Airlines
IA divestment: Finalisation of advisors soon
THE appointment of the global advisors (GA) to chalk out a road map for disinvestment of 51 per cent Government equity in Indian Airlines is likely to be finalised within the next couple of days, even as the announcement to this effect is expected only a
fter it is approved by the Union Cabinet.
AI package for executive class
EVEN as Air India receives flak for flight delays and passenger inconvenience, the airline is to launch a promotional package from April 1 to enhance its revenue earnings from first and executive class passengers.
Banking and Finance
Vysya Bank revises FCNR rates
VYSYA Bank has announced a further revision in interest rates for FCNR (B) deposits with effect from March 27.
Plastic fuels petrol fraud
One of the credit card issuing companies had an unusual customer in its data base. The customer was using up nearly 1,000 litres of petrol every month and, of course, was using his credit card for paying the gas station. When the bank carried out a routi
ne check on the customer, he didn't even have a four-wheeler.
SBI interim 25 pc
MUMBAI: The Central board of State Bank of India at a meeting held on Thursday declared an interim dividend of 25 per cent (Rs 2.50 per share of Rs 10 face value) for the current fiscal. -- Our Bureau
Chemicals
Tuticorin Alkali to develop salt fields
TUTICORIN Alkali Chemicals and Fertilisers Ltd (TAC), part of the city-based M.A. Chidambaram group, is planning backward integration by acquiring lands for the development of salt fields near Tuticorin, in order to meet a major part of its requirements,
according to the Chairman, Mr. A.C. Muthiah.
Commodities
Open market sale price of wheat raised
THE hike in the issue price of wheat supplied through the public distribution system (PDS) on Wednesday was followed up today with an enhancement in its price under the open market sales scheme (OMSS) to a `uniform' Rs. 900 per quintal. The rate would be
effective from April 1, 2000.
Corporate
SEBI sets up risk management group to review margins
THE Securities and Exchange Board of India (SEBI) has constituted a group on risk management to review the existing levels and types of margins stipulated for secondary stock market transactions and is expected to suggest a `simplistic' margins system.
IFL board reconstituted -- Malco to take controlling stake in India Foils
THE board of directors of India Foils Ltd (IFL), at its meeting held here on Thursday, approved allotment of equity shares and warrants to Madras Aluminium Company Ltd (Malco), a Sterlite group company having its registered office at Salem, Tamil Nadu.
Insdoc modernising products, services
INDIAN National Scientific Documentation Centre (Insdoc), the national laboratory under Council of Scientific and Industrial Research (CSIR) dealing with library, documentation and information sciences, technology, services and systems, is modernising it
self, according to its director, Prof. T. Viswanathan.
DCA Secretary on SEBI board
IN a bid to ensure better coordination and harmonisation in the day-to-day working environment of the Securities and Exchange Board of India (SEBI) and the Department of Company Affairs (DCA) and towards more effective corporate governance, the Governmen
t has appointed the Secretary, DCA, Dr. P.L. Sanjeev Reddy, as a Director on the SEBI board with immediate effect.
TPL plans to set up new plant for LAB
TAMILNADU Petroproducts Ltd. is considering putting up a new, greenfield plant for linear alkyl benzene (LAB) on the eastern coast ``either near Haldia or any other location near to a port'', according to a press release from the company.
Chhabria's non-retiring status, accounts -- FI nominees in SWC seek poll
Representatives of FIs on the board of Shaw Wallace & Company Ltd (SWC) today sought polls on two resolutions _ one pertaining to accounts and the other to designating Mr. M.R. Chhabria as a director ``not liable to retire by rotation'' _ at SWC's 53rd A
GM held here today.
IPCL sets sales target at Rs 4,400 cr
INDIAN Petrochemicals Corporation Ltd (IPCL) has set itself a sales target of around Rs. 4,400 crores, up 10 per cent from the target it had set itself in the previous year.
Nicholas Piramal board okays ADR/ADS issue
THE board of directors of Nicholas Piramal India Ltd today approved a proposal to go in for an issue of American Depository
60% second interim from Asian Paints
ASIAN Paints has declared a second interim dividend of Rs. 6 per share (60 per cent) for the financial year ending March 31.
MMTC turnover target set at Rs 5,849 cr
MMTC today signed a memorandum of understanding with the Ministry of Commerce setting out a target of Rs. 5,849 crores turnover for 2000-01 fiscal and targeting a growth of about 21 per cent over the current fiscal year's likely performance.
Tata group, Kuoni sign MoU for e-com company
TATA Industries Ltd and Kuoni Travel India have signed a memorandum of understanding (MoU) to create a new e-commerce travel company.
Courts
HC upholds DRT action
THE Madras High Court has held that the Debt Recovery Tribunals set up under Act 51 of 1993 have powers to proceed against mortgaged properties, and their orders are in accordance with law.
SC verdict on octroi levy limits
THE Supreme Court has held that the mere physical entry of goods into the octroi limits would not attract levy of octroi unless goods are brought in for use or consumption or sale.
Economy
Talks soon with IBRD for $600-m loans
THE Government is set to negotiate with the World Bank early next month two non-basic human needs (BHN) loans aggregating over $600 millions, following indications of easing of norms.
Credit policy on April 27
MUMBAI:The RBI is to announce the monetary and credit policy for 2000-2001 on April 27.
Exim Policy
Industry hopes more items to go off negative list
THERE is great expectation in trade and industry circles that the policy-makers in New Delhi would knock off numerous items from the negative list of imports in the forthcoming export-import policy. Restrictions on export are also likely to be removed. T
he new Exim policy is scheduled to take effect from April 1.
Foreign Trade
`Fair' drive to woo participants from W. Asia, Africa
A PROMOTIONAL campaign has been launched to elicit participation from West Asia and African countries to two prestigious events in India _ `Heimtextil Tex-Styles India' exhibition and `Ambiente India', the international trade fair for consumer goods, to
be held from October 5-8, at the Pragati Maidan, New Delhi.
Information Technology
India, Singapore sign MoU for IT task force
INDIA and Singapore have signed a memorandum of understanding (MoU) to formally set up a task force on information technology (IT) which will primarily focus on high-technology activities.
Web site on teacher education
COMPREHENSIVE information relating to teacher education and related issues are now available on the Net. The National Council for Teacher Education (NCTE) has set-up a Web site (www.ncte-in.org) which is intended to be a dynamic resource for teacher educ
ation in the country.
Miscellaneous
CDLB may post net deficit of Rs 12.76 cr
THE Calcutta Dock Labour Board (CDLB) is likely to post a net deficit of Rs. 12.76 crores in the current financial year against the original budget estimate of Rs. 1.04 crores of surplus.
Competition law panel term extended
THE Government has extended the term of the nine-member committee on Competition Law by another two months up to the end of May. The committee set up on October 26, 1999, was to submit its report by the end of March.
Naval cadet training ships' visit to Dubai
TWO Indian naval cadet training ships, INS Tir and INS Krishna will make a four-day goodwill visit to Dubai from April 3-6.
Bausch & Lomb stake shifted
MUMBAI: Bausch & Lomb Incorporated, Rochester (B&L) transferred its 44 per cent stake in Bausch & Lomb India Ltd (BLI) to a wholly owned subsidiary _ Bausch & Lomb Indian Holdings Inc _ on March 24.
Petrochemicals
Reliance to pay 40 pc interim
RELIANCE Industries Ltd has announced an interim dividend of 40 per cent (Rs. 4 per share) for the current fiscal. The dividend outgo will be Rs. 427 crores. For the 1998-99 fiscal, the company paid a dividend of 37.5 per cent.
Petroleum
`Opec decision will bring down oil pool deficit'
THE Union Petroleum Minister, Mr. Ram Naik, has said the Opec decision to raise crude output by 1.45 million barrels per day will help contain the oil pool deficit.
Policy
SSI items: EOUs exempted from industrial licence
THE Government has decided to exempt export oriented units (EOUs) and units in export processing zones (EPZs) from obtaining industrial licence if they manufacture items reserved under the small scale industries (SSI) list.
Power
Metering first step in reforms: Kumaramangalam
THE country loses about Rs. 15,000 crores every year due to `transmission and distribution' losses. Most of the T&D losses is due to lack of proper metering, often because of a nexus between users and electricity board officials.
Scrip Scan
Sensex staggers before Reliance gives it a hand
SHARE prices on the BSE and NSE opened on a weak note in the wake of the Nasdaq Composite Index reflecting a sharp drop on Wednesday.
Telecommunications
Income-tax claim -- Disputes panel allows MTNL to appeal
THE Committee on Disputes, comprising the Secretary, Coordination and senior officials of the Central Board of Direct taxes (CBDT) has permitted MTNL to go on appeal to the Income-Tax Appellate Tribunal against the disallowance of licence fee amounting t
o Rs.198.68 crores in the assessment year 1996-97.
Telecom tariffs valid till July 31 -- TRAI review to take time
THE new members of the Telecom Regulatory Authority of India (TRAI) have ruled that the tariffs/pulse rates and other charges contained in the Telecommunication Tariff Order, 1999, will be applicable till July 31, 2000, instead of March 31.
Transport
Govt relaxes wagon procurement policy -- Discrimination against new entrants goes
THE Railway Minister, Ms. Mamata Banerjee, has liberalised the wagon procurement policy by completely doing away with discrimination against new entrants. Orders valued at over Rs. 400 crores will be placed on wagon builders during fiscal 2000-01.
Cheap crude, dear transport bill
WEDNESDAY'S decision of the Organisation of Petroleum Exporting Countries (OPEC) to enhance output limits thereby softening global crude oil prices, may hold a downside for Indian imports in the form of a stiff transport bill.
