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Interconnect charges
revised PNB profit
climbs 33.7 pc
ONGC profit rises 24 pc to Rs 2,825 cr CORPORATE
NEWS Tata
Motors net revs up 251 pc |
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SBI hints
at cut in rates
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Interconnect charges revised
New Delhi, October 29 The new regime, which will come into force from December 1, 2003, incorporates a lower ADC. TRAI believes it will eventually exert downward pressure on the existing tariff structure of various service providers. The ADC is a charge payable in a multi-operator environment to basic service providers to compensate them for below-cost rentals and call charges to meet rural area obligations. The revised IUC regime replaces the earlier structure which came into force from May 1, 2003. The IUC is a differential pricing formula calculated on the basis of origination, transit, and termination of calls coming through the various services: landline, cellular and the WLL. Telecom tariff in basic services, including under the revised regime, in case of inter-circle calls (calls from one state to another), network charges will be 30 paise per minute for calls up to 50 km, 50 paise for calls for a distance of 50-200 km and 80 paise for above 200 km. On all international long-distance calls, a charge of Rs 4.25 has been fixed for all types of services. In the earlier regime, an ADC of Rs 7.40 per minute call was charged for the calls coming through landline only. For all intra-circle calls, the ADC would be 30 paise for a minute. The new rates “constitute a drastic reduction in per minute ADC, compared to the existing regime both on account of lower amounts and the fact that the ADC applies only once for each call, compared to the previous regime which loaded the ADC twice in case of fixed-to-fixed calls,” TRAI said. Access deficit estimate is being funded to the extent of Rs 5,340 crore. Under the new ADC, same termination charge (Rs 0.30 per minute) will have to be paid for all calls to access providers, namely fixed line, cellular mobile, WLL (M). This will help simplify the IUC regime, facilitate and help its implementation and prevent disputes in reconciliation between operators. For calls from the fixed line, the originating network will be allowed to collect the ADC amount. For calls originating in non-fixed line and terminating in fixed network, the terminating network will have to be paid the ADC amount. ADC will be funded from all calls except fixed to fixed local and “0 to 50 km”, intra-circle calls, and intra-circle calls from cellular/WLL (M) to cellular/ WLL (M).
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PNB profit climbs 33.7 pc
New Delhi, October 29 The net NPAs of the bank declined from 4.83 per cent to 2.47 per cent at Rs 961 crore during H1 of this fiscal, PNB Chairman and Managing Director S.S. Kohli said. The bank’s operating profit was Rs 1,709.75 crore as compared to Rs 1,087.67 crore during the first half of 2002-03, registering a growth of 57.2 per cent. PNB’s total income increased from Rs 4,309 crore to Rs 4,866 crore during H1 of this fiscal, a growth of 12.9 per cent.
Canara Bank
Canara Bank said today it had posted a net profit of Rs 325.35 crore for the second quarter ended September 30, 2003, as compared to Rs 278.68 crore in the same period a year ago, registering an increase of 16.75 per cent. The operating profit for the quarter stood at Rs 999 crore compared to Rs 607 crore in the same quarter of the last fiscal, a rise of 64.58 per cent. For the half-year ended September, 2003, the bank posted a net profit of Rs 581 crore, up 38.60 per cent from Rs 419 crore during the corresponding period of the last fiscal.
Oriental Bank
The Oriental Bank of Commerce posted a net profit of Rs 305 crore on a total turnover of Rs 46,989 crore during the first half of the current fiscal, registering a 41 per cent increase. The NPA of the bank fell to zero per cent during the period, from 4.2 per cent during the corresponding half yearly period last year. The gross profit for H1 stood at Rs 770 crore, up from Rs 495 crore. The non-interest income almost doubled at Rs 404 crore, up from Rs 214 crore. Ninety per cent of the business was accounted for by 980 computerised branches of the bank.
Bank of India
Bank of India (BOI) has posted a 16.62 per cent rise in the net profit at Rs 226.76 crore for the second quarter ended September 30, 2003, as against Rs 194.43 crore in the same period last fiscal. The total income for the reporting quarter grew marginally by 1.3 per cent to Rs 1,894.30 crore as against Rs 1,869.01 crore in July-September 2003, the bank Chairman and Managing Director M Venugopalan told reporters here today. The net profit and total income for the first half ended 2003 stood at Rs 430.68 crore (Rs 371.58 crore in H1 2002) and Rs 3,666.75 crore (Rs 3,567.56 crore).
IDBI
IDBI has posted a 8.69 per cent rise in the net profit at Rs 125 crore for the second quarter ended September 30, 2003, compared to Rs 115 crore recorded in same period previous fiscal. Income from operations in the period under review has decreased to Rs 1,720 crore from Rs 2,035 crore in Q2 of last year, IDBI said in a release here today. For the first half ended September, the financial institution has recorded a net profit and income from operations of Rs 176 crore (Rs 152 crore in H1 of last year) and Rs 3,295 crore (Rs 3,700 crore).
— UNI, PTI
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Fix 8 pc loan rate for units, RBI told Chandigarh, October 29 It has urged the RBI to introduce reforms in the banking sector to speed up the growth of the small and medium industry that is playing a crucial role in the development of the economy. The PHDCCI in a report on "Suggestions for RBI's Busy Season Monetary & Credit Policy (2003-04)" has urged the bank to take steps to cut the lending rates, bank charges for different facilities and to introduce transparency in the banking sector. Due to higher interest rate costs, the industry is finding it difficult to compete in the global economy. For instance, it has said:"The lending rate to the industry hovers between 10 and 12 per cent as against the lower interest rates in Hong Kong (5 per cent), Canada (4.75 per cent), the USA (4 per cent), the UK (3.5 per cent), Switzerland (2.25 per cent) and Japan ( 1.375 per cent). " The report has said despite a fall in the deposit rates of banks from 14 per cent to 6 per cent during the past three years, the banks had not passed fully the reduction in interest rate on the deposits to lenders. To improve the liquidity in the system and reduce the cost of funds, it has suggested to the RBI to reduce bank rate and cash reserve ratio by 1per cent each. Though banks were flooded with cash reserves, but they were not ready to provide adequate credit to the industry at lower interest. The chamber has demanded to fix the bank prime lending rate at 8 per cent for the industry. The PHDCCI has urged to reduce administrative costs in the banks through further rationalisation of the staff and technological upgradation. The cost of transfer of funds from one branch to another within the same bank is very high in comparison to foreign banks. |
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ONGC profit rises 24 pc to Rs 2,825 cr
New Delhi, October 29 Turnover was up 16 per cent to Rs 8,661.5 crore in July-September as compared to Rs 7,446 crore in the second quarter of 2002-03, a company release said here. The ONGC net profit rose 17 per cent to Rs 4,959.54 crore in the first half of 2003-04 as against Rs 4,257.39 crore in the corresponding period last year. It reported a turnover of Rs 16,528.52 crore in April-September, a 14 per cent rise over Rs 14,379 crore turnover in the first six months of 2002-03 fiscal. The unaudited financial results of the company were approved by the Board of Directors yesterday.
— PTI |
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Tata Motors net revs up 251 pc Mumbai, October 29 The net revenue rose by 47.1 per cent to Rs 3,176.6 crore during the period under review as against Rs 2,159.16 crore in Q2 of the previous fiscal, a company release said here. For the first six months, the net profit zoomed to Rs 306.9 crore compared to Rs 86.83 crore in the first half of last fiscal while revenue during this period stood at Rs 5,677.63 crore as against Rs 3,906.89 crore. Commercial vehicle sales in the first half of 2003-04 were 64,131 as against 44,920 units last year while passenger vehicle sales were also higher at 66,973 units as against 46,525 units last fiscal, the release said. The company said its market share in the commercial vehicle segment improved from 54 per cent to 58.5 per cent during this period while that passenger vehicles to 16.2 per cent from 13.8 per cent. ITC ITC Limited today reported a 12.45 per cent jump in its second quarter net profit at Rs 427.87 crore leading to 13.90 per cent jump in first half profit at Rs 825.09 crore. The company’s net profit during the second quarter and first half of the last financial year stood at Rs 380.50 crore and Rs 724.42 crore. Gross income during the quarter increased by 3.46 per cent to Rs 2,925.67 crore from Rs 2,827.84 while other income jumped by a hefty 41.61 per cent to Rs 69 crore from Rs 49.31 crore. Gross income during the first half stood at Rs 5,738.34 crore as against Rs 5,575.62 crore in the corresponding period of the previous fiscal. HCL Infosystems HCL Infosystems today posted a 124 per cent increase in its net profit at Rs 24.85 crore for the first quarter ended September 30. The company’s total income, however, declined to Rs 334.57 crore during the quarter from Rs 409.67 crore during the same period a year ago, a company statement said here. The company has also declared interim dividend of 30 per cent. On a consolidated basis, its net profit grew by a whopping 968 per cent at Rs 32.4 crore against Rs 3 crore in the same period a year ago. Its revenue also increased to Rs 856 crore during the quarter as against Rs 435.8 crore in the Q1 of 2002. Century Textiles Century Textiles and Industries Ltd has suffered a net loss of Rs 5.05 crore for the second quarter ended September, 2003, as against the net profit of Rs 9.98 crore in the second quarter of 2002-03. The net sales for the second quarter grew marginally at Rs 519.96 crore compared to Rs 517.07 crore in July-September 2002, the company said in a release here today. Ceat Hit by a rise in raw material costs, Ceat Ltd has posted a 36.75 per cent drop in the net profit at Rs 4.01 crore for the first quarter ended September as against Rs 6.34 crore in same period last fiscal. The sales for the reporting quarter grew by 5 per cent at Rs 410.14 crore as against Rs 390.74 crore in July-September, 2002, the company said in a release here today.
— Agencies
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SBI hints at cut in rates New Delhi, October 29 SBI chairman A.K. Purwar said as part of internal restructuring, the bank had decided to wind up its ailing housing finance arm and was scouting for a strategic partner for its mutual fund subsidiary. Favouring a “stable and soft interest rate bias” in the forthcoming busy season credit policy, Mr Purwar said “further rate cuts can’t be ruled out in consumer and home loans where NPAs are low and recovery is high.”
— PTI 20 technology proposals cleared NEW DELHI:
The government today gave the go ahead to 20 foreign technology collaboration proposals, including technology agreement of ABB Ltd, Cummins India and Samurai Entertainment. The proposals were cleared by Commerce and Industry Minister Arun Jaitley based on the recommendations of the Project Approval Board. The proposals approved include technical collaboration agreement between EMA India and Eldec Schwenk Induction GmbH for manufacturing high frequency transistorised IGBT/ MOSFET frequency convertors and technical agreement between Cummins India and Cummins Inc, USA, for manufacturing internal combustion piston engine.
— PTI TV Today to float IPO CHANDIGARH:
TV Today Network, running two news channels Aaj Tak and Headlines Today, has approached SEBI for its proposed IPO of equity shares to be sold through 100 per cent book-building route. During the financial year 2002-03, the TV Today had registered an operating revenue of Rs 108.49 crore and net profit of Rs 25.93 crore. It has proposed to offer 14.5 million shares, including a fresh issue of 10 million equity shares. The balance of 4.5 million shares will be sold to the existing shareholders. The group has plans to invest more than Rs 100 crore in enhancing its existing infrastructure and deploy state-of-the art technology and equipment.
— TNS YAMUNANAGAR:
BSNL has launched its Internet service “NetOne” here. Mr D.S. Tanwar, General Manager (Telcom), Yamunanagar, said here today this call line identification internet service could be used with the help of a computer, modem and BSNL telephone connection. An Internet account was not required for the same. The service charges would be added to the normal telephone bill, he said. The charges would be as low as 10 paise per minute i.e. Rs 6 for Internet access for an hour. For availing oneself of this service, one was required to dial 172222.
— OC Mitsubishi chief dies at 62 TOKYO:
Mitsubishi Motors Chairman Takashi Sonobe has died of heart failure, the company said on Wednesday. He was 62. Sonobe, who died on Tuesday at a Tokyo hospital, joined Japan’s fourth-largest car maker in 1970 from the automobile division of Mitsubishi Heavy Industries, later overseeing Mitsubishi Motors’ South-East Asian and North American businesses.
— Reuters Trader executed for corruption CHONGQING (China):
A Chinese businessman was executed on charges of embezzling about $1.44 million of public funds, reports Xinhua. Hu Qineng was executed on Tuesday by lethal injection.Hu used to be the general manager of Chongqing Municipal Corporation for Agricultural Means of Production.
— IANS Case against Cadbury soon BANGALORE: The Bangalore City Corporation (BCC) will launch prosecution proceedings against Cadbury as a sample of the company’s Crackle brand of chocolates was found to be infested with worms and fungus. “We will file for prosecution against Cadbury, the retailer and wholesaler within the next fortnight under the Prevention of Food Adulteration Act,’’ BCC Chief Chemist James Alexander.
— UNI
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