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New initiatives to bring changes in banking sector NEW DELHI, Dec 15: Government is contemplating new initiatives to bring substantive changes in the banking sector and public sector banks are......more BSE, NSE rewrite history sensex, nifty break all records MUMBAI, Dec 15: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today rewrote the history once again with the BSE sensex ......more Two Indian hotels make it to Conde Nast’s gold list 2005 NEW DELHI, Dec 15: Two Indian hotels - Taj Mahal palace and the Oberoi Raj Vilas - have been included in the Conde Nast traveller’s gold list .....more Fiat, GM to start mediation over disputed option MILAN, Dec 15: The heads of fiat SPA and general motors corp will meet face to face in a last-ditch attempt to avoid ......more |
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Impex ferro tech KOLKATA, Dec 15: Kolkata based Impex Ferro Tech Ltd, manufacturing silico manganese and ferro manganese, will enter the primary market with a ........more Cyrca enters IT security market, targets outsourcing COs BANGALORE, Dec 15: Canada-based Cyrca data security solutions today announced its entry into the Indian market . ....more Ranbaxy gets FDA nod for fluoxetine, to launch next month NEW DELHI, Dec 15: Ranbaxy Laboratories Ltd (RLL) today announced ....more Tanishq
bags platinum NEW DELHI, Dec 15: Tata group company Tanishq has been awarded by the platinum guild international for its ‘best store experience’.......more |
New initiatives to bring changes in banking sector NEW DELHI, Dec 15: Government is contemplating new initiatives to bring substantive changes in the banking sector and public sector banks are seriously evaluating consolidation as one of the strategies to increase competitiveness, Finance Minister P Chidambaram informed the Lok Sabha today. Making a statement on a calling attention notice by Gurudas Dasgupta, CPI, he also stated that revision of foreign direct investment limit in private sector banks would create an enabling environment for higher FDI inflows. This would also result in infusion of new technology and management practices resulting in enhanced competitiveness, he said. In order to regulate the flow of FDI and set out the roadmap for this purpose, the Reserve Bank of India has placed in the public domain draft guidelines in July this year and was in the process of considering suggestions and feedback received, he said. "All the changes in the banking policy are being contemplated to strengthen the banking sector in India for the benefit of customers and preserve their trust in the banking industry," he said. Dasgupta’s notice was regarding the "situation arising out of the move of the Government to change the banking policy, dilute the Government stake in public sector banks, merge the public sector banks to form giant banks and enhance FDI limit in private to the detriment of interests of the common people". Observing that public sector banks accounted for around 76 per cent of the total banking business in the country, Chidambaram said "in order to bring the banking industry to global levels, new initiatives are being contemplated to bring substantive changes" in this sector. As a part of the new initiative, these banks were "seriously evaluating consolidation as one of the strategies to increase competitiveness and add value," he said. Consolidation in the banking sector was suggested by the narsimhan committee in its report in 1991 as part of wider financial sector reforms. To consider this idea further, the Indian Banks Association appointed a working group to examine legal, regulatory and other related issues for consolidation in the banking industry. The working group has sent its suggestions to Government in October this year, the minister said. He said consolidation would allow economies of scale in terms of footprint, manpower and other resources. Having indian banks of a larger size would also enable them to face competition arising from internationalisation of the economy. Large size also entailed better management of risk, he said observing small and weak banks posed systemic risks with their low capital adequacy ratio and high non-performing assets. "Consolidation is a timely response to augment efficiency, which would lead to income generation and add to GDP of the country," he said. (PTI) |
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BSE, NSE rewrite history sensex, nifty break all records MUMBAI, Dec 15: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) today rewrote the history once again with the BSE sensex soaring above the 6,400 barrier to a lift-time high of 6,423.27 and NSE nifty scaling a new all-time peak of 2,034.35 in intra-day trade after blue chips galloped on all-round buying. Both the key indices - sensex and nifty also ended at a historic closing high of 6,402.29 and 2,028.70, breaking their previous records of 6,328.43 and 2,006.80 points respectively. Market opened on a promising note and continued its race ahead amid sustained buying by foregin and domestic institutions. The strong corporate and economic fundamentals also cheered investors, who took strong positions in frontline stocks, brokers said. Barring the reliance group shares, which continued to reel under selling pressure amid worries over the ongoing ownership controversy, most of the frontline stocks in public sector, auto, metal, FMCG, IT, consumer durables and pharma stocks were in heavy demand and posted smart gains. The 30-share sensitive index (sensex) which opened 9 points higher at 6,334.27, which itself was the day’s low, spurted above the 6,400-mark to hit its life time high of 6423.27, surpassing its earler record of 6,386.29 achieved on December 6. The sensex ended at a historic closing high of 6,402.29, breaking its earlier record of 6328.43 hit on December 2, and gaining a whopping 76.76 points or 1.21 per cent from Tuesday’s close of 6325.53. The 50-share nifty opened flat at 2006.80, but later hit its life-time high of 2,034.35 points, breaking its earlier record of 2012.25 recorded on December 6. Ther nifty ended at its highest ever closing level of 2028.70, breaking its earlier record of 2006.80 hit on Tuesday, and gaining 21.90 points (1.09 per cent) from its previous close. The BSE barometer, which has bounced back by a whopping 2,154.79 (50.73 per cent) from a multi-year low of 4247.50 hit on May 17 after the Parliamentary elections, has gained 563.33 points (9.65 per cent) from January 1 this year. The strength in the market was being largely attributed to strong foreign fund inflows, which have risen close to the USD 8 billion-mark this year, the highest ever since the foreign funds were allowed to invest in Indian equities way back in 1992. The sentiment remained optimistic on hopes that foreign fund inflows will continue to remain strong despite the approaching Christmas holidays and the year-end. FIIs inflow into equities in the first few days of December 2004 has reached a staggering Rs 4,109.40 crore, which is much higher than the inflow of Rs 2,933.10 crore recorded in the corresponding period of December 2003. The bullish global markets and the strong prospects for Indian economy backed by strong performances in the industry and services sector, indicated in the mid year review of the economy, also boosted the sentiment, brokers said. Media and entertainment major Zee Tele, which spurted 11.07 per cent, was the biggest gainer in the sensex on heavy buying support after the group received a favourable verdict from the Telecom Regulatory Authority of India (TRAI) against Star TV, which had refused to share its channels with Dish TV, Zee’s Direct-To-Home (DTH) service. Ranbaxy labs gained further ground to hit a new high of Rs 1,274 on sustained buying interest after the pharma company today announced that it had received US Food and Drug Administration (FDA) approval for fluoxetine 40 mg capsules. Another pharma major cipla, too, vaulted as buying gathered momentum on the counter after British pharma giant glaxosmithkline PLC on Tuesday granted a voluntary license allowing cipla medpro, a local unit of the Indian firm, to make and sell generic copies of its anti-AIDS medicines in South Africa. PSU power equipment major BHEL, riding on strong order book position of around Rs 28,800 crore, advanced further. (UNI) |
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Two Indian hotels make it to Conde Nast’s gold list 2005 NEW DELHI, Dec 15: Two Indian hotels - Taj Mahal palace and the Oberoi Raj Vilas - have been included in the Conde Nast traveller’s gold list 2005. The gold list 2005, compiled by the renowned travel magazine for the first time, is a list of the greatest hotels in the world. "The gold list 2005 represents our choice of establishments that are best for location, rooms, service, ambience/design, food, and leisure facilities," the magazine said. Mumbai’s Taj Mahal palace a ranking at number 16 has been adjudged among the best hotels in the world in terms of location. The magazine said the hotel had a landmark 1903 building with staggering views over The Arabian Sea, The Gateway Of India and the city of Mumbai. Topping the list in terms of location was the Samling in England’s lake district, followed by Chile’s hotel Salto Chico and Bora Bora resort in French Polynesia. The Oberoi Raj Vilas in Rajasthan, on the other hand, was among the hotels that provided the best service in the world. It bagged the eighth slot in a list of 18. Its service was "head and shoulders above other Indian hotels, with 24-hour in-room dining and butler service," Conde Nast traveller said. The world’s best service, however, was at the four seasons in London, followed by Burj Alarab in Dubai and Peninsula Hong Kong in China. According to conde nast traveller, the world’s best hotel in terms of ambience or design is Singita private game reserve in Kruger national park, South Africa, while Kwadwe private game reserve in Johannesburg, South Africa was the best in terms of the facilities offered. The most sumptuous food is served in Le Manoir Aux Quat’saisons in Oxford, England that is owned by celebrity chef Raymond Blanc, whereas Italy’s Villa Feltrinelli has the best rooms, according to the gold list. (UNI) |
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Fiat, GM to start mediation over disputed option MILAN, Dec 15: The heads of fiat SPA and general motors corp will meet face to face in a last-ditch attempt to avoid litigation over whether the Italian group still has the right to sell its loss-mired carmaking arm to GM. Top executives from both companies met on Tuesday but failed to resolve their differences over whether or not the put option is still valid after fiat recapitalised fiat auto and sold part of its financing arm to help it through an ongoing crisis. A one-year truce on taking legal action over the option ended on Wednesday and GM, which owns 10 per cent of fiat auto, said immediately it would request a mediation process to try to settle the spat. "This procedure, which will involve direct dialogue between the two CEOs, is designed to allow the parties to resolve the dispute before resorting to other means, including litigation," fiat said in a statement. Under a partnership deal GM and fiat signed in 2000, any dispute must be attacked by the CEOs in person within 20 working days of the mediation request. If they cannot settle the spat within 10 days of meeting, the companies can go to court. Fiat shares fell on the news that fiat and GM still had not settled and by 0935 gmt (1505 ist) were trading down 1.8 per cent at 5.94 euros. On Tuesday, the stock jumped on hopes GM will pay between 500 million euros and 1 billion euros to annul the option. "The market was hoping for a solution, primarily one that would see fiat free itself of fiat auto, said one trader. "Now the talks could go on for ages with the outcome uncertain." Adam Jonas, an autos analyst at Morgan Stanley, said he expected the argument to end up in court. "GM has time on their side. They can tie it up in court and see if fiat blinks. Fiat doesn’t really have as much time on their side," he said. Fiat has already turned around its tractor and bus units and has other interests in energy and publishing but it still relies on fiat auto for about 44 per cent of revenue. The car arm is struggling to recover from the worst crisis in its 105-year history. Its market share in italy and western europe has shrunk over the last months despite new models and its break-even target has been pushed back by one year to 2006. Fiat CEO Sergio Marchionne insists the option, which can be used from Jan 24, is still "effective and exercisable" and that GM’s argument against its validity "has no legs". Last week, he said there was a "real live possibility" fiat would use the option. But his GM counterpart Rick Wagoner can hardly afford to buy another troubled carmaker as the US giant battles to drag its european unit back to profit for the first time since 1999 while facing huge US pension and health costs. GM and fiat have two joint ventures in powertrains and purchasing which are saving both groups money and which GM said would not be changed because of the spat over the option. Marchionne has said fiat’s tie to GM is holding it back from signing other deals which could cut more costs. Media reported that fiat may strike a partnership with PSA Peugeot Citroen, adding to a joint venture they already have in vans and multi-purpose vehicles. If GM calls for mediation on Wednesday, 30 working days would take it to Jan 26, two days after the put option can be exercised. GM declined to say when it would request mediation. (AGENCIES) |
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Impex ferro tech launches public issue for expansion KOLKATA, Dec 15: Kolkata based Impex Ferro Tech Ltd, manufacturing silico manganese and ferro manganese, will enter the primary market with a public issue of 80 lakh equity shares of Rs 10 each at par, aggregating Rs eight crore. The issue, which opens on December 22, is for part financing the expansion of its manufacturing facilities at its existing site in west bengal’s burdwan district and for repayment of high cost borrowings. The paid-up capital of the company after the issue will be Rs 25 crore. The expansion involves putting up a fourth submerged arc furnace of 8.25 mva capacity for manufacturing hc silico manganese and converting part of the HC ferro manganese output into MC ferro manganese through the SSM convertor route. The expansion project has been appraised by the State Bank of India which has also sanctioned a term loan of Rs 7.87 crore towards it. The project was already commissioned in September, Impex Ferro Tech Ltd’s managing director Suresh Kumar Patni said here today. Mr Patni said total investment in plant till date is Rs 42 crore and the plant has a capacity of 43,200 tonnes. The issue will help in retiring unsecured loans of Rs 2.25 crore and part finance the expansion the total cost of which is Rs 13.3 crore, he added. Post issue, the equity shares will be listed at the Bombay and the National Stcok Exchange. Asika Capital Ltd will be the lead manager to the issue and Maheshwari Datamatics Pvt Ltd will be the registrar. The issue closes on December 31. (UNI) |
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Cyrca enters IT security market, targets outsourcing COs BANGALORE, Dec 15: Canada-based Cyrca data security solutions today announced its entry into the Indian market with customised IT security solutions for the outsourcing, financial services and healthcare sectors. The solutions would consist of a mix of consultancy, including policies and procedures, and technology tailored to the requirements of individual organisations, Cyrca president and CEO Hari Venkatacharya told reporters here. "Even as outsourcing to India is rising, issues relating to regulatory compliance are taking centre-stage. Indian companies will have to deal with these legally mandated issues to sustain their growth levels," he said. Emphasising that no software development work would take place in India, Mr Venkatacharya said the company would invest about US dollar one million in the country over the next 18-24 months. Quoting a 2002 IDC study, he said that globally the cost of corporate information loss due to security breaches was estimated at US dollar 53-59 billion. Cyrca India managing director A Vijayarajan said the IT security market in India was estimated at Rs 240 crore and expected to double in size over the next four years. "We are not spending enough on it security in this country and we don’t have the required number of professionals trained in the area. This situation must change," he stated. The Cyrca strategy consisted of assessing the security gaps and plugging them by a combination of measures aimed at the core data as well as perimeter security, he said. (UNI) |
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Ranbaxy gets FDA nod for fluoxetine, to launch next month NEW DELHI, Dec 15: Ranbaxy Laboratories Ltd (RLL) today announced that it has received US Food and Drug Administration (FDA) approval for fluoxetine 40 mg capsules and said it expects to launch the drug next month. The office of generic drugs, US FDA, has determined the ranbaxy formulations to be bioequivalent and have the same therapeutic effect as that of the reference listed drug prozac 40mg capsules of eli lilly and company, the city-based drugmaker said. Total market sales for fluoxetine capsules and tablets were 534.0 million dollars, with 40mg capsules totaling 176.0 million dollars till September last. Fluoxetine is indicated for the treatment of major depressive disorder and obsessions and compulsions in patients with Obsessive-Compulsive Disorder (OCD). The product is also indicated for the treatment of binge-eating and vomiting behaviours in patients with moderate to severe Bulimia Nervosa and for panic disorders with or without Agoraphobia. "With the approval of fluoxetine capsules, we are now adding to our list of generic CNS products that have proven value and utility in the treatment of psychiatric disorders that will now be available as an affordable generic alternative to the brand. "We anticipate launching the product in January," said Mr Jim Meehan, vice president of sales and marketing for Ranbaxy Pharmaceuticals INC, a wholly-owned subsidiary of RLL. (UNI) |
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Tanishq bags platinum guild marketing award NEW DELHI, Dec 15: Tata group company Tanishq has been awarded by the platinum guild international for its ‘best store experience’ . The jewellery marketing arm of the global platinum industry headquartered in London has instituted the awards under its ‘partners in progress’ and ‘celebrate with platinum’ programme to strengthen and expand its marketing activities in India to increase sales of platinum jewellery in India. PGI India manager Vaishali Banerjee said the demand for platinum jewellery in the country was increasing. The guild had introduced staff training programme for retailers to improve their knowledge levels and selling skills and generate more awareness about platinum. (UNI) |
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India targets 30 billion dollars textile export NEW DELHI, Dec 15: India has targeted to increase textile exports to about 30 billion dollars in the next two years following the lifting of quota regime from January 1, 2005, Rajya Sabha was informed today. Replying to supplementaries during question hour, Textiles Minister Shankarsinh Vaghela said India will try to more than double textile exports from the present level of 13 billion dollars annually to between 26 and 30 billion dollars annually in the next two years. In reply to a query, Vaghela said India will be able to overcome the threat from China in the sector as Beijing will have to wait for three more years to avail of the quota free regime as it had joined the WTO late. Among various measures, Vaghela said the banks which were not providing credit for the textile sector have now disbursed about Rs 20,000 crore of loans to the sector. In reply to a question on NTC mills, Vaghela said the employees of the closed mills were very satisfied with the VRS package provided to them. He said NTC has mobilised Rs 644 crore by floating Government guaranteed bonds for paying VRS compensation and other terminal benefits to 14,500 employees who opted for VRS in Maharashtra. He said 66 out of 119 NTC mills have closed and the rest are sick making a cumulative loss of Rs 1200 crore including Rs 300 crore as interest. Rehabilitation scheme has been approved by Government/ BIFR for reviving 53 mills and to close down 66 unviable mills after giving VRS benefits to affected employees. (PTI) |
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Thai business team visiting Chennai on Dec 17 CHENNAI, Dec 15: A twenty-five member trade delegation is visiting Chennai on december 17 to promote business initiatives in the private sector in India. Federation of Indian Chambers of Commerce and Industry (FICCI) chairman R Muthu said in a press release here that the delegation would be led by federation of Thai industries vice chairman Piengsakdi Prakaspesat. Processed food, electrical, electronics, chemicals, fertilisers, flour mill, rubber, machine tools, plastics, iron and steel and textiles sectors besides trading and marketing of various products would be the key areas of focus during the delegation’s visit, he said. (UNI) |
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China household forex savings fall amid yuan talk BEIJING, Dec 15: China’s household foreign exchange savings at the end of November were down 5.9 percent from a year earlier, the Central Bank said on Wednesday, amid speculation of a yuan revaluation. Household foreign exchange savings have been on a declining trend this year amid expectations china might free up its dollar-pegged yuan currency soon. Foreign currency savings by Chinese residents fell to 81 billion at the end of november from 85.3 billion at the end of january, according to data published by the central bank on its web site: www.Pbc.Gov.Cn. Household foreign exchange savings fell 3.8 percent at the end of october from a year earlier. In october, the central bank raised the benchmark one-year yuan deposit rate by 0.27 percentage point to 2.25 percent in the country’s first rate rise in nine years, which widened the spread between yuan and foreign currency deposit rates. China has also raised interest rates on one-year dollar deposits by 0.3125 percentage point to 0.875 percent to slow speculative inflows into the yuan. China has resisted foreign pressure to revalue the yuan cny=cfxs , which is pegged at around 8.28 to the dollar, but has pledged to make the currency more flexible in its own time. China’s overall foreign exchange deposits, which include corporate deposits, stood at 155.3 billion at the end of November, up 3.2 percent from a year earlier, the Central Bank said. Foreign currency loans were 135.5 billion at the end of November, up 12.7 percent from a year earlier, it said. (AGENCIES) Farmers do not have complaints on open purchase: Gaur GWALIOR, Dec 15: Madhya Pradesh Chief Minister Babu Lal Gaur has said the farmers did not have any objection on purchasing items in the open market. Talking to newspersons here Mr Gaur said the arrangement of open purchasing was pricking only the Mandi traders. "The farmers have no complaints in this regard", Mr Gaur said adding," we shall reconsider the decision only if complaints are received from farmers." (UNI) |
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