Airlines
Tatas may hold 24% stake if it bags AI
TATA Sons Ltd, the main holding company of the Tata group, and its Indian affiliates will lead a consortium with Singapore Airlines (SIA) as its foreign joint venture partner, for the proposed bid to acquire 40 per cent equity in disinvestment candidate
Air India, an official statement said here today.
Automobiles
MUL feels court order will restore normalcy soon
MARUTI Udyog Ltd (MUL) has said that it expects normalcy to return at its manufacturing facilities in Gurgaon with the Gurgaon Civil Court rejecting a plea by the Maruti Udyog Employees Union (MUEU) seeking an interim injunction against the `Good conduct
undertaking'.
Banking and Finance
IOB public issue oversubscribed 1.9 times
INDIAN Overseas Bank's maiden public issue has been oversubscribed by 1.9 times, according to a bank press release.
Corporate
SEBI panel moots `primary' sop -- Only 10 pc public offer for all large issues
THE SEBI advisory committee on primary market today recommended that all companies be allowed to make a 10 per cent public offer on the condition that the minimum issue size should not be less than Rs 250 crore.
Infosys allots shares to depository
INFOSYS Technologies has allotted 100 equity shares to Bankers Trust Company, the depository of the company's ADS programme. The shares have been issued in connection with the Infosys' 1998 ADS linked options plan underlying 200 ADSs against a receipt of
$3,400.
Takeover bids: FIs to decide on stand
ALL India financial institutions will meet shortly to take a common approach on their role in the context of takeover bids on companies in which they have significant stakes, Mr G.P. Gupta, IDBI Chairman, has said.
FICCI institutes R&D award for cos
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has decided to institute awards to companies on the basis of the proportion of their expenditure on research and development (R&D) which will be reflected in the balance sheet.
Asian Paints acquires Australia firm
ASIAN Paints India Ltd has acquired the entire paints business of an Australian based firm, `Pacific Paints Co. Pty Ltd' for Australian $ 3,75,000 (about Rs 1 crore). The acquisition was made through its subsidiary in Australia, `Asian Paints (Queensland
) Ltd'.
Correction
The report `What is at stake in Gesco battle' (Nov. 9) on the open offer for Gesco Corporation stated that the counter-offer also has to necessarily open and close on the same date as the original offer.
TNT India launches service package for students
TNT India, has launched `Scholar Pak,' an express service package targeted at students applying to universities abroad.
Mandatory exit norm for VCFs to go
THE Finance Ministry has formalised its proposal to allow complete freedom to venture capital funds (VCFs) to exit from a company at its discretion to avail itself of the tax pass-through benefit.
HC quashes case against Zee
MR Justice Sujit Barman Roy of the Calcutta High Court has quashed a criminal proceeding against Zee Telefilms Ltd (ZTL). The case was initiated by Sahara India Commercial Corporation Ltd (Sahara) under Section 500/34 of the Indian Penal Code (IPC) alleg
ing defamation.
Courts
Patna HC verdict on staff reinstatement set aside
THE Supreme Court has set aside an order of the Patna High Court directing reinstatement of an employee of Indian Iron and Steel Co Ltd, who kept quiet for 13 years after his dismissal and then approached the labour court challenging his dismissal.
Economy
Sinha, PM discuss slowdown
THE Finance Minister, Mr Yashwant Sinha, today met the Prime Minister, Mr Atal Bihari Vajpayee, to discuss the state of the economy and the measures that the Government could initiate to arrest the slowdown.
Fertilisers
New fertilisers range launched in Maharashtra
A NEW range of organic fertilisers, in the form of pellets and tablets, has been introduced into the Maharashtra market by the Australian company, Dynamic Lifter Organic Fertiliser.
Financial Performance
Siemens net up 139 pc, to pay Rs 6.5
SIEMENS Ltd has announced a 139 per cent jump in net profit to Rs 84 crore during the year ended September 2000 from Rs 35.12 crore last year. The profits soared on the back of a big rise in lease, other income and income from exceptional items.
Information Technology
Give us bread, but leave our cake
FLOOD victims and small IT entrepreneurs. An unlikely combination? Not so fast. The first chants ``Water, water everywhere, not a drop to drink.'' And the second goes, ``Money, money everywhere....'' The tone of desperation is evident.
Portal for power equipment purchases
EQUIPMENT purchases for Centre-funded power sector schemes in the States will be carried out in a portal to be set up by the Power Ministry, according to the Union Power Minister, Mr Suresh Prabhu. This move is aimed at bringing down the cost of procurem
ent of equipment and hence the capital cost which will, in turn, lower the final power tariff to the consumer.
Insurance
GIC designated sole Indian reinsurer
The General Insurance Corporation of India (GIC) has been formally designated the Indian reinsurer, to which all insurance companies would have to cede a specified portion of the sum assured on each policy written in India.
Management
IIM, Calcutta launches business plan contest
THE entrepreneurship cell of the Indian Institute of Management, Calcutta, has launched a business plan competition, named i2i, in association with Astral, an IT outfit based in California.
Mutual Funds
UGS-2000 redemption on December 31 -- Marginal gains for loyal holders
UNIT Trust of India (UTI) would redeem one of its oldest equity growth scheme -- Unit Growth Scheme-2000 (UGS-2000) on December 31, which currently has over Rs 334.78 crore worth of investors' assets under management.
Petroleum
No rollback in LPG, diesel prices: Naik
THERE will be no rollback in LPG and diesel prices, Mr Ram Naik, Union Minister for Petroleum and Natural Gas, has said. Mr Naik denied newspaper reports about a possible rollback due to political pressure from NDA allies as ``rumours and kite flying.''
Power
SEBs `weakest link' in power scenario: Fitch Ratings
FITCH Ratings India, in a report on the country's power sector, has identified the roots of what it calls ``power policy problem'', which lay in the initial euphoria generated by liberalisation.
Gujarat power reforms -- Talks with ADB next week for $400-m loan
THE Government will negotiate with the Asian Development Bank (ADB) next week for a $400-million loan for undertaking reforms in Gujarat's power sector.
Consultant's report on TNEB revamp under consideration
THE Tamil Nadu Electricity Board's recommendation to restructure itself into profit and responsibility centres is under the State Government's consideration.
States
IBRD aid for Karnataka infrastructure
THE $ 2.5-billion (about Rs 12,000 crore) loans that the World Bank President has more or less promised Karnataka over the next seven years is aimed at improving infrastructure like roads and urban water supply besides watershed development over five yea
rs.
Getting set for next package
KARNATAKA, armed with the promise of Rs. 12,000-crore loan made by Mr James Wolfensohn today, has begun planning its next blueprints to be posed to the World Bank.
Immigration office in Hyderabad
HYDERABAD: Canwest Immigration Pvt Ltd representing Alliance Canada Inc, a Canadian immigration consulting firm, has set up its office here to help people desirous of emigrating to Canada, Australia and New Zealand.
Project Beauty Spot
An empty country craft (vallom) straddling in the murky waters of the infamous Parvathiputhanar, a canal-turned drain on the outskirts of Thiruvananthapuram.
Orissa annual Plan put at Rs 2,665 cr
NEW DELHI: The Annual Plan for Orissa for 2000-01 has been finalised at Rs 2,665 crore. This was decided at a meeting between the Deputy Chairman, Planning Commission, Mr K.C. Pant and the Chief Minister of Orissa, Mr Naveen Patnaik.
TNUDF raises Rs 106 cr thru bonds
THE Tamil Nadu Urban Development Fund (TNUDF) has raised Rs 106.05 crore against the targeted Rs 100 crore through a bond issue. Regional rural banks, commercial banks, financial institutions, insurance companies and a corporate have subscribed to the bo
nds.
Wolfensohn pats Karnataka for economic strategies
KARNATAKA, which took the brunt of criticism for its inactive economy and losing out to many States in the past, particularly to Andhra Pradesh, on Thursday had some cheers as the World Bank President, Mr James D Wolfensohn, gave an endorsement to the St
ate Government for its efforts in `articulating' its strategies in a focussed approach.
Taxation
Plea to extend one-by-six scheme to all towns
THE Direct Taxes Professionals' Association (DTPA), while welcoming the setting up of an ``automated interactive voice response system'' for the benefit of taxpayers at the Aayakar Bhawan here, has urged the Central Board of Direct Taxes (CBDT) to extend
the one-by-six scheme to all towns from the present 133. In West Bengal, the scheme has already been extended to towns such as Burdwan, Durgapur, Ondal, Kharagpur and Siliguri.
