Financial Daily
from THE HINDU group of publications

Tuesday, July 10, 2001





IA, Jet carriage affected in June
THE global slowdown, cutback in travel cost by corporates and end of school vacations have affected the carriage of both the major players in the domestic aviation market -- Indian Airlines (IA) and Jet Airways (JA)-- in June.

But for the aborted take-off...
PROVIDENCE. Miracle. Two words that one casually uses as a journalist in articles and reports. The true import of these words was rammed home into my rather sleepy mind early in the morning of Sunday, July 8, when we, passengers on flight 9W 821 of Jet A irways from New Delhi to Chennai, had a providential escape. But for the presence of mind and instant reaction of our pilot, Capt Ajay Kukreja, who aborted the take-off at the last minute...

Pajero launch by year-end
HINDUSTAN Motors Ltd (HM) is planning to launch the Mitsubishi Pajero, the premium multi-utility vehicle from the Japanese manufacturer, Mitsubishi Motors, by the last quarter of this year. Initially, the Pajero would be offered in two variants and is li kely to be priced at over Rs 30 lakh.

Banking and Finance
LIC to pay Rs 470 cr for Corpn Bank shares
LIFE Insurance Corporation of India will pay Rs 470.40 crore for acquiring 2.4 crore equity shares of Corporation Bank, taking its total holding in the bank to 27 per cent.

SAB may bid for UB stake at `right' price
THE $4.18-billion South African Breweries (SAB) Plc has indicated that it is open to talks with United Breweries (UB) Ltd to acquire ``substantial'' stake in the latter at the right valuation. This follows UB's statement last week inviting SAB to bid for minority stake in the company.

India Post finds tie-up with Western Union profitable
IN the 72 days to June 30, since its tie-up with Western Union of the US, the Department of Posts did 768 money transfer transactions, involving Rs 2.5 crore. On a rough estimate, this would have fetched India Post a commission of around Rs 5 lakh -- not much for an organisation which mobilised Rs 1,82,000 crore of small savings last year -- but ``this is only the beginning,'' according to Mrs K. Noorjehan, Postmaster General (Northern Region).

Scope for using biotech to develop industrial enzymes
USING biotechnology to develop industrial enzymes is an area in which India has the highest market potential within the sunrise biotechnology industry, according to Mr Utkarsh Palnitkar, Director of Ernest and Young Private Ltd.

TN CM given time to file counter in SPIC case
THE Supreme Court today granted two weeks more time to the Tamil Nadu Chief Minister, Ms J. Jayalalithaa, the State Government and the Tamil Nadu Industrial Development Corporation (TIDCO) to file their counters in the Southern Petrochemical Industries C orporation's (SPIC) disinvestment case involving a loss of Rs 28 crore to the public exchequer.

Sinha banks on service sector to boost GDP
THE Government is hoping for the service sector to push up the year end GDP figures, which has been pegged at 5.2 per cent by the Central Statistical Organisation (CSO), well below the targeted 6 per cent growth rate for the economy indicated in the Budg et.

Information Technology
TN keen on Tidel Park-II -- Wants to include biotech park
THE Tamil Nadu Government is keen on going ahead with Tidel Park-II and is thinking of making it a ``knowledge park'' to include the biotechnology park also.

Mutual Funds

April, May redemptions by corporates, banks -- Full probe into US-64 insider trading: Sinha
THE Government has decided to launch a full-fledged independent probe into insider trading on US-64 by top corporates and commercial banks which had redeemed units in April and May this year and also on the investment decisions taken by the UTI managemen t over the last few years.

UTI officials sweat it out
UNIT Trust of India (UTI) officials were busy working and re-working on the draft proposal to solve the liquidity issue with regard to individual investors in its largest scheme, US-64. The officials, including five Executive Directors and the acting Cha irman, Mr K.G. Vassal, were closeted in long meetings till late evening after the board meeting earlier in the day.

No trade in US-64 on DSE
THE special window opened by the Delhi Stock Exchange on Friday to offer liquidity for US-64 investors, stuck by the suspension order announced by the Unit Trust of India on July 2, is not catching up with investors' fancy.

CBI may step in
THE Central Bureau of Investigation (CBI) is expected to step in shortly to probe some of the investment decisions taken by the ousted Chairman of the Unit Trust of India, Mr P.S. Subramanyam, and other senior officials.

TERI, Pak body to study gas pipeline project
TATA Energy Research Institute (Teri) has joined hands with the Hydrocarbon Development Institute Pakistan (HDIP) to conduct a nine-month study on all aspects of an Indo-Iran gas pipeline.

Ranbaxy PAT up 22 pc
RANBAXY Laboratories Ltd (RLL), among the top 100 global pharma companies, is increasingly moving away from being a generic company to becoming a speciality pharmaceuticals company, according to Mr D.S. Brar, CEO and MD of RLL.

Wockhardt to set up mobile health kiosks
WOCKHARDT Hospital and Heart Institute is offering corporates health information at the click of a button. Its mission to prevent heart diseases includes setting up a mobile information kiosk in the premises of companies for a short time.


New engg consultant for Enron project likely
INDIAN lenders to Enron's power project are likely to appoint a new engineering consultant to work out the cost of different alternatives to complete the Dabhol power project.

Centre firm on Dabhol
THE Centre today stuck to its guns and refused to entertain Enron worldwide chief, Dr Kenneth Lay's request for buy-out of the plant by a Central utility.

`Bengal pushed to the brink of grid collapse by NTPC'
WEST Bengal was being pushed towards a grid collapse on account of unscheduled regulation by the National Thermal Power Corporation (NPTC), Mr Mrinal Banerjee, the State Power Minister, said here today. However, late in the evening, there was an improvem ent in the situation with the NTPC pushing in around 2,000 MW.

Rs 2,000 crore coal-based power project at Korba -- Gujarat step to cut fuel cost
THE Gujarat Government is looking at reducing the fuel cost for its next coal-based power project in a novel manner. While many projects, including those in land-locked locations, are looking at importing coal to ensure better calorific value and thus lo wer cost of generation, the Gujarat Government has decided to set up the power plant right at the pit-head and transport the finished product-- in this case, power.


Commercial Capital in limbo
A scene in Mumbai on Monday when heavy rains continued to pound the metropolis for the third day throwing normal life out of gear.

Bengal plans panel to boost work culture
THE West Bengal Government is planning to set up a committee comprising representatives of employers, employees and the Government to boost work culture, Dr Ashim Dasgupta, the State Finance Minister said.

Safeguard measure
Adivasis in Palgarh, just outside Mumbai, have devised a novel protection to combat the vagaries of the monsoon.

False trades: 4 broking firms suspended
FOUR brokering firms, two each of the Bombay Stock Exchange and the National Stock Exchange, have been suspended for inserting non-genuine trades last week after the formal launch of derivatives trading. The Securities and Exchange Board of India has als o advised the Calcutta Stock Exchange to investigate and take strict action against two other brokers who were involved in such wanton trading errors.

JPC posers to CSE management
THE Joint Parliamentary Committee (JPC), looking for clues to the Calcutta Stock Exchange's March crisis, has put forth 37 posers to the bourse management.

5 pc service tax on 15 areas from July 16
THE Government has decided to make service tax of five per cent effective on 15 new services from next Monday (July 16).

Working group on custom duties
THE Finance Ministry has decided to constitute a working group of Government officials to undertake a quick examination of the anomalies of the custom duties structure in general, including exemptions.

6 cos shortlisted for fourth cell financial bidding
THE Government has shortlisted six companies for participating in the financial bidding for the award of the fourth operator for the Cellular Mobile Telephone Service (CMTS).

India offers C-DoT exchanges to Mexico
INDIA has offered the use of C-DoT exchanges and C-DoT TDMA PMP to provide telephone connections in rural areas of Mexico.

Train service between Kolkata, Dhaka planned
INDIA and Bangladesh have agreed to introduce a fully reserved passenger train service between Sealdah (Kolkata) and Bangabandhu Setu East in Bangladesh.

Travel & Places
Elite tourists rush to Kerala
IS Kerala tourism going high-profile and upmarket while Goa slips to a low-key destination?

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