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Saturday, April 27,
2002, Chandigarh, India  
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GlaxoSmithKline
net zooms 49.14 pc RBI okays ICICI, ICICI
Bank merger Govt to disband BIFR |
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Markfed
losses to go up due to rain Mutual funds remain
the best option Ludhiana
chamber chief’s election justified Western
Union to focus on Punjab Swaraj Engines net at
Rs 16.2 cr
PNB tops list of
banks dacoities
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Industry welcomes changes in Finance Bill New Delhi, April 26 President of the Federation of Indian Chambers of Commerce and Industry, Mr R.S. Lodha said the proposals would provide marginal relief to the common citizens of the country. Commenting on the changes, CII President Sanjiv Goenka said, “these changes were welcome and took care of many of industry’s concerns”. “There were some aberrations in the tax proposals, which the Finance Minister has corrected and should not be seen as rollback,” Goenka said in a statement here. Assocham President K.K. Nohria said the Finance Minister had appreciated the real problems of individuals as well as corporates which is reflected in the tax sops extended by him. He said scrapping the proposed service tax on life insurance premium, enhancement of ceiling for investment by retired employees in public and private sectors are both investment and saving-oriented measures. Welcoming the measures, PHDCCI President Arun Kapoor said withdrawal of certain provisions in the Budget proposals will address the apprehensions expressed by industry only partially. Mr Kapoor said though the Finance Minister has tried to give some relief to middle class it has been a ‘half-hearted’ approach. |
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RBI okays ICICI, ICICI Bank merger Mumbai, April 26 However, the bank, in a statement, has said that the approval was subject to certain conditions. The merged entity will be required to comply with cash reserve requirements (CRR) and statutory liquidity reserve (SLR) requirements, including liabilities pertaining to ICICI from the date of merger, the RBI said. The merged entity will also have to comply with capital adequacy norms, asset classification, income recognition and provisioning requirements. Scrips in ICICI Ltd and ICICI Bank gained more than one per cent at the bourses today. The merger will be effective from March 30, 2002.
UNI
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Govt to disband BIFR
New Delhi, April 26 Concurring to the criticism made by several members during Question Hour in the Lok Sabha, Mr Joshi said the BIFR would soon be replaced by a new body and resolution to this effect would be brought up in Parliament. Cutting across party lines, members said the BIFR consumed inordinate time and delayed the assessment of sick PSUs referred to it and consequent
announcement of rehabilitation packages thereof. However, the minister said since the BIFR took a lot of time, the sick PSUs, seeking revival, could bypass it, Mr Joshi said. The minister made it clear that profit-making PSUs like Maruti Udyog Ltd, could also be listed for disinvestment as the government had laid down that non-strategic enterprises would not be run by the government and handed over to the private sector. In this context, the government spent Rs 1472 crore in 1999, Rs 817 crore in 2000, Rs 1775 in 2001, the minister said.
UNI
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Markfed losses to go up due to rain Ludhiana, April 26 It has been allotted a share of 20 per cent in the total 120 lakh tonnes of wheat, likely to be procured by the state procurement agencies and the FCI. The officials say since most of the wheat procured so far is lying in the open, Markfed will suffer heavy losses due to dis-colourisation and rotting of the wheat, like other agencies. Mr S.S. Channi, Managing Director, Markfed, says the agency has procured 10.67 lakh tonnes of wheat by April 22, as compared to 2.24 lakh tonnes procured during the corresponding period, last year. A large quantity of wheat, out of total 31 lakh tonnes procured by the agency since 1997-98, is lying in the open. He admitted that though Markfed had stored wheat in the open on behalf of the FCI, but it was spending a huge amount for the storage and maintenance of foodgrains. Agriculture experts at PAU point out that the rain will further contribute to the staggering losses of Markfed and other state agencies. They said Markfed losses even for the storage of current crop would reach Rs 344.8 crore, even if the wheat is sold at the procured price of Rs 620 per quintal. Asked about the net losses in the wheat business of Markfed, Mr Channi evaded any direct answer, saying “it was a national policy, and we were purchasing, storing, transporting and exporting wheat on behalf of the FCI, so it was their losses, and not ours”. |
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Mutual funds remain the best option Chandigarh, April 26 The crash of the stock markets, the UTI fiasco coupled with frequent scams and a general slowdown of the economy has confused the average investor as to where to put his life’s savings. The SBI Mutual Fund has launched a major drive to educate the investors in this regard and try to answer some of the questions that bother him. Mutual funds offer a variety of schemes ranging from very safe debt funds like Magnum LiquiBond and gilt funds like Magnum Gilt Fund to very aggressive sector funds like the Magnum Sector Funds Umbrella. Investors can choose schemes best suited to their risk appetite. Debt funds and gilt funds, which invest only in fixed income instruments, are safe and offer returns equivalent to debt
markets. On the other hand, sector funds such as IT Funds, Pharma Funds etc can offer very high returns when the stock markets are bullish, but these are high risk products and can also result in a loss on capital when the markets are bad. Explaining the composition of a mutual fund, he says, mutual fund is a trust that pools together the savings of a number of investors who share a common financial goal. All such investors buy units of a fund that best suit their needs — be it capital growth, regular returns or safety of capital. The Fund Manager then invests this pool of money in securities, ranging from shares to debentures to money market instruments, depending on the objective of the scheme. |
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Ludhiana chamber chief’s election justified Chandigarh, April 26 Mr Pardhan said here today that one person had filed nomination papers against him. But he opted out of the contest by duly signing the relevant papers which were accepted by the returning officer. Mr Pardhan said that it was not first time but he had been elected President of the Chamber unanimously 11th time without break. It was because of the efforts made by Mr Pardhan and his other colleagues, that the Union Government today announced relief for cycle part manufacturers today regarding Central Excise. A deputation of the Chamber led by Mr Pardhan met the Prime Minister in Delhi on April 18 to seek the waiving of the 4 per cent excise imposed on the cycle parts. He said that there was new a hope for the cycle industry in the country. In a recent exhibition held in China, Indian cycles were liked most by those who visited the exhibition and also by trade circles.
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Western Union to focus on Punjab Chandigarh, April 26 Mrs Rajinder Kaur Bhattal, Cabinet Minister, Agriculture, Rural Development, Child and Woman Welfare, Punjab, flagged off the roadshow here today. Speaking at a press conference, Mr Anil Kapur, Director General-India, Western Union, said the Punjabi community is widely spread across the globe and the number of inbound money transfers into the state is very high. Utilising the company’s proprietary network, consumers can quickly, safely and reliably transfer money around the world. Western Union and its subsidiary, Orlandi Valuta, have a total of more than 117,00 agent locations in more than 185 countries and territories.
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Swaraj Engines net at Rs 16.2 cr
Mumbai, April 26 The total income for the year is Rs 114.2 crore as compared to Rs 118.91 crore for the corresponding period last fiscal.
UNI |
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TVS net jumps 448 per cent
Mumbai, April 26 The two-wheeler maker’s sales in the quarter rose 32 per cent to Rs 582 crore from Rs 440 crore in the same period a year ago.
UNI |
PNB tops list of banks dacoities New
Delhi “RBI has reported that 113 incidents of robbery/dacoities were reported by the banks during the year 2001,” Patil said. Overall, the banks in the public sector suffered a loss of Rs 366.5 lakh whereas the private banks lost less than Rs 35 lakh during the same period. United Western Bank lost a maximum Rs 20 lakh in dacoity in Maharashtra, the minister said.
PTI
No move to close
HMT: Govt NEW DELHI: There is no move to close leading public sector enterprise HMT and a special package has been proposed to revive it, Lok Sabha was informed today. Minister for Heavy Industries and Public Enterprise, Manohar Joshi, said, “The government does not propose to close HMT and a special package to revive it has been proposed.”
PTI
Mitsubishi may return to profit TOKYO:
Japanese chip and electronics conglomerate Mitsubishi Electric Corp said today it aims to return to profit this business year as last year’s hefty restructuring costs and a deep IT slump fade into the background. The company, ranked fourth in Japan in both semiconductors and cellphones, projected a 25 billion yen ($194.3 million) consolidated net profit for the year that started on April 1, compared with a net loss of 78 billion yen for the year just ended.
Reuters
IBM announces a powerful server CHENNAI:
IBM-India has announced a powerful server, breaking price and performance barriers, that had restricted the growth of Intel processor-based servers in mainstream corporate data centre computing. The IBM eServer x 440 pioneers a new “building-block’’ style, highly reliable architecture that allows customers to pay for computing power incrementally as they need it, Mr Jyothi Satyanathan company Business Manager told newsmen today.
UNI |
bb
Defence Autos PNB scrip Philips stations Sugar plant |
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