JM Morgan Stanley retail service in more cities
New Delhi: JM Morgan Stanley
has said that it plans to extend its retail financial services in five more cities this
fiscal and plans to distribute insurance products once the Insurance Regulatory and
Development Authority (IRDA) comes up with necessary guidelines.
J M Morgan Stanley direct, the retail services arm of the leading investment bank, plans
to open offices in Chennai, Pune, Hyderabad, Bangalore and Ahmedabad by March 31, 2001.
The retail facility had been launched in Mumbai, New Delhi and Kolkata.
JMMS direct chief executive officer
Mr. Pallav Sinha has said that the company
will leverage strengths of its group companies in the areas of investment banking and
research to retail clients. The company now offers share-broking, borrowing and lending in
securities system, automated lending borrowing mechanism, mutual funds and initial public
offers to retail clients. JMMS currently has a network for 6,000 brokers and sub-brokers
in the country.
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DPC invokes counter guarantee
for the second time
Mumbai: The Dabhol Power Company (DPC) has invoked the central governments
counter guarantee for the second time after the Maharashtra State Electricity Board (MSEB)
failed to pay dues of Rs 102 crore towards its bill for December 2000. The company had
earlier invoked the state governments guarantee to get the dues. MSEB owes DPC Rs
229 crore - Rs 102 crore for the December 2000 bill and Rs 127 crore for the January 2001
bill. The DPC had first invoked the counter guarantee on February 6 to recover Rs 79 crore
due on the November 2000 bill. The MSEB subsequently paid the amount.
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Centurions retail
assets stand at Rs 750 crore
Mumbai: Centurion Bank's retail assets have crossed the Rs 750 crore mark within last
two-and-a-half years of commencing operations. The retail portfolio does not however, auto
loans, which traditionally account for a huge portion of its retail book. Average
disbursals in two-wheeler finance stood at Rs 25 crore per month. In the first year of its
launch in 1999, the bank disbursed Rs 67 crore while in 2000, this figure stood at Rs 192
crore and is expected to cross Rs 294 crore by end-March 2001.
Mr. Ashok Khanna, executive director
of Centurion Bank's for retail assets has said that bank built up a book-size of Rs 192
crore in the two-wheeler business, and Rs 240 crore in retail trade finance. Altogether,
the retail division's asset financing has a total book size of Rs 750 crore, comprising
commercial vehicle financing, construction equipment; two-wheelers and retail trade; and
channel financing without venturing into auto-financing.
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REC plans bond issue
Mumbai: The Rural Electrification Corporation (REC) plans to hit the bond market with
a capital gains exempt bond in the next fiscal. REC is examining the bond option,
following the grant of capital gains exemption to its borrowing in the Union Budget
2001-'02. The modalities of bond issue will be worked out only after the Finance Bill 2001
is passed in April. REC is planning to appoint appropriate consultants for the bond issue
after the Bill is passed. The corporation is expected to be in the region of Rs 1500 crore
to Rs 2000 crore.
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NPPA brings down 5 drug prices
New Delhi: The National Pharmaceutical Pricing Authority (NPPA) has made a downward
revision in the prices of bulk drugs - Potassium Pencillin G (first crystal), Sodium
Pencillin G, Benzethine Pencillin G, Procaine Pencillin G and Ranitidine Hcl. In the case
of Potassium Pencillin G, prices have been reduced from Rs 1,025 to Rs 727, Sodium
Pencillin G from Rs 1,733 to Rs 1,094, Benzethine Pencillin G from Rs 3,217 to Rs 2,591,
Procaine Pencillin G from Rs 1,820 to Rs 1,323 and Ranitidine Hcl from Rs 1,255 to Rs
1,061.
The revised notified prices will
become effective within 15 days from the date of notification in the official gazette.
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Private sector steel
output goes up by 44.29 percent
New Delhi: Sustaining the growth trend witnessed over the last five
years, steel production in the private sector has risen by 44.29 per cent to 18.18 million
tonnes in 1999-2000 from 12.6 million tonnes in 1995-96. Steel production in 1996-97,
1997-98 and 1998-99 stood at 14.2, 14.83 and 16.18 million tonnes respectively.
The production in the public sector had been more or less constant over the last five
years and contributed 8.53 million tonnes of the national production of 26.71 million
tonnes in 1999-2000. The public sector steel output in the previous four years was 7.54,
8.54, 8.5 and 8.8 million tonnes respectively.
The country's total production
stood at 23.82 million in 1998-99, 23.37 million 1997-98 and 22.7 million in 1996-97, 21.4
million in 1995-96.
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