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Tuesday,
May 20, 2003, Chandigarh, India  
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Electronics exports grow 28 per cent Reliance, DuPont sign
R&D alliance Seminar on
trade, investment Computer aid for the
blind Dabur
files demerger plan with Delhi HC |
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New Delhi, May 19 The Oriental Bank of Commerce has reported an increase of 42.3 per cent in the net profit in 2002-03 to Rs 457 crore from Rs 320 crore in 2001-02 and declared a dividend of 45 per cent.
Citibank
launches global bonds 14 hurt
in clash at Daewoo office
Canway
to recruit nurses for USA
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Electronics exports grow 28 per cent New Delhi, May 19 Electronics exports during 2002-03 are estimated at Rs 54,105 crore as against Rs 42,300 crore in 2001-02, according to an estimate by Department of Information Technology. Of this, computer software and services exports are estimated to have registered a growth rate of 30 per cent in 2002-03 aggregating Rs 47,500 crore while the business process outsourcing industry grew by about 65 per cent to touch Rs 11,700 crore in the same period. “The software and services industry has emerged as one of the fastest growing sectors in the Indian economy with a growth of over 26 per cent during 2002-03 and turnover of $ 12.7 billion (Rs 59,900 crore) and exports of $ 10 billion (Rs 47,500 crore), it said. Exports in the hardware segment comprising consumer electronics, industrial electronics, computers, communication and broadcasting equipment, strategic electronics and components, stood at Rs 6605 crore during the period in reference compared to Rs 5800 crore in 2001-02. The Indian IT software and services industry is projected to provide employment to 6.5 lakh IT professionals by March 2003. “It is estimated that out of the 6,50,000 knowledge workers, almost 2,05,000 are working in the IT software and services export industry, nearly 1,60,000 in IT-enabled services, 25,000 in domestic software market and over 2,60,000 in user organisations”, it said. Banking segment is the key user of software products and services in the domestic market and the areas include computerisation of branches, VSAT-based networking among branches, installation of ATM networks, systems related to handling of credit, debit cards and facilities for internet banking, it said.
PTI |
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Reliance, DuPont sign R&D alliance Mumbai, May 19 The intellectual property from joint development under the alliance would be available, on a royalty basis, to Reliance and Dupont Textiles and Interiors (DTI), Reliance Industries said in a release here today. The tie-up would accelerate the delivery of new polyester products and processes to the world market in a cost effective manner, the release said. DTI, a technology development and licensing arm of DuPont, and Reliance would jointly explore new areas and pursue projects already in the research pipeline, it said. “The final consumer, both in India and United States, will benefit as new products are brought to market place through R&D facility in India”, RIL (President-Polyester) Subodh Sapra said. DPT director Robert Graham said, “We are sure that the arrangement will enable the both to enhance positions as a world leaders in polyester”. Reliance and DTI have entered into several important alliances during last one year. RIL is producing polyester filing products to supply DTI’s global markets, the release said.
PTI |
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Seminar on trade, investment New Delhi, May 19 Inaugurating a global seminar on Trade, Investment and Development, jointly organised by the Commerce Ministry and Unctad, the Minister of State for Commerce Rajiv Pratap Rudy said it had been argued by some that being a party to a multi-lateral agreement would help attract investment, but no “serious” study has come out supporting the view that a such a framework was significant determinant of investment. The proponents for negotiations in the area were going ahead with a suggesting that a multi-lateral framework be considered in WTO in investment and certain modalities were proposed, Mr Rudy said. “We need to examine them carefully if these proposals are in developing countries’ interests and whether they will further the development objectives,” the minister said. Mr Rudy said “our hands are not tied in any manner when this issue (modalities regarding multi-lateral framework) will come up for a decision at Cancun, Mexico. We should be able to freely exercise our choice based on perceived and objective assessment.” He said the Doha Ministerial Declaration required that the decision on the negotiations and the modalities had to be taken by “explicit consensus” at the fifth ministerial conference to be held in Cancun, Mexico, from September 10-14. The 15 countries participating in the three-day conference are Argenia,
Bangladesh Brazil China, Egypt, Indonesia Jamaica, Kenya, Malaysia Morocco, Nigeria, the Philippines, Tanznia, Venezuela and Zambia. |
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Computer aid for the blind Bhubaneswar, May 19 A newly-developed Optical Character Recognition System (OPCRS) now enables a computer to read it for them as the material is put under the scanner. Six of the
software in Oriya, developed by the Resource Centre For Indian Language Technology Solution (RC-ILTS)-Oriya, an umbrella body of the ministry of telecommunication and information technology at the department of computer science and application of the Utkal University, have been given the copyright under intellectual property rights. Literate, semi-literate, illiterate or Non-Resident Oriyas who stay outside could use the software for knowledge enhancement, Dr Sanghamitra Mohanty, head of the centre and Chief Investigator of the project, said. The software products included Oriya electronic dictionary, world processor, word net, machine aided
translation system, optical character recognition system, Text to Speech System (TTS) and Speech to Text System
(STT). The facility also bridged the barrier between English and Oriya languages. Using these
software, one can translate a piece of literature from English to Oriya and vice-versa, Mohanty said. The e-dictionary could be loaded in a computer and by using the help key one could know how to write an Oriya word using English keyboard phonetically. It has 28,000 Oriya root words and 10,000 English words, she said. The word processor had all the facilities like print, edit, cut, paste etc. Besides it had the grammar and spell checking capability which could handle 1,70,000 words. The optical character recognition system could be helpful for the printing industry and also for the offices towards the preservation of valuable and even old documents inside the computer using very little memory. With the help of text-to-speech system anything written in a computer could be read for an illiterate while the speech-to-text system could be used with commands to operate the computer while the
OCR integrated to the TTS system could let the visually impaired persons read a document by listening to it.
PTI |
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Dabur files demerger plan with Delhi HC New Delhi, May 19 As per the proposal, a swap ratio of 1:2 has been proposed, which means one pharma share for every two Dabur India Ltd share held, Dabur India said in a statement here. According to the details filed, the company proposes to transfer assets of Rs 214 crore pertaining to the pharma business of its total asset base of Rs 521 crore to Dabur Pharma Limited as part of the
demerger. Also, once the proposal is approved, the company plans to list Dabur Pharma on the stock exchanges. “The demerger would allow investors to benchmark performance of these two entities with their respective industry standards. The pharmaceutical entity would be listed on the stock exchanges and the shareholding pattern of this new entity would be the same as that of Dabur India,” Group Director P.D. Narang said. The new pharma company proposed to be created will focus on expertise in allopathic, oncology formulations and bulk drugs.
PTI |
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OBC net grows 42 per cent New Delhi, May 19 The increase in the net profit has been made possible because of reduction in costs of deposits, control on expenses, efficient cash management, large recoveries in NPA accounts and treasury income, OBC Chairman and Managing Director R.D. Narang told newspersons here. The gross profits of the bank stood at Rs 1,163 crore in 02-03 as against Rs 917 crore in 01-02. The total business of the bank has gone up to Rs 45,486 crore in 02-03 from Rs 42,974 crore 01-02. The bank registered an average growth of 11.6 per cent in deposits and 17.6 per cent growth in average advances during the year. United Bank United Bank of India (UBI) has made an operating profit of Rs 556 crore, registering an increase by nearly 235 per cent from the previous year’s Rs 237 crore. Announcing this, UBI Chairman Madhukar told newspersons here today that the net profit by the bank went up to Rs 305 crore, showing an increase of about 256 per cent from the previous year when it was Rs 119 crore. The bank planned to introduce debit card by the end of December this year. The bank would also introduce new products, including mobile products, and tied up with different banks for introducing ATMs.
UNI UCO Bank UCO Bank today reported a 31 per cent jump in its operating profit for the fiscal ended March 31, 2003, to Rs 624 crore as compared to Rs 476 crore in the corresponding period last year. The net profit recorded for the year was at Rs 207 crore from Rs 165 crore in the previous year after wiping out residual accumulated loss of Rs 86 crore. Overseas Bank Indian Overseas Bank has posted a net profit of Rs 138.21 crore for the quarter ended March 31, 2003, as compared to Rs 62.97 crore in the comparable quarter last year. The total income during the quarter under review decreased to Rs 1,054.58 crore from Rs 1,080.16 crore in the same period last year. The Board of Directors has recommended a dividend of 16 per cent for the year ended March 31, 2003.
Agencies |
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Citibank launches global bonds New Delhi, May 19 Citibank is the first bank in the country to launch such a product, pursuant to the guidelines by RBI in its recent credit policy, a release said here. Citibank will facilitate investments in ‘AAA’ rated bonds of overseas companies that meet the RBI stipulations. The list of such global bonds would be increased as and when the rules are further liberalised with simplifying norms. This facility would be available to all existing and new Citibank
customers, it said. Citibank, with its global network, is uniquely positioned to offer a whole range of global investment products as and when the full capital account convertibility takes shape in India, Global Consumer Bank Head, Citibank India, Sarvesh Sarup said. The launched product is the second global product after Citibank International Account, he said. “With availability global investment products, an Indian customer can now diversify his investment
portfolio across currencies and geographies”, he said.
PTI |
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14 hurt in clash at Daewoo office
New Delhi, May 19 Trouble erupted at around noon when a large number of employees tried to enter the office complex of Daewoo Motors Ltd in Surajpur area, Noida Superintendent of Police (Rural) Umesh Kumar Srivastava told PTI. When their attempt was foiled, they clashed with policemen deployed there, pelting stones on them, he said, adding at least 11 cops were injured in the brick-batting. The police used batons to disperse the violent workers in which three of them were injured, Srivastava said and denied that police had opened fire.
PTI
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Samsung fridges
New Delhi, May 19 |
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Colgate dividend
Mumbai, May 19 |
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General Motors NIIT Park Hotels Sugar stock Global Bank Kumar Exports V.K. Sibal |
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