Tuesday, November 2, 2010

Milestone of India - PSU Syndicate Bank net up.

BANGALORE: Syndicate Bank announced that it had made a net profit of Rs.502.47 crore in the first half of 2010-11, an increase of 14 per cent over the previous year.

The bank's net interest margin improved to 3.12 per cent from 2.12 per cent. Global business grew 10 per cent, amounting to Rs.2.12 lakh crore at the end of September 2010.

The bank reported a net profit of Rs.237 crore during the second quarter, an increase of 35 per cent over the previous year.

Milestone of India - PSU Indian Overseas Bank net up.

CHENNAI: Indian Overseas Bank has registered a net profit of Rs. 206.15 crore for the second quarter ended September 30, 2010 against Rs. 176.04 crore in the same period in 2009-10 despite higher provision and contingencies of Rs. 305.13 crore against Rs. 122.04 crore.

Total income has increased to Rs. 3,074.73 crore from Rs. 2,922.34 crore. Interest income accounted for Rs. 2,800.19 crore against Rs. 2,549.95 crore.

Non-interest income was lower at Rs. 274.54 crore against Rs. 372.39 crore. Income from treasury operations was Rs. 811.19 crore against Rs. 795.44 crore, corporate and whole sale banking Rs. 1,567.17 crore (Rs. 1,300.71 crore), retail banking Rs. 584 crore (Rs. 745.14 crore) and other banking operations Rs. 111.46 crore (Rs. 80.31 crore).

Net interest income has increased to Rs. 956.30 crore from Rs. 784.62 crore and net interest margin has improved to 3.02 per cent from 2.73 per cent. Earnings per share improved to Rs. 15.14 (annualised) from Rs. 12.93.

Total business has crossed the Rs. 2 lakh crore mark to Rs. 2,06,214 crore from Rs. 1,87,853 crore.

Deposits have risen to Rs. 1,18,142 crore from Rs. 1,09,435 crore and advances to Rs. 88,072 crore from Rs. 78,418 crore.

Milestone of India - Milestone in Indo - China ties.


HANOI: India and China on Friday expressed their determination to carry their relations forward through dialogue, with Prime Minister Manmohan Singh and Chinese Premier Wen Jiabao instructing their officials to “work their way through” all difficult issues.

The two leaders met for 45 minutes on the sidelines of the Association of Southeast Asian Nations (Asean) summit here.

Mr. Wen said he would visit India before year-end. He suggested that both sides reach consensus on some major aspects to lay the foundation for the visit.

The leaders instructed their Special Representatives to address the border issue with a “sense of urgency,” with Dr. Singh highlighting the need for both sides to be sensitive to each other's core issues. The Special Representatives were asked to meet in Beijing before next month-end and given clear directions on how the two leaders wanted them to resolve all difficult issues, National Security Advisor Shiv Shankar Menon told journalists.

Both leaders covered the entire gamut of relations, including the issue of China issuing stapled visas to people domiciled in Jammu and Kashmir and the consequent pause in high-level defence exchanges. “In their 10th meeting in six years, they took a broad view of the strategic significance of India-China ties and expressed satisfaction at the development of relations,” Mr. Menon said.

Mr. Wen agreed with Dr. Singh's oft-repeated statement that there was enough space in the world to accommodate the growth of both countries. There was enough space for India and China to have a cooperative relationship in “all areas.”

Mr. Menon said that prior to Mr. Wen's arrival in December, India was looking forward to the opportunity provided by the visit on Sunday of Zhou Yong Kan, Member of the Politburo Standing Committee of the Communist Party of China, to “have a much freer and broader exchange of views.”

Trade imbalance

Mr. Wen said China was “very conscious” of the trade imbalance with India and listed some of the steps taken by Beijing to address this issue. Mr. Menon pointed to regular high-level meetings on the issue and the resultant diminishing of the imbalance. “We will continue to work on it.” Bilateral trade in the first nine months of the year touched $45 billion and was on course to meet the target of $60 billion for the year.

Asked to spell out the core issues that Dr. Singh wanted both countries to be sensitive to, Mr. Menon declined to “put a gloss” on what the Prime Minister specifically said. The Prime Ministers resolved to continue working together on a range of issues, including climate change, counter-terrorism, disaster management, energy and food security on which both had “similar or identical views.”

Milestone of India - PSU Bank of Baroda net up.

CHENNAI: Bank of Baroda (BoB) on Thursday reported a 60.7 per cent jump in its net profit at Rs.1,019.30 crore in the second quarter ended September 30, 2010 against Rs.634.18 crore in the corresponding quarter in the previous year.

The bank achieved an increase of 23.5 per cent in total income at Rs.5,839.96 crore against Rs.4,730.75 crore in the year-ago period. Interest income has improved by 24.7 per cent to Rs. 5,158.66 crore from Rs. 4,135.42 crore.

During the six months ended September 30, 2010, the bank registered a 38 per cent rise in net profit at Rs. 1,878.46 crore against Rs.1,319.56 crore in the same period a year ago.

Total income was higher by 18.2 per cent at Rs.11,184.16 crore against Rs.9,465.90 crore. On a year-on-year basis, total (Global) business increased by 29.9 per cent to Rs. 4,62,619 crore in the six months under reference from Rs. 3,56,274 crore as on September 30, 2009. Total deposits increased by 30.1 per cent to Rs. 2,69,660 crore from Rs. 2,07,355 crore.

Milestone of India - PSU Punjab National Bank net up.

NEW DELHI: Driven by higher net interest income, Punjab National Bank on Thursday announced a 15.9 per cent rise in net profit at Rs.1,075 crore for the quarter ended September 30 against Rs.927 crore in the same quarter of the previous fiscal.

Net interest margin (NIM) crossed 4 per cent to 4.06 per cent during the second quarter. The rise in profit was on account of strong growth in advances leading to a sharp rise in net interest income (NII), bank Chairman and Managing Director K. R. Kamath told reporters here.

Net interest income during the quarter improved by 49.4 per cent to Rs.2,977 crore from Rs.1,992 crore in the same quarter in the same period a year ago.

Advances grew by 27.6 per cent to Rs.2,08,764 crore by the end of September 30, 2010.

The bank's total income rose by 18.1 per cent to Rs.7,174 crore during the quarter.

On deposit rate hike, he said there was a pressure on deposits but the bank was not going to raise the rates immediately. The bank increased deposit rates twice in the last three months.

Milestone of India - PSU ONGC reports rise in profit.

NEW DELHI: Oil and Natural Gas Corporation (ONGC) on Thursday reported a 6 per cent rise in its net profit at Rs.5,388.77 crore in the quarter ended September 30 against Rs.5,089.64 crore in the same quarter in the previous year despite higher under recovery discount.

Giving this information here, ONGC Chairman and Managing Director R. S. Sharma said sales rose to Rs.18,238.98 crore during the quarter under review from Rs.15,134.04 crore a year ago.
ONGC said it paid Rs.3,019 crore towards fuel subsidy in the quarter under review, as against Rs.2,630 crore in the second quarter of last fiscal.

The company's net realisation on crude sales was $62.75 a barrel after giving refiners IOC, BPCL and HPCL a discount to make up for one-third of their loss on sale of fuel below cost. Its net realisation in the second quarter of last year was $56.41 a barrel.

ONGC's gross realisation (pre-subsidy discount) was $79.21 a barrel as agaisnt $70.50 a barrel in the year ago period.

Mr. Sharma said the company would be ready for the stake sale by the last quarter of the current financial year. “We have appointed global consultants for third-party certification of ONGC's reserves,'' he said.

DeGolyer & MacNaughton (D&M) and Gaffney, Cline & Associates (GCA) are the two auditors appointed for the purpose.

The government plans to sell 5 per cent of its shares in the company in March 2011. “We are ready for the follow-on-public (FPO) offer but not before the first quarter of the 2011 calendar year,'' he remarked.

Mr. Sharma said the company had not put any pre-condition for approving Cairn Energy selling stake in Indian unit to Vedanta Resources. “We have not put any pre-condition. No two issues have been attached to this,'' he told reporters.

“These issues are not related,'' Mr. Sharma said, referring to royalty payment and the pre-emption right. He said the company paid Rs.319 crore royalty in excess of its share of crude oil produce during the July-September quarter. The royalty-liability makes the Rajasthan project a losing preposition for ONGC.

Milestone of India - Milestone in Indo - Malaysia ties.


KUALA LUMPUR: India and Malaysia on Wednesday signed six pacts, with the accord for implementing the Comprehensive Economic Cooperation Agreement (CECA) from July 1, 2011 being the centrepiece.

The agreements were signed at a ceremony presided over by Prime Minister Manmohan Singh and his Malaysian counterpart Md. Najib.

“I am confident that this agreement will transform our economic engagement in a substantive way,” observed Dr. Singh.

Comparing the CECA with the India-Asean Trade in Goods (TiG) agreement that was implemented from January 1, 2010, both the sides offer “Asean plus' market access in goods.

In Trade in Services, both the sides agreed on providing access to each others' services market across all modes and various sectors.

India and Malaysia would liberalise their respective investment regimes to facilitate greater Foreign Direct Investment into each other's territory.

Both sides would also finalise two-three other areas of economic cooperation from among infrastructure development, creative industries, tourism, small and medium enterprises (SMEs), business facilitation, science and technology, and human resource development, said official sources

The Memorandum of Understanding on cooperation in the traditional systems of medicine makes India the second country with which Malaysia has inked such a pact.

Due to the large presence of people of Indian and Chinese origin, Malaysia has a wide canvas of traditional systems of medicine, including the Malay herbal medicine.

The MoU will guide the existing rudimentary cooperation in a more focused manner and also streamline the existing practices in traditional systems of medicine to higher levels of acceptance by people of the two countries.

The MoU for cooperation in tourism would encourage the growing flow of visitors to both the countries.

India is the sixth largest source country for inbound tourism to Malaysia ( six lakhs in 2009) while Malaysia is the 10th largest (1.15 lakhs in 2008).

The MoU for cooperation in IT & Services would reflect the contemporary changes taking place in the field of IT and Services.

Separately, the two Prime Ministers announced the setting up of a Joint ICT Talent Development Consultative Committee to make specific recommendations to both the governments for IT skills training, talent development and greater engagement of the Indian IT companies in Malaysia.

Already, 60 Indian IT companies are present, including some from the top 10.

An agreement between the Council of Scientific and Industrial Research (CSIR) and the UNIK of Malaysia on Research and Development Collaboration will witness the setting up of a Joint Innovation Accelerator Centre in Malaysia to carry out research in green technology, water treatment and medicinal and aromatic plants.

Milestone of India - Milestone in Indo - China ties.



BEIJING: On Monday, the People’s Republic of China got its first ashram.

Located a two-hour drive away from here and nestled amid the industrial suburbs of this fast-expanding metropolis, the 165-acre retreat for yoga and meditation was opened by Sri Sri Ravishankar’s Art of Living foundation. Billing itself as the first authentic Indian retreat in a country where spirituality is on the rise, the ashram will offer a range of courses.

“There is a yearning for spiritual thought in today’s China, and this centre will provide people [with] a path to have cleaner, calmer and happier lives,” Sri Sri Ravishankar told The Hindu.

This is his first visit to China. On Monday, he interacted with religious leaders as well as officials of the Communist Party, who had given sanction for the project. The centre will accommodate 160 students at a time. The teachers, who are from all over China, had undergone training in India.

On Sunday, the centre held a ceremony with dance performances and lectures. It was attended by around 500 people. The organisers said they could have received a greater audience “of more than 3,000,” but doing so would have required a special permission from the local authorities.

Interaction

Most of the questions from the Chinese audience in an interaction with Sri Sri Ravishankar on Sunday revolved round how people could deal with the stress of modern life and preserving family values in a society that is being increasingly influenced by Western ideas.

Among those who attended was Man Hu, a middle-aged entrepreneur from Shanghai, who runs a manufacturing plant. “Like everyone else in today’s China, I am under great stress and looking for a way to manage by life in a better way and find some purpose,” she said.

Those connected with the project said they were surprised by the positive response from the authorities, who are usually careful about allowing foreign institutions, particularly those with spiritual leanings, to spread their word in China.

On Monday, Sri Sri Ravishankar met with Chen Haosu, a former vice-minister in the Propaganda Department and the president of the Chinese People’s Association for Friendship with Foreign Countries (CPAFFC), which invited him to China. “India and China are naturally close, in culture, family values, music and dance,” he told Mr. Chen. “The East has a lot to offer to the world to counter the stress and ills of society that the West is facing.”

“Great expectations”

Mr. Chen said he had “great expectations” of the visit. “We hope this will bring happiness to people. Chinese people have an enthusiasm and passion for Indian culture. In the past 30 years, we have seen fast development of the Chinese economy. Now, people will also require more spiritual activities.”

Sri Sri Ravishankar said the centre would look to engage with the Chinese civil society, and even involve itself, as it has in the United States, Canada and Germany where it has centres, in environmental campaigns such as tree-planting drives. It is also in talks with the local police here to involve itself in a drug rehabilitation programme.

As Sri Sri Ravishankar left Monday’s meeting with Chinese officials, he was surprised by a gift he did not quite expect, and one that was at odds with the message of peace he was looking to bring to China — a bamboo panel with engravings from Sun Tzu’s Art of War.

Milestone of India - india's Exports at new high.

NEW DELHI: Reaching a two-year high, exports registered a jump of 23.2 per cent at $18.02 billion in September compared to the same month last year, while the massive rise in imports raised concerns over widening of the trade gap.

Asserting that India was on track to surpass the $200-billion exports target, Union Commerce and Industry Minister Anand Sharma said on Monday that during the April-September period of this fiscal, exports aggregated $103.30 billion, a 27.6 per cent increase compared to last year.
Releasing the trade figures to newsmen here, Commerce Secretary Rahul Khullar said the growth could be partly attributed to the low base in the previous year and increasing prices. “This is the first month in which, in the last two years, exports are higher than 2008-09 and 2009-10.''

However, imports outstripped exports growing by 26.1 per cent to $27.14 billion in September compared to the same month in the previous year. Cumulative imports in April-September, 2010, were $166.5 billion, translating into a massive trade gap of $63.2 billion during the six-month period. “We still need to be concerned over the balance of trade deficit,'' Mr. Khullar said.
Crude oil, gems and jewellery and edible oil constitute the major part of the country's import bill. In the first six months, imports of petroleum and related items went up by 54 per cent, gems and jewellery by 21 per cent and engineering items by 41 per cent.

The trade deficit in September alone stood at $9.12 billion, Mr. Khullar said. However, this was lower than the $13-billion deficit in August.

Except for iron ore, electronic items, man-made fibre and handicrafts, exports from other sectors, including gems and jewellery, engineering goods and apparels, witnessed growth.

The Federation of Indian Export Organisations (FIEO) expressed concern over the strengthening rupee against the U.S. dollar and said the Reserve Bank of India should intervene to check the volatility. The rupee had appreciated by about 5 per cent against the dollar since January. Mr. Khullar too said the exchange rate would not affect export contracts that had already been entered into with buyers, but might impact future contracts. The sectors that performed well in the April-September period in exports include plastics (34 per cent growth), gems and jewellery (21 per cent), engineering goods (41 per cent), iron-ore (60 per cent), spices (35 per cent), drugs (12 per cent) and chemicals (26 per cent). “In most sectors, we are seeing rebound. Even in areas like textiles,'' he said.

Milestone of India - Girija Pandey, Kanchana donate crores to Lord Balaji at Tirumala.

TIRUPATI: Girija Pandey and Vasundara alias Kanchana, a leading film actress of yesteryear, donated their property in Chennai worth Rs. 15 crore to Tirumala Tirupati Devasthanams (TTD) on Monday.

Accompanied by their family members, they handed over the registered documents of the land and building to the Executive Officer of the TTD I. Y. R. Krishna Rao at his official residence here.

According to a TTD release, the property is located on G. N. Chetty Street, a prime commercial area in Chennai. The actors have requested the TTD to construct Kalyana Mandapam or community hall on the site. N. Yuvaraj, Joint Executive Officer, and Seshaiah, Estate Officer, TTD, were present at the brief ceremony.
OM NAMO VENKATESAYA !

Milestone of India - Milestone in Indo - Japan ties.


TOKYO: India and Japan on Monday decided to extend their cooperation to areas such as joint ventures in rare earth minerals, some hitherto unexplored areas in defence, and transport and industrial corridors in south India.

These will build on a recently finalised economic pact, more intimate security ties, two mega infrastructure projects in north-western India and ongoing talks on a nuclear agreement.

Prime Minister Manmohan Singh and his Japanese counterpart Naoto Kan, during restricted and delegation-level talks, resolved to continue the talks on a civil nuclear agreement. They instructed officials to ensure the smooth implementation of the Comprehensive Economic Partnership Agreement (CEPA) and accelerate discussions on the reform of the United Nations Security Council (UNSC), to which both countries are aspirants as permanent members.

“In the discussions, the point consistently emphasised was that both India and Japan believe they need to develop a strong, vigorous and an all-encompassing relationship in political, economic and security spheres,” Foreign Secretary Nirupama Rao told newspersons after the meeting. She termed the economic pact an alliance between Japanese technology and capital and a young Indian labour force.

Dr. Singh and Mr. Naoto Kan also discussed China.

Ms. Rao said: “Both discussed the need for open and transparent dialogue with China… they agreed that engaging China in more productive dialogue and developing structures of cooperation is the way forward. It requires deep analysis, close engagement and lots of patience… the reality is that both will have to develop in-depth ties with China.”

Both India and Japan would move towards long-term cooperation — including the implementation of joint ventures in rare earth minerals — and denied that this was directed against a third country (China recently halted the export of rare earth minerals to Japan).

On civil nuclear cooperation, India and Japan will hold the third round of talks here in November third week. While Japan is keen on some sort of Indian political commitment on moving closer to the Comprehensive Test Ban Treaty regime, India has pointed out that its civil nuclear agreement with Japan cannot be materially different from the agreements signed with other countries.

They also touched on trade in high technology, with Dr. Singh hoping that Japan will make its norms in this area “easier and predictable.” India appreciated Japan's paring down of the list of Indian companies on the export control list early this year.

The two countries signed a Memorandum of Understanding on simplifying visa procedures that would supplement the CEPA by catering for India's areas of strength in pharmaceuticals, healthcare personnel and information technology.

Dr. Singh earlier had an audience with the Emperor of Japan and Foreign Minister Seiji Maehara.

Milestone of India - Milestone in Indo - Bangladesh ties.


NEW DELHI: India has decided to export 5 lakh tonnes of rice and wheat to Bangladesh despite ban on outward shipments of the foodgrains. Both nations have also agreed to establish ‘Border Haats' along the Meghalaya-Bangladesh border and open the Chittagong and Mongla ports to boost trade ties.
The two countries have signed $1 billion Line of Credit agreement and some important pacts for power transmission, Union Commerce and Industry Ministry Anand Sharma told journalists after meeting his Bangladeshi counterpart Muhammad Faruk Khan here on Saturday.

“Apart from the Line of Credit, the bulk power transmission agreement and an MoU between NTPC and the Bangladesh Power Development Board have also been signed in the power sector,” he said, and pointed out that after Bangladesh Prime Minister Sheikh Hasina's successful visit to India, both countries had been actively engaged in implementing the joint communiqué that reflected the understanding reached between the prime ministers of the two countries.

Mr. Sharma said the two-way trade had the potential to touch $5 billion in the next two years from the current $3 billion. He also announced that arrangements for supply of 3-lakh tonnes of par-boiled rice and 2-lakh tonnes of wheat from India to Bangladesh were being put in place and that the supply would take place soon.

Out of the quota of duty free export of 80-lakh pieces of textiles from Bangladesh to India, around 17-lakh pieces could be exported for the last quarter ending December 2010. A fresh quota of 80-lakh pieces of textiles would be available from January 2011, he added.

The Minister further said both sides had recently visited several land customs stations to review the state of infrastructure. India was now constructing seven integrated check posts and eight land custom stations under a $125-million scheme. The two sides were also in discussion to construct the bridge across Feni to begin trade between Sabroom and Ramgarh, he said.

Milestone of India - Religious, political leaders meet the Archbishop of Canterbur.


THIRUVANANTHAPURAM: The Archbishop of Canterbury, Rowan Douglas Williams, and wife, Jane Williams, had a hectic day in Thiruvananthapuram on Saturday.

The Archbishop's engagements got under way with a dialogue with religious and political leaders in the morning. The religious leaders who met him included the bishops of other churches such as Susaipakiam, Samuel Mar Irenius, Gabriel Mar Gregorios, Vasantha Kumar and Thomas Mar Anthonios. The political leaders who met him included Education Minister M.A. Baby, Public Works Minister M. Vijayakumar, Ports Minister V. Surendran Pillai, and Congress leader V.S. Sivakumar. Swami Jnana Tapaswini of the Shantigiri Ashram, Palayam Imam Moulavi Jamaluddin Mankada, jurist K. Narayana Kurup, M.M. Philip, general secretary, and Bennet Avraham, treasurer of the Church of South India Synod, A. Dharmaraj Rasalam, vice-chairman of the CSI's South Kerala diocese and Col. Jaipaul Devapally of the Salvation Army were among the others who held discussion with him.

The Archbishop had a meeting with the ecumenical youth of the Kerala United Theological Seminary, Kannamoola, and with women in the LMS Compound thereafter.

The highlight of the Archbishop's programmes was a visit to the St. Joseph's cathedral at Palayam. The visit by the head of the Church of England to a church of the Catholic Church was described as a historic event by Church circles here.

The programmes of the day ended with his participation in the graduation ceremony of the Dr. Somervell Memorial CSI Medical College at Karakonam in the district.

He will grace the golden jubilee celebrations of the CSI South Kerala diocese being inaugurated by Uthradam Tirunal Marthanda Varma, head of the royal family of erstwhile Travancore, on Sunday evening.

It will be followed by a cultural programme. Prior to that, he will be participating in a thanks-giving service at the Mateer Memorial church here.

Milestone of India - Tamil Nadu Newsprint net up.

CHENNAI: Tamil Nadu Newsprint and Papers has reported a total revenue of Rs. 579.60 crore for the half year ended September 30, 2010 against Rs. 439.93 crore in the same period in the previous year. The profit after tax has spurted to Rs. 82.99 crore from Rs. 36.80 crore.

Milestone of India - PSU Vijaya Bank posts higher profit.

BANGALORE: Vijaya Bank has posted a net profit of Rs.144.30 crore in the second quarter ended September 30, 2010, an increase of 33.08 per cent over the previous year. The growth in operating profit was at 26.46 per cent. Chairman and Managing Director Albert Tauro said the 34 per cent increase in net interest income resulted in the net interest margin improving to 3.16 per cent from 2.39 per cent a year ago. The bank's aggregate business was at Rs.1,02,473 crore at the end of the quarter.

Milestone of India - PSU State Bank of Mysore net profit up.

BANGALORE: State Bank of Mysore has posted a net profit of Rs.204.75 crore in the first-half of 2010-11, registering a year-on-year growth of over 13 per cent.

The bank made an operating profit of Rs.552.90 crore, an increase of 46 per cent over the previous year.

Interest income increased by 13 per cent to Rs.1,961 crore during the six-month period. In a statement, Dilip Mavinkurve, Managing Director, SBM, said the growth in operating profit “has been largely contributed by net interest income, which witnessed a growth of over 52 per cent.”
The ratio of gross non-performing assets to all assets was 3.12 per cent at the end of September. The net NPA ratio was 1.47 per cent.

Milestone of India - PSU Indian Bank net profit moves up.

CHENNAI: Indian Bank has reported a rise of 11.8 per cent in its net profit at Rs. 415.77 crore in the second quarter ended September 30, 2010, against Rs. 371.99 crore in the year-ago period. Total income increased by 17.7 per cent to Rs. 2,559.28 crore from Rs. 2,174.38 crore with net interest income rising by 37.75 per cent to Rs. 983 crore from Rs. 714 crore.

Addressing presspersons here after releasing the results, T. M. Bhasin, Chairman and Managing Director of the bank said corporate and retail banking contributed significantly to the revenue and profitability of the bank during the quarter under reference. The net interest margin (NIM) registered a sequential growth of 3.76 per cent in the second quarter against 3.71 per cent in the first quarter of the current financial year. With efforts in the recovery of non-performing loans and the effective utilisation of SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) (SARFAESI), the net non-performing assets ratio to net advances declined to 0.73 per cent in the second quarter from 0.76 per cent in the previous quarter, Mr. Bhasin said.

The provision coverage ratio was 83.27 per cent against the Reserve Bank of India's stipulated norm of 70 per cent, he said.

Total business stood at Rs. 167,980 crore as on September 30, 2010 against Rs. 133,987 crore in September 2009 showing a year-on-year growth of 25.4 per cent. Deposits registered a rise of 22.4 per cent at Rs. 98,007 crore against Rs. 80,068 crore while advances grew by 29.8 per cent to Rs. 69,973 crore from Rs. 53,919 crore as on September 30, 2009.

Under Financial Inclusion plan 2010-12, the bank had covered 20 villages with population above 2000 providing banking services. The bank had opened 23.93 lakh “no-frills” accounts throughout the country. Also two Microsate branches (specialised microfinance branch) were opened during the current year in Tamil Nadu to promote urban financial inclusion, Mr. Bhasin said.

During the current year the bank had disbursed Rs. 773.55 crore to 39,523 self-help groups (SHG) upto September 30, 2010 and the outstanding credit under micro finance to SHGs stood at Rs. 2,046.99 crore.

Milestone of India - State Bank of Travancore net up.

THIRUVANANTHAPURAM: State Bank of Travancore (SBT) has posted a net profit of Rs.163.60 crore for the quarter ended September 30, 2010, against Rs.122.49 crore during the corresponding period in the previous year, a growth of 33.55 per cent. The operating profit has improved by 37.71 per cent to Rs.261.67 crore.

Announcing the quarterly results of the bank, Managing Director P. Pradeep Kumar stated that the increase in operating profit was driven by increase in net interest income by 32 per cent to Rs.415 crore from Rs.313 crore.

The net profit for the first half year stood at Rs.313 crore compared to Rs.302 in the first half of the previous year. The bank had declared an interim dividend of Rs.8 per share earlier this month.

Gross business turnover increased by Rs.14,121 crore (17.55 per cent) year-on-year and touched Rs.94,580 crore.

Milestone of India - Chamundeshwari Shrine Rathothsava draws large crowdsat Mysore. (Karnataka)

MYSORE: After Dasara, it was ‘rathothsava' (chariot festival) atop the Chamundi Hills which had devotees making a beeline for the Chamundeshwari shrine on Thursday.

The annual festival dedicated to the goddess Chamundeshwari is held a few days after Navaratri celebrations, and people congregated in large numbers atop the hills to participate in the festivities.

Srikantadatta Narasimharaja Wadiyar performed rituals under the supervision of ‘archakas' to commence the rathothsava. People had occupied vantage points to catch a glimpse of the unfolding event.

With each passing year, the event is gaining popularity. However, the increase in the number of people visiting Chamundi Hills has caused concern for environmentalists. There are apprehensions that not much is being done to protect the fragile ecosystem of the hills which is witnessing unbridled urbanisation.

Milestone of India - Golden crown for Lord Venkateswara.


TIRUPATI: Lord Venkateswara, the presiding deity at the Tirumala temple has reaped a rich gold harvest on Thursday in the form of two precious donations.

Reckoned as the richest deity in the world next to the Vatican Church, the Lord of the Seven Hills received a fabulous donation of a dazzling golden crown weighing 14.5 kg.

The exquisitely chiselled stone-studded tiara was offered to the deity by a Mumbai-based business tycoon, who however preferred to remain anonymous.

He handed over the crown to temple priests in the presence of Sri Jayendra Saraswathi, the chief pontiff of Sri Kanchikamakoti Peetham. On behalf of the TTD, its Tirumala-based Joint Executive Officer K. Bhaskar received the crown which is expected to adorn the main deity on Friday after the conventional Abhishekam.

As yet another bonanza, the Lord also received a pair of gleaming golden ‘Nagabharanams'— a serpent-shaped ornament which would adorn the deity's biceps.

This ornament is also expected to adorn the deity on Friday after the celestial bath.

The intricately made jewellery weighing 4.03 kg. and worth about Rs. 72 lakh was donated by Chairman of the Apollo Hospitals Dr. Pratap C. Reddy.

The offering was made in fulfilment of a vow.
MAY THE BLESSING OF LORD BALAJI WITH HIS CONSORTS SREE DEVI AND BHOO DEVI
REACHES THE WHOLE UNIVERSE.