Airlines
AI posts increase in operating revenues -- HCI deeper into red
WHILE the Air India subsidiary, Hotel Corporation of India (HCI), is likely to incur a loss of Rs 20.30 crore during 2000-01 as against a loss of Rs 1.55 crore during the previous financial year, the parent company has seen a steady improvement in its fi
nancial improvement.
Direct flights to Jeddah
HYDERABAD: The Chief Minister, Mr N. Chandrababu Naidu, on Wednesday inaugurated Air India's direct flight from Hyderabad to Jeddah.
IA extends lean season discount -- No word on flexi-fare yet
EVEN as Indian Airlines is yet to firm up its flexi-fare module, it has decided to extend the `lean sector promotional fares' between several destinations, including Kozhikode-Mumbai and between nine cities and Chandigarh till August 31.
Automobiles
Agencies for testing kits of LPG vehicles
VEHICLE Research and Development Establishment, Ahmednagar, Automotive Research Association of India, Pune, Indian Institute of Petroleum, Dehradun and Central Machinery Testing and Training Institute, Budni, Madhya Pradesh have been designated as author
ised testing agencies for LPG vehicles.
Banking and Finance
United Western loses court case
THE management of the Satara-based United Western Bank (UWB) has suffered defeat at the Company Law Board (CLB) and High Court, Mumbai against a group of shareholders trying to bring in ``accountability'' in the bank's management.
Chemicals
Duty on imported caustic soda recommended
THE Designated Authority in the Commerce Ministry has recommended imposition of definitive anti-dumping duty on imported caustic soda from the US, Saudi Arabia, Iran, Japan and France.
Coal
FDI in coal sector lags way below planned target
DESPITE Government efforts to encourage foreign direct investment (FDI) in the coal sector, the results are far below expectations. Even after allowing 100 per cent FDI in private captive mining operations, foreign investors have preferred to stay away f
ollowing which targets planned for the year 2001-02 will not be met.
Commodities
PM hints at retaining RBD palmolein duty
THE Prime Minister, Mr Atal Bihari Vajpayee, has hinted at a reduction in the import duty on crude palm oil, even while retaining the same on RBD palmolein at the existing 92.4 per cent.
Corporate
Otis consortium open offer for 31.1 pc stake in Indian arm
THE US-based Otis Elevator Company, along with three group firms, has announced an offer to buy 31.1 per cent equity stake in Otis Elevator Company (India) Ltd at Rs 280 per share.
New industrial design office in 2 years
A COMPLETELY new office dedicated to industrial designs is to be opened within a period of two years which will be able to provide a new groundswell of industrial design activity in the country.
Courts
SC order on SCI demurrage charges
THERE is no infirmity with the directions given by the Delhi High Court on January 18, 1999, to release the goods in question without the payment of the demurrage charges.
Economy
Bills soon to amend contract labour, industrial disputes Acts
THE Bills amending the Industrial Disputes Act, 1947 and Contract Labour (Regulation and Abolition) Act, 1970 to confer companies greater flexibility in rightsizing and deployment of their workforce will be introduced in the coming monsoon session of Par
liament, according to the Union Labour Minister, Dr Satyanarayan Jatiya.
Food & Dairy Products
PFA rules amended on irradiated foods
THE Government has amended the Prevention of Food Adulteration (PFA) Rules 1955 relating to irradiated foods.
Foreign Trade
`US slowdown not to hit exports'
THE Commerce Ministry has said that there is no reason to believe that the recent slowdown in the US economy and its spillover effects would adversely impact the country's export efforts during the current fiscal, setting at rest doubts raised over the c
apability in sustaining the export growth rate witnessed during 2000-01.
Information Technology
BPL Innovision cancels job offers -- `Re-engineering' costs students their future
FOR these students, the first brush with the corporate world has been rough. The youngest victims of the slowdown in the IT industry, students who thought that they had it made as engineering trainees in BPL Innovision, got a rude shock recently when the
company wrote to say it was cancelling the job offers made nearly a year ago.
Infrastructure
Kerala to lay down norms for tourism infrastructure
KERALA is proposing to introduce a legislation to streamline the growth of tourism and related infrastructure in the State.
CM's assurance cheers Tirupur knitwear units
THE Tirupur knitwear industry hopes the new AIADMK government under Ms Jayalalitha will soon clear the Rs 1,100 crore private sector drinking water supply project under the New Tirupur Area Development Corporation (NTADC).
Mutual Funds
HDFC liquid fund to pay 7%
MUMBAI: HDFC Mutual Fund has declared an annualised tax-free dividend of 7 per cent for its liquid fund under its weekly dividend option.
Stanchart MF plans new liquid fund
STANDARD Chartered Mutual Fund has lined up a liquid fund that would re-invest dividends on a day-to-day basis. Last week, it filed the offer document with the Securities and Exchange Board of India (SEBI).
Policy
Periodicity of drug inspection may be changed
THE Health Ministry has notified draft rules seeking to amend the periodicity of inspections prescribed for drug inspectors in the Drugs and Cosmetic Rules, 1945.
Presidential assent for 7 Bills
THE President, Mr K.R. Narayanan, has given his assent to seven Bills. Apart from the Finance Bill, 2001, the Narcotic Drugs & Psychotropic Substances (Amendment) Bill, 2001, the Chit Funds (Amendment) Bill, 2001, the Insurance Laws (Transfer of Business
and Emergency Provisions) Repeal Bill, 2001, the Colonial Prisoners Removal (Repeal) Bill, 2001, the Appropriation (Railways) No. 2 Bill, 2001, and the Appropriation (No. 2) Bill, 2001 have been approved.
Power
New PPA of Patalganga project annulled
THE amended power purchase agreement (PPA) between Reliance Patalganga Power Ltd (RPPL) and the Maharashtra State Electricity Board (MSEB) has been annulled.
States
Panel set up to monitor progress of leather complex
THE West Bengal Government, following allegations by city-based tanneries and leather industries of poor-quality execution of work by the BOT (build, operate and transfer) party in the execution of the Calcutta leather complex project, has constituted a
five-member committee to monitor the progress of work.
Stocks
SEBI points at CSFB on irregular trades
THE preliminary report of the Securities and Exchange Board of India (SEBI) on manipulation of stock prices says that one of the sub-accounts of Credit Suisse First Boston (CSFB) was used extensively for transactions in select scrips. These transactions
appeared to be part of a manipulative process, SEBI said.
Mock trading in Sensex-based options
MUMBAI: The Bombay Stock Exchange (BSE) will begin daily mock trading in Sensex-based options from May 19.
SEBI report materially false: Shankar Sharma
FIRST Global Securities Pvt Ltd (FGS) on Wednesday launched a scathing attack on the Securities and Exchange Board of India (SEBI) saying that the broking firm did not ``artificially depress'' the markets and that the markets regulator relied on false da
ta to reach its decision of taking action against the broking firm.
Pharma scrips up on price control news
PHARMACEUTICAL scrips were in the limelight in an otherwise lacklustre market with rumours of the span of control on drugs to be reduced from 74 to 31.
`Terms for JPC probe can't be widened'
THE terms of reference of the Joint Parliamentary Committee (JPC) probing the stock scam cannot be altered to look into the role of more institutions, the Chairman of the Committee, Mr P.M. Tripathi, has said.
Telecommunications
Net telephony hindrances to be removed
ALTHOUGH the Government is keen to allow Internet telephony, there are a lot of hindrances, and it will not be possible to do so without taking care of them, according to the Minister of State for Communications, Mr Tapan Sikdar.
Basic service: Licensing norms may be amended for PSU participation
THE Government is likely to make necessary amendments to the licensing conditions to enable the three public sector telecom companies -- Videsh Sanchar Nigam Ltd (VSN), Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL) -- to apply
for basic service licences.
Travel & Places
Plan to promote monsoon tourism
THIS monsoon, the Tourism Department of Kerala is wooing tourists with the line - come and see the rain...come and see it pour...
