THE HINDU BUSINESS LINE
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Tuesday, May 30, 2000

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News

Airlines


If global advisor recommends... -- Govt may further dilute stake in AI
THE Government may consider further diluting its stake in Air India depending on the advice provided by the global advisor, the Secretary, Department of Disinvestment, Mr. Pradeep Baijal, has said.

Banking and Finance
Entry into insurance foray -- PNB wants RBI to clarify about loss-making arms
PUNJAB National Bank (PNB) has sought the views of the Reserve Bank of India on whether the bank's loss-making subsidiaries would come in the way of the parent bank's proposed entry into the insurance sector.

11-year Govt stock devolves on RBI
THE Reserve Bank of India had a devolvement of nearly 98 per cent (Rs. 4,886 crores) of the Rs. 5,000-crore 11-year government stock auction held here on Monday.

Re weakens to close at new low of 44.50
CONTINUING importer demand for dollars saw the rupee end today at yet another record low of Rs. 44.48/50 against the dollar - a 12 paise fall over Friday's close of Rs. 44.36/38.

Commodities
New guidelines for gem and jewellery units
GEM and jewellery units in the Special Economic Zones (SEZ) will be permitted to take out their products temporarily into the Domestic Tariff Area (DTA) without full payment of duty only for the purpose of display, according to the norms stipulated by th e Revenue Department.

Corporate
Tata Engg gets boost from other income
AUTOMOBILE major Tata Engineering and Locomotive Co Ltd has reported a 27 per cent dip in its net profit at Rs. 71.20 crores for the year ended March 31, 2000 as compared to Rs. 97.46 crores the previous year.

HPCL posts 17 pc rise in net
MUMBAI: Hindustan Petroleum Corporation Ltd (HPCL) has recorded a net profit of Rs. 1,057.41 crores for the financial year ended March 31, 2000, an increase of 17.33 per cent over last year's figures of Rs. 901.26 crores. The net profit for the quarter ended March 31, 2000 were Rs. 268.41 crores (Rs. 246.24 crores).

Economy
SEZ area declared `foreign territory'
THE Government's big ticket trade liberalisation initiative to establish Special Economic Zones (SEZs) has finally fructified, with the Finance Ministry declaring the area under the SEZs as `foreign territory' for the purpose of duties and taxes.

CBDT, CBEC get new chiefs
MR. A. Balasubramaniam will be the new Chairman of the Central Board of Direct Taxes (CBDT) and Mr. B.P. Verma will head the Central Board of Excise and Customs (CBEC).

Changes in tax holiday sops flayed
THE Madras Chamber of Commerce & Industry (MCCI) has criticised the amendments to the Finance Bill, which withdraw tax holiday concessions to a company, if its beneficial ownership changes, or has changed anytime in its history.

Environment
E&Y launches eco accounting tool
ERNST & Young (E&Y), the global audit and consultancy organisation, has launched its maiden environmental accounting product in the country.

Foreign Trade
Envoy plea for higher India-SA trade, investment
THE High Commissioner of South Africa in India, Ms Maite Nkoana Mashabane, has outlined the scope for bilateral trade and investment. ``The real SA is six years old and we are still scratching the surface'', Ms. Mashabane said at a news conference here t oday.

Impact
AP power hike: Eating into margins
THE hike of around 20 per cent in power tariffs in Andhra Pradesh may not augur well for the profitability of power-intensive units with a presence there.

Information Technology
US body facility for coding Net contents
THE US-based Electronic Commerce Code Management Association (ECCMA) has set up a facility in Vellore in Tamil Nadu, to develop standardised codes for Internet contents, in association with Vellore Engineering College and ResolveNet Coding Services of Ja pan.

Infrastructure
Report on long-term leasing of airports by June-end
THE KPMG-led consortium appointed by the Government to advice it on long-term leasing of four international airports is to submit its report by June-end, the outgoing Secretary, Civil Aviation, Mr. Ravindra Gupta, has said.

Miscellaneous
Last-minute blip in pattern may delay monsoon
SATELLITE imageries have revealed a sudden and unexpected dissipation of rain-bearing cloud formations along the southern hemisphere which could well throw a spanner in the evolving monsoon scheme of things, delaying its onset by one or two days.

Visa prize
MUMBAI: VISA International announced on Monday, the Visa Olympics of the Imagination Grand Prize winner from India.

PSU
WTO `pressure' for sell-off
THE Secretary, Department of Disinvestment, Mr. Pradeep Baijal, on Monday said that the coming into force of the World Trade Organisation (WTO) agreement from 2001 was a ``very important additional pressure'' for India to hasten the process of disinvestm ent of Government equity in public sector undertakings.

Pharmaceuticals
Murugappa unit in marketing pact with Cadilla Pharma
THE newly-created Murugappa group company Parry Nutraceuticals Ltd, has entered into a marketing alliance with Cadilla Pharmaceuticals for marketing in South India, the Nature Way range of products. Nature Way is an American company dealing in dietary su pplements, some of whose products are produced in India by Cadilla under a licence.

Power
`Sale and lease back' for Raichur project
THE sale and lease back method of financing power projects is back in flavour, as a method of keeping capital costs down, and Karnataka Power Corporation is expected to utilise this method for the 210 MW seventh stage of the Raichur Thermal Station.

Power supply disrupted in Chennai, districts
POWER supply in Chennai and the southern districts of Tamil Nadu was disrupted for about three hours today following grid disturbances in the Karnataka system. Following the disturbances, the supply at Sriperumpudur and Salem 400 kV SS were affected. Con sequently, all the units at the Tamil Nadu Electricity Board's North Chennai and Ennore thermal power plants, the GMR Vasavi plant and Basin Bridge gas turbine, all in Chennai, and the Tuticorin thermal station tripped.

States
Gujarat Plan fixed at Rs 7,600 cr
GUJARAT'S Annual Plan size for the current fiscal has been pegged at Rs. 7,600 crores as against Rs. 6,550 crores of last year, reflecting an increase of 16 per cent in nominal terms.

`We want e-governance to take over'
MADHYA PRADESH, being the biggest State areawise, is adopting an alternative model of development by working from the grassroots to implement Gandhian Gram Swaraj and using information technology (IT) for the common people in far-flung areas to ensure ev en development at all levels.

Kerala co-op sector priming for insurance foray
THE cooperative sector in Kerala, known for its traditionally strong fundamentals and generating huge surplus funds reckoned to be in the range of Rs. 950 crores as per the latest estimates, is entering the insurance sector.

Bid to keep Chinese vessel afloat at Paradip
EXPERTS of Calcutta-based Hooghly Dock & Port Engineers along with their counterparts in Paradip Port Trust (PPT) are struggling to keep the Chinese vessel Countess afloat.

Stocks
Old economy, FMCG stocks in bull run
THE old guard continued its march forward on Dalal Street as rupee faced fresh selling pressure on Monday. The day belonged to old economy and FMCG stocks on the Dalal Street. Stock prices vaulted, taking the benchmark BSE-30 share sensitive index to an intra-day high of 4222.65 before closing at 4189.85, netting a gain of 105.14 points or 2.57 per cent over the previous close. On NSE, the S&P CNX Nifty closed at 1311.05 gaining 35.7 points or 2.8 per cent over previous close.

Telecommunications
Justice Sen made head of telecom disputes tribunal
AFTER months of dilly-dallying, the Government today appointed Mr. Justice (Retd.) S.C. Sen, as full-time Chairperson of the Telecom Disputes Settlement and Appellate Tribunal. Mr. Justice Sen's name was recommended for the post by the Chief Justice of I ndia more than a month ago.

Free phone for DoT, DTS staff
All serving eligible regular employees of the Department of Telecommunications (DoT) and the Department of Telecom Services (DTS) - numbering around 3.2 lakhs - will be given concessional and rent free telephone facility with effect from June 1.

Travel & Places
Withdraw tax on mainland, Port Blair air tickets
THE national conclave on tourism development in the Andaman Islands has recommended withdrawal of tax on air tickets between mainland and Port Blair.


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