 |
Sunday,
July 27, 2003, Chandigarh, India  
|
CORPORATE NEWS
PNB, Corporation Bank profits rise
Punjab steps to sustain reforms
Further cut in lending rates hinted at |
|
|||||||||||||||||||||||||||||||
Indian Oracle staffer sued for sexual harassment
CII Council to focus on small, medium units
by K.R. Wadhwaney Work on Amritsar airport yet to pick up
Forex reserves cross $ 84 b
|
||||||||||||||||
|
CORPORATE
NEWS Mumbai, July 26 The company’s total income (net of excise) rose to Rs 1,197.27 crore during the quarter under review, compared to Rs 1,107.81 crore posted during the first quarter of FY-03, Bajaj Auto informed the BSE today. On a standalone basis, the auto major posted a net profit of Rs 161.06 crore in the June quarter, as against Rs 121.81 crore recorded during the same period of last fiscal, the company said in a release. Bajaj Auto’s total income (net of excise) rose to Rs 1,183.91 crore in the reporting quarter, compared to Rs 1,102.73 crore posted in the Q1 of the FY-03, it added. Other income for the quarter under review includes Rs 41.46 crore (Rs 28.4 crore in Q1 of FY-03) and profit on sale of investments of Rs 33.88 crore. The company’s total two and wheelers production and sales during the reporting quarter were 3,45,974 and 3,47,532 units compared to 3,76,085 and 3,72,369 units sold during the same period of the previous fiscal, the release added. Ajanta Pharma Ajanta Pharma ltd posted an 85.95 per cent rise in the net profit at Rs 39.31 lakh in the first quarter ended June 30, 2003, compared to Rs 21.14 lakh posted during the same period of the previous fiscal. The company’s total income rose to Rs 23.91 crore during the quarter under review, compared to Rs 17.94 crore recorded in the first quarter of FY-03, Ajanta Pharma said in a release here today. Ajanta Pharma posted an export growth of over 69 per cent in the reporting quarter, which contributed 63 per cent of the total turnover, it said. The company received registrations for 21 more products and filed 61 additional dossiers in different countries during the quarter it said. Sundaram Fast Sundaram Fastners has recorded a net profit of Rs 12.61 crore in the quarter ended on June 30 as against Rs 10.93 crore in the same period of the last fiscal showing an increase of 15.37 per cent.The total sales in the quarter went up by 14.22 per cent to touch Rs 136.72 crore as against Rs 119.70 crore in the same period last fiscal, according to a company release here today. —
PTI |
|
PNB, Corporation Bank profits rise New Delhi, July 26 The bank’s gross income increased to Rs 2,174 crore from Rs 2,059 crore while operating expenses moved up by 18.7 per cent to Rs 515 crore in June 2003. PNB’s loan advances were up by 14.9 per cent to Rs 40,648 crore while deposits grew by 13.4 per cent to 72,555 crore, its Chairman S.S. Kohli said in a statement. The bank’s gross NPAs increased to Rs 5,178 crore, which includes Rs 516 of the erstwhile Nedungadi Bank that was merged with the bank last fiscal. The net NPAs, however, declined to Rs 1,526 crore or 4.1 per cent of advances till June. With impressive performance in the last few months, PNB improved its ranking to 395th from 499th among top 1,000 global banks, Kohli said. Corporation Bank Kolkata: Maintaining an all-round growth in business, Corporation Bank has registered a record 28.7 per cent jump in the net profit to Rs 126.43 crore during the first quarter of the current fiscal ended June 30. Announcing the first quarterly results of the bank this year, its Chairman and Managing Director K. Cherian Varghese told newspersons here today that during the period from April to June, 2003, the bank’s gross profit also touched the Rs 202.70 crore mark, recording a growth of 9 per cent from the corresponding period of last year (Rs 185.02 crore). —
PTI, UNI |
|
Punjab steps to sustain reforms Chandigarh, July 26 The additional assistance that Punjab has received from the Planning Commission is for social and economic sectors, infrastructure, development of backwaters
(Kandi and border belt), improvement of environment in colonies of the scheduled castes,
management of water resources and water conservation besides completion of Khalsa Heritage Complex at Amritsar. Relying upon its “Mid-term fiscal programme”, Punjab has also signed an MoU with the Centre, promising to reduce revenue deficit, as a per cent of total revenue receipts, from 27.35 per cent in 2002-03 to16.72 in 2005-06; and reduce fiscal deficit, as a per cent of GDP, in the next three years. The target is to reduce it to 4.47 per cent by 2005-06 from 6.05 in 2002-03. The MoU also envisages to reduce debt stock from 46 per cent of GDP to 40 per cent by 2006-07. Punjab has based this on certain assumptions, including additional resource mobilisation and cutting on the government’s unproductive expenditure. Its programme is aimed at accelerating economic growth and envisages that the growth rate will be at 6 per cent to 6.5 per cent per annum in real terms. It is in this backdrop that Punjab is keen to involve the World Bank to make available $ 125 million under the bank’s “Structural Adjustment Fund” to give breathing space to the state’s paralysed finances. Today, preparations are underway at the bureaucratic level with necessary political inputs to brief the World Bank team on steps already taken to implement the reforms. The team, comprising economist Steven Howse, Chief Economist (South-Asia) Sadiqq Ahmed and Senior Public Sector Management Specialist Bikram Chand, is arriving in Chandigarh on July 28. Here, one may recall that most of the decisions that the Council of Ministers took on July 16 on tax reforms are yet to be notified, while, the Department of Finance on July 22 issued a notification on withdrawal of the non-practicing allowance to “medical officers” from August 1 and allowing them to do private practice. Nevertheless, one finds similarity in the approach and targets that Punjab has set for itself and the road map it has drawn to achieve those in the medium-term fiscal programme and the conclusions that the World Bank has drawn about “India: Sustaining Reform, Reducing Poverty”. This is the title of report compiled by the bank’s poverty reduction and economic management sector unit, South-Asia region. It was released on July 14. Most of the authors of this report are in the World Bank team visiting Chandigarh on July 28. |
|
Further cut in lending rates hinted at
Mumbai, July 26 Talking to reporters on the sidelines of a conference here, Mr Adsul said as the cost of deposit mobilisation were coming down, there was scope to lower the bank lending rates. He informed that the bank deposit insurance limit would be hiked shortly from Rs 1 lakh to Rs 2 lakh after the
necessary amendments were made to the Deposit Insurance Act. Similarly, he said, the fourth Deputy Governor of the RBI would be appointed shortly after the proposed amendments were made in the Cooperative Act in the next few weeks.—
UNI |
|
Indian fashion can be another IT Mumbai, July 26 "It has the potential to become another IT," said Vinod Kaul, Executive Director of the Fashion Design Council of India (FDCI), the apex industry body. Amid the frills and fantasies of the fourth India fashion week here, Kaul is thrilled for two reasons: Liz Hurley's wedding and John Galliano in Ahmedabad. "You know, Liz Hurley has said she will be wearing a sari in her wedding," smiled Kaul, "imagine what that will do for Indian fashion! The sari, our unique garment, will become the hottest thing globally." And then there is Kaul's recent chance meeting with international fashion honcho John Galliano. "I met him in Ahmedabad of all places," Kaul told IANS sitting at the National Centre for Performing Arts (NCPA), the sprawling seaside venue for the event this year. "He (Galliano) was looking for traditional Indian textiles and surfaces and that got me thinking. The world is getting more and more interested in Indian fashion." According a recent KPMG Consulting study, India's fashion industry accounts for just $39 million of a global $35 billion market. But the study also says that it is set to grow to $216 million in the next decade. Kaul wants more. "We have tremendous potential, I want the industry to become a Rs.10 billion powerhouse in the next 10 years." "I would have just 25 to 30 stalls and see how many business minded designers want to participate," said Kaul. Organising the market-week is the first step towards attaining the international standard of having two fashion weeks in a year for the two seasons. "So the first step is to have a market-week with a fashion week." Last year, the fashion week made Rs.200 million for FDCI and this time he expects the figure to grow by 30 per cent. One hurdle is that the India fashion week doesn't yet have a home. In its fourth year, it has equally switched between New Delhi and Mumbai. Around the world, fashion weeks are named after the cities where they are held—Milan, Paris, London, New York. But here, it's still the India fashion week. "It's a bit of a dilemma. The only options are Delhi or Mumbai. Now Delhi has more than 60 per cent of the designers and its lobby is rather strong. "But Mumbai is a far more cosmopolitan city. Having a fashion week here is far easier and more convenient." Then there are tax problems. Often seen as "entertainment", fashion weeks in India have been heavily taxed in the past. But this year, Kaul was determined to avoid that.—
IANS |
|
Indian Oracle staffer sued for sexual harassment Palo Alto (California), July 26 In her complaint, the plaintiff, identified only as “Barbara Doe,’’ accused her supervisor of exploiting their shared background as Indians to sexually harass, assault and exploit her. Both parties were born and educated in India. “The facts do not support the allegations made in the case but it will be inappropriate to comment further at this time,’’ Oracle spokeswoman Jennifer Glass said in a statement on Friday. In the lawsuit filed on July 18 in California’s Alameda County Superior Court, the plaintiff charged that her supervisor, Mahesh Anand, forced her to perform oral sex in Oracle’s San Mateo, California offices, in his car and at her home when her husband was away. Anand has since left the company. According to the lawsuit, the plaintiff reported Anand to Oracle’s human resources director and filed sexual assault reports with the local police departments in Foster City and Redwood City. The Foster City Police department referred the case to the District Attorney’s office in San Mateo County for prosecution, where it was rejected due to insufficient evidence. The prosecutor who rejected the case was not immediately available for comment. Meanwhile, spokesmen for each of the police departments said they could find no record of the reports referred to in the lawsuit. Detectives at each of the departments, whose names were supplied by the plaintiff, were out and did not immediately return calls. Anand’s attorney did not return a call seeking comment. Among other things, the plaintiff said Anand told her that “she must learn the art of pleasing the American manager.’’ She charged that Anand told her that if anyone found out about the alleged sexual activities, she and Anand would be fired. The lawsuit said that Oracle knew or should have known of the different cultural and legal context in which Anand was used to working in India, where managers can often exert unfettered power over their female subordinates. In the complaint, the plaintiff charged that Oracle was “deliberately oblivious to discriminatory attitudes and abusive behavior’’ of Anand. The lawsuit said that Redwood Shores, California-based Oracle failed to take reasonable and necessary steps to prevent sexual harassment or harassment based on national or ethnic origins, or to punish individuals who display such behaviors. “Oracle takes any allegation of employee misconduct very seriously, and Oracle believes it has acted appropriately in this matter,’’ Oracle spokeswoman Glass said. In March, just weeks after the incidents in the suit were said to have happened, Anand sent out an e-mail informing his colleagues that he was leaving Oracle for “better opportunities,’’ the lawsuit said. Oracle wouldn’t comment on his departure. The plaintiff’s attorney John Winer told Reuters his client passed a lie detector test and that the results indicated that the relationship was not consensual. Winer said Anand has not yet filed a response to the lawsuit. —
Reuters |
|
CII Council to focus on small, medium units Yamunanagar, July 26 He lauded the contribution of the CII and other industrial association in their efforts towards the benefit of industries in Haryana. Haryana is the first state in the North to take up power sector reforms and has achieved some milestones in that direction. Mr Ashok Kapur, Chairman of CII Haryana State Council informed delegates about the various initiatives taken to strengthen the industries in Haryana. This year the council would also focus on small and medium enterprises sector at different locations. |
rc
by K.R. Wadhwaney Work on Amritsar airport yet to pick up AN international airport at Amritsar will indeed be a huge asset to the country, particularly the Punjab region. But despite good intentions and promises, progress in the construction of the airport is far from satisfactory. Assurances were given and promises made in March this year when a huge conclave on integrated tourism and aviation development in Punjab was organised at Amritsar. The conclave was put together by the recently-formed Heritage and Tourism Foundation of Amritsar and Chandigarh-based Institute of Tourism and Future Management Trends (ITFT). “The Golden Temple is as much an important heritage as any monument, including the Taj”, said two Sikhs. The Golden Temple will soon be accorded the World Heritage status. There is a great demand for air connections to Amritsar, which is an ideal centre for an international airports Authority of India (AAI) has funds and wherewithals to complete the project. The sooner the airport becomes operational, the better will it be for the region. Dr Gulshan Sharma of the ITFT is optimistic that Amritsar and Punjab will soon be a greater hub for tourism than it has been so far. While Punjab’s road-map is ready, the Central Government has appointed a five-member committee to evolve a road map for the civil aviation sector. The panel will be headed by former Cabinet Secretary Naresh Chandra whose terms of references include preparations of a new civil aviation policy. |
bb
UCO Bank Honda Siel Duke Chairman Faridabad IT park Bankers’ meet Dena Bank profit Cholamandalam Telco, HPCL pact Shourie on WTO |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 123 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
Video
