SBI Chairman inaugurates
R-SETI at Bantalab

Excelsior Correspondent

JAMMU, Mar 12: The first Rural Self Employment Training Institute (R-SETI) in the State was inaugurated at Bantalab here today. O P Bhatt, Chairman, State Bank of India, was..more

Nature Fresh
holds dealers meet

Excelsior Correspondent

JAMMU, Mar 12: Nature Fresh, the manufacturer of Acti Life and Gemini refined cooking oils, held a largely attended meeting of dealers here this afternoon. The programme was arranged by Yogesh...more

Hyundai organises
Hyundai Family Meet

Excelsior Correspondent

Jammu, Mar 12 : In order to promote customer friendly relations. Hyundai Motor India Ltd. with joint venture of K.C. Hyundai and Crest Hyundai. Jammu organized first of its kind friendly...more

Sarkozy’s ‘Volapük’ stumps French interpreters

LONDON, Mar 12: What’s Volapuk? Fret not, if you have not come across this word. Even French interpreters were stumped when President Nicolas Sarkozy came up with this rare expression at an environment conference in Paris. Sarkozy, complaining about ....more

Hitachi launches Kaze
range of air conditioners

Excelsior Correspondet

JAMMU, Mar 12: Hitachi Home and Life Solutions (India) Limited (HHLI) launched Kaze, a new range of air conditioner designed especially for Indian market, here today. Briefing media persons about Kaze, Rajesh Nagari, HHLI GM North, said, "The new BEE star rated Kaze range, comprising of four variants, is differentiated on account of the unique Kaimin...more

Lead futures extend losses on weak spot demand

NEW DELHI, Mar 12: Lead futures today fell by Rs 0.20 to Rs 103.50 per kg due to off-loading of positions by speculators on weak trend in the spot markets.At the Multi Commodity Exchange, lead for delivery in April fell by Rs 0.20 or 0.19 per cent to ......more

Chicago’s options exchange to file for $300 mn IPO

CHICAGO, Mar 12: The Chicago Board Options Exchange, the last major private exchange in the US, has filed for an initial public offering with the Securities and Exchange Commission, to raise ....more

Nickel weakens on profit taking, low demand

NEW DELHI, Mar 12: Nickel futures traded Rs 3.90 lower at Rs 971.30 per kg today as traders reduced their positions amid a weak trend in the physical market.A firm rupee, which makes dollar-quoted commodities cheaper, also put pressure on the metal’s prices at the futures market........more

Copper futures shed 0.32 pc on weak global cues, firm rupee...

Mahindra Satyam signs USD 48 million contract....

Coaching fee unaffordable for most midclass households: Study

Futures trading in commodities won’t fuel inflation: Basu

 

SBI Chairman inaugurates R-SETI at Bantalab

Excelsior Correspondent

JAMMU, Mar 12: The first Rural Self Employment Training Institute (R-SETI) in the State was inaugurated at Bantalab here today.

O P Bhatt, Chairman, State Bank of India, was the chief guest at the inaugural ceremony. District Development Commissioner (DDC) Samba Sourabh Bhagat, CGM SBI Chandigarh Circle S K Sehgal and GM (Network-II) S Bhaduri were also present at the function.

Speaking on the occasion, Mr Bhatt said, "As a step towards bridging rural-urban gap, SBI in partnership with State and Centre Government has decided to set up R-SETIs in 10 out of 22 districts of the State over a period of three years".

He informed that institute had been set up to train the unemployed youth desirous of starting their own small ventures. During current financial year, two R-SETIs will be established that would cover four districts including Samba, Jammu, Reasi and Udhampur, he added.

He further said that youth mostly from BPL families will be trained for various vocations and the entire cost be borne by the Bank.

Also speaking, DDC Samba shared that 20 kanals of land had already been offered to R-SETI in Samba district to construct the permanent building of the institute.

Nature Fresh holds dealers meet

Excelsior Correspondent

JAMMU, Mar 12: Nature Fresh, the manufacturer of Acti Life and Gemini refined cooking oils, held a largely attended meeting of dealers here this afternoon.

The programme was arranged by Yogesh Aggarwal, proprietor of M/s Mohit and Co, wherein the caterers and "halwais" from various parts of the region took part. They were apprised about the qualities of Gemini brand oil.

It was said that Nature Fresh being high quality refined oil is absorbed less by the food items which is beneficial to health of all. Nature Fresh and Gemini is enriched with vitamin A, D and E which are essential for human body, the dealers were informed.

On the occasion, a demonstration of cooking was also presented and the dealers were shown as to how Gemini and Nature Fresh oils are being absorbed less by the food items. Earlier, the welcome address was presented by Yogesh Aggarwal.

Hyundai organises Hyundai Family Meet

Excelsior Correspondent

Jammu, Mar 12 : In order to promote customer friendly relations. Hyundai Motor India Ltd. with joint venture of K.C. Hyundai and Crest Hyundai. Jammu organized first of its kind friendly meet Hyundai Family Meet here today.

The invitees were informed that the Hyundai Motor is the South Korea's largest car makers and sixth largest car makers in the world. The invitees lauded the Customers Care service being provided by Hyundai Motor India Limited and appreeiated the performance of the vehicle of the company.

The joint venture organized under the auspicious of M/s K.C. Hyundai and Crest Hyundai, Jammu and Hyundai Motor India Limited was the first of its kind in the city of temples, which was appriciated not only by the invitees but also by the general customers .

In the event, different cultural activities were displayed. Children had a drawing competition and the prizes were awarded to the winners.

Mangat Ram Sharma, inaugurated the event and distributed the prizes Raju Chowdhary and Anil Puri Managing Directors M/s K.C. Hyundai and Crest Hyundai Jammu were the guest of honour.

Sarkozy’s ‘Volapük’ stumps French interpreters

LONDON, Mar 12: What’s Volapuk? Fret not, if you have not come across this word. Even French interpreters were stumped when President Nicolas Sarkozy came up with this rare expression at an environment conference in Paris.

Sarkozy, complaining about negotiations leading up to last December’s UN climate summit, said that world leaders had been handed a draft text "similar to volapuk", -- a word which in French means gibberish and was last used at a press meet by his idol General Charles de Gaulle in 1962.

And, everyone, even the native French speakers were baffled by this one, and some at first thought he said "vol a Buc", or "flight to Buc", a small and obscure town near Paris that has no airport, ‘The Daily Telegraph’ reported.

Better-versed minds prevailed, and it turned out not only that Sarkozy was making a nod to history and his hero.

Volapuk is actually a language invented in the late 19th century by a German Roman Catholic priest, Johann Martin Schleyer, who dreamt of creating a universal means of communication.

But, his idea never really took flight and other international languages, such as Esperanto, emerged as more successful candidates.

Fewer than two dozen people in the world these days are believed to speak volapük, but they are still optimistic that their language can survive.

According to the Volapuk website, "Volapük is living still, but there is no longer the great movement of former years. Nevertheless the language still has its supporters." (PTI)

Hitachi launches Kaze range of air conditioners

Excelsior Correspondet

JAMMU, Mar 12: Hitachi Home and Life Solutions (India) Limited (HHLI) launched Kaze, a new range of air conditioner designed especially for Indian market, here today.

Briefing media persons about Kaze, Rajesh Nagari, HHLI GM North, said, "The new BEE star rated Kaze range, comprising of four variants, is differentiated on account of the unique Kaimin technology in addition to other comfort features."

Based on the introduction of Kaze and an aggressive pricing strategy, we expect to notch up 50,000 units of Kaze in our AC volumes this year, he added.

Some of the key features of Kaze included auto climate technology, auto humid control, Kaimin technology which adjusts the temperature automatically, and stringent world class quality standards.

Mr Nagari further apprised that the key thrust area as far as their home appliance range was concerned, had been on enhancing the energy efficiency of the product range and blending the superior designs with unparallel performance.

The Kaze would be available in four variants, that is, 0.9 Tr, 1.2 Tr, 1.5 Tr and 2.0 Tr priced at Rs 24,990, Rs 27,990, Rs 29,990 and Rs 33,990 respectively.

It is pertinent to mention here that HHLI is a subsidiary of Hitachi Appliance Inc, Japan.

 

Lead futures extend losses on weak spot demand

NEW DELHI, Mar 12: Lead futures today fell by Rs 0.20 to Rs 103.50 per kg due to off-loading of positions by speculators on weak trend in the spot markets.

At the Multi Commodity Exchange, lead for delivery in April fell by Rs 0.20 or 0.19 per cent to Rs 103.50 per kg with a turnover of 49 lots, while delivery in March traded Rs 0.10 or 0.10 per cent down at Rs 102.55 per kg with an open interest of 49 lots.

Analysts said a weak trend in the physical markets following sluggish demand from consuming industries weighed on lead prices at the futures market here. (PTI)

Chicago’s options exchange to file for $300 mn IPO

CHICAGO, Mar 12: The Chicago Board Options Exchange, the last major private exchange in the US, has filed for an initial public offering with the Securities and Exchange Commission, to raise up to USD 300 million.

The public issue is likely to take place with the proposed demutualisation of Chicago Board Options Exchange Incorporated, currently the parent corporation of CBOE Holdings.

CBOE Holdings Inc said it will use the net proceeds from shares sold by the company for general corporate purposes, including the repurchase of shares of the common stock to be issued to CBOE members in the demutualisation.

It hopes to complete demutualisation and the initial share sale by the end of the second quarter of 2010, but did not specify the number of shares to be offered and price range for the offering.

The sole global coordinator of the offering will be Goldman, Sachs & Co.

CBOE is the largest platform for options trading in the US and the fourth largest derivatives exchange by contract volume in the world. (PTI)

Nickel weakens on profit taking, low demand

NEW DELHI, Mar 12: Nickel futures traded Rs 3.90 lower at Rs 971.30 per kg today as traders reduced their positions amid a weak trend in the physical market.

A firm rupee, which makes dollar-quoted commodities cheaper, also put pressure on the metal’s prices at the futures market.

At the Multi Commodity Exchange, nickel for delivery in March traded Rs 3.90 or 0.40 per cent down at Rs 971.20 per kg in a turnover of 1,229 lots.

The metal for delivery in April also fell by Rs 3.90 or 0.40 per cent to Rs 971.20 per kg with a turnover of 139 lots.

Analysts said apart from profit taking by speculators, a weakening trend at the physical markets due to a slowdown in buying by consuming industries also led to a fall in nickel futures prices. (PTI)

Copper futures shed 0.32 pc on weak global cues, firm rupee

NEW DELHI, Mar 12: Copper futures traded Rs 1.10 lower at Rs 338.65 per kg after traders reduced their positions on weak global cues.

A strong rupee, which makes the dollar-quoted commodity cheaper, also put pressure on copper prices at the futures market here.

At the Multi Commodity Exchange, copper for April contract eased by Rs 1.10 or 0.32 per cent to Rs 338.65 per kg with an open interest of 33,284 lots. It ended 0.50 per cent higher at Rs 339.75 per kg in yesterday’s session.

The metal for delivery in June also shed Rs 1.05 or 0.31 per cent to Rs 340.30 per kg in 157 lots.

Market analysts said offloading of positions by speculators in tandem with a weak overseas trend, strong rupee and profit-taking by speculators weighed on copper prices at the futures market.

(PTI)

Mahindra Satyam signs USD 48 million contract

BANGALORE, Mar 12: Mahindra Satyam, the brand identity of Satyam Computer Services Ltd, has signed a new four-year offshore contract worth US Dollar 48 Million with a Denmark-based IT company.

KMD, a leading IT firm in Denmark which specialises in the public sector, signed a renewed contract with Mahindra Satyam for the next four years ending in December 2013.

According to a release here today, the new contract was an extension of a previous contract that was due to expire this year which involved the supply of application development, testing and application support services particularly in the area of SAP, which was a growing business for the Danish company.

The new contract involves stronger partnership and multi-fold increase in business commitment with offshore work conducted in a development centre in Bangalore.

The scope of application development work covered would primarily include SAP, as well as other technologies such as Mainframe applications, Net, Java, BizTalk, WebLogic, PL-1, Sharepoint and MQ Series.

KMD Chief Executive Officer Lars Monrad-Gylling said "the offshoring project with Mahindra Satyam allows KMD to achieve even greater growth in the SAP development area and allows us to offer customers a reduced time to market."

(UNI)

Coaching fee unaffordable for most midclass households: Study

NEW DELHI, Mar 12: Lack of resources makes coaching for institutions like IITs, IIMs and medical colleges unaffordable for a majority of Indian middle class households, who then encourage their wards to enter fields that require lesser counselling fee, says an ASSOCHAM study.

"Most Indian middle class families cannot even afford up to Rs 3 lakh per annum coaching fee even if their children have been rated above average by their respective schools with potential to qualify for these professional courses," industry body ASSOCHAM said in a survey.

Such parents, then, encourage their children to enter fields like banking, railways, insurance and state level civil services, for which career counselling is less expensive compared to that for top technology and management institutions.

The chamber has conducted the survey on about 4,000 families in cities like Delhi, Mumbai, Bangalore, Kolkata, Pune, Chandigarh, Jabalpur, Madras and Hyderabad.

"After IITs/IIMs, coaching institutions grooming aspirants for civil services, banking, life insurance, chartered accountant and company secretaryship are found to have the second best ranking in enrolling candidates," Assocham Secretary General D S Rawat said.

About 6-8 lakh students enroll into institutes providing coaching for IITs, IIMs and medical colleges every year, it said. (PTI)

Futures trading in commodities won’t fuel inflation: Basu

NEW DELHI, Mar 12: Allowing futures trading in commodities will not fuel inflation, Government’s chief economic advisor Kaushik Basu said today.

"The reason why I am personally in favour of allowing futures trade in commodities is because it is not going to make inflation worse," Basu said at a FICCI seminar on de-risking the futures trading in commodities.

He said futures trading is an efficient way of price discovery and extremely important for many stakeholders to take a position against price risk.

However, he said it should not be left unregulated as there are possibilities of people getting cheated.

"To have a regulation, the first thing is to say it (futures trade) is a legitimate activity," Basu said.

Further, to mitigate the impact of high food inflation, which is hovering at 17-18 per cent, on the common man, Basu said the government’s storage and release mechanism of foodgrains need to be improved.

"We need to give much more thought on foodgrains management to protect the most vulnerable section of the population...I think this mechanism can be improved by bringing in private sector into play," he said.

"And, we need to tweak our foodgrains release mechanism system to do it better," he added.

Basu called for revamping the government’s storage and release mechanism for foodgrains with more players sharing the responsibility and the associated risk.

"The government should not be the only agent that is trying to take this risk on its shoulders," he said.

Elaborating on foodgrain management, Basu said the Government shifted to releasing smaller quantity of foodgrains in the open market after it found that bulk releases did not yield desired impact on food prices. Though, this mechanism too is not up to the mark, he said.

"From January, the Government has been releasing foodgrains in smaller stocks and some of the downward pressure you see on food prices is probably due to this fact and this mechanism is managed better but not good enough," Basu said. (PTI)