Financial Daily
from THE HINDU group of publications

Wednesday, May 23, 2001





Rally to assess WTO impact on farmers
THE newly-formed Samaagama will organise a rally in Mangalore focussing on the plight of farmers in the WTO-dominated regime.

IA hopes to earn Rs 10 cr from new fare structure
INDIAN Airlines (IA) hopes to generate an additional revenue of around Rs 10 crore during the month of June alone due to the introduction of the flexi-fare module which comes into effect from May 25.

30 pc drop in traffic from Chennai -- Airlines offer `schemes' to make up numbers
2000-01, the airport catered to around 18.3 lakh passengers, a 7.95 per cent increase over the previous year. It caters to a mixed bag of passengers, no different from the other major airports in the country.

Banking and Finance

Apetite for gilts reaching optimum level: Jalan
THE Reserve Bank of India Governor, Dr Bimal Jalan, has expressed doubts on the ability of the market to absorb Government paper on a continued basis.

Reliance ECB plan referred to panel
THE proposal of Reliance Industries Ltd (RIL) to the Finance Ministry to raise $500 million through external commercial borrowings (ECBs) has not been cleared by the high-level committee on capital markets (HLC).

REC to raise Rs 1,000-cr thru bonds
RURAL Electrification Corporation Ltd (REC) plans to raise about Rs 1,000 crore through issue of Capital Gains Exemption Bonds under Section 54 EC of the Income-Tax Act.

A.P. Kanwar dead
NEW DELHI: Mr A.P. Kanwar, former managing director of Apollo Tubes Ltd, died in Chennai on Tuesday morning. He was 56.

Foreign Trade
Assocham plea on import valuation
THE Associated Chambers of Commerce and Industry (Assocham) has urged the Central Board of Excise and Customs (CBEC) to immediately constitute a core group of officers to give "advance rulings" on valuation of imported products.

Govt plans to set up product display centres abroad
THE Commerce Ministry, as part of its new `Market Access Initiative' has decided to set up permanent sectoral product display centres, which would also include warehousing facilities, in select old and emerging new markets to help Indian exporters to be more competitive.

Information Technology
Back to basics at Infosys
AT Infosys, the mantle of the leader is being passed around. No, Mr Narayana Murthy is not stepping down, it's just that he's part of a motley group of 150 Infoscians getting trained at the Infosys Leadership Institute.

ICFAI seminars on SCM, knowledge management
HYDERABAD: The Institute of Chartered Financial Analysts of India (ICFAI) and the Global Academy for Corporate Education are jointly conducting seminars on supply chain management (SCM) on May 25 and on knowledge management on May 26 here.


`GSI has its hands in too many pies' -- Mines Secretary calls for drastic restructuring
THE Geological Survey of India (GSI) needs drastic restructuring as it has grown into an ``unmanageable'' organisation, with activity profile that includes areas where it has no business to be in, the Union Secretary of Mines, Mr Dipak Chatterjee, has sa id.

Rail Ministry to keep 51 pc in RailTel
THE Group of Ministers (GoM) today gave the go-ahead to the Railway Ministry to retain 51 per cent equity stake in RailTel and divest the balance 49 per cent to prospective joint venture partners.

Cabinet eases norms for granting navaratna status
THE Union Cabinet today gave its approval for some of the recommendations of the Group of Ministers, set up to discuss review of the performance of navaratna and miniratna public sector enterprises.

MSEB to pay Dabhol bill `under protest'
THE Maharashtra State Electricity Board will pay Dabhol Power Company's April bill on May 25 ``under protest''. ``We will pay DPC Rs 137 crore under protest unless Enron takes any step to jeopardise the situation,'' a senior MSEB official said.

TN takes steps to meet NLC stir fallout
WITH the ``stay in'' strike by workers at the Neyveli Lignite Corporation continuing, the Tamil Nadu Government is making efforts to get additional power from other sources.

TNEB asks ST-CMS to reduce tariff
THE Tamil Nadu Electricity Board (TNEB) has asked ST-CMS Electric Co Pvt Ltd to explore ways to reduce the tariff for the 250 MW lignite-based power plant it is putting up at Neyveli.

Antony didn't use Govt agency for IA ticket
THE denial of a ticket to Kerala's new Chief Minister, Mr A.K. Antony, for his travel to New Delhi by Indian Airlines, in the wake of the State Government's outstanding dues to the national carrier, has not come all of a sudden.

Dubai help sought for shopping festival
HYDERABAD: The Andhra Pradesh State Government has requested a high-level Dubai business delegation, to help organise a shopping festival in Hyderabad in October.

Buddhadeb bid to boost business in Bengal
BY meeting a delegation of the Confederation of Indian Industry (CII) on May 20 at Alimuddin Street, the party headquarters of CPI (M), the West Bengal Chief Minister, Mr Buddhadeb Bhattacherjee, sent a loud and clear message that he as also the Left Fro nt mean business on the industrial front.

2 cos shortlisted for flyover scheme in Kolkata
GAMMON India Ltd and Shristi, a company floated by the Srei group for infrastructure projects, have been shortlisted from among the six corporates which had made to the final round of the bidding for the Rs 50-crore flyover project in the city.

ADB-sponsored urban development project -- Task force sees funds crunch for Mangalore Corpn
IN the 10 `urban centres' of coastal Karnataka that have been targeted under the ADB-sponsored Karnataka Urban Development and Coastal Environment Management Project, the implications of development are beginning to gradually sink in.

Minister calls for higher use of steel
THE Union Minister of Steel, Mr B.K. Tripathy, in a bid to prop up domestic steel consumption, has written to other Ministries to increase the use of steel.

Sensex-based derivatives product soon
THE first index option derivatives product based on the BSE-30 Sensex would be launched ``as per the proposed contract specifications,'' said a news release from the Stock Exchange, Mumbai.

Amendment to allow PSUs in basic services ruled out
THE Government has ruled out any relaxation in the licensing rules to allow the public sector telecom companies -- Bharat Sanchar Nigam Ltd (BSNL), Videsh Sanchar Nigam Ltd (VSNL) and Mahanagar Telephone Nigam Ltd (MTNL) -- to bid for basic services and fourth cellular operations.

Sudan keen to learn from Indian telecom experience
SUDAN has expressed its keen interest to collaborate with India in the field of telecommunication and postal services. This was indicated by the visiting Minister of Information and Communication of Sudan, Dr Ghazi Salahuddin Atabani, who called on the U nion Minister for Communications, Mr Ram Vilas Paswan.

I&B Ministry mulls bringing publicity units under one roof
THE Information and Broadcasting (I&B) Ministry is considering the option of bringing the Directorate of Field Publicity and Song and Drama Division under one roof as part of its `rightsizing' strategies.

Panel to review national frequency allocation plan
THE Government has set up a committee to review and modify the National Frequency Allocation Plan-2000 (NFAP-2000).

Port strike worries Ford, Hyundai
BOTH Ford India Ltd and Hyundai Motor India Ltd, with plants near Chennai, are worried as the strike in the container terminal of the Chennai port continues.

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