Airlines
Change in IA bidding rules likely to effect sell-off
THE Government is likely to amend the guidelines for sale of Indian Airlines if there are no bidders left in the fray for the airlines and it is forced to go in for a fresh strategic sale.
Banking and Finance
CMD grilled for Dena Bank's poor showing
THE top brass of the Ministry of Finance on Thursday grilled the Chairman and Managing Director, Dena Bank, Mr A.G. Joshi, for the sudden downward turn in the performance of the bank during fiscal 2000-01 where the bank showed a net loss of Rs 266 crore.
This is compared to the Rs 63 crore net profit shown by the bank in the previous fiscal.
Commodities
Tech mission to support TN cotton market upgradation
THE Technology Mission on Cotton (TMC) which has taken up the mission of upgrading infrastructure in major cotton markets across the country has conceded the request of the Tamil Nadu cotton growers/trade and the State Agricultural Marketing Committee to
support rebuilding of the Boothapadi agricultural marketing yard in Erode district.
Agra summit raises hopes of commodity trade
POLITICAL disagreements notwithstanding, the proposed Indian visit of the Pakistani President, General Pervez Musharraf, is eliciting hope for a possible opening up of commodity trade between the two countries.
Corporate
Zee promoters place 50 lakh shares with US investor -- Bid to pay off Rs 60-cr liability
THE promoters of Zee Telefilms Ltd (ZTL) have placed 50 lakh shares with a US based-institutional investor for an estimated Rs 60 crore.
Ashwin Muthiah made SPIC Vice-Chairman
IN a series of changes, Mr Ashwin C. Muthiah has been elected Vice-Chairman of the Chennai-based Southern Petrochemical Industries Corporation Ltd. This was decided at a meeting of the board of directors of SPIC today.
Taking stock... on your mobile
HOW do you track down your favourite scrips on your mobile? Just leave verbal instructions on your computer before setting out.
SKF Bearings to raise Rs 88-cr via rights issue
SKF Bearings India Ltd today announced that it will shortly be floating a rights issue to raise around Rs 88 crore.
`Professionals will have to take over family-run businesses'
INDIAN industry is at a nascent stage in professional corporate governance, and family businesses will have to give way to professionals, according to Mr A.C. Muthiah, Chairman, SPIC.
Economy
Sinha rules out resignation
THE Finance Minister, Mr Yashwant Sinha, on Thursday ruled out resignation and termed all such queries as ``tutored''.
`Dumping probes as per WTO norms'
THE Designated Authority in the Directorate of Anti-Dumping and Allied Duties (DGAD), Mr L.V. Saptharishi, on Thursday defended the recent large number of dumping probes initiated by India, stating that when a spate of industries from the industrial belt
of Maharashtra and Gujarat were being affected, response from the authorities should be prompt.
Maran assures support for export activities
THE Union Commerce and Industry Minister, Mr Murasoli Maran, on Thursday reassured the exporting community that he would take up all inter-related issues with the Finance Minister and the Governor, Reserve Bank of India, in the wake of the reported slowd
own in the economies of some developed countries.
Financial Performance
ACC posts Rs 44-cr profit in Q1
BETTER price realisation has pushed up first quarter profits of Associated Cement Companies.
Foreign Trade
Govt to keep tabs FDI implementation -- FIPB asks Sunrider to furnish details of investments made
SUNRIDER India Pvt Ltd, the wholly-owned subsidiary of US-based network marketing company, Sunrider International, has been asked by the Foreign Investment Promotion Board (FIPB) to furnish details of the steps taken by the company for setting up own man
ufacturing facilities in India and about investments brought in so far.
Mutual Funds
US-64 bail-out plan yet to be finalised -- IDBI, LIC, banks giving final touches
INDUSTRIAL Development Bank of India, the Life Insurance Corporation of India and a couple of leading commercial banks are working out final details of a package to support the Unit Trust of India's US-64 scheme.
Suspension of schemes -- UTI board had okayed circular resolution
THE Finance Ministry has now been informed by Unit Trust of India that the circular resolution, approved by its board of trustees just four days before the July 2 board meeting, had an enabling clause to facilitate a switchover to Net Asset Value (NAV)-b
ased pricing of US-64 units.
Pharmaceuticals
Anti-dumping duty on Vitamin AD3
THE Finance Ministry has imposed provisional anti-dumping duty on imports of Vitamin AD3 500/100 from the European Union (EU) and Singapore.
Policy
Cabinet Secy's term extended
THE Appointments Committee of the Cabinet has approved extension of the term of Mr T.R. Prasad, the present Cabinet Secretary, till October 31, 2002.
States
`Excise evasion posing problems to States'
EXCISE taxation poses one of the biggest challenges to policymakers and there are no easy answers to taxing potable alcohol, according to Dr Renuka Viswanathan, Karnataka Planning Secretary and Member Secretary, State Taxation Reforms Commission.
Dakshina Kannada SSI body flays new policy
The Dakshina Kannada District Small Industries Association has said that it is ``aghast'' at the treatment meted out to small-scale industries in the new industrial policy announced by the Karnataka Government.
Forum for backward areas development
HYDERABAD: A group of industrialists, academicians and freedom fighters here on Wednesday formed a ``Forum for Development of Backward Areas'' which is aimed at achieving the allround development of the State in general, and backward areas in particular.
Stocks
Brokers take to streets, submit memo to SEBI
STOCK brokers in large numbers took to the streets this afternoon to protest against the imposition of turnover tax. A matter, which was settled by the Supreme Court in January 2001 after lingering for a year, is back in the forefront and is being seen `
`as a stepping stone'' for a possible strike and closure of markets.
Stock scam: JPC to move into specifics
THE Joint Parliamentary Committee (JPC), having completed the general overview of the stock market scam, is expected to start its probe into the specifics, the JPC chairman, Mr Prakash Mani Tripathi, said.
Telecommunications
Paswan stresses on better postal services
THE Union Minister for Communications, Mr Ram Vilas Paswan, has stressed the need for adequate training and continuous watch over public grievances. He said that the induction of new technology such as the computer-based multi-purpose counter machines, V
SAT network for money order transmission through satellite, automated mail processing systems and use of computers in other key areas of operation are all intended to ensure improved services, efficiency and greater customer satisfaction.
Transport
APSRTC poised to cut losses by 50%
THE Andhra Pradesh State Road Transport Corporation (APSRTC) which has been in the red for a few years is poised to bring down its losses by 50 per cent this year, according to Mr R.P. Singh, Managing Director of the corporation.
