Country's largest lender State Bank of India (SBI) plans consolidation of remaining five associate banks with itself in the next 12-18 months.
"The bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 months," Finance Ministry informed the Standing Committee on Finance.
This was in response to a query on the stance of the government on merging the subsidiaries with SBI raised by the Parliamentary panel headed by former Finance Minister Yashwant Sinha.
In the submission to the panel, SBI Chairman O P Bhatt said "there are five banks remaining. We have representations from various associations, leaders etc from these five banks which want these banks also to be merged with the State Bank of India simply because it is primarily good for the employees in multiple ways".
Source: http://www.moneycontrol.com/
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Wednesday, February 23, 2011
Bata CY10 net profit up at Rs 88.3 cr
Bata has reported a consolidated net profit of Rs 88.3 crore for the year ended 2010 as against Rs 62.6 crore in previous year.
Consolidated net sales jumped to Rs 1,273.9 crore from Rs 1,090.2 crore (YoY).
Source: www.moneycontrol.com
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Consolidated net sales jumped to Rs 1,273.9 crore from Rs 1,090.2 crore (YoY).
Source: www.moneycontrol.com
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Gujarat Pipavav Q3 net profit at Rs 11 cr
Gujarat Pipavav has reported a net profit of Rs 11 crore as against loss of Rs 35 crore on year-on-year basis.
Net sales increased to Rs 79.5 crore from Rs 64.1 crore.
Source: www.moneycontrol.com
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Net sales increased to Rs 79.5 crore from Rs 64.1 crore.
Source: www.moneycontrol.com
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The food processing sector attracted Rs 576 crore of foreign direct investment (FDI) in the first eight months of the fiscal as compared to total FDI
ABB has reported a net profit of Rs 6.8 crore for the quarter ended December 2010, down 94% as compared to Rs 110 crore in same quarter the previous year.
It has posted a forex loss of Rs 21.7 crore versus gain of Rs 1.04 crore on year-on-year basis.
Net sales increased to Rs 2,050 crore from Rs 1,890 crore (YoY).
ABB has won orders worth Rs 1,394 crore as against Rs 2,377 crore (YoY).
Source: http://www.moneycontrol.com/
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It has posted a forex loss of Rs 21.7 crore versus gain of Rs 1.04 crore on year-on-year basis.
Net sales increased to Rs 2,050 crore from Rs 1,890 crore (YoY).
ABB has won orders worth Rs 1,394 crore as against Rs 2,377 crore (YoY).
Source: http://www.moneycontrol.com/
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Food processing sector gets 576-crore FDI
The food processing sector attracted Rs 576 crore of foreign direct investment (FDI) in the first eight months of the fiscal as compared to total FDI of Rs 5,344.22 crore, minister of state for food processing industries Harish Rawat told the Lok Sabha on Tuesday.
In the thick of the recent food inflation, the government had also widened the scope of service tax exemption to include foodgrains and pulses in addition to fruits, vegetable, eggs and milk, the minister said. The Centre is keen on projecting FDI in the food processing industries, where 100% FDI is already allowed.
Besides attracting FDI through schemes like mega food park, the government has also extended several fiscal incentives during this financial year to enhance FDI in food processing sector, including full exemption from excise duty for specified equipments to preserve, store or transport apiary , horticultural, dairy, poultry, aquatic and marine produce and meat and its processing products.
Project imports status, with concessional rate of basic customs duty of 5%, has been granted for the initial setting up or substantial expansion of a cold storage , cold room (including farm pre-coolers ) for preservation or storage or an industrial unit for processing of agricultural, apiary, horticultural, dairy, poultry, aquatic and marine produce and meat.
While truck refrigeration units manufacturing refrigerated vans/trucks have been fully exempted from basic customs duty, exemption from service tax has been provided to a host of services. These include ‘erection, commission or installation’ of mechanised foodgrains handling equipment for setting up or substantial expansion of cold storage and machinery/equipment for initial setting up or substantial expansion of units for processing of agricultural, dairy, poultry , aquatic, marine or meat products.
Source: www.ibef.org
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In the thick of the recent food inflation, the government had also widened the scope of service tax exemption to include foodgrains and pulses in addition to fruits, vegetable, eggs and milk, the minister said. The Centre is keen on projecting FDI in the food processing industries, where 100% FDI is already allowed.
Besides attracting FDI through schemes like mega food park, the government has also extended several fiscal incentives during this financial year to enhance FDI in food processing sector, including full exemption from excise duty for specified equipments to preserve, store or transport apiary , horticultural, dairy, poultry, aquatic and marine produce and meat and its processing products.
Project imports status, with concessional rate of basic customs duty of 5%, has been granted for the initial setting up or substantial expansion of a cold storage , cold room (including farm pre-coolers ) for preservation or storage or an industrial unit for processing of agricultural, apiary, horticultural, dairy, poultry, aquatic and marine produce and meat.
While truck refrigeration units manufacturing refrigerated vans/trucks have been fully exempted from basic customs duty, exemption from service tax has been provided to a host of services. These include ‘erection, commission or installation’ of mechanised foodgrains handling equipment for setting up or substantial expansion of cold storage and machinery/equipment for initial setting up or substantial expansion of units for processing of agricultural, dairy, poultry , aquatic, marine or meat products.
Source: www.ibef.org
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India-Asean trade may jump to $70 bn in 3 years
India- Asean bilateral trade could jump to $70 billion in three years as the two sides take advantage of the free trade agreement signed last year that will eliminate tariffs on 4,000 products over six years.
Two-way trade has already increased by 25% in 2010 to $50 billion from $40 billion in 2009 with both sides witnessing higher exports. India’s exports to the region went up to $22.3 billion from $17.3 billion, while imports increased to $27.8 billion from $23.8 billion.
“The growth in India’s exports have been sharper than the growth in its imports ,” said commerce joint secretary Sumanta Choudhuri at a press conference announcing the fiveday India-Asean fair and business conclave being jointly organised by the ministry with Ficci.
The fair, starting on March 2, will be attended by foreign trade ministers of all 10 Asean countries and have more than 500 business participants.
Source: http://www.ibef.org/
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Two-way trade has already increased by 25% in 2010 to $50 billion from $40 billion in 2009 with both sides witnessing higher exports. India’s exports to the region went up to $22.3 billion from $17.3 billion, while imports increased to $27.8 billion from $23.8 billion.
“The growth in India’s exports have been sharper than the growth in its imports ,” said commerce joint secretary Sumanta Choudhuri at a press conference announcing the fiveday India-Asean fair and business conclave being jointly organised by the ministry with Ficci.
The fair, starting on March 2, will be attended by foreign trade ministers of all 10 Asean countries and have more than 500 business participants.
Source: http://www.ibef.org/
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India-Korea trade will touch $24 b in 5 years, says Sharma
The Commerce and Industry Minister, Mr Anand Sharma, said on Tuesday that India-Korea trade could touch around $24 billion in the next five years from nearly $12 billion in 2009-10.
Stating this after a meeting here with Mr Park Young June, the Vice-Minister of Knowledge Economy of South Korea, Mr Sharma said bilateral trade between the two countries has gathered momentum during the last few years. He pointed out bilateral trade was only $1.6 billion in 2001-02.
The trade balance has been in Korea's favour with India's exports to Korea in 2009-10 worth only $3.4 billion, while Korea's exports to India were worth $8.6 billion.
Mr Sharma said both the countries held the first meeting at the Ministerial level last month to review the implementation of the Comprehensive Economic Partnership Agreement (CEPA).
He said after the India-Korea CEPA came into force, bilateral trade has increased by over 40 per cent as compared to the previous year.
He added that the CEPA was an important milestone in the bilateral trade and economic Relations.
“The CEPA will create business opportunities for Korean companies and would simultaneously provide opportunities to Indian professionals from the software, engineering, finance and telecommunication sectors to participate and contribute to Korea's services sector. We look forward to opening of the IT-enabled services market in Korea for our reputed IT companies,” Mr Sharma said.
Meanwhile, according to Mr June, bilateral trade has jumped to $10.7 billion in 2010 (calender year) after CEPA came into force in January 2010. He said at a Ficci function that the agreement, which liberalised bilateral trade in goods and services as well as investments, has helped around 480 Korean firms, including Hyundai and Samsung operating in India.
According to Great Eastern Energy Corp's Chairman and CEO, Mr Yogendra Modi, bilateral trade has the potential to touch $100 billion by 2020.
The major items of India's exports to Korea are cotton yarn, fabrics, made-ups, gems and jewellery, machinery and instruments, ferro-alloys and chemicals, while the major items of India's imports from Korea are iron and steel, electronic goods, transport equipment, project goods and organic chemicals.
The total foreign direct investment (FDI) inflows received from South Korea were $523.88 million. The main sectors that have attracted FDI inflows were in real estate, power, semi-finished iron and steel products and telecom.
During the interaction, Mr Sharma said India and Korea share the view that a strong multilateral trading system was vital for growth in the world economy.
Both countries are committed to continue their cooperation to achieve an ambitious and balanced outcome of the Doha Development Round as early as possible.
Source: www.ibef.org
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Stating this after a meeting here with Mr Park Young June, the Vice-Minister of Knowledge Economy of South Korea, Mr Sharma said bilateral trade between the two countries has gathered momentum during the last few years. He pointed out bilateral trade was only $1.6 billion in 2001-02.
The trade balance has been in Korea's favour with India's exports to Korea in 2009-10 worth only $3.4 billion, while Korea's exports to India were worth $8.6 billion.
Mr Sharma said both the countries held the first meeting at the Ministerial level last month to review the implementation of the Comprehensive Economic Partnership Agreement (CEPA).
He said after the India-Korea CEPA came into force, bilateral trade has increased by over 40 per cent as compared to the previous year.
He added that the CEPA was an important milestone in the bilateral trade and economic Relations.
“The CEPA will create business opportunities for Korean companies and would simultaneously provide opportunities to Indian professionals from the software, engineering, finance and telecommunication sectors to participate and contribute to Korea's services sector. We look forward to opening of the IT-enabled services market in Korea for our reputed IT companies,” Mr Sharma said.
Meanwhile, according to Mr June, bilateral trade has jumped to $10.7 billion in 2010 (calender year) after CEPA came into force in January 2010. He said at a Ficci function that the agreement, which liberalised bilateral trade in goods and services as well as investments, has helped around 480 Korean firms, including Hyundai and Samsung operating in India.
According to Great Eastern Energy Corp's Chairman and CEO, Mr Yogendra Modi, bilateral trade has the potential to touch $100 billion by 2020.
The major items of India's exports to Korea are cotton yarn, fabrics, made-ups, gems and jewellery, machinery and instruments, ferro-alloys and chemicals, while the major items of India's imports from Korea are iron and steel, electronic goods, transport equipment, project goods and organic chemicals.
The total foreign direct investment (FDI) inflows received from South Korea were $523.88 million. The main sectors that have attracted FDI inflows were in real estate, power, semi-finished iron and steel products and telecom.
During the interaction, Mr Sharma said India and Korea share the view that a strong multilateral trading system was vital for growth in the world economy.
Both countries are committed to continue their cooperation to achieve an ambitious and balanced outcome of the Doha Development Round as early as possible.
Source: www.ibef.org
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DENIP Consultants Pvt Ltd
Libya crisis: UN security council to meet over Gaddafi crackdown
The United Nations security council is to meet in closed session to discuss Muammar Gaddafi's brutal crackdown in Libya amid fears of a bloodbath following the dictator's appearance on state TV to deny he had fled the country.
Libya's deputy ambassador to the UN, Ibrahim al-Dabashi appealed for international intervention, starting with a no-fly zone over the country, to help stop "a real genocide".
Runways at Benghazi airport are reported by Egyptian authorities to have been destroyed in the violence. The country's second city has been the scene of alleged massacres in recent days. The death toll in Libya passed 250 on Monday after six days of unrest, but this is a conservative estimate. The International Federation of Human Rights estimated the death toll at 300 to 400.
Parts of Tripoli were attacked by fighter jets and helicopter gunships overnight. Twenty-six people also died in the eastern city of Al Bayda as it came under fire from forces using aircraft and tanks, according to one eyewitness report.
As both British Airways and bmi cancelled flights from Heathrow to Tripoli, and the Arab carrier Emirates also suspended its services in and out of the capital, the Foreign Office in London was reviewing its advice to Britons without "pressing need to remain" to leave by commercial means, if it is safe to do so. During the protests in Egypt, the UK laid on a charter flight.
"We are monitoring the situation closely. The safety and security of British nationals are our top priority", said a spokeswomanGaddafi appeared briefly on Libyan state TV to deny reports that he had fled the country. "I want to show that I'm in Tripoli and not in Venezuela. Do not believe the channels belonging to stray dogs," he said, holding an umbrella in the rain and leaning out of a vehicle. The station said he was speaking outside his house.
As his forces launched air attacks against protesters amid apparent confirmation of claims that African mercenaries were being used to quell the violence, the UN secretary general, Ban Ki-Moon, condemned the "very disturbing and shocking scenes". He said he had spoken to Gaddafi and "forcefully urged him to stop violence against demonstrators." He told reporters: "This is unacceptable. This must stop immediately. This is a serious violation of international humanitarian law."
The Arab League is also to hold an emergency meeting in Cairo. At least seven Libyan ambassadors have resigned in protest at the killing, although other senior diplomats remained in post while appealing for Gaddafi to step down.
In New York, Dabashi said there must be a no-fly zone "on the cities of Libya so no mercenaries, no supplies of arms will arrive to the regime". He told a press conference he and other UN diplomats were not resigning because they served the people of Libya, not the regime.
"This is in fact a declaration of war against the Libyan people," he told reporters, surrounded by a dozen Libyan diplomats. "The regime of Gaddafi has already started the genocide against the Libyan people."
Libya's ambassador to the United States, Ali Aujali, called for Gaddafi to step down. "There's no other solution. He should step down and give the chance for the people to make their future," he told Associated Press. "How can I support the government killing our people? … What I have seen in front of my eyes now is not acceptable at all."
Aujali said he was not resigning his post, because he was on the "good side" of the Libyan government and not part of the killing. "There are many people working very hard to make things work in the right way but, unfortunately, we don't have enough power that we can change everything going on in Libya," he said.
Libya's ambassador at the UN, Abdurrahman Mohamed Shalgham, told the pan-Arab newspaper, al-Hayat, that all diplomats at Libya's mission supported Dabashi, "excluding me". Shalgham said he was in touch with the Gaddafi government and was trying "to persuade them to stop these acts".
The country's ambassador to India, who resigned over the crackdown, said African mercenaries were being employed by Gaddafi. "They are from Africa, and speak French and other languages," Ali al-Essawi told Reuters, adding he had been told there had been army defections.
"They [the troops] are Libyans and they cannot see foreigners killing Libyans so they moved beside the people."
In Al Bayda, resident Marai Al Mahry told Reuters by telephone that 26 people, including his brother Ahmed, had been shot dead overnight by Gaddafi loyalists. "They shoot you just for walking on the street," he said.
"The only thing we can do now is not give up: no surrender, no going back. We will die anyway, whether we like it or not. It is clear that they don't care whether we live or not."
Source: www.guardian.co.uk
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Libya's deputy ambassador to the UN, Ibrahim al-Dabashi appealed for international intervention, starting with a no-fly zone over the country, to help stop "a real genocide".
Runways at Benghazi airport are reported by Egyptian authorities to have been destroyed in the violence. The country's second city has been the scene of alleged massacres in recent days. The death toll in Libya passed 250 on Monday after six days of unrest, but this is a conservative estimate. The International Federation of Human Rights estimated the death toll at 300 to 400.
Parts of Tripoli were attacked by fighter jets and helicopter gunships overnight. Twenty-six people also died in the eastern city of Al Bayda as it came under fire from forces using aircraft and tanks, according to one eyewitness report.
As both British Airways and bmi cancelled flights from Heathrow to Tripoli, and the Arab carrier Emirates also suspended its services in and out of the capital, the Foreign Office in London was reviewing its advice to Britons without "pressing need to remain" to leave by commercial means, if it is safe to do so. During the protests in Egypt, the UK laid on a charter flight.
"We are monitoring the situation closely. The safety and security of British nationals are our top priority", said a spokeswomanGaddafi appeared briefly on Libyan state TV to deny reports that he had fled the country. "I want to show that I'm in Tripoli and not in Venezuela. Do not believe the channels belonging to stray dogs," he said, holding an umbrella in the rain and leaning out of a vehicle. The station said he was speaking outside his house.
As his forces launched air attacks against protesters amid apparent confirmation of claims that African mercenaries were being used to quell the violence, the UN secretary general, Ban Ki-Moon, condemned the "very disturbing and shocking scenes". He said he had spoken to Gaddafi and "forcefully urged him to stop violence against demonstrators." He told reporters: "This is unacceptable. This must stop immediately. This is a serious violation of international humanitarian law."
The Arab League is also to hold an emergency meeting in Cairo. At least seven Libyan ambassadors have resigned in protest at the killing, although other senior diplomats remained in post while appealing for Gaddafi to step down.
In New York, Dabashi said there must be a no-fly zone "on the cities of Libya so no mercenaries, no supplies of arms will arrive to the regime". He told a press conference he and other UN diplomats were not resigning because they served the people of Libya, not the regime.
"This is in fact a declaration of war against the Libyan people," he told reporters, surrounded by a dozen Libyan diplomats. "The regime of Gaddafi has already started the genocide against the Libyan people."
Libya's ambassador to the United States, Ali Aujali, called for Gaddafi to step down. "There's no other solution. He should step down and give the chance for the people to make their future," he told Associated Press. "How can I support the government killing our people? … What I have seen in front of my eyes now is not acceptable at all."
Aujali said he was not resigning his post, because he was on the "good side" of the Libyan government and not part of the killing. "There are many people working very hard to make things work in the right way but, unfortunately, we don't have enough power that we can change everything going on in Libya," he said.
Libya's ambassador at the UN, Abdurrahman Mohamed Shalgham, told the pan-Arab newspaper, al-Hayat, that all diplomats at Libya's mission supported Dabashi, "excluding me". Shalgham said he was in touch with the Gaddafi government and was trying "to persuade them to stop these acts".
The country's ambassador to India, who resigned over the crackdown, said African mercenaries were being employed by Gaddafi. "They are from Africa, and speak French and other languages," Ali al-Essawi told Reuters, adding he had been told there had been army defections.
"They [the troops] are Libyans and they cannot see foreigners killing Libyans so they moved beside the people."
In Al Bayda, resident Marai Al Mahry told Reuters by telephone that 26 people, including his brother Ahmed, had been shot dead overnight by Gaddafi loyalists. "They shoot you just for walking on the street," he said.
"The only thing we can do now is not give up: no surrender, no going back. We will die anyway, whether we like it or not. It is clear that they don't care whether we live or not."
Source: www.guardian.co.uk
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Oil eyes $100 as Libya crisis threatens crude supplies
World oil prices advanced towards fresh highs in Asian trade Wednesday after violent protests in major producer Libya threatened to disrupt crude supplies.
Light sweet crude for April delivery was seen trading at $95.81 a barrel at 12.30 p.m Singapore time while london’s Brent crude was at $106.48 an ounce.
In other Nymex trading in March contracts, heating oil rose 0.4 cent to $2.80 a gallon and gasoline gained 2.5 cents to $2.63 a gallon. Natural gas futures were up 2.5 cents at $3.89 per 1,000 cubic feet.
Analysts said the black gold may even hit $100 a barrel mark if the situation remains as they said investors are worried that unrest in Libya and other oil producing nations could cut energy supplies, and they are sharply bidding up the price of crude oil.
Libya holds Africa's largest oil reserves and is the continent's fourth largest producer and is an OPEC member, the cartel that produces about 40 percent of global supplies.
Analysts say higher oil prices could slow economic growth just as the world is recovering from the worst recession in decades.
Source: www.commodityonline.com
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Light sweet crude for April delivery was seen trading at $95.81 a barrel at 12.30 p.m Singapore time while london’s Brent crude was at $106.48 an ounce.
In other Nymex trading in March contracts, heating oil rose 0.4 cent to $2.80 a gallon and gasoline gained 2.5 cents to $2.63 a gallon. Natural gas futures were up 2.5 cents at $3.89 per 1,000 cubic feet.
Analysts said the black gold may even hit $100 a barrel mark if the situation remains as they said investors are worried that unrest in Libya and other oil producing nations could cut energy supplies, and they are sharply bidding up the price of crude oil.
Libya holds Africa's largest oil reserves and is the continent's fourth largest producer and is an OPEC member, the cartel that produces about 40 percent of global supplies.
Analysts say higher oil prices could slow economic growth just as the world is recovering from the worst recession in decades.
Source: www.commodityonline.com
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Anil Ambani meets Maharashtra CM
Anil Ambani met Maharashtra Chief Minister Prithviraj Chavan in the backdrop of reports that the Maharashtra State Road Development Corporation (MSRDC) was mulling a coastal road from Worli to Haji Ali and from Haji Ali to Nariman Point.
The meeting assumes significance as a consortium between Ambani-led Reliance and Korea's Hyundai last year won the Rs 5,000 crore contract to extend the Bandra-Worli Sealink till Haji Ali.
The consortium was unable to tie up funds by the December, 2010, deadline and sought a three-month extension for the same.
The coastal road option is being discussed to save cost.
MSRDC sources say the coastal road option will help save the government over Rs 3,000crore.
Source: www.moneycontrol.com
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The meeting assumes significance as a consortium between Ambani-led Reliance and Korea's Hyundai last year won the Rs 5,000 crore contract to extend the Bandra-Worli Sealink till Haji Ali.
The consortium was unable to tie up funds by the December, 2010, deadline and sought a three-month extension for the same.
The coastal road option is being discussed to save cost.
MSRDC sources say the coastal road option will help save the government over Rs 3,000crore.
Source: www.moneycontrol.com
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