THE HINDU BUSINESS LINE
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Tuesday, August 29, 2000

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News

Airlines
AI likely to record Rs 35-cr net loss
THE Air India board meets here on Wednesday to ``approve and announce'' the airline's audited financial results for 1999-2000.

Banking and Finance
RBI disposable income up 109 pc
IN a performance many state-owned banks would be proud to emulate, the Reserve Bank of India (RBI) today announced that its net disposable income has risen by almost 109 per cent during the year ended June 30, 2000, to Rs. 9,354 crores as against Rs. 4,4 83 crores in the corresponding period of the previous year.

Special cell for Govt, RBI coordination on weak banks
THE Government has decided to establish a new arrangement to coordinate the activities of the Reserve Bank of India (RBI) and the Ministry of Finance relating to the weak public sector banks.

Consumer Electronics
Konka India to be split into marketing, production cos
CHINESE consumer electronics giant, Konka Electronics, has proposed to split its Indian subsidiary, Konka Electronics (India) Ltd (KEIL), into two separate companies handling production and marketing respectively.

Corporate
Heavy trading witnessed in Tata Engg scrip
THE stock of Tata Engineering & Locomotive Co Ltd (Tata Engineering) saw sizable transactions on the Bombay Stock Exchange (BSE) today.

Tata Chem AGM resolutions okayed
BOTH the resolutions forced into voting at the August 24 annual general meeting of Tata Chemicals Ltd (TCL), had been approved with requisite majority, an official statement from Bombay House said today.

Courts
SC ruling on rights of foreign decree holder
IN a significant judgment, the Supreme Court has ruled that Section 44A of the Code of Civil Procedure (CPC) confers an independent right on a foreign decree holder to enforce the same in India.

Cafeteria workers are staff of university, rules SC
IN a verdict benefiting employees of cafeterias maintained by universities, the Supreme Court has held that they would be termed as employees of the universities and would be entitled to all benefits of regular university employees.

Economy
Guard against swings in portfolio flows: RBI -- Building forex reserves as cushion advocated
THE Reserve Bank of India, in its Annual Report 1999-2000, has advocated the need for building up foreign exchange reserves to protect the economy from volatility in portfolio flows.

Implementation is the key
THE BJP's 13-point action plan, proposed on the inaugural of the party's two-day national council meeting at Nagpur, to bolster the country's economy is not on unexpected lines. On the one hand, the party's economic resolution harps on a host of issues that need to be looked into, while pinpointing the various ills that require immediate rectification.

President's assent for three Bills
THe President has given his assent to the Madhya Pradesh Reorganisation Bill, 2000, the Uttar Pradesh Reorganisation Bill, 2000 and the Bihar Reorganisation Bill, 2000. With this, these three Bills have been notified in the Gazette of India as Act 28, 29 and 30, 2000 respectively.

Fertilisers


Fund to help naphtha-based fertiliser units upgrade
THE Centre is considering setting up a one-time fund to help naphtha-based fertiliser units to modernise and convert to natural gas, according to the Union Minister for Chemicals and Fertilisers, Mr. Suresh P. Prabhu.

Urea self-sufficiency: Govt view termed `untenable'
THE Parliamentary Standing Committee on Chemicals and Fertilisers has not concurred with the Government contention that 100 per cent self-sufficiency in urea production might not be desirable looking at the costs entailed in setting up nitrogenous fertil iser plants.

Financial Performance
Padmini Tech net up 127%
PADMINI Technologies Ltd (PTL) (formerly Padmini Polymers Ltd) has reported a marginal fall in its turnover for the 18-month period ended June 2000 at Rs. 515.85 crores as compared to Rs. 543.68 crores for the 18-months period ended December 1998.

Forex
Rupee gains 10 paise
THE rupee bounced back today by approximately 10 paise to close at 45.77/78 as against Friday's close of 45.85/87.

Information Technology
5-year cap for 74% FDI stake in e-com ventures
THE Government has clarified that foreign investors with equity contribution exceeding 74 per cent in Indian e-commerce ventures should bring down their stake to 74 per cent within five years of the commencement of business-to-business (B2B) e-commerce a ctivities.

Hughes Tele IPO to be at premium
HUGHES Tele.com (India) Ltd (HTIL) has decided to launch its Rs. 749.21-crore initial public offering at a premium. HTIL and its book-running lead managers today fixed a floor price of Rs. 12 per share.

Insurance
Royal Sundaram files for non-life licence
ROYAL Sundaram Alliance Insurance Ltd, a joint venture between UK's Royal & SunAlliance (RSA) and India's Sundaram Finance Ltd (SFL), has filed an application with the Insurance Regulatory and Development Authority (IRDA) for a licence to set up a non-li fe insurance venture.

Miscellaneous


Media institute opened in Chennai
THE Asian Media Institute (AMI), established by the Media Development Foundation (MDF), will seek to promote excellence in journalism through education, offer in-career training and carry out research on media-related issues.

Petroleum
RPL starts diesel exports
RELIANCE Petroleum Ltd (RPL) has entered into a deal to export three parcels of diesel through an European oil company.

Govt may review LPG control order
THE Union Government may review provisions of the LPG (Regulation of Supply and Distribution) Order, 2000, said Mr. E. Ponnuswamy, Union Minister of State for Petroleum and Natural Gas, here on Monday.

Economy better placed to face oil import bill
THE economy could face the current high cost of oil import better than the past episodes, according to the Reserve Bank of India (RBI).

Pharmaceuticals
Ranbaxy launches cardiac drug in US
RANBAXY Laboratories Ltd (RLL) has launched its generic Enalapril Maleate tablets in the US, through its wholly-owned subsidiary -- Ranbaxy Pharmaceuticals Inc (RPI). Company sources said the product had been accepted well and the initial response was sa tisfactory.

Power
$1.3-billion Mangalore power project -- Karnataka guarantee plan rejected
THE Centre has turned down Karnataka's proposal for a counter guarantee without an escrow for the 1,013-MW Mangalore power project. Instead, the Centre has suggested that the escrow be operationalised 90 days before commercial operations.

SSI
Policy package for SSIs likely
THE Prime Minister, Mr. Atal Bihari Vajpayee, is likely to announce a comprehensive policy package for the small-scale industry at the inauguration of the first two-day national conference on `Small-scale industries' here on August 30.

States
`Kerala must go for optical fibre network'
THE Kerala Government should provide free "right of way" to promoters for laying optical fibre cables to create the necessary Internet and telecommunication infrastructure in the State, according to Mr. N. Vittal, Chief Vigilance Commissioner and Chairma n, Advisery Council for Information Technology, Kerala.

Kerala seeks Rs. 100 cr flood relief
THIRUVANANTHAPURAM: Kerala has sought special Central assistance of Rs. 100 crores to combat the damages caused by the monsoon rains.

KSIA plans research lab in Dakshina Kannada
MANGALORE: As a step towards enabling small units to conform to `global specifications', the Kanara Small Industries Association (KSIA) is to have its own testing and analytical service laboratory here from August 31, making Dakshina Kannada the first di strict in the State to have such a facility which is expected to assist small-scale entrepreneurs in maintaining `global standards'.

Export development fund planned in N-E
GUWAHATI: The Centre has decided to set up an Export Development Fund (EDF) in the north eastern region. The decision was taken following a demand from the north eastern States for such a fund. The Planning Commission has requested the Union Finance Mini stry to release Rs. five crores for the purpose from the non-lapsable Central pool.

States responses for draft ST Code by Sept 15
COMMISSIONERS of Sales Tax and other top officials representing various State Governments at the just concluded national workshop on "Uniform Commodity Classification and Coding" here, have agreed to send in their response to a draft code prepared and ci rculated by the Centre for Taxation Studies (CTS), an autonomous body under the Kerala Government, which hosted the workshop.

First wind energy project in Bengal
BENGAL is set to mark its presence on the country's wind energy map. The State's first wind energy project is expected to begin feeding the grid by October.

Telecommunications
STD, ISD to cost less from Oct 1
RATES for STD (national long distance) and ISD (international long distance) calls will become cheaper with effect from October 1. There will also be no immediate increase in telephone rentals.

DTO mobile services by March 2001
THE Department of Telecom Operations (DTO) will start its cellular mobile services in a few cities by March 2001, which will be extended to other cities later, according to a Government release.


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