Financial Daily
from THE HINDU group of publications

Wednesday, August 08, 2001





SIA set to quit, won't say it yet
WHILE there is still no official word from Singapore Airlines (SIA) on whether it will withdraw from the tie-up with the Tatas for picking up a stake in Air India (AI), there are indications that the airline may review its position.

New IA timings for Delhi-Chennai flight
NEW DELHI: Indian Airlines (IA) has advanced the departure of the evening flight on the Delhi-Chennai sector by one hour from August 10.

Tata-SIA may insist on an autonomous AI board
INSULATING the Air India (AI) board from bureaucratic hassles is believed to be among issues that featured in the exchange of opinion between the Tata-SIA consortium, in the running for a 40 per cent equity stake at AI, and the Government.

Banking and Finance
Appointment as IDBI Chairman and MD -- `Govt has not approached CVC for Vora's clearance'
THERE is further intrigue in the 10-month-old process of selection of a full-time Chairman and Managing Director (CMD) of country's premier financial institution, Industrial Development Bank of India (IDBI).

Bayer buys out Sanmar in joint venture
BAYER Industries Private Ltd, a 100 per cent subsidiary of Bayer AG, has bought out Chemplast Sanmar's stake in the joint venture company, Bayer Sanmar Ltd.

Sterlite to buy back 25 pc equity thru open market
STERLITE Industries (India) Ltd today announced its intention to buy back up to 25 per cent of its equity shares (up to a maximum of 1.39 crore shares) through the open market using the electronic trading facility of BSE and NSE.

Striking L&T staff want court injunction lifted
THE CITU-led Larsen & Toubro Employees Association has sought vacation of the court injunction taken by the management to restrain striking employees from preventing movement of material and personnel into the factory premises. The strike has now entered the 35th day.

S&P downgrades India rating -- Cites unchecked Budget deficits, rising indebtedness
INDIA has been downgraded by international credit rating agency, Standard & Poor's.

FDI will be hit: Industry
``IT is a challenge for India to pull up its socks and do whatever is needed to regain confidence,'' Mr Madhur Bajaj, Vice-Chairman, Bajaj Auto Ltd (BAL), said, pointing out that the down-rating will have a direct impact on FDI badly needed for infrastru cture projects.

No near-term impact: Officials
THE lowering of India's long-term local currency credit rating to `BBB-' and the revising of the long-term and short-term foreign currency sovereign rating from ``stable'' to ``negative'' will not have much of an impact in the near term, according to sen ior Finance Ministry officials.

New norms for export items notified
NEW DELHI: The Directorate-General of Foreign Trade (DGFT) has notified amendments/corrections in the standard input-output norms for 37 existing export items. It has also specified standard input-output norms for 29 new export items.

Agrani, GDF among Rs 980-cr FDI proposals approved
AFTER a long gap of more than six weeks, the Government on Tuesday cleared foreign direct investment proposals worth Rs 980 crore.

CAG picks holes in passbook scheme
THE Comptroller and Auditor-General of India (CAG) has said that the ill-conceived provisions of the Duty Entitlement Passbook Scheme (DEPB) led to benefits being extended for exports with little or no actual import content.

`India still not business-friendly'
INDIA is still regarded as a difficult country to do business, even though the eventual returns from investments are recognised as excellent, according to Lord Swraj Paul, Ambassador for British Business.

Black money, corruption fuel each other: Vittal
THE Central Vigilance Commissioner (CVC), Mr N. Vittal, has mooted strategies to eliminate black money which is at the root of corruption in politics, business and bureaucracy.

Foreign Trade
Panel to monitor border trade with Bangladesh
IN A bid to address border trade (with Bangladesh) problems of exporters in the region promptly, the West Bengal Government has set up a five-member land exports monitoring committee under the chairmanship of Mr Manish Gupta, Chief Secretary.

Information Technology

Sell that brand to Sam, man
TECHNOLOGY consultancy firm, Gartner, today asked Indian IT services companies to improve their marketing and brand-building activities in the US to increase business opportunities.

Srinivasan quits Pentamedia
Mr K. Srinivasan, Director and COO, Pentamedia Graphics Ltd, has resigned from the company, and has moved to the Chennai-based Maars Software as its COO from August 3.

Mutual Funds

Subramanyam, others get bail
THE CBI Special Court of Mr S.R. Mehra today released on bail the UTI officials, including Mr P.S. Subramanyam, former UTI Chairman, accused of defrauding the largest mutual fund in the country. Mr Arvind Johari, promoter of Cyberspace Infosys, was, howe ver, remanded to judicial custody till August 14.

President nod for 4 bills
NEW DELHI: The President has given his assent to four Bills. These Bills have been notified in the Gazette of India and have come into force with immediate effect.

TN foodgrain output growth low: Plan panel
THE Planning Commission contends that the growth rate of foodgrain production in Tamil Nadu was just 1.6 per cent during 1965-68 to 1996-99, which is the lowest among major agriculturally developed States in the country.

Maharashtra announces tax incentives for multiplexes
THE Maharashtra Government has decided to exempt multiplexes from entertainment tax completely for the first three years and up to 75 per cent for the two years thereafter.

Kerala Plan size pegged at Rs 3,015 cr
THE annual Plan size of Kerala for 2001-02 has been fixed at Rs 3015 crore here on Tuesday at a meeting between the Planning Commission Deputy Chairman, Mr K.C.Pant and the Chief Minister Mr.A.K. Antony.

KPTCL financial needs to exceed budget estimates
WITH no possibility of securing any tariff increase during the current fiscal year, the financial requirements of the Karnataka Power Transmission Corporation Ltd (KPTCL) are likely to overshoot budgeted estimates.

SSI revival plan in AP may get budgetary support
WITH a view to focus on the neglected small scale industries (SSI) segment, which is faced with a host of problems including sickness and financial crunch, the Andhra Pradesh Government has charted out a scheme for their revival which is likely to be bac ked by budgetary provision.

Maharashtra bakers to reduce bread prices
BAKERS' associations in Maharashtra have agreed to reduce the price of bread (pav) from one rupee to 75 paise per piece in the State, on the condition that the Government allocate surplus wheat to bakeries at Rs 415 per quintal for manufacturing pav and slice bread.

Brokers play cock-a-snook with `special pay-ins'
BARELY a month into the rolling settlement system, a new phenomenon has come into play. Brokers are availing of a special session to fulfil their `pay-in' obligations to the exchange.

CSE postpones AGM by 3 months
THE Governing Committee of the Calcutta Stock Exchange today decided to postpone the AGM of the bourse by three months.

Direct tax mop-up dips
THE Finance Ministry appears to be heading for trouble on the direct tax collection front with refunds, largely to corporates, registering a 67 per cent jump up to July 2001. Latest ``flash'' figures for the current fiscal up to July indicates a 20.7 per cent drop in net revenues over the corresponding period last year.

`Amend I-T Act to include e-com cos'
THE Income-Tax Act will have to be amended in order to incorporate e-commerce companies not having a physical presence or a permanent establishment.

Insat 3C launch delayed
THE launch of Insat 3C has been delayed till at least November-end, by at least two months.

Dept of Post plans global money transfers
THE Department of Posts is gearing up to provide international money transfer facilities at 150 post offices across the country by the year-end. An initiative in this regard has already been taken in association with Western Union Financial Services Inte rnational of the US.

Rakesh Mohan panel submits final report
THE Rakesh Mohan Committee on the Indian Railways submitted its final report today outlining, among other things, a fresh financing plan to make the Railways a commercially viable organisation.

Agri-Business | Corporate | Features | Industry | Letters | Macro Economy | Markets | News | Opinion | Variety | Info-Tech | Catalyst | Investment World | Money & Banking | Logistics |

Page One | Index | Home

    Copyright © 2001 The Hindu Business Line.

Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line.