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| Philips offers on Diwali ‘Chota Daam Bada Inaam’ Excelsior Correspondent JAMMU, Oct 19: Philips India Limited , a subsidiary of Netherland based Royal Philips Electronics, has announced festive offer " Chota Daam Bada Inaam"......more Govt to
set up regulatory NEW DELHI, Oct 19: Government will set up a regulatory framework for infrastructure to create the necessary environ.....more India to
step-up salt CHENNAI, Oct 19: India plans to increase salt export to the United States and China, world’s two major salt producing.....more Citigroup
to acquire MUMBAI, Oct 19: In a significant development, leading global financial services company citigroup today announced........more |
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Drainage project for SRINAGAR, Oct 19: State Government has formulated a Rs 570 crore project for improving drainage and sewerage facilities in the cities of Srinagar and Jammu........more Mobile
operator LONDON, Oct 19: British mobile phone company MMO2 plc is suing video phone pioneer 3 UK in a row over the use......more BHEL bags
Rs 190 NEW DELHI, Oct 19: Engineering major Bharat Heavy Electricals Ltd (BHEL) has won a Rs 190 crore contract for three......more Ingersoll
rand MUMBAI, Oct 19: Ingersoll Rand India Ltd has posted a net profit of Rs 84.99-crore for the quarter-ended September 30..........more |
Philips offers on Diwali ‘Chota Daam Bada Inaam’ Excelsior Correspondent JAMMU, Oct 19: Philips India Limited , a subsidiary of Netherland based Royal Philips Electronics, has announced festive offer " Chota Daam Bada Inaam". Branch Head of the Company for Chandigarh, Mandeep Singh while addressing a gathering of Philips dealers, sub-dealers and other traders connected with the Electronics business said late Monday evening that the company which has great market share and respect among the consumers is all set for Diwali festival. As a part of its marketing strategy it has decided to offer some gifts to the consumers as well as the traders/ dealers for the sales promotion. Mr Singh claimed that covering entire range of consumer electronics, every purchase during the festive period will ensure an attractive gift. With its special offers, Philips ensures that the festival will bring joy to all consumers. For every item including Casserole, stereo, radio, recorder, VCD/DVC player etc there will be some gift or the special festival offer of reduced price. The gifts may be strolley bags, best quality mink blankets, glass dinner sets , cardless phones, Beettle landline phone etc. For example, 1500 w Philips VCD music system FWV 355 is now available at a special Puja price of Rs 10,990 . The old MRP of the same is Rs 15,990. He disclosed that entire range of Philips DVD Hi Fi system, comprising of Philips DVD Mini, FWD 390, FWD 550, FWD 596, FWD 750 will be available at a true value offer of Rs 999. This offer comprises a flat EMI of Rs 999 each with zero percent interest installments. You may take home the Philips Home theatre for just Rs 999 and subsequent 16 installments. For this you may get a luxury chair worth Rs 2200. Some new products ( Colour TVs) were also launched on the occasion. A special prize scheme including visit to abroad Benkok, Kathmandu and Srilanka was also announced for the dealers/ traders for selling targeted items of the company. Gaurav Khanna, company executive for J&K and distributors, Sunil Nargotra and Rajiv Kumar were also present on the occasion. |
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Govt to set up regulatory framework for infrastructure: PM NEW DELHI, Oct 19: Government will set up a regulatory framework for infrastructure to create the necessary environment to attract 150 billion dollar foreign direct investment in the sector for achieving 7-8 per cent growth, Prime Minister Manmohan Singh announced today. "We are working towards the creation of a regulatory framework in infrastructure sector that would be transparent and independent and based on international best practices," he said inaugurating the third India-ASEAN business summit here. "We believe the Indian economy can absorb up to 150 billion dollar of foreign direct investment in the infrastructure sector over the next ten years... We have to create the right environment in which public-private partnership can thrive," he said. This was necessary not only for efficient use of our resources but also efficient management and running of infrastructural services, he said. Government has decided to step up economic growth to 7-8 per cent over the next decade and for this, every effort would be made to promote investment by creating a climate conducive to investors, he said. "I recognise that for investment to flow, improvements are required in our physical infrastructure and this area will receive the higher priority of Government," he said. Singh said acceleration of economic growth will require substantial increase in volume of investment not only from abroad but domestic as well. Stressing that capital requirements in infrastructure were very large, he said railways alone needed 55 billion dollar in the next 10 years, and power & telecom 75 billion dollar and 25 billion dollar respectively in the next five years. This, he said, provided a large window of opportunity for asean business to invest in India. Equally, Indian business must invest in south east Asia, he said adding, "we have some attractive examples of successful Indian enterprise in the region. We need more, especially in the newly industrialising economies of ASEAN where opportunities for new investment are presenting themselves". Indian business must be more proactive in exploring markets and investment opportunities in south Asia and to build long-term relationship across the region, he said. He asked the State Governments also to be pro-active in developing mutually beneficial cooperation with the ASEAN region. The development of ports in West Bengal, Orissa, Andhra Pradesh and Tamil Nadu can re-build maritime links on the coromandel coast with south east Asia. While in the north-east, the Centre was committed to developing infrastructure for trade and development, "there is much that our State Governments can do to promote trade and commerce with south east Asia", he said. (PTI) |
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India to step-up salt exports to US, China CHENNAI, Oct 19: India plans to increase salt export to the United States and China, world’s two major salt producing countries, with again to achieve targetted export of 15 lakh tonnes, this year, Union Minister of State for Commerce and Industry E V K S Elangovan has said. Talking to newspersons here last evening, after an interaction with salt manufacturers in Tamil Nadu and Andhra Pradesh, he said India’s export to the us had been steadily increasing since 2002 and for the first time, India would export 2.2 lakh tonnes of salt to China. The export of salt to the us would touch one lakh tonnes this year, he said adding that the overall export during this year was expected to touch 15 lakh tonnes against 12 lakh tonnes during 2003. India could become a major global player in the export of salt as it had tremendous potential, due to its geographical location and tropical weather condition, Mr Elangovan said. Stating that India was catering to its traditional export markets in Nepal, Bhutan, Bangladesh, Sri Lanka and Malaysia, he said at the end of tenth five year plan, the export of salt would touch about 20 lakh tonnes, earning a foreign exchange of about Rs 80 crore, he said. He said the total world salt production was 2,100 lakh tonnes, of which, the US produced 420 lakh tonnes, followed by China, 316 lakh tonnes and India at 180 lakh tonnes. The US and China were importing low-quality salt from India and, after value-addition, exported it to other countries, he added. Of the total production, 20 per cent was consumed as edible salt while the remaining used by the industries in a year. The consumption of edible salt in the country was 50 lakh tonnes and the industries consumed 70 lakh tonnes, he said. Stressing the need for consuming iodized salt, Mr Elangovan said Iodine Deficiency Disorders (IDD) continued to be a significant public health problem, not only in India, but in 118 countries. It was estimated that 200 million people in India were at the risk of IDD, he said, adding that the Centre was implementing the national iodine deficiency disorder control programme for elimination of IDD. (UNI) |
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Citigroup to acquire Abn
Amro’s businesses MUMBAI, Oct 19: In a significant development, leading global financial services company citigroup today announced that it is acquiring Abn Amro’s direct custody, securities clearing and fund services businesses in selected European and Asian markets including India. These businesses of financing group Abn Amro will become part of the Global Transaction Services Unit (GTS) in Citigroup’s global corporate and investment banking group. The transaction, expected to broaden the product capabilities and client growth opportunities of GTS, includes Abn Amro’s domestic custody business in the Netherlands and its network domestic custody business in India, Russia, Greece, Indonesia, South Korea, Poland and Taiwan, servicing approximately 550 financial institutions and corporate accounts. This should add another 240 billion of assets to GTS’ 7 trillion custody portfolio. While the terms of the deal were not disclosed, it is expected to be accretive to earnings in the first year. The transaction is expected to close within the next 90 days subject to customary regulatory approvals in applicable markets. "This acquisition will enable us to extend global transaction services solution set and servicing capabilities in key markets to meet the needs of our client base,", said Robert Druskin, Chief Executive Officer of Citigroup’s global corporate and investment banking group (New York). "The acquisition also underscores Citigroup’s commitment to offer enhanced cash management, trade, fund and securities services capabilities to clients around the world, and reinforces the firm’s willingness to invest for growth in this key sector of the market" Sanjay Nayar, CEO India area head, Bangladesh, Sri Lanka and Nepal said, "this transaction strengthens Citigroup’s market leadership in the custody and securities clearing business in India. It further expands our services in the domestic mutual funds industry. We intend to build on this acquisition to better satisfy our clients’ needs and further grow our market share in the global transaction services business. " It is expected that, over time, citigroup will combine abn Amro’s domestic custody operations with its current global transaction services operations in each of the respective markets and that Abn Amro operational and servicing staff and management will become members of the Citigroup organisation, Mr Nayar said. (UNI) |
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Drainage project for Srinagar, Jammu formulated SRINAGAR, Oct 19: State Government has formulated a Rs 570 crore project for improving drainage and sewerage facilities in the cities of Srinagar and Jammu. Funds for the project would be arranged from Asian Development Bank, Minister for Housing and Urban Development Ghulam Hassan Mir said reviewing the drainage and sewerage facilities at a meeting here yesterday. He said effective steps would be taken to improve the drainage facilities in populous areas of the two cities. (PTI) |
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Mobile operator MMO2 sues Hutchison in bubble spat LONDON, Oct 19: British mobile phone company MMO2 plc is suing video phone pioneer 3 UK in a row over the use of bubbles and unfair price comparisons in advertisements. According to a high court writ made public on Monday, MMO2 is seeking injunctions banning Hutchison Whampoa’s 3 UK from infringing a total of 17 trademarks, centring around the group’s use of bubbles - a linchpin of the O2 brand. "O2 are upset because they think we have got some of their bubbles. I can assure you that the only thing we have got of theirs is some customers," a 3 UK spokesman said, adding that all adverts had been cleared by the Broadcasting Advertising Clearance Centre (BACC) regulatory body. 3 UK said the row, which is expected to be heard by the court around November 5, had been sparked by adverts for its 3 pay tariff, a deal launched in March that offers customers 500 minutes of calls to any network at any time for 25 pounds ( 45) per month, or 100 minutes for 15 pounds per month. The advert, which uses bubble imagery, alleges that this undercuts similar deals from MMO2. And it has been so successful that 36 per cent of 3 UK’s 1.2 million customers use the tariff. The latest spat underlines the increasingly competitive nature of the British cell phone industry, in which five network operators and a growing number of mobile service providers are battling for customers and loyalty in a saturated market. MMO2, the former mobile phone arm of british telecoms carrier BT group plc, operates under the O2 brand in Britain, German and Ireland and has used oxygen bubbles as its trademark in advertising since its demerger from BT in 2001. O2 is the chemical symbol for oxygen. (AGENCIES) |
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BHEL bags Rs 190 crore order from Reliance NEW DELHI, Oct 19: Engineering major Bharat Heavy Electricals Ltd (BHEL) has won a Rs 190 crore contract for three gas turbine generator sets from Reliance Industries (RIL). BHEL will supply two frame-6 gas turbine generator sets for RIL’s Hazira petrochemical project and one for its Jamnagar refinery — both in Gujarat. With a cumulative rating of around 109 megawatts, the turbines will be supplied in a year. BHEL earlier supplied 14 frame-6 gas turbine generators to RIL’s Hazira, Patalganga, Naroda, Goa and Jamnagar projects in addition to several heat recovery steam generators, motors and heat exchangers. So far, the public sector company has executed contracts for over 500 steam turbine and gas turbine-based power plants within and outside the country. (UNI) |
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Ingersoll rand Q2’05 net loss at Rs 10.34-cr MUMBAI, Oct 19: Ingersoll Rand India Ltd has posted a net profit of Rs 84.99-crore for the quarter-ended September 30, 2004 as compared to Rs 7.63-crore for the corresponding quarter previous year, which includes an extra ordinary income of Rs 95.33-crore (net). Announcing this, the company said the extra-ordinary income comprises of profit from sale of drilling solutions of Rs 104.63-crore, a charge of voluntary retirement compensation of Rs 2.79-crore and one time cost of Rs 6.51-crore from sale of drilling solutions business. If the extra ordinary income is not considered, the company has reported a net loss of Rs 10.34-crore as against net profit of Rs 7.63-crore for the corresponding quarter in the previous year. Total income has decreased to Rs 113.82-crore in the quarter-ended September 30, 2004 as compared to Rs 114.6-crore for the corresponding quarter previous year. (UNI) |
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Polish luxury Vodka
‘belvedere’ enters MUMBAI, Oct 19: Polish spirits firm Moet Hennessy today launched the world’s first luxury Vodka ‘belvedere’ in Mumbai priced at Rs 2,600 for a 700-ml bottle. "We are introducing belvedere Vodka in the national capital, Mumbai and Bangalore in the first phase and will expand our market from January by launching in Chennai, Goa, Hyderabad, Kolkata and Pune," Moet Hennessy India managing director Ashwin DEO told newspersons at its launch here. Mr Deo said the company targets 250 outlets over the next one year to promote its luxury Vodka through restaurants, bars, international hotels and night clubs. Imported from Poland, belvedere, a single-grain Vodka, is made from 100 per cent Dankowskie gold rye. Commenting on the salient features of this Vodka, Mr Deo said belvedere is distilled four times, the optimum number for enhancing its unqiue subtle character. "As it comes under a new segment in India we cannot quantify the sales target and marketshare," Mr Deo said in responding to a query. This Vodka has an overall subtle sweetness and a smooth, clean finish that only comes from using rye as the single ingredient. The bottle is made of elegantly etched glass, which is cork finished with a strip-stamp seal. The Indian Vodka market is estimated at approximately 6-lakh cases per annum with a growth rate of 15 to 18 per cent, higher than the spirits category as a whole which has been growing at less than 10 per cent annually. The premium segment contributes 2-lakh cases annually. (UNI) |
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Maruti again tops JD power
survey, NEW DELHI, Oct 19: Domestic car market leader Maruti Udyog Ltd (MUL) has topped the list of J D Power ranking for the fifth successive year in customer satisfaction while CK Birla group firm Hindustan motors has been ranked second. "Maruti Udyog continues to lead the industry on all factors which contribute to overall customer satisfaction," JD power Asia-Pacific country manager Mohit Arora said. MUL has scored 813 points on an industry average of 758 points. The two domestic carmakers were followed by the OPEL brand of general motors India, Hyundai Motor India, Ford Motor and Toyota Kirloskar, according to the JD power Asia Pacific 2004 India Customer Satisfaction Index (CSI) study SM released here today. JD power, a market research firm, conducts customer satisfaction research and provides consulting services in the automotive, information technology and finance industries. "Additionally, with a significant lead in CSI performance, Maruti is the only brand to rank above the industry average," Mr Arora added. Owing to the recent sharp increase in fuel prices, the average cost of operation per kilometre for both diesel and petrol models has gone up by nearly 25 per cent over the last year, said the study, which measures the satisfaction of 3,550 new vehicle buyers with the dealership service experience at 12-18 months of ownership. Owners representing 11 makes and 27 models were covered in the study, which was fielded from June-August 2004. Overall, diesel models registered lower operating costs per kilometer than petrol versions. He said diesel models performing particularly well in operating costs included Tata motors’ compact car Indica and Indigo Sedan while Maruti’s entry-level car m800 and premium small car alto performed very well among petrol vehicles. (UNI) |
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HDFC bank to market UTI MF schemes MUMBAI, Oct 19: UTI Mutual Fund (UTI MF) and HDFC bank have entered into a strategic tie-up for distribution of UTI MF schemes worth of Rs 5,000-crore through the bank’s channel partners and branches. M Damodaran, chairman and managing director, UTI AMC and Aditya Puri, managing director, HDFC bank told reporters here today that the strategic tie-up with HDFC bank is part of UTI MF’s strategy to rapidly expand its distribution network. The UTI MF has set a target of Rs 5,000-crore worth of funds for HDFC bank to be sold through its channel partners and bank’s branches, he said. Mr Damodaran said that the new initiative will increase the access points for existing UTI MF investors, besides adding new investors. In reply to a question, Mr Damodaran said that UTI MF has entered into an agreement with corporation bank, Indian bank, Bank of India, Allahabad Bank, Union Bank of India and Indian post. "Each bank has been given different targets to fulfill", he said. Mr Damodaran said that the bank would sell the MF schemes in eight metros and the second-tier cities. Aditya Puri, managing director, HDFC bank, said the bank is the leading distributors of third party products including mutual funds and insurance. "HDFC bank will be offering UTI MF schemes to its 4-million customers base through over 379 branches spread across the country", he said. (UNI) Drainage project for Srinagar, Jammu formulated SRINAGAR, Oct 19: Jammu and Kashmir Government has formulated a Rs 570 crore project for improving drainage and sewerage facilities in the cities of Srinagar and Jammu. Funds for the project would be arranged from Asian Development Bank, Minister for Housing and Urban Development Ghulam Hassan Mir said reviewing the drainage and sewerage facilities at a meeting here yesterday. He said effective steps would be taken to improve the drainage facilities in populous areas of the two cities. Referring to some areas of downtown including Zainakadal, Channapora, Natipora, Firdous Colony, Chattabal, Karan Nagar, the minister directed the officers of Urban Environment Engineering Department to take short term measures for improving drainage and sewerage facilities in these areas. (PTI) |
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