Banking and Finance
New norms mooted for banks' exposure to capital market -- RBI-SEBI panel submits report
BANKS' exposure to the capital market could now be linked to total outstanding advances as against the existing norm of incremental deposits of the previous year.
World Bank loan may be sought for bank VRS
THE Ministry of Finance is working on the possibility of seeking a soft loan from the World Bank for the purpose of on-lending to public sector banks for financing their voluntary retirement scheme (VRS).
`More funds may flow into MFs'
THE move to delink banks' investments in capital market instruments from incremental advances and linking it with total outstanding advances will unlock large funds in the banking system which could flow into capital markets. This was the consensus among
fund managers, stock brokers and dealers, Business Line spoke to.
Corporation Bank declares 40 pc dividend
CORPORATION Bank, which has declared a final dividend of 20 per cent after a 20 per cent interim dividend, has handed over the final divided warrant for Rs. 16.40 crores to the Union Minister of State for Finance, Mr. Balasaheb Vikhe Patil, at New Delhi.
Karnataka Bank to implement Infosys Finacle
KARNATAKA Bank, which has entered into a `strategic technological tie-up' with Infosys Technologies Ltd to implement a `centralised core banking solution' called `Finacle', hopes to be able to provide all the facilities linked with this by the end of the
current year.
Corporate
Draft accounting standard on EPS
THE Accounting Standards Board of the Institute of Chartered Accountants of India (ICAI) has issued an exposure draft of the proposed Accounting Standard on `Earnings Per Share'.
DST embarks on specific projects in farm, textiles
THE Department of Science and Technology has embarked on specific research projects in the areas of agriculture, textiles and road building. The projects are funded by a separate corpus of Rs. 50 crores allotted for R&D by the Government, according to Pr
of. V.S. Ramamurthy, Secretary, Department of Science and Technology.
BIFR confirms wind-up of Perfect Drugs
THE Board for Industrial and Financial Reconstruction (BIFR) has confirmed its prima facie opinion of winding up Perfect Drugs Ltd. (PDL).
Andhra Petro scouting for partner; plans revamp
THE ailing Andhra Petrochemicals Ltd (APL), belonging to the Tanuku-based Andhra Sugars group, is currently in the process of locating a strategic partner to improve its profitability of operations.
Crude hedging: One-time approval for corporates
THE RBI will grant a one--time approval to corporates for hedging in crude oil or petroleum products, subject to monthly reporting of transactions through banks, a RBI press release has said.
Vellayan is new ICC India chief
MR. Arunachalam Vellayan, Managing Director, Tube Investments of India Ltd, and Mr. Mahendra K. Sanghi, Chairman, M.K. Sanghi group, have been elected as President and Vice-President of ICC India for 2000-2001.
Two Karnataka contracts for MECON
MECON Ltd, the consultancy PSU under the administrative control of the Steel Ministry, recently bagged two turnkey contracts from the Karnataka Government.
1:1 bonus from Numero Uno
NUMERO Uno International Ltd, a company that produces teleserials, has announced a 1:1 bonus.
Rathi Vinay Jha new CMD of ITPO
NEW DELHI: Ms. Rathi Vinay Jha, an IAS officer of the 1967 batch, on Friday took over as the Chairperson and Managing Director of the India Trade Promotion Organisation (ITPO).
Foreign Trade
$10-m orders at Indo-LAC meet
AT the recently concluded two-day Indo-LAC (Latin American Countries) conference-cum-buyer seller meet in New Delhi, orders worth $10 millions, besides serious enquiries worth $20 millions, from buyers in Argentina, Brazil, Chile, Peru, Mexico and Guatem
ala have been bagged.
CII sees scope for $15-b FDI funds from US
ENGAGE and prosper. These words sum up the desire of the apex industry chambers such as the Confederation of Indian Industry (CII) which are pinning hopes on the Prime Minister, Mr. A.B. Vajpayee's visit to the US to further strengthen the existing insti
tutional framework for building a lasting economic relationship between the two countries.
Forex
Forex reserves down $ 31 m
THE country's foreign exchange reserves have declined by $ 31 millions to $ 35.602 billions during the week ended August 25 as compared to $ 35.633 billions in the previous week, as per the Reserve Bank's weekly statistical supplement (WSS).
Information Technology
Avoid stepping on the Web bugs
YOU are probably a conscientious Netizen who religiously deletes all spam mail the minute you spot them, including those that promise handsome rewards for forwarding such mails, with the threat of a `technology' that tracks where that mail goes.
Infrastructure
Consensus on consultant for Railtel eludes task force
THE broadbased task force appointed to shortlist a consultant for mapping out a business plan and suggesting a capital structure for Railtel Corporation -- the new Railway telecom venture -- has failed to arrive at a consensus on the choice of t
he consultant.
Insurance
LIC mulls premium payment via Net
LIFE Insurance Corporation of India (LIC) plans to offer its policy holders the option to pay their premiums through the Internet.
Miscellaneous
`Check smuggling of cattle to Bangladesh'
INDIAN Leather Products Association (ILPA) has urged the Centre to take steps to stop smuggling of cattle, skin and hides into Bangladesh, according an ILPA release issued here.
Mutual Funds
SBI Mutual Fund proposes monthly income plan
SBI Mutual Fund has decided to launch a monthly income plan (MIP), even while it was weighing the pros and cons of having an index fund. The MIP had been cleared by the asset management company's board.
Petroleum
OCC studying diesel offtake dip
EVEN as the Oil Coordination Committee (OCC) is currently busy studying the factors that might be responsible for the steep drop in diesel offtake, data collated by it for the first quarter of the current fiscal throw some light on the probable reasons.
Plan panel against curbs on petro products use
THE Planning Commission is understood to be unhappy over the reported efforts to curtail consumption of petroleum products in the wake of a spurt in imported crude prices in recent weeks.
Pharmaceuticals
Novartis AG to focus on transplants, cancer research
GLOBAL pharma major Novartis AG will focus on organ transplants and cancer as specific areas for research and development, said Prof. Ajay Bhatnagar, Head, Administration and Planning, Novartis AG.
Pharma MNCs pitch for immediate IPR regime
INTELLECTUAL Property Rights should be introduced now, without waiting for 2005, say the top brass of multinational pharmaceutical companies.
Plantations
Kerala cashew workers to get 20 pc bonus
THE cashew workers in Kerala will get 20 per cent bonus and 0.5 per cent ex-gratia this year.
Policy
I-T recast in 3 months, says Minister
THE Government has taken a decision to restructure the Income-Tax Department and the new proposal would be implemented within the next three months, according to the Union Minister of State for Finance (Revenue), Mr. V. Dhananjaya Kumar.
SSI
Relief for SSIs `a timely step'
THE Federation of Karnataka Chambers of Commerce and Industry (FKCCI) has welcomed the Centre's latest package for small industries as ``a timely measure that will steer the SSIs away from an apparent downslide.''
Steel
SRMB produces TMT steel bar
STEEL Rolling Mills of Bengal Ltd (SRMB) has become the first secondary sector domestic steel company to produce thermo-mechanically treated (TMT) bars. So far, TMT bar production has been the preserve of the main steel producers.
Tyres
Cenvat credit on pre-Budget tyre clearances
THE Finance Ministry has permitted all motor vehicle manufacturers to take Cenvat credit on the special excise duty (SED) paid on automotive tyres and tubes cleared before this year's Budget and received by them after March 1, 2000.
