SpArK
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Indian Economy-News & Updates
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SpArK
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Takaful Emarat ties up with Reliance Asset Management (Malaysia) Sdn. Bhd. to make world class Shariah-Compliant funds accessible to its customers throughout UAE
Takaful Emarat ties up with Reliance Asset Management (Malaysia) Sdn. Bhd. to make world class Shariah-Compliant funds accessible to its customers throughout UAE - Zawya
Takaful Emarat ties up with Reliance Asset Management (Malaysia) Sdn. Bhd. to make world class Shariah-Compliant funds accessible to its customers throughout UAE - Zawya
SpArK
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Dubai’s EZW, India Club explore trade opportunities
Dubai, Apr 24:
Senior officials from Dubai’s Economic Zones World (EZW) at the India Club, the oldest Indian business and cultural organization here, discussed expansion of commercial ties with India and opening of new avenues of cooperation and investments in many key sectors.
Economic Zones World Chairman, Mr Hisham Al Shirawi said that the Indian business community in Dubai has been an important contributor of the domestic economy and played a vital role in the process of nation-building for decades.
He was invited to the annual Member Networking Centre Lunch as Chief Guest Speaker where he talked to a group of 200 businessmen and community leaders.
Economic Zones World is home to 693 Indian companies with 679 companies based in Jafza while the rest are in Ducamz and Textile City.
Last year, there were 65,303 Indians working in the Jebel Ali Free Zone.
India is Dubai’s largest trading partner. According to Dubai World’s Statistics Department, the non-oil trade between Dubai and India in 2010 reached a record 183 billion dirhams, twice the figures achieved in 2009.
Imports from the country were valued at 88 billion dirhams, 16 per cent of Dubai’s total imports, while exports and re-exports stood at 43 billion dirhams and 52 billion dirhams respectively.
Non-oil trade between Jafza and India was valued at AED 12.77 billion in 2010, registering a jump of 25% compared to 2009 figures.
“Dubai and Jafza’s business friendly policies and its highly developed and sophisticated infrastructure, and logistics framework have attracted Indian companies since the free zone’s inception 26 years ago.
“Our meeting with this established Indian organization is yet another step towards strengthening the existing relations with the country,” Mr Al Shirawi was quoted as saying in the statement.
According to him, EZW and India Club’s joint efforts will strengthen trade relations, facilitating and opening channels for other Indian companies looking to do business in the region.
The India Club Board of Trustees includes 20 major companies such as Air India, Jumbo Electronics, K M Brothers, and Regal Traders among others.
Business Line : Industry & Economy News : Dubai’s EZW, India Club explore trade opportunities
indopak
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RIL eyes over Rs 1.5 lakh cr investment in next five years
NEW DELHI: Setting its sight on a number of new businesses and expansion of existing ones, billionaire Mukesh Ambani-led Reliance Industries group may invest more than Rs 1,50,000 crore over the next five years.
The group is sitting on a huge cash pile of over Rs 42,000 crore that has nearly doubled in one year, and further money influx is expected in the next few months, while it might raise further funds from the market, mostly through overseas bonds and partly through project equity, sources said.
There might be major investments, totalling nearly Rs 1,00,000 crore, in the group's core businesses of petrochemicals and energy exploration and production over the next five years, they added.
Besides, business initiatives in telecom, power and financial services sectors would also witness investments worth at least Rs 50,000 crore in the next few years.
The group is working on various business expansion strategies for different segments and a consolidated view of these initiatives could be announced by the group chief Mukesh Ambani at RIL's Annual General Meeting on June 3.
In last year's AGM on June 18, 2010, Ambani had said that he was aiming to double the group's enterprise value in less than a decade, from an estimated USD 80 billion (Rs 3,70,000 crore) at that time.
RIL's cash balance stood at a record high level of Rs 42,393 crore at the end of last fiscal ended March 31, 2011, as against Rs 21,874 crore a year ago.
Besides, its debt-to-equity ratio is very low at 0.17 (meaning Rs 17 debt for every Rs 100 equity capital), which could allow it to raise significant debts whenever needed.
RIL raised USD 1.5 billion dollars through overseas bonds last year at very competitive rates.
RIL's revenue rose by 29 per cent in the fiscal to Rs 258,651 crore, while its net profit increased by 25 per cent to Rs 20,286 crore.
Sources said the group would look at both organic and inorganic growth opportunities in various businesses.
In a financial presentation after its full-year results last week, the company said it was "uniquely positioned to pursue organic and inorganic growth opportunities to meet its growth aspirations."
It also said that it had a "investment programme of over USD 10 billion to cater to domestic market" in petrochemicals business.
Earlier at an investor conference in February, RIL had projected investment totalling USD 25-30 billion (Rs 1,10,000-1,35,000 crore) for the next five years in its various businesses, including energy and telecom sectors.
NEW DELHI: Setting its sight on a number of new businesses and expansion of existing ones, billionaire Mukesh Ambani-led Reliance Industries group may invest more than Rs 1,50,000 crore over the next five years.
The group is sitting on a huge cash pile of over Rs 42,000 crore that has nearly doubled in one year, and further money influx is expected in the next few months, while it might raise further funds from the market, mostly through overseas bonds and partly through project equity, sources said.
There might be major investments, totalling nearly Rs 1,00,000 crore, in the group's core businesses of petrochemicals and energy exploration and production over the next five years, they added.
Besides, business initiatives in telecom, power and financial services sectors would also witness investments worth at least Rs 50,000 crore in the next few years.
The group is working on various business expansion strategies for different segments and a consolidated view of these initiatives could be announced by the group chief Mukesh Ambani at RIL's Annual General Meeting on June 3.
In last year's AGM on June 18, 2010, Ambani had said that he was aiming to double the group's enterprise value in less than a decade, from an estimated USD 80 billion (Rs 3,70,000 crore) at that time.
RIL's cash balance stood at a record high level of Rs 42,393 crore at the end of last fiscal ended March 31, 2011, as against Rs 21,874 crore a year ago.
Besides, its debt-to-equity ratio is very low at 0.17 (meaning Rs 17 debt for every Rs 100 equity capital), which could allow it to raise significant debts whenever needed.
RIL raised USD 1.5 billion dollars through overseas bonds last year at very competitive rates.
RIL's revenue rose by 29 per cent in the fiscal to Rs 258,651 crore, while its net profit increased by 25 per cent to Rs 20,286 crore.
Sources said the group would look at both organic and inorganic growth opportunities in various businesses.
In a financial presentation after its full-year results last week, the company said it was "uniquely positioned to pursue organic and inorganic growth opportunities to meet its growth aspirations."
It also said that it had a "investment programme of over USD 10 billion to cater to domestic market" in petrochemicals business.
Earlier at an investor conference in February, RIL had projected investment totalling USD 25-30 billion (Rs 1,10,000-1,35,000 crore) for the next five years in its various businesses, including energy and telecom sectors.
indopak
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Corporate, retail banking help boost Indian Bank's profit
Indian Bank continued its creditable performance during the year ended March 31, 2011 in all the key parameters. The directors have proposed a dividend of Rs. 7.50 per share of Rs. 10. It paid a dividend of Rs. 6.50 in the previous year.
Addressing presspersons here on Saturday, T. M. Bhasin, Chairman and Managing Director, said the bank registered a growth of 19.8 per cent in its operating profit at Rs. 3,292 crore against Rs. 2,747 crore in the previous year on a healthy growth in net interest income at Rs. 9,361 crore against Rs. 7,714 crore.
Total income improved by 16.8 per cent to Rs. 10,543 crore from Rs. 9,031 crore. Total expenditure, excluding provisions and contingencies, stood at Rs. 7,251.23 crore against Rs. 6,283.42 crore with interest expenditure accounting for Rs. 5,324.92 crore (Rs. 4,553.18 crore).
The bank has provided a sum Rs.92 crore towards transitional liability on a proportionate basis on employee benefits, Rs. 33.20 crore towards part of the additional gratuity fund requirement and a net sum of Rs. 153.06 crore towards additional pension fund liability.
After taking into account these provisions, the net profit has risen by 10.2 per cent to Rs. 1,714.07 crore from Rs.1,554.99 crore. Corporate banking and retail banking contributed significantly to the rise in net profit. Earnings per share improved to Rs. 38.79 from Rs. 35.09 and the book value to Rs. 184.44 from Rs. 156.66.
The overall business of the bank registered a growth of 20.3 per cent at Rs. 1,81,530 crore against Rs. 1,50,886 crore with deposits accounting for Rs. 1,05,804 crore (Rs. 88,228 crore) and advances Rs. 75,726 crore (Rs.62.568 crore), Mr. Bhasin said. Priority sector advances grew by 19.9 per cent to Rs. 25,.969 crore.
The net interest margin at 3.86 per cent (3.55 per cent), was the highest in the banking industry, Mr. Bhasin said.
The bank had made strenuous efforts to bring down non-performing assets and the ratio of net non-performing assets (NPA) to net advances stood at 0.53 per cent. During the year, total NPA recovery was Rs. 756.58 crore. The bank will continue its focus on recovery of NPAs and 2011-12 will be ‘the year of recovery', Mr. Bhasin said.
The capital adequacy ratio was comfortable at 13.56 per cent as per Basel II norms against 12.71 per cent in the year-ago period.
Financial inclusion
Under the financial inclusion plan 2010-12, the bank covered 1,010 villages as on March 31, 2011 and 1.53 lakh no-frill accounts were opened. Credit to MSME sector registered a growth of 15.8 per cent at Rs. 9.681 crore.
Under branch expansion, the bank opened 104 branches in India and a branch at Jaffna (Sri Lanka) taking the total to 1,860.
Indian Bank continued its creditable performance during the year ended March 31, 2011 in all the key parameters. The directors have proposed a dividend of Rs. 7.50 per share of Rs. 10. It paid a dividend of Rs. 6.50 in the previous year.
Addressing presspersons here on Saturday, T. M. Bhasin, Chairman and Managing Director, said the bank registered a growth of 19.8 per cent in its operating profit at Rs. 3,292 crore against Rs. 2,747 crore in the previous year on a healthy growth in net interest income at Rs. 9,361 crore against Rs. 7,714 crore.
Total income improved by 16.8 per cent to Rs. 10,543 crore from Rs. 9,031 crore. Total expenditure, excluding provisions and contingencies, stood at Rs. 7,251.23 crore against Rs. 6,283.42 crore with interest expenditure accounting for Rs. 5,324.92 crore (Rs. 4,553.18 crore).
The bank has provided a sum Rs.92 crore towards transitional liability on a proportionate basis on employee benefits, Rs. 33.20 crore towards part of the additional gratuity fund requirement and a net sum of Rs. 153.06 crore towards additional pension fund liability.
After taking into account these provisions, the net profit has risen by 10.2 per cent to Rs. 1,714.07 crore from Rs.1,554.99 crore. Corporate banking and retail banking contributed significantly to the rise in net profit. Earnings per share improved to Rs. 38.79 from Rs. 35.09 and the book value to Rs. 184.44 from Rs. 156.66.
The overall business of the bank registered a growth of 20.3 per cent at Rs. 1,81,530 crore against Rs. 1,50,886 crore with deposits accounting for Rs. 1,05,804 crore (Rs. 88,228 crore) and advances Rs. 75,726 crore (Rs.62.568 crore), Mr. Bhasin said. Priority sector advances grew by 19.9 per cent to Rs. 25,.969 crore.
The net interest margin at 3.86 per cent (3.55 per cent), was the highest in the banking industry, Mr. Bhasin said.
The bank had made strenuous efforts to bring down non-performing assets and the ratio of net non-performing assets (NPA) to net advances stood at 0.53 per cent. During the year, total NPA recovery was Rs. 756.58 crore. The bank will continue its focus on recovery of NPAs and 2011-12 will be ‘the year of recovery', Mr. Bhasin said.
The capital adequacy ratio was comfortable at 13.56 per cent as per Basel II norms against 12.71 per cent in the year-ago period.
Financial inclusion
Under the financial inclusion plan 2010-12, the bank covered 1,010 villages as on March 31, 2011 and 1.53 lakh no-frill accounts were opened. Credit to MSME sector registered a growth of 15.8 per cent at Rs. 9.681 crore.
Under branch expansion, the bank opened 104 branches in India and a branch at Jaffna (Sri Lanka) taking the total to 1,860.
indopak
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Gujarat to invest Rs 74,000 cr in ports to boost coastal trade
Drawing an ambitious Rs 74,240 crore plan for its ports in the next 10 years, Gujarat tops the list of eight coastal states that have proposed Rs 1.67 lakh crore projects to boost seaborne trade, in terms of investment.
"State wise analysis of proposed investment in projects indicate that investment in non-major ports of Gujarat at Rs 74,240.59 crore would be around 44 per cent of the total investments in non-major ports by March 2020," a Shipping Ministry official told PTI.
In a bid to boost coastal trade, eight maritime states in the country have drawn Rs 1.67 lakh crore investment plan to create an additional capacity of about 1,294 million tonnes (MT) in the next 10 years.
These states -- Gujarat, Maharashtra, Goa, Karnataka, Andhra Pradesh, Tamil Nadu, Kerala and Orissa house about 200 non-major ports possessing a capacity to handle 346.31 MT of Cargo at present.
After Gujarat, Andhra Pradesh has the highest investment plan for the period (2011-20) at Rs 33,540 crore followed by Rs 23,736 crore plan by Orissa.
Maharashtra, the official said has proposed Rs 20,417 crore investment in its non-major ports.
Most of the projects will be on public-private- partnership (PPP) or build, operate, transfer (BOT) basis, the official added.
He said that the private sector is likely to contribute 96 per cent of the project cost for non-major ports which come under the purview of the state governments.
Remaining requirement of Rs 3,678 crore is planned to be contributed by the state governments through internal resources, gross budgetary support etc.
The total volume of traffic handled by all the Indian ports during 2009-10 was 849.9 MT and non-major ports accounted for about one-third of the seaborne trade.
The projects include deepening of channels, construction of berths, rail-road connectivity etc.
The government has already announced an investment of over Rs one lakh crore in 13 major ports, majority of which will come from the private sector, to expand their capacity by 767.15 MT in the next 10 years.
The major ports' capacity was recorded at 616.73 MT on March 31, 2010.
India at present has 13 major ports - Mumbai, Jawaharlal Nehru Port Trust, Kolkata (with Haldia), Chennai, Visakhapatanam, Cochin, Paradip, New Mangalore, Marmagao, Ennore, Tuticorin, Kandla and Port Blair under the control of Centre. Non-major ports fall under the purview of states.
Earlier, this year, the government unveiled a new Maritime Agenda to take major and non-major ports capacity to 3,200 MT from 617 MT on March 31, 2010.
Drawing an ambitious Rs 74,240 crore plan for its ports in the next 10 years, Gujarat tops the list of eight coastal states that have proposed Rs 1.67 lakh crore projects to boost seaborne trade, in terms of investment.
"State wise analysis of proposed investment in projects indicate that investment in non-major ports of Gujarat at Rs 74,240.59 crore would be around 44 per cent of the total investments in non-major ports by March 2020," a Shipping Ministry official told PTI.
In a bid to boost coastal trade, eight maritime states in the country have drawn Rs 1.67 lakh crore investment plan to create an additional capacity of about 1,294 million tonnes (MT) in the next 10 years.
These states -- Gujarat, Maharashtra, Goa, Karnataka, Andhra Pradesh, Tamil Nadu, Kerala and Orissa house about 200 non-major ports possessing a capacity to handle 346.31 MT of Cargo at present.
After Gujarat, Andhra Pradesh has the highest investment plan for the period (2011-20) at Rs 33,540 crore followed by Rs 23,736 crore plan by Orissa.
Maharashtra, the official said has proposed Rs 20,417 crore investment in its non-major ports.
Most of the projects will be on public-private- partnership (PPP) or build, operate, transfer (BOT) basis, the official added.
He said that the private sector is likely to contribute 96 per cent of the project cost for non-major ports which come under the purview of the state governments.
Remaining requirement of Rs 3,678 crore is planned to be contributed by the state governments through internal resources, gross budgetary support etc.
The total volume of traffic handled by all the Indian ports during 2009-10 was 849.9 MT and non-major ports accounted for about one-third of the seaborne trade.
The projects include deepening of channels, construction of berths, rail-road connectivity etc.
The government has already announced an investment of over Rs one lakh crore in 13 major ports, majority of which will come from the private sector, to expand their capacity by 767.15 MT in the next 10 years.
The major ports' capacity was recorded at 616.73 MT on March 31, 2010.
India at present has 13 major ports - Mumbai, Jawaharlal Nehru Port Trust, Kolkata (with Haldia), Chennai, Visakhapatanam, Cochin, Paradip, New Mangalore, Marmagao, Ennore, Tuticorin, Kandla and Port Blair under the control of Centre. Non-major ports fall under the purview of states.
Earlier, this year, the government unveiled a new Maritime Agenda to take major and non-major ports capacity to 3,200 MT from 617 MT on March 31, 2010.
Not sure if this was mentioned earlier but I just realized we are now the tenth largest economy (april 2011 IMF figures). No more rants from certain members who reveled in the fact that we hadn't made it to top ten. onwards now mates
Vinod2070
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Mate, I think it shows India at the eleventh position after Canada.
I am waiting for the day when we will be bigger than each of these individual European countries. Should happen in the next 5-7 years if things remain on track.
PS: Sorry, looked at the wrong list. It seems India crossed Russia last year. Turn of Canada next.
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ITC, Ruchi Soya among 50 fastest growing global consumer product firms
Indias ITC Limited and Ruchi Soya Industries limited ranked #15 and #20 respectively among the 50 fastest growing consumer companies globally. The 4th annual Global powers of the consumer products industry 2011 Deloitte report highlights that compared to the 1.2 percent decline in sales that plagued the Top 250 as a whole, the 50 fastest growing companies increased sales at a composite rate of 18.2 percent. The fastest 50 list witnessed a long list this year of Asia/ Pacific and Latin American companies.
Indicative of the tough economic times, for the second year in a row, all but seven of the fastest growing companies were in the food, drink and tobacco or the electronic product sectors. Also, there were three companies in the personal and household products sector, two home improvement product companies, one tire manufacturer and one fashion good company amongst the fastest 50.
Currently, while India is represented by only two companies among the 50 fastest growing consumer product companies, there is a huge potential as large Indian conglomerates in the consumer business sector are witnessing strong growth due to growing consumerism and the modernization of Indian retailing, said Rajan Divekar, Senior Director, Deloitte in India. As the Indian retail industry modernizes, the cost of distribution is likely to fall, suppliers will have an incentive to invest in technology and consumers will gain access to cheaper, fresher and safer products.
the report suggests that the biggest single opportunity for global consumer product companies comes from the emerging middle classes in developing economies, with an estimated 70 million new consumers expected to enter the global middle classes each year. However, to fully exploit this opportunity, companies must prepare for radical innovation to deliver the right products at price points that are typically well below equivalent products in the developed world.
Notes to the editor
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK Private Company Limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see Home a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloittes more than 170,000 professionals are committed to becoming the standard of excellence.
Deloittes professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloittes professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.
ITC, Ruchi Soya among 50 fastest growing global consumer product firms
Indias ITC Limited and Ruchi Soya Industries limited ranked #15 and #20 respectively among the 50 fastest growing consumer companies globally. The 4th annual Global powers of the consumer products industry 2011 Deloitte report highlights that compared to the 1.2 percent decline in sales that plagued the Top 250 as a whole, the 50 fastest growing companies increased sales at a composite rate of 18.2 percent. The fastest 50 list witnessed a long list this year of Asia/ Pacific and Latin American companies.
Indicative of the tough economic times, for the second year in a row, all but seven of the fastest growing companies were in the food, drink and tobacco or the electronic product sectors. Also, there were three companies in the personal and household products sector, two home improvement product companies, one tire manufacturer and one fashion good company amongst the fastest 50.
Currently, while India is represented by only two companies among the 50 fastest growing consumer product companies, there is a huge potential as large Indian conglomerates in the consumer business sector are witnessing strong growth due to growing consumerism and the modernization of Indian retailing, said Rajan Divekar, Senior Director, Deloitte in India. As the Indian retail industry modernizes, the cost of distribution is likely to fall, suppliers will have an incentive to invest in technology and consumers will gain access to cheaper, fresher and safer products.
the report suggests that the biggest single opportunity for global consumer product companies comes from the emerging middle classes in developing economies, with an estimated 70 million new consumers expected to enter the global middle classes each year. However, to fully exploit this opportunity, companies must prepare for radical innovation to deliver the right products at price points that are typically well below equivalent products in the developed world.
Notes to the editor
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK Private Company Limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see Home a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloittes more than 170,000 professionals are committed to becoming the standard of excellence.
Deloittes professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from cultural diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloittes professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.
ITC, Ruchi Soya among 50 fastest growing global consumer product firms
SpArK
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Bharat Electronics Ltd sales turnover touches Rs 5,550 crore
BANGALORE: Defence PSU, Bharat Electronics Limited (BEL) on Tuesday announced that its sales turnover had increased to Rs 5,550 in 2010-11 (provisional) from Rs 5,220 crore in 2009-10, registering a growth of 6.3 per cent.
The estimated Profit Before Tax is Rs 1,120 crore as against Rs 1,045 crore in 2009-10, Ashwani Kumar Datt, CMD, BEL said adding that the audited results were still awaited.
The PSU registered a growth of 77 per cent in its exports turnover from USD 23.65 million in 2009-10 to USD 41.89 million during 2010-11, he told media while announcing the company's performance highlights during the year. "Exports did better than targetted", he said.
All units continued to achieve profits, he said. BEL's order book grew from Rs 11,350 crore to Rs 23,600 crore as on April 1, 2011.
Supplies to defence contributed to 80 per cent of the turnover. The turnover from indigeneously developed products was 78 per cent.
Weapon Systems on account of Akash contributed to four per cent of the turnover and the segment was expected to grow in futrue. Communication contributed to 18 per cent.
The new products for the year included Akash weapon system, Humsa-NG, Semi Ruggedised Automatic Exchange, Lower Power Jammer, Instant Fire Detection and Suppression System and Mobile Communication Terminal.
Talking about its export orders, he said that BEL has an export order book of USD 66.36 million, including offset order of USD 42.28 million. The export target for 2011-12 is USD 47 million, he said.
Datt said that the company was aiming to reach a turnover of Rs 6200 crore during 2011-12.
It would work strategically on important projects like Akash weapon system for Indian army, Lightweight Portable Radar, Battlefield Surveillance System. "BEL is aiming to achieve increased growth in offset business exports", he said.
It is looking at diversifying into new areas of defence and civil segements and giving thrust to inhouse development and strengthening its R and D capabilities.
BEL is in discussion with a reputed foreign OEM on forming an Indian JV in the area of civilian radars and select defence radars. The plans for setting up a JVC with BHEL for manufacture of solar PV wafers, cells and modules has been finalised. Both the companies are in the process of obtaining approvals from their respective boards.
BEL is working on establishing a company for the design, development and manufacture of RF and microwave components and subsystems.
Bharat Electronics Ltd sales turnover touches Rs 5,550 crore - The Times of India
BANGALORE: Defence PSU, Bharat Electronics Limited (BEL) on Tuesday announced that its sales turnover had increased to Rs 5,550 in 2010-11 (provisional) from Rs 5,220 crore in 2009-10, registering a growth of 6.3 per cent.
The estimated Profit Before Tax is Rs 1,120 crore as against Rs 1,045 crore in 2009-10, Ashwani Kumar Datt, CMD, BEL said adding that the audited results were still awaited.
The PSU registered a growth of 77 per cent in its exports turnover from USD 23.65 million in 2009-10 to USD 41.89 million during 2010-11, he told media while announcing the company's performance highlights during the year. "Exports did better than targetted", he said.
All units continued to achieve profits, he said. BEL's order book grew from Rs 11,350 crore to Rs 23,600 crore as on April 1, 2011.
Supplies to defence contributed to 80 per cent of the turnover. The turnover from indigeneously developed products was 78 per cent.
Weapon Systems on account of Akash contributed to four per cent of the turnover and the segment was expected to grow in futrue. Communication contributed to 18 per cent.
The new products for the year included Akash weapon system, Humsa-NG, Semi Ruggedised Automatic Exchange, Lower Power Jammer, Instant Fire Detection and Suppression System and Mobile Communication Terminal.
Talking about its export orders, he said that BEL has an export order book of USD 66.36 million, including offset order of USD 42.28 million. The export target for 2011-12 is USD 47 million, he said.
Datt said that the company was aiming to reach a turnover of Rs 6200 crore during 2011-12.
It would work strategically on important projects like Akash weapon system for Indian army, Lightweight Portable Radar, Battlefield Surveillance System. "BEL is aiming to achieve increased growth in offset business exports", he said.
It is looking at diversifying into new areas of defence and civil segements and giving thrust to inhouse development and strengthening its R and D capabilities.
BEL is in discussion with a reputed foreign OEM on forming an Indian JV in the area of civilian radars and select defence radars. The plans for setting up a JVC with BHEL for manufacture of solar PV wafers, cells and modules has been finalised. Both the companies are in the process of obtaining approvals from their respective boards.
BEL is working on establishing a company for the design, development and manufacture of RF and microwave components and subsystems.
Bharat Electronics Ltd sales turnover touches Rs 5,550 crore - The Times of India
SpArK
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India exploring Iran oil payment via Turkey
NEW DELHI, April 27
(Reuters) - India is exploring payments via Turkey for oil imports from Iran, an Indian oil ministry source said on Wednesday, as the two countries search for a way to settle their trade after a long standing clearing system was scrapped by New Delhi.
Iran is India's second biggest oil supplier after Saudi Arabia. Iranian supplies to India have not yet been hit, despite India's central bank stopping a clearinghouse system for Iranian crude imports in December, under pressure from the United States.
India exploring Iran oil payment via Turkey -oil min source | Reuters
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