Banking and Finance
StanChart takes over receivables of Saitomo
STANDARD Chartered Bank has purchased car finance receivables worth Rs 43 crore from Saitomo Financial Services Ltd (a joint venture between Sumitomo Corporation and Sai Service).
Corporate
ITC chief chews tobacco move -- Favours debate for obtaining industry point of view
WHILE welcoming and assuring to support the Union Government initiatives to regulate the tobacco consumption and industry sponsorships through enabling enactment, the ITC Chairman, Mr. Y.C. Deveshwar, said that a debate on the subject taking the industry
point of view was vital to give it a more practical direction.
Smoke `bomb' sends admen scurrying
THE proposed ban on tobacco may be a shot-in-the-arm for the health lobby, but it definitely has sent advertisers, media-planners and agencies into a huddle.
A new war on the small screen
AFTER wars between the entertainment channels, it's now competition time between the various news and current affairs channels. And new entrant Aaj Tak, from TV Today Network, seems to be gradually gaining the edge.
Dilip Pendse to quit Tata Finance
THE Tata Finance Ltd (TFL) Managing Director, Mr Dilip Pendse, has decided to call it a day after completing five years in TFL and 22 years in the Tata group. The TFL President, Mr Subodh Shah, is tipped to replace Mr Pendse.
Glenmark to tap international generic market
GLENMARK Pharmaceuticals Ltd plans to tap the huge generic opportunity available in the international market.
Sectoral cap vis-a-vis open offer -- Govt to discuss VSNL divestment with SEBI
THE Union Government will hold a dialogue with the Securities and Exchange Board of India (SEBI) shortly seeking an exemption from the application of the regulator's takeover code relating to open offer of shares in the case of divestment in Videsh Sanch
ar Nigam Ltd (VSNL).
Enron effect on investment seen
THE Enron-promoted Dabhol Power Company invoking the Government of India counter-guarantee to recover the dues owed by the Maharashtra State Electricity Board would definitely affect investor sentiment, according to analysts.
`Crisil advisory, rating units separate entities'
Credit Rating Information Services of India Ltd (Crisil) has said that its advisory, Crisil Advisory Services (CAS), and ratings divisions are independent of each other with separate manning and strong firewalls between the two activities.
Courts
SC ruling on tax relief for export house
SECTION 80 HHC of the Income-Tax Act, 1961 requires (a) the assessee to export the goods and (b) the sale proceeds to be `receivable' by the assessee in convertible foreign exchange.
Year-end date for judicial academy
THE National Judicial Academy set up by the Centre at Bhopal will become fully functional by December. Currently the academy is functioning on a skeletal basis.
Economy
Reforms report on Web
NEW DELHI: The Prime Minister's Economic Advisory Council's recent report on economic reforms is available on the official Web site of the Prime Minister's Office (PMO).
Rate cut on small savings, PF likely
LAST year in January, weeks before the Union Budget was unveiled, the Government cut the interest rate for small savings by one per cent, from 12 to 11 per cent.
Excise and customs law
Budget day curbs on excise rules eased
THE Finance Ministry has relaxed restrictions relating to clearances and removals on the pre-Budget day and the Budget day through an amendment in the Central Excise rules.
Financial Performance
Glaxo India net down at Rs 70.54 cr
MUMBAI: Glaxo India Ltd has reported a drop in net profit at Rs 70.54 crore for the year ended December 31, 2000 against Rs 77.06 crore in the corresponding period last year.
Burroughs Wellcome net profit drop
Burroughs Wellcome India Ltd has reported a drop in net profit of Rs 19.15 crore in the audited financial results for the year ended December 31, 2000 against Rs 29.34 crore in the previous year.
Thomas Cook (I) net down at Rs 13.65 cr
THOMAS Cook (India) Ltd has reported a lower net profit for the year ended December 12, 2000, at Rs 13.65 crores, as compared to Rs 18.03 crores for the corresponding period of the previous year.
Information Technology
Portal on apparel industry launched
A portal on the apparel industry, `www.indiapparel.com', has been launched.
Tips to sustain software success
WILL we snatch defeat from the jaws of victory? Sounds like a poser to the Indian cricket team in the nineties? May be. But it sure applies to the Indian software industry, according to Prof Sumantra Ghoshal, the Robert P. Bauman Professor of Strategic L
eadership, London Business School and Dean, Indian School of Business.
Policy
Pvt participation in aircraft, warship production likely
THE Defence Minister, Mr George Fernandes, today indicated the country would encourage private sector participation in areas such as the production of Light Combat Aircraft and Advanced Light Helicopters and dockyards for making warships.
Pricing sticky issue in Hawk deal
Although the Defence Minister, Mr. George Fernandes, announced here that the government would finalise the BAE Systems's Hawk deal by the end of the financial year, pricing continues to be a sticky issue.
Agitation against anti-farmer policies
MANGALORE:MORE than 1,000 people protesting against the `anti-farmer import policies' of the new economic regime were arrested here on Wednesday.
Power
Goodbye to guarantees for Hirma, Ennore -- Rs 500-cr capital infusion into PTC
STUNG by the Enron experience, the Government is planning a capital infusion Rs 500 crore into Power Trading Corporation as an alternative to providing guarantees for the two `mega' projects -- the 3,960-MW Reliance-SEAP-promoted Hirma project and the 1,
800-MW Grasim-promoted Ennore project. The money is planned to be infused over a five-year period, dovetailing with the commissioning of the projects.
Maharashtra may pay DPC November bill
DESPITE the public posturing of `near bankruptcy', the Maharashtra Government today indicated to the Finance Ministry that it is willing to pay up the Enron Dabhol Power Company's outstanding bills.
Enron yet to pay KPTCL margin money
GLOBAL energy major Enron has failed to make the margin payment of 10 per cent for the optic fibre cable backbone it had proposed in Karnataka using the transmission network of the State-owned Karnataka Power Transmission Corporation Ltd (KPTCL).
CII-SR disputes TNEB claim
CHENNAI: Based on a study conducted by it, the Confederation of Indian Industry - Southern Region (CII-SR) says that there is a 13.1 per cent power shortage as far as industries are concerned in Tamil Nadu, amounting to 260 MW. It says that the study ind
icates a shortage of 600 MW by 2002-03 and 1000 MW by 2003-04.
No change in mindset
IT is indeed strange that even after a decade since the opening up of the power sector to private and foreign investment, the mindset of the powers-that-be in some of the States have not changed even a wee bit. The reform process which was expected to us
her in the winds of change has made no material difference as the window to the mind, it appears, had been kept bolted all this while. No wonder, the message failed to sink in.
States
Flamingo fete in Andhra Pradesh
A THREE-DAY "Flamingo Festival" will be held at Sullurpet in Nellore district from February 10 for the first time with the main objective of promoting eco-friendly tourism in Pulicat Lake area.
Gujarat puts quake loss at Rs 20,875 cr
THE Centre has been informed by the Gujarat Government that it has estimated the financial losses arising out of the earthquake at Rs 20,875 crore. This assessment of the Gujarat Government was conveyed to the Empowered Group of Ministers (GoM) on Disast
er Management, headed by the Home Minister, Mr L.K. Advani, by the Finance Minister, Mr Yashwant Sinha, here today.
Krishna to take up WTO Cell suggestions with Centre
THE Karntaka Chief Minister, Mr S.M. Krishna, said on Wednesday that he would take up the recommendations of the recently set up WTO Cell with the Prime Minister, the Union Agriculture Minister and the Union Commerce Minister.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and more to the Gujarat earthquake relief.
`Implement Debt Relief Act'
VIJAYAWADA: The State Government should implement the Debt Relief Act to provide succour to farmers in the State who are resorting to suicides due to a variety of factors such as the lack of remunerative prices, poor yields and the lack of timely and ade
quate credit facilities, Mr P.A. Chowdary, the retired High Court judge and the Chairman of the Experts' Committee on Agriculture, has said.
Small units in AP allege `harassment' by excise dept
THE Federation of Andhra Pradesh Small Industries Associations (Fapsia) is on a warpath against `corruption' and `harassment' by the officials of Customs & Central Excise.
Cos may lower profit estimates -- Quake may tell on advance tax mop-up
THE earthquake in Gujarat is set to impact the fourth instalment of advance tax collections due on March 15 as the Finance Ministry apprehends a downward revision in the profit estimates of several companies, including State-owned insurance majors.
Mobile service by AP Suzuki dealers
HYDERABAD:TVS Suzuki dealers in the twin cities of Hyderabad and Secunderabad have announced the launch of their mobile Service here on Wednesday.
Bengal to selectively open up mineral sector
THE West Bengal government is planning to selectively open up the mineral sector by allowing private participation in quarrying of granite, stone, china clay and fire clay, the State Industry and Commerce Minister, Mr Bansagopal Chowdhury, said.
Tea
UPASI for hike in duty, strict quality control
THE United Planters' Association of Southern India (UPASI) has called for higher duties and stringent quality control mechanism for tea imported for the domestic market, and that meant for re-export.
Telecommunications
MTNL expects Dolphin to break even in second year
MAHANAGAR Telephone Nigam Limited (MTNL), which launched its `Dolphin' branded cellular service today, has said it expects the service to break even in the second year of operations.
Transport
Plan for 54 super fast summer specials
KOLKATA: After introducing winter specials, South Eastern Railway (SER), for the first time, has decided to run 54 pairs of super fast summer special trains - 24 pairs between Howrah and Chennai, 22 pairs between Howrah-Mumbai (Lokmanya Tilak terminus) a
nd eight pairs between Visakhapatnam-Chennai, to clear the extra rush of passengers during summer months.
Water Management
Project to study water sources data
THIRUVANANTHAPURAM: The State Government is launching a Rs 36-crore hydrology project for mobilising basic data on the availability of surface as well as ground water in the State.
