Banking and Finance
Indian Bank reduces net loss by 35 pc
INDIAN Bank has reduced its net loss for 2000-01 by 35 per cent -- from Rs 427 crore in 1999-2000 to Rs 274 crore in the year ended March 2001.
IOB operating profit up
INDIAN Overseas Bank has reported a post-tax earnings of Rs 115.92 crore (Rs 40.34 crore) on a total income of Rs 3,095.83 crore (Rs 2,770.75 crore) for the year ended March, 2001.
Economy
Overseas commercial borrowings -- Automatic approval norms in for changes
THE automatic approval regime for overseas commercial borrowings up to $50 million is set to undergo changes, marked by more restrictions, following reservations expressed by the Finance Ministry regarding the misuse of this facility.
Transfer pricing adjustments -- Exporters to lose income-tax holiday
EXPORTERS enjoying income-tax holidays are in for some disappointment with the recent transfer pricing legislation. The Government has now made it clear that these enterprises would not be eligible for tax holidays on any transfer pricing adjustments mad
e by the tax authorities.
`US slowdown, cheap imports hit economy'
THE country's gloomy economic scenario is dominated by a combination of factors, ranging from the US slowdown to the advent of cheaper imported goods to the gradually falling rupee. This was stated here by Mr Amitav Kothari, tax consultant.
Financial Performance
SBT net rises 47 pc
STATE Bank of Travancore (SBT) has registered an all-time high profit of Rs 97.49 crore during 2000-01, representing a rise of 47 per cent over the last year, which has enabled it to declare a higher dividend of 30 per cent as against 25 per cent in the
previous year.
Forex
Forex reserves down by $5 m
THE country's forex reserves have declined by $5 million to $42.824 billion for the week ended May 25 as compared to $42.829 in the previous week.
Information Technology
Paswan to lead team for Supercomm 2001
THE Union Minister for Communications, Mr Ram Vilas Paswan, will be leading a high-level delegation to ``Supercomm 2001'' the communication event of the information technology (IT) world. The event will be held from June 4 to 7 at Atlanta, USA.
Insurance
Govt no to review of FDI cap in insurance
THE Government has decided to take the negotiating position of not changing the existing foreign equity cap of 26 per cent in the insurance sector during the forthcoming financial services negotiations under the General Agreement on Trade in Services (GA
TS).
PSU
BHEL divestment on the cards
THE Government is close to finalising a proposal for the Cabinet, seeking to divest its equity in one of the navaratnas -- Bharat Heavy Electricals Ltd (BHEL).
States
DFID to raise funding in AP
THE Department for International Development (DFID), UK has indicated an increase in its funding of projects in Andhra Pradesh from the current 30 million pounds a year to around 40 million pounds over the next few years.
Plea to check sea erosion along Karnataka coast
THE Akhila Karnataka Fishermen's Parishad has requested the civic authorities to chalk out strategies to protect the community from sea erosion along the karnataka coast.
`Kairali' may break even ahead of schedule
KAIRALI, the ``channel with the cutting edge'' reportedly sponsored by the Communist Party of India (Marxist) (CPI (M) establishment in Kerala, is expected to break even ahead of completing the first three years of operations as was originally thought it
would.
KPCL may terminate pacts with KPTCL -- Private sector to set up hydel units
THE Karnataka Power Corporation Ltd (KPCL) has indicated that it would prefer termination of power purchase agreements (PPA) signed with the State-owned power transmission utility, once the distribution companies are in place.
Krishna to visit France to promote economic ties
THE Karnataka Chief Minister, Mr S.M. Krishna, has accepted an invitation to France to explore business possibilities, said the Ambassador to France in India, Mr Bernard de Montferrand.
Visit Hyderabad festival
HYDERABAD: The Department of Tourism is organising the `Visit Hyderabad Event' for eight days from Sunday keeping in view the lakhs of people due to arrive here during this period for taking fish medicine.
Supremo unveils 9-day consumer expo
HYDERABAD: Supremo Trade Fairs, the Bangalore-based organisers of consumer exhibitions, has unveiled a nine-day exhibition -- Supremo 2001 -- at the Country Club here.
Medwin offers free CPR training
HYDERABAD: Medwin Hospitals here wants to organise free training sessions on June 4 to as many people as possible on basic cardiac life support, cardiopulmonary resuscitation (CPR) and foreign body obstruction management.
Plea to rescind postal tariff hike
HYDERABAD: The Chairman of the Posts & Telecommunications Committee of the Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI), Mr Omprakash Tibrewala, has pleaded for reduction of postal tariffs.
ICRISAT donates seeds to quake-hit Gujarat farmers
THE International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) has donated 500 kg seeds of a high-yielding pearl millet hybrid to the earthquake-affected farmers in the villages around Bhuj in Gujarat.
No tickets, please
Foodtboard travel is certainly dangerous but this is a common scene in rural Bengal, where there are no frequent buses between villages. And to avoid long and agonising wait, commuters resort to this risk to reach their destinations.
Telecommunications
DoT drops plan to issue separate licence for UMS
THE Department of Telecommunications (DoT) has dropped its plans of issuing a new category of licences for Internet service providers (ISP) offering unified messaging services (UMS).
Transport
RailTel in talks with FIs, banks to raise Rs 500 cr
RAILTEL Corporation of India Ltd (RCIL) is in talks with a host of banks and financial institutions, including State Bank of India, ICICI and IDBI, to raise close to Rs 500 crore for modernising its existing telecom network in the near term.
