Financial Daily
from THE HINDU group of publications

Saturday, September 15, 2001





Scarce rainfall reported in more regions
WITH the south-west monsoon playing truant for several days now, rainfall deficiency has spread to more areas. According to the India Meteorological Department (IMD), as of September 6, as many as 10 meteorological sub-divisions had recorded deficient ra ins since June 1, and only 25 sub-divisions had normal to excess rains.

AI valuation put on hold -- Govt awaits clear indication from Tatas
THE Government has called for a temporary halt to the valuation of Air India (AI) till such time as a clear indication is available from the lone bidder -- the Tatas -- on whether they would continue in the race or not.

BA, Cathay resume flights to Canada
THERE was finally some cheer for Indian passengers travelling to Canada on Friday, with British Airways (BA) and Cathay Pacific announcing that some of their services from London and Hong Kong to certain destinations in Canada were in operation.

Alliance Air cuts economy fares on two routes
ALLIANCE Air has reduced the economy class fare on its Mumbai-Mangalore and Mumbai-Vadodara flights with effect from September 14.

FedEx resumes operations
MUMBAI: FedEx Express, a subsidiary of FedEx Corp, resumed air operations from Asia, Europe and the US on Thursday night.

Panel set up on auto fuel policy
THE Government has constituted an Expert Committee headed by Dr R.A. Mashelkar, Director General, CSIR, to recommend an ``Auto Fuel Policy'' with specific reference to major cities and also devise a road map for its implementation.


Coal block for Nalco's captive power plant
THE Ministry of Coal will allocate a coal block in favour of National Aluminium Company (Nalco), a public sector unit, for its captive power plant, the Minister for Coal and Mines, Mr Ram Vilas Paswan, said on Friday.

Long shadow likely on gem, jewellery exports
THE terrorist attacks in the US will cast a long shadow on the country's gem and jewellery exports which are already experiencing a slump in business .


Be prepared for harsh measures: PM
THE Prime Minister, Mr Atal Bihari Vajpayee, today said that the country in general and the people in particular must prepare for ``harsh measures'' in the coming months as a sense of uncertainty in the global economy had heightened in the wake of ``the fiendish destruction in the United States'' by terrorists.

CBI probing bank deals of Santosh Mohan Dev
THE Central Bureau of Investigation (CBI) has launched an enquiry into the bank transactions of the former Union minister for steel and mines, Mr Santosh Mohan Dev.

Geneva trade meet may be postponed
THE meeting of the Like Minded Group (LMG) of countries scheduled for September 17 in Geneva to evolve common positions on various WTO issues in the context of the forthcoming Doha Ministerial Conference is likely to be postponed.

Dumping duty mooted on Chinese sports shoes
THE Designated Authority in the Commerce Ministry has recommended imposition of definitive anti-dumping duty on imported Chinese sports shoes.

Foreign Trade
Probe to review dumping duty on TSP imports
THE Designated Authority in the Commerce Ministry has initiated investigation to review the need for continued imposition of anti-dumping duty on imports of thermal sensitive paper (TSP) from the European Union (EU).

Rupee loses 26 paise on uncertainty; bond prices crash
THE uncertainty of the nature of US retaliation and its likely impact on the economy has further dragged the already weak sentiment in the currency and bond markets, with the rupee losing 26 paise and bond prices crashing by nearly two rupees across matu rities.

Ram Naik rules out hike in petro-product prices
THE Centre has ruled out the chances of any imminent increase in petro-product prices following the recent panic spurt in global crude oil prices as an aftermath of the terrorist strikes in the US on Tuesday.

Reliance not interested in DPC: Mukesh Ambani
RELIANCE Industries Ltd has ruled out any possibility of picking up a stake in Enron's Dabhol Power Company (DPC). ``We have our hands full at the moment. And we are simply not interested in the project,'' said Mr Mukesh Ambani, Vice-Chairman and Managin g Director, Reliance Industries Ltd, here on Friday.

`DPC may have to pay $20 m in interest for Sept'
ENRON'S Dabhol Power Company will have to make interest payments of $20 million for September 2001.

MSEB plea to prevent DPC from invoking LI dismissed
THE Mumbai High Court on Friday dismissed the Maharashtra State Electricity Board's (MSEB) petition to stop Dabhol Power Company (DPC) from invoking a Rs 136-crore letter of credit drawn on Canara Bank.

Prasar Bharti okays changes in rate card
THE Prasar Bharti board today decided to make its rate card more attractive and approved the further rationalisation of the Doordarshan rate card.

Manipur annual Plan pegged at Rs 520 cr
THE annual Plan of Manipur for the current fiscal has been pegged at Rs 520 crore at a meeting between the Planning Commission Deputy Chairman, Mr K.C.Pant and the Governor of Manipur Mr Ved Prakash Marwah, on Friday.

MPs' panel on 3-day visit to Hyderabad
THE study group-I of the Estimates Committee arrived here on a three-day visit and hold discussions with various institutions and Government departments.

Global tender for Bengal leather effluent treatment
THE global tender for the common effluent treatment plant (CETP) for the leather complex coming up here will be floated on Saturday (Sept. 15).

West Bengal: `VAT likely to boost exports'
KOLKATA: The value-added tax (VAT), proposed to be introduced from April 1, is likely to boost the country's exports, Mr Adesh Kumar, Assistant Commissioner, Commercial Taxes (VAT Cell), West Bengal, said here on Friday.

West Bengal: BPCL denies dealers charge
KOLKATA: Bharat Petroleum Corporation Ltd has strongly denied allegations of selling poor quality fuel brought against it by the West Bengal Petroleum Dealers Association. The dealers, who criticised the company's `Pure for Sure' programme, observed a on e-day's strike here on the issue.

West Bengal: `Club Fortune 500' launched
KOLKATA: Wizard Enterprises (P) Ltd has launched `Club Fortune 500', an exclusive group of `like-minded select gentry of Kolkata'. Membership of the club will be selective and will cost each member Rs 6,000 per annum.

Calcutta Medical, UK body tie up for day surgery unit
CALCUTTA Medical Centre Ltd (CMCL), a diagnostic and medical facility in the city catering to the needs of nearly 2000 patients daily, has joined hands with Inventures, a part of the United Kingdom's National Health Service (NHS) to set up the country's first Day Treatment and Surgery Unit (DTSU) in Kolkata.

Sensex down 157 on war fears
STOCK prices plunged further and the rupee weakened on Friday following unabated selling pressure by foreign institutional investors (FIIs). Equities tumbled for the third consecutive day amid heavy selling by hedge funds in their flight to safety, pulli ng down the benchmark intra-day to an eight-year low.

FIIs go in selling spree to raise funds
FEARS of a further meltdown in the equity market in the coming days and the impending US retaliatory action forced foreign institutional investors (FIIs) today to encash a large part of their holding.

Blue chips go for a toss
THE decline in the BSE Sensex for the eighth consecutive day on Friday has shaved the market capitalisation of major companies considerably.

S&P's optimistic on US market's resilience
RATINGS agency Standard & Poor's expects the US markets to establish, over the next few weeks, a trading range close to the levels at which they closed on Monday (September 10).

Probe stock volatility scientifically: JPC
THE Joint Parliamentary Committee (JPC) on the stock scam is in favour of the Securities and Exchange Board of India (SEBI) instituting a scientific system of scrutiny in instances of extreme volatility in prices of individual scrips.

Interim relief to textile workers opposed
THE South India Small Spinners Association (SISSPA) has expressed fear that the Government decision on interim relief to the textile mill workers would push the industry into deeper crisis.

US attack hits Tirupur garment exporters -- Letters of credit getting delayed
THE terrorist strikes in the US and their aftermaths have their rumblings felt in the far-away garment exporting town of Tirupur in the form of some exporters not getting the letters of credit (LCs) from the buyer-banks in the US.

Travel & Places

New tourism policy awaiting inputs from key Ministries
TAMIL NADU will levy luxury tax only on the actual tariff rate and not on the published rate. This will be applicable if the room tariff is more than Rs 1,000 and will benefit tourists who come in groups of a minimum of 10 persons.

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