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Outsourcing issue to be raised with Obama
Corporate Results |
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Cellphone market slowing, smartphones still booming
Maha govt saves debt-ridden bank
Nano to cost Rs 9,000 more from Nov 1
RBI steps in to raise liquidity
Govt to verify no. of mobile users
Chavan govt saves
debt-ridden bank
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Outsourcing issue to be raised with Obama
New Delhi , October 29 The issue could become one of the most hotly-debated ones as even the representatives of the Indian IT industry are waiting to get an audience with the US President to forward their views on outsourcing of IT services and the recent hike in US visa fee for the IT software professionals. Over 60 per cent of the country's IT exports are to the US and the recent moves by the administration have come as warning bells for the industry. The US recently hiked H-1B and L1 visa fees for foreign companies, particularly outsourcing giants from India, a controversial step that could cost India's IT industry $200 million a year. In August this year, Ohio Governor Ted Strickland of the Democratic Party banned outsourcing, saying this undermined economic development and had unacceptable business consequences for his state. Speaking on the sidelines of a conference in Bangalore yesterday Pilot assured the IT industry representatives that while the issue had been raised with the US administration earlier, it would again be raised during the Obama visit. Experts are of the view that that most of the job losses in the US were not arising because of outsourcing IT services to India . They were as a result of other sectors such as construction, retail, which were moving to online shops, and the rest of manufacturing moving out of the country. They point out that the Indian IT-BPO industry was creating jobs not only in India , but also in Europe and America , where large number of local people were employed. The government had earlier conveyed serious concern over the issue to the United States Trade Representative (USTR) Ron Kirk, who co-chairs the Forum with Commerce and Industry minister. |
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ICICI Bank net up 19% to Rs 1,236 crore
New Delhi, October 29 Indian banks including rival private-sector lender HDFC Bank are seeing strong loan demand in Asia's third-largest economy, which the International Monetary Fund expects to expand 9.7 per cent in 2010. Bank credit in India increased an annual 19 per cent as at end-September, according to the central bank's data, from a low 9.7 per cent in October last year and compared with 16.7 per cent at end-March. The Reserve Bank sees non-food credit growth of banks at 20 per cent in 2010/11, still a far cry from growth rates of above 30 per cent in the pre-crisis period. Analysts say strong factory output growth, order backlog of engineering companies, investment on infrastructure projects and increase in demand for consumer finance would boost loan growth in this fiscal year. BoM half-yearly operating profit up 37%
Bank of Maharashtra's operating profit for the second quarter this fiscal stands at Rs. 220.27 crore as against Rs. 170.41 crore in the corrosponding period last fiscal, recording a y-o-y growth of 29.6%. Core operating profit (excluding trading profit) rose by 91.97% to Rs 211.46 crore from Rs. 110.15 crore. Total business rose to Rs 1,02,689 crore as compared to Rs. 91,094 crore as on 30th September 2009, showing a y-o-y growth of 12.73%. Jet Airways posts
Rs 12.4 crore Q2 profit
Jet Airways today swung into a net profit of Rs 12.4 crore for the second quarter ended September 2010. The airline had reported a net loss of Rs 406.69 crore in the year-ago period, Jet Airways said in a filing to the Bombay Stock Exchange. The company also witnessed a jump of 38.72 per cent in its income from operations in the September quarter at Rs 2,802.45 crore. United Breweries net up 87%
UB Group firm United Breweries Limited today reported a whopping 87.1 per cent rise in its net profit at Rs 21.91 crore for the second quarter ended September 30, on the back of robust sales across several states. The company had posted a net profit of Rs 11.71 crore in July-September quarter last fiscal, United Breweries Limited (UBL) said in a statement. Net sales also rose to Rs 566.91 crore for the September quarter from Rs 412.25 crore in the same period previous year. During the six months ended September 30, 2010 the company's volumes grew by 28 per cent. Hero Honda net dips 15%
Hero Honda Motors, top motorcycle maker, on Friday reported a 15 per cent drop in September quarter profit. The New Delhi-based firm, in which Japan's Honda Motor and Hero group hold 26 per cent each, reported standalone net profit of Rs 506 crore ($114 million) for its fiscal second quarter ended September from RS 597 crore a year earlier. Net sales rose to Rs 4,511 crore from Rs 4,040 crore.
— Agencies
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Cellphone market slowing, smartphones still booming
Strategy Analytics (SA) said the overall annual market growth slowed to 13 percent in the third quarter, from 16 percent on the first half, and forecast for growth to slow further to 10 percent in the fourth quarter. "Component shortages and ongoing economic volatility slightly constrained volumes," said analyst Neil Mawston. "We expect the escalating smartphone wars to provide positive upside for handset volumes in the fourth quarter, but the volatile supply of certain components will mean some vendors may not be able to deliver their fully desired output of phones." The smartphone market continued to surge in the quarter, with Apple's iPhone sales rising 91 percent from a year ago, making it the No. 4 global handset vendor measured by volume. Since 2009 it has created the largest profits in the industry. "The entrance of Apple to the top-5 vendor ranking underscores the increased importance of smartphones to the overall market," IDC analyst Kevin Restivo said in a statement. IDC said on Friday it expects smartphone market volumes to grow 55 percent this year from a year ago. Sony Ericsson and Motorola, both benefited from their shift in focus to smartphones in the quarter, but their total sales volumes continued to shrink sharply from a year ago as they sold less cheaper models. — Reuters
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Maha govt saves debt-ridden bank
Mumbai, October 29 The state government offered the lifeline to the trouble bank earlier this month days before President Pratibha Patil kicked off the MSCB's centenary celebrations, sources said. The MSCB is controlled by leaders of the Nationalist Congress Party and the Congress party but its board has representation from across the political spectrum. The MSCB's performance came in for criticism after its auditors, Joshi, Nair and Associates gave it only 31 marks out of 100 based on several performance-related criteria. According to the financial data made available by the bank it had deposits worth Rs 21420.78 crore as on March 31, 2010. It however fell to Rs 18922.21 cr as on September 30, 2010. However the auditors pointed out that the bank's non-performing assets actually amounted to Rs 1,070 crore. The management also came in for criticism after it turned out that a number of debts were kept off the bank's balance sheet. These debts were mainly to smaller co-operative banks and sugar co-operatives run by politicians which later went bad. These institutions are controlled by prominent politicians from the Congress and the NCP.
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Nano to cost Rs 9,000 more from Nov 1
New Delhi, October 29 "Tata Motors is taking a minor price increase on the Tata Nano, effective November 1, to partially neutralise the steep increase in input costs in the last two years. The average increase is about Rs 9,000 (ex-showrooms), with prices varying from city to city and model to model," the company said in a statement. A company spokesperson said the price increase will be applicable only for the cars available through open sales and new bookings. “As of now, Tata Motors has announced open sales of the Tata Nano in Kerala (since August 2010) and Karnataka, Maharashtra, Uttar Pradesh and West Bengal (since October 2010)," the company said. Tata Motors had earlier said the first one lakh customers are price-protected and they would get their cars at the announced price of Rs 1.23-1.72 lakh (ex-showroom, Delhi).
— PTI |
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RBI steps in to raise liquidity
Mumbai, October 29 According to the measures, banks would be able to avail of more funds under the liquidity adjustment facility (LAF) for up to 1 per cent more on their deposits. Besides, special LAF auctions will be conducted at 2:30 pm on October 29 and at 4:15 pm on November 1, RBI said. A special two-day repo auction facility will also be available for banks on October 30. The RBI said that the measures were temporary and ‘arising out of frictional liquidity pressure’. CIL has garnered an astounding Rs 15,000 crore from the stock market, becoming the largest IPO in the history of corporate India. The mega IPO, according to analysts, caused stress on the money market as investors borrowed heavily to subscribe to the issue. The CIL IPO will have some temporary stress in the money market as liquidity is likely to shift from general banking system to financing the issue, they said. — PTI
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Govt to verify no. of mobile users
New Delhi, October 29 The government, however, is not very sure of the exact number of mobile phone users in the country and is looking to carry out an exercise to find out the real number of mobile phone subscribers. The decision was arrived at a recent meeting of the Telecom Commission. Although no official figures are available for non-active subscribers, some estimates show that actual number of subscribers may not be more than 500 million. A HLR is a database of user (subscriber) information, customer profiles, used in mobile (cellular) networks. HLR counts multiple SIM issued to an individual as a separate connections. Trai has also sought views from telecom service providers to make mobile banking as an integral part of banking services. It sought views on making the service more secure. Trai has floated a consultation paper, which has sought comments from the operators on how to make basic financial services easily available and secure through mobile phones. |
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Chavan govt saves debt-ridden bank Mumbai, October 29 The state government offered the lifeline to the trouble bank earlier this month days before President Pratibha Patil kicked off the MSCB's centenary celebrations, sources said. The MSCB is controlled by leaders of the Nationalist Congress Party and the Congress party but its board has representation from across the political spectrum. The MSCB's performance came in for criticism after its auditors, Joshi, Nair and Associates gave it only 31 marks out of 100 based on several performance-related criteria. According to the financial data made available by the bank it had deposits worth Rs 21420.78 crore as on March 31, 2010. It however fell to Rs 18922.21 cr as on September 30, 2010. However the auditors pointed out that the bank's non-performing assets actually amounted to Rs 1,070 crore. The management also came in for criticism after it turned out that a number of debts were kept off the bank's balance sheet. These debts were mainly to smaller co-operative banks and sugar co-operatives run by politicians which later went bad. These institutions are controlled by prominent politicians from the Congress and the
NCP.
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BlackBerry to provide solution to legal interception by Jan ’11 Raju likely to surrender on Nov 10 GM India faces strike GCPL looks to go overseas Wipro’s deal in England Buhler to invest Rs 100 crore by 2014
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Information Technology (IT) outsourcing issue will be high on the agenda of issues to be discussed during US President Barack Obama's visit to India next weekend.
External affairs minister SM Krishna and commerce and industry minister Anand Sharma had earlier said that the issue would be raised during the US President’s visit, the same views were expressed by Union Minister of State for IT and Communication Sachin Pilot yesterday.
Helsinki, October 29
