Corporate
UTI Sec, Investmart merger on the cards
UTI Securities Ltd and Investmart India Ltd, two unlisted closely-held broking firms promoted by Unit Trust of India (UTI) and Infrastructure Leasing & Financial Services Ltd (ILFS) respectively, are likely to merge.
MDI students attract biggies
CLOSE to 140 companies including biggies such as HSBC, ITC, Ranbaxy, Wipro vied for about 125 students at the Management Development Institute (MDI).
Property expo in Mumbai from March 2
THE Maharashtra Chamber of Housing Industry (MCHI) in association with ICICI and Citibank is organising a property expo `Property 2001' in Mumbai from March 2-5.
VST finds Damanis' objectives unclear
THE attempt by the Damani brothers-owned Bright Star Investment to acquire 20 per cent holding from the shareholders of VST Industries through the open offer route has taken an interesting turn with the VST board suspecting the objectives of the acquisit
ion and also the future business plans of the acquirer.
CLB asks Bajoria to submit communications from CSE
THE Company Law Board (CLB) has on Tuesday directed Mr Arun Kumar Bajoria to file copies, if any in possession, of any letter or communication by the Calcutta Stock Exchange relating to the letter reportedly written by Mr Bajoria to the exchange intimati
ng them about the acquisition of shares in Bombay Dyeing & Manufacturing Co Ltd.
Enron pulls out of fibre optic venture with MSEB
ENRON India has pulled out of its proposed fibre optic venture with Maharashtra State Electricity Board (MSEB) and Global TeleSystems Ltd (GTL).
Courts
Bounced cheque: SC lists conditions of liability
THE Supreme Court today held that non-presentation of a cheque to the drawer's bank within the period of six months specified under Section 138 of the Negotiable Instruments Act would absolve him of his criminal liability.
Engineering
EEPC meet in Jakarta nets $10 m business
THE recent two-day buyer-seller meet (BSM) and catalogue show organised by the Engineering Export Promotion Council (EEPC) at Jakarta, Indonesia has resulted in a total business (by way of orders and ongoing negotiations) of $10 million for Indian compan
ies.
Environment
Environment: `AP has no scope for technologies from UK'
A TEAM of UK companies specialising in environmental technologies has interacted with solution providers from Hyderabad and public bodies responsible for issues relating to the environment, mainly to market their technologies which do not entail `excessi
ve cost'.
Financial Performance
Knoll Pharma net rises marginally
MUMBAI: Knoll Pharmaceuticals Ltd has registered a marginal increase in net profit at Rs 72.2 crore for the year ended December 31, 2000, as compared to Rs 68.52 crore in the previous year.
Information Technology
Demerger `blues' send Aptech shares plunging
THE market seemed to be unhappy over Aptech Ltd's proposed demerger of its software business and the company's share price fell by 16 per cent today over Wednesday's close.
PSU
Govt defends Balco valuation norms
REELING under Opposition onslaught in Parliament on the privatisation of Balco at ``throw-away price,'' the Union Government on Thursday said that the bid received from Sterlite Industries Ltd was far in excess of the figures arrived at through the three
different accepted traditional methods of valuing business.
Balco divestment under fire in RS
THE strategic sale of the Bharat Aluminium Company Ltd (Balco) to Sterlite Industries by the Government has come under fire from Opposition parties in the Rajya Sabha, some of whom have dubbed the sell off as an outright ``daylight robbery''.
`Valuation not linked to Balco divestment'
THE valuation of fixed assets of Bharat Aluminium Co Ltd (Balco) by a Government-appointed valuer was an exercise completely separate from the process of disinvestment, Mr Roddy Sale, Managing Director and Head of Investment Banking, J.P. Morgan, has sai
d.
Arah takes charge as acting CIL Chairman
AS directed by the Jharkhand High Court, Mr C.D. Arah, Additional Secretary in the Union Coal ministry, is learnt to have begun officiating as Chairman of Coal India Ltd.
`Good for industry'
THE acquisition of 51 per cent stake in Bharat Aluminium Company Ltd (Balco) by Sterlite Industries in the face of keen competition is seen as positive development for the aluminium industry.
A distress sale, says Balco union
HAS Bharat Aluminium Company Ltd (Balco) been sold dirt cheap to Sterlite Industries Ltd?
Petroleum
Efforts on to step up crude production: Naik
THE Government has put in place programmes to step up domestic production of crude and natural gas while participating in overseas contracts for production sharing to ensure oil security for the country, the Lok Sabha was informed today.
Policy
Downsizing to begin at home for Sinha
THE Government's plans to downsize will be kicked off by the Finance Ministry, which has decided to shed several jobs in its own backyard -- the Department of Economic Affairs (DEA) first, including a few senior-level civil service positions.
`Changes made in Civil Code will help arbitration'
THE changes to Section 89 (1), along with the amendment of Order X, Rules 1A, B and C, in the new Code of Civil Procedure (Amendment) Act, 1999, are far-reaching and significant for better arbitration procedures in the country. The need is to speedily im
plement the amended provisions, according to Mr Justice A. K. Mathur, Chief Justice of the Calcutta High Court.
States
Dressing up the Seven Sisters
IT'S a business conference of a magnitude never witnessed earlier in the North-East. Truly, a confluence of three major movers and shakers of civil society -- the State administration, political leadership and business czars. Each one with a wish on the
lip and a hope in the heart. To transform the region into an attractive investment destination and a major hub for exports to Bangladesh, Myanmar and the Asean countries.
Pvt investment must, says Kerala survey
PRIVATE sector investment has a major role to play in accelerating the income growth of Kerala, according to the Economic Survey 2000 brought out by the State Planning Board.
Pvt sector urged to focus on N.E.
A bold new chapter in the history of industry and commerce was scripted here today with the inauguration of the first-ever international business conference in the region.
Rs 26-crore convention centre below Hoogly bridge -- Four cos in race for project
THE Oberoi group and the Park Hotel group are emerging as the favourites for a one-of-its-kind project, which the West Bengal Government plans to implement bang on the river, below the second Hooghly Bridge.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
FCI to procure 55 lakh tonnes of rice
VIJAYAWADA: The Food Corporation of India is procuring rice briskly from the State, inspite of severe shortage of storage space, and paddy farmers in the State are by and large getting the minimum support price, Mr V. Sobhanadreeswara Rao, the State Agri
culture Minister, has said.
AP evolving integrated IT architecture, security
WITH the Andhra Pradesh Government initiating various e-governance initiatives by building upon the IT strategy drawn up by consultancy firm PricewaterhouseCoopers, an integrated framework and architecture is now emerging.
TN echoes automobile cos' views on excise duty
THE Tamil Nadu Government has recommended to the Centre to have a uniform excise duty structure for the automobile industry, irrespective of the size or engine capacity of the car.
HYSEA ties-up with Iranian industrial major
THE Hyderabad Software Exporters Association (HYSEA) has singed a memorandum of understanding (MoU) with the Industrial Development and Renovation Organisation (IDRO), $ 3-billion industrial conglomerate belonging to the Islamic Republic of Iran.
Guwahati trade fair today
THE 8th International Guwahati Trade Fair'2001, organized by the Industries & Trade Fair Association of Assam (ITFAA), N-E Region will be inaugurated here on Friday.
Metro Rail aims to run at 8-minute interval
METRO Railway, now running at intervals of 10 minutes from 8.30 a.m. to 7.30 p.m., after which the intervals become 15 minutes, is gearing up for an eight-minute interval from either March or April. The service will initially be between the peak hours of
9.30-10.50 a.m. and 5.30-6.50 p.m., and will be increased gradually subject to the traffic intensity.
Stocks
Separate law proposed to protect small investors
THE Government is considering the introduction of an independent legislation on investor protection to safeguard the interests of small investors.
Transport
Budget unlikely to bring cheer to wagon builders
WAGON builders may have nothing to cheer about in the Rail Budget for 2001-02 as the Railway Minister, Ms Mamata Banerjee, has decided to marginally cut allocations for the rolling stock programme (RSP) during the ensuing fiscal.
Eastern Rly shifts focus to long-distance traffic
EASTERN Railway (ER), with West Bengal and Bihar as its command area and accounting for 10 per cent of the total route km of the Indian Railways, is perceived to be at the cross-roads at the beginning of the new millennium.
Travel & Places
Quake fails to dampen tourism -- `Cancellation few and far between'
THE earthquake in Gujarat seems to have shaken the tourism industry. Coming towards the end of the tourist season, the quake had triggered fears about the potential impact it would have on the Rs 12,500-crore industry.
