Agriculture
Steady growth in value-added spices export
EXPORTS of value-added spices have shown a steady growth, while that of pepper, which used to occupy the top slot in the Indian spices exports, continues to decline.

`Save grain campaign' to reduce foodgrains' losses
THE Government is implementing `Save grain campaign' scheme to reduce losses to foodgrains during the post-harvest period, the Union Minister for Agriculture, Mr Ajit Singh, said on Thursday.

Automobiles
Tata Engineering CV sales begin to look up
FOR the first time in several months, the domestic market leader in commercial vehicles (CVs), Tata Engineering, has reported a rise in CV sales.

Banking and Finance
Citibank goes for single management set-up
CITIBANK India has restructured its management set-up. The bank today said it has simplified its management structure and moved towards a singular reporting system for its corporate and consumer banking businesses. Earlier, these businesses operated inde pendently reporting directly to the region's functional heads.

Ministry clarification on IDBI appointment
With reference to the report `CVC says he has not been approached in Vora's case' published on August 8, the Ministry of Finance has clarified that a reference in this regard was sent by the Banking Division of the Ministry to the Central Vigilance Commi ssion on August 1.

Breweries
UB demerges brewery biz as BrewCo
THE board of United Breweries Ltd today approved the demerger of its brewery business into a separate entity called BrewCo, effective August 1.

Chemicals
Chemexcil to organise Chem Expo 2002 in Mumbai
THE Basic Chemicals, Pharmaceuticals & Cosmetics Export Promotion Council (Chemexcil) will organise the Chem Expo 2002 from February 12 to 14 in Mumbai by showcasing the best of Indian industry with a view to fostering synergies for global competitivenes s.

Commodities
CTRI to release 3 non-FCV varieties
THREE new non-FCV (flue-cured Virginia) varieties of tobacco have been recommended for release at the staff research council meeting of the Central Tobacco Research Institute (CTRI) which concluded here on Thursday.

Govt on the mat over palm oil tariff value
THE recent publication of customs notification fixing tariff values for crude palm oil, refined palm oil and refined palmolein is turning curious, even as the Government may be forced to go on the defensive if challenged over the date of actual publicati on.

Palm oil tariff change in effective date sought
SEVERAL edible oil consignments, the documents of which were cleared by customs houses on August 3 as per routine assessment procedure (without bringing them under the ambit of notification fixing tariff value for palm oils), may be re-assessed and less- charge demand slapped, importers fear.

Consumer Electronics
LG Electronics eyes 15 pc market share
LG Electronics India Ltd is targetting a 15 per cent marketshare in the colour television (CTV) segment in the country this year against 11.6 per cent achieved last year.

Corporate
Akzo arm acquires 92% in Centak Chem; makes 2nd offer
AFTER an open offer, Akzo Nobel Chemicals International BV (ANC), a `sub-holding' company for joint ventures and subsidiaries of Akzo Nobel outside the Netherlands, has acquired 92.99 per cent in Centak Chemicals Ltd.

Delink insolvency provisions from company law: Chambers
SEVERAL chambers of commerce and industry have suggested that the winding up provisions should be separated from the Company Law and a new insolvency Act enacted.

Balaji group hopes brewery project will boost fortunes
GOOD news has been very scarce for the Chennai-based Balaji group in the last five years, ever since its founder, Mr Magunta Subbarami Reddy, was murdered by Naxalites in December 1995. Various businesses of the group fell into the red, often due to circ umstances beyond the group's control.

Instrumentations Ltd pact with Siemens
NEW DELHI: Instrumentations Ltd, a central public sector unit, has entered into an agreement with Siemens Ltd for technical and business co-operation in the field of power plant automation.

Shree Rama to set up production unit in China
THE Ahmedabad-based Shree Rama Multi-Tech Ltd has decided to invest Rs 100 crore in setting up a manufacturing unit for plastic and laminated tubes in China.

A haven for the tech-savvy
THERE is perhaps one must-see place that all visiting foreign dignitaries and CEOs to Bangalore, nay India, have on their whistle-stop agendas. Virtually everyone from Prime Minister, A.B. Vajpayee, his Japanese and Singapore counterparts, to Intel's Cra ig Barrett, Star's Rupert Murdoch and GE's Jack Welch has made a beeline to Electronics City. For this is where infotech giants -- the pride of Bangalore -- such as Infosys, Wipro, and Siemens are housed.

Products galore
ONE of the companies that has chosen to set up its facilities at the electronic city at Bangalore is the Maini group which recently introduced India's first electric car in Bangalore.

Catching the public eye
IN these days of `oh so real' ads of tempting cars, clothing, fruits, movies, potato chips, sunglasses and pizzas, when was the last time anybody actually saw artists perched precariously on scaffolding, painting hoardings?

DD may end up with a dented coffer
LAST year could have been one of the best for Doordarshan, but the public broadcaster is not set to score a double whammy.

Economy
Investments and economic growth -- Barking up the wrong tree
WHEN the future does not seem to promise good news about the economy, almost everyone turns to the Centre and the Reserve Bank of India with appeals and suggestions. These are usually meant for those who make decisions pertinent to fiscal, trade, industr ial and monetary policies. The appeals and suggestions are directed at policymakers with the hope that some components of policy would be reformed or tweaked so as to restore confidence in the economy.

Globalisation -- No shortcut to development
AS THE debate on globalisation proliferates, it gets more confusing. Is globalisation a source of economic growth and prosperity, as most economists and many in the policy community believe? Or, is it a threat to social stability and the natural environm ent, as a curious mix of interests ranging from labour to environmentalists -- and including the unlikely trio of Ross Perot, George Soros, and Sir James Goldsmith -- argue?

Reforms at our own pace, says Sinha
THE Government today struck a defiant note over the downgrading of India's sovereign rating by international rating agencies, Standard and Poor's and Moody's, with the Finance Minister, Mr Yashwant Sinha, declaring that the Government would pursue econom ic reforms ``at our own pace.''

Frequent flying babus to become extinct
THE frequent flying plans of many a babu in Raisina Hill have been grounded with the Government deciding to dispense with the practice of holding negotiations pertaining to World Bank-funded projects in Washington.

Moody's lowers India's rating
THE international rating agency, Moody's Investors Service, has lowered India's sovereign rating outlooks by a grade.

Downgrade unwarranted: Chambers
THE apex chambers of commerce and industry on Thursday held that Moody's decision to downgrade India's foreign currency rating was not warranted and that the rating agency had not factored in some of the positive aspects of the economy before arriving at a decision.

S&P cuts outlook for more firms
Standard and Poor's has downgraded the rating outlook of ICICI, IDBI and Bank of Baroda to negative from stable. The `BB' long-term and `B' short-term counterpart credit ratings on all the institutions have been reaffirmed, S&P said.

S&P rating `disturbing'
NEW DELHI: The competitive position of India may be disturbed by adversial cross-currency behaviour and downgrading of currency rating by institutions such as the Standard & Poor's (S&P), according to the Associated Chambers of Commerce and Industry (Ass ocham). -- Our Bureau

Employers right to fire employee
This refers to the news item ``Exporters seek mandate to hire and fire'' (Business Line July 31, Page 8). Right from the first independent Government headed by Jawaharlal Nehru, an error has been committed in viewing and understanding the relationship be tween an employer and his staff. During the struggle for freedom every option was considered right to attain the goal of Independence, though Mahatma Gandhi expressed views against this policy. But no one considered it worthwhile to understand it or view it seriously.

Editorial
More air pockets
THE AIRLINE DISINVESTMENT programme, that was scheduled to take off by August, seems to have run into the sort of dense fog that usually cripples flights into and out of New Delhi each winter. First it was a rewriting of the eligibility rules that disqua lified two bidders, the Hindujas and Videocon, from the race. Effectively that left Indian Airlines without a claimant, and Air India with only one, the Tata-Singapore Airlines combine.

Environment
Green Bench gets down to business
THE Council of State Governments (CSG) of the US, in collaboration with the US-AEP (US Asia Environment Partnership), a public-private initiative, has launched a court-annexed mediation-conciliation programme in Chennai, under the aegis of the Madras Hig h Court, to help resolve pending environment cases.

Battle over ecology leaves KIOCL at the crossroads
AS the battle between the environmentalists and the Kudremukh Iron Ore Company (KIOCL) continues over the mining in the Kudremukh area, the families of the employees of the company recently made a poignant attempt through a silent prayer to weather the t ension of having to face abrupt disturbance to their livelihood.

Fast track
Sterlite buyback: Deviant response
THE broad trend in the markets continues to be more of the same evident in recent months. Listless trading is what it is. While there be little to excite the traders and speculators, investors in specific companies may be called upon to make some decis ions linked to corporate announcements.

Fertilisers
Fertiliser units hit by gas shortage
WITH claimants to gas as the preferred energy source increasing by the day -- buses, autorickshaws and taxis in Delhi being the latest addition following the Supreme Court's directive -- gas-based fertiliser plants are finding it more and more difficult to access their basic feedstock requirement.

Financial Performance
GATI to pay 40%
GATI Ltd, a retail express cargo and logistics solutions provider, has recorded an increase in operating profit from Rs 16.53 crore to Rs 17.89 crore for 2000-2001 on a turnover of Rs 250 crore. The turnover is Rs 46 crore more when compared with the pr evious year.

Nalco net at Rs 159.45 cr
NATIONAL Aluminium Company (Nalco), a public sector undertaking under the Ministry of Mines, has earned a net profit after tax of Rs 159.45 crore in the first quarter of this fiscal. Its gross sales turnover during the quarter was Rs 774.08 crore and exp ort earnings Rs 315.82 crore. It achieved a gross profit Rs 242.74 crore and a net profit before tax of Rs 211.45 crore during this period.

Ambuja Cement Eastern makes a turnaround
GUJARAT Ambuja's sick subsidiary, Ambuja Cement Eastern Ltd (ACEL), which was formerly known as Modi Cement Ltd, has turned around during the accounting year ended June 30, 2001. Gujarat Ambuja holds its stake in ACEL through the holding company Ambuja C ement India Ltd.

Foreign Trade
`New trade round will help India's lot'
THE visiting US Trade Representative, Mr Robert B. Zoellick, has hoped that India would work with the US and other supporting countries to ensure a successful launch of a new round of global trade negotiations at the forthcoming Doha Ministerial conferen ce.

India, Nepal discuss trade, transit treaty
THE Department of Commerce (DoC) today said that senior Indian Government officials have discussed the problems faced by Indian industry, on account of the preferential imports facility accorded to articles manufactured in Nepal, with their Nepalese coun terparts.

Horticulture
TN to announce horticulture policy soon
In view of the high export potential of horticultural products, the Tamil Nadu Government is set to unveil a policy on horticulture soon.

Impact
UB:Brewing a new company
THE specifics of the proposal to demerge the brewery business may not bring about any improvement in the valuation of the UB stock.

Centak Chem: No room for gains
The second open offer proposed by Akzo Nobel Chemicals to shareholders of Centak Chemicals at Rs 200 per share may be a non-event as far as the stock price is concerned. The stock trades close to the open offer price and is set for delisting. Akzo Nobel Chemical's shareholding in Centak has now increased to 92.99 per cent.

Madura Coats: Uptrend may not sustain
The specifics of the buyback offer of Madura Coats may lead to some firm trend at around the current price level in the stock price. The company has proposed to buyback its shares at Rs 27 per share through the tender route. The buyback would cover 18 mi llion shares.

Information Technology
E-the-people
THE time is not far off when the preamble ``We, the people'' will morph into e-the- people, signifying the enormous efforts being made in true democracies to electronically integrate the people with their governments, making a reality of the oft-repeated mantra of government of the people, by the people and for the people.

Helping get the act together
THE Software Technology Parks of India (STPI) is a society set up by the Ministry of Information Technology, Government of India, in 1991 with an objective to promote and facilitate software exports from the country.

Insurance
Hunt for new heads at National, Oriental Insurance
THE Government has begun searching for replacements of chairmen for two of the public sector insurance companies who are due to retire during the course of this year.

Miscellaneous
Warning hazards
SO, Mr George W. Bush is off on a month long vacation on his Texas ranch. Its the longest vacation any American president has ever taken. Especially one who's already known for being work-shy. I cant blame George W. America's sliding into a recession wit h all the subtlety of the Titanic going down into the cold Atlantic waters. Presidents have guaranteed jobs, others don't.

Mutual Funds
Kotak Mahindra MF to focus on retail
KOTAK Mahindra Mutual Fund is wooing the retail investor in pursuit of stable, long-term funds. Retail customers would form 60 per cent of its customers by the year-end, said Mr Sandesh Kirkire, Vice-President, Fixed Income Securities.

US-64 issue
Despite one scam after another shocking the economy, no lessons seem to have been learnt. In the light of UTI debacle -- the redemption crisis faced by US-64 scheme -- it is suggested that the Government should come out with some regulations prohibiting the deployment of money deposited with a PF Trust in equity.

PSU
Connecting to the world
THE first occupant at Bangalore's Electronics City, ITI's plant was also the first telecom player in India to get ISO 9002 certification. Located on a lush 67-acre campus, the plant which makes a range of teleswitching systems was started in 1987 as an e xclusive pilot production plant making C-DOT exchanges.

We've not infringed guidelines: Hindujas
RESPONDING to the show-cause notice issued by the Government, the Hinduja group has said that there is no reason for it being debarred from picking up a stake in public sector entities.

Petrochemicals
Ramachandran joins Tamilnadu Petro
MR C Ramachandran, former Principal Secretary to the Government of Tamil Nadu, Industries Department, recently joined the board of directors of Tamilnadu Petroproducts Ltd.

Petroleum
Meet on petro products APM inconclusive
THE high-level meeting convened by the Finance Secretary, Mr Ajit Kumar, on Thursday to thrash out issues involved in the dismantling of the administered pricing mechanism in petro-products scheduled for April 1, 2002 remained inconclusive, with a consen sus eluding the Finance and the Petroleum Ministries on the operational modalities for deregulating the sector.

Policy
`Tobacco Bill grossly discriminatory'
THE proposed bill imposing curbs on cigarettes and other tobacco products is grossly discriminatory and it does not really address the problem, Mr A.C Sarkar, Director, Tobacco Institute of India, has said.

Panel approves IAS postings
THE Appointments Committee of the Cabinet has approved the appointment of Mr Mano Ranajan, IAS, as Additional Secretary and Financial Adviser in the Ministry of Consumer Affairs, Food and Public Distribution.

Politics
Heroin, Taliban and Pakistan
PAKISTAN'S illegal heroin economy has kept its legitimate economy sustained since 1990 and prevented its collapse. It has also enabled it maintain a high level of arms purchases from abroad, and finance its proxy war against India through the jehadi orga nisations.

Power
Dabhol Power goes to PM with equity sale offer
AFTER failing to elicit the support of both the Power and Finance Ministries for a buyout of its troubled project by Central utilities, the Dabhol Power Company (DPC) has approached the Prime Minister, Mr A.B. Vajpayee, with a similar proposal, according to top sources.

Shipping
P&O Ports consortium bags Chennai terminal project
A CONSORTIUM led by P&O Ports has won the 30-year concession to privatise and develop the Chennai Container Terminal, the second biggest container port in India accounting for roughly 15 per cent of total container volumes.

States
Trendy divinity
A Bangalore schoolboy looks at an idol of Lord Ganesha being got ready for the approaching Ganesh Chaturthi. Of late, idol-makers have started incorporating recent trends and events in their creations. This Ganesha is represented as rescuing people trapp ed in the Gujarat earthquake.

Public, pvt investments in AP farm sector decline
PUBLIC and private sector investments in Andhra Pradesh agriculture sector has declined by 1.9 per cent per annum in the 1990s, against the all-India declining trend in public investment and increasing trend in the private investment in agriculture.

Relocation of DVC headquarters -- Jharkhand to take up issue with PM
THE issue of relocation of the Damodar Valley Corporation (DVC) headquarters to Ranchi appears to be hotting up with the Jharkhand Government planning to take up the matter with the Prime Minister.

Theaters in Mumbai down shutters
Nearly 130 theaters in Mumbai and the adjoining Thane district downed the shutters to protest against the Maharashtra Government's policy of granting tax exemption to multiplex theaters.

TN to frame policy for SSIs
WITH the global competition threat looming over the small and tiny industries, the Tamil Nadu Government is in the process of framing a State policy on small industries which will offer safeguard against financial and marketing hiccups to the latter.

Further delay likely in gas cracker project
THE implementation of the much-delayed Assam gas cracker project may be further delayed as Oil & Natural Gas Corporation Ltd (ONGC) has expressed its inability to sign an agreement with the Reliance Assam Petrochemicals Ltd (RAPL) for supplying the remai ning quantity of natural gas for the project.

Kerala opposition flays Plan size reduction
THE Opposition Left Democratic Front (LDF) in Kerala has strongly criticised the reduction in the State's annual Plan outlay for 2001-02.

Fishermen in AP go stir from Aug 16
VISAKHAPATNAM: Fishermen in the mechanised sector in the State will go on an indefinite strike from August 16 to focus the Government's attention on the hike in prices of major inputs and the fall in the export rates of shrimp.

3-day electrical products expo in Chennai
CHENNAI: A 3-day exhibition on electrical products, Electrica 2002, to be held in Chennai between August 10 and 12 will showcase the latest products and developments in electrical and electronic industries, according to a press release from the Madras El ectric Trades Association (META).

TN: New tourism policy formulated
CHENNAI: A new tourism policy for the State is being formulated with special focus on infrastructure, according to Mr V. Ramadoss, Secretary, Information and Tourism Department, Tamil Nadu.

Cyber treat for Charminar fans
IF security and antiquity prove stumbling blocks in your eagerness to climb atop the Charminar for a glimpse of Hyderabad, and perhaps the emerging Cyberabad, just go into `virtual reality' mode.

Where devils, angels vie for market bite
THE Embassy Bar sits snugly beside the Grasshopper Restaurant, just a stone's throw away from the bustling Ernakulam South railway station.

Stocks
SEBI to probe DSE affairs
THE Securities and Exchange Board of India (SEBI) has decided to start a probe into allegations that some senior officials of the Delhi Stock Exchange officials were forced to quit following pressure exerted on them by the broker-directors with a view to obtain sensitive surveillance data.

SEBI seeks details of `double pay-in' from NSE, NSCCL
THE Securities and Exchange Board of India (SEBI) is seeking details from the NSE and its clearing company, National Securities Clearing Corporation Ltd (NSCCL), about brokers who have allegedly availed of the ``double pay-in'' facility and the causes fo r the same.

Brokers likely to contest CSE move to defer AGM
EVEN as the Calcutta Stock Exchange plans to apply formally this week to the Registrar of Companies (RoC) seeking an extension for holding its AGM by three months, the move may face a legal challenge from the brokers.

Narrow movement in Lyons Range
THE DSQ Software counter on its last of day of trading at the Calcutta Stock Exchange on Thursday closed at Rs 31.70, up 4.97 per cent on its previous close. Trading in the scrip will be suspended from Friday at CSE.

Balaji Tele trade exceeds paid-up equity
DEFENSIVE investing on Thursday ensured that major pivotals gained in value while the rest of the stocks in the market sank to lower levels. Stocks such as Hindustan Lever, Infosys, ITC and Reliance that account for a sizable proportion of the indices pe rformed much better than their peers from the industry. The stocks of Hindustan Lever and Reliance in particular remained firm during the day's trading.

Taxation
I-T Rule on educational bodies amended
THE Central Board of Direct Taxes (CBDT) has amended Rule 2CA of the Income-Tax Rules. The amendment, which comes into force from April 3, 2001, provides that the prescribed authority for grant of approval from exemptions to certain educational and medic al institutions established for charitable purposes under Section 10 (23)(vi) and (via) of the I-T Act will be the jurisdictional Director Generals of Income-Tax also.

Technical Analysis
Bears retreat
INITIAL hours of Thursday's trading witnessed a bear domination. Later on, the bulls took over and wiped out the gains made by the bears. However, the downtrend in the index remained intact. The intra-day movement in the index was around 11 points. I t closed with a gain of five points with respect to Wednesday's close. The sentiment reading of the tradable counters remained bearish.

Textiles
Cotton ginning mills allowed to utilise TUFS
COTTON ginning and pressing (G&P) factories can utilise the textile Technology Upgradation Fund Scheme (TUFS). The extension of TUFS benefits to such modernisation of ginning and pressing factories will come into immediate effect and this has been commun icated by the July 25 dated letter issued by the Ministry.

Jobs not wages matter for TN textile unions now
TEXTILE trade unions in Tamil Nadu are more concerned about defending jobs at this point of time than wages in the face of deteriorating fortunes of the State's textile mills. But most trade union affiliates are wary of the fact that if they do not swim together with a matching cry on new wage demands, their independent identity will be in peril.

Source:Business Line