Airlines
Emirates bullish on India
EMIRATES, the Dubai-based transcontinental airliner which has drawn up plans for a major fleet and network expansion across the world, is bullish on Indian business opportunities to network more areas.
Automobiles
`LPG as auto fuel may be non-starter'
DESPITE the Union Government approving use of liquid petroleum gas (LPG) as auto fuel, the initiative may remain on paper and end up as a non-starter, according to Mr D.V. Manohar, Chairman and Managing Director of Shri Shakti LPG Ltd, and Capt N.S. Moha
n Ram, Advisor to TVS-Suzuki Ltd.
Banking and Finance
SBI net slides 22 pc on VRS, IMD issue costs
STATE Bank of India has posted a net profit of Rs 1,604.25 crore for 2000-01 against Rs 2,051.55 crore in the previous year, a decline of 21.8 per cent. The board of directors has recommended a dividend of Rs 5 per share of Rs 10 for 2000-01, the same as
for 1999-2000. Its operating profit was also lower at Rs 3,966.78 crore as against Rs 4,202.5 crore previously.
Small depositors of MMCB to get money
SMALL depositors of Madhavpura Mercantile Co-operative Bank (MMCB), with deposits up to Rs 1 lakh, would finally get back their money, with the machinery for the same expected to be set in motion within the next fortnight.
Cement
L&T to offer equal stake for partner in cement business
IN a change of strategy, Larsen & Toubro Ltd has now decided to give an equal stake to a strategic partner in its cement business, according to a senior company official. The partner will also have management responsibility.
Coal
Singareni miners call off 13-day strike
THE miners of Singareni Collieries Company Ltd (SCCL) called of their 13-day strike here today following the intervention of the Chief Minister, Mr N. Chandrababu Naidu, wherein it was decided to extend several benefits to miners.
Corporate
Thomas Cook shareholders say no to `control' by C&N
THOMAS Cook India Ltd (TCIL) today informed the BSE that its special resolution seeking to grant ``indirect control'' of the company to C&N Touristic AG was defeated at its June 8 EGM convened for the purpose.
SEBI opposes extension of offer period for VST shares
THE Securities and Exchange Board of India (SEBI) has opposed extension of the offer period for the acquisition of VST shares.
Macaulay's grandchildren with a Yankee accent
EVER heard of Ford Language Institute, the Ann Cook American Accent Book or Americanaccent.com? These are the hot new learning systems in eCRM business today.
Reliance Petro divestment plan gets CCEA go-ahead
THE Cabinet Committee on Economic Affairs (CCEA) today cleared the proposal of Reliance Petroleum Ltd for disinvestment of up to 780 million equity shares held by Reliance Industries Ltd (RIL) in tranches.
Not camera shy
Members of the All-India Photography Trade and Industry Association staging a demonstration in Mumbai on Thursday as part of the strike against the proposed 5 per cent tax.
Blue Dart ties up with Crown Couriers
BLUE Dart Express Ltd, India's leading integrated air express and logistic service provider, has signed an exclusive agreement with Crown Couriers, a leading courier company.
Bill will impede restructuring of cos: Assocham
THE Concept Bill on Competition is likely to impede the restructuring of Indian companies that are keen to hive off non-core business and concentrate on their core competence to withstand foreign competition, according to an analysis carried out by the A
ssociated Chambers of Commerce and Industry of India (Assocham).
Economy
Govt chalks out strategy to expedite FDI inflows
IN a move that will have very far-reaching consequences on the foreign direct investment (FDI) scenario in the country, the Government has chalked out a strategy to proactively pursue all foreign investors who have received Foreign Investment Promotion B
oard (FIPB) approvals but have not yet invested what they had promised.
Environment
Tatas sign MoU to preserve Taj Mahal
THE National Culture Fund (NCF), the Archaeological Survey of India (ASI) and the Indian Hotel Company (the Taj group of hotels -- a Tata enterprise) have signed a memorandum of understanding (MoU) for the preservation, restoration and conservation of th
e Taj Mahal and its environs.
Foreign Trade
Discussions to be initiated soon on gas supply to India -- UAE seeking investment avenues
DISCUSSIONS are under way with major Abu Dhabi investment institutions such as the International Petroleum Investment Corporation (IPIC) and the Abu Dhabi Investment Company (ADIC), to study investment opportunities in India, while talks with the UAE
Offsets Group (UOG) to supply gas to India is also expected to be initiated in a few months, according to Indian Ambassador, Mr K.C. Singh.
PSU
Patwa assurance to Balco staff on transfer issue
THE Minister for Mines and Minerals, Mr Sunder Lal Patwa, has assured the employees of Bharat Aluminium Company Ltd (Balco) that he will take up the matter of mass transfer of company officials from its Delhi headquarters to Korba in Chhattisgarh.
Paper/Packaging
BILT board reconstituted, Vikram Thapar resigns
THE Board of Ballarpur Industries Ltd (BILT) has been reconstituted today with the resignation of Mr Vikram M. Thapar, ex-Joint Managing Director and member of the board.
Petroleum
Procurement of controlled products -- Reliance Petro seeks fair deal
RELIANCE Petroleum Ltd (RPL) today sought a host of modifications in the Government regulated business of controlled product procurement from its refinery.
Dip in petro goods sales growth
THE petroleum industry is praying for a good monsoon. Petro product sales, especially diesel - considered the indicator of economic well-being, has seen sales dip by 3.7 per cent in May alone.
Power
`Enron issue not to affect foreign investment in power'
THE Enron issue will not affect flow of foreign investment into the country's power sector, according to Mr A.K. Basu, Union Power Secretary.
GMR Vasavi may cut power tariff at Tanir Bhavi
THE GMR Vasavi group hopes to bring down the power tariffs from its barge-mounted liquid fuel project, Tanir Bhavi Power Company Ltd, after the complete dismantling of the administrative pricing mechanism of petroleum products.
Amicable settlement not possible in short time: DPC
DABHOL Power Company (DPC) today told the Mumbai High Court that an amicable settlement with the Maharashtra State Electricity Board (MSEB) was not possible in a short span of time.
States
AP signs MoU to develop biotech park
THE Andhra Pradesh Government has entered into a memorandum of understanding with Shapoorji Pallonji & Company, a major construction company based in Mumbai, for the development of the biotechnology park near Hyderabad.
Chamber flays power tariff hike
KOCHI: The Chambers of Commerce have expressed concern over the reported move of the State Government for a 60 per cent hike in the power tariff, saying that it would have an adverse impact on the industry and trade in the State.
Tirupur observes industrial bandh
COIMBATORE: Business activities in Tirupur, the country's premier cotton knitwear production centre, came to a halt on Thursday with trade and industry there observing a hartal to protest the Centre's decision to cut the duty draw-back rates for garment
exports.
CMC to raise Rs 50 cr thru bonds
THE Calcutta Municipal Corporation (CMC) has proposed to raise Rs 50 crore to fund water supply projects through a private placement of bonds, to be arranged by Srei Capital Markets.
Andhra Vision launches real estate portal
ANDHRA Vision Infotek Pvt Ltd has unveiled its Hyderabad and Secunderabad specific business-to-business and business-to-customer real estate portal -- www.grihrachna.com -- here on Thursday.
`Bengal in better position to execute contractual pacts'
THE West Bengal Government is in a better position to deliver to the industry, compared to States such as Maharashtra and Tamil Nadu, according to Dr Arjun Sengupta, well-known economist and former Planning Commission member.
Karnataka denotifies KIOCL mine area as national park
KARNATAKA Government has issued its long-pending final notification on the limits of the Kudremukh National Park, excluding some 3700 hectares from the purview.
Stocks
SEBI okays 31 scrips for options trading
THE Securities & Exchange Board of India (SEBI) today released the list of 31 approved scrips on which individual stock options will be introduced by the stock exchanges.
Telecommunications
DoT to act tough with spectrum fee defaulters
WITH many of the existing cellular service providers evincing interest in the fourth cellular licences, bidding for which is open, the Department of Telecommunications (DoT) has decided to act tough on all the defaulters of spectrum fees.
40 gbps domestic bandwidth to go on stream by 2002
A 40 gigabits per second (gbps) Dense Wave Digital Multiplexing (DWDM) system of domestic bandwidth is planned to be installed. The system will be operative by 2002.
Hike in interconnect access charges -- Basic pvt operators approach tribunal to stall BSNL move
THE private basic service operators (BSOs) have petitioned the Telecom Dispute Settlement Appellate Tribunal (TDSAT) to prevent Bharat Sanchar Nigam Ltd (BSNL) from hiking the interconnect access charges for local, STD and ISD calls.
Textiles
Deadlock over textile wage issue continues
THE deadlock over the textile workers' wage issue continues with the managements and the Joint Action Council of Central trade unions sticking to their stance in the State Government-mediated negotiations.
