Airlines
AI divestment only at proper price: Shourie
IN an effort to assuage fears that Air India (AI) is being sold cheap, the Minister for Disinvestment, Mr Arun Shourie, has said that the disinvestment process for the `Maharaja' will not go through if the final offer of the bidders is less than the rese
rve price set by the Government.
Hindujas still in race for AI stake
THE Hindujas are unlikely to withdraw from the race for picking up a stake in Air India (AI) despite the Government refusing to provide an assurance on the question of downsizing the airline workforce.
`New aviation policy to attract pvt participation'
THE Union Minister of Civil Aviation, Mr Sharad Yadav, has said that to accelerate the process of development of civil aviation, the Government had formulated a new aviation policy to attract private participation for the development of airports and avia
tion activities in the country.
Sahara may decide on fares this week
SAHARA Airlines (SA) is likely to take a decision on reviewing its fares structure towards the middle of the week when the airline's top brass returns to the city.
Corporate
HC asks Modi Rubber to defer offer closing date
THE Bombay High Court has asked Modi Rubber to extend the closing date for its open offer to July 16. The offer was to close on July 3.
Eli Lilly to make investments only after patents regime
EVEN as Eli Lilly & Company (ELC) invests about Rs 8 crore in clinical trials annually, substantial investments from the parent company in the Indian outfit will come only after a patent regime is put in place in the country, Mr Rajiv Gulati, Managing Di
rector, ELC, has said.
MBL hidden assets attract SAB bid
AS finer details emerge on South African Breweries India Ltd's (SAB) acquisition of Mysore Breweries Ltd (MBL), it is increasingly clear that the valuation, described as a ``windfall'' for the promoters of the acquired company, was influenced by hidden a
nd liquid assets.
Samtel arm forms venture with German co
TELETUBE Electronics Ltd, a group company of the Delhi-based Samtel, has formed a joint venture with Thales Electron Devices (TED) GmBH, the German subsidiary of Thales Electron Devices, by acquiring a 70 per cent stake in it.
Economy
Sinha orders kick-start steps -- Exhaust Budget allocations speedily, ministries told
THE Finance Minister, Mr Yashwant Sinha, today directed financial advisors (FAs) of various ministries to take immediate measures to step up capital and productive expenditure to reverse the downtrend and kick-start the economy.
US-64 debacle tremors felt by Govt in SUS '99
THE US-64 debacle has hurt the Government also as its efforts to garner some funds in the form of a dividend on the Special Unit Scheme (SUS '99) have backfired.
Monsoon exceeds expectations in June
IT has been an excellent first month for the southwest monsoon. The country, as a whole, received 187 millimetres of rainfall on an average area-weighted basis during June 1-27, which is 31 per cent higher than the historical long period average (LPA) pr
ecipitation of 142.9 mm for this period.
Azim Premji Foundation ties up with AP Govt to universalise education
THE Azim Premji Foundation and the Andhra Pradesh Government have come together to reach out primary education by jointly focussing on the complex problem of universalisation of education in the State.
TUs chalk out action plan against reforms
ALL the Central trade unions _ ranging from the Bharatiya Mazdoor Sangh to the Indian National Trade Union Congress and including all shades of the Left _ have chalked out a common action plan to launch a struggle against the ``second generation'' econom
ic reforms that have been introduced.
IAF seeks indigenous equipment spares
THE Indian Air Force is seeking long-term partnership with industry for the supply of spares for aircraft including the high-tech supersonic fighter jets for operational efficiency and value-based growth, said Air Chief Marshal A.Y. Tipnis, in his addres
s read out by Air Marshal D.C. Nigam, Senior Maintenance Staff Officer of IAF, here at the two-day AIR 2001 (Air Force Industry Rendezvous).
Fertilisers
Srinivasa Gowda is new IFFCO Chairman
MR K. Srinivasa Gowda has been elected as the new Chairman of the country's largest fertiliser producer, the Rs 4,500-crore Indian Farmers' Fertiliser Cooperative Ltd (IFFCO). Mr Gowda's ``unanimous'' election as Chairman, at the co-operative's general b
ody meeting on June 30, is for a term of three years.
Forex
Re touches new low, recovers at close
DOLLAR sales from some nationalised banks helped to prop a sagging rupee which closed at levels of 47.1250/1350 to a dollar after the Indian currency had touched a new low of 47.21 earlier in the day. The rupee had closed at 47.15 to the dollar on Monday
.
Information Technology
Good response for HP's pay cuts
THE response to Hewlett-Packard Company's (HP) voluntary pay cut scheme has been ``extremely positive'' in India. ``By and large, all employees are participating in this scheme,'' said Ms Lakshmi Kanchan, Manager, Company Communications and Branding of H
P India.
KSIDC to pick equity in infocity project
THE Kerala State Industrial Development Corporation (KSIDC) is to have equity participation in the proposed $80 million infocity to be set up in the Peerumedu Taluk of Kerala's Idukki district.
Mutual Funds
UTI working in for review
THE Government would review the entire functioning of the Unit Trust of India in the wake of the decision by the trust to suspend sale and repurchase operations in the US-64 scheme for the next six months, the Finance Minister, Mr Yashwant Sinha, said.
Suspension of US-64 is breach of faith: CII chief
THE President of the Confederation of Indian Industry (CII), Mr Sanjiv Goenka, has expressed strong reservation regarding the decision of the Unit Trust of India (UTI) to unilaterally suspend trading in US-64 units for the next six months.
FICCI hopes UTI will restore US-64 repurchase soon
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has called for concerted efforts to revive the capital market and warned that any knee-jerk reactions to correct the present situation could further aggravate the crisis.
Politics
TN Chief Secy's post a crown of thorns
IT appears the Chief Secretary's post in Tamil Nadu has become a hotseat. Four former Chief Secretaries have found themselves in some kind of trouble or the other since their retirement.
TN Govt drops cases against Maran, Baalu
THE Tamil Nadu Government has decided to drop the cases against the two Union Ministers, Mr Murasoli Maran and Mr T.R. Baalu. They were arrested on June 30 on charges of preventing the police from discharging their duties during the course of the arrest
of the former Chief Minister, Mr M. Karunanidhi.
Centre to warn TN Govt
THE Cabinet today decided that the Central Government in the first instance send a warning to the Tamil Nadu Government to rectify all breaches of law, constitutional procedure, guarantees and propriety which has taken place.
Power
AP power regulator wants forex component of BPL project cut
THE Andhra Pradesh Electricity Regulatory Commission (APERC) has asked the Transmission Corporation of AP (Transco) to explore whether the foreign exchange component in the equity of the 2 x 260 MW power plant being set up by the BPL Power Projects (AP)
Ltd could be reduced from the present level of 80 per cent to 55 per cent.
UI emerges lowest bidder for KPCL Raichur unit
THE public sector United India Insurance Company Ltd (UIICL) has emerged as the lowest insurance bidder for Unit 7 of the Raichur thermal power station of the Karnataka Power Corporation Ltd (KPCL). Two of the top private sector insurance companies, stay
ed away from the bidding process.
NTPC in talks with BSES for distribution venture
NATIONAL Thermal Power Corporation (NTPC) is negotiating with BSES Ltd for a joint venture to foray into the power distribution business in the State power sector.
Shipping
Falta EPZ may lease out jetty to Century Plywood
THE Falta Export Processing Zone (FEPZ) will soon finalise a long-term lease arrangement with Century Plywood for use of the highly under-utilised jetty at the zone. The various terms and conditions of the lease arrangement are expected to be tied up by
end July.
States
Rangarajan is acting TN Governor
THE Andhra Pradesh Governor, Dr C. Rangarajan, took charge today as the acting Governor of Tamil Nadu.
Pact signed for four-laning of Nelamangala-Tumkur
THE National Highways Authority of India (NHAI) has signed a BOT concession agreement with JAS Toll Road Company Ltd for the Nelamangala-Tumkur four-laning project for NH 4 in Karnataka connecting Mumbai and Chennai.
Stocks
UTI move sends stocks tumbling
SUSPENSION of sale/repurchase under Unit Scheme-1964 (US-64) by Unit Trust of India rocked the markets today.
A mockery of trades or conspiracy?
THE 52-week high/low of the ACC scrip reads as Rs 1/199.80; and that of Zee Telefilms as Rs 0.50/567.90 in the stock quotations of July 3. Were these `genuine' trades or was someone making a mockery of the new system?
Tea
`Indian tea needs to regain original glory'
AMIDST far-reaching changes in the global tea scenario, the Indian Tea Association (ITA) is holding its annual general meeting in Kolkata on Wednesday when the industry would list a litany of demands for addressing the grave issue of persistent decline i
n tea prices and the so-called cheap imports inundating the domestic market.
Telecommunications
RailTel in talks with IRFC for loans to fund OFC project
RAILTEL Corporation India Ltd (RCIL) is negotiating a loan with the Indian Railway Finance Corporation (IRFC) which will be deployed to part-finance the creation of a nationwide optical fibre cable (OFC)-based broadband telecom and multimedia network.
Textiles
Mill worker stalls Dunbar reopening
THE reopening of Dunbar Mills, a textile unit located at Shyamnagar in North 24 Parganas, West Bengal and closed since 1987, has been stalled by Mr Kedar Singh, a worker, who has moved court against the revival package.
