Seducing shoppers

India's small towns are the next frontier

 

The economy expanded by  5.3% in the year to the  January-March quarter, the slowest for seven years. Shoppers are scrimping. Sales of consumer durables fell by 10-15% in the year to March 2012, executives say. Indian factories cranked out 30% fewer air conditioners and 15% fewer colour televisions, official data show.
Yet there is a bright spot: small-town shoppers are starting to splurge. The sales in towns of less than 100,000 people rose by 19%, and in villages by over 40%. Sales of motorbikes and mopeds have decelerated more gently than cars, an urban luxury.“As far as I am concerned, the slowdown is not having an effect,” beams Gaurav Vasistha, as he plies customers with fizzy drinks in his home-appliances shop in Pant Nagar. Two years ago he would sell a dozen washing machines a month at most in this dusty town of 64,000 people in North India. He now sells that many a week. Fridges, food processors and fans are also shifting more quickly. A bride's parents often buy a whole set of white goods as a dowry.
Government subsidies, high land prices and a low reliance on credit have thus far sheltered these consumers. Rudrapur shoppers are mostly farmers who benefit from government-fixed floor prices for crops. Some have also made big sums by selling fields to developers. Poorer shoppers from nearby villages make money from a government scheme that guarantees 100 days of work a year. Such subsidies and schemes pushed up rural incomes by 12% last year. Rural incomes have grown more rapidly than urban ones since 2008.
Indian firms sense a fortune to be made by selling rustic folk their first fridges. Nirmal Singh, the head of Electrical appliances co., the wing of the conglomerate that sells home appliances, wants to start reaching rural buyers directly and cutting out costly middlemen. Last year he launched a chain, mostly for rural areas. It now has 20 stores, one in a town of just 20,000 people. He hopes to have 70 by next spring. “We never looked at these markets…[but] a couple of years ago we started looking at this because we need to continue to grow,” he says.
The other companies are pushing even deeper into the hinterland, trying to reach villages with as few as 5,000 people. It is also designing washing machines with manual motors and tiny fridges for homes with unreliable electricity. Foreign firms such as Samsung and Panasonic are following suit. Bhupesh Gupta, who heads home-appliances division in India, hopes to increase the firm's presence in rural shops by a fifth in time for November's Diwali festival, a big shopping season. Foreign firms typically have skimpier distribution networks than their local rivals, but their products are more popular where they are available. A foreign brand is often a status symbol.
As India gets richer, rural folk are becoming more entwined with the national economy. Ramesh Iyer, the managing director of Mahindra & Mahindra Financial Services, a rural lender, now has 2m customers, twice as many as he had in 2008. “As they move up the chain, the demand for credit will only get higher.” Rudrapur's shopkeepers are upbeat. A motorcycle vendor says families are buying one bike per adult, rather than one for everyone to share, as they did a few years ago. However, rural shoppers cannot always be relied on to splurge. Their wealth often depends on handouts rather than increased productivity. A poor monsoon curbs spending for a whole year—light rains in June are causing jitters, though the forecast for the whole year is still good. Life in small-town India may be better, for now, but it is precarious.

Pharma companies fear Generic Will erode Margins

Manufacturers of branded drugs say their revenues will be severely hit if the government promotes generic medicines and low-cost brands in its drive to make medicines more accessible to the country's poor.

 

The health ministry plans to start providing free essential medicines at all government clin
 ics by October, a move that could spell more trouble for the domestic pharma industry where an imminent drug pricing policy is likely to target high-priced brands."If the government successfully implements its programmes, sales of drug makers will be significantly hit," a senior executive at Cipla said, adding that companies will have to rethink their strategy depending on the level of success of these government initiatives.
"The past track record of the government does not give that confidence (to accomplish the objective)," the Ranbaxy executive said, hinting at the lacklusture implementation of the pharmaceutical department's generic pharmacy programme, which was launched in 2008. The ministry, which has the Planning Commission's approval to spend 100 crore this fiscal on the healthcare programme, is targeting an expenditure of 28,560 crore over the 12th Five-year Plan period. Adding to the woes of the domestic pharma industry is the National Pharmaceutical Pricing Authority plan to roll out a text message service that will offer patients cheaper alternatives for prescribed drugs.
According to a analysts, the drug price controller's SMS service is likely to wean consumers off premium brands, which in turn will increase costs for drug makers as they will have to invest more in marketing. Manufacturers will also have to incentivise chemists to stock their brands, as retailers usually keep only limited brands, he added. Indian and foreign drug makers have already suffered heavy revenue loss due to changes in drug pricing or procurement policies in countries such as Germany.
A member of a leading pharma industry body said the government's healthcare policies were a "matter of concern" for drug makers and companies need to rethink their strategy. "If a drug costs 10-15 times more than a similar medicine sold by a competitor, you cannot justify that pricing. "They may have to reposition their brands, increase volume or scale up operations," he said. However, some experts say the impact will not be as severe as feared.
Amit Backliwal, managing director of IMS Health India, said he did not expect any major impact on the industry. He, however, said that the government's initiative could hurt small manufacturers who have a large presence in rural areas or those that do not have differentiated (niche) products. Pfizer India's managing director Kewal Handa said that companies could benefit by participating in the procurement process to offset potential revenue loss. He, however, cautioned that targeting cost alone could be fraught with risks. "The government should ensure that medicines are procured from quality drug makers and should not compromise patient safety at the cost of cheap drugs." 

Buying Health Insurance

Have you ever bothered to know the cost of different medical treatments/procedures before deciding the size of your health cover?

Will you buy a Rs 3 lakh family floater health cover without knowing the cost of a by pass coronary surgery or a liver transplant or any other critical illness, which can afflict any one in your family? If it is so, it is like buying a pair of small-size jeans without knowing the size of your over-stretched waist.
HEALTH COST: That medical inflation far outpaces overall inflation is known. The oft-quoted figure for healthcare inflation in India is 15 per cent a year compared to overall inflation of 6-7 per cent in the past few years. We sift through official and unofficial data to find out how medical costs have been increasing in India. A health insurance report published by the Insurance Regulatory and Development Authority (Irda) of India published in 2011 says the average claim in case of major diseases was Rs 1,34,550 in 2009-10 compared to Rs 98,101 in 2007-08, a compounded annual growth rate of 17 per cent. Notably, the average claim paid in 2009-10 was just Rs 23,000.
The report considered cases where the amount claimed was more than Rs 40,000 as small claims for diagnostics tests and medicines without major treatment, etc, could have distorted the overall data disproportionately.The report suggests a 57 per cent rise in average claimed amount for circulatory diseases (heart attack, high and low blood pressure etc) from Rs 1.53 lakh in 2007-08 to Rs 3.56 lakh in 2009-10. The average claims made in nervous system-related diseases (multiple sclerosis, paralysis etc) increased 14 per cent from Rs 1.10 lakh in 2007-08 to 1.28 lakh in 2009-10. The average claims made in case of blood-related diseases increased 11 per cent from Rs 96,000 in 2007-08 to Rs 1.07 lakh in 2009-10.
While the rates discussed earlier were indirectly arrived at from the 'amount claimed' data, to know the current costs, we asked third-party administrators, or TPAs, insurance brokers, hospitals and insurance companies. However, not all of them were 'keen' on sharing the prevailing rates. What we received from a TPA, an agency hired by insurance companies to service health insurance claims, is the tariff list approved by the General Insurers' Public Sector Association (GIPSA). Medimanage, an insurance broking company, also provided a list of rates for some common medical treatments/procedures, which it says is the average cost across the country and hospitals.
The two lists show wide disparity in rates. Raju M V, vice-president, technical, TTK Healthcare, says GIPSA-approved rates are lower than the actual medical costs. The average cost of coronary artery bypass surgery as per GIPSA was Rs 1.4-1.8 lakh in 2011-12 compared to the average 'actual' cost of Rs 2.5 lakh. The cost of angioplasty (widening of blocked blood vessels) was Rs 1.5 lakh according to GIPSA rates while the 'actual' cost was around Rs 2.5 lakh. General Insurance Public Sector Association (GIPSA) is a body of four public sector general insurers-New India Assurance, United India Insurance, National Insurance and Oriental Insurance Company. To contain losses due to 'inflated' medical bills charged from the insured, these insurers decided to standarise rates for 42 medical procedures across categories of hospitals for settling cashless claims.
The network of hospitals that agreed on the rates stipulated by GIPSA forms the preferred provider network or PPN. There are 928 hospitals in the PPN across eight cities in the country-Delhi (188), Mumbai (165), Bengaluru (122), Chennai (125), Ahmedabad (91), Hyderabad (87), Chandigarh including Jalandhar, Ambala and Mohali (87) and Kolkata (63).
MEDICAL INFLATION: DEMAND-SUPPLY GAP?: Why are healthcare costs increasing at a double-digit rate despite use of technology? Shouldn't the spread of technology bring the medical costs down? Shortage of good doctors and surgeons is also a reason. Sudhir Sarnobat, co-founder and chief executive officer, Medimanage Insurance Broking, says there is a clear demand-supply gap of good doctors in India. "You can count on your finger the number of good surgeons and doctors in any particular field," he says.
According to Ministry of Health data, India had one doctor per 2,000 people as of 31 July 2011. Another reason could be private sector dominance in the healthcare industry in India. A World Health Organisation report in 2011 said the private sector accounted for 68 per cent healthcare spending in India. Popularity of cashless facility offered by insurance companies is also one of the reason for higher treatment costs.
According to an Irda report, the 'cashless' basis of settlement is costing more for all types of diseases. In 2009-10, charges for arthopathies (disease of joints) and mental disorders were more than double those under the reimbursement facility. For 11 diseases, the charges were more than 50 per cent compared to those under the reimbursement facility.
KEEPING PACE: Do you think your cover is enough given the double-digit health inflation? If you feel it's not, you can buy a separate policy or increase the cover by opting for a top-up insurance plan. The latter is cheaper and more viable. If you have a Rs 5 lakh cover and want to increase it to Rs 10 lakh, you can buy a separate health policy, which will cost around Rs 6,000 a year, or opt for a top-up plan, which will cost just Rs 2,000 a year. Prospective buyers must check the costs of different medical procedures and treatments to get a sense of how much cover they may need for any possible medical emergency in the future.They can also check the GIPSA rates, which are easier to access, if TPAs, insurers or hospitals are not willing to share the details.

Rising Cost of Healthcare

A lot of talk surrounds the rising cost of healthcare in India. Multiple tests, hospital charges, expensive medicines causes more deaths than actual illness.

While India's healthcare  costs look affordable to  medical tourists, they are costly, almost prohibitive, to the average Indian citizen. The average amount of money spent on healthcare by a middle class family in India is Rs2000 a month. For a poor family the monthly healthcare expenditure is Rs 500 – may seem like a measly amount, but it is 50 per cent of their monthly income. One medical procedure can cost lakhs of rupees, sending the family of a patient into debt.  
Reasons of rising healthcare costs: Healthcare costs in India have risen because of the introduction of the latest in sophisticated technology and equipment. Two-three decades ago, in the absence of the latest equipment all the doctor had to do was examine a patient and prescribe medicines. Tests were done only if the patient's illness was serious and the tests were very simple. Now doctors advise a battery of complex tests to ensure correct diagnosis.
After medical negligence cases have been brought under the purview of consumer courts, doctors have no alternative but to ask for the test reports before prescribing the preferable line of treatment. This has also lead to the over-recommendation of diagnostic services. “In 45 per cent of the cases observed, major reasons for rise in the premium was advent of sophisticated medical technologies and malpractices like over-recommendation of services”. 
The opening up of the private sector in providing healthcare has also contributed to the rise in costs. Apart from higher diagnostic charges patients pay more for hospital stay, doctor fees, nursing charges, and planned diet while seeking treatment from private hospitals.  
Another factor responsible for pushing up the cost of healthcare is the advancement in management and cure of diseases over the years with the help of modern technology, which is reflected in the improved life expectancy of the citizens. Life expectancy at birth in India was slightly below 60 years in 1990, 60-61 years in 2000, and 64.7 years in 2007. Inventions of new vaccines and medical equipment have helped in the cure for diseases and made managing diseases easier. Higher life expectancy and lower infant mortality rates are indicators of the fact that more people are seeking healthcare putting a demand on its availability and hence pushing the cost upwards.
The impact of rise in healthcare costs: The same WHO study mentioned earlier has reported that 40 per cent of Indian families end up in debt due to high medical expenditure. 20 per cent of the families slip below the poverty line in order to save a member of the family. Many poor people do not have access to costly medical treatment and precious lives are lost as a result. Leading cardiologist and health expert Dr Prashotam Lal is of the view that ayurvedic treatment should be included in modern medicine to reduce healthcare costs. Ayurveda reduces the need for intensive medical intervention and hence keeps the health costs down. 
Along with ayurveda, unani and homeopathy have been recognised by the Indian government as alternative forms of treatment. Though they may not be helpful in medical emergencies, they can prevent diseases. They can cure many minor diseases and lifestyle related serious ailments. These alternative forms of medicine come very cheap and should be considered as an option in health problems that don't require emergency or critical care.  Cost of healthcare in India should be brought under control. Otherwise a majority of the Indian population will be deprived of a fundamental right – right to health.

Punjab gears up to attract Rs 1 lakh crore investment: Badal

The Punjab government has finalised the contours of the policy frame work to attract minimum investment of Rs one lakh crore in the next 5 years. Punjab Deputy Chief Minister Sukhbir Singh Badal today held a meeting with the representatives of industrial houses and all other concerned departments to finalise the contours of the policy frame work to attract Rs 1 lakh crore investment, an official release said.
Accompanied by Industry Minister Anil Joshi and Labour Minister Surjit Kumar Jiyani, Badal had a detailed deliberation with the representatives of industrial houses from all over the country to understand their expectations to streamline the policy issues infringing the industrial growth in the state, it said. Addressing the industrialists, the Deputy Chief Minister said that Punjab is the only state in the country that is having three international airports besides World Class Road connectivity with all major cities linked with 4/6 laned roads.
He said that Punjab would be the first state in the country that would be power surplus by 2013-14, assuring 24 hours quality power supply to industry in the state. He said that power tariff in Punjab was one of the lowest in the country for the industry and with the commissioning of 3 thermal plants at Talwandi Sabo, Goindwal Sahib and Rajpura, the power tariff is also to come substantially down in the state. Offering conducive environment for the industrial growth, Badal said Punjab is the only state in the country where labour relations were totally smooth during last 40 years. He said Punjab had chain of engineering polytechnics and ITIs that provide human resource backup for the upcoming industry.
Badal said steps are being taken to create a 200 acre industrial park near Bathinda refinery to facilitate industry. Asking Secretary Industry and other government officers to retune their policy framework to provide single window service to upcoming industry, Badal sought immediate completion of portal of industry department so as to enable new industry to apply on portal. Badal also reviewed the progress of ongoing construction of thermal plants in the state and expressed satisfaction over thermal plants sticking to their schedule of construction.

Investment picks up in India: Survey

Business investment is picking up especially in emerging market economies including India, notwithstanding a bleak economic outlook, says a survey by Grant Thornton. According to the Grant Thornton International Business Report (IBR), 45 per cent of businesses in the BRIC countries (Brazil, Russia, India and China) plan to increase investment in research and development over the next year, compared to just 18 per cent in the G7.
Similarly, 47 per cent of BRIC businesses plan to increase investment in plant and machinery over the next 12 months, compared to 37 per cent in the G7. "The results indicate an interesting trend, while businesses in developed economies are sitting on their cash, their emerging market counterparts are investing in their future," Grant Thornton India LLP Partner Munesh Khanna said. This focus is apparent in some of the fastest growing markets globally: Compared to three months ago, 15 per cent more businesses in China are now looking to increase investment in research and development.
In Mexico, 14 per cent more businesses are planning to boost investment in new plant & machinery, and in Turkey the proportion of businesses planning to increase investment in new buildings is up 12 per cent. If this investment trend continues, developed economies could find their competitiveness eroding as against emerging economies, Khanna believes. Overall the proportion of businesses looking to increase investment in new buildings has risen from 15 per cent to 21 per cent over the past 18 months, and in plant & machinery from 35 per cent to 38 per cent.
Moreover, businesses are also investing more in their employees - 68 per cent plan to offer pay rises over the next 12 months, compared with 51 per cent in 2010. "Global economic uncertainty is weighing on short-term business growth prospects. However, it is encouraging to see dynamic businesses willing to adopt bolder, long-term growth plans," Khanna added. This strategy is not about immediate returns in terms of revenues and profits, but rather investing in their long-term growth and competitiveness. "Even in tough times, businesses need to be forward thinking, keep pace with their competitors and invest in the future of their companies," Khanna said.

India’s forex reserves rise by $589 billion

India's foreign exchange (forex) reserves grew by $589 billion to $287.34 billion for the week ended July 20, central bank data showed. Foreign currency assets, the biggest component of the forex reserves kitty, increased by $565.5 billion to $255.10 billion for the week under review, according to weekly statistical supplement released by the Reserve Bank of India (RBI). 
The RBI did not provide any reasons for the growth. It said the assets in US dollar terms included the effect of appreciation or depreciation of non-US currencies such as the pound sterling, euro and yen held in reserve.  The country's forex reserves had declined by $872.7 million in the previous week under review. The value of special drawing rights (SDRs) grew by $15.8 million to $4.34 billion during the week ended July 20, while India's reserves with the International Monetary Fund (IMF) rose by $7.7 million to $2.13 billion. 

Indian Overseas Bank seeks Rs 1,500 cr capital

Indian Overseas Bank (IOB) said it would require around Rs 1,500 crore recapitalisation support from the government in the current fiscal. "We find a gap of around Rs 1,500 crore apart from ploughing back of profits for the current year and we expect the government will continue support like the previous year," IOB Chairman and Managing Director M Narendra said here today on the sidelines of banking conclave 2012 organised by FICCI. 
He added that there is no concrete plan on alternate methods of raising capital in case the government did not fulfil the Rs 1,500 crore demand. The bank has taken shareholders approval to raise a little over Rs 401 crore. It has various options, including Qualified Institutional Placement ( QIP), to raise the money. Speaking about the proposed $500 million issue of MTN, Narendra said, "We will do it shortly and will initiate it after State Bank does in it August." MTN are medium term notes or loans in foreign currency deployed to Indian firms for overseas investment activities. The bank is aiming at Rs 4,00,000 crore business with growth target of 18-20 per cent in advances and deposits. IOB would continue to pursue overseas expansion and is planning presence in Vietnam along with Bank of India.

Sterlite Industries Q1 net dips 27% to Rs 1,202 cr

Sterlite Industries (India) today reported nearly 27% dip in consolidated net profit at Rs 1,202 crore for the first quarter ended June 30, due to losses from forex, associate firm and higher interest outgo. SIL had clocked Rs 1,640 crore net profit in April-June quarter of the last fiscal."During Q1, profits were impacted by mark to market loss of Rs 217 crore on foreign currency loans and higher interest costs of Rs 78 crore," SIL said in a statement. It has lost Rs 167 crore incurred by an associate company during the quarter. It has lost Rs 167 crore incurred by an associate company during the quarter.
Net sales of the company during the reporting quarter were up by eight% at Rs 10,591 crore, primarily due to rise in volume of lead, silver and zinc in India, commercial power and copper as compared to Rs 9,863 crore in the year- ago period. However, its EBITDA was down by 15% to Rs 2,337 crore, due to lower metal prices, lower sales at Balco and higher production cost. Total expenses of the company, including the cost of raw material consumed, was higher at Rs 9,076 crore compared to Rs 7,532 crore a year ago.

Rahul to set for more important role

It may be a while before Rahul Gandhi moves in as the general, but his troops are already been moved to take charge. Four Youth Congress members, all known to be Rahul's wards, have been elevated to the party's state units, and are in line for important posts. The graduation from youth members to leadership positions in the big league coincides with Rahul's impending move as the de facto Congress numero uno. 
Sources said Baptu Chakraborty, Amarendra Singh Raja, Paresh Dhanani and Jothimani — general secretaries in the Youth Congress — are set to branch out to mainstream state units. Chakraborty, Raja and Dhanani will be general secretaries in Tripura, Punjab and Gujarat, respectively. Jothimani will be the new president of Mahila Congress in Tamil Nadu. 
This is the first instance of Rahul Gandhi's charges taking responsibility in the main Congress and comes at a time when the demand for him to take the party reins is gathering momentum. Congress circles see the elevation of the young leaders as a precursor to what might unspool later, with Rahul's proteges taking charge of crucial stations in the party, perhaps at the old guard's expense. To observers, this is seen as absorption of apprentices from the "training school". The process could become institutionalized in future once Rahul calls the shots in the AICC. 
Rahul has a legion of such workers, whom he groomed after taking charge of the youth outfit as AICC general secretary. They caught his eye as he tried to reinvent the jaded frontal bodies. The shift to the mother outfit marks the mainstreaming of Youth Congress which remained walled off under Rahul, because of the belief that attempts to reinvent the outfits could be hampered by the influence of the older guard resistant to change. "It means empowerment of youth. It also shows that youth politics is not an end in itself but part of the larger Congress programme," a senior leader said. Youth Congress's attempt to acquire an independent profile had made the party elite jittery. The election of its office-bearers gave a halo to the winners, and it raised fear among senior leaders that the youngsters could replace them soon.

SP disowns Shahid Siddiqui

The Samajwadi Party has distanced itself from Shahid Siddiqui, saying he is no longer a part of the party two days after his interview with Gujarat Chief Minister Narendra Modi made waves. "The party wants to clarify that Siddiqui had left SP long back and joined BSP on whose ticket he contested Lok Sabha election from Bijnor," party's national general secretary and spokesman Ram Gopal Yadav said in a statement issued here.
He said that later Siddiqui joined the Rashtriya Lok Dal. "Siddiqui is not a SP member and has nothing to do with the party," Yadav said, asking the media not to project him as SP leader. Yadav said terming Siddiqui as a SP leader was "outrightly wrong" and he is even not a member of Samajwadi Party. Siddiqui, who has a large clout among the people of Muslim community has been termed as unknown figure for the party.
Siddiqui, who is the editor of Urdu weekly Nai Duniya, had recently interview Modi in which the Gujarat Chief Minister had refused to apologise for the post-Godhra riots and instead said he would prefer to be hanged if found guilty.
In an image makeover exercise, Modi had said in the interview, "If my government had done this (post-Godhra riots), I should be hanged in public in such a way that it remains a lesson for the next 100 years so that nobody dares to do it (such a crime)". Siddqiqui was a SP MP before he joined the RLD only to rejoin the Samajwadi Party in January this year.

Nokia appoints P Balaji as the new managing director

Handset maker, Nokia India has hired P Balaji managing director of Sony Mobile Communications India as the new MD. After losing the top slot in the Indian market during last two years, Nokia is working on a major comeback by launching new models with some attractive offers. The company had seen erosion in its market share from about 75% a few years ago to about 39% now, according to some estimates. The company is investing in high-decibel advertising such as Kolkata Knight Riders to Channel V's Nokia India fest, and social media campaign . It is also betting on operating systems-the Windows phone, officials said. The Finnish handset giant Nokia announced its global turnaround strategy last year that included exploiting the rapidly shifting market in smartphones, to profit from its new partnership with Microsoft and to develop services based on its own assets. 

Rajeev Tewari appointed director Canon India

Printing and imaging solutions provider Canon India announced the appointment of Rajeev Tewari as Director of its CSP group. The Canon System Products (CSP) group comprises of inkjet product division, laser product division and system integrators division. 
He replaces VP Sajeevan, who led the CSP group for over five years. Prior to the new role, Tewari headed the wide format imaging division. "Rajeev's decade long association with Canon has been that of exceptional understanding of technology and customers. We are confident that under his leadership, the CSP group will benefit greatly," Canon India Senior Vice President Alok Bharadwaj said.

Ambit appoints Premal Doshi to head markets division

The Ambit group said it has strengthened its corporate finance team by inducting Premal Doshi as the head of its equity markets team. Premal will report into Ambit chief executive Sanjay Sakhuja, the company said in a release. Premal, a chartered accountant and a cost accountant by qualification, has over 20 years of experience, and joins Ambit from Antique Capital Markets. Prior to Antique he was with Motilal Oswal, Anand Rathi Securities, Lazard and JP Morgan. 

SSebi appoints Murlidhar Rao as Executive Director

Market regulator Sebi has appointed S V Murlidhar Rao as its new Executive Director to fill a vacancy created by the recent exit of Usha Narayanan. Rao was a Chief General Manager in Sebi's Markets Regulations Department till recently, but his portfolio as an Executive Director could not be immediately ascertained. 
A post of Executive Director fell vacant at Securities and Exchange Board of India (Sebi) after the recent exit of Usha Narayanan, who was heading the regulatory authority's corporation finance department. Narayanan left Sebi late last month, prior to which she has held various senior positions in a number of departments including those dealing with FIIs, investigations, primary markets and intermediaries.

Anand Trivedi appointed as Director of MMTC

State-owned trading company MMTC said Anand Trivedi has been appointed as Director, Marketing. He took charge on July 3, after the incumbent H S Mann retired in July last year. "Anand Trivedi, ex-Chief General Manager, in MMTC has assumed the charge of Director (Marketing), w.e.f. July 3, 2012," the company said in a BSE filing. In July last year, Additional Secretary in the Commerce Ministry Vijay Laxmi Joshi had taken over as CMD of the company, replacing Mann. She assumed the new responsibility as an additional charge till a regular CMD is appointed or until further orders, whichever is earlier. 

Bhattacharya appointed as director, UBI

The government has appointed A Bhattacharya as the Director of the Union Bank of India with immediate effect. "Union Bank of India has informed BSE that the central government...has nominated A Bhattacharya, joint secretary, Department of Financial Services, as Director of Union Bank of India in place of Rajesh Khullar, with immediate effect and until further order," the bank said in a BSE filing.

Nagendra Murthy appointed MD of TMB

TMB has promoted one of its general managers as managing director and CEO effective July 3, the first time in many years that the 90-year-old private sector bank has elevated an existing employee to the top post.  Nagendra Murthy, GM (Credit) of the bank, has been named the new MD. The vacancy was left open after AK Jagannathan quit in February, ending a one-and-a-half-year stint. Three outsiders were in race for the post. Murthy started his career as a probationary officer in Indian Bank, Mumbai, in 1973. The bank, headquartered in Tamil Nadu's coastal town of Tuticorin, is a stronghold of the Nadar community who have a fierce sense of ownership of the bank. It has been in the news often for a longstanding ownership tussle. 

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