Agriculture
RiceTec `withdraws crucial claims on basmati patent'
THE Government on Tuesday said that it had forced the US-based rice breeder, RiceTec Inc, to withdraw certain crucial claims made on its controversial basmati patent.
Airlines
Queries bog down Crown proposal
THE launch of Crown Express, the new private domestic airline waiting in the wings, may be delayed further with the Government seeking clarifications about the promoters' experience in civil aviation and the structure of Crown's operating company in Indi
a.
Conversion of A 320 to freighters -- HAL-Airbus plan may be delayed
THE proposed joint initiative of Airbus Industrie and the Bangalore-based Hindustan Aeronautics Ltd (HAL) for converting A320 aircraft into freighters, will take more time for take-off.
Bad weather forces IA plane to return; 6 hurt
Indian Airlines flight, IC-555 operating on the Chennai-Singapore sector returned to the base, mid-way through its journey, after six passengers suffered minor injuries when the aircraft encountered turbulent weather over the Bay of Bengal.
Banking and Finance
CLB bars share issue by United Western Bank
THE Company Law Board (CLB) has restrained the management of the Satara-based United Western Bank Ltd from issuing any fresh equity shares through rights or otherwise.
RBI to launch intra-day fund facility for banks, PDs
EFFECTIVE October 3, the RBI will introduce an intra-day fund facility for banks and primary dealers alone to facilitate settlement of disrupted securities transactions - termed as `gridlock' in market parlance.
Corporate
Zee Tele sees 30 pc rise in H1 revenues
ZEE Telefilms Ltd (ZTL) today officially said that it had appointed investment bankers to examine the dilution of up to 20 per cent equity in its fully owned cable network, Siticable.
Assocham hails austerity move
THE Associated Chambers of Commerce and Industry of India (Assocham) has welcomed the austerity measures announced by the Government on Monday.
IDBI agrees to reschedule loans of IFB Industries
THE Industrial Development Bank of India (IDBI) has sanctioned a new scheme for rescheduling the loans of IFB Industries, which has posted a staggering net loss of Rs 77 crore for 15 months to March 31, 2000. The consortium of banks led by SBI was also e
xamining a similar scheme for rescheduling/waiver of penal interest on IFB, whose total borrowings from banks and FIs amount to Rs 382 crore.
IOC may invest in Nagarjuna Oil
INDIAN Oil Corporation is likely to invest in the equity of Nagarjuna Oil Corporation Ltd (NOCL), a group company of the Nagarjuna Fertilisers and Chemicals Ltd. NOCL is setting up a 6-million tonne per annum refinery plant at Cuddalore in Tamil Nadu at
a cost of Rs 3,480-crore.
Saint-Gobain sees cash break-even by 2001-end
Saint-Gobain Glass India Ltd, which has set up a Rs 525-crore float glass facility at Sriperumbudur near here, hopes to achieve cash break-even by the end of 2001. The plant commenced commercial production on July 1.
Economy
RBI announces Rs 3,000-cr auction
MUMBAI: The Reserve Bank of India (RBI) on Tuesday announced the auction of Rs 3,000 crore 2008 paper at 11.40 per cent coupon. The auction will take place on September 28.
Corrupt people too fast for technology?
THE direct nature of the man amazes you. ``Asking the CVC to wipe out corruption in daily life is like re-arranging the deck chairs on the Titanic'', he says, insisting that petty-level corruption cannot be stopped unless the large-scale version is attac
ked. Mr N Vittal, Central Vigilance Commissioner, has used technology, among other means, to stem the rot that corruption has initiated in society. Business Line dropped in at his office to see what he thinks are the remaining road-blocks in the nation's
path to progress.
Engineering
Industrial engineering convention
COIMBATORE: The 42nd National Convention of the Indian Institution of Industrial Engineering (IIIE) would be held here on September 29 and 30.
Financial Performance
STCI net up 37% at Rs 113,65 cr
THE Securities Trading Corporation of India Ltd (STCI) has announced a 37-per cent jump in its net profit for 1999-2000 at Rs 113.65 crore as against Rs 82.98 crore the previous year.
Information Technology
ADR document cites Premji's huge Wipro stake as risk factor
THE Wipro Chairman, Mr Azim Premji's huge stake in the company may not be a big issue to investors at the Indian bourses. But Wipro sees it as a risk factor for the US market and has promptly listed it as one.
`New uplinking policy to lure more players'
AS a result of the Union Government's new uplinking policy, which is subject to security and other regulatory mechanisms including holding patterns, India is expected to emerge as a global hub for uplinking facility, according to the Union Minister for I
nformation and Broadcasting, Mr Arun Jaitley.
Infrastructure
AP to spend Rs 5,000 cr on infrastructure
THE Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, said here on Tuesday that Rs 5,000 crore would be spent on the development of infrastructure facilities in the State over the next five years and already 10,300 km of high density traffic roads
had been identified for improvement.
E Rly track restoration work affected
WORK on restoration of flood-affected railway tracks on many sections of the Eastern Railway system has been hit because of squatting on tracks by the affected people.
Insurance
RBI panel sees role for co-ops in insurance
THE Advisory Group on Insurance Regulation, appointed by the Reserve Bank of India's Standing Committee on International Financial Standards and Codes, has acknowledged the role of co-operatives in spreading insurance business in the rural areas.
Miscellaneous
Delhi cable operators' strike may snowball
COUCH potatoes in Delhi have turned sour, with the local cable operators calling a three-day strike since Monday midnight. Now, with several other cable operators across the length and breadth of the country threatening to join, the protest seems to be s
preading.
Power
3 pvt power projects may get payment surety
THE Union Power Ministry is finalising a new payment guarantee policy to support three private sector generation projects in the country, according to the Union Minister of State for Power, Ms Jayawantiben Mehta.
States
More `Loom World' shoppe planned in TN
THE State Department of Handlooms and Textiles, which has recently launched `Loom World', the exclusive retail outlets for value-added handloom cotton, silk saris and home furnishings/ fabrics in the State, is set to market the `Loom World' concept-shopp
ing in a big way by opening more outlets in the coming days.
NICE selecting partners for expressway SPVs
NANDI Infrastructure Corridor Enterprises, promoter of the Bangalore-Mysore expressway project, is in talks with several companies who would be strategic partners in special purpose vehicles to run various utilities along the corridor and its townships.
ECIL proposes Centre for Excellency in Hyderabad
THE Electronics Corporation of India Ltd (ECIL), the Hyderabad-based public sector enterprise into the electronics industry, has decided to set up a Centre for Excellency in Simulation and Modeling at the University of Hyderabad (UOH) here.
Steel
Two Steel depts escape axe
IN a setback to its downsizing efforts, the Government had to abandon its decision to shut down the offices of Development Commissioner for Iron & Steel (DCI&S) and Joint Plant Committee (JPC) under the Ministry of Steel.
Mukand turnover may rise 12pc
MUKAND Ltd is expected to achieve a 12-per cent increase in its turnover at Rs 950 crore for the current fiscal, up from the previous year's turnover of Rs 843 crore, the company's Chairman, Mr Rahul Bajaj has said.
Taxation
Central Excise inspectors begin protest week
THE inspectors of Central Excise working all over India began a protest week under the banner of the All-India Federation of Central Excise Executive Officers.
Telecommunications
Switching equipment tender evaluation unfair: ITI
THE public sector telecom equipment manufacturer and supplier, ITI Ltd, has written to the Department of Telecommunications (DoT) protesting the evaluating process adopted while selecting suppliers for 20.45 lakh lines for new technology switching equipm
ent.
VSNL to be compensated for revenue loss
VIDESH Sanchar Nigam Ltd. will be adequately compensated by the government for its losses arising from the premature termination of its monopoly in international telephony, said Mr. S. K. Gupta, Chairman and Managing Director, at the company's Annual Gen
eral Meeting here on Tuesday.
Russia keen on telecom, IT ties
RUSSIA has identified information technology and the telecom sector as among the key areas for joint cooperation with India, the Head of the Department of Information, Ministry of Communication, Russian Federation, Mr A.P. Manoshkin, said here on Tuesday
.
Textiles
`Differential duty regime inhibiting textile sector'
THE Union Government's differentiating between large/organised textile mills and small scale textile units with regard to duty and tax structures has encouraged fragmentation of the textile industry, the Southern India Mills Association (SIMA) has said.
