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VSNL announces 1:1 bonus as net profit grows 8 pc NEW DELHI, July 27 — Videsh Sanchar Nigam Limited today recommended a 1:1 bonus to its shareholders and proposed increasing the authorised share capital to Rs 250 crore from the existing Rs 100 crore. SBI net profit
jumps 33 per cent Haryana signs MoU with VSNL |
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Is it an AGM? No tax dues, says Sahara
Hero group to enter IT NEW DELHI, July 27 (PTI) — The Hero group today announced its plan to foray into the information technology (IT) sector to provide services like e-business and web-enabled software development, besides setting up customer response centres across the country. The group has established two separate divisions in Hero Corporate Services Ltd — Enterprise Plus Solutions and Customer Plus Solutions — to focus on the IT related business, Hero group Chairman Brij Mohan Lall Munjal told newsmen here. As part of its investment initiative in the IT sector, the group has acquired 30 per cent stake with an investment of Rs 12.5 crore in FirstRing Inc of the USA, specialising in customer response centres including call centres, he said. The group plans further investments up to Rs 150 crore in setting up customer response centres and software development centres. The two divisions will focus on supply chain management consultancy and implementation services for customers in the USA, Europe, Australia and Japan, customer relationship management (CRM) and enterprise resource planning (ERP) services for customers in India and abroad. Customer Plus Solutions will offer a complete range of CRM services, including CRC, for providing voice response, e-mail-based responses, electronic chat based technical and other supports and data warehousing services. The Board of Hero Honda Motors Ltd will consider the option of splitting its stock at the next meeting scheduled in October this year. “The stock-split issue was scheduled to come up at the board meeting held recently to approve the financial results of the first quarter. It could not be taken up at that meeting but we are going to consider the proposal in the next board meeting,” Munjal said. The company has not yet decided the ratio of the stock split. Asked whether poor market conditions was the reason to defer the issue at the last board meeting, he said there was no specific reason to defer the proposal. The company plans to phase out its motorcycle model Sleek due to its low sales volume. The company will launch a new
motorcycle model in the first quarter of 2001. Designing of the model has been done by Honda Motor Company of Japan and the bike will be fitted with the Honda four-stroke engine.
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Scientists spot Achilles’ heel of Internet LONDON, July 27 — The complex structure of the Internet makes it resistant to errors or failure but it is also its Achilles heel, scientists in the USA said yesterday. Because the system is so varied if one or more nodes — the crossroads through which Internet data travel — go down it has very little impact. But researchers at Notre Dame University in Indiana, who have analysed the connections within the Internet, have found if the networks with the most highly connected nodes were attacked by cyber-terrorists it could fragment the web into isolated parts. “The Achilles heel (of the Internet) is that the structure has this double feature. Like Achilles it is very hard to kill it but if you know something about the system then you could,’’ Albert-Lazlo Barabasi, a structural physicist, said in a telephone interview. An estimated 3 per cent of nodes are down at a given time but no one notices because the system copes with it. “The reason this is so is because there are a couple of very big nodes and all messages are going through them. But if someone maliciously takes down the biggest nodes you can harm the system in incredible ways. You can very easily destroy the function of the Internet,” he added. Barabasi, whose research is published in the science journal Nature, compared the structure of the Internet to the airline network of the United States. The majority of airports are small but they are all connected to much larger hubs - cities such as Chicago, Atlanta, New York and Los Angeles. “That’s exactly the situation on the Internet: there are a couple of hubs that are crucial to the system,’’ he explained. These big hubs or nodes control the traffic in the system. If the Internet hubs are taken out simultaneously there would be a serious problem but Barabasi said the probability of random errors hitting the big nodes is very small. In a commentary on the research, Yuhai Tu of the IBM TJ Watson Research Center in New York said the research is a first step towards understanding the robustness of the Internet. “The good news is that we do not have to worry about random fluctuations of these networks. The bad news is that Internet terrorists could cause great damage by targeting the most connected router,” he said. — Reuters |
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VSNL announces 1:1 bonus as net profit grows 8 pc NEW DELHI, July 27 (PTI) — Videsh Sanchar Nigam Limited today recommended a 1:1 bonus to its shareholders and proposed increasing the authorised share capital to Rs 250 crore from the existing Rs 100
crore.The international telecom carrier has posted an 8 per cent growth in net profit at Rs 382.9 crore on a 16.23 per cent increased telephone traffic. The gross profit of the company has grown by 7.86 per cent from Rs 548.4 crore to Rs 591.5 crore. The turnover during the quarter also showed a growth of 4 per cent at Rs 1851 crore against Rs 1781 crore the same quarter last year, a company release said here. Internet revenues have grown to Rs 72.2 crore the last quarter from Rs 53.9 crore the samer quarter the last year, despite a reduction a steep reduction in Internet
tariffs over the year. Internet revenues now constituted 3.9 per cent of the company’s total revenue. VSNL Chairman and Managing Director S.K. Gupta said the company continued to be a strong value creator for customers and shareholders. Opening up of the National Long Distance segment would create a new revenue stream for VSNL, he added. VSNL had signed an agreement with Indian Space Research Organisation’s commerical wing Antrix for acquisition of satellite capacity in the Indian Ocean region. It had also launched an “Operation Bandwidth” to make available bandwidth on demand from October. |
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SBI net profit jumps 33 per cent CALCUTTA, July 27 (UNI) — The State Bank of India (SBI) today reported a 32.72 per cent jump in net profit at Rs 461.70 crore during the first quarter of 2000-01 over Rs 347.85 crore in the similar quarter of previous fiscal. The bank earned an interest of Rs 5923.05 crore (Rs 5082.23 crore last year) during the quarter to which other income of Rs 804.08 crore (Rs 829.33 crore) was added taking the total income to Rs 6727.13 crore (Rs 5911.56 crore). Interest expanded during the quarter also increased significantly to Rs 4050.40 crore from Rs 3638.96 crore while payment to and provisions for employees rose to Rs 1250.64 crore during the period from Rs 1051.86 crore last year. Other operating expenses during the first quarter this fiscal stood at Rs 339.33 crore against Rs 323.48 crore in the same quarter of 1999-2000. Provision for tax rose to Rs 201.19 crore from Rs 156.58 crore last year and other provisions and contingencies inched to Rs 423.87 crore from Rs 392.83 crore last year.
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CHANDIGARH, July 27 (IANS) — The Haryana Government has signed a memorandum of understanding (MoU) with Videsh Sanchar Nigam Limited (VSNL) to set up a high-speed microwave link at Electronics City, Gurgaon, to boost the information technology (IT) industry. Vishnu Bhagwan, Chairman of the Haryana State Electronics Development Corporation (HARTRON), today said the link would provide high bandwidth communication facility to Gurgaon and boost IT promotion in the region. The investment by VSNL would be around Rs 30 million. Bhagwan said HARTRON was instrumental in developing infrastructural facilities around Delhi for setting up electronics and IT units. He said the hi-tech habitat centre in Electronics City had been planned for computer and software export units with world class facilities like ready-to-move offices, business centre and conference room, high-speed data communication, video and teleconference and other state-of-the-art communication services. The complex would be set up with private promoters and would crystallise large investments in the computer and software industry. Bhagwan said the corporation had imparted training in computers to 900 rural girls and 500 girls were trained in repair and maintenance of home appliances and electronic assembly, thus providing them with job opportunities. |
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CALCUTTA, July 27 (UNI) — Holding annual general meetings has become just a formality and this was reflected today when Tinplate Company of India Limited, a Tata subsidiary, completed its entire proceedings within 15 minutes of starting of the 81st annual general meeting here. Hundreds of shareholders of the company, who had arrived 15 minutes after the meeting started at scheduled 10 a.m. to share their views with the management, had to return
disappointed on being informed that the meeting was already over. By 10.20 a.m. not only Chairman Shashi S. Prasad had left the meeting along with other members to attend another board meeting to consider financial results of the company for the quarter ended June 30, 2000, scuffle started among those present at the venue, Tata Centre, regarding the distribution of lunch packets that the company had arranged for shareholders. In the short period, not only six resolutions were passed, Mr Prasad had also completed his address to the shareholders. He said though the company managed to earn a cash profit of Rs 11.11 crore for the first time in three years in nine-month year of 1999-2000, the burden of continuing high effective interest rate of 17 per cent for large long-term debts, not in line with present market realities, was eroding the competitive edge and needs to be redressed expeditiously. |
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No tax dues, says Sahara CHANDIGARH, July 27 — “The statement made by Minister of State for Finance Dhananjay Kumar in the Rajya Sabha on July 25, while replying to a question on the tax evaders, is highly misleading and does not convey the real perspective.” This was stated by Managing Worker & Chairman Subrata Roy Sahara of Sahara India Pariwar in a press release here today. “The demands mentioned against Sahara India Financial Corporation and Sahara India Mutual Benefits Corporation are no more outstanding as the appeals have been decided by the Commission of Income Tax Appeal in our favour”, he claimed.
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by Ashok Kumar Enter at lower level & exit on upswing To recollect what we had forecast last week “So, what does the road ahead look like – well, it is not unlikely that one last short and sharp upside correction might break this fall, before the inevitable southward journey commences.” This southward journey though has been a rapid-fire one standing up to the traditional theory that markets fall at roughly three times the speed at which it ascends. So, what lies ahead ? My bet is that after once the panic factor is discounted, institutional investors will find value for money especially in the ICE sector that continues to be where all the action, and more importantly, the growth potential lies. Furthermore, with the shadow of political uncertainty having receded for now, the stage appears set for an upward correction. Yet again, traders can make hay while the sun shines and those with a bullish temperament can consider long positions at the counters of Infosys Technologies at Rs 6,770 (square up at Rs 7483) and Wipro at Rs 2345 (square up at Rs 2528). Bear operators could consider taking up short positions at the counters of Reliance Industries at Rs 349 (cover up at Rs 321) and MTNL at Rs 198 (cover up at Rs 180). Discerning investors looking to pack a punch into their portfolios can consider exposure at the counter of Cadila Healthcare, a rapidly growing Indian pharma company whose share price has dipped to an attractive price level again. The optimal strategy this week would be – make a quick entry at lower levels and exit on successive upswings. |
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Reclaiming family dinner They call themselves Family Life 1st, and though the movement began in small-town Wayzata (population 4,000), the fight soon spread like a virus across the state. “We started with 70 parents who were concerned their family life was eroding because their children were involved in so many activities,’’ explains University of Minnesota Professor of family science William Doherty, who leads the group. “But last month, our website (www.familylife1st.org) received 25,000 hits.” To reclaim their family rituals, Family Life 1st targeted football coaches, church leaders and after-school activities coordinators, demanding that they schedule less, not more, for their children. The call was heard, and now Doherty reports that the number of rehearsals, classes and sports practices are down in Wayzata. With less activities to run to, kids are once again facing their parents across the dinner table. And Doherty, author of Take Back Your Kids and The Intentional Family, says this is crucial. “There is research to suggest the family dinner, which is really a metaphor for connection, protects kids. It is important in helping them avoid risky behaviours from drugs to suicide. When family connections erode, we should worry.’’ — The Guardian US shoe firm
apologises Subash Razdan, Chairman of the Board of Trustees of the National Federation of Indian Associations, who spearheaded the movement against the shoes with pictures of Indian gods on them, said he has received a letter from Fortune Dynamic Inc, regretting the manufacture of the shoes which caused offence to the Hindus and led to widespread resentment. “The manufacture of the style called ‘Shiva’ has been discontinued,” the company said in its letter.
— PTI Theatre that’s
thrilling Joe Jolly Thrillers India, the entertainment company, unveiled to the media on Wednesday night the theatre that unfolds a thrilling experience and amusement to the young and the old. Ride activity involved experiencing movement, sound and visual image all coordinated with what is depicted on the screen to produce virtual reality. It is a non-cinema non-film digitally mixed computer generated image screening theatre with simulated motion seats. Capsule models of thriller entertainments have already been introduced in some parts of the country. This is the first time platform model theatre is being introduced in this country. The entertainment centre is located at the city’s fashionable shopping mall, the Spencer Plaza, which itself is planning a separate entertainment wing in its third phase.
— UNI |
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Sterlite net up 50 pc Hind Lever Chem Parke Davis Ashok Leyland Kale Consultants The contract will transfer the intellectual property rights (IPR) and marketing rights for three cargo systems: Cargo Systems Partnership (CSP), Amber Cargo Revenue Accounting and Mercury Operations. Colour Chem The net sales and income from operations have also gone down marginally to Rs 7491 crore during the quarter as against Rs 7512 crore in the same quarter previous year. The exports rose by 47 per cent over the corresponding period the previous year. Satyam Computer LML to hive off IT CMC net up SAIL loss at 231 crore Mather & Platt Tata Telecom International Travel
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SBI schemes Customer meet Andhra Bank Coca Cola Online jobs |
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