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JK technosoft to step NEW DELHI, Oct 16: JK technosoft the it solutions arm of the 1.5 billion dollars JK organisation, that provides personnel management systems.....more BSEs
to set up 3,000 Mw MUMBAI, Oct 16: Electricity major BSEs Ltd, the power arm of the Reliance group, plans to set up a gas-based power plant of 3,000 Mw with an .....more Reliance
Q2 net up MUMBAI, Oct 16: Reliance Industries Ltd has posted 26.04 per cent rise in net....more India
industry largest BEIJING, Oct 16: Launching the largest-ever Indian industrial exposition here today, Union Commerce.....more |
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Mufti asks industrialists to set up modern tanneries Excelsior Correspondent SRINAGAR, Oct 16: Chief Minister Mufti Mohammad Sayeed today called upon the captains of leather industry to set up modern tanneries and other facilities.......more Dhanalakshmi
bank NEW DELHI, Oct 16: More than ninety branches of Dhanalakshmi bank would be......more LG forays
into GSM NEW DELHI, Oct 16: LG Electronics India Ltd, already a dominant player in the WLL (M)....more Tata Aig,
first MUMBAI, Oct 16: Tata Aig Life Insurance Company Limited today announced that it...more |
JK technosoft to step up operations, increase headcount NEW DELHI, Oct 16: JK technosoft the it solutions arm of the 1.5 billion dollars JK organisation, that provides personnel management systems solutions to organisations like All India Radio and NTPC, is spanning its operations by adding more professionals and by setting up another Centre in Noida to be operational over the next two months. JK Technosoft (JKT) which had posted a Rs 18 crore revenue last year is estimated to register a Rs 22 crore turnover this year, Director,JK Technosoft Babu Abraham told UNI. The company which is the sole distributor of progress software corporation of USA provides client server development tools such as provision, internet transaaction processing tools like webspeed and data servers. In India, JKT has an estabished client base that comprises some of the blue-chip organisations like Hindustant Lever Ltd, Coca-Cola, Pepsi, Ford, Daewoo Motors, Bacardi-Martini and Nicholas Piramal. Over the past six months the company is also offering ERP solutions to sail, All India Radio (AIR), ingersoll rand, NTPC. Apart from the Noida office which will come up by the year end, the New Delhi based JKT has regional offices in Bangalore and Mumbai. Overseas offices are situated at New York and Birmingham. JKT is registered as a software technology park under the STP scheme of department of electronics. The company apart from being the sole distributor of progress products in India provides technical support to progress users globally through software consultancy, training, implementation and customisation, conversion and upgradation and database tuning services. The Singhania owned company also provides software consultancy, training in progress and webspeed, product sales and support, development of web based applications and customisation and implementation of solutions. (UNI) |
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BSEs to set up 3,000 Mw power plant by 2008-09 MUMBAI, Oct 16: Electricity major BSEs Ltd, the power arm of the Reliance group, plans to set up a gas-based power plant of 3,000 Mw with an investment of Rs 10,000 crore, 2008-09. BSEs chairman and managing director Anil Ambani told reporters here yesterday that presently the power utility has a deficit of 4,000 Mw in its consumer base situated in Mumbai, Delhi, Orissa and other states. The BSEs CMD said the newly-discovered gas reserves by the Reliance group in Kaveri and Gadavari basin has the capacity to generate 15,000 Mw electricity. He said the entire gas can not be used for internal consumption. Mr Ambani said the company has identified Nagarthone as the possible place in Maharasthra for the plant as it was strategically located. He said Dahbol power company and urgan in Konkan region of the state are also near to this place. Mr Ambani said that pipeline for this gas power project can be useful for several other petroleum and fertiliser projects. Another ambitious plan of the company, Mr Ambani said, was to enter into power trading. He said the company has already applied before the Central Electricity Regulatory Commission for license to enter energy trading. Referring to Electricity Act 2003, Mr Ambani said the company has chalked out several plans based on the new legislation. He said the firm would not have any problem in power trading as it has received 50 applications from captive power plants for supply of 2000 Mw of electricity. Besides this, bses itself has surplus power in its base load, the BSEs chief said. Mr Ambani said the firm would pool electricity and use open access system both in transmission and distribution for power trading. The BSEs CMD said the company has filed five applications with the Maharashtra Electricity Regulatory Commission (MERC) for licenses to distribute energy in five areas - Nashik, Aurangabad, Nagpur, Pune, Vashi and Bhandup - presently served by the Maharashtra State Electricity Board (MSEB). He said the company also plans to introduce pre-paid card system, on the lines of mobile telephony, in Mumbai to use electricity. He said in the beginning the company estimates that the consumer base for the pre-paid card would be limited and then gradually increase. (UNI) |
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Reliance Q2 net up 26.04 pc at Rs 1,263 crore MUMBAI, Oct 16: Reliance Industries Ltd has posted 26.04 per cent rise in net profit at Rs 1,263 crore for the second quarter ended September 30, 2003, compared to Rs 1,002 crore in same period previous fiscal. Gross turnover in the reporting period has gone up to Rs 18,036 crore from Rs 16,206 crore, vice-chairman Anil Ambani said here today. Ambani said for the six months ended September 30, the company has reported a increase in net profit at Rs 2,367 crore as against Rs 1,920 crore. In the first half, the gross turnover rose to Rs 35,202 crore from Rs 31,782 crore while net turnover recorded an increase from Rs 22,169 crore to Rs 25,194 crore, he said. Exports were also up by 41 per cent at Rs 7,837 crore, he added. (PTI) |
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India industry largest ever trade show in China BEIJING, Oct 16: Launching the largest-ever Indian industrial exposition here today, Union Commerce and Industry Minister Arun Jaitely said that a dynamic India, enjoying political stability and economic growth, is ready to join hands with China to accelerate trade ties to achieve the targeted USd 10 billion in bilateral trade by end of 2004. Noting that India-China economic relations have witnessed qualitative transformation in recent years, Jaitely noted that during the first eight months of this year, bilateral trade has already crossed the four billion US dollar mark. "At the current rate, the bilateral trade target of 10 billion US dollars that our two Prime Ministers have set for us is within reach," Jaitely said while inaugurating the `Made in India’ show, jointly organised by the Confederation of Indian Industry (CII) and the Indian embassy here. Jaitely stressed that the reform process initiated by India has not been affected by change of Governments in the country. "Changes in Governments has not changed the direction of the reform process," he said while stressing that the Indian economy has registered impressive expansion and growth in the last two decades. "Over the last 12 years, the Indian economy has maintained an average annual growth of over six per cent. We have targeted an eight per cent growth over the next five years, and we aim to double the Gross Domestic Product (GDP) within the next decade," he told the captains of Indian and Chinese industries here at a well-attended opening ceremony. "India is a country on the move. We have an inherently strong economy, a growing and accessible domestic market and rich pool of human resources," Jaitley said while stressing that India’s vision for 2020 is not too different from that of China’s. The minister lauded China’s sustained high economic growth for more than two decades which he described as a phenomenon that has attracted the interests of analysts globally. Stressing that India and China are two of the most dynamic and rapidly expanding economies in the world, he said that trade shows such as the ‘Made in India’ exposition would go a long way in creating awareness and understanding about each other’s economic, industrial and commercial capabilities. "Through the Made in India show, the Indian private sector brings to China the Made in India brand, that has already achieved international recognition," he said. Jaitely said India looks to China as a business partner, not as a competitor and especially noted that the visit of Prime Minister Atal Bihari Vajpayee to China in June has imparted a new thrust and direction to bilateral economic ties. "We must both adopt a forward-looking approach in building our economic relationship that is mutually beneficial and rewarding," he said.(PTI) |
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Mufti asks industrialists to set up modern tanneries Excelsior Correspondent SRINAGAR, Oct 16: Chief Minister Mufti Mohammad Sayeed today called upon the captains of leather industry to set up modern tanneries and other facilities in Jammu and Kashmir which has raw material in abundance. Interacting with a group of tycoons of leather industry in the country currently on a 3-day tour of the valley, here this morning, the Chief Minister said that they should come up in a big way and invest in promotion of this sector in the state for producing world class leather goods. Deputy Chief Minister Mangat Ram Sharma, Minister of State for Industries and Commerce Raman Mattoo and Principal Secretary Industries and Commerce A. Sahasranaman were also present. The Chief Minister said that industrial sector has ample scope for promotion in near future with setting up of special economic zones, availability of adequate power with commissioning of Baglihar hydel project and other infrastructure. Mufti Sayeed said that Rs. 54 crore industrial growth centre at Lassipora spreading over 6200 kanals of land would have dependable infrastructure for various types of units. He said it would have leather park, poultry park, silk, gem, jewellery and floriculture park. The leather park would be spread over 600 kanals with infrastructure facilities for wet blue manufacture of semi-finished hides. The entrepreneurs can avail of these facilities for further processing of leather to produce quality goods like sports goods, garments, jackets, purses etc. which have ready market in the state as well with revival of tourism. Assuring the Chief Minister of their full support in promotion of leather industry in the state, M.M. Hashim, a leading leather industrialist of the country, said that it was their familiarization visit to Jammu and Kashmir and they have found conditions conducive for investment in leather industry. He said state-of-the-art technology available in the country would be brought to Jammu and Kashmir for promotion of leather industry on modern lines. It was decided that local entrepreneurs would be given necessary training outside the state to set up modern tanneries and leather factories in Jammu and Kashmir. SIDCO has also signed MoU with Central Leather Research Institute, Chennai for skill upgradation of local artisans, technology transfer and tapping state’s potential for investment in leather industry with focus on both short and long term perspective for generating employment and boosting economy of the state. |
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Dhanalakshmi bank implements felxcube NEW DELHI, Oct 16: More than ninety branches of Dhanalakshmi bank would be internet operational after implementation of I-flex’s core banking product, flexcube, managaing director of the bank B Muthuswamy said here today. The flexcube implementation is part of the bank’s modernization and technology upgradation drive aimed at enabling the bank to increase its product offerings, expand customer base and increase customer satisfaction levels. The 76-year-old Dhanalakshmi bank headquartered at Thrissur has branches spread over Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Maharashtra, Gujarat, West Bengal (Kolkata) and New Delhi. Mr Muthuswamy said, "technology is an extremely critical and strategic factor in the Dhanalakshmi bank’s future growth and it is imperative that the bank’s chosen solution has all the advantages that modern banking business requires such as scalability and reliability. In flexcube we find such a solution which is expected to meet our requirements enabling us to achieve our growth targets." N R K Raman, senior vice president, global sales, I-flex solutions said, "Dhanalakshmi bank is a prestigious win for I-flex, and adds significant momentum to our success in the rapidly changing Indian banking scenario." (UNI) |
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LG forays into GSM handset
market, NEW DELHI, Oct 16: LG Electronics India Ltd, already a dominant player in the WLL (M) handset market, today announed a foray into the GSM segment by launching two high-end handsets, expecting to clock a Rs 550-crore turnover by selling 4.5 lakh sets during 2004. LG, which has four models of WLL (M) phones in the Indian market, introduced G5300 and G7030 cellular handsets priced at Rs 13,490 and Rs 18,990, respectively. Both the models come with 65k colour display and have SMS with 3,200 characters, MMS and GPRS. The company plans to come out with four more models this year and six variants in 2004, Lgeil managing director K R Kim told mediapersons. When asked why has the company introduced only high-end models when the volumes are there in the entry level, Lgeil product group head for mobile phones Praveen Valecha said it is a small beginning and the company’s product portfolio next year would include low-priced models as well. It has set a target to sell 4.5 lakh sets next year, which comprises less than 0.5 per cent of the company’s total expected sales globally at 10 million sets. The expected sales would constitute 7 per cent of the likely sales of GSM handsets in the Indian market. The company expects most of its global GSM sales to come from the US and European markets, while India would contribute mainly to WLL (M) sales next year, lG electronics INC vice president for GSM handsets soon Tae Hong said. The company expects to earn 10 per cent of its total expected turnover of Rs 5,500 crore from GSM handsets during 2004, which comes to Rs 550 crore. Twenty per cent of its sales revenue would be chipped in by the it products. The remaining turnover will be contributed by consumer electronics products and home appliances in the ratio of 48:52. The company is hopeful to clock a turnover of Rs 2,000 crore from WLL (M) handsets next year, same as is likely to be achieved this year. The company’s reveunes from WLL (M) handsets do not form part of the Indian subsidiary balance sheet. While the company supplies its CDMA phones to Reliance Infocomm, Tata Indicom and BSNL directly through imports from the parent company in South Korea, it would sell GSM sets through direct distributors channel. Currently, Lgeil has 500 dealers, which would be increased to 2,000 next year, Mr Valecha said. When asked whether the company is thinking of forging a tie-up with operators to sell its GSM handsets in a package as is the case with its WLL (M) products, Mr Valecha said service providers are not keen of such an arrangement at present. "In future, such tie-ups could be looked at," he said. (UNI) |
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Tata Aig, first insurance company to offer CFP course MUMBAI, Oct 16: Tata Aig Life Insurance Company Limited today announced that it has signed a Memorandum of Understanding (MoU) with Association of Financial Planners (AFP), India, the Indian affiliate of the Financial Planning Standards Board (FPSB), USA. With this, Tata Aig becomes the first insurance company in India to be an education provider with Association of Financial Planners (AFP), India. This novel initiative by Tata Aig is in-line with the company’s strategy to provide excellent customer service, a career growth to people associated with it and also adding shareholder value. Initially, Certified Financial Planner (CFP) course will be available to all those who are part of the distribution channel at Tata Aig-bancassurance partners, corporate agents, brokers as well as its sales force. Tata Aig with over 70 dedicated training professionals, well-established infrastructure with 58 training centers is one of the most well equipped insurance company to create a talent pool of certified financial planners in India. In the first year Tata Aig expects to train 500 students for the CFP course. The two-year CFP course, which is currently priced at Rs 48,000 per student, is being offered gratis to its associates as part of its training and development initiatives by Tata Aig. The first batch is expected to commence in December 2003, with new batches every four months. Tata Aig will create the courseware and the training classes will be conducted four times a month. (UNI) |
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Mastek to set up offshore
development NEW DELHI, Oct 16: Mastek Ltd will set up a dedicated offshore development centre in India for US-based insurance products company, epolicy solutions. "Mastek will provide it services onsite and at its offshore development facility in India to epolicy solutions. The dedicated development centre for the US-based company will come up in Mumbai," a company official said. Currently Mastek and epolicy solutions are working together on a range of projects including epolicy solutions, client-specific application development and customization. They are also working on integration of applications and software products owned by epolicy solutions with client specific environments and applications. Epolicy solutions expects to strengthen its execution and core web-services technology, rightrisk, by leveraging the software development processes used by Mastek. After the agreement with mastek, epolicy solutions will have product development and customer implementations at three locations - Torrance, California, Wrentham, Massachussets, and Mumbai. Mastek, which reported net profit of Rs 3 crore in July-September 03 quarter as against net profit of Rs 15.2 crore for the corresponding quarter in the previous year, is also focusing on partnerships and alliances for developing its BPO business. The company is exploring partnerships for BPO business. Some of them are in advanced stages of discussion and Mastek hopes to conclude some of these initiatives successfully in the next few months. The company’s joint venture with carreker corporation is making progress in terms of active discussions for banking related BPO services. Mastek’s total income in September quarter stood at Rs 91.4 crore as against Rs 91.6 crore during July-September 2002. The company’s revenues in July 2002-June 2003 were Rs 135.8 crore and net profit stood at 38.08 crore. It operates through 19 offices located in the US, Europe, Japan and Asia Pacific regions. (UNI) |
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Nissan H1 profit jumps 15 pc on brisk sales TOKYO, Oct 16: Nissan Motor Co, Japan’s third-largest auto maker, reported a 15 percent jump in half-year operating profit on Thursday as its fleet of new models drove sales higher in every major car market in the world. Operating profit at Nissan, owned 44 percent by France’s renault, came to 401 billion yen ( 3.66 billion) for the six months ended September 30. That compared with a profit of 348.30 billion yen in the year-ago period and an average 388 billion yen forecast by four brokerages. But net profit fell 17 percent to a preliminary 237.7 billion yen from 287.7 billion in the same period last year, when Nissan had a lower tax rate and posted big special gains mainly on asset sales. Armed with racy new models like the quest Minivan and Teana Sedan, Nissan has been expanding its share of the US and European markets at the expense of rivals and has become a darling of the stock market. Nissan’s shares gained more than 50 percent between April and September, far outperforming the Tokyo transport sector’s 28 percent gain. (AGENCIES) |
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Nissan alters 03/04 dollar assumption to 114 yen TOKYO, Oct 16: Nissan Motor Co, Japan’s third-largest auto maker, said on Thursday that it had changed its dollar-yen assumption rate for the 2003/04 business year to 114 yen from 120 yen after the dollar’s recent slide. But Nissan kept its profit forecasts for the business year to March 31 unchanged as it achieved brisk sales growth in all major markets for the past six months. The dollar is trading in the high 109 yen level, compared with 120 yen when Nissan announced full-year results in April. For the second business half, Nissan set a dollar assumption rate of 110 yen. The company said its global sales volume rose 5.9 percent in the first half, but it cut its full-year Japan sales target by 3.5 percent to 837,000 units. It raised its US sales target for the full year by 2.1 percent to 870,000 units. (AGENCIES) South Korea’s September jobless rate flat SEOUL, Oct 16: South Korea said today its unemployment rate in September, adjusted for seasonal factors, was unchanged at 3.5 percent from August, just below a 22-month high of 3.6 per cent set in July. Without taking into account seasonal factors, the jobless rate edged down to 3.2 per cent in September from 3.3 per cent in August, as the number of unemployed decreased for the second consecutive month, the national statistical office said. (AGENCIES) |
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