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Reliance profits
up 30 pc
Chidambaram’s
‘in principle’ nod for more equity in IA, A-I
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Oil cos to pay Rs
1,400 cr for losses Why are units
sick, asks RBI Infosys connects
with students Centurion schemes
for GTB depositors Drabu set to be
J&K Bank chief
Hughes earns huge profit
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Reliance profits up 30 pc Mumbai, July 27 The company informed that its exports, including deemed exports amounted to Rs 5,102 crore ($ 1,108 million) as against Rs 3,466 crore for the corresponding previous quarter, an increase of 47 per cent. Gross sales of the company in the first quarter of the current fiscal year increased 21 per cent to Rs 207.63 billion ($4.51 billion), according to a statement released here. “We are pleased with Reliance’s strong operational and financial performance in the first quarter of the year,” said Anil Ambani, Vice-Chairman and Managing Director of Reliance Industries Ltd. “The improvement in our margins and profitability has been achieved, overcoming the challenge of record high crude oil prices, our major feedstock,” he said. Domestic demand for petroleum products increased during the first quarter, showing a growth of 9.5 per cent against a drop of about 2.7 per cent during the corresponding period last year. The company said increase in sales was also due to the rise in product selling prices of 18 per cent and sales volume growth of 3 per cent compared to the corresponding previous quarter. According to Reliance, its production of oil and gas and petrochemicals increased to 3.19 million tonnes for the quarter, registering a growth of 16 per cent over the corresponding period’s 2.76 million tonnes. Reliance is the largest exploration acreage holder among private sector companies in India, with 30 domestic exploration blocks covering an area of about 300,000 sq km. This is in addition to its interest in one exploration block in Yemen. The company has also acquired the operating rights of five exploration blocks from Britain-based Tullow Oil plc, subject to government approval. While approval for three blocks has already been received, that for two blocks is awaited, said the company statement. Reliance said it had won a long-term contract for the supply of three million tonnes per annum of gas to the state-run power producer National Thermal Power Corporation. Reliance already operates the world’s third largest refinery. The company earns half of its revenue from refining and most of the rest from petrochemicals.
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Chidambaram’s ‘in principle’ nod for more New Delhi, July 27 “The Finance Minister has agreed in principle for equity infusion,” he told reporters here after meeting Mr Chidambaram in the morning. Later, the spokesperson for the Civil Aviation Ministry said here that the two ministers also spoke on some other important issues related to the ministry. These included the issue of Aviation Turbine Fuel (ATF) price and the demand for reconsideration of withholding tax on leased aircraft. Mr Patel said he wanted equity in Air-India to be enhanced from Rs 105 crore and in Indian Airlines from Rs 153 crore as part of efforts to expand the fleet of the two airlines since low equity base was coming in the way of acquiring more aircraft. However, the final arrangement of equity infusion is still to be worked out. It would help both the public sector carriers to strengthen their equity base eventually, thereby helping the two in fleet acquisition when the final proposals are cleared by the Government. On the issue of withholding tax on aircraft leasing at the rate of 48 per cent, introduced in the Union Budget this year, Mr Patel said he took up the issue for reconsideration and Mr Chidambaram promised to “look into” it. Mr Patel said he also requested the Finance Minister for some share from the Rs 40,000-crore Infrastructure Fund, announced in the Budget, for development of small airports. He exuded confidence that the issue of differential pricing of aviation turbine fuel would also be worked out in the near future. The Finance Minister informed him that the issue of different rates of sales tax in various states would be sorted out with the introduction of VAT next year.
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FM to outsource indirect tax activities New Delhi, July 27 “We have to collect Rs 1,65,000 crore in excise and customs... we are looking at innovative ways and outsourcing some activities, Finance Minister P. Chidambaram told newspersons here after a meeting with the Commissioners of Excise and Customs. On the direct tax front, the government had outsourced some
activities such as issuance of Permanent Account Number (PAN) cards. He exuded confidence over
achieving the targeted figures of direct and indirect taxes. “We need funds for some activities and funds for infrastructure", he said even as he underlined the needs for focussing on revenue. “Revenue is the heart of Finance Ministry. Unless we raise revenue, we can't fund development projects,” he said. The indirect tax target for the current financial year is Rs 160,000 crore whereas the direct taxes were of the order of Rs 139,519 crore.
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Oil cos to pay Rs 1,400 cr for losses New Delhi, July 27 Mr Subir Raha, Chairman, ONGC, has disclosed that as per the government directions, the company will have to pay Rs 800 crore to oil market companies towards sharing a third of the losses incurred by these companies on the sale of LPG and kerosene. Mr Raha said they had
received government instructions to pay the oil marketing companies for the first quarter only. Of the total amount of loss suffered by the oil marketing companies, one-third will be paid by the ONGC, Gail and OIL, one-third by the oil marketing companies and the government will pay the remaining amount by way of subsidies. Among the upstream companies, ONGC will pay the maximum amount of Rs 800 crore, he
said. The move to share the burden was a direct result of the government’s tacit intervention to restrain the oil marketing companies from raising prices of kerosene and LPG.
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Why are units sick, asks RBI Chandigarh, July 27 Taking note of the dismal scenario of the sick industrial units in the state, the Reserve Bank of India has asked the State Bank of Patiala, Punjab National Bank, Central Bank and Canara Bank to find out how effective are the benefits and concessions offered by the government to the industry and review their progress. Due to its industrial policy, the state has a sizeable investment from multinational companies, large business houses, foreign investment from NRIs and small-scale entrepreneurs. It has nearly 1,230 medium and large industries, besides 80,000 small units. According to figures available, of the 1230 units, 237 units have already applied to the Board for Industries and Finance Reconstruction to declare them sick. While 11 of these units following physical and non-physical release have been rehabilitated, 11 others are in the process of rehabilitation. Data reveals that the condition of the small-scale industrial units is more pitiable. Some of the major causes attributed to their decline are poor and obsolete technology, inadequacy of working capital, problems related to availability of raw material, delays in sanction of term loan and working capital, poor management, divergence of resources and inadequate attention to R and D. A Department of Industries official said the inability of these units to face growing competition due to liberalisation and globalisation and increasing expenses have a bearing on their performance.
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Infosys connects with students Bangalore July 27 The company will work with faculty and students of participating colleges across the country to produce “industry-ready professionals.” Infosys Board Chairman Narayan Murthy said that such a nationwide initiative, carrying an initial investment of Rs 10 crore from Infosys, was important as the IT industry was at a “crucial juncture” where countries like China, Brazil and Mexico, also with large populations, where set to emerge as big competitors. China could still be said to be about “three years behind,” but “the best way to handle competition is to stay ahead” and an important way to do that was to ensure a steady supply of human talent tailored to industry requirements, he said. “Three companies, including Infosys, have entered the billion dollar bracket in India, and more will follow. The demand for a key input, human talent, will be greater and greater,” he added. Infosys hired 7441 employees last year, and spent something like Rs 2 lakh per employee to train them, vice-president (Education and Research) M.P. Ravindra stated. “The gap between supply (of manpower) and demand is increasing in both quantity and quality,” and the gap had the potential “to hurt business growth” he said. Chief Financial Officer and Board Sponsor of the programme Mohandas Pai said that Infosys may be able to cut out a three month foundation programme out of an overall training period that may last up to a year, and save “40 to 50 percent” of the Rs 2 lakh training cost. “There is, however, no compulsion or pressure on a student to join Infosys,” he stressed. The initiative will seek to “align the college curriculum with industry requirements” and bridge the gap between the classroom and actual practice at work. It will comprise various components, including access to Infosys foundation course training materials, faculty training, and ‘project banks’. Ravindra said 29 engineering institutions across the country, including the Thapar Institute of Engineering and Technology in Patiala and the Institute of Technology at Benaras Hindu University, had already signed up, and 39 faculty members from 19 institutions participated in a faculty enablement programme in July.
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Centurion schemes for GTB depositors Chandigarh, July 27 Mr Anil
Jaggia, Chief Operating Officer, said the bank has allowed a three-month moratorium for the loan repayment. This loan would be similar to an overdraft for the first three months since no equated monthly instalments
(EMIs) are to be paid. At the end of three months, the customer can either choose to repay the entire amount or convert it to a personal loan. The interest rate applicable for the first three months would be 12 per cent, thereafter the interest would be charged at 16 per cent, which is the prevailing rate for unsecured personal loans.
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Drabu set to be J&K Bank chief Srinagar, July 27 Reliable sources here disclosed that the Jammu and Kashmir Government has made a recommendation to this effect to the Reserve Bank of India. Dr Drabu, is one of the members of the Board of Directors of the J&K Bank.
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In video:
Patel says FM has agreed "in principle" to infuse more equity in IA,
A-I. (
