Banking and Finance
ADB trims borrowing plan to $4.2 b
THE Asian Development Bank has said it will borrow up to $4.2 billions equivalent from the capital markets, indicating a lower borrowing programme compared to its 1999 borrowings of $5.2 billions.
Relax NBFC norms, US co urges Govt
ASSOCIATED First Capital Corporation (AFCC) of the US has urged the Government to relax NBFC norms in order to allow its downstream operating company in India to make the mandatory divestment of 25 per cent equity in favour of domestic partners at a late
r date - within two years of the company's inception.
Budget
Budgetary support to Rlys hiked by 39 pc
THE Finance Ministry's decision to peg Plan expenditure for the ensuing fiscal at around Rs. 87,000 crores _ Rs. 10,000 crores more than the Budget estimate for 1999-2000 _ has come as a bonanza for the cash-strapped Indian Railways.
Corporate
Dunlop to skip Sahaganj
THE management of Dunlop India Ltd (DIL) has decided to reopen tomorrow only its Ambattur factory in Tamil Nadu, leaving the Sahaganj unit in West Bengal to remain closed till the time the CITU-affiliated workers' union at Sahaganj formally signs the min
utes approved at the bipartite meeting held on January 6 between the management and the trade union leaders.
Dolphin Medical mulls e-health services
DOLPHIN Medical Services Ltd (DMSL), currently in to diagnostic and medical services, is exploring the possibilities of broad-basing and strengthening its activities by cashing in on the information technology (IT) revolution.
BIFR appoints R.K. Sadhu as Special Director for Dunlop
THE Board for Industrial and Financial Reconstruction (BIFR) has replaced Mr. Virendra Prakash, Special Director on the board of Dunlop India Ltd. (DIL) with Mr. R. K. Sadhu.
RPL announces early redemption of TOCDs
RELIANCE Petroleum Ltd (RPL) today announced that it has redeemed the non convertible portion of its outstanding Triple Option Convertible Debentures (TOCDs), aggregating Rs. 960 crores.
Economy
PDS foodgrain price hike in the offing
A SIGNIFICANT upward revision in the Central Issue Price (CIP) of foodgrains distributed through the public distribution system (PDS) is in the offing, with the Union Minister of Consumer Affairs and Public Distribution, Mr. Shanta Kumar, indicating the
Government's move to this effect `soon'.
`Wanted: Better tax administration'
A RESOLUTE implementation of the fiscal consolidation programme coupled with accelerated privatisation of public sector units and ``right-sizing'' of the Government machinery should constitute the bedrock of the 2000-01 of the Union Budget, the Director
of the National Institute of Public Finance and Policy (NIPFP), Dr. Ashok Lahiri, said.
Assocham for tough measures to control fiscal deficit
THE Associated Chambers of Commerce and Industry of India (Assocham) has called for tough remedial measures to bring about an improvement in the fiscal deficit situation.
Power
IBRD for removing caps on pvt power projects
THE World Bank has advised the Indian Government to remove the existing ceilings on generation capacity and tariffs for the private sector power projects coming up in the country.
States
KAPL to open `ayurgrams'
THE private sector Kerala Ayurveda Pharmacy Ltd (KAPL), an ayurvedic drug manufacturing unit based at Athani, has embarked upon setting up `Ayurgrams', treatment-oriented resorts in various parts of the country.
Labour discontent over contract award at Kolaghat power plant
RUMBLINGS of discontent over the appointment of contractors' workmen are threatening to snowball into a major industrial unrest at the Kolaghat Thermal Power Station (KTPS), owned by West Bengal Power Development Corporation Ltd (WBPDCL).
CPI(M) panel clears Malayalam TV channel plan
THE Kerala State Committee of the Communist Party of India (Marxist), which heads the Left Democratic Front (LDF) Government in the State, has formally approved a proposal for launching a television channel in Malayalam envisaging an investment of Rs. 50
crores.
Gujarat Govt set to clear BORL project
THE Gujarat Government is poised to clear Bharat Oman Refineries Ltd (BORL) pipeline through the modified route _ Vadinar 2A. This route goes through the area where the Thapar group has already used to put up its jetty for the Ballarpur salt farm near Va
dinar. The BORL crude oil terminal (COT) will now be situated South of the Ballarpur creek. This decision is expected to give a fresh lease of life to the Rs. 7,374-crore six million tpa refinery that is scheduled to come up at Bina, Madhya Pradesh.
Zee Interactive Learning to rope in 2 universities in South
TWO universities, one in Karnataka and one in Tamil Nadu, catering to the field of management and information technology are to be brought into the fold of Zee Interactive Learning Systems Ltd, according to Ms. Uma Ganesh, President and Chief Executive O
fficer of Zee Interactive Learning Systems Ltd.
Steel
Spat with Ispat over SAIL relief package -- Court verdict a shot in the Centre's arm
THE verdict of February 3 of the two-judge Division Bench of the Calcutta High Court, which upheld the competence of the Centre to grant any relief that it deems fit to PSUs under its control, apart from being momentous, is surely a shot in the arm of th
e Union Government. While pronouncing the verdict, the Bench cited a number of Supreme Court judgements and observed that special treatment or preference to the public sector is legitimate and lawful.
Travel & Places
Tourist arrivals, earnings rise
THE new millennium has brought cheer for the domestic tourism industry with earnings in dollar terms recording a growth of more than 3.5 per cent while foreign tourist arrivals recorded a rise of almost three per cent during January this year as compared
to the same period in the previous year.
