SAIL to rationalise workforce

The State-run unit is considering manpower rationalisation to remain globally competitive, improve productivity and bring down costs

State-owned SAIL is rationalising its 1.16 lakh workforce across the country to remain globally competitive, minister of state for steel A Sai Prathap informed Parliament today, reports PTI.

“Rationalisation of manpower is a continual process in SAIL. It is being undertaken with the objective of remaining globally competitive, improving productivity and bringing down costs,” the minister said in a written reply to the Lok Sabha.

SAIL had manpower strength of 1.16 lakh on 1 April 2010, he added.

In a separate response to the House, he said that all the steel PSUs undertake rationalisation of manpower from time-to-time to remain globally competitive. But besides SAIL, he did not give details about any planned workforce rationalisation in the other steel PSUs.

“With rationalisation of manpower, productivity of SAIL is likely to be increased. Modernisation & expansion is also underway in SAIL, which will also lead to an increase in production and capacity,” Mr Prathap added.

SAIL is undertaking a Rs70,000-crore expansion programme to augment its annual steel production capacity to about 23 million tonnes (MT) from the current level of around 14MT by 2012.

Among the other steel PSUs, NMDC has lined up a Rs-30,000 crore investment plan to augment its iron ore output to about 50MT from the current 30MT. The mineral producer is also in process of setting up a Rs 15,000-crore steel plant in Chhattisgarh.

RINL, on the other hand, is doubling its annual steel production capacity to about 6MT at an estimated investment of Rs12,000 crore.

“These are expected to add to creation of new employment opportunities in the coming years,” Mr Prathap said, without specifying the hiring target of these PSUs in the current year.


Fifty-six Indian companies in Forbes ‘Global 2000’ list

The list of the biggest and most powerful listed companies worldwide has been topped by US banking giant JPMorgan Chase and is followed by General Electric, Bank of America and ExxonMobil

A total of 56 Indian companies, including Reliance Industries and State Bank of India, have been named among the world’s 2,000 most powerful listed companies, according to US magazine Forbes.

The ‘Global 2000’ list of the biggest and most powerful companies worldwide has been topped by US banking giant JPMorgan Chase and is followed by General Electric, Bank of America and ExxonMobil, reports PTI.

Among Indian high performers, Reliance Industries leads the pack and has been ranked at the 126th place in the global list.

Other Indian companies named in the list include State Bank of India (130), ONGC (155), ICICI Bank (282), Indian Oil (313), NTPC (341), Tata Steel (345), Bharti Airtel (471), Steel Authority of India (502), Larsen & Toubro (548) and HDFC Bank (632).

The global rankings span 62 countries, with the US (515 members) and Japan (210 members) dominating the list as usual, although the number of companies from developing nations in the list is fast increasing.

This year, the countries that gained the most ground are mainland China (113 members), India (56 members) and Canada (62 members), the magazine said.

The Forbes ranking of the world’s biggest companies used an equal weightage of sales, profits, assets and market value to rank companies according to size and this year's list reveals the dynamism of global business.

“In total, the ‘Global 2000’ companies now account for $30 trillion in revenues, $1.4 trillion in profits, $124 trillion in assets and $31 trillion in market value. All metrics are down from last year, except for market value, which rose 61%,” Forbes said.

Two companies from the Anil Ambani Group, Reliance Communications (742) and Reliance Infrastructure (1,702), have also made it to the list.

Other Indian companies named on the list include State-owned Punjab National Bank (695), Tata Consultancy Services (741), HDFC (783), Infosys (807), DLF (923) and Hero Honda Motors (1,571).




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Gold strengthens on buying support

Marginal rise in global prices also helped to boost prices

Gold prices rose further by Rs45 to trade at Rs16,925 per 10gm on the bullion market here today on sustained buying amid a firming global trend, reports PTI.

Standard gold and ornaments extended gains for the second straight day and added another Rs45 each to Rs16,925 and Rs16,775 per 10gm, respectively. They had gained Rs135 in the previous session.

Sovereign followed suit and gained Rs25 to Rs14,050 per 8gm piece.

The trading sentiment remained firm after gold in overseas markets, which normally set the price trend on the domestic front, rose by 0.1% to $1,148.35 an ounce in Singapore.

In line with the general trend, silver ready strengthened further by Rs210 to Rs27,910 per kg and weekly-based delivery by Rs180 to Rs27,510 per kg.

However, silver coins remained around previous levels of Rs33,600 for buying and Rs33,700 for selling of 100 pieces.


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