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Kalam stresses on hassle-free banking
Dell opens centre in Chandigarh
UP agrees to implement Vat
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RBI sticks to credit policy projections
Sensex nears the 6,000 mark as
Bhilwara acquires 60 pc stake in Jaipur Polyspin
Indian economy may grow at 6.5 pc, says WB
Pressure on short-term rates mounting: banks
Biocon launches bio-insulin for diabetes
Dubai gold exchange by 2005
Costly diesel drives up freight rates
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Kalam stresses on hassle-free banking
New Delhi, November 10 “I am receiving a number of e-mails stating that banks are not providing the loans for professional education, even though the required criteria are satisfied. I would request the banking community to examine the merits of these observations and make appropriate corrections to the system”, Dr Kalam said while delivering the inaugural address at the Bankers’ Conference (Bancon 2004) here today. Bancon is being organised by Punjab National Bank with organisational support from the Indian Banks Association (IBA). President Kalam said another problem was that there was no mechanism for funding other courses apart from professional courses “which is also required for the holistic development of our nation”. “I would request the banking community to find a suitable mechanism for nurturing economically weaker section of our youth through financial support for pursuing higher education in all disciplines”, he said. Dr Kalam said “the days of development financial institutions seem to be over. The current fashion is the universal bank”. In the present economic situation, it is essential the venture capital business increases in magnitude, particularly with hassle-free procedures, he said. Laying down a six-point mission for banks, the President said there should be an increase in agriculture and agro processing credit to Rs 2 lakh crore from the existing Rs 90,000 crore within the next three years. The banks should also create and nurture five rural development projects similar to the bio-fuel project which can be applicable for a large number of villages leading to employment generation through enterprises for at least a million youth. They should also innovatively fund three lakh sick SSI units so that latest technology can be infused and they can overcome problems and become profitable ventures within the next three years. The President said the banks should allocate at least Rs 10,000 crore for providing venture capital to innovative scientists and technologists and also provide concessional interest rate funding for creation of corporate hospitals which can provide networked healthcare. The President also asked banks to play a more proactive role in rural development, particularly in primary education. “I understand there are 53,000 bank branches spread all over the country. I would recommend at least 10 per cent of these branches namely 5,300 to adopt at least one primary and one secondary school each in each of their respective region of operation for improving the infrastructure and promoting quality,” Dr Kalam said.
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Dell opens centre in Chandigarh
New Delhi, November 10 This is Dell’s third India-based customer support centre. Operations are expected to begin in March 2005 with approximately 300 employees. Dell will begin recruiting efforts immediately, and will hire technical support and customer relations agents, as well as managers, over the next few months. New employees will receive intensive information technology and customer relations skills training, a company statement said. “Dell opened its first Indian customer centre in Bangalore in 2001. Since then, we have added a Product Group and Global Software Development Centre to that operation,” said Romi Malhotra, Managing Director, Dell India. “The accomplishments we made encouraged us to open an additional customer contact centre in Hyderabad in 2003. The successes of these two centres gave us confidence to expand our operations with a new facility in Chandigarh,” the Managing Director of Dell India said. Dell selected Chandigarh based on key selection criteria for customer contact centre sites: a talented work force and high quality of life. With a business model that revolves around customer requirements, Dell is committed to providing world-class customer service and experience, the statement said. “Our focus in India will continue to be preparing our team members through high-end training programmes, and retaining them by providing career path opportunities and good benefits,” added Malhotra. While a recruiting and training centre has been set up downtown Chandigarh, the permanent centre will open in the Quark IT Park in Mohali, Punjab next year.
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UP agrees to implement Vat
New Delhi, November 10 The ice melted at a crucial meeting in the morning which took place in Lucknow between Union Finance
Minister P. Chidambaram who was accompanied by West Bengal Finance Minister and Chairman of the Empowered Committee on Vat Asim Dasgupta and Mr Yadav. “Things moved in a positive mode,” Mr Dasgupta told newspersons after the meeting here.
— UNI
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RBI sticks to credit policy projections
New Delhi, November 10 The RBI had last month projected that the GDP was likely to grow at the rate of 6 to 6.5 per cent and the annual inflation would be in the range of 6.5 per cent. “There are no unexpected events so far which require any revisit of our (credit and monetary policy) statement,” RBI Governor, Dr Y.V. Reddy told newspersons here. The rise in domestic retail prices of petrol and diesel was on anticipated lines and, in fact, there was expectation that the international prices of crude will moderate in the coming months. “So, on balance, we feel that assessment made in monetary policy is still valid,” Dr Reddy said that while explaining the causes and projections of inflation. The RBI Governor also said in order to facilitate faster growth, the RBI was infusing more under the liquidity adjustment facility and the “criticality of liquidity management in the current situation has been confirmed.” At the same time, he cautioned there could be some “transitional problem” in migrating to a more neutral liquidity situation. Moreover, these could also be “frictional” as there could be occasions where some individual players may not be able to assess their liquidity position.
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Sensex nears the 6,000 mark as Sebi watches
Mumbai, November 10 The market opened on a bearish note with the Sensex resuming in red on account of a freak deal on the Hindalco counter, but rebounded smartly later on strong buying support, especially from foreign funds, following the further drop in oil prices, brokers said. The key index closed at 5,973.75 points, its highest closing since February 18, and posting a gain 44.15 points or 0.74 per cent from Tuesday’s close of 5,929.60. The 50-share Nifty of the National Stock Exchange (NSE) also rose 17.35 points (0.93 per cent) to end at 1876.10. The sentiment remained optimistic on the back of falling prices of crude oil, India’s biggest import item. Sustained foreign fund inflows on expectation of robust economic growth, also fuelled the market rally, the brokers said. Oil prices fell to seven-week low near $-47 a barrel on Wednesday.
Be cautious
As the Sensex looks set to break the crucial 6,000 mark in the run-up to Divali Mahurat trading, the Securities and Exchange Board of India (Sebi) is keeping a watch on the stock movement, Chairman G.N. Bajpai said today. “We always keep watch on any unusual movement and we are keeping a watch now as well,” Mr Bajpai told reporters on the sidelines of a bankers’ conference. He said his Divali advice to investors was to watch their interest since “it is their money.”
— UNI
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Bhilwara acquires 60 pc stake in Jaipur Polyspin
New Delhi, November 10 RSWM also plans to add another 20 per cent stake through an open offer. The company will pump-in an additional Rs 13 crore for modernisation of the newly-acquired unit which will raise its enterprise value to Rs 38.7 crore from the current Rs 25 crore. “Going forward should the open offer be entirely successful, JPL will become 80 per cent held subsidiary of the Rajasthan Spinning and Weaving Mills Ltd and over the years the company intends to integrate the entire operations of JPL into itself,” RSWM Joint Managing Director Riju Jhunjhunwala said. The total cash outflow for RSWM due to the acquisition will be around Rs 13.25 crore, which will be funded through internal accruals and borrowings, he said. Dhunseri Group’s, Jaipur Polyspin Ltd earned a cash profit of around Rs 3 crore in 2003-04 and posted revenues of around Rs 71.5 crore. An established synthetic yarn manufacturing company, JPL has been consistently earning profits since the last 10 years. It has a established synthetic and blended yarn manufacturing facility in Sikar, Rajasthan. “The business of JPL is very complimentary to the RSWM’s existing operations in terms of products manufactured and the target markets.
— UNI
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Indian economy may grow at 6.5 pc, says WB
New Delhi, November 10 “I think it (GDP growth rate) would be between 6 and 6.5 per cent. Its going to be less than the Government target of 8 per cent,” Michael Carter, Country Director India, World Bank newspersons here. The primary reason for the low growth was that the agriculture sector was unlikely to match the high growth rates of last year. “So achieving the 8 per cent target was difficult even as the country was doing well,” Mr Carter said. The World Bank, which has doubled its lending to India, would extend support in infrastructure sectors such as roads, transports, power, water-supply, irrigation, urban development and social development sectors such as education, health and social protection. The Bank was also considering to offer financial assistance for the rural telephony programme. “It will be based on public private partnership model, but so far we have not decided about the exact methodology for same,” he said. “We would also help in financing of small and medium enterprises and mitigating credit risk for the bank in this initiative,” he said, adding: “We may work out a mechanism to provide guarantee,” he said.
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Pressure on short-term rates mounting: banks
New Delhi, November 10 The State Bank of India (SBI) said that it was reviewing both the lending and deposit rates. “We are reviewing both”, CMD of SBI A.K. Purwar said. CMD of Corporation Bank K Cherian Verghese said the bank will wait and see what the “competitors are doing”. While there may not be a compulsion to raise rates immediately, the banks are likely to feel the pressure of increasing call money rates in the coming months. The CMD of Vijaya Bank, Mr M. S. Kapur, agreed that the era of soft interest rates was over and projected that short-term rates will rise by .25 to .50 per cent before stabilising at that level. CMD of Canara Bank V. P. Shetty said that the bank would review its interest rates next week in the wake of the rising liquidity pressure following the decision of the RBI to increase repo rates by 0.25 per cent. Although the bank was at present flush with funds and there was no pressure on the liquidity front, pressure on short-term rates may force it to raise interest rates.
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Biocon launches bio-insulin for diabetes
Bangalore, November 10 Biocon CMD Kiran Mazumdar-Shaw said that this was “India’s most clinically validated insulin,” and the product was the world’s first recombinant human (r-DNA) insulin using a Pichia expression vector, a yeast expression system that secretes pro-insulin with a very low level of impurities. “It is thus a very elegant technology, developed entirely inhouse,” she said. The Pichia expression vector itself, which can be used for making anything from beer to bread, is licenced from the RCT, USA. Biocon is looking at the global market and has submitted a Drug Master File to the USFDA.
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Dubai gold exchange by 2005
Dubai, November 10 The Dubai Metals and Commodities Centre (DMCC), the Multi-Commodity Exchange of India (MCX) and the Financial Technologies (India) signed a memorandum of understanding here yesterday to create the gold exchange in Dubai. Dubai, which is the gateway of international gold market to India, is the major hub for re-exports of 700 tonnes of physical gold that is consumed annually by India. “Appropriately for the ‘City of Gold,’ the first contract listed on the exchange will be gold. It will be quickly followed by other contracts,” said Colin Griffith, DMCC’s executive director.
— UNI
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Costly diesel drives up freight rates
New Delhi, November 10 The industry experts claim that freight rates have been increased due to hike in diesel prices coupled by spurt in demand for transport vehicles during festival season. In some regions, including Punjab and Haryana where transport unions have a control over freights, the prices have increased by 15 to 20 per cent in comparison to prices prevailing about two months ago. Mr S.P. Singh, co-ordinator, Indian Foundation of Transport Research and Training (IFTRT), an agency monitoring freight rates, says the onset of festival season in the last four to five weeks has laid the ground for a freightage increase and the latest Rs 2.12 per litre hike in diesel prices has resulted in hefty increase in truck hire rates. Dealers in small towns are finding it hard to get truck or tempos even by offering higher rate. He says on the Delhi-Mumbai-Delhi route, freight rates for 9-tonne pay load trucks has increased by Rs 1,700 from Rs 28,100 to Rs 29,800 for one round trip. For Delhi-Guwahati-Delhi trip, the freight rates have increased by Rs 4,300 from Rs 65,300 to Rs 69,600, while the diesel costs for the route has gone up by Rs 2,200, Mr Singh says. For North India truck operators, freight rates have also increased due to high movement of apples from Himachal, foodgrain from Punjab, Haryana and other commodities to these states. Railway Minister Lalu Prasad Yadav also admits that thought diesel prices have severely hit the finances of his ministry, that consumes about 25 per cent of the total diesel consumed in country, he would not press upon increase in freight prices for the time being. Truck operators agree that in the absence of increase in railway freight rates, they would not be able to “increase freight rates to the desired extent” on those routes where they were competing with the highly-subsidised state-owned railways, but on other routes, especially within states they have increased tariff rates. Mr Rakesh Sethi, an analyst at the IFTRT observes the steep rise in truck freightage is a combination of various factors, “including stable industrial growth, peak festival season, increased movement of interstate movement of grains, pulses, winter apparels, electronic goods and general merchandise.”
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