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| Innosoft Tech to split stock in 1:5 ratio MUMBAI, Sept 3: Innosoft Technologies Ltd today said it will split equity shares of the company in 1:5 ratio. The Board of Directors have decided to split the equity shares of Rs 10 each...........more AI plans
to operate CHENNAI, Sept 3: Air India is planning to operate direct flights from Southern India to New York and Chicago, via Frankfurt and Paris, to boost the west bound traffic from the region, a senior AI official has said...............more IT: Small
firms vying GURGAON, Sept 3: IT majors TCS, Infosys and Wipro figure among the top 20 going by employee satisfaction, but giving them stiff competition are..........more Govt to
push oil refiners NEW DELHI, Sept 3: The Government is planning to send a missive to all oil refiners, particularly Reliance Industries and Mangalore Refinery and Petrochemicals Ltd (MRPL), to.............more |
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P&G FY 05 net up 35 pc; declares 40 pc dividend MUMBAI, Sept 3: Proctor & Gamble Hygiene and Health Care Ltd today posted 35.19 per cent rise in net profit of Rs 124.61 crore for the year ended June 30, 2005 as compared to Rs 92.17 crore in previous fiscal...........more State to
boost fish AIZAWL, Sept 3: As many as eight fish seed farms have been constructed across Mizoram at the cost of Rs 5.28 crore here.......more Bank of
India to MUMBAI, Sept 3: The Bank of India today said it will raise Rs 750 crore to augment its Tier II capital by way of private placement of unsecured redeemable non-convertible, subordinated bonds.........more ICICI
starts probing MUMBAI, Sept 3: ICICI Bank has initiated an inquiry in its treasury operations following the bank's breach in the limit of overnight exposure in foreign exchange in the first week of August, that caused a loss of Rs one crore to the bank The initial investigation led to the irregular trading involving..........more |
Innosoft Tech to split stock in 1:5 ratio MUMBAI, Sept 3: Innosoft Technologies Ltd today said it will split equity shares of the company in 1:5 ratio. The Board of Directors have decided to split the equity shares of Rs 10 each to five shares of Rs 2 each subject to shareholders approval, the company informed the Bombay Stock Exchange. Innosoft is engaged in technology solutions in power discoms, IT and enabled services. (PTI) |
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AI plans to
operate flights from CHENNAI, Sept 3: Air India is planning to operate direct flights from Southern India to New York and Chicago, via Frankfurt and Paris, to boost the west bound traffic from the region, a senior AI official has said. "To cater to the needs of the west bound traffic from south India, Air India is planning to operate direct flights to New York and Chicago, via Frankfurt and Paris, as soon as more aircraft joined the fleet mid-next year", Air India's Regional Director (India) Capt P P Singh told reporters here last night. "Next year AI Express, the budget wing of the carrier, also planned to operate to Singapore-Kuala Lumpur", he said. On the centre's move to insist on six months notice to pilots before quitting the job, Singh said "it will not only ensure that there was no sudden displacement, but also make other airlines think". Regarding operations, he said there was "excellent response to the recent introduction of a Boeing 747 flight on Madras-Mumbai-Los Angeles sector. Dispelling the belief of lack of coordination between AI and Indian Airlines, he said "AI has good synergy with IA and we are rationalising the routes for better capacity useage". About private carriers' operations to foreign countries, Singh said private airlines did take away some share but passenger numbers was growing. "Our market share has gone up to 21 per cent in 2004-05 from the previous 19 per cent and south contributed 30 p c of total revenue", he said. AI's Commercial Manager (Tamil Nadu) P S Rajagopal, said Tamil Nadu accounted for nearly 11 pc of the overall growth of the national carrier. "AI's growth on west bound sector as far as Tamil Nadu is concerned, is growing substantially, especially to New Jersey and Chicago", he said. (PTI) |
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IT: Small firms vying with
biggies GURGAON, Sept 3: IT majors TCS, Infosys and Wipro figure among the top 20 going by employee satisfaction, but giving them stiff competition are smaller ones like Cadence, RMSI and Induslogic, according to the latest IDC survey. IDC, a market research and consulting firm, however said the ''biggest surprise'' in year 2005 was HCL Infosystems, which showed ''dramatic improvement'' on employee satisfaction. The company received the highest ratings (five star), even as new entrants Hexaware Technologies and Mahindra British Telecom find place in the top 20, classified as 'Star Employers'. The study was conducted among IT companies on collection of information from both the HR departments as well of employees of the participating companies. The compiled data yields the scores used for the final ranking. The top 20 companies for the year 2005 as per the survey are HCL Infosystems, TCS, Infosys Technologies (five star), Cadence Design Systems, Hexaware Technologies, RMSI, Rolta India (four star), Accel ICIM Frontline, Computer Science Corporation India, IBM India, MindTree Consulting (three star), Philips Software Centre, Sasken Communication Technologies, Sun Microsystems (two star) and HCL Technologies, Induslogic, Keane India, Mahindra-British Telecom, NIIT Technologies and Wipro (one star). On the key factors driving employee satisfaction, the study noted that employees across companies in the IT industry were looking for ''growth, growth and growth.'' Companies that underperformed on this aspect also slipped on employee satisfaction this year. Following closely are ''work-life balance'' (flexibility at workplace), organisation culture and job content. Compensation has ceased to be the only parameter for satisfaction for some time now and the trend continues this year as well. Smaller companies fare better on overall satisfaction. Larger ones continue to struggle despite great HR policies, the survey said. IDC provides market research and consulting to more than 3,900 high-technology customers around the world in the field of IT and telecommunications. It has a global network of more than 700 analysts in 43 countries. (UNI) |
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Govt to push oil refiners for producing more kerosene NEW DELHI, Sept 3: The Government is planning to send a missive to all oil refiners, particularly Reliance Industries and Mangalore Refinery and Petrochemicals Ltd (MRPL), to produce more kerosene to meet the public distribution system (PDS) demand. The basis of this order, sources say, is that the supply to the PDS system is falling short of the demand for PDS kerosene. However, according to official sources, not more than 50 per cent of the PDS kerosene actually reaches the targeted BPL population for whom they are subsidised. Instead, kerosene is used for adulteration in petrol pumps and also for selling in the black market. According to a study by Indian Institute of Management-Ahmedabad, almost 49 per cent of the total supplies of PDS was lost in leakage in 1993-94. In 1999-00 the figure was almost the same at 50 per cent. This means that the genuine consumer is forced to source his additional requirement of kero at black market rates, which are around Rs 2 to Rs 3 per litre higher than the PDS rate. Also, a majority of kerosene users in the country do not depend on the fuel for cooking purposes. According to findings of a study by the National Council for Applied Economic Research (NCAER), 73 per cent of rural households and 30 per cent of urban households use kerosene only for lighting purposes. Oil Ministry sources say kerosene worth Rs 10,000 crore is diverted every year. NCAER and National Institute of Public Finance and Planning concur that subsidy gives kerosene an undue price advantage against other fuels and forces its diversion at the cost of the poor families for whom it is meant. Hence, in a scenario where the fault lies in the distribution system and not in the supply, for the government to try and force refineries to produce more will end up benefiting the wrong people. (UNI) |
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P&G FY 05 net up 35 pc; declares 40 pc dividend MUMBAI, Sept 3: Proctor & Gamble Hygiene and Health Care Ltd today posted 35.19 per cent rise in net profit of Rs 124.61 crore for the year ended June 30, 2005 as compared to Rs 92.17 crore in previous fiscal. Total income has increased 23.51 per cent to Rs 731.54 crore for the year ended June 30, 2005 from Rs 592.27 crore in 2003-04. The board of directors of the company have recommended a final dividend of Rs 40 per equity share for the financial year 2004-05, the company informed the Bombay Stock Exchange. The dividend will be paid on approval of the shareholders at the Annual General Meeting to be held on November 25, 2005. The company has posted a net profit of Rs 38.36 crore for the quarter ended June 30, 2005 as compared to Rs 12.67 crore for the corresponding quarter last fiscal. Total income has increased to Rs 205.53 crore for the quarter ended June 30, 2005 from Rs 149.59 crore in the year-ago period. "We continue to deliver strong top line & bottom line growth with help of our superior performing products, insightful advertising, strong go-to-market strategies and elimination of non-value adding costs. I am also pleased to share that most of our brands have achieved no. 1 position in the category they compete in with Vicks VapoRub achieving 30 per cent, Vicks Cough Drops 56 per cent, Vicks Action 500 51 per cent and Whisper 49 per cent value market shares," said Bharat Patel, Chairman, P & G Hygiene and Health Care Ltd. (PTI) |
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State to boost fish farms in Mizoram AIZAWL, Sept 3: As many as eight fish seed farms have been constructed across Mizoram at the cost of Rs 5.28 crore here. Officials stated that with an outlay of Rs ten lakh for working capital under the centrally sponsored scheme, it is targetted to produce around 80 lakh seeds (fry) from the fish seed farms during the current fiscal. During the annual plan 2005-2006, it is also targetted to produce another 50 lakh fry from departmental farms, they added. During this year, the Department contemplates the development of fish farming by renovation of 330 hectares of existing fish ponds under Fish Farmers Development Agency and another 120 hectares for construction and renovation of ponds under Bamboo Flowering and Famine Combat Scheme (BAFFACOS), the officials said adding this is expected to hoist the fish production level to 2500 MT. Moreover, a pilot project of giant fresh water prawn farming and polyculture was also taken up in 12 selected plots in collaboration with Central Inland Fishery Institute, Mumbai, the officials pointed out. They also informed that 357 lakh fingerlings were distributed to fish farmers at 100% subsidy and 200 lakhs fish seeds along with fish feed is targetted to be distributed to fish farmers under North East Council scheme. (UNI) |
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Bank of India to raise Rs 750 cr MUMBAI, Sept 3: The Bank of India today said it will raise Rs 750 crore to augment its Tier II capital by way of private placement of unsecured redeemable non-convertible, subordinated bonds. The bank will make the private placement of the non-convertible bonds (Series VIII) for Rs 750 crore with a green shoe option of Rs 250 crore to retain over subscription, for strengthening the Capital Adequacy Ratio and for improving the long term resources of the Bank, it informed the Bombay Stock Exchange. (PTI) |
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ICICI starts probing lapses in treasury operations MUMBAI, Sept 3: ICICI Bank has initiated an inquiry in its treasury operations following the bank's breach in the limit of overnight exposure in foreign exchange in the first week of August, that caused a loss of Rs one crore to the bank. The initial investigation led to the irregular trading involving five treasury officials, who were suspended by the bank. According to ICICI officials, two curreny traders of the bank had built up long positions in the Euro currency which weakened against the US dollar, resulting in a loss of Rs one crore. ''Investigations are still going on and we had informed the Central Bank on the issue on August eight,'' the official said. The development has highlighted the role of internal control system of the country's second largest commercial bank. The Reserve Bank of India (RBI) has asked the ICICI bank to explain the lapses in the bank's internal control system and what measures are to be taken to rectify this lapses for non-occurrence in the future. The back-office of ICICI bank, which is supposed to monitor the trading limits, was unable to identify the violation of irrregularity in trading involving several treasury manmagers of the bank. The bank has 120 treasury managers and has a daily average market exposure of over Rs 3,000 crore that includes majority deals in government securities, foreign exchange, money market and bullion trading. (UNI) |
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Invest Rupees and earn Dollars, in Gujarat: Narendra Modi SURAT, Sep 3: Chief Minister Narendra Modi hailed Gujarat as a rapidly emerging economic powerhouse and applauded Essar Group for reposing its confidence in the state. After inaugurating the cold rolling complex of Essar Steel plant at Hazira here yesterday, Mr Modi said ''Essar has made Gujarat its 'karambhoomi' and both cannot live without each other as they are made for each other.'' He congratulated the Ruias for their foresight and assured that they, too, would prosper along with Gujarat. ''The whole country is talking about Gujarat's stupendous progress. But our aim is very high, so our road is also very long. The Essar Group is invited to join in this journey,'' Mr Modi said. ''Every Gujarati has qualities of entrepreneurship, professionalism and commitment ingrained in his genetic make-up and this has made Gujarat a shining example for providing conducive environment for investment. Today, the state is the most favoured destination for all leading business houses,'' he reiterated. Lambasting other states for attracting investment through incentives like tax sops and other freebies, Mr Modi said that infrastructure gains prominence over incentives and Gujarat would strive to provide the best infrastructural facilities available in the country. The Chief Minister stressed that with the eradication of red tapism in Gujarat, now only red carpet welcome is accorded to companies here. ''Plans and policies are inspired by the goal of providing benefits of development to all the people of Gujarat. Formulating all policies in black and white and minimising grey areas is the key to eliminate inordinate delays and corruption,'' Mr Modi observed. (UNI) |
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Polymer held steady in thin trade NEW DELHI, Sept 5: There was not much activity in the wholesale plastic market today as most of the polymer prices moved in a limited range in small deals and closed on a flat note. Arrivals and offtake too remained at a low ebb and volume of business poor. Marketmen said negligible enquiries from consuming units mainly kept prices steady. Following were today's quotations per kilo: LD No 40 - 67.50, LD No 400 - 68.50 , LDP blowing 63.50, colour 63 HD molding (deshi) 62, HD molding (colour) 70, PP No 100 60,PP Colour 77, ABS (Indian) 90, acrylic 110-115, colour 135-140, crystal (Indian) 90, colour 95, poly carbonate 115-120, Nylon No-6 155, Nylon No 66 - 176, PVC resin deshi 856, PVC pest grade 72, imported not available. (PTI) |
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