Friday, October 26, 2001, Chandigarh, India






National Capital Region--Delhi

THE TRIBUNE SPECIALS
50 YEARS OF INDEPENDENCE

TERCENTENARY CELEBRATIONS
B U S I N E S S

India resigned to fresh WTO negotiations
New Delhi, October 25
India’s official stand against starting fresh negotiations at the forthcoming World Trade Organisation (WTO) meeting in Doha has had few takers among the developing countries and it is more or less resigned to the major trading powers dictating the agenda.

Rate cut to encourage small-scale units
Ludhiana, October 25
Industrial associations here have reacted in a mixed manner to RBI Governor, Bimal Jalan’s announcement to slash bank rate to 6.5 per cent and pump an additional liquidity of Rs 8,000 crore into the banking system through a reduction of the cash reserve ratio (CRR) by 200 basis points to 5.50 per cent.

ICICI to merge with ICICI Bank

Mumbai, October 25
In one of the biggest-ever mergers in the financial sector, ICICI and its banking arm ICICI Bank will come together to become the country’s second largest banking company, it was announced here today.

CEO and Managing Director of ICICI Ltd, K.V. Kamath, addresses journalists during a press conference in Bombay on Thursday. 
— Reuters photo



EARLIER STORIES
 

SBP allocates 350 cr for retail banking
Chandigarh, October 25
Mr J.R Devgun, General Manager (Operations), State Bank of Patiala said here today that it would be our endeavour to make the bank as the best public sector bank in the country and advised the staff members to aim at serving customers in the best possible manner.

L&T’s role in PSLV-C3 launch
New Delhi, October 25
Larsen & Toubro (L&T) has played a key role in the successful launch of the Polar Satellite Launch Vehicle (PSLV) C3 which was launched from the Sriharikota Range on the East Coast of Indian on October 22.

LICHF slashes rates
Ludhiana, October 25
The LIC Housing Finance Limited has slashed its interest rates for house loans as well as for plot purchase schemes. It has also waived off processing fee, charged on loans as a special offer valid up to December 31, 2001.

Net rises 11 pc
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
Chandigarh, October 25
Maruti unveiled Versa, its luxury Multi Purpose Vehicle (MPV) here today. “We are set to break new grounds with the launch of Versa”, said Mr Vikram Mehtani, Regional Manager while addressing a press conference .

 
CORPORATE NEWS

Colgate-Palmolive net down 6.25 pc
Mumbai, October 25
Healthcare major Colgate-Palmolive (India) Ltd has posted a 6.25 per cent lower net profit at Rs 16.5 crore for second quarter ended September compared to Rs 17.6 crore in corresponding period last fiscal.

  • PNB Gilts net zooms

  • Hind Const net at 23.79 cr

  • Kale Consultants net dips

  • Wyeth Lederle net up

  • Vam Organic Chemicals

  • Blue Star net rises




Top








 

India resigned to fresh WTO negotiations
Tribune News Service

New Delhi, October 25
India’s official stand against starting fresh negotiations at the forthcoming World Trade Organisation (WTO) meeting in Doha has had few takers among the developing countries and it is more or less resigned to the major trading powers dictating the agenda.

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.

Top

 

Rate cut to encourage small-scale units
Tribune News Service

Ludhiana, October 25
Industrial associations here have reacted in a mixed manner to RBI Governor, Bimal Jalan’s announcement to slash bank rate to 6.5 per cent and pump an additional liquidity of Rs 8,000 crore into the banking system through a reduction of the cash reserve ratio (CRR) by 200 basis points to 5.50 per cent.

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.”

Top

 

ICICI to merge with ICICI Bank

Mumbai, October 25
In one of the biggest-ever mergers in the financial sector, ICICI and its banking arm ICICI Bank will come together to become the country’s second largest banking company, it was announced here today.

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

Top

 

SBP allocates 350 cr for retail banking
Tribune News Service

Chandigarh, October 25
Mr J.R Devgun, General Manager (Operations), State Bank of Patiala said here today that it would be our endeavour to make the bank as the best public sector bank in the country and advised the staff members to aim at serving customers in the best possible manner.

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.

Top

 

L&T’s role in PSLV-C3 launch
Tribune News Service

New Delhi, October 25
Larsen & Toubro (L&T) has played a key role in the successful launch of the Polar Satellite Launch Vehicle (PSLV) C3 which was launched from the Sriharikota Range on the East Coast of Indian on October 22.

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.

Top

 

LICHF slashes rates

Ludhiana, October 25
The LIC Housing Finance Limited has slashed its interest rates for house loans as well as for plot purchase schemes. It has also waived off processing fee, charged on loans as a special offer valid up to December 31, 2001.

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

Top

 

Net rises 11 pc

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.

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.

Top


 

Maruti unveils Versa
Tribune News Service

Chandigarh, October 25
Maruti unveiled Versa, its luxury Multi Purpose Vehicle (MPV) here today. “We are set to break new grounds with the launch of Versa”, said Mr Vikram Mehtani, Regional Manager while addressing a press conference.

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

Top

 

Haryana’s IT enabled services
Tribune News Service

Chandigarh, October 25
The Haryana Cabinet, which met here last evening, under the chairmanship of the Chief Minister, Mr Om Prakash Chautala, has decided to expand the scope of recently announced Information Technology (IT) Policy of the state by including IT enabled services in it, as these have vast employment generation potential.

These services will now be eligible for incentives that are available to IT industry in the state.

Top


 
CORPORATE NEWS

Colgate-Palmolive net down 6.25 pc

Mumbai, October 25
Healthcare major Colgate-Palmolive (India) Ltd has posted a 6.25 per cent lower net profit at Rs 16.5 crore for second quarter ended September compared to Rs 17.6 crore in corresponding period last fiscal.

The net profit after tax from ongoing business operations was Rs 16.5 crore for the current quarter against Rs 13.4 crore (after reducing the one time profit of Rs 4.2 crore on sale of real estate) for the same quarter of the previous year.

PNB Gilts net zooms

Buoyed up by the present boom in government securities market, PNB Gilts today reported net profit of Rs 45.60 crore during first half of 2001-02, as against Rs 39.16 crore loss during the same period last year.

The company’s second quarter net profit was also up at Rs 16.63 crore as against net loss of Rs 60.55 crore during July-September 2000, a top company official said after a board meeting here.

Hind Const net at 23.79 cr

Hindustan Construction Company Ltd (HCC) has posted a substantial rise in net profit at Rs 23.79 crore for the first quarter ended September 30, 2001 due to gains from transfer of land and building development rights.

Total income for the period under review rose by 60.24 per cent at Rs 99.37 crore compared to Rs 62.01 crore for the July-September 2000, Chairman and Managing Director Ajit Gulabchand said

Kale Consultants net dips

Kale Consultants has reported a 23.16 per cent drop in net profit at Rs 33.5 lakh for second quarter ended September 30, 2001, compared to Rs 43.6 lakh in same period of previous fiscal.

Wyeth Lederle net up

Wyeth Lederle has posted a 45.59 per cent rise in net profit at Rs 15.36 crore for the second quarter ended September 30, 2001, compared to Rs 10.55 crore in same period of previous fiscal.

Vam Organic Chemicals

Vam Organic Chemicals Limited today reported a net profit of Rs 5.51 crore up 59 per cent during the second quarter of 2001-02 as compared to Rs 3.46 crore over the corresponding period of previous year.

GNFC net down

Gujarat Narmada Valley Fertiliser Co (GNFC) has posted a 18.61 per cent decline in net profit at Rs 28.07 crore for second quarter ended September 30, 2001, compared to Rs 34.49 crore in the same period last year.

Blue Star net rises

Blue Star has posted a 40.05 per cent rise in net profit at Rs 5.07 crore for second quarter ended September 30 as compared to Rs 3.62 crore in same period previous year. Total income for the reporting quarter stood at Rs 122.8 crore as against Rs 119.2 crore in the Q2 2000.

Top

  bb
BIZ BRIEFS

Markfed
Chandigarh, October 25
Mr D.S. Bains, Managing Director, Markfed reviewed the procurement of paddy, its lifting and payments in different mandis of Punjab with all the District Managers today. Markfed is leading amongst all the procuring agencies having procured 16,73,606 MTs of paddy against the total arrival of 1.01,23,707 MTs till yesterday, Punsup till date purchased 16,65,898 MTs 11,48,802 MTs, PSWC. 14,31,427 MT and Punjab Agro. 5,88,174 MTs. Lifting was reported to be 96% and Rs. 620.28 crore of payments had already been made. TNS

Markets closed
Mumbai, October 25
All the principal markets, including the Bombay and National stock exchange, forex, call money, bullion, oilseeds, cotton, metal and others will remain officially closed here tomorrow on account of “Dussera” Festival. UNI

GNA Group
Hoshiarpur, October 25
The Indian Institute of Material Management, Chandigarh has awarded best CEO award for the year 2000-2001 to Mr Gursaran Singh, Managing Director of GNA Group Goraya. The award was presented on the eve of 17th annual celebration of 11 MM at Chandigarh by Dr K.N. Pathak, Vice Chancellor Panjab University. OC

ICRA rating
Chandigarh, October 25
ICRA has taken note of the announced merger of ICICI and ICICI Bank. ICRA has rated various borrowing programmes of ICICI at LAAA, MAAA and A1+, all indicating highest safety. Similarly ICRA has rated the bond programme of ICICI Bank at LAAA indicating highest safety. TNS

Centurion Bank
Chandigarh, October 25
Centurion Bank has opened 55 branches, 11 extension counters and 116 ATMs since March 2001, said Mr V.S. Srinivasan, Director in a press release here today . The bank is alive and kicking and will emerge even stronger by the end of this financial, stated he, referring to the news reports about the bank in the recent past. TNS

Spice Telecom
Chandigarh, October 25
Spice Telecom today announced the launch of Spice Rail Info service which will enable its subscribers to access information like arrival and departure times of the trains, reservation status etc. TNS

Max GB
Chandigarh, October 25
Max GB, now known as DSM Anti Infective India targets 10 per cent to 12 per cent growth this year. The company manufactures semi synthetic pencillins, semi synthetic cephalosporins, nystatin, lacta mase inhibitor and blends and drug intermediates like six amino pencillanic acid. Max GB, during the middle of this year was acquired by DSM which holds 95 per cent share now. TNS

e Three R Info
Panchkula, October 25
e Three R Info Systems, the Indian arm of the e3R Solutions Inc, USA, which operates call centres in the USA and Canada, commenced operations of its international call centre here today. Mr Ranbir Sahni, CEO, while inaugurating the call centre said the company was gearing to employ more than 250 persons by next year. TNS

Top

Home | 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 |