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TCS files draft prospectus with SEBI
Archaic rural land laws deter bankers from opening ledgers
Young MPs call for public-private partnership
Cabinet panel nod to WTO strategy
This ATM is creating ripples
OVL may get 20 pc stake in Iran oilfields |
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High deficit not sustainable: IMF
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TCS files draft prospectus with SEBI New Delhi, June 10 Talking to reporters here today, Mr S. Ramadorai, Chief Executive Officer of Tata Consultancy Services disclosed that the size and timing of the issue will be determined later. He was talking to reporters, after signing a MoU with the Punjab National Bank to implement Peoplesoft’s complete end-to-end integrated Human Capital Management and payroll solution for the bank. “We have filed the red herring draft prospectus with Securities and Exchange Board of India today. When to hit the market depends on market conditions,” a company official told a news agency reporter from Mumbai, adding “we filed our papers at 1630 hrs.” Asked about the timing of the public offer, Mr Ramadorai said: “filing an application is just the beginning of the IPO process. When actually we hit the market depends on the market conditions.” While listed IT majors and BSE blue chips —Wipro and Infosys —announced recently that they had become one billion dollar company each in 2003-04, Tata Consultancy Services (TCS) had posted a turnover of Rs 5,012 crore in 2002-03. So far, Reliance has the distinction of hitting the market with the biggest-ever IPO and raised about Rs 3,000 crore in 1993-94 for setting up the world’s largest green-field refinery in Jamnagar Gujarat. TCS, presumed to be one of the biggest profit earners for Tata Sons, could replace Reliance for the top spot among the private corporate even though ONGC’s latest public offer of over Rs 10,000 crore is the biggest issue ever to hit the Indian market. According to sources, TCS’ IPO is believed to be of the size of Rs 4,000-5,000 crore and may hit the market in July after the presentation of Budget. The company has appointed J. M. Morgan Stanley, DSP Merill Lynch and J P Morgan as lead managers. TCS’ Initial Public Offering coincides with the centenary celebration year of three Tata stalwarts, including founder of the Tata group Jamsheji Nusserwanji Tata, whose 100th death anniversary was observed on May 19. The year 2004 is also a memorable year for the Tata group as it marks the 100th birth anniversary of the legendary J R D Tata. The year also marks the 100th birth aniversary of Naval Tata, father of the present chairman Ratan Tata. Currently a division of Tata Sons, TCS is likely to be demerged and corporatised as an independent entity contingent upon the IPO. The Bombay High Court had already approved the scheme of arrangement between Tata Sons and TCS, which will result in transfer of the division of Orchid Prints that has been renamed as TCS Ltd. The IPO will provide an opportunity for Tata Sons and its shareholders to realise the value of their holdings through sale of their shares of TCS gets listed. Meanwhile, Mumbai-based communications group Adfactors PR Private Limited has been given the mandate for handling advertising and public relations of the much-awaited multi-crore IPO of Tata Consultancy Limited.
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Archaic rural land laws deter bankers New Delhi, June 10 The bankers have now proposed to the government to “amend land revenue laws to make acquisition of land by the bankers easy in case of default by the loanees in addition to offering tax incentives to the banks in order to boost rural credit.” They have lamented that unlike urban areas, it was almost impossible for the banks to provide loans to the rural customers, as the land titles could not be easily transferred to the banks. Talking to The Tribune, Mr S.S. Kohli, Chairman-cum-Managing Director, Punjab National Bank, said there lies a huge potential for increasing credit to the agricultural sector, rural housing and enterprises. “But due to higher risk and obsolete land acts the rural credit is not picking up. The government should amend land revenue acts to make it easy for the banks to acquire land and property in case of defaults and provide income tax exemption to banks on rural credit profits.” A recent report of Nabard also points out that despite huge potential for rural housing, personal loans and agricultural loans, the commercial and cooperative banks were not coming forward. Consequently, the farmers had to approach moneylenders and commission agents for their requirements. It has estimated that despite increase in rural credit over the years, there is a potential of over Rs 1,00,000 crore annually that remains to be tapped by the bankers. It has also suggested to make legislative amendments to boost credit for the farm sector. “ Since the land titles are mostly in the name of undivided family, and the stamp duties are too high to transfer them, most of the farmers will not transfer land titlements. Consequently, bank field officials will not take risk to give them loans,” said an official of the State Bank of India. Mr Kohli admitted that Non Performing Asset (NPA) ratio was just 6-7 per cent in agricultural lending, but banks were averse due to “ high risk, and unclear land titles.” However, he said the PNB was focusing on the rural lending and had met the targets for the priority sector fixed by the RBI. “We have reduced interest rate on loans for the priority sector up to Rs 50,000 limit from 9 per cent to 8.5 per cent. This year we have plans to increase our lending substantially in the agricultural, rural housing and small enterprises,” he said.
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Young MPs call for public-private partnership
New Delhi, June 10 The public-private partnership should be strengthened to bridge the divide between urban and rural India, Congress MP from South Mumbai Milind Deora said, noting that almost all young MPs came from corporate background. Addressing an interactive session on “Young Parliamentarians — Vision of India”, organised by Assocham, he said: “I come from South Mumbai, which houses the corporate India. I tried to rope in the industry there for public projects”. There was also a need to bring down the average age of Parliamentarians, who would have a youthful zeal and vigour to solve the age-old problems, he said. US-educated Sachin Pilot, who is the youngest MP and represents Dausa (Rajasthan) in Parliament, said the Congress-led UPA government was confident that the 7-8 per cent GDP growth rate would be sustained. “I represent rural India and I know the importance of agriculture in the Indian economy. If we will not give proper thrust on the rural areas, a major chunk of the population will be left behind,” Pilot said. He said the CMP of the UPA government was merely a “minimum programme” which did not mean that areas not mentioned in the CMP would be left out.
— PTI
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Cabinet panel nod to WTO strategy New Delhi, June 10 The UNCTAD meeting is scheduled to be held in Sao Paulo, Brazil, from June 13 to June 18. Mr Kamal Nath will lead the Indian delegation at the UNCTAD meeting and is scheduled to attend the G-20 Ministerial meeting also being held at Sao Paulo. The core group of G-20, which includes India, Brazil, the US, the EU and Australia, is also to meet in Sao Paulo. Mr S.N. Menon, Special Secretary, Ministry of Commerce and
Industry, Mr K. M. Chandrasekhar, Ambassador to the WTO in the Permanent Mission of India, Geneva, Mr Hardeep S. Puri, Ambassador and Permanent Representative to the UN in the Permanent Mission of India, Geneva, and other senior officials of Ministry of Commerce and Ministry of External Affairs are among the members of the delegation who will accompany the Minister.
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This ATM is creating ripples Kochi, June 10 Company officials claim that this is the first time that the State Bank of India has tied up with a mobile telephony company to allow its customers have access to ATM even when they ride on a boat. Reliance Telecom has connected an SBI ATM using CDMA wireless mobile connectivity on a ferry in Kochi (Kerala). The SBI has deployed India's first floating ATM in a ferry that transports people and vehicles to Kochi from Vypeen, a nearby island, using wireless connectivity. Conventionally, ATM connects with the bank’s central computer using VSAT technology, which interfaces with a satellite in space. However, in this case, Reliance Telecom has done away with the need for a VSAT. "The CDMA wireless phone connectivity scores over other ATM connectivity options on counts like speed of deployment, mobility, reliability and cost," claim Reliance officers. Talking to The Tribune, Mr Ramesh Babu, Kerala Circle chief of Reliance, claimed that since Kerala had a large number of islands, the CDMA technology made it possible for making an ATM functional on a ferry. Says Mr Kuchomo, a taxi driver talking about the convenience the ATM offers people like him, "I could pay my son's school fee on the last day by withdrawing money from the ATM as I simply forgot about it and my wife reminded me from home while I was travelling.'' “There are various advantages of ATM connectivity through CDMA wireless network mobile phone vis-a-vis a
VSAT, the biggest being mobility. The ATM can be moved on boat or a vehicle without breakage in connectivity,” Mr. Babu added. He also said there was no installation cost, no capital cost requirement, which was otherwise required. The SBI has already signed up with Reliance for providing wireless connectivity for 100-odd ATMs across the country.
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OVL may get 20 pc stake in Iran oilfields
New Delhi, June 10 Sources in the Ministry of Petroleum and Natural Gas said Iran has offered 20 per cent share (equal to 60,000 barrels per day or 3 million tonnes of crude oil annually) in Khusk and Hosseineieh fields in exchange for India buying 5 million tonnes of LNG from Tehran. OVL would be accommodated after Tehran selects operators of the two fields through a bidding round by September-end. OVL would have to participate in the bidding process.
— PTI
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High deficit not sustainable: IMF
Washington, June 10 However, it lauded India’s economic growth in excess of 7 per cent achieved last year and said a growth of 10 per cent a year was both necessary and feasible. “Tackling the fiscal deficit has to be an important priority. The biggest single obstacle to tackling this problem in India’s case has been complacency”, the IMF’s First Deputy Managing Director Anne O Krueger has said.
— PTI
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Mhara Gaam on highway Karnal, June 10 The new project, Mhara Gaam, (our village) has been set up at Ethnic India Tourist Resort, Rai on the National Highway No. 1, just 7 km away from Delhi-Haryana border. In Mhara Gaam project, village ambience of Haryana has been created to acquaint the tourists with local art, culture and rural lifestyle of the state.
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