Daily Excelsior...Business

TBM’s ‘Floor to Roof’
showroom inaugurated

Excelsior Correspondent

JAMMU, Feb 18: Tawi Building Material (TBM), renowned showroom in Jammu opened its new venture Floor to Roof Sanitary.....more'

JK Bank holds
awareness camp

Excelsior Correspondent

JAMMU, Feb 18: With an objective to comprehend the financial problems of the people and...more

PNB gets Rolling trophy
from Aviva Life

Excelsior Correspondent

JAMMU, Feb 18: Punjab National Bank (PNB) J&K Zone was presented Rolling......more

Disney to hike stake in UTV Software to 32 pc

MUMBAI, Feb 18: Media and entertainment firm UTV Software today said Walt Disney will be hiking its stake in the company to 32 per cent pursuant to a preferential allotment of shares worth.....more

BoB likely to cut lending rates soon

MUMBAI, Feb 18: Public sector lender Bank of Baroda (BoB) is likely to cut its lending rates very soon, a top bank official indicated here."We are very seriously .......more

Chemical prices close steady

NEW DELHI, Feb 18: A steady trend prevailed in the local chemical market today due to ......more

Turmeric up on increased offtake

NEW DELHI, Feb 18: Turmeric prices moved up Rs 50 a quintal in the wholesale kirana market today on increased offtake by grinders against reduced arrival.Turmeric prices attracted fresh buying .......more

Pistachio edges up on better demand

NEW DELHI, Feb 18: Pistachio prices improved by Rs 5 a kg in the wholesale dry fruit market today on better buying support from retailers.However, prices of other commodities moved in a narrow range on small bouts of buying and selling and settled around previous levels.Traders said ....more

Polymers close steady

Steel prices remain flat.........

Less takers for farm loans despite significant increase in credit

M&M ties up with Italian firm for underwater weapon systems

TBM’s ‘Floor to Roof’ showroom inaugurated

Excelsior Correspondent

JAMMU, Feb 18: Tawi Building Material (TBM), renowned showroom in Jammu opened its new venture Floor to Roof Sanitary Arched at Satyam Road, today, which was inaugurated by Managing Director of Parryware K Ranganathan.

Prominent persons present on the occasion included Minister for Higher Education, Gulchain Singh Charak, Inspector General of Police Dilbagh Singh and Panel of Architects besides a large number of senior citizens.

Floor to Roof has introduced different concepts of Bathroom and with different sizes and variety of imported tiles and vanities. In Indian concepts the deal with Orient Tiles, Bell Ceramics, Sonora, Marbotto, Vitrified tiles, EID Parryware, Ess Ess Bath fittings, Aquel C P Fittings and general accessories has been finalized.

In kitchen ware Floor to Roof has introduced the exclusive variety from different quality brands and Wardrobes with matching wooden floors.

Floor to Roof would constant strive to interact with consumers and sell its products consumer friendly. The showroom trained staff and executives would maintain a direct interface with consumers, educating them about product quality, convenience and maintenance.

Floor to Roof also believes that consumer must get the best out its products displayed there, thereby enhancing durability of its products for years to come.

JK Bank holds awareness camp

Excelsior Correspondent

JAMMU, Feb 18: With an objective to comprehend the financial problems of the people and provide viable solutions, the Business Development Promotion Cell of J&K Bank organized an awareness camp at village Palli in Barnoti of Kathua district.

During the camp, organized by Zonal Office Jammu, bank officials provided information to villagers regarding several socio-economic measures being taken by the Government for their welfare.

On the occassion three tractors loans, three car loans, 25 KCCs, 100 frill accounts, eight agricultural loans and 22 DRIs were also distributed. The Bank also provided stationary to the poor children of the village.

Apart from villagers, local Block Development Officer and officials of J&K Bank were also persent in the function.

PNB gets Rolling trophy from Aviva Life

Excelsior Correspondent

JAMMU, Feb 18: Punjab National Bank (PNB) J&K Zone was presented Rolling trophy for best business performance in collaboration with Aviva Life Insurance.

The trophy for surpassing all targets in insurance business in collaboration with Aviva Life, was presented to Zonal Manager of the PNB, Vivek Arya by Amit Khanna Regional Head J&K Aviva Life, in a function held here today.

While speaking on the occasion, Mr Khanna said that working with PNB staff in J&K zone has been a rich and satisfying experience for them. He also thanked Mr Arya for helping and guiding entire Aviva Life officials. He also made mention of PNB Trikuta Nagar branch which had performed the best in entire J&K State.

Mr Arya appreciated the dedicated work force and variable insurance products of Aviva Life to suit all income groups. He requested the company to formulate and devise some affordable products for under privileged population living in far flung and hilly areas.

Disney to hike stake in UTV Software to 32 pc

The board of directors at its meeting on February 16, had executed a share subscription agreement between the Walt Disney Company (Southeast Asia) Pte Ltd, UTV Software, Unilazer (Hong Kong) Ltd, Rohinton Screwvala and Unilazer Exports and Management Consultant, the company said in a filing to the BSE.

As per which, the board has approved the issuance of 93,52,500 equity shares on preferential basis to Disney at Rs 860.79 per share aggregating to Rs 805 crore.

Upon allotment of the said shares and warrants the aggregate holding of Disney along with the persons acting with concert would be 64.20 per cent of the fully diluted post issue capital.

The board noted that by virtue of the aforesaid, Disney, Unilazer and certain other promoters of the company, would be required to make an open offer to the public shareholders of the company under the Securities and Exchange Board of India.

Walt Disney Company along with Unilazer Exports and Management Consultant, Unilazer (Hong Kong) Ltd and Rohinton Screwvala has made an open offer to the shareholders of UTV Software for acquiring 77,45,494 equity shares amounting to around 20 per cent stake in the domestic media firm, as per an advertisement in Business Standard.

Upon completion of this offer, assuming full acceptance and receipt of required regulatory approvals, Walt Disney would hold 51.60 per cent of the post issue capital of UTV Software. (PTI)

BoB likely to cut lending rates soon

MUMBAI, Feb 18: Public sector lender Bank of Baroda (BoB) is likely to cut its lending rates very soon, a top bank official indicated here.

"We are very seriously considering a rate cut," BoB's Chairman and Managing Director Anil Khandelwal told reporters here today.

According to him, the bank's asset-liability committee (ALCO) was likely to meet on February 22 and a decision on a rate cut was likely to be taken then.

When asked whether the rate cut would be across the board or only in select segments, Khandelwal said that this would be discussed before taking any decision.

He, however, said the reduction could be in the range of 0.25-0.50 per cent. A variety of factors would have to be considered before effecting any rate cuts, he added.

Pointing out that the market environment in the Indian banking industry was presently highly-competitive, the BoB chief said "most of our peers have cut their rates...We don't want to lose customers."

A clutch of banks have reduced their lending rates in the last 10 days, including big names such as State Bank of India and private sector lender Axis Bank. A few other banks to have also done so, include Kolkata-based United Bank of India, Canara Bank, Bank of Maharashtra and Syndicate Bank. (PTI)

Chemical prices close steady

NEW DELHI, Feb 18: A steady trend prevailed in the local chemical market today due to absence of market moving factors.

Traders said reduced stocks against lack of buying interest kept prices steady.

Following are today’s quotations:

Ammonia bicarb (25 kg) 350 Ammonium chloride (50 kg) 1,800, acetic acid (1 kg) 42, boric acid technical (50 kg) 4,400-4,700, borex granular (50 kg) 2100.

Caustic soda flake (50 kg) 1180 citric acid (50 kg) (China) 2,650-2,800, citric acid deshi (50 kg) 2,600-2800, camphor slab (1 kg) 170-175, camphor powder (1 kg) 150, glycerine (1 kg) 78-80, hexamine (1 kg) 82, hydrogen peroxide (1 kg) 31-32, mercury (34.5 kg) 28,800, menthol bold crystal (per kg) 600 menthol flake (1 kg) 580 and Mentha oil (1 kg) 495.

Paraffin wax (50 kg)Iran 2,900-3,000paraffin wax (50 kg)China 3,600

paraffin wax (50 kg) Indian 3,250

residue wax (p tonne) 30,000

soda ash (50 kg) (Tata) 880

soda ash (50 kg) (Gujarat) 870

soda ash (50 kg) (Dcw) 870

soda ash (50 kg) (Birla) 870

Sodium Nitrite (50 kg) 1400-1550

Sodium silicate (Qtl) 950-1100

stable bleaching powder (shriram) (25 kg) 310 stable bleaching powder (chambal) 340

stable bleaching powder (modi) 310

tartaric acid france (1 kg) 421

thymol (1 kg) 415

titanium dioxide (ttk) (1 kg) 100

titanium dioxide (k-brand) (1 kg) 90

titanium dioxide (china) (1 kg) 90

titanium dioxide (TR-92) 108

titanium dioxide (rc-822) (1 kg) 108

oxalic acid (pcpl-red) 50 kg 2500

oxalic acid (pcpl-blue)50 kg 2500

Zinc oxide (kg) 122-135. (PTI)

Pistachio edges up on better demand

NEW DELHI, Feb 18: Pistachio prices improved by Rs 5 a kg in the wholesale dry fruit market today on better buying support from retailers.

However, prices of other commodities moved in a narrow range on small bouts of buying and selling and settled around previous levels.

Traders said better demand from retailers helped pistachio prices improve.

Pistachio varieties such as Irani, Hairati and Peshwari were traded higher at Rs 455-475, Rs 475-515 and Rs 530-565 per kg respectively.

Following are today’s quotations per 40 kg bag: Almond (California) new 8,500 Almond (gurbandi) 5,200 Almond (girdhi) 3,300, Almond kernel (California) 292-294 Almond kernel (gurbandi) (kg) 300-350 and Abjosh Afghani 5,500-12,000.

Chilgoza raw-new (1 kg) 390

chilgoza (roasted) (1 kg) 750

cashew kernel 1 kg (no 180) 425-435

cashew kernel (no 210) 385-395

cashew kernel no.(240) 315-320

cashew kernel (no 320) 270-275

cashew kernel broken 2 pieces 250-255

cashew kernel broken 4 pieces 215-245

cashew kernel broken 8 pieces 180-220

copra (qtl) 4,450-4,550

coconut powder (25 kg) 1,100-2,000

dry dates red (qtl) 2,600-7,500

fig 3,500-12,000

kishmish kandhari local 5,300-5,500

kishmish kandhari special 11,000-14,000 kiahmish indian yellow 2800-3200

kishmish indian green 3,400-4,800

pistachio Irani 455-475

pistachio Hairati 475-515

pistachio Peshawari 530-565

pistachio dodi (roasted) 280-310

walnut new 110-200

walnut kernel new (1kg) 350-500.

(PTI)

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Polymers close steady

NEW DELHI, Feb 18: Polymer prices ruled steady in the wholesale plastic market today on scattered trade.

Following are today's quotations in Rs per kg:

LD No 40 - 91.00, LD No 400 - 90.00 LLDP blowing 83.00, colour 73.00 HD Blowing 81.00, HD moulding (deshi) 79.00, HD moulding (colour) 82.00, PP No 100 80.00, PP Colour 104, ABS (Indian) 97, acrylic 130-140, colour 139-144, crystal (Indian) 80, colour 90, poly carbonate 180-190, Nylon No-6 160, Nylon No 66 -181-191, PVC resin deshi 56.00, PVC pest grade 85. (PTI)

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Steel prices remain flat.........

NEW DELHI, Feb 18: Steel prices closed steady in the local iron and steel market today due to scattered trade.

Marketmen said reduced stocks against sporadic demand kept prices at previous closing levels.

Following are today's quotations in Rs per tonne:

CTD saria (kamdhenu) 8-mm, 40,650, 10-mm, 40,050, 12-mm 39,100, 16-25 mm 39,700.

Rathi tor steel : 8-mm 40,800, 10-mm 40,000, 12-mm 39,000, 16-20 mm 39,100 and 25-32 mm 39,300.

Saria Jai bharat (iso 9002) 8-mm 39,400, 10 mm 38,800 12-mm 38,000, 16-25 mm 38,500.

Amba saria (iso-9002) 8-mm 38,300, 10-mm 37,800, 12-mm 37,000, 16-25-mm 37,500.

Amba shakti: (TMT) 8-mm 38,600, 10 mm 37,800, 12 mm 37,300, 16 to 25 mm 37,500.

M S Angle: (50x5) (50x6) 34,600, (25x3) (32x3) (40x3) 34,800, (40x5) (40x6) 35,000. Angle capital (ISI) (50X5) (50X6) 35,000, (40X5) (40x6) 35,200, (35X5) (65X6) 35,400.

Garder (joist) (150x75) 37,000 (175x85) 37,100 (200x100) 37,600 (125x70) 37,100. T-IRON (40X5) (40X6)(50X6) 36,300.

Ingot and Scrap: Bhivari 32,100, Govindgarh 31,000, Ghaziabad 30,000, Muzaffarnagar 29,500. (PTI)

Less takers for farm loans despite significant increase in credit

NEW DELHI, Feb 18: Despite the endeavours of regional rural banks and other cooperatives banks to launch farm credits aggressively within their respective jurisdiction, the number of farmers availing such credits including kisan credit has gone down during the last three years.

A study jointly conducted by industry chamber Assocham and Concept Agrotech Consultants Limited (CACL) on "Farm Credit: An Introspection" has revealed that percentage share of allocation of agriculture and allied sector too is constantly on decline for the last several years.

ASSOCHAM president Venugopal N Dhoot said in a statement that from 2000-01 to 2002-03, though the farm credit increased from 8.4 per cent to 10.2 per cent as percentage of agri-GDP, in the subsequent years, it witnessed a decline and touch 8.7 per cent in 2004-05.

The gross capital formation in terms of percentage of the GDP decreased from 2.2 per cent in 2001-02 to 1.7 per cent in 2004-05.

Mr Dhoot said apart from the decline of the agricultural output of the country, the amount of gross capital formation is also on a downward path.

The chamber chief further pointed out that the agriculture credit has been increasing around 14 per cent annually, during the last three years farm credit got tremendous boost and received Rs 80,486 crores in 2005-06 and increased to Rs 20,3297 crores in the following year.

However, in the first 10 months of current fiscal, the farm credit touched Rs 1,20,062 crores.

The study observed that the number of persons receiving credit has been declining. In 2004-05, 4.13 crores people received farm credit which dropped to 3.85 crores (2005-06), marginally increased to 3.97 crores in the following year and 2.78 crores till October 2007.

It also said the number of kisan credit cards issued also registered a significant decline from 96.80 lakh in 2004-05 to 80.12 lakh in 2005-06.

The chamber said, "the slow growth of agriculture, the wretched condition of the average farmers, unabated number of farmers suicides and inequitable growth of agriculture are areas of serious concern and challenges and, therefore, warrants a closer look and real impact of farm credit be assessed."

The study said the rural sector could have benefited from increased farm credit under total acerage in the country.

However, there has not been significant increase in the total acerage of country in 2005 as compared to 2004. In 2004, the total acerage was 161.5 million hacteres which marginally increased to 165.1 million hectares in 2005.

More credit should have enabled more small and marginal farmers to increase their area under of cropping.

The study points out that according to data from National Crime Records Bureau, 1,66,304 farmers have committed suicides in a decade since 1997.

The share of the North Eastern states in the total share of credit is very meager and no new breakthrough technology in the farm sector has come in the last few years.

There is not much focus on creating infrastructural facility for the farmers and small farmers are in very bad shape.

The study said rural indebtedness has increased and how the farmers are going to pay back the money taken is a big question.

This may lead to significant write-offs by the government which in turn may affect the total economy.

The study also finds that Indian farmers have not been able to take advantage of the increase in international price with no evidence available till now that only credit can help improve the condition of the farmers.

Farmers are still growing crops which are largely supply driven rather than being based on actual demand from consumers. Moreover, agriculture value chain is yet not fully integrated and rural credit is getting siphoned off by the farmers for nonfarm related purchases one of which is buying of livestock.

Banking should be taken as far as possible to the doorsteps of the farmers using modern convergence technologies. Difficulty and the cost of coming to the banks are deterrent to the creation of new accounts, the study said.

(UNI)

M&M ties up with Italian firm for underwater weapon systems

NEW DELHI, Feb 18: Homegrown farm equipment-to- software group Mahindra & Mahindra today signed an agreement for a joint venture with Italy’s Whitehead Alenia Sistemi Subacquei (WASS) for developing underwater weapon systems.

The agreement was signed between M&M’s defence arm Mahindra Defence Systems (MDS) and WASS, the maritime underwater subsidiary of 12-billion-dollar Finmeccanica Group.

The two firms would jointly explore the possibility of developing underwater weapon systems for Indian and foreign markets.

"The JV would initially develop underwater weapon systems for the Indian market, but in the long run we have our eyes set on the global market as well," M&M Vice Chairman and Managing Director Anand Mahindra told reporters at the Defence Expo.

He said presently, the Indian market for underwater weapon systems stands at around 500 million dollars.

MDS, which is primarily into land defence systems like bulletproof vehicles, is aggressively looking at diversifying into other peripheries, Mahindra added.

"The total Indian market for land systems stands at five billion dollars, in which we intend to have a share of around 60 per cent or three billion dollars," Mahindra said. (PTI)