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| Germany’s DW looking for partners for radio and TV NEW DELHI, Nov 25: Germany’s International Broadcaster Deutsche Welle has said it was interested in entering the television and FM radio space in India, though it was wary about the restrictions on news and current affairs ................more ONGC ready
to buyback NEW DELHI, Nov 25: Oil and Natural Gas Corporation (ONGC) today said it was willing to buyback the company’s holding with IOC and GAIL and has no immediate plans to divest the stake it holds in IOC and GAIL. .....more China to
build strategic NEW DELHI, Nov 25: China, the world's second largest oil consumer, will build strategic oil reserves as insurance against supply disruption while initiating dialogue with other countries for stable energy supply at affordable prices, the .........more 3i
Infotech acquires MUMBAI, Nov 25:3i Infotech, formerly known as ICICI Infotech, today acquired Hyderabad-based SDG Software Technologies, aiming a further penetration in the banking industry.......more |
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Spentex, CLC Global get HC approval for amalgamation MUMBAI, Nov 25: Spentex Industries Ltd said its plan of amalgamating CLC Global Ltd with itself has been approved by the Delhi High Court........more Subir Raha rules out AHMEDABAD, Nov 25: ONGC Chairman Subir Raha today ruled out any immediate merger between ONGC and Mangalore Refinery and Petrochemicals Limited........more Yes Bank
to offer MUMBAI, Nov 25: New generation Yes Bank will foray into retail banking during the fourth quarter of this fiscal by offering personal loans and advances against existing real estate. The bank will further expand its retail loan portfolio by offering housing loans ......more Inflation
up marginaly NEW DELHI, Nov 25: Inflation rose marginally to 4.2 per cent for the week ended November 12, from 4.14 per cent in the previous week mainly due rise in prices of minerals and non-food essential items........more |
Germany’s DW looking for partners for radio and TV NEW DELHI, Nov 25: Germany’s International Broadcaster Deutsche Welle has said it was interested in entering the television and FM radio space in India, though it was wary about the restrictions on news and current affairs programmes for foreign broadcasters. "India is an important country and we are looking for partnerships here," DW Director-General Erik Bettermann told PTI here. He said DW, which had revenues of about 300 million euros last year, was open to making investments in the Indian market, in case right opportunities and partners came its way. Among others, Bettermann held meetings with top officials of public broadcasters All-India Radio and DD during his visit to the national capital, and welcomed the Government’s decision to allow foreign direct investment in FM radio. He, however, expressed reservations over some of the restrictions on foreign broadcasters in respect of news and current affairs programmes. "Free press is a pre-condition for democracy... Open the sector for foreign broadcasters. It is the trend worldwide," he said. While the Government has disallowed news and current affairs programming in private FM radio, foreign TV news broadcasters like BBC and CNN cannot have programming and advertising specifically designed for Indian audience. (PTI) |
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ONGC ready to buyback its holding with IOC, GAIL NEW DELHI, Nov 25: Oil and Natural Gas Corporation (ONGC) today said it was willing to buyback the company’s holding with IOC and GAIL and has no immediate plans to divest the stake it holds in IOC and GAIL. "At the moment we have no plan to divest our holdings in IOC or GAIL," ONGC Chairman cum Managing Director Subir Raha told reporters here. The Union Cabinet yesterday allowed offloading cross-holding of shares in each other by Indian Oil Corporation, ONGC and GAIL. "We have already proposed that we are willing to buyback ONGC holding with IOC and GAIL," he said. Indian Oil holds 9.61 per cent in ONGC, while GAIL holds 2.4 per cent stake in the exploration giant. IOC and ONGC holds 4.83 per cent stake in GAIL, while ONGC holds 9.11 per cent in Indian Oil. (PTI) |
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China to build strategic oil reserves NEW DELHI, Nov 25: China, the world's second largest oil consumer, will build strategic oil reserves as insurance against supply disruption while initiating dialogue with other countries for stable energy supply at affordable prices, the country's envoy to India said today. "To properly respond to emergence and prevent oil supply risks, China will gradually build up the oil reserve system and emergency response mechanism," Chinese Ambassador to India Sun Yuxi said the Asian Oil Ministers Round Table here. India, which is 73 per cent import dependant to meet its oil needs, also has plans to build strategic crude oil reserves to meet country's requirement of 15-days during emergencies. The Asia's largest oil consumer, which plans to strengthen reforms in electricity, coal, oil and gas, would also attach great importance to security in coal production and construction of a reliable energy transportation system, he said. "Following the principle of equality and mutual benefit win-win enterprise operation, government coordination, vast cooperation, diversified development, sincere treatment and enhanced communication, Chinese government is willing to strengthen dialogue, cooperation and exchange with other countries in the world and make its own contribution to the stable energy supply," he said. (PTI) |
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3i Infotech acquires SDG software MUMBAI, Nov 25: 3i Infotech, formerly known as ICICI Infotech, today acquired Hyderabad-based SDG Software Technologies, aiming a further penetration in the banking industry. "SDG Software is a profitable Company with annual revenues of approximately Rs 100 million. The Company has a comprehensive array of products for the banking industry and capital markets with a focus on surveillance and fraud management," 3i Infotech said in a release here. SDG also offers products and solutions catering to the capital markets, it said. The company has 125 employees and has customers in Philippines, Singapore, Middle East, India and UK, it added. (PTI) |
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Spentex, CLC Global get HC approval for amalgamation MUMBAI, Nov 25: Spentex Industries Ltd said its plan of amalgamating CLC Global Ltd with itself has been approved by the Delhi High Court. Spentex informed the Bombay Stock Exchange that a High Court order dated November 23, approved the scheme of amalgamation of CLC Global with the company. CLC Global informed BSE of the same. (PTI) |
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Subir Raha rules out immediate AHMEDABAD, Nov 25: ONGC Chairman Subir Raha today ruled out any immediate merger between ONGC and Mangalore Refinery and Petrochemicals Limited and said that it (MRPL) was better off as an independent business entity. "Since Hindustan Petroleum Corporation Limited (HPCL) still holds 17 per cent stake in MRPL we do not see a immediate merger," Raha, who was in town for the `Confluence 2007' at Indian Institute of Management here told mediapersons. "When we took over MRPL it had accumulated loss of Rs 1,200 crores. But in two years MRPL is making a profit and we think it is more strategic to maintain MRPL as an independent business entity," Raha said Regarding the debottling of MRPL he said,"we are looking towards hiking its capacity to 15 MTPA which should be completed by 2007-08." Raha also said that ONGC was looking towards setting up new refineries in Rajasthan, Andhra Pradesh and Mangalore. When asked about future prospects of ONGC Videsh Limited he said that the company was looking towards several interesting opportunities. "I hope they materialise because for us it is a good basket in terms of quantitised, in terms of risk and in the next few weeks we will know", Raha said. (PTI) |
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Yes Bank to offer retail banking from next quarter MUMBAI, Nov 25: New generation Yes Bank will foray into retail banking during the fourth quarter of this fiscal by offering personal loans and advances against existing real estate. The bank will further expand its retail loan portfolio by offering housing loans during 2006-07, Yes Bank MD and CEO Rana Kapoor told PTI. For this purpose, the bank is planning to open 23 more branches across the country to take the total number to 30 by March 30, 2006. Fourteen of the branches would be in northern states, while 12 will be located in west, including seven in Maharashtra. Three branches would be in south Indian states and one in east. The bank would raise Rs 100 crore tier II capital each from ADB and domestic sources within 60 days to set up infrastructure, he said. The proceeds of Rs 315 crore that it got from IPO earlier this year would be used to fund part of its retail business and loan growth, Kapoor added. The bank is planning to go for full blown retail banking by 2007-08 and make it one of the three divisions along with small and medium enterprises and corporate institutional banking. "By 2010, retail
banking is targeted to contribute 30-35 per cent to our
total business with SME sector chipping in another 30-35
per cent and 30 per cent of our business coming from
corporate institutional banking," he said. (PTI) |
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Inflation up marginaly to 4.2 pc NEW DELHI, Nov 25: Inflation rose marginally to 4.2 per cent for the week ended November 12, from 4.14 per cent in the previous week mainly due rise in prices of minerals and non-food essential items. Fall in the prices of essential items like vegetables, fruits, edible oil, rice along with turbine fuel and cement arrested a dramatic rise in inflation. The present level of inflation at 4.2 per cent was remarkably lower than 7.68 per cent recorded a year ago mainly due to prudent monetary measures taken by Reserve Bank at the busy season credit policy. Although RBI has cautioned that the economy has not yet seen the full impact of fuel price rise, Finance Minister P Chidambaram has stated that government will not hesitate to take fiscal measures to contain inflation at 5-5.5 per cent during 2005-06. The Wholesale Price Index was up by 0.1 per cent to 198.6 points from 198.5 a week ago and 190.6 a year ago. World oil prices hit four-month low of 57 dollars per barrel during the week under review owing to mild temperatures in the United States, where crude inventories are recovering also after recent hurricanes. The Government revised upward inflation figure to 4.17 per cent for the week ended September 17, from provisional 3.75 per cent, while WPI stood corrected at 197.3 points as against the earlier estimate of 196.5 points. The Primary Articles' group index was up by 0.1 per cent to 199.9 points owing to increase in prices of minerals and non-food items. The index was 193 points a year ago. The Food Articles' group index fell by 0.1 per cent to 201.7 points due to one per cent dip in prices of condiments & spices, jowar, fruits & vegetables, ragi and rice. However, prices rose for barley and mutton (four per cent), bajra (three per cent), masur and gram (two per cent each) and eggs, urad and wheat (one per cent each). Non-Food Articles' group index moved up by 0.2 per cent as prices rose for raw silk (four per cent), raw wool (three per cent), raw rubber (two per cent) and raw cotton, raw jute and niger seed (one per cent each), even as soyabean and castor seed became cheaper by one per cent. Minerals group index rose by 2.2 per cent to 355.9 points due to higher prices of manganese ore (34 per cent), barytes (14 per cent) and iron ore (two per cent). But prices declined for vermiculite (21 per cent), magnesite (12 per cent) and fluorite (three per cent). Two per cent fall in bitumen prices pushed down the Fuel, Power, Light and Lubricants group index marginally to 312.4 points. The index was 291.7 points in the year ago period. Manufactured Products' group index stood firm at the previous week's level of 172.7 points even though prices rose for food products, textiles and machinery. The index was 167.2 points in the previous year period. Food Products' group index rose by 0.1 per cent to 178.6 points due to higher prices of oil cakes and rice bran oil (one per cent). But prices fell for cotton seed oil (five per cent) and sooji (one per cent). The index for Textiles group was up by 0.2 per cent to 128.5 points due to increase in prices of polyster staple fibre (two per cent) and hessian & sacking bags and hessian cloth (one per cent each). Marginal fall in prices of footwear western type pushed down the Leather and Leather Products' group index by 0.4 per cent to 169.8 points. Chemicals and Chemical Products' group index declined by 0.2 per cent to 190.1 points owing to lower prices of benzene (six per cent) and caustic soda (one per cent), but purified terephthalic acid became costlier by two per cent. One per cent fall in cement prices pushed down the Non-Metallic Mineral Products' group index by 0.4 per cent to 169.2 points. Basic Metals Alloys & Metal Products group index declined marginally to 222.5 points due to cheaper basic pig iron and foundary pig iron (two per cent each) and steel sheets, plates and strips (one per cent). However, prices firmed up for zinc (five per cent), zinc ingots and steel wire ropes (three per cent each), lead ingots (two per cent) and ms bars & rounds (one per cent each). The index for Machinery and Machine Tools group was up by 0.2 per cent to 148.7 points due to higher prices of tractor components and accessories (three per cent), boilers, its parts & accessories (two per cent) and complete tractors (one per cent). (PTI) India proposes study to form Asian oil and gas grid NEW DELHI, Nov 25: India today called for cooperation in Asia- the largest producer and fastest growing consumer of oil and gas - for forging an Asian oil and gas community and proposed a study for forming an oil and gas grid for the continent. "We would like to initiate a detailed, scientific study of the possibility and feasibility of devising an Asian Oil and Gas Grid," Oil Minister Mani Shankar Aiyar said in his inaugural address at the Asian Oil Ministers Round Table here. Aiyar said Asia was no longer marginal to the global oil and gas economy. "The era when our production was controlled by others is now behind us, the era when the bulk of consumes lived on other continents is also over. Already, two-thirds of the oil extracted from the bowels of West Asia and South-East Asia finds its way to the markets of Turkey, India, China, Korea and Japan, and other consumption centers in Asia." The round table, the second being hosted by India, has brought together North and Central Asian oil producing countries Russia, Turkey, Uzbekistan, Kazakhstan and Azerbaijan - in dialogue with the principal Asian consumer nations - China, Japan, Korea and India. He suggested creation of interdependence between the Asian oil and gas producers and consumers for controlling volatilities in prices. "The worst of the Imperial Quest for Oil in the 19th and the first half of 20th Century was the violence and the bloodshed, the deceit and the subversion and the undermining, the shameless exploitation which has stained the sad story of the saga of oil. That is the horror which we must avoid." Aiyar said both producers and consumers can jointly invest in infrastructure to gain energy security for the region. "We can together invest in exploration, production, transportation, ship-building and shipping, in ports and terminals." "We can together build refineries and gas processing plants and power generation stations and petrochemical units; in short, we can together take on the world- That would be true Energy Security," he said. Asia has emerged as a major oil consumption center, with present consumption being around 40 per cent of total world consumption of around 82 million barrels per day. Against the increase in global oil consumption of around 3.3 per cent in 2004, Asian consumption increased by over 5 per cent. Asia is projected to continue to be dominant oil consuming center in the next 20-25 years. The round table, like the previous one of January 2005 when the principal consumers came face to face with the major West Asian producers, would focus on the themes of stability, security and sustainability through interdependency and mutual cooperation in the Asian oil economy, Aiyar said. New Delhi stressed on developing oil markets geared to emerging realities and promoting criss-cross investments to tie Asian producers and consumers in mutually beneficial engagements. (PTI)
ONGC ready to buyback its holding with IOC, GAIL NEW DELHI, Nov 25: Oil and Natural Gas Corporation (ONGC) today said it was willing to buyback the company's holding with IOC and GAIL and has no immediate plans to divest the stake it holds in IOC and GAIL. "At the moment we have no plan to divest our holdings in IOC or GAIL," ONGC Chairman cum Managing Director Subir Raha told reporters here. The Union Cabinet yesterday allowed offloading cross-holding of shares in each other by Indian Oil Corporation, ONGC and GAIL. "We have already proposed that we are willing to buyback ONGC holding with IOC and GAIL," he said. IndianOil holds 9.61 per cent in ONGC, while GAIL holds 2.4 per cent stake in the exploration giant. IOC and ONGC holds 4.83 per cent stake in GAIL, While ONGC holds 9.11 per cent in Indian Oil. IOC Chairman S Behuria said the company wanted to sell its holding in ONGC and GAIL in tranches but the timing would be decided in consultation with the Petroleum Ministry. "It will be done in tranches, but we do not need the money now," Behuria said. Asked about the ONGC offering to buyback its holding in IOC, Behuria said: "A decision on it will be taken in consultation with financial advisor." (PTI) |
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