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Bank of Baroda NEW DELHI, June 26: In a bid to facilitate India’s growing trade with southeast Asian countries, Bank of Baroda will soon ...........more Raise monetary limit for compulsory audit of accounts: DTBA NEW DELHI, June 26: Ahead of the Union Budget, the Delhi Tax Bar Association has suggested raising of monetary limits ....more China estimates full-yr growth at 9.2 pc -HK paper HONG KONG, June 26: China’s State Information Centre estimates the ....more Chipmaker CSMC says has not dropped HK listing plan HONG KONG, June 26: Chinese chipmaker CSMC technologies corp said on Saturday it had not ditched its listing plan on the Hong Kong Stock ......more |
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CPI asks Govt to stop publication of international papers NEW DELHI, June 26: CPI today urged the Government at the Centre to take proactive steps to end "violation" of laws and stop publication of .....more Govt’s
freebies on HYDERABAD, June 26: Undeterred by the World Bank’s critical comments on his Government’s free power policy . ....more Apollo
hospitals CHENNAI, June 26: The corporate Apollo hospitals enterprise limited has posted ......more Mcdowell’s profit up 34 pc, declares 20 pc dividend NEW DELHI, June 26: Mcdowell and Company, part of liquor major UB group, has said it posted record profit before tax last fiscal at Rs 39.05 .......more |
Bank of Baroda enters China, eyes other countries NEW DELHI, June 26: In a bid to facilitate India’s growing trade with southeast Asian countries, Bank of Baroda will soon establish a representative office in Guangzhou in China, besides making forays into Malaysia, Thailand and US. In a statement here, the bank said it would open a representative office in Guangzhou, one of the most prosperous commercial cities in south China, on June 28. It would also open a representative office in Kuala Lumpur, Malaysia, and a fully-owned subsidiary in Tanzania in the next few months. It had received approvals from Reserve Bank of India for opening offshore banking unit in Singapore, representative office in Bangkok, Thailand and a branch in Houston, Texas in US. These offices would be opened after obtaining necessary statutory regulatory approvals from the concerned authorities in these countries, the bank said in a statement here. Bank of Baroda has 61 overseas offices spread over 17 countries comprising 38 overseas branches including three offshore banking units and one mobile agency, six overseas subsidiaries and one joint venture. (UNI) |
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Raise monetary limit for compulsory audit of accounts: DTBA NEW DELHI, June 26: Ahead of the Union Budget, the Delhi Tax Bar Association has suggested raising of monetary limits for compulsory audit of accounts for businesses from Rs 40 lakhs to Rs 5 crore and that for professionals from Rs 10 lakh to Rs 1 crore, commensurate with inflation for the relevant period. The measure would benefit the business community, who would be spared the hassle of going to a chartered accountant, association secretary Sanjeev Sabharwal said here. The association also suggested that different certifications as required under the Income Tax Act, 1962, which was being done by chartered accountants at present be also extended to tax practitioners. (PTI) |
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China estimates full-yr growth at 9.2 pc -HK paper HONG KONG, June 26: China’s State Information Centre estimates the country’s economic growth at eight percent in the second half and 9.2 percent for full-year 2004, a Hong Kong newspaper said on Saturday. In its latest report on economic forecasts, the Centre estimated growth of 11 percent in the second quarter and 10.5 percent in the first half, the Wen Wei Po newspaper said. It was not clear when the report was released. China’s state Shanghai securities news has reported that the country’s economic growth was expected to stabilise to more sustainable levels in the second half, suggesting little need for comprehensive monetary tightening measures. China’s economy grew 9.8 percent in the year through the first quarter. (AGENCIES) |
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Chipmaker CSMC says has not dropped HK listing plan HONG KONG, June 26: Chinese chipmaker CSMC technologies corp said on Saturday it had not ditched its listing plan on the Hong Kong Stock Exchange and would continue to review its position over its initial public offering. The company had called off its IPO worth up to US 87.5 million on Monday, just days before the scheduled trading debut on June 25, as investors become picky over new issues in the face of poor sentiment for China shares. "CSMC technologies corp wishes to announce that it has not abandoned its listing plan," the firm said in a statement. On Monday, it said it could not agree on a final offer price with underwriters citigroup market sources said neither the retail nor institutional portions of its IPO book were fully covered. The recent sell-off in China shares on worries that an interest rate rise is imminent has curbed demand for IPOs. However, investors are proving selective in the current wave of listings, crowding into some issues able to profit from Chinese consumer spending, and shunning others focused on export-dependent chip making and shipping. (AGENCIES) |
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CPI asks Govt to stop publication of international papers NEW DELHI, June 26: CPI today urged the Government at the Centre to take proactive steps to end "violation" of laws and stop publication of international newspapers like the `International Herald Tribune’. Party national secretary D Raja today met Information and Broadcasting Minister S Jaipal Reddy and told him that Government should take strong steps and see that "violations" of the law of the land should not be allowed. He said the previous NDA Government had taken certain "wrong" decision like allowing Foreign Direct Investment (FDI) in the media which "emboldened" newspapers to "violate" laws. (PTI) |
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Govt’s freebies on power to stay: Reddy HYDERABAD, June 26: Undeterred by the World Bank’s critical comments on his Government’s free power policy, Andhra Pradesh Chief Minister Y S Rajasekhar Reddy today asserted that the programme would stay on course and hoped it would not affect any of the schemes funded by the World Bank. "Generally, the World Bank is not favourable to the concept of free power. But, that does not mean we should close our eyes to the distress of farmers. Everyone has to see the reason and I hope World Bank also sees the reason," he said. Reddy’s observations re-affirming commitment to his Government’s pet programme came a day after the World Bank Country Director Michael Carter disapproved of the freebies to farmers and spoke of the bank’s plans to review its projects in AP. Carter, along with the bank’s vice-president for south Asia Praful Patel, had told reporters in Delhi yesterday that free power policy would adversely affect the state economy and could cause severe damage to the environment. "Ultimately, the distress of farmers has to be taken into consideration while taking policy decisions. At the same time, we will ensure that electricity board is not starved of funds", Reddy, who made free power promise the party’s USP in the recent elections, said. (PTI) |
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Apollo hospitals clocks Rs 37 cr profit CHENNAI, June 26: The corporate Apollo hospitals enterprise limited has posted a profit of Rs 37 crore for the year ending March, 2004, registering a 35 per cent growth over the previous year. The company’s turnover stood at Rs 499 crore as compared to Rs 448 crore last year, showing an 11 per cent growth and it had declared a dividend of 35 per cent, a release here said. Dr Pratap C Reddy, chairman of Apollo hospitals group, said the strong improvement across all business segments reflected the success of a strategy to focus on high value added services and investments in growth areas in healthcare services. The highlights of the financial year was a surge of international patients after the hospitals earned a worldwide reputation for health care services, it noted. Through telemedicine initiative, Apollo hospitals had treated more than 10,000 patients, including 75 international patients, it said. Noting that the hospitals group was planning to set up boutique birthing centres, it said the first one ‘the cradle’, a 30-bed five-star nursing home, would come up at New Delhi. Apollo Hospitals International Limited in Gujarat was expected to commence operations from third quarter of this year. The 150-bed super-speciality hospital would cater to patients of Indian and foreign origin from south and east Africa. The hospital was also in talks with Gujarat Government for launching a cooperative insurance scheme for over five lakh employees of Amul India, the release added. (UNI) |
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Mcdowell’s profit up 34 pc, declares 20 pc dividend NEW DELHI, June 26: Mcdowell and Company, part of liquor major UB group, has said it posted record profit before tax last fiscal at Rs 39.05 crore, an increase of 34 per cent over the previous year’s Rs 29.06 crore, and declared a dividend of 20 per cent for its shareholders. The company’s sales increased by about 10 per cent at Rs 1,082 crore compared to Rs 985 crore in FY03, while the sales volume registered a growth of 18 per cent at Rs 25.06 million cases over 21.6 million cases in the previous year. In a statement here, the company said it had revamped the packaging of some of its leading brands in consultation with an international design house in the UK to introduce tamper-evident and tamper-proof designs to fight illegal duplication. The UB group, which was ranked 4th amongst the world’s top distilled spirit marketers, recorded a total sales volume of 38 million cases last year. Its brands include Mcdowell’s no 1 whisky, Mcdowell’s no 1 brandy, Mcdowell’s no 1 celebration rum, Mcdowell’s signature rare whisky, black dog whisky and the blue Riband gin. The Mcdowell’s no 1 family of brands, which extends across the flavors of whisky, brandy and rum crossed sales of over 13.5 million cases during the period. (UNI) |
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Forex reserves rise by USD 587 million MUMBAI, June 26: After witnessing a decline in the past two weeks, India’s foreign exchange reserves rose by US dollar 587 million to reach USD 1,19,932 million mark, for the week ended 18. The country’s foreign exchange assets were up by USD 587 million to USD 1,14,659 million during the period under review, according to Reserve Bank of India’s weekly statistical supplement released here today. Analysts said revaluation international currencies and fresh inflows led to this growth in reserves. RBI said gold reserves and special drawing rights remained static at USD 3,974 million and USD two million respectively. India’s Reserve Tranche Position (RTP) with the International Monetary Fund (IMF) remained static at USD 1,297 million, the Central Bank said. Loans and advances to Central Government showed a nil balance while that to the State Governments rose by Rs 1,149 crore to Rs 4,256 crore, it added. Aggregate deposits of Scheduled Commercial banks for the fortnight ended June 11 were up by Rs 914 crore (0.1 per cent) at Rs 15,49,296 crore. Bank credit rose by Rs 2,529 crore to Rs 8,67,234 crore. Food credit at Rs 43,161 crore, was down by Rs 351 crore while non-food credit was Rs 2,880 crore to Rs 8,24,073 crore, it added. (PTI) |
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Indo Rama synth net up 37.6 pc NEW DELHI, June 26: Polyester Manufacturer Indo Rama Synthetics (I) Ltd (IRSL) has reported a 37.6 per cent jump in net profit at Rs 171.71 crore for 2003-04 against a net of Rs 124.82 crore recorded during the previous year. The company reported a 13.2 per cent increase in cash profits at Rs 349.04 crore for the financial year-ended March 31, 2004, as against a cash profit of Rs 308.42 crore recorded in 2002-03. Operating profit for the last fiscal stood at Rs 395.97 crore from Rs 370.44 crore in 2002-03, Indo Rama said in a statemen here. Profit before tax also went up by 18.1 per cent to Rs 252.58 crore in 2003-04 from Rs 213.78 crore during the preceding year. (UNI) |
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