Daily Excelsior...Business

Tata Sky launches
destination NASA

Excelsior Correspondent

JAMMU, Jan 24: Destination NASA, the knowledge challenge for students held by 24x7guru.com ......more'

Savita Chemicals launches
savsol lubricant in Jammu

Excelsior Correspondent

JAMMU, Jan 24: After launching its product Savsol at a number of Metro and major cities, Savita Chemicals Ltd launched savsol .....more

Airtel organizes painting
competition at SoS Balgran

Excelsior Correspondent

Jammu, Jan 24: To commemorate the spirit of the Republic Day, Airtel provided an opportunity .......more

Top French Univ’s tie-up with St Stephen’s, Madras Univ

NEW DELHI, Jan 24: Extending its presence in India, Sciences Po Paris-a top French research university in social sciences-will enter into partnerships with St Stephen’s College, Delhi and the University of Madras, .......more

Cabinet clears ordinance to give more teeth to FMC

NEW DELHI, Jan 24: The Government today decided to promulgate an ordinance to enhance powers of the commodity market regulator, Forward ......more

Autonomy for Forward Market Commission: Cabinet

NEW DELHI, Jan 24: The Forward Market Commission will be given autonomy through an ordinance to strengthen the legal and regulatory framework with ......more

HDFC Bank to open over 250 new branches by March

NEW DELHI, Jan 24: In a massive expansion drive, HDFC Bank is targeting over 1,000 branches by the end of this fiscal, a move that could help it overtake bigger .....more

Punjab National Bank Q3 net up 26 pc at Rs 541 cr

NEW DELHI, Jan 24: Public sector lender Punjab National Bank today reported a 26 per cent rise in net profit at Rs 541.46 crore for the third quarter ended December 31, 2007 as compared to Rs 429.87 crore in the same period previous year.The total income of the bank .....more

Cabinet move to enhance performance of postal administration ...

MoU to promote cooperation between Indian, French Railways

RBI may cut CRR after Fed rate cut: Bankers....

India to initiate steps to check foreign funds inflow: FM..

Tata Sky launches destination NASA

Excelsior Correspondent

JAMMU, Jan 24: Destination NASA, the knowledge challenge for students held by 24x7guru.com across the country now has two seats reserved exclusively for Tata Sky subscribers and the winners will get a chance to visit NASA accompanied by parent and a school representative.

The promotion will be on Tata Sky satellite television network till January 31, 2008.

"Tata Sky has always been on the fore-front of promoting education through its path breaking innovations like Active Wizkids, Active Learning and Active stories".

Tata Sky has re-affirmed its commitment to not just provide world class entertainment but also exclusive and meaningful edutainment services to our subscribers" said Vikram Mehra, CMO, Tata Sky Limited.

Savita Chemicals launches savsol lubricant in Jammu

Excelsior Correspondent

JAMMU, Jan 24: After launching its product Savsol at a number of Metro and major cities, Savita Chemicals Ltd launched savsol lubricants in Jammu market today.

Maharaj Krishan Wazir, president, Savita Chemicals Ltd spoke at length the achievements of the company, which was 50 years old, having a turnover of Rs 1000 crore in the year 2006-2007 and expecting a turnover of Rs 1200 crore in current financial year.

The company has maximum market share in transformer oils and white oils and the company has so far sold 20,000 mt in the year 2006-2007. The said company is second largest player in Indian Market among private companies after Castrol.

The company has 45 depot locations all over India and is supplying genuine oils to Telcon, Toyota, Honda, Suzuki, Mahindra and Maruti. The company has also been registered with NSE and BSE.

The company has already sold 425kl savsol lubricants from October 2007 to December 2007.

At the launch of savsol in Jammu, the company manager S K Baju presented savsol shubhram schemes for Automotive Products. Mr M L Vaid (Proprietor, M/s Vaid Traders) C&FA of Savita Chemicals Ltd presented vote of thanks to Maharaj Krishan Wazir, leading retailer and wholesaler of Jammu market.

Airtel organizes painting competition at SoS Balgran

Excelsior Correspondent

Jammu, Jan 24: To commemorate the spirit of the Republic Day, Airtel provided an opportunity for the inmates of Balgran at Channi Rama to paint their imagination.

Airtel orgnised an On the Spot painting competition at the Airtel Aashaina Jammu Chapter, the SoS Balgran. The competition was organized on Republic Day theme under three categories of sub Junior, Junior and Senior levels where a total of 65 children participated.

Mr A P Sharma, ZBM, Bharti Airtel was present on the occasion to boost the morale of the children. Priya Gupta of Class Iind, Lakhshmi of UKG, Soni of class IInd bagged the first, second and third prize in the Sub-Junior category while as Vijay Singh of class 5th, Pooja Vaid of class 5th and Joginder Singh of class IIIrd bagged first, second and third prize in the Junior category respectively while as Mintu, of class 10th, Neelam of class 9th, Jyoti of Class 8th bagged the prizes in the Senior category. The winners were presented trophies by the management of Bharti Airtel J&K.

Airtel souvenirs stationary and uniforms for the inmates of the school was also donated on the occasion. The Balgran management was also present on the occasion.

Top French Univ’s tie-up with St Stephen’s, Madras Univ

The agreements will be signed on January 26 during the State visit of French President Nicolas Sarkozy, Sciences Po Vice-President Francis Verillaud said.

The creation of the Sciences Po India Alumni Association will also be formally launched during the presidential visit, he said.

Under the agreements, three students each from St Stephen’s and Madras University will go to Sciences Po to study for a full year, and similar number of students from the French university will come to study in the two Indian institutions.

"This is just a beginning.... We want to increase the number of students under the exchange programme in times to come," Mr Verillaud said.

The agreements will be signed by the Madras University Vice-Chancellor, the Principal of St Stephen’s and Sciences Po President Richard Descoings who will be accompanying Mr Sarkozy.

Sciences Po has already entered into similar agreements with Jawaharlal Nehru University, Jamia Millia Islamia, University of Pune, Tata Institute of Social Sciences, Mumbai, and Institute of Development Studies, Kolkata.

As part of the agreements, more than 20 French students come to study one full year in India, and a similar number go to France to do research at Sciences Po.

Sciences Po is attracting Indian students by introducting courses in English and increasing the number of scholarships.

Last year, it launched the Indian Economy Chair, with the support of the Indian Council for Cultural Relations.

The university is a member of the Global Public Policy Network, along with Columbia University, London School of Economics and National University of Singapore.

(UNI)

Cabinet clears ordinance to give more teeth to FMC

NEW DELHI, Jan 24: The Government today decided to promulgate an ordinance to enhance powers of the commodity market regulator, Forward Markets Commission, which would enable it to take punitive action against manipulators.

The decision to issue an ordinance was taken at the meeting of the Union Cabinet here.

After the amendments in Forward Contracts (Regulation) Act,1952, the regulator will get power to decide on its own listing and de-listing of commodity bourses, give permission to exchanges to start option trading and other regulatory issues. (PTI)

Autonomy for Forward Market Commission: Cabinet

NEW DELHI, Jan 24: The Forward Market Commission will be given autonomy through an ordinance to strengthen the legal and regulatory framework with stiffer punishment for violators and stringent provisions for preventing misuse of insider information, the Cabinet decided today.

The ordinance, which would be replaced by a Bill possibly in the Budget session of Parliament, would amend the Forward Contracts (Regulation) Act 1952, Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters.

The move had nothing to do with the rising prices of essential commodities and was basically aimed at developing the commodity futures market in an orderly manner, the Minister said.

Official sources said the strength of the FMC would be raised from the present four members to nine, including a Chairman and upto three whole-time members.

None of the members would be allowed to take up any part time or full time employment with any of the dealers involved in commodity futures.

There would also be a ban, for a sufficient period, on taking up a job with such dealers even after demitting office with the FMC.

The minimum penalty for violating the provisions of the Act would go up from Rs 1,000 to Rs 25,000, the sources said. (UNI)

HDFC Bank to open over 250 new branches by March

NEW DELHI, Jan 24: In a massive expansion drive, HDFC Bank is targeting over 1,000 branches by the end of this fiscal, a move that could help it overtake bigger rival ICICI Bank in terms of branch network.

HDFC Bank, the country’s second largest private sector lender, currently has 746 branches, over 200 less than those of ICICI Bank.

The Mumbai-based lender said in a communication to its customers that "the bank is gearing up to expand its current network of branches to cross the 1,000 branches mark in the near future."

When contacted, a bank spokesperson declined to comment on the timeline for this planned expansion, saying it was "subject to RBI approval." However, people close to the development said that the bank was looking to achieve this target by opening more than 250 branches by March this year.

ICICI Bank, with a branch network of close to 950, is believed to have no immediate plans to expand it in India. The country’s biggest private sector lender has more than 3,600 ATMs, as against about 1,650 of HDFC Bank.

HDFC Bank is also looking to expand its overseas presence by opening branches in Bahrain, Hong Kong and London. Its overseas presence is currently limited to a representative office in Dubai.

It is in the process of seeking regulatory clearance for opening Hong Kong branch and is expected to start operation in Bahrain in the next quarter. However, plans for London are believed to be at a preliminary stage.

The aggressive branch network expansion plans come amid HDFC Bank seeking a considerable presence in the investment banking business as well, which the industry experts believe would help it grow its fee-based income by a wide margin.

The bank is understood to have already got the necessary regulatory approvals for investment banking and is looking to start the operations by early next fiscal.

In its customer advisory, the bank said that in anticipation of the branch network expansion, its systems would undergo a major upgradation and therefore ATM operations would be disrupted tomorrow, January 25, between 9.30 pm to 12 midnight.

The net banking, mobile banking and alert services would also be affected from January 25 to January 27.

However, all channels and services would be available as usual from January 28 onwards, the bank said.

For the quarter ended December 2007, HDFC Bank clocked 45 per cent rise in profit at Rs 429 crore against Rs 296 crore in the same quarter previous year. Increase in profits was due to rise in net interest income as well as other income.

The bank also witnessed 40 per cent growth in both retail and corporate loans. Retail loans now form 52.6 per cent of total advances.

(PTI)

Punjab National Bank Q3 net up 26 pc at Rs 541 cr

The total income of the bank stood at Rs 4,120 crore for the quarter under review as against Rs 3,271.36 crore during the corresponding quarter last year, up by 26 per cent, the bank said in a release.

The nine-month profit of the bank stood at Rs 1,505 crore, up 15.60 per cent, as against Rs 1,302 crore in the corresponding period.

The net Non-Performing Asset (NPA) of the bank declined by Rs 527 crore to stand at Rs 1,339 crore at the end of third quarter under review.

The net interest margin of the bank for the December quarter stood at 3.66 per cent as against 3.49 per cent in the previous quarter, the release added. (PTI)

Cabinet move to enhance performance of postal administration ...

NEW DELHI, Jan 24: In a move that will enhance the performance of the country’s postal administration, the Cabinet today approved the ratification of the seventh additional protocol to the constitution of the Universal Postal Union adopted by the Congress of the Union in Bucharest in 2004.

The aim of the Union is to assist the postal sector in its member countries in improving and developing their postal services and to promote the development of international collaboration.

The Union at present has 191 countries incuding India as its members.

Briefing reporters after the Cabinet meeting Information and Broadcasting Minister Priya Ranjan Dasmunsi said the move will enable the postal administration of India to have the instrument of ratification signed by the President of India and have the same deposited with the Director General of the Interational Bureau of the Universal Postal Union(UPU) through diplomatic channels along with approval of other acts of the Union.

The cabinet nod will also enable the department of posts to bring out administrative orders to enforce the provisions of the UPU convention.

(UNI)

MoU to promote cooperation between Indian, French Railways

NEW DELHI, Jan 24: A Memorandum of Understanding (MoU) to promote cooperation between the Indian and French Railways will be signed during the forthcoming visit of the French President Nicolas Sarkozy here.

The signing of the MoU was approved by the Union Cabinet at its meeting here today chaired by Prime Minister Manmohan Singh.

The MoU between the Ministry of Railways and the French National Railways will be valid for three years, Information and Broadcasting Minister P R Dasmunsi told reporters after the meeting.

Sarkozy will be the Chief Guest at the January 26 Republic Day celebrations.

Dasmunsi said the Cabinet also approved placing of a statement before Parliament conveying the Government’s decision to ratify an ILO convention for prevention of major industrial accidents.

He said the decision for ratification of the ILO convention would enhance the safety standards in industries in the country.

Before the Cabinet meeting began, the ministers were briefed about the Prime Minister’s recent visit to China.

"The Ministers were given a full briefing on the successful trip of the Prime Minister to China and the goodwill it generated," Dasmunsi said adding that Parliament would also be briefed during the forthcoming Budget session.

During his three-day visit to China, Singh had met top Chinese leadership and sought Beijing’s support to help India integrate international nuclear trade. (PTI)

RBI may cut CRR after Fed rate cut: Bankers....

MUMBAI, Jan 24: After the US Fed rate-cut early this week, Indian bankers today said Reserve Bank may resort to a 0.25 per cent cut in the Cash Reserve Ratio (CRR) in its monetary policy review on January 29, sending strong signals for a rate cut.

Though the Reserve Bank would want to keep excess liquidity under check to contain inflation, it may still go for a CRR cut to enable banks lower interest rates in order to spur growth through increased credit offtake.

The apex bank was widely believed to pitch for stable rates, but bankers now feel it might go for a marginal CRR cut even though it would have preferred to maintain the status quo.

HDFC Chairman Deepak Parekh had said that interest rates could soften by 0.25-0.50 per cent if there was no hike in CRR.

After the Fed rate cut, there are now all the more reasons to cut rates.

Dena Bank Chief P L Gairola felt that one could expect a 0.25 per cent cut in CRR accompanied by a 0.25-0.50 per cent cut in rates.

The difference between the repo and reverse repo rates, now at 1.75 per cent, could also be reduced, he said.

High crude oil prices and an unprecedented volatility in the stockmarket may prompt the regulator to come with a tight policy, a senior official with DBS Bank said.

"A cut by 0.50 per cent in interest rate will be a fair expectation. I don’t think the CRR will be hiked this time," the official said.

The recent volatility in the stockmarket is unlikely to have any major impact on the India growth-story, given the fundamentals of the economy which are strong, he said.

"Interest rates appear to have peaked," State Bank’s Chairman O P Bhatt said, adding, "the rates may remain the same."

Noting that the factors driving the US economy and Indian markets are different, Bhatt said that these factors must be examined prior to taking any decisions on interest rates.

High interest rates had resulted in a general slowdown in lending for the domestic banking industry, which dwindled to 20-22 per cent in the current fiscal as against a nearly 30 per cent growth in FY 07.

Even market leaders, SBI and ICICI, have faced a sharp decline in credit growth.

ICICI Bank’s Executive Director V Vaidyanathan said the banking regulator would have to consider a host of issues, including inflation, liquidity and price stability, while considering a rate cut.

"The US Fed cut will not be the only factor that RBI will have to consider. There are several other issues that need to be examined," he said.

Union Bank of India Chairman M V Nair, believes the central bank may leave the interest rates unchanged. "Any changes in interest rates are unlikely in the policy this time," he said.

Bank of India Chairman T S Narayanasami also said, RBI was likely to maintain a status-quo in rates, as a cut now could result in further inflationary pressures.

"Global markets are still volatile and so is the domestic market. I feel a status quo will continue in the medium-term perspective," Narayanasami said.

Given the continuing inflows into the domestic system, a 0.25 per cent hike in CRR was also a possibility, he said. (PTI)

India to initiate steps to check foreign funds inflow: FM..

DAVOS, Jan 24: India may take steps to moderate capital flows, which are expected to swell after a steep 75 basis point cut in interest rate by the US Federal Reserve earlier this week, Finance Minister P Chidambaram said today.

The cut will widen the difference between interest rates in the US and India, and the capital flow may increase, he told reporters attending the World Economic Forum here.

He, however, did not elaborate on the measures that New Delhi would initiate to curb inflow of foreign funds. Last year, market regulator SEBI had done away with derivative instruments like Participatory Notes to check fund flow in equities.

Even before the rate cut in US, Chidambaram had said on January 17 that any drastic rate cut would have consequences like greater capital flow and faster appreciation of rupee.

The rupee has risen over 15 per cent vis-a-vis the greenback since October 2006, affecting Indian exports.

He had also said that a possible recession in the US was itself not a cause for concern as "our exports to the US are significant, but not so significant that we will be gravely affected."

Also today, Chidambaram said he expected the Indian economy to expand by 8.5 per cent next fiscal (2008-09) than the previous forecast figure of close to nine per cent. The target has been revised factoring in turbulence in the US markets.

To a question, the finance minister ruled out setting up a Sovereign Wealth Fund - on the lines of government’s overseas investment arm in Singapore and other countries - saying India does not have a fiscal surplus to take up such exercises. (PTI)