Daily Excelsior...Business

IFC to support building
world class Indian
private sector

NEW DELHI, Jan 18: The International Finance Corporation (IFC) has assured continued assistance to India's development efforts, especially .........more

HCL Tech net up 263 pc
at Rs 277.79 crore

NEW DELHI, Jan 18: HCL Technologies today reported a 263 per cent rise in net profit at Rs 277.79 crore for the quarter ended December 31, 2005 as ....more

Iowa financial firm to
set up center in India

NEW YORK, Jan 18: The Iowa-based Principal Financial Group is considering opening an employment center in India, anticipating a .. ....more

Reliance Energy
Q3 net up 22.66 pc

MUMBAI, Jan 18: Anil Ambani-controlled Reliance Energy Ltd today posted a 22.66 per cent rise in net profit at Rs 164.64 crore for the quarter ended December 31, 2005, as compared to Rs 134.22 crore in the year-ago .........more

HCL Technologies' net profit up by Rs 27.78 cr

MUMBAI, Jan 18: HCL Technologies has posted a net profit of Rs 27.78 crore for the quarter ended on December 31, whereas the same was at Rs .........more

Regulators to fix tariff
of traded power; CERC
to fix margins

NEW DELHI, Jan 18: In a far-reaching measure aimed at reducing cost of traded power, regulators of power surplus states will now fix the tariff of .......more

ING Vysya Bank, Euronet sign up to open 200 self bank outlets

BANGALORE, Jan 18: ING Vysya Bank has tied-up with electronic payments provider Euronet Services India to open countrywide 200 "Self...............more

Aurobindo's products included in WHO's prequalification list

MUMBAI, Jan 18: Aurobindo Pharma Ltd today announced the inclusion of two of its anti-retroviral products, Nevirapine oral suspension 50 mg / 5 ml and................more

Kotak Mahindra Bank Q3 net up 70.89 pc..........

UB considers restructuring subsidiaries ...........

Dena Bank Q3 net profit up at Rs 83 cr............

Indiabulls declares interim dividend ...........

IFC to support building world class Indian private sector

NEW DELHI, Jan 18: The International Finance Corporation (IFC) has assured continued assistance to India's development efforts, especially building of infrastructure, and forecast that the year 2006 would be a ''banner year'' for emerging economies, with market capitalisation of their stock markets set to exceed five trillion dollars for the first time.

The IFC, the private sector arm of the World Bank, put the economic growth rate for developing nations at between 5.5 to 5.9 per cent in 2006, but said major challenges remain on macroeconomic stability, corporate governance, and environmental and social issues.

The emerging economy scenario was highlighted by IFC in a Report brought out on the occassion of its 50th milestone anniversary year.

''Emerging markets as a group have proved they can sustain high growth and attract capital. There is tremendous dynamism. But the growth is uneven, and there is a huge unfinished agenda,'' said Lars Thunell, Executive vice president of IFC.

India is IFCs 3rd largest exposure. As of July 31, 2005, IFCs held portfolio in India consisted of investments in 79 companies, with total exposure of 1.25 billion dollars for IFCs own account and 348 million dollars for B-loan participants.

''IFC commitments in India have grown strongly over the past three years,'' the Report said while listing the companies in which it has invested. These are in diverse areas and include manufacturing, agribusiness,biotechnology, infrastructure and health. A major aim of IFC's investments is building an internationally competitive private sector.

Thunnel noted that the flow of private capital into the developing countries at roughly 350 billion dollars is now more than four times the amount of international aid. But, he noted, the development community needs to do a better job of using market-based solutions to reduce poverty, address social needs, and preserve the global environment.

''More and more development and aid organizations - multilateral banks, foundations, non-profits are looking at an entrepreneurial approach to development. They are asking how they can harness the power of private capital, free enterprise, and social entrepreneurship to bring about needed change,'' Thunell said. (UNI)

Iowa financial firm to set up center in India

NEW YORK, Jan 18: The Iowa-based Principal Financial Group is considering opening an employment center in India, anticipating a worker shortage at home.

Officials of the company said they were not moving jobs to India. Instead, the company is setting up two offices in Mexico and India managed by third-party contractors and creating one operation in India, which will be run directly by Principal, the Des Moines Register newspaper reported.

The move came amid preparations by Principal to meet a potential labour shortage in Iowa and diversify geographically its work force, the newspaper quoted company spokeswoman Eva Quinn as saying.

''This is not unlike our move to expand beyond Des Moines many years ago and tap the available work force in other cities like Mason City; Spokane in Washington state; and Grand Island, Nebraska,'' Ms Quinn told the paper.

''Now we're tapping a global work force and increasing our efficiency through global work sharing,'' she added.

The company is considering to employ directly about 200 people by this year-end in an unspecified city in India. She said they will join about 260 others who already work in India for joint ventures to sell mutual funds, pensions, life insurance and asset management services.

The American firm is also working with a Malaysian bank to sell mutual funds and manage assets, and the company is in talks with Chinese officials about selling pensions and managing mutual funds in that country.

Norman Sorensen, a senior vice president at Principal, had said that the potential was ''very, very attractive.''

India, with a relatively large English-knowing population, attracted many American companies in recent years. (UNI)

Regulators to fix tariff of traded power; CERC to fix margins

NEW DELHI, Jan 18: In a far-reaching measure aimed at reducing cost of traded power, regulators of power surplus states will now fix the tariff of electricity sold to trading firms, while central regulator CERC will announce within a week the maximum margins that these companies can charge.

On the other hand, the regulators of deficit states such as Delhi and Maharashtra which buy electricity through trading firms have also been "advised" to set an outer limit of the tariff that their utilities can pay for purchasing power.

"We had sought legal opinion on the matter. The Attorney General has said that the tariff of power sold by generation or distribution company of a surplus state to the trader is to be regulated by appropriate regulatory commission," Central Electricity Regulatory Commission Chairman A K Basu told PTI.

The CERC had approached the Attorney General following discussions on its proposal in September 2005 to fix trading margins at two paise per unit. While deficit states had welcomed the move, they also demanded that regulators should fix the tariff of power sold by surplus states to traders.

Basu said currently surplus utilities or electricity boards give the trading contract to the highest bidder, which pushes up the cost. The trading margins further adds to the cost, putting consumers in deficit states at a disadvantage.

"The Electricity Act does not say that surplus power be sold to highest bidder... And the traders are covered by Lines of Credit by both sellers and buyers. They take very little risk," he said.

"We would announce the trading margins within 6-7 days," he said, adding the commission would consider all the views expressed by various stakeholders, including the opposition by trading firms, before taking a final decision. (PTI)

ING Vysya Bank, Euronet sign up to open 200 self bank outlets

BANGALORE, Jan 18: ING Vysya Bank has tied-up with electronic payments provider Euronet Services India to open countrywide 200 "Self Bank" outlets that will offer clients personalised services round-the clock.

The "Self Bank" concept is unique to ING and is being adopted for the first time in India, Country Head, Retail Banking, Shantanu Ghosh said.

The outlets will offer clients seated kiosks located next to the bank's ATMs, with a "secure and convenient" service area, bank officials said.

The self service area is accessible on a 24/7 basis and allows client to avail a range of services, such as balance enquiry, stop payment, payment of utility bills and account-to-account transfer, as also top-ups for pre-paid cards for mobile phones, the bank said.

According to the multi-year agreement, the bank would deploy 200 self bank sites in major cities like Delhi, Mumbai and Hyderabad by 2007, including 12 outlets here in the next three weeks, strengthening its retail reach.

Euronent will select these sites, install the ATMs and kiosks and all related equipment, drive the ATMs and kiosks from its operations centre in Mumbai and provide all of the day-to-day outsourcing services, its Managing Director Loney Antony said.

In addition to the outlets, the bank will join Cashnet, India's largest shared ATM network, which is operated by Euronet, and has more than 5,300 ATMs.

The bank has also decided to strategically depute, next to the outlets, certified advisors of ING Vysya Financial Services who would offer wealth management services dealing with both mutual funds and life insurance. (PTI)

Aurobindo's products included in WHO's prequalification list

MUMBAI, Jan 18: Aurobindo Pharma Ltd today announced the inclusion of two of its anti-retroviral products, Nevirapine oral suspension 50 mg / 5 ml and Stavudine for oral solution 1 mg / ml, in World Health Organisation's pre-qualification list.

Both these products, which are used as a part of first line treatment in pediatric AIDS, have been included in the prequalification list for the first time, the pharma major informed the Stock Exchanges.

This inclusion takes the count of the company's products in the prequalification list to twelve, it added.

Aurobindo Pharma manufactures and exports bulk drugs, formulations, and oral suspensions. (PTI)

Kotak Mahindra Bank Q3 net up 70.89 pc

MUMBAI, Jan 18: Kotak Mahindra Bank Ltd today posted a 70.89 per cent increase in net profit at Rs 32.64 crore for the quarter ended December 31, 2005 as compared to Rs 19.10 crore for the quarter ended December 31, 2004.

The total income grew to Rs 230.92 crore for the quarter ended December 31, 2005 from Rs 143.31 crore in Q3-05, up 61.13 per cent, the bank informed the Bombay Stock Exchange.

"We continue to build an integrated financial services business. We see three big opportunities for growth; growing urbanisation, increased smaller town and rural participation and international integration, " Executive Vice Chairman and Managing Director of the bank, Uday Kotak, said. (PTI)

UB considers restructuring subsidiaries

MUMBAI, Jan 18: In a pursuit to bring its widespread liquor business under a single entity, Vijay Mallya controlled United Breweries Ltd, has said it has formed a committee to evaluate proposals for restructuring its subsidiaries.

The board discussed proposals to restructure the company's subsidiaries and formed the committee to evaluate the same and take appropriate decisions, at its meeting held yesterday, United Breweries informed the Stock Exchanges.

Mallya had earlier announced the decision to restructure and rationalise the group's business and brands. (PTI)

Dena Bank Q3 net profit up at Rs 83 cr

MUMBAI, Jan 18: Dena Bank has posted a net profit of Rs 83.18 crore for the quarter ended on December 31, as against Rs 22.92 crore for the same period in 2004.

Its total income has increased to Rs 602.27 crore during the last December quarter, as against Rs 477.78 crore in the same quarter in 2004, the bank informed the BSE today. (UNI)

Indiabulls declares interim dividend

MUMBAI, Jan 18: The board of Indiabulls Financial Services today declared the second interim dividend of Re 0.50 per share or 25 per cent on the face value of Rs two per share during 2005-06.

The company informed this to BSE through a communique. (UNI)