Agriculture
4 steps mooted to boost Bengal's farm growth
KOLKATA: Appreciating Bengal's agricultural developments during the last decade, Dr M.S. Swaminathan has recommended four `revolutions' to sustain its growth.

TN to continue egg supply in noon meals
CHENNAI: The Tamil Nadu Government will continue to supply eggs in its noon meals scheme to school children, till the contract signed between Government and the suppliers came to an end, the State Social Welfare Minister, Ms B. Valarmathy, told the State Assembly on Wednesday.

Amla cultivation gains prominence
THOUGH the Indian gooseberry, commonly referred to as Aonla or Amla is as old as the Tamil culture, it has in recent years gained prominence as a crop of economic importance because of its therapeutic properties.

Trade welcomes TN rice movement decision
MADURAI: Trade circles in here have welcomed the Tamil Nadu Government announcement of removal of movement restrictions and levy an all varieties of paddy and rice, as also, the withdrawal of an increase in sales tax on flour of pulses and grams.

GIS to monitor farm drought
REMOTE sensing coupled with geographic information system (GIS) is playing a significant role in tackling drought conditions in 11 agriculturally-important States, including Andhra Pradesh. Based on the analysis of the database for the past decade, it sh ould be possible for the States to manage and mitigate drought better, Dr K.S Ramasastri, Director of the National Institute of Hydrology (NIH), Roorke, has said.

Rana rules out repeal of Jute Packaging Act
THE Union Textiles Minister, Mr Kashiram Rana, has ruled out the possibility of repeal of the Jute Packaging Materials (Compulsory Use in Packing Commodities) Act, 1987.

Wheat prices harden on tightening supplies
THE impact of a seven million tonne (mt) drop in production along with higher Governmental procurement levels is beginning to be felt by the wheat trade, with wholesale prices firming up by around Rs 20 per quintal over the last week.

Airlines
Airlines not accepting cargo to US
AIRLINES are not accepting any air cargo consignments to the US. Though there is no official intimation, the general feeling among the travel trade is that this embargo might last for a week.

Clearing passenger backlog may take time, say airlines
DESPITE the air space in the US opening at around 9 p.m. (IST) after a gap of more than two days, it is likely to be several days before the backlog of US-bound passengers stranded in the country is cleared.

Silk Air to fly 4 times between Kochi, Singapore
has been given permission to operate four flights a week on the Kochi-Singapore sector.

Aquaculture
Kerala seafood units seek corporation for harbours
THE Seafood Exporters Association of the Kerala region has urged the State Government to create a corporation for the management of the five major fishing harbours in the State.

Automobiles
Ravi Khanna appointed Delphi chief
NEW DELHI: Global component major Delphi Automotive Systems has appointed Mr Ravi Khanna as the President and Managing Director of its Indian subsidiary, a company statement said here today.

GM, Ford yet to get nod for luxury cars
FORD India Ltd and General Motors India Ltd (GM) are yet to get approvals from the Government for launching their luxury cars, which could possibly lead to a slight delay in their introduction, according to industry sources.

Banking and Finance
Dalbir Singh is new IBA chief
MUMBAI: Dr Dalbir Singh, Chairman and Managing Director, Central Bank of India, has been elected as the new Chairman of the Indian Banks' Association (IBA).

Credit card interest rates
The economy is on the downslide. And so are the interest rates on domestic deposits, the lending rates, and so on. The only rate that seems constant is interest on credit card overdrafts.

Cartoon
Cartoon

Commodities
Jewellery exports may take a hit
THE Indian gem and jewellery export industry is likely to take a hit in the aftermath of Tuesday's attack on the US as the latest parcels dispatched to the country have returned.

Consumer Electronics
Carrier implements VRS at Gurgaon
NEW DELHI: Airconditioner maker, Carrier Aircon Ltd, is implementing a voluntary retirement scheme (VRS) at its Gurgaon factory aimed at ``re-sizing the company's workforce to align with the current business realities.''

Corporate
LK India eyes Rs 25-cr turnover
HYDERABAD: LK India Private Ltd, a subsidiary of LK a/s Denmark, which manufactures a range of switch gears, wants to promote its products in a big way and achieve a turnover of Rs 25 crore this year.

ITC okays merger of two divisions
ITC Ltd has formally approved the merger of its India Leaf Tobacco Division (ILTD) and International Business Division (IBD) so as to achieve synergy of operations. The Chief Executive of ITC-IBD, Mr S. Sivakumar, is slated to be the head of the merged outfit.

CII fears setback to growth
THE Confederation of Indian Industry (CII) today has that the current phase of global economic slowdown is likely to be intensified in the aftermath of the devastating terrorist attack on the US on Tuesday.

ICC condemns attack
The Indian Chamber of Commerce (ICC) has said India and the US, as close partners in the economic and political spheres, would have to strengthen the resolve to fight the forces of terrorism that threaten peaceful democracies and the lives of millions of innocent people.

GMR Tech goes on consolidation mode
GMR Technologies & Industries Ltd (GMR-TIL), the Rs 161-crore flagship company belonging to the Rs 2,000-crore GMR group with major interests in power, infrastructure, banking, insurance, metals and beverages, has embarked upon a major consolidation-cum- diversification exercise.

E.I.D. Parry plans tight leash on cost
EID Parry (India) Ltd, during the current year, will restrict its capital expenditure and focus on cutting cost of manufacturing with the objective of bringing down the debt-equity ratio, according to the company's Executive Chairman, Mr M.V. Subbiah.

Archies plans to delist from 5 SEs
THE Rs 68-crore Archies Greetings & Gifts Ltd (AGGL) plans to join the growing list of corporates that have embarked on the process of delisting their securities from the smaller stock exchanges.

SPIL Securities open offer for Chemplast Sanmar
SPIL Securities (Gama) Ltd, a closely-held company of the Chennai-based Sanmar group, has announced an open offer to buy up to 20 per cent of the shares of the group's flagship company, Chemplast Sanmar Ltd, at Rs 19.25 per share.

Granite sector seeks 50% cut in royalty
EXPORTS of value-added granite products, natural stones such as ``monument'' and other granite varieties available in different parts of the country could receive a big boost if royalty rates for this sector could be reduced by 50 per cent. The granite s ector has also sought the setting up of a mineral development fund, along the lines of TUF (Technology Upgradation Fund).

Courts
Auction of quarries: Madras HC directs petitioner to compensate TN Govt
THE Madras High Court has ordered a writ petitioner to compensate the Tamil Nadu Government for the loss sustained by it due to the petitioner having obtained a stay of confirmation of auction for sand quarries held by the District Collector, Tiruchi.

Economy
`Cooperation key to success'
HYDERABAD: The economic success of a country or organisation depends on cooperation and not on competition, a trait of the free market economy, said Dr Kosaku Yoshida, Emeritus Professor of Finance and Quantitative Methods, California State University, h ere on Thursday.

Reviving the economy -- RBI zeroes in on structural constraints
AT A time when there is a pervading gloom on the economic front, the Reserve Bank of India Annual Report 2000-01 has come out with a comprehensive analysis of the prevailing weaknesses in the growth process. These include the declining rates of capital a ccumulation; infrastructural and ecological constraints; gaps in social and economic opportunities available to various sections; and continuing unemployment and poverty.

Economy showing signs of fatigue?
THE economy has been showing signs of fatigue in recent months. Industrial growth slowed down to a worrisome 1.5 per cent in June. The export front, which grew 20 per cent last year, also decelerated. More recent exports figures cause concern, with growt h at 5 per cent in May. Is this the effect of the much talked about US slowdown or internal problems?

Who is strongest of them of all?
THE US one of the world's largest economies, accounting 28.5 per cent of the global production of goods and services compared to Japan with 13.9 per cent and Germany 7.1 per cent. Surprisingly, the richest and most powerful nation has been running a pers istent current account deficit the past two decades. The deteriorating deficit hit an unprecedented 4.4 per cent of GDP in 2000, larger than the previous record of 3.4 per cent in 1986-87. Since the CA deficit add to the outstanding stock of foreign fina ncial claims, this has transformed the US in to the world's largest debtor nation from the status of the world's largest creditor.

Finance Ministers' meet postponed
NEW DELHI: The Indo-US sub-Cabinet level meeting of Finance Ministries, scheduled to be held here in October has been postponed in the face of the terrorist strikes in the US.

Mission impossible
This refers to `We are not China, Mr Shourie' (Business Line August 31). In the author's attempt to take the Disinvestment Minister, Mr Arun Shourie, to task, he has succeeded in exposing the working of the Indian democracy, for what it is -- a dysfuncti onal anarchy -- rather than deriding China for achieving economic success through its regimented rule.

Editorial
Leaving a stamp
IT IS GOOD to find the Department of Posts (DoP) trying to live down its traditional image of a low-profile, sluggish organisation. The series of non-traditional business initiatives the DoP has taken in recent years indeed mark its efforts to reinvent i tself. It has already made a reasonable success of the value-added service ventures, such as Speed Post, Express Parcel Post, Business Post, Media/Publicity Post, Corporate Money Order and Surface Air Lifted Mailing. In some of these segments, it was pit ted against the expanding private sector courier companies. Thereafter, it embarked upon the totally new business of selling customised greeting cards with pre-paid printed postage stamps that are a replica of the design on the card. In yet another break through, it struck a deal for international money transfer services with Western Union Financial Services International of the US.

Fast track
Paint scrips attract investors
STOCKS in the paints industry seem to have attracted some buying interest during the last couple of weeks. The two major players in the industry -- Asian Paints and Goodlass Nerolac -- have been gaining ground.

Financial Performance
Addison net down at Rs 1.38 cr
ADDISON and Company Ltd, one of the closely-held companies of the Chennai-based Amalgamations group, made a net profit of Rs 1.38 crore in 2000-01, as against Rs 1.54 crore in the previous year, according to the company's annual report.

Foreign Trade
`US adversity to affect India'
THE US is India's largest trading partner and its foremost export destination. In the year 2000, India's exports to the US grew by over 17 per cent compared to the previous year, accounting for about 25 per cent of India's worldwide exports. The two-way trade between India and the US in 2000 was $14.35 billion, reflecting a 100 per cent rise in bilateral trade between the two countries since 1993.

EPCs directed to analyse impact of US developments on exports
STUNNED by the developments in the US which remains by far the largest single export market for India, the Government has directed the export promotion councils to make an assessment of the situation and the likely impact on Indian exports.

Forex
Rupee loses 11 paise on FII demand
The rupee weakened by ten paise to close at new low of 47.55/56 to a dollar following dollar demand in anticipation of an attack on the local currency and rise in India's import bill.

Impact
Mascot: Securing orders
TRADING sentiment in the stock of Mascot Systems is likely to improve in the wake of the positive earnings guidance provided by the company.

Oil stocks: A trifle premature
THE sharp drop in the valuation of oil stocks in Wednesday's trading appears to be a knee-jerk reaction to the spurt in global crude oil price following Tuesday's developments in the US.

Information Technology
Web site for spices launched
KOCHI: The Kochi-based Spices Infotech Pvt Ltd has launched a vertical portal to provide online information and trading service for the spice industry.

FBI picks Carnivore as sniffer
BOLTING the stables after the horses have fled may not be a bad idea in some cases.

Miscellaneous
Searching for meal?
Is this gypsy girl seeking tranquility as she watches the waves? Or is she wondering where her next meal is going to come from? Either way, it is a tough search for the solitary dreamer.

Mutual Funds
Tata MF reworks equity schemes
TATA Mutual Fund, now a joint venture between the Tatas and the Toronto Dominion Bank group, has reworked its equity schemes drastically during the past three or four months.

PSU
`BEML will weather the storm'
THE Rs 1,350-crore public sector unit, Bharat Earth Movers Ltd (BEML), has been among the worst hit following liberalisation and absence of orders from the Railways and Coal India. In fact, Parliament's committee on public undertakings has recommended in frastructure status to the PSU, to provide a level-playing

Plantations
Pepper prices drop on poor buying support
PEPPER prices, both and ready and futures, fell at the terminal market here for want of buying support and on selling pressure following the bomb attacks in the US.

Policy
No more free lunches for postal, telecom depts
IN AN economy determined by market forces, there can be no free lunch. Not even for sibling organisations under the same Ministry. Come October 1, and the arrangement for free services on reciprocal basis between the Department of Posts and the Departmen t of Telecom, nay Bharat Sanchar Nigam Ltd (BSNL), shall cease to exist.

Power
Finland debates N-power plants
TO have or not to have nuclear power plants is the question that is being debated by many western European countries. In Finland the discussion is whether permission should be given to set up the fifth nuclear power plant or not.

TNEB signs purchase pact with NTPC
THE Tamil Nadu Electricity Board (TNEB) has entered into a power purchase agreement with the National Thermal Power Corporation (NTPC) to purchase 118 MW power from the additional 500 MW unit proposed at the Ramagundam Super Thermal Power Station (RSTPS) in Andhra Pradesh.

Forex depreciation as pass-through item -- Karnataka relaxes terms for Dakshin Bharat power
THE Karnataka Government has tentatively agreed to treat foreign exchange depreciation as a pass through item for fixing power tariff for purchases from the Dakshin Bharat Energy Consortium (DBEC), at Ennore.

Hydel power being neglected: Advani
THE Union Home Minister, Mr L.K. Advani, has called for a change of mindset in so far as power generation was concerned and stressed the need for more attention on development of hydel power capacity in the country.

Rubber
Rubber tapping in Kerala
Though the yield per hectare in the State is the highest, low labour productivity and higher wages have raised the cost of production making Indian rubber non-competitive in the world market. Currently, rubber prices, which spurted to nearly Rs 38 a kg l ast month, have declined to Rs 30 a kg.

Centre fixes rubber MSP at Rs 3,209/qtl
THE Government notified minimum statutory price (MSP) for rubber as per the provisions of the Rubber Act, 1947 and the Rubber Rules, 1955. The MSP has been notified in the interest of domestic rubber growers.

SSI
Bengal drive to promote small, medium scale units -- Cooperation from banks sought
THE West Bengal Minister for Industry, Mr Nirupam Sen, urged the public sector banks to cooperate with the small and medium scale industries and also promote self-employment among the youth.

Shipping
Green flag for Tata port venture
TATA Iron and Steel Company Ltd will set up a joint venture company in collaboration with the Dusseldorf-based IQ Martrade Holding Und Management GmbH for port-related activities. The Foreign Investment Promotion Board (FIPB), at its meeting held here to day, recommended the company's proposal for approval.

States
Trade circles hail TN move to remove levy on paddy
The trade circles here have welcomed the announcement of removal of levy on all varieties of paddy and rice, as also, the withdrawal of an increase in sales tax on flour of pulses and grams by the State Government.

BSNL to offer wireless telephone services in Kolkata
KOLKATA: Bharat Sanchar Nigam Ltd (BSNL) will offer wireless telephone services in the entire area under the jurisdiction of Calcutta Telephones by March 2002.

Steel
Sathavahana Ispat plans Rs 330-cr diversification
SATHAVAHANA Ispat Ltd (SIL), the Rs 90-crore pig iron and granulated slag producer, is seriously considering a proposal to diversify and take up a major backward integration programme.

Stocks
Lyons Range
THE DSQ Software, ITC Bhadrachalam and VSNL scrips were among a few which saw a mild recovery at the Calcutta Stock Exchange on Thursday.

Several performers bite the dust
THE stock markets continued their downward journey on Thursday due to the selling pressure exerted by foreign funds and uncertainty due to the US attack.

Sensex breaches 3,000 as 98 scrips crumble
NERVOUSNESS continued to grip the equity markets for the second consecutive day after unprecedented terrorist attacks on high-profile targets in the US on Tuesday morning. Local benchmark indices plunged further on the back of large-scale selling by the retail and foreign institutional investors (FIIs). Major Asian equity markets showed mixed trend.

BSE buys out entire equity of DSE
THE Bombay Stock Exchange (BSE) has taken a step forward towards consolidation by buying out the entire equity of the Delhi Stock Exchange (DSE).

HSE in pact with Nettlinx for more trading terminals
IN a move to expand its trading terminals to various towns across Andhra Pradesh, the Hyderabad Stock Exchange (HSE) has entered into an alliance with Nettlinx Ltd, a city-based Internet service provider (ISP).

Changes may be sought in penal provisions for frauds
THE Joint Parliamentary Committee (JPC) on the stock scam would consider suggesting changes in the existing penal provisions imposed for financial frauds so that the penalties reflect the extent of the loss resulting from the illegal transactions, Mr Pra kash Mani Tripathi, Chairman, JPC, said.

Taxation
Move to bring income from new debt instruments under tax net
THE Finance Ministry is set to seek the Law Ministry's opinion on the proposed move to bring income accruing from new debt market instruments such as Separately Traded Registered Interest and Principal Securities (STRIPS), zero coupon bonds and deep disc ount bonds under the tax net.

Tea
CTCs in demand at Guwahati weekly sale
THERE was good general demand for CTC offerings this week. Selected brighter liquoring Assam broken met with better enquiry and often sold at firm levels with selected best Assam appreciating at times. However, the remainder met a lower market and eased in value, particularly smaller brokens and fannings. Cachars also followed the market trend and were easier.

Storm brews in Darjeeling tea cup
DARJEELING tea is in deep trouble. High input costs, low productivity and an all-time low price realisation in the global and domestic markets have forced the Darjeeling planters to demand more subsidies, soft loans and cooperation from all.

Technical Analysis
Bears in control
RIGHT from the initial hours of Thursday's trading, the bears were in total control of the market. Bulls were unable to make any recovery during the day. The intra-day movement in the Nifty was around 24 points. It closed with a loss of 12 points with re spect to Wednesday's close. The sentiment reading of the tradable counters stands strongly bearish.

Telecommunications
Arbitrator to work out Bharti dues
IN what could finally decide the fate of the Bharti group's fresh licences for cellular, basic and national long-distance services, the Department of Telecommunications (DoT) has decided to appoint an arbitrator to determine the exact amount of its outst anding dues.

Voice over Internet users give VSNL a tough time
INDIAN Internet users, who earlier did hours of free international voice chat through their computers, are finding it harder these days.

Terrorism
Blending facts with emotions
THE attacks on the World Trade Centre and the Pentagon have brought out the best and the worst in the media. Just minutes after the attack, television stations showed the devastation live, something that could not be dreamt of a decade ago. The media was able to persuade hundreds of people to donate blood and offer other assistance. Yet, the media was quick to apportion blame. Without a scrap of evidence to back their claim, the media blamed the Saudi dissident, Osama bin Laden, just because he is enemy No.1 of the US State Department.

No defences
SOME years ago, when President Nixon was visiting London, I was assigned to cover the visit. There is little one can really do on such assignments as a reporter. One can never meet and interview the President of the United States. He gives the rare press conference where questions are asked but few truly answered. So you hang around and interview the press secretary, gather up his handouts and write up what you have been fed.

Terrorism: Rooted in poverty
HOW secure is the financial world? It is not only the buildings that terrorists attacked in New York but also people's confidence. And it is their confidence that made Wall Street as powerful world as it is. The New York stock market had not opened when the terrorists struck on Tuesday. They were 15 minutes ahead of the actual opening time (9 a.m.) of the stock market.

Terror at work
THE blasts that ripped through the US' fabric of security affected Indians in several ways -- narrow escapes, confusion, bizarre coincidences, plain old luck...

Kamikaze pilots were trained experts
THE recent events in the US have taken airborne terrorism to a new plane. Simultaneous hijacking of four aircraft, two Boeing 767s and two Boeing 757s, is not the work of amateurs. It has involved precise planning and execution. Speculations have been fl oated on the experience level of the hijackers as well as the duration of planning. The manner in which the terrorist acts were carried out, definitely indicates long-term planning. The flying experience is not just on PC Flight Simulator software but de finitely on regular 6-Axis 757/767 simulator and actual flying experience.

Indian Consulate in New York sets up assistance centre
THE Consulate-General of India in New York has set up a special assistance centre to provide assistance to Indians seeking information about missing persons or those injured in the terrorist attack in New York.

`India vulnerable to terrorist attacks'
THE Union Home Minister, Mr L.K. Advani, has expressed concern over India's vulnerability to terrorist attacks, given that the country's security arrangements do not match that of a large superpower like the US which had found itself to be a victim of su ch attacks on Tuesday.

Textiles
7.31 pc fall in value of readymade exports
READYMADE garment exports to restricted or quota countries seem to have shown a mild recovery. Exports during the first five months of the current fiscal posted a growth of 2.81 per cent in terms of quantity and a decrease of 7.31 per cent in terms of va lue, reflecting a moderate drop in unit value realisation.

Textile unions flays SIMA stand on wage award
THE joint action council (JAC) of the Tamil Nadu textile workers trade unions has criticised the Southern India Mills Association (SIMA) for opposing the interim relief announced by the State Government to the textile mill workers.

Tyres
Truck, bus tyre July output down
TRUCK and bus tyre production in the country slipped in July 2001 to 7.56 lakh tyres, much lower than the production level of 7.71 lakh tyres and 7.81 lakh tyres recorded in May and June, 2001.

Source:Business Line