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Thursday,
May 29, 2003, Chandigarh, India
  
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SAIL
enters profit zone after 5 years ECG
through phone from USA Germany
emerging as IT destination HDFC
Standard Life to pump in Rs 100 cr Rich
nations gained from globalisation Meeting
on J&K Plan outlay today Banks,
FIs okay debt recast of Rs 33,000 cr Tour package for
Kurukshetra |
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Spice Quicky drops
tariffs Sri Lanka offers oil blocks to IOC Samsung led microwave market Dabur eyes 100 pc growth Roofit chief gets bail CII mission visits Iraq
GRAPHIC: EXPORT OF GEMS AND JEWELLERY
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SAIL enters profit zone after 5 years
New Delhi, May 28 Commenting on the performance of the company during 2002-03, SAIL Chairman V. S. Jain said “after reaching the turning point towards the end of the last financial year, the organisation is confident of making the current fiscal a profitable one. SAIL has ended the year under consideration with a net loss of Rs 304 crore as against Rs 1707 crore in 2001-02, registering a reduction of about 82 per cent. Company’s turnover stood at Rs 19,207 crore, which was 24 per cent higher compared to that in the previous financial year, a SAIL statement said adding “the all-around improvement in the finances was possible due to 6 per cent improvement in mild steel sales and a higher net sales realisation of around 20 per cent.” SAIL also reported an improvement of 53 per cent in exports. It exported 8.5 lakh tonnes of steel during the year, bringing in a revenue of around Rs 1,000 crore, double the export earnings of 2001-02. The company also achieved a reduction in inventory of semis and finished products to the tune of Rs 433 crore. Production of saleable steel grew at 7 per cent to 10.08 million tonnes at four main integrated steel plants of SAIL and contributed significantly in improving the bottomline of the company. Effective financial management enabled SAIL to also reduce its debt burden by over Rs 1,000 crore during 2002-03. The average rate of interest on the borrowings came down by around 1.5 per cent. The company brought down its employee strength by 10000 to a level of 1,37,000 through the implementation of Voluntary Retirement Scheme and natural separation, SAIL said.
PTI
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ECG through phone from USA
New York, May 28 The company, which will provide consultancy from established doctors of Indian origin in the US to patients in India via ISDN lines and V-Sat terminals at hospitals, will first go for a private placement of equity worth Rs. 250 million, Ahluwalia told IANS. “Punjab Venture Capital, which is a venture fund of the Punjab Government, has a 24 per cent equity in our company. As we expand, we will need the funds to set up the infrastructure for telemedicine,’’ he said. For this, the company has collaborations with HeartCare Corp and Hughes Network Systems of the US and Aerotel of Israel, he said. American Healthcare, Ahluwalia said, would also promote a new technology in India through which patients could get their electrocardiogram
(ECG) examined through telephone. “This will be of particular use in remote areas where patients can get immediate attention of doctors which is vital for heart
ailments,’’ Ahluwalia said. “For transmitting your heart beat all you will need is a telephone, and a monitor. No heavy machines, no doctors. A technician can tell you about the heart condition in two-three minutes. It is all a part of telemedicine. Ahluwalia said the equipment was currently exported to India, but his company intended to manufacture the same at its facility in Mohali, Punjab, soon. “We already have orders from 25 healthcare companies for telemedicine centres. Our aim is to provide guaranteed cardiac monitoring service 24 hours a day, seven days a week, through our facilities all over India.’’ According to the company website,
www.heartcareindia.com, transtelephonic cardiac monitors cost Rs.9,000 for a basic model, with leasing options also made available. Talking about his other projects in India, Ahluwalia said he had been extended a contract by the Punjab Government to connect 18 district headquarters in the state with the Chief Minister's Office.
IANS
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Germany emerging as IT destination New Delhi, May 28 “The US may not be the most preferred destination for the Indian IT companies anymore. The
persistent sluggishness in the economy coupled with the weakening dollar is nearly frustrating big ticket investments. Munich provides the perfect gateway to India companies into Europe,” said Mr Ajay Singha, Deputy Director General of Indo-German Chamber of Commerce, here today. Mr Ranjit Dhuru of the Mumbai based Aftek Infosys, which is the largest Indian investor in Germany said “with the lion’s share of our revenues
accruing from the US, the European market has been beckoning for a while. Our investment in Arexera has been a strategic move towards de-riskhing the revenue recognition model, while expanding markets to ensure sustained growth.” |
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HDFC Standard Life to pump in Rs 100 cr New Delhi, May 28 “We may have to bring in Rs 75-100 crore this year,” HDFC Standard Life CEO Deepak Satwalekar told PTI here. With the proposed capital infusion, the equity base of the company would go up to over Rs 300 crore. The capital infusion was required in order to adhere to IRDA’s stiff solvency norms. The two promoters added Rs 55 crore last fiscal to the initial capital of over Rs 160 crore, as the company’s business posted handsome growth. “We are expecting a premium income of Rs 300 crore this year,” Satwalekar said. HDFC Standard Life, the first private company to get IRDA’s licence for starting life insurance business in the country, had sold 1,29,897 policies, netting a premium income of Rs 132 crore till 2002-03. Asked whether the company has any plans to launch unit-linked products as brought out by competitors ICICI Prudential, Birla Sun Life and Aviva Life, which were less capital intensive, Satwalekar said one had to monitor the developments and assimilation capacity of the Indian insurance market. On its
banc assurance tie-up with Union Bank of India, he said the bank was selling HDFC Standard Life’s products through its 19 branches in 70 locations. The life insurer also had ties with HDFC Bank for distribution of its products. On expansion plans, Satwalekar said the company had already broadened its operations and now it was looking for deepening the markets. “We will double the agents force,” he said, adding that more aggressive campaign would be launched to create awareness on the usefulness of having a life insurance cover, especially in the rural areas. This was required to ensure that HDFC Standard Life meet the IRDA’s stipulation on social obligation for new generation companies. HDFC Standard Life offered individual and group insurance products with riders as per the suitability of the consumers.
PTI |
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Rich nations gained from globalisation New Delhi, May 28 In the past 10 to 20 years, the benefits of globalisation have extended to the industrialised countries along with a group of developing countries, admittedly encompassing over three billion inhabitants (out of world population of more than 6 billion), the Washington-based lender said in a report. Even as globalisation would help boost growth in some of the world’s poorest countries, there was no proof that was actually the case. “While financial globalisation can help promote economic growth through various channels, there is as yet no robust empirical evidence that this causal relationship is quantitatively very important,” it said in the report on “Challenges of Globalisation and the Role of the IMF”. While free movement of capital provides developing economies with access to technology, investment, and financial expertise, they remain vulnerable to shocks. Financial globalisation can create volatility in developing countries as economic instability can filter through the flow of capital from rich to poor nations. “As the Asian crisis reminded us most recently, we know that opening up to the free movement of capital must be carefully sequenced, paying due attention to the establishment of sound institutions including the necessary domestic regulatory and supervisory capabilities,” the international lender said. Globalisation also exerts pressure on the environment which calls for better management at domestic as well as international level. Calling for “political management of globalisation”, IMF said, “It all depends on what we make of it, the extent to which we are able to exploit the opportunities and at the same time limit the risks.’’ IMF said issues of international interdependence must be given greater priority in national policy agendas. Globalisation urgently requires international solidarity and national self-responsibility, the report added.
UNI |
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Meeting on J&K Plan outlay today New Delhi, May 28 According to sources, the Planning Commission has commented adversely on almost all the departments and even alleged that the state government was not implementing the Central schemes properly. The Commission has asked the state to enhance private investment in tourism and take steps to reduce power theft and T&D losses while removing restrictions on agri production and marketing to improve its economic health. Tomorrow’s discussion between Commission’s Deputy Chairman K C Pant and Chief Minister Mufti Mohammad Sayeed during which the Annual Plan size would be approved, would not be an easy going for the state as the Commission was unhappy with the state’s performance in several sectors including power, agriculture, irrigation, transport and tourism, sources said.
PTI |
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Banks, FIs okay debt recast of Rs 33,000 cr New Delhi, May 28 “The Empowered Group under the CDR system has approved about 30 cases involving Rs 33,000 crore worth of debt last fiscal so far,” officials of a leading FI told PTI here. The CDR system, set up last year to assist companies tide over financial difficulties and repay bank loans in time, was sought to be an effective system in recovering NPAs apart from the arm-twisting tactics through the securitisation laws. Encouraged by the Finance Ministry and the RBI, the CDR system has assisted at least 29 companies with debt of over Rs 29,000 crore till March, 2003. The cases that were taken up by the FIs and banks in coordination, were out of the purview of the Board for Industrial and Financial Reconstruction (BIFR) and the Debt Recovery Tribunal (DRT) and other legal proceedings. Till last fiscal, the banks and FIs rejected debt recast proposals of 18 companies involving Rs 6,826 crore and were processing 13 cases having a debt figure of Rs 8,376 crore.
PTI |
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Tour package for Kurukshetra Kurukshetra, May 28 Announcing this, while launching the tour package for Kurukshetra by the Indian Tourism Development Corporation in New Delhi yesterday Union Tourism and Culture Minister Jagmohan said the tourists now would enjoy the trip of the holy city only in Rs 999 from Delhi to Kurukshetra and back. Terming the Kurukshetra as Nursery of Culture in the modern age, Mr Jagmohan said the tourists would be able to apprise themselves with the rich cultural heritage, historical and religious places of Haryana. He said the air conditioned bus would start from Jan Path Hotel at 10 a.m. and would visit the famous historical places of Kurukshetra, including Tapovan Park, Sheikh Chehli Tomb, Panorama and Science Centre and Shree Krishna Museum. The break-fast would be arranged at Panipat, lunch at Neel Kanthi Yaatri Niwas here and the dinner would be given at Karnal. However, Mr Jag Mohan maintained that efforts were being made to bring the Kurukshetra on the International map of tourism. |
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Gold nosedives by Rs 140 New Delhi, May 28 |
rc
Spice Quicky drops tariffs CHANDIGARH:
All new and existing subscribers of Spice Quicky, Punjab’s leading pre-paid product, will now be able to save even more on local and STD calls. The new rates have become simpler and clearer with one mobile to mobile rate being applicable across the country — local/STD (Rs. 2.40/min) local calls no longer dependent on the network the customer is calling and local call area extended up to 200 km distance band. With these new measures in place all local irrespective of the network being called now stands at Rs 2.40/min. Also comes with this is a huge benefit of up to 30 per cent saving on STD calls.
TNS
Sri Lanka offers oil blocks to IOC Samsung led microwave market NEW DELHI:
Samsum India has emerged the clear leader in the 2.4 lakh nint microwave oven market with 33.6 per cent share over October-March 2003, with LG trailing at 31.3 per cent market share, as per the latest date made available by market research agency ORG. Videocon
International's brand Kenstar has occupied the number three position with 10.6 per cent share of the market.
PTI
Dabur eyes 100
pc growth GHAZIABAD:
Dabur India is targeting 100 per cent sales growth to Rs 2,000 crore by 2005-06 by stressing on personal and healthcare businesses and acquiring FMCG brands to broaden portfolio while taking focus away from Dabur Foods. The company, which expects to complete the demerger of its pharmaceutical business into a separate company by September this year, is also open to
acquisitions as a way to grow. PTI
Roofit chief gets bail MUMBAI:
Chairman of Roofit Industries Suresh Motwani has been released on bail by a sessions court in a fresh cheating case registered against him by the Mumbai police. Sessions Judge H.S. Deshpande yesterday ordered his release on a sum of Rs 1 lakh with one surety or cash surety of the like amount.
PTI
CII mission visits Iraq CHANDIGARH: A 20-member strong CII mission started its three-day exploratory and business visit in Kuwait yesterday. The mission is focusing on possible business opportunities in sub-contracting for the reconstruction of Iraq, and, also on linking the Mission members to their Kuwaiti counterparts for business in Kuwait, as well as working through these companies to promote business interests in reconstruction activity in Iraq. The Mission had a detailed meeting with the Kuwaiti Chamber of Commerce yesterday, according to a CII press release here today. The areas with scope for cooperation include: Energy, Construction,
pharmaceutical, power and Information Technology.
TNS |
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Hutch4 help AirTel Birla Sun Life BHEL LIC MF |
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NEW DELHI:
Sri Lanka has offered two oil and gas blocks in offshore Cauvery basin, bordering Tamil Nadu, to state-run Indian Oil Corporation (IOC) for
exploration and production. “They (Sri Lankan Government) have offered us two oil and gas blocks on their side Cauvery Basin on nomination basis. We too are keen on taking up exploration and production and contracts for the blocks are likely to be signed by the year end,” IOC Chairman M.S. Ramachandran said.
PTI
