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Sunday,
June 8, 2003, Chandigarh, India  
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CORPORATE NEWS
Outsourcing curbs to be limited: USA
Govt’s buyback auction in July
Oracle offer draws flak |
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SIA bonanza for tourists
Office loo a ladder for
going up
Work on B’lore airport put off
Oil prices up ahead of Opec meet
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CORPORATE NEWS Bangalore, June 7 It strengthened the company’s operating model and made Digital a consolidated focal point for H-P services global delivery capabilities in India, providing significant growth opportunities to the company, it said. Digital would closely align itself to its parent’s global strategy and operations to maximise opportunities for the growth of its business and become a preferred vendor for H-P services, the statement said. Following this initiative, H-P’s equity stake in Digital would initially increase to 73.2 per cent from the current 50.6 per cent and subsequently to 76.2 per cent by conversion of preference shares. As part of this transaction, upon sanction of the scheme, the company intended to declare a special dividend not
exceeding Rs 24 per share prior to the issue of equity to H-P, it said. Digital, in its renewed form, will continue to function as a board-managed company with Som Mittal as its President and Chief Executive Officer.
Elder Pharma to make lip-care products Elder Pharmaceuticals has joined hands with US-based Blistex Inc, manufacturer of lip-care products, to introduce Blistex products in India. Already having a substantial presence in the skin care market, Elder decided to foray into this segment after 15 months of research which showed a healthy potential for lip-care products in the country. The study showed an increased awareness among consumers about the need to protect their lips. Blistex Worldwide Chairman David Arch, while unveiling his plans for India and Asia, said, “Blistex products are sold in over 75 countries but
manufactured only in the USA, Latin America, Israel and England. India with its numerous advantages has now found place in the list and becomes the first Asian base for Blistex.” While the first few batches of products will be brought here from Blistex’ main facilities, later on the products would be manufactured at Elder’s state-of-the-art manufacturing facility at Nerul and will be marketed on a national scale combined with extensive advertisement campaign.
Gulf Oil Corpn to invest 6 cr Gulf Oil Corporation is actively engaged in developing “bio-degradable” products keeping pace with the eco-friendly trend in the global market. Gulf Oil Executive Director V. Ramesh Rao told reporters here last night that the company had invested around Rs 6 crore on its research and development wing for making the bio-degradable products in response to more countries insisting on adherence to Euro norms and eco-friendly practices in the transport sector.
Cummins nets
Rs 94.3 cr Cummins India Ltd has posted a net profit of Rs 94.3 crore for the financial year ended March 31, 2003, as against Rs 86.3 crore for 2001-02. The board has confirmed the already announced 200 per cent interim dividend (Rs 4 per share of Rs 2 each) including 125 per cent one-time special dividend for 2002-03, the company said in a release here today. The sales for the reporting year stood at Rs 832 crore (Rs 740.9 crore in 2001-02). The good performance in the domestic market and merger of two subsidiaries — Power Systems India and Cummins Power Solutions — contributed to improved sales, the release added.
Lupin drug for USA Lupin Ltd is planning to launch Cefixime tablets and suspension in the USA under the Suprax brand. The company will sell this brand in the USA under an exclusive arrangement and the product will be launched after receiving the final approval from the US Food and Drug Administration, Lupin informed BSE.
PTI, UNI |
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Outsourcing curbs to be limited: USA Washington, June 7 A delegation of the Indo-US Parliamentary Forum was assured by US Congress members and officials that any damage to India from restrictions on outsourcing sought to be imposed by half a dozen states would be limited. The assurance, given to the forum’s co-chairmen Kapil Sibal and V.P.S. Badnore,
came in the backdrop of reports that several states would press ahead with laws to ban outsourcing of jobs especially in the information
technology sector because of unemployment and discontent at home. But such laws were unlikely, the Indians were reportedly told by the lawmakers, as states had jurisdiction only with respect to employment offered by state governments. During their talks with Americans, President of the FICCI A.C. Muthiah and members of the forum pointed out that outsourcing was
mutually advantageous, as it saved billions of dollars in the cost of production and in turn, enhances American competitiveness against foreign manufactures and services at home and abroad. It was felt that reports on curbs on the H-1B and L-1 visas which benefited Indian professionals was overblown, as the US economy was weak now and jobs are scarce.
PTI |
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US firms eye cheaper nations Washington As a result, India may soon lose jobs itself. In recent years, "offshore" tech support has become a booming business in India where 50 or so call centres operated primarily for American companies. They pulled in about $183.9 million last year, said Nasscom in New Delhi. According to a report in Wired News, research firm Forrester estimates that over 3 million jobs, many from tech industries, will leave the United States by 2015. The research indicates that India will still be a major outsourcing contender, but will not be the only or perhaps even the primary option for outsourcing tech work in the next decade. Hungary, Russia, Romania, and the Czech Republic have begun to obtain more outsourcing contacts from US firms like IBM, Boeing and Intel. Vietnam may be the most likely Asian contender for India's tech support crown, as the government is "keen" to develop a reputation as a technology centre, said Traci Gere, Group Vice-President at the IDC.
ANI |
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Govt’s buyback auction in July Mumbai, June 7 “It (auction) is not possible to happen by June end as there is slight delay in the implementation of software and so it can happen next month”, RBI executive director Usha Thorat told reporters here on the sidelines of a seminar on “Integration of
securities settlement and payment systems in India” organised by Business Asia Consulting. Since it was going to be a live auction, the RBI would like to have everything in place and conduct a trial run, she said. In a bid to improve the balance sheets of banks and financial institutions, the government has proposed to buyback 24 illiquid Government of India securities of Rs 82,523 crore face value. Union Finance Secretary S Narayan, last month, had said the RBI was to prepare a software for screen-based price auction and first such transaction was likely to happen by June end. This was a voluntary and transparent buyback programme where the premium would be paid in cash and for the balance amount, the government would issue new securities with the tenure varying between five and 20 years at fixed interest rate, he had said. Apart from aiding the Centre to reduce the interest burden, the buyback and issuance of new securities would help banking entities to build the portfolio of liquid instruments and make provision for non-performing assets, Mr Narayan had said.
PTI |
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Oracle offer draws flak
New York, June 7 “The acquisition of PeopleSoft will immediately make Oracle an even more profitable and competitive company,” said Oracle Chairman and CEO Larry Ellison, who built the giant specialising in software for the Internet and e-commerce. PeopleSoft, however, blasted yesterday’s offer as an effort to thwart its own acquisition bid for rival J D Edwards. PeopleSoft President and CEO Craig Conway described the Oracle move as “atrociously bad behaviour from a company with a history of atrociously bad behaviour.”
AFP |
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SIA bonanza for tourists Singapore, June 7 Travel confidence and tourist traffic has declined considerably here since the outbreak of the SARS in March. Along with the “SIA Fabulous Offer,’’ the national carrier will also announce an extraordinary “Early Bird Special,’’ a further 50 per cent off the promotional rates to Singapore. “With this Early Bird Special, applicable to the first 15,000 bookings worldwide, travellers effectively pay only 25 per cent of the market fares,’’ said SIA in a statement yesterday. “It is very important that SIA, together with our key industry partners, provide a united push to revive travel to Singapore and the region. The travel industry has been very hard hit in the last few months but its now time to put Singapore and the region back on the world travel map,’’ said Mr Huang Cheng Eng, Executive Vice-President, Marketing regions, SIA. Visitor numbers to Singapore had declined by up about 67 per cent in April as compared to a year ago. Similarly, the Airline reported that its April passenger load numbers fell by 50 per cent as compared to the same period a year ago. The offer also includes a choice of admission to top attractions such as The Night Safari and Sentosa island resort, complimentary airport transfers and the use of the SIA hop-on bus, a SIA trolley service that brings visitors to the major sights in and around the city. SIA’s Fabulous Offer will be launched from June 9, the booking period will be between two and four weeks, and the travel period from June 16 to August 31.
UNI
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Office loo a ladder for going up
London, June 7 The findings also revealed that workers often chit-chat or butter up an executive as they stand side by side at the wash basin and thereby do wonders for their career, according to a report in The Sun. Four in 10 younger staff have flattered a boss in the little room because it can be done casually, says the probe by soap firm Carex. One in five have used its relative privacy to trade secrets about colleagues and a third have locked themselves in a cubicle to send private text messages.
ANI |
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Work on B’lore airport put off DESPITE assurances by Karnataka Chief Minister S.M. Krishna, the work on Devanahalli International Airport in Bangalore is yet to start. Several impediments have surfaced and work is now expected to start sometime in September-October instead of on June 1, as announced. CEO of the Bangalore International Airports Authority (BIAL) Albert Brunner has said documents pertaining to land lease agreements and paper in regard to the government support have yet to be signed. Only after completion of these formalities, there is possibility of the work starting. According to aviation sources, there are many bridges to be crossed before the work on the airport begins. Red tapism continues and that is why several important projects remain on drawing boards for a longer duration than they should be. There is a consortium of foreign firms involved in the project which, according to technical bigwigs, is one of the ultra-moderns in every sphere. The consortium, led by Germany’s Siemen group, holds a 74 per cent stake in the BIAL, while the government and the Airports Authority of India hold stakes of 13 per cent each. The airport will handle about 40 lakh, including 10 lakh international, passengers annually. The cargo movement will also expand. It is expected to handle about 1,50,000 tonnes of cargo annually. The project is behind schedule. Any further delay will cause needless problems to those who are wanting to bring Bangalore on the international map. Bangalore deserves to rise but India’s system is causing concern. Fare war Air-India, and Indian Airlines, Jet Airways and Sahara wooing passengers. New fares and promotional schemes have been evolved to bring fares within the reach of the passengers. The flexi pricing and other promotions are appreciable and some percentage of passengers have switched from train journeys to flying. But, despite these measures, airlines are still facing turbulent weather where financial health is concerned. This state of indifference financial health will continue until carriers drastically cut their over-head expenses. |
French multinational Lafarge S.A. has chosen Larsen and
Toubro, its competitor in cement business in India, as its EPC contractor for building a 1.2 million tonnes per annum cement plant in Bangladesh. The Punjab Government
has completed the due-diligence process for the disinvestment of Punjab Tractors.
Essar Shipping, Sterlite and Videocon are among those which have expressed interest in buying a 51 per cent stake in the Shipping Corporation of India. The HDFC Bank will start offering the HDFC housing loan products to its customers. General Motors India is actively considering to relaunch Matiz in the Indian market.
ABN Amro is looking at various options, including acquiring a private bank or setting up a subsidiary to expand its operations in
India. Grasim Industries has collected less than 2 per cent of Larsen and Toubro's stock at the end of the 20 per cent open offer made for L & T. |
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CGA meeting ‘CFD Tutor’ Samsung printer Free insurance Overseas Bank Spice subscribers Gold plunges |
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