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Friday,
June 15, 2001, Chandigarh, India  
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Indian
software exports up 65 pc Maize
export allowed SBP scheme
for rice shellers on cards UTI Bank
ties up with HP Tourism IDBI-Principal
goes demat |
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EPFO
will issue PAN to members
Media
Lab Asia to be registered as society BSNL
mobile services in HP by December Glaxo to
manufacture Hepatitis-C vaccine Concessions
for entertainment industry
Govt
lowers minimum listing requirement
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Indian software exports up 65 pc New Delhi, June 14 Overall, the Indian IT software and services industry was up 55 per cent at Rs 37,760 crore during 2000-01, as compared to Rs 24,350 crore in 1999-2000, according to annual industry survey by Nasscom here. Nasscom Chairman Phiroz Vandrevala, while releasing the latest figures, said the software export performance this year had translated into a growth of 55 per cent in dollar terms. Pitching in to the total software revenues was the domestic market at Rs 9,410 crore during 2000-01, with the growth rate slipping to 31 per cent as against 45 per cent in 1999-2000.In 1999-2000, the domestic market had notched Rs 7,200 crore. Elaborating on the software export performance of the country, Mr Vandrevala said: “Indian software and services exports accounted for 14 per cent of India’s total exports of $ 44 billion during 2000-01.” He said by 2008, the software export segment was expected to account for 35 per cent of India’s total exports. An interesting highlight of 2000-01 was that one out of every four global giants outsourced their mission critical software requirements to India, establishing that more and more global firms were outsourcing their software requirements to India and gaining competitive advantage. In all, India exported software and services to 102 countries around the world, during the year 2000-01, according to Nasscom. Tracing the trend over the past few years, Nasscom study clearly reflected that US had been India’s largest export destination for more than a decade, and would continue to remain so. Another highlight of the survey was the fact that during 2000-01, offshore services strengthened their dominance in the software exports sector. The offshore services increased to about 44 per cent of total exports, whereas onsite services contributed to about 56 per cent of the export revenues. “In 1991-92, the percentage share of offshore services was a mere 5 per cent and onsite services dominated with 95 per cent of total software exports,” Nasscom chairman said. Among the top Indian software exporters, the Nasscom said Tata Consultancy Services (TCS) and Infosys had emerged as leading exporters during 2000-01, contributing Rs 2870.26 and Rs 1852.94 crore respectively to the overall software exports of Rs 28,350 crore during the period. According to Nasscom’s top 20 rankings (based on export performance) released here, TCS, with its exports revenues pegged at Rs 2870.26 crore has ended up with a clear lead over other companies during 2000-01. Infosys technologies has finished second in the export race with Rs 1852.94 crore worth of export revenues, followed closely by Wipro Ltd at Rs 1756.39 crore. Nasscom survey revealed that in 2000-01, almost 30 software companies in India have exported more than Rs 200 crore worth of IT software and services and 75 companies exported more than Rs 50 crore worth of it software and services.
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Maize export allowed New Delhi, June 14 The Minister for Food and Consumer Affairs, Mr Shanta Kumar told a delegation of the Assocham, that currently four lakh tonnes of maize stocks are lying with the Food Corporation of India and another six lakh tonnes is lying in the godowns of the state governments. The Minister said that the government has taken measures to increase the production of maize in the country. Art the research level, Indian Council of Agricultural research (ICAR) is working on development of varieties with quality
protein maize. Some of the varieties such as Shakti, Rattan, Protina and Shakti -1 developed by the ICAR system have 4.5 per cent of Lysine content as compared to 2.3 per cent in normal released maize varieties. Mr Shanta Kumar also stated that for promoting maize, the government is implementing a centrally sponsored scheme called the Accelerated Maize Development Programme.
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SBP scheme for rice shellers on cards Chandigarh, June 14 This was disclosed in a press conference by SBP Managing Director, Mr A.K. Purwar, while declaring the financial results of the bank for the year 2000-2001. The bank, which has more than 50 per cent of its branches in Punjab, has registered an increase in the net profits from Rs 130.69 crore last year to Rs 161.10 crore this year. This, despite the additional expenditure of Rs 96.4 crore incurred towards Voluntary Retirement Scheme (VRS), said Mr Purwar. The bank’s business level exceeded Rs 18,600 crore as on March 31,2001 of which Punjab held nearly half of the share. Business per employee, he said, was Rs 1.43 crore. He said while the total income of the bank increased by 13.42 per cent against an increase of 12.35 per cent in total expenditure, the return on assets and equity had improved to 1.12 per cent and 17.31 per cent against 1.06 per cent and 16.73 per cent during the previous year. Regarding the ratio of NPAs to gross advances, he said this had registered a decline from 10.99 per cent to 9.66 per cent . The bank issued more than 55,000 Kisan Credit Cards and also linked 174 Self Help Groups with the its branches. In line with the national priorities, Mr Purwar said that the bank laid special emphasis on housing finance and a new scheme “Total Home Loan Emphasis” was launched by the bank. Medi-Home-Flexi Finance Scheme for medical practitioners for upgradation and creation of new facilities and setting up of new clinics was also introduced last year. Another step towards improvement was setting up of a single window system. The bank initiated this system for improving the customer service so that the customer has to visit only one counter for all banking products. SBP proposes to introduce this to all the computerised branches. The others present at the conference were Mr Amitabaha Guha, Chief General Manager; Mr R.S. Nanda, Mr J.K. Devgan and Mr B.M. Jain, General Manager.
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UTI Bank ties up with HP Tourism Shimla, June 14 A customer would be given an ID number and asked to remit a booking advance in any UTI Bank branch in India mentioning his name and ID number in the pay-in-slip. As all UTI branches were working as on-line the deposit would be immediately remitted to the HPTDC account.
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IDBI-Principal goes demat New Delhi, June 14 MFSS, launched jointly by the NSE and National Securities Clearing Corporation, would enable the individual investors in buying and redeeming mutual fund scheme units, a company statement said here. It said buying and selling units of IDBI-Prinicpal’s Equity Fund, Growth Fund, Balanced Fund, Income Fund and Tax Savings Fund would soon be available on the NSE. “We are constantly looking out for
opportunities to enhance our customer service.”
PTI |
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EPFO will issue PAN to members New Delhi, June 14 Modernisation will also result in settlement of claims within two or three days against 30 days or more at present, Mr Ajai Singh, Central Commissioner of EPFO told reporters today. At present, EPFO members are issued a fresh number every time they switch jobs and the transfer of account from one employer to another takes time.
UNI
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Media Lab Asia to be registered as society New Delhi, June 14 “The Media Lab Asia project will be registered as an autonomous society under the Registration of Societies Act with a corpus of Rs 65 crore”, Vinay Kohli, IT Secretary, said. Cabinet had recently announced, while clearing the project, that Media Lab Asia might be a non-profit organisation. “We discussed all the three models with our partner Massachusets Institute of Technology (MIT), a non-profit organisation, a trust and a society, and it was decided that Media Lab Asia would be registered as a society”, Kohli said. The proposed society which would come into being soon after signing of the agreement, scheduled for June 25, is expected to have an executive director who would come from MIT and a Chairman expected to be selected by IT Ministry, he said. The total composition of members will be decided after the society comes into being, expectedly on June 25, the secretary said. Regarding the identification of projects to be taken up by Media Lab Asia during the first exploratory year, Kohli said “no decision has been taken so far.
PTI |
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BSNL mobile services in HP by December Shimla, June 14 Inaugurating the state of the art technology telephone exchange with 1000 lines at Chopal, Gill said that tenders had already been invited for mobile phone services, and laying of the optical fibre cable was being accorded top priority to assist the state in its programmes for software park and information technology centres. He said 1000 km Optical Fibre Cable (OFC) was laid last year and the target had been doubled to 2000 km during the current year. Gill said that the
BSNL has set a target of 90,000 new phone connections in Himachal during the current financial year and 15,000 connections would be provided by June end. He said that village public telephone was a priority of the department and out 17,000 revenue villages, only 3000 had village telephones and new technologies like ‘wireless in local loop’ were being used to cover the remaining villages. Earlier, Dhani Ram Shandil, MP, inaugurated the CDoT SBM exchange and optical fibre media, facilitating access to all
modern telecom services to the people of Chopal.
PTI
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Glaxo to manufacture Hepatitis-C vaccine New Delhi, June 14 “We have received DCI’s go-ahead for the vaccine,” kal Sundaram, Director-pharamaceuticals, Glaxo India said here today. The company would introduce its vaccine under the brand name - Twinrix, Sundaram said and added that the drug is slated for launch in the next six months. Glaxo India, which is the largest pharma company with a market share of 5.71 per cent as per market estimates is also planning to introduce an anti-diarrhoeal drug by the next year and has sought
DCI’s approval for the same. “We have already made necessary filings with the authority for securing its approval,” he said. The company which has introduced its smoking cessation pill zyban will enhance its presence in niche segments. In line with its global merger with Smithkline, the company has initiated a strategic change in pharmaceutical sales and marketing structure to move away from ‘trading-face centred’ approach to ‘therapy-area focussed approach’.
PTI
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Concessions
for entertainment industry Chandigarh, June 14 An official spokesman, giving this information, said the state Cabinet had decided to exempt the holding of sang, nautanki, natak and sports activities organised at the national and state levels by recognised organisations from entertainment tax. The Cabinet also decided to abolish 9 per cent show tax on cinema houses, and reduce entertainment duty from 125 per cent to 50 per cent on the admission rates of the cinema tickets. He said the rate of tax on all other entertainment activities, including amusement and entertainment parks, has been reduced to 25 per cent. The Cabinet also decided to deregulate admission rates in cinema halls.
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by Ashok Kumar Govt lowers minimum listing requirement Roofit Industries Ltd, ended the nine month period ended March 31, 2000 with a topline of Rs 306.74 crore representing a 55 per cent growth over the Rs 197.92 crore recorded in the corresponding period last year. Its PBT was up 22 per cent from Rs 26.89 crore to Rs 32.93 crore, and its bottomline was up from Rs 23.89 crore to Rs 30.09 crore, a growth of 26 per cent. Its EPS for the nine month period stood at Rs 19.30 on an enhanced equity base of Rs 15.59 crore which is subsequent to the issue of bonus shares in the ratio of 1:1 last year. At the current price level of Rs 100 odd, the P/E multiple works out to 5, said Mr Suresh Motwani, Chairman, Roofit Industries to me and my wife. Mr Motwani appraised us of the recent commissioning of his company’s plant at Pune where it will manufacture 17 different grades of its Roofit dry pre-mixed plaster. This product, we were told, serves as a quick and efficient replacement to conventional plastering products that are currently used for plastering interiors and exteriors of old and new buildings. It offers significant benefits such as consistent quality, better workability, high compressive and flexural strength, better adhesion and bonding to the substrate: reduction in material wastage; superior finish and most importantly, quality construction with lesser time and costs. The company’s Pune plant has an installed capacity of 2.8 lakh tonnes per annum and has been set up at a cost of Rs 49 crore. The technology and machinery is being supplied by Raute Dry Mix OY of Finland. The company is also setting up another plant at Chennai with a similar capacity. The demand-supply gap for this product will further be reduced once all plants are operational. Moving onto more macro issues — any analyst worth his salt would know that in more ways than one, the key to a secondary market revival lies in a primary market revival. After a long stint of masterly inactivity, it seems the powers that be in the government too have woken up to this fact. For the record, the government has decided to lower the minimum listing requirement for all corporates from 25 per cent to 10 per cent. Mind you, there is a rider here — the company must have an offer size of 20 lakh securities with a minimum offer value of Rs 100 crore. Information technology and other knowledge based companies already have a minimum listing requirement at 10 per cent. The SEBI had earlier proposed that the relaxation be offered on the condition that the minimum offer size be Rs 250 crore. The move is undoubtedly a positive one and addresses the longstanding demand of corporates that they should not be forced to offload 25 per cent equity at one go. Furthermore, this lower limit would allow high market capitalisation corporates to offload small amounts of equity by placing it with institutional investors. More importantly, it would also encourage more closely held companies to access stock markets, which they would otherwise have been averse to doing. The lower entry point criteria will help many corporates float IPOs with the promise that they could enhance the public share-holding once the primary markets revive. Last but by no means the least, it will ensure against more funds than necessary being collected which was inevitable under the 25 per cent norm. While the move is a welcome one and in the right direction, the question as always in case of Governmental initiatives is — has it come too late?
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Kale Consultants post 6.73 cr net loss Tata Infomedia declares 1:2 bonus Aditya Birla Group order for BHEL TCIL net rises 16 pc |
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McDonald’s refuses to accept ‘award’ Qantas for stake in Air NZ Australia hails Saudi tariff cuts
Mitsubishi to provide nuclear know-how |
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Sony India Tanishq scheme BoB Housing Fin Wills store |
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