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Journalism of Courage
SBI-Moody8217;s annual tryst
MUMBAI: State Bank of India will have its annual tryst with Moody8217;s Investors Service on Monday, when bank chairman G G Vaidya unveils the business plans for the next century before the global rating agency. The thrust of the bank8217;s strategy is to boost the non-interest income in the face of declining spread on advances and containing its net non-performing assets NPAs level to 5 per cent from the current level of 6.2 per cent. The bank aims to raise its fee-based income from Rs 2,820 crore in March 1998 to Rs 4,000 crore by fiscal 2001.
Aviance launch
MUMBAI: Aviance, a new international range of customised complete beauty solutions, has been launched by HindustanLever Ltd HLL. The Aviance skincare and beauty cosmetics portfolio of 70 products will be made available through trained consultants in a unique interactive module.
Developed at the Unilever Beauty and Skin Innovation Centre, USA, the range consists of Unilever formulations selected from across the world for suitability to Indian skin types and weather conditions. It will be available directly to consumers through trained beauty consultants, who will recommend customised beauty regimes based on the consumer8217;s specific needs.
Steel outlay
NEW DELHI: The plan outlay for the steel sector was higher at Rs 2082.40 crore against Rs 1839.93 crore in the previous year. However, no allocation was made for the revival of the ailing Indian Iron and Steel Company Limited IISCO. The previous year, Rs 10 crore was provided for IISCO.
Steel Authority of India SAIL was provided with an outlay of Rs 1107 crore against Rs 1440 crore in the previous year. Sail has six major steel plants located at Bokaro,Bhilai, Rourkela, Durgapur, Alloy Steel Plant and Salem steel plants. IISCO, which owns an integrated steel plant at Burnpur, is the subsidiary of SAIL. The plan outlay of another PSU, Rashtriya Ispat Nigam Limited RINL, was substantially increased to Rs 232.27 crore against Rs 55.89 crore the previous year.
Plan outlay up
NEW DELHI: The plan outlay for the state-owned National Aluminium Company Limited Nalco has been raised to Rs 852.30 crore against Rs 257.15 crore provided during 1998-99. The higher outlay was mainly for expansion of its facilities of bauxite mine, alumina refinery, replacement and renewals.
Another public sector, the Bharat Aluminium Company Limited Balco, was provided with a higher allocation of Rs 130.61 crore against Rs 38.26 crore in the previous year. The outlay is meant for its continuing schemes, new schemes, replacements and renewals. In the case of Hindustan Zinc Limited HZL, the allocation was increased to Rs 177 crore against Rs 110 crore made in theprevious year. The allocation was more than doubled for Hindustan Copper Limited HCL from Rs 20 crore to Rs 43 crore for the purpose of replacement of equipment and modernisation of the plant.
Microsoft India
HYDERABAD: The Microsoft India Development Centre set up with an initial investment of 3 million at the hi-tech city here was inaugurated by Andhra Pradesh Chief Minister N Chandrababu Naidu today.
