New Delhi, June 29 (PTI) Footwear major Bata today said
it will open about 260 new exclusive stores at an investment
of up to Rs 400 crore in the next three years.
"In the next three years, we will add another 240-260
stores in the country, out of which 100 would be in the high
foot fall shopping malls," Bata Vice-President Retail
Operations Deepak Deshpande told reporters on the sidelines
of Pure&Play Retail Summit here.
Each of the new stores would cost around Rs 1.25-1.5
crore, he said.
He further said that the company is also remodelling its
old popular brands like Ambassador, Jubilee and it will focus
on women footwear brands.
The company is also looking at expanding its exclusive
stores dedicated to children wears - Hush Puppy. The company
has presently four such stores and is talking to various mall
developers for opening of more such stores.
The company plans to close down around 40-50 small stores
across the country which, the firm thinks, are not making
enough profits.
"As a strategic decision, we are shifting our focus to
large format stores which would be of 5,000-10,000 sq ft and
at the same time we are evaluating the closing down of about
40-50 small stores across the country," Deshpande added.
Sunday, June 29, 2008
Sahara MF to scale-up operations, plans nine new funds
Mumbai, Jun 29 (PTI) Sahara group's asset management arm
Sahara Mutual Fund plans to ramp up its operations and would
launch nine more equity and debt-related funds this year, a
top company official said.
"We plan to launch nine more equity and debt-related
funds this financial year. The idea is to grow our
customer-base by introducing a new array of products in line
with market requirements," Sahara Mutual Fund's CEO N K Garg
told PTI on the sidelines of a seminar here.
The company aims to double its customer-base to two
lakh by the year-end while enhancing its branch network to 30
during the period, Garg said.
Sahara MF presently offers seven equity schemes and
nine debt-related schemes. The company's Assets Under
Management (AUM) stands at nearly USD 60 million (around Rs
250 crore).
The equity schemes include Sahara Growth Fund, Tax
Gain Fund, Midcap Fund, Wealth Plus Fund, Infrastructure Fund,
Real Fund, Power and Natural Resources Fund.
The debt-oriented schemes offered by the company include
Sahara Income Fund, Liquid Fund, Gilt Fund and Classic Fund
and different Fixed Maturity Plans-395 days, Garg said. (MORE)
Sahara Mutual Fund plans to ramp up its operations and would
launch nine more equity and debt-related funds this year, a
top company official said.
"We plan to launch nine more equity and debt-related
funds this financial year. The idea is to grow our
customer-base by introducing a new array of products in line
with market requirements," Sahara Mutual Fund's CEO N K Garg
told PTI on the sidelines of a seminar here.
The company aims to double its customer-base to two
lakh by the year-end while enhancing its branch network to 30
during the period, Garg said.
Sahara MF presently offers seven equity schemes and
nine debt-related schemes. The company's Assets Under
Management (AUM) stands at nearly USD 60 million (around Rs
250 crore).
The equity schemes include Sahara Growth Fund, Tax
Gain Fund, Midcap Fund, Wealth Plus Fund, Infrastructure Fund,
Real Fund, Power and Natural Resources Fund.
The debt-oriented schemes offered by the company include
Sahara Income Fund, Liquid Fund, Gilt Fund and Classic Fund
and different Fixed Maturity Plans-395 days, Garg said. (MORE)
Aditya Birla Group chalks out strategy for fin services biz
Mumbai, June 29 (PTI) Aditya Birla Financial Services
Group has chalked out steps, including launching innovative
products, strong branding and enhancing distribution network,
to emerge as leading player in the field.
"We see tremendous opportunity in the sector as less
than five percent of the country's savings go into mutual
funds, a mere two per cent into general insurance and 15 per
cent into life insurance," Aditya Birla Financial Services
Group Chief Marketing Officer Ajay Kakar told PTI.
"We are currently working on these areas to become a
leading player in this sector," he added.
The company, which operates in life insurance and mutual
fund verticals among others within the financial services
business, plans to launch a new product in the life insurance
business aimed at senior citizens.
A mutual fund product aimed at investing in the
commodities market is also in the offing, he said.
Kakar said while the mutual fund for investing in the
commodities market will be launched in the next quarter, the
insurance product for senior citizens would come by the end of
the year.
Aditya Birla Group was the first to introduce ULIPs
in the market, he said.
To expand the life insurance business, in which it is
already among the top five players in the country, ABFSG plans
to expand its branch network to 600 by the next few months
from 339 now.
Group has chalked out steps, including launching innovative
products, strong branding and enhancing distribution network,
to emerge as leading player in the field.
"We see tremendous opportunity in the sector as less
than five percent of the country's savings go into mutual
funds, a mere two per cent into general insurance and 15 per
cent into life insurance," Aditya Birla Financial Services
Group Chief Marketing Officer Ajay Kakar told PTI.
"We are currently working on these areas to become a
leading player in this sector," he added.
The company, which operates in life insurance and mutual
fund verticals among others within the financial services
business, plans to launch a new product in the life insurance
business aimed at senior citizens.
A mutual fund product aimed at investing in the
commodities market is also in the offing, he said.
Kakar said while the mutual fund for investing in the
commodities market will be launched in the next quarter, the
insurance product for senior citizens would come by the end of
the year.
Aditya Birla Group was the first to introduce ULIPs
in the market, he said.
To expand the life insurance business, in which it is
already among the top five players in the country, ABFSG plans
to expand its branch network to 600 by the next few months
from 339 now.
Overseas borrowings may go up after dipping in Apr, May
Mumbai, Jun 29 (PTI) Overseas borrowings by corporates
are likely to turn upbeat in the months to come in the wake of
government easing the curbs on fund raising abroad and
prevailing high interest rates on domestic loans.
According to figures released by the Reserve Bank, the
total overseas borrowing of Indian companies went down to USD
1.16 billion and USD 1.29 billion in April and May
respectively from USD 4.4 billion in March.
The release further stated that in April as many as 25
firms raised funds via external commercial borrowings (ECB)
and foreign currency convertible bonds (FCCB), while in May 30
companies raised money through these two routes.
Among the major borrowers in April, Petronet LNG raised
USD 200 million for rupee expenditure and import of capital
goods, while Reliance Communications raised USD 250 million
for import of capital goods. Further, Reliance Pharmaceuticals
raised USD 180 million for shipment of capital goods.
In May, Jet Airways (India) raised USD 287 million for
financial lease and import of capital goods.
In the month of February, the overseas borrowing had
declined to less than USD 1 billion, though six companies
during the month raised money from abroad for acquisitions.
However, in March the ECB rose to USD 4.4 billion with
corporate biggies like Reliance Communications, Adani Power,
Tata Group and Essar Oil borrowing massively for various
purposes like import of capital goods etc.
The government relaxed ECB curbs particularly for
infrastructure companies towards May-end. Earlier, companies
were allowed to bring up to USD 20 million raised abroad for
rupee expenditure. This limit has been enhanced to USD 100
million for infrastructure companies and USD 50 million for
others
are likely to turn upbeat in the months to come in the wake of
government easing the curbs on fund raising abroad and
prevailing high interest rates on domestic loans.
According to figures released by the Reserve Bank, the
total overseas borrowing of Indian companies went down to USD
1.16 billion and USD 1.29 billion in April and May
respectively from USD 4.4 billion in March.
The release further stated that in April as many as 25
firms raised funds via external commercial borrowings (ECB)
and foreign currency convertible bonds (FCCB), while in May 30
companies raised money through these two routes.
Among the major borrowers in April, Petronet LNG raised
USD 200 million for rupee expenditure and import of capital
goods, while Reliance Communications raised USD 250 million
for import of capital goods. Further, Reliance Pharmaceuticals
raised USD 180 million for shipment of capital goods.
In May, Jet Airways (India) raised USD 287 million for
financial lease and import of capital goods.
In the month of February, the overseas borrowing had
declined to less than USD 1 billion, though six companies
during the month raised money from abroad for acquisitions.
However, in March the ECB rose to USD 4.4 billion with
corporate biggies like Reliance Communications, Adani Power,
Tata Group and Essar Oil borrowing massively for various
purposes like import of capital goods etc.
The government relaxed ECB curbs particularly for
infrastructure companies towards May-end. Earlier, companies
were allowed to bring up to USD 20 million raised abroad for
rupee expenditure. This limit has been enhanced to USD 100
million for infrastructure companies and USD 50 million for
others
Rajnath Singh calls for President's Rule in Jammu & Kashmir
Ranchi, Jun 29 (PTI) BJP President Rajnath Singh today
called for President's rule in Jammu and Kashmir following the
ongoing crisis triggered by the Amaranth shrine controversy in
the valley.
"The President's rule should be clamped in Jammu and
Kashmir called in as the law and order was beyond the control
of the state government," he said.
The senior BJP leader warned against any review on the
transfer of land to the Amaranth shrine board in the
background of the political crisis in Jammu and Kashmir after
the PDP (People's Democratic Party) pulled out of the Ghulam
Nabi Azad government.
Training his guns on the Manmohan Singh government, Singh
said the ruling UPA at the centre had "failed on all fronts,
including economic, nuclear issue, inflation and price rise."
"Inflation rate stands at 11.42 per cent and the central
government is in a confused state, it is only using
international oil market as a cover to hide its inability to
address the problems," he said.
Claiming that there was not any significant influence in
the supply and demand theory in the international crude oil
market, Singh wondered what were the three economists-prime
minister Manmohan Singh, Finance minster P Chidambaram and
Planning Commission vice chairman Montek Singh Alhuwalia-doing
to contain price rise and inflation which would have given
some relief to the cpmmon man.
called for President's rule in Jammu and Kashmir following the
ongoing crisis triggered by the Amaranth shrine controversy in
the valley.
"The President's rule should be clamped in Jammu and
Kashmir called in as the law and order was beyond the control
of the state government," he said.
The senior BJP leader warned against any review on the
transfer of land to the Amaranth shrine board in the
background of the political crisis in Jammu and Kashmir after
the PDP (People's Democratic Party) pulled out of the Ghulam
Nabi Azad government.
Training his guns on the Manmohan Singh government, Singh
said the ruling UPA at the centre had "failed on all fronts,
including economic, nuclear issue, inflation and price rise."
"Inflation rate stands at 11.42 per cent and the central
government is in a confused state, it is only using
international oil market as a cover to hide its inability to
address the problems," he said.
Claiming that there was not any significant influence in
the supply and demand theory in the international crude oil
market, Singh wondered what were the three economists-prime
minister Manmohan Singh, Finance minster P Chidambaram and
Planning Commission vice chairman Montek Singh Alhuwalia-doing
to contain price rise and inflation which would have given
some relief to the cpmmon man.
British Queen shops for private jet
London, Jun 29 (PTI) From horse-drawn buggies to
aircraft, the Buckingham Palace will soon have it all -- the
British Queen is shopping around for a private jet.
Buckingham Palace is "in charge of procurement" of
the aircraft and drawing up its its own specifications for the
interior, an unnamed British government source was quoted by
'The Sunday Times' as saying.
The interior is expected to include a bar, catering
facilities and in-flight entertainment systems, as well as up
to 12 seats to accommodate courtiers, officials and the Queen.
Apart from the Queen, senior members of the British
Royal Family will also be able to use the aircraft, including
Prince William, the second-in-line to the throne, who recently
got his pilot's licence.
The plane will be used for internal flights and short
trips abroad so that the Royals will no longer have to charter
larger planes or book seats on scheduled flights for long-haul
domestic or international trips.
"We are currently working with the British Department
for Transport to identify an appropriate aircraft for the use
of members of the Royal Family..." a Spokesman for the Queen
was quoted as saying.
However, he added: "We are in the early stages of
this review and no decisions on the type of aircraft have been
taken as yet."
aircraft, the Buckingham Palace will soon have it all -- the
British Queen is shopping around for a private jet.
Buckingham Palace is "in charge of procurement" of
the aircraft and drawing up its its own specifications for the
interior, an unnamed British government source was quoted by
'The Sunday Times' as saying.
The interior is expected to include a bar, catering
facilities and in-flight entertainment systems, as well as up
to 12 seats to accommodate courtiers, officials and the Queen.
Apart from the Queen, senior members of the British
Royal Family will also be able to use the aircraft, including
Prince William, the second-in-line to the throne, who recently
got his pilot's licence.
The plane will be used for internal flights and short
trips abroad so that the Royals will no longer have to charter
larger planes or book seats on scheduled flights for long-haul
domestic or international trips.
"We are currently working with the British Department
for Transport to identify an appropriate aircraft for the use
of members of the Royal Family..." a Spokesman for the Queen
was quoted as saying.
However, he added: "We are in the early stages of
this review and no decisions on the type of aircraft have been
taken as yet."
Karnataka govt approves 65 proposals of Rs 1,062.20 cr
Bangalore, Jun 29 (PTI) Karnataka government has approved
65 proposals with an envisaged investment of Rs 1,062.20 crore
in the sectors like steel, tourism and hospitals, which will
generate 29,024 jobs.
The State Level Single Window Clearance Committee at its
meeting here yesterday examined various proposals and gave its
nod to 65 of them, an official press release said.
The maximum investment would be in the steel sector (Rs
350.42 crore), followed by tourism (208.05 crore), engineering
(Rs 97.13 crore), flight training academy (Rs 49.86 crore),
ready-made garments (Rs 48.95 crore) and hospital (Rs 48.79
crore).
"Some of the important proposals cleared include flight
training academy in Mysore, and super speciality hospital for
dialysis in Bidar, Gulbarga, Bijapur, Davangere, Mangalore and
Mysore", the Committee Chairman and Principal Secretary in
Commerce and Industry Department V Umesh said.
In the winery field, two proposals were cleared with a
proposed investment of Rs 11.91 crore.
65 proposals with an envisaged investment of Rs 1,062.20 crore
in the sectors like steel, tourism and hospitals, which will
generate 29,024 jobs.
The State Level Single Window Clearance Committee at its
meeting here yesterday examined various proposals and gave its
nod to 65 of them, an official press release said.
The maximum investment would be in the steel sector (Rs
350.42 crore), followed by tourism (208.05 crore), engineering
(Rs 97.13 crore), flight training academy (Rs 49.86 crore),
ready-made garments (Rs 48.95 crore) and hospital (Rs 48.79
crore).
"Some of the important proposals cleared include flight
training academy in Mysore, and super speciality hospital for
dialysis in Bidar, Gulbarga, Bijapur, Davangere, Mangalore and
Mysore", the Committee Chairman and Principal Secretary in
Commerce and Industry Department V Umesh said.
In the winery field, two proposals were cleared with a
proposed investment of Rs 11.91 crore.
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