The Hindu Business Line : Wednesday, August 02, 2006

NRIS
Karnataka Bank cuts NRE rates
Karnataka Bank Ltd has reduced interest rates on NRE deposits with effect from August 1. A bank release said here on Tuesday that interest rate on NRE term deposits has been reduced to 6.54 per cent (6.70 per cent) for one year ... More

SOCIAL SECURITY
No increase in small savings, PF rates: Chidambaram
The Finance Minister, Mr P. Chidambaram, on Tuesday ruled out any increase in the interest rate on small savings, employees provident fund and pension fund. The Minister said in the Rajya Sabha that there was no proposal to raise interest on ... More

COURTS/LEGAL ISSUES
Herbertsons gets HC nod for merger
Herbertsons Ltd has informed the Bombay Stock Exchange that the Bombay High Court had on July 31, 2006, sanctioned the composite scheme of arrangement in respect of the amalgamation of the company with McDowel & Company Ltd. With More

ECONOMY
Q1 fiscal deficit crosses 50% of entire 2006-07 estimates
Receipts account for 13 pc of projections More

ENVIRONMENT
Rabo India unveils carbon credit trading product
Rabo India Finance (a wholly owned subsidiary of Rabobank International) has launched a carbon credit trading product. Carbon credit trading helps companies meet internationally accepted emission control norms by purchasing these credits from ... More

EXCISE AND CUSTOMS
Hoda panel seeks industry feedback
Duty inversion on implementation of tariff sops on regional trading arrangements More

INFRASTRUCTURE
`India's infrastructure spend inadequate'
Suminfra 2006 to start tomorrow More

Nabard gives Rs 138 cr for State's rural infrastructure
The National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 137.57 crore to the Kerala Government for taking up rural infrastructure projects. The amount has been sanctioned from Nabard's Rural Infrastructure Development ... More

PETROLEUM
Discount issue: MRPL told to negotiate with OMCs
RIL unwilling to extend discounts to OMCs More

ONGC to invest Rs 4,976 cr in 2006-07
The Minister for Petroleum and Natural Gas, Mr Murli Deora, on Tuesday informed the Rajya Sabha that ONGC has earmarked an investment of Rs 4,976.02 crore for 2006-07, which includes expenditure on development drilling and capital projects. The ... More

POWER
BHEL bags NTPC's Dadri power project contract
State-run Bharat Heavy Electricals Limited (BHEL) on Tuesday said it has secured a major contract from NTPC Ltd for setting up the first unit of 490 MW at its National Capital Thermal Power Project Stage-II in Dadri, UttarPradesh. BHEL's scope ... More

Bangla power venture plan still on: Tata
The doors have not been completely shut on Tata Power's plan for a 1,000-mw power project in Bangladesh, Mr Ratan Tata, Chairman of the Tata Group indicated to shareholders here on Tuesday. Tata Power is still considering the project. However, ... More

Power situation comfortable in Kerala
Decline in water storage levels at reservoirs not an issue More

CISF to tackle power theft in Delhi
Extend cover to distribution utility personnel More

TAXATION
`Tax exemption on FDs an investment opportunity'
Investors looking for risk-free investment schemes with the added benefit of tax exemption, now have one more avenue to invest their funds. The Finance Ministry, in a notification issued on Monday, has said that bank fixed deposits (FDs) of five ... More

TRAVEL & PLACES
Yatra launches online services
Travel services company Yatra has announced the launch of its online services at www.yatra.com. The company offers information, pricing, availability and reservations for airlines, hotels, railway, buses and car rentals across 5,000 cities and ... More

RADIO/TV
`Enlightened Clients', a hit for Channel V
Channel V's `Enlightened Client' initiative, which seeks to offer a complete 360-degree brand experience to advertisers, is doing well and has reportedly become an important source of revenue. Mr Amar Deb, Head Honcho, Channel V, said the ... More

EDUCATION
MIMS training programme at Hyderabad
MediCiti Institute of Medical Sciences (MIMS) here has introduced `self-development and life-skills' training programme, claimed to be the first of its kind in the country. The Chancellor of University of Pittsburgh, who ... More

Pre-certification: Co Secys peeved over Ministry move
Members of the Institute of Company Secretaries of India (ICSI) are feeling let down over the act on the part of the Company Affairs Ministry diluting their prerogative to pre-certify various documents submitted by companies to the Registrar of ... More

CARS
Scorpio sales up 20% in July
Mahindra & Mahindra (M&M) has posted a 39 per cent rise in July 2006 sales over the corresponding period of the previous fiscal at 13,136 units (9,454 units) . During this period, 3,043 units (2,390) Scorpios were sold and it marked a 27 per More

TWO/THREE WHEELERS
TVS Motor bike sales up 28 pc in July
TVS Motor Company sold 68,335 motorcyles in July 2006, 28 per cent higher than 53,215 units in the corresponding period last year, the company has said in a press release. The company's total two-wheeler sales in July clocked 1,21,462 units ... More

INDUSTRY ASSOCIATIONS
Meet on export procedures
The Indian Chamber of Commerce and Industry (ICCI), Coimbatore and the Federation of Indian Export Organisations - SR, in association with HSBC, are organising an `interactive presentation on export procedures' and seminar on ... More

MINERALS
Ban on iron-ore stacking in NMPT lifted
The Karnataka State Pollution Control Board (KSPCB) has lifted the ban on stacking and transportation of iron-ore cargo within the premises of New Mangalore Port, with certain conditions. The port is working on the implementation of these ... More

SMALL SAVINGS
Post Office SB deposits rise
The deposits under the Post Office Savings Bank Account Scheme as on March 31, 2006 are Rs 16,790 crore. These deposits grew by Rs 1,490 crore last year, according to an official release. The release quoted Mr P.K. Bansal, ... More

RURAL DEVELOPMENT
USO fund: Finance Ministry faulted
Less than 50 pc of funds required released: DoT More

`Group lending efficiency must be improved'
The group lending model of microfinance in India can do with less stringency, according to Mr Dean. S. Karlan, Visiting Assistant Professor of Economics, Yale University. Flexibility towards individual lending should be explored, he ... More

ICICI Bank to hire more banking correspondents
ICICI Bank is looking to increase the number of banking correspondents for its agri sector by the end of this fiscal, Mr Nachiket Mor, Executive Director, said. The banking correspondents would provide services such as collecting savings ... More

EVENTS
K-Circle quiz on Aug 5
The Juno K-Circle quiz contest for corporates, clubs and colleges would be held on August 5, at the Bharatiya Vidya Bhavan Auditorium in city. Cash prizes totalling Rs 22,500 would be at stake for the winners, with the winner getting Rs ... More

KCCI interactive session at Mangalore
The Kanara Chamber of Commerce and Industry (KCCI) will conduct an interactive meeting with Mr Mark Russell, Commercial Consul, American Consulate General, Chennai, in Mangalore on August 3. A KCCI release said here on Tuesday ... More

Seminar on ready-to-eat foods
An international conference on ready-to-eat foods will be held in New Delhi during August 24-25. Organised by Assocom India and supported by promotional institutions like American Soyabean Association, the seminar will discuss various aspects ... More

EXPORTS & IMPORTS
Egg exports to Gulf may resume by August 15
Confidence-building measures pay dividends More