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Thursday,
October 31, 2002, Chandigarh, India  
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SBI net profit shoots up 34 pc
UTI, SEBI, Metro Ordinances notified
KVIC disburses 21 cr in rural areas |
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Leyland unveils H-series truck India
signs pact with Yemen
Wipro sets up NET lab
M&M back in black
BoP opens 100th branch
SBP opens 728th branch
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SBI net profit shoots up 34 pc Mumbai, October 30 A statement issued by the bank claimed that the growth in the profit was mainly due to the higher interest income and containment of operating expenses. The net interest income grew 4.92 per cent to Rs 2,409.99 crore while the non-interest income was up by 28.11 per cent at Rs 1,132.83 crore during the quarter. During the year, the bank’s non-food advances grew by 9.92 per cent to Rs 9,719 crore as on October 4 this year while the growth in corporate loans spurted mostly in the second quarter of the year. The growth in the personal segment was well maintained at Rs 2,567 crore as compared to a growth of Rs 695 crore in the corresponding period last year. On the NPAs, the bank claimed that it contained the growth by bringing down the gross NPAs from 11.95 per cent to 11.86 per cent during the first half ended on September 30, 2002. IndusInd Bank IndusInd Bank recorded a 100 per cent jump in its net profit at Rs 25.38 crore in the quarter ended September 30 as against Rs 12.66 crore net profit in the same quarter, 2001. The operating profit was up by 67.72 per cent at Rs 55.08 crore, the total income for the quarter improved by 17.24 per cent to Rs 220.65 crore. State Bank of Indore The State Bank of Indore has earned a net profit of Rs 20.53 crore in the second quarter of the current fiscal, a 40.80 per cent increase over Rs 14.58 crore earned in the corresponding quarter last year. Bank of Rajasthan Jaipur-based Bank of Rajasthan Ltd’s (BoR) net profit has soared 187.59 per cent to Rs 15.53 crore for the second quarter ended September 30, 2002, compared to Rs 5.4 crore in the same period of the previous year. |
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SBI, BOI cut rates
Mumbai, October 30 While the SBI’s revised deposit rates would be effective from November 1, the Bank of India (BOI) made the revision effective from today. For normal BoI domestic as well as NRE deposits up to less than Rs 1 crore, the interest rates for maturity between 1 year and less than three years were revised downward from 6.75 per cent to 6.50 per cent while for deposits of three years and above maturity, the rate was brought down from 7.25 to 6.75 per cent. In case of the SBI, the domestic term deposit had been reduced to only 4 per cent from the previous level of 4.25 to 4.75 per cent for Rs 15 lakh and less than Rs 1 crore and Rs 1 crore and above. The Bank of Baroda also decided to lower its deposit rate by 25 basis points for a similar maturity period. Agencies
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UTI, SEBI, Metro Ordinances notified New Delhi, October 30 An
official release said that the Ordinances will come into immediate
effect. The Bills to this effect will be placed before Parliament
during the forthcoming Winter Session of the House. “The assets and liabilities of UTI will, henceforth, vest in these two entities (UTI-I and UTI-II). It also seeks to rationalise the process of UTI. There is no bail out”, the release said. The SEBI Amendment Ordinance will provide extra teeth to the market watchdog. “This is intended to stabilise the capital market and build confidence of investors for an effective regulation of listed companies to save them from predatory manipulations in tune with emerging globalisation of Indian economy”, it said. The Metro Railway ( Operation and Maintenance) Ordinance will provide the legal framework for regulation of Delhi Metrol Rail Corporation (DMRC). “Patterned on the Indian Railways Act 1989, the Ordinance will regulate operation, maintenance and upkeep of DMRC in orderly ways”, the release said. |
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KVIC disburses 21 cr in rural areas Chandigarh, October 30 Talking to TNS, he said the KVIC had delegated the power to sanction project proposals and subsidy to the regional office from April 1, 2002. It had resulting in processing of cases within a specified time under the Rural Employment Guarantee Scheme. Banks were also given freedom to take decision about the viability of the projects and credit worthiness of applicants. According to the mid-year review meeting held here yesterday, the KVIC and the state Village Khadi Board had sanctioned more than 2,000 projects that would generate about 5,000 jobs in Punjab. The KVIC had sanctioned loans to the small and medium scale units with a project cost varying from Rs 50,000 to Rs 25 lakh. Mr R.L. Chaudhary, Deputy CEO, the KVIC, who was here to participate in the Rural Enterprises Summit, said: ‘‘the Khadi and Village Industries had so far provided employment to over 60.7 lakh persons. The total production of the khadi sector during the past year touched Rs 443.70 crore and sales to Rs 554.63 crore, which were expected to increase this year. The KVIC had set up a target of helping rural entrepreneurs to set up 56,800 projects, who would be provided a subsidy worth over Rs 150 crore during the current fiscal.’’ The entrepreneurs affiliated with the KVIC, who had set up stalls at the CII Rural Enterprises exhibition, admitted that during the past few years, the Khadi Board had changed its approach. Appreciating the scheme, some other entrepreneurs still felt that banks would not sanction the loans without demanding collateral security. Mr A.S. Malik, Assistant Development Officer, the KVIC, claimed the commission was now emphasising on marketing and quality production of goods. |
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Leyland unveils H-series truck Chandigarh, October 30 Briefing the media at a preview here today, Mr Sujaat Ali Khan, Ashok Leyland’s General Manager, Vehicle Sales and Exports, called the move “a strategic shift by the company wherein the highly fuel efficient H series engines, so far offered on buses will now be used to power the company’s range”. The secret behind the high fuel efficiency of the H series engines is the unique micro-mixing system which makes for efficient combustion, the engine can log five lakh km without major overhaul. The H series consists of four and six cylinder engines with naturally aspirated, turbo-charged and turbo-cooled variants with power output ranging from 80 to 210 PS. The series is capable of upgradation to Euro III stage. On the choice of Punjab to launch the first H series model, Mr B. Kaithan, GM-North, stated that the H series engines had high acceptance in the state. |
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India signs
pact with Yemen New
Delhi, October 30 The Indian entrepreneurs should take advantage of the opportunities offered by the Yemeni Government in trade and investment. “We are keenly looking forward to increase co-operation between the two countries in trade and investment”, he said. Mr MVPC Sastry, Joint Secretary, the Department of Commerce, in his special observations on “Trade and Investment Prospects with Yemen”, highlighted the tremendous amount of trade potential between the two countries. He talked about India’s special economic zones which have world class facilities and invited Yemeni entrepreneurs to make best use of it. |
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Wipro sets up NET lab
Bangalore, October 30 Wipro and Microsoft Corporation India Private Limited will work together to build on Wipro’s existing competencies on Microsoft’s NET framework. In addition, Wipro will have over 100 software architects on the NET framework by this year-end. The MACC will serve as the hub of all NET-related development activities in the company, according to a release here. Microsoft Vice President (Global Sales) Orlando Ayala and Microsoft Corporation India Private Limited Managing Director Rajiv Kaul today visited the centre with Wipro Chairman Azim Premji. Speaking on the occasion, Mr Premji said talent was not a static phenomenon and had to be continuously nurtured. “The Centre will strengthen commitment to talent transformation, drive our progress and help to stay ahead of the curve. We already share a multi-faceted relationship with Microsoft. UNI
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M&M back in black
Mumbai, October 30 The net sales for the period under review was Rs 820.63 crore over Rs 761.1 crore in the same period last year, M&M said in a statement here today. For the half year ended September 30, the net profit was at Rs 66.07 crore (net loss of Rs 21.79 crore) and net sales were at Rs 1,649 crore (Rs 1,446.22 crore).
Tata Tea Tata Tea’s net profit has dipped 41.24 per cent to Rs 30.78 crore for the second quarter ended September 30 as compared to Rs 52.39 crore in the same period of the previous year.
Goodlass Nerolac Goodlass Nerolac Paints has earned a net proift of Rs 14.49 crore in the second quarter of the current fiscal, an increase of 22.73 per cent from Rs 11.48 crore in the corresponding quarter last year. The net sales during the quarter stood at Rs 175.49 crore, an increase of 9.35 per cent from Rs 160.48 crore in the corresponding quarter of last year.
McDowell The net profit of McDowell and Company declined by Rs 1.7 crore to Rs 1.89 crore in the quarter ended on September 30, 2002, as against Rs 3.59 crore in same corresponding period previous year.
L & T Larsen & Toubro Limited (L&T) today recorded sales of Rs 4,206 crore for the half year ended on September 30, 2002, as against Rs 3,607 crore for the same period last year, reflecting an impressive growth of 16 per cent. The net profit was at Rs 86.80 crore that was lower by 18 per cent compared with the results in the period last year. The net profit for the quarter ended September 30 was at Rs 42.18 crore, showing an increase of 4.3 per cent over the previous year.
Voltas The Board of Directors of Voltas Limited today announced results for the first six months for the year ending September 30, 2002. The profit before tax for the half year was Rs 1,049 lakh (previous year Rs 1,409 lakh).
BHEL BHEL today reported a jump of over 180 per cent in its net profit in the first half of the current fiscal at Rs 59.63 crore over Rs 21.26 crore in the same period last year.
Agencies |
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BoP opens 100th branch Chandigarh, October 30 The bank’s business has grown in excess of Rs 5000 crore a Ten-Fold growth in seven years with a capital adequacy ratio of 12.82 per cent against 9 per cent stipulated by the RBI. The bank proposes to further enhance its retail bank business with stress on housing and personal loans and will be opening Forex bureaus across India to cater to this growing market. The bank’s home loan product is amongst the most competitive in the market with interest rate starting at 9.5 per cent. The bank
recently reduced its prime lending rates for trade and corporate and interest rates are now from 11 per cent upwards. |
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SBP opens 728th branch Chandigarh, October 30 Mr Devgan said that the bank is committed to provide excellent service to its customers. The bank is taking lead in mechanisation of its branches and 94 per cent of its business is being done through computers. All branches of the bank would be computerised by January, 2003 and thereafter necessary steps would be taken to inter-connect all branches by December, 2004. Mr S.P. Mittal, DGM said that the bank is floating new products to meet all the needs of its customers belonging to all segments of the society. Mr P.K. Bansal, AGM, Ludhiana, also spoke.
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