Automobiles
Maruti launches new Baleno variant
MARUTI Udyog Ltd (MUL) has launched an upper-end station-wagon variant of the Baleno aimed at the premium segment of the passenger car market. The `Baleno Altura' is priced at Rs. 8.15 lakhs ex-showroom in Delhi.
Banking and Finance
Jaspal Bindra new StanChart group head in India
MR. Jaspal Bindra has been appointed the Regional General Manager, India, of the Standard Chartered Group and Chief Executive Officer of Standard Chartered Grindlays Bank.
Bank of Madura opens first branch in NE
BANK of Madura Ltd opened its first branch in the north-east here on Friday. The Ombudsman of RBI, NE and former Assam Chief Secretary, Mr. H.N. Das, formally inaugurated the fully-computerised branch.
Electronic funds transfer on Infinet soon -- Network gets full transponder on INSAT-3B
THE much-awaited electronic funds transfer (EFT) and real time gross settlement (RTGS) in the Indian banking system is going to be a reality in the next six months with the INdian FInancial NETwork (Infinet), the VSAT-based communication back-bone for th
e national payment system being implemented by the Institute for Development and Research in Banking Technology (IDRBT) here, getting a full transponder on the recently launched INSAT-3B.
Corporate
Eradi panel proposals on insolvency law -- Core Group to examine changes in Cos Act
THE Department of Company Affairs (DCA) is said to have appointed a core group to examine and draft necessary amendment in the Companies Act following the recommendations suggested by the Justice V. Balakrishna Eradi Committee report on `Insolvency law'.
Sops for US cos on tax treatment likely
BARELY a few days before the Prime Minister Mr. Atal Bihari Vajpayee's scheduled visit to the US, the Finance Ministry is reviewing a host of demands - some of which pertain to relaxations in the existing tax treatment norms for subsidiaries of certain U
S-based companies operating in India.
Good response at ACMEE 2000
AN estimated 15,000 visitors visited the ACMEE 2000 industrial exhibition, currently underway at Island grounds, here. Nearly 250 exhibitors, ranging from large corporations such as Mobil Peeves to small-scale industries, have displayed their wares at th
e 4th International Industrial Exhibition, organised by the Ambattur Industrial Estate Manufacturers' Association (AIEMA) and AIEMA Technology Centre.
Chambers hail relaxation of FDI norms
THE apex chambers of commerce and industry -- CII, FICCI and Assocham -- have welcomed the decision of the Government to further relax foreign direct investment (FDI) norms in the Special Economic Zones (SEZs) and in certain categories
of Internet service providers.
ICICI home loan rates revised
ICICI Home Finance Company Ltd (ICICI Home Loans), the housing finance subsidiary of ICICI Ltd, has announced revision in interest rates on its key products from September 1.
Automatic route for ECB up to $ 50 m operative
THE Government has operationalised the automatic route for External Commercial Borrowings (ECB) up to $ 50 millions and refinancing of the existing ECBs, based on the in-principle decision taken on the issue in June.
Bank unions' forum to oppose VRS move
THE United Forum of Bank Unions (UFBU), which comprises nine unions of bank employees and officers, has called upon all its constituent unions to step up their campaign against the voluntary retirement scheme (VRS) proposed to be introduced in public sec
tor banks. VRS, according to the UFBU leaders, is nothing but ``retrenchment and a step towards deunionisation.''
BIFR okays Siel Aircon scheme
THE Board for Industrial and Financial Reconstruction (BIFR) has sanctioned a scheme for Siel Aircon Ltd (SAL), a wholly-owned subsidiary of Siel Ltd, belonging to the Siddharth Shriram group. SAL submitted an one-time settlement proposal envisaging, int
er alia, transfer of business of SAL to a new joint venture company, merger of SAL with the parent company and payment of the entire secured loans of SAL in one installment within 15 days (August 21) from the sanction of the scheme by the Bench.
HPF given `last' chance for revival
THE Board for Industrial and Financial Reconstruction (BIFR) has decided to give one last opportunity to the promoters of Hindustan Photo Films Manufacturing Co Ltd (HPF) to revive the company.
Power
Mangalore power project facing uncertainty -- Financial security package hanging fire
WITH the Karnataka Government vacillating over a financial security package, the fast track 1013 MW Mangalore thermal power project is faced with uncertainty.
NLC awaits fresh CERC order on availability based tariff -- Will accept `reasonable' PLF as threshold
NEYVELI Lignite Corporation Ltd had, sometime ago, moved the Delhi High Court against the order of the Central Electricity Regulatory Commission (CERC) on availability based tariff (ABT), NLC's Director (Power), Mr. P.R. Balasubramanian, told Business Li
ne. The case is kept in abeyance because the CERC is considering a review petition filed by central generating stations such as NLC and NTPC.
R&M: Not a power-packed performance yet
IT costs about Rs. 4 crores to create one MW capacity of thermal power. It costs just around Rs. 80 lakhs to achieve an additional one MW capacity by renovating and modernising an existing, old power plant. Power plants involving some 30,000 MW are candi
dates for renovation and modernisation programmes, which, by any standard is easy, quick and cheap. Yet, R&M is not happening in this country - at least, not on the scale it should.
SSI
Customs, excise duty sops -- SSIs to gain competitive edge
The Government's decision to reduce customs duties on a host of inputs used in the manufacture of final products by the small-scale sector combined with the enhancement in the exemption limit on excise duty is expected to improve price competitiveness of
domestic SSI sector and help the industry compete against cheap imports particularly from countries such as China.
Stocks
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NSE moots ALBM with 5 maturities
THE National Stock Exchange (NSE) has submitted a proposal to the Securities and Exchange Board of India (SEBI) to introduce Automated Lending and Borrowing Mechanism (ALBM) with five maturities under rolling settlement.
Telecommunications
Paging industry happy; cable units worried
THE domestic industry is planning to protest the import duty reduction on fibre optic cables and individually sheathed optical fibres and other fibre optic cables announced on Friday.
BPL Mobile offers new tariff plans
BPL Mobile has launched three new tariff plans -- Samridhi Value Plan, Aiswaryam Business Super Value Plan and the Premium Value Plan.
Panel to decide on rural telephony tech in a week
THE Ministry of Communications has set up a committee to be headed by a Telecom Commission member to decide within a week which technology -- CDMA WLL or GSM/TDMA -- should be used for providing rural telephony.
