THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Tuesday, July 17, 2001

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Page One

Agra summit labours over Kashmir -- Vajpayee, Musharraf yield nothing in verbal match
WELL over six hours after the visiting Pakistan President, Gen Pervez Musharraf, rescheduled his departure from Agra to continue discussions with the Prime Minister, Mr Atal Bihari Vajpayee, the outcome of the historic summit meeting between the estrange d neighbours remains in doubt. Speculation continues to hold the field in an environment of complete opacity about the status of the talks.

Bharti buys SpiceCell
THE consolidation wave sweeping through the Indian telecom sector continues unabated. Even before the ink dried on the last month's BPL-Batata merger, the Sunil Mittal-promoted Bharti Enterprises today announced it had acquired Kolkata's cellular operato r, SpiceCell, in an all-cash deal.

SEBI bars Modipon from open offer -- Closing date extended by a week
THE Securities and Exchange Board of India today passed an order restraining Modipon, an M.K. Modi company, from participating in the open offer made by the Modi brothers, Mr B.K. Modi and Mr V.K. Modi, for 35 per cent equity in Modi Rubber Ltd.

Rainfall 19 pc above normal
THE weather gods are smiling on the country as the southwest monsoon continues to progress satisfactorily. As of July 11, the all-India area weighted rainfall was 19 per cent above normal.

ATM at post offices in the offing
WHOEVER thought that the dingy-old post office would become the most-sought-after premises, especially by the new age banks. Biggies such as ICICI and UTI are in talks with the Department of Posts (DoP) to permit them to set up ATM counters within its pr emises.

Ethical, what business?
MOST Indian companies avoid taking tough performance decisions. They rely heavily on moral values rather than business-oriented values to motivate employees. And their skills to manage business do not match their will to do so.

US-64: Investors can hold on
THE bail-out package designed by Unit Trust of India (UTI) offers investors a chance to exit from the scheme at Rs 10 per unit in August or postpone their redemptions. This package is applicable only up to 3,000 units held by an unit-holder.

 Waiting for the right click
Photographers and TV cameramen waiting outside the hotel in Agra where the Prime Minister, A.B. Vajpayee, and the Pakistan President, Gen. Pervez Musharraf, are holding talks.


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