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August 8, 2001, Chandigarh, India   
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Coop bank
cautious over loans to firms ‘Designers
have market to exploit’ Models display clothes by Indian designer Ritu Kumar on the first day of the India fashion week which began in Mumbai on Monday.
— Reuters photo IIT
Kharagpur to open campus in Silicon Valley IT
industry pins hopes on Karnik |
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Govt may
lower bank guarantee for IBP Bathinda
refinery to come up by 2005 FDI
proposals worth 980 cr cleared India
‘difficult nation to do business’ with Make
India a developed nation: Kalam BMW
profit rises
Sterlite
buy-back offer opens on Aug 13
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Coop bank cautious over loans to firms Chandigarh, August 7 “We are now very cautious while sanctioning the term loans and huge amounts are normally not sanctioned”, said Mr G.S. Grewal, MD of the bank. Due to good performance of the bank , it could sustain itself despite the loss, however, it would be unwise if they are not overcautious. Earlier, while the Managing Director of the bank could sanction loans to any limit, now a restriction has been placed and he can sanction amounts only up to Rs 5 lakh. Beyond that the case has to be scrutinised by the sub committee. The Chandigarh branch of the bank sanctioned a loan to Punwire as it had started advancing non-farm sector loans then. While in Punjab, the bank already has as a stronghold, and there was also a sub-committee for sanctioning of loans, said Mr Grewal. However, no
sub-committee was there in the city at that him. Sending conditions have been changed for the branch here. Meanwhile the bank has already set aside provision against this amount in its accounts. “The provision has been set aside during this period and the bank’s financial condition is strong”, said the MD. The Punjab State Co-operative Bank, which has 813 branches in Punjab, is providing non-farm sector loans to sugar mills, spinning mills , Housefed, Markfed, Milkfed etc. A meeting of the Board of Directors will be held on August 16 and important issues will be discussed upon.
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‘Designers have market to exploit’
Mumbai, August 7 “The country is now shifting from traditional lungis and dhotis to more trendy wear. It gives designers of today a chance to explore more possibilities and a bigger consumer area,’’ Mr Kulkarni said while addressing a seminar at the Lakme India Fashion Week in South Mumbai here. Sharing his experiences with the gathering comprising mainly of young designers, he said: “Fashion is a passion business,’’ and wanted them to be passionate about their job. Warning against dabbling in too many things at the same time, he suggested that the designer should concentrate on the area he is good at, be innovative in his designs and give the customer something new to look forward to all the time. With a career spanning 20 years in the sales and marketing side of the fashion industry, Mr Kulkarni who is at present working with Supra Apparels and Accessories, asked the young designers to be far-sighted in their approach towards fashion. “Fads do not help long-term businesses,’’ he pointed out and said the best way to sell is to give the customers something new and trendy all the time. Trends and fads have a thin line between them and it is essential for the designers to differentiate between the two. “Setting trends will make a name for you,’’ he said while citing the example of Levis, the brand name which is still synonymous with jeans. Fads, however, are short-lived and without much impact.
UNI
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IIT Kharagpur to open campus in Silicon Valley
Kolkata, August 7 “To internationalise IIT, Kharagpur, will be the focal theme of (its golden jubilee) celebrations,” Institute Director Amitabh Ghosh told IANS. Mr Ghosh said the central government had given the go-ahead for the Silicon Valley project, which will be the first of many such ventures planned by the institute in other countries. “We want true globalisation of education along side economic liberalisation. We have received positive vibes from the Indian government,” Ghosh said. Silicon Valley has been a natural choice for an overseas IIT campus because a large number of its former students are employed there. An association of the IIT Kharagpur alumni, the IIT Foundation (IITF), is pooling in money for setting up the campus. “IITF has already contributed Rs.300 million to the institute,” Ghosh said. He said IIT Kharagpur, which has two campuses in the country (Kolkata and Bhubaneswar), is well equipped to undertake distant-learning with its nearly 2,100 ready video lectures by experts on different subjects. Mr Ghosh is optimistic that the IIT’s upcoming Silicon Valley campus would generate interest among American students. The institute is upgrading its facilities to international standards at a cost of Rs 340 million. “Our endeavour is to provide opportunity to foreign students to study in the institute with financial assistance and also engage in faculty exchange programs,” Ghosh said. There are other institutes here as well that are making global strides. Perhaps for the first time in India’s educational history, the world famous Harvard University is all set to forge an “academic collaboration” with a private engineering college run by Non-Resident Indians (NRIs). The IIT Kharagpur’s endeavour is seen as another step in that direction.
IANS
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IT industry pins hopes on Karnik
New Delhi, August 7 Kiran Karnik, former head of Discovery Channel in India, will have a “tough and challenging” road ahead of him as president of Nasscom, industry representatives said here today. The Nasscom chief’s post fell vacant in April on the sudden demise of Dewang Mehta, who was president for the last 10 years, in a hotel room in Sydney. The dynamic 38-year-old Mehta’s name was synonymous with India’s booming software industry. “It will be a very challenging role for Karnik to step into Dewang Mehta’s shoes. I think he has networking skills to build relationship with the government, industry and international organizations,” said Bhupesh Lall, Director (Marketing) of software solutions firm PTC India. “Indian IT industry is itself very strong and therefore he wouldn’t be selling a non-entity. But at the same time we would expect him to carry further what his predecessor had initiated,” he told IANS. According to Lall, Karnik would have to explore the opportunity of increasing outsourcing software products and services from India by international companies to steer the industry out of the demand slowdown. Before joining Discovery Channel in India in 1995, Karnik had spend around 20 years in the Indian Space Research Organisation (ISRO) and was closely involved in pioneering efforts in the use of local television for rural development. He also managed the Indo-US Satellite Instructional TV Experiment (SITE) in the 1970s, the country’s first large-scale satellite broadcasting initiative. Karnik has consulted for Unesco, the Ford Foundation and the World Bank, among others. Industry analysts say since Karnik does not have a software industry background he would have to embark on a thorough understanding of issues relating to the IT business. “As the chief of the country’s premier lobby group, Karnik must have the vision to predict future trends. In the first few weeks, the President will have to work on building his own understanding and authority,” said an analyst with a rating agency. “Though he would only be the paid chief executive of Nasscom, everybody would expect Karnik to recreate the hype that his predecessor created about the software industry,” the analyst, who did not want to be named, said. Vinnie Mehta, director of Manufacturers’ Association for Information Technology (MAIT), said although Karnik has vast experience and networking skills, he would not have the advantage of being the helmsman at a time when the industry is riding on the crest of a wave. India’s software and services industry growth, which expanded by 55 per cent during fiscal 2001 to $8.6 billion, is expected to come off the boil in the current fiscal year due to an economy slowdown in the U.S. that accounts for over 70 per cent of the country’s exports. “Karnik is coming in a very different circumstances. We will have to give him time to adjust to the changed scenario and then chart the roadmap for growth by focusing on new export destinations,” Mehta of MAIT said. Phiroz Vandrevala, executive vice-president of India’s top software company Tata Consultancy Services, said: “He is widely recognised as one of the key figures in the broadcasting sector due to the numerous initiatives that he took in the development of the Industry.” “We feel that with his drive and experience, he will be the ideal candidate to lead Nasscom in its efforts to develop India as the next IT superpower,”
Vandrevala, who is also the chairman of Nasscom, said in a statement. IANS
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Govt may lower bank guarantee for IBP
New Delhi, August 7 However, the existing minimum investment norm of investing or commitment to invest Rs 2,000 crore in oil exploration, refining, pipelines or terminals, for being eligible for acquiring the government stake in IBP, will continue. “Earlier it was proposed that prospective bidders would have to furnish a bank guarantee of Rs 2,000 crore (minimum investment committed in the petroleum sector) for acquiring IBP. This is now being reduced to Rs 500 crore, but the Rs 2000 crore investment commitment remains,” government sources said. A Cabinet note lowering the bank guarantee has been circulated for comments and the Department of Disinvestment (DoD) would be approaching the Cabinet soon to seek a formal nod to float bids for the disinvestment of government equity, the sources said. The bank guarantee is being lowered as the cost of serving a Rs 2000 crore bank guarantee (about Rs 50 crore) was higher than the share of profit the strategic partner would get, they said. IBP posted a net profit of Rs 54.22 crore on a turnover of Rs 8388.4 crore in 2000-01. The bank guarantee is aimed at enforcing the bidder’s commitment to an investment of Rs 2,000 crore in exploration, refining, pipelines or terminals.
PTI
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Bathinda refinery to come up by 2005 New Delhi, August 7 The Rs 9806 crore project of HPCL would have a capacity of 9 million metric tonne per annum. The project, which would be commissioned in 2005, will generate ample employment opportunity and a large number of industrial units will come up in the state for optimal utilisation of the refinery products. The refinery is provided with primary and secondary processing units designed with the state-of-the-art technologies to optimise the production to suit the future demand of northern region. The refinery is equipped with a captive power plant of 140 MW based on syngas produced by using the pet coke, one of the products of the refinery. The syngas is also utilised for generation of hydrogen required for the process unit, thereby optimising the cost of production. The GGSR has units for treading various products to meet the product specifications as stipulated by the BIS/CPCB. Facilities are also being provided to manufacture auto fuels meeting Euro IV specification. Another feature of the refinery is its capability to produce large quantity of LPG, almost three times the LPG produced by refineries of similar size. It has facilities like single point mooring, crude oil terminal and cross country pipeline will be provided at Mundra port in Gujarat. The crude unloaded at Mundra will be transported by 1011 km long crude oil pipeline, traversing through Gujarat, Rajasthan, Haryana to the site in Phulokhari, Bathinda district. Infrastructure facilities like township, facilities for supply of water, railway siding, power for construction and approach
road are being provided. Facilities for storage and dispatch of products through rail, road and also by cross-country product pipeline are a part of the project.
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FDI proposals worth 980 cr cleared
New Delhi, August 7 The proposals were cleared by Union Commerce and Industry Minister Murasoli Maran, according to an official statement. While the Agrani project, launched by Zee Telefilms promoter Subhash Chandra, envisages 74 per cent equity divestment in favour of a foreign partner to own and operate satellite communication systems, the GDF proposal is for restructuring equity.
PTI
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India ‘difficult nation to do business’ with New Delhi, August 7 “Global investment is a competitive business. Investors have to be persuaded to opt for India rather than, say, Brazil or China,” Paul said at a meeting of Indo-British partnership organised by Assocham here yesterday. The decade of 1990s was a turning point for the Indian economy and so was for the Indo-British commercial relationship, he said. Bilateral trade between the two nations has crossed the over Rs 33,000 crore mark in 2000. The United Kingdom has strengthened its position as India’s second largest trading partner with 6.4 per cent of the market. “We need to build on this success,” Paul said adding that one of the features of Indo-British trade was that it was a genuine two-way flow. He pointed out huge potential for increasing mutual ties between the two nations in the area of IT and electronics as the majority of inward investment projects in the UK last year were those connected with it, software and electronics. Paul said the UK was India’s natural IT partner in Europe as 63 per cent of the total number of foreign nationals who were granted permission to enter the UK on the basis of their IT qualifications last year were Indians. More and more Indian companies were realising that there was an enormous potential in the UK, he said, adding that “we have after all 70,000 IT companies of our own.” Within 10 years, the European market would be larger than the US market, Paul said. IT industry was becoming the model of mutually beneficial partnership, Paul said adding that the success in this area had mirrored in other sectors like pharmaceuticals. During 2000, the UK’s exports to India were up by 41 per cent and similarly Indian exports to the UK were up by 16 per cent.
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Make India a developed nation: Kalam New Delhi, August 7 Addressing senior executives of Punjab National Bank here, Dr Kalam observed that India being a dominantly agro-based rural economy, adequate emphasis should be laid on development of infrastructure so as to transform the rural areas into vibrant economic zones. Paying rich tributes to Lala Lajpat Rai and Dayal Singh Majithia for their vision, Dr Kalam said that the country today needs such visionaries to transform it from a developing nation to a developed nation. For realising a developed India at par with the United States of America, UK, Canada, Singapore and other similar countries, Dr Kalam identified four areas to be given special focus which are agriculture and food processing, education and health care, communication and information technology and infrastructure.
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BMW profit rises Munich, Germany August 7 Sales of BMW and mini cars should for the first time rise to more than 900,000, which would mean an increase of about 9 per cent, the company said in Munich. BMW cars should match last year’s results, the company said, stressing the high costs of new models, returns on which would only be seen in the second half.
DPA |
rc
Sterlite buy-back offer opens on Aug 13 Mumbai, August 7 All statutory approvals have been obtained and the offer would open on August 13, and close on November 30, 2001 or when Sterlite has completed buy-back to the extent of 25 per cent of the issued equity shares under the offer, whichever was earlier. Havell’s Group Power equipment company Havell’s Group has drawn up a Rs 15 crore operating investment for the current fiscal. “Our operating expenses for the fiscal year will be Rs 15 crore. Out of which Rs 5 crore each would be investment in the switchgear and metering businesses including plant upgradations while the remaining Rs 5 crore will be spent on cables”, Anil Gupta, Director, Havell’s Group, said. HCL Technologies HCL Technologies ltd today reported more than doubling of its net income to Rs 480.1 crore in 2000-01 fiscal while also projecting optimistic growth during the current fiscal despite us slowdown. Sterling Biotech Sterling Biotech Ltd has recorded a net profit of Rs 5.45 crore over a turnover of Rs 25.23 crore for the second quarter ended June 30, 2001. The company had posted a net loss of Rs 2.43 crore in the same quarter last year. Operating profit has increased to Rs 11.71 from Rs 4.58 crore in the year-on-year quarter. PNB Housing firm PNB Housing Finance, a wholly owned subsidiary of Punjab National Bank, has posted a net profit of Rs 9.87 crore as against Rs 5.63 crore last year, showing an increase of 75 per cent. Bank of Baroda Bank of Baroda has declared a 40 per cent dividend for the financial year 2000-01 despite drop in net profit. The net profit of the state-owned bank for the period under review was down to Rs 303.13 crore from Rs 502.77 crore in 1999-2000, BoB Chairman and Managing Director P.S. Shenoy told reporters here today.
TNS, Agencies |
bb
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