Automobiles
Govt to hold talks with Suzuki
THE Government would soon open a dialogue with Suzuki Motor Corporation (SMC) to discuss the modalities of the proposed disinvestment of the Centre's holding in Maruti Udyog Ltd (MUL). Preliminary discussions on the ratio of the proposed rights issue are
also likely to be touched upon during the meeting.
Banking and Finance
Bank Rate cut to 7.5 pc -- Two-stage CRR trim to free Rs 4,100 cr
IN a pleasing springtime measure, leaning in favour of a low interest regime, the Reserve Bank of India today cut the Bank Rate from 8 per cent to 7.50 per cent. Also, the cash reserve ratio (CRR) has been dropped from 8.5 per cent to 8 per cent in two s
tages to release Rs 4,100 crore into the financial system.
Rate cut fails to impress securities
SECURITY markets, initially excited by a 50-basis points cut in bank rate from 8 per cent to 7.50 per cent, turned moody subsequently as it did not fulfill expectations of a one percentage point drop. Actively traded papers gained by around 50 paise imme
diately after the cut, but lost 30-40 paise to close flat. Yet the closings were higher over the previous day's end.
Exim Bank board clears recast plan
THE board of Export-Import Bank of India (Exim Bank) has cleared a proposal to completely recast its organisational structure.
Bank rate cut in keeping with current trends: SBI chief
THE Chairman of State Bank of India, Mr Janaki Ballabh, on Friday said the cut in the bank rate was ``keeping in line with the current trends in interest rates in the country''.
Chambers hail bank rate reduction
THE apex chambers of commerce and industry have welcomed the half-a-percentage point cut in the bank rate effected by the Reserve Bank of India (RBI) on Friday.
Corporate
Counter-offer -- VST meets SEBI on BAT's status
A DELEGATION from VST Industries Ltd has met the top brass of the Securities and Exchange Board of India (SEBI), seeking clarity on the eligibility of British American Tobacco Plc (BAT) to come out with a counter offer in response to the open offer annou
nced by the Damani brothers-owned Bright Star.
PM assurance to TN textile sector
THE Prime Minister, Mr Atal Bihari Vajpayee, today assured the ailing textile sector in Tamil Nadu that his Government would back the State's suggestion to form a tripartite committee to study the problems of the sector.
Smoke screen `not injurious' to sports events
THE smoke over banning of sports sponsorship by tobacco companies will not affect the sporting events and corporate India feels that at best it might pose a temporary problem.
Economy
Swadeshi still relevant in globalised era: PM
THE concept of swadeshi was relevant even in an era of globalisation and ``the India of our dreams can be built only by us'', the Prime Minister, Mr Atal Bihari Vajpayee, has said.
`FDI approvals, inflow up'
THERE has been a significant step-up in approvals as well as actual inflows of foreign direct investment (FDI) into the country during the calendar year 2000, according to the Union Minister of Commerce and Industry, Mr Murasoli Maran.
Judiciary in dire need of reforms: Jaitley
LEGISLATIVE reforms are a necessary corollary to economic reforms. If industries are to grow, the Government must create a conducive environment through reforms, both legislative and fiscal, according to the Minister for Law, Justice & Company Affairs, M
r Arun Jaitley.
Environment
BOOT project for waste disposal in Tirupur taking shape
THE hosiery town of Tirupur in Tamil Nadu, which is already experimenting with the country's first private sector water project, may blaze a trail in municipal wastes disposal too under yet another build-operate-own-transfer (BOOT) project coming up ther
e.
Infrastructure
`Make infrastructure tax sops simpler, clear'
WITH less than a fortnight to go for the presentation of the Union Budget for 2001-2002, the financial institutions led by Infrastructure Development Finance Company Ltd (IDFC) have sought a fine-tuning of the various tax incentives available to the infr
astructure sector to channelise investments.
Mutual Funds
US-64 sale, repurchase prices for February
UNIT Trust of India (UTI) has announced the sale and repurchase price for Unit Scheme-64 (US-64) for February as Rs 14.30 and Rs 14 respectively.
PSU
Govt approves VSNL divestment
MUMBAI: THE disinvestment of 25-per cent equity capital of VSNL through strategic sale has been approved by the Government.
Paper/Packaging
Fresh curbs on foreign investment in print media
THE Reserve Bank of India has issued a notification restricting foreign venture capitalists, foreign institutional investors, non-resident Indians and overseas corporate bodies from investing in Indian print media.
Petroleum
Reliance Petro signs $1-b LC for crude imports
RELIANCE Petroleum Ltd has signed a syndicated letter of credit facility worth $1 billion for crude oil imports.
Oil PSUs told to get ready for deregulation
THE public sector oil company chiefs have sought rationalisation of sales tax, higher refinery margins and tariff barriers on import of products as measures to prepare for deregulation, scheduled for March, 2001.
Power
Tannirbhavi power project set to begin operations soon
THE veil of uncertainty shrouding the 220-MW naphtha-based Tannirbhavi power project near Mangalore has finally been lifted. A barge -- 160 metres long, 55.2 metres wide and weighing 16,779 tonnes -- has now made its way from South Korea to New Mangalore
Port carrying the entire power plant which is expected to start operations once it is shifted to its demarcated site along the banks of the Gurupura river.
WBSEB snaps illegal lines in drive against theft
THE West Bengal State Electricity Board (WBSEB) has disconnected over 63,000 illegal connections over the last nine months, as part of its intensified drive against power theft.
BPL Power takes Oriental cover for loss of profits
ORIENTAL Insurance Company Ltd has worked out a cover for advanced loss of profits for the 500-MW BPL power project in Ramagundam, Andhra Pradesh.
SSI
SME delegations from AP to visit Gulf, Africa
IN an initiative to facilitate small and medium enterprises (SMEs) explore and access global markets, the Andhra Pradesh Industrial & Technical Consultancy Organisation (APITCO) is leading two delegations to the Gulf and Africa.
States
MMTC mite for quake
NEW DELHI: MMTC has donated Rs 1 crore to the Prime Minister's Relief Fund for the victims of the earthquake tragedy in Gujarat.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
Thrust on jobs in Bengal vote-on-account
KEEPING in view the forthcoming Assembly elections, Dr Asim Dasgupta, West Bengal Finance Minister, today presented in the Legislative Assembly a vote-on-account for the first four months of 2001-02.
Stocks
Sensex plunges 107 points on Budget jitters
WITH a sharp turnaround in sentiment, share prices plunged across the bourses on panic selling by operators.
Telecommunications
Basic telephony -- VSNL seeks licences for all `A' circles
VIDESH Sanchar Nigam Ltd has applied for licences for all the category A basic telephony circles in the country.
Development council for telecom sector
THE Government has constituted a development council for the telecom sector for a period of two years. This council would recommend measures for the growth of the telecom manufacturing sector and the service sector.
Textiles
Tirupur exporters seek turnover tax in lieu of IT exemption
KNITTED garment exporters from Tirupur in Tamil Nadu have approached the Prime Minister with a request that the Government may collect a turnover tax on export earnings if it found it difficult to continue with income tax exemption under Section 80 HHC.
Transport
PMO against lower Railway Plan size
THE Prime Minister's Office (PMO), which is pushing for rail tariff hikes, has made it clear to the Railway Minister, Ms Mamata Banerjee, that it would be politically and economically imprudent to peg the Annual Plan size below the current fiscal's level
of Rs 11,000 crore. And if a higher Plan size is required, there would be no alternative but to go in for additional resource mobilisation through tariff hikes.
