 |
Saturday,
June 16, 2001, Chandigarh, India  
|
Reliance shareholders okay buy-back
JPC report at the end of session
Organise weddings at the click of a mouse
Jacob inaugurates CII’s career fair |
|
|||||||||||||||||||||||||||||
|
PNB net profit rises 13.6
pc Siemens shareholders approve buy-back Tractor sales skid 14.2 pc in
April Paroda to head WB funded farm
body Net Vision
Web centre in Chandigarh ONGC sans
insurance SBI Life begins
operations
|
|
Reliance shareholders okay buy-back
Mumbai, June 15 RIL’s shareholders approved the buyback on the same terms as applicable last year, namely, an amount of upto Rs 1,100 crore, at a maximum price of upto Rs 303 per share. Addressing shareholders at the AGM, RIL Chairman Dhirubhai Ambani said that the company’s share buy back programme announced last year has been successful. “The share buy-back has already achieved many of the company’s stated objectives of reduction in volatility, lowering of beta and elimination of speculative pressure’’, he said. According to Mr Ambani from the perspective of investors, the maximum specified buy-back price has effective served as a floor price for the company’s share. RIL had announced its buy-back programme and was subsequently approved by shareholders. However, it could not implemented fully, hence, the proposal once again put forward before the AGM for implementation, market sources said. The company has once again obtained the approval of shareholders for share buy back programme, on the same terms as applicable last year. Explaining on the share buy back programme, Mr Ambani in his speech said that the buy back programme is in sharp contrast to the experience of most other Indian companies, which have seen their share prices generally trading well below their specified buy-back prices, even after such companies have deployed significant amounts towards their buy-back programme. RIL has not bought back any of its shares, on the limited number of days when the share has traded below the maximum specified buy-back, Mr Ambani said and added that this was in recognition of the fact the RIL share has consistently been outperforming all benchmark indices by a wide margin, and the temporary decline in the share prices, for a limited number of days, was also more a reflection of short term volatility in the global, regional and domestic stock markets. Reliance Infocom
Mr Ambani informed the shareholders that the company has received letters of intent for providing basic telephony services in 18 out of 21 telecom circles in the country. This is in addition to the Gujarat circle where Reliance is already offering services. Reliance Infocom has announced an aggregate capital outlay of upto Rs 25,000 crore ( over $ 5 billion) over the next five years. The investments will be linked to achievement of relevant business and financial return targets. Mr Ambani announced in his speech that RIL will be the lead investor, with a 45 per cent equity stake in Reliance Infocom. The company expects its investments in the telecom and infocom business to generate superior returns, and enhance overall shareholder value for its investors.
FIIs investment
Reliance has got the approval of its shareholders’ for the increase in Foreign Institutional Investment (FII) direct investment limit from 24 per cent to 49 per cent in its equity share capital. The increase in the direct investment limit would lead to increased weightage of the company’s share in benchmark international stock market indices, the company press release stated here today. The current market value of total FII investment in the company is approximately Rs 9,000 crore and it is the largest investment by International Investors in a single company in India, the release added.
UNI
|
|
JPC report at the end of session New Delhi, June 15 Probe chairman Shriprakash Mani Tripathi told reporters that the committee would be able to complete its work and submit its report to Parliament on the last day of the monsoon session, which runs from July 23 to August 21. Mr Tripati expressed the hope that the committee would be able to start its main work of calling the witnesses from July 9. The JPC was set up on April 26 with 20 members of the Lok Sabha and 10 members of the Rajya Saba to probe the unusual fluctuations in the stock market. It listened to the views of two independent experts, both from Kolkata, at the end of the third sitting today, on how the market functions, with special emphasis on shortcomings in the regulatory mechanism. The JPC Chairman said the view he got today was that the average Indian investor made low investment in the stock market and the capital market as compared to the institutions mainly on account of lack of trust. The expert L.C.Gupta, the JPC chairman said gave the impression that banks attracted the largest portion of the investments in India. The other expert Dr Ajit Dey, a former president of the Calcutta Stock Exchange, said the market regulatory mechanism had not been alert to the
desired extend. Such a trend could prove harmful to the stock market, Mr Tripathi said on the basis of what Dr Dey told the committee. The next sitting of the committee is scheduled for June 25, 26, 27 and 28, he added. In fact, for every hour of the JPC meeting, five to 10 hours of paper work had to be done later, he said, adding “I don’t agree the progress is slow”.
|
|
Organise weddings at the click of a mouse
Bangalore, June 15 Now, at the click of a button, families can decide the budget for the marriage and get a wedding manager to take over the task of organising weddings. The facility is expected to be a great boon for hard-pressed families, particularly from the Indian diaspora who are often more strict about rituals than their counterparts in their motherland. If someone wants only the wedding paraphernalia — from the priest to "puja" materials to rituals of 37 Indian communities from Hindu, Muslim and Christian communities besides prayers or wedding songs — www.shaadionline.com has all that — and more. All these will be delivered home. Relatives here and abroad can even use the wedding web cast to chat online. Promoted by Indian marketing guru Shunu Sen and one of India's early woman entrepreneurs Kiran Mazumdar Shaw, and conceptualised by Jai Raj Gupta, shaadionline.com is introducing, for the first time, the concept of wedding management in India and to Indians abroad. It also has facility for a gift registry where the bride and the groom select what gifts they would welcome from select retail stores so they don't land up with a dozen toasters. India's wedding market is estimated to be worth Rs.5 billion, during a four-month wedding season in the metros alone. "All that we are saying is: enjoy the convenience of a wedding. Let it not be the cause of tension or headaches. As our catch line says, we help make weddings happen," Shaw told IANS. "But if you don't want all our management services through our coordinators, you can pick up just the wedding kit or suitcase that will contain everything from the 'aarti' to the requirements for the rituals or a priest or, maybe, even the Kancheepuram saree." "We have done the research and got the rituals authenticated by experts. The idea is that Indians abroad, who are on a back-to-the-roots-culture trip, do a mish mash of weddings in their attempt to follow rituals and customs. "The website also has a list of priests for specific communities in several cities in the country who can be contacted by those who register on the site for the wedding." Shaw, Gupta or their venture capitalists, Global Technology Ventures (GTV), know it would take time for the idea to take root in and outside India. But they are convinced, as Shaw says, it is a "solid business opportunity that is web-enabled." "Roughly about 1,000 weddings are held a month during the marriage season in Delhi alone. The expenditure in each is anywhere between Rs.500,000 and Rs.50 lakh and in some cases even Rs.1crore," says Jai Raj Gupta, CEO of Worldcast Technologies, the parent company of shaadionline.com. Added Poornima Jairaj of GTV: "It is the high quality of the team that made us invest. The NRI market is also very well defined with strong linkages to India, and NRIs are very Net savvy. The coordination and consultancy sets this aside from other wedding portals. And marriage is a big spend among Indians."
IANS
|
|
|
Jacob inaugurates CII’s career fair Chandigarh, June 15 Education is a tool to equip oneself to face a changing world, he said, calling on students to use such events explore new avenues to select those slots which matched their skills with the job opportunities opening up world-wide. Preferring to ‘talk’ to the gathering at the inaugural session, rather than give a formal speech, Lt Gen Jacob said career counselling was necessary for both students and parents. He expressed satisfaction at CII’s initiative in organising this event. India needed to put education on the national agenda, and consider it an infrastructure industry, as in Japan, observed Mr I.S. Paul, Chairman, CII Chandigarh Council. The country spends 3.8 per cent of GNP on education but 46 per cent of its population aged 15 and above is illiterate in contrast with China, were a corresponding spend of 2.6 per cent saw only 22 per cent illiterate. Alternatives 2001 sought to make education more relevant to the workplace by reducing the mismatch between what was taught and what the market needed. Over 10,000 students and parents had visited Alternatives 2001, held in Delhi a few days ago, he disclosed, expressing confidence that this expo would draw aspirants from all over the northern region. The three-day fair, which is on till June 17, also features a series of career-related interactive seminars covering contemporary topics like Public Relations, Advertising, Tourism, Online education, Film/TV Production, IT & IT enabled services. Career Counselling and fashion designing.
|
|
PNB net profit rises 13.6
pc New Delhi, June 15 “We have already filed an
application with the SEBI for the purpose”, Chairman and Managing Director of PNB, Mr S.S. Kohli told newspersons here today. The Initial Public Offering (IPO) will carry a premium of Rs 30 per share on a book value of Rs 110 per share and PNB will issue eight crore shares, Mr Kohli said. PNB is also considering the option of entering the insurance market and has already written to the RBI seeking approval. Mr Kohli said that the Central Bank is currently examining the balance sheet of PNB. The PNB Chairman said that the bank has achieved a net profit of Rs 463.64 crore during the year ending March 2001- registering a growth of 13.6 per cent as compared to the corresponding figure of the previous year. An amount of Rs 271.02 crore has been recorded as net outgo due the voluntary retirement scheme offered by the bank. Advances at the end of March 2001 stood at Rs 28029 crore clocking a growth of Rs 24.2 per cent, MR Kohli said. |
|
|
Siemens shareholders approve buy-back Mumbai, June 15 Siemens proposes to buy back a maximum of 25 per cent of the paid-up equity capital comprising 88,73,549 shares from the open market, the company said in a release here after the extra-ordinary general meeting. The aggregate Rs 80.52 crore will be drawn out of the share premium account and/or the free reserves of the company. The special resolution approved is valid for a maximum period of one year from the date of its passing, it said adding that the time frame for the buy-back will be determined by the developments in the market and the Board. Siemens Chairman F.A.Mehta said in the last couple of years, the company has undergone a “major restructuring exercise and at the core of this were several initiatives that aimed at improving the productivity, while drastically reducing the overall cost structure”. “All these actions have yielded results, which have seen our coffers of free reserves and share premium at an extremely healthy level. This has prompted us to offer the buy-back programme and return part of the surplus to our shareholders”, he added. DSP Merrill Lynch has been appointed as investment banker. It will also act as a broker along with Indosuez W.I. Carr Securities.
PTI |
|
|
Tractor sales skid 14.2 pc in April New Delhi, June 15 Total sales stood at 12,611 units as against 14,704 units sold in the same month last year. Market leader Mahindra and Mahindra posted a 25.1 per cent drop at 3,668 tractors over 4,899 units sold in the year-ago month, figures released by the Tractors Manufacturers Association (TMA) showed. Overall sales were affected due to a decline in the 31-40 horse power segment, which contributes to most of the tractor sales in the country. The segment witnessed a 13.4 per cent drop at 7,159 units as against 8,272 units sold in April 2000. Escorts recorded a 33.2 per cent decline in sales at 2,006 units as against 3,006 units in the year-ago month. Tractor and Farm Equipments (TAFE)’s sales stood at 2,225 units in April 2001, a rise of 9.2 per cent over 2,453 units sold last year. Forecasts of early monsoon in various parts of the country are likely to boost tractors sales in this fiscal on the prospects of increase in demand from the agricultural sector. Eicher’s sales increased by 46.1 per cent at 808 units in April 2001 over 553 units sold in the year-ago month. Punjab Tractors Ltd’s sales rose by 11 units at 3,115 units over the April 2000 sales. Sales of Bajaj Tempo also went up by 12 units to 110 tractors while that of HMT stood at 600 units, a rise of 20 per cent over April 2000 sales of 500 units. Gujarat Tractors Company Ltd’s (GTCL) sales increased by 117.3 per cent at 50 tractors as compared to 23 units sold in April last year. Sales of VST, however, dropped by 57.3 per cent at 29 units in April 2001.
PTI |
|
|
Paroda to head WB funded farm
body New Delhi, June 15 He is likely to take up charge in August, an official release said here today. The programme is a new initiative involving all the eight countries of Central Asian region to strengthen their agricultural research system focusing on food security,
power reduction and conservation of natural resources. Nine of the 16 international agricultural
research institute of the consultative group on international agricultural research are supporting this programme in a consortium mode. Dr Paroda, as Secretary, Department of Agricultural Research and Education and DG of ICAR, since 1994 has strengthened agricultural research in the country. |
|
|
Net Vision
Web centre in Chandigarh Chandigarh, June 15 The company plans to open at least 25 more centres in the region by the end of this year. Mr Sanjeev Patel, Executive Director, Net Vision, while addressing a press conference, today said the company which at present has more than 13,000 students at its different centres has recorded a growth of 500 per cent in student enrollment. "We have 50 centres throughout the country and will shortly establish 14 centres in UAE, 18 in West Africa, 12 in Bangladesh and later in China also ", said he. Mr Mhan Krishna, Vice- President, said Net Vision has a tieup with University of Sunderland in the UK and with Wilteonline to provide a mini ISP hub and live work environment to students undergoing Networking and Internet working programmes. |
|
|
ONGC sans
insurance Dehra Dun, June 15 According to the sources in the ONGC headquarters in Dehra Dun the company’s plan to place the insurance programme for the current financial year in the London market ended up fruitlessly as it was not willing to accept the demand of reinsurers who asked for a 100 per cent hike in the insurance premium to $ 37.5 million and an eight fold increase in the deductions tuning to $ 8 million. This is the only Navratna company of the nation and for the first time in its own history that the mega corporate ONGC is going without an insurance cover. |
|
|
SBI Life begins operations Mumbai, June 15 Unveiling the first product of the joint venture company, SBI Chairman Janki Vallabh said there were various other products that were in the pipeline and awaiting clearance from IRDA. Sanjivan is a single premium policy, targeting a large chunk of masses who recently opted for voluntary retirement scheme from their organisations. The policy has been designed to provide a liberal risk cover as well tax-free amunity payments to the policyholder preferably aged between 45 and 75 years.
PTI |
bb
FDI proposals Bunka Orient Retinal centre NIIT programs CBay bags deal Hind Sanitary |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 121 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
