Agriculture
Nabard asked to focus on post-harvest facilities
the National Bank for Agriculture and Rural Development (Nabard) to help develop adequate warehousing facilities to ensure minimum post-harvest loss of agricultural produce.
Airlines
IA hopeful of posting Rs 5 cr net this year
The State-owned domestic carrier ``anticipates'' reporting a net profit (after tax) of Rs 5.05 crore and an operating profit of Rs 125.15 crore during 2000-2001.
Aviation Ministry seeks Rs 221-cr budgetary support
THE Ministry of Civil Aviation has sought a budgetary support of Rs 221.21 crore for the next fiscal including Rs 165 crore for Indian Airlines (IA). No funds were being sought for Air India (AI).
Banking and Finance
AIBEA moves into private bank
AN accord was reached between the ICICI Bank management and the Bank of Madura Employees' Union (an affiliate of the All-India Bank Employees Association) in Chennai.
Cement
Crisil arm to suggest `normative' cement prices
STUNG by the widespread criticism over the steep hike in prices of cement in the recent months, the Cement Manufacturers' Association (CMA) has commissioned Crisil Advisory Services (CAS) to arrive at the current ``normative'' prices for the commodity i
n as many as 20 major cities.
Corporate
Karnataka clears Infy, 6 more mega projects
INFOSYS Technologies, Motorola, BEL, KIOCL and Khodays are making fresh investments in Karnataka and figure among the seven fresh mega projects cleared by the Government's high-powered committee.
Herbertsons dispute -- Mallya-Kishore talks make little head way
EFFORTS for an out-of-court settlement between Mr Vijay Mallya and Mr Kishore Chhabria for control of Herbertsons Ltd appear to have failed once again.
Will Starbucks sip coffee with Tata?
STARBUCKS, the international coffee retailing major with a chain of over 2000 outlets in North America, is likely to come to India through a tie up with Tata Coffee.
IFCI told to submit firm plans on foreign partner
THE Ministry of Finance has asked IFCI Ltd to submit concrete proposals for the induction of a strategic foreign partner `as part of the overall restructuring of the country's oldest development financial institution (DFI).
Investor protection fund to start functioning soon
THE investors' protection fund (IPF), vesting with the Union Government, will start functioning shortly. The fund would be used for investor education and awareness and channalised through independent non-governmental organisations (NGOs).
Apollo Hospitals plans Rs-100 cr project in Mumbai
THE Chennai-based Apollo Hospitals group plans to invest over Rs 100 crore in its super-speciality hospital project in Mumbai. According to Mr M. Radhakrishna, Director-Projects, Apollo Enterprise Ltd, the company will be executing the project through a
joint venture wherein Apollo will hold 51 per cent stake.
RPG Cables launches flame-retardant variety in AP
RPG Cables Ltd, a leading manufacturer of jelly-filled cables, power cables and optical fibre cables, after success of its new flame retardant (FR) cables specially formulated for safety, has launched the product in the Andhra Pradesh market.
Financial Performance
HDFC Q3 net at Rs 109 cr
HOUSING Development Finance Ltd (HDFC) has registered a net profit of Rs 108.60 crore (Rs 95.16 crore) for the quarter ended December 31, 2000.
Novartis Q3 net at Rs 12.19-cr
NOVARTIS India Ltd has reported a net profit of Rs 12.19 crore in the quarter ended December 31, 2000 against Rs 32.3 crore in the corresponding previous period.
Tata Steel set for record PBT
TATA Steel may end fiscal 2000-2001 with a profit before tax (PBT) surpassing its all-time high corresponding figure of Rs 566 crore in 1995-96, Dr J.J. Irani, Managing Director, said at a press briefing on the company's third quarter (Q3) results, here
on Thursday.
Foreign Trade
Portal on foreign trade inaugurated
THERE is need for simplification and rationalisation of duties, the Union Finance Minister, Mr Yashwant Sinha, said while inaugurating a new portal, Eximkey.com, here on Thursday.
Insurance
Sinha promises level field for pvt insurance players
THE Finance Minister, Mr Yashwant Sinha, has promised a level playing field for private sector insurance players in the area of taxation.
LIC gets seven part-time directors
THE board of Life Insurance Corporation of India has been re-constituted with the appointment of seven persons from various fields as part-time non-official directors for a tenure of two years, effective January 12.
HDFC Standard Life to target low, middle income groups
HDFC Standard Life Insurance Company Ltd plans to target low and middle income retail customers for its insurance products.
Petroleum
$250 m underground gas storage station planned in Cambay
THERE is a proposal to convert partially depleted gas fields of the Cambay Basin, some 60 km off Vadodara, into a mega underground gas storage (UGS) station. The three billion cubic metre gas fields, discovered by the Oil and Natural Gas Corporation (ONG
C) in 1958, are said to be depleted by 50-60 per cent, and would require the fresh infusion of 1.5 billion cubic metres of gas to become technically viable.
Pharmaceuticals
Norms for sale of morphine tablets relaxed
THE Government has amended Schedule K of the Drugs and Cosmetics Rules, 1945, to liberalise the existing procedures for the sale of morphine tablets and for relaxing the provisions for licensing blood banks in small, mid-zonal and border area hospitals r
un by the Armed Forces Medical Services.
Power
Kochi LNG, Siasen Power Projects
Mr Jacob John, Financial Advisor, Kannur Power Projects Pvt Ltd, writes:
Karnataka decides against LNG-based power projects
THE Karnataka Government has dropped the ambitious plan of using liquefied natural gas (LNG) as fuel for projects targetted for capacity additions.
States
National meet on beedi industry begins today
THE All India Beedi, Cigar and Tobacco Workers' Federation (affiliated to the All India Trade Union Congress) is to hold its eighth national convention here for three days beginning January 19.
HIDD report on TN economy to be submitted to Planning Commission tomorrow
THE report of the Harvard Institute for International Development (HIDD) on Tamil Nadu's economy and suggestions on its reforms will be handed over to the Central Planning Commission on January 20.
Centre allots foodgrains for drought-hit States
THE Centre has made special additional allocation of 5 lakh tonnes of foodgrains free-of-cost to the drought-affected States for organising various employment generation programmes in the areas.
Export interactive cell for handlooms inaugurated in TN
THE Tamil Nadu Minister for Handlooms, Mr N.K.K. Periasamy, on Thursday inaugurated an export interactive cell at the office of the Directorate of Handlooms and Textiles. He also launched the sale of `Eco-weave', a range of natural dye silk sarees.
Japanese aid for water project in AP, Rajasthan
JAPAN has decided to extend an assistance of $94,509 to `World Vision of India (WVI) to provide safe drinking water to three drought-affected districts of Rajasthan and Andhra Pradesh.
Pagladiya dam project work to begin in Feb
THE construction work of the Rs 500-crore Pagladiya Multipurpose Dam project in Nalbari district of Assam will begin from February next.
Loan settlement offer to defaulting units
BANGALORE: The State Industries & Commerce Department is offering a one-time loan settlement option to defaulting small industries.
Sugar
New levy sugar obligation from Feb 1
THE reduction in the levy obligation on sugar mills from 30 per cent to 15 per cent will be effective from February 1, as against the earlier announced date of April 1.
Taxation
Direct tax collections up 29%
DIRECT tax collections (both corporation and income), as on December 31, 2000, registered a 29 per cent increase over that in the corresponding previous period (month on month).
Indirect tax yield below budget target
THE Centre's cumulative indirect tax collections slowed down, registering a seven-per cent growth during the first nine months of the current fiscal owing to the poor performance on the customs front and deceleration in excise mop-up.
`Contributions to rural fund exempted from tax'
THE Union Minister for Rural Development, Mr M. Venkaiah Naidu, has said investments towards developing the rural infrastructure through contributions in the National Fund for Rural Development (NFRD) will be 100 per cent exempted from tax.
Telecommunications
BSNL cellular service by Oct
THE cellular service of Bharat Sanchar Nigam Ltd (BSNL) will become operational by October this year, according to Dr D.P.S. Seth, Chairman and Managing Director.
Textiles
Cotton waste import at zero duty sought
THE Open End Spinning Mills Association (OSMA) has reiterated its demand for allowing import of cotton waste at zero duty and slashing the central excise duty on cotton yarn to zero per cent.
