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Wednesday,
May 28,
2003, Chandigarh, India  
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RBI sticks
to 6 pc growth Novartis
net falls, to pay 150 pc Telco back
in black, to pay 40 pc dividend UTI Bank
opens branch in Jalandhar Monnet
Ispat net up FICCI
delegation accompanies PM 3
honoured for paying highest tax |
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Siemens
bags major contract from Escotel 2,068 cr
earmarked for Haryana PSB
operating profit zooms 61.51 per cent
Graphic: TELE-DENSITY IN INDIA
A-I
announces special fares
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RBI sticks to 6 pc growth
New Delhi, May 27 "The (6 per cent) projection is based on 96 per cent monsoon. As of now it remains so. Let’s see what happens," RBI Governor Bimal Jalan told PTI here. In its April Credit Policy, RBI projected a higher growth during 2003-04 backed by a better agriculture output, industrial revival and robust performance of service sector. The central bank’s projection is based on the assumption of satisfactory spatial distribution of monsoon. The Indian Meteorological Department forecast normal 96 per cent rainfall for this fiscal. This was in the backdrop of a dismal 4.4 per cent GDP growth during 2002-03 estimated by CSO mainly due to a 3.1 per cent fall in farm produce last fiscal. Jalan also expressed confidence that inflation rate will fall gradually. The WPI-based inflation rate slid for the fourth consecutive week to 5.9 per cent for week-ended May 10. RBI expects inflation to be in the range of 5-5.5 per cent during this fiscal. The central bank would maintain its soft interest rate bias. Jalan also ruled out repo rate cut immediately. RBI slashed the benchmark bank rate by 0.25 per cent to 6.0 per cent in the Slack Season Credit Policy in April. The apex
also decided to reduce Cash Reserve Ratio by 0.25 per cent to 4.5 per cent from June 14, as part of efforts to ease credit flow further.
PTI
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Novartis net falls, to pay 150 pc
Mumbai, May 27 The company has posted a net profit of Rs 62 crore in the year ended March 31, 2003 compared to Rs 65.3 crore in the previous fiscal. Total income has increased from Rs 496.74 crore in FY-02 to Rs 511.97 crore in the year ended March 31, 2003. The company has recommended a dividend of 150 per cent (Rs 7.50 per equity share of Rs five) for the year ended March 31, 2003. The board has also recommended a proposal to buyback company shares at Rs 250 per share through the stock exchange route upto a maximum permissible level of Rs 60.86 crore.
UNI
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Telco back in black, to pay 40 pc dividend
Mumbai, May 27 During the just ended quarter, the company reported a profit before tax of Rs 232.38 crore as against Rs 106.20 crore in the same period last year, representing an increase of 119 per cent. Revenue increased by 17 per cent to Rs 3,588.27 crore in the March-quarter of FY’03 from Rs 3,059.82 crore in the comparable quarter of the previous fiscal. In view of the company’s profitable performance, the Board of Directors of Telco today recommended a dividend of 40 per cent (Rs 4 per share) for the FY’03. The company had skipped paying dividend in the last fiscal. During the year under review, Telco reported a profit before tax of Rs 510.37 crore as against a loss of Rs 109.21 crore in the previous year(2001-02). After providing for current and deferred taxes at Rs 210.26 crore, the company could still notch up a profit after tax of Rs 300.11 crore.
UNI
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UTI Bank opens branch in Jalandhar
Jalandhar, May 27 The bank which was promoted in 1994 by the Unit Trust of India, the Life Insurance Corporation and the General Insurance Corporation and its four subsidiaries, has a network of 146 branches, 53 extension counters and 852 ATMs across the country. The branches are spread across more than 80 cities and towns. In the financial year 2002-03, the bank earned a net profit of Rs 192.18 crore up by 43 per cent from the previous year’s net profit of Rs. 134.14 crore. In the fourth quarter of 2002-03 there was a net profit of Rs 60.53 crore, a growth of 44 per cent, from the Rs. 42.06 crore net profit earned in the corresponding quarter of the previous year. Apart from housing, vehicle, education and personal loans, the bank offers depository and financial advisory services to customers. The bank has also signed an MoU with the department of Post and Telegraph to enhance its reach through the post office outlets.
OC
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Monnet Ispat net up
New Delhi, May 27 The company’s gross turnover increased to Rs 216.61 crore from Rs 132.33 crore, a rise of 64 per cent. Mr Sandeep Jajodia, Vice-Chairman and Managing Director, said the company’s expansion plan of increasing the capacity of sponge iron from 2,30,000 tonne per annum to 300,000 TPA and steel from 50,0000 TPA to 300,000 TPA would be completed by next month.
UNI
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FICCI delegation accompanies PM
New Delhi, May 27 Led by the FICCI President A.C. Muthiah, the CEOs delegation has representation from sectors including drugs and pharmaceuticals, information technology and related services, R&D, textiles, power and energy and food processing, a Chamber release said. The visit aims to promote two-way trade and investment ties with Germany and renew bonds in identified areas of knowledge-based industries. Though Germany is the sixth largest foreign investor in India, its investment represents miniscule part of the overall German investment abroad, it said, adding, the delegation would endeavour to seek greater FDI from Germany and give a
flip to Indian investments in that country.
PTI
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3 honoured for paying highest tax Sangrur, May 27 Mr R.S. Mathoda, Commissioner of Income Tax, presided over the function. Mr S.S. Goyal, Joint Commissioner of Income Tax, Sangrur Range, and Mr Deepak Anand, President of the Income Tax Bar Association, Sangrur, were also present.
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Siemens bags major contract from Escotel
New Delhi, May 27 The contract, spread over three years, includes the installation of new Mobile Sing Centres (MSC) with more advanced capabilities for enhancing the coverage and capacity to meet the increasing customer base and traffic. Escotel is a leading cellular operator in UP West, Haryana and Kerala. Siemens has been selected by Escotel after evaluation of proposals submitted by all the major GSM equipment suppliers. The contract was signed by Mr Rajan Nanda, Chairman, Escorts Ltd and Mr Lothar Pauly, Board Member of Siemens Information and Communication Mobile. Mr Nanda said Siemens technology would help Escotel to be more effective operationally and financially, besides placing it on its first step towards 3rd Generation mobile services.
UNI
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2,068 cr earmarked for Haryana New Delhi, May 27 Deputy Chairman of the Planning Commission K C Pant had a meeting with Haryana Finance and Planning Minister Sampat Singh for the finalisation of the annual plan. While distributing this outlay among various sectors, the highest priority has been given to improvement of basic infrastructure of irrigation, power, roads and road transport by earmarking Rs 911 crore which is 43.4 per cent of the plan outlay. Out of this outlay Rs 266 crore have been earmarked for the irrigation sector. The power sector has been allotted Rs 290 crore. Road and road transport have been allocated Rs 355 crore. Improvement of social services, comprising education, health services, drinking water supply, urban development, housing and promotion of social justice through pension to the old, handicapped, widows and destitutes have been given the second highest priority. Accordingly Rs 890.23 crore has been kept for these services which is 42.4 per cent of the total annual plan outlay. Out of this outlay, an amount of Rs 321.57 crore has been kept for pensions to the old, handicapped, widows and destitutes. Education, including technical and vocational, has been given Rs 215 crore. Health and medical education have been allocated Rs 78.20 crore. A sum of Rs 125 crore has been allocated for drinking water supply and sewerage schemes. Rs 62 crore has been allotted for housing and urban development. Rs 181.17 crore has been kept for agriculture and allied activities and rural development. An allocation of Rs 31 crore has been made for the special development of the two most backward areas of Mewat and Shivalik. At the meeting, Mr Pant appreciated the state’s fiscal management and achievements in various sectors. He also appreciated the state’s unique projects “Sarkar aapke dwar programme,’’ “Kanyadaan’’ and “Apni beti apna dhan”. The unique scheme “Devi Roopak’’ was also highly appreciated at the meeting which is being implemented in the state to improve the declining female ratio in the population.
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PSB operating profit zooms 61.51 per cent
Ludhiana, May 27 He disclosed that the bank's business had crossed Rs 19,693 core with deposits of Rs 13,212 crore and advances of Rs 6,481 crore as on March 31, 2003. The operating profit of the Bank has zoomed by 61.51 per cent from Rs 163.70 crore for the financial year 2001-2002 to Rs 264.40 crore for the fiscal year ending this year. The bank he said had witnessed a 50.45 per cent spurt in profit on sale of securities which has touched Rs 189.90 crore This is the seventh year in succession that the Bank has announced profits. Mr Gujral said that the bank was planning to enter the market with an IPO of Rs 100 crore to further strengthen its capital base. He said that the Export Credit of the bank stood at Rs 628.16 crore. Complimenting the performance of Ludhiana zone, he said that the zone had shown all round growth in respect of its various parameters viz core deposits, advances, non-fund business, NPA recovery beside the Housekeeping. He added that the business of the Zone has already crosses Rs 121 crore. TNS Bank of Baroda Bank of Baroda has posted a 41.55 per cent rise in net profit at Rs 772.78 crore for the financial year ended March 31, 2003 as compared to Rs 545.93 crore for 2001-02. The board has recommended a 60 per cent dividend, including 20 per cent interim dividend, for 2002-03, the state-owned bank said in a release here today.
PTI
Bank of Rajasthan Bank of Rajasthan has recorded a net profit of Rs 68.42 crore in 2002-03, representing a 69.73 per cent increase in one year. The total business of the bank showed an increase of 27.12 per cent at Rs 7,520.48 crore, a bank press note said here today. The bank, has declared a 20 per cent dividend.
UNI |
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