum recovery camp was organized at Agriculture Development Bank (ADB) of State Bank of India (SBI) Kathua in which all the three branches of the SBI participated. On the occasion Ashok Nayyar, Deputy General Manager, J&K Module distributed the loans worth Rs 1.01 lakh to 48 farmers under Kissan Credit Card, Kissan Gold Card and other various loan schemes of the Bank. The loan was also provided to rural youth under the employment generation programme. Mr Nayyar on the occasion distributed loan amounting to Rs 28 lakh. He also gave approval to four companies loan proposals worth 4.58 lakh. Anil K Gupta, Assistant General Manager, SBI while thanking the gathering apprised them of various loan schemes which have been launched recently for the welfare of the people. He said the SBI has an impressive presence in the Kathua with its three branches viz ADB Kathua, College Road Branch and Industrial Area Branch. All these branches were led by their chief mangers and branch mangers namely S K Sharma, Devinder Chand and Alok Sharma in this loan cum recovery camp. He urged the bankmen to provide the excellent customer service and expeditious credit delivery. |
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Grid collapse hits power supply in Maharashtra, Gujarat MUMBAI, Nov 5: Large parts of western Maharashtra and Gujarat today went without power for several hours following a grid collapse, affecting train services and disrupting normal life. Maharashtra State Electricity Board Sources said tripping of Parali-Chandrapur line in the state around 10.30 AM hit entire western Maharashtra, parts of Marathwada, Vidarbha and large parts of Gujarat. "About 40-50 per cent of the grid has been restored and we expect complete restoration before nightfall," MSEB Chairman Ashok Basak told reporters here. Mumbai remained unaffected as it was Islanded by Tata power company minutes after the grid collapse. Train services outside the Mumbai zone were affected for some time before supply was partially restored. Gujarat Electricity Board Officials said several parts of Gujarat were without power as the state gets its share from Maharashtra. This is the second time within a month that power failure affected large parts of western Maharashtra for more than two hours. A technical snag on the 400 KV line from Padgha to Kalwa receiving station of MSEB had triggered a grid collapse disrupting power supply on October 6. According to central railway officials, train services between Igatpuri-Bhusaval section were disrupted following power failure. "The train services were disrupted at 10.34 AM and restored at 11.22 AM.The services were again disrupted at 11.25 AM. But restored at 12.20 PM.", they said. Several mail trains and express trains were delayed by over an hour, they said. (PTI) |
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Lupin promoters divest 4 pc stake to FIIs NEW DELHI, Nov 5: The promoters of Lupin Ltd, Mr Desh Bandhu Gupta and associates, have sold close to four per cent of company’s equity to Foreign Institutional Investors (FIIs) for a consideration of about Rs 90 crore. The promoters’ shareholding in the company, consequent upon this divestment, would stand reduced to 50 per cent, the Mumbai-based drugmaker said in a statement yesterday,. The four per cent divestment in a total paid up equity shares of 4.014 crore for a consideration of Rs 90 crore, results in an average realisation of Rs 562.50 per share. The move, according to the company, is a part of the ongoing restructuring exercise of the promoter s holding in the pharmaceutical company. Last month, the promoters had divested 12.55 per cent of their stake in the company to CVC international — a citigroup global investments unit — for Rs 250 per share amounting to Rs 125.9 crore. However, they had called off their discussions to divest another 12.5 per cent of the company’s equity to Hong Kong-based Newbridge Capital Ltd for Rs 252 per share. The placement of shares with CVC and newbridge was part of the internal restructuring of the promoter group company to enable them in repaying the debt they owed to Lupin. Lupin Chairman Desh Bandhu Gupta owes roughly Rs 250 crore to the company. The promoters have garnered Rs 215.9 crore from the two divestments, including yesterday’s sale of four per cent stake, made so far. (UNI) |
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Friedman group in JV with pearl to offer retail consultancy NEW DELHI, Nov 5: The friedman group — us-based largest retail consulting and training organisation — has forged a strategic tie-up with Pearl Academy of Fashion (PAF) Ltd to offer retail consultancy services in India. Under the alliance, PAF, through its retail consultancy division, is into a license agreement with the friedman group that will bring an effective retail staff management practice models to Indian retailers. "With the rapid growth of retailing in the Indian market, there exists a great need to provide sales, customer service and management skills to this key industry. "We have found the perfect partner in PAF to deliver our retail expertise and technology that since 1980 has resulted in millions of dollars in sales enhancement for retailers of all sizes and industries in the US and countries around the world," Friedman group CEO Harry J Friedman said after the announcement of the joint venture — the Friedman Group India — here last night. Observing that retailers in the country have begun to adopt and implement industry practice models that are predominently prevalent in the west, PAF Executive Director A K G Nair said the Friedman group and its proprietary programmes and services will give the Indian retaliers the tools they need to increase their professionalism, productivity and profits. Market studies indicate a rapid growth in organised retailing from a mere two per cent of the total retail industry to a significant 20 per cent by the end of the decade. The trend is driving the demand for adequately trained professionals in reatil management that could adapt to rapidly changing consumer trends and business dynamics of the domestic retail industry, Mr Nair added. (UNI) |
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SAIL to invest Rs 1,000 crore every year in its integrated plants KOLKATA, Nov 5: The Steel Authority of India limited would invest Rs 800 to Rs 1,000 crore each year for upgrading technology in its integrated steel plants in the country, SAIL Chairman V S Jain said. Mr Jain told newspersons here last night that the SAIL was now well into the turnaround mode having achieved a record of Rs 760 crore net profit in the first half of the current fiscal, marking a quantum jump from the net loss during the corresponding period last year. Mr Jain said the market uptrend indeed played a part but the more vital role was played by sustained and timely strengthening of operational efficiency by the company during the past few years. He said the most striking outcome of this internal strengthening had come in the form of a two per cent reduction in the cost of production despite rise in the input cost. The Chairman said the integrated steel plants would produce nine per cent higher saleable steel of 5.23 million tonnes during the first half largely by tapping the production potential of the existing asset to the utmost which led to an average capacity utilisation of 103 per cent. Mr Jain said Bhilai and Bokaro steel plants had generated more profits during the first half of the current fiscal than those could achieve during the last full financial year. Durgapur steel plant also registered a net profit in the second quarter and so did Rourkella by making cash profit during the same period, he added. All these, the Chairman said, could be made possible following the thrust on production. The company’s turnover during the first half went over Rs 10,000 crore, marking a 10 per cent improvement in sale during the corresponding period last fiscal. He said this could also be made possible because of the close interaction that between the plants and marketing and the strong market orientation, which had been ensured in all activities of the public sector giant. He said the company could export over 600,000 tonnes of steel last year, marking a growth of about 114 per cent over the previous year despite the fact that the SAIL, though essentially remained a dominant player in the domestic market with about 92 per cent of its products, was committed to serve local requirements first. He, however, mentioned that China had emerged as the single largest consumer of steel in the international market and expected that there could be a tremendous surge in steel demand in that country which would cross over 300 million tonnes in the next three to four years. To a query he said five to six per cent growth in the steel production was likely in the second phase and said the integrated plants were now consolidating in the modernisation programme with its internal generation of funds. Mr Jain said Bhilai and Bokaro steel plants had generated more profits during the first half of the current fiscal than those could achieve during the last full financial year. Durgapur steel plant also registered a net profit in the second quarter and so did rourkella by making cash profit during the same period, he added. All these, the Chairman said, could be made possible following the thrust on production. The company’s turnover during the first half went over Rs 10,000 crore, marking a 10 per cent improvement in sale during the corresponding period last fiscal. He said this could also be made possible because of the close interaction that between the plants and marketing and the strong market orientation, which had been ensured in all activities of the public sector giant. He said the company could export over 600,000 tonnes of steel last year, marking a growth of about 114 per cent over the previous year despite the fact that the SAIL, though essentially remained a dominant player in the domestic market with about 92 per cent of its products, was committed to serve local requirements first. He, however, mentioned that China had emerged as the single largest consumer of steel in the international market and expected that there could be a tremendous surge in steel demand in that country which would cross over 300 million tonnes in the next three to four years. To a query he said five to six per cent growth in the steel production was likely in the second phase and said the integrated plants were now consolidating in the modernisation programme with its internal generation of funds. Mr Jain said during the current year several upgrading projects were underway in its integrated plants, including upgrading the ERW pipe plant and rebuilding of coke-oven battery number one at Rourkella and installation of facilities for longer rail production at Bhilai. He said all these projects were progressing steadily and the investment made at IISCO included relining of blast furnaces installing a new sinter plant and twin hearth furnaces and revamping of mills. The demand for both flat and long products were increasing steadily because of the upswing in the market and the SAIL was laying emphasis for increasing production for the two types of products. He said the current pattern of production in the SAIL plants were 60 per cent flat and 40 per cent long products. The situation in October, the first month of the second half, was more encouraging when SAIL plants had an all-time-best October total sales at 9.04 lakh tonnes, showing an increase of 11 per cent over the corresponding period last year. He said on the production front a 14 per cent growth was recorded with 9.24 lakh tonnes saleable steel production during the first seven months of this fiscal reaching 6.15 million tonnes, showing a ten per cent growth over the corresponding period last year. The Chairman said production of concast steel had also gone up by 61 per cent during the month. Mr Jain added that the SAIL could achieve about Rs 2,000 crore of debt reduction and the interest payment of another Rs 200 crores. (UNI) |
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Centre puts cane price fixation issue in UP Govt’s Court NEW DELHI, Nov 5: Centre today hit out at Uttar Pradesh Government over the cane price issue saying "it can and should" fix the rate for the current season. It also asked five states, including UP, to either avail the Rs 678 crore package prepared for them or arrange for payment of cane price dues of the farmers for 2002-03. "Cane price fixation and payments are not Centre’s responsibility. UP Government can and should fix the price", Union Agriculture Minister Rajnath Singh said here. Speaking on the sidelines of an industry function, he said UP, Uttaranchal and Punjab had not accepted the cane package prepared by the Centre and in this scenario, it was their responsibility to clear the dues of the farmers. He said Centre had so far not announced the Statutory Minimum Price (SMP) for sugarcane despite the crushing season having begun on October 1, due to the objections raised by Election Commission in the wake of upcoming assembly polls. Centre’s Rs 678 crore cane price package announced earlier this year to bridge the gap of around Rs 15 per quintal in actual rate paid and the State Advised Prices (SAP) was conditional to states like up not fixing their own SAP in future. Singh, however, said nothing stops the UP Government from fixing an "agreed price" higher than even the Centre’s SMP in consultation with sugarcane growers’ societies and private mills in the state. Singh said even though Centre had prepared to dole out assistance to the state in the form of a soft loan for paying the farmers’ dues for 2002-03 season, Uttar Pradesh Government did not come forward to avail the loan. Meanwhile, the State Government has said private mills which had not paid the SAP fixed last year, should directly take the loan from Centre and make payments to the farmers. Neither has the State availed the loan nor has it fixed SAP for the current season. Instead it has written to the Centre to fix a Rs 110.98 per quintal price for 2003-04. As a result even though crushing season began last month, there is no new price either fixed by the Centre or the State at which cane has to be sold to the millers. Farmers point out the State Government has begun issuing Reservation Orders (ROs) by virtue of which the cane grower is bound to supply his cane to a particular mill. ROs are complementary to the cane price fixed by the State Government. They said the State is issuing ROs for cane like it has done in Ghaziabad but not fixing the price at which it will be sold. According to the interim orders passed by the Supreme Court in October 2001, there is no infirmity with the order of the Allahabad High Court which permits the State to fix the SAP for even the private mills, they added. (PTI) |
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Unique product to check tyre pressure launched CHENNAI, Nov 5: For the first time in India, Sally Techpro Private Limited, a group of the flag ship sally road systems, today launched "tyre saver cap," a unique product that can monitor tyre pressure efficiently. Speaking at the launch function, Company Manging Director T Silvarajoo and Directors N Balasubramanian and G Rajasekaran told reporters that this innovative product was aimed at minimising accidents on the road. Normally road-users did not check tyre pressure regularly and sometimes they did it only at the time of filling petrol. Since the automobile population was always on the increase and the prospects of accidents more, the product also called as tyre pressure indicator, could be fitted into all vehicles. The elegant chrome cap was precision made (24 PSI-two wheeler air pressure to 40 PSI—car tyre pressure) with two PSI accuracy. It was designed to monitor efficiently the tyre pressures of automobiles such as trucks, vans, cars, three-wheelers and motorcyles. It indicated green when the tyre pressure was normal and red when under-inflated. Manual fixing of this tyre saver cap, which was priced at Rs 45 per piece, over the valve stem takes care of tyre pressures at all times practically, avoiding accidents, Mr Rajasekaran said. He said the company was planning to touch 120 PSI for use in vans and trucks by this year-end. Stating that there was good export market for the products, Mr Balasubramanian said the rates were cheaper when compared to other countries and the company had already received sample orders from Japan, South Africa and the United Kingdom. The company had a production capacity of 1.5 lakh pieces per month and would soon be approaching the regional transport offices in Tamil Nadu to make it mandatory for the road-users. Mr Balasubramanian said the company would enter the OE segment after covering the retail segment. Auto majors like Hyundai and Ford had already shown interest and were satisfied with the product. The company would be appointing dealers all over the country to market the product, he added. (UNI) |
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Penang hardware consortium signs MoU with K’taka Government BANGALORE, Nov 5: Penang Consortium today signed a Memorandumof Understanding (MoU) with the Karnataka Government to jointlydesign and manufacture of hardware and develop consumer products forspecific markets across the globe. The MoU was signed in the presence of Penang Chief Minister KohTsu Koon and his Karnataka Chief Minister S M Krishna. Speaking on the occasion, the Penang Chief Minister hoped that ajoint operation would lead to creation of worldwide solutions inhardware sector for customers in the global market. It would alsolead to exploitation and exploration of growing market in India andassociation of south east Asian nations, he hoped. He suggested that transnational corporation could be set upeither in India or in Malaysia or in both places to initiate pilotprojects to broadbase the consortium base and product range. He said Malaysia had a total exports of over 100 billion USdollar of which 85 per cent was from the manufacturing sector alonein 2000. The country was also working towards zero poverty range by2010, he revealed. Mr Krishna, in his address, outlined the steps initiated by theGovernment to give thrust on developing hardware in the state. TheGovernment would soon come out with a pragmatic policy on electronicand hardware. He did not subscribe to the view that Bangalore should confineonly to development of software and suggested that it should haveboth hardware and software on 50 per cent each basis. Efforts werealso on to tap the existing vast pool of talent in fields such asmedical electronics, telecommunication and consumer electronicsbesides information technology. He hoped that the MoU would lead to a formidable alliance betweenthe two states to compete more effectively in the global arena. (UNI) |
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Toyota says aims for record profits in 03/04 TOKYO, Nov 5: Toyota motor corp, the world’sthird-biggest auto maker, said on Wednesday it aims to scorerecord profits in the business year to next March. "Following on from last year, we are aiming for recordprofits on every level," Toyota Executive Takeshi Suzuki told anews conference. The company earlier posted a surprise jump in half-yearoperating profit, as healthy sales growth in the second quarteroffset a sharp fall in the first quarter. Group operating profit at Japan’s top auto maker was up 12percent at 767.77 billion yen ( 7 billion) in theApril-September period, while net profit grew 23 percent to524.46 billion yen.(AGENCIES) |
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Friedman group in JV with pearl to offer retail consultancy NEW DELHI, Nov 5: The Friedman group — US-based largest retail consulting and training organisation — has forged a strategic tie-up with Pearl Academy of Fashion (PAF) Ltd to offer retail consultancy services in India. Under the alliance, PAF, through its retail consultancy division, is into a license agreement with the Friedman Group that will bring an effective retail staff management practice models to Indian retailers. "With the rapid growth of retailing in the Indian market, there exists a great need to provide sales, customer service and management skills to this key industry. "We have found the perfect partner in PAF to deliver our retail expertise and technology that since 1980 has resulted in millions of dollars in sales enhancement for retailers of all sizes and industries in the US and countries around the world," Friedman group CEO Harry J Friedman said after the announcement of the joint venture — the Friedman group India — here last night. Observing that retailers in the country have begun to adopt and implement industry practice models that are predominently prevalent in the west, PAF Executive Director A K G Nair said the Friedman group and its proprietary programmes and services will give the Indian retaliers the tools they need to increase their professionalism, productivity and profits. Market studies indicate a rapid growth in organised retailing from a mere two per cent of the total retail industry to a significant 20 per cent by the end of the decade. The trend is driving the demand for adequately trained professionals in reatil management that could adapt to rapidly changing consumer trends and business dynamics of the domestic retail industry, Mr Nair added. (UNI) |
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Lupin promoters divest 4 pc stake to FIIs NEW DELHI, Nov 5: The promoters of Lupin Ltd, Mr Desh Bandhu Gupta and associates, have sold close to four per cent of company’s equity to Foreign Institutional Investors (FIIs) for a consideration of about Rs 90 crore. The promoters’ shareholding in the company, consequent upon this divestment, would stand reduced to 50 per cent, the Mumbai-based drugmaker said in a statement yesterday,. The four per cent divestment in a total paid up equity shares of 4.014 crore for a consideration of Rs 90 crore, results in an average realisation of Rs 562.50 per share. The move, according to the company, is a part of the ongoing restructuring exercise of the promoter s holding in the pharmaceutical company. Last month, the promoters had divested 12.55 per cent of their stake in the company to CVC international — a Citigroup Global Investments unit — for Rs 250 per share amounting to Rs 125.9 crore. However, they had called off their discussions to divest another 12.5 per cent of the company’s equity to Hong Kong-based Newbridge Capital Ltd for Rs 252 per share. The placement of shares with CVC and newbridge was part of the internal restructuring of the promoter group company to enable them in repaying the debt they owed to Lupin. Lupin chairman Desh Bandhu Gupta owes roughly Rs 250 crore to the company. The promoters have garnered Rs 215.9 crore from the two divestments, including yesterday’s sale of four per cent stake, made so far. (UNI) Bengal expects Rs 9000 crore investment in iron and steel KOLKATA, Nov 5: The West Bengal Government is expecting investment of around Rs 9000 crore in the next two to three years in the Iron and Steel Industry in the state, Commerce and Industry Minister Nirupum Sen said today. Around 20 to 25 integregated steel plants units of the country have evinced interest in setting steel plants in the state, Mr Sen told reporters on the sidelines of the seminar on the role of metal industry in the resurgence of the east organised by the Bengal Chamber of Commerce. Around 77 units, including 17 mega projects involving Rs 2000 crore, were already under implementation in the state, he said. He said the State Government organised a meeting with the representatives from the Durgapur Steel Plant, alloyed steel plant, iisco, power and coal industry for maintaining the consolidation, expansion and modernisation activities in the steel sector in the state at Durgapur on October 18 last, adding that the District Magistrates of Bankura, Puruliua, Bardhaman and Hoogly were also present in the meeting. Mr Sen said the resurgence of the iron and steel sector in the state had also attracted two stainless steel projects from the Shyam Shemm group and the ramrup Jai Balaji group specialising in utensil production. He said the State Government was also thinking of setting up a foundry on 500 acres of land in the Howrah-Amtala region to encourage downstream production. We are also going into mining operation with Government-private partnership for ensuring steady supply of raw materials to the steel sector, he said, adding around 20 expression of interest for 5 blocks had already been received from the private party. Earlier, in the inaugural session, he said the state which has seen a growth in the iron and steel sector has attracted investment worth rs 6768.21 crore between 1991-2002 and 142 iron and steel units were set up involving investment of around Rs 40 to 50 crore each. During the inaugural session, Dr M N Dastur of the M N Datur and co. Was conferred the Lifetime Achievement Award by the Bengal Chamber of Commerce. (UNI) |
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