Financial Daily
from THE HINDU group of publications

Friday, February 09, 2001








Page One

ITC plays `good sport', exits sponsorships
ITC Ltd has decided to voluntarily withdraw from all sponsorships of sporting activities irrespective of the legal position on the subject following the Goveernment's decision to bar sponsorship of sports and cultural events by cigarette and other tobacc o product companies.

Tata Engg board okays rights issue
THE board of directors of Tata Engineering today approved the simultaneous issue of convertible debentures (CDs) and non convertible debentures (NCDs) with detachable warrants, on a rights basis in the ratio of one CD and one NCD for every five shares (1 :5) of the company held.

Old economy rally takes Sensex up 68
SUSTAINED institutional support in index heavyweights like ITC and HLL saw market sentiment make a sharp turnaround during Thursday's trade.

FDI easing raises hackles of several Ministries
THE Government's move to further liberalise existing ceilings on foreign direct investment (FDI) in 17 areas is facing increasing resistance, with the Railway Minister, Ms Mamata Banerjee, opposing a proposal to permit 100 per cent FDI in the plantation sector.

Dabhol power sale to third party discussed
A high-level tripartite meeting of Enron India Pvt Ltd, the Maharashtra Government and the State Electricity Board today agreed to explore the possibility of selling power from Dabhol to other parties, including the Central grid.

Diesel cess for Rlys tied to tariff hike
THE Railway Minister, Ms Mamata Bannerjee, may be left with no option but to hike rail tariffs if the Finance Ministry approves the proposal to clamp a 50 paise per litre cess on diesel to be earmarked exclusively for financing railway projects.

New Coal Minister
Mr Syed Shahnawaz Hussain, Minister of State for Human Resource Development, has been given independent charge of the Ministry of Coal.

Missing: Killer M&A in IT services
THE Indian software industry is waiting for one key cross-border acquisition to catalyse a flurry of activity within the software services sector, according to Mr Crawford Jameison, Executive Director, Morgan Stanley Dean Witter.

Subodh Shah to succeed Pendse
THE board of directors of Tata Finance Ltd (TFL), at an urgent meeting called today, agreed to accept the request of Mr Dilip Pendse, Managing Director, not to seek renewal of his present term which expires on May 31, 2001.

 Those Magical Moments
A little boy watching a formation of IAF Suryakirans at Aero India 2001 in Bangalore on Thursday.

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