Airlines
Decision on AI divestment in `a few days'
THE issue of disinvestment of Government stake in Air India (AI) is likely to be taken up by the Cabinet Committee on Disinvestment (CCD) at its next meeting scheduled to be held within the next few days, according to the Minister for Civil Aviation, Mr.
Sharad Yadav.
Banking and Finance
Re hits record low
THE rupee fell by 12 paise against the dollar on Wednesday, to close at a record low of Rs. 44.14/15 following sustained corporate demand for the greenback.
Weak banks' revival plans put on hold
THE revival packages proposed by three weak banks _ Indian Bank, United Bank of India and UCO Bank _ have been put on hold, as the Ministry of Finance has sought modifications in them.
Chemicals
Prabhu to head team for promoting India Chem 2000
THE Union Minister of Chemicals and Fertilisers, Mr. Suresh Prabhu, is leading a chemical and pharma delegation to the US and Switzerland to promote India Chem 2000, to popularise the competitive advantage of India as also to motivate major international
companies to invest in field of research and development.
Corporate
ITC net up 27%, to pay Rs 7.50
ARMED with better income and profits, the board of ITC Ltd, which met here today, recommended a dividend of Rs. 7.50 per share of Rs. 10 each for 1999-2000. This marks an increase of Rs. 2 per share over the dividend paid for 1998-99.
FIs to hold minimum 26 pc stake in BSES
FINANCIAL institutions are to hold a minimum critical stake of 26 per cent in BSES Ltd. The proposal has been discussed with the Ministry of Finance, which is understood to have approved it.
Mysore Kirloskar may sell Colchester unit to UK co
MYSORE Kirloskar Ltd (MKL), which is engaged in machine tools manufacturing, proposes to sell its Colchester products division to 600 Lathes Ltd of the UK.
`Net speed' is the challenge for Banga
MR. MANVINDER Singh Banga, who took over as Chairman of Hindustan Lever Ltd a month ago, targets a volume growth of 7-10 per cent in the next two years.
Glaxo plans AIDS awareness kit Aparna Krishnan
GLAXO India is planning to introduce an AIDS awareness kit for doctors. The kit is designed to help doctors grapple with and understand problem of the ever-increasing AIDS and HIV victims in the country today.
Indal all set to become Hindalco arm
INDIAN Aluminium Company Ltd (Indal) is all set to become a subsidiary of Hindalco Industries Ltd of the Aditya Birla Group soon as all formalities and arrangements have been completed to make physical transfer of the Montreal-based Alcan Alumini
um Company's 54.6 per cent equity shares in Indal to Hindalco by the end of this month.
Repco Bank enters home finance
THE Repatriates Co-operative Finance & Development Bank Ltd (Repco Bank) proposes to promote a housing subsidiary, Repco Home Finance Ltd, with an authorised share capital of Rs. 20 crores. Repco Bank will hold a 51 per cent stake in the subsidiary's equ
ity.
Plea to reverse Rlys' order to HDC
Ms. Mamata Banerjee's grand mahajyot plan for bringing together all non-Left political formations in West Bengal under a single umbrella is already having its reverberations on the economic front at the Centre.
Rediff revises ADR issue size to $100m
UPS and downs in the US as well as other equity markets across the globe have forced Rediff.com India Ltd to revise the size of its proposed American Depository Receipts (ADR) issue twice _ first from the original $75 millions to $150 millions, and now t
o $100 millions. The company's proposal is currently awaiting the Government's clearance.
Courts
SC ruling on motor accident claims
IN United India Insurance Co Ltd vs. Rajendra Singh (Civil Appeal No. 2087 of 2000 decided on March 14, 2000), a Division Bench of the Supreme Court comprising Mr. Justice K.T. Thomas and Mr. Justice D.P. Mohapatra, while allowing the appeals of the insu
rance company quashed the awards passed by the Motor Accidents claims Tribunal in favour of the claimants, who were alleged to have obtained the awards by paying a fraud.
Environment
Chennai coastal eco-plan on anvil
THE integrated coastal and marine area management (ICMAM) project of the Department of Ocean Development (DOD) will develop plans that will integrate the need for conservation and development along the coast from Pulicat Lake to Mahabalipuram.
Information Technology
`Investor confidence in India is high'
DESPITE the recent setbacks to dotcom companies in Europe and US, investor confidence continues to be high in India, China and Korea, according to Mr. Michael Westcott, Managing Director (Asia Pacific), Penton Media Inc.
Polaris Foundation inaugurated
THE Tamil Nadu Chief Minister, Mr. M. Karunanidhi, today inaugurated Polaris Foundation, the new offshore development centre of Polaris Software Lab Ltd.
IT briefs
PUNE: A e-mail service in Marathi, Epatra.com, has been launched by Webdunia.com. This is a service where users can send and receive Web-based e-mail in Marathi and other languages, Mr. Parvinder Singh Gujral, Head (Marketing), Webdunia.com, said here.
Beware, Internet frauds can be more devastating
IF successful netpreneurs have weaved `dream come true' stories working out of their garages or homes, cyber criminals are threatening to play havoc using even less space and with minimum use of a `Web site' or e-mail in the Internet-driven world.
Infrastructure
New toll rates recommended for East Coast Road
THE Tamil Nadu Road Development Co. Ltd. (TNRDC) has recommended toll rates ranging from Rs. 40 for a car to Rs. 70 for a multi-axle vehicle, between Chennai and Pondicherry, on the East Coast Road.
Miscellaneous
Oil majors open burns, trauma care unit in Mumbai
OIL PSUs, and a group of private sector companies have jointly set up a hospital to treat burns and trauma victims in Mumbai.
Mutual Funds
SEBI liberalises MF investments in unlisted cos
THE Securities and Exchange Board of India (SEBI) has liberalised investments by mutual funds (MFs) in unlisted companies, effectively paving the way for MF schemes to provide start-up funding for closely held entities.
Politics
PM seeks consensus on hard development issues
THE Prime Minister, Mr. A.B. Vajpayee, today underscored the need for consensus amongst all political parties on some tough economic decisions that would be in the overall developmental interests of the country.
Power
Payment defaults hit Gridco
GRID Corporation of Orissa Ltd (Gridco), an organisation which had become symbolic of State sector power reforms, is now in financial distress.
`We don't believe in concept of escrow'
THE Karnataka Government has taken a firm stand on the escrow account, which is sought as a condition for investment by independent power producers (IPPs). The State's rejection of escrow on the strength of the Parekh Committee's recommendation precedes
the recent initiative taken by the Union Power Minister, Mr. P.R. Kumaramangalam, with the financial institutions, which have indicated their stand on not claiming escrow mechanism to fund power projects. The Minister's recent announcement in Delhi on th
is issue should send a signal to IPPs.
States
Maharashtra Plan size at Rs. 11,500 cr
MAHARASHTRA'S annual Plan for 2000-01 has been fixed at Rs. 11,500 crores, as against last year's approved Plan outlay of Rs. 12,162 crores.
State against cut in growth expenditure
GUWAHATI: The State Government has refused to agree to a curtailment of the development expenditure as a part of fiscal reforms nor has it agreed to a total ban on Government appointments. It was expressed by the Assam Revenue Minister, Mr. Zoii Nath Sar
ma, at the meeting of the State Finance Ministers with the Eleventh Finance Commission in New Delhi.
Stocks
SEBI puts 632 more scrips in demat list
THE Securities and Exchange Board of India (SEBI) today increased the existing list of compulsory dematerialised trading by all investors by an additional 632 scrips.
Travel & Places
New travel business portal launched
A NEW travel portal, Net2travel.com, which seeks to redefine the manner in which online travel business is conducted in India, was launched here on Wednesday.
Kerala woos Gulf Arab tourists
THE Kerala Department of Tourism has formally declared the Arabian Gulf, where most of the big players are represented directly or through representatives, as the gateway to international world tourism markets.
