Banking and Finance
2:1 swap ratio set for ICICI Bank-BoM merger
THE boards of directors of ICICI Bank and Bank of Madura (BoM) have separately approved an all-stock deal proposing to merge BoM with ICICI Bank.
IDBI to decide bonus on Dec 19
INDUSTRIAL Development Bank of India has convened a meeting of its board of directors on December 19 to consider the issue of bonus shares. If the proposal is approved, the board would fix the record date for the purpose, the FI has informed the stock ex
changes.
Case-to-case basis decision on bank mergers, acquisitions
THE proposals for mergers and acquisitions in the Indian banking sector will be decided only on a case-to-case basis by the Government even after doing away with the restriction on free transferability of shares, going by the draft Banking Companies and
Financial Institutions Laws (Amendment) Bill, 2000.
Corporate
FIs to take part in Philips open offer
THE financial institutions have decided to participate in the open offer made by Royal Philips Electronics NV (Netherlands) to acquire the remaining 49 per cent equity capital of Philips India Ltd (PIL).
Panel soon to advise SEBI on venture funds -- Exit clause set to get board nod
THE board of directors of the Securities and Exchange Board of India (SEBI) is to meet in Mumbai on December 27 to give its formal nod for doing away with the stipulation requiring venture capital funds (VCFs) to exit from a venture capital undertaking (
VCU) within a year of the latter's listing for availing itself of the benefit of tax ``pass through.''
Courts
HC spikes law banning night shifts for women
THE Madras High Court has struck down Section 66(1)(b) of the Factories Act, 1948, prohibiting women from being employed in factories during night shifts, declaring the law as unconstitutional.
Food & Dairy Products
Centre to regulate rice trade
IN a decision that will to a large extent help the farmers in Andhra Pradesh from resorting to distress sale, the Union Food Minister, Mr Shanta Kumar, said the Centre would restrict flow of rice from the North to the South and also allow Andhra Pradesh
to market it in other States.
Forex
Mr Wilson & Dennis jostle in dealing rooms
REMEMBER the ``Masters of the Universe'' of Tom Wolfe's magnum Opus The Bonfire of Vanities? The young, daring bond dealers shooting from the hip with millions of dollars at stake? Well, they have arrived in India, i.e., they are taking over the forex de
aling rooms across the country. ``Yuppie'' forex dealers are telling the old guard to move over.
Information Technology
Portal for Indian diaspora
MR Vijay Amritraj, former tennis player and President, First Serve Entertainment Inc, in partnership with Vertical Computer Systems Inc, has launched theindiabridge.com.
PwC to submit blueprint for AP e-governance in Jan
THE global consultancy major, PricewaterhouseCoopers (PwC), is scheduled to submit a set of detailed recommendations including design of an overall architecture for e-Government applications to Andhra Pradesh by January next, according to the State Chief
Minister, Mr N. Chandrababu Naidu.
Insurance
Insurance opens doors for `defined healthcare'
A NUMBER of issues are being brought into corporate hospitals through the open doors of the insurance sector. The healthcare industry in the country has a host of new issues such as hospital administration, e-healthcare, tele-medicine and quality healthc
are services to grapple with in the liberalised environment.
Mutual Funds
US-64 net sales up 74 pc
NET sales of Unit Trust of India's (UTI) flagship scheme, US 64, registered a 71-per cent growth as on November 30, 2000 over the corresponding period last year.
Plantations
UPASI seeks immediate Govt help
THE United Planters' Association of Southern India (UPASI) has pleaded for early intervention by the Government to arrest the deteriorating operational viability of major plantation industry from the South for a host of products such as natural rubber, t
ea, coffee.
Power
New power Bill to spur reform: PM
THE Government will be introducing a new Electricity Bill to catalyse reforms in the State power sector, besides attracting private investments to meet the growing energy demand, according to Prime Minister, Mr A.B. Vajpayee.
Short gestation projects capacity hike -- AP approves power task force proposals
IN a significant development towards capacity addition and aimed at expediting and enabling short gestation power projects in Andhra Pradesh to achieve financial closure, the State Cabinet on Monday approved the recommendations of the task force on power
for scaling up their capacities.
Power strike may not affect Bengal
THE national-level electrity strike call on December 12 is unlikely to have much impact in West Bengal.
Bidadi power project suffers setback
THE Bidadi Power Project, promoted by gas major Unocal of the US and the Karnataka Power Corporation, has struck the tripwire once again. This follows opposition to liquid fuel
States
US Consulate's Drop Box service
HYDERABAD: THE US Consulate at Chennai has extended its `Drop Box Service' to Hyderabad for people to submit their applications for visas.
NEDFi to open branch in Nagaland
A BUSINESS Meet held for the first time in Dimapur, Nagaland, jointly by North Eastern Development Finance Corporation Ltd (NEDFi) and the Nagaland Industrial Development Corporation (NIDC), evoked response from more than 155 entrepreneur-participants of
the State.
Stocks
Sesa Goa `not aware' of heavy buying into scrip
IRON ore major Sesa Goa Ltd, whose scrip has appreciated at the Bombay Stock Exchange by 103.34 per cent since November 1, has got full clearance from the Government to use in-house technology for setting up a power project.
Panel to choose new ED for Delhi bourse
THE Securities and Exchange Board of India (SEBI) has set up a five-member committee to recommend the next Executive Director (ED) of the Delhi Stock Exchange (DSE). The term of the current ED, Mr S.S Sodhi, which expires on Tuesday, is likely to be exte
nded till the committee recommends the new appointment.
Pritish Nandy Comm lists at discount
THE scrip of Pritish Nandy Communications Ltd was listed at the Bombay Stock Exchange today.
Telecommunications
Rlys' telecom assets valued at Rs 1,200 cr
MCKINSEY has valued the existing telecom assets of the Indian Railways -- including optical cable fibres, microwave assets and right of way (RoW) -- which are to be transferred to RailTel Corporation at around Rs 1,200 crore in its interim report.
Travel & Places
Poor infrastructure a drag on Andamans tourist appeal
THE Andaman and Nicobar islands' administration will have to buck up on the infrastructure front if it wishes to exploit the tourist potential for economic development.
