 |
|
Govt plans to drape sops around textile industry
Oil, telecom and textile giants plan outsourcing |
|
|||||||||||||||||||||||||||||
|
Powell next WB chief? |
|
|||||||||||||||||||||||||||||
Fly with IA, pay in 10 instalments PNB, IFCI merger not before October
India inks pact on Asian highway project
CORPORATE NEWS
|
|
Govt plans to drape sops around textile industry New Delhi, April 27 According to Mr S.B. Mohapatra, Secretary, Textiles, India had the potential to double its share of global textiles market from $ 12 million currently to 25-30 million over the next five years but the government would have to provide required support to strengthen the industry. He was speaking at DHL Fashion First Conclave—“Indian Apparel and Textile Exports: The Way Forward,” organised here by the DHL. The conclave will continue till May 3. He said: “The ministry is working on a package of incentives for the industry so that it can be encouraged to embrace modernisation, quality improvement and cost-cutting to meet new challenges. The package will be announced soon.” As the WTO quotas and restrictions on apparel exports are lifted from January 2005, Mr Mohapatra said, he was confident that India would maintain its position in the knitwear sector and garner a 10 per cent share of the world’s knitwear market. However, he cautioned that Indian exporters would have to invest in order to compete with other global players. He disclosed that out of 7,500 textile exporters from the country, only 15 exporters were exporting worth more than Rs 250 crore while more than 4,500 exporters were doing exports of less than Rs 50 lakh each. Referring to the leading polyester manufacturers, Reliance and IndoRama, who were investing in new facilities, Mr Mohapatra said that he expected India to emerge as the third largest player in the global polyster market. Mr Arvind Singhal, Managing Director, KSA Technopark, however, expressed concern that India may lag behind in the short term due to slow speed of reforms. “ Had the economic reforms and industry policy been implemented earlier, India would have been in a better position,” he said. Mr Asutosh Padhi, Principal, McKinsey & Company, said: “India has the potential to be a winner but the window is closing. For this, reforms and organisational improvement would be required at the earliest.” |
|
Oil, telecom and textile giants plan outsourcing
London, April 27 A report in The Register, which claims to have seen the document, alleges that central services at Shell have been re-branded Group IT Infrastructure (GITI), although this is known internally as ‘Give IT to India’. The cost-saving project, dubbed ITVision, could save the oil giant $ 850 million per year by sending jobs overseas. Although the target headcount figure is believed to be for the end of 2006, but jobs are most likely to go to India, Malaysia and China. TDC
Copenhagen-based telecommunications company TDC A/S, earlier known as Tele Danmark, is looking into the possibility of moving some IT services to India to cut its operating costs in the competitive Nordic telecom market. The company’s CEO Henning Dyremose said, “if (in moving) we can save money and do it just as well and safely, it’s clear that it’s something we will consider. We are now looking at the possibility, but the results of our study isn’t available now,” a Danish paper reported. The TDC is not the first Nordic telecom sector company to offshore IT to India. In April 2003, TeliaSonera contracted India’s Wipro Ltd to provide it with application management services for integrating a fixed-line network to support its next-generation COTS and OSS systems.
JC Penny
New Delhi: US-based global retailer J C Penny has said it is bullish on India and will focus on increasing outsourcing from the country during the next two years. “We are optimistic and expect the Indian textile industry to grow. JC Penny has identified India among the countries that we will focus our efforts on for the next two-three years,” J C Penny Country Head Adil Raza said at a seminar here as part of the ongoing Lakme India Fashion Week. The increased focus on India is largely due to the phasing out of quotas under the Multi-fibre Agreement from January 1, 2005.
— UNI |
|
Fashion extravaganza takes off
New Delhi, April 27 The Fashion Design Council of India (FDCI) executive director, Mr Vinod Kaul, said that the LIFW held in Mumbai last year saw business of around Rs 35 crore and hoped this would increase to Rs 45 crore in the weeklong event that gets underway today. Mr Kaul said the country’s nascent fashion industry, estimated at Rs 200 crore, would get a boost with the ongoing fashion week, which would catapult it to the world stage in the coming years. “LIFW aims to serve as an effective platform to promote fashion design and industry professionals to form trade linkages within India and abroad,” Mr Kaul said. “Following feedback from international buyers, the timing of the event has been advanced to align it with the international fashion calendar,” he said. The annual event was held in July-August till the last year. Mr Kaul said he had visited Milan and New York Fashion weeks last September and met buyers, who suggested that the event coincide with the international fashion weeks. The FDCI chief said over 400 buyers and 57 individual designers, including seven debutants, were participating in the mega event. Some of the expected buyers include Michael Fink from Saks Fifth Avenue, New York, Albert Morris from Browns, London and Joyce Boutique Ltd, Hong Kong. Mr Kaul said visitors would also be coming in from the Gulf and Singapore where Indian Fashion had good response. The Fashion Design Council of India is a non-profit, apex body, representing the Indian Fashion Design industry. The event will be on till May 3.
— UNI |
|
Powell next WB chief?
Washington, April 27 It is regarded certain that Mr Powell will not be Secretary of State if Bush wins a second term, for he is in a minority as a “reluctant warrior” in a Cabinet full of hawks. Mr Wolfensohn, who is on his second term at the World Bank top post, was appointed by a Democratic Administration, and if the Democrats win, they may request him to stay for an unprecedented third term, the reports said. Under an arrangement between Europeans and Americans after the World War II, the World Bank will always be headed by an American and the IMF by a European. That arrangement has held so far. If Mr Powell becomes the Bank President, he will be the first black to hold that position. It will be another first for him. He was the first black Chairman of the Joint Chiefs of Staff of the U.S armed forces, first black National Security Adviser and first black Secretary of State. Other possible candidates include New York Mayor Michael R. Bloomberg; a top Treasury official John Taylor; Peter and U.S. Trade Representative Robert B. Zoellick.
— PTI |
|
Fly with IA, pay in 10 instalments
New Delhi, April 27 A passenger paying with ICICI Bank credit card has only to indicate his preference at the counter for the “Pay Smart” option and he can buy IA economy class for any IA international or domestic sector flight. The payment can be made in 10 interest-free EMIs with the first installment being the down payment. The charge slip generated will show EMI and the total fare to be paid by a passenger. Tickets under the scheme can be purchased only through IA offices in Bangalore, Chennai, Delhi, Hyderabad, Kolkata and Mumbai. The scheme—effective till March 31 next year—can be availed for all discounted fares, special fares, all current promotional fares like smart super saver and holiday packages. It will not be available for apex fares, bid-and-fly and online bookings. —UNI |
| PNB, IFCI merger not before October New Delhi, April 27 PNB, which has engaged SBI Caps for assessing the cost of acquiring the IFCI, will get its report in June, bank sources said here today. The new government, which will assume office after the ongoing elections, will need to amend certain legislation like the Banking Regulation Act and the NBFC Act to pave the way for the merger. The due diligence process was on, the sources said. The cost of acquisition, either in cash or share swap, has not been established so far. While the share price of PNB is about Rs 359, that of the IFCI’s share is only Rs 11. The proposed merger will create an entity that will have assets worth Rs 1,00,000 crore and enable PNB to become the second largest bank of the country, the first being the State Bank of India. The sources said the valuation cannot be done on the basis of the market price of shares, as the IFCI has huge non-performing assets worth over Rs 5,000 crore. PNB is likely to seek tax sops from the government to offset the losses it has to incur for NPAs of the IFCI.
— UNI |
|
India inks pact on Asian highway project Beijing, April 27 Apart from India, countries like Pakistan, China, Iran, Indonesia, Japan, Mongolia, Kazakhstan, South Korea, Turkey and Vietnam signed the inter-governmental agreement at the ministerial segment of the 60th session of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), which is currently meeting in Shanghai. The highway will connect capitals, major ports, commercial centres and tourist sites of Asian nations. After its completion by 2010, vehicles from Tokyo can travel directly to Istanbul. Even island countries like Japan, the Philippines and Sri Lanka, will be linked through ferries to mainland countries. The highway will further facilitate border-crossing for people, vehicles and goods, and also impart crucial benefits to landlocked countries.
— PTI |
|
CORPORATE NEWS
New Delhi, April 27 The Monnet Ispat Board further approved the amendment to the articles of association of the company in terms of the investment agreement for the consideration of its shareholders. It said the board has convened an Extraordinary General Meeting of the shareholders of the company tomorrow to pass a fresh special resolution in lieu of the resolution which had been passed by the shareholders at the meeting held on January 27 for allotments of shares to the CIFC and warrants to the promoters. The meeting will approve the proposed amendments to the company’s articles of association. Indo Gulf Fert
Indo Gulf Fertilizers has posted a reduced net profit of Rs 27.27 crore for the quarter ended March 31, 2004 (MQ-04), as compared to a net profit of Rs 118.79 crore for the quarter ended March 31, 2003 (MQ-03). The Board of Directors of Indo Gulf Fertilizers has recommended a dividend of Rs 2.80 per share of Rs 10 each.
IPCL net jumps
IPCL has posted a net profit of Rs 99 crore for the quarter ended March 31, 2004 (MQ-04) as compared to a net profit of Rs 90 crore for the quarter ended March 31, 2003 (MQ-03). The total income has increased from Rs 5,131 crore in FY-03 to Rs 8,199 crore in FY-04. Meanwhile, the Board of Directors of IPCL has recommended a dividend of Rs 2.50 per share of Rs 10 each.
ABB net up
Driven by high growth in the power sector, ABB India has reported a net profit of Rs 16.9 crore for the first quarter ended March, 2004, up by 94 per cent compared to Rs 8.7 crore during the corresponding quarter last year. The company reported revenue of Rs 448.9 crore for the first quarter, up by 55 per cent over Rs 290.2 crore during January to March, 2003, ABB India Vice-Chairman and Managing Director Ravi Uppal told reporters here today.
— Agencies |
bb
Microsoft edition Aptech profit Anil Ambani Infosys’ pact BoB FCNR rates NFL net up Dr Reddy’s centre NTPC stations |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | National Capital | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
