Agriculture
Need to focus on agri sector stressed
MR K.C. Pant, Deputy Chairman, Planning Commission, on Friday made a strong case for increased emphasis on agriculture, saying that unless this sector grew fast, the country faced the spectre of growing unemployment and underemployment which would place
an intolerable burden on the society.
Automobiles
Why Rover deal makes sense for Tatas
FOLLOWING reports in the British media, the Tatas have denied that they are interested in the Rover car plant in Britain put up for sale by BMW. However, there are a number of factors going in favour of a such a deal for the Tatas and it could make emine
nt business sense for them.
Banking and Finance
`Talks on to allow RBI monitor FIs'
FINANCIAL institutions do not have a regulator or supervisor like the RBI for banks. Some FIs are Government-owned, some fall under the Companies Act while others are board-managed, making it difficult for the RBI to supervise this area.
Transition into banking -- Basu heads panel on IFCI revamp
IFCI Ltd has constituted an expert committee, headed by former Chairman, State Bank of India (SBI), Mr. D. Basu, to look into the possibility of the financial institution converting itself into a bank.
Cement
Lafarge to buy Raymond unit -- Rs 785-cr all-cash deal cemented
LAFARGE, the French cement major, on Friday entered into an agreement with Raymond Ltd to acquire its cement division in eastern India for Rs. 785 crores in an all-cash deal.
Chemicals
Provisional duty on Bisphenol-A from EU, Taiwan recommended
THE Designated Authority in the Commerce Ministry has recommended imposition of provisional anti-dumping duty on imported Bisphenol-A from the 15-member European Union and Taiwan.
Corporate
IDBI net profit down 25 pc
IDBI has reported a 25 per cent drop in net profit for the year ended March 31, 2000 at Rs. 947 crores as against Rs. 1,259 crores in the year-ago. The board of directors, which met here today, decided to maintain the dividend at last year's level of Rs.
4.50 per share (45 per cent).
Top-level changes at Otis Elevator
OTIS Elevator Company (India) Ltd today announced changes in top-level management.
Grasim net up 42 pc at Rs 233 cr
GRASIM Industries Ltd has reported a 42 per cent increase in net profit at Rs. 233 crores for the year ended March 31, compared to Rs. 164 crores last year.
MTNL profit up 31 pc
increase in net profit at Rs. 1,694 crores for the fiscal ending March 31, 2000 against Rs. 1,297.24 crores last year.
Siemens H1 net at Rs 35.71 cr
MUMBAI: Siemens Ltd has reported a net profit of Rs. 35.71 crores for the six-month period ended March 31, 2000 as compared to a loss of Rs. 5.64 crores in the same period last year.
ICICI net up 21%, to pay Rs 5.50 a share
ICICI Ltd has announced a 21 per cent increase in net profit for 1999-2000 at Rs. 1,206 crores as compared to Rs. 1,001 crores in the previous year.
CMC net profit jumps 76 pc
CMC Ltd has registered a 76.57 per cent jump in its net profit for the year 1999-2000 at Rs. 12.89 crores as against Rs. 7.30 crores in the previous year.
Exide net rises 23 pc; board recast
EXIDE Industries Ltd has posted a net profit of Rs. 48.89 crores for the financial year ended March 31, 2000 which is 22.65 per cent higher than Rs. 39.96 crores for the same period last year.
Courts
HC allows toll collection on Amaravathi bridge
THE Madras High Court has permitted the private contractor to collect toll tax on motor vehicles plying over the newly-built bridge across the river Amaravathi in Karur in Tamil Nadu.
Economy
Sliding tax holiday for FTZ, STP & EOUs
ALL industrial undertakings set up after April 1, 2000 in free trade zones, hardware technology parks, software technology parks and export-oriented units will enjoy a sliding tax holiday up to 2010.
Miscellaneous
BHEL turnover drops 1.2 pc
BHARAT Heavy Electricals Ltd (BHEL) has recorded a net sales of Rs. 6,905 crores and a profit after tax (PAT) of Rs. 551.08 crores for the financial year 1999-2000. This reflects a 1.2 per cent drop in turnover and a 1.2 per cent rise in PAT over the aud
ited figures for the previous year.
ICI net profit up at Rs 64.33 cr
NEW DELHI: ICI India Ltd (ICI) has reported a 4.81 per cent increase in its net profit for the year ended March 31, 2000 to Rs. 64.33 crores from Rs. 61.38 crores recorded in the corresponding period of the previous year.
Statistics award
NEW DELHI: Prof. J.K. Ghosh, distinguished statistician and ex-Director, Indian Statistical Institute, Calcutta has received the first national award in statistics.
Shipping
Board clears IOC foray into LNG shipping with Gesco
THE board of Indian Oil Corporation (IOC) has cleared a proposal for the company's foray into LNG shipping through a joint venture with Great Eastern Shipping Co (Gesco), preparing the navaratna oil company as a domestic suitor for any of the nine foreig
n bidders which have pre-qualified for the LNG transportation deal for Petronet LNG Ltd.
States
Deltagram expanding in Kerala
DELTA Innovative Enterprises Ltd (DIEL), the Chennai-based satellite mail service company, has targeted setting up over a hundred message collection centres in 84 towns in Kerala to offer satellite mail messaging service. Deltagram service is also being
expanded in Andhra Pradesh and Karnataka and Mumbai will be covered by June.
Escotel offers service guarantee in Kerala
ON similar lines of service guarantee offered by certain utility and hospitality sectors in the developed countries, the Escotel Mobile Communications Ltd (Escotel) has launched here `service guarantee' for all its postpaid customers in five towns in Ker
ala.
Bangalore mass rapid transit system -- UB group asked to cut cost estimates
BANGALORE Mass Rapid Transit Ltd has asked the UB Group-led consortium to downscale capital cost estimates for the elevated light rail proposed for the city.
Balaji Power achieves financial closure
BALAJI Power Corporation Pvt Ltd, which is executing the 106 MW Samayanallur power project at Paravai near Madurai, has achieved financial closure. ``All the financial documents were executed on April 25,'' Mr. Shivkumar Reddy, Chairman, Balaji Power, to
ld Business Line.
Telecommunications
Telecom Ministry may not favour hike in FDI cap
THE Ministry of Communications may not be in favour of raising the foreign direct investment (FDI) cap in basic and cellular telecom services from the existing ceiling of 49 per cent, according to the Telecom Commission Chairman and Secretary, Department
of Telecommunications, Mr. Shyamal Ghosh.
