New Delhi: Indian Banks are considering CTM (cheque truncating machines) that would facilitate instant encashing your cheques at ATMs. This technology is already being widely used making real-time cheque verification and clearance possible. Currently there are about 48000 ATMs in India, pointing to the level of comfort and efficiency this system would give to both customers and banks. Continue reading Banking News: Now ATMs To Clear Your Cheques
Category Archives: Business
Indian Banks decide to block all your credit cards if you default on one!
Customers with multiple credit cards will not be allowed to use any of them if they default on any one of them. Credit card companies have revised their terms and condition to implement this. This move has been initiated by ICICI Bank, which has already informed its customers about the upcoming change from 5th October 2009.Now the bank is authorized to block credit card on any other account of ICICI Bank after one defaults in any one of its multiple cards. Banks would not provide any additional notice for this action. Continue reading Indian Banks decide to block all your credit cards if you default on one!
Air India Pilots on Strike -29Sep2009
Air India canceled over 15 flights and bookings have been suspended for next 15 days after the talks have failed between the pilot and Management. Some 100 non-unionized pilot have gone for agitation, and have been reporting sick, against the cut in the Productivity Linked Incentives. Note that the strike by any union had already been declared illegal as the matter is under the conciliation of Labour commissioner. The cash trapped AI is under pressure to reduce it costs, which everyday owes Rs 4.7 crores in interest alone. AI wants to reduce its costs by 1300 crore a third of this has to come by restructuring the manpower cost.
Our View: This issue needs an early resolution as the passengers are losing out of this battle between management and Pilots. If this elongates the airline would see a costlier impact due to diversion of its customer traffic to other Airlines.
References:
http://timesofindia.indiatimes.com/news/business/india-business/Air-India-cancels-over-20-flights-suspends-bookings-for-15-days/articleshow/5066873.cms
http://www.ndtv.com/news/india/air_india_strike_no_headway_15_flights_cancelled.php
http://economictimes.indiatimes.com/articleshow/5067094.cms
http://www.rediff.com/money/2008/mar/15ai.htm
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Indian Oil Corp (IOC) To Enter Nuclear Power Projects
Indian Oil Corp will do nuclear power generation. IOC, a Fortune 500 company and India’s largest oil refiner-marketer with $58 billion (Rs. 2,85,337 crore) in sales, has informed the government that it would form a joint venture with Nuclear Power Corporation of India (NPCIL). IOC will hold a stake of between 26 and 49 per cent.
This venture is on the back of the Indo-US nuclear deal, that can help in getting nuclear fuel.
The Nuclear Power projects listed by IOC for joint participation with NPCIL are proposed as follows:
- Rs 14,000-crore nuclear power project at Kakrapar in Gujarat with a capacity of 1,400 mw
- Rs 14,000-crore nuclear power project at Rawatbhata in Rajasthan with a capacity of 1,400 mw
- Rs 18,000 crore project at Kundakulam in Tamil Nadu for 2,000 mw
- Rs 28,500 crore project at Jaitpur in Maharashtra for 3,300 mw
So, a total of 8,100 MW of nuclear power projects are planned.
IOC’s chairman and managing director Sarthak Behuria said:
This is a step towards becoming a integrated energy major.” “We have held preliminary discussions with NPCIL and are currently working out the modalities.
A senior Petroleum Ministry official said an investment of Rs 220-825 crore per annum would be required depending on the equity option chosen by IOC. Investments would be required for a span of 5 years beginning 2010.
The official said the company has discussed the proposal with the ministry and IOC’s board on Monday approved plans to have a memorandum of understanding with NPCIL. “We have asked IOC to concentrate more on its core area of business which includes refinery, petrochemicals and marketing. It has assured us that the fund requirement for equity participation with NPCIL is comparatively small as compared to the investment in core areas,” the official said.
Source: Hindustan Times
We feel, IOC’s balance sheet should have no problem funding this venture, and in return, IOC will add a long term assured cash flow generating business, that could one day, have its own IPO. This development makes IOC’s stock a Buy on any near term correction.