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Monday, February 11, 2008
CAT 2009
An article appeared in Business Standard dated February 4, 2008 which gives an impression that a decision has been taken that IIMs will introduce online CAT from CAT 2009. This is totally incorrect. In view of increasing number of candidates IIMs are considering various alternatives for modifying the process of conducting CAT, if necessary. Online testing is one of those alternatives. The proposals are at the preliminary stage of discussion.
Wednesday, February 6, 2008
Refund fees, AICTE to direct B-schools
The All India Council for Technical Education (AICTE) plans to act on student and parent complaints and issue showcause notices to management schools and deemed universities that do not refund tuition fees and retain the original academic certificates of students who wish to change their college before the academic course begins.
The technical education regulating body plans to direct the institutions to refund the entire fee collected from the student after deducting processing fees, which cannot exceed Rs 1,000.
If the student leaves after joining the course, and the seat falls vacant by the last date of admission, the institution will have to return the fee collected with proportionate deductions of monthly fee and proportionate hostel rent.
There are around 1,100 B-schools and 100 deemed universities in India.
Last year, AICTE received complaints from students and parents against over 100 management schools, after which it had directed around 70 per cent of the institutes to refund fees.
AICTE has the powers to do this under the AICTE Act, an official said.
AICTE's decision will benefit students like Navin Raina (name changed), who has applied to three colleges for an MBA programme. One of the colleges has fixed the admission date as February 9 and the call letter states that the Rs 1.8 lakh first year fee is not refundable.
However, there are some B-schools that already have a refund policy. For instance, a professor from Mumbai-based SP Jain Institute of Management and Research, pointed out: "Last year, we refunded Rs 1.99 lakh to students after a deduction of the processing fee of not more than Rs 1,000, as directed by AICTE. In any case, we have our own refund policy in place."
The technical education regulating body plans to direct the institutions to refund the entire fee collected from the student after deducting processing fees, which cannot exceed Rs 1,000.
If the student leaves after joining the course, and the seat falls vacant by the last date of admission, the institution will have to return the fee collected with proportionate deductions of monthly fee and proportionate hostel rent.
There are around 1,100 B-schools and 100 deemed universities in India.
Last year, AICTE received complaints from students and parents against over 100 management schools, after which it had directed around 70 per cent of the institutes to refund fees.
AICTE has the powers to do this under the AICTE Act, an official said.
AICTE's decision will benefit students like Navin Raina (name changed), who has applied to three colleges for an MBA programme. One of the colleges has fixed the admission date as February 9 and the call letter states that the Rs 1.8 lakh first year fee is not refundable.
However, there are some B-schools that already have a refund policy. For instance, a professor from Mumbai-based SP Jain Institute of Management and Research, pointed out: "Last year, we refunded Rs 1.99 lakh to students after a deduction of the processing fee of not more than Rs 1,000, as directed by AICTE. In any case, we have our own refund policy in place."
India in $1bn Lockheed jet buy
India has agreed to buy six Lockheed Martin C-130J military transport planes in a breakthrough deal with the US worth about $1bn that opens a door to closer strategic ties, US officials said on Tuesday.
India and the US signed an agreement on January 31 for Lockheed to start delivering the four-engine Super Hercules turboprop aircraft in 2011, said Bruce Lemkin, who handles US Air Force international affairs.
EDITOR’S CHOICE
India fails to contain avian flu outbreak - Feb-05Delhi leads India’s metro revival - Jan-23Branson lobbies for domestic Indian airline - Jan-21UK trade minister attacks RBI ‘protectionism’ - Jan-17Gold loses its lustre for Indian families - Jan-16Mall monument to India’s consumer class - Dec-22The deal marks a major shift in weapons-buying policy by India, which for decades has relied heavily on Russian arms and transport aircraft.
The US has been eager to boost strategic ties with India as a hedge against China’s military clout.
Nicholas Burns, the third-highest ranking US State Department official whose retirement was announced last month, wrote late last year that in reaching out to India, the US was betting the planet’s future lay in democracy and market economics rather than “despotism and state planning,” an apparent swipe at communist-ruled China.
“It really provides the centerpiece of a growing relationship between our two air forces,” Mr Lemkin, a deputy undersecretary of the Air Force who had been working on the matter for almost two years, said.
James Clad, deputy assistant US secretary of defense for south and southeast Asia, said the deal dwarfed all US defense sales to New Delhi since Indian independence from Britain in 1947.
“This kind of puts us in a new environment,” he said. “With this sale, India is telling us it’s ready to buy top-quality US equipment on its merits.”
“It positions us to be in the Indian defense market for years to come,” he said.
Mr Lemkin said the agreement provided for US logistics support, training and spare parts as well as the aircraft.
Indian airmen would start training in the US, probably in Little Rock, Arkansas, in 2010, the year before deliveries start, he said.
The Pentagon’s Defense Security Cooperation Agency, which handles government-to-government arms sales, notified Congress of the possible sale last May, putting its potential value at $1.06bn if all options were exercised.
Lockheed, the Pentagon’s No. 1 supplier by sales, and Boeing , its next-biggest supplier, are bidding against Russian and European rivals for a potential $10.2bn deal to sell the Indian air force 126 new multirole fighter aircraft.
Bethesda, Maryland-based Lockheed said it was pleased to see the acquisition process moving forward in India.
“The C-130J Super Hercules will provide the Indian Air Force with a highly advanced, flexible platform that will meet the range of missions unique to India,” the defence contractor said.
Officials at the Indian embassy in Washington did not return phone calls seeking comment.
India and the US signed an agreement on January 31 for Lockheed to start delivering the four-engine Super Hercules turboprop aircraft in 2011, said Bruce Lemkin, who handles US Air Force international affairs.
EDITOR’S CHOICE
India fails to contain avian flu outbreak - Feb-05Delhi leads India’s metro revival - Jan-23Branson lobbies for domestic Indian airline - Jan-21UK trade minister attacks RBI ‘protectionism’ - Jan-17Gold loses its lustre for Indian families - Jan-16Mall monument to India’s consumer class - Dec-22The deal marks a major shift in weapons-buying policy by India, which for decades has relied heavily on Russian arms and transport aircraft.
The US has been eager to boost strategic ties with India as a hedge against China’s military clout.
Nicholas Burns, the third-highest ranking US State Department official whose retirement was announced last month, wrote late last year that in reaching out to India, the US was betting the planet’s future lay in democracy and market economics rather than “despotism and state planning,” an apparent swipe at communist-ruled China.
“It really provides the centerpiece of a growing relationship between our two air forces,” Mr Lemkin, a deputy undersecretary of the Air Force who had been working on the matter for almost two years, said.
James Clad, deputy assistant US secretary of defense for south and southeast Asia, said the deal dwarfed all US defense sales to New Delhi since Indian independence from Britain in 1947.
“This kind of puts us in a new environment,” he said. “With this sale, India is telling us it’s ready to buy top-quality US equipment on its merits.”
“It positions us to be in the Indian defense market for years to come,” he said.
Mr Lemkin said the agreement provided for US logistics support, training and spare parts as well as the aircraft.
Indian airmen would start training in the US, probably in Little Rock, Arkansas, in 2010, the year before deliveries start, he said.
The Pentagon’s Defense Security Cooperation Agency, which handles government-to-government arms sales, notified Congress of the possible sale last May, putting its potential value at $1.06bn if all options were exercised.
Lockheed, the Pentagon’s No. 1 supplier by sales, and Boeing , its next-biggest supplier, are bidding against Russian and European rivals for a potential $10.2bn deal to sell the Indian air force 126 new multirole fighter aircraft.
Bethesda, Maryland-based Lockheed said it was pleased to see the acquisition process moving forward in India.
“The C-130J Super Hercules will provide the Indian Air Force with a highly advanced, flexible platform that will meet the range of missions unique to India,” the defence contractor said.
Officials at the Indian embassy in Washington did not return phone calls seeking comment.
Monday, February 4, 2008
CAT to go online from November 2009
The directors of the seven Indian Institutes of Management (IIMs) will meet later this month to discuss details of a proposal to take the Common Admission Test (CAT) online by 2009.
The CAT exams may also be formatted on the lines of the GMAT (Graduate Management Admission Test) so that the scores are valid for two to three years.
An IIM Calcutta professor who is working on the proposal said the primary reason for taking the CAT online is the increasing number of aspirants.
“However, we are also considering other possibilities for conducting the CAT exams,” he added.
The move could benefit thousands of students. In 2007, around 230,000 students took the exams. This year the number is expected to exceed 300,000.
For online CAT exams, the IIMs could outsource the project to an IT firm specialising in education and training services.
“The company will provide us with the infrastructure, but the control of setting the question paper will remain with the IIMs. The company will also be allowed to conduct exams at its franchisees,” the professor said.
The IIMs may also conduct a preliminary test for students to be eligible to take the CAT. The format of group discussion and personal interviews will, however, be the same.
Taking CAT online stems from IIMs’ concern over the chaos that occurs during declaration of results. Last year, for instance, heavy traffic caused the website to crash on January 8, when the results were declared.
Besides the seven IIMs, which conduct the exams, the CAT results are also used by 124 other management institutions to enroll students.
The CAT exams may also be formatted on the lines of the GMAT (Graduate Management Admission Test) so that the scores are valid for two to three years.
An IIM Calcutta professor who is working on the proposal said the primary reason for taking the CAT online is the increasing number of aspirants.
“However, we are also considering other possibilities for conducting the CAT exams,” he added.
The move could benefit thousands of students. In 2007, around 230,000 students took the exams. This year the number is expected to exceed 300,000.
For online CAT exams, the IIMs could outsource the project to an IT firm specialising in education and training services.
“The company will provide us with the infrastructure, but the control of setting the question paper will remain with the IIMs. The company will also be allowed to conduct exams at its franchisees,” the professor said.
The IIMs may also conduct a preliminary test for students to be eligible to take the CAT. The format of group discussion and personal interviews will, however, be the same.
Taking CAT online stems from IIMs’ concern over the chaos that occurs during declaration of results. Last year, for instance, heavy traffic caused the website to crash on January 8, when the results were declared.
Besides the seven IIMs, which conduct the exams, the CAT results are also used by 124 other management institutions to enroll students.
Friday, February 1, 2008
IT stocks lead 593 point surge in Sensex
A strong surge in information technology (IT) stocks, which had taken a hit due to the strengthening rupee, saw the key benchmark stock indices close above 18,000, ending its four-day losing streak.
The IT index of the 30-share Bombay Stock Exchange (BSE) was the top gainer (5.77 per cent) among sectoral indices. While the BSE Sensex rose by 3.36 per cent, or 593.87 points, to close at 18,242, the broader 50-share index CNX S&P Nifty of the National Stock Exchange (NSE) too gained 3.50 per cent, or 179 points, to close at 5,317.
Among the Asian markets, Hang Seng was up 2.85 per cent. Taiwan Weighted gained 2.03 per cent and Seoul Composite advanced 0.61 per cent. Nikkei, however, was down 0.70 per cent and Shanghai Composite 1.43 per cent.
Explaining the buying interest in IT stocks, market players said most IT stocks were available at a price-to-earnings ratio that is lower than that of the Sensex.
Anita Gandhi, head of institutional business at Arihant Capital, said: “The recent move by IT companies to curb expenses has gone down well with investors. Moreover, the rupee too seems to be stabilising at the current levels. Both these factors plus the fact that stocks were highly undervalued are attracting investor attention.”
Satyam Computers was the top gainer among index pivotals. The stock rose 8.18 per cent and was last traded at Rs 421. Infosys Technologies rose 5.80 per cent to Rs 1,591. Wipro was up 5.79 per cent at Rs 437 and TCS gained 6.17 per cent at Rs 992.
Some of the other top gainers, including Tata Steel, Tata Motors, Hindalco Industries, ONGC and HDFC, gained 5 to 6 per cent.
The IT index of the 30-share Bombay Stock Exchange (BSE) was the top gainer (5.77 per cent) among sectoral indices. While the BSE Sensex rose by 3.36 per cent, or 593.87 points, to close at 18,242, the broader 50-share index CNX S&P Nifty of the National Stock Exchange (NSE) too gained 3.50 per cent, or 179 points, to close at 5,317.
Among the Asian markets, Hang Seng was up 2.85 per cent. Taiwan Weighted gained 2.03 per cent and Seoul Composite advanced 0.61 per cent. Nikkei, however, was down 0.70 per cent and Shanghai Composite 1.43 per cent.
Explaining the buying interest in IT stocks, market players said most IT stocks were available at a price-to-earnings ratio that is lower than that of the Sensex.
Anita Gandhi, head of institutional business at Arihant Capital, said: “The recent move by IT companies to curb expenses has gone down well with investors. Moreover, the rupee too seems to be stabilising at the current levels. Both these factors plus the fact that stocks were highly undervalued are attracting investor attention.”
Satyam Computers was the top gainer among index pivotals. The stock rose 8.18 per cent and was last traded at Rs 421. Infosys Technologies rose 5.80 per cent to Rs 1,591. Wipro was up 5.79 per cent at Rs 437 and TCS gained 6.17 per cent at Rs 992.
Some of the other top gainers, including Tata Steel, Tata Motors, Hindalco Industries, ONGC and HDFC, gained 5 to 6 per cent.
Internet services to be restored by evening
Internet services in the country, which were disrupted following a major international cable breakdown, would be restored by this evening.
"Only 2% of the links are down today and we expect all the links to be restored by the evening," Rajesh Chharia of Internet Service Providers Association of India told PTI.
The internet services were disrupted on Wednesday night due to damage to two international undersea cables off Egypt coast.
About 50-60% of the capacity was affected due to the rupture in the cables, which connect India to Western Europe, due to anchoring of ships near Alexandria.
He said big BPO firms and companies were not affected as they had their back-up plan but the fault might have affected small BPOs which operate only through a single route.
Majority of the firms are trying to restore their connections through a different route. International long distance and Internet traffic to Europe and the US got affected due to the breakdown.
The Department of Telecom had yesterday reviewed the situation with senior officials and service providers, and said the link would be restored by the ILD operators within 10 days by expediting the repair.
Service providers VSNL, Reliance and Bharti Airtel are in constant touch with Telecom Egypt to ensure speedy repair of the two submarine cables SEMEWE-4 Cable (SMW-4) and FLAG Cable. The circuits working on these cables are being shifted by the three firms to other cables such as SMW-3 cable and pacific route cables to restore the telecommunication links.
"Only 2% of the links are down today and we expect all the links to be restored by the evening," Rajesh Chharia of Internet Service Providers Association of India told PTI.
The internet services were disrupted on Wednesday night due to damage to two international undersea cables off Egypt coast.
About 50-60% of the capacity was affected due to the rupture in the cables, which connect India to Western Europe, due to anchoring of ships near Alexandria.
He said big BPO firms and companies were not affected as they had their back-up plan but the fault might have affected small BPOs which operate only through a single route.
Majority of the firms are trying to restore their connections through a different route. International long distance and Internet traffic to Europe and the US got affected due to the breakdown.
The Department of Telecom had yesterday reviewed the situation with senior officials and service providers, and said the link would be restored by the ILD operators within 10 days by expediting the repair.
Service providers VSNL, Reliance and Bharti Airtel are in constant touch with Telecom Egypt to ensure speedy repair of the two submarine cables SEMEWE-4 Cable (SMW-4) and FLAG Cable. The circuits working on these cables are being shifted by the three firms to other cables such as SMW-3 cable and pacific route cables to restore the telecommunication links.
Aditya Birla Retail to invest Rs10,000cr
Aditya Birla Retail (ABRL), the retail arm of the Aditya Birla Group, would be investing Rs 8,000 to Rs 10,000 crore in expanding its operations across the country over a period of five years.
The company, which aims to emerge as one of the leading retail players in India, plans to have nearly 1,500 supermarket and 100 hypermarket stores in the next five years. It is also investing in backend infrastructure to develop a robust supply chain, Sumant Sinha, chief executive officer, ABRL said.
ABRL, which launched its first store in May 2007 at Pune, currently has nearly 400 supermarket stores and one hypermarket store. Its retail footprint in South India extended to 275 stores following the acquisition of Trinethra Super Retail stores last year. The company is setting up a hypermarket in Baroda by this month-end. At present, it has one such store in Mysore.
Announcing the rebranding of the Trinethra stores to 'More' here today, Sinha said the company is looking at all options, including coming out with an initial public offering, to raise funds to finance its expansion programme.
Andrew Denby, chief executive officer (supermarkets), ABRL, said the company's retail stores served 2 million customers last month.
The company, which aims to emerge as one of the leading retail players in India, plans to have nearly 1,500 supermarket and 100 hypermarket stores in the next five years. It is also investing in backend infrastructure to develop a robust supply chain, Sumant Sinha, chief executive officer, ABRL said.
ABRL, which launched its first store in May 2007 at Pune, currently has nearly 400 supermarket stores and one hypermarket store. Its retail footprint in South India extended to 275 stores following the acquisition of Trinethra Super Retail stores last year. The company is setting up a hypermarket in Baroda by this month-end. At present, it has one such store in Mysore.
Announcing the rebranding of the Trinethra stores to 'More' here today, Sinha said the company is looking at all options, including coming out with an initial public offering, to raise funds to finance its expansion programme.
Andrew Denby, chief executive officer (supermarkets), ABRL, said the company's retail stores served 2 million customers last month.
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