Mumbai, (Ajay Rawal)  Over 100 years old, Central Bank of India today posted a net profit of Rs 1.13 billion for the quarter ended December 31, 2011 as compared to Rs 4.03 billion for the quarter ended December 31, 2010, representing a decrease of 71.96%.

The Bank CMD Mr M.V.Tanksale told mediapersons here today,” Total income has increased from Rs 41.82 billion for the quarter ended December 31, 2010 to Rs 60.98 billion for the quarter ended December 31, 2011, representing an increase of 45.82%.
 

The government, which owns 80% stake in the bank, stepped in to provide Rs 700 crore capital in form of preferntial shares which will marginal increase government stake in the bank but will boost bank’s core capital to above 8%. The net profit fell to Rs 113 crore in third quarter ending December 2011 from Rs 404 crore a year ago.

 Mr Tanksale, further stated,”Lower profits was due to bank migrating towards calculation of bad loan to electronic form which led to reveral of Rs 182 crore of unrealised interest income. Earlier the bad loans were calculated manually.

The bank had migrated to computerised format of arriving at bad loan for loans above Rs 5 lakh. “The impact will not be much in the fourth quarter. Profits have bottomed out,” said Tanksale.

During the third quarter bank saw slippages – when an account moves from standard category to sub-standard category- to the turn of Rs 1842 crore against Rs 787 crore a year ago. Provisions for bad loan stood at Rs 2209 crore (Rs 1916 crore). Non interest income- income earned as fee income – rose 42% to Rs 357 crore.

Mumbai (GNS) : Vantage Insurance Brokers and Risk Advisors Pvt. Ltd, an IRDA recognized direct insurance broker, today released their second Annual Employee Benefit survey titled “PERISCOPE 2011– Towards a smarter, more sustainable Health Insurance Programme”. The survey findings reveal comprehensive trend analysis of 4 years of Benefits and Claims data, resulting in the identification of trends in the industry.
 
This survey provides valuable insights since its offers three distinct examinations:
The Employer Survey – Solicited employers responses to better understand what organizations offer today and what they are planning for the future
The Insurer Survey –  Solicited the views of insurance companies to better understand various aspects of health insurance
The Trend Survey – Conducted by collating 4 years of health plan data from employers
All three surveys are focused on four areas of prime importance to the employers with respect to the health insurance benefit provided to the employees i.e. benefits, claims, premium and insurance partners. 
 
Talking to newsmen here today , Mr. Arvind Laddha, CEO, Vantage Insurance Brokers and Risk Advisors Pvt. Ltd. said ” The health insurance industry moves towards more prudent risk based underwriting, employers are finding it increasingly difficult to get the right balance between budgetary constraints and employee insurance needs. Our survey “Periscope 2011”, offers employers various solutions that they can implement in their bid to meet both these goals.
Survey Highlights:
60% of the surveyed employers are seeking to control claims through employee awareness
50% of the employers surveyed are looking at implementing Health & Wellness initiatives to encourage employees to take better care of their health
87% of the employers adopted Room Rental Restriction in the policy in 2011
45% of the employers adopted  Co-payment on claims, a risk control measure  
Only 19% of the employees had opted for benefits of voluntary parents policy
Cashless claims have risen 26% over the 2 years period between 2008 and 2010 while re-imbursement claims have gone up 9% in the same period
A third (33%) of the insurers believes that the employees may consider self insurance in next 2-3 years
 
The survey results are based on a national survey of 285 employers, representing 4,90,000 employees, includes all major industry such as IT/ITES/BPO, financial services, manufacturing, advertising and media, retail, etc. Respondent includes HR/finance, procurement leaders, benefit managers, analysts and administrators.
 
Vantage group is looking forward to present regular analysis of individual sectors with regards to employee benefit and wellness segment. They will also be releasing a cumulative annual analysis that would be shared with the civic at the end of each financial year.

 Mumbai,(GNS) : Dulce Lim-Chen, Vice President of Cartoon Network Enterprises Asia Pacific passed away on January 25,2012.

     In a official statement here today,” Steve Marcopoto, President, Turner Broadcasting System Asia Pacific, Inc. said, “The Turner Broadcasting family is deeply saddened and shocked by the sudden passing of Dulce Lim-Chen, Vice President of Cartoon Network Enterprises Asia Pacific.” 

     “Dulce will be remembered as a visionary and dynamic leader who inspired everyone with her passion, talent and generous heart. She will be greatly missed by all at Turner, in Asia and beyond.  Our thoughts and prayers are with Dulce’s family and friends at this most difficult time,” the releaase added.

Rahul Bose and his NGO all set to auction 29 iconic sport memorabilia from national and international world champions this year

Mumbai, (Ajay Rawal) : The Foundation, the NGO founded by actor Rahul Bose today announced “EQUATION 2012 – An AUCTION FOR EQUALITY”. After receiving a whopping response for India’s most historic sports auction of iconic memorabilia in year one (in 2010), Equation 2012 most certainly promises to be bigger and better.

This year will see 29 pieces pledged not only by world champions from India but from across the world as an expression of both the faith in the Foundation and their highest regard for EQUATION, an event dedicated to the beauty and honor of sport. The auction will be held on February 11, 2012 preceded by cocktails followed by a black tie, sit down dinner.

This year pieces of the caliber of Sachin Tendulkar’s bat, Sebastian Vettel’s signed F1 World Championship Racing vest, the match ball used of the final of the ICC World Cup 2011, signed by the captains M. S. Dhoni and Kumar Sangakarra, Rafael Nadal’s autographed tennis shoes, Lionel Messi’s Team Argentina autographed football, Milkha Singh’s Rome Olympics 1960 running spikes, Mary Kom’s’s World Championship medal–winning boxing gloves 2011, will be auctioned amongst others. (Complete list of pieces below)

The auctioneer at the main event will be Mallika Advani, and the evening will be hosted by actor Siddharth and Cyrus Broacha .The proceeds of the auction will go towards the corpus of the Foundation, an NGO dedicated to creating a world without discrimination.

Speaking on the occasion the founder of The Foundation Rahul Bose said, ‘EQUATION is massive, this year. I spent six months collecting pieces from across sports, across continents. Already it is the greatest collection of sporting memorabilia in history. Now let’s see how much we raise on Feb 11!’

In honour of his services to the country and in celebration of his farewell year, present at the announcer press conference as the chief guest was football champion and former India captain, Bhaichung Bhutia, donor from last year and good friend of Rahul and The Foundation. Bhaichung has extended his association with The Foundation this year as he would like to pledge four additional pieces to be auctioned along with the others, the proceeds for which would be directed towards earthquake hit areas of Sikkim. 

On the sideline of  event Mr Bhaichung told GNS correspondent, “It’s such a pleasure to help Rahul and The Foundation. The work they do is tough, but really important. Rahul has created an organization with the qualities he is well known for- honesty, professionalism, excellence and a genuine sense of caring.”

Mumbai, (Ajay Rawal) : INSPIRO YOUTH FIESTA 2012 took off to a very well received and successful start with over 45,000 youth present at the Somaiya ground, Sion in Mumbai. The message to bring a revolution in India, by enriching the ideas of the youth, with the help of Top Corporate personalities in India made the meet even more memorable with a celebration that was very entertaining and unique in its own way.  The guest of honor were Bollywood actress and youth icon Sonam Kapoor and His Holiness Radhanath Swamiji who is a world-renowned motivational speaker. 
      The energy was vibrant as Rock bands Madhavas and Suresh and Vernon group performed to get the crowd a really thrilling entertainment show. 
       When the press asked Sonam Kapoor on how this Youth fiesta is different from a Bollywood show and what were her feelings about the whole concept,  Sonam responded that now the young generation is becoming aware of spirituality, and she feels good to be part of a youth fiesta which not only believes in entertainment but in also being responsible .

    Sonam Kapoor said “ We are the future of the nation” On asked what is her message to the youth, Sonam said that H.H Radhanath Swamiji is the right person to answer since she is also part of the youth and keen to hear from Swamiji.
 
H.H Radhanath Swamiji’s response was:
” When a deer smells fragrance, she runs helter-skelter to find out where the fragrance is coming from. She doesn’t realize that the fragrant smell is coming from within her; from the musk that she is carrying in her. Similarly the bright youth of today have a strong spiritual base, which they have to recognize. Being aware and feeling from within will help them shoulder their responsibility more better and grow more fast when their basic foundation is on strong spiritual pillar”.
 
Also present at the concert were top CEO’s of Mumbai. Mr. Nihal Kaviratne who is on the board of directors at DBS Bank and served as the Chairman and President of Unilever Indonesia. He is also chairman of Indian Cancer Society.  Mr. Hrishkesh Mafatlal who is the chairman of Arvind Mafatlal group, Dr N.D.Desai who is the chairman and Mr. Kushal Desai who is the Managing director of Apar industries, Mr. Dinesh Pillai, CEO of Mahindra SSG, were present.
 
1. To provide a platform for the youth to present not only business ideas but also ideas that can lead to a positive shift in our society for the betterment of our country.
2. To create a wide network of youngsters from colleges and corporate within the Mumbai region
3. To assist them in the forming of partnerships with industry leaders
4. To offer them high quality alternatives to routine/commercial way of making a living
5. To present them with the best of all entertainment by gathering talent from all over India to perform

A short introduction of the Speaker – H H Radhanath Swami:
 
H.H. Radhanath Swami is the author of a bestselling book — “The Journey Home: Autobiography of an American Swami”, which traces Radhanath Swami’s path from his middle-class Jewish upbringing in a Chicago suburb as Richard Slavin, to his participation in the civil rights movement in the ‘60s in USA, to his apprenticeships with Himalayan yogis, Dalai Lama, Mother Teresa and several other known personalities he experienced along the way, and finally how he developed real spiritual understanding.  He has been a regular speaker at the Harvard Business School, Stanford, Princeton
University, Cambridge University IIT Mumbai, HSBC Global Head Quarters London, Ford Motor Company, Intel, and Hewlett Packard etc. He is held in the highest esteem by many of India’s leading industrialists. Radhanath Swami is one of the inspirations for the Mid-day Meal Project, which
provides more than 500,000 free school lunches a day as a way to persuade impoverished parents to educate their children. He was instrumental in the founding of Mumbai’s charitable Bhaktivedanta Hospital, which offers free treatment to the underprivileged and runs free medical camps, including the Barsana Eye Camp that performs about 800 free cataract operations each year.
Within the last few months, he has had the honor of meeting on a one-to-one with President of India Smt Pratibha Patil as well as the US President Barrack Obama. He was recently invited to address the Member of Parliament’s at the House of Commons in London.
 
The event also showcased the significant efforts of one of the NGO’s “Annamrita” which is a Midday Meal is a strategic program to liberate the underprivileged children from scourge of hunger and malnutrition, this program is a project of the Government of India, and is being implemented by
under the Brand name of “Annamrita” in select schools in Delhi, Maharashtra, Rajasthan, Andhra Pradesh, Madhya Pradesh, Uttar Pradesh, Haryana and Assam. The purpose of implementing this scheme is to facilitate the Government in increasing the enrolment in these schools, reducing the dropout rate and improving the attendance.

Q 1: What is your proposal to bring global peace?

Answer by Radhanath Swami:  While we are trying to clean the environment
externally, there is also a need for cleaning the ecology of the heart. If
our actions are driven by arrogance, hatred, greed, egoism, there is no
question of global peace. Thus the purpose of all religions is to teach how
to clean the ecology of the heart by transforming arrogance to humility,
hatred to love, and greed to compassion. My Guru Srila A.C.Bhaktivedanta
Swami Prabhupada taught how chanting the names of God is a very effective
way to cleanse the dirt from the mirror of our heart. This way men and women
can be empowered to bring harmony and peace. The youth festival Inspiro is a
humble attempt to create this awareness of the need to cleanse our hearts
and create a dynamic, positive change in the world.
Q 2: How could we help solve the problem of terrorism on an individual
level?

Answer by Radhanath Swami:  Terrorism is born of ego. Strife and friction
are caused when we understand only the letter of the religious law but
ignore the spirit behind it. Unity and brotherhood of mankind can happen
when we transcend the external differences and focus on the spiritual
essence of all great traditions.

In the Bhagavad Gita Lord Krishna reveals the consciousness of an
enlightened being; such a soul sees every living being with equal vision.
Whether one is black, white, yellow, red or brown, male or female, Muslim,
Hindu, Christian, Jain, Parsi, Sikh or Jew, agnostic or atheist, rich or
poor or even a cat, dog or a cow, all these are external designations. The
enlightened being sees the atma, the soul, in everyone, and also cultivates
the vision that each soul is potentially divine and is a blessed child of
God. Due to lack of spiritual education people fight over the
superficialities of religion.

The essence of every religion is sincerity in cleansing our own hearts, and
honouring every living entity as a child of God. We must educate the youth
about these universal principles which teach us to love God and love every
living being as a child of God. God is one and is known by many different
names. If we understand and internalize this reality we develop respect for
every religious path.
Q 3: How could both the politicians and common man cooperate
to create a harmonious society?

Answer by Radhanath Swami: Mahatma Gandhi said,”Be the change that you want
to see in this world.” To bring a change,  whether we are a leader or a
layman in society, we have to take responsibility to live by the ideals that
we are meant to follow in our particular roles.

A political leader should be like a wick lamp which draws oil from beneath
but gives light to everyone.  Similarly an administrator or a political
leader has the right to extract resources from the population, but they
should
give them light in the form of material well being at the first tier and
ultimately spiritual enlightenment as the final goal.

The common man on the other hand needs to internalize the four principles of
civilized human society; compassion, truthfulness, internal cleanliness, and
austerity.  While personally cultivating these principles, we should cast
our ballot in favour of those leaders who exemplify these qualities.
Whoever we are, we need to also seek a deep inner meaning to life; to lead a
life centred on selfless service.

Faridabad, (GNS) : Crown Group in association with Heritage Motoring Club of
India brought back on popular demand, second edition of “THE CROWN HERITAGE GRAND CLASSIC AUTOMOBILE DISPLAY” at Crown Interiorz Mall, Mathura Road, Faridabad. Vintage car lovers of Faridabad, Delhi and other parts gathered at the Crown Interiorz Mall to have a look at the amazing fleet of cars and motorcycles.

Mr. Deepender Singh Hooda, MP, Haryana was the Chief Guest of the event. Mr.
Hooda looked particularly interested in the heritage vehicles and was engaged during the royal event.

The second year of the annual event once again brought an array of some splendid surprises, bringing together the rich history of the automobile industry from 1928- 1976. The event gave car enthusiasts a place to gather and witness the old world charm. Some of the cars showcased by their esteemed owners were Austin(1928), Essex(1929), Chevrolet Phaeton(1930), Morris Major(1934), Rolly Royce, Harley, Mercedes 170S(1936), Morris 8E(1943), Pontiac(1947), Volkswagen Beetle(1961) etc. while some of the motorcycles on display were Triumph Spitfire(1963), Triumph Spitfire MK 1V(1970) etc.

  Mr. R.S. Gandhi, Chairman, Crown Group said, “We are excited to see the
overwhelming response of both the participants and the visitors for the event in
the second year also. I thank all the vintage car & motorcycle enthusiast, whose
participation has made this event a roaring success, two years in a row.”

The Event was judged by a panel of 3 eminent judges viz Mr. R. N. Seth who was
the Chief Judge, with Maharaja Satbir Singh of Jind and Mr. Gyan Sharma. The
event also witnessed some special guests from different associations like Heritage Motoring Club of India, Policy and Planning Group, Indo Italian Chamber Of Commerce & Industry, Alumni of St. Stephen’s College and Others.

  Speaking at the occasion, Mr. K.T.S Tulsi, President, Heritage Motoring Club of India said, “We are very proud and happy to witness this year again quality entries and attendance by well-known families from Delhi and NCR. The selection of the best cars and motorcycles was done by eminent judges and opinion poll of the visitors.”

  The first real estate group to bring in the revolution of mall concept in Faridabad by the name of “Crown Plaza” Upcoming projects are shopping malls in Panipat, Meerut, Bhopal, Ballabhgarh, Crown Technopark, housing projects in Sec-80, Faridabad, new Faridabad housing in sec-10 & township in
Gharonda.

“Crown Interiorz’ with a retail area of 5,00,000 sqft with Hypermarket of Reliance, 4 Screen Multiplex of INOX, modern multi-cuisine food court and other leading brands like Liliput World, Stanley Boutique/Lazy Boy, Elitaire/D’mart/Woodmart., Croma, Tanishq, Evok, Home Saaz, SRS Fashionwear, Raymonds, Woodland, Mufti, Liberty, Provogue, Nike, Pepe, W, Rockport, New U, Planet Sports, Beverly Hills Polo Club, Zodiac, Good Things, Ginni & Jony, Van Heusen, Puma, Kolours, Spyker, Hoof, Monte Carlo, Louis
Phillip, Peter England, Pennylane, Sri Ram Sarees, Bombay Selection, Flying Machine, Reebok, Adidas, Welspun, Optique, Numero Uno, Catmoss, Flying Machine, Fastrack, Canon, The Mobile Store, Tantra, Bruno Manetti, Adidas Lifestyle, Reid & Taylor, Titan, Orient Light, Bombay Selection, Tacfab,
Kajaria Tiles, Osim, Saboori, Villa, Deepak Furnishing, Mom & Me, Divine Homes, Orient Tiles, Chawla Chicken, Moti Mahal Deluxe (Tandoori Trail), Suruchi, Bercos, Kayarasa, Kara(The Disco Theque), Fundoo Zone(Play area for Kids), and has become the most popular and landmark shopping destination.
This is the first fusion mall which provides solutions for homes & Life Style products.

Research at Centre to focus on Understanding Cell Motility and Cancer Invasion

Mumbai, (Ajay Rawal): Jan 27, 2012, Mumbai: After signing the MoU in 2008 to establish Wadhwani Research Centre in Biosciences and Bioengineering (WRCBB),     Dr. Romesh Wadhwani, Chairman, Wadhwani Foundation & Founder, Symphony Technology Group, Mrs. Kathy Wadhwani and Prof. Devang Khakhar, Director, IIT Bombay inaugurated the Centre by unveiling the ceremonial plaque at IIT Bombay today afternoon. 

     Dr. Ajay Kela, President and CEO, Wadhwani Foundation andan alumnus of IIT-Bombay was also present at the occasion. WadhwaniFoundation is founded by Dr. Romesh Wadhwani – a distinguished alumnus ofIIT Bombay from the class of 1969 and an IT entrepreneur in SiliconValley, California. Dr. Wadhwani had announced a gift of $5 million to his alma mater at a conference held in New York in July 2008.

Mumbai, (GNS) Public sector Bank of India (BOI) today reported a 9.6 per cent rise in net profit to Rs 716.15 crore in the third quarter of current financial year despite a rise in cost of deposits by one percentage point.     

       Net profit of the bank was Rs 653.16 crore in the same period last year. Total income rose by 30.85 per cent to Rs 8,002.27 crore in the quarter ended December as against Rs 6115.76 crore reported in the same period last year. “Despite a challenging domestic and global economic environment, we have posted good results in the last quarter. As the economy is likely to come back (to the growth phase), the bank will be able to do better,” BoI Chairman and Managing Director Alok Kumar Misra told reporters here.

      Net interest income (NII) of the lender grew marginally by 4.1 per cent to Rs 2,068 crore in the third quarter against Rs 1,987 crore reported in the same period last year as the the cost of deposits for BoI increased by one percentage point year-on-year basis. During the quarter under review, net interest margin (NIM) stood at 2.55 per cent against 2.43 percent reported in the same period last year. “We hope that NIM will go up and touch 3 per cent in the future,” Misra said. In the meantime, the Government lender has shown deterioration in asset quality in the October-December period. While gross NPA slipped to 2.74 per cent against 2.36 per cent in the same period a year ago, net NPA increased to 1.78 per cent from 0.88 per cent in the corresponding period last year.

     The bank’s global (domestic + foreign) loan book expanded 21% y-o-y to around Rs 2.33 lakh crore while the domestic credit off-take saw rather a muted growth of just 8% at around Rs 1.63 lakh crore.  The global net interest margin increased to 2.55% versus 2.44% a quarter back.

“We have revised our domestic credit growth target from 17% to 15.5%,” Mr  Misra, Chairman and Managing Director, Bank of India added.

Launches stylish room airconditioners with enhanced energy efficiency.

Mumbai, (GNS)  Airconditioning and commercial refrigeration major, Blue Star Limited, today the launched of a new range of contemporary and stylish room airconditioners for the residential segment which will be available in a large number of retail channels across the country.

Speaking to the Press at a conference held in Mumbai, B Thiagarajan, President, Airconditioning & Refrigeration Products Group, Blue Star Limited said “Despite the f act that the room airconditioners market in India declined by about 15% due to a soft summer during 2011, Blue Star’s room airconditioners business has been on a fast growth track and grew about 29% in 2011, with the main growth coming from the residential segment. Several home consumers have instilled their faith in us and believe that we offer contemporary and modern products due to our airconditioning pedigree. Considering our impressive new energy-efficient product range, our aggressive distribution strategy and our commitment to continue to make investments in enhancing brand equity, I am confident that we will continue to perform well in the residential segment.”

These airconditioners, apart from modern features, offer higher energy efficiency resulting in significant power savings. Blue Star is India’s largest central airconditioning company with an experience of over six decades in providing expert cooling solutions. Blue Star has been selling room  airconditioners vide its sales and service dealers mainly catering to the corporate and commercial segment such as offices, restaurants, showrooms, boutiques and ATMs.

     Over the last few years, the Company has witnessed significant demand from the residential segment. Despite the fact that Blue Star room airconditioners were not available in retail channels, a considerable amount of Blue Star’s sales came from the residential segment, mainly from consumers who believe that a specialist is better than a generalist and a conviction that if Blue Star is a leader in cooling large spaces, its room airconditioners must be good. Considering this trend, the Company forayed into the residential segment last year, and made significant changes to its marketing mix including a product line-up to appeal to the residential segment, distribution through home appliance retail outlets and enhanced advertising budgets.

      This foray met with resounding success and Blue Star’s room airconditioners sales grew considerably despite a decline in sales in the overall room airconditioners industry last year. Encouraged by its success in 2011, the Company plans to continue to aggressively target the residential segment in 2012.