IDBI Bank Q4 net up 49.4 pc at Rs 771 cr

New Delhi: Public sector lender IDBI Bank today reported a 49.42 per cent spike in net profit for the quarter to March at Rs 771 crore, boosted by a gain of Rs 183 crore in deferred tax, and lower provisions for bad loans. During the same quarter last fiscal, the city-based lender had reported a post-tax profit of Rs 516 crore. During the reporting quarter, the net interest income (NII) of the youngest state-run bank grew by a modest 9.4 per cent at Rs 1,211 crore, against Rs 1,107 crore a year ago. The jump in profit was aided by a deferred tax payment of Rs 183 crore, while it paid Rs 150 crore in taxes during the quarter. Total income grew to Rs 6,857 crore from Rs 5,701 crore, while the interest income touched Rs 6,080 crore, up from Rs 5,024 crore, and non-interest income rose to Rs 777 crore from Rs 677 crore. During the quarter, the net NPA improved to 1.61 per cent, against 1.96 per cent a year ago, while for the full fiscal it rose to 1.61 percent from 1.06 percent. There was a marginal improvement in gross NPA too, at 2.49 per cent, against 2.94 per cent a year ago, but for the full fiscal it rose to 2.49 percent from 1.76 percent. "Our provisions came down to Rs 424 crore in the reporting quarter from Rs 651 crore a year ago, as we could successfully recover some of the bad assets during the quarter," chairman and managing director RM Malla told reporters here this evening.

PNB cuts lending rate by 0.25 pc

New Delhi: Country's second largest public sector bank PNB today announced cut in lending rate by 0.25 per cent, a move that will make housing and corporate loans cheaper. "The bank has decided to decrease the base rate by 25 basis points from 10.75 per cent to 10.50 per cent," Punjab National Bank said in a statement. The base rate is the minimum interest rate below which banks can't lend. With the reduction in rates, likely to be followed by other lenders, housing and corporate loans would become cheaper by at least 0.25 per cent. Besides, PNB has also decided to slash interest rate on term deposits of less than Rs 1 crore by 0.25-0.50 per cent in select buckets. The new rates will be effective from May 1, the bank said. The decision comes barely two days after the RBI reduced the short-term lending (repo) rate by 0.5 per cent to 8 per cent in its monetary policy on Apri 17. IDBI Bank had announced cut its lending and deposit rates yesterday.

ICICI Bank cuts lending rates by 25 bps

Mumbai: Country's largest private sector lender ICICI Bank today became the first major bank to cut its lending and deposit rates by 0.25 percent following the Reserve Bank cutting interest rates by 0.50 percent two days ago. Accordingly, the bank's base rate or the minimum lending rate, stands reduced by 25 basis points to 9.75 per cent, while the prime lending rates also saw a similar reduction to 18.50 percent. "With the easing of systemic liquidity, we have already seen some correction in wholesale deposit rates. We expect the cost of funds to gradually come down and this reduction in the lending rates is a proactive move by us to pass on the benefit to our valued customers," Managing Director and Chief Executive Chanda Kochhar said in a statement explaining the reason for the reductions. The revised base rate is applicable from April 23, the bank said. The move comes a day after state-run mid-run bank IDBI Bank announced a 0.25 percent cut in lending rates while a slew of other banks, including HDFC Bank, have also hinted at similar moves since the RBI announcement. The ICICI has also cut rates on loans under the older BPLR (benchmark prime lending rate) regime by 0.25 percent to 18.50 and for consumer loans, apart from cutting its floating reference rate (FRR) by a similar amount to 15.50 per cent which will benefit home loan borrowers.

IndusInd bank’s Q4 net up 30% to Rs 223 cr

Mumbai: Higher growth in core and fee incomes pushed up private sector IndusInd Bank's March quarter profit by 30 per cent to Rs 223.4 crore against Rs 171.76 crore in the same period a year ago. Total revenues rose around 33 per cent to Rs 756.45 crore in the fourth quarter against Rs 569.71 crore reported in the same period last year. "Despite a challenging quarter, there was an overall improvement in our performance in all parameters. While our net profit and income have increased, there have been a drop in the overall NPA (non-performing asset) level," IndusInd Bank Managing Director and Chief Executive Romesh Sobti told reporters while announcing the fourth quarter result. During the quarter under review, the bank reported a 20 per cent rise in net interest income (NII) to Rs 464.40 crore against Rs 388.08 crore reported a year earlier. Similarly, total non-interest income grew by 61 per cent to Rs 292.05 crore during the period from 181.63 crore reported a year ago. However, there was a drop in the net interest margin (NIM) to 3.29 per cent in the Jan-March period against 3.50 per cent reported a year earlier. On the NPA front, gross NPA dropped to 0.98 per cent from 1.01 per cent and net NPA declined to 0.27 per cent from 0.28 per cent reported a year earlier. The bank has reported a 39 per cent rise in net profit to Rs 802.61 crore in FY12 from Rs 577.32 crore in FY11. Total income during the last financial year grew by 30 per cent to Rs 2,716.03 crore as against Rs 2,090.15 crore reported in the same period last year. Net NPA of the lender for the full fiscal stood at 0.27 per cent compared to 0.28 per cent a year earlier.

Maharashtra State Co-operative Bank gets RBI licence

New Delhi: The Reserve Bank of India (RBI) has today issued banking license to the Maharashtra State Co-operative Bank. The state government had written to the Centre to extend by two months the March 31 deadline set by the RBI for 11 District Central Co-operative Banks and the State Co-operative Bank to obtain the banking licence. Rakesh Mohan Committee recommendations, accepted by the Union Finance Ministry, make it mandatory for all the cooperative banks to get a licence before the deadline. Across the country, there are 134 banks which do not have licence from RBI. If the banks are unable to get the licence before the deadline, they will have to become a cooperative credit society, or merge with another bank. Maharashtra State Co-operative Bank and 11 district central cooperative banks were functioning without banking licence so far. On May 28 last year, the RBI, on the recommendation of Nabard, had dissolved the board of directors of Maharashtra State Co-operative Bank, for financial irregularities.

Religare gets R2 license for health insurance biz

New Delhi: Healthcare and financial services major Religare Enterprises today said its health insurance company has received R2 license from the Insurance Regulatory Development Authority. "We are pleased to move a step closer to launching our operations, and are in a complete state of preparedness for the same," Religare Health Insurance Managing Director and Chief Executive Officer Anuj Gulati said in a statement. Religare Health Insurance is a joint venture between Religare Enterprises, Union Bank of India and Corporation Bank. Religare is present in the life insurance segment and has a partnership with Dutch insurer Aegon. The Delhi-based firm will be the fourth standalone health insurance firm.

BMW introduces training programme for its customers

Gurgaon: BMW India has introduced the BMW Driver Training programme in India for BMW customers and prospects.
Initially, the BMW Driver Training programme will be conducted in Delhi NCR and Chennai.
BMW India dealerships in Delhi, Gurgaon and Chennai will identify BMW owners and prospective buyers who are interested in participating in the BMW Driver Training programme.
Dr Andreas Schaaf, President, BMW Group India said, “BMW Driver Training is a signature training
programme to improve the driving skills, handling, reaction time and awareness of BMW customers. The aim was, and remains, to provide an opportunity to know the capabilities of a BMW better and experience the superior BMW technology. The BMW Driver Training programme is designed to help customers to overcome potential hazards in day-to-day driving.”
Drawing on the extensive experience and in-depth expertise, instructors take the customers through various driving techniques starting from basics such as the correct seating position and steering wheel posture to the appropriate steering technique, avoidance manoeuvres, emergency and target braking, dynamic lane changes and deliberately induced understeering or oversteering on bends.
“BMW Driver Training programme focuses on the challenges posed everyday on the road. It helps the driver to retain composure and remain clear headed, as well as apply the knowledge in critical situations. BMW Driver Training programme provides the ideal foundation for increasing the necessary self-confidence as well as enhancing the pleasure of everyday driving. With small groups and under the guidance of experienced instructors, the drivers get an excellent basis for developing a confident approach to driving.” Schaaf added.
Through the BMW Driver Training programme, drivers are able to get a better feel of how to react calmly in unexpected situations. By practising a range of safety exercises; and dynamic techniques in the BMW Driver Training programme, customers experience both Sheer Driving Pleasure and develop an expert control over the vehicle.

Hyundai Motors gets a new MD for India operations

Chennai: Country’s second largest car manufacturer and the largest passenger car exporter, Hyundai Motors recently announced a change in its management with the appointment of Bo Shin Seo as the new Managing Director.
Prior to his elevation as MD, Seo was Executive Director Production -- a position that he held for the past two years.
Seo, took over from Han Woo Park who returned to Korea as Chief Financial Officer of Kia Motors.
“I look forward to taking Hyundai Motor India to newer heights and working closely with the extended
Hyundai family,” Seo said.
Speaking about his tenure in India Park said, “I have lived 9 years in India, my long association with HMIL has provided me with an immense amount of learning. I am confident that HMIL will go from strength to strength under Seo’s leadership,”
Seo is an engineer by training, in his distinguished career he has been Hyundai’s Production Head at its state-of-the-art Alabama plant in the USA.

Microsoft’s Cloud Computing to create over 2 million Jobs

New Delhi: According to a study conducted by IDC on behalf of Microsoft cloud computing will generate over 2 million jobs in the country by 2015. The findings predict that cloud will generate nearly 14 million new jobs worldwide in the same time.
More than 50 per cent of these jobs will be generated in the small and medium businesses. Further, more than two million jobs each will be generated in the ‘communications and media’ and manufacturing sectors, followed by banking at over 1.4 million. Pointing to the strong linkage between cloud, innovation and entrepreneurship, the study estimates that revenues from cloud innovation could reach $1.1 trillion per year by 2015. Combined with cloud efficiencies, this will drive significant organizational reinvestment and job growth.
Cloud computing is already changing how IT delivers economic value to countries, cities, industries, and businesses. IDC estimates that in 2011 alone, IT cloud services helped businesses around the world generate more than $600 billion in revenue and 1.5 million new jobs. Further, the spending on public cloud IT services in 2011 stood at $28 billion, while the total spending on IT products and services was $1.7 trillion.
The study also indicates that countries investing in key cloud infrastructure will experience greater job growth. The factors determining the number of jobs that might be created in a particular country include projected level of spending on IT, degree of automation, workforce size amongst others.
“For most organisations, cloud computing is a no-brainer when considering it enables massive return on investment and flexibility,” said John F Gantz, Chief Research Officer and Senior Vice President at IDC. “A common misperception is cloud computing is a job eliminator, but in truth it will be a job creator — a major one. And job growth will occur across continents and throughout organisations of all sizes because emerging markets, small cities and small businesses have the same access to cloud benefits as large enterprises or developed nations.”
Floris van Heist, GM, Business & Marketing, Microsoft Corp said, “Cloud computing poses a compelling opportunity for businesses and governments around the world. India is uniquely poised to leverage this opportunity with factors like an unparalleled ecosystem of developers, ISVs and SIs, no legacy IT systems and a high growth rate of economy contributing towards growth of cloud computing. Microsoft is playing a key role in the cloud space to help businesses realize their full potential and move Governments closer to their vision.”

Citibank Launches ‘Citibanking’

Mumbai: Citibank India recently announced the launch of ‘Citibanking’, a new retail banking proposition for its consumers. Citibanking will offer unprecedented global access, increased convenience, connectivity and personalisation for everyday banking needs.
It is designed for customers who are upwardly mobile and maintain a relationship value of a minimum Rs. 200,000 with the Bank.
Basis McKinsey India estimates, the emerging affluent segment in India constitutes of 16 million households with 37 per cent in the top 14 cities - Mumbai, Delhi, Bangalore, Kolkata, Chennai, Hyderabad, Pune, Nagpur, Surat, Baroda, Ahmedabad, Visakhapatnam, Chandigarh and Kochi. This segment primarily consists of salaried professionals and also includes 35-40 per cent of self employed individuals, with an annual income ranging from Rs. 300,000 to Rs. 1,500,000. The segment is expected to grow at a CAGR of 9 per cent, while the revenue pool currently at Rs. 25,000 crore ($5 billion), is expected to grow at a CAGR of 16 per cent.
On the occasion of the launch of Citibanking, Anand Selva, Country Business Manager, Global Consumer Group, Citi India said, “We are delighted to launch a market first value proposition for emerging affluent consumers in India. The Citibanking offering, created through extensive research, demonstrates our commitment to address the increasingly changing needs of this segment. With this launch, we have personalized and customised offerings for our customers across the wealth continuum - starting with salaried accounts (Suvidha); the newly defined emerging affluent (Citibanking), the affluent (Citigold), the high net worth individuals (Citigold Select) and the ultra high net worth individuals (Citi Private Bank)”
“We are focused on executing our segment-led strategy to grow our retail banking franchise in India in the areas of cards, payment solutions, wealth management, mortgages and unsecured loans. We aim to set new benchmarks with strong value propositions with the launch of innovative products & services, to meet the aspirations of our customers”, concluded Anand.
Announcing the launch of Citibanking, Sandeep Bhalla, Head-Retail Banking, Citi India said; “We conducted an in-depth research to identify the specific banking needs of the emerging affluent, a segment that has significantly grown over the last decade. Consumers in this segment embrace technology in every aspect of their lives and are increasingly leading a global lifestyle. Waiting is no longer an option. They want a bank that values their time, offers world-class digital banking services and supports their global banking and investing needs. Citibanking seeks to deliver all of these and make banking convenient. It’s time to Rethink Banking.”
Citibanking was thoughtfully developed with customer feedback from an extensive survey of 8,000 emerging affluent individuals across seven Asia Pacific markets (India, Hong Kong, Singapore, Indonesia, Taiwan, Malaysia and Korea).

US food giant McCormik enters Indian market

New Delhi: US food giant McCormick and Company signed a joint- venture with country’s major basmati rice supplier Kohinoor foods and marked its entry in packaged food business.
Satish Rao, Managing Director of the venture in India today said, “This is an exciting strategic initiative and enables McCormick to expand its flavor business into India. Key growth drivers for this business are distribution expansion, product innovation and brand building investment.”
He also said that the company is targeting sales of around $85 million in the first year of operation.
Alan Wilson, Chairman McCormick on his visit said, “Our mission is not only to grow Kohinoor’s basmati rice business but also to expand it further in a big way through other food categories that deliver flavor like cooking ingredients and convenience food.”
Talking about Indian markets Wilson, said, “India is a top priority market for McCormick and is in line with our emerging market growth strategy. We foresee India to be a significant business for McCormick in 10 years and the company has been participating in the Indian economy for more than 100 years beginning with sourcing of pepper and other flavor ingredients from the country for international markets.”
So far McCormick has invested more than $150 million in India, he added.
While talking to reporters, Gurnaam Arora MD Kohinoor foods said that his company enjoys a market share of 25 per cent of organised rice retail.
The joint-venture Kohinoor Speciality Foods India Private Ltd., is in the

ratio of 85:15 between McCormick and Kohinoor.

PNB’s profit grows by 12.1 per cent, to decide on interest rates as per market trend

New Delhi: Country’s leading public sector bank, PNB today announced its results for the quarter ending on September’ 11 and said that they are waiting for market reactions to decide on increasing savings interest rates.

The bank registered a growth of 12.1 per cent in the net profit reaching to Rs 1205 crore as compared to a profit of Rs 1075 crore in second quarter of FY’11.
A growth of 22.5 per cent in total business of bank and 25 per cent in deposits was recorded in second quarter for the present financial year compared to the second quarter of previous year.
The total income of the bank rose by 37.2 per cent to Rs 9841 crore due to healthy growth of 38.7 per cent in interest income which reached Rs.8952 crore in the second quarter.
In the loans segment, the retail loans by 20.2 per cent on YoY basis and crossed Rs 24,000 crore at end September’11. On the other hand credit to MSME sector grew by 22.7 per cent to more than Rs 49,000 crore as at end September’11.
Talking about increase in deposit rates PNB Chairman and Managing Director KR Kamath told the reporters that "We are waiting for larger market players to react. Once more number of banks announce (new rate), our ALCO (asset liability committee) will take a call."
PNB currently offers an interest rate of 4 per cent on savings bank account, as was mandated by RBI.
But RBI last week had freed the banks to decide interest rate on their savings bank account.
Following this few private sector players raised their interest rates up to 6 per cent on their deposits of over Rs 1 lakh.
Talking about overseas plans of PNB, the bank said that it is upgrading its offices at Norway and China into branches, and is also exploring possibilities in Maldives, Bangladesh, Brazil and Singapore.
At present PNB's branch network stands at 5,300 with more than 5,600 ATMs.

ONGC net profit in Q2 jumps to 60%

New Delhi: State run oil exploration major, ONGC today announced a jump of 60.4 per cent in net profit of quarter ending on September, 11 compared to quarter – 2 of previous financial year.

With the support of lower subsidy payments and gains from high crude oil and gas prices, ONGC’s net profit for its fiscal second quarter ended September rose to Rs 8,642 crore, compared to Rs 5,389 crore in the previous financial year.
The net sales rose to Rs Rs 22,620 crore from Rs 18,190 in the previous financial year.
ONGC also made three new discoveries during the second quarter and one more in October'11 totaling to nine discoveries (five were made in the quarter ending in June, 11) so far in this fiscal. All these discoveries have been notified to DGH.
ONGC is required to partially subsidise crude oil sales to state-run refiners, which in turn sell fuel products at state-set, below-market prices.
The company holds 30 per cent stake in the Cairn-operated oil and gas fields in western India, also gave its nod for London-based miner Vedanta Resources' deal to buy a majority stake in Cairn India, subject to royalty payments being shared between the two partners.
It is expecting to get about Rs 1,900 crore on account of royalty recovery from Cairn India's Rajasthan blocks.
"The total recovery will be about Rs 2,500 crores. After tax, it should be about Rs 1,900 crores," ONGC Chairman Sudhir Vasudeva told reporters, adding this would be accounted for in the December quarter.

IDBI Mutual Fund launches gold exchange traded fund

Mumbai: IDBI Mutual Fund has launched 'IDBI Gold ETF', an open-

ended gold exchange traded fund. The new fund offer (NFO) will open for subscription on October 19 and will close on November two.

The date of allotment of units under the Fund would be November 10. The minimum application amount during NFO will be Rs 10,000 and in multiples of Re one, thereafter for all investors directly with the Mutual Fund.
The Fund will invest in physical gold and track gold prices. The benchmark for the fund would be domestic price of gold. The investment objective of the Fund is to replicate the performance of gold. It will seek to achieve the investment objective by minimizing the tracking error.
Talking to reporters here, RM Malla, Chairman and MD of IDBI Bank Ltd and Chairman of IDBI Asset Management Ltd, said "We, at IDBI Mutual Fund, see investment in gold as a component of prudent diversification to hedge against uncertainties, inflation and for long term benefits."
Debasish Mallick MD and CEO, IDBI Asset Management Ltd said "Gold Exchange Traded Funds (ETFs) track the price of physical gold in the domestic market and are very transparent and liquid investment products. IDBI Gold ETF units are proposed to be listed on NSE and BSE to impart liquidity.
Reputed Bullion Dealers have been appointed as market makers to provide buy-sell quotes in the markets on a regular basis. IDBI MF will also offer direct buy-sell options at NAV related prices for investments of 1000 units and above. Gold has generated consistent returns over times. It is a 'must-have' asset in any portfolio."

Tata Indicom integrates into Tata Docomo, launches Photon Max

Kolkata: In order to provide a wholesome and totally integrated data base services to its wide pool of customers, Tata Teleservices Limited (TTL) announced the 'total integration' of all its services under the single brand name of ‘Tata Docomo’.

Announcing this TTL Regional Head (East), Mahesh Thampi informed the media that under the new brand identity the company would now leverage its diversified products and services to customers in a unified manner using both the GSM and CDMA platforms.
Claiming that the new strategy was aimed to ensure speedy growth of improved services,
Thampi said currently as much as 25 per cent of TTL's revenue was being generated from high speed data services only, while the rest was coming from voice recorders and other services.
Further elaborating about the new plans of the company, he said the new portfolio of products, applications and solutions would not only allow the consumers to access cutting edge voice and data services, but also enable them to enjoy content of their choice and avail a host of solutions ranging from life and lifestyle assistance services.
Since all the Tata Indicom customers would now seamlessly be transferred into the integrated services of Tata Docomo, all of them would be able to utilise its facilities including the spectrums, retail touch phones and the digital footprints, etc., he said.
In order to increase its presence across the country under the new brand identity, Tata Docomo would be having about 3,500 new outlets across the country including 400 in eastern region; he informed but refused to shed any light on the size of possible investment in this regard.
The company also launched a 6.2 mbps mobile broadbad access product called 'Photon Max' on the CDMA platform for its consumers in Kolkata and its neighbouhood.
Reiterating that the new service would be available in all cities and towns across India soon Thampi said initially the Photon Max would be released under two schemes under an introductory offer prices of Rs 1999 with a minimum monthly rental of Rs 750.

NIC registers a profit of Rs 75 crore

Visakhaptnam: General insurance major, National Insurance Company (NIC) announced that the company earned a profit of Rs 75 crore for the year 2010-11.

Addressing a press conference after inaugurating the 26th Regional Office here, Chairman and Managing Director NSR Chandra Prasad said the company had set a target of Rs 8080 crore for the year 2011-12 and had already achieved business of Rs 3670 crore in the first six months.
It had clocked a business of Rs 6,245 crore last year and had tied up with companies like Maruti, Hero Honda, Ashok layeland tata Motors and others.
He said that the company tied up with the Maharastra Government for their health insurance scheme – Rajiv Gandhi Jeevan Aarogya Scheme which was being implemented in eight districts.
It plans to set up second regional office in Jodhpur in Rajasthan, third regional office at New Delhi and at present it has 1350 branches and 26 regional offices across the country.
The company also plans introduce new products---Credit Insurance Product and Agricultural insurance product soon.

JSW Steel reports net profit of Rs 127.12 crs in Q2

New Delhi: JSW Steel Limited reported net profit of Rs.127.12 crores for second quarter of FY12, on standalone basis. The company stated that its profit would have been much higher had the production not cut due to severe iron ore shortage and also the forex translation losses of Rs 512.98 crores due to adverse movement in rupee dollar parity.

The turnover and net sales for the quarter stood at Rs 8,242.55 crores and Rs 7,625.06 crores, respectively, showing a growth of 33 per cent over the corresponding quarter of the previous year, mainly due to higher volume and improved sales realization. The EBIDTA for the quarter is Rs 1,332.95 crores up by 15 per cent over the corresponding quarter of the previous year. The company has posted a net profit after tax of Rs 127.12 crores after considering foreign exchange translation losses.
During the current quarter, company achieved production of crude steel of 1.738 million tonnes. Production volume grew by 11 per cent in crude steel, 2 per cent in rolled flat products and 30 per cent in rolled long products relative to that of corresponding quarter of the previous year.
Company’s production was lower at least by 4,50,000 tonnes due to acute shortage of iron ore and higher procurement cost of iron ore also increased the cost of production of steel by about Rs 1500 per tonne during the quarter.
It achieved quarterly sales volume of 1.882 million tonnes, 19 per cent growth in sales volume and 33 per cent in Net sales value, compared to that of corresponding quarter of the previous year.
The Company has been facing for the past few months severe shortage of Iron ore due to banning of Iron-ore mining in the State of Karnataka by the Honorable Supreme Court of India. This problem of acute shortage of Iron-ore was further accentuated in Sept.'2011 when there was delay in the implementation of the Honorable Supreme Court’s directive to make available Iron-ore to the Steel Companies from stock piles and NMDC production through E Auction. This led to a steep drop of 28 per cent in crude steel production in Sept.'2011 as compared to August'11, as the Company cut down its production at Vijayanagar Works to 30 per cent in the last week of Sept.'2011
The Company’s Vijayanagar Works secured 1.924 million tonnes and Salem Works secured 0.156 million tonnes of Iron-ore in the E Auctions conducted so far by the ‘Monitoring Committee; against which the Iron ore received at site is only around 18 per cent of total material procured by Vijayanagar Works in E-Auctions. The Company is yet to improve capacity utilization significantly from existing levels as the receipt of E-Auction material is taking considerably longer time due to procedural delays and logistical constraints.

L&T reports 20% growth in revenue in Q2

New Delhi: Larsen & Toubro reported a Gross Revenue of Rs 11375 crore for the quarter ended September 30, 2011, registering a growth of 20 per cent y-o-y.
Order inflow of Rs 16096 crore during the quarter took company's order books to Rs 142185 crore as on September 30, 2011.
Despite the current slowdown in new investment decisions in many industries, and uncertainty in global markets, the Company succeeded in garnering orders against stiff competition, mainly from Building & Factories, Hydrocarbon, Minerals & Metals and Power Transmission and Distribution sectors.
Profit after Tax (PAT) for the quarter from ordinary activities stood at Rs 798 crore recording an increase of 15 per cent over the corresponding quarter of the previous year.
The Engineering & Construction segment achieved Gross Revenue of Rs 9,704 crore for the quarter ended September 30, 2011 registering a growth of 21 per cent y-o-y. Execution of various ongoing projects is progressing as per schedule.
During the quarter, the segment secured orders totaling to Rs 14,552 crore with International orders constituting 35 per cent of the total order inflow. The segment margin at 10.7 per cent during the quarter was maintained almost at the same level seen in the immediately preceding quarter, despite an unabated increase in key input costs.
The Order Book of the segment stood at a healthy Rs 1,39,891 crore as at September 30, 2011. The segment recorded an operating margin of 11.9 per cent during the quarter ended September 30, 2011 aided by efficient project management and execution.
The Machinery and Industrial Products segment recorded Gross Revenue of Rs 666 crore during the quarter ended September 30, 2011 on the back of a general downtrend in the industrial off-take. The segment earned an operating margin of 17.7 per cent during the quarter ended September 30, 2011 mainly contributed by the Construction & Mining Machinery Business.
The current slowdown in investment momentum witnessed in almost all sectors of the economy, is constraining growth opportunities. Intensifying competition, high inflation, elevated interest rates, volatile financial markets and delayed policy intervention are posing considerable challenge for the decision-makers. Irrational pricing offered in the market place for the limited pie of opportunity, is yet another factor to reckon in selection of remunerative projects to participate in.
While keeping itself ever agile to win every worthwhile prospect meriting attention, be it in the domestic or in the international market, the Company is focused on timely execution of its large order book.
In the medium term, the company sees itself in a strong position to maintain its revenue growth trajectory and stay totally prepared to benefit from opportunities when they materialise.

PNB bags best bank award

New Delhi: One of India’s premier banking institution, Punjab National Bank (PNB) has been conferred with the ‘Best Bank Award – 2011’ among all the banks in the country.

The award was received KR Kamath CMD PNB, from the hands of C Rangarajan Chairman

Prime Minister’s Economic Advisory Council.
Speaking on the occasion, Rangarajan said that the best way to promote excellence is to honour persons and institutions who are excellent and added that the year 2011 was a difficult year and getting the ‘Best Bank Award’ for the year is a remarkable achievement.
Chairman, Bank of Baroda and also the Chairman of the Jury MD Mallya observed that while selecting the Best Bank, the Jury went beyond the numbers also. He said that Kamath has the qualities of a leader to lead a large Bank like PNB in the long term, and has built the team.
On receiving the honour, Kamath said that PNB has a rich legacy and a large franchise of loyal
customers. Technology is an important strength of PNB and it transacts 5 million transaction per
day and has also developed 22 risk rating models in house.
The bank will be recruiting ten thousand employees this year, he added.
While concluding his speech he said “the best in us is yet to come”.
The function was also attended by Rakesh Sethi and Usha Ananthasubramanian, EDs, PNB. The other dignitaries present on the occasion were MV Nair CMD Union Bank of India, MV Tanksale CMD Central Bank of India.

MTS to launch international data roaming for CDMA prepaid customers

Gurgaon: Sistema Shyam TeleServices Limited (SSTL) that nationally operates its telecom services under the MTS brand with over 13 million wireless customers launched international roaming services for its prepaid subscribers enabling them to roam across 433 GSM networks in 231 countries.

The company has also launched a dual mode sim cards which would work both on GSM handsets while abroad and on CDMA handsets while in India. With this MTS has become the first telecom operator in the country to provide international data roaming for CDMA prepaid customers.
Leonid Musatov chief marketing & sales officer, MTS India said we at MTS are always looking at innovation in our products and services to enhance customer experience. With a view to enhance connectivity and convenience, we have now introduced international roaming services for our customers. This would enable our customers to stay connected while traveling abroad without changing their phone numbers and also enjoy seamless data connectivity on the go, internationally.
Post the initial activation of international roaming service, customers can simply dial MTS customer care to activate or deactivate international roaming on their MTS mobile numbers.
MACH’s inter-standard roaming solution will enable CDMA operators around the world to provide their pre-paid and post-paid customers with seamless access to international roaming on GSM and high-speed 3G networks and other wireless technologies.
It is both quick and easy to implement, providing a cost-effective extension of network coverage and reducing customer churn.
MACH provides services to telecom operators with roaming, interconnect, messaging, and direct billing solutions. It is the largest provider of data and financial clearing solutions for wireless roaming and operates the globe’s largest and fastest growing open connectivity roaming hub, Link2One.