THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Friday, December 28, 2001

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News

Corporate
3 members resign from Bellary Steels board
THREE top members of the reconstituted board of Bellary Steels and Alloys Ltd, including the Executive Chairman, Dr S.K.Gupta, are understood to have resigned.



Amol Sandil quits Ashok Leyland
ASHOK Leyland's Executive Director (Marketing), Mr Amol Sandil, has resigned. Confirming this to Business Line, Mr Sandil said that he would be handing over charge formally on Friday.

Reebok import proposal gets FIPB nod
REEBOK India Company (RIC) has been granted permission by the Foreign Investment Promotion Board (FIPB) to import products from its parents, which are not being manufactured in the country, with the caveat that these will be brought in on a cash-and-carr y basis.

HLL sells adhesives unit to ICI India
HINDUSTAN Lever Ltd (HLL) has agreed to sell its adhesives business to ICI India Ltd, a subsidiary of ICI Plc, UK, for Rs 9 crore, including working capital. The adhesives division is a sub-unit of the speciality chemicals division of HLL's chemicals and agri operations, the FMCG major informed the Bombay Stock Exchange today.

Economy
Defence fund needs will be met: Sinha
THE Finance Minister, Mr Yashwant Sinha, said that his Ministry would consider any request from the Ministry of Defence for additional allocation of funds.

Fertiliser scam: Who's who...
The list of the 23 manufacturers and trading houses alleged involved in the `Rs 1,000-crore fertiliser scam' in Bihar reads like a virtual who's who of the industry.

Fert sector underplays `Rs 1,000-cr scam'
THE fertiliser industry has sought to distance itself from the latest in the series of scams in Bihar - the alleged payment of Rs 1,000 crore of Governmental subsidy to 23 fertiliser manufacturers and trading firms against fictitious sale of nutrients to farmers.

I-T sops on export profits -- Assocham for 7-year phase-out
THE Associated Chambers of Commerce and Industry (Assocham) has urged the Government to freeze the ongoing phase-out of fiscal concessions for earnings in foreign exchange under different provisions of the Income-Tax Act for a period of two years.

`Net capital flows to emerging markets dip'
NET capital flows to emerging markets seem to have turned negative this year for the first time in more than a decade, despite stable flows of foreign direct investment (FDI), the International Monetary Fund (IMF) has said.

Forex
War clouds threaten forex flows
THE threat of war is posing a formidable challenge to one of the country's greatest economic assets; the $47.84-billion foreign exchange reserves.

Infrastructure
Govt to build 36 lakh houses every year
THE Centre, as part of its plan to provide shelter to the more than three crore families in the country which do not have a roof above their head, is planning to ensure that 36 lakh houses are built every year for the next 10 years - 25 lakh every yea r through the departments under the Ministry for Rural Development and 11 lakh through the Ministry for Urban Development.

Mutual Funds
US-64 repurchase at NAV after three years
AHEAD of starting disclosure of daily NAV for the US-64 scheme from January 1, 2002, Unit Trust of India today announced a staggered plan for repurchase of units. It also decided to change the investment pattern of the US-64 corpus.

PSU
Plan to change sell-off takeover norm for PSUs
THE Ministry of Disinvestment has proposed an amendment to the regulations on takeovers, to ensure that the Government gets the higher of either the strategic sale or market price in a sell-off involving a State-owned company.

VSNL promoter must transfer land sale proceeds to Govt
THE private promoter of Videsh Sanchar Nigam Ltd (VSNL) will have to mandatorily transfer his full share of the proceeds to the Government in the event of any future sale of company's property.

Quits VSNL board
MUMBAI: Videsh Sanchar Nigam Ltd has informed the Bombay Stock Exchange that Mr H.P.Wagle, an independent (part-time non-official) director on the board of VSNL, has resigned from his post.

Petroleum
Meet on APM dismantling deadlocked
DESPITE the public stance of a consensus on the issue of dismantling of the Administered Price Mechanism (APM), the Finance and Petroleum Ministries continued to remain deadlocked over basic issues at the end of the eighth round of meeting held on Thursd ay.

Pharmaceuticals
NPPA cuts prices of 53 formulation packs
THE National Pharmaceutical Pricing Authority (NPPA) has revised/fixed prices of 81 formulation packs. The prices have been fixed for the first time in the case of 25 formulation packs. In the case of 53 packs, the prices have been revised downwards, ran ging from 1.03 per cent to 64.73 per cent.

Politics


`But for the change, Lanka would have gone Argentina's way' -- UNP stalwart speaks out in a candid interview
A FORMER Speaker for seven years and a former Minister for Transport in the earlier UNP regime, Mr M.H. Mohamed is a stalwart in the United National Party who has been given a Cabinet rank and put in charge of Western Development in the Wickremesinghe Go vernment.

Power
High growth seen in renewable energy sector
THE production of renewable energy technology has become a high growth industry. Annual worldwide sales are now estimated at $6 billion, according to Dr Arcot Ramachandran, President of Solar Energy Society of India (SESI).

States
25,000 Govt staff found excess in Karnataka
THE Karnataka Administrative Reforms Commission has estimated that 25,000 Government employees are surplus and they may be offered VRS as a means to curtail expenditure.

Stocks
Market on tenterhooks -- Re loses 15 paise
TENSION at the border continues to dampen the sentiment in the equity and forex markets. The rupee has lost around 30 paise in the past three days. On Thursday, the rupee closed weaker at 48.19/20 to a dollar compared to its previous close of 48.05, losi ng 15 paise.

Taxation
Review transfer pricing penalty provisions: FICCI
THE penalty provisions in case of transfer pricing should be reviewed and substantially reduced, according to the Federation of Indian Chambers of Commerce & Industry (FICCI).

Telecommunications
IDBI sanctions Rs 400 crore for Batata
BIRLA Tata AT&T Cellular, formed by the merger of Birla AT&T Communications with Tata Cellular last year, has been sanctioned Rs 400 crore by Industrial Development Bank of India.

BSNL to cover entire Kolkata via WLL service
BHARAT Sanchar Nigam Ltd (BSNL) has launched the Wireless in Local Loop (WLL) service covering the entire 2,200-sq.km. area of Calcutta Telecom District (CTD).


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