Accountancy
Govt urged to use CLSS funds to modernise RoCs
THE Institute of Chartered Accountants of India (ICAI) has urged the Government to utilise the nearly Rs 140-crore of funds mobilised under the Company Law Settlement Scheme-2000 (CLSS) for its intended purposes including that of modernisation and comput erisation of the offices of Registrar of Companies (RoCs).

Agriculture
Change in wheat export strategy mooted -- Cultivation of specific varieties conforming to global standards sought
THE Government would have to device an altogether new strategy for wheat exports in order to enable the country to annually ship 3-5 million tonnes of grain on a regular basis. A key ingredient of this plan will be to promote cultivation of specific whea t varieties that conform to global trade and domestic value addition requirements.

Scientific processing of cottonseeds mooted
THE absence of scientific processing of cottonseed was one of the main issues that came up for discussion at the recent general meeting of All-India Cottonseed Crushers' Association (AICOSCA).

Airlines
Heavy turbulence ahead for US airlines
THE US Administration and Congress are putting together an urgent rescue package for America's airlines, whose operating parameters have changed for all times after the manner of last week's terrorist attacks in New York and Washington. Flights were sus pended and new security regulations slowed down air traffic on a long-term basis.

AI fliers must reconfirm US, UK flights
IN view of the events in the US which have necessitated almost all major international airlines to tighten security, Air India (AI) has asked all passengers travelling to the US and United Kingdom who have made their bookings before September 12 to call the airline office to retain their bookings.

Automobiles
`Re fall won't impact Indica '
IN the event of a war, fuel prices would be an issue of concern for the domestic automobile industry, currently reeling under sluggish market conditions, a senior official of Tata Engineering said.

GM India likely to reshuffle priorites -- Blazer may overtake Vectra
THE long awaited launch of Opel's Vectra model may be pushed to the backstage as General Motors India's (GMI) manufacturing base here is going through the rigours of validating its popular multi-utility vehicle (MUV), Blazer, for the Indian roads.

Maruti plans to launch a new model every year
MARUTI Udyog Ltd is working towards a plan of launching a new car in India every year from now, Mr J. Sugimori, Director (Marketing), said here today. As a part of its strategy, Maruti will launch its latest offering, the Versa, a multi-purpose vehicle, by end-October, he said.

Re depreciation worries Maruti; upbeat on sales
WHILE bucking the general slowdown trend in the automobile sector and registering a 12 per cent increase in sales in the first five months this fiscal, Maruti Udyog Ltd, the country's largest car maker, is now concerned about the dollar fluctuation.

Banking and Finance
CDC to pick up 20 pc stake in UTI Bank
COMMONWEALTH Development Corporation (CDC) is likely to pick up a sizeable stake in UTI Bank Ltd.

Commodities
AP coconut traders go on strike seeking tax cut
COCONUT merchants and copra exporters in the two Godavari districts have gone on strike from Wednesday midnight as the State Government has not conceded their demand to issue an order reducing the commercial tax on coconut products from 4 per cent to 2 p er cent , according to Mr K.Satyanarayana, President of the East and West Godavari Copra Merchants' and Exporters' Association.

Cardamom sales drop on thin arrivals
CARDAMOM sales through auctions during the first month of the current season have dropped significantly compared to the corresponding period last season.

Cotton glut could keep global prices on leash
HIGHER production, higher ending stocks and slightly expanded trade are expected to mark the global cotton situation in 2001-02, while world consumption, breaking away from the previous two years' sluggishness, should rise marginally. Cotton prices are, therefore, likely to remain weak in the coming months.

Corporate
Bright Brothers acquires Whirlpool plastic unit
INJECTION moulding plastic company Bright Brothers Ltd has acquired the plastic component manufacturing facility of Whirlpool at Faridabad, Haryana.

Asahi Glass to transfer 75 pc stake in Floatglass to AIS
ASAHI Glass Co Ltd (AGC), Japan on Thursday announced that it was transferring its entire 75 per cent holding in Floatglass India Ltd (FGI) to Asahi India Safety Glass Ltd (AIS), a focused auto glass manufacturer.

Mecon to be consultant for Birla Copper
KOLKATA: Birla Copper Ltd (BCL), an A.V. Birla group outfit, has hired Mecon as consultant for expansion of its copper cathode project at Dahej in Gujarat. The expansion plan involves setting up a new smelter, a refinery and other auxiliaries for a 70,00 0 tpa cathode-capacity addition.

Alstom to focus on small capacity projects
ENLIGHTENED by the reality that large or mega power projects are not going to take off in a hurry in India, Alstom Power India Ltd (APIL) has turned its focus on smaller projects of up to 200 MW capacity. Such small capacity power plants are typically im plemented as co-generation projects by sugar companies or as captive power plants by big manufacturing companies.

Sparks fly at Tezpore Tea AGM
THE code of corporate governance might have suggested an age bar of 70 years for non-executive directors, but if the country can be headed by a Prime Minister who is nearing 80, what is wrong with a septuagenarian Chairman of a company?

Bell Ceramics sales may touch Rs 152 cr
BELL Ceramics Ltd expects a sale of Rs 152 crore in the current financial year 2001-02 (July-June), up 16 per cent from Rs 131 crore a year ago, Mr A.N. Rangaswamy, Vice-President, said.

Jindal steel unit financial closure likely in Oct
JINDAL Steel and Power Ltd (JSPL) is likely to declare financial closure for its `Rail and Universal Beam Rolling Mill' at Raigad next month and commence production in June 2002.

Slow pace of BIFR hearings -- German co may withdraw from Pennar Profiles
THE inordinate delay in hearings by the Board for Industrial and Financial Reconstruction (BIFR) is likely to hamper the fortunes of Pennar Profiles Ltd (PPL), the Hyderabad-based ailing aluminium profiles manufacturer. Of course, PPL is one of those hun dreds of sick companies pending before the BIFR for years.

Shaw Wallace to repay Tezpore dues by June
THE M.R. Chhabria-controlled Shaw Wallace & Company Ltd has agreed to clear the long-outstanding dues it owes to its erstwhile group company, Tezpore Tea Company Ltd, by June next year.

Castrol India board okays Tata-BP merger
CASTROL India Ltd's board of directors today approved the amalgamation of Tata-BP Lubricants into the company.

Rasi Seeds unveils cotton hybrid variety
EVENWHILE there is widespread apprehension and decline in yield and fibre quality of the hitherto popular cotton variety -- DCH 32, the private seed producer, Rasi Seeds Ltd has unfolded the RCHB-21 hybrid for large-scale cultivation.

FII investment in cos hiked up to sectoral cap
A DAY after the Finance Minister, Mr Yashwant Sinha, assured foreign institutional investors (FIIs) on investor-friendly measures, the Reserve Bank of India today removed one more hurdle in the way of portfolio investments by FIIs.

Titan to move out of publishing, realty
TITAN Industries Ltd, India's largest watch maker, plans to divest its non-core investments in the publishing and real estate sectors.

Shaw Wallace proposal to shift base upsets union
THE Shaw Wallace management's move to shift the company's registered office from here to Mumbai has unnerved all employees at ``Wallace House''. Most of these employees have gone without their pay for the last 12 months or so.

RBI decision on FDI caps welcomed
NEW DELHI: The Confederation of Indian Industry (CII) has welcomed RBI's decision to allow foreign institutional investors (FIIs) to invest up to the FDI sectoral caps stipulated for investments in domestic companies.

Gold Mohur now 100% Godrej Agro arm
GODREJ Agrovet Ltd (GAVL) today announced that it had acquired the remaining 26 per cent stake in Gold Mohur Foods & Feeds Ltd (GFFL).

Courts
Lok Adalat for public utility services
THE Government has planned to set up a permanent Lok Adalat for cases relating to public utility services such as telephone service including telephone bills, electricity bills, water bills, underweight supply of liquefied petroleum gas and similar other public utility services.

Economy
Business environment: Centre vs States
TO DOWNSIZE the government, the Centre recently cut a number of its schemes and transferred them to the States, including the growth centre programme.

Muddled food management policy
THE IMAGES of starvation are quite disturbing, especially if you are enjoying a breakfast with imported corn-flakes and Australian apples. The mother and her six children whose bodies are being shown on the television died not because of such natural cal amities as earthquakes or super-cyclones; but because they simply did not have any food to eat. Is there a scarcity of foodgrains? Not at all. On the contrary, foodgrain stocks with the public sector have soared to an embarrassingly high 50 million tonne s -- well above the minimum buffer stock requirements of 17 million tonnes.

Increase in FII investment cap -- India's weightage in Morgan index may get a boost
INDIA'S weightage in the Morgan Stanley Capital International (MSCI) index, a key factor on the basis of which FIIs allot funds for investments, could get a boost in the wake of increased FII investment limit, foreign institutional investors (FIIs) said.

Kuwait to privatise, diversify
KEY words in Kuwait often uttered by Government and other public sector officials are privatisation, diversification and Kuwaitisation.

As Doha ministerial nears -- New Round still a bone of contention
THE Doha Ministerial Conference of the World Trade Organisation (WTO) scheduled for early November this year seems to be on course with both the US and the European Union (EU) having reacted positively on the need for convening the conference contrary to concerns in the wake of the calamitous terrorist attack in the US barely 10 days ago.

`No cut in capital gains tax for FIIs'
THE Finance Minister, Mr Yashwant Sinha, has ruled out any reduction in capital gains tax for overseas portfolio investors.

Rural economy
At a time when there is great concern over the economy's slowdown, the terrorist attack on the US and its impending impact has created much uncertainty. However, India has to take stock of the situation, make positive policy announcements and take steps to create investment confidence. And giving due importance to the hitherto neglected agricultural and rural sectors and their development is also essential for the economy's revival. It could also act as a cushion to face any eventuality. The question is how to provide the rural economy a boost.

Education
Education, human development and economy
IT IS rather unusual that education should figure prominently in the Government's Budget. The 1999-2000 Budget included education as part of the National Human Development Initiative and is considered important for basic human development needs. It has a lso found a place in the Prime Minister's Special Action Plan. Therefore, it would be worthwhile to scrutinise the financial allocations made in the Union Budget.

Fast track
Buyback, open offers stay active
AS the US orders deployment of warplanes in the Gulf, war fears loom large over Afghanistan and its ramifications may spread across the Asian continent.

Fertilisers
RCF keen on stake in PPL
MUMBAI-based Rashtriya Chemicals and Fertilizers Ltd has submitted an expression of interest to pick up a stake in Paradeep Phosphates Ltd.

Financial Performance
Godrej Foods net loss up at Rs 26.33 cr
GODREJ Foods Ltd has ended the April-June 2001 quarter with a net loss of Rs 26.33 crore against a net loss of Rs 6.15 crore in the corresponding period last year. Net sales for the period stood at Rs 39.73 crore (Rs 42.16 crore).

Foreign Trade
Jordan invites investments
HYDERABAD: A three-member team of Jordan Investment Board (JIB) visiting here has highlighted the business opportunities available for foreign investors in sectors such as textiles/ garments, pharmaceuticals and IT in Jordan. The team stated that the cou ntry's strategic location offered immense possibilities to enter markets in the neighbouring countries and those in Europe.

Impact
Urea: Lurking trouble
THE Government's decision to import four lakh tonnes of urea for the forthcoming rabi season may be bad news for domestic manufacturers of the product.

Floatglass India: No upside potential
Asahi India Safety Glass' decision to come out with an open offer to mop up the remaining public holding in Floatglass India is unlikely to have a major impact on the share price of the latter.

Insurance
Failure to file investment policies -- Notice to 15 insurance cos
TIGHTENING the regulatory noose on the investment front, the Insurance Regulatory and Development Authority (IRDA) has issued notices to 15 insurance companies directing them to expedite filing of their annual investment policies with the authority as re quired under the investment regulations.

Miscellaneous
Saving the girl child
AT THE Mumbai airport one is a little startled to find a girl who is not more than 18 or 19 talking to a child over the telephone and consoling her, saying she will be away only for a few days, and asking the child what she wanted from Bangalore... a toy , a doll, chocolates, or anything else.

Changing women: Same game, different agendas
Women activists of a Pakistani religio-political party wield toy guns along with the Quran, chanting anti-US slogans at a rally in Lahore even as their bald peers at the Gateway of India in Mumbai chant the new-age mantra, `We want a change'.

Mutual Funds
MFs doing well, says Mehta
THE mutual funds industry is seeing impressive inflows over the last few months even though the general investment sentiment is bad.

Petroleum
NRL plans to market POL products in North
NUMALIGARH Refinery Ltd (NRL) proposes to take up marketing of POL products in the Northern region, subject to approval of the Government.

Fire at ONGC's Gandhar field
A FIRE that broke out at the Gandhar gas fields operated by Oil and Natural Gas Corporation (ONGC) at 5.50 a.m. on Thursday has led to the disruption of gas supply by the Gas Authority of India Ltd (GAIL) to some of its major customers.

Pharmaceuticals
Piramal goes red over Dr Reddy's `deception'
DR Reddy's Laboratories (DRL) has done it again. The Hyderabad-based pharmaceutical company has been confronted yet again -- this time, by Nicholas Piramal India Ltd -- on intellectual ``deception'' with regard to DRL's biotechnology cancer drug, Grasti m.

Policy
President nod for six Bills
THE President has given his assent to six Bills. The Bills are: The Motor Vehicles (Amendment) Bill, 2001, the Inland Waterways Authority of India (Amendment) Bill, 2001, the Central Sales Tax (Amendment) Bill, 2001, the Appropriation (No.3) Bill, 2001, the Manipur Appropriation (Vote on Account) Bill, 2001 and the Salaries and Allowances of Ministers (Amendment) Bill, 2001.

SSI
`SSIs must improve quality or die'
OVER 2,200 small-scale industries in India have registered with the industrial sub-contracting and partnership (SPXs) programme for seven such exchanges.

Outsourcing: A prop for small players
SOME little known facts: The hydraulic pump covers and lapping tools used by Bosch in its German, Turkish, Brazilian units come from one of Bangalore's small-scale industries. So do a few items from auto spares giant IPD. Boeing sources its specialised c ables from Tumkur and Mysore in Karnataka.

States
A new chapter?
Rajasthan, the land of Maharajas, palaces, pink and white cities hewn in to the Thar desert... While the State may be doing brisk business in tourism, it has been notorious for being unable to ensure women their rights.

Kirana traders meet in Chennai on Sept 30
THE traders in grocery products, who are more popularly known as kirana traders, are keen to create an all-India association to lobby for their sector.

Star Cruises targets Kerala
STAR Cruises, the leading cruise liner in Asia Pacific, is targeting Kerala as one of its prime markets in the country since the number of outbound tourists from the State is on the rise.

Ration thru smart cards
COME October, around 2,500 ration card holders in Kerala's Capital, Thiruvananthapuram, will flash `smart cards' at ration shops to buy their essential goods.

Karnataka agrees to lift 100 MW from Gridco to meet shortfall
THE Karnataka State Government has agreed to pick up 100 MW from the Grid Corporation of Orissa (GRIDCO) to meet the current shortfall from hydel sources. The offtake from GRIDCO is only for a short term and the Government has no plans to go for a long t erm sourcing despite an attractive tariff.

AP Assembly passes infrastructure Bill
THE Andhra Pradesh Legislative Assembly on Thursday passed the A.P. Infrastructure Development Enabling Act that replaces the recently passed ordinance amidst walk out by Opposition parties.

Jharkand SEB offer to defaulters
The Jharkand State Electricity Board has decided to offer a one-time settlement (OTS) to its defaulters, in the process becoming perhaps the first SEB in the country to do so. As part of its OTS, it will waive 60 per cent of the delayed payment surcharge (DPS) component of the outstandings.

AP scheme to link farm lands with market yards
ANDHRA Pradesh Government has sanctioned Rs 55.44 crores for laying of link roads between agricultural fields and agricultural market yards in the State.

Steel
Dumping duty relief for Indian steel cos
AN EUROPEAN court has exempted four Indian steel companies including Isibars Ltd and Mukand from anti-dumping and anti-subsidy duties.

Muthuraman warns of fall in steel prices
THE Managing Director of Tata Steel, Mr B. Muthuraman, has warned of a fall in steel prices and has asked steel wire manufacturers to focus on efficiency with a view to controlling costs.

Stocks
Cos cash in on depressed market, buy back shares
WITH stock prices touching their yearly lows, a number of companies that had announced buybacks this fiscal, are busy buying their shares.

Mixed trend in Lyons Range
EQUITIES faltered on Thursday even as the two Calcutta Stock Exchange indices came off from their opening levels. The CSE-40 declined to 1484.31, down from 1498.05, while the CSE-50 closed at 95.23, down from 96.15.

Old economy improves; infotech plays sky-surfing
THE stock market ended on weak note as information technology (IT) stocks nosedived albeit some recovery in the closing hours on Thursday.

First Global: SEBI told to pass final order
THE Securities Appellate Tribunal (SAT) today directed Securities and Exchange Board of India (SEBI) to pass the final order in the next 10 weeks in the case pertaining to suspension of stock broker, Mr Shankar Sharma's First Global Group's business oper ations.

Change in DSE timings
NEW DELHI: The Delhi Stock Exchange (DSE) has decided to revise the trading time on the exchange from September 24. The market will open at 9-45 a.m. instead of 10 a.m. and close at 4-15 p.m. instead of 4 p.m.

Taxation
FICCI concern over sales tax exemption sops under VAT
THE Federation of Indian Chambers of Commerce & Industry (FICCI) has underlined some of the issues causing concern to the corporate sector regarding the imminent Value Added Tax (VAT) regime.

Tea
PMA course for foreign tea managers
COONOOR: Thirteen foreign professionals from the tea industry are undergoing management development course at the Plantation Management Academy (PMA) here.

Technical Analysis
Bear domination
INITIAL hours of Thursday's trading witnessed a total domination by the bears. Later on, the bulls managed to recover their losses partially. The movement in the index was around 37 points. It closed with a loss of around 10 points with respect to Wed nesday's close. The sentiment of the market continues to remain bearish.

Telecommunications
Bharti pays up Rs 490-cr dues to DoT
THE Bharti group has cleared its dues of Rs 490 crore with the Department of Telecommunications (DoT). The amount is under dispute.

Terrorism
When American skies were dangerously open
THERE are many facets to the US tragedy which are relevant for India. The first, and the most important, is the seemingly free access terrorists have of the American skies. That five civilian flights could be diverted away and crashed into the Pentagon m eans that the US Air Force -- technically the most advanced air power in the world -- did not dominate the skies over Washington and New York.

Security vs liberty
MY SON, living in the US as an American citizen, is a licensed pilot (besides being a pulmonologist) and has flown me to various places in the airplane he usually rents from a flying co-operative. The totally hassle-free process and complete lack of form alities used to take my breath away. He just phones someone on duty at the nearest airport to say he wants a particular type of plane at a particular time for a specified duration.

Dead or alive
`WANTED dead or alive' are the words of the US President, Mr George W. Bush. He also said he had seen a poster with these words. I thought those posters vanished with the Wild West, but perhaps in the part of Texas that he comes from, those posters still exist. No doubt they are nailed to the trees with lynch ropes hanging from their branches.

Burning issue
Activists of Shiv Sena demonstrating in the Capital against terrorism.

Textiles
Korea remains top market for Indian cotton yarn
A PROFILE of cotton yarn importers from India shows that Korea continues to lead the non-quota market destinations with its import volume at 50.95 million kg valued at Rs 611 crore during the first eight months of current calendar year.

Travel & Places
Kerala kicks off tourism campaign
THE Kerala Government has kicked off an year-long tourism awareness campaign which aims at creating and maintaining a positive orientation towards tourism and hospitality among the people.

Source:Business Line