Business News

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By Sudam Patra

Balasore, Dec. 12: Leading industrial house Emami Group which has got its paper mills in Balasore has been in the forefront in implementation of various Corporate Social Responsibility (CSR) activities in Balasore district. The company has formulated the policy for development and implementation of CSR as also required under Section 135 of the Companies Act, 2013.

Emami Paper Mills Limited through its CSR activities takes up programs that benefit the communities in and around its place of work and ensure over a period of time, enhancement in the quality of life and economic wellbeing of the local people and thereby establishing its presence as a good corporate citizen.

Eradication of Hunger, Poverty and Mal Nutrition:

The company, as a part of its CSR activities promotes eradication of hunger and Malnutrition from the local community. Nearly 400 mouths are fed every day on this account. The Company monitors the Body Mass Index (BMI) of children of the locality and detects cases of mal-nutrition. Such children are supplemented with protein enriched food supplement three times a week. Nearly 250 children are benefited on this account. Clothes are also provided to poverty sicken orphan children of the locality.

Promotion of Preventive Health Care

A dedicated team of doctors and para-medical staff provide door to door preventive health service to the local community. Along with this mobile health service is available at 12 locations twice a week. During the year under reference 7269 patients have been provided elementary healthcare through the mobile health unit. Regular medical advice along with medicines under traditional system of medicine is also provided at ten locations. During 2015-16, 23,270 patients were benefited under this scheme. In addition to the regular clinics, 18 special combined homeopathic and ayurvedic camps were conducted during the year.

During the year, the company supported the local govt. PHCs (Public Health Centre) in upgrading their labor room, indoor patient wards and sitting arrangements for the out-patient department. Regular medicines are being provided to Mitrapur Swasthya Seva Kendra for free distribution. On the recommendation of doctors, company also supports poor and needy patients for seeking expert medical advice. 35 patients were benefited under this scheme during the year.

Sanitation and Provision for Safe Drinking Water Realizing the fact that safe drinking water is the key for preventive healthcare, the company provides running water supply to 120 households of Rasulpur village and has commissioned 22 new tube wells to the already 185 community water points in the area over the last five years.

Promoting Education and Vocational Skills:

Initiatives under promotion of education encompass five broad activities namely, Infrastructural support to local educational institutions, scholarship support to the poor and meritorious, free distribution of exercise notebooks, community teacher program and capacity building of the tribal children.  Based on the survey of local schools, the company supports educational institutions in developing their infrastructure by making provisions for classroom furniture, fans, lights and toilet. During the year 530 pairs of desk cum bench has been provided to 16 institutions to accommodate the growing student enrollment.

During 2015-16, 330 top scorers from 71 institutions have been provided with a scholarship ranging between Rs.500 to Rs.5000. Free distribution of exercise notebooks to students took a quantum jump in comparison to the previous year. In 2015-16, 71,433 exercise books were distributed to 89 institutions.

Ensuring Environmental Sustainability and Animal welfare:

The company has undertaken bulk plantation on 2.5 acres of land at Baniagaon where 2500 seedlings were planted. Along with this, 5,690 peripheral plantations were undertaken around the factory site on 6.3 acres of land.

Protection of Art and Culture and restoration of sites of Historical Importance:

The Company during the year had taken initiative to restore place of cultural importance at Nuapadhi village under Remuna block.

Rural Infrastructure:

During the year under reference, the company has invested its resources in creation of lasting rural infrastructure. Community centers were erected at Rasalpur. The company took initiative in installing 17 street lights in Rasalpur and Patripal gram Panchayats. A creche by the company was constructed at Balasore during the year.

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By Payal Banerjee

Bhubaneswar, Nov. 15: ndian Oil Corporation Ltd. (IOCL), under the aegis of the Ministry of Petroleum & Natural Gas, Government of India, is going to organise a first-of-its-kind Petrochemical Investors Conclave at Mayfair Convention Centre, Bhubaneswar, Odisha November 16.

This was announced by Pritish Bharat, CGM, Odisha State Office, IOCL.

Among others Shri Sujoy Choudhury, CGM, Petrochemical Marketing, Shri G.S. Singh, ED, Paradip Refinery and senior officers of IOCL were present at this occasion.

The theme of the Conclave is “Purvodaya – The Dawn of New Investment Opportunities in Eastern India.”

Shri Ananth Kumar, Union Minister for Chemicals and Fertilisers, and Shri Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, Skill Development & Entrepreneurship, have been invited to be the chief guest and guest of honour at the Conclave.

Senior officials of the ministries of Petroleum & Natural Gas and Chemicals & Fertilisers, Government of India; CEOs of oil & gas sector companies, and other dignitaries, will be participating in the event. Ministers and senior officials of the Government of Odisha have been invited to the conclave.

The conclave aims to highlight the emerging investment opportunities in the petrochemicals sector in Eastern India and help catalyse investments in the downstream Plastic Parks and Textile Parks proposed to be developed in Eastern India.

Eastern India is poised to chart a high growth path in the coming years and offers immense potential for the growth of the Plastics and Textile industries. The region has access to a plethora of raw material necessary for the optimal development of these industries. Besides, it also possesses the necessary infrastructure, including ports, railway connectivity and road networks that will facilitate the speedy development of the two industries. The Conclave will identify ways and means to leverage these resources and advantages, together with skilled manpower, and thereby enable Eastern India to propel itself into a higher growth orbit.

The unique conclave will comprehensively focus on the following topics, which would be of immense help to young investors/start-ups:

  • Global & Indian outlook of polymer/textiles intermediates
  • Petrochemicals potential of Eastern India
  • Downstream investment opportunities in Eastern India, with special focus on Plastics Parks and Textiles parks
  • Cost economics of projects in the petrochemical intermediates value chain
  • innovative financing schemes for entrepreneurs and start-ups
  • Experience-sharing by successful entrepreneurs
  • Incentive framework being offered by various Government agencies, technical process details and so on.

The conclave will primarily serve as a platform for young investors to interact with business leaders of the petrochemicals industry, Government functionaries, financial institutions, supply chain professionals as well as incubators in the academia at one place.

An investor facilitation lounge is being set up to provide a window for clarifying the issues raised by prospective investors. An exhibition is also being organised at the Conclave venue for the benefit of the delegates.

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By Chittaranjan Beura
Bhubaneswar, Sept. 22: Avon Cycle Limited of Ludhiana, a leading cycle company having products like E-RIKSHAW and E-SCOOT, is planning in a bigger way to get entry into Odisha market.
Product like E-RIKSHAW is categorized in two segments – passenger and cargo with 7 colour variants like pink, yellow, red, blue etc. The above two vehicles will run 100 km once it is charged.
The charging cost is Rs 22 p only with a loading capacity of 500 kg. The cost will be from Rs 1.40 lakh onwards.
Similarly E-SCOOT is having 3 variants which cover 40 km to 65 km with a loading capacity of 120 kg and a speed limit of 30 to 40 km per hour. It is available in 6 different metallic colours like white, grey, black etc and the price range starts from Rs 40 to 50 thousands.
While the subsidy will be Rs 7500 to Rs 9500 depending on the model. One model does not require road tax or insurance.
E-CYCLE is having 3 colours pink, orange and black. Once charged it will cover 40 km with a speed of 20 km per hour having loading capacity 120 kg. The price is Rs. 31000.
There is a tie up with nationalized bank along with private finance. So that all segment of people can easily purchase. Presently we have network in Cuttack, Bhubaneswar, Kendrapada, Jajpur, Balasore, Mayurbhanj, Keonjhar, Rourkela, Sambalpur, Bargarh, Bolangir, Bhawanipatna, Berhampur and Nayagarh.
This month our billing was 700 units. By end of December our figure will touch 3000 units. On the launching programme the following dignitaries were present On the occasion of launching, Mr. Ananta Narayan Jena, Mayor, BMC, Mr. Amandeep Singh, Asst. General Manager (Sales & Marketing), Mr. B.B. Sarangi, CEO, Swapna Swapna Auto Care and Ms. Swapna Samal of Swapna Auto Care, Bhubaneswar.
All dealers from different parts of Odisha were also present on the occasion.

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By Sukanta Mohanty
BHUBANESWAR, SEPT. 12: Not long ago, Basanti Maharana from the Hirakud village of Sambalpur district was struggling to meet daily needs – the elementary ones, two square meals and a roof above her head for her two kids and her husband. Basanti and her husband a daily wage labourer, belong to the marginalized. But it’s always good to dream and make those dreams come true. Like all mothers Basanti too nurtured aspirations – sending both her children to a good school, to give them a quality education. But her family’s condition as well as her husband’s meager income could get her nowhere!

But life changed one day for Basanti and her husband, and families like theirs. This was when Hindalco, a unit of the Aditya Birla Group, started promoting “Sanskar” a Self-Help Group (SHG). On Sanskar says, Mr. Rajesh Gupta, Head of Hindalco’s Hirakud Cluster, “We are concerned about the welfare of women from this region and by promoting the SHGs we want to instill among them a sense of entrepreneurship and independence so that they can live with dignity and self-esteem”.

“We have seen visible progress happening here in Hirakud. Our engagement not only promotes SHGs but empowers women to become entrepreneurs by helping them to start independent business such as tailoring, phenyl making etc.”, he added.

Founded with only 13 members initially in December 2008, it has come a long way. Initially Basanti and many other women from the village were motivated to deposit Rs.100/- each to the common fund of the Group. With the accumulated fund they were lending small sums amongst themselves, to those who were in need of funds either to do some business or to meet family urgencies.

Hindalco helped the Group to open an account with the local UCO Bank. They were sanctioned loans to start their small business of Papad and Badi making – both food items. Hindalco facilitated their being trained for maintenance of the books of accounts. They began their business with a working capital of Rs.2,600/-. Today this SHG has been assigned by the Government to supply 180 quintals of Chatua per month to 105 Anganwadi. Chatua is an Odia food delicacy. From this business, the revenue generated on an average is Rs.49.68 lakh per year. The per capita income of each member after meeting all expenses, on an average is Rs.3500-4000 p.m. This has made a difference to their income and a qualitative difference to their lives. They have now become Social Change agents in their area.

Now all the SHGs have a bank account. Many of them are taking loans from the bank to run their income generation activities. Up until now there are 54 SHGs promoted by Hindalco, with a total deposit of about Rs.44 lakh and Rs. 42.75 lakhs as loan from the bank for their enterprises.

Hindalco’s empowerment schemes are touching and changing lives in Sambalpur. As of now, the company is supporting 54 SHGs in the Hirakud area. Initially, these SHGs were taught how to mobilize savings, maintain accounts, become familiar with inter-lending norms and establish credit linkages with banks.

Once the members became familiar with these, Hindalco undertook a second phase of development — running training programs on system establishment and norm setting, book keeping, leadership development, communication, conflict resolution, etc. All this hard work has shown results. Today some of the Self Help Groups promoted by Hindalco are at a stage where they can take up quite a few income generation activities. Some of these include the running of rice hullers and the opening of grocery shops.

Sums up Mrs Puspanjali Mishra, CDPO, Dhanakauda, Sambalpur, and Mrs. Sanghamitra Mohapatra, DSWO, Sambalpur, “Hindalco has rendered yeomen service by training women in various income generating activities and also giving them the requisite material back-ups. These interventions have given the much needed support to the SHGs and have gone a long way in enabling them to become self-reliant”.

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New Delh ,Sept 9 (PTI) : The Good & Services Tax (GST), introduced by the central government from July 1, saw the country’s richest sporting body, BCCI pay in excess of Rs 44 lakh in taxes.
The BCCI’s official website states that for the month of July, it paid Rs 44,29,516 in GST. Indian national team’s physio Patrick Farhart, for a five-month period, was paid close to Rs 6 million (Rs 58,87, 139).
Some of the players were also paid a share of gross revenue from international matches for the 2015-16 season. Stuart Binny was richer by Rs 92 lakh (Rs 92,46, 412) while Harbhajan Singh was paid Rs 62 lakh (Rs 62, 52, 871).
Left-arm spinner Axar Patel received Rs 37.51 lakh while pacer Umesh Yadav was paid Rs 34.79 lakh.

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Nagpur Sep 9 (PTI) : The Maharashtra government and the Tata Trusts on Saturday launched a campaign to create awareness about bone marrow donation and establish a registry for the same in the state.
Union minister Nitin Gadkari, state medical education minister Girish Mahajan and Tata Trusts’ chief financial officer and secretary Burzis S Taraporevala here launched the awareness campaign, named ‘Jeev Rakshak Sena’.
Mahajan said the initiative will raise public awareness about bone marrow transplantation.
The campaign aims to create a database of committed donors, who will stand by their pledge to donate their blood stem cells to patients suffering from life threatening ailments like leukemia, lymphoma, sickle cell disease, thalassemia and aplastic anemia, he said.
The bone marrow registry was today launched at the Government Medical College & Hospital (GMCH) Nagpur. Similar registries will come up in all government hospitals of the state in the coming years, the minister said.
On the occasion, Gadkari said sickle cell disease and thalassemia were quite prevalent in eastern Vidarbha districts of Gondia, Bhandara, Chandrapur, Gadchiroli and Nagpur. In the north Nagpur constituency itself there were about 40,000 patients of sickle cell disease and thalassemia, Gadkari said.
He urged Mahajan to set up a special hospital in north Nagpur to treat the patients suffering from these diseases. Taraporevala said the project aims to build a robust database of voluntary donors from across Maharashtra, in a phased manner, by working with the public health and other government departments.
It aims to create awareness among an array of citizens, from college students to homemakers to working professionals, about bone marrow donation. Bone marrow is the flexible tissue in the interior of bones.
In humans, red blood cells are produced by cores of bone marrow in the heads of long bones. The bone marrow transplants can help treat severe diseases of the bone marrow, including certain forms of cancer such as leukemia.

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It is the biggest single-day fall in gold prices this year.
New Delhi, Sep 9 (PTI): : Gold prices crashed by Rs 820 to Rs 30,530 per ten gram at the bullion market today, hurt by weak global cues amid dip in demand from local jewellers. It is the biggest single-day fall in gold prices this year.
On the other hand, silver held steady at Rs 42,000 per kg on scattered enquiries from industrial units and coin makers. Traders said apart from a weak trend overseas, fall in demand from jewellers and retailers at prevailing higher levels mainly pulled down gold prices.
Globally, gold after hitting one-year high of USD 1,357.64 an ounce, fell 0.19 per cent to USD 1,346 an ounce and silver by 0.91 per cent to USD 17.93 an ounce in New York in yesterday’s trade.
Besides, a drop in demand from local jewellers and retailers at domestic spot market fuelled the downtrend. In the national capital, gold of 99.9 and 99.5 per cent purity slumped by Rs 820 each to Rs 30,530 and Rs 30,380 per ten gram respectively.
Yesterday, the precious metal surged by Rs 990 and closed at a 10-month high of Rs 31,350 after the dollar fell to its weakest level since 2015 and tension between North Korea and the US intensified further, boosting demand for the safe haven.
Sovereign however held steady at Rs 24,600 per piece of eight gram today.
On the other hand, silver ready ruled flat at Rs 42,000 per kg, while weekly-based delivery fell by Rs 200 to Rs 41,570 per kg.
Silver coins however continued to be asked at previous level of Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.

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By Our Correspondent
Indian Bank Business Review Meeting was organized at Mayfair Lagoon. The meeting was headed by Shri Kishore Kharat, MD & CEO of Indian Bank. Zonal Manager of Bhubaneswar Zone Mr. N. K, Mishra and Deputy Zonal Manager Ms. Vallery Rath were also present during this occasion.The meeting was attended by more than 40 Branch Managers of Indian Bank from different parts of the state. Mr. Kharat made special note for increasing good credit portfolio across various sectors such as Agriculture, MSME, Retail and Corporate Credit in the State of Odisha and for promotingDigital Banking. He also emphasized on promoting various Government schemes such as Stand Up India, Atal Pension Yojana etc.

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Chennai, Sep 6(PTI) : Former RBI Governor Raghuram Rajan on Wednesday said the biggest challenge is cleaning up the balance sheets of public sector banks.
“RBI (during his tenure) issued lot of things to increase competition in the banking sector which include giving 23 bank licences. There were new banks, payment banks, small finance banks,” he said at an event here to launch his book ‘I do What I do’.
Noting that work is still in progress to reform state- owned banks, he said, “I think at this point, the single biggest challenge is cleaning up the balance sheets of public sector banks.”
Before bringing more change in the public sector banking system, “it is extremely important that the banks get back into the business of lending. That is clearly holding up the economy at this point.”
Later, responding to a query on post of Governor of RBI, he said it was always “tested”. Referring to his earlier stint as Chief Economic Advisor with the Finance Ministry, he said he had seen both sides of the equation.
“I have seen it from both sides, from ministry side as well as the Governor side. You (an RBI Governor) have always been tested. And you have to establish clear parameters — what you are willing to do and what you are not willing to do,” he said.
A Governor has to “continuously” explain when he is not continuing to do something and when the decision within his purview is “No”.
“I think that is something that is understood and respected in the (banking) system”, he said. Rajan also recalled previous governors of RBI and added that some had “delivered” their resignations to the government.
“Famous resignation letter is Manmohan Singh’s resignation letter. I think in any regulatory position, you have the ability to stand up.
But if you are overruled in that situation, you have to decide the option of leaving gracefully,” he said.

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Mumbai, Aug 24 (PTI) : The Reserve Bank will launch Rs 200 banknotes for the first time tomorrow, increasing availability of lower denomination currency in the system.
The bright yellow coloured notes will hit the market just a day after the announcement by Finance Minister Arun Jaitley that the government has given go-ahead to the RBI to issue the new currency bill.
“The Reserve Bank of India will issue on August 25, 2017 Rs 200 denomination banknotes in the Mahatma Gandhi (new) Series, bearing signature of Urjit R Patel, Governor, Reserve Bank of India from select RBI offices, and some banks,” RBI said in a press release.
As per new policy on theme-based currency notes, this currency notes bears motif of Sanchi Stupa, to depict India’s cultural heritage.
The base colour of the note is bright yellow, RBI said. Following the demonetisation on November 9 last year, the Reserve Bank had introduced Rs 2,000 notes as also new Rs 500 notes with additional security features.
The move led to shortages in the system, putting pressure on small denomination currency, mainly Rs 50 and Rs 100.
Now, with the introduction of Rs 200 notes, the problem people have been facing due to high-value Rs 2,000 notes is expected to be resolved.
The RBI has also introduced a new fluorescent blue Rs 50 banknotes bearing the motif of ‘Hampi with Chariot’ that depicts India’s cultural heritage.
Among other prominent features, the banknote will carry portrait of Mahatma Gandhi at the centre and the denominational numeral “200” with rupee symbol in colour changing ink — green to blue — on the bottom right on the obverse (front) side of the note, RBI said.
For visually impaired, the front side of the note will have intaglio or raised printing of Mahatma Gandhi portrait, Ashoka Pillar emblem, raised identification mark ‘H’ with micro-text Rs 200, four angular bleed lines with two circles in between the lines both on the right and left sides.
The reverse side of the note will carry a Swachh Bharat logo with slogan and the Sanchi Stupa motif, RBI said.
The new note will be in a dimension of 66mmX146mm.

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By Our Correspondent Bhubaneswar, Jan. 10: Bharatiya Janata Party spokesperson Sajjan Sharma on Wednesday pointed fingers at Bargarh superintendent of police B Jugal Kishore for...

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