Airlines
AI to offer 5,000 more seats for Far East, Gulf
AIR India, which has reported a provisional net loss of Rs 28 crore for the year ended March 31, 2001, plans to offer an additional 5,000 seats a week to destinations in the Far East and the Gulf region from the third week of this month.
AI suitors given 2 more days for due diligence
THE two suitors for Air India (AI) - Tata-SIA and the Hindujas - have been given an additional two days each to carry out the process of due diligence, even as the disinvestment process in Indian Airlines (IA) enters a crucial stage with the second and f
inal suitor, the Hindujas, due to meet with IA top brass on Tuesday for carrying forward the disinvestment process.
Commodities
Import curbs: An act of compulsion
AS if the recent sharp hike in customs duty on edible oils, allegations of unfair trade practices and generally unfriendly market conditions were not enough, the Government has restricted import of various edible oils, among a total of 300 sensitive item
s, through six major ports.
Corporate
ITC outfit buys 6,701 VST shares
RUSSELL Credit Ltd (RCL), a wholly-owned subsidiary of ITC Ltd, has informed the stock exchanges that it acquired a total of 6,701 equity shares of VST Industries Ltd on May 3 and 4 from the open market in different lots through two broking firms. The sh
ares were bought on the BSE and NSE at prices ranging between Rs 111 and Rs 112 per share.
Hindi stars reel under failed acts
THE Rs 1,300-crore Hindi film industry seems to be moving from one crisis to another. First, the industry's main financier Mr Bharat Bhai Shah, was arrested. And now, several big film stars who floated entertainment companies in a bid to corporatise seem
to have hit a bad patch.
FICCI, CII taking team to Malaysia
THE two apex chambers of commerce, Federation of Indian Chambers of Commerce and Industry (FICCI) and Confederation of Indian Industry (CII) are organising visit of high-level business delegation to Malaysia to coincide with the visit of Prime Minister,
Mr Atal Bihari Vajpayee.
Sage finishes tender offer for Interact
THE Sage Group plc on Monday announced the successful completion of its cash tender offer for all outstanding shares of common stock of Interact Commerce Corporation, said a press release.
Economy
`Import entry point curbs only to ease monitoring'
THE Commerce Ministry today defended its decision to restrict imports of 300 sensitive items through 11 designated entry points, saying that the task of monitoring these imports would be far easier through such a stipulation.
Dumping machinery to be beefed up
THE Government has signalled its resolve to beef up the Directorate of Anti-Dumping and Allied Duties (DGAD) functioning in the Commerce Ministry by roping in the services of senior officers of the DGFT posted in its 31 port offices to help the beleaguer
ed domestic industry in filing petitions for redress.
Business Confidence Index improves but ... -- NCAER sees no sign of slowdown reversal
THE National Council of Applied Economic Research (NCAER) has said that though its Business Confidence Index (BCI) has improved in the latest round, these improvements are not strong enough to show that the industrial slowdown has totally reversed.
Financial Performance
Bajaj Auto net down 57% -- Geared scooter sales slump 38 per cent
BAJAJ Auto Ltd has recorded a 57 per cent drop in profit after tax at Rs 262.56 crore for the year ended March 31, 2001 as compared to Rs 613.73 crore in the earlier year.
Godrej Industries net falls 33 pc
GODREJ Industries Ltd, formerly Godrej Soaps Ltd, has reported a 33 per cent decline in its net profit at Rs 40.65 crore for the 2000-2001 fiscal as compared to Rs 60.99 crore in the earlier year. The board has recommended a dividend of 30 per cent.
Mutual Funds
Income from transfer of UTI/MF units -- `Exemption never intended on capital gains front'
THE anomaly created earlier by the original Finance Bill 2001 by way of a proviso in Section 10 (33) with regard to capital gains tax exemption on transfer of units of UTI and MF has now been corrected in the new Finance Act 2001.
Power
Cut in free hydel quota for home States mooted
THE Union Power Ministry's (Central Electricity Authority) inter-disciplinary group on reduction in cost of power has mooted a cut in the quantum of free power to home States from 12 per cent to 10 in the case of hydel projects.
Enron: Indian lenders threat to move court
INDIAN lenders to Dabhol Power Company (DPC) will not hesitate to drag all parties concerned -- DPC, MSEB, and the Governments -- to the court if the stalemate continues.
Tackling the power mess
AFTER over a decade of reforms in the power sector, nothing much has changed for the better. On the contrary, the situation appears to have only worsened further.
Karnataka gives in-principle nod for Euro India power project
The State Government has given in-principle clearance to the 220-MW thermal power project promoted by Euro India Power Canara Ltd rejecting the objections raised by the Karnataka Power Transmission Corporation Ltd (KPTCL).
States
Thrust on infrastructure for biotech growth in AP
THE Chief Minister, Mr. N. Chandrababu Naidu, on Monday released the Biotechnology Policy 2001 of the State and said that to ensure all-round prosperity of the common man, it was decided to give thrust to industries based on IT, biotechnology and pharmac
euticals and to facilitate technological convergence.
Need for more paediatric courses in AP stressed
DOCTORS attending the fifth annual conference of the AP chapter of the Indian Association of Paediatric Surgeons (IAPS) at the Gandhi Medical College here were of the unanimous view that there was need to develop infrastructure for the study of paediatri
c surgery as a super-speciality in medical colleges.
Tea
Hike in Section 33AB allowance -- Submit utilisation details to Tea Board, cos told
TEA companies have to submit to Tea Board details of their estate-wise utilisation of the Section 33AB allowance, which has been stepped to 40 per cent from 20 per cent in the Union Budget for 2001-02.
Lankan envoy allays fears on tea front
INDIAN tea industry need not fear on excess supply of Sri Lankan tea into the Indian market in the wake of the Free Trade Agreement (FTA) between Sri Lanka and India initialled in February 2000.
Transport
Railway Board to stay: Nitish
THE Railway Minister, Mr Nitish Kumar, today ruled out abolition of the Railway Board and a voluntary retirement scheme (VRS) for Railway staff.
