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| Exclusive showroom of Safari luggage opened Excelsior Correspondent JAMMU, July 19: Safari Shopee- an exclusive showroom of Messrs Safari Sales Private Limited’s Safari luggage, was opened at K C Plaza Complex........more BPO volumes to touch 3.6 billion dollars in 2004: RS NEW DELHI, July 19: Allaying any apprehension on US moves to curb business process .......more Central
Bank of India MUMBAI, July 19: Central Bank of India (CBI) is planning to raise Rs 200 crore (tier II) .....more Siddaramaiah presents populist, surplus in Karnataka budget BANGALORE, July 19: Karnataka Deputy Chief Minister Siddaramaiah today presented in the Assembly a surplus ......more |
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UCO bank announces KOLKATA, July 19: UCO bank today announced downward revision of interest rates on FCNR(B) deposits. ......more Rupee
consolidates MUMBAI, July 19: The rupee consolidated its position against the US currency early today on healthy trade and capital inflows, reflecting a week .......more Sri Lanka buys Argentine wheat as Asian offers tight SINGAPORE, July 19: Sri Lanka has struck a deal to import about 130,000 tonnes of milling wheat from Argentina, in what traders believe is the first ....more MUMBAI, July 19: Finolex Industries Ltd FIL , the flagship of the Rs 2,500-crore finolex group has posted impressive performance for the ......more |
Exclusive showroom of Safari luggage opened Excelsior Correspondent JAMMU, July 19: Safari Shopee- an exclusive showroom of Messrs Safari Sales Private Limited’s Safari luggage, was opened at K C Plaza Complex, Residency Road, here today. Various ranges of Safari products, both in soft and mould categories, are available at Safari Shopee which is 27th showroom of the company in India and first one in Jammu and Kashmir State. Education Minister Harshdev Singh inaugurated the showroom in presence of an impressive gathering of prominent citizens. President of Chamber of Commerce and Industry, Ram Sahai, was chief guest on the occasion. After the inauguration ceremony, Harshdev Singh and Ram Sahai were also briefed about the different ranges of Safari products. Talking to the Excelsior, proprietor of Safari Shopee and C&F agent of Messrs Safari Sales Private Limited, said that the showroom was true price value shop. And the price of luggage ranges from Rs 400 to Rs 4000, he added. Managing Director of Safari Sales, Akshit Mehra, informed that there were six ranges in soft category while 3 more ranges were being launched very soon. The company is concentrating more on soft category products in view of more demand for the same, he added. Expressing his satisfaction over the response of Jammu customers towards Safari products, Mr Mehra said that the Safari Shopee has set its sale target between Rs 40 lacs to 50 lacs, for the current year. |
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BPO volumes to touch 3.6 billion dollars in 2004: RS NEW DELHI, July 19: Allaying any apprehension on US moves to curb business process outsourcing to India, Government today told the Rajya Sabha that it would have a limited effect and BPO volumes to India were slated to touch 3.6 billion dollars in value terms during 2004. Commerce and Industry Minister Kamal Nath told the House during question hour that despite the moves towards such restrictions, the BPO business to India was growing at a rate of 40 to 50 per cent annually. The minister said the Government had taken up this issue very seriously with the United States trade representative and US Secretary of State Colin Powell. He said US President George Bush and Chief of Federal Treasury had also expressed concern over the rising outsourcing to India. He said as much as 70 per cent of India’s BPO business comes from the US and only 2 per cent of the business relating to US Government contracts was affected due to a legislation approved in the US Congress. In reply to a query, Nath said the job outsourcing to India was worth 2.35 billion dollars in 2002 and it was expected to touch 3.6 billion dollars annually in 2003 and 2004. (PTI) |
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Central Bank of India to raise Rs 200 cr as tier II capital MUMBAI, July 19: Central Bank of India (CBI) is planning to raise Rs 200 crore (tier II) capital by next month and is awaiting a nod from the Government for its proposed Initial Public Offer(IPO), according to Central Bank executive director V N Saxena here today. Speaking on the sidelines of internet/SMS bill payment mode -"cent billpay", Mr Saxena said that the bank will raise the subordinated risk of Rs 200 crore and it will seek the Reserve Bank of India’s(RBI) permission to manage operations risk. "RBI is meeting all the chief executives of the bank on June 30. The bank will prepare its strategy after this meet. Though the main agenda is basel norms, the operation risk management will be the prominent issue to be discussed", Mr Saxena said. Asked about the upcoming IPO, Mr Saxena said that the bank had asked for certain transformation in the proposed ipo and the size and other details will be finalised after getting okay from government. Meanwhile, Central Bank has launched new payment mode of electricity, telephone, mobile, gas bills and insurance premium tec via internet or short message service. "Cent billpay is an extremely convenient service that enables a customer to pay his various bills directly from his Central Bank of India account without the need for cash, cheques or standing on long queues. This facility will be available at 30 bank branches initially", officials said here. (UNI) |
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Siddaramaiah presents populist, surplus in Karnataka budget BANGALORE, July 19: Karnataka Deputy Chief Minister Siddaramaiah today presented in the Assembly a surplus budget of Rs 73.32 crore for 2004-05. Mr Siddaramaiah, who also holds the Finance portfolio, announced a series of measures to help the agrarian sector and banned the online lottery system. Proposing additional resource mobilisation to a tune of Rs 154 crore— Rs 150 crore through effective collection of commercial tax and Rs four crore through Motor Vehicle Tax — he also announced farm loans to ryots at six per cent simple interest through cooperative institutions and a special package for weavers. He set aside Rs 300 crore to provide rice at Rs three a kg and wheat to over 71 lakh families living Below the Poverty Line. Rationalising the tax for a variety of 125 commodities used by common man and 43 type of work contracts, leading to a revenue loss of Rs 100 crore, he said the loss would be set off through better enforcement and improved tax compliance. At the same time, he enhanced tax on 26 commodities such as computer consumables, software, electronic goods, cigarette filters, coated kitchenware, cement, diesel and non PDS kerosene. He also announced enhancement of luxury tax on hotels, besides withdrawal of tax concession on luxury goods sold through defence canteen stores. Mr Siddaramaiah announced that radical changes would be brought about in the arrack policy to eliminate the problem of non duty paid arrack by liberalising its manufacture and rationalise the policy to put an end to incentive for seconds. The reforms aimed at enhancing the revenue by another Rs 300 crore. He raised the tax on vehicles costing over Rs 10 lakh from 10 per cent to 12 per cent and for vehicles costing between Rs five lakh and Rs 10 lakh from nine per cent to 10 per cent. Declaring that Karnataka would be online and internet lottery-free zone, Mr Siddaramaiah said the agreement signed with online operators had been terminated effective July 15, leading to a revenue loss of Rs 250 crore. Mr Siddaramaiah also announced measures to take the state towards value added tax regime. These measures included reorganisation of the Commercial Tax Department and creation of an exclusive office for issue of registration and cancellation of it under sales tax. Tax remittances would also be simplified through collection of taxes by a network of SBI branches, he added. Stressing that the budget reflected the Common Minimum Programme (CMP) of both the Congress and the Janata Dal (Secular), he said the cooperative credit would not be charged henceforth with compound and penal interests. Similarly, over 20,000 farmers who had repaid interest in excess of principle amount need not repay the principal. Announcing creation of a separate Chief Minister’s road fund for maintenance of roads in the state, Mr Siddaramaiah said the fund would be supported by the road cess, contribution from infrastructure fund and appropriate tolling policy. On the power sector, he regretted that the fiscal consolidation move and enhancement of allocations to core social sectors would be set to nought if the crisis in the power sector was not tackled in an effective way. The loss made by the power sector to the tune of Rs 3,000 crore was nearly as much as the amount spent by the Government on education and thrice on health or agriculture. In addition to the subsidy, the power utilities should bridge the revenue gap through efficiency and additional resources mobilisation measures. Lamenting the tardy progress made in the implementation of three World Bank-aided projects—the Rs 690-crore Watershed Programme, Rs 670 crore tank management programme and Rs 1,035 crore rural water supply scheme—to improve the quality of life in rural areas, Mr Siddaramaiah said they would be accorded top priority and the works expedited. Hardly ten per cent of the amount was utilised on these projects. He also announced a new health project to be taken up with the help of the World Bank at the cost of Rs 765 crore to increase access to healthcare for the rural poor and underprivileged. He lauded Yashaswini Health Insurance scheme for farmers and said the corpus would be increased to Rs 50 crore. Highlighting the importance of development of north Karnataka Mr Siddaramaiah urged the Centre to accord special status under Article 371 of the Constitution to the region. Stating that 54 per cent of the total outlay, amounting to Rs 7,170 crore, would be spent on districts in the region, he said the Government had also set aside Rs 20 crore to meet the long-standing demand for setting up of a high court bench in the region. He said a science city would be set up in Dharwad and a food park in Jewargi in Gulbarga. Announcing a Rs 100-crore programme for comprehensive dryland development in the state, he said the price stabilisation fund would be increased from Rs 50 crore to Rs 100 crore. Mr Siddaramaiah urged the Centre to step up its resource support in the irrigation sector under the accelerated irrigation benefit scheme to complete various ongoing irrigations projects in the upper Krishna basin before the end of the next financial year. He announced reduction of entertainment tax to 40 per cent following representation made by the Film industry. Stating that Entertainment Tax would be levied on admission to live telecast of horse races in Turf Clubs, he said it was proposed to fix composition amount payable in respect of horse racing at the rate of four per cent of the stake money. Delayed payment of betting tax would attract interest henceforth, he added.(UNI) |
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UCO bank announces downward revision of FCNR (B) rates KOLKATA, July 19: UCO bank today announced downward revision of interest rates on FCNR(B) deposits. For deposits held in US dollars, the interest rates have been reduced from 2.18 per cent, 3.02 per cent and 3.57 per cent to 2.06 per cent, 2.79 per cent and 3.27 per cent respectively for periods of one year to less than two years, two years to less than three years and three years respectively. For deposits held in GBP, the interest rates have been reduced from 5.08 per cent, 5.21 per cent and 5.29 per cent to 5.00 per cent, 5.08 per cent and 5.15 per cent for periods of one year to less than two years, two years to less than three years and three years respectively. For euro deposits, the interest rates have been reduced from 2.17 per cent, 2.72 per cent and 3.08 per cent to 2.10 per cent, 2.55 per cent and 2.90 per cent respectively for periods of one year to less than two years, two years to less than three years and three years respectively. The changes would be effective from today. (UNI) |
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Rupee consolidates against USD in early trade MUMBAI, July 19: The rupee consolidated its position against the US currency early today on healthy trade and capital inflows, reflecting a week dollar overseas, in moderately active trade at interbank foreign exchange market. The domestic unit quoted at Rs 45.88/89 per dollar, sharply higher from last Friday’s close of Rs 45.95/96. The rupee opened on a distinctly firm note at Rs 45.84/87 per dollar, reflecting the dollar tumbling against major global currencies, particularly the euro and sterling. On the back of Central bank-supported rally on Friday, the rupee strengthened further due to bunched up weekend dollar supplies and lingering week dollar overseas, forex dealers said. Meanwhile, forex exchange reserve rose to $120.78 billion on july 9 from $120.08 billion a week earlier, according to the Reserve Bank of India weekly statistics. In cross currency trades, the euro was quoted at 57.13/16, pound sterling at 86.00/02 and the Japanese yen (100) at 42.25/27. (PTI) |
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Sri Lanka buys Argentine wheat as Asian offers tight SINGAPORE, July 19: Sri Lanka has struck a deal to import about 130,000 tonnes of milling wheat from Argentina, in what traders believe is the first purchase of the grain by an Asian country from the south American origin in more than a year. "The deal has been sealed for August/September shipment," said a regional grains trader, adding the contract was signed at around 172- 173 a tonne C F. Regional traders said Sri Lanka sourced the wheat from Argentina because prices of nearby origins, such as India, were relatively higher. New crop Indian wheat was offered at 180- 185 a tonne C F. (AGENCIES) |
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MUMBAI, July 19: Finolex Industries Ltd FIL , the flagship of the Rs 2,500-crore finolex group has posted impressive performance for the quarter-ended June 2004 with a sharp jump in net profit at Rs 27.33-crore compared to Rs 11.56-crore in the corresponding period of the previous year. The total turnover during the same period rose to Rs 279.11-crore, indicating a 30.23 per cent increase over the comparable period. Earnings Per Share (EPS) for the quarter-ended 30th June 2004 is Rs 2.20 (against Rs 0.92 for the corresponding quarter of earlier year) and cash Earnings Per Share (CEPs) is Rs 3.08 (against Rs 1.77 for the corresponding quarter of earlier year). Commenting on the first quarter performance, Prakash Chhabria, Dy Managing Director said, "the buoyancy in demand for PVC pipes both for irrigation and construction continued unabated. The company’s planned strategy to expand its distribution network across the country has started paying dividends". The emphasis on the agriculture in the Union Budget and several irrigation projects initiated by many State Governments will result in higher demand for PVC pipes and the company has already geared up to meet this increasing demand, Mr Chhabria added. The company is expanding the production capacity of pipes to 65,000mt pa at its Ratnagiri plant. (UNI) |
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BoI sets aside Rs 15-cr as equity cap of ARC MUMBAI, July 19: Bank of India (BoI) has set aside a sum of Rs 15-crore as a part of the equity capital of the Asset Reconstruction Company (ARC) promoted by a special undertaking of the Unit Trust of India (UTI). The bank’s board in its recent meeting approved the investment amount of Rs 15-crore as a part of its equity contribution of 13.64 per cent in the proposed ARC in the name of Asrec (India) Ltd. The Reserve Bank of India (RBI) also approved the BoI’s investment in the ARC in which UTI will be holding a majority equity stake. (UNI) |
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Railways await reply from soutern states on luxory trains NEW DELHI, July 19: The Railway Ministry is awaiting replies of the State Governments of Andhra Pradesh, Tamil Nadu and Kerala in response to its advice for luxury train linking the states as per a memorandum from the Government of Kerala. The advice sent on July 2, 2004 enjoins the three states to send a comprehensive proposal along with a feasibility study indicating the rate of return and cost or revenue sharing methodology for consideration of the ministry of railways. Presently, three luxury tourism trains are in operation. In Rajasthan, a luxury tourist train, the ‘Palace on Wheels’, is being run in collaboration with the Rajasthan Tourism Development Corporation (RTDC) and in Gujarat, the ‘Royal Orient Express’ is being run in collaboration with the Tourism Corporation of Gujarat Ltd. (TCGL). In Maharashtra, a new luxury tourist train, the ‘Deccan Odyssey’ has been launched in collaboration with the Maharashtra Tourism Development Corporation (MTDC), this year on January 16, 2004. Besides, a Memorandum of Understanding (MoU) has been signed for running of similar tourism train in Karnataka, an official release said here today. (UNI) |
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Syndicate bank to raise Rs 200-cr subordinate debt MUMBAI, July 19: Syndicate Bank has informed the Bombay Stock Exchange (BSE) that the Board of Directors of the bank at their meeting today has decided to raise subordinate debt of Rs 200-crore which includes a green shoe option of Rs 50-crore under tier II bonds. (UNI) ITC hotels Q1’05 net zooms to Rs 6.9-crore MUMBAI, July 19: ITC Hotels Ltd has recorded an increase in net profit to Rs 6.9-crore for the first quarter-ended June 2004 as against Rs 59-lakh recorded in the corresponding period last year, an increase of over ten-times (1069 per cent). Announcing the results, the company said its total income has gone up by 37 per cent in Q1 to Rs 42.6-crore as against Rs 31.1-crore in the same quarter last year. (UNI) |
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