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| Bajaj Allianz to come out with new products KOLKATA, Nov 1: Bajaj Allianz Life Insurance is planning to come out with new products in health and women.......more Centurion
bank KOLKATA, Nov 1: Centurion bank is planning to raise Rs 50 crore tier II capital within the current fiscal......more Infrastructure
woes BANGALORE, Nov 1: The seventh edition of Bangalore IT com, billed as Asia’s largest technology event, got off to a.....more Maruti 800
sales NEW DELHI, Nov 1: Leading car manufacturer Maruti Udyog Ltd today said sales of its largest selling 800 model dipped........more |
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Arunachal can fulfill country’s power requirements: Apang ITANAGAR, Nov 1: Arunachal Pradesh can cater to the power needs of the whole country if its power potential was.........more Korea’s
LG tel SEOUL, Nov 1: LG telecom inc., South Korea’s smallest mobile phone operator, increased market share in October at the.....more Rupee
climbs to new MUMBAI, Nov 1: The rupee climbed to a fresh over four-and-half month peak against the US.....more Crude
vaults above SINGAPORE, Nov 1: The price of crude today vaulted above the USD 52 mark on news that a strike in Nigeria could.........more |
Bajaj Allianz to come out with new products KOLKATA, Nov 1: Bajaj Allianz Life Insurance is planning to come out with new products in health and women insurance segments. We have already applied to the IRDA and the products will soon be introduced, Bajaj Allianz CEO Sam Ghosh said here today. Bajaj Allianz, aiming at Rs 700 crore premium income from Rs 250 crore achieved till this September, is also planning to raise Rs 50 crore of capital in the current fiscal. The present capital of the company is Rs 250 crore, he said. Bajaj Allianz presently earns 27 per cent of revenue from bancassurance. We expect the revenue from Bancassurance to increase to 50 per cent of business with the increase in the number of partnerships with the banks, Mr Ghosh added. (UNI) |
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Centurion bank planning to raise Rs 50 cr tier II capital KOLKATA, Nov 1: Centurion bank is planning to raise Rs 50 crore tier II capital within the current fiscal. After raising of the tier II capital, the Capital Adequacy Ratio (CAR) of the bank will be more than 11 per cent from 9.51 per cent at present, Centurion bank’s head (branch banking and wealth management services) Harpreet Singh said here today. The bank, which recorded a total capital of 56.75 crore till last September, will have a total capital of Rs 91 crore after the recent capital infusion and the rights issue, he said. The bank, which reported a net profit of Rs 5.26 crore in the second quarter, has tied up with 22 mutual funds and has partnered with Bajaj Allianz Life Insurance for Life Insurance products. Centurion bank has already introduced the life insurance products in 59 bank branches. The bank has also embarked into distribution of RBI bonds. We are trying to offer entire range of wealth management products to the customers of the bank, he added. We are also looking for a general insurance partner, he said. Announcing the bancassurance products in Centurion bank branches, Bajaj Allianz CEO Sam Ghosh said the entire range of products would be offered through the branches. The insurance company is also thinking of introducing some new customised products in the branches, he said. (UNI) |
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Infrastructure woes in focus at BangaloreIT com opening BANGALORE, Nov 1: The seventh edition of Bangalore IT com, billed as Asia’s largest technology event, got off to a delayed start here today amid attempts by a defensive Dharam Singh Government to shore up its image on the infrastructure front. Inaugurating the five-day event about 90 minutes behind schedule, the Chief Minister took a roundabout route to acknowledge the concerns on infrastructure, observing that the problems had cropped because of the fast pace of growth and that the Government had been "by and large" successful in dealing with the issue. "Ninety-two new companies have registered to set up operations in Bangalore between April and September this year. Foreign equity companies are entering at the rate of two per week. This growth would not have been possible without adequate infrastructure," Mr Dharam Singh said. "The fast growth has raised issues about infrastructure which are being addressed by my Government. We have been by and large successful in dealing this so far," he added. The Chief Minister said that he had held discussions with the captains of IT industry regarding specific problems concerning roads and the public transport system. "Based on these interactions, civic authorities have been directed to complete all projects to deadlines," he stated. The development of the IT corridor would be taken up in a planned manner and work on the proposed Rs 390 crores high-tech city project would be begun shortly, Mr Dharam Singh said. "My Government is fully committed to ensuring the orderly growth of Bangalore in line with the requirements of the IT industry." British High-Commissioner to India Michael Arthur said more Indian companies were listing on the London Stock Exchange than the Nasdaq and New York Stock Exchange combined. "Remember where the heavyweights have already come for their stock listing before you go elsewhere," he told the assembled entrepreneurs. Observing that the two-way trade between India and Britain was expected to touch US dollar 10 billion this year, he said that the new partnership between the two countries was characterised by a common desire to excel in the knowledge economy. "Britain is the second biggest investor in India while India is the eighth biggest investor in Britain, with IT and biotech companies accounting for nearly two-thirds of the investment," he stated. Marsha thomson, the IT and Communication Minister of the Australian state of Victoria, said that her state was the centre of the IT industry in the country, with a turnover of US dollar 14.1 billion last year. "Top Indian companies already have a presence in Australia. Victoria is be the preferred destination for any company in the ICT sector that is planning to invest in the country," he stated. (UNI) |
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Maruti 800 sales dip 4.6 pc in October NEW DELHI, Nov 1: Leading car manufacturer Maruti Udyog Ltd today said sales of its largest selling 800 model dipped 4.6 per cent in October to 11,633 units, though overall sales were up 27.6 per cent to 49,399 cars in the month. Sales of Maruti 800 have been sliding ever since the company slashed the prices of compact car alto in April. The company’s domestic sales rose 31.3 per cent to 43,949 units and exports were 3.8 per cent higher at 5,458 last month, while total vehicle sales in April-October increased 20.6 per cent. Maruti’s volume in the domestic a2 segment grew by 58 per cent, in the A3 segment by 144 per cent and in the C segment by 16 per cent during the month as compared to sales in October 2003. Combined sales of Alto, Zen and Wagon R grew 57.6 per cent to 23,334 units, while the number of Omni and Versa vans sold increased 15.9 per cent to 6,106 units. Sales of multi-utility vehicles Gypsy and Vitara doubled year-on-year to 291 units, while Baleno and Esteem sales were up 144.3 per cent to 2,577 units. (UNI) |
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Arunachal can fulfill country’s power requirements: Apang ITANAGAR, Nov 1: Arunachal Pradesh can cater to the power needs of the whole country if its power potential was fully exploited, Chief Minister Gegong Apang said here today. "The state needs to exploit its hydro-power potential to meet its growing need," he said after inaugurating the Vidyut Bhawan and the second annual review meeting of the state power department. Mr Apang, however, suggested that it should not only be cheap but every care should be taken to preserve the fragile eco-system. Terming Arunachal as the "power house" of the country, he exhorted the department officials to draw a long-perspective plan with a broad vision for exploiting power in the state. "Lack of technical know-how and experts had earlier limited the growth of power in the state which of late has been improving", the Chief Minister said. "Let the power department be a model for other departments," he said, adding that the department should avail all Central schemes and implement them in letter and spirit. "We want arunachal to be a donor state instead of a beggar state. We must adopt appropriate technology to harness power potentials and make Arunachal Pradesh an economically independent state," he said. Mr Apang said all efforts should be made to provide electricity to all villages and towns of the state within a prescribed time limit. Referring to the newly launched Central scheme of Accelerated Rural Electrification Programme (AREP) and the criteria of fund allocation (40 per cent grant and 60 per cent loan), he assured to take up the matter with centre to convert it into a 90 per cent grant and 10 per cent loan. "Arunachal being a special category state, 90:10 ratio should be the criteria of allocation of funds," the Chief Minister said. Mr Apang lashed out at the Power Grid Corporation of India (PGCI) for its high transmission charge of 35 paisa per unit for the northeast region in comparison to prevailing 15 paisa in rest of the country. Power Minister Dorjee Khandu, who was also present, said the state despite huge power resources, was lagging far behind as far as power generation was concerned, due to lack of funds. Out of the total 50,000 mw power potential, survey and investigation was going on for 26,000 mw power only, he added. Mr Khandu said since 1996, the department was able to earn revenue of Rs 100 crore annually and steps would be taken to increase it in coming years. (UNI) |
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Korea’s LG tel takes market share from rivals SEOUL, Nov 1: LG telecom inc., South Korea’s smallest mobile phone operator, increased market share in October at the expense of its two bigger rivals, industry data showed on Monday. LG added a net 69,954 new subscribers to bring its total users to 5.9 million, lifting its market share to 16.29 percent from 16.14 percent in September. LG managed to draw more customers by offering cheaper tariffs and a wide range of handsets in a near-saturated market, where three-quarters of the population own a mobile. SK Telecom Co., the top mobile carrier, saw its subscriber base rise 41,456 to 18.64 million, but its market share shrank for a second consecutive month, to 51.43 percent from 51.47 percent. Second-ranked KTF corp saw its subscriber numbers fall by 5,287 to 11.70 million, cutting its market share to 32.28 percent from 32.39 percent. The company reported a 12 percent fall in quarterly profits on Monday. The number of mobile users in South Korea, the third-largest mobile market in Asia, rose to 36.25 million at the end of October from 36.15 million in September. Shares in SK telecom rose 1.99 percent to 179,000 won by 0516 gmt, outperforming a 0.26 percent gain in the broader market KTF fell 0.98 percent to 20,150 won and LG telecom advanced 0.6 percent at 4,175 won. (AGENCIES) |
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Rupee climbs to new peaks against USD in early trade MUMBAI, Nov 1: The rupee climbed to a fresh over four-and-half month peak against the US currency early today, driven up by strong trade and foreign portfolio investment inflows despite relatively firm global oil prices. In moderately active trade at the interbank foreign exchange market here this morning, the rupee is currently quoted at 45.34/35 per dollar, sharply higher from the last Friday’s close of 45.39/40 per dollar. The rupee opened distinctly firm at 45.3450/3550 per dollar on the back of lingering weak dollar overseas. Bunched up dollar supplies accumulated over the weekened from robust Foreign Institutional Investment Inflows (FIIs), drove the rupee to new four-and-half month peak even as oil prices hovered around USD 52 a barrel, a forex dealer said. New York Sweet Crude Oil for December delivery was quoted at USD 52.20 a barrel at the nymex in early Asian trade. Net fund infusion by FIIs has already exceeded USD 5.5 billion so far this year. In October, net FIIs inflows touched a high of USD 707 million— the highest since a net outflow of USD 738 million in May. Foreign exchange reserves jumped nearly USD 1 billion to cross USD 120 billion mark during the week ended October 22, according to the Reserve Bank of India’s weekly statistics. In cross currency trades, the euro was quoted at Rs 57.94/96, pound sterling at Rs 83.24/26 and the Japanese yen (100) Rs 42.68/70. (PTI) |
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Crude vaults above US$52 ahead
of US SINGAPORE, Nov 1: The price of crude today vaulted above the USD 52 mark on news that a strike in Nigeria could affect output in the world’s seventh-largest oil exporter, while traders looked for signs of how this week’s US Presidential election would affect the market. Early this morning in Asia, December crude on the New York mercantile exchange was trading electronically at USD 52.25 a barrel - up 49 cents from its Friday closing. Prices jumped Friday after two days of falls. Traders monitored developments in the United States, where voters head to the polls tomorrow in a showdown between republican President George W Bush and democrat challenger John Kerry. "People are looking to see who is going to be the winner ... But there are other (factors) too, like winter stocks, heating and natural gas supply," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures in Tokyo. Heating oil was at USD 1.4750 per gallon (3.8 liters), up just over a cent from Friday, while natural gas traded at USD 8.910 per 1,000 cubic feet (300 cubic meters) in Asia today. National Australia bank chief economist Allen Oster believed "markets were expecting Bush to get back in," but could not say how prices would be affected. Bush and Kerry have differing stances on using the US stategic oil stockpile. (AP) |
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Falling cotton prices likely to hit farmers hard AURANGABAD, MAHARASHTRA, Nov 1: Farmers in the backward region of Marathwada in central Maharashtra, who are largely engaged in cotton production, are likely to face tough time ahead in view of falling prices due to bumper crop of the commodity in India and world-wide. Marathwada, Vidarbha and Khandesh (north Maharashtra), are the major cotton growing areas of the state, where several farmers recently committed suicide due to crop failure and mounting debts. Authorities must take immediate steps to avoid any further crisis for the cotton producers, according to experts. Higher production cost and low yield is main characteristic of cotton farming in Marathwada, a drought-probe region, they say. Cotton, a cash crop, is a favourite commodity of Marathwada farmers since it grows on limited water, a precious resource in the region. But the low yield of the crop is the main concern before the farmers here, says H M Desarda, a former member of the cotton monopoly procurement review and reform committee, set up by the then Chief Minister Sudharkarrao Naik (1992). According to him, it would be a challenge for the new Congress-NCP Government to handle the cotton crisis in the state since currently prices are hovering around Rs 1,700 per quintal, Rs 1,000 less as compared to the last year’s open market rates. The farmers would certainly seek intervention by the Government and it remains to be seen how the new dispensation reacts since it came to power making tall promises to peasants, Mr Desarda said. Total land under cotton cultivation in Marathwada during 2003-04 was 9.69 lakh hectares on which 8.12 lakh bales were produced. The cotton cultivation area of the region was about one-third of the state’s total tillage of 31.04 lakh in the same year. Lalit Deshpande, a senior scientist at the agriculture university, at Parbhani too points out that high production cost of cotton is the main concern for farmers. Besides, farmers are also confused whether to go for costlier hybrid cotton seeds to boost production, and in turn earnings, or continue with the traditional seeds, he said. (UNI) |
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Reliance’s Delhi subscribers migrate to 10-digit no NEW DELHI, Nov 1: Reliance infocomm today migrated its mobile subscribers in Delhi to a 10-digit number starting with 93. With this, all calls from any phone in Delhi to a Reliance India Mobile (RIM) phone in the circle will be like local calls and can be dialled without prefixing the number with the STD code and fixed line users can call RIM customers without having STD facility. In addition, RIM subscribers in Delhi can call each other by simply dialling the new ten-digit number, the company said in a statement. This has been done in keeping with the cellular mobile numbering in India under the new Unified Licence Regime, and comes close on the heels of the successful implementation of migration to 93-series in Himachal Pradesh, Haryana, Orissa, Tamil Nadu, Kerala, Andhra Pradesh, Karnataka and Gujarat. Migration to the new 93-series is being done in a phased manner across the country. All our RIM subscribers - postpaid and prepaid - will soon have new ten-digit numbers. To make this transition smooth for our subscribers, "we have ensured they continue to receive calls and messages on their old numbers till Novemer 30, 2004, Inder Bajaj, head special projects at Reliance infocomm, said. The other CDMA-based mobile company, Tata, has already shifted to 92-series of 10-digit numbers. Department of telecom last year effected the new 10-digit numbering scheme for CDMA-based mobile players which means all mobility services should be at the same level as that of GSM cellular services. (PTI) |
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IVRCL joint venture gets Rs 923-cr orders from Andhra NEW DELHI, Nov 1: IVRCL Infrastructures and Projects Ltd today said IVRCL Prasad Sew Jv, a joint venture unit in which it holds a 50 per cent stake, has got irrigation contracts for Rs 923 crore from the Andhra Pradesh Government. IVRCL infrastructures’ share of the contract is worth Rs 460 crore. The order book of the company has risen to about Rs 2,260 crore, after including this business, it added. (UNI) IIM to host ‘mini MBA’ course for army officers LUCKNOW, Nov 1: Indian Institute of Management (IIM), Lucknow, will host in January the first ever ‘mini MBA course’ for middle-ranking army officers which could also help them to plan their post-retirement life. IIM-L Director Prof Devi Singh told UNI here that from January, the institute would host a four-and-a-half month course for officers of the rank of Colnels and above. "Officers between the ranks of Colonel and Major General would attend the course," he added. The Director said the proposed "compressed post-graduate diploma" course would also help such oficers after they retire. "while helping them in their duties, the couse is also visualised in such a way that it could help them resettle after retirement," he added. The course fee would be Rs one lakh of which the directorate of rehabilitation would pay majority of the cost. The officers would have to pay around Rs 30,000,’’ he informed. This is for the first time that such a course is being planned for middle-ranking officers. The course is jointly planned by Management Development Institute (MDI), Gurgaon and the IIM-L. Around 40 officers who are expected to attend the first course would be accomodated by the Central Command at the cantonment here. "The boarding and transportation would be provided by the Army," he added. (UNI) |
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