Agriculture
Food and mouth hysteria
RESULT, repercussion and ramification are all terms equivalent to the word `consequence'. But pedantic linguists will tell us that every one of them has a distinct connotation, although all of them refer to what follows after an event or cause. Consider the recent commotion in England and Europe on the outbreak of foot and mouth disease (FMD) afflicting livestock. No sooner did it come to the notice of the people than entire herds of cattle began being consigned to their funeral pyres. This operation co st the German exchequer $311 million, with a partial contribution of the cost by the European Union. In the panic that gripped the citizens and authorities, Italy banished circuses and English conservatives suggested troops be called in to assist the Min istry of Agriculture to destroy the accumulating carcasses.

`No proof of risk from Bt cotton'
ALLAYING fears about the serious environmental risk posed by Bt cotton crop, Dr K. Venugopal, Project Coordinator, Central Institute for Cotton Research (CICR), Coimbatore Station, has said there is no evidence to prove the risk yet.

Airlines
AI revenues up 13 per cent
AIR India earned revenues of Rs 4,151 crore during the period April 2000 to January 2001. This exceeds the revenues earned during the corresponding period of the previous year (Rs 3,672 crore) by Rs 479 crore (13 per cent).

Changes in IA flight schedules
THE Indian Airlines (IA) has effected changes in the departure and arrival timings of aircraft from and to Hyderabad under the summer schedule which came into operation from March 25.

Breweries
Free trade may bring down beer prices
BEER price is expected to tumble in Karnataka after the Chief Minister, Mr S.M. Krishna, announced a decision to open up its distribution to non-liquor outlets during his Budget speech here on Monday. An early estimate, arrived at soon after the unveilin g of the Budget, suggested a price drop of at least Rs 5 on a 650-ml bottle.

Chemicals
Tata Chem Mithapur plant resumes
MUMBAI: Tata Chemicals' Mithapur plant resumed production on March 24 after a fire in the power house forced plant closure on March 2.

Commodities
What ails the commodity futures market
THE need for a futures market in commodities, especially primary commodities, can hardly be over-emphasised. Such a market not only provides ample opportunities for effective management of price risks through `hedging', but also assists in efficient disc overy of prices, which can serve as `reference' for trades in physical commodities in both the internal and external markets.

Cardamom prices up by Rs 20
CARDAMOM prices moved up by Rs 20 a kg at auctions held last week in major centres in Kerala and Tamil Nadu on increased buying activity.

Lease rates help gold stay above $260 level
DESPITE being buffeted by currency and other factors, gold, last week, managed to stay above the psychological $260 an ounce level propped primarily by a jump in gold lease rates (one month rates up from 1.5 per cent to 2.76 per cent at the beginning). T he official Friday price was $ 262.85/oz (London PM fix), a gain of 0.8 per cent week-on-week. Silver continued to remain weak.

Corporate
RSM Intl among top 10
NEW DELHI: RSM International, the worldwide accounting and consulting firm, has posted the highest growth rate among the world's top 10 accounting and consulting firms during 2000. According to the International Accounting Bulletin's global survey, RSM's revenues grew by 20.6 per cent in 2000, outperforming competitors, a press release said.

Foundry sector: The unrealised dream
THOUGH the foundry industry could do to Coimbatore what the hosiery industry has done to Tirupur, it has remained an unrealised dream because of the lack of proper marketing to tap overseas markets, according to industry representatives.

Heubach plans dioxin lab at Ankleshwar
HEUBACH Colour Ltd, part of the Heubach group of companies in Europe, plans to invest up to $400,000 in setting up a dioxin research facility at Ankleshwar in Gujarat. The research lab is expected to come up in the next six months.

Unpaid interest of Rs 76 cr -- Sanghi Industries to issue pref shares to banks, FIs
In a significant development, Sanghi Industries Ltd (SIL) has decided to convert the unserviced interest component of over Rs 76 crore into preference shares in favour of banks and financial institutions (FIs).

DCM Hyundai to launch containers for LCVs
DCM Hyundai Ltd hopes to shortly launch its LC series of containers, developed specially for use on light commercial vehicles (LCVs). At present, a few of these containers are being tested out.

Shareholders feel let down
THEY sold the shares they owned. Then, due to events beyond their control and for which they were in no way responsible, SEBI issued a directive withholding the payments due to them. How is this fair, they now cry against the institution whose very creat ion was for the purpose of protecting small investors.

New bottled water rule has industry gulping
JUST months after the 330-ml `Chhotu Bailley' and the 1.2-litre Bisleri water bottles hit the market with much hype and some popularity, a recent Government notification -- amending the Standards of Weights and Measures (Packaged Commodities) Rules, 1977 -- seeks to put an end to this party.

Escotel refinances Rs 525 cr debt
ESCOTEL Mobile Communications Ltd has successfully refinanced its Rs 525 crore domestic debt and restructured its offshore loans of $75 million.

J&N skips dividend for 18 months
THE board of Jenson & Nicholson (India) Ltd has skipped dividend on equity and preference share for 18 months to September 30, 2000 in a bid to conserve resources.

Indo Rama allots shares to IFCI
MUMBAI: The board of Indo-Rama Synthetic Ltd has allotted 1.027 crore equity shares of Rs 10 each at par, aggregating Rs 10.27 crore, to IFCI by way of conversion of loan into equity, according to a notice to the BSE.

Courts
Treat Govt notifications rationally, rules SC
THE Supreme Court has ruled that a Government notification is to be construed reasonably and rationally and not in a manner which deprives the benefit thereof.

Economy
Preparing for QR-free import regime
THE Exim Policy to be announced in a few days from now is expected to do away with all the remaining quantitative restrictions on imports. Apprehensions have been expressed in certain quarters that this may lead to a flood of imports into the country an d adversely affect the fortunes of the domestic industry.

Stock investment is not an alternative to small savings
THOUGH the Union Finance Minister, Mr. Yashwant Sinha, wishes to make investments in the capital markets an alternative to investment in small savings, few retail investors seem to be ready to bite the bait.

Reforms conundrum
THE ECONOMIC reforms that have helped many a politician, bureaucrat and stock broker become richer through a variety of scams at the expense of the gullible investor, have diluted without much ado caste constituencies of political parties.

Editorial
Harvesting trouble
AFTER DRAGGING ITS feet for as long as it could, the Centre has capitulated to political pressures and raised the minimum support price (MSP) for wheat for the harvest season officially to begin from April 1. The Commission for Agricultural Costs and Pri ces (CACP) has once again been completely ignored; so has fiscal prudence. There is more than a grain of truth in the wide-spread belief that the upward revision in support price -- by Rs 30 to a record Rs 610 per quintal -- is not only unrealistically h igh, but also divorced from market realities.

Fast track
Pharma scrips still sick
DURING the past couple of weeks, the markets have been highly volatile followed by a stream of negative news flows. The ban imposed by the Securities Exchange Board of India (SEBI) on short sales has further dampened the trading sentiment. Though the flo w of foreign funds into the equity markets is encouraging ($12.48 billion during the first three months, which is almost 81.4 per cent of the total purchases in the year 2000), the domestic funds are pessimistic and the confidence of the retail investors is low.

Foreign Trade
WTO ruling on asbestos imports -- FICCI sounds caution on non-tariff barriers
THE appellate body of WTO recently ruled in favour of France in prohibiting imports of chrysotile or white asbestos from Canada on health grounds with the significance of the case being in the legal reasoning behind it, according to the Federation of Ind ian Chambers of Commerce and Industry (FICCI).

Ministry defers bar coding of exports again
THE Union Commerce Ministry has yet again postponed the implementation of the compulsory use of bar coding using international symbologies/international numbering standards for all exports.

Impact
Hughes Soft: Lifeline from Motorola
The agreement entered into by Hughes Software Systems with Motorola is expected to bolster market sentiment in the stock in the near term.

Dhampur Sugars: Not much difference
The announcement that ICICI plans to convert part of its term loan outstandings into equity shares, thus acquiring a 13 per cent stake in Dhampur Sugar Mills, may not result in any sustained improvement in the stock valuation of the latter.

Information Technology
Karnataka slaps 4 pc on software, e-professions
THE Karnataka budget has proposed to raise Rs 284 crore of additional resources by bringing some sections of the new economy within the tax ambit. The Budget has estimated an overall deficit of Rs 286.05 crore for 2001-2002. The new levies cover a four p er cent sales tax on software, new professions such as mobile phone service operators, e-commerce business, Internet cafes and providing Internet service and on the information kiosks.

House panel flays DoT for starving C-DoT of funds
A PARLIAMENTARY committee on infotech on Monday pulled up the Department of Telecommunications (DoT) for the delay in releasing funds to the Centre for Development of Telematics (C-DoT).

IBM plans awareness camps for SMEs
HYDERABAD: IBM India Ltd is planning to hold IBM Solutions Forum, an awareness camp targetted at the small and medium businesses, in 22 cities across four regions of the country.

`C-DAC must move with the times'
THE Centre for Development of Advanced Computing (CDAC) should rethink its focus in the fast changing field of information technology and reinvent itself, said the speakers at the 14th Foundation Day celebrations of the centre.

`E-biz vital for brick-mortar cos'
HYDERABAD: With trade barriers coming down and Internet dissolving the geographical boundaries, global economy was becoming a reality. Against this backdrop, no organisation can afford to ignore the e-marketplace and one who does so would risk being marg inalised at best, according to Mr Ramesh Gelli, Chairman and Managing Director of Global Trust Bank.

Remote server control software launched
A MUMBAI-BASED start-up called ITFinity Solutions Pvt Ltd has launched what it says is the world's first wireless remote server management software.

C-DAC unveils 3 products
THE Pune-based Centre for Development of Advanced Computing (C-DAC) has released three new software products for health, language learning and Sanskrit authoring areas.

Mistral gets $3 m funds from US co
MISTRAL Software Pvt Ltd, a Bangalore-based company specialising in embedded design services, has raised $3 million in the first round funding from eTEC Ventures LLC, US. The company is divesting approximately 20 per cent of its equity to eTEC.

IT&T on major revamp mode
IT&T Ltd, the New Delhi-based software solutions company that tapped the capital market recently with its initial public offer (IPO) for part-financing its expansion plans, has embarked upon a major restructuring programme.

Cyberwave in pact with Dhaka firm
THE Chennai-based Cyberwave Internet Solutions Ltd has signed an agreement with the Dhaka, Bangladesh-based Computer Graphics Systems (CGS) for providing system integration solutions to the latter.

Exclusive club for NRIs soon
NRI Network Corporation Ltd (NNC), the company behind the portal NRIworld.com, plans to launch an exclusive NRIworld Privilege Club.

Infrastructure
Global meet on low-cost housing from today
AN international workshop on `Materials design and production process for low-cost housing' being organised here from Tuesday by Italy-based International Centre for Science and High Technology (ICS), a UNIDO affiliate, in association with the Regional R esearch Laboratory, Thiruvananthapuram, (RRL-T), will have a separate session devoted to materials and designs for quake-prone areas.

Rs 6-cr fund to boost core sector
BANGALORE: A new industrial infrastructure development fund with a Rs 6-crore initial input is being set up to power the core sector.

PSU
McDowell sole bidder for NSL's distillery
MCDOWELL & Company has emerged as the sole bidder for the Mombojipally distillery of the State-owned, Nizam Sugar Ltd (NSL) with the deadline for submission of bid documents expiring today.

Petrochemicals
Haldia Petro 11-month sales at Rs 969 crore
HALDIA Petrochemicals Ltd (HPL) has clocked a turnover of Rs 969 crore in the 11 months to February of the current fiscal. The plant was commissioned on April 2, 2000.

Pharmaceuticals
Bio-Ved sets up $8-m R&D centre near Pune
BIO-VED Pharmaceuticals Private Ltd (a wholly-owned subsidiary of the US-based Ayurcore Inc) has set up a research and development centre at Warje near Pune. The facility was formally inaugurated today. The centre has been set up with an investment of $ 8 million.

Politics
Bush and India -- Coming to terms with reality
Even while recognising India as an emerging power and a showcase for pluralistic democracy and highlighting the importance of India in the US' policy calculation in Asia, especially vis-a-vis China, the Bush Administration has been striking a note of cau tion: Washington should not over-estimate the prospects for American business in India. Indian analysts and policy-makers must sit up and take notice.

Greater Albania: Afghanistan in Europe
HAVING SOWN the wind, the NATO alliance is now reaping the whirlwind. Yugoslavia was first dismembered and its rump amputated with criminal insouciance through one of those dirty little wars that has been the life-blood of Liberal imperialism down the ag es. In Britain the war party was led by the New Labour Prime Minister, Mr Tony Blair, ably assisted by Mr Robin Cook and Mr George Robertson, one administering foreign policy, the other responsible for defence. Waiting noisily in the wings was the Leader of the Liberal Democrats, Mr Paddy Ashdown, a former Royal Marine turned politician.

Pot calling the kettle...
I HAPPENED to be in Sydney attending an international corporate conference organised by American Express during the middle of this month, precisely the time when there was `tehelka' in the Capital back home. For us, a group of about a dozen Indians -- i ncluding the media team and Amex executives -- the Tehelka team's revelations which was beamed across the globe came as an utter shock.

Stalling Parliament
Irrespective of the reasons cited, the repeated stalling of Parliament proceedings is a cause for deep concern, and it is time public opinion asserts itself.

Power
MoU must for supply in excess of 5,000 kVA
CHENNAI: The Tamil Nadu Electricity Board (TNEB) has requested consumers requiring power supply in excess of 5,000 kVA to enter into an MoU with the board for assured connection on the required day, according to a TNEB press release.

Shipping
IWAI planning to acquire Raymond jetty on Hooghly
THE Inland Waterways Authority of India (IWAI) is planning to acquire from Raymonds a jetty on the Hooghly river front as part of its overall plan to develop cargo handling and warehousing facilities at Shalimar in the Howrah district.

CPT outlines strategy to solve CDS problems
THE Deputy Chairman of Calcutta Port Trust (CPT), Mr T.K. Dewan, who is in charge of the Calcutta dock system (CDS), has outlined a multi-pronged strategy being adopted by CPT to solve the problems facing the port.

Keel laid for ChPT dredger in Kochi
THE keel of the ocean going Trailing Suction Hopper Dredger for Chennai Port Trust was laid on Monday at the Cochin Shipyard Ltd.

States
292 investment approvals for Rs 4,516 cr approved
THE State Single Window Agency has wrapped up 2000-2001 with total of 292 investment approvals valued at Rs 4,516.2 crore.

Karnataka proposes Rs 284 cr new taxes
THE Karnataka budget has proposed to raise Rs 284 crore of additional resources by bringing some sections of the new economy within the tax ambit. The Budget has estimated an overall deficit of Rs 286.05 crore for 2001-2002. The new levies cover a four p er cent sales tax on software, new professions such as mobile phone service operators, e-commerce business, Internet cafes and providing Internet service and on the information kiosks.

Nasscom flays for ST on computers
NASSCOM president Mr Dewang Mehta on Monday termed the levy of a four per cent sales tax by the Karnataka Government on computer software including programming, providing and leasing of computer software as a retrograde step.

AP launches pilot distance learning project
IN ONE of the first initiatives in the country aimed at utilising the INSAT's high-powered KU band transponders, the Andhra Pradesh Government has launched an experimental distance learning educational project.

ADB approves $500 m for quake-hit Gujarat
THE Asian Development Bank (ADB) on Monday approved an emergency loan of $500 million to rebuild the earthquake-devastated State of Gujarat.

Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.

Mazdoor Sabha flays anti-people policies in Bengal
THE West Bengal State Council of the Hind Mazdoor Sabha (HMS) has flayed the CPI (M)-led West Bengal Government for pursing, what it sees as anti-people and anti working-class policies.

Swedish Health Bureau role in Kolkata project likely
EFFORTS are on to rope in the Swedish Health Bureau (SHB) for a medicare project in the city proposed to be set up by a Sweden-based Indian, Mr Bicky Chakraborty.

Natpac unfolds rural road network scheme for Kerala
THE National Transportation Planning and Research Centre (Natpac), an autonomous body under the Kerala Government, has evolved a methodology for rural road network planning for use within the framework the Pradhan Mantri Gram Sadak Vikas Yojana (PMGSVY).

Pelicans at Bhuj

Stocks
Tech scrips look up on positive forecast
WEIGHED down by panic created by the raids by enforcement agencies on leading market players, the bellwether BSE sensitive index fluctuated in a narrow band before ending the day marginally higher at 3,636.32 points. In relation to Friday's close, the Se nsex was higher by 1.04 points (0.03 per cent).

Lyons Range
KOLKOTA: Trading on Lyons Range ended on a flat note with the indices dipping marginally. CSE-40 closed at 1,890, down from 1,896.67, while CSE-50 closed at 120.83, down from 121.46. Sentiment was low and the exchange recorded thin volumes.

I-T pins Rs 15-cr evasion on Ketan Parekh -- First Global's Shankar Sharma in Rs 7-cr `fictitious deals'
THE ongoing investigation by the Income-Tax Department on stock brokers has revealed tax evasion by the big bull, Mr Ketan Parekh, and allegedly fictitious sale and purchase of shares by another key player in the stock markets, Mr Shankar Sharma of First Global Securities, senior Government officials said.

CSE declares 10 defaulters
THE Calcutta Stock Exchange today declared 10 members "defaulters" for failing to meet their combined pay-in obligations of Rs 106.92 crore in terms of Settlement Nos. 148, 149 and 150.

5 in race for BSE board slots
FIVE members of the Bombay Stock Exchange (BSE) are contesting for the three vacancies at the BSE governing board.

Taxation
Revenue Secy defends tax on ECBs
DEFENDING the Government's decision to impose tax on interest on external commercial borrowings (ECBs), the Union Revenue Secretary, Dr S. Narayan, said that such income was taxable in the host country and the levy of tax in India on the activity of lend ing in India would enable the lender to obtain tax credit in the host country.

Technical Analysis
Marginal loss
THE movement of the index on Monday was within a bandwidth of about 18 points with the bears and bulls being active. It finally closed around the day's open with a minor loss of about three points. The downtrend initiated on Friday continued on Monday. T he sentiment of the tradable list remained the same, favouring the bears strongly.

Telecommunications
Convergence, the new mantra
CONVERGENCE is the latest mantra. First, there were reports about the creation of a super ministry to control all the ministries concerned. There was some debate whether the Department of Electronics should also come under the preview of this jumbo minis try. The bureaucracy and the politicians visualised their numbers going down and soon the idea was buried. The clearance of DTH (direct-to-home) television transmission by the Cabinet thereafter is linked to convergence. And a Bill on convergence is expe cted to be introduced in the current session of Parliament. The central idea of the Bill is to create a `super regulator', by augmenting the Telecom Regulatory Authority of India (TRAI). There is a strong demand by parliamentarians to give TRAI some teet h rather than leave it as a recommendatory body.

Textiles
India to fight Korean claim on dumping
COTTON Textile Export Promotion Council (Texprocil) will fight the anti-dumping case initiated against Indian yarn exporters by South Korea.

Media Lab poised to weave technology into handicrafts
FOR centuries, Lucknow women have been creating intricate Chikan embroidery using traditional methods that fetched them so little despite months of hard work. Now, their life is poised for change with the Centre for Indigenous Design (CID) identifying Ch ikan embroidery as a project to develop technologies that will help artisans' dexterous hands.

A dash of online colour for Tirupur
INCREASED investment towards the textile processing segment in the knitwear exporting town of Tirupur has drawn the attention of Mumbai-based Advanced Graphic Systems, the company marketing high precision colour measuring/colour matching systems.

New depot to help Pochampally weavers
THE famous `Ikat' fabric designers from Pochampally village, a struggling lot today, will soon get a small relief in the form of a new depot, that would aid in procurement and supply of the much needed raw material.

Transport
Travel woes
Recently I traveled from Delhi to Ahmedabad by the Ashram Express (February 16) and from Rajkot to New Delhi (February 20). On both trips there were a number of passengers travelling without reservations. When this was brought to the ticket checker's not ice, he expressed his inability to do anything about the matter. What is the point of getting a reserved seat a month or two in advance when unreserved passengers are also allowed to travel in the reserved compartments. There is also a coach reserved for Army personnel, but they are found travelling in other compartments without a reservation. The situation worsens at night because of the chances of theft.

Travel & Places
High tax rates render tourism sector crippled
NOTHING comes for free, especially `Leisure'. And this is particularly true of the Indian tourism industry, rendered among the least competitive destinations in the world based on the cost of tourism, thanks to the high taxation rates in the country. Tax es constitute a major component of the cost of tourism.

Source:Business Line