119 years of Trust B U S I N E S S THE TRIBUNE
Wednesday, July 7, 1999
weather n spotlight
today's calendar
 
Line Punjab NewsHaryana NewsJammu & KashmirHimachal Pradesh NewsNational NewsChandigarhEditorialBusinessSports NewsWorld NewsMailbag
Helicopter service for tourists, industry
NEW DELHI, July 6 — Indian Airlines will soon complete the techno-economic evaluation for replacing its aged fleet of aircraft, Civil Aviation Minister Ananth Kumar said today.

MTNL to get phone charges with bills
NEW DELHI, July 6 — Despite a stay by the Telecom Regulatory Authority, Mahanagar Telephone Nigam will implement its proposed scheme of granting new telephones with an Internet connection without first charging registration fee of Rs 3000.
Citibank launches Internet banking
NEW DELHI, July 6 — Citibank today announced the launch of Internet banking and debit facility.These are in addition to the existing array of products which include multi-deposits, auto sweep facility, investment services and unfixed deposits.

Aptech to enter 22 more countries
NEW DELHI, July 6 — Aptech today announced initiatives for expanding its computer education to 22 more countries aiming to become the global leader in computer education by 2002.

50 years on indian independence 50 years on indian independence 50 years on indian independence
50 years on indian independence

Search

India gets $ 386m World Bank loan
NEW DELHI, July 6 — India today secured the first major $ 386 million World Bank loan after the economic sanctions imposed following the Pokhran nuclear tests in May last year.

Kothari Pioneer to pay 35 pc
MUMABI, July 6 — Kothari Pioneer Mutual Fund today declared a 35 per cent tax free dividend on its bluechip fund, the highest ever by any mutual fund in India.

PSB net profit declines
NEW DELHI, July 6 — Punjab and Sind Bank reported a decline in its net profit as the yield to maturity benefit accrued to it last was not available to the bank in 1998-99.

LIC, GIC donate Rs 14 crore
NEW DELHI, July 6 — Insurance companies today contributed over Rs 14 crore to the National Defence Fund.

BHEL pact to produce fabric filters
NEW DELHI, July 6 — Bharat Heavy Electricals Limited today inked an agreement for technical collaboration with a leading German company to manufacture state-of-the-art pollution control equipment for industries and power stations.

Lunar Diamonds in the dock
NEW DELHI, July 6 — The BIFR has directed for a special investigative audit into the accounts for Lunar Diamonds Limited on allegations by banks and financial institutions that the accounts have inappropriately shown huge losses.

  Top





 

Helicopter service for tourists, industry

NEW DELHI, July 6 (PTI) — Indian Airlines will soon complete the techno-economic evaluation for replacing its aged fleet of aircraft, Civil Aviation Minister Ananth Kumar said today.

“Techno-economic evaluation is now on and we expect it to be completed soon,” Kumar told mediapersons after launching the Deccan Aviation helicopter charter service here.

Replying to questions on replacement of IA’s fleet of Boeing and Airbus aircraft, he said: “Any airline would go in for a comprehensive replacement of its fleet”.

On IA’s plan to buy French-made 50-seater ATR-42-500s, Kumar said the IA Board had decided to acquire this aircraft a year ago and later made representations before the Public Investment Board.

Denying that the Civil Aviation Ministry was “pressurising” the IA to buy this plane, he said the Ministry only acted as a “guardian” and there was “no controversy” over the issue.

Earlier addressing the function, Kumar said it was imperative that more aircraft of different sizes were acquired to cater to the hinterland.

Commerce Minister Ramakrishna Hegde said helicopter tourism could become a profitable venture with the country having a rich and diverse cultural and natural heritage.

US Ambassador Richard F. Celeste, also present on the occasion, said the sale of American aircraft and spare parts formed the third largest segment of the US exports to India.

Capt G.R. Gopinath, Managing Director of Deccan Aviation, which has bases in Bangalore and Hyderabad, sought comprehensive guidelines on rules, routes and facilities for chopper operations which was “non-existent” at the moment.

The company, having a fleet of six helicopters, will charter them for corporate houses and tourists, offering “heli-tourism packages” from Delhi to the Himalayas, Taj Mahal and the deserts of Rajasthan.
Top

 

Citibank launches Internet banking
Tribune News Service

NEW DELHI, July 6 — Citibank today announced the launch of Internet banking and debit facility.These are in addition to the existing array of products which include multi-deposits, auto sweep facility, investment services and unfixed deposits.

While Internet banking will enable bank customers anywhere in the world on their Citibanking account, the debit facility will enable the customers to access their bank accounts from merchant establishments and pay for a wide range of goods and services.

Internet banking will also be available to NRI clients and they would be able to use debit cards in India.

Citibank’s internet banking, branded as CitiDirect and available at www.citibank.com/India will enable customers to view and print account balances and statements, order cheque books, stop payment on a cheque, pay credit card and utility payments, get latest deposit rates, execute account to account transfer and even order drafts.

The debit card is a convenient way to make purchases from the bank account. Accepted in various merchant locations in Mumbai, New Delhi and Bangalore, it allows customers to enjoy interest on their account till the time the funds are actually spent.
Top

 

MTNL to get phone charges with bills

NEW DELHI, July 6 (PTI) — Despite a stay by the Telecom Regulatory Authority (TRAI), Mahanagar Telephone Nigam (MTNL) will implement its proposed scheme of granting new telephones with an Internet connection without first charging registration fee of Rs 3000.

“The scheme is only about deferment of a payment. Instead of charging Rs 3,000 at the time of registration, MTNL will collect the amount at the time of payment of the first bill”, sources said.

TRAI had asked MTNL to keep its plan to provide new telephones with an Internet connection in abeyance till a final decision is taken.

Normally the first bill comes within one to three months depending upon the billing cycle. MTNL has worked out a plan to serve the first bill within a fortnight of installation of a telephone connection with fixed component of security deposit and installation charges totalling Rs 3,080.

When contacted, Chief General Manager of MTNL (Delhi) A.K. Bhatnagar said that MTNL was meeting TRAI officials on July 7 to sort out the matter but refused to comment on TRAI’s move.
Top

 

Aptech to enter 22 more countries

NEW DELHI, July 6 (PTI) — Aptech today announced initiatives for expanding its computer education to 22 more countries aiming to become the global leader in computer education by 2002.

The company’s international network which has 25 centres spread over 18 countries by the close of 1999 will have 100 centres in 40 countries in the next two years, Chief Executive Officer of the company Ganesh Natarajan told reporters here today.

He said Aptech which has over 1,200 centres in India would continue to grow in the same lines of last two years whereby it achieved 24 per cent growth by touching Rs 209 crore.

Aptech estimated the addressable market for career education to be over a $ 1 billion by 2002 and the company planned to capture at least 20 per cent it, he said.

He said the company has chosen computer education as a goal for global leadership and has finalised alliances with major players in university, technology and e-commerce segments to ensure quality of programmes.

Aptech launched its bachelor degree in computer education programme in Lucknow yesterday in affiliation with the Manipal Academy of higher education.
Top

 

India gets $ 386m World Bank loan

NEW DELHI, July 6 (PTI) — India today secured the first major $ 386 million World Bank loan after the economic sanctions imposed following the Pokhran nuclear tests in May last year.

Agreements were signed today for a $ 300 million loan for an integrated women and child development project in five States and a $ 86 million loan for the Rajasthan district primary education project.

The agreements were signed here by Edwin Lim, Country Director of the World Bank and Additional Secretary in Finance Ministry V. Govindrajan.

A senior official in the Finance Ministry told PTI that these were the first World Bank loan agreements to be signed since economic sanctions were imposed on India after the nuclear tests in May last.

The $ 300 million women and child development project will be the third to be implemented in the country and taken up in the States of Kerala, Maharashtra, Rajasthan, Tamil Nadu and Uttar Pradesh.

The total cost of the project is $ 422.3 million of which $ 122.3 million will be contributed by the Central and State Governments.

The Rajasthan education project is to be implemented at a cost of $ 101.8 million.
Top

 

Kothari Pioneer to pay 35 pc

MUMABI, July 6 (PTI) — Kothari Pioneer Mutual Fund today declared a 35 per cent tax free dividend on its bluechip fund, the highest ever by any mutual fund in India.

The country’s first private sector mutual fund has over 5-1/2 years, since inception, delivered an annualised return of 25.18 per cent, Chief Executive of Kothari Pioneer Asset Management Company (AMC), Vivek Reddy said, adding “the dividend is a reflection of the performance we’ve shown”.

The scheme has Rs 16-17 per unit as distributable profits and is likely to declare six dividends over the next three years, Reddy told reporters here today.
Top

 

PSB net profit declines

NEW DELHI, July 6 (UNI) — Punjab and Sind Bank reported a decline in its net profit as the yield to maturity benefit accrued to it last was not available to the bank in 1998-99.

The bank’s net profit declined to Rs 60 crore in 1998-99 from Rs 65.09 crore in the previous year. However, the bank managed to contain its non-performing assets despite a difficult year for the industry and business.

While the bank’s gross NPA was reduced to 16.5 per cent from 19.5 per cent, the net NPA was marginally down to 10.40 per cent from 10.84 per cent. “Special thrust on recovery in Delhi, Calcutta and Mumbai is paying dividend”, PSB Chairman S.S. Kohli told UNI.

Mr Kohli said net NPAs would be further reduced to 8.5 per cent in the current financial year.

He attributed the decline in the net profit in 1998-99 to the non-accrual of Y.T.M. of Rs 20 crore which was available in the previous year and Rs 3 crore wage revision impact provided for in the balance sheet.

However, the bank has declared a dividend of Rs 5 crore after a gap of 10 years. Mr Kohli handed over the dividend cheque to Finance Minister Yashwant Sinha.

The bank recorded a growth of 34 per cent in its business turnover which has gone up to Rs 14000 crore. The aggregate deposits increased by 24.8 per cent and touched Rs 9496 crore and advances witnessed a rise of 25.06 per cent and reached the Rs 4398 crore mark.
Top

 

LIC, GIC donate Rs 14 crore

NEW DELHI, July 6 (PTI) — Insurance companies today contributed over Rs 14 crore to the National Defence Fund.

The cheques were presented to Finance Minister, Yashwant Sinha by LIC Chairman G. Krishnamurthy and GIC Chairman D. Sengupta here.

While LIC contributed Rs 5 crore, the GIC and its four subsidiaries — National Insurance Company Limited, New India Assurance Company Ltd, Oriental Insurance Company Ltd and United India Insurance Company Ltd — contributed Rs 1 crore each.

The LIC and GIC chairmen also presented a cheque of Rs 2.2 crore and Rs 1.2 lakh respectively which were part payment of contribution of one day salary of the company employees and agents.

Chairman and Managing Director of New India Assurance, S.K. Kanwar, Chairman of United India Insurance, K.N. Bhandari and Chairman of National Insurance, A.N. Podar presented cheques of their employees contribution of one day’s salary worth Rs 60 lakh, Rs 45 lakh and Rs 20 lakh respectively to Mr Sinha.
Top

 

BHEL pact to produce fabric filters

NEW DELHI, July 6 (PTI) — Bharat Heavy Electricals Limited (BHEL) today inked an agreement for technical collaboration with a leading German company to manufacture state-of-the-art pollution control equipment for industries and power stations.

Called ‘Fabric filters’, the equipment can collect very fine particulate matter from flue gases that are released into the atmosphere, a BHEL release said.

With the use of these filters in hot gas treatment systems, the dust content of clean gas can be reduced to 10 mg/cubic nm as against emission norms of 50 mg/cubic nm.

They find extensive application not only in different types of boilers (stoker fired, pulverised coal fired and fluidised bed combustion), but were also used in the cement and fertiliser industries, and metallurgical plants.
Top

 

Lunar Diamonds in the dock

NEW DELHI, July 6 (UNI) — The BIFR has directed for a special investigative audit into the accounts for Lunar Diamonds Limited on allegations by banks and financial institutions that the accounts have inappropriately shown huge losses.

Appointing IDBI as the operating agency, the BIFR laid down July 25 as the deadline for the inquiry report.

The banks and FIs sought a critical examination of the company’s claim of having incurred Rs 35 crore loss during the extended financial year of 1996-97 as they suspect it has been due to lower capacity utilisation, provision of bad debts amounting to Rs 7.54 crore and an increase in interest cost.
Top

  H
 
  Bullion
Gold Std Rs 4100
Gold 22-Ct Rs 3950
Silver Ready Rs 7950
Silver delivery Rs 7960

Forex
US $ Rs 43.27/29
Stg Rs 68.84/87
Euro Rs 44.16/18
Jap yen (100) Rs 35.43/46

Customer meet
Tribune News Service
CHANDIGARH, July 6 — The State Bank of Patiala organised a customer relation programme here today at which Mr M. Sitarama Murthy, Chief Genral Manager, explained to customers various schemes including the Gyan Jyoti Scheme for students.

Black Jack
Tribune News Service

Chandigarh, July 6 — Black Jack India Ltd, which has been awarded the no. 1 hand tools exporter trophy by Commerce Minister R.Hegde, has donated Rs 1 lakh for the Kargil fund. All employees of the group have also contributed one day’s salary for the fund.

Prize winners
Tribune News Service

CHANDIGARH, July 6 — Baskin 31 Robbins, which organised a scoop hunt mega draw at its outlet in Panchkula announced the prizes today. The winners are Ravi Sidhu of Mohali, Smriti Bajaj, I.N. Kakkar and Nayan Mittal of Panchkula.

Leprosy drug
Tribune News Service

NEW DELHI, July 6 — Cadila Pharmaceutical Ltd has launched medicine for leprosy which it will commercially manufacture and market under the brand name of “Leprovac” in the domestic and global markets.

Rel Petro
MUMBAI, July 6 (PTI) — Crisil has reaffirmed the ‘BBB+’ rating assigned to Reliance Petroleum Ltd’s (RPL) Rs 6.4 billion non-convertible debenture (NCD) programme. The moderate safety rating reflects the progress achieved by RPL in implementation of the refinery project at Jamnagar, the capital structure of the company and the relevant factors having a bearing on margins for the refinery operations.
Top

  Image Map
home | Nation | Punjab | Haryana | Himachal Pradesh | Jammu & Kashmir |
|
Chandigarh | Editorial | Sport |
|
Mailbag | Spotlight | World | 50 years of Independence | Weather |
|
Search | Subscribe | Archive | Suggestion | Home | E-mail |