 |
Friday,
October 26, 2001, Chandigarh, India  
|
India resigned to fresh WTO negotiations
Rate cut to encourage small-scale units ICICI to merge with ICICI Bank
|
|
|||||||||||||||||||||||||||||||||
|
SBP allocates 350 cr for retail banking
LICHF slashes rates Mumbai, October 25 ICICI Ltd has posted an 11 per cent rise in net profit at Rs 282 crore for the second quarter ended September 2001, compared to Rs 254 crore in same period of previous fiscal.
Maruti unveils Versa
Colgate-Palmolive net down 6.25 pc
|
|
India resigned to fresh WTO negotiations New Delhi, October 25 Even as the Cabinet Committee on WTO met here today to finalise India’s stand at the November 9-13 meeting in Doha, a culmination of months of talks held with a cross section of the society, including Opposition parties, an indication of the things to come from the Minister for Commerce and Industry, Mr Murasoli Maran on the eve of the meeting. Mr Maran, who has been at the forefront to build a consensus among developing countries to oppose a fresh round of negotiations till the implementation of existing issues are resolved, has admitted that India’s case against a new round is as good as lost. The Commerce Minister’s views which were reflected in a published interview on the eve of the Cabinet meeting indicates the futility of the entire official exercise. Officially India is opposed to any new round of trade related liberalisation without addressing the implementation issues. It also wants several amendments to the draft declaration which are in keeping with India’s national interest. However, the official position notwithstanding, Mr Maran’s candid interview to a national daily here had the US Embassy react quickly to India’s changed perception of the WTO meet. A spokesman of the US embassy here today welcomed the Indian Government’s position saying he sees it as a result of the positive engagement between US and India. During the US Trade Representative Zoellick’s visit to India, he was able to discuss and hear the Indian Government’s view point, he pointed out. “We also see this as a result of both sides working together in Mexico city” he added. Officials associated with the preparations for the Doha meet said preparations were on to deal with new subjects that were likely to crop up at the behest of the major trading nations. “The bottomline is we should not be caught napping. We are prepared for any eventuality”, a consultant on WTO said. |
|
Rate cut to encourage small-scale units Ludhiana, October 25 Mr Inderjit Singh Pardhan and Mr Avtar Singh, president and general secretary of the Chamber of Industrial and Commercial Undertakings (CICU), respectively, have hailed the decision. They said it would encourage banks to reduce interest rates, especially for the small scale industries, which were passing through bad times due to recession. Hopefully, there would be an increase in investments for the SSI units, they added. Demanding immediate implementation of the liberalised bank policy. Mr Pardhan said, “The concerned banks should be directed to release more liberal credit for small scale industry and medium scale industry. The banks should also not demand collateral security from small scale units because it discouraged them from taking loans and their business
suffered on this account.” Mr Joginder Kumar, however, apprehended that the new credit policy was not going to mitigate woes of the tiny units and the SSI sector. The commercial banks were already flooded with funds, but there were no takers due to recession. Further the banks apprehended that the advances made to the tiny units and the SSI sector was risky and costly as compared to the corporate sector. Quoting Mr Jalan’s statement that our interest rates were much higher as compared to international rates, Mr Joginder Kumar said, “No level playing field has been provided for the domestic banking sector. Neither the effective measures have been taken to stimulate the demand nor other interests of the tiny units, SSI sector and small investors have been taken care of while announcing the credit policy.” |
|
ICICI to merge with ICICI Bank Mumbai, October 25 A swap ratio of one share of ICICI Bank for every two shares of ICICI was approved after the proposal to reverse merge the financial services behemoth with its banking subsidiary was cleared at their separate board meetings, according to a joint statement issued after the deliberations. The proposed merged entity with assets of more than 95,000 crore will move a step close to the leader State Bank of India which has assets of three lakh crore rupees. While N. Vaghul will be the Non-Executive Chairman, K.V. Kamath will be the Managing Director and Chief Executive Officer. The merger proposal has been submitted to the Reserve Bank for approval and shall be subject to various regulatory approvals, including clearance of the shareholders of respective companies It is for the first time that two overseas listed Indian companies are being merged. The equities of the bank and the FI are listed on New York Stock Exchange. The merger also paved the way for taking the final step towards “universal banking” which will bring together the entire spectrum of services than be offered by a financial institution and a bank. The merger of two wholly-owned subsidiaries of ICICI — ICICI Personal Financial Services and ICICI Capital Services-with ICICI Bank was also approved by the respective boards.
PTI |
|
SBP allocates 350 cr for retail banking Chandigarh, October 25 Mr Devgun today presided over the meet organised at Personal Banking Specialised Branch Sector 8-C.The bank has recently launched a number to new schemes to enable customers to meet their various obligations social and financial which includes Total Home Loan, Medi Home flexi finance, Greh Kaya Kalp Utsav Scheme and Ann Purna Scheme for women, and the bank has allocated Rs 350 crore or retail banking sector. Later on Mr Devgun distributed loans to persons under Greh Kaya Kalp for repair, renovation and additions/alterations in the house. |
|
L&T’s role in PSLV-C3 launch New Delhi, October 25 This successful launch of PSLV-C3 has put into polar sun-synchronous orbits three satellites: Technology Experiment Satellite (TES) of ISRO, BIRD of Germany and PBOBA of Belgium. This was the sixth flight. L & T has supplied casings for three middle segments which form a major portion of the first stage of this launch vehicle and casings for five out of the six strap-on solid motors augmenting the first stage thrust, according to a statement issued by L & T here today. L & T has been partners to ISRO since 1975 in their Space Programme and has contributed significantly to the SLV3, ASLV, PSLV and GSLV space programmes. L&T has supplied motor casings for boosters with convergent and divergent nozles, titanium gas bottles, spiral heat exchanges and mixing bowls. |
|
LICHF slashes rates
Ludhiana, October 25 According to a press released issued by Mr B.R. Mehta, Area Manager, here today, the interest rate for term up to 5 years will be just 10.5 per cent only. Similarly, for period of 6 to 10 years, the reduced rate of interest will be now 11.25 per cent for an amount up to Rs 2 lakh and 12 per cent for above Rs 2 lakh. Further, for term of 11 to 15 years, revised rate of interest rate will be 11.5 per cent for up to Rs 2 lakh amount and 12.25 per cent for above Rs 2 lakh. Again, the rate of interest for purchase of plots, which used to be 13 to 13.5 per cent, has been slashed to 10.5 per cent to 12.25 per cent depending upon the term and loan amount.
TNS |
|
Net rises 11 pc
Mumbai, October 25 The fund based income in Q2 was higher at Rs 2,164 crore as against Rs 2,018 crore in the corresponding quarter of last year, ICICI said in a release here today. The net fund based income was Rs 324 crore (Rs 293 crore in Q2 of last fiscal) while the net income from operations stood at Rs 497 crore (Rs 482 crore), it added. |
|
Maruti unveils Versa Chandigarh, October 25 Powered by four stroke, 16 valve, 1300cc MPFI engine, the Versa provides three rows of seats, twin air condition option and flexi-seating . The car is available in six colours — ruby red, superior white, sterlite silver, pearl silver, mystic blue and exotique green and three versions including two deluxe DX, DX2 and the super deluxe version SDX. While the ex-showroom Chandigarh price of DX will be Rs 5,17,000, that of DX2 will be Rs 5,47,000 and of SDX Rs 5,82,000. Under test conditions, the car will have mileage of 11 km and is currently available in petrol version only |
|
Haryana’s IT enabled services Chandigarh, October 25 These services will now be eligible for incentives that are available to IT industry in the state. |
bb
Markfed Markets closed GNA Group ICRA rating Centurion Bank Spice Telecom Max GB e Three R Info |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 121 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
