Banking and Finance
ANZ employees' concern
AS ANZ Grindlays Bank becomes part of Standard Chartered Bank from Tuesday, over 1,400 employees employed in 39 branches of ANZ Grindlays in the country face an uncertain future. ``We are apprehensive that not all of us will be allowed to continue in the
merged entity,'' says a spokesman of the Grindlays Bank Employees Association.
Corporate
Bajaj Auto gears to trim workforce more
TWO wheeler manufacturer, Bajaj Auto, is undertaking a major exercise to cut workforce, and has announced comprehensive voluntary retirement schemes for its managerial and supervisory staff.
`Competition law will need time for implementation' -- Threshold limit norms likely to be modified
THE core group set up by the Department of Company Affairs (DCA) to frame a draft Bill on competition law will recommend to the Government that a time period of 12-18 months be allowed between the date of enactment of the law and its implementation.
Dr. Reddy's, Cheminor merger gets shareholders' nod
THE shareholders of Dr. Reddy's Laboratories Ltd (DRL) and Cheminor Drugs Ltd (CDL), who met here on Monday in separate High Court-directed meetings, have approved the merger of the two companies with a swap ratio of 9:25.
Caltiger.com takes 26% stake in NoShutters.com
CALTIGER.COM has taken a 26 per cent stake in NoShutters.com, a hyper mart on the Net which launched its operations today. While initially, the Internet mart will cater to customers in and around Calcutta, plans are afoot to extend operations across the
four metros by the year-end.
HLL vs CavinKare dispute over formulation ends
THE dispute between Hindustan Lever Ltd (HLL) and CavinKare Ltd over the use of the Fair & Lovely's patented formulation has been settled.
Hindalco net rises 27.5%
HINDALCO Industries Ltd has ended the first quarter of 2000/2001 with a 27.5 per cent increase in net profit at Rs. 176 crores from Rs. 137.9 crores in the year-ago period.
Praveen Mohnot new MD of OTCEI
MUMBAI:Mr. Praveen Mohnot, General Manager, Unit Trust of India has been appointed as Managing Director of Over The Counter Exchange of India (OTCEI) . His appointment has been cleared by the , Securities & Exchange Board of India.
Economy
Fiscal deficit down 25% in first quarter
THE country's fiscal deficit during the first quarter ended June witnessed a 25.18 per cent decline on the back of higher revenue receipts and a sharp decline in non-Plan expenditure. In absolute terms, fiscal deficit stood at Rs. 25,073 crores during Ap
ril to June as against Rs. 33,512 crores in the corresponding period last year.
Foreign Trade
Q1 exports up 28%, tops $10 b
THE first quarter export performance is upbeat with exports during April-June logging a growth rate of 28 per cent in dollar terms and crossing the $10-billion threshold at $10,194.3 millions as compared to $7.9 billions ($7,986.28 millions) in the corre
sponding quarter of 1999-2000.
Forex
Re plunges to 45.17
ALL the King's men and all the King's horses were unable to prevent the rupee falling like Humpty Dumpty from atop the wall to its lowest level at 45.17 to the dollar today.
Information Technology
Bill Gates to visit India in Sept
MR. Bill Gates, the Chairman and Chief Software Architect of Microsoft Corporation, will visit India in September.
Mutual Funds
SUS 99 equity portfolio depreciates
THE Special Unit Scheme (SUS) 99 of the Unit Trust of India, launched last year as part of the bail-out package for the US-64 scheme, has reported a depreciation in its equity portfolio of Rs. 2,003 crores at the end of June 30 this year.
PSU
Balco employees plea for rethink on sell-off move
THE employees union of Bharat Aluminium Company Ltd (Balco) has urged the Prime Minister, Mr. Atal Bihari Vajpayee, and the Defence Minister, Mr. George Fernandes, to reconsider the Government's disinvestment decision `in the interest of national securit
y'.
Pharmaceuticals
Albert David to focus on formulations
ALBERT David Ltd (ADL) has planned to reduce its focus on IV fluid operations and emphasise more on formulations business. According to Mr. A.K. Kothari, Chairman of ADL, it has identified products which are not under the Drug Price Control Order for fut
ure diversification.
Policy
Shourie to hold talks on disinvestment
THE new Union Minister in charge of the Department of Disinvestment, Mr. Arun Shourie, is set to kick off talks with a host of constituents, including the Leader of Opposition, Mrs. Sonia Gandhi, trade unions and the Swadeshi Jagran Manch (SJM), as part
of the consultation process on disinvestment, he had promised he would undertake.
Shipping
Equity stake in Petronet joint venture -- Definition change leaves Indian shipping cos in deep waters
PETRONET LNG Limited has `forbidden' Indian shipping companies having a net worth of Rs.50 crores and above from roping in any other Indian partner to hold a cumulative equity of 26 per cent as a domestic joint venture partner in the LNG shipping deal wi
th a foreign consortium.
States
`Kidnap' hurts Software
THE two-day bandh in Bangalore in the wake of Dr. Rajkumar's abduction has caused the software industry here an estimated loss of Rs. 100 crores.
Business takes a back seat
FOR the second day today, the city of Bangalore, home to several multinationals and the IT industry, continued to reel under a fear psychosis, as supporters of the veteran matinee idol Dr. Rajkumar, called a bandh in the State, following his kidnapping b
y the sandalwood smuggler, Veerappan, on Sunday night. The reaction in trepidation had its impact on the State's economy as almost the entire business establishments had declared an informal closure for the second day.
Need to discuss devolution of funds: Naidu
THE Andhra Pradesh Chief Minister, Mr.N.Chandrababu Naidu, has said that there is a need to deliberate on the contentious issue of devolution of funds as the recommendations of the Eleventh Finance Commission have come as a major setback for some States
including Andhra Pradesh.
Karnataka clears emissary to secure release of Rajkumar
KARNATAKA has formally cleared Mr. R.R. Gopal, Editor of Nakkeeran, as the emissary to secure the release of the Kannada superstar, Mr. Rajkumar, and his associates.
Notice to Centre on Bhopal gas leak
New Delhi: The Supreme Court on Tuesday issued notices on a petition seeking to quash a notification, fixing a time-limit for claiming compensation by the victims of the Bhopal gas leak tragedy of 1984.
TN Revenue Minister dies
THE Tamil Nadu Revenue Minister, Mr. K. Manoharan, died here on Monday. He was 71 and is survived by his wife, two sons and two daughters.
Steel
Tata Steel ties up with POSCO-Hyundai unit
TATA Steel has tied up with the POSCO-Hyundai steel processing venture located in Chennai for getting its cold rolled (CR) coils processed.
Textiles
CMAI sets up garment training institute
THE Clothing Manufacturers Association of India (CMAI), an association of manufacturers of readymade apparel, has set up the country's first garment training institute which will help create qualified and skilled manpower for the industry.
