• PNB donates 2.52 crore

Kansas City Wizard All Star Alexi Lalas balances a soccer ball on his head, along with Clyde the Sea Lion, at Sea World, Thursday, July 15, 1999 in San Diego. Lalas will play in the MLS All Star game Saturday at Qualcomm Stadium. — AP/PTI

VSNL signs MoU with DoT
NEW DELHI, July 16 — A memorandum of understanding was signed here today between the Videsh Sanchar Nigam Limited and Department of Telecommunication.

‘Now aim at food security’
NEW DELHI, July 16 — After national security, it is food and nutritional security for which the country should aim, the Prime Minister, Mr Atal Behari Vajpayee, said here today.

Uco Bank launches settlement scheme
SHIMLA, July 16 — Uco Bank today launched a countrywide “special settlement scheme” for disposing of chronic loan overdues of borrowers relating to the priority sector.

Telco reduces net loss by 5.89 per cent
TATA Engineering and Locomotive Company Limited reduced its net loss by 5.89 per cent to Rs 33.53 crore during the first quarter of the current fiscal from Rs 35.63 crore a year ago.

PESB to have two chairmen for a day
Tribune News Service

NEW DELHI, July 16 — Mr T.K.A. Nair, former Chief Secretary of Punjab and former Secretary to the Prime Minister, has been appointed Chairman of the Public Enterprise Selection Board.

Mr Nair, who became PESB member in August 1998, would become Chairman from July 22 till August 19, 2001, official sources said.

Incidentally, the present incumbent, Mr A.C. Wadhawan’s tenure is also till July 22. The sources said that this in effect would mean that there would be two Chairmen on July 22. This appears to be an oversight by the Appointment Committee of the Cabinet, which took the decision last night, the sources said.

Besides, Mr Wadhawan, the term of yet another senior member, Mr R.K. Sinha, also ends on July 25.

The Union Government also appointed Maruti Udyog Limited (MUL) Managing Director, Mr R.S.S.L.N. Bhaskarudu as Member in Public Enterprises Selection Board (PESB).

PFC birthday bash money for martyrs

NEW DELHI, July 16 (PTI) — The State-owned Power Finance Corporation (PFC) today celebrated its foundation day at a simple get-together with just a cup of tea while donating the entire purse earmarked for the birthday bash to the Kargil relief fund.

“This year we are not having our cultural evening at a big auditorium followed by a party. We donated the entire Rs 3 lakh for the purpose to the memory of Kargil martyrs,” the Chairman and Managing Director, Dr Uddesh Kohli, said.

The employees of the corporation had earlier given a day’s salary for the relief of the families of the soldiers, while the corporation chipped in with nearly Rs 7 crore for the purpose.

PNB donates 2.52 crore

Mr Rashid Jilani, Chairman and Managing Director, Punjab National Bank, presented a cheque of Rs 151 lakh to Mr Atal Behari Vajpayee as bank’s contribution to the National Defence Fund at New Delhi. He also gave a cheque for Rs 101 lakh towards employees’ contribution to the Central Army Welfare Fund.

Mr S.K. Chawla, General Manager, PNB, Punjab Zone said the Prime Minister was informed that the bank has provided employment to Ex-servicemen in various categories. Mr P.K. Chabria, ED, and Mr S.K. Awasthi, G.M. of the bank were present on the occasion.

DSE donates 21 lakh

The Delhi Stock Exchange (DSE) donated Rs 21 lakh to the Army Central Welfare Fund (ACWF) as a token of its concern and gratitude towards the jawans who laid their lives in Kargil conflict.

Pataka Biri

Mr Mustak Hossain, MD, Pataka Biri gave a cheque for Rs 11 lakh to Mr Atal Behari Vajpayee for the welfare of Kargil victims. — TNS

VSNL signs MoU with DoT
Tribune News Service

NEW DELHI, July 16 — A memorandum of understanding (MoU) was signed here today between the Videsh Sanchar Nigam Limited (VSNL) and Department of Telecommunication (DoT).

The MoU outlines performance targets for VSNL, awards the company specific freedoms, defines levels of commitment from DoT and support of VSNL’s efforts and recognises projects of key importance for VSNL’s performance during 1999-2000.

As per the MoU, VSNL has committed to establish and commission internet super highway nodes by January 2000. These super highway nodes will comprise of Internet Border Gateway Exchanges and sophisticated facilities for multi-ISP operations in India.

VSNL has also committed to commission the SEA-ME-WE 3 Cable System with landing points at Kochi and Mumbai by end of July 1999.The SEA-ME-WE 3 cable system is a state-of-the-art digital submarine optical fibre system which will provide 20 Gbps per fibre of connectivity to over 41 countries between Australia, the Far East, the Gulf and Europe

‘Now aim at food security’
Tribune News Service

NEW DELHI, July 16 — After national security, it is food and nutritional security for which the country should aim, the Prime Minister, Mr Atal Behari Vajpayee, said here today.

Speaking at the 70th annual general meeting of the Indian Council of Agriculture Research (ICAR), Mr Vajpayee said this could be achieved by keeping the country’s granaries full and ensuring food and nutritional security for the population.

Stressing the need to make the benefits of the green and white revolutions reach the entire population so as to make India not only hunger-free, but also well-fed and healthy, Mr Vajpayee urged agricultural scientists to rise to the challenge of developing technology to restore the fertility of reclaimed land.

They also had to work to achieve increased production of pulses and to reduce the total cost of production of different crops especially cash crops.

He said with the imminent removal of agricultural quotas under the World Trade Organisation framework, India’s agriculture would have a major opportunity to export many commodities as it would have a comparative advantage.

The Minister of State for Agriculture and Water Resources, Mr Sompal, stressed the need for developing modern agricultural implements and machinery for better efficiency and farm output.

The Director General of ICAR, Dr R.S.Paroda, said that a separate cell for catering to the requirements and management of intellectual property rights and related issues has started functioning. The pace of registration of plant germplasm has been accelerated and support for framing the rules and procedures for establishing repositories, national biodiversity legislation and the Plant Variety and Farmers Rights Protection Act has been provided.

Uco Bank launches settlement scheme
Tribune News Service

SHIMLA, July 16 — Uco Bank today launched a countrywide “special settlement scheme” for disposing of chronic loan overdues of borrowers relating to the priority sector.

Mr Sharda Singh, CMD of the bank, told reporters that the non-performing assets of the bank amounted to Rs 1,500 crore. The amount of bad loans in Himachal Pradesh was Rs 28 crore.

The cut-off date for coverage under the scheme was March 31, 1996.

Under the scheme, the bank will consider on merits of each case for waiving of compound interest, penal interest and charging interest on simple basis not below 10 per cent from the date the account turned sticky.

Mr Singh said the scheme offers an opportunity for small non-performing advance borrowers to settle their long outstanding overdues without any hassles.

He denied reports that any Zonal Office of the bank was being closed in the state. On the other hand, stress was being made on the decentralisation of power.

Telco reduces net loss by 5.89 per cent

TATA Engineering and Locomotive Company Limited (Telco) reduced its net loss by 5.89 per cent to Rs 33.53 crore during the first quarter of the current fiscal from Rs 35.63 crore a year ago.

Net sales stood at Rs 1,592 crore for the first quarter as compared to Rs 1,277.43 crore during the same period last year. Operating profit was Rs 121.56 crore as against Rs 103.47 crore last year. Other income was Rs 3.84 crore. The gross profit was Rs 401.2 crore as compared to Rs 30.36 crore in the last quarter. Telco provided Rs 73.65 crore as depreciation and Rs 85.28 crore as interest payments.

The company sold 35,294 units of vehicles as against 25,404 units last year. Export turnover (fob value) was Rs 113.52 crore ($ 26.18 million).

Total vehicle production was 29,604 commercial and utility vehicles and 7,944 passenger cars during the first quarter. Sales were 25,229 commercial and utility vehicles and 7,820 passenger vehicles. Export sales were 2,245 vehicles.

The company’s total income at Rs 1,595.92 crore was 25 per cent higher from the corresponding period last year. Customer deliveries of Indica car have crossed the 10,000 mark.

Smithkline Beecham Pharma-ceuticals Limited has registered a 7.7 per cent drop in net profit during the first half of 1999 to Rs 13.48 crore from Rs 14.61 crore a year ago.

Sales in the January-June period were Rs 185 crore, up 16.4 per cent from Rs 159 crore in the same period last year.

The company incurred Rs 8,888 crore up to June 30 towards Y2K readiness.

Corporation Bank has recorded a net profit of Rs 54.07 crore during the first quarter of 1999-2000, up 4.26 per cent from Rs 51.86 crore for the same quarter last year.

Corporation Bank’s total income for the period was Rs 447 crore, up 29.94 per cent from Rs 344 crore for the same quarter in the previous year.

Deposits during the period stood at Rs 13,504.04 crore while total advances were Rs 6,233.78 and investments stood at Rs 6,060.76 crore.

Dr Reddy’s Laboratories has entered into an agreement with Omron, a Japanese multi-national to undertake the distribution and marketing in South India of a range of its healthcare products beginning with digital blood pressure monitors, nebulizers and digital thermometers.

Kinetic Motor Company Limited, formerly Kinetic Honda Motor, has planned to introduce employees stock option plans to foster a sense of ownership and belonging amongst its personnel.

The company is planning to create, offer and issue 7,50,000 equity shares of the face value of Rs 10 each for the purpose.

Bajaj Auto Ltd’s third plant with a production capacity of one million vehicles per annum will be commissioned by September this year, company Chairman and Managing Director Rahul Bajaj said here on Friday.

JK Corp Ltd: announced an improvement in production and sales in the first financial quarter of April to June, 1999, compared to the corresponding quarter of the previous year.

JK Paper production was 23946 tons which is in increase of 23 per cent over the corresponding quarter of the previous year. The plant is running at more than 100 per cent capacity utilisation.

Siemens on Friday entered into a marketing alliance with State-owned ITI Limited to market its hi-com range of EPABX system particularly in the government sector.

The Managing Director of Siemens Limited, Jueroen Schubert, announced the tie-up here, said that the cooperation between the two had helped the company get orders upto 12,000 line units.

Vashisti Detergents Limited (VDL) has reported a 5 per cent increase in net profit at Rs 1.32 crore for the quarter ending June 30, 1999, as compared to Rs 1.26 crore in the corresponding quarter of the previous year.

UTI Bank has reported a rise in its net profit to Rs 17.16 crore during the first quarter ended June 30, 1999, as compared to Rs 6.82 crore during the corresponding period last year.

Exide Industries has recorded a 19.49 per cent jump in the net profit during the first quarter of the 1999-2000 fiscal to Rs 6.5 crore from Rs 5.44 crore a year ago.

— Agencies

Bullion
Gold Std Rs 3980
Gold 22-Ct Rs 3830
Silver Ready Rs 7740
Silver delivery Rs 7740

OBC dividend
NEW DELHI, July 16 (TNS) — The Oriental Bank of Commerce (OBC) has paid to the Central Government a dividend of Rs 44.80 crore for the year 1998-99. The cheque was presented by the bank’s CMD, Dr Dalbir Singh to the Union Finance Minister, Mr Yashwant Sinha here.

Car loan camp
LUDHIANA, July 16 (FOC) — The SBI today organised a housing and car loan camp here today in which loans, amounting to Rs 2.43 crore were disbursed. The camp was inaugurated by Mr RC Aggarwala, General Manager (Development and Personnel), Chandigarh circle, who informed that this was the second camp organised by the bank to tap the need for the loan in the housing sector.

MTNL issue
NEW DELHI, July 16 (PTI) — MTNL today decided to raise Rs 978 crore through a bond issue in the domestic market during the next quarter for the Department of Telecommunication.