Airlines
IA net loss for May touches Rs 14 cr
THE State-owned domestic carrier, Indian Airlines' (IA) woes on the financial performance front continued in May this year, with a net loss of Rs 14.85 crore during the month. This has taken the cumulative net loss of IA during the first two months for t
he current fiscal to Rs 32.60 crore.
Banking and Finance
RBI seeks details of deals routed through OCBs
THE Reserve Bank of India has asked banks to submit details of various transactions that are routed through overseas corporate bodies (OCBs). The RBI also asked banks to confirm if they were following rules and regulations with regard to OCBs.
Corporate
Jhunjhunwalas to become major shareholder -- Jindals to sell part Shalimar stake to partner
THE Rs 4,500-crore O.P. Jindal group has decided to sell a part of its stake in domestic paint major Shalimar Paints to their foreign partners, the Hong Kong-based Girish Jhunjhunwala Group of Companies. This will make the Jhunjhunwalas the major shareho
lder in the Rs 140-crore domestic paint major.
Rare brush with an academic
THERE was an unlikely questioner at today's annual general meeting of Berger Paints India Ltd.
Economy
Monsoon weakens; South facing intense dry spell
IF last year, it was Rajasthan, Gujarat and Madhya Pradesh, this year it is the turn of virtually the whole of southern India and the North-East to reel under the stress of deficient monsoon rains.
Financial Performance
Lower revenues hit VSNL net
VIDESH Sanchar Nigam Ltd has ended the first quarter of the financial year with a 4.5 per cent fall in net profit at Rs 365.5 crore, compared with the net profit of Rs 382.9 crore of the previous corresponding quarter.
Health
Free emergency care by Apollo
HYDERABAD: The Emergency Ambulance Network -- Hospital on Wheels of Apollo Hospitals has completed two years of free service here.
Information Technology
Globalisation motivates people to compete: Premji
ONE of the greatest advantages of globalisation is that there is motivation to compete to be the best in the world, according to Mr Azim H. Premji, Chairman of Wipro Corporation.
Insurance
Pvt insurance cos find the going tough -- Ex-PSU staff find the grass isn't greener
EVEN before private sector insurance companies have begun full-fledged operations, the shakeout in the sector is slowly beginning.
Mutual Funds
Separate fund manager for each UTI scheme planned -- Measures launched to win back trust
AS part of its revamp strategy, Unit Trust of India (UTI) plans to adopt the global practice of placing each scheme under a separate fund manager.
Banks may lend Rs 3,000 cr to UTI against scrips held
A CONSORTIUM of banks led by the State Bank of India plans to lend around Rs 3,000 crore against shares held by UTI to help it face unit redemptions starting August 1.
Subramanyam bail plea rejected
THE CBI Special Court of Mr A.R. Mehra today rejected the bail plea of Mr P.S. Subramanyam, former UTI Chairman, and extended his remand till August 3.
Policy
Panel to patch up Defence Ministry, union row on FDI
THE Government has decided to set up a committee headed by the Additional Secretary (Defence Production and Supplies) in an effort to defuse the tension between the Union Defence Ministry and trade unions over the move to open up the defence production t
o foreign direct investment (FDI).
Bill on advocates' welfare fund introduced in Lok Sabha
THE Advocates' Welfare Fund Bill, 2001 has been introduced in the in Lok Sabha in order to make Central legislation applicable to the Union Territories and the States which do not have their own enactments for welfare fund for the benefit of advocates.
Power
Demand for DPC power only at `particular' price
THE Godbole panel today conveyed the power-offtake proposals of six States to Dabhol Power Company (DPC) officials. The company was told that there was combined demand for 800-1000 MW power at not more than Rs 2.50 per unit.
SSI
Assam: Industrial directory of small-scale units
GUWAHATI: All Assam Small Scale Industries Association (AASSIA) is planning to publish a comprehensive Directory of Industries of the North Eastern Region.
States
AP Govt announces contingency plan
HYDERABAD: The State Government has announced a Rs 140-crore contingency plan to meet the impact of the adverse seasonal conditions in the State.
Govt's role in children's rights
HYDERABAD: The Governments and societies have a moral responsibility to recognise the rights of children who have equal status with adults but have no ability to articulate their rights, said Dr C. Rangarajan, Governor of the State.
Gujarat: Budget deficit at Rs 293 cr
GANDHINAGAR: The State budget for 2001-02, with an uncovered deficit of Rs 292.95 crore, has made provisions to the tune of Rs 7,293.26 crore for earthquake relief and rehabilitation. This comes out of the budgetary provision for expenditure at Rs 36,466
.71 crore for the current fiscal while the estimated revenue for the period has been put at Rs 36,102.75 crore.
Bright scope for air-taxi services in East
LACK of appropriate knowledge and understanding of the aviation business among entrepreneurs and reluctance on the part of financial institutions to fund aviation projects-- which in any case are capital-intensive-- are the prime reasons hindering realis
ation of the potential of regional airlines and air taxi operations across the country.
Caught between Govt doles and NGOs
IT is six months since the January quake devastated Gujarat, particularly most of the Kutch district. So far there are no roofs over the heads of the displaced thousands as the State Government continues to quibble with the various NGOs on the finer aspe
cts of adopting villages and towns. And the rain gods have chosen the wrong moment to bless the arid region, inundating the region, transforming the sandy stretches that marked the region with green cover.
Delhi Apartment Ownership Bill, 2001 introduced in LS
A BILL seeking to provide a comprehensive framework for management of multi-apartment buildings to secure the title and rights of apartment owners with simple procedure of transfer and registration of titles has been introduced in the Lok Sabha.
Stocks
Tata Tea scrip traded at `unrealistic' price
THE Calcutta Stock Exchange got a jolt on Friday following transactions in Tata Tea at Rs 22.40 per share. The exchange later notified the annulment of such transactions. It also issued a general warning that severe disciplinary action would be taken aga
inst the members involved.
G.P. Muniappan on SEBI board
THE Government has appointed Mr G.P. Muniappan, Deputy Governor of Reserve Bank of India (RBI), to the board of the Securities and Exchange Board of India (SEBI).
Brokers upset over SEBI circular on client code
STOCKBROKERS are upset over a SEBI circular that makes it mandatory for all of them to use unique client codes for all clients. The brokers have been asked to collect and maintain the permanent account number (PAN) allotted by the Income-Tax Department,
from their clients.
BSE shifts 11 B2 scrips to B1
THE Bombay Stock Exchange (BSE) has shifted 11 scrips from the B2 group to B1 group. Similarly, 101 scrips have been shifted from the B1 group to B2 group. The revision would be effective August 6.
Taxation
I-T dept comes to assessees' doorstep
IN an effort to help the salaried class Income Tax assessees from the blues of last minute rush in filing IT returns, the Income Tax department in Coimbatore is offering collection of bulk IT returns at the door step of the assessees.
