Agriculture
Industry must complement agriculture: Sompal
DOMESTIC industry should strive to take advantage of the benefits offered by agriculture rather than considering the latter as an adversary for resources, according to Mr Sompal, Member, Planning Commission.
Commodities
Gold imports surge thru `shady' route
FALLING gold imports into India for the second year in a row are causing serious concern among major players with great expectations from India. A sharp decline in demand for the yellow metal has followed shrinking rural incomes caused by poor agricultur
al growth and falling commodity prices for the second year in a row.
Corporate
SEBI approves FII investment in CP
THE Securities and Exchange Board of India (SEBI) has amended its regulations on foreign institutional investors (FIIs), permitting them to invest in the commercial paper programmes of domestic companies.
Birlas adopting `creeping' steps for Kesoram
THE B K Birla group is increasing its stake in the group outfit Kesoram Industries through the creeping acquisition route. Mr S.K. Parik, Senior President and Secretary of Kesoram, confirmed this to Business Line.
HLL tilting more towards premier colleges for talent
HLL, traditionally among leading campus recruiters at India's top management and engineering institutes, has been slowly raising the number of graduates and post-graduates it recruits from elsewhere.
`Beedi workers will go up in smoke'
WHILE the cigarette majors have been in the news with the proposed ban on smoking in public places, the beedi industry too is worried about its fate should the Government go ahead with the ban and restrict the sale of tobacco products.
Better long-term prospects for Hindustan Lever
WITH a 20.5-per cent jump in profits before taxes and a six per cent growth in net sales, Hindustan Lever's financial performance for the quarter ended December 2000, is a definite improvement over that for the previous three quarters of t
he year.
Courts
SC ruling on detention under Cofeposa
THE Supreme Court has held that a mere delay either in passing a detention order under the provisions of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1973 (Cofeposa), or delay in its execution will not be fatal except
where the same stands unexplained.
Economy
`Lower returns on small savings not to impact bank rates' -- Prospects for economy excellent: Jalan
THE RBI Governor, Dr Bimal Jalan, has said that bank rates will not be directly affected by a cut in interest rates on small savings.
Jaitley hints at major legal reforms
TO expedite the delivery of justice to the people, drastic changes are being introduced in a range of legislations while a model insolvency law imposing time restrictions on revival and winding up of companies is in the offing.
Concessions to exporters in quake-hit units
THE Government has extended the fulfillment of export obligation requirement for a licence holder under the Export Promotion Capital Goods (EPCG) scheme by one year in respect of all units that were hit by the earthquake in Gujarat.
Environment
`Indian environ system vulnerable to disasters'
THE United Nations Development Programme (UNDP) is looking at continually increasing Global Environmental Facility (GEF) funding to India, according to Mr Mark Malloch Brown, UNDP Administrator.
Financial Performance
HLL net up 22.4 pc at Rs 1,310 cr
HINDUSTAN Lever Ltd (HLL) has reported a 22.4-per cent rise in net profit at Rs 1,310 crore for the accounting year 2000, as against Rs 1,070 crore recorded in 1999.
Foreign Trade
Mandatory bar coding of exports put off
THE Central Government has postponed yet again the earlier set deadline of April 1, 2001 for implementing the mandatory bar coding of all exports from the country.
India, Russia pact on promoting aviation safety
INDIA and Russia have signed an agreement for promotion of aviation safety. The agreement was signed by the Union Civil Aviation Minister, Mr Sharad Yadav and the Deputy Chairman, Russian Federation, Mr I.I. Klebanov.
Information Technology
CBSI changes name to Covansys
COMPLETE Business Solutions India Ltd has changed its name to Covansys India Ltd.
Messaging solutions for banking, financial sector -- TCS, IDRBT sign pact
TATA Consultancy Services and the Institute for Development and Research in Banking Technology (IDRBT) have entered into an agreement for deploying a messaging solution for the Indian banking and financial sector.
Dotcom co launches portal on Budget
MONEYPICKLE.com has launched `Budget Pickle 2001', a new portal that offers a wide-ranging section on the forthcoming Union Budget.
Hi-tech IT park planned in Kochi
THE Kerala Government is planning to set up a hi-tech information technology park in Kochi which will be a hub for software and IT-enabled services. In his customary address on the opening day of the Budget session of Kerala Assembly on Thursday, the Go
vernor, Mr Sukhdev Singh Kang, said the Government's initiatives to create a favourable policy environment for the development of information technology industry in the State had been well received and investments had picked up in recent months.
PSU
2 dead in ONGC platform fire
TWO persons died following a fire that broke out at an oil platform of Oil and Natural Gas Corporation Ltd in Mumbai High here on Wednesday.
Policy
Winding up of I&B media units opposed
THE Consultative Committee of Members of Parliament attached to the Ministry of Information and Broadcasting (I&B) has opposed the winding up of media units of the Ministry -- a key recommendation made by the Geethakrishnan committee on downsizing.
Power
Enough is enough for Enron Corp?
IN its quest for higher returns, Enron Corp would sell assets, such as its stake in Dabhol Power Company (DPC), if the price is right, says an article in BusinessWeek, quoting Enron executives.
SSI
Small industry expo inaugurated
AN exclusive exposition for small enterprises -- Enterprise 2001 -- was inaugurated here on Thursday by the Minister of State for Finance, Mr Balasaheb Patil. The exposition is sponsored by the Small Industries Development Bank of India (SIDBI) and organ
ised by the Confederation of Indian Industry (CII).
AP small industries on strike demanding changes in Excise Act
MEMBERS of the Federation of Andhra Pradesh Small Industries Associations have been on an agitational path including relay hunger-strike and rallies for more than a week to press their demand for changes in the Central Excise Act which, in its present fo
rm, facilitated harassment of manufacturers and rampant corruption.
States
Maharashtra clears Tata combine's LNG project
THE Maharashtra Government today cleared the Rs 2,400-crore LNG project of Tatas, GAIL and the French Company TotalFina.
Swadeshi Fair opens in Coimbatore today -- Textile bodies may seek to represent their woes to PM
THE seven-hour visit to Coimbatore by the Prime Minister, Mr Atal Bihari Vajpayee, on Friday is expected to send the members of local industrial/business houses into flurry of activity, with each one trying to grab an opportunity to present their grieva
nces.
Chamber's plea to hold back hike in licence fee
THE Indian Chamber of Commerce and Industry (ICCI) Coimbatore has sought the intervention of the Chief Minister to restrain the Coimbatore Municipal Corporation (CMC) from enhancing the Licence Fee till a final decision on the issue was taken by the Corp
oration council.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
`Kerala targeting high-budget tourists'
IS there a danger of Kerala, which is being aggressively marketed as a tourism destination going the Bangkok way, with one of its `charms' on offer being the ayurvedic massage?
SKF Bearings' gesture for quake victims
PUNE: THE employees of SKF Bearings India Ltd have donated one day's salary towards the earthquake-stricken regions of the State, with the company also pooling in with a similar donation.
Low turnout for investors' meet at Haldia
THE much-hyped investors' meet, `Haldia Gateway 2001', at the port city turned out to be a damp squib with low turnout of corporate chiefs and potential entrepreneurs.
Stocks
HLL, Reliance drive Sensex up 75 points
INDEX-BASED stocks bought succour to a `Budget-fatigued' market today, pushing the market into positive territory .
Investor grievance cell set up
THE Department of Economic Affairs (DEA) in the Finance Ministry has set up an Investor Grievances Redressal Cell (IGRC) to help coordinate efforts of the regulatory agencies to redress investor complaints, strengthen and support existing measures to ens
ure investor safety and protection.
Brokers to petition SEBI on `high' registration fee
UNWILLING to pay the large sum as registration fee, the stock broking community has decided to approach the Securities and Exchange Board of India to seek some reliefs.
Textiles
`Handloom sector must gear to face competition'
THE handloom sector should build on its strengths such as design and innovation to hold its own in the face of international competition.
Travel & Places
Tourism fund to protect monuments proposed
THE Government has decided to create a tourism development fund in association with the private sector, the Union Minister for Art, Culture and Tourism, Mr Ananth Kumar, has said.
