Airlines
AI hopes on improving bottomline with revamp
THE sale of two of its Boeing 747-200 aircraft this week is likely to help Air India show better aircraft utilisation which may eventually reflect in an improvement of the bottomline.
Banking and Finance
IDBI offers royalty premium to lakhpati bond-holders
IDBI has decided to offer a `royalty premium' of 25-50 basis points (0.25-0.5 per cent increase in interest rate) to investors switching their Deep Discount (lakhpati) bond redemptions to the institution's fixed deposit (FD) programme.
BoB, FIs combine to tackle common NPAs in combined manner
BANK of Baroda (BoB) has joined hands with financial institutions such as IDBI and ICICI for a speedy recovery of dues from common problem accounts.
Loan recovery: AIBOC urges legal reforms
THE All-India Bank Officers' Confederation (AIBOC) has urged the Government to bring about legal reforms to improve loan recovery and reduce the non-performing assets in the industry, Mr. R.C Agarwal, the joint general secretary of the AIBOC, has said.
Central Bank net rises
MUMBAI: Central Bank of India has recorded a net profit of Rs. 150.69 crores for the year ended March 31, 2000, as against Rs. 146.25 crores the previous year.
Union Bank posts profit
Union Bank of India ended the year 1999-2000 with an operating profit of Rs. 309.98 crores, up by 26 per cent over the previous year's Rs. 391.65 crores, posting a net profit of Rs. 101 crores.
Pentagon Global net up
CHENNAI: Pentagon Global Ltd reported a net profit of Rs. 1.69 crores for the year ended March 31, 2000, as against Rs. 0.26 crore during the previous year.
Corporate
`New IPO norms may block entry to primary market' -- Merchant bankers plan to petition SEBI
THE latest Initial Public Offerings (IPO) norms issued by SEBI may block the way for many companies to the primary market, fear merchant bankers.
Nava Bharat Ferro net up
HYDERABAD: Nava Bharat Ferro Alloys Ltd has posted a turnover of Rs. 273.38 crores, other income of Rs. 14.75 crores and a net profit of Rs. 5.29 crores for the year ended March 31, 2000. The company's EPS during the year stood at Rs. 3.36 and it's boar
d has recommended a dividend of Rs. 1.20 on an equity share of Rs. 10 each.
Stress on HR managers'role in co decisions
IN the emerging scenario, independence of human resource managers is essential in the decision-making process of an organisation, whether in private or public sector.
Binny told to submit revised plan
BINNY Ltd has been directed by the Board for Industrial and Financial Reconstruction (BIFR) to submit a revised proposal to IDBI, the operating agency (OA),with means of finance fully tied up.
Excise and customs law
Concern over new excise pattern
THE Madras Chamber of Commerce and Industry (MCCI) has observed concern over the assessable value of manufactured products which will be guided by transaction cost from July 1.
Foreign Trade
Indo-Italian trade to get boost
INDO-ITALIAN commercial relations are likely to get a strong impetus with the Prime Minister, Mr. Atal Bihari Vajpayee, interacting with chief executives of business organisations on new means to intensify bilateral cooperation for exploring further mutu
ally fruitful frontiers.
Key role for India, Italy in financial architecture'
THE Finance Minister, Mr. Yashwant Sinha, today said that India together with Italy will play a key role in evolving a global financial architecture to cushion the developing world from the financial turmoil like the Asian crisis that broke out in 1997.
Horticulture
Rs. 25 cr-loan to Tobacco Board for purchases
THE Tobacco Board would be given a loan of Rs. 25 crores initially - Rs. 20 crore to be lent by the State Bank of India and the rest by Andhra Bank - to purchase low-grade tobacco from farmers, according to sources here.
Miscellaneous
Australian cos see India as base
AUSTRALIAN companies are keen on utilising India as a base to enter the West Asian markets, said the country's Consular General and Trade Commissioner to India, Mr. Shabbir Wahid, here.
Call for more professional property valuers
INDIA needs professional property valuers especially since demand for valuers will increase drastically after the disinvestment of public sector units, a group of professional valuers and academicians here has demanded.
Mutual Funds
Anand Rathi to enter MF sector -- Thai arm focus on consultancy
ANAND Rathi Securities has identified management and financial consultancy as a niche area of operation for its subsidiary in Thailand. Nearer home, the group has also decided to enter the mutual funds sector, and consolidate its presence in relatively n
ew areas like distribution of financial products and merchant banking.
PSU
BPCL mulls VRS for mid-level staff
BHARAT Petroleum Corporation Ltd (BPCL) is mulling over a voluntary retirement scheme (VRS) for its 3000-odd middle-level management staff, according to a senior official.
Petroleum
ECB access for pvt refining cos likely
THE Finance Ministry and the Reserve Bank of India is set to permit access to external commercial borrowings (ECBs) under the short-term window for Indian private refining companies also for financing their crude oil requirements.
Policy
Plan panel for shift in strategy on urban housing
IN a damning indictment of the Government's housing policies, the Planning Commission has called for a new set of strategies to address the severe housing shortage in urban and semi-urban areas.
Power
World Bank calls for `relook' at IPP bulk power purchase contracts
THE World Bank has advised State Governments and their respective electricity boards/power transmission corporations to examine exit possibilities from some of the high-cost power projects.
States
`Rs 575 cr needed to check sea erosion along Karnataka coast'
INTERFERENCE with the `natural regime of rivers' and the unmitigated acceleration of `developmental work' have begun to show an increased impact along the Karnataka coastline with the Arabian Sea swallowing up large tracts of land year after year. And ev
ery time the South-West monsoon descends on coastal Karnataka, the problem of the sea `eating into' the coastline begins to manifest itself.
Farmers' market runaway success in Madurai
THE pioneering of farmers' markets better known as `Uzhavar Sandhais' in the State has brought out a notable improvement in the vegetable cultivation in Madurai, according to official sources here.
AP Govt steps to prune non-Plan expenditure
THE Andhra Pradesh Government's efforts towards formulating a zero-based budget is expected to bring in about 10 per cent reduction in the total non-Plan expenditure.
Mahanta seeks consensus on ST reforms, VAT
THE Assam Chief Minister, Mr. Prafulla Kumar Mahanta, suggested that a consensus should be evolved for all the North Eastern States for the introduction of uniform floor rates (UFR) of tax, as it is difficult for only one State to successfully implement
it without running the risk of trade diversion and revenue loss.
States' role in exports stressed
THE State Governments should play a more extensive role in boosting exports by providing necessary infrastructure and removing existing bottlenecks, the PHD Chamber of Commerce and Industry (PHDCCI) has said.
Telecommunications
Govt decides to split DTS
IN an effort to appease the agitating members of the Indian Telecom Services Association (ITSA) while at the same time ensuring that the Government does not earn the wrath of the Indian Administrative Services (IAS) cadre, the Centre today decided to bif
urcate the Department of Telecom Services (DTS) into two departments -- Department of Telecom Services (DETS) and Department of Telecom Operations (DTO).
Transport
First fixed schedule goods train from today
THE first fixed schedule goods train of Indian Railways, named `Contracts', will start operations from Shalimar, near Calcutta, to Chennai from June 26, as part of the Railway Ministry's efforts to retrieve its share of goods traffic from road transport.
