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Friday,
October
17, 2003,
Chandigarh, India
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4,500 cr food
credit for Punjab CORPORATE NEWS
Industrialists
urged to invest in J&K Colgate net rises
22 pc |
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Tea exports dip
28.34 per cent Tax exemptions
for industrial units refused Titan, Rohit Bal
join hands to design watches
Onion price goes
up to Rs 16
|
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4,500 cr food credit for Punjab Chandigarh, October 16 The decision in this regard was taken today, when Mr
Y.V. Reddy, Governor, RBI, called on Capt Amarinder Singh, to discuss the financial needs of the state government. The Punjab Chief Minister has raised the issue of increasing unemployment and lack of industrialisation over the past few years in the state. He urged the RBI Governor to ask banks to increase credit to the state at reasonable rate of interest. The credit-deposit ratio was among the lowest in the state despite high ratio of deposits. Mr Reddy reportedly assured the Punjab Chief Minister that the RBI will ensure that the state did not face any shortage of credit to procure paddy from farmers. The apex bank has decided to increase the food credit to the state as compared to last year in view of the increase in production. However, the state will have to ensure that food credit was not misused on other non-productive projects. During the recent years, they claimed that some of the states had utilised food credit on other projects, including payment of salaries of its employees. The state governments are expected to keep 100 per cent stocks as a guarantee against the credit. But due to poor quality of storage of
foodgrains, large amount of that foodgrains had just disappeared. There was no proper record of stored foodgrains in the states, they felt. Later Mr Reddy presided over the quarterly meeting of Central Board of Directors of the bank today, to give final touches to the credit policy. The meeting also discussed other issues, including bank rate, management of foreign exchange reserves, food credit, and special interest rates for the agricultural sector. Mr Om Prakash Chautala, Chief Minister, Haryana, also called upon the RBI Governor and ask him to reduce interest rates for the agricultural sector. The RBI Governor reportedly admitted that though the RBI was financing the Nabard at 6 per cent rate of interest, due to higher administrative costs of the cooperative banking system, the farmers had to pay 11 to 13 per cent rate of interest on loans. |
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CORPORATE
NEWS
Mumbai, October 16 The net turnover in the reporting quarter has gone up to Rs 12,693 crore as against Rs 11,519 crore in the July-September 2002, RIL Vice-Chairman Anil Ambani told reporters here today. The net profit and turnover for the six months ended September 2003 stood at Rs 2,367 crore (Rs 1,920 crore in April-September 2002) and Rs 25,194 crore (Rs 22,169 crore) respectively, Ambani said. “We are delighted with another quarter of strong financial performance. Stability in feedstock prices, accompanied by increases in product selling prices, has contributed to our improved margins”, Ambani said. The continued focus on financial and working capital management has resulted in significantly lower interest costs during the second quarter, further improving the net margins, he said. Exports were also up by 41 per cent at Rs 7,837 crore (22 per cent of revenues), in a period that has seen a 3.5 per cent appreciation in the domestic currency, demonstrating the international quality and global competitiveness of RIL products, he added. To acquire firm Reliance Gateway, will acquire the total stake of Fibre Loop Across Globe for $207 million. This was the first international acquisition by Reliance and the largest by any Indian company outside the country, Reliance Industries Vice-Chairman Anil Ambani told reporters here today.
TV-18 Group Television Eighteen (TV-18) Group has posted a consolidated net profit of Rs 2.39 crore for the second quarter ended September 30, 2003, compared to a net loss of Rs 16.2 lakh reported in same period previous fiscal. Revenues were also up at Rs 10.91 crore in the period under review as against Rs 8.69 crore recorded in Q1 of last year, TV-18 said in a release here today.
— PTI
Shipping Corpn Shipping Corporation of India Ltd (SCI) has reported a 3.97 per cent rise in net profit at Rs 80.06 crore for the second quarter ended September 30, 2003, compared to Rs 77 crore posted in same period previous fiscal. Total income in the period under review also increased to Rs 724.78 crore from Rs 602.28 crore in Q2 of last year, SCI, which is on the government’s disinvestment list.
Tata MF Tata Mutual Fund has declared 18 per cent dividend under its Tata Equity Opportunities Fund -dividend plan. The record date for the income payout of Rs 1.80 per unit of face value Rs 10 is October 15, 2003, Tata MF said in a release here today. The net asset value of the scheme stood at Rs 14.99 per unit as of yesterday.
— PTI
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Moody’s ups outlook on India New Delhi, October 16 At the same time, Moody’s affirmed its negative outlook on the Indian Government’s Ba2 domestic currency rating and the Ba2 ceiling for foreign currency bank deposits after considering the Centre’s “dire” fiscal situation. Moody’s has placed India’s Ba1 ceiling for foreign currency debt on review for possible upgrade, “an action that reflects primarily the ongoing improvement in the country’s external position”, the rating agency said in a statement from New York.
— PTI
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Industrialists urged to invest in J&K Srinagar, October 16 Inaugurating seminar on “Promotion of Leather Industry in Jammu and Kashmir” organised by SIDCO at SKICC here yesterday, Mr Sharma held that industrialists had started showing their interest to invest in the state to bring it at par with other industrially developed states. He added that the state has received investment proposals worth several hundred crores of rupees recently. This he said was due to the steps taken by the coalition government and subsequent visits by the Chief Minister and also himself to invite industrialists to invest in the state. Leading leather exporters of the country, especially from Chennai including Dr T
Ramaswami, Director, Centre Leather Research Institute (CLRI) participated. Dispelling the apprehensions of the industrialists about the security concerns, the Deputy Chief Minister said that Jammu and Kashmir was as safe as any other part of the country notwithstanding stray incidents of violence at isolated places. He said the visit of the President and the Prime Minister, holding of Inter State Council Meet, Congress Chief Ministers Conclave, successful Amarnath pilgrimage and several other mega events is the indicator of the improved situation in the state. He made a fervent appeal to the industrialists of the country to invest in Jammu and Kashmir saying that investment in the state would be for investment in peace. Minister of State for Industries and Commerce Raman Mattoo stressed the need for optimum utilisation of available raw material and called upon the industrialists to help in industrial development of the state. Mr T. Ramaswami assured full cooperation for promoting leather industry in the state for which sustainable raw material is locally available. The mutton consumption in the state, he said, is double
while as the average milk consumption was much more than the national average. He said the institute will provide training on updating the leather technology. |
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Colgate net rises 22 pc Mumbai, October 16 The net profit for the half-year ended September, 2003, increased by 16.1 per cent, from Rs 37.8 crore last year to Rs 43.9 crore. Sales for the quarter at Rs 255.5 crore, however, declined by 3.2 per cent from same quarter of the last year. But sales rose by 1.4 per cent over the previous quarter ended June, 2003, despite a significant 17 per cent average price reduction for Colgate dental cream in the previous quarter. According to a company release, the positive market response to the price reductions is evident from the appreciable volume gains realised during the quarter which successfully neutralised the effect of the price reductions. The company continued its drive to reduce operational costs and improve the efficiencies of its expenditures at all levels. These initiatives and the lower advertising spends increased the operating margins by 50 basis points to 13.2 per cent for the quarter. Higher interest income and a lower tax charge contributed in improving the return on sales by 190 basis points to 9.1 per cent, yielding a net profit of Rs 23.2 crore for the quarter, it said.
— UNI |
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Tea exports dip 28.34 per cent Kolkata, October 16 In value terms, the export came down by 24.75 per cent to Rs 658.87 crore from Rs 875.58 crore last year, ITA said in a status paper titled ‘Current Tea
Scenario’. — PTI |
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Tax exemptions for industrial units refused Jalandhar, October 16 Talking to reporters here today, the Principal Secretary, Commerce and Industry, Mr S.C. Aggarwal revealed that the Punjab Government has recently submitted a proposal to the Centre that the upcoming industrial projects in the state should be given excise and income tax exemptions to bolster the sagging industrial sector. “Our industry is facing unnecessary competition from these states and something should be done to save it. We have decided to approach, once again, the Central Government with fresh proposals to stop shifting of industry to the neighbouring states,” he said. The Secretary, Ministry of Small Scale Industries, Mr S.K. Tuteja, who was in the city to attend national workshop on Hand Tools sector organised by Central Institute of Hand Tools, said that around eight lakh SSI units out of a total 35 lakh had already been closed. |
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Titan, Rohit Bal join hands to design watches
Bangalore, October 16 Titan said the “Nebula Rohit Bal” collection, created in 18 K. gold and embellished with diamonds and other precious stones, would be priced between Rs 50,000 and Rs one lakh, and launched in April next year. Titan Industries Limited, a joint venture between the Tata Group and the Tamil Nadu Industrial
Development Corporation (TIDCO), reported a turn-over of Rs 797.90 crore for the year ended 2002-03.
— PTI |
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ICICI Prud Life earns 300 cr Kolkata, October 16 |
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IT returns LG Electronics Infosys Tech NIIT bags award HDFC MF |
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