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Excelsior Correspondent JAMMU, Apr 16: Satish Poonchi, independent candidate contesting Lok Sabha constituency, conducted extensive tour of hilly areas of district Rajouri.. . ......more Escap
pegs India’s NEW DELHI, Apr 16: UN’s economic and social survey for Asia and Pacific today warned that India’s GDP growth is likely......more Inflation falls, but vegetables, fruits turn costlier NEW DELHI, Apr 16: Inflation fell marginally to 4.40 per cent for the week ended Apri.....more Wipro results see Indian bourses make strong opening MUMBAI, Apr 16: The Bombay Stock Exchange (BSE) sensex today opened 15.....more |
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Khan inaugurates ATM branch of J&K Bank Excelsior Correspondent MANGALORE, Apr 16: M Y Khan, Chairman of the Jammu and Kashmir Bank inaugurated 4th branch of the Bank and an Automated ..........more J&K Bank ranked Best Old Private Sector Bank Excelsior Correspondent JAMMU, Apr 16: In its latest edition, the Financial Express in association with Earnest and Young Combine has ....more Highlights
of Wipro’s BANGALORE, Apr 16: Following are the highlights of the results of it giant Wipro for the year ended March 31, 2004: —...more Malaysia’s
petronas to KUALA LUMPUR, Apr 16: Malaysia’s oil and gas group Petronas is. . .....more |
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Excelsior Correspondent JAMMU, Apr 16: Satish Poonchi, independent candidate contesting Lok Sabha constituency, conducted extensive tour of hilly areas of district Rajouri. Mr Poonchi visited Sunderbani, Kalakote, Tatapani, Dharamsal, Rajouri, Thanamandi, Shahdara Shrief, Kandi-Budhal, Chowki Chowra and other far-flung areas. The people of hilly areas welcomed Mr Poonchi and apprised him of problems being faced by them. |
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Escap pegs India’s growth at 6 pc, inflation at 4 pc in 2004 NEW DELHI, Apr 16: UN’s economic and social survey for Asia and Pacific today warned that India’s GDP growth is likely to slow down to 6.0 per cent this year after clocking 7.5 per cent in 2003, mainly due to lower farm output. However, GDP growth is expected to accelerate to 6.6 per cent in 2005 and rise to 6.7 per cent in 2006 if the country continues the reforms and improves governance, the Escap survey for 2004 said. Though the country achieved the highest growth rate in south Asian sub-region in 2003, it said "India’s agriculture sector is expected to slow down after its impressive performance in 2003." Though India’s economy grew faster than Asia-Pacific region taken as a whole during 2003, Escap said the country would lag behind the average 6.2 per cent expected to be seen in the region in 2004. During 2005 and 2006, India will once again outsmart the average growth of 6.0 per cent in the Asia-Pacific region. Despite an expected lower growth this year, India would still outperform its neighbours — Pakistan (4.3 per cent), Bangladesh (5.7 per cent), Nepal (3.5 per cent). Sri Lanka is expected to log 6.0 per cent growth in 2004 while Bhutan is likely to grow by 7.5 per cent. These two countries are expected to grow faster than India in the next two years as well. While forecasting a lower 6.0 per cent GDP growth for India in 2004, the UN body said inflation was likely to fall from 4.8 per cent in 2003 to 4.0 per cent this year and further dip to 3.5 per cent in 2005 and 3.0 per cent in the year after. Escap attributed the "significant" recovery in 2003 to bumper foodgrain harvest and sustained performance of industrial and services sectors. "Another positive influence came from several fiscal and monetary incentives in the Central Government budget for 2003 to boost industrial production and infrastructure development," Escap said. Though it lauded Government for rationalising both direct and indirect taxes on industrial products, cutting peak customs duty to 20 per cent and reduction in lending rates by commercial banks, it warned India of high fiscal deficit. "The high levels of public debt are a major problem facing most countries in south Asia... India has accumulated substantial deficit-driven obligations as indicated by a rising public debt to GDP ratio of 71 per cent on March end 2003 compared to 64 per cent in March 2001," it said. Estimating the debt:GDP ratio to remain at more or less the same level at the end of March 2004, it said "a major part of the public debt in India consists of domestic debt obligations payable in national currencies." Escap, however, noted that Centre’s fiscal deficit was expected to fall to 4.8 per cent of GDP in 2003, compared to 6.0 per cent in 2001 and 2002. (PTI) |
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Inflation falls, but vegetables, fruits turn costlier NEW DELHI, Apr 16: Inflation fell marginally to 4.40 per cent for the week ended April three despite a whopping 20 per cent rise in vegetable prices and a substantial hike in the prices of fruits, milk and fuels for industries. The point-to-point Wholesale Price Index (WPI) inflation fell by 0.07 per cent in the first week of this financial year from the previous week’s level of 4.47 per cent. It was as high as 6.66 per cent in the year-ago period. WPI was up by 0.3 per cent to 180.5 points mainly due to surging prices of primary items like fruits and vegetables, and fuels including furnace oil and bitumen, even as heavy-weighted manufactured products’ prices remained firm. The index was 172.9 points in the previous year period. Government revised upwards inflation to 6.15 per cent for the week ended February seven as compared to the provisional level of 5.91 per cent. The final WPI stood corrected at 179.6 points in the first week of February against the provisional figure of 179.2 points. The index of primary articles’ group shot up over one per cent to 183.4 points due to costlier food articles. It was 179.1 points in the year-ago period. Food articles’ group index surged by near two per cent to 182.6 points as prices rose for vegetables (20 per cent), poultry chicken (15 per cent), fruits (four per cent), gram (two per cent) and bajra and milk (one per cent each). However, prices declined in the case of condiments and spices (three per cent), wheat and eggs (two per cent) and mutton, arhar, maize, masur and barley (one per cent each). The index of non-food articles’ group declined by 0.2 per cent to 190.5 points due to lower prices for copra, castor seed and groundnut seed (two per c seed (one per cent). Prices, however, rose for niger seed (five per cent), soyabean and cotton seed (two per cent each) and gingelly seed (one per cent). Fuel, power, light and lubricants’ group index continued to rise by yet another 0.2 per cent for the second consecutive week to 263.7 points due to three per cent increase in the price of furnace oil and bitumen and one per cent in naphtha and the index was 256.2 points in the previous year period. The index of manufactured products’ group stood firm at the previous week’s level of 161 points despite price rise in food products, beverages, tobacco, textiles, rubber and plastic products, non-metallic mineral and machinery. The index was 152.1 points in the year-ago period. (PTI) |
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Wipro results see Indian bourses make strong opening MUMBAI, Apr 16: The Bombay Stock Exchange (BSE) sensex today opened 15 points higher from its last finish at 5,823.84 propelled by it major Wipro’s strong quarterly result and firmness in technology and old economy scrips on the back of fresh bull support by FIIs, brokers said here this morning. The 30-stock sensex later went up by 42 points at 5,886.74. The mid-morning session saw the range fluctuate with the sensex coming down at 5,863.85 points and then recovering by 28 points to be quoted at 5,872.24. The CNX Nifty of the National Stock Exchange opened positive by two points at 1,863.85 points. Later, it rose by 13 points from its last finish and was quoted at a high of 1,875.35 points in the mid-morning session, brokers said. Wipro’s strong quarterly earnings and a liberal bonus announcement propped up technology stocks in early trades at the bourses today. With a good number of old economy stocks also firming up on strong inquiries, the benchmark BSE index has spurted 0.72 per cent or 42.32 points to 5886.29, Ajit Sanghvi, senior Director of Malani Securities Ltd said. Wipro shares shot up to a high of Rs 1674 after the company reported a sharp rise of 55 per cent in its quarterly revenues. Though the stock has eased from its earlier high, it has gained as much as 2.65 per cent at its present price of Rs 1640. Infosys Technologies, which had suffered a sharp decline yesterday due to profit taking, bounced back strongly this morning to hit a high of Rs 5440 before dropping down to its present price of Rs 5410, still up by around 1.4 pc over its previous closing level. Satyam Computers has scored a gain of 1.65 per cent despite having eased to Rs 332.60, around Rs 1.50 off its earlier high. Media and entertainment sector major Zee Telefilms has bounced back into the positive territory in early trades. The stock, which went down rather sharply yesterday following its none too impressive results, has gained 3.5 per cent at Rs 136. Pharma major Dr Reddy’s Laboratories too has emerged into the positive territory today, notching up a handsome gain of 2.6 per cent at Rs 923. Automobile Major Bajaj Auto (up 1.8pc), power utility player Reliance energy (up 1.8pc), cement stocks Gujarat Ambuja Cement (up 1.55pc) and ACC (up 1.5pc), Aluminium sector giant Hindalco (up 1.1pc) and power equipment maker BHEL (up 1.05pc) have gained significant ground. Hindustan Lever, Larsen Toubro, Tisco, HDFC Bank, Reliance Industries, Tata Motors, State Bank of India, Hindustan Petroleum Corporation and ICICI Bank have registered sharp to moderate gains. Housing Finance Major HDFC lost 0.85per cent to be at Rs 650. Pharma players Cipla and Ranbaxy laboratories have suffered moderate losses of around 0.7 per cent and 0.4 pc at Rs 1215.10 and Rs 1015.60 respectively. Telecom stock Bharti tele-ventures and cement major Grasim industries are down marginally from their previous closing levels. Among the non-sensex IT stocks, Hughes Software, Aftek Infosystems, Infotech enterprises, D-link India, Polaris, Visualsoft, Igate global solutions, NIIT, SSI, Moser Baer, Tata Infotech, I-Flex solutions and Mphasis BFI have recorded notable gains. Technology issues are expected to rise during the day, buoyed by better-than-expected quarterly earnings of Wipro Ltd, brokers said. The market will also take its cue from earnings of Gujarat Ambuja Cements Ltd, India’s fourth-biggest cement maker, HDFC Bank and Reliance Energy, which are expected during the day, Mr Sanghi added. (UNI) |
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Khan inaugurates ATM branch of J&K Bank Excelsior Correspondent MANGALORE, Apr 16: M Y Khan, Chairman of the Jammu and Kashmir Bank inaugurated 4th branch of the Bank and an Automated Teller Machine (ATM) in Karnataka at Mangalore here today. The branches fully computerised loaded with state-of-art technology. The ATM is connected with the ATM network. Speaking on the occasion, Mr Khan apprised the audience about the measures taken by the Bank to reach to its customers. "At J&K Bank customers convenience is priority. We are committed to give royal treatment to our customers. Because of our purely customer oriented strategy, J&K Bank was recently awarded first international award- The Asian Banking Award 2004 under best Customer convenience Programme category, at Asia Pacific Bankers Congress at Manila, Philippines". Elaborating further, Mr Khan said, "we have converted our branches into financial super markets, where each financial service is provided under one roof, he it insurance, depository service or share trading facility. We have introduced JK Bank Global Access Card through which the cardholder can access his account and withdraw money from any part of the world, we are soon launching credit card facility for our customers". He announced that the Bank is soon launching internet and mobile banking. Mr Khan further said that Bank plans to open more branches in South to increase its presence and make available world class banking service to its customers. He said that Bank efficient customer service and fast decisions are the hallmark of the Bank’s business strategy. K Kiwakar, Mayor of Bangalore, R D Dyain, president CCI Mangalore were also present on the occasion. |
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J&K Bank ranked Best Old Private Sector Bank Excelsior Correspondent JAMMU, Apr 16: In its latest edition, the Financial Express in association with Earnest and Young Combine has published the annual Best Bank Survey for the year 2002-2003 wherein the Jammu and Kashmir Bank has been ranked as Best Old Private Sector Bank. The Jammu and Kashmir Bank has for the second consecutive year topped the Financial Express Earnest and Combine survey. The survey has catogorised banks into four categories viz public sector banks, old private banks, new public sector banks and foreign banks and the ranking has been done on the basis of five parameters viz strength and soundness, growth, profitability, efficiency, productivity and credit quality. |
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Highlights of Wipro’s results for 2003-04 BANGALORE, Apr 16: Following are the highlights of the results of it giant Wipro for the year ended March 31, 2004: — Profit after tax of Rs 1,032 crore, an increase of 26 per cent Year on Year (YoY) — Revenue of Rs 5,881 crore, increase of 36 per cent YoY — Global IT services and products revenue - Rs 4,358 crore, increase of 43 per cent YoY — Global it services and products profits before interest and tax (PBIT) - Rs 954 crore, increase of 13 per cent YoY — Innovative restricted stock award scheme for employees introduced, subject to approval of shareholders — Board of Directors recommends issue of bonus shares to shareholders (including ADs holders) in the ratio of two additional shares for every one share held, subject to shareholders’ approval in the annual general meeting scheduled in June 2004. — Board of Directors also recommends a one-time cash dividend of Rs 25 per share/ADs on existing paid-up capital, subject to shareholders’ approval in the AGM scheduled in June 2004. — Board of Directors recommends a normal cash dividend of Rs 4 per share/ADs on existing paid-up capital (equivalent of Rs 1.33 per share on the expanded capital, up from Re 1.00 per share on existing capital in 2002-03), subject to shareholder approval in the AGM scheduled in June 2004. Results for the quarter ended March 31, 2004: — Global IT services and products revenue - Rs 1,255 crore (276 million dollar), an increase of 44 per cent YoY — Global IT services and products PBIT - Rs 297 crore, an increase of 39 per cent YoY. Operating margin - 24 per cent, an increase of two per cent over the quarter ended December 31, 2003. — Global it business posted third consecutive quarter of sequential double digit dollar revenue growth and operating margin expansion — Global IT services and products added 35 new clients in the quarter (including four in its it enabled services operations) — India, Middle East and Asia Pacific business revenue - Rs 367 crore, increase of 50 per cent YoY PBIT - Rs 399 million, increase of 66 per cent YoY. (UNI) |
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Malaysia’s petronas to offer shares in twin towers KUALA LUMPUR, Apr 16: Malaysia’s oil and gas group Petronas is planning to sell a 25-30 percent stake in its property arm whose assets include the 88-storey Petronas twin towers, a newspaper said today. Petronas chief executive officer Hassan Marican told the Business Times daily the IPO would offer about 430 million shares in KLCC property holdings BHD, depending on demand in the book-building process. The company could not be immediately reached for a comment. The newspaper said Hassan gave no date for the IPO or other details. "The listing will depend on when we receive the SC’s approval as well as favourable market conditions," he told the paper. The Securities Commission (SC) is the country’s securities markets regulator. KLCC property, which groups Petronas’ property investments, was set up a few months ago to facilitate the IPO. Hassan said the company currently has assets worth more than 7.5 billion ringgit ( 1.97 billion), making it one of Asia’s premier property firms. He said Petronas twin towers, one of the world’s tallest buildings, was currently valued at 4.5 billion ringgit, well above its 1.2 billion Ringgit construction cost. The main assets of KLCC property include midcity resources SDN BHD, which owns 50.5 percent of twin towers. Petronas owns the remaining 49.5 percent. Other assets include a 60 percent stake in a shopping mall at the base of the towers, a 75 percent stake in the nearby mandarin oriental hotel and stakes in two other high-rise buildings surrounding the twin towers. (AGENCIES) |
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HP’s new package to help companies reduce costs by 30 pc NEW DELHI, Apr 16: Hewlett Packard has unveiled total print management solutions package that would enable businesses to reduce their costs upto 30 per cent. TPM solutions is an integrated package of software, hardware and services to manage printing, copying and scanning needs, the company’s world-wide head for imaging and printing Larry Tracy said. "With this new package, HP is well positioned to meet the entire range of customer office document needs - from printing and copying to scanning and document management - with a full suite of solutions, services and payment options," he told UNI. Mr Tracy said in the process, HP was redefining how companies managed their printer and copier infrastructure. By providing a full-spectrum of Total Print Management (TPM) solutions, HP enables companies to implement a balanced deployment strategy where output devices are perfectly balanced to maximize user productivity, while reducing document production and management costs. "TPM solutions is an easier and effective way for companies to take control and manage their entire printing and imaging network and reduce costs," Mr Tracy said. The balanced deployment of multi-function and single function devices enables improvements in productivity, reliability and efficiency, while reducing the total cost of ownership of imaging and printing environments. Hewlett Packard has also expanded its product portfolio in India with the launch of two new high-speed digital multi-function devices - HP Laserjet 9055MFP and HP Laserjet 9065MFP. Targeted at the high-end business segment, the two new products are priced between Rs 8 and 9 lakh. In addition to these two models, the company has also introduced high-performance HP 9085 MFP for centralised printing locations in medium/large sized enterprises and for print-for-pay/print shops, who seek print, copy, scan and finishing capabilities with maximum efficiency and the lowest total cost. "By adding these product lines to our portfolio, we will now be addressing a burgeoning market of Rs 225 crore, as defined by IDC," Samir Shah of HP added. (UNI) |
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Square enix sees 2003/04 op profit near 19 bln yen TOKYO, Apr 16: Japanese videogame publisher Square Enix Co Ltd said on Friday it expected group operating profit to be better than previously anticipated at around 19 billion yen ( 176 million) for the year ended March 31. A company spokesman said he did not expect profit to come in far from the figure of 19 billion yen estimated in a Nihon Keizai newspaper article. "We’re not ready to say this figure officially since we’re still collecting the final numbers, but this figure is not far off," the spokesman said. The company earlier forecast an operating profit of 14.4 billion yen for the period, while a poll of 11 analysts by reuters research produced a consensus estimate of 15.3 billion yen. Square Enix enjoyed strong demand for its online "final fantasy" role-playing game and its publishing business flourished due to buoyant magazine and comic book sales, the paper said. Net profit is seen at nine billion yen and revenues are expected to come in at 63 billion yen, the paper said. (AGENCIES) |
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Japan stocks open slightly higher after steep fall TOKYO, Apr 16: Japanese shares opened slightly firmer on Friday, bolstered by a rebound in heavy machinery makers and a number of domestic-oriented issues in the wake of their steep falls in the previous session. News late on Thursday that three Japanese civilians taken hostage in Iraq a week ago had been freed was expected to provide psychological support to the market. But gains were limited as several tech issues including Sony Corp fell following extended losses in their US peers amid worries about inflation and higher American interest rates. The nikkei average was up 0.39 percent or 45.79 points at 11,846.19 as of 0010 GMT and the broader topix index was up 0.49 percent at 1,200.57. On Thursday the nikkei sank almost 300 points to its lowest closing level in two weeks, posting its biggest loss since December 8. (AGENCIES) AI urges Nepal Government to respect human rights KATHMANDU, Apr 16: The Amnesty International (AI) has called on the Nepal Goverment to respect human rights in the country, saying people have legitimate rights to protest against political parties. "In the light of massive increase in arrests and detention of protestors in the past two weeks, we are concerned that security provisions are being abused to prevent legitimate political expression and to harass and arbitrarily detain peaceful protestors," said London-based AI in a public statement. "In particular, preventive detention provisions under the Public Security Act are being used to stop the organisers of these rallies from continuing their campaign," it added. The protesters were reportedly held in warehouses and other overcrowded places, where they were denied basic facilities, the statement said. The amnesty international has urged the authorities to stop mass arrests and to ensure that any future arrests and detentions were based on adequate grounds and these should be in tune with international standards, including those in the International Covenant on Political and Civil Rights (ICCPR), to which Nepal was a party. "Those who are detained must be held in suitable conditions, treated humanely, given access to their lawyers and families, and either promptly charged and brought to trial, or immediately released." the statement said. AI also requested the Government to honour its recent commitment to provide all assistance to the National Human Rights Commission to carry out its monitoring duties. (UNI) |
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