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| Friday, June 23, 2000, Chandigarh, India   
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SBI net profit doubles to 50 per cent
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Vote for WTO is win for Clinton MoU for Gurgaon IIIT IT courses for rural youth Signs of revival J&K Bank to diversify
It’s derogatory: PFC
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Maruti Udyog among 46 PSUs on sell-off list NEW DELHI, June 22 (PTI) — The Cabinet Committee on Disinvestment (CCD), meeting here tomorrow, is likely to consider disinvestment of government equity in 46 PSUs over a three year period with a view of mopping up to Rs 1,00,000 crore. The proposal includes large-scale disinvestment, indicative of privatisation, of 18 PSUs including at least four from the vital petroleum sector, highly placed sources said. In its last meeting, the CCD is believed to have asked the newly created Department of Disinvestment to come up with a medium term road map for three years-besides suggesting a strategy for the current financial year. Sources said that the proposal might evoke sharp reactions from other ministries, concerned including Petroleum and Heavy Industry. DoD had earlier said that the government should expeditiously clear more PSUs for disinvestment to ensure that there were no slippages in attainment of the targeted Rs 10,000 crore for the current financial year. The Finance Ministry is
apparently backing DoD in its efforts to garner more money through selling of government stake than the target outlined in the current Financial year’s Budget. Besides seeking clearances for more PSUs, DoD is also expected to ask for more powers for an effective disinvestment process by citing various factors and
cumbersome procedures of decision making that involves a number of ministries. As part of empowerment, DoD has sought powers to appoint global advisers to ensure that disinvestment decisions are executed in a time-bound manner. The Deputy Chairman of the Planning Commission told PTI that “hopefully the CCD meeting of tomorrow will put in place a proper disinvestment policy” that would help cut delays. For the current financial year, CCD is likely to consider
disinvestment in at least 18 PSUs including large scale sale of government equity in five companies. Sources said PSUs proposed for large scale transaction in the first year of disinvestment are — Hindustan Petroleum Corporation (HPCL), Indian Petro Chemicals (IPCL), Rashtriya Ispat Nigam Ltd (RINL), Videsh Sanchar Nigam Ltd (VSNL) and Maruti Udyog Ltd (MUL). According to sources, most of the PSUs reviewed for divestment in next three years were from those which were examined by the erstwhile Disinvestment Commission headed by G V Ramakrishna. Thirteen PSUs have been proposed for small transaction in the first year, including Indian Airlines, Indian Tourism Development Corporation (ITDC), Bharat Aluminium Corporation (BALCO), State Trading Corporation (STC) and Mines and Minerals Trading Corporation (MMTC), sources said. |
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Computerise banks: CVC CHANDIGARH, June 22 — The Central Vigilance Commission has asked all nationalised banks located in the metropolitan areas and other urban areas to totally computerise their operations by January 1, 2001, to rule out the possibility of any corrupt practice. This will mean that 70 per cent of all the 65,000 branches of the 25 nationalised banks located across he country will be computerised. The rural branches will be computerised later, said the Central Vigilance Commissioner , Mr N. Vittal. He was speaking at the inaugural function of the two- day National Conference of Automation in Banks and Financial Institutions organised by the Institution of Electronics and Telecommunication Engineers at the CSIO here this morning. The banks need to modernise as the era of '' m--commerce'' ( mobile commerce ) is round the corner .This will be a step further than the ''e--commerce'' being practised now. Already the Scandinavian countries are into ''m--commerce''. This means people will carry out their banking while on the move that will be facilitated through the In Internet. Banks should have a strategy to merge the main domain business of banking with the knowledge of Information Technology, opined Mr Vittal. This modernisation is must as competition was growing while margins were narrowing, thus forcing banks to use IT to sustain the viability of the system, the CVC said while interspersing his speech with quotes from the Upanishads. Mr Vittal said that a huge amount of Rs 51,000 crore non- performing assets (NPA's) were pulling down the banks. '' A large part of this NPA's are due to loans advanced in the social sector,'' he said. The President of the IETE, Dr H.S. Sharma ,said that the computerisation will help in establishing the truth in an accurate manner . This will help in dealing with all banking instruments. The problems at the moment are regulations and mindsets, he opined. Earlier, Dr S.K. Mangal, Chairman of the IETE said the Internet was going to usher a golden era , the banking industry needs to catch up with technology , especially the Internet. Meanwhile the conference will cover the issues of branch automation ( hardware and networking, software, basic requisites, standardisation and data warehousing) connectivity of branches, security channels, ATM, tele--banking, virtual kiosks , Internet banking and ' e- commerce'. 
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SBI net profit doubles to 50 per cent CALCUTTA, June 27 (PTI) — The post-tax profit of the State Bank of India (SBI) has nearly doubled to Rs 2051.55 crore for 1999-2000 from Rs 1027.8 crore in the previous year. The bank has hiked the dividend from 40 per cent to 50 per cent for 1999-2000. SBI Chairman GG Vaidya told reporters here today that the net profit has been boosted by lower provisioning for the year. In 1999-2000, the bank has charged Rs 2150.95 crore towards provisions and contingencies, lower by Rs 273 crore from the previous year. Also, the write back of excess provision for investment depreciation contributed Rs 322.40 crore to the post-tax profit, higher by Rs 315 crore over the previous year. These two heads have boosted the post-tax profit for the year by nearly Rs 588 crore. The operating profit of SBI also recorded an increase of 21.77 per cent at Rs 4202.5 crore over the previous year. Net interest income for the year 1999-2000 stood at Rs 6928.35 crore compared to Rs 6063.10 crore in 1998-99, registering 14.27 per cent growth. The bank incurred a profit of Rs 274 crore from securities trading while overseas operations contributed Rs 185 crore to SBI’s profits, the Chairman said. Total income of the bank rose by 15.09 per cent from Rs 22392.23 crore in 1998-99 to Rs 25770.25 crore in 1999-2000. Vaidya said that provision towards non-performing assets has been lower at Rs 1286.95 crore in 1999-2000 compared to Rs 1422.67 crore in the previous year. During 1999-2000, the net NPA percentage of the bank declined to 6.41 per cent from 7.18 per cent in the previous year. Gross NPA to gross advances during 1999-2000 was lower at 14.25 per cent from 15.56 per cent over the previous year. As regards other provisions, the bank has allocated Rs 974 crore towards income tax during the year as against Rs 383 crore made in the previous year. Provision for salary revision arrears had been made to the extent of Rs 121 crore for the year. The bank has also witnessed growth in domestic deposits during 1999-2000, and it grew by 19.6 per cent at Rs 1,69,620 crore over the last year. The bank’s NRI deposits swelled to Rs 20,115 crore, recording an increase of 16 per cent over the last year.
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Vote for WTO is win for Clinton WASHINGTON, June 22 — In a rare show of support for the much-maligned World Trade Organisation (WTO), the U.S House of Representatives has overwhelmingly rejected a resolution seeking U.S. withdrawal from the global body. Yesterday’s 363-56 vote reaffirmed U.S membership in the WTO in a victory for President Bill Clinton and a setback for protectionist forces who accused the organisation of pandering to big business at the expense of workers and the environment. Clinton welcomed the House vote, saying it “sent a resounding signal of support for continued U.S participation and leadership in the World Trade Organisation.” U.S Trade Representative Charlene Barshefsky said it should assure” our trading partners that they can count on the United States”. Even though the resolution was soundly defeated, the debate highlighted deed divisions within Congress over trade six months after global trade talks collapsed in Seattle and one month after the House backed a landmark China trade deal ushering Beijing into the WTO. Under a 1994 law that authorised U.S. participation in the Geneva-based body, Congress gets a chance to review U.S. membership every five years and any lawmaker can introduce a resolution urging the USA to withdraw. There was little doubt over the outcome of yesterday’s vote on the measure, sponsored by Texas Republican representative Ron Paul and other WTO critics. On June 8, the House Ways and Means Committee unanimously urged Congress to reject the resolution, which was vehemently opposed by both the Republican congressional leadership and the democratic White House. But lawmakers took the opportunity to voice their wide-ranging concerns about the WTO, which sets global trading rules. — Reuters
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MoU for Gurgaon IIIT NEW DELHI, June 22 — The Haryana State Electronics Development Corporation today signed an MoU with Edutech Informatics Limited to set up Indian Institute of Information Technology at Gurgaon. “We expect the IIIT to be the breeding ground for some of the best brains on the Indian IT scene. It will provide an environment for research that will enhance the penetration of IT and its usage in daily life,” Mr P.K. Chaudhury, Commissioner, Industry and IT, Haryana Government told newspersons here. Mr Gopinath Pillai, Chairman of Edutech Informatics said “we are honoured to be chosen as the key training and education partner for the IIIT. This institute will go a long way in spurring rapid ITisation in this region.” The Informatics’ IT network offers quality IT training and education programmes, including diplomas and degrees for several renowned universities in India and abroad, across 27 countries worldwide. The Haryana Government has agreed to contribute to the corpus fund and provide land and building. Edutech Informatics on its part will also contribute to the corpus fund as well as contribute towards the setting up of an Informatics Centre of excellence. Further, the State is also at an advanced stage of signing more MoUs with several other leading companies in the field. The IIIT will offer certificate, diploma and degree courses in modular form in the area of IT, skill-based courses of varying duration and will also develop non-class room based learning solutions, including technology-based training and web-based training. It is envisaged that the setting up of the IIIT would bridge the gap between the demand and supply of highly skilled IT manpower, tailored to the specific requirements of industry.
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IT courses for rural youth CHANDIGARH, June 22 — As many as 8,000 computer technocrats are required for IT units registered at Mohali’s Information Technology Park. Over 150 IT industries have got themselves registered at Mohali and about 60 of them have already started work. Punjab’s Technical Education Minister, Jagdish Singh Garcha told TNS that the Punjab Government has handed over nine Industrial Training Institutes (ITIs) to the management committees headed by eminent industrialists. Though the government would provide funds and teaching staff, courses to be taught in these institutions would be decided by the private management committees. The ITIs handed over to industrialists include those at Ferozepore, Bathinda, Jalandhar, Moga, Patiala, Amritsar, Hoshiarpur and Ludhiana. Mr Garcha said the management committees of these ITIs would include one student representative, one representative of the district employment officer, one member from the faculty and the Principal of the institution as member secretary. Mr N.S. Kalsi, Director Technical Education, Punjab, said that courses like radio and TV had become redundant and in place of such courses IT courses would start. The objective is to allow industry to train youth as per its requirements. There are over 100 ITIs in Punjab. Besides, there are 40 polytechnic colleges and 16 engineerings colleges. There will be crash courses, of three months, six months in all these institutions to meet the demand for trained staff. The Punjab Government is examining a proposal put up by certain companies to provide computer training of one year to unemployed graduates in rural areas. The companies have assured the Government that they would make such youth eligible for HI visa to get jobs abroad. Mr Kalsi said that the Government would play the role of a facilitator for starting such courses in rural areas. The panchayat concerned or any NRI would have to provide at least 12 computers for starting such training programme in their respective villages. Already one NRI at Saholi village in Ludhiana district has provided such facility and the Government has started a training programme there. Mr Garcha said that there were about 650 seats of computer courses in engineering colleges at present. “We are trying for a 20 per cent increase in such seats from the next academic session and 50 per cent increase from the academic session that would start in July 2001.” Besides the Government is trying for opening MCA courses in certain colleges. The target is to train at least 15,000 youth every year in IT. As many as 10,000 could go abroad for employment. The government has expedited its efforts to set up an Indian institute of Information and Technology for which 15 acres have already been earmarked. There is a move to give IT training to all diploma and degree holders in non-computer streams from engineering colleges. |
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NEW DELHI, June 22 (PTI) — Riding on an improved performance in the first quarter of the calendar year and overall buoyancy in the economy, the hotel industry today predicted a growth in occupancy in 2000-01 reflecting the first signs of revival. According to a survey conducted by the Federation of Hotel and Restaurant Associations of India
(FHRAI), the hotel industry which witnessed a downturn for the last two years has reported the first signs of revival with 63 per cent of hotels recording an increase in occupancy in the first quarter of 2000. The Business Confidence Survey 2000-01 also recorded a optimism about the business prospects in the current fiscal as 84 per cent of surveyed hotels predicted a higher occupancy in 2000-01 compared to 1999-2000. Hotels of all categories showed an optimistic assessment for 2000-01 both for the first six months which is the off season and for the full financial year with cent per cent five star deluxe hotels’ confident about higher occupancy. |
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J&K Bank to diversify NEW DELHI, June 22 — Minister of State for Commerce and Industries, Omar
Abdullah today inaugurated here the Zonal Officer of Jammu and Kashmir Bank along with the fully computerised corporate branch with ATM facility. The bank is diversifying its business into insurance sector, mutual fund and depositories. The asset management subsidiary of the bank is being floated shortly and the bank is in correspondence with some of the companies which include foreign companies also for JV tie-ups for insurance business both life and non life products. |
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It’s derogatory: PFC NEW DELHI: The Power Finance Corporation (PFC) has taken a strong exception to certain “derogatory” remarks reportedly made by a World Bank official about the company. In a strongly worded letter to Country Director of World Bank Edwin Lim, PFC Chairman and Managing Director Uddesh Kohli has said: “I take strong exception to the remark made by Joelle Chassard about the PFC and the government of Maharashtra. While urging the Bank to restrain her from making such statements in future, Mr Kohli said the World Bank should take “suitable corrective action immediately to undo the damage done to the PFC’s image.” The World Bank’s India co-ordinator Chassard had reportedly expressed her disappointment over the precarious financial health of the Maharashtra State Electricity Board and criticised the state government for appointing PFC as consultants to carry out sectoral reforms saying “it is like blind people trying to guide blind people.”
— PTI Entertaining
little ones NEW DELHI: In a first-of-its-kind venture in the Capital, an entrepreneur has established Funkie Orbit, a unique place where children can while away the hours playing and eating, while the parents take their own time shopping. But all this comes for a price Rs 100 to Rs 150 for every 45 minutes. Funkie Orbit, claiming to be the country’s first indoor amusement station, has been set up in the Ansal Plaza in South Delhi by Singapore-based entrepreneur Shalini Chand with her mother, Mrs Taru Kanwar. Funkie Orbit includes a room with computers and a cyber-cafe, another room for celebrating birthdays, and an eating house. The cyber offers a vision adventure panels and sight and sound panels that stretch the senses, space age satellite communicators, radar receptors, and aviators which help the little ones to get lost in Of mourning & funerals BANGKOK: An enterprising Thai company has launched susarn.com in cyberspace to take the sting out of death and to space mourners the chaos of Bangkok’s notorious traffic. The IP address is directly derived from the Thai word “susarn” (graveyard), giving potential surfer an unmistakable hint about the nature of the website. Service offered include online mourning and funerals where messages of condolence can be directly conveyed to the bereaved family. For instance, an online funeral service for the late Montri Pongpanich, a former Deputy Prime Minister who died last week of cancer, has drawn more than 20 condolence messages. Subscribers to the site also can leave an online “will”, basically consisting of a confidential message to a particular individual or a group of people to be passed on in the event of premature death. “The whole idea is to be prepared. There are things one might want to tell the beloved ones, but is waiting for the right time. This service ensures the message will arrive in case of unexpected death.” Ms Piyaporn, who has launched the website, said.
— DPA |
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by Ashok Kumar Book profits now ONCE again, remember what we said last week — ‘The retracement though is a healthy sign and it might not be too long before the downward drift ends and yet another sharp rally commences.” The sharpness of this rally which saw technical barriers being comfortably breached suggests that the undercurrent is very strong. Yet, a couple of bad days running at the Nasdaq just might set the cat among the pigeons once again and the reversal could again be sharp and swift. Traders can make hay while the sun shines and those with a bearish temperament can consider short positions at the counters of Wipro at Rs. 3098 (cover up at Rs. 2842) and MTNL at Rs. 249 (cover up at Rs. 213). Bull operators could consider taking up long positions at the counters of DSQ Software at Rs. 1009 (square up at Rs. 1142) and BFL Software at Rs. 607 (square up at Rs. 696). Investors with a long-term perspective can keep a close watch on the counter of Rhone-Poulenc which merits a look-in at successive price declines. The optimal strategy this week would be — start booking partial profits. |
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Karvy told to return Indal shares Infosys ties up with FTI Creative Eye to go public |
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SBP meet Sheel group BLB at NSE Modi Xerox Timex Indiamart.com Lexsite.com |
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