Financial Daily
from THE HINDU group of publications

Thursday, November 23, 2000





Govt sails thru Cong(I) motion
THE Government today comfortably sailed through the adjournment motion moved by the Congress(I) on the crisis being faced by the country's farming community.

Banking and Finance
Centurion Bank quits tie-up with Canada Life
THE initial churning in the insurance industry continues with yet another proposed tie-up falling by the wayside. The Centurion Bank, which was working out a three-way tie-up with Canada Life Assurance Co and the Ardee Group, has pulled out of the propos ed venture.

Coal strike ends; miners defiant still
AT least seven underground coal mines of Bharat Coking Coal Ltd (BCCL) are reported to have been submerged due to stoppage of dewatering exercise by the pro-strike workers. The three-day CITU-sponsored strike in the mines of Coal India Ltd (CIL) and its subsidiaries ended on Wednesday, but these mines are unlikely to restart production till the accumulated water inside the mines is pumped out.

Snowcem forays into gold manufacturing -- All stock deal with Geekay Exim
SNOWCEM India Ltd has decided to make a foray into gold manufacturing.

Exide Ind plans acquisitions
CALCUTTA: Exide Industries Ltd proposes to acquire shareholding in two overseas lead acid storage battery companies. The two companies are ``currently operating out of Singapore and Sri Lanka'', Exide informed stock exchanges on Wednesday.

McKinsey launches new `fast' track
LEADING management consultancy, McKinsey & Company, today announced the formal launch of `Accelerator' - a service line to speed up the process of building businesses in the new economy - in India.

Corporate `anthem'
>cf301>Corporates want you to sing. Not once but several times over so that an imprint of themselves, tactfully buried in the lyrics, stays put in your mind.

Tata Fin may hike Vakrangee stake
TATA Finance Ltd (TFL) has raised its stake in Bangalore-based Vakrangee Softwares Ltd to 8.5 per cent and it may increase it further, according to Mr Dilip Pendse, Managing Director, TFL.


Comprehensive efforts to boost reforms urged
PEOPLE-CENTRED energy goals should be fundamental to energy business in the 21st century, according to the Prime Minister, Mr A.B. Vajpayee.

Infrastructure industries post 7.9 pc growth in April-Oct
THE six infrastructure industries -- electricity, coal, steel, crude petroleum, petroleum refinery products and cement -- have registered a growth of 7.9 per cent in the first seven months of the current fiscal (April-October 2000).

Foreign Trade
Information tech, software -- More co-operation with Cyprus on cards
INDIA and Cyprus have resolved to co-operate in the area of information technology and computer software, including software development, hardware supplies in view of the good prospects in this field.

McKinsey moots JV route for Railtel projects
MCKINSEY & Co -- the consultant appointed to prepare a business plan for the newly-formed RailTel Corporation -- has recommended that the Railways rope in joint venture partners for implementing its nationwide broadband telecom and multi-media network pr oject.


`Uniform tax rates for pvt, public insurers'
THE Government will ensure a level-playing field between private and public sector insurance companies on taxes, the Finance Minister, Mr Yashwant Sinha, said here.

Tariff regime will continue: IRDA chief
THE tariff regime for the general insurance sector would continue for some years, the Chairman, Insurance Regulatory and Development Authority (IRDA), Mr N. Rangachary, has said.

Offshore gas find in K-G basin
OIL and Natural Gas Corporation (ONGC) has struck gas in the deep water of Krishna-Godavari (K-G) basin off the East coast.

Govt changes tack on power guarantee
THE Finance Ministry is set to reverse its stand on the terms to safeguard its exposure of over Rs 30,000 crore in the mega power projects - 3960 MW Reliance-SEAP promoted Hirma project and the 1800 MW Grasim-promoted Ennore-based 1800 MW LNG project.

Karnataka power reforms hinge upon IBRD loan -- World Bank far from satisfied over pace of progress
THE Karnataka Government's fiscal correction and power sector reforms are now entirely dependent on the loan from the World Bank. The State Government has virtually no other back up strategies as an alternative to this loan.

Petronet eases force majeure clause for shipping deal
PETRONET LNG Ltd has brought the force majeure clause for its proposed LNG shipping deal to global levels by agreeing to pay the normal charter hire rates to the shipowners and operators during the period when force majeure is in force.

More, the merrier
THIS November has been a very productive month as far as the States are concerned. As if over two dozen States were not enough, three more have been carved out in a single month to fulfil the ``aspirations'' of the people at large in three specific regio ns of the country.

Centre to redefine household industries
THE Union Government on Wednesday said that it would redefine household industries in terms of the recommendations made by a committee and also amend the Master Plan for Delhi, if needed, to acquire more land for relocation of industries in industrial ar eas.

Funds paucity cripples `Chinthamani'
THE very existence of the Chinthamani Super Market -- once a model co-operative store in the country is at stake.

Plea to suspend GO on ST hike
HYDERABAD: Mr Nitin K. Parekh, Chairman of the Trade & Commerce Committee of the Federation of Andhra Pradesh Chambers of Commerce & Industry (FAPCCI), has requested the State Government to suspend the orders hiking the sales tax rates on some commoditie s with retrospective effect from November 15.

Seminar on natural resource management
GUWAHATI: A national seminar on `Natural Resource Management and Sustainable Development' under the auspices of the Department of Culture, and Khadi and Village Industries Commission has been inaugurated here by the Governor of the State, Lt Gen (Retd) S.K. Sinha.

Militant killings on the rise in Assam tea estates
WITH militant violence in Assam escalating since the first week of November, resulting in the death of 40 people, tea personnel manning the only export earning sector of the State have become highly risk-prone.

New commissioner for Customs
COIMBATORE: Mr Pardeep Kumar Sirohi has assumed charge as Commissioner of Central Excise and Customs, Coimbatore. He succeeds Mr M. Jayaraman, Commissioner of Central Excise, Chennai III Commissionerate, who has been holding additional charge. -Our Burea u

Cell operators oppose limited mobility
CELLULAR operators have vehemently opposed the move to allow basic telecom companies to provide limited mobile phone services using the wireless in local loop (WLL) platform, saying that this would result in a ``backdoor entry'' to the cellular services sector.

Govt pulled up for `haste' over TRAI Ordinance
THE Parliamentary Standing Committee on Information Technology, headed by Mr Somnath Chatterjee, has criticised the `unusual haste' with which the Telecom Regulatory Authority of India (TRAI) (Amendment) Ordinance was promulgated.

NTC unit workers plan stir
WORKERS employed in the National Textile Corporation (NTC)-owned textile units in Coimbatore are to observe a one-day strike on December 8 to press their charter of demands.

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