Raytheon partners with L&T for T-72 tank upgrade

Raytheon and L&T have teamed up in a proposal submitted this month to upgrade the Indian Army's T-72 tanks

US-based Raytheon Co, the world's biggest missile maker, has said that it has partnered with Indian engineering giant Larsen & Toubro Ltd (L&T) to upgrade the T-72 tanks of the Indian Army.

Under the proposal, Raytheon will provide infrared imaging sights and electronics that will greatly improve target accuracy and increase overall system lethality on the battlefield for T-72 tank battalions. L&T will provide the fire control system, sensors, and will accomplish the final integration along with customer support.

"Together, we are exploring other opportunities to provide net-centric modernisation defence solutions to meet growing demands in India and the global marketplace," said Fritz Treyz, vice president, Raytheon Network Centric Systems (India operations).

MV Kotwal, senior executive vice president and member of the L&T board said, "L&T is the only Indian company in the private sector that is leading the tank-upgrade program. The L&T and Raytheon combination has got what it takes to deliver on such an important program. This beginning would lead to new avenues in Indian and global defence markets for both the partners working together."

Raytheon has provided 20,000 thermal sights in more than 15 countries.

 

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COMMENTS

Shadi Katyal

7 years ago

Will the Russian Tanks not already out of date. Is it worth to spend so much money? What is the time period of such modifications.

Essar: Please do begin!!!

Well begun is half done. Is the Essar Group being too clever by half?

Corporate advertising is probably the toughest, the most challenging of all forms of advertising. How does one distil an entire organisation’s core philosophy and encapsulate it in one single piece of communication, and even more trickily, in one single slogan? Especially when it comes to a giant, multi-business, multi-brand, multi-layered, complex organisation. Plus, you have various operating heads to please, each with demands and expectations of their own. In contrast, for a brand communication, life is a lot simpler. Once the key benefit and insight is in place, half the battle is won. But to communicate an organisation’s core competence in thirty seconds is another ball game. And yet, it needs to be done.
 
Essar Group, the giant desi organisation, which deals in various businesses across the continents, in core sectors such as energy, steel, power, communications, shipping… the list goes on, has released a new corporate campaign called ‘Let’s begin’. The objective of undertaking a corporate exercise is understandable for this particular group. So far, Essar has been a silent giant, going about its business in essentially a low-key manner. But as the group undertakes to expand and grow, it becomes important to establish a distinct identity in the consumers’ minds. The core message of their campaign is this: "Every achievement is not the end of a journey. It's the beginning of a new journey. So let’s begin.”  
 
Although it’s not in the league of a Nike’s ‘Let’s do it’, I actually quite like the ‘Let’s begin’ slogan. The phrase is mildly self-deprecating (and therefore classy, coming from a successful organisation that has been around for a long time). And the concept is pregnant with many possibilities. One can visualise stunning creatives being born out of the thought.
 
However, their execution of the idea is pretty lacklustre, dull and entirely boring. Funnily enough, for a thought that’s self-deprecatory, they’ve released a TV commercial that’s totally self-obsessed! The commercial features a casually-dressed dude drawing complicated charts on a black-board, which criss-cross the organisation’s various disciplines (power, steel, telecom, etc). Guess the underlying message is: constant innovation. And to pep things up, so to speak, they have added zippy graphics and a shaky editing pattern, but it doesn’t work. The commercial, not helped much by a languid music track, appears like a corporate department head making some yawny internal presentation to his assorted bosses. In fact, the commercial is so irritating to watch, I am amazed the big bosses at Essar even allowed it to be aired!
 
Net-net: ‘Let’s begin’ isn’t a bad thought. Go back to the drawing board, people. Ask the ad agency chaps to leave the pub ASAP, and get back into their brainstorm rooms. ‘Let’s really begin’ should be your own internal slogan. We kinda don’t care much to watch your boardroom presentations in our living rooms. 
 

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COMMENTS

xyz

7 years ago

Thid group is no 1 cheater

sreepathi

7 years ago

"Let's begin" campaign has terrorised the Indian and Foreign investors, as all the Investors except Ruias have ruined the wealth of people and Institutions.
We are worried when they will begin and start looting us.
It is a bad slogan.

insider

7 years ago

Lets begin what? Cheating investors all over again? This time please be more ambitious. Do it in the world arena. Don't cheat the poor Indian investors

K B Patil

7 years ago

Anybody who invested in Essar Steel's convertible debenture issue in 1992, will have no love for this group. When all steel companies (including the fuddy duddy SAIL) came up with stellar performances, Essar Steel managed to come up with poor results year after year and delisted from the exchanges in 2007 by throwing crumbs to investors. Shame on you Ruias!

DSFD

7 years ago

UTTER CRAP

ESSAR EMPLOYEE

Newsviewer Exclusive
Banks receive NFO commission under the garb of ‘bank charges’

Axis Bank debited Rs225 as ‘bank charges’ for the sale of its newly launched open-ended equity mutual fund, while Citibank used to do the same for insurance policies. Are the regulators aware of such things?

Marketing of mutual funds through banks might be an ultimate way of penetrating the larger geography considering the lenders’ reach and network. However, banks may not disclose the amount charged for commission that is deducted from customers’ accounts for a new fund offer (NFO).

This is exactly what has happened with many Axis Bank customers who had opted for Axis Mutual Fund’s NFO. The bank, using its channels, marketed the NFO and deducted Rs225 from the customer’s account under the name of ‘bank charges’, which in realty was commission for the NFO.

According to industry sources, many customers of Axis Bank who invested in the NFO were not even aware about this deduction or commission.

“If I approach someone for selling an NFO, I will ask for a separate cheque of Rs225 per Rs10,000 as my commission, whereas Axis Bank has the authority to debit the amount directly from its customer’s account. If I disclose that I am charging a commission to the investor then it is the fair method of doing a transaction. The Bank has deducted the commission under ‘bank charges’ rather than as ‘commission’. The customer doesn’t exactly know why the charges were deducted,” said an independent financial advisor (IFA) on the condition of anonymity.

Axis Mutual Fund and Axis Bank officials were not immediately available for comments.

The NFO from Axis Mutual Fund opened for subscription on 19 January 2010 and has raised as much as Rs905 crore, till date. Axis Mutual Fund also registered the highest average assets under management (AUM) for the month of January at Rs2,641 crore compared to Rs2,569 crore last month (December 2009).

This puts a different light on the entire issue on how distributors can charge their customers.

The regulator has recently banned entry loads. This has led to an overall slump in the growth of the MF industry. There is an intense debate on whether customers would pay for the advisory fees charged by MF distributors.

Axis Bank’s move underlines the fact that while it is laudable that customers must have the ability to decide for themselves what they are paying for and how, it is a utopian idea in practice. In reality, distributors who have a strong relationship with customers in some manner or the other and an ability to charge them, will get away by doing exactly that. Customers may neither notice nor protest.

In the current scenario, this means that commercial banks enjoy a relationship of trust with their customers. Nevertheless, banks have often abused that trust in the past when they have debited millions of customers for a service that they have not asked for. The most notable is the example of Citibank that debited some amount from its customers’ accounts for an insurance policy, the Suraksha scheme, which he/she did not explicitly consent to buy.

Citibank along with Tata AIG Life Insurance Co launched its insurance plan back in June 2001. There were no charges for the initial three months. During this period, the bank poached its credit and debit cardholders. Upon the completion of three months (31 August 2001), the credit card holders would automatically be registered into the insurance scheme.

The customers had no knowledge that they were being duped unless they would inform the bank to cancel the services on their own. Post 1 September 2001 all registered subscribers had to unnecessarily pay Rs204 annually for the services.

If banks continue to charge their customers without informing them, this makes a mockery of the Securities and Exchange Board of India (SEBI)’s principle that distributors must disclose to fund investors what they are charging and how. But SEBI does not regulate banks. Neither has SEBI any mechanism to regulate the distributors.

SEBI regulates fund companies; however, funds would not exactly be bothered by any abuse of trust by banks. They would be keen to raise as much money as possible—no matter how a distributor sells a scheme.

In this case, it becomes doubly ironic because the mutual fund is sponsored by the bank itself. Why would a fund complain about any malpractice? The Reserve Bank of India (RBI) would also not be concerned about customers being debited under ‘bank charges’.

In the end, banks may emerge as a major source of money for raising funds from investors by ‘using’ their ‘relationship’ and their power over the account (automatic debit) but this may not be what SEBI had in mind when it wanted distributors to disclose their fees separately.
 

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COMMENTS

SANJAY PRABHU

6 years ago

RBI brings Private Bank CEOs’ salaries under scrutiny
Axis Bank is another such bank where in the MD takes 3 crores salary plus 100000 ESOP, DMD takes 2 lacs ESOPs per year, where as the other hard working branch employees upto the level of AVP does not get any ESOPs, although they are the real gems and pillars of the bank who contribute to the business of the bank. Other cream of Top management consisting of 2% of the employees in the grade of VP, SVP, Presidents enjoys annual ESOPS between 12000 to 40000 ESOPS every year. This shows the greed and unethical conduct of the top management in looting the investors money. Company Law Board should do necessary amendment in Company Law and should give the ownership rights to each and every employee of the organisation and there should not be a large gaps as seen in Axis Bank while distributing the ESOPs between the lower grade and the highest grade employee.
Some people say that they are Out of Box Thinkers and hence they are eligible for higher remuneration – Out of Box Thinking is nothing but putting pressure on mid and lower level employees in order to achieve the budgets and force them to mis-sell the Insurance, MF, Forex Derivative and other bank products to customers and then force branch employees to get involved into various frauds arising out of mis-selling. Yes this is called Out of Box Thinking of the top management.
Is there any Accountability concept in Private Sector Bank ? No
Is the Whistle Blower policy implemented in its True Spirit ? No
Is the CEO responsible for the frauds & collapse of the financial institutions? No
If yes then why the RBI, SEBI & ED has not taken any action on the banks promoters and CEOs like GTB, CBL, BoR ( including finance companies like Lloyds Finance ) which has collapsed and later merged with nationalized banks. Do our regulatory authority had been protecting the Investors Interest or the CEO’s interest? How serious is there Audit procedure?
There have been serious frauds happening in Govt Accounts such as JNNURM, Municipal Corporation Accounts, Central Excise, Agri Credit at Rajkot, Lucknow, Forex Frauds in Kolkatta and Mumbai which has been happening for last 3 years and the bank auditors could not unearth the frauds. SEBI, RBI, Enforcement Directorate & Economic Offence Wing should investigate in to the matter and fix accountability on the Top Officials of Axis Bank. Even some officials at Vice President level have used the public money for paying the fees of his children’s personal benefits, by debiting the suspense account and the auditors have failed to investigate in to the matter, as the auditor himself was involved in various frauds in the bank.
If this practices continues, you will see similar situations in next 3 years, and the RBI will have to merge this white private sector elephants with nationalized bank and hence we should control the Salary of CEO and implement strict vigilance and staff Accountability in private sector banks.
I suggest all of you to read " If god was a Banker " by Ravi subramaniam and my experience with Private Sector Bank is a similar story, its all about looting the public money for the fun and enjoyment of Top Officials.
Recently the European Parliament approved the world’s toughest curbs on unsound remuneration practices in banks as an efforts to limit risk in a sector shored up by taxpayers and the Indian government too has seen the financial scams earlier and we look forward to Regulatory Authority in implementing the accountability concept in Private Sector Bank.

Ex Employee & Shareholder of Axis Bank

deepak

7 years ago

Axis Bank is a bank i appreciate but it too has gone the bad way.Its asset, the customers are taken for a ride which will hurt customer confidence.Poor show from a good bank.

R Balakrishnan

7 years ago

This amounts to an unauthorised debit. If you are concerned about it, write in to the bank and the bank has to reverse the charges. Do not give in at this stage, otherwise these aggressive private banks (with a new leader ex-ICICI Bank) will enjoy your bank balances.

Shibaji Dash

7 years ago

Shikha Sharma ! Poor lady, was denied MD's job at ICICI. So she must do an ICICI to Axis Bank. She had 'Business Standard ' lunch at the Taj Thai restaurant for the interview Feb 16 edition) . She was/is brilliant in Mathematics that might be due to her love for sea food (Omega 3 Fatty Acids).After all, all private pinch small amounts from the customers who can not be organised like the Senas or Naxals. No doubt Moneylife is the only flicker of light in this dark continent of India.

Ashit Kothi

7 years ago

It's not Banks receiving commision. It is - charges (commission) collected by Banks from customer. If customer has given consent ( knowingly or unkonwingly), than can one blame Banks.

There are no gullible or bechara investors. Anyone who is bechara should not be entering capital market directly or indirectly.

Nitin Sanzgiri

7 years ago

I entirely agree. Also without the auto debit facility for commissions, is the IFA expected to ask small investors for a cheque every month for their SIPs? Imagine asking for cheque for Rs.15 every month from a person investing 1000 pm!

K NARAYANAN

7 years ago

How would Axis bank pay Ms Sikha Sharma,MD of the bank Rs2.50 cr as salary and bonus/incentive p.a unless it loots customers like this.Every new generation pvt sector bank pays fabulous salary and incentive running into crores per year whereas PSU bank chairman is paid hardly Rs24 lacs p.a.You may say that pvt sector bank gives excellent service whereas the service standards of PSU banks are very poor.Well you pay tho' your nose and don't grumble.You have to choose between devil and deep sea.

Shantanu

7 years ago

I hope some one in SEBI is reading this article and coose to do something about it. I am quite saddened by the hearing this about AXIS Bank. I am a small customer and found the Bank to be most co-operative and above board. This article seems to indicate that they are also going the malpractices way. Sad if it is true.

ROOPSINGH

7 years ago

DEAR MONEYLIFE TEAM,I APPRECIATE THE VIEWS EXPRESSED IN YOR ARTICLES TIME TO TIME IN REGARD TO COMMONMAN INVESTOR AND SMALL DISTRIBUTORS OF MF INDUSTRY-TODAY NO OTHER MEDIA IS SUPPORTING COMMONMAN-EVERY OTHER MEDIA IS JUST SOLDOUT TO ADVERTISERS TO BIG HOUSES-THEY HAVE FORGOTTEN BUSINESS ETHICS AND RESPONSIBILTY AND DUTY TO SOCIETY-THATS THE REASON SO MUCH COMMNETED IN YOR PUBLICATION SINCE LONG TIME-NO ONE IS RESPONDING FROM PERSONS CONCERNED-LIKE SEBI AND IRDA OR BANKS-BCOS THEIR BUSINESS INTEREST R HURT -IT SEEMS THAT MEDIA IN THIS COUNTRY HAS LOST ITS SELF RESPECT TO SUPPORT THE DEPRIVED-AND ONLY ADVOCATES RICH AND POWERFUL-IT LOOKS THAT EVRY CONCERNED TO THESE ISSUES R DEAF AND BLIND-SO UNLESS PEOPLE COME AND PROTEST IN STREETS-THINGS WONT BE HEARD-PEOPLE DONT PROTEST FOR PRICE RISE OR CORRUPTION-VERY FEW COME FORWARD TO SPEAK-BUT THEIR VOICES R EMAIN UNHEARD BCOS IT IS NOT USEFUL MONEY EARNING AGENDA FOR MEDIA-SO WE MUST CONFESS AND SHOULD MAKE A FIRM BELIEF IN OUR MINDS THAT WE HAVE TO STAY IN THIS CORRUPT COUNTRY FOR WHOLE OF OUR FUTURE AND THEIR IS NO RAY OF HOPE

M

7 years ago

Too Bad !!

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