Agriculture
Unquiet on the western front
THE work of the Task Force on Agriculture clearly brought out that the Indian farm sector had suffered over decades from massive negative subsidies amounting to over Rs 300,000 crore, and that this was the reason why Indian agriculture was deficient in p roduction, productivity, quality and infrastructural facilities.

Packed tender coconut water for armymen
AS part of its product diversification promotional programmes, the Coconut Development Board (CDB) is planning to promote packed tender coconut water among the army personnel serving in the border areas.

Crude palm oil being sold as RBD palmolein
CRUDE palm oil (CPO) is reportedly being sold as RBD (refined, bleached and deodorised) palmolein, particularly in South India, endangering the health of unwary consumers.

Airlines
Delhi-Kabul on Indian Airlines list
INDIAN Airlines is examining the possibility of launching flights to at least three new international destinations, namely, Kabul, Hong Kong and Dubai.

Haj flights
NEW DELHI: Air India will operate direct flights from Kozhikode to Jeddah for Haj pilgrims during 2002. In a statement, the airline said 7,100 pilgrims will be flown from Kozhikode by using a Boeing 747 aircraft.

Automobiles
Run-up to divestment exercise -- Maruti meet tomorrow to discuss valuation
THE board of directors of Maruti Udyog Ltd. is meeting here on Thursday to discuss the valuation of the car company ahead of the proposed divestment by the Government, Ministry sources said on Tuesday.

Maruti price hike on the cards
The board might also discuss, and possibly approve, the companys plans to raise prices from January 2002.

Mondeo, Fords first `virtual reality' car
FORD India Ltd (FIL) is targeting a 10-20 per cent share in the rapidly-growing D segment of the passenger car market with its latest offering, the Mondeo.

Banking and Finance
ICICI sells assets worth Rs 4,000 cr
TO meet its capital requirements, ICICI Ltd, which proposes to convert itself into a universal bank, has sold corporate and project assets worth around Rs 4,000 crore, Mr K.V. Kamath, Managing Director and CEO, said here on Tuesday.

Corporate
Ma Foi picks US co for joint venture
THE city-based HR services company, Ma Foi Consultants, is to form a joint venture in India in association with the US-based Right Management Consultants Inc, a global consulting firm specialising in career transition and organisation consulting services .

Tata Honeywell ties up with Seshasayee Paper
TATA Honeywell Ltd (THL) and Seshasayee Paper and Boards Ltd (SPB) have entered into a memorandum of understanding (MoU) that initially provides for the implementation of automation and advanced process controls at the ``wood pulping'' section of SPB's p ulp and paper mill at Erode in Tamil Nadu.

Pricol staff to get bonus every month
IN an effort to boost employee performance, the city-based Premier Instruments and Controls Ltd (Pricol) is introducing a novel method of paying every month part of the performance bonus paid annually to certain category of staff-members.

Navayuga to expand in infrastructure field
NAVAYUGA Engineering Company Ltd (NEC), a multi-disciplinary engineering company belonging to the Visakhapatnam-based Rs 250-crore Navayuga group, has chalked out a detailed programme to expand its expertise in the field of infrastructure to exploit the emerging diversified opportunities.

BIFR okays sale of 3 Binny properties
THE Board for Industrial and Financial Reconstruction (BIFR) has accorded its approval for the sale of old machinery and for a few other properties relating to Binny Ltd and Binny Lorze Ltd.

BIFR: Still alive and ticking
EVEN as the decks have been cleared to wind up the clinic for sick companies -- the Board for Industrial and Financial Reconstruction (BIFR) and the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) -- the board still seems to be in business.

Alliance contract with Swiss VC fund ends
SWISS Tech Venture Capital Fund and its Indian advisor, the Alliance group, have parted ways on expiry of their initial contract.

Gesco Corpn scheme okayed
MUMBAI: Gesco Corporation Ltd has informed the Bombay Stock Exchange that the scheme of arrangement between the company and Mahindra Realty & Infrastructure Developers Ltd which was approved by shareholders at their meeting of August 23, 2001 has been sa nctioned by the Bombay High Court.

GKN to take 14.09% stake in Driveshafts -- To make open offer at Rs 55
GKN Automotive GmbH said it plans to acquire a 14.09 per cent stake in GKN Driveshafts (India) Ltd from International Finance Corporation (IFC) and make an open offer to its shareholders to purchase the remaining 34.91 per cent stake at a price of Rs 55 per share.

L&T, Balmer Lawrie in race for CETP at leather complex
L&T, McNally Bharat, Hindustan Dorr Oliver and Balmer Lawrie are among the companies that have been shortlisted for constructing the common effluent treatment plant (CETP) at the Calcutta Leather Complex (CLC).

SKF Bearings rights issue oversubscribed
SKF Bearings India Ltd on Tuesday announced that its simultaneous but unlinked issue of equity shares and non-convertible debentures (NCDs) worth Rs 88 crore was oversubscribed.

Kishore extends olive branch to Mallya
MR Kishore Rajaram Chhabria has finally broken his silence. He wants an amicable settlement of the vexed Herbertsons dispute through mutual talks with the UB group Chairman, Mr Vijay Mallya, with whom he has been locked in a battle over controlling Herbe rtsons Ltd.

ACC to hike stake in Eternit Everest
ACC Ltd proposes to acquire 50 per cent equity of fibre-sheet producer Eternit Everest Ltd (EEL) in which it already holds 26 per cent stake. EEL will then become a subsidiary of ACC Ltd.

Alembic invests Rs 31 cr in `bulk drugs'
ALEMBIC Ltd has invested an additional Rs 31 crore in bulk drug production, formulation and research development during 2001, to help the company meet requirements of Indian and regulated international markets.

Coke assures bottlers pie in sell-off plans
EVEN as Coca-Cola India (CCI) is yet to decide on its disinvestment of 49 per cent stake in Hindustan Coca-Cola Beverages Pvt Ltd (HCCBPL) through the IPO route - the company has said that it would offer a slice of the pie to its bottlers, in the event o f its opting for a private placement of shares.

Importance of leadership traits
THE services sector has contributed a major share to the growth of gross domestic product (GDP) and business outsourcing will dominate the future for a long time, Mr Ramalinga Raju, Chairman of Satyam Computer Services Ltd, has said.

VSNL dividend
The dividend declared by the VSNL will make shareholders happy. The duty of a public sector organisation is to give quality service at a reasonable cost, not to fleece the public.

Ear to the ground
Rolta India on the rise
THE share price of Rolta India has seen heightened activity in the past few days. Market sources believe that one of the reasons for the rise in the past week could be that most second-rung Information Technology stocks are finding fancy with institution al and retail investors. This apart, dealers said that the company is believed to be close to bagging a large export order. In the last five days, the scrip has risen by 21 per cent. On the back of these factors, the scrip surged by 14 per cent to close at Rs 122.05 with 43.7 lakh shares being traded on the BSE. On the NSE, the volumes were quite high at 86.70 lakh shares.

Economy
Rudy to attend Yangon meet
NEW DELHI: A three-day Ministerial meeting of BIMST-EC (Bangladesh, India, Myanmar, Sri Lanka, Thailand - Economic Cooperation) will begin in Yangon, Myanmar, on Wednesday. The Minister of State for Commerce and Industry, Mr Rajiv Pratap Rudy, will lead the Indian delegation.

EU expansion may help India
THE proposed expansion of the European Union, when it happens, would provide new trade opportunities for India, Mr Caj L. Soderlund, Minister Counsellor, Embassy of Finland, said here on Tuesday.

Low birth rate behind China success
THE key to Chinas growth is its high savings rate, low birth rate and low dependency ratio. This was stated by Mr Andy Xie, head of Morgan Stanleys Regional Economics Team, in his presentation at the Federation of Indian Chambers of Commerce & Industry ( FICCI) seminar on Unravelling Chinas Economy: Relevance for India.

FR index
THE Public Expenditure Round Table (PERT), a Chennai think-tank specialising on issues relating to pruning government expenditure and getting the maximum output and return from every rupee spent, has thought of a novel way of sensitising those handling p ublic finances to their obligation to adhere to the canons of accountability and transparency in this regard.

Decks cleared for passage of money laundering Bill
TWO years after it was introduced in Lok Sabha, the Government is finally set to seek Parliament's approval for passage of the Prevention of Money Laundering Bill (PMLB).

ED arrests Shankar Sharma of First Global
THE Enforcement Directorate (ED) on Tuesday arrested Mr Shankar Sharma of First Global under the FERA Act.

Editorial
Embarrassment of riches
IN TWO MONTHS foreign exchange reserves could touch $50 billion going by the present inflow of a billion dollars a month. This could embarrass New Delhi, as the economy is not growing quickly enough to lap up the riches.

Health
Apollo to focus on retail healthcare
THE estimated Rs 80,000-crore healthcare industry is slated to see more action with the big guns of the segment now looking at the retail healthcare delivery segment.

Information Technology
L1 visas gaining favour with IT firms
INDIAN software companies are increasingly sending their workforce to the US on L1 visas, which offer many procedural advantages, compared to the H1B visas.

Insurance
Insurance selling tactics
Now that the insurance sector is open to privatisation, one of the expectations is that new insurers will offer innovation not only in products but also in methods of selling. One noticed an innovative method a few days ago in Mumbai.

Miscellaneous
The `Britasian' psyche
IT IS surprising that the British Home Secretary should even have to advise Asian immigrants to learn English. People move to a new country to improve their economic prospects, and acquiring new linguistic skills is part of that upgrading process. Indeed , as the young and ambitious in India, China, the African continent and Europe know all too well, one does not have to live in England to find a knowledge of English rewarding.

Mutual Funds
To lure more investors -- JM launches `equity quotient plan' for distributors
THE early signs of an equity-led comeback have prompted JM Mutual Fund to motivate distributors with a special incentive package for its equity offerings. Christened Equity Quotient Plan (EQP), the package aims at securing more inflows into the growth pl ans of JM Equity Fund and JM Balanced Fund. The two schemes were launched in 1994 and have gone through considerable restructuring in recent times.

On the hedge
Bearish outlook for Satyam, Digital?
TUESDAY's trading in the derivatives segment saw demand primarily for at-the-money and in-the-money equity options and out-of-the- money index options. Here are some of the pointers from the days trading:

PSU
Decisive stage in disinvestment
THE SUPREME Court has spoken. After the Balco verdict, the argument against disinvestment, or privatisation, is no longer Res Integra. Die-hard socialists advocating commanding heights of the economy for the state sector have to contend with the stark re ality that between 1990-91 and 1997-98, public sector units outside the oil segment consecutively incurred losses in three fiscal years.

Paper/Packaging
Paper industry told to gear up for post-WTO regime
THE Government has asked the domestic paper industry to enhance its competitiveness in the new trade regime being ushered under the auspices of the World Trade Organisation (WTO).

Petroleum
Digboi refinery centenary
The Prime Minister, Mr A.B. Vajpayee, flanked by the Petroleum Minister, Mr Ram Naik (left), and the Minister of State for Communications, Mr Tipan Sikdar, releasing a postal stamp in New Delhi on Tuesday to commemorate the centenary of Digboi refinery i n Assam.

Pharmaceuticals
`Dr Reddy's will use reserves for overseas, domestic buys'
LAST year was an eventful one for Dr Reddys Laboratories Ltd (DRL), the Hyderabad-based pharmaceutical major, with the company integrating its operations with Cheminor Drugs and American Remedies and re-organising its business into eight strategic busin ess units.

Plantations
Cardamom declines on weak demand
CARDAMOM prices declined on weak demand at the major auction centres in Kerala and Tamil Nadu.

Policy
Getting the Post up-to-date quickly
IF you think that the traditional post office and the apparently burnt-out post man with his characteristic satchel have not moved with the winds of change wafting the economic landscape, you will be in for a surprise.

Power
PowerGrid okays distribution foray
THE board of PowerGrid Corporation of India Ltd (PGCIL), which met in New Delhi on Tuesday, has approved the company's foray into the business of power distribution.

Radio/TV
DD awards to be presented today
IN an attempt to boost in-house production, Doordarshan has instituted the Doordarshan Annual Awards, which are to be presented on Wednesday.

Rubber
Latex prices firm up
KOTTAYAM: Latex concentrate prices firmed, while sheet and block rubbers ruled flat in the rubber market on Tuesday.

States
Move to stall jute TUs strike threat
GREAT pressures are being exercised on the leadership of the 18 central trade unions of the jute industry to call off their recently announced industrywide indefinite strike from January 7.

Kerala gets CII pat for IT drive
THE Confederation of Indian Industry, Southern Region, has lauded the recent policy announcements of the Kerala Government, saying that it would enable creation of a congenial climate for attracting private investments for industrial and infrastructural development of the State.

Massive Govt fund misuse unaearthed in Gujarat
THE Accountant-General (Accounts and Entitlement), Gujarat, has said that the State Government is guilty of financial irregularities up to Rs 2,971.67 crore. This is as of March 2000.

Kerala Plan size may be lower
THIRUVANANTHAPURAM: The size of Kerala's annual Plan for the current year may end up much lower than that originally envisaged.

Steel
Indian iron ore and Chinese needs
STUDIES and analyses suggest that India can have greater scope than at present to supply iron ore to China, if only the competitiveness of Indian exporters improves.

Stocks
Cement stocks suffer on pricing pressures
THE stock markets moved in a narrow range on Tuesday following the uncertainty over the Governments response to last weeks attack on Parliament. Activity was prominent in few technology and media stocks. Most cement shares suffered losses due to pressure on pricing issues. The bulls and the bears got an equal chance to play and hence the markets remained range bound.

All is well for oil stocks
STOCK prices of oil refining companies have firmed up significantly on hopes of the Government sticking to its deadline of decontrol the petroleum sector. Besides, oil companies are expected to see better refining margins thanks to low crude prices post September 11.

Tea
Tata Tea hopes to stir up passion with `Temptation'
THE morning cup of tea is set to taste better with Tata Tea Ltd (TTL) on Tuesday unveiling the first packaged orthodox Assam leaf tea offering in the domestic market.

TN levy trips tea auction prices
TEA prices have tumbled at Coonoor and Coimbatore auctions as the Tamil Nadu Government has failed to announce the extension of the sales tax concession. The sales tax rates on tea now stand doubled eight per cent on local sales and four per cent on int er-state sales.

Technical Analysis
Bear domination
THE market on Tuesday opened with a bullish note. But the bears came back strongly to wipe out the early gains made by the bulls. Bears managed to extend their pressure till the close of the days trading. However, the market sentiment reading of the trad able counter continues to remain neutral. Bear domination on Wednesday is likely to change the market sentiment reading in favour of the bears. On the other hand, the prevailing sentiment is likely to continue with a slight change in its value.

Telecommunications
Cell-to-cell STD rates halved
COME January 26, mobile-to-mobile STD rates will fall to half of the current rates, with cellular operators inter-connecting with the newly-launched national long-distance (NLD) service of Bharti Telesonic.

BSNL sees no cell `impact on revenues'
REACTING to the move by cellular operators to route their STD calls through the Bharti Telesonic network, Bharat Sanchar Nigam Limited (BSNL) on Tuesday said it is willing discuss tariff rates with the cellular operators.

Terrorism
Pak-sponsored terrorism -- Diplomacy, not war, is the key
THE attack on the Parliament complex and what might have happened but for the quick response of the security guards have left the nation stunned and furious. By targeting Parliament, the Pakistan-based terrorist organisations -- the Jaish-e-Mohammed and Lashkar-e-Toiba -- appear to have thrown the gauntlet.

Demo against terrorism
Activists of the National Human Rights Council demonstrating against the terrorism in the Capital on Tuesday.

Terrorist attack
While the abortive bid made by the terrorists on Parliament should serve as a `wake-up call', without the befitting reply given by the security personnel, it would have been another September 11 tragedy.

India-Pak relations
It is next to impossible to achieve any kind of agreement on the several issues plaguing the India-Pakistan relations. Any amount of diplomatic efforts will not yield results. Let us stop living in lofty idealism.

Textiles
Nitma seeks full Cenvat chain
THE Northern India Textile Mills' Association (NITMA) has urged the Government to introduce a complete `Cenvat chain' from `fibre to garments' for all natural/man-made and synthetic textiles in the ensuing Budget.

Travel & Places
Travel sector changes tack
THE domestic travel and tourism industry, which suffered a severe setback after the September 11 attack on the World Trade Center in New York, is slowly looking up to raise the hopes of related service providers to step up their promotional efforts.

Source:Business Line