|Wednesday, March 29, 2000,
Dont expect comfort, Sinha
IT & T joins hands
with Delhi IIT
MUMBAI, March 28 (UNI) Union Finance Minister Yashwant Sinha today regretted that customer service and support to farmers and small-time entrepreneurs were inadequate, and cautioned bankers against neglecting the rural economy.
Addressing the annual general meeting of the Indian Banks Association (IBA) here, Mr Sinha said that there was a need to evolve an innovative system and approach to serve the rural customers in a more effective way.
Do not forget we have three levels of economy plough and bullock cart, brick and mortar, and dot com. We cannot afford to neglect any one segment, he observed.
On line with the suggestions made earlier by Union Minister of State for Finance Balasaheb Vikhe-Patil, Mr Sinha said banks must take advantage of the emerging technology.
RBI Governor Bimal Jalan said the development of human resources and induction of latest technology were the two most emerging challenges before the Indian banking sector in the competitive financial world. NPAs could be controlled and stemmed through policy framework and legislation, but the expertise required for management of the banking economy would be crucial.
Earlier, in his address
at the board meeting of IDBI, Mr Sinha said that the
comfort of government ownership among the employees of
State-owned banks and financial institutions would not be
available in future and all levels of freedom would be
given to the chairmen and boards to run their
institutions with greater accountability and
NEW DELHI, March 28 (UNI) Powered by an impressive 46.21 per cent growth in car sales, the automotive industry moved on to top gear, witnessing a 21.44 per cent rise in sales at 4,36,239 units in February this year.
As many as 50,421 passenger cars were sold in February compared to 34,485 during the same month last year, according to figures released by the Society of Indian Automobile Manufacturers (SIAM) today.
During the first 11 months of this fiscal, the auto industry grew by 14.81 per cent to touch 43,58,011 units. Passenger cars rose by 49.53 per cent at 5,20,029 units during the April-February period.
Maruti Udyog Limited received a severe drubbing as its share in the total passenger car market came down to 68.11 per cent in February against 83.39 per cent a year earlier. During April-February, the MULs share stood at 69.42 per cent, a way down compared to 85.49 per cent share during the first 11 months of the previous fiscal.
Hyundai Motors India Limiteds market share increased to 14.93 per cent in February against 8.7 per cent last year. HMIL enjoyed 12.89 per cent share during the first 11 months compared to 4.25 per cent during the corresponding period last fiscal.
While sales of medium and heavy commercial vehicles declined by 6.86 per cent at 9,199 units, light commercial vehicles were up by 35.58 per cent at 5,456 units.
However, medium and heavy segment moved up by 49.78 per cent at 101,145 units during the first 11 months of 1999-2000 and LCV category rose by 6.11 per cent at 53,693 vehicles.
In two wheelers segment scooters grew by 5.8 per cent at 108,308 units and 4.78 per cent at 1,133,916 vehicles during the 11-month period. Motorcycles were up by 36.82 per cent at 175,485 units and 29.33 per cent to touch 1,599,191 vehicles during the same period. Mopeds registered a 11.61 growth at 59,699 units and a 7.44 per cent rise at 654,884 vehicles.
Multi-utility vehicles were up by 22.93 per cent at 12,467 units and 6.43 per cent 108,176 vehicles in February and the first 11 months respectively.
set up housing company
CHANDIGARH, March 28 The Haryana State Industries Development Corporation (HSIDC) has decided to enter the housing sector.
According to the MD of the corporation, Dr Harbaksh Singh, the HSIDC will soon set up a housing finance company as its subsidiary to meet the requirements of the housing sector in Haryana. The HSIDC will have 51 per cent share holding in the new subsidiary, the paid up capital of which will be Rs 12 crore.
Dr Harbaksh Singh said here today that while the HSIDC would contribute Rs 6.12 crore, the other organisations participating in the equity of the subsidiary company would include the Haryana Financial Corporation, HUDA and the National Housing Board.
The MD of the HFC, Mr P.K. Gupta, confirmed that his corporation would contribute Rs 1 crore to the housing company.
The HSIDC is the first State-level financial institution to venture into housing loans. The proposed company would give loans for purchase of plots, construction of houses, purchase of built-up houses or flats and renovation or extension of existing houses.
Dr Harbaksh Singh said the target segment would be the salaried class, businessmen, professionals and agriculturists.
He said at present there
was no housing finance company exclusively for Haryana.
As a result, the housing finance needs in the interior of
Haryana like the districts of Jind, Sirsa, Hisar and
Bhiwani remained unfulfilled. The proposed company would
have its branches in all the districts of the State.
to have export goods centre
AMRITSAR, March 28 A motivational-cum-awareness programme on ISO-9000 total quality management system organised jointly by the Small Industries Service Institute (SISI), Ludhiana, and the Textile Manufacturers Association, was inaugurated by the Deputy Commissioner, Mr Narinderjit Singh here today.
The DC said there is a proposal to set up a demonstration centre-cum-tourist spot in 10 to 15 acres for export quality goods produced by local industries.
Mr J.S. Kullar,
Director, SISI, Mr H.S. Makhni and Mr P.L. Mahajan of the
Textile Manufacturers Association, Mr P.L. Seth General
Secretary, Shawls Club of India, Mr Ranjit Singh, Dy
Director, SISI, and Dr A.S. Bawa, Professor, Guru Nanak
Dev University, also spoke.
pact with Rana Sugars
CHANDIGARH, March 28 Punjab Energy Development Agency today signed an agreement with Rana Sugars Ltd for the establishment of a 10.2 MW bagasse based co-generation project at its sugar mill at village Buttar Servian near Baba Bakala in Amritsar district.
The collaboration agreement which was signed by Mr P.S. Aujla, Chief Executive, PEDA, and Rana Gurjeet Singh, MD, Rana Sugars Ltd, envisages equity participation by PEDA to the tune of Rs 255 lakh in this project.
IT & T
joins hands with Delhi IIT
NEW DELHI, March 28 To harness entrepreneurial ideas amongst IIT Delhi students, alumni and other and to convert new ideas into business reality, IT&T has set up nurture IT incubation centre.
The centre will provide various nurturing services to entrepreneurs whose projects are selected for incubation, Mr Rohit Chand, CEO of IT&T, said addressing a press conference.
IT&T will contribute the initial seed capital for each venture, he said, adding that the company plans to incubate at least 30 projects in the five years and this should result in a valuation of Rs 1500 crore for nurture IT.com
He said the nurture IT.com will have an advisory council which will review the projects submitted.
HC stays freezing of MTNL accounts
NEW DELHI, March 28 (PTI) The Delhi High Court today asked MTNL to pay Rs 200 crore by Thursday and stayed the Income Tax Department order freezing all the 14 accounts of the Nigam. It directed MTNL to pay Rs 200 crore to the IT Department by March 30 and posted further hearing in the case to April 26. The department had assessed the total tax liability of MTNL at Rs 209 crore and another Rs 10 crore as interest on it.
Hero Honda, Tata Finance sign pact
NEW DELHI, March 28 (PTI) Hero Honda Motors Ltd today announced its tie-up with Tata Finance (TFL) to provide finance for its motorcycles. The agreement was signed yesterday by HHML Chairman Brijmohan Lall Munjal and Executive Vice-President (Asset Finance) of TFL H Banerjee.
TIPS Industries plans IPO
MUMBAI, March 28 (PTI) Music company TIPS Industries Ltd is planning an initial public offering of 30 lakh shares of Rs 10 each through book building route, to fund its expansion plan. The issue includes book building portion of 27 lakh shares and fixed price portion of 3 lakh shares.
Creative Eye to enter market
MUMBAI, March 28 (PTI) Creative Eye is entering the capital market with an initial public offering of 25,02,400 equity shares to part finance its Rs 75 crore expansion plan. The issue consists of book building portion, which is for 75 per cent of the total size, and 25 per cent of shares will be offered under the fixed price portirtising division.
ICICI Bank to list on NYSE
MUMBAI, March 28 (PTI) ICICI Bank has decided to provide an additional amount of Rs 13.5 crore towards NPAs under the US GAAP. The move is a part of its plan to fulfil requirements in connection with its American Depository Shares issue and the listing on the New York Stock Exchange (NYSE) in the next few days.
SQL Stars ties up with Reez. com
New Delhi, March 28 (TNS) SQL Star International Ltd has entered into a strategic alliance with Silicon Valley-based Reez.com to set up off-shore facilities for lending continual development support for their total web based offering, a company release said today. The partnership will enable SQL Star to position itself as a web based solutions provider and provide Reez.com with necessary infrastructure and resources in a cost-effective manner.
Videocon to launch interactive TV
NEW DELHI, March 28 (TNS) Videocon has joined hands with TeleCruz Technologies Inc, to develop Net enabled products in the country. The Videocon televisions equipped with TeleCruz technology will transform traditional television receivers into interactive Net-ready TV devices, a company release said.
Interim dividend announcements
HDFC has declared a second interim dividend of 90 per cent on shares of Rs 10 each and also raised the ceiling of foreign institutional investors (FIIs) investment by 10 per cent to 40 per cent. The record date for the dividend is April 26, 2000. Earlier, the board had approved one-time special millennium (interim) dividend of 100 per cent.
Torrent Pharmaceuticals Ltd has declared an interim dividend of 101 per cent. The Board of Directors has decided to advance the payment of dividend by declaring an interim dividend which would enable the company to save almost Rs 2.5 crore in terms of dividend tax. The full dividend declared by the company last year was 60 per cent.
Kotak Mahindra Mutual
Funds has declared dividends under its K Gilt scheme
(savings,investment and serial plans) for March 2000.The
dividends declared aresavings plan Rs 0.057 per
unit, investment plan- Rs 0.366 per unit and the serial
2003 plan- Rs 0.462 per unit.
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